Nuveen Closed-End Funds Announce Update to Reorganization Distributions

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Key Terms

accumulated undistributed net investment income financial

Accumulated undistributed net investment income is the amount of a fund’s earnings from interest, dividends and similar income that has been earned but not yet paid out to shareholders. Think of it as a piggy bank of income the fund has collected but kept; it matters because it signals potential future cash distributions, affects the fund’s reported income and can create tax consequences for investors when it is eventually paid out.

unii financial

UNII (Unique Ingredient Identifier) is a short, standardized code assigned to a specific chemical or biological substance used in drugs, medical devices, foods, or cosmetics so regulators and companies talk about the exact same ingredient. For investors, UNIIs make it easier to track regulatory filings, safety data and product approvals across different manufacturers — like a barcode for ingredients that helps reveal whether a company’s pipeline or marketed products share the same active substances.

closed-end funds financial

A closed-end fund is an investment pool that raises a fixed amount of money by issuing a set number of shares, which then trade on an exchange like stocks. Unlike bank-style mutual funds that buy or sell shares on demand, its market price can sit above or below the fund’s per-share value of holdings (like a used-car market price versus the sticker price), so investors should watch both the traded price and the underlying asset value for potential bargains or risks.

record date financial

The record date is the specific day when a company determines which shareholders are eligible to receive a dividend or participate in an upcoming vote. It’s like a cutoff date; if you own the stock on that day, you get the benefits or voting rights. This date matters because it decides who qualifies for certain company benefits.

assets under management financial

Assets under management (AUM) is the total value of all the investments that a financial company or fund is responsible for overseeing on behalf of its clients. It’s like a big bucket that shows how much money the firm is managing for people or organizations. A higher AUM often indicates a larger, more trusted company, and it can influence how much money they earn and the services they can offer.

12/30/2025 - 04:10 PM

CHICAGO--(BUSINESS WIRE)-- As previously announced, shareholders of the Nuveen Select Tax-Free Income Portfolio (NYSE: NXP), Nuveen California Select Tax-Free Income Portfolio (NYSE: NXC), and Nuveen New York Select Tax-Free Income Portfolio (NYSE: NXN) have approved the funds’ reorganization. The reorganization will combine NXC and NXN into NXP.

The funds previously announced that the monthly distributions typically declared the first business day of the month for NXP, NXC, and NXN would be replaced by pre-reorganization distributions declared December 30, 2025, with a record date of January 9, 2026, payable February 2, 2026. Pre-reorganization distributions for each fund being acquired are intended to fully distribute the acquired fund’s accumulated undistributed net investment income (UNII) prior to the closing of the reorganization. Since NXC and NXN do not currently estimate an accumulated undistributed net investment income (UNII) balance, no funds will make a pre-reorganization distribution. Instead, NXP is expected to declare its regular monthly distribution on January 2, 2026 with a record date of January 15, 2026 and payable date of February 2, 2026.

NXP may make additional post-reorganization distributions, with a record date of January 22, 2026, payable February 2, 2026. For each fund, the total per-common share dollar amount of the post-closing tax-exempt distributions received on February 2, 2026 will be equal to or greater than the per-common share dollar amount of the prior month’s tax-exempt distribution.

Nuveen is a leading sponsor of closed-end funds (CEFs) with $53 billion in assets under management across 44 CEFs as of 30 Sep 2025. 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 35 years of experience managing CEFs.

About Nuveen

Nuveen is a global investment leader, managing $1.4T in public and private assets for clients around the world, as of 30 Sep 2025. With broad expertise across income and alternatives, we invest in the growth of businesses, real estate, infrastructure, and natural capital, providing clients with the reliability, access, and foresight unique to our 125+ year heritage. Our prevailing perspective on the future drives our ambition to innovate and adapt our business to the changing needs of investors — all to pursue lasting performance for our clients, our communities, and our global economy. 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.

You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. Nuveen and the closed-end funds managed by Nuveen and its affiliates undertake no responsibility to update publicly or revise any forward-looking statements.

Important information on risk

Past performance is no guarantee of future results. All investments carry a certain degree of risk, including the possible loss of principal, and there is no assurance that an investment will provide positive performance over any period of time. Certain products and services may not be available to all entities or persons. There is no guarantee that investment objectives will be achieved.

Closed-end funds frequently trade at a discount from net asset value (NAV). At any point in time, including when sold, shares may be worth more or less than the purchase price or the net asset value, even after considering the reinvestment of fund distributions. It is important to consider the objectives, risks, charges and expenses of any fund before investing.

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