On January 8, 2024, Karpus Management, Inc delivered a letter to the board of directors of BlackRock Municipal Income Fund, Inc. expressing its extreme dissatisfaction with the Board for their apparent disregard for maximizing shareholder value and blatant corporate governance failures. In the letter, Karpus stated that it believes the Board has failed at the three primary responsibilities of a board in a closed-end fund (CEF), which are to: (i) represent all shareholders; (ii) manage the CEF?s adviser or manager; and (iii) manage the CEF?s discount. Karpus also stated that it believes the Board?s actions indicate that the Issuer is being managed for the benefit of the Company., rather than for all shareholders, and that this failure has led to the Board failing to consider all options to manage the Issuer?s discount.

In light of the foregoing, Karpus called for the resignation of the Board if it is unable to assess its decisions from the perspective of all shareholders and to take the actions needed to minimize or eliminate the Issuer?s discount to net asset value.