NMZ NUVEEN MUNICIPAL HIGH INCOME OPPORTUNITY FUND Insider Trading

VP Siffermann buys 100 NMZ shares at $10.48; prior buys underperformed 90-day avg -4.2%

William A Siffermann, Vice President, purchased 100 shares of NUVEEN MUNICIPAL HIGH INCOME OPPORTUNITY FUND (NMZ) at $10.48 on 2026-03-05, bringing his holdings to 913 shares. The transaction represents a 12.3% increase relative to pre-transaction holdings of 813 shares. Siffermann's cross-ticker open-market buy track record shows 7 prior purchases with an average 90-day return of -4.2% and a 0.00% win rate, indicating that his recent buys have not outperformed. His single prior purchase of NMZ on 2025-03-21 also underperformed, returning -7.6% over 90 days, with 0 of 1 prior NMZ buys achieving positive 90-day returns. The current price of $10.58 sits 6.2% below the 52-week high, providing limited margin-of-safety context for the transaction timing or conviction signal.

BofA (10% owner) bought 1,000 shares at $10.32 and sold 1,000 shares at $10.54 same-day at NMZ, netting $220.90

Bank of America, as a 10% owner of Nuveen Municipal High Income Opportunity Fund, executed a same-day round-trip transaction: 1 purchase totaling 1,000 shares for $10,319.10 and 1 sale totaling 1,000 shares for $10,540.00. The $220.90 gain from the bid-ask spread is modest relative to the position size and does not suggest conviction-driven trading. The post-transaction holding is 0 shares, indicating this was a liquidity or technical adjustment rather than a strategic accumulation or exit. At the 52-week range of $9.75–$11.29, the execution occurred mid-range, with current price at $10.19 down 9.7% from the high. The insider's same-ticker history shows mixed near-term outcomes at NMZ, and the cross-ticker track record shows prior sells were well-timed 100% of the time over 90 days, though this particular same-day pair trade appears disconnected from forward directional positioning.

BofA (10% owner) at NMZ: bought 6,440 shares at $10.56, sold 6,440 shares at $10.64 same day; $483 gain

Bank of America executed two offsetting transactions in Nuveen Municipal High Income Opportunity Fund (NMZ) on 2025-10-10: a purchase of 6,440 shares at $10.56 and a sale of the same 6,440 shares at $10.64, capturing a $483 gain on the day and exiting to zero shares post-transaction. The tight execution with minimal hold period and current price at $10.69 (just $0.05 above the sale price) suggests a tactical spread trade rather than a conviction-driven directional move. Bank of America's cross-ticker track record shows 8 prior sales with average 30-day returns of +1.5%, but this transaction's same-day offset structure and elimination of holdings prevent application of typical hold-period timing analysis. The transaction is routine in scale relative to the 10% beneficial ownership position and does not signal material sentiment change given the immediate neutral outcome.

10% Owner executed offsetting buy-sell at $10.62 on same day (190 shares, $2,017.80 each), liquidating position to 0

This Form 4 shows Bank of America Corp /DE/ engaged in two offsetting transactions at Nuveen Municipal High Income Opportunity Fund (NMZ) on 2025-10-09: buying 190 shares at $10.62 for $2,017.80 and selling 190 shares at $10.62 for $2,017.80 on the same day, which resulted in a final holding of 0 shares. The matching price and simultaneous execution suggest a neutral rebalancing event rather than a directional signal. Bank of America's cross-ticker track record shows mixed timing outcomes (12 prior buys averaging +2.9% 30-day return versus 8 prior sells averaging +1.5% 30-day return), but at the NMZ ticker specifically, all 4 prior trades remain unmeasured in their 90-day performance outcomes. The current price of $10.65 is -8.4% from the 52-week high but +1.4% over the past 30 days and +2.8% over 90 days, providing limited context for assessing the significance of exiting this position.

Bank of America (10% owner) bought 10,784 shares at $10.64 and sold 10,784 at $10.56, clearing position with $916.64 net loss.

Bank of America as a 10% shareholder executed two offsetting transactions in NMZ on the same day, purchasing 10,784 shares at $10.64 for $114,795.68 and immediately selling the same quantity at $10.56 for $113,879.04, resulting in a net loss of $916.64. The buy and sell prices differ by only $0.08 per share, and the post-transaction holdings are zero, indicating this was a matched pair of trades. The current price of $10.62 sits between the transaction prices, and the stock is +6.2% over 30 days and +4.1% over 90 days. Bank of America's cross-ticker track record shows 16 prior buys with a 0.00% win rate over 90 days (average return -1.2%), though this particular filing's zero-position outcome limits ability to assess this as a discretionary conviction trade. The mechanical nature of the offsetting positions and near-zero net result suggest operational necessity or index rebalancing rather than a directional market signal.

VP Siffermann buys 300 NMZ shares at $11.08; holds 609 post-transaction (+96.8% increase)

Siffermann purchased 300 shares of the municipal bond fund at $11.08 on 2025-03-21, nearly doubling his prior holding of 309 shares to 609 shares. The transaction value was $3,322.50—a modest absolute dollar commitment. The current price of $11.09 is nearly flat to the purchase price and sits -6.2% from the 52-week high of $11.82, placing the buy near recent lows but not at an extreme discount. Across his open-market history on all tickers, Siffermann's track record shows 2 prior buys with a 90-day win rate of 0.00% and an average 90-day return of -1.1%, indicating his prior buy timing has not translated to near-term gains. This buy represents a measurable increase in position size but modest in capital terms and occurs against a backdrop of limited prior success with discretionary purchase timing.

Bank of America (10% owner) sells 6 NMZ shares for $65.66, exits position to 0 shares

Bank of America completed a complete exit of its position in Nuveen Municipal High Income Opportunity Fund through 2 separate transactions on 2025-01-15: buying 6 shares for $64.74 and immediately selling 6 shares for $65.66. The transactions occurred at prices ($10.79 buy, $10.94–$10.96 sell) within the 52-week range of $9.60–$11.82, with the stock currently at $10.96 and down 4.8% over 90 days. Bank of America's cross-ticker track record shows only 2 prior buys against 18 prior sells, indicating a consistent pattern of net selling activity. The filing records a complete liquidation with zero shares remaining post-transaction.

Bank of America (10% owner) accumulated 5,050 shares net across 18 separate trades 2014–2016

This filing aggregates 18 transactions spanning from 2014 through 2016, representing 12 purchases totaling 13,187 shares for $181,183.14 and 18 sales totaling 8,137 shares for $112,255.94, resulting in a net position of 5,050 shares post-transaction. The transaction activity exhibits a pattern of small paired buys and sells separated by days or months (e.g., 2,500 shares bought at $13.38 on 2014-06-10, then paired with minimal variation in price over short intervals; 1,340 shares bought at $14.60 on 2016-06-17 and sold at $14.56 on 2016-06-20). The current price of $11.34 is 4.1% below the 52-week high and trading at levels below transaction prices recorded during 2014–2015, suggesting the accumulated shares are now underwater. The cross-ticker track record shows 12 prior buys and 8 prior sells with 0 of 0 prior trades well-timed at the 90-day mark, providing no evidence of predictive accuracy. Without forward guidance or material announcements tied to these transactions, the routine nature of the mixed buy-sell pattern and the modest position size limit investor significance.

BofA 10% owner buys and sells 75 shares at $11.54 in same-day offsetting transactions.

Bank of America Corp /DE/, a 10% owner of Nuveen Municipal High Income Opportunity Fund (NMZ), executed two offsetting transactions on 2024-12-03: bought 75 shares at $11.54 ($865.88) and sold 75 shares at $11.54 ($865.54), leaving zero net position. The near-identical purchase and sale prices and simultaneous execution suggest these transactions offset each other mechanically rather than reflecting a directional view. The post-transaction holding is zero shares, and the current price of $11.57 is -2.1% from the 52-week high, providing no material context shift. This activity follows a track record of 13 prior buys and 7 prior sells across all tickers, but the flat position change and negligible dollar variance ($0.34 difference) signal routine operational activity rather than a material expression of conviction or concern.