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: 811-07090 _____________________________________________________ |
|
| BlackRock California Insured Municipal 2008 Term Trust Inc. | |
| (Exact name of registrant as specified in charter) | |
| 100 Bellevue Parkway, Wilmington, DE | 19809 |
| (Address of principal executive offices) | (Zip code) |
Robert S. Kapito, President
BlackRock California Insured Municipal 2008 Term Trust Inc.
40 East 52nd Street, New York, NY 10022
(Name and address of agent for service)
| Registrant's telephone number, including area code: | 888-825-2257 ____________________________________________ |
| Date of fiscal year end: | December 31, 2004 ____________________________________________ |
| Date of reporting period: | September 30, 2004 ____________________________________________ |
Item 1. Schedule of Investments
The registrant's 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 (unaudited)
SEPTEMBER
30, 2004
BlackRock California Insured Municipal 2008 Term Trust (BFC)
| Principal | ||||||||||
| Amount | Option Call | |||||||||
| Rating1 | (000) | Description | Provisions2 | Value | ||||||
| LONG-TERM INVESTMENTS—152.5% | ||||||||||
| California—140.4% | ||||||||||
| AAA | $ 2,635 | Alameda Cnty., COP, Ser. A, 3.80%, 12/01/08, MBIA | No Opt. Call | $ 2,789,596 | ||||||
| Anaheim Union High Sch. Dist., GO, Ser. A, FSA, | ||||||||||
| AAA | 1,060 | 3.50%, 8/01/08 | No Opt. Call | 1,106,661 | ||||||
| AAA | 1,250 | 4.00%, 8/01/09 | No Opt. Call | 1,327,238 | ||||||
| AAA | 1,000 | Burbank, Elec. Rev., 3.50%, 6/01/09, MBIA | No Opt. Call | 1,040,180 | ||||||
| California, GO, | ||||||||||
| AAA | 2,000 | 5.00%, 6/01/09, MBIA | No Opt. Call | 2,206,620 | ||||||
| AAA | 3,000 | 5.50%, 4/01/09, MBIA | No Opt. Call | 3,362,610 | ||||||
| AAA | 3,000 | 5.50%, 2/01/10, MBIA | No Opt. Call | 3,371,940 | ||||||
| AAA | 2,000 | 6.25%, 9/01/08, FGIC | No Opt. Call | 2,286,180 | ||||||
| AAA | 15,000 | 6.30%, 9/01/08, MBIA | No Opt. Call | 17,174,100 | ||||||
| California Dept. of Wtr. Res., | ||||||||||
| AAA | 10,000 | Pwr. Sply. Rev., Ser. A, 3.125%, 5/01/08, FSA | No Opt. Call | 10,267,400 | ||||||
| AAA | 10,000 | Pwr. Sply. Rev., Ser. A, 3.375%, 5/01/09, MBIA | No Opt. Call | 10,297,600 | ||||||
| AAA | 1,000 | Wtr. Rev., Central Valley Proj., Ser. Z, 4.00%, 12/01/09, FGIC | No Opt. Call | 1,065,860 | ||||||
| AAA | 2,000 | California Hlth. Facs. Fin. Auth., Sutter Hlth. Care Sys., 5.70%, 8/15/09, MBIA | 08/06 @ 102 | 2,182,320 | ||||||
| AAA | 2,100 | California Pub. Wks. Brd., Energy Efficiency, Ser. A, 5.625%, 10/01/08, AMBAC | 10/05 @ 102 | 2,225,223 | ||||||
| AAA | 2,600 | Castaic Lake Wtr. Agcy., COP, Wtr. Sys. Impvt. Proj., Ser. A, 7.25%, 8/01/10, MBIA | No Opt. Call | 3,175,094 | ||||||
| AAA | 1,135 | Chaffey Cmnty. Coll. Dist., GO, Ser. A, 3.75%, 7/01/09, FSA | No Opt. Call | 1,191,387 | ||||||
| Chula Vista, COP, Police Fac. Proj., MBIA, | ||||||||||
| AAA | 1,000 | 4.00%, 8/01/08 | No Opt. Call | 1,062,210 | ||||||
| AAA | 1,000 | 4.00%, 8/01/09 | No Opt. Call | 1,061,790 | ||||||
| AAA | 5,500 | Clovis Unified Sch. Dist., Ser. B, Zero Coupon, 8/01/08, FGIC | ETM | 4,992,295 | ||||||
| AAA | 1,855 | El Paso De Robles, GO, Ser. A, Zero Coupon, 8/01/09, FGIC | No Opt. Call | 1,604,556 | ||||||
| AAA | 4,025 | Elsinore Valley Mun. Wtr. Dist., COP, Ser. A, 6.00%, 7/01/09, FGIC | No Opt. Call | 4,606,894 | ||||||
| AAA | 1,055 | Glendale Unified Sch. Dist., Ser. D, 3.50%, 9/01/09, MBIA | No Opt. Call | 1,097,126 | ||||||
| Long Beach Bd. of Fin. Auth., Tax Alloc. Rev., Redev. Projs., AMBAC, | ||||||||||
| AAA | 1,245 | 3.50%, 8/01/08 | No Opt. Call | 1,297,477 | ||||||
| AAA | 1,120 | 3.75%, 8/01/09 | No Opt. Call | 1,173,995 | ||||||
| AAA | 13,110 | Los Angeles, GO, Ser. A, 3.50%, 9/01/09, MBIA | No Opt. Call | 13,633,482 | ||||||
| Los Angeles Cnty., | ||||||||||
| AAA | 2,910 | Asset Leasing Corp. Rev., 5.95%, 12/01/07, AMBAC | No Opt. Call | 3,260,684 | ||||||
| AAA | 8,090 | Asset Leasing Corp. Rev., 6.00%, 12/01/08, AMBAC | No Opt. Call | 9,249,055 | ||||||
| AAA | 8,600 | Asset Leasing Corp. Rev., 6.05%, 12/01/09, AMBAC | No Opt. Call | 9,989,244 | ||||||
| AAA | 4,405 | Met. Trans. Auth. Rev., Spl. Benefit Assmt. Dist. A1, 3.75%, 9/01/08, AMBAC | No Opt. Call | 4,643,883 | ||||||
| AAA | 9,835 | Sanitation Dists. Fin. Auth. Rev., Cap. Proj., Ser. A, 4.00%, 10/01/09, FSA | No Opt. Call | 10,463,063 | ||||||
| AAA | 6,000 | Los Angeles Dept. of Arpts., Arpt. Rev., LA Intl. Arpt., Ser. B, 5.00%, 5/15/09, MBIA | No Opt. Call | 6,600,540 | ||||||
| AAA | 3,860 | Los Angeles Sanitation Equip., Ser. A, 3.625%, 2/01/09, FSA | No Opt. Call | 4,023,896 | ||||||
| Los Angeles Unified Sch. Dist., FSA, | ||||||||||
| AAA | 2,660 | Ser. B, 3.00%, 10/01/08 | No Opt. Call | 2,726,473 | ||||||
| AAA | 7,500 | Ser. F, 3.00%, 7/01/09 | No Opt. Call | 7,623,375 | ||||||
| AAA | 1,000 | Mount Diablo Unified Sch. Dist., GO, 3.50%, 8/01/08, FSA | No Opt. Call | 1,044,020 | ||||||
| AAA | 1,000 | Orange Cnty. Local Trans. Auth., Sales Tax Rev., 6.00%, 2/15/09, MBIA | No Opt. Call | 1,138,040 | ||||||
| AAA | 2,495 | Pasadena Unified Sch. Dist., Ser. C, 3.50%, 11/01/08, FSA | No Opt. Call | 2,609,595 | ||||||
| AAA | 3,345 | Sacramento City Fin. Auth., City Hall & Redev. Projs., Ser. A, 3.50%, 12/01/08, FSA | No Opt. Call | 3,501,680 | ||||||
| AAA | 1,000 | Sacramento City Unified Sch. Dist., 3.50%, 7/01/09, FGIC | No Opt. Call | 1,038,610 | ||||||
| Sacramento Mun. Util. Dist., Elec. Rev., Ser. C, | ||||||||||
| AAA | 825 | 5.75%, 11/15/07, MBIA | ETM | 828,729 | ||||||
| AAA | 3,750 | 5.75%, 11/15/08, FGIC | ETM | 3,766,725 | ||||||
| AAA | 3,950 | 5.75%, 11/15/09, MBIA | ETM | 3,967,222 | ||||||
| AAA | 5,000 | San Bernardino Cnty., Trans. Auth., Sales Tax Rev., 6.00%, 3/01/10, FGIC | ETM | 5,368,150 | ||||||
| San Diego Cnty., | ||||||||||
| AAA | 2,360 | COP, 5.00%, 2/01/09, AMBAC | No Opt. Call | 2,592,177 | ||||||
| AAA | 11,000 | COP, 5.625%, 9/01/12, AMBAC | No Opt. Call | 12,675,520 | ||||||
| AAA | 7,830 | Regl. Trans. Comm., Sales Tax Rev., Ser. A, 6.00%, 4/01/08, MBIA | ETM | 7,993,177 | ||||||
| AAA | 2,500 | Regl. Trans. Comm., Sales Tax Rev., Ser. A, 6.00%, 4/01/08, FGIC | ETM | 2,552,100 | ||||||
| AAA | 12,725 | San Diego Pub. Facs. Fin. Auth., Wtr. Rev., 3.00%, 8/01/09, MBIA | No Opt. Call | 12,938,144 | ||||||
1
BlackRock California Insured Municipal 2008 Term Trust (BFC)
| Principal | ||||||||||
| Amount | Option Call | |||||||||
| Rating1 | (000) | Description | Provisions2 | Value | ||||||
| AAA | $ 1,250 | San Francisco City & Cnty., GO, 4.00%, 6/15/09, FSA | No Opt. Call | $ 1,328,113 | ||||||
| AAA | 1,000 | San Jose Redev. Agcy., 4.00%, 8/01/09, MBIA | ETM | 1,067,250 | ||||||
| AAA | 1,000 | San Mateo Cnty. Cmnty. Coll. Dist., GO, Ser. A, 3.30%, 9/01/08, FGIC | No Opt. Call | 1,037,510 | ||||||
| Santa Ana Unified Sch. Dist., GO, Ser. B, FGIC, | ||||||||||
| AAA | 1,000 | Zero Coupon, 8/01/08 | No Opt. Call | 902,910 | ||||||
| AAA | 2,000 | Zero Coupon, 8/01/09 | No Opt. Call | 1,729,980 | ||||||
| AAA | 4,030 | Santa Barbara Cnty., Local Transp. Auth., Sales Tax Rev., 3.00%, 3/15/09, FSA | No Opt. Call | 4,100,686 | ||||||
| AAA | 2,470 | Santa Clara, COP, Ser. B, 3.50%, 2/01/09, AMBAC | No Opt. Call | 2,562,304 | ||||||
| AAA | 2,865 | 3 | Santa Clara Cnty. Fin. Auth., Fac. Replacement Proj. A, 6.50%, 11/15/04, AMBAC | N/A | 2,939,146 | |||||
| AAA | 4,620 | Santa Clara Valley Wtr. Dist., COP, 4.00%, 2/01/09, FGIC | No Opt. Call | 4,886,620 | ||||||
| AAA | 4,665 | So. Coast Air Qual. Mgmt. Dist. Bldg. Corp., 4.00%, 8/01/09, AMBAC | No Opt. Call | 4,953,250 | ||||||
| Univ. of California, | ||||||||||
| AAA | 2,500 | Ser. A, 5.00%, 5/15/09, AMBAC | No Opt. Call | 2,755,950 | ||||||
| AAA | 2,000 | Ser. F, 5.00%, 9/01/11, FGIC | 09/06 @ 101 | 2,138,260 | ||||||
| 246,595,915 | ||||||||||
| Puerto Rico—12.1% | ||||||||||
| Puerto Rico Elec. Pwr. Auth., | ||||||||||
| AAA | 7,000 | Ser. DD, 5.00%, 7/01/10, FSA | 07/08 @ 101.5 | 7,671,510 | ||||||
| AAA | 3,000 | Ser. KK, 4.50%, 7/01/09, XLCA | No Opt. Call | 3,248,730 | ||||||
| AAA | 5,280 | Ser. DD, 5.00%, 7/01/09, FSA | 07/08 @ 101.5 | 5,810,376 | ||||||
| AAA | 4,000 | Puerto Rico Mun. Fin. Agcy., Ser. A, 5.625%, 8/01/10, FSA | 08/09 @ 101 | 4,524,600 | ||||||
| 21,255,216 | ||||||||||
| Total Long-Term Investments (cost $251,851,630) | 267,851,131 | |||||||||
| SHORT-TERM INVESTMENTS—5.6% | ||||||||||
| California—5.2% | ||||||||||
| A1+ | 5,000 | California Dept. of Wtr. Res., Pwr. Sply. Rev., Ser. B-2, 1.80%, 10/01/04, FRDD | N/A | 5,000,000 | ||||||
| A1+ | 4,100 | Vacaville Multi-Fam. Mtg., Quail Run, Ser. A, 1.72%, 10/06/04, FRWD | N/A | 4,100,000 | ||||||
| 9,100,000 | ||||||||||
| Money Market Fund—0.4% | ||||||||||
| 650 | AIM Tax Free Investment Co. Cash Reserve Portfolio | N/A | 650,000 | |||||||
| Total Short-Term Investments (cost $9,750,000) | 9,750,000 | |||||||||
| Total Investments—158.1% (cost $261,601,630) | $277,601,131 | |||||||||
| Other assets in excess of liabilities—1.5% | 2,553,837 | |||||||||
| Preferred shares at redemption value, including dividends payable—(59.6%) | (104,571,976) | |||||||||
| Net Assets Applicable to Common Shareholders—100% | $175,582,992 | |||||||||
| 1 | Using the higher of S&P’s, Moody’s or Fitch’s rating. | ||
| 2 | Date (month/year) and price of the earliest call or redemption. There may be other call provisions at varying prices at later dates. | ||
| 3 | This bond is prerefunded. U.S. government securities, held in escrow, are used to pay interest on this security, as well as retire the bond in full at the date indicated, typically at a premium to par. | ||
The value (market value plus accrued interest) of securities that are covered by insurance, which insures the payment of principal and interest, represent approximately 95.6% of the Trust’s managed assets.
KEY TO ABBREVIATIONS |
|||||||
| ACA | — American Capital Access | FSA | — Financial Security Assurance | ||||
AMBAC |
— American Municipal Bond Assurance Corporation |
GO |
— General Obligation |
||||
| COP | — Certificate of Participation | MBIA |
— Municipal Bond Insurance Association |
||||
| ETM | — Escrowed to Maturity | XLCA | — XL Capital Assurance | ||||
FGIC |
— Financial Guaranty Insurance Company |
||||||
2
(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 Principal Executive and Financial Officers pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 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 2008 Term Trust Inc.
______________________________________________________________
By: /s/ Henry Gabbay
_____________________________________________________________________
Name: Henry Gabbay
Title: Treasurer
Date: November 23, 2004
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: November 23, 2004
By: /s/ Henry Gabbay
_____________________________________________________________________
Name: Henry Gabbay
Title: Principal Financial Officer
Date: November 23, 2004