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: 8/31
Date of reporting period: 5/31/08
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, 2008 | ||||||||
Principal | Optional Call | |||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | ||||
| ||||||||
Consumer Staples 3.7% (2.5% of Total Investments) | ||||||||
$ 14,155 | Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement | 6/22 at 100.00 | BBB | $ | 8,427,462 | |||
Asset-Backed Bonds, Series 2007A-2, 0.000%, 6/01/37 | ||||||||
| ||||||||
Education and Civic Organizations 4.8% (3.2% of Total Investments) | ||||||||
1,675 | California Educational Facilities Authority, Revenue Bonds, University of San Diego, Series | 10/12 at 100.00 | A2 | 1,711,967 | ||||
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 | AAA | 9,159,660 | ||||
AMBAC Insured | ||||||||
| ||||||||
10,675 | Total Education and Civic Organizations | 10,871,627 | ||||||
| ||||||||
Health Care 6.6% (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+ | 5,128,400 | ||||
Bonds, Sansum-Santa Barbara Medical Foundation Clinic, Series 2002A, 5.600%, 4/01/26 | ||||||||
5,000 | California Health Facilities Financing Authority, Revenue Bonds, Kaiser Permanante System, | 3/16 at 100.00 | A+ | 4,907,700 | ||||
Series 2006, 5.250%, 3/01/45 | ||||||||
2,815 | California Health Facilities Financing Authority, Revenue Bonds, Lucile Salter Packard | 8/13 at 100.00 | AAA | 2,939,282 | ||||
Childrens 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 | 1,947,379 | ||||
System, Trust 2554, 15.140%, 7/01/47 FSA Insured (IF) | ||||||||
| ||||||||
14,563 | Total Health Care | 14,922,761 | ||||||
| ||||||||
Housing/Multifamily 1.3% (0.8% of Total Investments) | ||||||||
1,000 | California Statewide Community Development Authority, Student Housing Revenue Bonds, | 8/12 at 100.00 | N/R | 948,520 | ||||
EAH-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 | 1,931,175 | ||||
Bonds, Park Plaza West Senior Apartments, Series 2001B, 5.300%, 1/20/21 (Alternative | ||||||||
Minimum Tax) | ||||||||
| ||||||||
2,905 | Total Housing/Multifamily | 2,879,695 | ||||||
| ||||||||
Housing/Single Family 0.2% (0.2% of Total Investments) | ||||||||
505 | California Housing Finance Agency, Home Mortgage Revenue Bonds, Series 2006H, 5.750%, | 2/16 at 100.00 | Aa2 | 513,878 | ||||
8/01/30 FGIC Insured (Alternative Minimum Tax) | ||||||||
| ||||||||
Industrials 1.3% (0.8% of Total Investments) | ||||||||
3,000 | California Pollution Control Financing Authority, Solid Waste Disposal Revenue Bonds, Republic | No Opt. Call | BBB+ | 2,902,410 | ||||
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+ | 3,057,210 | ||||
Bonds, Odd Fellows Home of California, Series 2003A, 5.200%, 11/15/22 | ||||||||
| ||||||||
Tax Obligation/General 25.8% (17.1% of Total Investments) | ||||||||
5,920 | Cajon Valley Union School District, San Diego County, California, General Obligation Bonds, | 8/10 at 102.00 | AAA | 5,992,638 | ||||
Series 2002B, 5.125%, 8/01/32 MBIA Insured | ||||||||
2,900 | California, General Obligation Bonds, Series 2003, 5.000%, 2/01/21 | 8/13 at 100.00 | A+ | 3,003,762 | ||||
8,250 | California, General Obligation Refunding Bonds, Series 2002, 5.000%, 2/01/22 MBIA Insured | 2/12 at 100.00 | AAA | 8,421,188 | ||||
230 | El Monte Union High School District, Los Angeles County, California, General Obligation Bonds, | 6/13 at 100.00 | AAA | 235,929 | ||||
Series 2003A, 5.000%, 6/01/28 FSA Insured | ||||||||
1,365 | Fontana Unified School District, San Bernardino County, California, General Obligation Bonds, | 8/18 at 100.00 | AAA | 1,755,800 | ||||
Trust 2668, 15.350%, 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 | 10,278,800 | ||||
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 | AAA | 1,047,730 | ||||
General Obligation Bonds, Series 2006C, 5.000%, 8/01/25 FSA Insured | ||||||||
1,500 | Madera Unified School District, Madera County, California, General Obligation Bonds, Series | 8/12 at 100.00 | AAA | 1,529,850 | ||||
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 | 1,964,000 | ||||
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 | BBB+ | 2,543,100 | ||||
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 | 386,591 | ||||
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 | 3,521,570 | ||||
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 | 3,585,855 | ||||
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 | 10,442,499 | ||||
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 | 3,919,409 | ||||
Series 2007C, 5.000%, 10/01/32 XLCA Insured | ||||||||
| ||||||||
56,695 | Total Tax Obligation/General | 58,628,721 | ||||||
| ||||||||
Tax Obligation/Limited 50.4% (33.5% of Total Investments) | ||||||||
1,450 | Baldwin Park Public Financing Authority, California, Sales Tax and Tax Allocation Bonds, | 8/13 at 102.00 | BBB | 1,511,930 | ||||
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 | 7,170,593 | ||||
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 | AAA | 2,260,434 | ||||
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 | 3,103,689 | ||||
Richmond Lab, Series 2005B, 5.000%, 11/01/30 XLCA Insured | ||||||||
465 | Capistrano Unified School District, Orange County, California, Special Tax Bonds, Community | 9/15 at 100.00 | Baa3 | 468,622 | ||||
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 | AAA | 1,382,682 | ||||
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 | AAA | 7,200,745 | ||||
Community Facilities District 98-1, Series 2003, 5.000%, 9/01/28 MBIA Insured | ||||||||
3,145 | Culver City Redevelopment Agency, California, Tax Allocation Revenue Bonds, Redevelopment | 5/11 at 101.00 | AAA | 3,245,451 | ||||
Project, Series 2002A, 5.125%, 11/01/25 MBIA Insured | ||||||||
8,720 | El Monte, California, Senior Lien Certificates of Participation, Department of Public Services | 1/11 at 100.00 | AAA | 8,822,896 | ||||
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 | AAA | 4,090,160 | ||||
5.000%, 9/01/21 AMBAC Insured | ||||||||
4,985 | Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement | 6/15 at 100.00 | AAA | 5,480,858 | ||||
Revenue Bonds, Drivers Trust 2091, 11.873%, 6/01/45 AGC Insured (IF) | ||||||||
8,780 | Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed | 6/15 at 100.00 | Aaa | 8,471,910 | ||||
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 | A3 | 1,231,165 | ||||
Allocation Bonds, Series 2007A, 5.000%, 9/01/37 XLCA Insured | ||||||||
2,115 | Inglewood Redevelopment Agency, California, Tax Allocation Refunding Bonds, Merged Area | No Opt. Call | AAA | 2,269,247 | ||||
Redevelopment Project, Series 1998A, 5.250%, 5/01/23 AMBAC Insured | ||||||||
3,500 | La Quinta Redevelopment Agency, California, Tax Allocation Bonds, Redevelopment Project Area 1, | 9/11 at 102.00 | AAA | 3,529,540 | ||||
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 | AAA | 3,515,872 | ||||
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 | Aaa | 843,648 | ||||
Services Project, Series 2005, 5.000%, 9/01/37 AMBAC Insured | ||||||||
4,690 | Los Angeles County Metropolitan Transportation Authority, California, Proposition C Second | 7/08 at 101.00 | AAA | 4,740,933 | ||||
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 | AAA | 1,476,732 | ||||
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 | AAA | 7,224,910 | ||||
AMBAC Insured | ||||||||
8,470 | Ontario Redevelopment Financing Authority, California, Lease Revenue Bonds, Capital Projects, | 8/11 at 101.00 | AAA | 8,657,865 | ||||
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 | AAA | 5,139,700 | ||||
Area 1, Series 2002, 5.000%, 4/01/25 MBIA Insured | ||||||||
3,000 | Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2007N, 5.250%, | No Opt. Call | BBB+ | 3,011,310 | ||||
7/01/39 FGIC Insured | ||||||||
405 | Rialto Redevelopment Agency, California, Tax Allocation Bonds, Merged Project Area, Series | 9/15 at 100.00 | A | 403,773 | ||||
2005A, 5.000%, 9/01/35 XLCA Insured | ||||||||
4,475 | Riverside County, California, Asset Leasing Corporate Leasehold Revenue Bonds, Riverside | 6/12 at 101.00 | AAA | 4,619,990 | ||||
County Hospital Project, Series 1997B, 5.000%, 6/01/19 MBIA Insured | ||||||||
505 | Roseville, California, Certificates of Participation, Public Facilities, Series 2003A, 5.000%, | 8/13 at 100.00 | AAA | 512,545 | ||||
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 | AAA | 3,199,575 | ||||
AMBAC Insured | ||||||||
3,730 | San Diego Redevelopment Agency, California, Subordinate Lien Tax Increment and Parking Revenue | 9/09 at 101.00 | Baa2 | 3,739,623 | ||||
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 | AAA | 4,160,880 | ||||
Project, Series 2001F, 5.000%, 9/01/19 MBIA Insured | ||||||||
1,000 | San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Project Area, Series | 8/15 at 100.00 | AAA | 1,017,410 | ||||
2005A, 5.000%, 8/01/28 MBIA Insured | ||||||||
2,160 | Temecula Redevelopment Agency, California, Tax Allocation Revenue Bonds, Redevelopment Project 1, | 8/08 at 102.00 | AAA | 2,206,872 | ||||
Series 2002, 5.125%, 8/01/27 MBIA Insured | ||||||||
| ||||||||
112,405 | Total Tax Obligation/Limited | 114,711,560 | ||||||
| ||||||||
Transportation 5.0% (3.3% of Total Investments) | ||||||||
7,500 | Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Refunding | 1/14 at 101.00 | BBB | 6,907,575 | ||||
Bonds, Series 1999, 0.000%, 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 | 2,225,903 | ||||
2,300 | 5.250%, 5/01/17 FGIC Insured (Alternative Minimum Tax) | 5/13 at 100.00 | A1 | 2,330,107 | ||||
| ||||||||
11,985 | Total Transportation | 11,463,585 | ||||||
| ||||||||
U.S. Guaranteed 23.4% (15.6% 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 | 6,555,900 | ||||
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 | Aa2 (4) | 38,330 | ||||
Series 2002X, 5.150%, 12/01/23 (Pre-refunded 12/01/12) FGIC Insured | ||||||||
2,500 | California Health Facilities Financing Authority, Revenue Bonds, Cedars-Sinai Medical Center, | 12/09 at 101.00 | N/R (4) | 2,671,750 | ||||
Series 1999A, 6.125%, 12/01/30 (Pre-refunded 12/01/09) | ||||||||
2,250 | California Infrastructure Economic Development Bank, First Lien Revenue Bonds, San Francisco | 1/28 at 100.00 | AAA | 2,442,938 | ||||
Bay Area Toll Bridge, Series 2003A, 5.000%, 7/01/36 (Pre-refunded 1/01/28) AMBAC Insured | ||||||||
9,000 | Eastern Municipal Water District, California, Water and Sewerage System Revenue Certificates | 7/11 at 100.00 | AA (4) | 9,635,040 | ||||
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) | 1,188,254 | ||||
1,190 | 5.125%, 8/01/24 FGIC Insured (ETM) | 8/10 at 102.00 | A+ (4) | 1,245,835 | ||||
1,245 | 5.125%, 8/01/25 FGIC Insured (ETM) | 8/10 at 102.00 | A+ (4) | 1,304,399 | ||||
1,255 | 5.125%, 8/01/26 FGIC Insured (ETM) | 8/10 at 102.00 | A+ (4) | 1,288,283 | ||||
2,070 | Fresno Unified School District, Fresno County, California, General Obligation Bonds, Series | 8/10 at 102.00 | AAA | 2,165,965 | ||||
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 | 5,391,630 | ||||
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 | AAA | 5,432,700 | ||||
5.125%, 1/01/27 (Pre-refunded 7/01/12) MBIA Insured | ||||||||
4,225 | Northern California Power Agency, Revenue Refunding Bonds, Hydroelectric Project 1, Series | 7/08 at 101.00 | AAA | 4,277,686 | ||||
1998A, 5.200%, 7/01/32 (Pre-refunded 7/01/08) MBIA Insured | ||||||||
3,380 | Rancho Mirage Joint Powers Financing Authority, California, Revenue Bonds, Eisenhower Medical | 7/14 at 100.00 | A3 (4) | 3,823,422 | ||||
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) | 3,235,326 | ||||
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 | 2,661,474 | ||||
2002, 5.000%, 8/01/26 (Pre-refunded 8/01/11) FSA Insured | ||||||||
| ||||||||
49,225 | Total U.S. Guaranteed | 53,358,932 | ||||||
| ||||||||
Utilities 16.0% (10.6% of Total Investments) | ||||||||
9,000 | Anaheim Public Finance Authority, California, Revenue Bonds, Electric System Distribution | 10/12 at 100.00 | AAA | 9,192,690 | ||||
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 | AAA | 10,384,500 | ||||
Electric Company, Series 1996A, 5.350%, 12/01/16 MBIA Insured (Alternative Minimum Tax) | ||||||||
2,490 | Long Beach Bond Finance Authority, California, Natural Gas Purchase Revenue Bonds, Series | No Opt. Call | A+ | 2,252,678 | ||||
2007A, 5.000%, 11/15/35 | ||||||||
3,000 | Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series | 7/11 at 100.00 | AAA | 3,138,810 | ||||
2001A-1, 5.250%, 7/01/21 FSA Insured | ||||||||
830 | Merced Irrigation District, California, Electric System Revenue Bonds, Series 2005, 5.125%, | 9/15 at 100.00 | A | 830,930 | ||||
9/01/31 XLCA Insured | ||||||||
1,775 | Northern California Power Agency, Revenue Refunding Bonds, Hydroelectric Project 1, Series | 7/08 at 101.00 | AAA | 1,788,579 | ||||
1998A, 5.200%, 7/01/32 MBIA Insured | ||||||||
3,000 | Sacramento Municipal Utility District, California, Electric Revenue Bonds, Series 2001N, | 8/11 at 100.00 | AAA | 3,029,850 | ||||
5.000%, 8/15/28 MBIA Insured | ||||||||
5,630 | Southern California Public Power Authority, Subordinate Revenue Refunding Bonds, Transmission | 7/12 at 100.00 | AAA | 5,814,326 | ||||
Project, Series 2002A, 4.750%, 7/01/19 FSA Insured | ||||||||
| ||||||||
35,725 | Total Utilities | 36,432,363 | ||||||
| ||||||||
Water and Sewer 10.7% (7.1% of Total Investments) | ||||||||
2,965 | California Department of Water Resources, Water System Revenue Bonds, Central Valley Project, | 12/12 at 100.00 | AAA | 3,107,972 | ||||
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 | 772,628 | ||||
10/01/36 FSA Insured | ||||||||
570 | Healdsburg Public Financing Authority, California, Wastewater Revenue Bonds, Series 2006, | 4/16 at 100.00 | AAA | 576,224 | ||||
5.000%, 4/01/36 MBIA Insured | ||||||||
4,500 | Los Angeles County Sanitation Districts Financing Authority, California, Senior Revenue Bonds, | 10/13 at 100.00 | AAA | 4,716,270 | ||||
Capital Projects, Series 2003A, 5.000%, 10/01/23 FSA Insured | ||||||||
2,425 | Manteca Financing Authority, California, Sewerage Revenue Bonds, Series 2003B, 5.000%, | 12/13 at 100.00 | Aaa | 2,465,207 | ||||
12/01/33 MBIA Insured | ||||||||
500 | Marina Coast Water District, California, Enterprise Certificate of Participation, Series 2006, | 6/16 at 100.00 | AAA | 502,620 | ||||
5.000%, 6/01/31 MBIA Insured | ||||||||
9,185 | Orange County Sanitation District, California, Certificates of Participation, Series 2003, | 8/13 at 100.00 | AAA | 9,276,023 | ||||
5.000%, 2/01/33 FGIC Insured | ||||||||
Semitropic Water Storage District, Kern County, California, Water Banking Revenue Bonds, | ||||||||
Series 2004A: | ||||||||
1,315 | 5.500%, 12/01/20 XLCA Insured | 12/14 at 100.00 | A | 1,390,244 | ||||
1,415 | 5.500%, 12/01/21 XLCA Insured | 12/14 at 100.00 | A | 1,490,094 | ||||
| ||||||||
23,625 | Total Water and Sewer | 24,297,282 | ||||||
| ||||||||
$ 338,463 | Total Investments (cost $332,125,359) 150.5% | 342,467,486 | ||||||
|
| |||||||
Other Assets Less Liabilities 1.4% | 3,111,724 | |||||||
| ||||||||
Preferred Shares, at Liquidation Value (51.9)% (5) | (118,000,000) | |||||||
| ||||||||
Net Assets Applicable to Common Shares 100% | $ | 227,579,210 | ||||||
|
As of May 31, 2008, at least 80% of the Funds net assets (including net assets attributable to Preferred | ||
shares) are invested in municipal securities that are either covered by Original Issue Insurance, Secondary | ||
Market Insurance or Portfolio Insurance which ensures the timely payment of principal and interest. Up | ||
to 20% of the Funds net assets (including net assets attributable to Preferred shares) may be invested in | ||
municipal securities that are (i) either backed by an escrow or trust containing sufficient U.S. Government | ||
or U.S. Government agency securities (also ensuring the timely payment of principal and interest), or | ||
(ii) rated, at the time of investment, within the four highest grades (Baa or BBB or better by Moodys, | ||
Standard & Poors or Fitch) or unrated but judged to be of comparable quality by the Adviser. | ||
(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 & Poors Group (Standard & Poors) or Moodys Investor Service, | |
Inc. (Moodys) rating. Ratings below BBB by Standard & Poors or Baa by Moodys are considered to | ||
be below investment grade. | ||
The Portfolio of Investments may reflect the ratings on certain bonds insured by ACA, AMBAC, CIFG, FGIC, | ||
MBIA, RAAI and XLCA as of May 31, 2008. Subsequent to May 31, 2008, 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) | Preferred Shares, at Liquidation Value as a percentage of total investments is (34.5)%. | |
N/R | Not rated. | |
(ETM) | Escrowed to maturity. | |
(IF) | Inverse floating rate investment. |
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 transactions subject to SFAS No.140. 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, 2008, the cost of investments was $333,496,736.
Gross unrealized appreciation and gross unrealized depreciation of investments at May 31, 2008, were as follows:
Gross unrealized: | ||
Appreciation | $14,783,274 | |
Depreciation | (5,812,524) | |
| ||
Net unrealized appreciation (depreciation) of investments | $ 8,970,750 | |
|
Item 2. Controls and Procedures.
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.
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, 2008
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, 2008
By (Signature and Title)
/s/ Stephen D.
Foy
Stephen
D.
Foy
Vice President and Controller (principal financial officer)
Date July 29, 2008