Nuveen Municipal Credit: 990 preferred shares transferred

Q: How much did JPMorgan Chase Bank pay for the NMCO Class A Certificate?

JPMorgan Chase Bank acquired the Class A Certificate for $74,250,000, equal to its par amount.

The 990 shares were reported as indirectly beneficially owned after JPMorgan Chase Bank, N.A. acquired a Class A Certificate for $74,250,000.

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Rhea-AI Filing Summary

Nuveen Municipal Credit Opportunities Fund (NMCO) reported a 990-share transfer and corresponding indirect ownership acquisition by JPMorgan Chase Bank, N.A., a ten percent owner. On October 1, 2026, JPMorgan Chase Bank transferred 990 Series C MuniFund Preferred Shares it beneficially owned directly to the National Finance Authority in exchange for an amount equal to the shares’ liquidation preference component of the purchase price, $98,943,550.24, plus $0 in accrued dividends. The National Finance Authority placed the shares in a trust arrangement that issued National Finance Authority Certificates Series 2026-PS2. JPMorgan Chase Bank acquired a Class A Certificate issued by the National Finance Authority for $74,250,000, its par amount, and thereby held an indirect beneficial ownership interest in the 990 shares.

Insider Trade Summary

Other: 1,980 shares

Other 2 txns

Insider JPMorgan Chase Bank, N.A.

Role 10% Owner

Type	Security	Shares	Price	Value
Other	Series C MuniFund Preferred Shares ^F1	990	--	--
Other	Series C MuniFund Preferred Shares ^{F1, F2}	990	--	--

Holdings After Transaction: Series C MuniFund Preferred Shares — 0 shares (Direct); Series C MuniFund Preferred Shares — 990 shares (Indirect, By Trust)

Footnotes (2)

F1. The 990 Series C MuniFund Preferred Shares (the "MFP Shares") shown as disposed of in Table I represent MFP Shares of the Issuer that, prior to the transaction date specified above, were beneficially owned directly by JPMorgan Chase Bank, National Association ("JPMCB"). On the transaction date specified above, JPMCB transferred such MFP Shares to the National Finance Authority ("NFA") in exchange for an amount equal to the liquidation preference component of the purchase price thereof of $98,943,550.24 plus accrued dividends of $0. The NFA then deposited the MFP Shares into a trust arrangement (the "Trust") which issued National Finance Authority Certificates Series 2026-PS2, which represent an indirect beneficial ownership interest in the MFP Shares.
F2. On the transaction date specified above, JPMCB acquired the National Finance Authority Certificates Series 2026-PS2 Class A Certificate (the "Class A Certificate") issued by the NFA for a price equal to the par amount of such Class A Certificate, $74,250,000. The MFP Shares reported as acquired in Table I represent MFP Shares that, through the contractual rights under the Trust arrangement documentation, JPMCB, by way of its ownership of the Class A Certificate has an indirect beneficial ownership interest.

Key Figures

Preferred shares transferred: 990 shares Indirect beneficial ownership: 990 shares Liquidation preference component: $98,943,550.24 +2 more

5 metrics

Preferred shares transferred 990 shares Directly owned shares transferred on October 1, 2026

Indirect beneficial ownership 990 shares Shares reported as indirectly beneficially owned after the October 1, 2026 transaction

Liquidation preference component $98,943,550.24 Amount equal to the liquidation preference component of the purchase price for the transferred shares

Accrued dividends $0 Accrued dividends on the October 1, 2026 transfer

Class A Certificate par amount $74,250,000 Price paid by JPMorgan Chase Bank, N.A. for the certificate

Key Terms

liquidation preference, accrued dividends, indirect beneficial ownership interest, Class A Certificate

4 terms

liquidation preference financial

"liquidation preference component of the purchase price"

A liquidation preference is a rule that determines who gets paid first and how much they receive when a company is sold, goes bankrupt, or distributes its assets. It gives certain investors a priority claim—often returning their original investment plus any agreed multiple—before other owners receive money, which shapes how much common shareholders and founders ultimately get; think of it as a front-of-the-line pass that affects payout order and investor returns.

accrued dividends financial

"plus accrued dividends of $0"

Accrued dividends are payments a company owes to shareholders that have been earned or officially declared but not yet paid; think of them as an IOU the company has for past dividend obligations. They matter to investors because they represent a near-term claim on a company’s cash, affect the company’s reported liabilities and value, and can be especially important when assessing income reliability or priority in a payout situation.

indirect beneficial ownership interest financial

"indirect beneficial ownership interest in the MFP Shares"

Class A Certificate financial

"National Finance Authority Certificates Series 2026-PS2 Class A Certificate"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What happened to NMCO's 990 Series C MuniFund Preferred Shares?

On October 1, 2026, JPMorgan Chase Bank, N.A. transferred 990 shares it beneficially owned directly to the National Finance Authority, then held an indirect beneficial ownership interest in the same 990 shares through contractual rights connected to a Class A Certificate and trust arrangement.

How much did JPMorgan Chase Bank pay for the NMCO Class A Certificate?

JPMorgan Chase Bank acquired the Class A Certificate for $74,250,000, equal to its par amount.

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

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Available on EDGAR 10/05/2026 - 09:24 AM Accepted by SEC EDGAR 10/05/2026 - 09:23 AM

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^*

JPMorgan Chase Bank, N.A.

(Last)

(First)

(Middle)

1111 POLARIS PARKWAY

(Street)

COLUMBUS

OHIO

43240

(City)

(State)

(Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
Nuveen Municipal Credit Opportunities Fund [ NMCO ]

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)
10/01/2026

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

X	Form filed by One Reporting Person
	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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Series C MuniFund Preferred Shares	10/01/2026		J⁽¹⁾		990	D⁽¹⁾	⁽¹⁾	0	D
Series C MuniFund Preferred Shares	10/01/2026		J⁽¹⁾⁽²⁾		990⁽²⁾	A⁽²⁾	⁽²⁾	990	I	By Trust⁽¹⁾⁽²⁾

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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

Explanation of Responses:

1. The 990 Series C MuniFund Preferred Shares (the "MFP Shares") shown as disposed of in Table I represent MFP Shares of the Issuer that, prior to the transaction date specified above, were beneficially owned directly by JPMorgan Chase Bank, National Association ("JPMCB"). On the transaction date specified above, JPMCB transferred such MFP Shares to the National Finance Authority ("NFA") in exchange for an amount equal to the liquidation preference component of the purchase price thereof of $98,943,550.24 plus accrued dividends of $0. The NFA then deposited the MFP Shares into a trust arrangement (the "Trust") which issued National Finance Authority Certificates Series 2026-PS2, which represent an indirect beneficial ownership interest in the MFP Shares.

2. On the transaction date specified above, JPMCB acquired the National Finance Authority Certificates Series 2026-PS2 Class A Certificate (the "Class A Certificate") issued by the NFA for a price equal to the par amount of such Class A Certificate, $74,250,000. The MFP Shares reported as acquired in Table I represent MFP Shares that, through the contractual rights under the Trust arrangement documentation, JPMCB, by way of its ownership of the Class A Certificate has an indirect beneficial ownership interest.

	JPMORGAN CHASE BANK, NATIONAL ASSOCIATION, by: /s/ Adrian Budischak, Authorized Signatory	10/05/2026
	** 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)

Source: View Original Filing on SEC EDGAR