Notes to Financial Statements
1. Organization and Accounting Policies -- InterCapital Insured California Municipal Securities (the "Trust") is
registered under the Investment Company Act of 1940, as amended, as a diversified, closed-end management
investment company. The Trust was organized as a Massachusetts business trust on October 14, 1993 and had
no operations other than those relating to organizational matters and the issuance of 7,113 common shares of
beneficial interest to Dean Witter InterCapital Inc. (the "Investment Manager") for $100,009. The Trust
commenced operations on February 28, 1994.
The following is a summary of significant accounting policies:
A. VALUATION OF INVESTMENTS -- Portfolio securities are valued for the Trust by an outside
independent pricing service approved by the Trustees. The pricing service has informed the Trust that in valuing
the Trust's portfolio securities, it uses both a computerized 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 bid side of the market each day. The Trust's 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. 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 on the
identifie