# EDGAR Filing Document

**Accession Number:** 0000884121
**File Stem:** 0001104659-25-057746
**Filing Date:** 2025-6
**Character Count:** 215194
**Document Hash:** d645d2c417956ef4571192e15b741a2e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-057746.hdr.sgml**: 20250609

**ACCESSION NUMBER**: 0001104659-25-057746

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 11

**CONFORMED PERIOD OF REPORT**: 20250331

**FILED AS OF DATE**: 20250609

**DATE AS OF CHANGE**: 20250609

**EFFECTIVENESS DATE**: 20250609

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** abrdn Life Sciences Investors
- **CENTRAL INDEX KEY:** 0000884121

**ORGANIZATION NAME:**
- **EIN:** 043147016
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-06565
- **FILM NUMBER:** 251033574

**BUSINESS ADDRESS:**
- **STREET 1:** 1900 MARKET STREET
- **STREET 2:** SUITE 200
- **CITY:** PHILADELPHIA
- **STATE:** PA
- **ZIP:** 19103
- **BUSINESS PHONE:** 6177728515

**MAIL ADDRESS:**
- **STREET 1:** 1900 MARKET STREET
- **STREET 2:** SUITE 200
- **CITY:** PHILADELPHIA
- **STATE:** PA
- **ZIP:** 19103

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** TEKLA LIFE SCIENCES INVESTORS
- **DATE OF NAME CHANGE:** 20141015

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** H&Q LIFE SCIENCES INVESTORS
- **DATE OF NAME CHANGE:** 19920929

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES**

---

| | |
|:---|:---|
| Investment Company Act file number: | 811-06565 |
| Exact name of registrant as specified in charter: | abrdn Life Sciences Investors |
| Address of principal executive offices: | 1900 Market Street, Suite 200 |
|  | Philadelphia, PA 19103 |
| Name and address of agent for service: | Sharon Ferrari |
|  | abrdn Inc. |
|  | 1900 Market Street Suite 200 |
|  | Philadelphia, PA 19103 |
| Registrant's telephone number, including area code: | 1-800-522-5465 |
| Date of fiscal year end: | September 30 |
| Date of reporting period: | March 31, 2025 |

---

**Item 1. Reports to Stockholders.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A copy of the report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 (the "1940 Act") is filed herewith.

![](tm2516624d12hqlreporti001.gif)

![](tm2516624d12hqlreporti002.gif)

## abrdn Life Sciences Investors (HQL)

### Semi-Annual Report
March 31, 2025

aberdeeninvestments.com

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### Managed Distribution Policy (unaudited)<br>

------

The Board of Trustees (the "Board") of the abrdn Life Sciences Investors(the "Fund") has authorized a managed distribution policy ("MDP") of paying quarterly distributions at an annual rate, set once a year, that is a percentage of the rolling average of the Fund's net asset values over the preceding three month period ending on the last day of the month immediately preceding the distribution's declaration date (the "Distribution Policy"). The Distribution Policy is subject to regular review by the Board. The Distribution Policy seeks to provide investors with a distribution out of current income, supplemented by realized capital gains and, to the extent necessary, paid-in capital.

With each distribution, the Fund will issue a notice to shareholders and an accompanying press release which will provide detailed information regarding the estimated amount and composition of the distribution and other information required by the Fund's MDP exemptive order. The Board may amend or terminate the MDP at any time without prior notice to shareholders; however, at this time,there are no reasonably foreseeable circumstances that might cause the termination of the MDP. You should not draw any conclusions about the Fund's investment performance from the amount of distributions or from the terms of the Fund's MDP.

### Distribution Disclosure Classification (unaudited)<br>

------

The Fund's policy is to provide investors with a stable distribution rate. Each quarterly distribution will be paid out of current income, supplemented by realized capital gains and, to the extent necessary, paid-in capital.

The Fund is subject to U.S. corporate tax and securities laws. Under U.S. tax rules, the amount applicable to the Fund and character of distributable income for each fiscal period depends on the actual exchange rates during the entire year between the U.S. Dollar and the currencies in which the Fund's assets are denominated and on the aggregate gains and losses realized by the Fund during the entire year.

Therefore, the exact amount of distributable income for each fiscal year can only be determined as of the end of the Fund's fiscal year, September 30. Under Section 19 of the Investment Company Act of 1940, as amended (the "1940 Act"), the Fund is required to indicate

the sources of certain distributions to shareholders. The estimated distribution composition may vary from quarter to quarter because it may be materially impacted by future income, expenses and realized gains and losses on securities and fluctuations in the value of the currencies in which the Fund's assets are denominated.

Based on generally accepted accounting principles, the Fund estimates the distributions for the fiscal year commenced October 1, 2024 through the distributions declared on May 9, 2025 consisted of 35% net realized short-term capital gains, 28% net realized long-term capital gains and 37% tax return of capital.

In January 2026, a Form 1099-DIV will be sent to shareholders, which will state the final amount and composition of distributions and provide information with respect to their appropriate tax treatment for the 2025 calendar year.

abrdn Life Sciences Investors

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Letter to Shareholders (unaudited)

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Dear Shareholder,

We present the Semi-Annual Report, which covers the activities of abrdn Life Sciences Investors (the "Fund"), for the six-month period ended March 31, 2025. The Fund's investment objective is to seek long-term capital appreciation by investing primarily in securities of Life Sciences companies.

#### Total Investment Return<sup>1</sup>
For the six-month period ended March 31, 2025, the total return to shareholders of the Fund based on the net asset value ("NAV") and market price of the Fund, respectively, compared to the Fund's benchmark, is as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;NAV<sup>2</sup><sup>,</sup><sup>3</sup> | &nbsp;&nbsp;-10.15% |
| &nbsp;&nbsp;Market Price<sup>2</sup> | &nbsp;&nbsp;&nbsp;-9.66% |
| &nbsp;&nbsp;Nasdaq Biotechnology Index<sup>4</sup> | -10.62% |

---

For more information about Fund performance, please visit the Fund on the web at https://www.aberdeeninvestments.com/en-us/investor/investment-solutions/closed-end-funds. Here, you can view quarterly commentary on the Fund's performance, monthly fact sheets, distribution and performance information, and other Fund literature.

#### NAV, Market Price and Premium(+)/Discount(-)
The below table represents a comparison between the current six-month period end and the prior fiscal year end of the Fund's market price to NAV and associated Premium(+) and Discount(-).

---

| | | | |
|:---|:---|:---|:---|
| | **NAV** | &nbsp;&nbsp;**Closing<br> Market<br> Price** | &nbsp;&nbsp;**Premium(+)/<br> Discount(-)** |
| &nbsp;&nbsp;3/31/2025 | $13.71 | &nbsp;&nbsp;$12.69 | &nbsp;&nbsp;-7.44% |
| &nbsp;&nbsp;9/30/2024 | $16.38 | &nbsp;&nbsp;$15.08 | &nbsp;&nbsp;-7.94% |

---

During the six-month period ended March 31, 2025, the Fund's NAV was within a range of $13.71 to $16.94 and the Fund's market price traded within a range of $12.69 to $15.25. During the six-month period ended March 31, 2025, the Fund's shares traded within a range of a premium(+)/discount(-) of -12.56% to -7.44%.

#### Aberdeen Name Change
On March 4, 2025, abrdn plc, the parent company of the Fund's adviser, announced that it would change its name, and from that date, will use `Aberdeen' as the principal trading identity for its Investments business. On March 12, 2025, abrdn plc completed the steps to legally change its name to Aberdeen Group plc. Aberdeen has retained `abrdn' as an operational abbreviation across its subsidiary legal entities (including the Fund's adviser, fund names and descriptors).

#### Managed Distribution Policy
The Fund has a managed distribution policy of paying quarterly distributions at an annual rate, set by the Board of Trustees (the "Board") once a year, as a percentage of the rolling average of the Fund's NAV over the preceding three month period ending on the last day of the month immediately preceding the distribution's declaration date. On March 11, 2025, the Board determined the rolling distribution rate to be 12% for the 12-month period commencing with the distribution payable in June 2025. This policy will be subject to regular review by the Board. The distributions will be made from current income, supplemented by realized capital gains and, to the extent necessary, paid-in capital, which is a nontaxable return of capital.

On May 9, 2025, the Fund announced that it will pay on June 30, 2025, a stock distribution of US $0.43 per share to all shareholders of record as of May 22, 2025. This stock distribution will automatically be paid in newly issued shares of the Fund unless otherwise instructed by the shareholder. Shares of common stock will be issued at the lower of the NAV per share or the market price per share with a floor for the NAV of not less than 95% of the market price. Fractional shares will generally be settled in cash, except for registered shareholders with book entry accounts at Computershare Investor Services who will have whole and fractional shares added to their account.

Shareholders may request to be paid their quarterly distributions in cash instead of shares of common stock by providing advance notice to the bank, brokerage or nominee who holds their shares if the shares are in "street name" or by filling out in advance an election card received from Computershare Investor Services if the shares are in registered form.

{foots1}

<sup>1</sup> Past performance is no guarantee of future results. Investment returns and principal value will fluctuate and shares, when sold, may be worth more or less than original cost. Current performance may be lower or higher than the performance quoted. NAV return data include investment management fees, custodial charges and administrative fees (such as Trustee and legal fees) and assumes the reinvestment of all distributions.

{foots1}

<sup>2</sup> Assuming the reinvestment of dividends and distributions.

{foots1}

<sup>3</sup> The Fund's total return is based on the reported NAV for each financial reporting period end and may differ from what is reported on the Financial Highlights due to financial statement rounding or adjustments.

{foots1}

<sup>4</sup> The Nasdaq Biotechnology Index contains securities of Nasdaq-listed companies classified according to the Industry Classification Benchmark as either Biotechnology or Pharmaceuticals industry. The Index is unmanaged and has been provided for comparison purpose only. No fees or expenses are reflected. You cannot invest directly in an index.

abrdn Life Sciences Investors<sub>1</sub>

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Letter to Shareholders (unaudited) (continued)

------

The Fund is covered under exemptive relief received by the Fund's investment adviser from the U.S. Securities and Exchange Commission ("SEC") that allows the Fund to distribute long-term capital gains as frequently as quarterly in any one taxable year.

#### Unclaimed Share Accounts
Please be advised that abandoned or unclaimed property laws for certain states require financial organizations to transfer (escheat) unclaimed property (including Fund shares) to the state. Each state has its own definition of unclaimed property, and Fund shares could be considered "unclaimed property" due to account inactivity (e.g., no owner-generated activity for a certain period), returned mail (e.g., when mail sent to a shareholder is returned to the Fund's transfer agent as undeliverable), or a combination of both. If your Fund shares are categorized as unclaimed, your financial advisor or the Fund's transfer agent will follow the applicable state's statutory requirements to contact you, but if unsuccessful, laws may require that the shares be escheated to the appropriate state. If this happens, you will have to contact the state to recover your property, which may involve time and expense. For more information on unclaimed property and how to maintain an active account, please contact your financial adviser or the Fund's transfer agent.

#### Options Writing
In order to further support the increase in distribution rate for the Fund, the Fund employs a strategy of writing (selling) covered call options on a portion of the common stocks in its portfolio, writing (selling) put options on a portion of the common stocks in its portfolio and, to a lesser extent, writing (selling) covered call and writing (selling) put options on indices of securities and sectors of securities generally within the healthcare industry. This option strategy is intended to generate current income from option premiums as a means to enhance distributions payable to the Fund's shareholders. The Fund's investment team does not anticipate any adverse implications to the Fund's existing total return potential or risk profile as a result of the strategy; however, the investment adviser may choose to decrease or modify its use of the option writing strategy to the extent that it may negatively impact the Fund's ability to benefit from capital appreciation. The Fund currently expects that it will not write options on more than 10% of its assets.

#### Open Market Repurchase Program
The Board has approved an open market repurchase and discount management policy (the "Program"). The Program allows the Fund to purchase, in the open market, its outstanding common shares, with the amount and timing of any repurchase determined at the discretion of the Fund's investment adviser. Such purchases may be made opportunistically at certain discounts to NAV per share in the reasonable judgment of management based on historical discount levels and current market conditions. If shares are repurchased, the Fund reports repurchase activity on its website on a monthly basis.

For the six-month period ended March 31, 2025, the Fund did not repurchase any shares through the Program.

On a quarterly basis, the Board will receive information on any transactions made pursuant to this policy during the prior quarter and management will post the number of shares repurchased on the Fund's website on a monthly basis. Under the terms of the Program, the Fund is permitted to repurchase up to 12% of its outstanding shares of common stock in the open market during any 12-month period.

#### Portfolio Holdings Disclosure
The Fund's complete schedule of portfolio holdings for the second and fourth quarters of each fiscal year are included in the Fund's semi-annual and annual reports to shareholders. The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. These reports are available on the SEC's website at http://www.sec.gov. The Fund makes the information available to shareholders upon request and without charge by calling Investor Relations toll-free at 1-800-522-5465.

#### Proxy Voting
A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available by August 31 of the relevant year: (1) upon request without charge by calling Investor Relations toll-free at 1-800-522-5465; and (2) on the SEC's website at http://www.sec.gov.

#### Investor Relations Information
As part of Aberdeen's commitment to shareholders, we invite you to visit the Fund on the web at https://www.aberdeeninvestments.com/en-us/investor/investment-solutions/closed-end-funds. Here, you can view monthly fact sheets, quarterly commentary, distribution and performance information, as well as other Fund literature. Enroll in Aberdeen's email services to receive content related to your fund. In addition, you will receive monthly factsheets based on your preferences. Sign up today at https://www.aberdeeninvestments.com/en-us/investor/investment-solutions/closed-end-funds.

---

| | |
|:---|:---|
| **2** | abrdn Life Sciences Investors |

---

------

Letter to Shareholders (unaudited) (concluded)

------

Contact Us:

• Visit: https://www.aberdeeninvestments.com/en-us/investor/investment-solutions/closed-end-funds

• Email: Investor.Relations@aberdeenplc.com; or

• Call: 1-800-522-5465 (toll free in the U.S.).

Yours sincerely,

/s/ Alan Goodson<br> **Alan Goodson**<br> President

{foots1}

#### All amounts are U.S. Dollars unless otherwise stated.
**abrdn Life Sciences Investors** <sub>3</sub>

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Total Investment Return (unaudited)

------

The following table summarizes the average annual Fund performance compared to the Fund's primary benchmark for the six-month (not annualized), 1-year, 3-year, 5-year and 10-year periods ended March 31, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;**6 Months** | &nbsp;&nbsp;&nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;&nbsp;&nbsp;**3 Years** | &nbsp;&nbsp;&nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;&nbsp;&nbsp;**10 Years** |
| &nbsp;&nbsp;Net Asset Value (NAV) | &nbsp;&nbsp;&nbsp;&nbsp;-10.15% | &nbsp;&nbsp;&nbsp;&nbsp;-2.54% | &nbsp;&nbsp;&nbsp;&nbsp;3.21% | &nbsp;&nbsp;&nbsp;&nbsp;5.68% | &nbsp;&nbsp;&nbsp;&nbsp;2.98% |
| &nbsp;&nbsp;Market Price | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-9.66% | &nbsp;&nbsp;&nbsp;&nbsp;6.76% | &nbsp;&nbsp;&nbsp;&nbsp;2.14% | &nbsp;&nbsp;&nbsp;&nbsp;6.84% | &nbsp;&nbsp;&nbsp;&nbsp;2.04% |
| &nbsp;&nbsp;Nasdaq Biotechnology Index | &nbsp;&nbsp;&nbsp;&nbsp;-10.62% | &nbsp;&nbsp;&nbsp;&nbsp;-3.39% | &nbsp;&nbsp;&nbsp;&nbsp;1.46% | &nbsp;&nbsp;&nbsp;&nbsp;5.39% | &nbsp;&nbsp;&nbsp;&nbsp;2.30% |

---

#### Performance of a $10,000 Investment (as of March 31, 2025)
This graph shows the change in value of a hypothetical investment of $10,000 in the Fund for the periods indicated. For comparison, the same investment is shown in the indicated index.

![](tm2516624d12hqlreporti003.jpg)

*Returns represent past performance. Total investment return at NAV is based on changes in the NAV of Fund shares and assumes reinvestment of dividends and distributions, if any, at market prices pursuant to the dividend reinvestment program sponsored by the Fund's transfer agent. All return data at NAV includes fees charged to the Fund, which are listed in the Fund's Statement of Operations under "Expenses." Total investment return at market value is based on changes in the market price at which the Fund's shares traded on the NYSE during the period and assumes reinvestment of dividends and distributions, if any, at market prices pursuant to the dividend reinvestment program sponsored by the Fund's transfer agent. The Fund's total investment return is based on the reported NAV as of the financial reporting period end date of March 31, 2025. Because the Fund's shares trade in the stock market based on investor demand, the Fund may trade at a price higher or lower than its NAV. Therefore, returns are calculated based on both market price and NAV. **Past performance is no guarantee of future results**. The performance information provided does not reflect the deduction of taxes that a shareholder would pay on distributions received from the Fund or the sale of Fund shares. The current performance of the Fund may be lower or higher than the figures shown. The Fund's yield, return, market price and NAV will fluctuate. Performance information current to the most recent month-end is available at https://www.aberdeeninvestments.com/en-us/investor/investment-solutions/closed-end-funds or by calling 800-522-5465.*

*The annualized gross operating expense ratio based on the six-month period ended March 31, 2025 was 1.25%.* 

---

| | |
|:---|:---|
| **4** | abrdn Life Sciences Investors |

---

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### Portfolio Summary (as a percentage of net assets) (unaudited)
As of March 31, 2025

------

The following table summarizes the composition of the Fund's portfolio by asset allocation.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Asset Allocation** | |
| &nbsp;&nbsp;Common Stocks | &nbsp;&nbsp;&nbsp;87.4% |
| &nbsp;&nbsp;Convertible Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp;7.9% |
| &nbsp;&nbsp;Milestone Interests | &nbsp;&nbsp;&nbsp;&nbsp;3.6% |
| &nbsp;&nbsp;Convertible Notes | &nbsp;&nbsp;&nbsp;&nbsp;0.3% |
| &nbsp;&nbsp;Warrants | &nbsp;&nbsp;&nbsp;&nbsp;0.0% |
| &nbsp;&nbsp;Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1% |
| &nbsp;&nbsp;Call Options Written | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;Liabilities in Excess of Other Assets | &nbsp;&nbsp;&nbsp;(2.3%) |
|  | 100.0% |

---

The following table summarizes the industry composition of the Fund's portfolio, in S&P Global Inc.'s Global Industry Classification Standard ("GICS") Industries.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Industries** | |
| &nbsp;&nbsp;Biotechnology | &nbsp;&nbsp;&nbsp;82.6% |
| &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;10.6% |
| &nbsp;&nbsp;Life Sciences Tools & Services | &nbsp;&nbsp;&nbsp;&nbsp;5.4% |
| &nbsp;&nbsp;Health Care Providers & Services | &nbsp;&nbsp;&nbsp;&nbsp;0.6% |
| &nbsp;&nbsp;Health Care Equipment & Supplies | &nbsp;&nbsp;&nbsp;&nbsp;0.0% |
| &nbsp;&nbsp;Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1% |
| &nbsp;&nbsp;Liabilities in Excess of Other Assets | &nbsp;&nbsp;&nbsp;(2.3%) |
|  | 100.0% |

---

The following were the Fund's top ten holdings as of March 31, 2025:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Top Ten Holdings** | |
| &nbsp;&nbsp;Regeneron Pharmaceuticals, Inc. | &nbsp;&nbsp;7.4% |
| &nbsp;&nbsp;Amgen, Inc. | &nbsp;&nbsp;6.7% |
| &nbsp;&nbsp;Gilead Sciences, Inc. | &nbsp;&nbsp;6.2% |
| &nbsp;&nbsp;Vertex Pharmaceuticals, Inc. | 4.5% |
| &nbsp;&nbsp;Alnylam Pharmaceuticals, Inc. | &nbsp;&nbsp;3.5% |
| &nbsp;&nbsp;BioMarin Pharmaceutical, Inc. | 3.4% |
| &nbsp;&nbsp;Insmed, Inc. | 2.4% |
| &nbsp;&nbsp;Argenx SE, ADR | 2.4% |
| &nbsp;&nbsp;BioNTech SE, ADR | &nbsp;&nbsp;2.3% |
| &nbsp;&nbsp;Sarepta Therapeutics, Inc. | &nbsp;&nbsp;2.2% |

---

abrdn Life Sciences Investors<sub>5</sub>

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### Portfolio of Investments (unaudited)
As of March 31, 2025

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---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**Convertible Preferred Stocks<sup>(a)</sup><sup>,(b)</sup><sup>,(c)</sup>—7.9%** | &nbsp;&nbsp;**Convertible Preferred Stocks<sup>(a)</sup><sup>,(b)</sup><sup>,(c)</sup>—7.9%** | &nbsp;&nbsp;**Convertible Preferred Stocks<sup>(a)</sup><sup>,(b)</sup><sup>,(c)</sup>—7.9%** |
| &nbsp;&nbsp;**Biotechnology—4.6%** | &nbsp;&nbsp;**Biotechnology—4.6%** | &nbsp;&nbsp;**Biotechnology—4.6%** |
| &nbsp;&nbsp;Abcuro, Inc. Series B | &nbsp;&nbsp;&nbsp;&nbsp;232252 | &nbsp;&nbsp;$1274994 |
| &nbsp;&nbsp;Abcuro, Inc. Series C1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51403 | &nbsp;&nbsp;&nbsp;&nbsp; 310407 |
| &nbsp;&nbsp;Arbor Biotechnologies, Inc. Series B, 8.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38624 | &nbsp;&nbsp;&nbsp;&nbsp; 640000 |
| &nbsp;&nbsp;Arbor Biotechnologies, Inc. Series C, 8.00% | &nbsp;&nbsp;&nbsp;&nbsp;389294 | &nbsp;&nbsp;&nbsp;&nbsp; 1599998 |
| &nbsp;&nbsp;Arkuda Therapeutics, Inc. Series A, 6.00% | 1008829 | &nbsp;&nbsp;&nbsp;&nbsp; 461741 |
| &nbsp;&nbsp;Arkuda Therapeutics, Inc. Series B, 6.00% | &nbsp;&nbsp;&nbsp;&nbsp;447566 | &nbsp;&nbsp;&nbsp;&nbsp; 188067 |
| &nbsp;&nbsp;Atalanta Therapeutics Series B | &nbsp;&nbsp;&nbsp;&nbsp;777778 | &nbsp;&nbsp;&nbsp;&nbsp; 1400000 |
| &nbsp;&nbsp;Aviceda Therapeutics Series C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38906 | &nbsp;&nbsp;&nbsp;&nbsp; 224091 |
| &nbsp;&nbsp;Flamingo Therapeutics, Inc. Series A3 | &nbsp;&nbsp; 107120 | &nbsp;&nbsp;&nbsp;&nbsp; 202724 |
| &nbsp;&nbsp;Glycomine, Inc. Series C, 8.00% | 2655105 | &nbsp;&nbsp;&nbsp;&nbsp; 1593063 |
| &nbsp;&nbsp;Hotspot Therapeutics, Inc. Series B, 6.00% | 1291668 | &nbsp;&nbsp;&nbsp;&nbsp; 2672074 |
| &nbsp;&nbsp;Hotspot Therapeutics, Inc. Series C, 6.00% | &nbsp;&nbsp;&nbsp;&nbsp;284119 | &nbsp;&nbsp;&nbsp;&nbsp; 827894 |
| &nbsp;&nbsp;Incendia Therapeutics, Inc. Series A | &nbsp;&nbsp;&nbsp;&nbsp;832650 | &nbsp;&nbsp;&nbsp;&nbsp; 1599995 |
| &nbsp;&nbsp;Priothera Co. Ltd. Series A, 6.00% | &nbsp;&nbsp;&nbsp;&nbsp;152534 | &nbsp;&nbsp;&nbsp;&nbsp; 17 |
| &nbsp;&nbsp;Quell Therapeutics Ltd. Series B | &nbsp;&nbsp;&nbsp;&nbsp;846561 | &nbsp;&nbsp;&nbsp;&nbsp; 1760000 |
| &nbsp;&nbsp;Recode Therapeutics, Inc. Series B, 5.00% | &nbsp;&nbsp;&nbsp;&nbsp;155959 | &nbsp;&nbsp;&nbsp;&nbsp; 1440001 |
| &nbsp;&nbsp;Seismic Therapeutics, Inc. Series B | &nbsp;&nbsp;&nbsp;&nbsp;282340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1274991 |
| &nbsp;&nbsp;Third Arc Bio, Inc. Series A, 8.00% | &nbsp;&nbsp;&nbsp;&nbsp;403954 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850000 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**18320057** |
| &nbsp;&nbsp;**Health Care Equipment & Supplies—0.0%** | &nbsp;&nbsp;**Health Care Equipment & Supplies—0.0%** | &nbsp;&nbsp;**Health Care Equipment & Supplies—0.0%** |
| &nbsp;&nbsp;IO Light Holdinigs, Inc. Series A2 | &nbsp;&nbsp;&nbsp;&nbsp;421634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42 |
| &nbsp;&nbsp;**Pharmaceuticals—3.3%** | &nbsp;&nbsp;**Pharmaceuticals—3.3%** | &nbsp;&nbsp;**Pharmaceuticals—3.3%** |
| &nbsp;&nbsp;Biotheryx, Inc. Series E, 8.00% | &nbsp;&nbsp;&nbsp;&nbsp;609524 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295131 |
| &nbsp;&nbsp;Curasen Therapeutics, Inc. Series A | &nbsp;&nbsp;9049182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4339083 |
| &nbsp;&nbsp;Curasen Therapeutics, Inc. Series B | &nbsp;&nbsp;&nbsp;1379821 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;661624 |
| &nbsp;&nbsp;Endeavor Biomedicines, Inc. Series B, 8.00% | &nbsp;&nbsp;&nbsp;&nbsp;296855 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1936860 |
| &nbsp;&nbsp;Endeavor Biomedicines, Inc. Series C, 8.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357646 |
| &nbsp;&nbsp;Engrail Therapeutics, Inc. Series B, 8.00% | &nbsp;&nbsp;2124646 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2250000 |
| &nbsp;&nbsp;HiberCell, Inc. Series B | &nbsp;&nbsp;&nbsp;1305163 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;538902 |
| &nbsp;&nbsp;HiberCell, Inc. Series C | &nbsp;&nbsp;&nbsp;&nbsp;719652 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333631 |
| &nbsp;&nbsp;Nuvig Therapeutics, Inc. Series B | &nbsp;&nbsp;&nbsp;&nbsp;739010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;775000 |
| &nbsp;&nbsp;Qlaris Bio, Inc. Series B | &nbsp;&nbsp;&nbsp;1974522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1550000 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13037877** |
| &nbsp;&nbsp;**Total Convertible Preferred Stocks** | &nbsp;&nbsp;**Total Convertible Preferred Stocks** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**31357976** |
| &nbsp;&nbsp;**Convertible Notes<sup>(a)</sup><sup>,(b)</sup><sup>,(c)</sup>—0.3%** |  |  |
| &nbsp;&nbsp;**Biotechnology—0.3%** |  |  |
| &nbsp;&nbsp;Hotspot Therapeutics, Inc., 6.00%, 04/10/26 | $&nbsp;&nbsp;&nbsp;&nbsp;323870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323870 |
| &nbsp;&nbsp;Incendia Therapeutics, Inc., 8.00%, 04/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;738460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;738460 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1062330** |
| &nbsp;&nbsp;**Pharmaceuticals—0.0%** |  |  |
| &nbsp;&nbsp;HiberCell, Inc., 10.00%, 12/31/25 | &nbsp;&nbsp;&nbsp;&nbsp;206589 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206589 |
| &nbsp;&nbsp;**Total Convertible Notes** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1268919** |
| &nbsp;&nbsp;**Common Stocks—87.4%** |  |  |
| &nbsp;&nbsp;**Biotechnology—77.3%** | &nbsp;&nbsp;**Biotechnology—77.3%** | &nbsp;&nbsp;**Biotechnology—77.3%** |
| &nbsp;&nbsp;Abeona Therapeutics, Inc.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;224356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1067935 |
| &nbsp;&nbsp;Affimed NV<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20862 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15087 |
| &nbsp;&nbsp;Akero Therapeutics, Inc.<sup>(b)</sup><sup>,(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;164668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6665761 |
| &nbsp;&nbsp;Alkermes PLC<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67632 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2233209 |
| &nbsp;&nbsp;Allogene Therapeutics, Inc.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;867250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1266185 |
| &nbsp;&nbsp;Alnylam Pharmaceuticals, Inc.<sup>(b)</sup><sup>,(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13663012 |
| &nbsp;&nbsp;ALX Oncology Holdings, Inc.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41249 |
| &nbsp;&nbsp;Amgen, Inc.<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84612 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26360869 |
| &nbsp;&nbsp;Arbutus Biopharma Corp.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;467383 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1631167 |
| &nbsp;&nbsp;Arcutis Biotherapeutics, Inc.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;192536 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3011263 |
| &nbsp;&nbsp;Ardelyx, Inc.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;441923 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2169842 |
| &nbsp;&nbsp;Argenx SE, ADR<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9535537 |

---

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;Arrowhead Pharmaceuticals, Inc.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;347935 | &nbsp;&nbsp;$4432692 |
| &nbsp;&nbsp;ARS Pharmaceuticals, Inc.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;186125 | &nbsp;&nbsp;&nbsp;&nbsp; 2341453 |
| &nbsp;&nbsp;Ascendis Pharma AS, ADR<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47233 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7361735 |
| &nbsp;&nbsp;Avidity Biosciences, Inc.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;138274 | &nbsp;&nbsp;&nbsp;&nbsp; 4081849 |
| &nbsp;&nbsp;BioMarin Pharmaceutical, Inc.<sup>(b)</sup><sup>,(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;192503 | &nbsp;&nbsp;&nbsp;&nbsp; 13608037 |
| &nbsp;&nbsp;BioNTech SE, ADR<sup>(b)</sup><sup>,(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;101845 | &nbsp;&nbsp;&nbsp;&nbsp; 9274006 |
| &nbsp;&nbsp;Caribou Biosciences, Inc.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;411144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 375416 |
| &nbsp;&nbsp;Centessa Pharmaceuticals PLC, ADR<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90883 | &nbsp;&nbsp;&nbsp;&nbsp; 1306898 |
| &nbsp;&nbsp;Chinook Therapeutics, Inc. CVR<sup>(a)</sup><sup>,(b)</sup><sup>,(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59063 | &nbsp;&nbsp;&nbsp;&nbsp; 133482 |
| &nbsp;&nbsp;Cidara Therapeutics, Inc.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 791853 |
| &nbsp;&nbsp;Corbus Pharmaceuticals Holdings, Inc.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26894 | &nbsp;&nbsp;&nbsp;&nbsp; 142807 |
| &nbsp;&nbsp;Crinetics Pharmaceuticals, Inc.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91281 | &nbsp;&nbsp;&nbsp;&nbsp; 3061565 |
| &nbsp;&nbsp;Cytokinetics, Inc.<sup>(b)</sup><sup>,(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;138707 | &nbsp;&nbsp;&nbsp;&nbsp; 5574634 |
| &nbsp;&nbsp;Denali Therapeutics, Inc.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;337505 | &nbsp;&nbsp;&nbsp;&nbsp; 4588381 |
| &nbsp;&nbsp;Dyne Therapeutics, Inc.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;314586 | &nbsp;&nbsp;&nbsp;&nbsp; 3290570 |
| &nbsp;&nbsp;Galera Therapeutics, Inc.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;125773 | &nbsp;&nbsp;&nbsp;&nbsp; 3773 |
| &nbsp;&nbsp;Geron Corp.<sup>(b)</sup> | &nbsp;&nbsp;1360622 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2163389 |
| &nbsp;&nbsp;Gilead Sciences, Inc.<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;218860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24523263 |
| &nbsp;&nbsp;GRAIL, Inc.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2206860 |
| &nbsp;&nbsp;Halozyme Therapeutics, Inc.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2525600 |
| &nbsp;&nbsp;Ideaya Biosciences, Inc.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;154726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2534412 |
| &nbsp;&nbsp;I-Mab, ADR<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21511 |
| &nbsp;&nbsp;Immatics NV<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;309867 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1397500 |
| &nbsp;&nbsp;Immunic, Inc.<sup>(b)</sup> | &nbsp;&nbsp;1059484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1154838 |
| &nbsp;&nbsp;Immunovant, Inc.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;262867 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4492397 |
| &nbsp;&nbsp;Incyte Corp.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;925628 |
| &nbsp;&nbsp;Inozyme Pharma, Inc.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;326758 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297350 |
| &nbsp;&nbsp;Insmed, Inc.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;125361 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9563791 |
| &nbsp;&nbsp;Ionis Pharmaceuticals, Inc.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;128658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3881612 |
| &nbsp;&nbsp;Iovance Biotherapeutics, Inc.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;131800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;438894 |
| &nbsp;&nbsp;Janux Therapeutics, Inc.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71237 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1923399 |
| &nbsp;&nbsp;Korro Bio, Inc.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1469891 |
| &nbsp;&nbsp;Krystal Biotech, Inc.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12557 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2264027 |
| &nbsp;&nbsp;Mereo Biopharma Group PLC, ADR<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;843891 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1898755 |
| &nbsp;&nbsp;Merus NV<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1726237 |
| &nbsp;&nbsp;Mural Oncology PLC<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14952 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18840 |
| &nbsp;&nbsp;Neurocrine Biosciences, Inc.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56639 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6264273 |
| &nbsp;&nbsp;Newamsterdam Pharma Co. NV<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59888 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1225907 |
| &nbsp;&nbsp;Nkarta, Inc.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28988 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53338 |
| &nbsp;&nbsp;Novavax, Inc.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26612 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170583 |
| &nbsp;&nbsp;Nuvalent, Inc., Class A<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33821 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2398585 |
| &nbsp;&nbsp;Oruka Therapeutics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27753 |
| &nbsp;&nbsp;Praxis Precision Medicines, Inc.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1040857 |
| &nbsp;&nbsp;Pyxis Oncology, Inc.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;286408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280651 |
| &nbsp;&nbsp;Rallybio Corp.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;377375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246992 |
| &nbsp;&nbsp;Regeneron Pharmaceuticals, Inc.<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45913 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29119402 |
| &nbsp;&nbsp;Rhythm Pharmaceuticals, Inc.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1954434 |
| &nbsp;&nbsp;Sarepta Therapeutics, Inc.<sup>(b)</sup><sup>,(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;135231 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8630442 |
| &nbsp;&nbsp;Scholar Rock Holding Corp.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1053234 |
| &nbsp;&nbsp;Sionna Therapeutics, Inc.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;225248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2356094 |
| &nbsp;&nbsp;Summit Therapeutics, Inc.<sup>(b)</sup><sup>,(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;412254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7952380 |
| &nbsp;&nbsp;Syndax Pharmaceuticals, Inc.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;132433 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1626939 |
| &nbsp;&nbsp;Tenaya Therapeutics, Inc.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;600700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342459 |
| &nbsp;&nbsp;Travere Therapeutics, Inc.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;150369 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2694612 |
| &nbsp;&nbsp;TScan Therapeutics, Inc.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;393440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;542947 |
| &nbsp;&nbsp;Ultragenyx Pharmaceutical, Inc.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;154610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5598428 |
| &nbsp;&nbsp;uniQure NV<sup>(b)</sup><sup>,(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;542249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5747839 |
| &nbsp;&nbsp;Vaxcyte, Inc.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87633 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3309022 |
| &nbsp;&nbsp;Vertex Pharmaceuticals, Inc.<sup>(b)</sup><sup>,(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17946097 |
| &nbsp;&nbsp;Vigil Neuroscience, Inc.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;1724520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3069646 |

---

---

| | |
|:---|:---|
| **6** | abrdn Life Sciences Investors |

---

------

### Portfolio of Investments (unaudited) (continued)
As of March 31, 2025

------

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**Common Stocks (continued)** |  |  |
| &nbsp;&nbsp;**Biotechnology (continued)** | &nbsp;&nbsp;**Biotechnology (continued)** | &nbsp;&nbsp;**Biotechnology (continued)** |
| &nbsp;&nbsp;Vir Biotechnology, Inc.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;216154 | &nbsp;&nbsp;$1400678 |
| &nbsp;&nbsp;Xencor, Inc.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;185509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1973816 |
| &nbsp;&nbsp;Xenon Pharmaceuticals, Inc.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;158248 | &nbsp;&nbsp;&nbsp;&nbsp; 5309220 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**305795089** |
| &nbsp;&nbsp;**Health Care Equipment & Supplies—0.0%** | &nbsp;&nbsp;**Health Care Equipment & Supplies—0.0%** | &nbsp;&nbsp;**Health Care Equipment & Supplies—0.0%** |
| &nbsp;&nbsp;Willow Laboratories, Inc.<sup>(a)</sup><sup>,(b)</sup><sup>,(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;130000 | &nbsp;&nbsp;&nbsp;&nbsp; 13 |
| &nbsp;&nbsp;**Health Care Providers & Services—0.6%** | &nbsp;&nbsp;**Health Care Providers & Services—0.6%** | &nbsp;&nbsp;**Health Care Providers & Services—0.6%** |
| &nbsp;&nbsp;Guardant Health, Inc.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57952 | &nbsp;&nbsp;&nbsp;&nbsp; 2468755 |
| &nbsp;&nbsp;**Life Sciences Tools & Services<sup>(b)</sup>—5.4%** | &nbsp;&nbsp;**Life Sciences Tools & Services<sup>(b)</sup>—5.4%** | &nbsp;&nbsp;**Life Sciences Tools & Services<sup>(b)</sup>—5.4%** |
| &nbsp;&nbsp;Adaptive Biotechnologies Corp. | &nbsp;&nbsp;&nbsp;&nbsp;432737 | &nbsp;&nbsp;&nbsp;&nbsp; 3215236 |
| &nbsp;&nbsp;Codexis, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;606294 | &nbsp;&nbsp;&nbsp;&nbsp; 1630931 |
| &nbsp;&nbsp;Illumina, Inc.<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72264 | &nbsp;&nbsp;&nbsp;&nbsp; 5733426 |
| &nbsp;&nbsp;Medpace Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6077 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1851601 |
| &nbsp;&nbsp;Personalis, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;894205 | &nbsp;&nbsp;&nbsp;&nbsp; 3138659 |
| &nbsp;&nbsp;Quanterix Corp. | &nbsp;&nbsp;&nbsp;&nbsp;268717 | &nbsp;&nbsp;&nbsp;&nbsp; 1749348 |
| &nbsp;&nbsp;Tempus AI, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85772 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4137641 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21456842** |
| &nbsp;&nbsp;**Pharmaceuticals<sup>(b)</sup>—4.1%** | &nbsp;&nbsp;**Pharmaceuticals<sup>(b)</sup>—4.1%** | &nbsp;&nbsp;**Pharmaceuticals<sup>(b)</sup>—4.1%** |
| &nbsp;&nbsp;Amylyx Pharmaceuticals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;743089 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2630535 |
| &nbsp;&nbsp;Arvinas, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2491 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17487 |
| &nbsp;&nbsp;Axsome Therapeutics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29802 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3475807 |
| &nbsp;&nbsp;Edgewise Therapeutics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;116450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2561900 |
| &nbsp;&nbsp;EyePoint Pharmaceuticals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70281 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380923 |
| &nbsp;&nbsp;Fusion Pharmaceuticals, Inc. CVR<sup>(a)</sup><sup>,(c)</sup><sup>,(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4493 |
| &nbsp;&nbsp;Oculis Holding AG<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;170667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3247793 |
| &nbsp;&nbsp;Spectrum Pharmaceuticals, Inc. CVR<sup>(a)</sup><sup>,(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Structure Therapeutics, Inc., ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1366798 |
| &nbsp;&nbsp;Tarsus Pharmaceuticals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51869 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2664511 |
| &nbsp;&nbsp;Tetraphase Pharmaceuticals, Inc. CVR<sup>(a)</sup><sup>,(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14218 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16350531** |
| &nbsp;&nbsp;**Total Common Stocks** | &nbsp;&nbsp;**Total Common Stocks** | &nbsp;&nbsp;&nbsp;&nbsp;**346071230** |
| &nbsp;&nbsp;**Warrants<sup>(a)</sup><sup>,(b)</sup><sup>,(c)</sup>—0.0%** |  |  |
| &nbsp;&nbsp;**Pharmaceuticals—0.0%** |  |  |
| &nbsp;&nbsp;HiberCell, Inc.(expiration date 09/15/28, exercise price $0.46) | &nbsp;&nbsp;&nbsp;&nbsp;719652 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;HiberCell, Inc.(expiration date 09/13/34, exercise price $0.08) | &nbsp;&nbsp;2582362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3** |

---

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**Short-Term Investment—3.1%** | &nbsp;&nbsp;**Short-Term Investment—3.1%** | &nbsp;&nbsp;**Short-Term Investment—3.1%** |
| &nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Premier Class, 4.29%<sup>(f)</sup> | 12161215 | &nbsp;&nbsp;$12161215 |
| &nbsp;&nbsp;**Total Short-Term Investment** | &nbsp;&nbsp;**Total Short-Term Investment** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12161215** |
| &nbsp;&nbsp;**Total Investments Before Milestone Interests—98.7%<br> (Cost $402,142,937)** | &nbsp;&nbsp;**Total Investments Before Milestone Interests—98.7%<br> (Cost $402,142,937)** | &nbsp;&nbsp;&nbsp;&nbsp;**390859343** |
|  | **Interests** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;**Milestone Interests<sup>(a)</sup><sup>,(b)</sup><sup>,(c)</sup>—3.6%** | &nbsp;&nbsp;**Milestone Interests<sup>(a)</sup><sup>,(b)</sup><sup>,(c)</sup>—3.6%** | &nbsp;&nbsp;**Milestone Interests<sup>(a)</sup><sup>,(b)</sup><sup>,(c)</sup>—3.6%** |
| &nbsp;&nbsp;**Biotechnology—0.4%** | &nbsp;&nbsp;**Biotechnology—0.4%** | &nbsp;&nbsp;**Biotechnology—0.4%** |
| &nbsp;&nbsp;Amphivena Milestone Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;Invetx, Inc. Milestone Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1387824 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1387824** |
| &nbsp;&nbsp;**Pharmaceuticals—3.2%** | &nbsp;&nbsp;**Pharmaceuticals—3.2%** | &nbsp;&nbsp;**Pharmaceuticals—3.2%** |
| &nbsp;&nbsp;Afferent Milestone Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp; 0 |
| &nbsp;&nbsp;Amolyt Milestone Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 702412 |
| &nbsp;&nbsp;Ethismos Research Milestone Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp; 0 |
| &nbsp;&nbsp;Neurovance Milestone Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11970670 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12673082** |
| &nbsp;&nbsp;**Total Milestone Interests** | &nbsp;&nbsp;**Total Milestone Interests** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14060906** |
| &nbsp;&nbsp;**Total Investments (Cost $405,663,364)<sup>(g)</sup>—102.3%** | &nbsp;&nbsp;**Total Investments (Cost $405,663,364)<sup>(g)</sup>—102.3%** | &nbsp;&nbsp;&nbsp;**404920249** |
| &nbsp;&nbsp;Liabilities in Excess of Other Assets (2.3%) | &nbsp;&nbsp;Liabilities in Excess of Other Assets (2.3%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8978348) |
| &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**$395941901** |

---

(a) Level 3 security. See Note 2(a) of the accompanying Notes to Financial Statements.

(b) Non-income producing security.

(c) Restricted security.

(d) A portion of security is pledged as collateral for call options written.

(e) Foreign security.

(f) Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of March 31, 2025.

(g) See accompanying Notes to Financial Statements for tax unrealized appreciation/(depreciation) of securities.

---

| | |
|:---|:---|
| ADR | American Depositary Receipt |
| ARS | Auction Rate Security |
| CVR | Contingent Value Right |
| PLC | Public Limited Company |

---

abrdn Life Sciences Investors<sub>7</sub>

------

### Portfolio of Investments (unaudited) (concluded)
As of March 31, 2025

------

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Number of Contracts<br> (100 shares each)** | &nbsp;&nbsp;**Notional Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Option Contracts Written—0.0%** | &nbsp;&nbsp;**Option Contracts Written—0.0%** | &nbsp;&nbsp;**Option Contracts Written—0.0%** | &nbsp;&nbsp;**Option Contracts Written—0.0%** |
| &nbsp;&nbsp;**Call Options Written—0.0%** | &nbsp;&nbsp;**Call Options Written—0.0%** | &nbsp;&nbsp;**Call Options Written—0.0%** | &nbsp;&nbsp;**Call Options Written—0.0%** |
| &nbsp;&nbsp;Akero Therapeutics, Inc. Apr 25 50 Call | &nbsp;&nbsp;167 | &nbsp;&nbsp;(835000) | &nbsp;&nbsp;(4843) |
| &nbsp;&nbsp;Alnylam Pharmaceuticals, Inc. Apr 25 270 Call | &nbsp;&nbsp;16 | &nbsp;&nbsp;(432000) | &nbsp;&nbsp;(12640) |
| &nbsp;&nbsp;Amgen, Inc. Apr 25 330 Call | &nbsp;&nbsp;32 | &nbsp;&nbsp;(1056000) | &nbsp;&nbsp;(3840) |
| &nbsp;&nbsp;BioMarin Pharmaceutical, Inc. Apr 25 75 Call | &nbsp;&nbsp;112 | &nbsp;&nbsp;(840000) | &nbsp;&nbsp;(4480) |
| &nbsp;&nbsp;BioNTech SE Apr 25 105 Call | &nbsp;&nbsp;60 | &nbsp;&nbsp;(630000) | &nbsp;&nbsp;(2400) |
| &nbsp;&nbsp;Cytokinetics, Inc. Apr 25 50 Call | &nbsp;&nbsp;84 | &nbsp;&nbsp;(420000) | &nbsp;&nbsp;(4620) |
| &nbsp;&nbsp;Gilead Sciences, Inc. Apr 25 115 Call | &nbsp;&nbsp;55 | &nbsp;&nbsp;(632500) | &nbsp;&nbsp;(8250) |
| &nbsp;&nbsp;Illumina, Inc. Apr 25 90 Call | &nbsp;&nbsp;70 | &nbsp;&nbsp;(630000) | &nbsp;&nbsp;(2450) |
| &nbsp;&nbsp;Regeneron Pharmaceuticals, Inc. Apr 25 680 Call | &nbsp;&nbsp;6 | &nbsp;&nbsp;(408000) | &nbsp;&nbsp;(2400) |
| &nbsp;&nbsp;Regeneron Pharmaceuticals, Inc. Apr 25 680 Call | &nbsp;&nbsp;9 | &nbsp;&nbsp;(612000) | &nbsp;&nbsp;(1170) |
| &nbsp;&nbsp;Sarepta Therapeutics, Inc. Apr 25 85 Call | &nbsp;&nbsp;198 | &nbsp;&nbsp;(1683000) | &nbsp;&nbsp;(2970) |
| &nbsp;&nbsp;Summit Therapeutics, Inc. Apr 25 25 Call | &nbsp;&nbsp;251 | &nbsp;&nbsp;(627500) | &nbsp;&nbsp;(4016) |
| &nbsp;&nbsp;uniQure NV Apr 25 15 Call | &nbsp;&nbsp;280 | &nbsp;&nbsp;(420000) | &nbsp;&nbsp;(2800) |
| &nbsp;&nbsp;Vertex Pharmaceuticals, Inc. Apr 25 530 Call | &nbsp;&nbsp;12 | &nbsp;&nbsp;(636000) | &nbsp;&nbsp;(1296) |
| &nbsp;&nbsp;**Total Call Options Written<br> (Premiums received $(217394))** | &nbsp;&nbsp;**Total Call Options Written<br> (Premiums received $(217394))** | &nbsp;&nbsp;**Total Call Options Written<br> (Premiums received $(217394))** | &nbsp;&nbsp;**(58175)** |

---

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| **8** | abrdn Life Sciences Investors |

---

------

### Statement of Assets and Liabilities (unaudited)
As of March 31, 2025

------

---

| | |
|:---|:---|
| **Assets** | |
| Investments, at value (cost $389,981,722) | &nbsp;&nbsp;&nbsp;$378698128 |
| Short-term investment, at value (cost $12,161,215) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12161215 |
| Milestone interests, at value(cost $3,520,427) | &nbsp;&nbsp;&nbsp;&nbsp; 14060906 |
| Foreign currency, at value (cost $1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| Receivable for investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6274644 |
| Interest and dividends receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104148 |
| Tax reclaim receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8970 |
| Prepaid expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33570 |
| Other assets (Note 2j) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189 |
| **Total assets** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**411341771** |
| **Liabilities** |  |
| Due to custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8103941 |
| Payable for investments purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6540292 |
| Investment advisory fees payable (Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;389835 |
| Written options, at value (premiums received$217,394) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58175 |
| Trustee fees payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31523 |
| Administration fees payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6019 |
| Investor relations fees payable (Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3895 |
| Other accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266190 |
| **Total liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15399870** |
| Commitments and Contingencies (Notes 7 & 9) |  |
| **Net Assets** | &nbsp;&nbsp;&nbsp;**$395941901** |
| **Composition of Net Assets** |  |
| Common stock (par value $0.010 per share) (Note 5) | &nbsp;&nbsp;&nbsp;&nbsp;$288724 |
| Paid-in capital in excess of par | &nbsp;&nbsp;&nbsp;&nbsp; 426168819 |
| Accumulated loss | &nbsp;&nbsp;&nbsp;&nbsp; (30515642) |
| **Net Assets** | &nbsp;&nbsp;&nbsp;**$395941901** |
| Net asset value per share based on 28,872,416 shares issued and outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$13.71 |

---

See accompanying Notes to Financial Statements.

abrdn Life Sciences Investors<sub>9</sub>

------

### Statement of Operations (unaudited)
For the Six-Month Period Ended March 31, 2025

------

---

| | |
|:---|:---|
| **Net Investment Income** | |
| **Investment Income:** |  |
| Dividends | &nbsp;&nbsp;&nbsp;$1116372 |
| Interest and other income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 245462 |
| Total investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1361834 |
| **Expenses:** |  |
| Investment advisory fee (Note 3) | &nbsp;&nbsp;&nbsp;&nbsp; 2305899 |
| Independent auditors' fees and tax expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78874 |
| Legal fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76244 |
| Trustees' fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70089 |
| Reports to shareholders and proxy solicitation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66215 |
| Transfer agent's fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28311 |
| Investor relations fees and expenses (Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28263 |
| Custodian's fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16778 |
| Insurance expense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14123 |
| Administration fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11262 |
| Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41049 |
| Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2737107 |
| Net Investment Loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1375273) |
| **Net Realized/Unrealized Gain/(Loss):** |  |
| **Net realized gain/(loss) from:** |  |
| Investments in unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16556361 |
| Written options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280518 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16836879 |
| **Net change in unrealized appreciation/depreciation on:** |  |
| Investments in unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(63219576) |
| Investments in affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14261 |
| Milestone interests | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;393185 |
| Written options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116260 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;(62695870) |
| Net realized and unrealized gain from investments, milestone interests and written options | &nbsp;&nbsp;&nbsp;&nbsp;(45858991) |
| **Change in Net Assets Resulting from Operations** | &nbsp;&nbsp;&nbsp;**$(47234264)** |

---

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| **10** | abrdn Life Sciences Investors |

---

------

Statements of Changes in Net Assets

------

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;**For the<br> Six-Month<br> Period Ended<br> March 31, 2025<br> (unaudited)** | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> September 30, 2024** |
| **Increase/(Decrease) in Net Assets:** |  |  |
| **Operations:** |  |  |
| Net investment loss | &nbsp;&nbsp;&nbsp;&nbsp;$(1375273) | &nbsp;&nbsp;&nbsp;&nbsp;$(1920347) |
| Net realized gain from investments and written options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16836879 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31957173 |
| Net change in unrealized appreciation/depreciation investments, milestone interests and written options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(62695870) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55259633 |
| Net increase/(decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(47234264) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85296459 |
| **Distributions to Shareholders From:** |  |  |
| Distributable earnings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27409869) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(39686734) |
| Return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5606991) |
| Net decrease in net assets from distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27409869) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(45293725) |
| Reinvestment of dividends resulting in the issuance of 811,017 and 1,270,202 shares of common stock, respectively | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10891428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17758355 |
| Change in net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(63752705) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57761089 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;459694606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;401933517 |
| &nbsp;&nbsp;&nbsp;**End of period** | &nbsp;&nbsp;&nbsp;**$395941901** | &nbsp;&nbsp;&nbsp;**$459694606** |

---

Amounts listed as "–" are $0 or round to $0.

See accompanying Notes to Financial Statements.

abrdn Life Sciences Investors<sub>11</sub>

------

### Statement of Cash Flows (unaudited)
For the Six-Month Period Ended March 31, 2025

------

---

| | |
|:---|:---|
| **Cash flows from operating activities:** | |
| Net increase/(decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;$(47234264) |
| Adjustments to reconcile net increase in net assets resulting<br> from operations to net cash provided by operating activities: |  |
| Investments purchased | &nbsp;&nbsp;&nbsp;&nbsp; (157455663) |
| Investments sold and principal repayments | &nbsp;&nbsp;&nbsp;&nbsp; 161844976 |
| Proceeds from option contracts written | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 404142 |
| Net change in short-term investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5070113 |
| Decrease in interest, dividends and other receivables | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56791 |
| Decrease in prepaid expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7961 |
| Decrease in accrued investment advisory fee payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15277) |
| Decrease in other accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (123270) |
| Net change in unrealized depreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62695870 |
| Net realized gain on investments transactions and options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16836879) |
| &nbsp;&nbsp;&nbsp;**Net cash provided by operating activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8414500** |
| **Cash flows from financing activities:** |  |
| Increase in payable to custodian | &nbsp;&nbsp;&nbsp;&nbsp;$8103941 |
| Distributions paid to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16518441) |
| &nbsp;&nbsp;&nbsp;**Net cash used in financing activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(8414500)** |
| &nbsp;&nbsp;&nbsp;Unrestricted and restricted cash and foreign currency, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| **Unrestricted and restricted cash and foreign currency, end of period** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$1** |

---

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| **12** | abrdn Life Sciences Investors |

---

------

Financial Highlights

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | &nbsp;&nbsp;**For the Fiscal Years Ended September 30,** | &nbsp;&nbsp;**For the Fiscal Years Ended September 30,** | &nbsp;&nbsp;**For the Fiscal Years Ended September 30,** | &nbsp;&nbsp;**For the Fiscal Years Ended September 30,** | &nbsp;&nbsp;**For the Fiscal Years Ended September 30,** |
| | &nbsp;&nbsp;**For the<br> Six-Month<br> Period Ended<br> March 31,** <br>&nbsp;&nbsp;**2025<br> (unaudited)** | &nbsp;&nbsp;**2024<br> <sup>(a)</sup>** | &nbsp;&nbsp;**2023**  | &nbsp;&nbsp;**2022<br> <sup>(b)</sup>** | &nbsp;&nbsp;**2021<br> <sup>(b)</sup>** | &nbsp;&nbsp;**2020<br> <sup>(b)</sup>** |
| &nbsp;&nbsp;**PER SHARE OPERATING PERFORMANCE:** |  |  |  |  |  |  |
| &nbsp;&nbsp;Net asset value per common share, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$16.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$15.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$15.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$21.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$20.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$16.55 |
| &nbsp;&nbsp;Net investment loss<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) |
| &nbsp;&nbsp;Net realized and unrealized gains/(losses) on investments, written options and foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.65) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25 |
| &nbsp;&nbsp;Total from investment operations applicable to common shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.70) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.16 |
| &nbsp;&nbsp;**Distributions to common shareholders from:** |  |  |  |  |  |  |
| &nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.97) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.69) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;Net realized gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.76) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.44) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.47) |
| &nbsp;&nbsp;Return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.97) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.66) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.47) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.69) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.47) |
| &nbsp;&nbsp;Effect of Fund shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 |
| &nbsp;&nbsp;Net asset value per common share, end of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$13.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$16.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$15.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$15.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$21.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$20.25 |
| &nbsp;&nbsp;Market price, end of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$12.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$15.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$12.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$13.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$20.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$17.58 |
| &nbsp;&nbsp;**Total Investment Return Based on<sup>(d)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;Market price | &nbsp;&nbsp;&nbsp;&nbsp;(9.66%) | &nbsp;&nbsp;&nbsp;&nbsp;35.94% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.23% | &nbsp;&nbsp;&nbsp;&nbsp;(27.97%) | &nbsp;&nbsp;&nbsp;&nbsp;28.32% | &nbsp;&nbsp;&nbsp;&nbsp;27.50% |
| &nbsp;&nbsp;Net asset value | &nbsp;&nbsp;&nbsp;&nbsp;(10.15%) | &nbsp;&nbsp;&nbsp;&nbsp;22.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.32% | &nbsp;&nbsp;&nbsp;&nbsp;(19.88%) | &nbsp;&nbsp;&nbsp;&nbsp;13.65% | &nbsp;&nbsp;&nbsp;&nbsp;34.00% |
| &nbsp;&nbsp;**Ratio to Average Net Assets Applicable to Common Shareholders/Supplementary Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;Net assets applicable to common shareholders, end of period (000 omitted) | &nbsp;&nbsp;$395942 | &nbsp;&nbsp;$459695 | &nbsp;&nbsp;$401934 | &nbsp;&nbsp;&nbsp;$397902 | &nbsp;&nbsp;$523440 | &nbsp;&nbsp;$483570 |
| &nbsp;&nbsp;Average net assets applicable to common shareholders (000 omitted) | &nbsp;&nbsp;&nbsp;$439717 | &nbsp;&nbsp;&nbsp;$433142 | &nbsp;&nbsp;&nbsp;$421289 | &nbsp;&nbsp;$436937 | &nbsp;&nbsp;&nbsp;$519380 | &nbsp;&nbsp;$449677 |
| &nbsp;&nbsp;Gross operating expenses | &nbsp;&nbsp;&nbsp;&nbsp;1.25%<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.38% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22% |
| &nbsp;&nbsp;Net Investment loss | &nbsp;&nbsp;&nbsp;&nbsp;(0.63%)<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(0.44%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.52%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.68%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.80%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.47%) |
| &nbsp;&nbsp;Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38%<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51% |

---

(a) Effective October 27, 2023, abrdn Inc. became the investment adviser of the Fund. Prior to October 27, 2023, the Fund was managed by Tekla Capital Management, LLC. Members of the portfolio management
team from Tekla joined abrdn Inc., and continue to manage the Fund.

(b) Beginning with the year ended September 30, 2023, the Fund's financial statements were audited by KPMG LLP.<br>
Previous years were audited by a different independent registered public accounting firm.

(c) Based on average shares outstanding.

(d) Total investment return based on market value is calculated assuming that shares of the Fund's common stock were purchased at the closing market price as of the beginning of the period, dividends,
capital gains and other distributions were reinvested as provided for in the Fund's dividend reinvestment plan and then sold at the closing market price per share on the last day of the period. The computation
does not reflect any sales commission investors may incur in purchasing or selling shares of the Fund. The total investment return based on the net asset value is similarly computed except that the Fund's net
asset value is substituted for the closing market value.

(e) Annualized. See accompanying Notes to Financial Statements.

abrdn Life Sciences Investors<sub>13</sub>

------

Financial Highlights (concluded)

------

(f) Not annualized.

Amounts listed as "–" are $0 or round to $0.

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| **14** | abrdn Life Sciences Investors |

---

------

### Notes to Financial Statements (unaudited) <br> March 31, 2025

------

1. Organization

abrdn Life Sciences Investors (the "Fund") is a Massachusetts business trust formed on February 20, 1992, and registered under the Investment Company Act of 1940 as a non-diversified closed-end management investment company. The Fund commenced operations on May 8, 1992. The Fund's investment objective is to seek long-term capital appreciation by investing primarily in securities of life sciences companies. The Fund invests primarily in securities of public and private companies that are believed by the Fund's investment adviser, abrdn Inc. to have significant potential for above-average growth. The Fund may invest up to 20% of its net assets in securities of foreign issuers, expected to be located primarily in Western Europe, Canada and Japan, and securities of U.S. issuers that are traded primarily in foreign markets.

2. Summary of Significant Accounting Policies

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 Financial Services-Investment Companies. The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The policies conform to generally accepted accounting principles in the United States of America ("U.S. GAAP"). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses for the period. Actual results could differ from those estimates. The accounting records of the Fund are maintained in U.S. Dollars and the U.S. Dollar is used as both the functional and reporting currency.

a. Security Valuation:

The Fund values its securities at fair value, consistent with regulatory requirements. "Fair value" is defined in the Fund's Valuation and Liquidity Procedures as the price that could be received to sell an asset or paid to transfer a liability in an orderly transaction between willing market participants without a compulsion to transact at the measurement date, also referred to as market value. Pursuant to Rule 2a-5 under the 1940 Act, the Board designated Aberdeen as the valuation designee ("Valuation Designee") for the Fund to perform the fair value determinations relating to Fund investments for which market quotations are not readily available or deemed unreliable and the Fund's investments in securities of early and/or later stage financing of a privately held companies ("Venture Capital Securities").

In accordance with the authoritative guidance on fair value measurements and disclosures under U.S. GAAP, the Fund discloses the fair value of its investments using a three-level hierarchy that classifies the inputs to valuation techniques used to measure the fair

value. The hierarchy assigns Level 1, the highest level, measurements to valuations based upon unadjusted quoted prices in active markets for identical assets, Level 2 measurements to valuations based upon other significant observable inputs, including adjusted quoted prices in active markets for similar assets, and Level 3, the lowest level, measurements to valuations based upon unobservable inputs that are significant to the valuation. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, for example, the risk inherent in a particular valuation technique used to measure fair value including a pricing model and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability, which are based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. A financial instrument's level within the fair value hierarchy is based upon the lowest level of any input that is significant to the fair value measurement.

Long-term debt and other fixed-income securities are valued at the last quoted or evaluated bid price on the valuation date provided by an independent pricing service provider. If there are no current day bids, the security is valued at the previously applied bid. Pricing services generally price debt securities assuming orderly transactions of an institutional "round lot" size and the strategies employed by the Valuation Designee generally trade in round lot sizes. In certain circumstances, some trades may occur in smaller "odd lot" sizes which may be effected at lower, or higher, prices than institutional round lot trades. Short-term debt securities (such as commercial paper and U.S. treasury bills) having a remaining maturity of 60 days or less are valued at the last quoted or evaluated bid price on the valuation date provided by an independent pricing service, or on the basis of amortized cost, if it represents the best approximation of fair value. Debt and other fixed-income securities are generally determined to be Level 2 investments.

Equity securities that are traded on an exchange are valued at the last quoted sale price or the official close price on the principal exchange on which the security is traded at the "Valuation Time" subject to application, when appropriate, of the valuation factors described in the paragraph below. Under normal circumstances, the Valuation Time is as of the close of regular trading on the New York Stock Exchange ("NYSE") (usually 4:00 p.m. Eastern Time). In the absence of a sale price, the security is valued at the mean of the bid/ask price quoted at the close on the principal exchange on which the security is traded. Securities traded on NASDAQ are valued at the NASDAQ official closing price.

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|:---|:---|
| abrdn Life Sciences Investors | **15** |

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### Notes to Financial Statements (unaudited) (continued)<br> March 31, 2025

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Convertible preferred shares, warrants or convertible note interests in Venture Capital Securities, milestone interests, and other restricted securities are typically valued in good faith, based upon the recommendations made by the Valuation Designee pursuant to fair valuation policies and procedures approved by the Board.

Derivative instruments are valued at fair value. Exchange-traded futures are generally Level 1 investments and centrally cleared swaps and forwards are generally Level 2 investments. Forward foreign currency contracts are generally valued based on the bid price of the forward rates and the current spot rate. Forward exchange rate quotations are available for scheduled settlement dates, such as 1-, 3-, 6-, 9- and 12-month periods. An interpolated valuation is derived based on the actual settlement dates of the forward contracts held. Futures contracts are valued at the settlement price or at the last bid price if no settlement price is available. Swap agreements are generally valued by an approved pricing agent based on the terms of the swap agreement (including future cash flows). Exchange-traded options are valued at the last quoted sales price. In the absence of a sales price, options are valued at the mean of the bid/ask price quoted at the close on the exchange on which the options trade. When market quotations or exchange rates are not readily available, or if the Adviser concludes that such market quotations do not accurately reflect fair value, the fair value of the Fund's assets are determined in good faith in accordance with the Valuation Procedures.

Foreign equity securities that are traded on foreign exchanges that close prior to the Valuation Time are valued by applying valuation factors to the last sale price or the mean price as noted above. Valuation factors are provided by an independent pricing service provider. These valuation factors are used when pricing the Fund's portfolio holdings to estimate market movements between the time foreign markets close and the time the Fund values such foreign securities. These valuation factors are based on inputs such as depositary receipts, indices, futures, sector indices/exchange-traded funds ("ETFs"), exchange rates, and local exchange opening and closing prices of each security. When prices with the application of valuation factors are utilized, the value assigned to the foreign securities may not be the same as quoted or published prices of the securities on their primary markets. A security that applies a valuation factor is generally determined to be a Level 2 investment because the exchange-traded price has been adjusted. Valuation factors are not utilized if the independent pricing service provider is unable to provide a valuation factor or if the valuation factor falls below a predetermined threshold; in such case, the security is determined to be a Level 1 investment.

Short-term investments are comprised of cash and cash equivalents invested in short-term investment funds which are redeemable daily. The Fund sweeps available cash into the State Street Institutional U.S. Government Money Market Fund, which has elected to qualify as a "government money market fund" pursuant to

Rule 2a-7 under the 1940 Act, and has an objective, which is not guaranteed, to maintain a $1.00 per share NAV. Generally, these investment types are categorized as Level 1 investments.

In the event that a security's, other than a Venture Capital Security, market quotations are not readily available or are deemed unreliable (for reasons other than because the foreign exchange on which it trades closes before the Valuation Time), the security is valued at fair value as determined by the Valuation Designee, taking into account the relevant factors and surrounding circumstances using valuation policies and procedures approved by the Board. A security that has been fair valued by the Adviser may be classified as Level 2 or Level 3 depending on the nature of the inputs.

Venture Capital Securities are valued based on a consideration of relevant factors, including both observable and unobservable inputs. Observable and unobservable inputs considered may include (i) the existence of any contractual restrictions on the disposition of securities; (ii) information obtained from the company, which may include an analysis of the company's financial statements, products, intended markets or technologies; (iii) the price of the same or similar security negotiated at arm's length in an issuer's completed subsequent round of financing; (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.

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|:---|:---|
| **16** | abrdn Life Sciences Investors |

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A summary of standard inputs is listed below:

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

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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:

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Investments, at Value** | &nbsp;&nbsp;**Level 1 – Quoted<br> Prices** | &nbsp;&nbsp;**Level 2 – Other Significant<br> Observable Inputs** | &nbsp;&nbsp;**Level 3 – Significant<br> Unobservable Inputs** | &nbsp;&nbsp;**Total** |
| &nbsp;&nbsp;**Assets** | &nbsp;&nbsp;**Assets** | &nbsp;&nbsp;**Assets** |  |  |
| &nbsp;&nbsp;**Investments in Securities** | &nbsp;&nbsp;**Investments in Securities** |  |  |  |
| &nbsp;&nbsp;Common Stocks | &nbsp;&nbsp;$345932958 | &nbsp;&nbsp;$– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$138272 | &nbsp;&nbsp;$346071230 |
| &nbsp;&nbsp;Convertible Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31357976 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31357976 |
| &nbsp;&nbsp;Milestone Interests | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;14060906 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14060906 |
| &nbsp;&nbsp;Convertible Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1268919 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1268919 |
| &nbsp;&nbsp;Warrants | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 |
| &nbsp;&nbsp;Short-Term Investment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12161215 | &nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12161215 |
| &nbsp;&nbsp;**Total Investments** | &nbsp;&nbsp;**$358094173** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$46826076** | &nbsp;&nbsp;**$404920249** |
| &nbsp;&nbsp;**Other Assets** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$**–** | &nbsp;&nbsp;$**–** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$**189** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$**189** |
| &nbsp;&nbsp;**Total Investment Assets** | &nbsp;&nbsp;**$358094173** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$46826265** | &nbsp;&nbsp;**$404920438** |
| &nbsp;&nbsp;**Liabilities** | &nbsp;&nbsp;**Liabilities** | &nbsp;&nbsp;**Liabilities** |  |  |
| &nbsp;&nbsp;**Other Financial Instruments** | &nbsp;&nbsp;**Other Financial Instruments** |  |  |  |
| &nbsp;&nbsp;Written Options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(58175) | &nbsp;&nbsp;$– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(58175) |
| &nbsp;&nbsp;**Total Investment Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$(58175)** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$–** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$(58175)** |

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| abrdn Life Sciences Investors | **17** |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Rollforward of Level 3 Fair Value Measurements<br> For the Six Months Ended March 31, 2025** | **Rollforward of Level 3 Fair Value Measurements<br> For the Six Months Ended March 31, 2025** | **Rollforward of Level 3 Fair Value Measurements<br> For the Six Months Ended March 31, 2025** | **Rollforward of Level 3 Fair Value Measurements<br> For the Six Months Ended March 31, 2025** | **Rollforward of Level 3 Fair Value Measurements<br> For the Six Months Ended March 31, 2025** | **Rollforward of Level 3 Fair Value Measurements<br> For the Six Months Ended March 31, 2025** | **Rollforward of Level 3 Fair Value Measurements<br> For the Six Months Ended March 31, 2025** |
| **Investments<br> in Securities** | **Balance<br> as of<br> September 30,<br> 2024** | **Net Realized<br> Gain (Loss)<br> and Change<br> in Unrealized<br> Appreciation/<br> Depreciation** | **Net<br> Purchases<br> and<br> conversions** | **Net<br> Sales<br> and<br> conversions** | **Balance<br> as of<br> March 31,<br> 2025** | **Net Change in<br> Unrealized<br> Appreciation/<br> Depreciation<br> from<br> Investments<br> Held at<br> March 31,<br> 2025** |
| **Common Stocks** |  |  |  |  |  |  |
| Biotechnology | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$133482 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$133482 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0 |
| Health Care Equipment & Supplies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5346 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(269) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4777 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(269) |
| **Convertible Notes** |  |  |  |  |  |  |
| Biotechnology | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1062330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1062330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206589 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206589 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| **Convertible Preferred Stocks** |  |  |  |  |  |  |
| Biotechnology | &nbsp;&nbsp;&nbsp;&nbsp;15621446 | &nbsp;&nbsp;&nbsp;&nbsp;396900 | &nbsp;&nbsp;&nbsp;3080407 | &nbsp;&nbsp;&nbsp;&nbsp;(778696) | &nbsp;&nbsp;&nbsp;&nbsp;18320057 | &nbsp;&nbsp;&nbsp;&nbsp;396900 |
| Health Care Equipment & Supplies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;12030060 | &nbsp;&nbsp;&nbsp;&nbsp;(97008) | &nbsp;&nbsp;&nbsp;&nbsp;1104825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;13037877 | &nbsp;&nbsp;&nbsp;&nbsp;(97008) |
| **Milestone Interests** |  |  |  |  |  |  |
| Biotechnology | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1399863 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82583 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(94662) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1387824 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82583 |
| Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;12362480 | &nbsp;&nbsp;&nbsp;&nbsp;310602 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;12673082 | &nbsp;&nbsp;&nbsp;&nbsp;310602 |
| **Warrants** |  |  |  |  |  |  |
| Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| **Other Assets** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| **Total** | **$42821843** | **$692808** | **$4185232** | **$(873358)** | **$46826265** | **$692808** |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | &nbsp;&nbsp;**Fair Value at<br> 03/31/25** | &nbsp;&nbsp;**Valuation Technique (s)** | &nbsp;&nbsp;**Unobservable Inputs** | &nbsp;&nbsp;**Range** | &nbsp;&nbsp;**Weighted<br> Average** | &nbsp;&nbsp;**Relationship<br> Between<br> Fair Value<br> and Input;<br> if input value<br> increases then<br> Fair Value:** |
| Common Stocks | &nbsp;&nbsp;$13 | &nbsp;&nbsp;Market approach | &nbsp;&nbsp;Transaction Price<sup>(a)</sup> | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A | &nbsp;&nbsp;Increase |
|  | &nbsp;&nbsp;$138259 | &nbsp;&nbsp;Income approach | &nbsp;&nbsp;Probability of events<br> Timing of events | &nbsp;&nbsp;0.00% - 90.00%<br> 0.00 - 4.75 years | &nbsp;&nbsp;75.00%<br> 1.65 years | &nbsp;&nbsp;Increase<br> Decrease |
| Convertible Notes | &nbsp;&nbsp;$1268919 | &nbsp;&nbsp;Market approach | &nbsp;&nbsp;Transaction Price<sup>(a)</sup> | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A | &nbsp;&nbsp;Increase |
| Convertible Preferred Stocks | &nbsp;&nbsp;$26335667 | &nbsp;&nbsp;Market approach | &nbsp;&nbsp;Transaction Price<sup>(a)</sup> | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A | &nbsp;&nbsp;Increase |
|  | &nbsp;&nbsp;$4372501 | &nbsp;&nbsp;Income approach | &nbsp;&nbsp;Timing of events<br> Implied market volatility<br> Risk free rate<br> Transaction Price<sup>(a)</sup> | &nbsp;&nbsp;3 years<br> 113.26% - 137.91%<br> 3.48% - 4.31%<br> N/A | &nbsp;&nbsp;3 years<br> 118.00%<br> 3.65%<br> N/A | &nbsp;&nbsp;Decrease<br> Decrease<br> Decrease<br> Increase |
|  | &nbsp;&nbsp;$649808 | &nbsp;&nbsp;Income approach | &nbsp;&nbsp;Discount rate<br> Probability of events<br> Timing of events | &nbsp;&nbsp;4.23% - 4.47%<br> 1.00% - 90.00%<br> 1.50 - 12.00 years | &nbsp;&nbsp;4.35%<br> 27.16%<br> 5.59 years | &nbsp;&nbsp;Decrease<br> Increase<br> Decrease |

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|:---|:---|
| **18** | abrdn Life Sciences Investors |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | &nbsp;&nbsp;**Fair Value at<br> 03/31/25** | &nbsp;&nbsp;**Valuation Technique (s)** | &nbsp;&nbsp;**Unobservable Inputs** | &nbsp;&nbsp;**Range** | &nbsp;&nbsp;**Weighted<br> Average** | &nbsp;&nbsp;**Relationship<br> Between<br> Fair Value<br> and Input;<br> if input value<br> increases then<br> Fair Value:** |
| Milestone Interests | &nbsp;&nbsp;$14060906 | &nbsp;&nbsp;Income approach | &nbsp;&nbsp;Discount rate<br> Probability of events<br> Timing of events | &nbsp;&nbsp;4.23% - 10.00%<br> 0.00% - 90.00%<br> 0.00 - 9.25 years | &nbsp;&nbsp;4.86%<br> 50.66%<br> 3.66 years | &nbsp;&nbsp;Decrease<br> Increase<br> Decrease |
| Warrants | &nbsp;&nbsp;$3 | &nbsp;&nbsp;Market approach | &nbsp;&nbsp;Transaction Price<sup>(a)</sup> | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A | &nbsp;&nbsp;Increase |
| Other Assets | &nbsp;&nbsp;$189 | &nbsp;&nbsp;Income approach | &nbsp;&nbsp;Discount rate<br> Probability of events<br> Timing of events | &nbsp;&nbsp;4.41%<br> 5.00%<br> 6.75 years | &nbsp;&nbsp;4.41%<br> 5.00%<br> 6.75 years | &nbsp;&nbsp;Decrease<br> Increase<br> Decrease |
| **Total** | &nbsp;&nbsp;**$46826265** |  |  |  |  |  |

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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 provided by an independent pricing service approved by the Board.

Foreign currency amounts are translated into U.S. Dollars on the following basis:

(i) fair value of investment securities, other assets and liabilities – at the current daily rates of exchange at the Valuation Time; and

(ii) purchases and sales of investment securities, income and expenses – at the relevant rates of exchange prevailing on the respective dates of such transactions.

The Fund does not isolate that portion of gains and losses on investments in equity securities due to changes in the foreign exchange rates from the portion due to changes in market prices of

equity securities. Accordingly, realized and unrealized foreign currency gains and losses with respect to such securities are included in the reported net realized and unrealized gains and losses on investment transactions balances.

Net unrealized currency gains or losses from valuing foreign currency denominated assets and liabilities at period end exchange rates are reflected as a component of net unrealized appreciation/depreciation in value of investments, and translation of other assets and liabilities denominated in foreign currencies.

Net realized foreign exchange gains or losses represent foreign exchange gains and losses from transactions in foreign currencies and forward foreign currency contracts, exchange gains or losses realized between the trade date and settlement date on security transactions, and the difference between the amounts of interest and dividends recorded on the Fund's books and the U.S. Dollar equivalent of the amounts actually received.

Foreign security and currency transactions may involve certain considerations and risks not typically associated with those of domestic origin, including unanticipated movements in the value of the foreign currency relative to the U.S. Dollar. Generally, when the U.S. Dollar rises in value against foreign currency, the Fund's investments denominated in that foreign currency will lose value because the foreign currency is worth fewer U.S. Dollars; the opposite effect occurs if the U.S. Dollar falls in relative value.

---

| | |
|:---|:---|
| abrdn Life Sciences Investors | **19** |

---

------

d. Rights Issues and Warrants:

Rights issues give the right, normally to existing shareholders, to buy a proportional number of additional securities at a given price (generally at a discount) within a fixed period (generally a short-term period) and are offered at the company's discretion. Warrants are securities that give the holder the right to buy common stock at a specified price for a specified period of time. Rights issues and warrants are speculative and have no value if they are not exercised before the expiration date. Rights issues and warrants are valued at the last sale price on the exchange on which they are traded.

e. Options:

An option contract is a contract in which the writer (seller) of the option grants the buyer of the option, upon payment of a premium, the right to purchase from (call option) or sell to (put option) the writer a designated instrument at a specified price within a specified period of time. Certain options, including options on indices, will require cash settlement by the Fund if the option is exercised.

The Fund's obligation under an exchange traded written option or investment in an exchange traded purchased option is valued at the last sale price, or in the absence of a sale, the mean between the closing bid and asked prices. Gain or loss is recognized when the option contract expires, is exercised or is closed.

If the Fund writes a covered call option, the Fund foregoes, in exchange for the premium, the opportunity to profit during the option period

from an increase in the market value of the underlying security above the exercise price. If the Fund writes a put option it accepts the risk of a decline in the market value of the underlying security below the exercise price. Over-the-counter options have the risk of the potential inability of counterparties to meet the terms of their contracts. The Fund's maximum exposure to purchased options is limited to the premium initially paid. In addition, certain risks may arise upon entering into option contracts including the risk that an illiquid secondary market will limit the Fund's ability to close out an option contract prior to the expiration date and that a change in the value of the option contract may not correlate exactly with changes in the value of the securities or currencies hedged.

All options on securities and securities indices written by the Fund are required to be covered. When the Fund writes a call option, this means that during the life of the option the Fund may own or have the contractual right to acquire the securities subject to the option or may maintain with the Fund's custodian in a segregated account appropriate liquid securities in an amount at least equal to the market value of the securities underlying the option. When the Fund writes a put option, this means that the Fund will maintain with the Fund's custodian in a segregated account appropriate liquid securities in an amount at least equal to the exercise price of the option.

#### Summary of Derivative Instruments:
The Fund may use derivatives for various purposes as noted above. The following is a summary of the fair value of derivative instruments, not accounted for as hedging instruments, as of March 31, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Risk Exposure Category** | &nbsp;&nbsp;**Risk Exposure Category** | &nbsp;&nbsp;**Risk Exposure Category** | &nbsp;&nbsp;**Risk Exposure Category** | &nbsp;&nbsp;**Risk Exposure Category** | &nbsp;&nbsp;**Risk Exposure Category** | &nbsp;&nbsp;**Risk Exposure Category** |
| | &nbsp;&nbsp;**Interest<br> Rate<br> Contracts** | &nbsp;&nbsp;**Foreign<br> Currency<br> Contracts** | &nbsp;&nbsp;**Credit<br> Contracts** | &nbsp;&nbsp;**Equity<br> Contracts** | &nbsp;&nbsp;**Commodity<br> Contracts** | &nbsp;&nbsp;**Other** | &nbsp;&nbsp;**Total** |
| &nbsp;&nbsp;**Liabilities:** | &nbsp;&nbsp;**Liabilities:** | &nbsp;&nbsp;**Liabilities:** | &nbsp;&nbsp;**Liabilities:** | &nbsp;&nbsp;**Liabilities:** | &nbsp;&nbsp;**Liabilities:** | &nbsp;&nbsp;**Liabilities:** | &nbsp;&nbsp;**Liabilities:** |
| &nbsp;&nbsp;**Unrealized depreciation on:** | &nbsp;&nbsp;**Unrealized depreciation on:** | &nbsp;&nbsp;**Unrealized depreciation on:** | &nbsp;&nbsp;**Unrealized depreciation on:** | &nbsp;&nbsp;**Unrealized depreciation on:** | &nbsp;&nbsp;**Unrealized depreciation on:** | &nbsp;&nbsp;**Unrealized depreciation on:** | &nbsp;&nbsp;**Unrealized depreciation on:** |
| &nbsp;&nbsp;Written Options, market value | &nbsp;&nbsp;$– | &nbsp;&nbsp;$– | &nbsp;&nbsp;$– | &nbsp;&nbsp;$58175 | &nbsp;&nbsp;$– | &nbsp;&nbsp;$– | &nbsp;&nbsp;$58175 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$58175** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$58175** |

---

Amounts listed as "–" are $0 or round to $0.

---

| | |
|:---|:---|
| **20** | abrdn Life Sciences Investors |

---

------

### Notes to Financial Statements (unaudited) (continued)<br> March 31, 2025

------

The effect of derivative instruments on the Statement of Operations for the six-month period ended March 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Risk Exposure Category** | &nbsp;&nbsp;**Risk Exposure Category** | &nbsp;&nbsp;**Risk Exposure Category** | &nbsp;&nbsp;**Risk Exposure Category** | &nbsp;&nbsp;**Risk Exposure Category** | &nbsp;&nbsp;**Risk Exposure Category** |
| | &nbsp;&nbsp;**Interest<br> Rate<br> Contracts** | &nbsp;&nbsp;**Foreign<br> Currency<br> Contracts** | &nbsp;&nbsp;**Credit<br> Contracts** | &nbsp;&nbsp;**Equity<br> Contracts** | &nbsp;&nbsp;**Commodity<br> Contracts** | &nbsp;&nbsp;**Total** |
| &nbsp;&nbsp;**Realized Gain/(Loss) on Derivatives Recognized<br> as a Result of Operations:** | &nbsp;&nbsp;**Realized Gain/(Loss) on Derivatives Recognized<br> as a Result of Operations:** | &nbsp;&nbsp;**Realized Gain/(Loss) on Derivatives Recognized<br> as a Result of Operations:** | &nbsp;&nbsp;**Realized Gain/(Loss) on Derivatives Recognized<br> as a Result of Operations:** | &nbsp;&nbsp;**Realized Gain/(Loss) on Derivatives Recognized<br> as a Result of Operations:** | &nbsp;&nbsp;**Realized Gain/(Loss) on Derivatives Recognized<br> as a Result of Operations:** | &nbsp;&nbsp;**Realized Gain/(Loss) on Derivatives Recognized<br> as a Result of Operations:** |
| &nbsp;&nbsp;Written Options | &nbsp;&nbsp;$– | &nbsp;&nbsp;$– | &nbsp;&nbsp;$– | &nbsp;&nbsp;$280518 | &nbsp;&nbsp;$– | &nbsp;&nbsp;$280518 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$280518** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$280518** |
| &nbsp;&nbsp;**Net Change in Unrealized Appreciation/Depreciation on<br> Derivatives Recognized as a Result of Operations:** | &nbsp;&nbsp;**Net Change in Unrealized Appreciation/Depreciation on<br> Derivatives Recognized as a Result of Operations:** | &nbsp;&nbsp;**Net Change in Unrealized Appreciation/Depreciation on<br> Derivatives Recognized as a Result of Operations:** | &nbsp;&nbsp;**Net Change in Unrealized Appreciation/Depreciation on<br> Derivatives Recognized as a Result of Operations:** | &nbsp;&nbsp;**Net Change in Unrealized Appreciation/Depreciation on<br> Derivatives Recognized as a Result of Operations:** | &nbsp;&nbsp;**Net Change in Unrealized Appreciation/Depreciation on<br> Derivatives Recognized as a Result of Operations:** | &nbsp;&nbsp;**Net Change in Unrealized Appreciation/Depreciation on<br> Derivatives Recognized as a Result of Operations:** |
| &nbsp;&nbsp;Written Options | &nbsp;&nbsp;$– | &nbsp;&nbsp;$– | &nbsp;&nbsp;$– | &nbsp;&nbsp;$116260 | &nbsp;&nbsp;$– | &nbsp;&nbsp;$116260 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$116260** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$116260** |

---

Amounts listed as "–" are $0 or round to $0.

Information about derivatives reflected as of the date of this report is generally indicative of the type of activity for the six-month period ended March 31, 2025. The table below summarizes the weighted average values of derivatives holdings for the Fund during the six-month period ended March 31, 2025.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Derivative** | &nbsp;&nbsp;**Average<br> Notional Value** |
| &nbsp;&nbsp;Written Options Contracts | &nbsp;&nbsp;$84441 |

---

f. Security Transactions, Investment Income and Expenses:

Security transactions are recorded on the trade date. Realized and unrealized gains/(losses) from security and currency transactions are calculated on the identified cost basis. Dividend income and corporate actions are recorded generally on the ex-date, except for certain dividends and corporate actions which may be recorded after the ex-date, as soon as the Fund acquires information regarding such dividends or corporate actions. Interest income and expenses are recorded on an accrual basis.

g. Distributions:

The Fund has a managed distribution policy to pay distributions from net investment income supplemented by net realized capital gains and return of capital distributions, if necessary, on a quarterly basis. The managed distribution policy is subject to regular review by the Board. The Fund will also declare and pay distributions at least annually from net realized gains on investment transactions and net realized foreign exchange gains, if any. Dividends and distributions to shareholders are recorded on the ex-dividend date. Dividends and distributions to shareholders are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.

h. Federal Income Taxes:

The Fund intends to continue to qualify as a "regulated investment company" ("RIC") by complying with the provisions available to certain investment companies, as defined in Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"), and to make distributions of net investment income and net realized capital gains sufficient to relieve the Fund from all federal income taxes. Therefore, no federal income tax provision is required.

The Fund recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. Management of the Fund has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Since tax authorities can examine previously filed tax returns, the Fund's U.S. federal and state tax returns for each of the most recent four fiscal years up to the most recent fiscal year ended September 30, 2024 are subject to such review.

i. Milestone Interests

The Fund holds financial instruments which reflect the current value of future milestone payments the Fund may receive as a result of contractual obligations from other parties. The value of such payments are adjusted to reflect the estimated risk based on the relative uncertainty of both the timing and the achievement of individual milestones. A risk to the Fund is that the milestones will not be achieved and no payment will be received by the Fund. The milestone interests were received as part of the proceeds from the sale of six private companies. Any payments received are treated as a reduction of the cost basis of the milestone interests with payments received in excess of the cost basis treated as a realized gain. The contractual obligations with respect to the milestone interests provide for

---

| | |
|:---|:---|
| abrdn Life Sciences Investors | **21** |

---

------

payments at various stages of the development of Afferent, Amolyt, Amphivena, Ethismos Research, Invetx and Neurovance principal product candidate as of the date of the sale.

The following is a summary of the impact of the milestone interests on the financial statements as of and for the six-month period ended March 31, 2025:

---

| | |
|:---|:---|
| &nbsp;&nbsp;Statement of Assets and Liabilities, Milestone interests, at value | &nbsp;&nbsp;$14060906 |
| &nbsp;&nbsp;Statement of Assets and Liabilities, Total distributable earnings | &nbsp;&nbsp;$10540479 |
| &nbsp;&nbsp;Statement of Operations, Change in unrealized appreciation/depreciation | &nbsp;&nbsp;&nbsp;&nbsp;$393185 |

---

j. Other Assets

Other assets in the Statement of Assets and Liabilities consists of amounts due to the Fund at various times in the future in connection with the sale of investments in one private company.

3. Agreements and Transactions with Affiliates

a. Investment Advisory and Other Affiliated Fees

Effective as of the close of business October 27, 2023, abrdn Inc. serves as the Fund's Investment Adviser pursuant to an investment advisory agreement (the "Advisory Agreement") with the Fund. The Adviser is a wholly-owned indirect subsidiary of Aberdeen Group plc. In rendering management services, the Adviser may use the resources of investment advisor subsidiaries of Aberdeen Group plc. These affiliates have entered into procedures pursuant to which investment professionals from affiliates may render portfolio management and research services as associated persons of the Adviser. As compensation for its services to the Fund, the Adviser receives an annual investment advisory fee at an annual rate of (i) 2.50% of the average net assets for the month of its venture capital and other restricted securities up to 25% of net assets and (ii) for all other net assets, 0.98% of the average net assets up to $250 million, 0.88% of the average net assets for the next $250 million, 0.80% of the average net assets for the next $500 million and 0.70% of the average net assets thereafter. The aggregate fee would not exceed a rate when annualized of 1.36%. For the six-month period ended March 31, 2025, the Fund paid the Adviser $2,305,899.

The Fund entered into a Services Agreement (the "Agreement") with the prior adviser to the Fund (the "Prior Adviser"). Pursuant to the terms of the Agreement, the Fund reimbursed the Prior Adviser for certain services related to a portion of the payment of salary and provision of benefits to the Fund's Chief Compliance Officer. Expenses incurred pursuant to the Agreement as well as certain expenses paid for by the Prior Adviser are allocated to the Fund in an equitable fashion as approved by the Trustees or officers of the Fund who were

also officers of the Prior Adviser. The Agreement terminated on October 27, 2023.

Effective upon the close of business on October 27, 2023, the Adviser as Adviser of the Fund, entered into a written contract with the Fund to limit the total ordinary operating expenses of the Fund (excluding leverage costs, interest, taxes, brokerage commissions, acquired fund fees and expenses and any non-routine expenses) from exceeding 1.36% of the average daily net assets of the Fund on an annualized basis for twelve months (the "Expense Limitation Agreement"). The Expense Limitation Agreement may not be terminated before October 27, 2025, without the approval of the Fund's trustees who are not "interested persons" of the Fund (as defined in the 1940 Act). For the fiscal year ended September 30, 2024 the Adviser did not waive any Fund's expenses pursuant to the Expense Limitation Agreement.

b. Investor Relations:

Effective March 1, 2024, under the terms of the Investor Relations Services Agreement, abrdn Inc. is compensated to provide and may pay third parties to provide investor relations services to the Fund and certain other funds advised by Aberdeen or its affiliates as part of an Investor Relations Program. Under the Investor Relations Services Agreement, the Fund owes a portion of the fees related to the Investor Relations Program (the "Fund's Portion"). However, investor relations services fees are limited by Aberdeen so that the Fund will only pay up to an annual rate of 0.05% of the Fund's average weekly net assets. Any difference between the capped rate of 0.05% of the Fund's average weekly net assets and the Fund's Portion is paid for by Aberdeen.

Pursuant to the terms of the Investor Relations Services Agreement, abrdn Inc. (or third parties engaged by Aberdeen), among other things, provides objective and timely information to shareholders based on publicly-available information; provides information efficiently through the use of technology while offering shareholders immediate access to knowledgeable investor relations representatives; develops and maintains effective communications with investment professionals from a wide variety of firms; creates and maintains investor relations communication materials such as fund manager interviews, films and webcasts, publishes white papers, magazine articles and other relevant materials discussing the Fund's investment results, portfolio positioning and outlook; develops and maintains effective communications with large institutional shareholders; responds to specific shareholder questions; and reports activities and results to the Board and management detailing insight into general shareholder sentiment.

During the six-month period ended March 31, 2025, the Fund incurred investor relations fees of approximately $28,263. For the six-month period ended March 31, 2025, Aberdeen did not contribute to the

---

| | |
|:---|:---|
| **22** | abrdn Life Sciences Investors |

---

------

investor relations fees for the Fund because the Fund's contribution was below 0.05% of the Fund's average weekly net assets on an annual basis.

4. Investment Transactions

Purchases and sales of investment securities (excluding short-term securities) for the six-month period ended March 31, 2025, were $163,994,164 and $167,200,605, respectively.

5. Capital

The Fund is authorized to issue an unlimited number of common shares of beneficial interest at par value $0.01 per common share. As of March 31, 2025, there were 28,872,416 shares of common stock issued and outstanding.

The following table shows the shares issued by the Fund as a part of a quarterly distribution to shareholders during the fiscal year ended March 31, 2025.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Payment Date** | &nbsp;&nbsp;**Shares Issued** |
| &nbsp;&nbsp;January 10, 2025 | &nbsp;&nbsp;404,917 |
| &nbsp;&nbsp;March 31, 2025 | &nbsp;&nbsp;406,100 |

---

6. Open Market Repurchase Program

In March 2024, the Board approved the renewal of the repurchase program to allow the Fund to repurchase up to 12% of its outstanding shares in the open market for a one-year period ending July 14, 2025.

For the six-month period ended March 31, 2025, the Fund did not repurchase any shares through this program.

7. Private Companies and Other Restricted Securities

The Fund may invest in private companies and other restricted securities if these securities currently comprise 40% or less of net assets. The value of these securities represented 11.83% of the Fund's net assets at March 31, 2025.

At March 31, 2025, the Fund had a commitment of $2,979,043 relating to additional investments in three private companies.

The following table details the acquisition date, cost, carrying value per unit, and value of the Fund's private companies and other restricted securities at March 31, 2025. The Fund on its own does not have the right to demand that such securities be registered.

---

| | |
|:---|:---|
| abrdn Life Sciences Investors | **23** |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Security** | &nbsp;&nbsp;**Acquisition<br> Date** | &nbsp;&nbsp;**Cost** | &nbsp;&nbsp;**Carrying Value<br> per Unit** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;Abcuro, Inc., Series B — Convertible Preferred Stock | &nbsp;&nbsp;12/19/23, 8/10/23 | &nbsp;&nbsp;&nbsp;&nbsp;$1276911 | &nbsp;&nbsp;&nbsp;$5.49 | &nbsp;&nbsp;&nbsp;&nbsp;$1274994 |
| &nbsp;&nbsp;Abcuro, Inc., Series C1 — Convertible Preferred Stock | &nbsp;&nbsp;2/7/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310407 | &nbsp;&nbsp;&nbsp;&nbsp;6.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310407 |
| &nbsp;&nbsp;Afferent Milestone Interest | &nbsp;&nbsp;7/27/16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24556 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Amolyt Milestone Interest | &nbsp;&nbsp;7/12/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;684946 | &nbsp;&nbsp;102.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;702412 |
| &nbsp;&nbsp;Amphivena Milestone Interest | &nbsp;&nbsp;10/18/22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Arbor Biotechnologies, Inc., Series B — Convertible Preferred Stock | &nbsp;&nbsp;10/29/21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;643721 | &nbsp;&nbsp;&nbsp;&nbsp;16.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;640000 |
| &nbsp;&nbsp;Arbor Biotechnologies, Inc., Series C — Convertible Preferred Stock | &nbsp;&nbsp;9/27/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1604052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1599998 |
| &nbsp;&nbsp;Arkuda Therapeutics, Inc., Series B — Convertible Preferred Stock | &nbsp;&nbsp;1/24/22, 1/23/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;599336 | &nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188067 |
| &nbsp;&nbsp;Arkuda Therapeutics, Inc., Series A — Convertible Preferred Stock | &nbsp;&nbsp;05/16/19, 4/2/20,<br> 7/15/21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1819240 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;461741 |
| &nbsp;&nbsp;Atalanta Therapeutics, Series B — Convertible Preferred Stock | &nbsp;&nbsp;10/11/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400664 | &nbsp;&nbsp;&nbsp;&nbsp;1.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400000 |
| &nbsp;&nbsp;Aviceda Therapeutics, Series C — Convertible Preferred Stock | &nbsp;&nbsp;12/17/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229091 | &nbsp;&nbsp;&nbsp;&nbsp;5.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224091 |
| &nbsp;&nbsp;Biotheryx, Inc., Series E — Convertible Preferred Stock | &nbsp;&nbsp;5/19/21 | &nbsp;&nbsp;&nbsp;&nbsp;3206642 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295132 |
| &nbsp;&nbsp;Chinook Therapeutics, Inc. CVR — Common Stock | &nbsp;&nbsp;8/14/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23035 | &nbsp;&nbsp;&nbsp;&nbsp;2.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133482 |
| &nbsp;&nbsp;Curasen Therapeutics, Inc., Series B — Convertible Preferred Stock | &nbsp;&nbsp;8/20/24, 1/7/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;662358 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;661624 |
| &nbsp;&nbsp;Curasen Therapeutics, Inc., Series A — Convertible Preferred Stock | &nbsp;&nbsp;8/20/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4357668 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4339083 |
| &nbsp;&nbsp;Endeavor Biomedicines, Inc., Series B — Convertible Preferred Stock | &nbsp;&nbsp;1/21/22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1402998 | &nbsp;&nbsp;&nbsp;&nbsp;6.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1936860 |
| &nbsp;&nbsp;Endeavor Biomedicines, Inc., Series C — Convertible Preferred Stock | &nbsp;&nbsp;4/19/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357879 | &nbsp;&nbsp;&nbsp;&nbsp;6.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357646 |
| &nbsp;&nbsp;Engrail Therapeutics, Inc., Series B | &nbsp;&nbsp;3/14/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2250758 | &nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2250000 |
| &nbsp;&nbsp;Ethismos Research Milestone Interest | &nbsp;&nbsp;10/31/17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Flamingo Therapeutics, Inc., Series A3 — Convertible Preferred Stock | &nbsp;&nbsp;4/21/20, 10/28/20 | &nbsp;&nbsp;&nbsp;&nbsp;2469343 | &nbsp;&nbsp;&nbsp;&nbsp;1.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202724 |
| &nbsp;&nbsp;Fusion Pharmaceuticals, Inc. CVR — Common Stock | &nbsp;&nbsp;7/10/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1791 | &nbsp;&nbsp;&nbsp;&nbsp;1.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4493 |
| &nbsp;&nbsp;Glycomine, Inc., Series C — Convertible Preferred Stock | &nbsp;&nbsp;7/22/24, 3/26/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1593655 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1593063 |
| &nbsp;&nbsp;HiberCell, Inc., Series C — Convertible Preferred Stock | &nbsp;&nbsp;9/15/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;334898 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333631 |
| &nbsp;&nbsp;HiberCell, Inc., Series B — Convertible Preferred Stock | &nbsp;&nbsp;5/5/21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1607454 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;538902 |
| &nbsp;&nbsp;HiberCell, Inc. — Warrant | &nbsp;&nbsp;9/15/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1294 | &nbsp;&nbsp;&nbsp;&nbsp;0.00\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;HiberCell, Inc. — Convertible Note | &nbsp;&nbsp;9/13/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206589 | &nbsp;&nbsp;100.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206589 |
| &nbsp;&nbsp;HiberCell, Inc. — Warrant | &nbsp;&nbsp;9/13/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;0.00\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 |
| &nbsp;&nbsp;Hotspot Therapeutics, Inc., Series C — Convertible Preferred Stock | &nbsp;&nbsp;11/15/21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;923279 | &nbsp;&nbsp;&nbsp;&nbsp;2.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;827894 |
| &nbsp;&nbsp;Hotspot Therapeutics, Inc., Series B — Convertible Preferred Stock | &nbsp;&nbsp;4/22/20, 6/17/21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3111268 | &nbsp;&nbsp;&nbsp;&nbsp;2.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2672074 |
| &nbsp;&nbsp;Hotspot Therapeutics, Inc. — Convertible Note | &nbsp;&nbsp;4/12/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323870 | &nbsp;&nbsp;100.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323870 |
| &nbsp;&nbsp;Incendia Therapeutics, Inc., Series A — Convertible Preferred Stock | &nbsp;&nbsp;8/12/21, 5/24/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1606097 | &nbsp;&nbsp;&nbsp;&nbsp;1.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1599995 |
| &nbsp;&nbsp;Incendia Therapeutics, Inc. — Convertible Note | &nbsp;&nbsp;4/18/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;738460 | &nbsp;&nbsp;100.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;738460 |
| &nbsp;&nbsp;Invetx, Inc. Milestone Interest | &nbsp;&nbsp;9/4/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1305241 | &nbsp;&nbsp;&nbsp;&nbsp;99.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1387824 |
| &nbsp;&nbsp;IO Light Holdinigs, Inc., Series A2 — Convertible Preferred Stock | &nbsp;&nbsp;4/30/20, 5/17/21,<br> 9/15/21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1395847 | &nbsp;&nbsp;&nbsp;&nbsp;0.00\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42 |
| &nbsp;&nbsp;Neurovance Milestone Interest | &nbsp;&nbsp;3/20/17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1505684 | &nbsp;&nbsp;&nbsp;351.51 | &nbsp;&nbsp;&nbsp;&nbsp;11970670 |
| &nbsp;&nbsp;Nuvig Therapeutics, Inc., Series B — Convertible Preferred Stock | &nbsp;&nbsp;10/18/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;777913 | &nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;775000 |
| &nbsp;&nbsp;Priothera Co. Ltd., Series A — Convertible Preferred Stock | &nbsp;&nbsp;10/07/20, 10/19/21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1782961 | &nbsp;&nbsp;&nbsp;&nbsp;0.00\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 |
| &nbsp;&nbsp;Qlaris Bio, Inc., Series B — Convertible Preferred Stock | &nbsp;&nbsp;4/11/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1551724 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1550000 |
| &nbsp;&nbsp;Quell Therapeutics Ltd., Series B — Convertible Preferred Stock | &nbsp;&nbsp;11/29/21, 3/23/22,<br> 2/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1609803 | &nbsp;&nbsp;&nbsp;&nbsp;2.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1760000 |
| &nbsp;&nbsp;Recode Therapeutics, Inc., Series B — Convertible Preferred Stock | &nbsp;&nbsp;1/26/24, 10/21/21,<br> 2/16/22, 9/15/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1446891 | &nbsp;&nbsp;&nbsp;&nbsp;9.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1440001 |
| &nbsp;&nbsp;Seismic Therapeutics, Inc., Series B — Convertible Preferred Stock | &nbsp;&nbsp;8/30/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1277774 | &nbsp;&nbsp;&nbsp;&nbsp;4.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1274991 |
| &nbsp;&nbsp;Spectrum Pharmaceuticals, Inc. CVR — Common Stock | &nbsp;&nbsp;8/2/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2790 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Tetraphase Pharmaceuticals, Inc. CVR — Common Stock | &nbsp;&nbsp;6/8/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2844 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284 |
| &nbsp;&nbsp;Third Arc Bio, Inc., Series A — Convertible Preferred Stock | &nbsp;&nbsp;7/15/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;853027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850000 |
| &nbsp;&nbsp;Willow Laboratories, Inc. — Common Stock | &nbsp;&nbsp;3/31/98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;0.00\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 |
| &nbsp;&nbsp;**Total** |  | &nbsp;&nbsp;**$47284759** |  | &nbsp;&nbsp;**$46826077** |

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\* Carrying value is less than $0.01.

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|:---|:---|
| **24** | abrdn Life Sciences Investors |

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8. Portfolio Investment Risks

a. Concentration Risk:

The Fund's portfolio may be more sensitive to, and possibly more adversely affected by, regulatory, economic or political factors or trends relating to the healthcare industries than a portfolio of companies representing a larger number of industries. This risk is in addition to the risks normally associated with any strategy seeking capital appreciation by investing in a portfolio of equity securities. As a result of its concentration policy, the Fund's investments may be subject to greater risk than a fund that has securities representing a broader range of investments and may cause the value of the Fund's shares to fluctuate significantly over relatively short periods of time.

b. Derivatives Risk (including Options):

Derivatives are speculative and may hurt the Fund's performance. The potential benefits to be derived from the Fund's options strategy are dependent upon the portfolio managers' ability to discern pricing inefficiencies and predict trends in these markets, which decisions could prove to be inaccurate.

c. Equity Securities Risk:

The stock or other security of a company may not perform as well as expected, and may decrease in value, because of factors related to the company (such as poorer than expected earnings or certain management decisions), to the industry in which the company is engaged (such as a reduction in the demand for products or services in a particular industry) or to the market as a whole (such as periods of market volatility or instability, or general and prolonged periods of economic decline). Holders of common stock generally are subject to more risks than holders of preferred stock or debt securities because the right to repayment of common shareholders' claims is subordinated to that of preferred stock and debt securities upon the bankruptcy of the issuer.

d. Key Personnel Risk:

There may be only a limited number of securities professionals who have comparable experience to that of the Fund's existing portfolio management team in the area of healthcare companies. If one or more of the team members dies, resigns, retires or is otherwise unable to act on behalf of the Investment Adviser, there can be no assurance that a suitable replacement could be found immediately.

e. Restricted Securities and Valuation Risk:

Some of the Fund's investments are subject to restrictions on resale and generally have no established trading market or are otherwise illiquid with little or no trading activity. The valuation process requires an analysis of various factors. The Fund's fair value methodology includes the examination of, among other things, (i) the existence of any contractual restrictions on the disposition of the securities; (ii)

information obtained from the issuer which may include an analysis of the company's financial statements, the company's products or intended markets, or the company's technologies; and (iii) the price of a security sold at arm's length in an issuer's subsequent completed round of financing. As there is typically no readily available market value for some of the Restricted Securities in the Fund's portfolio, such Restricted Securities in the Fund's portfolio are valued at fair value as determined in good faith by or under the direction of the Board pursuant to the Fund's valuation policy and a consistently applied valuation process. Because of the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Fund's investments determined in good faith by the Board may differ significantly from the values that would have been used had a ready market existed for the investments, and the differences could be material.

f. Risks Associated with the Fund's Option Strategy:

The ability of the Fund to achieve its investment objective is partially dependent on the successful implementation of its option strategy. There are several risks associated with transactions in options on securities used in connection with the Fund's option strategy. For example, there are significant differences between the securities and options markets that could result in an imperfect correlation between these markets, causing a given transaction not to achieve its objectives. A decision as to whether, when and how to use options involves the exercise of skill and judgment, and even a well-conceived transaction may be unsuccessful to some degree because of market behavior or unexpected events.

As the writer of a call option covered with a security held by the Fund, the Fund forgoes, during the option's life, the opportunities to profit from increases in the market value of the security covering the call option above the sum of the premium and the strike price of the call but retains the risk of loss should the price of the underlying security decline. As the Fund writes such covered calls over more of its portfolio, its ability to benefit from capital appreciation becomes more limited. To the extent the Fund writes call options that are not fully covered by securities in its portfolio (such as calls on an index or sector), it will lose money if the portion of the security or securities underlying the option that is not covered by securities in the Fund's portfolio appreciate in value above the exercise price of the option by an amount that exceeds the premium received on the option plus the exercise price of the option. The amount of this loss theoretically could be unlimited. The writer of an option has no control over the time when it may be required to fulfill its obligations as a writer of the option.

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|:---|:---|
| abrdn Life Sciences Investors | **25** |

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When the Fund writes put options, it bears the risk of loss if the value of the underlying stock declines below the exercise price minus the put premium. If the option is exercised, the Fund could incur a loss if it is required to purchase the stock underlying the put option at a price greater than the market price of the stock at the time of exercise plus the put premium the Fund received when it wrote the option. While the Fund's potential gain as the writer of a covered put option is limited to the premium received from the purchaser of the put option, the Fund risks a loss equal to the entire exercise price of the option minus the put premium.

g. Sector Risk:

To the extent that the Fund has a significant portion of its assets invested in securities conducting business in a broadly related group of industries within an economic sector, the Fund may be more vulnerable to unfavorable developments in that economic sector than funds that invest more broadly.

*Pharmaceutical Sector Risk. The success of companies in the pharmaceutical sector is highly dependent on the development, procurement and marketing of drugs. The values of pharmaceutical companies are also dependent on the development, protection and exploitation of intellectual property rights and other proprietary information, and the profitability of pharmaceutical companies may be significantly affected by such things as the expiration of patents or the loss of, or the inability to enforce, intellectual property rights. The research and other costs associated with developing or procuring new drugs and the related intellectual property rights can be significant, and the results of such research and expenditures are unpredictable. There can be no assurance that those efforts or costs will result in the development of a profitable drug.*

The pharmaceutical sector is also subject to rapid and significant technological change and competitive forces that may make drugs obsolete or make it difficult to raise prices and, in fact, may result in price discounting. Companies in the pharmaceutical sector may also be subject to expenses and losses from extensive litigation based on intellectual property, product liability and similar claims. Companies in the pharmaceutical sector may be adversely affected by government regulation and changes in reimbursement rates. The ability of many pharmaceutical companies to commercialize and monetize current and any future products depends in part on the extent to which reimbursement for the cost of such products and related treatments are available from third-party payors, such as Medicare, Medicaid, private health insurance plans and health maintenance organizations.

*Biotechnology Industry Risk. The success of biotechnology companies is highly dependent on the development, procurement and/or marketing of drugs. The values of biotechnology companies are also dependent on the development, protection and exploitation of*

intellectual property rights and other proprietary information, and the profitability of biotechnology companies may be significantly affected by such things as the expiration of patents or the loss of, or the inability to enforce, intellectual property rights. The research and other costs associated with developing or procuring new drugs, products or technologies and the related intellectual property rights can be significant, and the results of such research and expenditures are unpredictable. There can be no assurance that those efforts or costs will result in the development of a profitable drug, product or technology.

The biotechnology sector is also subject to rapid and significant technological change and competitive forces that may make drugs, products or technologies obsolete or make it difficult to raise prices and, in fact, may result in price discounting. Companies in the biotechnology sector may also be subject to expenses and losses from extensive litigation based on intellectual property, product liability and similar claims. Companies in the biotechnology sector may be adversely affected by government regulation and changes in reimbursement rates. Healthcare providers, principally hospitals, that transact with companies in the biotechnology industry, often rely on third party payors, such as Medicare, Medicaid, private health insurance plans and health maintenance organizations to reimburse all or a portion of the cost of healthcare related products or services. Biotechnology companies will continue to be affected by the efforts of governments and third-party payors to contain or reduce health care costs.

*Managed Care Sector Risk. Companies in the managed care sector often assume the risk of both medical and administrative costs for their customers in return for monthly premiums. The profitability of these products depends in large part on the ability of such companies to predict, price for, and effectively manage medical costs. Managed care companies base the premiums they charge and their Medicare bids on estimates of future medical costs over the fixed contract period; however, many factors may cause actual costs to exceed what was estimated and reflected in premiums or bids.*

Managed care companies are regulated at the federal, state, local and international levels. The evolution of the ACA and other regulatory reforms could materially and adversely affect the manner in which U.S. managed care companies conduct business and their results of operations, financial position and cash flows. New laws or regulations could drive substantial change to the way healthcare products and services are currently delivered and paid for in the United States. A transformative overhaul of the U.S. healthcare system could impact the financial viability of managed care companies in which the Fund may invest.

*Life Science and Tools Industry Risk. Life science industries are characterized by limited product focus, rapidly changing technology,*

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| **26** | abrdn Life Sciences Investors |

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extensive government regulation, and intense competition. In particular, technological advances can render an existing product, which may account for a disproportionate share of a company's revenue, obsolete. Extensive regulation can delay cause delays in product development, which may disadvantage a company in an intensely competitive environment. These various factors may result in abrupt advances and declines in the securities prices of particular companies, and, in some cases, may have a broad effect on the prices of securities of companies in particular life science industries.

*Healthcare Technology Sector Risk. Companies in the healthcare technology sector may incur substantial cost related to product-related liabilities, interruptions at their data centers or client support facilities, claims for infringement or misappropriation of intellectual property rights of others, or infringement or misappropriation of their intellectual property. Each of these may adversely impact the prices of securities of companies in the healthcare technology sector.*

Additionally, the success of healthcare technology companies depends upon the recruitment and retention of key personnel. The failure to attract and retain qualified personnel could have a material adverse effect on healthcare technology companies' prospects for long-term growth.

*Healthcare Services Sector Risk. The operations of healthcare services companies are subject to extensive federal, state and local government regulations. A violation or departure from any of these legal requirements may result in government audits, lower reimbursements, significant fines and penalties, the potential loss of certification, recoupment efforts or voluntary repayments. If healthcare services companies fail to adhere to all of the complex government regulations that apply to their businesses, such companies could suffer severe consequences that would substantially reduce revenues, earnings, cash flows and stock prices.*

A substantial percentage of a healthcare services company's service revenues may be generated from patients who have state Medicaid or other non-Medicare government-based programs, such as coverage through the Department of Veterans Affairs ("VA"), as their primary coverage. As state governments and other governmental organizations face increasing budgetary pressure, healthcare services companies may in turn face reductions in payment rates, delays in the receipt of payments, limitations on enrollee eligibility or other changes to the applicable programs.

*Healthcare Supplies Sector Risk. If healthcare supplies companies are unable to successfully expand their product lines through internal research and development and acquisitions or are unable to successfully grow their business through marketing partnerships, their business may be materially and adversely affected.*

Quality is extremely important to healthcare supplies companies and their customers due to the serious and costly consequences of product failure. Quality certifications are critical to the marketing success of their products and services. If a healthcare supplies company fails to meet these standards or fails to adapt to evolving standards, its reputation could be damaged, it could lose customers, and its revenue and results of operations could decline.

*Healthcare Facilities Sector Risk. A healthcare facility's ability to negotiate favorable contracts significantly affects the revenues and operating results of such healthcare facilities. If a healthcare facility is unable to enter into and maintain managed care contractual arrangements on acceptable terms, if it experiences material reductions in the contracted rates received from managed care payers, or if it has difficulty collecting from managed care payers, its results of operations could be adversely affected.*

Further changes in the Medicare and Medicaid programs or other government health care programs could have an adverse effect on a healthcare facility's business. In addition to the changes affected by the ACA, the Medicare and Medicaid programs are subject to other regulatory changes which could materially increase or decrease payments from government programs in the future, as well as affect the cost of providing services to patients and the timing of payments to facilities, which could in turn adversely affect a healthcare facility's overall business, financial condition, results of operations or cashflows.

*Healthcare Equipment Sector Risk. The medical device markets are highly competitive and characterized by rapid change, which may affect a company's ability to be competitive. They are also rigorously regulated and it is anticipated that governmental authorities will continue to scrutinize this industry closely, and that additional regulation may increase compliance and legal costs, exposure to litigation, and other adverse effects to operations.*

Healthcare equipment companies are substantially dependent on patent and other proprietary rights and failing to protect such rights or to be successful in litigation related to such rights may negatively impact the ability of healthcare equipment companies to sell current or future products. Quality problems with the processes, goods and services of a healthcare equipment company could harm the company's reputation for producing high-quality products and erode its competitive advantage, sales and market share. Quality certifications are critical to the marketing success of goods and services. If a healthcare equipment company fails to meet these standards, its reputation could be damaged, it could lose customers, and its revenue and results of operations could decline.

*Healthcare Distributors Sector Risk. Companies in the healthcare distribution sector operate in markets that are highly competitive and in an industry that is highly regulated and often subject to legal proceedings. Due to the nature of the business of healthcare*

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| | |
|:---|:---|
| abrdn Life Sciences Investors | **27** |

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distribution companies, each of the above may have an adverse impact on the securities prices of companies in the healthcare distribution sector.

Healthcare distribution companies depend on the availability of various components, compounds, raw materials and energy supplied by others for their operations. Any of these supplier relationships could be interrupted due to events beyond the control of such companies, including pandemics, epidemics or natural disasters, or could be terminated. A sustained supply interruption could have an adverse effect on business.

h. Valuation Risk:

The price that the Fund could receive upon the sale of any particular portfolio investment may differ from the Fund's valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation methodology or a price provided by an independent pricing service. As a result, the price received upon the sale of an investment may be less than the value ascribed by the Fund, and the Fund could realize a greater than expected loss or lower than expected gain upon the sale of the investment. The Fund's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.

i. Venture Capital Investments Risk:

The Fund may occasionally invest in venture capital opportunities. While these securities offer the opportunity for significant capital gains, such investments also involve a degree of risk that can result in substantial losses. Some of the venture capital opportunities in which the Fund may invest are expected to be companies that are in a "start-up" stage of development, have little or no operating history, operate at a loss or with substantial variations in operating results

from period to period, have limited products, markets, financial resources or management depth, or have the need for substantial additional "follow-on" capital to support expansion or to achieve or maintain a competitive position. Such additional investments may dilute the interests of prior investors, such as the Fund. Some of these companies may be emerging companies at the research and development stage with no marketable or approved products or technology. There can be no assurance that securities of start-up or emerging growth companies will, in the future, yield returns commensurate with their associated risks.

These investments, which are considered Restricted Securities, will be made primarily in convertible preferred stock. The Fund may also purchase non-convertible debt securities in connection with its venture capital investments, and otherwise when the Investment Adviser believes that such investments would be consistent with the Fund's investment objective. While these debt investments typically will not be rated, the Investment Adviser believes that, in light of the risk characteristics associated with investments in emerging growth companies, if such investments were to be compared with investments rated by S&P or Moody's, they may be rated as low as "C" in the rating categories established by S&P and Moody's. Such securities are commonly referred to as "junk bonds" and are considered, on balance, as predominantly speculative.

9. Contingencies

In the normal course of business, the Fund may provide general indemnifications pursuant to certain contracts and organizational documents. The Fund's maximum exposure under these arrangements is dependent on future claims that may be made against the Fund, and therefore, cannot be estimated; however, the Fund expects the risk of loss from such claims to be remote.

10. Tax Information

The U.S. federal income tax basis of the Fund's investments (including derivatives, if applicable) and the net unrealized depreciation as of March 31, 2025, were as follows:

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Tax Cost of<br> Securities** | &nbsp;&nbsp;&nbsp;&nbsp;**Unrealized<br> Appreciation** | &nbsp;&nbsp;&nbsp;&nbsp;**Unrealized<br> Depreciation** | &nbsp;&nbsp;&nbsp;&nbsp;**Net<br> Unrealized<br> Appreciation/<br> (Depreciation)** |
| $422207071 | &nbsp;&nbsp;&nbsp;&nbsp;$93584417 | &nbsp;&nbsp;&nbsp;&nbsp;$(110712020) | &nbsp;&nbsp;&nbsp;&nbsp;$(17127603) |

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11. Segment Reporting

In this reporting period, the Fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the new standard impacted disclosures only and did not affect the Fund's financial position nor the results of its operations. Operating segments are components of a public entity that engage in business activities

from which it may recognize revenues and incur expenses, have discrete financial information available, and have their operating results regularly reviewed by the public entity's chief operating decision maker ("CODM") when assessing segment performance and making decisions about segment resources. The Chief Financial Officer of the Fund acts as the Fund's CODM. The

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| **28** | abrdn Life Sciences Investors |

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### Notes to Financial Statements (unaudited) (concluded)<br> March 31, 2025

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CODM monitors the operating results of the Fund as a whole, and the Fund's asset allocation is managed in accordance with its Prospectus. The Fund operates as a single operating and reporting segment pursuant to its investment objective and principal investment strategy. The Fund's portfolio composition, total returns, expense ratios and changes in net assets used by the CODM to assess segment performance and make resource allocations are consistent with the information presented within the Fund's financial statements. Segment assets are reflected on the Fund's Statement of Assets and Liabilities as "Total Assets" and significant segment expenses are listed on the Statement of Operations.

12. Subsequent Events

Based on this evaluation, no disclosures and/or adjustments were required to the financial statements as of March 31, 2025, other than as noted below.

On May 9, 2025, the Fund announced that it will pay on June 30, 2025, a stock distribution of US $0.43 per share to all shareholders of record as of May 22, 2025.

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|:---|:---|
| abrdn Life Sciences Investors | **29** |

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Dividend Reinvestment and Optional Cash Purchase Plan (Unaudited)

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The Fund intends to distribute to shareholders substantially all of its net investment income and to distribute any net realized capital gains at least annually. Net investment income for this purpose is income other than net realized long-term and short-term capital gains net of expenses. Pursuant to the Dividend Reinvestment and Optional Cash Purchase Plan (the "Plan"), shareholders whose shares of common stock are registered in their own names will be deemed to have elected to have all distributions automatically reinvested by Computershare Trust Company N.A. (the "Plan Agent") in the Fund shares pursuant to the Plan, unless such shareholders elect to receive distributions in cash. Shareholders who elect to receive distributions in cash will receive such distributions paid by check in U.S. Dollars mailed directly to the shareholder by the Plan Agent, as dividend paying agent. In the case of shareholders such as banks, brokers or nominees that hold shares for others who are beneficial owners, the Plan Agent will administer the Plan on the basis of the number of shares certified from time to time by the shareholders as representing the total amount registered in such shareholders' names and held for the account of beneficial owners that have not elected to receive distributions in cash. Investors that own shares registered in the name of a bank, broker or other nominee should consult with such nominee as to participation in the Plan through such nominee and may be required to have their shares registered in their own names in order to participate in the Plan. Please note that the Fund does not issue certificates so all shares will be registered in book entry form. The Plan Agent serves as agent for the shareholders in administering the Plan. If the Trustees of the Fund declare an income dividend or a capital gains distribution payable either in the Fund's common stock or in cash, nonparticipants in the Plan will receive cash and participants in the Plan will receive common stock, to be issued by the Fund or purchased by the Plan Agent in the open market, as provided below. If the market price per share (plus expected per share fees) on the valuation date equals or exceeds NAV per share on that date, the Fund will issue new shares to participants at NAV; provided, however, that if the NAV is less than 95% of the market price on the valuation date, then such shares will be issued at 95% of the market price. The valuation date will be the payable date for such distribution or dividend or, if that date is not a trading day on the NYSE, the immediately preceding trading date. If NAV exceeds the market price of Fund shares at such time, or if the Fund should declare an income dividend or capital gains distribution payable only in cash, the Plan Agent will, as agent for the participants, buy Fund shares in the open market, on the NYSE or elsewhere, for the participants' accounts on, or shortly after, the payment date. If, before the Plan Agent has completed its purchases, the market price exceeds the NAV of the Fund's share, the average per share purchase price paid by the Plan Agent may exceed the NAV of the Fund's shares, resulting in the acquisition of fewer shares than if the distribution had been paid in shares issued by the Fund on the dividend payment date. Because of

the foregoing difficulty with respect to open-market purchases, the Plan provides that if the Plan Agent is unable to invest the full dividend amount in open-market purchases during the purchase period or if the market discount shifts to a market premium during the purchase period, the Plan Agent will cease making open-market purchases and will receive the uninvested portion of the dividend amount in newly issued shares at the close of business on the last purchase date.

Participants have the option of making additional cash payments of a minimum of $50 per investment (by check, one-time online bank debit or recurring automatic monthly ACH debit) to the Plan Agent for investment in the Fund's common stock, with an annual maximum contribution of $250,000. The Plan Agent will wait up to three business days after receipt of a check or electronic funds transfer to ensure it receives good funds. Following confirmation of receipt of good funds, the Plan Agent will use all such funds received from participants to purchase Fund shares in the open market on the 25th day of each month or the next trading day if the 25th is not a trading day.

If the participant sets up recurring automatic monthly ACH debits, funds will be withdrawn from his or her U.S. bank account on the 20th of each month or the next business day if the 20th is not a banking business day and invested on the next investment date. The Plan Agent maintains all shareholder accounts in the Plan and furnishes written confirmations of all transactions in an account, including information needed by shareholders for personal and tax records. Shares in the account of each Plan participant will be held by the Plan Agent in the name of the participant, and each shareholder's proxy will include those shares purchased pursuant to the Plan. There will be no brokerage charges with respect to common shares issued directly by the Fund. However, each participant will pay a per share fee of $0.02 incurred with respect to the Plan Agent's open market purchases in connection with the reinvestment of dividends, capital gains distributions and voluntary cash payments made by the participant. Per share fees include any applicable brokerage commissions the Plan Agent is required to pay.

Participants also have the option of selling their shares through the Plan. The Plan supports two types of sales orders. Batch order sales are submitted on each market day and will be grouped with other sale requests to be sold. The price will be the average sale price obtained by Computershare's broker, net of fees, for each batch order and will be sold generally within 2 business days of the request during regular open market hours. Please note that all written sales requests are always processed by Batch Order. ($10 and $0.12 per share). Market Order sales will sell at the next available trade. The shares are sold real time when they hit the market, however an available trade must be presented to complete this transaction. Market Order sales may only

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|:---|:---|
| **30** | abrdn Life Sciences Investors |

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Dividend Reinvestment and Optional Cash Purchase Plan (Unaudited) (concluded)

------

be requested by phone at 1-800-647-0584 or using Investor Center through www.computershare.com/buyaberdeen. ($25 and $0.12 per share).

The receipt of dividends and distributions under the Plan will not relieve participants of any income tax that may be payable on such dividends or distributions. The Fund or the Plan Agent may terminate the Plan as applied to any voluntary cash payments made and any dividend or distribution paid subsequent to notice of the termination sent to members of the Plan at least 30 days prior to the record date for such dividend or distribution. The Plan also may be amended by

the Fund or the Plan Agent, but (except when necessary or appropriate to comply with applicable law or the rules or policies of the Securities and Exchange Commission or any other regulatory authority) only by mailing a written notice at least 30 days prior to the effective date to the participants in the Plan. All correspondence concerning the Plan should be directed to the Plan Agent by phone at 1-800-647-0584, using Investor Center through <u>www.computershare.com/buyaberdeen</u> or in writing to Computershare Trust Company N.A., P.O. Box 43006, Providence, RI 02940-3078.

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|:---|:---|
| abrdn Life Sciences Investors | **31** |

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Corporate Information

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#### Trustees
Todd Reit, *Chair*<br> Jeffrey Bailey<br> Rose DiMartino<br> Kathleen Goetz<br> C. William Maher<br> Christian Pittard

#### Investment Adviser
abrdn Inc.<br> 1900 Market Street, Suite 200<br> Philadelphia, PA 19103

#### Custodian
State Street Bank and Trust Company<br> One Congress Street, Suite 1<br> Boston, MA 02114-2016

#### Transfer Agent
Computershare Trust Company, N.A.<br> P.O. Box 43006<br> Providence, RI 02940-3078

#### Independent Registered Public Accounting Firm
KPMG LLP<br> 191 West Nationwide Blvd., Suite 500<br> Columbus, OH 43215

#### Legal Counsel
Dechert LLP<br> 1900 K Street N.W.<br> Washington, D.C. 20006

#### Investor Relations
abrdn Inc.<br> 1900 Market Street, Suite 200<br> Philadelphia, PA 19103<br> 1-800-522-5465<br> Investor.Relations@aberdeenplc.com

![](tm2516624d12hqlreporti004.jpg)

The Financial Statements as of March 31, 2025, included in this report, were not audited and accordingly, no opinion is expressed thereon.

Notice is hereby given in accordance with Section 23(c) of the Investment Company Act of 1940, as amended, that the Fund may purchase, from time to time, shares of its common stock in the open market.

Shares of abrdn Life Sciences Investors are traded on the NYSE under the symbol "HQL." Information about the Fund's net asset value and market price is available at https://www.aberdeeninvestments.com/en-us/investor/investment-solutions/closed-end-funds.

This report, including the financial information herein, is transmitted to the shareholders of abrdn Life Sciences Investors for their general information only. It does not have regard to the specific investment objectives, financial situation and the particular needs of any specific person. Past performance is no guarantee of future results.

------

HQL-SEMI-ANNUAL

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**Item 2. Code of Ethics.**

This item is inapplicable to semi-annual report on Form N-CSR.

**Item 3. Audit Committee Financial Expert.**

This item is inapplicable to semi-annual report on Form N-CSR.

**Item 4. Principal Accountant Fees and Services.**

This item is inapplicable to semi-annual report on Form N-CSR.

**Item 5. Audit Committee of Listed Registrants.**

This item is inapplicable to semi-annual report on Form N-CSR.

**Item 6. Schedule of Investments.**

(a) Schedule of Investments in securities of unaffiliated issuers as of close of the reporting period is included as part of the Report to Shareholders filed under Item 1 of this Form N-CSR.

(b) Not applicable.

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

Not applicable.

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Not applicable.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies**.

Not applicable.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

Not applicable.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**

Not applicable.

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

This item is inapplicable to semi-annual report on Form N-CSR.

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

(a) Not applicable to semi-annual report on Form N-CSR.

(b) There has been no change, as of the date of this filing, in any of the portfolio managers identified in response to paragraph (a)(1) of this Item in the registrant's most recently filed annual report on Form N-CSR.

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Period** | **(a) Total No.<br> of Shares<br> Purchased** | **(b) Average<br> Price Paid per<br> Share** | **(c) Total No.<br> of Shares<br> Purchased as<br> Part of<br> Publicly<br> Announced Plans<br> or Programs(1)** | **(d) Maximum No.<br> of Shares that<br> May Yet Be<br> Purchased Under<br> the Plans or<br> Programs(1)** |
| Month #1 (Oct. 1, 2024 — Oct. 31, 2024) |  |  |  | 3326419 |
| Month #2 (Nov. 1, 2024 — Nov. 30, 2024) |  |  |  | 3326419 |
| Month #3 (Dec. 1, 2024 — Dec. 31, 2024) |  |  |  | 3326419 |
| Month #4 (Jan. 1, 2025 — Jan. 31, 2025) |  |  |  | 3326419 |
| Month #5 (Feb. 1, 2025 — Feb. 28, 2025) |  |  |  | 3326419 |
| Month #6 (Mar. 1, 2025 — Mar. 31, 2025) |  |  |  | 3326419 |
| **Total** |  | $**—** |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) On June 30, 2011, the share repurchase program was announced, which has been subsequently reviewed and approved by the Board of Trustees. In March 2024, the Board approved the renewal of the repurchase program to allow the Fund to repurchase up to 12% of its outstanding shares in the open market for a one-year period ending July 14, 2025.

**Item 15. Submission of Matters to a Vote of Security Holders.**

During the period ended March 31, 2025, there were no material changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees.

**Item 16. Controls and Procedures.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's principal executive and principal financial officers, or persons performing similar
functions, have concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under
the Investment Company Act of 1940 (the "Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing
date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required
by Rule 30a-3(b) under the Act (17 CFR 270.30a3(b)) and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange
Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d15(b)).

&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the Registrant's internal control over financial reporting (as defined
in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d))) that occurred during the period covered by this report that has materially
affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies**

Not applicable

**Item 18. Recovery of Erroneously Awarded Compensation**

Not appliable

**Item 19. Exhibits.**

(a)(1) Not applicable.

(a)(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed. Not applicable.

[(a)(3)](tm2516624d12_ex99-cert.htm) [The certifications of the registrant as required by Rule 30a-2(a) under the Act are exhibits to this Form N-CSR.](tm2516624d12_ex99-cert.htm)

(a)(4) Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable.

(a)(5) Change in Registrant's independent public accountant. Not applicable.

[(b)](tm2516624d12_ex99-906cert.htm) [The certifications of the registrant as required by Rule 30a-2(b) under the Act are exhibits to this Form N-CSR.](tm2516624d12_ex99-906cert.htm)

&nbsp;&nbsp;&nbsp;&nbsp;(c) A copy of the Registrant's notices to stockholders, which accompanied distributions paid, pursuant
to the Registrant's Managed Distribution Policy since the Registrant's last filed N-CSR, are filed herewith as [Exhibits (c)(1)](tm2516624d12_ex99-xcx1.htm) and [(c)(2)](tm2516624d12_ex99-xcx2.htm) , as required by the terms of the Registrant's SEC exemptive order.

**<u>SIGNATURES</u>**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

abrdn Life Sciences Investors

---

| | |
|:---|:---|
| By: | */s/ Alan Goodson* |
|  | Alan Goodson, |
|  | Principal Executive Officer of abrdn Life Sciences Investors |

---

Date: June 9, 2025

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | */s/ Alan Goodson* |
|  | Alan Goodson, |
|  | Principal Executive Officer of abrdn Life Sciences Investors |

---

Date: June 9, 2025

---

| | |
|:---|:---|
| By: | */s/ Sharon Ferrari* |
|  | Sharon Ferrari, |
|  | Principal Financial Officer of abrdn Life Sciences Investors |

---

Date: June 9, 2025

## Ex-99.Cert

**Exhibit 99.CERT**

**<u>Certification Pursuant to Rule 30</u>** **<u>a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act</u>**

I, Sharon Ferrari, certify that:

1. I have reviewed this report on Form N-CSR of abrdn Life Sciences Investors (the "Registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this
report;

4. The Registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control
over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to
the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the Registrant's internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
Registrant's internal control over financial reporting; and

5. The Registrant's other certifying officer(s) and I have disclosed to the Registrant's
auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and
report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the Registrant's internal control over financial reporting.

Date June 9, 2025

---

| |
|:---|
| /s/ Sharon Ferrari |
| Sharon Ferrari |
| Principal Financial Officer |

---

**<u>Certification Pursuant to Rule 30</u>** **<u>a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act</u>**

I, Alan Goodson, certify that:

1. I have reviewed this report on Form N-CSR of abrdn Life Sciences Investors (the "Registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this
report;

4. The Registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control
over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to
the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the Registrant's internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
Registrant's internal control over financial reporting; and

5. The Registrant's other certifying officer(s) and I have disclosed to the Registrant's
auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and
report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the Registrant's internal control over financial reporting.

Date: June 9, 2025

---

| |
|:---|
| /s/ Alan Goodson |
| Alan Goodson |
| Principal Executive Officer |

---

## Exhibit 99.906

**Exhibit 99.906CERT**

**<u>Certification Pursuant to Rule 30</u>** **<u>a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act</u>**

Alan Goodson, Principal Executive Officer, and Sharon Ferrari, Principal Financial Officer, of abrdn Life Sciences Investors (the "Registrant"), each certify that:

1. The Registrant's periodic report on Form N-CSR for the period ended March 31, 2025 (the
 "Form N-CSR") fully complies with the requirements of Section 13(a) or Section 15(d) of the Securities
Exchange Act of 1934, as amended, as applicable; and

2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial
condition and results of operations of the Registrant.

PRINCIPAL EXECUTIVE OFFICER

abrdn Life Sciences Investors

---

| |
|:---|
| /s/ Alan Goodson |
| Alan Goodson |
| Date: June 9, 2025 |

---

PRINCIPAL FINANCIAL OFFICER

abrdn Life Sciences Investors

---

| |
|:---|
| /s/ Sharon Ferrari |
| Sharon Ferrari |
| Date: June 9, 2025 |

---

This certification is being furnished solely pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and is not being filed as part of Form N-CSR or as a separate disclosure document. A signed original of this written statement, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission or its staff upon request.

## Ex-99.(C)(1)

Exhibit 99.(c)(1)

![](tm2516624d12_ex99-xcx1img001.jpg)

**Press Release**

**FOR IMMEDIATE RELEASE**

**For More Information Contact:** 

abrdn U.S. Closed-End Funds

Investor Relations

1-800-522-5465

Investor.Relations@abrdn.com

**ABRDN U.S. CLOSED-END FUNDS**

**ANNOUNCE DISTRIBUTION PAYMENT DETAILS**

(Philadelphia, January 10, 2025) - The <u>abrdn U.S. Closed-End Funds</u> (NYSE: ASGI, HQH, HQL, IFN, JEQ, THQ), (NYSE American: IAF) (the "Funds" or individually the "Fund"), today announced that the Funds paid the distributions noted in the table below on January 10, 2025, on a per share basis to all shareholders of record as of December 30, 2024 (ex-dividend date December 30, 2024). These dates apply to the Funds listed below with the exception of abrdn Healthcare Investors (HQH), abrdn Life Sciences Investors (HQL), abrdn Australia Equity Fund, Inc. (IAF), the India Fund Inc. (IFN) and abrdn Japan Equity Fund, Inc. (JEQ) which paid on January 10, 2025, to all shareholders of record as of November 21, 2024 (ex-dividend date November 21, 2024)

---

| | | | |
|:---|:---|:---|:---|
| **Ticker** | **Exchange** | **Fund** | **Amount** |
| ASGI | NYSE | abrdn Global Infrastructure Income Fund | $0.2000 |
| HQH | NYSE | abrdn Healthcare Investors | $0.6200 |
| HQL | NYSE | abrdn Life Sciences Investors | $0.5000 |
| IAF | NYSE American | abrdn Australia Equity Fund, Inc. | $0.1300 |
| IFN | NYSE | The India Fund, Inc. | $0.9300 |
| JEQ | NYSE | abrdn Japan Equity Fund, Inc. | $0.1200 |
| THQ | NYSE | abrdn Healthcare Opportunities Fund | $0.1800 |

---

Each Fund has adopted a distribution policy to provide investors with a stable distribution out of current income, supplemented by realized capital gains and, to the extent necessary, paid-in capital.

For the abrdn Healthcare Investors (HQH), abrdn Life Sciences Investors (HQL), abrdn Australia Equity Fund, Inc. (IAF), the India Fund Inc. (IFN) and abrdn Japan Equity Fund, Inc. (JEQ) the stock distributions were automatically paid in newly issued shares of the Fund unless otherwise instructed by the shareholder to be paid in cash. Shares of common stock were issued at the lower of the net asset value ("NAV") per share or the market price per share with a floor for the NAV of not less than 95% of the market price on December 17, 2024. The reinvestment prices per share for these distributions were as follows: $16.83 for abrdn Healthcare Investors (HQH); $13.87 for abrdn Life Sciences Investors (HQL); $4.35 for abrdn Australia Equity Fund, Inc. (IAF); $16.8 for the India Fund, Inc. (IFN) and $5.81 for abrdn Japan Equity Fund, Inc. (JEQ). Fractional shares were generally settled in cash, except for registered shareholders with book entry accounts at Computershare Investor Services who had whole and fractional shares added to their account.

To have received the abrdn Healthcare Investors (HQH), abrdn Life Sciences Investors (HQL), abrdn Australia Equity Fund, Inc. (IAF), the India Fund Inc. (IFN) and abrdn Japan Equity Fund, Inc. (JEQ) quarterly distributions payable in January 2025 in cash instead of shares of common stock, for shareholders who hold shares in "street name," the bank, brokerage or nominee who holds the shares must have advised the Depository Trust Company as to the full and fractional shares for which they want the distribution paid in cash by December 16, 2024; and for shares that are held in registered form, written notification for the election of cash by registered shareholders must have been received by Computershare Investor Services prior to December 16, 2024.

Under applicable U.S. tax rules, the amount and character of distributable income for each Fund's fiscal year can be finally determined only as of the end of the Fund's fiscal year. However, under Section 19 of the Investment Company Act of 1940, as amended (the "1940 Act") and related rules, the Funds may be required to indicate to shareholders the estimated source of certain distributions to shareholders.

The following tables set forth the estimated amounts of the sources of the distributions for purposes of Section 19 of the 1940 Act and the rules adopted thereunder. The tables have been computed based on generally accepted accounting principles. The tables include estimated amounts and percentages for the current distributions paid this month as well as for the cumulative distributions paid relating to fiscal year to date, from the following sources: net investment income; net realized short-term capital gains; net realized long-term capital gains; and return of capital. The estimated compositions of the distributions may vary because the estimated composition may be impacted by future income, expenses and realized gains and losses on securities and currencies.

The Funds' estimated sources of the current distribution paid this month and for its current fiscal year to date are as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Estimated Amounts of Current Distribution per Share** | **Estimated Amounts of Current Distribution per Share** | **Estimated Amounts of Current Distribution per Share** | **Estimated Amounts of Current Distribution per Share** | **Estimated Amounts of Current Distribution per Share** | **Estimated Amounts of Current Distribution per Share** | **Estimated Amounts of Current Distribution per Share** | **Estimated Amounts of Current Distribution per Share** | **Estimated Amounts of Current Distribution per Share** | **Estimated Amounts of Current Distribution per Share** |
| **Fund** | **Distribution<br> Amount** | **Net Investment<br> Income** | **Net Investment<br> Income** | **Net Realized Short-<br> Term Gains\*\*** | **Net Realized Short-<br> Term Gains\*\*** | **Net Realized Long-<br> Term Gains** | **Net Realized Long-<br> Term Gains** | **Return of Capital** | **Return of Capital** |
| ASGI | $0.2000 | $0.0120 | 6% |  |  |  |  | $0.1880 | 94% |
| HQH | $0.6200 |  |  |  |  |  |  | $0.6200 | 100% |
| HQL | $0.5000 |  |  | $0.1985 | 40% |  |  | $0.3015 | 60% |
| IAF | $0.1300 | $0.0117 | 9% |  |  | $0.0104 | 8% | $0.1079 | 83% |
| IFN | $0.9300 |  |  |  |  | $0.9300 | 100% |  |  |
| JEQ | $0.1200 |  |  |  |  |  |  | $0.1200 | 100% |
| THQ | $0.1800 |  |  | $0.0234 | 13% |  |  | $0.1566 | 87% |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Estimated Amounts of Fiscal Year\* to Date Cumulative Distributions per Share** | **Estimated Amounts of Fiscal Year\* to Date Cumulative Distributions per Share** | **Estimated Amounts of Fiscal Year\* to Date Cumulative Distributions per Share** | **Estimated Amounts of Fiscal Year\* to Date Cumulative Distributions per Share** | **Estimated Amounts of Fiscal Year\* to Date Cumulative Distributions per Share** | **Estimated Amounts of Fiscal Year\* to Date Cumulative Distributions per Share** | **Estimated Amounts of Fiscal Year\* to Date Cumulative Distributions per Share** | **Estimated Amounts of Fiscal Year\* to Date Cumulative Distributions per Share** | **Estimated Amounts of Fiscal Year\* to Date Cumulative Distributions per Share** | **Estimated Amounts of Fiscal Year\* to Date Cumulative Distributions per Share** |
| **Fund** | **Distribution<br> Amount** | **Net Investment<br> Income** | **Net Investment<br> Income** | **Net Realized Short-<br> Term Gains\*\*** | **Net Realized Short-<br> Term Gains\*\*** | **Net Realized Long-<br> Term Gains** | **Net Realized Long-<br> Term Gains** | **Return of Capital** | **Return of Capital** |
| ASGI | $0.6200 | $0.0372 | 6% |  |  |  |  | $0.5828 | 94% |
| HQH | $0.6200 |  |  |  |  |  |  | $0.6200 | 100% |
| HQL | $0.5000 |  |  | $0.1985 | 40% |  |  | $0.3015 | 60% |
| IAF | $0.1300 | $0.0117 | 9% |  |  | $0.0104 | 8% | $0.1079 | 83% |
| IFN | $2.300 |  |  |  |  | $2.3000 | 100% |  |  |
| JEQ | $0.1200 |  |  |  |  |  |  | $0.1200 | 100% |
| THQ | $0.5400 |  |  | $0.0702 | 13% |  |  | 0.4698 | 87% |

---

\* ASGI, HQH, HQL and THQ have a 9/30 fiscal year end. IAF and JEQ have a 10/31 fiscal year end. IFN has a 12/31 fiscal year end.

\*\*includes currency gains

Where the estimated amounts above show a portion of the distribution to be a "Return of Capital," it means that Fund estimates that it has distributed more than its income and capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur for example, when some or all the money that you invested in a Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund's investment performance and should not be confused with "yield" or "income."

**The amounts and sources of distributions reported in this notice are only estimates and are not being provided for tax reporting purposes. The final determination of the source of all distributions for the current year will only be made after year-end. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund's investment experience during the remainder of the fiscal year and may be subject to change based on tax regulations. After the end of each calendar year, a Form 1099-DIV will be sent to shareholders for the prior calendar year that will tell you how to report these distributions for federal income tax purposes.**

The following tables provide the Funds' total return performance based on net asset value (NAV) over various time periods compared to the Funds' annualized and cumulative distribution rates.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund Performance and Distribution Rate Information** | **Fund Performance and Distribution Rate Information** | **Fund Performance and Distribution Rate Information** | **Fund Performance and Distribution Rate Information** | **Fund Performance and Distribution Rate Information** |
| **Fund** | **Average <br> Annual Total <br> Return on NAV <br> for the 5 Year <br> Period Ending <br> 11/30/2024<sup>1</sup>** | **Current Fiscal<br> Period's <br> Annualized <br> Distribution <br> Rate on NAV** | **Cumulative <br> Total Return on <br> NAV<sup>1</sup>** | **Cumulative <br> Distribution <br> Rate on NAV<sup>2</sup>** |
| ASGI<sup>3</sup> | 8.79%<sup>3</sup> | 11.79% | -1.73% | 2.01% |
| THQ | 8.82% | 10.05% | -4.20% | 1.68% |

---

<sup>1</sup> Return data is net of all Fund expenses and fees and assumes the reinvestment of all distributions reinvested at prices obtained under the Fund's dividend reinvestment plan.

<sup>2</sup> Based on the Fund's NAV as of November 30, 2024.

<sup>3</sup> The Fund launched within the past 5 years; the performance and distribution rate information presented reflects data from inception (July 29, 2020) through November 30, 2024.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund Performance and Distribution Rate Information** | **Fund Performance and Distribution Rate Information** | **Fund Performance and Distribution Rate Information** | **Fund Performance and Distribution Rate Information** | **Fund Performance and Distribution Rate Information** |
| **Fund** | **Average <br> Annual Total <br> Return on NAV <br> for the 5 Year <br> Period Ending <br> 11/31/2024<sup>1</sup>** | **Current Fiscal<br> Period's <br> Annualized <br> Distribution <br> Rate on NAV** | **Cumulative <br> Total Return on <br> NAV<sup>1</sup>** | **Cumulative <br> Distribution <br> Rate on NAV<sup>2</sup>** |
| HQH | 7.97% | N/A \* | -2.31% | N/A \* |
| HQL | 7.91% | N/A \* | -1.16% | N/A \* |
| IAF | 8.58% | 9.36% | 32.38% | 9.36% |
| IFN | 9.71% | 9.60% | 16.79% | 7.07% |
| JEQ | 2.99% | 6.47% | 24.10% | 6.47% |

---

<sup>1</sup> Return data is net of all Fund expenses and fees and assumes the reinvestment of all distributions reinvested at prices obtained under the Fund's dividend reinvestment plan.

<sup>2</sup> Based on the Fund's NAV as of October 31, 2024.

\*The Fund's fiscal period to date is October 1, 202 to October 31, 2024, and there were no distributions in this period.

**Shareholders should not draw any conclusions about a Fund's investment performance from the amount of the Fund's current distributions or from the terms of the distribution policy (the "Distribution Policy").**

While NAV performance may be indicative of the Fund's investment performance, it does not measure the value of a shareholder's investment in the Fund. The value of a shareholder's investment in the Fund is determined by the Fund's market price, which is based on the supply and demand for the Fund's shares in the open market.

Pursuant to an exemptive order granted by the Securities and Exchange Commission, the Funds may distribute any long-term capital gains more frequently than the limits provided in Section 19(b) under the 1940 Act and Rule 19b-1 thereunder. Therefore, distributions paid by the Funds during the year may include net income, short-term capital gains, long-term capital gains and/or a return of capital. Net income dividends and short-term capital gain dividends, while generally taxable at ordinary income rates, may be eligible, to the extent of qualified dividend income earned by the Funds, to be taxed at a lower rate not to exceed the maximum rate applicable to your long-term capital gains. Distributions made in any calendar year in excess of investment company taxable income and net capital gain are treated as taxable ordinary dividends to the extent of undistributed earnings and profits, and then as a return of capital that reduces the adjusted basis in the shares held. To the extent return of capital distributions exceed the adjusted basis in the shares held, capital gain is recognized with a holding period based on the period the shares have been held at the date such amount is received.

The payment of distributions in accordance with the Distribution Policy may result in a decrease in the Fund's net assets. A decrease in the Fund's net assets may cause an increase in the Fund's annual operating expense ratio and a decrease in the Fund's market price per share to the extent the market price correlates closely to the Fund's net asset value per share. The Distribution Policy may also negatively affect the Fund's investment activities to the extent that the Fund is required to hold larger cash positions than it typically would hold or to the extent that the Fund must liquidate securities that it would not have sold, for the purpose of paying the distribution. Each Fund's Board has the right to amend, suspend or terminate the Distribution Policy at any time. The amendment, suspension or termination of the Distribution Policy may affect the Fund's market price per share. Investors should consult their tax advisor regarding federal, state, and local tax considerations that may be applicable in their particular circumstances.

<u>Circular 230 disclosure</u>: To ensure compliance with requirements imposed by the U.S. Treasury, we inform you that any U.S. tax advice contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein.

In the United States, abrdn is the marketing name for the following affiliated, registered investment advisers: abrdn Inc., abrdn Investments Limited, and abrdn Asia Limited.

Closed-end funds are traded on the secondary market through one of the stock exchanges. A Fund's investment return and principal value will fluctuate so that an investor's shares may be worth more or less than the original cost. Shares of closed-end funds may trade above (a premium) or below (a discount) the net asset value (NAV) of the fund's portfolio. There is no assurance that a Fund will achieve its investment objective. Past performance does not guarantee future results.

<u>abrdn.com/en-us/cefinvestorcenter</u>

###

## Ex-99.(C)(2)

Exhibit 99.(c)(2)

![](tm2516624d12_ex99-xcx2img001.jpg)

**Press Release**

**FOR IMMEDIATE RELEASE**

**For More Information Contact:**

Aberdeen U.S. Closed-End Funds Investor Relations 1-800-522-5465

Investor.Relations@aberdeenplc.com

**ABERDEEN U.S. CLOSED-END FUNDS**

**ANNOUNCE DISTRIBUTION PAYMENT DETAILS**

(Philadelphia, March 31, 2025) - The <u>Aberdeen U.S. Closed-End Funds</u> (NYSE: ASGI, HQH, HQL, IFN, JEQ, THQ), (NYSE American: IAF) (the "Funds" or individually the "Fund"), today announced that the Funds paid the distributions noted in the table below on March 31, 2025, on a per share basis to all shareholders of record as of March 25, 2025 (ex-dividend date March 25, 2025). These dates apply to the Funds listed below with the exception of abrdn Healthcare Investors (HQH), abrdn Life Sciences Investors (HQL), abrdn Australia Equity Fund, Inc. (IAF), the India Fund Inc. (IFN) and abrdn Japan Equity Fund, Inc. (JEQ) which paid on March 31, 2025, to all shareholders of record as of February 21, 2025 (ex-dividend date February 21, 2025).

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| | | | |
|:---|:---|:---|:---|
| **Ticker** | **Exchange** | **Fund** | **Amount** |
| ASGI | NYSE | abrdn Global Infrastructure Income Fund | $0.1900 |
| HQH | NYSE | abrdn Healthcare Investors | $0.5700 |
| HQL | NYSE | abrdn Life Sciences Investors | $0.4700 |
| IAF | NYSE American | abrdn Australia Equity Fund, Inc. | $0.1200 |
| IFN | NYSE | The India Fund, Inc. | $0.4600 |
| JEQ | NYSE | abrdn Japan Equity Fund, Inc. | $0.1100 |
| THQ | NYSE | abrdn Healthcare Opportunities Fund | $0.1800 |

---

Each Fund has adopted a distribution policy to provide investors with a stable distribution out of current income, supplemented by realized capital gains and, to the extent necessary, paid-in capital.

For the abrdn Healthcare Investors (HQH), abrdn Life Sciences Investors (HQL), abrdn Australia Equity Fund, Inc. (IAF), the India Fund Inc. (IFN) and abrdn Japan Equity Fund, Inc. (JEQ) the stock distributions were automatically paid in newly issued shares of the Fund unless otherwise instructed by the shareholder to be paid in cash. Shares of common stock were issued at the lower of the net asset value ("NAV") per share or the market price per share with a floor for the NAV of not less than 95% of the market price on March 19, 2025. The reinvestment prices per share for these distributions were as follows: $16.63 for abrdn Healthcare Investors (HQH); $12.99 for abrdn Life Sciences Investors (HQL); $4.045 for abrdn Australia Equity Fund, Inc. (IAF); $15.45 for the India Fund, Inc. (IFN) and $6.73 for abrdn Japan Equity Fund, Inc. (JEQ). Fractional shares were generally settled in cash, except for registered shareholders with book entry accounts at Computershare Investor Services who had whole and fractional shares added to their account.

To have received the abrdn Healthcare Investors (HQH), abrdn Life Sciences Investors (HQL), abrdn Australia Equity Fund, Inc. (IAF), the India Fund Inc. (IFN) and abrdn Japan Equity Fund, Inc. (JEQ) quarterly distributions payable in March 2025 in cash instead of shares of common stock, for shareholders who hold shares in "street name," the bank, brokerage or nominee who holds the shares must have advised the Depository Trust Company as to the full and fractional shares for which they want the distribution paid in cash by March 18, 2025; and for shares that are held in registered form, written notification for the election of cash by registered shareholders must have been received by Computershare Investor Services prior to March 18, 2025.

As announced on March 11, 2025, to avoid potential disruption to the timing of the proposed tender offer, the Board of Directors of JEQ suspended the Fund's managed distribution policy after payment of this distribution payable.

Under applicable U.S. tax rules, the amount and character of distributable income for each Fund's fiscal year can be finally determined only as of the end of the Fund's fiscal year. However, under Section 19 of the Investment Company Act of 1940, as amended (the "1940 Act") and related rules, the Funds may be required to indicate to shareholders the estimated source of certain distributions to shareholders.

The following tables set forth the estimated amounts of the sources of the distributions for purposes of Section 19 of the 1940 Act and the rules adopted thereunder. The tables have been computed based on generally accepted accounting principles. The tables include estimated amounts and percentages for the current distributions paid this month as well as for the cumulative distributions paid relating to fiscal year to date, from the following sources: net investment income; net realized short-term capital gains; net realized long-term capital gains; and return of capital. The estimated compositions of the distributions may vary because the estimated composition may be impacted by future income, expenses and realized gains and losses on securities and currencies.

The Funds' estimated sources of the current distribution paid this month and for its current fiscal year to date are as follows:

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Estimated Amounts of Current Distribution per Share** | **Estimated Amounts of Current Distribution per Share** | **Estimated Amounts of Current Distribution per Share** | **Estimated Amounts of Current Distribution per Share** | **Estimated Amounts of Current Distribution per Share** | **Estimated Amounts of Current Distribution per Share** | **Estimated Amounts of Current Distribution per Share** | **Estimated Amounts of Current Distribution per Share** | **Estimated Amounts of Current Distribution per Share** | **Estimated Amounts of Current Distribution per Share** |
| **Fund** | **Distribution<br> Amount** | **Net Investment<br> Income** | **Net Investment<br> Income** | **Net Realized Short-<br> Term Gains\*\*** | **Net Realized Short-<br> Term Gains\*\*** | **Net Realized Long-<br> Term Gains** | **Net Realized Long-<br> Term Gains** | **Return of Capital** | **Return of Capital** |
| ASGI | $0.1900 | $0.0133 | 7% |  |  | $0.1140 | 60% | $0.0627 | 33% |
| HQH | $0.5700 |  |  | $0.0456 | 8% |  |  | $0.5244 | 92% |
| HQL | $0.4700 |  |  | $0.1260 | 27% |  |  | $0.3440 | 73% |
| IAF | $0.1200 | $0.0180 | 15% |  |  | $0.0264 | 22% | $0.0756 | 63% |
| IFN | $0.4600 |  |  |  |  | $0.4600 | 100% |  |  |
| JEQ | $0.1100 | $0.0242 | 22% |  |  |  |  | $0.0858 | 78% |
| THQ | $0.1800 |  |  | $0.0198 | 11% |  |  | $0.1602 | 89% |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Estimated Amounts of Fiscal Year\* to Date Cumulative Distributions per Share** | **Estimated Amounts of Fiscal Year\* to Date Cumulative Distributions per Share** | **Estimated Amounts of Fiscal Year\* to Date Cumulative Distributions per Share** | **Estimated Amounts of Fiscal Year\* to Date Cumulative Distributions per Share** | **Estimated Amounts of Fiscal Year\* to Date Cumulative Distributions per Share** | **Estimated Amounts of Fiscal Year\* to Date Cumulative Distributions per Share** | **Estimated Amounts of Fiscal Year\* to Date Cumulative Distributions per Share** | **Estimated Amounts of Fiscal Year\* to Date Cumulative Distributions per Share** | **Estimated Amounts of Fiscal Year\* to Date Cumulative Distributions per Share** | **Estimated Amounts of Fiscal Year\* to Date Cumulative Distributions per Share** |
| **Fund** | **Distribution<br> Amount** | **Net Investment<br> Income** | **Net Investment<br> Income** | **Net Realized Short-<br> Term Gains\*\*** | **Net Realized Short-<br> Term Gains\*\*** | **Net Realized Long-<br> Term Gains** | **Net Realized Long-<br> Term Gains** | **Return of Capital** | **Return of Capital** |
| ASGI | $1.2000 | $0.0840 | 7% |  |  | $0.7200 | 60% | $0.3960 | 33% |
| HQH | $1.1900 |  |  | $0.0952 | 8% |  |  | $1.0948 | 92% |
| HQL | $0.9700 |  |  | $0.2600 | 27% |  |  | $0.7100 | 73% |
| IAF | $0.2500 | $0.0375 | 15% |  |  | $0.0550 | 22% | $0.1575 | 63% |
| IFN | $0.4600 |  |  |  |  | $0.4600 | 100% |  |  |
| JEQ | $0.2300 | $0.0506 | 22% |  |  |  |  | $0.1794 | 78% |
| THQ | $1.0800 |  |  | $0.1188 | 11% |  |  | $0.9612 | 89% |

---

\* ASGI, HQH, HQL and THQ have a 9/30 fiscal year end. IAF and JEQ have a 10/31 fiscal year end. IFN has a 12/31 fiscal year end.

\*\*includes currency gains

Where the estimated amounts above show a portion of the distribution to be a "Return of Capital," it means that Fund estimates that it has distributed more than its income and capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur for example, when some or all the money that you invested in a Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund's investment performance and should not be confused with "yield" or "income."

**The amounts and sources of distributions reported in this notice are only estimates and are not being provided for tax reporting purposes. The final determination of the source of all distributions for the current year will only be made after year-end. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund's investment experience during the remainder of the fiscal year and may be subject to change based on tax regulations. After the end of each calendar year, a Form 1099-DIV will be sent to shareholders for the prior calendar year that will tell you how to report these distributions for federal income tax purposes.**

The following tables provide the Funds' total return performance based on net asset value (NAV) over various time periods compared to the Funds' annualized and cumulative distribution rates.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund Performance and Distribution Rate Information** | **Fund Performance and Distribution Rate Information** | **Fund Performance and Distribution Rate Information** | **Fund Performance and Distribution Rate Information** | **Fund Performance and Distribution Rate Information** |
| **Fund** | **Average <br> Annual Total <br> Return on NAV <br> for the 5 Year <br> Period Ending <br> 02/28/2025<sup>1</sup>** | **Current Fiscal<br> Period's <br> Annualized <br> Distribution <br> Rate on NAV** | **Cumulative <br> Total Return on <br> NAV<sup>1</sup>** | **Cumulative <br> Distribution <br> Rate on NAV<sup>2</sup>** |
| ASGI<sup>3</sup> | 8.10%<sup>3</sup> | 11.89% | -2.55% | 5.07% |
| THQ | 10.04% | 10.27% | -3.71% | 4.28% |

---

<sup>1</sup> Return data is net of all Fund expenses and fees and assumes the reinvestment of all distributions reinvested at prices obtained under the Fund's dividend reinvestment plan.

<sup>2</sup> Based on the Fund's NAV as of February 28, 2025.

<sup>3</sup> The Fund launched within the past 5 years; the performance and distribution rate information presented reflects data from inception (July 29, 2020) through February 28, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund Performance and Distribution Rate Information** | **Fund Performance and Distribution Rate Information** | **Fund Performance and Distribution Rate Information** | **Fund Performance and Distribution Rate Information** | **Fund Performance and Distribution Rate Information** |
| **Fund** | **Average <br> Annual Total <br> Return on NAV <br> for the 5 Year <br> Period Ending <br> 01/31/2025<sup>1</sup>** | **Current Fiscal<br> Period's <br> Annualized <br> Distribution <br> Rate on NAV** | **Cumulative <br> Total Return on <br> NAV<sup>1</sup>** | **Cumulative <br> Distribution <br> Rate on NAV<sup>2</sup>** |
| HQH | 7.34% | 12.70% | -0.35% | 3.17% |
| HQL | 6.83% | 12.75% | -0.76% | 3.19% |
| IAF | 8.09% | 10.57% | 0.94% | 2.67% |
| IFN | 8.25% | N/A\* | -5.95% | N/A\* |
| JEQ | 3.41% | 6.87% | 2.51% | 1.72% |

---

<sup>1</sup> Return data is net of all Fund expenses and fees and assumes the reinvestment of all distributions reinvested at prices obtained under the Fund's dividend reinvestment plan.

<sup>2</sup> Based on the Fund's NAV as of January 31, 2025.

**Shareholders should not draw any conclusions about a Fund's investment performance from the amount of the Fund's current distributions or from the terms of the distribution policy (the "Distribution Policy").**

While NAV performance may be indicative of the Fund's investment performance, it does not measure the value of a shareholder's investment in the Fund. The value of a shareholder's investment in the Fund is determined by the Fund's market price, which is based on the supply and demand for the Fund's shares in the open market.

Pursuant to an exemptive order granted by the Securities and Exchange Commission, the Funds may distribute any long-term capital gains more frequently than the limits provided in Section 19(b) under the 1940 Act and Rule 19b-1 thereunder. Therefore, distributions paid by the Funds during the year may include net income, short-term capital gains, long-term capital gains and/or a return of capital. Net income dividends and short-term capital gain dividends, while generally taxable at ordinary income rates, may be eligible, to the extent of qualified dividend income earned by the Funds, to be taxed at a lower rate not to exceed the maximum rate applicable to your long-term capital gains. Distributions made in any calendar year in excess of investment company taxable income and net capital gain are treated as taxable ordinary dividends to the extent of undistributed earnings and profits, and then as a return of capital that reduces the adjusted basis in the shares held. To the extent return of capital distributions exceed the adjusted basis in the shares held, capital gain is recognized with a holding period based on the period the shares have been held at the date such amount is received.

The payment of distributions in accordance with the Distribution Policy may result in a decrease in the Fund's net assets. A decrease in the Fund's net assets may cause an increase in the Fund's annual operating expense ratio and a decrease in the Fund's market price per share to the extent the market price correlates closely to the Fund's net asset value per share. The Distribution Policy may also negatively affect the Fund's investment activities to the extent that the Fund is required to hold larger cash positions than it typically would hold or to the extent that the Fund must liquidate securities that it would not have sold, for the purpose of paying the distribution. Each Fund's Board has the right to amend, suspend or terminate the Distribution Policy at any time. The amendment, suspension or termination of the Distribution Policy may affect the Fund's market price per share. Investors should consult their tax advisor regarding federal, state, and local tax considerations that may be applicable in their particular circumstances.

<u>Circular 230 disclosure</u>: To ensure compliance with requirements imposed by the U.S. Treasury, we inform you that any U.S. tax advice contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein.

In the United States, Aberdeen Investments is the marketing name for the following affiliated, registered investment advisers: abrdn Inc., abrdn Investments Limited, and abrdn Asia Limited.

Closed-end funds are traded on the secondary market through one of the stock exchanges. A Fund's investment return and principal value will fluctuate so that an investor's shares may be worth more or less than the original cost. Shares of closed-end funds may trade above (a premium) or below (a discount) the net asset value (NAV) of the fund's portfolio. There is no assurance that a Fund will achieve its investment objective. Past performance does not guarantee future results.

<u>Closed end funds \| Aberdeen</u>

###