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 811-8349
Name of Fund: MuniHoldings Florida 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 Florida 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: 08/31/2006
Date of reporting period: 09/01/05 - 11/30/05
Item 1 - Schedule of Investments
MuniHoldings Florida Insured Fund
Schedule of Investments as of November 30, 2005 (in Thousands)
Face
Amount Municipal Bonds Value
---------------------------------------------------------------------------------------------------------------------------------
Florida - 159.9% $ 6,600 Alachua County, Florida, School Board, COP, 5.25% due 7/01/2029 (a) $ 7,017
-----------------------------------------------------------------------------------------------------
4,195 Beacon Tradeport Community Development District, Florida, Special Assessment
Revenue Refunding Bonds (Commercial Project), Series A, 5.625% due 5/01/2032 (k) 4,473
-----------------------------------------------------------------------------------------------------
1,250 Brevard County, Florida, HFA, S/F Mortgage Revenue Bonds, AMT, 6.80%
due 3/01/2028 (d)(g) 1,263
-----------------------------------------------------------------------------------------------------
690 Clay County, Florida, HFA, S/F Mortgage Revenue Bonds, AMT, 6.55%
due 3/01/2028 (d)(i) 705
-----------------------------------------------------------------------------------------------------
1,320 Clay County, Florida, School Board, COP (Master Lease Program), 5.75%
due 7/01/2010 (b)(j) 1,450
-----------------------------------------------------------------------------------------------------
5,000 Collier County, Florida, IDA, IDR, Refunding (Southern States Utilities),
AMT, 6.50% due 10/01/2025 5,115
-----------------------------------------------------------------------------------------------------
20,575 Dade County, Florida, Water and Sewer System Revenue Bonds, 5.25%
due 10/01/2021 (h) 21,364
-----------------------------------------------------------------------------------------------------
21,640 Dade County, Florida, Water and Sewer System Revenue Bonds, 5.25%
due 10/01/2026 (h) 22,405
-----------------------------------------------------------------------------------------------------
340 Escambia County, Florida, HFA, S/F Mortgage Revenue Refunding Bonds
(Multi-County Program), AMT, Series A, 6.30% due 10/01/2020 (b)(i) 343
-----------------------------------------------------------------------------------------------------
1,280 Escambia County, Florida, HFA, S/F Mortgage Revenue Refunding Bonds
(Multi-County Program), AMT, Series A, 6.375% due 10/01/2026 (b)(i) 1,290
-----------------------------------------------------------------------------------------------------
1,835 Flagler County, Florida, Capital Improvement Revenue Bonds, 5%
due 10/01/2035 (b) 1,898
-----------------------------------------------------------------------------------------------------
1,020 Flagler County, Florida, School Board, COP, Series A, 5% due 8/01/2024 (c) 1,060
-----------------------------------------------------------------------------------------------------
2,205 Florida HFA, Homeowner Mortgage Revenue Refunding Bonds, AMT, Series 2, 5.75%
due 7/01/2014 (b) 2,281
-----------------------------------------------------------------------------------------------------
18,025 Florida HFA, Homeowner Mortgage Revenue Refunding Bonds, AMT, Series 2, 5.90%
due 7/01/2029 (b) 18,561
-----------------------------------------------------------------------------------------------------
1,230 Florida Housing Finance Corporation, Homeowner Mortgage Revenue Refunding
Bonds, AMT, Series 4, 6.25% due 7/01/2022 (c) 1,268
-----------------------------------------------------------------------------------------------------
2,055 Florida Housing Finance Corporation, Housing Revenue Bonds (Waverly
Apartments), AMT, Series C-1, 6.30% due 7/01/2030 (c) 2,197
-----------------------------------------------------------------------------------------------------
1,285 Florida Municipal Loan Council Revenue Bonds, Series B, 5.375%
due 11/01/2025 (b) 1,372
-----------------------------------------------------------------------------------------------------
4,150 Florida Municipal Loan Council Revenue Bonds, Series B, 5.375%
due 11/01/2030 (b) 4,419
---------------------------------------------------------------------------------------------------------------------------------
Portfolio Abbreviations
To simplify the listings of MuniHoldings Florida Insured Fund'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
IDA Industrial Development Authority
IDR Industrial Development Revenue Bonds
M/F Multi-Family
PCR Pollution Control Revenue Bonds
RIB Residual Interest Bonds
S/F Single-Family
MuniHoldings Florida Insured Fund
Schedule of Investments as of November 30, 2005 (in Thousands)
Face
Amount Municipal Bonds Value
---------------------------------------------------------------------------------------------------------------------------------
$ 3,750 Florida State Board of Education, Capital Outlay, GO, Public Education,
Refunding, Series D, 5.75% due 6/01/2022 (c) $ 4,125
-----------------------------------------------------------------------------------------------------
1,000 Florida State Board of Education, Capital Outlay, GO, Public Education,
Series C, 5.75% due 6/01/2010 (h)(j) 1,102
-----------------------------------------------------------------------------------------------------
6,600 Florida State Board of Education, Capital Outlay, GO, Public Education,
Series C, 5.75% due 6/01/2010 (h)(j) 7,275
-----------------------------------------------------------------------------------------------------
12,725 Florida State Board of Education, Lottery Revenue Bonds, DRIVERS,
Series 222, 9.138% due 7/01/2017 (f)(h) 15,871
-----------------------------------------------------------------------------------------------------
2,200 Florida State Board of Regents, Housing Revenue Bonds (University of Central
Florida), 5.25% due 10/01/2026 (h) 2,334
-----------------------------------------------------------------------------------------------------
1,080 Florida State Board of Regents, Housing Revenue Bonds (University of
Florida), 6% due 7/01/2010 (h)(j) 1,202
-----------------------------------------------------------------------------------------------------
7,165 Florida State Board of Regents, University Systems Improvement Revenue Bonds,
5.25% due 7/01/2007 (b)(j) 7,446
-----------------------------------------------------------------------------------------------------
3,505 Florida State Department of General Services, Division Facilities Management
Revenue Bonds (Florida Facilities Pool), Series A, 6% due 9/01/2010 (a)(j) 3,910
-----------------------------------------------------------------------------------------------------
2,350 Florida State Governmental Utility Authority, Utility Revenue Bonds (Citrus
Utility System), 5.125% due 10/01/2033 (a) 2,440
-----------------------------------------------------------------------------------------------------
2,900 Florida State Governmental Utility Authority, Utility Revenue Bonds (Lehigh
Utility System), 5.125% due 10/01/2033 (a) 3,011
-----------------------------------------------------------------------------------------------------
14,325 Florida State Turnpike Authority, Turnpike Revenue Bonds, DRIVERS,
Series 218, 9.128% due 7/01/2029 (f)(h) 17,867
-----------------------------------------------------------------------------------------------------
7,135 Highlands County, Florida, Health Facilities Authority, Hospital Revenue
Bonds (Adventist Health System), Series A, 6% due 11/15/2031 7,635
-----------------------------------------------------------------------------------------------------
11,415 Highlands County, Florida, Health Facilities Authority, Hospital Revenue
Refunding Bonds (Adventist Health System), Series B, 5% due 11/15/2030 11,504
-----------------------------------------------------------------------------------------------------
4,500 Hillsborough County, Florida, IDA, PCR, Refunding (Tampa Electric Company
Project), 6.25% due 12/01/2034 (b) 4,630
-----------------------------------------------------------------------------------------------------
6,600 Hillsborough County, Florida, School Board, COP, 5.375% due 7/01/2009 (b)(j) 7,025
-----------------------------------------------------------------------------------------------------
33,400 Hillsborough County, Florida, School Board, COP, 6% due 7/01/2009 (b)(j) 36,532
-----------------------------------------------------------------------------------------------------
1,300 Indian River County, Florida, Water and Sewer Revenue Refunding Bonds,
Series A, 5.25% due 9/01/2018 (h) 1,381
-----------------------------------------------------------------------------------------------------
1,800 Jacksonville, Florida, Economic Development Commission, Health Care
Facilities Revenue Bonds (Mayo Clinic-Jacksonville), Series A, 5.50%
due 11/15/2036 (b) 1,943
-----------------------------------------------------------------------------------------------------
7,305 Jacksonville, Florida, Guaranteed Entitlement Revenue Refunding and
Improvement Bonds, 5.25% due 10/01/2032 (h) 7,684
-----------------------------------------------------------------------------------------------------
1,130 Jacksonville, Florida, Port Authority, Seaport Revenue Bonds, AMT,
5.625% due 11/01/2010 (b)(j) 1,220
-----------------------------------------------------------------------------------------------------
1,870 Jacksonville, Florida, Port Authority, Seaport Revenue Bonds, AMT,
5.625% due 11/01/2026 (b) 1,981
-----------------------------------------------------------------------------------------------------
2,000 Jacksonville, Florida, Sales Tax Revenue Bonds, 5.50% due 10/01/2016 (a) 2,176
-----------------------------------------------------------------------------------------------------
3,800 Jacksonville, Florida, Sales Tax Revenue Bonds, 5.50% due 10/01/2018 (a) 4,127
-----------------------------------------------------------------------------------------------------
MuniHoldings Florida Insured Fund
Schedule of Investments as of November 30, 2005 (in Thousands)
Face
Amount Municipal Bonds Value
---------------------------------------------------------------------------------------------------------------------------------
$ 1,500 Jacksonville, Florida, Water and Sewer Revenue Bonds (United Water Florida
Project), AMT, 6.35% due 8/01/2025 (a) $ 1,533
-----------------------------------------------------------------------------------------------------
9,963 Lee County, Florida, Airport Revenue Bonds, RIB, AMT, Series 811-X, 8.65%
due 10/01/2029 (c)(f) 11,679
-----------------------------------------------------------------------------------------------------
1,000 Lee County, Florida, Airport Revenue Bonds, Series B, 5.75% due 10/01/2033 (c) 1,087
-----------------------------------------------------------------------------------------------------
150 Lee County, Florida, HFA, S/F Mortgage Revenue Bonds (Multi-County Program),
AMT, Series A-1, 7.20% due 3/01/2033 (d)(g) 151
-----------------------------------------------------------------------------------------------------
740 Lee County, Florida, HFA, S/F Mortgage Revenue Refunding Bonds, AMT,
Series A-2, 6.30% due 3/01/2029 (d)(e)(g) 743
-----------------------------------------------------------------------------------------------------
8,240 Lee County, Florida, Transportation Facilities Revenue Bonds (Sanibel Bridges
and Causeway), Series B, 5% due 10/01/2035 (l) 8,459
-----------------------------------------------------------------------------------------------------
1,605 Leesburg, Florida, Capital Improvement Revenue Bonds, 5.25% due 10/01/2027 (h) 1,714
-----------------------------------------------------------------------------------------------------
3,425 Leesburg, Florida, Capital Improvement Revenue Bonds, 5.25% due 10/01/2034 (h) 3,633
-----------------------------------------------------------------------------------------------------
525 Manatee County, Florida, HFA, S/F Mortgage Revenue Refunding Bonds, AMT,
Sub-Series 1, 6.25% due 11/01/2028 (d) 530
-----------------------------------------------------------------------------------------------------
1,330 Marco Island, Florida, Utility System Revenue Bonds, 5.25% due 10/01/2020 (b) 1,435
-----------------------------------------------------------------------------------------------------
5,990 Martin County, Florida, Utilities System Revenue Bonds, 5.125%
due 10/01/2033 (a) 6,219
-----------------------------------------------------------------------------------------------------
1,630 Miami Beach, Florida, Stormwater Revenue Bonds, 5.75% due 9/01/2016 (h) 1,792
-----------------------------------------------------------------------------------------------------
1,000 Miami Beach, Florida, Stormwater Revenue Bonds, 5.25% due 9/01/2020 (h) 1,065
-----------------------------------------------------------------------------------------------------
4,400 Miami Beach, Florida, Stormwater Revenue Bonds, 5.25% due 9/01/2025 (h) 4,664
-----------------------------------------------------------------------------------------------------
1,910 Miami Beach, Florida, Stormwater Revenue Bonds, 5.375% due 9/01/2030 (h) 2,032
-----------------------------------------------------------------------------------------------------
2,690 Miami Beach, Florida, Water and Sewer Revenue Bonds, 5.625% due 9/01/2018 (a) 2,933
-----------------------------------------------------------------------------------------------------
10,600 Miami Beach, Florida, Water and Sewer Revenue Bonds, 5.75% due 9/01/2025 (a) 11,553
-----------------------------------------------------------------------------------------------------
5,160 Miami-Dade County, Florida, Aviation Revenue Bonds, AMT, Series A, 5%
due 10/01/2033 (c) 5,219
-----------------------------------------------------------------------------------------------------
4,390 Miami-Dade County, Florida, Aviation Revenue Bonds, AMT, Series A, 5.125%
due 10/01/2035 (c) 4,474
-----------------------------------------------------------------------------------------------------
6,000 Miami-Dade County, Florida, Aviation Revenue Bonds (Miami International
Airport), AMT, Series A, 6% due 10/01/2024 (h) 6,517
-----------------------------------------------------------------------------------------------------
10,000 Miami-Dade County, Florida, Aviation Revenue Bonds (Miami International
Airport), AMT, Series A, 6% due 10/01/2029 (h) 10,862
-----------------------------------------------------------------------------------------------------
18,265 Miami-Dade County, Florida, Aviation Revenue Refunding Bonds (Miami
International Airport), AMT, Series A, 5% due 10/01/2038 (l) 18,433
-----------------------------------------------------------------------------------------------------
1,000 Miami-Dade County, Florida, Educational Facilities Authority Revenue Bonds,
Series A, 5.50% due 4/01/2019 (a) 1,079
-----------------------------------------------------------------------------------------------------
19,425 Miami-Dade County, Florida, Educational Facilities Authority Revenue Bonds,
Series A, 6% due 4/01/2023 (a) 21,342
-----------------------------------------------------------------------------------------------------
5,000 Miami-Dade County, Florida, Educational Facilities Authority Revenue Bonds
(University of Miami), Series A, 5.75% due 4/01/2029 (a) 5,419
-----------------------------------------------------------------------------------------------------
8,995 Miami-Dade County, Florida, Expressway Authority, Toll System Revenue Bonds,
Series B, 5.25% due 7/01/2027 (h) 9,576
-----------------------------------------------------------------------------------------------------
11,375 Miami-Dade County, Florida, Expressway Authority, Toll System Revenue Bonds,
Series B, 5% due 7/01/2033 (h) 11,711
-----------------------------------------------------------------------------------------------------
MuniHoldings Florida Insured Fund
Schedule of Investments as of November 30, 2005 (in Thousands)
Face
Amount Municipal Bonds Value
---------------------------------------------------------------------------------------------------------------------------------
$12,250 Miami-Dade County, Florida, Expressway Authority, Toll System Revenue
Refunding Bonds, 5.125% due 7/01/2025 (h) $ 12,881
-----------------------------------------------------------------------------------------------------
8,250 Miami-Dade County, Florida, GO (Building Better Communities Program),
5% due 7/01/2030 (h) 8,568
-----------------------------------------------------------------------------------------------------
7,000 Miami-Dade County, Florida, GO (Building Better Communities Program),
5% due 7/01/2035 (h) 7,237
-----------------------------------------------------------------------------------------------------
6,705 Miami-Dade County, Florida, GO (Parks Program), 6% due 11/01/2024 (h) 7,334
-----------------------------------------------------------------------------------------------------
2,185 Miami-Dade County, Florida, HFA, M/F Mortgage Revenue Bonds (Marbrisa
Apartments Project), AMT, Series 2A, 6% due 8/01/2026 (c) 2,316
-----------------------------------------------------------------------------------------------------
5,100 Miami-Dade County, Florida, IDA, IDR (Airis Miami II LLC Project), AMT,
6% due 10/15/2019 (a) 5,514
-----------------------------------------------------------------------------------------------------
3,280 Miami-Dade County, Florida, IDA, IDR (BAC Funding Corporation Project),
Series A, 5.25% due 10/01/2020 (a) 3,518
-----------------------------------------------------------------------------------------------------
10,890 Miami-Dade County, Florida, Public Facilities Revenue Bonds (Jackson Health
System), Series A, 5% due 6/01/2028 (b) 11,188
-----------------------------------------------------------------------------------------------------
2,945 Miami-Dade County, Florida, Solid Waste System Revenue Bonds, 5.50%
due 10/01/2015 (c) 3,214
-----------------------------------------------------------------------------------------------------
3,105 Miami-Dade County, Florida, Solid Waste System Revenue Bonds, 5.50%
due 10/01/2016 (c) 3,375
-----------------------------------------------------------------------------------------------------
8,800 Miami-Dade County, Florida, Solid Waste System Revenue Bonds, 5.25%
due 10/01/2030 (b) 9,406
-----------------------------------------------------------------------------------------------------
1,035 Nassau County, Florida, Public Improvement Revenue Refunding Bonds, 5.75%
due 5/01/2016 (b) 1,136
-----------------------------------------------------------------------------------------------------
1,095 Nassau County, Florida, Public Improvement Revenue Refunding Bonds, 5.75%
due 5/01/2017 (b) 1,199
-----------------------------------------------------------------------------------------------------
1,155 Nassau County, Florida, Public Improvement Revenue Refunding Bonds, 5.75%
due 5/01/2018 (b) 1,265
-----------------------------------------------------------------------------------------------------
1,225 Nassau County, Florida, Public Improvement Revenue Refunding Bonds, 5.75%
due 5/01/2019 (b) 1,341
-----------------------------------------------------------------------------------------------------
5,175 Nassau County, Florida, Water and Sewer System Revenue Bonds, 5.125%
due 9/01/2033 (b) 5,371
-----------------------------------------------------------------------------------------------------
5 Orange County, Florida, HFA, Homeowner Revenue Refunding Bonds, AMT,
Series B-1, 6.20% due 9/01/2029 (d)(g) 5
-----------------------------------------------------------------------------------------------------
2,375 Orange County, Florida, HFA, M/F Housing Revenue Bonds, Series A, 6.40%
due 1/01/2031 (b) 2,468
-----------------------------------------------------------------------------------------------------
1,275 Orange County, Florida, HFA, S/F Mortgage Revenue Bonds, AMT, 6.85%
due 10/01/2027 (d)(g) 1,289
-----------------------------------------------------------------------------------------------------
2,900 Orange County, Florida, Health Facilities Authority, Hospital Revenue Bonds
(Adventist Health System), 6.25% due 11/15/2024 3,200
-----------------------------------------------------------------------------------------------------
9,220 Orange County, Florida, Health Facilities Authority, Hospital Revenue Bonds
(Orlando Regional Healthcare), 6% due 12/01/2029 9,888
-----------------------------------------------------------------------------------------------------
5,000 Orange County, Florida, Health Facilities Authority, Hospital Revenue Bonds
(Orlando Regional Healthcare), Series A, 6.25% due 10/01/2018 (b) 5,948
-----------------------------------------------------------------------------------------------------
1,300 Orange County, Florida, School Board COP, 5.50% due 8/01/2025 (a) 1,396
-----------------------------------------------------------------------------------------------------
31,745 Orange County, Florida, Tourist Development, Tax Revenue Bonds, 5.75%
due 10/01/2009 (a)(j) 34,322
-----------------------------------------------------------------------------------------------------
27,075 Orange County, Florida, Tourist Development, Tax Revenue Bonds, 5.50%
due 10/01/2032 (a) 29,060
-----------------------------------------------------------------------------------------------------
3,250 Orlando and Orange County, Florida, Expressway Authority Revenue Bonds,
Series B, 5% due 7/01/2030 (a) 3,353
-----------------------------------------------------------------------------------------------------
28,700 Orlando and Orange County, Florida, Expressway Authority Revenue Bonds,
Series B, 5% due 7/01/2035 (a) 29,464
-----------------------------------------------------------------------------------------------------
3,155 Osceola County, Florida, Infrastructure Sales Surplus Tax Revenue Bonds,
5.375% due 10/01/2018 (a) 3,418
-----------------------------------------------------------------------------------------------------
MuniHoldings Florida Insured Fund
Schedule of Investments as of November 30, 2005 (in Thousands)
Face
Amount Municipal Bonds Value
---------------------------------------------------------------------------------------------------------------------------------
$ 7,680 Osceola County, Florida, Infrastructure Sales Surplus Tax Revenue Bonds,
5.25% due 10/01/2025 (a) $ 8,169
-----------------------------------------------------------------------------------------------------
2,065 Osceola County, Florida, Sales Tax Revenue Bonds, 5.625% due 6/01/2016 (h) 2,268
-----------------------------------------------------------------------------------------------------
1,605 Osceola County, Florida, Sales Tax Revenue Bonds, 5.625% due 6/01/2017 (h) 1,759
-----------------------------------------------------------------------------------------------------
1,075 Osceola County, Florida, Sales Tax Revenue Bonds, 5.625% due 6/01/2018 (h) 1,178
-----------------------------------------------------------------------------------------------------
4,240 Osceola County, Florida, School Board, COP, Series A, 5.25% due 6/01/2027 (a) 4,474
-----------------------------------------------------------------------------------------------------
5,560 Osceola County, Florida, Tourist Development Tax Revenue Bonds, Series A,
5.50% due 10/01/2027 (h) 5,996
-----------------------------------------------------------------------------------------------------
1,715 Palm Bay, Florida, Utility System Improvement Revenue Bonds, Series A,
5% due 10/01/2025 (h) 1,798
-----------------------------------------------------------------------------------------------------
4,605 Palm Beach County, Florida, GO (Liquid Acquisition Program), Series B,
5.75% due 8/01/2016 (b) 4,993
-----------------------------------------------------------------------------------------------------
5,330 Palm Beach County, Florida, GO (Liquid Acquisition Program), Series B, 5.75%
due 8/01/2018 (b) 5,769
-----------------------------------------------------------------------------------------------------
2,665 Palm Beach County, Florida, Public Improvement Revenue Bonds (Convention
Center Project), 5.625% due 11/01/2011 (h)(j) 2,943
-----------------------------------------------------------------------------------------------------
2,835 Palm Beach County, Florida, Public Improvement Revenue Bonds (Convention
Center Project), 5.625% due 11/01/2011 (h)(j) 3,131
-----------------------------------------------------------------------------------------------------
6,115 Palm Beach County, Florida, School Board COP, Refunding, Series B, 5.375%
due 8/01/2017 (a) 6,599
-----------------------------------------------------------------------------------------------------
5,070 Palm Beach County, Florida, School Board, COP, Series A, 6%
due 8/01/2010 (h)(j) 5,650
-----------------------------------------------------------------------------------------------------
13,205 Palm Beach County, Florida, School Board, COP, Series A, 6.25%
due 8/01/2010 (h)(j) 14,856
-----------------------------------------------------------------------------------------------------
4,000 Palm Coast, Florida, Utility System Revenue Bonds, 5% due 10/01/2027 (b) 4,133
-----------------------------------------------------------------------------------------------------
3,000 Panama City, Florida, Water and Sewer Revenue Bonds, Series B, 5.25%
due 10/01/2022 (b) 3,255
-----------------------------------------------------------------------------------------------------
2,070 Pembroke Pines, Florida, Public Improvement Revenue Bonds, Series A, 5%
due 10/01/2034 (a) 2,136
-----------------------------------------------------------------------------------------------------
3,195 Polk County, Florida, Public Facilities Revenue Bonds, 5% due 12/01/2025 (b) 3,346
-----------------------------------------------------------------------------------------------------
4,940 Polk County, Florida, Public Facilities Revenue Bonds, 5% due 12/01/2033 (b) 5,105
-----------------------------------------------------------------------------------------------------
9,885 Polk County, Florida, School Board COP, Master Lease, Series A, 5.50%
due 1/01/2025 (c) 10,612
-----------------------------------------------------------------------------------------------------
9,645 Pompano Beach, Florida, Water and Sewer Revenue Bonds, 6% due 7/01/2020 (h) 10,112
-----------------------------------------------------------------------------------------------------
3,000 Port St. Lucie, Florida, GO, 5% due 7/01/2032 (b) 3,105
-----------------------------------------------------------------------------------------------------
1,280 Port St. Lucie, Florida, Utility Revenue Bonds, 5.25% due 9/01/2026 (b) 1,370
-----------------------------------------------------------------------------------------------------
1,345 Port St. Lucie, Florida, Utility Revenue Bonds, 5.25% due 9/01/2027 (b) 1,435
-----------------------------------------------------------------------------------------------------
1,275 Saint Johns County, Florida, IDA, IDR, Refunding (Professional Golf Project),
5.50% due 9/01/2015 (b) 1,401
-----------------------------------------------------------------------------------------------------
1,345 Saint Johns County, Florida, IDA, IDR, Refunding (Professional Golf Project),
5.50% due 9/01/2016 (b) 1,463
-----------------------------------------------------------------------------------------------------
1,420 Saint Johns County, Florida, IDA, IDR, Refunding (Professional Golf Project),
5.50% due 9/01/2017 (b) 1,541
-----------------------------------------------------------------------------------------------------
1,500 Saint Johns County, Florida, IDA, IDR, Refunding (Professional Golf Project),
5.50% due 9/01/2018 (b) 1,628
-----------------------------------------------------------------------------------------------------
1,375 Saint Johns County, Florida, Sales Tax Revenue Bonds, GO, Series A, 5.25%
due 10/01/2028 (a) 1,467
-----------------------------------------------------------------------------------------------------
1,355 Saint Johns County, Florida, Sales Tax Revenue Bonds, GO, Series A, 5.25%
due 10/01/2031 (a) 1,441
-----------------------------------------------------------------------------------------------------
2,000 Saint Johns County, Florida, Sales Tax Revenue Bonds, GO, Series A, 5.25%
due 10/01/2034 (a) 2,122
-----------------------------------------------------------------------------------------------------
1,430 Saint Johns County, Florida, Sales Tax Revenue Bonds, GO, Series B, 5.25%
due 10/01/2027 (a) 1,527
-----------------------------------------------------------------------------------------------------
MuniHoldings Florida Insured Fund
Schedule of Investments as of November 30, 2005 (in Thousands)
Face
Amount Municipal Bonds Value
---------------------------------------------------------------------------------------------------------------------------------
$ 840 Saint Johns County, Florida, Sales Tax Revenue Bonds, GO, Series B, 5.25%
due 10/01/2032 (a) $ 892
-----------------------------------------------------------------------------------------------------
3,500 Saint Johns County, Florida, Transportation Improvement Revenue Bonds, 5.125%
due 10/01/2032 (a) 3,635
-----------------------------------------------------------------------------------------------------
4,055 Saint Lucie County, Florida, School Board, COP, 6.25% due 7/01/2010 (c)(j) 4,556
-----------------------------------------------------------------------------------------------------
1,495 Saint Lucie County, Florida, School Board COP, Refunding, Series A, 5.50%
due 7/01/2018 (c) 1,620
-----------------------------------------------------------------------------------------------------
1,170 Saint Lucie County, Florida, School Board COP, Refunding, Series C, 5.50%
due 7/01/2018 (c) 1,268
-----------------------------------------------------------------------------------------------------
1,720 Saint Lucie, Florida, West Services District, Utility Revenue Bonds, 5.25%
due 10/01/2034 (b) 1,834
-----------------------------------------------------------------------------------------------------
4,750 Saint Lucie, Florida, West Services District, Utility Revenue Bonds, 5%
due 10/01/2038 (b) 4,899
-----------------------------------------------------------------------------------------------------
3,250 Saint Lucie, Florida, West Services District, Utility Revenue Refunding Bonds,
Senior Lien, 6% due 10/01/2022 (b) 3,626
-----------------------------------------------------------------------------------------------------
3,000 Seminole County, Florida, Sales Tax Revenue Bonds, Series A, 5%
due 10/01/2031 (b) 3,111
-----------------------------------------------------------------------------------------------------
1,750 South Lake County, Florida, Hospital District Revenue Bonds (South Lake
Hospital Inc.), 5.80% due 10/01/2034 1,815
-----------------------------------------------------------------------------------------------------
2,250 Sunrise, Florida, Utility System Revenue Refunding Bonds, 5.20%
due 10/01/2022 (a) 2,468
-----------------------------------------------------------------------------------------------------
2,430 Sunrise Lakes, Florida, Phase 4 Recreation District, Refunding Bonds, GO,
5.25% due 8/01/2024 (a) 2,517
-----------------------------------------------------------------------------------------------------
8,200 Tallahassee, Florida, Energy System Revenue Bonds, 5% due 10/01/2035 (b) 8,450
-----------------------------------------------------------------------------------------------------
2,800 Tallahassee, Florida, Lease Revenue Bonds (Florida State University Project),
Series A, 5.25% due 8/01/2023 (b) 2,918
-----------------------------------------------------------------------------------------------------
1,000 Tallahassee, Florida, Lease Revenue Bonds (Florida State University Project),
Series A, 5.375% due 8/01/2026 (b) 1,063
-----------------------------------------------------------------------------------------------------
30,335 Tampa Bay, Florida, Water Utility System Revenue Bonds, 6%
due 10/01/2011 (h)(j) 34,050
-----------------------------------------------------------------------------------------------------
14,750 Tampa, Florida, Sports Authority Revenue Bonds (Local Option Sales
Tax-Stadium Project), 5.25% due 1/01/2007 (b)(j) 15,208
-----------------------------------------------------------------------------------------------------
3,835 Taylor County, Florida, Sales Tax Revenue Bonds, 6% due 10/01/2010 (h)(j) 4,251
-----------------------------------------------------------------------------------------------------
1,700 University of Central Florida, COP (UCF Convocation Center), Series A, 5%
due 10/01/2035 (h) 1,752
-----------------------------------------------------------------------------------------------------
1,745 University of Central Florida (UCF) Athletics Association Inc., COP,
Series A, 5% due 10/01/2026 (h) 1,816
-----------------------------------------------------------------------------------------------------
1,125 University of Central Florida (UCF) Athletics Association Inc., COP,
Series A, 5% due 10/01/2030 (h) 1,164
-----------------------------------------------------------------------------------------------------
8,935 University of Central Florida (UCF) Athletics Association Inc., COP,
Series A, 5.25% due 10/01/2034 (h) 9,412
-----------------------------------------------------------------------------------------------------
4,155 Village Center Community Development District, Florida, Recreational Revenue
Bonds, Series A, 5% due 11/01/2032 (b) 4,265
-----------------------------------------------------------------------------------------------------
10,775 Village Center Community Development District, Florida, Recreational Revenue
Bonds, Series A, 5.375% due 11/01/2034 (b) 11,594
-----------------------------------------------------------------------------------------------------
1,750 Village Center Community Development District, Florida, Recreational Revenue
Bonds, Series A, 5.125% due 11/01/2036 (b) 1,824
-----------------------------------------------------------------------------------------------------
3,000 Village Center Community Development District, Florida, Utility Revenue
Bonds, 5.25% due 10/01/2023 (b) 3,224
-----------------------------------------------------------------------------------------------------
MuniHoldings Florida Insured Fund
Schedule of Investments as of November 30, 2005 (in Thousands)
Face
Amount Municipal Bonds Value
---------------------------------------------------------------------------------------------------------------------------------
$ 2,075 Volusia County, Florida, IDA, Student Housing Revenue Bonds (Stetson
University Project), Series A, 5% due 6/01/2025 (l) $ 2,172
-----------------------------------------------------------------------------------------------------
1,740 Volusia County, Florida, IDA, Student Housing Revenue Bonds (Stetson
University Project), Series A, 5% due 6/01/2035 (l) 1,798
-----------------------------------------------------------------------------------------------------
9,450 Winter Haven, Florida, Utility System Revenue Refunding and Improvement
Bonds, 5% due 10/01/2035 (b) 9,776
---------------------------------------------------------------------------------------------------------------------------------
District of Columbia - 0.4% 2,050 Metropolitan Washington Airports Authority, D.C., Airport System Revenue
Bonds, AMT, Series A, 5.25% due 10/01/2032 (h) 2,100
---------------------------------------------------------------------------------------------------------------------------------
Mississippi - 0.7% 4,000 Jackson, Mississippi, Municipal Airport Authority, Airport Revenue Refunding
Bonds, Series A, 5% due 10/01/2031 (a) 4,097
---------------------------------------------------------------------------------------------------------------------------------
Texas - 1.7% 9,350 San Antonio, Texas, Convention Center Hotel Finance Corporation, Contract
Revenue Empowerment Zone Bonds, AMT, Series A, 5% due 7/15/2034 (a) 9,440
---------------------------------------------------------------------------------------------------------------------------------
Puerto Rico - 2.0% 2,385 Puerto Rico Commonwealth Highway and Transportation Authority, Transportation
Revenue Bonds, Series G, 5% due 7/01/2042 2,338
-----------------------------------------------------------------------------------------------------
1,000 Puerto Rico Commonwealth, Public Improvement, GO, Series A, 5% due 7/01/2027 1,000
-----------------------------------------------------------------------------------------------------
2,700 Puerto Rico Commonwealth, Public Improvement, GO, Series A, 5% due 7/01/2034 2,674
-----------------------------------------------------------------------------------------------------
2,000 Puerto Rico Commonwealth, Public Improvement, GO, Series A, 5% due 7/01/2034 (l) 2,060
-----------------------------------------------------------------------------------------------------
2,725 Puerto Rico Industrial Tourist, Educational, Medical and Environmental
Control Facilities Revenue Bonds (University Plaza Project), Series A,
5.625% due 7/01/2019 (b) 2,950
---------------------------------------------------------------------------------------------------------------------------------
Total Investments (Cost - $876,380*) - 164.7% 917,860
Other Assets Less Liabilities - 0.5% 2,722
Preferred Shares, at Redemption Value - (65.2%) (363,348)
---------
Net Assets Applicable to Common Shares - 100.0% $ 557,234
=========
* The cost and unrealized appreciation (depreciation) of investments as of
November 30, 2005, as computed for federal income tax purposes, were as
follows:
Aggregate cost $ 877,123
=========
Gross unrealized appreciation $ 42,856
Gross unrealized depreciation (2,119)
---------
Net unrealized appreciation $ 40,737
=========
(a) AMBAC Insured.
(b) MBIA Insured.
(c) FSA Insured.
(d) GNMA Collateralized.
(e) FHLMC Collateralized.
(f) The rate disclosed is that currently in effect. This rate changes
periodically and inversely based upon prevailing market rates.
(g) FNMA Collateralized.
(h) FGIC Insured.
(i) FHA Insured.
(j) Prerefunded.
MuniHoldings Florida Insured Fund
Schedule of Investments as of November 30, 2005 (in Thousands)
(k) Radian Insured.
(l) CIFG Insured.
Investments in companies considered to be an affiliate of the Fund, for
purposes of Section 2(a)(3) of the Investment Company Act of 1940, were as
follows:
=============================================================================================================
Net Dividend
Affiliate Activity Income
=============================================================================================================
Merrill Lynch Institutional Tax-Exempt Fund (2,535) $53
=============================================================================================================
Forward interest rate swaps outstanding as of November 30, 2005 were as
follows:
=============================================================================================================
Notional Unrealized
Amount Appreciation
=============================================================================================================
Pay a fixed rate of 3.852% and receive a floating rate based on 1-week USD
Bond Market Association Swap Index Rate
Broker, JPMorgan Chase Bank
Expires January 2016 $65,000 $47
=============================================================================================================
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 Florida Insured Fund, Inc.
By: /s/ Robert C. Doll, Jr.
-----------------------
Robert C. Doll, Jr.
Chief Executive Officer
MuniHoldings Florida Insured Fund, Inc.
Date: January 25, 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 Florida Insured Fund, Inc.
Date: January 25, 2006
By: /s/ Donald C. Burke
-----------------------
Donald C. Burke
Chief Financial Officer
MuniHoldings Florida Insured Fund, Inc.
Date: January 25, 2006