Nuveen Credit Opportunities 2022 Target Term Fund Announces Termination and Liquidation

The Nuveen Credit Opportunities 2022 Target Term Fund (NYSE: JCO) completed its termination and liquidation following the close of business on June 1, 2022. The termination and liquidation was performed in accordance with the fund’s investment objectives and organizational documents, consistent with the fund’s previously announced liquidation plans.

The Nuveen Credit Opportunities 2022 Target Term Fund launched on March 28, 2017 as a short duration strategy that invested primarily in high yield corporate debt, with two investment objectives, to provide high current income and to return the original net asset value (Original NAV) of $9.85 per common share upon termination on or about June 1, 2022.

As anticipated, due to market conditions, JCO did not return the Original NAV at its termination. The investment objective relating to Original NAV was not a guarantee and was dependent on a number of factors including the extent of market recovery and the cumulative level of income retained in relation to cumulative portfolio gains net of losses.

The fund is returning to shareholders an extended NAV of $7.9446 per common share as its liquidating distribution. Investors should consider the distribution announced today along with the previously announced special distribution declared on May 12, 2022 as part of the final distribution of proceeds in connection with the fund’s investment objective. The fund’s final liquidating distribution amount is listed below.

Per share details are as follows:

Over its five year term, the fund paid 60 regular distributions totaling $2.6770 per share, which equates to an average distribution rate of 5.25% on NAV and 5.17% on market price. The annualized total return on NAV for shareholders who invested at the initial public offering was 1.77% and the total return on market price was 1.54%.

Shareholders may recognize a gain or loss for U.S. tax purposes as a result of the liquidation. Nuveen does not provide tax advice; investors should consult a professional tax advisor regarding their specific tax situation.

Nuveen is a leading sponsor of closed-end funds (CEFs) with $62 billion of assets under management across 58 CEFs as of 31 Mar 2022. The funds offer exposure to a broad range of asset classes and are designed for income-focused investors seeking regular distributions. Nuveen has more than 30 years of experience managing CEFs.

For more information, please visit Nuveen’s CEF homepage www.nuveen.com/closed-end-funds or contact:

Financial Professionals:

800-752-8700

Investors:

800-257-8787

Media:

media-inquiries@nuveen.com

About Nuveen

Nuveen, the investment manager of TIAA, offers a comprehensive range of outcome-focused investment solutions designed to secure the long-term financial goals of institutional and individual investors. Nuveen has $1.2 trillion in assets under management as of 31 Mar 2022 and operations in 27 countries. Its investment specialists offer deep expertise across a comprehensive range of traditional and alternative investments through a wide array of vehicles and customized strategies. For more information, please visit www.nuveen.com.

Nuveen Securities, LLC, member FINRA and SIPC.

The information contained on the Nuveen website is not a part of this press release.

FORWARD-LOOKING STATEMENTS

Certain statements made or referenced in this release may be forward-looking statements. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements due to numerous factors. These include, but are not limited to:

• market developments, including the timing of distributions and other events identified in this press release;
• legal and regulatory developments; and
• other additional risks and uncertainties.

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