On May 7, 2024, Karpus Management Inc. announced that on May 3, 2024, BlackRock Municipal Income Fund, Inc. and BlackRock Advisors, LLC entered into the MUI Standstill Agreement with Karpus Management. Pursuant to the terms of the agreement, Karpus Management has withdrawn its nomination of Daniel C. Robeson and Robert Vanderhoof to the Board of Directors of the Company and the 3 shareholder proposals it had previously submitted. Karpus Management has also agreed to a 3-year standstill period during which Karpus Management shall act as a passive investor and vote its shares on proposals submitted to the Company in accordance with the recommendations of the Board, subject to the terms and conditions of the agreement.

Karpus Management also stated that pursuant to the agreement, the Company approved a tender offer to repurchase 50% of the Company?s outstanding common shares at a price per share equal to 98% of the Company?s net asset value per common share determined following the expiration of the tender offer.