Fund Description: Nuveen Municipal Credit Opportunities Fund is an exchange-traded closed-end fund (CEF) or a closed-end ETF that is officially described as a diversified, closed-end management investment company. INVESTMENT OBJECTIVE: Nuveen Municipal Credit Opportunities Fund seeks to provide a high level of current income exempt from regular U.S. federal income tax. The Fund’s secondary investment objective is to seek total return. The FUND STRATEGY: The Fund seeks to achieve its investment objectives by investing, under normal circumstances, at least 80% of its Assets in municipal securities, the interest on which is exempt from regular U.S. federal income tax. The Fund will focus on high yielding, low- to medium-quality municipal securities that the Fund’s subadviser believes are undervalued, based upon its bottom-up, research-intensive investment strategy. Low- to medium-quality municipal securities are municipal securities rated Baa/BBB or lower at the time of investment or are unrated but judged by the Fund’s subadviser to be of comparable quality. The Fund may invest without limit in such low- to medium-quality municipal securities. The Fund may invest up to 30% of its Managed Assets in municipal securities rated, at the time of investment, CCC+/Caa1 or lower. The Fund anticipates using leverage in order to pursue its investment objectives. If current market conditions persist, the Fund intends initially to use leverage obtained through issuing preferred shares of beneficial interest. The Fund’s Declaration of Trust provides that the Fund terminates on the first business day of the month that follows the twelfth anniversary of the effective date of the Fund’s initial registration statement, which is currently anticipated to be October 1, 2031. The Board of Trustees may vote to extend the term of the Fund for up to two years. FUND MANAGEMENT: Nuveen Fund Advisors, the Fund's investment adviser, is responsible for overseeing the Fund’s overall investment strategy and its implementation and monitoring the sub-advier overseeing the Fund’s use of leverage, managing the Fund’s business affairs and providing certain clerical, bookkeeping and other administrative services to the Fund. Nuveen Asset Management is the Fund’s subadviser and is responsible for investing the Fund’s Managed Assets.