Form 4: Bank of America Reports Nuveen Fund Share Transactions

Bank of America and Merrill Lynch reported a series of common stock transactions in Nuveen Municipal Credit Income Fund, involving both acquisition and disposition of 197 shares.

Summary

• Bank of America Corporation and its subsidiary Merrill Lynch, Pierce, Fenner & Smith Inc. (Reporting Persons) filed a Form 4 regarding transactions in Nuveen Municipal Credit Income Fund (NZF) common stock.
• On September 26, 2025, 197 shares of common stock were acquired indirectly by Bank of America at $12.4 per share.
• On the same date, 197 shares of common stock were disposed of directly by Merrill Lynch at $12.395 per share, resulting in zero direct beneficial ownership for Merrill Lynch.
• The filing indicates that Bank of America holds an indirect interest in the securities through its 100% ownership of Merrill Lynch.
• Reporting Persons disclaim beneficial ownership except to the extent of their pecuniary interest and deny acting as a group for Section 13(d) purposes.
• Any potential short-swing profit recoverable by the Issuer under Section 16(b) will be remitted, without conceding 10% owner status or Section 16(a) applicability.

Sentiment

Score: 5

Explanation: The filing reports a routine insider transaction with no material impact on the company's operations or financial health, and includes standard legal disclaimers.

Positives

• Reporting Persons committed to remitting any potentially recoverable short-swing profit to the Issuer, even while disclaiming 10% beneficial owner status and Section 16(a) applicability.

Negatives

• Reporting Persons disclaimed beneficial ownership of the reported securities except to the extent of their pecuniary interest, and also disclaimed acting as a group for Section 13(d) purposes.
• The filing includes a disclaimer regarding the Reporting Persons' status as a greater than 10% beneficial owner, despite filing a Form 4 which is typically required for such owners or insiders.

Risks

• Potential for short-swing profit recovery by the Issuer under Section 16(b) of the Exchange Act, although Reporting Persons disclaim applicability.

Future Outlook

NA

Management Comments

• Bank of America Corporation holds an indirect interest in the securities listed by virtue of its 100% ownership of its subsidiary Merrill Lynch.
• 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 acting as a partnership, syndicate, or group for the purpose of acquiring, holding, or disposing of 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) or short-swing profit recovery under Section 16(b), 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 represents a routine insider transaction report for a 10% owner. The reported acquisition and disposition of an identical number of shares on the same day suggests an internal rebalancing or transfer rather than a strategic change in investment position. The disclaimers regarding beneficial ownership and group formation are standard legal boilerplate for large financial institutions with complex ownership structures, aiming to clarify their reporting obligations under SEC regulations.

Legal Proceedings

• The filing addresses potential short-swing profit recovery under Section 16(b) of the Exchange Act, stating that any such profit would be remitted to the Issuer, without conceding 10% beneficial owner status or Section 16(a) applicability.

Related Party Transactions

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

Stakeholder Impact

• Shareholders of Nuveen Municipal Credit Income Fund (NZF) are informed of insider transactions by a significant owner, though the net effect of the reported transactions is neutral.
• Shareholders of Bank of America Corporation and Merrill Lynch, Pierce, Fenner & Smith Inc. are informed of their compliance with SEC reporting requirements for beneficial ownership.

Key Dates

Recommendation

The filing is a routine Form 4 reporting a wash transaction of a small number of shares by a 10% owner. It does not contain any information that would materially alter the investment thesis for Nuveen Municipal Credit Income Fund (NZF) or the reporting entities.

Keywords

Nuveen Municipal Credit Income Fund, NZF, Bank of America, Merrill Lynch, SEC Form 4, beneficial ownership, insider trading, equity transactions, investment fund