Company: NMI
Filing Date: 2025-01-06
Form Type: N-CSR
Source: 0001193125-25-002221
Chunk: 3

Company: NUVEEN MUNICIPAL INCOME FUND INC
Filing Date: 2025-01-06
Form: N-CSR
Chunk 3
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 selling down low book yield positions when needed to reinvest the proceeds in new opportunities. |

How did the Fund perform and what factors affected relative performance? For the 12-monthreporting period ended October 31, 2024, NUW returned 10.72%. The Fund outperformed the returns of the S&P Municipal Bond Index, which returned 10.08%. Top contributors to relative performance

| • |     | The Fund’s use of leverage through inverse floating rate securities. |

| • |     | Duration and yield curve positioning, particularly the overweight to bonds in the longest duration range and underweight to bonds in the shortest duration range. |

| • |     | Credit quality positioning, specifically the underweight to the highest grade(AAA-ratedandAA-rated)bonds and overweight toA-ratedandBBB-ratedbonds. |

Top detractors from relative performance

| • |     | Sector allocation, driven by exposure to long-maturity tobacco bonds and an underweight to the industrial development revenue sector. |

| • |     | The Individual credit selection, as bonds bought at the low point in interest rates during this reporting period generally underperformed. |

Nuveen Municipal Income Fund, Inc. (NMI) What factors affected markets during the reporting period?

| • |     | Municipal bond yields ended the reporting period lower than where they started, although the path was not a straight line given uncertainties about the Federal Reserve’s plan for monetary easing and the U.S. election. |

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

| • |     | The portfolio management worked to transition the portfolio to be more in line with the Fund’s new focus on high yield investments, as well as took advantage of periods of market softness to buy bonds at attractive valuations and continued to carefully manage the Fund’s income sustainability via tactical trading. |

How did the Fund perform and what factors affected relative performance? For the 12-monthreporting period ended October 31, 2024, NMI returned 15.13%. The Fund underperformed the returns of the NMI Linked Benchmark, which returned 16.94%. The NMI Linked Benchmark represents