MICHAEL KALINOSKI - 31 Jan 2023 Form 4 Insider Report for BLACKROCK MUNICIPAL INCOME FUND, INC. (MUI)

Role: Portfolio Manager
Signature: /s/ Gladys Chang as Attorney-in-Fact
Issuer symbol: MUI
Transactions as of: 31 Jan 2023
Net transactions value: -$1,464
Form type: 4
Filing time: 02 Feb 2023, 15:41:23 UTC
Previous filing: 12 Oct 2022
Next filing: 10 Mar 2023
SEC: View on sec.gov

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	MUI	Common Stock	Options Exercise		+122	+6097%		124	31 Jan 2023	Direct	F1, F2, F3
transaction	MUI	Common Stock	Disposed to Issuer	$1,464	-122	-98%	$12.01	2	31 Jan 2023	Direct	F1, F2, F3

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	MUI	Phantom Shares	Options Exercise		-58	-50%		58	31 Jan 2023	Common Stock	58		Direct	F1, F2
transaction	MUI	Phantom Shares	Options Exercise		-64	-100%		0	31 Jan 2023	Common Stock	64		Direct	F1, F3

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	A phantom share is the economic equivalent of one share of common stock and, subject to the applicable vesting requirements, becomes payable in cash.
F2	As previously reported on a Form 4 dated February 2, 2021, the Reporting Person was granted phantom shares on January 29, 2021 payable in cash on vesting, which occurs in equal installments on each of the first three anniversaries of the grant date.
F3	As previously reported on a Form 4 dated February 4, 2020, the Reporting Person was granted phantom shares on January 31, 2020 payable in cash on vesting, which occurs in equal installments on each of the first three anniversaries of the grant date.