Form 4: Bank of America Reports Nuveen Fund Share Transactions

Bank of America Corporation and its subsidiary Merrill Lynch reported the acquisition and subsequent disposition of 1,000 shares of Nuveen New York Quality Municipal Income Fund common stock on December 8, 2025.

Summary

• Bank of America Corporation and Merrill Lynch, Pierce, Fenner & Smith Incorporated (collectively, "Reporting Persons") filed a Form 4.
• The filing reports transactions in the common stock of Nuveen New York Quality Municipal Income Fund (NAN).
• On December 8, 2025, 1,000 shares were acquired at a price of $11.53 per share.
• On the same date, 1,000 shares were disposed of at a price of $11.455 per share.
• Following these transactions, the Reporting Persons beneficially own 0 shares indirectly.
• The transactions were made pursuant to a Rule 10b5-1 plan.
• Bank of America Corporation holds an indirect interest through its 100% ownership of Merrill Lynch.

Sentiment

Score: 5

Explanation: The filing is a routine insider transaction report (Form 4) detailing a wash trade. It contains no information that would significantly alter the perception of the company's financial health or future prospects, hence a neutral sentiment.

Positives

• Transactions were conducted under a Rule 10b5-1 plan, indicating pre-planned trading.

Negatives

• The disposition price ($11.455) was slightly lower than the acquisition price ($11.53), resulting in a minor loss on the reported transactions.

Risks

• The Reporting Persons disclaim beneficial ownership except for their pecuniary interest and state they are not acting as a group.
• They acknowledge that if deemed greater than 10% beneficial owners and transactions are subject to Section 16(b) short-swing profit recovery, any potentially recoverable profit will be remitted to the Issuer.

Future Outlook

Not applicable, as this Form 4 filing reports past insider transactions and does not provide forward-looking statements or guidance.

Management Comments

• Each Reporting Person disclaims beneficial ownership of the securities reported herein except to the extent of its pecuniary interest therein, if any.
• Each Reporting Person declares that neither the filing of this statement nor anything herein shall be construed as an admission that such person is... acting... as a partnership, limited partnership, syndicate or other group...
• Without conceding its status as a greater than 10% beneficial owner or that the reported transactions are subject to disclosure under Section 16(a) of the Exchange Act or short-swing profit recovery under Section 16(b) of the Exchange Act, the amount of profit potentially recoverable by the Issuer from the reported transactions... will be remitted to the Issuer.

Industry Context

This Form 4 filing is a routine disclosure required by the SEC for insiders (including 10% owners) reporting changes in beneficial ownership. Such filings provide transparency into insider trading activities but typically do not reflect broader industry trends unless they involve significant, strategic shifts in holdings by major institutional investors.

Comparison to Industry Standards

• Not applicable, as this filing reports specific insider transactions rather than operational or financial results that can be benchmarked against industry peers or global standards.

Corporate Governance

Legal Proceedings

• The filing references potential short-swing profit recovery under Section 16(b) of the Exchange Act, stating that any recoverable profit would be remitted to the Issuer, without conceding that the Reporting Persons are greater than 10% beneficial owners or that the transactions are subject to Section 16(b).

Related Party Transactions

• Bank of America Corporation holds an indirect interest in the reported securities by virtue of its 100% ownership of its subsidiary, Merrill Lynch, Pierce, Fenner & Smith Incorporated.

Stakeholder Impact

• Shareholders: Provides transparency regarding insider trading activities, though the reported transactions are minor and unlikely to have a material impact.
• Regulatory Authorities: Ensures compliance with Section 16(a) of the Securities Exchange Act of 1934.

Next Steps

• Continued compliance with SEC reporting requirements for beneficial ownership changes.

Key Dates

Keywords

Bank of America, Merrill Lynch, Nuveen New York Quality Municipal Income Fund, NAN, Form 4, Insider Trading, Beneficial Ownership, SEC Filing, 10b5-1 Plan, Municipal Income Fund