N-Q 1 d654634dnq.htm NUVEEN MUNICIPAL INCOME FUND, INC. Nuveen Municipal Income Fund, Inc.

 

 

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-05488

Nuveen Municipal Income Fund, Inc.

(Exact name of registrant as specified in charter)

Nuveen Investments

    333 West Wacker Drive, Chicago, Illinois 60606    

(Address of principal executive offices) (Zip code)

Gifford R. Zimmerman

Vice President and Secretary

    333 West Wacker Drive, Chicago, Illinois 60606    

(Name and address of agent for service)

Registrant’s telephone number, including area code:     312-917-7700    

Date of fiscal year end:       October 31      

Date of reporting period: January 31, 2019

Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

 

 

 

 

 


Item 1. Schedule of Investments

 

 


NMI
Nuveen Municipal Income Fund, Inc.
Portfolio of Investments    January 31, 2019
(Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    LONG-TERM INVESTMENTS – 99.2%        
    MUNICIPAL BONDS – 99.2%        
    Alabama – 0.6%        
$ 500   Lower Alabama Gas District, Alabama, Gas Project Revenue Bonds, Series 2016A, 5.000%, 9/01/46   No Opt. Call A3 $ 584,900
    Arizona – 2.5%        
600   Arizona Health Facilities Authority, Revenue Bonds, Scottsdale Lincoln Hospitals Project, Refunding Series 2014A, 5.000%, 12/01/39   12/24 at 100.00 A2 653,292
1,000   Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Academies of Math & Science Projects, Series 2018A, 5.000%, 7/01/48   1/28 at 100.00 AA- 1,091,510
515   Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc., Prepay Contract Obligations, Series 2007, 5.250%, 12/01/28   No Opt. Call BBB+ 611,022
2,115   Total Arizona       2,355,824
    California – 17.0%        
5,000   Adelanto School District, San Bernardino County, California, General Obligation Bonds, Series 1997A, 0.000%, 9/01/22 –  NPFG Insured   No Opt. Call A+ 4,653,350
    Brea Olinda Unified School District, Orange County, California, General Obligation Bonds, Series 1999A:        
2,000   0.000%, 8/01/21 –  FGIC Insured   No Opt. Call AA 1,912,660
2,070   0.000%, 8/01/22 –  FGIC Insured   No Opt. Call AA- 1,933,049
2,120   0.000%, 8/01/23 –  FGIC Insured   No Opt. Call AA- 1,927,546
255   California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Los Angeles County Securitization Corporation, Series 2006A, 5.250%, 6/01/21   3/19 at 100.00 A3 258,534
500   California Health Facilities Financing Authority, California, Revenue Bonds, Sutter Health, Series 2018A, 4.000%, 11/15/42   11/27 at 100.00 AA- 507,755
365   California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2018A, 5.500%, 12/01/58, 144A   6/28 at 100.00 BB- 397,456
375   California Statewide Communities Development Authority, Revenue Bonds, American Baptist Homes of the West, Series 2010, 6.000%, 10/01/29   10/19 at 100.00 BBB+ 384,600
275   California Statewide Communities Development Authority, Revenue Bonds, Front Porch Communities and Services Project, Series 2017A, 4.000%, 4/01/36   4/27 at 100.00 A 285,865
1,000   California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2005A, 5.500%, 7/01/39   4/19 at 100.00 CC 817,050
195   Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2018A-1, 5.000%, 6/01/47   6/22 at 100.00 N/R 184,763
250   Madera County, California, Certificates of Participation, Children's Hospital Central California, Series 2010, 5.375%, 3/15/36 (Pre-refunded 3/15/20)   3/20 at 100.00 A1 (4) 260,543
300   M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, Series 2009A, 7.000%, 11/01/34   No Opt. Call A 425,781
1


NMI Nuveen Municipal Income Fund, Inc. (continued)
  Portfolio of Investments January 31, 2019
  (Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    California (continued)        
$ 250   Ridgecrest Redevelopment Agency, California, Ridgecrest Redevelopment Project Tax Allocation Bonds, Refunding Series 2010, 6.125%, 6/30/37 (Pre-refunded 6/30/20)   6/20 at 100.00 A- (4) $265,837
385   San Francisco Redevelopment Finance Authority, California, Tax Allocation Revenue Bonds, Mission Bay North Redevelopment Project, Series 2011C, 6.000%, 8/01/24 (Pre-refunded 2/01/21)   2/21 at 100.00 A- (4) 419,107
500   San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue Bonds, Refunding Junior Lien Series 2014B, 5.250%, 1/15/44   1/25 at 100.00 BBB- 538,260
1,000   Union City Community Redevelopment Agency, California, Tax Allocation Revenue Bonds, Redevelopment Project, Subordinate Lien Series 2011, 6.000%, 12/01/22 (Pre-refunded 12/01/21)   12/21 at 100.00 A+ (4) 1,124,580
16,840   Total California       16,296,736
    Colorado – 9.8%        
    Central Platte Valley Metropolitan District, Colorado, General Obligation Bonds, Refunding Series 2013A:        
150   5.125%, 12/01/29   12/23 at 100.00 BBB 166,922
250   5.375%, 12/01/33   12/23 at 100.00 BBB 278,378
350   Colorado Health Facilities Authority, Colorado, Health Facilities Revenue Bonds, The Evangelical Lutheran Good Samaritan Society Project, Refunding Series 2017, 5.000%, 6/01/42   6/27 at 100.00 BBB 375,067
500   Colorado Health Facilities Authority, Colorado, Revenue Bonds, Christian Living Neighborhoods Project, Refunding Series 2016, 5.000%, 1/01/37   1/24 at 102.00 N/R 520,405
1,000   Colorado Health Facilities Authority, Colorado, Revenue Bonds, Sisters of Charity of Leavenworth Health Services Corporation, Series 2010A, 5.000%, 1/01/40   1/20 at 100.00 AA- 1,024,290
750   Colorado Springs, Colorado, Utilities System Revenue Bonds, Improvement Series 2013B-1, 5.000%, 11/15/38   11/23 at 100.00 AA 839,347
1,000   Denver City and County, Colorado, Airport System Revenue Bonds, Series 2012B, 5.000%, 11/15/32   11/22 at 100.00 A+ 1,093,020
1,395   Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series 2018A, 5.000%, 12/01/48 (Alternative Minimum Tax)   12/28 at 100.00 A+ 1,554,128
110   Park Creek Metropolitan District, Colorado, Senior Limited Property Tax Supported Revenue Bonds, Refunding Series 2015A, 5.000%, 12/01/45   12/25 at 100.00 A 118,825
1,000   Park Creek Metropolitan District, Colorado, Senior Limited Property Tax Supported Revenue Refunding Bonds, Series 2011, 6.125%, 12/01/41  –  AGM Insured (Pre-refunded 12/01/20)   12/20 at 100.00 AA (4) 1,079,160
520   Public Authority for Colorado Energy, Natural Gas Purchase Revenue Bonds, Colorado Springs Utilities, Series 2008, 6.125%, 11/15/23   No Opt. Call A+ 581,001
1,100   Rampart Range Metropolitan District 1, Lone Tree, Colorado, Limited Tax Supported and Special Revenue Bonds, Refunding & Improvement Series 2017, 5.000%, 12/01/42   12/27 at 100.00 AA 1,230,119
499   Tallyn's Reach Metropolitan District 3, Aurora, Colorado, General Obligation Refunding and Improvement Bonds, Limited Tax Convertible to Unlimited Tax, Series 2013, 5.000%, 12/01/33   12/23 at 100.00 N/R 520,896
8,624   Total Colorado       9,381,558
2


Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Delaware – 0.1%        
$ 100   Delaware Health Facilities Authority, Revenue Bonds, Beebe Medical Center Project, Series 2018, 5.000%, 6/01/48   12/28 at 100.00 BBB $ 107,632
    Florida – 5.8%        
850   Bay County, Florida, Educational Facilities Revenue Refunding Bonds, Bay Haven Charter Academy, Inc. Project, Series 2013A, 5.000%, 9/01/33   9/23 at 100.00 BBB 888,446
500   Florida Higher Educational Facilities Financing Authority, Revenue Bonds, Nova Southeastern University, Refunding Series 2011, 6.375%, 4/01/31   4/21 at 100.00 A- 539,310
315   Florida, Development Finance Corporation, Surface Transportation Facility Revenue Bonds, Brightline Passenger Rail Project - South Segment, Series 2017, 5.625%, 1/01/47 (Mandatory Put 1/01/28) (Alternative Minimum Tax), 144A   4/19 at 105.00 N/R 326,381
500   Greater Orlando Aviation Authority, Florida, Orlando Airport Facilities Revenue Bonds, Priority Subordinated Series 2017, 5.000%, 10/01/47 (Alternative Minimum Tax)   10/27 at 100.00 A+ 551,260
800   Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2010B, 5.000%, 10/01/35 –  AGM Insured   10/20 at 100.00 AA 835,728
1,000   Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Series 2013A, 5.000%, 10/01/42   10/22 at 100.00 A+ 1,086,850
515   North Sumter County Utility Dependent District, Florida, Utility Revenue Bonds, Series 2010, 5.375%, 10/01/40   10/20 at 100.00 AA 542,506
310   Orange County Health Facilities Authority, Florida, Hospital Revenue Bonds, Orlando Health, Inc., Series 2012A, 5.000%, 10/01/42   4/22 at 100.00 A2 328,442
420   Tolomato Community Development District, Florida, Special Assessment Bonds, Series 2006, 5.400%, 5/01/37   4/19 at 100.00 N/R 420,382
5,210   Total Florida       5,519,305
    Georgia – 2.0%        
455   Atlanta Development Authority, Georgia, Revenue Bonds, New Downtown Atlanta Stadium Project, Senior Lien Series 2015A-1, 5.250%, 7/01/40   7/25 at 100.00 A+ 514,569
520   Atlanta Urban Residential Finance Authority, Georgia, Multifamily Housing Revenue Bonds, Testletree Village Apartments, Series 2013A, 4.000%, 11/01/25   11/23 at 100.00 BBB+ 534,055
    Atlanta, Georgia, Water and Wastewater Revenue Bonds, Refunding Series 2009B:        
325   5.250%, 11/01/34  –  AGM Insured (Pre-refunded 11/01/19)   11/19 at 100.00 AA (4) 333,677
175   5.250%, 11/01/34 –  AGM Insured   11/19 at 100.00 AA 179,279
300   Main Street Natural Gas Inc., Georgia, Gas Project Revenue Bonds, Series 2006B, 5.000%, 3/15/22   No Opt. Call A+ 324,105
1,775   Total Georgia       1,885,685
    Hawaii – 0.3%        
250   Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaii Pacific University, Series 2013A, 6.625%, 7/01/33   7/23 at 100.00 BB 260,560
    Illinois – 10.1%        
250   Chicago Board of Education, Illinois, Dedicated Capital Improvement Tax Revenue Bonds, Series 2016, 6.000%, 4/01/46   4/27 at 100.00 A 285,058
435   Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Refunding Series 2018D, 5.000%, 12/01/46   12/28 at 100.00 B+ 438,667
3


NMI Nuveen Municipal Income Fund, Inc. (continued)
  Portfolio of Investments January 31, 2019
  (Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Illinois (continued)        
$ 650   Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 2016A, 7.000%, 12/01/44   12/25 at 100.00 B+ $744,529
1,000   Illinois Educational Facilities Authority, Revenue Bonds, Field Museum of Natural History, Series 2002RMKT, 4.500%, 11/01/36   11/24 at 100.00 A 1,036,800
280   Illinois Finance Authority, Revenue Bonds, Palos Community Hospital, Series 2010C, 5.125%, 5/15/35   5/20 at 100.00 AA- 288,406
80   Illinois Finance Authority, Revenue Bonds, Rehabilitation Institute of Chicago, Series 2013A, 5.500%, 7/01/28   7/23 at 100.00 A- 89,284
250   Illinois Finance Authority, Revenue Bonds, Rush University Medical Center Obligated Group, Series 2009C, 6.375%, 11/01/29 (Pre-refunded 5/01/19)   5/19 at 100.00 N/R (4) 252,865
200   Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Refunding Series 2015C, 5.000%, 8/15/44   8/25 at 100.00 Baa1 213,524
500   Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Series 2009, 7.000%, 8/15/44 (Pre-refunded 8/15/19)   8/19 at 100.00 N/R (4) 513,850
250   Illinois Finance Authority, Revenue Bonds, Southern Illinois Healthcare Enterprises, Inc., Series 2005 Remarketed, 5.250%, 3/01/30  –  AGM Insured (Pre-refunded 3/01/20)   3/20 at 100.00 AA (4) 259,303
990   Illinois State, General Obligation Bonds, Series 2013, 5.250%, 7/01/31   7/23 at 100.00 BBB- 1,032,610
1,555   Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, Refunding Series 2012B, 5.000%, 6/15/52   6/22 at 100.00 BBB- 1,579,413
6,000   Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, Series 2017A, 0.000%, 12/15/56   No Opt. Call BBB 918,180
205   Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 2002A, 0.000%, 12/15/35 –  NPFG Insured   No Opt. Call BBB- 95,995
450   Quad Cities Regional Economic Development Authority, Illinois, Revenue Bonds, Augustana College, Series 2012, 5.000%, 10/01/27   10/22 at 100.00 Baa1 490,729
800   Railsplitter Tobacco Settlement Authority, Illinois, Tobacco Settlement Revenue Bonds, Series 2010, 6.000%, 6/01/28 (Pre-refunded 6/01/21)   6/21 at 100.00 N/R (4) 876,920
490   University of Illinois, Health Services Facilities System Revenue Bonds, Series 2013, 6.000%, 10/01/32   10/23 at 100.00 Baa1 556,650
14,385   Total Illinois       9,672,783
    Indiana – 1.9%        
525   Indiana Finance Authority, Educational Facilities Revenue Bonds, Drexel Foundation For Educational Excellence, Inc., Series 2009A, 7.000%, 10/01/39   10/19 at 100.00 B 527,305
655   Indiana Finance Authority, Private Activity Bonds, Ohio River Bridges East End Crossing Project, Series 2013A, 5.000%, 7/01/44 (Alternative Minimum Tax)   7/23 at 100.00 BBB+ 690,409
500   Vigo County Hospital Authority, Indiana, Hospital Revenue Bonds, Union Hospital, Inc., Series 2011, 8.000%, 9/01/41 (Pre-refunded 9/01/21)   9/21 at 100.00 N/R (4) 576,830
1,680   Total Indiana       1,794,544
    Iowa – 0.9%        
835   Iowa Higher Education Loan Authority, Private College Facility Revenue Bonds, University of Dubuque Project, Refunding Series 2011, 5.625%, 10/01/26   10/21 at 100.00 BBB 883,981
4


Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Kansas – 0.2%        
$ 220   Overland Park Development Corporation, Kansas, Second Tier Revenue Bonds, Overland Park Convention Center, Series 2007B, 5.125%, 1/01/22 –  AMBAC Insured   4/19 at 100.00 BB+ $ 220,343
    Kentucky – 0.5%        
500   Kentucky Economic Development Finance Authority, Hospital Revenue Bonds, Owensboro Medical Health System, Series 2010A, 6.500%, 3/01/45 (Pre-refunded 6/01/20)   6/20 at 100.00 BB+ (4) 530,890
    Louisiana – 0.2%        
200   New Orleans Aviation Board, Louisiana, General Airport Revenue Bonds, North Terminal Project, Series 2017B, 5.000%, 1/01/48 (Alternative Minimum Tax)   1/27 at 100.00 A- 217,822
    Maine – 0.5%        
500   Maine Health and Higher Educational Facilities Authority Revenue Bonds, Eastern Maine Medical Center Obligated Group Issue, Series 2013, 5.000%, 7/01/43   7/23 at 100.00 BBB 521,240
    Maryland – 1.9%        
1,000   Maryland Economic Development Corporation, Economic Development Revenue Bonds, Transportation Facilities Project, Series 2010A, 5.750%, 6/01/35 (Pre-refunded 6/01/20)   6/20 at 100.00 N/R (4) 1,053,490
210   Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Patterson Park Public Charter School Issue, Series 2010, 6.000%, 7/01/40   7/19 at 100.00 BB+ 210,605
500   Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Peninsula Regional Medical Center Issue, Refunding Series 2015, 5.000%, 7/01/45   7/24 at 100.00 A3 541,000
1,710   Total Maryland       1,805,095
    Massachusetts – 0.6%        
500   Massachusetts Development Finance Agency, Revenue Bonds, UMass Memorial Health Care, Series 2016I, 5.000%, 7/01/46   7/26 at 100.00 A- 538,075
    Michigan – 1.6%        
355   Detroit Water and Sewerage Department, Michigan, Sewage Disposal System Revenue Bonds, Refunding Senior Lien Series 2012A, 5.250%, 7/01/39   7/22 at 100.00 A2 382,718
1,025   Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series 2011-II-A, 5.375%, 10/15/36   10/21 at 100.00 AA- 1,112,269
1,380   Total Michigan       1,494,987
    Minnesota – 2.2%        
300   City of Minneapolis, Minnesota, Senior Housing and Healthcare Facilities Revenue Bonds, Walker Minneapolis Campus Project, Series 2015, 4.625%, 11/15/31   11/22 at 100.00 N/R 288,627
880   Duluth Economic Development Authority, Minnesota, Health Care Facilities Revenue Bonds, Essentia Health Obligated Group, Series 2018A, 5.000%, 2/15/53   2/28 at 100.00 A- 956,569
300   Saint Paul Park, Minnesota, Senior Housing and Health Care Revenue Bonds, Presbyterian Homes Bloomington Project, Refunding Series 2017, 4.250%, 9/01/37   9/24 at 100.00 N/R 305,661
500   West Saint Paul-Mendota Heights-Eagan Independent School District 197, Dakota County, Minnesota, General Obligation Bonds, School Building Series 2018A, 4.000%, 2/01/39   2/27 at 100.00 AAA 524,050
1,980   Total Minnesota       2,074,907
5


NMI Nuveen Municipal Income Fund, Inc. (continued)
  Portfolio of Investments January 31, 2019
  (Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Mississippi – 1.4%        
$ 310   Mississippi Business Finance Corporation, Pollution Control Revenue Refunding Bonds, System Energy Resources Inc., Project, Series 1998, 5.875%, 4/01/22   4/19 at 100.00 BBB+ $310,598
1,000   Mississippi Hospital Equipment and Facilities Authority, Revenue Bonds, Baptist Memorial Healthcare, Series 2016A, 5.000%, 9/01/36   9/26 at 100.00 BBB+ 1,084,480
1,310   Total Mississippi       1,395,078
    Missouri – 3.1%        
265   Hanley Road Corridor Transportation Development District, Brentwood and Maplewood, Missouri, Transportation Sales Revenue Bonds, Refunding Series 2009A, 5.875%, 10/01/36   10/19 at 100.00 A- 269,325
135   Missouri Health and Educational Facilities Authority, Educational Facilities Revenue Bonds, Saint Louis College of Pharmacy, Series 2013, 5.250%, 5/01/33   5/23 at 100.00 BBB+ 143,572
1,000   Missouri Health and Educational Facilities Authority, Educational Facilities Revenue Bonds, Southwest Baptist University Project, Series 2012, 5.000%, 10/01/33   10/22 at 100.00 BBB- 1,037,810
125   Missouri Health and Educational Facilities Authority, Educational Facilities Revenue Bonds, University of Central Missouri, Series 2013C-2, 5.000%, 10/01/34   10/23 at 100.00 A+ 139,239
965   Missouri Health and Educational Facilities Authority, Revenue Bonds, Lake Regional Health System, Series 2012, 5.000%, 2/15/26   2/22 at 100.00 BBB+ 1,031,778
335   Saline County Industrial Development Authority, Missouri, First Mortgage Revenue Bonds, Missouri Valley College, Series 2017, 4.500%, 10/01/40   10/23 at 100.00 N/R 321,101
2,825   Total Missouri       2,942,825
    Nebraska – 0.4%        
400   Nebraska Educational Finance Authority, Revenue Bonds, Clarkson College Project, Refunding Series 2011, 5.050%, 9/01/30   5/21 at 100.00 Aa3 428,080
    New Jersey – 1.7%        
100   Gloucester County Pollution Control Financing Authority, New Jersey, Pollution Control Revenue Bonds, Logan Project, Refunding Series 2014A, 5.000%, 12/01/24 (Alternative Minimum Tax)   No Opt. Call BBB- 105,998
110   New Jersey Health Care Facilities Financing Authority, Revenue Bonds, University Hospital Issue, Refunding Series 2015A, 5.000%, 7/01/46 –  AGM Insured   7/25 at 100.00 AA 120,007
545   New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2015AA, 5.000%, 6/15/45   6/25 at 100.00 BBB+ 565,399
830   Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2018A, 5.250%, 6/01/46   6/28 at 100.00 BBB+ 878,870
1,585   Total New Jersey       1,670,274
    New York – 2.0%        
630   Brooklyn Arena Local Development Corporation, New York, Payment in Lieu of Taxes Revenue Bonds, Barclays Center Project, Series 2009, 6.250%, 7/15/40 (Pre-refunded 1/15/20)   1/20 at 100.00 AA+ (4) 657,789
60   Buffalo and Erie County Industrial Land Development Corporation, New York, Revenue Bonds, Catholic Health System, Inc. Project, Series 2015, 5.250%, 7/01/35   7/25 at 100.00 BBB 65,907
6


Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    New York (continued)        
    Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 Series 2011A:        
$ 245   5.750%, 2/15/47 (Pre-refunded 2/15/21)   2/21 at 100.00 Aa3 (4) $265,181
155   5.750%, 2/15/47   2/21 at 100.00 AA- 166,541
500   New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade Center Project, Class 1 Series 2014, 5.000%, 11/15/44, 144A   11/24 at 100.00 N/R 518,490
265   Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC Project, Eighth Series 2010, 6.000%, 12/01/42   12/20 at 100.00 Baa1 280,606
1,855   Total New York       1,954,514
    North Carolina – 1.2%        
1,000   North Carolina Turnpike Authority, Triangle Expressway System Revenue Bonds, Refunding Series 2018, 5.000%, 1/01/40   1/29 at 100.00 BBB 1,109,610
    North Dakota – 0.7%        
200   Burleigh County, North Dakota, Health Care Revenue Bonds, Saint Alexius Medical Center Project, Series 2014A, 5.000%, 7/01/35 (Pre-refunded 7/01/21)   7/21 at 100.00 N/R (4) 214,966
300   Fargo, North Dakota, Health System Revenue Bonds, Sanford Health, Refunding Series 2011, 6.250%, 11/01/31   11/21 at 100.00 A+ 335,889
100   Grand Forks, North Dakota, Senior Housing & Nursing Facilities Revenue Bonds, Valley Homes and Services Obligated Group, Series 2017, 5.000%, 12/01/36   12/26 at 100.00 N/R 102,136
600   Total North Dakota       652,991
    Ohio – 4.5%        
    Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2:        
975   5.125%, 6/01/24   3/19 at 100.00 Caa3 913,000
285   5.375%, 6/01/24   3/19 at 100.00 Caa3 269,385
725   6.000%, 6/01/42   3/19 at 100.00 B- 696,558
1,750   Middleburg Heights, Ohio, Hospital Facilities Revenue Bonds, Southwest General Health Center Project, Refunding Series 2011, 5.250%, 8/01/36   8/21 at 100.00 A2 1,874,320
500   Montgomery County, Ohio, Health Care and Multifamily Housing Revenue Bonds, Saint Leonard, Refunding & improvement Series 2010, 6.375%, 4/01/30   4/20 at 100.00 BBB- 517,535
4,235   Total Ohio       4,270,798
    Oklahoma – 0.3%        
250   Oklahoma Development Finance Authority, Health System Revenue Bonds, OU Medicine Project, Series 2018B, 5.500%, 8/15/52   8/28 at 100.00 BB+ 278,633
    Oregon – 1.3%        
300   Forest Grove, Oregon, Campus Improvement Revenue Bonds, Pacific University Project, Refunding Series 2014A, 5.000%, 5/01/40   5/22 at 100.00 BBB 313,473
850   Portland, Oregon, River District Urban Renewal and Redevelopment Bonds, Series 2012C, 5.000%, 6/15/29   6/22 at 100.00 A1 927,027
1,150   Total Oregon       1,240,500
7


NMI Nuveen Municipal Income Fund, Inc. (continued)
  Portfolio of Investments January 31, 2019
  (Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Pennsylvania – 2.9%        
$ 1,000   Berks County Municipal Authority, Pennsylvania, Revenue Bonds, Reading Hospital & Medical Center Project, Series 2012A, 5.000%, 11/01/40   5/22 at 100.00 A $1,059,710
560   Montgomery County Industrial Development Authority, Pennsylvania, Health System Revenue Bonds, Albert Einstein Healthcare Network Issue, Series 2015A, 5.250%, 1/15/36   1/25 at 100.00 Baa3 607,499
1,000   Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Foundation for Student Housing at Indiana University, Project Series 2012A, 5.000%, 7/01/41 (Pre-refunded 7/01/22)   7/22 at 100.00 N/R (4) 1,104,270
2,560   Total Pennsylvania       2,771,479
    South Dakota – 0.1%        
100   Sioux Falls, South Dakota, Health Facilities Revenue Bonds, Dow Rummel Village Project, Series 2017, 5.125%, 11/01/47   11/26 at 100.00 BB 100,914
    Tennessee – 2.3%        
1,250   Chattanooga Health, Educational and Housing Facility Board, Tennessee, Revenue Bonds, Catholic Health Initiatives, Series 2013A, 5.250%, 1/01/45   1/23 at 100.00 BBB+ 1,325,000
870   Knox County Health, Educational and Housing Facilities Board, Tennessee, Revenue Bonds, University Health System, Inc., Series 2016, 5.000%, 9/01/47   9/26 at 100.00 BBB 918,781
2,120   Total Tennessee       2,243,781
    Texas – 8.1%        
670   Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien, Series 2015A, 5.000%, 1/01/40   7/25 at 100.00 Baa1 730,843
335   Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, First Tier Series 2013A, 5.125%, 10/01/43   10/23 at 100.00 A+ 362,839
500   Lower Colorado River Authority, Texas, Transmission Contract Revenue Bonds, LCRA Transmission Services Corporation Project, Refunding Series 2015, 5.000%, 5/15/40   5/25 at 100.00 A 557,440
125   Mission Economic Development Corporation, Texas, Revenue Bonds, Natgasoline Project, Senior Lien Series 2018, 4.625%, 10/01/31 (Alternative Minimum Tax), 144A   10/21 at 105.00 BB- 127,703
200   North Texas Tollway Authority, Special Projects System Revenue Bonds, Convertible Capital Appreciation Series 2011C, 7.000%, 9/01/43 (Pre-refunded 9/01/31) (5)   9/31 at 100.00 N/R (4) 229,798
410   North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2015B, 5.000%, 1/01/40   1/23 at 100.00 A+ 443,005
500   North Texas Tollway Authority, System Revenue Bonds, Refunding Second Tier, Series 2015A, 5.000%, 1/01/38   1/25 at 100.00 A 550,630
240   Reagan Hospital District of Reagan County, Texas, Limited Tax Revenue Bonds, Series 2014A, 5.000%, 2/01/34   2/24 at 100.00 Ba2 246,607
295   SA Energy Acquisition Public Facilities Corporation, Texas, Gas Supply Revenue Bonds, Series 2007, 5.500%, 8/01/27   No Opt. Call A 348,227
    Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds, Series 2012:        
1,165   5.000%, 12/15/27   12/22 at 100.00 BBB 1,261,322
505   5.000%, 12/15/28   12/22 at 100.00 BBB 545,208
405   Texas Private Activity Bond Surface Transportation Corporation, Revenue Bonds, NTE Mobility Partners LLC North Tarrant Express Managed Lanes Project, Senior Lien Series 2009, 6.875%, 12/31/39   12/19 at 100.00 BBB- 420,467
8


Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Texas (continued)        
$ 770   Texas Private Activity Bond Surface Transportation Corporation, Senior Lien Revenue Bonds, LBJ Infrastructure Group LLC IH-635 Managed Lanes Project, Series 2010, 7.000%, 6/30/40   6/20 at 100.00 Baa3 $816,546
1,000   Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, Second Tier Refunding Series 2015C, 5.000%, 8/15/32   8/24 at 100.00 BBB 1,087,710
45   West Texas Independent School District, McLennan and Hill Counties, General Obligation Refunding Bonds, Series 1998, 0.000%, 8/15/25   4/19 at 100.00 AAA 31,547
7,165   Total Texas       7,759,892
    Virginia – 1.6%        
1,265   Virginia Small Business Financing Authority, Private Activity Revenue Bonds, Transform 66 P3 Project, Senior Lien Series 2017, 5.000%, 12/31/52 (Alternative Minimum Tax)   6/27 at 100.00 BBB 1,353,575
205   Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, Elizabeth River Crossing, Opco LLC Project, Series 2012, 6.000%, 1/01/37 (Alternative Minimum Tax)   7/22 at 100.00 BBB 224,221
1,470   Total Virginia       1,577,796
    West Virginia – 1.1%        
1,000   West Virginia Hospital Finance Authority, Hospital Revenue Bonds, West Virginia United Health System Obligated Group, Series 2018A, 5.000%, 6/01/52   6/28 at 100.00 A 1,073,120
9


NMI Nuveen Municipal Income Fund, Inc. (continued)
  Portfolio of Investments January 31, 2019
  (Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Wisconsin – 7.8%        
    Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B:        
$ 4   0.000%, 1/01/46, 144A   No Opt. Call N/R $109
4   0.000%, 1/01/47, 144A   No Opt. Call N/R 107
4   0.000%, 1/01/48, 144A   No Opt. Call N/R 105
4   0.000%, 1/01/49, 144A   No Opt. Call N/R 104
3   0.000%, 1/01/50, 144A   No Opt. Call N/R 101
4   0.000%, 1/01/51, 144A   No Opt. Call N/R 110
99   3.750%, 7/01/51, 144A   3/28 at 100.00 N/R 90,004
4   0.000%, 1/01/52, 144A   No Opt. Call N/R 109
4   0.000%, 1/01/53, 144A   No Opt. Call N/R 106
4   0.000%, 1/01/54, 144A   No Opt. Call N/R 105
4   0.000%, 1/01/55, 144A   No Opt. Call N/R 103
4   0.000%, 1/01/56, 144A   No Opt. Call N/R 101
4   0.000%, 1/01/57, 144A   No Opt. Call N/R 99
4   0.000%, 1/01/58, 144A   No Opt. Call N/R 97
3   0.000%, 1/01/59, 144A   No Opt. Call N/R 96
3   0.000%, 1/01/60, 144A   No Opt. Call N/R 95
3   0.000%, 1/01/61, 144A   No Opt. Call N/R 93
3   0.000%, 1/01/62, 144A   No Opt. Call N/R 92
3   0.000%, 1/01/63, 144A   No Opt. Call N/R 90
3   0.000%, 1/01/64, 144A   No Opt. Call N/R 89
3   0.000%, 1/01/65, 144A   No Opt. Call N/R 87
3   0.000%, 1/01/66, 144A   No Opt. Call N/R 86
42   0.000%, 1/01/67, 144A   No Opt. Call N/R 1,108
1,000   Wisconsin Health and Educational Facilities Authority Revenue Bonds, PHW Oconomowoc, Inc. Project, Series 2018, 5.125%, 10/01/48   10/23 at 102.00 N/R 996,150
290   Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Beloit Health System, Inc., Series 2010B, 5.000%, 4/01/30   4/20 at 100.00 A- 296,977
755   Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Gundersen Lutheran, Series 2011A, 5.250%, 10/15/39   10/21 at 100.00 AA- 805,336
500   Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marquette University, Series 2012, 4.000%, 10/01/32   10/22 at 100.00 A2 518,590
1,155   Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marshfield Clinic, Series 2016B, 5.000%, 2/15/35   2/26 at 100.00 A- 1,271,967
1,000   Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Meriter Hospital, Inc., Series 2011A, 5.500%, 5/01/31 (Pre-refunded 5/01/21)   5/21 at 100.00 N/R (4) 1,081,820
1,000   Wisconsin Health and Educational Facilities Authority, Revenue Bonds, ProHealth Care, Inc. Obligated Group, Refunding Series 2015, 5.000%, 8/15/39   8/24 at 100.00 A+ 1,082,130
500   Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Rogers Memorial Hospital, Inc., Series 2014B, 5.000%, 7/01/44   7/24 at 100.00 A 531,830
10


Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Wisconsin (continued)        
$ 545   Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Saint John's Communities Inc., Series 2018A, 5.000%, 9/15/50   9/23 at 100.00 BBB- $554,167
200   Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Dickson Hollow Project Series 2014, 5.125%, 10/01/34   10/22 at 102.00 N/R 210,546
7,161   Total Wisconsin       7,442,709
$ 96,090   Total Long-Term Investments (cost $89,763,637)       95,059,861
    Other Assets Less Liabilities – 0.8%       763,907
    Net Assets Applicable to Common Shares  –  100%       $ 95,823,768
Fair Value Measurements
Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.
Level 1  –     Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.
Level 2  –     Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, credit spreads, etc.).
Level 3  –     Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of investments).
The inputs or methodologies used for valuing securities are not an indication of the risks associated with investing in those securities. The following is a summary of the Fund’s fair value measurements as of the end of the reporting period:
  Level 1 Level 2 Level 3 Total
Long-Term Investments:        
Municipal Bonds $ — $95,059,861 $ — $95,059,861
Income Tax Information
The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing taxable market discount, timing differences in recognizing certain gains and losses on investment transactions and the treatment of investments in inverse floating rate securities reflected as financing transactions, if any. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts on the Statement of Assets and Liabilities presented in the annual report, based on their federal tax basis treatment; temporary differences do not require reclassification. Temporary and permanent differences do not impact the net asset value of the Fund.
The table below presents the cost and unrealized appreciation (depreciation) of the Fund's investment portfolio, as determined on a federal income tax basis, as of January 31, 2019.
Tax cost of investments $89,588,361
Gross unrealized:  
Appreciation $ 5,777,335
Depreciation (305,835)
Net unrealized appreciation (depreciation) of investments $ 5,471,500
11


NMI Nuveen Municipal Income Fund, Inc. (continued)
  Portfolio of Investments January 31, 2019
  (Unaudited)
(1) All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.  
(2) Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.  
(3) For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.  
(4) Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest.  
(5) Step-up coupon bond, a bond with a coupon that increases ("steps up"), usually at regular intervals, while the bond is outstanding. The rate shown is the coupon as of the end of the reporting period.  
144A Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.  
12


Item 2. Controls and Procedures.

 

  a.

The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 (17 CFR 240.13a-15(b) or 240.15d-15(b)).

 

  b.

There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 3. Exhibits.

File as exhibits as part of this Form a separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)), exactly as set forth below: See EX-99 CERT attached hereto.

 

 


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

(Registrant)    Nuveen Municipal Income Fund, Inc.   
By (Signature and Title)    /s/ Gifford R. Zimmerman                                                       
   Gifford R. Zimmerman   
   Vice President and Secretary   

Date: April 1, 2019

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

By (Signature and Title)    /s/ Cedric H. Antosiewicz                                                        
   Cedric H. Antosiewicz   
   Chief Administrative Officer (principal executive officer)   
Date: April 1, 2019      
By (Signature and Title)    /s/ Stephen D. Foy                                                                    
   Stephen D. Foy   
   Vice President and Controller (principal financial officer)   
Date: April 1, 2019