Nuveen Municipal Credit Opportunities Fund (the Fund) is a diversified closed-end management investment company. The Fund’s investment objective is to provide a high level of current income exempt from regular United States federal income tax. The Fund’s secondary investment objective is to seek total return. The Fund invests primarily in high yielding, low to medium-quality municipal securities, and uses leverage. Under normal circumstances, the Fund invests at least 80% of its assets in municipal securities. Municipal securities include municipal bonds, notes, securities issued to finance and refinance public projects, certificates of participation, variable rate demand obligations, lease obligations, municipal notes, pre-refunded municipal bonds, private activity bonds, securities issued by tender option bond Trusts including inverse floating rate securities, and other forms of municipal bonds and securities. The Fund’s investment adviser is Nuveen Fund Advisors, LLC.