SEC Form N-CSRS filed by abrdn World Healthcare Fund Shares of Beneficial Interest

The Board of Trustees (the "Board") of the abrdn World Healthcare 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 $0.1167 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 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, the Fund estimates the distributions for the fiscal year commenced October 1, 2023 through the distributions declared on May 9, 2024 consisted of 6% net realized short-term capital gains, 11% net realized long-term capital gains and 83% tax return of capital.

In January 2025, 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 2024 calendar year.

abrdn World Healthcare Fund

Dear Shareholder,

We present the Semi-Annual Report, which covers the activities of abrdn World Healthcare Fund (formerly, Tekla World Healthcare Fund) (the “Fund”), for the six-month period ended March 31, 2024.

The Fund’s investment objective is to seek current income and long-term capital appreciation.

Effective close of regular business on October 27, 2023, abrdn Inc. is your new investment adviser. abrdn Inc. assumed responsibility for the management of four former Tekla Capital Management LLC closed-end funds: abrdn Healthcare Investors (Ticker: HQH), formerly Tekla Healthcare Investors, abrdn Life Sciences Investors (Ticker: HQL), formerly Tekla Life Sciences Investors, abrdn Healthcare Opportunities Fund (Ticker: THQ), formerly Tekla Healthcare Opportunities Fund and abrdn World Healthcare Fund (Ticker: THW), formerly Tekla World Healthcare Fund.

Total Investment Return¹

For the six-month period ended March 31, 2024, 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	13.30%
Market Price2	19.73%
80% S&P Global 1200 Healthcare Index, 15% S&P 500 HealthCare Corporate Bond Index, 5% S&P Composite 1500 Health Care REITS Index4	12.77%

For more information about Fund performance, please visit the Fund on the web at www.abrdnthw.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 from current six-month period end to prior fiscal year end of market price to NAV and associated Premium(+) and Discount(-).

	NAV	Closing Market Price	Premium(+)/ Discount(-)
3/31/2024	$12.53	$13.23	5.59%
9/30/2023	$11.73	$11.72	-0.09%

During the six-month period ended March 31, 2024, the Fund’s NAV was within a range of $10.88 to $12.53 and the Fund’s market price traded within a range of $9.84 to $13.23. During the six-month period ended March 31, 2024, the Fund’s shares traded within a range of a premium(+)/discount(-) of 7.78% to -9.56%.

Portfolio Management Updates

On March 21, 2024, the Fund announced the appointment of Dr. Jason Akus as co-lead portfolio manager to the Fund alongside Dr. Daniel Omstead. Effective June 1, 2024, Dr. Akus will become the lead Portfolio manager. Dr. Akus has served on the investment team with Dr. Omstead for over 20 years. The Fund will continue to be managed in accordance with its existing investment objective and strategies, pursuing the same investment philosophy and employing the same investment process that has served the Fund well through the years.

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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

S&P Global 1200 Healthcare Index consists of all members of the S&P Global 1200 that are classified with 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.

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"). Under the current Policy, the Fund intends to make monthly distributions at a rate of $0.1167 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 9, 2024 and May 9, 2024, the Fund announced that it will pay on April 30, 2024 and May 31, 2024 a distribution of $0.1167 per share to all shareholders of record as of April 23, 2024 and May 23, 2024.

Distributions to common shareholders for the six-month period  ended March 31, 2024 totaled $0.7002 per share. Based on the market price of $13.23 on March 31, 2024, the annualized distribution rate was 10.59%. Based on the NAV of $12.53 on March 31, 2024 the annualized distribution rate was 11.18%.

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 long-term 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 adviser or the Fund's transfer agent.

Open Market Repurchase Program

The Fund’s Board approved the renewal of the open market repurchase and discount management policy (the “Program”). The Program allows the Fund to purchase, in the open market, its outstanding common shares, with the amount and timing of any repurchase determined at the discretion of the Fund’s investment adviser. Such purchases may be made opportunistically at certain

discounts to NAV per share in the reasonable judgment of management based on historical discount levels and current market conditions. If shares are repurchased, the Fund reports repurchase activity on the Fund's website on a monthly basis. For the six-month period ended March 31, 2024, the Fund did not repurchase any shares through the Program.

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

Portfolio Holdings Disclosure

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

Proxy Voting

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

Investor Relations Information

As part of abrdn’s commitment to shareholders, we invite you to visit the Fund on the web at www.abrdnthw.com. Here, you can view monthly fact sheets, quarterly commentary, distribution and performance information, and other Fund literature.

Enroll in abrdn’s email services and be among the first to receive the latest closed-end fund news, announcements, videos, and other information. In addition, you can receive electronic versions of important Fund documents, including annual reports, semi-annual reports, prospectuses and proxy statements. Sign up today at https://www.abrdn.com/en-us/cefinvestorcenter/contact-us/preferences

Contact Us:

•	Visit: https://www.abrdn.com/en-us/cefinvestorcenter

•	Email: [email protected]; or

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

2	abrdn World Healthcare Fund

Dear shareholders,

After more than twenty years of sharing my thoughts with you, this will be my final letter to shareholders. As we announced in recent months, sponsorship and management of your Fund has transitioned to abrdn while Dr. Jason Akus MD, MBA will become Lead Portfolio manager on June 1, 2024.

abrdn, founded in 1825, is a UK-based asset manager offering a large and diverse set of investment products, including closed-end funds. In fact, it is one of the largest managers of closed-end funds worldwide, managing 35 closed-end funds. I am confident that your Fund and its healthcare siblings will benefit from abrdn.

As I make my own transition, I note that my enthusiasm for the healthcare sector continues unabated. After a twenty-year career in

pharmaceutical and biotech operating companies and a subsequent twenty-year career investing in such companies, I continue to be amazed by the pace and magnitude of innovation I see. The pharmaceutical (including biotech) sector has been making discoveries that improve and extend the lives of people for nearly one hundred years. I just can’t imagine that it won’t continue for another hundred years. This is great for the lives of people everywhere. And it provides the basis for a long-term investment thesis. Quite a combination.

Sincerely,

Daniel R. Omstead, PhD
Former Portfolio Manager of the Fund 

	Shares or Principal Amount		Value
NON-CONVERTIBLE NOTES—17.6%
GERMANY—0.8%
EMD Finance LLC, 3.25%, 03/19/2025(a)		$  4,000,000	$   3,913,539
SWITZERLAND—0.4%
Novartis Capital Corp., 3.40%, 05/06/2024		2,115,000	2,110,421
UNITED KINGDOM—1.5%
AstraZeneca PLC, 3.38%, 11/16/2025		5,000,000	4,872,545
GlaxoSmithKline Capital PLC, 3.00%, 06/01/2024		1,400,000	1,393,721
GlaxoSmithKline Capital PLC, 3.38%, 06/01/2029		1,000,000	942,431
			7,208,697
UNITED STATES—14.9%
Abbott Laboratories, 4.75%, 11/30/2036		5,652,000	5,605,608
AbbVie, Inc., 4.45%, 05/14/2046		1,705,000	1,531,013
AbbVie, Inc., 4.50%, 05/14/2035		3,200,000	3,076,272
Amgen, Inc., 2.00%, 01/15/2032		1,555,000	1,258,988
Amgen, Inc., 3.63%, 05/22/2024		2,000,000	1,994,198
Baxalta, Inc., 4.00%, 06/23/2025		831,000	817,417
Becton Dickinson & Co., 3.73%, 12/15/2024		328,000	323,763
Bristol-Myers Squibb Co., 3.40%, 07/26/2029		1,400,000	1,315,071
Cigna Group, 2.38%, 03/15/2031		3,200,000	2,695,011
CVS Health Corp., 1.88%, 02/28/2031		2,448,000	1,994,588
DH Europe Finance II SARL, 3.25%, 11/15/2039		985,000	795,578
Elevance Health, Inc., 2.55%, 03/15/2031		3,200,000	2,733,886
Endo Dac/Endo Finance LLC/Endo Finco, Inc., 6.00%, 06/30/2028(a),(b)		789,000	54,737
Endo Dac/Endo Finance LLC/Endo Finco, Inc., 9.50%, 07/31/2027(a),(b)		516,000	33,540
HCA, Inc., 5.25%, 04/15/2025		600,000	597,495
HCA, Inc., 5.38%, 02/01/2025		1,250,000	1,246,371
IQVIA, Inc., 5.00%, 05/15/2027(a)		710,000	693,262
Johnson & Johnson, 2.45%, 03/01/2026		4,300,000	4,120,096
Johnson & Johnson, 2.90%, 01/15/2028		1,400,000	1,326,194
Johnson & Johnson, 3.70%, 03/01/2046		5,470,000	4,567,810
Laboratory Corp. of America Holdings, 3.60%, 02/01/2025		1,400,000	1,376,125
Mallinckrodt CB LLC, 10.00%, 06/15/2029		997,897	–
Medtronic, Inc., 4.38%, 03/15/2035		1,675,000	1,601,663
Merck & Co., Inc., 2.75%, 02/10/2025		1,463,000	1,432,642
Par Pharmaceutical, Inc., 7.50%, 04/01/2027(a),(b),(c)		193,000	126,522
Pfizer, Inc., 3.45%, 03/15/2029		5,300,000	5,018,301
Pfizer, Inc., 4.00%, 12/15/2036		1,800,000	1,637,423
Roche Holdings, Inc., 2.08%, 12/13/2031(a)		3,600,000	2,965,602
Sanofi SA, 3.63%, 06/19/2028		2,600,000	2,513,799
Shire Acquisitions Investments Ireland DAC, 3.20%, 09/23/2026		1,500,000	1,434,733
Thermo Fisher Scientific, Inc., 5.40%, 08/10/2043		3,500,000	3,579,041
UnitedHealth Group, Inc., 3.88%, 12/15/2028		2,560,000	2,469,059

	Shares or Principal Amount		Value
UnitedHealth Group, Inc., 4.20%, 05/15/2032		$  6,060,000	$   5,759,139
Zimmer Biomet Holdings, Inc., 4.25%, 08/15/2035		5,000,000	4,458,918
			71,153,865
Total Non-Convertible Notes			84,386,522
CONVERTIBLE PREFERRED STOCKS(d),(e),(f)—2.5%
FRANCE—1.8%
Amolyt Pharma SAS Series C		981,328	7,659,523
Flamingo Therapeutics, Inc. Series A3		136,337	898,703
			8,558,226
IRELAND—0.1%
Priothera Co. Ltd. Series A, 6.00%		194,134	366,523
UNITED STATES—0.6%
Endeavor Biomedicines, Inc. Series B, 8.00%		424,079	1,999,999
Engrail Therapeutics, Inc. Series B		897,073	950,000
IO Light Holdinigs, Inc. Series A2		101,839	10
			2,950,009
Total Convertible Preferred Stocks			11,874,758
COMMON STOCKS—100.9%
CANADA—0.0%
Fusion Pharmaceuticals, Inc.(e)		3,689	78,649
CHINA(e)—0.2%
BeiGene Ltd., ADR		4,114	643,389
I-Mab, ADR		38,848	72,257
			715,646
DENMARK—6.8%
Genmab AS, ADR(e)		49,797	1,489,428
Novo Nordisk AS, ADR(g)		241,010	30,945,684
			32,435,112
FRANCE—0.1%
Abivax SA(e)		37,000	534,894
GERMANY—1.1%
Bayer AG		173,684	5,318,996
ISRAEL—0.5%
Teva Pharmaceutical Industries Ltd., ADR(e),(g)		178,032	2,512,032
JAPAN—1.7%
Astellas Pharma, Inc.		44,419	477,182
Daiichi Sankyo Co. Ltd.		54,075	1,720,606
Eisai Co. Ltd.		6,830	281,319
Hoya Corp.		9,682	1,210,936
M3, Inc.		7,436	107,014
Olympus Corp.		28,940	416,687
Ono Pharmaceutical Co. Ltd.		11,330	185,641
Otsuka Holdings Co. Ltd.		20,808	864,329
Shionogi & Co. Ltd.		7,707	393,841
Takeda Pharmaceutical Co. Ltd.		9,600	267,013
Takeda Pharmaceutical Co. Ltd., ADR		105,073	1,459,464
Terumo Corp.		34,576	632,694
			8,016,726
NETHERLANDS(e)—1.3%
Argenx SE, ADR(g)		10,171	4,004,526
Koninklijke Philips NV		114,765	2,295,300
			6,299,826

abrdn World Healthcare Fund

7

	Shares or Principal Amount		Value
COMMON STOCKS (continued)
SWITZERLAND—2.4%
Lonza Group AG		8,006	$   4,784,372
Novartis AG, ADR		38,071	3,682,608
Oculis Holding AG(e)		218,570	2,633,769
Sandoz Group AG, ADR(e)		7,614	229,181
			11,329,930
UNITED KINGDOM—4.9%
AstraZeneca PLC, ADR(g)		275,850	18,688,837
Smith & Nephew PLC, ADR		181,710	4,608,166
			23,297,003
UNITED STATES—81.9%
Abbott Laboratories(g)		103,465	11,759,832
AbbVie, Inc.(g)		105,731	19,253,615
Acadia Healthcare Co., Inc.(e)		19,185	1,519,836
Agilent Technologies, Inc.		8,119	1,181,396
Amgen, Inc.		38,724	11,010,008
Ardelyx, Inc.(e),(g)		321,993	2,350,549
Avantor, Inc.(e)		129,084	3,300,678
Baxter International, Inc.(g)		61,426	2,625,347
Becton Dickinson & Co.		6,521	1,613,621
Biogen, Inc.(e),(g)		24,504	5,283,798
Boston Scientific Corp.(e)		125,945	8,625,973
Bristol-Myers Squibb Co.		71,588	3,882,217
Charles River Laboratories International, Inc.(e),(g)		17,364	4,704,776
Cigna Group		2,600	944,294
Community Health Systems, Inc.(e)		8,700	30,450
Community Healthcare Trust, Inc., REIT		14,900	395,595
CSL Ltd.		30,845	5,787,367
Danaher Corp.		37,107	9,266,360
Dexcom, Inc.(e)		25,415	3,525,061
Diversified Healthcare Trust, REIT		63,841	157,049
Edwards Lifesciences Corp.(e)		26,082	2,492,396
Elevance Health, Inc.		22,273	11,549,441
Eli Lilly & Co.		48,523	37,748,953
Galera Therapeutics, Inc.(e)		161,709	22,639
Gilead Sciences, Inc.(g)		75,300	5,515,725
Global Medical REIT, Inc., REIT		143,229	1,253,254
GSK PLC, ADR		41,852	1,794,195
Guardant Health, Inc.(e)		83,729	1,727,329
HCA Healthcare, Inc.		10,113	3,372,989
Healthcare Realty Trust, Inc., REIT		149,567	2,116,373
Healthpeak Properties, Inc., REIT		279,943	5,248,931
Humana, Inc.(g)		14,933	5,177,570
IDEXX Laboratories, Inc.(e)		10,404	5,617,432
Illumina, Inc.(e),(g)		26,735	3,671,250
Incyte Corp.(e)		12,302	700,845
Insulet Corp.(e),(g)		12,341	2,115,247
Intuitive Surgical, Inc.(e)		20,041	7,998,163
IQVIA Holdings, Inc.(e)		13,311	3,366,219
Johnson & Johnson(g)		140,339	22,200,226
LTC Properties, Inc., REIT		46,903	1,524,817
McKesson Corp.		8,401	4,510,077
Medical Properties Trust, Inc., REIT		145,186	682,374
Medtronic PLC		94,582	8,242,821
Merck & Co., Inc.		166,915	22,024,434

	Shares or Principal Amount		Value
Moderna, Inc.(e)		11,708	$   1,247,605
Molina Healthcare, Inc.(e)		11,036	4,533,920
National Health Investors, Inc., REIT		4,442	279,091
Oculis Holding AG(e)		42,840	516,222
Omega Healthcare Investors, Inc., REIT		71,075	2,250,945
Perrigo Co. PLC		15,882	511,242
Pfizer, Inc.(g)		354,075	9,825,581
R1 RCM, Inc.(e)		124,297	1,600,945
Regeneron Pharmaceuticals, Inc.(e)		10,566	10,169,669
ResMed, Inc.		8,104	1,604,835
Roche Holding AG, ADR		562,829	17,965,502
Sabra Health Care REIT, Inc., REIT		90,781	1,340,835
Sanofi SA, ADR(g)		217,745	10,582,407
Stryker Corp.		16,321	5,840,796
Thermo Fisher Scientific, Inc.		25,566	14,859,215
UnitedHealth Group, Inc.		56,179	27,791,751
Universal Health Realty Income Trust, REIT		8,183	300,398
Ventas, Inc., REIT		66,681	2,903,291
Veradigm, Inc.(e)		90,363	695,795
Vertex Pharmaceuticals, Inc.(e),(g)		16,279	6,804,785
Welltower, Inc., REIT		41,484	3,876,265
West Pharmaceutical Services, Inc.		3,370	1,333,543
Zimmer Biomet Holdings, Inc.(g)		23,986	3,165,672
Zoetis, Inc.		27,301	4,619,602
			392,511,434
Total Common Stocks			483,050,248
SHORT-TERM INVESTMENT—3.7%
State Street Institutional U.S. Government Money Market Fund, Premier Class, 5.26%(h)		17,839,462	17,839,462
Total Short-Term Investment			17,839,462
		Interest
MILESTONE INTEREST 0.0%
Rainier Therapeutics, Inc. Milestone Interest(d),(e),(f)		1,921	$ 0
Total Milestone Interest			–
Total Investments 124.7% (Cost $578,577,955)			597,150,990
Liabilities in Excess of Other Assets (24.7%)			(118,116,523)
Net Assets 100.0%			$ $479,034,467

    

(a)	Denotes a security issued under Regulation S or Rule 144A.
(b)	Security is in default.
(c)	Variable or Floating Rate security. Rate disclosed is as of March 31, 2024.
(d)	Level 3 security. See Note 2(a) of the accompanying Notes to Financial Statements.
(e)	Non-income producing security.
(f)	Restricted security.
(g)	A portion of security is pledged as collateral for call options written.
(h)	Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of March 31, 2024.

    

ADR	American Depositary Receipt
PLC	Public Limited Company
REIT	Real Estate Investment Trust

1.  Organization

abrdn World Healthcare Fund (the "Fund") is a Massachusetts business trust formed on March 5, 2015 and registered under the Investment Company Act of 1940 as a diversified closed-end management investment company. The Fund commenced operations on June 30, 2015. The Fund’s investment objective is to seek current income and long-term capital appreciation. The Fund invests primarily in equity and debt securities of public and private U.S. and non-U.S. companies believed by the Fund’s Investment Adviser, abrdn Inc. (as of October 27, 2023) (prior to October 27, 2023, Tekla Capital Management, LLC) (the "Investment Adviser,"  the "Adviser" or "abrdn"), to have significant potential for above-average growth.

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 Standard 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 ("GAAP") in the United States of America. 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 current market value or 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. Pursuant to Rule 2a-5 under the 1940 Act, the Board designated abrdn 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. With respect to the Fund's investments in securities of early and /or later stage financing of a privately held companies ("Venture Capital Securities"), the Private Venture Valuation Committee ("PV Valuation Committee"), which is a Committee of the Board, performs fair value determinations for the Fund.

Long-term debt and other fixed-income securities are valued at the last quoted or evaluated bid price on the valuation date provided by an independent pricing service provider. If there are no current day bids,

the security is valued at the previously applied bid. Pricing services generally price debt securities assuming orderly transactions of an institutional “round lot” size and the strategies employed by the Valuation Designee generally trade in round lot sizes. In certain circumstances, some trades may occur in smaller “odd lot” sizes which may be effected at lower, or higher, prices than institutional round lot trades. Short-term debt securities (such as commercial paper and U.S. treasury bills) having a remaining maturity of 60 days or less are valued at the last quoted or evaluated bid price on the valuation date provided by an independent pricing service, or on the basis of amortized cost, if it represents the best approximation of fair value. Debt and other fixed-income securities are generally determined to be Level 2 investments.

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

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 PV Valuation Committee or the Valuation Designee pursuant to fair valuation policies and procedures approved by the Board.

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

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fair value of the Fund’s assets are determined in good faith in accordance with the Valuation Procedures.

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

Short-term investments are comprised of cash and cash equivalents invested in short-term investment funds which are redeemable daily. The Fund sweeps available cash into the State Street Institutional U.S. Government Money Market Fund, which has elected to qualify as a “government money market fund” pursuant to Rule 2a-7 under the 1940 Act, and has an objective, which is not guaranteed, to maintain a $1.00 per share NAV. Generally, these investment types are categorized as Level 1 investments.

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

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

or (v) a probability and time value adjusted analysis of contractual terms. Where available and appropriate, multiple valuation methodologies are applied to confirm fair value. Significant unobservable inputs are often used in the fair value determination. A significant change in any of these inputs may result in a significant change in the fair value measurement. Additionally, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different from the valuations used at the date of these financial statements.

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 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.

The three-level hierarchy of inputs is summarized below:

Level 1 - quoted prices (unadjusted) in active markets for identical investments;

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Level 2 - other significant observable inputs (including valuation factors, quoted prices for similar securities, interest rates, prepayment speeds, and credit risk, etc.); or

Level 3 - significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

Level 3 investments are valued using significant unobservable inputs. The Fund may also use a discounted cash flow based valuation

approach in which the anticipated future cash flows of the investment are used to estimate the current fair value. The derived value of a Level 3 investment may not represent the value which is received upon disposition and this could impact the results of operations.

A summary of standard inputs is listed below:

Security Type	Standard Inputs
Foreign equities utilizing a fair value factor	Depositary receipts, indices, futures, sector indices/ETFs, exchange rates, and local exchange opening and closing prices of each security.
Forward foreign currency contracts	Forward exchange rate quotations.

The following is a summary of the inputs used as of March 31, 2024 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	$ 460,602,251	$ 22,447,997	$ –	$483,050,248
Non-Convertible Notes	–	84,386,522	–	84,386,522
Convertible Preferred Stocks	–	–	11,874,758	11,874,758
Milestone Interest	–	–	–	–
Short-Term Investment	17,839,462	–	–	17,839,462
Total Investments	$478,441,713	$106,834,519	$11,874,758	$ 597,150,990
Other Financial Instruments
Foreign Currency Exchange Contracts		$ 226,930	$ –	$ 226,930
Total Investment Assets	$478,441,713	$ 107,061,449	$11,874,758	$ 597,377,920
Liabilities
Other Financial Instruments
Foreign Currency Exchange Contracts	$ –	$ (6,901)	$ –	$ (6,901)
Written Options	(561,581)	–	–	(561,581)
Total Investment Liabilities	$ (561,581)	$ (6,901)	$ –	$ (568,482)

    

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"), as amended. 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) market value of investment securities, other assets and liabilities – at the current daily rates of exchange at the Valuation Time; and

20	abrdn World Healthcare Fund

(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.

The calendar year-end amounts of ordinary income, capital gains and return of capital included in distributions received from the Funds’ investments in real estate investment trusts (“REITs”) are reported to the Funds after the end of the fiscal year; accordingly, the Funds estimate these amounts for accounting purposes until the characterization of REIT distributions is reported to the Funds after the end of the fiscal year. Estimates are based on the most recent REIT distribution information available.

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. Public Rights issues and warrants are speculative and have no value if they are not exercised before the

expiration date. Rights issues and warrants are valued at the last sale price on the exchange on which they are traded.

e.  Derivative Financial Instruments:

The Fund is authorized to use derivatives to manage currency risk, credit risk, and interest rate risk and to replicate, or use as a substitute for, physical securities. Losses may arise due to changes in the value of the contract or if the counterparty does not perform under the contract. The use of derivative instruments involves, to varying degrees, elements of market risk in excess of the amount recognized in the Statement of Assets and Liabilities.

Forward Foreign Currency Exchange Contracts:

A forward foreign currency exchange contract ("forward contract") involves an obligation to purchase and sell a specific currency at a future date, which may be any fixed number of days from the date of the contract agreed upon by the parties, at a price set at the time of the contract. Forward contracts are used to manage the Fund's currency exposure in an efficient manner. They are used to sell unwanted currency exposure that comes with holding securities in a market, or to buy currency exposure where the exposure from holding securities is insufficient to give the desired currency exposure either in absolute terms or relative to a particular benchmark or index. The use of forward contracts allows for the separation of investment decision-making between foreign exchange holdings and their currencies.

The forward contract is marked-to-market daily and the change in market value is recorded by the Fund as unrealized appreciation or depreciation. Forward contracts' prices are received daily from an independent pricing provider. When the forward contract is closed, the Fund records a realized gain or loss equal to the difference between the value at the time it was opened and the value at the time it was closed. These realized and unrealized gains and losses are reported on the Statement of Operations. The Fund could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts or from unanticipated movements in exchange rates.

While the Fund may enter into forward contracts to seek to reduce currency exchange rate risks, transactions in such contracts involve certain risks. The Fund could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts and from unanticipated movements in exchange rates. Thus, while the Fund may benefit from such transactions, unanticipated changes in currency prices may result in a poorer overall performance for the Fund than if it had not engaged in any such transactions. Moreover, there may be an imperfect correlation between the Fund’s portfolio holdings or securities quoted or denominated in a particular currency and forward contracts entered into by the Fund. Such imperfect correlation may prevent the Fund from achieving a complete hedge, which will expose the Fund to the risk of foreign exchange loss.

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Forward contracts are subject to the risk that the counterparties to such contracts may default on their obligations. Since a forward foreign currency exchange contract is not guaranteed by an exchange or clearing house, a default on the contract would deprive the Fund of unrealized profits, transaction costs or the benefits of a currency hedge or force the Fund to cover its purchase or sale commitments, if any, at the market price at the time of the default.

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.

The Fund may use derivatives for various purposes as noted above. The following is a summary of the fair value of derivative instruments, not accounted for as hedging instruments, as of March 31, 2024:

	Risk Exposure Category
	Interest Rate Contracts	Foreign Currency Contracts	Credit Contracts	Equity Contracts	Commodity Contracts	Other	Total
Assets:
Unrealized appreciation on:
Forward Foreign Currency Exchange Contracts	$–	$ 226,930	$–	$ –	$–	$–	$ 226,930
Total	$–	$226,930	$–	$ –	$–	$–	$ 226,930
Liabilities:
Unrealized depreciation on:
Forward Foreign Currency Exchange Contracts	$–	$ 6,901	$–	$ –	$–	$–	$ 6,901
Written Options, market value	–	–	–	561,581	–	–	561,581
Total	$–	$ 6,901	$–	$561,581	$–	$–	$568,482

Amounts listed as “–” are $0 or round to $0.

The Fund has transactions that may be subject to enforceable master netting agreements. A reconciliation of the gross amounts on the Statement of Assets and Liabilities as of March 31, 2024 to the net amounts by broker and derivative type, including any collateral received or pledged, is included in the following tables:

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, 2024. The table below summarizes the weighted average values of derivatives holdings for the Fund during the six-month period ended March 31, 2024.

Derivative	Average Notional Value
Written Options Contracts	$ 509,272
Foreign Currency Contracts Purchased	$ 1,096,181
Foreign Currency Contracts Sold	$59,689,249

f.  Security Transactions, Investment Income and Expenses:

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

The calendar year-end amounts of ordinary income, capital gains and return of capital included in distributions received from the Funds’ investments in real estate investment trusts (“REITs”) are reported to the Funds after the end of the fiscal year; accordingly, the Funds

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estimate these amounts for accounting purposes until the characterization of REIT distributions is reported to the Funds after the end of the fiscal year. Estimates are based on the most recent REIT distribution information available.

g.  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 GAAP.

h.  Federal Income Taxes:

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

The Fund recognizes the tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination by tax authorities. Management of the Fund has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Since tax authorities can examine previously filed tax returns, the Fund's U.S. federal and state tax returns for each of the most recent four fiscal years up to the most recent fiscal year ended September 30, 2023 are subject to such review.

i.  Milestone Interests

The Fund holds financial instruments which reflect the current value of future milestone payments the Fund may receive as a result of contractual obligations from other parties. The value of such payments are adjusted to reflect the estimated risk based on the relative uncertainty of both the timing and the achievement of individual milestones. A risk to the Fund is that the milestones will not be achieved and no payment will be received by the Fund. The milestone interests were received as part of the proceeds from the sale of 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 contractual obligations with respect to the milestone interests provide for payments at various stages of the development of Rainier Therapeutics’ principal product candidate as of the date of the sale.

The following is a summary of the impact of the milestone interests on the financial statements as of and for the six-month period ended March 31, 2024:

Statement of Assets and Liabilities, Milestone interests, at value	$ —
Statement of Assets and Liabilities, Total distributable earnings	$(143,115)
Statement of Operations, Change in unrealized appreciation (depreciation)	$ 0

Amounts listed as “–” are $0 or round to $0.

j.  Cash Flow Information:

The cash amount shown in the Statement of Cash Flows is the amount included in the Fund’s Statement of Assets and Liabilities and represents cash deposits at March 31, 2024.

3.  Agreements and Transactions with Affiliates

a.  Investment Advisory and Other Affiliated Fees

Effective as of the close of business October 27, 2023, abrdn Inc. serves as the Fund’s Investment Adviser pursuant to an investment management agreement (the “Advisory Agreement”) with the Fund. The Adviser is a wholly-owned indirect subsidiary of abrdn plc. In rendering management services, the Adviser may use the resources of investment advisor subsidiaries of abrdn 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 Investment Adviser receives an annual investment advisory fee 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, 2024, the Fund paid the Adviser $2,438,570.

Prior to close of business on October 27, 2023, the Fund paid Tekla Capital Management, LLC (the "Prior Advisor") an annual fee calculated at the same rate as discussed above. For the period from October 1, 2023 to October 27, 2023, the Prior Advisor earned an advisory fee of $411,390.

The Fund entered into a Services Agreement (the "Agreement") with the Adviser. Pursuant to the terms of the Agreement, the Fund reimbursed the Prior Adviser for certain services related to a portion of the payment of salary and provision of benefits to the Fund’s Chief Compliance Officer. For the period from October 1, 2023 to October 27, 2023, these payments amounted to $4,821 and are included in the Miscellaneous category of expenses in the Statement of Operations, together with insurance and other expenses incurred to unaffiliated entities. Expenses incurred pursuant to the Agreement as

24	abrdn World Healthcare Fund

well as certain expenses paid for by the Prior Adviser are allocated to the Fund in an equitable fashion as approved by the Trustees or officers of the Fund who are also officers of the Adviser.

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 1.51% of the average daily net assets of the Fund on an annualized basis for twelve months (the “Expense Limitation Agreement”). The Expense Limitation Agreement may not be terminated before October 27, 2025, without the approval of the Fund’s trustees who are not “interested persons” of the Fund (as defined in the 1940 Act). During the six-month period ended March 31, 2024, the Adviser waived and assumed $40,162 of the Fund's expenses pursuant to the Expense Limitation Agreement.

b.  Investor Relations:

Prior to March 1, 2024, Destra Capital Advisors LLC ("Destra") provided the Fund investor support services in connection with the ongoing operation of the Fund. The fund paid Destra a fee in an annual amount equal to 0.05% of the average aggregate daily value of the Fund's Managed Assets pursuant to the investor support services agreement. Effective March 1, 2024, under the terms of the Investor Relations Services Agreement, abrdn Inc. provides and pays third parties to provide investor relations services to the Fund and certain other funds advised by abrdn Inc. 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 abrdn Inc. 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 abrdn Inc.

Pursuant to the terms of the Investor Relations Services Agreement, abrdn Inc. (or third parties engaged by abrdn Inc.), 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, 2024, the Fund incurred investor relations fees of approximately $9,356. For the six-month period ended March 31, 2024, abrdn Inc. 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, 2024, were $58,270,282 and $82,668,519, 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, 2024, there were 38,244,601 shares of common stock issued and outstanding.

The Fund has a registration statement on file with the SEC, initially effective on December 6, 2022, authorizing the Fund to issue shares through an At-the-Market Offering ("ATM") having an aggregate value of up to $150,000,000. The offering costs associated with the Fund’s ATM offering are approximately $278,586 of which $7,478 were charged to paid-in-capital upon the issuance of associated shares and $271,108 remains in prepaid expenses. On December 14, 2022, the Fund entered into a distribution agreement with Foreside Fund Services, LLC ("Foreside"), pursuant to which the Fund may offer and sell up to $150,000,000 of shares from time to time, through Foreside as its agent, in transactions deemed to be at the market as defined in Rule 415 under the Securities Act of 1933, as amended (the "Offering"). Under the Distribution Agreement, Foreside may enter into sub-placement agent agreements with one or more selected dealers. Foreside has entered into a sub-placement agent agreement, dated December 14, 2022 (the "Sub-Placement Agent Agreement"), with UBS Securities LLC ("UBS") relating to the shares to be offered under the Distribution Agreement. During the six-month period ended on March 31, 2024, there were no shares sold in connection with the ATM offering.

6.  Open Market Repurchase Program

In March 2024, the Board approved the renewal of the repurchase program to allow the Fund to repurchase up to 12% of its outstanding shares in the open market for a one-year period ending July 14, 2025. Prior to this renewal, in March 2023, the Trustees approved the renewal of the share repurchase program to allow the Fund to repurchase up to 12% of its outstanding shares for a one-year period ending July 14, 2024.

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On January 26, 2024 the Fund’s Revolving Credit Facility with the Bank of Nova Scotia was amended to extend the scheduled commitment termination date to January 24, 2025 with a committed facility amount of $120,000,000. ("Revolving Credit Facility”).

The Fund maintains a $120,000,000 revolving credit facility with the Bank of Nova Scotia, which expires on January 24, 2025. As of March 31, 2024, the Fund had drawn down $120,000,000 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 Line of Credit agreement, the Fund paid an upfront fee of 0.05% on the total line of credit balance, which is being amortized through January 24, 2025. The Fund pledges its investment securities as the collateral for the line of credit per the terms of the agreement. The weighted average interest rate and the average outstanding loan payable for the period from October 1, 2023 to March 31, 2024 were 6.57% and $120,000,000, respectively. The stated carrying amount of the line of credit 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 loan 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 loan facility. In the event of a default under the loan 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 loan 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 loan facility has a term of three years and is not a perpetual form of leverage; there can be no assurance that the loan 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 loan facility as well as commitment fees for any portion of the loan facility not drawn upon at any time during the period. During the fiscal year ended March 31, 2024, the Fund incurred fees of approximately $4,009,391.

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The credit agreement governing the loan 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 loan facility.

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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.

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, 2024, were as follows:

Tax Cost of Securities	Unrealized Appreciation	Unrealized Depreciation	Net Unrealized Appreciation/ (Depreciation)
$584,950,768	$97,294,638	$(84,436,693)	$12,857,945

12.  Subsequent Events

Based on this evaluation, no disclosures and/or adjustments were required to the financial statements as of March 31, 2024, other than as noted below.

On April 9, 2024 and May 9, 2024, the Fund announced that it will pay on April 30, 2024 and May 31, 2024 a distribution of $0.1167 per share to all shareholders of record as of April 23, 2024 and May 23, 2024.

On May 24, 2024, the Board of abrdn plc announced Stephen Bird would be leaving abrdn effective June 30, 2024. 

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

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

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

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

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

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

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

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

Trustees

Todd Reit, Chair
Jeffrey Bailey
Stephen Bird
Rose DiMartino
Kathleen Goetz
C. William Maher

Investment Adviser

abrdn Inc.
1900 Market Street, Suite 200
Philadelphia, PA 19103

Custodian and Administrator

State Street Bank and Trust Company
One Congress Street, Suite 1
Boston, MA 02114-2016

Transfer Agent

Computershare Trust Company, N.A.
P.O. Box 43006
Providence, RI 02940-3078

Independent Registered Public Accounting Firm

KPMG LLP
1601 Market Street
Philadelphia, PA 19103

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, 2024, 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 World Healthcare Fund are traded on the NYSE under the symbol “THW.” Information about the Fund’s net asset value and market price is available at www.abrdnthw.com.

This report, including the financial information herein, is transmitted to the shareholders of abrdn World Healthcare 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.