Form 4: Bank of America and Merrill Lynch disclose matching NMZ buy and sell

Rhea-AI Filing Summary

Bank of America Corporation and its subsidiary Merrill Lynch, Pierce, Fenner & Smith Inc. jointly reported transactions in the common stock of Nuveen Municipal High Income Opportunity Fund (NMZ). On 09/17/2025 the report lists a purchase of 10,784 shares at $10.645 and a sale of 10,784 shares at $10.56, with the ownership after the reported purchase shown as 10,784 shares held indirectly. The filing states both Reporting Persons disclaim beneficial ownership except for any pecuniary interest and clarifies that any profit potentially recoverable under Section 16(b) will be remitted to the issuer.

Positive

• Joint disclosure by Bank of America and Merrill Lynch provides transparent reporting of insider transactions
• Remittance commitment explicitly states any Section 16(b) profit will be remitted to the issuer, indicating compliance intent
• Form is signed by authorized signatory for both reporting persons dated 09/19/2025

Negative

• Footnotes referenced for the reported shares are not included in the provided content, leaving details unclear
• The filing disclaims beneficial ownership, which makes the economic interest and control over the reported shares ambiguous

Insights

Securities Analyst

TL;DR Reporting persons disclosed matching buy and sell of 10,784 NMZ shares; indirect ownership and Section 16(b) remittance noted.

The Form 4 is a routine Section 16 disclosure filed jointly by Bank of America Corporation and Merrill Lynch, reflecting a purchase and an equal-sized sale on the same date for 10,784 shares of NMZ. The report documents indirect ownership and includes standard disclaimers that the Reporting Persons do not admit beneficial ownership. It also states any short-swing profit recoverable under Section 16(b) will be remitted to the issuer, indicating compliance intent. The transactions as reported do not include footnote details that could explain timing or purpose.

Corporate Governance Expert

TL;DR Joint filing shows compliance-focused disclosure with indemnifying language and a remittance commitment for any recoverable profits.

The filing includes customary legal language: a disclaimer of group status and beneficial ownership and a declaration that filing should not be construed as admission under Section 13(d). Signatures by an authorized signatory for both entities are dated 09/19/2025. The inclusion of an explicit remittance statement for Section 16(b) suggests awareness of potential short-swing recovery obligations. No further explanatory footnotes were provided in the excerpt to clarify the economic or operational rationale for the paired transactions.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

BANK OF AMERICA CORP /DE/

(Last) (First) (Middle)

BANK OF AMERICA CORPORATE CENTER

100 N TRYON ST

(Street)

CHARLOTTE NC 28255

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
NUVEEN MUNICIPAL HIGH INCOME OPPORTUNITY FUND [ NMZ ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
09/17/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

	Form filed by One Reporting Person
X	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
COMMON STOCK(1)(2)(3)	09/17/2025		P		10,784	A	$10.645	10,784	I	See Footnotes(1)(2)(3)
COMMON STOCK(1)(2)(3)	09/17/2025		S		10,784	D	$10.56	0	I	See Footnotes(1)(2)(3)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

1. Name and Address of Reporting Person^*

BANK OF AMERICA CORP /DE/

(Last) (First) (Middle)

BANK OF AMERICA CORPORATE CENTER

100 N TRYON ST

(Street)

CHARLOTTE NC 28255

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

MERRILL LYNCH, PIERCE, FENNER & SMITH INC.

(Last) (First) (Middle)

ONE BRYANT PARK

(Street)

NEW YORK NY 10036

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

Explanation of Responses:

1. This statement is jointly filed by Bank of America Corporation and Merrill Lynch, Pierce, Fenner & Smith Incorporated ("Merrill Lynch") (collectively, the "Reporting Persons"). Bank of America Corporation holds an indirect interest in the securities listed in this Report by virtue of its 100% ownership of its subsidiary Merrill Lynch. Each Reporting Person disclaims beneficial ownership of the securities reported herein except to the extent of its pecuniary interest therein, if any, and this report shall not be deemed an admission that any such Reporting Person is the beneficial owner of, or has any pecuniary interest in, such securities for purposes of Securities Exchange Act of 1934 (the "Exchange Act"), or for any other purpose.

2. Each Reporting Person declares that neither the filing of this statement nor anything herein shall be construed as an admission that such person is, for the purposes of Section 13(d) of the Exchange Act or any other purpose, (i) acting (or has agreed or is agreeing to act together with any other person) as a partnership, limited partnership, syndicate or other group for the purpose of acquiring, holding or disposing of securities of the Issuer or otherwise with respect to the Issuer or any securities of the Issuer or (ii) a member of any group with respect to the Issuer or any securities of the Issuer.

3. 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.

	BANK OF AMERICA CORP /DE/ By: Its: Authorized Signatory Andres Ortiz	09/19/2025
	MERRIL LYNCH, PIERCE, FENNER & SMITH INC. By: Its: Authorized Signatory Andres Ortiz	09/19/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What transactions in NMZ are reported on this Form 4?

The filing reports a purchase of 10,784 shares at $10.645 and a sale of 10,784 shares at $10.56, both dated 09/17/2025.

Who filed the Form 4 for NMZ?

The Form 4 was jointly filed by Bank of America Corporation and Merrill Lynch, Pierce, Fenner & Smith Inc. with signatures dated 09/19/2025.

Does the filing say the reporting persons beneficially own the NMZ shares?

The filing states each Reporting Person disclaims beneficial ownership except to the extent of any pecuniary interest.

Is there any statement about Section 16(b) short-swing profits?

Yes. The filing states that any amount of profit potentially recoverable under Section 16(b) will be remitted to the issuer.

What relationship do the reporting persons have to the issuer?

The form indicates the Reporting Persons are marked as Director and 10% Owner in the relationship checkboxes.