UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY
 
Investment Company Act file number 811-09449
 
Nuveen Insured California Dividend Advantage Municipal Fund
(Exact name of registrant as specified in charter)
 
Nuveen Investments
        333 West Wacker Drive, Chicago, Illinois 60606         
(Address of principal executive offices) (Zip code)
 

Kevin J. McCarthy
Vice President and Secretary
        333 West Wacker Drive, Chicago, Illinois 60606         
(Name and address of agent for service)
 
Registrant's telephone number, including area code:         312-917-7700        
 
Date of fiscal year end:             2/28          
 
Date of reporting period:          11/30/11         
 
Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.
 
A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

 
 
 
 
Item 1. Schedule of Investments
 

 

           
   
Portfolio of Investments (Unaudited)  
     
   
Nuveen Insured California Dividend Advantage Municipal Fund (NKL)  
     
   
   November 30, 2011  
     
Principal  
   
Optional Call  
   
Amount (000)  
 
Description (1)  
Provisions (2)  
Ratings (3)  
Value  
   
Consumer Staples – 3.9% (2.6% of Total Investments)  
     
$   14,155  
 
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed  
6/22 at 100.00  
BB+  
$   8,835,409  
   
Bonds, Series 2007A-2, 0.000%, 6/01/37  
     
   
Education and Civic Organizations – 0.8% (0.5% of Total Investments)  
     
1,675  
 
California Educational Facilities Authority, Revenue Bonds, University of San Diego, Series  
10/12 at 100.00  
A2  
1,689,958  
   
2002A, 5.250%, 10/01/30  
     
   
Health Care – 7.8% (5.3% of Total Investments)  
     
5,000  
 
ABAG Finance Authority for Non-Profit Corporations, California, Cal-Mortgage Insured Revenue  
4/12 at 100.00  
A–  
5,015,550  
   
Bonds, Sansum-Santa Barbara Medical Foundation Clinic, Series 2002A, 5.600%, 4/01/26  
     
2,815  
 
California Health Facilities Financing Authority, Revenue Bonds, Lucile Salter Packard  
8/13 at 100.00  
AA  
2,913,469  
   
Children’s Hospital, Series 2003C, 5.000%, 8/15/20 – AMBAC Insured  
     
5,000  
 
California Statewide Community Development Authority, Revenue Bonds, Kaiser Permanante System,  
3/16 at 100.00  
A+  
4,883,200  
   
Series 2006, 5.000%, 3/01/41  
     
3,200  
 
California Statewide Community Development Authority, Revenue Bonds, St. Joseph Health System,  
7/18 at 100.00  
AA–  
3,250,752  
   
Series 2007A, 5.750%, 7/01/47 – FGIC Insured  
     
1,748  
 
California Statewide Communities Development Authority, Revenue Bonds, Saint Joseph Health  
7/18 at 100.00  
AA–  
1,777,277  
   
System, Trust 2554, 18.384%, 7/01/47 – AGM Insured (IF)  
     
17,763  
 
Total Health Care  
   
17,840,248  
   
Housing/Multifamily – 1.3% (0.9% of Total Investments)  
     
1,000  
 
California Statewide Community Development Authority, Student Housing Revenue Bonds, EAH -  
8/12 at 100.00  
Baa1  
1,003,440  
   
Irvine East Campus Apartments, LLC Project, Series 2002A, 5.500%, 8/01/22 – ACA Insured  
     
1,905  
 
Los Angeles, California, GNMA Mortgage-Backed Securities Program Multifamily Housing Revenue  
1/12 at 102.00  
AA+  
1,939,119  
   
Bonds, Park Plaza West Senior Apartments, Series 2001B, 5.300%, 1/20/21 (Alternative  
     
   
Minimum Tax)  
     
2,905  
 
Total Housing/Multifamily  
   
2,942,559  
   
Housing/Single Family – 0.1% (0.1% of Total Investments)  
     
270  
 
California Housing Finance Agency, Home Mortgage Revenue Bonds, Series 2006H, 5.750%,  
2/16 at 100.00  
BBB  
270,124  
   
8/01/30 – FGIC Insured (Alternative Minimum Tax)  
     
   
Long–Term Care – 1.3% (0.9% of Total Investments)  
     
3,000  
 
ABAG Finance Authority for Non-Profit Corporations, California, Insured Senior Living Revenue  
11/12 at 100.00  
A–  
3,028,110  
   
Bonds, Odd Fellows Home of California, Series 2003A, 5.200%, 11/15/22  
     
   
Tax Obligation/General – 42.5% (28.7% of Total Investments)  
     
900  
 
California State, General Obligation Bonds, Series 2003, 5.000%, 2/01/21  
8/13 at 100.00  
A1  
950,769  
8,250  
 
California, General Obligation Refunding Bonds, Series 2002, 5.000%, 2/01/22 – NPFG Insured  
2/12 at 100.00  
A1  
8,294,550  
20,750  
 
Coachella Valley Unified School District, Riverside County, California, General Obligation  
No Opt. Call  
AA–  
2,507,845  
   
Bonds, Capital Appreciation, Election 2005 Series 2010C, 0.000%, 8/01/43 – AGM Insured  
     
3,375  
 
Coast Community College District, Orange County, California, General Obligation Bonds, Series  
8/18 at 100.00  
Aa1  
3,133,755  
   
2006C, 0.000%, 8/01/31 – AGM Insured  
     
10,000  
 
East Side Union High School District, Santa Clara County, California, General Obligation  
8/13 at 47.75  
A  
3,479,200  
   
Bonds, Series 2005, 0.000%, 8/01/28 – SYNCORA GTY Insured  
     
230  
 
El Monte Union High School District, Los Angeles County, California, General Obligation Bonds,  
6/13 at 100.00  
AA–  
233,105  
   
Series 2003A, 5.000%, 6/01/28 – AGM Insured  
     
2,730  
 
Fontana Unified School District, San Bernardino County, California, General Obligation Bonds,  
No Opt. Call  
AA–  
3,101,062  
   
Trust 2668, 9.429%, 2/01/16 – AGM Insured (IF)  
     
10,000  
 
Fremont Unified School District, Alameda County, California, General Obligation Bonds, Series  
8/12 at 101.00  
Aa2  
10,333,300  
   
2002A, 5.000%, 8/01/25 – FGIC Insured  
     
1,000  
 
Los Rios Community College District, Sacramento, El Dorado and Yolo Counties, California,  
8/14 at 102.00  
Aa2  
1,109,610  
   
General Obligation Bonds, Series 2006C, 5.000%, 8/01/25 – AGM Insured (UB)  
     
1,500  
 
Madera Unified School District, Madera County, California, General Obligation Bonds, Series  
8/12 at 100.00  
AA–  
1,527,840  
   
2002, 5.000%, 8/01/28 – AGM Insured  
     
3,325  
 
Mount Diablo Unified School District, Contra Costa County, California, General Obligation  
8/25 at 100.00  
AA–  
1,845,275  
   
Bonds, Series 2010A, 0.000%, 8/01/30 – AGM Insured  
     
2,000  
 
Murrieta Valley Unified School District, Riverside County, California, General Obligation  
9/17 at 100.00  
AA–  
2,001,380  
   
Bonds, Series 2007, 4.500%, 9/01/30 – AGM Insured  
     
2,500  
 
Oakland Unified School District, Alameda County, California, General Obligation Bonds, Series  
8/12 at 100.00  
A2  
2,538,025  
   
2002, 5.250%, 8/01/21 – FGIC Insured  
     
16,000  
 
Poway Unified School District, San Diego County, California, School Facilities Improvement  
No Opt. Call  
Aa2  
1,884,960  
   
District 2007-1 General Obligation Bonds, Series 2011B, 0.000%, 8/01/46  
     
375  
 
Roseville Joint Union High School District, Placer County, California, General Obligation  
8/15 at 100.00  
AA–  
393,338  
   
Bonds, Series 2006B, 5.000%, 8/01/27 – FGIC Insured  
     
1,500  
 
San Juan Capistano, California, General Obligation Bonds, Open Space Program, Tender Option  
No Opt. Call  
AAA  
1,841,820  
   
Bond Trust 3646, 17.950%, 8/01/17 (IF)  
     
3,500  
 
San Mateo County Community College District, California, General Obligation Bonds, Series  
9/12 at 100.00  
Aaa  
3,586,940  
   
2002A, 5.000%, 9/01/26 – FGIC Insured  
     
   
San Ysidro School District, San Diego County, California, General Obligation Bonds, 1997  
     
   
Election Series 2011F:  
     
7,230  
 
0.000%, 8/01/42 – AGM Insured  
8/21 at 21.00  
AA–  
794,143  
10,450  
 
0.000%, 8/01/43 – AGM Insured  
8/21 at 19.43  
AA–  
1,062,556  
21,225  
 
0.000%, 8/01/44 – AGM Insured  
8/21 at 17.98  
AA–  
1,995,150  
12,550  
 
0.000%, 8/01/45 – AGM Insured  
8/21 at 16.64  
AA–  
1,090,470  
23,425  
 
0.000%, 8/01/46 – AGM Insured  
8/21 at 15.39  
AA–  
1,883,136  
14,915  
 
Southwestern Community College District, San Diego County, California, General Obligation  
No Opt. Call  
Aa2  
2,304,069  
   
Bonds, Election of 2008, Series 2011C, 0.000%, 8/01/41  
     
   
Stockton Unified School District, San Joaquin County, California, General Obligation Bonds,  
     
   
Election 2008 Series 2011D:  
     
24,280  
 
0.000%, 8/01/47 – AGM Insured  
8/37 at 100.00  
AA–  
9,776,342  
26,280  
 
0.000%, 8/01/50 – AGM Insured  
8/37 at 100.00  
AA–  
10,535,652  
15,780  
 
Sylvan Union School District, Stanislaus County, California, General Obligation Bonds,  
No Opt. Call  
AA–  
4,525,231  
   
Election of 2006, Series 2010, 0.000%, 8/01/49 – AGM Insured  
     
10,000  
 
Vista Unified School District, San Diego County, California, General Obligation Bonds, Series  
8/12 at 100.00  
Aa2  
10,220,700  
   
2002A, 5.000%, 8/01/23 – AGM Insured  
     
3,905  
 
West Kern Community College District, California, General Obligation Bonds, Election 2004,  
11/17 at 100.00  
A+  
3,996,182  
   
Series 2007C, 5.000%, 10/01/32 – SYNCORA GTY Insured  
     
257,975  
 
Total Tax Obligation/General  
   
96,946,405  
   
Tax Obligation/Limited – 47.7% (32.3% of Total Investments)  
     
1,450  
 
Baldwin Park Public Financing Authority, California, Sales Tax and Tax Allocation Bonds,  
8/13 at 102.00  
BBB  
1,496,125  
   
Puente Merced Redevelopment Project, Series 2003, 5.250%, 8/01/21  
     
6,895  
 
Brea and Olinda Unified School District, Orange County, California, Certificates of  
8/12 at 100.00  
AA–  
6,981,877  
   
Participation Refunding, Series 2002A, 5.125%, 8/01/26 – AGM Insured  
     
2,200  
 
California Infrastructure and Economic Development Bank, Los Angeles County, Revenue Bonds,  
9/13 at 101.00  
A+  
2,218,106  
   
Department of Public Social Services, Series 2003, 5.000%, 9/01/28 – AMBAC Insured  
     
3,100  
 
California State Public Works Board, Lease Revenue Bonds, Department of Health Services,  
11/15 at 100.00  
A2  
3,068,101  
   
Richmond Lab, Series 2005B, 5.000%, 11/01/30 – SYNCORA GTY Insured  
     
465  
 
Capistrano Unified School District, Orange County, California, Special Tax Bonds, Community  
9/15 at 100.00  
BBB  
461,936  
   
Facilities District, Series 2005, 5.000%, 9/01/24 – FGIC Insured  
     
1,400  
 
Chino Redevelopment Agency, California, Merged Chino Redevelopment Project Area Tax Allocation  
9/16 at 101.00  
A–  
1,218,714  
   
Bonds, Series 2006, 5.000%, 9/01/38 – AMBAC Insured  
     
7,035  
 
Corona-Norco Unified School District, Riverside County, California, Special Tax Bonds,  
9/13 at 100.00  
Baa1  
6,450,462  
   
Community Facilities District 98-1, Series 2003, 5.000%, 9/01/28 – NPFG Insured  
     
3,145  
 
Culver City Redevelopment Agency, California, Tax Allocation Revenue Bonds, Redevelopment  
5/12 at 100.00  
Baa1  
2,941,141  
   
Project, Series 2002A, 5.125%, 11/01/25 – NPFG Insured  
     
750  
 
Dinuba Redevelopment Agency, California, Tax Allocation Bonds, Merged City of Dinuba  
3/12 at 102.00  
A–  
702,953  
   
Redevelopment Project and Dinuba Redevelopment Project 2, As Amended, Refunding Series 2001,  
     
   
5.000%, 9/01/31 – NPFG Insured  
     
7,595  
 
El Monte, California, Senior Lien Certificates of Participation, Department of Public Services  
1/12 at 100.00  
A2  
7,601,911  
   
Facility Phase II, Series 2001, 5.000%, 1/01/21 – AMBAC Insured  
     
4,000  
 
Folsom Public Financing Authority, California, Special Tax Revenue Bonds, Series 2004A,  
9/12 at 102.00  
N/R  
3,861,960  
   
5.000%, 9/01/21 – AMBAC Insured  
     
7,780  
 
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement  
6/15 at 100.00  
A2  
7,126,636  
   
Asset-Backed Revenue Bonds, Series 2005A, 5.000%, 6/01/45 – AMBAC Insured  
     
7,700  
 
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement  
6/15 at 100.00  
AA–  
6,990,984  
   
Asset-Backed Revenue Bonds, Tender Option Bonds Trust 4686, 8.823%, 6/01/45 –  
     
   
AGC Insured (IF) (4)  
     
910  
 
Hesperia Public Financing Authority, California, Redevelopment and Housing Projects Tax  
9/17 at 100.00  
Ba1  
617,562  
   
Allocation Bonds, Series 2007A, 5.000%, 9/01/37 – SYNCORA GTY Insured  
     
2,115  
 
Inglewood Redevelopment Agency, California, Tax Allocation Bonds, Merged Redevelopment  
No Opt. Call  
N/R  
2,147,613  
   
Project, Refunding Series 1998A, 5.250%, 5/01/23 – AMBAC Insured  
     
950  
 
Inglewood Redevelopment Agency, California, Tax Allocation Bonds, Merged Redevelopment  
5/17 at 100.00  
BBB+  
873,069  
   
Project, Subordinate Lien Series 2007A-1, 5.000%, 5/01/24 – AMBAC Insured  
     
3,500  
 
La Quinta Redevelopment Agency, California, Tax Allocation Bonds, Redevelopment Project Area 1,  
3/12 at 102.00  
A+  
3,338,405  
   
Series 2001, 5.100%, 9/01/31 – AMBAC Insured  
     
3,400  
 
La Quinta Redevelopment Agency, California, Tax Allocation Bonds, Redevelopment Project Area 1,  
9/12 at 102.00  
A+  
3,487,754  
   
Series 2002, 5.000%, 9/01/22 – AMBAC Insured  
     
845  
 
Los Angeles Community Redevelopment Agency, California, Lease Revenue Bonds, Manchester Social  
9/15 at 100.00  
A1  
775,685  
   
Services Project, Series 2005, 5.000%, 9/01/37 – AMBAC Insured  
     
1,460  
 
Los Angeles, California, Certificates of Participation, Municipal Improvement Corporation,  
6/13 at 100.00  
A+  
1,469,329  
   
Series 2003AW, 5.000%, 6/01/33 – AMBAC Insured  
     
7,000  
 
Los Angeles, California, Certificates of Participation, Series 2002, 5.200%, 4/01/27 –  
4/12 at 100.00  
A+  
7,022,750  
   
AMBAC Insured  
     
8,470  
 
Ontario Redevelopment Financing Authority, California, Lease Revenue Bonds, Capital Projects,  
8/12 at 100.50  
AA–  
8,531,916  
   
Series 2001, 5.200%, 8/01/29 – AMBAC Insured  
     
5,000  
 
Palm Desert Financing Authority, California, Tax Allocation Revenue Refunding Bonds, Project  
4/12 at 102.00  
Baa1  
4,671,350  
   
Area 1, Series 2002, 5.000%, 4/01/25 – NPFG Insured  
     
405  
 
Rialto Redevelopment Agency, California, Tax Allocation Bonds, Merged Project Area, Series  
9/15 at 100.00  
A–  
362,746  
   
2005A, 5.000%, 9/01/35 – SYNCORA GTY Insured  
     
3,000  
 
Riverside County Public Financing Authority, California, Tax Allocation Bonds, Multiple  
10/15 at 100.00  
BBB  
2,528,340  
   
Projects, Series 2005A, 5.000%, 10/01/35 – SYNCORA GTY Insured  
     
4,475  
 
Riverside County, California, Asset Leasing Corporate Leasehold Revenue Bonds, Riverside  
6/12 at 101.00  
Baa1  
4,562,800  
   
County Hospital Project, Series 1997B, 5.000%, 6/01/19 – NPFG Insured  
     
2,500  
 
Roseville Financing Authority, California, Special Tax Revenue Bonds, Series 2007A, 5.000%,  
9/17 at 100.00  
N/R  
2,173,650  
   
9/01/33 – AMBAC Insured  
     
505  
 
Roseville, California, Certificates of Participation, Public Facilities, Series 2003A, 5.000%,  
8/13 at 100.00  
AA–  
509,348  
   
8/01/25 – AMBAC Insured  
     
3,175  
 
San Buenaventura, California, Certificates of Participation, Series 2001C, 5.250%, 2/01/31 –  
2/13 at 100.00  
N/R  
3,163,348  
   
AMBAC Insured  
     
3,730  
 
San Diego Redevelopment Agency, California, Subordinate Lien Tax Increment and Parking Revenue  
2/12 at 100.00  
Baa2  
3,730,037  
   
Bonds, Centre City Project, Series 2003B, 5.250%, 9/01/26  
     
4,000  
 
San Jose Financing Authority, California, Lease Revenue Refunding Bonds, Convention Center  
2/12 at 100.00  
AA+  
4,013,080  
   
Project, Series 2001F, 5.000%, 9/01/19 – NPFG Insured  
     
815  
 
San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment  
8/17 at 100.00  
Baa1  
760,534  
   
Project, Series 2006C, 5.000%, 8/01/25 – NPFG Insured  
     
1,000  
 
San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Project Area, Series  
8/15 at 100.00  
Baa1  
894,490  
   
2005A, 5.000%, 8/01/28 – NPFG Insured  
     
2,160  
 
Temecula Redevelopment Agency, California, Tax Allocation Revenue Bonds, Redevelopment Project 1,  
2/12 at 100.00  
A–  
2,130,106  
   
Series 2002, 5.125%, 8/01/27 – NPFG Insured  
     
112,930  
 
Total Tax Obligation/Limited  
   
108,884,818  
   
Transportation – 3.3% (2.2% of Total Investments)  
     
7,500  
 
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Refunding  
1/14 at 101.00  
BBB–  
7,519,800  
   
Bonds, Series 1999, 5.875%, 1/15/29  
     
   
U.S. Guaranteed – 12.9% (8.7% of Total Investments) (5)  
     
2,250  
 
California Infrastructure and Economic Development Bank, First Lien Revenue Bonds, San  
1/28 at 100.00  
Aaa  
2,802,848  
   
Francisco Bay Area Toll Bridge, Series 2003A, 5.000%, 7/01/36 (Pre-refunded 1/01/28) –  
     
   
AMBAC Insured  
     
9,000  
 
California State University, Systemwide Revenue Bonds, Series 2002A, 5.125%, 11/01/26  
11/12 at 100.00  
Aa2 (5)  
9,402,210  
   
(Pre-refunded 11/01/12) – AMBAC Insured  
     
4,500  
 
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed  
6/13 at 100.00  
Aaa  
4,992,525  
   
Revenue Bonds, Series 2003A-2, 7.900%, 6/01/42 (Pre-refunded 6/01/13)  
     
3,500  
 
Los Angeles Unified School District, California, General Obligation Bonds, Series 2002E,  
7/12 at 100.00  
AA– (5)  
3,600,380  
   
5.125%, 1/01/27 (Pre-refunded 7/01/12) – NPFG Insured  
     
3,380  
 
Rancho Mirage Joint Powers Financing Authority, California, Revenue Bonds, Eisenhower Medical  
7/14 at 100.00  
Baa2 (5)  
3,841,978  
   
Center, Series 2004, 5.875%, 7/01/26 (Pre-refunded 7/01/14)  
     
   
San Francisco Airports Commission, California, Revenue Bonds, San Francisco International  
     
   
Airport, Second Series 2003, Issue 29A:  
     
2,185  
 
5.250%, 5/01/16 (Pre-refunded 5/01/13) – FGIC Insured (Alternative Minimum Tax)  
5/13 at 100.00  
A+ (5)  
2,336,748  
2,300  
 
5.250%, 5/01/17 (Pre-refunded 5/01/13) – FGIC Insured (Alternative Minimum Tax)  
5/13 at 100.00  
A+ (5)  
2,459,735  
27,115  
 
Total U.S. Guaranteed  
   
29,436,424  
   
Utilities – 8.6% (5.9% of Total Investments)  
     
9,000  
 
Anaheim Public Finance Authority, California, Revenue Bonds, Electric System Distribution  
10/12 at 100.00  
AA–  
9,216,090  
   
Facilities, Series 2002A, 5.000%, 10/01/27 – AGM Insured  
     
2,490  
 
Long Beach Bond Finance Authority, California, Natural Gas Purchase Revenue Bonds, Series  
No Opt. Call  
A  
2,222,674  
   
2007A, 5.000%, 11/15/35  
     
830  
 
Merced Irrigation District, California, Electric System Revenue Bonds, Series 2005, 5.125%,  
9/15 at 100.00  
N/R  
754,570  
   
9/01/31 – SYNCORA GTY Insured  
     
1,775  
 
Northern California Power Agency, Revenue Refunding Bonds, Hydroelectric Project 1, Series  
2/12 at 100.00  
A  
1,775,391  
   
1998A, 5.200%, 7/01/32 – NPFG Insured  
     
5,630  
 
Southern California Public Power Authority, Subordinate Revenue Refunding Bonds, Transmission  
7/12 at 100.00  
AA–  
5,748,174  
   
Project, Series 2002A, 4.750%, 7/01/19 – AGM Insured  
     
19,725  
 
Total Utilities  
   
19,716,899  
   
Water and Sewer – 17.6% (11.9% of Total Investments)  
     
2,185  
 
California Department of Water Resources, Water System Revenue Bonds, Central Valley Project,  
12/12 at 100.00  
AAA  
2,270,674  
   
Series 2002X, 5.150%, 12/01/23 – FGIC Insured  
     
750  
 
Fortuna Public Finance Authority, California, Water Revenue Bonds, Series 2006, 5.000%,  
10/16 at 100.00  
AA–  
760,718  
   
10/01/36 – AGM Insured  
     
570  
 
Healdsburg Public Financing Authority, California, Wastewater Revenue Bonds, Series 2006,  
4/16 at 100.00  
AA–  
578,054  
   
5.000%, 4/01/36 – NPFG Insured  
     
9,000  
 
Los Angeles County Sanitation Districts Financing Authority, California, Capital Projects  
10/15 at 100.00  
A+  
9,063,360  
   
Revenue Bonds, District 14, Series 2005, 5.000%, 10/01/34 – FGIC Insured  
     
4,500  
 
Los Angeles County Sanitation Districts Financing Authority, California, Senior Revenue Bonds,  
10/13 at 100.00  
AA+  
4,794,659  
   
Capital Projects, Series 2003A, 5.000%, 10/01/23 – AGM Insured  
     
1,560  
 
Manteca Financing Authority, California, Sewerage Revenue Bonds, Series 2003B, 5.000%,  
12/13 at 100.00  
Aa3  
1,561,497  
   
12/01/33 – NPFG Insured  
     
500  
 
Marina Coast Water District, California, Enterprise Certificate of Participation, Series 2006,  
6/16 at 100.00  
AA–  
507,544  
   
5.000%, 6/01/31 – NPFG Insured  
     
9,185  
 
Orange County Sanitation District, California, Certificates of Participation, Series 2003,  
8/13 at 100.00  
AAA  
9,324,704  
   
5.000%, 2/01/33 – FGIC Insured (UB)  
     
8,000  
 
San Diego County Water Authority, California, Water Revenue Certificates of Participation,  
5/18 at 100.00  
AA+  
8,295,039  
   
Series 2008A, 5.000%, 5/01/38 – AGM Insured  
     
   
Semitropic Water Storage District, Kern County, California, Water Banking Revenue Bonds,  
     
   
Series 2004A:  
     
1,315  
 
5.500%, 12/01/20 – SYNCORA GTY Insured  
12/14 at 100.00  
AA  
1,447,880  
1,415  
 
5.500%, 12/01/21 – SYNCORA GTY Insured  
12/14 at 100.00  
AA  
1,557,985  
38,980  
 
Total Water and Sewer  
   
40,162,114  
$ 503,993  
 
Total Investments (cost $330,891,838) – 147.8%  
   
337,272,868  
   
Floating Rate Obligations – (3.2)%  
   
(7,385,000)
   
Variable Rate Demand Preferred Shares, at Liquidation Value – (45.7)% (6)  
   
(104,400,000)
   
Other Assets Less Liabilities – 1.1%  
   
2,774,059  
   
Net Assets Applicable to Common Shares – 100%  
   
$ 228,261,927  
 
 
 
 
 
 
 
 

 
Fair Value Measurements
 
Fair value is defined as the price that the Fund would receive upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The three-tier hierarchy of inputs is summarized in the three broad levels listed below:
 
Level 1 – Quoted prices in active markets for identical securities.
 
Level 2 – Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
 
Level 3 – Significant unobservable inputs (including management's assumptions in determining the fair value of investments).
 
The inputs or methodologies 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, 2011:
         
 
Level 1  
Level 2  
Level 3  
Total  
Investments:  
       
Municipal Bonds  
$ —  
$337,272,868  
$ —  
$337,272,868  
 
 
 
During the period ended November 30, 2011, the Fund recognized no significant transfers to or from Level 1, Level 2 or Level 3.
 
Income Tax Information
 
The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing taxable market discount, timing differences in recognizing certain gains and losses on investment transactions and the treatment of investments in inverse floating rate securities reflected as financing transactions, if any. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts on the Statement of Assets and Liabilities presented in the annual report, based on their federal tax basis treatment; temporary differences do not require reclassification. Temporary and permanent differences do not impact the net asset value of the Fund.
 
At November 30, 2011, the cost of investments was $323,114,062.
 
Gross unrealized appreciation and gross unrealized depreciation of investments at November 30, 2011, were as follows:
   
Gross unrealized  
 
Appreciation  
$15,093,653  
Depreciation  
(8,319,734)
Net unrealized appreciation (depreciation) of investments  
$ 6,773,919  
 
 
     
   
The Fund intends to invest at least 80% of its managed assets in municipal securities that are covered by  
   
insurance guaranteeing the timely payment of principal and interest.  
(1)  
 
All percentages shown in the Portfolio of Investments are based on net assets applicable to Common  
   
shares unless otherwise noted.  
(2)  
 
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption.  
   
There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities  
   
may be subject to periodic principal paydowns.  
(3)  
 
Ratings: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc.  
   
(“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB  
   
by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of  
   
these national rating agencies.  
(4)  
 
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for  
   
investments in inverse floating rate transactions.  
(5)  
 
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities,  
   
which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or  
   
agency securities are regarded as having an implied rating equal to the rating of such securities.  
(6)  
 
Variable Rate Demand Preferred Shares, at Liquidation Value as a percentage of Total Investments is 31.0%.  
N/R  
 
Not rated.  
(IF)  
 
Inverse floating rate investment.  
(UB)  
 
Underlying bond of an inverse floating rate trust reflected as a financing transaction.  
 
 
 
 
 
 
 
Item 2. Controls and Procedures.

a.  
The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 (17 CFR 240.13a-15(b) or 240.15d-15(b)).
 
 
b.  
There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant's last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.
 
Item 3. Exhibits.

File as exhibits as part of this Form a separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)), exactly as set forth below: See EX-99 CERT attached hereto.

 
 
 
 
 
SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
(Registrant)   Nuveen Insured California Dividend Advantage Municipal Fund 
 
By (Signature and Title)     /s/ Kevin J. McCarthy                    
                                                   Kevin J. McCarthy
                                                   Vice President and Secretary
 
Date          January 27, 2012        
 
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
 
By (Signature and Title)     /s/ Gifford R. Zimmerman                    
                                                    Gifford R. Zimmerman
                                                  Chief Administrative Officer (principal executive officer) 
 
Date          January 27, 2012        
 
By (Signature and Title)     /s/ Stephen D. Foy                              
                                                   Stephen D. Foy
                                                  Vice President and Controller (principal financial officer) 
 
Date          January 27, 2012        
 

Nuveen Insured California Dividend Advantage Municipal Fund Common Shares of Beneifical Interest (AMEX:NKL)
Historical Stock Chart
From Apr 2024 to May 2024 Click Here for more Nuveen Insured California Dividend Advantage Municipal Fund Common Shares of Beneifical Interest Charts.
Nuveen Insured California Dividend Advantage Municipal Fund Common Shares of Beneifical Interest (AMEX:NKL)
Historical Stock Chart
From May 2023 to May 2024 Click Here for more Nuveen Insured California Dividend Advantage Municipal Fund Common Shares of Beneifical Interest Charts.