abrdn National Muni Fund (NYSE: VFL) reshapes director holdings in merger

Rhea-AI Filing Summary

abrdn National Municipal Income Fund completed a reorganization into Aberdeen Municipal Income Fund on July 10, 2026. Director Bill Maher reported an "other" non-market transaction reflecting this restructuring.

In the reorganization, his 3,052.47 common shares of the Target Fund, with a reported NAV per share of $11.3116, were exchanged for 5,724 common shares of the Acquiring Fund, which had a reported NAV per share of $6.0322, based on a conversion ratio of 1.87521869. Following the exchange, his reported holdings of the Target Fund’s common stock were 0 shares; fractional shares were settled in cash.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Maher Bill

Role Director

Type	Security	Shares	Price	Value
Other	Common Stock	3,052.47	$11.3116	$35K

Holdings After Transaction: Common Stock — 0 shares (Direct)

Footnotes (1)

1. [object Object]

Key Figures

Shares exchanged (Target Fund): 3,052.47 shares Shares received (Acquiring Fund): 5,724 shares Target Fund NAV per share: $11.3116 +3 more

6 metrics

Shares exchanged (Target Fund) 3,052.47 shares Common shares of abrdn National Municipal Income Fund exchanged in the reorganization

Shares received (Acquiring Fund) 5,724 shares Common shares of Aberdeen Municipal Income Fund received in exchange

Target Fund NAV per share $11.3116 Reported NAV per share for abrdn National Municipal Income Fund as of July 10, 2026

Acquiring Fund NAV per share $6.0322 Reported NAV per share for Aberdeen Municipal Income Fund as of July 10, 2026

Conversion ratio 1.87521869 Conversion ratio for Target Fund common shares in the reorganization

Post-transaction VFL holdings 0 shares Target Fund common shares reported following the restructuring transaction

Key Terms

Reorganization, NAV, conversion ratio, fractional shares

4 terms

Reorganization financial

"such reorganization, the "Reorganization"). In the Reorganization, common shareholders"

NAV financial

"reported a NAV per share of $11.3116 and the Acquiring Fund reported a NAV"

Net asset value (NAV) is the total value of all the investments and assets in a fund or company, minus any debts or liabilities, divided by the number of shares or units outstanding. It represents the per-share worth, giving investors an idea of what each share is truly worth based on the underlying assets. Think of it like a company's total worth divided among its shares, helping investors assess whether a share is fairly priced.

conversion ratio financial

"The conversion ratio for the Target Fund's common shares was 1.87521869."

The conversion ratio is the number of common shares an investor receives when a convertible security (like a bond or preferred share) or an exchangeable instrument is turned into ordinary stock. It matters because it tells investors how much ownership or dilution will occur — similar to knowing how many slices you get when you trade in a coupon — and directly affects the value you get from the convertible and the company’s future share count.

fractional shares financial

"less the costs of the Reorganization (although cash was distributed for any fractional shares)."

Fractional shares are portions of a whole share of a stock or fund, allowing investors to own less than one full unit. They make it possible to invest a specific dollar amount rather than buy whole shares, like buying a slice of a pizza instead of the entire pie. For investors this lowers the cost barrier, helps with diversification, and lets you reinvest dividends or purchase expensive stocks in small, precise amounts.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Form 4 Insider Transactions: What Each Field Means →

Available on EDGAR 07/14/2026 - 04:52 PM Accepted by SEC EDGAR 07/14/2026 - 04:51 PM Learn about SEC filing dates

FAQ

What insider transaction did abrdn National Municipal Income Fund (VFL) report?

Director Bill Maher reported an "other" non-market transaction tied to a fund reorganization, where his Target Fund common shares were exchanged for shares of the acquiring Aberdeen Municipal Income Fund.

How many VFL shares were exchanged in the July 10, 2026 restructuring?

Bill Maher exchanged 3,052.47 common shares of abrdn National Municipal Income Fund as part of the July 10, 2026 reorganization into Aberdeen Municipal Income Fund.

What did the VFL director receive in the fund reorganization?

In the reorganization, Bill Maher received 5,724 common shares of Aberdeen Municipal Income Fund in exchange for his 3,052.47 abrdn National Municipal Income Fund shares; cash was paid for any fractional shares.

What NAV values were used for the VFL share exchange on July 10, 2026?

As of July 10, 2026, the Target Fund reported a NAV per share of $11.3116, while the Acquiring Fund reported a NAV per share of $6.0322 for the reorganization exchange.

What conversion ratio applied to VFL shares in the reorganization?

The reorganization used a conversion ratio of 1.87521869 Target Fund common shares for each Acquiring Fund share, determining how many Aberdeen Municipal Income Fund shares each abrdn National Municipal Income Fund shareholder received.

What are Bill Maher’s reported VFL holdings after the restructuring?

After the reorganization, Bill Maher’s reported holdings of abrdn National Municipal Income Fund common stock were 0 shares, reflecting the full exchange into Aberdeen Municipal Income Fund shares.

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

X

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^*

Maher Bill

(Last) (First) (Middle)

C/O ABRDN

1900 MARKET STREET, SUITE 200

(Street)

PHILADELPHIA PENNSYLVANIA 19103

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
abrdn National Municipal Income Fund [ VFL ]

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

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
07/10/2026

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

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

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

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	07/10/2026		J(1)		3,052.47	D	$11.3116(1)	0	D

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:

1. Effective as of July 10, 2026, abrdn National Municipal Income Fund (the "Target Fund") was reorganized into the Aberdeen Municipal Income Fund. (the "Acquiring Fund," and such reorganization, the "Reorganization"). In the Reorganization, common shareholders of the Target Fund received common shares of the Acquiring Fund having a value equal to the aggregate NAV of the Target Fund common shares surrendered as determined at the close of business on July 10, 2026, less the costs of the Reorganization (although cash was distributed for any fractional shares). As of July 10, 2026, the Target Fund reported a NAV per share of $11.3116 and the Acquiring Fund reported a NAV per share of $6.0322. The conversion ratio for the Target Fund's common shares was 1.87521869. In the Reorganization, the Reporting Person received 5,724 common shares of the Acquiring Fund in exchange for their 3,052.47 common shares of the Target Fund.

	/s/ Robert Stieger, by POA from Reporting Person	07/14/2026
	** 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.
* Form 4: SEC 1474 (03-26)