UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 13G

Under the Securities Exchange Act of 1934

(Amendment No. )*

Nuveen Municipal Credit Opportunities Fund

(Name of Issuer)

Series C MuniFund Preferred Shares

(Title of Class of Securities)

670663 400

(CUSIP Number)

February 13, 2020

(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)

*	The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page.

The information required in the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

CUSIP No. 670663 400

Item 1(a) Name of issuer:

Nuveen Municipal Credit Opportunities Fund

Item 1(b) Address of issuer’s principal executive offices:

333 W. Wacker Drive; Suite 3200

Chicago, IL 60606

2(a) Name of person filing:

JPMorgan Chase Bank, National Association (“JPM”)

2(b) Address or principal business office or, if none, residence:

1111 Polaris Parkway

Columbus, OH 43240

2(c) Citizenship:

United States of America

2(d) Title of class of securities:

Series C MuniFund Preferred Shares (“MFP Shares”)

2(e) CUSIP No.:

670663 400

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);

(k)	☐	Group, in accordance with §240.13d–1(b)(1)(ii)(K). If filing as a non-U.S. institution in accordance with §240.13d–1(b)(1)(ii)(J), please specify the type of institution: ____

Item 4. Ownership

Provide the following information regarding the aggregate number and percentage of the class of securities of the issuer identified in Item 1.

(a) Amount beneficially owned: 1,250

(b) Percent of class: 27.78%¹

(i) Sole power to vote or to direct the vote: 0

(ii) Shared power to vote or to direct the vote: 1,250*

(iii) Sole power to dispose or to direct the disposition of: 1,250

(iv) Shared power to dispose or to direct the disposition of: 0

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.

Item 5. Ownership of 5 Percent or Less of a Class.

If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than 5 percent of the class of securities, check the following ☐.

Item 6. Ownership of More than 5 Percent on Behalf of Another Person.

On February 18, 2020 JPM acquired the MFP Shares from the issuer and on February 27, 2020 JPM deposited 100% of the MFP Shares into a tender option bond trust (a “TOB”) named J.P. Morgan Taxable Putters/Taxable Drivers, Series 5033 Trust. The TOB has title to 100% of the MFP Shares but does not have the power to dispose or direct the disposition of the MFP Shares. No voting rights on the MFP Shares have been transferred to the TOB and voting rights on the MFP Shares are retained by JPM and the Voting Trust as described in Item 4.

¹	Represents percentage ownership of MFP Shares as a percentage of all preferred shares outstanding and is calculated based on information supplied by the Issuer.

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.

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.


March 3, 2020

JPMORGAN CHASE BANK, NATIONAL ASSOCIATION

By:		/s/ Sean Saroya
Name: Sean Saroya
Title: Authorized Signatory

NAMES OF REPORTING PERSONS

JPMorgan Chase Bank, National Association

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)

(a) ☐ (b) ☐

SEC USE ONLY

CITIZENSHIP OR PLACE OF ORGANIZATION

United States of America

Nuveen Municipal Credit Opportunities Fund SC 13G