Investment Company Act file number 811-09449
Nuveen Insured California Dividend Advantage Municipal Fund
(Exact name of registrant as specified in charter)
333 West Wacker Drive, Chicago, Illinois 60606
(Address of principal executive offices) (Zip code)
Jessica R. DroegerVice 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: 08/31
Date of reporting period: 05/31/05
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, 2005 | ||||||||
Principal | Optional Call | Market | ||||||
Amount (000) | Description(1) | Provisions* | Ratings** | Value | ||||
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||||||||
Consumer Staples - 2.2% (1.5% of Total Investments) | ||||||||
$ 4,500 | Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed | 6/13 at 100.00 | BBB | $ 5,298,255 | ||||
Revenue Bonds, Series 2003A-2, 7.900%, 6/01/42 | ||||||||
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Education and Civic Organizations - 9.1% (6.1% of Total Investments) | ||||||||
1,675 | California Educational Facilities Authority, Revenue Bonds, University of San Diego, Series 2002A, | 10/12 at 100.00 | A2 | 1,770,308 | ||||
5.250%, 10/01/30 | ||||||||
9,000 | California State University, Systemwide Revenue Bonds, Series 2002A, 5.125%, 11/01/26 - AMBAC | 11/12 at 100.00 | AAA | 9,605,250 | ||||
Insured | ||||||||
1,000 | California Statewide Community Development Authority, Student Housing Revenue Bonds, EAH - Irvine | 8/12 at 100.00 | A | 1,061,870 | ||||
East Campus Apartments, LLC Project, Series 2002A, 5.500%, 8/01/22 - ACA Insured | ||||||||
9,000 | University of California, Revenue Bonds, Multiple Purpose Projects, Series 2000K, 5.300%, 9/01/30 | 9/08 at 101.00 | AA | 9,381,690 | ||||
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Healthcare - 8.0% (5.4% of Total Investments) | ||||||||
5,000 | ABAG Finance Authority for Non-Profit Corporations, California, Insured Revenue Bonds, Sansum-Santa | 4/12 at 100.00 | A | 5,401,000 | ||||
Barbara Medical Foundation Clinic, Series 2002A, 5.600%, 4/01/26 | ||||||||
California Health Facilities Financing Authority, Revenue Bonds, Cedars-Sinai Medical Center, | ||||||||
Series 1999A: | ||||||||
2,500 | 6.125%, 12/01/30 | 12/09 at 101.00 | A3 | 2,730,700 | ||||
3,000 | 6.250%, 12/01/34 | 12/09 at 101.00 | A3 | 3,272,730 | ||||
2,815 | California Health Facilities Financing Authority, Revenue Bonds, Lucile Salter Packard Hospital, | 8/13 at 100.00 | AAA | 3,009,066 | ||||
Series 2003C, 5.000%, 8/15/20 - AMBAC Insured | ||||||||
1,090 | California State Public Works Board, Revenue Bonds, University of California - Davis Medical | 11/14 at 100.00 | AAA | 1,169,930 | ||||
Center, Series 2004II-A, 5.000%, 11/01/21 - MBIA Insured | ||||||||
3,380 | Rancho Mirage Joint Powers Financing Authority, California, Revenue Bonds, Eisenhower Medical | 7/14 at 100.00 | A3 | 3,706,069 | ||||
Center, Series 2004, 5.875%, 7/01/26 | ||||||||
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Housing/Multifamily - 0.8% (0.6% of Total Investments) | ||||||||
1,905 | Los Angeles, California, GNMA Mortgage-Backed Securities Program Multifamily Housing Revenue Bonds, | 7/11 at 102.00 | AAA | 2,022,291 | ||||
Park Plaza West Senior Apartments, Series 2001B, 5.300%, 1/20/21 (Alternative Minimum Tax) | ||||||||
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Industrials - 1.3% (0.9% of Total Investments) | ||||||||
3,000 | California Pollution Control Financing Authority, Solid Waste Disposal Revenue Bonds, Republic | No Opt. Call | BBB+ | 3,164,820 | ||||
Services Inc., Series 2002C, 5.250%, 6/01/23 (Alternative Minimum Tax) (Mandatory put 12/01/17) | ||||||||
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Long-Term Care - 3.5% (2.4% of Total Investments) | ||||||||
3,000 | ABAG Finance Authority for Non-Profit Corporations, California, Insured Senior Living Revenue | 11/12 at 100.00 | A | 3,183,780 | ||||
Bonds, Odd Fellows Home of California, Series 2003A, 5.200%, 11/15/22 | ||||||||
5,000 | California Statewide Community Development Authority, Revenue Bonds, Jewish Home for the Aging, | 11/13 at 100.00 | A | 5,313,200 | ||||
Series 2003, 5.000%, 11/15/18 | ||||||||
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Tax Obligation/General - 34.5% (23.2% of Total Investments) | ||||||||
5,920 | Cajon Valley Union School District, San Diego County, California, General Obligation Bonds, Series | 8/10 at 102.00 | AAA | 6,267,918 | ||||
2002B, 5.125%, 8/01/32 - MBIA Insured | ||||||||
9,000 | California, General Obligation Refunding Bonds, Series 2002, 5.000%, 2/01/22 - MBIA Insured | 2/12 at 100.00 | AAA | 9,513,540 | ||||
2,900 | California, General Obligation Bonds, Series 2003, 5.000%, 2/01/21 | 8/13 at 100.00 | A | 3,086,673 | ||||
Compton Community College District, Los Angeles County, California, General Obligation Bonds, | ||||||||
Series 2004A: | ||||||||
1,315 | 5.250%, 7/01/22 - MBIA Insured | 7/14 at 100.00 | AAA | 1,448,065 | ||||
2,560 | 5.250%, 7/01/23 - MBIA Insured | 7/14 at 100.00 | AAA | 2,814,925 | ||||
2,415 | El Monte Union High School District, Los Angeles County, California, General Obligation Bonds, | 6/13 at 100.00 | AAA | 2,554,370 | ||||
Series 2003A, 5.000%, 6/01/28 - FSA Insured | ||||||||
10,000 | Fremont Unified School District, Alameda County, California, General Obligation Bonds, Series | 8/12 at 101.00 | AAA | 10,686,000 | ||||
2002A, 5.000%, 8/01/25 - FGIC Insured | ||||||||
1,520 | Los Angeles Community College District, Los Angeles County, California, General Obligation Bonds, | 8/15 at 100.00 | AAA | 1,632,070 | ||||
Series 2005A, 5.000%, 6/01/26 - FSA Insured | ||||||||
5,000 | Los Angeles Unified School District, California, General Obligation Bonds, Series 2002E, 5.125%, | 7/12 at 100.00 | AAA | 5,320,050 | ||||
1/01/27 - MBIA Insured | ||||||||
Los Angeles Unified School District, California, General Obligation Bonds, Series 2003A: | ||||||||
4,700 | 5.000%, 7/01/22 - FSA Insured | 7/13 at 100.00 | AAA | 5,078,021 | ||||
3,500 | 5.000%, 1/01/28 - MBIA Insured | 7/13 at 100.00 | AAA | 3,723,440 | ||||
1,500 | Madera Unified School District, Madera County, California, General Obligation Bonds, Series 2002, | 8/12 at 100.00 | AAA | 1,580,640 | ||||
5.000%, 8/01/28 - FSA Insured | ||||||||
2,500 | Oakland Unified School District, Alameda County, California, General Obligation Bonds, Series 2002, | 8/12 at 100.00 | AAA | 2,731,975 | ||||
5.250%, 8/01/21 - FGIC Insured | ||||||||
3,300 | Peralta Community College District, Alameda County, California, General Obligation Bonds, Election | 8/09 at 102.00 | AAA | 3,444,672 | ||||
of 2000, Series 2001A, 5.000%, 8/01/31 - FGIC Insured | ||||||||
3,250 | San Diego Unified School District, San Diego County, California, General Obligation Bonds, Election | 7/11 at 102.00 | AAA | 3,510,553 | ||||
of 1998, Series 2001C, 5.000%, 7/01/22 - FSA Insured | ||||||||
1,160 | San Gabriel Unified School District, Los Angeles County, California, General Obligation Bonds, | 8/15 at 100.00 | AAA | 1,258,577 | ||||
Series 2005, 5.000%, 8/01/22 - FSA Insured | ||||||||
San Jose-Evergreen Community College District, Santa Clara County, California, General Obligation | ||||||||
Bonds, Series 2005A: | ||||||||
395 | 5.000%, 9/01/25 - MBIA Insured | 9/15 at 100.00 | AAA | 425,340 | ||||
575 | 5.000%, 9/01/27 - MBIA Insured | 9/15 at 100.00 | AAA | 616,176 | ||||
3,500 | San Mateo County Community College District, California, General Obligation Bonds, Series 2002A, | 9/12 at 100.00 | AAA | 3,694,495 | ||||
5.000%, 9/01/26 - FGIC Insured | ||||||||
2,460 | Vacaville Unified School District, Solano County, California, General Obligation Bonds, Series | 8/11 at 101.00 | AAA | 2,598,498 | ||||
2002, 5.000%, 8/01/26 - FSA Insured | ||||||||
10,000 | Vista Unified School District, San Diego County, California, General Obligation Bonds, Series | 8/12 at 100.00 | AAA | 10,642,900 | ||||
2002A, 5.000%, 8/01/23 - FSA Insured | ||||||||
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Tax Obligation/Limited - 42.0% (28.2% of Total Investments) | ||||||||
1,450 | Baldwin Park Public Financing Authority, California, Sales Tax and Tax Allocation Bonds, Puente | 8/13 at 102.00 | BBB | 1,529,910 | ||||
Merced Redevelopment Project, Series 2003, 5.250%, 8/01/21 | ||||||||
6,895 | Brea and Olinda Unified School District, Orange County, California, Certificates of Participation | 8/11 at 101.00 | AAA | 7,318,629 | ||||
Refunding, Series 2002A, 5.125%, 8/01/26 - FSA Insured | ||||||||
2,290 | Burbank Public Financing Authority, California, Revenue Refunding Bonds, Golden State Redevelopment | 12/13 at 100.00 | AAA | 2,519,664 | ||||
Project, Series 2003A, 5.250%, 12/01/19 - AMBAC Insured | ||||||||
2,200 | California Infrastructure Economic Development Bank, Los Angeles County, Revenue Bonds, Department | 9/13 at 101.00 | AAA | 2,341,416 | ||||
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, Richmond | 11/15 at 100.00 | AAA | 3,279,211 | ||||
Lab, Series 2005B, 5.000%, 11/01/30 - XLCA Insured | ||||||||
7,035 | Corona-Norco Unified School District, Riverside County, California, Special Tax Bonds, Community | 9/13 at 100.00 | AAA | 7,446,196 | ||||
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 Project, | 5/11 at 101.00 | AAA | 3,338,292 | ||||
Series 2002A, 5.125%, 11/01/25 - MBIA Insured | ||||||||
1,020 | Desert Sands Unified School District, Riverside County, California, Certificates of Participation | 3/12 at 101.00 | AAA | 1,095,011 | ||||
Refunding, Series 2002, 5.000%, 3/01/20 - MBIA Insured | ||||||||
8,720 | El Monte, California, Senior Lien Certificates of Participation, Department of Public Services | 1/11 at 100.00 | AAA | 9,132,194 | ||||
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, 5.000%, | 9/12 at 102.00 | AAA | 4,308,080 | ||||
9/01/21 - AMBAC Insured | ||||||||
355 | Hesperia Community Redevelopment Agency, California, Tax Allocation Bonds, Series 2005A, 5.000%, | 9/15 at 100.00 | AAA | 383,503 | ||||
9/01/20 (WI, settling 6/07/05) - XLCA Insured | ||||||||
2,115 | Inglewood Redevelopment Agency, California, Tax Allocation Refunding Bonds, Merged Area | No Opt. Call | AAA | 2,415,055 | ||||
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 | 3,708,215 | ||||
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 | 3,650,988 | ||||
Series 2002, 5.000%, 9/01/22 - AMBAC Insured | ||||||||
1,460 | Los Angeles, California, Certificates of Participation, Municipal Improvement Corporation, Series | 6/13 at 100.00 | AAA | 1,532,095 | ||||
2003AW, 5.000%, 6/01/33 - AMBAC Insured | ||||||||
7,000 | Los Angeles, California, Certificates of Participation, Real Property Acquisition Program, Series | 4/12 at 100.00 | AAA | 7,448,840 | ||||
2002, 5.200%, 4/01/27 - AMBAC Insured | ||||||||
4,690 | Los Angeles County Metropolitan Transportation Authority, California, Proposition C Second Senior | 7/08 at 101.00 | AAA | 4,935,944 | ||||
Lien Sales Tax Revenue Refunding Bonds, Series 1998A, 5.000%, 7/01/23 - AMBAC Insured | ||||||||
8,470 | Ontario Redevelopment Financing Authority, California, Lease Revenue Bonds, Capital Projects, | 8/11 at 101.00 | AAA | 9,058,157 | ||||
Series 2001, 5.200%, 8/01/29 - AMBAC Insured | ||||||||
5,000 | Palm Desert Financing Authority, California, Tax Allocation Revenue Refunding Bonds, Project Area | 4/12 at 102.00 | AAA | 5,320,850 | ||||
1, Series 2002, 5.000%, 4/01/25 - MBIA Insured | ||||||||
4,475 | Riverside County, California, Asset Leasing Corporate Leasehold Revenue Bonds, Riverside County | 6/12 at 101.00 | AAA | 4,786,863 | ||||
Hospital Project, Series 1997B, 5.000%, 6/01/19 - MBIA Insured | ||||||||
3,175 | San Buenaventura, California, Certificates of Participation, Series 2001C, 5.250%, 2/01/31 - AMBAC | 2/11 at 101.00 | AAA | 3,377,216 | ||||
Insured | ||||||||
3,730 | San Diego Redevelopment Agency, California, Subordinate Lien Tax Increment and Parking Revenue | 9/09 at 101.00 | Baa2 | 3,862,602 | ||||
Bonds, Centre City Project, Series 2003B, 5.250%, 9/01/26 | ||||||||
4,000 | San Jose Financing Authority, California, Lease Revenue Refunding Bonds, Convention Center Project, | 9/11 at 100.00 | AAA | 4,326,520 | ||||
Series 2001F, 5.000%, 9/01/19 - MBIA Insured | ||||||||
1,000 | Shasta Joint Powers Financing Authority, California, Lease Revenue Bonds, County Administration | 4/13 at 100.00 | AAA | 1,085,050 | ||||
Building Project, Series 2003A, 5.250%, 4/01/23 - MBIA Insured | ||||||||
2,160 | Temecula Redevelopment Agency, California, Tax Allocation Revenue Bonds, Redevelopment Project 1, | 8/08 at 102.00 | AAA | 2,284,999 | ||||
Series 2002, 5.125%, 8/01/27 - MBIA Insured | ||||||||
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Transportation - 5.6% (3.8% of Total Investments) | ||||||||
2,250 | California Infrastructure Economic Development Bank, First Lien Revenue Bonds, San Francisco Bay | 7/13 at 100.00 | AAA | 2,374,583 | ||||
Area Toll Bridge, Series 2003A, 5.000%, 7/01/36 - AMBAC Insured | ||||||||
7,500 | Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Refunding Bonds, | 1/14 at 101.00 | BBB- | 6,335,400 | ||||
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 (Alternative Minimum Tax) - FGIC Insured | 5/13 at 100.00 | AAA | 2,364,847 | ||||
2,300 | 5.250%, 5/01/17 (Alternative Minimum Tax) - FGIC Insured | 5/13 at 100.00 | AAA | 2,481,217 | ||||
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U.S. Guaranteed *** - 5.3% (3.6% of Total Investments) | ||||||||
2,070 | Fresno Unified School District, Fresno County, California, General Obligation Bonds, Series 2002G, | 8/10 at 102.00 | AAA | 2,244,687 | ||||
5.125%, 8/01/26 - FSA Insured | ||||||||
Fresno Unified School District, Fresno County, California, General Obligation Bonds, Series 2002B: | ||||||||
1,135 | 5.125%, 8/01/23 - FGIC Insured | 8/10 at 102.00 | AAA | 1,230,783 | ||||
1,190 | 5.125%, 8/01/24 - FGIC Insured | 8/10 at 102.00 | AAA | 1,290,424 | ||||
1,245 | 5.125%, 8/01/25 - FGIC Insured | 8/10 at 102.00 | AAA | 1,350,066 | ||||
1,255 | 5.125%, 8/01/26 - FGIC Insured | 8/10 at 102.00 | AAA | 1,360,909 | ||||
2,000 | Metropolitan Water District of Southern California, Water Revenue Bonds, Series 1997A, 5.000%, | 1/08 at 101.00 | AAA | 2,129,300 | ||||
7/01/30 (Pre-refunded to 1/01/08) - MBIA Insured | ||||||||
2,980 | Santa Clarita Community College District, Los Angeles County, California, General Obligation Bonds, | 8/11 at 101.00 | AAA | 3,173,849 | ||||
Series 2002, 5.125%, 8/01/26 (Pre-refunded to 8/01/11) - FGIC Insured | ||||||||
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Utilities - 19.3% (13.0% of Total Investments) | ||||||||
9,000 | Anaheim Public Finance Authority, California, Revenue Bonds, Electric System Distribution | 10/12 at 100.00 | AAA | 9,470,160 | ||||
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 | 10,972,500 | ||||
Electric Company, Series 1996A, 5.350%, 12/01/16 (Alternative Minimum Tax) - MBIA Insured | ||||||||
6,000 | California Department of Water Resources, Power Supply Revenue Bonds, Series 2002A, 5.125%, | 5/12 at 101.00 | A2 | 6,466,740 | ||||
5/01/18 | ||||||||
3,000 | Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2001A-1, | 7/11 at 100.00 | AAA | 3,240,960 | ||||
5.250%, 7/01/21 - FSA Insured | ||||||||
775 | Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2003A-2, | 7/13 at 100.00 | AAA | 840,472 | ||||
5.000%, 7/01/21 - MBIA Insured | ||||||||
6,000 | Northern California Power Agency, Revenue Refunding Bonds, Hydroelectric Project 1, Series 1998A, | 7/08 at 101.00 | AAA | 6,340,380 | ||||
5.200%, 7/01/32 - MBIA Insured | ||||||||
3,000 | Sacramento Municipal Utility District, California, Electric Revenue Bonds, Series 2001N, 5.000%, | 8/11 at 100.00 | AAA | 3,142,260 | ||||
8/15/28 - MBIA Insured | ||||||||
5,630 | Southern California Public Power Authority, Subordinate Revenue Refunding Bonds, Transmission | 7/12 at 100.00 | AAA | 5,879,240 | ||||
Project, Series 2002A, 4.750%, 7/01/19 - FSA Insured | ||||||||
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Water and Sewer - 16.7% (11.3% of Total Investments) | ||||||||
3,000 | California Department of Water Resources, Water System Revenue Bonds, Central Valley Project, | 12/12 at 100.00 | AAA | 3,254,010 | ||||
Series 2002X, 5.150%, 12/01/23 - FGIC Insured | ||||||||
6,100 | East Bay Municipal Utility District, Alameda and Contra Costa Counties, California, Water System | 6/11 at 100.00 | AAA | 6,394,384 | ||||
Subordinated Revenue Bonds, Series 2001, 5.000%, 6/01/26 - MBIA Insured (PLG) | ||||||||
9,000 | Eastern Municipal Water District, California, Water and Sewerage System Revenue Certificates of | 7/11 at 100.00 | AAA | 9,370,440 | ||||
Participation, Series 2001B, 5.000%, 7/01/30 - FGIC Insured | ||||||||
4,500 | Los Angeles County Sanitation Districts Financing Authority, California, Senior Revenue Bonds, | 10/13 at 100.00 | AAA | 4,855,365 | ||||
Capital Projects, Series 2003A, 5.000%, 10/01/23 - FSA Insured | ||||||||
3,475 | Manteca Financing Authority, California, Sewerage Revenue Bonds, Series 2003B, 5.000%, 12/01/33 - | 12/13 at 100.00 | Aaa | 3,526,187 | ||||
MBIA Insured | ||||||||
9,185 | Orange County Sanitation District, California, Certificates of Participation, Series 2003, 5.000%, | 8/13 at 100.00 | AAA | 9,639,474 | ||||
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 | AAA | 1,471,283 | ||||
1,415 | 5.500%, 12/01/21 - XLCA Insured | 12/14 at 100.00 | AAA | 1,580,796 |
$ 335,225 | Total Long-Term Investments (cost $330,901,258) - 148.3% | 355,986,073 | ||||||||
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Other Assets Less Liabilities - 0.9% | 2,083,410 | |||||||||
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Preferred Shares, at Liquidation Value - (49.2)% | (118,000,000) | |||||||||
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Net Assets Applicable to Common Shares - 100% | $240,069,483 | |||||||||
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Forward Swaps outstanding at May 31, 2005: | ||||||||||
Unrealized | ||||||||||
Notional | Effective | Termination | Appreciation | |||||||
Amount | Date(2) | Date | (Depreciation) | |||||||
|
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Agreement with Goldman Sachs dated December 6, 2004, to pay | ||||||||||
semi-annually the notional amount multiplied by 5.324% (annualized) | ||||||||||
and receive quarterly the notional amount multiplied by the | ||||||||||
three-month USD-LIBOR (United States Dollar-London | ||||||||||
Inter-Bank Offered Rates). | $5,800,000 | 7/11/05 | 7/11/25 | $(464,011) | ||||||
Agreement with JPMorgan dated January 11, 2005, to pay semi- | ||||||||||
annually the notional amount multiplied by 5.235% (annualized) | ||||||||||
and receive quarterly the notional amount multiplied by the three-month | ||||||||||
USD-LIBOR (United States Dollar-London Inter-Bank Offered Rates). | 6,600,000 | 8/17/05 | 8/17/25 | (440,625) | ||||||
Agreement with Merrill Lynch dated February 14, 2005, to pay semi- | ||||||||||
annually the notional amount multiplied by 4.886% (annualized) | ||||||||||
and receive quarterly the notional amount multiplied by the three-month | ||||||||||
USD-LIBOR (United States Dollar-London Inter-Bank Offered Rates). | 6,000,000 | 8/24/05 | 8/24/25 | (128,137) | ||||||
|
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$(1,032,773) | ||||||||||
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At least 80% of the Fund's 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 any of which ensure the timely payment of principal and interest. Up to 20% of the Fund's 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) municipal bonds that are rated, at the time of | ||||||||||
investment, within the four highest grades (Baa or BBB or better by Moody's, S&P 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) | Effective date represents the date on which both the Fund and counterparty commence interest payment accruals | |||||||||
on each forward swap contract. | ||||||||||
* | 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. | ||||||||||
** | Ratings: Using the higher of Standard & Poor's or Moody's rating. | |||||||||
*** | Securities are backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency | |||||||||
securities which ensures the timely payment of principal and interest. | ||||||||||
(WI) | Security purchased on a when-issued basis. | |||||||||
(PLG) | Portion of security, with an aggregate market value of $566,060 has been pledged to collateralize the net | |||||||||
payment obligations under forward swap contracts. | ||||||||||
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 income on taxable market | ||||||||||
discount securities and timing differences in recognizing certain gains and losses on investment transactions. | ||||||||||
At May 31, 2005, the cost of investments was $330,924,971. | ||||||||||
Gross unrealized appreciation and gross unrealized depreciation of investments at May 31, 2005, were as | ||||||||||
follows: | ||||||||||
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||||||||||
Gross unrealized: | ||||||||||
Appreciation | $25,212,483 | |||||||||
Depreciation | (151,381) | |||||||||
|
||||||||||
Net unrealized appreciation of investments | $25,061,102 | |||||||||
|
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: 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/ Jessica R. Droeger--Vice President and Secretary
Date 07/29/05
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--Chief Administrative Officer (principal executive officer)
Date 07/29/05
By (Signature and Title)* /s/ Stephen D. Foy--Vice President and Controller (principal financial officer)
Date 07/29/05
* Print the name and title of each signing officer under his or her signature.