JPMorgan Chase Bank, National Association filed Amendment No. 4 to a Schedule 13G on November 2, 2026, disclosing beneficial ownership of 990 MuniFund Preferred Shares of Nuveen Municipal Credit Opportunities Fund, representing 24.50% of the class, following a trust restructuring completed in October 2026.

Key Highlights

  • Aggregate beneficial ownership: JPMorgan Chase Bank, National Association reported indirect beneficial ownership of 990 MuniFund Preferred Shares (Series C), equal to 24.50% of all preferred shares outstanding.
  • Triggering event date: The event requiring this filing occurred on October 22, 2026, when JPMorgan deposited a Class A Certificate into the JPM PD Series 5125 Trust (the "TOB Trust").
  • Voting structure: JPMorgan reported 0 shares with sole voting power and 990 shares with shared voting power, reflecting a Voting Trust arrangement established February 18, 2020, with Lord Securities Corporation as trustee and Institutional Shareholder Services Inc. as voting consultant.
  • Dispositive power: JPMorgan retains sole dispositive power over all 990 shares, with 0 shares subject to shared dispositive power.
  • Trust chain: On October 1, 2026, JPMorgan transferred the MFP Shares to the National Finance Authority ("NFA"), which deposited them into the NFA Trust issuing National Finance Authority Certificates Series 2026-PS2; JPMorgan then acquired the Class A Certificate and subsequently deposited it into the TOB Trust on October 22, 2026.
  • Percent of class basis: The 24.50% figure is calculated as a percentage of all preferred shares outstanding, based on information supplied by the issuer, according to the filing.

JPMorgan's Indirect Ownership of Nuveen Municipal Credit Opportunities Fund Preferred Shares After October 2026 Trust Restructuring

According to the filing, JPMorgan Chase Bank, National Association originally acquired the MuniFund Preferred Shares from Nuveen Municipal Credit Opportunities Fund on February 18, 2020. On October 1, 2026, JPMorgan transferred those shares to the National Finance Authority in exchange for an amount equal to par value plus accrued dividends, less certain closing costs. The NFA then deposited the shares into the NFA Trust, which issued National Finance Authority Certificates Series 2026-PS2 representing an indirect beneficial ownership interest in the MFP Shares.

The filing further discloses that JPMorgan acquired the Class A Certificate issued by the NFA on October 1, 2026, at a price equal to its par amount. On October 22, 2026, JPMorgan deposited that Class A Certificate into the JPM PD Series 5125 Trust. The filing states that "the TOB Trust has title to the Class A Certificate but does not have the power to dispose or direct the disposition of the Class A Certificate," and that "no voting rights on the Class A Certificate have been transferred to the TOB Trust." Through its contractual rights under both trust arrangements, JPMorgan retains an indirect beneficial ownership interest in the 990 MFP Shares.

With respect to voting, the filing explains that JPMorgan assigned certain preferred class voting rights to a Voting Trust on February 18, 2020. Under that arrangement, Institutional Shareholder Services Inc. analyzes voting matters and makes recommendations to Lord Securities Corporation as Voting Trustee, and the Voting Trustee "is obligated to follow any such recommendations of the Voting Consultant when providing a vote or consent." Voting rights not assigned to the Voting Trust have been retained by JPMorgan. The filing classifies JPMorgan as a bank (type "BK") and was signed by Adrian Budischak as Authorized Signatory.

What Was Disclosed

JPMorgan Chase Bank, National Association filed Amendment No. 4 to Schedule 13G disclosing indirect beneficial ownership of 990 Series C MuniFund Preferred Shares of Nuveen Municipal Credit Opportunities Fund, equal to 24.50% of the class, following a two-step trust transfer completed in October 2026.