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80 NUVEEN TAX-FREE FUNDS DECLARE MONTHLY DIVIDENDS; 23 ALSO DECLARES SUPPLEMENTAL DIVIDENDS

 CHICAGO, Nov. 1 /PRNewswire/ -- Eighty Nuveen tax-free exchange- traded funds and portfolios today declared regular monthly tax-free dividends to common shareholders.
 In addition, 23 leveraged funds declared tax-free supplemental dividends. For many of the funds, these are the fifth tax-free supplemental dividends declared in the past two years.
 "The current, low short-term municipal market rates and the steepness of today's municipal market yield curve have combined to allow many of our leveraged tax-free funds to earn more than their stable, established dividends," said Richard J. Franke, Nuveen's chairman. "When short-term rates are consistently lower than the levels `budgeted' by a fund when it establishes its stable, regular dividend, this creates extra income for common shareholders. It permits the fund to increase its regular dividend, to pay tax-free supplemental dividends to common shareholders, or to do both."
 Eight Nuveen funds raised their regular tax-free monthly dividends while three announced small decreases.
 "The overall performance of our funds is a tribute to our focus on long-term call protection and to our diligent management of the exchange-traded fund structure itself," said Franke. "At a time when many open-end funds and other investments have experienced significant declines in yields, we are able to, once again, announce increased and supplemental dividends."
 Dividends declared today include:
 LEVERAGED FUNDS REGULAR SUPPLEMENTAL
 Tax-Free Change Tax-Free
 Dividend from dividend
 STOCK SYMBOL AND FUND per share Prev. per share
 Month
 NATIONAL FUNDS
 NPI Nuveen Premium Income Municipal
 Fund, Inc. $.0990 - $.0285
 NPP Nuveen Performance Plus Municipal
 Fund, Inc. $.0930 - -
 NMA Nuveen Municipal Advantage Fund,
 Inc $.0960 - -
 NMO Nuveen Municipal Market
 Opportunity Fund, Inc. $.0960 - -
 NQM Nuveen Investment Quality
 Municipal Fund, Inc. $.0965 - -
 NQI Nuveen Insured Quality Municipal
 Fund, Inc. $.0890 - -
 NQS Nuveen Select Quality Municipal
 Fund, Inc. $.0910 - -
 NQU Nuveen Quality Income Municipal
 Fund, Inc. $.0875 - $.0130
 NIO Nuveen Insured Municipal
 Opportunity Fund, Inc. $.0800 - $.0050
 NPF Nuveen Premier Municipal Income
 Fund, Inc. $.0815 +$.0015 $.0220
 NIF Nuveen Premier Insured Municipal
 Income Fund, Inc. $.0780 - $.0075
 NPM Nuveen Premium Income Municipal
 Fund 2, Inc. $.0756 - -
 NPN Nuveen Premium Income Municipal
 Fund 3, Inc. $.0745 - -
 NPT Nuveen Premium Income Municipal
 Fund 4, Inc. $.0694 - -
 NPU Nuveen Insured Premium Income
 Muni. Fund 5, Inc. $.0695 - -
 NPE Nuveen Insured Premium Income
 Municipa l Fund $.0730 - $.0100
 NPX Nuveen Insured Premium Income
 Muni. Fund 2, Inc. $.0635 - -
 CALIFORNIA FUNDS
 NCP Nuveen Cal. Performance Plus
 Municipal Fund, Inc. $.0860 - $.0220
 NCO Nuveen Cal. Muni. Market
 Opportunity Fund, Inc. $.0900 - -
 NQC Nuveen Cal. Investment Quality
 Municipal Fund, Inc. $.0860 - $.0400
 NVC Nuveen Cal. Select Quality
 Municipal Fund, Inc. $.0825 - $.0175
 NUC Nuveen Cal. Quality Income
 Municipal Fund, Inc. $.0785 - $.0225
 NPC Nuveen Ins. Cal. Prem. Income
 Munci. Fund, Inc. $.0705 - -
 NCL Nuveen Ins. Cal. Prem. Income Muni.
 Fund 2, Inc. $.0640 - -
 NXC Nuveen Ins. Cal. Select Tax-Free
 Income Port. $.0681 - -
 NCU Nuveen Cal. Prem. Income Muni.
 Fund $.0650 - -
 NEW YORK FUNDS
 NNP Nuveen NY Performance Plus
 Municipal Fund, Inc. $.0935 - $.0220
 NNO Nuveen NY Municipal Market
 Opportunity Fund, Inc. $.0940 - $.0300
 NQN Nuveen NY Investment Quality
 Municipal Fund, Inc. $.0865 - $.0200
 NVN Nuveen NY Select Quality
 Municipal Fund, Inc. $.0820 +$.0010 $.0300
 NUN Nuveen NY Quality Income Municipal
 Fund, Inc. $.0745 - $.0150
 NNF Nuveen NY Insured Premium Income
 Muni. Fund $.0665 - -
 NYP Nuveen NY Ins. Premium Income
 Muni Fund 2 $.0615 - -
 NRY Nuveeen NY Premium Income Municipal
 Fund $.0615 - -
 In addition, dividends paid by the Arizona, California, New York, Michigan, Ohio, New Jersey and Pennsylvania funds and portfolios are also exempt from state income taxes for residents of those states. Earnings of the funds and portfolios may include income from private activity bonds, which may be subject to the federal alternative minimum tax for some individuals. Capital gains are subject to capital gains taxes.
 All of the funds and portfolios are listed on the New York or the American Stock Exchanges.
 Novena exchange-traded funds are managed by Novena Advisory Corp. The portfolios are managed by Novena Institutional Advisory Corp. Both are wholly owned subsidiaries of John Novena & Co. Incorporated, which has sponsored more than $55 billion of tax-free trusts and funds. Founded in 1898 and headquartered in Chicago, Novena is the nation's oldest and largest investment banking firm specializing in the sponsorship, marketing and management of tax-free investment products for individual investors, and in the underwriting, trading and distribution of municipal securities.
 OTHER STATE FUNDS
 AZ Novena Arizona Premium Income
 Municipal Fund $.0650 -$.0030 -
 NC Novena Connecticut Premium Inc.
 MN. Fund $.0605 - -
 NF Nuveen Florida Investment Quality
 Municipal Fund $.0825 - -
 NUF Nuveen Florida Quality Income
 Municipal Fund $.0760 - $.0110
 NFL Nuveen Florida Ins. Prem. Income
 Muni. Fund $.0650 - -
 NFP Nuveen Ins. Florida Premium Inc.
 Muni. Fund 2 $.0605 - -
 NFO Nuveen Florida Premium Income
 Municipal Fund $.0625 - -
 NPG Nuveen Georgia Premium Income
 Muni. Fund $.0620 - -
 NMY Nuveen Maryland Premium Income
 Muni. Fund $.0630 - -
 NDM Nuveen Maryland Premium Income
 Muni. Fund 2 $.0570 - -
 NMT Nuveen Massachusetts Prem. Inc.
 Muni. Fund $.0600 - -
 NUM Nuveen Michigan Quality Income
 Municipal Fund $.0800 +.0025 $.0400
 NMP Nuveen Michigan premium Income
 Muni. Fund $.0675 - -
 NMH Nuveen Michigan Premium Income
 Muni. Fund 2 $.0635 - -
 NOM Nuveen Missouri Premium Income
 Muni. Fund $.0595 - -
 NQJ Nuveen NJ Investment Quality
 Municipal Fund, Inc. $.0810 +.0010 $.0315
 NUJ Nuveen NJ Quality Income Municipal
 Fund, Inc. $.0785 +.0010 $.0440
 NNJ Nuveen NJ Premium Income Municipal
 Fund $.0640 -.0030 -
 NJP NuveenNew Jersey Premium Inc.
 Muni. Fund 2 $.0625 - -
 NJU Nuveen New Jersey Premium Inc.
 Muni. Fund 3 $.0605 - -
 NNC Nuveen North Carolina Premium
 Inc. Muni. Fund $.0600 - -
 NUO Nuveen Ohio Quality Income
 Municipal Fund, Inc. $.0755 +.0015 $.0420
 NOH Nuveen Ohio Premium Income
 Municipal Fund $.0650 - -
 NOO Nuveen Ohio Premium Income
 Municipal Fund 2 $.0570 - -
 NQP Nuveen Penn. Investment Quality
 Municipal Fund $.0880 +.0015 $.0380
 NUP Nuveen Penn. Quality Income
 Municipal Fund $.0785 - $.0115
 NPA Nuveen Penn. Premium Income
 Municipal Fund $.0715 - -
 NPY Nuveen Penn. Premium Income
 Municipal Fund 2 $.0650 - -
 NAP Nuveen Penn. Premium Income
 Municipal Fund 3 $.0630 - -
 NTX Nuveen Texas Quality Income
 Municipal Fund, Inc. $.0800 +.0020 $.0350
 NTE Nuveen Texas Premium Income
 Municipal Fund $.0690 - -
 NPV Nuveen Virginia Premium Income
 Municiapl Fund $.0650 - -
 NVI Nuveen Virginia Premium Income
 Municipal Fund 2 $.0570 - -
 NPW Nuveen Washington Premium Inc.
 Municipal Fund $.0635 - -
 UNLEVERAGED FUNDS AND PORTFOLIOS Tax-Free Change
 Dividend from
 per share prev.
 month
 National Funds and Portfolios
 NUV Nuveen Municipal Value Fund, Inc. $.0570 -
 NMI Nuveen Municipal Income Fund, Inc. $.0675 -
 NIM Nuveen Select Maturities Muni Fund $.0536 -
 NXP Nuveen Select Tax-Free Income Portfolio $.0790 -
 NXQ Nuveen Select Tax-Free Income Portfolio2 $.0756 -
 NXR Nuveen Select Tax-Free Income Portfolio3 $.0700 -
 NXS Nuveen Select Tax-Free Income Portfolio4 $.0700 -
 CALIFORNIA FUNDS AND PORTFOLIOS
 NCA Nuveen California Municipal Value Fund, Inc.$.0550 -
 NCM Nuveen California Municipal Income Fund,Inc.$.0610 -
 NEW YORK FUNDS AND PORTFOLIOS
 NNY Nuveen New York Municipal Value Fund, Inc. $.0545 -
 NNM Nuveen New York Municipal Income Fund, Inc. $.0625 -
 NXN Nuveen Insured NY Select Tax-Free Income
 Portfolio $.0650 -
 All the dividends declared today are payable Dec. 1 to shareholders of record Nov. 15. The ex-dividend date for all funds is Nov. 8. These funds are all pay monthly dividends that are exempt from federal income taxes.
 -0- 11/1/93
 /CONTACT: Jeff Kratz of Nuveen, 312-917-7749/


CO: Nuveen Advisory Corporation ST: Illinois IN: FIN SU: DIV

TM -- NY101 -- 9412 11/01/93 22:28 EST
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No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

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