abrdn National Municipal Income Fund
US ˙ NYSEAM ˙ US24610T1088

SecurityVFL / abrdn National Municipal Income Fund
InstitutionMackay Shields Llc
Latest Disclosed Ownership423,080 shares
Ownership 2.02%
Mackay Shields Llc ownership in VFL / abrdn National Municipal Income Fund

2023-01-06 - Mackay Shields Llc has filed an SC 13G/A form with the Securities and Exchange Commission (SEC) disclosing ownership of 423,080 shares of abrdn National Municipal Income Fund (US:VFL). This represents 2.02 percent ownership of the company. In their previous filing dated 2022-01-12 , Mackay Shields Llc had reported owning 256,199 shares, indicating an increase of 65.14 percent.

Institutional Ownership: 13D/G Filings

This table shows a history of the 13D/G filings made by the investor and/or investor group. Note that the share values in this table are not directly comparable to any numbers shown in the 13F table (if any).

File
Date		Effective
Date		Form Prev
Shares		 Latest
Shares		 ΔShares
(Percent)		 Ownership
(Percent)		 ΔOwnership
(Percent)
2023-01-06 2023-01-06 13G/A 256,199 423,080 65.14 2.02 -64.31
2022-01-12 2022-01-12 13G/A 256,199 256,199 0.00 5.66 0.00
2021-01-07 2021-01-07 13G/A 256,199 256,199 0.00 5.66 0.00
2020-01-07 2020-01-07 13G/A 256,199 256,199 0.00 5.66 0.00
2019-01-10 2019-01-10 13G/A 256,199 256,199 0.00 5.66 0.00
2018-01-11 2018-01-11 13G/A 4,528,000 256,199 -94.34 5.66 0.00
2017-01-06 2017-01-06 13G/A 256,199 4,528,000 1,667.38 5.66 -52.83
2016-06-10 2016-06-10 13G 256,199 12.00

Important Note: One of the primary uses of the 13D/G filings is to evaluate the ability of a firm to control a company (ie, the "beneficial ownership"). To that end, firms are required to report not just direct holdings in companies, but indirect holdings that they control. For investment firms, these indirect holdings can include shares in funds they manage, advisory accounts, and in the case of activist campaigns, pledged votes. Therefore, share counts listed in 13D/G filings can differ significantly than share counts listed in 13F filings.

Institutional Ownership: 13F and NPORT Filings

The Security and Class in the table below are shown exactly as filed by the investor. We do our best to track continuity of investments through acquisitions, and this will be reflected in the table as changes in names. In addition to descriptive data, performance of the investment is shown over time. To calculate quarterly performance, we first calculate cost basis of the shares purchased during the quarter, then use that to calculate gross profit. Quarterly return is Gross Profit / Starting Portfolio value.

Note that cost basis is calculated and stored in thousands, so small quarterly changes in shares frequently result in a cost basis of zero.

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Disclosed Equity Positions (from 13F/NPORT Filings)
File
Date		 Effective
Date		Form Security Class ID Avg Price
Paid (Est)		 Reported
Shares		 ΔShares ΔShares
(%)		 Reported
Value
(x1000)		 ΔValue
(%)		 Alloc
(%)		 ΔAlloc ΔAlloc (%) Cost Basis
(x1000)		 Unrealized
Gain/Loss
(x1000)
2026-04-24 2026-03-31 13F ABRDN NATL MUN INCOME FD SH BEN INT 24610T108 401,695 0 0.00 4,001 -3.03 0.0698
2026-01-29 2025-12-31 13F ABRDN NATL MUN INCOME FD SH BEN INT 24610T108 401,695 0 0.00 4,125 0.10 0.0714
2025-10-27 2025-09-30 13F ABRDN NATL MUN INCOME FD SH BEN INT 24610T108 401,695 0 0.00 4,121 6.21 0.1402
2025-07-24 2025-06-30 13F ABRDN NATL MUN INCOME FD SH BEN INT 24610T108 401,695 0 0.00 3,880 -4.74 0.1243
2025-04-29 2025-03-31 13F ABRDN NATL MUN INCOME FD SH BEN INT 24610T108 401,695 0 0.00 4,073 0.10 0.1310
2025-02-04 2024-12-31 13F ABRDN NATL MUN INCOME FD SH BEN INT 24610T108 401,695 0 0.00 4,069 -9.30 0.1199
2024-10-31 2024-09-30 13F ABRDN NATL MUN INCOME FD SH BEN INT 24610T108 401,695 0 0.00 4,487 5.78 0.1230
2024-08-08 2024-06-30 13F ABRDN NATL MUN INCOME FD SH BEN INT 24610T108 401,695 0 0.00 4,242 1.92 0.1289
2024-05-03 2024-03-31 13F ABRDN NATL MUN INCOME FD SH BEN INT 24610T108 401,695 0 0.00 4,162 1.46 0.1153
2024-02-02 2023-12-31 13F ABRDN NATL MUN INCOME FD SH BEN INT 24610T108 401,695 0 0.00 4,101 18.59 0.1197
2023-10-25 2023-09-30 13F ABRDN NATL MUN INCOME FD SH BEN INT 24610T108 401,695 0 0.00 3,459 -14.26 0.0951
2023-07-27 2023-06-30 13F DELAWARE INVTS NATL MUN INCO SH BEN INT 24610T108 401,695 -21,385 -5.05 4,033 -10.66 0.1127
2023-04-27 2023-03-31 13F DELAWARE INVTS NATL MUN INCO SH BEN INT 24610T108 423,080 0 0.00 4,514 2.89 0.1239
2023-01-31 2022-12-31 13F DELAWARE INVTS NATL MUN INCO SH BEN INT 24610T108 423,080 -393,962 -48.22 4,387 -50.70 0.1119
2022-11-02 2022-09-30 13F DELAWARE INVTS NATL MUN INCO SH BEN INT 24610T108 817,042 0 0.00 8,898 -3.71 0.2250
2022-08-03 2022-06-30 13F DELAWARE INVTS NATL MUN INCO SH BEN INT 24610T108 817,042 0 0.00 9,241 -10.59 0.2242
2022-05-13 2022-03-31 13F DELAWARE INVTS NATL MUN INCO SH BEN INT 24610T108 817,042 560,843 218.91 10,336 185.68 0.0908
2022-02-04 2021-12-31 13F DELAWARE INVTS NATL MUN INCO SH BEN INT 24610T108 256,199 0 0.00 3,618 0.19 0.0300
2022-01-18 2021-09-30 13F/A-1 DELAWARE INVTS NATL MUN INCO SH BEN INT 24610T108 256,199 0 0.00 3,611 -0.28 0.0340
2021-11-12 2021-09-30 13F DELAWARE INVTS NATL MUN INCO SH BEN INT 24610T108 256,199 0 3,611 0.0383
2021-08-13 2021-06-30 13F DELAWARE INVTS NATL MUN INCO SH BEN INT 24610T108 256,199 0 0.00 3,621 7.74 0.0340
2021-05-14 2021-03-31 13F DELAWARE INVTS NATL MUN INCO SH BEN INT 24610T108 256,199 0 0.00 3,361 -0.39 0.0245
2021-02-16 2020-12-31 13F DELAWARE INVTS NATL MUN INCO SH BEN INT 24610T108 256,199 0 0.00 3,374 6.74 0.0233
2020-11-04 2020-09-30 13F DELAWARE INVTS NATL MUN INCO SH BEN INT 24610T108 256,199 0 0.00 3,161 0.80 0.0215
2020-07-31 2020-06-30 13F DELAWARE INVTS NATL MUN INCO SH BEN INT 24610T108 256,199 0 0.00 3,136 0.00 0.0250
2020-05-08 2020-03-31 13F DELAWARE INVT NAT MUNI INC F SH BEN INT 24610T108 256,199 0 0.00 3,136 -7.87 0.0290
2020-02-11 2019-12-31 13F DELAWARE INVT NAT MUNI INC F SH BEN INT 24610T108 256,199 0 0.00 3,404 -1.19 0.0235
2019-11-01 2019-09-30 13F DELAWARE INVT NAT MUNI INC F SH BEN INT 24610T108 256,199 0 0.00 3,445 1.80 0.0210
2019-08-13 2019-06-30 13F DELAWARE INVT NAT MUNI INC F SH BEN INT 24610T108 256,199 0 0.00 3,384 4.09 0.0231
2019-05-15 2019-03-31 13F/A-1 DELAWARE INVT NAT MUNI INC F SH BEN INT 24610T108 256,199 0 0.00 3,251 6.56 0.0236
2019-05-13 2019-03-31 13F DELAWARE INVT NAT MUNI INC F SH BEN INT 24610T108 256,199 3,251
2019-02-14 2018-12-31 13F DELAWARE INVT NAT MUNI INC F SH BEN INT 24610T108 256,199 0 0.00 3,051 -1.74 0.0248
2018-11-14 2018-09-30 13F DELAWARE INVT NAT MUNI INC F SH BEN INT 24610T108 256,199 0 0.00 3,105 -2.66 0.0237
2018-08-06 2018-06-30 13F DELAWARE INVT NAT MUNI INC F SH BEN INT 24610T108 256,199 0 0.00 3,190 -1.36 0.0221
2018-05-03 2018-03-31 13F DELAWARE INVT NAT MUNI INC F SH BEN INT 24610T108 256,199 0 0.00 3,234 -4.80 0.0202
2018-01-24 2017-12-31 13F DELAWARE INVT NAT MUNI INC F SH BEN INT 24610T108 256,199 0 0.00 3,397 -1.99 0.1241
2017-10-24 2017-09-30 13F DELAWARE INVT NAT MUNI INC F SH BEN INT 24610T108 256,199 0 0.00 3,466 1.35 0.1289
2017-07-13 2017-06-30 13F DELAWARE INVT NAT MUNI INC F SH BEN INT 24610T108 256,199 0 0.00 3,420 3.17 0.1447
2017-04-20 2017-03-31 13F DELAWARE INVT NAT MUNI INC F SH BEN INT 24610T108 256,199 0 0.00 3,315 -1.60 0.1508
2017-01-10 2016-12-31 13F DELAWARE INVT NAT MUNI INC F SH BEN INT 24610T108 256,199 0 0.00 3,369 -7.06 0.1607
2016-10-20 2016-09-30 13F DELAWARE INVT NAT MUNI INC F SH BEN INT 24610T108 256,199 0 0.00 3,625 -4.20 0.1633
2016-07-25 2016-06-30 13F DELAWARE INVT NAT MUNI INC F SH BEN INT 24610T108 256,199 256,199 3,784 0.1884
Legend
Shares
The total number of shares held by the institution at the end of the reporting period (the effective date). This is provided in the filing.
Value
The total value of the shares as of the effective date. This is provided in the filing.
Avg. Share Price
The weighted average share price of the shares held by the institution. We use FIFO accounting to determine this price
Class
This is the security class as indicated by the filer. There are a variety of values for this field. Common values include "EC" = equity common, "EP" - equity preferred
Allocation (%)
The percent of the institution's portfolio that this position represents. This is provided in NPORT filings. For 13F filings, we calculate it.
Change in Allocation
The change in allocation from the prior reporting period. This is calculated as current allocation - prior allocation.
Change in Allocation (%)
The percent change in allocation from the prior reporting period. This is calculated as (current allocation - prior allocation) / prior allocation.
Cost Basis
The total cost of the shares held. This is calculated as reported shares * avg. share price
Unrealized Gain/Loss
This is the market value of the position as of the effective date minus the cost basis.