Form 4: Bank of America Reports Nuveen Fund Share Transactions

Bank of America and Merrill Lynch reported offsetting transactions in Nuveen Municipal Credit Opportunities Fund common stock on December 29, 2025.

Summary

• Bank of America Corporation and its subsidiary Merrill Lynch, Pierce, Fenner & Smith Incorporated jointly filed a Form 4.
• The filing reports transactions in the common stock of Nuveen Municipal Credit Opportunities Fund (NMCO).
• On December 29, 2025, 1,500 shares of common stock were acquired at a price of $10.195 per share.
• On the same date, 1,500 shares of common stock were disposed of at a price of $10.21 per share.
• Following these reported transactions, the beneficial ownership of the reporting persons is 0 shares.
• The reporting persons disclaim beneficial ownership of the securities except to the extent of their pecuniary interest.
• They also disclaim acting as a group for purposes of Section 13(d) of the Exchange Act.
• Any potential short-swing profit recoverable under Section 16(b) of the Exchange Act, if applicable, will be remitted to the Issuer, without conceding that the transactions are subject to this rule.

Sentiment

Score: 5

Explanation: The filing is a routine disclosure of offsetting insider transactions with disclaimers, indicating a neutral impact on the company's sentiment.

Positives

• The reporting persons are transparently disclosing their transactions as required by SEC regulations, demonstrating compliance with reporting obligations.

Risks

• Potential for short-swing profit recovery under Section 16(b) of the Exchange Act if the reporting persons are deemed greater than 10% beneficial owners, despite their explicit disclaimers.

Future Outlook

N/A. This filing reports past transactions and does not provide forward-looking statements or guidance.

Management Comments

• "This statement is jointly filed by Bank of America Corporation and Merrill Lynch, Pierce, Fenner & Smith Incorporated."
• "Each Reporting Person disclaims beneficial ownership of the securities reported herein except to the extent of its pecuniary interest therein, if any."
• "Neither the filing of this statement nor anything herein shall be construed as an admission that such person is acting as a partnership, syndicate, or other group for the purpose of acquiring, holding, or disposing of securities of the Issuer."
• "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."

Industry Context

This Form 4 filing represents a routine disclosure of insider transactions by a major financial institution in a municipal credit fund. Such transactions are common for large diversified financial services firms managing various investment portfolios and typically do not indicate broader industry trends unless they involve significant, directional shifts in holdings.

Corporate Governance

Legal Proceedings

• The filing acknowledges the potential for short-swing profit recovery under Section 16(b) of the Exchange Act, stating that any such profit would be remitted to the Issuer, without conceding that the transactions are subject to this rule.

Related Party Transactions

• The filing details transactions by Merrill Lynch, Pierce, Fenner & Smith Inc., a wholly-owned subsidiary of Bank of America Corporation, indicating an internal relationship between the reporting entities.

Stakeholder Impact

• Shareholders: Minimal direct impact as the transactions are small, offsetting, and routine for a large institutional investor.
• Regulatory Authorities: Provides required transparency regarding insider transactions and beneficial ownership.

Key Dates

Keywords

Nuveen Municipal Credit Opportunities Fund, NMCO, Bank of America, Merrill Lynch, Form 4, Insider Trading, Beneficial Ownership, SEC Filing, Common Stock, Institutional Investor