Reit Todd 4

What Happened

• Reit Todd, a director of Aberdeen Municipal Income Fund (ticker: MFM), received 2,434 common shares on July 10, 2026 as part of a fund reorganization. The shares were valued at $6.03 each, for a total reported value of $14,682.
• The shares were issued in exchange for his 1,298 shares of abrdn National Municipal Income Fund; this was an in-kind conversion under the reorganization, not an open-market purchase.

Key Details

• Transaction date and filing: July 10, 2026 (Form 4 filed July 14, 2026 — filed timely).
• Transaction code: J (other acquisition/disposition — here, a reorganization exchange).
• Price/value: $6.03 per share; total reported value $14,682.
• Shares surrendered and received: 1,298 shares of the target fund converted into 2,434 shares of the acquiring fund.
• Shares owned after transaction: 2,434 common shares.
• Footnote highlights: conversion ratio was 1.87521869; NAVs at close on July 10 were $11.3116 (target fund) and $6.0322 (acquiring fund). Cash was paid for any fractional shares.

Context

• This transaction reflects a corporate fund reorganization (abrdn National Municipal Income Fund into Aberdeen Municipal Income Fund) and is an administrative exchange of shares based on NAV and conversion ratio. Such conversions are routine and represent an ownership transfer, not necessarily a new investment decision or market-timing signal.