Aberdeen Municipal Income Fund director receives 2,812 shares

Aberdeen Municipal Income Fund director Nancy Yao reported a restructuring transaction tied to a fund reorganization.

Rhea-AI Filing Summary

Aberdeen Municipal Income Fund director Nancy Yao reported a restructuring transaction tied to a fund reorganization. On July 10, 2026, abrdn National Municipal Income Fund was reorganized into Aberdeen Municipal Income Fund.

In this Reorganization, Yao exchanged 1,500 Target Fund shares for 2,812 Aberdeen Municipal Income Fund common shares, based on NAVs of $11.3116 and $6.0322 per share, respectively. Following the conversion, she holds 2,812 common shares directly.

Insider Trade Summary

Other: 2,812 shares

Other 1 txn

Insider Yao Nancy

Role Director

Type	Security	Shares	Price	Value
Other	Common Stock F1	2,812	$6.0322	$17K

Holdings After Transaction: Common Stock — 2,812 shares (Direct)

Footnotes (1)

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.

Key Figures

Shares received: 2,812 common shares Shares surrendered: 1,500 common shares Target Fund NAV: $11.3116 per share +3 more

6 metrics

Shares received 2,812 common shares Aberdeen Municipal Income Fund shares received by Nancy Yao in the Reorganization on July 10, 2026

Shares surrendered 1,500 common shares abrdn National Municipal Income Fund shares exchanged by the reporting person in the Reorganization

Target Fund NAV $11.3116 per share NAV per share of the Target Fund as of July 10, 2026

Acquiring Fund NAV $6.0322 per share NAV per share of Aberdeen Municipal Income Fund as of July 10, 2026

Conversion ratio 1.87521869 Conversion ratio for the Target Fund's common shares in the Reorganization

Post-transaction holdings 2,812 common shares Total Aberdeen Municipal Income Fund shares owned directly by Nancy Yao after the transaction

Key Terms

Reorganization, NAV per share, conversion ratio, common shareholders

4 terms

Reorganization financial

"such reorganization, the "Reorganization""

NAV per share financial

"reported a NAV per share of $11.3116 and the Acquiring Fund reported a NAV per share"

NAV per share is the value of a fund or company's assets minus its liabilities, divided by the number of shares outstanding — think of it as the price of one slice of a pie made from all the holdings. Investors use it to judge whether a share’s market price is fair: if the market price is lower than NAV per share, shares may be trading at a discount; if higher, at a premium.

conversion ratio financial

"The conversion ratio for the Target Fund's common shares was 1.87521869"

The conversion ratio is the number of common shares an investor receives when a convertible security (like a bond or preferred share) or an exchangeable instrument is turned into ordinary stock. It matters because it tells investors how much ownership or dilution will occur — similar to knowing how many slices you get when you trade in a coupon — and directly affects the value you get from the convertible and the company’s future share count.

common shareholders financial

"common shareholders of the Target Fund received common shares of the Acquiring Fund"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What transaction did Nancy Yao report for Aberdeen Municipal Income Fund (MFM)?

She reported a reorganization-related share conversion, not an open-market trade. On July 10, 2026, her abrdn National Municipal Income Fund shares were converted into 2,812 Aberdeen Municipal Income Fund common shares based on each fund's reported NAV.

How many Aberdeen Municipal Income Fund (MFM) shares does Nancy Yao now hold?

After the reorganization, Nancy Yao directly holds 2,812 Aberdeen Municipal Income Fund common shares. This reflects the conversion of her prior 1,500 abrdn National Municipal Income Fund shares into the acquiring fund at a specified NAV-based conversion ratio.

What NAVs were used in the MFM fund reorganization on July 10, 2026?

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. These values were used to determine the exchange of common shares in the Reorganization.

What was the share conversion ratio in the MFM reorganization involving Nancy Yao?

The conversion ratio for the Target Fund's common shares was 1.87521869. Using this ratio, Yao's 1,500 abrdn National Municipal Income Fund shares were exchanged for 2,812 Aberdeen Municipal Income Fund common shares, with any fractional shares settled in cash.

Was Nancy Yao's Form 4 transaction in MFM a buy or sell of common stock?

No. The Form 4 reports an "other" restructuring transaction (code J), not a market buy or sell. Her holdings were converted as part of a fund Reorganization, with value preserved based on each fund's NAV, rather than through open-market trading.

How were abrdn National Municipal Income Fund shareholders treated in the MFM reorganization?

Common shareholders of the Target Fund received Aberdeen Municipal Income Fund shares equal to the aggregate NAV of their surrendered shares, less Reorganization costs. Any fractional shares resulting from the conversion ratio were paid out in cash instead of stock.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 07/14/2026 - 04:50 PM Learn about SEC filing dates

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Yao Nancy

(Last) (First) (Middle)

C/O ABRDN

1900 MARKET STREET, SUITE 200

(Street)

PHILADELPHIA PENNSYLVANIA 19103

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
ABERDEEN MUNICIPAL INCOME FUND [ MFM ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
07/10/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	07/10/2026		J(1)		2,812	A	$6.0322(1)	2,812	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. 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.

	/s/ Robert Stieger, by POA from Reporting Person	07/14/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)