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, today announced the Board of Trustees of certain Nuveen municipal bond closed-end funds approved a series of mergers. The mergers are subject to customary conditions, including shareholder approval at a special shareholder meeting later this year. The mergers are intended to create a single, larger fund with lower operating expenses and increased trading volume on the exchange for its common shares.

More information on the proposed mergers will be contained in the proxy materials expected to be filed in the coming weeks. The proposed fund mergers are:

  Acquired Fund   Symbol   Acquiring Fund   Symbol

• Nuveen New York Quality Income Municipal Fund, Inc.

  NUN    

• Nuveen New York Premium Income Municipal Fund, Inc.

NNF

• Nuveen New York Investment Quality Municipal Fund, Inc.

NQN Nuveen New York AMT-Free Municipal Income Fund NRK

• Nuveen New York Select Quality Municipal Fund, Inc.

NVN

• Nuveen New York Dividend Advantage Municipal Income Fund

  NKO        

• Nuveen Premier Municipal Opportunity Fund, Inc.

NIF Nuveen AMT-Free Municipal Income Fund NEA

• Nuveen Premium Income Municipal Opportunity Fund

  NPX      

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, Symphony Asset Management, NWQ Investment Management Company, Santa Barbara Asset Management, Tradewinds Global Investors, Winslow Capital Management, and Gresham Investment Management. In total, Nuveen Investments managed approximately $227 billion as of March 31, 2012. For more information, please visit the Nuveen Investments website at www.nuveen.com.

FORWARD LOOKING STATEMENTS

Certain statements made in this release are forward-looking statements. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements due to numerous factors. These include, but are not limited to:

o market developments;

o legal and regulatory developments; and

o other additional risks and uncertainties.

Nuveen and the closed-end funds managed by Nuveen and its affiliates undertake no responsibility to update publicly or revise any forward-looking statements.

The Annual and Semi-Annual Reports and other regulatory filings of the Nuveen closed-end funds with the Securities and Exchange Commission ("SEC") are accessible on the SEC's web site at www.sec.gov and on Nuveen's web site at www.nuveen.com and may discuss the above-mentioned or other factors that affect the Nuveen closed-end funds. The information contained on our web site is not a part of this press release.

Nothing contained in this press release shall constitute an offer for sale of any securities. A joint Proxy Statement/Prospectus relating to each proposed reorganization will be filed with the SEC in the coming weeks and will contain important information relating the reorganization. Shareholders are urged to read each such joint Proxy Statement/Prospectus carefully. After they are filed, free copies of the Proxy Statement/Prospectuses will be available on the SEC's web site at www.sec.gov.