AICA – Excellence Beyond Indexing

Frk Mgd Muni Incm Tr

The Fund announced today the final results of its tender offer to repurchase up to 100% of its outstanding Series A and Series C Remarketed Preferred Shares (the “Remarketed Shares”).

The tender offer expired on Thursday, October 29, 2026, at 5:00 p.m., New York City time.

The Fund offered to repurchase the Remarketed Shares at 92.875% of their respective liquidation preferences, plus any accrued and unpaid dividends through the expiration of the tender offer. The purchase prices were as follows:

Series A: $92,875 per share, representing 92.875% of the $100,000 liquidation preference.

Series C: $46,437.50 per share, representing 92.875% of the $50,000 liquidation preference.

All Remarketed Shares validly tendered and not withdrawn before the expiration of the tender offer have been accepted for payment.

Disclosure: This content is provided for informational and educational purposes only and is intended solely as a summary of the views expressed. The opinions expressed are those of the speakers and/or presenters as of the date of the content, are their own opinions, may not be the opinions of AICA and are subject to change without notice.

The information contained herein should not be construed as investment advice, a recommendation to buy or sell any security, or an offer to provide advisory services.

References to specific securities, sectors, investment strategies, or market conditions are for illustrative purposes only and do not constitute investment recommendations. Any discussion of investment strategies may not be suitable for all investors, and there can be no assurance that any strategy will achieve its intended objectives.

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.

Past performance is not indicative of future results. All investments involve risk, including the possible loss of principal. Forward-looking statements, expectations, and projections are inherently uncertain, and actual results may differ materially from those discussed.

This content does not take into account the specific investment objectives, financial situation, or particular needs of any individual investor. Prospective investors should consult their financial, legal, and tax advisers before making any investment decision.