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0000950136-07-004575.txt : 20070629
0000950136-07-004575.hdr.sgml : 20070629
20070629115632
ACCESSION NUMBER: 0000950136-07-004575
CONFORMED SUBMISSION TYPE: N-CSRS
PUBLIC DOCUMENT COUNT: 8
CONFORMED PERIOD OF REPORT: 20070430
FILED AS OF DATE: 20070629
DATE AS OF CHANGE: 20070629
EFFECTIVENESS DATE: 20070629
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: MORGAN STANLEY CALIFORNIA INSURED MUNICIPAL INCO
CENTRAL INDEX KEY: 0000894146
IRS NUMBER: 133701273
STATE OF INCORPORATION: MA
FISCAL YEAR END: 1031
FILING VALUES:
FORM TYPE: N-CSRS
SEC ACT: 1940 Act
SEC FILE NUMBER: 811-07344
FILM NUMBER: 07949238
BUSINESS ADDRESS:
STREET 1: C/O MORGAN STANLEY TRUST
STREET 2: HARBORSIDE FINANCIAL CENTER, PLAZA TWO
CITY: JERSEY CITY
STATE: NJ
ZIP: 07311
BUSINESS PHONE: (212) 869-6397
FORMER COMPANY:
FORMER CONFORMED NAME: MORGAN STANLEY DEAN WITTER CALIFORNIA INSURED MUNICIPAL INCO
DATE OF NAME CHANGE: 19981221
FORMER COMPANY:
FORMER CONFORMED NAME: INTERCAPITAL CALIFORNIA INSURED MUNICIPAL INCOME TRUST
DATE OF NAME CHANGE: 19930714
N-CSRS
1
file1.htm
FORM N-CSRS
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-07344
Morgan Stanley California Insured Municipal Income Trust
(Exact name of registrant as specified in charter)
1221 Avenue of the Americas, New York, New York 10020
(Address of principal executive offices) (Zip code)
Ronald E. Robison
1221 Avenue of the Americas, New York, New York 10020
(Name and address of agent for service)
Registrant's telephone number, including area code: 212-762-4000
Date of fiscal year end: October 31, 2007
Date of reporting period: April 30, 2007
Item 1 - Report to Shareholders
Welcome, Shareholder:
In this report, you’ll learn about how your investment in Morgan
Stanley California Insured Municipal Income Trust performed during the
semiannual period. We will provide an overview of the market conditions, and
discuss some of the factors that affected performance during the reporting
period. In addition, this report includes the Trust’s financial
statements and a list of Trust investments.
|
Market
forecasts provided in this report may not necessarily come to pass. There is no
assurance that the Trust will achieve its investment objective. The Trust is
subject to market risk, which is the possibility that market values of
securities owned by the Trust will decline and, therefore, the value of the
Trust’s shares may be less than what you paid for them. Accordingly, you
can lose money investing in this Trust. |
|
Income
earned by certain securities in the portfolio may be subject to the federal
alternative minimum tax (AMT). |
|
|
|
|
|
|
|
Fund Report |
|
For the six months ended April 30, 2007 |
|
|
Market Conditions
The economy continued to send mixed signals about its overall strength
during the six-month reporting period. Rising energy prices and ongoing
geopolitical uncertainty had a negative impact on investor sentiment, as did
the contraction in the residential real estate sector. Turmoil in the sub-prime
mortgage market intensified concerns about housing, and dominated investment
headlines during the period. In fact, these concerns were the primary
contributor to the sharp decline in the equity market in late February, which
led to a ‘‘flight to quality’’ that forced yields on
U.S. Treasury bonds lower and prices higher. The changing economic and
financial picture led to changes in the Federal Open Market Committee’s
(the ‘‘Fed’’) monetary policy bias as well. Although
the Fed held the target federal funds rate steady, statements released
following its March meeting signaled a more neutral bias. This apparent shift
in policy led to a stronger equity market and began to move bond yields higher.
Long-term municipal bond yields (as represented by the 30-year AAA rated
municipal bond), which stood at 4.06 percent at the end of October, ended the
period slightly higher at 4.10 percent. The slope of the municipal yield curve
remained relatively flat, with only a 50 basis point yield differential, or
‘‘pick-up,’’ between 30-year maturities and one-year
maturities. In comparison, the yield pick-up from one to 30 years in April 2006
was 95 basis points, and has averaged 165 basis points over the past three
years.
Declining interest rates in the fourth quarter of 2006 spurred a rebound
in municipal bond issuance that led new issue volume for the calendar year to
reach $383 billion, the second highest on record and only 6 percent below
2005’s record pace. In the first four months of 2007, new issue municipal
volume increased by 37 percent versus the same period one year earlier,
reaching a total of $135 billion. Insured municipal bonds continued to
represent roughly half of all new issue supply. Municipalities continued to
take advantage of lower interest rates to refinance their debt and refundings
increased dramatically. California was the country’s largest issuer of
municipal bonds during the period, and new issue supply for the state rose by
84 percent.
Strong demand by institutional investors and non-traditional buyers,
including hedge funds and arbitrage accounts, helped long-term municipal bonds
perform relatively in line with Treasuries for the period. The 30-year
municipal-to-Treasury yield ratio, which measures the relative attractiveness
of these two sectors, declined slightly from 86 percent at the beginning of the
period to 85 percent by period end. A declining ratio indicates that municipals
outperformed Treasuries while at the same time becoming more expensive (and
thus less attractive) on a relative basis.
The State of California continued to enjoy a generally good economic
footing. Although the slowdown in the real estate sector dampened the
state’s economy, it did not stall growth as expansion in the service
sector helped to offset continued weakness in real estate related employment.
In terms of its budget, the state projects that fiscal 2007 will end slightly
better than
2
estimates due to good revenue growth. California’s inability to
fully eliminate its structural deficit despite prosperous economic conditions,
however, remains a credit concern.
Performance Analysis
For the six-month period ended April 30, 2007, the net asset value (NAV)
of Morgan Stanley California Insured Municipal Income Trust (IIC) decreased
from $15.38 to $15.25 per share. Based on this change plus reinvestment of
tax-free dividends totaling $0.345 per share and a long-term capital gain
distribution of $0.031341 per share, the Trust’s total NAV return was
1.73 percent. IIC’s value on the New York Stock Exchange (NYSE) moved
from $14.46 to $14.83 per share during the same period. Based on this change
plus reinvestment of dividends and distributions, the Trust’s total
market return was 5.22 percent. IIC’s NYSE market price was at a 2.75
percent discount to its NAV.
Past performance is no guarantee of future results.
Monthly dividends for the second quarter of 2007, declared in March, were
unchanged at $0.0575 per share. The dividend reflects the current level of the
Trust’s net investment income. IIC’s level of undistributed net
investment income was $0.063 per share on April 30, 2007, versus $0.070 per
share six months earlier.1
During the reporting period, the Trust’s interest-rate positioning
continued to reflect our anticipation of higher rates. This strategy helped the
Trust’s total returns at the beginning of the period when interest rates
rose, but tempered returns later in the period when rates declined. At the end
of April, the Trust’s option-adjusted duration* including leverage was
positioned at 11.2 years.
The primary detractor from performance was the Trust’s overall
maturity distribution, which was underweighted in longer-term issues relative
to issues with shorter maturities. This stance limited the Trust’s
participation in the outperformance of longer-maturity bonds during the period.
The Trust’s performance was enhanced, however, by several holdings that
appreciated when they were pre-refunded.**
Reflecting a commitment to diversification, the Trust’s net assets,
including preferred shares, of approximately $230 million were invested among
10 long-term sectors and 50 credits. As of the close of the period the
Trust’s largest allocations were to water and sewer, transportation and
dedicated tax sectors.
As discussed in previous reports, the total income available for
distribution to holders of common shares includes incremental income provided
by the Trust’s outstanding Auction Rate Preferred Shares (ARPS). ARPS
dividends reflect prevailing short-term interest rates on maturities ranging
from one week to two years. Incremental income to holders of common shares
depends on two factors: the amount of ARPS outstanding and the spread between
the portfolio’s cost yield and its ARPS auction rate and expenses. The
greater the spread and the higher the amount of ARPS outstanding, the greater
the amount of incremental income available for distribution to holders of
common
3
shares. The level of net investment income available for distribution to
holders of common shares varies with the level of short-term interest rates.
ARPS leverage also increases the price volatility of common shares and has the
effect of extending portfolio duration.
During this six-month period, ARPS leverage contributed approximately
$0.03 per share to common-share earnings. The Trust has four ARPS series
totaling $65 million, representing 28 percent of net assets, including
preferred shares. Weekly ARPS rates ranged from 2.90 to 4.00 percent during the
fiscal period.
The Trust’s procedure for reinvesting all dividends and
distributions in common shares is through purchases in the open market. This
method helps support the market value of the Trust’s shares. In addition,
we would like to remind you that the Trustees have approved a procedure whereby
the Trust may, when appropriate, purchase shares in the open market or in
privately negotiated transactions at a price not above market value or net
asset value, whichever is lower at the time of purchase. The Trust may also
utilize procedures to reduce or eliminate the amount of ARPS outstanding,
including their purchase in the open market or in privately negotiated
transactions.
Performance data quoted represents past performance, which is no
guarantee of future results, and current performance may be lower or higher
than the figures shown. Investment return, net asset value and common share
market price will fluctuate and Trust shares, when sold, may be worth more or
less than their original cost.
There
is no guarantee that any sectors mentioned will continue to perform as
discussed herein or that securities in such sectors will be held by the Trust
in the future. |
1
Income earned by certain securities in the portfolio may be subject to the
federal alternative minimum tax (AMT). |
*
A measure of the sensitivity of a bond’s price to changes in interest
rates, expressed in years. Each year of duration represents an expected 1
percent change in the price of a bond for every 1 percent change in interest
rates. The longer a bond’s duration, the greater the effect of
interest-rate movements on its price. Typically, trusts with shorter durations
perform better in rising-interest-rate environments, while trusts with longer
durations perform better when rates decline. Duration calculations are adjusted
for leverage. |
**
Prerefunding, or advance refunding, is a financing structure under which new
bonds are issued to repay an outstanding bond issue on its first call
date. |
4
|
|
|
|
|
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|
TOP FIVE SECTORS |
|
|
Water & Sewer |
|
|
28.0 |
% |
Transportation |
|
|
18.8 |
|
Dedicated Tax |
|
|
17.9 |
|
Appropriation |
|
|
17.4 |
|
Education |
|
|
15.6 |
|
|
|
|
|
|
|
|
|
CREDIT ENHANCEMENTS |
|
|
FSA |
|
|
27.2 |
% |
MBIA |
|
|
27.0 |
|
Ambac |
|
|
25.7 |
|
FGIC |
|
|
15.6 |
|
U.S. Government Backed |
|
|
3.6 |
|
XLCA |
|
|
0.9 |
|
|
Data
as of April 30, 2007. Subject to change daily. All percentages for top five
sectors are as a percentage of net assets applicable to common shareholders.
All percentages for credit enhancements are as a percentage of total long-term
investments. These data are provided for informational purposes only and should
not be deemed a recommendation to buy or sell the securities mentioned. Morgan
Stanley is a full-service securities firm engaged in securities trading and
brokerage activities, investment banking, research and analysis, financing and
financial advisory services. |
For More Information About Portfolio Holdings
Each Morgan Stanley trust provides a complete schedule of portfolio
holdings in its semiannual and annual reports within 60 days of the end of the
trust’s second and fourth fiscal quarters. The semiannual reports and the
annual reports are filed electronically with the Securities and Exchange
Commission (SEC) on Form N-CSRS and Form N-CSR, respectively. Morgan Stanley
also delivers the semiannual and annual reports to trust shareholders and makes
these reports available on its public web site, www.morganstanley.com. Each
Morgan Stanley trust also files a complete schedule of portfolio holdings with
the SEC for the trust’s first and third fiscal quarters on Form N-Q.
Morgan Stanley does not deliver the reports for the first and third fiscal
quarters to shareholders, nor are the reports posted to the Morgan Stanley
public web site. You may, however, obtain the Form N-Q filings (as well as the
Form N-CSR and N-CSRS filings) by accessing the SEC’s web site,
http://www.sec.gov. You may also review and copy them at the SEC’s public
reference room in Washington, DC. Information on the operation of the
SEC’s public reference room may be obtained by calling the SEC at (800)
SEC-0330. You can also request copies of these materials, upon payment of a
duplicating fee, by electronic request at the SEC’s e-mail address
(publicinfo@sec.gov) or by writing the public reference section of the SEC,
Washington, DC 20549-0102.
5
|
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Distribution by Maturity |
|
(% of Long-Term Portfolio) As of April 30, 2007 |
|
|
Weighted Average Maturity: 18 Years(a)
|
(a) |
Where applicable maturities reflect mandatory tenders, puts and call
dates. |
|
|
Portfolio
structure is subject to change. |
6
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Call and Cost (Book) Yield Structure |
|
(Based on Long-Term Portfolio) As of April 30, 2007 |
|
|
Years Bonds Callable—Weighted Average Call Protection: 6 Years
Cost (Book) Yield(b)—Weighted Average Book Yield: 5.0 %
|
(a) |
May include issues initially callable in previous years. |
|
(b) |
Cost or ‘‘book’’ yield is the annual income earned on a
portfolio investment based on its original purchase price before the
Trust’s operating expenses. For example, the Trust is earning a book
yield of 5.6% on 2% of the long-term portfolio that is callable in 2007. |
|
|
Portfolio
structure is subject to change. |
7
Investment
Advisory Agreement Approval
Nature, Extent and Quality of Services
The Board reviewed and considered the nature and extent of the investment
advisory services provided by the Investment Adviser under the Advisory
Agreement, including portfolio management, investment research and fixed income
securities trading. The Board also reviewed and considered the nature and
extent of the non-advisory, administrative services provided by the
Trust’s Administrator under the Administration Agreement, including
accounting, clerical, bookkeeping, compliance, business management and
planning, and the provision of supplies, office space and utilities at the
Investment Adviser’s expense. (The Investment Adviser and the
Administrator together are referred to as the
‘‘Adviser’’ and the Advisory and Administration
Agreements together are referred to as the ‘‘Management
Agreement.’’) The Board also compared the nature of the services
provided by the Adviser with similar services provided by non-affiliated
advisers as reported to the Board by Lipper Inc.
(‘‘Lipper’’).
The Board reviewed and considered the qualifications of the portfolio
managers, the senior administrative managers and other key personnel of the
Adviser who provide the administrative and advisory services to the Trust. The
Board determined that the Adviser’s portfolio managers and key personnel
are well qualified by education and/or training and experience to perform the
services in an efficient and professional manner. The Board concluded that the
nature and extent of the advisory and administrative services provided were
necessary and appropriate for the conduct of the business and investment
activities of the Trust. The Board also concluded that the overall quality of
the advisory and administrative services was satisfactory.
Performance Relative to Comparable Funds Managed by Other Advisers
On a regular basis, the Board reviews the performance of all funds in the
Morgan Stanley Fund Complex, including the Trust, compared to their peers,
paying specific attention to the underperforming funds. In addition, the Board
specifically reviewed the Trust’s performance for the one-, three- and
five-year periods ended November 30, 2006, as shown in a report provided by
Lipper (the ‘‘Lipper Report’’), compared to the
performance of comparable funds selected by Lipper (the
‘‘performance peer group’’). The Board also discussed
with the Adviser the performance goals and the actual results achieved in
managing the Trust. The Board concluded that the Trust’s performance was
competitive with that of its performance peer group.
Fees Relative to Other Proprietary Funds Managed by the Adviser with
Comparable
Investment Strategies
The Board noted that the Adviser did not manage any other proprietary
funds with investment strategies comparable to the Trust.
Fees and Expenses Relative to Comparable Funds Managed by Other Advisers
The Board reviewed the advisory and administrative fee (together, the
‘‘management fee’’) rate and total expense ratio of the
Trust as compared to the average management fee rate and average total expense
ratio for funds, selected by Lipper (the ‘‘expense peer
group’’), managed by other advisers with investment strategies
comparable to those of the Trust, as shown in the Lipper Report. The Board
concluded that the Trust’s management fee rate and total expense ratio
were competitive with those of its expense peer group.
8
Breakpoints and Economies of Scale
The Board reviewed the structure of the Trust’s management fee
schedule under the Management Agreement and noted that it does not include any
breakpoints. The Board considered that the Trust is a closed-end fund and,
therefore, that the Trust’s assets are not likely to grow with new sales
or grow significantly as a result of capital appreciation. The Board concluded
that economies of scale for the Trust were not a factor that needed to be
considered at the present time.
Profitability of the Adviser and Affiliates
The Board considered information concerning the costs incurred and
profits realized by the Adviser and affiliates during the last year from their
relationship with the Trust and during the last two years from their
relationship with the Morgan Stanley Fund Complex and reviewed with the Adviser
the cost allocation methodology used to determine the profitability of the
Adviser and affiliates. Based on its review of the information it received, the
Board concluded that the profits earned by the Adviser and affiliates were not
excessive in light of the advisory, administrative and other services provided
to the Trust.
Fall-Out Benefits
The Board considered so-called ‘‘fall-out
benefits’’ derived by the Adviser and affiliates from their
relationship with the Trust and the Morgan Stanley Fund Complex, such as
commissions on the purchase and sale of Trust shares and
‘‘float’’ benefits derived from handling of checks for
such purchases and sales of Trust shares, through a broker-dealer affiliate of
the Adviser. The Board concluded that the float benefits were relatively small
and that the commissions were competitive with those of other broker-dealers.
Soft Dollar Benefits
The Board considered whether the Adviser realizes any benefits from
commissions paid to brokers who execute securities transactions for the Trust
(‘‘soft dollars’’). The Board noted that the Trust
invests only in fixed income securities, which do not generate soft dollars.
Adviser Financially Sound and Financially Capable of Meeting the
Trust’s Needs
The Board considered whether the Adviser is financially sound and has the
resources necessary to perform its obligations under the Management Agreement.
The Board concluded that the Adviser has the financial resources necessary to
fulfill its obligations under the Management Agreement.
Historical Relationship Between the Trust and the Adviser
The Board also reviewed and considered the historical relationship
between the Trust and the Adviser, including the organizational structure of
the Adviser, the policies and procedures formulated and adopted by the Adviser
for managing the Trust’s operations and the Board’s confidence in
the competence and integrity of the senior managers and key personnel of the
Adviser. The Board concluded that it is beneficial for the Trust to continue
its relationship with the Adviser.
9
Other Factors and Current Trends
The Board considered the controls and procedures adopted and implemented
by the Adviser and monitored by the Trust’s Chief Compliance Officer and
concluded that the conduct of business by the Adviser indicates a good faith
effort on its part to adhere to high ethical standards in the conduct of the
Trust’s business.
General Conclusion
After considering and weighing all of the above factors, the Board
concluded that it would be in the best interest of the Trust and its
shareholders to approve renewal of the Management Agreement for another year.
10
Morgan Stanley California Insured Municipal Income Trust
Portfolio of Investments
April 30, 2007
(unaudited)
|
|
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|
|
|
|
|
|
|
PRINCIPAL AMOUNT
IN THOUSANDS |
|
|
|
COUPON RATE |
|
MATURITY DATE |
|
VALUE |
|
|
|
|
California Tax-Exempt Municipal Bonds
(145.0%) |
|
|
|
|
General Obligation
(11.3%) |
$ |
4,970 |
|
|
Anaheim City School District, Ser 2007
(MBIA) |
|
|
0.00 |
% |
|
|
08/01/24 |
|
|
$ |
2,339,627 |
|
|
|
|
|
California, |
|
3,000 |
|
|
Economic Recovery Ser 2004 A (MBIA) |
|
|
5.00 |
|
|
|
07/01/15 |
|
|
|
3,242,490 |
|
|
2,000 |
|
|
Veterans Ser BH (AMT) (FSA) |
|
|
5.40 |
|
|
|
12/01/16 |
|
|
|
2,058,640 |
|
|
780 |
|
|
Various Purpose Dtd 04/01/93 (FSA) |
|
|
5.50 |
|
|
|
04/01/19 |
|
|
|
785,897 |
|
|
4,000 |
|
|
Refg Dtd 04/01/07 (MBIA) |
|
|
4.25 |
|
|
|
08/01/33 |
|
|
|
3,831,760 |
|
|
2,000 |
|
|
Los Angeles Unified School District, Ser
2006 F (MBIA) |
|
|
5.00 |
|
|
|
07/01/30 |
|
|
|
2,130,800 |
|
|
3,000 |
|
|
Oakland, Ser 2003 A (MBIA) |
|
|
5.00 |
|
|
|
01/15/33 |
|
|
|
3,129,780 |
|
|
1,000 |
|
|
San Francisco City & County, Laguna
Honda Hospital RITES PA 1387 (FSA) |
|
|
7.74 |
‡ |
|
|
06/15/30 |
|
|
|
1,198,880 |
|
|
20,750 |
|
|
|
|
|
|
|
|
|
|
|
|
|
18,717,874 |
|
|
|
|
|
Appropriation
(17.4%) |
|
4,000 |
|
|
Golden State Tobacco Securitization
Corporation, Enhanced Asset Backed Ser 2005 A (FGIC) |
|
|
5.00 |
|
|
|
06/01/38 |
|
|
|
4,196,360 |
|
|
2,000 |
|
|
Kern County Board of Education, Refg 2006
Ser A COPs (MBIA) |
|
|
5.00 |
|
|
|
06/01/31 |
|
|
|
2,114,340 |
|
|
5,000 |
|
|
Modesto, Community Center Refg 1993 Ser A
COPs (Ambac) |
|
|
5.00 |
|
|
|
11/01/23 |
|
|
|
5,519,950 |
|
|
140 |
|
|
Sacramento City Financing Authority, 2003
Capital Impr (Ambac) |
|
|
5.00 |
|
|
|
12/01/33 |
|
|
|
146,341 |
|
|
5,000 |
|
|
San Francisco Redevelopment Agency,
George R Moscone Convention Center Refg Ser 2002 (FSA) |
|
|
5.25 |
|
|
|
07/01/18 |
|
|
|
5,338,550 |
|
|
8,000 |
|
|
San Jose Financing Authority, Civic
Center Ser 2002 B (Ambac) |
|
|
5.00 |
|
|
|
06/01/37 |
|
|
|
8,284,480 |
|
|
1,000 |
|
|
Simi Valley Public Financing Authority,
Ser 2004 COPs (Ambac) |
|
|
5.00 |
|
|
|
09/01/30 |
|
|
|
1,048,400 |
|
|
2,000 |
|
|
Val Verde Unified School District, Ser
2005 B COPs (FGIC) |
|
|
5.00 |
|
|
|
01/01/35 |
|
|
|
2,096,520 |
|
|
27,140 |
|
|
|
|
|
|
|
|
|
|
|
|
|
28,744,941 |
|
|
|
|
|
Dedicated Tax
(17.9%) |
|
|
|
|
Burbank Public Financing Authority, |
|
1,300 |
|
|
Golden State Redev 2003 Ser A
(Ambac) |
|
|
5.25 |
|
|
|
12/01/22 |
|
|
|
1,392,066 |
|
|
1,500 |
|
|
Golden State Redev 2003 Ser A
(Ambac) |
|
|
5.25 |
|
|
|
12/01/23 |
|
|
|
1,603,545 |
|
|
1,000 |
|
|
Capistrano Unified School District,
Community Facilities District #98-2 Ladera Special Tax Ser 2005 (FGIC) |
|
|
5.00 |
|
|
|
09/01/29 |
|
|
|
1,057,520 |
|
|
2,000 |
|
|
Chula Vista Public Financing Authority,
Ser A 2005 (MBIA) |
|
|
5.00 |
|
|
|
09/01/29 |
|
|
|
2,109,280 |
|
|
2,000 |
|
|
Culver City Redevelopment Agency, Ser
2005 A (Ambac) |
|
|
5.00 |
|
|
|
11/01/25 |
|
|
|
2,109,300 |
|
|
3,000 |
|
|
La Quinta Financing Authority, Local
Agency 2004 Ser A (Ambac) |
|
|
5.25 |
|
|
|
09/01/24 |
|
|
|
3,243,360 |
|
|
2,000 |
|
|
La Quinta Redevelopment Agency, Area #1
Ser 2002 (Ambac) |
|
|
5.00 |
|
|
|
09/01/22 |
|
|
|
2,116,960 |
|
|
3,000 |
|
|
Milpitas Redevelopment Agency, Area #1
Ser 2003 (MBIA) |
|
|
5.00 |
|
|
|
09/01/22 |
|
|
|
3,157,710 |
|
|
See Notes to Financial Statements
11
Morgan Stanley California Insured Municipal Income Trust
Portfolio of Investments
April 30, 2007
(unaudited)
continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PRINCIPAL AMOUNT
IN THOUSANDS |
|
|
|
COUPON RATE |
|
MATURITY DATE |
|
VALUE |
|
|
|
|
Poway Redevelopment Agency, |
$ |
4,000 |
|
|
Paguay Redev Project 2003 Ser A (MBIA)
‡‡ |
|
|
5.25 |
% |
|
|
06/15/22 |
|
|
$ |
4,259,540 |
|
|
4,000 |
|
|
Paguay Redev Project 2003 Ser A (MBIA)
‡‡ |
|
|
5.25 |
|
|
|
06/15/23 |
|
|
|
4,259,540 |
|
|
4,000 |
|
|
Paguay Redev Project 2003 Ser A (MBIA)
‡‡ |
|
|
5.25 |
|
|
|
06/15/24 |
|
|
|
4,259,540 |
|
|
27,800 |
|
|
|
|
|
|
|
|
|
|
|
|
|
29,568,361 |
|
|
|
|
|
Education
(15.6%) |
|
1,000 |
|
|
California Infrastructure & Economic
Development Bank, California Science Center Foundation Ser 2006 B (FGIC) |
|
|
5.00 |
|
|
|
05/01/31 |
|
|
|
1,058,300 |
|
|
|
|
|
California State University, |
|
2,000 |
|
|
Ser 2003 A (FGIC) |
|
|
5.25 |
|
|
|
11/01/21 |
|
|
|
2,160,480 |
|
|
2,000 |
|
|
Ser 2005 A (Ambac) |
|
|
5.00 |
|
|
|
11/01/35 |
|
|
|
2,112,660 |
|
|
|
|
|
University of California, |
|
2,000 |
|
|
Ser 2003 B (Ambac) |
|
|
5.00 |
|
|
|
05/15/22 |
|
|
|
2,103,080 |
|
|
5,000 |
|
|
Multi Purpose Ser 2003 Q (FSA) |
|
|
5.00 |
|
|
|
09/01/23 |
|
|
|
5,253,350 |
|
|
1,000 |
|
|
Limited Projects Ser 2005 B (FSA) |
|
|
5.00 |
|
|
|
05/15/30 |
|
|
|
1,052,360 |
|
|
4,160 |
|
|
Ser 2007 J (FSA) ‡‡ |
|
|
4.50 |
|
|
|
05/15/31 |
|
|
|
4,173,874 |
|
|
3,840 |
|
|
Ser 2007 J (FSA) ‡‡ |
|
|
4.50 |
|
|
|
05/15/35 |
|
|
|
3,852,806 |
|
|
4,000 |
|
|
Ser 2007 A (MBIA) |
|
|
4.50 |
|
|
|
05/15/37 |
|
|
|
4,004,360 |
|
|
25,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
25,771,270 |
|
|
|
|
|
Hospital
(3.9%) |
|
6,000 |
|
|
University of California, UCLA Medical
Center Ser 2004A (Ambac) |
|
|
5.25 |
|
|
|
05/15/30 |
|
|
|
6,364,380 |
|
|
|
|
|
Housing
(3.2%) |
|
5,000 |
|
|
California Department of Veterans
Affairs, Home Purchase 2002 Ser A (Ambac) |
|
|
5.35 |
|
|
|
12/01/27 |
|
|
|
5,335,000 |
|
|
|
|
|
Public Power
(13.3%) |
|
4,000 |
|
|
Anaheim Electric, Ser 2007-A (MBIA)
‡‡ |
|
|
4.50 |
|
|
|
10/01/37 |
|
|
|
3,976,900 |
|
|
|
|
|
Los Angeles Department of Water &
Power, |
|
4,000 |
|
|
2001 Ser A (FSA) |
|
|
5.25 |
|
|
|
07/01/21 |
|
|
|
4,208,880 |
|
|
5,000 |
|
|
2003 Ser A Subser A-2 (MBIA) |
|
|
5.00 |
|
|
|
07/01/27 |
|
|
|
5,231,750 |
|
|
4,000 |
|
|
Modesto Irrigation District, Ser 2001 A
COPs (FSA) |
|
|
5.00 |
|
|
|
07/01/26 |
|
|
|
4,149,640 |
|
|
2,150 |
|
|
Turlock Irrigation District, Refg 1998
Ser A (MBIA) |
|
|
5.00 |
|
|
|
01/01/26 |
|
|
|
2,204,352 |
|
|
2,000 |
|
|
Puerto Rico Electric Power Authority, Ser
RR (XLCA) |
|
|
5.00 |
|
|
|
07/01/30 |
|
|
|
2,117,360 |
|
|
21,150 |
|
|
|
|
|
|
|
|
|
|
|
|
|
21,888,882 |
|
|
|
|
|
|
|
|
|
|
|
|
Transportation
(18.8%) |
|
2,750 |
|
|
Long Beach Harbor, Ser 1995 (AMT)
(MBIA) |
|
|
5.00 |
|
|
|
05/15/24 |
|
|
|
2,881,560 |
|
|
2,000 |
|
|
Los Angeles County Metropolitan
Transportation Authority, Sales Tax Ser A (FSA) |
|
|
4.50 |
|
|
|
07/01/29 |
|
|
|
2,017,100 |
|
|
See Notes to Financial Statements
12
Morgan Stanley California Insured Municipal Income Trust
Portfolio of Investments
April 30, 2007
(unaudited)
continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PRINCIPAL AMOUNT
IN THOUSANDS |
|
|
|
COUPON RATE |
|
MATURITY DATE |
|
VALUE |
$ |
10,000 |
|
|
Los Angeles, Harbor Department 2001 A
(Ambac) |
|
|
5.00 |
% |
|
|
08/01/25 |
|
|
$ |
10,430,600 |
|
|
3,000 |
|
|
Port of Oakland, 2000 Ser K (AMT)
(FGIC) |
|
|
5.875 |
|
|
|
11/01/17 |
|
|
|
3,169,410 |
|
|
5,000 |
|
|
San Francisco Airports Commission, San
Francisco Int’l Airport Refg Issue 27A (AMT) (MBIA) |
|
|
5.25 |
|
|
|
05/01/26 |
|
|
|
5,176,700 |
|
|
1,125 |
|
|
San Francisco Bay Area Rapid Transit
District, Sales Tax Ser 1998 (Ambac) |
|
|
5.00 |
|
|
|
07/01/28 |
|
|
|
1,148,535 |
|
|
2,000 |
|
|
San Joaquin Hills Transportation Corridor
Agency, Toll Road Refg Ser 1997 A (MBIA) |
|
|
5.25 |
|
|
|
01/15/30 |
|
|
|
2,041,880 |
|
|
4,000 |
|
|
San Jose, Airport Ser 2001 A (FGIC) |
|
|
5.00 |
|
|
|
03/01/25 |
|
|
|
4,153,720 |
|
|
29,875 |
|
|
|
|
|
|
|
|
|
|
|
|
|
31,019,505 |
|
|
|
|
|
Water & Sewer
(28.0%) |
|
3,000 |
|
|
California Department of Water Resources,
Central Valley Ser Y (FGIC) |
|
|
5.25 |
|
|
|
12/01/19 |
|
|
|
3,243,600 |
|
|
1,000 |
|
|
Camarillo Public Finance Authority,
Wastewater Ser 2005 (Ambac) |
|
|
5.00 |
|
|
|
06/01/36 |
|
|
|
1,055,620 |
|
|
|
|
|
Contra Costa Water District, |
|
5,060 |
|
|
Refg Ser L (FSA) |
|
|
5.00 |
|
|
|
10/01/20 |
|
|
|
5,376,351 |
|
|
2,135 |
|
|
Refg Ser L (FSA) |
|
|
5.00 |
|
|
|
10/01/21 |
|
|
|
2,268,480 |
|
|
2,240 |
|
|
Refg Ser L (FSA) |
|
|
5.00 |
|
|
|
10/01/22 |
|
|
|
2,352,560 |
|
|
3,000 |
|
|
East Bay Municipal Utility District,
Water Ser 2001(MBIA) |
|
|
5.00 |
|
|
|
06/01/26 |
|
|
|
3,109,680 |
|
|
1,000 |
|
|
Eastern Municipal Water District, Water
& Sewer Refg Ser 2006 A COPs (MBIA) |
|
|
5.00 |
|
|
|
07/01/32 |
|
|
|
1,058,740 |
|
|
7,000 |
|
|
Los Angeles Wastewater, Refg Ser 2003 B
(FSA) |
|
|
5.00 |
|
|
|
06/01/22 |
|
|
|
7,363,020 |
|
|
|
|
|
Metropolitan Waterworks District of
Southern California, |
|
4,000 |
|
|
2003 Ser B-1 (FGIC) |
|
|
5.00 |
|
|
|
10/01/33 |
|
|
|
4,192,040 |
|
|
2,000 |
|
|
2003 Ser B-1 (FGIC) |
|
|
5.00 |
|
|
|
10/01/36 |
|
|
|
2,096,020 |
|
|
4,000 |
|
|
San Diego County Water Authority, Ser
2004 A COPs (FSA) |
|
|
5.00 |
|
|
|
05/01/29 |
|
|
|
4,219,760 |
|
|
5,000 |
|
|
San Francisco Public Utilities
Commission, Water Refg Ser A 2001 (FSA) |
|
|
5.00 |
|
|
|
11/01/31 |
|
|
|
5,173,950 |
|
|
4,690 |
|
|
Santa Maria, Local Water & Refg Ser
1993 COPs (FGIC) |
|
|
5.50 |
|
|
|
08/01/21 |
|
|
|
4,696,285 |
|
|
44,125 |
|
|
|
|
|
|
|
|
|
|
|
|
|
46,206,106 |
|
|
|
|
|
Refunded
(15.6%) |
|
4,000 |
|
|
California Department of Water Resources,
Power Supply Ser 2002 A (Ambac) |
|
|
5.375 |
|
|
|
05/01/12 |
† |
|
|
4,356,840 |
|
|
4,000 |
|
|
California Infrastructure and Economic
Development Bank, Bay Area Toll Bridges Seismic Retrofit First Lien Ser 2003 A
(FSA) |
|
|
5.25 |
|
|
|
07/01/13 |
† |
|
|
4,353,960 |
|
|
5,000 |
|
|
Los Angeles County Metropolitan
Transportation Authority, Sales Tax Ser 2000 A (FGIC) |
|
|
5.25 |
|
|
|
07/01/10 |
† |
|
|
5,296,400 |
|
|
3,000 |
|
|
Sacramento Financing Authority, Water
& Capital Impr 2001 Ser A (Ambac) |
|
|
5.00 |
|
|
|
06/01/11 |
† |
|
|
3,154,440 |
|
|
See Notes to Financial Statements
13
Morgan Stanley California Insured Municipal Income Trust
Portfolio of Investments
April 30, 2007
(unaudited)
continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PRINCIPAL AMOUNT
IN THOUSANDS |
|
|
|
COUPON RATE |
|
MATURITY DATE |
|
VALUE |
|
|
|
|
Puerto Rico Infrastructure Financing
Authority, |
$ |
3,000 |
|
|
2000 Ser A (ETM) |
|
|
5.375 |
% |
|
|
10/01/24 |
|
|
$ |
3,195,840 |
|
|
5,000 |
|
|
2000 Ser A (ETM) |
|
|
5.50 |
|
|
|
10/01/32 |
|
|
|
5,346,350 |
|
|
24,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
25,703,830 |
|
|
|
|
|
|
|
|
|
230,840 |
|
|
Total California Tax-Exempt Municipal
Bonds
(Cost $229,473,167)
|
|
|
239,320,149 |
|
|
|
|
|
California Tax-Exempt Short-Term
Municipal Obligations (2.6%) |
|
2,650 |
|
|
Adelanto Public Utility Authority, Ser
2005 A (Ambac) (Demand 05/01/07) |
|
|
3.96 |
* |
|
|
11/01/34 |
|
|
|
2,650,000 |
|
|
1,700 |
|
|
Metropolitan Water District of Southern
California, Water 2000 Ser B-1 (Demand 05/01/07) |
|
|
3.93 |
* |
|
|
07/01/35 |
|
|
|
1,700,000 |
|
|
4,350 |
|
|
Total California Tax-Exempt Short-Term
Municipal Obligations
(Cost $4,350,000)
|
|
|
4,350,000 |
|
|
235,190 |
|
|
Total Investments
(Cost $233,823,167)
|
|
|
243,670,149 |
|
|
|
|
|
Floating Rate Note Obligations Related to
Securities Held (−9.1%) |
|
(15,000 |
) |
|
Notes with interest rates ranging from
3.92% to 3.95% at April 30, 2007 and contractual |
|
|
|
|
|
maturities of
collateral ranging from 06/15/22 to 10/01/37 (See Note
1D)‡‡‡
(Cost $(15,000,000))
|
|
|
(15,000,000 |
) |
$ |
220,190 |
|
|
Total Net Investments
(Cost $218,823,167) (a)
|
|
|
138.5 |
% |
|
|
228,670,149 |
|
|
|
|
|
Other Assets in Excess of
Liabilities |
|
|
0.9 |
|
|
|
1,444,479 |
|
|
|
|
|
Preferred Shares of Beneficial
Interest |
|
|
(39.4 |
) |
|
|
(65,000,000 |
) |
|
|
|
|
Net Assets Applicable to Common
Shareholders |
|
|
100.0 |
% |
|
$ |
165,114,628 |
|
|
|
|
Note: |
The categories of investments are shown as a percentage of net assets
applicable to common shareholders. |
|
AMT |
Alternative Minimum Tax. |
|
COPs |
Certificates of Participation. |
|
ETM |
Escrowed to Maturity. |
|
RITES |
Residual Interest Tax-Exempt Security. |
|
† |
Prerefunded to call date shown. |
|
‡ |
Current coupon rate for inverse floating rate municipal obligation (See Note
8). This rate resets periodically as the auction rate on the related security
changes. Position in an inverse floating rate municipal obligation has a total
value of $1,198,880 which represents 0.7% of net assets applicable to common
shareholders. |
|
‡‡ |
Underlying security related to inverse floaters entered into by the Trust (See
Note 1D). |
|
‡‡‡ |
Floating rate note obligations related to securities held. The interest rates
shown reflect the rates in effect at April 30, 2007. |
|
* |
Current coupon of variable rate demand obligation. |
|
(a) |
The aggregate cost for federal income tax purposes approximates the aggregate
cost for book purposes. The aggregate gross unrealized appreciation is
$9,907,791 and the aggregate gross unrealized depreciation is $60,809,
resulting in net unrealized appreciation of $9,846,982. |
|
Ambac |
Ambac Assurance Corporation. |
|
FGIC |
Financial Guaranty Insurance Company. |
|
FSA |
Financial Security Assurance Inc. |
|
MBIA |
Municipal Bond Investors Assurance Corporation. |
|
XLCA |
XL Capital Assurance Inc. |
See Notes to Financial Statements
14
Morgan Stanley California Insured Municipal Income Trust
Financial Statements
Statement of Assets and Liabilities
April 30, 2007 (unaudited)
|
|
|
|
|
|
|
Assets: |
Investments in securities, at
value (cost $233,823,167) |
|
$ |
243,670,149 |
|
Cash |
|
|
86,038 |
|
Interest receivable |
|
|
3,542,306 |
|
Prepaid expenses and other assets |
|
|
36,580 |
|
Total
Assets |
|
|
247,335,073 |
|
Liabilities: |
Floating rate note obligations |
|
|
15,000,000 |
|
Payable for: |
|
|
|
|
Investment purchased |
|
|
2,037,840 |
|
Investment advisory fee |
|
|
52,771 |
|
Administration fee |
|
|
15,636 |
|
Transfer agent fee |
|
|
2,083 |
|
Accrued expenses and other
payables |
|
|
112,115 |
|
Total
Liabilities |
|
|
17,220,445 |
|
Preferred shares of beneficial
interest (at liquidation value)
(1,000,000 shares authorized of non-participating
$.01 par value, 1,300 shares outstanding)
|
|
|
65,000,000 |
|
Net
Assets Applicable to Common Shareholders |
|
$ |
165,114,628 |
|
Composition of Net Assets Applicable
to Common Shareholders: |
|
|
|
|
Common shares of beneficial interest
(unlimited shares authorized of $.01 par value, 10,826,611
shares
outstanding)
|
|
$ |
153,833,493 |
|
Net unrealized appreciation |
|
|
9,846,982 |
|
Accumulated undistributed net
investment income |
|
|
685,201 |
|
Accumulated undistributed net realized
gain |
|
|
748,952 |
|
Net
Assets Applicable to Common Shareholders |
|
$ |
165,114,628 |
|
Net Asset Value Per Common Share |
|
|
|
|
($165,114,628 divided by 10,826,611
common shares outstanding)
|
|
$ |
15.25 |
|
|
Statement of Operations
For the six months ended April 30, 2007 (unaudited)
|
|
|
|
|
|
|
Net Investment Income: |
Interest Income |
|
$ |
5,511,279 |
|
Expenses |
Investment advisory fee |
|
|
310,508 |
|
Interest and residual trust
expenses |
|
|
189,801 |
|
Administration fee |
|
|
92,003 |
|
Auction commission fees |
|
|
80,635 |
|
Professional fees |
|
|
35,466 |
|
Auction agent fees |
|
|
18,395 |
|
Shareholder reports and notices |
|
|
14,384 |
|
Listing fees |
|
|
10,127 |
|
Transfer agent fees and expenses |
|
|
8,421 |
|
Custodian fees |
|
|
5,169 |
|
Trustees’ fees and expenses |
|
|
4,316 |
|
Other |
|
|
28,230 |
|
Total Expenses |
|
|
797,455 |
|
Less: expense offset |
|
|
(5,109 |
) |
Net Expenses |
|
|
792,346 |
|
Net
Investment Income |
|
|
4,718,933 |
|
Net Realized and Unrealized Gain
(Loss): |
Net realized gain |
|
|
748,987 |
|
Net change in unrealized
appreciation |
|
|
(1,781,690 |
) |
Net Loss |
|
|
(1,032,703 |
) |
Dividends to preferred shareholders
from net investment income |
|
|
(1,051,796 |
) |
Net Increase |
|
$ |
2,634,434 |
|
|
See Notes to Financial Statements
15
Morgan Stanley California Insured Municipal Income Trust
Financial Statements continued
Statements of Changes in Net Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
FOR THE SIX MONTHS ENDED APRIL
30, 2007 |
|
FOR THE YEAR ENDED OCTOBER 31,
2006 |
|
|
|
(unaudited |
) |
|
|
|
|
Increase (Decrease) in Net
Assets: |
|
|
|
|
|
|
|
|
Operations: |
|
|
|
|
|
|
|
|
Net investment income |
|
$ |
4,718,933 |
|
|
$ |
9,569,365 |
|
Net realized gain |
|
|
748,987 |
|
|
|
757,321 |
|
Net change in unrealized
appreciation |
|
|
(1,781,690 |
) |
|
|
3,119,034 |
|
Dividends to preferred shareholders
from net investment income |
|
|
(1,051,796 |
) |
|
|
(1,896,799 |
) |
Net Increase |
|
|
2,634,434 |
|
|
|
11,548,921 |
|
Dividends and Distributions to Common
Shareholders from: |
|
|
|
|
|
|
|
|
Net investment income |
|
|
(3,750,867 |
) |
|
|
(7,918,339 |
) |
Net realized gain |
|
|
(341,559 |
) |
|
|
(222,517 |
) |
Total Dividends and Distributions |
|
|
(4,092,426 |
) |
|
|
(8,140,856 |
) |
Decrease from transactions in common
shares of beneficial interest |
|
|
(1,285,630 |
) |
|
|
(3,744,859 |
) |
Net Decrease |
|
|
(2,743,622 |
) |
|
|
(336,794 |
) |
Net Assets Applicable to Common
Shareholders: |
|
|
|
|
|
|
|
|
Beginning of period |
|
|
167,858,250 |
|
|
|
168,195,044 |
|
End of Period |
|
|
|
|
|
|
|
|
(Including accumulated undistributed net investment income of
$685,201 and $768,931, respectively)
|
|
$ |
165,114,628 |
|
|
$ |
167,858,250 |
|
|
See Notes to Financial Statements
16
Morgan Stanley California Insured Municipal Income Trust
Notes to Financial Statements
April 30, 2007
(unaudited)
1. Organization and Accounting Policies
Morgan Stanley California Insured Municipal Income Trust (the
‘‘Trust’’) is registered under the Investment Company
Act of 1940, as amended, as a diversified, closed-end management investment
company. The Trust’s investment objective is to provide current income
which is exempt from both federal and California income taxes. The Trust was
organized as a Massachusetts business trust on November 2, 1992 and commenced
operations on February 26, 1993.
The following is a summary of significant accounting policies:
A. Valuation
of Investments — (1) portfolio securities are valued by an
outside independent pricing service approved by the Trustees. The pricing
service uses both a computerized grid matrix of tax-exempt securities and
evaluations by its staff, in each case based on information concerning market
transactions and quotations from dealers which reflect the mean between the
last reported bid and asked price. The portfolio securities are thus valued by
reference to a combination of transactions and quotations for the same or other
securities believed to be comparable in quality, coupon, maturity, type of
issue, call provisions, trading characteristics and other features deemed to be
relevant. The Trustees believe that timely and reliable market quotations are
generally not readily available for purposes of valuing tax-exempt securities
and that the valuations supplied by the pricing service are more likely to
approximate the fair value of such securities; (2) futures are valued at the
latest sale price on the commodities exchange on which they trade unless it is
determined that such price does not reflect their market value, in which case
they will be valued at their fair value as determined in good faith under
procedures established by and under the supervision of the Trustees; and (3)
short-term debt securities having a maturity date of more than sixty days at
time of purchase are valued on a mark-to-market basis until sixty days prior to
maturity and thereafter at amortized cost based on their value on the 61st day.
Short-term debt securities having a maturity date of sixty days or less at the
time of purchase are valued at amortized cost.
B. Accounting
for Investments — Security transactions are accounted for on the
trade date (date the order to buy or sell is executed). Realized gains and
losses on security transactions are determined by the identified cost method.
Discounts are accreted and premiums are amortized over the life of the
respective securities. Interest income is accrued daily.
C. Futures
Contracts — A futures contract is an agreement between two
parties to buy and sell financial instruments or contracts based on financial
indices at a set price on a future date. Upon entering into such a contract,
the Trust is required to pledge to the broker cash, U.S. Government securities
or other liquid portfolio securities equal to the minimum initial margin
requirements of the applicable futures exchange. Pursuant to the contract, the
Trust agrees to receive from or pay to the broker an amount of cash equal to
the daily fluctuation in the value of the contract. Such receipts or payments
known as variation margin are recorded by the Trust as unrealized gains and
losses. Upon closing of the contract, the Trust realizes a gain or loss equal
to the difference between the value of the contract at the time it was opened
and the value at the time it was closed.
17
Morgan Stanley California Insured Municipal Income Trust
Notes to Financial Statements
April 30, 2007
(unaudited)
continued
D. Floating
Rate Note Obligations Related to Securities Held — The Trust
enters into transactions in which it transfers to Dealer Trusts
(‘‘Dealer Trusts’’), fixed rate bonds in exchange for
cash and residual interests in the Dealer Trusts’ assets and cash flows,
which are in the form of inverse floating rate investments. The Dealer Trusts
fund the purchases of the fixed rate bonds by issuing floating rate notes to
third parties and allowing the Trust to retain residual interest in the bonds.
The Trust enters into shortfall agreements with the Dealer Trusts which commit
the Trust to pay the Dealer Trusts, in certain circumstances, the difference
between the liquidation value of the fixed rate bonds held by the Dealer Trusts
and the liquidation value of the floating rate notes held by third parties, as
well as any shortfalls in interest cash flows. The residual interests held by
the Trust (inverse floating rate investments) include the right of the Trust
(1) to cause the holders of the floating rate notes to tender their notes at
par at the next interest rate reset date, and (2) to transfer the municipal
bond from the Dealer Trusts to the Trust, thereby collapsing the Dealer Trusts.
The Trust accounts for the transfer of bonds to the Dealer Trusts as secured
borrowings, with the securities transferred remaining in the Trust’s
investment assets, and the related floating rate notes reflected as Trust
liabilities under the caption ‘‘floating rate note
obligations’’ on the ‘‘Statement of Assets and
Liabilities’’. The Trust records the interest income from the fixed
rate bonds under the caption ‘‘Interest Income’’ and
records the expenses related to floating rate note obligations and any
administrative expenses of the Dealer Trusts under the caption
‘‘Interest and residual trust expenses’’ in the
Trust’s ‘‘Statement of Operations’’. The notes
issued by the Dealer Trusts have interest rates that reset weekly and the
floating rate note holders have the option to tender their notes to the Dealer
Trusts for redemption at par at each reset date. At April 30, 2007, Trust
investments with a value of $24,782,200 are held by the Dealer Trusts and serve
as collateral for the $15,000,000 in floating rate note obligations outstanding
at that date. Contractual maturities of the floating rate note obligations and
interest rates in effect at April 30, 2007, are presented in the
‘‘Portfolio of Investments’’.
E. Federal
Income Tax Policy — It is the Trust’s policy to comply with
the requirements of the Internal Revenue Code applicable to regulated
investment companies and to distribute substantially all of its taxable and
nontaxable income to its shareholders. Accordingly, no federal income tax
provision is required.
F. Dividends
and Distributions to Shareholders — Dividends and distributions
to shareholders are recorded on the ex-dividend date.
G. Use
of Estimates — The preparation of financial statements in
accordance with generally accepted accounting principles requires management to
make estimates and assumptions that affect the reported amounts and
disclosures. Actual results could differ from those estimates.
2. Investment Advisory/Administration Agreements
Pursuant to an Investment Advisory Agreement with Morgan Stanley
Investment Advisors Inc. (the ‘‘Investment Adviser’’) ,
the Trust pays an advisory fee, calculated weekly and payable monthly, by
applying the annual rate of 0.27% to the Trust’s weekly total net assets
including preferred shares.
18
Morgan Stanley California Insured Municipal Income Trust
Notes to Financial Statements
April 30, 2007
(unaudited)
continued
Pursuant to an Administration Agreement with Morgan Stanley Services
Company Inc. (the ‘‘Administrator’’), an affiliate of
the Investment Adviser, the Trust pays an administration fee, calculated weekly
and payable monthly, by applying the annual rate of 0.08% to the Trust’s
weekly total net assets including preferred shares.
3. Security Transactions and Transactions with
Affiliates
The cost of purchases and proceeds from sales of portfolio securities,
excluding short-term investments, for the six months ended April 30, 2007,
aggregated $20,220,511 and $17,787,488, respectively. Included in the
aforementioned transactions is a purchase of $2,073,000 with Morgan Stanley
California Tax-Free Income Fund.
Morgan Stanley Trust, an affiliate of the Investment Adviser and
Administrator, is the Trust’s transfer agent.
The Trust has an unfunded noncontributory defined benefit pension plan
covering certain independent Trustees of the Trust who will have served as
independent Trustees for at least five years at the time of retirement.
Benefits under this plan are based on factors which include years of service
and compensation. The Trustees voted to close the plan to new participants and
eliminate the future benefits growth due to increases to compensation after
July 31, 2003. Aggregate pension costs for the six months ended April 30, 2007,
included in Trustees’ fees and expenses in the Statement of Operations
amounted to $2,295. At April 30, 2007, the Trust had an accrued pension
liability of $53,351 which is included in accrued expenses in the Statement of
Assets and Liabilities.
The Trust has an unfunded Deferred Compensation Plan (the
‘‘Compensation Plan’’) which allows each independent
Trustee to defer payment of all, or a portion, of the fees he or she receives
for serving on the Board of Trustees. Each eligible Trustee generally may elect
to have the deferred amounts credited with a return equal to the total return
on one or more of the Morgan Stanley funds that are offered as investment
options under the Compensation Plan. Appreciation/depreciation and
distributions received from these investments are recorded with an offsetting
increase/decrease in the deferred compensation obligation and do not affect the
net asset value of the Trust.
4. Preferred Shares of Beneficial Interest
The Trust is authorized to issue up to 1,000,000 non-participating
preferred shares of beneficial interest having a par value of $.01 per share,
in one or more series, with rights as determined by the Trustees, without
approval of the common shareholders. The Trust has issued Series 1 through 4
Auction Rate Preferred Shares (‘‘preferred shares’’)
which have a liquidation value of $50,000 per share plus the redemption
premium, if any, plus accumulated but unpaid dividends, whether or not
declared, thereon to the date of distribution. The Trust may redeem such
shares, in whole or in part, at the original purchase price of $50,000 per
share plus accumulated but unpaid dividends, whether or not declared, thereon
to the date of redemption.
19
Morgan Stanley California Insured Municipal Income Trust
Notes to Financial Statements
April 30, 2007
(unaudited)
continued
Dividends, which are cumulative, are reset through auction procedures.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SERIES |
|
SHARES* |
|
AMOUNT IN THOUSANDS* |
|
RATE* |
|
RESET DATE |
|
RANGE OF DIVIDEND RATES** |
1 |
|
|
200 |
|
|
$10,000 |
|
|
3.80 |
% |
|
|
05/07/07 |
|
|
2.90% – 3.80% |
2 |
|
|
400 |
|
|
20,000 |
|
|
3.60 |
|
|
|
05/07/07 |
|
|
3.10 – 4.00 |
3 |
|
|
500 |
|
|
25,000 |
|
|
3.70 |
|
|
|
05/07/07 |
|
|
3.10 – 4.00 |
4 |
|
|
200 |
|
|
10,000 |
|
|
3.60 |
|
|
|
05/07/07 |
|
|
2.90 – 4.00 |
|
|
* |
As of April 30,
2007. |
|
** |
For the six months ended April
30, 2007. |
Subsequent to April 30, 2007 and up through June 8, 2007, the Trust paid
dividends to Series 1 through 4 at rates ranging from 3.15% to 3.80% in the
aggregate amount of $226,992.
The Trust is subject to certain restrictions relating to the preferred
shares. Failure to comply with these restrictions could preclude the Trust from
declaring any distributions to common shareholders or purchasing common shares
and/or could trigger the mandatory redemption of preferred shares at
liquidation value.
The preferred shares, which are entitled to one vote per share, generally
vote with the common shares but vote separately as a class to elect two
Trustees and on any matters affecting the rights of the preferred shares.
5. Common Shares of Beneficial Interest
Transactions in common shares of beneficial interest were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SHARES |
|
PAR VALUE |
|
CAPITAL PAID IN EXCESS
OF PAR VALUE |
Balance, October 31, 2005 |
|
|
11,182,811 |
|
|
$ |
111,828 |
|
|
$ |
158,752,154 |
|
Treasury shares purchased and retired
(weighted average discount 7.14%)* |
|
|
(267,600 |
) |
|
|
(2,676 |
) |
|
|
(3,742,183 |
) |
Balance, October 31, 2006 |
|
|
10,915,211 |
|
|
|
109,152 |
|
|
|
155,009,971 |
|
Treasury shares purchased and retired
(weighted average discount 5.19%)* |
|
|
(88,600 |
) |
|
|
(886 |
) |
|
|
(1,284,744 |
) |
Balance, April 30, 2007 |
|
|
10,826,611 |
|
|
$ |
108,266 |
|
|
$ |
153,725,227 |
|
|
|
* |
The Trustees have voted to
retire the shares purchased. |
20
Morgan Stanley California Insured Municipal Income Trust
Notes to Financial Statements
April 30, 2007
(unaudited)
continued
6. Dividends to Common Shareholders
On March 26, 2007, the Trust declared the following dividends from net
investment income:
|
|
|
|
|
|
|
|
|
|
|
AMOUNT PER SHARE |
|
RECORD DATE |
|
PAYABLE DATE |
$0.0575 |
|
May 4,
2007 |
|
May 18,
2007 |
$0.0575 |
|
June 8,
2007 |
|
June 22,
2007 |
|
7. Expense Offset
The expense offset represents a reduction of the fees and expenses for
interest earned on cash balances maintained by the Trust with the transfer
agent and custodian.
8. Purposes of and Risks Relating to Certain Financial
Instruments
The Trust may invest a portion of its assets in inverse floating rate
instruments, either through outright purchases of inverse floating rate
securities or through the transfer of bonds to Dealer Trusts in exchange for
cash and residual interests in the Dealer Trusts. These investments are
typically used by the Trust in seeking to enhance the yield of the portfolio.
These instruments typically involve greater risks than a fixed rate municipal
bond. In particular, these instruments are acquired through leverage or may
have leverage embedded in them and therefore involve many of the risks
associated with leverage. Leverage is a speculative technique that may expose
the Trust to greater risk and increased costs. Leverage may cause the
Trust’s net asset value to be more volatile than if it had not been
leveraged because leverage tends to magnify the effect of any increases or
decreases in the value of the Trust’s portfolio securities. The use of
leverage may also cause the Trust to liquidate portfolio positions when it may
not be advantageous to do so in order to satisfy its obligations with respect
to inverse floating rate instruments.
To hedge against adverse interest rate changes, the Trust may invest in
financial futures contracts or municipal bond index futures contracts
(‘‘futures contracts’’).
These futures contracts involve elements of market risk in excess of the
amount reflected in the Statement of Assets and Liabilities. The Trust bears
the risk of an unfavorable change in the value of the underlying securities.
Risks may also arise upon entering into these contracts from the potential
inability of the counterparties to meet the terms of their contracts.
9. Federal Income Tax Status
The amount of dividends and distributions from net investment income and
net realized capital gains are determined in accordance with federal income tax
regulations which may differ from generally accepted accounting principles.
These ‘‘book/tax’’ differences are either considered
temporary or permanent in nature. To the extent these differences are permanent
in nature, such amounts are reclassified within the capital accounts based on
their federal tax-basis treatment; temporary differences do not require
reclassification.
21
Morgan Stanley California Insured Municipal Income Trust
Notes to Financial Statements
April 30, 2007
(unaudited)
continued
Dividends and distributions which exceed net investment income and net
realized capital gains for tax purposes are reported as distributions of
paid-in-capital.
As of October 31, 2006, the Trust had temporary book/tax differences
primarily attributable to book amortization of discounts on debt securities and
dividend payable.
10. Accounting Pronouncements
In July 2006, the Financial Accounting Standards Board (FASB) issued
Interpretation 48, Accounting for Uncertainty in Income Taxes – an
interpretation of FASB Statement 109 (FIN 48). FIN 48 clarifies the accounting
for income taxes by prescribing the minimum recognition threshold a tax
position must meet before being recognized in the financial statements. FIN 48
is effective for fiscal years beginning after December 15, 2006, and is to be
applied to all open tax years as of the effective date. The impact to the
Trust’s financial statements, if any, is currently being assessed.
In addition, in September 2006, Statement of Financial Accounting
Standards No. 157,
Fair Value Measurements
(SFAS 157), was issued and is effective for fiscal years beginning
after November 15, 2007. SFAS 157 defines fair value, establishes a framework
for measuring fair value and expands disclosures about fair value measurements.
Management is currently evaluating the impact the adoption of SFAS 157 will
have on the Trust’s financial statement disclosures.
22
Morgan Stanley California Insured Municipal Income Trust
Financial Highlights
Selected ratios and per share data for a common share of beneficial
interest outstanding throughout each period:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FOR THE SIX MONTHS
ENDED APRIL 30, 2007 |
|
FOR THE YEAR ENDED OCTOBER 31, |
|
2006 |
|
2005 |
|
2004 |
|
2003 |
|
2002 |
|
|
(unaudited) |
Selected Per Share Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of
period |
|
$ |
15.38 |
|
|
$ |
15.04 |
|
|
$ |
15.00 |
|
|
$ |
14.84 |
|
|
$ |
15.00 |
|
|
$ |
15.07 |
|
Income (loss) from investment
operations: |
|
|
|
|
Net investment income* |
|
|
0.43 |
|
|
|
0.87 |
|
|
|
0.86 |
|
|
|
0.86 |
|
|
|
0.92 |
|
|
|
1.00 |
|
Net realized and unrealized gain
(loss) |
|
|
(0.09 |
) |
|
|
0.35 |
|
|
|
(0.05 |
) |
|
|
0.22 |
|
|
|
(0.12 |
) |
|
|
(0.14 |
) |
Common share equivalent of dividends
paid to preferred shareholders* |
|
|
(0.10 |
) |
|
|
(0.17 |
) |
|
|
(0.11 |
) |
|
|
(0.10 |
) |
|
|
(0.08 |
) |
|
|
(0.11 |
) |
Total income from investment
operations |
|
|
0.24 |
|
|
|
1.05 |
|
|
|
0.70 |
|
|
|
0.98 |
|
|
|
0.72 |
|
|
|
0.75 |
|
Less dividends and distributions
from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
(0.35 |
) |
|
|
(0.72 |
) |
|
|
(0.72 |
) |
|
|
(0.80 |
) |
|
|
(0.89 |
) |
|
|
(0.82 |
) |
Net realized gain |
|
|
(0.03 |
) |
|
|
(0.02 |
) |
|
|
— |
|
|
|
(0.07 |
) |
|
|
— |
|
|
|
— |
|
Total dividends and distributions |
|
|
(0.38 |
) |
|
|
(0.74 |
) |
|
|
(0.72 |
) |
|
|
(0.87 |
) |
|
|
(0.89 |
) |
|
|
(0.82 |
) |
Anti-dilutive effect of acquiring
treasury shares* |
|
|
0.01 |
|
|
|
0.03 |
|
|
|
0.06 |
|
|
|
0.05 |
|
|
|
0.01 |
|
|
|
0.00 |
|
Net asset value, end of period |
|
$ |
15.25 |
|
|
$ |
15.38 |
|
|
$ |
15.04 |
|
|
$ |
15.00 |
|
|
$ |
14.84 |
|
|
$ |
15.00 |
|
Market value, end of period |
|
$ |
14.83 |
|
|
$ |
14.46 |
|
|
$ |
13.54 |
|
|
$ |
13.63 |
|
|
$ |
13.87 |
|
|
$ |
14.38 |
|
Total Return† |
|
|
5.22 |
% (1) |
|
|
12.51 |
% |
|
|
4.74 |
% |
|
|
4.78 |
% |
|
|
2.61 |
% |
|
|
4.41 |
% |
Ratios to Average Net Assets
of Common Shareholders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total expenses (before expense
offset) |
|
|
0.96 |
% (2) |
|
|
0.89 |
% |
|
|
0.79 |
% (3) |
|
|
0.81 |
% (3) |
|
|
0.77 |
% (3) |
|
|
0.74 |
% (3) |
Total expenses (before expense
offset, exclusive of interest and
residual trust expenses) |
|
|
0.73 |
% (2) |
|
|
0.76 |
% |
|
|
0.79 |
% (3) |
|
|
0.81 |
% (3) |
|
|
0.77 |
% (3) |
|
|
0.74 |
% (3) |
Net investment income before
preferred stock dividends |
|
|
5.71 |
% (2) |
|
|
5.75 |
% |
|
|
5.63 |
% |
|
|
5.82 |
% |
|
|
6.14 |
% |
|
|
6.75 |
% |
Preferred stock dividends |
|
|
1.27 |
% (2) |
|
|
1.14 |
% |
|
|
0.74 |
% |
|
|
0.67 |
% |
|
|
0.56 |
% |
|
|
0.77 |
% |
Net investment income available
to common shareholders |
|
|
4.44 |
% (2) |
|
|
4.61 |
% |
|
|
4.89 |
% |
|
|
5.15 |
% |
|
|
5.58 |
% |
|
|
5.98 |
% |
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets applicable to
common shareholders, end of period,
in thousands |
|
|
$165,115 |
|
|
|
$167,858 |
|
|
|
$168,195 |
|
|
|
$173,758 |
|
|
|
$178,537 |
|
|
|
$183,538 |
|
Asset coverage on preferred shares
at end of period |
|
|
354 |
% |
|
|
358 |
% |
|
|
359 |
% |
|
|
367 |
% |
|
|
374 |
% |
|
|
382 |
% |
Portfolio turnover rate |
|
|
8 |
% (1) |
|
|
5 |
% |
|
|
13 |
% |
|
|
16 |
% |
|
|
64 |
% |
|
|
16 |
% |
|
|
|
* |
The per share amounts were computed using an average number of common shares
outstanding during the period. |
|
† |
Total return is based upon the current market value on the last day of each
period reported. Dividends and distributions are assumed to be reinvested at
the prices obtained under the Trust’s dividend reinvestment plan. Total
return does not reflect brokerage commissions. |
|
(1) |
Not annualized. |
|
(2) |
Annualized. |
|
(3) |
Does not reflect the effect of expense offset of 0.01%. |
See Notes to Financial Statements
23
|
|
|
Trustees
Frank L. Bowman Michael Bozic Kathleen A. Dennis James F.
Higgins Dr. Manuel H. Johnson Joseph J. Kearns Michael F.
Klein Michael E. Nugent W. Allen Reed Fergus Reid
Officers
Michael E. Nugent
Chairperson of the
Board
Ronald E. Robison
President
and Principal
Executive Officer
J. David Germany
Vice President
Dennis F. Shea
Vice President
Amy R. Doberman
Vice President
Carsten Otto Chief Compliance Officer
Stefanie V. Chang Yu
Vice President
Francis J. Smith
Treasurer
and Chief
Financial Officer
Mary E. Mullin
Secretary
Transfer Agent
Morgan Stanley Trust Harborside Financial Center, Plaza
Two Jersey City, New Jersey 07311
Independent Registered Public Accounting Firm
Deloitte & Touche LLP Two World Financial Center New
York, New York 10281
Legal Counsel
Clifford Chance US LLP 31 West 52nd Street New York, New York
10019
Counsel to the Independent Trustees
Kramer Levin Naftalis & Frankel LLP 1177 Avenue of the
Americas New York, New York 10036
Investment Adviser
Morgan Stanley Investment Advisors Inc. 1221 Avenue of the
Americas New York, New York 10020
The financial statements included herein have been taken from the
records of the Trust without examination by the independent auditors and
accordingly they do not express an opinion thereon.
© 2007 Morgan Stanley
IICSAN-IU07-01574P-Y04/07 |
|
MORGAN
STANLEY FUNDS |
Morgan
Stanley California Insured Municipal Income
Trust
Semiannual
Report April 30,
2007
|
|
Item 2. Code of Ethics.
Not applicable for semiannual reports.
Item 3. Audit Committee Financial Expert.
Not applicable for semiannual reports.
Item 4. Principal Accountant Fees and Services
Not applicable for semiannual reports.
Item 5. Audit Committee of Listed Registrants.
Not applicable for semiannual reports.
Item 6.
Refer to Item 1.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End
Management Investment Companies.
Not applicable for semiannual reports.
Item 8. Portfolio Managers of Closed-End Management Investment Companies
Applicable only to reports covering periods ending on or after December 31,
2005.
Item 9. Closed-End Fund Repurchases
REGISTRANT PURCHASE OF EQUITY SECURITIES
- ---------------------- -------------- ----------------- ---------------- -----------------
Period (a) Total (b) Average (c) Total (d) Maximum
Number of Price Paid per Number of Number (or
Shares (or Share (or Unit) Shares (or Approximate
Units) Units) Dollar Value)
Purchased Purchased as of Shares (or
Part of Units) that May
Publicly Yet Be
Announced Purchased Under
Plans or the Plans or
Programs Programs
- ---------------------- -------------- ----------------- ---------------- -----------------
November 1, 2006--
November 30, 2006 16,800 14.5417 N/A N/A
- ---------------------- -------------- ----------------- ---------------- -----------------
December 1, 2006--
December 31, 2006 11,800 14.5859 N/A N/A
- ---------------------- -------------- ----------------- ---------------- -----------------
January 1, 2007--
January 31, 2007 14,500 14.4519 N/A N/A
- ---------------------- -------------- ----------------- ---------------- -----------------
February 1, 2007--
February 28, 2007 30,200 14.4110 N/A N/A
- ---------------------- -------------- ----------------- ---------------- -----------------
March 1, 2007--
March 31, 2007 15,300 14.5999 N/A N/A
- ---------------------- -------------- ----------------- ---------------- -----------------
April 1, 2007--
April 30, 2007 - - N/A N/A
- ---------------------- -------------- ----------------- ---------------- -----------------
Total 88,600 14.5181 N/A N/A
- ---------------------- -------------- ----------------- ---------------- -----------------
Item 10. Submission of Matters to a Vote of Security Holders
Not applicable.
Item 11. Controls and Procedures
a) The Trust's principal executive officer and principal financial officer have
concluded that the Trust's disclosure controls and procedures are sufficient to
ensure that information required to be disclosed by the Trust in this Form N-CSR
was recorded, processed, summarized and reported within the time periods specified
in the Securities and Exchange Commission's rules and forms, based upon such
officers' evaluation of these controls and procedures as of a date within 90
days of the filing date of the report.
2
(b) There were no changes in the registrant's internal control over financial
reporting that occurred during the second fiscal quarter of the period covered
by this report that have materially affected, or is reasonably likely to
materially affect, the registrant's internal control over financial reporting.
Item 12. Exhibits
(a) Code of Ethics - Not applicable for semiannual reports.
(b) A separate certification for each principal executive officer and principal
financial officer of the registrant are attached hereto as part of EX-99.CERT.
3
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.
Morgan Stanley California Insured Municipal Income Trust
/s/ Ronald E. Robison
Ronald E. Robison
Principal Executive Officer
June 21, 2007
Pursuant to the requirements of the Securities Exchange Act of 1934 and
the Investment Company Act of 1940, this report has been signed by the following
persons on behalf of the registrant and in the capacities and on the dates
indicated.
/s/ Ronald E. Robison
Ronald E. Robison
Principal Executive Officer
June 21, 2007
/s/ Francis Smith
Francis Smith
Principal Financial Officer
June 21, 2007
4
EXHIBIT 12 B1
CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER
CERTIFICATIONS
--------------
I, Ronald E. Robison, certify that:
1. I have reviewed this report on Form N-CSR of Morgan Stanley California
Insured Municipal Income Trust;
2. Based on my knowledge, this report does not contain any untrue statement of
a material fact or omit to state a material fact necessary to make the
statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this
report;
3. Based on my knowledge, the financial statements and other financial
information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net
assets, and cash flows (if the financial statements are required to include
a statement of cash flows) of the registrant as of, and for, the periods
presented in this report;
4. The registrant's other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined
in Rule 30a-3(c) under the Investment Company Act of 1940) and internal
control over financial reporting (as defined in Rule 30a-3(d) under the
Investment Company Act of 1940) for the registrant and have:
a) designed such disclosure controls and procedures, or caused such disclosure
controls and procedures to be designed under our supervision, to ensure
that material information relating to the registrant, including its
consolidated subsidiaries, is made known to us by others within those
entities, particularly during the period in which this report is being
prepared;
b) designed such internal control over financial reporting, or caused such
internal control over financial reporting to be designed under our
supervision, to provide reasonable assurance regarding the reliability of
financial reporting and the preparation of financial statements for
external purposes in accordance with generally accepted accounting
principles;
c) evaluated the effectiveness of the registrant's disclosure controls and
procedures and presented in this report our conclusions about the
effectiveness of the disclosure controls and procedures, as of a date
within 90 days prior to the filing date of this report based on such
evaluation; and
d) disclosed in this report any change in the registrant's internal control
over financial reporting that occurred during the second fiscal quarter of
the period covered by this report that has materially affected, or is
reasonably likely to materially affect, the registrant's internal control
over financial reporting; and
5. The registrant's other certifying officer(s) and I have disclosed to the
registrant's auditors and the audit committee of the registrant's board of
directors (or persons performing the equivalent functions):
5
a) all significant deficiencies and material weaknesses in the design or
operation of internal control over financial reporting which are reasonably
likely to adversely affect the registrant's ability to record, process,
summarize, and report financial information; and
b) any fraud, whether or not material, that involves management or other
employees who have a significant role in the registrant's internal controls
over financial reporting.
Date: June 21, 2007
/s/ Ronald E. Robison
Ronald E. Robison
Principal Executive Officer
6
EXHIBIT 12 B2
CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER
CERTIFICATIONS
--------------
I, Francis Smith, certify that:
1. I have reviewed this report on Form N-CSR of Morgan Stanley California
Insured Municipal Income Trust;
2. Based on my knowledge, this report does not contain any untrue statement of
a material fact or omit to state a material fact necessary to make the
statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this
report;
3. Based on my knowledge, the financial statements and other financial
information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net
assets, and cash flows (if the financial statements are required to include
a statement of cash flows) of the registrant as of, and for, the periods
presented in this report;
4. The registrant's other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined
in Rule 30a-3(c) under the Investment Company Act of 1940) and internal
control over financial reporting (as defined in Rule 30a-3(d) under the
Investment Company Act of 1940) for the registrant and have:
a) designed such disclosure controls and procedures, or caused such disclosure
controls and procedures to be designed under our supervision, to ensure
that material information relating to the registrant, including its
consolidated subsidiaries, is made known to us by others within those
entities, particularly during the period in which this report is being
prepared;
b) designed such internal control over financial reporting, or caused such
internal control over financial reporting to be designed under our
supervision, to provide reasonable assurance regarding the reliability of
financial reporting and the preparation of financial statements for
external purposes in accordance with generally accepted accounting
principles;
c) evaluated the effectiveness of the registrant's disclosure controls and
procedures and presented in this report our conclusions about the
effectiveness of the disclosure controls and procedures, as of a date
within 90 days prior to the filing date of this report based on such
evaluation; and
d) disclosed in this report any change in the registrant's internal control
over financial reporting that occurred during the second fiscal quarter of
the period covered by this report that has materially affected, or is
reasonably likely to materially affect, the registrant's internal control
over financial reporting; and
5. The registrant's other certifying officer(s) and I have disclosed to the
registrant's auditors and the audit committee of the registrant's board of
directors (or persons performing the equivalent functions):
7
a) all significant deficiencies and material weaknesses in the design or
operation of internal control over financial reporting which are reasonably
likely to adversely affect the registrant's ability to record, process,
summarize, and report financial information; and
b) any fraud, whether or not material, that involves management or other
employees who have a significant role in the registrant's internal controls
over financial reporting.
Date: June 21, 2007
/s/ Francis Smith
Francis Smith
Principal Financial Officer
8
SECTION 906 CERTIFICATION
Certification Pursuant to 18 U.S.C. Section 1350,
As Adopted Pursuant to
Section 906 of the Sarbanes-Oxley Act of 2002
Morgan Stanley California Insured Municipal Income Trust
In connection with the Report on Form N-CSR (the "Report") of the
above-named issuer for the period ended April 30, 2007 that is accompanied by
this certification, the undersigned hereby certifies that:
1. The Report fully complies with the requirements of Section 13(a) or
15(d) of the Securities Exchange Act of 1934; and
2. The information contained in the Report fairly presents, in all
material respects, the financial condition and results of operations of
the Issuer.
Date: June 21, 2007 /s/ Ronald E. Robison
---------------------------
Ronald E. Robison
Principal Executive Officer
A signed original of this written statement required by Section 906 has been
provided to Morgan Stanley California Insured Municipal Income Trust and will be
retained by Morgan Stanley California Insured Municipal Income Trust and
furnished to the Securities and Exchange Commission or its staff upon request.
9
SECTION 906 CERTIFICATION
Certification Pursuant to 18 U.S.C. Section 1350,
As Adopted Pursuant to
Section 906 of the Sarbanes-Oxley Act of 2002
Morgan Stanley California Insured Municipal Income Trust
In connection with the Report on Form N-CSR (the "Report") of the
above-named issuer for the period ended April 30, 2007 that is accompanied by
this certification, the undersigned hereby certifies that:
1. The Report fully complies with the requirements of Section 13(a) or
15(d) of the Securities Exchange Act of 1934; and
2. The information contained in the Report fairly presents, in all
material respects, the financial condition and results of operations of
the Issuer.
Date: June 21, 2007 /s/ Francis Smith
----------------------
Francis Smith
Principal Financial Officer
A signed original of this written statement required by Section 906 has been
provided to Morgan Stanley California Insured Municipal Income Trust and will be
retained by Morgan Stanley California Insured Municipal Income Trust and
furnished to the Securities and Exchange Commission or its staff upon request.
10
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