NMI - Nuveen Municipal Income Fund

What this means for you

1607 Capital owned more than 5% of this fund and has since sold down below that level, so it no longer has to report its holding.

Nothing is required of you. If a large investor buys in again, the notice appears here the day it is filed.

Email me if this changes

What happened, and when

1. Oct 2, 2026

   The fund said it may sell new shares.

   Original document →

2. Aug 31, 2026

   The fund said it may sell new shares.

   Original document →

3. June 12, 2026

   The fund said it may sell new shares.

   Original document →

4. June 10, 2026

   The fund said it may sell new shares.

   Original document →

5. April 16, 2026

   The fund said it may sell new shares.

   Original document →

About this fund

• Run by Nuveen Fund Advisors, LLC. Part of the Nuveen fund family. As of Oct 31, 2025, from the fund's yearly report. Original document →
• Size: about $120 million of holdings, as of July 31, 2026. As of July 31, 2026, from the fund's quarterly holdings report. Original document →
• Borrowing: the fund does not borrow. As of July 31, 2026, from the fund's quarterly holdings report. Original document →
• Costs: 0.6% a year in management fees; 0.7% a year in total, including interest on borrowed money. Fiscal year ended Oct 31, 2025. As of Oct 31, 2025, from the fund's yearly report. Original document →
  Among the 76 funds we follow that invest in tax-free municipal bonds, 19 charge a lower management fee and 6 charge less in total, at their last yearly reports. Both numbers are measured against the fund's own money, not the money it borrows on top, so a fund that borrows more shows higher costs on both counts.
• The fund's own cost example: $1,000 invested costs about $18 in the first year and about $102 over 10 years, assuming the holdings return 5% a year. As of Oct 31, 2025, from the fund's annual report. Original document →
• Payouts: last fiscal year (ended Oct 31, 2025) the fund paid $0.46 a share, all of it income. Most funds announce their monthly or quarterly payout on their own website, not in a filing with the regulator, so a cut or a raise there does not show up here until the next yearly report. A few funds do file a notice about a fixed payout; those appear under What happened, and when. As of Oct 31, 2025, from the fund's annual report. Original document →
• Value of holdings per share at the last fiscal year end (Oct 31, 2025): $9.92. The shares traded at $10.05, about 1.3% above that. As of Oct 31, 2025, from the fund's yearly report. Original document →
  Over the last two years the gap (a "discount" when the price is below the value) ranged from 8.2% below to 10% above. As of Oct 31, 2025, from the fund's annual report. Original document →
• How the holdings did: up 0.3% over the last three months we have (May-July 2026), before the share price is taken into account. As of July 31, 2026, from the fund's quarterly holdings report. Original document →
• First reported to the regulator in 1995.

How this has changed

• Payouts per share: $0.46 in the fiscal year ended Oct 31, 2025; $0.43 in the year ended Oct 31, 2024; $0.37 in the year ended Oct 31, 2023.As of Oct 31, 2025, from the fund's annual report. Original document →
• None of those payouts was your own money back; all of it was income or gains.As of Oct 31, 2025, from the fund's annual report. Original document →
• Costs, including interest on borrowed money: 0.75% a year in the fiscal year ended Oct 31, 2025; 0.88% a year in the year ended Oct 31, 2024; 0.74% a year in the year ended Oct 31, 2023.As of Oct 31, 2025, from the fund's annual report. Original document →
• Size of the holdings: about $112 million at Oct 31, 2025; $102 million at Oct 31, 2024; $92.1 million at Oct 31, 2023. From the fund's quarterly holdings reports. Original documents: Oct 31, 2025 →, Oct 31, 2024 →, Oct 31, 2023 →.
• Borrowing: none at Oct 31, 2025; 2% at Oct 31, 2024; 4% at Oct 31, 2023. From the fund's quarterly holdings reports. Original documents: Oct 31, 2025 →, Oct 31, 2024 →, Oct 31, 2023 →.
• The fund had about 11.3 million shares at Oct 31, 2025, up 12.1% from Oct 31, 2023.As of Oct 31, 2025, from the fund's annual report. Original document →
  In between, the fund said it may sell new shares. Original document →

What these lines mean: a payout that is your own money back, what a fund costs, borrowing.

What a holder made

• The year ended Oct 31, 2025: the shares returned +8.8%, counting payouts; the holdings +2.7%. The holdings figure is what the fund's investments earned, before the share price is taken into account. As of Oct 31, 2025, from the fund's annual report. Original document →
• The year ended Oct 31, 2024: the shares returned +21.2%, counting payouts; the holdings +15.1%. As of Oct 31, 2024, from the fund's annual report. Original document →
• The year ended Oct 31, 2023: the shares returned +1.8%, counting payouts; the holdings +2.9%. As of Oct 31, 2023, from the fund's annual report. Original document →
• The year ended Oct 31, 2022: the shares returned -24.3%, counting payouts; the holdings -15.4%. As of Oct 31, 2022, from the fund's annual report. Original document →
• The year ended Oct 31, 2021: the shares returned +6.5%, counting payouts; the holdings +5.2%. As of Oct 31, 2021, from the fund's annual report. Original document →
• Those five years together: the shares returned +8.2%. $10,000 of shares bought at the start (Nov 1, 2020) would have become about $10,800 by Oct 31, 2025, with every payout counted, before tax. As of Oct 31, 2025, from the fund's annual report. Original document →
• The holdings over the last twelve months we have, to July 31, 2026: +7.2%. The quarterly reports carry no share price, so this is the holdings alone. As of July 31, 2026, from the fund's quarterly holdings report. Original document →
• Of the 46 funds that invest in tax-free municipal bonds with a fiscal year ending within six months of this one, 9 reported a higher share return for that year and 36 a lower one. As of Oct 31, 2025, from the fund's annual report. Original document →
• A past year says nothing about the next one. All figures are the fund's own, from its reports to the regulator.

Why the shares and the holdings can differ: the gap between price and value. Why payouts count: a payout that is your own money back.

What the fund holds

All tax-free municipal bonds (100%). All of it issued in the U.S.

1. Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Dreamers Academy Project - 1.6%
2. Bartow County, Georgia, Tax Allocation Revenue Bonds, Highway 411 Corridor Development Project District Number 3, Senior Convertible Capital Appreciat - 1.4%
3. New York Transportation Development Corporation, New York, Special Facilities Revenue Bonds, Terminal 6 John F Kennedy International Airport Redevelop - 1.3%
4. Phoenix Civic Improvement Corporation, Arizona, Airport Revenue Bonds, Junior Lien - 1.3%
5. Ventana Metropolitan District, El Paso County, Colorado, General Obligation Bonds, Limited Tax Refunding and Improvement - 1.1%
6. Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds - 1.1%
7. Virginia Small Business Financing Authority, Private Activity Revenue Bonds, Transform 66 P3 Project, Senior Lien - 1%
8. Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Refunding Senior Lien Series 2020B-2 Class 2 - 1%
9. Municipal Electric Authority of Georgia, Plant Vogtle Units 3 & 4 Project M Bonds - 0.9%
10. Grays Harbor Public Hospital District 1, Washington, Revenue Bonds, Summit Pacific Medial Center - 0.9%

As of July 31, 2026, from the fund's quarterly holdings report. Original document →