Yao Nancy 4

What Happened Nancy Yao, a director of Aberdeen Municipal Income Fund (ticker: MFM), was credited with 2,812 common shares of the Acquiring Fund on July 10, 2026. The filing reports an acquisition (transaction code J) at an effective per-share value of $6.03, for an aggregate reported value of $16,963. This was not an open-market purchase or sale but issuance by conversion in a fund reorganization.

Key Details

• Transaction date and price: July 10, 2026 — 2,812 shares at $6.03 per share (aggregate $16,963).
• Shares owned after transaction: 2,812 common shares of Aberdeen Municipal Income Fund (these replaced her prior 1,500 shares of the target fund).
• Footnote summary: abrdn National Municipal Income Fund (the "Target Fund") was reorganized into Aberdeen Municipal Income Fund (the "Acquiring Fund"). NAVs on July 10 were $11.3116 (Target) and $6.0322 (Acquiring); conversion ratio was 1.87521869. The Reporting Person exchanged 1,500 Target Fund shares for 2,812 Acquiring Fund shares; fractional shares were paid in cash and reorganization costs were deducted.
• Filing timeliness: Form 4 filed July 14, 2026 — within the standard two business-day reporting window for a July 10 transaction.

Context This was a non-market reorganization conversion (transaction code J), meaning the shares were received as part of an internal fund consolidation rather than an insider buying or selling on the open market. Such conversions reflect structural changes (NAV-based exchange and conversion ratio) and are generally neutral with respect to insider sentiment.