Aberdeen Muni Income director receives 5,724 shares

ABERDEEN MUNICIPAL INCOME FUND director Bill Maher reported an other restructuring transaction related to the reorganization of abrdn National Municipal Income Fund into Aberdeen Municipal Income Fund.

Rhea-AI Filing Summary

ABERDEEN MUNICIPAL INCOME FUND director Bill Maher reported an other restructuring transaction related to the reorganization of abrdn National Municipal Income Fund into Aberdeen Municipal Income Fund. On July 10, 2026, he received 5,724 common shares of Aberdeen Municipal Income Fund in exchange for 3,052.47 common shares of the Target Fund. The exchange was based on reported NAVs of $11.3116 for the Target Fund and $6.0322 for the Acquiring Fund and a 1.87521869 conversion ratio. After this reorganization, he holds 5,724 shares directly, and the event is classified as an “other” transaction rather than an open-market purchase or sale.

Insider Trade Summary

Other: 5,724 shares

Other 1 txn

Insider Maher Bill

Role Director

Type	Security	Shares	Price	Value
Other	Common Stock F1	5,724	$6.0322	$35K

Holdings After Transaction: Common Stock — 5,724 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 5,724 common shares of the Acquiring Fund in exchange for their 3,052.47 common shares of the Target Fund.

Key Figures

Common shares received: 5,724 shares Target Fund shares exchanged: 3,052.47 shares Target Fund NAV per share: $11.3116 +2 more

5 metrics

Common shares received 5,724 shares Shares of Aberdeen Municipal Income Fund received in the July 10, 2026 reorganization

Target Fund shares exchanged 3,052.47 shares Common shares of abrdn National Municipal Income Fund surrendered in the reorganization

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

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

Conversion ratio 1.87521869 Conversion ratio for the Target Fund’s common shares in the reorganization

Key Terms

Reorganization, NAV per share, conversion ratio, fractional shares

4 terms

Reorganization financial

"such reorganization, the "Reorganization""

NAV per share financial

"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.

fractional shares financial

"cash was distributed for any fractional shares"

Fractional shares are portions of a whole share of a stock or fund, allowing investors to own less than one full unit. They make it possible to invest a specific dollar amount rather than buy whole shares, like buying a slice of a pizza instead of the entire pie. For investors this lowers the cost barrier, helps with diversification, and lets you reinvest dividends or purchase expensive stocks in small, precise amounts.

FAQ

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

What transaction did Bill Maher report for MFM on July 10, 2026?

Bill Maher reported an “other” restructuring transaction for MFM on July 10, 2026. He received 5,724 common shares of Aberdeen Municipal Income Fund through a fund reorganization, rather than through an open-market purchase or sale.

How many Aberdeen Municipal Income Fund (MFM) shares does Bill Maher hold after the reorganization?

Following the reorganization, Bill Maher holds 5,724 common shares of Aberdeen Municipal Income Fund (MFM) directly. These shares were received in exchange for his 3,052.47 common shares of abrdn National Municipal Income Fund in the transaction effective July 10, 2026.

What caused the insider share change reported for MFM by Bill Maher?

The share change arose from a reorganization in which abrdn National Municipal Income Fund was reorganized into Aberdeen Municipal Income Fund. Maher exchanged 3,052.47 Target Fund shares for 5,724 Acquiring Fund shares, based on each fund’s reported NAV per share.

What NAVs and conversion ratio were used in the MFM share exchange?

The exchange used a Target Fund NAV of $11.3116 per share and an Acquiring Fund NAV of $6.0322 per share. This produced a 1.87521869 conversion ratio, determining how many Aberdeen Municipal Income Fund shares shareholders received for each Target Fund share.

Was Bill Maher’s MFM transaction an open-market buy or sell?

No. Bill Maher’s MFM transaction is classified as an “other acquisition or disposition” tied to a fund reorganization. It reflects a structural exchange of shares based on NAV, not a discretionary open-market purchase or sale of stock.

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

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Accepted by SEC EDGAR 07/14/2026 - 04:46 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^*

Maher Bill

(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)		5,724	A	$6.0322(1)	5,724	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 5,724 common shares of the Acquiring Fund in exchange for their 3,052.47 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)