[Form 4] BellRing Brands, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Nuveen is distributing a Definitive Proxy Statement for 14 closed-end municipal bond funds, including Nuveen New York Municipal Value Fund (NYSE: NNY). Shareholders of record on 20 June 2025 are invited to a virtual annual meeting on 14 August 2025 at 2:00 p.m. CT via www.meetnow.global/MNRRJJC.

Main agenda

• Election of Board Members: four Class III directors for Municipal Income; four Class I directors for five funds (incl. NNY); and five directors for eight funds that issue preferred shares (three elected by all share classes, two by preferred shareholders only).
• Transaction of any other proper business.

The proposed slate is entirely composed of independent candidates. If elected, Class I nominees will serve until the 2028 meeting; preferred-share directors will serve until the 2026 meeting. The document details board structure, committee responsibilities, director qualifications and a comprehensive breakdown of director compensation. Effective 1 January 2025, the annual retainer for independent directors was maintained at $350,000, while committee retainers rose modestly (e.g., Audit Committee from $30,000 to $35,000). No fund performance figures or changes to investment policy are proposed.

Positive

• Fully independent board slate reinforces governance best practices without introducing potential conflicts of interest.
• Virtual-only meeting format may broaden shareholder participation and reduce administrative costs.

Negative

• Director committee retainers rise by $5,000-$10,000 per member, slightly increasing fund expense ratios.
• No agenda items address persistent market-price discounts, a common concern for Nuveen closed-end fund investors.

Insights

Governance Analyst

TL;DR Routine proxy focused on electing independent directors; no strategic or financial changes disclosed.

From a governance standpoint the filing is straightforward: shareholders are being asked to re-elect an entirely independent board under the usual staggered-class system. Voting mechanics, quorum rules and NYSE proportionate voting for certain preferred share series are thoroughly described. Compensation adjustments are incremental and unlikely to affect expenses materially (<1 bp of net assets). No amendments to advisory contracts, leverage limits or distribution policy are requested, so the filing carries minimal investment impact.

Closed-End Fund Specialist

TL;DR Virtual annual meeting; director slate unchanged; negligible impact on NNY market valuation.

Closed-end fund investors typically watch for items such as share-repurchase programs, leverage changes or rights offerings—none appear here. The only notable operational detail is an increase in committee retainers, which is immaterial relative to the funds’ asset bases. Because the board is unitary across 200+ portfolios, continuity supports consistent oversight, but does not alter NAV, leverage costs or payout levels. I therefore classify this proxy as non-impactful to trading discounts or distribution sustainability.

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).

X

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^*

DAVENPORT DARCY HORN

(Last) (First) (Middle)

C/O BELLRING BRANDS, INC.

2503 S. HANLEY ROAD

(Street)

ST. LOUIS MO 63144

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
BELLRING BRANDS, INC. [ BRBR ]

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

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	PRES. AND CEO

3. Date of Earliest Transaction (Month/Day/Year)
06/27/2025

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

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

X	Form filed by One Reporting Person
	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
Common Stock	06/27/2025		S(1)		1,400	D	$57.97(2)	202,178	D
Common Stock	06/27/2025		S(1)		200	D	$58.56(3)	201,978	D

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

Explanation of Responses:

1. The sale reported was effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on February 26, 2025.

2. The reported price in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $57.36 to $58.31 per share. The holder undertakes to provide to the issuer, any security holder of the issuer, or the staff of the Securities and Exchange Commission, upon written request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

3. The reported price in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $58.51 to $58.61 per share. The holder undertakes to provide to the issuer, any security holder of the issuer, or the staff of the Securities and Exchange Commission, upon written request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

Remarks:

	/s/ Craig L. Rosenthal, Attorney in Fact	06/30/2025
	** 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.

FAQ

When is Nuveen New York Municipal Value Fund's 2025 annual meeting?

The virtual meeting is scheduled for 14 August 2025 at 2:00 p.m. Central Time.

What is the record date for voting eligibility?

Shareholders of record as of 20 June 2025 may vote at the meeting.

What matters are shareholders of NNY voting on?

NNY investors will vote to elect four Class I independent Board Members; no other material proposals are on the ballot.

How can I attend and vote electronically?

Log on to www.meetnow.global/MNRRJJC with the control number from your proxy card; you may also vote by mail, phone or internet prior to the meeting.

Did director compensation change?

Yes. Effective 1 January 2025, committee retainers increased (e.g., Audit Committee from $30k to $35k), while the base $350k retainer remained unchanged.

Are there any changes to NNY’s investment policies or distribution rate?

No. The proxy contains no proposals affecting investment strategy, leverage, distributions or advisory contracts.