NRK Nuveen New York AMT Free Quality Municipal Income Fund

Reissuing release to add ticker symbols for searching purposes. The release reads: NUVEEN INVESTMENTS PROVIDES INFORMATION ON PREFERRED SHARES AUCTIONS Nuveen Investments, a leading provider of diversified investment services, today announced the availability of information on recent failed auctions of its closed-end fund preferred shares. The failed auctions occurred Tuesday, Wednesday and Thursday, affecting CEFs sponsored by Nuveen and more than a dozen other firms. �The recent number of failed auctions appears to be driven by broad-based liquidity issues affecting the credit markets in general, and they are not specific to closed-end funds or any asset category,� said William Adams, Executive Vice President, Nuveen Investments. �It is important to note that a failed auction is not a default and preferred shareholders will continue to receive their dividends. Each of our fund�s preferred shares maintain AAA/Aaa ratings and the failed auctions are unrelated to the quality of the underlying assets in our closed-end funds.� The funds� auction failures have several implications for the funds� preferred and common shareholders. Both existing preferred shareholders and new buyers in auctions may not be able to liquidate their shares via the auction process, as has historically been the case, unless the future auction at which a shareholder desires to sell his or her shares succeeds in finding a buyer for each share offered to be sold. Many broker-dealer auction desks may try to facilitate secondary market trades away from the auction process. Such a secondary market, if it does materialize, may not provide preferred shareholders with the degree of liquidity or share value they desire. One implication of the auction failures for common shareholders of Nuveen closed-end funds is that the cost of financing a fund�s leverage may be higher than it would have been if those costs were determined through a successful auction process. This means that common share earnings would be marginally lower than the earnings the common shares would have otherwise earned. Also, if these difficulties persist for an extended period of time, the funds may need to find alternative, and potentially less favorable, methods of financing the fund leverage or otherwise alter their financing plan. To help investors better understand the failed auctions and their impact, Nuveen posted the attached Q&A on its website at www.nuveen.com/cef. Nuveen Investments provides high-quality investment services designed to help secure the long-term goals of institutions and high-net-worth investors as well as the consultants and financial advisors who serve them. Nuveen Investments markets its growing range of specialized investment solutions under the high-quality brands of NWQ, Santa Barbara, Tradewinds, Rittenhouse, Symphony and Nuveen, including the Nuveen HydePark Group. In total, the Company managed $170 billion in assets as of September 30, 2007. For more information, please visit the Nuveen Investments website at www.nuveen.com. Nuveen Closed-End Funds Auction Rate Preferred Shares Q & A February 15, 2008 Q: What has happened this week with auction rate preferred shares? A number of auctions for a broad variety of security types through which payment rates are reset and current investors seek to sell their securities have failed. A number of these failed auctions involved closed-end fund preferred shares, across at least 25 different fund sponsors. Q: Why did this happen? Auctions fail when more shares are offered for sale than there were bids to buy shares, which is sometimes referred to as a �supply/demand imbalance.� So-called �cover bids� were insufficient or absent. Certain broker-dealers have customarily added to demand in an auction through these bids, though they were not and are not obligated to do so. The broad scope of the failed auctions suggests that this is a broad-based liquidity issue, and not specific to closed-end funds or any asset category. Q: Has this happened before? Yes, though until recently it has been extremely rare. The scope of this week�s auction failures is unprecedented for closed-end funds. However, we are currently experiencing also unprecedented uncertainty and liquidity pressures in the broader markets. The past may no longer be helpful to understand the immediate future. Q: Was this due to any credit quality issues with the funds? No, each of our funds� preferred shares continue to have AAA/Aaa credit ratings from one or more ratings agencies: Moody�s, Fitch, and/or Standard & Poors. Ratings agencies have been reviewing such shares and their underlying asset coverage for nearly 20 years. Such ratings are based on both the asset coverage behind preferred shares and the quality and diversification of the collateral. Q: Is this directly related to the recent problems experienced by the municipal bond insurers? The failed auctions involving closed-end funds do not appear to be a credit issue or a bond-insurer issue. This week�s auction failures were across several asset classes and structures and involved numerous issuers, many of which have extremely strong credit quality. Closed-end fund preferred shares rely on their asset coverage and their underlying portfolio credit quality and diversification, not a bond insurer, for their AAA ratings. Preferred shares backed by diversified municipal bond closed-end fund portfolios (e.g., MuniPreferred) should not be confused with Municipal Auction Rate Securities (MARS), which�are�individual municipal bonds which may�have been affected by credit concerns unique to that particular municipal issue or because that bond was covered by a municipal bond insurance policy recently called into question. Q: What happens when an auction fails? It is important to note that a failed auction for a closed-end fund is not a default. Preferred shareholders continue to receive dividends (at the �maximum rate� as noted below), and their �liquidation preference� ($25,000 per share in the case of the Nuveen closed-end funds) is unaffected. Any bids in the auction to newly purchase shares that are filled will be allocated on a pro rata basis among the shareholders who wished to sell. Shareholders who wished to sell shares, to the extent they were unable to do so, will continue to hold their shares. They may offer their shares at the next scheduled auction, subject to the same risk that the subsequent auction will not attract sufficient demand for a successful auction to occur. Our auction process calls for the fund to pay a �maximum rate� for the entire series, not just the unsold shares. This rate is intended in part to compensate would-be sellers for the gap in liquidity. Q: Will I be able to sell my shares in the secondary market? Broker-dealer auction desks may try to facilitate secondary market trades away from the auction process, though there is no obligation to make a market bid to furnish liquidity. Such a secondary market, if it does materialize, may be thin and challenged and may not provide shareholders the degree of liquidity they are seeking. Sellers in the secondary market may receive less than the customary $25,000 share price. Q: What if I want to sell my MuniPreferred or FundPreferred shares at the next scheduled auction? We cannot predict what will happen with upcoming auctions. Current indications are that liquidity pressure and auction market displacements will continue for at least the near term. If a particular auction fails to attract sufficient demand, all investors in that auction�s shares will receive the maximum rate dividend. This rate is intended to be attractively above comparable rates for successful auctions of closed-end fund preferred shares, although the maximum rates have been only slightly higher than the reset rates for recent successful auctions. It is possible but not guaranteed that a secondary market for such shares may arise. Q: Are shareholders who were unable to sell at a prior auction given preferential treatment in subsequent auctions? No, each auction is a new auction and all sellers are treated equally. Q: Can bids be placed for rates higher than the maximum rate? No, they are capped at the maximum rate, which is calculated on the day of the applicable auction. If that auction fails, the maximum rate determined on that date remains in effect until the next scheduled auction. This report is published solely for informational purposes and is not to be construed as specific tax, legal, or investment advice. Nor is this document intended as a solicitation or an offer to buy or sell securities or related financial instruments. The report should not be regarded by recipients as a substitute for the exercise of their own judgment. The comments are based on current market conditions. Different market conditions and assumptions could have materially different results. Neither Nuveen nor any of its affiliates, directors, employees or agents accepts any liability for any loss or damage arising out of the use of all or any part of this report.