Company: HQL
Filing Date: 2025-06-09
Form Type: N-CSRS
Source: 0001104659-25-057746
Chunk: 13

Company: abrdn Life Sciences Investors
Filing Date: 2025-06-09
Form: N-CSRS
Chunk 13
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iv) the price and extent of public trading in similar securities of the issuer or of comparable companies; or (v) a probability and time value adjusted analysis of contractual terms. Where available and appropriate, multiple valuation methodologies are applied to confirm fair value. Significant unobservable inputs are often used in the fair value determination. A significant change in any of these inputs may result in a significant change in the fair value measurement. Additionally, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different from the valuations used at the date of these financial statements. The three-level hierarchy of inputs is summarized below: Level 1 - quoted prices (unadjusted) in active markets for identical investments; Level 2 - other significant observable inputs (including valuation factors, quoted prices for similar securities, interest rates, prepayment speeds, and credit risk, etc.); or Level 3 - significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). Level 3 investments are valued using significant unobservable inputs. The Fund may also use a discounted cash flow based valuation approach in which the anticipated future cash flows of the investment are used to estimate the current fair value. The derived value of a Level 3 investment may not represent the value which is received upon disposition and this could impact the results of operations.

| 16 | abrdn Life Sciences Investors |

Notes to Financial Statements (unaudited) (continued) March 31, 2025

A summary of standard inputs is listed below:

| Security Type                                  | Standard Inputs                                                                       |
| Foreign equities utilizing a fair value factor | Depositary receipts, indices, futures, sector indices/ETFs, exchange rates, and local 
 exchange opening and closing prices of each security.                                 |

The following is a summary of the inputs used as of March 31, 2025 in valuing the Fund's investments and other financial instruments at fair value. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Please refer to the Portfolio of Investments for a detailed breakout of the security types:

| Investments, at Value        | Level 1 – Quoted 
           Prices | Level 2 – Other Significant 
 Observable Inputs           | Level 3 – Significant 
   Unobservable Inputs |        Total |
| Assets                       |                  |                             |                       |              |
| Investments in Securities    |                  |                             |