abrdn National Municipal Income Fund (NYSE: VFL) director converts shares

Rhea-AI Filing Summary

abrdn National Municipal Income Fund was reorganized into Aberdeen Municipal Income Fund effective July 10, 2026. In this Reorganization, director Nancy Yao exchanged 1,500 common shares of the Target Fund for 2,812 common shares of the Acquiring Fund, based on a 1.87521869 conversion ratio. The Target Fund’s NAV per share was $11.3116 and the Acquiring Fund’s NAV per share was $6.0322, with cash distributed for any fractional shares.

Insider Trade Summary

Net Seller: 1,500 shares

Net Sell 1 txn

Insider Yao Nancy

Role Director

Type	Security	Shares	Price	Value
Other	Common Stock F1	1,500	$11.3116	$17K

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 2,812 common shares of the Acquiring Fund in exchange for their 1,500 common shares of the Target Fund.

Key Figures

Shares exchanged (Target Fund): 1,500 common shares Shares received (Acquiring Fund): 2,812 common shares Target Fund NAV per share: $11.3116 +2 more

5 metrics

Shares exchanged (Target Fund) 1,500 common shares abrdn National Municipal Income Fund shares surrendered by the reporting person

Shares received (Acquiring Fund) 2,812 common shares Aberdeen Municipal Income Fund shares received in the Reorganization

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

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

Conversion ratio 1.87521869 Conversion ratio for the Target Fund's common shares in the Reorganization

Key Terms

Reorganization, NAV per share, conversion ratio, fractional shares

4 terms

Reorganization financial

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

NAV per share financial

"As of July 10, 2026, 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.

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 - 04:55 PM Accepted by SEC EDGAR 07/14/2026 - 04:54 PM Learn about SEC filing dates

FAQ

What transaction did director Nancy Yao report for VFL?

Nancy Yao reported exchanging 1,500 VFL common shares of abrdn National Municipal Income Fund for 2,812 shares of Aberdeen Municipal Income Fund. This occurred as part of a fund Reorganization effective July 10, 2026, using a 1.87521869 conversion ratio.

How were VFL shareholders treated in the Reorganization?

Common shareholders of VFL received Aberdeen Municipal Income Fund shares equal in value to the aggregate NAV of their VFL shares, less Reorganization costs. Cash was paid for any fractional shares, so holders ended with whole Acquiring Fund shares plus any cash in lieu.

What NAVs were used to convert VFL shares in this Form 4 event?

The conversion used $11.3116 NAV per share for abrdn National Municipal Income Fund and $6.0322 NAV per share for Aberdeen Municipal Income Fund, both as of July 10, 2026. These values determined the number of Acquiring Fund shares issued.

What conversion ratio applied to VFL common shares in the Reorganization?

The Reorganization used a conversion ratio of 1.87521869 for the Target Fund’s common shares. This ratio determined how many Aberdeen Municipal Income Fund shares each abrdn National Municipal Income Fund share was exchanged for in the transaction reported.

Did Nancy Yao retain any VFL shares after the reported transaction?

After the Reorganization transaction, Yao held 0 VFL common shares, as her 1,500 abrdn National Municipal Income Fund shares were fully exchanged. She instead held 2,812 common shares of the Aberdeen Municipal Income Fund following the conversion.

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^*

Yao Nancy

(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)		1,500	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 2,812 common shares of the Acquiring Fund in exchange for their 1,500 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)