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Form N-CSRS abrdn Healthcare Opportu For: Mar 31

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June 8, 2026 4:07 PM EDT

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM N-CSR

 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

 

Investment Company Act file number: 811-22955
   
Exact name of registrant as specified in charter: abrdn Healthcare Opportunities Fund
   
Address of principal executive offices:

1900 Market Street, Suite 200

Philadelphia, PA 19103

   
Name and address of agent for service:

Sharon Ferrari

abrdn Inc.

1900 Market Street Suite 200

Philadelphia, PA 19103

   
Registrant’s telephone number, including area code: 1-800-522-5465
   
Date of fiscal year end: September 30
   
Date of reporting period: March 31, 2026

 

 

 

 

 

Item 1. Reports to Stockholders.

 

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

 

 

 

 
abrdn Healthcare Opportunities Fund (THQ)
Semi-Annual Report
March 31, 2026
aberdeeninvestments.com

 

Distribution Policy  (unaudited)
The Board of Trustees (the "Board") of the abrdn Healthcare Opportunities Fund (the "Fund") has authorized a stable distribution policy ("SDP") of paying monthly distributions at an annual rate set once a year. The Fund's current monthly distribution is set at a rate of $0.18 per share. The SDP is subject to regular review by the Board. The SDP seeks to provide investors with a distribution out of current income, supplemented by realized capital gains and, to the extent necessary, paid-in capital.
With each distribution, the Fund will issue a notice to shareholders and an accompanying press release which will provide detailed
information regarding the amount and estimated composition of the distribution and other information required by the Fund's SDP exemptive order. The Fund's Board may amend or terminate the SDP at any time without prior notice to shareholders; however, at this time, there are no reasonably foreseeable circumstances that might cause the termination of the SDP. You should not draw any conclusions about the Fund's investment performance from the amount of distributions or from the terms of the Fund's SDP.
 
Distribution Disclosure Classification  (unaudited)
The Fund’s policy is to provide investors with a stable distribution rate. Each monthly distribution will be paid out of current income, supplemented by realized capital gains and, to the extent necessary, paid-in capital.
The Fund is subject to U.S. corporate, tax and securities laws. Under U.S. tax rules, the amount applicable to the Fund and character of distributable income for each fiscal period depends on the actual exchange rates during the entire year between the U.S. Dollar and the currencies in which the Fund assets are denominated and on the aggregate gains and losses realized by the Fund during the entire year.
Therefore, the exact amount of distributable income for each fiscal year can only be determined as of the end of the Fund’s fiscal year, September 30. Under Section 19 of the Investment Company Act of 1940, as amended (the “1940 Act”), the Fund is required to indicate
the sources of certain distributions to shareholders. The estimated distribution composition may vary from month-to-month because it may be materially impacted by future income, expenses and realized gains and losses on securities and fluctuations in the value of the currencies in which Fund assets are denominated.
Based on generally accepted accounting principles in the United States of America ("U.S. GAAP"), the Fund estimates the distributions for the fiscal year commenced October 1, 2025 through the distributions declared on May 11, 2026 consisted of 36% net short-term realized gains, 44% net long-term realized gains and 20% tax return of capital.
In January 2027, a Form 1099-DIV will be sent to shareholders, which will state the final amount and composition of distributions and provide information with respect to their appropriate tax treatment for the 2026 calendar year.
 
abrdn Healthcare Opportunities Fund

 

Letter to Shareholders  (unaudited) 
Dear Shareholder,
We present the Semi-Annual Report, which covers the activities of abrdn Healthcare Opportunities Fund (the “Fund”), for the six-month period ended March 31, 2026. The Fund’s investment objective is to seek current income and long-term capital appreciation.
Total Investment Return1
For the six-month period ended March 31, 2026, the total return to shareholders of the Fund based on the net asset value (“NAV”) and market price of the Fund, respectively, compared to the Fund’s benchmark,  is as follows:
NAV2,3 3.15%
Market Price2 2.99%
80% S&P Composite 1500 Healthcare Index, 15% S&P 500 HealthCare Corporate Bond Index, 5% S&P Composite 1500 Health Care REITs Index4 5.14%
For more information about Fund performance, please visit the Fund on the web at www.aberdeenthq.com. Here, you can view quarterly commentary on the Fund's performance, monthly fact sheets, distribution and performance information, and other Fund literature.
NAV, Market Price and Premium(+)/Discount(-)
The below table represents a comparison between the current six-month period end and the prior fiscal year end of the Fund's market price to NAV and associated Premium(+) and Discount(-).
       
  NAV Closing
Market
Price 		Premium(+)/
Discount(-)
3/31/2026 $17.41 $16.80 -3.50%
9/30/2025 $17.89 $17.29 -3.35%
During the six-month period ended March 31, 2026, the Fund’s NAV was within a range of $16.86 to $19.78 and the Fund’s market price traded within a range of $16.35 to $20.21. During the six-month period ended March 31, 2026, the Fund’s shares traded within a range of a premium(+)/discount(-) of -4.42% to 4.34%.
Change in Non-Fundamental Investment Policy
The Fund's Board of Trustees approved, effective on or about January 28, 2026 (the "Effective Date"), to permit the Fund to employ leverage, both traditional and effective, up to the maximum extent permitted by the 1940 Act, and to eliminate the following non-fundamental investment policy:
"The Fund will not incur effective leverage (as such term is defined in this report) in an amount that exceeds 20% of its Managed Assets as measured at the time when leverage is incurred, except that effective leverage incurred through the use of covered calls will not be counted toward the Trust's limit on the use of effective leverage."
As of March 31, 2026, the Fund maintained a leverage ratio of 23.8% of managed Assets.
Stable Distribution Policy
The Fund has a stable distribution policy (the "Policy") that provides for monthly distributions at a rate set by the Board of Trustees (the "Board"). In December 2025, the Board determined the 2026 annual rate of distributions to be a stable rate of $0.18 per month commencing with the distribution payable in January 2026. Under the current Policy, the Fund intends to make monthly distributions at a rate of $0.18 per share to shareholders of record. This Policy will be subject to regular review by the Board. The distributions will be made from current income, supplemented by realized capital gains and, to the extent necessary, paid-in capital, which is a nontaxable return of capital.
On April 10, 2026 and May 11, 2026, the Fund announced that it will pay on April 30, 2026 and May 29, 2026 a distribution of $0.18 per share to all shareholders of record as of April 22, 2026 and May 21, 2026, respectively.
Distributions to common shareholders for the six-month period ended March 31, 2026 totaled $1.08 per share. Based on the market price of $16.80 on March 31, 2026, the annualized distribution rate was 12.9%. Based on the NAV of $17.41 on March 31, 2026 the annualized distribution rate was 12.41%.
 
{foots1}
1 Past performance is no guarantee of future results. Investment returns and principal value will fluctuate and shares, when sold, may be worth more or less than original cost. Current performance may be lower or higher than the performance quoted. NAV return data include investment management fees, custodial charges and administrative fees (such as Trustee and legal fees) and assumes the reinvestment of all distributions.
{foots1}
2 Assuming the reinvestment of dividends and distributions.
{foots1}
3 The Fund’s total return is based on the reported NAV for each financial reporting period end and may differ from what is reported on the Financial Highlights due to financial statement rounding or adjustments.
{foots1}
4 The S&P Composite 1500® Health Care Index is an unmanaged index that comprises those companies included in the S&P Composite 1500 that are classified as members of the GICS® Health Care sector. S&P 500® Health Care Corporate Bond Index, a subindex of the S&P 500 Bond Index, seeks to measure the performance of the U.S. corporate debt issued by constituents in the health care sector of the S&P 500. The S&P 500 Bond Index is designed to be a corporate-bond counterpart to the S&P 500. The S&P Composite 1500 Health Care REITs  Index comprises those companies included in the S&P Composite 1500 that are classified as members of the GICS Health Care REITs industry. Indexes are unmanaged and have been provided for comparison purposes only. No fees or expenses are reflected. You cannot invest directly in an index.
abrdn Healthcare Opportunities Fund 1

 

Letter to Shareholders  (unaudited)  (concluded)
The Fund is covered under exemptive relief received by the Fund’s investment manager from the U.S. Securities and Exchange Commission (“SEC”) that allows the Fund to distribute capital gains as frequently as monthly in any one taxable year.
Unclaimed Share Accounts
Please be advised that abandoned or unclaimed property laws for certain states require financial organizations to transfer (escheat) unclaimed property (including Fund shares) to the state. Each state has its own definition of unclaimed property, and Fund shares could be considered “unclaimed property” due to account inactivity (e.g., no owner-generated activity for a certain period), returned mail (e.g., when mail sent to a shareholder  is returned to the Fund's transfer agent as undeliverable), or a combination of both. If your Fund shares are categorized as unclaimed, your financial advisor or the Fund's transfer agent will follow the applicable state’s statutory requirements to contact you, but if unsuccessful, laws may require that the shares be escheated to the appropriate state. If this happens, you will have to contact the state to recover your property, which may involve time and expense. For more information on unclaimed property and how to maintain an active account, please contact your financial advisor or the Fund's transfer agent.
Open Market Repurchase Program
The Board has approved an open market repurchase and discount management policy (the “Program”). The Program allows the Fund to purchase, in the open market, up to 12% of its outstanding common shares, with the amount and timing of any repurchase determined at the discretion of the Fund's investment adviser. Such purchases may be made opportunistically at certain discounts to NAV per share in the reasonable judgment of management based on historical discount levels and current market conditions. If shares are repurchased, the Fund reports repurchase activity on its website on a monthly basis. For the six-month period ended March 31, 2026, the Fund did not repurchase any shares through the Program.
On a quarterly basis, the Board will receive information on any transactions made pursuant to this policy during the prior quarter.
Portfolio Holdings Disclosure
The Fund's complete schedule of portfolio holdings for the second and fourth quarters of each fiscal year are included in the Fund's semi-annual and annual reports to shareholders. The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. These reports are available on the SEC’s website at http://www.sec.gov. The Fund makes the information available to shareholders upon request and without charge by calling Investor Relations toll-free at 1-800-522-5465.
Proxy Voting
A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available by August 31 of the relevant year: (1) upon request without charge by calling Investor Relations toll-free at 1-800-522-5465; and (2) on the SEC’s website at www.sec.gov.
Investor Relations Information
As part of Aberdeen's commitment to shareholders, we invite you to visit the Fund on the web at www.aberdeenthq.com. Here, you can view monthly fact sheets, quarterly commentary, distribution and performance information, as well as other Fund literature. Enroll in Aberdeen's email services to receive content related to your fund. In addition, you will receive monthly factsheets based on your preferences. Sign up today at www.aberdeenthq.com.
Contact Us:
• Visit: www.aberdeenthq.com
• Email: [email protected]; or
• Call: 1-800-522-5465 (toll free in the U.S.).
Yours sincerely,
/s/ Alan Goodson
Alan Goodson
President 
 
{foots1}
All amounts are U.S. Dollars unless otherwise stated.
2 abrdn Healthcare Opportunities Fund

 

Total Investment Return  (unaudited) 
The following table summarizes the average annual Fund performance compared to the Fund’s primary benchmark for the six-month (not annualized), 1-year, 3-year, 5-year and 10-year periods ended March 31, 2026.
  6 Months 1 Year 3 Years 5 Years 10 Years
Net Asset Value (NAV) 3.15% -3.22% 3.89% 3.50% 8.23%
Market Price 2.99% -8.28% 6.63% 3.48% 9.02%
80% S&P Composite 1500 Healthcare Index, 15% S&P 500 HealthCare Corporate Bond Index, 5% S&P Composite 1500 Health Care REITs Index 5.14% 3.83% 6.47% 5.38% 8.98%
S&P Composite 1500 Healthcare Index 5.88% 2.54% 5.73% 5.78% 9.87%
Performance of a $10,000 Investment (as of March 31, 2026)
This graph shows the change in value of a hypothetical investment of $10,000 in the Fund for the periods indicated. For comparison, the same investment is shown in the indicated index.
Returns represent past performance. Total investment return at NAV is based on changes in the NAV of Fund shares and assumes reinvestment of dividends and distributions, if any, at market prices pursuant to the dividend reinvestment program sponsored by the Fund’s transfer agent. All return data at NAV includes fees charged to the Fund, which are listed in the Fund’s Statement of Operations under “Expenses.” Total investment return at market value is based on changes in the market price at which the Fund’s shares traded on the NYSE during the period and assumes reinvestment of dividends and distributions, if any, at market prices pursuant to the dividend reinvestment program sponsored by the Fund’s transfer agent. The Fund’s total investment return is based on the reported NAV as of the financial reporting period end date of March 31, 2026. Because the Fund’s shares trade in the stock market based on investor demand, the Fund may trade at a price higher or lower than its NAV. Therefore, returns are calculated based on both market price and NAV. Past performance is no guarantee of future results. The performance information provided does not reflect the deduction of taxes that a shareholder would pay on distributions received from the Fund or the sale of Fund shares. The current performance of the Fund may be lower or higher than the figures shown. The Fund’s yield, return, market price and NAV will fluctuate. Performance information current to the most recent month-end is available at www.aberdeenthq.com or by calling 800-522-5465.
The annualized gross operating expense ratio based on the six-month period ended March 31, 2026 was 2.92%. The annualized net operating expense ratio, net of fee waivers and excluding interest expense based on the six-month period ended March 31, 2026, was 1.43%.  
abrdn Healthcare Opportunities Fund 3

 

Portfolio Composition  (as a percentage of net assets unless otherwise noted) (unaudited) 
As of March 31, 2026
Asset Allocation  
Common Stocks 106.7%
Non-Convertible Notes 17.0%
Convertible Preferred Stocks 6.1%
Short-Term Investments 1.5%
Liabilities in Excess of Other Assets (31.3%)
  100.0%
    
Industries  
Pharmaceuticals 29.5%
Biotechnology 28.3%
Health Care Equipment & Supplies 28.1%
Health Care Providers & Services 21.9%
Life Sciences Tools & Services 12.9%
Health Care REITs 8.6%
Financial Services 0.5%
Short-Term Investments 1.5%
Liabilities in Excess of Other Assets (31.3%)
  100.0%
    
Top Ten Holdings  
Merck & Co., Inc. 7.0%
AbbVie, Inc. 5.5%
Abbott Laboratories 5.4%
Medtronic PLC 4.2%
Intuitive Surgical, Inc. 4.1%
Thermo Fisher Scientific, Inc. 4.0%
Danaher Corp. 4.0%
Eli Lilly & Co. 3.4%
Bristol-Myers Squibb Co. 3.1%
Zoetis, Inc. 3.1%
 
4 abrdn Healthcare Opportunities Fund

 

Portfolio of Investments (unaudited) 
As of March 31, 2026
  Shares or
Principal
Amount 		Value
Convertible Preferred Stocks(a),(b),(c)—6.1%
Biotechnology—2.6%
Abcuro, Inc. Series B      601,124 $   3,299,990
Abcuro, Inc. Series C1      133,045     803,419
Atalanta Therapeutics, Inc. Series B    1,944,444   1,750,000
Glycomine, Inc. Series C, 8.00%    6,872,036   4,123,222
Seismic Therapeutics, Inc. Series B      730,764   3,299,984
Third Arc Bio, Inc. Series A, 8.00%    2,718,372   5,719,998
      18,996,613
Health Care Equipment & Supplies—0.0%
IO Light Holdings, Inc. Series A2      189,858          19
Pharmaceuticals—3.5%
Crystalys Therapeutics, Inc. Series A    2,508,159   2,512,799
Endeavor Group Holdings, Inc. Series B, 8.00%      742,138   3,499,997
Endeavor Group Holdings, Inc. Series C, 8.00%      137,039     894,125
Engrail Therapeutics, Inc., 8.00%    1,652,502     985,056
VeraDermics, Inc. Series C      273,261  17,256,432
      25,148,409
Total Convertible Preferred Stocks 44,145,041
Non-Convertible Notes—17.0%      
Biotechnology—1.4%
AbbVie, Inc., 4.25%, 11/14/28   $ 5,303,000 5,317,656
AbbVie, Inc., 4.45%, 05/14/46   3,080,000 2,643,873
Amgen, Inc., 2.00%, 01/15/32   2,795,000 2,418,635
      10,380,164
Health Care Equipment & Supplies—2.9%
Abbott Laboratories, 4.75%, 11/30/36   10,498,000 10,313,422
DH Europe Finance II SARL, 3.25%, 11/15/39   1,760,000 1,412,979
Stryker Corp., 3.65%, 03/07/28   3,500,000 3,460,821
Zimmer Biomet Holdings, Inc., 4.25%, 08/15/35   6,000,000 5,548,384
      20,735,606
Health Care Providers & Services—7.9%
Cigna Group, 4.38%, 10/15/28   1,504,000 1,502,818
Cigna Group, 2.38%, 03/15/31   5,800,000 5,211,249
Cigna Group, 6.13%, 11/15/41   8,250,000 8,546,667
CVS Health Corp., 4.30%, 03/25/28   789,000 786,204
CVS Health Corp., 1.88%, 02/28/31   4,400,000 3,841,513
CVS Health Corp., 4.78%, 03/25/38   2,100,000 1,935,230
CVS Health Corp., 5.05%, 03/25/48   3,700,000 3,174,609
Elevance Health, Inc., 4.10%, 03/01/28   2,975,000 2,955,164
Elevance Health, Inc., 2.55%, 03/15/31   5,800,000 5,233,892
Elevance Health, Inc., 4.65%, 08/15/44   2,325,000 1,991,037
UnitedHealth Group, Inc., 3.85%, 06/15/28   1,460,000 1,449,674
UnitedHealth Group, Inc., 3.88%, 12/15/28   4,970,000 4,921,172
UnitedHealth Group, Inc., 4.20%, 05/15/32   9,933,000 9,677,512
UnitedHealth Group, Inc., 4.50%, 04/15/33   5,800,000 5,662,904
      56,889,645
Life Sciences Tools & Services—0.9%
Thermo Fisher Scientific, Inc., 5.40%, 08/10/43   6,500,000 6,425,124
Pharmaceuticals—3.9%
AstraZeneca PLC, 6.45%, 09/15/37(d)   4,750,000 5,308,506
Johnson & Johnson, 3.70%, 03/01/46   10,130,000 8,047,932
Merck & Co., Inc., 3.40%, 03/07/29   4,000,000 3,922,646
  Shares or
Principal
Amount 		Value
Pfizer, Inc., 3.45%, 03/15/29   $  8,100,000 $   7,962,450
Pfizer, Inc., 4.00%, 12/15/36    3,200,000   2,947,160
      28,188,694
Total Non-Convertible Notes 122,619,233
Common Stocks—106.7%      
Biotechnology—24.3%
AbbVie, Inc.      183,103  39,823,071
Abivax SA, ADR(b)       60,509   6,737,677
Arcus Biosciences, Inc.(b)      266,041   5,746,486
ARS Pharmaceuticals, Inc.(b)    1,783,628  14,322,533
BioCryst Pharmaceuticals, Inc.(b)    1,960,732  18,666,169
CareDx, Inc.(b)      249,222   4,326,494
Cytokinetics, Inc.(b)       65,097   4,290,543
Disc Medicine, Inc.(b)       86,107   5,505,682
Myriad Genetics, Inc.(b)    1,110,404   4,996,818
Praxis Precision Medicines, Inc.(b)       44,768  14,423,802
Regeneron Pharmaceuticals, Inc.   6,564 5,071,609
Sarepta Therapeutics, Inc.(b)   961,017 20,911,730
Sera Prognostics, Inc., Class A(b)   1,254,982 2,547,613
uniQure NV(b)   966,847 15,807,948
Vaxcyte, Inc.(b)   54,750 3,181,523
Vericel Corp.(b)   269,601 8,673,064
      175,032,762
Financial Services—0.5%
Perceptive Capital Solutions Corp.(b)   355,447 3,899,254
Health Care Equipment & Supplies—25.2%
Abbott Laboratories   379,836 38,997,762
Becton Dickinson & Co.   66,691 10,485,826
Boston Scientific Corp.(b)   252,247 15,828,499
Dexcom, Inc.(b)   87,236 5,478,421
GE HealthCare Technologies, Inc.   161,860 11,521,195
Inspire Medical Systems, Inc.(b)   203,308 10,486,627
InspireMD, Inc.(b)   1,059,385 1,726,798
Insulet Corp.(b)   62,860 13,190,542
Intuitive Surgical, Inc.(b)   64,078 29,539,317
Lucid Diagnostics, Inc.(b)   3,644,277 4,190,918
Medtronic PLC   351,290 30,439,278
Stryker Corp.   21,884 7,190,864
Tandem Diabetes Care, Inc.(b)   145,766 2,794,334
      181,870,381
Health Care Providers & Services—14.0%
Acadia Healthcare Co., Inc.(b)   294,665 6,892,214
Alignment Healthcare, Inc.(b)   413,043 7,277,818
Biodesix, Inc.(b)   458,438 6,647,351
CVS Health Corp.   212,901 15,290,550
Elevance Health, Inc.   48,927 14,323,379
GeneDx Holdings Corp.(b)   92,816 5,960,643
HCA Healthcare, Inc.   5,667 2,681,851
Humana, Inc.   48,838 8,468,021
McKesson Corp.   5,670 4,906,591
Molina Healthcare, Inc.(b)   55,522 7,401,083
NeoGenomics, Inc.(b)   1,122,042 8,325,552
Tenet Healthcare Corp.(b)   12,587 2,375,293
UnitedHealth Group, Inc.   37,141 10,049,983
      100,600,329
Health Care REITs—8.6%
Diversified Healthcare Trust, REIT   293,879 1,951,357
Healthcare Realty Trust, Inc., REIT   77,778 1,321,448
 
abrdn Healthcare Opportunities Fund 5

 

Portfolio of Investments (unaudited)  (concluded)
As of March 31, 2026
  Shares or
Principal
Amount 		Value
Common Stocks (continued)      
Health Care REITs (continued)
Healthpeak Properties, Inc., REIT      534,110 $   8,775,427
LTC Properties, Inc., REIT      139,352   5,178,320
National Health Investors, Inc., REIT        5,596     452,493
Omega Healthcare Investors, Inc., REIT      297,889  13,053,496
Sabra Health Care REIT, Inc.      530,480  10,201,130
Ventas, Inc., REIT      121,336   9,922,858
Welltower, Inc., REIT       57,915  11,450,375
      62,306,904
Life Sciences Tools & Services—12.0%
Charles River Laboratories International, Inc.(b)       38,966   6,721,635
Danaher Corp.      150,922  28,614,811
ICON PLC(b)       49,689   5,498,585
IQVIA Holdings, Inc.(b)       31,042   5,293,903
Repligen Corp.(b)       70,495   8,305,721
Thermo Fisher Scientific, Inc.       58,943  28,972,253
Waters Corp.(b)       10,663   3,175,441
      86,582,349
Pharmaceuticals—22.1%
Bristol-Myers Squibb Co.   369,546 22,412,965
Eli Lilly & Co.   27,045 24,875,180
Fusion Pharmaceuticals, Inc. CVR(a),(b)   7,160 9,881
Merck & Co., Inc.   417,254 50,191,484
Oculis Holding AG(b),(d)   569,796 15,150,875
Oculis Holding AG(b),(d)   22,433 596,493
SpyGlass Pharma, Inc.(b)   68,504 1,774,939
VeraDermics, Inc.(b)   352,899 22,285,572
Zoetis, Inc.   189,493 22,399,967
      159,697,356
Total Common Stocks 769,989,335
  Shares or
Principal
Amount 		Value
Short-Term Investment—1.5%
State Street Institutional U.S. Government Money Market Fund, Premier Class, 3.60%(e)   10,691,891 $  10,691,891
Total Short-Term Investment 10,691,891
Total Investments (Cost $854,126,867)(f)—131.3% 947,445,500
Long Term Debt Securities—(31.2%) (225,000,000)
Liabilities in Excess of Other Assets—(0.1%) (985,290)
Net Assets—100.0% $721,460,210
    
(a) Level 3 security. See Note 2(a) of the accompanying Notes to Financial Statements.
(b) Non-income producing security.
(c) Restricted security.
(d) Foreign security.
(e) Registered investment company advised by State Street Investment Management. The rate shown is the 7 day yield as of March 31, 2026.
(f) See accompanying Notes to Financial Statements for tax unrealized appreciation/(depreciation) of securities.
    
ADR American Depositary Receipt
CVR Contingent Value Right
PLC Public Limited Company
REIT Real Estate Investment Trust
 
See accompanying Notes to Financial Statements.
 
6 abrdn Healthcare Opportunities Fund

 

Statement of Assets and Liabilities  (unaudited) 
As of March 31, 2026
Assets  
Investments, at value (cost $843,434,976) $ 936,753,609
Short-term investment, at value (cost $10,691,891)  10,691,891
Interest and dividends receivable 2,010,871
Prepaid expenses in connection with the at-the-market stock offering (Note 5) 100,973
Prepaid expenses in connection with bank loan 10,796
Prepaid expenses 174,254
Total assets 949,742,394
Liabilities  
Revolving Credit Facility payable (Note 8) 225,000,000
Interest payable on Revolving Credit Facility 2,076,587
Investment advisory fees payable (Note 3) 815,134
Investor relations fees payable (Note 3) 39,042
Trustee fees payable 34,995
Payable for investments purchased 29,054
Administration fees payable 13,435
Other accrued expenses 273,937
Total liabilities 228,282,184
Commitments and Contingencies (Notes 7 & 10)  
 
Net Assets $721,460,210
Composition of Net Assets  
Common stock (par value $0.010 per share) (Note 5) $ 414,375
Paid-in capital in excess of par  675,038,954
Distributable earnings  46,006,881
Net Assets $721,460,210
Net asset value per share based on 41,437,475 shares issued and outstanding $17.41
 
See accompanying Notes to Financial Statements.
abrdn Healthcare Opportunities Fund 7

 

Statement of Operations  (unaudited) 
For the Six-Month Period Ended March 31, 2026
Net Investment Income  
Investment Income:  
Dividends $ 6,456,737
Interest and amortization of discount and premium and other income  3,355,515
Total investment income 9,812,252
Expenses:  
Investment advisory fee (Note 3)  4,982,215
Legal fees and expenses  84,767
Investor relations fees and expenses (Note 3)  79,876
Trustees' fees and expenses  70,182
Reports to shareholders and proxy solicitation  68,880
Independent auditors’ fees and tax expenses  64,943
Custodian’s fees and expenses  29,290
Administration fee  19,998
Insurance expense  14,903
Transfer agent’s fees and expenses  8,649
Bank loan fees and expenses  679
Miscellaneous  99,422
Total operating expenses, excluding interest expense 5,523,804
Interest expense (Note 8)  5,758,866
Total expenses 11,282,670
 
Net Investment Loss (1,470,418)
Net Realized/Unrealized Gain/(Loss):  
Net realized gain/(loss) from:  
Investments 25,817,076
Written options 439,502
  26,256,578
Net change in unrealized appreciation/depreciation on:  
Investments 117,172
Written options 25,898
  143,070
Net realized and unrealized gain from investments and written options 26,399,648
Change in Net Assets Resulting from Operations $24,929,230
 
See accompanying Notes to Financial Statements.
8 abrdn Healthcare Opportunities Fund

 

Statements of Changes in Net Assets 
  For the
Six-Month
Period Ended
March 31, 2026
(unaudited) 		For the
Year Ended
September 30, 2025
Increase/(Decrease) in Net Assets:    
Operations:    
Net investment loss $(1,470,418) $(2,886,060)
Net realized gain/(loss) from investments and written options 26,256,578 (6,156,917)
Net change in unrealized appreciation/depreciation investments and written options 143,070 (105,800,986)
Net increase/(decrease) in net assets resulting from operations 24,929,230 (114,843,963)
Distributions to Shareholders From:    
Distributable earnings (44,731,071) (3,979,432)
Return of capital – (85,399,220)
Net decrease in net assets from distributions (44,731,071) (89,378,652)
Reinvestment of dividends resulting in the issuance of 29,596 and 51,821 shares of common stock, respectively 559,638 1,002,726
Change in net assets (19,242,203) (203,219,889)
Net Assets:    
Beginning of period 740,702,413 943,922,302
End of period $721,460,210 $740,702,413
Amounts listed as “–” are $0 or round to $0. 
See accompanying Notes to Financial Statements.
abrdn Healthcare Opportunities Fund 9

 

Statement of Cash Flows  (unaudited) 
For the Six-Month Period Ended  March 31, 2026
Cash flows from operating activities:  
Net increase/(decrease) in net assets resulting from operations $ 24,929,230
Adjustments to reconcile net increase in net assets resulting
from operations to net cash provided by operating activities: 		 
Investments purchased  (282,123,437)
Investments sold and principal repayments  332,999,588
Proceeds from option contracts written  89,041
Net change in short-term investments  (5,204,709)
Net amortization/accretion of premium/(discount)  (51,221)
Decrease in interest, dividends and other receivables  236,323
Increase in prepaid expenses  (80,827)
Decrease in interest payable on Revolving Credit Facility  (308,609)
Increase in accrued investment advisory fees payable  26,846
Increase in other accrued expenses  58,856
Net change in unrealized appreciation of investments and options  (143,070)
Net realized gain on investments transactions and options  (26,256,578)
Net cash provided by operating activities 44,171,433
Cash flows from financing activities:  
Distributions paid to shareholders (44,171,433)
Net cash used in financing activities (44,171,433)
Unrestricted and restricted cash, beginning of period –
Unrestricted and restricted cash, end of period $–
Supplemental disclosure of cash flow information:  
Cash paid for interest and fees on borrowing  $6,067,475
Amounts listed as “–” are $0 or round to $0. 
See accompanying Notes to Financial Statements.
10 abrdn Healthcare Opportunities Fund

 

Financial Highlights 
  For the
Six-Month
Period Ended
March 31, 		For the Fiscal Years Ended September 30,
  2026
(unaudited) 		2025
2024
(a) 		2023
2022
(b) 		2021
(b)
PER SHARE OPERATING PERFORMANCE:            
Net asset value per common share, beginning of period $17.89 $22.82 $20.13 $20.20 $23.64 $20.28
Net investment income/(loss)(c) (0.04) (0.07) (0.09) (0.06) 0.01 0.16
Net realized and unrealized gains/(losses) on investments, written options and foreign currency transactions 0.64 (2.70) 4.67 1.34 (2.10) 4.55
Total from investment operations applicable to common shareholders 0.60 (2.77) 4.58 1.28 (2.09) 4.71
Distributions to common shareholders from:            
Net investment income (1.08) (0.10) (0.54) (0.18) (0.04) (0.91)
Net realized gains – – (0.55) (1.17) (1.31) (0.44)
Return of capital – (2.06) (0.80) – – –
Total distributions (1.08) (2.16) (1.89) (1.35) (1.35) (1.35)
Net asset value per common share, end of period $17.41 $17.89 $22.82 $20.13 $20.20 $23.64
Market price, end of period $16.80 $17.29 $22.08 $16.98 $18.12 $22.65
Total Investment Return Based on(d):            
Market price 2.99% (12.29%) 42.99% 0.56% (14.84%) 33.28%
Net asset value 3.15% (12.19%) 24.66% 6.94% (9.08%) 24.14%
Ratio to Average Net Assets Applicable to Common Shareholders/Supplementary Data:            
Net assets applicable to common shareholders, end of period (000 omitted) $721,460 $740,702 $943,922 $832,523 $835,567 $977,364
Average net assets applicable to common shareholders (000 omitted) $774,181 $806,016 $890,367 $885,296 $947,190 $942,855
Gross operating expenses 2.92%(e) 3.02% 3.10% 2.95% 1.87% 1.66%
Net operating expenses, net of fee waivers and
excluding interest expense 		1.43%(e) 1.42% 1.42% 1.47% 1.46% 1.44%
Net Investment income (loss) (0.38%)(e) (0.36%) (0.44%) (0.28%) 0.05% 0.69%
Portfolio turnover 29%(f) 43% 43% 44% 49% 58%
Senior securities:            
Senior securities (loan facility) outstanding (000 omitted) $225,000 $225,000 $225,000 $225,000 $225,000 $225,000
Asset coverage per $1000 on senior securities at period end(g) $4,206 $4,292 $5,195 $4,700 $4,714 $5,344
    
(a) Effective October 27, 2023, abrdn Inc. became the investment adviser of the Fund. Prior to October 27, 2023, the Fund was managed by Tekla Capital Management, LLC. Members of the portfolio management team from Tekla joined abrdn Inc., and continue to manage the Fund.
(b) Beginning with the year ended September 30, 2023, the Fund’s financial statements were audited by KPMG LLP.
Previous years were audited by a different independent registered public accounting firm.
(c) Based on average shares outstanding.
See accompanying Notes to Financial Statements.
abrdn Healthcare Opportunities Fund 11

 

Financial Highlights  (concluded)
(d) Total investment return based on market value is calculated assuming that shares of the Fund’s common stock were purchased at the closing market price as of the beginning of the period, dividends, capital gains and other distributions were reinvested as provided for in the Fund’s dividend reinvestment plan and then sold at the closing market price per share on the last day of the period. The computation does not reflect any sales commission investors may incur in purchasing or selling shares of the Fund. The total investment return based on the net asset value is similarly computed except that the Fund’s net asset value is substituted for the closing market value.
(e) Annualized.
(f) Not annualized.
(g) Asset coverage per $1,000 is calculated by dividing net assets plus the amount of any borrowings for investment purposes by the amount of any senior securities, which includes the revolving credit facility and then multiplying by $1,000.
Amounts listed as “–” are $0 or round to $0. 
See accompanying Notes to Financial Statements.
12 abrdn Healthcare Opportunities Fund

 

Notes to  Financial Statements (unaudited) 
March 31, 2026
1.  Organization
abrdn Healthcare Opportunities Fund (the "Fund") is a Massachusetts business trust formed on April 2, 2014 and registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as a non-diversified closed-end management investment company. The Fund commenced operations on July 31, 2014. The Fund’s investment objective is to seek current income and long-term capital appreciation. The Fund invests primarily in equity and debt in securities of public and private U.S. and non-U.S. companies in the healthcare industry believed by the Fund’s Adviser, abrdn Inc. (the "Adviser" or "Aberdeen") to have significant potential for above-average growth. The Fund may invest in private companies and other restricted securities, including private investments in public equity and venture capital investments, if these securities would currently comprise 10% or less of Managed Assets.
2.  Summary of Significant Accounting Policies
The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 Financial Services-Investment Companies. The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The policies conform to generally accepted accounting principles in the United States of America ("U.S. GAAP"). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses for the period. Actual results could differ from those estimates. The accounting records of the Fund are maintained in U.S. Dollars and the U.S. Dollar is used as both the functional and reporting currency.
a.  Security Valuation:
The Fund values its securities at fair value, consistent with regulatory requirements. "Fair value" is defined in the Fund's Valuation and Liquidity Procedures as the price that could be received to sell an asset or paid to transfer a liability in an orderly transaction between willing market participants without a compulsion to transact at the measurement date, also referred to as market value. Pursuant to Rule 2a-5 under the 1940 Act, the Board designated Aberdeen as the valuation designee ("Valuation Designee") for the Fund to perform the fair value determinations relating to Fund investments for which market quotations are not readily available or deemed unreliable and the Fund's investments in securities of early and/or later stage financing of privately held companies ("Venture Capital Securities").
In accordance with the authoritative guidance on fair value measurements and disclosures under U.S. GAAP, the Fund discloses the fair value of its investments using a three-level hierarchy that
classifies the inputs to valuation techniques used to measure the fair value. The hierarchy assigns Level 1, the highest level, measurements to valuations based upon unadjusted quoted prices in active markets for identical assets, Level 2 measurements to valuations based upon other significant observable inputs, including adjusted quoted prices in active markets for similar assets, and Level 3, the lowest level, measurements to valuations based upon unobservable inputs that are significant to the valuation. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, for example, the risk inherent in a particular valuation technique used to measure fair value including a pricing model and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability, which are based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. A financial instrument’s level within the fair value hierarchy is based upon the lowest level of any input that is significant to the fair value measurement.
Open-end mutual funds are valued at the respective NAV as reported by such company. The prospectuses for the registered open-end management investment companies in which the Fund invests explain the circumstances under which those companies will use fair value pricing and the effects of using fair value pricing. Closed-end funds and exchange-traded funds ("ETFs") are valued at the market price of the security at the Valuation Time (defined below). A security using any of these pricing methodologies is generally determined to be a Level 1 investment.
Long-term debt and other fixed-income securities are valued at the last quoted or evaluated bid price on the valuation date provided by an independent pricing service provider. If there are no current day bids, the security is valued at the previously applied bid. Pricing services generally price debt securities assuming orderly transactions of an institutional “round lot” size and the strategies employed by the Valuation Designee generally trade in round lot sizes. In certain circumstances, some trades may occur in smaller “odd lot” sizes which may be effected at lower, or higher, prices than institutional round lot trades. Short-term debt securities (such as commercial paper and U.S. treasury bills) having a remaining maturity of 60 days or less are valued at the last quoted or evaluated bid price on the valuation date provided by an independent pricing service, or on the basis of amortized cost, if it represents the best approximation of fair value. Debt and other fixed-income securities are generally determined to be Level 2 investments.
 
abrdn Healthcare Opportunities Fund 13

 

Notes to  Financial Statements (unaudited)  (continued)
March 31, 2026
Equity securities that are traded on an exchange are valued at the last quoted sale price or the official close price on the principal exchange on which the security is traded at the “Valuation Time” subject to application, when appropriate, of the valuation factors described in the paragraph below. Under normal circumstances, the Valuation Time is as of the close of regular trading on the New York Stock Exchange ("NYSE") (usually 4:00 p.m. Eastern Time). In the absence of a sale price, the security is valued at the mean of the bid/ask price quoted at the close on the principal exchange on which the security is traded. Securities traded on NASDAQ are valued at the NASDAQ official closing price.
Convertible preferred shares, warrants or convertible note interests in Venture Capital Securities, milestone interests, and other restricted securities are typically valued in good faith, based upon the recommendations made by the Valuation Designee pursuant to fair valuation policies and procedures approved by the Board.
Derivative instruments are valued at fair value. Exchange-traded futures are generally Level 1 investments and centrally cleared swaps and forwards are generally Level 2 investments. Forward foreign currency contracts are generally valued based on the bid price of the forward rates and the current spot rate. Forward exchange rate quotations are available for scheduled settlement dates, such as 1-, 3-, 6-, 9- and 12-month periods. An interpolated valuation is derived based on the actual settlement dates of the forward contracts held. Futures contracts are valued at the settlement price or at the last bid price if no settlement price is available. Swap agreements are generally valued by an approved pricing agent based on the terms of the swap agreement (including future cash flows). When market quotations or exchange rates are not readily available, or if the Adviser concludes that such market quotations do not accurately reflect fair value, the fair value of the Fund’s assets are determined in good faith in accordance with the Valuation Procedures.
Foreign equity securities that are traded on foreign exchanges that close prior to the Valuation Time are valued by applying valuation factors to the last sale price or the mean price as noted above. Valuation factors are provided by an independent pricing service provider. These valuation factors are used when pricing the Fund's portfolio holdings to estimate market movements between the time foreign markets close and the time the Fund values such foreign securities. These valuation factors are based on inputs such as depositary receipts, indices, futures, sector indices/ETFs, exchange rates, and local exchange opening and closing prices of each security. When prices with the application of valuation factors are utilized, the value assigned to the foreign securities may not be the same as quoted or published prices of the securities on their primary markets. A security that applies a valuation factor is generally determined to be a Level 2 investment because the exchange-traded price has been adjusted. Valuation factors are not utilized if the independent pricing
service provider is unable to provide a valuation factor or if the valuation factor falls below a predetermined threshold; in such case, the security is determined to be a Level 1 investment.
Short-term investments are comprised of cash and cash equivalents invested in short-term investment funds which are redeemable daily. The Fund sweeps available cash into the State Street Institutional U.S. Government Money Market Fund, which has elected to qualify as a “government money market fund” pursuant to Rule 2a-7 under the 1940 Act, and has an objective, which is not guaranteed, to maintain a $1.00 per share NAV. Generally, these investment types are categorized as Level 1 investments.
In the event that a security’s, other than a Venture Capital Security, market quotations are not readily available or are deemed unreliable (for reasons other than because the foreign exchange on which it trades closes before the Valuation Time), the security is valued at fair value as determined by the Valuation Designee, taking into account the relevant factors and surrounding circumstances using valuation policies and procedures approved by the Board. A security that has been fair valued by the Valuation Designee may be classified as Level 2 or Level 3 depending on the nature of the inputs.
Venture Capital Securities are valued based on a consideration of relevant factors, including both observable and unobservable inputs. Observable and unobservable inputs considered may include (i) the existence of any contractual restrictions on the disposition of securities; (ii) information obtained from the company, which may include an analysis of the company's financial statements, products, intended markets or technologies; (iii) the price of the same or similar security negotiated at arm's length in an issuer's completed subsequent round of financing; (iv) the price and extent of public trading in similar securities of the issuer or of comparable companies; or (v) a probability and time value adjusted analysis of contractual terms. Where available and appropriate, multiple valuation methodologies are applied to confirm fair value. Significant unobservable inputs are often used in the fair value determination. A significant change in any of these inputs may result in a significant change in the fair value measurement. Additionally, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different from the valuations used at the date of these financial statements.
The three-level hierarchy of inputs is summarized below:
Level 1 - quoted prices (unadjusted) in active markets for identical investments;
Level 2 - other significant observable inputs (including valuation factors, quoted prices for similar securities, interest rates, prepayment speeds, and credit risk, etc.); or
 
14 abrdn Healthcare Opportunities Fund

 

Notes to  Financial Statements (unaudited)  (continued)
March 31, 2026
Level 3 - significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).
Level 3 investments are valued using significant unobservable inputs. The unobservable inputs disclosed represent the inputs that had the most significant impact on the determination of fair value and reflect management’s assessment of the key assumptions used in the valuation of the security. These inputs were selected after
consideration of a range of available information relevant to the issuer and the security, including information obtained from the issuer (such as analysis of financial statements, products, intended markets, or technologies), and other factors deemed relevant to the valuation. The derived value of a Level 3 investment may not represent the value which is received upon disposition and this could impact the results of operations.
 
The following is a summary of the inputs used as of March 31, 2026 in valuing the Fund's investments and other financial instruments at fair value. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Please refer to the Portfolio of Investments for a detailed breakout of the security types:
Investments, at Value Level 1 – Quoted
Prices 		Level 2 – Other Significant
Observable Inputs 		Level 3 – Significant
Unobservable Inputs 		Total
Assets    
Investments in Securities      
Common Stocks $769,979,454 $– $9,881 $769,989,335
Non-Convertible Notes – 122,619,233 – 122,619,233
Convertible Preferred Stocks – – 44,145,041 44,145,041
Short-Term Investment 10,691,891 – – 10,691,891
Total Investments $780,671,345 $122,619,233 $44,154,922 $947,445,500
Total Investment Assets $780,671,345 $122,619,233 $44,154,922 $947,445,500
    
Rollforward of Level 3 Fair Value Measurements
For the Six Months Ended March 31, 2026
Investments
in Securities 		Balance
as of
September 30,
2025 		Net Realized
Gain (Loss)
and Change
in Unrealized
Appreciation/
Depreciation 		Net
Purchases
and
conversions 		Net
Sales
and
conversions 		Balance
as of
March 31,
2026 		Net Change in
Unrealized
Appreciation/
Depreciation
from
Investments
Held at
March 31,
2026
Common Stocks            
Pharmaceuticals $9,881 $– $– $– $9,881 $–
Convertible Preferred Stocks            
Biotechnology 19,426,614 (1,755,939) 1,325,938 – 18,996,613 (1,755,939)
Health Care Equipment & Supplies 19 – – – 19 –
Pharmaceuticals 8,656,921 12,981,530 3,509,958 – 25,148,409 12,981,530
Total $28,093,435 $11,225,591 $4,835,896 $- $44,154,922 $11,225,591
    
abrdn Healthcare Opportunities Fund 15

 

Notes to  Financial Statements (unaudited)  (continued)
March 31, 2026
Description Fair Value at
March 31, 2026 		Valuation Technique (s) Unobservable Inputs Range Weighted
Average 		Relationship
Between
Fair Value
and Input;
if Input value
increases then
Fair Value:
Common Stocks $9,881 Income approach Probability of events
Timing of events 		46.00%
3.41 years 		46.00%
3.41 years 		Increases
Decreases
Convertible Preferred Stocks $44,145,041 Market approach Transaction Price(a) N/A N/A Increases
Total $44,154,922          
    
(a) The valuation technique used as a basis to approximate fair value of these investments is based on a transaction price or subsequent financing rounds.
The Fund may incur certain costs in connection with the disposition of the above securities.
Weighted averages for unobservable inputs, including timing of cash flows, discount rates, and probabilities of achievement, are calculated by weighting each input based on the relative fair value of the associated projected cash flows or milestones. Accordingly, the weighted averages reflect the relative significance of each input to the overall fair value measurement, rather than a simple arithmetic average. Significant changes in these unobservable inputs, individually or in combination, could result in a significantly higher or lower fair value measurement.
b.  Restricted Securities:
Restricted securities are privately-placed securities whose resale is restricted under U.S. securities laws. The Fund may invest in restricted securities, including unregistered securities eligible for resale without registration pursuant to Rule 144A and privately-placed securities of U.S. and non-U.S. issuers offered outside the U.S. without registration pursuant to Regulation S under the Securities Act of 1933, as amended (the "1933 Act"). Rule 144A securities may be freely traded among certain qualified institutional investors, such as the Fund, but resale of such securities in the U.S. is permitted only in limited circumstances.
c.  Foreign Currency Translation:
Foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. Dollars at the exchange rate of said currencies against the U.S. Dollar, as of the Valuation Time, as provided by an independent pricing service approved by the Board.
Foreign currency amounts are translated into U.S. Dollars on the following basis:
(i) fair value of investment securities, other assets and liabilities – at the current daily rates of exchange at the Valuation Time; and
(ii) purchases and sales of investment securities, income and expenses – at the relevant rates of exchange prevailing on the respective dates of such transactions.
The Fund does not isolate that portion of gains and losses on investments in equity securities due to changes in the foreign exchange rates from the portion due to changes in market prices of
equity securities. Accordingly, realized and unrealized foreign currency gains and losses with respect to such securities are included in the reported net realized and unrealized gains and losses on investment transactions balances.
Net unrealized currency gains or losses from valuing foreign currency denominated assets and liabilities at period end exchange rates are reflected as a component of net unrealized appreciation/depreciation in value of investments, and translation of other assets and liabilities denominated in foreign currencies.
Net realized foreign exchange gains or losses represent foreign exchange gains and losses from transactions in foreign currencies and forward foreign currency contracts, exchange gains or losses realized between the trade date and settlement date on security transactions, and the difference between the amounts of interest and dividends recorded on the Fund’s books and the U.S. Dollar equivalent of the amounts actually received.
Foreign security and currency transactions may involve certain considerations and risks not typically associated with those of domestic origin, including unanticipated movements in the value of the foreign currency relative to the U.S. Dollar. Generally, when the U.S. Dollar rises in value against foreign currency, the Fund's investments denominated in that foreign currency will lose value because the foreign currency is worth fewer U.S. Dollars; the opposite effect occurs if the U.S. Dollar falls in relative value.
 
16 abrdn Healthcare Opportunities Fund

 

Notes to  Financial Statements (unaudited)  (continued)
March 31, 2026
d.  Rights Issues and Warrants:
Rights issues give the right, normally to existing shareholders, to buy a proportional number of additional securities at a given price (generally at a discount) within a fixed period (generally a short-term period) and are offered at the company’s discretion. Warrants are securities that give the holder the right to buy common stock at a specified price for a specified period of time. Rights issues and warrants are speculative and have no value if they are not exercised before the expiration date. Rights issues and warrants are valued at the last sale price on the exchange on which they are traded.
Options
An option contract is a contract in which the writer (seller) of the option grants the buyer of the option, upon payment of a premium, the right to purchase from (call option) or sell to (put option) the writer a designated instrument at a specified price within a specified period of time. Certain options, including options on indices, will require cash settlement by the Fund if the option is exercised.
The Fund’s obligation under an exchange traded written option or investment in an exchange traded purchased option is valued at the last sale price, or in the absence of a sale, the mean between the closing bid and asked prices. Gain or loss is recognized when the option contract expires, is exercised or is closed.
If the Fund writes a covered call option, the Fund foregoes, in exchange for the premium, the opportunity to profit during the option period
from an increase in the market value of the underlying security above the exercise price. If the Fund writes a put option it accepts the risk of a decline in the market value of the underlying security below the exercise price. Over-the-counter options have the risk of the potential inability of counterparties to meet the terms of their contracts. The Fund’s maximum exposure to purchased options is limited to the premium initially paid. In addition, certain risks may arise upon entering into option contracts including the risk that an illiquid secondary market will limit the Fund’s ability to close out an option contract prior to the expiration date and that a change in the value of the option contract may not correlate exactly with changes in the value of the securities or currencies hedged.
All options on securities and securities indices written by the Fund are required to be covered. When the Fund writes a call option, this means that during the life of the option the Fund may own or have the contractual right to acquire the securities subject to the option or may maintain with the Fund’s custodian in a segregated account appropriate liquid securities in an amount at least equal to the market value of the securities underlying the option. When the Fund writes a put option, this means that the Fund will maintain with the Fund’s custodian in a segregated account appropriate liquid securities in an amount at least equal to the exercise price of the option.
 
Summary of Derivative Instruments:
The Fund may use derivatives for various purposes as noted above.
The effect of derivative instruments on the Statement of Operations for the six-month period ended March 31, 2026:
  Risk Exposure Category  
  Equity
Contracts 		Total
 
Realized Gain/(Loss) on Derivatives Recognized
as a Result of Operations:
Written Options $439,502 $439,502
Total $439,502 $439,502
Net Change in Unrealized Appreciation/Depreciation on
Derivatives Recognized as a Result of Operations:
Written Options $25,898 $25,898
Total $25,898 $25,898
Information about derivatives reflected as of the date of this report is generally indicative of the type of activity for the six-month period ended March 31, 2026. The table below summarizes the weighted
average values of derivatives holdings for the Fund during the six-month period ended March 31, 2026.
Derivative Average Monthly
Notional Value
Written Options Contracts $44,521
 
abrdn Healthcare Opportunities Fund 17

 

Notes to  Financial Statements (unaudited)  (continued)
March 31, 2026
e.  Security Transactions, Investment Income and Expenses:
Security transactions are recorded on the trade date. Realized gains/(losses) from security and currency transactions are calculated on the identified cost basis. Dividend income and corporate actions are recorded generally on the ex-date, except for certain dividends and corporate actions which may be recorded after the ex-date, as soon as the Fund acquires information regarding such dividends or corporate actions. Interest income and expenses are recorded on an accrual basis. 
The calendar year-end amounts of ordinary income, capital gains and return of capital included in distributions received from the Fund's investments in real estate investment trusts (“REITs”) are reported to the Fund after the end of the fiscal year; accordingly, the Fund estimates these amounts for accounting purposes until the characterization of REIT distributions is reported to the Fund after the end of the fiscal year. Estimates are based on the most recent REIT distribution information available.
f.  Distributions:
The Fund has a stable distribution policy to pay distributions from net investment income supplemented by net realized capital gains and return of capital distributions, if necessary, on a monthly basis. The stable distribution policy is subject to regular review by the Board. The Fund will also declare and pay distributions at least annually from net realized gains on investment transactions. Dividends and distributions to shareholders are recorded on the ex-dividend date. Dividends and distributions to shareholders are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.
g.  Federal Income Taxes:
The Fund intends to continue to qualify as a “regulated investment company” ("RIC") by complying with the provisions available to certain investment companies, as defined in Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"), and to make distributions of net investment income and net realized capital gains sufficient to relieve the Fund from all federal income taxes. Therefore, no federal income tax provision is required.
The Fund recognizes the tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination by tax authorities. Management of the Fund has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Since tax authorities can examine previously filed tax returns, the Fund's U.S. federal and state tax returns for each of the most recent four fiscal years up to the most recent fiscal year ended September 30, 2025 are subject to such review.
h.  Milestone Interests
The Fund holds financial instruments which reflect the current value of future milestone payments the Fund may receive as a result of contractual obligations from other parties. The value of such payments are adjusted to reflect the estimated risk based on the relative uncertainty of both the timing and the achievement of individual milestones. A risk to the Fund is that the milestones will not be achieved and no payment will be received by the Fund. The milestone interests were received as part of the proceeds from the sale of one private company. Any payments received are treated as a reduction of the cost basis of the milestone interests with payments received in excess of the cost basis treated as a realized gain.
The following is a summary of the impact of the milestone interests on the financial statements as of and for the six-month period ended March 31, 2026:
Statement of Assets and Liabilities, Milestone interests, at value $—
Statement of Assets and Liabilities, Total distributable earnings $—
Statement of Operations, Change in unrealized appreciation/depreciation $0
Amounts listed as “–” are $0 or round to $0.
3.  Agreements and Transactions with Affiliates
a.  Investment Advisory and Other Affiliated Fees
Aberdeen serves as the Fund’s Adviser pursuant to an investment advisory agreement (the “Advisory Agreement”) with the Fund. Aberdeen also provides administration services under the same agreement. The Adviser is a wholly-owned indirect subsidiary of Aberdeen Group plc. In rendering management services, the Adviser may use the resources of investment adviser subsidiaries of Aberdeen Group plc. These affiliates have entered into procedures pursuant to which investment professionals from affiliates may render portfolio management and research services as associated persons of the Adviser.
As compensation for its services to the Fund, the Adviser receives an annual investment advisory fee, computed and paid monthly, at an annual rate of 1.00% of the average daily value of the Fund’s Managed Assets. Managed Assets means the total assets of the Fund minus the Fund’s liabilities other than the loan payable. For the six-month period ended March 31, 2026, the Fund paid the Adviser $4,982,215.
Effective upon the close of business on October 27, 2023, the Adviser entered into a written contract with the Fund to limit the total ordinary operating expenses of the Fund (excluding leverage costs, interest, taxes, brokerage commissions, acquired fund fees and expenses and any non-routine expenses) from exceeding 1.44% of the
 
18 abrdn Healthcare Opportunities Fund

 

Notes to  Financial Statements (unaudited)  (continued)
March 31, 2026
average daily net assets of the Fund on an annualized basis for two years (the “Expense Limitation Agreement"). The Expense Limitation Agreement terminated on October 27, 2025. For the six-month period ended March 31, 2026, the Adviser did not waive any of the Fund's expenses pursuant to the Expense Limitation Agreement.
b.  Investor Relations:
Effective March 1, 2024, under the terms of the Investor Relations Services Agreement, Aberdeen is compensated to provide and may pay third parties to provide investor relations services to the Fund and certain other funds advised by Aberdeen or its affiliates as part of an Investor Relations Program. Under the Investor Relations Services Agreement, the Fund owes a portion of the fees related to the Investor Relations Program (the "Fund's Portion").  However, investor relations services fees are limited by Aberdeen so that the Fund will only pay up to an annual rate of 0.05% of the Fund's average weekly net assets. Any difference between the capped rate of 0.05% of the Fund's average weekly net assets and the Fund's Portion is paid for by Aberdeen.
Pursuant to the terms of the Investor Relations Services Agreement, Aberdeen (or third parties engaged by Aberdeen), among other things,
provides objective and timely information to shareholders based on publicly-available information; provides information efficiently through the use of technology while offering shareholders immediate access to knowledgeable investor relations representatives; develops and maintains effective communications with investment professionals from a wide variety of firms; creates and maintains investor relations communication materials such as fund manager interviews, films and webcasts, publishes white papers, magazine articles and other relevant materials discussing the Fund's investment results, portfolio positioning and outlook; develops and maintains effective communications with large institutional shareholders; responds to specific shareholder questions; and reports activities and results to the Board and management detailing insight into general shareholder sentiment.
During the six-month period ended March 31, 2026, the Fund incurred investor relations fees of approximately $79,876. For the six-month period ended March 31, 2026, Aberdeen did not contribute to the investor relations fees for the Fund because the Fund’s contribution was below 0.05% of the Fund’s average weekly net assets on an annual basis.
 
4.  Investment Transactions
Purchases and sales of investment securities (excluding short-term securities) for the six-month period ended March 31, 2026, were $281,495,384 and $330,931,736, respectively.
5.  Capital
The Fund is authorized to issue an unlimited number of common shares of beneficial interest at par value $0.01 per common share. As of March 31, 2026, there were 41,437,475 shares of common stock issued and outstanding.
6.  Open Market Repurchase Program
The Board has approved an open market repurchase and discount management policy (the “Program”). The Program allows the Fund to purchase, in the open market, up to 12% of its outstanding common shares in the fiscal year, with the amount and timing of any repurchase determined at the discretion of the Fund's investment adviser. Such purchases may be made opportunistically at certain discounts to NAV per share in the reasonable judgment of management based on historical discount levels and current market conditions. If shares are repurchased, the Fund reports repurchase activity on its website on a monthly basis. For the six-month period ended March 31, 2026, the Fund did not repurchase any shares through the Program.
On a quarterly basis, the Board will receive information on any transactions made pursuant to this policy during the prior quarter.
7.  Private Companies and Other Restricted Securities
The Fund may invest in private companies and other restricted securities if these securities would currently comprise 10% or less of Managed Assets. The value of these securities represented 3.73% of the Fund’s Managed Assets at March 31, 2026.
abrdn Healthcare Opportunities Fund 19

 

Notes to  Financial Statements (unaudited)  (continued)
March 31, 2026
The following table details the acquisition date, cost, carrying value per unit, and value of the Fund’s private companies and other restricted securities at March 31, 2026. The Fund on its own does not have the right to demand that such securities be registered.
Security Acquisition
Date 		Unfunded
Commitment 		Cost Carrying Value
per Unit 		Fair Value as of
March 31, 2026
Abcuro, Inc., Series B — Convertible Preferred Stock 8/10/23, 12/19/23 $0 $3,306,750 $5.49 $3,299,990
Abcuro, Inc., Series C1 — Convertible Preferred Stock 2/7/25 0 804,837 6.04 803,419
Atalanta Therapeutics, Inc., Series B — Convertible Preferred Stock 10/11/25 1,750,000 3,501,659 0.90 1,750,000
Crystalys Therapeutics, Inc., Series A — Convertible Preferred Stock 6/23/25 1,675,193 2,515,142 1.00 2,512,799
Endeavor Group Holdings, Inc., Series B — Convertible Preferred Stock 1/21/22 0 3,507,496 4.72 3,499,997
Endeavor Group Holdings, Inc., Series C — Convertible Preferred Stock 4/19/24 0 894,707 6.52 894,125
Engrail Therapeutics, Inc. — Convertible Preferred Stock 3/14/24 0 1,751,101 0.60 985,056
Glycomine, Inc., Series C — Convertible Preferred Stock 7/22/24, 3/26/25 0 4,128,090 0.60 4,123,222
IO Light Holdings, Inc., Series A2 — Convertible Preferred Stock 4/30/20, 5/17/21,
9/15/21 		0 628,537 0.00 19
Seismic Therapeutics, Inc., Series B — Convertible Preferred Stock 8/30/24 0 3,307,188 4.52 3,299,984
Third Arc Bio, Inc., Series A — Convertible Preferred Stock 7/15/24, 4/24/25 0 5,732,369 2.10 5,719,998
VeraDermics, Inc., Series C — Convertible Preferred Stock 10/14/25 0 3,508,197 63.15 17,256,432
Total   $3,425,193 $33,586,073   $44,145,041
8.  Revolving Credit Facility
The Fund maintains a Revolving Credit Facility with the Bank of Nova Scotia, which was amended on January 23, 2026 to extend the scheduled commitment termination date to January 22, 2027 with a committed facility amount of $225,000,000 ("Revolving Credit Facility”).
As of March 31, 2026, the Fund had drawn down $225,000,000 from the Revolving Credit Facility, which was the maximum borrowing outstanding during the period. The Fund is charged interest at the rate of 0.95% plus a SOFR Adjustment plus the relevant SOFR rate. The Fund is also charged a commitment fee on the daily unused balance of the Revolving Credit Facility at the rate of 0.10% (per annum). Per the Revolving Credit Facility agreement, the Fund paid an upfront fee of 0.05% on the total Revolving Credit Facility balance, which is being amortized through January 22, 2027. The Fund pledges its investment securities as the collateral for the Revolving Credit Facility per the terms of the agreement. The weighted average interest rate and the average outstanding loan payable for the period from October 1, 2025 to March 31, 2026 were 5.06% and $225,000,000, respectively. The stated carrying amount of the Revolving Credit Facility approximates
its fair value based upon the short term nature of the borrowings and the interest rates being based upon the market terms.
The Fund’s leveraged capital structure creates special risks not associated with unleveraged funds having similar investment objectives and policies. The funds borrowed pursuant to the Revolving Credit Facility may constitute a substantial lien and burden by reason of their prior claim against the income of the Fund and against the net assets of the Fund in liquidation. The Fund is not permitted to declare dividends or other distributions in the event of default under the Revolving Credit Facility. In the event of a default under the Revolving Credit Facility, the lenders have the right to cause a liquidation of the collateral (i.e., sell portfolio securities and other assets of the Fund) and, if any such default is not cured, the lenders may be able to control the liquidation as well. A liquidation of the Fund’s collateral assets in an event of default, or a voluntary paydown of the Revolving Credit Facility in order to avoid an event of default, would typically involve administrative expenses and sometimes penalties. Additionally, such liquidations often involve selling off of portions of the Fund’s assets at inopportune times which can result in losses when markets are unfavorable. The Revolving Credit Facility has a term of three years and
 
20 abrdn Healthcare Opportunities Fund

 

Notes to  Financial Statements (unaudited)  (continued)
March 31, 2026
is not a perpetual form of leverage; there can be no assurance that the Revolving Credit Facility will be available for renewal on acceptable terms, if at all. Bank loan fees and expenses included in the Statement of Operations include fees for the Revolving Credit Facility as well as commitment fees for any portion of the Revolving Credit Facility not drawn upon at any time during the period. During the six-month period ended March 31, 2026, the Fund incurred interest expense of approximately $5,758,866.
The credit agreement governing the Revolving Credit Facility includes usual and customary covenants for this type of transaction. These covenants impose on the Fund asset coverage requirements, Fund composition requirements and limits on certain investments, such as illiquid investments, which are more stringent than those imposed on the Fund by the 1940 Act. The covenants or guidelines could impede the Investment Manager from fully managing the Fund’s portfolio in accordance with the Fund’s investment objective and policies. Furthermore, non-compliance with such covenants or the occurrence of other events could lead to the cancellation of the Revolving Credit Facility.
9.  Portfolio Investment Risks
a.  Concentration Risk:
The Fund’s portfolio may be more sensitive to, and possibly more adversely affected by, regulatory, economic or political factors or trends relating to the healthcare industries than a portfolio of companies representing a larger number of industries. This risk is in addition to the risks normally associated with any strategy seeking capital appreciation by investing in a portfolio of equity securities. As a result of its concentration policy, the Fund’s investments may be subject to greater risk than a fund that has securities representing a broader range of investments and may cause the value of the Fund’s shares to fluctuate significantly over relatively short periods of time.
b.  Convertible Securities Risk:
Convertible securities generally offer lower interest or dividend yields than nonconvertible debt securities of similar quality. The market value of convertible securities tends to decline as interest rates increase and, conversely, tends to increase as interest rates decline. In addition, because of the conversion feature, the market value of convertible securities tends to vary with fluctuations in the market value of the underlying common stock. Consequently, a unique feature of convertible securities is that as the market price of the underlying common stock declines, convertible securities tend to trade increasingly on a yield basis, and so may not experience market value declines to the same extent as the underlying common stock. Investments in convertible securities generally entail less risk than investments in common stock of the same issuer but more risk than the issuer’s debt obligations.
c.  Derivatives Risk (including Options, Futures and Swaps):
Derivatives are speculative and may hurt the Fund’s performance. The potential benefits to be derived from the Fund’s options, futures and derivatives strategy are dependent upon the portfolio managers’ ability to discern pricing inefficiencies and predict trends in these markets, which decisions could prove to be inaccurate.
d.  Emerging Markets Risk:
The Fund is subject to emerging markets risk. This is a magnification of the risks that apply to foreign investments. These risks are greater for securities of companies in emerging market countries because the countries may have less stable governments, more volatile currencies and less established markets (see “Foreign Securities Risk” below). 
e.  Equity Linked Notes:
The Fund may invest in equity-linked notes, which are generally subject to the same risks as the foreign equity securities or the basket of foreign securities they are linked to. If the linked security(ies) declines in value, the note may return a lower amount at maturity. The trading price of an equity-linked note also depends on the value of the linked security(ies).
f.  Equity Securities Risk:
The stock or other security of a company may not perform as well as expected, and may decrease in value, because of factors related to the company (such as poorer than expected earnings or certain management decisions), to the industry in which the company is engaged (such as a reduction in the demand for products or services in a particular industry) or to the market as a whole (such as periods of market volatility or instability, or general and prolonged periods of economic decline). Holders of common stock generally are subject to more risks than holders of preferred stock or debt securities because the right to repayment of common shareholders' claims is subordinated to that of preferred stock and debt securities upon the bankruptcy of the issuer.
g.  Foreign Securities Risk:
Foreign countries in which the Fund may invest may have markets that are less liquid, less regulated and more volatile than U.S. markets. The value of the Fund's investments may decline because of factors such as unfavorable or unsuccessful government actions, reduction of government or central bank support and political or financial instability. To the extent the Fund focuses its investments in a single country or only a few countries in a particular geographic region, economic, political, regulatory or other conditions affecting such country or region may have a greater impact on Fund performance relative to a more geographically diversified fund.
 
abrdn Healthcare Opportunities Fund 21

 

Notes to  Financial Statements (unaudited)  (continued)
March 31, 2026
h.  Key Personnel Risk:
There may be only a limited number of securities professionals who have comparable experience to that of the Fund’s existing portfolio management team in the area of healthcare companies. If one or more of the team members dies, resigns, retires or is otherwise unable to act on behalf of the Adviser, there can be no assurance that a suitable replacement could be found immediately.
i.  Leverage Risk:
The Fund may use leverage to purchase securities. Increases and decreases in the value of the Fund's portfolio will be magnified when the Fund uses leverage. Certain investments or trading strategies that involve leverage can result in losses that greatly exceed the amount originally invested.
j.  Market Events Risk:
Markets are affected by numerous factors, including interest rates, the outlook for corporate profits, the health of the national and world economies, the fluctuation of other stock markets around the world, and financial, economic and other global market developments and disruptions, such as those arising from war, terrorism, market manipulation, government interventions, trading and tariff arrangements, defaults and shutdowns, political changes or diplomatic developments, public health emergencies and natural/environmental disasters. Such events can negatively impact the securities markets and cause the Fund to lose value.
Policy and legislative changes in countries around the world are affecting many aspects of financial regulation, and governmental and quasi-governmental authorities and regulators throughout the world have previously responded to serious economic disruptions with a variety of significant fiscal and monetary policy changes.
The impact of these changes on the markets, and the practical implications for market participants, may not be fully known for some time. In addition, economies and financial markets throughout the world are becoming increasingly interconnected. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to countries or sectors experiencing economic and financial difficulties, the value and liquidity of the Fund’s investments may be negatively affected by such events.
k.  REIT and Real Estate Risk:
Investment in REITs and real estate involves the risks that are associated with direct ownership of real estate and with the real estate industry in general. These risks include: declines in the value of real estate; risks related to local economic conditions, overbuilding and increased competition; increases in property taxes and operating expenses; changes in zoning laws; casualty or condemnation losses; variations in rental income, neighborhood values or the appeal of properties to tenants; changes in interest rates and changes in general
economic and market conditions; reduced demand for commercial and office space; increased maintenance or tenant improvement costs to convert properties for other uses; default risk of tenants and borrowers; the financial condition of tenants, buyers and sellers; and the inability to re-lease space on attractive terms or to obtain mortgage financing on a timely basis or at all. REITs’ share prices may decline because of adverse developments affecting the real estate industry including changes in interest rates. The returns from REITs may trail returns from the overall market. Additionally, there is always a risk that a given REIT will fail to qualify for favorable tax treatment. REITs may be leveraged, which increases risk. Certain REITs, like mutual funds, have expenses, including management and administration fees, that are paid by their shareholders. As a result, shareholders will directly bear the expenses of their investment in the Fund and indirectly bear the expenses of the Fund’s investments when the Fund invests in REITs.
l.  Restricted Securities and Valuation Risk:
Some of the Fund’s investments are subject to restrictions on resale and generally have no established trading market or are otherwise illiquid with little or no trading activity. The valuation process requires an analysis of various factors. The Fund’s fair value methodology includes the examination of, among other things, (i) the existence of any contractual restrictions on the disposition of the securities; (ii) information obtained from the issuer which may include an analysis of the company’s financial statements, the company’s products or intended markets, or the company’s technologies; and (iii) the price of a security sold at arm’s length in an issuer’s subsequent completed round of financing. As there is typically no readily available market value for some of the Restricted Securities in the Fund’s portfolio, such Restricted Securities in the Fund’s portfolio are valued at fair value as determined in good faith by the Valuation Designee pursuant to the Fund’s valuation policy and a consistently applied valuation process. Because of the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Fund’s investments determined in good faith by the Valuation Designee may differ significantly from the values that would have been used had a ready market existed for the investments, and the differences could be material.
m.  Risks Associated with the Fund’s Option Strategy:
The ability of the Fund to achieve its investment objective is partially dependent on the successful implementation of its option strategy. There are several risks associated with transactions in options on securities used in connection with the Fund's option strategy. For example, there are significant differences between the securities and options markets that could result in an imperfect correlation between these markets, causing a given transaction not to achieve its objectives. A decision as to whether, when and how to use options
 
22 abrdn Healthcare Opportunities Fund

 

Notes to  Financial Statements (unaudited)  (continued)
March 31, 2026
involves the exercise of skill and judgment, and even a well-conceived transaction may be unsuccessful to some degree because of market behavior or unexpected events.
As the writer of a call option covered with a security held by the Fund, the Fund forgoes, during the option's life, the opportunities to profit from increases in the market value of the security covering the call option above the sum of the premium and the strike price of the call but retains the risk of loss should the price of the underlying security decline. As the Fund writes such covered calls over more of its portfolio, its ability to benefit from capital appreciation becomes more limited. To the extent the Fund writes call options that are not fully covered by securities in its portfolio (such as calls on an index or sector), it will lose money if the portion of the security or securities underlying the option that is not covered by securities in the Fund's portfolio appreciate in value above the exercise price of the option by an amount that exceeds the premium received on the option plus the exercise price of the option. The amount of this loss theoretically could be unlimited. The writer of an option has no control over the time when it may be required to fulfill its obligations as a writer of the option.
When the Fund writes put options, it bears the risk of loss if the value of the underlying stock declines below the exercise price minus the put premium. If the option is exercised, the Fund could incur a loss if it is required to purchase the stock underlying the put option at a price greater than the market price of the stock at the time of exercise plus the put premium the Fund received when it wrote the option. While the Fund's potential gain as the writer of a covered put option is limited to the premium received from the purchaser of the put option, the Fund risks a loss equal to the entire exercise price of the option minus the put premium.
n.  Sector Risk:
To the extent that the Fund has a significant portion of its assets invested in securities conducting business in a broadly related group of industries within an economic sector, the Fund may be more vulnerable to unfavorable developments in that economic sector than funds that invest more broadly.
Biotechnology Industry Risk. The success of biotechnology companies is highly dependent on the development, procurement and/or marketing of drugs. The values of biotechnology companies are also dependent on the development, protection and exploitation of intellectual property rights and other proprietary information, and the profitability of biotechnology companies may be significantly affected by such things as the expiration of patents or the loss of, or the inability to enforce, intellectual property rights. The research and other costs associated with developing or procuring new drugs, products or technologies and the related intellectual property rights can be significant, and the results of such research and expenditures are
unpredictable. There can be no assurance that those efforts or costs will result in the development of a profitable drug, product or technology.
The biotechnology sector is also subject to rapid and significant technological change and competitive forces that may make drugs, products or technologies obsolete or make it difficult to raise prices and, in fact, may result in price discounting. Companies in the biotechnology sector may also be subject to expenses and losses from extensive litigation based on intellectual property, product liability and similar claims. Companies in the biotechnology sector may be adversely affected by government regulation and changes in reimbursement rates. Healthcare providers, principally hospitals, that transact with companies in the biotechnology industry, often rely on third party payors, such as Medicare, Medicaid, private health insurance plans and health maintenance organizations to reimburse all or a portion of the cost of healthcare related products or services. Biotechnology companies will continue to be affected by the efforts of governments and third-party payors to contain or reduce health care costs.
Pharmaceutical Sector Risk. The success of companies in the pharmaceutical sector is highly dependent on the development, procurement and marketing of drugs. The values of pharmaceutical companies are also dependent on the development, protection and exploitation of intellectual property rights and other proprietary information, and the profitability of pharmaceutical companies may be significantly affected by such things as the expiration of patents or the loss of, or the inability to enforce, intellectual property rights. The research and other costs associated with developing or procuring new drugs and the related intellectual property rights can be significant, and the results of such research and expenditures are unpredictable. There can be no assurance that those efforts or costs will result in the development of a profitable drug.
The pharmaceutical sector is also subject to rapid and significant technological change and competitive forces that may make drugs obsolete or make it difficult to raise prices and, in fact, may result in price discounting. Companies in the pharmaceutical sector may also be subject to expenses and losses from extensive litigation based on intellectual property, product liability and similar claims. Companies in the pharmaceutical sector may be adversely affected by government regulation and changes in reimbursement rates. The ability of many pharmaceutical companies to commercialize and monetize current and any future products depends in part on the extent to which reimbursement for the cost of such products and related treatments are available from third-party payors, such as Medicare, Medicaid, private health insurance plans and health maintenance organizations.
 
abrdn Healthcare Opportunities Fund 23

 

Notes to  Financial Statements (unaudited)  (continued)
March 31, 2026
Managed Care Sector Risk. Companies in the managed care sector often assume the risk of both medical and administrative costs for their customers in return for monthly premiums. The profitability of these products depends in large part on the ability of such companies to predict, price for, and effectively manage medical costs. Managed care companies base the premiums they charge and their Medicare bids on estimates of future medical costs over the fixed contract period; however, many factors may cause actual costs to exceed what was estimated and reflected in premiums or bids.
Managed care companies are regulated at the federal, state, local and international levels. The evolution of the ACA and other regulatory reforms could materially and adversely affect the manner in which U.S. managed care companies conduct business and their results of operations, financial position and cash flows. New laws or regulations could drive substantial change to the way healthcare products and services are currently delivered and paid for in the United States. A transformative overhaul of the U.S. healthcare system could impact the financial viability of managed care companies in which the Fund may invest.
Life Science and Tools Industry Risk.  Life science industries are characterized by limited product focus, rapidly changing technology, extensive government regulation, and intense competition. In particular, technological advances can render an existing product, which may account for a disproportionate share of a company’s revenue, obsolete. Extensive regulation can cause delays in product development, which may disadvantage a company in an intensely competitive environment. These various factors may result in abrupt advances and declines in the securities prices of particular companies, and, in some cases, may have a broad effect on the prices of securities of companies in particular life science industries.
Healthcare Technology Sector Risk. Companies in the healthcare technology sector may incur substantial cost related to product-related liabilities, interruptions at their data centers or client support facilities, claims for infringement or misappropriation of intellectual property rights of others, or infringement or misappropriation of their intellectual property.  Each of these may adversely impact the prices of securities of companies in the healthcare technology sector.
Additionally, the success of healthcare technology companies depends upon the recruitment and retention of key personnel. The failure to attract and retain qualified personnel could have a material adverse effect on healthcare technology companies’ prospects for long-term growth.
Healthcare Services Sector Risk. The operations of healthcare services companies are subject to extensive federal, state and local government regulations. A violation or departure from any of these legal requirements may result in government audits, lower reimbursements, significant fines and penalties, the potential loss of
certification, recoupment efforts or voluntary repayments. If healthcare services companies fail to adhere to all of the complex government regulations that apply to their businesses, such companies could suffer severe consequences that would substantially reduce revenues, earnings, cash flows and stock prices.
A substantial percentage of a healthcare services company’s service revenues may be generated from patients who have state Medicaid or other non-Medicare government-based programs, such as coverage through the Department of Veterans Affairs (“VA”), as their primary coverage. As state governments and other governmental organizations face increasing budgetary pressure, healthcare services companies may in turn face reductions in payment rates, delays in the receipt of payments, limitations on enrollee eligibility or other changes to the applicable programs.
Healthcare Supplies Sector Risk. If healthcare supplies companies are unable to successfully expand their product lines through internal research and development and acquisitions or are unable to successfully grow their business through marketing partnerships, their business may be materially and adversely affected.
Quality is extremely important to healthcare supplies companies and their customers due to the serious and costly consequences of product failure. Quality certifications are critical to the marketing success of their products and services. If a healthcare supplies company fails to meet these standards or fails to adapt to evolving standards, its reputation could be damaged, it could lose customers, and its revenue and results of operations could decline.
Healthcare Facilities Sector Risk. A healthcare facility’s ability to negotiate favorable contracts significantly affects the revenues and operating results of such healthcare facilities. If a healthcare facility is unable to enter into and maintain managed care contractual arrangements on acceptable terms, if it experiences material reductions in the contracted rates received from managed care payers, or if it has difficulty collecting from managed care payers, its results of operations could be adversely affected.
Further changes in the Medicare and Medicaid programs or other government health care programs could have an adverse effect on a healthcare facility’s business. In addition to the changes affected by the ACA, the Medicare and Medicaid programs are subject to other regulatory changes which could materially increase or decrease payments from government programs in the future, as well as affect the cost of providing services to patients and the timing of payments to facilities, which could in turn adversely affect a healthcare facility’s overall business, financial condition, results of operations or cash flows.
Healthcare Equipment Sector Risk. The medical device markets are highly competitive and characterized by rapid change, which may
 
24 abrdn Healthcare Opportunities Fund

 

Notes to  Financial Statements (unaudited)  (continued)
March 31, 2026
affect a company’s ability to be competitive. They are also rigorously regulated and it is anticipated that governmental authorities will continue to scrutinize this industry closely, and that additional regulation may increase compliance and legal costs, exposure to    litigation, and other adverse effects to operations.
Healthcare equipment companies are substantially dependent on patent and other proprietary rights and failing to protect such rights or to be successful in litigation related to such rights may negatively impact the ability of healthcare equipment companies to sell current or future products.  Quality problems with the processes, goods and services of a healthcare equipment company could harm the company’s reputation for producing high-quality products and erode its competitive advantage, sales and market share. Quality certifications are critical to the marketing success of goods and services. If a healthcare equipment company fails to meet these standards, its reputation could be damaged, it could lose customers, and its revenue and results of operations could decline.
Healthcare Distributors Sector Risk. Companies in the healthcare distribution sector operate in markets that are highly competitive and in an industry that is highly regulated and often subject to legal proceedings. Due to the nature of the business of healthcare distribution companies, each of the above may have an adverse impact on the securities prices of companies in the healthcare distribution sector.
Healthcare distribution companies depend on the availability of various components, compounds, raw materials and energy supplied by others for their operations. Any of these supplier relationships could be interrupted due to events beyond the control of such companies, including pandemics, epidemics or natural disasters, or could be terminated. A sustained supply interruption could have an adverse effect on business.
o.  Valuation Risk:
The price that the Fund could receive upon the sale of any particular portfolio investment may differ from the Fund's valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation methodology or a price provided by an independent pricing service. As a result, the price received upon the sale of an investment may be less than the value ascribed by the Fund, and the Fund could realize a greater than expected loss or lower than expected gain upon the sale of the
investment. The Fund's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.
p.  Venture Capital Investments Risk:
The Fund generally invests in venture capital opportunities. While these securities offer the opportunity for significant capital gains, such investments also involve a degree of risk that can result in substantial losses. Some of the venture capital opportunities in which the Fund may invest are expected to be companies that are in a “start-up” stage of development, have little or no operating history, operate at a loss or with substantial variations in operating results from period to period, have limited products, markets, financial resources or management depth, or have the need for substantial additional “follow-on” capital to support expansion or to achieve or maintain a competitive position. Such additional investments may dilute the interests of prior investors, such as the Fund. Some of these companies may be emerging companies at the research and development stage with no marketable or approved products or technology. There can be no assurance that securities of start-up or emerging growth companies will, in the future, yield returns commensurate with their associated risks.
These investments, which are considered Restricted Securities, will be made primarily in convertible preferred stock. The Fund may also purchase non-convertible debt securities in connection with its venture capital investments, and otherwise when the Adviser believes that such investments would be consistent with the Fund’s investment objective. While these debt investments typically will not be rated, the Adviser believes that, in light of the risk characteristics associated with investments in emerging growth companies, if such investments were to be compared with investments rated by S&P or Moody’s, they may be rated as low as “C” in the rating categories established by S&P and Moody’s. Such securities are commonly referred to as “junk bonds” and are considered, on balance, as predominantly speculative.
10.  Contingencies
In the normal course of business, the Fund may provide general indemnifications pursuant to certain contracts and organizational documents. The Fund's maximum exposure under these arrangements is dependent on future claims that may be made against the Fund, and therefore, cannot be estimated; however, the Fund expects the risk of loss from such claims to be remote.
 
abrdn Healthcare Opportunities Fund 25

 

Notes to  Financial Statements (unaudited)  (concluded)
March 31, 2026
11.  Tax Information
The U.S. federal income tax basis of the Fund's investments (including derivatives, if applicable) and the net unrealized appreciation as of March 31, 2026, were as follows:
Tax Cost of
Securities 		Unrealized
Appreciation 		Unrealized
Depreciation 		Net
Unrealized
Appreciation/
(Depreciation)
$877,759,618 $182,056,655 $(112,370,773) $69,685,882
12.  Segment Reporting
Operating segments are components of a public entity that engage in business activities from which it may recognize revenues and incur expenses, have discrete financial information available, and have their operating results regularly reviewed by the public entity’s chief operating decision maker (“CODM”) when assessing segment performance and making decisions about segment resources. The Chief Financial Officer of the Fund acts as the Fund's CODM. The CODM monitors the operating results of the Fund as a whole, and the Fund's asset allocation is managed in accordance with its Prospectus. The Fund operates as a single operating and reporting segment pursuant to its investment objective and principal investment strategy. The Fund's portfolio composition, total returns, expense ratios and changes in net assets used by the CODM to assess segment performance and make resource allocations are consistent with the information presented within the Fund's financial statements. Segment assets are reflected on the Fund's Statement of Assets and Liabilities as “Total Assets” and significant segment expenses are listed on the Statement of Operations.
13.  Recent Accounting Pronouncements
In December 2023, the FASB issued Accounting Standards Update 2023-09 (“ASU 2023-09”), Income Taxes (Topic 740) Improvements to Income Tax Disclosures, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. The Fund has adopted ASU 2023-09 as of March 31, 2026 with no material impact on the Fund’s financial statements.
14.  Subsequent Events
Management has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date the financial statements were issued.
Based on this evaluation, no disclosures and/or adjustments were required to the financial statements as of March 31, 2026, other than as noted below.
On April 10, 2026 and May 11, 2026, the Fund announced that it will pay on April 30, 2026 and May 29, 2026 a distribution of $0.18 per share to all shareholders of record as of April 22, 2026 and May 21, 2026, respectively. 
 
26 abrdn Healthcare Opportunities Fund

 

Dividend Reinvestment and Stock Purchase Plan  (Unaudited) 
Reinvestment of Distributions. Under the Dividend Reinvestment and Stock Purchase Plan, dividends and/or distributions to a Shareholder will automatically be reinvested in additional Shares of the Fund. Each registered Shareholder may elect to have dividends and distributions distributed in cash (i.e., "opt-out") rather than participate in the Dividend Reinvestment and Stock Purchase Plan. For any registered Shareholder that does not so elect, dividends and/or distributions on such Shareholder's Shares will be reinvested by Computershare Trust Company, N.A. (the "Plan Agent"), as agent for Shareholders in additional Shares, as set forth below. Participation in the Dividend Reinvestment and Stock Purchase Plan is completely voluntary, and may be terminated or resumed at any time without penalty by internet, telephone or notice if received and processed by the Plan Agent prior to the dividend record date; otherwise such termination or resumption will be effective with respect to any subsequently declared dividend or other distribution. Participants who hold their Shares through a broker or other nominee and who wish to elect to receive any dividends and distributions in cash must contact their broker or nominee.
The Plan Agent's fees for the handling of the reinvestment of dividends and distributions will be paid by the Fund. Each participant will pay a per Share fee (currently $0.05 per Share) incurred in connection with open market purchases. If a participant elects to have the Plan Agent sell all or a part of his or her Shares and remit the proceeds to the participant, the Plan Agent is authorized to deduct a $15 sales fee per trade and a per Share fee of $0.12 from such proceeds. All per Share fees include any applicable brokerage commissions the Plan Agent is required to pay. The automatic reinvestment of Dividends will not relieve Participants of any federal, state or local income tax that may be payable (or required to be withheld) on such dividend.
The Plan Agent will acquire shares for participants' accounts by purchasing either newly issued shares from the Fund or outstanding shares in the open market, depending upon the circumstances. If on the payment date of a dividend or distribution the NAV per share is
equal to or less than the closing market price (plus estimated per share fees in connectionwith the purchase of shares), the Plan Agent will invest the dividend or distribution in newly issued shares. The number of newly issued shares to be credited to each participant's account will be determined by dividing the amount of the participant's cash dividend or distribution by the greater of the NAV per share on the payment date or 95% of the closing market price per share on the payment date. If on the payment date the NAV per share is greater than the closing market price per share (plus per share fees), the Plan Agent will invest the dividend or distribution in shares acquired in open-market purchases. The per share price for open-market purchases will be the weighted average price of the shares on the payment date.
Stock Purchase Plan. All registered shareholders can voluntarily purchase additional shares in the Fund at any time through the Plan Agent. The minimum investment under this option is $50. Participants can make an investment online or by sending a check to the Plan Agent. Each investment will entail a transaction fee of $5.00 plus $0.05 per share purchased. Shareholders can also authorize the Plan Agent to make automatic withdrawals from a bank account.
Each automatic transaction will entail a fee of $2.50 plus $0.05 per share purchased. There is a $25 charge for each returned check or rejected electronic funds transfer.
Amendment or Termination of Plan. The Fund reserves the right to amend or terminate the Plan upon notice in writing to each participant at least 30 days prior to any record date for the payment of any dividend or distribution by the Fund.
Plan Agent. All correspondence concerning the Plan should be directed to the Plan Agent by phone at 1-800-647-0584, using Investor Center through www.computershare.com/buyaberdeen or in writing to Computershare Trust Company N.A., P.O. Box 43006, Providence, RI 02940-3078. 
 
abrdn Healthcare Opportunities Fund 27

 

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Corporate Information 
Trustees
Todd Reit, Chair
Jeffrey Bailey
Rose DiMartino
Kathleen Goetz
C. William Maher
Christian Pittard
Investment Adviser
abrdn Inc.
1900 Market Street, Suite 200
Philadelphia, PA 19103
Custodian
State Street Bank and Trust Company
John Adams Building
1776 Heritage Drive
North Quincy, MA 02171
Transfer Agent
Computershare Trust Company, N.A.
P.O. Box 43006
Providence, RI 02940-3078
Independent Registered Public Accounting Firm
KPMG LLP
191 West Nationwide Blvd., Suite 500
Columbus, OH 43215
Legal Counsel
Dechert LLP
1900 K Street N.W.
Washington, D.C. 20006
Investor Relations
abrdn Inc.
1900 Market Street, Suite 200
Philadelphia, PA 19103
1-800-522-5465
[email protected]
 
The Financial Statements as of March 31, 2026, included in this report, were not audited and accordingly, no opinion is expressed thereon.
Notice is hereby given in accordance with Section 23(c) of the Investment Company Act of 1940, as amended, that the Fund may purchase, from time to time, shares of its common stock in the open market.
Shares of abrdn Healthcare Opportunities Fund are traded on the NYSE under the symbol “THQ.” Information about the Fund’s net asset value and market price is available at www.aberdeenthq.com.
This report, including the financial information herein, is transmitted to the shareholders of abrdn Healthcare Opportunities Fund for their general information only. It does not have regard to the specific investment objectives, financial situation and the particular needs of any specific person. Past performance is no guarantee of future results.

 

THQ-SEMI-ANNUAL

 

(b) Not applicable.

 

Item 2. Code of Ethics.

 

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

 

Item 3. Audit Committee Financial Expert.

 

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

 

Item 4. Principal Accountant Fees and Services.

 

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

 

Item 5. Audit Committee of Listed Registrants.

 

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

 

Item 6. Schedule of Investments.

 

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

 

(b) Not applicable.

 

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

 

Not applicable.

 

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

 

Not applicable.

 

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

 

Not applicable.

 

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

 

Not applicable.

 

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

 

Not applicable.

 

 

 

 

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

 

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

 

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

 

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

 

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

 

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

 

Period   (a) Total No.
of Shares
Purchased		   (b) Average
Price Paid per
Share		   (c) Total No.
of Shares
Purchased as
Part of
Publicly
Announced Plans
or Programs(1)		   (d) Maximum No.
of Shares that
May Yet Be
Purchased Under
the Plans or
Programs(1)		 
Month #1 (Oct. 1, 2025 — Oct. 31, 2025)    —    —    —    4,968,945 
Month #2 (Nov. 1, 2025 — Nov. 30, 2025)    —    —    —    4,968,945 
Month #3 (Dec. 1, 2025 — Dec. 31, 2025)    —    —    —    4,968,945 
Month #4 (Jan. 1, 2026 — Jan. 31, 2026)    —    —    —    4,968,945 
Month #5 (Feb. 1, 2026 — Feb. 28, 2026)    —    —    —    4,968,945 
Month #6 (Mar. 1, 2026 — Mar. 31, 2026)    —    —    —    4,968,945 
Total    —   $—    —      

 

  (1) On March 19, 2015, the share repurchase program was announced, which has been subsequently reviewed and approved by the Board of Trustees. In September 2025, the Board approved a change to the Program allowing the Fund to purchase, in the open market for a one-year period from October 1, 2025 to September 30, 2026, up to 12% of its outstanding common shares as of September 30, 2025, with the amount and timing of any repurchase determined at the discretion of the Fund's investment adviser.  Such purchases may be made opportunistically at certain discounts to NAV per share in the reasonable judgment of management based on historical discount levels and current market conditions. If shares are repurchased, the Fund reports repurchase activity on its website on a monthly basis. For the period ended March 31, 2026, the Fund did not repurchase any shares through the Program.  

 

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

 

During the period ended March 31, 2026, there were no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees.

 

Item 16. Controls and Procedures.

 

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

 

 

 

 

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

 

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

 

Not applicable

 

Item 18. Recovery of Erroneously Awarded Compensation

 

Not appliable

 

Item 19. Exhibits.

 

(a)(1)Not applicable.

 

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

 

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

 

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

 

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

 

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

 

(c)A copy of the Registrant’s notices to stockholders, which accompanied distributions paid, pursuant to the Registrant’s Managed Distribution Policy since the Registrant’s last filed N-CSR, are filed herewith as Exhibits (c)(1), (c)(2), (c)(3), (c)(4), (c)(5) and (c)(6) as required by the terms of the Registrant’s SEC exemptive order.

 

 

 

 

SIGNATURES

 

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

 

abrdn Healthcare Opportunities Fund

 

By: /s/ Alan Goodson  
  Alan Goodson,  
  Principal Executive Officer of
abrdn Healthcare Opportunities Fund		  

 

Date: June 8, 2026

 

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

 

By: /s/ Alan Goodson  
  Alan Goodson,  
  Principal Executive Officer of
abrdn Healthcare Opportunities Fund		  

 

Date: June 8, 2026

 

By: /s/ Sharon Ferrari  
  Sharon Ferrari,  
  Principal Financial Officer of
abrdn Healthcare Opportunities Fund		  

 

Date: June 8, 2026

 

 

 

ATTACHMENTS / EXHIBITS

EXHIBIT 99.CERT

EXHIBIT 99.906CERT

EXHIBIT 99.(C)(1)

EXHIBIT 99.(C)(2)

EXHIBIT 99.(C)(3)

EXHIBIT 99.(C)(4)

EXHIBIT 99.(C)(5)

EXHIBIT 99.(C)(6)


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