Company: HQL
Filing Date: 2025-06-09
Form Type: N-CSRS
Source: 0001104659-25-057746
Chunk: 14

Company: abrdn Life Sciences Investors
Filing Date: 2025-06-09
Form: N-CSRS
Chunk 14
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 (continued) March 31, 2025

| Description         | Fair Value at 
      03/31/25 | Valuation Technique (s) | Unobservable Inputs   | Range             | Weighted   
 Average    | Relationship   
 Between        
 Fair Value     
 and Input;     
 if input value 
 increases then 
 Fair Value:    |
| Milestone Interests |   $14,060,906 | Income approach         | Discount rate         
 Probability of events 
 Timing of events      | 4.23% - 10.00%    
 0.00% - 90.00%    
 0.00 - 9.25 years | 4.86%      
 50.66%     
 3.66 years | Decrease       
 Increase       
 Decrease       |
| Warrants            |            $3 | Market approach         | Transaction Price(a)  | N/A               | N/A        | Increase       |
| Other Assets        |          $189 | Income approach         | Discount rate         
 Probability of events 
 Timing of events      | 4.41%             
 5.00%             
 6.75 years        | 4.41%      
 5.00%      
 6.75 years | Decrease       
 Increase       
 Decrease       |
| Total               |   $46,826,265 |                         |                       |                   |            |                |

Amounts listed as “–” are $0 or round to $0.

| (a) | The valuation technique used as a basis to approximate fair value of these investments is based on a transaction price or subsequent financing rounds. |

b. Restricted Securities:

Restricted securities are privately-placed securities whose resale is restricted under U.S. securities laws. The Fund may invest in restricted securities, including unregistered securities eligible for resale without registration pursuant to Rule 144A and privately-placed securities of U.S. and non-U.S. issuers offered outside the U.S. without registration pursuant to Regulation S under the Securities Act of 1933, as amended (the "1933 Act"). Rule 144A securities may be freely traded among certain qualified institutional investors, such as the Fund, but resale of such securities in the U.S. is permitted only in limited circumstances. c. Foreign Currency Translation: Foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. Dollars at the exchange rate of said currencies against the U.S. Dollar, as of the Valuation Time, as