Company: NMI
Filing Date: 2025-01-06
Form Type: N-CSR
Source: 0001193125-25-002221
Chunk: 2

Company: NUVEEN MUNICIPAL INCOME FUND INC
Filing Date: 2025-01-06
Form: N-CSR
Chunk 2
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-for-longerfinancing environment. |

| • |     | The Fund continued to invest primarily in intermediate- and long-duration bonds across a diverse group of sectors, issuers and credit qualities. The Fund actively participated in the new issue market, where issuance was elevated and pricing was attractive, 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, NUV returned 11.12%. 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 Fund’sout-of-benchmarkallocation to high yield corporate bonds. In particular, the Fund’s exposure to bonds within the consumer discretionary sector, which were volatile during the reporting period. |

Nuveen AMT-FreeMunicipal Value (NUW) 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 |

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| 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 Fund continued to invest primarily in intermediate- and long-duration bonds across a diverse group of sectors, issuers and credit qualities. The Fund actively participated in the new issue market, where issuance was elevated and pricing was attractive,