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

Bank of America Corp and Merrill Lynch jointly report a transaction involving common stock of Nuveen Quality Municipal Income Fund, indicating a purchase and sale of shares.

Summary

• Bank of America Corporation and Merrill Lynch, Pierce, Fenner & Smith Incorporated jointly filed a statement regarding changes in beneficial ownership of Nuveen Quality Municipal Income Fund shares.
• On January 15, 2025, 800 shares of common stock were purchased at $11.71 per share and 800 shares were sold at $11.66 per share.
• Following the reported transactions, the entities indirectly own 800 shares.
• The reporting persons disclaim beneficial ownership of the securities except to the extent of their pecuniary interest.
• The filing includes a joint filing agreement.

Sentiment

Score: 5

Explanation: The document is a standard regulatory filing, so the sentiment is neutral.

Management Comments

• Each Reporting Person disclaims beneficial ownership of the securities reported herein except to the extent of its pecuniary interest therein.
• Neither the filing of this statement nor anything herein shall be construed as an admission that such person is, for the purposes of Section 13(d) of the Exchange Act or any other purpose, (i) acting (or has agreed or is agreeing to act together with any other person) as a partnership, limited partnership, syndicate or other group for the purpose of acquiring, holding or disposing of securities of the Issuer or otherwise with respect to the Issuer or any securities of the Issuer or (ii) a member of any group with respect to the Issuer or any securities of the Issuer.
• 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 in the event that the Reporting Persons were greater than 10% beneficial owners and the transactions were subject to Section 16(b) will be remitted to the Issuer.

Industry Context

This filing is a routine disclosure related to changes in beneficial ownership, which is common for entities holding significant positions in publicly traded companies. It reflects the ongoing investment activities of major financial institutions like Bank of America and Merrill Lynch.

Comparison to Industry Standards

• Form 4 filings are standard practice for reporting changes in beneficial ownership as per SEC regulations.
• The transactions are relatively small in scale compared to the overall market capitalization of Nuveen Quality Municipal Income Fund, suggesting routine portfolio adjustments rather than a major strategic shift.
• Similar filings are regularly made by other large institutional investors in various companies, reflecting the dynamic nature of investment portfolios.

Stakeholder Impact

• The transactions may have a minor impact on shareholders due to the small volume of shares traded.
• The filing ensures transparency and compliance with SEC regulations, which benefits all stakeholders.

Key Dates