\nThe Board of Trustees of Nuveen Municipal Income Fund, Inc.<\/a> (NYSE: NMI) has approved certain investment policy changes for the fund. The fund\u2019s investment objective to provide a high level of current income exempt from federal income tax remains unchanged.<\/p>\n
\nThe policy changes grant the fund more flexibility to invest in lower rated municipal securities. The table below summarizes the changes, which are effective immediately.<\/p>\n
Description of Investment Policy Changes<\/b><\/p>\n Current Policy<\/b><\/p>\n<\/td>\n New Policy<\/b><\/p>\n<\/td>\n<\/tr>\n \nThe Fund will invest at least 80% of its Managed Assets in investment grade quality municipal securities that, at the time of investment, are rated within the four highest grades (Baa or BBB or better) by at least one NRSRO that rate such securities, or if it is unrated but judged to be of comparable quality by the Fund\u2019s sub-adviser. A security is considered investment grade if it is rated within the four highest letter grades by at least one NRSRO that rate such securities (even if rated lower by another), or if it is unrated but judged to be of comparable quality by the Fund\u2019s sub-adviser (such securities are commonly referred to as split-rated securities).<\/p>\n<\/td>\n \nThe Fund may invest up to 75% of its Managed Assets in municipal securities that are rated BBB\/Baa or lower by at least one NRSRO or are unrated but judged to be of comparable quality by the fund\u2019s sub-adviser.<\/p>\n<\/td>\n<\/tr>\n \nThe Fund may invest up to 20% of its Managed Assets in municipal securities that at the time of investment are rated below investment grade (Ba or BB or lower) by all NRSRO or are unrated but judged to be of comparable quality by the Fund\u2019s sub-adviser; however, the Fund may not invest more than 10% of its Managed Assets in municipal securities rated below B3\/B- by all NRSROs that rate the security or that are unrated but judged to be of comparable quality by the Fund\u2019s sub-adviser.<\/p>\n<\/td>\n \nThe Fund may not invest more than 10% of its Managed Assets in municipal securities rated below B3\/B- by any NRSROs that rate the security or that are unrated but judged to be of comparable quality by the fund\u2019s sub-adviser.<\/p>\n<\/td>\n<\/tr>\n \nThe Fund may invest in distressed securities but may not invest in the securities of an issuer which, at the time of investment, is in default on its obligations to pay principal or interest thereon when due or that is involved in a bankruptcy proceeding (i.e., rated below C-, at the time of investment); provided, however, that the Fund\u2019s sub-adviser may determine that it is in the best interest of shareholders in pursuing a workout arrangement with issuers of defaulted securities to make loans to the defaulted issuer or another party, or purchase a debt, equity or other interest from the defaulted issuer or another party, or take other related or similar steps involving the investment of additional monies, but only if that issuer\u2019s securities are already held by the Fund.<\/p>\n<\/td>\n \nThe Fund may invest in the securities of an issuer which, at the time of investment, is in default on its obligations to pay principal or interest thereon when due or that is involved in a bankruptcy proceeding (i.e., rated below C- at the time of investment) (\u201cdefaulted securities\u201d), and may invest in municipal securities that are experiencing other financial difficulties at the time of acquisition (such securities are commonly referred to as distressed securities). The Fund\u2019s sub-adviser may determine that it is in the best interest of shareholders in pursuing a workout arrangement with issuers of defaulted securities to make loans to the defaulted issuer or another party, or purchase a debt, equity or other interest from the defaulted issuer or another party, or take other related or similar steps involving the investment of additional monies.<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nExposure to lower rated securities involves special risks, including an increased risk with respect to the issuer\u2019s capacity to pay interest or dividends and repay principal.<\/p>\n \nNuveen is a leading sponsor of closed-end funds (CEFs) with $53 billion of assets under management across 51 CEFs as of 30 Jun 2023. The funds offer exposure to a broad range of asset classes and are designed for income-focused investors seeking regular distributions. Nuveen has more than 35 years of experience managing CEFs.<\/p>\n About Nuveen<\/b><\/p>\n \nNuveen, the investment manager of TIAA, offers a comprehensive range of outcome-focused investment solutions designed to secure the long-term financial goals of institutional and individual investors. Nuveen has $1.1 trillion in assets under management as of 30 Jun 2023 and operations in 27 countries. Its investment specialists offer deep expertise across a comprehensive range of traditional and alternative investments through a wide array of vehicles and customized strategies. For more information, please visit www.nuveen.com<\/a>.<\/p>\n \nNuveen Securities, LLC, member FINRA and SIPC.<\/p>\n \nThe information contained on the Nuveen website is not a part of this press release.<\/p>\n \nFORWARD LOOKING STATEMENTS<\/p>\n \nCertain statements made in this release are forward-looking statements. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements due to numerous factors. These include, but are not limited to:<\/p>\n \n\u2022 market developments; including the timing of distributions and other events identified in this press release;<\/p>\n \n\u2022 legal and regulatory developments; and<\/p>\n \n\u2022 other additional risks and uncertainties.<\/p>\n \nEPS-3140917CR-E0923W<\/p>\n View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20230929671843\/en\/<\/a><\/span><\/p>\n \nFor more information, please visit Nuveen\u2019s CEF homepage www.nuveen.com\/closed-end-funds<\/a> or contact:<\/p>\n \nFinancial Professionals: \nInvestors:\n
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800-752-8700<\/p>\n
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800-257-8787<\/p>\n