Nuveen AMT-Free Quality Municipal Income Fund

Regulatory Filings • Apr 1, 2010

N-Q 1 nq2.htm NEA_NQ Unassociated Document Licensed to: FGS Document Created using EDGARizerAgent 5.1.5.0 Copyright 1995 - 2009 Thomson Reuters. All rights reserved.

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)

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: 10/31

Date of reporting period: 1/31/10

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 Tax-Free Advantage Municipal Fund (NEA) | | | |
| | January 31,
2010 | | | |
| Principal | | Optional Call | | |
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
| | Alabama – 7.2% (4.9% of Total
Investments) | | | |
| $ 1,000 | Alabama Special Care Facilities Financing Authority,
Revenue Bonds, Ascension Health, Series | 11/16 at 100.00 | AA | $ 1,002,780 |
| | 2006C-2, 5.000%, 11/15/36
(UB) | | | |
| 5,655 | Colbert County-Northwest Health Care Authority,
Alabama, Revenue Bonds, Helen Keller Hospital, | 6/13 at 101.00 | Baa3 | 5,312,137 |
| | Series 2003, 5.750%,
6/01/27 | | | |
| 3,100 | Huntsville Healthcare Authority, Alabama, Revenue
Bonds, Series 1998A, 5.400%, 6/01/22 | 5/12 at 102.00 | A (4) | 3,448,595 |
| | (Pre-refunded 5/14/12) –
MBIA Insured | | | |
| 6,280 | Jefferson County, Alabama, Sewer Revenue Capital
Improvement Warrants, Series 2002D, 5.000%, | 8/12 at 100.00 | AAA | 6,904,169 |
| | 2/01/32 (Pre-refunded
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 | AA | 1,878,870 |
| 4,500 | Sheffield,
Alabama, Electric Revenue Bonds, Series 2003, 5.500%, 7/01/29 – AMBAC
Insured | 7/13 at
100.00 | A2 | 4,701,960 |
| 22,285 | Total
Alabama | | | 23,248,511 |
| | Arizona – 4.6% (3.1% of Total
Investments) | | | |
| 10,000 | Maricopa County Pollution Control Corporation,
Arizona, Revenue Bonds, Arizona Public Service | 11/12 at 100.00 | Baa2 | 9,311,500 |
| | Company – Palo Verde
Project, Series 2002A, 5.050%, 5/01/29 – AMBAC Insured | | | |
| 6,545 | Phoenix, Arizona, Civic Improvement Revenue Bonds,
Civic Plaza, Series 2005B, 0.000%, | No Opt. Call | AA | 5,551,862 |
| | 7/01/37 – FGIC Insured | | | |
| 16,545 | Total
Arizona | | | 14,863,362 |
| | California – 20.5% (13.9% of
Total Investments) | | | |
| 26,300 | California State Public Works Board, Lease Revenue
Bonds, Department of General Services, | 12/12 at 100.00 | BBB+ | 24,476,095 |
| | Capital East End Project,
Series 2002A, 5.000%, 12/01/27 – AMBAC Insured | | | |
| 250 | California State, General Obligation Bonds, Series
2002, 5.250%, 4/01/30 – SYNCORA GTY Insured | 4/12 at 100.00 | Baa1 | 242,125 |
| 5 | California State, General Obligation Bonds, Series
2004, 5.000%, 4/01/31 – AMBAC Insured | 4/14 at 100.00 | A– | 4,613 |
| 7,495 | California State, General Obligation Bonds, Series
2004, 5.000%, 4/01/31 (Pre-refunded | 4/14 at 100.00 | AAA | 8,665,419 |
| | 4/01/14) – AMBAC
Insured | | | |
| 2,910 | Cathedral City Public Financing Authority,
California, Tax Allocation Bonds, Housing | 8/12 at 102.00 | A | 2,796,161 |
| | Set-Aside, Series 2002D,
5.000%, 8/01/26 – NPFG Insured | | | |
| 250 | Golden State Tobacco Securitization Corporation,
California, Enhanced Tobacco Settlement | 6/17 at 100.00 | BBB | 172,683 |
| | Asset-Backed Bonds, Series
2007A-1, 5.125%, 6/01/47 | | | |
| 8,000 | Golden State Tobacco Securitization Corporation,
California, Tobacco Settlement Asset-Backed | 6/15 at 100.00 | BBB+ | 7,011,200 |
| | Revenue Bonds, Series
2005A, 5.000%, 6/01/35 – FGIC Insured | | | |
| 2,500 | Irvine Public Facilities and Infrastructure
Authority, California, Assessment Revenue Bonds, | 9/13 at 100.00 | N/R | 2,407,475 |
| | Series 2003C, 5.000%,
9/02/23 – AMBAC Insured | | | |
| 4,000 | Montara Sanitation District, California, General
Obligation Bonds, Series 2003, 5.000%, | 8/11 at 101.00 | A+ | 4,029,360 |
| | 8/01/28 – FGIC
Insured | | | |
| | Plumas County, California, Certificates of
Participation, Capital Improvement Program, | | | |
| | Series 2003A: | | | |
| 1,130 | 5.250%, 6/01/19 – AMBAC
Insured | 6/13 at 101.00 | A– | 1,155,538 |
| 1,255 | 5.250%, 6/01/21 – AMBAC
Insured | 6/13 at 101.00 | A– | 1,271,064 |
| 1,210 | Redding Joint Powers Financing Authority,
California, Lease Revenue Bonds, Capital Improvement | 3/13 at 100.00 | A | 1,232,809 |
| | Projects, Series 2003A,
5.000%, 3/01/23 – AMBAC Insured | | | |
| 3,750 | Sacramento Municipal Utility District, California,
Electric Revenue Bonds, Series 2003R, | 8/13 at 100.00 | A+ | 3,777,750 |
| | 5.000%, 8/15/28 – NPFG
Insured | | | |
| 1,500 | San Diego Community College District, California,
General Obligation Bonds, Series 2003A, | 5/13 at 100.00 | AAA | 1,525,095 |
| | 5.000%, 5/01/28 – AGM
Insured | | | |
| 1,055 | Turlock Irrigation District, California,
Certificates of Participation, Series 2003A, 5.000%, | 1/13 at 100.00 | A | 1,061,509 |
| | 1/01/28 – NPFG
Insured | | | |
| 6,300 | University of California, Revenue Bonds,
Multi-Purpose Projects, Series 2003A, 5.000%, | 5/13 at 100.00 | AA | 6,405,651 |
| | 5/15/33 – AMBAC Insured (UB) | | | |
| 67,910 | Total
California | | | 66,234,547 |
| | Colorado – 4.8% (3.3% of Total
Investments) | | | |
| | Bowles Metropolitan District, Colorado, General
Obligation Bonds, Series 2003: | | | |
| 4,300 | 5.500%, 12/01/23 – AGM
Insured | 12/13 at 100.00 | AAA | 4,508,593 |
| 3,750 | 5.500%, 12/01/28 – AGM
Insured | 12/13 at 100.00 | AAA | 3,877,950 |
| 1,450 | Colorado Educational and Cultural Facilities
Authority, Charter School Revenue Bonds, | 8/14 at 100.00 | A | 1,463,369 |
| | Peak-to-Peak Charter
School, Series 2004, 5.250%, 8/15/24 – SYNCORA GTY Insured | | | |
| 4,500 | Colorado Health Facilities Authority, Colorado,
Revenue Bonds, Catholic Health Initiatives, | 4/18 at 100.00 | AAA | 4,382,955 |
| | Series 2006C-1, Trust 1090,
15.198%, 10/01/41 – AGM Insured (IF) | | | |
| 3,000 | E-470 Public Highway Authority, Colorado, Senior
Revenue Bonds, Series 2000B, 0.000%, | No Opt. Call | A | 775,500 |
| | 9/01/30 – NPFG
Insured | | | |
| 2,900 | E-470 Public Highway Authority, Colorado, Toll
Revenue Bonds, Series 2004A, 0.000%, 9/01/34 – | No Opt. Call | A | 553,146 |
| | NPFG Insured | | | |
| 19,900 | Total
Colorado | | | 15,561,513 |
| | District of Columbia – 0.6%
(0.4% of Total Investments) | | | |
| 7,000 | Metropolitan Washington DC Airports Authority,
Virginia, Dulles Toll Raod Revenue Bonds, | No Opt. Call | AAA | 1,284,220 |
| | Series 2009B, 0.000%,
10/01/36 – AGC Insured | | | |
| 665 | Washington Convention Center Authority, District of
Columbia, Senior Lien Dedicated Tax | 10/16 at 100.00 | AA+ | 628,033 |
| | Revenue Bonds, Series 2007, Residuals 1606, 11.602%, 10/01/30 –
AMBAC Insured (IF) | | | |
| 7,665 | Total
District of Columbia | | | 1,912,253 |
| | Florida – 23.5% (15.9% of Total
Investments) | | | |
| 1,000 | Bay County, Florida, Water System Revenue Bonds,
Series 2005, 5.000%, 9/01/25 – AMBAC Insured | 9/15 at 100.00 | A3 | 1,029,400 |
| | Clay County, Florida, Uiltity System Revenue Bonds,
Series 2007: | | | |
| 1,500 | 5.000%, 11/01/27 – SYNCORA
GTY Insured (UB) | 11/17 at 100.00 | AAA | 1,571,550 |
| 3,000 | 5.000%, 11/01/32 – SYNCORA
GTY Insured (UB) | 11/17 at 100.00 | AAA | 3,063,960 |
| 400 | Collier County, Florida, Capital Improvement Revenue
Bonds, Series 2005, 5.000%, 10/01/23 – | 10/14 at 100.00 | AA | 417,788 |
| | NPFG Insured | | | |
| 1,000 | Escambia County, Florida, Sales Tax Revenue
Refunding Bonds, Series 2002, 5.250%, 10/01/17 – | 10/12 at 101.00 | A+ | 1,107,310 |
| | AMBAC Insured | | | |
| 1,525 | Fernandina Beach, Florida, Utility Acquisition and
Improvement Revenue Bonds, Series 2003, | 9/13 at 100.00 | A | 1,563,308 |
| | 5.000%, 9/01/23 – FGIC
Insured | | | |
| 500 | Flagler County, Florida, Capital Improvement Revenue
Bonds, Series 2005, 5.000%, 10/01/30 – | 10/15 at 100.00 | A | 505,870 |
| | NPFG Insured | | | |
| 215 | Florida Housing Finance Agency, GNMA Collateralized
Home Ownership Revenue Refunding Bonds, | No Opt. Call | AAA | 233,871 |
| | Series 1987G-1, 8.595%,
11/01/17 | | | |
| 2,500 | Florida State Board of Education, Public Education
Capital Outlay Bonds, Series 2008, Trust | 6/18 at 101.00 | AAA | 2,939,350 |
| | 2929, 17.147%, 6/01/38 –
AGC Insured (IF) | | | |
| 2,240 | FSU Financial Assistance Inc., Florida, General
Revenue Bonds, Educational and Athletic | No Opt. Call | A1 | 2,489,290 |
| | Facilities Improvements,
Series 2004, 5.000%, 10/01/14 – AMBAC Insured | | | |
| 2,000 | Greater Orlando Aviation Authority, Florida, Airport
Facilities Revenue Bonds, Series 2002A, | 10/12 at 100.00 | AAA | 2,019,380 |
| | 5.125%, 10/01/32 – AGM
Insured | | | |
| 105 | Greater Orlando Aviation Authority, Florida, Airport
Facilities Revenue Refunding Bonds, | 10/13 at 100.00 | AAA | 111,580 |
| | Series 2003A, 5.000%,
10/01/17 – AGM Insured | | | |
| 350 | Halifax Hospital Medical Center, Florida, Revenue
Bonds, Series 2006, 5.500%, 6/01/38 – | 6/18 at 100.00 | AAA | 350,669 |
| | AGM Insured | | | |
| 1,300 | Highlands County Health Facilities Authority,
Florida, Hospital Revenue Bonds, Adventist | 11/15 at 100.00 | A1 | 1,256,034 |
| | Health System, Series
2005D, 5.000%, 11/15/35 – NPFG Insured | | | |
| 180 | Highlands County Health Facilities Authority,
Florida, Hospital Revenue Bonds, Adventist | 11/15 at 100.00 | A1 (4) | 209,488 |
| | Health System, Series
2005D, 5.000%, 11/15/35 (Pre-refunded 11/15/15) – MBIA Insured | | | |
| 3,500 | Highlands County Health Facilities Authority,
Florida, Hospital Revenue Bonds, Adventist | 11/13 at 100.00 | N/R (4) | 4,040,925 |
| | Health System/Sunbelt
Obligated Group, Series 2003D, 5.875%, 11/15/29 (Pre-refunded
11/15/13) | | | |
| 1,500 | Hillsborough County School Board, Florida,
Certificates of Participation, Series 2003, 5.000%, | 7/13 at 100.00 | AA– | 1,509,780 |
| | 7/01/29 – NPFG
Insured | | | |
| 2,270 | Jacksonville, Florida, Local Government Sales Tax
Revenue Refunding and Improvement Bonds, | 10/12 at 100.00 | AA+ | 2,463,676 |
| | Series 2002, 5.375%,
10/01/18 – FGIC Insured | | | |
| 2,265 | Lakeland, Florida, Utility Tax Revenue Bonds, Series
2003B, 5.000%, 10/01/20 – AMBAC Insured | 10/12 at 100.00 | N/R | 2,278,907 |
| 1,730 | Lee County, Florida, Transportation Facilities
Revenue Bonds, Series 2004B, 5.000%, 10/01/22 – | 10/14 at 100.00 | A– | 1,761,590 |
| | AMBAC Insured | | | |
| 500 | Lee Memorial Health System, Florida, Hospital
Revenue Bonds, Series 2007A, 5.000%, 4/01/32 – | 4/17 at 100.00 | A | 474,910 |
| | NPFG Insured | | | |
| 3,000 | Marco Island, Florida, Water Utility System Revenue
Bonds, Series 2003, 5.000%, 10/01/27 – | 10/13 at 100.00 | A | 3,043,980 |
| | NPFG Insured | | | |
| 2,000 | Miami-Dade County, Florida, Water and Sewer System
Revenue Bonds, Series 1999A, 5.000%, | 4/10 at 101.00 | A+ | 2,020,300 |
| | 10/01/29 – FGIC
Insured | | | |
| 500 | Miami-Dade County, Florida, Water and Sewer System
Revenue Bonds, Series 2008B, 5.250%, | No Opt. Call | AAA | 553,330 |
| | 10/01/22 – AGM
Insured | | | |
| 500 | North Port, Florida, Utility System Revenue Bonds,
Series 2000, 5.000%, 10/01/25 (Pre-refunded | 10/10 at 101.00 | Aa3 (4) | 521,020 |
| | 10/01/10) – AGM
Insured | | | |
| 2,000 | Orange County, Florida, Sales Tax Revenue Bonds,
Series 2002A, 5.125%, 1/01/17 – FGIC Insured | 1/13 at 100.00 | AA | 2,155,820 |
| 1,500 | Orange County, Florida, Sales Tax Revenue Bonds,
Series 2002B, 5.125%, 1/01/32 – FGIC Insured | 1/13 at 100.00 | AA | 1,510,245 |
| 3,370 | Osceola County School Board, Florida, Certificates
of Participation, Series 2002A, 5.125%, | 6/12 at 101.00 | A2 (4) | 3,722,435 |
| | 6/01/20 (Pre-refunded
6/01/12) – AMBAC Insured | | | |
| 3,335 | Palm Bay, Florida, Local Optional Gas Tax Revenue
Bonds, Series 2004, 5.250%, 10/01/20 – | 10/14 at 100.00 | AA– | 3,596,297 |
| | NPFG Insured | | | |
| 1,095 | Palm Bay, Florida, Utility System Revenue Bonds,
Series 2004, 5.250%, 10/01/20 – NPFG Insured | 10/14 at 100.00 | A | 1,180,793 |
| 2,670 | Palm Beach County School Board, Florida,
Certificates of Participation, Series 2002D, 5.000%, | 8/12 at 100.00 | AAA | 2,696,246 |
| | 8/01/28 – AGM
Insured | | | |
| 1,950 | Palm Beach County School Board, Florida,
Certificates of Participation, Series 2002D, 5.250%, | 8/12 at 100.00 | AAA | 2,160,971 |
| | 8/01/20 (Pre-refunded
8/01/12) – AGM Insured | | | |
| | Pinellas County Health Facilities Authority,
Florida, Revenue Bonds, Baycare Health System, | | | |
| | Series 2003: | | | |
| 2,800 | 5.750%, 11/15/27
(Pre-refunded 5/15/13) | 5/13 at 100.00 | Aa3 (4) | 3,220,084 |
| 3,000 | 5.500%, 11/15/27
(Pre-refunded 5/15/13) | 5/13 at 100.00 | Aa3 (4) | 3,425,880 |
| 1,000 | Port Saint Lucie, Florida, Special Assessment
Revenue Bonds, Southwest Annexation District 1B, | 7/17 at 100.00 | A | 902,900 |
| | Series 2007, 5.000%,
7/01/33 – NPFG Insured | | | |
| 2,115 | Port St. Lucie, Florida, Sales Tax Revenue Bonds,
Series 2003, 5.000%, 9/01/23 – NPFG Insured | 9/13 at 100.00 | A+ | 2,160,853 |
| 1,500 | Port St. Lucie, Florida, Stormwater Utility System
Revenue Refunding Bonds, Series 2002, | 5/12 at 100.00 | A | 1,528,545 |
| | 5.000%, 5/01/23 – NPFG
Insured | | | |
| 225 | Port St. Lucie, Florida, Utility System Revenue
Bonds, Refunding Series 2009, 5.250%, | 9/18 at 100.00 | AAA | 232,369 |
| | 9/01/35 – AGC
Insured | | | |
| 1,500 | South Miami Health Facilities Authority, Florida,
Hospital Revenue Bonds, Baptist Health | 2/13 at 100.00 | Aaa | 1,686,600 |
| | Systems of South Florida,
Series 2003, 5.200%, 11/15/28 (Pre-refunded 2/01/13) | | | |
| 1,730 | St. John’s County, Florida, Sales Tax Revenue Bonds,
Series 2004A, 5.000%, 10/01/24 – | 10/14 at 100.00 | A+ | 1,786,571 |
| | AMBAC Insured | | | |
| 4,000 | St. Lucie County School Board, Florida, Certificates
of Participation, Master Lease Program, | 7/14 at 100.00 | AAA | 4,088,920 |
| | Series 2004A, 5.000%,
7/01/24 – AGM Insured | | | |
| 1,200 | Tamarac, Florida, Utility System Revenue Bonds,
Series 2009, 5.000%, 10/01/39 | 10/19 at 100.00 | AAA | 1,204,488 |
| 1,250 | Volusia County Educational Facilities Authority,
Florida, Revenue Refunding Bonds, | 10/13 at 100.00 | Baa3 | 1,121,338 |
| | Embry-Riddle Aeronautical University, Series 2003, 5.200%,
10/15/33 – RAAI Insured | | | |
| 71,820 | Total
Florida | | | 75,918,621 |
| | Georgia – 2.0% (1.4% of Total
Investments) | | | |
| 3,000 | Atlanta, Georgia, Water and Wastewater Revenue
Bonds, Series 2009B, 5.375%, 11/01/39 – | 11/19 at 100.00 | AAA | 3,081,120 |
| | AGM Insured | | | |
| 1,410 | DeKalb County, Georgia, Water and Sewer Revenue
Bonds, Series 2006A, 5.000%, 10/01/35 – | 10/16 at 100.00 | AAA | 1,470,376 |
| | AGM Insured | | | |
| 1,825 | Metropolitan Atlanta Rapid Transit Authority,
Georgia, Sales Tax Revenue Bonds, Second | 1/13 at 100.00 | AA+ (4) | 2,040,587 |
| | Indenture Series 2002, 5.000%, 7/01/32 (Pre-refunded 1/01/13) –
MBIA Insured | | | |
| 6,235 | Total
Georgia | | | 6,592,083 |
| | Illinois – 2.8% (1.9% of Total
Investments) | | | |
| | Cook County School District 145, Arbor Park,
Illinois, General Obligation Bonds, Series 2004: | | | |
| 1,635 | 5.125%, 12/01/20 – AGM
Insured | 12/14 at 100.00 | Aa3 | 1,732,528 |
| 1,465 | 5.125%, 12/01/23 – AGM
Insured | 12/14 at 100.00 | Aa3 | 1,535,598 |
| | Cook County School District 145, Arbor Park,
Illinois, General Obligation Bonds, Series 2004: | | | |
| 1,650 | 5.125%, 12/01/20 – AGM
Insured (ETM) | 12/14 at 100.00 | Aa3 (4) | 1,783,733 |
| 1,475 | 5.125%, 12/01/23 – AGM
Insured (ETM) | 12/14 at 100.00 | Aa3 (4) | 1,578,530 |
| 2,500 | Illinois Health Facilities Authority, Revenue Bonds,
Lake Forest Hospital, Series 2003, | 7/13 at 100.00 | A– | 2,497,500 |
| | 5.250%, 7/01/23 | | | |
| 8,725 | Total
Illinois | | | 9,127,889 |
| | Indiana – 7.3% (4.9% of Total
Investments) | | | |
| 2,500 | Evansville, Indiana, Sewerage Works Revenue
Refunding Bonds, Series 2003A, 5.000%, 7/01/23 – | 7/13 at 100.00 | A3 | 2,528,875 |
| | AMBAC Insured | | | |
| 2,190 | Indiana Bond Bank, Advance Purchase Funding Bonds,
Common School Fund, Series 2003B, 5.000%, | 8/13 at 100.00 | A | 2,220,813 |
| | 8/01/19 – NPFG
Insured | | | |
| 1,860 | Indiana Municipal Power Agency, Power Supply Revenue
Bonds, Series 2007A, 5.000%, 1/01/42 – | 1/17 at 100.00 | A+ | 1,816,439 |
| | NPFG Insured | | | |
| 1,000 | Indiana University, Student Fee Revenue Bonds,
Series 2003O, 5.000%, 8/01/22 – FGIC Insured | 8/13 at 100.00 | Aa1 | 1,066,180 |
| | IPS Multi-School Building Corporation, Indiana,
First Mortgage Revenue Bonds, Series 2003: | | | |
| 11,020 | 5.000%, 7/15/19
(Pre-refunded 7/15/13) – MBIA Insured | 7/13 at 100.00 | AA (4) | 12,485,219 |
| 3,000 | 5.000%, 7/15/20 (Pre-refunded 7/15/13) – MBIA Insured | 7/13 at
100.00 | AA
(4) | 3,398,880 |
| 21,570 | Total
Indiana | | | 23,516,406 |
| | Kansas – 1.6% (1.1% of Total
Investments) | | | |
| 5,000 | Kansas Development Finance Authority, Board of
Regents, Revenue Bonds, Scientific Research and | 4/13 at 102.00 | AA | 5,257,300 |
| | Development Facilities Projects, Series 2003C, 5.000%, 10/01/22
– AMBAC Insured | | | |
| | Kentucky – 0.4% (0.2% of Total
Investments) | | | |
| 985 | Kentucky State Property and Buildings Commission,
Revenue Refunding Bonds, Project 77, Series | 8/13 at 100.00 | Aa3 (4) | 1,119,699 |
| | 2003, 5.000%, 8/01/23 (Pre-refunded 8/01/13) – MBIA
Insured | | | |
| | Louisiana – 1.8% (1.2% of Total
Investments) | | | |
| 5,785 | New Orleans, Louisiana, General Obligation Refunding
Bonds, Series 2002, 5.300%, 12/01/27 – | 12/12 at 100.00 | Baa3 | 5,804,206 |
| | FGIC Insured | | | |
| | Massachusetts – 0.4% (0.2% of
Total Investments) | | | |
| 1,125 | Massachusetts Development Finance Authority, Revenue
Bonds, Middlesex School, Series 2003, | 9/13 at 100.00 | A1 | 1,161,945 |
| | 5.125%, 9/01/23 | | | |
| | Michigan – 9.8% (6.6% of Total
Investments) | | | |
| 6,130 | Detroit, Michigan, Senior Lien Water Supply System
Revenue Bonds, Series 2003A, 5.000%, | 7/13 at 100.00 | A+ (4) | 6,914,211 |
| | 7/01/23 (Pre-refunded
7/01/13) – NPFG Insured | | | |
| 4,465 | Detroit, Michigan, Senior Lien Water Supply System
Revenue Refunding Bonds, Series 2003C, | 7/13 at 100.00 | A+ | 4,505,319 |
| | 5.000%, 7/01/22 – NPFG
Insured | | | |
| 1,000 | Michigan State Hospital Finance Authority, Revenue
Bonds, Trinity Health Care Group, Series | 12/16 at 100.00 | AA | 980,400 |
| | 2006A, 5.000%, 12/01/31
(UB) | | | |
| 10,800 | Michigan Strategic Fund, Limited Obligation Resource
Recovery Revenue Refunding Bonds, Detroit | 12/12 at 100.00 | Baa1 | 10,799,352 |
| | Edison Company, Series
2002D, 5.250%, 12/15/32 – SYNCORA GTY Insured | | | |
| 2,250 | Romulus Community Schools, Wayne County, Michigan,
General Obligation Refunding Bonds, Series | 5/11 at 100.00 | AA– | 2,307,893 |
| | 2001, 5.250%,
5/01/25 | | | |
| 6,500 | Wayne County, Michigan, Limited Tax General
Obligation Airport Hotel Revenue Bonds, Detroit | 12/11 at 101.00 | A | 5,956,145 |
| | Metropolitan Wayne County Airport, Series 2001A, 5.000%,
12/01/30 – NPFG Insured | | | |
| 31,145 | Total
Michigan | | | 31,463,320 |
| | Missouri – 1.0% (0.7% of Total
Investments) | | | |
| 240 | Clay County Public School District 53, Liberty,
Missouri, General Obligation Bonds, Series | 3/14 at 100.00 | AAA | 259,954 |
| | 2004, 5.250%, 3/01/24 – AGM
Insured | | | |
| 215 | Clay County Public School District 53, Liberty,
Missouri, General Obligation Bonds, Series | 3/14 at 100.00 | AAA | 233,737 |
| | 2004, 5.250%, 3/01/23 – AGM
Insured | | | |
| | Clay County Public School District 53, Liberty,
Missouri, General Obligation Bonds, | | | |
| | Series 2004: | | | |
| 1,110 | 5.250%, 3/01/23
(Pre-refunded 3/01/14) – AGM Insured | 3/14 at 100.00 | AAA | 1,285,091 |
| 1,260 | 5.250%, 3/01/24 (Pre-refunded 3/01/14) – AGM Insured | 3/14 at
100.00 | AAA | 1,458,752 |
| 2,825 | Total
Missouri | | | 3,237,534 |
| | Nebraska – 1.6% (1.1% of Total
Investments) | | | |
| 5,000 | Lincoln, Nebraska, Sanitary Sewerage System Revenue
Refunding Bonds, Series 2003, 5.000%, | 6/13 at 100.00 | AA+ | 5,187,850 |
| | 6/15/28 – NPFG Insured | | | |
| | New
Mexico – 0.7% (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 | AA | 2,137,128 |
| | New
York – 10.1% (6.9% of Total Investments) | | | |
| 2,020 | Hudson Yards Infrastructure Corporation, New York,
Revenue Bonds, Series 2006A, 4.500%, | 2/17 at 100.00 | A | 1,841,533 |
| | 2/15/47 – NPFG
Insured | | | |
| 25,000 | Metropolitan Transportation Authority, New York,
Transportation Revenue Refunding Bonds, | 11/12 at 100.00 | A | 25,238,250 |
| | Series 2002F, 5.000%,
11/15/31 – NPFG Insured | | | |
| 1,850 | New York State Urban Development Corporation,
Service Contract Revenue Bonds, Series 2005B, | 3/15 at 100.00 | AAA | 1,952,287 |
| | 5.000%, 3/15/25 – AGM
Insured (UB) | | | |
| 3,335 | New York State Urban Development Corporation, State
Personal Income Tax Revenue Bonds, Tender | 3/17 at 100.00 | AAA | 3,618,242 |
| | Option Bond Trust 09-6W, 13.244%, 3/15/37 (IF) | | | |
| 32,205 | Total New
York | | | 32,650,312 |
| | North Carolina – 2.0% (1.4% of
Total Investments) | | | |
| 8,700 | North Carolina Medical Care Commission, Revenue
Bonds, Maria Parham Medical Center, Series | 10/13 at 100.00 | BB | 6,595,382 |
| | 2003, 5.375%, 10/01/33 – RAAI Insured | | | |
| | Ohio – 0.8% (0.5% of Total
Investments) | | | |
| | Buckeye Tobacco Settlement Financing Authority,
Ohio, Tobacco Settlement Asset-Backed Revenue | | | |
| | Bonds, Senior Lien, Series 2007A-2: | | | |
| 65 | 5.125%, 6/01/24 | 6/17 at 100.00 | BBB | 60,403 |
| 710 | 5.875%, 6/01/30 | 6/17 at 100.00 | BBB | 612,964 |
| 685 | 5.750%, 6/01/34 | 6/17 at 100.00 | BBB | 569,598 |
| 1,570 | 5.875%, 6/01/47 | 6/17 at
100.00 | BBB | 1,204,598 |
| 3,030 | Total
Ohio | | | 2,447,563 |
| | Oklahoma – 0.3% (0.2% of Total
Investments) | | | |
| 1,000 | Oklahoma Capitol Improvement Authority, State
Facilities Revenue Bonds, Series 2005F, 5.000%, | 7/15 at 100.00 | AA | 1,034,480 |
| | 7/01/24 – AMBAC Insured | | | |
| | Oregon – 2.5% (1.7% of Total
Investments) | | | |
| 8,350 | Oregon
Health Sciences University, Revenue Bonds, Series 2002A, 5.000%, 7/01/32 –
NPFG Insured | 1/13 at
100.00 | A | 8,033,868 |
| | Pennsylvania – 7.3% (5.0% of
Total Investments) | | | |
| 3,000 | Lehigh County General Purpose Authority,
Pennsylvania, Hospital Revenue Bonds, St. Luke’s | 8/13 at 100.00 | AAA | 3,448,800 |
| | Hospital of Bethlehem,
Series 2003, 5.375%, 8/15/33 (Pre-refunded 8/15/13) | | | |
| 3,500 | Pennsylvania Turnpike Commission, Turnpike
Subordinate Revenue Bonds, Series 2009C, 0.000%, | 6/26 at 100.00 | AAA | 2,549,260 |
| | 6/01/33 – AGM
Insured | | | |
| 2,000 | Philadelphia Gas Works, Pennsylvania, Revenue Bonds,
General Ordinance, Fourth Series 1998, | 8/13 at 100.00 | AAA | 2,009,560 |
| | 5.000%, 8/01/32 – AGM
Insured | | | |
| 925 | Philadelphia, Pennsylvania, Water and Wastewater
Revenue Bonds, Series 1997A, 5.125%, | 4/10 at 100.00 | AAA | 953,452 |
| | 8/01/27 – AMBAC Insured
(ETM) | | | |
| 13,000 | State Public School Building Authority,
Pennsylvania, Lease Revenue Bonds, Philadelphia School | 6/13 at 100.00 | AAA | 14,742,260 |
| | District, Series 2003, 5.000%, 6/01/33 (Pre-refunded 6/01/13) –
AGM Insured | | | |
| 22,425 | Total
Pennsylvania | | | 23,703,332 |
| | Puerto Rico – 0.8% (0.5% of
Total Investments) | | | |
| 1,000 | Puerto Rico Electric Power Authority, Power Revenue
Bonds, Series 2002II, 5.125%, 7/01/26 | 7/12 at 101.00 | AAA | 1,116,570 |
| | (Pre-refunded 7/01/12) –
AGM Insured | | | |
| 10,000 | Puerto Rico Sales Tax Financing Corporation, Sales
Tax Revenue Bonds, Series 2007A, 0.000%, | No Opt. Call | AA– | 1,319,900 |
| | 8/01/43 – NPFG Insured | | | |
| 11,000 | Total
Puerto Rico | | | 2,436,470 |
| | South Carolina – 5.6% (3.8% of
Total Investments) | | | |
| 5,000 | Florence County, South Carolina, Hospital Revenue
Bonds, McLeod Regional Medical Center, | 11/14 at 100.00 | AAA | 5,178,050 |
| | Series 2004A, 5.250%,
11/01/23 – AGM Insured | | | |
| | Greenville County School District, South Carolina,
Installment Purchase Revenue Bonds, | | | |
| | Series 2003: | | | |
| 3,000 | 5.000%, 12/01/22
(UB) | 12/13 at 100.00 | AA | 3,115,470 |
| 1,785 | 5.000%, 12/01/23
(UB) | 12/13 at 100.00 | AA | 1,848,546 |
| 8,000 | South Carolina Transportation Infrastructure Bank,
Revenue Bonds, Series 2002A, 5.000%, | 10/12 at 100.00 | A1 | 8,013,280 |
| | 10/01/33 – AMBAC Insured | | | |
| 17,785 | Total South
Carolina | | | 18,155,346 |
| | Texas – 10.1% (6.8% of Total
Investments) | | | |
| 7,975 | Fort Bend Independent School District, Fort Bend
County, Texas, General Obligation Bonds, | 8/10 at 100.00 | AAA | 8,130,194 |
| | Series 2000, 5.000%,
8/15/25 | | | |
| | Grand Prairie Independent School District, Dallas
County, Texas, General Obligation Bonds, | | | |
| | Series 2003: | | | |
| 1,660 | 5.375%, 2/15/26
(Pre-refunded 2/15/13) – AGM Insured | 2/13 at 100.00 | AAA | 1,877,228 |
| 12,500 | 5.125%, 2/15/31
(Pre-refunded 2/15/13) – AGM Insured | 2/13 at 100.00 | AAA | 14,042,250 |
| 2,000 | Houston, Texas, First Lien Combined Utility System
Revenue Bonds, Series 2004A, 5.250%, | 5/14 at 100.00 | AA | 2,098,920 |
| | 5/15/25 – NPFG
Insured | | | |
| 1,160 | Houston, Texas, General Obligation Refunding Bonds,
Series 2002, 5.250%, 3/01/20 – NPFG Insured | 3/12 at 100.00 | AA | 1,240,307 |
| 4,355 | Houston, Texas, General Obligation Refunding Bonds,
Series 2002, 5.250%, 3/01/20 (Pre-refunded | 3/12 at 100.00 | AA (4) | 4,754,223 |
| | 3/01/12) – NPFG
Insured | | | |
| 465 | Katy Independent School District, Harris, Fort Bend
and Waller Counties, Texas, General | 2/12 at 100.00 | AAA | 496,982 |
| | Obligation Bonds, Series 2002A, 5.125%, 2/15/18 | | | |
| 30,115 | Total
Texas | | | 32,640,104 |
| | Virginia – 0.5% (0.3% of Total
Investments) | | | |
| 1,500 | Hampton, Virginia, Revenue Bonds, Convention Center
Project, Series 2002, 5.125%, 1/15/28 – | 1/13 at 100.00 | A1 | 1,527,764 |
| | AMBAC Insured | | | |
| | Washington – 9.4% (6.4% of
Total Investments) | | | |
| 4,945 | Broadway Office Properties, King County, Washington,
Lease Revenue Bonds, Washington Project, | 12/12 at 100.00 | AAA | 5,009,928 |
| | Series 2002, 5.000%,
12/01/31 – NPFG Insured | | | |
| 5,250 | Chelan County Public Utility District 1, Washington,
Hydro Consolidated System Revenue Bonds, | 7/12 at 100.00 | AA | 5,312,318 |
| | Series 2002C, 5.125%,
7/01/33 – AMBAC Insured | | | |
| 5,000 | King County, Washington, Sewer Revenue Bonds, Series
2006-2, 13.531%, 1/01/31 – | 1/17 at 100.00 | AAA | 5,645,200 |
| | AGM Insured (IF) | | | |
| 2,135 | Kitsap County Consolidated Housing Authority,
Washington, Revenue Bonds, Bremerton Government | 7/13 at 100.00 | A1 | 2,186,454 |
| | Center, Series 2003,
5.000%, 7/01/23 – NPFG Insured | | | |
| 1,935 | Pierce County School District 343, Dieringer,
Washington, General Obligation Refunding Bonds, | 6/13 at 100.00 | Aa1 | 2,153,133 |
| | Series 2003, 5.250%,
12/01/17 – FGIC Insured | | | |
| 9,670 | Washington
State, General Obligation Bonds, Series 2003D, 5.000%, 12/01/21 – NPFG
Insured | 6/13 at
100.00 | AA+ | 10,137,544 |
| 28,935 | Total
Washington | | | 30,444,577 |
| | West Virginia – 1.0% (0.7% of
Total Investments) | | | |
| 3,000 | West Virginia State Building Commission, Lease
Revenue Refunding Bonds, Regional Jail and | No Opt. Call | N/R | 3,301,380 |
| | Corrections Facility, Series 1998A, 5.375%, 7/01/21 – AMBAC
Insured | | | |
| | Wisconsin – 5.5% (3.7% of Total
Investments) | | | |
| 1,190 | Sun Prairie Area School District, Dane County,
Wisconsin, General Obligation Bonds, Series | 3/14 at 100.00 | Aa3 | 1,328,540 |
| | 2004C, 5.250%, 3/01/24 –
AGM Insured | | | |
| 4,605 | Wisconsin Health and Educational Facilities
Authority, Revenue Bonds, Franciscan Sisters of | 9/13 at 100.00 | BBB+ (4) | 5,348,016 |
| | Christian Charity
Healthcare Ministry, Series 2003A, 5.875%, 9/01/33 (Pre-refunded
9/01/13) | | | |
| 3,000 | Wisconsin Health and Educational Facilities
Authority, Revenue Bonds, Meriter Hospital Inc., | No Opt. Call | A1 | 3,269,580 |
| | Series 1992A, 6.000%,
12/01/22 – FGIC Insured | | | |
| 3,600 | Wisconsin Health and Educational Facilities
Authority, Revenue Bonds, Wheaton Franciscan | 8/13 at 100.00 | BBB+ | 3,135,960 |
| | Services Inc., Series
2003A, 5.125%, 8/15/33 | | | |
| 4,750 | Wisconsin Health and Educational Facilities
Authority, Revenue Refunding Bonds, Wausau | 2/10 at 101.00 | A | 4,761,115 |
| | Hospital Inc., Series 1998A, 5.125%, 8/15/20 – AMBAC
Insured | | | |
| 17,145 | Total
Wisconsin | | | 17,843,211 |
| $ 481,685 | Total
Long-Term Investments (cost $459,721,803) – 146.5% | | | 473,157,956 |
| | Short-Term Investments – 1.2%
(0.8% of Total Investments) | | | |
| | California – 1.2% (0.8% of
Total Investments) | | | |
| $ 3,790 | Westminster Redevelopment Agency, Orange County,
California, Westminster Commercial | 11/19 at 100.00 | A-1 | 3,790,000 |
| | Redevelopment Project 1,
Tax Allocation Bonds, Variable Rate Demand Obligations, | | | |
| | Tender Option Bond Trust 3009, 0.200%, 11/01/45 – AGC Insured
(5) | | | |
| | Total
Short-Term Investments (cost $3,790,000) | | | 3,790,000 |
| | Total
Investments (cost $463,511,803) – 147.7% | | | 476,947,956 |
| | Floating
Rate Obligations – (4.0)% | | | (13,040,000) |
| | Other
Assets Less Liabilities – 28.1% | | | 90,673,804 |
| | Auction
Rate Preferred Shares, at Liquidation Value – (71.8)% (6) | | | (231,750,000) |
| | Net Assets
Applicable to Common Shares – 100% | | | $
322,831,760 |

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 January 31, 2010:

	Level 1	Level 2	Level 3	Total
Investments:
Municipal Bonds	$ —	$473,157,956	$ —	$473,157,956
Short-Term Investments	—	3,790,000	—	3,790,000
Total	$
—	$476,947,956	$
—	$476,947,956

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 January 31, 2010, the cost of investments was $452,711,404.

Gross unrealized appreciation and gross unrealized depreciation of investments at January 31, 2010, were as follows:

| Gross
unrealized: | |
| --- | --- |
| Appreciation | $ 22,606,462 |
| Depreciation | (11,407,567) |
| Net
unrealized appreciation (depreciation) of investments | $
11,198,895 |

| | 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) | Auction Rate Preferred Shares, at Liquidation Value
as a percentage of Total Investments is 48.6%. |
| N/R | Not rated. |
| (ETM) | Escrowed to maturity. |
| (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 Tax-Free Advantage Municipal Fund

By (Signature and Title) /s/ Kevin J. McCarthy

Kevin J. McCarthy

Vice President and Secretary

Date April 1, 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 April 1, 2010

By (Signature and Title) /s/ Stephen D. Foy

Stephen D. Foy

Vice President and Controller (principal financial officer)

Date April 1, 2010