Maher Bill 4

What Happened
Bill Maher, a director, acquired 5,724 common shares of Aberdeen Municipal Income Fund (MFM) in a non-market transaction on July 10, 2026. The filing reports an acquisition equivalent value of $6.03 per share, totaling $34,528. This was not an open-market purchase but a share exchange resulting from a reorganization of abrdn National Municipal Income Fund into Aberdeen Municipal Income Fund.

Key Details

• Transaction date: July 10, 2026; reported on Form 4 filed July 14, 2026 (timely filed).
• Reported price / NAV reference: $6.03 per share (Acquiring Fund NAV reported as $6.0322).
• Shares received: 5,724 common shares of the Acquiring Fund; total value ≈ $34,528.
• Exchange details (footnote): Maher surrendered 3,052.47 shares of abrdn National Municipal Income Fund; conversion ratio was 1.87521869. Fractional shares were paid in cash.
• Transaction code: J — "other acquisition or disposition" (here, a reorganization/exchange), not a market buy or sale.

Context
This was a reorganization-driven exchange (fund merger), so it reflects a structural conversion of holdings rather than an insider decision to buy or sell in the market. Such transactions are routine and do not by themselves indicate the director’s view on the fund’s outlook. The reported dollar amount is modest for an insider transaction.