Form 4: Bank of America Reports Nuveen Fund Share Transactions

Bank of America Corporation and Merrill Lynch reported transactions involving 197 shares of Nuveen Municipal Credit Income Fund common stock on September 26, 2025.

Summary

• Bank of America Corporation and its wholly-owned subsidiary, Merrill Lynch, Pierce, Fenner & Smith Inc., jointly filed this Form 4.
• The filing reports transactions in Nuveen Municipal Credit Income Fund (NZF) common stock.
• On September 26, 2025, 197 shares of common stock were acquired indirectly at a price of $12.40 per share.
• Concurrently, 197 shares of common stock were disposed of directly at a price of $12.395 per share.
• Following these reported transactions, the reporting persons beneficially own 197 shares indirectly.
• Bank of America Corporation holds an indirect interest in these securities by virtue of its 100% ownership of Merrill Lynch.

Sentiment

Score: 5

Explanation: This is a routine Form 4 filing reporting minor transactions by a 10% owner, providing no significant positive or negative sentiment regarding the issuer's operations or financial health.

Positives

• The filing demonstrates compliance with SEC reporting requirements for insider transactions.
• The reporting persons explicitly disclaim beneficial ownership of the reported securities except to the extent of their pecuniary interest, providing clarity on their holdings.

Negatives

• No direct negative implications are apparent from this routine transaction report.

Risks

• The reporting persons acknowledge the possibility of short-swing profit recovery under Section 16(b) of the Exchange Act if they were deemed greater than 10% beneficial owners and the transactions were subject to this rule. They concede that any such profit would be remitted to the Issuer, mitigating the immediate financial risk but highlighting a potential regulatory exposure.

Future Outlook

This filing is a routine report of insider transactions and does not contain any forward-looking statements or guidance regarding the issuer's future performance or strategic direction.

Management Comments

• "This statement is jointly filed by Bank of America Corporation and Merrill Lynch, Pierce, Fenner & Smith Incorporated, with Bank of America holding an indirect interest through its 100% ownership of 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 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 reports routine insider transactions by a significant shareholder in a closed-end municipal credit income fund. It does not provide insights into broader industry trends or competitive dynamics, as its scope is limited to specific ownership changes.

Comparison to Industry Standards

• NA

Management Changes

Corporate Governance

Legal Proceedings

• The filing includes a disclaimer and concession regarding potential short-swing profit recovery under Section 16(b) of the Exchange Act, indicating an awareness of regulatory compliance but not an active legal proceeding.

Related Party Transactions

• Bank of America Corporation's indirect interest in the securities through its 100% ownership of Merrill Lynch, Pierce, Fenner & Smith Inc. represents an internal related-party structure for reporting purposes, though the reported transactions themselves are market-based.

Stakeholder Impact

• Shareholders: Minimal impact, as the transactions are small and routine, primarily serving as a disclosure of insider activity.
• Regulatory Authorities: The filing ensures compliance with SEC regulations for insider trading, providing transparency to regulators.

Next Steps

• No specific future actions, events, or milestones are mentioned in this filing beyond the reporting requirement itself.

Key Dates

Keywords

Nuveen Municipal Credit Income Fund, NZF, Bank of America, Merrill Lynch, Form 4, Insider Transaction, Beneficial Ownership, Equity Transaction, Investment Fund