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 811-08573
Name of Fund: BlackRock MuniHoldings California Insured Fund, Inc. (MUC)
Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809
Name and address of agent for service: Donald C. Burke, Chief Executive
Officer, BlackRock MuniHoldings California Insured Fund, 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: 06/30/2008
Date of reporting period: 07/01/2007 - 09/30/2007
Item 1 - Schedule of Investments
BlackRock MuniHoldings California Insured Fund, Inc.
Schedule of Investments as of September 30, 2007 (Unaudited) (in Thousands)
--------------------------------------------------------------------------------
Face
Amount Municipal Bonds Value
-----------------------------------------------------------------------------------------------------------------------------------
California - 150.6% $ 1,000 ABAG Finance Authority for Nonprofit Corporations, California, COP (Children's
Hospital Medical Center), 6% due 12/01/2029 (a) $ 1,053
-----------------------------------------------------------------------------------------------------------
3,345 ABC California Unified School District, GO, Series A, 5.625% due 8/01/2020 (c)(e) 3,417
-----------------------------------------------------------------------------------------------------------
10,000 Alameda, California, Unified School District, Capital Appreciation, GO
(Election of 2004), Series B, 5.02% due 8/01/2035 (e)(i) 2,598
-----------------------------------------------------------------------------------------------------------
7,360 Alhambra, California, Unified School District, GO (Election of 2004),
Series A, 5% due 8/01/2029 (d) 7,655
-----------------------------------------------------------------------------------------------------------
2,825 Banning, California, Unified School District, GO (Election of 2006),
Series A, 5% due 8/01/2027 (d) 2,968
-----------------------------------------------------------------------------------------------------------
2,000 Berkeley, California, Unified School District, GO, Series I, 5.75%
due 8/01/2008 (e)(h) 2,058
-----------------------------------------------------------------------------------------------------------
4,520 Berkeley, California, Unified School District, GO, Series I, 5.875%
due 8/01/2008 (e)(h) 4,656
-----------------------------------------------------------------------------------------------------------
8,350 Bonita, California, Unified School District, GO (Election of 2004),
Series B, 5% due 8/01/2029 (d) 8,719
-----------------------------------------------------------------------------------------------------------
3,640 Burbank-Glendale-Pasadena Airport Authority, California, Airport Revenue
Refunding Bonds, AMT, Series B, 5.25% due 7/01/2018 (a) 3,876
-----------------------------------------------------------------------------------------------------------
2,925 Cajon Valley, California, Union School District, GO, Series B,
5.50% due 8/01/2027 (g) 3,100
-----------------------------------------------------------------------------------------------------------
2,180 California Community College Financing Authority, Lease Revenue Bonds
(Grossmont-Palomar-Shasta), Series A, 5.625% due 4/01/2026 (g) 2,307
-----------------------------------------------------------------------------------------------------------------------------------
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Portfoliob Abbreviations
--------------------------------------------------------------------------------
To simplify the listings of BlackRock MuniHoldings California Insured Fund,
Inc.'s portfolio holdings in the Schedule of Investments, we have abbreviated
the names of many of the securities according to the list below.
AMT Alternative Minimum Tax (subject to)
COP Certificates of Participation
DRIVERS Derivative Inverse Tax-Exempt Receipts
GO General Obligation Bonds
HFA Housing Finance Agency
IDR Industrial Development Revenue Bonds
M/F Multi-Family
ROLS Reset Option Long Securities
S/F Single-Family
VRDN Variable Rate Demand Notes
--------------------------------------------------------------------------------
BlackRock MuniHoldings California Insured Fund, Inc.
Schedule of Investments as of September 30, 2007 (Unaudited) (in Thousands)
Face
Amount Municipal Bonds Value
-----------------------------------------------------------------------------------------------------------------------------------
$ 5,815 California Educational Facilities Authority, Revenue Refunding Bonds
(Occidental College), 5.625% due 10/01/2007 (g)(h) $ 5,932
----------------------------------------------------------------------------------------------------------
5,000 California Educational Facilities Authority, Revenue Refunding Bonds
(Occidental College), 5.70% due 10/01/2007 (g)(h) 5,101
----------------------------------------------------------------------------------------------------------
5,100 California HFA, Home Mortgage Revenue Bonds, VRDN, AMT, Series N, 3.97%
due 8/01/2021 (e)(n) 5,100
----------------------------------------------------------------------------------------------------------
4,585 California HFA, Home Mortgage Revenue Bonds, VRDN, AMT, Series R, 3.91%
due 8/01/2023 (a)(n) 4,585
----------------------------------------------------------------------------------------------------------
1,755 California HFA, Home Mortgage Revenue Bonds, VRDN, AMT, Series R, 3.91%
due 8/01/2032 (a)(n) 1,755
----------------------------------------------------------------------------------------------------------
90 California HFA, Home Mortgage Revenue Bonds, VRDN, Series F, 3.97%
due 2/01/2033 (a)(n) 90
----------------------------------------------------------------------------------------------------------
195 California HFA, S/F Mortgage Revenue Bonds, AMT, Series A-1, Class II,
6% due 8/01/2020 (g) 198
----------------------------------------------------------------------------------------------------------
1,160 California HFA, S/F Mortgage Revenue Bonds, AMT, Series C-2, Class II,
5.625% due 8/01/2020 (b)(g) 1,177
----------------------------------------------------------------------------------------------------------
9,250 California Health Facilities Financing Authority Revenue Bonds (Kaiser
Permanente), Series A, 5.50% due 6/01/2022 (c)(e) 9,547
----------------------------------------------------------------------------------------------------------
1,500 California Health Facilities Financing Authority Revenue Bonds (Kaiser
Permanente), Series A, 5% due 4/01/2037 1,498
----------------------------------------------------------------------------------------------------------
1,900 California Infrastructure and Economic Development Bank Revenue Bonds
(Los Angeles County Department of Public Social Services), 5.75% due 9/01/2023 (a) 2,079
----------------------------------------------------------------------------------------------------------
2,000 California State, GO, 5.50% due 6/01/2025 (d) 2,080
----------------------------------------------------------------------------------------------------------
15 California State, GO, 5.25% due 4/01/2027 16
----------------------------------------------------------------------------------------------------------
1,075 California State, GO, Refunding, 5.75% due 12/01/2009 (h) 1,137
----------------------------------------------------------------------------------------------------------
6,000 California State, GO, Refunding, 5.25% due 2/01/2026 (g) 6,325
----------------------------------------------------------------------------------------------------------
10,000 California State, GO, Refunding, 5% due 6/01/2037 10,168
----------------------------------------------------------------------------------------------------------
2,625 California State Public Works Board, Lease Revenue Refunding Bonds (Various
Community College Project), Series B, 5.625% due 3/01/2019 (a) 2,647
----------------------------------------------------------------------------------------------------------
10,000 California State University, Systemwide Revenue Bonds, Series A, 5%
due 11/01/2032 (d) 10,304
----------------------------------------------------------------------------------------------------------
5,000 California State University, Systemwide Revenue Refunding Bonds,
Series A, 5% due 11/01/2029 (e) 5,164
----------------------------------------------------------------------------------------------------------
16,215 California State University, Systemwide Revenue Refunding Bonds,
Series C, 5% due 11/01/2028 (g) 16,904
----------------------------------------------------------------------------------------------------------
7,050 California State, Various Purpose, GO, 5.50% due 11/01/2033 7,464
----------------------------------------------------------------------------------------------------------
14,000 California State, Veterans, GO, Refunding, AMT, Series BZ, 5.35%
due 12/01/2021 (g) 14,064
----------------------------------------------------------------------------------------------------------
4,915 California Statewide Communities Development Authority, Health Facility
Revenue Bonds (Memorial Health Services), Series A, 6% due 10/01/2023 5,259
----------------------------------------------------------------------------------------------------------
3,600 California Statewide Communities Development Authority Revenue
Bonds (Kaiser Permanente), Series B, 5% due 3/01/2041 3,560
----------------------------------------------------------------------------------------------------------
1,090 California Statewide Communities Development Authority Revenue Bonds
(Los Angeles Orthopedic Hospital Foundation), 5.50% due 6/01/2019 (a) 1,103
----------------------------------------------------------------------------------------------------------
5,000 California Statewide Communities Development Authority, Revenue Refunding Bonds
(Kaiser Hospital Asset Management, Inc.), Series C, 5.25% due 8/01/2031 5,113
----------------------------------------------------------------------------------------------------------
BlackRock MuniHoldings California Insured Fund, Inc.
Schedule of Investments as of September 30, 2007 (Unaudited) (in Thousands)
Face
Amount Municipal Bonds Value
-----------------------------------------------------------------------------------------------------------------------------------
$ 2,650 California Statewide Communities Development Authority, Revenue Refunding
Bonds (Kaiser Permanente), Series A, 5% due 4/01/2031 $ 2,660
----------------------------------------------------------------------------------------------------------
4,500 Campbell, California, Redevelopment Agency, Tax Allocation Refunding
Bonds (Central Campbell Redevelopment Project), Series A, 5% due 10/01/2032 (a) 4,624
----------------------------------------------------------------------------------------------------------
8,705 Castaic Lake, California, Water Agency Revenue Bonds, COP (Water System Improvement
Project), 5.50% due 8/01/2009 (a)(h) 9,102
----------------------------------------------------------------------------------------------------------
9,905 Chaffey Community College District, California, GO (Election of 2002),
Series B, 5% due 6/01/2030 (g) 10,288
----------------------------------------------------------------------------------------------------------
3,330 Chula Vista, California, IDR (San Diego Gas and Electric Company), AMT, Series D, 5%
due 12/01/2027 (a) 3,445
----------------------------------------------------------------------------------------------------------
2,750 Chula Vista, California, Public Financing Authority, Revenue Refunding
Bonds, Series A, 5% due 9/01/2029 (g) 2,830
----------------------------------------------------------------------------------------------------------
2,400 Coachella Valley, California, Unified School District, GO
(Election of 2005), Series A, 5% due 8/01/2027 (d) 2,501
----------------------------------------------------------------------------------------------------------
2,500 Colton, California, Joint Unified School District, GO,
Series A, 5.375% due 8/01/2026 (d) 2,682
----------------------------------------------------------------------------------------------------------
7,800 Contra Costa, California, Community College District, GO
(Election of 2002), 5% due 8/01/2028 (g) 8,087
----------------------------------------------------------------------------------------------------------
2,000 Contra Costa County, California, COP, Refunding (Merrithew Memorial
Hospital Project), 5.50% due 11/01/2007 (g)(h) 2,043
----------------------------------------------------------------------------------------------------------
6,600 Contra Costa County, California, Public Financing Authority, Tax
Allocation Revenue Refunding Bonds (Contra Costa Centre Project Areas),
Series A, 5% due 8/01/2037 (g) 6,791
----------------------------------------------------------------------------------------------------------
5,910 Corona, California, Department of Water and Power, COP, 5% due 9/01/2029 (g) 6,081
----------------------------------------------------------------------------------------------------------
5,000 Corona-Norco, California, Unified School District, GO (Election of 2006),
Series A, 5% due 8/01/2031 (e) 5,233
----------------------------------------------------------------------------------------------------------
4,250 Coronado, California, Community Development Agency, Tax Allocation Bonds
(Coronado Community Development Project), 5% due 9/01/2030 (a) 4,379
----------------------------------------------------------------------------------------------------------
2,395 Covina-Valley, California, Unified School District, GO, Refunding,
Series A, 5.50% due 8/01/2026 (e) 2,565
----------------------------------------------------------------------------------------------------------
3,750 Culver City, California, Redevelopment Finance Authority, Tax Allocation
Revenue Refunding Bonds, Series A, 5.60% due 11/01/2025 (e) 3,946
----------------------------------------------------------------------------------------------------------
6,545 East Bay, California, Municipal Utility District, Wasterwater System
Revenue Refunding Bonds, Sub-Series A, 5% due 6/01/2033 (a) 6,836
----------------------------------------------------------------------------------------------------------
6,015 East Bay, California, Municipal Utility District, Wasterwater System
Revenue Refunding Bonds, Sub-Series A, 5% due 6/01/2037 (a) 6,263
----------------------------------------------------------------------------------------------------------
BlackRock MuniHoldings California Insured Fund, Inc.
Schedule of Investments as of September 30, 2007 (Unaudited) (in Thousands)
Face
Amount Municipal Bonds Value
-----------------------------------------------------------------------------------------------------------------------------------
$ 11,000 East Side Union High School District, California, Santa Clara County,
Capital Appreciation, GO (Election of 2002), Series E, 5.125% due 8/01/2028 (i)(l) $ 3,842
----------------------------------------------------------------------------------------------------------
1,000 Escondido, California, COP, Refunding, Series A, 5.75% due 9/01/2024 (d) 1,063
----------------------------------------------------------------------------------------------------------
3,745 Folsom, California, Public Financing Authority, Special Tax Revenue Refunding Bonds,
Series A, 5% due 9/01/2028 (a) 3,915
----------------------------------------------------------------------------------------------------------
5,000 Foothill-De Anza, California, Community College District, GO, Refunding,
5% due 8/01/2030 (d) 5,152
----------------------------------------------------------------------------------------------------------
4,455 Fresno, California, Airport Revenue Bonds, AMT, Series B, 5.50% due 7/01/2020 (e) 4,626
----------------------------------------------------------------------------------------------------------
5,200 Fullerton, California, Joint Union High School District, GO (Election of 2002),
Series B, 5% due 8/01/2029 (d) 5,408
----------------------------------------------------------------------------------------------------------
4,040 Garden Grove California, COP (Financing Project), Series A, 5.50% due 3/01/2026 (a) 4,297
----------------------------------------------------------------------------------------------------------
5,200 Glendale, California, Unified School District, GO, Series B, 5.125% due 9/01/2023 (e) 5,313
----------------------------------------------------------------------------------------------------------
2,155 Hartnell, California, Community College District, GO (Election of 2002),
Series B, 5% due 6/01/2031 (e) 2,243
----------------------------------------------------------------------------------------------------------
4,565 Hemet, California, Unified School District, GO, Series A, 5.375% due 8/01/2026 (g) 4,818
----------------------------------------------------------------------------------------------------------
6,365 Hollister, California, Joint Powers Finance Authority, Wastewater Revenue
Refunding Bonds (Refining and Improvement Project), Series 1, 5% due 6/01/2037 (e) 6,568
----------------------------------------------------------------------------------------------------------
1,700 Inglewood, California, Unified School District, GO, Series A, 5.60%
due 10/01/2009 (d)(h) 1,788
----------------------------------------------------------------------------------------------------------
2,300 Irvine, California, Unified School District, Special Tax (Community
Facilities District Number 86-1), 5.375% due 11/01/2020 (a) 2,386
----------------------------------------------------------------------------------------------------------
4,665 Irvine, California, Unified School District, Special Tax Refunding Bonds (Community
Facilities District Number 86-1), 5.80% due 11/01/2020 (a) 4,767
----------------------------------------------------------------------------------------------------------
2,500 La Quinta, California, Financing Authority, Local Agency Revenue Bonds,
Series A, 5.25% due 9/01/2024 (a) 2,671
----------------------------------------------------------------------------------------------------------
3 La Quinta, California, Financing Authority, Local Agency Tax Allocation and
Revenue Refunding Bonds, ROLS, Series II-R-412X, 6.282% due 9/01/2034 (a)(k) 3
----------------------------------------------------------------------------------------------------------
1,210 Little Lake, California, City School District, GO, Series B, 5.25% due 7/01/2022 (e) 1,286
----------------------------------------------------------------------------------------------------------
1,485 Lompoc, California, Unified School District, GO (Election of 2002),
Series C, 5% due 6/01/2032 (e) 1,550
----------------------------------------------------------------------------------------------------------
4,000 Long Beach, California, Bond Finance Authority, Lease Revenue Bonds (Rainbow
Harbor Refinancing Project), Series A, 5.25% due 5/01/2009 (a)(h) 4,151
----------------------------------------------------------------------------------------------------------
12,000 Los Angeles, California, Community College District, GO (Election of 2003),
Series E, 5% due 8/01/2031 (e) 12,513
----------------------------------------------------------------------------------------------------------
10,000 Los Angeles, California, Community Redevelopment Agency, Community
Redevelopment Financing Authority Revenue Bonds (Bunker Hill Project),
Series A, 5% due 12/01/2027 (a) 10,317
----------------------------------------------------------------------------------------------------------
160 Los Angeles, California, M/F Housing Revenue Refunding Bonds, Senior Series G, 5.65%
due 1/01/2014 (e) 161
----------------------------------------------------------------------------------------------------------
8,000 Los Angeles, California, Unified School District, GO, Refunding,
Series B, 4.75% due 7/01/2019 (e) 8,406
----------------------------------------------------------------------------------------------------------
10,000 Los Angeles, California, Unified School District, GO, Series E, 5% due 7/01/2030 (a) 10,390
----------------------------------------------------------------------------------------------------------
20,000 Los Angeles, California, Wastewater System Revenue Refunding Bonds, Series A, 4.75%
due 6/01/2035 (g) 20,139
----------------------------------------------------------------------------------------------------------
5,000 Los Angeles, California, Water and Power Revenue Bonds (Power System),
Sub-Series A-1, 5% due 7/01/2031 (e) 5,175
----------------------------------------------------------------------------------------------------------
BlackRock MuniHoldings California Insured Fund, Inc.
Schedule of Investments as of September 30, 2007 (Unaudited) (in Thousands)
Face
Amount Municipal Bonds Value
-----------------------------------------------------------------------------------------------------------------------------------
$ 9,000 Los Angeles County, California, Metropolitan Transportation Authority,
Sales Tax Revenue Refunding Bonds, Proposition A, First Tier Senior-Series A,
5% due 7/01/2035 (a) $ 9,321
----------------------------------------------------------------------------------------------------------
3,750 Los Angeles County, California, Metropolitan Transportation Authority, Sales
Tax Revenue Refunding Bonds, Proposition C, Second Tier Senior-Series A,
5.25% due 7/01/20 3,961
----------------------------------------------------------------------------------------------------------
2,735 Los Gatos, California, Unified School District, GO (Election 2001),
Series B, 5% due 8/01/2030 (e) 2,818
----------------------------------------------------------------------------------------------------------
1,890 Los Rios, California, Community College District, GO (Election of 2002),
Series B, 5% due 8/01/2027 (g) 1,965
----------------------------------------------------------------------------------------------------------
2,000 Madera, California, Public Financing Authority, Water and Wastewater Revenue
Refunding Bonds, 5% due 3/01/2036 (g) 2,068
----------------------------------------------------------------------------------------------------------
6,365 Merced, California, Community College District, GO (School Facilities District
Number 1), 5% due 8/01/2031 (g) 6,628
----------------------------------------------------------------------------------------------------------
5,000 Merced, California, Irrigation District, Electrical System Revenue
Refunding Bonds, 5.25% due 9/01/2036 (l) 5,254
----------------------------------------------------------------------------------------------------------
3,550 Metropolitan Water District of Southern California, Waterworks Revenue
Bonds, Series A, 5% due 7/01/2035 (e) 3,672
----------------------------------------------------------------------------------------------------------
9,000 Metropolitan Water District of Southern California, Waterworks Revenue Bonds,
Series B-1, 5% due 10/01/2033 (d) 9,266
----------------------------------------------------------------------------------------------------------
5,000 Modesto, California, Schools Infrastructure Financing Agency, Special Tax Bonds, 5%
due 9/01/2029 (a) 5,129
----------------------------------------------------------------------------------------------------------
1,685 Monrovia, California, Financing Authority, Lease Revenue Bonds (Library Project), 5%
due 12/01/2037 (a) 1,746
----------------------------------------------------------------------------------------------------------
6,530 Montclair, California, Redevelopment Agency, Tax Allocation Refunding Bonds
(Redevelopment Project Area Number 3), Series A, 5% due 9/01/2035 (a) 6,731
----------------------------------------------------------------------------------------------------------
4,150 Moorpark, California, Redevelopment Agency, Tax Allocation Bonds (Moorpark
Redevelopment Project), 5.125% due 10/01/2031 (a) 4,307
----------------------------------------------------------------------------------------------------------
2,315 Morgan Hill, California, Unified School District, GO, 5.75% due 8/01/2010 (d)(h) 2,479
----------------------------------------------------------------------------------------------------------
9,100 Napa, California, Water Revenue Bonds, 5% due 5/01/2035 (a) 9,472
----------------------------------------------------------------------------------------------------------
3,275 Northern California Power Agency, Public Power Revenue Refunding Bonds
(Hydroelectric Project Number 1), Series A, 5.125% due 7/01/2023 (g) 3,337
----------------------------------------------------------------------------------------------------------
6,000 Oakland, California, Alameda County Unified School District, GO, Series F,
5.50% due 8/01/2010 (g)(h) 6,332
----------------------------------------------------------------------------------------------------------
8,950 Oakland, California, Alameda County Unified School District, GO, Series F,
5.625% due 8/01/2010 (g)(h) 9,474
----------------------------------------------------------------------------------------------------------
9,355 Oakland, California, Redevelopment Agency, Tax Allocation Refunding Bonds
(Coliseum Area Redevelopment Project), Series B, 5% due 9/01/2036 (a) 9,640
----------------------------------------------------------------------------------------------------------
5,000 Ohlone, California, Community College District, GO, Series B, 5% due 8/01/2030 (e) 5,197
----------------------------------------------------------------------------------------------------------
10,000 Oxnard, California, Financing Authority, Wastewater Revenue Bonds (Redwood Trunk
Sewer and Headworks Projects), Series A, 5.25% due 6/01/2034 (d) 10,488
----------------------------------------------------------------------------------------------------------
10,000 Oxnard, California, Financing Authority, Water Revenue Bonds, 5% due 6/01/2031 (g) 10,384
----------------------------------------------------------------------------------------------------------
6,475 Palm Desert, California, Financing Authority, Tax Allocation Revenue Bonds
(Project Area Number 2), 5% due 8/01/2033 (g) 6,648
----------------------------------------------------------------------------------------------------------
1,000 Palm Springs, California, COP, Refunding (Multiple Capital Facilities Project),
5.75% due 4/01/2017 (a) 1,020
----------------------------------------------------------------------------------------------------------
BlackRock MuniHoldings California Insured Fund, Inc.
Schedule of Investments as of September 30, 2007 (Unaudited) (in Thousands)
Face
Amount Municipal Bonds Value
-----------------------------------------------------------------------------------------------------------------------------------
$ 1,600 Palm Springs, California, Financing Authority, Lease Revenue Refunding Bonds
(Convention Center Project), Series A, 5.50% due 11/01/2035 (g) $ 1,724
----------------------------------------------------------------------------------------------------------
9,100 Pleasanton, California, Unified School District, GO, Series E, 5.50%
due 8/01/2008 (d)(h) 9,347
----------------------------------------------------------------------------------------------------------
5,000 Port of Oakland, California, Port Revenue Refunding Bonds, Series I,
5.40% due 11/01/2017 (g) 5,108
----------------------------------------------------------------------------------------------------------
3,500 Port of Oakland, California, Revenue Bonds, AMT, Series K, 5.75% due 11/01/2014 (d) 3,665
----------------------------------------------------------------------------------------------------------
19,815 Port of Oakland, California, Revenue Bonds, AMT, Series K, 5.75% due 11/01/2029 (d) 20,586
----------------------------------------------------------------------------------------------------------
3,000 Poway, California, Redevelopment Agency, Tax Allocation Refunding Bonds,
5% due 6/15/2033 (g) 3,095
----------------------------------------------------------------------------------------------------------
9,070 Poway, California, Unified School District, Public Financing Authority,
Special Tax Revenue Bonds, 5% due 9/15/2031 (a) 9,379
----------------------------------------------------------------------------------------------------------
4,630 Redwoods, California, Community College District, GO (Election of 2004),
5% due 8/01/2031 (g) 4,784
----------------------------------------------------------------------------------------------------------
2,205 Richmond, California, Joint Powers Financing Authority, Tax Allocation Revenue Bonds,
Series A, 5.50% due 9/01/2018 (g) 2,331
----------------------------------------------------------------------------------------------------------
10,735 Riverside, California, Unified School District, GO (Election of 2001),
Series B, 5% due 8/01/2030 (g) 11,202
----------------------------------------------------------------------------------------------------------
2,125 Sacramento, California, Area Flood Control Agency, Special Assessment Refunding
Bonds (Consolidated Capital Assessment District), Series A, 5% due 10/01/2032 (d) 2,214
----------------------------------------------------------------------------------------------------------
8,775 Sacramento, California, City Financing Authority, Revenue Refunding Bonds,
5% due 12/01/2029 (d) 9,139
----------------------------------------------------------------------------------------------------------
10,825 Sacramento, California, Municipal Utility District, Electric Revenue Refunding Bonds,
Series L, 5.125% due 7/01/2022 (g) 11,052
----------------------------------------------------------------------------------------------------------
2,500 Sacramento, California, Municipal Utility District Financing Authority, Revenue
Bonds (Consumers Project), 5.125% due 7/01/2029 (g) 2,638
----------------------------------------------------------------------------------------------------------
4,115 Saddleback Valley, California, Unified School District, GO, 5% due 8/01/2029 (e) 4,262
----------------------------------------------------------------------------------------------------------
5,440 San Bernardino, California, Joint Powers Financing Authority, Lease Revenue Bonds
(Department of Transportation Lease), Series A, 5.50% due 12/01/2020 (g) 5,458
----------------------------------------------------------------------------------------------------------
1,480 San Bernardino County, California, COP, Refunding (Medical Center Financing
Project), 5.50% due 8/01/2019 (g) 1,482
----------------------------------------------------------------------------------------------------------
12,555 San Diego, California, Community College District, GO (Election of 2002),
5% due 5/01/2030 (e) 13,036
----------------------------------------------------------------------------------------------------------
5,055 San Diego, California, Public Facilities Financing Authority, Sewer Revenue Bonds,
Series A, 5.25% due 5/15/2027 (d) 5,111
----------------------------------------------------------------------------------------------------------
1,500 San Diego County, California, COP (Edgemoor Project and Regional System),
Refunding, 5% due 2/01/2029 (a) 1,547
----------------------------------------------------------------------------------------------------------
4,000 San Diego County, California, Water Authority, Water Revenue Bonds, COP, Series A, 5%
due 5/01/2031 (e) 4,101
----------------------------------------------------------------------------------------------------------
BlackRock MuniHoldings California Insured Fund, Inc.
Schedule of Investments as of September 30, 2007 (Unaudited) (in Thousands)
Face
Amount Municipal Bonds Value
-----------------------------------------------------------------------------------------------------------------------------------
$ 5,000 San Francisco, California, Bay Area Rapid Transit District,
GO (Election of 2004), Series B, 5% due 8/01/2035 $ 5,217
----------------------------------------------------------------------------------------------------------
6,795 San Francisco, California, Bay Area Rapid Transit District, Sales Tax
Revenue Bonds, 5.50% due 7/01/2009 (d)(h) 7,099
----------------------------------------------------------------------------------------------------------
23,100 San Francisco, California, Bay Area Rapid Transit District, Sales Tax
Revenue Refunding Bonds, Series A, 5% due 7/01/2030 (g) 24,001
----------------------------------------------------------------------------------------------------------
6,430 San Francisco, California, City and County Airport Commission, International
Airport Revenue Bonds, AMT, Second Series, Issue 24A, 5.50% due 5/01/2024 (e) 6,683
----------------------------------------------------------------------------------------------------------
4,195 San Francisco, California, Community College District, GO (Election of 2001),
Series C, 5% due 6/15/2031 (e) 4,366
----------------------------------------------------------------------------------------------------------
5,530 San Joaquin County, California, COP, Refunding (County Administration Building), 5%
due 11/15/2030 (g) 5,735
----------------------------------------------------------------------------------------------------------
10,675 San Jose, California, Airport Revenue Refunding Bonds, AMT, Series A,
5% due 3/01/2037 (a) 10,746
----------------------------------------------------------------------------------------------------------
2,118 San Jose, California, Financing Authority, Lease Revenue Refunding Bonds, DRIVERS,
Series 1280Z, 5.839% due 12/01/2010 (a)(k) 2,206
----------------------------------------------------------------------------------------------------------
10,410 San Jose-Evergreen, California, Community College District, Capital Appreciation, GO
(Election of 2004), Refunding, Series A, 5.17% due 9/01/2024 (g)(i) 4,467
----------------------------------------------------------------------------------------------------------
7,250 San Jose-Evergreen, California, Community College District, Capital Appreciation, GO
(Election of 2004), Refunding, Series A, 5.34% due 9/01/2029 (g)(i) 2,322
----------------------------------------------------------------------------------------------------------
7,785 San Juan, California, Unified School District, GO, 5.625% due 8/01/2010 (d)(h) 8,312
----------------------------------------------------------------------------------------------------------
4,250 San Juan, California, Unified School District, GO (Election of 2002),
5% due 8/01/2028 (g) 4,395
----------------------------------------------------------------------------------------------------------
5,650 San Mateo County, California, Transit District, Sales Tax Revenue
Refunding Bonds, Series A, 5% due 6/01/2029 (g) 5,872
----------------------------------------------------------------------------------------------------------
5,000 San Ramon, California, Public Financing Authority, Tax Allocation Revenue Bonds,
Series A, 5% due 2/01/2038 (a) 5,127
----------------------------------------------------------------------------------------------------------
7,345 Sanger, California, Unified School District, GO (Election of 2006),
5% due 8/01/2027 (e) 7,747
----------------------------------------------------------------------------------------------------------
14,000 Santa Clara, California, Redevelopment Agency, Tax Allocation Bonds (Bayshore North
Project), Series A, 5.50% due 6/01/2023 (a) 14,527
----------------------------------------------------------------------------------------------------------
6,050 Santa Clara, California, Subordinated Electric Revenue Bonds, Series A,
5% due 7/01/2028 (g) 6,272
----------------------------------------------------------------------------------------------------------
9,750 Santa Clara County, California, Financing Authority, Lease Revenue Refunding Bonds,
Series A, 5% due 11/15/2022 (a) 9,959
----------------------------------------------------------------------------------------------------------
5,110 Santa Monica, California, Redevelopment Agency, Tax Allocation Bonds (Earthquake
Recovery Redevelopment Project), 6% due 7/01/2009 (a)(h) 5,382
----------------------------------------------------------------------------------------------------------
2,855 Santa Rosa, California, High School District, GO (Election of 2002),
5% due 8/01/2028 (g) 2,952
----------------------------------------------------------------------------------------------------------
BlackRock MuniHoldings California Insured Fund, Inc.
Schedule of Investments as of September 30, 2007 (Unaudited) (in Thousands)
Face
Amount Municipal Bonds Value
-----------------------------------------------------------------------------------------------------------------------------------
$ 1,550 Sierra, California, Joint Community College District, GO (School Facility
Improvement District Number 2 - Western Nevada), Series A, 5% due 8/01/2028 (d) $ 1,607
----------------------------------------------------------------------------------------------------------
10,910 Southern California Public Power Authority, Power Project Revenue Bonds (Magnolia
Power Project), Series A-1, 5% due 7/01/2013 (a)(h) 11,744
----------------------------------------------------------------------------------------------------------
3,200 Stockton, California, Public Financing Authority, Water Revenue Bonds (Water
System Capital Improvement Projects), Series A, 5% due 10/01/2031 (g) 3,322
----------------------------------------------------------------------------------------------------------
4,400 Tamalpais, California, Union High School District, GO (Election of 2006),
5% due 8/01/2028 (g) 4,601
----------------------------------------------------------------------------------------------------------
13,025 Tracy, California, Area Public Facilities Financing Agency, Special Tax
Refunding Bonds (Community Facilities District Number 87-1), Series H,
5.875% due 10/01/2019 (g) 13,860
----------------------------------------------------------------------------------------------------------
6,655 Turlock, California, Public Finance Authority, Sewer Revenue Bonds,
Series A, 5% due 9/15/2033 (d) 6,851
----------------------------------------------------------------------------------------------------------
7,475 University of California, COP, Series A, 5.25% due 11/01/2007 (a)(h) 7,560
----------------------------------------------------------------------------------------------------------
10,500 University of California, General Revenue Refunding Bonds, Series A,
5% due 5/15/2027 (a) 10,914
----------------------------------------------------------------------------------------------------------
1,410 University of California Revenue Bonds, Series K, 5.25% due 9/01/2008 (d)(h) 1,447
----------------------------------------------------------------------------------------------------------
10,000 Vista, California, Unified School District, GO, Series A, 5.25% due 8/01/2025 (e) 10,509
----------------------------------------------------------------------------------------------------------
2,550 Vista, California, Unified School District, GO, Series B, 5% due 8/01/2028 (d) 2,637
----------------------------------------------------------------------------------------------------------
6,075 Washington, California, Unified School District (Yolo County),
Capital Appreciation, GO (Election of 2004), Series A, 4.98%
due 8/01/2029 (d)(i) 2,160
----------------------------------------------------------------------------------------------------------
5,825 West Contra Costa, California, Unified School District, Capital Appreciation,
GO (Election of 2002), Series C, 5.78% due 8/01/2029 (d)(i) 2,071
----------------------------------------------------------------------------------------------------------
6,690 West Contra Costa, California, Unified School District, GO (Election of 2002),
Series B, 5% due 8/01/2032 (e) 6,851
----------------------------------------------------------------------------------------------------------
2,595 West Contra Costa, California, Unified School District, GO (Election of 2005),
Series A, 5% due 8/01/2026 (e) 2,698
----------------------------------------------------------------------------------------------------------
3,145 Yorba Linda, California, Redevelopment Agency, Redevelopment Project Tax
Allocation Revenue Bonds (Subordinate Lien), Series B, 5% due 9/01/2032 (a) 3,231
-----------------------------------------------------------------------------------------------------------------------------------
Puerto Rico - 3.4% 11,215 Puerto Rico Electric Power Authority, Power Revenue Bonds, Series HH,
5.30% due 7/01/2010 (e)(h) 11,855
----------------------------------------------------------------------------------------------------------
8,120 Puerto Rico Electric Power Authority, Power Revenue Refunding Bonds, Series UU, 5%
due 7/01/2024 (e) 8,622
-----------------------------------------------------------------------------------------------------------------------------------
Total Municipal Bonds (Cost - $894,725) - 154.0% 918,606
-----------------------------------------------------------------------------------------------------------------------------------
Municipal Bonds Held in Trust (m)
-----------------------------------------------------------------------------------------------------------------------------------
California - 25.3% 12,000 Contra Costa County, California, COP, Refunding (Merrithew Memorial
Hospital Project), 5.375% due 11/01/2017 (g) 12,258
----------------------------------------------------------------------------------------------------------
7,165 La Quinta, California, Financing Authority, Local Agency Revenue Bonds,
Series A, 5.125% due 9/01/2034 (a) 7,444
----------------------------------------------------------------------------------------------------------
15,490 Peralta, California, Community College District, GO (Election of 2000),
Series D, 5% due 8/01/2035 (e) 16,027
----------------------------------------------------------------------------------------------------------
25,350 Port of Oakland, California, Revenue Refunding Bonds, AMT,
Series L, 5.375% due 11/01/2027 (d) 26,381
----------------------------------------------------------------------------------------------------------
34,260 Sacramento, California, Municipal Utility District Financing Authority,
Revenue Bonds (Consumers Project), 5.125% due 7/01/2029 (g) 36,149
----------------------------------------------------------------------------------------------------------
BlackRock MuniHoldings California Insured Fund, Inc.
Schedule of Investments as of September 30, 2007 (Unaudited) (in Thousands)
Face
Amount Municipal Bonds Value
-----------------------------------------------------------------------------------------------------------------------------------
$ 10,000 San Diego County, California, Water Authority, Water Revenue Refunding Bonds, COP,
Series A, 5% due 5/01/2032 (g) $ 10,243
----------------------------------------------------------------------------------------------------------
13,500 San Francisco, California, City and County Public Utilities Commission,
Water Revenue Refunding Bonds, Series A, 5% due 11/01/2032 (g) 13,911
----------------------------------------------------------------------------------------------------------
10,564 San Jose, California, Financing Authority, Lease Revenue Refunding Bonds
(Civic Center Project), Series B, 5% due 6/01/2032 (a) 10,785
----------------------------------------------------------------------------------------------------------
17,400 University of California, Limited Project Revenue Bonds, Series B,
5% due 5/15/2033 (e) 17,913
-----------------------------------------------------------------------------------------------------------------------------------
Total Municipal Bonds Held in Trust (Cost - $152,699) - 25.3% 151,111
-----------------------------------------------------------------------------------------------------------------------------------
Shares
Held Short-Term Securities
-----------------------------------------------------------------------------------------------------------------------------------
923 CMA California Municipal Money Fund, 3.25% (f)(j) 923
-----------------------------------------------------------------------------------------------------------------------------------
Total Short-Term Securities (Cost - $923) - 0.2% 923
-----------------------------------------------------------------------------------------------------------------------------------
Total Investments (Cost - $1,048,347*) - 179.5% 1,070,640
Liabilities in Excess of Other Assets - (1.7%) (10,015)
Liability for Trust Certificates, Including Interest Expense Payable - (12.4%) (73,749)
Preferred Stock, at Redemption Value - (65.4%) (390,247)
---------
Net Assets Applicable to Common Stock - 100.0% $ 596,629
=========
* The cost and unrealized appreciation (depreciation) of investments as of
September 30, 2007, as computed for federal income tax purposes, were as
follows:
Aggregate cost $ 975,610
=========
Gross unrealized appreciation $ 23,946
Gross unrealized depreciation (1,781)
---------
Net unrealized appreciation $ 22,165
=========
(a) AMBAC Insured.
(b) FHA Insured.
(c) Escrowed to maturity.
(d) FGIC Insured.
(e) FSA Insured.
(f) Investments in companies considered to be an affiliate of the Fund, for
purposes of Section 2(a)(3) of the Investment Company Act of 1940, were as
follows:
--------------------------------------------------------------------------
Affiliate Net Dividend
Activity Income
--------------------------------------------------------------------------
CMA California Municipal Money Fund 908 $18
--------------------------------------------------------------------------
(g) MBIA Insured.
(h) Prerefunded.
(i) Represents a zero coupon bond; the interest rate shown reflects the
effective yield at the time of purchase. BlackRock MuniHoldings California
Insured Fund, Inc.
BlackRock MuniHoldings California Insured Fund, Inc.
Schedule of Investments as of September 30, 2007 (Unaudited) (in Thousands)
(j) Represents the current yield as of September 30, 2007.
(k) The rate disclosed is that currently in effect. This rate changes
periodically and inversely based upon prevailing market rates.
(l) XL Capital Insured.
(m) Securities represent underlying bonds transferred to a separate
securitization trust established in a tender option bond transaction in
which the Fund may have acquired the residual interest certificates. These
securities serve as collateral in a financing transaction.
(n) Security may have a maturity of more than one year at time of issuance,
but has variable rate and demand features that qualify it as a short-term
security. The rate disclosed is that currently in effect. This rate
changes periodically based upon prevailing market rates.
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 MuniHoldings California Insured Fund, Inc.
By: /s/ Donald C. Burke
-------------------
Donald C. Burke,
Chief Executive Officer of
BlackRock MuniHoldings California Insured Fund, 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,
Chief Executive Officer (principal executive officer) of
BlackRock MuniHoldings California Insured Fund, Inc.
Date: November 20, 2007
By: /s/ Neal J. Andrews
-------------------
Neal J. Andrews,
Chief Financial Officer (principal financial officer) of
BlackRock MuniHoldings California Insured Fund, Inc.