Maher Bill 4
4 · abrdn National Municipal Income Fund · Filed Jul 14, 2026
Research Summary
AI-generated summary of this filing
abrdn National Municipal (VFL) Director Bill Maher Exchanges 3,052 Shares
What Happened
Bill Maher, a director of abrdn National Municipal Income Fund (VFL), recorded a disposition of 3,052.47 VFL shares on July 10, 2026 at $11.31 per share (total value ≈ $34,528). This "disposition" was part of a fund reorganization: VFL was merged into the Aberdeen Municipal Income Fund (the Acquiring Fund), and Maher received 5,724 common shares of the Acquiring Fund in exchange for his 3,052.47 VFL shares.
Key Details
- Transaction date: 2026-07-10; reported in Form 4 filed 2026-07-14 (timely — within two business days).
- Reported price/value: $11.31 per VFL share; aggregate $34,528.
- Post-transaction holdings: VFL shares surrendered in the reorganization; received 5,724 shares of the Acquiring Fund.
- Footnote: NAVs on 7/10/2026 — VFL $11.3116, Acquiring Fund $6.0322; conversion ratio 1.87521869; cash paid for any fractional shares.
- Transaction code: J (other acquisition or disposition) — used here for the non‑market reorganization exchange.
Context
This was not an open‑market sale by the director but an exchange of fund shares under a planned reorganization, so it should not be read as a conventional insider sell signal. The filing simply reports the conversion of VFL shares into shares of the acquiring fund at the specified conversion ratio and NAVs.
Insider Transaction Report
- Other
Common Stock
[F1]2026-07-10$11.31/sh−3,052.47$34,528→ 0 total
Footnotes (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 5,724 common shares of the Acquiring Fund in exchange for their 3,052.47 common shares of the Target Fund.