Nuveen AMT-Free Quality Municipal Income Fund

Regulatory Filings • Sep 29, 2005

N-Q 1 nq.htm NEA Form N-Q

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 811-21213

Nuveen Insured 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. Droeger—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: 10/31

Date of reporting period: 07/31/05

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 Tax-Free
Advantage Municipal Fund (NEA) | | | |
| | July 31, 2005 | | | |
| Principal | | Optional
Call | | Market |
| Amount
(000) | Description (1) | Provisions | Ratings* | Value |
| | Alabama - 8.3%
(5.5% of Total Investments) | | | |
| $ 5,655 | Colbert County-Northwest Health Care
Authority, Alabama, Revenue Bonds, Helen Keller Hospital, | 6/13 at 101.00 | Baa3 | $ 5,862,595 |
| | Series 2003, 5.750%, 6/01/27 | | | |
| 3,100 | Huntsville Healthcare Authority,
Alabama, Revenue Bonds, Series 1998A, 5.400%, 6/01/22 - MBIA | 5/12 at 102.00 | AAA | 3,399,770 |
| | Insured | | | |
| 6,280 | Jefferson County, Alabama, Sewer
Revenue Capital Improvement Warrants, Series 2002D, 5.000%, | 8/12 at 100.00 | AAA | 6,833,080 |
| | 2/01/32 (Pre-refunded t o 8/01/12) -
FGIC Insured | | | |
| 1,750 | Montgomery, Alabama, General Obligation
Warrants, Series 2003, 5.000%, 5/01/21 - AMBAC Insured | 5/12 at 101.00 | AAA | 1,866,550 |
| 4,500 | Sheffield, Alabama, Electric
Revenue Bonds, Series 2003, 5.500%, 7/01/29 - AMBAC Insured | 7/13 at 100.00 | Aaa | 4,996,710 |
| | Arizona - 3.8%
(2.5% of Total Investments) | | | |
| 10,000 | Maricopa County Pollution
Control Corporation, Arizona, Revenue Bonds, Arizona Public Service | 11/12 at 100.00 | AAA | 10,449,200 |
| | Company - Palo Verde Project, Series
2002A, 5.050%, 5/01/29 - AMBAC Insured | | | |
| | California - 29.0% (19.2%
of Total Investments) | | | |
| 13,500 | California, General Obligation
Refunding Bonds, Series 2002, 5.250%, 4/01/30 - XLCA Insured | 4/12 at 100.00 | AAA | 14,377,230 |
| 7,500 | California, General Obligation Bonds,
Series 2004, 5.000%, 4/01/31 - AMBAC Insured | 4/14 at 100.00 | AAA | 7,873,500 |
| 26,300 | California State Public Works Board,
Lease Revenue Bonds, Department of General Services, Capital | 12/12 at 100.00 | AAA | 27,421,432 |
| | East End Project, Series 2002A, 5.000%,
12/01/27 - AMBAC Insured (PLG) | | | |
| 2,910 | Cathedral City Public Financing
Authority, California, Tax Allocation Bonds, Housing Set-Aside, | 8/12 at 102.00 | AAA | 3,059,661 |
| | Series 2002D, 5.000%, 8/01/26 - MBIA
Insured | | | |
| 2,500 | Irvine Public Facilities and
Infrastructure Authority, California, Assessment Revenue Bonds,
Series | 9/05 at 103.00 | AAA | 2,575,800 |
| | 2003C, 5.000%, 9/02/23 - AMBAC
Insured | | | |
| 4,000 | Montara Sanitation District,
California, General Obligation Bonds, Series 2003, 5.000%, 8/01/28
- | 8/11 at 101.00 | AAA | 4,196,200 |
| | FGIC Insured | | | |
| | Plumas County, California,
Certificates of Participation, Capital Improvement Program, Series | | | |
| | 2003 A: | | | |
| 1,130 | 5.250%, 6/01/19 - AMBAC Insured | 6/13 at 101.00 | AAA | 1,231,271 |
| 1,255 | 5.250%, 6/01/21 - AMBAC Insured | 6/13 at 101.00 | AAA | 1,362,177 |
| 1,210 | Redding Joint Powers Financing
Authority, California, Lease Revenue Bonds, Capital Improvement | 3/13 at 100.00 | AAA | 1,262,696 |
| | Projects, Series 2003A, 5.000%, 3/01/23
- AMBAC Insured | | | |
| 3,750 | Sacramento Municipal Utility
District, California, Electric Revenue Bonds, Series 2003R, 5.000%, | 8/13 at 100.00 | AAA | 3,949,013 |
| | 8/15/28 - MBIA Insured | | | |
| 1,500 | San Diego Community College District,
California, General Obligation Bonds, Series 2003A, 5.000%, | 5/13 at 100.00 | AAA | 1,575,090 |
| | 5/01/28 - FSA Insured | | | |
| 3,000 | San Jose Redevelopment Agency,
California, Tax Allocation Bonds, Merged Area Redevelopment
Project, | 8/10 at 101.00 | AAA | 3,101,910 |
| | Series 2002, 5.000%, 8/01/32 -
MBIA Insured | | | |
| 1,055 | Turlock Irrigation District,
California, Certificates of Participation, Series 2003A, 5.000%, | 1/13 at 100.00 | AAA | 1,099,764 |
| | 1/01/28 - MBIA Insured | | | |
| 6,300 | University of California, Revenue
Bonds, Multi-Purpose Projects, Series 2003A, 5.000%, 5/15/33 - | 5/13 at 100.00 | AAA | 6,599,691 |
| | AMBAC Insured | | | |
| | Colorado - 3.8%
(2.5% of Total Investments) | | | |
| | Bowles Metropolitan District,
Colorado, General Obligation Bonds, Series 2003: | | | |
| 4,300 | 5.500%, 12/01/23 - FSA
Insured | 12/13 at 100.00 | AAA | 4,824,557 |
| 3,750 | 5.500%, 12/01/28 - FSA
Insured | 12/13 at 100.00 | AAA | 4,207,463 |
| 1,450 | Colorado Educational and
Cultural Facilities Authority, Charter School Revenue Bonds,
Peak-to-Peak | 8/14 at 100.00 | AAA | 1,557,344 |
| | Charter School, Series 2004,
5.250%, 8/15/24 - XLCA Insured | | | |
| | Florida - 1.2%
(0.8% of Total Investments) | | | |
| 3,000 | Pinellas County Health
Facilities Authority, Florida, Revenue Bonds, Baycare Health System,
Series | 5/13 at 100.00 | A1 | 3,190,110 |
| | 2003, 5.500%,
11/15/27 | | | |
| | Georgia - 1.5%
(1.0% of Total Investments) | | | |
| 3,825 | Metropolitan Atlanta Rapid
Transit Authority, Georgia, Sales Tax Revenue Bonds, Second
Indenture | 1/13 at 100.00 | AAA | 3,997,163 |
| | Series 2002, 5.000%, 7/01/32 -
MBIA Insured | | | |
| | Illinois - 3.7%
(2.5% of Total Investments) | | | |
| 905 | Cook County School District 100,
Berwyn South, Illinois, General Obligation Refunding Bonds,
Series | 12/13 at 100.00 | Aaa | 1,009,491 |
| | 2003B, 5.250%, 12/01/21
(Pre-refunded to 12/01/13) - FSA Insured | | | |
| | Cook County School District 145,
Arbor Park, Illinois, General Obligation Bonds, Series 2004: | | | |
| 3,285 | 5.125%, 12/01/20 - FSA
Insured | 12/14 at 100.00 | Aaa | 3,551,052 |
| 2,940 | 5.125%, 12/01/23 - FSA
Insured | 12/14 at 100.00 | Aaa | 3,156,825 |
| 2,500 | Illinois Health Facilities
Authority, Revenue Bonds, Lake Forest Hospital, Series 2003,
5.250%, | 7/13 at 100.00 | A- | 2,597,525 |
| | 7/01/23 | | | |
| | Indiana - 8.8%
(5.8% of Total Investments) | | | |
| 2,500 | Evansville, Indiana, Sewerage
Works Revenue Refunding Bonds, Series 2003A, 5.000%, 7/01/23 -
AMBAC | 7/13 at 100.00 | AAA | 2,637,125 |
| | Insured | | | |
| 2,190 | Indiana Bond Bank, Advance
Purchase Funding Bonds, Common School Fund, Series 2003B,
5.000%, | 8/13 at 100.00 | AAA | 2,322,583 |
| | 8/01/19 - MBIA
Insured | | | |
| 1,000 | Indiana University, Student Fee
Revenue Bonds, Series 2003O, 5.000%, 8/01/22 - FGIC Insured | 8/13 at 100.00 | AAA | 1,057,950 |
| | IPS Multi-School Building
Corporation, Indiana, First Mortgage Revenue Bonds, Series
2003: | | | |
| 11,020 | 5.000%, 7/15/19 - MBIA
Insured | 7/13 at 100.00 | AAA | 11,754,814 |
| 6,000 | 5.000%, 7/15/20 - MBIA
Insured | 7/13 at 100.00 | AAA | 6,386,160 |
| | Kansas - 2.4% (1.6%
of Total Investments) | | | |
| 6,250 | Kansas Development Finance
Authority, Board of Regents, Revenue Bonds, Scientific Research
and | 4/13 at 102.00 | AAA | 6,676,188 |
| | Development Facilities Projects,
Series 2003C, 5.000%, 10/01/22 - AMBAC Insured | | | |
| | Kentucky - 0.5%
(0.3% of Total Investments) | | | |
| | Kentucky State Property and
Buildings Commission, Revenue Refunding Bonds, Project 77, Series
2003: | | | |
| 340 | 5.000%, 8/01/23 (Pre-refunded to
8/01/13) - MBIA Insured | 8/13 at 100.00 | AAA | 372,803 |
| 985 | 5.000%, 8/01/23 (Pre-refunded to
8/01/13) - MBIA Insured | 8/13 at 100.00 | AAA | 1,080,033 |
| | Louisiana - 2.3%
(1.5% of Total Investments) | | | |
| 5,785 | New Orleans, Louisiana, General
Obligation Refunding Bonds, Series 2002, 5.300%, 12/01/27 -
FGIC | 12/12 at 100.00 | AAA | 6,274,180 |
| | Insured | | | |
| | Massachusetts -
5.1% (3.4% of Total Investments) | | | |
| 9,000 | Massachusetts Bay Transportation
Authority, Senior Sales Tax Revenue Refunding Bonds, Series
2002A, | 7/12 at 100.00 | AAA | 9,803,070 |
| | 5.000%, 7/01/27 (Pre-refunded to
7/01/12) - FGIC Insured | | | |
| 1,125 | Massachusetts Development
Finance Authority, Revenue Bonds, Middlesex School, Series 2003,
5.125%, | 9/13 at 100.00 | A1 | 1,190,160 |
| | 9/01/23 | | | |
| 3,000 | Massachusetts Turnpike
Authority, Metropolitan Highway System Revenue Bonds, Senior Series
1997A, | 1/07 at 102.00 | AAA | 3,079,890 |
| | 5.000%, 1/01/37 - MBIA
Insured | | | |
| | Michigan - 11.6%
(7.7% of Total Investments) | | | |
| 6,130 | Detroit, Michigan, Senior Lien
Water Supply System Revenue Bonds, Series 2003A, 5.000%, 7/01/23
- | 7/13 at 100.00 | AAA | 6,504,911 |
| | MBIA Insured | | | |
| 4,465 | Detroit, Michigan, Senior Lien
Water Supply System Revenue Refunding Bonds, Series 2003C,
5.000%, | 7/13 at 100.00 | AAA | 4,749,867 |
| | 7/01/22 - MBIA
Insured | | | |
| 10,800 | Michigan Strategic Fund, Limited
Obligation Resource Recovery Revenue Refunding Bonds, Detroit | 12/12 at 100.00 | AAA | 11,435,256 |
| | Edison Company, Series 2002D,
5.250%, 12/15/32 - XLCA Insured | | | |
| 2,250 | Romulus Community Schools, Wayne
County, Michigan, General Obligation Refunding Bonds, Series
2001, | 5/11 at 100.00 | AA | 2,407,500 |
| | 5.250%, 5/01/25 | | | |
| 6,500 | Wayne County, Michigan, Limited
Tax General Obligation Airport Hotel Revenue Bonds, Detroit | 12/11 at 101.00 | AAA | 6,789,640 |
| | Metropolitan Wayne County
Airport, Series 2001A, 5.000%, 12/01/30 - MBIA Insured | | | |
| | Missouri - 1.1%
(0.7% of Total Investments) | | | |
| | Clay County Public School
District 53, Liberty, Missouri, General Obligation Bonds, Series
2004: | | | |
| 1,325 | 5.250%, 3/01/23 - FSA
Insured | 3/14 at 100.00 | AAA | 1,440,832 |
| 1,500 | 5.250%, 3/01/24 - FSA
Insured | 3/14 at 100.00 | AAA | 1,628,865 |
| | Nebraska - 1.9%
(1.3% of Total Investments) | | | |
| 5,000 | Lincoln, Nebraska, Sanitary
Sewerage System Revenue Refunding Bonds, Series 2003, 5.000%, | 6/13 at 100.00 | AAA | 5,267,400 |
| | 6/15/28 - MBIA
Insured | | | |
| | Nevada - 0.9% (0.6%
of Total Investments) | | | |
| 2,315 | Clark County, Nevada,
Subordinate Lien Airport Revenue Bonds, Series 2001B, 5.200%, 7/01/31 -
FGIC | 7/11 at 100.00 | AAA | 2,426,398 |
| | Insured | | | |
| | New Mexico - 0.8%
(0.5% of Total Investments) | | | |
| 1,975 | New Mexico State University,
Revenue Bonds, Series 2004, 5.000%, 4/01/19 - AMBAC Insured | 4/14 at 100.00 | AAA | 2,119,175 |
| | New York - 9.5%
(6.3% of Total Investments) | | | |
| 25,000 | Metropolitan Transportation
Authority, New York, Transportation Revenue Refunding Bonds,
Series | 11/12 at 100.00 | AAA | 26,124,000 |
| | 2002F, 5.000%, 11/15/31 - MBIA
Insured | | | |
| | North Carolina -
3.3% (2.2% of Total Investments) | | | |
| 8,700 | North Carolina Medical Care
Commission, Revenue Bonds, Maria Parham Medical Center, Series
2003, | 10/13 at 100.00 | AA | 9,190,767 |
| | 5.375%, 10/01/33 - RAAI
Insured | | | |
| | Ohio - 0.7% (0.5%
of Total Investments) | | | |
| 1,770 | Columbus, Ohio, Tax Increment
Financing Bonds, Easton Project, Series 2004A, 5.000%, 12/01/21
- | 6/14 at 100.00 | AAA | 1,876,908 |
| | AMBAC Insured | | | |
| | Oregon - 3.9% (2.6%
of Total Investments) | | | |
| 9,350 | Oregon Health Sciences
University, Revenue Bonds, Series 2002A, 5.000%, 7/01/32 - MBIA
Insured | 1/13 at 100.00 | AAA | 9,795,154 |
| 1,000 | Sunrise Water Authority, Oregon,
Water Revenue Bonds, Series 2004, 5.000%, 3/01/19 - FSA
Insured | 3/14 at 100.00 | AAA | 1,072,430 |
| | Pennsylvania - 8.7%
(5.8% of Total Investments) | | | |
| 3,000 | Lehigh County General Purpose
Authority, Pennsylvania, Hospital Revenue Bonds, St. Luke's
Hospital | 8/13 at 100.00 | BBB | 3,109,860 |
| | of Bethlehem, Series 2003,
5.375%, 8/15/33 | | | |
| 2,000 | Philadelphia Gas Works,
Pennsylvania, Revenue Bonds, General Ordinance, Fourth Series
1998, | 8/13 at 100.00 | AAA | 2,090,520 |
| | 5.000%, 8/01/32 - FSA
Insured | | | |
| | Philadelphia, Pennsylvania,
Water and Wastewater Revenue Bonds, Series 1997A: | | | |
| 925 | 5.125%, 8/01/27 - AMBAC
Insured | 8/07 at 102.00 | AAA | 965,478 |
| 4,075 | 5.125%, 8/01/27 - AMBAC
Insured | 8/07 at 102.00 | AAA | 4,285,759 |
| 13,000 | State Public School Building
Authority, Pennsylvania, Lease Revenue Bonds, Philadelphia
School | 6/13 at 100.00 | AAA | 13,586,170 |
| | District, Series 2003, 5.000%,
6/01/33 - FSA Insured | | | |
| | South Carolina -
7.4% (4.9% of Total Investments) | | | |
| 5,000 | Florence County, South Carolina,
Hospital Revenue Bonds, McLeod Regional Medical Center,
Series | 11/14 at 100.00 | AAA | 5,414,800 |
| | 2004A, 5.250%, 11/01/23 - FSA
Insured | | | |
| | Greenville County School
District, South Carolina, Installment Purchase Revenue Bonds, Series
2003: | | | |
| 3,000 | 5.000%, 12/01/22 | 12/13 at 100.00 | AA- | 3,143,550 |
| 1,785 | 5.000%, 12/01/23 | 12/13 at 100.00 | AA- | 1,866,592 |
| 1,365 | Myrtle Beach, South Carolina,
Water and Sewerage System Revenue Refunding Bonds, Series
2003, | 3/13 at 100.00 | AAA | 1,505,540 |
| | 5.375%, 3/01/19 - FGIC
Insured | | | |
| 8,000 | South Carolina Transportation
Infrastructure Bank, Revenue Bonds, Series 2002A, 5.000%, 10/01/33
- | 10/12 at 100.00 | Aaa | 8,344,480 |
| | AMBAC Insured | | | |
| | Texas - 13.0% (8.6%
of Total Investments) | | | |
| 7,975 | Fort Bend Independent School
District, Fort Bend County, Texas, General Obligation Bonds,
Series | 8/10 at 100.00 | AAA | 8,364,898 |
| | 2000, 5.000%,
8/15/25 | | | |
| 12,500 | Grand Prairie Independent School
District, Dallas County, Texas, General Obligation Bonds,
Series | 2/13 at 100.00 | AAA | 13,108,875 |
| | 2003, 5.125%, 2/15/31 - FSA
Insured | | | |
| 5,515 | Houston, Texas, General
Obligation Refunding Bonds, Series 2002, 5.250%, 3/01/20 - MBIA
Insured | 3/12 at 100.00 | AAA | 5,953,718 |
| 2,000 | Houston, Texas, First Lien
Combined Utility System Revenue Bonds, Series 2004A, 5.250%, 5/15/25
- | 5/14 at 100.00 | AAA | 2,158,300 |
| | MBIA Insured | | | |
| 5,850 | Katy Independent School
District, Harris, Fort Bend and Waller Counties, Texas, General
Obligation | 2/12 at 100.00 | AAA | 6,293,547 |
| | Bonds, Series 2002A, 5.125%,
2/15/18 | | | |
| | Virginia - 0.6%
(0.4% of Total Investments) | | | |
| 1,500 | Hampton, Virginia, Revenue
Bonds, Convention Center Project, Series 2002, 5.125%, 1/15/28 -
AMBAC | 1/13 at 100.00 | AAA | 1,581,960 |
| | Insured | | | |
| | Washington - 9.2%
(6.1% of Total Investments) | | | |
| 4,945 | Broadway Office Properties, King
County, Washington, Lease Revenue Bonds, Washington Project, | 12/12 at 100.00 | AAA | 5,143,245 |
| | Series 2002, 5.000%, 12/01/31 -
MBIA Insured | | | |
| 5,250 | Chelan County Public Utility
District 1, Washington, Hydro Consolidated System Revenue
Bonds, | 7/12 at 100.00 | AAA | 5,487,248 |
| | Series 2002C, 5.125%, 7/01/33 -
AMBAC Insured | | | |
| 2,135 | Kitsap County Consolidated
Housing Authority, Washington, Revenue Bonds, Bremerton
Government | 7/13 at 100.00 | Aaa | 2,243,885 |
| | Center, Series 2003, 5.000%,
7/01/23 - MBIA Insured | | | |
| 1,935 | Pierce County School District
343, Dieringer, Washington, General Obligation Refunding
Bonds, | 6/13 at 100.00 | Aaa | 2,120,818 |
| | Series 2003, 5.250%, 12/01/17 -
FGIC Insured | | | |
| 9,670 | Washington, General Obligation
Bonds, Series 2003D, 5.000%, 12/01/21 - MBIA Insured | 6/13 at 100.00 | AAA | 10,261,224 |
| | West Virginia -
1.2% (0.8% of Total Investments) | | | |
| 3,000 | West Virginia State Building
Commission, Lease Revenue Refunding Bonds, Regional Jail and | No Opt. Call | AAA | 3,404,310 |
| | Corrections Facility, Series
1998A, 5.375%, 7/01/21 - AMBAC Insured | | | |
| | Wisconsin - 6.7%
(4.4% of Total Investments) | | | |
| 1,190 | Sun Prairie Area School
District, Dane County, Wisconsin, General Obligation Bonds, Series
2004C, | 3/14 at 100.00 | Aaa | 1,286,842 |
| | 5.250%, 3/01/24 - FSA
Insured | | | |
| 4,750 | Wisconsin Health and Educational
Facilities Authority, Revenue Refunding Bonds, Wausau
Hospital | 8/08 at 102.00 | AAA | 5,010,155 |
| | Inc., Series 1998A, 5.125%,
8/15/20 - AMBAC Insured | | | |
| 3,000 | Wisconsin Health and Educational
Facilities Authority, Revenue Bonds, Meriter Hospital Inc.,
Series | No Opt. Call | AAA | 3,485,280 |
| | 1992A, 6.000%, 12/01/22 - FGIC
Insured | | | |
| 3,600 | Wisconsin Health and Educational
Facilities Authority, Revenue Bonds, Wheaton Franciscan
Services | 8/13 at 100.00 | A | 3,688,090 |
| | Inc., Series 2003A, 5.125%,
8/15/33 | | | |
| 4,605 | Wisconsin Health and Educational
Facilities Authority, Revenue Bonds, Franciscan Sisters of | 9/13 at 100.00 | A- | 4,947,750 |
| | Christian Charity Healthcare
Ministry, Series 2003A, 5.875%, 9/01/33 | | | |
| $ 391,995 | Total Long-Term Investments
(cost $393,094,577) - 150.9% | | | 415,501,823 |
| | Other Assets Less Liabilities -
1.4% | | | 3,921,911 |
| | Preferred Shares, at Liquidation
Value - (52.3)% | | | (144,000,000) |
| | Net Assets Applicable to Common
Shares - 100% | | | $ 275,423,734 |

| | | Forward Swaps
outstanding at July 31, 2005: | | | | | |
| --- | --- | --- | --- | --- | --- | --- | --- |
| | | | | | | Unrealized | |
| | | | Notional | Effective | Termination | Appreciation | |
| | | | Amount | Date(2) | Date | (Depreciation) | |
| | | Agreement with Goldman Sachs
dated January 10, 2005, to pay | | | | | |
| | | semi-annually the notional
amount multiplied by 5.251% (annualized) | | | | | |
| | | and receive quarterly the
notional amount multiplied by the | | | | | |
| | | three-month USD-LIBOR (United
States Dollar-London | | | | | |
| | | Inter-Bank Offered
Rates). | $ 9,000,000 | 8/16/05 | 8/16/25 | $ (374,186 | ) |
| | | Agreement with Citigroup dated
June 29, 2005, to pay semi- | | | | | |
| | | annually the notional amount
multiplied by 4.652% (annualized) | | | | | |
| | | and receive quarterly the
notional amount multiplied by the three-month | | | | | |
| | | USD-LIBOR (United States
Dollar-London Inter-Bank Offered Rates). | 13,500,000 | 2/22/06 | 2/22/26 | 521,066 | |
| | | Agreement with Citigroup dated
June 30, 2005, to pay semi- | | | | | |
| | | annually the notional amount
multiplied by 4.699% (annualized) | | | | | |
| | | and receive quarterly the
notional amount multiplied by the three-month | | | | | |
| | | USD-LIBOR (United States
Dollar-London Inter-Bank Offered Rates). | 3,000,000 | 2/27/06 | 2/27/26 | 98,488 | |
| | | | | | | $ 245,368 | |
| | | At least 80% of the Fund’s net
assets (including net assets attributable 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
attributable 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. | | | | | |
| (PLG) | | Portion of security, with an
aggregate market value of $609,944, has been pledged to collateralize the
net | | | | | |
| | | payment obligations under
forward swap contracts. | | | | | |
| | | 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 investment
transactions. | | | | | |
| | | At July 31, 2005, the cost of
investments was $393,070,669. | | | | | |
| | | Gross unrealized appreciation
and gross unrealized depreciation of investments at July 31, 2005, were
as | | | | | |
| | | follows: | | | | | |
| | | Gross unrealized: | | | | | |
| | | Appreciation | | | | $ 22,431,154 | |
| | | Depreciation | | | | - | |
| | | Net unrealized appreciation of
investments | | | | $ 22,431,154 | |

Item 2. Controls and Procedures.

1. 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)).
2. 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: 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 Tax-Free Advantage Municipal Fund

By (Signature and Title)* /s/ Jessica R. Droeger--Vice President and Secretary

Date 09/29/05

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 09/29/05

By (Signature and Title)* /s/ Stephen D. Foy--Vice President and Controller (principal financial officer)

Date 09/29/05

• Print the name and title of each signing officer under his or her signature.