SCHEDULE: Bank of America's Nuveen Preferred Share Stake Nears 50%

Bank of America Corporation and Banc of America Preferred Funding Corporation updated their beneficial ownership in Nuveen Quality Municipal Income Fund's preferred shares to 49.9% due to a decrease in outstanding shares.

Summary

• Bank of America Corporation and Banc of America Preferred Funding Corporation (Reporting Persons) filed Amendment No. 14 to their Schedule 13D.
• The amendment reports a change in the percentage of preferred shares beneficially owned in Nuveen Quality Municipal Income Fund (the Issuer).
• The Reporting Persons now beneficially own 49.9% of the preferred shares.
• This change is solely due to a decrease in the total outstanding preferred shares of the Issuer to 16,026 shares, as reported by the Issuer on March 16, 2026.
• The number of shares beneficially owned by the Reporting Persons remains 7,995.00.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this as a neutral administrative update. The change in ownership percentage is a technical adjustment due to a decrease in outstanding shares, not a strategic move by the reporting entity.

Positives

• The reporting persons maintain a significant, stable stake in the preferred shares of Nuveen Quality Municipal Income Fund.
• The increase in percentage ownership for the reporting persons, while not due to new acquisitions, reflects a higher proportional claim on the preferred class.

Negatives

• The decrease in the total outstanding preferred shares of the Issuer could indicate a reduction in the overall preferred share base, which might be a neutral or slightly negative signal depending on the reason for the reduction (e.g., redemptions).

Future Outlook

No forward-looking statements or guidance are provided in this administrative filing.

Management Comments

• Monica Yako, Authorized Signatory for Bank of America Corporation and Banc of America Preferred Funding Corporation, certified the information as true, complete, and correct.

Industry Context

StockSavvy.ai notes that this filing is a routine administrative update reflecting a change in the denominator (total outstanding shares) rather than a change in the numerator (shares held) for Bank of America's significant stake in Nuveen's preferred shares. It highlights the ongoing, substantial investment by a major financial institution in a municipal income fund's preferred equity.

Stakeholder Impact

• Shareholders of Nuveen Quality Municipal Income Fund: Minimal direct impact, as it's a reporting update on an existing significant stake, not a new acquisition or divestiture.
• Bank of America Corporation: Maintains a significant proportional stake in Nuveen's preferred shares.

Key Dates

Keywords

Nuveen Quality Municipal Income Fund, Bank of America Corporation, Banc of America Preferred Funding Corporation, Schedule 13D, Beneficial ownership, Preferred shares, Municipal income fund, SEC filing, Ownership percentage