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Nuveen Select Tax-Free Income Portfolio (NYSE: NXP) has announced a monthly distribution of $0.0455 per share, following its reorganization with Nuveen Select Tax-Free Income Portfolio 2 (NYSE: NXQ) and 3 (NYSE: NXR). The record date for this distribution is January 18, 2022, and it will be payable on February 1, 2022. This declaration marks the first regular monthly distribution since the portfolios were successfully merged on December 6, 2021. Nuveen, managing $65 billion across 62 closed-end funds, aims to provide income-focused investment solutions.
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.
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.
The Boards of Trustees of 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 a proposal to reorganize the funds. This reorganization aims to merge NXQ and NXR into NXP, creating a larger fund with lower operating expenses and increased trading volume. Approval from shareholders is required, and proxy materials with detailed information will be filed soon.
