[SCHEDULE 13D/A] abrdn Life Sciences Investors SEC Filing

Rhea-AI Filing Summary

Saba Capital Management, L.P., Saba Capital Management GP, LLC and Boaz R. Weinstein jointly report beneficial ownership of 2,982,706 common shares of abrdn Life Sciences Investors (ticker HQL), representing 10.33% of the outstanding common shares based on 28,872,416 shares as of March 31, 2025. The Reporting Persons state approximately $39,115,994 was paid to acquire these shares, funded from investor subscriptions, capital appreciation and margin borrowings. The filing is Amendment No. 7 to a Schedule 13D/A and updates Items 3, 5 and 7; the Reporting Persons assert no specific purpose for the holdings and indicate dividends and sale proceeds flow to the advised funds.

Positive

• Disclosure of substantial stake: Reporting Persons transparently disclose a material 10.33% position in HQL
• Clear funding disclosure: Purchase amount (~$39,115,994) and sources (subscriptions, appreciation, margin) are stated

Negative

• No stated purpose: The filing explicitly lists Item 4 as "Not Applicable," providing no clarity on intended actions with the stake
• Margin usage indicated: Some purchases involved margin borrowings, which can increase leverage risk for the reporting funds

Insights

Securities Analyst

TL;DR: A 10.33% stake by an activist hedge manager is material and likely draws investor attention without an explicit stated purpose.

Saba Capital and related parties disclose a meaningful minority stake in HQL, funded partly by margin and investor capital, totaling roughly $39.1 million. The filing expressly states no specific purpose for the position, which limits immediate governance implications, but the size of the holding (over 10%) is above common disclosure thresholds and could precede future engagement or proposals. The use of margin introduces financing risk if positions move against Saba.

Corporate Governance Specialist

TL;DR: Ownership above 10% is governance-relevant; absence of stated intent keeps near-term board or policy impact uncertain.

The Reporting Persons identify shared voting and dispositive power for 2,982,706 shares and confirm rights to dividends and sale proceeds. By filing an amended Schedule 13D and citing no arrangements or contracts, they signal transparency while avoiding committing to a strategy. Investors should note that a Schedule 13D holder of this size can influence shareholder votes, but this filing does not assert plans to nominate directors or seek operational changes.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 7)

abrdn Life Sciences Investors

(Name of Issuer)

Common Shares, $0.01 par value

(Title of Class of Securities)

87911K100

(CUSIP Number)

Saba Capital Management, L.P.
405 Lexington Avenue, 58th Floor, Attention: Michael D'Angelo
New York, NY, 10174
(212) 542-4635

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

08/29/2025

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

SCHEDULE 13D

CUSIP No. 87911K100

1

Name of reporting person

Saba Capital Management, L.P.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 2,982,706.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 2,982,706.00

11

Aggregate amount beneficially owned by each reporting person

2,982,706.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

10.33 %

14

Type of Reporting Person (See Instructions)

PN, IA

Comment for Type of Reporting Person:

The percentages used herein are calculated based upon 28,872,416 shares of common stock outstanding as of 3/31/25, as disclosed in the company's N-CSRS filed 6/9/25.

SCHEDULE 13D

CUSIP No. 87911K100

1

Name of reporting person

Boaz R. Weinstein

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

NEW YORK

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 2,982,706.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 2,982,706.00

11

Aggregate amount beneficially owned by each reporting person

2,982,706.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

10.33 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

The percentages used herein are calculated based upon 28,872,416 shares of common stock outstanding as of 3/31/25, as disclosed in the company's N-CSRS filed 6/9/25.

SCHEDULE 13D

CUSIP No. 87911K100

1

Name of reporting person

Saba Capital Management GP, LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 2,982,706.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 2,982,706.00

11

Aggregate amount beneficially owned by each reporting person

2,982,706.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

10.33 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

The percentages used herein are calculated based upon 28,872,416 shares of common stock outstanding as of 3/31/25, as disclosed in the company's N-CSRS filed 6/9/25.

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common Shares, $0.01 par value
(b)	Name of Issuer: abrdn Life Sciences Investors
(c)	Address of Issuer's Principal Executive Offices: 1900 Market Street, Suite 200, Philadelphia, PENNSYLVANIA , 19103.
Item 1 Comment: This Amendment No. 7 amends Items 3, 5, and 7.
Item 2.	Identity and Background
(a)	This Schedule 13D/A is being jointly filed by: (i) Saba Capital Management, L.P., a Delaware limited partnership ("Saba Capital"); (ii) Saba Capital Management GP, LLC, a Delaware limited liability company ("Saba GP"); and (iii) Mr. Boaz R. Weinstein ("Mr. Weinstein"), (together, the "Reporting Persons"). Any disclosures herein with respect to persons other than the Reporting Persons are made on information and belief after making inquiry to the appropriate party. The filing of this statement should not be construed as an admission that any Reporting Person is, for the purposes of Sections 13 of the Securities Exchange Act of 1934, the beneficial owner of the Common Shares reported herein.
(b)	The address of the business office of each of the Reporting Persons is 405 Lexington Avenue, 58th Floor, New York, New York 10174.
(c)	The principal business of: (i) Saba Capital is to serve as investment manager to private and public investment funds and/or accounts, (ii) Saba GP is to serve as general partner of the Saba Capital and other affiliated entities, and (iii) Mr. Weinstein, an individual, is managing member of the general partner of Saba Capital and other affiliated entities.
(d)	The Reporting Persons have not, during the last five years, been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors).
(e)	The Reporting Persons have not, during the last five years, been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and, as a result of such proceeding, was, or is subject to, a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, Federal or State securities laws or finding any violation with respect to such laws.
(f)	Saba Capital is organized as a limited partnership under the laws of the State of Delaware. Saba GP is organized as a limited liability company under the laws of the State of Delaware. Mr. Weinstein is a citizen of the United States.
Item 3.	Source and Amount of Funds or Other Consideration
	Funds for the purchase of the Common Shares were derived from the subscription proceeds from investors and the capital appreciation thereon and margin account borrowings made in the ordinary course of business. In such instances, the positions held in the margin accounts are pledged as collateral security for the repayment of debit balances in the account, which may exist from time to time. Since other securities are held in the margin accounts, it is not possible to determine the amounts, if any, of margin used to purchase the Common Shares reported herein. A total of approximately $39,115,994 was paid to acquire the Common Shares reported herein.
Item 4.	Purpose of Transaction
	Not Applicable.
Item 5.	Interest in Securities of the Issuer
(a)	See the Reporting Persons section of this Schedule 13D/A for the aggregate number of Common Shares and percentages of the Common Shares beneficially owned by each of the Reporting Persons. The percentages used herein are calculated based upon 28,872,416 shares of common stock outstanding as of 3/31/25, as disclosed in the company's N-CSRS filed 6/9/25.
(b)	See the Reporting Persons section of this Schedule 13D/A for the number of Common Shares as to which each Reporting Person has the sole or shared power to vote or direct the vote and sole or shared power to dispose or to direct the disposition.
(c)	The transactions in the Common Shares effected by the Reporting Persons within the past sixty days prior to 8/29/25, the date of the event which required filing of this Schedule 13D/A, which were all in the open market, are set forth in Schedule A, and are incorporated herein by reference.
(d)	The funds and accounts advised by Saba Capital have the right to receive the dividends and proceeds of sales from the Common Shares.
(e)	Not Applicable.
Item 6.	Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer
	Not Applicable.
Item 7.	Material to be Filed as Exhibits.
	Exhibit 3 - Schedule A

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Saba Capital Management, L.P.

Signature:	/s/ Michael D'Angelo
Name/Title:	General Counsel
Date:	09/03/2025

Boaz R. Weinstein

Signature:	/s/ Michael D'Angelo
Name/Title:	Authorized Signatory
Date:	09/03/2025

Saba Capital Management GP, LLC

Signature:	/s/ Michael D'Angelo
Name/Title:	Attorney-in-fact*
Date:	09/03/2025

Comments accompanying signature:

Pursuant to a power of attorney dated as of November 16, 2015, which is incorporated herein by reference to Exhibit 2 to the Schedule 13G filed by the Reporting Persons on December 28, 2015, accession number: 0001062993-15-006823

FAQ

How many HQL shares does Saba Capital report owning?

The Reporting Persons state beneficial ownership of 2,982,706 shares of HQL.

What percentage of HQL does this represent?

The filing reports this equals 10.33% of HQL common shares, based on 28,872,416 shares outstanding as of 3/31/25.

How much was paid to acquire the reported HQL shares?

Approximately $39,115,994 was paid to acquire the shares.

Did the filing state a purpose for the HQL stake?

No. Item 4 is marked Not Applicable, and no specific purpose or plans were disclosed.

Are dividends and sale proceeds received by the reporting funds?

Yes. The filing states funds and accounts advised by Saba Capital have the right to receive dividends and proceeds of sales from the shares.