Company: NMI
Filing Date: 2025-07-07
Form Type: N-CSRS
Source: 0001193125-25-155990
Chunk: 33

Company: NUVEEN MUNICIPAL INCOME FUND INC
Filing Date: 2025-07-07
Form: N-CSRS
Chunk 33
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) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities.

Zero Coupon Bond:A zero coupon bond does not pay a regular interest coupon to its holders during the life of the bond. Income to the holder of the bond comes
from accretion of the difference between the original purchase price of the bond at issuance and the par value of the bond at maturity and is effectively paid at maturity. The market prices of zero coupon bonds generally are more volatile than the
market prices of bonds that pay interest periodically.

75

Statement Regarding Basis for Approval of Investment Advisory Contract

(Unaudited)

Nuveen Municipal Value Fund, Inc.

Nuveen AMT-FreeMunicipal Value Fund

Nuveen Municipal Income Fund, Inc.

The Approval Process

At meetings held on April 28 and 29, 2025 (the
“Meeting”), the Boards of Directors or Trustees (as the case may be) of the group of funds advised by Nuveen Fund Advisors, LLC (“NFAL” or the “Adviser”), including the Funds (as defined below), and the group of funds
advised by Teachers Advisors, LLC (“TAL” and all such funds, collectively, the “Nuveen funds” or the “funds”) approved the renewal of the investment management agreements (each, an “Investment Management
Agreement”) with NFAL and TAL, respectively. TAL and NFAL are affiliates as NFAL is a subsidiary of Nuveen, LLC, the investment arm of Teachers Insurance and Annuity Association of America (“TIAA”), and TAL is an indirect wholly owned
subsidiary of TIAA. The Boards of Directors or Trustees (as the case may be) of the Funds also approved the renewal of the sub-advisory agreements (each, a
“Sub-Advisory Agreement”) with Nuveen Asset Management, LLC (the “Sub-Adviser”). The Sub-Adviser is also an
affiliate of the Adviser.

The Boards of Directors or Trustees of the Nuveen funds are each a “Board” or collectively the “Board” (as the context
may dictate) and the directors or trustees (as the case may be) are each a “Board Member.” The Board Members of each Board are not “interested persons” (as defined under the Investment Company Act of 1940 (the “1940
Act”))