MUNEX BlackRock Municipal Credit Alpha Portfolio, Inc. Insider Trading

Bank of America, as 10% owner of MUNEX, purchases modest share tranche in municipal credit fund.

Bank of America's purchase of shares in BlackRock Municipal Credit Alpha Portfolio reflects routine portfolio management activity by an institutional holder, not insider conviction about company prospects. As a 10% beneficial owner rather than an officer or director, BofA's trading decisions are driven by fund allocation and rebalancing priorities, not knowledge of operational matters. The modest transaction size relative to BofA's asset base further indicates this is a standard portfolio adjustment rather than a significant capital commitment. Municipal credit funds like MUNEX operate in a mature market where institutional holders regularly adjust positions based on yield curves, liquidity needs, and asset-liability management—not because they expect dramatic operational improvements. This filing carries no special insight into management quality, competitive positioning, or near-term catalysts.

BankofAmerica, 10% owner, transacted 1 share each (buy $12.55, sell $12.54) on 2025-11-07, now holds 0 shares

Bank of America Corp /DE/, as a 10% owner, executed 2 separate offsetting transactions—1 purchase at $12.55 and 1 sale at $12.54—on the same day at MUNEX, resulting in a net position of 0 shares. The minimal scale (1 share per transaction) and near-identical pricing suggest routine balancing or technical portfolio activity rather than a material conviction signal. The insider's cross-ticker track record shows 12 prior buys averaging +1.4% 30-day returns and 8 prior sells averaging +0.6% 30-day returns; however, at this specific ticker, prior outcomes remain unmeasurable due to recency of trades (October and September 2025). The negligible transaction size and immediate sale offset leave no meaningful directional message for investors monitoring this position.

BankAmerica (10% owner) bought 1 share of MUNEX at $12.48 on 2025-10-13

Bank of America Corporation, as a 10% owner, purchased 1 share of BlackRock Municipal Credit Alpha Portfolio, Inc. at $12.48 on October 13, 2025, bringing holdings from 0 to 1 share. This is a minimal transaction with negligible position size. Bank of America's cross-ticker track record shows 12 prior buys averaging +3.7% 30-day returns and 8 prior sells averaging +3.2% 30-day returns, but the timing pattern shows 0 of 0 prior trades were well-timed at the 90-day mark. At this specific ticker (MUNEX), Bank of America had 2 prior trades on 2025-09-25 (one buy and one sell), but outcomes are not yet measurable.

BofA (10% owner) sells 4,780 shares of MUNEX at $12.68, matched by simultaneous buy at $12.64; ends holding zero shares.

Bank of America executed 2 offsetting transactions in MUNEX on 2025-09-25, purchasing 4,780 shares at $12.64 for $60,419.20 and immediately selling the same 4,780 shares at $12.68 for $60,610.40, realizing a $191.20 gain. The net effect is complete exit of the position, reducing holdings from some level to zero shares post-transaction. Across BofA's cross-ticker insider trade history, the prior 6 sales averaged a 30-day return of -0.4%, and the 14 prior buys showed a 90-day win rate of 0.00% with a 90-day average return of -1.1%, indicating a historically weak record of timing. This simultaneous buy-sell pattern at a narrow spread may reflect operational mechanics rather than a discretionary conviction signal.

BankAmerica (10% owner) net bought 1,828 shares of MUI across 7 purchases totaling 6.2K shares for $74.3K vs 23 sales totaling 4.3K shares for $52.2K in April–July 2022.

BANK OF AMERICA CORP executed a series of 30 separate transactions in BLACKROCK MUNICIPAL INCOME FUND, INC. (MUI) over a three-month window, with 7 purchases totaling 6,159 shares for $74,303.14 and 23 sales totaling 4,331 shares for $52,185.50, resulting in a net long position of 1,828 shares at the filing date. The transactions occurred at prices ranging from $11.47 to $12.32, and the stock currently trades at $12.71, near its 52-week high of $12.77. The activity lacks a clear momentum signal: multiple buy-sell cycles within 1–3 days (April 26–29, June 16–17) suggest operational rebalancing or tactical execution rather than directional conviction. The cross-ticker track record of 12 prior buys and 8 prior sells provides no concentration bias toward accumulation at this security specifically.