Bank of America, Merrill Lynch trade NMZ (NYSE: NMZ) shares both ways

Rhea-AI Filing Summary

Nuveen Municipal High Income Opportunity Fund common stock saw offsetting indirect trades on August 4, 2026 by reporting persons Bank of America Corporation and its wholly owned subsidiary Merrill Lynch, Pierce, Fenner & Smith Incorporated.

Merrill Lynch executed three 1-share purchases at per-share prices between $10.1750 and $10.1887 and three 1-share sales between $10.2301 and $10.3237. The reporting persons disclaim beneficial ownership except to any pecuniary interest and do not concede greater-than-10% beneficial owner or group status; any profit potentially recoverable under Section 16(b) will be remitted to the fund.

Insider Trade Summary

6 transactions reported

Mixed 6 txns

Insider BANK OF AMERICA CORP /DE/, MERRILL LYNCH, PIERCE, FENNER & SMITH INC.

Role 10% Owner | 10% Owner

Bought 3 shs ($30.55)

Sold 3 shs ($30.80)

Type	Security	Shares	Price	Value
Purchase	COMMON STOCK F1, F2, F3	1	$10.1887	$10.19
Purchase	COMMON STOCK F1, F2, F3	1	$10.185	$10.19
Purchase	COMMON STOCK F1, F2, F3	1	$10.175	$10.18
Sale	COMMON STOCK F1, F2, F3	1	$10.2412	$10.24
Sale	COMMON STOCK F1, F2, F3	1	$10.3237	$10.32
Sale	COMMON STOCK F1, F2, F3	1	$10.2301	$10.23

Holdings After Transaction: COMMON STOCK — 0 shares (Indirect, See Footnotes)

Footnotes (3)

1. F1. 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. F2. 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. F3. 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.

Key Figures

Shares purchased: 3 shares Shares sold: 3 shares Highest purchase price: 10.1887 per share +4 more

7 metrics

Shares purchased 3 shares Indirect open-market purchases of common stock on 2026-08-04

Shares sold 3 shares Indirect open-market sales of common stock on 2026-08-04

Highest purchase price 10.1887 per share One 1-share purchase of NMZ common stock on 2026-08-04

Lowest purchase price 10.1750 per share One 1-share purchase of NMZ common stock on 2026-08-04

Highest sale price 10.3237 per share One 1-share sale of NMZ common stock on 2026-08-04

Lowest sale price 10.2301 per share One 1-share sale of NMZ common stock on 2026-08-04

Transaction date 2026-08-04 Date of all reported NMZ common stock trades

Key Terms

beneficial ownership, pecuniary interest, Section 16(b), short-swing profit, +1 more

5 terms

beneficial ownership regulatory

"Each Reporting Person disclaims beneficial ownership of the securities reported herein"

Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.

pecuniary interest regulatory

"disclaims beneficial ownership of the securities reported herein except to the extent of its pecuniary interest"

Section 16(b) regulatory

"short-swing profit recovery under Section 16(b) of the Exchange Act"

A federal rule that requires company insiders—like officers, directors and large shareholders—to return any profits made from buying and selling the company’s stock within a six-month window. It matters to investors because it discourages short-term trades that could exploit non-public information and helps protect outside shareholders by creating a simple, enforceable way to recover unfair gains, much like a rule stopping someone from flipping a limited-edition item for quick profit after getting early access.

short-swing profit regulatory

"the amount of profit potentially recoverable by the Issuer from the reported transactions"

Short-swing profit is any gain an insider makes from buying and selling (or selling and buying) the same company's stock or options within a six-month window; regulators treat those quick trades as presumptively improper and typically require the profits to be returned. Think of it like flipping a concert ticket for a quick markup — the law prevents insiders with privileged access from keeping those fast gains, which protects ordinary investors and promotes fair markets.

greater than 10% beneficial owner regulatory

"Without conceding its status as a greater than 10% beneficial owner"

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Form 4 Insider Transactions: What Each Field Means →

Available on EDGAR 08/06/2026 - 01:40 PM Accepted by SEC EDGAR 08/06/2026 - 01:39 PM Learn about SEC filing dates

FAQ

What insider transactions in NMZ did Bank of America and Merrill Lynch report?

Bank of America Corporation and Merrill Lynch reported six indirect trades in NMZ on August 4, 2026, consisting of three 1-share purchases and three 1-share sales of common stock, all executed in open-market or private transactions.

How many NMZ shares were bought and sold, and at what prices?

The reporting persons bought 3 shares and sold 3 shares of NMZ. Purchases were at $10.1750–$10.1887 per share, while sales were at $10.2301–$10.3237 per share, all dated August 4, 2026.

How are the NMZ shares held by Bank of America and Merrill Lynch characterized?

The NMZ shares are reported as held indirectly. Bank of America has an indirect interest through its 100% ownership of Merrill Lynch, which executed the trades, and both reporting persons reference this indirect pecuniary interest relationship.

What do the reporting persons say about their greater-than-10% beneficial owner status in NMZ?

Although they file as greater-than-10% owners, the reporting persons explicitly disclaim beneficial ownership of the NMZ securities except to any pecuniary interest and state they do not concede that they are greater-than-10% beneficial owners or members of any group.

What is the short-swing profit commitment related to these NMZ trades?

The reporting persons state that any profit potentially recoverable by the issuer under Section 16(b), if they were deemed greater-than-10% beneficial owners and the trades were covered, will be remitted to Nuveen Municipal High Income Opportunity Fund.

Were these NMZ trades under a Rule 10b5-1 trading plan?

The Rule 10b5-1 checkbox is not marked as affirming a trading plan, and the footnotes do not describe any Rule 10b5-1 arrangement, so the reported NMZ trades are not identified as being made under such a plan.

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).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

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 NORTH CAROLINA 28255

(City) (State) (Zip)

UNITED STATES

(Country)

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)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
08/04/2026

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

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

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

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	08/04/2026		P		1	A	$10.1887	1	I	See Footnotes(1)(2)(3)
COMMON STOCK	08/04/2026		P		1	A	$10.185	2	I	See Footnotes(1)(2)(3)
COMMON STOCK	08/04/2026		P		1	A	$10.175	3	I	See Footnotes(1)(2)(3)
COMMON STOCK	08/04/2026		S		1	D	$10.2412	2	I	See Footnotes(1)(2)(3)
COMMON STOCK	08/04/2026		S		1	D	$10.3237	1	I	See Footnotes(1)(2)(3)
COMMON STOCK	08/04/2026		S		1	D	$10.2301	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 NORTH CAROLINA 28255

(City) (State) (Zip)

UNITED STATES

(Country)

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 NEW YORK 10036

(City) (State) (Zip)

UNITED STATES

(Country)

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 /s/ Christopher Twomey	08/06/2026
	MERRILL LYNCH, PIERCE, FENNER & SMITH INC. By: Its: Authorized Signatory /s/ Christopher Twomey	08/06/2026
	** 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.
* Form 4: SEC 1474 (03-26)