TD entities report 0% stake in abrdn National Municipal Income Fund (VFL) after preferred share redemption

Rhea-AI Filing Summary

Toronto-Dominion–affiliated entities have fully exited their position in abrdn National Municipal Income Fund’s Muni-MultiMode Preferred Shares. The fund redeemed the Series 2049-2 and Series 2049-3 preferred shares on June 16, 2026, and as a result the reporting Toronto-Dominion entities now report beneficial ownership of 0 shares, representing 0% of the class.

The amendment confirms they ceased to be beneficial owners of more than five percent of these preferred shares on the redemption date, and all related voting and financing arrangements for the MMP Shares have been terminated.

Key Figures

Beneficial ownership (TD Investments): 0.00 shares Beneficial ownership percentage: 0% Redemption date: June 16, 2026 +2 more

5 metrics

Beneficial ownership (TD Investments) 0.00 shares Toronto Dominion Investments LLC after June 16, 2026 redemption

Beneficial ownership percentage 0% Percent of Muni-MultiMode Preferred Shares class after redemption

Redemption date June 16, 2026 Date Issuer redeemed MMP Shares, ending TD entities’ holdings

CUSIP common shares class 24610T108 Issuer identifier for abrdn National Municipal Income Fund

Preferred series covered Series 2049-2 and 2049-3 Muni-MultiMode Preferred Shares redeemed by the issuer

Key Terms

Muni-MultiMode Preferred Shares, beneficial owner, Schedule 13D, Redemption, +1 more

5 terms

Muni-MultiMode Preferred Shares financial

"Title of Class of Securities: Muni-MultiMode Preferred Shares"

beneficial owner financial

"the Reporting Persons ceased to be the beneficial owner of more than five percent"

A beneficial owner is the person who ultimately owns or controls a financial asset or property, even if their name isn't directly on official documents. Think of it like someone who secretly holds the keys to a safe deposit box—others may appear to have access, but the true owner is the one who benefits from what's inside. Identifying beneficial owners helps ensure transparency and prevent illegal activities like money laundering or fraud.

Schedule 13D regulatory

"statement on , dated May 3, 2019 and filed with the SEC on May 6, 2019 (the "Original ")"

A Schedule 13D is a legal document that investors file with regulators when they buy a large enough stake in a company to potentially influence its management or decisions. It provides details about the investor’s intention, ownership stake, and plans, helping other investors understand who is gaining control and what their motives might be.

Redemption financial

"The MMP Shares were redeemed by the Issuer on June 16, 2026 (the "Redemption")"

Redemption is when an issuer or holder settles a financial instrument by paying it off or returning it for cash, such as a bond being paid at maturity or a preferred share bought back by the company. It matters to investors because redemption changes when and how they get their money back, can cut off future income from the investment, and affects the issuer’s cash needs—think of it like a loan being paid off early or a store refunding a returned purchase.

Joint Filing Agreement regulatory

"99.1 Joint Filing Agreement"

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Available on EDGAR 06/18/2026 - 09:12 PM Accepted by SEC EDGAR 06/18/2026 - 09:12 PM Learn about SEC filing dates

FAQ

What does this Schedule 13D/A filing mean for abrdn National Municipal Income Fund (VFL)?

The filing shows Toronto-Dominion entities no longer own any Muni-MultiMode Preferred Shares of the fund after a redemption on June 16, 2026. Their beneficial ownership fell to 0%, ending their status as a major holder of this preferred class.

Which securities did the Toronto-Dominion entities hold in abrdn National Municipal Income Fund (VFL)?

They held Muni-MultiMode Preferred Shares, specifically Series 2049-2 and Series 2049-3. These preferred shares were issued by abrdn National Municipal Income Fund and identified by CUSIP numbers 24610T702 and 24610T801, before being fully redeemed on June 16, 2026.

What is the current ownership of Toronto-Dominion entities in VFL’s Muni-MultiMode Preferred Shares?

After the June 16, 2026 redemption, the Toronto-Dominion reporting entities disclose beneficial ownership of 0 shares and 0% of the preferred share class. The amendment formally records that they no longer hold any MMP Shares of the fund.

Why did Toronto-Dominion entities cease to be beneficial owners of more than 5% of VFL’s preferred shares?

They ceased to be beneficial owners of more than five percent because the fund redeemed the outstanding Muni-MultiMode Preferred Shares on June 16, 2026. Once the redemption was completed, their holdings in that preferred class dropped to zero.

What arrangements related to VFL’s Muni-MultiMode Preferred Shares were terminated in this amendment?

The amendment states that all voting arrangements and financing arrangements relating to the Muni-MultiMode Preferred Shares have been terminated. This follows the full redemption of those preferred shares by the issuer on June 16, 2026, eliminating related obligations.

Which Toronto-Dominion entities are listed as reporting persons in this 13D/A for VFL?

The reporting persons are Toronto Dominion Investments LLC, Toronto Dominion Holdings (U.S.A.), Inc., TD Group US Holdings LLC, and The Toronto-Dominion Bank. Together, they previously reported on the preferred shares but now disclose zero beneficial ownership after redemption.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 5)

abrdn National Municipal Income Fund

(Name of Issuer)

Muni-MultiMode Preferred Shares

(Title of Class of Securities)

24610T108

(CUSIP Number)

Toronto-Dominion Investments
1 Vanderbilt Avenue,
New York, NY, 10017
(212) 827-7488

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

06/16/2026

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

schemaVersion:

SCHEDULE 13D

CUSIP Number(s): 24610T108

1

Name of reporting person

TORONTO DOMINION INVESTMENTS LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

0.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0 %

14

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13D

CUSIP Number(s): 24610T108

1

Name of reporting person

TORONTO DOMINION HOLDINGS (U.S.A.), INC.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

0.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0 %

14

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13D

CUSIP Number(s): 24610T108

1

Name of reporting person

TD GROUP US HOLDINGS LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

0.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0 %

14

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13D

CUSIP Number(s): 24610T108

1

Name of reporting person

THE TORONTO-DOMINION BANK

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

ONTARIO, CANADA

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

0.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0 %

14

Type of Reporting Person (See Instructions)

BK

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Muni-MultiMode Preferred Shares
(b)	Name of Issuer: abrdn National Municipal Income Fund
(c)	Address of Issuer's Principal Executive Offices: C/O ABRDN, 1900 Market Street, Suite 200, Philadelphia, PENNSYLVANIA , 19103.
Item 1 Comment: This Amendment No. 5 (this "Amendment") amends, as set forth below, the statement on Schedule 13D, dated May 3, 2019 and filed with the SEC on May 6, 2019 (the "Original Schedule 13D"), as amended by Amendment No. 1 dated February 11, 2022 and filed with the SEC on August 22, 2022 ("Amendment No. 1"), as further amended by Amendment No. 2 dated December 20, 2022 and filed with the SEC on December 22, 2022 ("Amendment No. 2"), as further amended by Amendment No. 3 dated April 18, 2025 ("Amendment No. 3"), as further amended by Amendment No. 4 dated July 15, 2025 ("Amendment No. 4") and filed with the SEC on July 17, 2025 for Toronto Dominion Investments, LLC ("TDI"), Toronto Dominion Holdings (U.S.A.), Inc. ("TDH"), TD Group US Holdings LLC ("TD GUS"), and The Toronto-Dominion Bank ("TD Bank") (collectively, the "Reporting Persons") with respect to Series 2049-2 (CUSIP No. 24610T702), and Series 2049-3 (CUSIP No. 24610T801) Muni-MultiMode Preferred Shares ("MMP Shares") of ABRDN NATIONAL MUNICIPAL INCOME FUND (the "Issuer").
Item 2.	Identity and Background
(a)	Item 2 of the Original Schedule 13D is hereby amended by deleting Schedule I referenced therein and replacing it with Schedule I included with this Amendment.
Item 3.	Source and Amount of Funds or Other Consideration
	Item 3 of the Original Schedule 13D is hereby amended by adding the following paragraph at the end thereof: "The MMP Shares were redeemed by the Issuer on June 16, 2026 (the "Redemption") and as a result of the Redemption, the Reporting Persons no longer own any MMP Shares of the Issuer."
Item 4.	Purpose of Transaction
	Item 4 of the Original Schedule 13D is hereby amended by adding the following paragraph at the end thereof: "As a result of the Redemption, the Reporting Persons no longer own any MMP Shares of the Issuer."
Item 5.	Interest in Securities of the Issuer
(a)	Item 5 of the Original Schedule 13D, sections (d) and (e) are hereby amended and restated in its entirety as follows: "(d) Not Applicable. (e) On June 16, 2026, as a result of the Redemption, the Reporting Persons ceased to be the beneficial owner of more than five percent of the class of securities."
(d)	(d) Not Applicable.
(e)	(e) On June 16, 2026, as a result of the Redemption, the Reporting Persons ceased to be the beneficial owner of more than five percent of the class of securities.
Item 6.	Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer
	Item 6 of the Original Schedule 13D is hereby amended and restated in its entirety as follows: "The responses of the Reporting Persons in Item 3 and Item 4 hereof are incorporated herein by reference. All voting arrangements and financing arrangements relating to the MMP Shares have been terminated as a result of the redemption of the MMP Shares."
Item 7.	Material to be Filed as Exhibits.
	Item 7 of the Original Schedule 13D is hereby amended by deleting Exhibit 99.1 and Exhibit 99.2 thereto and inserting the following exhibits in their place: "Exhibit Description of Exhibit 99.1 Joint Filing Agreement 99.2 Certificate for TD 99.3 Secretary's Certificate for TD GUS"

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

TORONTO DOMINION INVESTMENTS LLC

Signature:	/s/ Christina Petrou
Name/Title:	Christina Petrou / Vice President & Chief Operating Officer
Date:	06/16/2026

TORONTO DOMINION HOLDINGS (U.S.A.), INC.

Signature:	/s/ Christina Petrou
Name/Title:	Christina Petrou / Vice President & Chief Operating Officer
Date:	06/16/2026

TD GROUP US HOLDINGS LLC

Signature:	/s/ Andre Ramos
Name/Title:	Andre Ramos / Executive Vice President and Chief Financial Officer TD AMCB
Date:	06/16/2026

THE TORONTO-DOMINION BANK

Signature:	/s/ Christina Petrou
Name/Title:	Christina Petrou / Vice President
Date:	06/16/2026