Nuveen Investments announced the Board of Trustees of the Nuveen New York Dividend Advantage Municipal Fund (NAN), Nuveen New York Performance Plus Municipal Fund, Inc. (NNP) and Nuveen New York Dividend Advantage Municipal Fund 2 (NXK) approved a merger.

The merger is subject to customary conditions, including shareholder approval at annual shareholder meetings in early 2014. The merger is intended to create a larger fund with lower operating expenses and increased trading volume on the exchange for its common shares.

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