[Form 4] abrdn National Municipal Income Fund Insider Trading Activity

Rhea-AI Filing Summary

Insider purchase recorded for abrdn National Municipal Income Fund (VFL). Director Reit Todd acquired 250 shares of the fund's common stock on 08/05/2025 at a reported price of $9.64 per share, bringing his direct beneficial ownership to 1,250 shares. The transaction is coded as a purchase and was reported on a Form 4. This filing shows a modest increase in the director's direct stake in the fund.

Positive

• Insider purchase: Director Reit Todd acquired 250 shares at $9.64, increasing direct ownership to 1,250 shares.

Negative

• None.

Insights

Financial Analyst

Small director purchase; likely immaterial to valuation but signals personal buying.

The reported acquisition of 250 common shares at $9.64 increases the director's direct holdings to 1,250 shares. From a trading perspective this is a routine Section 16 disclosure showing an insider purchase. The size of the trade appears modest relative to institutional volumes, suggesting limited market impact, but it does represent an increase in insider ownership.

Corporate Governance Expert

Form 4 properly discloses director purchase; no governance concerns evident.

The Form 4 identifies Reit Todd as a director and reports a direct purchase (transaction code P) of 250 shares at $9.64, with post-transaction direct ownership of 1,250 shares. The filing follows standard disclosure practices under Section 16. There are no amendments or multiple filers indicated, and no derivatives or dispositions reported in this filing.

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

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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^*

Reit Todd

(Last) (First) (Middle)

C/O ABRDN

1900 MARKET STREET, SUITE 200

(Street)

PHILADELPHIA PA 19103

(City) (State) (Zip)

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)

3. Date of Earliest Transaction (Month/Day/Year)
08/05/2025

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	08/05/2025		P		250	A	$9.64	1,250	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:

	/s/ Robert Stieger, by POA from Reporting Person	08/11/2025
	** 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

Who filed the Form 4 for VFL?

The reporting person is Reit Todd, identified as a director of abrdn National Municipal Income Fund (VFL).

What transaction is reported on this Form 4 for VFL?

A purchase of 250 shares of common stock executed on 08/05/2025 at $9.64 per share.

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

Following the reported transaction, the reporting person beneficially owns 1,250 shares directly.

Were any derivative securities reported in this filing?

No. Table II for derivative securities is empty, and no derivative transactions are reported in this Form 4.

Was the Form 4 filed jointly or by a single reporting person?

The form indicates it was filed by one reporting person (not a joint filing).