Form 4: BofA, Merrill Lynch Report Nuveen Fund Trades

Bank of America Corporation and Merrill Lynch, Pierce, Fenner & Smith Inc. reported transactions in Nuveen Municipal Credit Opportunities Fund common stock.

Summary

• Bank of America Corporation and Merrill Lynch, Pierce, Fenner & Smith Inc. (Reporting Persons) jointly filed this Form 4.
• The Reporting Persons are identified as 10% owners of Nuveen Municipal Credit Opportunities Fund (NMCO).
• On December 29, 2025, 1,500 shares of common stock were acquired at $10.195 per share.
• On the same date, 1,500 shares of common stock were disposed of at $10.21 per share.
• Following these transactions, the beneficial ownership of the Reporting Persons is 0 shares, held indirectly.
• Bank of America Corporation holds an indirect interest through its 100% ownership of Merrill Lynch.

Sentiment

Score: 5

Explanation: The filing is a standard Form 4 reporting insider transactions, which are generally neutral unless they indicate a significant shift in insider sentiment or a large-scale divestment/investment. The reported transactions represent a complete exit from a specific position, but the context does not suggest a negative outlook on the issuer.

Positives

• The disposition price ($10.21) was slightly higher than the acquisition price ($10.195) for the specific trade.

Negatives

• The net beneficial ownership after the reported transactions is 0 shares, indicating a complete exit from the reported position.

Risks

• Reporting Persons disclaim beneficial ownership except for pecuniary interest and state they are not acting as a group, which could be a legal risk mitigation strategy.
• The filing includes a disclaimer regarding potential short-swing profit recovery under Section 16(b) of the Exchange Act, stating any recoverable profit would be remitted to the Issuer, indicating a potential legal liability.

Future Outlook

Not applicable as this filing reports past transactions and does not provide forward-looking statements or guidance.

Management Comments

• Each Reporting Person disclaims beneficial ownership of the securities reported herein except to the extent of its pecuniary interest therein, if any.
• Each Reporting Person declares that neither the filing of this statement nor anything herein shall be construed as an admission that such person is... acting... as a partnership, limited 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... will be remitted to the Issuer.

Industry Context

This Form 4 filing is a routine disclosure required by the SEC for insiders (officers, directors, or 10% owners) reporting changes in their beneficial ownership of a company's securities. It provides transparency into insider trading activities, which can sometimes signal management's confidence or concerns about the company's future. In this case, the transactions by Bank of America and Merrill Lynch, significant financial institutions, are part of their portfolio management activities related to Nuveen Municipal Credit Opportunities Fund.

Comparison to Industry Standards

• Not applicable as this filing reports specific insider transactions rather than operational or financial results that would be benchmarked against industry peers.

Corporate Governance

Legal Proceedings

• The filing references potential short-swing profit recovery under Section 16(b) of the Exchange Act, stating that any recoverable profit from the reported transactions would be remitted to the Issuer. This acknowledges a potential legal liability if the Reporting Persons were deemed greater than 10% beneficial owners and the transactions were subject to Section 16(b).

Related Party Transactions

• The transactions involve Bank of America Corporation and its wholly-owned subsidiary, Merrill Lynch, Pierce, Fenner & Smith Inc., acting as Reporting Persons for Nuveen Municipal Credit Opportunities Fund. While not explicitly labeled as 'related party transactions' in the context of the issuer, the relationship between the reporting entities is disclosed.

Stakeholder Impact

• Shareholders: Provides transparency regarding transactions by significant owners, which can inform investment decisions. The net zero beneficial ownership after the transactions might be noted by shareholders.
• Regulatory Authorities: Ensures compliance with Section 16(a) of the Securities Exchange Act of 1934, promoting market transparency.

Next Steps

• No specific future actions or milestones are mentioned in this Form 4 filing.

Key Dates

Keywords

Nuveen Municipal Credit Opportunities Fund, NMCO, Bank of America, Merrill Lynch, Form 4, Insider Trading, Beneficial Ownership, Equity Transaction, 10% Owner