Edgar Filing: NUVEEN NEW YORK DIVIDEND ADVANTAGE MUNICIPAL INCOME FUND

nko.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-09473

Nuveen New York Dividend Advantage Municipal Income Fund

(Exact name of registrant as specified in charter)

Nuveen Investments

333 West Wacker Drive

Chicago, IL 60606

(Address of principal executive offices) (Zip code)

Kevin J. McCarthy

Nuveen Investments

333 West Wacker Drive

Chicago, IL 60606

(Name and address of agent for service)

Registrant's telephone number, including area code: (312) 917-7700

Date of fiscal year end: September 30

Date of reporting period: March 31, 2012

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. ss. 3507.

ITEM 1. REPORTS TO STOCKHOLDERS.

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Table of Contents


Chairman’s Letter to Shareholders	4

Portfolio Manager’s Comments	5

Fund Leverage and Other Information	10

Common Share Dividend and Price Information	12

Performance Overviews	14

Shareholder Meeting Report	20

Portfolios of Investments	22

Statement of Assets and Liabilities	57

Statement of Operations	59

Statement of Changes in Net Assets	60

Statement of Cash Flows	62

Financial Highlights	64

Notes to Financial Statements	73

Reinvest Automatically, Easily and Conveniently	84

Glossary of Terms Used in this Report	86

Additional Fund Information	91

Chairman’s

Letter to Shareholders

Dear Shareholders,

In recent months the positive atmosphere in financial markets has reflected efforts by central banks in the U.S. and Europe to provide liquidity to the financial system and keep interest rates low. At the same time, future economic growth in these countries still faces serious headwinds in the form of high energy prices, uncertainties about potential political leadership changes and increasing pressure to reduce government spending regardless of its impact on the economy. Together with the continuing political tensions in the Middle East, investors have many reasons to remain cautious.

Though progress has been painfully slow, officials in Europe have taken important steps to address critical issues. The European Central Bank has provided vital liquidity to the banking system. Similarly, officials in the Euro area finally agreed to an enhanced “firewall” of funding to deal with financial crises in member countries. These steps, in addition to the completion of another round of financing for Greece, have eased credit conditions across the continent. Several very significant challenges remain with the potential to derail the recent progress but European leaders have demonstrated political will and persistence in dealing with their problems.

In the U.S., strong corporate earnings and continued progress on job creation have contributed to a rebound in the equity market and many of the major stock market indexes are approaching their levels before the financial crisis. The Fed’s commitment to an extended period of low interest rates is promoting economic growth, which remains moderate but steady and raises concerns about the future course of long term rates once the program ends. Pre-election maneuvering has added to the highly partisan atmosphere in the Congress. The end of the Bush-era tax cuts and implementation of the spending restrictions of the Budget Control Act of 2011, both scheduled to take place at year-end, loom closer with little progress being made to deal with them.

During the last year, investors have experienced a sharp decline and a strong recovery in the equity markets. Experienced investment teams keep their eye on a longer time horizon and use their practiced investment disciplines to negotiate through market peaks and valleys to achieve long term goals for investors. Monitoring this process is an important consideration for the Fund Board as it oversees your Nuveen funds on your behalf.

As always, I encourage you to contact your financial consultant if you have any questions about your investment in a Nuveen Fund. On behalf of the other members of your Fund Board, we look forward to continuing to earn your trust in the months and years ahead.

Sincerely,

Robert P. Bremner

Chairman of the Board

May 18, 2012


4		Nuveen Investments

Portfolio Manager’s Comments

Nuveen New York Investment Quality Municipal Fund, Inc. (NQN)

Nuveen New York Select Quality Municipal Fund, Inc. (NVN)

Nuveen New York Quality Income Municipal Fund, Inc. (NUN)

Nuveen New York Premium Income Municipal Fund, Inc. (NNF)

Nuveen New York Dividend Advantage Municipal Income Fund (NKO)

Nuveen New York AMT-Free Municipal Income Fund (NRK)

Portfolio manager Scott Romans discusses key investment strategies and the six-month performance of these Nuveen New York Funds. Scott, who joined Nuveen in 2000, assumed portfolio management responsibility for the New York Funds in January 2011.

What key strategies were used to manage these New York Funds during the six-month reporting period ended March 31, 2012?

During this reporting period, municipal bond prices generally rallied, amid strong demand and yields that continued to be relatively low. Due to their insured mandate and the continued decline in insured issuance, finding appropriate insured municipal bonds, especially new insured issues, remained a challenge for these New York Funds during the first three months of this period. Over the past few years, most municipal bond insurers had their credit ratings downgraded and only one insurer currently insures new municipal bonds. As a result, the supply of insured municipal securities decreased dramatically. In 2011, issuance of new insured paper accounted for just over 5% of total municipal issuance (compared with an historical level of 50%), down 43.5% from 2010. The combination of comparatively tight municipal supply, little insured issuance, and relatively lower yields meant fewer attractive opportunities for these Funds during the first half of this period.

In view of this situation, in October 2011, the Funds’ Board of Directors/Trustees approved changes to the Funds’ investment policy regarding insured municipal securities. Effective January 2, 2012, the Funds eliminated the policy requiring them to invest at least 80% of their managed assets in municipal securities covered by insurance. This change was designed to provide more flexibility regarding the types of securities available for investment. This does not represent a change in investment objectives; each Fund will continue to invest substantially all of its assets in a portfolio of investment-grade quality municipal securities.

Certain statements in this report are forward-looking statements. Discussions of specific investments are for illustration only and are not intended as recommendations of individual investments. The forward-looking statements and other views expressed herein are those of the portfolio manager as of the date of this report. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements, and the views expressed herein are subject to change at any time, due to numerous market and other factors. The Funds disclaim any obligation to update publicly or revise any forward-looking statements or views expressed herein.

Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by a national rating agency.


Nuveen Investments		5

Following the change to these Funds’ investment policy, we were very active in adding a variety of bonds to the Funds’ portfolios, including health care and lower-rated tobacco credits. During the period when there were fewer purchase opportunities due to the insured mandate, the Funds’ durations had drifted lower as bonds matured or were called from their portfolios. One of our goals during the second half of this period was to bring the Funds’ durations back into their targeted range. We were able to make progress toward this goal by purchasing zero coupon bonds, primarily Puerto Rico sales tax issues, which offered longer durations, quality in the AA range and substantial spreads. We found this to be an attractive way of increasing the Funds’ durations using uninsured bonds that were still high quality. Overall, we continued to take a bottom-up approach to discovering sectors that appeared undervalued as well as individual credits that had the potential to perform well over the long term.

Cash for new purchases during this period was generated primarily by the proceeds from called and maturing bonds. A number of bond calls and refundings provided a meaningful source of liquidity, which we worked to redeploy to keep the Funds fully invested and enhance their durations and credit and sector diversification. The Funds also sold a few selected holdings, but for the most part, selling was minimal during this period, as the bonds in our portfolios generally offered higher yields than those available in the current marketplace.

As of March 31, 2012, all six of these Funds continued to use inverse floating rate securities. We employ inverse floaters for a variety of reasons, including duration management, income enhancement, and total return enhancement.

How did the Funds perform during the six-month period ended March 31, 2012?

Individual results for the Nuveen New York Funds, as well as relevant index and peer group information, are presented in the accompanying table.

Average Annual Total Returns on Common Share Net Asset Value*

For periods ended 3/31/12


Fund	6-Month		1-Year		5-Year		10-Year
NQN	4.63	%	16.12	%	6.02	%	6.58	%
NVN	5.10	%	17.29	%	6.04	%	6.70	%
NUN	4.83	%	16.17	%	5.88	%	6.47	%
NNF	4.27	%	15.91	%	5.86	%	6.28	%
NKO	4.36	%	14.66	%	5.69	%	6.64	%
NRK	3.50	%	13.10	%	5.45	%	N/A
Standard & Poor’s (S&P) New York Municipal Bond Index**	3.47	%	11.22	%	5.17	%	5.44	%
Standard & Poor’s (S&P) National Municipal Bond Index**	4.14	%	12.56	%	5.11	%	5.49	%
Lipper New York Municipal Debt Funds Classification Average**	6.21	%	18.78	%	4.94	%	6.34	%

	Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares.

	For additional information, see the Performance Overview for your Fund in this report.

*	Six-month returns are cumulative; all other are annualized.

**	Refer to Glossary of Terms Used in this Report for definitions.

Nuveen Investments

Average Annual Total Returns on Common Share Net Asset Value* (continued)


	6-Month		1-Year		5-Year		10-Year
Standard & Poor’s (S&P) Insured National Municipal Bond Index**	4.33	%	13.71	%	5.20	%	5.60	%
Lipper Single-State Insured Municipal Debt Classification Funds Average**	6.26	%	22.52	%	5.91	%	6.42	%

For the six months ended March 31, 2012, the cumulative returns on common share net asset value (NAV) for all six of these New York Funds exceeded the return for the Standard & Poor’s (S&P) New York Municipal Bond Index. NQN, NVN, NUN, NNF and NKO also outperformed the Standard & Poor’s (S&P) National Municipal Bond Index, while NRK lagged this index. For the same period, the Funds underperformed the average return for the Lipper New York Municipal Debt Funds Classification. NQN, NVN, NUN, and NKO outperformed the Standard & Poor’s (S&P) Insured National Municipal Bond Index, NNF performed in line with the S&P insured national return, while NRK lagged this index. For the same period, the Funds underperformed the average return for the Lipper Single-State Insured Municipal Debt Funds Classification.

Key management factors that influenced the Funds’ returns during this period included duration and yield curve positioning, credit exposure and sector allocation. The use of regulatory leverage also was an important positive factor affecting the Funds’ performance. Leverage is discussed in more detail later in this report.

During this period, municipal bonds with longer maturities generally outperformed those with shorter maturities. Overall, credits at the longest end of the municipal yield curve posted the strongest returns, while bonds at the shortest end produced the weakest results. As previously mentioned, the durations of these Funds had shortened over the last several years as bonds matured or were called from their portfolios, and the lack of insured issuance hampered our replacing them with bonds with longer maturities. During the second half of this period, we worked to give these Funds better access to the longer segment of the yield curve. Overall, duration and yield curve positioning was the dominant factor in the Funds’ performance during these six months. Among these six Funds, NVN, NUN and NQN were the most advantageously positioned in terms of duration and yield curve exposure, with durations that were longer than the market average. With the shortest effective duration, NRK was the least advantageously positioned, which had a negative impact on its performance.

Credit exposure was also an important factor in performance during these six months, as lower-quality bonds generally outperformed higher-quality credits. This outperformance was due in part to the greater demand for lower-rated bonds as investors looked for investment vehicles offering higher yields. As with duration and yield curve positioning, bonds that matured or were called from the Funds over the past few years and not replaced due to the insured mandate caused the Funds’ credit weightings to shift toward the upper end of the quality spectrum. While we worked to add to their lower-rated allocations following the change in investment policy, the Funds’ underweightings


Nuveen Investments		7

in non-rated and sub-investment grade credits, which generally outperformed the market, detracted from their performance during this period.

Holdings and sectors that generally made positive contributions to the Funds’ returns during this period included zero coupon bonds, health care, industrial development revenue (IDR), transportation and special tax credits. Leasing and housing bonds also outpaced the general municipal market for the period. Tobacco bonds backed by the 1998 master settlement agreement also were one of the top performing sectors, as these bonds benefited from several developments in the market, including increased demand for higher-yielding investments by investors who became less risk-averse. In addition, based on recent data showing that cigarette sales have fallen less steeply than anticipated, the 46 states participating in the agreement, including New York, stand to receive increased payments from the tobacco companies.

In contrast, pre-refunded bonds, which are often backed by U.S. Treasury securities, were the poorest performing market segment during this period. The underperformance of these bonds can be attributed primarily to their shorter effective maturities and higher credit quality. All six of these Funds were overweighted in pre-refunded bonds, with NRK having the heaviest weighting as of March 31, 2012. General obligation and other tax-supported bonds as well as credits issued by the electric utilities and water and sewer sectors also lagged the performance of the general municipal market for this period.

FUND POLICY CHANGES

On October 28, 2011, the Funds’ Board of Directors/Trustees approved changes to each Fund’s investment policy regarding its investment in insured municipal securities. These changes were designed to provide the Adviser with more flexibility regarding the types of securities available for investment by each Fund.

Effective January 2, 2012, each Fund eliminated the investment policy requiring it, under normal circumstances, to invest at least 80% of its managed assets in municipal securities that are covered by insurance guaranteeing the timely payment of principal and interest. Over the past few years, most municipal bond insurers have had their credit ratings downgraded and only one insurer is currently insuring new municipal bonds. As a result, the supply of insured municipal securities has decreased dramatically and the long-term viability of the municipal bond insurance market is uncertain. The Funds have not changed their investment objective and will continue to invest substantially all of


8		Nuveen Investments

their assets in a portfolio of investment grade quality municipal securities. Concurrent with the investment policy changes, certain Funds changed their names as follows:


–	Nuveen Insured New York Premium Income Municipal Fund, Inc. (NNF) changed to Nuveen New York Premium Income Municipal Fund, Inc. (NNF),

–	Nuveen Insured New York Dividend Advantage Municipal Fund (NKO) changed to Nuveen New York Dividend Advantage Municipal Income Fund (NKO) and

–	Nuveen Insured New York Tax Free Advantage Municipal Fund (NRK) changed to Nuveen New York AMT-Free Municipal Income Fund (NRK).

In addition, each Fund changed its non-fundamental investment policy requiring each Fund to invest in municipal securities rated at least investment grade at the time of investment. Each Fund adopted a new policy to, under normal circumstances, invest at least 80% of its managed assets in investment grade securities that, at the time of investment, are rated within the four highest grades (Baa or BBB or better) by at least one nationally recognized statistical ratings organization (“NRSRO”) or are unrated but judged to be of comparable quality by the Fund’s investment adviser. Under the new policy, each Fund may invest up to 20% of its managed assets in municipal securities that at the time of investment are rated below investment grade or are unrated but judged to be of comparable quality by the Fund’s investment adviser. No more than 10% of each Fund’s managed assets may be invested in municipal securities rated below B3/B- or that are unrated but judged to be of comparable quality by the Fund’s investment adviser.


Nuveen Investments		9

Fund Leverage and

Other Information

IMPACT OF THE FUNDS’ LEVERAGE STRATEGIES ON PERFORMANCE

One important factor impacting the returns of all these Funds relative to the comparative indexes was the Funds’ use of leverage. The Funds use leverage because their managers believe that, over time, leveraging provides opportunities for additional income and total return for common shareholders. However, use of leverage also can expose common shareholders to additional volatility. For example, as the prices of securities held by a Fund decline, the negative impact of these valuation changes on common share net asset value and common shareholder total return is magnified by the use of leverage. Conversely, leverage may enhance common share returns during periods when the prices of securities held by a Fund generally are rising. Leverage made a positive contribution to the performance of these Funds over this reporting period.

THE FUNDS’ REGULATORY LEVERAGE

As of March 31, 2012, the Funds have issued and outstanding MuniFund Term Preferred (MTP) Shares, Variable Rate MuniFund Term Preferred (VMTP) Shares and Variable Rate Demand Preferred (VRDP) Shares as shown in the accompanying tables.

MTP Shares

MTP Shares Issued

Annual

NYSE

Fund

Series

at Liquidation Value

Interest Rate

Ticker

NRK

2015

$27,680,000

2.55

NRK PrC

VMTP Shares


		VMTP Shares Issued
Fund	Series	at Liquidation Value
NNF	2014	$50,700,000

VRDP Shares


			VRDP Shares Issued
Fund			at Liquidation Value
NQN			$112,300,000
NVN			$164,800,000
NUN			$161,700,000
NKO			$ 50,000,000

(Refer to Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies and Footnote 4 – Fund Shares for further details on MTP Shares, VMTP Shares and VRDP Shares.)


10		Nuveen Investments

UPDATE ON LITIGATION REGARDING THE FUNDS’ REDEMPTION OF AUCTION RATE PREFERRED SHARES

During 2011, certain funds (including NUN) were named in a consolidated complaint as nominal defendants in a putative shareholder derivative action captioned Martin Safier, et al. v. Nuveen Asset Management, et al. that was filed in the Circuit Court of Cook County, Illinois, Chancery Division (the “Cook County Chancery Court”) on February 18, 2011 (the “Complaint”). The Complaint, filed on behalf of purported holders of each fund’s common shares, also named Nuveen Fund Advisors, Inc. as a defendant, together with current and former Officers and interested Directors/Trustees of each of the funds (together with the nominal defendants, collectively, the “Defendants”). The Complaint contained allegations regarding breaches of fiduciary duties in connection with the redemption of auction rate preferred shares issued by the funds. The Defendants filed a motion to dismiss the suit and on December 16, 2011, the court granted that motion dismissing the Complaint. The plaintiffs failed to file an appeal of the court’s decision within the required time period, resulting in the final disposition of the suit.

RISK CONSIDERATIONS

Fund shares are not guaranteed or endorsed by any bank or other insured depository institution, and are not federally insured by the Federal Deposit Insurance Corporation. Past performance is no guarantee of future results. Fund common shares are subject to a variety of risks, including:

Investment and Market Risk. An investment in common shares is subject to investment risk, including the possible loss of the entire principal amount that you invest. Your investment in common shares represents an indirect investment in the municipal securities owned by the Fund, which generally trade in the over-the-counter markets. Your common shares at any point in time may be worth less than your original investment, even after taking into account the reinvestment of Fund dividends and distributions.

Price Risk. Shares of closed-end investment companies like these Funds frequently trade at a discount to their NAV. Your common shares at any point in time may be worth less than your original investment, even after taking into account the reinvestment of Fund dividends and distributions.

Leverage Risk. Each Fund’s use of leverage creates the possibility of higher volatility for the Fund’s per share NAV, market price, distributions and returns. There is no assurance that a Fund’s leveraging strategy will be successful.

Tax Risk. The tax treatment of Fund distributions may be affected by new IRS interpretations of the Internal Revenue Code and future changes in tax laws and regulations.

Issuer Credit Risk. This is the risk that a security in a Fund’s portfolio will fail to make dividend or interest payments when due.

Interest Rate Risk. Fixed-income securities such as bonds, preferred, convertible and other debt securities will decline in value if market interest rates rise.

Reinvestment Risk. If market interest rates decline, income earned from a Fund’s portfolio may be reinvested at rates below that of the original bond that generated the income.

Call Risk or Prepayment Risk. Issuers may exercise their option to prepay principal earlier than scheduled, forcing a Fund to reinvest in lower-yielding securities.

Inverse Floater Risk. The Funds may invest in inverse floaters. Due to their leveraged nature, these investments can greatly increase a Fund’s exposure to interest rate risk and credit risk. In addition, investments in inverse floaters involve the risk that the Fund could lose more than its original principal investment.


Nuveen Investments		11

Common Share Dividend

and Price Information

DIVIDEND INFORMATION

The dividends of NQN, NVN, NUN, NNF, NKO and NRK remained stable throughout the six-month reporting period ended March 31, 2012.

Due to normal portfolio activity, common shareholders of the Funds received capital gains and/or net ordinary income distributions in December 2011 as follows:


			Short-Term Capital Gains
	Long-Term Capital Gains		and/or Ordinary Income
Fund	(per share)		(per share)
NQN		$0.0496		$0.0082
NVN		$0.0283		—
NUN		$0.0222		—
NNF		$0.0058		—
NKO		$0.0052		—
NRK		$0.0103		—

All of the Funds in this report seek to pay stable dividends at rates that reflect each Fund’s past results and projected future performance. During certain periods, each Fund may pay dividends at a rate that may be more or less than the amount of net investment income actually earned by the Fund during the period. If a Fund has cumulatively earned more than it has paid in dividends, it holds the excess in reserve as undistributed net investment income (UNII) as part of the Fund’s NAV. Conversely, if a Fund has cumulatively paid dividends in excess of its earnings, the excess constitutes negative UNII that is likewise reflected in the Fund’s NAV. Each Fund will, over time, pay all of its net investment income as dividends to shareholders. As of March 31, 2012, all of the Funds in this report had positive UNII balances, based upon our best estimate, for tax purposes and positive UNII balances for financial reporting purposes.


12		Nuveen Investments

COMMON SHARE REPURCHASES AND PRICE INFORMATION

As of March 31, 2012, and since the inception of the Funds’ repurchase programs, the Funds have cumulatively repurchased and retired their common shares as shown in the accompanying table.


	Common Shares		% of Outstanding
Fund	Repurchased and Retired		Common Shares
NQN		105,600		0.6	%
NVN		118,000		0.5	%
NUN		159,800		0.7	%
NNF		85,700		1.0	%
NKO		27,000		0.3	%
NRK		6,800		0.2	%

During the six-month reporting period, the Funds did not repurchase any of their outstanding common shares.

As of March 31, 2012, and during the six-month reporting period, the Funds’ share prices were trading at (-) discounts to their NAVs as shown in the accompanying table.


	3/31/12			Six-Month Average
Fund	(-)Discount			(-)Discount
NQN		(-)4.05	%		(-)1.92	%
NVN		(-)4.67	%		(-)1.85	%
NUN		(-)4.76	%		(-)1.10	%
NNF		(-)4.52	%		(-)2.05	%
NKO		(-)5.31	%		(-)4.39	%
NRK		(-)5.19	%		(-)5.30	%

Nuveen Investments

NQN		Nuveen New York
Performance		Investment Quality
OVERVIEW		Municipal Fund, Inc.
		as of March 31, 2012

Fund Snapshot
Common Share Price	$	14.94
Common Share Net Asset Value (NAV)	$	15.57
Premium/(Discount) to NAV		-4.05	%
Market Yield		5.54	%
Taxable-Equivalent Yield2		8.24	%
Net Assets Applicable to Common Shares ($000)	$	273,112

Leverage
Regulatory Leverage	29.14	%
Effective Leverage	36.92	%

Average Annual Total Returns
(Inception 11/20/90)
	On Share Price		On NAV
6-Month (Cumulative)	7.22	%	4.63	%
1-Year	20.22	%	16.12	%
5-Year	6.75	%	6.02	%
10-Year	7.10	%	6.58	%

Portfolio Composition3
(as a % of total investments)
Tax Obligation/Limited	36.6	%
Education and Civic Organizations	16.8	%
Health Care	8.2	%
Tax Obligation/General	7.6	%
Water and Sewer	7.5	%
Transportation	7.2	%
Utilities	6.2	%
U.S. Guaranteed	6.2	%
Other	3.7	%

	Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this Fund’s Performance Overview page.
1	Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by a national rating agency.
2	Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a combined federal and state income tax rate of 32.8%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
3	Holdings are subject to change.
4	The Fund paid shareholders a net ordinary income distribution and a capital gains distribution in December 2011 of $0.0082 and $0.0496 per share.

Nuveen Investments

NVN		Nuveen New York
Performance		Select Quality
OVERVIEW		Municipal Fund, Inc.
		as of March 31, 2012

Fund Snapshot
Common Share Price	$	15.11
Common Share Net Asset Value (NAV)	$	15.85
Premium/(Discount) to NAV		-4.67	%
Market Yield		5.76	%
Taxable-Equivalent Yield2		8.57	%
Net Assets Applicable to Common Shares ($000)	$	368,089

Leverage
Regulatory Leverage	30.93	%
Effective Leverage	37.19	%

Average Annual Total Returns
(Inception 5/22/91)
	On Share Price		On NAV
6-Month (Cumulative)	5.47	%	5.10	%
1-Year	18.43	%	17.29	%
5-Year	6.13	%	6.04	%
10-Year	7.17	%	6.70	%

Portfolio Composition3
(as a % of total investments)
Tax Obligation/Limited	35.7	%
Education and Civic Organizations	16.6	%
U.S. Guaranteed	8.4	%
Utilities	8.4	%
Health Care	7.5	%
Transportation	7.3	%
Water and Sewer	6.5	%
Tax Obligation/General	5.5	%
Other	4.1	%

	Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this Fund’s Performance Overview page.
1	Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by a national rating agency.
2	Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a combined federal and state income tax rate of 32.8%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
3	Holdings are subject to change.
4	The Fund paid shareholders a capital gains distribution in December 2011 of $0.0283 per share.

Nuveen Investments

NUN		Nuveen New York
Performance		Quality Income
OVERVIEW		Municipal Fund, Inc.
		as of March 31, 2012

Fund Snapshot
Common Share Price	$	14.81
Common Share Net Asset Value (NAV)	$	15.55
Premium/(Discount) to NAV		-4.76	%
Market Yield		5.91	%
Taxable-Equivalent Yield2		8.79	%
Net Assets Applicable to Common Shares ($000)	$	369,814

Leverage
Regulatory Leverage	30.42	%
Effective Leverage	36.92	%

Average Annual Total Returns
(Inception 11/20/91)
	On Share Price		On NAV
6-Month (Cumulative)	3.13	%	4.83	%
1-Year	17.13	%	16.17	%
5-Year	6.31	%	5.88	%
10-Year	6.73	%	6.47	%

Portfolio Composition3
(as a % of total investments)
Tax Obligation/Limited	40.1	%
Education and Civic Organizations	12.5	%
U.S. Guaranteed	9.3	%
Transportation	9.2	%
Health Care	7.9	%
Utilities	7.8	%
Water and Sewer	7.2	%
Other	6.0	%

	Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this Fund’s Performance Overview page.
1	Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by a national rating agency.
2	Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a combined federal and state income tax rate of 32.8%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
3	Holdings are subject to change.
4	The Fund paid shareholders a capital gains distribution in December 2011 of $0.0222 per share.

Nuveen Investments

NNF		Nuveen New York
Performance		Premium Income
OVERVIEW		Municipal Fund, Inc.
		as of March 31, 2012

Fund Snapshot
Common Share Price	$	15.21
Common Share Net Asset Value (NAV)	$	15.93
Premium/(Discount) to NAV		-4.52	%
Market Yield		5.48	%
Taxable-Equivalent Yield2		8.15	%
Net Assets Applicable to Common Shares ($000)	$	131,448

Leverage
Regulatory Leverage	27.83	%
Effective Leverage	35.69	%

Average Annual Total Returns
(Inception 12/17/92)
	On Share Price		On NAV
6-Month (Cumulative)	5.80	%	4.27	%
1-Year	15.76	%	15.91	%
5-Year	6.19	%	5.86	%
10-Year	6.48	%	6.28	%

Portfolio Composition3
(as a % of total investments)
Tax Obligation/Limited	41.9	%
Education and Civic Organizations	12.6	%
Transportation	10.1	%
Health Care	9.8	%
Water and Sewer	7.1	%
U.S. Guaranteed	6.7	%
Other	11.8	%

	Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this Fund’s Performance Overview page.
1	Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by a national rating agency.
2	Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a combined federal and state income tax rate of 32.8%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
3	Holdings are subject to change.
4	The Fund paid shareholders a capital gains distribution in December 2011 of $0.0058 per share.

Nuveen Investments

NKO		Nuveen New York
Performance		Dividend Advantage
OVERVIEW		Municipal Income Fund
		as of March 31, 2012

Fund Snapshot
Common Share Price	$	14.76
Common Share Net Asset Value (NAV)	$	15.59
Premium/(Discount) to NAV		-5.32	%
Market Yield		5.53	%
Taxable-Equivalent Yield2		8.23	%
Net Assets Applicable to Common Shares ($000)	$	123,748

Leverage
Regulatory Leverage	28.78	%
Effective Leverage	34.20	%

Average Annual Total Returns
(Inception 3/25/02)
	On Share Price		On NAV
6-Month (Cumulative)	7.17	%	4.36	%
1-Year	15.27	%	14.66	%
5-Year	4.69	%	5.69	%
10-Year	5.87	%	6.64	%

Portfolio Composition3
(as a % of total investments)
Tax Obligation/Limited	41.1	%
Education and Civic Organizations	17.6	%
Transportation	8.9	%
Utilities	8.5	%
Health Care	8.4	%
U.S. Guaranteed	6.1	%
Other	9.4	%

	Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this Fund’s Performance Overview page.
1	Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by a national rating agency.
2	Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a combined federal and state income tax rate of 32.8%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
3	Holdings are subject to change.
4	The Fund paid shareholders a capital gains distribution in December 2011 of $0.0052 per share.

Nuveen Investments

NRK		Nuveen New York
Performance		AMT-Free Municipal
OVERVIEW		Income Fund
		as of March 31, 2012

Fund Snapshot
Common Share Price	$	14.40
Common Share Net Asset Value (NAV)	$	15.19
Premium/(Discount) to NAV		-5.20	%
Market Yield		4.88	%
Taxable-Equivalent Yield2		7.26	%
Net Assets Applicable to Common Shares ($000)	$	53,277

Leverage
Regulatory Leverage	34.19	%
Effective Leverage	37.19	%

Average Annual Total Returns
(Inception 11/21/02)
	On Share Price		On NAV
6-Month (Cumulative)	6.53	%	3.50	%
1-Year	15.60	%	13.10	%
5-Year	4.64	%	5.45	%
Since
Inception	5.04	%	5.81	%

Portfolio Composition3
(as a % of total investments)
Tax Obligation/Limited	32.1	%
Education and Civic Organizations	19.8	%
Health Care	13.9	%
U.S. Guaranteed	12.9	%
Transportation	9.5	%
Other	11.8	%

	Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this Fund’s Performance Overview page.
1	Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by a national rating agency.
2	Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a combined federal and state income tax rate of 32.8%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
3	Holdings are subject to change.
4	The Fund paid shareholders a capital gains distribution in December 2011 of $0.0103 per share.

Nuveen Investments

NQN		Shareholder Meeting Report
NVN		The annual meeting of shareholders was held in the offices of Nuveen Investments on March 30,
NUN		2012; at this meeting the shareholders were asked to vote on the election of Board Members,
		the elimination of Fundamental Investment Policies and the approval of new Fundamental
		Investment Policies. The meeting was subsequently adjourned to May 8, 2012.

	NQN			NVN			NUN
		Common and			Common and			Common and
		Preferred			Preferred			Preferred
		shares voting			shares voting			shares voting
		together	Preferred		together	Preferred		together	Preferred
		as a class	shares		as a class	shares		as a class	shares
To approve the elimination of the fundamental policies relating to the Fund’s ability to make loans.
For		6,381,162	923		6,365,762	1,338		8,481,411	1,307
Against		505,079	—		550,236	—		1,043,511	—
Abstain		318,302	—		287,718	—		493,535	—
Broker Non-Votes		3,300,050	—		4,528,074	—		4,720,223	—
Total		10,504,593	923		11,731,790	1,338		14,738,680	1,307
To approve the new fundamental policy relating to the Fund’s ability to make loans.
For		6,363,564	923		6,347,076	1,338		8,446,031	1,307
Against		502,257	—		551,359	—		1,064,390	—
Abstain		338,722	—		305,281	—		508,036	—
Broker Non-Votes		3,300,050	—		4,528,074	—		4,720,223	—
Total		10,504,593	923		11,731,790	1,338		14,738,680	1,307
Approval of the Board Members was reached as follows:
John P. Amboian
For		10,170,934	—		11,241,400	—		13,842,024	—
Withhold		333,659	—		490,390	—		896,656	—
Total		10,504,593	—		11,731,790	—		14,738,680	—
Robert P. Bremner
For		10,145,490	—		11,239,381	—		13,831,958	—
Withhold		359,103	—		492,409	—		906,722	—
Total		10,504,593	—		11,731,790	—		14,738,680	—
Jack B. Evans
For		10,150,581	—		11,210,751	—		13,830,148	—
Withhold		354,012	—		521,039	—		908,532	—
Total		10,504,593	—		11,731,790	—		14,738,680	—
William C. Hunter
For		—	923		—	1,338		—	1,307
Withhold		—	—		—	—		—	—
Total		—	923		—	1,338		—	1,307
David J. Kundert
For		10,140,398	—		11,184,605	—		13,821,674	—
Withhold		364,195	—		547,185	—		917,006	—
Total		10,504,593	—		11,731,790	—		14,738,680	—
William J. Schneider
For		—	923		—	1,338		—	1,307
Withhold		—	—		—	—		—	—
Total		—	923		—	1,338		—	1,307
Judith M. Stockdale
For		10,149,762	—		11,177,367	—		13,791,320	—
Withhold		354,831	—		554,423	—		947,360	—
Total		10,504,593	—		11,731,790	—		14,738,680	—
Carole E. Stone
For		10,158,194	—		11,208,928	—		13,800,790	—
Withhold		346,399	—		522,862	—		937,890	—
Total		10,504,593	—		11,731,790	—		14,738,680	—
Virginia L. Stringer
For		10,148,936	—		11,203,808	—		13,800,231	—
Withhold		355,657	—		527,982	—		938,449	—
Total		10,504,593	—		11,731,790	—		14,738,680	—
Terence J. Toth
For		10,143,784	—		11,195,686	—		13,829,058	—
Withhold		360,809	—		536,104	—		909,622	—
Total		10,504,593	—		11,731,790	—		14,738,680	—

Nuveen Investments

NNF
NKO
NRK

	NNF			NKO			NRK
		Common and			Common and			Common and
		Preferred			Preferred			Preferred
		shares voting			shares voting			shares voting
		together	Preferred		together	Preferred		together	Preferred
		as a class	shares		as a class	shares		as a class	shares
To approve the elimination of the fundamental policies relating to the Fund’s ability to make loans.
For		2,276,365	507		2,632,460	500		2,002,661	1,212,413
Against		205,433	—		324,412	—		172,686	77,412
Abstain		128,022	—		118,305	—		34,760	—
Broker Non-Votes		2,138,035	—		1,897,660	—		1,150,018	325,285
Total		4,747,855	507		4,972,837	500		3,360,125	1,615,110
To approve the new fundamental policy relating to the Fund’s ability to make loans.
For		2,269,094	507		2,613,235	500		2,001,961	1,212,413
Against		217,493	—		334,845	—		174,186	77,412
Abstain		123,233	—		127,097	—		33,960	—
Broker Non-Votes		2,138,035	—		1,897,660	—		1,150,018	325,285
Total		4,747,855	507		4,972,837	500		3,360,125	1,615,110
Approval of the Board Members was reached as follows:
John P. Amboian
For		4,597,723	—		—	—		—	—
Withhold		150,132	—		—	—		—	—
Total		4,747,855	—		—	—		—	—
Robert P. Bremner
For		4,598,509	—		4,716,306	—		3,218,079	—
Withhold		149,346	—		256,531	—		142,046	—
Total		4,747,855	—		4,972,837	—		3,360,125	—
Jack B. Evans
For		4,604,881	—		4,718,634	—		3,204,764	—
Withhold		142,974	—		254,203	—		155,361	—
Total		4,747,855	—		4,972,837	—		3,360,125	—
William C. Hunter
For		—	507		—	500		—	1,555,010
Withhold		—	—		—	—		—	60,100
Total		—	507		—	500		—	1,615,110
David J. Kundert
For		4,590,083	—		—	—		—	—
Withhold		157,772	—		—	—		—	—
Total		4,747,855	—		—	—		—	—
William J. Schneider
For		—	507		—	500		—	1,555,010
Withhold		—	—		—	—		—	60,100
Total		—	507		—	500		—	1,615,110
Judith M. Stockdale
For		4,596,979	—		—	—		—	—
Withhold		150,876	—		—	—		—	—
Total		4,747,855	—		—	—		—	—
Carole E. Stone
For		4,599,123	—		—	—		—	—
Withhold		148,732	—		—	—		—	—
Total		4,747,855	—		—	—		—	—
Virginia L. Stringer
For		4,606,024	—		—	—		—	—
Withhold		141,831	—		—	—		—	—
Total		4,747,855	—		—	—		—	—
Terence J. Toth
For		4,599,335	—		—	—		—	—
Withhold		148,520	—		—	—		—	—
Total		4,747,855	—		—	—		—	—

Nuveen Investments

		Nuveen New York Investment Quality Municipal Fund, Inc.
NQN		Portfolio of Investments
		March 31, 2012 (Unaudited)

	Principal		Optional Call
	Amount (000)	Description (1)	Provisions (2)	Ratings (3)		Value
		Consumer Staples – 2.1% (1.4% of Total Investments)
$	7,720	TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 2006, 5.125%, 6/01/42	6/16 at 100.00	BB	$	5,610,819
		Education and Civic Organizations – 25.1% (16.8% of Total Investments)
	1,685	Dormitory Authority of the State of New York, 853 Schools Program Insured Revenue Bonds, St. Anne Institute, Issue 2, Series 1998E, 5.000%, 7/01/18 – AMBAC Insured	7/12 at 100.00	N/R		1,690,089
	3,000	Dormitory Authority of the State of New York, General Revenue Bonds, Saint Johns University, Series 2007A, 5.250%, 7/01/32 – NPFG Insured	7/17 at 100.00	A–		3,170,790
	935	Dormitory Authority of the State of New York, Housing Revenue Bonds, Fashion Institute of Technology, Series 2007, 5.250%, 7/01/34 – FGIC Insured	No Opt. Call	BBB		1,012,876
	3,500	Dormitory Authority of the State of New York, Insured Revenue Bonds, Culinary Institute of America, Series 1999, 5.000%, 7/01/22 – NPFG Insured	7/12 at 100.00	BBB		3,504,515
	6,500	Dormitory Authority of the State of New York, Insured Revenue Bonds, New York Medical College, Series 1998, 5.000%, 7/01/21 – NPFG Insured	7/12 at 100.00	BBB		6,519,045
	125	Dormitory Authority of the State of New York, Insured Revenue Bonds, Yeshiva University, Series 2001, 5.000%, 7/01/18 – AMBAC Insured	7/12 at 100.00	A2		125,318
	3,000	Dormitory Authority of the State of New York, Lease Revenue Bonds, State University Dormitory Facilities, Series 2003B, 5.250%, 7/01/32 (Mandatory put 7/01/13) – SYNCORA GTY Insured	No Opt. Call	Aa2		3,177,510
	1,730	Dormitory Authority of the State of New York, Lease Revenue Bonds, State University Dormitory Facilities, Series 2004A, 5.000%, 7/01/29 – NPFG Insured	7/15 at 100.00	Aa2		1,883,762
	2,080	Dormitory Authority of the State of New York, Lease Revenue Bonds, State University Dormitory Facilities, Series 2006A, 5.000%, 7/01/31 – NPFG Insured	7/16 at 100.00	Aa2		2,201,763
	550	Dormitory Authority of the State of New York, Revenue Bonds, Barnard College, Series 2007A, 5.000%, 7/01/37 – FGIC Insured	7/17 at 100.00	BBB		568,024
	1,150	Dormitory Authority of the State of New York, Revenue Bonds, Canisius College, Series 2005, 5.000%, 7/01/21 – NPFG Insured	7/15 at 100.00	Baa2		1,193,930
	1,980	Dormitory Authority of the State of New York, Revenue Bonds, Convent of the Sacred Heart, Series 2011, 5.750%, 11/01/40 – AGM Insured	5/21 at 100.00	AA–		2,288,246
	740	Dormitory Authority of the State of New York, Revenue Bonds, New York University, Series 2007, 5.000%, 7/01/32 – AMBAC Insured	7/17 at 100.00	AA–		804,454
	2,400	Dormitory Authority of the State of New York, Revenue Bonds, New York University, Series 2009A, 5.250%, 7/01/34	7/19 at 100.00	AA–		2,698,728
	3,000	Dormitory Authority of the State of New York, Revenue Bonds, New York University, Series 2009B, 5.000%, 7/01/39	7/19 at 100.00	AA–		3,252,870
	1,200	Dormitory Authority of the State of New York, Revenue Bonds, Non State Supported Debt, Cornell University, Series 2008C, 5.000%, 7/01/37	7/20 at 100.00	Aa1		1,329,348
		Dormitory Authority of the State of New York, Revenue Bonds, Non State Supported Debt, Cornell University, Series 2010A:
	5,000	5.000%, 7/01/35	7/20 at 100.00	Aa1		5,607,550
	5,000	5.000%, 7/01/40	7/20 at 100.00	Aa1		5,535,200
		Dormitory Authority of the State of New York, Revenue Bonds, Rochester Institute of Technology, Series 2006A:
	575	5.250%, 7/01/20 – AMBAC Insured	No Opt. Call	A1		695,813
	460	5.250%, 7/01/21 – AMBAC Insured	No Opt. Call	A1		560,082
	4,500	Dormitory Authority of the State of New York, State and Local Appropriation Lease Bonds, Upstate Community Colleges, Series 2005A, 5.000%, 7/01/19 – FGIC Insured	7/15 at 100.00	AA–		4,992,795
	2,390	New York City Industrial Development Agency, New York, PILOT Revenue Bonds, Queens Baseball Stadium Project, Series 2006, 5.000%, 1/01/46 – AMBAC Insured	1/17 at 100.00	BB+		2,256,208
		New York City Industrial Development Authority, New York, PILOT Revenue Bonds, Yankee Stadium Project, Series 2006:
	890	5.000%, 3/01/31 – FGIC Insured	9/16 at 100.00	BBB–		914,617
	6,080	5.000%, 3/01/36 – NPFG Insured	9/16 at 100.00	BBB		6,194,304
	3,685	4.500%, 3/01/39 – FGIC Insured	9/16 at 100.00	BBB–		3,531,151
	2,000	New York City Trust for Cultural Resources, New York, Revenue Bonds, American Museum of Natural History, Series 2004A, 5.000%, 7/01/36 – NPFG Insured	7/14 at 100.00	AA		2,061,060

Nuveen Investments

	Principal		Optional Call
	Amount (000)	Description (1)	Provisions (2)	Ratings (3)		Value
		Education and Civic Organizations (continued)
$	800	Troy Capital Resource Corporation, New York, Revenue Bonds, Rensselaer Polytechnic Institute, Series 2010A, 5.125%, 9/01/40	9/20 at 100.00	A–	$	854,040
	64,955	Total Education and Civic Organizations				68,624,088
		Health Care – 12.3% (8.2% of Total Investments)
	590	Dormitory Authority of the State of New York, FHA-Insured Mortgage Hospital Revenue Bonds, Hospital for Special Surgery, Series 2009, 6.250%, 8/15/34	8/19 at 100.00	AA+		717,523
	1,715	Dormitory Authority of the State of New York, FHA-Insured Mortgage Revenue Bonds, Hudson Valley Hospital Center, Series 2007, 5.000%, 8/15/27 – AGM Insured	8/17 at 100.00	AA–		1,848,959
	2,575	Dormitory Authority of the State of New York, FHA-Insured Mortgage Revenue Bonds, Montefiore Hospital, Series 2004, 5.000%, 8/01/29 – FGIC Insured	2/15 at 100.00	BBB		2,795,446
	3,535	Dormitory Authority of the State of New York, FHA-Insured Revenue Bonds, Montefiore Medical Center, Series 2005, 5.000%, 2/01/22 – FGIC Insured	2/15 at 100.00	BBB		3,908,190
	1,325	Dormitory Authority of the State of New York, Revenue Bonds, Health Quest System Inc., Series 2007B, 5.250%, 7/01/27 – AGC Insured	7/17 at 100.00	AA–		1,416,597
	1,910	Dormitory Authority of the State of New York, Revenue Bonds, New York and Presbyterian Hospital, Series 2004A, 5.250%, 8/15/15 – AGM Insured	8/14 at 100.00	AA–		2,069,466
	1,805	Dormitory Authority of the State of New York, Revenue Bonds, North Shore Health System Obligated Group, Series 1998, 5.000%, 11/01/23 – NPFG Insured	5/12 at 100.00	A3		1,806,552
	1,585	Dormitory Authority of the State of New York, Revenue Bonds, The New York and Presbyterian Hospital Project, Series 2007, 5.000%, 8/15/36 – AGM Insured	8/14 at 100.00	AA–		1,627,922
	8,525	Dormitory Authority of the State of New York, Revenue Bonds, Winthrop South Nassau University Health System Obligated Group, Series 2001B, 5.250%, 7/01/26 – AMBAC Insured	7/12 at 100.00	Baa1		8,544,778
		New York City Health and Hospitals Corporation, New York, Health System Revenue Bonds, Series 2003A:
	3,150	5.250%, 2/15/21 – AMBAC Insured	2/13 at 100.00	Aa3		3,255,179
	2,100	5.250%, 2/15/22 – AMBAC Insured	2/13 at 100.00	Aa3		2,181,018
	2,225	Suffolk County Economic Development Corp / Nassau County Local Economic Assistance & Financing Corp., New York, Revenue Bonds, Catholic Health Services of Long Island Obligated Group	7/21 at 100.00	A–		2,414,348
		Project, Series 2011, 5.000%, 7/01/28
	935	Westchester County Health Care Corporation, New York, Senior Lien Revenue Bonds, Series 2010-C2, 6.125%, 11/01/37	11/20 at 100.00	A3		1,058,177
	31,975	Total Health Care				33,644,155
		Housing/Multifamily – 3.5% (2.3% of Total Investments)
		New York City Housing Development Corporation, New York, Capital Fund Program Revenue Bonds, Series 2005A:
	1,230	5.000%, 7/01/14 – FGIC Insured	No Opt. Call	AA–		1,339,163
	1,230	5.000%, 7/01/16 – FGIC Insured	7/15 at 100.00	AA–		1,370,294
	5,740	New York City Housing Development Corporation, New York, Capital Fund Program Revenue Bonds, Series 2005A, 5.000%, 7/01/25 – NPFG Insured (UB)	7/15 at 100.00	AA–		6,069,246
	450	New York State Housing Finance Agency, Affordable Housing Revenue Bonds, Series 2009B, 4.500%, 11/01/29	5/19 at 100.00	Aa2		464,031
		New York State Housing Finance Agency, Mortgage Revenue Refunding Bonds, Housing Project, Series 1996A:
	75	6.100%, 11/01/15 – AGM Insured	5/12 at 100.00	AA–		75,342
	130	6.125%, 11/01/20 – AGM Insured	5/12 at 100.00	AA–		130,274
	8,855	Total Housing/Multifamily				9,448,350
		Tax Obligation/General – 11.4% (7.6% of Total Investments)
	3,000	Dormitory Authority of the State of New York, School Districts Revenue Bond Financing Program, Peekskill City School District, Series 2005D, 5.000%, 10/01/33 – NPFG Insured	10/15 at 100.00	Aa3		3,203,550
	1,200	Erie County, New York, General Obligation Bonds, Series 2003A, 5.250%, 3/15/16 – NPFG Insured	3/13 at 100.00	A2		1,250,628
	635	Erie County, New York, General Obligation Bonds, Series 2004B, 5.250%, 4/01/13 – NPFG Insured	No Opt. Call	A2		661,327

Nuveen Investments

		Nuveen New York Investment Quality Municipal Fund, Inc. (continued)
NQN		Portfolio of Investments
		March 31, 2012 (Unaudited)

	Principal		Optional Call
	Amount (000)	Description (1)	Provisions (2)	Ratings (3)		Value
		Tax Obligation/General (continued)
$	400	New York City, New York, General Obligation Bonds, Fiscal 2009 Series E, 5.000%, 8/01/28	8/19 at 100.00	AA	$	447,700
	3,000	New York City, New York, General Obligation Bonds, Fiscal 2010 Series C, 5.000%, 8/01/23	8/19 at 100.00	AA		3,471,450
	2,300	New York City, New York, General Obligation Bonds, Fiscal Series 2005J, 5.000%, 3/01/19 – FGIC Insured	3/15 at 100.00	AA		2,564,891
		New York City, New York, General Obligation Bonds, Series 2004E:
	3,000	5.000%, 11/01/19 – AGM Insured (UB)	11/14 at 100.00	AA		3,314,910
	2,300	5.000%, 11/01/20 – AGM Insured (UB)	11/14 at 100.00	AA		2,541,431
		Pavilion Central School District, Genesee County, New York, General Obligation Bonds, Series 2005:
	1,650	5.000%, 6/15/16 – AGM Insured	6/15 at 100.00	AA–		1,830,741
	1,815	5.000%, 6/15/18 – AGM Insured	6/15 at 100.00	AA–		2,039,280
	1,145	Three Village Central School District, Brookhaven and Smithtown, Suffolk County, New York, General Obligation Bonds, Series 2005, 5.000%, 6/01/18 – FGIC Insured	No Opt. Call	Aa2		1,371,847
	1,620	West Islip Union Free School District, Suffolk County, New York, General Obligation Bonds, Series 2005, 5.000%, 10/01/16 – AGM Insured	10/15 at 100.00	Aa3		1,845,212
	6,110	Yonkers, New York, General Obligation Bonds, Series 2005A, 5.000%, 8/01/16 – NPFG Insured	8/15 at 100.00	BBB+		6,659,900
	28,175	Total Tax Obligation/General				31,202,867
		Tax Obligation/Limited – 54.9% (36.6% of Total Investments)
	1,575	Dormitory Authority of the State of New York, Department of Health Revenue Bonds, Series 2005A, 5.250%, 7/01/24 – CIFG Insured	7/15 at 100.00	AA–		1,771,686
	1,220	Dormitory Authority of the State of New York, Insured Revenue Bonds, 853 Schools Program – Anderson School, Series 1999E, Issue 2, 5.750%, 7/01/19 – AMBAC Insured	7/12 at 100.00	N/R		1,224,465
	2,000	Dormitory Authority of the State of New York, Insured Revenue Bonds, Special Act School District Program, Series 1999, 5.750%, 7/01/19 – NPFG Insured	7/12 at 100.00	BBB		2,007,160
	1,500	Dormitory Authority of the State of New York, Lease Revenue Bonds, Wayne-Finger Lakes Board of Cooperative Education Services, Series 2004, 5.000%, 8/15/23 – AGM Insured	8/14 at 100.00	AA–		1,634,820
	2,410	Dormitory Authority of the State of New York, Revenue Bonds, Department of Health, Series 2004-2, 5.000%, 7/01/20 – FGIC Insured	7/14 at 100.00	AA–		2,602,535
		Dormitory Authority of the State of New York, Revenue Bonds, Mental Health Services Facilities Improvements, Series 2005D-1:
	2,120	5.000%, 2/15/15 – FGIC Insured	No Opt. Call	AA–		2,366,768
	1,200	5.000%, 8/15/23 – FGIC Insured	2/15 at 100.00	AA–		1,326,132
	4,600	Dormitory Authority of the State of New York, Revenue Bonds, School Districts Financing Program, Series 2002D, 5.250%, 10/01/23 – NPFG Insured	10/12 at 100.00	A+		4,702,074
	375	Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, Series 2005F, 5.000%, 3/15/21 – AGM Insured	3/15 at 100.00	AAA		418,024
	2,400	Erie County Industrial Development Agency, New York, School Facility Revenue Bonds, Buffalo City School District Project, Series 2009A, 5.000%, 5/01/31	No Opt. Call	AA–		2,593,632
	1,290	Erie County Industrial Development Agency, New York, School Facility Revenue Bonds, Buffalo City School District, Series 2004, 5.750%, 5/01/26 – AGM Insured (UB)	5/14 at 100.00	AA–		1,401,198
	5,630	Erie County Industrial Development Agency, New York, School Facility Revenue Bonds, Buffalo City School District, Series 2007A, 5.750%, 5/01/28 – AGM Insured (UB)	5/17 at 100.00	AA–		6,558,612
	1,780	Erie County Industrial Development Agency, New York, School Facility Revenue Bonds, Buffalo City School District, Series 2008A, 5.750%, 5/01/27 – AGM Insured (UB)	5/18 at 100.00	AA–		2,017,363
	5,400	Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 Series 2011A, 5.750%, 2/15/47	No Opt. Call	A		6,050,592
	10,735	Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A, 5.000%, 2/15/47 – FGIC Insured	2/17 at 100.00	A		10,988,344
	6,000	Metropolitan Transportation Authority, New York, Dedicated Tax Fund Bonds, Series 2002A, 5.250%, 11/15/25 – AGM Insured	11/12 at 100.00	AA		6,145,140
	2,760	Metropolitan Transportation Authority, New York, State Service Contract Bonds, Series 2002B, 5.500%, 7/01/18 – NPFG Insured	7/12 at 100.00	AA–		2,791,850
	4,500	Metropolitan Transportation Authority, New York, State Service Contract Refunding Bonds, Series 2002A, 5.750%, 7/01/18 – AGM Insured (UB)	No Opt. Call	AA–		5,536,125

Nuveen Investments

	Principal		Optional Call
	Amount (000)	Description (1)	Provisions (2)	Ratings (3)		Value
		Tax Obligation/Limited (continued)
		Metropolitan Transportation Authority, New York, State Service Contract Refunding Bonds, Series 2002A:
$	1,250	5.500%, 1/01/19 – NPFG Insured	7/12 at 100.00	AA–	$	1,264,100
	2,000	5.500%, 1/01/20 – NPFG Insured	7/12 at 100.00	AA–		2,022,560
	2,000	5.000%, 7/01/25 – FGIC Insured	7/12 at 100.00	AA–		2,018,500
	4,095	5.000%, 7/01/30 – AMBAC Insured	7/12 at 100.00	AA–		4,132,592
	4,820	Nassau County Interim Finance Authority, New York, Sales and Use Tax Revenue Bonds, Series 2004H, 5.250%, 11/15/13 – AMBAC Insured	No Opt. Call	AAA		5,206,853
		Nassau County Interim Finance Authority, New York, Sales Tax Secured Revenue Bonds, Series 2003A:
	2,115	5.000%, 11/15/18 – AMBAC Insured	11/13 at 100.00	AAA		2,263,283
	1,305	4.750%, 11/15/21 – AMBAC Insured	11/13 at 100.00	AAA		1,386,184
	1,305	4.750%, 11/15/22 – AMBAC Insured	11/13 at 100.00	AAA		1,384,657
		New York City Sales Tax Asset Receivable Corporation, New York, Dedicated Revenue Bonds, Local Government Assistance Corporation, Series 2004A:
	2,200	5.000%, 10/15/25 – NPFG Insured (UB)	10/14 at 100.00	AAA		2,406,624
	1,600	5.000%, 10/15/26 – NPFG Insured (UB)	10/14 at 100.00	AAA		1,747,744
	6,640	5.000%, 10/15/29 – AMBAC Insured (UB)	10/14 at 100.00	AAA		7,244,705
	1,500	5.000%, 10/15/32 – AMBAC Insured (UB)	10/14 at 100.00	AAA		1,630,710
	35	New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal Series 2003E, 5.250%, 2/01/22 – NPFG Insured	2/13 at 100.00	AAA		36,321
	5	New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal Series 2004C, 5.000%, 2/01/19 – SYNCORA GTY Insured	2/14 at 100.00	AAA		5,386
		New York City, New York, Educational Construction Fund, Revenue Bonds, Series 2011A:
	3,785	5.750%, 4/01/33 – AGM Insured	4/21 at 100.00	AA+		4,410,774
	1,000	5.750%, 4/01/41	4/21 at 100.00	AA–		1,151,210
		New York Convention Center Development Corporation, New York, Hotel Fee Revenue Bonds, Tender Option Bonds Trust 3095:
	700	13.102%, 11/15/30 – AMBAC Insured (IF)	11/15 at 100.00	AA+		827,344
	3,195	13.089%, 11/15/44 – AMBAC Insured (IF)	11/15 at 100.00	AA+		3,628,562
	3,000	New York State Local Government Assistance Corporation, Revenue Bonds, Series 1993E, 5.250%, 4/01/16 – AGM Insured (UB)	No Opt. Call	AAA		3,418,920
		New York State Thruway Authority, Highway and Bridge Trust Fund Bonds, Second General, Series 2005B:
	7,350	5.500%, 4/01/20 – AMBAC Insured	No Opt. Call	AA		9,230,057
	1,500	5.000%, 4/01/21 – AMBAC Insured	10/15 at 100.00	AA		1,700,745
	1,750	New York State Thruway Authority, State Personal Income Tax Revenue Bonds, Series 2004A, 5.000%, 3/15/24 – AMBAC Insured	9/14 at 100.00	AAA		1,911,280
		New York State Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed and State Contingency Contract-Backed Bonds, Series 2003A-1:
	6,300	5.250%, 6/01/20 – AMBAC Insured	6/13 at 100.00	AA–		6,635,853
	1,000	5.250%, 6/01/21 – AMBAC Insured	6/13 at 100.00	AA–		1,053,550
	4,500	5.250%, 6/01/22 – AMBAC Insured	6/13 at 100.00	AA–		4,738,275
	1,000	New York State Urban Development Corporation, State Personal Income Tax Revenue Bonds, Series 2005B, 5.000%, 3/15/30 – AGM Insured	3/15 at 100.00	AAA		1,082,960
	1,000	Niagara Falls City School District, Niagara County, New York, Certificates of Participation, High School Facility, Series 2005, 5.000%, 6/15/28 – AGM Insured	6/15 at 100.00	AA–		1,044,630
	2,000	Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2010A, 5.000%, 8/01/40 – AGM Insured	2/20 at 100.00	AA–		2,084,760
	295	Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2010C, 5.125%, 8/01/42 – AGM Insured	8/20 at 100.00	AA–		309,039
		Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A:
	7,450	0.000%, 8/01/45 – NPFG Insured	No Opt. Call	Aa2		1,139,701
	54,600	0.000%, 8/01/46 – NPFG Insured	No Opt. Call	Aa2		7,844,928
	11,645	0.000%, 8/01/47 – AMBAC Insured	No Opt. Call	Aa2		1,568,349
	1,210	Suffolk County Industrial Development Agency, New York, Revenue Bonds, Hampton Bays Public Library, Series 1999A, 6.000%, 10/01/19 – NPFG Insured	10/12 at 100.00	Baa2		1,225,996
	201,645	Total Tax Obligation/Limited				149,893,672

Nuveen Investments

		Nuveen New York Investment Quality Municipal Fund, Inc. (continued)
NQN		Portfolio of Investments
		March 31, 2012 (Unaudited)

	Principal		Optional Call
	Amount (000)	Description (1)	Provisions (2)	Ratings (3)		Value
		Transportation – 10.7% (7.2% of Total Investments)
		Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2005A:
$	700	4.750%, 11/15/27 – NPFG Insured	11/15 at 100.00	AAA	$	770,714
	3,000	4.750%, 11/15/30 – AMBAC Insured	11/15 at 100.00	A		3,098,100
	2,000	Metropolitan Transportation Authority, New York, Transportation Revenue Refunding Bonds, Series 2002A, 5.500%, 11/15/19 – AMBAC Insured	11/12 at 100.00	A		2,059,460
	1,655	New York Liberty Development Corporation, Liberty Revenue Bonds, 4 World Trade Center Project, Series 2011, 5.000%, 11/15/44	11/21 at 100.00	A+		1,755,492
	710	New York State Thruway Authority, General Revenue Bonds, Refunding Series 2007H, 5.000%, 1/01/25 – FGIC Insured	1/18 at 100.00	A+		798,658
		New York State Thruway Authority, General Revenue Bonds, Series 2005F:
	1,955	5.000%, 1/01/20 – AMBAC Insured	1/15 at 100.00	A+		2,158,613
	5,360	5.000%, 1/01/30 – AMBAC Insured	1/15 at 100.00	A+		5,798,180
	1,500	New York State Thruway Authority, General Revenue Bonds, Series 2005G, 5.000%, 1/01/30 – AGM Insured (UB)	7/15 at 100.00	AA–		1,651,695
		Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Fortieth Series 2005:
	2,080	5.000%, 12/01/19 – AGM Insured	6/15 at 101.00	Aa2		2,358,491
	2,625	5.000%, 12/01/28 – SYNCORA GTY Insured	6/15 at 101.00	Aa2		2,801,846
	1,475	5.000%, 12/01/31 – SYNCORA GTY Insured	6/15 at 101.00	Aa2		1,563,338
	870	Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Forty Eighth Series 2008, Trust 2920, 17.142%, 8/15/32 – AGM Insured (IF)	8/17 at 100.00	Aa2		1,143,946
		Triborough Bridge and Tunnel Authority, New York, Subordinate Lien General Purpose Revenue Refunding Bonds, Series 2002E:
	780	5.500%, 11/15/20 – NPFG Insured	No Opt. Call	Aa3		983,564
	2,300	5.250%, 11/15/22 – NPFG Insured	11/12 at 100.00	Aa3		2,366,286
	27,010	Total Transportation				29,308,383
		U.S. Guaranteed – 9.3% (6.2% of Total Investments) (4)
	600	Dormitory Authority of the State of New York, Judicial Facilities Lease Revenue Bonds, Suffolk County Issue, Series 1986, 7.375%, 7/01/16 – BIGI Insured (ETM)	No Opt. Call	Aaa		686,622
	6,000	Dormitory Authority of the State of New York, Revenue Bonds, Memorial Sloan-Kettering Cancer Center, Series 2003-1, 5.000%, 7/01/21 (Pre-refunded 7/01/13) – NPFG Insured	7/13 at 100.00	Aa2 (4)		6,353,520
	945	Metropolitan Transportation Authority, New York, Commuter Facilities Revenue Bonds, Series 1997B, 5.000%, 7/01/20 – AMBAC Insured (ETM)	7/12 at 100.00	N/R (4)		987,100
	5,090	Metropolitan Transportation Authority, New York, Dedicated Tax Fund Bonds, Series 1998A, 5.000%, 4/01/23 (Pre-refunded 10/01/15) – FGIC Insured	10/15 at 100.00	AA+ (4)		5,868,974
	1,000	Metropolitan Transportation Authority, New York, Dedicated Tax Fund Bonds, Series 1999A, 5.000%, 4/01/29 (Pre-refunded 10/01/14) – AGM Insured	10/14 at 100.00	AA+ (4)		1,115,640
	1,000	Monroe County, New York, General Obligation Public Improvement Bonds, Series 2002, 5.000%, 3/01/16 (Pre-refunded 5/03/12) – FGIC Insured	5/12 at 100.00	A3 (4)		1,004,440
	1,435	New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal Series 2003C, 5.250%, 8/01/20 (Pre-refunded 8/01/12) – AMBAC Insured	8/12 at 100.00	AAA		1,459,539
	1,625	New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal Series 2003E, 5.250%, 2/01/22 (Pre-refunded 2/01/13) – NPFG Insured	2/13 at 100.00	Aaa		1,693,543
	1,995	New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal Series 2004C, 5.000%, 2/01/19 (Pre-refunded 2/01/14) – SYNCORA GTY Insured	2/14 at 100.00	AAA		2,164,555
	3,910	New York City Transitional Finance Authority, New York, Future Tax Secured Refunding Bonds, Fiscal Series 2003D, 5.000%, 2/01/22 (Pre-refunded 2/01/13) – NPFG Insured	2/13 at 100.00	Aaa		4,066,752
	23,600	Total U.S. Guaranteed				25,400,685
		Utilities – 9.3% (6.2% of Total Investments)
	2,500	Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2001A, 5.000%, 9/01/27 – AGM Insured	9/12 at 100.00	AA–		2,507,400
	2,620	Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2003C, 5.000%, 9/01/16 – CIFG Insured	9/13 at 100.00	A		2,753,279

Nuveen Investments

	Principal		Optional Call
	Amount (000)	Description (1)	Provisions (2)	Ratings (3)		Value
		Utilities (continued)
		Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006A:
$	4,540	5.000%, 12/01/23 – FGIC Insured	6/16 at 100.00	A	$	4,954,774
	6,160	5.000%, 12/01/25 – FGIC Insured	6/16 at 100.00	A		6,633,704
	3,000	5.000%, 12/01/26 – AGC Insured	6/16 at 100.00	AA+		3,358,350
	625	Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006B, 5.000%, 12/01/35 – CIFG Insured	6/16 at 100.00	A		647,656
	3,310	Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2008A, 5.500%, 5/01/33 – BHAC Insured	5/19 at 100.00	AA+		3,765,555
	760	Power Authority of the State of New York, General Revenue Bonds, Series 2006A, 5.000%, 11/15/19 – FGIC Insured	11/15 at 100.00	Aa2		868,976
	23,515	Total Utilities				25,489,694
		Water and Sewer – 11.2% (7.5% of Total Investments)
	3,000	New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue Bonds, Second Generation Resolution, Fiscal 2010 Series 2009BB, 5.000%, 6/15/27	6/19 at 100.00	AA+		3,401,790
	5,330	New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue Bonds, Second Generation Resolution, Fiscal 2012 Series BB, 5.000%, 6/15/44	12/21 at 100.00	AA+		5,788,540
	2,575	New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue Bonds, Series 2006B, 5.000%, 6/15/36 – NPFG Insured (UB)	6/16 at 100.00	AAA		2,794,158
	3,000	New York City Municipal Water Finance Authority, New York, Water and Sewerage System Revenue Bonds, Fiscal Series 2004C, 5.000%, 6/15/35 – AMBAC Insured	6/14 at 100.00	AAA		3,217,680
	5,030	New York City Municipal Water Finance Authority, New York, Water and Sewerage System Revenue Bonds, Fiscal Series 2005C, 5.000%, 6/15/27 – NPFG Insured (UB)	6/15 at 100.00	AAA		5,572,486
	3,845	New York State Environmental Facilities Corporation, Revenue Bonds, State Revolving Funds Master Financing, Series 2010C, 5.000%, 10/15/35	4/20 at 100.00	AAA		4,250,417
	5,200	Suffolk County Water Authority, New York, Waterworks Revenue Bonds, Series 2005C, 5.000%, 6/01/28 – NPFG Insured (UB)	6/15 at 100.00	AAA		5,499,884
	27,980	Total Water and Sewer				30,524,955
$	445,430	Total Investments (cost $386,788,937) – 149.8%				409,147,668
		Floating Rate Obligations – (13.6)%				(37,145,000	)
		Variable Rate Demand Preferred Shares, at Liquidation Value – (41.1)% (5)				(112,300,000	)
		Other Assets Less Liabilities – 4.9%				13,409,669
		Net Assets Applicable to Common Shares – 100%			$	273,112,337

(1)		All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares unless otherwise noted.
(2)		Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
(3)		Ratings: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(4)		Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
(5)		Variable Rate Demand Preferred Shares, at Liquidation Value as a percentage of Total Investments is 27.4%.
N/R		Not rated.
(ETM)		Escrowed to maturity.
(IF)		Inverse floating rate investment.
(UB)		Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Inverse Floating Rate Securities for more information.

See accompanying notes to financial statements.

Nuveen Investments

		Nuveen New York Select Quality Municipal Fund, Inc.
NVN		Portfolio of Investments
		March 31, 2012 (Unaudited)

	Principal		Optional Call
	Amount (000)	Description (1)	Provisions (2)	Ratings (3)		Value
		Consumer Staples – 2.1% (1.4% of Total Investments)
$	10,720	TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 2006, 5.125%, 6/01/42	6/16 at 100.00	BB	$	7,791,189
		Education and Civic Organizations – 24.6% (16.6% of Total Investments)
	2,500	Dormitory Authority of the State of New York, General Revenue Bonds, New York University, Series 2001-1, 5.500%, 7/01/40 – AMBAC Insured	No Opt. Call	AA–		3,221,325
	3,000	Dormitory Authority of the State of New York, General Revenue Bonds, Saint Johns University, Series 2007A, 5.250%, 7/01/32 – NPFG Insured	7/17 at 100.00	A–		3,170,790
	1,235	Dormitory Authority of the State of New York, Housing Revenue Bonds, Fashion Institute of Technology, Series 2007, 5.250%, 7/01/34 – FGIC Insured	No Opt. Call	BBB		1,337,863
	695	Dormitory Authority of the State of New York, Insured Revenue Bonds, Fordham University, Series 2002, 5.000%, 7/01/18 – FGIC Insured	7/12 at 100.00	A2		700,421
	135	Dormitory Authority of the State of New York, Insured Revenue Bonds, Yeshiva University, Series 2001, 5.000%, 7/01/19 – AMBAC Insured	7/12 at 100.00	A2		135,317
	2,000	Dormitory Authority of the State of New York, Lease Revenue Bonds, State University Dormitory Facilities, Series 2003B, 5.250%, 7/01/32 (Mandatory put 7/01/13) – SYNCORA GTY Insured	No Opt. Call	Aa2		2,118,340
	1,835	Dormitory Authority of the State of New York, Lease Revenue Bonds, State University Dormitory Facilities, Series 2004A, 5.000%, 7/01/29 – NPFG Insured	7/15 at 100.00	Aa2		1,998,095
	2,790	Dormitory Authority of the State of New York, Lease Revenue Bonds, State University Dormitory Facilities, Series 2006A, 5.000%, 7/01/31 – NPFG Insured	7/16 at 100.00	Aa2		2,953,327
	6,215	Dormitory Authority of the State of New York, Lease Revenue Bonds, State University Dormitory Facilities, Series 2009A, 5.000%, 7/01/39	7/19 at 100.00	Aa2		6,714,251
	735	Dormitory Authority of the State of New York, Revenue Bonds, Barnard College, Series 2007A, 5.000%, 7/01/37 – FGIC Insured	7/17 at 100.00	BBB		759,086
		Dormitory Authority of the State of New York, Revenue Bonds, Canisius College, Series 2000:
	1,000	5.100%, 7/01/20 – NPFG Insured	7/12 at 100.00	BBB		1,004,700
	2,875	5.250%, 7/01/30 – NPFG Insured	7/12 at 100.00	BBB		2,881,181
		Dormitory Authority of the State of New York, Revenue Bonds, Convent of the Sacred Heart, Series 2011:
	1,000	5.625%, 11/01/35 – AGM Insured	5/21 at 100.00	AA–		1,148,610
	1,020	5.750%, 11/01/40 – AGM Insured	5/21 at 100.00	AA–		1,178,794
	995	Dormitory Authority of the State of New York, Revenue Bonds, New York University, Series 2007, 5.000%, 7/01/32 – AMBAC Insured	7/17 at 100.00	AA–		1,081,665
		Dormitory Authority of the State of New York, Revenue Bonds, New York University, Series 2009A:
	3,300	5.250%, 7/01/34	7/19 at 100.00	AA–		3,710,751
	3,890	5.000%, 7/01/39	7/19 at 100.00	AA–		4,217,888
	3,750	Dormitory Authority of the State of New York, Revenue Bonds, New York University, Series 2009B, 5.000%, 7/01/39	7/19 at 100.00	AA–		4,066,088
	1,600	Dormitory Authority of the State of New York, Revenue Bonds, Non State Supported Debt, Cornell University, Series 2008C, 5.000%, 7/01/37	7/20 at 100.00	Aa1		1,772,464
		Dormitory Authority of the State of New York, Revenue Bonds, Rochester Institute of Technology, Series 2006A:
	775	5.250%, 7/01/20 – AMBAC Insured	No Opt. Call	A1		937,835
	620	5.250%, 7/01/21 – AMBAC Insured	No Opt. Call	A1		754,893
	3,545	Madison County Industrial Development Agency, New York, Civic Facility Revenue Bonds, Colgate University, Tender Option Bond Trust 3127, 13.077%, 1/01/14 – AMBAC Insured (IF)	No Opt. Call	AA+		3,967,883
	7,250	New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Horace Mann School, Series 1998, 5.000%, 7/01/28 – NPFG Insured	7/12 at 100.00	BBB		7,272,765
	800	New York City Industrial Development Agency, New York, Payment in Lieu of Taxes Revenue Bonds, Queens Baseball Stadium Project, Series 2009, 6.375%, 1/01/39 – AGC Insured	1/19 at 100.00	AA–		892,608
		New York City Industrial Development Agency, New York, PILOT Revenue Bonds, Queens Baseball Stadium Project, Series 2006:
	2,000	5.000%, 1/01/36 – AMBAC Insured	1/17 at 100.00	BB+		1,927,160
	3,200	5.000%, 1/01/46 – AMBAC Insured	1/17 at 100.00	BB+		3,020,864

Nuveen Investments

	Principal		Optional Call
	Amount (000)	Description (1)	Provisions (2)	Ratings (3)		Value
		Education and Civic Organizations (continued)
$	1,905	New York City Industrial Development Agency, New York, Revenue Bonds, Yankee Stadium Project PILOT, Series 2009A, 7.000%, 3/01/49 – AGC Insured	3/19 at 100.00	AA–	$	2,226,697
		New York City Industrial Development Authority, New York, PILOT Revenue Bonds, Yankee Stadium Project, Series 2006:
	1,195	5.000%, 3/01/31 – FGIC Insured	9/16 at 100.00	BBB–		1,228,054
	9,735	5.000%, 3/01/36 – NPFG Insured	9/16 at 100.00	BBB		9,918,018
	5,830	4.500%, 3/01/39 – FGIC Insured	9/16 at 100.00	BBB–		5,586,598
	2,000	New York City Trust for Cultural Resources, New York, Revenue Bonds, American Museum of Natural History, Series 2004A, 5.000%, 7/01/36 – NPFG Insured	7/14 at 100.00	AA		2,061,060
	2,400	New York City Trust for Cultural Resources, New York, Revenue Bonds, Whitney Museum of American Art, Series 2011, 5.000%, 7/01/31	1/21 at 100.00	A		2,591,256
	1,000	Onongada County Trust For Cultural Resources, New York, Revenue Bonds, Syracuse University Project, Series 2011, 5.000%, 12/01/36	12/21 at 100.00	Aa3		1,111,260
	1,390	Tompkins County Development Corporation, New York, Revenue Bonds, Ithaca College, Series 2011, 5.500%, 7/01/33 – AGM Insured	1/21 at 100.00	Aa3		1,561,707
	1,100	Troy Capital Resource Corporation, New York, Revenue Bonds, Rensselaer Polytechnic Institute, Series 2010A, 5.125%, 9/01/40	9/20 at 100.00	A–		1,174,305
	85,315	Total Education and Civic Organizations				90,403,919
		Financials – 1.2% (0.8% of Total Investments)
	4,000	Liberty Development Corporation, New York, Goldman Sachs Headquarter Revenue Bonds, Series 2005, 5.250%, 10/01/35	No Opt. Call	A1		4,355,960
		Health Care – 11.0% (7.5% of Total Investments)
	2,660	Albany Capital Resource Corporation, New York, St. Peter’s Hospital Project, Series 2011, 6.125%, 11/15/30	11/20 at 100.00	BBB+		2,993,325
	810	Dormitory Authority of the State of New York, FHA-Insured Mortgage Hospital Revenue Bonds, Hospital for Special Surgery, Series 2009, 6.250%, 8/15/34	8/19 at 100.00	AA+		985,073
	2,295	Dormitory Authority of the State of New York, FHA-Insured Mortgage Revenue Bonds, Hudson Valley Hospital Center, Series 2007, 5.000%, 8/15/27 – AGM Insured	8/17 at 100.00	AA–		2,474,262
	2,655	Dormitory Authority of the State of New York, FHA-Insured Mortgage Revenue Bonds, Montefiore Hospital, Series 2004, 5.000%, 8/01/29 – FGIC Insured	2/15 at 100.00	BBB		2,882,295
	1,000	Dormitory Authority of the State of New York, FHA-Insured Revenue Bonds, Montefiore Medical Center, Series 2005, 5.000%, 2/01/22 – FGIC Insured	2/15 at 100.00	BBB		1,105,570
		Dormitory Authority of the State of New York, Revenue Bonds, Health Quest System Inc., Series 2007B:
	1,000	5.250%, 7/01/27 – AGC Insured	7/17 at 100.00	AA–		1,069,130
	825	5.125%, 7/01/37 – AGC Insured	7/17 at 100.00	AA–		865,145
	2,645	Dormitory Authority of the State of New York, Revenue Bonds, New York and Presbyterian Hospital, Series 2004A, 5.250%, 8/15/15 – AGM Insured	8/14 at 100.00	AA–		2,865,831
	2,120	Dormitory Authority of the State of New York, Revenue Bonds, The New York and Presbyterian Hospital Project, Series 2007, 5.000%, 8/15/36 – AGM Insured	8/14 at 100.00	AA–		2,177,410
	12,020	Dormitory Authority of the State of New York, Revenue Bonds, Winthrop South Nassau University Health System Obligated Group, Series 2001A, 5.250%, 7/01/26 – AMBAC Insured	7/12 at 100.00	Baa1		12,047,886
	2,025	Dormitory Authority of the State of New York, Revenue Bonds, Winthrop South Nassau University Health System Obligated Group, Series 2001B, 5.250%, 7/01/31 – AMBAC Insured	7/12 at 100.00	Baa1		2,028,929
		New York City Health and Hospitals Corporation, New York, Health System Revenue Bonds, Series 2003A:
	2,800	5.250%, 2/15/21 – AMBAC Insured	2/13 at 100.00	Aa3		2,893,492
	3,065	5.250%, 2/15/22 – AMBAC Insured	2/13 at 100.00	Aa3		3,183,248
	1,505	Suffolk County Economic Development Corp / Nassau County Local Economic Assistance & Financing Corp., New York, Revenue Bonds, Catholic Health Services of Long Island Obligated Group Project, Series 2011, 5.000%, 7/01/28	7/21 at 100.00	A–		1,633,076
	1,320	Westchester County Health Care Corporation, New York, Senior Lien Revenue Bonds, Series 2010-C2, 6.125%, 11/01/37	11/20 at 100.00	A3		1,493,897
	38,745	Total Health Care				40,698,569

Nuveen Investments

		Nuveen New York Select Quality Municipal Fund, Inc. (continued)
NVN		Portfolio of Investments
		March 31, 2012 (Unaudited)

	Principal		Optional Call
	Amount (000)	Description (1)	Provisions (2)	Ratings (3)		Value
		Housing/Multifamily – 2.8% (1.9% of Total Investments)
		New York City Housing Development Corporation, New York, Capital Fund Program Revenue Bonds, Series 2005A:
$	1,470	5.000%, 7/01/14 – FGIC Insured	No Opt. Call	AA–	$	1,600,463
	1,470	5.000%, 7/01/16 – FGIC Insured	7/15 at 100.00	AA–		1,637,668
	5,445	New York City Housing Development Corporation, New York, Capital Fund Program Revenue Bonds, Series 2005A, 5.000%, 7/01/25 – NPFG Insured (UB)	7/15 at 100.00	AA–		5,757,325
	919	New York City Housing Development Corporation, New York, Multifamily Housing Revenue Bonds, Pass-Through Certificates, Series 1991C, 6.500%, 2/20/19 – AMBAC Insured	4/12 at 105.00	N/R		968,780
		New York State Housing Finance Agency, Mortgage Revenue Refunding Bonds, Housing Project, Series 1996A:
	40	6.100%, 11/01/15 – AGM Insured	5/12 at 100.00	AA–		40,182
	170	6.125%, 11/01/20 – AGM Insured	5/12 at 100.00	AA–		170,359
	9,514	Total Housing/Multifamily				10,174,777
		Tax Obligation/General – 8.1% (5.5% of Total Investments)
	1,500	Erie County, New York, General Obligation Bonds, Series 2003A, 5.250%, 3/15/16 – NPFG Insured	3/13 at 100.00	A2		1,563,285
	745	Erie County, New York, General Obligation Bonds, Series 2004B, 5.250%, 4/01/13 – NPFG Insured	No Opt. Call	A2		775,888
	2,000	Erie County, New York, General Obligation Bonds, Series 2005A, 5.000%, 12/01/18 – NPFG Insured	12/15 at 100.00	A2		2,201,660
	600	New York City, New York, General Obligation Bonds, Fiscal 2009 Series E, 5.000%, 8/01/28	8/19 at 100.00	AA		671,550
		New York City, New York, General Obligation Bonds, Fiscal Series 1998H:
	85	5.125%, 8/01/25 – NPFG Insured	8/12 at 100.00	AA		85,300
	70	5.375%, 8/01/27 – NPFG Insured	8/12 at 100.00	AA		70,270
	2,900	New York City, New York, General Obligation Bonds, Fiscal Series 2005J, 5.000%, 3/01/19 – FGIC Insured	3/15 at 100.00	AA		3,233,993
		New York City, New York, General Obligation Bonds, Series 2004E:
	3,250	5.000%, 11/01/19 – AGM Insured (UB)	11/14 at 100.00	AA		3,591,153
	1,650	5.000%, 11/01/20 – AGM Insured (UB)	11/14 at 100.00	AA		1,823,201
		Rensselaer County, New York, General Obligation Bonds, Series 1991:
	960	6.700%, 2/15/16 – AMBAC Insured	No Opt. Call	AA–		1,157,050
	960	6.700%, 2/15/17 – AMBAC Insured	No Opt. Call	AA–		1,196,371
	960	6.700%, 2/15/18 – AMBAC Insured	No Opt. Call	AA–		1,224,067
	960	6.700%, 2/15/19 – AMBAC Insured	No Opt. Call	AA–		1,257,014
	960	6.700%, 2/15/20 – AMBAC Insured	No Opt. Call	AA–		1,281,926
	747	6.700%, 2/15/21 – AMBAC Insured	No Opt. Call	AA–		1,013,769
		Rochester, New York, General Obligation Bonds, Series 1999:
	735	5.250%, 10/01/20 – NPFG Insured	No Opt. Call	Aa3		900,316
	735	5.250%, 10/01/21 – NPFG Insured	No Opt. Call	Aa3		906,564
	730	5.250%, 10/01/22 – NPFG Insured	No Opt. Call	Aa3		900,601
	730	5.250%, 10/01/23 – NPFG Insured	No Opt. Call	Aa3		890,775
	730	5.250%, 10/01/24 – NPFG Insured	No Opt. Call	Aa3		896,761
	730	5.250%, 10/01/25 – NPFG Insured	No Opt. Call	Aa3		903,003
	725	5.250%, 10/01/26 – NPFG Insured	No Opt. Call	Aa3		900,479
	2,190	Yonkers, New York, General Obligation Bonds, Series 2005B, 5.000%, 8/01/19 – NPFG Insured	8/15 at 100.00	BBB+		2,327,620
	25,652	Total Tax Obligation/General				29,772,616
		Tax Obligation/Limited – 52.7% (35.7% of Total Investments)
	7,145	Dormitory Authority of the State of New York, Insured Revenue Bonds, Special Act School District Program, Series 1999, 5.750%, 7/01/19 – NPFG Insured	7/12 at 100.00	BBB		7,170,579
	3,610	Dormitory Authority of the State of New York, Revenue Bonds, Department of Health, Series 2004-2, 5.000%, 7/01/20 – FGIC Insured	7/14 at 100.00	AA–		3,898,403
		Dormitory Authority of the State of New York, Revenue Bonds, Mental Health Services Facilities Improvements, Series 2005D-1:
	670	5.000%, 2/15/15 – FGIC Insured	No Opt. Call	AA–		747,988
	1,715	5.000%, 8/15/23 – FGIC Insured	2/15 at 100.00	AA–		1,895,264
	7,925	Dormitory Authority of the State of New York, Revenue Bonds, School Districts Financing Program, Series 2002D, 5.250%, 10/01/23 – NPFG Insured	10/12 at 100.00	A+		8,100,856
	1,090	Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, Series 2005F, 5.000%, 3/15/21 – AGM Insured	3/15 at 100.00	AAA		1,215,056

Nuveen Investments

	Principal		Optional Call
	Amount (000)	Description (1)	Provisions (2)	Ratings (3)		Value
		Tax Obligation/Limited (continued)
$	1,700	Erie County Industrial Development Agency, New York, School Facility Revenue Bonds, Buffalo City School District, Series 2004, 5.750%, 5/01/26 – AGM Insured (UB)	5/14 at 100.00	AA–	$	1,846,540
	7,545	Erie County Industrial Development Agency, New York, School Facility Revenue Bonds, Buffalo City School District, Series 2007A, 5.750%, 5/01/28 – AGM Insured (UB)	5/17 at 100.00	AA–		8,789,472
	2,390	Erie County Industrial Development Agency, New York, School Facility Revenue Bonds, Buffalo City School District Project, Series 2008A, 5.750%, 5/01/28 – AGM Insured (UB)	5/18 at 100.00	AA–		2,705,480
	3,300	Erie County Industrial Development Agency, New York, School Facility Revenue Bonds, Buffalo City School District Project, Series 2009A, 5.000%, 5/01/31	No Opt. Call	AA–		3,566,244
	5,400	Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 Series 2011A, 5.750%, 2/15/47	No Opt. Call	A		6,050,592
		Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A:
	14,405	5.000%, 2/15/47 – FGIC Insured	2/17 at 100.00	A		14,744,948
	2,100	5.000%, 2/15/47 – AGM Insured	2/17 at 100.00	AA–		2,162,538
	7,500	Metropolitan Transportation Authority, New York, Dedicated Tax Fund Bonds, Series 2002A, 5.250%, 11/15/25 – AGM Insured	11/12 at 100.00	AA		7,681,425
	4,600	Metropolitan Transportation Authority, New York, State Service Contract Bonds, Series 2002B, 5.500%, 7/01/18 – NPFG Insured	7/12 at 100.00	AA–		4,653,084
	2,000	Metropolitan Transportation Authority, New York, State Service Contract Refunding Bond, Series 2002A, 5.750%, 7/01/18 – AGM Insured (UB)	No Opt. Call	AA–		2,460,500
		Metropolitan Transportation Authority, New York, State Service Contract Refunding Bonds, Series 2002A:
	3,000	5.500%, 1/01/19 – NPFG Insured	7/12 at 100.00	AA–		3,033,840
	5,000	5.500%, 1/01/20 – NPFG Insured	7/12 at 100.00	AA–		5,056,400
	2,375	5.000%, 7/01/25 – FGIC Insured	7/12 at 100.00	AA–		2,396,969
	4,050	5.000%, 7/01/30 – AMBAC Insured	7/12 at 100.00	AA–		4,087,179
		Nassau County Interim Finance Authority, New York, Sales Tax Secured Revenue Bonds, Series 2003A:
	4,000	5.000%, 11/15/18 – AMBAC Insured	11/13 at 100.00	AAA		4,280,440
	1,560	4.750%, 11/15/21 – AMBAC Insured	11/13 at 100.00	AAA		1,657,048
	1,560	4.750%, 11/15/22 – AMBAC Insured	11/13 at 100.00	AAA		1,655,222
		New York City Sales Tax Asset Receivable Corporation, New York, Dedicated Revenue Bonds, Local Government Assistance Corporation, Series 2004A:
	3,640	5.000%, 10/15/25 – NPFG Insured (UB)	10/14 at 100.00	AAA		3,981,869
	1,960	5.000%, 10/15/26 – NPFG Insured (UB)	10/14 at 100.00	AAA		2,140,986
	5,420	5.000%, 10/15/29 – AMBAC Insured (UB)	10/14 at 100.00	AAA		5,913,599
	1,205	5.000%, 10/15/32 – AMBAC Insured	10/14 at 100.00	AAA		1,310,004
	1,500	5.000%, 10/15/32 – AMBAC Insured (UB)	10/14 at 100.00	AAA		1,630,710
	5,600	New York City Transitional Finance Authority, New York, Building Aid Revenue Bonds, Fiscal Series 2007S-2, 5.000%, 1/15/28 – FGIC Insured	1/17 at 100.00	AA–		6,076,616
	60	New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal Series 2003E, 5.250%, 2/01/22 – NPFG Insured	2/13 at 100.00	AAA		62,265
	3,800	New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal Series 2007B, 5.000%, 11/01/30	5/17 at 100.00	AAA		4,333,824
	4,000	New York City Transitional Finance Authority, New York, Future Tax Secured Revenue Bonds, Subordinate Lien Series 2011C, 5.500%, 11/01/35	11/20 at 100.00	AAA		4,687,440
	1,660	New York City, New York, Educational Construction Fund, Revenue Bonds, Series 2011A, 5.750%, 4/01/33 – AGM Insured	4/21 at 100.00	AA+		1,934,448
		New York Convention Center Development Corporation, New York, Hotel Fee Revenue Bonds, Tender Option Bonds Trust 3095:
	835	13.102%, 11/15/30 – AMBAC Insured (IF)	11/15 at 100.00	AA+		986,903
	3,955	13.089%, 11/15/44 – AMBAC Insured (IF)	11/15 at 100.00	AA+		4,491,694
		New York State Municipal Bond Bank Agency, Buffalo, Special Program Revenue Bonds, Series 2001A:
	875	5.125%, 5/15/19 – AMBAC Insured	5/12 at 100.00	A1		877,511
	920	5.125%, 5/15/20 – AMBAC Insured	5/12 at 100.00	A1		922,512
	965	5.250%, 5/15/21 – AMBAC Insured	5/12 at 100.00	A1		968,474
	1,015	5.250%, 5/15/22 – AMBAC Insured	5/12 at 100.00	A1		1,018,390

Nuveen Investments

		Nuveen New York Select Quality Municipal Fund, Inc. (continued)
NVN		Portfolio of Investments
		March 31, 2012 (Unaudited)

	Principal		Optional Call
	Amount (000)	Description (1)	Provisions (2)	Ratings (3)		Value
		Tax Obligation/Limited (continued)
$	1,000	New York State Thruway Authority, Highway and Bridge Trust Fund Bonds, Second General, Series 2004A, 5.000%, 4/01/22 – NPFG Insured	4/14 at 100.00	AA	$	1,082,240
		New York State Thruway Authority, Highway and Bridge Trust Fund Bonds, Second General, Series 2005B:
	8,455	5.500%, 4/01/20 – AMBAC Insured	No Opt. Call	AA		10,617,704
	1,500	5.000%, 4/01/21 – AMBAC Insured	10/15 at 100.00	AA		1,700,745
	1,000	New York State Thruway Authority, State Personal Income Tax Revenue Bonds, Series 2004A, 5.000%, 3/15/24 – AMBAC Insured	9/14 at 100.00	AAA		1,092,160
	1,600	New York State Thruway Authority, State Personal Income Tax Revenue Bonds, Series 2010A, 5.000%, 3/15/29	9/20 at 100.00	AAA		1,850,800
		New York State Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed and State Contingency Contract-Backed Bonds, Series 2003A-1:
	11,100	5.250%, 6/01/20 – AMBAC Insured	6/13 at 100.00	AA–		11,691,741
	1,000	5.250%, 6/01/21 – AMBAC Insured	6/13 at 100.00	AA–		1,053,550
	4,565	5.250%, 6/01/22 – AMBAC Insured	6/13 at 100.00	AA–		4,806,717
	500	New York State Urban Development Corporation, State Personal Income Tax Revenue Bonds, Series 2005B, 5.000%, 3/15/30 – AGM Insured	3/15 at 100.00	AAA		541,480
	4,000	Puerto Rico Highway and Transportation Authority, Highway Revenue Refunding Bonds, Series 2002E, 5.500%, 7/01/18 – AGM Insured	No Opt. Call	AA–		4,552,640
	2,500	Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2010A, 5.000%, 8/01/40 – AGM Insured	2/20 at 100.00	AA–		2,605,950
	1,175	Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2010C, 5.125%, 8/01/42 – AGM Insured	8/20 at 100.00	AA–		1,230,918
		Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A:
	53,475	0.000%, 8/01/46 – NPFG Insured	No Opt. Call	Aa2		7,683,288
	16,120	0.000%, 8/01/47 – AMBAC Insured	No Opt. Call	Aa2		2,171,042
	240,040	Total Tax Obligation/Limited				193,874,287
		Transportation – 10.7% (7.3% of Total Investments)
		Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2005A:
	1,900	4.750%, 11/15/27 – NPFG Insured	11/15 at 100.00	AAA		2,091,938
	4,000	4.750%, 11/15/30 – AMBAC Insured	11/15 at 100.00	A		4,130,800
	1,000	Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2011A, 5.000%, 11/15/41	11/21 at 100.00	A		1,074,640
		Metropolitan Transportation Authority, New York, Transportation Revenue Refunding Bonds, Series 2002A:
	6,000	5.500%, 11/15/18 – AMBAC Insured	11/12 at 100.00	A		6,184,140
	2,000	5.125%, 11/15/22 – FGIC Insured	11/12 at 100.00	A		2,047,920
		Metropolitan Transportation Authority, New York, Transportation Revenue Refunding Bonds, Series 2002E:
	1,335	5.500%, 11/15/21 – NPFG Insured	11/12 at 100.00	A		1,369,496
	4,575	5.000%, 11/15/25 – NPFG Insured	11/12 at 100.00	A		4,684,709
	2,280	New York Liberty Development Corporation, Liberty Revenue Bonds, 4 World Trade Center Project, Series 2011, 5.000%, 11/15/44	11/21 at 100.00	A+		2,418,442
	955	New York State Thruway Authority, General Revenue Bonds, Refunding Series 2007H, 5.000%, 1/01/25 – FGIC Insured	1/18 at 100.00	A+		1,074,251
		New York State Thruway Authority, General Revenue Bonds, Series 2005F:
	2,625	5.000%, 1/01/20 – AMBAC Insured	1/15 at 100.00	A+		2,898,394
	425	5.000%, 1/01/30 – AMBAC Insured	1/15 at 100.00	A+		459,744
	1,650	New York State Thruway Authority, General Revenue Bonds, Series 2005G, 5.000%, 1/01/30 – AGM Insured (UB)	7/15 at 100.00	AA–		1,816,865
	1,675	Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Fortieth Series 2005, 5.000%, 12/01/31 – SYNCORA GTY Insured	6/15 at 101.00	Aa2		1,775,316
	1,170	Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Forty Eighth Series 2008, Trust 2920, 17.142%, 8/15/32 – AGM Insured (IF)	8/17 at 100.00	Aa2		1,538,410

Nuveen Investments

	Principal		Optional Call
	Amount (000)	Description (1)	Provisions (2)	Ratings (3)		Value
		Transportation (continued)
		Triborough Bridge and Tunnel Authority, New York, Subordinate Lien General Purpose Revenue Refunding Bonds, Series 2002E:
$	1,570	5.500%, 11/15/20 – NPFG Insured	No Opt. Call	Aa3	$	1,979,739
	3,800	5.250%, 11/15/22 – NPFG Insured	11/12 at 100.00	Aa3		3,909,516
	36,960	Total Transportation				39,454,320
		U.S. Guaranteed – 12.4% (8.4% of Total Investments) (4)
		Dormitory Authority of the State of New York, Revenue Bonds, Memorial Sloan-Kettering Cancer Center, Series 2003-1:
	2,500	5.000%, 7/01/21 (Pre-refunded 7/01/13) – NPFG Insured	7/13 at 100.00	Aa2 (4)		2,647,300
	3,210	5.000%, 7/01/22 (Pre-refunded 7/01/13) – NPFG Insured	7/13 at 100.00	Aa2 (4)		3,399,133
	505	Dormitory Authority of the State of New York, Suffolk County, Lease Revenue Bonds, Judicial Facilities, Series 1991A, 9.500%, 4/15/14 – FGIC Insured (ETM)	4/12 at 103.06	Baa1 (4)		559,863
		Erie County Industrial Development Agency, New York, School Facility Revenue Bonds, Buffalo City School District, Series 2003:
	1,230	5.750%, 5/01/20 (Pre-refunded 5/01/12) – AGM Insured	5/12 at 100.00	AA– (4)		1,235,941
	1,225	5.750%, 5/01/22 (Pre-refunded 5/01/12) – AGM Insured	5/12 at 100.00	AA– (4)		1,230,917
	11,000	Metropolitan Transportation Authority, New York, Dedicated Tax Fund Bonds, Series 1998A, 4.750%, 4/01/28 (Pre-refunded 10/01/15) – FGIC Insured	10/15 at 100.00	AA+ (4)		12,588,180
		Metropolitan Transportation Authority, New York, Dedicated Tax Fund Bonds, Series 1999A:
	4,000	5.000%, 4/01/17 (Pre-refunded 10/01/14) – AGM Insured	10/14 at 100.00	AA+ (4)		4,462,560
	3,250	5.000%, 4/01/29 (Pre-refunded 10/01/14) – AGM Insured	10/14 at 100.00	AA+ (4)		3,625,830
	6,750	New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal Series 2003C, 5.250%, 8/01/21 (Pre-refunded 8/01/12) – AMBAC Insured	8/12 at 100.00	AAA		6,865,425
	3,100	New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal Series 2003E, 5.250%, 2/01/22 (Pre-refunded 2/01/13) – NPFG Insured	2/13 at 100.00	Aaa		3,230,758
	2,000	New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal Series 2004C, 5.000%, 2/01/19 (Pre-refunded 2/01/14) – SYNCORA GTY Insured	2/14 at 100.00	AAA		2,169,980
	3,500	New York City Transitional Finance Authority, New York, Future Tax Secured Refunding Bonds, Fiscal Series 2003D, 5.000%, 2/01/22 (Pre-refunded 2/01/13) – NPFG Insured	2/13 at 100.00	Aaa		3,640,315
	42,270	Total U.S. Guaranteed				45,656,202
		Utilities – 12.3% (8.4% of Total Investments)
	900	Guam Power Authority, Revenue Bonds, Series 2010A, 5.000%, 10/01/37 – AGM Insured	10/20 at 100.00	AA–		960,651
		Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2000A:
	4,000	0.000%, 6/01/24 – AGM Insured	No Opt. Call	AA–		2,752,240
	4,000	0.000%, 6/01/25 – AGM Insured	No Opt. Call	AA–		2,627,440
	15,000	0.000%, 6/01/26 – AGM Insured	No Opt. Call	AA–		9,374,550
	3,000	0.000%, 6/01/27 – AGM Insured	No Opt. Call	AA–		1,776,270
	4,500	0.000%, 6/01/28 – AGM Insured	No Opt. Call	AA–		2,517,300
	3,000	0.000%, 6/01/29 – AGM Insured	No Opt. Call	AA–		1,586,550
	3,000	Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2001A, 5.000%, 9/01/27 – AGM Insured	9/12 at 100.00	AA–		3,008,880
		Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006A:
	6,010	5.000%, 12/01/23 – FGIC Insured	6/16 at 100.00	A		6,559,074
	7,735	5.000%, 12/01/25 – FGIC Insured	6/16 at 100.00	A		8,329,822
	4,000	5.000%, 12/01/26 – AGC Insured	6/16 at 100.00	AA+		4,477,800
	750	Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006B, 5.000%, 12/01/35 – CIFG Insured	6/16 at 100.00	A		777,188
	650	Power Authority of the State of New York, General Revenue Bonds, Series 2006A, 5.000%, 11/15/19 – FGIC Insured	11/15 at 100.00	Aa2		743,204
	56,545	Total Utilities				45,490,969
		Water and Sewer – 9.7% (6.5% of Total Investments)
	5,000	New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue Bonds, Second Generation Resolution, Fiscal 2010 Series 2009BB, 5.000%, 6/15/27	6/19 at 100.00	AA+		5,669,650
	2,000	New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue Bonds, Second Generation Resolution, Series 2007AA, 5.000%, 6/15/37	6/17 at 100.00	AA+		2,140,120

Nuveen Investments

		Nuveen New York Select Quality Municipal Fund, Inc. (continued)
NVN		Portfolio of Investments
		March 31, 2012 (Unaudited)

	Principal		Optional Call
	Amount (000)	Description (1)	Provisions (2)	Ratings (3)		Value
		Water and Sewer (continued)
$	3,455	New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue Bonds, Series 2006B, 5.000%, 6/15/36 – NPFG Insured (UB)	6/16 at 100.00	AAA	$	3,749,055
	3,000	New York City Municipal Water Finance Authority, New York, Water and Sewerage System Revenue Bonds, Fiscal Series 2004C, 5.000%, 6/15/35 – AMBAC Insured	6/14 at 100.00	AAA		3,217,680
	5,920	New York City Municipal Water Finance Authority, New York, Water and Sewerage System Revenue Bonds, Fiscal Series 2005C, 5.000%, 6/15/27 – NPFG Insured (UB)	6/15 at 100.00	AAA		6,558,472
	5,000	New York City Municipal Water Finance Authority, New York, Water and Sewerage System Revenue Refunding Bonds, Fiscal Series 2003E, 5.000%, 6/15/34	6/13 at 100.00	AAA		5,211,600
	7,100	Suffolk County Water Authority, New York, Waterworks Revenue Bonds, Series 2005C, 5.000%, 6/01/28 – NPFG Insured	6/15 at 100.00	AAA		7,509,457
	2,230	Upper Mohawk Valley Regional Water Finance Authority, New York, Water System Revenue Bonds, Series 2000, 0.000%, 4/01/23 – AMBAC Insured	No Opt. Call	A1		1,511,650
	33,705	Total Water and Sewer				35,567,684
$	583,466	Total Investments (cost $505,748,634) – 147.6%				543,240,492
		Floating Rate Obligations – (9.1)%				(33,510,000	)
		Variable Rate Demand Preferred Shares, at Liquidation Value – (44.8)% (5)				(164,800,000	)
		Other Assets Less Liabilities – 6.3%				23,158,804
		Net Assets Applicable to Common Shares – 100%			$	368,089,296

(1)		All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares unless otherwise noted.
(2)		Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
(3)		Ratings: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(4)		Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
(5)		Variable Rate Demand Preferred Shares, at Liquidation Value as a percentage of Total Investments is 30.3%.
N/R		Not rated.
(ETM)		Escrowed to maturity.
(IF)		Inverse floating rate investment.
(UB)		Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Inverse Floating Rate Securities for more information.

See accompanying notes to financial statements.

Nuveen Investments

		Nuveen New York Quality Income Municipal Fund, Inc.
NUN		Portfolio of Investments
		March 31, 2012 (Unaudited)

	Principal		Optional Call
	Amount (000)	Description (1)	Provisions (2)	Ratings (3)		Value
		Consumer Staples – 2.1% (1.4% of Total Investments)
$	10,785	TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 2006, 5.125%, 6/01/42	6/16 at 100.00	BB	$	7,838,430
		Education and Civic Organizations – 18.8% (12.5% of Total Investments)
	1,000	Dormitory Authority of the State of New York, General Revenue Bonds, New York University, Series 2001-1, 5.500%, 7/01/40 – AMBAC Insured	No Opt. Call	AA–		1,288,530
	1,265	Dormitory Authority of the State of New York, Housing Revenue Bonds, Fashion Institute of Technology, Series 2007, 5.250%, 7/01/34 – FGIC Insured	No Opt. Call	BBB		1,370,362
	670	Dormitory Authority of the State of New York, Insured Revenue Bonds, Fordham University, Series 2002, 5.000%, 7/01/19 – FGIC Insured	7/12 at 100.00	A2		674,844
	175	Dormitory Authority of the State of New York, Insured Revenue Bonds, Yeshiva University, Series 2001, 5.000%, 7/01/26 – AMBAC Insured	7/12 at 100.00	A2		175,224
	2,000	Dormitory Authority of the State of New York, Lease Revenue Bonds, State University Dormitory Facilities, Series 2003B, 5.250%, 7/01/32 (Mandatory put 7/01/13) – SYNCORA GTY Insured	No Opt. Call	Aa2		2,118,340
	2,320	Dormitory Authority of the State of New York, Lease Revenue Bonds, State University Dormitory Facilities, Series 2004A, 5.000%, 7/01/29 – NPFG Insured	7/15 at 100.00	Aa2		2,526,202
	2,830	Dormitory Authority of the State of New York, Lease Revenue Bonds, State University Dormitory Facilities, Series 2006A, 5.000%, 7/01/31 – NPFG Insured	7/16 at 100.00	Aa2		2,995,668
		Dormitory Authority of the State of New York, Revenue Bonds, Barnard College, Series 2007A:
	1,000	5.000%, 7/01/25 – FGIC Insured	7/17 at 100.00	BBB		1,083,580
	745	5.000%, 7/01/37 – FGIC Insured	7/17 at 100.00	BBB		769,414
	1,800	Dormitory Authority of the State of New York, Revenue Bonds, Convent of the Sacred Heart, Series 2011, 5.750%, 11/01/40 – AGM Insured	5/21 at 100.00	AA–		2,080,224
	3,000	Dormitory Authority of the State of New York, Revenue Bonds, Fordham University, Series 2008B, 5.000%, 7/01/38 – AGC Insured	7/18 at 100.00	Aa3		3,194,220
	875	Dormitory Authority of the State of New York, Revenue Bonds, New School University, Series 2010, 5.250%, 7/01/30	7/20 at 100.00	A–		953,426
	1,005	Dormitory Authority of the State of New York, Revenue Bonds, New York University, Series 2007, 5.000%, 7/01/32 – AMBAC Insured	7/17 at 100.00	AA–		1,092,536
	3,300	Dormitory Authority of the State of New York, Revenue Bonds, New York University, Series 2009A, 5.250%, 7/01/34	7/19 at 100.00	AA–		3,710,751
	3,750	Dormitory Authority of the State of New York, Revenue Bonds, New York University, Series 2009B, 5.000%, 7/01/39	7/19 at 100.00	AA–		4,066,088
		Dormitory Authority of the State of New York, Revenue Bonds, Rochester Institute of Technology, Series 2006A:
	800	5.250%, 7/01/20 – AMBAC Insured	No Opt. Call	A1		968,088
	640	5.250%, 7/01/21 – AMBAC Insured	No Opt. Call	A1		779,245
	705	Madison County Industrial Development Agency, New York, Civic Facility Revenue Bonds, Colgate University, Tender Option Bond Trust 3127, 13.077%, 1/01/14 – AMBAC Insured (IF)	No Opt. Call	AA+		789,099
	4,775	New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Trinity Episcopal School, Series 1997, 5.250%, 6/15/27 – NPFG Insured	6/12 at 100.00	BBB		4,788,991
		New York City Industrial Development Agency, New York, PILOT Revenue Bonds, Queens Baseball Stadium Project, Series 2006:
	2,000	5.000%, 1/01/36 – AMBAC Insured	1/17 at 100.00	BB+		1,927,160
	3,240	5.000%, 1/01/46 – AMBAC Insured	1/17 at 100.00	BB+		3,058,625
		New York City Industrial Development Authority, New York, PILOT Revenue Bonds, Yankee Stadium Project, Series 2006:
	1,215	5.000%, 3/01/31 – FGIC Insured	9/16 at 100.00	BBB–		1,248,607
	9,840	5.000%, 3/01/36 – NPFG Insured	9/16 at 100.00	BBB		10,024,992
	5,910	4.500%, 3/01/39 – FGIC Insured	9/16 at 100.00	BBB–		5,663,258
	6,250	New York City Trust for Cultural Resources, New York, Revenue Refunding Bonds, Museum of Modern Art, Series 1996A, 5.500%, 1/01/21 – AMBAC Insured	7/12 at 100.00	Aa2		6,396,688
	4,000	Tompkins County Development Corporation, New York, Revenue Bonds, Ithaca College, Series 2011, 5.375%, 7/01/41 – AGM Insured	1/21 at 100.00	Aa3		4,404,080

Nuveen Investments

		Nuveen New York Quality Income Municipal Fund, Inc. (continued)
NUN		Portfolio of Investments
		March 31, 2012 (Unaudited)

	Principal		Optional Call
	Amount (000)	Description (1)	Provisions (2)	Ratings (3)		Value
		Education and Civic Organizations (continued)
$	1,100	Troy Capital Resource Corporation, New York, Revenue Bonds, Rensselaer Polytechnic Institute, Series 2010A, 5.125%, 9/01/40	9/20 at 100.00	A–	$	1,174,305
	66,210	Total Education and Civic Organizations				69,322,547
		Health Care – 11.9% (7.9% of Total Investments)
	2,655	Albany Capital Resource Corporation, New York, St. Peter’s Hospital Project, Series 2011, 6.125%, 11/15/30	11/20 at 100.00	BBB+		2,987,698
	820	Dormitory Authority of the State of New York, FHA-Insured Mortgage Hospital Revenue Bonds, Hospital for Special Surgery, Series 2009, 6.250%, 8/15/34	8/19 at 100.00	AA+		997,235
	2,325	Dormitory Authority of the State of New York, FHA-Insured Mortgage Revenue Bonds, Hudson Valley Hospital Center, Series 2007, 5.000%, 8/15/27 – AGM Insured	8/17 at 100.00	AA–		2,506,606
	2,695	Dormitory Authority of the State of New York, FHA-Insured Mortgage Revenue Bonds, Montefiore Hospital, Series 2004, 5.000%, 8/01/29 – FGIC Insured	2/15 at 100.00	BBB		2,925,719
	1,000	Dormitory Authority of the State of New York, FHA-Insured Revenue Bonds, Montefiore Medical Center, Series 2005, 5.000%, 2/01/22 – FGIC Insured	2/15 at 100.00	BBB		1,105,570
	2,250	Dormitory Authority of the State of New York, FHA-Insured Revenue Bonds, St. Lukes Roosevelt Hospital, Series 2005, 4.900%, 8/15/31	8/15 at 100.00	N/R		2,350,463
	2,000	Dormitory Authority of the State of New York, North Shore Long Island Jewish Obligated Group Revenue Bonds, Series 2011A, 5.000%, 5/01/41	No Opt. Call	A–		2,111,240
	1,800	Dormitory Authority of the State of New York, Revenue Bonds, Health Quest System Inc., Series 2007B, 5.125%, 7/01/37 – AGC Insured	7/17 at 100.00	AA–		1,887,588
	2,465	Dormitory Authority of the State of New York, Revenue Bonds, New York and Presbyterian Hospital, Series 2004A, 5.250%, 8/15/15 – AGM Insured	8/14 at 100.00	AA–		2,670,803
	2,150	Dormitory Authority of the State of New York, Revenue Bonds, The New York and Presbyterian Hospital Project, Series 2007, 5.000%, 8/15/36 – AGM Insured	8/14 at 100.00	AA–		2,208,222
	9,000	Dormitory Authority of the State of New York, Revenue Bonds, Winthrop South Nassau University Health System Obligated Group, Series 2001B, 5.250%, 7/01/31 – AMBAC Insured	7/12 at 100.00	Baa1		9,017,460
	900	Dutchess County Local Development Corporation, New York, Revenue Bonds, Health Quest System Inc, Series 2010A, 5.750%, 7/01/40 – AGM Insured	7/20 at 100.00	A–		971,937
	1,875	Monroe County Industrial Development Corporation, New York, FHA Insured Mortgage Revenue Bonds, Unity Hospital of Rochestor Project, Series 2010, 5.750%, 8/15/35	2/21 at 100.00	Aa2		2,209,256
		New York City Health and Hospitals Corporation, New York, Health System Revenue Bonds, Series 2003A:
	2,800	5.250%, 2/15/21 – AMBAC Insured	2/13 at 100.00	Aa3		2,893,492
	3,065	5.250%, 2/15/22 – AMBAC Insured	2/13 at 100.00	Aa3		3,183,248
	2,105	Suffolk County Economic Development Corp / Nassau County Local Economic Assistance & Financing Corp., New York, Revenue Bonds, Catholic Health Services of Long Island Obligated Group Project, Series 2011, 5.000%, 7/01/28	7/21 at 100.00	A–		2,284,136
	1,320	Westchester County Health Care Corporation, New York, Senior Lien Revenue Bonds, Series 2010-C2, 6.125%, 11/01/37	11/20 at 100.00	A3		1,493,897
	41,225	Total Health Care				43,804,570
		Housing/Multifamily – 2.9% (1.9% of Total Investments)
		New York City Housing Development Corporation, New York, Capital Fund Program Revenue Bonds, Series 2005A:
	1,500	5.000%, 7/01/14 – FGIC Insured	No Opt. Call	AA–		1,633,125
	1,500	5.000%, 7/01/16 – FGIC Insured	7/15 at 100.00	AA–		1,671,090
	5,515	New York City Housing Development Corporation, New York, Capital Fund Program Revenue Bonds, Series 2005A, 5.000%, 7/01/25 – NPFG Insured (UB)	7/15 at 100.00	AA–		5,831,340
	764	New York City Housing Development Corporation, New York, Multifamily Housing Revenue Bonds, Pass-Through Certificates, Series 1991C, 6.500%, 2/20/19 – AMBAC Insured	4/12 at 105.00	N/R		805,702
	675	New York City Housing Development Corporation, New York, Multifamily Housing Revenue Bonds, Series 2010-D1A, 5.000%, 11/01/42	5/20 at 100.00	AA		707,427
	70	New York State Housing Finance Agency, Mortgage Revenue Refunding Bonds, Housing Project, Series 1996A, 6.125%, 11/01/20 – AGM Insured	5/12 at 100.00	AA–		70,148
	10,024	Total Housing/Multifamily				10,718,832

Nuveen Investments

	Principal		Optional Call
	Amount (000)	Description (1)	Provisions (2)	Ratings (3)		Value
		Tax Obligation/General – 4.1% (2.7% of Total Investments)
$	1,500	Erie County, New York, General Obligation Bonds, Series 2003A, 5.250%, 3/15/16 – NPFG Insured	3/13 at 100.00	A2	$	1,563,285
	805	Erie County, New York, General Obligation Bonds, Series 2004B, 5.250%, 4/01/13 – NPFG Insured	No Opt. Call	A2		838,375
		New York City, New York, General Obligation Bonds, Fiscal Series 2001D:
	5	5.250%, 8/01/15 – AGM Insured	8/12 at 100.00	AA		5,020
	5	5.000%, 8/01/16 – FGIC Insured	8/12 at 100.00	AA		5,019
	4,130	New York City, New York, General Obligation Bonds, Fiscal Series 2005J, 5.000%, 3/01/19 – FGIC Insured	3/15 at 100.00	AA		4,605,652
		New York City, New York, General Obligation Bonds, Series 2004E:
	3,350	5.000%, 11/01/19 – AGM Insured (UB)	11/14 at 100.00	AA		3,701,650
	1,700	5.000%, 11/01/20 – AGM Insured (UB)	11/14 at 100.00	AA		1,878,449
	2,305	Yonkers, New York, General Obligation Bonds, Series 2005B, 5.000%, 8/01/20 – NPFG Insured	8/15 at 100.00	BBB+		2,435,417
	13,800	Total Tax Obligation/General				15,032,867
		Tax Obligation/Limited – 60.1% (40.1% of Total Investments)
	2,660	Dormitory Authority of the State of New York, 853 Schools Program Insured Revenue Bonds, Harmony Heights School, Issue 1, Series 1999C, 5.500%, 7/01/18 – AMBAC Insured	7/12 at 100.00	N/R		2,669,204
	3,385	Dormitory Authority of the State of New York, Consolidated Revenue Bonds, City University System, Series 1993A, 5.750%, 7/01/13 – NPFG Insured	No Opt. Call	Aa3		3,494,505
	130	Dormitory Authority of the State of New York, Improvement Revenue Bonds, Mental Health Services Facilities, Series 2000D, 5.250%, 8/15/30 – AGM Insured	8/12 at 100.00	AA–		130,406
		Dormitory Authority of the State of New York, Lease Revenue Bonds, Madison-Oneida Board of Cooperative Educational Services, Series 2002:
	1,045	5.250%, 8/15/20 – AGM Insured	8/12 at 100.00	AA–		1,062,305
	1,100	5.250%, 8/15/21 – AGM Insured	8/12 at 100.00	AA–		1,117,798
	1,135	5.250%, 8/15/22 – AGM Insured	8/12 at 100.00	AA–		1,152,933
	3,610	Dormitory Authority of the State of New York, Revenue Bonds, Department of Health, Series 2004-2, 5.000%, 7/01/20 – FGIC Insured	7/14 at 100.00	AA–		3,898,403
		Dormitory Authority of the State of New York, Revenue Bonds, Mental Health Services Facilities Improvements, Series 2005D-1:
	2,300	5.000%, 2/15/15 – FGIC Insured	No Opt. Call	AA–		2,567,720
	1,200	5.000%, 8/15/23 – FGIC Insured	2/15 at 100.00	AA–		1,326,132
	7,900	Dormitory Authority of the State of New York, Revenue Bonds, School Districts Financing Program, Series 2002D, 5.250%, 10/01/23 – NPFG Insured	10/12 at 100.00	A+		8,075,301
	4,000	Dormitory Authority of the State of New York, Revenue Bonds, State University Educational Facilities, 1989 Resolution, Series 2000C, 5.750%, 5/15/16 – AGM Insured	No Opt. Call	AA–		4,750,000
	1,915	Dormitory Authority of the State of New York, Second General Resolution Consolidated Revenue Bonds, City University System, Series 1993A, 5.750%, 7/01/18 – AGM Insured	No Opt. Call	AA–		2,218,911
	1,040	Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, Series 2005F, 5.000%, 3/15/21 – AGM Insured	3/15 at 100.00	AAA		1,159,319
	1,710	Erie County Industrial Development Agency, New York, School Facility Revenue Bonds, Buffalo City School District, Series 2004, 5.750%, 5/01/26 – AGM Insured (UB)	5/14 at 100.00	AA–		1,857,402
		Erie County Industrial Development Agency, New York, School Facility Revenue Bonds, Buffalo City School District, Series 2007A:
	5,980	5.750%, 5/01/27 – AGM Insured (UB)	5/17 at 100.00	AA–		6,919,697
	1,670	5.750%, 5/01/28 – AGM Insured (UB)	5/17 at 100.00	AA–		1,945,450
	2,420	Erie County Industrial Development Agency, New York, School Facility Revenue Bonds, Buffalo City School District Project, Series 2008A, 5.750%, 5/01/28 – AGM Insured (UB)	5/18 at 100.00	AA–		2,739,440
	3,300	Erie County Industrial Development Agency, New York, School Facility Revenue Bonds, Buffalo City School District Project, Series 2009A, 5.000%, 5/01/31	No Opt. Call	AA–		3,566,244
	6,530	Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 Series 2011A, 5.750%, 2/15/47	No Opt. Call	A		7,316,734
		Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A:
	14,635	5.000%, 2/15/47 – FGIC Insured	2/17 at 100.00	A		14,980,380
	2,100	5.000%, 2/15/47 – AGM Insured	2/17 at 100.00	AA–		2,162,538

Nuveen Investments

		Nuveen New York Quality Income Municipal Fund, Inc. (continued)
NUN		Portfolio of Investments
		March 31, 2012 (Unaudited)

	Principal		Optional Call
	Amount (000)	Description (1)	Provisions (2)	Ratings (3)		Value
		Tax Obligation/Limited (continued)
$	7,500	Metropolitan Transportation Authority, New York, Dedicated Tax Fund Bonds, Series 2002A, 5.250%, 11/15/25 – AGM Insured	11/12 at 100.00	AA	$	7,681,425
	4,600	Metropolitan Transportation Authority, New York, State Service Contract Bonds, Series 2002B, 5.500%, 7/01/18 – NPFG Insured	7/12 at 100.00	AA–		4,653,084
	1,000	Metropolitan Transportation Authority, New York, State Service Contract Refunding Bond, Series 2002A, 5.750%, 7/01/18 – AGM Insured (UB)	No Opt. Call	AA–		1,230,250
		Metropolitan Transportation Authority, New York, State Service Contract Refunding Bonds, Series 2002A:
	1,000	5.750%, 7/01/18 – AGM Insured	No Opt. Call	AA–		1,230,250
	3,000	5.500%, 1/01/19 – NPFG Insured	7/12 at 100.00	AA–		3,033,840
	6,000	5.500%, 1/01/20 – NPFG Insured	7/12 at 100.00	AA–		6,067,680
	3,000	5.000%, 7/01/25 – FGIC Insured	7/12 at 100.00	AA–		3,027,750
	8,000	5.000%, 7/01/30 – AMBAC Insured	7/12 at 100.00	AA–		8,073,440
		Nassau County Interim Finance Authority, New York, Sales Tax Secured Revenue Bonds, Series 2003A:
	1,555	4.750%, 11/15/21 – AMBAC Insured	11/13 at 100.00	AAA		1,651,737
	1,555	4.750%, 11/15/22 – AMBAC Insured	11/13 at 100.00	AAA		1,649,917
		New York City Sales Tax Asset Receivable Corporation, New York, Dedicated Revenue Bonds, Local Government Assistance Corporation, Series 2004A:
	2,720	5.000%, 10/15/25 – NPFG Insured (UB)	10/14 at 100.00	AAA		2,975,462
	1,990	5.000%, 10/15/26 – NPFG Insured (UB)	10/14 at 100.00	AAA		2,173,757
	4,960	5.000%, 10/15/29 – AMBAC Insured (UB)	10/14 at 100.00	AAA		5,411,707
	1,500	5.000%, 10/15/32 – AMBAC Insured (UB)	10/14 at 100.00	AAA		1,630,710
	9,000	5.000%, 10/15/32 – AGM Insured	10/14 at 100.00	AAA		9,819,630
	1,600	New York City Transitional Finance Authority, New York, Building Aid Revenue Bonds, Fiscal Series 2007S-2, 5.000%, 1/15/28 – FGIC Insured	1/17 at 100.00	AA–		1,736,176
	5	New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal Series 2002B, 5.250%, 5/01/12 – NPFG Insured	No Opt. Call	AAA		5,022
	40	New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal Series 2003E, 5.250%, 2/01/22 – NPFG Insured	2/13 at 100.00	AAA		41,510
		New York City Transitional Finance Authority, New York, Future Tax Secured Revenue Bonds, Subordinate Lien Series 2011C:
	4,000	5.500%, 11/01/35	11/20 at 100.00	AAA		4,687,440
	5,000	5.000%, 11/01/39	11/20 at 100.00	AAA		5,480,050
	1,660	New York City, New York, Educational Construction Fund, Revenue Bonds, Series 2011A, 5.750%, 4/01/33 – AGM Insured	4/21 at 100.00	AA+		1,934,448
		New York Convention Center Development Corporation, New York, Hotel Fee Revenue Bonds, Tender Option Bonds Trust 3095:
	845	13.102%, 11/15/30 – AMBAC Insured (IF)	11/15 at 100.00	AA+		998,722
	4,005	13.089%, 11/15/44 – AMBAC Insured (IF)	11/15 at 100.00	AA+		4,548,479
	3,750	New York State Local Government Assistance Corporation, Revenue Bonds, Series 1993E, 5.250%, 4/01/16 – AGM Insured (UB)	No Opt. Call	AAA		4,273,650
	1,000	New York State Thruway Authority, Highway and Bridge Trust Fund Bonds, Second General, Series 2004A, 5.000%, 4/01/22 – NPFG Insured	4/14 at 100.00	AA		1,082,240
		New York State Thruway Authority, Highway and Bridge Trust Fund Bonds, Second General, Series 2005B:
	8,455	5.500%, 4/01/20 – AMBAC Insured	No Opt. Call	AA		10,617,704
	2,600	5.000%, 4/01/21 – AMBAC Insured	10/15 at 100.00	AA		2,947,958
	1,000	New York State Thruway Authority, State Personal Income Tax Revenue Bonds, Series 2004A, 5.000%, 3/15/24 – AMBAC Insured	9/14 at 100.00	AAA		1,092,160
	1,195	New York State Thruway Authority, State Personal Income Tax Revenue Bonds, Series 2010A, 5.000%, 3/15/30	9/20 at 100.00	AAA		1,376,700
		New York State Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed and State Contingency Contract-Backed Bonds, Series 2003A-1:
	12,400	5.250%, 6/01/20 – AMBAC Insured	6/13 at 100.00	AA–		13,061,044
	1,000	5.250%, 6/01/22 – AMBAC Insured	6/13 at 100.00	AA–		1,052,950

Nuveen Investments

	Principal		Optional Call
	Amount (000)	Description (1)	Provisions (2)	Ratings (3)		Value
		Tax Obligation/Limited (continued)
$	3,190	New York State Urban Development Corporation, Revenue Refunding Bonds, State Facilities, Series 1995, 5.600%, 4/01/15 – NPFG Insured	No Opt. Call	AA–	$	3,430,654
	500	New York State Urban Development Corporation, State Personal Income Tax Revenue Bonds, Series 2005B, 5.000%, 3/15/30 – AGM Insured	3/15 at 100.00	AAA		541,480
	1,980	Niagara Falls City School District, Niagara County, New York, Certificates of Participation, High School Facility, Series 2005, 5.000%, 6/15/28 – AGM Insured	6/15 at 100.00	AA–		2,068,367
		Puerto Rico Highway and Transportation Authority, Highway Revenue Refunding Bonds, Series 2002E:
	3,000	5.500%, 7/01/14 – AGM Insured	No Opt. Call	AA–		3,247,080
	6,000	5.500%, 7/01/18 – AGM Insured	No Opt. Call	AA–		6,828,960
	2,500	Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2010A, 5.000%, 8/01/40 – AGM Insured	2/20 at 100.00	AA–		2,605,950
	3,235	Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2010C, 5.125%, 8/01/42 – AGM Insured	8/20 at 100.00	AA–		3,388,954
		Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A:
	53,295	0.000%, 8/01/46 – NPFG Insured	No Opt. Call	Aa2		7,657,426
	16,065	0.000%, 8/01/47 – AMBAC Insured	No Opt. Call	Aa2		2,163,634
	265,465	Total Tax Obligation/Limited				222,290,219
		Transportation – 13.8% (9.2% of Total Investments)
		Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2005A:
	900	4.750%, 11/15/27 – NPFG Insured	11/15 at 100.00	AAA		990,918
	1,000	4.750%, 11/15/30 – AMBAC Insured	11/15 at 100.00	A		1,032,700
	7,575	Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2006B, 4.500%, 11/15/36 – AGM Insured	11/16 at 100.00	AA–		7,747,634
		Metropolitan Transportation Authority, New York, Transportation Revenue Refunding Bonds, Series 2002A:
	3,815	5.500%, 11/15/19 – AMBAC Insured	11/12 at 100.00	A		3,928,420
	4,000	5.125%, 11/15/22 – FGIC Insured	11/12 at 100.00	A		4,095,840
		Metropolitan Transportation Authority, New York, Transportation Revenue Refunding Bonds, Series 2002E:
	2,665	5.500%, 11/15/21 – NPFG Insured	11/12 at 100.00	A		2,733,864
	8,500	5.000%, 11/15/25 – NPFG Insured	11/12 at 100.00	A		8,703,830
	2,235	New York Liberty Development Corporation, Liberty Revenue Bonds, 4 World Trade Center Project, Series 2011, 5.000%, 11/15/44	11/21 at 100.00	A+		2,370,709
	970	New York State Thruway Authority, General Revenue Bonds, Refunding Series 2007H, 5.000%, 1/01/25 – FGIC Insured	1/18 at 100.00	A+		1,091,124
		New York State Thruway Authority, General Revenue Bonds, Series 2005F:
	2,665	5.000%, 1/01/20 – AMBAC Insured	1/15 at 100.00	A+		2,942,560
	4,075	5.000%, 1/01/30 – AMBAC Insured	1/15 at 100.00	A+		4,408,131
	1,700	New York State Thruway Authority, General Revenue Bonds, Series 2005G, 5.000%, 1/01/30 – AGM Insured (UB)	7/15 at 100.00	AA–		1,871,921
	1,700	Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Fortieth Series 2005, 5.000%, 12/01/31 – SYNCORA GTY Insured	6/15 at 101.00	Aa2		1,801,813
	1,175	Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Forty Eighth Series 2008, Trust 2920, 17.142%, 8/15/32 – AGM Insured (IF)	8/17 at 100.00	Aa2		1,544,984
		Triborough Bridge and Tunnel Authority, New York, Subordinate Lien General Purpose Revenue Refunding Bonds, Series 2002E:
	1,570	5.500%, 11/15/20 – NPFG Insured	No Opt. Call	Aa3		1,979,739
	3,800	5.250%, 11/15/22 – NPFG Insured	11/12 at 100.00	Aa3		3,909,516
	48,345	Total Transportation				51,153,703

Nuveen Investments

		Nuveen New York Quality Income Municipal Fund, Inc. (continued)
NUN		Portfolio of Investments
		March 31, 2012 (Unaudited)

	Principal		Optional Call
	Amount (000)	Description (1)	Provisions (2)	Ratings (3)		Value
		U.S. Guaranteed – 13.9% (9.3% of Total Investments) (4)
$	1,725	Dormitory Authority of the State of New York, Judicial Facilities Lease Revenue Bonds, Suffolk County Issue, Series 1986, 7.375%, 7/01/16 (ETM)	No Opt. Call	Aaa	$	1,999,068
		Dormitory Authority of the State of New York, Revenue Bonds, Memorial Sloan-Kettering Cancer Center, Series 2003-1:
	2,500	5.000%, 7/01/21 (Pre-refunded 7/01/13) – NPFG Insured	7/13 at 100.00	Aa2 (4)		2,647,300
	3,300	5.000%, 7/01/22 (Pre-refunded 7/01/13) – NPFG Insured	7/13 at 100.00	Aa2 (4)		3,494,436
		Erie County Industrial Development Agency, New York, School Facility Revenue Bonds, Buffalo City School District, Series 2003:
	1,200	5.750%, 5/01/20 (Pre-refunded 5/01/12) – AGM Insured	5/12 at 100.00	AA– (4)		1,205,796
	1,000	5.750%, 5/01/22 (Pre-refunded 5/01/12) – AGM Insured	5/12 at 100.00	AA– (4)		1,004,830
		Metropolitan Transportation Authority, New York, Dedicated Tax Fund Bonds, Series 1999A:
	4,000	5.000%, 4/01/17 (Pre-refunded 10/01/14) – AGM Insured	10/14 at 100.00	AA+ (4)		4,462,560
	1,000	5.000%, 4/01/29 (Pre-refunded 10/01/14) – AGM Insured	10/14 at 100.00	AA+ (4)		1,115,640
		Metropolitan Transportation Authority, New York, Transit Facilities Revenue Bonds, Series 1998B:
	10,000	4.875%, 7/01/18 – FGIC Insured (ETM)	7/12 at 100.00	AA+ (4)		10,169,900
	4,500	4.750%, 7/01/26 – FGIC Insured (ETM)	7/12 at 100.00	AA+ (4)		4,613,265
		Monroe County, New York, General Obligation Public Improvement Bonds, Series 2002:
	2,250	5.000%, 3/01/15 (Pre-refunded 5/03/12) – FGIC Insured	5/12 at 100.00	A3 (4)		2,259,990
	1,000	5.000%, 3/01/17 (Pre-refunded 5/03/12) – FGIC Insured	5/12 at 100.00	A3 (4)		1,004,440
	6,000	New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal Series 2003C, 5.250%, 8/01/21 (Pre-refunded 8/01/12) – AMBAC Insured	8/12 at 100.00	AAA		6,102,600
	1,955	New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal Series 2003E, 5.250%, 2/01/22 (Pre-refunded 2/01/13) – NPFG Insured	2/13 at 100.00	Aaa		2,037,462
	1,845	New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal Series 2004C, 5.000%, 2/01/19 (Pre-refunded 2/01/14) – SYNCORA GTY Insured	2/14 at 100.00	AAA		2,001,807
	3,500	New York City Transitional Finance Authority, New York, Future Tax Secured Refunding Bonds, Fiscal Series 2003D, 5.000%, 2/01/22 (Pre-refunded 2/01/13) – NPFG Insured	2/13 at 100.00	Aaa		3,640,315
		Peru Central School District, Clinton County, New York, General Obligation Refunding Bonds, Series 2002B:
	1,845	4.000%, 6/15/18 (Pre-refunded 6/15/12) – FGIC Insured	6/12 at 100.00	A+ (4)		1,859,778
	1,915	4.000%, 6/15/19 (Pre-refunded 6/15/12) – FGIC Insured	6/12 at 100.00	A+ (4)		1,930,339
	49,535	Total U.S. Guaranteed				51,549,526
		Utilities – 11.8% (7.8% of Total Investments)
	1,560	Guam Power Authority, Revenue Bonds, Series 2010A, 5.000%, 10/01/37 – AGM Insured	10/20 at 100.00	AA–		1,665,128
		Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2000A:
	4,000	0.000%, 6/01/24 – AGM Insured	No Opt. Call	AA–		2,752,240
	4,000	0.000%, 6/01/25 – AGM Insured	No Opt. Call	AA–		2,627,440
	5,000	0.000%, 6/01/26 – AGM Insured	No Opt. Call	AA–		3,124,850
	7,000	0.000%, 6/01/27 – AGM Insured	No Opt. Call	AA–		4,144,630
	10,500	0.000%, 6/01/28 – AGM Insured	No Opt. Call	AA–		5,873,700
	7,000	0.000%, 6/01/29 – AGM Insured	No Opt. Call	AA–		3,701,950
	2,500	Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2001A, 5.000%, 9/01/27 – AGM Insured	9/12 at 100.00	AA–		2,507,400
		Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006A:
	6,180	5.000%, 12/01/23 – FGIC Insured	6/16 at 100.00	A		6,744,605
	8,020	5.000%, 12/01/25 – FGIC Insured	6/16 at 100.00	A		8,636,738
	750	Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006B, 5.000%, 12/01/35 – CIFG Insured	6/16 at 100.00	A		777,188
	865	Power Authority of the State of New York, General Revenue Bonds, Series 2006A, 5.000%,11/15/19 – FGIC Insured	11/15 at 100.00	Aa2		989,032
	57,375	Total Utilities				43,544,901

Nuveen Investments

	Principal		Optional Call
	Amount (000)	Description (1)	Provisions (2)	Ratings (3)		Value
		Water and Sewer – 10.7% (7.2% of Total Investments)
$	8,870	New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue Bonds, Second Generation Resolution, Fiscal 2012 Series BB, 5.000%, 6/15/44	12/21 at 100.00	AA+	$	9,633,086
	3,000	New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue Bonds, Second Generation Resolution, Series 2007AA, 5.000%, 6/15/37	6/17 at 100.00	AA+		3,210,180
	3,500	New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue Bonds, Series 2006B, 5.000%, 6/15/36 – NPFG Insured (UB)	6/16 at 100.00	AAA		3,797,885
	3,000	New York City Municipal Water Finance Authority, New York, Water and Sewerage System Revenue Bonds, Fiscal Series 2004C, 5.000%, 6/15/35 – AMBAC Insured	6/14 at 100.00	AAA		3,217,680
	6,525	New York City Municipal Water Finance Authority, New York, Water and Sewerage System Revenue Bonds, Fiscal Series 2005C, 5.000%, 6/15/27 – NPFG Insured (UB)	6/15 at 100.00	AAA		7,228,721
	5,000	New York City Municipal Water Finance Authority, New York, Water and Sewerage System Revenue Refunding Bonds, Fiscal Series 2003E, 5.000%, 6/15/34	6/13 at 100.00	AAA		5,211,600
	7,000	Suffolk County Water Authority, New York, Waterworks Revenue Bonds, Series 2005C, 5.000%, 6/01/28 – NPFG Insured (UB)	6/15 at 100.00	AAA		7,403,690
	36,895	Total Water and Sewer				39,702,842
$	599,659	Total Investments (cost $521,449,419) – 150.1%				554,958,437
		Floating Rate Obligations – (10.9)%				(40,245,000	)
		Variable Rate Demand Preferred Shares, at Liquidation Value – (43.7)% (5)				(161,700,000	)
		Other Assets Less Liabilities – 4.5%				16,800,071
		Net Assets Applicable to Common Shares – 100%			$	369,813,508

(1)		All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares unless otherwise noted.
(2)		Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
(3)		Ratings: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(4)		Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
(5)		Variable Rate Demand Preferred Shares, at Liquidation Value as a percentage of Total Investments is 29.1%.
N/R		Not rated.
(ETM)		Escrowed to maturity.
(IF)		Inverse floating rate investment.
(UB)		Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Inverse Floating Rate Securities for more information.

See accompanying notes to financial statements.

Nuveen Investments

		Nuveen New York Premium Income Municipal Fund, Inc.
		(formerly known as Nuveen Insured New York Premium Income Municipal Fund, Inc.)
NNF		Portfolio of Investments
		March 31, 2012 (Unaudited)

	Principal		Optional Call
	Amount (000)	Description (1)	Provisions (2)	Ratings (3)		Value
		Consumer Staples – 2.0% (1.4% of Total Investments)
$	3,700	TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 2006, 5.125%, 6/01/42	6/16 at 100.00	BB	$	2,689,123
		Education and Civic Organizations – 18.8% (12.6% of Total Investments)
		Dormitory Authority of the State of New York, General Revenue Bonds, New York University, Series 2001-1:
	1,500	5.500%, 7/01/24 – AMBAC Insured	No Opt. Call	AA–		1,911,285
	500	5.500%, 7/01/40 – AMBAC Insured	No Opt. Call	AA–		644,265
	435	Dormitory Authority of the State of New York, Housing Revenue Bonds, Fashion Institute of Technology, Series 2007, 5.250%, 7/01/34 – FGIC Insured	No Opt. Call	BBB		471,231
	50	Dormitory Authority of the State of New York, Insured Revenue Bonds, Yeshiva University, Series 2001, 5.000%, 7/01/20 – AMBAC Insured	7/12 at 100.00	A2		50,107
	1,000	Dormitory Authority of the State of New York, Lease Revenue Bonds, State University Dormitory Facilities, Series 2003B, 5.250%, 7/01/32 (Mandatory put 7/01/13) – SYNCORA GTY Insured	No Opt. Call	Aa2		1,059,170
	635	Dormitory Authority of the State of New York, Lease Revenue Bonds, State University Dormitory Facilities, Series 2004A, 5.000%, 7/01/29 – NPFG Insured	7/15 at 100.00	Aa2		691,439
	970	Dormitory Authority of the State of New York, Lease Revenue Bonds, State University Dormitory Facilities, Series 2006A, 5.000%, 7/01/31 – NPFG Insured	7/16 at 100.00	Aa2		1,026,784
	255	Dormitory Authority of the State of New York, Revenue Bonds, Barnard College, Series 2007A, 5.000%, 7/01/37 – FGIC Insured	7/17 at 100.00	BBB		263,356
	600	Dormitory Authority of the State of New York, Revenue Bonds, Convent of the Sacred Heart, Series 2011, 5.750%, 11/01/40 – AGM Insured	5/21 at 100.00	AA–		693,408
	345	Dormitory Authority of the State of New York, Revenue Bonds, New York University, Series 2007, 5.000%, 7/01/32 – AMBAC Insured	7/17 at 100.00	AA–		375,050
	1,000	Dormitory Authority of the State of New York, Revenue Bonds, New York University, Series 2009A, 5.250%, 7/01/34	7/19 at 100.00	AA–		1,124,470
	3,000	Dormitory Authority of the State of New York, Revenue Bonds, New York University, Series 2009B, 5.000%, 7/01/39	7/19 at 100.00	AA–		3,252,870
		Dormitory Authority of the State of New York, Revenue Bonds, Rochester Institute of Technology, Series 2006A:
	250	5.250%, 7/01/20 – AMBAC Insured	No Opt. Call	A1		302,528
	200	5.250%, 7/01/21 – AMBAC Insured	No Opt. Call	A1		243,514
	1,935	Dormitory Authority of the State of New York, State and Local Appropriation Lease Bonds, Upstate Community Colleges, Series 2005A, 5.000%, 7/01/19 – FGIC Insured	7/15 at 100.00	AA–		2,146,902
	535	Madison County Industrial Development Agency, New York, Civic Facility Revenue Bonds, Colgate University, Tender Option Bond Trust 3127, 13.077%, 1/01/14 – AMBAC Insured (IF)	No Opt. Call	AA+		598,820
		New York City Industrial Development Agency, New York, Payment in Lieu of Taxes Revenue Bonds, Queens Baseball Stadium Project, Series 2009:
	400	6.125%, 1/01/29 – AGC Insured	1/19 at 100.00	AA–		442,236
	200	6.375%, 1/01/39 – AGC Insured	1/19 at 100.00	AA–		223,152
	1,110	New York City Industrial Development Agency, New York, PILOT Revenue Bonds, Queens Baseball Stadium Project, Series 2006, 5.000%, 1/01/46 – AMBAC Insured	1/17 at 100.00	BB+		1,047,862
	1,445	New York City Industrial Development Agency, New York, Revenue Bonds, Yankee Stadium Project PILOT, Series 2009A, 7.000%, 3/01/49 – AGC Insured	3/19 at 100.00	AA–		1,689,017
		New York City Industrial Development Authority, New York, PILOT Revenue Bonds, Yankee Stadium Project, Series 2006:
	415	5.000%, 3/01/31 – FGIC Insured	9/16 at 100.00	BBB–		426,479
	2,360	5.000%, 3/01/36 – NPFG Insured	9/16 at 100.00	BBB		2,404,368
	2,025	4.500%, 3/01/39 – FGIC Insured	9/16 at 100.00	BBB–		1,940,456
	1,250	New York City Trust for Cultural Resources, New York, Revenue Refunding Bonds, Museum of Modern Art, Series 1996A, 5.500%, 1/01/21 – AMBAC Insured	7/12 at 100.00	Aa2		1,279,338
	350	Troy Capital Resource Corporation, New York, Revenue Bonds, Rensselaer Polytechnic Institute, Series 2010A, 5.125%, 9/01/40	9/20 at 100.00	A–		373,643
	22,765	Total Education and Civic Organizations				24,681,750

Nuveen Investments

	Principal		Optional Call
	Amount (000)	Description (1)	Provisions (2)	Ratings (3)		Value
		Health Care – 14.6% (9.8% of Total Investments)
$	3,000	Dormitory Authority of the State of New York, FHA-Insured Mortgage Hospital Revenue Bonds, Ellis Hospital, Series 1995, 5.600%, 8/01/25 – NPFG Insured	8/12 at 100.00	BBB	$	3,005,160
	280	Dormitory Authority of the State of New York, FHA-Insured Mortgage Hospital Revenue Bonds, Hospital for Special Surgery, Series 2009, 6.250%, 8/15/34	8/19 at 100.00	AA+		340,519
	1,400	Dormitory Authority of the State of New York, FHA-Insured Mortgage Hospital Revenue Bonds, St. Barnabas Hospital, Series 2002A, 5.125%, 2/01/22 – AMBAC Insured	8/12 at 100.00	N/R		1,416,660
	805	Dormitory Authority of the State of New York, FHA-Insured Mortgage Revenue Bonds, Hudson Valley Hospital Center, Series 2007, 5.000%, 8/15/27 – AGM Insured	8/17 at 100.00	AA–		867,879
	1,405	Dormitory Authority of the State of New York, FHA-Insured Mortgage Revenue Bonds, Montefiore Hospital, Series 2004, 5.000%, 8/01/29 – FGIC Insured	2/15 at 100.00	BBB		1,525,282
	620	Dormitory Authority of the State of New York, Revenue Bonds, Health Quest System Inc., Series 2007B, 5.125%, 7/01/37 – AGC Insured	7/17 at 100.00	AA–		650,169
	1,795	Dormitory Authority of the State of New York, Revenue Bonds, New York and Presbyterian Hospital, Series 2004A, 5.250%, 8/15/15 – AGM Insured	8/14 at 100.00	AA–		1,944,865
	740	Dormitory Authority of the State of New York, Revenue Bonds, The New York and Presbyterian Hospital Project, Series 2007, 5.000%, 8/15/36 – AGM Insured	8/14 at 100.00	AA–		760,039
	1,255	Dormitory Authority of the State of New York, Revenue Bonds, Vassar Brothers Hospital, Series 1997, 5.250%, 7/01/17 – AGM Insured	7/12 at 100.00	AA–		1,271,441
	3,450	Dormitory Authority of the State of New York, Revenue Bonds, Winthrop South Nassau University Health System Obligated Group, Series 2001A, 5.250%, 7/01/31 – AMBAC Insured	7/12 at 100.00	Baa1		3,456,693
		New York City Health and Hospitals Corporation, New York, Health System Revenue Bonds, Series 2003A:
	1,625	5.250%, 2/15/21 – AMBAC Insured	2/13 at 100.00	Aa3		1,679,259
	1,000	5.250%, 2/15/22 – AMBAC Insured	2/13 at 100.00	Aa3		1,038,580
	705	Suffolk County Economic Development Corp / Nassau County Local Economic Assistance & Financing Corp., New York, Revenue Bonds, Catholic Health Services of Long Island Obligated Group Project, Series 2011, 5.000%, 7/01/28	7/21 at 100.00	A–		764,996
	425	Westchester County Health Care Corporation, New York, Senior Lien Revenue Bonds, Series 2010-C2, 6.125%, 11/01/37	11/20 at 100.00	A3		480,990
	18,505	Total Health Care				19,202,532
		Housing/Multifamily – 2.8% (1.9% of Total Investments)
		New York City Housing Development Corporation, New York, Capital Fund Program Revenue Bonds, Series 2005A:
	400	5.000%, 7/01/14 – FGIC Insured	No Opt. Call	AA–		435,500
	400	5.000%, 7/01/16 – FGIC Insured	7/15 at 100.00	AA–		445,624
	2,165	New York City Housing Development Corporation, New York, Capital Fund Program Revenue Bonds, Series 2005A, 5.000%, 7/01/25 – NPFG Insured (UB)	7/15 at 100.00	AA–		2,289,184
	365	New York City Housing Development Corporation, New York, Multifamily Housing Revenue Bonds, Series 2010-D1A, 5.000%, 11/01/42	5/20 at 100.00	AA		382,535
	95	New York State Housing Finance Agency, Mortgage Revenue Refunding Bonds, Housing Project, Series 1996A, 6.125%, 11/01/20 – AGM Insured	5/12 at 100.00	AA–		95,200
	3,425	Total Housing/Multifamily				3,648,043
		Long-Term Care – 0.7% (0.4% of Total Investments)
	850	Dormitory Authority of the State of New York, Insured Revenue Bonds, NYSARC Inc., Series 2001A, 5.000%, 7/01/26 – AGM Insured	7/12 at 101.00	AA–		869,669
		Tax Obligation/General – 5.4% (3.6% of Total Investments)
	500	Erie County, New York, General Obligation Bonds, Series 2003A, 5.250%, 3/15/16 – NPFG Insured	3/13 at 100.00	A2		521,095
	315	Erie County, New York, General Obligation Bonds, Series 2004B, 5.250%, 4/01/13 – NPFG Insured	No Opt. Call	A2		328,060
	210	Nassau County, New York, General Obligation Improvement Bonds, Series 1993H, 5.500%, 6/15/16 – NPFG Insured	No Opt. Call	A+		243,663
	1,000	New York City, New York, General Obligation Bonds, Fiscal Series 2005J, 5.000%, 3/01/19 – FGIC Insured	3/15 at 100.00	AA		1,115,170

Nuveen Investments

		Nuveen New York Premium Income Municipal Fund, Inc. (continued)
		(formerly known as Nuveen Insured New York Premium Income Municipal Fund, Inc.)
NNF		Portfolio of Investments
		March 31, 2012 (Unaudited)

	Principal		Optional Call
	Amount (000)	Description (1)	Provisions (2)	Ratings (3)		Value
		Tax Obligation/General (continued)
		New York City, New York, General Obligation Bonds, Series 2004E:
$	1,000	5.000%, 11/01/19 – AGM Insured (UB)	11/14 at 100.00	AA	$	1,104,970
	1,100	5.000%, 11/01/20 – AGM Insured (UB)	11/14 at 100.00	AA		1,215,467
	915	Niagara Falls, New York, General Obligation Bonds, Series 1994, 7.500%, 3/01/13 – NPFG Insured	No Opt. Call	A2		966,588
	1,525	Yonkers, New York, General Obligation Bonds, Series 2005A, 5.000%, 8/01/16 – NPFG Insured	8/15 at 100.00	BBB+		1,662,250
	6,565	Total Tax Obligation/General				7,157,263
		Tax Obligation/Limited – 62.5% (41.9% of Total Investments)
	690	Dormitory Authority of the State of New York, Department of Health Revenue Bonds, Series 2005A, 5.250%, 7/01/24 – CIFG Insured	7/15 at 100.00	AA–		776,167
	50	Dormitory Authority of the State of New York, Improvement Revenue Bonds, Mental Health Services Facilities, Series 2000D, 5.250%, 8/15/30 – AGM Insured	8/12 at 100.00	AA–		50,156
	500	Dormitory Authority of the State of New York, Lease Revenue Bonds, Wayne-Finger Lakes Board of Cooperative Education Services, Series 2004, 5.000%, 8/15/23 – AGM Insured	8/14 at 100.00	AA–		544,940
	1,210	Dormitory Authority of the State of New York, Revenue Bonds, Department of Health, Series 2004-2, 5.000%, 7/01/20 – FGIC Insured	7/14 at 100.00	AA–		1,306,667
		Dormitory Authority of the State of New York, Revenue Bonds, Mental Health Services Facilities Improvements, Series 2005D-1:
	225	5.000%, 2/15/15 – FGIC Insured	No Opt. Call	AA–		251,190
	600	5.000%, 8/15/23 – FGIC Insured	2/15 at 100.00	AA–		663,066
		Dormitory Authority of the State of New York, Revenue Bonds, School Districts Financing Program, Series 2002D:
	4,300	5.250%, 10/01/23 – NPFG Insured	10/12 at 100.00	A+		4,395,417
	875	5.000%, 10/01/30 – NPFG Insured	10/12 at 100.00	A+		892,456
	1,000	Dormitory Authority of the State of New York, Revenue Bonds, State University Educational Facilities, Series 1993A, 5.500%, 5/15/19 – AMBAC Insured	No Opt. Call	Aa3		1,190,200
	2,200	Dormitory Authority of the State of New York, Second General Resolution Consolidated Revenue Bonds, City University System, Series 1993A, 5.750%, 7/01/18 – AGM Insured	No Opt. Call	AA–		2,549,140
	375	Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, Series 2005F, 5.000%, 3/15/21 – AGM Insured	3/15 at 100.00	AAA		418,024
	500	Erie County Industrial Development Agency, New York, School Facility Revenue Bonds, Buffalo City School District, Series 2004, 5.750%, 5/01/26 – AGM Insured (UB)	5/14 at 100.00	AA–		543,100
	2,615	Erie County Industrial Development Agency, New York, School Facility Revenue Bonds, Buffalo City School District, Series 2007A, 5.750%, 5/01/28 – AGM Insured (UB)	5/17 at 100.00	AA–		3,046,318
	830	Erie County Industrial Development Agency, New York, School Facility Revenue Bonds, Buffalo City School District Project, Series 2008A, 5.750%, 5/01/27 – AGM Insured (UB)	5/18 at 100.00	AA–		940,681
	1,000	Erie County Industrial Development Agency, New York, School Facility Revenue Bonds, Buffalo City School District Project, Series 2009A, 5.000%, 5/01/31	No Opt. Call	AA–		1,080,680
	1,000	Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 Series 2011A, 5.750%, 2/15/47	No Opt. Call	A		1,120,480
	5,000	Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A, 5.000%, 2/15/47 – FGIC Insured	2/17 at 100.00	A		5,118,000
	2,500	Metropolitan Transportation Authority, New York, Dedicated Tax Fund Bonds, Series 2002A, 5.250%, 11/15/25 – AGM Insured	11/12 at 100.00	AA		2,560,475
	1,350	Metropolitan Transportation Authority, New York, State Service Contract Bonds, Series 2002B, 5.500%, 7/01/18 – NPFG Insured	7/12 at 100.00	AA–		1,365,579
	1,500	Metropolitan Transportation Authority, New York, State Service Contract Refunding Bonds, Series 2002A, 5.750%, 7/01/18 – AGM Insured (UB)	No Opt. Call	AA–		1,845,375
		Metropolitan Transportation Authority, New York, State Service Contract Refunding Bonds, Series 2002A:
	1,500	5.500%, 1/01/20 – NPFG Insured	7/12 at 100.00	AA–		1,516,920
	2,000	5.000%, 7/01/30 – AMBAC Insured	7/12 at 100.00	AA–		2,018,360

Nuveen Investments

	Principal		Optional Call
	Amount (000)	Description (1)	Provisions (2)	Ratings (3)		Value
		Tax Obligation/Limited (continued)
		Nassau County Interim Finance Authority, New York, Sales Tax Secured Revenue Bonds, Series 2003A:
$	1,000	5.000%, 11/15/18 – AMBAC Insured	11/13 at 100.00	AAA	$	1,070,110
	580	4.750%, 11/15/21 – AMBAC Insured	11/13 at 100.00	AAA		616,082
	580	4.750%, 11/15/22 – AMBAC Insured	11/13 at 100.00	AAA		615,403
		New York City Sales Tax Asset Receivable Corporation, New York, Dedicated Revenue Bonds, Local Government Assistance Corporation, Series 2004A:
	920	5.000%, 10/15/25 – NPFG Insured (UB)	10/14 at 100.00	AAA		1,006,406
	680	5.000%, 10/15/26 – NPFG Insured (UB)	10/14 at 100.00	AAA		742,791
	4,590	5.000%, 10/15/29 – AMBAC Insured (UB)	10/14 at 100.00	AAA		5,008,011
	20	New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal Series 2003E, 5.250%, 2/01/22 – NPFG Insured	2/13 at 100.00	AAA		20,755
	2,000	New York City Transitional Finance Authority, New York, Future Tax Secured Revenue Bonds, Subordinate Lien Series 2011C, 5.500%, 11/01/35	11/20 at 100.00	AAA		2,343,720
		New York City, New York, Educational Construction Fund, Revenue Bonds, Series 2011A:
	5,340	5.750%, 4/01/33 – AGM Insured	4/21 at 100.00	AA+		6,222,858
	2,000	5.750%, 4/01/41	4/21 at 100.00	AA–		2,302,420
		New York Convention Center Development Corporation, New York, Hotel Fee Revenue Bonds, Tender Option Bonds Trust 3095:
	345	13.102%, 11/15/30 – AMBAC Insured (IF)	11/15 at 100.00	AA+		407,762
	1,365	13.089%, 11/15/44 – AMBAC Insured (IF)	11/15 at 100.00	AA+		1,550,231
	1,500	New York State Local Government Assistance Corporation, Revenue Bonds, Series 1993E, 5.250%, 4/01/16 – AGM Insured (UB)	No Opt. Call	AAA		1,709,460
	1,000	New York State Thruway Authority, Highway and Bridge Trust Fund Bonds, Second General, Series 2004A, 5.000%, 4/01/23 – NPFG Insured	4/14 at 100.00	AA		1,080,990
		New York State Thruway Authority, Highway and Bridge Trust Fund Bonds, Second General, Series 2005B:
	2,960	5.500%, 4/01/20 – AMBAC Insured	No Opt. Call	AA		3,717,138
	500	5.000%, 4/01/21 – AMBAC Insured	10/15 at 100.00	AA		566,915
	750	New York State Thruway Authority, State Personal Income Tax Revenue Bonds, Series 2004A, 5.000%, 3/15/24 – AMBAC Insured	9/14 at 100.00	AAA		819,120
		New York State Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed and State Contingency Contract-Backed Bonds, Series 2003A-1:
	2,100	5.250%, 6/01/20 – AMBAC Insured	6/13 at 100.00	AA–		2,211,951
	3,800	5.250%, 6/01/22 – AMBAC Insured	6/13 at 100.00	AA–		4,001,210
	1,300	New York State Urban Development Corporation, Revenue Bonds, Correctional Facilities, Series 1994A, 5.250%, 1/01/14 – AGM Insured	No Opt. Call	AA–		1,364,155
	500	New York State Urban Development Corporation, State Personal Income Tax Revenue Bonds, Series 2005B, 5.000%, 3/15/30 – AGM Insured	3/15 at 100.00	AAA		541,480
	345	Niagara Falls City School District, Niagara County, New York, Certificates of Participation, High School Facility, Series 2005, 5.000%, 6/15/28 – AGM Insured	6/15 at 100.00	AA–		360,397
	1,000	Puerto Rico Highway and Transportation Authority, Highway Revenue Refunding Bonds, Series 2002E, 5.500%, 7/01/18 – AGM Insured	No Opt. Call	AA–		1,138,160
	1,470	Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2010C, 5.125%, 8/01/42 – AGM Insured	8/20 at 100.00	AA–		1,539,957
		Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A:
	10,395	0.000%, 8/01/44 – NPFG Insured	No Opt. Call	Aa2		1,687,109
	18,280	0.000%, 8/01/46 – NPFG Insured	No Opt. Call	Aa2		2,626,470
	20,515	0.000%, 8/01/47 – AMBAC Insured	No Opt. Call	Aa2		2,762,960
	117,655	Total Tax Obligation/Limited				82,227,412
		Transportation – 15.1% (10.1% of Total Investments)
	2,000	Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2003A, 5.000%, 11/15/25 – AGM Insured	11/13 at 100.00	AA–		2,115,740
		Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2005A:
	600	4.750%, 11/15/27 – NPFG Insured	11/15 at 100.00	AAA		660,612
	1,500	4.750%, 11/15/30 – AMBAC Insured	11/15 at 100.00	A		1,549,050

Nuveen Investments

		Nuveen New York Premium Income Municipal Fund, Inc. (continued)
		(formerly known as Nuveen Insured New York Premium Income Municipal Fund, Inc.)
NNF		Portfolio of Investments
		March 31, 2012 (Unaudited)

	Principal		Optional Call
	Amount (000)	Description (1)	Provisions (2)	Ratings (3)		Value
		Transportation (continued)
		Metropolitan Transportation Authority, New York, Transportation Revenue Refunding Bonds, Series 2002A:
$	500	5.500%, 11/15/19 – AMBAC Insured	11/12 at 100.00	A	$	514,865
	2,010	5.000%, 11/15/25 – FGIC Insured	11/12 at 100.00	A		2,058,200
	2,000	Metropolitan Transportation Authority, New York, Transportation Revenue Refunding Bonds, Series 2002E, 5.000%, 11/15/25 – NPFG Insured	11/12 at 100.00	A		2,047,960
	790	New York Liberty Development Corporation, Liberty Revenue Bonds, 4 World Trade Center Project, Series 2011, 5.000%, 11/15/44	11/21 at 100.00	A+		837,969
	330	New York State Thruway Authority, General Revenue Bonds, Refunding Series 2007H, 5.000%, 1/01/25 – FGIC Insured	1/18 at 100.00	A+		371,207
		New York State Thruway Authority, General Revenue Bonds, Series 2005F:
	925	5.000%, 1/01/20 – AMBAC Insured	1/15 at 100.00	A+		1,021,339
	2,240	5.000%, 1/01/30 – AMBAC Insured	1/15 at 100.00	A+		2,423,120
	600	New York State Thruway Authority, General Revenue Bonds, Series 2005G, 5.000%, 1/01/30 – AGM Insured (UB)	7/15 at 100.00	AA–		660,678
		Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Fortieth Series 2005:
	1,000	5.000%, 12/01/28 – SYNCORA GTY Insured	6/15 at 101.00	Aa2		1,067,370
	565	5.000%, 12/01/31 – SYNCORA GTY Insured	6/15 at 101.00	Aa2		598,838
	410	Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Forty Eighth Series 2008, Trust 2920, 17.142%, 8/15/32 – AGM Insured (IF)	8/17 at 100.00	Aa2		539,101
		Triborough Bridge and Tunnel Authority, New York, Subordinate Lien General Purpose Revenue Refunding Bonds, Series 2002E:
	780	5.500%, 11/15/20 – NPFG Insured	No Opt. Call	Aa3		983,564
	2,300	5.250%, 11/15/22 – NPFG Insured	11/12 at 100.00	Aa3		2,366,286
	18,550	Total Transportation				19,815,899
		U.S. Guaranteed – 10.1% (6.7% of Total Investments) (4)
	2,740	Dormitory Authority of the State of New York, Revenue Bonds, Memorial Sloan-Kettering Cancer Center, Series 2003-1, 5.000%, 7/01/21 (Pre-refunded 7/01/13) – NPFG Insured	7/13 at 100.00	Aa2 (4)		2,901,441
	500	Metropolitan Transportation Authority, New York, Dedicated Tax Fund Bonds, Series 1999A, 5.000%, 4/01/29 (Pre-refunded 10/01/14) – AGM Insured	10/14 at 100.00	AA+ (4)		557,820
		New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal Series 2003C:
	500	5.250%, 8/01/20 (Pre-refunded 8/01/12) – AMBAC Insured	8/12 at 100.00	AAA		508,550
	2,345	5.250%, 8/01/21 (Pre-refunded 8/01/12) – AMBAC Insured	8/12 at 100.00	AAA		2,385,100
	980	New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal Series 2003E, 5.250%, 2/01/22 (Pre-refunded 2/01/13) – NPFG Insured	2/13 at 100.00	Aaa		1,021,336
	1,000	New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal Series 2004C, 5.000%, 2/01/19 (Pre-refunded 2/01/14) – SYNCORA GTY Insured	2/14 at 100.00	AAA		1,084,990
	1,500	New York City Transitional Finance Authority, New York, Future Tax Secured Refunding Bonds, Fiscal Series 2003D, 5.000%, 2/01/22 (Pre-refunded 2/01/13) – NPFG Insured	2/13 at 100.00	Aaa		1,560,135
	2,000	New York State Urban Development Corporation, State Personal Income Tax Revenue Bonds, State Facilities and Equipment, Series 2002C-1, 5.500%, 3/15/21 (Pre-refunded 3/15/13) – FGIC Insured	3/13 at 100.00	AA+ (4)		2,100,500
	85	Niagara Falls, New York, General Obligation Bonds, Series 1994, 7.500%, 3/01/13 – NPFG Insured (ETM)	No Opt. Call	A2 (4)		90,674
	1,000	Red Hook Central School District, Dutchess County, New York, General Obligation Refunding Bonds, Series 2002, 5.125%, 6/15/18 (Pre-refunded 6/15/12) – AGM Insured	6/12 at 100.00	Aa3 (4)		1,010,350
	12,650	Total U.S. Guaranteed				13,220,896
		Utilities – 6.8% (4.5% of Total Investments)
	540	Guam Power Authority, Revenue Bonds, Series 2010A, 5.000%, 10/01/37 – AGM Insured	10/20 at 100.00	AA–		576,391
	500	Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2001A, 5.000%, 9/01/27 – AGM Insured	9/12 at 100.00	AA–		501,480

Nuveen Investments

	Principal		Optional Call
	Amount (000)	Description (1)	Provisions (2)	Ratings (3)		Value
		Utilities (continued)
		Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006A:
$	2,270	5.000%, 12/01/23 – FGIC Insured	6/16 at 100.00	A	$	2,477,387
	2,930	5.000%, 12/01/25 – FGIC Insured	6/16 at 100.00	A		3,155,317
	1,500	5.000%, 12/01/26 – AGC Insured	6/16 at 100.00	AA+		1,679,175
	250	Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006B, 5.000%, 12/01/35 – CIFG Insured	6/16 at 100.00	A		259,063
	250	Power Authority of the State of New York, General Revenue Bonds, Series 2006A, 5.000%, 11/15/19 – FGIC Insured	11/15 at 100.00	Aa2		285,848
	8,240	Total Utilities				8,934,661
		Water and Sewer – 10.6% (7.1% of Total Investments)
	2,000	New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue Bonds, Second Generation Resolution, Fiscal 2010 Series 2009BB, 5.000%, 6/15/27	6/19 at 100.00	AA+		2,267,860
	1,780	New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue Bonds, Second Generation Resolution, Fiscal 2012 Series BB, 5.000%, 6/15/44	12/21 at 100.00	AA+		1,933,133
	1,200	New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue Bonds, Series 2006B, 5.000%, 6/15/36 – NPFG Insured (UB)	6/16 at 100.00	AAA		1,302,132
	3,305	New York City Municipal Water Finance Authority, New York, Water and Sewerage System Revenue Bonds, Fiscal Series 2004C, 5.000%, 6/15/35 – AMBAC Insured	6/14 at 100.00	AAA		3,544,811
	1,980	New York City Municipal Water Finance Authority, New York, Water and Sewerage System Revenue Bonds, Fiscal Series 2005C, 5.000%, 6/15/27 – NPFG Insured (UB)	6/15 at 100.00	AAA		2,193,543
	2,500	Suffolk County Water Authority, New York, Waterworks Revenue Bonds, Series 2005C, 5.000%, 6/01/28 – NPFG Insured (UB)	6/15 at 100.00	AAA		2,644,175
	12,765	Total Water and Sewer				13,885,654
$	225,670	Total Investments (cost $184,812,520) – 149.4%				196,332,902
		Floating Rate Obligations – (12.6)%				(16,600,000	)
		Variable Rate MuniFund Term Preferred Shares, at Liquidation Value – (38.6)% (5)				(50,700,000	)
		Other Assets Less Liabilities – 1.8%				2,414,787
		Net Assets Applicable to Common Shares – 100%			$	131,447,689

(1)		All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares unless otherwise noted.
(2)		Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
(3)		Ratings: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(4)		Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
(5)		Variable Rate MuniFund Term Preferred Shares, at Liquidation Value as a percentage of Total Investments is 25.8%.
N/R		Not rated.
(ETM)		Escrowed to maturity.
(IF)		Inverse floating rate investment.
(UB)		Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Inverse Floating Rate Securities for more information.

See accompanying notes to financial statements.

Nuveen Investments

		Nuveen New York Dividend Advantage Municipal Income Fund
		(formerly known as Nuveen Insured New York Dividend Advantage Municipal Fund)
NKO		Portfolio of Investments
		March 31, 2012 (Unaudited)

	Principal		Optional Call
	Amount (000)	Description (1)	Provisions (2)	Ratings (3)		Value
		Consumer Staples – 2.4% (1.7% of Total Investments)
$	1,405	New York Counties Tobacco Trust II, Tobacco Settlement Pass-Through Bonds, Series 2001, 5.250%, 6/01/25	6/12 at 100.00	A3	$	1,324,522
	1,000	New York Counties Tobacco Trust III, Tobacco Settlement Pass-Through Bonds, Series 2003, 5.750%, 6/01/33	6/13 at 100.00	A1		990,250
	715	Puerto Rico, The Children’s Trust Fund, Tobacco Settlement Asset-Backed Refunding Bonds, Series 2002, 5.375%, 5/15/33	5/12 at 100.00	BBB+		707,385
	3,120	Total Consumer Staples				3,022,157
		Education and Civic Organizations – 25.4% (17.6% of Total Investments)
	395	Dormitory Authority of the State of New York, Housing Revenue Bonds, Fashion Institute of Technology, Series 2007, 5.250%, 7/01/34 – FGIC Insured	No Opt. Call	BBB		427,900
	4,000	Dormitory Authority of the State of New York, Insured Revenue Bonds, Mount Sinai School of Medicine, Series 1994A, 5.150%, 7/01/24 – NPFG Insured	No Opt. Call	A–		4,556,840
	1,280	Dormitory Authority of the State of New York, Insured Revenue Bonds, New York Medical College, Series 1998, 5.000%, 7/01/21 – NPFG Insured	7/12 at 100.00	BBB		1,283,750
	1,000	Dormitory Authority of the State of New York, Lease Revenue Bonds, State University Dormitory Facilities, Series 2003B, 5.250%, 7/01/32 (Mandatory put 7/01/13) – SYNCORA GTY Insured	No Opt. Call	Aa2		1,059,170
	140	Dormitory Authority of the State of New York, Lease Revenue Bonds, State University Dormitory Facilities, Series 2004A, 5.000%, 7/01/29 – NPFG Insured	7/15 at 100.00	Aa2		152,443
	920	Dormitory Authority of the State of New York, Lease Revenue Bonds, State University Dormitory Facilities, Series 2006A, 5.000%, 7/01/31 – NPFG Insured	7/16 at 100.00	Aa2		973,857
	240	Dormitory Authority of the State of New York, Revenue Bonds, Barnard College, Series 2007A, 5.000%, 7/01/37 – FGIC Insured	7/17 at 100.00	BBB		247,865
	580	Dormitory Authority of the State of New York, Revenue Bonds, Convent of the Sacred Heart, Series 2011, 5.750%, 11/01/40 – AGM Insured	5/21 at 100.00	AA–		670,294
	1,000	Dormitory Authority of the State of New York, Revenue Bonds, Marymount Manhattan College, Series 2009, 5.250%, 7/01/29	7/19 at 100.00	Baa2		1,030,610
	3,250	Dormitory Authority of the State of New York, Revenue Bonds, New York University, Series 1998A, 6.000%, 7/01/18 – NPFG Insured	No Opt. Call	AA–		4,059,153
	330	Dormitory Authority of the State of New York, Revenue Bonds, New York University, Series 2007, 5.000%, 7/01/32 – AMBAC Insured	7/17 at 100.00	AA–		358,743
	510	Madison County Industrial Development Agency, New York, Civic Facility Revenue Bonds, Colgate University, Tender Option Bond Trust 3127, 13.077%, 1/01/14 – AMBAC Insured (IF)	No Opt. Call	AA+		570,838
	300	New York City Industrial Development Agency, New York, Payment in Lieu of Taxes Revenue Bonds, Queens Baseball Stadium Project, Series 2009, 6.125%, 1/01/29 – AGC Insured	1/19 at 100.00	AA–		331,677
		New York City Industrial Development Agency, New York, PILOT Revenue Bonds, Queens Baseball Stadium Project, Series 2006:
	1,000	5.000%, 1/01/36 – AMBAC Insured	1/17 at 100.00	BB+		963,580
	1,060	5.000%, 1/01/46 – AMBAC Insured	1/17 at 100.00	BB+		1,000,661
	885	New York City Industrial Development Agency, New York, Revenue Bonds, Yankee Stadium Project PILOT, Series 2009A, 7.000%, 3/01/49 – AGC Insured	3/19 at 100.00	AA–		1,034,450
		New York City Industrial Development Authority, New York, PILOT Revenue Bonds, Yankee Stadium Project, Series 2006:
	395	5.000%, 3/01/31 – FGIC Insured	9/16 at 100.00	BBB–		405,926
	2,210	5.000%, 3/01/36 – NPFG Insured	9/16 at 100.00	BBB		2,251,548
	1,920	4.500%, 3/01/39 – FGIC Insured	9/16 at 100.00	BBB–		1,839,840
	1,560	New York City Trust for Cultural Resources, New York, Revenue Bonds, American Museum of Natural History, Series 2004A, 5.000%, 7/01/36 – NPFG Insured	7/14 at 100.00	AA		1,607,627
	4,000	New York City Trust for Cultural Resources, New York, Revenue Bonds, Museum of Modern Art, Series 2001D, 5.125%, 7/01/31 – AMBAC Insured	7/12 at 100.00	Aa2		4,039,320
	1,000	New York City Trust for Cultural Resources, New York, Revenue Bonds, Whitney Museum of American Art, Series 2011, 5.000%, 7/01/31	1/21 at 100.00	A		1,079,690
	1,000	Tompkins County Development Corporation, New York, Revenue Bonds, Ithaca College, Series 2011, 5.250%, 7/01/36 – AGM Insured	1/21 at 100.00	Aa3		1,094,960

Nuveen Investments

	Principal		Optional Call
	Amount (000)	Description (1)	Provisions (2)	Ratings (3)		Value
		Education and Civic Organizations (continued)
$	350	Troy Capital Resource Corporation, New York, Revenue Bonds, Rensselaer Polytechnic Institute, Series 2010A, 5.125%, 9/01/40	9/20 at 100.00	A–	$	373,643
	29,325	Total Education and Civic Organizations				31,414,385
		Health Care – 12.1% (8.4% of Total Investments)
	1,400	Dormitory Authority of the State of New York, FHA-Insured Mortgage Hospital Revenue Bonds, St. Barnabas Hospital, Series 2002A, 5.125%, 2/01/22 – AMBAC Insured	8/12 at 100.00	N/R		1,416,660
	760	Dormitory Authority of the State of New York, FHA-Insured Mortgage Revenue Bonds, Hudson Valley Hospital Center, Series 2007, 5.000%, 8/15/27 – AGM Insured	8/17 at 100.00	AA–		819,364
	425	Dormitory Authority of the State of New York, FHA-Insured Mortgage Revenue Bonds, Montefiore Hospital, Series 2004, 5.000%, 8/01/33 – FGIC Insured	2/15 at 100.00	BBB		436,896
	1,500	Dormitory Authority of the State of New York, FHA-Insured Revenue Bonds, Montefiore Medical Center, Series 2005, 5.000%, 2/01/22 – FGIC Insured	2/15 at 100.00	BBB		1,658,355
	3,000	Dormitory Authority of the State of New York, North Shore Long Island Jewish Obligated Group Revenue Bonds, Series 2011A, 5.000%, 5/01/41	No Opt. Call	A–		3,166,860
	1,540	Dormitory Authority of the State of New York, Revenue Bonds, Health Quest System Inc., Series 2007B, 5.250%, 7/01/27 – AGC Insured	7/17 at 100.00	AA–		1,646,460
	855	Dormitory Authority of the State of New York, Revenue Bonds, New York and Presbyterian Hospital, Series 2004A, 5.250%, 8/15/15 – AGM Insured	8/14 at 100.00	AA–		926,384
	600	Dormitory Authority of the State of New York, Revenue Bonds, South Nassau Communities Hospital, Series 2003B, 5.500%, 7/01/23	7/13 at 100.00	Baa1		611,586
	700	Dormitory Authority of the State of New York, Revenue Bonds, The New York and Presbyterian Hospital Project, Series 2007, 5.000%, 8/15/36 – AGM Insured	8/14 at 100.00	AA–		718,956
		New York City Health and Hospitals Corporation, New York, Health System Revenue Bonds, Series 2003A:
	1,500	5.250%, 2/15/21 – AMBAC Insured	2/13 at 100.00	Aa3		1,550,085
	1,000	5.250%, 2/15/22 – AMBAC Insured	2/13 at 100.00	Aa3		1,038,580
	850	Westchester County Health Care Corporation, New York, Senior Lien Revenue Bonds, Series 2010-C2, 6.125%, 11/01/37	11/20 at 100.00	A3		961,979
	14,130	Total Health Care				14,952,165
		Housing/Multifamily – 0.8% (0.6% of Total Investments)
	1,000	Canton Capital Resource Corporation, New York, Student Housing Facility Revenue Bonds, Grasse River LLC at SUNY Canton Project Series 2010A, 5.000%, 5/01/40	5/20 at 100.00	AA–		1,022,990
		Long-Term Care – 2.5% (1.7% of Total Investments)
	510	Dormitory Authority of the State of New York, GNMA Collateralized Revenue Bonds, Cabrini of Westchester Project, Series 2006, 5.200%, 2/15/41	2/17 at 103.00	AA+		549,811
		Dormitory Authority of the State of New York, GNMA Collateralized Revenue Bonds, Willow Towers Inc., Series 2002:
	920	5.250%, 2/01/22	8/12 at 101.00	AA+		941,206
	1,500	5.400%, 2/01/34	8/12 at 101.00	AA+		1,535,745
	2,930	Total Long-Term Care				3,026,762
		Tax Obligation/General – 3.2% (2.2% of Total Investments)
	200	New York City, New York, General Obligation Bonds, Fiscal 2009 Series E, 5.000%, 8/01/28	8/19 at 100.00	AA		223,850
	525	New York City, New York, General Obligation Bonds, Fiscal Series 2006C, 5.000%, 8/01/16 – AGM Insured	8/15 at 100.00	AA		595,229
		New York City, New York, General Obligation Bonds, Series 2004E:
	1,700	5.000%, 11/01/19 – AGM Insured (UB)	11/14 at 100.00	AA		1,878,449
	1,100	5.000%, 11/01/20 – AGM Insured (UB)	11/14 at 100.00	AA		1,215,467
	3,525	Total Tax Obligation/General				3,912,995
		Tax Obligation/Limited – 59.1% (41.1% of Total Investments)
	190	Dormitory Authority of the State of New York, 853 Schools Program Insured Revenue Bonds, Vanderheyden Hall Inc., Issue 2, Series 1998F, 5.250%, 7/01/18 – AMBAC Insured	7/12 at 100.00	N/R		190,618
	3,000	Dormitory Authority of the State of New York, Revenue Bonds, School Districts Financing Program, Series 2002D, 5.250%, 10/01/23 – NPFG Insured	10/12 at 100.00	A+		3,066,570

Nuveen Investments

		Nuveen New York Dividend Advantage Municipal Income Fund (continued)
		(formerly known as Nuveen Insured New York Dividend Advantage Municipal Fund)
NKO		Portfolio of Investments
		March 31, 2012 (Unaudited)

	Principal		Optional Call
	Amount (000)	Description (1)	Provisions (2)	Ratings (3)		Value
		Tax Obligation/Limited (continued)
$	160	Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, Series 2005F, 5.000%, 3/15/21 – AGM Insured	3/15 at 100.00	AAA	$	178,357
		Erie County Industrial Development Agency, New York, School Facility Revenue Bonds, Buffalo City School District Project, Series 2008A:
	590	5.750%, 5/01/27 – AGM Insured (UB)	5/18 at 100.00	AA–		668,677
	190	5.750%, 5/01/28 – AGM Insured (UB)	5/18 at 100.00	AA–		215,080
	2,485	Erie County Industrial Development Agency, New York, School Facility Revenue Bonds, Buffalo City School District, Series 2007A, 5.750%, 5/01/28 – AGM Insured (UB)	5/17 at 100.00	AA–		2,894,876
	1,850	Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 Series 2011A, 5.000%, 2/15/47 – AGM Insured	2/21 at 100.00	AA–		1,942,537
	4,760	Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A, 5.000%, 2/15/47 – FGIC Insured	2/17 at 100.00	A		4,872,336
	2,290	Metropolitan Transportation Authority, New York, Dedicated Tax Fund Bonds, Series 2002A, 5.250%, 11/15/25 – AGM Insured	11/12 at 100.00	AA		2,345,395
	4,000	Metropolitan Transportation Authority, New York, State Service Contract Refunding Bonds, Series 2002A, 5.000%, 7/01/25 – FGIC Insured	7/12 at 100.00	AA–		4,037,000
	1,000	Nassau County Interim Finance Authority, New York, Sales Tax Secured Revenue Bonds, Series 2003A, 5.000%, 11/15/18 – AMBAC Insured	11/13 at 100.00	AAA		1,070,110
		New York City Sales Tax Asset Receivable Corporation, New York, Dedicated Revenue Bonds, Local Government Assistance Corporation, Series 2004A:
	3,400	5.000%, 10/15/25 – NPFG Insured	10/14 at 100.00	AAA		3,719,328
	1,040	5.000%, 10/15/26 – NPFG Insured	10/14 at 100.00	AAA		1,136,034
	300	5.000%, 10/15/29 – AMBAC Insured	10/14 at 100.00	AAA		327,321
	3,950	5.000%, 10/15/32 – AMBAC Insured	10/14 at 100.00	AAA		4,294,203
	2,500	New York City Transitional Finance Authority, New York, Building Aid Revenue Bonds, Fiscal Series 2007S-2, 5.000%, 1/15/28 – FGIC Insured	1/17 at 100.00	AA–		2,712,775
	5	New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal Series 2002B, 5.250%, 5/01/16 – NPFG Insured	11/12 at 100.00	AAA		5,070
	3,000	New York City Transitional Finance Authority, New York, Future Tax Secured Revenue Bonds, Subordinate Lien Series 2011C, 5.000%, 11/01/39	11/20 at 100.00	AAA		3,288,030
		New York City, New York, Educational Construction Fund, Revenue Bonds, Series 2011A:
	5,130	5.750%, 4/01/33 – AGM Insured	4/21 at 100.00	AA+		5,978,138
	1,000	5.750%, 4/01/41	4/21 at 100.00	AA–		1,151,210
		New York Convention Center Development Corporation, New York, Hotel Fee Revenue Bonds, Tender Option Bonds Trust 3095:
	165	13.102%, 11/15/30 – AMBAC Insured (IF)	11/15 at 100.00	AA+		195,017
	140	13.089%, 11/15/44 – AMBAC Insured (IF)	11/15 at 100.00	AA+		158,998
		New York State Thruway Authority, Highway and Bridge Trust Fund Bonds, Second General, Series 2005B:
	2,625	5.500%, 4/01/20 – AMBAC Insured	No Opt. Call	AA		3,296,449
	500	5.000%, 4/01/21 – AMBAC Insured	10/15 at 100.00	AA		566,915
		New York State Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed and State Contingency Contract-Backed Bonds, Series 2003A-1:
	1,900	5.250%, 6/01/20 – AMBAC Insured	6/13 at 100.00	AA–		2,001,289
	1,000	5.250%, 6/01/22 – AMBAC Insured	6/13 at 100.00	AA–		1,052,950
	750	New York State Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed and State Contingency Contract-Backed Bonds, Series 2003B-1C, 5.500%, 6/01/21	6/13 at 100.00	AA–		792,345
	8,600	New York State Urban Development Corporation, Revenue Refunding Bonds, State Facilities, Series 1995, 5.700%, 4/01/20 – AGM Insured (UB)	No Opt. Call	AA–		10,381,146
	295	Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2010C, 5.125%, 8/01/42 – AGM Insured	8/20 at 100.00	AA–		309,039
		Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A:
	7,500	0.000%, 8/01/41 – NPFG Insured	No Opt. Call	Aa2		1,452,075
	15,000	0.000%, 8/01/44 – NPFG Insured	No Opt. Call	Aa2		2,434,500
	17,310	0.000%, 8/01/46 – NPFG Insured	No Opt. Call	Aa2		2,487,101
	29,215	0.000%, 8/01/47 – AMBAC Insured	No Opt. Call	Aa2		3,934,676
	125,840	Total Tax Obligation/Limited				73,156,165

Nuveen Investments

	Principal		Optional Call
	Amount (000)	Description (1)	Provisions (2)	Ratings (3)		Value
		Transportation – 12.8% (8.9% of Total Investments)
$	2,000	Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2003A, 5.000%, 11/15/25 – AGM Insured	11/13 at 100.00	AA–	$	2,115,740
	300	Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2005A, 4.750%, 11/15/27 – NPFG Insured	11/15 at 100.00	AAA		330,306
		Metropolitan Transportation Authority, New York, Transportation Revenue Refunding Bonds, Series 2002A:
	2,000	5.125%, 11/15/22 – FGIC Insured	11/12 at 100.00	A		2,047,920
	4,000	5.000%, 11/15/25 – FGIC Insured	11/12 at 100.00	A		4,095,920
	1,250	Metropolitan Transportation Authority, New York, Transportation Revenue Refunding Bonds, Series 2002F, 5.000%, 11/15/31 – NPFG Insured	11/12 at 100.00	A		1,278,338
	740	New York Liberty Development Corporation, Liberty Revenue Bonds, 4 World Trade Center Project, Series 2011, 5.000%, 11/15/44	11/21 at 100.00	A+		784,933
	315	New York State Thruway Authority, General Revenue Bonds, Refunding Series 2007H, 5.000%, 1/01/25 – FGIC Insured	1/18 at 100.00	A+		354,334
	865	New York State Thruway Authority, General Revenue Bonds, Series 2005F, 5.000%, 1/01/20 – AMBAC Insured	1/15 at 100.00	A+		955,090
	350	New York State Thruway Authority, General Revenue Bonds, Series 2005G, 5.000%, 1/01/30 – AGM Insured (UB)	7/15 at 100.00	AA–		385,396
		Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Fortieth Series 2005:
	500	5.000%, 12/01/19 – AGM Insured	6/15 at 101.00	Aa2		566,945
	1,000	5.000%, 12/01/28 – SYNCORA GTY Insured	6/15 at 101.00	Aa2		1,067,370
	345	5.000%, 12/01/31 – SYNCORA GTY Insured	6/15 at 101.00	Aa2		365,662
	390	Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Forty Eighth Series 2008, Trust 2920, 17.142%, 8/15/32 – AGM Insured (IF)	8/17 at 100.00	Aa2		512,803
	780	Triborough Bridge and Tunnel Authority, New York, Subordinate Lien General Purpose Revenue Refunding Bonds, Series 2002E, 5.500%, 11/15/20 – NPFG Insured	No Opt. Call	Aa3		983,564
	14,835	Total Transportation				15,844,321
		U.S. Guaranteed – 8.8% (6.1% of Total Investments) (4)
		Buffalo, New York, General Obligation Bonds, Series 2002B:
	1,490	5.375%, 11/15/18 (Pre-refunded 11/15/12) – NPFG Insured	11/12 at 100.00	A1 (4)		1,538,470
	2,375	5.375%, 11/15/20 (Pre-refunded 11/15/12) – NPFG Insured	11/12 at 100.00	A1 (4)		2,452,259
	105	Dormitory Authority of the State of New York, Judicial Facilities Lease Revenue Bonds, Suffolk County Issue, Series 1986, 7.375%, 7/01/16 (ETM)	No Opt. Call	Aaa		121,682
	1,725	Dormitory Authority of the State of New York, Revenue Bonds, Memorial Sloan-Kettering Cancer Center, Series 2003-1, 5.000%, 7/01/21 (Pre-refunded 7/01/13) – NPFG Insured	7/13 at 100.00	Aa2 (4)		1,826,637
	400	Erie County Industrial Development Agency, New York, School Facility Revenue Bonds, Buffalo City School District, Series 2003, 5.750%, 5/01/20 (Pre-refunded 5/01/12) – AGM Insured	5/12 at 100.00	AA– (4)		401,932
	1,000	New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal Series 2003C, 5.250%, 8/01/21 (Pre-refunded 8/01/12) – AMBAC Insured	8/12 at 100.00	AAA		1,017,100
	500	New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal Series 2004C, 5.000%, 2/01/19 (Pre-refunded 2/01/14) – SYNCORA GTY Insured	2/14 at 100.00	AAA		542,495
		Suffolk County Industrial Development Agency, New York, Revenue Bonds, Huntington Hospital, Series 2002C:
	725	6.000%, 11/01/22 (Pre-refunded 11/01/12)	11/12 at 100.00	A– (4)		749,788
	1,045	5.875%, 11/01/32 (Pre-refunded 11/01/12)	11/12 at 100.00	A– (4)		1,079,955
	1,145	TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 2002-1, 5.500%, 7/15/24 (Pre-refunded 7/15/12)	7/12 at 100.00	Aaa		1,162,587
	10,510	Total U.S. Guaranteed				10,892,905
		Utilities – 12.3% (8.5% of Total Investments)
	5,000	Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2001A, 5.000%, 9/01/27 – AGM Insured	9/12 at 100.00	AA–		5,014,800

Nuveen Investments

		Nuveen New York Dividend Advantage Municipal Income Fund (continued)
		(formerly known as Nuveen Insured New York Dividend Advantage Municipal Fund)
NKO		Portfolio of Investments
		March 31, 2012 (Unaudited)

	Principal		Optional Call
	Amount (000)	Description (1)	Provisions (2)	Ratings (3)		Value
		Utilities (continued)
		Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006A:
$	1,700	5.000%, 12/01/23 – FGIC Insured	6/16 at 100.00	A	$	1,855,312
	1,300	5.000%, 12/01/25 – FGIC Insured	6/16 at 100.00	A		1,399,970
	1,500	5.000%, 12/01/26 – AGC Insured	6/16 at 100.00	AA+		1,679,175
	250	Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006B, 5.000%, 12/01/35 – CIFG Insured	6/16 at 100.00	A		259,063
	5,000	New York State Energy Research and Development Authority, Pollution Control Revenue Refunding Bonds, Niagara Mohawk Power Corporation, Series 1998A, 5.150%, 11/01/25 – AMBAC Insured	5/12 at 100.00	A–		5,006,750
	14,750	Total Utilities				15,215,070
		Water and Sewer – 4.6% (3.2% of Total Investments)
	1,900	New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue Bonds, Second Generation Resolution, Fiscal 2012 Series BB, 5.000%, 6/15/44	12/21 at 100.00	AA+		2,063,457
	1,140	New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue Bonds, Series 2006B, 5.000%, 6/15/36 – NPFG Insured (UB)	6/16 at 100.00	AAA		1,237,025
	2,295	Suffolk County Water Authority, New York, Waterworks Revenue Bonds, Series 2005C, 5.000%, 6/01/28 – NPFG Insured	6/15 at 100.00	AAA		2,427,353
	5,335	Total Water and Sewer				5,727,835
$	225,300	Total Investments (cost $168,963,939) – 144.0%				178,187,750
		Floating Rate Obligations – (9.4)%				(11,620,000	)
		Variable Rate Demand Preferred Shares, at Liquidation Value – (40.4)% (5)				(50,000,000	)
		Other Assets Less Liabilities – 5.8%				7,180,536
		Net Assets Applicable to Common Shares – 100%			$	123,748,286

(1)		All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares unless otherwise noted.
(2)		Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
(3)		Ratings: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(4)		Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
(5)		Variable Rate Demand Preferred Shares, at Liquidation Value as a percentage of Total Investments is 28.1%.
N/R		Not rated.
(ETM)		Escrowed to maturity.
(IF)		Inverse floating rate investment.
(UB)		Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Inverse Floating Rate Securities for more information.

See accompanying notes to financial statements.

Nuveen Investments

		Nuveen New York AMT-Free Municipal Income Fund
		(formerly known as Nuveen Insured New York Tax-Free Advantage Municipal Fund)
NRK		Portfolio of Investments
		March 31, 2012 (Unaudited)

	Principal		Optional Call
	Amount (000)	Description (1)	Provisions (2)	Ratings (3)		Value
		Consumer Staples – 3.3% (2.1% of Total Investments)
$	1,500	New York Counties Tobacco Trust III, Tobacco Settlement Pass-Through Bonds, Series 2003, 5.750%, 6/01/33	6/13 at 100.00	A1	$	1,485,375
	285	Puerto Rico, The Children’s Trust Fund, Tobacco Settlement Asset-Backed Refunding Bonds, Series 2002, 5.375%, 5/15/33	5/12 at 100.00	BBB+		281,965
	1,785	Total Consumer Staples				1,767,340
		Education and Civic Organizations – 30.6% (19.8% of Total Investments)
	3,400	Dormitory Authority of the State of New York, General Revenue Bonds, Saint Johns University, Series 2007A, 5.250%, 7/01/32 – NPFG Insured	7/17 at 100.00	A–		3,593,562
	2,000	Dormitory Authority of the State of New York, Insured Revenue Bonds, Long Island University, Series 2003A, 5.000%, 9/01/32 – RAAI Insured	9/12 at 100.00	Baa3		2,007,580
	2,000	Dormitory Authority of the State of New York, Insured Revenue Bonds, Mount Sinai School of Medicine, Series 1994A, 5.150%, 7/01/24 – NPFG Insured	No Opt. Call	A–		2,278,420
	1,000	Dormitory Authority of the State of New York, Lease Revenue Bonds, State University Dormitory Facilities, Series 2003B, 5.250%, 7/01/32 (Mandatory put 7/01/13) – SYNCORA GTY Insured	No Opt. Call	Aa2		1,059,170
	410	Dormitory Authority of the State of New York, Lease Revenue Bonds, State University Dormitory Facilities, Series 2006A, 5.000%, 7/01/31 – NPFG Insured	7/16 at 100.00	Aa2		434,001
	1,000	Dormitory Authority of the State of New York, Revenue Bonds, Barnard College, Series 2007A, 5.000%, 7/01/25 – FGIC Insured	7/17 at 100.00	BBB		1,083,580
	1,000	Dormitory Authority of the State of New York, Revenue Bonds, Mount St. Mary College, Series 2003, 5.000%, 7/01/32 – RAAI Insured	7/13 at 100.00	A–		1,008,440
		Dormitory Authority of the State of New York, Revenue Bonds, Rochester Institute of Technology, Series 2006A:
	100	5.250%, 7/01/20 – AMBAC Insured	No Opt. Call	A1		121,011
	80	5.250%, 7/01/21 – AMBAC Insured	No Opt. Call	A1		97,406
	225	Madison County Industrial Development Agency, New York, Civic Facility Revenue Bonds, Colgate University, Tender Option Bond Trust 3127, 13.077%, 1/01/14 – AMBAC Insured (IF)	No Opt. Call	AA+		251,840
	300	New York City Industrial Development Agency, New York, Payment in Lieu of Taxes Revenue Bonds, Queens Baseball Stadium Project, Series 2009, 6.125%, 1/01/29 – AGC Insured	1/19 at 100.00	AA–		331,677
	495	New York City Industrial Development Agency, New York, Revenue Bonds, Yankee Stadium Project PILOT, Series 2009A, 7.000%, 3/01/49 – AGC Insured	3/19 at 100.00	AA–		578,591
		New York City Industrial Development Authority, New York, PILOT Revenue Bonds, Yankee Stadium Project, Series 2006:
	170	5.000%, 3/01/31 – FGIC Insured	9/16 at 100.00	BBB–		174,702
	1,425	5.000%, 3/01/36 – NPFG Insured	9/16 at 100.00	BBB		1,451,790
	840	4.500%, 3/01/39 – FGIC Insured	9/16 at 100.00	BBB–		804,930
	1,000	New York City Trust for Cultural Resources, New York, Revenue Bonds, American Museum of Natural History, Series 2004A, 5.000%, 7/01/36 – NPFG Insured	7/14 at 100.00	AA		1,030,530
	15,445	Total Education and Civic Organizations				16,307,230
		Health Care – 21.4% (13.9% of Total Investments)
	2,000	Dormitory Authority of the State of New York, FHA-Insured Mortgage Hospital Revenue Bonds, Lutheran Medical Center, Series 2003, 5.000%, 8/01/31 – NPFG Insured	2/13 at 100.00	BBB		2,017,900
	3,000	Dormitory Authority of the State of New York, FHA-Insured Mortgage Hospital Revenue Bonds, St. Barnabas Hospital, Series 2002A, 5.000%, 2/01/31 – AMBAC Insured	8/12 at 100.00	N/R		3,035,310
	335	Dormitory Authority of the State of New York, FHA-Insured Mortgage Revenue Bonds, Hudson Valley Hospital Center, Series 2007, 5.000%, 8/15/27 – AGM Insured	8/17 at 100.00	AA–		361,167
	1,000	Dormitory Authority of the State of New York, FHA-Insured Revenue Bonds, Montefiore Medical Center, Series 2005, 5.000%, 2/01/22 – FGIC Insured	2/15 at 100.00	BBB		1,105,570
	255	Dormitory Authority of the State of New York, Revenue Bonds, Health Quest System Inc., Series 2007B, 5.125%, 7/01/37 – AGC Insured	7/17 at 100.00	AA–		267,408
	760	Dormitory Authority of the State of New York, Revenue Bonds, New York and Presbyterian Hospital, Series 2004A, 5.250%, 8/15/15 – AGM Insured	8/14 at 100.00	AA–		823,452

Nuveen Investments

		Nuveen New York AMT-Free Municipal Income Fund (continued)
		(formerly known as Nuveen Insured New York Tax-Free Advantage Municipal Fund)
NRK		Portfolio of Investments
		March 31, 2012 (Unaudited)

	Principal		Optional Call
	Amount (000)	Description (1)	Provisions (2)	Ratings (3)		Value
		Health Care (continued)
$	750	Dormitory Authority of the State of New York, Revenue Bonds, South Nassau Communities Hospital, Series 2003B, 5.500%, 7/01/23	7/13 at 100.00	Baa1	$	764,483
	305	Dormitory Authority of the State of New York, Revenue Bonds, The New York and Presbyterian Hospital Project, Series 2007, 5.000%, 8/15/36 – AGM Insured	8/14 at 100.00	AA–		313,259
	2,640	New York City Health and Hospitals Corporation, New York, Health System Revenue Bonds, Series 2003A, 5.250%, 2/15/21 – AMBAC Insured	2/13 at 100.00	Aa3		2,728,150
	11,045	Total Health Care				11,416,699
		Long-Term Care – 0.6% (0.4% of Total Investments)
	290	Dormitory Authority of the State of New York, GNMA Collateralized Revenue Bonds, Cabrini of Westchester Project, Series 2006, 5.200%, 2/15/41	2/17 at 103.00	AA+		312,637
		Tax Obligation/General – 3.2% (2.0% of Total Investments)
	1,000	Nassau County, New York, General Obligation Bonds, General Improvement Series 2009C, 5.000%, 10/01/29 – AGC Insured	10/19 at 100.00	AA–		1,094,430
	50	New York City, New York, General Obligation Bonds, Fiscal Series 1998H, 5.125%, 8/01/25 – NPFG Insured	8/12 at 100.00	AA		50,177
	225	New York City, New York, General Obligation Bonds, Fiscal Series 2006C, 5.000%, 8/01/16 – AGM Insured	8/15 at 100.00	AA		255,098
	250	New York City, New York, General Obligation Bonds, Series 5.000%, 11/01/19 –2004E, AGM Insured (UB)	11/14 at 100.00	AA		276,243
	1,525	Total Tax Obligation/General				1,675,948
		Tax Obligation/Limited – 49.5% (32.1% of Total Investments)
	2,695	Buffalo Fiscal Stability Authority, New York, Sales Tax Revenue State Aid Secured Bonds, Series 2004A, 5.250%, 8/15/12 – NPFG Insured	No Opt. Call	Aa1		2,744,372
	1,000	Dormitory Authority of the State of New York, Master Lease Program Revenue Bonds, Nassau County Board of Cooperative Educational Services, Series 2009A, 5.000%, 8/15/28 – AGC Insured	8/19 at 100.00	AA–		1,099,790
	3,000	Dormitory Authority of the State of New York, Revenue Bonds, School Districts Financing Program, Series 2002D, 5.250%, 10/01/23 – NPFG Insured	10/12 at 100.00	A+		3,066,571
	1,000	Dormitory Authority of the State of New York, Revenue Bonds, School Districts Financing Program, Series 2009A, 5.625%, 10/01/29 – AGC Insured	10/19 at 100.00	AA–		1,137,040
	1,085	Erie County Industrial Development Agency, New York, School Facility Revenue Bonds, Buffalo City School District, Series 2007A, 5.750%, 5/01/28 – AGM Insured (UB)	5/17 at 100.00	AA–		1,263,960
	340	Erie County Industrial Development Agency, New York, School Facility Revenue Bonds, Buffalo City School District Project, Series 2008A, 5.750%, 5/01/27 – AGM Insured (UB)	5/18 at 100.00	AA–		385,339
	1,400	Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 Series 2011A, 5.750%, 2/15/47	No Opt. Call	A		1,568,672
	2,055	Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A, 5.000%, 2/15/47 – FGIC Insured	2/17 at 100.00	A		2,103,498
	1,000	Metropolitan Transportation Authority, New York, State Service Contract Refunding Bonds, Series 2002A, 5.000%, 7/01/25 – FGIC Insured	7/12 at 100.00	AA–		1,009,250
	560	Monroe Newpower Corporation, New York, Power Facilities Revenue Bonds, Series 2003, 5.500%, 1/01/34	1/13 at 102.00	BBB		557,278
		New York City Sales Tax Asset Receivable Corporation, New York, Dedicated Revenue Bonds, Local Government Assistance Corporation, Series 2004A:
	610	5.000%, 10/15/25 – NPFG Insured (UB)	10/14 at 100.00	AAA		667,291
	555	5.000%, 10/15/26 – NPFG Insured (UB)	10/14 at 100.00	AAA		606,249
	740	New York City Transitional Finance Authority, New York, Building Aid Revenue Bonds, Fiscal Series 2007S-2, 5.000%, 1/15/28 – FGIC Insured	1/17 at 100.00	AA–		802,981
	1,000	New York City, New York, Educational Construction Fund, Revenue Bonds, Series 2011A, 5.750%, 4/01/33 – AGM Insured	4/21 at 100.00	AA+		1,165,330
	280	New York Convention Center Development Corporation, New York, Hotel Fee Revenue Bonds, Tender Option Bonds Trust 3095, 13.089%, 11/15/44 – AMBAC Insured (IF)	11/15 at 100.00	AA+		317,996
	1,290	New York State Environmental Facilities Corporation, State Personal Income Tax Revenue Bonds, Series 2002A, 5.000%, 1/01/23 – FGIC Insured	1/13 at 100.00	AAA		1,330,712

Nuveen Investments

	Principal		Optional Call
	Amount (000)	Description (1)	Provisions (2)	Ratings (3)		Value
		Tax Obligation/Limited (continued)
$	950	New York State Thruway Authority, Highway and Bridge Trust Fund Bonds, Second General, Series 2005B, 5.500%, 4/01/20 – AMBAC Insured	No Opt. Call	AA	$	1,193,001
	1,200	New York State Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed and State Contingency Contract-Backed Bonds, Series 2003A-1, 5.250%, 6/01/20 – AMBAC Insured	6/13 at 100.00	AA–		1,263,972
	750	New York State Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed and State Contingency Contract-Backed Bonds, Series 2003B-1C, 5.500%, 6/01/21	6/13 at 100.00	AA–		792,345
	295	Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2010C, 5.125%, 8/01/42 – AGM Insured	8/20 at 100.00	AA–		309,039
		Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A:
	3,500	0.000%, 8/01/41 – NPFG Insured	No Opt. Call	Aa2		677,635
	1,550	0.000%, 8/01/45 – NPFG Insured	No Opt. Call	Aa2		237,119
	12,040	0.000%, 8/01/46 – NPFG Insured	No Opt. Call	Aa2		1,729,907
	2,425	0.000%, 8/01/47 – AMBAC Insured	No Opt. Call	Aa2		326,599
	41,320	Total Tax Obligation/Limited				26,355,946
		Transportation – 14.6% (9.5% of Total Investments)
		Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2005A:
	100	4.750%, 11/15/27 – NPFG Insured	11/15 at 100.00	AAA		110,102
	500	4.750%, 11/15/30 – AMBAC Insured	11/15 at 100.00	A		516,350
	1,000	Metropolitan Transportation Authority, New York, Transportation Revenue Refunding Bonds, Series 2002A, 5.000%, 11/15/25 – FGIC Insured	11/12 at 100.00	A		1,023,980
	355	New York Liberty Development Corporation, Liberty Revenue Bonds, 4 World Trade Center Project, Series 2011, 5.000%, 11/15/44	11/21 at 100.00	A+		376,556
	140	New York State Thruway Authority, General Revenue Bonds, Refunding Series 2007H, 5.000%, 1/01/25 – FGIC Insured	1/18 at 100.00	A+		157,482
	1,875	New York State Thruway Authority, General Revenue Bonds, Series 2005F, 5.000%, 1/01/20 – AMBAC Insured	1/15 at 100.00	A+		2,070,281
	3,000	New York State Thruway Authority, General Revenue Bonds, Series 2005G, 5.000%, 1/01/32 – AGM Insured	7/15 at 100.00	AA–		3,303,390
	170	Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Forty Eighth Series 2008, Trust 2920, 17.142%, 8/15/32 – AGM Insured (IF)	8/17 at 100.00	Aa2		223,530
	7,140	Total Transportation				7,781,671
		U.S. Guaranteed – 19.9% (12.9% of Total Investments) (4)
	1,185	Dormitory Authority of the State of New York, FHA-Insured Nursing Home Mortgage Revenue Bonds, Shorefront Jewish Geriatric Center Inc., Series 2002, 5.200%, 2/01/32 (Pre-refunded 2/01/13)	2/13 at 102.00	Aaa		1,257,593
	25	Dormitory Authority of the State of New York, Revenue Bonds, Memorial Sloan-Kettering Cancer Center, Series 2003-1, 5.000%, 7/01/21 (Pre-refunded 7/01/13) – NPFG Insured	7/13 at 100.00	Aa2 (4)		26,473
	500	Dormitory Authority of the State of New York, Revenue Bonds, North Shore Long Island Jewish Group, Series 2003, 5.375%, 5/01/23 (Pre-refunded 5/01/13)	5/13 at 100.00	Aaa		527,730
	1,000	Dormitory Authority of the State of New York, Revenue Bonds, Rochester Institute of Technology, Series 2002A, 5.250%, 7/01/22 (Pre-refunded 7/01/12) – AMBAC Insured	7/12 at 100.00	A1 (4)		1,012,840
	55	Erie County Water Authority, New York, Water Revenue Bonds, Series 1990B, 6.750%, 12/01/14 - AMBAC Insured (ETM)	No Opt. Call	N/R (4)		60,369
	3,000	New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal Series 2003C, 5.250%, 8/01/18 (Pre-refunded 8/01/12) – AMBAC Insured	8/12 at 100.00	AAA		3,051,300
	2,000	New York City Transitional Finance Authority, New York, Future Tax Secured Refunding Bonds, Fiscal Series 2003D, 5.000%, 2/01/22 (Pre-refunded 2/01/13) – NPFG Insured	2/13 at 100.00	Aaa		2,080,180
	500	New York State Urban Development Corporation, State Personal Income Tax Revenue Bonds, State Facilities and Equipment, Series 2002C-1, 5.500%, 3/15/21 (Pre-refunded 3/15/13) – FGIC Insured	3/13 at 100.00	AA+ (4)		525,125
	2,000	Power Authority of the State of New York, General Revenue Bonds, Series 2002A, 5.000%, 11/15/20 (Pre-refunded 11/15/12)	11/12 at 100.00	Aa2 (4)		2,060,380
	10,265	Total U.S. Guaranteed				10,601,990

Nuveen Investments

		Nuveen New York AMT-Free Municipal Income Fund (continued)
		(formerly known as Nuveen Insured New York Tax-Free Advantage Municipal Fund)
NRK		Portfolio of Investments
		March 31, 2012 (Unaudited)

	Principal		Optional Call
	Amount (000)	Description (1)	Provisions (2)	Ratings (3)		Value
		Utilities – 6.7% (4.3% of Total Investments)
		Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006A:
$	1,130	5.000%, 12/01/23 – FGIC Insured	6/16 at 100.00	A	$	1,233,237
	870	5.000%, 12/01/25 – FGIC Insured	6/16 at 100.00	A		936,903
	1,000	5.000%, 12/01/26 – AGC Insured	6/16 at 100.00	AA+		1,119,450
	125	Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006B, 5.000%, 12/01/35 – CIFG Insured	6/16 at 100.00	A		129,531
	110	Power Authority of the State of New York, General Revenue Bonds, Series 2006A, 5.000%, 11/15/19 – FGIC Insured	11/15 at 100.00	Aa2		125,773
	3,235	Total Utilities				3,544,894
		Water and Sewer – 4.6% (3.0% of Total Investments)
	1,780	New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue Bonds, Second Generation Resolution, Fiscal 2012 Series BB, 5.000%, 6/15/44	12/21 at 100.00	AA+		1,933,133
	495	New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue Bonds, Series 2006B, 5.000%, 6/15/36 – NPFG Insured (UB)	6/16 at 100.00	AAA		537,129
	2,275	Total Water and Sewer				2,470,262
$	94,325	Total Investments (cost $78,381,482) – 154.4%				82,234,617
		Floating Rate Obligations – (4.5)%				(2,390,000	)
		MuniFund Term Preferred Shares, at Liquidation Value – (52.0)% (5)				(27,680,000	)
		Other Assets Less Liabilities – 2.1%				1,111,993
		Net Assets Applicable to Common Shares – 100%			$	53,276,610

(1)		All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares unless otherwise noted.
(2)		Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
(3)		Ratings: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(4)		Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
(5)		MuniFund Term Preferred Shares, at Liquidation Value as a percentage of Total Investments is 33.7%.
N/R		Not rated.
(ETM)		Escrowed to maturity.
(IF)		Inverse floating rate investment.
(UB)		Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Inverse Floating Rate Securities for more information.

See accompanying notes to financial statements.

Nuveen Investments

		Statement of
		Assets & Liabilities
		March 31, 2012 (Unaudited)

		New York			New York			New York
		Investment			Select			Quality
		Quality			Quality			Income
		(NQN	)		(NVN	)		(NUN	)
Assets
Investments, at value (cost $386,788,937, $505,748,634 and $521,449,419, respectively)	$	409,147,668		$	543,240,492		$	554,958,437
Cash		8,486,558			10,852,596			3,234,462
Receivables:
Interest		5,583,271			7,478,654			7,632,229
Investments sold		10,000			5,803,316			6,965,000
Deferred offering costs		662,896			813,441			808,557
Other assets		126,118			175,366			177,217
Total assets		424,016,511			568,363,865			573,775,902
Liabilities
Floating rate obligations		37,145,000			33,510,000			40,245,000
Payables:
Common share dividends		1,047,342			1,466,425			1,536,171
Interest		—			—			—
Offering costs		56,297			—			27,825
MuniFund Term Preferred (MTP) Shares, at liquidation value		—			—			—
Variable Rate MuniFund Term Preferred (VMTP) Shares, at liquidation value		—			—			—
Variable Rate Demand Preferred (VRDP) Shares, at liquidation value		112,300,000			164,800,000			161,700,000
Accrued expenses:
Management fees		216,043			288,548			291,402
Other		139,492			209,596			161,996
Total liabilities		150,904,174			200,274,569			203,962,394
Net assets applicable to Common shares	$	273,112,337		$	368,089,296		$	369,813,508
Common shares outstanding		17,542,953			23,230,215			23,782,336
Net asset value per Common share outstanding (net assets applicable to Common shares,divided by Common shares outstanding)	$	15.57		$	15.85		$	15.55
Net assets applicable to Common shares consist of:
Common shares, $.01 par value per share	$	175,430		$	232,302		$	237,823
Paid-in surplus		249,350,008			328,920,003			334,996,330
Undistributed (Over-distribution of) net investment income		3,625,359			4,936,235			5,063,208
Accumulated net realized gain (loss)		(2,397,191	)		(3,491,102	)		(3,992,871	)
Net unrealized appreciation (depreciation)		22,358,731			37,491,858			33,509,018
Net assets applicable to Common shares	$	273,112,337		$	368,089,296		$	369,813,508
Authorized shares:
Common		200,000,000			200,000,000			200,000,000
Auction Rate Preferred Shares (ARPS)		950,000			950,000			950,000
MTP		—			—			—
VMTP		—			—			—
VRDP		50,000			50,000			50,000

See accompanying notes to financial statements.

Nuveen Investments		57

		Statement of
		Assets & Liabilities (Unaudited) (continued)

		New York			New York			New York
		Premium			Dividend			AMT-Free
		Income			Advantage			Income
		(NNF	)		(NKO	)		(NRK	)
Assets
Investments, at value (cost $184,812,520, $168,963,939 and $78,381,482, respectively)	$	196,332,902		$	178,187,750		$	82,234,617
Cash		152,444			3,245,595			50,495
Receivables:
Interest		2,722,352			2,637,420			994,014
Investments sold		5,050			1,252,400			—
Deferred offering costs		261,144			653,775			409,243
Other assets		11,419			46,581			13,943
Total assets		199,485,311			186,023,521			83,702,312
Liabilities
Floating rate obligations		16,600,000			11,620,000			2,390,000
Payables:
Common share dividends		520,407			528,523			196,100
Interest		51,406			—			62,742
Offering costs		12,276			—			22,905
MuniFund Term Preferred (MTP) Shares, at liquidation value		—			—			27,680,000
Variable Rate MuniFund Term Preferred (VMTP) Shares, at liquidation value		50,700,000			—			—
Variable Rate Demand Preferred (VRDP) Shares, at liquidation value		—			50,000,000			—
Accrued expenses:
Management fees		103,308			89,016			42,832
Other		50,225			37,696			31,123
Total liabilities		68,037,622			62,275,235			30,425,702
Net assets applicable to Common shares	$	131,447,689		$	123,748,286		$	53,276,610
Common shares outstanding		8,250,390			7,937,131			3,506,560
Net asset value per Common share outstanding (net assets applicable to Common shares,divided by Common shares outstanding)	$	15.93		$	15.59		$	15.19
Net assets applicable to Common shares consist of:
Common shares, $.01 par value per share	$	82,504		$	79,371		$	35,066
Paid-in surplus		118,734,995			113,645,351			49,724,125
Undistributed (Over-distribution of) net investment income		2,422,667			1,455,041			108,798
Accumulated net realized gain (loss)		(1,312,859	)		(655,288	)		(444,514	)
Net unrealized appreciation (depreciation)		11,520,382			9,223,811			3,853,135
Net assets applicable to Common shares	$	131,447,689		$	123,748,286		$	53,276,610
Authorized shares:
Common		200,000,000			Unlimited			Unlimited
Auction Rate Preferred Shares (ARPS)		999,493			Unlimited			Unlimited
MTP		—			—			Unlimited
VMTP		507			—			—
VRDP		—			Unlimited			—

		See accompanying notes to financial statements.

58		Nuveen Investments

		Statement of
		Operations

		Six Months Ended March 31, 2012
		(Unaudited)


		New York			New York			New York			New York			New York			New York
		Investment			Select			Quality			Premium			Dividend			AMT-Free
		Quality			Quality			Income			Income			Advantage			Income
		(NQN	)		(NVN	)		(NUN	)		(NNF	)		(NKO	)		(NRK	)
Investment Income	$	9,410,949		$	12,987,753		$	13,050,489		$	4,584,958		$	4,223,819		$	1,916,291
Expenses
Management fees		1,271,383			1,695,487			1,713,412			607,823			569,705			252,339
Dividend disbursing agent fees		—			—			—			13,320			—			—
Shareholders’ servicing agent fees and expenses		11,403			10,983			11,363			15,228			516			8,509
Interest expense and amortization of offering costs		251,279			301,808			322,937			396,103			105,147			428,896
Fees on VRDP Shares		493,151			723,697			710,083			—			284,285			—
Custodian’s fees and expenses		31,043			39,223			42,068			20,042			16,296			9,318
Directors’/Trustees’ fees and expenses		6,548			7,648			8,957			3,208			3,044			1,511
Professional fees		11,765			12,337			9,100			11,484			11,990			10,133
Shareholders’ reports – printing and mailing expenses		41,404			46,359			36,063			25,222			20,779			18,569
Stock exchange listing fees		4,348			4,348			4,348			4,348			537			7,750
Investor relations expense		12,711			16,580			17,334			6,588			6,020			2,937
Other expenses		17,625			21,505			—			2,201			20,351			13,605
Total expenses before custodian fee credit and expense reimbursement		2,152,660			2,879,975			2,875,665			1,105,567			1,038,670			753,567
Custodian fee credit		(1,715	)		(2,865	)		(2,076	)		(404	)		(1,658	)		(283	)
Expense reimbursement		—			—			—			—			(45,829	)		—
Net expenses		2,150,945			2,877,110			2,873,589			1,105,163			991,183			753,284
Net investment income (loss)		7,260,004			10,110,643			10,176,900			3,479,795			3,232,636			1,163,007
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from investments		417,004			220,674			341,956			35,470			244,919			31,634
Change in net unrealized appreciation (depreciation) of investments		4,522,760			7,673,071			6,933,299			1,989,931			1,775,304			655,085
Net realized and unrealized gain (loss)		4,939,764			7,893,745			7,275,255			2,025,401			2,020,223			686,719
Distributions to Auction Rate
Preferred Shareholders
From net investment income		—			—			—			(82	)		—			—
Decrease in net assets applicable to Common shares from distributions to Auction Rate Preferred shareholders		—			—			—			(82	)		—			—
Net increase (decrease) in net assets applicable to Common shares from operations	$	12,199,768		$	18,004,388		$	17,452,155		$	5,505,114		$	5,252,859		$	1,849,726

See accompanying notes to financial statements.

Nuveen Investments		59

		Statement of
		Changes in Net Assets (Unaudited)

		New York						New York						New York
		Investment Quality (NQN)						Select Quality (NVN)						Quality Income (NUN)
		Six Months			Year			Six Months			Year			Six Months			Year
		Ended			Ended			Ended			Ended			Ended			Ended
		3/31/12			9/30/11			3/31/12			9/30/11			3/31/12			9/30/11
Operations
Net investment income (loss)	$	7,260,004		$	14,267,156		$	10,110,643		$	19,859,755		$	10,176,900		$	20,327,334
Net realized gain (loss) from investments		417,004			815,288			220,674			617,919			341,956			439,031
Change in net unrealized appreciation (depreciation) of investments		4,522,760			(3,309,672	)		7,673,071			(6,120,459	)		6,933,299			(6,386,485	)
Distributions to Auction Rate
Preferred Shareholders from net investment income		—			—			—			—			—			(189,512	)
Net increase (decrease) in net assets applicable to Common shares from operations		12,199,768			11,772,772			18,004,388			14,357,215			17,452,155			14,190,368
Distributions to Common Shareholders
From net investment income		(7,399,971	)		(14,119,537	)		(10,096,290	)		(19,544,653	)		(10,408,178	)		(19,761,948	)
From accumulated net realized gains		(868,894	)		(888,164	)		(656,515	)		(677,393	)		(527,302	)		(104,510	)
Decrease in net assets applicable to Common shares from distributions to Common shareholders		(8,268,865	)		(15,007,701	)		(10,752,805	)		(20,222,046	)		(10,935,480	)		(19,866,458	)
Capital Share Transactions
Net proceeds from Common shares issued to shareholders due to reinvestment of distributions		388,317			—			505,514			—			467,878			—
Net increase (decrease) in net assets applicable to Common shares from capital share transactions		388,317			—			505,514			—			467,878			—
Net increase (decrease) in net assets applicable to Common shares		4,319,220			(3,234,929	)		7,757,097			(5,864,831	)		6,984,553			(5,676,090	)
Net assets applicable to Common shares at the beginning of period		268,793,117			272,028,046			360,332,199			366,197,030			362,828,955			368,505,045
Net assets applicable to Common shares at the end of period	$	273,112,337		$	268,793,117		$	368,089,296		$	360,332,199		$	369,813,508		$	362,828,955
Undistributed (Over-distribution of)net investment income at the end of period	$	3,625,359		$	3,765,326		$	4,936,235		$	4,921,882		$	5,063,208		$	5,294,486

		See accompanying notes to financial statements.

60		Nuveen Investments

		New York						New York						New York
		Premium Income (NNF)						Dividend Advantage (NKO)						AMT-Free Income (NRK)
		Six Months			Year			Six Months			Year			Six Months			Year
		Ended			Ended			Ended			Ended			Ended			Ended
		3/31/12			9/30/11			3/31/12			9/30/11			3/31/12			9/30/11
Operations
Net investment income	$	3,479,795		$	7,340,716		$	3,232,636		$	6,512,496		$	1,163,007		$	2,282,477
Net realized gain (loss) from investments		35,470			59,685			244,919			46,221			31,634			46,963
Change in net unrealized appreciation (depreciation) of investments		1,989,931			(1,168,454	)		1,775,304			(850,898	)		655,085			(924,356	)
Distributions to Auction Rate
Preferred Shareholders from net investment income		(82	)		(172,673	)		—			—			—			—
Net increase (decrease) in net assets applicable to Common shares from operations		5,505,114			6,059,274			5,252,859			5,707,819			1,849,726			1,405,084
Distributions to Common Shareholders
From net investment income		(3,438,543	)		(6,421,699	)		(3,238,349	)		(6,171,119	)		(1,230,803	)		(2,577,322	)
From accumulated net realized gains		(47,812	)		—			(41,273	)		—			(36,118	)		—
Decrease in net assets applicable to
Common shares from distributions to Common shareholders		(3,486,355	)		(6,421,699	)		(3,279,622	)		(6,171,119	)		(1,266,921	)		(2,577,322	)
Capital Share Transactions
Net proceeds from Common shares issued to shareholders due to reinvestment of distributions		110,105			—			—			—			—			—
Net increase (decrease) in net assets applicable to Common shares from capital share transactions		110,105			—			—			—			—			—
Net increase (decrease) in net assets applicable to Common shares		2,128,864			(362,425	)		1,973,237			(463,300	)		582,805			(1,172,238	)
Net assets applicable to Common shares at the beginning of period		129,318,825			129,681,250			121,775,049			122,238,349			52,693,805			53,866,043
Net assets applicable to Common shares at the end of period	$	131,447,689		$	129,318,825		$	123,748,286		$	121,775,049		$	53,276,610		$	52,693,805
Undistributed (Over-distribution of) net investment income at the end of period	$	2,422,667		$	2,381,497		$	1,455,041		$	1,460,754		$	108,798		$	176,594

See accompanying notes to financial statements.

Nuveen Investments		61

		Statement of
		Cash Flows

	Six Months Ended March 31, 2012
	(Unaudited)

		New York			New York			New York
		Investment			Select			Quality
		Quality			Quality			Income
		(NQN	)		(NVN	)		(NUN	)
Cash Flows from Operating Activities:
Net Increase (Decrease) In Net Assets Applicable to Common
Shares from Operations	$	12,199,768		$	18,004,388		$	17,452,155
Adjustments to reconcile the net increase (decrease) in net assets applicable to Common shares from operations to net cash provided by (used in) operating activities:Purchases of investments		(26,875,837	)		(26,070,587	)		(49,166,024	)
Proceeds from sales and maturities of investments		31,185,602			34,648,346			59,409,112
Amortization (Accretion) of premiums and discounts, net		612,146			198,807			314,946
(Increase) Decrease in:
Receivable for interest		313,310			197,753			127,131
Receivable for investments sold		120,000			(5,798,316	)		(6,965,000	)
Other assets		(3,130	)		(1,426	)		(2,037	)
Increase (Decrease) in:
Payable for interest		—			—			—
Accrued management fees		7,423			10,963			10,540
Accrued other expenses		14,550			19,977			(34,031	)
Net realized (gain) loss from:
Investments		(417,004	)		(220,674	)		(341,956	)
Paydowns		—			(1,115	)		(928	)
Change in net unrealized (appreciation) depreciation of investments		(4,522,760	)		(7,673,071	)		(6,933,299	)
Net cash provided by (used in) operating activities		12,634,068			13,315,045			13,870,609
Cash Flows from Financing Activities:
(Increase) Decrease in:
Cash equivalents(1)		—			—			—
Deferred offering costs		11,722			6,788			14,129
Increase (Decrease) in:
ARPS noticed for redemption, at liquidation value		—			—			—
Payable for offering costs		(231,101	)		(261,689	)		(266,591	)
Cash distributions paid to Common shareholders		(7,871,883	)		(10,229,240	)		(10,451,940	)
Net cash provided by (used in) financing activities		(8,091,262	)		(10,484,141	)		(10,704,402	)
Net Increase (Decrease) in Cash		4,542,806			2,830,904			3,166,207
Cash at the beginning of period		3,943,752			8,021,692			68,255
Cash at the End of Period	$	8,486,558		$	10,852,596		$	3,234,462

(1) Segregated for the payment of ARPS noticed for redemption.

Supplemental Disclosure of Cash Flow Information

Non-cash financing activities not included herein consist of reinvestments of Common share distributions as follows:

	New York			New York			New York
	Investment			Select			Quality
	Quality			Quality			Income
	(NQN	)		(NVN	)		(NUN	)
$	388,317		$	505,514		$	467,878

Cash paid for interest (excluding amortization of offering costs) was as follows:

	New York			New York			New York
	Investment			Select			Quality
	Quality			Quality			Income
	(NQN	)		(NVN	)		(NUN	)
$	239,558		$	287,130		$	308,808

		See accompanying notes to financial statements.

62		Nuveen Investments

		New York			New York			New York
		Premium			Dividend			AMT-Free
		Income			Advantage			Income
		(NNF	)		(NKO	)		(NRK	)
Cash Flows from Operating Activities:
Net Increase (Decrease) In Net Assets Applicable to Common
Shares from Operations	$	5,505,114		$	5,252,859		$	1,849,726
Adjustments to reconcile the net increase (decrease) in net assets applicable to Common shares from operations to net cash provided by (used in) operating activities:
Purchases of investments		(11,992,406	)		(19,969,267	)		(6,039,991	)
Proceeds from sales and maturities of investments		11,620,621			21,276,815			4,041,181
Amortization (Accretion) of premiums and discounts, net		237,850			88,219			81,022
(Increase) Decrease in:
Receivable for interest		199,705			192,657			11,532
Receivable for investments sold		(5,050	)		(1,252,400	)		—
Other assets		11,653			(2,471	)		23,919
Increase (Decrease) in:
Payable for interest		12,749			—			3,922
Accrued management fees		3,711			3,150			1,416
Accrued other expenses		(16,599	)		(1,322	)		(3,743	)
Net realized (gain) loss from:
Investments		(35,470	)		(244,919	)		(31,634	)
Paydowns		—			—			—
Change in net unrealized (appreciation) depreciation of investments		(1,989,931	)		(1,775,304	)		(655,085	)
Net cash provided by (used in) operating activities		3,551,947			3,568,017			(717,735	)
Cash Flows from Financing Activities:
(Increase) Decrease in:
Cash equivalents(1)		24,808,290			—			—
Deferred offering costs		52,285			(36,959	)		66,512
Increase (Decrease) in:
ARPS noticed for redemption, at liquidation value		(24,800,000	)		—			—
Payable for offering costs		(126,308	)		(59,290	)		(95,231	)
Cash distributions paid to Common shareholders		(3,371,230	)		(3,274,772	)		(1,266,825	)
Net cash provided by (used in) financing activities		(3,436,963	)		(3,371,021	)		(1,295,544	)
Net Increase (Decrease) in Cash		114,984			196,996			(2,013,279	)
Cash at the beginning of period		37,460			3,048,599			2,063,774
Cash at the End of Period	$	152,444		$	3,245,595		$	50,495

(1) Segregated for the payment of ARPS noticed for redemption.

Supplemental Disclosure of Cash Flow Information

Non-cash financing activities not included herein consist of reinvestments of Common share distributions as follows:

	New York			New York			New York
	Premium			Dividend			AMT-Free
	Income			Advantage			Income
	(NNF	)		(NKO	)		(NRK	)
$	110,105		$	—		$	—

Cash paid for interest (excluding amortization of offering costs) was as follows:

	New York			New York			New York
	Premium			Dividend			AMT-Free
	Income			Advantage			Income
	(NNF	)		(NKO	)		(NRK	)
$	331,069		$	91,366		$	358,463

See accompanying notes to financial statements.

Nuveen Investments		63

		Financial
		Highlights (Unaudited)

	Selected data for a Common share outstanding throughout each period:

			Investment Operations														Less Distributions
	Beginning Common Share Net Asset Value		Net Investment Income (Loss)		Net Realized/ Unrealized Gain (Loss)			Distributions from Net Investment Income to Auction Rate Preferred Share- holders		(a)	Distributions from Capital Gains to Auction Rate Preferred Share– holders		(a)	Total			Net Investment Income to Common Share- holders			Capital Gains to Common Share– holders			Total			Discount from Common Shares Repurchased and Retired			Ending Common Share Net Asset Value		Ending Market Value
New York Investment Quality (NQN)
Year Ended 9/30:
2012(f)	$	15.34	$	.41	$	.29		$	—		$	—		$	.70		$	(.42	)	$	(.05	)	$	(.47	)	$	—		$	15.57	$	14.94
2011		15.53		.81		(.14	)		—			—			.67			(.81	)		(.05	)		(.86	)		—			15.34		14.37
2010		15.08		.87		.37			(.02	)		—			1.22			(.77	)		—			(.77	)		—			15.53		14.93
2009		13.23		.88		1.74			(.09	)		—			2.53			(.68	)		—			(.68	)		—	*		15.08		14.13
2008		14.77		.90		(1.56	)		(.26	)		—			(.92	)		(.62	)		—			(.62	)		—	*		13.23		10.72
2007		15.18		.89		(.29	)		(.25	)		(.02	)		.33			(.67	)		(.07	)		(.74	)		—			14.77		13.70

New York Select Quality (NVN)
Year Ended 9/30:
2012(f)		15.53		.44		.35			—			—			.79			(.44	)		(.03	)		(.47	)		—			15.85		15.11
2011		15.79		.85		(.24	)		—			—			.61			(.84	)		(.03	)		(.87	)		—			15.53		14.76
2010		15.37		.91		.33			(.03	)		—			1.21			(.79	)		—			(.79	)		—			15.79		15.40
2009		13.34		.90		1.90			(.09	)		—			2.71			(.68	)		—			(.68	)		—	*		15.37		13.76
2008		14.98		.91		(1.63	)		(.27	)		—	*		(.99	)		(.64	)		(.01	)		(.65	)		—	*		13.34		10.70
2007		15.44		.92		(.37	)		(.27	)		(.01	)		.27			(.70	)		(.03	)		(.73	)		—			14.98		13.86

(a)	The amounts shown are based on Common share equivalents.
(b)	Total Return Based on Market Value is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized.
	Total Return Based on Common Share Net Asset Value is the combination of changes in Common share net asset value, reinvested dividend income at net asset value and reinvested capital gains distributions at net asset value, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending net asset value. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its net asset value), and therefore may be different from the price used in the calculation. Total returns are not annualized.

Nuveen Investments

						Ratios/Supplemental Data
Total Returns								Ratios to Average Net Assets Applicable to Common Shares(c)(d)
Based on Market Value		(b)	Based on Common Share Net Asset Value		(b)	Ending Net Assets Applicable to Common Shares (000)		Expenses		(e)	Net Investment Income (Loss)			Portfolio Turnover Rate


	7.22	%		4.63	%	$	273,112		1.59	%**		5.36	%**		7	%
	2.39			4.68			268,793		1.73			5.52			4
	11.63			8.42			272,028		1.31			5.83			6
	39.45			19.74			264,170		1.42			6.45			3
	(17.85	)		(6.46	)		232,903		1.46			6.15			9
	3.22			2.22			260,224		1.40			5.98			19


	5.47			5.10			368,089		1.58	**		5.55	**		5
	1.95			4.27			360,332		1.73			5.75			5
	18.34			8.18			366,197		1.26			6.00			8
	36.22			20.98			356,491		1.36			6.52			5
	(18.81	)		(6.90	)		310,931		1.41			6.16			12
	1.70			1.75			349,388		1.38			6.05			17

(c)	Ratios do not reflect the effect of dividend payments to Auction Rate Preferred shareholders, where applicable; Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to ARPS and/or VRDP Shares, where applicable.
(d)	Ratios do not reflect the effect of custodian fee credits earned on the Fund’s net cash on deposit with the custodian bank, where applicable.
(e)	The expense ratios reflect, among other things, all interest expense and other costs related to VRDP Shares and/or the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund, where applicable, both as described in Footnote 1 – General Information and Significant Accounting Policies, Variable Rate Demand Preferred Shares and Inverse Floating Rate Securities, respectively as follows:

New York Investment Quality (NQN)
Year Ended 9/30:
2012(f)	.55	%**
2011	.67
2010	.17
2009	.22
2008	.22
2007	.18

New York Select Quality (NVN)
Year Ended 9/30:
2012(f)	.56	**
2011	.69
2010	.14
2009	.16
2008	.20
2007	.18

(f)	For the six months ended March 31, 2012.
*	Rounds to less than $.01 per share.
**	Annualized.

See accompanying notes to financial statements.

Nuveen Investments		65

		Financial
		Highlights (Unaudited) (continued)

	Selected data for a Common share outstanding throughout each period:

			Investment Operations														Less Distributions
	Beginning Common Share Net Asset Value		Net Investment Income (Loss)		Net Realized/ Unrealized Gain (Loss)			Distributions from Net Investment Income to Auction Rate Preferred Share- holders		(a)	Distributions from Capital Gains to Auction Rate Preferred Share- holders		(a)	Total			Net Investment Income to Common Share- holders			Capital Gains to Common Share- holders			Total			Discount from Common Shares Repurchased and Retired			Ending Common Share Net Asset Value		Ending Market Value
New York Quality Income (NUN)
Year Ended 9/30:
2012(f)	$	15.28	$	.43	$	.30		$	—		$	—		$	.73		$	(.44	)	$	(.02	)	$	(.46	)	$	—		$	15.55	$	14.81
2011		15.51		.86		(.25	)		(.01	)		—			.60			(.83	)		—	*		(.83	)		—			15.28		14.80
2010		15.15		.91		.27			(.03	)		—			1.15			(.79	)		—			(.79	)		—	*		15.51		15.10
2009		13.20		.89		1.81			(.09	)		—			2.61			(.67	)		—			(.67	)		.01			15.15		13.68
2008		14.79		.89		(1.59	)		(.27	)		—	*		(.97	)		(.61	)		(.01	)		(.62	)		—	*		13.20		10.43
2007		15.21		.89		(.33	)		(.28	)		(.01	)		.27			(.65	)		(.04	)		(.69	)		—			14.79		13.46

New York Premium Income (NNF)
Year Ended 9/30:
2012(f)		15.69		.42		.25			—			—			.67			(.42	)		(.01	)		(.43	)		—			15.93		15.21
2011		15.73		.89		(.13	)		(.02	)		—			.74			(.78	)		—			(.78	)		—			15.69		14.77
2010		15.29		.86		.35			(.03	)		—			1.18			(.74	)		—			(.74	)		—	*		15.73		15.18
2009		13.39		.84		1.76			(.08	)		—			2.52			(.63	)		—			(.63	)		.01			15.29		13.64
2008		14.88		.86		(1.48	)		(.26	)		—			(.88	)		(.61	)		—			(.61	)		—			13.39		11.04
2007		15.31		.87		(.33	)		(.25	)		(.01	)		.28			(.67	)		(.04	)		(.71	)		—			14.88		13.54

(a)	The amounts shown are based on Common share equivalents.
(b)	Total Return Based on Market Value is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized.
	Total Return Based on Common Share Net Asset Value is the combination of changes in Common share net asset value, reinvested dividend income at net asset value and reinvested capital gains distributions at net asset value, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending net asset value. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its net asset value), and therefore may be different from the price used in the calculation. Total returns are not annualized.

Nuveen Investments

						Ratios/Supplemental Data
Total Returns								Ratios to Average Net Assets Applicable to Common Shares(c)(d)
Based on Market Value		(b)	Based on Common Share Net Asset Value		(b)	Ending Net Assets Applicable to Common Shares (000)		Expenses		(e)	Net Investment Income (Loss)			Portfolio Turnover Rate


	3.13	%		4.83	%	$	369,814		1.57	%**		5.55	%**		9	%
	4.01			4.26			362,829		1.62			5.81			3
	16.77			7.87			368,505		1.22			6.08			6
	38.91			20.46			359,827		1.38			6.50			5
	(18.60	)		(6.80	)		315,510		1.42			6.10			9
	.21			1.81			353,564		1.38			5.95			21


	5.80			4.27			131,448		1.70	**		5.33	**		6
	2.78			5.04			129,319		1.28			5.93			3
	17.25			7.96			129,681		1.25			5.63			4
	30.31			19.42			126,259		1.42			6.02			5
	(14.53	)		(6.18	)		111,528		1.45			5.84			10
	(.20	)		1.85			123,956		1.40			5.79			21

(c)	Ratios do not reflect the effect of dividend payments to Auction Rate Preferred shareholders, where applicable; Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to ARPS, VMTP and/or VRDP Shares, where applicable.
(d)	Ratios do not reflect the effect of custodian fee credits earned on the Fund’s net cash on deposit with the custodian bank, where applicable.
(e)	The expense ratios reflect, among other things, all interest expense and other costs related to VMTP Shares, VRDP Shares and/or the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund, where applicable, each as described in Footnote 1 – General Information and Significant Accounting Policies, Variable Rate MuniFund Term Preferred Shares, Variable Rate Demand Preferred Shares and Inverse Floating Rate Securities, respectively as follows:

New York Quality Income (NUN)
Year Ended 9/30:
2012(f)	.56	%**
2011	.55
2010	.07
2009	.18
2008	.21
2007	.18

New York Premium Income (NNF)
Year Ended 9/30:
2012(f)	.61	**
2011	.13
2010	.09
2009	.21
2008	.21
2007	.17

(f)	For the six months ended March 31, 2012.
*	Rounds to less than $.01 per share.
**	Annualized.

See accompanying notes to financial statements.

Nuveen Investments		67

		Financial
		Highlights (Unaudited) (continued)

	Selected data for a Common share outstanding throughout each period:

			Investment Operations														Less Distributions
	Beginning Common Share Net Asset Value		Net Investment Income (Loss)		Net Realized/ Unrealized Gain (Loss)			Distributions from Net Investment Income to Auction Rate Preferred Share- holders		(a)	Distributions from Capital Gains to Auction Rate Preferred Share- holders		(a)	Total			Net Investment Income to Common Share- holders			Capital Gains to Common Share- holders			Total			Discount from Common Shares Repurchased and Retired			Ending Common Share Net Asset Value		Ending Market Value
New York Dividend Advantage (NKO)
Year Ended 9/30:
2012(f)	$	15.34	$	.41	$	.26		$	—		$	—		$	.67		$	(.41	)	$	(.01	)	$	(.42	)	$	—		$	15.59	$	14.76
2011		15.40		.82		(.10	)		—			—			.72			(.78	)		—			(.78	)		—			15.34		14.16
2010		15.17		.81		.19			—			—			1.00			(.77	)		—	*		(.77	)		—			15.40		14.72
2009		13.38		.78		1.73			—			—	*		2.51			(.70	)		(.02	)		(.72	)		—	*		15.17		14.07
2008		14.96		.91		(1.57	)		(.22	)		(.01	)		(.89	)		(.66	)		(.03	)		(.69	)		—			13.38		10.96
2007		15.34		.95		(.34	)		(.26	)		—	*		.35			(.72	)		(.01	)		(.73	)		—			14.96		14.10

New York AMT-Free Income (NRK)
Year Ended 9/30:
2012(f)		15.03		.33		.19			—			—			.52			(.35	)		(.01	)		(.36	)		—			15.19		14.40
2011		15.36		.65		(.24	)		—			—			.41			(.74	)		—			(.74	)		—			15.03		13.86
2010		15.18		.77		.23			(.01	)		(.01	)		.98			(.73	)		(.07	)		(.80	)		—			15.36		14.75
2009		13.31		.83		1.81			(.10	)		—	*		2.54			(.66	)		(.01	)		(.67	)		—	*		15.18		13.70
2008		14.65		.88		(1.32	)		(.25	)		—	*		(.69	)		(.65	)		—	*		(.65	)		—			13.31		11.52
2007		14.92		.91		(.29	)		(.23	)		—	*		.39			(.65	)		(.01	)		(.66	)		—			14.65		13.74

(a)	The amounts shown are based on Common share equivalents.
(b)	Total Return Based on Market Value is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized.
	Total Return Based on Common Share Net Asset Value is the combination of changes in Common share net asset value, reinvested dividend income at net asset value and reinvested capital gains distributions at net asset value, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending net asset value. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its net asset value), and therefore may be different from the price used in the calculation. Total returns are not annualized.

Nuveen Investments

						Ratios/Supplemental Data
Total Returns								Ratios to Average Net Assets Applicable to Common Shares Before Reimbursement(c)						Ratios to Average Net Assets Applicable to Common Shares After Reimbursement(c)(d)
Based on Market Value		(b)	Based on Common Share Net Asset Value		(b)	Ending Net Assets Applicable to Common Shares (000)		Expenses		(e)	Net Investment Income (Loss)			Expenses		(e)	Net Investment Income (Loss)			Portfolio Turnover Rate


	7.17	%		4.36	%	$	123,748		1.69	%***		5.18	%***		1.62	%***		5.26	%***		11	%
	1.77			4.98			121,775		1.77			5.43			1.66			5.55			12
	10.62			6.88			122,238		1.86			5.19			1.67			5.37			2
	36.41			19.41			120,406		2.13			5.42			1.87			5.68			3
	(18.10	)		(6.24	)		106,583		1.65			5.81			1.68			5.78			9
	(.21	)		2.36			119,131		1.38			5.83			1.40			5.81			19


	6.53			3.50			53,277		2.84	***		4.39	***		N/A			N/A			5
	(.81	)		2.91			52,694		2.91			4.44			2.89			4.47			6
	13.97			6.70	**		53,866		1.95			5.01			1.81			5.15			4
	25.65			19.67			53,223		1.40			5.77			1.13			6.04			4
	(11.94	)		(4.91	)		46,769		1.41			5.68			1.44			5.65			8
	2.24			2.69			51,479		1.40			5.65			1.42			5.63			17

(c)	Ratios do not reflect the effect of dividend payments to Auction Rate Preferred shareholders, where applicable; Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to ARPS, MTP Shares, and/or VRDP Shares, where applicable.
(d)	After expense reimbursement from the Adviser, where applicable. Ratios do not reflect the effect of custodian fee credits earned on the Fund’s net cash on deposit with the custodian bank, where applicable. As of November 30, 2010 and March 31, 2012, the Adviser is no longer reimbursing New York AMT-Free Income (NRK) and New York Dividend Advantage (NKO), respectively, for any fees or expenses.
(e)	The expense ratios reflect, among other things, all interest expense and other costs related to MTP Shares, VRDP Shares and/or the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund, where applicable, each as described in Footnote 1 – General Information and Significant Accounting Policies, MuniFund Term Preferred Shares, Variable Rate Demand Preferred Shares and Inverse Floating Rate Securities, respectively as follows:

New York Dividend Advantage (NKO)
Year Ended 9/30:
2012(f)	.63	%***
2011	.72
2010	.77
2009	1.01
2008	.40
2007	.18

New York AMT-Free Income (NRK)
Year Ended 9/30:
2012(f)	1.62	***
2011	1.66
2010	.77
2009	.09
2008	.15
2007	.15

(f)	For the six months ended March 31, 2012.
*	Rounds to less than $.01 per share.
**	During the fiscal year ended September 30, 2010, New York AMT-Free Income (NRK) received payments from the Adviser of $35,020 to offset losses realized on the disposal of investments purchased in violation of the Fund’s investment restrictions. This reimbursement did not have an impact on the Fund’s Total Return on Common Share Net Asset Value.
N/A	Fund no longer has a contractual reimbursement agreement with the Adviser.

See accompanying notes to financial statements.

Nuveen Investments		69

		Financial
		Highlights (Unaudited) (continued)

	ARPS at the End of Period						VRDP Shares at the End of Period
	Aggregate Amount Outstanding (000)		Liquidation Value Per Share		Asset Coverage Per Share		Aggregate Amount Outstanding (000)		Liquidation Value Per Share		Asset Coverage Per Share
New York Investment Quality (NQN)
Year Ended 9/30:
2012(a)	$	—	$	—	$	—	$	112,300	$	100,000	$	343,199
2011		—		—		—		112,300		100,000		339,353
2010		—		—		—		112,300		100,000		342,233
2009		111,500		25,000		84,231		—		—		—
2008		114,925		25,000		75,664		—		—		—
2007		144,000		25,000		70,178		—		—		—

New York Select Quality (NVN)
Year Ended 9/30:
2012(a)		—		—		—		164,800		100,000		323,355
2011		—		—		—		164,800		100,000		318,648
2010		—		—		—		164,800		100,000		322,207
2009		163,900		25,000		79,376		—		—		—
2008		163,900		25,000		72,427		—		—		—
2007		193,000		25,000		70,258		—		—		—

(a)	For the six months ended March 31, 2012.

Nuveen Investments

	ARPS at the End of Period						VMTP Shares at the End of Period						VRDP Shares at the End of Period						ARPS and VMTP Shares at the End of Period
	Aggregate Amount Outstanding (000)		Liquidation Value Per Share		Asset Coverage Per Share		Aggregate Amount Outstanding (000)		Liquidation Value Per Share		Asset Coverage Per Share		Aggregate Amount Outstanding (000)		Liquidation Value Per Share		Asset Coverage Per Share		Asset Coverage Per $1 Liquidation Preference
New York Quality Income (NUN)
Year Ended 9/30:
2012(a)	$	—	$	—	$	—	$	—	$	—	$	—	$	161,700	$	100,000	$	328,703	$	—
2011		—		—		—		—		—		—		161,700		100,000		324,384		—
2010		160,775		25,000		82,301		—		—		—		—		—		—		—
2009		160,775		25,000		80,952		—		—		—		—		—		—		—
2008		165,375		25,000		72,696		—		—		—		—		—		—		—
2007		197,000		25,000		69,868		—		—		—		—		—		—		—

New York Premium Income (NNF)
Year Ended 9/30:
2012(a)		—		—		—		50,700		100,000		359,266		—		—		—		—
2011		24,800		25,000		67,821		50,700		100,000		271,283		—		—		—		2.71
2010		50,350		25,000		89,390		—		—		—		—		—		—		—
2009		50,350		25,000		87,691		—		—		—		—		—		—		—
2008		52,000		25,000		78,619		—		—		—		—		—		—		—
2007		65,000		25,000		72,675		—		—		—		—		—		—		—

(a)	For the six months ended March 31, 2012.

See accompanying notes to financial statements.

Nuveen Investments		71

		Financial
		Highlights (Unaudited) (continued)

	ARPS at the End of Period						MTP Shares at the End of Period (b)						VRDP Shares at the End of Period
	Aggregate Amount Outstanding (000)		Liquidation Value Per Share		Asset Coverage Per Share		Aggregate Amount Outstanding (000)		Liquidation Value Per Share		Asset Coverage Per Share		Aggregate Amount Outstanding (000)		Liquidation Value Per Share		Asset Coverage Per Share
New York Dividend Advantage (NKO)
Year Ended 9/30:
2012(a)	$	—	$	—	$	—	$	—	$	—	$	—	$	50,000	$	100,000	$	347,497
2011		—		—		—		—		—		—		50,000		100,000		343,550
2010		—		—		—		—		—		—		50,000		100,000		344,477
2009		—		—		—		—		—		—		50,000		100,000		340,811
2008		—		—		—		—		—		—		50,000		100,000		313,166
2007		61,000		25,000		73,824		—		—		—		—		—		—

New York AMT-Free Income (NRK)
Year Ended 9/30:
2012(a)		—		—		—		27,680		10.00		29.25		—		—		—
2011		—		—		—		27,680		10.00		29.04		—		—		—
2010		—		—		—		27,680		10.00		29.46		—		—		—
2009		27,000		25,000		74,281		—		—		—		—		—		—
2008		27,000		25,000		68,304		—		—		—		—		—		—
2007		27,000		25,000		72,665		—		—		—		—		—		—

(a)	For the six months ended March 31, 2012.
(b)	The Ending and Average Market Value Per Share for each Series of the Fund’s MTP Shares were as follows:

			Ending		Average
			Market Value		Market Value
	Series		Per Share		Per Share
New York AMT-Free Income (NRK)
Year Ended 9/30:
2012(a)	2015	$	10.09	$	10.10
2011	2015		10.10		10.06
2010	2015		10.33		10.09	^
2009	—		—		—
2008	—		—		—
2007	—		—		—

^	For the period April 14, 2010 (first issuance date of shares) through September 30, 2010.

		See accompanying notes to financial statements.

72		Nuveen Investments

		Notes to
		Financial Statements (Unaudited)

1. General Information and Significant Accounting Policies

General Information

The funds covered in this report and their corresponding Common share stock exchange symbols are Nuveen New York Investment Quality Municipal Fund, Inc. (NQN), Nuveen New York Select Quality Municipal Fund, Inc. (NVN), Nuveen New York Quality Income Municipal Fund, Inc. (NUN), Nuveen New York Premium Income Municipal Fund, Inc. (NNF), Nuveen New York Dividend Advantage Municipal Income Fund (NKO) and Nuveen New York AMT-Free Municipal Income Fund (NRK) (each a “Fund” and collectively, the “Funds”). Common shares of New York Investment Quality (NQN), New York Select Quality (NVN), New York Quality Income (NUN) and New York Premium Income (NNF) are traded on the New York Stock Exchange (“NYSE”) while Common shares of New York Dividend Advantage (NKO) and New York AMT-Free Income (NRK) are traded on the NYSE Amex. The Funds are registered under the Investment Company Act of 1940, as amended, as closed-end registered investment companies.

Each Fund seeks to provide current income exempt from both regular federal and New York state income taxes, and in the case of New York AMT-Free Income (NRK) the alternative minimum tax applicable to individuals, by investing primarily in a portfolio of municipal obligations issued by state and local government authorities within the state of New York or certain U.S. territories.

Policy Changes

On October 28, 2011, the Funds’ Board of Directors/Trustees approved changes to each Fund’s investment policy regarding its investment in insured municipal securities. These changes were designed to provide Nuveen Fund Advisors, Inc. (the “Adviser”), a wholly-owned subsidiary of Nuveen Investments Inc. (“Nuveen”), with more flexibility regarding the types of securities available for investment by each Fund.

On January 2, 2012, each Fund eliminated the investment policy requiring it, under normal circumstances, to invest at least 80% of its managed assets (as defined in Footnote 7 – Management Fees and Other Transactions with Affiliates) in municipal securities that are covered by insurance guaranteeing the timely payment of principal and interest. Since 2007, most municipal bond insurers have had their credit ratings downgraded and only one insurer is currently insuring new municipal bonds. As a result, the supply of insured municipal securities has decreased dramatically and the long-term viability of the municipal bond insurance market is uncertain. The Funds did not changing their investment objective and continue to invest substantially all of their assets in a portfolio of investment grade quality municipal securities.

Concurrent with the investment policy changes, certain Funds changed their names as follows:

•	Nuveen Insured New York Premium Income Fund (NNF) changed to Nuveen New York Premium Income Municipal Fund, Inc. (NNF),
•	Nuveen Insured New York Dividend Advantage Fund (NKO) changed to Nuveen New York Dividend Advantage Municipal Income Fund (NKO) and
•	Nuveen Insured New York Tax-Free Advantage Fund (NRK) changed to Nuveen New York AMT-Free Municipal Income Fund (NRK).

Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”).

Nuveen Investments

		Notes to
		Financial Statements (Unaudited) (continued)

Investment Valuation

Prices of municipal bonds are provided by a pricing service approved by the Funds’ Board of Directors/Trustees. These securities are generally classified as Level 2 for fair value measurement purposes. The pricing service establishes a security’s fair value using methods that may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. In pricing certain securities, particularly less liquid and lower quality securities, the pricing service may consider information about a security, its issuer, or market activity, provided by the Adviser. These securities are generally classified as Level 2 or Level 3 depending on the priority of the significant inputs.

Certain securities may not be able to be priced by the pre-established pricing methods as described above. Such securities may be valued by the Funds’ Board of Directors/Trustees or its designee at fair value. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933, as amended) for which a pricing service is unable to provide a market price; securities whose trading has been formally suspended; debt securities that have gone into default and for which there is no current market quotation; a security whose market price is not available from a pre-established pricing source; a security with respect to which an event has occurred that is likely to materially affect the value of the security after the market has closed but before the calculation of a Fund’s net asset value (as may be the case in non-U.S. markets on which the security is primarily traded) or make it difficult or impossible to obtain a reliable market quotation; and a security whose price, as provided by the pricing service, is not deemed to reflect the security’s fair value. As a general principle, the fair value of a security would appear to be the amount that the owner might reasonably expect to receive for it in a current sale. A variety of factors may be considered in determining the fair value of such securities, which may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. These securities are generally classified as Level 2 or Level 3 depending on the priority of the significant inputs. Regardless of the method employed to value a particular security, all valuations are subject to review by the Funds’ Board of Directors/Trustees or its designee.

Refer to Footnote 2 – Fair Value Measurements for further details on the leveling of securities held by the Funds as of the end of the reporting period.

Investment Transactions

Investment transactions are recorded on a trade date basis. Realized gains and losses from transactions are determined on the specific identification method which is the same basis used for federal income tax purposes. Investments purchased on a when-issued/delayed delivery basis may have extended settlement periods. Any investments so purchased are subject to market fluctuation during this period. The Funds have instructed the custodian to segregate assets with a current value at least equal to the amount of the when-issued/delayed delivery purchase commitments. At March 31, 2012, there were no such outstanding purchase commitments in any of the Funds.

Investment Income

Investment income, which reflects the amortization of premiums and includes accretion of discounts for financial reporting purposes, is recorded on an accrual basis. Investment income also reflects paydown gains and losses, if any.

Income Taxes

Each Fund is a separate taxpayer for federal income tax purposes. Each Fund intends to distribute substantially all of its net investment income and net capital gains to shareholders and to otherwise comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies (“RICs”). Therefore, no federal income tax provision is required. Furthermore, each Fund intends to satisfy conditions that will enable interest from municipal securities, which is exempt from regular federal and New York state income taxes, and in the case of New York AMT-Free Income (NRK) the alternative minimum tax applicable to individuals, to retain such tax-exempt status when distributed to shareholders of the Funds. Net realized capital gains and ordinary income distributions paid by the Funds are subject to federal taxation.

For all open tax years and all major taxing jurisdictions, management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Open tax years are those that are open for examination by taxing authorities (i.e., generally the last four tax year ends and the interim tax period since then). Furthermore, management of the Funds is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

Dividends and Distributions to Common Shareholders

Dividends from net investment income are declared monthly. Net realized capital gains and/or market discount from investment transactions, if any, are distributed to shareholders at least annually. Furthermore, capital gains are distributed only to the extent they exceed available capital loss carryforwards.

Nuveen Investments

Distributions to Common shareholders of net investment income, net realized capital gains and/or market discount, if any, are recorded on the ex-dividend date. The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.

Auction Rate Preferred Shares

Each Fund is authorized to issue Auction Rate Preferred Shares (“ARPS”). As of March 31, 2012, the Funds redeemed all of their outstanding ARPS, at liquidation value.

MuniFund Term Preferred Shares

New York AMT-Free Income (NRK) has issued and outstanding $27,680,000, of 2.55%, Series 2015 MuniFund Term Preferred (“MTP”) Shares, with a $10.00 stated (“par”) value per share. Proceeds from the issuance of MTP Shares, net of offering expenses, were used to redeem all of the Fund’s outstanding ARPS. The MTP Shares trade on the NYSE under the ticker symbol “NRK Pr C.”

The Fund is obligated to redeem its MTP Shares on May 1, 2015, unless earlier redeemed or repurchased by the Fund. MTP Shares are subject to optional and mandatory redemption in certain circumstances. The MTP Shares are subject to redemption at the option of the Fund beginning May 1, 2011, subject to payment of a premium until April 30, 2012, and at par thereafter. The MTP Shares also will be subject to redemption, at the option of the Fund, at par in the event of certain changes in the credit rating of the MTP Shares. The Fund may be obligated to redeem certain of the MTP Shares if the Fund fails to maintain certain asset coverage and leverage ratio requirements and such failures are not cured by the applicable cure date. The redemption price per share would be equal to the sum of the liquidation value per share plus any accumulated but unpaid dividends.

During the six months ended March 31, 2012, New York AMT-Free Income (NRK) had all $27,680,000 of its MTP Shares outstanding. Dividends on MTP Shares, which are recognized as interest expense for financial reporting purposes, are paid monthly at a fixed annual rate of 2.55%, subject to adjustment in certain circumstances.

For financial reporting purposes only, the liquidation value of MTP Shares is recorded as a liability on the Statement of Assets and Liabilities. Unpaid dividends on MTP Shares are recognized as a component of “Interest payable” on the Statement of Assets and Liabilities. Dividends paid on MTP Shares are recognized as a component of “Interest expense and amortization of offering costs” on the Statement of Operations.

Nuveen has agreed that net amounts earned by Nuveen as underwriter of the Fund’s MTP Share offering would be credited to the Fund, and would be recorded as reductions of offering costs recognized by the Fund. During the six months ended March 31, 2012, Nuveen earned no net underwriting amounts on the Fund’s MTP Shares.

Variable Rate MuniFund Term Preferred Shares

New York Premium Income (NNF) has issued and outstanding $50,700,000 Series 2014 Variable Rate MuniFund Term Preferred (“VMTP”) Shares, with a $100,000 liquidation value per share. New York Premium Income (NNF) issued its VMTP Shares in a privately negotiated offering in September 2011. Proceeds from the issuance of VMTP Shares, net of offering expenses, were used to redeem a portion of the Fund’s outstanding ARPS. The Fund’s VMTP Shares were offered to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933.

The Fund is obligated to redeem its VMTP Shares on October 1, 2014, unless earlier redeemed or repurchased by the Fund. VMTP Shares are subject to optional and mandatory redemption in certain circumstances. The VMTP Shares are subject to redemption at the option of the Fund until October 1, 2012, subject to payment of a premium until September 30, 2012, and at par thereafter. The Fund may be obligated to redeem certain of the VMTP Shares if the Fund fails to maintain certain asset coverage and leverage ratio requirements and such failures are not cured by the applicable cure date. The redemption price per share is equal to the sum of the liquidation value per share plus any accumulated but unpaid dividends.

The average liquidation value outstanding and annualized dividend rate of VMTP Shares for the Fund during the six months ended March 31, 2012 were $50,700,000 and 1.18%, respectively.

Dividends on the VMTP Shares (which are treated as interest payments for financial reporting purposes) are set weekly.

For financial reporting purposes only, the liquidation value of VMTP Shares is recorded as a liability on the Statement of Assets and Liabilities. Unpaid dividends on VMTP Shares are recognized as a component of “Interest payable” on the Statement of Assets and Liabilities. Dividends paid on VMTP Shares are recognized as a component of “Interest expense and amortization of offering costs” on the Statement of Operations.

Variable Rate Demand Preferred Shares

The following Funds have issued and outstanding Variable Rate Demand Preferred (“VRDP”) Shares, with a $100,000 liquidation value per share. New York Investment Quality (NQN), New York Select Quality (NVN), New York Quality Income (NUN) and New York Dividend Advantage (NKO) issued their VRDP Shares in a privately negotiated offering during August 2010, August 2010, December 2010 and August 2008, respectively. Concurrent with renewing agreements with the liquidity provider for its VRDP Shares in June 2010, New York Dividend Advantage (NKO) exchanged all of its 500 Series 1 VRDP Shares for 500 Series 2 VRDP Shares. The principal difference in terms between Series 1 and Series 2 VRDP Shares is the requirement

Nuveen Investments

		Notes to
		Financial Statements (Unaudited) (continued)

that the Fund redeem VRDP Shares owned by the liquidity provider if the VRDP Shares have been owned by the liquidity provider through six months of continuous, unsuccessful remarketing. Proceeds of each Fund’s offering were used to redeem all, or a portion of, each Fund’s outstanding ARPS. The VRDP Shares were offered to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933. As of March 31, 2012, the number of VRDP Shares outstanding and maturity date for each Fund are as follows:

New York

Investment

Select

Quality

Dividend

Quality

Income

Advantage

(NQN

)

(NVN

)

(NUN

)

(NKO

)

Series

Shares outstanding

1,123

1,648

1,617

500

Maturity

August 1, 2040

December 1, 2040

June 1, 2040

VRDP Shares include a liquidity feature that allows VRDP shareholders to have their shares purchased by a liquidity provider with whom each Fund has contracted in the event that purchase orders for VRDP Shares in a remarketing are not sufficient in number to be matched with the sale orders in that remarketing. Each Fund is required to redeem any VRDP Shares that are still owned by the liquidity provider after six months of continuous, unsuccessful remarketing.

Dividends on the VRDP Shares (which are treated as interest payments for financial reporting purposes) are set weekly at a rate established by a remarketing agent; therefore, the market value of the VRDP Shares is expected to approximate its liquidation value. If remarketings for VRDP Shares are continuously unsuccessful for six months, the maximum rate is designed to escalate according to a specified schedule in order to enhance the remarketing agent’s ability to successfully remarket the VRDP Shares.

Subject to certain conditions, VRDP Shares may be redeemed, in whole or in part, at any time at the option of each Fund. Each Fund may also redeem certain of the VRDP Shares if the Fund fails to maintain certain asset coverage requirements and such failures are not cured by the applicable cure date. The redemption price per share is equal to the sum of the liquidation value per share plus any accumulated but unpaid dividends.

The average liquidation value outstanding and annualized dividend rate of VRDP Shares for each Fund during the six months ended March 31, 2012, were as follows:


	New York		New York		New York		New York
	Investment		Select		Quality		Dividend
	Quality		Quality		Income		Advantage
	(NQN	)	(NVN	)	(NUN	)	(NKO	)
Average liquidation value outstanding	112,300,000		164,800,000		161,700,000		50,000,000
Annualized dividend rate	0.25	%	0.25	%	0.25	%	0.25	%

For financial reporting purposes only, the liquidation value of VRDP Shares is recognized as a liability on the Statement of Assets and Liabilities. Unpaid dividends on VRDP Shares are recognized as a component of “Interest payable” on the Statement of Assets and Liabilities. Dividends paid on the VRDP Shares are recognized as a component of “Interest expense and amortization of offering costs” on the Statement of Operations. In addition to interest expense, each Fund also pays a per annum liquidity fee to the liquidity provider as well as a remarketing fee, which are recognized as a component of Fees on VRDP Shares” on the Statement of Operations.

Insurance

Since 2007, the financial status of most major municipal bond insurers has deteriorated substantially, and some insurers have gone out of business, rendering worthless the insurance policies they had written. Under normal circumstances, and during the period October 1, 2011 through January 2, 2012, each Fund invested at least 80% of its managed assets (as defined in Footnote 7 – Management Fees and Other Transactions with Affiliates) in municipal securities that were covered by insurance guaranteeing the timely payment of principal and interest. In addition, during the period October 1, 2011 through January 2, 2012, each Fund invested in municipal securities that, at the time of investment, was rated investment grade (including (i) bonds insured by investment grade rated insurers or are rated investment grade; (ii) unrated bonds that are judged to be investment grade by the Adviser; and (iii) escrowed bonds). Ratings below BBB by one or more national rating agencies are considered to be below investment grade.

Inverse Floating Rate Securities

Each Fund is authorized to invest in inverse floating rate securities. An inverse floating rate security is created by depositing a municipal bond, typically with a fixed interest rate, into a special purpose trust created by a broker-dealer. In turn, this trust (a) issues floating rate certificates, in face amounts equal to some fraction of the deposited bond’s par amount or market value, that typically pay short-term tax-exempt interest rates to third parties, and (b) issues to a long-term investor (such as one of the Funds) an inverse floating rate certificate (sometimes referred to as an “inverse floater”) that represents all remaining or residual interest in the trust. The income received by the inverse floater holder varies inversely with the short-term rate paid to the floating rate certificates’ holders, and in most circumstances the inverse floater holder bears substantially all of the underlying bond’s downside

Nuveen Investments

investment risk and also benefits disproportionately from any potential appreciation of the underlying bond’s value. The price of an inverse floating rate security will be more volatile than that of the underlying bond because the interest rate is dependent on not only the fixed coupon rate of the underlying bond but also on the short-term interest paid on the floating rate certificates, and because the inverse floating rate security essentially bears the risk of loss of the greater face value of the underlying bond.

A Fund may purchase an inverse floating rate security in a secondary market transaction without first owning the underlying bond (referred to as an “externally-deposited inverse floater”), or instead by first selling a fixed-rate bond to a broker-dealer for deposit into the special purpose trust and receiving in turn the residual interest in the trust (referred to as a “self-deposited inverse floater”). The inverse floater held by a Fund gives the Fund the right (a) to cause the holders of the floating rate certificates to tender their notes at par, and (b) to have the broker transfer the fixed-rate bond held by the trust to the Fund, thereby collapsing the trust. An investment in an externally-deposited inverse floater is identified in the Portfolio of Investments as “(IF) – Inverse floating rate investment.” An investment in a self-deposited inverse floater is accounted for as a financing transaction. In such instances, a fixed-rate bond deposited into a special purpose trust is identified in the Portfolio of Investments as “(UB) – Underlying bond of an inverse floating rate trust reflected as a financing transaction,” with the Fund accounting for the short-term floating rate certificates issued by the trust as “Floating rate obligations” on the Statement of Assets and Liabilities. In addition, the Fund reflects in “Investment Income” the entire earnings of the underlying bond and recognizes the related interest paid to the holders of the short-term floating rate certificates as a component of “Interest expense and amortization of offering costs” on the Statement of Operations.

During the six months ended March 31, 2012, each Fund invested in externally-deposited inverse floaters and/or self-deposited inverse floaters.

Each Fund may also enter into shortfall and forbearance agreements (sometimes referred to as a “recourse trust” or “credit recovery swap”) (such agreements referred to herein as “Recourse Trusts”) with a broker-dealer by which a Fund agrees to reimburse the broker-dealer, in certain circumstances, for the difference between the liquidation value of the fixed-rate bond held by the trust and the liquidation value of the floating rate certificates issued by the trust plus any shortfalls in interest cash flows. Under these agreements, a Fund’s potential exposure to losses related to or on inverse floaters may increase beyond the value of a Fund’s inverse floater investments as a Fund may potentially be liable to fulfill all amounts owed to holders of the floating rate certificates. At period end, any such shortfall is recognized as “Unrealized depreciation on Recourse Trusts” on the Statement of Assets and Liabilities.

At March 31, 2012, each Fund’s maximum exposure to externally-deposited Recourse Trusts, was as follows:


		New York			New York			New York			New York			New York			New York
		Investment			Select			Quality			Premium			Dividend			AMT-Free
		Quality			Quality			Income			Income			Advantage			Income
		(NQN	)		(NVN	)		(NUN	)		(NNF	)		(NKO	)		(NRK	)
Maximum exposure to Recourse Trusts	$	7,790,000		$	9,585,000		$	9,700,000		$	3,420,000		$	610,000		$	560,000

The average floating rate obligations outstanding and average annual interest rate and fees related to self-deposited inverse floaters during the six months ended March 31, 2012, were as follows:


		New York			New York			New York			New York			New York			New York
		Investment			Select			Quality			Premium			Dividend			AMT-Free
		Quality			Quality			Income			Income			Advantage			Income
		(NQN	)		(NVN	)		(NUN	)		(NNF	)		(NKO	)		(NRK	)
Average floating rate obligations outstanding	$	37,145,000		$	33,510,000		$	40,245,000		$	16,600,000		$	11,620,000		$	2,390,000
Average annual interest rate and fees		0.55	%		0.51	%		0.55	%		0.55	%		0.52	%		0.46	%

Derivative Financial Instruments

Each Fund is authorized to invest in certain derivative instruments, including foreign currency forwards, futures, options and swap contracts. Although the Funds are authorized to invest in such derivative instruments, and may do so in the future, they did not make any such investments during the six months ended March 31, 2012.

Market and Counterparty Credit Risk

In the normal course of business each Fund may invest in financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the other party to the transaction to perform (counterparty credit risk). The potential loss could exceed the value of the financial assets recorded on the financial statements. Financial assets, which potentially expose each Fund to counterparty credit risk, consist principally of cash due from counterparties on forward, option and swap transactions, when applicable. The extent of each Fund’s exposure to counterparty credit risk in respect to these financial assets approximates their carrying value as recorded on the Statement of Assets and Liabilities. Futures contracts, when applicable, expose a Fund to minimal counterparty credit risk as they are exchange traded and the exchange’s clearinghouse, which is counterparty to all exchange traded futures, guarantees the futures contracts against default.

Nuveen Investments

		Notes to
		Financial Statements (Unaudited) (continued)

Each Fund helps manage counterparty credit risk by entering into agreements only with counterparties the Adviser believes have the financial resources to honor their obligations and by having the Adviser monitor the financial stability of the counterparties. Additionally, counterparties may be required to pledge collateral daily (based on the daily valuation of the financial asset) on behalf of each Fund with a value approximately equal to the amount of any unrealized gain above a pre-determined threshold. Reciprocally, when each Fund has an unrealized loss, the Funds have instructed the custodian to pledge assets of the Funds as collateral with a value approximately equal to the amount of the unrealized loss above a pre-determined threshold. Collateral pledges are monitored and subsequently adjusted if and when the valuations fluctuate, either up or down, by at least the predetermined threshold amount.

Zero Coupon Securities

Each Fund is authorized to invest in zero coupon securities. A zero coupon security does not pay a regular interest coupon to its holders during the life of the security. Tax-exempt income to the holder of the security comes from accretion of the difference between the original purchase price of the security at issuance and the par value of the security at maturity and is effectively paid at maturity. The market prices of zero coupon securities generally are more volatile than the market prices of securities that pay interest periodically.

Offering Costs

Costs incurred by New York AMT-Free Income (NRK) in connection with its offering of MTP Shares ($670,200) were recorded as a deferred charge, which are being amortized over the life of the shares. Costs incurred by New York Premium Income (NNF) in connection with its offering of VMTP Shares ($320,000) were recorded as a deferred charge, which are being amortized over the life of the shares. Costs incurred by New York Investment Quality (NQN), New York Select Quality (NVN), New York Quality Income (NUN) and New York Dividend Advantage (NKO) in connection with their offerings of VRDP Shares ($700,750, $852,000, $845,000 and $675,000, respectively) were recorded as deferred charges which are being amortized over the life of the shares. Each Fund’s amortized deferred charges are recognized as a component of “Interest expense and amortization of offering costs” on the Statement of Operations.

Custodian Fee Credit

Each Fund has an arrangement with the custodian bank whereby certain custodian fees and expenses are reduced by net credits earned on each Fund’s cash on deposit with the bank. Such deposit arrangements are an alternative to overnight investments. Credits for cash balances may be offset by charges for any days on which a Fund overdraws its account at the custodian bank.

Indemnifications

Under the Funds’ organizational documents, their officers and directors/trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, in the normal course of business, the Funds enter into contracts that provide general indemnifications to other parties. The Funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds have not had prior claims or losses pursuant to these contracts and expect the risk of loss to be remote.

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets applicable to Common shares from operations during the reporting period. Actual results may differ from those estimates.

2. Fair Value Measurements

Fair value is defined as the price that the Funds would receive upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The three-tier hierarchy of inputs is summarized in the three broad levels listed below:

	Level 1 –	Quoted prices in active markets for identical securities.
	Level 2 –	Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
	Level 3 –	Significant unobservable inputs (including management’s assumptions in determining the fair value of investments).

Nuveen Investments

The inputs or methodologies used for valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of each Fund’s fair value measurements as of March 31, 2012:


New York Investment Quality (NQN)		Level 1		Level 2		Level 3		Total

Long-Term Investments:
Municipal Bonds	$	—	$	409,147,668	$	—	$	409,147,668

New York Select Quality (NVN)		Level 1		Level 2		Level 3		Total

Long-Term Investments:
Municipal Bonds	$	—	$	543,240,492	$	—	$	543,240,492

New York Quality Income (NUN)		Level 1		Level 2		Level 3		Total

Long-Term Investments:
Municipal Bonds	$	—	$	554,958,437	$	—	$	554,958,437

New York Premium Income (NNF)		Level 1		Level 2		Level 3		Total

Long-Term Investments:
Municipal Bonds	$	—	$	196,332,902	$	—	$	196,332,902

New York Dividend Advantage (NKO)		Level 1		Level 2		Level 3		Total

Long-Term Investments:
Municipal Bonds	$	—	$	178,187,750	$	—	$	178,187,750

New York AMT-Free Income (NRK)		Level 1		Level 2		Level 3		Total

Long-Term Investments:
Municipal Bonds	$	—	$	82,234,617	$	—	$	82,234,617

During the six months ended March 31, 2012, the Funds recognized no significant transfers to or from Level 1, Level 2 or Level 3.

3. Derivative Instruments and Hedging Activities

The Funds record derivative instruments at fair value, with changes in fair value recognized on the Statement of Operations, when applicable. Even though the Funds’ investments in derivatives may represent economic hedges, they are not considered to be hedge transactions for financial reporting purposes. The Funds did not invest in derivative instruments during the six months ended March 31, 2012.

4. Fund Shares

Common Shares

Transactions in Common shares were as follows:

New York

Investment Quality (NQN)

Select Quality (NVN)

Quality Income (NUN)

Six Months

Ended

Year Ended

Ended

Year Ended

Ended

Year Ended

3/31/12

9/30/11

3/31/12

9/30/11

3/31/12

9/30/11

Common shares issued to shareholders due to reinvestment of distributions

24,920

—

31,813

—

29,997

—

New York

Premium Income (NNF)

Dividend Advantage (NKO)

AMT-Free Income (NRK)

Six Months

Ended

Year Ended

Ended

Year Ended

Ended

Year Ended

3/31/12

9/30/11

3/31/12

9/30/11

3/31/12

9/30/11

Common shares issued to shareholders due to reinvestment of distributions

6,875

—

Nuveen Investments

		Notes to
		Financial Statements (Unaudited) (continued)

Preferred Shares

New York Investment Quality (NQN), New York Select Quality (NVN) and New York AMT-Free Income (NRK) redeemed all of their outstanding ARPS during the fiscal year ended September 30, 2010. New York Dividend Advantage (NKO) redeemed all of its outstanding ARPS during the fiscal year ended September 30, 2008.

Transactions in ARPS were as follows:

New York

Quality Income (NUN)

New York

Premium Income (NNF)

Six Months Ended

3/31/12

Year Ended

9/30/11

Six Months Ended

3/31/12

Year Ended

9/30/11

Amount

ARPS redeemed and/or noticed for redemption:

Series M

N/A

1,794

44,850,000

N/A

1,022

25,500,000

Series T

N/A

—

N/A

992

24,800,000

Series W

N/A

1,796

44,900,000

N/A

—

Series TH

N/A

1,959

48,975,000

N/A

—

Series F

N/A

882

22,050,000

N/A

—

Total

N/A

6,431

160,775,000

N/A

2,014

50,350,000

N/A - As of September 30, 2011, the Fund redeemed all of its outstanding ARPS at liquidation value.

Transaction in VMTP Shares were as follows:


	New York Premium Income (NNF)
	Six Months Ended 3/31/12			Year Ended 9/30/11
	Shares		Amount	Shares		Amount
VMTP Shares issued:
Series 2014	—	$	—	507	$	50,700,000

Transactions in VRDP Shares were as follows:


	New York Quality Income (NUN)
	Six Months Ended 3/31/12			Year Ended 9/30/11
	Shares		Amount	Shares		Amount
VRDP Shares issued:
Series 1	—	$	—	1,671	$	161,700,000

5. Investment Transactions

Purchases and sales (including maturities but excluding short-term investments and derivative transactions, where applicable) during the six months ended March 31, 2012, were as follows:


		New York			New York			New York			New York			New York			New York
		Investment			Select			Quality			Premium			Dividend			AMT-Free
		Quality			Quality			Income			Income			Advantage			Income
		(NQN	)		(NVN	)		(NUN	)		(NNF	)		(NKO	)		(NRK	)
Purchases	$	26,875,837		$	26,070,587		$	49,166,024		$	11,992,406		$	19,969,267		$	6,039,991
Sales and maturities		31,185,602			34,648,346			59,409,112			11,620,621			21,276,815			4,041,181

6. Income Tax Information

The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to the timing differences in recognizing taxable market discount, timing differences in recognizing certain gains and losses on investment transactions and the treatment of investments in inverse floating rate securities reflected as financing transactions, if any. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts as detailed below. Temporary differences do not require reclassification. Temporary and permanent differences do not impact the net asset values of the Funds.

Nuveen Investments

At March 31, 2012, the cost and unrealized appreciation (depreciation) of investments, as determined on a federal income tax basis, were as follows:

		New York			New York			New York			New York			New York			New York
		Investment			Select			Quality			Premium			Dividend			AMT-Free
		Quality			Quality			Income			Income			Advantage			Income
		(NQN	)		(NVN	)		(NUN	)		(NNF	)		(NKO	)		(NRK	)
Cost of investments	$	349,504,676		$	472,281,150		$	481,681,009		$	168,204,576		$	156,924,793		$	75,960,633
Gross unrealized:
Appreciation	$	26,047,818		$	42,130,918		$	38,350,636		$	13,146,534		$	10,976,834		$	4,473,391
Depreciation		(3,550,002	)		(4,713,682	)		(5,294,596	)		(1,618,531	)		(1,322,476	)		(594,872	)
Net unrealized appreciation (depreciation) of investments	$	22,497,816		$	37,417,236		$	33,056,040		$	11,528,003		$	9,654,358		$	3,878,519

Permanent differences, primarily due to federal taxes paid, taxable market discount and distribution character reclassifications, resulted in reclassifications among the Funds’ components of Common share net assets at September 30, 2011, the Funds’ last tax year end, as follows:


		New York			New York			New York			New York			New York			New York
		Investment			Select			Quality			Premium			Dividend			AMT-Free
		Quality			Quality			Income			Income			Advantage			Income
		(NQN	)		(NVN	)		(NUN	)		(NNF	)		(NKO	)		(NRK	)
Paid-in-surplus	$	(13,231	)	$	(14,783	)	$	(23,022	)	$	(6,571	)	$	(22,209	)	$	(130,195	)
Undistributed (Over-distribution of) net investment income		(2,461	)		(44,783	)		(12,890	)		6,410			20,571			131,210
Accumulated net realized gain (loss)		15,692			59,566			35,912			161			1,638			(1,015	)

The tax components of undistributed net tax-exempt income, net ordinary income and net long-term capital gains at September 30, 2011, the Funds’ last tax year end, were as follows:


		New York			New York			New York			New York			New York			New York
		Investment			Select			Quality			Premium			Dividend			AMT-Free
		Quality			Quality			Income			Income			Advantage			Income
		(NQN	)		(NVN	)		(NUN	)		(NNF	)		(NKO	)		(NRK	)
Undistributed net tax-exempt income *	$	4,507,282		$	6,383,734		$	6,759,861		$	2,854,581		$	1,867,826		$	422,055
Undistributed net ordinary income **		149,777			—			241			—			—			—
Undistributed net long-term capital gains		844,405			688,857			477,137			49,830			43,085			47,456

*	Undistributed net tax-exempt income (on a tax basis) has not been reduced for the dividend declared on September 1, 2011, paid on October 3, 2011.
**	Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.

The tax character of distributions paid during the Funds’ last tax year ended September 30, 2011, was designated for purposes of the dividends paid deduction as follows:


		New York			New York			New York			New York			New York			New York
		Investment			Select			Quality			Premium			Dividend			AMT-Free
		Quality			Quality			Income			Income			Advantage			Income
		(NQN	)		(NVN	)		(NUN	)		(NNF	)		(NKO	)		(NRK	)
Distributions from net tax-exempt income	$	14,580,265		$	20,229,362		$	20,397,351		$	6,553,402		$	6,323,243		$	3,293,681
Distributions from net ordinary income**		—			—			—			—			—			—
Distributions from net long-term capital gains		888,164			677,393			104,510			—			—			—

** Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.

During the Funds’ last tax year ended September 30, 2011, the following Funds utilized capital loss carryforwards as follows:


		New York			New York
		Premium			Dividend
		Income			Advantage
		(NNF	)		(NKO	)
Utilized capital loss carryforwards	$	10,016		$	4,774

Nuveen Investments

		Notes to
		Financial Statements (Unaudited) (continued)

7. Management Fees and Other Transactions with Affiliates

Each Fund’s management fee consists of two components – a fund-level fee, based only on the amount of assets within the Fund, and a complex-level fee, based on the aggregate amount of all eligible fund assets managed by the Adviser. This pricing structure enables Fund shareholders to benefit from growth in the assets within their respective Fund as well as from growth in the amount of complex-wide assets managed by the Adviser.

The annual fund-level fee for each Fund, payable monthly, is calculated according to the following schedule:

	New York Investment Quality (NQN)
	New York Select Quality (NVN)
	New York Quality Income (NUN)
	New York Premium Income (NNF)
Average Daily Managed Assets*	Fund-Level Fee Rate
For the first $125 million	.4500	%
For the next $125 million	.4375
For the next $250 million	.4250
For the next $500 million	.4125
For the next $1 billion	.4000
For the next $3 billion	.3875
For managed assets over $5 billion	.3750

	New York Dividend Advantage (NKO)
	New York AMT-Free Income (NRK)
Average Daily Managed Assets*	Fund-Level Fee Rate
For the first $125 million	.4500	%
For the next $125 million	.4375
For the next $250 million	.4250
For the next $500 million	.4125
For the next $1 billion	.4000
For managed assets over $2 billion	.3750

The annual complex-level fee for each Fund, payable monthly, is calculated according to the following schedule:


Complex-Level Managed Asset Breakpoint Level*	Effective Rate at Breakpoint Level
$55 billion	.2000	%
$56 billion	.1996
$57 billion	.1989
$60 billion	.1961
$63 billion	.1931
$66 billion	.1900
$71 billion	.1851
$76 billion	.1806
$80 billion	.1773
$91 billion	.1691
$125 billion	.1599
$200 billion	.1505
$250 billion	.1469
$300 billion	.1445

For the fund-level and complex-level fees, managed assets include closed-end fund assets managed by the Adviser that are attributable to financial leverage. For these purposes, financial leverage includes the funds’ use of preferred stock and borrowings and certain investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities, subject to an agreement by the Adviser as to certain funds to limit the amount of such assets for determining managed assets in certain circumstances. The complex-level fee is calculated based upon the aggregate daily managed assets of all Nuveen Funds that constitute “eligible assets.” Eligible assets do not include assets attributable to investments in other Nuveen Funds or assets in excess of $2 billion added to the Nuveen Fund complex in connection with the Adviser’s assumption of the management of the former First American Funds effective January 1, 2011. As of March 31, 2012, the complex-level fee rate for these Funds was .1735%.

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The management fee compensates the Adviser for overall investment advisory and administrative services and general office facilities. The Adviser is responsible for each Fund’s overall investment strategy and asset allocation decisions. The Adviser has entered into sub-advisory agreements with Nuveen Asset Management, LLC (the “Sub-Adviser”), a wholly-owned subsidiary of the Adviser, under which the Sub-Adviser manages the investment portfolios of the Funds. The Sub-Adviser is compensated for its services to the Funds from the management fees paid to the Adviser.

The Funds pay no compensation directly to those of its directors/trustees who are affiliated with the Adviser or to its officers, all of whom receive remuneration for their services to the Funds from the Adviser or its affiliates. The Board of Directors/Trustees has adopted a deferred compensation plan for independent directors/trustees that enables directors/trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from certain Nuveen-advised funds. Under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of select Nuveen-advised funds.

For the first ten years of New York Dividend Advantage’s (NKO) operations, the Adviser has agreed to reimburse the Fund, as a percentage of average daily managed assets, for fees and expenses in the amounts and for the time periods set forth below:

Year Ending			Year Ending
March 31,			March 31,

2002*	.30	%	2008	.25	%
2003	.30		2009	.20
2004	.30		2010	.15
2005	.30		2011	.10
2006	.30		2012	.05
2007	.30

* From the commencement of operations.

The Adviser has not agreed to reimburse New York Dividend Advantage (NKO) for any portion of its fees and expenses beyond March 31, 2012.

For the first eight years of New York AMT-Free Income’s (NRK) operations, the Adviser has agreed to reimburse the Fund, as a percentage of average daily managed assets, for fees and expenses in the amounts and for the time periods set forth below:

Year Ending			Year Ending
November 30,			November 30,

2002*	.32	%	2007	.32	%
2003	.32		2008	.24
2004	.32		2009	.16
2005	.32		2010	.08
2006	.32

* From the commencement of operations.

The Adviser has not agreed to reimburse New York AMT-Free Income (NRK) for any portion of its fees and expenses beyond November 30, 2010.

8. New Accounting Pronouncements

Fair Value Measurements and Disclosures

On May 12, 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2011-04 (“ASU No. 2011-04”) modifying Topic 820, Fair Value Measurements and Disclosures. At the same time, the International Accounting Standards Board (“IASB”) issued International Financial Reporting Standard (“IFRS”) 13, Fair Value Measurement. The objective of the FASB and IASB is convergence of their guidance on fair value measurements and disclosures. Specifically, ASU No. 2011-04 requires reporting entities to disclose i) the amounts of any transfers between Level 1 and Level 2 and the reasons for the transfers and ii) for Level 3 fair value measurements, a) quantitative information about significant unobservable inputs used, b) a description of the valuation processes used by the reporting entity and c) a narrative description of the sensitivity of the fair value measurement to changes in unobservable inputs if a change in those inputs might result in a significantly higher or lower fair value measurement. The effective date of ASU No. 2011-04 is for interim and annual periods beginning after December 15, 2011. At this time, management is evaluating the implications of this guidance and the impact it will have to the financial statement amounts and footnote disclosures, if any.

Nuveen Investments

Reinvest Automatically,

Easily and Conveniently

Nuveen makes reinvesting easy. A phone call is all it takes to set up your reinvestment account.

Nuveen Closed-End Funds Automatic Reinvestment Plan

Your Nuveen Closed-End Fund allows you to conveniently reinvest distributions in additional Fund shares.

By choosing to reinvest, you’ll be able to invest money regularly and automatically, and watch your investment grow through the power of compounding. Just like distributions in cash, there may be times when income or capital gains taxes may be payable on distributions that are reinvested.

It is important to note that an automatic reinvestment plan does not ensure a profit, nor does it protect you against loss in a declining market.

Easy and convenient

To make recordkeeping easy and convenient, each month you’ll receive a statement showing your total distributions, the date of investment, the shares acquired and the price per share, and the total number of shares you own.

How shares are purchased

The shares you acquire by reinvesting will either be purchased on the open market or newly issued by the Fund. If the shares are trading at or above net asset value at the time of valuation, the Fund will issue new shares at the greater of the net asset value or 95% of the then-current market price. If the shares are trading at less than net asset value, shares for your account will be purchased on the open market. If the Plan Agent begins purchasing Fund shares on the open market while shares are trading below net asset value, but the Fund’s shares subsequently trade at or above their net asset value before the Plan Agent is able to complete its purchases, the Plan Agent may cease open-market purchases and may invest the uninvested portion of the distribution in newly-issued Fund shares at a price equal to the greater of the shares’ net asset value or 95% of the shares’ market value on the last business day immediately prior to the purchase date. Distributions received to purchase shares in the open market will normally be invested shortly after the distribution payment date. No interest will be paid on distributions awaiting reinvestment. Because the market price of the shares may increase before purchases are completed, the average purchase price per share may

Nuveen Investments

exceed the market price at the time of valuation, resulting in the acquisition of fewer shares than if the distribution had been paid in shares issued by the Fund. A pro rata portion of any applicable brokerage commissions on open market purchases will be paid by Plan participants. These commissions usually will be lower than those charged on individual transactions.

Flexible

You may change your distribution option or withdraw from the Plan at any time, should your needs or situation change.

You can reinvest whether your shares are registered in your name, or in the name of a brokerage firm, bank, or other nominee. Ask your investment advisor if his or her firm will participate on your behalf. Participants whose shares are registered in the name of one firm may not be able to transfer the shares to another firm and continue to participate in the Plan.

The Fund reserves the right to amend or terminate the Plan at any time. Although the Fund reserves the right to amend the Plan to include a service charge payable by the participants, there is no direct service charge to participants in the Plan at this time.

Call today to start reinvesting distributions

For more information on the Nuveen Automatic Reinvestment Plan or to enroll in or withdraw from the Plan, speak with your financial advisor or call us at (800) 257-8787.

Nuveen Investments

Glossary of Terms

Used in this Report

■	Auction Rate Bond: An auction rate bond is a security whose interest payments are adjusted periodically through an auction process, which process typically also serves as a means for buying and selling the bond. Auctions that fail to attract enough buyers for all the shares offered for sale are deemed to have “failed,” with current holders receiving a formula-based interest rate until the next scheduled auction.

■	Average Annual Total Return: This is a commonly used method to express an investment’s performance over a particular, usually multi-year time period. It expresses the return that would have been necessary each year to equal the investment’s actual cumulative performance (including change in NAV or market price and reinvested dividends and capital gains distributions, if any) over the time period being considered.

■	Average Effective Maturity: The market-value-weighted average of the effective maturity dates of the individual securities including cash. In the case of a bond that has been advance-refunded to a call date, the effective maturity is the date on which the bond is scheduled to be redeemed using the proceeds of an escrow account. In most other cases the effective maturity is the stated maturity date of the security.

■	Effective Leverage: Effective leverage is a Fund’s effective economic leverage, and includes both regulatory leverage (see below) and the leverage effects of certain derivative investments in the Fund’s portfolio. Currently, the leverage effects of Tender Option Bond (TOB) inverse floater holdings are included in effective leverage values, in addition to any regulatory leverage.

■	Inverse Floating Rate Securities: Inverse floating rate securities, also known as inverse floaters or tender option bonds (TOBs), are created by depositing a municipal bond, typically with a fixed interest rate, into a special purpose trust created by a broker-dealer. This trust, in turn, (a) issues floating rate certificates typically paying short-term tax-exempt interest rates to third parties in amounts equal to some fraction of the deposited bond’s par amount or market value, and (b) issues an inverse floating rate certificate (sometimes referred to as an “inverse floater”) to an investor (such as a Fund) interested in gaining investment exposure to a long-term municipal bond. The income received by the holder of the inverse floater varies inversely with the short-term rate paid to the floating rate certificates’ holders, and in most circumstances the holder of the inverse floater bears substantially all of the underlying bond’s downside investment risk. The holder of the inverse floater typically also benefits disproportionately from any potential appreciation of the underlying bond’s value. Hence, an inverse floater essentially represents an investment in the underlying bond on a leveraged basis.

Nuveen Investments

■	Leverage: Using borrowed money to invest in securities or other assets, seeking to increase the return of an investment or portfolio.

■	Leverage-Adjusted Duration: Duration is a measure of the expected period over which a bond’s principal and interest will be paid, and consequently is a measure of the sensitivity of a bond’s or bond Fund’s value to changes when market interest rates change. Generally, the longer a bond’s or Fund’s duration, the more the price of the bond or Fund will change as interest rates change. Leverage-adjusted duration takes into account the leveraging process for a Fund and therefore is longer than the duration of the Fund’s portfolio of bonds.

■	Lipper New York Municipal Debt Funds Classification Average: Calculated using the returns of all closed-end funds in this category for each period as follows: 6-month, 29 funds; 1-year, 29 funds; 5-year, 28 funds; and 10-year, 20 funds. Lipper returns account for the effects of management fees and assume reinvestment of distributions, but do not reflect any applicable sales charges. The Lipper average is not available for direct investment.

■	Lipper Single-State Insured Municipal Debt Funds Classification Average: Calculated using the returns of all closed-end funds in this category for each period as follows: 6-month, 7 funds; 1-year, 7 funds; 5-year, 7 funds; and 10-year, 5 funds. The Lipper Single-State Insured Municipal Debt Funds Classification Average represents the overall average of returns for funds from eight different states and a wide variety of municipal market conditions. Lipper returns account for the effects of management fees and assume reinvestment of distributions, but do not reflect any applicable sales charges. The Lipper average is not available for direct investment.

■	Market Yield (also known as Dividend Yield or Current Yield): An investment’s current annualized dividend divided by its current market price.

■	Net Asset Value (NAV): The net market value of all securities held in a portfolio.

■	Net Asset Value (NAV) Per Share: The market value of one share of a mutual fund or closed-end fund. For a Fund, the NAV is calculated daily by taking the Fund’s total assets (securities, cash, and accrued earnings), subtracting the Fund’s liabilities, and dividing by the number of shares outstanding.

■	Pre-Refunding: Pre-Refunding, also known as advanced refundings or refinancings, is a procedure used by state and local governments to refinance municipal bonds to lower interest expenses. The issuer sells new bonds with a lower yield and uses the proceeds to buy U.S. Treasury securities, the interest from which is used to make payments on the higher-yielding bonds. Because of this collateral, pre-refunding generally raises a bond’s credit rating and thus its value.

■	Regulatory Leverage: Regulatory Leverage consists of preferred shares issued by or borrowings of a Fund. Both of these are part of a Fund’s capital structure. Regulatory leverage is sometimes referred to as “‘40 Act Leverage” and is subject to asset coverage limits set in the Investment Company Act of 1940.

Nuveen Investments

Glossary of Terms

Used in this Report (continued)

■	Standard & Poor’s (S&P) Insured National Municipal Bond Index: An unleveraged, market value-weighted index designed to measure the performance of the tax-exempt, insured U.S. municipal bond market. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees. It is not possible to invest directly in an index.

■	Standard & Poor’s (S&P) National Municipal Bond Index: An unleveraged, market value-weighted index designed to measure the performance of the tax-exempt, investment-grade U.S. municipal bond market. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees. It is not possible to invest directly in an index.

■	Standard & Poor’s (S&P) New York Municipal Bond Index: An unleveraged, market value-weighted index designed to measure the performance of the tax-exempt, investment grade New York municipal bond market. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees. It is not possible to invest directly in an index.

■	Taxable-Equivalent Yield: The yield necessary from a fully taxable investment to equal, on an after-tax basis, the yield of a municipal bond investment.

■	Zero Coupon Bond: A zero coupon bond does not pay a regular interest coupon to its holders during the life of the bond. Tax-exempt income to the holder of the bond comes from accretion of the difference between the original purchase price of the bond at issuance and the par value of the bond at maturity and is effectively paid at maturity. The market prices of zero coupon bonds generally are more volatile than the market prices of bonds that pay interest periodically.

Nuveen Investments

Notes

Nuveen Investments

Notes

Nuveen Investments

Additional Fund Information

Board of

Directors/Trustees

John P. Amboian

Robert P. Bremner

Jack B. Evans

William C. Hunter

David J. Kundert

William J. Schneider

Judith M. Stockdale

Carole E. Stone

Virginia L. Stringer

Terence J. Toth

Fund Manager

Nuveen Fund Advisors, Inc.

333 West Wacker Drive

Chicago, IL 60606

Custodian

State Street Bank

& Trust Company

Boston, MA

Transfer Agent and

Shareholder Services

State Street Bank

& Trust Company

Nuveen Funds

P.O. Box 43071

Providence, RI 02940-3071

(800) 257-8787

Legal Counsel

Chapman and Cutler LLP

Chicago, IL

Independent Registered

Public Accounting Firm

Ernst & Young LLP

Chicago, IL

Quarterly Portfolio of Investments and Proxy Voting Information

You may obtain (i) each Fund’s quarterly portfolio of investments, (ii) information regarding how the Funds voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, and (iii) a description of the policies and procedures that the Funds used to determine how to vote proxies relating to portfolio securities without charge, upon request, by calling Nuveen Investments toll-free at (800) 257-8787 or on Nuveen’s website at www.nuveen.com.

You may also obtain this and other Fund information directly from the Securities and Exchange Commission (SEC). The SEC may charge a copying fee for this information. Visit the SEC on-line at http://www.sec.gov or in person at the SEC’s Public Reference Room in Washington, D.C. Call the SEC at (202) 942-8090 for room hours and operation. You may also request Fund information by sending an e-mail request to publicinfo@sec.gov or by writing to the SEC’s Public References Section at 100 F Street NE, Washington, D.C. 20549.

CEO Certification Disclosure

Each Fund’s Chief Executive Officer has submitted to the New York Stock Exchange (NYSE) the annual CEO certification as required by Section 303A.12(a) of the NYSE Listed Company Manual.

Each Fund has filed with the SEC the certification of its Chief Executive Officer and Chief Financial Officer required by Section 302 of the Sarbanes-Oxley Act.

Common Share Information

Each Fund intends to repurchase shares of its own common stock in the future at such times and in such amounts as is deemed advisable. During the period covered by this report, the Funds repurchased shares of their common stock as shown in the accompanying table.

	Common Shares
Fund	Repurchased
NQN	–
NVN	–
NUN	–
NNF	–
NKO	–
NRK	–

Any future repurchases and/or redemptions will be reported to shareholders in the next annual or semi-annual report.

Nuveen Investments

Nuveen Investments:

Serving Investors for Generations

Since 1898, financial advisors and their clients have relied on Nuveen Investments to provide dependable investment solutions through continued adherence to proven, long-term investing principles. Today, we offer a range of high quality equity and fixed-income solutions designed to be integral components of a well-diversified core portfolio.

Focused on meeting investor needs.

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.

Find out how we can help you.

To learn more about how the products and services of Nuveen Investments may be able to help you meet your financial goals, talk to your financial advisor, or call us at (800) 257-8787. Please read the information provided carefully before you invest. Investors should consider the investment objective and policies, risk considerations, charges and expenses of any investment carefully. Where applicable, be sure to obtain a prospectus, which contains this and other relevant information. To obtain a prospectus, please contact your securities representative or Nuveen Investments, 333 W. Wacker Dr., Chicago, IL 60606. Please read the prospectus carefully before you invest or send money.

Learn more about Nuveen Funds at: www.nuveen.com/cef

Distributed by

Nuveen Securities, LLC

333 West Wacker Drive

Chicago, IL 60606

www.nuveen.com

ESA-B-0312D

ITEM 2. CODE OF ETHICS.