Form 4: Saba Capital reports HQL sale; retains 2.95M shares indirect

Rhea-AI Filing Summary

Saba Capital Management, L.P. reported a Form 4 showing an insider sale of 15,116 shares of abrdn Life Sciences Investors (HQL) on 09/11/2025 at a price of $14.28 per share. After the transaction, the reporting person beneficially owned 2,953,507 shares indirectly. The filing reflects compliance with Section 16 reporting for a director-level reporting person.

Insights

Financial Analyst

TL;DR: Routine insider sale of 15,116 shares; large indirect stake remains, so transaction is not likely material to ownership control.

The sale of 15,116 shares at $14.28 each represents a relatively small disposition versus the reported indirect beneficial ownership of 2,953,507 shares. This indicates continued substantial indirect exposure by the reporting entity despite the disposition. The trade is documented under Form 4 and dated 09/11/2025, consistent with timely Section 16 reporting. There is no accompanying derivative activity reported.

Corporate Governance Expert

TL;DR: Disclosure complies with Section 16; sale appears routine and does not signal change in governance or control.

The filing identifies Saba Capital Management, L.P. as the reporting person with an indirect ownership position and shows a single non-derivative sale. The reporting person is marked as a director/10% owner checkbox combination indicates director status was selected. The signature block is present and dated 09/15/2025. No amendments, plan-based trading indication, or unusual derivative activity are disclosed, suggesting standard reporting practice rather than governance change.

Insider Trade Summary

Net Seller: 15,116 shares

Net Sell 1 txn

Insider Saba Capital Management, L.P.

Role 10% Owner

Sold 15,116 shs ($216K)

Type	Security	Shares	Price	Value
Sale	Common Stock	15,116	$14.28	$216K

Holdings After Transaction: Common Stock — 2,953,507 shares (Indirect, -)

FAQ

What transaction did Saba Capital report on Form 4 for HQL?

The Form 4 reports a sale of 15,116 shares of HQL on 09/11/2025 at $14.28 per share.

How many HQL shares does the reporting person own after the transaction?

The reporting person beneficially owned 2,953,507 shares (indirect) following the reported sale.

Was any derivative activity reported on this Form 4 for HQL?

No derivative securities or option transactions are reported in Table II; only a non-derivative sale appears in Table I.

When was the Form 4 signed and filed?

The signature block shows dates of 09/15/2025 for the filing signatories.

Who is the reporting person on this Form 4 for HQL?

The reporting person is Saba Capital Management, L.P. with an address at 405 Lexington Avenue, 58th Floor, New York, NY 10174.

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Form 4 Insider Transactions: What Each Field Means →

Accepted by SEC EDGAR 09/15/2025 - 05:38 PM Learn about SEC filing dates

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)
09/11/2025

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	09/11/2025		S		15,116	D	$14.28	2,953,507	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	09/15/2025
	Boaz Weinstein	09/15/2025
	** 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.