In plain terms — Nuveen Municipal Income Fund
Shares currently trade at about the value of the assets behind them.
Over the past year it has averaged a 4.4% premium, so today's level is somewhat wide for this fund (Z-score -1.4). That describes the past; it does not predict where the discount goes next.
It pays regular distributions worth about 4.9% a year of the share price (4.9% of the assets). That is a payout rate, not a return: part of it may be capital being handed back.
Because the shares trade above the value of their assets, each dollar of reinvested distributions buys about $1.00 of assets — a ReinvestCapture™ rate of 4.9%. That is buying power, not a return.
The assets themselves fell 1.7% over the past year including distributions (NAV total return).
Annual costs are 0.75% of assets.
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Price and NAV, past year
Snapshot
Valuation vs. history
| Window | Average prem/disc | Std. dev. | Z-score | Observations |
|---|---|---|---|---|
| 3 months | +5.94% | 3.55% | -1.98 | 62 |
| 6 months | +6.96% | 3.57% | -2.25 | 118 |
| 1 year | +4.41% | 3.87% | -1.42 | 224 |
| 3 years | -0.90% | — | — | — |
| 5 years | -2.19% | — | — | — |
Current contemporaneous premium/discount -1.08% (close Oct 14, 2026 vs NAV Oct 13, 2026). 1-year range -1.08% to +12.90%. A negative Z-score means a wider discount than the window average — not that the fund is undervalued.
Performance
| Series | 1M | 3M | YTD | 1Y | 3Y (ann.) | 5Y (ann.) |
|---|---|---|---|---|---|---|
| Market price return | -6.53% | -13.73% | -6.34% | -7.28% | +2.56% | -4.80% |
| Market price total return | -6.17% | -12.77% | -3.22% | -3.09% | +7.16% | -0.83% |
| NAV return | -2.72% | -6.53% | -5.68% | -6.16% | -0.36% | -3.77% |
| NAV total return | -2.33% | -5.43% | -2.34% | -1.71% | +4.09% | +0.15% |
Through Oct 14, 2026. Total return reinvests distributions at the series value on the ex-date. Cumulative ≤ 1 year, annualised beyond.
About the fund
The Nuveen Municipal Income Fund, Inc. operates as a closed-end mutual fund dedicated to fixed-income investments. Established by Nuveen Investments Inc., its management is a collaborative effort between Nuveen Fund Advisors LLC and Nuveen Asset Management, LLC. The fund primarily allocates capital to the United States' fixed income markets, with a significant emphasis on municipal obligations issued by state and local government authorities. Its diversified investment portfolio includes holdings connected to various sectors such as healthcare, materials, education, civic organizations, and consumer staples. Formed on April 20, 1988, this U.S.-based fund has been in operation for decades.
CEF Explorer research page for Nuveen Municipal Income Fund Inc. Figures carry their own dates and sources; a discount to NAV does not guarantee convergence or any return. This is not investment advice.