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NUVEEN EXCHANGE-TRADED FUNDS DECLARE TAX-FREE DIVIDENDS

 NUVEEN EXCHANGE-TRADED FUNDS DECLARE TAX-FREE DIVIDENDS
 CHICAGO, Aug. 3 /PRNewswire/ -- Twenty-one Nuveen leveraged tax-free exchange traded funds today declared special supplemental tax-free dividends to shareholders, in addition to regular monthly dividends. Nine of these funds also announced increases in their regular monthly tax-free dividends.
 Twenty-eight Nuveen tax-free exchange-traded funds and portfolios declared unchanged regular monthly dividends. One tax-free portfolio declared its first monthly dividend.
 "Given municipal market conditions over the past year, a number of our dual-class funds have been able to earn more than their stable, established dividends because of low short-term rates," said Richard J. Franke, Nuveen's chairman. "Shareholders of our funds have been actively benefiting from this through a rise in the net asset values of their investments. The increased and special supplemental tax-free dividends announced today will help investors realize a portion of this enhanced value of their Nuveen investment."
 Franke explained that a dual-class fund issues both common and preferred shares. Assets raised by the sale of preferred shares are invested in long-term bonds, while preferred shareholders are paid dividends based on short-term rates. Any leverage provided by the difference between the earnings of preferred share assets and the dividend paid to preferred shareholders accrues to the benefit of the fund's common shareholders.
 Franke said that leveraged funds are designed to take advantage of the traditional upward slope of the municipal market yield curve. He said that the slope has been especially steep recently, giving rise to the special supplemental tax-free dividends declared today.
 Franke also announced that the leveraged funds' board of directors has approved a plan permitting the funds to extend their dividend reset periods of their preferred stock to one, three or five years from the current seven or 28 days. He said this extension is designed to allow the funds to secure for common shareholders the dividend-enhancing benefits of the funds' leveraged class structures for a prolonged period of time by locking in the value of today's lower short-term rates and making the funds' earnings rates less vulnerable to fluctuations in short-term tax-free rates.
 Dividends declared today include:
 DUAL-STOCK FUNDS
 STOCK SYMBOL AND FUND TAX-FREE CHANGE SPECIAL
 DIVIDEND FROM SUPPLEMENTAL
 PER SHARE PREVIOUS TAX-FREE
 NATIONAL FUNDS MONTH DIVIDEND
 NPI Nuveen Premium Income
 Municipal Fund, Inc. $.0970 $.0020 $.0350
 NPP Nuveen Performance
 Plus Municipal Fund, Inc. $.0900 $.0030 $.0110
 NMA Nuveen Municipal
 Advantage Fund, Inc. $.0935 $.0010 $.0170
 NMO Nuveen Municipal Market
 Opportunity Fund, Inc. $.0940 --- $.0100
 NQM Nuveen Investment
 Quality Municipal Fund, Inc. $.0950 --- $.0170
 NQI Nuveen Insured Quality
 Municipal Fund, Inc. $.0870 --- $.0230
 NQS Nuveen Select Quality
 Municipal Fund, Inc. $.0880 $.0030 $.0240
 NQU Nuveen Quality Income
 Municipal Fund, Inc. $.0840 --- $.0110
 NIO Nuveen Insured Municipal
 Opportunity Fund, Inc. $.0785 --- $.0100
 NPF Nuveen Premier Municipal
 Income Fund, Inc. $.0800 --- ---
 NIF Nuveen Premier Insured
 Municipal Income Fund, Inc. $.0750 --- ---
 CALIFORNIA FUNDS
 NCP Nuveen Cal. Performance
 Plus Municipal Fund, Inc. $.0860 $.0010 $.0160
 NCO Nuveen Cal. Muni. Market
 Opportunity Fund, Inc. $.0850 --- $.0150
 NQC Nuveen Cal. Investment
 Quality Municipal Fund, Inc. $.0840 --- $.0120
 NVC Nuveen Cal. Select Quality
 Municipal Fund, Inc. $.0810 --- $.0050
 NUC Nuveen Cal. Quality Income
 Municipal Fund, Inc. $.0750 --- ---
 NEW YORK FUNDS
 NNP Nuveen N.Y. Performance
 Plus Municipal Fund, Inc. $.0910 $.0025 $.0170
 NNO Nuveen N.Y. Muni. Market
 Opportunity Fund, Inc. $.0900 --- $.0230
 NQN Nuveen N.Y. Investment
 Quality Municipal Fund, Inc. $.0865 --- $.0150
 NVN Nuveen N.Y. Select Quality
 Municipal Fund, Inc. $.0795 --- $.0070
 NUN Nuveen N.Y. Quality Income
 Municipal Fund, Inc. $.0738 --- ---
 OTHER STATE FUNDS
 NQF Nuveen Florida Investment
 Quality Municipal Fund $.0825 --- $.0050
 NUF Nuveen Florida Quality
 Income Municipal Fund $.0760 --- ---
 NUM Nuveen Michigan Quality
 Income Municipal Fund $.0755 --- ---
 NQJ Nuveen N.J. Investment
 Quality Municipal Fund, Inc. $.0775 --- ---
 NUJ Nuveen N.J. Quality
 Income Municipal Fund, Inc. $.0750 $.0010 $.0100
 NUO Nuveen Ohio Quality
 Income Municipal Fund, Inc. $.0730 --- ---
 NQP Nuveen Penn. Investment
 Quality Municipal Fund $.0835 $.0005 $.0100
 NUP Nuveen Penn. Quality Income
 Municipal Fund $.0770 $.0005 $.0120
 NTX Nuveen Texas Quality Income
 Municipal Fund, Inc. $.0755 --- ---
 SINGLE-CLASS FUNDS AND PORTFOLIOS
 TAX-FREE CHANGE
 DIVIDEND FROM PREV.
 PER SHARE MONTH
 NATIONAL FUNDS AND PORTFOLIOS
 NUV Nuveen Municipal Value Fund, Inc. $.0590 ---
 NMI Nuveen Municipal Income Fund, Inc. $.0710 ---
 NXP Nuveen Select Tax-Free
 Income Portfolio $.0790 ---
 NXQ Nuveen Select Tax-Free
 Income Portfolio 2 $.0756 (first div.)
 CALIFORNIA FUNDS
 NCA Nuveen California Municipal
 Value Fund, Inc. $.0555 ---
 NCM Nuveen California Municipal
 Income Fund, Inc. $.0665 ---
 NEW YORK FUNDS
 NNY Nuveen New York Municipal
 Value Fund, Inc. $.0563 ---
 NNM Nuveen New York Municipal
 Income Fund, Inc. $.0655 ---
 All the dividends declared today are payable Sept. 1 to
 shareholders of record Aug. 15. The ex-dividend date for all funds
 is Aug. 10. These funds are all exchange-traded municipal bond
 funds. Their monthly dividends and special supplemental dividends
 are exempt from federal income taxes. In addition, dividends paid
 by the California, New York, Michigan, Ohio, New Jersey and
 Pennsylvania funds are also exempt from state and local income taxes
 for residents of those states.
 Earnings of the funds may include income from private activity
 bonds, which may be subject to the federal alternative minimum tax
 for some individuals.
 All of the funds are listed on the New York Stock Exchange,
 except for the Nuveen New York Municipal Income Fund, which is
 listed on the American Stock Exchange.
 Nuveen exchange-traded funds are managed by Nuveen Advisory
 Corp. and the exchange-traded portfolios are managed by Nuveen
 Institutional Advisory Corp., both wholly owned subsidiaries of John
 Nuveen & Co. Incorporated, which has sponsored more than $50 billion
 of tax-free trusts and funds. Founded in 1898 and headquartered in
 Chicago, Nuveen is the nation's oldest and largest investment
 banking firm specializing in municipal securities.
 -0- 8/3/92
 /CONTACT: Jeff Kratz of Nuveen, 312-917-7749/ CO: John Nuveen & Co. Incorporated ST: Illinois IN: FIN SU: DIV


TM -- NY070 -- 6312 08/03/92 16:32 EDT
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No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

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Date:Aug 3, 1992
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