Nuveen Select Tax-Free Income Portfolio
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- Nuveen Select Tax-Free Income Portfolio (NXP) operates as a diversified, closed-end management investment company focused on providing current income exempt from regular federal income tax, consistent with the preservation of capital. The fund invests primarily in municipal securities exempt from federal income taxes, with at least 80% of its managed assets allocated to investment-grade municipal securities rated Baa/BBB or better at the time of investment, or unrated securities deemed comparable by the manager; it may allocate up to 20% to below-investment-grade municipal securities, of which up to 10% may be rated below B-/B3 or equivalent, and employs inverse floating rate municipal securities, known as tender option bonds, to implement its strategy with up to 10% effective leverage. The portfolio benchmarks its performance against the S&P National Municipal Bond Index and the Lipper General and Insured Unleveraged Municipal Debt Funds Average, targeting fixed income markets across the United States with emphasis on investment-grade obligations. Nuveen Select Tax-Free Income Portfolio, formed on March 19, 1992 and domiciled in Chicago, Illinois at 333 West Wacker Drive, is managed by Nuveen Fund Advisors, LLC and Nuveen Asset Management, LLC, subsidiaries of Nuveen, the investment management arm of TIAA with over $1.3 trillion in assets under management. The fund serves income-focused investors seeking tax-exempt yields from a non-leveraged municipal bond strategy, maintaining a portfolio concentrated in U.S. municipal debt across various sectors and maturities. In June 2025, the Boards of Trustees of Nuveen Select Tax-Free Income Portfolio approved a proposed reorganization to combine Nuveen California Select Tax-Free Income Portfolio (NXC) and Nuveen New York Select Tax-Free Income Portfolio (NXN) into NXP, aiming to create a larger entity with reduced net operating expenses, enhanced operating efficiency, and increased trading volume for common shares; shareholders were scheduled to vote on the proposal at annual meetings held on November 14, 2025, with proxy materials detailing anticipated expense savings including management fee reductions of 0.080% and other expense savings of 0.070%.
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