Nuveen’s municipal closed-end funds report modest results for the year ended October 31, 2025. At net asset value, NVG returned 2.23%, NZF 2.52%, NMZ 2.16%, NMCO 0.28% and NDMO 2.48%, with each fund trailing its stated municipal bond benchmark.
The funds maintained steady monthly distributions, with total 12‑month payouts per common share of $0.9480 for NVG, $0.9540 for NZF, $0.7860 for NMZ, $0.8220 for NMCO and $0.7440 for NDMO, producing market yields between 7.03% and 7.55% and higher taxable‑equivalent yields.
Leverage remains a core tool: effective leverage ranged from 29.66% (NDMO) to 42.24% (NMCO, which held municipal bonds equal to 166.6% of net assets). NVG, NMZ, NMCO and NDMO obtained SEC authorization for common share equity shelf programs, and NMZ, NMCO and NDMO issued new common shares at small premiums to NAV. Open‑market repurchase programs stayed unused during the period. The board also approved a merger of three state‑specific Nuveen municipal funds into NMZ, pending shareholder approval.
Bank of America Corporation and its subsidiary Merrill Lynch, Pierce, Fenner & Smith Incorporated jointly reported same‑day trades in Nuveen Municipal Credit Opportunities Fund common shares. On 12/29/2025, they indirectly purchased 1,500 shares at $10.195 per share and later sold 1,500 shares at $10.21 per share, leaving 0 shares beneficially owned after the transactions.
The reporting persons state that Bank of America’s interest is indirect through its 100% ownership of Merrill Lynch and expressly disclaim beneficial ownership except to any pecuniary interest. They also state that, without conceding greater‑than‑10% beneficial owner status or Section 16 applicability, any profit potentially recoverable by the fund under Exchange Act Section 16(b) from these transactions will be remitted to the issuer.
Nuveen Municipal Credit Opportunities Fund reported an insider stock sale by a board member. On 12/11/2025, the insider sold 250 common shares at $10.69 and another 7,675 common shares at $10.68 in sale transactions coded "S." After these trades, the insider’s directly owned position in the fund’s common stock was reported as 0.0000 shares.
Nuveen Municipal Credit Opportunities Fund (NMCO) reported an insider ownership update. An officer identified as the fund’s VP and Treasurer filed a Form 3 as an individual filer and reported no securities beneficially owned as noted in the remarks.
The event date on the filing is 09/10/2025. This is an initial statement of beneficial ownership and does not reflect any transaction activity or changes in the fund’s capital structure.
Nuveen Municipal Credit Opportunities Fund officer Nathaniel T. Jones reported a purchase of 800 shares of the issuer's common stock on 09/11/2025 at a reported price of $10.82 per share, bringing his total beneficial ownership to 1,800 shares. The Form 4 was signed under power of attorney by Mark L. Winget on 09/12/2025. No derivative transactions or additional amendments are disclosed.