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: 01/01/2008 - 03/31/2008
Item 1 - Schedule of Investments
BlackRock MuniHoldings California Insured Fund, Inc.
Schedule of Investments as of March 31, 2008 (Unaudited)
(Percentages shown are based on Net Assets)
--------------------------------------------------------------------------------
Par
Municipal Bonds (000) Value
----------------------------------------------------------------------------------------------------------------------------------
California - 151.1% ABAG Finance Authority for Nonprofit Corporations, California, COP
(Children's Hospital Medical Center), 6%, 12/01/09 (a)(b) $ 1,000 $ 1,073,960
------------------------------------------------------------------------------------------------------------
ABC California Unified School District, GO, Series A, 5.625%,
8/01/20 (c)(d) 3,345 3,418,122
------------------------------------------------------------------------------------------------------------
Alameda, California, Unified School District, Capital Appreciation, GO
(Election of 2004), Series B, 5.02%, 8/01/35 (d)(e) 10,000 2,192,400
------------------------------------------------------------------------------------------------------------
Alhambra, California, Unified School District, GO (Election of 2004),
Series A, 5%, 8/01/29 (f) 7,360 7,359,485
------------------------------------------------------------------------------------------------------------
Banning, California, Unified School District, GO (Election of 2006),
Series A, 5%, 8/01/27 (f) 2,825 2,837,374
------------------------------------------------------------------------------------------------------------
Berkeley, California, Unified School District, GO, Series I, 5.75%,
8/01/08 (b)(d) 2,000 2,046,680
------------------------------------------------------------------------------------------------------------
Berkeley, California, Unified School District, GO, Series I, 5.875%,
8/01/08 (b)(d) 4,520 4,627,350
------------------------------------------------------------------------------------------------------------
Bonita, California, Unified School District, GO (Election of 2004),
Series B, 5%, 8/01/29 (f) 8,350 8,349,415
------------------------------------------------------------------------------------------------------------
Burbank-Glendale-Pasadena Airport Authority, California, Airport Revenue
Refunding Bonds, AMT, Series B, 5.25%, 7/01/18 (a) 3,640 3,739,008
------------------------------------------------------------------------------------------------------------
Cajon Valley, California, Union School District, GO, Series B,
5.50%, 8/01/27 (g) 2,925 2,998,564
------------------------------------------------------------------------------------------------------------
California Community College Financing Authority, Lease Revenue Bonds
(Grossmont-Palomar-Shasta), Series A, 5.625%, 4/01/26 (g) 2,180 2,261,532
------------------------------------------------------------------------------------------------------------
California HFA, Home Mortgage Revenue Bonds, VRDN, Series F, 1.30%,
2/01/33 (a)(h) 2,200 2,200,000
------------------------------------------------------------------------------------------------------------
California HFA, S/F Mortgage Revenue Bonds, AMT, Series A-1,
Class II, 6%, 8/01/20 (g) 170 171,091
------------------------------------------------------------------------------------------------------------
California HFA, S/F Mortgage Revenue Bonds, AMT, Series C-2,
Class II, 5.625%, 8/01/20 (g)(i) 1,160 1,168,224
------------------------------------------------------------------------------------------------------------
California Health Facilities Financing Authority Revenue Bonds (Kaiser
Permanente), Series A, 5.50%, 6/01/22 (c)(d) 9,250 9,462,287
------------------------------------------------------------------------------------------------------------
California State, GO, 5.25%, 4/01/27 15 15,154
------------------------------------------------------------------------------------------------------------
California State, GO, 5.50%, 6/01/25 (f) 2,000 2,054,860
------------------------------------------------------------------------------------------------------------
California State, GO, Refunding, 5.25%, 2/01/26 (g) 6,000 6,083,820
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Portfolio 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
S/F Single-Family
TRAN Tax Revenue Anticipation Notes
VRDN Variable Rate Demand Notes
BlackRock MuniHoldings California Insured Fund, Inc.
Schedule of Investments as of March 31, 2008 (Unaudited)
(Percentages shown are based on Net Assets)
--------------------------------------------------------------------------------
Par
Municipal Bonds (000) Value
----------------------------------------------------------------------------------------------------------------------------------
California State Public Works Board, Lease Revenue Refunding Bonds
(Various Community College Project), Series B, 5.625%, 3/01/19 (a) $ 2,625 $ 2,629,279
------------------------------------------------------------------------------------------------------------
California State University, Systemwide Revenue Refunding Bonds,
Series A, 5%, 11/01/29 (d) 5,000 5,031,050
------------------------------------------------------------------------------------------------------------
California State University, Systemwide Revenue Refunding Bonds,
Series A, 5%, 11/01/30 (a) 6,000 6,017,460
------------------------------------------------------------------------------------------------------------
California State University, Systemwide Revenue Refunding Bonds,
Series C, 5%, 11/01/28 (g) 16,215 16,316,019
------------------------------------------------------------------------------------------------------------
California State, Various Purpose, GO, 5.50%, 11/01/33 7,050 7,189,660
------------------------------------------------------------------------------------------------------------
California Statewide Communities Development Authority, Health Facility
Revenue Bonds (Memorial Health Services), Series A, 6%, 10/01/23 4,915 5,123,445
------------------------------------------------------------------------------------------------------------
California Statewide Communities Development Authority Revenue Bonds
(Kaiser Permanente), Series B, 5%, 3/01/41 3,600 3,296,880
------------------------------------------------------------------------------------------------------------
California Statewide Communities Development Authority Revenue Bonds
(Los Angeles Orthopedic Hospital Foundation), 5.50%, 6/01/19 (a) 1,090 1,102,252
------------------------------------------------------------------------------------------------------------
California Statewide Communities Development Authority, Revenue
Refunding Bonds (Kaiser Hospital Asset Management, Inc.), Series C, 5.25%, 8/01/31 5,000 4,862,000
------------------------------------------------------------------------------------------------------------
California Statewide Communities Development Authority, Revenue Refunding
Bonds (Kaiser Permanente), Series A, 5%, 4/01/31 2,650 2,491,424
------------------------------------------------------------------------------------------------------------
Campbell, California, Redevelopment Agency, Tax Allocation Refunding Bonds
(Central Campbell Redevelopment Project), Series A, 5%, 10/01/32 (a) 4,500 4,370,040
------------------------------------------------------------------------------------------------------------
Castaic Lake, California, Water Agency Revenue Bonds, COP (Water System
Improvement Project), 5.50%, 8/01/09 (a)(b) 8,705 9,213,807
------------------------------------------------------------------------------------------------------------
Chaffey Community College District, California, GO (Election of 2002),
Series B, 5%, 6/01/30 (g) 9,905 9,951,752
------------------------------------------------------------------------------------------------------------
Chino Basin, California, Regional Financing Authority, Revenue Refunding
Bonds (Inland Empire Utility Agency), Series A, 5%, 11/01/33 (a) 3,675 3,638,213
------------------------------------------------------------------------------------------------------------
Chula Vista, California, IDR (San Diego Gas and Electric Company), AMT,
Series D, 5%, 12/01/27 (a) 3,330 3,196,867
------------------------------------------------------------------------------------------------------------
Chula Vista, California, Public Financing Authority, Revenue Refunding Bonds,
Series A, 5%, 9/01/29 (g) 2,750 2,686,282
------------------------------------------------------------------------------------------------------------
Coachella Valley, California, Unified School District, GO (Election of 2005),
Series A, 5%, 8/01/27 (f) 2,400 2,379,288
------------------------------------------------------------------------------------------------------------
Colton, California, Joint Unified School District, GO, Series A,
5.375%, 8/01/26 (f) 2,500 2,561,075
------------------------------------------------------------------------------------------------------------
Contra Costa, California, Community College District, GO (Election of 2002),
5%, 8/01/28 (g) 7,800 7,858,422
------------------------------------------------------------------------------------------------------------
Contra Costa County, California, Public Financing Authority, Tax Allocation
Revenue Refunding Bonds (Contra Costa Centre Project Areas), Series A,
5%, 8/01/37 (g) 6,600 6,460,344
------------------------------------------------------------------------------------------------------------
BlackRock MuniHoldings California Insured Fund, Inc.
Schedule of Investments as of March 31, 2008 (Unaudited)
(Percentages shown are based on Net Assets)
--------------------------------------------------------------------------------
Par
Municipal Bonds (000) Value
----------------------------------------------------------------------------------------------------------------------------------
Corona, California, Department of Water and Power, COP, 5%,
9/01/29 (g) $ 5,910 $ 5,833,288
-------------------------------------------------------------------------------------------------------------
Corona-Norco, California, Unified School District, GO (Election of 2006),
Series A, 5%, 8/01/31 (d) 5,000 5,025,600
-------------------------------------------------------------------------------------------------------------
Coronado, California, Community Development Agency, Tax Allocation Bonds
(Coronado Community Development Project), 5%, 9/01/30 (a) 4,250 4,221,482
-------------------------------------------------------------------------------------------------------------
Covina-Valley, California, Unified School District, GO, Refunding,
Series A, 5.50%, 8/01/26 (d) 2,395 2,525,647
-------------------------------------------------------------------------------------------------------------
Culver City, California, Redevelopment Finance Authority, Tax Allocation
Revenue Refunding Bonds, Series A, 5.60%, 11/01/25 (d) 3,750 3,913,837
-------------------------------------------------------------------------------------------------------------
Desert, California, Community College District, GO, Series C, 5%,
8/01/37 (d) 7,500 7,516,125
-------------------------------------------------------------------------------------------------------------
East Bay, California, Municipal Utility District, Wastewater System Revenue
Refunding Bonds, Sub-Series A, 5%, 6/01/33 (a) 6,545 6,535,248
-------------------------------------------------------------------------------------------------------------
East Bay, California, Municipal Utility District, Wastewater System Revenue
Refunding Bonds, Sub-Series A, 5%, 6/01/37 (a) 6,015 5,996,293
-------------------------------------------------------------------------------------------------------------
East Side Union High School District, California, Santa Clara County, Capital
Appreciation, GO (Election of 2002), Series E,
5.125%, 8/01/28 (e)(j) 11,000 3,306,380
-------------------------------------------------------------------------------------------------------------
Escondido, California, COP, Refunding, Series A, 5.75%, 9/01/24 (f) 465 488,217
-------------------------------------------------------------------------------------------------------------
Folsom, California, Public Financing Authority, Special Tax Revenue Refunding
Bonds, Series A, 5%, 9/01/28 (a) 2,495 2,463,463
-------------------------------------------------------------------------------------------------------------
Foothill-De Anza, California, Community College District, GO, Refunding, 5%,
8/01/30 (f) 5,000 4,973,050
-------------------------------------------------------------------------------------------------------------
Fresno, California, Airport Revenue Bonds, AMT, Series B, 5.50%,
7/01/20 (d) 4,455 4,538,175
-------------------------------------------------------------------------------------------------------------
Fullerton, California, Joint Union High School District, GO (Election of
2002), Series B, 5%, 8/01/29 (f) 5,200 5,218,668
-------------------------------------------------------------------------------------------------------------
Garden Grove, California, COP (Financing Project), Series A, 5.50%,
3/01/26 (a) 4,040 4,160,917
-------------------------------------------------------------------------------------------------------------
Glendale, California, Unified School District, GO, Series B, 5.125%,
9/01/23 (d) 5,200 5,281,068
-------------------------------------------------------------------------------------------------------------
Hartnell, California, Community College District, GO (Election of 2002),
Series B, 5%, 6/01/31 (d) 2,155 2,164,891
-------------------------------------------------------------------------------------------------------------
Hemet, California, Unified School District, GO, Series A, 5.375%,
8/01/26 (g) 4,565 4,647,489
-------------------------------------------------------------------------------------------------------------
Hemet, California, Unified School District, GO, Series B, 5.125%,
8/01/37 (k) 4,500 4,548,285
-------------------------------------------------------------------------------------------------------------
Hollister, California, Joint Powers Finance Authority, Wastewater Revenue
Refunding Bonds (Refining and Improvement Project), Series 1, 5%, 6/01/37 (d) 6,365 6,368,819
-------------------------------------------------------------------------------------------------------------
Irvine, California, Unified School District, Special Tax (Community Facilities
District Number 86-1), 5.375%, 11/01/20 (a) 2,300 2,363,871
-------------------------------------------------------------------------------------------------------------
Irvine, California, Unified School District, Special Tax Refunding Bonds
Community Facilities District Number 86-1), 5.80%, 11/01/20 (a) 4,665 4,765,531
-------------------------------------------------------------------------------------------------------------
BlackRock MuniHoldings California Insured Fund, Inc.
Schedule of Investments as of March 31, 2008 (Unaudited)
(Percentages shown are based on Net Assets)
--------------------------------------------------------------------------------
Par
Municipal Bonds (000) Value
----------------------------------------------------------------------------------------------------------------------------------
La Quinta, California, Financing Authority, Local Agency Revenue Bonds, Series A,
5.25%, 9/01/24 (a) $ 2,500 $ 2,566,950
-------------------------------------------------------------------------------------------------------------
La Quinta, California, Financing Authority, Local Agency Revenue Bonds, Series A,
5.125%, 9/01/34 (a) 7,165 7,174,386
-------------------------------------------------------------------------------------------------------------
Little Lake, California, City School District, GO, Series B, 5.25%,
7/01/22 (d) 1,210 1,273,876
-------------------------------------------------------------------------------------------------------------
Lodi, California, Wastewater System Revenue Bonds, COP, Refunding, Series A, 5%,
10/01/32 (d) 2,000 1,988,260
-------------------------------------------------------------------------------------------------------------
Lompoc, California, Unified School District, GO (Election of 2002),
Series C, 5%, 6/01/32 (d) 1,485 1,491,074
-------------------------------------------------------------------------------------------------------------
Los Angeles, California, Community College District, GO (Election of 2003), S
eries E, 5%, 8/01/31 (d) 11,215 11,267,374
-------------------------------------------------------------------------------------------------------------
Los Angeles, California, Community Redevelopment Agency, Community Redevelopment
Financing Authority Revenue Bonds
(Bunker Hill Project), Series A, 5%, 12/01/27 (d) 10,000 10,089,600
-------------------------------------------------------------------------------------------------------------
Los Angeles, California, Department of Water and Power, Waterworks Revenue Bonds,
Sub-Series A-2, 5%, 7/01/35 (a) 2,000 1,996,880
-------------------------------------------------------------------------------------------------------------
Los Angeles, California, M/F Housing Revenue Refunding Bonds, Senior Series G,
5.65%, 1/01/14 (d) 160 160,698
-------------------------------------------------------------------------------------------------------------
Los Angeles, California, Unified School District, GO (Election of 2004),
Series H, 5%, 7/01/32 (d) 5,000 5,019,850
-------------------------------------------------------------------------------------------------------------
Los Angeles, California, Unified School District, GO, Refunding,
Series A-1, 5%, 7/01/21 (f) 9,650 10,023,648
-------------------------------------------------------------------------------------------------------------
Los Angeles, California, Unified School District, GO, Series E, 5%,
7/01/30 (a) 10,000 10,023,300
-------------------------------------------------------------------------------------------------------------
Los Angeles, California, Water and Power Revenue Bonds (Power System),
Sub-Series A-1, 5%, 7/01/31 (d) 5,000 5,020,750
-------------------------------------------------------------------------------------------------------------
Los Angeles County, California, Metropolitan Transportation Authority, Sales Tax
Revenue Refunding Bonds, Proposition A, First Tier Senior-Series A, 5%, 7/01/35 (a) 9,000 8,972,730
-------------------------------------------------------------------------------------------------------------
Los Gatos, California, Unified School District, GO (Election 2001),
Series B, 5%, 8/01/30 (d) 2,735 2,727,506
-------------------------------------------------------------------------------------------------------------
Los Rios, California, Community College District, GO (Election of 2002),
Series B, 5%, 8/01/27 (g) 1,890 1,898,014
-------------------------------------------------------------------------------------------------------------
Madera, California, Public Financing Authority, Water and Wastewater Revenue
Refunding Bonds, 5%, 3/01/36 (g) 2,000 1,982,080
-------------------------------------------------------------------------------------------------------------
Merced, California, Community College District, GO (School Facilities District
Number 1), 5%, 8/01/31 (g) 6,365 6,394,724
-------------------------------------------------------------------------------------------------------------
Merced, California, Irrigation District, Electrical System Revenue Refunding Bonds,
5.25%, 9/01/36 (j) 5,000 4,941,550
-------------------------------------------------------------------------------------------------------------
Metropolitan Water District of Southern California, Waterworks Revenue Bonds,
Series A, 5%, 7/01/35 (d) 3,550 3,566,862
-------------------------------------------------------------------------------------------------------------
BlackRock MuniHoldings California Insured Fund, Inc.
Schedule of Investments as of March 31, 2008 (Unaudited)
(Percentages shown are based on Net Assets)
--------------------------------------------------------------------------------
Par
Municipal Bonds (000) Value
----------------------------------------------------------------------------------------------------------------------------------
Metropolitan Water District of Southern California, Waterworks Revenue Bonds,
Series B-1, 5%, 10/01/33 (f) $ 9,000 $ 9,004,320
-------------------------------------------------------------------------------------------------------------
Modesto, California, Schools Infrastructure Financing Agency, Special Tax Bonds,
5%, 9/01/29 (a) 3,750 3,663,112
-------------------------------------------------------------------------------------------------------------
Monrovia, California, Financing Authority, Lease Revenue Bonds (Library Project),
5%, 12/01/37 (a) 1,685 1,654,198
-------------------------------------------------------------------------------------------------------------
Moorpark, California, Redevelopment Agency, Tax Allocation Bonds (Moorpark
Redevelopment Project), 5.125%, 10/01/31 (a) 4,150 4,102,524
-------------------------------------------------------------------------------------------------------------
Napa, California, Water Revenue Bonds, 5%, 5/01/35 (a) 9,100 9,072,791
-------------------------------------------------------------------------------------------------------------
Northern California Power Agency, Public Power Revenue Refunding Bonds
(Hydroelectric Project Number 1), Series A, 5.125%, 7/01/23 (g) 3,275 3,311,091
-------------------------------------------------------------------------------------------------------------
Oakland, California, Alameda County Unified School District, GO,
Series F, 5.50%, 8/01/10 (b)(g) 6,000 6,433,020
-------------------------------------------------------------------------------------------------------------
Oakland, California, Alameda County Unified School District, GO,
Series F, 5.625%, 8/01/10 (b)(g) 8,950 9,621,161
-------------------------------------------------------------------------------------------------------------
Oakland, California, Redevelopment Agency, Tax Allocation Refunding Bonds
(Coliseum Area Redevelopment Project), Series B, 5%, 9/01/36 (a) 9,355 9,173,700
-------------------------------------------------------------------------------------------------------------
Ohlone, California, Community College District, GO, Series B, 5%,
8/01/30 (d) 5,000 5,030,150
-------------------------------------------------------------------------------------------------------------
Oxnard, California, Financing Authority, Wastewater Revenue Bonds (Redwood Trunk
Sewer and Headworks Projects), Series A, 5.25%, 6/01/34 (f) 10,000 10,062,000
-------------------------------------------------------------------------------------------------------------
Oxnard, California, Financing Authority, Water Revenue Bonds, 5%, 6/01/31 (g) 10,000 9,999,300
-------------------------------------------------------------------------------------------------------------
Palm Springs, California, Financing Authority, Lease Revenue Refunding Bonds
(Convention Center Project), Series A, 5.50%, 11/01/35 (g) 1,600 1,647,328
-------------------------------------------------------------------------------------------------------------
Palomar Pomerado Health Care District, California, GO (Election of 2004),
Series A, 5.125%, 8/01/37 (g) 9,300 9,337,014
-------------------------------------------------------------------------------------------------------------
Peralta, California, Community College District, GO (Election of 2007),
Series B, 5%, 8/01/32 (d) 6,980 7,006,943
-------------------------------------------------------------------------------------------------------------
Pleasanton, California, Unified School District, GO, Series E, 5.50%,
8/01/08 (b)(f) 9,100 9,305,205
-------------------------------------------------------------------------------------------------------------
Port of Oakland, California, Revenue Bonds, AMT, Series K, 5.75%, 11/01/14 (f) 3,500 3,658,235
-------------------------------------------------------------------------------------------------------------
Port of Oakland, California, Revenue Bonds, AMT, Series K, 5.75%, 11/01/29 (f) 19,815 19,829,267
-------------------------------------------------------------------------------------------------------------
BlackRock MuniHoldings California Insured Fund, Inc.
Schedule of Investments as of March 31, 2008 (Unaudited)
(Percentages shown are based on Net Assets)
--------------------------------------------------------------------------------
Par
Municipal Bonds (000) Value
----------------------------------------------------------------------------------------------------------------------------------
Port of Oakland, California, Revenue Refunding Bonds, AMT, Series L, 5.375%,
11/01/27 (f) $ 25,350 $24,529,167
-------------------------------------------------------------------------------------------------------------
Poway, California, Redevelopment Agency, Tax Allocation Refunding Bonds, 5%,
6/15/33 (g) 3,000 2,961,660
-------------------------------------------------------------------------------------------------------------
Poway, California, Unified School District, Public Financing Authority, Special
Tax Revenue Bonds, 5%, 9/15/31 (a) 9,070 9,007,871
-------------------------------------------------------------------------------------------------------------
Poway, California, Unified School District, School Facilities Improvement, GO
(Election of 2002), Series 1-B, 5%, 8/01/30 (d) 10,000 10,067,100
-------------------------------------------------------------------------------------------------------------
Rancho, California, Water District Financing Authority, Revenue Refunding Bonds,
Series A, 5%, 8/01/34 (d) 5,000 5,013,250
-------------------------------------------------------------------------------------------------------------
Rancho Cucamonga, California, Redevelopment Agency, Tax Allocation Refunding
Bonds (Rancho Redevelopment Project), Series A, 5%, 9/01/34 (g) 2,500 2,463,825
-------------------------------------------------------------------------------------------------------------
Redwoods, California, Community College District, GO (Election of 2004), 5%,
8/01/31 (g) 4,630 4,647,131
-------------------------------------------------------------------------------------------------------------
Richmond, California, Joint Powers Financing Authority, Tax Allocation Revenue
Bonds, Series A, 5.50%, 9/01/18 (g) 2,205 2,281,337
-------------------------------------------------------------------------------------------------------------
Riverside, California, Community College District, GO (Election of 2004),
Series C, 5%, 8/01/32 (g) 8,910 8,900,645
-------------------------------------------------------------------------------------------------------------
Riverside, California, Unified School District, GO (Election of 2001),
Series B, 5%, 8/01/30 (g) 10,735 10,799,732
-------------------------------------------------------------------------------------------------------------
Sacramento, California, Area Flood Control Agency, Special Assessment Refunding
Bonds (Consolidated Capital Assessment District), Series A, 5%, 10/01/32 (f) 2,125 2,097,800
-------------------------------------------------------------------------------------------------------------
Sacramento, California, City Financing Authority, Revenue Refunding Bonds,
5%, 12/01/29 (f) 8,775 8,614,944
-------------------------------------------------------------------------------------------------------------
Sacramento, California, Municipal Utility District, Electric Revenue Refunding
Bonds, Series L, 5.125%, 7/01/22 (g) 10,825 10,895,146
-------------------------------------------------------------------------------------------------------------
Sacramento, California, Municipal Utility District Financing Authority Revenue
Bonds (Consumers Project), 5.125%, 7/01/29 (g) 36,760 35,420,833
-------------------------------------------------------------------------------------------------------------
Saddleback Valley, California, Unified School District, GO, 5%, 8/01/29 (d) 4,115 4,145,821
-------------------------------------------------------------------------------------------------------------
Salinas, California, Union High School District, GO (Election of 2002),
Series B, 5%, 6/01/26 (g) 3,490 3,534,114
-------------------------------------------------------------------------------------------------------------
San Bernardino, California, Joint Powers Financing Authority, Lease Revenue
Bonds (Department of Transportation Lease), Series A, 5.50%, 12/01/20 (g) 5,440 5,448,704
-------------------------------------------------------------------------------------------------------------
San Bernardino County, California, COP, Refunding (Medical Center Financing
Project), 5.50%, 8/01/19 (g) 1,480 1,482,309
-------------------------------------------------------------------------------------------------------------
San Diego, California, Community College District, GO (Election of 2002), 5%,
5/01/30 (d) 12,555 12,628,823
-------------------------------------------------------------------------------------------------------------
San Diego, California, Public Facilities Financing Authority, Sewer Revenue
Bonds, Series A, 5.25%, 5/15/27 (d) 5,055 5,066,677
-------------------------------------------------------------------------------------------------------------
BlackRock MuniHoldings California Insured Fund, Inc.
Schedule of Investments as of March 31, 2008 (Unaudited)
(Percentages shown are based on Net Assets)
--------------------------------------------------------------------------------
Par
Municipal Bonds (000) Value
----------------------------------------------------------------------------------------------------------------------------------
San Diego County, California, COP (Edgemoor Project and Regional System),
Refunding, 5%, 2/01/29 (a) $ 1,500 $ 1,502,475
-------------------------------------------------------------------------------------------------------------
San Diego County, California, Water Authority, Water Revenue Bonds, COP,
Series A, 5%, 5/01/31 (d) 4,000 3,988,960
-------------------------------------------------------------------------------------------------------------
San Francisco, California, Bay Area Rapid Transit District, Sales Tax Revenue
Bonds, 5.50%, 7/01/09 (b)(f) 6,795 7,180,209
-------------------------------------------------------------------------------------------------------------
San Francisco, California, Bay Area Rapid Transit District, Sales Tax Revenue
Refunding Bonds, Series A, 5%, 7/01/34 (g) 2,500 2,498,000
-------------------------------------------------------------------------------------------------------------
San Francisco, California, City and County Airport Commission, International
Airport Revenue Bonds, AMT, Second Series, Issue 24A, 5.50%, 5/01/24 (d) 6,430 6,490,442
-------------------------------------------------------------------------------------------------------------
San Francisco, California, City and County Airport Commission, International
Airport Revenue Refunding Bonds, AMT, Second Series, Issue 34E, 5.75%, 5/01/24 (d) 5,000 5,142,250
-------------------------------------------------------------------------------------------------------------
San Francisco, California, Community College District, GO (Election of 2001),
Series C, 5%, 6/15/31 (d) 4,195 4,214,297
-------------------------------------------------------------------------------------------------------------
San Joaquin County, California, COP, Refunding (County Administration Building),
5%, 11/15/30 (g) 5,530 5,492,673
-------------------------------------------------------------------------------------------------------------
San Jose, California, Financing Authority, Lease Revenue Refunding Bonds,
DRIVERS, Series 1280Z, 7.019%, 12/01/10 (a)(h) 2,118 2,118,805
-------------------------------------------------------------------------------------------------------------
San Jose-Evergreen, California, Community College District, Capital Appreciation,
GO (Election of 2004), Refunding, Series A, 5.17%, 9/01/24 (e)(g) 10,410 4,299,226
-------------------------------------------------------------------------------------------------------------
San Jose-Evergreen, California, Community College District, Capital Appreciation,
GO (Election of 2004), Refunding, Series A, 5.34%, 9/01/29 (e)(g) 7,250 2,167,968
-------------------------------------------------------------------------------------------------------------
San Juan, California, Unified School District, GO, 5.625%, 8/01/10 (b)(f) 3,955 4,289,079
-------------------------------------------------------------------------------------------------------------
San Juan, California, Unified School District, GO, 5.625%, 8/01/10 (b)(f) 3,830 4,153,520
-------------------------------------------------------------------------------------------------------------
San Juan, California, Unified School District, GO (Election of 2002), 5%,
8/01/28 (g) 4,250 4,259,563
-------------------------------------------------------------------------------------------------------------
San Mateo County, California, Transit District, Sales Tax Revenue Refunding
Bonds, Series A, 5%, 6/01/29 (g) 5,650 5,673,278
-------------------------------------------------------------------------------------------------------------
San Ramon, California, Public Financing Authority, Tax Allocation Revenue Bonds,
Series A, 5%, 2/01/38 (a) 5,000 4,893,400
-------------------------------------------------------------------------------------------------------------
Sanger, California, Unified School District, GO (Election of 2006), 5%,
8/01/27 (d) 7,345 7,451,135
-------------------------------------------------------------------------------------------------------------
Santa Clara, California, Redevelopment Agency, Tax Allocation Bonds (Bayshore
North Project), Series A, 5.50%, 6/01/23 (a) 14,000 14,382,900
-------------------------------------------------------------------------------------------------------------
Santa Clara, California, Subordinated Electric Revenue Bonds, Series A, 5%,
7/01/28 (g) 6,050 6,049,516
-------------------------------------------------------------------------------------------------------------
BlackRock MuniHoldings California Insured Fund, Inc.
Schedule of Investments as of March 31, 2008 (Unaudited)
(Percentages shown are based on Net Assets)
--------------------------------------------------------------------------------
Par
Municipal Bonds (000) Value
----------------------------------------------------------------------------------------------------------------------------------
Santa Monica, California, Redevelopment Agency, Tax Allocation Bonds (Earthquake
Recovery Redevelopment Project), 6%, 7/01/09 (a)(b) $ 5,110 $ 5,431,164
-------------------------------------------------------------------------------------------------------------
Santa Monica-Malibu Unified School District, California, GO (Election of 2006),
Series A, 5%, 8/01/32 (f) 5,000 4,980,800
-------------------------------------------------------------------------------------------------------------
Santa Rosa, California, High School District, GO (Election of 2002), 5%,
8/01/28 (g) 2,855 2,861,424
-------------------------------------------------------------------------------------------------------------
Sierra, California, Joint Community College District, GO (School Facility
Improvement District Number 2 - Western Nevada), Series A, 5%, 8/01/28 (f) 1,550 1,553,224
-------------------------------------------------------------------------------------------------------------
Stockton, California, Public Financing Authority, Water Revenue Bonds (Water
System Capital Improvement Projects), Series A, 5%, 10/01/31 (g) 3,200 3,178,144
-------------------------------------------------------------------------------------------------------------
Tamalpais, California, Union High School District, GO (Election of 2006), 5%,
8/01/28 (g) 4,400 4,441,492
-------------------------------------------------------------------------------------------------------------
Tracy, California, Area Public Facilities Financing Agency, Special
Tax Refunding Bonds (Community Facilities District Number 87-1), Series H,
5.875%, 10/01/19 (g) 13,025 13,978,821
-------------------------------------------------------------------------------------------------------------
Turlock, California, Public Finance Authority, Sewer Revenue Bonds, Series A,
5%, 9/15/33 (f) 6,655 6,477,312
-------------------------------------------------------------------------------------------------------------
University of California, General Revenue Refunding Bonds, Series A, 5%,
5/15/27 (a) 10,500 10,551,240
-------------------------------------------------------------------------------------------------------------
University of California Revenue Bonds, Series K, 5.25%, 9/01/08 (b)(f) 1,410 1,444,686
-------------------------------------------------------------------------------------------------------------
Vista, California, COP (Community Projects), 5%, 5/01/37 (g) 6,750 6,607,845
-------------------------------------------------------------------------------------------------------------
Vista, California, Unified School District, GO, Series A, 5.25%, 8/01/25 (d) 10,000 10,345,700
-------------------------------------------------------------------------------------------------------------
Vista, California, Unified School District, GO, Series B, 5%, 8/01/28 (f) 2,550 2,524,143
-------------------------------------------------------------------------------------------------------------
Washington, California, Unified School District (Yolo County), Capital
Appreciation, GO (Election of 2004), Series A, 4.98%, 8/01/29 (e)(f) 6,075 1,775,480
-------------------------------------------------------------------------------------------------------------
West Contra Costa, California, Unified School District, Capital Appreciation,
GO (Election of 2002), Series C, 5.78%, 8/01/29 (e)(f) 5,825 1,702,415
-------------------------------------------------------------------------------------------------------------
West Contra Costa, California, Unified School District, GO (Election of 2005),
Series A, 5%, 8/01/26 (d) 2,595 2,631,408
-------------------------------------------------------------------------------------------------------------
West Contra Costa, California, Unified School District, GO (Election of 2002),
Series B, 5%, 8/01/32 (d) 6,690 6,703,246
-------------------------------------------------------------------------------------------------------------
Yorba Linda, California, Redevelopment Agency, Redevelopment Project Tax
Allocation Revenue Bonds (Subordinate Lien), Series B, 5%, 9/01/32 (a) 3,145 3,114,242
-----------------------------------------------------------------------------------------------------------------------------------
Puerto Rico - 1.5% Puerto Rico Electric Power Authority, Power Revenue Refunding Bonds,
Series UU, 5%, 7/01/24 (d) 8,120 8,263,886
-----------------------------------------------------------------------------------------------------------------------------------
Total Municipal Bonds (Cost - $871,566,457) - 152.6% 860,603,957
-----------------------------------------------------------------------------------------------------------------------------------
BlackRock MuniHoldings California Insured Fund, Inc.
Schedule of Investments as of March 31, 2008 (Unaudited)
(Percentages shown are based on Net Assets)
--------------------------------------------------------------------------------
Par
Municipal Bonds Transferred to Tender Option Bond Trusts (l) (000) Value
----------------------------------------------------------------------------------------------------------------------------------
Peralta, California, Community College District, GO (Election of 2000),
Series D, 5%, 8/01/35 (d) $ 15,490 $ 15,517,262
------------------------------------------------------------------------------------------------------------
San Diego County, California, Water Authority, Water Revenue Refunding
Bonds, COP, Series A, 5%, 5/01/32 (g) 10,000 9,889,100
------------------------------------------------------------------------------------------------------------
San Francisco, California, Bay Area Rapid Transit District, Sales Tax
Revenue Bonds, TRAN, 5%, 7/01/30 (g) 13,500 23,181,774
------------------------------------------------------------------------------------------------------------
San Francisco, California, City and County Public Utilities Commission,
Water Revenue Refunding Bonds, Series A, 5%, 11/01/32 (g) 23,100 13,461,525
------------------------------------------------------------------------------------------------------------
San Jose, California, Financing Authority, Lease Revenue Refunding Bonds
(Civic Center Project), Series B, 5%, 6/01/32 (a) 10,564 10,566,007
------------------------------------------------------------------------------------------------------------
University of California, Limited Project Revenue Bonds, Series B, 5%,
5/15/33 (d) 17,400 17,435,322
------------------------------------------------------------------------------------------------------------
Total Municipal Bonds Transferred to Tender Option Bond Trusts
(Cost - $94,160,120) - 15.9% 90,054 90,050,990
----------------------------------------------------------------------------------------------------------------------------------
Short-Term Securities Shares
----------------------------------------------------------------------------------------------------------------------------------
CMA California Municipal Money Fund, 1.75% (m)(n) 42,417,008 42,417,088
------------------------------------------------------------------------------------------------------------
Total Short-Term Securities (Cost - $42,417,088) - 7.5% 42,417,088
----------------------------------------------------------------------------------------------------------------------------------
Total Investments (Cost - $1,008,143,665*) - 176.0% 993,072,035
Other Assets Less Liabilities - 1.2% 6,628,585
Liability for Trust Certificates,
Including Interest Expense Payable - (8.0%) (45,350,615)
Preferred Stock, at Redemption Value - (69.2%) (390,211,142)
-------------
Net Assets Applicable to Common Stock - 100.0% $ 564,138,863
=============
* The cost and unrealized appreciation (depreciation) of investments as of
March 31, 2008, as computed for federal income tax purposes, were as
follows:
Aggregate cost $ 961,682,176
================
Gross unrealized appreciation $ 10,496,877
Gross unrealized depreciation (24,127,199)
----------------
Net unrealized depreciation $ (13,630,322)
================
(a) AMBAC Insured.
(b) U.S. government securities, held in escrow, are used to pay interest on
this security, as well as retire the bond in full at the date indicated,
typically at a premium to par.
(c) Security is collateralized by Municipal or U.S. Treasury Obligations.
(d) FSA Insured.
(e) Represents a zero coupon bond. Rate shown reflects the effective yield at
the time of purchase.
(f) FGIC Insured.
(g) MBIA Insured.
(h) Variable rate security. Rate shown is as of report date. Maturity shown is
the final maturity date.
(i) FHA Insured.
(j) XL Capital Insured.
BlackRock MuniHoldings California Insured Fund, Inc.
Schedule of Investments as of March 31, 2008 (Unaudited)
--------------------------------------------------------------------------------
(k) Assured Guaranty Insured.
(l) 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.
(m) Represents the current yield as of report date.
(n) 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 42,402,407 $ 179,990
------------------------------------------------------------------------
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 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: May 22, 2008
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: May 22, 2008
By: /s/ Neal J. Andrews
-------------------
Neal J. Andrews
Chief Financial Officer (principal financial officer) of
BlackRock MuniHoldings California Insured Fund, Inc.
Date: May 22, 2008