Yao Nancy 4

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.