Form 4: Bank of America Corp and Merrill Lynch Report Transactions in Nuveen Minnesota Quality Municipal Income Fund

Bank of America Corporation and Merrill Lynch, Pierce, Fenner & Smith Incorporated jointly report transactions involving the Nuveen Minnesota Quality Municipal Income Fund, including purchases and a sale of common stock.

Summary

• Bank of America Corporation and its subsidiary, Merrill Lynch, Pierce, Fenner & Smith Incorporated, jointly filed a Form 4 disclosing transactions in Nuveen Minnesota Quality Municipal Income Fund.
• On January 5, 2022, they purchased 29 shares at $15.1029 and 74 shares at $15.1029.
• On January 6, 2022, they sold 103 shares at $15.13.
• The transactions were reported as indirect ownership, with Bank of America holding the shares through its subsidiary Merrill Lynch.
• The reporting persons disclaim beneficial ownership except to the extent of their pecuniary interest.
• They also state that the filing should not be construed as an admission of acting as a group for the purpose of acquiring, holding or disposing of securities of the Issuer.
• Any profit potentially recoverable by the Issuer from the reported transactions has been or will be remitted to the Issuer.

Sentiment

Score: 5

Explanation: The document is a routine regulatory filing, with no indication of positive or negative sentiment. It simply reports transactions.

Risks

• The reporting persons disclaim beneficial ownership, which could indicate a lack of long-term commitment.
• The transactions are subject to potential short-swing profit recovery under Section 16(b) of the Exchange Act.

Management Comments

• The Reporting Persons disclaim beneficial ownership of the securities reported herein except to the extent of its pecuniary interest therein.
• The Reporting Persons declare that neither the filing of this statement nor anything herein shall be construed as an admission that such person is acting as a group for the purpose of acquiring, holding or disposing of securities of the Issuer.

Industry Context

This filing is a routine disclosure of transactions by a major financial institution in a publicly traded fund. Such filings are common and provide transparency into the trading activities of significant shareholders.

Comparison to Industry Standards

• Form 4 filings are standard practice for reporting changes in beneficial ownership by insiders and major shareholders in publicly traded companies.
• The transactions reported are relatively small in volume, suggesting routine portfolio adjustments rather than a significant strategic shift.
• The disclaimer of beneficial ownership is a common legal practice to avoid unintended implications of control or group activity.

Stakeholder Impact

• The transactions are unlikely to have a significant impact on stakeholders due to the small volume of shares traded.

Key Dates

Keywords

Nuveen Minnesota Quality Municipal Income Fund, Bank of America Corporation, Merrill Lynch, Form 4, Securities Exchange Act, Beneficial Ownership, Indirect Ownership, Stock Transactions