Company: HQL
Filing Date: 2025-12-08
Form Type: N-CSR
Source: 0001104659-25-119341
Chunk: 41

Company: abrdn Life Sciences Investors
Filing Date: 2025-12-08
Form: N-CSR
Chunk 41
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 Adviser and the related compensation paid by the Fund for those services. Based on the totality of the information considered, the Board concluded that any benefits accruing to the Adviser by virtue of its relationship with the Fund appeared to be reasonable.

| 36 | abrdn Life Sciences Investors |

Supplemental Information (Unaudited) (concluded) Economies of Scale The Board next considered management’s discussion of the Fund’s management fee structure and determined that the management fee structure was reasonable and reflected the sharing of economies of scale between the Fund and the Adviser as the Fund’s assets increased. The Board based its determination on various factors, including how the Fund’s management fee compared relative to the Peer Funds at higher asset levels and that the breakpoints in the Fund’s Advisory Agreement would adjust the management fee rate downward to reflect anticipated economies of scale in the event of asset increases, if applicable. The Board also considered that the Fund had an expense limitation agreement in place until October 27, 2025, pursuant to which the Adviser agreed to waive a portion of its management fee and/or reimburse certain expenses as a means of limiting the Fund’s total annual operating expenses. The Board concluded the economies of scale shared with the Fund were reasonable. * * * Based on the Board’s deliberations and its evaluation of the information described above and other factors and information the Directors deemed relevant in the exercise of their individual reasonable business judgment, the Board, including the Independent Directors, with the assistance of fund counsel and independent legal counsel to the Independent Directors, unanimously determined that the fees charged pursuant to the Advisory Agreement were fair and reasonable and approved the continuation of the Advisory Agreement.

| abrdn Life Sciences Investors | 37 |

Additional Information Regarding the Fund (Unaudited) RECENT CHANGES The following information is a summary of certain changes during the fiscal year ended September 30, 2025. This information may not reflect all of the changes that have occurred since you purchased the Fund. During the applicable period, there have been: (i) no material changes to the Fund’s investment objective and policies that constitute its principal portfolio emphasis that have not been approved by the Fund’s shareholders (the “Shareholders”), (ii) no material changes to the Fund’s principal risks, (iii) no changes to the persons primarily responsible for day-to-day management of the Fund; and (iv) no changes to the Fund’s charter or by-laws that would delay or prevent a change of control that have not been approved by Shareholders. INVEST