Form 4: Bank of America Reports Nuveen Fund Share Activity

Bank of America Corporation and Merrill Lynch reported a series of acquisitions and disposals of Nuveen Municipal Credit Income Fund common stock on October 3, 2025, resulting in zero indirect beneficial ownership.

Summary

• Bank of America Corporation and Merrill Lynch, Pierce, Fenner & Smith Incorporated (collectively, the "Reporting Persons") filed a Form 4 regarding transactions in Nuveen Municipal Credit Income Fund (NZF) common stock.
• On October 3, 2025, the Reporting Persons acquired 817 shares of common stock at $12.529 per share.
• On the same date, an additional 750 shares were acquired at $12.525 per share.
• A further 683 shares were acquired at $12.529 per share on October 3, 2025.
• Also on October 3, 2025, 1,500 shares were disposed of at $12.574 per share.
• Finally, 750 shares were disposed of at $12.575 per share on October 3, 2025.
• Following these transactions, the Reporting Persons' indirect beneficial ownership of Nuveen Municipal Credit Income Fund common stock is 0 shares.
• The filing includes a joint filing agreement, confirming that Bank of America Corporation holds a 100% ownership interest in Merrill Lynch, Pierce, Fenner & Smith Incorporated.

Sentiment

Score: 5

Explanation: Form 4 reports factual insider transactions and does not inherently convey positive or negative sentiment regarding the issuer's performance or outlook. The transactions themselves are neutral in context.

Positives

• NA

Negatives

• NA

Risks

• The Reporting Persons acknowledge the potential for short-swing profit recovery under Section 16(b) of the Exchange Act, stating that any potentially recoverable profit will be remitted to the Issuer, without conceding their status as greater than 10% beneficial owners or that the transactions are subject to Section 16(a) disclosure.

Future Outlook

The filing is a report of past transactions and does not contain any forward-looking statements or guidance regarding the issuer's future performance or the reporting persons' future investment intentions beyond the scope of the reported transactions.

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, if any.
• 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 other group for the purpose of acquiring, holding, or disposing of securities of the Issuer, or is a member of any such 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) or short-swing profit recovery under Section 16(b), any profit potentially recoverable by the Issuer from the reported transactions will be remitted to the Issuer.

Industry Context

This Form 4 filing details specific insider transactions by a major financial institution in a municipal credit income fund. It does not provide broader industry trends or competitive analysis, focusing solely on the beneficial ownership changes of the reporting entities.

Comparison to Industry Standards

• NA

Related Party Transactions

• The filing itself details transactions by Bank of America Corporation and its wholly-owned subsidiary, Merrill Lynch, Pierce, Fenner & Smith Incorporated, both identified as 10% owners and directors of the issuer.
• A Joint Filing Agreement is included, formalizing the joint reporting by Bank of America Corporation and Merrill Lynch.

Stakeholder Impact

• Shareholders: Provides transparency regarding transactions by significant beneficial owners and directors, which can inform investment decisions.
• Regulatory Authorities: Fulfills SEC reporting requirements for insider transactions, ensuring compliance and market transparency.

Next Steps

• NA

Key Dates

Keywords

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