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<TYPE>EX-99
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<FILENAME>audit902.txt
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REPORT OF INDEPENDENT AUDITORS


The Board of Trustees/Directors
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 September 30, 2002, 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, and 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 accounting
principles generally accepted in the United States.
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
internal control components does not reduce to a
relatively low level the risk that misstatements caused by
error 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
controls for safeguarding securities, that we consider to
be material weaknesses as defined above as of
September 30, 2002.


This report is intended solely for the information and use
of the Board of Trustees/Directors and management 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
November 11, 2002


Exhibit A

Nuveen New York Municipal
Value Fund, Inc.

Nuveen New York Performance
Plus Municipal Fund, Inc.

Nuveen New York Investment
Quality Municipal Fund, Inc.

Nuveen New York Select Quality
Municipal Fund, Inc.

Nuveen New York Quality
Income Municipal Fund, Inc.

Nuveen Insured New York
Premium Income Municipal
Fund, Inc.

Nuveen New York Dividend
Advantage Municipal Fund

Nuveen New York Dividend
Advantage Municipal Fund 2

Nuveen Insured New York

Dividend Advantage Municipal

Fund








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