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: 06/30/2006
Date of reporting period: 01/01/06 - 03/31/06
Item 1 - Schedule of Investments
MuniHoldings California Insured Fund, Inc.
Schedule of Investments as of March 31, 2006 (in Thousands)
Face
Amount Municipal Bonds Value
-----------------------------------------------------------------------------------------------------------------------------------
California - 155.9% $ 1,000 ABAG Finance Authority for Nonprofit Corporations, California, COP (Children's
Hospital Medical Center), 6% due 12/01/2029 (a) $ 1,083
--------------------------------------------------------------------------------------------------------------
3,345 ABC California Unified School District, GO, Series A, 5.625% due 8/01/2020 (f)(j) 3,500
--------------------------------------------------------------------------------------------------------------
4,000 Acalanes, California, Unified High School District, GO, 5.80% due 8/01/2007 (f)(i) 4,160
--------------------------------------------------------------------------------------------------------------
11,960 Alameda County, California, COP (Financing Project), 6% due 9/01/2006 (b)(i) 12,317
--------------------------------------------------------------------------------------------------------------
2,490 Alameda County, California, COP, RIB, Series 410, 8.545% due 9/01/2021 (b)(g) 2,639
--------------------------------------------------------------------------------------------------------------
7,360 Alhambra, California, Unified School District, GO (Election of 2004), Series A,
5% due 8/01/2029 (c) 7,695
--------------------------------------------------------------------------------------------------------------
4,535 Bakersfield, California, COP, Refunding (Convention Center Expansion Project),
5.875% due 4/01/2007 (b)(i) 4,687
--------------------------------------------------------------------------------------------------------------
3,885 Berkeley, California, GO, Series C, 5.375% due 9/01/2029 (c) 4,042
--------------------------------------------------------------------------------------------------------------
1,000 Berkeley, California, Unified School District, GO, Series I, 5.75%
due 8/01/2008 (f)(i) 1,059
--------------------------------------------------------------------------------------------------------------
1,000 Berkeley, California, Unified School District, GO, Series I, 5.75%
due 8/01/2008 (f)(i) 1,059
--------------------------------------------------------------------------------------------------------------
4,520 Berkeley, California, Unified School District, GO, Series I, 5.875%
due 8/01/2008 (f)(i) 4,801
--------------------------------------------------------------------------------------------------------------
7,120 Burbank, California, Unified School District, Capital Appreciation, GO (Election of
1997), Series C, 4.84%** due 7/01/2027 (c) 2,595
--------------------------------------------------------------------------------------------------------------
2,925 Cajon Valley, California, Union School District, GO, Series B, 5.50%
due 8/01/2027 (b) 3,146
--------------------------------------------------------------------------------------------------------------
2,180 California Community College Financing Authority, Lease Revenue Bonds
(Grossmont-Palomar-Shasta), Series A, 5.625% due 4/01/2026 (b) 2,356
--------------------------------------------------------------------------------------------------------------
5,815 California Educational Facilities Authority, Revenue Refunding Bonds (Occidental
College), 5.625% due 10/01/2007 (b)(i) 6,110
--------------------------------------------------------------------------------------------------------------
5,000 California Educational Facilities Authority, Revenue Refunding Bonds (Occidental
College), 5.70% due 10/01/2007 (b)(i) 5,259
--------------------------------------------------------------------------------------------------------------
1,600 California HFA, Home Mortgage Revenue Bonds, VRDN, AMT, Series B,
3.12% due 8/01/2033 (f)(h) 1,600
--------------------------------------------------------------------------------------------------------------
900 California HFA, Home Mortgage Revenue Bonds, VRDN, Series F,
3.12% due 2/01/2033 (a)(h) 900
--------------------------------------------------------------------------------------------------------------
265 California HFA, S/F Mortgage Revenue Bonds, AMT, Series A-1, Class II,
6% due 8/01/2020 (b) 273
--------------------------------------------------------------------------------------------------------------
1,160 California HFA, S/F Mortgage Revenue Bonds, AMT, Series C-2, Class II,
5.625% due 8/01/2020 (b)(d) 1,192
--------------------------------------------------------------------------------------------------------------
9,250 California Health Facilities Financing Authority Revenue Bonds (Kaiser Permanente),
Series A, 5.50% due 6/01/2022 (f)(j) 9,770
--------------------------------------------------------------------------------------------------------------
660 California Health Facilities Financing Authority, Revenue Refunding Bonds (Catholic
Healthcare West), Series A, 6% due 7/01/2006 (b)(i) 677
--------------------------------------------------------------------------------------------------------------
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 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
RIB Residual Interest Bonds
ROLS Reset Option Long Securities
S/F Single-Family
VRDN Variable Rate Demand Notes
MuniHoldings California Insured Fund, Inc.
Schedule of Investments as of March 31, 2006 (in Thousands)
Face
Amount Municipal Bonds Value
-----------------------------------------------------------------------------------------------------------------------------------
$ 510 California Health Facilities Financing Authority, Revenue Refunding Bonds (Catholic
Healthcare West), Series A, 5.75% due 7/01/2015 (a) $ 521
--------------------------------------------------------------------------------------------------------------
1,840 California Health Facilities Financing Authority, Revenue Refunding Bonds (Catholic
Healthcare West), Series A, 6% due 7/01/2025 (b) 1,928
--------------------------------------------------------------------------------------------------------------
4,500 California Health Facilities Financing Authority, Revenue Refunding Bonds
(Children's Hospital), 5.375% due 7/01/2020 (b) 4,608
--------------------------------------------------------------------------------------------------------------
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) 2,110
--------------------------------------------------------------------------------------------------------------
2,000 California State, GO, 5.50% due 6/01/2025 (c)(l) 2,124
--------------------------------------------------------------------------------------------------------------
7,500 California State, GO, 5.25% due 4/01/2027 7,936
--------------------------------------------------------------------------------------------------------------
6,000 California State, GO, Refunding, 5.25% due 2/01/2026 (b) 6,337
--------------------------------------------------------------------------------------------------------------
1,075 California State, GO, Refunding, 5.75% due 12/01/2029 1,151
--------------------------------------------------------------------------------------------------------------
7,000 California State, GO, Refunding, RIB, AMT, Series 777X, 7.26% due 12/01/2021 (b)(g) 7,376
--------------------------------------------------------------------------------------------------------------
4,130 California State, GO, Refunding, Veterans, AMT, Series B, 5.45% due 12/01/2017 (b) 4,157
--------------------------------------------------------------------------------------------------------------
20,000 California State Public Works Board, Lease Revenue Bonds (Various University of
California Projects), Series C, 5.125% due 9/01/2022 (a) 20,758
--------------------------------------------------------------------------------------------------------------
5,025 California State Public Works Board, Lease Revenue Refunding Bonds (California State
University), Series A, 5.50% due 10/01/2014 (b) 5,172
--------------------------------------------------------------------------------------------------------------
8,750 California State Public Works Board, Lease Revenue Refunding Bonds (Department of
Corrections), Series B, 5.625% due 11/01/2019 (b) 9,026
--------------------------------------------------------------------------------------------------------------
2,625 California State Public Works Board, Lease Revenue Refunding Bonds (Various
Community College Project), Series B, 5.625% due 3/01/2019 (a) 2,682
--------------------------------------------------------------------------------------------------------------
2,935 California State, Various Purpose, GO, 5% due 3/01/2033 (b) 3,042
--------------------------------------------------------------------------------------------------------------
7,050 California State, Various Purpose, GO, 5.50% due 11/01/2033 7,652
--------------------------------------------------------------------------------------------------------------
8,965 California State, Various Purpose, GO, Refunding, 5% due 3/01/2027 9,291
--------------------------------------------------------------------------------------------------------------
9,500 California Statewide Communities Development Authority, COP, Refunding (Huntington
Memorial Hospital), 5.80% due 7/01/2006 (e)(i) 9,743
--------------------------------------------------------------------------------------------------------------
4,915 California Statewide Communities Development Authority, Health Facility Revenue
Bonds (Memorial Health Services), Series A, 6% due 10/01/2023 5,391
--------------------------------------------------------------------------------------------------------------
1,090 California Statewide Communities Development Authority Revenue Bonds (Los Angeles
Orthopedic Hospital Foundation), 5.50% due 6/01/2019 (a) 1,123
--------------------------------------------------------------------------------------------------------------
16,770 Capistrano, California, Unified Public Financing Authority, Special Tax Revenue
Refunding Bonds, First Lien, Series A, 5.70% due 9/01/2016 (a) 17,246
--------------------------------------------------------------------------------------------------------------
10,640 Capistrano, California, Unified Public Financing Authority, Special Tax Revenue
Refunding Bonds, First Lien, Series A, 5.70% due 9/01/2020 (a) 10,943
--------------------------------------------------------------------------------------------------------------
8,705 Castaic Lake, California, Water Agency Revenue Bonds, COP (Water System Improvement
Project), 5.50% due 8/01/2023 (a) 9,229
--------------------------------------------------------------------------------------------------------------
2,500 Colton, California, Joint Unified School District, GO, Series A, 5.375%
due 8/01/2026 (c) 2,693
--------------------------------------------------------------------------------------------------------------
7,800 Contra Costa, California, Community College District, GO (Election of 2002),
5% due 8/01/2028 (b) 8,118
--------------------------------------------------------------------------------------------------------------
4,570 Contra Costa County, California, COP, Refunding (Capital Projects Program),
5.25% due 2/01/2021 (a) 4,714
--------------------------------------------------------------------------------------------------------------
6,000 Contra Costa County, California, COP, Refunding, DRIVERS, Series 154, 7.264%
due 11/01/2017 (b)(g) 6,538
--------------------------------------------------------------------------------------------------------------
2,000 Contra Costa County, California, COP, Refunding (Merrithew Memorial Hospital
Project), 5.50% due 11/01/2022 (b) 2,091
--------------------------------------------------------------------------------------------------------------
MuniHoldings California Insured Fund, Inc.
Schedule of Investments as of March 31, 2006 (in Thousands)
Face
Amount Municipal Bonds Value
-----------------------------------------------------------------------------------------------------------------------------------
$ 5,910 Corona, California, Department of Water and Power, COP, 5% due 9/01/2029 (b) $ 6,135
--------------------------------------------------------------------------------------------------------------
4,250 Coronado, California, Community Development Agency, Tax Allocation Bonds (Coronado
Community Development Project), 5% due 9/01/2030 (a) 4,398
--------------------------------------------------------------------------------------------------------------
2,395 Covina-Valley, California, Unified School District, GO, Refunding, Series A,
5.50% due 8/01/2026 (f) 2,593
--------------------------------------------------------------------------------------------------------------
3,750 Culver City, California, Redevelopment Finance Authority, Revenue Refunding Bonds,
Tax Allocation, Series A, 5.60% due 11/01/2025 (f) 4,029
--------------------------------------------------------------------------------------------------------------
1,870 Davis, California, Joint Unified School District, Community Facilities District,
Special Tax Refunding Bonds, Number 1, 5.50% due 8/15/2021 (b) 1,901
--------------------------------------------------------------------------------------------------------------
1,000 Delano, California, Union Elementary School District, GO (Election of 2000),
Series F, 5% due 2/01/2033 (f) 1,042
--------------------------------------------------------------------------------------------------------------
7,500 Desert Sands, California, Unified School District, GO (Election of 2001),
5% due 6/01/2029 (f) 7,806
--------------------------------------------------------------------------------------------------------------
5,205 East Side Union High School District, California, Santa Clara County, Capital
Appreciation, GO (Election of 2002), Series E, 5.03%** due 8/01/2024 (k) 2,105
--------------------------------------------------------------------------------------------------------------
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) 3,567
--------------------------------------------------------------------------------------------------------------
1,000 Escondido, California, COP, Refunding, Series A, 5.75% due 9/01/2024 (c) 1,084
--------------------------------------------------------------------------------------------------------------
5,000 Escondido, California, COP, Refunding (Wastewater Project), 5.70% due 9/01/2006 (a)(i) 5,146
--------------------------------------------------------------------------------------------------------------
5,000 Fontana, California, Redevelopment Agency, Tax Allocation Refunding Bonds (Southwest
Industrial Park Project), 5% due 9/01/2022 (b) 5,181
--------------------------------------------------------------------------------------------------------------
5,000 Foothill-De Anza, California, Community College District, GO, Refunding,
5% due 8/01/2030 (c) 5,156
--------------------------------------------------------------------------------------------------------------
4,455 Fresno, California, Airport Revenue Bonds, AMT, Series B, 5.50% due 7/01/2020 (f) 4,710
--------------------------------------------------------------------------------------------------------------
5,200 Fullerton, California, Joint Union High School District, GO (Election of 2002),
Series B, 5% due 8/01/2029 (c) 5,432
--------------------------------------------------------------------------------------------------------------
4,040 Garden Grove, California, COP (Financing Project), Series A, 5.50% due 3/01/2026 (a) 4,356
--------------------------------------------------------------------------------------------------------------
5,200 Glendale, California, Unified School District, GO, Series B, 5.125% due 9/01/2023 (f) 5,407
--------------------------------------------------------------------------------------------------------------
4,565 Hemet, California, Unified School District, GO, Series A, 5.375% due 8/01/2026 (b) 4,868
--------------------------------------------------------------------------------------------------------------
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) 9,526
--------------------------------------------------------------------------------------------------------------
1,700 Inglewood, California, Unified School District, GO, Series A, 5.60% due 10/01/2024 (c) 1,818
--------------------------------------------------------------------------------------------------------------
2,300 Irvine, California, Unified School District, Special Tax (Community Facilities
District Number 86-1), 5.375% due 11/01/2020 (a) 2,437
--------------------------------------------------------------------------------------------------------------
4,665 Irvine, California, Unified School District, Special Tax Refunding Bonds (Community
Facilities District Number 86-1), 5.80% due 11/01/2020 (a) 4,914
--------------------------------------------------------------------------------------------------------------
2,500 La Quinta, California, Financing Authority, Local Agency Revenue Bonds, Series A,
5.25% due 9/01/2024 (a) 2,675
--------------------------------------------------------------------------------------------------------------
3,585 La Quinta, California, Financing Authority, Local Agency Tax Allocation and Revenue
Refunding Bonds, ROLS, Series II-R-412X, 6.961% due 9/01/2034 (a)(g) 3,906
--------------------------------------------------------------------------------------------------------------
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) 4,199
--------------------------------------------------------------------------------------------------------------
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) 10,362
--------------------------------------------------------------------------------------------------------------
2,000 Los Angeles, California, Harbor Department Revenue Bonds, AMT, Series B,
5.375% due 11/01/2023 2,035
--------------------------------------------------------------------------------------------------------------
MuniHoldings California Insured Fund, Inc.
Schedule of Investments as of March 31, 2006 (in Thousands)
Face
Amount Municipal Bonds Value
-----------------------------------------------------------------------------------------------------------------------------------
$ 240 Los Angeles, California, M/F Housing Revenue Refunding Bonds, Senior Series G,
5.65% due 1/01/2014 (f) $ 241
--------------------------------------------------------------------------------------------------------------
10,000 Los Angeles, California, Unified School District, GO, Series E, 5% due 7/01/2030 (a) 10,436
--------------------------------------------------------------------------------------------------------------
5,000 Los Angeles, California, Water and Power Revenue Bonds (Power System),
Sub-Series A-1, 5% due 7/01/2031 (f) 5,214
--------------------------------------------------------------------------------------------------------------
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) 9,378
--------------------------------------------------------------------------------------------------------------
3,750 Los Angeles County, California, Metropolitan Transportation Authority, Sales Tax
Revenue Refunding Bonds, Proposition C, Second Tier Senior-Series A,
5.25% due 7/01/2030 (c) 3,962
--------------------------------------------------------------------------------------------------------------
8,795 Los Angeles County, California, Sanitation Districts Financing Authority, Revenue
Refunding Bonds (Capital Projects - District Number 14), Sub-Series B,
5% due 10/01/2034 (c) 9,153
--------------------------------------------------------------------------------------------------------------
2,735 Los Gatos, California, Unified School District, GO (Election 2001), Series B,
5% due 8/01/2030 (f) 2,832
--------------------------------------------------------------------------------------------------------------
1,890 Los Rios, California, Community College District, GO (Election of 2002), Series B,
5% due 8/01/2027 (b) 1,963
--------------------------------------------------------------------------------------------------------------
5,000 Menlo Park, California, Community Development Agency, Tax Allocation (Las Pulgas
Community Development Project), 5.50% due 6/01/2025 (a) 5,378
--------------------------------------------------------------------------------------------------------------
5,000 Merced, California, Irrigation District, Electrical System Revenue Refunding Bonds,
5.25% due 9/01/2036 (k) 5,301
--------------------------------------------------------------------------------------------------------------
3,550 Metropolitan Water District of Southern California, Waterworks Revenue Bonds,
Series A, 5% due 7/01/2035 (f) 3,699
--------------------------------------------------------------------------------------------------------------
9,000 Metropolitan Water District of Southern California, Waterworks Revenue Bonds,
Series B-1, 5% due 10/01/2033 (c) 9,307
--------------------------------------------------------------------------------------------------------------
5,000 Modesto, California, Schools Infrastructure Financing Agency, Special Tax Bonds,
5% due 9/01/2029 (a) 5,180
--------------------------------------------------------------------------------------------------------------
3,500 Mojave, California, Water Agency, GO, Refunding (Improvement District - Morongo
Basin), 5.80% due 9/01/2022 (c) 3,602
--------------------------------------------------------------------------------------------------------------
2,000 Montebello, California, Community Redevelopment Agency, Housing Tax Allocation Bonds,
Series A, 5.45% due 9/01/2019 (f) 2,088
--------------------------------------------------------------------------------------------------------------
4,150 Moorpark, California, Redevelopment Agency, Tax Allocation Bonds (Moorpark
Redevelopment Project), 5.125% due 10/01/2031 (a) 4,338
--------------------------------------------------------------------------------------------------------------
2,315 Morgan Hill, California, Unified School District, GO, 5.75% due 8/01/2019 (c) 2,521
--------------------------------------------------------------------------------------------------------------
2,140 North City West, California, School Facilities Financing Authority, Special Tax
Refunding Bonds, Series B, 6% due 9/01/2019 (f) 2,204
--------------------------------------------------------------------------------------------------------------
3,275 Northern California Power Agency, Public Power Revenue Refunding Bonds (Hydroelectric
Project Number One), Series A, 5.125% due 7/01/2023 (b) 3,393
--------------------------------------------------------------------------------------------------------------
9,995 Oakland, California, Alameda County Unified School District, GO, Refunding,
Series C, 5.50% due 8/01/2019 (c) 10,059
--------------------------------------------------------------------------------------------------------------
3,705 Oakland, California, Alameda County Unified School District, GO, Series F,
5.625% due 8/01/2020 (b) 3,980
--------------------------------------------------------------------------------------------------------------
5,245 Oakland, California, Alameda County Unified School District, GO, Series F,
5.625% due 8/01/2021 (b) 5,621
--------------------------------------------------------------------------------------------------------------
MuniHoldings California Insured Fund, Inc.
Schedule of Investments as of March 31, 2006 (in Thousands)
Face
Amount Municipal Bonds Value
-----------------------------------------------------------------------------------------------------------------------------------
$ 6,000 Oakland, California, Alameda County Unified School District, GO, Series F,
5.50% due 8/01/2024 (b) $ 6,388
--------------------------------------------------------------------------------------------------------------
7,105 Oakland, California, Joint Powers Financing Authority, Lease Revenue Bonds (Oakland
Administration Buildings), 5.75% due 8/01/2006 (a)(i) 7,300
--------------------------------------------------------------------------------------------------------------
5,000 Ohlone, California, Community College District, GO, Series B, 5% due 8/01/2030 (f) 5,220
--------------------------------------------------------------------------------------------------------------
10,000 Oxnard, California, Financing Authority, Wastewater Revenue Bonds (Redwood Trunk
Sewer and Headworks Projects), Series A, 5.25% due 6/01/2034 (c) 10,610
--------------------------------------------------------------------------------------------------------------
6,475 Palm Desert, California, Financing Authority, Tax Allocation Revenue Bonds (Project
Area Number 2), 5% due 8/01/2033 (b) 6,709
--------------------------------------------------------------------------------------------------------------
5,750 Palm Desert, California, Financing Authority, Tax Allocation Revenue Refunding Bonds
(Project Area Number 1), 5.45% due 4/01/2018 (b) 5,961
--------------------------------------------------------------------------------------------------------------
1,000 Palm Springs, California, COP, Refunding (Multiple Capital Facilities Project),
5.75% due 4/01/2017 (a) 1,040
--------------------------------------------------------------------------------------------------------------
1,600 Palm Springs, California, Financing Authority, Lease Revenue Refunding Bonds
(Convention Center Project), Series A, 5.50% due 11/01/2035 (b) 1,755
--------------------------------------------------------------------------------------------------------------
7,745 Peralta, California, Community College District, GO, RIB, Series 1264-X,
6.60% due 8/01/2035 (f)(g) 8,365
--------------------------------------------------------------------------------------------------------------
5,115 Perris, California, Unified School District, Capital Appreciation, GO, Series A,
5.20%** due 9/01/2028 (c) 1,755
--------------------------------------------------------------------------------------------------------------
4,000 Pittsburg, California, Public Financing Authority, Water Revenue Bonds,
5.50% due 6/01/2007 (b)(i) 4,170
--------------------------------------------------------------------------------------------------------------
9,100 Pleasanton, California, Unified School District, GO, Series E, 5.50%
due 8/01/2008 (c)(i) 9,594
--------------------------------------------------------------------------------------------------------------
5,000 Port of Oakland, California, Port Revenue Refunding Bonds, Series I,
5.40% due 11/01/2017 (b) 5,233
--------------------------------------------------------------------------------------------------------------
12,675 Port of Oakland, California, RIB, AMT, Series 1192, 7.31% due 11/01/2027 (c)(g) 14,197
--------------------------------------------------------------------------------------------------------------
3,500 Port of Oakland, California, Revenue Bonds, AMT, Series K, 5.75% due 11/01/2014 (c) 3,736
--------------------------------------------------------------------------------------------------------------
17,120 Port of Oakland, California, Revenue Bonds, AMT, Series K, 5.75% due 11/01/2029 (c) 18,178
--------------------------------------------------------------------------------------------------------------
5,085 Rancho Cordova, California, COP (City Hall Facility Acquisition Project),
5% due 2/01/2030 (k) 5,268
--------------------------------------------------------------------------------------------------------------
2,205 Richmond, California, Joint Powers Financing Authority, Tax Allocation Revenue Bonds,
Series A, 5.50% due 9/01/2018 (b) 2,368
--------------------------------------------------------------------------------------------------------------
8,775 Sacramento, California, City Financing Authority, Revenue Refunding Bonds,
5% due 12/01/2029 (c) 9,115
--------------------------------------------------------------------------------------------------------------
10,825 Sacramento, California, Municipal Utility District, Electric Revenue Refunding Bonds,
Series L, 5.125% due 7/01/2022 (b) 11,213
--------------------------------------------------------------------------------------------------------------
2,500 Sacramento, California, Municipal Utility District Financing Authority, Revenue Bonds
(Consumers Project), 5.125% due 7/01/2029 (b) 2,650
--------------------------------------------------------------------------------------------------------------
17,130 Sacramento, California, Municipal Utility District Financing Authority, Revenue Bonds,
DRIVERS, Series 1237Z, 6.774% due 1/01/2014 (b)(g) 19,188
--------------------------------------------------------------------------------------------------------------
3,500 Sacramento, California, Power Authority Revenue Bonds (Cogeneration Project),
5.875% due 7/01/2006 (b)(i) 3,590
--------------------------------------------------------------------------------------------------------------
1,700 Sacramento County, California, Airport System Revenue Bonds, Series A,
5.25% due 7/01/2017 (f) 1,815
--------------------------------------------------------------------------------------------------------------
4,000 Sacramento County, California, Sanitation District Financing Authority, Revenue Bonds,
Series A, 5% due 12/01/2035 (a) 4,159
--------------------------------------------------------------------------------------------------------------
4,000 Sacramento County, California, Sanitation District Financing Authority, Revenue
Refunding Bonds, 5% due 8/01/2030 (b) 4,176
--------------------------------------------------------------------------------------------------------------
MuniHoldings California Insured Fund, Inc.
Schedule of Investments as of March 31, 2006 (in Thousands)
Face
Amount Municipal Bonds Value
-----------------------------------------------------------------------------------------------------------------------------------
$ 4,115 Saddleback Valley, California, Unified School District, GO, 5% due 8/01/2029 (f) $ 4,285
--------------------------------------------------------------------------------------------------------------
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) 5,557
--------------------------------------------------------------------------------------------------------------
1,480 San Bernardino County, California, COP, Refunding (Medical Center Financing Project),
5.50% due 8/01/2019 (b) 1,489
--------------------------------------------------------------------------------------------------------------
3,330 San Diego, California, Community College District, GO (Election of 2002),
5% due 5/01/2030 (f) 3,473
--------------------------------------------------------------------------------------------------------------
5,055 San Diego, California, Public Facilities Financing Authority, Sewer Revenue Bonds,
Series A, 5.25% due 5/15/2027 (c) 5,184
--------------------------------------------------------------------------------------------------------------
6,480 San Diego, California, Unified School District, GO (Election of 1998), Series F,
5% due 7/01/2028 (f) 6,742
--------------------------------------------------------------------------------------------------------------
1,500 San Diego County, California, COP (Edgemoor Project and Regional System), Refunding,
5% due 2/01/2029 (a) 1,554
--------------------------------------------------------------------------------------------------------------
4,000 San Diego County, California, Water Authority, Water Revenue Bonds, COP, Series A,
5% due 5/01/2031 (f) 4,154
--------------------------------------------------------------------------------------------------------------
10,000 San Diego County, California, Water Authority, Water Revenue Refunding Bonds, COP,
Series A, 5% due 5/01/2032 (b) 10,320
--------------------------------------------------------------------------------------------------------------
6,795 San Francisco, California, Bay Area Rapid Transit District, Sales Tax Revenue Bonds,
5.50% due 7/01/2009 (c)(i) 7,259
--------------------------------------------------------------------------------------------------------------
13,100 San Francisco, California, Bay Area Rapid Transit District, Sales Tax Revenue
Refunding Bonds, Series A, 5% due 7/01/2030 (b) 13,671
--------------------------------------------------------------------------------------------------------------
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 (f) 6,745
--------------------------------------------------------------------------------------------------------------
6,750 San Francisco, California, City and County Public Utilities Commission, Water
Revenue Refunding Bonds, RIB, Series 1259-X, 6.60% due 11/01/2032 (b)(g) 7,132
--------------------------------------------------------------------------------------------------------------
8,900 San Francisco, California, State Building Authority, Lease Revenue Bonds (San
Francisco Civic Center Complex), Series A, 5.25% due 12/01/2006 (a)(i) 9,181
--------------------------------------------------------------------------------------------------------------
7,400 San Jose, California, Financing Authority, Lease Revenue Refunding Bonds, DRIVERS,
Series 1280Z, 6.525% due 12/01/2010 (a)(g) 7,787
--------------------------------------------------------------------------------------------------------------
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) 4,130
--------------------------------------------------------------------------------------------------------------
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) 2,171
--------------------------------------------------------------------------------------------------------------
3,955 San Juan, California, Unified School District, GO, 5.625% due 8/01/2018 (c) 4,282
--------------------------------------------------------------------------------------------------------------
3,830 San Juan, California, Unified School District, GO, 5.625% due 8/01/2019 (c) 4,147
--------------------------------------------------------------------------------------------------------------
4,250 San Juan, California, Unified School District, GO (Election of 2002),
5% due 8/01/2028 (b) 4,405
--------------------------------------------------------------------------------------------------------------
2,300 San Mateo County, California, Community College District, COP, 5% due 10/01/2029 (b) 2,380
--------------------------------------------------------------------------------------------------------------
5,650 San Mateo County, California, Transit District, Sales Tax Revenue Refunding Bonds,
Series A, 5% due 6/01/2029 (b) 5,903
--------------------------------------------------------------------------------------------------------------
14,000 Santa Clara, California, Redevelopment Agency, Tax Allocation Bonds (Bayshore North
Project), Series A, 5.50% due 6/01/2023 (a) 14,836
--------------------------------------------------------------------------------------------------------------
6,050 Santa Clara, California, Subordinated Electric Revenue Bonds, Series A,
5% due 7/01/2028 (b) 6,269
--------------------------------------------------------------------------------------------------------------
9,750 Santa Clara County, California, Financing Authority, Lease Revenue Refunding Bonds,
Series A, 5% due 11/15/2022 (a) 10,125
--------------------------------------------------------------------------------------------------------------
MuniHoldings California Insured Fund, Inc.
Schedule of Investments as of March 31, 2006 (in Thousands)
Face
Amount Municipal Bonds Value
-----------------------------------------------------------------------------------------------------------------------------------
$ 9,000 Santa Fe Springs, California, Community Development, Commission Tax Allocation
Refunding Bonds (Consolidated Redevelopment Project), Series A, 5% due 9/01/2022 (b) $ 9,306
--------------------------------------------------------------------------------------------------------------
5,110 Santa Monica, California, Redevelopment Agency, Tax Allocation Bonds (Earthquake
Recovery Redevelopment Project), 6% due 7/01/2009 (a)(i) 5,492
--------------------------------------------------------------------------------------------------------------
2,855 Santa Rosa, California, High School District, GO (Election of 2002),
5% due 8/01/2028 (b) 2,959
--------------------------------------------------------------------------------------------------------------
4,450 Saugus, California, Union School District, GO, Series B, 5% due 8/01/2029 (f) 4,649
--------------------------------------------------------------------------------------------------------------
5,000 Southern California Public Power Authority, Power Project Revenue Bonds (Magnolia
Power Project), Series A-1, 5% due 7/01/2033 (a) 5,165
--------------------------------------------------------------------------------------------------------------
1,570 Southwestern Community College District, California, GO, Refunding,
5.25% due 8/01/2017 (b) 1,732
--------------------------------------------------------------------------------------------------------------
3,200 Stockton, California, Public Financing Authority, Water Revenue Bonds (Water System
Capital Improvement Projects), Series A, 5% due 10/01/2031 (b) 3,335
--------------------------------------------------------------------------------------------------------------
1,500 Stockton, California, Redevelopment Agency, Revenue Bonds (Stockton Events Center -
Arena Project), 5% due 9/01/2028 (c) 1,550
--------------------------------------------------------------------------------------------------------------
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) 13,775
--------------------------------------------------------------------------------------------------------------
6,655 Turlock, California, Public Finance Authority, Sewer Revenue Bonds, Series A,
5% due 9/15/2033 (c) 6,876
--------------------------------------------------------------------------------------------------------------
7,475 University of California, COP, Series A, 5.25% due 11/01/2007 (a)(i) 7,752
--------------------------------------------------------------------------------------------------------------
9,875 University of California, Hospital Revenue Bonds (University of California Medical
Center), 5.75% due 7/01/2006 (a)(i) 10,028
--------------------------------------------------------------------------------------------------------------
8,700 University of California Revenue Bonds, ROLS, Series II-R-524,
6.718% due 5/15/2033 (f)(g) 9,334
--------------------------------------------------------------------------------------------------------------
1,410 University of California Revenue Bonds, Series K, 5.25% due 9/01/2024 (c)(l) 1,470
--------------------------------------------------------------------------------------------------------------
16,000 University of California, Revenue Refunding Bonds (Multiple Purpose Projects),
Series E, 5.125% due 9/01/2020 (b) 16,470
--------------------------------------------------------------------------------------------------------------
10,000 Vista, California, Unified School District, GO, Series A, 5.25% due 8/01/2025 (f) 10,601
--------------------------------------------------------------------------------------------------------------
2,550 Vista, California, Unified School District, GO, Series B, 5% due 8/01/2028 (c) 2,643
--------------------------------------------------------------------------------------------------------------
6,075 Washington, California, Unified School District (Yolo County), Capital Appreciation,
GO (Election of 2004), Series A, 4.98%** due 8/01/2029 (c) 1,994
--------------------------------------------------------------------------------------------------------------
5,825 West Contra Costa, California, Unified School District, Capital Appreciation, GO
(Election of 2002), Series C, 4.98%** due 8/01/2029 (c) 1,895
--------------------------------------------------------------------------------------------------------------
6,690 West Contra Costa, California, Unified School District, GO (Election of 2002),
Series B, 5% due 8/01/2032 (f) 6,890
--------------------------------------------------------------------------------------------------------------
5,000 Woodland, California, Financing Authority, Lease Revenue Bonds (Capital Projects),
5% due 3/01/2026 (f) 5,178
--------------------------------------------------------------------------------------------------------------
3,145 Yorba Linda, California, Redevelopment Agency, Redevelopment Project Tax Allocation
Revenue Bonds (Subordinate Lien), Series B, 5% due 9/01/2032 (a) 3,274
-----------------------------------------------------------------------------------------------------------------------------------
Puerto Rico - 4.7% 15,000 Puerto Rico Commonwealth Infrastructure Financing Authority, Special Tax and Capital
Appreciation Revenue Bonds, Series A, 4.60%** due 7/01/2030 (c) 4,778
--------------------------------------------------------------------------------------------------------------
12,400 Puerto Rico Commonwealth Infrastructure Financing Authority, Special Tax and Capital
Appreciation Revenue Bonds, Series A, 4.77%** due 7/01/2042 (c) 2,146
--------------------------------------------------------------------------------------------------------------
10,000 Puerto Rico Commonwealth Infrastructure Financing Authority, Special Tax and Capital
Appreciation Revenue Bonds, Series A, 4.77%** due 7/01/2044 (a) 1,567
--------------------------------------------------------------------------------------------------------------
11,215 Puerto Rico Electric Power Authority, Power Revenue Bonds, Series HH,
5.30% due 7/01/2020 (f) 11,916
--------------------------------------------------------------------------------------------------------------
7,880 Puerto Rico Electric Power Authority, Power Revenue Bonds, Series NN,
5.125% due 7/01/2029 8,157
-----------------------------------------------------------------------------------------------------------------------------------
Total Municipal Bonds (Cost - $933,148) - 160.6% 969,124
-----------------------------------------------------------------------------------------------------------------------------------
MuniHoldings California Insured Fund, Inc.
Schedule of Investments as of March 31, 2006 (in Thousands)
Shares
Held Short-Term Securities Value
-----------------------------------------------------------------------------------------------------------------------------------
93 CMA California Municipal Money Fund (m) $ 93
-----------------------------------------------------------------------------------------------------------------------------------
Total Short-Term Securities (Cost - $93) - 0.0% 93
-----------------------------------------------------------------------------------------------------------------------------------
Total Investments (Cost - $933,241*) - 160.6% 969,217
Other Assets Less Liabilities - 4.1% 24,414
Preferred Stock, at Redemption Value - (64.7%) (390,206)
---------
Net Assets Applicable to Common Stock - 100.0% $ 603,425
=========
* The cost and unrealized appreciation (depreciation) of investments as of
March 31, 2006, as computed for federal income tax purposes, were as
follows:
Aggregate cost $ 933,250
=========
Gross unrealized appreciation $ 38,139
Gross unrealized depreciation (2,172)
---------
Net unrealized appreciation $ 35,967
=========
** Represents a zero coupon bond; the interest rate shown reflects the
effective yield at the time of purchase.
(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.
(l) Tradable Custodial Receipts (TRACERS).
(m) Investments in companies considered to be an affiliate of the Fund, for
purposes of Section 2(a)(3) of the Investment Company Act of 1940, were as
follows:
--------------------------------------------------------------------------
Affiliate Net Activity Dividend Income
--------------------------------------------------------------------------
CMA California Municipal Money Fund 38 $33
--------------------------------------------------------------------------
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: May 22, 2006
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: May 22, 2006
By: /s/ Donald C. Burke
------------------------------------------
Donald C. Burke
Chief Financial Officer
MuniHoldings California Insured Fund, Inc.
Date: May 22, 2006