Try the following query. You can paste this into SQL or create a SQL report in ITMS.
select distinct i.name 'Software Update Policy',
i2.name 'Software Update Advertisement'
from Item i
left join ItemActive ia
on ia.Guid = i.Guid
left join ItemReference ir
on ir.ParentItemGuid = i.Guid
and ir.Hint = 'swuadvert'
left join Item i2
on i2.Guid = ir.ChildItemGuid
left join ItemReference ir2
on ir2.ParentItemGuid = ir.ChildItemGuid
and ir2.Hint = 'swu'
left join ResourceAssociation ra
on ra.ChildResourceGuid = ir2.ChildItemGuid
and ra.ResourceAssociationTypeGuid = '644A995E-211A-4D94-AA8A-788413B7BE5D' --Software Component Supersedes Software Component
left join ItemActive ia2
on ia2.Guid = i2.Guid
where ia.Enabled = 1
and ia2.Enabled = 0
and ra.ParentResourceGuid is null
order by 1,
2