<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001084500
<NAME> MUNIHOLDINGS CALIFORNIA INSURED FUND V, INC.
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> MAY-31-2000
<PERIOD-START> JUL-23-1999
<PERIOD-END> MAY-31-2000
<INVESTMENTS-AT-COST> 118905550
<INVESTMENTS-AT-VALUE> 115734082
<RECEIVABLES> 2019925
<ASSETS-OTHER> 104349
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 117858356
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 208386
<TOTAL-LIABILITIES> 208386
<SENIOR-EQUITY> 49000000
<PAID-IN-CAPITAL-COMMON> 75209181
<SHARES-COMMON-STOCK> 5065505
<SHARES-COMMON-PRIOR> 6667
<ACCUMULATED-NII-CURRENT> 393107
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (3780850)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (3171468)
<NET-ASSETS> 117649970
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 5593966
<OTHER-INCOME> 0
<EXPENSES-NET> (479947)
<NET-INVESTMENT-INCOME> 5114019
<REALIZED-GAINS-CURRENT> (3780850)
<APPREC-INCREASE-CURRENT> (3171468)
<NET-CHANGE-FROM-OPS> (1838299)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (3299523)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 5058838
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 117549965
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 543241
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 809721
<AVERAGE-NET-ASSETS> 114813464
<PER-SHARE-NAV-BEGIN> 15.00
<PER-SHARE-NII> 1.01
<PER-SHARE-GAIN-APPREC> (1.38)
<PER-SHARE-DIVIDEND> (.65)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> (.05)
<PER-SHARE-NAV-END> 13.55
<EXPENSE-RATIO> 1.35
</TABLE>
