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, 2007
Date of reporting period: March 31, 2007
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)
MARCH 31, 2007
BlackRock California Insured Municipal 2008 Term Trust (BFC) |
|
| Principal | ||||||||
| Amount | Option Call | |||||||
| (000) | Description | Provisions1 | Value | |||||
| LONG-TERM INVESTMENTS—87.1% | ||||||||
| California—77.2% | ||||||||
|
$ |
1,060 |
Anaheim Union High Sch. Dist., Sch. Impvts. Ad Valorem Ppty. Tax GO, Ser. A, 3.50%, | ||||||
| 8/01/08, FSA | No Opt. Call | $ |
1,060,244 | |||||
| California, | ||||||||
|
3,000
|
Pub. Impvts. GO, 5.50%, 2/01/10, MBIA | No Opt. Call | 3,154,710 | |||||
|
15,000
|
Pub. Impvts. Misc. GO, 6.30%, 9/01/08, MBIA | No Opt. Call | 15,561,300 | |||||
|
2,000
|
Recreational Fac. Impvts. Ad Valorem Ppty. Tax GO, 6.25%, 9/01/08, FGIC | No Opt. Call | 2,073,480 | |||||
|
3,000
|
Sch. Impvts. Misc. GO, 5.50%, 4/01/09, MBIA | No Opt. Call | 3,113,910 | |||||
|
2,600
|
Castaic Lake Wtr. Agcy., Non-Terminable Lease COP, Wtr. Sys. Impvt. Proj., Ser. A, | |||||||
| 7.25%, 8/01/10, MBIA | No Opt. Call | 2,888,548 | ||||||
|
1,000
|
City of Chula Vista, Pub. Impvts. Lease Abatement COP, Police Fac. Proj., 4.00%, 8/01/08, | |||||||
| MBIA | No Opt. Call | 1,005,780 | ||||||
|
5,500
|
2 | Clovis Unified Sch. Dist., Sch. Impvts. Ad Valorem Ppty. Tax GO, Ser. B, Zero Coupon, | ||||||
| 8/01/08, FGIC | ETM | 5,238,475 | ||||||
|
2,635
|
Cnty. of Alameda, Lease Approp. COP, Ser. A, 3.80%, 12/01/08, MBIA | No Opt. Call | 2,645,830 | |||||
|
11,000
|
Cnty. of San Diego, Lease Abatement COP, 5.625%, 9/01/12, AMBAC | No Opt. Call | 11,526,680 | |||||
|
7,500
|
Dept. of Wtr. Recs., Cash Flow Mgmt. Elec., Pwr. & Lt. RB, Ser. A, 3.125%, 5/01/08, FSA | No Opt. Call | 7,467,300 | |||||
|
1,855
|
El Paso de Robles, Pub. Impvts. Ad Valorem Ppty. Tax GO, Ser. A, Zero Coupon, 8/01/09, | |||||||
| FGIC | No Opt. Call | 1,701,963 | ||||||
|
4,025
|
Elsinore Valley Mun. Wtr. Dist., Non-Terminable Lease COP, Ser. A, 6.00%, 7/01/09, | |||||||
| FGIC | No Opt. Call | 4,181,653 | ||||||
|
2,000
|
Hlth. Facs. Fing. Auth., Hlth., Hosp. & Nusing Home RB, Sutter Hlth. Care Sys. Proj., | |||||||
| 5.70%, 8/15/09, MBIA | 04/07 @ 102 | 2,042,940 | ||||||
|
1,245
|
Long Beach Brd. of Fin. Auth., Cash Flow Mgmt. TA, Redev. Proj., 3.50%, 8/01/08, | |||||||
| AMBAC | No Opt. Call | 1,244,477 | ||||||
| Los Angeles Cnty. Cap. Asset Leasing Corp., Lease Abatement RB, | ||||||||
|
2,910
|
5.95%, 12/01/07, AMBAC | No Opt. Call | 2,954,552 | |||||
|
8,090
|
6.00%, 12/01/08, AMBAC | No Opt. Call | 8,402,759 | |||||
|
8,600
|
6.05%, 12/01/09, AMBAC | No Opt. Call | 9,133,888 | |||||
|
4,405
|
Los Angeles Cnty. Met. Transp. Auth., Spl. Assmt. RB, Spl. Benefit Assmt. Dist. A1 Proj., | |||||||
| 3.75%, 9/01/08, AMBAC | No Opt. Call | 4,418,215 | ||||||
|
2,660
|
2 | Los Angeles Unified Sch. Dist., Sch. Impvts. Lease Abatement COP, Ser. B, 3.00%, | ||||||
| 10/01/08, FSA | ETM | 2,628,053 | ||||||
|
1,000
|
Mount Diablo Unified Sch. Dist., Sch. Impvts. Ad Valorem Ppty. Tax GO, 3.50%, 8/01/08, | |||||||
| FSA | No Opt. Call | 1,000,230 | ||||||
|
1,000
|
Orange Cnty. Local Transp. Auth., Misc. Sales Tax RB, 6.00%, 2/15/09, MBIA | No Opt. Call | 1,044,390 | |||||
|
2,495
|
2 | Pasadena Unified Sch. Dist., Sch. Impvts. Ad Valorem Ppty. Tax GO, Ser. C, 3.50%, | ||||||
| 11/01/08, FSA | ETM | 2,491,133 | ||||||
|
2,100
|
Pub. Wks. Brd., Elec., Pwr. & Lt. Impvts. Misc. RB, Energy Efficiency Proj., Ser. A, | |||||||
| 5.625%, 10/01/08, AMBAC | 04/07 @ 101 | 2,121,000 | ||||||
|
3,345
|
Sacramento City Fing. Auth., Pub. Impvts. Lease Abatement RB, City Hall & Redev. | |||||||
| Projs., Ser. A, 3.50%, 12/01/08, FSA | No Opt. Call | 3,339,514 | ||||||
| Sacramento Mun. Util. Dist., | ||||||||
|
3,750
|
2 | Elec., Pwr. & Lt. RB, Ser. C, 5.75%, 11/15/08, FGIC | ETM | 3,783,713 | ||||
|
2,950
|
2 | Elec., Pwr. & Lt. RB, Ser. C, 5.75%, 11/15/09, MBIA | ETM | 2,955,192 | ||||
|
825
|
2 | Swr. RB, Ser. C, 5.75%, 11/15/07, MBIA | ETM | 832,664 | ||||
|
3,855
|
2 | San Bernardino Cnty. Transp. Auth., Hwy. Impvts. Sales Tax RB, 6.00%, 3/01/10, FGIC | ETM | 4,006,116 | ||||
| San Diego Cnty. Regl. Transp. Comm., Hwy. Impvts. Sales Tax RB, | ||||||||
|
4,030
|
2 | Ser. A, 6.00%, 4/01/08, MBIA | ETM | 4,070,582 | ||||
|
1,285
|
2 | Ser. A, 6.00%, 4/01/08, FGIC | ETM | 1,297,940 | ||||
|
1,000
|
San Mateo Cnty. Cmnty. Coll. Dist., Univ. & Coll. Impvts. Ad Valorem Ppty. Tax GO, Ser. | |||||||
| A, 3.30%, 9/01/08, FGIC | No Opt. Call | 997,290 | ||||||
| Santa Ana Unified Sch. Dist., Sch. Impvts. Ad Valorem Ppty. Tax GO, | ||||||||
|
1,000
|
Ser. B, Zero Coupon, 8/01/08, FGIC | No Opt. Call | 952,530 | |||||
|
2,000
|
Ser. B, Zero Coupon, 8/01/09, FGIC | No Opt. Call | 1,835,000 | |||||
| 123,172,051 | ||||||||
| Puerto Rico—9.9% | ||||||||
| Elec. Pwr. Auth., Elec., Pwr. & Lt. Impvts. RB, | ||||||||
|
5,280
|
Ser. DD, 5.00%, 7/01/09, FSA | 07/08 @ 101.5 | 5,441,779 | |||||
1
BlackRock California Insured Municipal 2008 Term Trust (BFC) (continued) |
|
| Principal | |||||||||
| Amount | Option Call | ||||||||
| (000) | Description |
Provisions1 | Value | ||||||
| Puerto Rico—(cont'd) | |||||||||
| $ 6,000 | Ser. DD, 5.00%, 7/01/10, FSA | 07/08 @ 101.5 | $ |
6,187,740 | |||||
| 4,000 | Mun. Fin. Agcy., Cash Flow Mgmt. Ad Valorem Ppty. Tax GO, Ser. A, 5.625%, 8/01/10, | ||||||||
| FSA | 08/09 @ 101 | 4,217,440 | |||||||
| 15,846,959 | |||||||||
| Total Long-Term Investments (cost $135,500,049) | 139,019,010 | ||||||||
Shares |
|||||||||
| (000) | |||||||||
| MONEY MARKET FUNDS—12.6% | |||||||||
| 14,050 | AIM Tax Free Cash Res. Portfolio - Institutional Class, 3.45% | N/A | 14,050,000 | ||||||
| 6,100 | SSgA Tax Free Money Mkt. Fund - Class A, 3.06% | N/A | 6,100,000 | ||||||
| Total Short-Term Investments (cost $20,150,000) | 20,150,000 | ||||||||
| Total Investments —99.7% (cost $155,650,0493) | $ 159,169,010 | ||||||||
| Other assets in excess of liabilities —0.3% | 497,880 | ||||||||
| Net Assets Applicable to Common Shareholders—100% | $ 159,666,890 | ||||||||
| _________________ | |
| 1 | Date (month/year) and price of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. |
| 2 | Security is collateralized by Municipal or U.S. Treasury obligations. |
| 3 | Cost for federal income tax purposes is $155,596,683. The net unrealized appreciation on a tax basis is $3,572,327, consisting of $3,668,661 gross unrealized appreciation and $96,334 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 100.8% of the Trust's managed assets. | |
| AMBAC |
— 25.3%
|
|
| FGIC |
— 16.5%
|
|
| FSA |
— 21.4%
|
|
| MBIA |
— 25.0%
|
|
| Other |
— 12.6%
|
KEY TO ABBREVIATIONS |
|||
| AMBAC | — American Municipal Bond Assurance Corp. | GO | — General Obligation |
| COP | — Certificate of Participation | MBIA | — Municipal Bond Insurance Assoc. |
| ETM | — Escrowed to Maturity | RB | — Revenue Bond |
| FGIC | — Financial Guaranty Insurance Co. | TA | — Tax Allocation |
| FSA | — Financial Security Assurance | ||
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: May 25, 2007 | |
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: May 25, 2007 | |
| By: | /s/ Donald C. Burke |
| Name: Donald C. Burke | |
| Title: Treasurer and Principal Financial Officer | |
| Date: May 25, 2007 | |