FORM N-Q
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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Registrant's telephone number, including area code: 888-825-2257
Date of fiscal year end: August 31, 2006Item 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, 2005 (Unaudited) |
| BlackRock California Insured Municipal Income Trust (BCK) |
| Principal | |||||||||
| Amount | Option Call | ||||||||
| Rating1 | (000) | Description | Provisions2 | Value | |||||
| LONG-TERM INVESTMENTS—157.5% | |||||||||
| California—149.6% | |||||||||
| AAA | $ 6,500 | Benicia Unified Sch. Dist., GO, Ser. B, Zero Coupon, 8/01/23, MBIA | No Opt. Call | $ | 2,808,390 | ||||
| AAA | 4,000 | California St., 5.00%, 6/01/31, AMBAC | 12/14 @ 100 | 4,123,240 | |||||
| Ceres Unified Sch. Dist. GO, | |||||||||
| AAA | 3,055 | Ser. B, Zero Coupon, 8/01/30, FGIC | 08/12 @ 34.887 | 759,320 | |||||
| AAA | 3,180 | Ser. B, Zero Coupon, 8/01/31, FGIC | 08/12 @ 32.868 | 744,152 | |||||
| AAA | 3,300 | Ser. B, Zero Coupon, 8/01/32, FGIC | 08/12 @ 30.966 | 726,132 | |||||
| AAA | 3,440 | Ser. B, Zero Coupon, 8/01/33, FGIC | 08/12 @ 29.174 | 712,218 | |||||
| AAA | 3,575 | Ser. B, Zero Coupon, 8/01/34, FGIC | 08/12 @ 27.782 | 704,847 | |||||
| AAA | 3,275 | Ser. B, Zero Coupon, 8/01/35, FGIC | 08/12 @ 26.186 | 608,593 | |||||
| A2 | 6,500 | Dept. of Wtr. Res., Pwr. Sply. Rev., Ser. A, 5.25%, 5/01/20 | 05/12 @ 101 | 7,187,700 | |||||
| AAA | 2,385 | Edl. Facs. Auth., Scripps Coll. Proj., 5.00%, 8/01/31, MBIA | 08/11 @ 100 | 2,447,415 | |||||
| AAA | 4,500 | 3 | Hlth. Facs. Fin. Auth., Rand Corp. Proj., Ser. A, 5.25%, 4/01/42, AMBAC | 04/12 @ 100 | 4,686,120 | ||||
| A3 | 2,600 | Kaweah Delta Hlth. Care Dist., 6.00%, 8/01/34 | 08/12 @ 102 | 2,799,784 | |||||
| AAA | 2,000 | Long Beach Unified Sch. Dist., GO, Ser. D, 5.00%, 8/01/31, FSA | 08/10 @ 101 | 2,057,380 | |||||
| Los Angeles Dept. of Wtr. & Pwr., Wtr. Wks. Rev., | |||||||||
| AAA | 5,000 | Ser. A, 5.00%, 7/01/43, FGIC | 07/12 @ 100 | 5,115,000 | |||||
| AAA | 5,000 | Ser. A, 5.125%, 7/01/41, FGIC | 07/11 @ 100 | 5,142,400 | |||||
| AAA | 5,000 | Los Angeles Unified Sch. Dist., GO, Ser. E, 5.125%, 1/01/27, MBIA | 07/12 @ 100 | 5,263,050 | |||||
| Los Angeles Wstwtr. Sys., | |||||||||
| AAA | 5,000 | Ser. A, 5.00%, 6/01/27, MBIA | 06/13 @ 100 | 5,192,850 | |||||
| AAA | 6,025 | Ser. A, 5.00%, 6/01/32, FGIC | 06/12 @ 100 | 6,199,725 | |||||
| AAA | 5,000 | No. California Pwr. Agcy., Pub. Pwr. Rev., Hydroelec. Proj. 1, Ser. A, 5.00%, 7/01/28, MBIA | 07/08 @ 101 | 5,108,950 | |||||
| AAA | 2,500 | No. Orange Cnty. Cmnty. Coll. Dist., GO, Ser. A, 5.00%, 2/01/27, MBIA | 08/12 @ 101 | 2,715,825 | |||||
| AAA | 5,000 | Pub. Wks. Brd., Dept. of Gen. Svcs. Proj., Ser. A, 5.00%, 12/01/27, AMBAC | 12/12 @ 101 | 5,166,650 | |||||
| AAA | 5,000 | Riverside Unified Sch. Dist., GO, Ser. A, 5.00%, 2/01/27, FGIC | 02/12 @ 101 | 5,185,250 | |||||
| AAA | 5,295 | San Diego Cnty. Wtr. Auth., COP, Ser. A, 5.00%, 5/01/32, MBIA | 05/12 @ 101 | 5,449,879 | |||||
| AAA | 4,805 | San Diego Redev. Agcy., Ctr. City Proj., Ser. A, 5.00%, 9/01/28, MBIA | 09/11 @ 101 | 4,953,859 | |||||
| AAA | 4,000 | San Diego Univ. Fndtn. Aux. Org., Ser. A, 5.00%, 3/01/37, MBIA | 03/12 @ 100 | 4,087,800 | |||||
| AAA | 20,000 | San Joaquin Hills Transp. Corridor Agcy., Toll Rd. Rev., Ser. A, Zero Coupon, 1/15/31, MBIA | No Opt. Call | 5,619,400 | |||||
| AAA | 6,000 | San Jose Fin. Auth., Civic Ctr. Proj., Ser. B, 5.00%, 6/01/37, AMBAC | 06/12 @ 100 | 6,136,680 | |||||
| AAA | 4,000 | San. Diego Cmnty. Coll., 5.00%, 5/01/30, FSA | 05/15 @ 100 | 4,148,720 | |||||
| AAA | 11,125 | Santa Rosa Wstwtr., Ser. B, Zero Coupon, 9/01/27, AMBAC | No. Opt. Call | 3,826,555 | |||||
| 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 | 3,061,680 | |||||
| AAA | 4,000 | Westlands Wtr. Dist., COP, 5.00%, 9/01/34, MBIA | 09/12 @ 101 | 4,105,520 | |||||
| 116,845,084 | |||||||||
| Puerto Rico—7.9% | |||||||||
| AAA | 5,600 | Puerto Rico Comwlth Hwy. & Transp. Auth., Ser. L, 5.25%, 7/01/41 | No Opt. Call | 6,171,088 | |||||
| Total Long-Term Investments (cost $118,767,922) | 123,016,172 | ||||||||
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| BlackRock California Insured Municipal Income Trust (BCK) (continued) |
| Principal | |||||||||
| Amount | |||||||||
| Rating1 | (000) | Description | Value | ||||||
| SHORT-TERM INVESTMENT—0.2% | |||||||||
| California—0.2% | |||||||||
| A-1+ | $ 200 | 4 | California St. Econ. Rec., Ser. C-4, 2.95%, 12/01/05, FRDD (cost $200,000) | $ | 200,000 | ||||
| Total Investments—157.7% (cost $118,967,922 5) | $ | 123,216,172 | |||||||
| Other assets in excess of liabilities—1.8% | 1,405,203 | ||||||||
| Preferred shares at redemption value, including dividends payable—(59.5)% | (46,506,866 | ) | |||||||
| Net Assets Applicable to Common Shareholders—100% | $ | 78,114,509 | |||||||
| 1 | Using the higher of Standard & Poor’s, Moody’s Investors Service or Fitch Ratings 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 | Security, or portion thereof, pledged as collateral with a value of $833,088 on 117 U.S. Treasury Note futures contracts expiring December 2005, 86 U.S. Treasury Note futures contracts expiring March 2006 and 73 U.S. Treasury Bond futures contracts expiring March 2006. The value of such contracts on November 30, 2005 was $30,233,891, with an unrealized gain of $389,735. |
| 4 | For purposes of amortized cost valuation, the maturity date of this instrument is considered to be the earlier of the next date on which the security can be redeemed at par, or the next date on which the rate of interest is adjusted. Rate shown is rate as of November 30, 2005. |
| 5 | Cost for Federal tax purposes is $118,968,440. The net unrealized appreciation on a tax basis is $4,247,732, consisting of $4,472,677 gross unrealized appreciation and $224,945 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 84.7% of the Trust’s managed assets. The Trust had the following insurance concentrations:
| AMBAC | — | 19.5% | |||
| FGIC | — | 21.1% | |||
| FSA | — | 7.5% | |||
| MBIA | — | 36.6% |
| KEY TO ABBREVIATIONS | |||||
| AMBAC | — | American Municipal Bond Assurance Corp. | FSA | — | Financial Security Assurance |
| COP | — | Certificate of Participation | GO | — | General Obligation |
| FGIC | — | Financial Guaranty Insurance Co. | MBIA | — | Municipal Bond Insurance Assoc. |
| FRDD | — | Floating Rate Daily Demand | |||
See Notes to Financial Statements.
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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 principle executive and principle 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/ Henry GabbayPursuant 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, 2006
By: /s/ Henry Gabbay
Name: Henry Gabbay
Title: Treasurer and Principal Financial Officer
Date: January 25, 2006