UNITEDSTATES
SECURITIESANDEXCHANGECOMMISSION
Washington,D.C.20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
Investment Company Act file number 811-21177
Name of Fund: BlackRock California Insured Municipal Income Trust (BCK)
Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809
Name and address of agent for service: Donald C. Burke, Chief Executive Officer, BlackRock
California Insured Municipal Income Trust, 800 Scudders Mill Road, Plainsboro, NJ, 08536.
Mailing address: P.O. Box 9011, Princeton, NJ, 08543-9011
Registrants telephone number, including area code: (800) 882-0052, Option 4
Date of fiscal year end: 08/31/2009
Date of reporting period: 05/31/2009
Item 1 Schedule of Investments
BlackRock California Insured Municipal Income Trust | ||||
Schedule of Investments May 31, 2009 (Unaudited) | (Percentages shown are based on Net Assets) | |||
Par | ||||
Municipal Bonds | (000) | Value | ||
California - 140.8% | ||||
County/City/Special District/School Benicia, California, Unified School District, GO, Series B, | ||||
District - 77.2% | 5.531%, 8/01/23 (a)(b) | $ 6,500 | $ 3,030,690 | |
Central Unified School District, California, GO (Election of | ||||
2008), Series A, 5.625%, 8/01/33 (c) | 400 | 411,992 | ||
Ceres, California, Unified School District, GO (Election of | ||||
2001), Series B, 5.906%, 8/01/30 (a)(b)(d) | 3,055 | 898,109 | ||
Ceres, California, Unified School District, GO (Election of | ||||
2001), Series B, 5.914%, 8/01/31 (a)(b)(d) | 3,180 | 879,938 | ||
Ceres, California, Unified School District, GO (Election of | ||||
2001), Series B, 5.919%, 8/01/32 (a)(b)(d) | 3,300 | 859,254 | ||
Ceres, California, Unified School District, GO (Election of | ||||
2001), Series B, 5.923%, 8/01/33 (a)(b)(d) | 3,440 | 840,495 | ||
Ceres, California, Unified School District, GO (Election of | ||||
2001), Series B, 5.892%, 8/01/34 (a)(b)(d) | 3,575 | 830,472 | ||
Ceres, California, Unified School District, GO (Election of | ||||
2001), Series B, 5.896%, 8/01/35 (a)(b)(d) | 3,275 | 716,897 | ||
Evergreen, California, Elementary School District, GO (Election | ||||
of 2006), Series B, 5.125%, 8/01/33 (c) | 5,000 | 5,009,450 | ||
Fontana Unified School District, California, GO (Election of | ||||
2006), Series B, 5.25%, 8/01/26 (e) | 5,400 | 5,668,110 | ||
Glendale, California, Community College District, GO (Election | ||||
of 2002), Series D, 5%, 11/01/31 (a) | 2,500 | 2,473,300 | ||
Hemet, California, Unified School District, GO, Series B, | ||||
5.125%, 8/01/37 (c) | 2,140 | 2,113,122 | ||
Kern County, California, COP (Capital Improvements Projects), | ||||
Series A, 6%, 8/01/35 (c) | 1,500 | 1,569,285 | ||
Long Beach, California, Unified School District, GO (Election of | ||||
2008), Series A, 5.75%, 8/01/33 | 1,000 | 1,059,730 | ||
Los Angeles, California, Community College District, GO | ||||
(Election of 2001), Series A, 5%, 8/01/32 (d)(e) | 3,000 | 2,975,400 | ||
Los Angeles, California, Community College District, GO, | ||||
Refunding (Election of 2008), Series A, 6%, 8/01/33 | 3,825 | 4,116,350 | ||
Los Angeles, California, Unified School District, GO, Series D, | ||||
5%, 7/01/26 | 600 | 611,886 | ||
Morongo, California, Unified School District, GO (Election of | ||||
2005), Series A, 5.25%, 8/01/38 (c) | 1,775 | 1,780,130 | ||
Portfolio Abbreviations |
To simplify the listings of portfolio holdings in the Schedule of Investments, the names and descriptions of many of the
securities have been abbreviated according to the list below.
COP | Certificates of Participation |
GO | General Obligation Bonds |
VRDN | Variable Rate Demand Notes |
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BlackRock California Insured Municipal Income Trust | ||||
Schedule of Investments May 31, 2009 (Unaudited) | (Percentages shown are based on Net Assets) | |||
Par | ||||
Municipal Bonds | (000) | Value | ||
Murrieta Valley, California, Unified School District, Public | ||||
Financing Authority, Special Tax Revenue Bonds, Series A, | ||||
5.125%, 9/01/26 (c) | $ 1,000 | $ 1,005,640 | ||
Riverside, California, Unified School District, GO (Election of | ||||
2001), Series A, 5%, 2/01/27 (a)(d) | 5,000 | 5,004,650 | ||
San Diego, California, Community College District, GO | ||||
(Election of 2002), 5.25%, 8/01/33 | 2,000 | 2,042,540 | ||
San Jose, California, Financing Authority, Lease Revenue | ||||
Refunding Bonds (Civic Center Project), Series B, | ||||
5%, 6/01/37 (f) | 6,000 | 5,815,440 | ||
San Leandro, California, Unified School District, GO (Election | ||||
of 2006), Series B, 6.25%, 8/01/29 (e) | 1,125 | 1,232,899 | ||
Stockton, California, Unified School District, GO (Election of | ||||
2005), 5%, 8/01/31 (e) | 3,000 | 2,991,810 | ||
Westminster, California, Redevelopment Agency, Westminster | ||||
Commercial Redevelopment Project Number 1, Subordinate | ||||
Tax Allocation Bonds (Police Facility), 6.25%, 11/01/39 (c) | 1,000 | 1,053,160 | ||
54,990,749 | ||||
Education - 14.3% | Alameda County, California, Joint Powers Authority, Lease | |||
Revenue Refunding Bonds, 5%, 12/01/34 (e) | 1,200 | 1,153,200 | ||
California Educational Facilities Authority Revenue Bonds | ||||
(Scripps College), 5%, 8/01/31 (a) | 2,385 | 2,591,613 | ||
Pittsburg, California, GO (Election of 2006), Series B, 5.50%, | ||||
8/01/34 (e) | 2,000 | 2,040,240 | ||
Snowline, California, Joint Unified School District, COP (2009 | ||||
Refinancing Program), 5.75%, 9/01/38 (c) | 2,000 | 2,030,760 | ||
University of California Revenue Bonds, Series O, 5.75%, | ||||
5/15/34 | 2,200 | 2,365,704 | ||
10,181,517 | ||||
State - 11.4% | California State, GO, 6.50%, 4/01/33 | 3,875 | 4,212,125 | |
California State University, Systemwide Revenue Refunding | ||||
Bonds, Series A, 5%, 11/01/30 (f) | 4,000 | 3,942,960 | ||
8,155,085 | ||||
Transportation - 5.3% | San Joaquin Hills, California, Transportation Corridor Agency, | |||
Toll Road Revenue Refunding Bonds, Series A, | ||||
5.49%, 1/15/31 (a)(b) | 20,000 | 3,759,800 | ||
Utilities - 32.6% | California State Department of Water Resources, Water | |||
System Revenue Refunding Bonds (Central Valley Project), | ||||
Series AE, 5%, 12/01/28 | 2,500 | 2,623,800 | ||
East Bay Municipal Utility District, California, Water System | ||||
Revenue Bonds, Sub-Series A, 5%, 6/01/35 (a) | 3,000 | 3,000,000 | ||
East Bay Municipal Utility District, California, Water System | ||||
Revenue Refunding Bonds, Series A, 5%, 6/01/37 (a)(d) | 4,000 | 3,970,200 | ||
Los Angeles, California, Wastewater System Revenue | ||||
Refunding Bonds, Series A, 5%, 6/01/32 (a)(d) | 4,000 | 3,951,520 |
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BlackRock California Insured Municipal Income Trust | ||||
Schedule of Investments May 31, 2009 (Unaudited) | (Percentages shown are based on Net Assets) | |||
Par | ||||
Municipal Bonds | (000) | Value | ||
Los Angeles, California, Wastewater System Revenue | ||||
Refunding Bonds, Sub-Series A, 5%, 6/01/27 (a) | $ 5,000 | $ 5,037,850 | ||
Metropolitan Water District of Southern California, | ||||
Waterworks Revenue Bonds, Series B-2, 5%, 10/01/27 (a)(d) | 1,750 | 1,788,185 | ||
Napa, California, Water Revenue Bonds, 5%, 5/01/35 (f) | 3,000 | 2,886,090 | ||
23,257,645 | ||||
Total Municipal Bonds - 140.8% | 100,344,796 | |||
Municipal Bonds Transferred to Tender | ||||
Option Bond Trusts (g) | ||||
California - 13.4% | ||||
Utilities - 13.4% | San Diego County, California, Water Authority, Water Revenue | |||
Refunding Bonds, COP, Series A, 5%, 5/01/32 (a) | 5,292 | 5,297,245 | ||
San Diego County, California, Water Authority, Water Revenue | ||||
Refunding Bonds, COP, Series A, 5%, 5/01/33 (e) | 4,250 | 4,208,860 | ||
Total Municipal Bonds Transferred to | ||||
Tender Option Bond Trusts - 13.4% | 9,506,105 | |||
Total Long-Term Investments | ||||
(Cost - $111,372,586) - 154.2% | 109,850,901 | |||
Short-Term Securities | ||||
California - 4.2% | Los Angeles County, California, Metropolitan Transportation | |||
Authority, Sales Tax Revenue Refunding Bonds, Proposition | ||||
C, VRDN, Second Senior Series A, 5.75%, 6/08/09 (a)(h) | 3,000 | 3,000,000 | ||
Shares | ||||
Money Market Fund - 2.4% | CMA California Municipal Money Fund, 0.07% (i)(j) | 1,711,916 | 1,711,916 | |
Total Short-Term Securities (Cost - $4,711,916) - 6.6% | 4,711,916 | |||
Total Investments (Cost - $116,084,502*) - 160.8% | 114,562,817 | |||
Liabilities in Excess of Other Assets- (1.4)% | (985,883) | |||
Liability for Trust Certificates, Including Interest | ||||
Expense and Fees Payable - (6.7)% | (4,774,929) | |||
Preferred Shares, at Redemption Value - (52.7)% | (37,553,574) | |||
Net Assets Applicable to Common Shares - 100.0% | $ 71,248,431 |
* The cost and unrealized appreciation (depreciation) of investments as of May 31, 2009, as computed for federal income
tax purposes, were as follows:
Aggregate cost | $ 111,364,775 |
Unrealized appreciation | 1,628,717 |
Unrealized depreciation | (3,202,524) |
Net unrealized depreciation | $ (1,573,807) |
(a) NPFGC Insured.
(b) Represents a zero-coupon bond. Rate shown reflects the current yield as of report date.
(c) Assured Guaranty Insured.
(d) FGIC Insured.
(e) FSA Insured.
(f) AMBAC Insured.
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BlackRock California Insured Municipal Income Trust
Schedule of Investments May 31, 2009 (Unaudited)
(g) Securities represent bonds transferred to a tender option bond trust in exchange for which the Trust acquired residual
interest certificates. These securities serve as collateral in a financing transaction.
(h) Security may have a maturity of more than one year at the time of issuance but has variable rate and demand features
that qualify it as a short-term security. Rate shown is as of report date and maturity shown is the date the principal
owed can be recovered through demand.
(i) Investments in companies considered to be an affiliate of the Trust for purposes of Section 2(a)(3) of the Investment
Company Act of 1940, were as follows:
Affiliate | Net Activity | Income |
CMA California Municipal Money Fund | (4,560,951) | $ 36,477 |
(j) Represents the current yield as of report date.
Effective September 1, 2008, the Trust adopted Financial Accounting Standards Board Statement of Financial Accounting
Standards No. 157, "Fair Value Measurements" ("FAS 157"). FAS 157 clarifies the definition of fair value, establishes a
framework for measuring fair values and requires additional disclosures about the use of fair value measurements.
Various inputs are used in determining the fair value of investments, which are as follows:
Level 1 - price quotations in active markets/exchanges for identical securities
Level 2 - other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in
markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not
active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates,
yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-
corroborated inputs)
Level 3 - unobservable inputs based on the best information available in the circumstances, to the extent
observable inputs are not available (including the Trust's own assumptions used in determining the fair value
of investments)
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with
investing in those securities. For information about the Trust's policy regarding valuation of investments and other
significant accounting policies, please refer to the Trust's most recent financial statements as contained in its semi-
annual report.
The following table summarizes the inputs used as of May 31, 2009 in determining the fair valuation of the Trust's
investments:
Valuation | Investments in |
Inputs | Securities |
Assets | |
Level 1 | $ 1,711,916 |
Level 2 | 112,850,901 |
Level 3 | - |
Total | $ 114,562,817 |
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Item 2 Controls and Procedures
2(a) The registrants principal executive and principal financial officers or persons performing
similar functions have concluded that the registrants disclosure controls and procedures (as
defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the
1940 Act)) are effective as of a date within 90 days of the filing of this report based on the
evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act
and Rule 13(a)-15(b) under the Securities Exchange Act of 1934, as amended.
2(b) There were no changes in the registrants internal control over financial reporting (as
defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrants last fiscal
quarter that have materially affected, or are reasonably likely to materially affect, the
registrants internal control over financial reporting.
Item 3 Exhibits
Certifications 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.
BlackRock California Insured Municipal Income Trust
By: /s/ Donald C. Burke
Donald C. Burke
Chief Executive Officer of
BlackRock California Insured Municipal Income Trust
Date: July 15, 2009
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/ Donald C. Burke
Donald C. Burke
Chief Executive Officer (principal executive officer) of
BlackRock California Insured Municipal Income Trust
Date: July 15, 2009
By: /s/ Neal J. Andrews
Neal J. Andrews
Chief Financial Officer (principal financial officer) of
BlackRock California Insured Municipal Income Trust
Date: July 15, 2009