<SEC-DOCUMENT>0001752724-24-283803.txt : 20241216
<SEC-HEADER>0001752724-24-283803.hdr.sgml : 20241216
<ACCEPTANCE-DATETIME>20241216114820
ACCESSION NUMBER:		0001752724-24-283803
CONFORMED SUBMISSION TYPE:	N-CEN
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20240930
FILED AS OF DATE:		20241216
DATE AS OF CHANGE:		20241216
EFFECTIVENESS DATE:		20241216

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			abrdn Life Sciences Investors
		CENTRAL INDEX KEY:			0000884121
		ORGANIZATION NAME:           	
		IRS NUMBER:				043147016
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		N-CEN
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-06565
		FILM NUMBER:		241550795

	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
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-CEN
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0" encoding="UTF-8"?>
<edgarSubmission xmlns="http://www.sec.gov/edgar/ncen" xmlns:com="http://www.sec.gov/edgar/common">
  <schemaVersion>X0404</schemaVersion>
  <headerData>
    <submissionType>N-CEN</submissionType>
    <filerInfo>
      <liveTestFlag>LIVE</liveTestFlag>
      <filer>
        <issuerCredentials>
          <cik>0000884121</cik>
          <ccc>XXXXXXXX</ccc>
        </issuerCredentials>
        <fileNumber>811-06565</fileNumber>
      </filer>
      <flags>
        <returnCopyFlag>false</returnCopyFlag>
        <overrideInternetFlag>false</overrideInternetFlag>
        <confirmingCopyFlag>false</confirmingCopyFlag>
      </flags>
      <investmentCompanyType>N-2</investmentCompanyType>
    </filerInfo>
  </headerData>
  <formData>
    <generalInfo reportEndingPeriod="2024-09-30" isReportPeriodLt12="N"/>
    <registrantInfo>
      <registrantFullName>abrdn Life Sciences Investors</registrantFullName>
      <investmentCompFileNo>811-06565</investmentCompFileNo>
      <registrantCik>0000884121</registrantCik>
      <registrantLei>5493007BYZPSOVVS0M04</registrantLei>
      <registrantstreet1>1900 Market Street</registrantstreet1>
      <registrantstreet2>Suite 200</registrantstreet2>
      <registrantcity>PHILADELPHIA</registrantcity>
      <registrantzipCode>19103</registrantzipCode>
      <registrantstate>US-PA</registrantstate>
      <registrantcountry>US</registrantcountry>
      <registrantphoneNumber>215-405-5700</registrantphoneNumber>
      <websites>
        <website webpage="www.abrdnhql.com"/>
      </websites>
      <locationBooksRecords>
        <locationBooksRecord>
          <officeName>State Street Bank and Trust Company</officeName>
          <officeAddress1>1 Congress Street</officeAddress1>
          <officeAddress2>Suite 1</officeAddress2>
          <officeCity>Boston</officeCity>
          <officeStateCountry officeCountry="US" officeState="US-MA"/>
          <officeRecordsZipCode>02114</officeRecordsZipCode>
          <officePhone>617-786-3000</officePhone>
          <booksRecordsDesc>Accounting and Custody Records</booksRecordsDesc>
        </locationBooksRecord>
      </locationBooksRecords>
      <isRegistrantFirstFiling>N</isRegistrantFirstFiling>
      <isRegistrantLastFiling>N</isRegistrantLastFiling>
      <registrantFamilyInvComp isRegistrantFamilyInvComp="Y" familyInvCompFullName="ABERDEENCF"/>
      <registrantClassificationType>N-2</registrantClassificationType>
      <isSecuritiesActRegistration>Y</isSecuritiesActRegistration>
      <directors>
        <director>
          <directorName>C. William Maher</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="811-04889"/>
            <fileNumberInfo fileNumber="811-05770"/>
            <fileNumberInfo fileNumber="811-06142"/>
            <fileNumberInfo fileNumber="811-07410"/>
            <fileNumberInfo fileNumber="811-22955"/>
            <fileNumberInfo fileNumber="811-23037"/>
          </fileNumbers>
        </director>
        <director>
          <directorName>Christian Pittard</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>Y</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="811-04438"/>
            <fileNumberInfo fileNumber="811-04611"/>
            <fileNumberInfo fileNumber="811-04889"/>
            <fileNumberInfo fileNumber="811-06342"/>
            <fileNumberInfo fileNumber="811-07410"/>
            <fileNumberInfo fileNumber="811-21901"/>
            <fileNumberInfo fileNumber="811-21980"/>
            <fileNumberInfo fileNumber="811-22016"/>
            <fileNumberInfo fileNumber="811-22485"/>
            <fileNumberInfo fileNumber="811-22955"/>
            <fileNumberInfo fileNumber="811-23037"/>
          </fileNumbers>
        </director>
        <director>
          <directorName>Jeffrey A. Bailey</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="811-04889"/>
            <fileNumberInfo fileNumber="811-22955"/>
            <fileNumberInfo fileNumber="811-23037"/>
          </fileNumbers>
        </director>
        <director>
          <directorName>Kathleen L. Goetz</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="811-04889"/>
            <fileNumberInfo fileNumber="811-22955"/>
            <fileNumberInfo fileNumber="811-23037"/>
          </fileNumbers>
        </director>
        <director>
          <directorName>Rose DiMartino</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="811-04889"/>
            <fileNumberInfo fileNumber="811-06142"/>
            <fileNumberInfo fileNumber="811-22955"/>
            <fileNumberInfo fileNumber="811-22986"/>
            <fileNumberInfo fileNumber="811-23037"/>
          </fileNumbers>
        </director>
        <director>
          <directorName>Todd Reit</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="811-04889"/>
            <fileNumberInfo fileNumber="811-07410"/>
            <fileNumberInfo fileNumber="811-21901"/>
            <fileNumberInfo fileNumber="811-21980"/>
            <fileNumberInfo fileNumber="811-22016"/>
            <fileNumberInfo fileNumber="811-22955"/>
            <fileNumberInfo fileNumber="811-23037"/>
            <fileNumberInfo fileNumber="811-23490"/>
          </fileNumbers>
        </director>
      </directors>
      <chiefComplianceOfficers>
        <chiefComplianceOfficer>
          <ccoName>Joseph Andolina</ccoName>
          <crdNumber>006931174</crdNumber>
          <ccoStreet1>1900 Market Street, Suite 200</ccoStreet1>
          <ccoCity>Philadelphia</ccoCity>
          <ccoStateCountry ccoCountry="US" ccoState="US-PA"/>
          <ccoZipCode>19103</ccoZipCode>
          <ccoPhone>XXXXXX</ccoPhone>
          <isCcoChangedSinceLastFiling>Y</isCcoChangedSinceLastFiling>
          <ccoEmployers>
            <ccoEmployer ccoEmployerName="N/A" ccoEmployerId="N/A"/>
          </ccoEmployers>
        </chiefComplianceOfficer>
      </chiefComplianceOfficers>
      <securityMatterSeriesInfo isRegistrantSubmittedMatter="Y">
        <seriesInfo seriesName="N/A" seriesId="N/A"/>
      </securityMatterSeriesInfo>
      <isPreviousLegalProceeding>N</isPreviousLegalProceeding>
      <isPreviousProceedingTerminated>N</isPreviousProceedingTerminated>
      <isClaimFiled>N</isClaimFiled>
      <coveredByInsurancePolicy isCoveredByInsurancePolicy="Y" isClaimFiledDuringPeriod="N"/>
      <isFinancialSupportDuringPeriod>N</isFinancialSupportDuringPeriod>
      <releaseNumbers isExemptionFromAct="Y">
        <releaseNumberInfo releaseNumber="IC-29195"/>
      </releaseNumbers>
      <isUnderwriterHiredOrTerminated>N</isUnderwriterHiredOrTerminated>
      <publicAccountants>
        <publicAccountant>
          <publicAccountantName>KPMG LLP</publicAccountantName>
          <pcaobNumber>185</pcaobNumber>
          <publicAccountantLei>5493003PVCIGA21K0K42</publicAccountantLei>
          <publicAccountantStateCountry publicAccountantCountry="US" publicAccountantState="US-PA"/>
        </publicAccountant>
      </publicAccountants>
      <isPublicAccountantChanged>N</isPublicAccountantChanged>
      <isMaterialWeakness>N</isMaterialWeakness>
      <isOpinionOffered>N</isOpinionOffered>
      <isMaterialChange>N</isMaterialChange>
      <isAccountingPrincipleChange>N</isAccountingPrincipleChange>
      <paymentDividendSeries isPaymentDividend="Y">
        <seriesInfo seriesName="N/A" seriesId="N/A"/>
      </paymentDividendSeries>
    </registrantInfo>
    <managementInvestmentQuestionSeriesInfo>
      <managementInvestmentQuestion>
        <mgmtInvFundName>abrdn Life Sciences Investors</mgmtInvFundName>
        <mgmtInvLei>5493007BYZPSOVVS0M04</mgmtInvLei>
        <isFirstFilingByFund>N</isFirstFilingByFund>
        <numAuthorizedClass>0</numAuthorizedClass>
        <numAddedClass>0</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <fundType>N/A</fundType>
        <isNonDiversifiedCompany>Y</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>N</isFundSecuritiesLending>
        <didFundLendSecurities>N</didFundLendSecurities>
        <paymentToAgentManagerType>N/A</paymentToAgentManagerType>
        <avgPortfolioSecuritiesValue>N/A</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>N/A</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 17a-6 (17 CFR 270.17a-6)</relyOnRuleType>
          <relyOnRuleType>Rule 18f-4 (17 CFR 270.18f-4)</relyOnRuleType>
          <relyOnRuleType>Rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4))</relyOnRuleType>
          <relyOnRuleType>Rule 32a-4 (17 CFR 270.32a-4)</relyOnRuleType>
        </relyOnRuleTypes>
        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>N</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>N</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>abrdn Inc.</investmentAdviserName>
            <investmentAdviserFileNo>801-49966</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000111069</investmentAdviserCrdNo>
            <investmentAdviserLei>549300RU316J568TLL50</investmentAdviserLei>
            <investmentAdviserStateCountry investmentAdviserState="US-PA" investmentAdviserCountry="US"/>
            <investmentAdviserHired isInvestmentAdviserHired="Y">
              <investmentAdviserStartDate>2023-10-27</investmentAdviserStartDate>
            </investmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <investmentAdvisersTerminated>
          <investmentAdviserTerminated>
            <investmentAdviserTerminatedName>Tekla Capital Management LLC</investmentAdviserTerminatedName>
            <investAdviserTerminatedFileNo>801-61018</investAdviserTerminatedFileNo>
            <investAdviserTerminatedCrdNo>000119626</investAdviserTerminatedCrdNo>
            <investAdviserTerminatedLei>254900YSXGYL9SE8C952</investAdviserTerminatedLei>
            <investmentAdviserTerminatedStateCountry investmentAdviserTerminatedState="US-MA" investmentAdviserTerminatedCountry="US"/>
            <investAdviserTerminationDate>2023-10-27</investAdviserTerminationDate>
          </investmentAdviserTerminated>
        </investmentAdvisersTerminated>
        <transferAgents>
          <transferAgent>
            <transferAgentName>Computershare Trust Company, National Association</transferAgentName>
            <transferAgentFileNo>85-11340</transferAgentFileNo>
            <transferAgentLei>2549001YYB62BVMSAO13</transferAgentLei>
            <transferAgentStateCountry transferAgentState="US-MA" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>N</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>Bloomberg L.P.</pricingServiceName>
            <pricingServiceLei>549300B56MD0ZC402L06</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>ICE Data Services, Inc.</pricingServiceName>
            <pricingServiceLei>13-3668779</pricingServiceLei>
            <pricingServiceIdNumberDesc>Tax ID</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>London Stock Exchange Group PLC</pricingServiceName>
            <pricingServiceLei>213800QAUUUP6I445N30</pricingServiceLei>
            <pricingServiceCountry>GB</pricingServiceCountry>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>PricingDirect Inc.</pricingServiceName>
            <pricingServiceLei>549300WIC0TOJ7N7GD54</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>S&amp;P Global Inc.</pricingServiceName>
            <pricingServiceLei>Y6X4K52KMJMZE7I7MY94</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>Y</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>BNP Paribas</custodianName>
            <custodianLei>R0MUWSFPU8MPRO8K5P83</custodianLei>
            <custodianCountry>FR</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Clearstream Banking S.A.</custodianName>
            <custodianLei>549300OL514RA0SXJJ44</custodianLei>
            <custodianCountry>LU</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign securities depository - rule 17f-7 (17 CFR 270.17f-7)</custodyType>
          </custodian>
          <custodian>
            <custodianName>State Street Bank and Trust Company</custodianName>
            <custodianLei>571474TGEMMWANRLN572</custodianLei>
            <custodianStateCountry custodianState="US-MA" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
          </custodian>
          <custodian>
            <custodianName>State Street Bank and Trust Company (Edinburgh, GB, Branch)</custodianName>
            <custodianLei>571474TGEMMWANRLN572</custodianLei>
            <custodianCountry>GB</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>UBS Switzerland AG</custodianName>
            <custodianLei>549300WOIFUSNYH0FL22</custodianLei>
            <custodianCountry>CH</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <shareholderServicingAgents>
          <shareholderServicingAgent>
            <shareholderServiceAgentName>Computershare Trust Company, National Association</shareholderServiceAgentName>
            <shareholderServiceAgentLei>2549001YYB62BVMSAO13</shareholderServiceAgentLei>
            <shareholderServiceAgentStateCountry shareholderServiceAgentState="US-MA" shareholderServiceAgentCountry="US"/>
            <isShareholderServiceAgentAffiliated>N</isShareholderServiceAgentAffiliated>
            <isShareholderServiceAgentSubshare>N</isShareholderServiceAgentSubshare>
          </shareholderServicingAgent>
        </shareholderServicingAgents>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>State Street Bank and Trust Company</adminName>
            <adminLei>571474TGEMMWANRLN572</adminLei>
            <adminStateCountry adminState="US-MA" adminCountry="US"/>
            <isAdminAffiliated>N</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokerDealers>
          <brokerDealer>
            <brokerDealerName>Aberdeen Fund Distributors, LLC</brokerDealerName>
            <brokerDealerFileNo>8-67799</brokerDealerFileNo>
            <brokerDealerCrdNo>000146230</brokerDealerCrdNo>
            <brokerDealerLei>2138007O8Z7FY13LG555</brokerDealerLei>
            <brokerDealerStateCountry brokerDealerState="US-PA" brokerDealerCountry="US"/>
            <brokerDealerCommission>0.00000000</brokerDealerCommission>
          </brokerDealer>
        </brokerDealers>
        <brokers>
          <broker>
            <brokerName>J.P. Morgan Securities LLC</brokerName>
            <brokerFileNo>8-35008</brokerFileNo>
            <brokerCrdNo>000000079</brokerCrdNo>
            <brokerLei>ZBUT11V806EZRVTWT807</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>5493.32000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Oppenheimer &amp; Co. Inc.</brokerName>
            <brokerFileNo>8-4077</brokerFileNo>
            <brokerCrdNo>000000249</brokerCrdNo>
            <brokerLei>254900VH02JQR2L8XD64</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>5217.83000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Goldman Sachs &amp; Co. LLC</brokerName>
            <brokerFileNo>8-129</brokerFileNo>
            <brokerCrdNo>000000361</brokerCrdNo>
            <brokerLei>FOR8UP27PHTHYVLBNG30</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>31097.58000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Jefferies LLC</brokerName>
            <brokerFileNo>8-15074</brokerFileNo>
            <brokerCrdNo>000002347</brokerCrdNo>
            <brokerLei>58PU97L1C0WSRCWADL48</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>12513.38000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Citigroup Global Markets Inc.</brokerName>
            <brokerFileNo>8-8177</brokerFileNo>
            <brokerCrdNo>000007059</brokerCrdNo>
            <brokerLei>MBNUM2BPBDO7JBLYG310</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>11539.72000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Cowen and Company, LLC</brokerName>
            <brokerFileNo>8-22522</brokerFileNo>
            <brokerCrdNo>000007616</brokerCrdNo>
            <brokerLei>549300WR155U7DVMIW58</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>10158.78000000</grossCommission>
          </broker>
          <broker>
            <brokerName>BNY Capital Markets, LLC</brokerName>
            <brokerFileNo>8-35255</brokerFileNo>
            <brokerCrdNo>000017454</brokerCrdNo>
            <brokerLei>VJW2DOOHGDT6PR0ZRO63</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>16714.15000000</grossCommission>
          </broker>
          <broker>
            <brokerName>RBC Capital Markets, LLC</brokerName>
            <brokerFileNo>8-45411</brokerFileNo>
            <brokerCrdNo>000031194</brokerCrdNo>
            <brokerLei>549300LCO2FLSSVFFR64</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>10109.12000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Wells Fargo Securities, LLC</brokerName>
            <brokerFileNo>8-65876</brokerFileNo>
            <brokerCrdNo>000126292</brokerCrdNo>
            <brokerLei>VYVVCKR63DVZZN70PB21</brokerLei>
            <brokerStateCountry brokerState="US-NC" brokerCountry="US"/>
            <grossCommission>9444.34000000</grossCommission>
          </broker>
          <broker>
            <brokerName>BofA Securities, Inc.</brokerName>
            <brokerFileNo>8-69787</brokerFileNo>
            <brokerCrdNo>000283942</brokerCrdNo>
            <brokerLei>549300HN4UKV1E2R3U73</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>6048.06000000</grossCommission>
          </broker>
        </brokers>
        <aggregateCommission>167204.40000000</aggregateCommission>
        <principalTransactions>
          <principalTransaction>
            <principalName>Morgan Stanley &amp; Co. LLC</principalName>
            <principalFileNo>8-15869</principalFileNo>
            <principalCrdNo>000008209</principalCrdNo>
            <principalLei>9R7GPTSO7KV3UQJZQ078</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>969722.00000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Glycomine, Inc.</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>N/A</principalCrdNo>
            <principalLei>N/A</principalLei>
            <principalStateCountry principalState="US-CA" principalCountry="US"/>
            <principalTotalPurchaseSale>679999.80000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Engrail Therapeutics, Inc.</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>N/A</principalCrdNo>
            <principalLei>N/A</principalLei>
            <principalStateCountry principalState="US-CA" principalCountry="US"/>
            <principalTotalPurchaseSale>2250000.12000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>State Street Bank and Trust Company</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>N/A</principalCrdNo>
            <principalLei>571474TGEMMWANRLN572</principalLei>
            <principalStateCountry principalState="US-MA" principalCountry="US"/>
            <principalTotalPurchaseSale>588762928.56000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Amolyt Pharma</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>N/A</principalCrdNo>
            <principalLei>969500V716C9UYA3FR49</principalLei>
            <principalCountry>FR</principalCountry>
            <principalTotalPurchaseSale>6277683.88000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Third Arc Bio Inc.</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>N/A</principalCrdNo>
            <principalLei>N/A</principalLei>
            <principalStateCountry principalState="US-MA" principalCountry="US"/>
            <principalTotalPurchaseSale>850000.01000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Incendia Therapeutics, Inc.</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>N/A</principalCrdNo>
            <principalLei>N/A</principalLei>
            <principalStateCountry principalState="US-MA" principalCountry="US"/>
            <principalTotalPurchaseSale>738460.00000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Seismic Therapeutic, Inc.</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>N/A</principalCrdNo>
            <principalLei>N/A</principalLei>
            <principalStateCountry principalState="US-MA" principalCountry="US"/>
            <principalTotalPurchaseSale>1274996.62000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Impact Biomedicines, Inc.</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>N/A</principalCrdNo>
            <principalLei>N/A</principalLei>
            <principalStateCountry principalState="US-CA" principalCountry="US"/>
            <principalTotalPurchaseSale>1066276.80000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Qlaris Bio, Inc.</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>N/A</principalCrdNo>
            <principalLei>N/A</principalLei>
            <principalStateCountry principalState="US-MA" principalCountry="US"/>
            <principalTotalPurchaseSale>1549999.77000000</principalTotalPurchaseSale>
          </principalTransaction>
        </principalTransactions>
        <principalAggregatePurchase>606942178.04000000</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>431448093.28846153</mnthlyAvgNetAssets>
      </managementInvestmentQuestion>
    </managementInvestmentQuestionSeriesInfo>
    <closedEndManagementInvestment>
      <securityRelatedItems>
        <securityRelatedItem>
          <description>Common stock</description>
          <securityClassTitle>abrdn Life Sciences Investors</securityClassTitle>
          <commonStocks>
            <commonStock commonStockExchange="XNYS" commonStockTickerSymbol="HQL"/>
          </commonStocks>
        </securityRelatedItem>
      </securityRelatedItems>
      <isRightsOffering>N</isRightsOffering>
      <isSecondaryOffering>N</isSecondaryOffering>
      <isRepurchaseSecurity>N</isRepurchaseSecurity>
      <isDefaultLongTermDebt>N</isDefaultLongTermDebt>
      <isDividendsInArrears>N</isDividendsInArrears>
      <isSecuritiesModified>N</isSecuritiesModified>
      <managementFee>1.04000000</managementFee>
      <netOperatingExpenses>1.36000000</netOperatingExpenses>
      <marketPricePerShare>15.08000000</marketPricePerShare>
      <netAssetValuePerShare>16.38000000</netAssetValuePerShare>
    </closedEndManagementInvestment>
    <attachmentsTab>
      <isIPAReportInternalControl>true</isIPAReportInternalControl>
      <isMaterialAmendments>true</isMaterialAmendments>
      <isNewOrAmendedInvAdvContracts>true</isNewOrAmendedInvAdvContracts>
      <isInfoItem405>true</isInfoItem405>
    </attachmentsTab>
    <signature registrantSignedName="abrdn Life Sciences Investors" signedDate="2024-12-14" signature="Sharon Ferrari" title="Director Product Management"/>
  </formData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>MATERIAL AMENDMENTS
<SEQUENCE>2
<FILENAME>NCEN_811-06565_13453533_0924.htm
<TEXT>

<HTML>
<HEAD>
   <TITLE>hqlitemg1bi.htm - Generated by SEC Publisher for SEC Filing</TITLE>
</HEAD>

<BODY bgcolor="#ffffff">
<a name="page_1"></a><a name="_bclPageBorder1"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p style="margin:0in;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Item G.1.b.i - Material
amendments to organizational documents</font></b></p>

<p style="margin:0in;"><font face=arial,sans-serif lang=EN-US style="font-size:15.0pt;">&nbsp;</font></p>

<p align=center style="margin:0in;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:13.0pt;">AMENDMENT NO. 4, DATED AS OF OCTOBER 25, 2023, TO
DECLARATION OF TRUST OF TEKLA LIFE SCIENCES INVESTORS</font></b></p>

<p style="margin:0in;margin-top:.2pt;"><b><font face="Times New Roman" lang=EN-US style="font-size:13.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:13.0pt;">WHEREAS, Tekla Life Sciences
Investors (the &#8220;Trust&#8221;) is a Massachusetts business trust established and
existing pursuant to the Declaration of Trust made on February 20, 1992, and
amended by Amendment No. 1 dated as of March 16 1992, Amendment No. 2 dated as
of May 3, 2011 and Amendment No. 3 dated as of September 30, 2014 (the &#8220;Declaration
of Trust&#8221;);</font></p>

<p style="margin:0in;text-align:justify;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:13.0pt;">&nbsp;</font></p>

<p style="margin:0in;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:13.0pt;">WHEREAS, the trustees of the
Trust (the &#8220;Trustees&#8221;) have determined that the Declaration of Trust should be
amended to change the name of the Trust as hereinafter set forth (the &#8220;Amendment&#8221;);</font></p>

<p style="margin:0in;text-align:justify;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:13.0pt;">&nbsp;</font></p>

<p style="margin:0in;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:13.0pt;">WHEREAS, pursuant to Section
8.3 of the Declaration of Trust, the Trustees may amend the Declaration of
Trust to change the name of the Trust without the vote or consent of the
Shareholders;</font></p>

<p style="margin:0in;text-align:justify;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:13.0pt;">&nbsp;</font></p>

<p style="margin:0in;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:13.0pt;">NOW, THEREFORE, IT IS agreed
as follows:</font></p>

<p style="margin:0in;text-align:justify;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:13.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:13.0pt;">1.</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" lang=EN-US style="font-size:13.0pt;">Amendment to the Declaration of
Trust</font></u><font face="Times New Roman" lang=EN-US style="font-size:13.0pt;">. Section 1.1 of the Declaration
of Trust is hereby amended to delete the name &#8220;Tekla Life Sciences Investors&#8221;
and insert the name &#8220;abrdn Life Sciences Investors&#8221; such that Section 1.1 shall
read in its entirety as follows:</font></p>

<p style="margin:0in;text-align:justify;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:13.0pt;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><u><font face="Times New Roman" lang=EN-US style="font-size:13.0pt;">Section
1.1</font></u><font face="Times New Roman" lang=EN-US style="font-size:13.0pt;">&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:13.0pt;">Name</font></u><font face="Times New Roman" lang=EN-US style="font-size:13.0pt;">. The name of the
Trust created hereby is &#8220;abrdn Life Sciences Investors&#8221;.</font></p>

<p style="margin:0in;text-align:justify;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:13.0pt;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:13.0pt;">2.</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" lang=EN-US style="font-size:13.0pt;">Defined Terms: Confirmation of
Other Terms of the Declaration of Trust</font></u><font face="Times New Roman" lang=EN-US style="font-size:13.0pt;">.
Any capitalized or other term used herein and not defined herein, but which is
defined in the Declaration of Trust, shall have the meaning assigned to it in
the Declaration of Trust. The Declaration of Trust, as amended as provided
herein, is hereby confirmed as being in full force and effect in accordance
with its terms.</font></p>

<p style="margin:0in;text-align:justify;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:13.0pt;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:13.0pt;">3.</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" lang=EN-US style="font-size:13.0pt;">Effective Date</font></u><font face="Times New Roman" lang=EN-US style="font-size:13.0pt;">. This Amendment shall be effective as of close of
business on October 27, 2023. </font></p>

<p style="margin:0in;text-align:justify;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:13.0pt;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:13.0pt;">4.</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" lang=EN-US style="font-size:13.0pt;">Counterparts</font></u><font face="Times New Roman" lang=EN-US style="font-size:13.0pt;">. This instrument may be simultaneously executed in
several counterparts, each of which shall be deemed to be an original, and such
counterparts, together, shall constitute one and the same instrument, which
shall be sufficiently evidenced by any such original counterpart. To the extent
such instrument is signed and delivered by electronic transmission, it will be
treated in all manner and respects as an original agreement or instrument and
will be considered to have the same binding legal effect as if it were the
original signed version thereof delivered in person.</font></p>









</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_2"></a><a name="_bclPageBorder2"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">

<a name="_bclHeader2"></a><DIV>


<p style="margin:0in;"><font style=""><font face="Times New Roman" lang=EN-US style="font-size:1.0pt;line-height:5%;">D</font></font></p>


</DIV>
<p style="margin:0in;"><font face=arial,sans-serif lang=EN-US style="font-size:15.0pt;">&nbsp;</font></p>

<p style="margin:0in;"><font face=arial,sans-serif lang=EN-US style="font-size:15.0pt;">&nbsp;</font></p>

<p style="margin:0in;"><font face=arial,sans-serif lang=EN-US style="font-size:15.0pt;">&nbsp;</font></p>

<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:13.0pt;">&nbsp;</font></p>

<p style="margin:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:13.0pt;">IN
WITNESS WHEREOF, the undersigned, being a majority of the Trustees of the
Trust, have executed this instrument as of the 27th day of October, 2023.</font></p>

<p style="margin:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:13.0pt;">&nbsp;</font></p>

<p style="margin:0in;text-align:justify;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:13.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; /</font><u><font face="Times New Roman" lang=EN-US style="font-size:13.0pt;">s/ Jeffrey A. Bailey</font></u><font face="Times New Roman" lang=EN-US style="font-size:13.0pt;">&#160;
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:13.0pt;">/s/ Daniel R. Omstead</font></u></p>

<p style="margin:0in;text-align:justify;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:13.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Jeffrey A. Bailey&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Daniel
R. Omstead, Ph.D.</font></p>

<p style="margin:0in;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:13.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;</font></p>

<p style="margin:0in;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:13.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:13.0pt;">/s/
Kathleen L. Goetz</font></u><font face="Times New Roman" lang=EN-US style="font-size:13.0pt;">  &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:13.0pt;">/s/ W. Mark Watson</font></u></p>

<p style="margin:0in;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:13.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Kathleen L.
Goetz&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; W. Mark Watson</font></p>

<p style="margin:0in;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:13.0pt;">&nbsp;</font></p>

<p style="margin:0in;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:13.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:13.0pt;">/s/ Rakesh
K. Jain&#160;&#160;&#160;&#160; </font></u></p>

<p style="margin:0in;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:13.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Rakesh K.
Jain, Ph.D</font></p>

<p style="margin:0in;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:13.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></p>

<p style="margin:0in;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:13.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; /</font><u><font face="Times New Roman" lang=EN-US style="font-size:13.0pt;">s/
Thomas M. Kent</font></u><font face="Times New Roman" lang=EN-US style="font-size:13.0pt;">&#160;&#160;  &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></p>

<p style="margin:0in;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:13.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Thomas M.
Kent&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></p>

<p style="margin:0in;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:13.0pt;">&nbsp;</font></p>

<p style="margin:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:13.0pt;">&nbsp;</font></p>




</DIV>
</BODY>

</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>ITEM 405 REG S-K
<SEQUENCE>3
<FILENAME>NCEN_811-06565_18338061_0924.htm
<TEXT>

<HTML>
<HEAD>
   <TITLE>hqlitemg1biv.htm - Generated by SEC Publisher for SEC Filing</TITLE>
</HEAD>

<BODY bgcolor="#ffffff">
<a name="page_1"></a><a name="_bclPageBorder1"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p style="background:white;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Item G.1.b.iv.&nbsp; Information called for by Item 405 of
Regulation S-K:</font></b></p>

<p style="background:white;margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Delinquent
Section&nbsp;16(a) Reports</font></b></p>

<p style="background:white;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Section 16(a) of
the 1934 Act and Section 30(h) of the 1940 Act, as applied to the Fund, require
the Fund's officers and Trustees, certain officers and directors of the
investment advisers, affiliates of the investment advisers, and persons who
beneficially own more than 10% of the Fund's outstanding securities to
electronically file reports of ownership of the Fund's securities and changes
in such ownership with the SEC and the NYSE.</font></p>

<p style="margin-left:0in;margin-right:0in;"><font color=black face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Based solely on the Fund&#8217;s review
of such forms filed on EDGAR or written representations from Reporting Persons
that all reportable transactions were reported, to the knowledge of the Fund,
during the fiscal year ended September 30, 2024, the Fund&#8217;s Reporting Persons
timely filed all reports they were required to file under Section 16(a), except
that, due to an administrative oversight of the Adviser, a Form 4 filing for the
Fund was submitted one day late for Kathleen Goetz, a Trustee of the Fund, with
respect to the open-market purchase of Fund shares.</font></p>

<p style="margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Aptos,sans-serif lang=EN-US style="font-size:12.0pt;line-height:115%;">&nbsp;</font></p>




</DIV>
</BODY>

</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>INTERNAL CONTROL RPT
<SEQUENCE>4
<FILENAME>NCEN_811-06565_84958532_0924.htm
<TEXT>

<HTML>
<HEAD>
   <TITLE>hqlncen.htm - Generated by SEC Publisher for SEC Filing</TITLE>
</HEAD>

<BODY bgcolor="#ffffff">
<a name="page_1"></a><a name="_bclPageBorder1"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">

<a name="_bclHeader1"></a><DIV>


<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:28.65pt;">
  <td valign=top width=26% style="height:28.65pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;"><font face="Univers 45 Light" lang=DE style="font-size:8.0pt;line-height:9.5pt;">&nbsp;</font></p>
  </td>
 <td colspan=3 valign=top width=74% style="height:28.65pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;"><font face="Univers 45 Light" lang=DE style="font-size:8.0pt;line-height:9.5pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="">
  <td rowspan=3 valign=top width=26% style="height:88.7pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;"><font style=""><font face="Univers 45 Light" style="font-size:10.0pt;line-height:9.5pt;">&nbsp;</font></font></p>
  </td>
 <td colspan=3 width=74.000000%>
  &nbsp;</td>
 </tr>
<tr style="">
  <td valign=top width=33.299999% style="padding:0in 0in 0in 0in;">
    <p style="margin:0in;page-break-after:avoid;"><font style=""><font face=Arial,sans-serif style="font-size:8.0pt;font-style:normal;font-weight:normal;">KPMG LLP</font></font></p>
    <p style="margin:0in;page-break-after:avoid;"><font style=""><font face=Arial,sans-serif style="font-size:8.0pt;font-style:normal;font-weight:normal;">Suite 500<br>
    191 West Nationwide Blvd.<br>
    Columbus, OH 43215-2568</font></font></p>
    </td>
 <td valign=top width=23.680002% style="padding:0in 0in 0in 0in;">
    <p style="margin:0in;page-break-after:avoid;"><font style=""><font face=Arial,sans-serif style="font-size:8.0pt;font-style:normal;font-weight:normal;">&nbsp;</font></font></p>
    <p style="margin:0in;page-break-after:avoid;"><font style=""><font face=Arial,sans-serif style="font-size:8.0pt;font-style:normal;font-weight:normal;">&nbsp;</font></font></p>
    </td>
 <td valign=top width=17.019999% style="padding:0in 0in 0in 0in;">
    <p style="margin:0in;page-break-after:avoid;"><font style=""><font face=Arial,sans-serif style="font-size:8.0pt;font-style:normal;font-weight:normal;">&nbsp;</font></font></p>
    </td>
 </tr>
<tr>
  <td colspan=3 width=74.000000%>
  <p style="margin:0in;"><font style=""></font></p>
  </td>
 </tr>
</table></div>

<p style="margin-bottom:0in;margin-left:35.45pt;margin-right:0in;margin-top:0in;text-indent:-35.45pt;"><font style=""><font color=white face=Aptos,sans-serif lang=EN-US style="font-size:1.0pt;line-height:1.0pt;">&nbsp;</font></font></p>


</DIV>
<p align=center style="margin-bottom:4.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="Aptos Display,sans-serif" lang=EN-US style="font-size:14.0pt;font-style:normal;font-weight:normal;letter-spacing:-.5pt;">Report of
Independent Registered Public Accounting Firm</font></p>

<p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;font-style:normal;font-weight:normal;line-height:12.0pt;">To the Shareholders and Board of
Trustees<br>
abrdn Life Sciences Investors:</font></p>

<p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;font-style:normal;font-weight:normal;line-height:12.0pt;">In planning and performing our audit
of the financial statements of abrdn Life Sciences Investors (the Fund) as of
and for the year ended September 30, 2024, in accordance with the standards of
the Public Company Accounting Oversight Board (United States), we considered
the Fund's internal control over financial reporting, including controls over
safeguarding securities, as a basis for designing our auditing procedures for
the purpose of expressing our opinion on the financial statements and to comply
with the requirements of Form N-CEN, but not for the purpose of expressing an
opinion on the effectiveness of the Fund's internal control over financial
reporting. Accordingly, we express no such opinion.</font></p>

<p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;font-style:normal;font-weight:normal;line-height:12.0pt;">Management of the Fund is responsible
for establishing and maintaining effective internal control over financial
reporting. In fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefits and related costs of
controls. A company's internal control over financial reporting is a process
designed 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. A company's internal
control over financial reporting includes those policies and procedures that
(1) pertain to the maintenance of records that, in reasonable detail,
accurately and fairly reflect the transactions and dispositions of the assets
of the company; (2) provide reasonable assurance that transactions are recorded
as necessary to permit preparation of financial statements in accordance with
generally accepted accounting principles, and that receipts and expenditures of
the company are being made only in accordance with authorizations of management
and directors of the company; and (3) provide reasonable assurance regarding
prevention or timely detection of unauthorized acquisition, use, or disposition
of the company's assets that could have a material effect on the financial
statements.</font></p>

<p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;font-style:normal;font-weight:normal;line-height:12.0pt;">Because of its inherent limitations,
internal control over financial reporting may not prevent or detect
misstatements. Also, projections of any evaluation of effectiveness to future
periods are subject to the risk that controls may become inadequate because of
changes in conditions, or that the degree of compliance with the policies or
procedures may deteriorate.</font></p>

<p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;font-style:normal;font-weight:normal;line-height:12.0pt;">A deficiency in internal control over
financial reporting exists when the design or operation of a control does not
allow management or employees, in the normal course of performing their
assigned functions, to prevent or detect misstatements on a timely basis. A
material weakness is a deficiency, or a combination of deficiencies, in
internal control over financial reporting, such that there is a reasonable
possibility that a material misstatement of the company&#8217;s annual or interim
financial statements will not be prevented or detected on a timely basis.</font></p>

<p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;font-style:normal;font-weight:normal;line-height:12.0pt;">Our consideration of the Fund's
internal control over financial reporting was for the limited purpose described
in the first paragraph and would not necessarily disclose all deficiencies in
internal control that might be material weaknesses under standards established
by the Public Company Accounting Oversight Board (United States). However, we
noted no deficiencies in the Fund's internal control over financial reporting
and its operation, including controls over safeguarding securities, that we
consider to be a material weakness as defined above as of September 30, 2024.</font></p>


<a name="_bclFooter1"></a><DIV>


<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border:none;border-collapse:collapse;width:100%;">
 <tr style="">
  <td rowspan=3 valign=top width=25% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;"><font color=#7F7F7F face="Univers 45 Light" style="font-size:5.5pt;line-height:6.5pt;">&nbsp;</font></p>
  </td>
 <td colspan=1 width=75.000000%>
  &nbsp;</td>
 </tr>
<tr style="">
  <td valign=top width=75.000000% style="padding:0in 0in 0in 0in;">
    <p style="margin:0in;"><font style=""><font face=Arial,sans-serif style="font-size:5.5pt;font-style:normal;font-weight:normal;line-height:6.0pt;">KPMG LLP, a Delaware limited liability
    partnership and a member firm of<br>
    the KPMG global organization of independent member firms affiliated with</font></font></p>
    <p style="margin:0in;"><font style=""><font face=Arial,sans-serif style="font-size:5.5pt;font-style:normal;font-weight:normal;line-height:6.0pt;">KPMG International Limited, a private
    English company limited by guarantee.</font></font></p>
    </td>
 </tr>
<tr>
  <td colspan=1 width=75.000000%>

  </td>
 </tr>
</table></div>

<p style="margin:0in;"><font style=""><font color=#7F7F7F face="Univers 45 Light" lang=EN-US style="font-size:5.5pt;line-height:1.0pt;">&nbsp;</font></font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_2"></a><a name="_bclPageBorder2"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;font-style:normal;font-weight:normal;line-height:12.0pt;">This report is intended solely for the information and use of
the management and the Board of Trustees of abrdn Life Sciences Investors and
the Securities and Exchange Commission and is not intended to be and should not
be used by anyone other than these specified parties.</font></p>

<p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;font-style:normal;font-weight:normal;line-height:12.0pt;">&nbsp;</font></p>

<p align=center style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;font-style:normal;font-weight:normal;line-height:12.0pt;">/s/ KPMG LLP</font></p>

<p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;font-style:normal;font-weight:normal;line-height:12.0pt;">Columbus,
Ohio<br>
November 29, 2024</font></p>

<p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:12.0pt;">&nbsp;</font></p>

<p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:12.0pt;">&nbsp;</font></p>




<a name="_bclFooter2"></a><DIV>


<p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="display:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:12.0pt;"></font></font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:12.0pt;">2</font><font style="display:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:12.0pt;"></font></font></p>

<p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:12.0pt;">&nbsp;</font></p>


</DIV>
</DIV>
</BODY>

</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>ADVISORY CONTRACTS
<SEQUENCE>5
<FILENAME>NCEN_811-06565_91299306_0924.htm
<TEXT>

<HTML>
<HEAD>
   <TITLE>hqlitemg1biii.htm - Generated by SEC Publisher for SEC Filing</TITLE>
</HEAD>

<BODY bgcolor="#ffffff">
<a name="page_1"></a><a name="_bclPageBorder1"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">Item
G.1.b.iii - New or amended investment advisory contracts</font></b></p>

<p align=right style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">Execution
Version</font></b></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></b></p>

<p align=center style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">ABRDN
LIFE SCIENCES INVESTORS</font></b></p>

<p align=center style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><u><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">INVESTMENT
ADVISORY AGREEMENT</font></u></b></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></b></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">THIS INVESTMENT
ADVISORY AGREEMENT, dated as of October 27, 2023, between ABRDN LIFE SCIENCES
INVESTORS (formerly, TEKLA LIFE SCIENCES INVESTORS), a Massachusetts business
trust (the &#8220;Fund&#8221;), and ABRDN INC., a Delaware corporation (the &#8220;Investment
Adviser&#8221;).</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<p align=center style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face="times new roman" lang=PT-BR style="font-size:10.0pt;line-height:normal;">W I T N E S S E T H:</font></b></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=PT-BR style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">That in
consideration of the mutual covenants herein contained, it is agreed as
follows:</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:81.05pt;margin-right:0in;margin-top:0in;text-indent:-40.1pt;"><b><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">1.</font></b><b><font face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font></b><b><u><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">Services
To Be Rendered by the Investment Adviser to the Fund</font></u></b><b><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">.</font></b></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></b></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">Subject to the
supervision and direction of the Board of Trustees of the Fund, the Investment
Adviser</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">will:</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:41.0pt;margin-right:0in;margin-top:0in;text-indent:-.55in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">a.</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">act
in strict conformity with the Fund&#8217;s Declaration of Trust, the Investment
Company Act of 1940 (the &#8220;1940 Act&#8221;) and the Investment Advisers Act of 1940,
as the same may from time to time be amended;</font></p>

<p style="margin-bottom:0in;margin-left:41.0pt;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:41.0pt;margin-right:0in;margin-top:0in;text-indent:-.55in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">b.</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">manage
the portfolio in accordance with the Fund&#8217;s investment objective and policies
as stated in the Fund&#8217;s Prospectus;</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:41.0pt;margin-right:0in;margin-top:0in;text-indent:-.55in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">c.</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">make
investment decisions for the Fund;</font></p>

<p style="margin-bottom:0in;margin-left:41.0pt;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:41.0pt;margin-right:0in;margin-top:0in;text-indent:-.55in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">d.</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">place
purchase and sale orders for portfolio transactions for the Fund;</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:41.0pt;margin-right:0in;margin-top:0in;text-indent:-.55in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">e.</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">supply
the Fund with office facilities (which may be in the Investment Adviser&#8217;s own
offices), statistical and research data, data processing services, clerical,
internal executive and administrative services, and stationery and office
supplies;</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:41.0pt;margin-right:0in;margin-top:0in;text-indent:-.55in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">f.</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">supply
or direct and supervise a third party administrator and/or custodian in the
provision to the Fund of accounting and bookkeeping services, the calculation
of the net asset value of shares of the Fund, and the management of the Fund&#8217;s
administrative affairs; and</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:41.0pt;margin-right:0in;margin-top:0in;text-indent:-.55in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">g.</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">prepare
or supervise and direct a third party administrator and/or custodian in the
preparation of reports to shareholders of the Fund, tax returns and reports to
and filings with the Securities and Exchange Commission (&#8220;SEC&#8221;) and state Blue
Sky authorities.</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">In providing these
services, the Investment Adviser will provide investment research and
supervision of the Fund&#8217;s investments and conduct a continual program of
investment, evaluation and, if appropriate, sale and reinvestment of the Fund&#8217;s
assets. In addition, the Investment Adviser will furnish the Fund with whatever
statistical information the Fund may reasonably request with respect to the
securities that the Fund may hold or contemplate purchasing.</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:81.05pt;margin-right:0in;margin-top:0in;text-indent:-40.1pt;"><b><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">2.</font></b><b><font face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font></b><b><u><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">Brokerage</font></u></b><b><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">.</font></b></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></b></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">In executing
transactions for the Fund and selecting brokers or dealers (which brokers or
dealers may include any affiliate of the Investment Adviser to the extent
permitted by the 1940 Act) the Investment Adviser will use its best efforts to
obtain the best price and execution for the Fund. In assessing the best price
and execution available for any portfolio transaction, the Investment Adviser
will consider all factors it deems relevant including, but not limited to,
price (including any applicable brokerage commission or dealer spread), size of
order, difficulty of execution, and operational facilities of the firm involved
and the firm&#8217;s risk in positioning a block of securities. In selecting brokers
or dealers to execute a particular transaction and in evaluating the best price
and execution available, the Investment Adviser may consider the brokerage and
research services (as those terms are defined in Section 28(e) of the
Securities Exchange Act of 1934 (the &#8220;Exchange Act&#8221;)) provided to the Fund and/or
other accounts over which the Investment Adviser exercises investment
discretion. It is understood that such services may be useful to the Investment
Adviser in connection with its services to other clients.</font></p>









</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_2"></a><a name="_bclPageBorder2"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">On
occasions when the Investment Adviser deems the purchase or sale of a security
to be in the best interest of the Fund as well as other clients, the Investment
Adviser, to the extent permitted by applicable laws and regulations, may, but
shall be under no obligation to, aggregate the securities to be sold or
purchased in order to obtain the most favorable price or lower brokerage
commissions and efficient execution. In such event, allocation of the
securities so purchased or sold, as well as the expenses incurred in the
transaction, will be made by the Investment Adviser in the manner it considers
to be the most equitable and consistent with its fiduciary obligations to the
Fund and to such other clients.</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:81.05pt;margin-right:0in;margin-top:0in;text-indent:-40.1pt;"><b><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">3.</font></b><b><font face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font></b><b><u><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">Other
Agreements; Use of Name, Etc.</font></u></b></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></b></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">It is understood
that any of the shareholders, Trustees, officers, agents and employees of the
Fund may be a shareholder, director, officer, agent or employee of or be
otherwise interested in the Investment Adviser and in any affiliate thereof
with the Investment Adviser and that the Investment Adviser and any affiliate
thereof with the Investment Adviser may have an interest in the Fund. It is
also understood that the Investment Adviser and persons affiliated with the
Investment Adviser have and may have advisory, management, service or other
contracts with other organizations and persons, and may have other interests
and businesses and that the Fund shall have no interest in the profits or
opportunities derived from the same, that the Investment Adviser may give
advice and take action in the performance of its duties with respect to such
other clients that may differ from advice given on the timing or nature of
action taken with respect to the Fund. Nothing in this Agreement shall be
deemed to confer upon the Investment Adviser any obligation to acquire for the
account of the Fund a position in any security that the Investment Adviser or
any affiliate thereof may acquire for its own account or for the account of any
other client, if in the sole and absolute discretion of the Investment Adviser
it is not for any reason practical or desirable to acquire a position in such
security for the Fund&#8217;s account.</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">The Investment
Adviser shall authorize and permit any of its officers, directors and employees
who may be elected as Trustees or officers of the Fund to serve in the
capacities in which they are elected. Services to be furnished by the
Investment Adviser under this Agreement may be furnished through the medium of
any of such officers, directors or employees.</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:81.05pt;margin-right:0in;margin-top:0in;text-indent:-40.1pt;"><b><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">4.</font></b><b><font face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font></b><b><u><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">Compensation</font></u></b><b><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">.</font></b></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">The Fund will pay
to the Investment Adviser as compensation for the Investment Adviser&#8217;s services
rendered a fee, computed monthly, equal when annualized to (1) 2.5% of the
average net assets for such month of its venture capital and other restricted
securities constituting up to 25% of net assets and (2) the percentage that
corresponds to the fee table below of the average net assets for such month of
all other assets (&#8220;Other Assets&#8221;); provided that in no event shall such monthly
fee when annualized exceed 1.36% of the average net assets of the Fund for such
month.</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:8.0pt;margin-left:0in;margin-right:142.9pt;margin-top:0in;"><b><font face="times new roman" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:115%;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
Annualized</font></b></p>

<p style="margin-bottom:8.0pt;margin-left:0in;margin-right:142.9pt;margin-top:0in;"><b><u><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:115%;">Value of Other
Assets</font></u></b><b><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:115%;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><u><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:115%;">Fee Rate</font></u></b></p>

<p style="margin:0in;"><font color=black face="Times New Roman" lang=EN-US style="background:#ccedff;font-size:10.0pt;">$250,000,000
or less&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160;0.98%</font></p>

<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">$250,000,001</font><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;letter-spacing:-.3pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">to</font><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;letter-spacing:-.25pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;">$500,000,000</font><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;letter-spacing:-.2pt;">0.88%</font></p>

<p style="margin:0in;"><font color=black face="Times New Roman" lang=EN-US style="background:#ccedff;font-size:10.0pt;">$500,000,001</font><font color=black face="Times New Roman" lang=EN-US style="background:#ccedff;font-size:10.0pt;letter-spacing:-.3pt;"> </font><font color=black face="Times New Roman" lang=EN-US style="background:#ccedff;font-size:10.0pt;">to</font><font color=black face="Times New Roman" lang=EN-US style="background:#ccedff;font-size:10.0pt;letter-spacing:-.25pt;"> </font><font color=black face="Times New Roman" lang=EN-US style="background:#ccedff;font-size:10.0pt;letter-spacing:-.1pt;">$1,000,000,000</font><font color=black face="Times New Roman" lang=EN-US style="background:#ccedff;font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font color=black face="Times New Roman" lang=EN-US style="background:#ccedff;font-size:10.0pt;letter-spacing:-.2pt;">0.80%</font></p>

<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">In</font><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">excess</font><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">of</font><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;">
$1,000,000,000</font><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;letter-spacing:-.2pt;">0.7%</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">For purposes of
this section, &#8220;average net assets&#8221; for any month shall be equal to the average
of the net asset value of the appropriate assets at the last business day of
such month and the net asset value of the appropriate assets at the last
business day of the prior month. In determining average net assets for purposes
of clauses (1) and (2) above, liabilities and expenses of the Fund shall be
allocated pro rata based on the ratio that the assets referred to in each
clause bear to the total assets of the Fund. Such fee shall be payable for each
month within five business days after the end of such month.</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">For purposes of
this Section 4, &#8220;venture capital and other restricted securities&#8221; shall be
securities of issuers for which no market quotations are readily available and
securities of companies for which market quotations are readily available but
which are subject to legal or contractual restrictions on resale. Securities of
companies for which public information is available but as to sale of which the
safe harbor provided by Rule 144(k) is not available shall be considered to be
subject to legal or contractual restrictions on resale.</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">In the event that
expenses of the Fund for any fiscal year should exceed the expense limitation
on investment company expenses imposed by any statute or regulatory authority
of any jurisdiction in which shares of the Fund are qualified for offer and
sale, the compensation due the Investment Adviser for such fiscal year shall be
reduced by the amount of such excess by a reduction or refund thereof. In the
event that the expenses of the Fund exceed any expense limitation which the
Investment Adviser may, by written notice to the Fund, voluntarily declare to
be effective subject to such terms and conditions as the Investment Adviser may
prescribe in such notice, the compensation due the Investment Adviser shall be
reduced and if necessary the Investment Adviser shall assume expenses of the
Fund, to the extent required by such </font><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">expense
limitation. In no event shall the provisions of this Section 4 require the
Investment Adviser to reduce its fee if not so required by an applicable
statute or regulatory authority.</font></p>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_3"></a><a name="_bclPageBorder3"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">


<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">If the Investment
Adviser shall serve for less than the whole of a month, the foregoing
compensation shall be pro rated.</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:81.05pt;margin-right:0in;margin-top:0in;text-indent:-40.1pt;"><b><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">5.</font></b><b><font face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font></b><b><u><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">Expenses</font></u></b><b><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">.</font></b></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">The Investment
Adviser will bear all expenses in connection with the performance of its
services under this Agreement, including compensation of and office space for
officers and employees of the Fund connected with investment and economic
research, trading and investment management of the Fund, as well as the fees of
all Trustees of the Fund who are &#8220;affiliated persons&#8221; of the Investment
Adviser, as that term is defined in the 1940 Act, or any of its &#8220;affiliated
persons&#8221;.</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">The Fund shall pay
(or, in the event that such expenses are paid by the Investment Adviser, shall
reimburse the Investment Adviser for) all other expenses incurred in the
organization and operation of the Fund including, among other things, expenses
for legal and auditing services, costs of printing proxy statements,
prospectuses, stock certificates and shareholder reports, charges of the
custodian, any sub-custodian and transfer agent, expenses in connection with
the Dividend Reinvestment and Cash Purchase Plan, SEC and Financial Industry
Regulatory Authority (&#8220;FINRA&#8221;) fees, fees and expenses of the Trustees who are
not &#8220;affiliated persons&#8221; of the Investment Adviser or any of its &#8220;affiliated
persons&#8221;, accounting and valuation costs, administrator&#8217;s fees, membership fees
in trade associations, fidelity bond coverage for the Fund&#8217;s officers and
employees, errors and omissions insurance coverage for Trustees and officers,
interest, brokerage costs, taxes, stock exchange listing fees and expenses,
expenses of qualifying the Fund&#8217;s shares for sale in various states, expenses
associated with personnel performing exclusively shareholder servicing
functions, certain other organization expenses, litigation and other
extraordinary or non-recurring expenses, and other expenses properly payable by
the Fund.</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:81.05pt;margin-right:0in;margin-top:0in;text-indent:-40.1pt;"><b><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">6.</font></b><b><font face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font></b><b><u><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">Assignment
Terminates This Agreement; Amendments of This Agreement</font></u></b><b><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">.</font></b></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></b></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">This Agreement
shall automatically terminate, without the payment of any penalty in the event
of its assignment, and this Agreement shall not be amended unless such
amendment is approved at a meeting by the affirmative vote of a majority of the
outstanding shares of the Fund, and by vote cast in person at a meeting called
for the purpose of voting on such approval, of a majority of the Trustees of
the Fund who are not interested persons of the Fund or of the Investment
Adviser.</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:81.05pt;margin-right:0in;margin-top:0in;text-indent:-40.1pt;"><b><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">7.</font></b><b><font face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font></b><b><u><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">Effective
Period and Termination of This Agreement</font></u></b><b><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">.</font></b></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></b></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">This Agreement
shall become effective as of the date first written above and shall remain in
full force and effect for an initial two-year term and continuously thereafter
so long as such continuance is specifically approved at least annually (a) by
the vote of a majority of the Trustees who are not parties to this Agreement or
interested persons of any such party, cast in person at a meeting called for
the purpose of voting on such approval, and (b) by the Board of Trustees of the
Fund or by vote of a majority of the outstanding voting securities of the Fund.
This Agreement shall automatically terminate, without the payment of any
penalty, in the event of its assignment. Either party hereto may at any time
terminate this Agreement without the payment of any penalty by not less than
thirty (30) days&#8217; nor more than sixty (60) days&#8217; written notice delivered or
mailed by registered mail, postage prepaid, to the other party. Action by the
Fund to terminate this Agreement may be taken either by (i) vote of a majority
of its Trustees, or (ii) by the affirmative vote of a majority of the
outstanding shares of the Fund.</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:81.05pt;margin-right:0in;margin-top:0in;text-indent:-40.1pt;"><b><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">8.</font></b><b><font face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font></b><b><u><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">Certain
Definitions</font></u></b><b><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">.</font></b></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">For the purposes
of this Agreement, the &#8220;affirmative vote of a majority of outstanding shares of
the Fund&#8221; means the affirmative vote, at a duly called and held meeting of
shareholders of the Fund, (a) of the holders of 67% or more of the shares of
the Fund present (in person or by proxy) and entitled to vote at such meeting,
if the holders of more than 50% of the outstanding shares of the Fund entitled
to vote at such meeting are present in person or by proxy, or (b) of the
holders of more than 50% of the outstanding shares of the Fund entitled to vote
at such meeting, whichever is less.</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">For the purposes
of this Agreement, the terms &#8220;affiliated person&#8221;, &#8220;control&#8221;, &#8220;interested
person&#8221; and &#8220;assignment&#8221; shall have their respective meanings as defined in the
1940 Act and the Rules and Regulations thereunder, subject, however to such
exemptions as may be granted by the SEC under said Act; the term &#8220;specifically
approve at least annually&#8221; shall be construed in a manner consistent with the
1940 Act and the Rules and Regulations thereunder; and the term &#8220;brokerage and
research services&#8221; shall have the meaning given in the Exchange Act and the
Rules and Regulations thereunder.</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:81.05pt;margin-right:0in;margin-top:0in;text-indent:-40.1pt;"><b><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">9.</font></b><b><font face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font></b><b><u><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">Non-liability
of the Investment Adviser</font></u></b><b><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">.</font></b></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></b></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">The Investment
Adviser shall not be held responsible for any loss incurred by any act or
omission of any broker. The Investment Adviser also shall not be liable to the
Fund or to any shareholder of the Fund for any error or judgment or for </font><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">any loss suffered by the Fund in connection with rendering
services hereunder except (a) a loss resulting from a breach of fiduciary duty
with respect to the receipt of compensation for services (in which case any
award of damages shall be limited to the period and the amount set forth in Section
36(b)(3) of the 1940 Act) or (b) a loss resulting from willful misfeasance, bad
faith or gross negligence on the part of the Investment Adviser, or reckless
disregard of its obligations and duties hereunder. Subject to the foregoing,
the Fund also shall indemnify the Investment Adviser, and any officer, director
and employee thereof to the maximum extent permitted by Article V of the Fund&#8217;s
Declaration of Trust.</font></p>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_4"></a><a name="_bclPageBorder4"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">


<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:81.05pt;margin-right:0in;margin-top:0in;text-indent:-40.1pt;"><b><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">10.</font></b><b><font face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font></b><b><u><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">Limitation
of Liability of the Trustees and Shareholders</font></u></b><b><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">.</font></b></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></b></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">A copy of the
Declaration of Trust of the Fund is on file with the Secretary of the
Commonwealth of Massachusetts, and notice is hereby given that this instrument
is executed on behalf of the Trustees of the Fund as Trustees and not
individually and that the obligations of this instrument are not binding upon
any of the Trustees or shareholders individually but are binding only upon the
assets and property of the Fund.</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:81.05pt;margin-right:0in;margin-top:0in;text-indent:-40.1pt;"><b><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">11.</font></b><b><font face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font></b><b><u><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">Furnishing
of Materials</font></u></b><b><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">.</font></b></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></b></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">During the term of
this Agreement, the Fund agrees to furnish the Investment Adviser at its
principal executive office all prospectuses, proxy statements, report to
shareholders, sales literature, or other material prepared for distribution to
shareholders of the Fund or the public, which refer to the Investment Adviser
in any way, prior to use thereof and not to use such material if the Investment
Adviser reasonably objects in writing within five business days (or such other
time as may be mutually agreed) after receipt thereof. In the event of
termination of this Agreement, the Fund will continue to furnish to the
Investment Adviser copies of any of the above-mentioned materials which refer
in any way to the Investment Adviser. The Fund shall furnish or otherwise make
available to the Investment Adviser such other information relating to the
business affairs of the Fund as the Investment Adviser at any time, or from
time to time, reasonably requests in order to discharge its obligations
hereunder.</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:81.05pt;margin-right:0in;margin-top:0in;text-indent:-40.1pt;"><b><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">12.</font></b><b><font face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font></b><b><u><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">Governing
Law</font></u></b><b><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">.</font></b></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">This Agreement
shall be governed by and construed in accordance with the laws of the
Commonwealth of Massachusetts.</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<p align=center style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">[Remainder
of page intentionally left blank]</font></p>









</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_5"></a><a name="_bclPageBorder5"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">IN
WITNESS WHEREOF, abrdn Life Sciences Investors and the Investment Adviser have
each caused this instrument to be signed in duplicate on its behalf by its
President or other officer thereunto duly authorized, all as of the date first
hereinabove written.</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">ABRDN LIFE
SCIENCES INVESTORS</font></b></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></b></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">By:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; /s/
Lucia Sitar</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">____________________________</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">Name: Lucia Sitar</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">Title: Vice
President</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></b></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></b></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></b></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">ABRDN INC.</font></b></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></b></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></b></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">By:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">____________________________</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">Name: Jennifer
Nichols</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">Title: Director
and Vice President</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>


</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_6"></a><a name="_bclPageBorder6"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">[Signature Page to
HQL abrdn Advisory Agreement]</font></p>









</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_7"></a><a name="_bclPageBorder7"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">IN
WITNESS WHEREOF, abrdn Life Sciences Investors and the Investment Adviser have
each caused this instrument to be signed in duplicate on its behalf by its
President or other officer thereunto duly authorized, all as of the date first
hereinabove written.</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">ABRDN LIFE
SCIENCES INVESTORS</font></b></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></b></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></b></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">By:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">____________________________</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">Name: Lucia Sitar</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">Title: Vice
President</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></b></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></b></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></b></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">ABRDN INC.</font></b></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></b></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></b></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">By:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; /s/
Jennifer Nichols</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">____________________________</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">Name: Jennifer
Nichols</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">Title: Director
and Vice President</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">[Signature Page to
HQL abrdn Advisory Agreement]</font></p>




</DIV>
</BODY>

</HTML>

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
