Unassociated Document



 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY
 
Investment Company Act file number 811-21212
 
Nuveen Insured California Tax-Free Advantage Municipal Fund
(Exact name of registrant as specified in charter)
 
Nuveen Investments
        333 West Wacker Drive, Chicago, Illinois 60606         
(Address of principal executive offices) (Zip code)
 

Kevin J. McCarthy Vice 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:            2/28          
 
Date of reporting period:         11/30/09         
 
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, 2009      
Principal   Optional Call    
Amount (000) Description (1) Provisions (2) Ratings (3) Value
  Consumer Staples – 4.5% (3.1% of Total Investments)      
$     6,070  Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement  6/22 at 100.00  BBB  $     3,679,755 
  Asset-Backed Bonds, Series 2007A-2, 0.000%, 6/01/37       
  Health Care – 21.0% (14.5% of Total Investments)      
1,800  California Infrastructure Economic Development Bank, Revenue Bonds, Kaiser Hospital Assistance  8/11 at 102.00  A+  1,806,948 
  LLC, Series 2001A, 5.550%, 8/01/31       
662  California Statewide Communities Development Authority, Revenue Bonds, Saint Joseph Health  7/18 at 100.00  AAA  675,008 
  System, Trust 2554, 18.284%, 7/01/47 – FSA Insured (IF)       
4,000  California Statewide Community Development Authority, Insured Health Facility Revenue Bonds,  7/17 at 100.00  AAA  4,044,240 
  Catholic Healthcare West, Series 2008K, 5.500%, 7/01/41 – AGC Insured       
1,815  California Statewide Community Development Authority, Revenue Bonds, Kaiser Permanante System,  3/16 at 100.00  A+  1,642,648 
  Series 2006, 5.000%, 3/01/41       
5,020  California Statewide Community Development Authority, Revenue Bonds, Kaiser Permanente System,  3/16 at 100.00  AAA  4,949,318 
  Series 2006, 5.000%, 3/01/41 – BHAC Insured (UB)       
4,060  California Statewide Community Development Authority, Revenue Bonds, Sherman Oaks Health  No Opt. Call  A  3,952,735 
  System, Series 1998A, 5.000%, 8/01/22 – AMBAC Insured       
17,357  Total Health Care      17,070,897 
  Housing/Multifamily – 1.4% (1.0% of Total Investments)      
1,165  Poway, California, Housing Revenue Bonds, Revenue Bonds, Poinsettia Mobile Home Park, Series  5/13 at 102.00  AA–  1,162,693 
  2003, 5.000%, 5/01/23       
  Long-Term Care – 3.6% (2.5% of Total Investments)      
1,000  ABAG Finance Authority for Non-Profit Corporations, California, Insured Senior Living Revenue  11/12 at 100.00  A  989,760 
  Bonds, Odd Fellows Home of California, Series 2003A, 5.200%, 11/15/22       
2,000  California Health Facilities Financing Authority, Cal-Mortgage Insured Revenue Bonds, Northern  1/13 at 100.00  A  1,907,960 
  California Retired Officers Community Corporation – Paradise Valley Estates, Series 2002,       
  5.250%, 1/01/26       
3,000  Total Long-Term Care      2,897,720 
  Tax Obligation/General – 18.2% (12.5% of Total Investments)      
2,000  Butte-Glenn Community College District, Butte and Glenn Counties, California, General  8/12 at 101.00  A1  2,023,240 
  Obligation Bonds, Series 2002A, 5.000%, 8/01/26 – NPFG Insured       
1,030  Fontana Unified School District, San Bernardino County, California, General Obligation Bonds,  8/18 at 100.00  AAA  1,133,731 
  Trust 2668, 9.099%, 8/01/28 – FSA Insured (IF)       
450  Fremont Unified School District, Alameda County, California, General Obligation Bonds, Series  8/12 at 101.00  Aa3  460,562 
  2002A, 5.000%, 8/01/25 – FGIC Insured       
2,000  Los Angeles, California, General Obligation Bonds, Series 2002A, 5.000%, 9/01/22 – NPFG Insured  9/12 at 100.00  AA  2,111,620 
1,000  Murrieta Valley Unified School District, Riverside County, California, General Obligation  9/13 at 100.00  A+  1,022,910 
  Bonds, Series 2003A, 5.000%, 9/01/26 – FGIC Insured       
1,000  Murrieta Valley Unified School District, Riverside County, California, General Obligation  9/17 at 100.00  AAA  938,270 
  Bonds, Series 2007, 4.500%, 9/01/30 – FSA Insured       
140  Roseville Joint Union High School District, Placer County, California, General Obligation  8/15 at 100.00  AA–  144,236 
  Bonds, Series 2006B, 5.000%, 8/01/27 – FGIC Insured       
3,000  San Diego Unified School District, California, General Obligation Bonds, Election of 1998,  7/10 at 100.00  AA  3,072,840 
  Series 2000B, 5.125%, 7/01/22 – NPFG Insured       
3,855  San Rafael City High School District, Marin County, California, General Obligation Bonds,  8/12 at 100.00  AAA  3,913,866 
  Series 2003A, 5.000%, 8/01/28 – FSA Insured       
14,475  Total Tax Obligation/General      14,821,275 
  Tax Obligation/Limited – 45.4% (31.3% of Total Investments)      
550  Baldwin Park Public Financing Authority, California, Sales Tax and Tax Allocation Bonds,  8/13 at 102.00  BBB  544,902 
  Puente Merced Redevelopment Project, Series 2003, 5.250%, 8/01/21       
1,165  Burbank Public Financing Authority, California, Revenue Refunding Bonds, Golden State  12/13 at 100.00  A–  1,174,355 
  Redevelopment Project, Series 2003A, 5.250%, 12/01/22 – AMBAC Insured       
4,000  California State Public Works Board, Lease Revenue Bonds, Department of General Services,  12/12 at 100.00  A–  3,721,400 
  Capital East End Project, Series 2002A, 5.000%, 12/01/27 – AMBAC Insured       
170  Capistrano Unified School District, Orange County, California, Special Tax Bonds, Community  9/15 at 100.00  A  164,642 
  Facilities District, Series 2005, 5.000%, 9/01/24 – FGIC Insured       
525  Chino Redevelopment Agency, California, Merged Chino Redevelopment Project Area Tax Allocation  9/16 at 101.00  BBB  448,991 
  Bonds, Series 2006, 5.000%, 9/01/38 – AMBAC Insured       
1,610  Folsom Public Financing Authority, California, Special Tax Revenue Bonds, Series 2004A,  9/12 at 102.00  N/R  1,591,984 
  5.000%, 9/01/21 – AMBAC Insured       
2,905  Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement  6/15 at 100.00  AAA  2,085,616 
  Revenue Bonds, Drivers Trust 2091, 9.489%, 6/01/45 – AGC Insured (IF)       
3,285  Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed  6/15 at 100.00  A–  2,717,910 
  Revenue Bonds, Series 2005A, 5.000%, 6/01/45 – AMBAC Insured       
1,000  Hesperia Public Financing Authority, California, Redevelopment and Housing Projects Tax  9/17 at 100.00  Baa1  799,600 
  Allocation Bonds, Series 2007A, 5.000%, 9/01/37 – SYNCORA GTY Insured       
5,540  Irvine Public Facilities and Infrastructure Authority, California, Assessment Revenue Bonds,  9/13 at 100.00  N/R  5,454,019 
  Series 2003C, 5.000%, 9/02/21 – AMBAC Insured       
315  Los Angeles Community Redevelopment Agency, California, Lease Revenue Bonds, Manchester Social  9/15 at 100.00  A2  270,380 
  Services Project, Series 2005, 5.000%, 9/01/37 – AMBAC Insured       
1,770  Los Angeles Unified School District, California, Certificates of Participation, Administration  10/12 at 100.00  A+  1,781,505 
  Building Project II, Series 2002C, 5.000%, 10/01/27 – AMBAC Insured       
2,000  Los Angeles, California, Certificates of Participation, Municipal Improvement Corporation,  6/13 at 100.00  AA–  1,991,780 
  Series 2003AW, 5.000%, 6/01/33 – AMBAC Insured       
1,500  Los Angeles, California, Municipal Improvement Corporation, Lease Revenue Bonds, Police  1/17 at 100.00  AA–  1,466,700 
  Headquarters, Series 2006A, 4.750%, 1/01/31 – FGIC Insured       
1,500  Los Osos, California, Improvement Bonds, Community Services Wastewater Assessment District 1,  9/10 at 103.00  A  1,292,580 
  Series 2002, 5.000%, 9/02/33 – NPFG Insured       
150  Rialto Redevelopment Agency, California, Tax Allocation Bonds, Merged Project Area, Series  9/15 at 100.00  A–  130,794 
  2005A, 5.000%, 9/01/35 – SYNCORA GTY Insured       
190  Roseville, California, Certificates of Participation, Public Facilities, Series 2003A, 5.000%,  8/13 at 100.00  AA–  187,350 
  8/01/25 – AMBAC Insured       
  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  AA–  3,015,090 
3,300  5.000%, 2/01/32 – AMBAC Insured  2/12 at 100.00  AA–  3,264,888 
1,200  San Diego Redevelopment Agency, California, Subordinate Lien Tax Increment and Parking Revenue  9/10 at 100.50  Baa2  1,138,380 
  Bonds, Centre City Project, Series 2003B, 5.250%, 9/01/26       
2,770  San Jose Financing Authority, California, Lease Revenue Refunding Bonds, Civic Center Project,  6/12 at 100.00  AA+  2,788,753 
  Series 2002B, 5.000%, 6/01/32 – AMBAC Insured       
1,000  San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Project Area, Series  8/15 at 100.00  A  934,280 
  2005A, 5.000%, 8/01/28 – NPFG Insured       
39,445  Total Tax Obligation/Limited      36,965,899 
  Transportation – 10.4% (7.2% of Total Investments)      
5,480  Bay Area Governments Association, California, BART SFO Extension, Airport Premium Fare Revenue  8/12 at 100.00  N/R  5,497,258 
  Bonds, Series 2002A, 5.000%, 8/01/26 – AMBAC Insured       
2,000  Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Series  1/10 at 100.00  BBB–  1,691,760 
  1995A, 5.000%, 1/01/35       
1,300  San Francisco Airports Commission, California, Revenue Bonds, San Francisco International  5/10 at 101.00  A1  1,312,623 
  Airport, Second Series 2000, Issue 26B, 5.000%, 5/01/25 – FGIC Insured       
8,780  Total Transportation      8,501,641 
  U.S. Guaranteed – 19.8% (13.7% of Total Investments) (4)      
1,000  Berryessa Union School District, Santa Clara County, California, General Obligation Bonds,  8/12 at 100.00  AAA  1,112,810 
  Series 2003C, 5.000%, 8/01/21 (Pre-refunded 8/01/12) – FSA Insured       
  California State, General Obligation Bonds, Series 2002:       
1,290  5.000%, 4/01/27 (Pre-refunded 4/01/12) – AMBAC Insured  4/12 at 100.00  AAA  1,420,677 
2,945  5.250%, 4/01/30 (Pre-refunded 4/01/12) – SYNCORA GTY Insured  4/12 at 100.00  Baa1 (4)  3,260,380 
500  California, General Obligation Bonds, Series 2004, 5.250%, 4/01/34 (Pre-refunded 4/01/14)  4/14 at 100.00  AAA  585,995 
1,625  Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed  6/13 at 100.00  AAA  1,978,974 
  Revenue Bonds, Series 2003A-2, 7.900%, 6/01/42 (Pre-refunded 6/01/13)       
2,030  Hacienda La Puente Unified School District, Los Angeles County, California, General Obligation  8/13 at 100.00  AAA  2,322,990 
  Bonds, Series 2003B, 5.000%, 8/01/27 (Pre-refunded 8/01/13) – FSA Insured       
1,260  Rancho Mirage Joint Powers Financing Authority, California, Revenue Bonds, Eisenhower Medical  7/14 at 100.00  A3 (4)  1,513,021 
  Center, Series 2004, 5.875%, 7/01/26 (Pre-refunded 7/01/14)       
1,220  San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment  8/10 at 101.00  A (4)  1,270,447 
  Project, Series 2002, 5.000%, 8/01/32 (Pre-refunded 8/01/10) – MBIA Insured       
2,390  Solano County, California, Certificates of Participation, Series 2002, 5.250%, 11/01/24  11/12 at 100.00  AA- (4)  2,691,977 
  (Pre-refunded 11/01/12) – MBIA Insured       
14,260  Total U.S. Guaranteed      16,157,271 
  Utilities – 3.0% (2.1% of Total Investments)      
1,000  Anaheim Public Finance Authority, California, Second Lien Electric Distribution Revenue Bonds,  10/14 at 100.00  A+  1,040,140 
  Series 2004, 5.250%, 10/01/21 – NPFG Insured       
945  Long Beach Bond Finance Authority, California, Natural Gas Purchase Revenue Bonds, Series  No Opt. Call  A  855,320 
  2007A, 5.500%, 11/15/37       
275  Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series  7/13 at 100.00  AA–  294,781 
  2003A-2, 5.000%, 7/01/21 – NPFG Insured       
310  Merced Irrigation District, California, Electric System Revenue Bonds, Series 2005, 5.125%,  9/15 at 100.00  N/R  273,829 
  9/01/31 – SYNCORA GTY Insured       
2,530  Total Utilities      2,464,070 
  Water and Sewer – 13.9% (9.6% of Total Investments)      
1,000  Castaic Lake Water Agency, California, Certificates of Participation, Series 2006C, 5.000%,  8/16 at 100.00  AA–  961,490 
  8/01/36 – NPFG Insured       
750  Fortuna Public Finance Authority, California, Water Revenue Bonds, Series 2006, 5.000%,  10/16 at 100.00  AAA  722,078 
  10/01/36 – FSA Insured       
215  Healdsburg Public Financing Authority, California, Wastewater Revenue Bonds, Series 2006,  4/16 at 100.00  AA–  207,660 
  5.000%, 4/01/36 – NPFG Insured       
770  Manteca Financing Authority, California, Sewerage Revenue Bonds, Series 2003B, 5.000%,  12/13 at 100.00  A2  728,243 
  12/01/33 – NPFG Insured       
170  Marina Coast Water District, California, Enterprise Certificate of Participation, Series 2006,  6/16 at 100.00  A+  168,234 
  5.000%, 6/01/31 – NPFG Insured       
  San Diego Public Facilities Financing Authority, California, Subordinate Lien Water Revenue       
  Bonds, Series 2002:       
3,000  5.000%, 8/01/22 – NPFG Insured  8/12 at 100.00  A+  3,139,890 
2,500  5.000%, 8/01/23 – NPFG Insured  8/12 at 100.00  A+  2,574,200 
1,180  South Feather Water and Power Agency, California, Water Revenue Certificates of Participation,  4/13 at 100.00  A  1,182,230 
  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  1,635,568 
  5.000%, 10/01/26 – AMBAC Insured       
11,185  Total Water and Sewer      11,319,593 
$     118,267  Total Long-Term Investments (cost $116,269,828) – 141.2%      115,040,814 
  Short-Term Investments – 3.7% (2.5% of Total Investments)      
  Health Care – 3.7% (2.5% of Total Investments)      
$         3,000  California Statewide Communities Development Authority, Revenue Bonds, Adventist Health  2/10 at 100.00  A-1+  3,000,000 
  System West, Series 2007A, Variable Rate Demand Obligations, 0.250%, 3/01/37 (5)       
  Total Short-Term Investments (cost $3,000,000)      3,000,000 
  Total Investments (cost $119,269,828) – 144.9%      118,040,814 
  Floating Rate Obligations – (4.1)%      (3,360,000)
  Variable Rate Demand Preferred Shares, at Liquidation Value – (43.6)% (6)      (35,500,000)
  Other Assets Less Liabilities – 2.8%      2,299,943 
  Net Assets Applicable to Common Shares – 100%      $ 81,480,757 

 

 
 
 
 
Fair Value Measurements
 
In determining the value of the Fund's investments various inputs are used. These inputs are summarized in the three broad levels listed below:
 
  Level 1 – Quoted prices in active markets for identical securities.
 
  Level 2 – Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
 
  Level 3 – Significant unobservable inputs (including management's assumptions in determining the fair value of investments).
 
The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of the Fund's fair value measurements as of November 30, 2009:
 
  Level 1 Level 2 Level 3 Total
Investments:         
Municipal Bonds  $ —  $115,040,814  $ —  $115,040,814 
Short-Term Investments  —  3,000,000  —  3,000,000 
Total  $ —  $118,040,814  $ —  $118,040,814 

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 taxable market discount, timing differences in recognizing certain gains and losses on investment transactions and the treatment of investments in inverse floating rate securities reflected as financing transactions, if any. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts on the Statement of Assets and Liabilities presented in the annual report, based on their federal tax basis treatment; temporary differences do not require reclassification. Temporary and permanent differences do not impact the net asset value of the Fund.
 
At November 30, 2009, the cost of investments was $115,876,718.
 
Gross unrealized appreciation and gross unrealized depreciation of investments at November 30, 2009, were as follows:
 
Gross unrealized:   
  Appreciation  $  3,538,853 
  Depreciation  (4,732,376)
Net unrealized appreciation (depreciation) of investments  $(1,193,523)

  At least 80% of the Fund’s net assets are invested in municipal securities that guarantee the timely 
  payment of principal and interest. 
(1)  All percentages shown in the Portfolio of Investments are based on net assets applicable to Common 
  shares unless otherwise noted. 
(2)  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. Certain mortgage-backed securities 
  may be subject to periodic principal paydowns. 
(3)  Ratings: Using the higher of Standard & Poor's Group ("Standard & Poor's") or Moody's Investor Service, 
  Inc. ("Moody's") rating. Ratings below BBB by Standard & Poor's or Baa by Moody's are considered to be 
  below investment grade. 
  The Portfolio of Investments may reflect the ratings on certain bonds whose insurer has experienced 
  downgrades as of the end of the reporting period. Subsequent to the reporting period, and during the 
  period this Portfolio of Investments was prepared, there may have been reductions to the ratings of 
  certain bonds resulting from changes to the ratings of the underlying insurers both during the period and 
  after period end. Such reductions would likely reduce the effective rating of many of the bonds insured by 
  that insurer or insurers presented at period end. 
(4)  Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities 
  which ensure the timely payment of principal and interest. Such investments are normally considered to 
  be equivalent to AAA rated securities. 
(5)  Investment has a maturity of more than one year, but has variable rate and demand features which 
  qualify it as a short-term investment. The rate disclosed is that in effect at the end of the reporting 
  period. This rate changes periodically based on market conditions or a specified market index. 
(6)  Variable Rate Demand Preferred Shares, at Liquidation Value as a percentage of Total Investments 
  is 30.1%. 
N/R  Not rated. 
(IF)  Inverse floating rate investment. 
(UB)  Underlying bond of an inverse floating rate trust reflected as a financing transaction. 



 
 
 


 
Item 2. Controls and Procedures.

a.  
The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 (17 CFR 240.13a-15(b) or 240.15d-15(b)).
 
 
b.  
There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant's last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.
 
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 1940 Act (17 CFR 270.30a-2(a)), exactly as set forth below: See EX-99 CERT attached hereto.



 
 
 


 

SIGNATURES

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/ Kevin J. McCarthy                    
                                                Kevin J. McCarthy
                                                Vice President and Secretary
 
Date         January 29, 2010        
 
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                    
                                               Gifford R. Zimmerman
                                               Chief Administrative Officer (principal executive officer) 
 
Date         January 29, 2010        
 
By (Signature and Title)     /s/ Stephen D. Foy                              
                                               Stephen D. Foy
                                               Vice President and Controller (principal financial officer) 
 
Date        January 29, 2010