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NUVEEN TAX-FREE LEVERAGED FUNDS DECLARE SECOND, INCREASED SUPPLEMENTAL DIVIDENDS

 NUVEEN TAX-FREE LEVERAGED FUNDS DECLARE SECOND,
 INCREASED SUPPLEMENTAL DIVIDENDS
 CHICAGO, Nov. 2 /PRNewswire/ -- Twenty-five Nuveen leveraged tax- free exchange-traded funds today declared supplemental tax-free dividends to shareholders, in addition to regular monthly dividends. One of these funds also declared an increase in its regular monthly dividend.
 For 21 of the 25 funds, these are the second supplemental tax-free dividends declared in the past three months. All of these extra dividends are larger than the first, with one exception where the second supplemental dividend is equal to the first.
 "Low short-term municipal market rates and the current steepness of the 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. "This permits these funds to pay these supplemental tax-free dividends to common shareholders. If these market conditions persist, future supplemental dividends for many Nuveen funds certainly are possible."
 Eighteen other Nuveen tax-free exchange-traded funds and portfolios also declared monthly dividends today. One of those declared an increase, one declared its first dividend and two declared very slight dividend reductions.
 "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 announce 25 supplemental dividends - many for the second quarter in a row."
 Franke explained that Nuveen leveraged tax-free funds issue both common and MuniPreferred (TM) shares. Assets raised by the sale of MuniPreferred shares are invested in the fund's long-term, investment- grade quality portfolio, while MuniPreferred shareholders are paid dividends based on short-term rates. Any difference between the net earnings of MuniPreferred share assets and the dividends paid to MuniPreferred shareholders accrues to the benefit of the fund's common shareholders.
 "When short-term rates are consistently lower than the levels 'budgeted' by the fund when establishing its stable, regular dividend, this creates extra income for common shareholders," Franke said. "This has been especially true recently, since many of our funds established their current, regular dividends assuming MuniPreferred rates much higher than today's rates."
 Franke pointed out that Nuveen leveraged funds are designed to take advantage of the usual upward slope of the municipal market yield curve and to provide above market total returns over a complete market cycle. He said these special dividends are one important way to supplement those returns and provide value to shareholders.
 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. .0970 - .0420
 NPP Nuveen Performance Plus Municipal
 Fund, Inc. .0900 - .0285
 NMA Nuveen Municipal Advantage Fund, Inc .0935 - .0355
 NMO Nuveen Municipal Market Opportunity
 Fund, Inc. .0940 - .0235
 NQM Nuveen Investment Quality Municipal
 Fund, Inc. .0950 - .0200
 NQI Nuveen Insured Quality Municipal
 Fund, Inc. .0870 - .0350
 NQS Nuveen Select Quality Municipal
 Fund, Inc. .0880 - .0400
 NQU Nuveen Quality Income Municipal
 Fund, Inc. .0840 - .0250
 NIO Nuveen Insured Municipal Opportunity
 Fund, Inc. .0785 - .0160
 NPF Nuveen Premier Municipal Income
 Fund, Inc. .0800 - -
 NIF Nuveen Premier Insured Municipal
 Income Fund, Inc. .0750 - -
 NPM Nuveen Premier Income Municipal
 Fund 2 .0756 - -
 CALIFORNIA FUNDS
 NCP Nuveen Cal. Performance Plus Municipal
 Fund, Inc. .0860 - .0260
 NCO Nuveen Cal. Muni. Market Opportunity
 Fund, Inc. .0850 - .0280
 NQC Nuveen Cal. Investment Quality Municipal
 Fund, Inc. .0840 - .0215
 NVC Nuveen Cal. Select Quality
 Municipal Fund, Inc. .0810 - .0225
 NUC Nuveen Cal. Quality Income Municipal
 Fund, Inc. .0760 .0010 .0150
 NEW YORK FUNDS
 NNP Nuveen N.Y. Performance Plus
 Municipal Fund, Inc. .0910 - .0280
 NNO Nuveen N.Y. Municipal Market
 Opportunity Fund, Inc. .0900 - .0365
 NQN Nuveen N.Y. Investment Quality
 Municipal Fund, Inc. .0865 - .0150
 NVN Nuveen N.Y. Select Quality
 Municipal Fund, Inc. .0795 - .0200
 NUN Nuveen N.Y. Quality Income Municipal
 Fund, Inc. .0738 - -
 OTHER STATE FUNDS
 NQF Nuveen Florida Investment Quality
 Municipal Fund .0825 - .0130
 NUF Nuveen Florida Quality Income
 Municipal Fund .0760 - .0120
 NUM Nuveen Michigan Quality Income
 Municipal Fund .0755 - -
 NQJ Nuveen N.J. Investment Quality
 Municipal Fund, Inc. .0775 - .0075
 NUJ Nuveen N.J. Quality Income Municipal
 Fund, Inc. .0750 - .0260
 NUO Nuveen Ohio Quality Income
 Municipal Fund, Inc. .0730 - -
 NQP Nuveen Penn. Quality Income
 Municipal Fund .0770 - .0240
 NTX Nuveen Texas Quality Income
 Municipal Fund, Inc. .0755 - .0070
 UNLEVERAGED FUNDS AND PORTFOLIOS Tax-Free Change
 Dividend from
 per share previous
 month
 NUV Nuveen Municipal Value Fund, Inc. $.0580 -
 NMI Nuveen Municipal Income Fund, Inc. .0685 ($.0025)
 NXP Nuveen Select Tax-Free Income Portfolio .0790 -
 NXQ Nuveen Select Tax-Free Income Portfolio 2 .0756 -
 NXR Nuveen Select Tax-Free Income Portfolio 3 .0706 -
 NXS Nuveen Select Tax-Free Income Portfolio 4 .0727 (1st dividend)
 CALIFORNIA FUNDS AND PORTFOLIOS
 NCA Nuveen California Municipal
 Value Fund, Inc. .0560 .0005
 NCM Nuveen California Municipal Income Fund,Inc. .0635 -
 NXC Nuveen Insured Cal. Select Tax-Free
 Income Portfolio .0681 -
 NEW YORK FUNDS AND PORTFOLIOS
 NNY Nuveen New York Municipal Value Fund, Inc. .0563 -
 NNM Nuveen New York Municipal Income Fund, Inc. .0640 (.0015)
 NXN Nuveen Insured N.Y. Select Tax-Free Income
 Portfolio .0668 -
 All the dividends declared today are payable Dec. 1 to shareholders of record Nov. 15. The ex-dividend date for all funds is Nov. 6. These funds are all traded on the New York Stock Exchange, with the exception of the Nuveen New York Municipal Income Fund which is traded on the American Stock Exchange.
 The regular monthly dividends and supplemental dividends are exempt from federal income taxes. In addition, dividends paid by the 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.
 Nuveen exchange-traded funds are managed by Nuveen Advisory Corp. and the exchange-traded portfolios are managed by Nuveen Institutional Advisory Corp., both are 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- 11/2/92
 /CONTACT: Jeff Kratz of Nuveen, 312-917-7749/ CO: Nuveen ST: Illinois IN: FIN SU: DIV


KD -- NY094 -- 1807 11/02/92 17:25 EST
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Date:Nov 2, 1992
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