Form 4: Bank of America Reports Nuveen Fund Share Transactions

Bank of America and Merrill Lynch reported a series of acquisitions and dispositions of Nuveen Municipal Credit Income Fund common stock, resulting in zero beneficial ownership.

Summary

• Bank of America Corporation and Merrill Lynch, Pierce, Fenner & Smith Incorporated jointly filed a Form 4 regarding transactions in Nuveen Municipal Credit Income Fund (NZF) common stock.
• On October 3, 2025, the reporting persons acquired a total of 2,250 shares of common stock through three separate purchases at prices of $12.529 and $12.525.
• On the same date, the reporting persons disposed of a total of 2,250 shares of common stock through two separate sales at prices of $12.574 and $12.575.
• Following these transactions, the beneficial ownership of Nuveen Municipal Credit Income Fund common stock by the reporting persons is 0 shares.
• The reporting persons disclaim beneficial ownership of the securities except to the extent of their pecuniary interest and state that the report does not imply they are acting as a group for Section 13(d) purposes.
• Any profit potentially recoverable by the Issuer under Section 16(b) will be remitted to the Issuer, without conceding the reporting persons' status as greater than 10% beneficial owners or that the transactions are subject to Section 16(a) disclosure or 16(b) recovery.

Sentiment

Score: 5

Explanation: The filing is a standard regulatory disclosure of insider transactions and does not inherently convey positive or negative sentiment regarding the issuer or the reporting persons. The transactions resulted in a net zero change in beneficial ownership.

Risks

• The reporting persons acknowledge the potential for short-swing profit recovery under Section 16(b) of the Exchange Act, stating that any such recoverable profit will be remitted to the Issuer, though they do not concede their status as greater than 10% beneficial owners or that the transactions are subject to Section 16(a) or 16(b).

Future Outlook

This filing does not contain any forward-looking statements or guidance regarding the issuer's future performance or the reporting persons' future investment intentions beyond the reported transactions.

Management Comments

• Bank of America Corporation and Merrill Lynch, Pierce, Fenner & Smith Incorporated jointly filed this statement, with Bank of America holding an indirect interest through its 100% ownership of Merrill Lynch.
• Each reporting person disclaims beneficial ownership of the reported securities except to the extent of their pecuniary interest, and the report should not be deemed an admission of beneficial ownership for Exchange Act purposes.
• The reporting persons declare that the filing does not constitute an admission of acting as a partnership, syndicate, or group for acquiring, holding, or disposing of the issuer's securities under Section 13(d) of the Exchange Act.
• Without conceding their status as a greater than 10% beneficial owner or that the transactions are subject to Section 16(a) disclosure or Section 16(b) short-swing profit recovery, any potentially recoverable profit by the Issuer from these transactions will be remitted to the Issuer.

Industry Context

This Form 4 filing details specific insider transactions by a major financial institution in a closed-end fund. It does not provide broader industry trends or competitive analysis, focusing solely on the reporting persons' trading activity in Nuveen Municipal Credit Income Fund.

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, which is a co-reporting person.

Stakeholder Impact

• Shareholders of Nuveen Municipal Credit Income Fund may note the trading activity by a significant institutional investor, although the net zero change in beneficial ownership suggests no long-term shift in the reporting persons' stake.
• The issuer, Nuveen Municipal Credit Income Fund, is protected by the reporting persons' commitment to remit any short-swing profits if applicable under Section 16(b).

Key Dates

Keywords

Nuveen Municipal Credit Income Fund, NZF, Bank of America, Merrill Lynch, Form 4, Insider Trading, Beneficial Ownership, Common Stock, SEC Filing