MFM · Aberdeen Municipal Income Fund · Insider Trading

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 2,812 common shares of the Acquiring Fund in exchange for their 1,500 common shares of the Target Fund.

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.

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.

In connection with the reorganization of MFS High Income Municipal Trust ("CXE"), MFS High Yield Municipal Trust ("CMU"), and MFS Investment Grade Municipal Trust ("CXH") (CXE, CMU, and CXH collectively, the "Target Funds") into the Issuer, 1,274 remarketable variable rate munifund term preferred shares ("RVMTP Shares") of the Target Funds indirectly beneficially owned by JPMorgan Chase Bank, National Association ("JPMCB") were exchanged for an equal number of RVMTP Shares of the Issuer in a cashless transaction. The 1,274 RVMTP shares reported as acquired in Table I represent shares indirectly beneficially owned by JPMCB.

In addition to the 1,274 RVMTP Shares reported as acquired in Table I above by JPMCB, JPMCB holds 967 RVMTP Shares of the Issuer. The 967 RVMTP Shares were previously acquired by JPMCB as reported in the Form 3 filing filed by JPMCB with the United States Securities and Exchange Commission filed July 27, 2021 as modified by Form 4 filings filed on August 2, 2024 and August 16, 2024.

The 967 Remarketable Variable Rate Munifund Term Preferred Shares, Series 2051 (the "RVMTP Shares") shown in Table I represent RVMTP Shares of the Issuer that, prior to the transaction date specified above were beneficially owned directly by JPMorgan Chase Bank, National Association ("JPMCB"). On the transaction date specified above, JPMCB deposited the RVMTP Shares into a trust designated as the J.P. Morgan Putters/Drivers, Series 5072 Trust (the "Trust"). JPMCB, as a beneficiary of the Trust and through its contractual rights, retains an indirect beneficial ownership in the RVMTP Shares

The 967 Remarketable Variable Rate Munifund Term Preferred Shares, Series 2051 (the "RVMTP Shares") shown in Table I represent RVMTP Shares of the Issuer that, prior to the transaction date specified above were beneficially owned directly by JPMorgan Chase Bank, National Association ("JPMCB"). On the transaction date specified above, JPMCB deposited the RVMTP Shares into a trust designated as the J.P. Morgan Putters/Drivers, Series 5072 Trust (the "Trust"). JPMCB, as a beneficiary of the Trust and through its contractual rights, retains an indirect beneficial ownership in the RVMTP Shares

The 171 remarketable variable rate munifund term preferred shares reported as disposed of in Table I represent remarketable variable rate munifund term preferred shares, series 2051 (the "RVMTP Shares") beneficially owned by JPMorgan Chase Bank, National Association ("JPMCB"). The RVMTP Shares were disposed of as a result of a redemption by the Issuer for a redemption price of $100,012.8688 per share (which includes a liquidation preference of $100,000.00 per share and accrued dividends of $12.8688 per share).

All Variable Rate Municipal Term Preferred Shares, Series 2019/3 ("Series 2019/3 VMTP Shares") of the Fund have been called for redemption by the issuer on July 20, 2021.

These Series 2019/3 VMTP Shares are beneficially owned by Citibank, N.A. ("Citibank"). Citicorp LLC ("Citicorp") is the sole stockholder of Citibank. Citigroup Inc. is the sole stockholder of Citicorp.