BNY Mellon Investment Adviser, Inc. Announces Results of the Stockolder Meeting Relating to the Reorganization of BNY Mellon Municipal Income, Inc. With and Into a BNY Mellon Municipal Open-End Fund

BNY Mellon Municipal Income, Inc. (DMF) stockholders approved the fund's reorganization into BNY Mellon AMT-Free Municipal Bond Fund, an open-end fund, following stockholder approval of a non-binding proposal to monetize shares near net asset value. DMF shares are expected to cease trading on the NYSE around June 18, 2025, with the reorganization occurring around June 20, 2025, pending closing conditions; the dividend reinvestment plan will terminate on June 6, 2025.

Analysis

BNY Mellon Municipal Income, Inc. (DMF), a registered closed-end fund, is proceeding with a stockholder-approved reorganization into BNY Mellon AMT-Free Municipal Bond Fund, an open-end fund. This strategic move directly responds to a non-binding shareholder proposal seeking measures to allow stockholders to "monetize" their shares at or near the fund's net asset value (NAV), a key consideration given that closed-end funds can often trade at a discount to their NAV. The transition to an open-end structure, where shares are typically transacted at NAV, is designed to address this potential valuation gap for DMF investors. The timeline for this restructuring is clearly outlined: the Fund’s dividend reinvestment plan (DRP) will terminate effective June 6, 2025; DMF shares are expected to cease trading on the New York Stock Exchange (NYSE) and be delisted on or about June 18, 2025; and the reorganization is anticipated to be completed on or about June 20, 2025, subject to closing conditions. The per-ticker sentiment for DMF is positive (0.7), reflecting the market's favorable view of this shareholder-aligned initiative, while the overall market impact score of 0.3 suggests the event's effects are primarily contained to the fund itself.

Key Decisions for Investors

• Current shareholders in BNY Mellon Municipal Income, Inc. (DMF) should anticipate the conversion of their holdings into the BNY Mellon AMT-Free Municipal Bond Fund, an open-end structure intended to allow share transactions at or near net asset value, potentially resolving any prior trading discount.
• Investors must take note that the Fund's dividend reinvestment plan (DRP) will terminate effective June 6, 2025, meaning any distributions made by the Fund after this date will not be automatically reinvested.
• Shareholders should prepare for DMF common stock to cease trading on the NYSE around June 18, 2025, with the full reorganization into the acquiring open-end fund scheduled to occur on or about June 20, 2025.