The Board of Directors of BNY Mellon Municipal Income, Inc., a registered closed-end fund, has approved a proposed reorganization with and into BNY Mellon AMT-Free Municipal Bond Fund, an open-end fund. This reorganization is contingent upon approval by the Fund's stockholders at a special meeting scheduled for on or about June 2, 2025.
In conjunction with the proposed reorganization, the Fund has filed a notice of intention to redeem all 1,209 issued and outstanding shares of its Variable Rate MuniFund Term Preferred Shares (VMTP shares) on April 2, 2025. The redemption price will be the $25,000 liquidation preference per share, plus accumulated dividends, financed by proceeds from portfolio security sales.
Additionally, the Fund has decided to terminate its dividend reinvestment plan (DRP), effective June 6, 2025, meaning the DRP will not be available for distributions after this date. These actions are in response to a non-binding stockholder proposal to allow monetization of shares at or near net asset value, representing a significant strategic shift for the fund.
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