UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
811-21177 |
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Robert S. Kapito, President
BlackRock California Insured Municipal Income Trust
| Registrant's telephone number, including area code: | 888-825-2257 |
| Date of fiscal year end: | August 31 |
| Date of reporting period: | November 30, 2004 |
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
NOVEMBER 30, 2004 (Unaudited)
BlackRock California Insured Municipal Income Trust (BCK)
| Principal | ||||||||
| Amount | Option Call | |||||||
| Rating1 | (000) | Description | Provisions2 | Value | ||||
| LONG-TERM INVESTMENTS—158.6% | ||||||||
| California—158.6% | ||||||||
| AAA | $ 6,500 | Benicia Unified Sch. Dist., Ser. B, Zero Coupon, 8/01/23, MBIA | No Opt. Call | $ 2,484,820 | ||||
| California Cnty., Tobacco Sec. Agcy. Rev., | ||||||||
| BBB | 7,405 | Sonoma Cnty., 5.875%, 6/01/43 | 06/12 @ 100 | 6,528,544 | ||||
| BBB | 7,650 | Alameda Cnty., 6.00%, 6/01/42 | 06/12 @ 100 | 6,879,951 | ||||
| A2 | 6,500 | California Dept. of Wtr. Res., Pwr. Sply. Rev., Ser. A, 5.25%, 5/01/20 | 05/12 @ 101 | 6,908,135 | ||||
| AAA | 2,385 | California Edl. Facs. Auth., Scripps Coll. Proj., 5.00%, 8/01/31, MBIA | 08/11 @ 100 | 2,403,651 | ||||
| AAA | 4,500 | 3 | California Infrastructure & Econ. Dev., Rand Corp. Proj., Ser. A, 5.25%, 4/01/42, AMBAC | 04/12 @ 100 | 4,615,155 | |||
| AAA | 5,000 | California Pub. Wks. Brd., Dept. of Gen. Svcs., Ser. A, 5.00%, 12/01/27, AMBAC | 12/12 @ 100 | 5,055,800 | ||||
| Ceres Unified Sch. Dist., Ser. B, FGIC, | ||||||||
| AAA | 3,055 | Zero Coupon, 8/01/30 | 08/12 @ 34.887 | 721,316 | ||||
| AAA | 3,180 | Zero Coupon, 8/01/31 | 08/12 @ 32.868 | 706,914 | ||||
| AAA | 3,300 | Zero Coupon, 8/01/32 | 08/12 @ 30.966 | 691,911 | ||||
| AAA | 3,440 | Zero Coupon, 8/01/33 | 08/12 @ 29.174 | 680,810 | ||||
| AAA | 3,575 | Zero Coupon, 8/01/34 | 08/12 @ 27.782 | 667,810 | ||||
| AAA | 3,275 | Zero Coupon, 8/01/35 | 08/12 @ 26.186 | 577,448 | ||||
| A3 | 2,600 | Kaweah Delta Hlth. Care Dist., 6.00%, 8/01/34 | 08/12 @ 102 | 2,752,126 | ||||
| AAA | 2,000 | Long Beach Unified Sch. Dist., Ser. D, 5.00%, 8/01/31, FSA | 08/10 @ 101 | 2,021,300 | ||||
| Los Angeles Dept. of Wtr. & Pwr., Wtr. Wks. Rev., Ser. A, FGIC, | ||||||||
| AAA | 5,000 | 5.00%, 7/01/43 | 07/12 @ 100 | 5,024,850 | ||||
| AAA | 5,000 | 5.125%, 7/01/41 | 07/11 @ 100 | 5,062,400 | ||||
| AAA | 5,000 | Los Angeles Unified Sch. Dist., Ser. E, 5.125%, 1/01/27, MBIA | 07/12 @ 100 | 5,172,650 | ||||
| Los Angeles Wstwtr. Sys., Ser. A, | ||||||||
| AAA | 5,000 | 5.00%, 6/01/27, MBIA | 06/13 @ 100 | 5,100,550 | ||||
| AAA | 6,025 | 5.00%, 6/01/32, FGIC | 06/12 @ 100 | 6,073,682 | ||||
| AAA | 5,000 | No. California Pwr. Agcy., Pub. Pwr. Rev., Hydroelec. Proj. 1, Ser. A, 5.00%, 7/01/28, MBIA | 07/08 @ 101 | 5,049,000 | ||||
| AAA | 2,500 | No. Orange Cnty. Cmnty. Coll. Dist., Ser. A, 5.00%, 2/01/27, MBIA | 08/12 @ 101 | 2,550,925 | ||||
| AAA | 5,000 | Riverside Unified Sch. Dist., Ser. A, 5.00%, 2/01/27, FGIC | 02/12 @ 101 | 5,097,000 | ||||
| AAA | 5,295 | San Diego Cnty. Wtr. Auth., COP, Ser. A, 5.00%, 5/01/32, MBIA | 05/12 @ 101 | 5,323,646 | ||||
| AAA | 4,805 | San Diego Redev. Agcy., Centre City Proj., Ser. A, 5.00%, 9/01/28, MBIA | 09/11 @ 101 | 4,852,089 | ||||
| AAA | 4,000 | San Diego Univ. Fndtn Aux. Org., Ser. A, 5.00%, 3/01/37, MBIA | 03/12 @ 100 | 4,019,000 | ||||
| AAA | 20,000 | San Joaquin Hills Transp. Corridor Agcy., Toll Road Rev., Ser. A, Zero Coupon, 1/15/31, MBIA | No Opt. Call | 4,679,200 | ||||
| AAA | 6,000 | San Jose Fin. Auth., Civic Ctr. Proj., Ser. B, 5.00%, 6/01/37, AMBAC | 06/12 @ 100 | 6,011,100 | ||||
| AAA | 11,125 | Santa Rosa Wstwtr., Ser. B, Zero Coupon, 9/01/27, AMBAC | No Opt. Call | 3,231,479 | ||||
| AAA | 3,000 | Tustin Unified Sch. Dist., Spec. Tax Rev., Cmnty. Facs. Dist. 97-1, Ser. A, 5.00%, 9/01/38, FSA | 09/12 @ 100 | 3,015,060 | ||||
| AAA | 4,000 | Westlands Wtr. Dist., COP, 5.00%, 9/01/34, MBIA | 09/12 @ 101 | 4,036,360 | ||||
| Total Long-Term Investments (cost $118,109,771) | 117,994,682 | |||||||
| Shares | ||||||||
| (000) | ||||||||
| MONEY MARKET FUND—1.2% | ||||||||
| 850 | AIM Tax Free Investment Co. Cash Reserve Portfolio (cost $850,000) | N/A | 850,000 | |||||
| Total Investments—159.8% (cost $118,959,771) | $118,844,682 | |||||||
| Other assets in excess of liabilities—2.7% | 2,039,349 | |||||||
| Preferred shares at redemption value, including dividends payable—(62.5)% | (46,504,103 | ) | ||||||
| Net Assets Applicable to Common Shareholders—100% | $ 74,379,928 | |||||||
| 1 | Using the higher of S&P’s, Moody’s or Fitch’s rating. | ||
| 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 | Entire or partial principal amount pledged as collateral for financial futures contracts. | ||
| The value (market value plus accrued interest) of securities that are covered by insurance, which ensures the payment of principal and interest, represent approximately 80.4% of the Trust’s managed assets. | |||
| AMBAC | — American Municipal Bond Assurance Corporation | FSA | — Financial Security Assurance | |
| COP | — Certificate of Participation | MBIA | — Municipal Bond Insurance Association | |
| FGIC | — Financial Guaranty Insurance Company | |||
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Item 2. Controls and Procedures.
(a) The registrant's principal executive officer and principal financial officer have evaluated the registrant's disclosure controls and procedures within 90 days of this filing and have concluded that the registrant's disclosure controls and procedures are effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-Q was recorded, processed, summarized, and reported timely.
(b) The registrant's principal executive officer and principal financial officer are aware of no changes in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is 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.
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/ Henry Gabbay |
| Name: Henry Gabbay Title: Treasurer Date: January 20, 2005 |
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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: Principal Executive Officer Date: January 20, 2005 |
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| By: | /s/ Henry Gabbay |
| Name: Henry Gabbay Title: Principal Executive Officer Date: January 20, 2005 |
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