0001774342 2026-08-27 2026-08-27 0001774342 us-gaap:CommonStockMember 2026-08-01 0001774342 us-gaap:CommonStockMember 2026-08-21 0001774342 us-gaap:CommonStockMember 2026-08-21 2026-08-21 iso4217:USD shares iso4217:USD shares pure false 0001774342 424B2 Nuveen Municipal Credit Opportunities Fund

10.40

10.36

The purpose of the table and the example below is to help you understand all fees and expenses that you, as a shareholder of Common Shares (“Common Shareholder”), would bear directly or indirectly. The table shows the expenses of the Fund as a percentage of the average net assets applicable to Common Shares, and not as a percentage of total assets or Managed Assets. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td>Shareholder Transaction Expenses</td> <td> </td> <td colspan="2"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 20pt">Offering Costs Borne by the Common Shareholders of the Fund (as a percentage of common net assets including proceeds of the offering)(1)</td> <td> </td> <td> </td> <td id="xdx_980_ecef--SalesLoadPercent_dpn_c20260827__20260827_fKDEp_zwDqcko7Q95k" style="text-align: right">None</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 20pt; width: 92%">Offering Costs (as a percentage of the proceeds of the offering)(1)</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="text-align: right; width: 5%">None</td> <td style="width: 1%"></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 20pt">Dividend Reinvestment Plan Fees(2)</td> <td> </td> <td>$</td> <td id="xdx_981_ecef--DividendReinvestmentAndCashPurchaseFees_pp2p0_c20260827__20260827_fKDIp_zw6RSRdN2MNb" style="text-align: right">2.50</td> <td> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; display: none; visibility: hidden; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0.5in">(1)</td> <td id="xdx_F13_zGWimBWMfExd">Total offering costs, which will be borne by Nuveen Fund Advisors and not the Fund or Common Shareholders, are estimated to be $[400,000], which assumes that the Rights offering is fully subscribed.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; display: none; visibility: hidden; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0.5in">(2)</td> <td>You will be charged a $2.50 service charge and pay brokerage charges if you direct ComputerShare as agent for the Common Shareholders (the “Plan Agent”), to sell your Common Shares held in a dividend reinvestment account.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0.5in">(1)</td> <td>Total offering costs, which will be borne by Nuveen Fund Advisors and not the Fund or Common Shareholders, are estimated to be $341,000, which assumes that the Rights offering is fully subscribed.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0.5in">(2)</td> <td>You will be charged a $2.50 service charge and pay brokerage charges if you direct ComputerShare as agent for the Common Shareholders (the “Plan Agent”), to sell your Common Shares held in a dividend reinvestment account.</td></tr> </table> (as a percentage of common net assets including proceeds of the offering) 0 0 2.50 <p id="xdx_807_ecef--AnnualExpensesTableTextBlock_dU_gL1AETTB-VJL_zMdfUn0K84o9" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0pt; text-indent: 0pt; text-align: justify"> <div></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="background-color: white"> <td style="vertical-align: top; width: 85%"> </td> <td style="vertical-align: bottom; width: 1%"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: center; width: 13%">As a Percentage of Net Assets Attributable to Common Shares(3)</td> <td style="vertical-align: bottom; width: 1%"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: top">Annual Expenses</td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top">Management Fees</td> <td style="vertical-align: bottom"> </td> <td id="xdx_98B_ecef--ManagementFeesPercent_dp_c20260827__20260827_fKDMp_zU4V91NVPAB1" style="vertical-align: bottom; text-align: right">1.53</td> <td style="white-space: nowrap; vertical-align: bottom">% </td></tr> <tr style="background-color: white"> <td style="vertical-align: top; padding-left: 10pt">Interest and Other Related Expenses(4)</td> <td style="vertical-align: bottom"> </td> <td id="xdx_98D_ecef--InterestExpensesOnBorrowingsPercent_dp_c20260827__20260827_fKDMpKDQp_ztx2tspAqCh2" style="vertical-align: bottom; text-align: right">2.63</td> <td style="white-space: nowrap; vertical-align: bottom">%</td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; padding-left: 10pt">Other Expenses(5)</td> <td style="vertical-align: bottom"> </td> <td id="xdx_98F_ecef--OtherAnnualExpensesPercent_dp_c20260827__20260827_fKDMpKDUp_zNsES9UiuIlh" style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: right">0.20</td> <td style="white-space: nowrap; vertical-align: bottom">% </td></tr> <tr style="background-color: white"> <td style="vertical-align: top">Total Annual Expenses</td> <td style="vertical-align: bottom"> </td> <td id="xdx_98D_ecef--TotalAnnualExpensesPercent_dp_c20260827__20260827_fKDMp_zyBRywx09XQ9" style="vertical-align: bottom; text-align: right">4.36</td> <td style="white-space: nowrap; vertical-align: bottom">% </td></tr> </table> <div><div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"><td style="width: 0.5in">(3)</td> <td>Stated as annualized percentages of average net assets attributable to Common Shares for the six-month period ended April 30, 2026 (unaudited).</td></tr> <tr style="vertical-align: top"> <td>(4)</td> <td>Interest and Other Related Expenses reflect actual expenses and fees for leverage incurred by the Fund for the six-month period ended April 30, 2026 (annualized). The types of leverage used by the Fund for the six-month period ended April 30, 2026 (annualized) are described in the Fund Leverage and the Notes to Financial Statements sections of the Fund's <a href="https://www.sec.gov/Archives/edgar/data/1774342/000119312526293717/d275298dncsrs.htm">semi-annual report</a>, Actual Interest and Other Related Expenses incurred in the future may be higher or lower. If short-term market interest rates rise in the future, and if the Fund continues to maintain leverage, the cost of which is tied to short-term interest rates, the Fund's interest expenses on its short-term borrowings can be expected to rise in tandem. The Fund's use of leverage will increase the amount of management fees paid to the Fund's adviser and sub-advisor(s).</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0.5in">(5)</td> <td>Other Expenses is based on estimated amounts for the current fiscal year. Expenses attributable to the Fund’s investments, if any, in other investment companies are currently estimated not to exceed 0.01%. See “The Fund’s Investments—Other Investment Companies” in the SAI.</td></tr> </table></div></div> 0.0153 0.0263 0.0020 0.0436 Other Expenses is based on estimated amounts for the current fiscal year. Expenses attributable to the Fund’s investments, if any, in other investment companies are currently estimated not to exceed 0.01%. See “The Fund’s Investments—Other Investment Companies” in the SAI. Example The following example illustrates the expenses that a Common Shareholder would pay on a $1,000 investment held for the time periods provided in the table, assuming a 5% annual total return. The example assumes that all dividends and other distributions are reinvested in the Fund and that the Fund’s Annual Total Expenses, as provided above, remain the same.1 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 70%; border-collapse: collapse; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; white-space: nowrap; text-align: center; width: 6%">1 Year</td> <td style="width: 15%"> </td> <td style="border-bottom: black 1pt solid; text-align: center; width: 6%">3 Years</td> <td style="width: 15%"> </td> <td style="border-bottom: black 1pt solid; text-align: center; width: 6%">5 Years</td> <td style="width: 15%"> </td> <td style="border-bottom: black 1pt solid; text-align: center; width: 6%">10 Years</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td id="xdx_985_ecef--ExpenseExampleYear01_c20260827__20260827_fKDEp_z8olxds7mRyl" style="text-align: center">$44</td> <td> </td> <td id="xdx_98F_ecef--ExpenseExampleYears1to3_c20260827__20260827_fKDEp_zWJOx8P2qHq8" style="text-align: center">$132</td> <td> </td> <td id="xdx_989_ecef--ExpenseExampleYears1to5_c20260827__20260827_fKDEp_zFtcmWAo0gtc" style="text-align: center">$222</td> <td> </td> <td id="xdx_989_ecef--ExpenseExampleYears1to10_c20260827__20260827_fKDEp_zpCSGINI613b" style="text-align: center">$450</td></tr> </table> The example should not be considered a representation of future expenses. Actual expenses may be greater or less than those shown above. <div style="text-align: left; margin-top: 3pt; margin-bottom: 3pt"><div style="border-top: Black 1pt solid; font-size: 1pt; width: 20%"> </div></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 37px">(1) </td> <td>The example assumes that all dividends and distributions are reinvested at Common Shares NAV. Actual expenses may be greater or less than those assumed. Moreover, the Fund’s actual rate of return may be greater or less than the hypothetical 5% return shown in the example.</td></tr> </table> 44 132 222 450 TRADING AND NET ASSET VALUE INFORMATION The following table shows for the periods indicated: (i) the high and low sales prices for the Common Shares reported as of the end of the day on the NYSE, (ii) the corresponding NAV per share, and (iii) the premium/(discount) to NAV per share at which the Common Shares were trading as of such date. The Fund’s Common Shares have historically traded both at premiums and discounts in relation to the Fund’s NAV per share. The Fund cannot predict whether its Common Shares will trade at a premium or discount to NAV in the future. The Board has currently determined that, at least annually, it will consider action that might be taken to reduce or eliminate any material discount from NAV in respect of Common Shares, which may include the repurchase of such shares in the open market or in private transactions, the making of a tender offer for such shares at NAV, or the conversion of the Fund to an open-end investment company. The Fund cannot assure you that its Board will decide to take any of these actions, or that share repurchases or tender offers will actually reduce market discount. <table cellpadding="0" cellspacing="0" style="font: 12pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center"> </td> <td style="white-space: nowrap; text-align: center"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center">Closing Market Price per Common Share</td> <td style="white-space: nowrap; text-align: center"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center">NAV per Common Share on Date of Market Price</td> <td style="white-space: nowrap; text-align: center"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center">Premium/(Discount) on Date of Market Price</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; white-space: nowrap; width: 22%; text-align: center">Fiscal Quarter Ended</td> <td style="white-space: nowrap; width: 3%"> </td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; width: 10%; text-align: center">High</td> <td style="white-space: nowrap; width: 3%"> </td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; width: 10%; text-align: center">Low</td> <td style="white-space: nowrap; width: 3%"> </td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; width: 10%; text-align: center">High</td> <td style="white-space: nowrap; width: 3%"> </td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; width: 10%; text-align: center">Low</td> <td style="white-space: nowrap; width: 3%"> </td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; width: 9%; text-align: center">High</td> <td style="white-space: nowrap; width: 3%"> </td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; width: 11%; text-align: center">Low</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="white-space: nowrap">July 2026</td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: center">$ 10.92</td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: center">$ 10.44</td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: center">$ 10.74</td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: center">$ 10.44</td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: center">1.68%</td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: center">0.00%</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap">April 2026</td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: center">$ 10.93</td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: center">$ 10.41</td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: center">$ 10.83</td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: center">$ 10.47</td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: center">0.92%</td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: center">(0.57)%</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="white-space: nowrap">January 2026</td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: center">$ 10.96</td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: center">$ 10.19</td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: center">$ 10.94</td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: center">$ 10.66</td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: center">0.18%</td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: center">(4.41)%</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap">October 2025</td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: center">$ 10.93</td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: center">$ 10.08</td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: center">$ 10.90</td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: center">$ 10.27</td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: center">0.28%</td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: center">(1.85)%</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="white-space: nowrap">July 2025</td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: center">$ 10.84</td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: center">$ 9.99</td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: center">$ 10.89</td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: center">$ 10.35</td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: center">(0.46)%</td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: center">(3.48)%</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap">April 2025</td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: center">$ 11.24</td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: center">$ 9.74</td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: center">$ 11.88</td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: center">$ 10.69</td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: center">(5.39)%</td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: center">(8.89)%</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="white-space: nowrap">January 2025</td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: center">$ 11.32</td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: center">$ 10.44</td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: center">$ 12.02</td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: center">$ 11.53</td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: center">(5.82)%</td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: center">(9.45)%</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap">October 2024</td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: center">$ 12.14</td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: center">$ 10.96</td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: center">$ 12.29</td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: center">$ 11.70</td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: center">(1.22)%</td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: center">(6.32)%</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="white-space: nowrap">July 2024</td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: center">$ 11.20</td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: center">$ 10.25</td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: center">$ 12.18</td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: center">$ 11.51</td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: center">(8.05)%</td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: center">(10.95)%</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap">April 2024</td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: center">$ 10.69</td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: center">$ 10.08</td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: center">$ 11.82</td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: center">$ 11.54</td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: center">(9.56)%</td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: center">(12.65)%</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="white-space: nowrap">January 2024</td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: center">$ 10.27</td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: center">$ 8.87</td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: center">$ 11.39</td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: center">$ 10.07</td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: center">(9.83)%</td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: center">(11.92)%</td></tr> </table> The NAV per Common Share, the market price and percentage of premium/(discount) to NAV per Common Share on August 21, 2026, was $10.36, $10.40, and 0.39%, respectively. As of August 21, 2026, the Fund had 57,307,757 Common Shares outstanding, and net assets applicable to Common Shares of $593,704,006. See “Repurchase of Fund Shares; Conversion to Open-End Fund” in the accompanying prospectus.

10.36

10.40

0.39 57307757 Total offering costs, which will be borne by Nuveen Fund Advisors and not the Fund or Common Shareholders, are estimated to be $[400,000], which assumes that the Rights offering is fully subscribed. You will be charged a $2.50 service charge and pay brokerage charges if you direct ComputerShare as agent for the Common Shareholders (the “Plan Agent”), to sell your Common Shares held in a dividend reinvestment account. Stated as annualized percentages of average net assets attributable to Common Shares for the six-month period ended April 30, 2026 (unaudited). Interest and Other Related Expenses reflect actual expenses and fees for leverage incurred by the Fund for the six-month period ended April 30, 2026 (annualized). The types of leverage used by the Fund for the six-month period ended April 30, 2026 (annualized) are described in the Fund Leverage and the Notes to Financial Statements sections of the Fund's semi-annual report, Actual Interest and Other Related Expenses incurred in the future may be higher or lower. If short-term market interest rates rise in the future, and if the Fund continues to maintain leverage, the cost of which is tied to short-term interest rates, the Fund's interest expenses on its short-term borrowings can be expected to rise in tandem. The Fund's use of leverage will increase the amount of management fees paid to the Fund's adviser and sub-advisor(s). Other Expenses is based on estimated amounts for the current fiscal year. Expenses attributable to the Fund’s investments, if any, in other investment companies are currently estimated not to exceed 0.01%. See “The Fund’s Investments—Other Investment Companies” in the SAI. The example assumes that all dividends and distributions are reinvested at Common Shares NAV. Actual expenses may be greater or less than those assumed. Moreover, the Fund’s actual rate of return may be greater or less than the hypothetical 5% return shown in the example.