Aberdeen Municipal Income Fund (NYSE: MFM) director gets 2,434 shares in fund reorganization

Rhea-AI Filing Summary

Aberdeen Municipal Income Fund director Todd Reit received 2,434 common shares on July 10, 2026 when abrdn National Municipal Income Fund was reorganized into Aberdeen Municipal Income Fund. The exchange used a 1.87521869 conversion ratio based on NAVs of $11.3116 and $6.0322 per share, respectively.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Reit Todd

Role Director

Type	Security	Shares	Price	Value
Other	Common Stock	2,434	$6.0322	$15K

Holdings After Transaction: Common Stock — 2,434 shares (Direct)

Footnotes (1)

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Key Figures

Shares received: 2,434 common shares Shares surrendered: 1,298 common shares Target Fund NAV: $11.3116 per share +4 more

7 metrics

Shares received 2,434 common shares Aberdeen Municipal Income Fund shares received by Todd Reit in the reorganization

Shares surrendered 1,298 common shares abrdn National Municipal Income Fund shares exchanged by Todd Reit

Target Fund NAV $11.3116 per share Net asset value per share of the target fund as of July 10, 2026

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

Conversion ratio 1.87521869 Number of acquiring fund shares issued for each target fund share in the reorganization

Price per share used $6.0322 Transaction price per Aberdeen Municipal Income Fund share reported for the exchange

Post-transaction holdings 2,434 shares Total Aberdeen Municipal Income Fund shares held directly by Todd Reit after the transaction

Key Terms

Reorganization, NAV per share, conversion ratio, common shareholders

4 terms

Reorganization financial

"Effective as of July 10, 2026, abrdn National Municipal Income Fund was reorganized"

NAV per share financial

"As of July 10, 2026, the Target Fund reported a NAV per share of $11.3116"

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

"In the Reorganization, common shareholders of the Target Fund received common shares"

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Form 4 Insider Transactions: What Each Field Means →

Available on EDGAR 07/14/2026 - 04:49 PM Accepted by SEC EDGAR 07/14/2026 - 04:48 PM Learn about SEC filing dates

FAQ

What insider transaction did MFM director Todd Reit report?

Todd Reit reported receiving 2,434 common shares of Aberdeen Municipal Income Fund on July 10, 2026. These shares were issued in exchange for 1,298 shares of abrdn National Municipal Income Fund as part of a closed-end fund reorganization, not an open-market trade.

How many MFM shares does Todd Reit hold after the reorganization?

After the reorganization, Todd Reit holds 2,434 common shares of Aberdeen Municipal Income Fund directly. These shares were received through a one-time exchange of prior holdings in abrdn National Municipal Income Fund, reflecting his post-transaction position reported in the insider filing.

What was the share conversion ratio in the MFM fund reorganization?

The conversion ratio was 1.87521869 Aberdeen Municipal Income Fund shares for each abrdn National Municipal Income Fund share. This ratio was calculated using each fund’s net asset value per share as of July 10, 2026, to keep the overall investment value equivalent before costs.

What NAVs were used to value shares in the MFM reorganization?

As of July 10, 2026, the target fund reported a NAV per share of $11.3116, and Aberdeen Municipal Income Fund reported a NAV per share of $6.0322. These net asset values determined the exchange ratio and the number of new shares received by shareholders.

Did Todd Reit buy or sell MFM shares on the market in this transaction?

No. The transaction was coded as “other” (J) and described as a restructuring event. Reit’s 2,434 Aberdeen Municipal Income Fund shares were received in exchange for 1,298 shares of another fund, rather than through an open-market purchase or sale.

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^*

Reit Todd

(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)		2,434	A	$6.0322(1)	2,434	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 2,434 common shares of the Acquiring Fund in exchange for their 1,298 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)