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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0000891804-10-000480.txt : 20100129
<SEC-HEADER>0000891804-10-000480.hdr.sgml : 20100129
<ACCEPTANCE-DATETIME>20100129130301
ACCESSION NUMBER:		0000891804-10-000480
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20091130
FILED AS OF DATE:		20100129
DATE AS OF CHANGE:		20100129
EFFECTIVENESS DATE:		20100129

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NUVEEN INSURED CALIFORNIA TAX FREE ADVANTAGE MUNICIPAL FUND
		CENTRAL INDEX KEY:			0001195738
		IRS NUMBER:				030487017
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0831

	FILING VALUES:
		FORM TYPE:		N-Q
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-21212
		FILM NUMBER:		10556734

	BUSINESS ADDRESS:	
		STREET 1:		333 WEST WACKER DRIVE
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60606
		BUSINESS PHONE:		3129178146
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-Q
<SEQUENCE>1
<FILENAME>nq1.htm
<DESCRIPTION>NKX
<TEXT>
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    <div><br><br>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">UNITED
STATES</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">SECURITIES
AND EXCHANGE COMMISSION</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Washington,
DC 20549</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">FORM
N-Q</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">QUARTERLY
SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT
COMPANY</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Investment
Company Act file number <font style="DISPLAY: inline; TEXT-DECORATION: underline">811-21212</font></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Nuveen Insured California
Tax-Free Advantage Municipal Fund</font></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Exact
name of registrant as specified in charter)</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Nuveen
Investments</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;333
West Wacker Drive, Chicago, Illinois 60606
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Address
of principal executive offices) (Zip code)</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Kevin
J. McCarthy Vice President and Secretary</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;333
West Wacker Drive, Chicago, Illinois 60606
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Name and
address of agent for service)</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Registrant's
telephone number, including area code: <font style="DISPLAY: inline; TEXT-DECORATION: underline">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;312-917-7700&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Date of
fiscal year end:&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;2/28&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Date of
reporting period:&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;11/30/09&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Form N-Q
is to be used by management investment companies, other than small business
investment companies registered on Form N-5 (&#167;&#167; 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.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">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. &#167; 3507.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div><br>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
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            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        </div>
      </div><br>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Item
1. Schedule of Investments</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
        <table border="0" cellspacing="0" width="936" style="FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'; FONT-SIZE: 10pt; FONT-FAMILY: 'Arial Narrow'">
<tr>
              <td width="8%">
              </td>
              <td width="58%">
              </td>
              <td width="13%">
              </td>
              <td width="8%">
              </td>
              <td width="10%">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap style="TEXT-INDENT: 12px"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Portfolio of Investments
      (Unaudited)</font></td>
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap>&#160;</td>
            </tr><tr valign="bottom">
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap style="TEXT-INDENT: 12px"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Nuveen Insured California
      Tax-Free Advantage Municipal Fund (NKX)</font></td>
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap>&#160;</td>
            </tr><tr valign="bottom">
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap><font style="DISPLAY: inline; FONT-STYLE: italic">&#160;&#160;&#160; November
      30, 2009</font></td>
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap>&#160;</td>
            </tr><tr valign="bottom">
              <td align="right" nowrap><font style="DISPLAY: inline; FONT-WEIGHT: bold">Principal</font></td>
              <td align="left" nowrap>&#160;</td>
              <td align="right" nowrap><font style="DISPLAY: inline; FONT-WEIGHT: bold">Optional Call</font></td>
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap>&#160;</td>
            </tr><tr valign="bottom">
              <td align="right" nowrap style="BORDER-BOTTOM: #000000 1px solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Amount (000)</font></td>
              <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Description (1)</font></td>
              <td align="right" nowrap style="BORDER-BOTTOM: #000000 1px solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Provisions (2)</font></td>
              <td align="right" nowrap style="BORDER-BOTTOM: #000000 1px solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Ratings (3)</font></td>
              <td align="right" nowrap style="BORDER-BOTTOM: #000000 1px solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Value</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap><font style="DISPLAY: inline; FONT-WEIGHT: bold">Consumer Staples &#8211; 4.5% (3.1%
      of Total Investments)</font></td>
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap>&#160;</td>
            </tr><tr valign="bottom">
              <td align="right" nowrap>$&#160;&#160;&#160;&#160;&#160;6,070&#160;</td>
              <td align="left" nowrap>Golden State Tobacco Securitization Corporation,
      California, Enhanced Tobacco Settlement&#160;</td>
              <td align="right" nowrap>6/22 at 100.00&#160;</td>
              <td align="right" nowrap>BBB&#160;</td>
              <td align="right" nowrap>$&#160;&#160;&#160;&#160; 3,679,755&#160;</td>
            </tr><tr valign="bottom">
              <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
              <td align="left" nowrap style="TEXT-INDENT: 5px; BORDER-BOTTOM: #000000 1px solid">Asset-Backed Bonds, Series 2007A-2, 0.000%, 6/01/37&#160;</td>
              <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
              <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
              <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
            </tr><tr valign="bottom">
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap><font style="DISPLAY: inline; FONT-WEIGHT: bold">Health Care &#8211; 21.0% (14.5% of
      Total Investments)</font></td>
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap>&#160;</td>
            </tr><tr valign="bottom">
              <td align="right" nowrap>1,800&#160;</td>
              <td align="left" nowrap>California Infrastructure Economic Development Bank,
      Revenue Bonds, Kaiser Hospital Assistance&#160;</td>
              <td align="right" nowrap>8/11 at 102.00&#160;</td>
              <td align="right" nowrap>A+&#160;</td>
              <td align="right" nowrap>1,806,948&#160;</td>
            </tr><tr valign="bottom">
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap style="TEXT-INDENT: 5px">LLC, Series 2001A, 5.550%,
      8/01/31&#160;</td>
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap>&#160;</td>
            </tr><tr valign="bottom">
              <td align="right" nowrap>662&#160;</td>
              <td align="left" nowrap>California Statewide Communities Development
      Authority, Revenue Bonds, Saint Joseph Health&#160;</td>
              <td align="right" nowrap>7/18 at 100.00&#160;</td>
              <td align="right" nowrap>AAA&#160;</td>
              <td align="right" nowrap>675,008&#160;</td>
            </tr><tr valign="bottom">
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap style="TEXT-INDENT: 5px">System, Trust 2554,
      18.284%, 7/01/47 &#8211; FSA Insured (IF)&#160;</td>
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap>&#160;</td>
            </tr><tr valign="bottom">
              <td align="right" nowrap>4,000&#160;</td>
              <td align="left" nowrap>California Statewide Community Development
      Authority, Insured Health Facility Revenue Bonds,&#160;</td>
              <td align="right" nowrap>7/17 at 100.00&#160;</td>
              <td align="right" nowrap>AAA&#160;</td>
              <td align="right" nowrap>4,044,240&#160;</td>
            </tr><tr valign="bottom">
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap style="TEXT-INDENT: 5px">Catholic Healthcare West,
      Series 2008K, 5.500%, 7/01/41 &#8211; AGC Insured&#160;</td>
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap>&#160;</td>
            </tr><tr valign="bottom">
              <td align="right" nowrap>1,815&#160;</td>
              <td align="left" nowrap>California Statewide Community Development
      Authority, Revenue Bonds, Kaiser Permanante System,&#160;</td>
              <td align="right" nowrap>3/16 at 100.00&#160;</td>
              <td align="right" nowrap>A+&#160;</td>
              <td align="right" nowrap>1,642,648&#160;</td>
            </tr><tr valign="bottom">
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap style="TEXT-INDENT: 5px">Series 2006, 5.000%,
      3/01/41&#160;</td>
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap>&#160;</td>
            </tr><tr valign="bottom">
              <td align="right" nowrap>5,020&#160;</td>
              <td align="left" nowrap>California Statewide Community Development
      Authority, Revenue Bonds, Kaiser Permanente System,&#160;</td>
              <td align="right" nowrap>3/16 at 100.00&#160;</td>
              <td align="right" nowrap>AAA&#160;</td>
              <td align="right" nowrap>4,949,318&#160;</td>
            </tr><tr valign="bottom">
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap style="TEXT-INDENT: 5px">Series 2006, 5.000%,
      3/01/41 &#8211; BHAC Insured (UB)&#160;</td>
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap>&#160;</td>
            </tr><tr valign="bottom">
              <td align="right" nowrap>4,060&#160;</td>
              <td align="left" nowrap>California Statewide Community Development
      Authority, Revenue Bonds, Sherman Oaks Health&#160;</td>
              <td align="right" nowrap>No Opt. Call&#160;</td>
              <td align="right" nowrap>A&#160;</td>
              <td align="right" nowrap>3,952,735&#160;</td>
            </tr><tr valign="bottom">
              <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
              <td align="left" nowrap style="TEXT-INDENT: 5px; BORDER-BOTTOM: #000000 1px solid">System, Series 1998A, 5.000%, 8/01/22 &#8211; AMBAC Insured&#160;</td>
              <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
              <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
              <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
            </tr><tr valign="bottom">
              <td align="right" nowrap style="BORDER-BOTTOM: #000000 1px solid">17,357&#160;</td>
              <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">Total
      Health Care&#160;</td>
              <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
              <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
              <td align="right" nowrap style="BORDER-BOTTOM: #000000 1px solid">17,070,897&#160;</td>
            </tr><tr valign="bottom">
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap><font style="DISPLAY: inline; FONT-WEIGHT: bold">Housing/Multifamily &#8211; 1.4%
      (1.0% of Total Investments)</font></td>
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap>&#160;</td>
            </tr><tr valign="bottom">
              <td align="right" nowrap>1,165&#160;</td>
              <td align="left" nowrap>Poway, California, Housing Revenue Bonds, Revenue
      Bonds, Poinsettia Mobile Home Park, Series&#160;</td>
              <td align="right" nowrap>5/13 at 102.00&#160;</td>
              <td align="right" nowrap>AA&#8211;&#160;</td>
              <td align="right" nowrap>1,162,693&#160;</td>
            </tr><tr valign="bottom">
              <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
              <td align="left" nowrap style="TEXT-INDENT: 5px; BORDER-BOTTOM: #000000 1px solid">2003, 5.000%, 5/01/23&#160;</td>
              <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
              <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
              <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
            </tr><tr valign="bottom">
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap><font style="DISPLAY: inline; FONT-WEIGHT: bold">Long-Term Care &#8211; 3.6% (2.5% of
      Total Investments)</font></td>
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap>&#160;</td>
            </tr><tr valign="bottom">
              <td align="right" nowrap>1,000&#160;</td>
              <td align="left" nowrap>ABAG Finance Authority for Non-Profit Corporations,
      California, Insured Senior Living Revenue&#160;</td>
              <td align="right" nowrap>11/12 at 100.00&#160;</td>
              <td align="right" nowrap>A&#160;</td>
              <td align="right" nowrap>989,760&#160;</td>
            </tr><tr valign="bottom">
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap style="TEXT-INDENT: 5px">Bonds, Odd Fellows Home of
      California, Series 2003A, 5.200%, 11/15/22&#160;</td>
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap>&#160;</td>
            </tr><tr valign="bottom">
              <td align="right" nowrap>2,000&#160;</td>
              <td align="left" nowrap>California Health Facilities Financing Authority,
      Cal-Mortgage Insured Revenue Bonds, Northern&#160;</td>
              <td align="right" nowrap>1/13 at 100.00&#160;</td>
              <td align="right" nowrap>A&#160;</td>
              <td align="right" nowrap>1,907,960&#160;</td>
            </tr><tr valign="bottom">
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap style="TEXT-INDENT: 5px">California Retired Officers
      Community Corporation &#8211; Paradise Valley Estates, Series 2002,&#160;</td>
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap>&#160;</td>
            </tr><tr valign="bottom">
              <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
              <td align="left" nowrap style="TEXT-INDENT: 5px; BORDER-BOTTOM: #000000 1px solid">5.250%, 1/01/26&#160;</td>
              <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
              <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
              <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
            </tr><tr valign="bottom">
              <td align="right" nowrap style="BORDER-BOTTOM: #000000 1px solid">3,000&#160;</td>
              <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">Total
      Long-Term Care&#160;</td>
              <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
              <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
              <td align="right" nowrap style="BORDER-BOTTOM: #000000 1px solid">2,897,720&#160;</td>
            </tr><tr valign="bottom">
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap><font style="DISPLAY: inline; FONT-WEIGHT: bold">Tax
      Obligation/General &#8211; 18.2% (12.5% of Total Investments)</font></td>
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap>&#160;</td>
            </tr><tr valign="bottom">
              <td align="right" nowrap>2,000&#160;</td>
              <td align="left" nowrap>Butte-Glenn Community College District, Butte and
      Glenn Counties, California, General&#160;</td>
              <td align="right" nowrap>8/12 at 101.00&#160;</td>
              <td align="right" nowrap>A1&#160;</td>
              <td align="right" nowrap>2,023,240&#160;</td>
            </tr><tr valign="bottom">
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap style="TEXT-INDENT: 5px">Obligation Bonds, Series
      2002A, 5.000%, 8/01/26 &#8211; NPFG Insured&#160;</td>
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap>&#160;</td>
            </tr><tr valign="bottom">
              <td align="right" nowrap>1,030&#160;</td>
              <td align="left" nowrap>Fontana Unified School District, San Bernardino
      County, California, General Obligation Bonds,&#160;</td>
              <td align="right" nowrap>8/18 at 100.00&#160;</td>
              <td align="right" nowrap>AAA&#160;</td>
              <td align="right" nowrap>1,133,731&#160;</td>
            </tr><tr valign="bottom">
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap style="TEXT-INDENT: 5px">Trust 2668, 9.099%, 8/01/28
      &#8211; FSA Insured (IF)&#160;</td>
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap>&#160;</td>
            </tr><tr valign="bottom">
              <td align="right" nowrap>450&#160;</td>
              <td align="left" nowrap>Fremont Unified School District, Alameda County,
      California, General Obligation Bonds, Series&#160;</td>
              <td align="right" nowrap>8/12 at 101.00&#160;</td>
              <td align="right" nowrap>Aa3&#160;</td>
              <td align="right" nowrap>460,562&#160;</td>
            </tr><tr valign="bottom">
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap style="TEXT-INDENT: 5px">2002A, 5.000%, 8/01/25 &#8211;
      FGIC Insured&#160;</td>
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap>&#160;</td>
            </tr><tr valign="bottom">
              <td align="right" nowrap>2,000&#160;</td>
              <td align="left" nowrap>Los Angeles, California, General Obligation Bonds,
      Series 2002A, 5.000%, 9/01/22 &#8211; NPFG Insured&#160;</td>
              <td align="right" nowrap>9/12 at 100.00&#160;</td>
              <td align="right" nowrap>AA&#160;</td>
              <td align="right" nowrap>2,111,620&#160;</td>
            </tr><tr valign="bottom">
              <td align="right" nowrap>1,000&#160;</td>
              <td align="left" nowrap>Murrieta Valley Unified School District, Riverside
      County, California, General Obligation&#160;</td>
              <td align="right" nowrap>9/13 at 100.00&#160;</td>
              <td align="right" nowrap>A+&#160;</td>
              <td align="right" nowrap>1,022,910&#160;</td>
            </tr><tr valign="bottom">
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap style="TEXT-INDENT: 5px">Bonds, Series 2003A,
      5.000%, 9/01/26 &#8211; FGIC Insured&#160;</td>
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap>&#160;</td>
            </tr><tr valign="bottom">
              <td align="right" nowrap>1,000&#160;</td>
              <td align="left" nowrap>Murrieta Valley Unified School District, Riverside
      County, California, General Obligation&#160;</td>
              <td align="right" nowrap>9/17 at 100.00&#160;</td>
              <td align="right" nowrap>AAA&#160;</td>
              <td align="right" nowrap>938,270&#160;</td>
            </tr><tr valign="bottom">
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap style="TEXT-INDENT: 5px">Bonds, Series 2007, 4.500%,
      9/01/30 &#8211; FSA Insured&#160;</td>
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap>&#160;</td>
            </tr><tr valign="bottom">
              <td align="right" nowrap>140&#160;</td>
              <td align="left" nowrap>Roseville Joint Union High School District, Placer
      County, California, General Obligation&#160;</td>
              <td align="right" nowrap>8/15 at 100.00&#160;</td>
              <td align="right" nowrap>AA&#8211;&#160;</td>
              <td align="right" nowrap>144,236&#160;</td>
            </tr><tr valign="bottom">
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap style="TEXT-INDENT: 5px">Bonds, Series 2006B,
      5.000%, 8/01/27 &#8211; FGIC Insured&#160;</td>
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap>&#160;</td>
            </tr><tr valign="bottom">
              <td align="right" nowrap>3,000&#160;</td>
              <td align="left" nowrap>San Diego Unified School District, California,
      General Obligation Bonds, Election of 1998,&#160;</td>
              <td align="right" nowrap>7/10 at 100.00&#160;</td>
              <td align="right" nowrap>AA&#160;</td>
              <td align="right" nowrap>3,072,840&#160;</td>
            </tr><tr valign="bottom">
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap style="TEXT-INDENT: 5px">Series 2000B, 5.125%,
      7/01/22 &#8211; NPFG Insured&#160;</td>
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap>&#160;</td>
            </tr><tr valign="bottom">
              <td align="right" nowrap>3,855&#160;</td>
              <td align="left" nowrap>San Rafael City High School District, Marin County,
      California, General Obligation Bonds,&#160;</td>
              <td align="right" nowrap>8/12 at 100.00&#160;</td>
              <td align="right" nowrap>AAA&#160;</td>
              <td align="right" nowrap>3,913,866&#160;</td>
            </tr><tr valign="bottom">
              <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
              <td align="left" nowrap style="TEXT-INDENT: 5px; BORDER-BOTTOM: #000000 1px solid">Series 2003A, 5.000%, 8/01/28 &#8211; FSA Insured&#160;</td>
              <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
              <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
              <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
            </tr><tr valign="bottom">
              <td align="right" nowrap style="BORDER-BOTTOM: #000000 1px solid">14,475&#160;</td>
              <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">Total Tax
      Obligation/General&#160;</td>
              <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
              <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
              <td align="right" nowrap style="BORDER-BOTTOM: #000000 1px solid">14,821,275&#160;</td>
            </tr><tr valign="bottom">
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap><font style="DISPLAY: inline; FONT-WEIGHT: bold">Tax
      Obligation/Limited &#8211; 45.4% (31.3% of Total Investments)</font></td>
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap>&#160;</td>
            </tr><tr valign="bottom">
              <td align="right" nowrap>550&#160;</td>
              <td align="left" nowrap>Baldwin Park Public Financing Authority, California,
      Sales Tax and Tax Allocation Bonds,&#160;</td>
              <td align="right" nowrap>8/13 at 102.00&#160;</td>
              <td align="right" nowrap>BBB&#160;</td>
              <td align="right" nowrap>544,902&#160;</td>
            </tr><tr valign="bottom">
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap style="TEXT-INDENT: 5px">Puente Merced Redevelopment
      Project, Series 2003, 5.250%, 8/01/21&#160;</td>
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap>&#160;</td>
            </tr><tr>
              <td>
              </td>
              <td>
              </td>
              <td>
              </td>
              <td>
              </td>
              <td>
              </td>
            </tr><tr valign="bottom">
              <td align="right" nowrap>1,165&#160;</td>
              <td align="left" nowrap>Burbank Public Financing Authority, California,
      Revenue Refunding Bonds, Golden State&#160;</td>
              <td align="right" nowrap>12/13 at 100.00&#160;</td>
              <td align="right" nowrap>A&#8211;&#160;</td>
              <td align="right" nowrap>1,174,355&#160;</td>
            </tr><tr valign="bottom">
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap style="TEXT-INDENT: 5px">Redevelopment Project,
      Series 2003A, 5.250%, 12/01/22 &#8211; AMBAC Insured&#160;</td>
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap>&#160;</td>
            </tr><tr valign="bottom">
              <td align="right" nowrap>4,000&#160;</td>
              <td align="left" nowrap>California State Public Works Board, Lease Revenue
      Bonds, Department of General Services,&#160;</td>
              <td align="right" nowrap>12/12 at 100.00&#160;</td>
              <td align="right" nowrap>A&#8211;&#160;</td>
              <td align="right" nowrap>3,721,400&#160;</td>
            </tr><tr valign="bottom">
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap style="TEXT-INDENT: 5px">Capital East End Project,
      Series 2002A, 5.000%, 12/01/27 &#8211; AMBAC Insured&#160;</td>
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap>&#160;</td>
            </tr><tr valign="bottom">
              <td align="right" nowrap>170&#160;</td>
              <td align="left" nowrap>Capistrano Unified School District, Orange County,
      California, Special Tax Bonds, Community&#160;</td>
              <td align="right" nowrap>9/15 at 100.00&#160;</td>
              <td align="right" nowrap>A&#160;</td>
              <td align="right" nowrap>164,642&#160;</td>
            </tr><tr valign="bottom">
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap style="TEXT-INDENT: 5px">Facilities District, Series
      2005, 5.000%, 9/01/24 &#8211; FGIC Insured&#160;</td>
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap>&#160;</td>
            </tr><tr valign="bottom">
              <td align="right" nowrap>525&#160;</td>
              <td align="left" nowrap>Chino Redevelopment Agency, California, Merged Chino
      Redevelopment Project Area Tax Allocation&#160;</td>
              <td align="right" nowrap>9/16 at 101.00&#160;</td>
              <td align="right" nowrap>BBB&#160;</td>
              <td align="right" nowrap>448,991&#160;</td>
            </tr><tr valign="bottom">
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap style="TEXT-INDENT: 5px">Bonds, Series 2006, 5.000%,
      9/01/38 &#8211; AMBAC Insured&#160;</td>
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap>&#160;</td>
            </tr><tr valign="bottom">
              <td align="right" nowrap>1,610&#160;</td>
              <td align="left" nowrap>Folsom Public Financing Authority, California,
      Special Tax Revenue Bonds, Series 2004A,&#160;</td>
              <td align="right" nowrap>9/12 at 102.00&#160;</td>
              <td align="right" nowrap>N/R&#160;</td>
              <td align="right" nowrap>1,591,984&#160;</td>
            </tr><tr valign="bottom">
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap style="TEXT-INDENT: 5px">5.000%, 9/01/21 &#8211; AMBAC
      Insured&#160;</td>
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap>&#160;</td>
            </tr><tr valign="bottom">
              <td align="right" nowrap>2,905&#160;</td>
              <td align="left" nowrap>Golden State Tobacco Securitization Corporation,
      California, Enhanced Tobacco Settlement&#160;</td>
              <td align="right" nowrap>6/15 at 100.00&#160;</td>
              <td align="right" nowrap>AAA&#160;</td>
              <td align="right" nowrap>2,085,616&#160;</td>
            </tr><tr valign="bottom">
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap style="TEXT-INDENT: 5px">Revenue Bonds, Drivers
      Trust 2091, 9.489%, 6/01/45 &#8211; AGC Insured (IF)&#160;</td>
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap>&#160;</td>
            </tr><tr valign="bottom">
              <td align="right" nowrap>3,285&#160;</td>
              <td align="left" nowrap>Golden State Tobacco Securitization Corporation,
      California, Tobacco Settlement Asset-Backed&#160;</td>
              <td align="right" nowrap>6/15 at 100.00&#160;</td>
              <td align="right" nowrap>A&#8211;&#160;</td>
              <td align="right" nowrap>2,717,910&#160;</td>
            </tr><tr valign="bottom">
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap style="TEXT-INDENT: 5px">Revenue Bonds, Series
      2005A, 5.000%, 6/01/45 &#8211; AMBAC Insured&#160;</td>
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap>&#160;</td>
            </tr><tr valign="bottom">
              <td align="right" nowrap>1,000&#160;</td>
              <td align="left" nowrap>Hesperia Public Financing Authority, California,
      Redevelopment and Housing Projects Tax&#160;</td>
              <td align="right" nowrap>9/17 at 100.00&#160;</td>
              <td align="right" nowrap>Baa1&#160;</td>
              <td align="right" nowrap>799,600&#160;</td>
            </tr><tr valign="bottom">
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap style="TEXT-INDENT: 5px">Allocation Bonds, Series
      2007A, 5.000%, 9/01/37 &#8211; SYNCORA GTY Insured&#160;</td>
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap>&#160;</td>
            </tr><tr valign="bottom">
              <td align="right" nowrap>5,540&#160;</td>
              <td align="left" nowrap>Irvine Public Facilities and Infrastructure
      Authority, California, Assessment Revenue Bonds,&#160;</td>
              <td align="right" nowrap>9/13 at 100.00&#160;</td>
              <td align="right" nowrap>N/R&#160;</td>
              <td align="right" nowrap>5,454,019&#160;</td>
            </tr><tr valign="bottom">
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap style="TEXT-INDENT: 5px">Series 2003C, 5.000%,
      9/02/21 &#8211; AMBAC Insured&#160;</td>
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap>&#160;</td>
            </tr><tr valign="bottom">
              <td align="right" nowrap>315&#160;</td>
              <td align="left" nowrap>Los Angeles Community Redevelopment Agency,
      California, Lease Revenue Bonds, Manchester Social&#160;</td>
              <td align="right" nowrap>9/15 at 100.00&#160;</td>
              <td align="right" nowrap>A2&#160;</td>
              <td align="right" nowrap>270,380&#160;</td>
            </tr><tr valign="bottom">
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap style="TEXT-INDENT: 5px">Services Project, Series
      2005, 5.000%, 9/01/37 &#8211; AMBAC Insured&#160;</td>
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap>&#160;</td>
            </tr><tr valign="bottom">
              <td align="right" nowrap>1,770&#160;</td>
              <td align="left" nowrap>Los Angeles Unified School District, California,
      Certificates of Participation, Administration&#160;</td>
              <td align="right" nowrap>10/12 at 100.00&#160;</td>
              <td align="right" nowrap>A+&#160;</td>
              <td align="right" nowrap>1,781,505&#160;</td>
            </tr><tr valign="bottom">
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap style="TEXT-INDENT: 5px">Building Project II, Series
      2002C, 5.000%, 10/01/27 &#8211; AMBAC Insured&#160;</td>
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap>&#160;</td>
            </tr><tr valign="bottom">
              <td align="right" nowrap>2,000&#160;</td>
              <td align="left" nowrap>Los Angeles, California, Certificates of
      Participation, Municipal Improvement Corporation,&#160;</td>
              <td align="right" nowrap>6/13 at 100.00&#160;</td>
              <td align="right" nowrap>AA&#8211;&#160;</td>
              <td align="right" nowrap>1,991,780&#160;</td>
            </tr><tr valign="bottom">
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap style="TEXT-INDENT: 5px">Series 2003AW, 5.000%,
      6/01/33 &#8211; AMBAC Insured&#160;</td>
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap>&#160;</td>
            </tr><tr valign="bottom">
              <td align="right" nowrap>1,500&#160;</td>
              <td align="left" nowrap>Los Angeles, California, Municipal Improvement
      Corporation, Lease Revenue Bonds, Police&#160;</td>
              <td align="right" nowrap>1/17 at 100.00&#160;</td>
              <td align="right" nowrap>AA&#8211;&#160;</td>
              <td align="right" nowrap>1,466,700&#160;</td>
            </tr><tr valign="bottom">
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap style="TEXT-INDENT: 5px">Headquarters, Series 2006A,
      4.750%, 1/01/31 &#8211; FGIC Insured&#160;</td>
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap>&#160;</td>
            </tr><tr valign="bottom">
              <td align="right" nowrap>1,500&#160;</td>
              <td align="left" nowrap>Los Osos, California, Improvement Bonds, Community
      Services Wastewater Assessment District 1,&#160;</td>
              <td align="right" nowrap>9/10 at 103.00&#160;</td>
              <td align="right" nowrap>A&#160;</td>
              <td align="right" nowrap>1,292,580&#160;</td>
            </tr><tr valign="bottom">
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap style="TEXT-INDENT: 5px">Series 2002, 5.000%,
      9/02/33 &#8211; NPFG Insured&#160;</td>
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap>&#160;</td>
            </tr><tr valign="bottom">
              <td align="right" nowrap>150&#160;</td>
              <td align="left" nowrap>Rialto Redevelopment Agency, California, Tax
      Allocation Bonds, Merged Project Area, Series&#160;</td>
              <td align="right" nowrap>9/15 at 100.00&#160;</td>
              <td align="right" nowrap>A&#8211;&#160;</td>
              <td align="right" nowrap>130,794&#160;</td>
            </tr><tr valign="bottom">
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap style="TEXT-INDENT: 5px">2005A, 5.000%, 9/01/35 &#8211;
      SYNCORA GTY Insured&#160;</td>
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap>&#160;</td>
            </tr><tr valign="bottom">
              <td align="right" nowrap>190&#160;</td>
              <td align="left" nowrap>Roseville, California, Certificates of
      Participation, Public Facilities, Series 2003A, 5.000%,&#160;</td>
              <td align="right" nowrap>8/13 at 100.00&#160;</td>
              <td align="right" nowrap>AA&#8211;&#160;</td>
              <td align="right" nowrap>187,350&#160;</td>
            </tr><tr valign="bottom">
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap style="TEXT-INDENT: 5px">8/01/25 &#8211; AMBAC
    Insured&#160;</td>
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap>&#160;</td>
            </tr><tr valign="bottom">
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap>San Buenaventura, California, Certificates of
      Participation, Golf Course Financing Project,&#160;</td>
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap>&#160;</td>
            </tr><tr valign="bottom">
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap>Series 2002D:&#160;</td>
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap>&#160;</td>
            </tr><tr valign="bottom">
              <td align="right" nowrap>3,000&#160;</td>
              <td align="left" nowrap style="TEXT-INDENT: 5px">5.000%, 2/01/27 &#8211; AMBAC
      Insured&#160;</td>
              <td align="right" nowrap>2/12 at 100.00&#160;</td>
              <td align="right" nowrap>AA&#8211;&#160;</td>
              <td align="right" nowrap>3,015,090&#160;</td>
            </tr><tr valign="bottom">
              <td align="right" nowrap>3,300&#160;</td>
              <td align="left" nowrap style="TEXT-INDENT: 5px">5.000%, 2/01/32 &#8211; AMBAC
      Insured&#160;</td>
              <td align="right" nowrap>2/12 at 100.00&#160;</td>
              <td align="right" nowrap>AA&#8211;&#160;</td>
              <td align="right" nowrap>3,264,888&#160;</td>
            </tr><tr valign="bottom">
              <td align="right" nowrap>1,200&#160;</td>
              <td align="left" nowrap>San Diego Redevelopment Agency, California,
      Subordinate Lien Tax Increment and Parking Revenue&#160;</td>
              <td align="right" nowrap>9/10 at 100.50&#160;</td>
              <td align="right" nowrap>Baa2&#160;</td>
              <td align="right" nowrap>1,138,380&#160;</td>
            </tr><tr valign="bottom">
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap style="TEXT-INDENT: 5px">Bonds, Centre City Project,
      Series 2003B, 5.250%, 9/01/26&#160;</td>
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap>&#160;</td>
            </tr><tr valign="bottom">
              <td align="right" nowrap>2,770&#160;</td>
              <td align="left" nowrap>San Jose Financing Authority, California, Lease
      Revenue Refunding Bonds, Civic Center Project,&#160;</td>
              <td align="right" nowrap>6/12 at 100.00&#160;</td>
              <td align="right" nowrap>AA+&#160;</td>
              <td align="right" nowrap>2,788,753&#160;</td>
            </tr><tr valign="bottom">
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap style="TEXT-INDENT: 5px">Series 2002B, 5.000%,
      6/01/32 &#8211; AMBAC Insured&#160;</td>
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap>&#160;</td>
            </tr><tr valign="bottom">
              <td align="right" nowrap>1,000&#160;</td>
              <td align="left" nowrap>San Jose Redevelopment Agency, California, Tax
      Allocation Bonds, Merged Project Area, Series&#160;</td>
              <td align="right" nowrap>8/15 at 100.00&#160;</td>
              <td align="right" nowrap>A&#160;</td>
              <td align="right" nowrap>934,280&#160;</td>
            </tr><tr valign="bottom">
              <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
              <td align="left" nowrap style="TEXT-INDENT: 5px; BORDER-BOTTOM: #000000 1px solid">2005A, 5.000%, 8/01/28 &#8211; NPFG Insured&#160;</td>
              <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
              <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
              <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
            </tr><tr valign="bottom">
              <td align="right" nowrap style="BORDER-BOTTOM: #000000 1px solid">39,445&#160;</td>
              <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">Total Tax
      Obligation/Limited&#160;</td>
              <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
              <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
              <td align="right" nowrap style="BORDER-BOTTOM: #000000 1px solid">36,965,899&#160;</td>
            </tr><tr valign="bottom">
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap><font style="DISPLAY: inline; FONT-WEIGHT: bold">Transportation &#8211; 10.4% (7.2% of
      Total Investments)</font></td>
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap>&#160;</td>
            </tr><tr valign="bottom">
              <td align="right" nowrap>5,480&#160;</td>
              <td align="left" nowrap>Bay Area Governments Association, California, BART
      SFO Extension, Airport Premium Fare Revenue&#160;</td>
              <td align="right" nowrap>8/12 at 100.00&#160;</td>
              <td align="right" nowrap>N/R&#160;</td>
              <td align="right" nowrap>5,497,258&#160;</td>
            </tr><tr valign="bottom">
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap style="TEXT-INDENT: 5px">Bonds, Series 2002A,
      5.000%, 8/01/26 &#8211; AMBAC Insured&#160;</td>
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap>&#160;</td>
            </tr><tr valign="bottom">
              <td align="right" nowrap>2,000&#160;</td>
              <td align="left" nowrap>Foothill/Eastern Transportation Corridor Agency,
      California, Toll Road Revenue Bonds, Series&#160;</td>
              <td align="right" nowrap>1/10 at 100.00&#160;</td>
              <td align="right" nowrap>BBB&#8211;&#160;</td>
              <td align="right" nowrap>1,691,760&#160;</td>
            </tr><tr valign="bottom">
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap style="TEXT-INDENT: 5px">1995A, 5.000%,
    1/01/35&#160;</td>
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap>&#160;</td>
            </tr><tr valign="bottom">
              <td align="right" nowrap>1,300&#160;</td>
              <td align="left" nowrap>San Francisco Airports Commission, California,
      Revenue Bonds, San Francisco International&#160;</td>
              <td align="right" nowrap>5/10 at 101.00&#160;</td>
              <td align="right" nowrap>A1&#160;</td>
              <td align="right" nowrap>1,312,623&#160;</td>
            </tr><tr valign="bottom">
              <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
              <td align="left" nowrap style="TEXT-INDENT: 5px; BORDER-BOTTOM: #000000 1px solid">Airport, Second Series 2000, Issue 26B, 5.000%, 5/01/25 &#8211; FGIC
      Insured&#160;</td>
              <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
              <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
              <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
            </tr><tr valign="bottom">
              <td align="right" nowrap style="BORDER-BOTTOM: #000000 1px solid">8,780&#160;</td>
              <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">Total
      Transportation&#160;</td>
              <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
              <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
              <td align="right" nowrap style="BORDER-BOTTOM: #000000 1px solid">8,501,641&#160;</td>
            </tr><tr valign="bottom">
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap><font style="DISPLAY: inline; FONT-WEIGHT: bold">U.S. Guaranteed &#8211; 19.8% (13.7%
      of Total Investments) (4)</font></td>
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap>&#160;</td>
            </tr><tr valign="bottom">
              <td align="right" nowrap>1,000&#160;</td>
              <td align="left" nowrap>Berryessa Union School District, Santa Clara County,
      California, General Obligation Bonds,&#160;</td>
              <td align="right" nowrap>8/12 at 100.00&#160;</td>
              <td align="right" nowrap>AAA&#160;</td>
              <td align="right" nowrap>1,112,810&#160;</td>
            </tr><tr valign="bottom">
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap style="TEXT-INDENT: 5px">Series 2003C, 5.000%,
      8/01/21 (Pre-refunded 8/01/12) &#8211; FSA Insured&#160;</td>
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap>&#160;</td>
            </tr><tr valign="bottom">
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap>California State, General Obligation Bonds, Series
      2002:&#160;</td>
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap>&#160;</td>
            </tr><tr valign="bottom">
              <td align="right" nowrap>1,290&#160;</td>
              <td align="left" nowrap style="TEXT-INDENT: 5px">5.000%, 4/01/27
      (Pre-refunded 4/01/12) &#8211; AMBAC Insured&#160;</td>
              <td align="right" nowrap>4/12 at 100.00&#160;</td>
              <td align="right" nowrap>AAA&#160;</td>
              <td align="right" nowrap>1,420,677&#160;</td>
            </tr><tr valign="bottom">
              <td align="right" nowrap>2,945&#160;</td>
              <td align="left" nowrap style="TEXT-INDENT: 5px">5.250%, 4/01/30
      (Pre-refunded 4/01/12) &#8211; SYNCORA GTY Insured&#160;</td>
              <td align="right" nowrap>4/12 at 100.00&#160;</td>
              <td align="right" nowrap>Baa1 (4)&#160;</td>
              <td align="right" nowrap>3,260,380&#160;</td>
            </tr><tr valign="bottom">
              <td align="right" nowrap>500&#160;</td>
              <td align="left" nowrap>California, General Obligation Bonds, Series 2004,
      5.250%, 4/01/34 (Pre-refunded 4/01/14)&#160;</td>
              <td align="right" nowrap>4/14 at 100.00&#160;</td>
              <td align="right" nowrap>AAA&#160;</td>
              <td align="right" nowrap>585,995&#160;</td>
            </tr><tr>
              <td>
              </td>
              <td>
              </td>
              <td>
              </td>
              <td>
              </td>
              <td>
              </td>
            </tr><tr valign="bottom">
              <td align="right" nowrap>1,625&#160;</td>
              <td align="left" nowrap>Golden State Tobacco Securitization Corporation,
      California, Tobacco Settlement Asset-Backed&#160;</td>
              <td align="right" nowrap>6/13 at 100.00&#160;</td>
              <td align="right" nowrap>AAA&#160;</td>
              <td align="right" nowrap>1,978,974&#160;</td>
            </tr><tr valign="bottom">
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap style="TEXT-INDENT: 5px">Revenue Bonds, Series
      2003A-2, 7.900%, 6/01/42 (Pre-refunded 6/01/13)&#160;</td>
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap>&#160;</td>
            </tr><tr valign="bottom">
              <td align="right" nowrap>2,030&#160;</td>
              <td align="left" nowrap>Hacienda La Puente Unified School District, Los
      Angeles County, California, General Obligation&#160;</td>
              <td align="right" nowrap>8/13 at 100.00&#160;</td>
              <td align="right" nowrap>AAA&#160;</td>
              <td align="right" nowrap>2,322,990&#160;</td>
            </tr><tr valign="bottom">
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap style="TEXT-INDENT: 5px">Bonds, Series 2003B,
      5.000%, 8/01/27 (Pre-refunded 8/01/13) &#8211; FSA Insured&#160;</td>
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap>&#160;</td>
            </tr><tr valign="bottom">
              <td align="right" nowrap>1,260&#160;</td>
              <td align="left" nowrap>Rancho Mirage Joint Powers Financing Authority,
      California, Revenue Bonds, Eisenhower Medical&#160;</td>
              <td align="right" nowrap>7/14 at 100.00&#160;</td>
              <td align="right" nowrap>A3 (4)&#160;</td>
              <td align="right" nowrap>1,513,021&#160;</td>
            </tr><tr valign="bottom">
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap style="TEXT-INDENT: 5px">Center, Series 2004,
      5.875%, 7/01/26 (Pre-refunded 7/01/14)&#160;</td>
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap>&#160;</td>
            </tr><tr valign="bottom">
              <td align="right" nowrap>1,220&#160;</td>
              <td align="left" nowrap>San Jose Redevelopment Agency, California, Tax
      Allocation Bonds, Merged Area Redevelopment&#160;</td>
              <td align="right" nowrap>8/10 at 101.00&#160;</td>
              <td align="right" nowrap>A (4)&#160;</td>
              <td align="right" nowrap>1,270,447&#160;</td>
            </tr><tr valign="bottom">
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap style="TEXT-INDENT: 5px">Project, Series 2002,
      5.000%, 8/01/32 (Pre-refunded 8/01/10) &#8211; MBIA Insured&#160;</td>
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap>&#160;</td>
            </tr><tr valign="bottom">
              <td align="right" nowrap>2,390&#160;</td>
              <td align="left" nowrap>Solano County, California, Certificates of
      Participation, Series 2002, 5.250%, 11/01/24&#160;</td>
              <td align="right" nowrap>11/12 at 100.00&#160;</td>
              <td align="right" nowrap>AA- (4)&#160;</td>
              <td align="right" nowrap>2,691,977&#160;</td>
            </tr><tr valign="bottom">
              <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
              <td align="left" nowrap style="TEXT-INDENT: 5px; BORDER-BOTTOM: #000000 1px solid">(Pre-refunded 11/01/12) &#8211; MBIA Insured&#160;</td>
              <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
              <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
              <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
            </tr><tr valign="bottom">
              <td align="right" nowrap style="BORDER-BOTTOM: #000000 1px solid">14,260&#160;</td>
              <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">Total U.S.
      Guaranteed&#160;</td>
              <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
              <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
              <td align="right" nowrap style="BORDER-BOTTOM: #000000 1px solid">16,157,271&#160;</td>
            </tr><tr valign="bottom">
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap><font style="DISPLAY: inline; FONT-WEIGHT: bold">Utilities &#8211; 3.0% (2.1% of Total
      Investments)</font></td>
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap>&#160;</td>
            </tr><tr valign="bottom">
              <td align="right" nowrap>1,000&#160;</td>
              <td align="left" nowrap>Anaheim Public Finance Authority, California, Second
      Lien Electric Distribution Revenue Bonds,&#160;</td>
              <td align="right" nowrap>10/14 at 100.00&#160;</td>
              <td align="right" nowrap>A+&#160;</td>
              <td align="right" nowrap>1,040,140&#160;</td>
            </tr><tr valign="bottom">
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap style="TEXT-INDENT: 5px">Series 2004, 5.250%,
      10/01/21 &#8211; NPFG Insured&#160;</td>
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap>&#160;</td>
            </tr><tr valign="bottom">
              <td align="right" nowrap>945&#160;</td>
              <td align="left" nowrap>Long Beach Bond Finance Authority, California,
      Natural Gas Purchase Revenue Bonds, Series&#160;</td>
              <td align="right" nowrap>No Opt. Call&#160;</td>
              <td align="right" nowrap>A&#160;</td>
              <td align="right" nowrap>855,320&#160;</td>
            </tr><tr valign="bottom">
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap style="TEXT-INDENT: 5px">2007A, 5.500%,
    11/15/37&#160;</td>
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap>&#160;</td>
            </tr><tr valign="bottom">
              <td align="right" nowrap>275&#160;</td>
              <td align="left" nowrap>Los Angeles Department of Water and Power,
      California, Power System Revenue Bonds, Series&#160;</td>
              <td align="right" nowrap>7/13 at 100.00&#160;</td>
              <td align="right" nowrap>AA&#8211;&#160;</td>
              <td align="right" nowrap>294,781&#160;</td>
            </tr><tr valign="bottom">
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap style="TEXT-INDENT: 5px">2003A-2, 5.000%, 7/01/21 &#8211;
      NPFG Insured&#160;</td>
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap>&#160;</td>
            </tr><tr valign="bottom">
              <td align="right" nowrap>310&#160;</td>
              <td align="left" nowrap>Merced Irrigation District, California, Electric
      System Revenue Bonds, Series 2005, 5.125%,&#160;</td>
              <td align="right" nowrap>9/15 at 100.00&#160;</td>
              <td align="right" nowrap>N/R&#160;</td>
              <td align="right" nowrap>273,829&#160;</td>
            </tr><tr valign="bottom">
              <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
              <td align="left" nowrap style="TEXT-INDENT: 5px; BORDER-BOTTOM: #000000 1px solid">9/01/31 &#8211; SYNCORA GTY Insured&#160;</td>
              <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
              <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
              <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
            </tr><tr valign="bottom">
              <td align="right" nowrap style="BORDER-BOTTOM: #000000 1px solid">2,530&#160;</td>
              <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">Total
      Utilities&#160;</td>
              <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
              <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
              <td align="right" nowrap style="BORDER-BOTTOM: #000000 1px solid">2,464,070&#160;</td>
            </tr><tr valign="bottom">
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap><font style="DISPLAY: inline; FONT-WEIGHT: bold">Water and Sewer &#8211; 13.9% (9.6%
      of Total Investments)</font></td>
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap>&#160;</td>
            </tr><tr valign="bottom">
              <td align="right" nowrap>1,000&#160;</td>
              <td align="left" nowrap>Castaic Lake Water Agency, California, Certificates
      of Participation, Series 2006C, 5.000%,&#160;</td>
              <td align="right" nowrap>8/16 at 100.00&#160;</td>
              <td align="right" nowrap>AA&#8211;&#160;</td>
              <td align="right" nowrap>961,490&#160;</td>
            </tr><tr valign="bottom">
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap style="TEXT-INDENT: 5px">8/01/36 &#8211; NPFG
    Insured&#160;</td>
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap>&#160;</td>
            </tr><tr valign="bottom">
              <td align="right" nowrap>750&#160;</td>
              <td align="left" nowrap>Fortuna Public Finance Authority, California, Water
      Revenue Bonds, Series 2006, 5.000%,&#160;</td>
              <td align="right" nowrap>10/16 at 100.00&#160;</td>
              <td align="right" nowrap>AAA&#160;</td>
              <td align="right" nowrap>722,078&#160;</td>
            </tr><tr valign="bottom">
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap style="TEXT-INDENT: 5px">10/01/36 &#8211; FSA
    Insured&#160;</td>
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap>&#160;</td>
            </tr><tr valign="bottom">
              <td align="right" nowrap>215&#160;</td>
              <td align="left" nowrap>Healdsburg Public Financing Authority, California,
      Wastewater Revenue Bonds, Series 2006,&#160;</td>
              <td align="right" nowrap>4/16 at 100.00&#160;</td>
              <td align="right" nowrap>AA&#8211;&#160;</td>
              <td align="right" nowrap>207,660&#160;</td>
            </tr><tr valign="bottom">
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap style="TEXT-INDENT: 5px">5.000%, 4/01/36 &#8211; NPFG
      Insured&#160;</td>
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap>&#160;</td>
            </tr><tr valign="bottom">
              <td align="right" nowrap>770&#160;</td>
              <td align="left" nowrap>Manteca Financing Authority, California, Sewerage
      Revenue Bonds, Series 2003B, 5.000%,&#160;</td>
              <td align="right" nowrap>12/13 at 100.00&#160;</td>
              <td align="right" nowrap>A2&#160;</td>
              <td align="right" nowrap>728,243&#160;</td>
            </tr><tr valign="bottom">
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap style="TEXT-INDENT: 5px">12/01/33 &#8211; NPFG
    Insured&#160;</td>
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap>&#160;</td>
            </tr><tr valign="bottom">
              <td align="right" nowrap>170&#160;</td>
              <td align="left" nowrap>Marina Coast Water District, California, Enterprise
      Certificate of Participation, Series 2006,&#160;</td>
              <td align="right" nowrap>6/16 at 100.00&#160;</td>
              <td align="right" nowrap>A+&#160;</td>
              <td align="right" nowrap>168,234&#160;</td>
            </tr><tr valign="bottom">
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap style="TEXT-INDENT: 5px">5.000%, 6/01/31 &#8211; NPFG
      Insured&#160;</td>
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap>&#160;</td>
            </tr><tr valign="bottom">
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap>San Diego Public Facilities Financing Authority,
      California, Subordinate Lien Water Revenue&#160;</td>
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap>&#160;</td>
            </tr><tr valign="bottom">
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap>Bonds, Series 2002:&#160;</td>
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap>&#160;</td>
            </tr><tr valign="bottom">
              <td align="right" nowrap>3,000&#160;</td>
              <td align="left" nowrap style="TEXT-INDENT: 5px">5.000%, 8/01/22 &#8211; NPFG
      Insured&#160;</td>
              <td align="right" nowrap>8/12 at 100.00&#160;</td>
              <td align="right" nowrap>A+&#160;</td>
              <td align="right" nowrap>3,139,890&#160;</td>
            </tr><tr valign="bottom">
              <td align="right" nowrap>2,500&#160;</td>
              <td align="left" nowrap style="TEXT-INDENT: 5px">5.000%, 8/01/23 &#8211; NPFG
      Insured&#160;</td>
              <td align="right" nowrap>8/12 at 100.00&#160;</td>
              <td align="right" nowrap>A+&#160;</td>
              <td align="right" nowrap>2,574,200&#160;</td>
            </tr><tr valign="bottom">
              <td align="right" nowrap>1,180&#160;</td>
              <td align="left" nowrap>South Feather Water and Power Agency, California,
      Water Revenue Certificates of Participation,&#160;</td>
              <td align="right" nowrap>4/13 at 100.00&#160;</td>
              <td align="right" nowrap>A&#160;</td>
              <td align="right" nowrap>1,182,230&#160;</td>
            </tr><tr valign="bottom">
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap style="TEXT-INDENT: 5px">Solar Photovoltaic Project,
      Series 2003, 5.375%, 4/01/24&#160;</td>
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap>&#160;</td>
            </tr><tr valign="bottom">
              <td align="right" nowrap>1,600&#160;</td>
              <td align="left" nowrap>Sunnyvale Financing Authority, California, Water and
      Wastewater Revenue Bonds, Series 2001,&#160;</td>
              <td align="right" nowrap>10/11 at 100.00&#160;</td>
              <td align="right" nowrap>AAA&#160;</td>
              <td align="right" nowrap>1,635,568&#160;</td>
            </tr><tr valign="bottom">
              <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
              <td align="left" nowrap style="TEXT-INDENT: 5px; BORDER-BOTTOM: #000000 1px solid">5.000%, 10/01/26 &#8211; AMBAC Insured&#160;</td>
              <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
              <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
              <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
            </tr><tr valign="bottom">
              <td align="right" nowrap style="BORDER-BOTTOM: #000000 1px solid">11,185&#160;</td>
              <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">Total Water
      and Sewer&#160;</td>
              <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
              <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
              <td align="right" nowrap style="BORDER-BOTTOM: #000000 1px solid">11,319,593&#160;</td>
            </tr><tr valign="bottom">
              <td align="right" nowrap style="BORDER-BOTTOM: #000000 2px solid">$&#160;&#160;&#160;&#160; 118,267&#160;</td>
              <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">Total
      Long-Term Investments (cost $116,269,828) &#8211; 141.2%&#160;</td>
              <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
              <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
              <td align="right" nowrap style="BORDER-BOTTOM: #000000 1px solid">115,040,814&#160;</td>
            </tr><tr valign="bottom">
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap><font style="DISPLAY: inline; FONT-WEIGHT: bold">Short-Term Investments &#8211; 3.7%
      (2.5% of Total Investments)</font></td>
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap>&#160;</td>
            </tr><tr valign="bottom">
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap><font style="DISPLAY: inline; FONT-WEIGHT: bold">Health Care &#8211; 3.7% (2.5% of
      Total Investments)</font></td>
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap>&#160;</td>
            </tr><tr valign="bottom">
              <td align="right" nowrap>$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
      3,000&#160;</td>
              <td align="left" nowrap>California Statewide Communities Development
      Authority, Revenue Bonds, Adventist Health&#160;</td>
              <td align="right" nowrap>2/10 at 100.00&#160;</td>
              <td align="right" nowrap>A-1+&#160;</td>
              <td align="right" nowrap>3,000,000&#160;</td>
            </tr><tr valign="bottom">
              <td align="left" nowrap style="BORDER-BOTTOM: #000000 2px solid">&#160;</td>
              <td align="left" nowrap style="TEXT-INDENT: 5px; BORDER-BOTTOM: #000000 1px solid">System West, Series 2007A, Variable Rate Demand Obligations,
      0.250%, 3/01/37 (5)&#160;</td>
              <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
              <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
              <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
            </tr><tr valign="bottom">
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">Total
      Short-Term Investments (cost $3,000,000)&#160;</td>
              <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
              <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
              <td align="right" nowrap style="BORDER-BOTTOM: #000000 1px solid">3,000,000&#160;</td>
            </tr><tr valign="bottom">
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">Total
      Investments (cost $119,269,828) &#8211; 144.9%&#160;</td>
              <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
              <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
              <td align="right" nowrap style="BORDER-BOTTOM: #000000 1px solid">118,040,814&#160;</td>
            </tr><tr valign="bottom">
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">Floating
      Rate Obligations &#8211; (4.1)%&#160;</td>
              <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
              <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
              <td align="right" nowrap style="BORDER-BOTTOM: #000000 1px solid">(3,360,000)</td>
            </tr><tr valign="bottom">
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">Variable
      Rate Demand Preferred Shares, at Liquidation Value &#8211; (43.6)% (6)&#160;</td>
              <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
              <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
              <td align="right" nowrap style="BORDER-BOTTOM: #000000 1px solid">(35,500,000)</td>
            </tr><tr valign="bottom">
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">Other
      Assets Less Liabilities &#8211; 2.8%&#160;</td>
              <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
              <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
              <td align="right" nowrap style="BORDER-BOTTOM: #000000 1px solid">2,299,943&#160;</td>
            </tr><tr valign="bottom">
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap style="BORDER-BOTTOM: #000000 2px solid">Net Assets
      Applicable to Common Shares &#8211; 100%&#160;</td>
              <td align="left" nowrap style="BORDER-BOTTOM: #000000 2px solid">&#160;</td>
              <td align="left" nowrap style="BORDER-BOTTOM: #000000 2px solid">&#160;</td>
              <td align="right" nowrap style="BORDER-BOTTOM: #000000 2px solid">$
      81,480,757&#160;</td>
            </tr></table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><br>&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><br>&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">&#160;</div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
          <div style="WIDTH: 100%; TEXT-ALIGN: center">&#160;</div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">&#160;</div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Fair Value
Measurements</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="left">In determining the value of the Fund's investments various inputs are
used. These inputs are summarized in the three broad levels listed below: </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="left">&#160;&#160;Level 1 &#8211; Quoted prices in active markets for identical
securities.</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="left">&#160;&#160;Level 2 &#8211; Other significant observable inputs (including
quoted prices for similar securities, interest rates, prepayment speeds, credit
risk, etc.).</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="left">&#160;&#160;Level 3 &#8211; Significant unobservable inputs (including
management's assumptions in determining the fair value of investments).</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="left">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 November 30,
2009:</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
        <table border="0" cellspacing="0" width="936" style="FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'; FONT-SIZE: 10pt; FONT-FAMILY: 'Arial Narrow'">
<tr>
              <td width="36%">
              </td>
              <td width="28%">
              </td>
              <td width="14%">
              </td>
              <td width="11%">
              </td>
              <td width="10%">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
              <td align="right" nowrap style="BORDER-BOTTOM: #000000 1px solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Level 1</font></td>
              <td align="right" nowrap style="BORDER-BOTTOM: #000000 1px solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Level 2</font></td>
              <td align="right" nowrap style="BORDER-BOTTOM: #000000 1px solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Level 3</font></td>
              <td align="right" nowrap style="BORDER-BOTTOM: #000000 1px solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Total</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap>Investments:&#160;</td>
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap>&#160;</td>
            </tr><tr valign="bottom">
              <td align="left" nowrap style="TEXT-INDENT: 5px">Municipal Bonds&#160;</td>
              <td align="right" nowrap>$ &#8212;&#160;</td>
              <td align="right" nowrap>$115,040,814&#160;</td>
              <td align="right" nowrap>$ &#8212;&#160;</td>
              <td align="right" nowrap>$115,040,814&#160;</td>
            </tr><tr valign="bottom">
              <td align="left" nowrap style="TEXT-INDENT: 5px; BORDER-BOTTOM: #000000 1px solid">Short-Term Investments&#160;</td>
              <td align="right" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#8212;&#160;</td>
              <td align="right" nowrap style="BORDER-BOTTOM: #000000 1px solid">3,000,000&#160;</td>
              <td align="right" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#8212;&#160;</td>
              <td align="right" nowrap style="BORDER-BOTTOM: #000000 1px solid">3,000,000&#160;</td>
            </tr><tr valign="bottom">
              <td align="left" nowrap style="BORDER-BOTTOM: #000000 2px solid">Total&#160;</td>
              <td align="right" nowrap style="BORDER-BOTTOM: #000000 2px solid">$
    &#8212;&#160;</td>
              <td align="right" nowrap style="BORDER-BOTTOM: #000000 2px solid">$118,040,814&#160;</td>
              <td align="right" nowrap style="BORDER-BOTTOM: #000000 2px solid">$
    &#8212;&#160;</td>
              <td align="right" nowrap style="BORDER-BOTTOM: #000000 2px solid">$118,040,814&#160;</td>
            </tr></table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Income Tax
Information</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="left">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.</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="left">At November 30, 2009, the cost of investments was $115,876,718.</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="left">Gross unrealized appreciation and gross unrealized depreciation of
investments at November 30, 2009, were as follows:</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
        <table border="0" cellspacing="0" width="936" style="FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'; FONT-SIZE: 10pt; FONT-FAMILY: 'Arial Narrow'">
<tr>
              <td width="62%">
              </td>
              <td width="37%">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap style="BORDER-TOP: #000000 1px solid">Gross
      unrealized:&#160;</td>
              <td align="left" nowrap style="BORDER-TOP: #000000 1px solid">&#160;</td>
            </tr><tr valign="bottom">
              <td align="left" nowrap>&#160; Appreciation&#160;</td>
              <td align="right" nowrap>$&#160; 3,538,853&#160;</td>
            </tr><tr valign="bottom">
              <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;
      Depreciation&#160;</td>
              <td align="right" nowrap style="BORDER-BOTTOM: #000000 1px solid">(4,732,376)</td>
            </tr><tr valign="bottom">
              <td align="left" nowrap style="BORDER-BOTTOM: #000000 2px solid">Net
      unrealized appreciation (depreciation) of investments&#160;</td>
              <td align="right" nowrap style="BORDER-BOTTOM: #000000 2px solid">$(1,193,523)</td>
            </tr></table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
        <table border="0" cellspacing="0" width="936" style="FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'; FONT-SIZE: 10pt; FONT-FAMILY: 'Arial Narrow'">
<tr>
              <td width="5%">
              </td>
              <td width="94%">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap>At least 80% of the Fund&#8217;s net assets are invested
      in municipal securities that guarantee the timely&#160;</td>
            </tr><tr valign="bottom">
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap>payment of principal and interest.&#160;</td>
            </tr><tr valign="bottom">
              <td align="right" nowrap>(1)&#160;</td>
              <td align="left" nowrap>All percentages shown in the Portfolio of
      Investments are based on net assets applicable to Common&#160;</td>
            </tr><tr valign="bottom">
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap>shares unless otherwise noted.&#160;</td>
            </tr><tr valign="bottom">
              <td align="right" nowrap>(2)&#160;</td>
              <td align="left" nowrap>Optional Call Provisions: Dates (month and year) and
      prices of the earliest optional call or redemption.&#160;</td>
            </tr><tr valign="bottom">
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap>There may be other call provisions at varying prices
      at later dates. Certain mortgage-backed securities&#160;</td>
            </tr><tr valign="bottom">
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap>may be subject to periodic principal
    paydowns.&#160;</td>
            </tr><tr valign="bottom">
              <td align="right" nowrap>(3)&#160;</td>
              <td align="left" nowrap>Ratings: Using the higher of Standard &amp; Poor's
      Group ("Standard &amp; Poor's") or Moody's Investor Service,&#160;</td>
            </tr><tr valign="bottom">
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap>Inc. ("Moody's") rating. Ratings below BBB by
      Standard &amp; Poor's or Baa by Moody's are considered to be&#160;</td>
            </tr><tr valign="bottom">
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap>below investment grade.&#160;</td>
            </tr><tr valign="bottom">
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap>The Portfolio of Investments may reflect the ratings
      on certain bonds whose insurer has experienced&#160;</td>
            </tr><tr valign="bottom">
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap>downgrades as of the end of the reporting period.
      Subsequent to the reporting period, and during the&#160;</td>
            </tr><tr valign="bottom">
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap>period this Portfolio of Investments was prepared,
      there may have been reductions to the ratings of&#160;</td>
            </tr><tr valign="bottom">
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap>certain bonds resulting from changes to the ratings
      of the underlying insurers both during the period and&#160;</td>
            </tr><tr valign="bottom">
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap>after period end. Such reductions would likely
      reduce the effective rating of many of the bonds insured by&#160;</td>
            </tr><tr valign="bottom">
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap>that insurer or insurers presented at period
    end.&#160;</td>
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              <td align="right" nowrap>(4)&#160;</td>
              <td align="left" nowrap>Backed by an escrow or trust containing sufficient
      U.S. Government or U.S. Government agency securities&#160;</td>
            </tr><tr valign="bottom">
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap>which ensure the timely payment of principal and
      interest. Such investments are normally considered to&#160;</td>
            </tr><tr valign="bottom">
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap>be equivalent to AAA rated securities.&#160;</td>
            </tr><tr valign="bottom">
              <td align="right" nowrap>(5)&#160;</td>
              <td align="left" nowrap>Investment has a maturity of more than one year, but
      has variable rate and demand features which&#160;</td>
            </tr><tr valign="bottom">
              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap>qualify it as a short-term investment. The rate
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              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap>period. This rate changes periodically based on
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              <td align="right" nowrap>(6)&#160;</td>
              <td align="left" nowrap>Variable Rate Demand Preferred Shares, at
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              <td align="left" nowrap>&#160;</td>
              <td align="left" nowrap>is 30.1%.&#160;</td>
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              <td align="right" nowrap>N/R&#160;</td>
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              <td align="right" nowrap>(IF)&#160;</td>
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              <td align="right" nowrap>(UB)&#160;</td>
              <td align="left" nowrap>Underlying bond of an inverse floating rate trust
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</font></div>
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</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
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        <div id="HDR">
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</font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Item
2. Controls and Procedures.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div>
        <table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'; FONT-SIZE: 10pt; FONT-FAMILY: 'Arial Narrow'">
<tr>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">a.&#160;&#160;</font></div>
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      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)).</font></div>
              </td>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></div>
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<tr>
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              </td>
              <td align="left" valign="top" width="72%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">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.</font></div>
              </td>
            </tr></table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Item
3. Exhibits.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">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.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div><br>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">SIGNATURES</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">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.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Registrant)
<font style="DISPLAY: inline; TEXT-DECORATION: underline">&#160;Nuveen Insured
California Tax-Free Advantage Municipal Fund&#160;</font></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">By
(Signature and Title) <font style="DISPLAY: inline; TEXT-DECORATION: underline">&#160;&#160;&#160;&#160;&#160;/s/&#160;Kevin
J.
McCarthy&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Kevin
J. McCarthy</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Vice
President and Secretary</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Date&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;January
29, 2010&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">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.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">By
(Signature and Title) <font style="DISPLAY: inline; TEXT-DECORATION: underline">&#160;&#160;&#160;&#160;/s/
Gifford R.
Zimmerman&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;&#160;</font></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Gifford
R. Zimmerman</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Chief
Administrative Officer (principal executive officer)&#160;</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Date&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;January
29, 2010&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">By
(Signature and Title) <font style="DISPLAY: inline; TEXT-DECORATION: underline">&#160;&#160;&#160;&#160;/s/
Stephen D.
Foy&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;</font></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Stephen
D. Foy</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Vice
President and Controller (principal financial officer)&#160;</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Date&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">&#160;&#160;&#160;&#160;&#160;&#160;&#160;January
29, 2010&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></font></div>
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      <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
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<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>certification1.htm
<DESCRIPTION>CERTIFICATIONS
<TEXT>
<html>
<head>
    <title>Unassociated Document</title>
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    <center>
      <div><font style="DISPLAY: inline; TEXT-DECORATION: underline">CERTIFICATIONS</font></div>
      <div>&#160;</div>
    </center>
    <div>I, Gifford R. Zimmerman, certify that:</div>
    <ol>
      <li>I have reviewed this report on Form N-Q of Nuveen Insured California Tax-Free Advantage Municipal Fund;
        </li>
      <li>Based on my knowledge, this report does not contain any untrue statement
  of a material fact or omit to state a material fact necessary to make the
  statements made, in light of the circumstances under which such statements
  were made, not misleading with respect to the period covered by this report;
        </li>
      <li>Based on my knowledge, the schedules of investments included in this
  report fairly present in all material respects the investments of the
  registrant as of the end of the fiscal quarter for which the report is filed;
        </li>
      <li>The registrant's other certifying officer and I are responsible for
  establishing and maintaining disclosure controls and procedures (as defined in
  Rule 30a-3(c) under the Investment Company Act of 1940) and internal control
  over financial reporting (as defined in Rule 30a-3(d) under the Investment
  Company Act of 1940) for the registrant and have:

        <ol type="a">
          <li>Designed such disclosure controls and procedures, or caused such
    disclosure controls and procedures to be designed under our supervision, to
    ensure that material information relating to the registrant, including its
    consolidated subsidiaries, is made known to us by others within those
    entities, particularly during the period in which this report is being
    prepared;
            </li>
          <li>Designed such internal control over financial reporting, or caused such
    internal control over financial reporting to be designed under our
    supervision, to provide reasonable assurance regarding the reliability of
    financial reporting and the preparation of financial statements for external
    purposes in accordance with generally accepted accounting principles;
            </li>
          <li>Evaluated the effectiveness of the registrant's disclosure controls and
    procedures and presented in this report our conclusions about the
    effectiveness of the disclosure controls and procedures, as of a date within
    90 days prior to the filing date of this report, based on such evaluation;
    and
            </li>
          <li>Disclosed in this report any change in the registrant's internal control
    over financial reporting that occurred during the registrant's most recent
    fiscal quarter that has materially affected, or is reasonably likely to
    materially affect, the registrant's internal control over financial
    reporting; and </li>
        </ol>
      </li>
      <li>The registrant's other certifying officer and I have disclosed to the
  registrant's auditors and the audit committee of the registrant's board of
  directors (or persons performing the equivalent functions):

        <ol type="a">
          <li>All significant deficiencies and material weaknesses in the design or
    operation of internal control over financial reporting which are reasonably
    likely to adversely affect the registrant's ability to record, process,
    summarize, and report financial information; and
            </li>
          <li>Any fraud, whether or not material, that involves management or other
    employees who have a significant role in the registrant's internal control
    over financial reporting. </li>
        </ol>
      </li>
    </ol>
    <div>Date:&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;January
29, 2010&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font> </div>
    <div>&#160;</div>
    <center>
      <div><font style="DISPLAY: inline; TEXT-DECORATION: underline">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;/s/
Gifford R.
Zimmerman&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<br></font>Gifford R.
Zimmerman<br>Chief Administrative Officer<br>(principal executive officer)</div>
      <div>&#160;</div>
      <div>&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
          </div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
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          </div>
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      </div>
    </center>
    <center>
      <div><br><font style="DISPLAY: inline; TEXT-DECORATION: underline">CERTIFICATIONS</font></div>
      <div>&#160;</div>
    </center>
    <div>I, Stephen D. Foy, certify that:</div>
    <ol>
      <li>I have reviewed this report on Form N-Q of Nuveen Insured California Tax-Free Advantage Municipal Fund;
        </li>
      <li>Based on my knowledge, this report does not contain any untrue statement
  of a material fact or omit to state a material fact necessary to make the
  statements made, in light of the circumstances under which such statements
  were made, not misleading with respect to the period covered by this report;
        </li>
      <li>Based on my knowledge, the schedules of investments included in this
  report fairly present in all material respects the investments of the
  registrant as of the end of the fiscal quarter for which the report is filed;
        </li>
      <li>The registrant's other certifying officer and I are responsible for
  establishing and maintaining disclosure controls and procedures (as defined in
  Rule 30a-3(c) under the Investment Company Act of 1940) and internal control
  over financial reporting (as defined in Rule 30a-3(d) under the Investment
  Company Act of 1940) for the registrant and have:

        <ol type="a">
          <li>Designed such disclosure controls and procedures, or caused such
    disclosure controls and procedures to be designed under our supervision, to
    ensure that material information relating to the registrant, including its
    consolidated subsidiaries, is made known to us by others within those
    entities, particularly during the period in which this report is being
    prepared;
            </li>
          <li>Designed such internal control over financial reporting, or caused such
    internal control over financial reporting to be designed under our
    supervision, to provide reasonable assurance regarding the reliability of
    financial reporting and the preparation of financial statements for external
    purposes in accordance with generally accepted accounting principles;
            </li>
          <li>Evaluated the effectiveness of the registrant's disclosure controls and
    procedures and presented in this report our conclusions about the
    effectiveness of the disclosure controls and procedures, as of a date within
    90 days prior to the filing date of this report, based on such evaluation;
    and
            </li>
          <li>Disclosed in this report any change in the registrant's internal control
    over financial reporting that occurred during the registrant's most recent
    fiscal quarter that has materially affected, or is reasonably likely to
    materially affect, the registrant's internal control over financial
    reporting; and </li>
        </ol>
      </li>
      <li>The registrant's other certifying officer and I have disclosed to the
  registrant's auditors and the audit committee of the registrant's board of
  directors (or persons performing the equivalent functions):

        <ol type="a">
          <li>All significant deficiencies and material weaknesses in the design or
    operation of internal control over financial reporting which are reasonably
    likely to adversely affect the registrant's ability to record, process,
    summarize, and report financial information; and
            </li>
          <li>Any fraud, whether or not material, that involves management or other
    employees who have a significant role in the registrant's internal control
    over financial reporting. </li>
        </ol>
      </li>
    </ol>
    <div>Date:&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;January
29, 2010&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font> </div>
    <div>&#160;</div>
    <center>
      <div><font style="DISPLAY: inline; TEXT-DECORATION: underline">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;/s/
Stephen D. Foy&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<br></font>Stephen
D. Foy&#160;<br>Vice President and Controller<br>(principal financial
officer)<br><br></div>
    </center>
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