Form 4: Bank of America reports 2,250 NZF shares traded

Q: Are the reported NZF holdings direct or indirect for the reporting persons?

Holdings are reported as indirect through Merrill Lynch, which is 100% owned by Bank of America; both reporting persons disclaim direct beneficial ownership except for any pecuniary interest.

Bank of America Corporation and Merrill Lynch jointly reported insider transactions in Nuveen Municipal Credit Income Fund (NZF).

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

Bank of America Corporation and Merrill Lynch jointly reported insider transactions in Nuveen Municipal Credit Income Fund (NZF). The filing shows a series of purchases and sales on 10/03/2025 that netted the reporting persons to 0 shares directly owned after completing sales. The Report lists three purchases of 817, 750 and 683 common shares at prices between $12.525 and $12.529 and two sales of 1,500 and 750 shares at prices around $12.574–$12.575. Ownership is reported as indirect through Merrill Lynch, a wholly owned subsidiary of Bank of America, and both parties disclaim beneficial ownership except to the extent of any pecuniary interest.

Positive

Transactions fully disclosed with prices and quantities for each lot
Reporting persons commit to remit any Section 16(b) recoverable profit if applicable

Negative

Net indirect ownership reported as 0 shares, indicating no retained position after same-day trades
Indirect ownership structure may reduce transparency about ultimate decision-maker

Insights

TL;DR: Joint Form 4 shows small-scale buy and sell activity on the same date with indirect ownership through Merrill Lynch.

The transactions on 10/03/2025 record three small purchases totaling 2,250 shares and two sales totaling 2,250 shares in NZF, with prices clustered near $12.53. The net effect reported is 0 indirect shares remaining, consistent with intra-account or allocation activity rather than long-term accumulation.

Because ownership is reported indirect and the filing includes standard disclaimers, the main compliance considerations are accurate reporting and any short-swing profit remittance if Section 16(b) applies; the filing states potential recoverable profit would be remitted if required. Watch for any further filings clarifying execution mechanism or showing a change in indirect holdings within the next reporting cycle.

TL;DR: The price clustering and matched volumes suggest execution/allocation activity rather than directional trading.

The purchases at $12.525–$12.529 and sales at $12.574–$12.575 occurred on the same day for equal total shares (2,250), implying portfolio rebalancing or cross-account transfers. The identical aggregate purchase and sale quantities align with block trading or internal reallocation.

Operational risks include recordkeeping and ensuring Form 4 timing matches trade settlement; investors can monitor follow-up forms or amendments within days to confirm any reclassification or retained positions.

Insider Trade Summary

5 transactions reported

Mixed 5 txns

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

Role 10% Owner | 10% Owner

Bought 2,250 shs ($28K)

Sold 2,250 shs ($28K)

Type	Security	Shares	Price	Value
Purchase	COMMON STOCK	817	$12.529	$10K
Purchase	COMMON STOCK	750	$12.525	$9K
Purchase	COMMON STOCK	683	$12.529	$9K
Sale	COMMON STOCK	1,500	$12.574	$19K
Sale	COMMON STOCK	750	$12.575	$9K

Holdings After Transaction: COMMON STOCK — 0 shares (Indirect, See Footnotes)

Footnotes (3)

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.
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.
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 did Bank of America report on Form 4 for BAC regarding NZF on 10/03/2025?

The filing shows joint transactions by Bank of America and Merrill Lynch on 10/03/2025: three purchases totaling 2,250 common shares and two sales totaling 2,250 shares in NZF, with prices around $12.525–$12.575.

How many NZF shares remained beneficially owned after the reported trades?

The report indicates 0 shares beneficially owned following the reported transactions for the indirect holdings shown.

Are the reported NZF holdings direct or indirect for the reporting persons?

Holdings are reported as indirect through Merrill Lynch, which is 100% owned by Bank of America; both reporting persons disclaim direct beneficial ownership except for any pecuniary interest.

What prices were paid or received for the NZF shares in the Form 4?

Purchase prices ranged from $12.525 to $12.529; sale prices were about $12.574 and $12.575.

Will any potential Section 16(b) profit be handled?

The filing states that, if the transactions are subject to Section 16(b) and a recoverable profit exists, that amount will be remitted to the issuer.

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

Form 4 Insider Transactions: What Each Field Means →

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google

Accepted by SEC EDGAR 10/07/2025 - 03:36 PM

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).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

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

28255

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
Nuveen Municipal Credit Income Fund [ NZF ]

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)
10/03/2025

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
COMMON STOCK⁽¹⁾⁽²⁾⁽³⁾	10/03/2025		P		817	A	$12.529	817	I	See Footnotes⁽¹⁾⁽²⁾⁽³⁾
COMMON STOCK⁽¹⁾⁽²⁾⁽³⁾	10/03/2025		P		750	A	$12.525	1,567	I	See Footnotes⁽¹⁾⁽²⁾⁽³⁾
COMMON STOCK⁽¹⁾⁽²⁾⁽³⁾	10/03/2025		P		683	A	$12.529	2,250	I	See Footnotes⁽¹⁾⁽²⁾⁽³⁾
COMMON STOCK⁽¹⁾⁽²⁾⁽³⁾	10/03/2025		S		1,500	D	$12.574	750	I	See Footnotes⁽¹⁾⁽²⁾⁽³⁾
COMMON STOCK⁽¹⁾⁽²⁾⁽³⁾	10/03/2025		S		750	D	$12.575	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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

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

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

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/ Authorized Signatory Andres Ortiz	10/07/2025
	/s/ Authorized Signatory Andres Ortiz	10/07/2025
	** 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.

Source: View Original Filing on SEC EDGAR

Form 4: Bank of America reports 2,250 NZF shares traded