EX-99

Report of Independent Auditors

The Board of 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, 2003, 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 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 October
31, 2003.

This report is intended solely for the information and
use of management and the Board of Directors/Trustees
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 12, 2003

Exhibit A


Nuveen Municipal Value Fund, Inc.
Nuveen Municipal Income Fund, Inc.
Nuveen Performance Plus Municipal Fund, Inc.
Nuveen Municipal Advantage Fund, Inc.
Nuveen Municipal Market Opportunity Fund, Inc.
Nuveen Investment Quality Municipal Fund, Inc.
Nuveen Select Quality Municipal Fund, Inc.
Nuveen Quality Income 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 Dividend Advantage Municipal Fund
Nuveen Dividend Advantage Municipal Fund 2
Nuveen Dividend Advantage Municipal Fund 3
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 Insured Dividend Advantage Municipal Fund
Nuveen Insured Tax-Free Advantage Municipal Fund
Nuveen Real Estate Income Fund

EX-99

Form N-SAR, Sub-Item 77C
Submission of matters to a vote of security holders

Nuveen Premier Municipal Income Fund, Inc.
33-43778, 811-06456

An annual meeting of the shareholders of the
Nuveen Premier Municipal Income Fund, Inc. (the
Fund) was held on July 28, 2003.

The purpose of the meeting was to

1. elect twelve (12) trustees to serve until their
2. successors shall have been duly elected and
3. qualified;
4. approve changes to the Funds fundamental
5. investment policies.
6. To approve an Agreement and Plan of
7. Reorganization and Liquidation and the
8. transactions contemplated thereby, the net
9. effect of which would be to reorganize the
10. Fund into a newly created Massachusetts
11. business trust.


1. Twelve trustees in total were elected by the
2. shareholders, to serve until the next Annual
3. Meeting and until successors shall have been
4. duly elected and qualified.  The Trustees
5. elected to serve are listed below.

William E. Bennett
Robert P. Bremner
Lawrence H. Brown
Jack B. Evans
Anne E. Impellizzeri
William L. Kissick
Thomas E. Leafstrand
Peter R. Sawers
William J. Schneider
Judith M. Stockdale
Timothy R. Schwertfeger
Sheila W. Wellington

The twelve trustees noted above constitute the total
number of trustees in office at October 31, 2003.

2. Approval of changes to the Funds
3. fundamental
4. investment policies:

To approve a change to a fundamental investment
restriction with respect to lending:

The number of common shares voted in the
affirmative:  7,770,500
and
the number of negative votes:  604,947

The number of Munipreferred shares voted in the
affirmative:  1,341
and
the number of negative votes:  82


To approve a change to a fundamental investment
restriction with respect to borrowing:

The number of common shares voted in the
affirmative:  7,745,112
and
the number of negative votes:  638,348


The number of Munipreferred shares voted in the
affirmative:  1,335
and
the number of negative votes:  84


In the matter of approving an Agreement and Plan of
Reorganization and the transactions contemplated
thereby:

The number of common shares voted in the
affirmative:  7,844,899
and
the number of negative votes:  519,736

The number of Munipreferred shares voted in the
 affirmative:  1,329
and
the number of negative votes:  84


Proxy materials are herein incorporated by reference
to the SEC filing on June 16, 2003, under
Conformed Submission Type DEF N-14/A,
accession
number 0000950137-03-003407