MFM - Aberdeen Municipal Income Fund

What this means for you

None of the investors we follow has reported owning 5% or more of this fund. That is the normal state for most closed-end funds.

Nothing is required of you. If that changes, the notice appears here within a day of being filed with the regulator.

Email me if this changes

What happened, and when

1. July 1, 2026

   JPMorgan Chase Bank, National Association now owns 100% of the fund's preferred shares, not the common shares most holders own.

   Original document →

2. April 21, 2026

   The fund said it may sell new shares.

   Original document →

3. April 20, 2026

   The fund said it may sell new shares.

   Original document →

4. Feb 2, 2026

   The fund sent holders a document about a possible reorganization; we could not read the details automatically.

   Original document →

5. Jan 30, 2026

   The fund said it may sell new shares.

   Original document →

About this fund

• Run by abrdn. At its last yearly report (Oct 31, 2025) the fund was run by Massachusetts Financial Services Company. As of Oct 31, 2025, from the fund's yearly report. Original document →
• Size: about $585 million of holdings, as of July 31, 2026. As of July 31, 2026, from the fund's quarterly holdings report. Original document →
• Borrowing: the fund borrows about 29% on top of its own money, as of July 31, 2026. Borrowed money makes gains and losses bigger. About 93% of that is money the fund has borrowed by selling preferred shares. As of July 31, 2026, from the fund's quarterly holdings report. Original document →
• Costs: 1% a year in management fees; 2.8% a year in total, including interest on borrowed money. Fiscal year ended Oct 31, 2025. As of Oct 31, 2025, from the fund's yearly report. Original document →
  Among the 76 funds we follow that invest in tax-free municipal bonds, 70 charge a lower management fee and 30 charge less in total, at their last yearly reports. Both numbers are measured against the fund's own money, not the money it borrows on top, so a fund that borrows more shows higher costs on both counts.
• Payouts: last fiscal year (ended Oct 31, 2025) the fund paid $0.27 a share, all of it income. Most funds announce their monthly or quarterly payout on their own website, not in a filing with the regulator, so a cut or a raise there does not show up here until the next yearly report. A few funds do file a notice about a fixed payout; those appear under What happened, and when. As of Oct 31, 2025, from the fund's annual report. Original document →
• Value of holdings per share at the last fiscal year end (Oct 31, 2025): $6.02. The shares traded at $5.41, about 10.1% below that. As of Oct 31, 2025, from the fund's yearly report. Original document →
• How the holdings did: up 1.3% over the last three months we have (May-July 2026), before the share price is taken into account. As of July 31, 2026, from the fund's quarterly holdings report. Original document →
• First reported to the regulator in 1995.

How this has changed

• Payouts per share: $0.27 in the fiscal year ended Oct 31, 2025; $0.24 in the year ended Oct 31, 2024; $0.22 in the year ended Oct 31, 2023.As of Oct 31, 2025, from the fund's annual report. Original document →
• None of those payouts was your own money back; all of it was income or gains.As of Oct 31, 2025, from the fund's annual report. Original document →
• Costs, including interest on borrowed money: 2.83% a year in the fiscal year ended Oct 31, 2025; 3.15% a year in the year ended Oct 31, 2024; 3.08% a year in the year ended Oct 31, 2023.As of Oct 31, 2025, from the fund's annual report. Original document →
• Size of the holdings: about $248 million at Oct 31, 2025; $254 million at Oct 31, 2024; $217 million at Oct 31, 2023. From the fund's quarterly holdings reports. Original documents: Oct 31, 2025 →, Oct 31, 2024 →, Oct 31, 2023 →.
• Borrowing: about 28% on top of its own money at Oct 31, 2025; 28% at Oct 31, 2024; 36% at Oct 31, 2023. From the fund's quarterly holdings reports. Original documents: Oct 31, 2025 →, Oct 31, 2024 →, Oct 31, 2023 →.
• The fund had about 41.2 million shares at Oct 31, 2025, about the same as at Oct 31, 2023.As of Oct 31, 2025, from the fund's annual report. Original document →

What these lines mean: a payout that is your own money back, what a fund costs, borrowing.

What a holder made

• The year ended Oct 31, 2025: the shares returned +1.6%, counting payouts; the holdings +2.8%. The holdings figure is what the fund's investments earned, before the share price is taken into account. As of Oct 31, 2025, from the fund's annual report. Original document →
• The year ended Oct 31, 2024: the shares returned +32.2%, counting payouts; the holdings +22.5%. As of Oct 31, 2024, from the fund's annual report. Original document →
• The year ended Oct 31, 2023: the shares returned -3.1%, counting payouts; the holdings +0.7%. As of Oct 31, 2023, from the fund's annual report. Original document →
• The year ended Oct 31, 2022: the shares returned -27.7%, counting payouts; the holdings -22.7%. As of Oct 31, 2022, from the fund's annual report. Original document →
• The year ended Oct 31, 2021: the shares returned +14.3%, counting payouts; the holdings +8.6%. As of Oct 31, 2021, from the fund's annual report. Original document →
• Those five years together: the shares returned +7.5%. $10,000 of shares bought at the start (Nov 1, 2020) would have become about $10,800 by Oct 31, 2025, with every payout counted, before tax. As of Oct 31, 2025, from the fund's annual report. Original document →
• The holdings over the last twelve months we have, to July 31, 2026: +10.6%. The quarterly reports carry no share price, so this is the holdings alone. As of July 31, 2026, from the fund's quarterly holdings report. Original document →
• Of the 46 funds that invest in tax-free municipal bonds with a fiscal year ending within six months of this one, 34 reported a higher share return for that year and 11 a lower one. As of Oct 31, 2025, from the fund's annual report. Original document →
• A past year says nothing about the next one. All figures are the fund's own, from its reports to the regulator.

Why the shares and the holdings can differ: the gap between price and value. Why payouts count: a payout that is your own money back.

What the fund holds

All tax-free municipal bonds (100%). All of it issued in the U.S.

0.8% of holdings are in default.

1. California Cmnty Choice Fing Auth Clean Energy Proj Revenue, California Community Choice Financing Authority - 2.3%
2. Black Belt Energy Gas Dist Al Gas Project Revenue, Black Belt Energy Gas District - 1.8%
3. Austin TX Arpt Sys Revenue, City of Austin TX Airport System Revenue - 1.6%
4. Texas St Transprtn Fin Corp Sh 288 Sys Toll Revenue, Texas Transportation Finance Corp - 1.5%
5. South Carolina St Public Svc Auth Revenue, South Carolina Public Service Authority - 1.2%
6. National Fin Auth NH Muni Ctfs, New Hampshire Business Finance Authority - 1.1%
7. Texas St Priv Activity Bond Surface Transprtn Corp Revenue, Texas Private Activity Bond Surface Transportation Corp - 1.1%
8. Public Fin Auth WI Spl Fac Revenue, Public Finance Authority - 0.9%
9. Columbus OH Regl Arpt Auth Revenue, Columbus Regional Airport Authority - 0.9%
10. California St Muni Fin Auth Muni Ctfs, California Municipal Finance Authority - 0.9%

As of July 31, 2026, from the fund's quarterly holdings report. Original document →