Unassociated Document



 
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:         11/30/10         
 
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, 2010
      
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
Baa3
$   8,556,698
   
Bonds, Series 2007A-2, 0.000%, 6/01/37
      
   
Education and Civic Organizations – 4.8% (3.3% of Total Investments)
      
1,675
  
California Educational Facilities Authority, Revenue Bonds, University of San Diego, Series
10/12 at 100.00
A2
1,693,844
   
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
Aa2
9,021,600
   
AMBAC Insured
      
10,675
  
Total Education and Civic Organizations
    
10,715,444
   
Health Care – 6.5% (4.4% of Total Investments)
      
5,000
  
ABAG Finance Authority for Non-Profit Corporations, California, Cal-Mortgage Insured Revenue
4/12 at 100.00
A–
5,019,000
   
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
2,887,852
   
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+
4,696,050
   
Series 2006, 5.000%, 3/01/41
      
1,748
  
California Statewide Communities Development Authority, Revenue Bonds, Saint Joseph Health
7/18 at 100.00
AA+
1,759,313
   
System, Trust 2554, 18.054%, 7/01/47 – AGM Insured (IF)
      
14,563
  
Total Health Care
    
14,362,215
   
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
1,000,700
   
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
1,956,054
   
Bonds, Park Plaza West Senior Apartments, Series 2001B, 5.300%, 1/20/21 (Alternative
      
   
Minimum Tax)
      
2,905
  
Total Housing/Multifamily
    
2,956,754
   
Housing/Single Family – 0.2% (0.1% of Total Investments)
      
350
  
California Housing Finance Agency, Home Mortgage Revenue Bonds, Series 2006H, 5.750%,
2/16 at 100.00
A
356,143
   
8/01/30 – FGIC Insured (Alternative Minimum Tax)
      
   
Industrials – 1.1% (0.8% of Total Investments)
      
2,435
  
California Pollution Control Financing Authority, Solid Waste Disposal Revenue Bonds, Republic
No Opt. Call
BBB
2,516,329
   
Services Inc., Series 2002C, 5.250%, 6/01/23 (Mandatory put 12/01/17) (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–
3,010,890
   
Bonds, Odd Fellows Home of California, Series 2003A, 5.200%, 11/15/22
      
   
Tax Obligation/General – 27.7% (18.8% of Total Investments)
      
900
  
California, General Obligation Bonds, Series 2003, 5.000%, 2/01/21
8/13 at 100.00
A1
926,874
8,250
  
California, General Obligation Refunding Bonds, Series 2002, 5.000%, 2/01/22 – NPFG Insured
2/12 at 100.00
A1
8,393,715
20,750
  
Coachella Valley Unified School District, Riverside County, California, General Obligation
No Opt. Call
AA+
2,327,528
   
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
AA+
2,793,184
   
2006C, 0.000%, 8/01/31 – AGM Insured
      
230
  
El Monte Union High School District, Los Angeles County, California, General Obligation Bonds,
6/13 at 100.00
AA+
232,017
   
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
AAA
2,955,007
   
Trust 2668, 9.269%, 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
10,141,900
   
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
AA+
1,069,840
   
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+
1,503,945
   
2002, 5.000%, 8/01/28 – AGM Insured
      
2,000
  
Murrieta Valley Unified School District, Riverside County, California, General Obligation
9/17 at 100.00
AA+
1,878,840
   
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
A1
2,566,250
   
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–
382,875
   
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
AA+
3,393,033
   
Election of 1998, Series 2001C, 5.000%, 7/01/22 – AGM Insured
      
1,500
  
San Juan Capistano, California, General Obligation Bonds, Open Space Program, Tender Option
No Opt. Call
AAA
1,615,860
   
Bond Trust 3646, 17.571%, 8/01/17 (IF)
      
3,500
  
San Mateo County Community College District, California, General Obligation Bonds, Series
9/12 at 100.00
Aaa
3,561,600
   
2002A, 5.000%, 9/01/26 – FGIC Insured
      
15,780
  
Sylvan Union School District, Stanislaus County, California, General Obligation Bonds,
No Opt. Call
AA+
3,654,175
   
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
AA+
10,150,700
   
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+
3,873,994
   
Series 2007C, 5.000%, 10/01/32 – SYNCORA GTY Insured
      
91,545
  
Total Tax Obligation/General
    
61,421,337
   
Tax Obligation/Limited – 48.2% (32.8% of Total Investments)
      
1,450
  
Baldwin Park Public Financing Authority, California, Sales Tax and Tax Allocation Bonds,
8/13 at 102.00
BBB
1,462,137
   
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
AA+
7,023,316
   
Participation Refunding, Series 2002A, 5.125%, 8/01/26 – AGM Insured
      
2,200
  
California Infrastructure Economic Development Bank, Los Angeles County, Revenue Bonds,
9/13 at 101.00
N/R
1,975,930
   
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
2,887,061
   
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
449,478
   
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–
1,207,556
   
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
6,797,498
   
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
3,155,945
   
Project, Series 2002A, 5.125%, 11/01/25 – NPFG Insured
      
8,170
  
El Monte, California, Senior Lien Certificates of Participation, Department of Public Services
1/11 at 100.00
A2
8,177,026
   
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
4,022,520
   
5.000%, 9/01/21 – AMBAC Insured
      
7,780
  
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement
6/15 at 100.00
A2
7,026,740
   
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+
6,832,364
   
Asset-Backed Revenue Bonds, Tender Option Bonds Trust 4686, 9.033%, 6/01/45 –
      
   
AGC Insured (IF)
      
910
  
Hesperia Public Financing Authority, California, Redevelopment and Housing Projects Tax
9/17 at 100.00
Ba1
701,046
   
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
2,070,183
   
Redevelopment Project, Series 1998A, 5.250%, 5/01/23 – AMBAC Insured
      
3,500
  
La Quinta Redevelopment Agency, California, Tax Allocation Bonds, Redevelopment Project Area
9/11 at 102.00
A+
3,346,490
   
1, Series 2001, 5.100%, 9/01/31 – AMBAC Insured
      
3,400
  
La Quinta Redevelopment Agency, California, Tax Allocation Bonds, Redevelopment Project Area
9/12 at 102.00
A+
3,456,474
   
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
A1
731,542
   
Social 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+
1,444,436
   
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+
7,040,740
   
AMBAC Insured
      
8,470
  
Ontario Redevelopment Financing Authority, California, Lease Revenue Bonds, Capital Projects,
8/11 at 101.00
A+
8,602,979
   
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
4,804,200
   
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–
352,852
   
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
2,412,780
   
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
A
4,559,533
   
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
2,162,450
   
9/01/33 – AMBAC Insured
      
505
  
Roseville, California, Certificates of Participation, Public Facilities, Series 2003A,
8/13 at 100.00
AA–
501,081
   
5.000%, 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
2,945,543
   
AMBAC Insured
      
3,730
  
San Diego Redevelopment Agency, California, Subordinate Lien Tax Increment and Parking Revenue
9/11 at 100.00
Baa2
3,562,262
   
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+
4,104,200
   
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
939,030
   
2005A, 5.000%, 8/01/28 – NPFG Insured
      
2,160
  
Temecula Redevelopment Agency, California, Tax Allocation Revenue Bonds, Redevelopment Project
2/11 at 100.00
A
2,075,587
   
1, Series 2002, 5.125%, 8/01/27 – NPFG Insured
      
110,990
  
Total Tax Obligation/Limited
    
106,830,979
   
Transportation – 5.4% (3.7% of Total Investments)
      
7,500
  
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Refunding
1/14 at 101.00
BBB–
7,307,850
   
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
2,298,948
2,300
  
5.250%, 5/01/17 – FGIC Insured (Alternative Minimum Tax)
5/13 at 100.00
A1
2,396,991
11,985
  
Total Transportation
    
12,003,789
   
U.S. Guaranteed – 17.7% (12.1% 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
6,454,440
   
5/01/18 (Pre-refunded 5/01/12)
      
   
California Department of Water Resources, Water System Revenue Bonds, Central Valley Project,
      
   
Series 2002X:
      
780
  
5.150%, 12/01/23 (Pre-refunded 12/01/12) – FGIC Insured
12/12 at 100.00
Aa1 (4)
849,748
35
  
5.150%, 12/01/23 (Pre-refunded 12/01/12) – FGIC Insured
12/12 at 100.00
AAA
38,181
2,250
  
California Infrastructure Economic Development Bank, First Lien Revenue Bonds, San Francisco
1/28 at 100.00
AAA
2,564,100
   
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)
9,147,153
   
of Participation, Series 2001B, 5.000%, 7/01/30 (Pre-refunded 7/01/11) – FGIC Insured
      
4,500
  
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed
6/13 at 100.00
AAA
5,256,180
   
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)
5,357,000
   
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
Baa1 (4)
3,953,113
   
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)
3,106,888
   
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
AA+ (4)
2,562,705
   
2002, 5.000%, 8/01/26 (Pre-refunded 8/01/11) – AGM Insured
      
36,285
  
Total U.S. Guaranteed
    
39,289,508
   
Utilities – 14.9% (10.1% of Total Investments)
      
9,000
  
Anaheim Public Finance Authority, California, Revenue Bonds, Electric System Distribution
10/12 at 100.00
AA+
9,036,990
   
Facilities, Series 2002A, 5.000%, 10/01/27 – AGM Insured
      
10,000
  
California Pollution Control Financing Authority, Remarketed Revenue Bonds, Pacific Gas and
4/11 at 102.00
A
10,288,600
   
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
2,296,652
   
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
717,842
   
9/01/31 – SYNCORA GTY Insured
      
1,775
  
Northern California Power Agency, Revenue Refunding Bonds, Hydroelectric Project 1, Series
1/11 at 100.00
A
1,744,417
   
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+
3,012,000
   
5.000%, 8/15/28 – NPFG Insured
      
5,630
  
Southern California Public Power Authority, Subordinate Revenue Refunding Bonds, Transmission
7/12 at 100.00
AA+
5,903,393
   
Project, Series 2002A, 4.750%, 7/01/19 – AGM Insured
      
32,725
  
Total Utilities
    
32,999,894
   
Water and Sewer – 14.0% (9.5% of Total Investments)
      
2,185
  
California Department of Water Resources, Water System Revenue Bonds, Central Valley Project,
12/12 at 100.00
Aa1
2,329,254
   
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+
728,243
   
10/01/36 – AGM Insured
      
570
  
Healdsburg Public Financing Authority, California, Wastewater Revenue Bonds, Series 2006,
4/16 at 100.00
AA–
558,725
   
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
AA+
4,825,575
   
Capital Projects, Series 2003A, 5.000%, 10/01/23 – AGM Insured
      
1,715
  
Manteca Financing Authority, California, Sewerage Revenue Bonds, Series 2003B, 5.000%,
12/13 at 100.00
Aa3
1,706,648
   
12/01/33 – NPFG Insured
      
500
  
Marina Coast Water District, California, Enterprise Certificate of Participation, Series 2006.,
6/16 at 100.00
A+
493,375
   
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
9,249,387
   
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+
8,051,439
   
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
1,442,659
1,415
  
5.500%, 12/01/21 – SYNCORA GTY Insured
12/14 at 100.00
AA
1,538,415
30,135
  
Total Water and Sewer
    
30,923,720
$ 361,748
  
Total Investments (cost $323,882,561) – 147.0%
    
325,943,700
   
Floating Rate Obligations – (3.3)%
    
(7,385,000)
   
Other Assets Less Liabilities – 3.1%
    
6,865,578
   
Auction Rate Preferred Shares, at Liquidation Value – (46.8)% (5)
    
(103,750,000)
   
Net Assets Applicable to Common Shares – 100%
    
$   221,674,278
 
 
 
 
 
 
 
 

 
Fair Value Measurements
 
 
In determining the fair 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 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, 2010:
 
         
 
Level 1
Level 2
Level 3
Total
Investments:
        
Municipal Bonds
$ —
$325,943,700
$ —
$325,943,700
 
 
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, 2010, the cost of investments was $316,173,924.
 
 
Gross unrealized appreciation and gross unrealized depreciation of investments at November 30, 2010, were as follows:
 
   
Gross unrealized:
  
Appreciation
$  11,273,883
Depreciation
(8,889,002)
Net unrealized appreciation (depreciation) of investments
$   2,384,881
 
     
   
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 Investor 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)
  
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 31.8%.
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, 2011        
 
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, 2011        
 
By (Signature and Title)     /s/ Stephen D. Foy                              
                                                   Stephen D. Foy
                                                  Vice President and Controller (principal financial officer) 
 
Date         January 27, 2011