Form 4: Bank of America Corp, BofA Securities, and Merrill Lynch Report Changes in Beneficial Ownership of Nuveen Municipal Credit Opportunities Fund
SEC Form 4 Filing
Bank of America Corporation, along with its subsidiaries BofA Securities and Merrill Lynch, have reported multiple transactions involving the Nuveen Municipal Credit Opportunities Fund, indicating changes in their beneficial ownership.
Summary
- Bank of America Corporation, BofA Securities, Inc., and Merrill Lynch, Pierce, Fenner & Smith Incorporated jointly filed a report detailing changes in their beneficial ownership of Nuveen Municipal Credit Opportunities Fund common stock.
- The report includes a series of transactions, including both purchases and sales, occurring between March 6, 2020, and January 28, 2022, with additional transactions in 2023.
- The transactions involve varying quantities of shares at different prices, with the reporting entities disclaiming beneficial ownership except for their pecuniary interest.
- The reporting persons have stated that they are not acting as a group for the purpose of acquiring, holding, or disposing of securities of the Issuer.
- Any potential profits recoverable by the issuer from these transactions will be remitted to the issuer.
Sentiment
Score: 5
Explanation: The document is a routine filing of transactions, with no clear positive or negative sentiment. The numerous transactions suggest active portfolio management, but the disclaimers of beneficial ownership limit the positive implications.
Risks
- The reporting persons have disclaimed beneficial ownership, except for their pecuniary interest, which could indicate a lack of long-term commitment to the fund.
- The numerous transactions, both purchases and sales, could indicate a lack of conviction in the fund's performance.
Management Comments
- Each Reporting Person disclaims beneficial ownership of the securities reported herein except to the extent of its pecuniary interest therein.
- The reporting persons declare that they are not acting as a group for the purpose of acquiring, holding, or disposing of securities of the Issuer.
- The amount of profit potentially recoverable by the Issuer from the reported transactions will be remitted to the Issuer.
Industry Context
This filing is a routine disclosure of changes in beneficial ownership, which is common for large financial institutions that manage significant investment portfolios. The transactions reflect the ongoing trading activity of these institutions and their adjustments to market conditions and investment strategies.
Comparison to Industry Standards
- The reporting of beneficial ownership changes is a standard practice for entities holding more than 5% of a company's stock, as mandated by the SEC.
- Similar filings are regularly made by other large financial institutions such as BlackRock, Vanguard, and State Street, when their holdings in various companies change.
- The volume and frequency of transactions reported by Bank of America and its subsidiaries are not unusual for large institutional investors actively managing their portfolios.
- The prices at which the transactions occurred are within the typical range for the Nuveen Municipal Credit Opportunities Fund during the reported periods.
Stakeholder Impact
- The transactions may have a minor impact on the fund's share price, depending on the overall market conditions and investor sentiment.
- The reporting of these transactions provides transparency to shareholders regarding the trading activity of major institutional investors.
Key Dates
| Date | Description |
|---|---|
| 03/06/2020 | Earliest transaction date reported. |
| 09/29/2020 | Multiple purchases of common stock. |
| 09/30/2020 | Sales of common stock. |
| 10/06/2020 | Purchases of common stock. |
| 05/27/2021 | Purchases of common stock. |
| 05/28/2021 | Sales of common stock. |
| 06/04/2021 | Sale of common stock. |
| 07/12/2021 | Multiple purchases of common stock. |
| 07/13/2021 | Multiple purchases of common stock. |
| 07/14/2021 | Multiple purchases of common stock. |
| 07/15/2021 | Multiple purchases of common stock. |
| 07/16/2021 | Multiple sales of common stock. |
| 07/19/2021 | Multiple sales of common stock. |
| 07/20/2021 | Multiple sales of common stock. |
| 07/21/2021 | Multiple purchases of common stock. |
| 07/22/2021 | Multiple purchases of common stock. |
| 07/23/2021 | Multiple purchases of common stock. |
| 07/27/2021 | Multiple purchases of common stock. |
| 07/28/2021 | Multiple purchases of common stock. |
| 07/29/2021 | Multiple purchases of common stock. |
| 10/18/2021 | Purchase of common stock. |
| 10/19/2021 | Purchase of common stock. |
| 10/21/2021 | Sale of common stock. |
| 10/22/2021 | Sales of common stock. |
| 12/07/2021 | Multiple purchases and sales of common stock. |
| 01/14/2022 | Multiple sales of common stock. |
| 01/18/2022 | Multiple sales of common stock. |
| 01/20/2022 | Multiple purchases of common stock. |
| 01/21/2022 | Purchase of common stock. |
| 01/25/2022 | Multiple sales of common stock. |
| 01/26/2022 | Multiple sales of common stock. |
| 01/27/2022 | Multiple sales of common stock. |
| 01/28/2022 | Multiple sales of common stock. |
| 02/01/2022 | Multiple sales of common stock. |
| 04/21/2022 | Purchase and sale of common stock. |
| 04/25/2022 | Purchase and sale of common stock. |
| 04/28/2022 | Purchase of common stock. |
| 05/03/2022 | Multiple sales of common stock. |
| 11/07/2022 | Purchase of common stock. |
| 11/09/2022 | Multiple sales of common stock. |
| 12/19/2022 | Sale of common stock. |
| 12/22/2022 | Multiple sales and purchases of common stock. |
| 02/06/2023 | Purchase of common stock. |
| 02/14/2023 | Sale of common stock. |
| 02/24/2023 | Purchase and sale of common stock. |
| 05/03/2023 | Sale of common stock. |
| 05/18/2023 | Purchase of common stock. |
| 06/05/2023 | Multiple purchases and sales of common stock. |
| 09/20/2023 | Sale and purchase of common stock. |
| 09/22/2023 | Multiple purchases and sales of common stock. |
| 12/13/2024 | Date of the Joint Filing Agreement. |
Keywords
beneficial ownership, Nuveen Municipal Credit Opportunities Fund, common stock, transactions, Bank of America, BofA Securities, Merrill Lynch, SEC Form 4, share trading
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