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
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
Registrant’s telephone number, including area code: (800) 882-0052, Option 4
Date of fiscal year end: 08/31/2008
Date of reporting period: 09/01/2007 – 11/30/2007
Item 1 – Schedule of Investments
| BlackRock California Insured Municipal Income Trust | ||
| Schedule of Investments as of November 30, 2007 (Unaudited) |
(in Thousands)
|
| Face | ||||||||
| Amount | Municipal Bonds | Value | ||||||
| California - 154.8% | $ | 6,500 | Benicia, California, Unified School District, GO, Series B, 5.45% due 8/01/2023 (e)(h) | $ | 3,148 | |||
| 2,385 |
California Educational Facilities Authority Revenue Bonds (Scripps College), 5% due 8/01/2031 (e) |
2,531 | ||||||
| 4,500 | California Infrastructure and Economic Development Bank Revenue Bonds (Rand Corporation), | |||||||
| Series A, 5.25% due 4/01/2012 (a)(f) | 4,859 | |||||||
| 6,500 | California State Department of Water Resources, Power Supply Revenue Bonds, Series A, 5.25% due 5/01/2012 (f) | 7,085 | ||||||
| 5,000 | California State Public Works Board, Lease Revenue Bonds (Department of General Services - | |||||||
| Capitol East End Complex), Series A, 5% due 12/01/2027 (a) | 5,167 | |||||||
| 1,000 | California State University, Systemwide Revenue Refunding Bonds, Series C, 5% due 11/01/2038 (e) | 1,040 | ||||||
| 4,000 | California State, Various Purpose, GO, Refunding, 5% due 6/01/2031 (a) | 4,121 | ||||||
| 3,055 | Ceres, California, Unified School District, GO (Election of 2001), Series B, 5.907% due 8/01/2030 (b)(h) | 871 | ||||||
| 3,180 | Ceres, California, Unified School District, GO (Election of 2001), Series B, 5.915% due 8/01/2031 (b)(h) | 855 | ||||||
| 3,300 | Ceres, California, Unified School District, GO (Election of 2001), Series B, 5.919% due 8/01/2032 (b)(h) | 835 | ||||||
| 3,440 | Ceres, California, Unified School District, GO (Election of 2001), Series B, 5.924% due 8/01/2033 (b)(h) | 821 | ||||||
| 3,575 | Ceres, California, Unified School District, GO (Election of 2001), Series B, 5.894% due 8/01/2034 (b)(h) | 812 | ||||||
| 3,275 | Ceres, California, Unified School District, GO (Election of 2001), Series B, 5.896% due 8/01/2035 (b)(h) | 701 | ||||||
| 2,600 | Kaweah Delta Health Care District, California, Revenue Refunding Bonds, 6% due 8/01/2012 (f) | 2,945 | ||||||
| 2,000 | Long Beach, California, Unified School District, GO, Series D, 5% due 8/01/2031 (c) | 2,059 | ||||||
| 5,000 | Los Angeles, California, Department of Water and Power, Waterworks Revenue Bonds, Series A, 5% due 7/01/2043 (b) | 5,108 | ||||||
| 5,000 | Los Angeles, California, Department of Water and Power, Waterworks Revenue Refunding | |||||||
| Bonds, Series A, 5.125% due 7/01/2041 (b) | 5,111 | |||||||
| 3,000 | Los Angeles, California, Unified School District, GO (Election of 1997), Series E, 5.125% due 7/01/2012 (e)(f) | 3,236 | ||||||
| 6,025 | Los Angeles, California, Wastewater System Revenue Refunding Bonds, Series A, 5% due 6/01/2032 (b) | 6,198 | ||||||
| 5,000 | Los Angeles, California, Wastewater System Revenue Refunding Bonds, Sub-Series A, 5% due 6/01/2027 (e) | 5,190 | ||||||
| 3,000 | Napa, California, Water Revenue Bonds, 5% due 5/01/2035 (a) | 3,142 | ||||||
| 5,000 | Northern California Power Agency, Public Power Revenue Refunding Bonds (Hydroelectric | |||||||
| Project Number One), Series A, 5% due 7/01/2028 (e) | 5,077 | |||||||
| 1,715 | Placentia-Yorba Linda, California, Unified School District, COP, 5% due 10/01/2030 (b) | 1,762 | ||||||
| 1,235 | Rio, California, Elementary School District, GO, Refunding, 5% due 8/01/2029 (a) | 1,298 | ||||||
| 5,000 | Riverside, California, Unified School District, GO (Election of 2001), Series A, 5% due 2/01/2027 (b) | 5,175 | ||||||
| 2,125 | Sacramento, California, Area Flood Control Agency, Special Assessment Refunding Bonds | |||||||
| (Consolidated Capital Assessment District), Series A, 5% due 10/01/2032 (b) | 2,232 | |||||||
| 4,805 | San Diego, California, Redevelopment Agency, Subordinate Tax Allocation Refunding Bonds | |||||||
| (Center City Redevelopment Project), Series A, 5% due 9/01/2028 (e) | 4,915 | |||||||
| 5,295 | San Diego County, California, Water Authority, Water Revenue Refunding Bonds, COP, | |||||||
| Series A, 5% due 5/01/2032 (e) | 5,431 |
| Portfolio Abbreviations | ||||
| To simplify the listings of BlackRock California Insured Municipal Income Trust's portfolio holdings in the Schedule of Investments, we have abbreviated the names of | ||||
| many of the securities according to the list at right. | COP | Certificates of Participation | ||
| GO | General Obligation Bonds | |||
1
| BlackRock California Insured Municipal Income Trust | ||
| Schedule of Investments as of November 30, 2007 (Unaudited) | (in
Thousands) |
| Face | |||||||||
| Amount | Municipal Bonds | Value | |||||||
| $ | 4,000 | San Diego State University Foundation, California, Auxiliary Organization Revenue Refunding Bonds, | |||||||
| Series A, 5% due 3/01/2037 (e) | $ | 4,112 | |||||||
| 20,000 | San Joaquin Hills, California, Transportation Corridor Agency, Toll Road Revenue Refunding Bonds, | ||||||||
| Series A, 5.45% due 1/15/2031 (e)(h) | 6,283 | ||||||||
| 6,000 | San Jose, California, Financing Authority, Lease Revenue Refunding Bonds (Civic Center Project), | ||||||||
| Series B, 5% due 6/01/2037 (a) | 6,141 | ||||||||
| 11,125 | Santa Rosa, California, Wastewater Revenue Refunding Bonds, Series B, 5.46% due 9/01/2027 (a)(h) | 4,301 | |||||||
| 3,000 | Tustin, California, Unified School District, Senior Lien Special Tax Bonds (Community Facilities District | ||||||||
| Number 97-1), Series A, 5% due 9/01/2038 (c) | 3,049 | ||||||||
| 2,500 | Vista, California, COP (Community Projects), 5% due 5/01/2037 (e) | 2,532 | |||||||
| 4,000 | Westlands, California, Water District, COP, 5% due 9/01/2034 (e) | 4,080 | |||||||
| Total Municipal Bonds (Cost - $117,139) - 154.8% | 122,223 | ||||||||
| Shares | |||||||||
| Held | Short-Term Securities | ||||||||
| 4,552 | CMA California Municipal Money Fund, 3.07% (d)(g) | 4,552 | |||||||
| Total Short-Term Securities (Cost - $4,552) - 5.8% | 4,552 | ||||||||
| Total Investments (Cost - $121,691*) - 160.6% | 126,775 | ||||||||
| Liabilities in Excess of Other Assets - (1.6%) | (1,283 | ) | |||||||
| Preferred Shares, at Redemption Value - (59.0%) | (46,538 | ) | |||||||
| Net Assets Applicable to Common Shares - 100.0% | $ | 78,954 |
|
* |
The cost and unrealized appreciation (depreciation) of investments as of November 30, 2007, as computed for federal income tax purposes, were as follows: |
|
| Aggregate cost | $ | 121,691 | |
| Gross unrealized appreciation | $ | 5,084 | |
| Gross unrealized depreciation |
– |
||
| Net unrealized appreciation | $ | 5,084 |
| (a) |
AMBAC Insured. |
||
| (b) |
FGIC Insured. |
||
| (c) |
FSA Insured. |
||
| (d) |
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 | Dividend Income | |
| CMA California Municipal Money Fund | 3,109 | $23 |
| (e) |
MBIA Insured. |
|
| (f) |
Prerefunded. |
|
| (g) |
Represents the current yield as of November 30, 2007. |
|
| (h) |
Represents a zero coupon bond; the interest rate shown reflects the effective yield at the time of purchase. |
|
2
| BlackRock California Insured Municipal Income Trust | ||
| Schedule of Investments as of November 30, 2007 (Unaudited) | (in
Thousands) |
| Forward interest rate swaps outstanding as of November 30, 2007 were as follows: | ||||||||
| Notional |
Unrealized |
|||||||
| Amount |
Depreciation |
|||||||
| Pay a fixed rate of 3.624% and receive a floating rate based on 1-week | ||||||||
| (SIFMA) Municipal Swap Index rate | ||||||||
| Broker, Citibank N.A. | ||||||||
| Expires December 2017 | $3,000 | $(68,853 | ) | |||||
3
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 13a-15(b) under the Securities and 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/ Donald C. Burke | |
| Donald C. Burke, | ||
| Chief Executive Officer of | ||
| BlackRock California Insured Municipal Income Trust | ||
| Date: January 16, 2008 | ||
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: January 16, 2008 | ||
| By: | /s/ Neal J. Andrews | |
| Neal J. Andrews, | ||
| Chief Financial Officer (principal financial officer) of | ||
| BlackRock California Insured Municipal Income Trust | ||
| Date: January 16, 2008 | ||