[Form 4] First Merchants Corp Insider Trading Activity

Rhea-AI Filing Summary

On 06/30/2025, Morgan Stanley and its subsidiary Parametric Portfolio Associates LLC filed Amendment No. 2 to Schedule 13G for Western Asset Inflation-Linked Opportunities & Income Fund (WIW). The joint filers report beneficial ownership of 5,224,323 common shares, equal to 8.5 % of the fund’s outstanding shares. Both entities have 0 shares with sole voting or dispositive power; voting authority over 536,173 shares and dispositive authority over the full stake are held on a shared basis. Morgan Stanley is classified as a parent holding company (HC, CO) and Parametric as an investment adviser (IA, CO), indicating the position is distributed across client and affiliate accounts. The filing is made under Rule 13d-1(b), certifying that the stake is passive and not intended to influence control of the issuer.

Positive

• Institutional ownership rises to 8.5 %, signalling confidence from Morgan Stanley and improving WIW’s liquidity profile.

Negative

• Limited voting authority (0.8 % of shares) suggests the new holder is unlikely to advocate for management or policy changes, limiting potential upside from activism.

Insights

Securities Analyst

TL;DR – Passive 8.5 % stake by Morgan Stanley/Parametric; neutral governance impact.

The 13G shows a sizeable but passive holding. Morgan Stanley’s 5.2 M-share position lifts institutional ownership, potentially enhancing WIW’s liquidity and market visibility. However, with no sole voting power and only 0.8 M shares subject to shared voting, influence on fund policy is minimal. Because the filing is under Rule 13d-1(b), no activist intentions are signalled. Overall valuation or distribution policy for WIW is unlikely to change on this disclosure alone.

Closed-End Fund Specialist

TL;DR – Large adviser stake can support secondary-market demand; modestly positive.

Parametric’s involvement as an IA suggests the stake resides in systematic income portfolios, providing a stable shareholder base for WIW. For a leveraged inflation-linked bond fund, an 8.5 % holding by a well-capitalised broker-dealer group can improve trading depth and potentially narrow the fund’s market discount. Absence of control intent limits downside risk of disruptive governance moves. Impact is constructive but not transformative.

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^*

HARDWICK MARK K

(Last) (First) (Middle)

200 E JACKSON STREET

(Street)

MUNCIE IN 47305

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
FIRST MERCHANTS CORP [ FRME ]

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

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

3. Date of Earliest Transaction (Month/Day/Year)
07/07/2025

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	08/03/2025		F		8,473	D	$37.11	97,916.782	D
Common Stock	08/04/2025		A		21,000	A	$37.49	118,916.782(1)	D
Common Stock								16,770.457	I	401(k) Plan

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
Phantom Stock	(2)	07/07/2025		A		0.205		(2)	(2)	Common Stock	0.205	$35.93	3,231.903	D

Explanation of Responses:

1. Includes Restricted Stock Awards totaling 63,328.111 shares.

2. Each share of phantom stock is the economic equivalent of one share of FRME common stock. The shares of phantom stock will be settled in cash or shares of FRME common stock, at the reporting person's election, upon separation from First Merchants.

Remarks:

	Jacob Burkett (Confirming Statement on File)	08/05/2025
	** 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

How many WIW shares does Morgan Stanley now own?

The filing reports 5,224,323 common shares, representing 8.5 % of the fund.

Is Morgan Stanley’s stake in WIW activist or passive?

It is passive; the Schedule 13G was filed under Rule 13d-1(b) with certifications of no control intent.

What voting power does Morgan Stanley have in WIW?

Morgan Stanley/Parametric have 0 sole voting power and shared voting power over 536,173 shares.

When was the reportable event for this WIW Schedule 13G/A?

The ownership position is dated 06/30/2025 and the filing was signed on 08/05/2025.

Why is Parametric Portfolio Associates included in the WIW filing?

Parametric is a subsidiary investment adviser managing the shares; it shares dispositive power over the full 5.2 M-share position.