Investment Company Act file number 811-21212
Nuveen Insured California Tax-Free Advantage Municipal Fund
(Exact name of registrant as specified in charter)
333 West Wacker Drive, Chicago, Illinois, 60606
Address of principal executive offices) (Zip code)
Jessica R. DroegerVice President and Secretary
333 West Wacker Drive, Chicago, Illinois, 60606
(Name and address of agent for service)
Registrant's telephone number, including area code: 312-917-7700
Date of fiscal year end: 08/31
Date of reporting period: 11/30/04
Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget (OMB) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
Item 1. Schedule of Investments
Portfolio of Investments (Unaudited)
Nuveen Insured California Tax-Free Advantage Municipal Fund (NKX)
November 30, 2004
Principal |
Optional Call |
Market |
||||
---|---|---|---|---|---|---|
Amount (000) |
Description(1) |
Provisions* |
Ratings** |
Value |
||
Consumer Staples - 2.1% (1.4% of Total Investments) |
||||||
|
||||||
$ | 1,625 |
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed |
6/13 at 100.00 |
BBB |
$ 1,767,399 |
|
Revenue Bonds, Series 2003A-2, 7.900%, 6/01/42 |
||||||
Healthcare - 18.8% (12.4% of Total Investments) |
||||||
|
||||||
2,700 |
California Health Facilities Financing Authority, Revenue Bonds, Cedars-Sinai Medical Center, |
12/09 at 101.00 |
A3 |
2,889,108 |
||
Series 1999A, 6.250%, 12/01/34 |
||||||
1,500 |
California Health Facilities Financing Authority, Revenue Bonds, UCSF - Stanford Healthcare, Series |
11/08 at 101.00 |
AAA |
1,514,580 |
||
1998A, 5.000%, 11/15/31 - FSA Insured |
||||||
1,800 |
California Infrastructure Economic Development Bank, Revenue Bonds, Kaiser Hospital Assistance LLC, |
8/11 at 102.00 |
A |
1,850,706 |
||
Series 2001A, 5.550%, 8/01/31 |
||||||
6,000 |
California Statewide Community Development Authority, Revenue Refunding Bonds, Sherman Oaks Health |
No Opt. Call |
AAA |
6,381,480 |
||
System, Series 1998A, 5.000%, 8/01/22 - AMBAC Insured |
||||||
2,000 |
California Statewide Community Development Authority, Hospital Revenue Bonds, Monterey Peninsula |
6/13 at 100.00 |
AAA |
2,118,780 |
||
Hospital, Series 2003B, 5.250%, 6/01/23 - FSA Insured |
||||||
1,260 |
Rancho Mirage Joint Powers Financing Authority, California, Revenue Bonds, Eisenhower Medical |
7/14 at 100.00 |
A3 |
1,338,158 |
||
Center, Series 2004, 5.875%, 7/01/26 |
||||||
Long-Term Care - 5.8% (3.8% of Total Investments) |
||||||
|
||||||
1,000 |
ABAG Finance Authority for Non-Profit Corporations, California, Insured Senior Living Revenue |
11/12 at 100.00 |
A |
1,033,060 |
||
Bonds, Odd Fellows Home of California, Series 2003A, 5.200%, 11/15/22 |
||||||
2,000 |
California Health Facilities Financing Authority, Revenue Bonds, Northern California Retired |
1/13 at 100.00 |
A |
2,046,860 |
||
Officers Community Corporation - Paradise Valley Estates, Series 2002, 5.250%, 1/01/26 |
||||||
1,815 |
California Statewide Community Development Authority, Revenue Bonds, Jewish Home for the Aging, |
11/13 at 100.00 |
A |
1,886,021 |
||
Series 2003, 5.000%, 11/15/18 |
||||||
Tax Obligation/General - 48.4% (32.2% of Total Investments) |
||||||
|
||||||
1,000 |
Berryessa Union School District, Santa Clara County, California, General Obligation Bonds, Series |
8/12 at 100.00 |
AAA |
1,047,590 |
||
2003C, 5.000%, 8/01/21 - FSA Insured |
||||||
2,000 |
Butte-Glenn Community College District, Butte and Glenn Counties, California, General Obligation |
8/12 at 101.00 |
Aaa |
2,047,200 |
||
Bonds, Series 2002A, 5.000%, 8/01/26 - MBIA Insured |
||||||
California, General Obligation Refunding Bonds, Series 2002: |
||||||
1,500 |
5.000%, 2/01/12 |
No Opt. Call |
A |
1,634,055 |
||
3,750 |
5.000%, 4/01/27 - AMBAC Insured |
4/12 at 100.00 |
AAA |
3,803,775 |
||
3,000 |
5.250%, 4/01/30 - XLCA Insured |
4/12 at 100.00 |
AAA |
3,105,900 |
||
500 |
California, General Obligation Bonds, Series 2004, 5.250%, 4/01/34 |
4/14 at 100.00 |
A |
513,065 |
||
450 |
Fremont Unified School District, Alameda County, California, General Obligation Bonds, Series |
8/12 at 101.00 |
AAA |
463,532 |
||
2002A, 5.000%, 8/01/25 - FSA Insured |
||||||
Hacienda La Puente Unified School District, Los Angeles County, California, General Obligation |
||||||
Bonds, Series 2003B: |
||||||
4,500 |
5.000%, 8/01/26 - FSA Insured |
8/13 at 100.00 |
AAA |
4,606,200 |
||
2,030 |
5.000%, 8/01/27 - FSA Insured |
8/13 at 100.00 |
AAA |
2,069,199 |
||
2,000 |
Los Angeles, California, General Obligation Bonds, Series 2002A, 5.000%, 9/01/22 - |
9/12 at 100.00 |
AAA |
2,085,320 |
||
MBIA Insured |
||||||
10,750 |
Los Angeles Unified School District, California, General Obligation Bonds, Series 2003A, 5.000%, |
7/13 at 100.00 |
AAA |
11,249,768 |
||
7/01/22 - FSA Insured |
||||||
1,000 |
Murrieta Valley Unified School District, Riverside County, California, General Obligation Bonds, |
9/13 at 100.00 |
AAA |
1,023,780 |
||
Series 2003A, 5.000%, 9/01/26 - FGIC Insured |
||||||
3,000 |
San Diego Unified School District, California, General Obligation Bonds, Election of 1998, Series |
7/10 at 100.00 |
AAA |
3,120,870 |
||
2000B, 5.125%, 7/01/22 - MBIA Insured |
||||||
3,855 |
San Rafael City High School District, Marin County, California, General Obligation Bonds, Series |
8/12 at 100.00 |
AAA |
3,914,868 |
||
2003A, 5.000%, 8/01/28 - FSA Insured |
||||||
905 |
San Rafael Elementary School District, Marin County, California, General Obligation Bonds, Series |
8/12 at 100.00 |
AAA |
919,055 |
||
2003C, 5.000%, 8/01/28 - MBIA Insured |
||||||
Tax Obligation/Limited - 43.1% (28.6% of Total Investments) |
||||||
|
||||||
550 |
Baldwin Park Public Financing Authority, California, Sales Tax and Tax Allocation Bonds, Puente |
8/13 at 102.00 |
BBB |
558,872 |
||
Merced Redevelopment Project, Series 2003, 5.250%, 8/01/21 |
||||||
2,025 |
Burbank Public Financing Authority, California, Revenue Refunding Bonds, Golden State Redevelopment |
12/13 at 100.00 |
AAA |
2,169,686 |
||
Project, Series 2003A, 5.250%, 12/01/22 - AMBAC Insured |
||||||
4,000 |
California State Public Works Board, Lease Revenue Bonds, Department of General Services, Capital |
12/12 at 100.00 |
AAA |
4,053,960 |
||
East End, Series 2002A, 5.000%, 12/01/27 - AMBAC Insured |
||||||
2,000 |
California State Public Works Board, Lease Revenue Bonds, Department of Corrections, Series 2003C, |
12/13 at 100.00 |
A- |
2,205,060 |
||
5.500%, 6/01/16 |
||||||
1,610 |
Folsom Public Financing Authority, California, Special Tax Revenue Bonds, Series 2004A, 5.000%, |
9/12 at 102.00 |
AAA |
1,697,069 |
||
9/01/21 - AMBAC Insured |
||||||
5,540 |
Irvine Public Facilities and Infrastructure Authority, California, Assessment Revenue Bonds, Series |
3/05 at 103.00 |
AAA |
5,713,070 |
||
2003C, 5.000%, 9/02/21 - AMBAC Insured |
||||||
2,000 |
Los Angeles, California, Certificates of Participation, Municipal Improvement Corporation, Series |
6/13 at 100.00 |
AAA |
2,013,080 |
||
2003AW, 5.000%, 6/01/33 - AMBAC Insured |
||||||
1,770 |
Los Angeles Unified School District, Los Angeles County, California, Certificates of Participation, |
10/12 at 100.00 |
AAA |
1,793,364 |
||
Series 2002C, Administration Building Project II, 5.000%, 10/01/27 - AMBAC Insured |
||||||
1,500 |
Los Osos, California, Improvement Bonds, Community Services Wastewater Assessment District 1, |
9/10 at 103.00 |
AAA |
1,509,465 |
||
Series 2002, 5.000%, 9/02/33 - MBIA Insured |
||||||
1,165 |
Poway, California, Housing Revenue Bonds, Poinsettia Mobile Home Park Project Revenue Bonds, Series |
5/13 at 102.00 |
BBB+ |
1,155,948 |
||
2003, 5.000%, 5/01/23 |
||||||
San Buenaventura, California, Certificates of Participation, Golf Course Financing Project, Series |
||||||
2002D: |
||||||
3,000 |
5.000%, 2/01/27 - AMBAC Insured |
2/12 at 100.00 |
AAA |
3,036,750 |
||
3,300 |
5.000%, 2/01/32 - AMBAC Insured |
2/12 at 100.00 |
AAA |
3,322,110 |
||
1,200 |
San Diego Redevelopment Agency, California, Subordinate Lien Tax Increment and Parking Revenue |
9/09 at 101.00 |
Baa2 |
1,213,836 |
||
Bonds, Centre City Project, Series 2003B, 5.250%, 9/01/26 |
||||||
1,220 |
San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, |
8/10 at 101.00 |
AAA |
1,226,991 |
||
Series 2002, 5.000%, 8/01/32 - MBIA Insured |
||||||
2,770 |
San Jose Financing Authority, California, Lease Revenue Refunding Bonds, Civic Center Project, |
6/12 at 100.00 |
AAA |
2,782,216 |
||
Series 2002B, 5.000%, 6/01/32 - AMBAC Insured |
||||||
2,390 |
Solano County, California, Certificates of Participation, Series 2002, 5.250%, 11/01/24 - MBIA |
11/12 at 100.00 |
AAA |
2,517,483 |
||
Insured |
||||||
Transportation - 13.9% (9.2% of Total Investments) |
||||||
|
||||||
5,480 |
Bay Area Governments Association, California, BART SFO Extension, Airport Premium Fare Revenue |
8/12 at 100.00 |
AAA |
5,572,119 |
||
Bonds, Series 2002A, 5.000%, 8/01/26 - AMBAC Insured |
||||||
2,000 |
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Series 1995A, |
1/10 at 100.00 |
BBB- |
1,782,500 |
||
5.000%, 1/01/35 |
||||||
3,135 |
San Francisco Airports Commission, California, Revenue Bonds, San Francisco International Airport, |
5/08 at 101.00 |
AAA |
3,204,221 |
||
Second Series Issue 16B, 5.000%, 5/01/24 - FSA Insured |
||||||
1,300 |
San Francisco Airports Commission, California, Revenue Bonds, San Francisco International Airport, |
5/10 at 101.00 |
AAA |
1,328,639 |
||
Second Series 2000, Issue 26B, 5.000%, 5/01/25 - FGIC Insured |
||||||
U.S. Guaranteed *** - 1.8% (1.2% of Total Investments) |
||||||
|
||||||
1,395 |
Southern California Metropolitan Water District, Water Revenue Bonds, Series 1997A, 5.000%, |
1/08 at 101.00 |
AAA |
1,518,039 |
||
7/01/30 (Pre-refunded to 1/01/08) - MBIA Insured |
||||||
Utilities - 5.4% (3.6% of Total Investments) |
||||||
|
||||||
1,000 |
Anaheim Public Finance Authority, California, Second Lien Electric Distribution Revenue Bonds, |
10/14 at 100.00 |
AAA |
1,083,420 |
||
Series 2004, 5.250%, 10/01/21 - MBIA Insured |
||||||
3,055 |
Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2001A-1, |
7/11 at 100.00 |
AAA |
3,258,066 |
||
5.250%, 7/01/22 - FSA Insured |
||||||
275 |
Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2003A-2, |
7/13 at 100.00 |
AAA |
289,393 |
||
5.000%, 7/01/21 - MBIA Insured |
||||||
Water and Sewer - 11.5% (7.6% of Total Investments) |
||||||
|
||||||
1,335 |
Manteca Financing Authority, California, Sewer Revenue Bonds, Series 2003B, 5.000%, 12/01/33 - |
12/13 at 100.00 |
Aaa |
1,372,807 |
||
MBIA Insured |
||||||
San Diego Public Facilities Financing Authority, California, Subordinate Lien Water Revenue Bonds, |
||||||
Series 2002: |
||||||
3,000 |
5.000%, 8/01/22 - MBIA Insured |
8/12 at 100.00 |
AAA |
3,126,840 |
||
2,500 |
5.000%, 8/01/23 - MBIA Insured |
8/12 at 100.00 |
AAA |
2,594,125 |
||
1,180 |
South Feather Water and Power Agency, California, Water Revenue Certificates of Participation, |
4/13 at 100.00 |
BBB |
1,171,504 |
||
Solar Photovoltaic Project, Series 2003, 5.375%, 4/01/24 |
||||||
1,600 |
Sunnyvale Financing Authority, California, Water and Wastewater Revenue Bonds, Series 2001, |
10/11 at 100.00 |
AAA |
1,627,213 |
||
5.000%, 10/01/26 - AMBAC Insured |
||||||
$ | 125,235 |
Total Long-Term Investments (cost $126,061,610) - 150.8% |
129,328,175 |
|||
Other Assets Less Liabilities - 1.7% |
1,405,586 |
|||||
Preferred Shares, at Liquidation Value - (52.5)% |
(45,000,000) |
|||||
Net Assets Applicable to Common Shares - 100% |
$85,733,761 |
|||||
|
Forward Swap Transactions outstanding at November 30, 2004: |
Swap | Unrealized | |||||
---|---|---|---|---|---|---|
Notional |
Effective |
Termination |
Appreciation |
|||
Amount | Date(2) | Date | (Depreciation) |
|||
Agreement with Morgan Stanley dated August 4, 2004, |
||||||
to pay semi-annually the notional amount multiplied by |
||||||
5.660% (annualized) and receive quarterly the notional |
||||||
amount multiplied by the three-month USD-LIBOR |
||||||
(United States Dollar - London Inter-Bank Offered Rates). |
$3,800,000 |
2/16/05 |
2/16/35 |
$(132,016) |
||
Agreement with Morgan Stanley dated August 5, 2004, |
||||||
to pay quarterly the notional amount multiplied by |
||||||
4.337% (annualized) and receive quarterly the notional |
||||||
amount multiplied by the one-week BMA (Bond Market |
||||||
Association) Municipal Swap Index for the quarter. |
4,700,000 |
12/09/04 |
12/09/24 |
(66,333) |
||
Agreement with Morgan Stanley dated August 10, 2004, |
||||||
to pay semi-annually the notional amount multiplied by |
||||||
5.489% (annualized) and receive quarterly the notional |
||||||
amount multiplied by the three-month USD-LIBOR |
||||||
(United States Dollar - London Inter-Bank Offered Rates). |
1,100,000 |
1/14/05 |
1/14/35 |
(13,047) |
||
$(211,396) |
||||||
|
At least 80% of the Fund's net assets (including net assets applicable to Preferred shares) are invested in |
||
municipal securities that are either covered by Original Issue Insurance, Secondary Market Insurance or |
|||
Portfolio Insurance which ensures the timely payment of principal and interest. Up to 20% of the Fund's |
|||
net assets (including net assets applicable to Preferred shares) may be invested in municipal securities |
|||
that are (i) either backed by an escrow or trust containing sufficient U.S. Government or U.S. Government |
|||
agency securities (also ensuring the timely payment of principal and interest), or (ii) municipal bonds that |
|||
are rated, at the time of investment, within the four highest grades (Baa or BBB or better by Moody's, S&P |
|||
or Fitch) or unrated but judged to be of comparable quality by the Adviser. |
|||
(1) |
All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares |
||
unless otherwise noted. |
|||
(2) |
Effective date represents the date on which both the Fund and counterparty commence interest payment |
||
accruals on each forward swap contract. |
|||
* |
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There |
||
may be other call provisions at varying prices at later dates. |
|||
** |
Ratings: Using the higher of Standard & Poor's or Moody's rating. |
||
*** |
Securities are backed by an escrow or trust containing sufficient U.S. Government or U.S. Government |
||
agency securities which ensures the timely payment of principal and interest. |
|||
Income Tax Information |
|||
The following information is presented on an income tax basis. Differences between amounts for financial |
|||
statement and federal income tax purposes are primarily due to timing differences in recognizing income |
|||
on taxable market discount securities and timing differences in recognizing certain gains and losses on |
|||
security transactions. |
|||
At November 30, 2004, the cost of investments was $126,056,669. |
|||
Gross unrealized appreciation and gross unrealized depreciation of investments at November 30, 2004, |
|||
were as follows: |
|||
Gross unrealized: |
|||
Appreciation |
$3,458,342 |
||
Depreciation |
(186,836) |
||
Net unrealized appreciation of investments |
$3,271,506 |
||
Item 2. Controls and Procedures.
Item 3. Exhibits.
File as exhibits as part of this Form a separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)), exactly as set forth below: EX-99 CERT Attached hereto.
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Nuveen Insured California Tax-Free Advantage Municipal Fund
By (Signature and Title)* /s/ Jessica R. Droeger--Vice President and Secretary
Date 01/28/05
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By (Signature and Title)* /s/ Gifford R. Zimmerman--Chief Administrative Officer (Principal Executive Officer)
Date 01/28/05
By (Signature and Title)* /s/ Stephen D. Foy--Vice President and Controller (Principal Financial Officer)
Date 01/28/05
* Print the name and title of each signing officer under his or her signature.