NUVEEN CALIFORNIA AMT-FREE QUALITY MUNICIPAL INCOME FUND

Regulatory Filings • Jan 28, 2005

N-Q 1 nq.htm NKX Nuveen Insured California Tax-Free Advantage Municipal Fund

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)

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: 08/31

Date of reporting period: 11/30/04

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, 2004

Amount (000)	Description (1)	Optional Call — Provisions*	Ratings**	Market — Value
	Consumer Staples - 2.1% (1.4% of Total Investments)
$ 1,625	Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed	6/13 at 100.00	BBB	$ 1,767,399
	Revenue Bonds, Series 2003A-2, 7.900%, 6/01/42
	Healthcare - 18.8% (12.4% of Total Investments)
2,700	California Health Facilities Financing Authority, Revenue Bonds, Cedars-Sinai Medical Center,	12/09 at 101.00	A3	2,889,108
	Series 1999A, 6.250%, 12/01/34
1,500	California Health Facilities Financing Authority, Revenue Bonds, UCSF - Stanford Healthcare, Series	11/08 at 101.00	AAA	1,514,580
	1998A, 5.000%, 11/15/31 - FSA Insured
1,800	California Infrastructure Economic Development Bank, Revenue Bonds, Kaiser Hospital Assistance LLC,	8/11 at 102.00	A	1,850,706
	Series 2001A, 5.550%, 8/01/31
6,000	California Statewide Community Development Authority, Revenue Refunding Bonds, Sherman Oaks Health	No Opt. Call	AAA	6,381,480
	System, Series 1998A, 5.000%, 8/01/22 - AMBAC Insured
2,000	California Statewide Community Development Authority, Hospital Revenue Bonds, Monterey Peninsula	6/13 at 100.00	AAA	2,118,780
	Hospital, Series 2003B, 5.250%, 6/01/23 - FSA Insured
1,260	Rancho Mirage Joint Powers Financing Authority, California, Revenue Bonds, Eisenhower Medical	7/14 at 100.00	A3	1,338,158
	Center, Series 2004, 5.875%, 7/01/26
	Long-Term Care - 5.8% (3.8% of Total Investments)
1,000	ABAG Finance Authority for Non-Profit Corporations, California, Insured Senior Living Revenue	11/12 at 100.00	A	1,033,060
	Bonds, Odd Fellows Home of California, Series 2003A, 5.200%, 11/15/22
2,000	California Health Facilities Financing Authority, Revenue Bonds, Northern California Retired	1/13 at 100.00	A	2,046,860
	Officers Community Corporation - Paradise Valley Estates, Series 2002, 5.250%, 1/01/26
1,815	California Statewide Community Development Authority, Revenue Bonds, Jewish Home for the Aging,	11/13 at 100.00	A	1,886,021
	Series 2003, 5.000%, 11/15/18
	Tax Obligation/General - 48.4% (32.2% of Total Investments)
1,000	Berryessa Union School District, Santa Clara County, California, General Obligation Bonds, Series	8/12 at 100.00	AAA	1,047,590
	2003C, 5.000%, 8/01/21 - FSA Insured
2,000	Butte-Glenn Community College District, Butte and Glenn Counties, California, General Obligation	8/12 at 101.00	Aaa	2,047,200
	Bonds, Series 2002A, 5.000%, 8/01/26 - MBIA Insured
	California, General Obligation Refunding Bonds, Series 2002:
1,500	5.000%, 2/01/12	No Opt. Call	A	1,634,055
3,750	5.000%, 4/01/27 - AMBAC Insured	4/12 at 100.00	AAA	3,803,775
3,000	5.250%, 4/01/30 - XLCA Insured	4/12 at 100.00	AAA	3,105,900
500	California, General Obligation Bonds, Series 2004, 5.250%, 4/01/34	4/14 at 100.00	A	513,065
450	Fremont Unified School District, Alameda County, California, General Obligation Bonds, Series	8/12 at 101.00	AAA	463,532
	2002A, 5.000%, 8/01/25 - FSA Insured
	Hacienda La Puente Unified School District, Los Angeles County, California, General Obligation
	Bonds, Series 2003B:
4,500	5.000%, 8/01/26 - FSA Insured	8/13 at 100.00	AAA	4,606,200
2,030	5.000%, 8/01/27 - FSA Insured	8/13 at 100.00	AAA	2,069,199
2,000	Los Angeles, California, General Obligation Bonds, Series 2002A, 5.000%, 9/01/22 -	9/12 at 100.00	AAA	2,085,320
	MBIA Insured
10,750	Los Angeles Unified School District, California, General Obligation Bonds, Series 2003A, 5.000%,	7/13 at 100.00	AAA	11,249,768
	7/01/22 - FSA Insured
1,000	Murrieta Valley Unified School District, Riverside County, California, General Obligation Bonds,	9/13 at 100.00	AAA	1,023,780
	Series 2003A, 5.000%, 9/01/26 - FGIC Insured
3,000	San Diego Unified School District, California, General Obligation Bonds, Election of 1998, Series	7/10 at 100.00	AAA	3,120,870
	2000B, 5.125%, 7/01/22 - MBIA Insured
3,855	San Rafael City High School District, Marin County, California, General Obligation Bonds, Series	8/12 at 100.00	AAA	3,914,868
	2003A, 5.000%, 8/01/28 - FSA Insured
905	San Rafael Elementary School District, Marin County, California, General Obligation Bonds, Series	8/12 at 100.00	AAA	919,055
	2003C, 5.000%, 8/01/28 - MBIA Insured
	Tax Obligation/Limited - 43.1% (28.6% of Total Investments)
550	Baldwin Park Public Financing Authority, California, Sales Tax and Tax Allocation Bonds, Puente	8/13 at 102.00	BBB	558,872
	Merced Redevelopment Project, Series 2003, 5.250%, 8/01/21
2,025	Burbank Public Financing Authority, California, Revenue Refunding Bonds, Golden State Redevelopment	12/13 at 100.00	AAA	2,169,686
	Project, Series 2003A, 5.250%, 12/01/22 - AMBAC Insured
4,000	California State Public Works Board, Lease Revenue Bonds, Department of General Services, Capital	12/12 at 100.00	AAA	4,053,960
	East End, Series 2002A, 5.000%, 12/01/27 - AMBAC Insured
2,000	California State Public Works Board, Lease Revenue Bonds, Department of Corrections, Series 2003C,	12/13 at 100.00	A-	2,205,060
	5.500%, 6/01/16
1,610	Folsom Public Financing Authority, California, Special Tax Revenue Bonds, Series 2004A, 5.000%,	9/12 at 102.00	AAA	1,697,069
	9/01/21 - AMBAC Insured
5,540	Irvine Public Facilities and Infrastructure Authority, California, Assessment Revenue Bonds, Series	3/05 at 103.00	AAA	5,713,070
	2003C, 5.000%, 9/02/21 - AMBAC Insured
2,000	Los Angeles, California, Certificates of Participation, Municipal Improvement Corporation, Series	6/13 at 100.00	AAA	2,013,080
	2003AW, 5.000%, 6/01/33 - AMBAC Insured
1,770	Los Angeles Unified School District, Los Angeles County, California, Certificates of Participation,	10/12 at 100.00	AAA	1,793,364
	Series 2002C, Administration Building Project II, 5.000%, 10/01/27 - AMBAC Insured
1,500	Los Osos, California, Improvement Bonds, Community Services Wastewater Assessment District 1,	9/10 at 103.00	AAA	1,509,465
	Series 2002, 5.000%, 9/02/33 - MBIA Insured
1,165	Poway, California, Housing Revenue Bonds, Poinsettia Mobile Home Park Project Revenue Bonds, Series	5/13 at 102.00	BBB+	1,155,948
	2003, 5.000%, 5/01/23
	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	AAA	3,036,750
3,300	5.000%, 2/01/32 - AMBAC Insured	2/12 at 100.00	AAA	3,322,110
1,200	San Diego Redevelopment Agency, California, Subordinate Lien Tax Increment and Parking Revenue	9/09 at 101.00	Baa2	1,213,836
	Bonds, Centre City Project, Series 2003B, 5.250%, 9/01/26
1,220	San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project,	8/10 at 101.00	AAA	1,226,991
	Series 2002, 5.000%, 8/01/32 - MBIA Insured
2,770	San Jose Financing Authority, California, Lease Revenue Refunding Bonds, Civic Center Project,	6/12 at 100.00	AAA	2,782,216
	Series 2002B, 5.000%, 6/01/32 - AMBAC Insured
2,390	Solano County, California, Certificates of Participation, Series 2002, 5.250%, 11/01/24 - MBIA	11/12 at 100.00	AAA	2,517,483
	Insured
	Transportation - 13.9% (9.2% of Total Investments)
5,480	Bay Area Governments Association, California, BART SFO Extension, Airport Premium Fare Revenue	8/12 at 100.00	AAA	5,572,119
	Bonds, Series 2002A, 5.000%, 8/01/26 - AMBAC Insured
2,000	Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Series 1995A,	1/10 at 100.00	BBB-	1,782,500
	5.000%, 1/01/35
3,135	San Francisco Airports Commission, California, Revenue Bonds, San Francisco International Airport,	5/08 at 101.00	AAA	3,204,221
	Second Series Issue 16B, 5.000%, 5/01/24 - FSA Insured
1,300	San Francisco Airports Commission, California, Revenue Bonds, San Francisco International Airport,	5/10 at 101.00	AAA	1,328,639
	Second Series 2000, Issue 26B, 5.000%, 5/01/25 - FGIC Insured
	U.S. Guaranteed *** - 1.8% (1.2% of Total Investments)
1,395	Southern California Metropolitan Water District, Water Revenue Bonds, Series 1997A, 5.000%,	1/08 at 101.00	AAA	1,518,039
	7/01/30 (Pre-refunded to 1/01/08) - MBIA Insured
	Utilities - 5.4% (3.6% of Total Investments)
1,000	Anaheim Public Finance Authority, California, Second Lien Electric Distribution Revenue Bonds,	10/14 at 100.00	AAA	1,083,420
	Series 2004, 5.250%, 10/01/21 - MBIA Insured
3,055	Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2001A-1,	7/11 at 100.00	AAA	3,258,066
	5.250%, 7/01/22 - FSA Insured
275	Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2003A-2,	7/13 at 100.00	AAA	289,393
	5.000%, 7/01/21 - MBIA Insured
	Water and Sewer - 11.5% (7.6% of Total Investments)
1,335	Manteca Financing Authority, California, Sewer Revenue Bonds, Series 2003B, 5.000%, 12/01/33 -	12/13 at 100.00	Aaa	1,372,807
	MBIA Insured
	San Diego Public Facilities Financing Authority, California, Subordinate Lien Water Revenue Bonds,
	Series 2002:
3,000	5.000%, 8/01/22 - MBIA Insured	8/12 at 100.00	AAA	3,126,840
2,500	5.000%, 8/01/23 - MBIA Insured	8/12 at 100.00	AAA	2,594,125
1,180	South Feather Water and Power Agency, California, Water Revenue Certificates of Participation,	4/13 at 100.00	BBB	1,171,504
	Solar Photovoltaic Project, Series 2003, 5.375%, 4/01/24
1,600	Sunnyvale Financing Authority, California, Water and Wastewater Revenue Bonds, Series 2001,	10/11 at 100.00	AAA	1,627,213
	5.000%, 10/01/26 - AMBAC Insured
$ 125,235	Total Long-Term Investments (cost $126,061,610) - 150.8%			129,328,175
	Other Assets Less Liabilities - 1.7%			1,405,586
	Preferred Shares, at Liquidation Value - (52.5)%			(45,000,000)
	Net Assets Applicable to Common Shares - 100%			$85,733,761

Forward Swap Transactions outstanding at November 30, 2004:

	Notional	Effective	Swap — Termination	Unrealized — Appreciation
	Amount	Date (2)	Date	(Depreciation)
Agreement with Morgan Stanley dated August 4, 2004,
to pay semi-annually the notional amount multiplied by
5.660% (annualized) and receive quarterly the notional
amount multiplied by the three-month USD-LIBOR
(United States Dollar - London Inter-Bank Offered Rates).	$3,800,000	2/16/05	2/16/35	$(132,016)
Agreement with Morgan Stanley dated August 5, 2004,
to pay quarterly the notional amount multiplied by
4.337% (annualized) and receive quarterly the notional
amount multiplied by the one-week BMA (Bond Market
Association) Municipal Swap Index for the quarter.	4,700,000	12/09/04	12/09/24	(66,333)
Agreement with Morgan Stanley dated August 10, 2004,
to pay semi-annually the notional amount multiplied by
5.489% (annualized) and receive quarterly the notional
amount multiplied by the three-month USD-LIBOR
(United States Dollar - London Inter-Bank Offered Rates).	1,100,000	1/14/05	1/14/35	(13,047)
				$(211,396)

	At least 80% of the Fund's net assets (including net assets applicable 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 applicable 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.
***	Securities are backed by an escrow or trust containing sufficient U.S. Government or U.S. Government
	agency securities which ensures the timely payment of principal and interest.
	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
	security transactions.
	At November 30, 2004, the cost of investments was $126,056,669.
	Gross unrealized appreciation and gross unrealized depreciation of investments at November 30, 2004,
	were as follows:
	Gross unrealized:
	Appreciation	$3,458,342
	Depreciation	(186,836)
	Net unrealized appreciation of investments	$3,271,506

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 has materially affected, or is 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 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 California Tax-Free Advantage Municipal Fund

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

Date 01/28/05

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 01/28/05

By (Signature and Title)* /s/ Stephen D. Foy--Vice President and Controller (Principal Financial Officer)

Date 01/28/05

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