Company: NMI
Filing Date: 2025-01-06
Form Type: N-CSR
Source: 0001193125-25-002221
Chunk: 20

Company: NUVEEN MUNICIPAL INCOME FUND INC
Filing Date: 2025-01-06
Form: N-CSR
Chunk 20
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ASU 2023-07”).The amendments in ASU 2023-07improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. ASU 2023-07also requires a public entity that has a single reportable segment to provide all the disclosures required by the amendments in ASU 2023-07and all existing segment disclosures in Topic 280. The amendments in ASU 2023-07are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. Management has assessed the new guidance and determined that it will not have a material impact on the financial positions or results of operations of the Funds.

| 3. | Investment Valuation and Fair Value Measurements |

The Funds’ investments in securities are recorded at their estimated fair value utilizing valuation methods approved by the Adviser, subject to oversight of the Board. Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. U.S. GAAP establishes the three-tier hierarchy which is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect management’s assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.

| Level 1 – |     | Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.                                         |
| Level 2 – |     | Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, credit spreads, etc.). |

69 Notes to Financial Statements (continued)

| Level 3 – |     | Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of investments). |

A description of the valuation techniques applied to the Funds’ major classifications of assets and liabilities measured at fair value follows: Equity securities and exchange-traded funds listed or traded on a national market or exchange are valued based on their last reported sales price or official closing