SCHEDULE: BofA Unit Reduces MuniFund Preferred Share Holdings

Bank of America Corp. and its subsidiary Banc of America Preferred Funding Corp. have reduced their holdings of Nuveen Minnesota Quality Municipal Income Fund's preferred shares due to a redemption.

Summary

• This filing is an amendment to a previous Schedule 13D, reporting a change in ownership percentage for Bank of America Corporation (BAC) and Banc of America Preferred Funding Corporation (BAPFC) concerning Nuveen Minnesota Quality Municipal Income Fund's Adjustable Rate MuniFund Term Preferred Shares (AMTP Shares).
• The change is a result of the redemption of 20 AMTP shares previously held by the Reporting Persons.
• Following the redemption on October 13, 2026, the Reporting Persons now collectively own 478 AMTP Shares, representing 100.0% of the class of securities previously held by them, but a reduced absolute number of shares.
• The redemption price included the liquidation preference and any accumulated but unpaid dividends.

Sentiment

Score: 3

Explanation: StockSavvy.ai views this as a neutral to slightly negative filing, primarily due to a reduction in holdings rather than a strategic shift or positive development.

Negatives

• The Reporting Persons have reduced their absolute number of AMTP Shares held by 20 units due to a redemption by the Issuer.
• While still holding 100% of the specific class of securities they previously held, the reduction in the number of shares could be interpreted as a decrease in investment exposure.

Risks

• The filing does not explicitly mention any new risks, but the redemption of preferred shares by the issuer could indicate underlying financial pressures or strategic decisions within the Nuveen Minnesota Quality Municipal Income Fund that might affect the remaining preferred shares.

Future Outlook

The filing does not contain forward-looking statements or guidance. It reports on a past event (redemption) and its impact on current holdings.

Industry Context

StockSavvy.ai notes that redemptions of preferred shares, particularly in municipal income funds, can sometimes signal shifts in interest rate environments, fund strategy adjustments, or liquidity management by the issuer. For Bank of America, this appears to be a reduction of a specific, likely non-core, investment.

Stakeholder Impact

• Shareholders of Nuveen Minnesota Quality Municipal Income Fund: The redemption of preferred shares by a significant holder might indicate the fund's financial health or strategic direction, which could indirectly impact common shareholders.
• Bank of America Corporation and Banc of America Preferred Funding Corp: A reduction in their investment in this specific preferred share class.

Next Steps

• The Reporting Persons will continue to monitor their holdings and any further actions by the Issuer.
• The Joint Filing Agreement remains in effect until revoked.

Key Dates

Keywords

Adjustable Rate MuniFund Term Preferred Shares, Nuveen Minnesota Quality Municipal Income Fund, Bank of America Corporation, Banc of America Preferred Funding Corp, Schedule 13D, Redemption, Preferred Shares, Municipal Income Fund