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:         11/30/10         
 
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, 2010
      
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, Tobacco Settlement Asset-Backed
6/22 at 100.00
Baa3
$ 3,669,315
   
Bonds, Series 2007A-2, 0.000%, 6/01/37
      
   
Health Care – 23.3% (16.3% of Total Investments)
      
1,630
  
California Health Facilities Financing Authority, Revenue Bonds, Childrens Hospital Los
7/20 at 100.00
AA+
1,589,348
   
Angeles, Series 2010A, 5.250%, 7/01/38 – AGC Insured
      
1,800
  
California Infrastructure Economic Development Bank, Revenue Bonds, Kaiser Hospital Assistance
8/11 at 102.00
A+
1,824,768
   
LLC, Series 2001A, 5.550%, 8/01/31
      
4,000
  
California Statewide Community Development Authority, Insured Health Facility Revenue Bonds,
7/17 at 100.00
AA+
4,069,359
   
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+
1,704,666
   
Series 2006, 5.000%, 3/01/41
      
5,020
  
California Statewide Community Development Authority, Revenue Bonds, Kaiser Permanente System,
3/16 at 100.00
AA+
4,977,029
   
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
A1
4,109,166
   
System, Series 1998A, 5.000%, 8/01/22 – AMBAC Insured
      
662
  
California Statewide Communities Development Authority, Revenue Bonds, Saint Joseph Health
7/18 at 100.00
AA+
665,972
   
System, Trust 2554, 18.054%, 7/01/47 – AGM Insured (IF)
      
18,987
  
Total Health Care
    
18,940,308
   
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–
1,172,747
   
2003, 5.000%, 5/01/23
      
   
Long-Term Care – 7.4% (5.1% of Total Investments)
      
3,000
  
ABAG Finance Authority for Non-Profit Corporations, California, Cal-Mortgage Insured Revenue
5/20 at 100.00
A–
2,953,650
   
Bonds, Channing House, Series 2010, 6.125%, 5/15/40
      
1,000
  
ABAG Finance Authority for Non-Profit Corporations, California, Insured Senior Living Revenue
11/12 at 100.00
A–
1,003,630
   
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–
2,019,160
   
California Retired Officers Community Corporation – Paradise Valley Estates, Series 2002,
      
   
5.250%, 1/01/26
      
6,000
  
Total Long-Term Care
    
5,976,440
   
Tax Obligation/General – 18.1% (12.7% of Total Investments)
      
2,000
  
Butte-Glenn Community College District, Butte and Glenn Counties, California, General
8/12 at 101.00
Aa2
2,026,580
   
Obligation Bonds, Series 2002A, 5.000%, 8/01/26 – NPFG Insured
      
1,030
  
Fontana Unified School District, San Bernardino County, California, General Obligation Bonds,
No Opt. Call
AAA
1,114,893
   
Trust 2668, 9.269%, 2/01/16 – AGM Insured (IF)
      
450
  
Fremont Unified School District, Alameda County, California, General Obligation Bonds, Series
8/12 at 101.00
Aa2
456,386
   
2002A, 5.000%, 8/01/25 – FGIC Insured
      
2,000
  
Los Angeles, California, General Obligation Bonds, Series 2002A, 5.000%, 9/01/22 –
9/12 at 100.00
Aa2
2,103,140
   
NPFG Insured
      
1,000
  
Murrieta Valley Unified School District, Riverside County, California, General Obligation
9/13 at 100.00
Aa2
1,013,460
   
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
AA+
939,420
   
Bonds, Series 2007, 4.500%, 9/01/30 – AGM Insured
      
140
  
Roseville Joint Union High School District, Placer County, California, General Obligation
8/15 at 100.00
AA–
142,940
   
Bonds, Series 2006B, 5.000%, 8/01/27 – FGIC Insured
      
3,855
  
San Rafael City High School District, Marin County, California, General Obligation Bonds,
8/12 at 100.00
AA+
3,892,702
   
Series 2003A, 5.000%, 8/01/28 – AGM Insured
      
12,520
  
Yosemite Community College District, California, General Obligation Bonds, Capital
No Opt. Call
Aa2
3,049,872
   
Appreciation, Election 2004, Series 2010D, 0.000%, 8/01/42
      
23,995
  
Total Tax Obligation/General
    
14,739,393
   
Tax Obligation/Limited – 46.3% (32.3% of Total Investments)
      
550
  
Baldwin Park Public Financing Authority, California, Sales Tax and Tax Allocation Bonds,
8/13 at 102.00
BBB
554,604
   
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
1,173,283
   
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
A2
3,908,199
   
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
164,325
   
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
A–
452,834
   
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
1,619,064
   
5.000%, 9/01/21 – AMBAC Insured
      
3,285
  
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement
6/15 at 100.00
A2
2,966,946
   
Asset-Backed Revenue Bonds, Series 2005A, 5.000%, 6/01/45 – AMBAC Insured
      
2,905
  
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement
6/15 at 100.00
AA+
2,577,665
   
Asset-Backed Revenue Bonds, Tender Option Bonds Trust 4686, 9.033%, 6/01/45 – AGC
      
   
Insured (IF)
      
700
  
Hesperia Public Financing Authority, California, Redevelopment and Housing Projects Tax
9/17 at 100.00
Ba1
539,266
   
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
5,567,588
   
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
A1
272,705
   
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
Aa3
1,745,114
   
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
A+
1,978,680
   
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
A+
1,366,725
   
Headquarters, Series 2006A, 4.750%, 1/01/31 – FGIC Insured
      
1,500
  
Los Osos, California, Improvement Bonds, Community Services Wastewater Assessment District 1,
3/13 at 100.00
A
1,295,805
   
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–
130,686
   
2005A, 5.000%, 9/01/35 – SYNCORA GTY Insured
      
190
  
Roseville, California, Certificates of Participation, Public Facilities, Series 2003A,
8/13 at 100.00
AA–
188,526
   
5.000%, 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–
3,007,740
3,300
  
5.000%, 2/01/32 – AMBAC Insured
2/12 at 100.00
AA–
3,242,679
1,200
  
San Diego Redevelopment Agency, California, Subordinate Lien Tax Increment and Parking Revenue
9/11 at 100.00
Baa2
1,146,036
   
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+
2,771,191
   
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
939,030
   
2005A, 5.000%, 8/01/28 – NPFG Insured
      
39,145
  
Total Tax Obligation/Limited
    
37,608,691
   
Transportation – 8.0% (5.6% of Total Investments)
      
5,480
  
Bay Area Governments Association, California, BART SFO Extension, Airport Premium Fare Revenue
8/12 at 100.00
N/R
4,801,356
   
Bonds, Series 2002A, 5.000%, 8/01/26 – AMBAC Insured
      
2,000
  
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Series
1/11 at 100.00
BBB–
1,690,740
   
1995A, 5.000%, 1/01/35
      
7,480
  
Total Transportation
    
6,492,096
   
U.S. Guaranteed – 19.4% (13.5% of Total Investments) (4)
      
1,000
  
Berryessa Union School District, Santa Clara County, California, General Obligation Bonds,
8/12 at 100.00
AA+ (4)
1,074,730
   
Series 2003C, 5.000%, 8/01/21 (Pre-refunded 8/01/12) – AGM Insured
      
   
California State, General Obligation Bonds, Series 2002:
      
1,000
  
5.000%, 4/01/27 (Pre-refunded 4/01/12) – AMBAC Insured
4/12 at 100.00
AAA
1,059,910
2,945
  
5.250%, 4/01/30 (Pre-refunded 4/01/12) – SYNCORA GTY Insured
4/12 at 100.00
A1 (4)
3,131,242
500
  
California, General Obligation Bonds, Series 2004, 5.250%, 4/01/34 (Pre-refunded 4/01/14)
4/14 at 100.00
AAA
570,430
1,625
  
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed
6/13 at 100.00
AAA
1,898,065
   
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
AA+ (4)
2,262,273
   
Bonds, Series 2003B, 5.000%, 8/01/27 (Pre-refunded 8/01/13) – AGM Insured
      
1,260
  
Rancho Mirage Joint Powers Financing Authority, California, Revenue Bonds, Eisenhower Medical
7/14 at 100.00
Baa1 (4)
1,473,646
   
Center, Series 2004, 5.875%, 7/01/26 (Pre-refunded 7/01/14)
      
2,390
  
Solano County, California, Certificates of Participation, Series 2002, 5.250%, 11/01/24
11/12 at 100.00
AA– (4)
2,602,160
   
(Pre-refunded 11/01/12) – NPFG Insured
      
1,600
  
Sunnyvale Financing Authority, California, Water and Wastewater Revenue Bonds, Series 2001,
10/11 at 100.00
AAA
1,663,232
   
5.000%, 10/01/26 (Pre-refunded 10/01/11) – AMBAC Insured
      
14,350
  
Total U.S. Guaranteed
    
15,735,688
   
Utilities – 3.1% (2.2% of Total Investments)
      
1,000
  
Anaheim Public Finance Authority, California, Second Lien Electric Distribution Revenue Bonds,
10/14 at 100.00
A+
1,053,810
   
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
930,617
   
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–
294,580
   
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
268,110
   
9/01/31 – SYNCORA GTY Insured
      
2,530
  
Total Utilities
    
2,547,117
   
Water and Sewer – 11.7% (8.2% of Total Investments)
      
1,000
  
Castaic Lake Water Agency, California, Certificates of Participation, Series 2006C, 5.000%,
8/16 at 100.00
AA–
969,010
   
8/01/36 – NPFG Insured
      
750
  
Fortuna Public Finance Authority, California, Water Revenue Bonds, Series 2006, 5.000%,
10/16 at 100.00
AA+
728,243
   
10/01/36 – AGM Insured
      
215
  
Healdsburg Public Financing Authority, California, Wastewater Revenue Bonds, Series 2006,
4/16 at 100.00
AA–
210,747
   
5.000%, 4/01/36 – NPFG Insured
      
635
  
Manteca Financing Authority, California, Sewerage Revenue Bonds, Series 2003B, 5.000%,
12/13 at 100.00
Aa3
631,908
   
12/01/33 – NPFG Insured
      
170
  
Marina Coast Water District, California, Enterprise Certificate of Participation, Series 2006,
6/16 at 100.00
A+
167,748
   
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
Aa3
3,067,860
2,500
  
5.000%, 8/01/23 – NPFG Insured
8/12 at 100.00
Aa3
2,536,250
1,180
  
South Feather Water and Power Agency, California, Water Revenue Certificates of Participation,
4/13 at 100.00
A
1,181,322
   
Solar Photovoltaic Project, Series 2003, 5.375%, 4/01/24
      
9,450
  
Total Water and Sewer
    
9,493,088
$ 129,172
  
Total Investments (cost $118,022,479) – 143.2%
    
116,374,883
   
Floating Rate Obligations – (4.1)%
    
(3,360,000)
   
Variable Rate Demand Preferred Shares, at Liquidation Value – (43.7)% (5)
    
(35,500,000)
   
Other Assets Less Liabilities – 4.6%
    
3,728,248
   
Net Assets Applicable to Common Shares – 100%
    
$ 81,243,131
 
 
 
 
 
 

 
Fair Value Measurements
 
 
In determining the fair 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 methodologies 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, 2010:
 
         
 
Level 1
Level 2
Level 3
Total
Investments:
        
Municipal Bonds
$ —
$116,374,883
$ —
$116,374,883
 
 
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, 2010, the cost of investments was $114,627,680.
 
 
Gross unrealized appreciation and gross unrealized depreciation of investments at November 30, 2010, were as follows:
 
   
Gross unrealized:
  
Appreciation
$   2,905,420
Depreciation
(4,515,827)
Net unrealized appreciation (depreciation) of investments
$(1,610,407)
 
     
   
The Fund intends to invest at least 80% of its managed assets in municipal securities that are covered by
   
insurance guaranteeing 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 highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investor Service, Inc.
   
(“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by
   
Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these
   
national rating agencies.
(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)
  
Variable Rate Demand Preferred Shares, at Liquidation Value as a percentage of Total Investments is 30.5%.
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 27, 2011        
 
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 27, 2011        
 
By (Signature and Title)     /s/ Stephen D. Foy                              
                                                   Stephen D. Foy
                                                  Vice President and Controller (principal financial officer) 
 
Date         January 27, 2011