NMCO - Nuveen Municipal Credit Opportunities Fund

What this means for you

None of the investors we follow has reported owning 5% or more of this fund. That is the normal state for most closed-end funds.

Nothing is required of you. If that changes, the notice appears here within a day of being filed with the regulator.

Email me if this changes

What happened, and when

1. Oct 2, 2026

   The fund said it may sell new shares.

   Original document →

2. Oct 2, 2026

   Bank of America Corp. filed an updated notice; it still owns 50.7% of the fund's preferred shares, not the common shares most holders own.

   Original document →

3. Aug 27, 2026

   The fund offered holders the right to buy more shares, until Oct 7, 2026.

   Original document →

4. May 1, 2026

   The fund said it will repay some borrowed money on June 2, 2026.

   Original document →

5. March 12, 2026

   The fund said it may sell new shares.

   Original document →

About this fund

• Run by Nuveen Fund Advisors, LLC. Part of the Nuveen fund family. As of Oct 31, 2025, from the fund's yearly report. Original document →
• Size: about $596 million of holdings, as of July 31, 2026. As of July 31, 2026, from the fund's quarterly holdings report. Original document →
• Borrowing: the fund borrows about 43% on top of its own money, as of July 31, 2026. Borrowed money makes gains and losses bigger. About 91% of that is money the fund has borrowed by selling preferred shares. As of July 31, 2026, from the fund's quarterly holdings report. Original document →
• The fund's own example of what borrowing does: in a year in which the holdings returned -10%, a share would return about -20.2%; at +10%, about +14.5%. As of Oct 31, 2025, from the fund's annual report. Original document →
• Costs: 0.9% a year in management fees; 4.5% a year in total, including interest on borrowed money. Fiscal year ended Oct 31, 2025. As of Oct 31, 2025, from the fund's yearly report. Original document →
  Among the 76 funds we follow that invest in tax-free municipal bonds, 66 charge a lower management fee and 75 charge less in total, at their last yearly reports. Both numbers are measured against the fund's own money, not the money it borrows on top, so a fund that borrows more shows higher costs on both counts.
• The fund's own cost example: $1,000 invested costs about $55 in the first year and about $467 over 10 years, assuming the holdings return 5% a year. As of Oct 31, 2025, from the fund's annual report. Original document →
• Payouts: last fiscal year (ended Oct 31, 2025) the fund paid $0.82 a share. $0.60 of that was income; $0.22 was your own money back, not income. Most funds announce their monthly or quarterly payout on their own website, not in a filing with the regulator, so a cut or a raise there does not show up here until the next yearly report. A few funds do file a notice about a fixed payout; those appear under What happened, and when. As of Oct 31, 2025, from the fund's annual report. Original document →
• Value of holdings per share at the last fiscal year end (Oct 31, 2025): $10.92. The shares traded at $10.93, about 0.1% above that. As of Oct 31, 2025, from the fund's yearly report. Original document →
  Over the last two years the gap (a "discount" when the price is below the value) ranged from 12.7% below to 0.3% above. As of Oct 31, 2025, from the fund's annual report. Original document →
• How the holdings did: up 0% over the last three months we have (May-July 2026), before the share price is taken into account. As of July 31, 2026, from the fund's quarterly holdings report. Original document →
• First reported to the regulator in 2019.

How this has changed

• Payouts per share: $0.82 in the fiscal year ended Oct 31, 2025; $0.67 in the year ended Oct 31, 2024; $0.62 in the year ended Oct 31, 2023.As of Oct 31, 2025, from the fund's annual report. Original document →
• Of that, your own money back rather than income: $0.22 in the year ended Oct 31, 2025; $0.13 in the year ended Oct 31, 2024; $0.01 in the year ended Oct 31, 2023.As of Oct 31, 2025, from the fund's annual report. Original document →
• Costs, including interest on borrowed money: 4.5% a year in the fiscal year ended Oct 31, 2025; 4.74% a year in the year ended Oct 31, 2024; 4.78% a year in the year ended Oct 31, 2023.As of Oct 31, 2025, from the fund's annual report. Original document →
• Size of the holdings: about $602 million at Oct 31, 2025; $642 million at Oct 31, 2024; $551 million at Oct 31, 2023. From the fund's quarterly holdings reports. Original documents: Oct 31, 2025 →, Oct 31, 2024 →, Oct 31, 2023 →.
• Borrowing: about 43% on top of its own money at Oct 31, 2025; 42% at Oct 31, 2024; 47% at Oct 31, 2023. From the fund's quarterly holdings reports. Original documents: Oct 31, 2025 →, Oct 31, 2024 →, Oct 31, 2023 →.
• The fund had about 55.2 million shares at Oct 31, 2025, up 0.7% from Oct 31, 2023.As of Oct 31, 2025, from the fund's annual report. Original document →
  In between, the fund said it may sell new shares. Original document →

What these lines mean: a payout that is your own money back, what a fund costs, borrowing.

What a holder made

• The year ended Oct 31, 2025: the shares returned +6.3%, counting payouts; the holdings +0.3%. The holdings figure is what the fund's investments earned, before the share price is taken into account. As of Oct 31, 2025, from the fund's annual report. Original document →
• The year ended Oct 31, 2024: the shares returned +36.3%, counting payouts; the holdings +23.3%. As of Oct 31, 2024, from the fund's annual report. Original document →
• The year ended Oct 31, 2023: the shares returned -11.7%, counting payouts; the holdings -4.9%. As of Oct 31, 2023, from the fund's annual report. Original document →
• The year ended Oct 31, 2022: the shares returned -26.9%, counting payouts; the holdings -23.9%. As of Oct 31, 2022, from the fund's annual report. Original document →
• The year ended Oct 31, 2021: the shares returned +35.6%, counting payouts; the holdings +26.9%. As of Oct 31, 2021, from the fund's annual report. Original document →
• Those five years together: the shares returned +26.8%. $10,000 of shares bought at the start (Nov 1, 2020) would have become about $12,700 by Oct 31, 2025, with every payout counted, before tax. As of Oct 31, 2025, from the fund's annual report. Original document →
• The holdings over the last twelve months we have, to July 31, 2026: +8.6%. The quarterly reports carry no share price, so this is the holdings alone. As of July 31, 2026, from the fund's quarterly holdings report. Original document →
• Of the 46 funds that invest in tax-free municipal bonds with a fiscal year ending within six months of this one, 21 reported a higher share return for that year and 24 a lower one. As of Oct 31, 2025, from the fund's annual report. Original document →
• A past year says nothing about the next one. All figures are the fund's own, from its reports to the regulator.

Why the shares and the holdings can differ: the gap between price and value. Why payouts count: a payout that is your own money back.

What the fund holds

All tax-free municipal bonds (100%). All of it issued in the U.S.

14.5% of holdings are in default.

1. Hoover Industrial Development Board, Alabama, Environmental Improvement Revenue Bonds, United States Steel Corporation Proejcet - 3.6%
2. District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed Bonds - 3.3%
3. Florida Development Finance Corporation, Revenue Bonds, Brightline Florida Passenger Rail Expansion Project - 3.2%
4. Public Finance Authority, Wisconsin, Toll Revenue Bonds, Georgia SR 400 Express Lanes Project, Senior Lien - 3%
5. Glen Cove Local Economic Assistance Corporation, New York, Revenue Bonds, Garvies Point Public Improvement Project, Capital Appreciation - 2.8%
6. Public Finance Authority of Wisconsin, Limited Obligation PILOT Revenue Bonds, American Dream @ Meadowlands Project - 2.7%
7. TSASC Inc., New York, Tobacco Asset-Backed Bonds - 2.5%
8. Salt Lake City, Utah, Airport Revenue Bonds, International Airport - 2.3%
9. Hess Ranch Metropolitan District 6, Parker, Colorado, Limited Tax General Obligation Bonds, Convertible Capital Appreciation Series 2020A-2 - 2.3%
10. Puerto Rico, General Obligation Bonds, Restructured Series 2022A-1 - 2.3%

As of July 31, 2026, from the fund's quarterly holdings report. Original document →