nq2.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:         5/31/11         
 
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) 
      
   
May 31, 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 
Baa3 
$ 8,321,300 
   
Bonds, Series 2007A-2, 0.000%, 6/01/37 
      
   
Education and Civic Organizations – 5.0% (3.3% of Total Investments) 
      
1,675 
  
California Educational Facilities Authority, Revenue Bonds, University of San Diego, Series 
10/12 at 100.00 
A2 
1,688,919 
   
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 
9,033,750 
   
AMBAC Insured 
      
10,675 
  
Total Education and Civic Organizations 
    
10,722,669 
   
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– 
5,017,950 
   
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+ 
2,920,731 
   
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+ 
4,461,650 
   
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+ 
1,326,702 
   
System, Trust 2554, 18.728%, 7/01/47 – AGM Insured (IF) 
      
14,563 
  
Total Health Care 
    
13,727,033 
   
Housing/Multifamily – 1.4% (0.9% of Total Investments) 
      
1,000 
  
California Statewide Community Development Authority, Student Housing Revenue Bonds, EAH – 
8/12 at 100.00 
Baa1 
1,001,710 
   
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 
1,936,375 
   
Bonds, Park Plaza West Senior Apartments, Series 2001B, 5.300%, 1/20/21 (Alternative 
      
   
Minimum Tax) 
      
2,905 
  
Total Housing/Multifamily 
    
2,938,085 
   
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 
A3 
273,807 
   
8/01/30 – FGIC Insured (Alternative Minimum Tax) 
      
   
Industrials – 1.2% (0.8% of Total Investments) 
      
2,435 
  
California Pollution Control Financing Authority, Solid Waste Disposal Revenue Bonds, Republic 
6/23 at 100.00 
BBB 
2,603,405 
   
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– 
3,018,480 
   
Bonds, Odd Fellows Home of California, Series 2003A, 5.200%, 11/15/22 
      
   
Tax Obligation/General – 33.6% (22.4% of Total Investments) 
      
900 
  
California State, General Obligation Bonds, Series 2003, 5.000%, 2/01/21 
8/13 at 100.00 
A1 
960,732 
8,250 
  
California, General Obligation Refunding Bonds, Series 2002, 5.000%, 2/01/22 – NPFG Insured 
2/12 at 100.00 
A1 
8,388,105 
20,750 
  
Coachella Valley Unified School District, Riverside County, California, General Obligation 
No Opt. Call 
AA+ 
2,086,620 
   
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+ 
2,920,725 
   
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 
3,089,800 
   
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+ 
231,980 
   
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+ 
2,932,402 
   
Trust 2668, 9.549%, 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 
10,394,800 
   
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+ 
1,083,450 
   
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+ 
1,502,250 
   
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+ 
1,902,100 
   
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 
2,536,475 
   
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– 
383,385 
   
Bonds, Series 2006B, 5.000%, 8/01/27 – FGIC Insured 
      
3250 
  
San Diego Unified School District, San Diego County, California, General Obligation Bonds, 
7/11 at 102.00 
AA+ 
3,326,474 
   
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 
1,692,420 
   
Bond Trust 3646, 17.830%, 8/01/17 (IF) 
      
3,500 
  
San Mateo County Community College District, California, General Obligation Bonds, Series 
9/12 at 100.00 
Aaa 
3,588,270 
   
2002A, 5.000%, 9/01/26 – FGIC Insured 
      
24,280 
  
Stockton Unified School District, San Joaquin County, California, General Obligation Bonds, 
8/37 at 100.00 
AA+ 
7,558,364 
   
Election 2008 Series 2011D, 0.000%, 8/01/47 (WI/DD, Settling 6/02/11) – AGC Insured 
      
15,780 
  
Sylvan Union School District, Stanislaus County, California, General Obligation Bonds, 
No Opt. Call 
AA+ 
3,710,509 
   
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+ 
10,307,200 
   
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+ 
3,897,112 
   
Series 2007C, 5.000%, 10/01/32 – SYNCORA GTY Insured 
      
125,825 
  
Total Tax Obligation/General 
    
72,493,173 
   
Tax Obligation/Limited – 47.1% (31.4% of Total Investments) 
      
1,450 
  
Baldwin Park Public Financing Authority, California, Sales Tax and Tax Allocation Bonds, 
8/13 at 102.00 
BBB 
1,475,926 
   
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+ 
6,993,667 
   
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 
1,930,984 
   
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 
2,908,234 
   
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 
444,972 
   
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– 
1,138,648 
   
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 
6,174,760 
   
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 
2,825,657 
   
Project, Series 2002A, 5.125%, 11/01/25 – NPFG Insured 
      
7,595 
  
El Monte, California, Senior Lien Certificates of Participation, Department of Public Services 
7/11 at 100.00 
A2 
7,598,418 
   
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 
3,728,600 
   
5.000%, 9/01/21 – AMBAC Insured 
      
7,780 
  
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement 
6/15 at 100.00 
A2 
6,617,512 
   
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+ 
5,797,792 
   
Asset-Backed Revenue Bonds, Tender Option Bonds Trust 4686, 9.139%, 6/01/45 – 
      
   
AGC Insured (IF) 
      
910 
  
Hesperia Public Financing Authority, California, Redevelopment and Housing Projects Tax 
9/17 at 100.00 
Ba1 
600,664 
   
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 
1,919,151 
   
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+ 
3,146,500 
   
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+ 
3,303,440 
   
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 
A1 
717,675 
   
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+ 
1,455,167 
   
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+ 
7,029,260 
   
AMBAC Insured 
      
8,470 
  
Ontario Redevelopment Financing Authority, California, Lease Revenue Bonds, Capital Projects, 
8/11 at 101.00 
AA– 
8,473,642 
   
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 
4,490,600 
   
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– 
334,947 
   
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 
2,300,400 
   
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 
4,541,364 
   
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 
1,958,775 
   
9/01/33 – AMBAC Insured 
      
505 
  
Roseville, California, Certificates of Participation, Public Facilities, Series 2003A, 5.000%, 
8/13 at 100.00 
AA– 
505,631 
   
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 
3,014,282 
   
AMBAC Insured 
      
3,730 
  
San Diego Redevelopment Agency, California, Subordinate Lien Tax Increment and Parking Revenue 
9/11 at 100.00 
Baa2 
3,584,008 
   
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+ 
4,036,880 
   
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 
BBB+ 
833,400 
   
2005A, 5.000%, 8/01/28 – NPFG Insured 
      
2,160 
  
Temecula Redevelopment Agency, California, Tax Allocation Revenue Bonds, Redevelopment 
8/27 at 100.00 
A– 
1,919,808 
   
Project 1, Series 2002, 5.125%, 8/01/27 – NPFG Insured 
      
110,415 
  
Total Tax Obligation/Limited 
    
101,800,764 
   
Transportation – 5.3% (3.6% of Total Investments) 
      
7,500 
  
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Refunding 
1/14 at 101.00 
BBB– 
6,864,975 
   
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 
2,278,999 
2,300 
  
5.250%, 5/01/17 – FGIC Insured (Alternative Minimum Tax) 
5/13 at 100.00 
A1 
2,376,337 
11,985 
  
Total Transportation 
    
11,520,311 
   
U.S. Guaranteed – 11.2% (7.5% 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 
6,328,200 
   
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) 
835,817 
35 
  
5.150%, 12/01/23 (Pre-refunded 12/01/12) – FGIC Insured 
12/12 at 100.00 
AAA 
37,532 
2,250 
  
California Infrastructure Economic Development Bank, First Lien Revenue Bonds, San Francisco 
1/28 at 100.00 
AAA 
2,704,995 
   
Bay Area Toll Bridge, Series 2003A, 5.000%, 7/01/36 (Pre-refunded 1/01/28) – AMBAC Insured 
      
4,500 
  
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed 
6/13 at 100.00 
AAA 
5,139,360 
   
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) 
5,261,550 
   
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) 
3,913,161 
   
Center, Series 2004, 5.875%, 7/01/26 (Pre-refunded 7/01/14) 
      
21,945 
  
Total U.S. Guaranteed 
    
24,220,615 
   
Utilities – 15.2% (10.1% of Total Investments) 
      
9,000 
  
Anaheim Public Finance Authority, California, Revenue Bonds, Electric System Distribution 
10/12 at 100.00 
AA+ 
9,083,070 
   
Facilities, Series 2002A, 5.000%, 10/01/27 – AGM Insured 
      
10,000 
  
California Pollution Control Financing Authority, Remarketed Revenue Bonds, Pacific Gas and 
10/11 at 102.00 
A3 
10,210,500 
   
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 
2,195,881 
   
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 
718,348 
   
9/01/31 – SYNCORA GTY Insured 
      
1,775 
  
Northern California Power Agency, Revenue Refunding Bonds, Hydroelectric Project 1, Series 
7/32 at 100.00 
A 
1,758,102 
   
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+ 
3,001,380 
   
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+ 
5,829,865 
   
Project, Series 2002A, 4.750%, 7/01/19 – AGM Insured 
      
32,725 
  
Total Utilities 
    
32,797,146 
   
Water and Sewer – 18.2% (12.2% of Total Investments) 
      
2,185 
  
California Department of Water Resources, Water System Revenue Bonds, Central Valley Project, 
12/12 at 100.00 
AAA 
2,288,110 
   
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+ 
729,473 
   
10/01/36 – AGM Insured 
      
570 
  
Healdsburg Public Financing Authority, California, Wastewater Revenue Bonds, Series 2006, 
4/16 at 100.00 
AA– 
554,553 
   
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+ 
8,681,130 
   
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+ 
4,805,100 
   
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 
1,550,827 
   
12/01/33 – NPFG Insured 
      
500 
  
Marina Coast Water District, California, Enterprise Certificate of Participation, Series 2006, 
6/16 at 100.00 
AA– 
498,435 
   
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 
9,271,706 
   
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+ 
8,062,480 
   
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 
1,456,205 
1,415 
  
5.500%, 12/01/21 – SYNCORA GTY Insured 
12/14 at 100.00 
AA 
1,553,727 
38,980 
  
Total Water and Sewer 
    
39,451,746 
$ 389,878 
  
Total Investments (cost $328,765,373) – 150.0% 
    
323,888,534 
   
Floating Rate Obligations – (3.4)% 
    
(7,385,000) 
   
Other Assets Less Liabilities – 1.4% 
    
3,200,821 
   
Auction Rate Preferred Shares, at Liquidation Value – (48.0)% (5) 
    
(103,750,000) 
   
Net Assets Applicable to Common Shares – 100% 
    
$ 215,954,355 
 
 
 
 
 
 
 
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 of 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 May 31, 2011:
 
         
 
Level 1 
Level 2 
Level 3 
Total 
Investments: 
        
Municipal Bonds 
$ — 
$323,888,534 
$ — 
$323,888,534 
 
 
During the period ended May 31, 2011, the Fund recognized no significant transfers to/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 May 31, 2011, the cost of investments was $321,045,238.
 
 
Gross unrealized appreciation and gross unrealized depreciation of investments at May 31, 2011, were as follows:
 
   
Gross unrealized: 
  
Appreciation 
$ 10,072,220 
Depreciation 
(14,613,873)
Net unrealized appreciation (depreciation) of investments 
$  (4,541,653)
 
     
   
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 32.0%. 
N/R 
  
Not rated. 
WI/DD 
  
Purchased on a when-issued or delayed delivery basis. 
(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         July 29, 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         July 29, 2011        
 
By (Signature and Title)     /s/ Stephen D. Foy                              
                                                   Stephen D. Foy
                                                  Vice President and Controller (principal financial officer) 
 
Date         July 29, 2011