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

Rhea-AI Filing Summary

Saba Capital and affiliated persons report beneficial ownership of 2,586,652 common shares of abrdn Life Sciences Investors, representing 8.96% of the outstanding class based on 28,872,416 shares. The filing amends prior Schedule 13D disclosures and states acquisition funds came from investor subscriptions, capital appreciation and margin borrowings, with approximately $33,922,037 paid for the shares. The reporting group consists of Saba Capital Management, L.P., Saba Capital Management GP, LLC and Boaz R. Weinstein. The positions reported are held with shared voting and dispositive power and the advised funds retain rights to dividends and sale proceeds. Transactions executed in the open market since the prior filing are noted and incorporated by reference.

Positive

• Significant minority stake: Ownership of 2,586,652 shares equals 8.96% of the class, a material position likely to attract investor and management attention
• Transparent funding disclosure: Funds came from investor subscriptions, capital appreciation and margin, with a disclosed total purchase amount of $33,922,037
• Open-market accumulation: Transactions were effected in the open market, suggesting gradual accumulation rather than a negotiated block trade

Negative

• No control asserted: Shared voting/dispositive power indicates influence but not control or board representation
• Use of margin borrowings: Some purchases were financed through margin accounts, which can increase risk if positions are leveraged
• Limited detail on intentions: The filing does not state any plans or proposals regarding corporate actions or governance changes

Insights

Financial Analyst

TL;DR Saba Capital holds an ~9% stake in HQL, a material minority position acquired with ~$33.9M funding; this raises strategic influence but not control.

The 8.96% stake is large enough to draw investor attention and could signal activist interest or a strategic investment thesis. Funding via subscriptions and margin borrowing indicates typical hedge fund financing. Open-market purchases suggest accumulation rather than a negotiated block purchase. The economic exposure and shared voting/dispositive power mean the reporting group can influence conversations with management but lacks outright control. Investors should note the position size relative to float and that subsequent transactions are reported in Schedule A.

Corporate Governance Expert

TL;DR A single investor group disclosing a near 9% stake introduces potential governance engagement without immediate board control.

The reporting persons are clearly identified as an investment manager, its GP and an individual manager, establishing a coordinated ownership group. Shared voting and dispositive power imply the position may be managed across advised accounts rather than held in one account. The amendment updates Items 3, 5 and 7, aligning disclosures with recent transactions. While under 10%, the stake cross-sectionally elevates the holder to a notable shareholder status that could lead to dialogues on capital allocation or strategy, though no explicit activism is disclosed in this filing.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 8)

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)

09/24/2025

(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 2,586,652.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 2,586,652.00

11

Aggregate amount beneficially owned by each reporting person

2,586,652.00

12

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

13

Percent of class represented by amount in Row (11)

8.96 %

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 2,586,652.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 2,586,652.00

11

Aggregate amount beneficially owned by each reporting person

2,586,652.00

12

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

13

Percent of class represented by amount in Row (11)

8.96 %

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 2,586,652.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 2,586,652.00

11

Aggregate amount beneficially owned by each reporting person

2,586,652.00

12

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

13

Percent of class represented by amount in Row (11)

8.96 %

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, Philadelphia, PENNSYLVANIA , 19103.
Item 1 Comment: This Amendment No. 8 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 $33,922,037 was paid to acquire the Common Shares reported herein.
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 from the filing of the Schedule 13D/A on 9/3/25 by the Reporting Persons to 9/24/25, 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.
Item 7.	Material to be Filed as Exhibits.
	Exhibit 4 - 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:	09/25/2025

Boaz R. Weinstein

Signature:	/s/ Michael D'Angelo
Name/Title:	Authorized Signatory
Date:	09/25/2025

Saba Capital Management GP, LLC

Signature:	/s/ Michael D'Angelo
Name/Title:	Attorney-in-fact*
Date:	09/25/2025

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 shares of HQL does Saba Capital report owning?

The reporting persons disclose beneficial ownership of 2,586,652 shares of HQL common stock.

What percentage of HQL does the 13D/A filing report?

The filing reports ownership representing 8.96% of HQL's outstanding common shares based on 28,872,416 shares.

How much did Saba Capital pay for its HQL position?

The filing states approximately $33,922,037 was paid to acquire the reported shares.

What is the source of funds for the HQL purchases?

Funds were derived from investor subscription proceeds, capital appreciation and margin account borrowings in the ordinary course of business.

Do the reporting persons have voting or dispositive power over the HQL shares?

Yes. The filing discloses shared voting power and shared dispositive power over the 2,586,652 shares.

Does the filing indicate any legal proceedings involving the reporting persons?

No. The reporting persons state they have not been convicted of crimes nor been subject to certain civil or administrative proceedings in the past five years.