REPORT OF INDEPENDENT
AUDITORS
The Board of 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 October 31,
2000, we considered its internal control, including control
activities for safeguarding securities, 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 internal control.
Generally, internal 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 internal
controls include the safeguarding of assets against unauthorized
acquisition, use, or disposition.
Because of inherent limitations in any internal control,
misstatements due to errors or fraud may occur and not be
detected. Also, projections of any evaluation of internal control
to future periods are subject to the risk that internal control may
become inadequate because of changes in conditions, or that the
degree of compliance with the policies or procedures 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, including control activities for safeguarding securities,
and its operation that we consider to be material weaknesses as
defined above as of October 31, 2000.
This report is intended solely for the information and use of the
Board of Directors and management of the Nuveen Exchange-
Traded 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 18, 2000
Exhibit A
Funds with October Fiscal Year End
Nuveen Performance Plus Municipal Fund, Inc.
Nuveen Municipal Advantage Fund, Inc
Nuveen Municipal Market Opportunity Fund, Inc.
Nuveen Dividend Advantage Municipal Fund
