Maher Bill 4

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.