Form 4: Bank of America Reports Nuveen Fund Share Transactions

Bank of America and Merrill Lynch reported a series of purchases and a subsequent sale of Nuveen Municipal Credit Income Fund common stock, resulting in no net beneficial ownership.

Summary

• Bank of America Corporation and its subsidiary Merrill Lynch, Pierce, Fenner & Smith Inc. (Reporting Persons) filed a Form 4 regarding transactions in common stock of Nuveen Municipal Credit Income Fund (NZF).
• On August 19, 2025, the Reporting Persons acquired a total of 2,100 shares through four separate purchase transactions.
• Purchase prices for the acquired shares ranged from $11.805 to $11.8085 per share.
• Immediately following these purchases, the Reporting Persons sold all 2,100 shares at a price of $11.86 per share.
• As a result of these transactions, beneficial ownership of Nuveen Municipal Credit Income Fund common stock returned to 0 shares.
• The Reporting Persons disclaim beneficial ownership except to the extent of their pecuniary interest and state they are not acting as a group for Section 13(d) purposes.
• Any profit potentially recoverable under Section 16(b) of the Exchange Act will be remitted to the Issuer, without conceding 10%+ owner status or Section 16(a) applicability.

Sentiment

Score: 5

Explanation: The filing is a standard regulatory disclosure of insider transactions that resulted in no net change in beneficial ownership, indicating a neutral impact on the company's outlook.

Positives

• Reporting Persons committed to remitting any potentially recoverable short-swing profit to the Issuer, demonstrating compliance and good faith regarding Section 16(b) of the Exchange Act.

Risks

• Potential for short-swing profit recovery under Section 16(b) of the Exchange Act if the Reporting Persons were deemed greater than 10% beneficial owners and the transactions were subject to the rule.

Future Outlook

N/A

Management Comments

• This statement is jointly filed by Bank of America Corporation and Merrill Lynch, Pierce, Fenner & Smith Incorporated ('Merrill Lynch') (collectively, the 'Reporting Persons'). Bank of America Corporation holds an indirect interest in the securities listed in this Report 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, and this report shall not be deemed an admission that any such Reporting Person is the beneficial owner of, or has any pecuniary interest in, such securities for purposes of Securities Exchange Act of 1934 (the 'Exchange Act'), or for any other purpose.
• Each Reporting Person declares that 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 Form 4 filing is a routine disclosure of insider transactions, common across all publicly traded sectors. The specific buy-and-sell pattern within a short timeframe suggests a specific trading strategy or a correction of a prior position rather than a long-term investment signal for the Nuveen Municipal Credit Income Fund. It does not inherently reflect broader trends in the municipal bond fund industry or the financial services sector.

Comparison to Industry Standards

• N/A. This filing reports specific insider transactions and does not provide performance metrics or strategic initiatives that would allow for a direct comparison to industry standards or global benchmarks.

Related Party Transactions

• Transactions involving the purchase and immediate sale of common stock by Bank of America Corporation and its subsidiary Merrill Lynch, Pierce, Fenner & Smith Inc., which are identified as 10% owners of Nuveen Municipal Credit Income Fund.

Stakeholder Impact

• Shareholders: The commitment by the Reporting Persons to remit any potentially recoverable short-swing profit to the Issuer is a positive for shareholders, ensuring compliance with Section 16(b) regulations. The net zero change in beneficial ownership by a 10% owner has minimal direct impact on the company's stock structure or valuation.

Key Dates

Recommendation

This Form 4 filing details routine insider transactions by a 10% owner that resulted in no net change in beneficial ownership. Such a filing typically does not provide new fundamental information about the company's operations, financial health, or strategic direction that would warrant a change in investment recommendation. The commitment to remit any potential short-swing profits is a compliance-related positive, but does not alter the investment thesis.

Keywords

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