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: 06/30/2009
Date of reporting period: 07/01/2008 - 09/30/2008
Item 1 - Schedule of Investments
BlackRock MuniHoldings California Insured Fund, Inc.
Schedule of Investments September 30, 2008 (Unaudited)
(Percentages shown are based on Net Assets)
Par
Municipal Bonds (000) Value
-----------------------------------------------------------------------------------------------------------------------------------
California - ABAG Finance Authority for Nonprofit Corporations, California, COP (Children's
138.3% Hospital Medical Center), 6%, 12/01/09 (a)(b) $ 1,000 $ 1,052,900
------------------------------------------------------------------------------------------------------------------
Alameda County, California, Joint Powers Authority, Lease Revenue Refunding
Bonds, 5%, 12/01/34 (c) 10,000 9,143,200
------------------------------------------------------------------------------------------------------------------
Banning, California, Unified School District, GO (Election of 2006),
Series A, 5%, 8/01/27 (d) 2,825 2,619,764
------------------------------------------------------------------------------------------------------------------
Bonita, California, Unified School District, GO (Election of 2004),
Series B, 5%, 8/01/29 (d) 8,350 7,689,599
------------------------------------------------------------------------------------------------------------------
Cajon Valley, California, Union School District, GO, Series B,
5.50%, 8/01/27 (e) 2,925 2,934,769
------------------------------------------------------------------------------------------------------------------
California Community College Financing Authority, Lease Revenue Bonds
(Grossmont-Palomar-Shasta), Series A, 5.625%, 4/01/26 (e) 2,180 2,187,194
------------------------------------------------------------------------------------------------------------------
California HFA, Home Mortgage Revenue Bonds, VRDN, AMT, Series N,
4.40%, 8/01/21 (c)(f)(g) 1,800 1,800,000
------------------------------------------------------------------------------------------------------------------
California HFA, S/F Mortgage Revenue Bonds, AMT, Series A-1, Class II,
6%, 8/01/20 (e) 170 169,973
------------------------------------------------------------------------------------------------------------------
California HFA, S/F Mortgage Revenue Bonds, AMT, Series C-2, Class II,
5.625%, 8/01/20 (e)(h) 1,160 1,128,668
------------------------------------------------------------------------------------------------------------------
California Health Facilities Financing Authority Revenue Bonds (Kaiser
Permanente), Series A, 5.50%, 6/01/22 (c)(i) 9,250 9,447,580
------------------------------------------------------------------------------------------------------------------
California State, GO, 5.25%, 4/01/27 15 14,551
------------------------------------------------------------------------------------------------------------------
California State Public Works Board, Lease Revenue Bonds (University of
California-Institution Project), Series C, 5%, 4/01/30 (a) 5,000 4,693,000
------------------------------------------------------------------------------------------------------------------
California State University, Systemwide Revenue Bonds, Series A,
5%, 11/01/39 (c) 8,320 7,616,794
------------------------------------------------------------------------------------------------------------------
California State University, Systemwide Revenue Refunding Bonds,
Series A, 5%, 11/01/29 (c) 5,000 4,743,800
------------------------------------------------------------------------------------------------------------------
California State University, Systemwide Revenue Refunding Bonds,
Series A, 5%, 11/01/30 (a) 6,000 5,539,500
------------------------------------------------------------------------------------------------------------------
California State University, Systemwide Revenue Refunding Bonds,
Series C, 5%, 11/01/28 (e) 16,215 15,161,025
------------------------------------------------------------------------------------------------------------------
California State Various Purpose, GO, 5.50%, 11/01/33 5,430 5,364,188
------------------------------------------------------------------------------------------------------------------
California Statewide Communities Development Authority, Health Facility
Revenue Bonds (Memorial Health Services), Series A, 6%, 10/01/23 4,915 4,949,602
Portfolio Abbreviations
To simplify the listings of 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
FLOATS Floating Rate Securities
GO General Obligation Bonds
HFA Housing Finance Agency
IDR Industrial Development Revenue Bonds
M/F Multi-Family
S/F Single-Family
VRDN Variable Rate Demand Notes
BlackRock MuniHoldings California Insured Fund, Inc.
Schedule of Investments September 30, 2008 (Unaudited)
(Percentages shown are based on Net Assets)
Par
Municipal Bonds (000) Value
-----------------------------------------------------------------------------------------------------------------------------------
California Statewide Communities Development Authority Revenue Bonds
(Adventist), Series B, 5%, 3/01/37 (j) $ 7,500 $ 6,726,375
------------------------------------------------------------------------------------------------------------------
California Statewide Communities Development Authority Revenue Bonds
(Los Angeles Orthopedic Hospital Foundation), 5.50%, 6/01/19 (a) 1,090 1,091,253
------------------------------------------------------------------------------------------------------------------
California Statewide Communities Development Authority Revenue Bonds
(Sutter Health), Series C, 5.05%, 8/15/38 (c) 10,000 9,111,600
------------------------------------------------------------------------------------------------------------------
California Statewide Communities Development Authority, Revenue Refunding
Bonds (Kaiser Hospital Asset Management, Inc.), Series C, 5.25%, 8/01/31 5,000 4,577,200
------------------------------------------------------------------------------------------------------------------
California Statewide Communities Development Authority, Revenue Refunding
Bonds (Kaiser Permanente), Series A, 5%, 4/01/31 900 808,065
------------------------------------------------------------------------------------------------------------------
Chino Basin, California, Regional Financing Authority, Revenue Refunding
Bonds (Inland Empire Utility Agency), Series A, 5%, 11/01/33 (a) 3,675 3,324,625
------------------------------------------------------------------------------------------------------------------
Chula Vista, California, IDR (San Diego Gas and Electric Company), AMT,
Series D, 5%, 12/01/27 (a) 3,330 2,758,072
------------------------------------------------------------------------------------------------------------------
Chula Vista, California, Public Financing Authority, Revenue Refunding
Bonds, Series A, 5%, 9/01/29 (e) 2,750 2,488,337
------------------------------------------------------------------------------------------------------------------
Coachella Valley, California, Unified School District, GO (Election of 2005),
Series A, 5%, 8/01/27 (d)(e) 2,400 2,209,920
------------------------------------------------------------------------------------------------------------------
Colton, California, Joint Unified School District, GO, Series A,
5.375%, 8/01/26 (d)(e) 2,500 2,487,050
------------------------------------------------------------------------------------------------------------------
Corona, California, Department of Water and Power, COP, 5%, 9/01/29 (e) 5,910 5,360,961
------------------------------------------------------------------------------------------------------------------
Corona-Norco, California, Unified School District, GO (Election of 2006),
Series A, 5%, 8/01/31 (c) 5,000 4,682,900
------------------------------------------------------------------------------------------------------------------
Covina-Valley, California, Unified School District, GO, Refunding,
Series A, 5.50%, 8/01/26 (c) 2,395 2,402,856
------------------------------------------------------------------------------------------------------------------
Culver City, California, Redevelopment Finance Authority, Tax Allocation
Revenue Refunding Bonds, Series A, 5.60%, 11/01/25 (c) 3,750 3,763,462
------------------------------------------------------------------------------------------------------------------
Desert, California, Community College District, GO, FLOATS, VRDN,
Series 2764X, 6.54%, 8/01/37 (c)(f)(g) 5,000 5,000,00
------------------------------------------------------------------------------------------------------------------
East Bay, California, Municipal Utility District, Wastewater System Revenue
Refunding Bonds, Sub-Series A, 5%, 6/01/33 (a) 6,545 6,080,567
------------------------------------------------------------------------------------------------------------------
East Bay, California, Municipal Utility District, Wastewater System Revenue
Refunding Bonds, Sub-Series A, 5%, 6/01/37 (a) 6,015 5,534,462
------------------------------------------------------------------------------------------------------------------
East Side Union High School District, California, Santa Clara County, Capital
Appreciation, GO (Election of 2002), Series E, 5.125%, 8/01/28 (k)(l) 11,000 3,116,630
------------------------------------------------------------------------------------------------------------------
Escondido, California, COP, Refunding, Series A, 5.75%, 9/01/24 (d) 465 468,943
------------------------------------------------------------------------------------------------------------------
Foothill-De Anza, California, Community College District, GO, Refunding,
5%, 8/01/30 (d)(e) 5,000 4,763,450
------------------------------------------------------------------------------------------------------------------
Fresno, California, Airport Revenue Bonds, AMT, Series B, 5.50%,
7/01/20 (c) 4,455 4,209,396
------------------------------------------------------------------------------------------------------------------
Fullerton, California, Joint Union High School District, GO (Election
of 2002), Series B, 5%, 8/01/29 (d)(e) 5,200 4,916,496
------------------------------------------------------------------------------------------------------------------
Garden Grove, California, COP (Financing Project), Series A,
5.50%, 3/01/26 (a) 4,040 4,030,829
------------------------------------------------------------------------------------------------------------------
BlackRock MuniHoldings California Insured Fund, Inc.
Schedule of Investments September 30, 2008 (Unaudited)
(Percentages shown are based on Net Assets)
Par
Municipal Bonds (000) Value
-----------------------------------------------------------------------------------------------------------------------------------
Glendale, California, Unified School District, GO, Series B,
5.125%, 9/01/23 (c) $ 5,200 $ 5,143,684
------------------------------------------------------------------------------------------------------------------
Hartnell, California, Community College District, GO (Election of 2002),
Series B, 5%, 6/01/31 (c) 2,155 2,018,847
------------------------------------------------------------------------------------------------------------------
Hemet, California, Unified School District, GO, Series A, 5.375%, 8/01/26 (e) 4,565 4,541,353
------------------------------------------------------------------------------------------------------------------
Hemet, California, Unified School District, GO, Series B, 5.125%, 8/01/37 (j) 4,500 4,232,295
------------------------------------------------------------------------------------------------------------------
Hollister, California, Joint Powers Finance Authority, Wastewater Revenue
Refunding Bonds (Refining and Improvement Project), Series 1, 5%, 6/01/37 (c) 6,365 5,780,502
------------------------------------------------------------------------------------------------------------------
Imperial Irrigation District, California, Electric Revenue Refunding Bonds,
5%, 11/01/33 5,000 4,541,850
------------------------------------------------------------------------------------------------------------------
La Quinta, California, Financing Authority, Local Agency Revenue Bonds,
Series A, 5.25%, 9/01/24 (a) 2,500 2,452,325
------------------------------------------------------------------------------------------------------------------
La Quinta, California, Financing Authority, Local Agency Revenue Bonds,
Series A, 5.125%, 9/01/34 (a) 7,165 6,565,003
------------------------------------------------------------------------------------------------------------------
Little Lake, California, City School District, GO, Series B, 5.25%, 7/01/22 (c) 1,210 1,213,424
------------------------------------------------------------------------------------------------------------------
Lodi, California, Wastewater System Revenue Bonds, COP, Refunding,
Series A, 5%, 10/01/32 (c) 2,000 1,840,160
------------------------------------------------------------------------------------------------------------------
Lompoc, California, Unified School District, GO (Election of 2002),
Series C, 5%, 6/01/32 (c) 1,485 1,387,257
------------------------------------------------------------------------------------------------------------------
Long Beach, California, Harbor Revenue Refunding Bonds, AMT, Series B,
5.20%, 5/15/27 (e) 20,000 17,606,400
------------------------------------------------------------------------------------------------------------------
Los Angeles, California, Department of Water and Power, Waterworks Revenue
Bonds, Sub-Series A-2, 5%, 7/01/35 (a) 2,000 1,842,240
------------------------------------------------------------------------------------------------------------------
Los Angeles, California, M/F Housing Revenue Refunding Bonds, Senior
Series G, 5.65%, 1/01/14 (c) 150 150,532
------------------------------------------------------------------------------------------------------------------
Los Angeles, California, Unified School District, GO (Election of 2004),
Series H, 5%, 7/01/32 (c) 5,000 4,651,550
------------------------------------------------------------------------------------------------------------------
Los Angeles, California, Unified School District, GO, Refunding,
Series A-1, 5%, 7/01/21 (d) 9,550 9,565,566
------------------------------------------------------------------------------------------------------------------
Los Angeles, California, Unified School District, GO, Series E, 5%,
7/01/30 (a) 10,000 9,214,600
------------------------------------------------------------------------------------------------------------------
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 8,290,080
------------------------------------------------------------------------------------------------------------------
Los Angeles County, California, Metropolitan Transportation Authority, Sales
Tax Revenue Refunding Bonds, Proposition C, VRDN, Second Senior Series A,
8.50%, 7/01/20 (e)(f)(g) 30,000 30,000,000
------------------------------------------------------------------------------------------------------------------
Los Gatos, California, Unified School District, GO (Election 2001),
Series B, 5%, 8/01/30 (c) 2,735 2,592,151
------------------------------------------------------------------------------------------------------------------
Los Rios, California, Community College District, GO (Election of 2002),
Series B, 5%, 8/01/27 (e) 1,890 1,779,870
------------------------------------------------------------------------------------------------------------------
Madera, California, Public Financing Authority, Water and Wastewater Revenue
Refunding Bonds, 5%, 3/01/36 (e) 2,000 1,817,180
------------------------------------------------------------------------------------------------------------------
Merced, California, Community College District, GO (School Facilities District
Number 1), 5%, 8/01/31 (e) 6,365 5,868,084
------------------------------------------------------------------------------------------------------------------
BlackRock MuniHoldings California Insured Fund, Inc.
Schedule of Investments September 30, 2008 (Unaudited)
(Percentages shown are based on Net Assets)
Par
Municipal Bonds (000) Value
-----------------------------------------------------------------------------------------------------------------------------------
Merced, California, Irrigation District, Electrical System Revenue Refunding
Bonds, 5.25%, 9/01/36 (k) $ 5,000 $ 4,188,200
------------------------------------------------------------------------------------------------------------------
Metropolitan Water District of Southern California, Waterworks Revenue Bonds,
Series A, 5%, 7/01/35 (c) 3,550 3,335,616
------------------------------------------------------------------------------------------------------------------
Metropolitan Water District of Southern California, Waterworks Revenue Bonds,
Series B-1, 5%, 10/01/33 (d)(e) 9,000 8,415,720
------------------------------------------------------------------------------------------------------------------
Moorpark, California, Redevelopment Agency, Tax Allocation Bonds (Moorpark
Redevelopment Project), 5.125%, 10/01/31 (a) 4,150 3,786,834
------------------------------------------------------------------------------------------------------------------
Morongo, California, Unified School District, GO (Election of 2005),
Series A, 5.25%, 8/01/38 (j) 7,000 6,694,940
------------------------------------------------------------------------------------------------------------------
Napa, California, Water Revenue Bonds, 5%, 5/01/35 (a) 9,100 8,267,441
------------------------------------------------------------------------------------------------------------------
Northern California Power Agency, Public Power Revenue Refunding Bonds
(Hydroelectric Project 1), Series A, 5.125%, 7/01/23 (e) 2,630 2,572,561
------------------------------------------------------------------------------------------------------------------
Oakland, California, Redevelopment Agency, Tax Allocation Refunding Bonds
(Coliseum Area Redevelopment Project), Series B, 5%, 9/01/36 (a) 6,855 6,144,205
------------------------------------------------------------------------------------------------------------------
Ohlone, California, Community College District, GO, Series B, 5%,
8/01/30 (c) 5,000 4,708,300
------------------------------------------------------------------------------------------------------------------
Oxnard, California, Financing Authority, Wastewater Revenue Bonds (Redwood
Trunk Sewer and Headworks Projects), Series A, 5.25%, 6/01/34 (d)(e) 10,000 9,409,100
------------------------------------------------------------------------------------------------------------------
Oxnard, California, Financing Authority, Water Revenue Bonds, 5%,
6/01/31 (e) 10,000 9,162,200
------------------------------------------------------------------------------------------------------------------
Palm Springs, California, Financing Authority, Lease Revenue Refunding Bonds
(Convention Center Project), Series A, 5.50%, 11/01/35 (e) 1,600 1,558,176
------------------------------------------------------------------------------------------------------------------
Port of Oakland, California, Revenue Bonds, AMT, Series K, 5.75%,
11/01/14 (d)(e) 3,500 3,505,705
------------------------------------------------------------------------------------------------------------------
Port of Oakland, California, Revenue Bonds, AMT, Series K, 5.75%,
11/01/29 (d)(e) 19,815 17,973,394
------------------------------------------------------------------------------------------------------------------
Port of Oakland, California, Revenue Refunding Bonds, AMT,
Series L, 5.375%, 11/01/27 (d)(e) 25,350 22,042,839
------------------------------------------------------------------------------------------------------------------
Poway, California, Redevelopment Agency, Tax Allocation Refunding Bonds,
5%, 6/15/33 (e) 3,000 2,734,290
------------------------------------------------------------------------------------------------------------------
Poway, California, Unified School District, GO, FLOATS, VRDN, Series 2732,
6.80%, 8/01/30 (c)(f)(g) 6,665 6,665,000
------------------------------------------------------------------------------------------------------------------
Poway, California, Unified School District, Public Financing Authority,
Special Tax Revenue Bonds, 5%, 9/15/31 (a) 9,070 8,262,407
------------------------------------------------------------------------------------------------------------------
Redlands, California, Unified School District, GO (Election of 2008),
5.25%, 7/01/33 (c) 5,000 4,766,700
------------------------------------------------------------------------------------------------------------------
Redwoods, California, Community College District, GO (Election of 2004),
5%, 8/01/31 (e) 4,630 4,268,536
------------------------------------------------------------------------------------------------------------------
Riverside, California, Unified School District, GO (Election of 2001),
Series B, 5%, 8/01/30 (e) 10,735 9,915,597
------------------------------------------------------------------------------------------------------------------
Sacramento, California, Area Flood Control Agency, Special Assessment
Refunding Bonds (Consolidated Capital Assessment District),
Series A, 5%, 10/01/32 (d)(e) 2,125 1,949,921
------------------------------------------------------------------------------------------------------------------
BlackRock MuniHoldings California Insured Fund, Inc.
Schedule of Investments September 30, 2008 (Unaudited)
(Percentages shown are based on Net Assets)
Par
Municipal Bonds (000) Value
-----------------------------------------------------------------------------------------------------------------------------------
Sacramento, California, City Financing Authority, Revenue Refunding Bonds,
5%, 12/01/29 (d)(e) $ 8,775 $ 8,014,559
------------------------------------------------------------------------------------------------------------------
Sacramento, California, Municipal Utility District Financing Authority Revenue
Bonds (Consumers Project), 5.125%, 7/01/29 (e) 36,760 32,392,178
------------------------------------------------------------------------------------------------------------------
Saddleback Valley, California, Unified School District, GO, 5%, 8/01/29 (c) 4,115 3,905,382
------------------------------------------------------------------------------------------------------------------
Salinas, California, Union High School District, GO (Election of 2002),
Series B, 5%, 6/01/26 (e) 3,490 3,305,414
------------------------------------------------------------------------------------------------------------------
San Bernardino, California, Joint Powers Financing Authority, Lease Revenue
Bonds (Department of Transportation Lease), Series A, 5.50%, 12/01/20 (e) 5,440 5,379,725
------------------------------------------------------------------------------------------------------------------
San Bernardino County, California, COP, Refunding (Medical Center Financing
Project), 5.50%, 8/01/19 (e) 1,480 1,482,102
------------------------------------------------------------------------------------------------------------------
San Diego, California, Community College District, GO (Election of 2002),
5%, 5/01/30 (c) 12,550 11,898,781
------------------------------------------------------------------------------------------------------------------
San Diego County, California, COP (Edgemoor Project and Regional System),
Refunding, 5%, 2/01/29 (a) 1,500 1,364,340
------------------------------------------------------------------------------------------------------------------
San Francisco, California, Bay Area Rapid Transit District, Sales Tax Revenue
Bonds, 5.50%, 7/01/09 (b)(d) 6,795 7,031,738
------------------------------------------------------------------------------------------------------------------
San Francisco, California, Bay Area Rapid Transit District, Sales Tax Revenue
Refunding Bonds, Series A, 5%, 7/01/34 (e) 2,500 2,306,100
------------------------------------------------------------------------------------------------------------------
San Francisco, California, City and County Airport Commission, International
Airport Revenue Bonds, AMT, Second Series, Issue 24A, 5.50%, 5/01/24 (c) 6,430 6,008,321
------------------------------------------------------------------------------------------------------------------
San Francisco, California, City and County Public Utilities Commission, Water
Revenue Refunding Bonds, FLOATS, VRDN, Series 1259-X, 8.07%, 11/01/32 (e)(f)(g) 6,750 6,750,000
------------------------------------------------------------------------------------------------------------------
San Francisco, California, Community College District, GO (Election of 2001),
Series C, 5%, 6/15/31 (c) 4,195 3,955,633
------------------------------------------------------------------------------------------------------------------
San Joaquin County, California, COP, Refunding (County Administration
Building), 5%, 11/15/30 (e) 5,530 5,065,867
------------------------------------------------------------------------------------------------------------------
San Jose, California, Financing Authority, Lease Revenue Refunding Bonds
(Civic Center Project), Series B, 5%, 6/01/32 (a) 14,800 13,605,788
------------------------------------------------------------------------------------------------------------------
San Jose-Evergreen, California, Community College District, Capital
Appreciation, GO (Election of 2004), Refunding, Series A, 5.17%,
9/01/24 (e)(l) 10,410 4,061,878
------------------------------------------------------------------------------------------------------------------
San Jose-Evergreen, California, Community College District, Capital
Appreciation, GO (Election of 2004), Refunding, Series A, 5.34%,
9/01/29 (e)(l) 7,250 2,045,950
------------------------------------------------------------------------------------------------------------------
San Juan, California, Unified School District, GO (Election of 2002),
5%, 8/01/28 (e) 4,250 3,975,535
------------------------------------------------------------------------------------------------------------------
San Mateo County, California, Transit District, Sales Tax Revenue Refunding
Bonds, Series A, 5%, 6/01/29 (e) 5,650 5,230,996
------------------------------------------------------------------------------------------------------------------
Sanger, California, Unified School District, GO (Election of 2006),
5%, 8/01/27 (c) 7,345 7,033,278
------------------------------------------------------------------------------------------------------------------
Santa Clara, California, Redevelopment Agency, Tax Allocation Bonds (Bayshore
North Project), Series A, 5.50%, 6/01/23 (a) 14,000 14,040,180
------------------------------------------------------------------------------------------------------------------
Santa Clara, California, Subordinated Electric Revenue Bonds,
Series A, 5%, 7/01/28 (e) 6,050 5,612,162
------------------------------------------------------------------------------------------------------------------
BlackRock MuniHoldings California Insured Fund, Inc.
Schedule of Investments September 30, 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 $ 5,306,991
------------------------------------------------------------------------------------------------------------------
Santa Monica-Malibu Unified School District, California, GO (Election of
2006), Series A, 5%, 8/01/32 (d)(e) 5,000 4,651,000
------------------------------------------------------------------------------------------------------------------
Santa Rosa, California, High School District, GO (Election of 2002),
5%, 8/01/28 (e) 2,855 2,664,115
------------------------------------------------------------------------------------------------------------------
Sierra, California, Joint Community College District, GO (School Facility
Improvement District Number 2 - Western Nevada), Series A, 5%, 8/01/28 (d)(e) 1,550 1,430,619
------------------------------------------------------------------------------------------------------------------
Stockton, California, Public Financing Authority, Water Revenue Bonds (Water
System Capital Improvement Projects), Series A, 5%, 10/01/31 (e) 3,200 2,930,208
------------------------------------------------------------------------------------------------------------------
Tamalpais, California, Union High School District, GO (Election of 2006),
5%, 8/01/28 (e) 4,400 4,207,632
------------------------------------------------------------------------------------------------------------------
Tracy, California, Area Public Facilities Financing Agency, Special Tax
Refunding Bonds (Community Facilities District Number 87-1), Series H,
5.875%, 10/01/19 (e) 13,025 13,908,616
------------------------------------------------------------------------------------------------------------------
Turlock, California, Public Finance Authority, Sewer Revenue Bonds,
Series A, 5%, 9/15/33 (d)(e) 6,655 6,030,295
------------------------------------------------------------------------------------------------------------------
University of California, General Revenue Refunding Bonds,
Series A, 5%, 5/15/27 (a) 10,500 10,021,725
------------------------------------------------------------------------------------------------------------------
Vista, California, COP (Community Projects), 5%, 5/01/37 (e) 6,750 6,078,240
------------------------------------------------------------------------------------------------------------------
Vista, California, Unified School District, GO, Series B, 5%, 8/01/28 (d)(e) 2,550 2,347,887
------------------------------------------------------------------------------------------------------------------
Walnut Valley, California, Unified School District, GO (Election of 2007 -
Measure S), Series A, 5%, 2/01/33 (c) 2,000 1,864,040
------------------------------------------------------------------------------------------------------------------
Washington, California, Unified School District (Yolo County), Capital
Appreciation, GO (Election of 2004), Series A, 4.98%, 8/01/29 (d)(e)(l) 6,075 1,674,999
------------------------------------------------------------------------------------------------------------------
West Contra Costa, California, Unified School District, Capital Appreciation,
GO (Election of 2002), Series C, 5.78%, 8/01/29 (d)(e)(l) 5,825 1,551,838
------------------------------------------------------------------------------------------------------------------
West Contra Costa, California, Unified School District, GO (Election of 2005),
Series A, 5%, 8/01/26 (c) 2,595 2,514,425
------------------------------------------------------------------------------------------------------------------
West Contra Costa, California, Unified School District, GO (Election of 2005),
Series B, 5.625%, 8/01/35 (m) 9,500 9,538,380
------------------------------------------------------------------------------------------------------------------
Yorba Linda, California, Redevelopment Agency, Redevelopment Project Tax
Allocation Revenue Bonds (Subordinate Lien), Series B, 5%, 9/01/32 (a) 3,145 2,840,344
------------------------------------------------------------------------------------------------------------------
693,619,452
-----------------------------------------------------------------------------------------------------------------------------------
Puerto Rico - Puerto Rico Electric Power Authority, Power Revenue Refunding Bonds,
1.5% Series UU, 5%, 7/01/24 (c) 8,120 7,565,485
------------------------------------------------------------------------------------------------------------------
7,565,485
-----------------------------------------------------------------------------------------------------------------------------------
Total Municipal Bonds - 139.8% 701,184,937
-----------------------------------------------------------------------------------------------------------------------------------
Municipal Bonds Transferred to Tender Option Bond Trusts (n)
-----------------------------------------------------------------------------------------------------------------------------------
California - Alameda County, California, Joint Powers Authority, Lease Revenue Refunding
40.6% Bonds, 5%, 12/01/34 (c) 4,150 3,798,999
------------------------------------------------------------------------------------------------------------------
Chaffey Community College District, California, GO (Election of 2002),
Series B, 5%, 6/01/30 (e) 9,905 9,267,253
------------------------------------------------------------------------------------------------------------------
Contra Costa, California, Community College District, GO (Election of 2002),
5%, 8/01/28 (e) 7,800 7,440,732
------------------------------------------------------------------------------------------------------------------
BlackRock MuniHoldings California Insured Fund, Inc.
Schedule of Investments September 30, 2008 (Unaudited)
(Percentages shown are based on Net Assets)
Par
Municipal Bonds Transferred to Tender Option Bond Trusts (o) (000) Value
-----------------------------------------------------------------------------------------------------------------------------------
Desert, California, Community College District, GO, Series C, 5%,
8/01/37 (c) $ 7,498 $ 6,919,575
------------------------------------------------------------------------------------------------------------------
Los Angeles, California, Community College District, GO (Election of 2003),
Series E, 5%, 8/01/31 (c) 11,215 10,578,104
------------------------------------------------------------------------------------------------------------------
Los Angeles, California, Community Redevelopment Agency, Community
Redevelopment Financing Authority Revenue Bonds (Bunker Hill Project),
Series A, 5%, 12/01/27 (c) 10,000 9,237,717
------------------------------------------------------------------------------------------------------------------
Los Angeles, California, Water and Power Revenue Bonds (Power System),
Sub-Series A-1, 5.125%, 7/01/31 (c) 4,993 4,660,335
------------------------------------------------------------------------------------------------------------------
Palomar Pomerado Health Care District, California, GO (Election of 2004),
Series A, 5.125%, 8/01/37 (e) 9,299 8,785,059
------------------------------------------------------------------------------------------------------------------
Peralta, California, Community College District, GO (Election of 2000),
Series D, 5%, 8/01/35 (c) 15,490 14,368,059
------------------------------------------------------------------------------------------------------------------
Peralta, California, Community College District, GO (Election of 2007),
Series B, 5%, 8/01/32 (c) 6,980 6,519,041
------------------------------------------------------------------------------------------------------------------
Poway, California, Unified School District, School Facilities Improvement,
GO (Election of 2002), Series 1-B, 5%, 8/01/30 (c) 10,000 9,421,308
------------------------------------------------------------------------------------------------------------------
Rancho, California, Water District Financing Authority, Revenue Refunding
Bonds, Series A, 5%, 8/01/34 (c) 5,000 4,668,919
------------------------------------------------------------------------------------------------------------------
Riverside, California, Community College District, GO (Election of 2004),
Series C, 5%, 8/01/32 (e) 8,910 8,090,904
------------------------------------------------------------------------------------------------------------------
San Diego County, California, Water Authority, Water Revenue Bonds, COP,
Series A, 5%, 5/01/31 (c) 4,000 3,698,938
------------------------------------------------------------------------------------------------------------------
San Diego County, California, Water Authority, Water Revenue Refunding Bonds,
COP, Series A, 5%, 5/01/32 (e) 10,000 9,469,600
------------------------------------------------------------------------------------------------------------------
San Diego County, California, Water Authority, Water Revenue Refunding Bonds,
COP, Series A, 5%, 5/01/33 (c) 16,740 15,639,680
------------------------------------------------------------------------------------------------------------------
San Francisco, California, Bay Area Rapid Transit District, Sales Tax Revenue
Refunding Bonds, Series A, 5%, 7/01/30 (e) 23,100 21,587,643
------------------------------------------------------------------------------------------------------------------
San Francisco, California, City and County Airport Commission, International
Airport Revenue Refunding Bonds, AMT, Second Series, Issue 34E, 5.75%, 5/01/24 (c) 4,993 4,791,354
------------------------------------------------------------------------------------------------------------------
San Francisco, California, City and County Public Utilities Commission, Water
Revenue Refunding Bonds, Series A, 5%, 11/01/32 (e) 13,500 12,335,490
------------------------------------------------------------------------------------------------------------------
University of California, Limited Project Revenue Bonds, Series B,
5%, 5/15/33 (c) 17,400 16,210,710
------------------------------------------------------------------------------------------------------------------
Vista, California, Unified School District, GO, Series A, 5%, 8/01/25 (c) 10,000 9,887,034
------------------------------------------------------------------------------------------------------------------
West Contra Costa, California, Unified School District, GO (Election of 2002),
Series B, 5%, 5/01/32 (c) 6,680 6,213,736
-----------------------------------------------------------------------------------------------------------------------------------
Total Municipal Bonds Transferred to Tender Option Bond Trusts - 40.6% 203,590,190
-----------------------------------------------------------------------------------------------------------------------------------
Total Long-Term Investments (Cost - $983,392,874) - 180.4% 904,775,127
-----------------------------------------------------------------------------------------------------------------------------------
BlackRock MuniHoldings California Insured Fund, Inc.
Schedule of Investments September 30, 2008 (Unaudited)
(Percentages shown are based on Net Assets)
Short-Term Securities Shares Value
-----------------------------------------------------------------------------------------------------------------------------------
CMA California Municipal Money Fund, 4.67% (o)(p) 33,790,009 $ 33,790,009
------------------------------------------------------------------------------------------------------------------
Total Short-Term Securities (Cost - $33,790,009) - 6.7% 33,790,009
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Total Investments (Cost - $1,017,182,883*) - 187.1% 938,565,136
Liabilities in Excess of Other Assets - (2.8)% (14,258,684)
Liabilities for Trust Certificates, Including Interest Expense
and Fees Payable - (26.9)% (134,873,206)
Preferred Shares, at Redemption Value - (57.4)% (287,850,354)
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Net Assets Applicable to Common Shares - 100.0% $ 501,582,892
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* The cost and unrealized appreciation (depreciation) of investments as of
September 30, 2008, as computed for federal income tax purposes, were as
follows:
Aggregate cost $ 885,426,616
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Gross unrealized appreciation $ 2,801,715
Gross unrealized depreciation (83,638,195)
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Net unrealized depreciation $ (80,836,480)
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(a) AMBAC Insured.
(b) U.S. government securities, held in escrow, are used to pay interest on
this security as well as to retire the bond in full at the date indicated,
typically at a premium to par.
(c) FSA Insured.
(d) FGIC Insured.
(e) MBIA Insured.
(f) Variable rate security. Rate shown is as of report date. Maturity shown is
the final maturity date.
(g) Security may have a maturity of more than one year at the time of
issuance, but has variable rate and demand features that qualify it as a
short-term security.
(h) FHA Insured.
(i) Security is collateralized by Municipal or U.S. Treasury Obligations.
(j) Assured Guaranty Insured.
(k) XL Capital Insured.
(l) Represents a zero-coupon bond. Rate shown reflects the effective yield at
the time of purchase.
(m) BHAC Insured.
(n) Securities represents bonds transferred to a tender option bond trust in
exchange for which the Fund acquired residual interest certificates. These
securities serve as collateral in a financing transaction.
(o) 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:
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Affiliate Net
Activity Income
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CMA California Municipal Money Fund 12,257,633 $92,513
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(p) Represents the current yield as of report date.
BlackRock MuniHoldings California Insured Fund, Inc.
Schedule of Investments September 30, 2008 (Unaudited)
o Effective July 1, 2008, the Fund adopted Financial Accounting Standards
Board Statement of Financial Accounting Standards No. 157, "Fair Value
Measurements" ("FAS 157"). FAS 157 clarifies the definition of fair value,
establishes a framework for measuring fair values and requires additional
disclosures about the use of fair value measurements. Various inputs are
used in determining the fair value of investments, which are as follows:
o Level 1 - price quotations in active markets/exchanges for
identical securities
o Level 2 - other observable inputs (including, but not limited
to: quoted prices for similar assets or liabilities in markets
that are not active, inputs other than quoted prices that are
observable for the assets or liabilities (such as interest
rates, yield curves, volatilities, prepayment speeds, loss
severities, credit risks, and default rates) or other
market-corroborated inputs)
o Level 3 - unobservable inputs based on the best information
available in the circumstance, to the extent observable inputs
are not available (including the Fund's own assumption used in
determining the fair value of investments)
The inputs or methodology used for valuing securities are not necessarily
an indication of the risk associated with investing in those securities.
For information about the Fund's policy regarding valuation of investments
and other significant accounting policies, please refer to the Fund's most
recent financial statements as contained in its annual report.
The following table summarizes the inputs used as of September 30, 2008 in
determining the fair valuation of the Fund's investments:
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Valuation Investments in
Inputs Securities
--------------------------------------------------------------------------
Level 1 $ 33,790,009
Level 2 904,775,127
Level 3 --
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Total $ 938,565,136
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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: November 24, 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: November 24, 2008
By: /s/ Neal J. Andrews
-------------------
Neal J. Andrews
Chief Financial Officer (principal financial officer) of
BlackRock MuniHoldings California Insured Fund, Inc.
Date: November 24, 2008