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

Role: Portfolio Manager
Signature: /s/ Gladys Chang as Attorney-in-Fact
Stock symbol: MUI
Transactions as of: Jan 31, 2023
Transactions value $: -$3,515
Form type: 4
Date filed: 2/2/2023, 05:40 PM
Previous filing: Oct 7, 2022
Next filing: Mar 25, 2024

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	MUI	Common Stock	Options Exercise		+293	+66.94%		730	Jan 31, 2023	Direct	F1, F2, F3
transaction	MUI	Common Stock	Disposed to Issuer	-$3.51K	-293	-40.1%	$12.01	437	Jan 31, 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		-139	-50%		139	Jan 31, 2023	Common Stock	139		Direct	F1, F2
transaction	MUI	Phantom Shares	Options Exercise		-154	-100%		0	Jan 31, 2023	Common Stock	154		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.