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 811-8573
Name of Fund: BlackRock MuniHoldings California Insured Fund, Inc.
Fund Address: P.O. Box 9011
Princeton, NJ 08543-9011
Name and address of agent for service: Robert C. Doll, Jr., 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: (609) 282-2800
Date of fiscal year end: 06/30/2007
Date of reporting period: 01/01/07 - 03/31/07
Item 1 - Schedule of Investments
BlackRock MuniHoldings California Insured Fund, Inc.
Schedule of Investments as of March 31, 2007 (in Thousands)
Face
Amount Municipal Bonds Value
--------------------------------------------------------------------------------------------------------------------------------
California - 146.4% $ 1,000 ABAG Finance Authority for Nonprofit Corporations, California, COP (Children
Hospital Medical Center), 6% due 12/01/2029 (a) $ 1,063
----------------------------------------------------------------------------------------------------------
3,345 ABC California Unified School District, GO, Series A, 5.625% due 8/01/2020 (e)(j) 3,434
----------------------------------------------------------------------------------------------------------
4,000 Acalanes, California, Unified High School District, GO, 5.80% due 8/01/2007 (e)(i) 4,069
----------------------------------------------------------------------------------------------------------
7,360 Alhambra, California, Unified School District, GO (Election of 2004), Series A,
5% due 8/01/2029 (c) 7,791
----------------------------------------------------------------------------------------------------------
12,775 Anaheim, California, Public Financing Authority, Lease Revenue Bonds (Public
Improvement Projects), Sub-Series C, 4.538% due 9/01/2035 (e)(n) 3,498
----------------------------------------------------------------------------------------------------------
7,000 Azusa, California, Public Financing Authority, Parity Revenue Bonds (Water System
Capital Improvements Program), 5% due 7/01/2031 (e) 7,438
----------------------------------------------------------------------------------------------------------
4,535 Bakersfield, California, COP, Refunding (Convention Center Expansion Project),
5.875% due 4/01/2007 (b)(i) 4,581
----------------------------------------------------------------------------------------------------------
3,885 Berkeley, California, GO, Series C, 5.375% due 9/01/2029 (c) 3,985
----------------------------------------------------------------------------------------------------------
2,000 Berkeley, California, Unified School District, GO, Series I, 5.75%
due 8/01/2008 (e)(i) 2,078
----------------------------------------------------------------------------------------------------------
4,520 Berkeley, California, Unified School District, GO, Series I, 5.875%
due 8/01/2008 (e)(i) 4,702
----------------------------------------------------------------------------------------------------------
2,925 Cajon Valley, California, Union School District, GO, Series B, 5.50%
due 8/01/2027 (b) 3,124
----------------------------------------------------------------------------------------------------------
2,180 California Community College Financing Authority, Lease Revenue Bonds
(Grossmont-Palomar-Shasta), Series A, 5.625% due 4/01/2026 (b) 2,326
----------------------------------------------------------------------------------------------------------
5,815 California Educational Facilities Authority, Revenue Refunding Bonds
(Occidental College), 5.625% due 10/01/2007 (b)(i) 5,988
----------------------------------------------------------------------------------------------------------
5,000 California Educational Facilities Authority, Revenue Refunding Bonds
(Occidental College), 5.70% due 10/01/2007 (b)(i) 5,151
----------------------------------------------------------------------------------------------------------
5,615 California HFA, Home Mortgage Revenue Bonds, VRDN, AMT, Series B, 3.70%
due 8/01/2033 (e)(h) 5,615
----------------------------------------------------------------------------------------------------------
6,370 California HFA, Home Mortgage Revenue Bonds, VRDN, AMT, Series N, 3.70%
due 8/01/2021 (e)(h) 6,370
----------------------------------------------------------------------------------------------------------
1,700 California HFA, Home Mortgage Revenue Bonds, VRDN, AMT, Series R, 3.64%
due 8/01/2023 (a)(h) 1,700
----------------------------------------------------------------------------------------------------------
7,500 California HFA, Home Mortgage Revenue Bonds, VRDN, Series F, 3.70%
due 2/01/2033 (a)(h) 7,500
----------------------------------------------------------------------------------------------------------
205 California HFA, S/F Mortgage Revenue Bonds, AMT, Series A-1, Class II, 6%
due 8/01/2020 (b) 209
----------------------------------------------------------------------------------------------------------
1,160 California HFA, S/F Mortgage Revenue Bonds, AMT, Series C-2, Class II, 5.625%
due 8/01/2020 (b)(d) 1,181
----------------------------------------------------------------------------------------------------------
9,250 California Health Facilities Financing Authority Revenue Bonds
(Kaiser Permanente), Series A, 5.50% due 6/01/2022 (e)(j) 9,618
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
M/F Multi-Family
S/F Single-Family
VRDN Variable Rate Demand Notes
BlackRock MuniHoldings California Insured Fund, Inc.
Schedule of Investments as of March 31, 2007 (in Thousands)
Face
Amount Municipal Bonds Value
--------------------------------------------------------------------------------------------------------------------------------
$ 510 California Health Facilities Financing Authority, Revenue Refunding Bonds
(Catholic Healthcare West), Series A, 5.75% due 7/01/2007 (a)(i) $ 512
----------------------------------------------------------------------------------------------------------
1,840 California Health Facilities Financing Authority, Revenue Refunding Bonds
(Catholic Healthcare West), Series A, 6% due 7/01/2025 (b) 1,886
----------------------------------------------------------------------------------------------------------
1,900 California Infrastructure and Economic Development Bank Revenue Bonds
(Los Angeles County Department of Public Social Servic2,1145.75% due 9/01/2023 (a) 2,114
----------------------------------------------------------------------------------------------------------
2,000 California State, GO, 5.50% due 6/01/2025 (c) 2,097
----------------------------------------------------------------------------------------------------------
7,500 California State, GO, 5.25% due 4/01/2027 8,044
----------------------------------------------------------------------------------------------------------
845 California State, GO, Refunding, 5.75% due 12/01/2009 (i) 901
----------------------------------------------------------------------------------------------------------
230 California State, GO, Refunding, 5.75% due 12/01/2009 (i) 245
----------------------------------------------------------------------------------------------------------
6,000 California State, GO, Refunding, 5.25% due 2/01/2026 (b) 6,403
----------------------------------------------------------------------------------------------------------
2,000 California State Public Works Board, Lease Revenue Bonds (Office of Emergency
Services), Series A, 5% due 3/01/2032 (c) 2,122
----------------------------------------------------------------------------------------------------------
20,000 California State Public Works Board, Lease Revenue Bonds (Various University
of California Projects), Series C, 5.125% due 9/01/2007 (a)(i) 20,500
----------------------------------------------------------------------------------------------------------
2,625 California State Public Works Board, Lease Revenue Refunding Bonds (Various
Community College Project), Series B, 5.625% due 3/01/2019 (a) 2,655
----------------------------------------------------------------------------------------------------------
10,000 California State University, Systemwide Revenue Bonds, Series A, 5% due
11/01/2032 (c) 10,513
----------------------------------------------------------------------------------------------------------
5,000 California State University, Systemwide Revenue Refunding Bonds, Series A, 5%
due 11/01/2029 (e) 5,255
----------------------------------------------------------------------------------------------------------
7,050 California State, Various Purpose, GO, 5.50% due 11/01/2033 7,674
----------------------------------------------------------------------------------------------------------
14,000 California State, Veterans, GO, Refunding, AMT, Series BZ, 5.35%
due 12/01/2021 (b) 14,096
----------------------------------------------------------------------------------------------------------
4,915 California Statewide Communities Development Authority, Health Facility Revenue
Bonds (Memorial Health Services), Series A, 6% due 10/01/2023 5,424
----------------------------------------------------------------------------------------------------------
1,090 California Statewide Communities Development Authority Revenue Bonds
(Los Angeles Orthopedic Hospital Foundation), 5.50% due 6/01/2019 (a) 1,104
----------------------------------------------------------------------------------------------------------
5,000 California Statewide Communities Development Authority, Revenue Refunding
Bonds (Kaiser Hospital Asset Management, Inc.), Series C, 5.25% due 8/01/2031 5,291
----------------------------------------------------------------------------------------------------------
2,650 California Statewide Communities Development Authority, Revenue Refunding
Bonds (Kaiser Permanente), Series A, 5% due 4/01/2031 2,736
----------------------------------------------------------------------------------------------------------
8,705 Castaic Lake, California, Water Agency Revenue Bonds, COP (Water System
Improvement Project), 5.50% due 8/01/2009 (a)(i) 9,167
----------------------------------------------------------------------------------------------------------
9,905 Chaffey Community College District, California, GO (Election of 2002),
Series B, 5% due 6/01/2030 (b) 10,469
----------------------------------------------------------------------------------------------------------
2,750 Chula Vista, California, Public Financing Authority, Revenue Refunding Bonds,
Series A, 5% due 9/01/2029 (b) 2,893
----------------------------------------------------------------------------------------------------------
2,500 Colton, California, Joint Unified School District, GO, Series A, 5.375%
due 8/01/2026 (c) 2,717
----------------------------------------------------------------------------------------------------------
7,800 Contra Costa, California, Community College District, GO (Election of 2002), 5%
due 8/01/2028 (b) 8,215
----------------------------------------------------------------------------------------------------------
2,000 Contra Costa County, California, COP, Refunding (Merrithew Memorial Hospital
Project), 5.50% due 11/01/2022 (b) 2,058
----------------------------------------------------------------------------------------------------------
5,910 Corona, California, Department of Water and Power, COP, 5% due 9/01/2029 (b) 6,238
----------------------------------------------------------------------------------------------------------
BlackRock MuniHoldings California Insured Fund, Inc.
Schedule of Investments as of March 31, 2007 (in Thousands)
Face
Amount Municipal Bonds Value
--------------------------------------------------------------------------------------------------------------------------------
$ 4,250 Coronado, California, Community Development Agency, Tax Allocation Bonds
(Coronado Community Development Project), 5% due9/01/2030 (a) $ 4,473
----------------------------------------------------------------------------------------------------------
2,395 Covina-Valley, California, Unified School District, GO, Refunding, Series A, 5.50%
due 8/01/2026 (e) 2,596
----------------------------------------------------------------------------------------------------------
3,750 Culver City, California, Redevelopment Finance Authority, Tax Allocation Revenue
Refunding Bonds, Series A, 5.60% due 11/01/2025 (e) 3,979
----------------------------------------------------------------------------------------------------------
1,870 Davis, California, Joint Unified School District, Community Facilities District,
Special Tax Refunding Bonds, Number 1, 5.50% due 8/15/2021 (b) 1,883
----------------------------------------------------------------------------------------------------------
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 (k)(n) 3,881
----------------------------------------------------------------------------------------------------------
1,000 Escondido, California, COP, Refunding, Series A, 5.75% due 9/01/2024 (c) 1,071
----------------------------------------------------------------------------------------------------------
5,000 Foothill-De Anza, California, Community College District, GO, Refunding, 5%
due 8/01/2030 (c) 5,233
----------------------------------------------------------------------------------------------------------
4,455 Fresno, California, Airport Revenue Bonds, AMT, Series B, 5.50% due 7/01/2020 (e) 4,685
----------------------------------------------------------------------------------------------------------
5,200 Fullerton, California, Joint Union High School District, GO (Election of 2002),
Series B, 5% due 8/01/2029 (c) 5,505
----------------------------------------------------------------------------------------------------------
4,040 Garden Grove, California, COP (Financing Project), Series A, 5.50%
due 3/01/2026 (a) 4,347
----------------------------------------------------------------------------------------------------------
5,200 Glendale, California, Unified School District, GO, Series B, 5.125%
due 9/01/2023 (e) 5,341
----------------------------------------------------------------------------------------------------------
2,155 Hartnell, California, Community College District, GO (Election of 2002),
Series B, 5% due 6/01/2031 (e) 2,288
----------------------------------------------------------------------------------------------------------
4,565 Hemet, California, Unified School District, GO, Series A, 5.375%
due 8/01/2026 (b) 4,857
----------------------------------------------------------------------------------------------------------
9,205 Industry, California, Urban Development Agency, Tax Allocation Refunding Bonds
(Civic-Recreational-Industrial Redevelopment Project Number 1), 5.50%
due 5/01/2020 (b) 9,368
----------------------------------------------------------------------------------------------------------
1,700 Inglewood, California, Unified School District, GO, Series A, 5.60%
due 10/01/2009 (c)(i) 1,801
----------------------------------------------------------------------------------------------------------
2,300 Irvine, California, Unified School District, Special Tax (Community Facilities
District Number 86-1), 5.375% due 11/01/2020 (a) 2,404
----------------------------------------------------------------------------------------------------------
4,665 Irvine, California, Unified School District, Special Tax Refunding Bonds
(Community Facilities District Number 86-1), 5.80% due 11/01/2020 (a) 4,815
----------------------------------------------------------------------------------------------------------
2,500 La Quinta, California, Financing Authority, Local Agency Revenue Bonds,
Series A, 5.25% due 9/01/2024 (a) 2,712
----------------------------------------------------------------------------------------------------------
1,210 Little Lake, California, City School District, GO, Series B, 5.25%
due 7/01/2022 (e) 1,300
----------------------------------------------------------------------------------------------------------
4,000 Long Beach, California, Bond Finance Authority, Lease Revenue Bonds
(Rainbow Harbor Refinancing Project), Series A, 5.25% due 5/01/2009 (a)(i) 4,176
----------------------------------------------------------------------------------------------------------
11,110 Long Beach, California, Harbor Revenue Refunding Bonds, AMT, Series B, 5.20%
due 5/15/2027 (b) 11,725
----------------------------------------------------------------------------------------------------------
10,000 Los Angeles, California, Community Redevelopment Agency, Community
Redevelopment Financing Authority Revenue Bonds (Bunker Hill Project), Series A,
5% due 12/01/2027 (e) 10,506
----------------------------------------------------------------------------------------------------------
160 Los Angeles, California, M/F Housing Revenue Refunding Bonds, Senior Series G,
5.65% due 1/01/2014 (e) 161
----------------------------------------------------------------------------------------------------------
5,730 Los Angeles, California, Municipal Improvement Corporation, Lease Revenue Bonds
(Police Headquarters Facility and Public Works Building), Series A, 5%
due 1/01/2025 (c) 6,112
----------------------------------------------------------------------------------------------------------
5,400 Los Angeles, California, Unified School District, GO, Refunding,
Series B, 4.75% due 7/01/2026 (c) 5,604
----------------------------------------------------------------------------------------------------------
10,000 Los Angeles, California, Unified School District, GO, Series E, 5%
due 7/01/2030 (a) 10,574
BlackRock MuniHoldings California Insured Fund, Inc.
Schedule of Investments as of March 31, 2007 (in Thousands)
Face
Amount Municipal Bonds Value
--------------------------------------------------------------------------------------------------------------------------------
$ 5,000 Los Angeles, California, Wastewater System Revenue Refunding Bonds,
Series A, 4.75% due 6/01/2035 (b) $ 5,133
----------------------------------------------------------------------------------------------------------
5,000 Los Angeles, California, Water and Power Revenue Bonds (Power System),
Sub-Series A-1, 5% due 7/01/2031 (e) 5,283
----------------------------------------------------------------------------------------------------------
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) 9,510
----------------------------------------------------------------------------------------------------------
3,750 Los Angeles County, California, Metropolitan Transportation Authority,
Sales Tax Revenue Refunding Bonds, Proposition C, Second Tier Senior-Series A,
5.25% due 7/01/2010 (c)(i) 3,981
----------------------------------------------------------------------------------------------------------
2,735 Los Gatos, California, Unified School District, GO (Election 2001),
Series B, 5% due 8/01/2030 (e) 2,880
----------------------------------------------------------------------------------------------------------
1,890 Los Rios, California, Community College District, GO (Election of 2002),
Series B, 5% due 8/01/2027 (b) 2,003
----------------------------------------------------------------------------------------------------------
2,000 Madera, California, Public Financing Authority, Water and Wastewater Revenue
Refunding Bonds, 5% due 3/01/2036 (b) 2,113
----------------------------------------------------------------------------------------------------------
6,365 Merced, California, Community College District, GO (School Facilities
District Number 1), 5% due 8/01/2031 (b) 6,765
----------------------------------------------------------------------------------------------------------
5,000 Merced, California, Irrigation District, Electrical System Revenue Refunding
Bonds, 5.25% due 9/01/2036 (k) 5,387
----------------------------------------------------------------------------------------------------------
3,550 Metropolitan Water District of Southern California, Waterworks Revenue Bonds,
Series A, 5% due 7/01/2035 (e) 3,751
----------------------------------------------------------------------------------------------------------
9,000 Metropolitan Water District of Southern California, Waterworks Revenue Bonds,
Series B-1, 5% due 10/01/2033 (c) 9,490
----------------------------------------------------------------------------------------------------------
2,290 Modesto, California, Irrigation District, COP, Refunding and Capital
Improvements, Series A, 5% due 10/01/2027 (a) 2,432
----------------------------------------------------------------------------------------------------------
5,000 Modesto, California, Schools Infrastructure Financing Agency, Special Tax Bonds,
5% due 9/01/2029 (a) 5,246
----------------------------------------------------------------------------------------------------------
2,400 Monrovia, California, Unified School District, GO (Election of 2006), Series A,
5% due 8/01/2031 (e) 2,551
----------------------------------------------------------------------------------------------------------
2,000 Montebello, California, Community Redevelopment Agency, Housing Tax Allocation
Bonds, Series A, 5.45% due 9/01/2007 (e)(i) 2,055
----------------------------------------------------------------------------------------------------------
4,150 Moorpark, California, Redevelopment Agency, Tax Allocation Bonds (Moorpark
Redevelopment Project), 5.125% due 10/01/2031 (a) 4,389
----------------------------------------------------------------------------------------------------------
2,315 Morgan Hill, California, Unified School District, GO, 5.75% due 8/01/2010 (c)(i) 2,497
----------------------------------------------------------------------------------------------------------
3,275 Northern California Power Agency, Public Power Revenue Refunding Bonds
(Hydroelectric Project Number 1), Series A, 5.125% due 7/01/2023 (b) 3,354
----------------------------------------------------------------------------------------------------------
9,995 Oakland, California, Alameda County Unified School District, GO, Refunding,
Series C, 5.50% due 8/01/2019 (c) 10,010
----------------------------------------------------------------------------------------------------------
3,705 Oakland, California, Alameda County Unified School District, GO, Series F,
5.625% due 8/01/2020 (b) 3,933
----------------------------------------------------------------------------------------------------------
5,245 Oakland, California, Alameda County Unified School District, GO, Series F,
5.625% due 8/01/2021 (b) 5,567
----------------------------------------------------------------------------------------------------------
6,000 Oakland, California, Alameda County Unified School District, GO, Series F,
5.50% due 8/01/2024 (b) 6,324
----------------------------------------------------------------------------------------------------------
5,000 Ohlone, California, Community College District, GO, Series B, 5%
due 8/01/2030 (e) 5,289
----------------------------------------------------------------------------------------------------------
10,000 Oxnard, California, Financing Authority, Wastewater Revenue Bonds (Redwood
Trunk Sewer and Headworks Projects), Series A, 5.25% due 6/01/2034 (c) 10,718
----------------------------------------------------------------------------------------------------------
10,000 Oxnard, California, Financing Authority, Water Revenue Bonds, 5% due 6/01/2031 (b) 10,595
----------------------------------------------------------------------------------------------------------
6,475 Palm Desert, California, Financing Authority, Tax Allocation Revenue Bonds
(Project Area Number 2), 5% due 8/01/2033 (b) 6,803
----------------------------------------------------------------------------------------------------------
5,750 Palm Desert, California, Financing Authority, Tax Allocation Revenue Refunding
Bonds (Project Area Number 1), 5.45% due 4/01/2007 (b)(i) 5,865
----------------------------------------------------------------------------------------------------------
BlackRock MuniHoldings California Insured Fund, Inc.
Schedule of Investments as of March 31, 2007 (in Thousands)
Face
Amount Municipal Bonds Value
--------------------------------------------------------------------------------------------------------------------------------
$ 1,000 Palm Springs, California, COP, Refunding (Multiple Capital Facilities
Project), 5.75% due 4/01/2017 (a) $ 1,030
----------------------------------------------------------------------------------------------------------
1,600 Palm Springs, California, Financing Authority, Lease Revenue Refunding Bonds
(Convention Center Project), Series A, 5.50% due 11/01/2035 (b) 1,770
----------------------------------------------------------------------------------------------------------
4,000 Pittsburg, California, Public Financing Authority, Water Revenue Bonds, 5.50%
due 6/01/2007 (b)(i) 4,092
----------------------------------------------------------------------------------------------------------
9,100 Pleasanton, California, Unified School District, GO, Series E, 5.50%
due 8/01/2008 (c)(i) 9,424
----------------------------------------------------------------------------------------------------------
5,000 Port of Oakland, California, Port Revenue Refunding Bonds, Series I, 5.40%
due 11/01/2017 (b) 5,150
----------------------------------------------------------------------------------------------------------
3,500 Port of Oakland, California, Revenue Bonds, AMT, Series K, 5.75%
due 11/01/2014 (c) 3,690
----------------------------------------------------------------------------------------------------------
17,120 Port of Oakland, California, Revenue Bonds, AMT, Series K, 5.75%
due 11/01/2029 (c) 18,037
----------------------------------------------------------------------------------------------------------
4,800 Poway, California, Redevelopment Agency, Tax Allocation Refunding Bonds, 5%
due 6/15/2033 (b) 5,087
----------------------------------------------------------------------------------------------------------
10,090 RNR School Financing Authority, California, Special Tax Bonds (Community
Facilities District Number 92-1), Series A, 5% due 9/01/2036 (a) 10,648
----------------------------------------------------------------------------------------------------------
5,085 Rancho Cordova, California, COP (City Hall Facility Acquisition Project),
5% due 2/01/2015 (k)(i) 5,519
----------------------------------------------------------------------------------------------------------
2,205 Richmond, California, Joint Powers Financing Authority, Tax Allocation Revenue
Bonds, Series A, 5.50% due 9/01/2018 (b) 2,347
----------------------------------------------------------------------------------------------------------
10,735 Riverside, California, Unified School District, GO (Election of 2001), Series B,
5% due 8/01/2030 (b) 11,418
----------------------------------------------------------------------------------------------------------
5,245 Rohnert Park, California, Community Development Commission, Tax Allocation
Revenue Bonds (Rohnert Park Redevelopment Project), Series R, 5% due 8/01/2030 (c) 5,553
----------------------------------------------------------------------------------------------------------
10,000 Rohnert Park, California, Community Development Commission, Tax Allocation
Revenue Bonds (Rohnert Park Redevelopment Project), Series R, 5% due 8/01/2037 (c) 10,562
----------------------------------------------------------------------------------------------------------
8,775 Sacramento, California, City Financing Authority, Revenue Refunding Bonds,
5% due 12/01/2029 (c) 9,274
----------------------------------------------------------------------------------------------------------
10,825 Sacramento, California, Municipal Utility District, Electric Revenue Refunding
Bonds, Series L, 5.125% due 7/01/2022 (b) 11,073
----------------------------------------------------------------------------------------------------------
2,500 Sacramento, California, Municipal Utility District Financing Authority,
Revenue Bonds (Consumers Project), 5.125% due 7/01/2029 (b) 2,692
----------------------------------------------------------------------------------------------------------
1,700 Sacramento County, California, Airport System Revenue Bonds, Series A, 5.25%
due 7/01/2017 (e) 1,814
----------------------------------------------------------------------------------------------------------
4,000 Sacramento County, California, Sanitation District Financing Authority,
Revenue Refunding Bonds, 5% due 8/01/2030 (b) 4,232
----------------------------------------------------------------------------------------------------------
4,115 Saddleback Valley, California, Unified School District, GO, 5% due 8/01/2029 (e) 4,331
----------------------------------------------------------------------------------------------------------
5,440 San Bernardino, California, Joint Powers Financing Authority, Lease Revenue
Bonds (Department of Transportation Lease), Series A, 5.50% due 12/01/2020 (b) 5,502
----------------------------------------------------------------------------------------------------------
1,480 San Bernardino County, California, COP, Refunding (Medical Center Financing
Project), 5.50% due 8/01/2019 (b) 1,482
----------------------------------------------------------------------------------------------------------
12,555 San Diego, California, Community College District, GO (Election of 2002),
5% due 5/01/2030 (e) 13,264
----------------------------------------------------------------------------------------------------------
5,055 San Diego, California, Public Facilities Financing Authority, Sewer Revenue
Bonds, Series A, 5.25% due 5/15/2027 (c) 5,113
----------------------------------------------------------------------------------------------------------
1,500 San Diego County, California, COP (Edgemoor Project and Regional System),
Refunding, 5% due 2/01/2029 (a) 1,575
----------------------------------------------------------------------------------------------------------
4,000 San Diego County, California, Water Authority, Water Revenue Bonds, COP,
Series A, 5% due 5/01/2031 (e) 4,206
----------------------------------------------------------------------------------------------------------
BlackRock MuniHoldings California Insured Fund, Inc.
Schedule of Investments as of March 31, 2007 (in Thousands)
Face
Amount Municipal Bonds Value
--------------------------------------------------------------------------------------------------------------------------------
$ 6,795 San Francisco, California, Bay Area Rapid Transit District, Sales Tax Revenue
Bonds, 5.50% due 7/01/2009 (c)(i) $ 7,149
----------------------------------------------------------------------------------------------------------
13,100 San Francisco, California, Bay Area Rapid Transit District, Sales Tax Revenue
Refunding Bonds, Series A, 5% due 7/01/2030 (b) 13,852
----------------------------------------------------------------------------------------------------------
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) 6,760
----------------------------------------------------------------------------------------------------------
2,118 San Jose, California, Financing Authority, Lease Revenue Refunding Bonds, DRIVERS,
Series 1280Z, 6.071% due 12/01/2010 (a)(g)(o) 2,267
----------------------------------------------------------------------------------------------------------
10,410 San Jose-Evergreen, California, Community College District, Capital Appreciation,
GO (Election of 2004), Refunding, Series A, 5.17% due 9/01/2024 (b)(n) 4,499
----------------------------------------------------------------------------------------------------------
7,250 San Jose-Evergreen, California, Community College District, Capital Appreciation,
GO (Election of 2004), Refunding, Series A, 5.34% due 9/01/2029 (b)(n) 2,343
----------------------------------------------------------------------------------------------------------
3,955 San Juan, California, Unified School District, GO, 5.625% due 8/01/2018 (c) 4,233
----------------------------------------------------------------------------------------------------------
3,830 San Juan, California, Unified School District, GO, 5.625% due 8/01/2019 (c) 4,099
----------------------------------------------------------------------------------------------------------
4,250 San Juan, California, Unified School District, GO (Election of 2002), 5%
due 8/01/2028 (b) 4,476
----------------------------------------------------------------------------------------------------------
15,000 San Mateo County, California, Community College District, GO (Election of 2005),
Series B, 4.49% due 9/01/2033 (b)(n) 4,446
----------------------------------------------------------------------------------------------------------
5,650 San Mateo County, California, Transit District, Sales Tax Revenue Refunding
Bonds, Series A, 5% due 6/01/2029 (b) 5,976
----------------------------------------------------------------------------------------------------------
7,345 Sanger, California, Unified School District, GO (Election of 2006), 5%
due 8/01/2027 (e) 7,905
----------------------------------------------------------------------------------------------------------
14,000 Santa Clara, California, Redevelopment Agency, Tax Allocation Bonds (Bayshore
North Project), Series A, 5.50% due 6/01/2023 (a) 14,631
----------------------------------------------------------------------------------------------------------
6,050 Santa Clara, California, Subordinated Electric Revenue Bonds, Series A, 5%
due 7/01/2028 (b) 6,368
----------------------------------------------------------------------------------------------------------
9,750 Santa Clara County, California, Financing Authority, Lease Revenue Refunding
Bonds, Series A, 5% due 11/15/2022 (a) 10,007
----------------------------------------------------------------------------------------------------------
9,000 Santa Fe Springs, California, Community Development, Commission Tax Allocation
Refunding Bonds (Consolidated Redevelopment Project), Series A, 5%
due 9/01/2022 (b) 9,215
----------------------------------------------------------------------------------------------------------
5,110 Santa Monica, California, Redevelopment Agency, Tax Allocation Bonds
(Earthquake Recovery Redevelopment Project), 6% due 7/01/2009 (a)(i) 5,431
----------------------------------------------------------------------------------------------------------
2,855 Santa Rosa, California, High School District, GO (Election of 2002), 5%
due 8/01/2028 (b) 3,007
----------------------------------------------------------------------------------------------------------
10,910 Southern California Public Power Authority, Power Project Revenue Bonds
(Magnolia Power Project), Series A-1, 5% due 7/01/2033 (a) 11,361
----------------------------------------------------------------------------------------------------------
1,570 Southwestern Community College District, California, GO, Refunding, 5.25% due
8/01/2017 (b) 1,746
----------------------------------------------------------------------------------------------------------
3,200 Stockton, California, Public Financing Authority, Water Revenue Bonds (Water
System Capital Improvement Projects), Series A, 5% due 10/01/2031 (b) 3,386
----------------------------------------------------------------------------------------------------------
1,500 Stockton, California, Redevelopment Agency, Revenue Bonds (Stockton Events
Center - Arena Project), 5% due 9/01/2028 (c) 1,571
----------------------------------------------------------------------------------------------------------
4,400 Tamalpais, California, Union High School District, GO (Election of 2006),
5% due 8/01/2028 (b) 4,687
----------------------------------------------------------------------------------------------------------
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 (b) 13,212
----------------------------------------------------------------------------------------------------------
BlackRock MuniHoldings California Insured Fund, Inc.
Schedule of Investments as of March 31, 2007 (in Thousands)
Face
Amount Municipal Bonds Value
--------------------------------------------------------------------------------------------------------------------------------
$ 6,655 Turlock, California, Public Finance Authority, Sewer Revenue Bonds, Series A,
5% due 9/15/2033 (c) $ 7,015
----------------------------------------------------------------------------------------------------------
7,475 University of California, COP, Series A, 5.25% due 11/01/2007 (a)(i) 7,621
----------------------------------------------------------------------------------------------------------
10,500 University of California, General Revenue Refunding Bonds, Series A, 5%
due 5/15/2027 (a) 11,042
----------------------------------------------------------------------------------------------------------
1,410 University of California Revenue Bonds, Series K, 5.25% due 9/01/2008 (c)(i) 1,457
----------------------------------------------------------------------------------------------------------
16,000 University of California, Revenue Refunding Bonds (Multiple Purpose Projects),
Series E, 5.125% due 9/01/2020 (b) 16,253
----------------------------------------------------------------------------------------------------------
10,000 Vista, California, Unified School District, GO, Series A, 5.25% due 8/01/2025 (e) 10,639
----------------------------------------------------------------------------------------------------------
2,550 Vista, California, Unified School District, GO, Series B, 5% due 8/01/2028 (c) 2,686
----------------------------------------------------------------------------------------------------------
6,075 Washington, California, Unified School District (Yolo County), Capital
Appreciation, GO (Election of 2004), Series A, 4.98% due 8/01/2029 (c)(n) 2,239
----------------------------------------------------------------------------------------------------------
5,825 West Contra Costa, California, Unified School District, Capital Appreciation,
GO (Election of 2002), Series C, 5.78% due 8/01/2029 (c)(n) 2,146
----------------------------------------------------------------------------------------------------------
6,690 West Contra Costa, California, Unified School District, GO (Election of 2002),
Series B, 5% due 8/01/2032 (e) 6,948
----------------------------------------------------------------------------------------------------------
2,595 West Contra Costa, California, Unified School District, GO (Election of 2005),
Series A, 5% due 8/01/2026 (e) 2,754
----------------------------------------------------------------------------------------------------------
7,490 Westlands, California, Water District, COP, Series A, 5% due 9/01/2031 (b) 7,916
----------------------------------------------------------------------------------------------------------
3,145 Yorba Linda, California, Redevelopment Agency, Redevelopment Project Tax
Allocation Revenue Bonds (Subordinate Lien), Series B, 5% due 9/01/2032 (a) 3,307
--------------------------------------------------------------------------------------------------------------------------------
Puerto Rico - 3.3% 11,215 Puerto Rico Electric Power Authority, Power Revenue Bonds, Series HH, 5.30%
due 7/01/2020 (e) 11,848
----------------------------------------------------------------------------------------------------------
7,880 Puerto Rico Electric Power Authority, Power Revenue Bonds, Series NN, 5.125%
due 7/01/2029 8,233
--------------------------------------------------------------------------------------------------------------------------------
Total Municipal Bonds (Cost - $878,377) - 149.7% 911,687
--------------------------------------------------------------------------------------------------------------------------------
Municipal Bonds Held in Trust (f)
--------------------------------------------------------------------------------------------------------------------------------
California - 25.3% 12,000 Contra Costa County, California, COP, Refunding (Merrithew Memorial Hospital
Project), 5.375% due 11/01/2017 (b) 12,347
----------------------------------------------------------------------------------------------------------
7,165 La Quinta, California, Financing Authority, Local Agency Revenue Bonds, Series
A, 5.125% due 9/01/2034 (a) 7,594
----------------------------------------------------------------------------------------------------------
15,490 Peralta, California, Community College District, GO (Election of 2000), Series
D, 5% due 8/01/2035 (e) 16,389
----------------------------------------------------------------------------------------------------------
25,350 Port of Oakland, California, Revenue Refunding Bonds, AMT, Series L, 5.375%
due 11/01/2027 (c) 26,935
----------------------------------------------------------------------------------------------------------
34,260 Sacramento, California, Municipal Utility District Financing Authority Revenue
Bonds (Consumers Project), 5.125% due 7/01/2029 (b) 36,885
----------------------------------------------------------------------------------------------------------
10,000 San Diego County, California, Water Authority, Water Revenue Refunding Bonds,
COP, Series A, 5% due 5/01/2032 (b) 10,513
----------------------------------------------------------------------------------------------------------
13,500 San Francisco, California, City and County Public Utilities Commission, Water
Revenue Refunding Bonds, Series A, 5% due 11/01/2032 (b) 14,169
----------------------------------------------------------------------------------------------------------
10,564 San Jose, California, Financing Authority, Lease Revenue Refunding Bonds (Civic
Center Project), Series B, 5% due 6/01/2032 (a) 10,936
----------------------------------------------------------------------------------------------------------
17,400 University of California, Limited Project Revenue Bonds, Series B, 5%
due 5/15/2033 (e) 18,396
----------------------------------------------------------------------------------------------------------
Total Municipal Bonds Held in Trust (Cost - $152,246) - 25.3% 154,164
--------------------------------------------------------------------------------------------------------------------------------
Shares
Held Short-Term Securities Value
--------------------------------------------------------------------------------------------------------------------------------
2,181 CMA California Municipal Money Fund, 3.03% (l)(m) $ 2,181
--------------------------------------------------------------------------------------------------------------------------------
Total Short-Term Securities (Cost - $2,181) - 0.4% 2,181
--------------------------------------------------------------------------------------------------------------------------------
Total Investments (Cost - $1,032,804*) - 175.4% 1,068,032
Other Assets Less Liabilities - 0.8% 4,865
Liability for Trust Certificates, Including Interest Expense Payable - (12.1%) (73,707)
Preferred Stock, at Redemption Value - (64.1%) (390,222)
----------
Net Assets, Applicable to Common Stock - 100.0% $ 608,968
==========
* The cost and unrealized appreciation (depreciation) of investments as of
March 31, 2007, as computed for federal income tax purposes, were as
follows:
Aggregate cost $ 969,580
===========
Gross unrealized appreciation $ 26,319
Gross unrealized depreciation (731)
-----------
Net unrealized appreciation $ 25,588
===========
(a) AMBAC Insured.
(b) MBIA Insured.
(c) FGIC Insured.
(d) FHA Insured.
(e) FSA Insured.
(f) 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.
(g) The rate disclosed is that currently in effect. This rate changes
periodically and inversely based upon prevailing market rates.
(h) 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.
(i) Prerefunded.
(j) Escrowed to maturity.
(k) XL Capital Insured.
(l) 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:
--------------------------------------------------------------------------
Net Dividend
Affiliate Activity Income
--------------------------------------------------------------------------
CMA California Municipal Money Fund (266) $143
--------------------------------------------------------------------------
(m) Represents the current yield as of March 31, 2007.
(n) Represents a zero coupon bond; the interest rate shown reflects the
effective yield at the time of purchase.
(o) These securities are short-term floating rate certificates issued by
tender option bond trusts and are secured by the underlying municipal bond
securities.
Item 2 - Controls and Procedures
2(a) - The Registrant's principal executive and principal financial officers
have evaluated the Registrant's disclosure controls and procedures,
including internal control over financial reporting, within 90 days of
this filing. Such principal officers have concluded that as of January
23, 2007 the Registrant's disclosure controls and procedures were
effective in design and operation to reasonably ensure that information
required to be disclosed by the Registrant in this Form N-Q was recorded,
processed, summarized, and reported within the required time periods, and
were sufficient to form the basis of the certifications required by Rule
30a-2 of the Investment Company Act of 1940, as amended. Prior to
reaching that conclusion, such principal officers had become aware of
matters relating to the Registrant's participation in certain inverse
floater structures that necessitated adjustments to financial information
included in the Registrant's annual report to shareholders on Form N-CSR.
As a result, management of the Registrant had reevaluated certain
disclosure controls and procedures determined not to be effective, as
discussed more fully below.
Management of the Registrant is responsible for establishing and
maintaining effective internal control over financial reporting. In
fulfilling this responsibility, estimates and judgments by management are
required to assess the expected benefits and related costs of controls.
The Registrant's internal control over financial reporting is a process
designed to provide reasonable assurance regarding the reliability of
financial reporting and the preparation of financial statements for
external purposes in accordance with U.S. generally accepted accounting
principles. Such internal control includes policies and procedures that
provide reasonable assurance regarding prevention or timely detection of
unauthorized acquisition, use or disposition of a registrant's assets
that could have a material effect on the financial statements.
Because of its inherent limitations, internal control over financial
reporting may not prevent or detect misstatements. Also, projections of
any evaluation of effectiveness to future periods are subject to the risk
that controls may become inadequate because of changes in conditions, or
that the degree of compliance with the policies or procedures may
deteriorate.
A control deficiency exists when the design or operation of a control
does not allow management or employees, in the normal course of
performing their assigned functions, to prevent or detect misstatements
on a timely basis. A significant deficiency is a control deficiency, or
combination of control deficiencies, that adversely affects the
Registrant's ability to initiate, authorize, record, process or report
financial data reliably in accordance with generally accepted accounting
principles such that there is more than a remote likelihood that a
misstatement of the Registrant's annual or interim financial statements
that is more than inconsequential will not be prevented or detected. A
material weakness is a significant deficiency, or combination of
significant deficiencies, that results in more than a remote likelihood
that a material misstatement of the annual or interim financial
statements will not be prevented or detected.
The Registrant identified the following control deficiency, that was
determined to be a material weakness, as defined above, in the
Registrant's internal control over financial reporting at October 31,
2006. The Registrant's controls related to the review and analysis of
relevant terms and conditions of transfers of certain assets pertaining
to inverse floater structures were not operating effectively to
appropriately determine whether the transfers of assets qualified for
sale accounting under the provisions of Statement of Financial Accounting
Standards No. 140, "Accounting for Transfers and Servicing of Financial
Assets and Extinguishments of Liabilities" ("SFAS 140"). As a result,
these controls did not detect that certain transfers were not
appropriately recorded as borrowings. Accordingly, the Registrant's
schedule of investments as of and for the period ended October 31, 2006,
were restated to appropriately reflect transfers of such securities as
secured borrowings. These adjustments had no impact on net assets, net
asset value per share or total return.
Subsequent to October 31, 2006, but prior to the evaluation of the design
and operation of the Registrant's disclosure controls and procedures at
January 23, 2007, the Registrant's disclosure controls and procedures
were modified to enhance the review and analysis of the relevant terms
and conditions of transfers of securities in connection with inverse
floater structures in light of SFAS 140.
2(b) - There have been no changes in the registrant's internal control over
financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR
270.30a-3(d)) that occurred during the last fiscal quarter of the period
covered by this report that has materially affected, or are reasonably
likely to materially affect, the registrant's internal control over
financial reporting. However, as discussed above, subsequent to October
31, 2006, the Registrant has enhanced controls related to the application
of SFAS 140.
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/ Robert C. Doll, Jr.
-----------------------
Robert C. Doll, Jr.
Chief Executive Officer
BlackRock MuniHoldings California Insured Fund, Inc.
Date: May 21, 2007
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By: /s/ Robert C. Doll, Jr.
-----------------------
Robert C. Doll, Jr.
Chief Executive Officer
BlackRock MuniHoldings California Insured Fund, Inc.
Date: May 21, 2007
By: /s/ Donald C. Burke
-----------------------
Donald C. Burke
Chief Financial Officer
BlackRock MuniHoldings California Insured Fund, Inc.
Date: May 21, 2007