Saba Capital Disposes Small HQL Stake; 2,950,781 Shares Remain

Rhea-AI Filing Summary

Saba Capital Management, L.P. reported insider sales of 700 shares of abrdn Life Sciences Investors (HQL) on 09/15/2025 at $14.13 and 2,026 shares on 09/16/2025 at $13.99. After these transactions the filer beneficially owned 2,950,781 shares indirectly. The filing lists the reporting relationship as a Director and is signed by Zachary Gindes and Boaz Weinstein on 09/17/2025. No derivative transactions were reported.

Positive

• Disclosure compliance: The reporting persons filed a timely Form 4 with signatures dated 09/17/2025.
• Small transaction size: Dispositions (2,726 shares) are minor relative to the reported beneficial ownership (~2.95M shares).

Negative

• Reduction in holdings: Beneficial ownership decreased from 2,952,807 to 2,950,781 shares due to the reported sales.
• No 10b5-1 plan disclosed: The form does not indicate transactions were made pursuant to a Rule 10b5-1 trading plan.

Insights

Securities Analyst

TL;DR: Modest insider dispositions totalling 2,726 shares; ownership remains substantial at ~2.95M shares.

The Form 4 shows small open-market sales across two days at prices near $14, reducing beneficial indirect holdings from 2,952,807 to 2,950,781 shares. Transaction sizes are small relative to the total stake, suggesting routine portfolio rebalancing rather than a material change in position. No derivatives or plans are disclosed.

Corporate Governance Expert

TL;DR: Director sold a de minimis number of shares; governance implications appear minimal.

Reporting persons are identified as a Director and the filing is properly signed. The two small sales do not indicate a change in board-level stance or a governance event. Absence of Form 4 amendments or Rule 10b5-1 notation is noted but not conclusive of a planned trading program.

Insider Trade Summary

Net Seller: 2,726 shares ($38,235)

Net Sell 2 txns

Insider Saba Capital Management, L.P.

Role 10% Owner

Sold 2,726 shs ($38K)

Type	Security	Shares	Price	Value
Sale	Common Stock	2,026	$13.99	$28K
Sale	Common Stock	700	$14.13	$10K

Holdings After Transaction: Common Stock — 2,950,781 shares (Indirect, -)

Footnotes (1)

Form 4 Insider Transactions: What Each Field Means →

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Saba Capital Management, L.P.

(Last) (First) (Middle)

405 LEXINGTON AVENUE

58TH FLOOR

(Street)

NEW YORK NY 10174

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
abrdn Life Sciences Investors [ HQL ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
09/15/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	09/15/2025		S		700	D	$14.13	2,952,807	I	-
Common Stock	09/16/2025		S		2,026	D	$13.99	2,950,781	I	-

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

	Saba Capital Management, L.P. By: Zachary Gindes	09/17/2025
	Boaz Weinstein	09/17/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What transactions were reported for HQL in this Form 4?

The filing reports two sales: 700 shares on 09/15/2025 at $14.13 and 2,026 shares on 09/16/2025 at $13.99.

How many HQL shares does the reporting person beneficially own after the transactions?

The filer beneficially owned 2,950,781 shares of HQL following the reported transactions.

Who filed the Form 4 for HQL and what is their relationship to the issuer?

The Form 4 was filed by Saba Capital Management, L.P., which is identified as a Director to the issuer; signatures include Zachary Gindes and Boaz Weinstein.

Were any derivative securities reported in this Form 4 for HQL?

No. Table II shows no derivative securities acquired, disposed of, or beneficially owned in this filing.

Were the reported transactions part of a 10b5-1 plan?

The filing does not indicate that the transactions were made pursuant to a Rule 10b5-1 trading plan.