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: 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, 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: 06/30/06
Date of reporting period: 07/01/05 - 09/30/05
Item 1 - Schedule of Investments
MuniHoldings California Insured Fund, Inc.
Schedule of Investments as of September 30, 2005 (in Thousands)
Face
Amount Municipal Bonds Value
-----------------------------------------------------------------------------------------------------------------------------------
California - 155.8% $ 1,000 ABAG Finance Authority for Nonprofit Corporations, California, COP (Children's
Hospital Medical Center), 6% due 12/01/2029 (a) $ 1,107
--------------------------------------------------------------------------------------------------------------
3,345 ABC California Unified School District, GO, Series A, 5.625%
due 8/01/2020 (f)(j) 3,536
--------------------------------------------------------------------------------------------------------------
4,000 Acalanes, California, Unified High School District, GO, 5.80%
due 8/01/2007 (f)(i) 4,244
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Alameda County, California, COP (b):
11,960 (Financing Project), 6% due 9/01/2006 (i) 12,523
2,490 RIB, Series 410, 8.996% due 9/01/2021 (g) 2,724
--------------------------------------------------------------------------------------------------------------
4,535 Bakersfield, California, COP, Refunding (Convention Center Expansion Project),
5.875% due 4/01/2022 (b) 4,754
--------------------------------------------------------------------------------------------------------------
3,885 Berkeley, California, GO, Series C, 5.375% due 9/01/2029 (c) 4,097
--------------------------------------------------------------------------------------------------------------
Berkeley, California, Unified School District, GO, Series I (f)(i):
2,000 5.75% due 8/01/2008 2,169
4,520 5.875% due 8/01/2008 4,918
--------------------------------------------------------------------------------------------------------------
7,120 Burbank, California, Unified School District, Capital Appreciation, GO
(Election of 1997), Series C, 4.84%** due 7/01/2027 (c) 2,504
--------------------------------------------------------------------------------------------------------------
2,925 Cajon Valley, California, Union School District, GO, Series B, 5.50%
due 8/01/2027 (b) 3,214
--------------------------------------------------------------------------------------------------------------
2,180 California Community College Financing Authority, Lease Revenue Bonds
(Grossmont-Palomar-Shasta), Series A, 5.625% due 4/01/2026 (b) 2,399
--------------------------------------------------------------------------------------------------------------
California Educational Facilities Authority, Revenue Refunding Bonds
(Occidental College) (b)(i):
5,815 5.625% due 10/01/2007 6,231
5,000 5.70% due 10/01/2007 5,365
--------------------------------------------------------------------------------------------------------------
California HFA, Home Mortgage Revenue Bonds, VRDN, AMT (h):
3,400 Series B, 2.76% due 8/01/2033 (f) 3,400
100 Series R, 2.71% due 8/01/2032 (a) 100
--------------------------------------------------------------------------------------------------------------
California HFA, S/F Mortgage Revenue Bonds, Class II, AMT (b):
315 Series A-1, 6% due 8/01/2020 326
1,160 Series C-2, 5.625% due 8/01/2020 (d) 1,198
--------------------------------------------------------------------------------------------------------------
9,250 California Health Facilities Financing Authority, Revenue Bonds
(Kaiser Permanente), Series A, 5.50% due 6/01/2022 (f)(j) 9,881
--------------------------------------------------------------------------------------------------------------
California Health Facilities Financing Authority Revenue Refunding Bonds:
2,500 (Catholic Healthcare West), Series A, 6% due 7/01/2025 (b) 2,677
4,500 (Children's Hospital), 5.375% due 7/01/2020 (b) 4,653
3,950 (De Las Companas), Series A, 5.75% due 7/01/2015 (a) 4,038
--------------------------------------------------------------------------------------------------------------
1,900 California Infrastructure and Economic Development Bank Revenue Bonds
(Los Angeles County Department of Public Social Services), 5.75%
due 9/01/2023 (a) 2,135
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Portfolio Abbreviations To simplify the listings of 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 at right.
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
RIB Residual Interest Bonds
S/F Single-Family
VRDN Variable Rate Demand Notes
MuniHoldings California Insured Fund, Inc.
Schedule of Investments as of September 30, 2005 (in Thousands)
Face
Amount Municipal Bonds Value
-----------------------------------------------------------------------------------------------------------------------------------
$ 6,000 California State Department of Water Resources, Power Supply Revenue Bonds,
Series A, 5.75% due 5/01/2017 $ 6,667
--------------------------------------------------------------------------------------------------------------
6,400 California State Department of Water Resources Revenue Bonds (Central Valley
Project), 5.25% due 7/01/2022 6,439
--------------------------------------------------------------------------------------------------------------
2,000 California State, GO, 5.50% due 6/01/2025 (c) 2,156
--------------------------------------------------------------------------------------------------------------
California State, GO, Refunding:
6,000 5.25% due 2/01/2026 (b) 6,378
1,075 5.75% due 12/01/2029 1,175
7,000 RIB, AMT, Series 777X, 7.70% due 12/01/2021 (b)(g) 7,261
4,130 Veterans, AMT, Series B, 5.45% due 12/01/2017 (b) 4,205
--------------------------------------------------------------------------------------------------------------
20,000 California State Public Works Board, Lease Revenue Bonds (Various University
of California Projects), Series C, 5.125% due 9/01/2022 (a) 21,022
--------------------------------------------------------------------------------------------------------------
California State Public Works Board, Lease Revenue Refunding Bonds:
5,025 (California State University), Series A, 5.50% due 10/01/2014 (b) 5,248
8,750 (Department of Corrections), Series B, 5.625% due 11/01/2019 (b) 9,166
2,625 (Various Community College Project), Series B, 5.625% due 3/01/2019 (a) 2,706
--------------------------------------------------------------------------------------------------------------
13,500 California State University, Systemwide Revenue Bonds, Series A, 5%
due 11/01/2035 (c) 14,017
--------------------------------------------------------------------------------------------------------------
7,050 California State, Various Purpose, GO, 5.50% due 11/01/2033 7,714
--------------------------------------------------------------------------------------------------------------
9,500 California Statewide Communities Development Authority, COP, Refunding
(Huntington Memorial Hospital), 5.80%due 7/01/2006 (e)(i) 9,896
--------------------------------------------------------------------------------------------------------------
5,000 California Statewide Communities Development Authority, COP (Sutter Health
Obligation Group), 6% due 8/15/2025 (b) 5,157
--------------------------------------------------------------------------------------------------------------
4,915 California Statewide Communities Development Authority, Health Facility
Revenue Bonds (Memorial Health Services), Series A, 6% due 10/01/2023 5,439
--------------------------------------------------------------------------------------------------------------
1,090 California Statewide Communities Development Authority Revenue Bonds (Los
Angeles Orthopedic Hospital Foundation), 5.50% due 6/01/2019 (a) 1,141
--------------------------------------------------------------------------------------------------------------
Capistrano, California, Unified Public Financing Authority, Special Tax
Revenue Refunding Bonds, First Lien, Series A (a):
16,770 5.70% due 9/01/2016 17,511
10,640 5.70% due 9/01/2020 11,102
--------------------------------------------------------------------------------------------------------------
8,705 Castaic Lake, California, Water Agency Revenue Bonds, COP (Water System
Improvement Project), 5.50% due 8/01/2023 (a) 9,420
--------------------------------------------------------------------------------------------------------------
2,500 Colton, California, Joint Unified School District, GO, Series A, 5.375%
due 8/01/2026 (c) 2,747
--------------------------------------------------------------------------------------------------------------
7,800 Contra Costa, California, Community College District, GO (Election of 2002),
5% due 8/01/2028 (b) 8,174
--------------------------------------------------------------------------------------------------------------
Contra Costa County, California, COP, Refunding:
4,570 (Capital Projects Program), 5.25% due 2/01/2021 (a) 4,767
6,000 DRIVERS, Series 154, 7.697% due 11/01/2017 (b)(g) 6,743
2,000 (Merrithew Memorial Hospital Project), 5.50% due 11/01/2022 (b) 2,126
--------------------------------------------------------------------------------------------------------------
8,500 Corona, California, COP (Clearwater Cogeneration Project), 5%
due 9/01/2028 (b) 8,809
--------------------------------------------------------------------------------------------------------------
2,395 Covina-Valley, California, Unified School District, GO, Refunding,
Series A, 5.50% due 8/01/2026 (f) 2,658
--------------------------------------------------------------------------------------------------------------
3,750 Culver City, California, Redevelopment Finance Authority, Revenue Refunding
Bonds, Tax Allocation, Series A, 5.60% due 11/01/2025 (f) 4,107
--------------------------------------------------------------------------------------------------------------
1,870 Davis, California, Joint Unified School District, Community Facilities
District, Special Tax Refunding Bonds, Number 1, 5.50% due 8/15/2021 (b) 1,927
--------------------------------------------------------------------------------------------------------------
MuniHoldings California Insured Fund, Inc.
Schedule of Investments as of September 30, 2005 (in Thousands)
Face
Amount Municipal Bonds Value
-----------------------------------------------------------------------------------------------------------------------------------
$ 7,500 Desert Sands, California, Unified School District, GO (Election of 2001),
5% due 6/01/2029 (f) $ 7,843
--------------------------------------------------------------------------------------------------------------
East Side Union High School District, California, Santa Clara County, Capital
Appreciation, GO (Election of 2002), Series E (k):
5,205 5.03%** due 8/01/2024 2,020
5,550 5.05%** due 8/01/2025 2,032
11,000 5.125%** due 8/01/2028 3,369
--------------------------------------------------------------------------------------------------------------
East Side Union High School District, California, Santa Clara County, GO,
Series E (c)(j):
6,205 5% due 9/01/2022 6,366
5,655 5% due 9/01/2023 5,802
--------------------------------------------------------------------------------------------------------------
7,000 El Dorado County, California, Public Agency Financing Authority, Revenue
Refunding Bonds, 5.50% due 2/15/2021 (c) 7,210
--------------------------------------------------------------------------------------------------------------
Escondido, California, COP, Refunding:
1,000 Series A, 5.75% due 9/01/2024 (c) 1,105
5,000 (Wastewater Project), 5.70% due 9/01/2006 (a)(i) 5,228
--------------------------------------------------------------------------------------------------------------
5,000 Fontana, California, Redevelopment Agency, Tax Allocation Refunding Bonds
(Southwest Industrial Park Project), 5% due 9/01/2022 (b) 5,239
--------------------------------------------------------------------------------------------------------------
5,000 Foothill-De Anza, California, Community College District, GO, Refunding,
5% due 8/01/2030 (c) 5,187
--------------------------------------------------------------------------------------------------------------
4,455 Fresno, California, Airport Revenue Bonds, AMT, Series B, 5.50%
due 7/01/2020 (f) 4,788
--------------------------------------------------------------------------------------------------------------
4,040 Garden Grove, California, COP (Financing Project), Series A, 5.50%
due 3/01/2026 (a) 4,447
--------------------------------------------------------------------------------------------------------------
5,200 Glendale, California, Unified School District, GO, Series B, 5.125%
due 9/01/2023 (f) 5,479
--------------------------------------------------------------------------------------------------------------
4,565 Hemet, California, Unified School District, GO, Series A, 5.375%
due 8/01/2026 (b) 4,957
--------------------------------------------------------------------------------------------------------------
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) 9,666
--------------------------------------------------------------------------------------------------------------
1,700 Inglewood, California, Unified School District, GO, Series A, 5.60%
due 10/01/2024 (c) 1,855
--------------------------------------------------------------------------------------------------------------
2,300 Irvine, California, Unified School District, Special Tax
(Community Facilities District Number 86-1), 5.375% due 11/01/2020 (a) 2,472
--------------------------------------------------------------------------------------------------------------
4,665 Irvine, California, Unified School District, Special Tax Refunding Bonds
(Community Facilities District Number 86-1), 5.80% due 11/01/2020 (a) 4,998
--------------------------------------------------------------------------------------------------------------
La Quinta, California, Financing Authority, Local Agency Revenue Bonds,
Series A (a):
2,500 5.25% due 9/01/2024 2,701
7,165 5.125% due 9/01/2034 7,555
--------------------------------------------------------------------------------------------------------------
4,000 Long Beach, California, Bond Finance Authority, Lease Revenue Bonds
(Rainbow Harbor Refinancing Project), Series A, 5.25% due 5/01/2024 (a) 4,261
--------------------------------------------------------------------------------------------------------------
10,650 Los Altos, California, School District GO, Series A, 5% due 8/01/2023 (f) 10,903
--------------------------------------------------------------------------------------------------------------
10,000 Los Angeles, California, Community Redevelopment Agency, Community
Redevelopment Financing Authority Revenue Bonds (Bunker Hill Project),
Series A, 5% due 12/01/2027 (f) 10,440
--------------------------------------------------------------------------------------------------------------
2,000 Los Angeles, California, Harbor Department Revenue Bonds, AMT,
Series B, 5.375% due 11/01/2023 2,056
--------------------------------------------------------------------------------------------------------------
350 Los Angeles, California, M/F Housing Revenue Refunding Bonds, Senior Series G,
5.65% due 1/01/2014 (f) 351
--------------------------------------------------------------------------------------------------------------
10,000 Los Angeles, California, Unified School District, GO, Series E, 5%
due 7/01/2030 (a) 10,503
--------------------------------------------------------------------------------------------------------------
7,450 Los Angeles, California, Wastewater System, Revenue Refunding Bonds, Series A,
5% due 6/01/2032 (f) 7,754
--------------------------------------------------------------------------------------------------------------
MuniHoldings California Insured Fund, Inc.
Schedule of Investments as of September 30, 2005 (in Thousands)
Face
Amount Municipal Bonds Value
-----------------------------------------------------------------------------------------------------------------------------------
Los Angeles County, California, Metropolitan Transportation Authority,
Sales Tax Revenue Refunding Bonds:
$ 9,000 Proposition A, First Tier Senior-Series A, 5% due 7/01/2035 (a) $ 9,439
3,750 Proposition C, Second Tier Senior-Series A, 5.25% due 7/01/2030 (c) 3,998
--------------------------------------------------------------------------------------------------------------
2,735 Los Gatos, California, Unified School District, GO (Election 2001), Series B,
5% due 8/01/2030 (f) 2,850
--------------------------------------------------------------------------------------------------------------
1,890 Los Rios, California, Community College District, GO (Election of 2002),
Series B, 5% due 8/01/2027 (b) 1,981
--------------------------------------------------------------------------------------------------------------
5,000 Menlo Park, California, Community Development Agency, Tax Allocation
(Las Pulgas Community Development Project), 5.50% due 6/01/2025 (a) 5,469
--------------------------------------------------------------------------------------------------------------
9,000 Metropolitan Water District of Southern California, Waterworks Revenue Bonds,
Series B-1, 5% due 10/01/2033 (c) 9,373
--------------------------------------------------------------------------------------------------------------
5,000 Modesto, California, Schools Infrastructure Financing Agency, Special Tax
Bonds, 5% due 9/01/2029 (a) 5,219
--------------------------------------------------------------------------------------------------------------
3,500 Mojave, California, Water Agency, GO, Refunding (Improvement District -
Morongo Basin), 5.80% due 9/01/2022 (c) 3,655
--------------------------------------------------------------------------------------------------------------
2,000 Montebello, California, Community Redevelopment Agency, Housing Tax Allocation
Bonds, Series A, 5.45% due 9/01/2019 (f) 2,124
--------------------------------------------------------------------------------------------------------------
4,150 Moorpark, California, Redevelopment Agency, Tax Allocation Bonds (Moorpark
Redevelopment Project), 5.125% due 10/01/2031 (a) 4,359
--------------------------------------------------------------------------------------------------------------
2,315 Morgan Hill, California, Unified School District, GO, 5.75% due 8/01/2019 (c) 2,575
--------------------------------------------------------------------------------------------------------------
16,000 Norco, California, Redevelopment Agency, Tax Allocation Refunding Bonds (Norco
Redevelopment Project-Area Number 1), 5.75% due 3/01/2026 (b) 16,480
--------------------------------------------------------------------------------------------------------------
2,140 North City West, California, School Facilities Financing Authority, Special
Tax Refunding Bonds, Series B, 6% due 9/01/2019 (f) 2,239
--------------------------------------------------------------------------------------------------------------
3,275 Northern California Power Agency, Public Power Revenue Refunding Bonds
(Hydroelectric Project Number One), Series A, 5.125% due 7/01/2023 (b) 3,436
--------------------------------------------------------------------------------------------------------------
10,350 Norwalk-La Mirada Unified School District, California, Capital Appreciation,
GO, Series B, 5%** due 8/01/2024 (c) 4,228
--------------------------------------------------------------------------------------------------------------
9,995 Oakland, California, Alameda County Unified School District, GO, Refunding,
Series C, 5.50% due 8/01/2019 (c) 10,115
--------------------------------------------------------------------------------------------------------------
Oakland, California, Alameda County Unified School District, GO, Series F (b):
3,705 5.625% due 8/01/2020 4,049
5,245 5.625% due 8/01/2021 5,733
6,000 5.50% due 8/01/2024 6,525
--------------------------------------------------------------------------------------------------------------
2,500 Oakland, California, GO, Measure 1, 5.85% due 12/15/2006 (c)(i) 2,637
--------------------------------------------------------------------------------------------------------------
7,105 Oakland, California, Joint Powers Financing Authority, Lease Revenue Bonds
(Oakland Administration Buildings), 5.75% due 8/01/2006 (a)(i) 7,416
--------------------------------------------------------------------------------------------------------------
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
--------------------------------------------------------------------------------------------------------------
Pajaro Valley, California, Unified School District, Capital Appreciation, GO
(Election of 2002), Series B (f):
5,610 5.03%** due 8/01/2024 2,304
6,440 5.16%** due 8/01/2028 2,113
--------------------------------------------------------------------------------------------------------------
6,475 Palm Desert, California, Financing Authority, Tax Allocation Revenue Bonds
(Project Area Number 2), 5% due 8/01/2033 (b) 6,745
--------------------------------------------------------------------------------------------------------------
5,750 Palm Desert, California, Financing Authority, Tax Allocation Revenue Refunding
Bonds (Project Area Number 1), 5.45% due 4/01/2018 (b) 6,051
--------------------------------------------------------------------------------------------------------------
1,000 Palm Springs, California, COP, Refunding
(Multiple Capital Facilities Project), 5.75% due 4/01/2017 (a) 1,058
--------------------------------------------------------------------------------------------------------------
1,600 Palm Springs, California, Financing Authority, Lease Revenue Refunding Bonds
(Convention Center Project), Series A, 5.50% due 11/01/2035 (b) 1,774
--------------------------------------------------------------------------------------------------------------
MuniHoldings California Insured Fund, Inc.
Schedule of Investments as of September 30, 2005 (in Thousands)
Face
Amount Municipal Bonds Value
-----------------------------------------------------------------------------------------------------------------------------------
$ 15,490 Peralta, California, Community College District, GO (Election of 2000),
Series D, 5% due 8/01/2035 (f) $ 16,250
--------------------------------------------------------------------------------------------------------------
5,115 Perris, California, Unified School District, Capital Appreciation, GO,
Series A, 5.20%** due 9/01/2028 (c) 1,671
--------------------------------------------------------------------------------------------------------------
4,000 Pittsburg, California, Public Financing Authority, Water Revenue Bonds,
5.50% due 6/01/2027 (b) 4,217
--------------------------------------------------------------------------------------------------------------
Pleasanton, California, Unified School District, GO (i):
2,700 Series D, 5.375% due 8/01/2007 (b) 2,844
9,100 Series E, 5.50% due 8/01/2008 ( c) 9,815
--------------------------------------------------------------------------------------------------------------
5,000 Port of Oakland, California, Port Revenue Refunding Bonds, Series I, 5.40%
due 11/01/2017 (b) 5,323
--------------------------------------------------------------------------------------------------------------
Port of Oakland, California, Revenue Bonds, AMT, Series K (c):
3,500 5.75% due 11/01/2014 3,783
17,120 5.75% due 11/01/2029 18,408
--------------------------------------------------------------------------------------------------------------
25,355 Port of Oakland, California, Revenue Refunding Bonds, AMT, Series L, 5.375%
due 11/01/2027 (c) 27,110
--------------------------------------------------------------------------------------------------------------
2,205 Richmond, California, Joint Powers Financing Authority, Tax Allocation Revenue
Bonds, Series A, 5.50% due 9/01/2018 (b) 2,418
--------------------------------------------------------------------------------------------------------------
3,000 Riverside, California, COP, 5% due 9/01/2028 (a) 3,113
--------------------------------------------------------------------------------------------------------------
10,825 Sacramento, California, Municipal Utility District, Electric Revenue Refunding
Bonds, Series L, 5.125% due 7/01/2022 (b) 11,350
--------------------------------------------------------------------------------------------------------------
3,500 Sacramento, California, Power Authority Revenue Bonds (Cogeneration Project),
5.875% due 7/01/2006 (b)(i) 3,649
--------------------------------------------------------------------------------------------------------------
1,700 Sacramento County, California, Airport System Revenue Bonds, Series A, 5.25%
due 7/01/2017 (f) 1,844
--------------------------------------------------------------------------------------------------------------
5,000 Sacramento County, California, Sanitation District Financing Authority,
Revenue Bonds, Series A, 5% due 12/01/2035 (a) 5,232
--------------------------------------------------------------------------------------------------------------
4,000 Sacramento County, California, Sanitation District Financing Authority,
Revenue Refunding Bonds, 5% due 8/01/2030 (b) 4,203
--------------------------------------------------------------------------------------------------------------
4,115 Saddleback Valley, California, Unified School District, GO, 5%
due 8/01/2029 (f) 4,306
--------------------------------------------------------------------------------------------------------------
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) 5,571
--------------------------------------------------------------------------------------------------------------
1,480 San Bernardino County, California, COP, Refunding (Medical Center Financing
Project), 5.50% due 8/01/2019 (b) 1,498
--------------------------------------------------------------------------------------------------------------
5,055 San Diego, California, Public Facilities Financing Authority, Sewer Revenue
Bonds, Series A, 5.25% due 5/15/2027 (c) 5,244
--------------------------------------------------------------------------------------------------------------
6,480 San Diego, California, Unified School District, GO (Election of 1998),
Series F, 5% due 7/01/2028 (f) 6,788
--------------------------------------------------------------------------------------------------------------
6,795 San Francisco, California, Bay Area Rapid Transit District, Sales Tax Revenue
Bonds, 5.50% due 7/01/2009 (c)(i) 7,444
--------------------------------------------------------------------------------------------------------------
13,100 San Francisco, California, Bay Area Rapid Transit District, Sales Tax Revenue
Refunding Bonds, Series A, 5% due 7/01/2030 (b) 13,759
--------------------------------------------------------------------------------------------------------------
San Francisco, California, City and County Airport Commission, International
Airport Revenue Bonds, AMT, Second Series:
5,830 Issue 10A, 5.50% due 5/01/2013 (b) 6,019
5,750 Issue 12-A, 5.80% due 5/01/2021 (c) 5,887
6,430 Issue 24A, 5.50% due 5/01/2024 (f) 6,803
--------------------------------------------------------------------------------------------------------------
8,900 San Francisco, California, State Building Authority, Lease Revenue Bonds (San
Francisco Civic Center Complex), Series A, 5.25% due 12/01/2021 (a) 9,274
--------------------------------------------------------------------------------------------------------------
San Jose-Evergreen, California, Community College District, Capital
Appreciation, GO (Election of 2004), Refunding, Series A (b):
10,410 5.17%** due 9/01/2024 4,010
7,250 5.34%** due 9/01/2029 2,077
--------------------------------------------------------------------------------------------------------------
2,000 San Jose-Santa Clara, California, Water Financing Authority, Sewer Revenue
Bonds, Series A, 5.375% due 11/15/2020 (c) 2,025
--------------------------------------------------------------------------------------------------------------
San Juan, California, Unified School District, GO:
3,955 5.625% due 8/01/2018 (c) 4,372
3,830 5.625% due 8/01/2019 (c) 4,234
4,250 (Election of 2002), 5% due 8/01/2028 (b) 4,434
--------------------------------------------------------------------------------------------------------------
MuniHoldings California Insured Fund, Inc.
Schedule of Investments as of September 30, 2005 (in Thousands)
Face
Amount Municipal Bonds Value
-----------------------------------------------------------------------------------------------------------------------------------
$ 7,740 San Mateo, California, Redevelopment Agency, Merged Area Tax Allocation
Refunding Bonds, Series A, 5% due 8/01/2030 (k) $ 8,076
--------------------------------------------------------------------------------------------------------------
2,300 San Mateo County, California, Community College District, COP, 5%
due 10/01/2029 (b) 2,393
--------------------------------------------------------------------------------------------------------------
5,000 San Mateo-Foster City, California, School District, GO, 5.30%
due 8/01/2029 (c) 5,338
--------------------------------------------------------------------------------------------------------------
14,000 Santa Clara, California, Redevelopment Agency, Tax Allocation Bonds (Bayshore
North Project), Series A, 5.50% due 6/01/2023 (a) 15,139
--------------------------------------------------------------------------------------------------------------
6,050 Santa Clara, California, Subordinated Electric Revenue Bonds, Series A, 5%
due 7/01/2028 (b) 6,310
--------------------------------------------------------------------------------------------------------------
9,750 Santa Clara County, California, Financing Authority, Lease Revenue Refunding
Bonds, Series A, 5% due 11/15/2022 (a) 10,243
--------------------------------------------------------------------------------------------------------------
9,000 Santa Fe Springs, California, Community Development, Commission Tax Allocation
Refunding Bonds (Consolidated Redevelopment Project), Series A, 5%
due 9/01/2022 (b) 9,417
--------------------------------------------------------------------------------------------------------------
5,110 Santa Monica, California, Redevelopment Agency, Tax Allocation Bonds
(Earthquake Recovery Redevelopment Project), 6% due 7/01/2029 (a) 5,608
--------------------------------------------------------------------------------------------------------------
2,855 Santa Rosa, California, High School District, GO (Election of 2002), 5%
due 8/01/2028 (b) 2,979
--------------------------------------------------------------------------------------------------------------
4,450 Saugus, California, Unified School District, GO, Series B, 5%
due 8/01/2029 (f) 4,676
--------------------------------------------------------------------------------------------------------------
5,000 Southern California Public Power Authority, Power Project Revenue Bonds
(Magnolia Power Project), Series A-1, 5% due 7/01/2033 (a) 5,198
--------------------------------------------------------------------------------------------------------------
1,570 Southwestern Community College District, California, GO, Refunding, 5.25%
due 8/01/2017 (b) 1,762
--------------------------------------------------------------------------------------------------------------
13,250 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) 13,877
--------------------------------------------------------------------------------------------------------------
5,135 Tracy, California, Operating Partnership Joint Powers Authority, Senior Lien
Revenue Bonds, Series A, 4.40% due 8/01/2023 (a) 5,035
--------------------------------------------------------------------------------------------------------------
6,655 Turlock, California, Public Finance Authority, Sewer Revenue Bonds, Series A,
5% due 9/15/2033 (c) 6,930
--------------------------------------------------------------------------------------------------------------
7,475 University of California, COP, Series A, 5.25% due 11/01/2007 (a)(i) 7,898
--------------------------------------------------------------------------------------------------------------
9,875 University of California, Hospital Revenue Bonds
(University of California Medical Center), 5.75% due 7/01/2006 (a)(i) 10,186
--------------------------------------------------------------------------------------------------------------
1,410 University of California Revenue Bonds, Series K, 5.25% due 9/01/2024 (c) 1,493
--------------------------------------------------------------------------------------------------------------
16,000 University of California, Revenue Refunding Bonds (Multiple Purpose Projects),
Series E, 5.125% due 9/01/2020 (b) 16,667
--------------------------------------------------------------------------------------------------------------
Vista, California, Unified School District, GO:
10,000 Series A, 5.25% due 8/01/2025 (f) 10,778
2,550 Series B, 5% due 8/01/2028 (c) 2,661
--------------------------------------------------------------------------------------------------------------
6,075 Washington, California, Unified School District (Yolo County), Capital
Appreciation, GO (Election of 2004), Series A, 4.98%**
due 8/01/2029(c) 1,906
--------------------------------------------------------------------------------------------------------------
5,825 West Contra Costa, California, Unified School District, Capital Appreciation,
GO (Election of 2002), Series C, 4.98%** due 8/01/2029 (c) 1,829
--------------------------------------------------------------------------------------------------------------
6,690 West Contra Costa, California, Unified School District, GO (Election of 2002),
Series B, 5% due 8/01/2032 (f) 6,936
--------------------------------------------------------------------------------------------------------------
3,145 Yorba Linda, California, Redevelopment Agency, Redevelopment Project Tax
Allocation Revenue Bonds (Subordinate Lien), Series B, 5% due 9/01/2032 (a) 3,302
-----------------------------------------------------------------------------------------------------------------------------------
Puerto Rico - 4.9% Puerto Rico Commonwealth Infrastructure Financing Authority, Special Tax and
Capital Appreciation Revenue Bonds, Series A:
15,000 4.60%** due 7/01/2030 (c) 4,688
5,400 4.67% due 7/01/2035 (a) 1,316
12,400 4.77% due 7/01/2042 (c) 2,122
10,000 4.77% due 7/01/2044 (a) 1,550
--------------------------------------------------------------------------------------------------------------
MuniHoldings California Insured Fund, Inc.
Schedule of Investments as of September 30, 2005 (in Thousands)
Face
Amount Municipal Bonds Value
-----------------------------------------------------------------------------------------------------------------------------------
Puerto Rico Electric Power Authority, Power Revenue Bonds:
$ 11,215 Series HH, 5.30% due 7/01/2020 (f) $ 12,083
7,880 Series NN, 5.125% due 7/01/2029 8,251
-----------------------------------------------------------------------------------------------------------------------------------
Total Municipal Bonds (Cost - $936,517) - 160.7% 986,943
-----------------------------------------------------------------------------------------------------------------------------------
Shares
Held Short-Term Securities
-----------------------------------------------------------------------------------------------------------------------------------
68 CMA California Municipal Money Fund *** 68
-----------------------------------------------------------------------------------------------------------------------------------
Total Short-Term Securities (Cost - $68) - 0.0% 68
-----------------------------------------------------------------------------------------------------------------------------------
Total Investments (Cost - $936,585*) - 160.7% 987,011
Other Assets Less Liabilities - 2.8% 17,131
Preferred Stock, at Redemption Value - (63.5%) (390,105)
------------
Net Assets Applicable to Common Stock - 100.0% $ 614,037
============
* The cost and unrealized appreciation (depreciation) of investments as of
September 30, 2005, as computed for federal income tax purposes, were as
follows:
Aggregate cost $ 936,594
===========
Gross unrealized appreciation $ 51,921
Gross unrealized depreciation (1,504)
-----------
Net unrealized appreciation $ 50,417
===========
** Represents a zero coupon bond; the interest rate shown reflects the
effective yield at the time of purchase.
*** 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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Net Dividend
Affiliate Activity Income
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CMA California Municipal Money Fund 13 $ 15
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(a) AMBAC Insured.
(b) MBIA Insured.
(c) FGIC Insured.
(d) FHA Insured.
(e) Connie Lee Insured.
(f) FSA Insured.
(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.
Item 2 - Controls and Procedures
2(a) - The registrant's certifying officers have reasonably designed such
disclosure controls and procedures to ensure material information
relating to the registrant is made known to us by others particularly
during the period in which this report is being prepared. The
registrant's certifying officers have determined that the registrant's
disclosure controls and procedures are effective based on our evaluation
of these controls and procedures as of a date within 90 days prior to the
filing date of this report.
2(b) - There were 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 is 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.
MuniHoldings California Insured Fund, Inc.
By: /s/ Robert C. Doll, Jr.
---------------------------
Robert C. Doll, Jr.
Chief Executive Officer
MuniHoldings California Insured Fund, Inc.
Date: November 17, 2005
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
MuniHoldings California Insured Fund, Inc.
Date: November 17, 2005
By: /s/ Donald C. Burke
---------------------------
Donald C. Burke
Chief Financial Officer
MuniHoldings California Insured Fund, Inc.
Date: November 17, 2005