NKL Nuveen Insured California Dividend Advantage Municipal Fund Common Shares of Beneifical Interest

Nuveen Investments, a leading global provider of investment services to institutions as well as high-net-worth and affluent investors, today announced that two closed-end funds each has priced a private offering of Variable Rate Demand Preferred (VRDP) shares to be placed with qualified institutional buyers, as defined pursuant to Rule 144A under the Securities Act of 1933. The following amounts of VRDP shares have been issued by each fund:

      Nuveen California Dividend Advantage Municipal Fund (NYSE: NAC) $136.2 million Nuveen Insured California Dividend Advantage Municipal Fund (AMEX: NKL) $104.4 million  

The proceeds from each offering will be used to redeem at par all of the funds’ outstanding auction-rate preferred shares (ARPS). The funds’ Board of Trustees has approved each redemption, which total $240.6 million. Each refinancing is expected to lower the relative costs of leverage for the funds over time while also providing liquidity at par for the holders the funds’ ARPS.

VRDP shares include a liquidity feature that allows holders of VRDP to have their shares purchased by a liquidity provider in the event that sell orders have not been matched with purchase orders and successfully settled in a remarketing. The liquidity feature for these funds’ VRDP is being provided by Morgan Stanley Bank, N.A. VRDP terms require the fund to redeem VRDP shares still owned by the liquidity provider if there are six months of continuous, unsuccessful remarketing. The funds’ VRDP shares are considered for tax purposes to be equity issued by the fund, based on an IRS private letter ruling received by Nuveen funds in February 2011. This affords VRDP share dividends the same tax treatment as the income on each fund’s underlying investments.

VRDP dividends will be set weekly at a rate established by Morgan Stanley & Co. LLC as remarketing agent, subject to a maximum rate which will increase over time in the event of an extended period of unsuccessful remarketing.

This notice is being provided pursuant to Regulation FD (Fair Disclosure) to ensure that the fund’s common and preferred shareholders have been informed of the fund’s issuance of VRDP and its intention to redeem its outstanding ARPS, which may not occur as scheduled.

No VRDP shares have been registered under the Securities Act of 1933 (the Securities Act) or any state securities laws. Unless so registered, no VRDP shares may be offered or sold in the United States except pursuant to an exemption from the registration requirements of the Securities Act and applicable state securities laws. This press release is neither an offer to sell nor a solicitation of an offer to buy any of these securities.

Nuveen Investments provides high quality investment services designed to help secure the long-term goals of institutions, high net worth and affluent investors as well as the consultants and financial advisors who serve them. Nuveen Investments markets a wide range of specialized investment solutions which provide investors access to capabilities of its high-quality boutique investment affiliates - NWQ, Nuveen Asset Management, Santa Barbara, Symphony, Tradewinds and Winslow Capital. In total, Nuveen Investments had $212 billion of assets under management as of April 30, 2011. For more information, please visit the Nuveen Investments website at www.nuveen.com.

FORWARD LOOKING STATEMENTS

Certain statements made in this release are forward-looking statements. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements due to numerous factors. These include, but are not limited to:

• market developments;
• legal and regulatory developments; and
• other additional risks and uncertainties.

Nuveen and the closed-end funds managed by Nuveen and its affiliates undertake no responsibility to update publicly or revise any forward-looking statements.