Reit Todd 4

What Happened

• Director Reit Todd reported an "other acquisition or disposition" (code J) on July 10, 2026: 1,298 shares of abrdn National Municipal Income Fund (VFL) were disposed at $11.31 per share for a reported value of $14,682. This was not an open-market sale but part of a fund reorganization—his 1,298 Target Fund shares were converted into 2,434 common shares of the Aberdeen Municipal Income Fund.

Key Details

• Transaction date and reported price/value: July 10, 2026 — 1,298 shares @ $11.31 = $14,682.
• Shares received after transaction: 2,434 common shares of the Acquiring Fund (Aberdeen Municipal Income Fund).
• Reorganization specifics (from footnote): Target NAV $11.3116, Acquiring Fund NAV $6.0322, conversion ratio 1.87521869. Cash was paid for any fractional shares.
• Filing: Form 4 filed July 14, 2026; filing is within the two-business-day window (timely).
• Transaction code: J = other acquisition/disposition; here it reflects a corporate reorganization/conversion rather than a market sale.

Context

• This was an administrative conversion resulting from a fund reorganization, not a discretionary buy or sell by the director. Such conversions reflect corporate actions (exchange of shares at a set ratio/NAV) and do not, by themselves, signal insider sentiment about the stock.