Nuveen Municipal Income Fund, Inc. Announces Update to Investment Policies
- The fund can now invest up to 75% of its Managed Assets in lower rated municipal securities.
- The fund may invest up to 20% of its Managed Assets in municipal securities rated below investment grade.
- None.
The policy changes grant the fund more flexibility to invest in lower rated municipal securities. The table below summarizes the changes, which are effective immediately.
Description of Investment Policy Changes
Current Policy |
New Policy |
The Fund will invest at least |
The Fund may invest up to |
The Fund may invest up to |
The Fund may not invest more than |
The 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’s 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’s securities are already held by the Fund. |
The 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) (“defaulted securities”), 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’s 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. |
Exposure to lower rated securities involves special risks, including an increased risk with respect to the issuer’s capacity to pay interest or dividends and repay principal.
Nuveen is a leading sponsor of closed-end funds (CEFs) with
About Nuveen
Nuveen, 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
Nuveen Securities, LLC, member FINRA and SIPC.
The information contained on the Nuveen website is not a part of this press release.
FORWARD LOOKING STATEMENTS
Certain 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:
• market developments; including the timing of distributions and other events identified in this press release;
• legal and regulatory developments; and
• other additional risks and uncertainties.
EPS-3140917CR-E0923W
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For more information, please visit Nuveen’s CEF homepage www.nuveen.com/closed-end-funds or contact:
Financial Professionals:
800-752-8700
Investors:
800-257-8787
Media:
media-inquiries@nuveen.com
Source: Nuveen