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: Anne F. Ackerley, Chief Executive Officer, BlackRock
California Insured Municipal Income Trust, 55 East 52nd Street, New York, NY 10055.
Registrants telephone number, including area code: (800) 882-0052, Option 4
Date of fiscal year end: 08/31/2010
Date of reporting period: 11/30/2009
Item 1 Schedule of Investments
BlackRock California Insured Municipal Income Trust (BCK) | ||||
Schedule of Investments November 30, 2009 | (Percentages shown are based on Net Assets) | |||
Par | ||||
Municipal Bonds | (000) | Value | ||
California - 126.3% | ||||
County/City/Special District/ | Benicia Unified School District, GO, CAB, Series B | |||
School District - 70.8% | (MBIA), 5.54%, 8/01/23 (a) | $ 6,500 $ | 2,933,060 | |
Central Unified School District, GO, Election of 2008, | ||||
Series A (AGC), 5.63%, 8/01/33 | 400 | 424,308 | ||
Ceres Unified School District, GO, CAB, Election of | ||||
2001, Series B (MBIA), 5.91%, 8/01/30 (a) | 3,055 | 795,033 | ||
Ceres Unified School District, GO, CAB, Election of | ||||
2001, Series B (MBIA), 5.92%, 8/01/31 (a) | 3,180 | 760,879 | ||
Ceres Unified School District, GO, CAB, Election of | ||||
2001, Series B (MBIA), 5.92%, 8/01/32 (a) | 3,300 | 732,699 | ||
Ceres Unified School District, GO, CAB, Election of | ||||
2001, Series B (MBIA), 5.92%, 8/01/33 (a) | 3,440 | 709,844 | ||
Ceres Unified School District, GO, CAB, Election of | ||||
2001, Series B (MBIA), 5.89%, 8/01/34 (a) | 3,575 | 683,576 | ||
Ceres Unified School District, GO, CAB, Election of | ||||
2001, Series B (MBIA), 5.90%, 8/01/35 (a) | 3,275 | 581,247 | ||
County of Kern California, COP, Capital Improvements | ||||
Projects, Series A (AGC), 6.00%, 8/01/35 | 1,500 | 1,640,295 | ||
Evergreen Elementary School District, GO, Election of | ||||
2006, Series B (AGC), 5.13%, 8/01/33 | 5,000 | 5,039,450 | ||
Fontana Unified School District California, GO, Election | ||||
of 2006, Series B (FSA), 5.25%, 8/01/26 | 5,400 | 5,731,506 | ||
Fontana Unified School District California, GO, Series A | ||||
(FSA), 5.25%, 8/01/31 | 2,000 | 2,034,600 | ||
Glendale Community College District California, GO, | ||||
Election of 2002, Series D (MBIA), 5.00%, 11/01/31 | 2,500 | 2,524,650 | ||
Long Beach Unified School District California, GO, | ||||
Refunding, Election of 2008, Series A, 5.75%, 8/01/33 | 1,000 | 1,071,930 | ||
Los Angeles Community College District California, GO, | ||||
Election of 2001, Series A (MBIA), 5.00%, | ||||
8/01/32 | 3,500 | 3,513,020 | ||
Murrieta Valley Unified School District Public Financing | ||||
Authority, Special Tax Bonds, Refunding, Series A | ||||
(AGC), 5.13%, 9/01/26 | 1,000 | 1,049,040 | ||
Pittsburg Unified School District, GO, Election of 2006, | ||||
Series B (FSA), 5.50%, 8/01/34 | 2,000 | 2,088,100 | ||
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 following list.
AGC | Assured Guaranty Corp. | FSA | Financial Security Assurance Inc. |
AMBAC | American Municipal Bond | GO | General Obligation Bonds |
Assurance Corp. | MBIA | Municipal Bond Investors Assurance | |
CAB | Capital Appreciation Bonds | (National Public Finance Guaranty Corp.) | |
COP | Certificates of Participation | RB | Revenue Bonds |
1
BlackRock California Insured Municipal Income Trust (BCK) | ||||
Schedule of Investments November 30, 2009 | (Percentages shown are based on Net Assets) | |||
Par | ||||
Municipal Bonds | (000) | Value | ||
Riverside Unified School District California, GO, Series A | ||||
(MBIA), 5.00%, 2/01/27 | $ 5,000 $ | 5,033,150 | ||
San Bernardino Community College District California, | ||||
GO, Election of 2002, Series C (FSA), 5.00%, 8/01/31 | 2,000 | 2,019,060 | ||
San Jose Financing Authority, Refunding RB, Civic | ||||
Center Project, Series B (AMBAC), 5.00%, 6/01/37 | 6,000 | 6,008,340 | ||
San Leandro Unified School District California, GO, | ||||
Election of 2006, Series B (FSA), 6.25%, 8/01/29 | 1,125 | 1,283,164 | ||
Snowline Joint Unified School District, COP, Refunding, | ||||
Refining Project (AGC), 5.75%, 9/01/38 | 2,000 | 2,172,400 | ||
Westminster Redevelopment Agency California, Tax | ||||
Allocation Bonds, Subordinate, Commercial | ||||
Redevelopment Project No. 1 (AGC), 6.25%, 11/01/39 | 2,000 | 2,237,880 | ||
51,067,231 | ||||
Education - 7.1% | California Educational Facilities Authority, RB, Scripps | |||
College (MBIA), 5.00%, 8/01/31 | 2,385 | 2,562,611 | ||
University of California, RB, Limited Project, Series D | ||||
(FSA), 5.00%, 5/15/41 | 2,600 | 2,527,668 | ||
5,090,279 | ||||
State - 3.7% | State of California, GO, Various Purpose, 6.50%, | |||
4/01/33 | 2,500 | 2,682,300 | ||
Transportation - 6.7% | County of Orange California, RB, Series B, 5.75%, | |||
7/01/34 | 1,000 | 1,074,560 | ||
San Joaquin Hills Transportation Corridor Agency | ||||
California, Refunding RB, CAB, Series A (MBIA), 5.49%, | ||||
1/15/31(a) | 20,000 | 3,767,800 | ||
4,842,360 | ||||
Utilities - 38.1% | California State Department of Water Resources, | |||
Refunding RB, Central Valley Project, Series AE, 5.00%, | ||||
12/01/28 | 2,500 | 2,641,775 | ||
City of Los Angeles California, Refunding RB, Series A | ||||
(MBIA), 5.00%, 6/01/32 | 4,000 | 4,029,880 | ||
City of Los Angeles California, Refunding RB, Sub-Series | ||||
A (MBIA), 5.00%, 6/01/27 | 5,000 | 5,083,400 | ||
City of Napa California, RB (AMBAC), 5.00%, 5/01/35 | 3,000 | 3,023,910 | ||
East Bay Municipal Utility District, RB, Series A (MBIA), | ||||
5.00%, 6/01/37 | 4,000 | 4,128,720 | ||
East Bay Municipal Utility District, RB, Sub-Series A | ||||
(MBIA), 5.00%, 6/01/35 | 3,000 | 3,084,180 | ||
Los Angeles Department of Water & Power, RB, System, | ||||
Sub-Series A-2 (FSA), 5.00%, 7/01/35 | 500 | 506,695 | ||
Metropolitan Water District of Southern California, RB, | ||||
Series B-2 (MBIA), 5.00%, 10/01/27 | 1,750 | 1,887,760 | ||
Orange County Sanitation District, COP, Series B (FSA), | ||||
5.00%, 2/01/37 | 3,000 | 3,059,550 | ||
27,445,870 | ||||
Total Municipal Bonds - 126.4% | 91,128,040 |
2
BlackRock California Insured Municipal Income Trust (BCK) | ||||
Schedule of Investments November 30, 2009 | (Percentages shown are based on Net Assets) | |||
Municipal Bonds Transferred to | Par | |||
Tender Option Bond Trusts (b) | (000) | Value | ||
County/City/Special District/ | Los Angeles Community College District California, GO, | |||
School District - 12.9% | Election of 2001, Series A (FSA), 5.00%, 8/01/32 | $ 3,000 $ | 3,014,970 | |
Los Angeles Community College District California, GO, | ||||
Election of 2008, Series A, 6.00%, 8/01/33 | 3,828 | 4,230,106 | ||
San Diego Community College District California, | ||||
GO, Election of 2002, 5.25%, 8/01/33 | 2,004 | 2,062,303 | ||
9,307,379 | ||||
Education - 3.4% | University of California, RB, Series O, 5.75%, 5/15/34 | 2,205 | 2,436,834 | |
Utilities - 13.2% | San Diego County Water Authority, COP, Refunding, | |||
Series 2008-A (FSA), 5.00%, 5/01/33 | 4,250 | 4,192,115 | ||
San Diego County Water Authority, COP, Refunding, | ||||
Series A (MBIA), 5.00%, 5/01/32 | 5,292 | 5,336,231 | ||
9,528,346 | ||||
Total Municipal Bonds Transferred to | ||||
Tender Option Bond Trusts - 29.5% | 21,272,559 | |||
Total Long-Term Investments | ||||
(Cost - $113,617,261) - 155.9% | 112,400,599 | |||
Short-Term Securities | Shares | |||
CMA California Municipal Money Fund, 0.04% (c)(d) | 512,901 | 512,901 | ||
Total Short-Term Securities | ||||
(Cost - $512,901) - 0.7% | 512,901 | |||
Total Investments (Cost - $114,130,162*) - 156.6% | 112,913,500 | |||
Other Assets Less Liabilities - 2.1% | 1,521,229 | |||
Liability for Trust Certificates, Including Interest | ||||
Expense and Fees Payable - (15.2)% | (10,995,570) | |||
Preferred Shares, at Redemption Value - (43.5)% | (31,328,125) | |||
Net Assets Applicable to Common Shares - 100.0% | $ 72,111,034 |
* The cost and unrealized appreciation (depreciation) of investments as of November 30, 2009, as
computed for federal income tax purposes, were as follows:
Aggregate cost | $ 103,138,424 |
Gross unrealized appreciation | $ 2,827,085 |
Gross unrealized depreciation | (4,041,214) |
Net unrealized depreciation | $ (1,214,129) |
(a) Represents a zero-coupon bond. Rate shown reflects the current yield as of report date.
(b) 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.
(c) 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 | $ (1,899,941) | $ 72 | |
(d) Represents the current yield as of report date. |
3
BlackRock California Insured Municipal Income Trust (BCK)
Schedule of Investments November 30 2009 (Unaudited)
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 assets and
liabilities
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, prepayments 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 annual report.
The following table summarizes the inputs used as of November 30, 2009 in
determining the fair valuation of the Trust's investments:
Valuation | Investments in |
Inputs | Securities |
Assets | |
Level 1 - Short-Term Securities | $ 512,901 |
Level 2 - Long-Term Investments1 | 112,400,599 |
Level 3 | - |
Total | $ 112,913,500 |
1See above Schedule of Investments for values in the state.
4
Item 2 Controls and Procedures
2(a) The registrant's principal executive and principal financial officers or persons performing
similar functions have concluded that the registrant's 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 registrant's internal control over financial reporting (as defined
in Rule 30a-3(d) under the 1940 Act) 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
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/ Anne F. Ackerley
Anne F. Ackerley
Chief Executive Officer of
BlackRock California Insured Municipal Income Trust
Date: January 22, 2010
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/ Anne F. Ackerley
Anne F. Ackerley
Chief Executive Officer (principal executive officer) of
BlackRock California Insured Municipal Income Trust
Date: January 22, 2010
By: /s/ Neal J. Andrews
Neal J. Andrews
Chief Financial Officer (principal financial officer) of
BlackRock California Insured Municipal Income Trust
Date: January 22, 2010