NKO Nuveen New York Dividend Advantage Municipal Income Fund Common Shares of Beneficial Interest Par Value $.01

Nuveen Investments, a leading global provider of investment services to institutions as well as individual investors, announced that revised investment policies took effect today for 12 insured closed-end municipal bond funds.

As previously announced on October 31, 2011, the funds’ Board of Trustees approved changes to each fund’s investment policies intended to increase the fund’s flexibility regarding the types of securities available for investment.

The changes provide that:

• Each fund will eliminate the investment policy requiring it, under normal circumstances, to invest at least 80 percent of its managed assets in municipal securities that are covered by insurance guaranteeing the timely payment of principal and interest.
• Each fund will continue to invest substantially all (at least 80 percent) of its managed assets in investment grade quality municipal securities.

In connection with the changes in policy, each fund has changed its name as follows:

         

Previous Fund Name

  Ticker Symbol (remains unchanged)  

New Fund Name

Nuveen Insured Quality Municipal Fund, Inc.   NQI   Nuveen Quality Municipal Fund, Inc. Nuveen Insured Municipal Opportunity Fund, Inc.   NIO   Nuveen Municipal Opportunity Fund, Inc. Nuveen Premier Insured Municipal Income Fund, Inc.   NIF   Nuveen Premier Municipal Opportunity Fund, Inc. Nuveen Insured Premium Income Municipal Fund 2   NPX   Nuveen Premium Income Municipal Opportunity Fund

Nuveen Insured Dividend Advantage Municipal Fund

 

NVG

 

Nuveen Dividend Advantage Municipal Income Fund

Nuveen Insured Tax-Free Advantage Municipal Fund   NEA   Nuveen AMT-Free Municipal Income Fund           Nuveen New York Quality Income Municipal Fund, Inc.   NUN   Nuveen New York Quality Income Municipal Fund, Inc. Nuveen Insured New York Premium Income Municipal Fund, Inc.   NNF   Nuveen New York Premium Income Municipal Fund, Inc. Nuveen New York Investment Quality Municipal Fund, Inc.   NQN   Nuveen New York Investment Quality Municipal Fund, Inc. Nuveen New York Select Quality Municipal Fund, Inc.   NVN   Nuveen New York Select Quality Municipal Fund, Inc. Nuveen Insured New York Dividend Advantage Municipal Fund   NKO   Nuveen New York Dividend Advantage Municipal Income Fund Nuveen Insured New York Tax-Free Advantage Municipal Fund   NRK   Nuveen New York AMT-Free Municipal Income Fund

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, NWQ, Santa Barbara, Symphony, Tradewinds, and Winslow Capital. In total, Nuveen Investments managed $207 billion as of October 31, 2011. For more information, please visit the Nuveen Investments website at www.nuveen.com.