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

 

Name of Fund:  BlackRock California Insured Municipal 2008 Term Trust, Inc. (BFC)

 

Fund Address:  100 Bellevue Parkway, Wilmington, DE 19809

 

Name and address of agent for service: Donald C. Burke, Chief Executive Officer, BlackRock California Insured Municipal 2008 Term Trust, Inc., 800 Scudders Mill Road, Plainsboro, NJ, 08536. Mailing address: P.O. Box 9011, Princeton, NJ, 08543-9011

 

Registrant’s telephone number, including area code: (800) 882-0052, Option 4

 

Date of fiscal year end: 12/31/2007

 

Date of reporting period: 07/01/2007 – 09/30/2007

 


Item 1 – Schedule of Investments

PORTFOLIO OF INVESTMENTS (unaudited)
SEPTEMBER 30, 2007
 BlackRock California Insured Municipal 2008 Term Trust (BFC) 
(Percentages shown are based on Net Assets)

Principal
                  
Amount
           
(000)
  Description    
Value
 
 
  LONG-TERM INVESTMENTS—85.9%        
 
  California—76.0%        
$
1,060
  Anaheim Union High Sch. Dist., Sch.        
 
     Impvts. Ad Valorem Ppty. Tax GO, Ser.        
 
     A, 3.50%, 8/01/08, FSA   $ 1,060,837  
 
2,600
  Castaic Lake Wtr. Agcy., Non-Terminable        
 
     Lease COP, Wtr. Sys. Impvt. Proj., Ser.        
 
     A, 7.25%, 8/01/10, MBIA     2,853,110  
 
1,000
  City of Chula Vista, Pub. Impvts. Lease        
     
   Abatement COP, Police Fac. Proj., 4.00%,
       
 
     8/01/08, MBIA     1,004,320  
 
5,500
1 Clovis Unified Sch. Dist., Sch. Impvts. Ad        
 
     Valorem Ppty. Tax GO, Ser. B, Zero        
 
     Coupon, 8/01/08, FGIC     5,339,950  
 
2,635
  Cnty. of Alameda, Lease Approp. COP, Ser.        
 
     A, 3.80%, 12/01/08, MBIA     2,644,829  
 
11,000
  Cnty. of San Diego, Lease Abatement COP,        
 
     5.625%, 9/01/12, AMBAC     11,450,670  
 
7,500
  Dept. of Wtr. Recs., Cash Flow Mgmt.        
 
     Elec., Pwr. & Lt. RB, Ser. A, 3.125%,        
 
     5/01/08, FSA     7,483,950  
 
1,855
1 El Paso de Robles, Pub. Impvts. Ad        
 
     Valorem Ppty. Tax GO, Ser. A, Zero        
 
     Coupon, 8/01/09, FGIC     1,735,761  
 
4,025
  Elsinore Valley Mun. Wtr. Dist., Non-        
 
     Terminable Lease COP, Ser. A, 6.00%,        
 
     7/01/09, FGIC     4,140,719  
 
1,245
  Long Beach Brd. Fin. Auth., Cash Flow        
     
   Mgmt. TA, Redev. Proj., 3.50%, 8/01/08,
       
 
     AMBAC     1,245,261  
 
  Los Angeles Cnty. Cap. Asset Leasing        
 
  Corp., Lease Abatement RB,        
 
2,910
     3.80%, 12/01/07, AMBAC     2,922,077  
 
8,090
     3.85%, 12/01/08, AMBAC     8,322,264  
 
8,600
     4.05%, 12/01/09, AMBAC     9,058,982  
 
4,405
  Los Angeles Cnty. Met. Transp. Auth., Spl.        
     
   Assmt. RB, Spl. Benefit Assmt. Dist. A1
       
 
     Proj., 3.75%, 9/01/08, AMBAC     4,417,642  
 
2,6601
  Los Angeles Unified Sch. Dist., Sch.        
 
     Impvts. Lease Abatement COP, Ser. B,        
 
     3.00%, 10/01/08, FSA     2,640,954  
 
1,000
  Mount Diablo Unified Sch. Dist., Sch.        
 
     Impvts. Ad Valorem Ppty. Tax GO,        
 
     3.50%, 8/01/08, FSA     1,000,790  
 
1,000
  Orange Cnty. Local Transp. Auth., Misc.        
 
     Sales Tax RB, 6.00%, 2/15/09, MBIA     1,034,320  
 
2,495
1 Pasadena Unified Sch. Dist., Sch. Impvts.        
 
     Ad Valorem Ppty. Tax GO, Ser. C,        
 
     3.50%, 11/01/08, FSA     2,494,950  
 
3,000
  Pub. Impvts. GO, 5.50%, 2/01/10, MBIA     3,135,000  
 
15,000
  Pub. Impvts. Misc. GO, 6.30%, 9/01/08,        
 
  MBIA     15,381,300  
 
2,100
  Pub. Wks. Brd., Elec., Pwr. & Lt. Impvts.        
 
     Misc. RB, Energy Efficiency Proj., Ser.        
 
     A, 5.625%, 10/01/08, AMBAC     2,103,549  
 
2,000
Recreational Fac. Impvts. Ad Valorem Ppty.        
 
  Tax GO, 6.25%, 9/01/08, FGIC     2,049,940  
3,345
  Sacramento City Fing. Auth., Pub. Impvts.        
     
   Lease Abatement RB, City Hall & Redev.
       
 
     Projs., Ser. A, 3.50%, 12/01/08, FSA     3,344,900  
 
  Sacramento Mun. Util. Dist.,        
 
3,750
1    Elec., Pwr. & Lt. RB, Ser. C, 5.75%,        
 
     11/15/08, FGIC     3,784,987  
Principal
             
Amount
                
(000)
  Description    
Value
 
      California— (cont'd)        
$
2,950
 1    Elec., Pwr. & Lt. RB, Ser. C, 5.75%,        
 
     11/15/09, MBIA   $ 3,048,648  
 
825
1    Swr. RB, Ser. C, 5.75%, 11/15/07, MBIA     826,939  
 
3,855
1 San Bernardino Cnty. Transp. Auth., Hwy.        
 
     Impvts. Sales Tax RB, 6.00%, 3/01/10,        
 
     FGIC     3,967,913  
 
  San Diego Cnty. Regl. Transp. Comm.,        
 
  Hwy. Impvts. Sales Tax RB,        
 
1,285
1    Ser. A, 6.00%, 4/01/08, FGIC     1,298,377  
 
4,030
1    Ser. A, 6.00%, 4/01/08, MBIA     4,071,952  
 
1,000
  San Mateo Cnty. Cmnty. Coll. Dist., Univ.        
 
     & Coll. Impvts. Ad Valorem Ppty. Tax        
 
     GO, Ser. A, 3.30%, 9/01/08, FGIC     998,610  
 
  Santa Ana Unified Sch. Dist., Sch. Impvts.        
 
  Ad Valorem Ppty. Tax GO,        
 
1,000
     Ser. B, Zero Coupon, 8/01/08, FGIC     970,660  
 
2,000
     Ser. B, Zero Coupon, 8/01/09, FGIC     1,871,440  
 
3,000
  Sch. Impvts. Misc. GO, 5.50%, 4/01/09,        
      MBIA     3,090,960  
            120,796,561  
      Puerto Rico—9.9%        
      Elec. Pwr. Auth., Elec., Pwr. & Lt. Impvts.        
      RB,        
 
5,280
     Ser. DD, 5.00%, 7/01/09, FSA     5,418,019  
 
6,000
     Ser. DD, 5.00%, 7/01/10, FSA     6,152,760  
 
4,000
  Mun. Fin. Agcy., Cash Flow Mgmt. Ad        
         Valorem Ppty. Tax GO, Ser. A, 5.625%,        
         8/01/10, FSA     4,186,200  
            15,756,979  
      Total Long-Term Investments (cost        
      $133,722,801)     136,553,540  
     
SHORT-TERM INVESTMENTS—13.5%
       
      California—13.5%        
  300 2 City of Fremont, Pub. Impvts. Lease        
         Abatement COP, Maintenance Ctrl. &        
         Fire Proj., 3.73%, 10/04/07, AMBAC,        
         FRWD     300,000  
 
5,700
2 City of Los Angeles, Wstwtr. Sys. RB, Ser.        
         B, 3.70%, 10/04/07, FGIC, FRWD     5,700,000  
  800 2 Infrastructure & Econ. Dev. Bank, Indl.        
         Impvts. RB, Rand Corp. Proj., Ser. B,        
         3.84%, 10/01/07, AMBAC, FRDD     800,000  
 
2,325
2 Orange Cnty. San. Dist., Lease COP, 3.85%,        
 
     10/01/07, AMBAC, FRDD     2,325,000  
 
7,055
2 Orange Cnty. Transp. Auth., Trans. RB, 91        
 
     Express Lanes Proj., Ser. B-1, 3.73%,        
 
     10/04/07, AMBAC, FRWD     7,055,000  
 
5,250
 2 Pittsburg Redev. Agcy., Econ. Impvts. TA,        
         Los Medanos Cmnty. Proj., Ser. A,        
         3.98%, 10/01/07, AMBAC, FRDD     5,250,000  
      Total Short-Term Investments (cost        
       $21,430,000)     21,430,000  
Total Investments—99.4% (cost $155,152,8013)   $ 157,983,540  
Other assets in excess of liabilities—0.6%     1,001,110  
Net Assets—100%   $ 158,984,650  
 
1 Security is collateralized by Municipal or U.S. Treasury obligations.
   
2 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, 2007.
   
3 Cost for federal income tax purposes is $155,050,608. The net unrealized appreciation on a tax basis is $2,932,932, consisting of $2,979,769 gross unrealized appreciation and $46,837 gross unrealized depreciation.


1

 BlackRock California Insured Municipal 2008 Term Trust (BFC)  (continued)
(Percentages shown are based on Net Assets)

The value (market value plus accrued interest) of securities that are covered by insurance, which ensures the payment of principal and interest, represent approximately 100.0% of the Trust's net assets.


       AMBAC —
35.0%
  FGIC —
20.1%
  FSA —
21.4%
  MBIA —
23.5%
           
           
           
   
KEY TO ABBREVIATIONS
  AMBAC
—
American Municipal Bond Assurance Corp.
  COP
—
Certificate of Participation
  FGIC
—
Financial Guaranty Insurance Co.
  FRDD
—
Floating Rate Daily Demand
  FRWD
—
Floating Rate Weekly Demand
  FSA
—
Financial Security Assurance
  GO
—
General Obligation
  MBIA
—
Municipal Bond Insurance Assoc.
  RB
—
Revenue Bond
  TA
—
Tax Allocation

2


Item 2 – Controls and Procedures

2(a) –

The registrant’s principal executive and principal financial officers or persons performing similar functions have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) under the Securities and Exchange Act of 1934, as amended.

2(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) 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

Certifications – Attached hereto

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.

 

BlackRock California Insured Municipal 2008 Term Trust, Inc.

 

By:   /s/ Donald C. Burke
  Donald C. Burke,
  President & Chief Executive Officer of
  BlackRock California Insured Municipal 2008 Term Trust, Inc.

 

Date: November 20, 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/ Donald C. Burke
  Donald C. Burke,
  President & Chief Executive Officer (principal executive officer) of
  BlackRock California Insured Municipal 2008 Term Trust, Inc.

 

Date: November 20, 2007

By:   Neal J. Andrews
  Neal J. Andrews,
  Chief Financial Officer (principal financial officer) of
  BlackRock California Insured Municipal 2008 Term Trust, Inc.

 

Date: November 20, 2007