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)
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, 2006
Date of reporting period:__September 30, 2006
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 (unaudited)
SEPTEMBER 30, 2006
BlackRock California Insured Municipal 2008 Term Trust (BFC)
| Principal | |||||||||||
| Amount | Option Call | ||||||||||
| Rating1 | (000) | Description | Provisions2 | Value | |||||||
| LONG-TERM INVESTMENTS—93.4% | |||||||||||
| California—82.8% | |||||||||||
| AAA | $ 2,635 | Alameda Cnty. COP, Ser. A, 3.80%, 12/01/08, MBIA | No Opt. Call | $ 2,658,847 | |||||||
| AAA | 1,060 | Anaheim Union High Sch. Dist. GO, Ser. A, 3.50%, 8/01/08, FSA | No Opt. Call | 1,062,576 | |||||||
| California GO, | |||||||||||
| AAA | 3,000 | 5.50%, 4/01/09, MBIA | No Opt. Call | 3,147,810 | |||||||
| AAA | 3,000 | 5.50%, 2/01/10, MBIA | No Opt. Call | 3,190,500 | |||||||
| AAA | 2,000 | 6.25%, 9/01/08, FGIC | No Opt. Call | 2,105,900 | |||||||
| AAA | 15,000 | 6.30%, 9/01/08, MBIA | No Opt. Call | 15,808,050 | |||||||
| AAA | 2,600 | Castaic Lake Wtr. Agcy. COP, Wtr. Sys. Impvt. Proj., Ser. A, 7.25%, 8/01/10, MBIA | No Opt. Call | 2,951,026 | |||||||
| AAA | 1,000 | Chula Vista COP, Police Fac. Proj., 4.00%, 8/01/08, MBIA | No Opt. Call | 1,011,200 | |||||||
| AAA | 5,500 | 3 | Clovis Unified Sch. Dist. GO, Ser. B, Zero Coupon, 8/01/08, FGIC | ETM | 5,163,455 | ||||||
| AAA | 10,000 | Dept. of Wtr. Res. Pwr. Sply. RB, Ser. A, 3.125%, 5/01/08, FSA | No Opt. Call | 9,942,900 | |||||||
| AAA | 1,855 | El Paso de Robles GO, Ser. A, Zero Coupon, 8/01/09, FGIC | No Opt. Call | 1,677,606 | |||||||
| AAA | 4,025 | Elsinore Valley Mun. Wtr. Dist. COP, Ser. A, 6.00%, 7/01/09, FGIC | No Opt. Call | 4,288,879 | |||||||
| AAA | 2,000 | Hlth. Facs. Fin. Auth. RB, Sutter Hlth. Care Sys. Proj., 5.70%, 8/15/09, MBIA | 10/06 @ 102 | 2,042,720 | |||||||
| AAA | 1,245 | Long Beach Brd. of Fin. Auth. TA, Redev. Proj., 3.50%, 8/01/08, AMBAC | No Opt. Call | 1,248,025 | |||||||
| Los Angeles Cnty. Cap. Asset Leasing Corp. RB, | |||||||||||
| AAA | 2,910 | 5.95%, 12/01/07, AMBAC | No Opt. Call | 2,992,440 | |||||||
| AAA | 8,090 | 6.00%, 12/01/08, AMBAC | No Opt. Call | 8,513,350 | |||||||
| AAA | 8,600 | 6.05%, 12/01/09, AMBAC | No Opt. Call | 9,271,230 | |||||||
| AAA | 4,405 | Los Angeles Cnty. Met. Trans. Auth. RB, Spl. Benefit Assmt. Dist. A-1 Proj., | |||||||||
| 3.75%, 9/01/08, AMBAC | No Opt. Call | 4,436,408 | |||||||||
| AAA | 2,660 | 3 | Los Angeles Unified Sch. Dist. COP, Ser. B, 3.00%, 10/01/08, FSA | ETM | 2,630,554 | ||||||
| AAA | 1,000 | Mount Diablo Unified Sch. Dist. GO, 3.50%, 8/01/08, FSA | No Opt. Call | 1,002,430 | |||||||
| AAA | 1,000 | Orange Cnty. Local Trans. Auth. Sales Tax RB, 6.00%, 2/15/09, MBIA | No Opt. Call | 1,058,060 | |||||||
| AAA | 2,495 | 3 | Pasadena Unified Sch. Dist. GO, Ser. C, 3.50%, 11/01/08, FSA | ETM | 2,500,414 | ||||||
| AAA | 2,100 | Pub. Wks. Brd. RB, Energy Efficiency Proj., Ser. A, 5.625%, 10/01/08, AMBAC | 10/06 @ 101 | 2,140,026 | |||||||
| AAA | 3,345 | Sacramento City Fin. Auth. RB, City Hall & Redev. Projs., Ser. A, 3.50%, 12/01/08, FSA | No Opt. Call | 3,351,121 | |||||||
| Sacramento Mun. Util. Dist. Elec. RB, | |||||||||||
| AAA | 825 | 3 | Ser. C, 5.75%, 11/15/07, MBIA | ETM | 825,817 | ||||||
| AAA | 3,750 | 3 | Ser. C, 5.75%, 11/15/08, FGIC | ETM | 3,754,050 | ||||||
| AAA | 3,950 | 3 | Ser. C, 5.75%, 11/15/09, MBIA | ETM | 3,953,910 | ||||||
| AAA | 5,000 | 3 | San Bernardino Cnty. Trans. Auth. Sales Tax RB, 6.00%, 3/01/10, FGIC | ETM | 5,217,450 | ||||||
| AAA | 11,000 | San Diego Cnty. COP, 5.625%, 9/01/12, AMBAC | No Opt. Call | 11,661,540 | |||||||
| San Diego Cnty. Regl. Trans. Comm. Sales Tax RB, | |||||||||||
| AAA | 7,830 | 3 | Ser. A, 6.00%, 4/01/08, MBIA | ETM | 8,029,587 | ||||||
| AAA | 2,500 | 3 | Ser. A, 6.00%, 4/01/08, FGIC | ETM | 2,563,725 | ||||||
| AAA | 1,000 | San Mateo Cnty. Cmnty. Coll. Dist. GO, Ser. A, 3.30%, 9/01/08, FGIC | No Opt. Call | 998,510 | |||||||
| Santa Ana Unified Sch. Dist. GO, | |||||||||||
| AAA | 1,000 | Ser. B, Zero Coupon, 8/01/08, FGIC | No Opt. Call | 937,630 | |||||||
| AAA | 2,000 | Ser. B, Zero Coupon, 8/01/09, FGIC | No Opt. Call | 1,808,740 | |||||||
| 133,946,486 | |||||||||||
| Puerto Rico—10.6% | |||||||||||
| Elec. Pwr. Auth. RB, | |||||||||||
| AAA | 5,280 | Ser. DD, 5.00%, 7/01/09, FSA | 07/08 @ 101.5 | 5,495,213 | |||||||
| AAA | 7,000 | Ser. DD, 5.00%, 7/01/10, FSA | 07/08 @ 101.5 | 7,284,060 | |||||||
| AAA | 4,000 | Mun. Fin. Agcy. GO, Ser. A, 5.625%, 8/01/10, FSA | 08/09 @ 101 | 4,271,720 | |||||||
| 17,050,993 | |||||||||||
| Total Long-Term Investments (cost $145,921,573) | 150,997,479 | ||||||||||
| SHORT-TERM INVESTMENTS—16.4% | |||||||||||
| California—6.5% | |||||||||||
| A-1+ | 4,000 | 4 | City of Vacaville Multi-Fam. Mtg. RB, Quail Run Proj., Ser. A, 3.60%, 10/04/06, FRWD | N/A | 4,000,000 | ||||||
| A-1+ | 5,000 | 4 | Dept. of Wtr. Res. Pwr. Sply. RB, Ser. B-2, 3.66%, 10/02/06, FRDD | N/A | 5,000,000 | ||||||
| A-1+ | 1,490 | 4 | Orange Cnty. San. Dist. COP, Ser. A, 3.65%, 10/02/06, FRDD | N/A | 1,490,000 | ||||||
| 10,490,000 | |||||||||||
1
BlackRock California Insured Municipal 2008 Term Trust (BFC) (continued)
| Shares | |||||||||
| Rating1 | (000) | Description | Value | ||||||
| Money Market Funds—9.9% | |||||||||
| NR | 8,050 | AIM Tax Free Cash Reserve Portfolio | $ 8,050,000 | ||||||
| NR | 8,050 | SSgA Tax Free Money Mkt. Fund, 3.083%, 10/02/06 | 8,050,000 | ||||||
| 16,100,000 | |||||||||
| Total Short-Term Investments (cost $26,590,000) | 26,590,000 | ||||||||
| Total Investments—109.8% (cost $172,511,5735) | $177,587,479 | ||||||||
| Other assets in excess of liabilities (including $87,742,945 in cash)—54.9% | 88,720,321 | ||||||||
| Preferred shares at redemption value, including dividends payable—(64.7)% | (104,624,814) | ||||||||
| Net Assets Applicable to Common Shareholders—100% | $161,682,986 | ||||||||
| 1 | Using the highest of Standard & Poor’s, Moody’s Investors Services or Fitch’s ratings. | ||
| 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 is collateralized by Municipal or U.S. Treasury obligations. | ||
| 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 September 30, 2006. | ||
| 5 | Cost for Federal income tax purposes is $171,719,885. The net unrealized appreciation on a tax basis is $5,867,594, consisting of $5,953,220 gross unrealized appreciation and $85,626 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 96.3% of the Trust’s managed assets. | |||
| AMBAC | — | 15.3% |
| Cash | — | 32.9% |
| FGIC | — | 10.8% |
| FSA | — | 14.3% |
| MBIA | — | 17.0% |
| Other | — | 6.0% |
| KEY TO ABBREVIATIONS | ||||||
| AMBAC | — | American Municipal Bond Assurance Corp. | FSA | — | Financial Security Assurance | |
| COP | — | Certificate of Participation | GO | — | General Obligation | |
| ETM | — | Escrowed to Maturity | MBIA | — | Municipal Bond Insurance Assoc. | |
| FGIC | — | Financial Guaranty Insurance Co. | RB | — | Revenue Bond | |
| FRDD | — | Floating Rate Daily Demand | TA | — | Tax Allocation | |
| FRWD | — | Floating Rate Weekly Demand | ||||
2
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 principal executive and principal 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 2008 Term Trust, Inc.___
By: /s/ Donald C. Burke
_____________________________________________________________________
Name: Donald C. Burke
Title: Treasurer and Principal Financial Officer
Date: November 29, 2006
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: President and Principal Executive Officer
Date: November 29, 2006
By: /s/ Donald C. Burke
_____________________________________________________________________
Name: Donald C. Burke
Title: Treasurer and Principal Financial Officer
Date: November 29, 2006