SCHEDULE 13D/A: Bank of America Updates Beneficial Ownership in Nuveen Municipal Credit Opportunities Fund Preferred Shares
Schedule 13D/A Amendment
Bank of America Corporation and Banc of America Preferred Funding Corporation have filed an amendment to their Schedule 13D, updating their beneficial ownership in Nuveen Municipal Credit Opportunities Fund to 50.7% due to a decrease in the issuer's outstanding preferred shares.
Summary
- This document is Amendment No. 4 to the Schedule 13D filed by Bank of America Corporation (BAC) and Banc of America Preferred Funding Corporation (BAPFC), collectively referred to as the "Reporting Persons."
- The primary purpose of this amendment is to report a change in the percentage of MUNIFUND PREFERRED SHARES beneficially owned by the Reporting Persons in Nuveen Municipal Credit Opportunities Fund (the "Issuer").
- The change in percentage is solely attributed to a decrease in the Issuer's outstanding preferred shares, which were reported by the Issuer to be 4,040 shares as of May 2, 2025.
- The Reporting Persons continue to beneficially own 2,050 shares, which now represents 50.7% of the class due to the reduced total outstanding shares.
- The filing also includes updated exhibits, such as a Joint Filing Agreement, a new Power of Attorney, and revised Schedules I and II detailing the executive officers and directors of the Reporting Persons.
Sentiment
Score: 5
Explanation: The document is an administrative filing updating beneficial ownership information. It contains factual data and no discernible positive or negative sentiment regarding the company's performance or outlook.
Risks
- Bank of America Corporation and certain of its affiliates, including BofA Securities, Inc. and Bank of America, N.A., have been involved in a number of civil proceedings and regulatory actions concerning their business conduct.
- Some of these proceedings have resulted in findings of violations of federal or state securities laws, as reported and summarized in BofA Securities Form BD.
Future Outlook
This administrative filing does not contain forward-looking statements or guidance regarding the company's future performance or strategic direction.
Industry Context
This filing is an administrative update regarding beneficial ownership in a specific fund, primarily driven by a change in the fund's outstanding shares. It does not provide broader insights into industry trends or the competitive landscape.
Corporate Governance
| Change Type | Description | Effective Date | Impact Assessment |
|---|---|---|---|
| Power of Attorney Update | Bank of America Corporation executed a new Limited Power of Attorney on May 7, 2024, revoking a previous one from May 11, 2023. Banc of America Preferred Funding Corporation executed a Limited Power of Attorney on November 20, 2024. These grants designate specific individuals as attorneys-in-fact for Section 13 and Section 16 filings. | 2024-05-07 | Streamlines regulatory reporting processes by designating authorized attorneys-in-fact for SEC filings related to large shareholder and short position reporting requirements. |
Legal Proceedings
- Bank of America Corporation and certain affiliates (including BofA Securities, Inc. and Bank of America, N.A.) have been involved in civil proceedings and regulatory actions related to their business conduct.
- Some of these proceedings have resulted in findings of violations of federal or state securities laws, as reported and summarized in BofA Securities Form BD.
Stakeholder Impact
- Shareholders (of Nuveen Municipal Credit Opportunities Fund): The change in beneficial ownership percentage reflects a shift in the ownership structure of the preferred shares, primarily due to a reduction in the total outstanding shares, which could impact liquidity or control dynamics for other preferred shareholders.
- Shareholders (of Bank of America Corporation): This administrative filing has minimal direct impact on BAC shareholders, as it concerns a specific investment disclosure rather than core operational or financial performance.
Key Dates
| Date | Description |
|---|---|
| 2019-12-26 | Date of the original Schedule 13D statement. |
| 2019-12-31 | Date the original Schedule 13D was filed with the SEC. |
| 2023-05-11 | Date of the Limited Power of Attorney previously executed by Bank of America Corporation, which is now revoked. |
| 2024-05-07 | Date of the new Limited Power of Attorney executed by Bank of America Corporation. |
| 2024-11-20 | Date of the Limited Power of Attorney executed by Banc of America Preferred Funding Corporation. |
| 2025-05-02 | Date of event which requires filing of this statement; Issuer reported outstanding preferred shares decreased to 4,040. |
| 2025-05-06 | Date of execution and effectiveness of the Joint Filing Agreement and the filing date of this Amendment No. 4. |
Keywords
Schedule 13D/A, Beneficial Ownership, Nuveen Municipal Credit Opportunities Fund, Bank of America Corporation, Banc of America Preferred Funding Corporation, MUNIFUND PREFERRED SHARES, SEC Filing, Ownership Disclosure, Preferred Shares, Corporate Governance
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