<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>3
<FILENAME>ltraudit802.txt
<TEXT>

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 August 31, 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, and that we consider to be material weaknesses as defined
above as of August 31, 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
October 11, 2002

Exhibit A

Nuveen California Municipal Value Fund, Inc.

Nuveen California Performance Plus Municipal
Fund, Inc.

Nuveen California Municipal Market
Opportunity Municipal Fund, Inc.

Nuveen California Investment Quality Municipal
Fund, Inc.

Nuveen California Select Quality Municipal
Fund, Inc.

Nuveen California Quality Income Municipal
Fund, Inc.

Nuveen Insured California Premium Income
Municipal Fund, Inc.

Nuveen Insured California Premium Income
Municipal Fund 2, Inc.

Nuveen California Premium Income Municipal
Fund

Nuveen California Dividend Advantage
Municipal Fund

Nuveen California Dividend Advantage
Municipal Fund 2

Nuveen California Dividend Advantage
Municipal Fund 3

Nuveen Insured California Dividend Advantage

Municipal Fund







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