nq1.htm



 
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:         11/30/09         
 
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, 2009      
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, Enhanced Tobacco Settlement  6/22 at 100.00  BBB  $    8,581,044 
  Asset-Backed Bonds, Series 2007A-2, 0.000%, 6/01/37       
  Education and Civic Organizations – 4.9% (3.3% of Total Investments)      
1,675  California Educational Facilities Authority, Revenue Bonds, University of San Diego, Series  10/12 at 100.00  A2  1,686,273 
  2002A, 5.250%, 10/01/30       
9,000  California State University, Systemwide Revenue Bonds, Series 2002A, 5.125%, 11/01/26 –  11/12 at 100.00  Aa3  9,184,050 
  AMBAC Insured       
10,675  Total Education and Civic Organizations      10,870,323 
  Health Care – 6.4% (4.2% of Total Investments)      
5,000  ABAG Finance Authority for Non-Profit Corporations, California, Cal-Mortgage Insured Revenue  4/12 at 100.00  A  4,957,350 
  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  2,886,557 
  Children’s Hospital, Series 2003C, 5.000%, 8/15/20 – AMBAC Insured       
1,748  California Statewide Communities Development Authority, Revenue Bonds, Saint Joseph Health  7/18 at 100.00  AAA  1,783,184 
  System, Trust 2554, 18.284%, 7/01/47 – FSA Insured (IF)       
5,000  California Statewide Community Development Authority, Revenue Bonds, Kaiser Permanante System,  3/16 at 100.00  A+  4,525,200 
  Series 2006, 5.000%, 3/01/41       
14,563  Total Health Care      14,152,291 
  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  1,002,870 
  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  7/11 at 102.00  AAA  1,961,312 
  Bonds, Park Plaza West Senior Apartments, Series 2001B, 5.300%, 1/20/21 (Alternative       
  Minimum Tax)       
2,905  Total Housing/Multifamily      2,964,182 
  Housing/Single Family – 0.2% (0.1% of Total Investments)      
430  California Housing Finance Agency, Home Mortgage Revenue Bonds, Series 2006H, 5.750%,  2/16 at 100.00  AA–  446,581 
  8/01/30 – FGIC Insured (Alternative Minimum Tax)       
  Industrials – 1.1% (0.7% of Total Investments)      
2,435  California Pollution Control Financing Authority, Solid Waste Disposal Revenue Bonds, Republic  No Opt. Call  BBB  2,417,760 
  Services Inc., Series 2002C, 5.250%, 6/01/23 (Mandatory put 12/01/17) (Alternative Minimum Tax)       
  Long-Term Care – 1.4% (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  2,969,280 
  Bonds, Odd Fellows Home of California, Series 2003A, 5.200%, 11/15/22       
  Tax Obligation/General – 27.2% (18.1% of Total Investments)      
5,920  Cajon Valley Union School District, San Diego County, California, General Obligation Bonds,  8/10 at 102.00  AA–  6,014,720 
  Series 2002B, 5.125%, 8/01/32 – NPFG Insured       
900  California, General Obligation Bonds, Series 2003, 5.000%, 2/01/21  8/13 at 100.00  A  918,486 
8,250  California, General Obligation Refunding Bonds, Series 2002, 5.000%, 2/01/22 – NPFG Insured  2/12 at 100.00  A  8,322,848 
3,375  Coast Community College District, Orange County, California, General Obligation Bonds, Series  8/18 at 100.00  AAA  2,825,719 
  2006C, 0.000%, 8/01/31 – FSA Insured       
230  El Monte Union High School District, Los Angeles County, California, General Obligation Bonds,  6/13 at 100.00  AAA  232,797 
  Series 2003A, 5.000%, 6/01/28 – FSA Insured       
2,730  Fontana Unified School District, San Bernardino County, California, General Obligation Bonds,  8/18 at 100.00  AAA  3,004,938 
  Trust 2668, 9.099%, 8/01/28 – FSA Insured (IF)       
10,000  Fremont Unified School District, Alameda County, California, General Obligation Bonds, Series  8/12 at 101.00  Aa3  10,234,699 
  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  AAA  1,080,520 
  General Obligation Bonds, Series 2006C, 5.000%, 8/01/25 – FSA Insured (UB)       
1,500  Madera Unified School District, Madera County, California, General Obligation Bonds, Series  8/12 at 100.00  AAA  1,502,490 
  2002, 5.000%, 8/01/28 – FSA Insured       
2,000  Murrieta Valley Unified School District, Riverside County, California, General Obligation  9/17 at 100.00  AAA  1,876,540 
  Bonds, Series 2007, 4.500%, 9/01/30 – FSA Insured       
2,500  Oakland Unified School District, Alameda County, California, General Obligation Bonds, Series  8/12 at 100.00  A  2,532,250 
  2002, 5.250%, 8/01/21 – FGIC Insured       
375  Roseville Joint Union High School District, Placer County, California, General Obligation  8/15 at 100.00  AA–  386,348 
  Bonds, Series 2006B, 5.000%, 8/01/27 – FGIC Insured       
3,250  San Diego Unified School District, San Diego County, California, General Obligation Bonds,  7/11 at 102.00  AAA  3,507,725 
  Election of 1998, Series 2001C, 5.000%, 7/01/22 – FSA Insured       
3,500  San Mateo County Community College District, California, General Obligation Bonds, Series  9/12 at 100.00  Aa1  3,634,575 
  2002A, 5.000%, 9/01/26 – FGIC Insured       
10,000  Vista Unified School District, San Diego County, California, General Obligation Bonds, Series  8/12 at 100.00  AAA  10,206,299 
  2002A, 5.000%, 8/01/23 – FSA Insured       
3,905  West Kern Community College District, California, General Obligation Bonds, Election 2004,  11/17 at 100.00  A+  3,806,125 
  Series 2007C, 5.000%, 10/01/32 – SYNCORA GTY Insured       
59,435  Total Tax Obligation/General      60,087,079 
  Tax Obligation/Limited – 48.1% (32.0% of Total Investments)      
1,450  Baldwin Park Public Financing Authority, California, Sales Tax and Tax Allocation Bonds,  8/13 at 102.00  BBB  1,436,559 
  Puente Merced Redevelopment Project, Series 2003, 5.250%, 8/01/21       
6,895  Brea and Olinda Unified School District, Orange County, California, Certificates of  8/11 at 101.00  AAA  7,097,024 
  Participation Refunding, Series 2002A, 5.125%, 8/01/26 – FSA Insured       
2,200  California Infrastructure Economic Development Bank, Los Angeles County, Revenue Bonds,  9/13 at 101.00  N/R  2,064,766 
  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  A–  2,760,240 
  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  A  450,343 
  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  BBB  1,197,308 
  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  A  7,113,581 
  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  5/11 at 101.00  A  2,844,212 
  Project, Series 2002A, 5.125%, 11/01/25 – NPFG Insured       
8,720  El Monte, California, Senior Lien Certificates of Participation, Department of Public Services  1/11 at 100.00  A3  8,796,649 
  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  3,955,240 
  5.000%, 9/01/21 – AMBAC Insured       
7,700  Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement  6/15 at 100.00  AAA  5,528,138 
  Revenue Bonds, Drivers Trust 2091, 9.489%, 6/01/45 – AGC Insured (IF)       
8,780  Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed  6/15 at 100.00  A–  7,264,309 
  Revenue Bonds, Series 2005A, 5.000%, 6/01/45 – AMBAC Insured       
1,300  Hesperia Public Financing Authority, California, Redevelopment and Housing Projects Tax  9/17 at 100.00  Baa1  1,039,480 
  Allocation Bonds, Series 2007A, 5.000%, 9/01/37 – SYNCORA GTY Insured       
2,115  Inglewood Redevelopment Agency, California, Tax Allocation Refunding Bonds, Merged Area  No Opt. Call  N/R  2,068,110 
  Redevelopment Project, Series 1998A, 5.250%, 5/01/23 – AMBAC Insured       
3,500  La Quinta Redevelopment Agency, California, Tax Allocation Bonds, Redevelopment Project  9/11 at 102.00  A+  3,281,180 
  Area 1, Series 2001, 5.100%, 9/01/31 – AMBAC Insured       
3,400  La Quinta Redevelopment Agency, California, Tax Allocation Bonds, Redevelopment Project  9/12 at 102.00  A+  3,417,884 
  Area 1, Series 2002, 5.000%, 9/01/22 – AMBAC Insured       
845  Los Angeles Community Redevelopment Agency, California, Lease Revenue Bonds, Manchester  9/15 at 100.00  A2  725,306 
  Social Services Project, Series 2005, 5.000%, 9/01/37 – AMBAC Insured       
1,640  Los Angeles County Metropolitan Transportation Authority, California, Proposition C Second  1/10 at 100.00  A1  1,641,361 
  Senior Lien Sales Tax Revenue Refunding Bonds, Series 1998A, 5.000%, 7/01/23 –       
  AMBAC Insured       
1,460  Los Angeles, California, Certificates of Participation, Municipal Improvement Corporation,  6/13 at 100.00  AA–  1,453,999 
  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  AA–  7,062,230 
  AMBAC Insured       
8,470  Ontario Redevelopment Financing Authority, California, Lease Revenue Bonds, Capital Projects,  8/11 at 101.00  A+  8,627,373 
  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  A  4,713,200 
  Area 1, Series 2002, 5.000%, 4/01/25 – NPFG Insured       
3,000  Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2007N, 5.250%,  No Opt. Call  BBB  2,732,370 
  7/01/39 – FGIC Insured       
405  Rialto Redevelopment Agency, California, Tax Allocation Bonds, Merged Project Area, Series  9/15 at 100.00  A–  353,144 
  2005A, 5.000%, 9/01/35 – SYNCORA GTY Insured       
4,475  Riverside County, California, Asset Leasing Corporate Leasehold Revenue Bonds, Riverside  6/12 at 101.00  A  4,513,575 
  County Hospital Project, Series 1997B, 5.000%, 6/01/19 – NPFG Insured       
505  Roseville, California, Certificates of Participation, Public Facilities, Series 2003A, 5.000%,  8/13 at 100.00  AA–  497,955 
  8/01/25 – AMBAC Insured       
3,175  San Buenaventura, California, Certificates of Participation, Series 2001C, 5.250%, 2/01/31 –  2/11 at 101.00  N/R  2,941,542 
  AMBAC Insured       
3,730  San Diego Redevelopment Agency, California, Subordinate Lien Tax Increment and Parking Revenue  9/10 at 100.50  Baa2  3,538,465 
  Bonds, Centre City Project, Series 2003B, 5.250%, 9/01/26       
4,000  San Jose Financing Authority, California, Lease Revenue Refunding Bonds, Convention Center  9/11 at 100.00  AA+  4,197,560 
  Project, Series 2001F, 5.000%, 9/01/19 – NPFG Insured       
1,000  San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Project Area, Series  8/15 at 100.00  A  934,280 
  2005A, 5.000%, 8/01/28 – NPFG Insured       
2,160  Temecula Redevelopment Agency, California, Tax Allocation Revenue Bonds, Redevelopment  8/10 at 100.00  A  2,076,106 
  Project 1, Series 2002, 5.125%, 8/01/27 – NPFG Insured       
112,070  Total Tax Obligation/Limited      106,323,489 
  Transportation – 5.4% (3.6% of Total Investments)      
7,500  Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Refunding  1/14 at 101.00  BBB–  7,269,300 
  Bonds, Series 1999, 5.875%, 1/15/29       
  San Francisco Airports Commission, California, Revenue Bonds, San Francisco International       
  Airport, Second Series 2003, Issue 29A:       
2,185  5.250%, 5/01/16 – FGIC Insured (Alternative Minimum Tax)  5/13 at 100.00  A1  2,275,241 
2,300  5.250%, 5/01/17 – FGIC Insured (Alternative Minimum Tax)  5/13 at 100.00  A1  2,374,911 
11,985  Total Transportation      11,919,452 
  U.S. Guaranteed – 21.3% (14.2% of Total Investments) (4)      
6,000  California Department of Water Resources, Power Supply Revenue Bonds, Series 2002A, 5.125%,  5/12 at 101.00  Aaa  6,692,040 
  5/01/18 (Pre-refunded 5/01/12)       
35  California Department of Water Resources, Water System Revenue Bonds, Central Valley Project,  12/12 at 100.00  AAA  39,517 
  Series 2002X, 5.150%, 12/01/23 (Pre-refunded 12/01/12) – FGIC Insured       
2,250  California Infrastructure Economic Development Bank, First Lien Revenue Bonds, San Francisco  1/28 at 100.00  AAA  2,628,248 
  Bay Area Toll Bridge, Series 2003A, 5.000%, 7/01/36 (Pre-refunded 1/01/28) – AMBAC Insured       
8,900  Eastern Municipal Water District, California, Water and Sewerage System Revenue Certificates  7/11 at 100.00  AA (4)  9,537,061 
  of Participation, Series 2001B, 5.000%, 7/01/30 (Pre-refunded 7/01/11) – FGIC Insured       
  Fresno Unified School District, Fresno County, California, General Obligation Bonds,       
  Series 2002B:       
1,135  5.125%, 8/01/23 – FGIC Insured (ETM)  8/10 at 102.00  A+ (4)  1,189,559 
1,190  5.125%, 8/01/24 – FGIC Insured (ETM)  8/10 at 102.00  A+ (4)  1,247,203 
1,245  5.125%, 8/01/25 – FGIC Insured (ETM)  8/10 at 102.00  A+ (4)  1,304,847 
1,255  5.125%, 8/01/26 – FGIC Insured (ETM)  8/10 at 102.00  A+ (4)  1,315,328 
2,070  Fresno Unified School District, Fresno County, California, General Obligation Bonds, Series  8/10 at 102.00  AAA  2,170,954 
  2002G, 5.125%, 8/01/26 – FSA Insured (ETM)       
4,500  Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed  6/13 at 100.00  AAA  5,480,235 
  Revenue Bonds, Series 2003A-2, 7.900%, 6/01/42 (Pre-refunded 6/01/13)       
5,000  Los Angeles Unified School District, California, General Obligation Bonds, Series 2002E,  7/12 at 100.00  AA– (4)  5,566,700 
  5.125%, 1/01/27 (Pre-refunded 7/01/12) – MBIA Insured       
3,380  Rancho Mirage Joint Powers Financing Authority, California, Revenue Bonds, Eisenhower Medical  7/14 at 100.00  A3 (4)  4,058,738 
  Center, Series 2004, 5.875%, 7/01/26 (Pre-refunded 7/01/14)       
2,980  Santa Clarita Community College District, Los Angeles County, California, General Obligation  8/11 at 101.00  AA (4)  3,238,962 
  Bonds, Series 2002, 5.125%, 8/01/26 (Pre-refunded 8/01/11) – FGIC Insured       
2,460  Vacaville Unified School District, Solano County, California, General Obligation Bonds, Series  8/11 at 101.00  AAA  2,668,657 
  2002, 5.000%, 8/01/26 (Pre-refunded 8/01/11) – FSA Insured       
42,400  Total U.S. Guaranteed      47,138,049 
  Utilities – 15.0% (9.9% of Total Investments)      
9,000  Anaheim Public Finance Authority, California, Revenue Bonds, Electric System Distribution  10/12 at 100.00  AAA  9,220,859 
  Facilities, Series 2002A, 5.000%, 10/01/27 – FSA Insured       
10,000  California Pollution Control Financing Authority, Remarketed Revenue Bonds, Pacific Gas and  4/11 at 102.00  A  10,369,199 
  Electric Company, Series 1996A, 5.350%, 12/01/16 – NPFG Insured (Alternative Minimum Tax)       
2,490  Long Beach Bond Finance Authority, California, Natural Gas Purchase Revenue Bonds, Series  No Opt. Call  A  2,123,821 
  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  733,156 
  9/01/31 – SYNCORA GTY Insured       
1,775  Northern California Power Agency, Revenue Refunding Bonds, Hydroelectric Project 1, Series  7/10 at 100.00  A2  1,776,633 
  1998A, 5.200%, 7/01/32 – NPFG Insured       
3,000  Sacramento Municipal Utility District, California, Electric Revenue Bonds, Series 2001N,  8/11 at 100.00  A+  3,008,550 
  5.000%, 8/15/28 – NPFG Insured       
5,630  Southern California Public Power Authority, Subordinate Revenue Refunding Bonds, Transmission  7/12 at 100.00  AAA  5,794,678 
  Project, Series 2002A, 4.750%, 7/01/19 – FSA Insured       
32,725  Total Utilities      33,026,896 
  Water and Sewer – 14.3% (9.5% of Total Investments)      
2,965  California Department of Water Resources, Water System Revenue Bonds, Central Valley Project,  12/12 at 100.00  AAA  3,177,324 
  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  AAA  722,078 
  10/01/36 – FSA Insured       
570  Healdsburg Public Financing Authority, California, Wastewater Revenue Bonds, Series 2006,  4/16 at 100.00  AA–  550,540 
  5.000%, 4/01/36 – NPFG Insured       
4,500  Los Angeles County Sanitation Districts Financing Authority, California, Senior Revenue Bonds,  10/13 at 100.00  AAA  4,729,725 
  Capital Projects, Series 2003A, 5.000%, 10/01/23 – FSA Insured       
2,085  Manteca Financing Authority, California, Sewerage Revenue Bonds, Series 2003B, 5.000%,  12/13 at 100.00  A2  1,971,930 
  12/01/33 – NPFG Insured       
500  Marina Coast Water District, California, Enterprise Certificate of Participation, Series 2006,  6/16 at 100.00  A+  494,805 
  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  9,342,890 
  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  AAA  7,763,520 
  Series 2008A, 5.000%, 5/01/38 – FSA 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  1,402,895 
1,415  5.500%, 12/01/21 – SYNCORA GTY Insured  12/14 at 100.00  AA  1,498,994 
31,285  Total Water and Sewer      31,654,701 
$       338,063  Total Investments (cost $329,718,351) – 150.5%      332,551,127 
  Floating Rate Obligations – (3.3)%      (7,385,000)
  Other Assets Less Liabilities – 1.8%      4,032,238 
  Auction Rate Preferred Shares, at Liquidation Value – (49.0)% (5)      (108,250,000)
  Net Assets Applicable to Common Shares – 100%      $ 220,948,365 


 
Fair Value Measurements
 
In determining the value of the Fund's investments various inputs are used. These inputs are 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 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:
 
  Level 1 Level 2 Level 3 Total
Investments:         
Municipal Bonds  $ —  $332,551,127  $ —  $332,551,127 

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, 2009, the cost of investments was $322,058,742.
 
Gross unrealized appreciation and gross unrealized depreciation of investments at November 30, 2009, were as follows:
 
Gross unrealized:   
  Appreciation  $ 13,767,474 
  Depreciation  (10,659,882)
Net unrealized appreciation (depreciation) of investments  $   3,107,592 

  At least 80% of the Fund’s net assets are invested in municipal securities that guarantee 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 higher of Standard & Poor's Group ("Standard & Poor's") or Moody's Investor Service, 
  Inc. ("Moody's") rating. Ratings below BBB by Standard & Poor's or Baa by Moody's are considered to be 
  below investment grade. 
  The Portfolio of Investments may reflect the ratings on certain bonds whose insurer has experienced 
  downgrades as of the end of the reporting period. Subsequent to the reporting period, and during the 
  period this Portfolio of Investments was prepared, there may have been reductions to the ratings of 
  certain bonds resulting from changes to the ratings of the underlying insurers both during the period and 
  after period end. Such reductions would likely reduce the effective rating of many of the bonds insured by 
  that insurer or insurers presented at period end. 
(4)  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. Such investments are normally considered to 
  be equivalent to AAA rated securities. 
(5)  Auction Rate Preferred Shares, at Liquidation Value as a percentage of Total Investments is 32.6%. 
N/R  Not rated. 
(ETM)  Escrowed to maturity. 
(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 29, 2010        
 
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 29, 2010        
 
By (Signature and Title)     /s/ Stephen D. Foy                              
                                               Stephen D. Foy
                                               Vice President and Controller (principal financial officer) 
 
Date        January 29, 2010