Yao Nancy 4

4 · abrdn National Municipal Income Fund · Filed Jul 14, 2026

AI-generated summary of this filing

Updated Jul 14, 2026

abrdn National Municipal Income Fund (VFL) Director Nancy Yao Exchanges 1,500 Shares

What Happened

Director Nancy Yao did not make an open-market sale; on July 10, 2026 her 1,500 common shares of abrdn National Municipal Income Fund (ticker VFL, the "Target Fund") were converted as part of a fund reorganization. The reported disposition shows 1,500 shares at $11.31 per share, total $16,967. In the Reorganization she received 2,812 common shares of the Aberdeen Municipal Income Fund (the "Acquiring Fund") in exchange for her 1,500 Target Fund shares.

Key Details

Transaction date: July 10, 2026; filing date: July 14, 2026 (filed on deadline — not late).
Reported transaction type/code: Other acquisition or disposition (J) — reorganization exchange.
Reported price/NAV used: Target Fund NAV $11.3116; Acquiring Fund NAV $6.0322; conversion ratio 1.87521869.
Reported disposition: 1,500 Target Fund shares @ $11.31 = $16,967 (surrendered).
Received in exchange: 2,812 shares of Aberdeen Municipal Income Fund (cash paid for any fractional shares).
Shares owned after transaction: the filing reports the exchange result (2,812 Acquiring Fund shares); the filing does not indicate additional holdings beyond this exchange.

Context

This was a corporate reorganization (share exchange), not a market sale — it reflects the fund merger/conversion mechanics rather than a director signaling buy/sell sentiment.
Code J transactions often cover non-standard transfers (reorganizations, conversions); no 10b5-1 plan, gift, or option exercise is indicated in this filing.

Form 4Exit

Period: 2026-07-10

Director

Transactions

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

Signature

/s/ Robert Stieger, by POA from Reporting Person|2026-07-14

1 file