UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
Investment Company Act file number: 811-21177
BlackRock California Insured Municipal Income Trust
(Exact name of registrant as specified in charter)
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100 Bellevue Parkway, Wilmington, DE
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19809
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| (Address of principal executive offices) | (Zip code) |
| Robert S. Kapito, President |
| BlackRock California Insured Municipal Income Trust |
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40 East 52nd Street, New York, NY 10022
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| (Name and address of agent for service) |
Registrant’s telephone number, including area code: 888-825-2257
Date of fiscal year end: August 31, 2007
Date of reporting period: November 30, 2006
Item 1. Schedule of Investments.
The Registrant’s unaudited schedule of investments as of the close of the reporting period pursuant to Rule 30b1-5 under the Investment Company Act of 1940 is as follows:
| PORTFOLIO OF INVESTMENTS (unaudited) | ||||||||
| NOVEMBER 30, 2006 | ||||||||
| BlackRock California Insured Municipal Income Trust (BCK) | ||||||||
| (Percentage of Net Assets) | ||||||||
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Provisions2 | Value | |||||
| LONG-TERM INVESTMENTS—151.0% | ||||||||
| California—151.0% | ||||||||
| AAA | $ 6,500 | Benicia Unified Sch. Dist., Sch. Impvts. Ad Valorem Ppty. Tax GO, Ser. B, Zero Coupon, | ||||||
| 8/01/23, MBIA | No Opt. Call | $ | 3,203,525 | |||||
| AAA | 4,000 | California St. GO, 5.00%, 6/01/31, AMBAC | 12/14 @ 100 | 4,271,640 | ||||
| AAA | 1,000 | California St. Univ., Coll. & Univ. RB, Ser. C, 5.00%, 11/01/38, MBIA | 11/15 @ 100 | 1,072,820 | ||||
| Ceres Unified Sch. Dist., Sch. Impvts. Ad Valorem Ppty. Tax GO, | ||||||||
| AAA | 3,055 | Ser. B, Zero Coupon, 8/01/30, FGIC | 08/12 @ 34.887 | 844,860 | ||||
| AAA | 3,180 | Ser. B, Zero Coupon, 8/01/31, FGIC | 08/12 @ 32.868 | 828,517 | ||||
| AAA | 3,300 | Ser. B, Zero Coupon, 8/01/32, FGIC | 08/12 @ 30.966 | 810,051 | ||||
| AAA | 3,440 | Ser. B, Zero Coupon, 8/01/33, FGIC | 08/12 @ 29.174 | 795,534 | ||||
| AAA | 3,575 | Ser. B, Zero Coupon, 8/01/34, FGIC | 08/12 @ 27.782 | 787,287 | ||||
| AAA | 3,275 | Ser. B, Zero Coupon, 8/01/35, FGIC | 08/12 @ 26.186 | 679,825 | ||||
| City of Los Angeles, Swr. RB, | ||||||||
| AAA | 5,000 | Ser. A, 5.00%, 6/01/27, MBIA | 06/13 @ 100 | 5,307,300 | ||||
| AAA | 6,025 | Ser. A, 5.00%, 6/01/32, FGIC | 06/12 @ 100 | 6,359,508 | ||||
| AAA | 11,125 | City of Santa Rosa, Swr. Impvts. RB, Ser. B, Zero Coupon, 9/01/27, AMBAC | No Opt. Call | 4,573,043 | ||||
| Aaa | 6,5003 | Dept. of Wtr. Res., Elec., Pwr. & Lt. RB, Ser. A, 5.25%, 5/01/12 | N/A | 7,131,020 | ||||
| AAA | 2,385 | Edl. Facs. Auth., Univ. & Coll. Impvts. RB, Scripps Coll. Proj., 5.00%, 8/01/31, MBIA | 08/11 @ 100 | 2,485,528 | ||||
| Infrastructure & Econ. Dev., | ||||||||
| AAA | 2,3003 | Hwy. Impvts. Tolls RB, Bay Area Toll Brdgs. Proj., Ser. A, 5.00%, 1/01/28, AMBAC | N/A | 2,654,108 | ||||
| AAA | 4,500 | Pub. Impvts. Misc. RB, Rand Corp. Proj., Ser. A, 5.25%, 4/01/42, AMBAC | 04/12 @ 100 | 4,767,210 | ||||
| A3 | 2,600 | Kaweah Delta Hlth. Care Dist., Hlth., Hosp. & Nursing Home RB, 6.00%, 8/01/34 | 08/12 @ 102 | 2,869,828 | ||||
| AAA | 2,000 | Long Beach Unified Sch. Dist., Sch. Impvts. Ad Valorem Tax GO, Ser. D, 5.00%, 8/01/31, | ||||||
| FSA | 08/10 @ 101 | 2,086,900 | ||||||
| Los Angeles Dept. of Wtr. & Pwr., | ||||||||
| AAA | 5,000 | Wtr. RB, Ser. A, 5.00%, 7/01/43, FGIC | 07/12 @ 100 | 5,265,800 | ||||
| AAA | 5,000 | Wtr. Util. Impvts RB, Ser. A, 5.125%, 7/01/41, FGIC | 07/11 @ 100 | 5,231,050 | ||||
| AAA | 5,0003 | Los Angeles Unified Sch. Dist., Sch. Impvts. Ad Valorem Ppty. Tax GO, Ser. E, 5.125%, | ||||||
| 7/01/12, MBIA | N/A | 5,424,700 | ||||||
| AAA | 2,5003 | North Orange Cnty. Cmnty. Coll. Dist., Univ.& Coll. Impvts. Ad Valorem Ppty. Tax GO, | ||||||
| Ser. A, 5.00%, 8/01/12, MBIA | N/A | 2,714,425 | ||||||
| AAA | 5,000 | Northern California Pwr. Agcy., Elec., Pwr. & Lt. RB, Hydroelec. Proj., Ser. A, 5.00%, | ||||||
| 7/01/28, MBIA | 07/08 @ 101 | 5,134,550 | ||||||
| AAA | 5,000 | Pub. Wks. Brd., Pub. Impvts. Lease Abatement RB, Ser. A, 5.00%, 12/01/27, AMBAC | 12/12 @ 100 | 5,261,750 | ||||
| AAA | 5,000 | Riverside Unified Sch. Dist., Sch. Impvts. Ad Valorem Ppty. Tax GO, Ser. A, 5.00%, | ||||||
| 2/01/27, FGIC | 02/12 @ 101 | 5,293,100 | ||||||
| AAA | 5,295 | San Diego Cnty. Wtr. Auth., Wtr. Util. Impvts. Wtr. COP, Ser. A, 5.00%, 5/01/32, MBIA | 05/12 @ 101 | 5,616,618 | ||||
| AAA | 4,805 | San Diego Redev. Agcy. TA, Ctr. City Proj., Ser. A, 5.00%, 9/01/28, MBIA | 09/11 @ 101 | 5,037,850 | ||||
| AAA | 4,000 | San Diego St. Univ. RB, Ser. A, 5.00%, 3/01/37, MBIA | 03/12 @ 100 | 4,212,760 | ||||
| AAA | 20,000 | San Joaquin Hills Transp. Corridor Agcy., Hwy. Tolls RB, Ser. A, Zero Coupon, 1/15/31, | ||||||
| MBIA | No Opt. Call | 7,132,200 | ||||||
| AAA | 6,000 | San Jose Fin. Auth., Lease Abatement RB, Civic Ctr. Proj., Ser. B, 5.00%, 6/01/37, | ||||||
| AMBAC | 06/12 @ 100 | 6,281,040 | ||||||
| AAA | 3,000 | Tustin Unified Sch. Dist., Sch. Impvts. ST, Cmnty. Facs. Dist. 97-1 Proj., Ser. A, 5.00%, | ||||||
| 9/01/38, FSA | 09/12 @ 100 | 3,143,190 | ||||||
| AAA | 3,000 | West Valley-Mission Cmnty. Coll. Dist., Univ. & Coll. Impvts. Ad Valorem Ppty. Tax GO, | ||||||
| Election 2004, 4.75%, 8/01/30, FSA | 08/16 @ 100 | 3,154,230 | ||||||
| AAA | 4,000 | Westlands Wtr. Dist., Wtr. Util. Impvts. Wtr. COP, 5.00%, 9/01/34, MBIA | 09/12 @ 101 | 4,208,560 | ||||
| Total Long-Term Investments (cost $115,508,366) | 124,640,327 | |||||||
1
BlackRock California Insured Municipal Income Trust (BCK) (continued)
(Percentage of Net Assets)
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| (000) | |
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| MONEY MARKET FUND—3.3% | ||||||||
| 2,650 | AIM Tax Free Cash Reserve Portfolio - Institutional Class (cost $2,650,000) |
$
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2,650,000 | |||||
| Total Investments —154.3% (cost $118,158,3664) |
$
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127,290,327 | ||||||
| Other assets in excess of liabilities —2.1% | 1,763,816 | |||||||
| Preferred shares at redemption value, including dividends payable —(56.4)% |
(46,514,527)
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| Net Assets Applicable to Common Shareholders—100% |
$
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82,539,616 |
| 1 | Using the highest of Standard & Poor's, Moody's Investor Services or Fitch Ratings. |
| 2 | Date (month/year) and price of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. |
| 3 | This bond is prerefunded. U.S. government securities, held in escrow, are used to pay interest on this security, as well as retire the bond in full at the date indicated, typically at a premium to par. |
| 4 | Cost for federal income tax purposes is $118,158,838. The net unrealized appreciation on a tax basis is $9,131,489, consisting of $9,131,489 gross unrealized appreciation and $0 gross unrealized depreciation. |
| The value (market value plus accrued interest) of securities that are covered by insurance, which ensures the payment of principal and interest, represent approximately 92.8% of the Trust's managed assets. | |
| AMBAC | — |
21.9%
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| FGIC | — |
21.2%
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| FSA | — |
7.2%
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| MBIA | — |
40.4%
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| Other | — |
2.1%
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KEY TO ABBREVIATIONS
| AMBAC | — | American Municipal Bond Assurance Corp. | MBIA | — | Municipal Bond Insurance Assoc. |
| COP | — | Certificate of Participation | RB | — | Revenue Bond |
| FGIC | — | Financial Guaranty Insurance Co. | ST | — | Special Tax |
| FSA | — | Financial Security Assurance | TA | — | Tax Allocation |
| GO | — | General Obligation |
2
Item 2. Controls and Procedures.
(a) The Registrant’s principal executive and principal financial officers have evaluated the Registrant’s disclosure controls and procedures within 90 days of this filing and have concluded, as of that date, that the Registrant’s disclosure controls and procedures were reasonably designed to ensure that information required to be disclosed by the Registrant in this Form N-Q was recorded, processed, summarized, and reported within the required time periods and that information to be disclosed by the Registrant in this Form N-Q was accumulated and communicated to the Registrant’s management, including its principal executive and principal financial officers, as appropriate, to allow timely decisions regarding required disclosure.
(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.
Separate certifications of the Registrant’s Principal Executive and Financial Officers pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 are attached as EX-99.CERT.
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) BlackRock California Insured Municipal Income Trust | |
| By: | /s/ Donald C. Burke |
| Name: Donald C. Burke | |
| Title: Treasurer and Principal Financial Officer | |
| Date: January 25, 2007 | |
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: | /s/ Robert S. Kapito |
| Name: Robert S. Kapito | |
| Title: President and Principal Executive Officer | |
| Date: January 25, 2007 | |
| By: | /s/ Donald C. Burke |
| Name: Donald C. Burke | |
| Title: Treasurer and Principal Financial Officer | |
| Date: January 25, 2007 | |