Nuveen Funds Announce Proposed Reorganizations to Combine California and New York Portfolios, Lower Expenses and Increase Trading Volume

The Boards of Trustees of Nuveen's California, New York, and Select Tax-Free Income Portfolios have approved a proposal to reorganize the funds, combining NXC and NXN into NXP. The proposed reorganization aims to create a larger fund with lower net operating expenses and increased trading volume. The proposal requires shareholder approval and will be considered at each fund's 2025 Annual Meeting of Shareholders on November 14, 2025.

The Boards of Trustees of Nuveen's California Select Tax-Free Income Portfolio (NYSE: NXC), Nuveen New York Select Tax-Free Income Portfolio (NYSE: NXN), and Nuveen Select Tax-Free Income Portfolio (NYSE: NXP) have approved a proposal to reorganize the funds. The proposed reorganization would combine NXC and NXN into NXP, aiming to create a larger fund with lower net operating expenses and increased trading volume on the exchange for common shares.

The reorganization proposal, if approved by shareholders, would streamline the fund's operations and potentially enhance its performance. The Boards of Trustees expect the proposal to be subject to certain conditions, including necessary shareholder approval. Each fund will hold its respective 2025 Annual Meeting of Shareholders to consider the reorganization proposal and to elect Board Members on November 14, 2025.

Shareholders are encouraged to review detailed information on the proposed reorganization and the candidates for election to each fund's Board, which will be contained in proxy materials expected to be filed in the coming weeks. To be considered for presentation at the 2025 Annual Meeting of Shareholders for NXC, NXN, or NXP, shareholder proposals submitted pursuant to Rule 14a-8 under the Securities Exchange Act of 1934 must be received at the offices of that fund, 333 West Wacker Drive, Chicago, Illinois 60606, no later than July 2, 2025. A shareholder wishing to provide notice in the manner prescribed by Rule 14a-4(c)(1) of a proposal submitted outside of the process of Rule 14a-8 for the funds’ respective 2025 Annual Meetings of Shareholders must, pursuant to the funds’ by-laws, submit such written notice to the fund no earlier than July 17, 2025 and no later than August 16, 2025.

Nuveen, a leading sponsor of closed-end funds (CEFs) with $53 billion in assets under management across 45 CEFs as of 31 Mar 2025, offers exposure to a broad range of asset classes and is designed for income-focused investors seeking regular distributions. The fund manager has more than 35 years of experience managing CEFs.

The proposed reorganization is subject to certain forward-looking statements, including market developments, legal and regulatory developments, and the ability to satisfy conditions to the proposed reorganizations. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements.

For more information, investors are encouraged to read the solicitation materials and any other relevant documents when they become available.

References:
[1] https://www.stocktitan.net/news/NXC/nuveen-select-tax-free-income-portfolios-announce-proposed-acbvq488ernh.html
[2] https://www.businesswire.com/news/home/20250617563231/en/Nuveen-Select-Tax-Free-Income-Portfolios-Announce-Proposed-Reorganizations-and-Shareholder-Meeting-Update