Nuveen Select Tax-Free Income Portfolios Announce Completion of Reorganizations
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Key Terms
reorganizationsfinancial
Reorganizations are deliberate changes to a company’s legal, ownership or operating setup — for example shifting assets, combining or splitting business units, altering debt or share arrangements, or changing management roles. Like renovating a house to improve layout or fix foundational problems, restructurings aim to make the company more efficient or to address financial stress; they matter to investors because they can change future cash flow, risk, voting power and the stock’s value.
tax-freefinancial
Tax-free describes income, gains or transactions that are legally exempt from government taxes, meaning you do not owe income, capital gains, or other specified taxes on that money. For investors, tax-free status can boost the effective return the way a sale with no sales tax makes your purchase cheaper—it changes how much you keep after government levies and can influence which accounts, securities, or strategies are most attractive for holding or selling assets.
net asset valuesfinancial
Net asset values (NAV) measure how much each share of an investment fund is worth by subtracting what the fund owes from what it owns and dividing the remainder by the number of shares. Think of it like a household’s net worth split among family members. Investors use NAV to see a fund’s current value per share, to track performance over time, and as the price for buying or selling shares in many pooled investments.
exchange ratiosfinancial
A negotiated rate that determines how many shares of one company are given for each share of another in a stock-for-stock deal. Think of it like a price tag that converts apples into oranges: it tells target shareholders how much of the combined or acquiring company they will own after the swap. Investors care because the ratio directly affects ownership percentages, potential dilution, and the economic value they receive from the transaction.
closed-end fundsfinancial
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.
CEFsfinancial
Closed-end funds (CEFs) are pooled investment vehicles that raise a fixed amount of capital, issue a set number of shares, and then trade those shares on an exchange like a stock. They matter to investors because their market price can differ from the underlying asset value—trading at a discount or premium—and they often use leverage and regular payouts, which can boost income but also increase risk; think of buying a fixed number of bakery cakes that can sell for more or less than the cost of their ingredients.
assets under managementfinancial
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.
CHICAGO--(BUSINESS WIRE)--
The reorganizations of Nuveen California Select Tax-Free Income Portfolio (NYSE: NXC) and Nuveen New York Select Tax-Free Income Portfolio (NYSE: NXN) into Nuveen Select Tax-Free Income Portfolio (NYSE: NXP) were successfully completed prior to the opening of the New York Stock Exchange on January 12, 2026.
Through the reorganizations, NXP acquired substantially all of the assets and liabilities of NXC and NXN in a tax-free transaction in exchange for newly-issued common shares of NXP in an aggregate amount equal to the value of the net assets of NXC and NXN transferred. The transaction took place based upon NXP’s, NXC’s and NXN’s closing net asset values on January 9, 2026. The exchange ratios at which common shares of NXC and NXN were exchanged for common shares of NXP are listed below:
Ticker
Fund Name
Exchange
Ratio
NXC
Nuveen California Select Tax-Free Income Portfolio
0.94062786
NXN
Nuveen New York Select Tax-Free Income Portfolio
0.85880728
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.
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.
