0000830271 2026-06-12 2026-06-12 0000830271 us-gaap:CommonStockMember 2026-06-08 0000830271 us-gaap:CommonStockMember 2026-02-01 2026-04-30 0000830271 us-gaap:CommonStockMember 2025-11-01 2026-01-31 0000830271 us-gaap:CommonStockMember 2025-08-01 2025-10-31 0000830271 us-gaap:CommonStockMember 2025-05-01 2025-07-31 0000830271 us-gaap:CommonStockMember 2025-02-01 2025-04-30 0000830271 us-gaap:CommonStockMember 2024-11-01 2025-01-31 0000830271 us-gaap:CommonStockMember 2024-08-01 2024-10-31 0000830271 us-gaap:CommonStockMember 2024-05-01 2024-07-31 0000830271 us-gaap:CommonStockMember 2024-02-01 2024-04-30 0000830271 us-gaap:CommonStockMember 2023-11-01 2024-01-31 0000830271 us-gaap:CommonStockMember 2026-06-08 2026-06-08 0000830271 nmi:CommonStockAdjustedForOfferingMember 2026-06-08 2026-06-08 0000830271 nmi:CommonStockAdjustedForOfferingMember 2026-06-08 iso4217:USD shares iso4217:USD shares pure false 0000830271 424B2 Nuveen Municipal Income Fund, Inc. 10.91 9.93 <div id="xdx_804_ecef--PurposeOfFeeTableNoteTextBlock_dU_zzkWLXa6cqS3" style="font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0pt; text-indent: 0.5in">The purpose of the table and the example below is to help you understand all fees and expenses that you, as a shareholder of Common Stock, would bear directly or indirectly. The table shows the expenses of the Fund as a percentage of the average net assets applicable to Common Stock, and not as a percentage of total assets or Managed Assets (as defined in the accompanying prospectus).</div> <div id="xdx_801_ecef--ShareholderTransactionExpensesTableTextBlock_dU_gL1STETTB-DVDSMW_zE5OaxVhJPke" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"> </div> <table cellpadding="0" cellspacing="0" style="border-width: 0; font: 10pt Times New Roman, Times, Serif; margin: 0 auto; border-collapse: collapse; width: 100%"> <tr> <td style="width: 94%"></td> <td style="vertical-align: bottom; width: 4%"></td> <td></td> <td></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; page-break-inside: avoid; background-color: White"> <td style="vertical-align: top"><div style="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em"><div style="letter-spacing: 0px; top: 0px; display: inline"><div style="font-weight: bold; display: inline"><span style="text-decoration: underline">Shareholder Transaction Expenses</span> </div></div><span id="xdx_909_ecef--BasisOfTransactionFeesNoteTextBlock_c20260612__20260612_z6k0H8kfYHr9">(as a percentage of offering price)</span><div style="letter-spacing: 0px; top: 0px; display: inline"></div></div></td> <td style="vertical-align: bottom">  </td> <td style="vertical-align: bottom"></td> <td style="vertical-align: bottom"></td> <td style="vertical-align: bottom"></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; page-break-inside: avoid; background-color: rgb(204,238,255)"> <td style="vertical-align: top"><div style="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; text-indent: -1em">Maximum Sales Charge</div></td> <td style="vertical-align: bottom">  </td> <td style="vertical-align: bottom"> </td> <td id="xdx_983_ecef--SalesLoadPercent_dp_c20260612__20260612_fKg_____zhJnLRqrp4a" style="vertical-align: bottom; text-align: right">1.00</td> <td style="white-space: nowrap; vertical-align: bottom">%^* </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; page-break-inside: avoid; background-color: White"> <td style="text-align: left; padding-left: 20pt; vertical-align: top">Offering Costs⁽¹⁾</td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td id="xdx_98B_ecef--OtherTransactionExpensesPercent_dp_c20260612__20260612_fMQ_____zZ2yDHnuQVN3" style="vertical-align: bottom; text-align: right">0.10</td> <td style="white-space: nowrap; vertical-align: bottom">%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; page-break-inside: avoid; background-color: rgb(204,238,255)"> <td style="vertical-align: top"><div style="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; text-indent: -1em">Dividend Reinvestment Plan Fees⁽²⁾</div></td> <td style="vertical-align: bottom">  </td> <td style="vertical-align: bottom">$</td> <td id="xdx_983_ecef--DividendReinvestmentAndCashPurchaseFees_pp2p0_c20260612__20260612_fKDIp_z93kjLambcQ3" style="vertical-align: bottom; text-align: right">2.50</td> <td style="white-space: nowrap; vertical-align: bottom"> </td></tr> </table> <div style="border-bottom: #000000 1px solid; line-height: 8pt; margin-top: 0pt; margin-bottom: 2pt; width: 11%"> </div> <table cellpadding="0" cellspacing="0" style="border-width: 0; font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="page-break-inside: avoid"> <td id="xdx_F04_z0HYTuXwT2p3" style="width: 2%; vertical-align: top; text-align: left">*</td> <td style="vertical-align: top; text-align: left; width: 98%"><div id="xdx_F1E_zwFGXYf0Jnc1" style="font: 8pt/normal Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">The maximum sales charge for offerings made at-the-market is 1.00%. Fund shareholders will pay all offering expenses involved with this offering.</div></td></tr> </table> <table cellpadding="0" cellspacing="0" style="border-width: 0; font: 8pt Times New Roman, Times, Serif; display: none; border-collapse: collapse; width: 100%"> <tr style="page-break-inside: avoid"> <td id="xdx_F08_zhChSEFH60Nf" style="width: 4%; vertical-align: top; text-align: left">(1)</td> <td style="vertical-align: top; text-align: left"> <div id="xdx_F19_zDBcWxvIeML6" style="font: 8pt/normal Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">Assuming a Common Stock offering price of $10.91 (the closing price of the Common Stock on the NYSE on June 8, 2026.</div></td></tr> </table> <table cellpadding="0" cellspacing="0" style="border-width: 0; font: 8pt Times New Roman, Times, Serif; display: none; border-collapse: collapse; width: 100%"> <tr style="page-break-inside: avoid"> <td id="xdx_F08_zRmKNlk0Fm4g" style="width: 4%; vertical-align: top; text-align: left">(2)</td> <td style="vertical-align: top; text-align: left"> <div id="xdx_F15_zfKUWE2NZFvg" style="font: 8pt/normal Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">You will be charged a $2.50 service charge and pay brokerage charges if you direct ComputerShare as agent for the shareholders of Common Stock (the “Plan Agent”), to sell your Common Stock held in a dividend reinvestment account.</div></td></tr> </table> <table cellpadding="0" cellspacing="0" style="border-width: 0; font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="page-break-inside: avoid"> <td style="width: 4%; vertical-align: top; text-align: left">(1)</td> <td style="vertical-align: top; text-align: left"><div style="font: 8pt/normal Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><span id="xdx_90F_ecef--OtherTransactionFeesNoteTextBlock_c20260612__20260612_z8ZoQFG2Esyi">Assuming a Common Stock offering price of $<span id="xdx_904_eus-gaap--SharePrice_iI_c20260608__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_z79blyCKu1wj">10.91</span> (the closing price of the Common Stock on the NYSE on June 8, 2026.</span></div></td></tr> </table> <table cellpadding="0" cellspacing="0" style="border-width: 0; font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="page-break-inside: avoid"> <td style="width: 4%; vertical-align: top; text-align: left">(2)</td> <td style="vertical-align: top; text-align: left"> <div style="font: 8pt/normal Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">You will be charged a $2.50 service charge and pay brokerage charges if you direct ComputerShare as agent for the shareholders of Common Stock (the “Plan Agent”), to sell your Common Stock held in a dividend reinvestment account.</div></td></tr> </table> (as a percentage of offering price) 0.0100 0.0010 2.50 <div id="xdx_808_ecef--AnnualExpensesTableTextBlock_dU_gL1AETTB-TW_zOYuGDr7ExJ6"></div> <table cellpadding="0" cellspacing="0" style="border-width: 0; font: 10pt Times New Roman, Times, Serif; margin: 0 auto; border-collapse: collapse; width: 100%"> <tr> <td></td> <td style="vertical-align: bottom"></td> <td></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; page-break-inside: avoid; background-color: White"> <td style="text-align: left; vertical-align: bottom; width: 82%"><div style="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em"><div style="font-weight: bold; display: inline"><span style="font-family: Times New Roman, Times, Serif; text-decoration: underline">Annual Expenses</span></div></div></td> <td style="vertical-align: bottom; width: 5%"><span style="font-family: Times New Roman, Times, Serif">  </span></td> <td style="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom; width: 11%"><span style="font-family: Times New Roman, Times, Serif"><b>As a Percentage of Net Assets Attributable to Common Stock⁽³⁾</b></span></td> <td style="vertical-align: bottom; width: 2%"></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; page-break-inside: avoid; background-color: rgb(204,238,255)"> <td style="text-align: left; vertical-align: top"><div style="font: 10pt/normal Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt; margin-left: 20pt; text-indent: -1em"><span style="font-family: Times New Roman, Times, Serif">Management Fees</span></div></td> <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif">  </span></td> <td id="xdx_989_ecef--ManagementFeesPercent_dp_c20260612__20260612_fKDMp_z8KaYM1d8w3d" style="vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif">0.61%</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif">  </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; page-break-inside: avoid"> <td style="text-align: left; vertical-align: top"><div style="font: 10pt/normal Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt; margin-left: 20pt; text-indent: -1em"><span style="font-family: Times New Roman, Times, Serif">Interest and Other Related Expenses⁽⁴⁾</span></div></td> <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif">  </span></td> <td id="xdx_985_ecef--InterestExpensesOnBorrowingsPercent_dp_c20260612__20260612_fKDMpKDQp_zwPY1goxTe0f" style="vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif">0.01%</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif">  </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255); page-break-inside: avoid"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt; vertical-align: top"><div style="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Other Expenses⁽⁵⁾</span></div></td> <td style="padding-bottom: 1pt; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif">  </span></td> <td id="xdx_98C_ecef--OtherAnnualExpensesPercent_dp_c20260612__20260612_fKDMpKDUp_zc5Ye5LSJVrd" style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif">0.13%</span></td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; page-break-inside: avoid"> <td style="text-align: left; vertical-align: top"><div style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 20pt; text-align: left; text-indent: -1em"><span style="font-family: Times New Roman, Times, Serif">Total Annual Expenses</span></div></td> <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif">  </span></td> <td id="xdx_98B_ecef--TotalAnnualExpensesPercent_dp_c20260612__20260612_fKDMp_zSpgnH0LKvK5" style="vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif">0.75%</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> </table> <div style="border-bottom: #000000 1px solid; line-height: 8pt; margin-top: 0pt; margin-bottom: 2pt; width: 11%"> </div> <table cellpadding="0" cellspacing="0" style="border-width: 0; font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="page-break-inside: avoid"> <td id="xdx_F06_zx07KqSG6T4j" style="width: 4%; vertical-align: top; text-align: left">(3)</td> <td style="vertical-align: top; text-align: left"> <div id="xdx_F1B_ztsskV1elOlg" style="font: 8pt/normal Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"> Stated as annualized percentages of average net assets attributable to Common Stock for the fiscal year ended October 31, 2025.</div></td></tr> </table> <table cellpadding="0" cellspacing="0" style="border-width: 0; font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="page-break-inside: avoid"> <td id="xdx_F00_zOB1JzvPsoB5" style="width: 4%; vertical-align: top; text-align: left">(4)</td> <td id="xdx_F10_zlLMyWzYPXH9" style="vertical-align: top; text-align: left">Interest and Other Related Expenses reflect actual expenses and fees for leverage incurred by the Fund for the fiscal year ended October 31, 2025. The types of leverage used by the Fund during the fiscal year ended October 31, 2025 are described in the Fund Leverage and the Notes to Financial Statements sections of the Fund's annual report. Actual Interest and Other Related Expenses incurred in the future maybe higher or lower. If short-term market interest rates rise in the future, and if the Fund continues to maintain leverage, the cost of which is tied to short-term interest rates, the Fund’s interest expenses on its short-term borrowings can be expected to rise in tandem. The Fund’s use of leverage will increase the amount of management fees paid to the Fund’s adviser and sub-advisor(s).</td></tr> </table> <table cellpadding="0" cellspacing="0" style="border-width: 0; font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="page-break-inside: avoid"> <td id="xdx_F04_zZc5hFyPmWd6" style="width: 4%; vertical-align: top; text-align: left">(5)</td> <td style="vertical-align: top; text-align: left"> <div id="xdx_F14_z96hsuJvXrke" style="font: 8pt/normal Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"> <span id="xdx_90A_ecef--OtherExpensesNoteTextBlock_c20260612__20260612_z13SQuGhfsP8">Other Expenses is based on estimated amounts for the current fiscal year. Expenses attributable to the Fund’s investments, if any, in other investment companies are currently estimated not to exceed 0.01%. See “The Fund’s Investments—Other Investment Companies” in the SAI.</span></div></td></tr> <tr style="page-break-inside: avoid"> <td style="vertical-align: top; text-align: left"> </td> <td style="vertical-align: top; text-align: left"> </td></tr> </table> 0.0061 0.0001 0.0013 0.0075 Assuming a Common Stock offering price of $<span id="xdx_904_eus-gaap--SharePrice_iI_c20260608__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_z79blyCKu1wj">10.91</span> (the closing price of the Common Stock on the NYSE on June 8, 2026. 10.91 Other Expenses is based on estimated amounts for the current fiscal year. Expenses attributable to the Fund’s investments, if any, in other investment companies are currently estimated not to exceed 0.01%. See “The Fund’s Investments—Other Investment Companies” in the SAI. <div id="xdx_809_ecef--ExpenseExampleTableTextBlock_dU_zrESIo3FGNH1" style="font: bold 10pt Times New Roman, Times, Serif; display: inline">Example </div><div style="font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0pt; text-indent: 0.5in">The following example illustrates the expenses including the applicable transaction fees (referred to as the “Maximum Sales Charge” in the fee table above), if any, and estimated offering costs, that a shareholder of Common Stock would pay on a $1,000 investment that is held for the time periods provided in the table. The example assumes that all dividends and other distributions are reinvested in the Fund and that the Fund’s Annual Total Expenses, as provided above, remain the same. The example also assumes a transaction fee of 1.00%, as a percentage of the offering price, and a 5% annual return.<div style="font-size: 75%; vertical-align: top; display: inline; font-size: 9.1px">1</div> </div> <div style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"> </div> <table cellpadding="0" cellspacing="0" style="border-width: 0; font: 8pt Times New Roman, Times, Serif; margin: 0 auto; border-collapse: collapse; width: 60%"> <tr> <td></td> <td style="vertical-align: bottom; width: 25%"></td> <td></td> <td style="vertical-align: bottom; width: 25%"></td> <td></td> <td style="vertical-align: bottom; width: 25%"></td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; page-break-inside: avoid"> <td style="border-bottom: #000000 1pt solid; vertical-align: bottom; white-space: nowrap; text-align: center"><div style="letter-spacing: 0px; top: 0px; display: inline"><div style="font-weight: bold; display: inline">1 Year</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt"> </td> <td style="border-bottom: #000000 1pt solid; vertical-align: bottom; text-align: center"><div style="letter-spacing: 0px; top: 0px; display: inline"><div style="font-weight: bold; display: inline">3 Years</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt"> </td> <td style="border-bottom: #000000 1pt solid; vertical-align: bottom; text-align: center"><div style="letter-spacing: 0px; top: 0px; display: inline"><div style="font-weight: bold; display: inline">5 Years</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt"> </td> <td style="border-bottom: #000000 1pt solid; vertical-align: bottom; text-align: center"><div style="letter-spacing: 0px; top: 0px; display: inline"><div style="font-weight: bold; display: inline">10 Years</div></div></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; page-break-inside: avoid; background-color: #cceeff"> <td id="xdx_989_ecef--ExpenseExampleYear01_c20260612__20260612_fKDEp_zOyf6s1wSbO4" style="vertical-align: bottom; text-align: center">$19</td> <td style="vertical-align: bottom"> </td> <td id="xdx_989_ecef--ExpenseExampleYears1to3_c20260612__20260612_fKDEp_zEyIW65B5b97" style="vertical-align: bottom; text-align: center">$35</td> <td style="vertical-align: bottom"> </td> <td id="xdx_98E_ecef--ExpenseExampleYears1to5_c20260612__20260612_fKDEp_zRsE8KNZUJja" style="vertical-align: bottom; text-align: center">$52</td> <td style="vertical-align: bottom"> </td> <td id="xdx_98E_ecef--ExpenseExampleYears1to10_c20260612__20260612_fKDEp_zwrdoQprvF01" style="vertical-align: bottom; text-align: center">$103</td></tr> </table> <div style="font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0pt; text-indent: 0.5in"><div style="font-weight: bold; display: inline">The example should not be considered a representation of future expenses. Actual expenses may be greater or less than those shown above. </div></div> <div style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"> </div> <div style="border-bottom: #000000 1px solid; line-height: 8pt; margin-top: 0pt; margin-bottom: 2pt; width: 11%"> </div> <table cellpadding="0" cellspacing="0" style="border-width: 0; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="page-break-inside: avoid"> <td style="width: 2%; vertical-align: top; text-align: left"><div id="xdx_F0E_zX9gNnjs15O1" style="font-size: 75%; vertical-align: top; display: inline; font-size: 9.1px">1</div> </td> <td style="vertical-align: top; text-align: left"> <div id="xdx_F13_zlfieIQghqla" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"> The example assumes that all dividends and distributions are reinvested at Common Stock NAV. Actual expenses may be greater or less than those assumed. Moreover, the Fund’s actual rate of return may be greater or less than the hypothetical 5% return shown in the example. </div></td></tr> </table> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt"> </div> <div style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></div> 19 35 52 103 <div id="xdx_808_ecef--SharePriceTableTextBlock_dU_zeFXUFAqjOjh" style="text-align: center; font-weight: bold; display: inline"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="trading"></span>TRADING AND NET ASSET VALUE INFORMATION</span></div><div style="font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0pt; text-indent: 0.5in">The following table shows for the periods indicated: (i) the high and low sales prices for the Common Stock reported as of the end of the day on the NYSE, (ii) the corresponding NAV per share, and (iii) the premium/(discount) to NAV per share at which the Common Stock were trading as of such date. The Fund’s Common Stock have historically traded both at premiums and discounts in relation to the Fund’s NAV per share. The Fund cannot predict whether its Common Stock will trade at a premium or discount to NAV in the future. The Board of Directors has currently determined that, at least annually, it will consider action that might be taken to reduce or eliminate any material discount from NAV in respect of Common Stock, which may include the repurchase of such shares in the open market or in private transactions, the making of a tender offer for such shares at NAV, or the conversion of the Fund to an open-end investment company. The Fund cannot assure you that its Board of Directors will decide to take any of these actions, or that share repurchases or tender offers will actually reduce market discount.</div> <div style="font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0pt; text-indent: 0.5in"> </div> <p style="text-align: left; margin-top: 0; margin-bottom: 0"></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: center"> </td> <td id="xdx_48B_ecef--HighestPriceOrBid_hus-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zAotW1IJWRp6" style="font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; text-align: center"> </td> <td colspan="2" id="xdx_483_ecef--LowestPriceOrBid_hus-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zzp7NrlH1Fph" style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: center"> </td> <td id="xdx_48F_ecef--HighestPriceOrBidNav_hus-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zNSBO7Ts09z9" style="font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; text-align: center"> </td> <td colspan="2" id="xdx_482_ecef--LowestPriceOrBidNav_hus-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zednZpFpjWh5" style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: center"> </td> <td id="xdx_482_ecef--HighestPriceOrBidPremiumDiscountToNavPercent_dp_hus-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zA3gDuIaJUi8" style="font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; text-align: center"> </td> <td colspan="2" id="xdx_48C_ecef--LowestPriceOrBidPremiumDiscountToNavPercent_dp_hus-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zG6nhTS1eGFl" style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Closing Market Price per<br/> share of Common Stock</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">NAV per share of Common Stock on<br/> Date of Market Price</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Premium/(Discount) on<br/> Date of Market Price</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">Fiscal Quarter Ended</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">High</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Low</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">High</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Low</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">High</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Low</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_41E_20260201__20260430_zqmLFVPYYfb8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 13%; text-align: left">April 2026</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">11.04</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">9.87</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right">9.88</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right">9.75</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 11%; text-align: right">11.74</td><td style="width: 1%; text-align: left">%</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 11%; text-align: right">1.23</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_41D_20251101__20260131_zdPXUqAJgQMh" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">January 2026</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">10.25</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">9.90</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">9.92</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">9.85</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3.33</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.51</td><td style="text-align: left">%</td></tr> <tr id="xdx_411_20250801__20251031_z0ht6zqViJmb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">October 2025</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">10.08</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">9.64</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">9.86</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">9.59</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2.23</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.52</td><td style="text-align: left">%</td></tr> <tr id="xdx_415_20250501__20250731_zrvf49Byd2q" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">July 2025</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">10.64</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">9.62</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">9.67</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">9.71</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10.03</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(0.93</td><td style="text-align: left">)%</td></tr> <tr id="xdx_410_20250201__20250430_zBLOCrJpkEQ" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">April 2025</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">9.96</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">9.40</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">10.14</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">9.51</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1.78</td><td style="text-align: left">)%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1.16</td><td style="text-align: left">)%</td></tr> <tr id="xdx_417_20241101__20250131_zi8YxS1FKae" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">January 2025</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">9.83</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">9.37</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">10.07</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">10.01</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(2.38</td><td style="text-align: left">)%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(6.39</td><td style="text-align: left">)%</td></tr> <tr id="xdx_414_20240801__20241031_zJIMDebuxwcg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">October 2024</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">10.26</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">9.67</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">10.24</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">10.11</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.20</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(4.35</td><td style="text-align: left">)%</td></tr> <tr id="xdx_41D_20240501__20240731_z0HTD5SNuhEb" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">July 2024</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">10.07</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">9.18</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">10.12</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">9.89</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(0.49</td><td style="text-align: left">)%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(7.18</td><td style="text-align: left">)%</td></tr> <tr id="xdx_416_20240201__20240430_zZ9MV30RW1E7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">April 2024</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">9.47</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">9.11</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">10.03</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">9.91</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(5.58</td><td style="text-align: left">)%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(8.07</td><td style="text-align: left">)%</td></tr> <tr id="xdx_41E_20231101__20240131_zyO4elhArTw7" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">January 2024</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">9.42</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">8.44</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">10.04</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">9.19</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(6.18</td><td style="text-align: left">)%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(8.16</td><td style="text-align: left">)%</td></tr> </table> <p style="text-align: center; margin-top: 0; margin-bottom: 0"></p> <div style="font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0pt; text-indent: 0.5in">The NAV per share of Common Stock, the market price and percentage of premium/(discount) to NAV per share of Common Stock on June 8, 2026 was $<span id="xdx_908_eus-gaap--NetAssetValuePerShare_iI_c20260608__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zDFsezOWTuTe">9.93</span>, $<span id="xdx_906_eus-gaap--SharePrice_iI_c20260608__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zR5o2PvDPMNd">10.91</span> and <span id="xdx_908_ecef--LatestPremiumDiscountToNavPercent_dp_c20260608__20260608__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zq877BwCdlm9">9.87</span>%, respectively. As of June 8, 2026, the Fund had <span id="xdx_906_ecef--OutstandingSecurityNotHeldShares_c20260608__20260608__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zebYUlv1takk">12,064,960</span> shares of Common Stock outstanding, and net assets applicable to Common Stock of $119,765,577. See “Repurchase of Fund Shares; Conversion to Open-End Fund” in the accompanying prospectus.</div> 11.04 9.87 9.88 9.75 0.1174 0.0123 10.25 9.90 9.92 9.85 0.0333 0.0051 10.08 9.64 9.86 9.59 0.0223 0.0052 10.64 9.62 9.67 9.71 0.1003 -0.0093 9.96 9.40 10.14 9.51 -0.0178 -0.0116 9.83 9.37 10.07 10.01 -0.0238 -0.0639 10.26 9.67 10.24 10.11 0.0020 -0.0435 10.07 9.18 10.12 9.89 -0.0049 -0.0718 9.47 9.11 10.03 9.91 -0.0558 -0.0807 9.42 8.44 10.04 9.19 -0.0618 -0.0816 9.93 10.91 0.0987 12064960 10.91 10.91 12064960 13264960 9.93 10.01 The maximum sales charge for offerings made at-the-market is 1.00%. Fund shareholders will pay all offering expenses involved with this offering. Assuming a Common Stock offering price of $10.91 (the closing price of the Common Stock on the NYSE on June 8, 2026. You will be charged a $2.50 service charge and pay brokerage charges if you direct ComputerShare as agent for the shareholders of Common Stock (the “Plan Agent”), to sell your Common Stock held in a dividend reinvestment account. Stated as annualized percentages of average net assets attributable to Common Stock for the fiscal year ended October 31, 2025. Interest and Other Related Expenses reflect actual expenses and fees for leverage incurred by the Fund for the fiscal year ended October 31, 2025. The types of leverage used by the Fund during the fiscal year ended October 31, 2025 are described in the Fund Leverage and the Notes to Financial Statements sections of the Fund's annual report. Actual Interest and Other Related Expenses incurred in the future maybe higher or lower. If short-term market interest rates rise in the future, and if the Fund continues to maintain leverage, the cost of which is tied to short-term interest rates, the Fund’s interest expenses on its short-term borrowings can be expected to rise in tandem. The Fund’s use of leverage will increase the amount of management fees paid to the Fund’s adviser and sub-advisor(s). Other Expenses is based on estimated amounts for the current fiscal year. Expenses attributable to the Fund’s investments, if any, in other investment companies are currently estimated not to exceed 0.01%. See “The Fund’s Investments—Other Investment Companies” in the SAI. The example assumes that all dividends and distributions are reinvested at Common Stock NAV. Actual expenses may be greater or less than those assumed. Moreover, the Fund’s actual rate of return may be greater or less than the hypothetical 5% return shown in the example.