Bank of America/Merrill Lynch reports buy and sell of 4,780 MUNEX shares

Bank of America Corporation and its subsidiary Merrill Lynch filed a joint Form 4 reporting transactions in BlackRock Municipal Credit Alpha Portfolio, Inc. (ticker MUNEX).

Rhea-AI Filing Summary

Bank of America Corporation and its subsidiary Merrill Lynch filed a joint Form 4 reporting transactions in BlackRock Municipal Credit Alpha Portfolio, Inc. (ticker MUNEX). The reporting persons show a purchase of 4,780 Variable Rate Demand Preferred Shares on 09/25/2025 at $12.64 followed the same day by a sale of 4,780 shares at $12.68, leaving zero shares beneficially owned after the transactions. The filing states Bank of America holds an indirect interest via its 100% ownership of Merrill Lynch and includes standard disclaimers that neither reporting person necessarily claims beneficial ownership for Section 13(d) purposes. The filing also states any short-swing profits that might be recoverable will be remitted to the issuer.

Positive

• Transactions fully disclosed with dates, quantities, and prices for both purchase and sale
• Joint filing and signature present, including an explicit statement that any recoverable short-swing profits will be remitted to the issuer

Negative

• None.

Insights

Securities/Financial Analyst

TL;DR: Routine insider transactions with offsetting buy and sell on the same day, leaving no net position; limited investor impact.

The reported buy (4,780 shares at $12.64) and sell (4,780 shares at $12.68) in MUNEX on 09/25/2025 represent a wash in beneficial ownership, leaving the reporting entities with zero shares after the trades. As disclosed, Bank of Americaholds interest indirectly through Merrill Lynch and includes disclaimers about beneficial ownership and Section 16/13(d) group status. The filing also affirms that any short-swing profits deemed recoverable would be remitted. For investors, this is a transparency disclosure rather than a material change to ownership or control.

Corporate Governance Expert

TL;DR: Proper joint filing and disclaimers observed; transactions documented with signatures and remittance clause.

The Form 4 is jointly filed by Bank of America Corporation and Merrill Lynch and contains the required signatures and explanatory footnotes. The report includes explicit language disclaiming beneficial ownership beyond pecuniary interest and clarifies potential Section 16(b) remediation. From a governance standpoint, the filing meets disclosure norms and notes potential remediation rather than admitting Section 16(b) liability.

Insider Trade Summary

2 transactions reported

Mixed 2 txns

Insider BANK OF AMERICA CORP /DE/, MERRILL LYNCH, PIERCE, FENNER & SMITH INC.

Role 10% Owner | 10% Owner

Bought 4,780 shs ($60K)

Sold 4,780 shs ($61K)

Type	Security	Shares	Price	Value
Purchase	Variable Rate Demand Preferred Shares	4,780	$12.64	$60K
Sale	Variable Rate Demand Preferred Shares	4,780	$12.68	$61K

Holdings After Transaction: Variable Rate Demand Preferred Shares — 0 shares (Indirect, See Footnotes)

Footnotes (3)

1. F1. 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.
2. F2. 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.
3. F3. 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.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What transactions were reported in the Form 4 for BAC relating to MUNEX?

Purchase: 4,780 Variable Rate Demand Preferred Shares on 09/25/2025 at $12.64; Sale: 4,780 shares on 09/25/2025 at $12.68

Who filed the Form 4 reporting these MUNEX transactions?

Bank of America Corporation and Merrill Lynch, Pierce, Fenner & Smith Inc. jointly filed the Form 4

How many MUNEX shares are beneficially owned after the reported transactions?

Zero shares beneficially owned following the reported purchase and sale

Does the filing indicate Bank of America directly beneficially owns the reported securities?

The filing states Bank of America holds an indirect interest via 100% ownership of Merrill Lynch and includes a disclaimer about beneficial ownership

Was any remediation or remittance mentioned in the Form 4?

Yes, the reporting persons state that any potential short-swing profits recoverable under Section 16(b) would be remitted to the issuer

AI-generated analysis. How Rhea-AI works. Not financial advice.

Form 4 Insider Transactions: What Each Field Means →

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Accepted by SEC EDGAR 09/29/2025 - 03:39 PM Learn about SEC filing dates

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

BANK OF AMERICA CORP /DE/

(Last) (First) (Middle)

BANK OF AMERICA CORPORATE CENTER

100 N TRYON ST

(Street)

CHARLOTTE NC 28255

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
BlackRock Municipal Credit Alpha Portfolio, Inc. [ MUNEX ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
09/29/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

	Form filed by One Reporting Person
X	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Variable Rate Demand Preferred Shares(1)(2)(3)	09/25/2025		P		4,780	A	$12.64	4,780	I	See Footnotes(1)(2)(3)
Variable Rate Demand Preferred Shares(1)(2)(3)	09/25/2025		S		4,780	D	$12.68	0	I	See Footnotes(1)(2)(3)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

1. Name and Address of Reporting Person^*

BANK OF AMERICA CORP /DE/

(Last) (First) (Middle)

BANK OF AMERICA CORPORATE CENTER

100 N TRYON ST

(Street)

CHARLOTTE NC 28255

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

MERRILL LYNCH, PIERCE, FENNER & SMITH INC.

(Last) (First) (Middle)

ONE BRYANT PARK

(Street)

NEW YORK NY 10036

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

Explanation of Responses:

1. 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.

2. 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.

3. 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.

	/s/ Andres Ortiz, Authorized Signatory	09/29/2025
	/s/ Andres Ortiz, Authorized Signatory	09/29/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.