Saba Capital Management, L.P Issues a Letter to BNY Mellon Municipal Income, Inc
January 03, 2024 at 12:02 pm EST
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On January 3, 2024, Saba Capital Management, L.P announced that on December 29, 2023, it has issued a letter to BNY Mellon Municipal Income, Inc containing a shareholder proposal under Rule 14a-8, for presentation to the Company?s shareholders at the Company?s 2024 annual meeting of shareholders, requesting that the Board of Directors of the Company take all necessary steps in its power to declassify the Board so that all directors are elected on an annual basis starting at the next annual meeting of shareholders. Such declassification shall be completed in a manner that does not affect the unexpired terms of the previously elected directors.
BNY Mellon Municipal Income, Inc. (the Fund) is a diversified closed-end management investment company. The Fundâs investment objective is to maximize current income exempt from federal income tax to the extent consistent with the preservation of capital. Under normal market conditions, the Fund invests at least 80% of the value of its net assets in municipal obligations and invests in municipal obligations which, at the time of purchase, are rated investment grade or the unrated equivalent as determined by advisor in the case of bonds, and rated in the two highest rating categories or the unrated equivalent as determined by advisor. The Fund may invest more than 25% of the value of its total assets in industrial development bonds which, although issued by industrial development authorities, may be backed only by the assets and revenues of the non-governmental users. BNY Mellon Investment Adviser, Inc. serves as the Fund's investment advisor.
BNY MELLON MUNICIPAL INCOME, INC. 
