Nuveen CA Select Tax-Free Stock Price, News & Analysis

Nuveen California Select Tax-Free Income Portfolio (historically traded on the New York Stock Exchange under the symbol NXC) was a closed-end management investment company sponsored by Nuveen. The fund was part of Nuveen’s family of closed-end funds, which are designed for income-focused investors seeking regular distributions and exposure to specific asset classes. NXC was associated with the asset management and financial services sector.

According to a Form 25 filed with the U.S. Securities and Exchange Commission, Nuveen California Select Tax-Free Income Portfolio was removed from listing and/or registration on the New York Stock Exchange. The Form 25 identifies the issuer as Nuveen California Select Tax Free Income Portfolio and the exchange as the New York Stock Exchange LLC, and it relates to shares of beneficial interest. This filing confirms that the class of securities represented by NXC was struck from listing and registration on that exchange.

Nuveen, the sponsor of NXC, is described in public materials as a global investment manager with a long history in asset management. Nuveen is identified as a sponsor of closed-end funds, offering funds that provide exposure to a broad range of asset classes and are designed for income-focused investors seeking regular distributions. Nuveen has managed closed-end funds for more than three decades.

In a series of press releases, Nuveen announced that shareholders of Nuveen California Select Tax-Free Income Portfolio (NXC), Nuveen New York Select Tax-Free Income Portfolio (NXN), and Nuveen Select Tax-Free Income Portfolio (NXP) approved reorganizations combining NXC and NXN into NXP. The reorganizations were described as tax-free transactions in which NXP acquired substantially all of the assets and liabilities of NXC and NXN in exchange for newly issued common shares of NXP, based on each fund’s closing net asset value on a specified date. Nuveen stated that the reorganizations were intended to create a larger fund with lower net operating expenses and increased trading volume for the surviving fund, NXP.

Following completion of the reorganizations, NXP became the surviving fund, and NXC’s assets and liabilities were transferred into NXP. The press releases explain that pre-reorganization and potential post-reorganization distributions were structured so that, for each fund, the total tax-exempt distributions received by common shareholders on a specified payable date would be equal to or greater than the prior month’s tax-exempt distribution per share. Nuveen also noted that closed-end funds frequently trade at a discount to their net asset value and that shares may be worth more or less than the purchase price at any point in time.

Nuveen’s descriptions of its closed-end fund platform emphasize experience in income generation, alternative investments, and responsible investing, as well as capabilities across public and private asset classes. As the investment manager of TIAA, Nuveen refers to a heritage of more than a century in investment management. Within this broader platform, funds such as NXC were positioned as part of Nuveen’s closed-end fund lineup, which is aimed at investors who prioritize regular distributions and exposure to specific segments of the capital markets.

Business context and structure

Nuveen California Select Tax-Free Income Portfolio operated within the closed-end fund structure. Closed-end funds issue a fixed number of shares that trade on an exchange, and their market prices can differ from the net asset value of the underlying portfolio. Nuveen’s disclosures highlight that these funds are subject to investment risks, including the possible loss of principal, and that there is no assurance that investment objectives will be achieved. They also emphasize the importance of considering a fund’s objectives, risks, charges, and expenses before investing.

As part of Nuveen’s broader closed-end fund complex, NXC was managed by Nuveen Fund Advisors and related investment specialists. Nuveen’s materials describe its investment approach as drawing on specialized investment teams and experience across income-oriented and alternative strategies. Within this framework, NXC was one of several select tax-free income portfolios sponsored by Nuveen and listed on the New York Stock Exchange prior to its reorganization into NXP and subsequent delisting.

Status of the NXC ticker

Based on the Form 25 filed with the SEC and Nuveen’s press releases, NXC no longer trades as a separate closed-end fund on the New York Stock Exchange. Its assets and liabilities were combined into Nuveen Select Tax-Free Income Portfolio (NXP) through a tax-free reorganization, and the NYSE filed to remove NXC’s shares of beneficial interest from listing and registration. Investors researching the historical NXC ticker are therefore looking at a fund that has been reorganized into another Nuveen closed-end fund and whose exchange listing has been removed.

Key considerations for investors reviewing NXC

Nuveen’s disclosures around the reorganizations and its closed-end funds highlight several points that are relevant when reviewing the history of NXC:

• Closed-end funds can trade at a discount or premium to net asset value, and market prices may be higher or lower than the purchase price when shares are sold.
• All investments involve risk, including possible loss of principal, and there is no guarantee that any fund will achieve its investment objectives.
• Reorganizations can affect the structure of an investor’s holdings by combining funds, changing net operating expenses, and altering trading characteristics through a larger surviving fund.

For current information on the surviving fund, Nuveen directs investors in its press releases to regulatory filings and fund reports available through the Securities and Exchange Commission.