New York - London - Athens - Oslo

Morningstar, Inc. Commentaries

CEF Weekly Update - May 20, 2014

May 20, 2014
Click here to access CEF Weekly Update - May 20, 2014

Merger News

Nuveen Investments announced that the proposed merger of three of its municipal closed-end funds, Nuveen New York Dividend Advantage Municipal Fund(NAN)Nuveen New York Performance Plus Municipal Fund (NNP), and Nuveen New York Dividend Advantage Municipal Fund 2 (NXK) failed to receive approval due to lack of shareholder participation. The majority of shareholders that cast a vote did so in favor of the merger, but total participation was not enough for the vote to pass. Nuveen did not indicate whether it will make another attempt to merge these funds. In general, though, we would expect that the merger of similar funds should lead to more efficiencies and lower costs for shareholders.

provided by:

Morningstar, Inc.

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. We offer an extensive line of products and services for individuals, financial advisors, and institutions.

Morningstar provides data on more than 385,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 8 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services and has approximately $195 billion in assets under advisement or management as of Sept. 30, 2012. We have operations in 27 countries.