Nuveen Closed-End Funds' Board Approves Fund Merger

Nuveen Investments, a leading global provider of investment services to institutions as well as individual investors, today announced that the Boards of three Nuveen New York municipal closed-end funds approved a merger. The merger is subject to customary conditions, including shareholder approval at the annual shareholder meetings in the second quarter 2015. The merger is intended to create a larger fund with lower operating expenses and increased trading volume on the exchange for common shares.

More information on the proposed merger will be contained in the proxy materials expected to be filed in the coming weeks. The proposed fund merger is as follows:
 
Acquired Fund   Symbol     Acquiring Fund   Symbol

• Nuveen New York Performance
 

NNP
     
Municipal Fund, Inc. Nuveen New York Dividend NAN

• Nuveen New York Dividend
NXK Advantage Municipal Fund
Advantage Fund 2              
 

More information on these and other Nuveen closed-end funds is posted on Nuveen's web site at www.nuveen.com/cef.

Nuveen Investments provides high-quality investment services designed to help secure the long-term goals of institutional and individual investors as well as the consultants and financial advisors who serve them. Nuveen Investments markets a wide range of specialized investment solutions which provide investors access to capabilities of its high-quality boutique investment affiliates—Nuveen Asset Management, LLC, Symphony Asset Management LLC, NWQ Investment Management Company, LLC, Santa Barbara Asset Management, LLC, Tradewinds Global Investors, LLC, Winslow Capital Management, LLC and Gresham Investment Management LLC, all of which are registered investment advisers and subsidiaries of Nuveen Investments, Inc. Funds are distributed by Nuveen Securities, LLC, a subsidiary of Nuveen Investments, Inc. Nuveen Investments operates as a separate subsidiary within TIAA-CREF, which is a leading provider of retirement and financial services in the academic, research, medical and cultural fields. In total, Nuveen Investments managed $229 billion as of September 30, 2014. For more information, please visit the Nuveen Investments website at www.nuveen.com.

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