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Nuveen Municipal Credit Opportunities Fund is the issuer of the MuniFund Preferred Shares reported by JPMorgan Chase Bank, National Association. JPM reports beneficial ownership of 990 MFP Shares, with a stated 24.50% ownership measure for Series C MFP Shares calculated as a percentage of all preferred shares outstanding.
JPM’s interest is indirect through the NFA Trust arrangement and the JPM PD Series 5125 Trust. The National Finance Authority issued a Class A Certificate representing an indirect beneficial ownership interest in the MFP Shares, and JPM deposited that certificate into the JPM PD Series 5125 Trust on October 22, 2026. The trust holds title to the certificate but lacks power to dispose of it, while voting rights on the certificate remain with JPM. The ownership table reports shared voting power over 990 shares and sole dispositive power over 990 shares.
"the “Voting Trust” created pursuant to the Voting Trust Agreement"
A voting trust is an arrangement where shareholders temporarily transfer their voting rights to one or more trusted individuals (trustees) who vote on company matters on their behalf. It matters to investors because it consolidates decision-making power—like handing the car keys to a single driver for a journey—which can stabilize leadership or push through strategic plans but also reduces individual shareholders’ direct influence and can affect the company’s direction and stock value.
Voting Trusteetechnical
"Lord Securities Corporation, as trustee (the “Voting Trustee”)"
beneficial ownership interestfinancial
"an indirect beneficial ownership interest in the MFP Shares"
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How many NMCO MuniFund Preferred Shares does JPM report?
JPM reports beneficial ownership of 990 MFP Shares. The stated 24.50% represents ownership of Series C MFP Shares as a percentage of all preferred shares outstanding.
How are JPM’s NMCO preferred shares held?
JPM describes its interest as indirect, through contractual rights under the NFA Trust arrangement documentation and its interest in the JPM PD Series 5125 Trust. That trust holds title to the Class A Certificate but does not have power to dispose of it.
Who has voting rights over NMCO’s MFP Shares?
JPM and the Voting Trust hold voting rights on the MFP Shares. JPM assigned certain preferred-class voting rights to the Voting Trust; for those matters, the Voting Consultant recommends how to vote or consent, and the Voting Trustee is obligated to follow its recommendations.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 4)
Nuveen Municipal Credit Opportunities Fund
(Name of Issuer)
MuniFund Preferred Shares
(Title of Class of Securities)
670663400
(CUSIP Number)
10/22/2026
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
schemaVersion:
SCHEDULE 13G
CUSIP Number(s):
670663400
1
Names of Reporting Persons
JPMorgan Chase Bank, National Association
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
990.00
7
Sole Dispositive Power
990.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
990.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
24.50 %
12
Type of Reporting Person (See Instructions)
BK
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
Nuveen Municipal Credit Opportunities Fund
(b)
Address of issuer's principal executive offices:
333 W. Wacker Drive; Suite 3200 Chicago, IL 60606
Item 2.
(a)
Name of person filing:
JPMorgan Chase Bank, National Association ("JPM")
(b)
Address or principal business office or, if none, residence:
1111 Polaris Parkway Columbus, OH 43240
(c)
Citizenship:
United States of America
(d)
Title of class of securities:
MuniFund Preferred Shares
(e)
CUSIP No.:
670663400
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
990
(b)
Percent of class:
24.50%*
* Represents percentage ownership of Series C MuniFund Preferred Shares ("MFP Shares") as a percentage of all preferred shares outstanding and is calculated based on information supplied by the Issuer.
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
0
(ii) Shared power to vote or to direct the vote:
990**
**On February 18, 2020 JPM assigned certain preferred class voting rights on the MFP Shares to a voting trust (the "Voting Trust") created pursuant to the Voting Trust Agreement, dated February 18, 2020 among JPM, Lord Securities Corporation, as trustee (the "Voting Trustee") and Institutional Shareholder Services Inc. (the "Voting Consultant"). Voting and consent rights on the MFP Shares not assigned to the Voting Trust have been retained by JPM. The Voting Trust provides that with respect to voting or consent matters relating to the voting rights assigned to the Voting Trust, the Voting Consultant analyzes such voting or consent matters and makes a recommendation to the Voting Trustee on voting or consenting. The Voting Trustee is obligated to follow any such recommendations of the Voting Consultant when providing a vote or consent.
(iii) Sole power to dispose or to direct the disposition of:
990
(iv) Shared power to dispose or to direct the disposition of:
0
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required.
On February 18, 2020, JPM acquired the MFP Shares from the Issuer and on October 1, 2026, JPM transferred such MFP Shares to the National Finance Authority ("NFA") in exchange for an amount equal to the par value thereof plus accrued dividends less certain closing costs paid in connection with the closing of the Trust (defined below). The NFA then deposited such MFP Shares into a trust arrangement (the "NFA Trust") which issued National Finance Authority Certificates Series 2026-PS2, representing an indirect beneficial ownership interest in the MFP Shares. On October 1, 2026, JPM 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. On October 22, 2026, JPM deposited the Class A Certificate into a trust designated as the JPM PD Series 5125 Trust (the "TOB Trust"). The TOB Trust has title to the Class A Certificate but does not have the power to dispose or direct the disposition of the Class A Certificate. No voting rights on the Class A Certificate have been transferred to the TOB Trust and voting rights on the Class A Certificate are retained by JPM. Voting rights on the MFP Shares continue to be held by JPM and the Voting Trust as described in Item 4 above. The MFP Shares reported in this Schedule represent MFP Shares with respect to which, through the contractual rights under the NFA Trust arrangement documentation and the TOB Trust arrangement documentation, by way of its indirect ownership of the Class A Certificate and by way of its interest in the TOB Trust, JPM has an indirect beneficial ownership interest.
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
Not Applicable
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
