Company: NMI
Filing Date: 2025-01-06
Form Type: N-CSR
Source: 0001193125-25-002221
Chunk: 1

Company: NUVEEN MUNICIPAL INCOME FUND INC
Filing Date: 2025-01-06
Form: N-CSR
Chunk 1
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. (b) New independent registered public accounting firm:On October 24, 2024, the Board, upon recommendation from the Audit Committee, appointed PricewaterhouseCoopers LLP (“PwC”) as the new independent registered public accounting firm for the Funds for the fiscal year ended October 31, 2025 audit. During the Funds’ fiscal years ended October 31, 2024 and October 31, 2023 and for the subsequent interim period through December 26, 2024, the Funds have not consulted with PwC regarding any of the matters described in Regulation S-KItem 304 (“S-K304”), S-K304(a)(2)(i) or S-K304(a)(2)(ii) disclosure. 3 Discussion of Fund Performance Nuveen Municipal Value Fund, Inc. (NUV) Nuveen AMT-FreeMunicipal Value Fund (NUW) Nuveen Municipal Income Fund, Inc. (NMI) Nuveen Asset Management, LLC (NAM), an affiliate of Nuveen Fund Advisors, LLC, is the investment adviser for the Nuveen Municipal Value Fund, Inc. (NUV), Nuveen AMT-FreeMunicipal Value Fund (NUW) and Nuveen Municipal Income Fund, Inc. (NMI). The portfolio managers for NUV and NUW are Daniel Close, CFA, and Kristen DeJong, CFA. The portfolio managers for NMI are Kristen DeJong, CFA and Scott Romans, PhD. Below is a discussion of Fund performance and the factors that contributed and detracted during the 12-monthreporting period ended October 31, 2024. For more information on Fund investment objectives and policies, please refer to the Shareholder Update section at the end of the report. Nuveen Municipal Value Fund, Inc. (NUV) What factors affected markets during the reporting period?

| • |     | The Fund’s trading activity remained focused on pursuing its investment objectives. There were no material changes to the Fund’s positioning. |

| • |     | Credit fundamentals remained strong, with default activity at low levels. Although supply has increased in 2024year-to-date,demand for municipal debt remained solid. |

What key strategies were used to manage the Fund during the reporting period?

| • |     | The Fund’s credit selection focused on identifying issuers where fundamental credit risk was mispriced by the market, while avoiding names that could have issues in thishigher