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Nuveen Select Tax-Free Income Portfolios Announce Shareholder Approval of Reorganization
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Rhea-AI Summary
Nuveen's shareholders have approved the merger of Nuveen Select Tax-Free Income Portfolio 2 (NXQ) and Nuveen Select Tax-Free Income Portfolio 3 (NXR) into Nuveen Select Tax-Free Income Portfolio (NXP). This reorganization is set to take effect on December 6, 2021, pending standard closing conditions. The monthly distributions will transition with pre-reorganization distributions declared on November 23, 2021, and record dates established prior to the merger. Nuveen manages $65 billion across 62 closed-end funds as of September 30, 2021.
Positive
Shareholder approval for NXQ and NXR merger into NXP may streamline fund management.
Expected tax-exempt distributions after reorganization could potentially be equal to or greater than previous amounts.
Negative
None.
NEW YORK--(BUSINESS WIRE)--
Shareholders of the Nuveen Select Tax-Free Income Portfolio (NYSE: NXP), Nuveen Select Tax-Free Income Portfolio 2 (NYSE: NXQ), and Nuveen Select Tax-Free Income Portfolio 3 (NYSE: NXR) have approved the funds’ reorganization. The reorganization will combine NXQ and NXR into NXP. Subject to the satisfaction of certain customary closing conditions, the transactions are expected to become effective before the market opens on December 6, 2021.
The monthly distributions typically declared the first business day of the month for NXP, NXQ, and NXR will be replaced by pre-reorganization distributions declared November 23, 2021, with a record date of December 3, 2021. The payable date will remain December 31, 2021. Following the transactions, the surviving fund, NXP, may also declare an additional post-reorganization distribution, which, to the extent made, is expected to have a record date of December 16, 2021, and be payable December 31, 2021. The total per-common share dollar amount of the pre- and, to the extent made, post-reorganization tax-exempt distributions received by common shareholders of each fund on December 31, 2021 are expected to be equal to or greater than the per-common share dollar amount of the prior month’s tax-exempt distribution of each fund prior to the reorganization.
Nuveen is a leading sponsor of closed-end funds (CEFs) with $65 billion of assets under management across 62 CEFs as of September 30, 2021. 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.
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 30 September 2021 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 herein are 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;
• legal and regulatory developments; and
• other additional risks and uncertainties.
Nuveen and the closed-end funds managed by Nuveen and its affiliates undertake no responsibility to update publicly or revise any forward-looking statements.
The annual and semi-annual reports and other regulatory filings of Nuveen closed-end funds with the Securities and Exchange Commission (“SEC”) are accessible on the SEC’s web site at www.sec.gov and on Nuveen’s web site at www.nuveen.com/cef and may discuss the above-mentioned or other factors that affect Nuveen closed-end funds. The information contained on the Nuveen website is not a part of this press release.
What funds are involved in the Nuveen reorganization?
The Nuveen Select Tax-Free Income Portfolio (NXP), Nuveen Select Tax-Free Income Portfolio 2 (NXQ), and Nuveen Select Tax-Free Income Portfolio 3 (NXR) are involved.
When will the Nuveen reorganization take effect?
The reorganization is expected to take effect on December 6, 2021.
What is the record date for the pre-reorganization distributions?
The record date for the pre-reorganization distributions is December 3, 2021.
What is the expected payable date for distributions after the reorganization?
The expected payable date for distributions is December 31, 2021.
