Form 4: Bank of America Reports Nuveen Fund Share Transactions

Bank of America and Merrill Lynch reported simultaneous acquisition and disposition of 6,374 shares of Nuveen Quality Municipal Income Fund common stock on January 2, 2026.

Summary

• Bank of America Corporation and its subsidiary Merrill Lynch, Pierce, Fenner & Smith Incorporated, jointly reported transactions in Nuveen Quality Municipal Income Fund common stock.
• On January 2, 2026, the reporting persons acquired 6,374 shares of common stock at a price of $12.005 per share.
• On the same day, January 2, 2026, they disposed of 6,374 shares of common stock at a price of $11.9915 per share.
• Following these transactions, the reporting persons' indirect beneficial ownership in Nuveen Quality Municipal Income Fund common stock is 0 shares.
• The transactions resulted in a net loss of $0.0135 per share, totaling approximately $86.05.
• The filing indicates these transactions were made pursuant to a Rule 10b5-1 plan.
• The reporting persons disclaim beneficial ownership except to the extent of their pecuniary interest and include a standard disclaimer regarding Section 16(b) short-swing profit recovery, stating any potential recoverable profit would be remitted to the Issuer.

Sentiment

Score: 4

Explanation: The filing details a simultaneous purchase and sale of shares resulting in a minor loss, primarily a compliance disclosure for a 10% owner, indicating a slightly negative financial outcome from the specific transactions.

Positives

• The transactions were conducted under a Rule 10b5-1 plan, indicating pre-planned and structured trading activity.
• The reporting persons are adhering to SEC disclosure requirements by filing Form 4.

Negatives

• The transactions resulted in a slight financial loss of $0.0135 per share, totaling approximately $86.05.
• The need for a Section 16(b) disclaimer, even for a loss, highlights the regulatory scrutiny faced by 10% owners.

Risks

• Potential for regulatory scrutiny under Section 16(b) of the Exchange Act for 10% owners, even if the specific transactions resulted in a loss.
• Compliance burden associated with being a 10% owner, requiring detailed disclosure of all transactions.

Future Outlook

The filing does not contain any forward-looking statements or guidance regarding future performance or strategy.

Industry Context

Form 4 filings are routine compliance disclosures for insiders and 10% owners of publicly traded companies. These transactions by Bank of America and Merrill Lynch, as 10% owners of Nuveen Quality Municipal Income Fund, reflect their ongoing regulatory obligations rather than a significant strategic shift or market signal for the broader investment fund industry.

Stakeholder Impact

• Minimal direct impact on shareholders due to the small size and offsetting nature of the transactions.
• The filing ensures regulatory transparency for all stakeholders regarding insider trading activities.

Key Dates

Keywords

Nuveen Quality Municipal Income Fund, NAD, Bank of America, Merrill Lynch, Form 4, beneficial ownership, Section 16, municipal bonds, investment fund, insider trading