<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>3
<FILENAME>nuv1001ltr.txt
<TEXT>


REPORT OF
INDEPENDENT
AUDITORS


The Board of Directors and Trustees
Nuveen Exchange-Traded Funds

In planning and performing our audit of the financial
statements of each of the Nuveen Exchange-Traded
Funds listed in Exhibit A attached hereto (the "Funds")
for the year ended October 31, 2001, we considered its
internal control, including control activities for
safeguarding securities, in order to determine our
auditing procedures for the purpose of expressing our
opinion on the financial statements and to comply with
the requirements of Form N-SAR, not to provide
assurance on internal control.

The management of the Funds is responsible for
establishing and maintaining internal control.  In
fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefits
and related costs of controls. Generally, controls that are
relevant to an audit pertain to the entity's objective of
preparing financial statements for external purposes that
are fairly presented in conformity with generally
accepted accounting principles.  Those controls include
the safeguarding of assets against unauthorized
acquisition, use, or disposition.


Because of inherent limitations in internal control, error
or fraud may occur and not be detected.  Also,
projection of any evaluation of internal control to future
periods is subject to the risk that it may become
inadequate because of changes in conditions or that the
effectiveness of the design and operation may
deteriorate.

Our consideration of internal control would not
necessarily disclose all matters in internal control that
might be material weaknesses under standards
established by the American Institute of Certified Public
Accountants. A material weakness is a condition in
which the design or operation of one or more of the
specific internal control components does not reduce to
a relatively low level the risk that errors or fraud in
amounts that would be material in relation to the
financial statements being audited may occur and not be
detected within a timely period by employees in the
normal course of performing their assigned functions.
However, we noted no matters involving internal control
and its operation, including control activities for
safeguarding securities that we consider to be material
weaknesses as defined above as of October 31, 2001.

This report is intended solely for the information and
use of management, the Board of Directors and Trustees
of the Funds and the Securities and Exchange
Commission and is not intended to be and should not be
used by anyone other than these specified parties.


/s/ ERNST & YOUNG LLP

Chicago, Illinois
December 10, 2001


Exhibit A


Nuveen Municipal Value Fund, Inc.
Nuveen Municipal Income Fund, Inc.
Nuveen Select Quality Municipal Fund, Inc.
Nuveen Quality Income Municipal Fund, Inc.
Nuveen Investment Quality Municipal Fund, Inc.
Nuveen Premier Municipal Income Fund, Inc.
Nuveen Premium Income Municipal Fund, Inc.
Nuveen Premium Income Municipal Fund 2, Inc.
Nuveen Premium Income Municipal Fund 4, Inc.
Nuveen Insured Quality Municipal Fund, Inc.
Nuveen Insured Municipal Opportunity Fund, Inc.
Nuveen Premier Insured Municipal Income Fund,
Inc.
Nuveen Insured Premium Income Municipal Fund 2
Nuveen Performance Plus Municipal Fund, Inc.
Nuveen Municipal Advantage Fund, Inc.
Nuveen Municipal Market Opportunity Fund, Inc.
Nuveen Dividend Advantage Municipal Fund
Nuveen Dividend Advantage Municipal Fund 2
Nuveen Dividend Advantage Municipal Fund 3







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