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:         11/30/11         
 
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, 2011 
     
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Consumer Staples – 4.6% (3.1% of Total Investments) 
     
$ 6,070 
 
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed 
6/22 at 100.00 
BB+ 
$ 3,788,833 
   
Bonds, Series 2007A-2, 0.000%, 6/01/37 
     
   
Health Care – 24.8% (17.1% of Total Investments) 
     
1,630 
 
California Health Facilities Financing Authority, Revenue Bonds, Childrens Hospital Los 
7/20 at 100.00 
AA– 
1,594,499 
   
Angeles, Series 2010A, 5.250%, 7/01/38 – AGC Insured 
     
4,000 
 
California Statewide Community Development Authority, Insured Health Facility Revenue Bonds, 
7/17 at 100.00 
AA– 
4,062,159 
   
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+ 
1,772,602 
   
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+ 
5,037,721 
   
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 
4,305,182 
   
System, Series 1998A, 5.000%, 8/01/22 – AMBAC Insured 
     
1,500 
 
California Statewide Community Development Authority, Revenue Bonds, St. Joseph Health System, 
7/18 at 100.00 
AA– 
1,523,790 
   
Series 2007A, 5.750%, 7/01/47 – FGIC Insured 
     
662 
 
California Statewide Communities Development Authority, Revenue Bonds, Saint Joseph Health 
7/18 at 100.00 
AA– 
672,772 
   
System, Trust 2554, 18.384%, 7/01/47 – AGM Insured (IF) 
     
1,500 
 
Santa Clara County Financing Authority, California, Insured Revenue Bonds, El Camino Hospital, 
8/17 at 100.00 
A+ 
1,543,275 
   
Series 2007A, 5.750%, 2/01/41 – AMBAC Insured 
     
20,187 
 
Total Health Care 
   
20,512,000 
   
Housing/Multifamily – 1.5% (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– 
1,194,172 
   
2003, 5.000%, 5/01/23 
     
   
Long-Term Care – 7.3% (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– 
3,041,370 
   
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– 
1,009,370 
   
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– 
2,021,880 
   
California Retired Officers Community Corporation – Paradise Valley Estates, Series 2002, 
     
   
5.250%, 1/01/26 
     
6,000 
 
Total Long-Term Care 
   
6,072,620 
   
Tax Obligation/General – 14.8% (10.2% of Total Investments) 
     
2,000 
 
Butte-Glenn Community College District, Butte and Glenn Counties, California, General 
8/12 at 101.00 
Aa2 
2,059,540 
   
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 
AA– 
1,169,998 
   
Trust 2668, 9.429%, 2/01/16 – AGM Insured (IF) 
     
450 
 
Fremont Unified School District, Alameda County, California, General Obligation Bonds, Series 
8/12 at 101.00 
Aa2 
464,999 
   
2002A, 5.000%, 8/01/25 – FGIC Insured 
     
1,175 
 
Mount Diablo Unified School District, Contra Costa County, California, General Obligation 
No Opt. Call 
AA– 
652,090 
   
Bonds, Series 2010A, 0.000%, 8/01/30 – AGM Insured 
     
1,000 
 
Murrieta Valley Unified School District, Riverside County, California, General Obligation 
9/13 at 100.00 
A+ 
1,042,430 
   
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– 
1,000,690 
   
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– 
146,846 
   
Bonds, Series 2006B, 5.000%, 8/01/27 – FGIC Insured 
     
5,025 
 
Stockton Unified School District, San Joaquin County, California, General Obligation Bonds, 
8/37 at 100.00 
AA– 
2,014,523 
   
Election 2008 Series 2011D, 0.000%, 8/01/50 – AGM Insured 
     
12,520 
 
Yosemite Community College District, California, General Obligation Bonds, Capital 
No Opt. Call 
Aa2 
3,718,315 
   
Appreciation, Election 2004, Series 2010D, 0.000%, 8/01/42 
     
24,340 
 
Total Tax Obligation/General 
   
12,269,431 
   
Tax Obligation/Limited – 46.0% (31.8% of Total Investments) 
     
550 
 
Baldwin Park Public Financing Authority, California, Sales Tax and Tax Allocation Bonds, 
8/13 at 102.00 
BBB 
567,496 
   
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
1,180,262 
   
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 
4,006,359 
   
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 
BBB 
168,880 
   
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– 
457,018 
   
Bonds, Series 2006, 5.000%, 9/01/38 – AMBAC Insured 
     
265 
 
Dinuba Redevelopment Agency, California, Tax Allocation Bonds, Merged City of Dinuba 
3/12 at 102.00 
A– 
248,377 
   
Redevelopment Project and Dinuba Redevelopment Project 2, As Amended, Refunding Series 2001, 
     
   
5.000%, 9/01/31 – NPFG Insured 
     
1,610 
 
Folsom Public Financing Authority, California, Special Tax Revenue Bonds, Series 2004A, 
9/12 at 102.00 
N/R 
1,554,439 
   
5.000%, 9/01/21 – AMBAC Insured 
     
3,285 
 
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement 
6/15 at 100.00 
A2 
3,009,126 
   
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– 
2,637,508 
   
Asset-Backed Revenue Bonds, Tender Option Bonds Trust 4686, 8.823%, 6/01/45 – 
     
   
AGC Insured (IF) (4) 
     
700 
 
Hesperia Public Financing Authority, California, Redevelopment and Housing Projects Tax 
9/17 at 100.00 
Ba1 
475,048 
   
Allocation Bonds, Series 2007A, 5.000%, 9/01/37 – SYNCORA GTY Insured 
     
330 
 
Inglewood Redevelopment Agency, California, Tax Allocation Bonds, Merged Redevelopment 
5/17 at 100.00 
BBB+ 
303,277 
   
Project, Subordinate Lien Series 2007A-1, 5.000%, 5/01/24 – AMBAC Insured 
     
5,125 
 
Irvine Public Facilities and Infrastructure Authority, California, Assessment Revenue Bonds, 
9/13 at 100.00 
N/R 
5,178,654 
   
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 
289,161 
   
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 
1,774,124 
   
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+ 
2,012,780 
   
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 
A+ 
1,493,415 
   
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 
Baa1 
1,286,445 
   
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– 
134,351 
   
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– 
191,636 
   
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– 
3,001,350 
3,300 
 
5.000%, 2/01/32 – AMBAC Insured 
2/12 at 100.00 
AA– 
3,252,348 
1,200 
 
San Diego Redevelopment Agency, California, Subordinate Lien Tax Increment and Parking Revenue 
2/12 at 100.00 
Baa2 
1,200,012 
   
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+ 
2,775,651 
   
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 
Baa1 
894,490 
   
2005A, 5.000%, 8/01/28 – NPFG Insured 
     
39,325 
 
Total Tax Obligation/Limited 
   
38,092,207 
   
Transportation – 8.3% (5.7% of Total Investments) 
     
5,480 
 
Bay Area Governments Association, California, BART SFO Extension, Airport Premium Fare Revenue 
8/12 at 100.00 
N/R 
5,169,283 
   
Bonds, Series 2002A, 5.000%, 8/01/26 – AMBAC Insured 
     
2,000 
 
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Series 
1/12 at 100.00 
BBB– 
1,659,320 
   
1995A, 5.000%, 1/01/35 
     
7,480 
 
Total Transportation 
   
6,828,603 
   
U.S. Guaranteed – 23.0% (15.9% of Total Investments) (5) 
     
1,000 
 
Berryessa Union School District, Santa Clara County, California, General Obligation Bonds, 
8/12 at 100.00 
AA– (5) 
1,031,870 
   
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 
AA+ (5) 
1,016,070 
2,445 
 
5.250%, 4/01/30 (Pre-refunded 4/01/12) – SYNCORA GTY Insured 
4/12 at 100.00 
AA+ (5) 
2,486,321 
500 
 
California State, General Obligation Bonds, Series 2004, 5.250%, 4/01/34 (Pre-refunded 4/01/14) 
4/14 at 100.00 
Aaa 
555,025 
1,625 
 
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed 
6/13 at 100.00 
Aaa 
1,802,856 
   
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– (5) 
2,186,209 
   
Bonds, Series 2003B, 5.000%, 8/01/27 (Pre-refunded 8/01/13) – AGM Insured 
     
2,000 
 
Los Angeles, California, General Obligation Bonds, Series 2002A, 5.000%, 9/01/22 (Pre-refunded 
9/12 at 100.00 
AA– (5) 
2,071,580 
   
9/01/12) – NPFG Insured 
     
1,260 
 
Rancho Mirage Joint Powers Financing Authority, California, Revenue Bonds, Eisenhower Medical 
7/14 at 100.00 
Baa2 (5) 
1,432,217 
   
Center, Series 2004, 5.875%, 7/01/26 (Pre-refunded 7/01/14) 
     
3,855 
 
San Rafael City High School District, Marin County, California, General Obligation Bonds, 
8/12 at 100.00 
AA (5) 
3,977,859 
   
Series 2003A, 5.000%, 8/01/28 (Pre-refunded 8/01/12) – AGM Insured 
     
2,390 
 
Solano County, California, Certificates of Participation, Series 2002, 5.250%, 11/01/24 
11/12 at 100.00 
AA– (5) 
2,499,558 
   
(Pre-refunded 11/01/12) – NPFG Insured 
     
18,105 
 
Total U.S. Guaranteed 
   
19,059,565 
   
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+ 
1,041,320 
   
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
900,084 
   
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– 
289,427 
   
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 
281,827 
   
9/01/31 – SYNCORA GTY Insured 
     
2,530 
 
Total Utilities 
   
2,512,658 
   
Water and Sewer – 11.5% (8.0% of Total Investments) 
     
1,000 
 
Castaic Lake Water Agency, California, Certificates of Participation, Series 2006C, 5.000%, 
8/16 at 100.00 
AA– 
1,007,590 
   
8/01/36 – NPFG Insured 
     
750 
 
Fortuna Public Finance Authority, California, Water Revenue Bonds, Series 2006, 5.000%, 
10/16 at 100.00 
AA– 
760,718 
   
10/01/36 – AGM Insured 
     
215 
 
Healdsburg Public Financing Authority, California, Wastewater Revenue Bonds, Series 2006, 
4/16 at 100.00 
AA– 
218,038 
   
5.000%, 4/01/36 – NPFG Insured 
     
575 
 
Manteca Financing Authority, California, Sewerage Revenue Bonds, Series 2003B, 5.000%, 
12/13 at 100.00 
Aa3 
575,552 
   
12/01/33 – NPFG Insured 
     
170 
 
Marina Coast Water District, California, Enterprise Certificate of Participation, Series 2006, 
6/16 at 100.00 
AA– 
172,565 
   
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 
3,069,690 
2,500 
 
5.000%, 8/01/23 – NPFG Insured 
8/12 at 100.00 
Aa3 
2,555,700 
1,180 
 
South Feather Water and Power Agency, California, Water Revenue Certificates of Participation, 
4/13 at 100.00 
A
1,187,835 
   
Solar Photovoltaic Project, Series 2003, 5.375%, 4/01/24 
     
9,390 
 
Total Water and Sewer 
   
9,547,688 
$ 134,592 
 
Total Investments (cost $120,187,591) – 144.8% 
   
119,877,777 
   
Floating Rate Obligation – (4.1)% 
   
(3,360,000)
   
Variable Rate Demand Preferred Shares, at Liquidation Value – (42.9)% (6) 
   
(35,500,000)
   
Other Assets Less Liabilities – 2.2% 
   
1,781,595 
   
Net Assets Applicable to Common Shares – 100% 
   
$ 82,799,372 
 
 
 
 
 

 
 
 

 
Fair Value Measurements
 
Fair value is defined as the price that the Fund would receive upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The three-tier hierarchy of inputs is 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, 2011:
         
 
Level 1 
Level 2 
Level 3 
Total 
Investments: 
       
Municipal Bonds 
$ — 
$119,877,777 
$ — 
$119,877,777 
 
 
 
During the period ended November 30, 2011, the Fund recognized no significant transfers to or from Level 1, Level 2 or Level 3.
 
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, 2011, the cost of investments was $116,783,916.
 
Gross unrealized appreciation and gross unrealized depreciation of investments at November 30, 2011, were as follows:
   
Gross unrealized: 
 
Appreciation 
$ 3,622,700 
Depreciation 
(3,886,414)
Net unrealized appreciation (depreciation) of investments 
$  (263,714)
 
 
     
   
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 Investors 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) 
 
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for 
   
investments in inverse floating rate transactions. 
(5) 
 
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. Certain bonds backed by U.S. Government or 
   
agency securities are regarded as having an implied rating equal to the rating of such securities. 
(6) 
 
Variable Rate Demand Preferred Shares, at Liquidation Value as a percentage of Total Investments is 29.6%. 
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, 2012        
 
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, 2012        
 
By (Signature and Title)     /s/ Stephen D. Foy                              
                                                   Stephen D. Foy
                                                  Vice President and Controller (principal financial officer) 
 
Date         January 27, 2012