Company: HQL
Filing Date: 2025-06-09
Form Type: N-CSRS
Source: 0001104659-25-057746
Chunk: 1

Company: abrdn Life Sciences Investors
Filing Date: 2025-06-09
Form: N-CSRS
Chunk 1
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 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)

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

Letter to Shareholders (unaudited)

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 1