Nuveen Select Tax-Free Income Portfolios Reorganization Complete

Rhea-AI Summary

The reorganization of Nuveen Select Tax-Free Income Portfolio 2 (NYSE: NXQ) and Nuveen Select Tax-Free Income Portfolio 3 (NYSE: NXR) into Nuveen Select Tax-Free Income Portfolio (NYSE: NXP) was successfully completed on December 6, 2021. This tax-free transaction involved NXP acquiring the assets and liabilities of NXQ and NXR in exchange for newly issued common shares of NXP. The exchange ratios were 0.95219330 for NXQ and 1.02072336 for NXR based on the respective net assets on December 3, 2021. Nuveen manages $65 billion across 62 closed-end funds as of September 30, 2021.

Positive

• Successful reorganization enhances business efficiency.
• Tax-free asset exchange supports shareholders.
• Nuveen manages $65 billion, indicating strong financial health.

Negative

• None.

NEW YORK--(BUSINESS WIRE)-- The reorganization of Nuveen Select Tax-Free Income Portfolio 2 (NYSE: NXQ) and Nuveen Select Tax-Free Income Portfolio 3 (NYSE: NXR) into Nuveen Select Tax-Free Income Portfolio (NYSE: NXP) was successfully completed prior to the opening of the New York Stock Exchange on December 6, 2021.

In the reorganization, NXP acquired substantially all of the assets and liabilities of each of NXQ and NXR in a tax-free transaction in exchange for newly-issued common shares of NXP in an aggregate amount equal in value to the net assets transferred. The exchanges took place based upon the funds’ closing net asset values on December 3, 2021. The exchange ratio at which common shares of each acquired fund were issued in exchange for common shares of NXP are listed below:

Ticker			Fund Name			Exchange Ratio
NXQ			Nuveen Select Tax-Free Income Portfolio 2			0.95219330
NXR			Nuveen Select Tax-Free Income Portfolio 3			1.02072336

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.

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

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 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.

EPS-1939580PR-E1221X

View source version on businesswire.com: https://www.businesswire.com/news/home/20211206005245/en/

Financial Professionals:

800-752-8700

Investors:

800-257-8787

Media:

media-inquiries@nuveen.com

Source: Nuveen

FAQ

What is the recent reorganization involving NXQ, NXR, and NXP?

The recent reorganization involved NXQ and NXR being merged into NXP, effective December 6, 2021.

What were the exchange ratios for NXQ and NXR during the merger with NXP?

The exchange ratio for NXQ was 0.95219330, and for NXR, it was 1.02072336.

How much assets does Nuveen manage as of September 30, 2021?

Nuveen manages $65 billion across 62 closed-end funds as of September 30, 2021.

When was the reorganization of Nuveen Select Tax-Free Income Portfolio completed?

The reorganization was completed on December 6, 2021.