AICA – Excellence Beyond Indexing

BR MuniAst Fd

The Fund today announced the successful completion of its over-subscribed transferable rights offer (the “Offer”) which expired on August 20, 2026 (the “Expiration Date”). The Offer entitled rights holders to subscribe for up to an aggregate of 16,784,940 shares of the Fund’s common stock, par value of $0.1 per share (each, a “Common Share”). The final subscription price of $9.91 per Common Share was determined based upon the formula equal to 90% of the net asset value as of 8/20/2026.

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Listed closed-end funds (CEFs) and business development companies (BDCs) trade on exchanges at prices that may be above or below their NAVs. There is no guarantee that an investor can sell shares at a price greater than or equal to the purchase price, or that a CEF’s or BDC’s discount will narrow or be eliminated. Non-listed closed-end funds and business development companies do not offer investors daily liquidity, but rather on a quarterly or semi-annual basis, often on a small percentage of shares. CEFs often use leverage, which can increase a fund’s risk or volatility. The actual amount of distributions may vary with fund performance and other conditions.

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