NUVEEN CALIFORNIA AMT-FREE QUALITY MUNICIPAL INCOME FUND

Regulatory Filings • Jan 27, 2006

N-Q 1 nq1.htm NKX 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 811-21212

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: 8/31

Date of reporting period: 11/30/05

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 California Tax-Free Advantage Municipal Fund (NKX) November 30, 2005

| Amount
(000) | Description (1) | Optional
Call — Provisions | Ratings | Value |
| --- | --- | --- | --- | --- |
| | Consumer Staples -
2.3% (1.5% of Total Investments) | | | |
| $ 1,625 | Golden State Tobacco
Securitization Corporation, California, Tobacco Settlement
Asset-Backed | 6/13 at 100.00 | BBB | $ 1,958,011 |
| | Revenue Bonds, Series 2003A-2,
7.900%, 6/01/42 | | | |
| | Healthcare - 15.3%
(10.3% of Total Investments) | | | |
| 1,500 | California Health Facilities
Financing Authority, Revenue Bonds, UCSF - Stanford Healthcare,
Series | 11/08 at 101.00 | AAA | 1,542,825 |
| | 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+ | 1,880,476 |
| | Series 2001A, 5.550%,
8/01/31 | | | |
| 6,000 | California Statewide Community
Development Authority, Revenue Bonds, Sherman Oaks Health
System, | No Opt. Call | AAA | 6,356,040 |
| | 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 | 2,116,140 |
| | 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 | 1,342,933 |
| | Center, Series 2004, 5.875%,
7/01/26 | | | |
| | Housing/Multifamily
- 1.3% (0.9% of Total Investments) | | | |
| 1,165 | Poway, California, Housing
Revenue Bonds, Revenue Bonds, Poinsettia Mobile Home Park, Series
2003, | 5/13 at 102.00 | BBB+ | 1,167,994 |
| | 5.000%, 5/01/23 | | | |
| | Long-Term Care -
5.8% (3.9% of Total Investments) | | | |
| 1,000 | ABAG Finance Authority for
Non-Profit Corporations, California, Insured Senior Living
Revenue | 11/12 at 100.00 | A | 1,040,860 |
| | 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 | 2,084,520 |
| | California Retired 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 | 1,881,865 |
| | Series 2003, 5.000%,
11/15/18 | | | |
| | Tax
Obligation/General - 48.7% (32.8% of Total Investments) | | | |
| 1,000 | Berryessa Union School District,
Santa Clara County, California, General Obligation Bonds,
Series | 8/12 at 100.00 | AAA | 1,051,160 |
| | 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 | 2,077,940 |
| | 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 | 1,601,490 |
| 3,750 | 5.000%, 4/01/27 - AMBAC
Insured | 4/12 at 100.00 | AAA | 3,867,788 |
| 3,000 | 5.250%, 4/01/30 - XLCA
Insured | 4/12 at 100.00 | AAA | 3,142,020 |
| 500 | California, General Obligation
Bonds, Series 2004, 5.250%, 4/01/34 | 4/14 at 100.00 | A | 521,735 |
| 450 | Fremont Unified School District,
Alameda County, California, General Obligation Bonds, Series | 8/12 at 101.00 | AAA | 468,369 |
| | 2002A, 5.000%, 8/01/25 - FGIC
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 | 4,675,365 |
| 2,030 | 5.000%, 8/01/27 - FSA
Insured | 8/13 at 100.00 | AAA | 2,105,090 |
| 2,000 | Los Angeles, California, General
Obligation Bonds, Series 2002A, 5.000%, 9/01/22 - MBIA
Insured | 9/12 at 100.00 | AAA | 2,095,020 |
| 565 | Los Angeles Community College
District, Los Angeles County, California, General Obligation
Bonds, | 8/15 at 100.00 | AAA | 591,657 |
| | Series 2005A, 5.000%, 6/01/26 -
FSA Insured | | | |
| 10,500 | Los Angeles Unified School
District, California, General Obligation Bonds, Series 2003A,
5.000%, | 7/13 at 100.00 | AAA | 11,071,935 |
| | 7/01/22 - FSA
Insured | | | |
| 1,000 | Murrieta Valley Unified School
District, Riverside County, California, General Obligation
Bonds, | 9/13 at 100.00 | AAA | 1,039,320 |
| | Series 2003A, 5.000%, 9/01/26 -
FGIC Insured | | | |
| | Oakland Unified School District,
Alameda County, California, General Obligation Bonds, Series
2005: | | | |
| 190 | 5.000%, 8/01/25 - MBIA
Insured | 8/15 at 100.00 | AAA | 198,508 |
| 200 | 5.000%, 8/01/26 - MBIA
Insured | 8/15 at 100.00 | AAA | 208,796 |
| 3,000 | San Diego Unified School
District, California, General Obligation Bonds, Election of 1998,
Series | 7/10 at 100.00 | AAA | 3,192,390 |
| | 2000B, 5.125%, 7/01/22 - MBIA
Insured | | | |
| | San Jose-Evergreen Community
College District, Santa Clara County, California, General
Obligation | | | |
| | Bonds, Series
2005A: | | | |
| 145 | 5.000%, 9/01/25 - MBIA
Insured | 9/15 at 100.00 | AAA | 152,005 |
| 215 | 5.000%, 9/01/27 - MBIA
Insured | 9/15 at 100.00 | AAA | 224,692 |
| 3,855 | San Rafael City High School
District, Marin County, California, General Obligation Bonds,
Series | 8/12 at 100.00 | AAA | 3,979,324 |
| | 2003A, 5.000%, 8/01/28 - FSA
Insured | | | |
| | Tax
Obligation/Limited - 42.9% (28.9% of Total Investments) | | | |
| 550 | Baldwin Park Public Financing
Authority, California, Sales Tax and Tax Allocation Bonds,
Puente | 8/13 at 102.00 | BBB | 572,127 |
| | 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 | 2,168,957 |
| | 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 | 4,105,720 |
| | East End Project, 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- | 2,165,980 |
| | 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 | 1,687,183 |
| | 9/01/21 - AMBAC
Insured | | | |
| 130 | Hesperia Community Redevelopment
Agency, California, Tax Allocation Bonds, Series 2005A,
5.000%, | 9/15 at 100.00 | AAA | 136,913 |
| | 9/01/20 - XLCA
Insured | | | |
| 5,540 | Irvine Public Facilities and
Infrastructure Authority, California, Assessment Revenue Bonds,
Series | 3/06 at 103.00 | AAA | 5,725,091 |
| | 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 | 2,043,280 |
| | 2003AW, 5.000%, 6/01/33 - AMBAC
Insured | | | |
| 1,770 | Los Angeles Unified School
District, California, Certificates of Participation,
Administration | 10/12 at 100.00 | AAA | 1,815,719 |
| | Building Project II, Series
2002C, 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 | 1,531,455 |
| | Series 2002, 5.000%, 9/02/33 -
MBIA Insured | | | |
| 500 | Paramount Redevelopment Agency,
California, Tax Allocation Bonds, Redevelopment Project Area
1, | 8/13 at 100.00 | AAA | 524,795 |
| | Series 2003, 5.000%, 8/01/19 -
MBIA Insured | | | |
| 150 | Rialto Redevelopment Agency,
California, Tax Allocation Bonds, Merged Project Area, Series
2005A, | 9/15 at 100.00 | AAA | 152,714 |
| | 5.000%, 9/01/35 - XLCA
Insured | | | |
| 315 | Riverside County Public
Financing Authority, California, Tax Allocation Bonds, Multiple
Projects, | 10/15 at 100.00 | AAA | 321,234 |
| | Series 2005A, 5.000%, 10/01/35 -
XLCA Insured | | | |
| | San Buenaventura, California,
Certificates of Participation, Golf Course Financing Project,
Series | | | |
| | 2002 D: | | | |
| 3,000 | 5.000%, 2/01/27 - AMBAC Insured | 2/12 at 100.00 | AAA | 3,070,920 |
| 3,300 | 5.000%, 2/01/32 - AMBAC Insured | 2/12 at 100.00 | AAA | 3,363,426 |
| 1,200 | San Diego Redevelopment Agency,
California, Subordinate Lien Tax Increment and Parking Revenue | 9/09 at 101.00 | Baa2 | 1,236,420 |
| | 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 | 1,241,167 |
| | 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 | 2,824,957 |
| | 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 | 2,550,202 |
| | Insured | | | |
| | Transportation - 13.9%
(9.4% of Total Investments) | | | |
| 5,480 | Bay Area Governments Association,
California, BART SFO Extension, Airport Premium Fare Revenue | 8/12 at 100.00 | AAA | 5,628,070 |
| | 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- | 1,873,480 |
| | 5.000%, 1/01/35 | | | |
| 3,135 | San Francisco Airports Commission,
California, Revenue Bonds, San Francisco International Airport, | 5/08 at 101.00 | AAA | 3,243,596 |
| | 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 | 1,352,000 |
| | Second Series 2000, Issue 26B, 5.000%,
5/01/25 - FGIC Insured | | | |
| | U.S. Guaranteed - 1.3%
(0.9% of Total Investments) | | | |
| 1,000 | California Health Facilities Financing
Authority, Revenue Bonds, Cedars-Sinai Medical Center, | 12/09 at 101.00 | A3* | 1,114,750 |
| | Series 1999A, 6.250%, 12/01/34
(Pre-refunded to 12/01/09) | | | |
| | Utilities - 5.7% (3.8% of
Total Investments) | | | |
| 1,000 | Anaheim Public Finance Authority,
California, Second Lien Electric Distribution Revenue Bonds, | 10/14 at 100.00 | AAA | 1,074,870 |
| | 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 | 3,245,143 |
| | 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 | 290,326 |
| | 5.000%, 7/01/21 - MBIA Insured | | | |
| 310 | Merced Irrigation District, California,
Electric System Revenue Bonds, Series 2005, 5.125%, | 9/15 at 100.00 | AAA | 320,804 |
| | 9/01/31 - XLCA Insured | | | |
| | Water and Sewer - 11.3%
(7.6% of Total Investments) | | | |
| 1,185 | Manteca Financing Authority,
California, Sewerage Revenue Bonds, Series 2003B, 5.000%, 12/01/33
- | 12/13 at 100.00 | Aaa | 1,194,089 |
| | 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 | 3,142,080 |
| 2,500 | 5.000%, 8/01/23 - MBIA Insured | 8/12 at 100.00 | AAA | 2,612,325 |
| 1,180 | South Feather Water and Power Agency,
California, Water Revenue Certificates of Participation, | 4/13 at 100.00 | BBB | 1,210,090 |
| | 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 | 1,645,936 |
| | 5.000%, 10/01/26 - AMBAC Insured | | | |
| $ 123,555 | Total Long-Term Investments
(cost $124,317,340) - 148.5% | | | 128,822,087 |
| | Other Assets Less Liabilities -
3.4% | | | 2,898,413 |
| | Preferred Shares, at Liquidation
Value - (51.9)% | | | (45,000,000 ) |
| | Net Assets Applicable to Common
Shares - 100% | | | $ 86,720,500 |

Forward Swaps outstanding at November 30, 2005:

	Notional	Fixed Rate — Paid by the Fund	Fixed Rate — Payment	Floating Rate — Received by the Fund	Floating Rate — Payment	Effective	Termination	Appreciation
Counterparty	Amount	(annualized)	Frequency	Based On	Frequency	Date (2)	Date	(Depreciation)
Citigroup	$ 1,900,000	4.699 %	Semi-annually	3-month
USD-LIBOR	Quarterly	2/27/06	2/27/26	$ 122,180
JPMorgan	1,700,000	4.833 %	Semi-annually	3-month
USD-LIBOR	Quarterly	2/09/06	2/09/36	106,558
Morgan Stanley	2,400,000	4.816 %	Semi-annually	3-month
USD-LIBOR	Quarterly	2/15/06	2/15/36	157,461
								$ 386,199

USD-LIBOR (United States Dollar-London Inter-Bank Offered Rates)

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) 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. Certain mortgage-backed securities may be subject to
periodic principal paydowns. |
| ** | 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. Such securities are normally considered to be equivalent to
AAA rated securities. |

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 and timing differences in recognizing certain gains and losses on investment transactions.

At November 30, 2005, the cost of investments was $125,282,461.

Gross unrealized appreciation and gross unrealized depreciation of investments at November 30, 2005, were as follows:

Gross unrealized: — Appreciation	$ 4,625,799
Depreciation	(1,086,173	)
Net unrealized appreciation (depreciation) of
investments	$ 3,539,626

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 California Tax-Free Advantage Municipal Fund

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

Date 1/27/06

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 1/27/06

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

Date 1/27/06

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