🧾 What This Document Is

This is a DEF 14A, also called a "proxy statement." It's a formal notice sent to shareholders of four different abrdn healthcare investment funds. Its purpose is to provide information ahead of their annual meetings so shareholders can vote on important matters.

👉 Why it matters: Shareholders own these funds but often don't attend meetings in person. This document lets them know what's being voted on and gives them the materials to vote by mail, phone, or online.

🏢 What The Company Does

The document covers four separate but related "closed-end funds" managed by abrdn. In simple terms, these funds are like big investment pools that use shareholder money to buy stocks and securities in the global healthcare and life sciences industries.

• abrdn Healthcare Investors (HQH)
• abrdn Life Sciences Investors (HQL)
• abrdn Healthcare Opportunities Fund (THQ)
• abrdn World Healthcare Fund (THW)

👉 Think of them as specialized investment portfolios focused on healthcare companies, from drug developers to medical device makers.

📅 The Big Vote: What's Happening & When

All four funds are holding their Annual Meeting of Shareholders on Wednesday, May 27, 2026, at 12:00 p.m. Eastern Time. The meetings will be at abrdn's office in Philadelphia.

The main item on the agenda for each fund is the election of two Trustees to their boards. These Trustees oversee the fund's management and make sure it's run in shareholders' interests.

Record Date: To vote, you must have owned shares in the fund by the close of business on April 1, 2026.

👥 Meet the Nominees

Each fund's board is divided into three classes with staggered terms. This year, specific classes are up for election to serve a 3-year term ending in 2029.

Here are the nominees, all of whom are currently serving Trustees:

• For HQH & THQ: Christian Pittard and Jeffrey A. Bailey
• For HQL: C. William Maher and Kathleen Goetz
• For THW: Rose DiMartino and Todd Reit

👉 Why it matters: These individuals are responsible for overseeing how your investment is managed. The board recommends voting "FOR" all nominees.

Who Are They?

• Independent Trustees (like Mr. Bailey, Ms. DiMartino): They have no material business ties to abrdn and are meant to represent shareholder interests objectively.
• Interested Trustee (Mr. Pittard): He is deemed "interested" because he is also a Vice President at abrdn Inc., the funds' investment adviser.
• Board Leadership: Todd Reit serves as the Chair of the Boards for all four funds.

🔍 How Voting Works & Key Logistics

Voting is straightforward, and every share gets one vote.

• Quorum Needed: For a vote to be valid, a majority of a fund's outstanding shares must be represented (in person or by proxy).
• Vote Required: The election uses a "plurality" vote. This means the nominees with the most votes win, even if they don't get a majority. Abstentions and "broker non-votes" don't count for or against a candidate.
• Default Vote: If you send in a proxy card without marking a choice, your shares will be voted "FOR" the listed nominees.
• How to Vote: You can vote by:
  1. Mail: Sign, date, and return the enclosed proxy card.
  2. Phone: Call 1-800-337-3503.
  3. Internet: Go to www.proxy-direct.com.
  4. In Person: Attend the meeting in Philadelphia (proof of ownership required).
• Solicitation: The funds have hired EQ Fund Solutions, LLC to help solicit proxies. They'll be paid about $2,500 per fund plus expenses.

Important Dates:

• April 1, 2026: Record Date (must own shares by this date to vote).
• April 13, 2026 (on or about): Proxy materials are mailed to shareholders.
• May 27, 2026: Annual Meetings.

⚖️ Board Oversight & Compensation

The funds have a structured board system with committees to provide oversight.

• Audit Committee: Reviews financial statements and hires the auditor (KPMG LLP). Their 2025 audit fees ranged from $91,100 (THQ) to $126,900 (HQH & HQL).
• Nominating Committee: Identifies and proposes new Trustee candidates. Shareholders can recommend candidates by writing to the fund's Secretary.
• Trustee Compensation: Independent Trustees are paid for their service. For example, Mr. Reit received a total of $310,093.62 from the entire fund complex in 2025. Trustees who are abrdn employees, like Mr. Pittard, are not paid by the funds.

Big Shareholder Alert: As of March 16, 2026, one group (First Trust Portfolios, etc.) beneficially owned 10.09% of HQL's shares.

🧠 The Analogy

Think of this like electing the board of directors for a special investment club. The club has four sub-committees (the funds) focused on healthcare. You, as a member, are being asked to vote to confirm or replace the experienced advisors (Trustees) who watch over the club manager (abrdn) to make sure they're making smart decisions with the club's money.

🧩 Final Takeaway

This is a standard but crucial piece of corporate governance. Shareholders of these four abrdn healthcare funds are being asked to vote to re-elect their boards of Trustees. The board recommends a "FOR" vote to maintain continuity and oversight. If you own shares, make sure to vote by the May 27 meeting to have your say.