abrdn National Municipal (NYSE: VFL) director swaps shares in fund reorganization

Rhea-AI Filing Summary

abrdn National Municipal Income Fund director Todd Reit reported a restructuring-related share exchange. On July 10, 2026, the fund was reorganized into Aberdeen Municipal Income Fund. Reit’s 1,298 common shares of abrdn National Municipal Income Fund, valued at a NAV of $11.3116 per share, were converted into 2,434 common shares of Aberdeen Municipal Income Fund based on a 1.87521869 conversion ratio and that fund’s $6.0322 NAV per share. Following this reorganization, he holds no common shares of abrdn National Municipal Income Fund.

Insider Trade Summary

Net Seller: 1,298 shares

Net Sell 1 txn

Insider Reit Todd

Role Director

Type	Security	Shares	Price	Value
Other	Common Stock F1	1,298	$11.3116	$15K

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

Footnotes (1)

1. F1. 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 2,434 common shares of the Acquiring Fund in exchange for their 1,298 common shares of the Target Fund.

Key Figures

Shares exchanged (Target Fund): 1,298 common shares Shares received (Acquiring Fund): 2,434 common shares Target Fund NAV per share: $11.3116 +3 more

6 metrics

Shares exchanged (Target Fund) 1,298 common shares Common shares of abrdn National Municipal Income Fund surrendered in the July 10, 2026 reorganization

Shares received (Acquiring Fund) 2,434 common shares Common shares of Aberdeen Municipal Income Fund received in exchange for Target Fund shares

Target Fund NAV per share $11.3116 Net asset value per share of abrdn National Municipal Income Fund as of July 10, 2026

Acquiring Fund NAV per share $6.0322 Net asset value per share of Aberdeen Municipal Income Fund as of July 10, 2026

Conversion ratio 1.87521869 Common shares of Aberdeen Municipal Income Fund received per Target Fund common share

Shares held after transaction 0 common shares Total abrdn National Municipal Income Fund common shares held by Todd Reit following the reorganization

Key Terms

Reorganization, NAV per share, conversion ratio, common shareholders

4 terms

Reorganization financial

"such reorganization, the "Reorganization")"

NAV per share financial

"the Target Fund reported a NAV per share of $11.3116"

NAV per share is the value of a fund or company's assets minus its liabilities, divided by the number of shares outstanding — think of it as the price of one slice of a pie made from all the holdings. Investors use it to judge whether a share’s market price is fair: if the market price is lower than NAV per share, shares may be trading at a discount; if higher, at a premium.

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.

common shareholders financial

"common shareholders of the Target Fund received common shares"

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Form 4 Insider Transactions: What Each Field Means →

Available on EDGAR 07/14/2026 - 04:53 PM Accepted by SEC EDGAR 07/14/2026 - 04:53 PM Learn about SEC filing dates

FAQ

What transaction did director Todd Reit report for abrdn National Municipal Income Fund (VFL)?

Todd Reit reported a restructuring-related share exchange. His 1,298 common shares of abrdn National Municipal Income Fund were converted into 2,434 common shares of Aberdeen Municipal Income Fund as part of a July 10, 2026 reorganization.

How many VFL shares did Todd Reit exchange and what did he receive?

Todd Reit exchanged 1,298 common shares of abrdn National Municipal Income Fund. In the reorganization, he received 2,434 common shares of Aberdeen Municipal Income Fund, reflecting the specified conversion ratio between the two closed-end funds.

What NAV figures and conversion ratio were used in the VFL reorganization?

As of July 10, 2026, the Target Fund reported a NAV per share of $11.3116 and the Acquiring Fund reported $6.0322 per share. The conversion ratio for the Target Fund’s common shares was 1.87521869 common shares of the Acquiring Fund for each share surrendered.

Does Todd Reit still own abrdn National Municipal Income Fund (VFL) shares after the reorganization?

No. After the July 10, 2026 reorganization, Todd Reit’s reported holdings of abrdn National Municipal Income Fund common shares are 0. His prior position was converted into shares of Aberdeen Municipal Income Fund under the exchange terms.

What triggered the restructuring reported in the VFL Form 4 filing?

The restructuring was triggered by a reorganization in which abrdn National Municipal Income Fund was merged into Aberdeen Municipal Income Fund. Common shareholders received new shares of the Acquiring Fund based on relative NAVs and the stated conversion ratio.

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^*

Reit Todd

(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)		1,298	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 2,434 common shares of the Acquiring Fund in exchange for their 1,298 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)