<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>2
<FILENAME>auditltr804.txt
<TEXT>


Report of Independent Registered Public Accounting
Firm

To the Shareholders and 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, 2004, we considered their
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 entitys objective of
preparing financial statements for external purposes that
are fairly presented in conformity with U.S. 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 of the
Public Company Accounting Oversight Board (United
States). 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 August 31, 2004.

This report is intended solely for the information and
use of management and the Board of Trustees/Directors
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 15, 2004

Exhibit A

Nuveen California Municipal Value Fund, Inc. (NCA)
Nuveen California Performance Plus Municipal Fund,
Inc. (NCP)
Nuveen California Municipal Market Opportunity Fund,
Inc.  (NCO)
Nuveen California Investment Quality Municipal Fund,
Inc. (NQC)
Nuveen California Select Quality Municipal Fund, Inc.
(NVC)
Nuveen California Quality Income Municipal Fund, Inc.
(NUC)
Nuveen Insured California Premium Income Municipal
Fund, Inc.  (NPC)
Nuveen Insured California Premium Income Municipal
Fund 2, Inc. (NCL)
Nuveen California Premium Income Municipal Fund
(NCU)
Nuveen California Dividend Advantage Municipal Fund
(NAC)
Nuveen California Dividend Advantage Municipal Fund
2 (NVX)
Nuveen California Dividend Advantage Municipal Fund
3 (NZH)
Nuveen Insured California Dividend Advantage
Municipal Fund (NKL)
Nuveen Insured California Tax-Free Advantage
Municipal Fund (NKX)






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