Company: NMI
Filing Date: 2025-01-06
Form Type: N-CSR
Source: 0001193125-25-002221
Chunk: 53

Company: NUVEEN MUNICIPAL INCOME FUND INC
Filing Date: 2025-01-06
Form: N-CSR
Chunk 53
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 rate securities, which have the economic effect of leverage. The amount of leverage will vary depending on market conditions. Temporary Defensive Periods During temporary defensive periods (e.g., times when, in the Fund’s investment adviser’s and/or the Fund’s sub-adviser’sopinion, temporary imbalances of supply and demand or other temporary dislocations in the tax-exemptbond market adversely affect the price at which long-term or intermediate-term municipal securities are available), and in order to keep the Fund’s cash fully invested, the Fund may up to 100% of its Managed Assets in short-term investments including high quality, short-term debt securities that may be either tax-exemptor taxable. The Fund may not achieve its investment objectives during such periods. 85 Shareholder Update (continued) NUVEEN MUNICIPAL INCOME FUND, INC. (NMI)

Investment Objective

The Fund’s investment objective is a high level of current income exempt from federal income tax, which the Fund seeks to achieve by investing primarily in a diversified portfolio of tax-exempt municipal obligations.

Investment Policies

Under normal circumstances, the Fund will invest at least 80% of its Assets (as defined below) in municipal securities and other related investments, the income from which is exempt from regular federal income taxes.

“Assets” mean the net assets of the Fund plus the amount of any borrowings for investment purposes. “Managed Assets” means the total assets of the Fund, minus the sum of its accrued liabilities (other than Fund liabilities incurred for the express purpose of creating leverage). Total assets for this purpose shall include assets attributable to the Fund’s use of leverage (whether or not those assets are reflected in the Fund’s financial statements for purposes of generally accepted accounting principles), and derivatives will be valued at their market value.

Under normal circumstances:

| ● |     | The Fund may invest up to 20% of its Managed Assets in municipal securities that pay interest that is taxable under the federal alternative minimum tax. |

| ● |     | The Fund may invest up to 75% of its Managed Assets in municipal securities that are rated BBB/Baa or lower by at least one nationally recognized statistical rating organization (“NRSRO”) or are unrated but judged to be of comparable quality by the Fund’ssub-adviser.The Fund may not invest more than 10% of its Managed Assets in municipal securities rated belowB3/B-by any NRSROs that rate the security or that are unrated but judged to be of comparable quality by