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: BlackRock MuniHoldings Florida Insured Fund
Fund Address: P.O. Box 9011
Princeton, NJ 08543-9011
Name and address of agent for service: Robert C. Doll, Jr., Chief Executive
Officer, BlackRock MuniHoldings Florida Insured Fund, 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: 08/31/2007
Date of reporting period: 09/01/06 - 11/30/06
Item 1 - Schedule of Investments
BlackRock MuniHoldings Florida Insured Fund
Schedule of Investments as of November 30, 2006 (in Thousands)
Face
Amount Municipal Bonds Value
-----------------------------------------------------------------------------------------------------------------------------------
District of $ 2,050 Metropolitan Washington Airports Authority, D.C., Airport System Revenue Bonds, AMT,
Columbia - 0.4% Series A, 5.25% due 10/01/2032 (h) $ 2,180
-----------------------------------------------------------------------------------------------------------------------------------
Florida - 146.5% 6,600 Alachua County, Florida, School Board, COP, 5.25% due 7/01/2029 (b) 7,144
-----------------------------------------------------------------------------------------------------------------
3,490 Bay County, Florida, Sales Tax Revenue Bonds, 5% due 9/01/2025 (b) 3,784
-----------------------------------------------------------------------------------------------------------------
3,665 Bay County, Florida, Sales Tax Revenue Bonds, 5% due 9/01/2026 (b) 3,968
-----------------------------------------------------------------------------------------------------------------
4,190 Beacon Tradeport Community Development District, Florida, Special Assessment Revenue
Refunding Bonds (Commercial Project), Series A, 5.625% due 5/01/2032 (k) 4,591
-----------------------------------------------------------------------------------------------------------------
8,000 Broward County, Florida, Educational Facilities Authority Revenue Bonds (Nova
Southeastern University), 5% due 4/01/2031 (n) 8,515
-----------------------------------------------------------------------------------------------------------------
3,000 Cape Coral, Florida, Special Obligation Revenue Bonds, 5% due 10/01/2030 (a) 3,234
-----------------------------------------------------------------------------------------------------------------
4,190 Cape Coral, Florida, Special Obligation Revenue Bonds, 5% due 10/01/2033 (a) 4,510
-----------------------------------------------------------------------------------------------------------------
440 Clay County, Florida, HFA, S/F Mortgage Revenue Bonds, AMT, 6.55% due 3/01/2028 (d)(i) 450
-----------------------------------------------------------------------------------------------------------------
1,320 Clay County, Florida, School Board, COP (Master Lease Program), 5.75% due 7/01/2010 (a)(j) 1,427
-----------------------------------------------------------------------------------------------------------------
900 Collier County, Florida, IDA, IDR, Refunding (Southern States Utilities), AMT,
6.50% due 10/01/2025 920
-----------------------------------------------------------------------------------------------------------------
20,575 Dade County, Florida, Water and Sewer System Revenue Bonds, 5.25% due 10/01/2021 (h) 21,046
-----------------------------------------------------------------------------------------------------------------
21,640 Dade County, Florida, Water and Sewer System Revenue Bonds, 5.25% due 10/01/2026 (h) 22,103
-----------------------------------------------------------------------------------------------------------------
2,000 Deltona, Florida, Transportation Capital Improvement Revenue Bonds, 5.125%
due 10/01/2026 (a) 2,181
-----------------------------------------------------------------------------------------------------------------
1,130 Emerald Coast, Florida, Utilities Authority, System Revenue Bonds, 5.25% due 1/01/2026 (h) 1,242
-----------------------------------------------------------------------------------------------------------------
1,560 Emerald Coast, Florida, Utilities Authority, System Revenue Bonds, 5.25% due 1/01/2036 (h) 1,711
-----------------------------------------------------------------------------------------------------------------
1,515 Emerald Coast, Florida, Utilities Authority, System Revenue Refunding Bonds,
5% due 1/01/2023 (h) 1,638
-----------------------------------------------------------------------------------------------------------------
105 Escambia County, Florida, HFA, S/F Mortgage Revenue Refunding Bonds (Multi-County Program),
AMT, Series A, 6.30% due 10/01/2020 (a)(i) 106
-----------------------------------------------------------------------------------------------------------------
390 Escambia County, Florida, HFA, S/F Mortgage Revenue Refunding Bonds (Multi-County Program),
AMT, Series A, 6.375% due 10/01/2026 (a)(i) 394
-----------------------------------------------------------------------------------------------------------------
1,835 Flagler County, Florida, Capital Improvement Revenue Bonds, 5% due 10/01/2035 (a) 1,964
-----------------------------------------------------------------------------------------------------------------
1,615 Florida HFA, Homeowner Mortgage Revenue Refunding Bonds, AMT, Series 2, 5.75%
due 7/01/2014 (a) 1,631
-----------------------------------------------------------------------------------------------------------------
12,535 Florida HFA, Homeowner Mortgage Revenue Refunding Bonds, AMT, Series 2, 5.90%
due 7/01/2029 (a) 12,672
-----------------------------------------------------------------------------------------------------------------
815 Florida Housing Finance Corporation, Homeowner Mortgage Revenue Refunding Bonds, AMT,
Series 4, 6.25% due 7/01/2022 (c) 834
-----------------------------------------------------------------------------------------------------------------
Portfolio Abbreviations
To simplify the listings of BlackRock 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
GO General Obligation Bonds
HFA Housing Finance Agency
IDA Industrial Development Authority
IDR Industrial Development Revenue Bonds
M/F Multi-Family
S/F Single-Family
BlackRock MuniHoldings Florida Insured Fund
Schedule of Investments as of November 30, 2006 (in Thousands)
Face
Amount Municipal Bonds Value
-----------------------------------------------------------------------------------------------------------------------------------
$ 2,055 Florida Housing Finance Corporation, Housing Revenue Bonds (Waverly Apartments), AMT,
Series C-1, 6.30% due 7/01/2030 (c) $ 2,201
-----------------------------------------------------------------------------------------------------------------
1,285 Florida Municipal Loan Council Revenue Bonds, Series B, 5.375% due 11/01/2025 (a) 1,372
-----------------------------------------------------------------------------------------------------------------
4,150 Florida Municipal Loan Council Revenue Bonds, Series B, 5.375% due 11/01/2030 (a) 4,423
-----------------------------------------------------------------------------------------------------------------
3,750 Florida State Board of Education, Capital Outlay, GO, Public Education, Refunding,
Series D, 5.75% due 6/01/2022 (c) 4,055
-----------------------------------------------------------------------------------------------------------------
1,000 Florida State Board of Education, Capital Outlay, GO, Public Education, Series C,
5.75% due 6/01/2010 (h)(j) 1,081
-----------------------------------------------------------------------------------------------------------------
2,200 Florida State Board of Regents, Housing Revenue Bonds (University of Central Florida),
5.25% due 10/01/2026 (h) 2,334
-----------------------------------------------------------------------------------------------------------------
7,165 Florida State Board of Regents, University Systems Improvement Revenue Bonds, 5.25%
due 7/01/2007 (a)(j) 7,307
-----------------------------------------------------------------------------------------------------------------
3,505 Florida State Department of General Services, Division Facilities Management Revenue Bonds
(Florida Facilities Pool), Series A, 6% due 9/01/2010 (b)(j) 3,837
-----------------------------------------------------------------------------------------------------------------
2,350 Florida State Governmental Utility Authority, Utility Revenue Bonds (Citrus Utility
System), 5.125% due 10/01/2033 (b) 2,510
-----------------------------------------------------------------------------------------------------------------
2,900 Florida State Governmental Utility Authority, Utility Revenue Bonds (Lehigh Utility
System), 5.125% due 10/01/2033 (b) 3,097
-----------------------------------------------------------------------------------------------------------------
8,805 Fort Myers, Florida, Utility System Revenue Refunding Bonds, 5% due 10/01/2031 (a) 9,515
-----------------------------------------------------------------------------------------------------------------
16,000 Hernando County, Florida, School Board, COP, 5% due 7/01/2030 (a) 17,158
-----------------------------------------------------------------------------------------------------------------
7,135 Highlands County, Florida, Health Facilities Authority, Hospital Revenue Bonds (Adventist
Health System), Series A, 6% due 11/15/2011 (j) 7,962
-----------------------------------------------------------------------------------------------------------------
7,285 Highlands County, Florida, Health Facilities Authority, Hospital Revenue Bonds (Adventist
Health System), Series C, 5.25% due 11/15/2036 7,835
-----------------------------------------------------------------------------------------------------------------
6,600 Hillsborough County, Florida, School Board, COP, 5.375% due 7/01/2009 (a)(j) 6,903
-----------------------------------------------------------------------------------------------------------------
33,400 Hillsborough County, Florida, School Board, COP, 6% due 7/01/2009 (a)(j) 35,752
-----------------------------------------------------------------------------------------------------------------
1,300 Indian River County, Florida, Water and Sewer Revenue Refunding Bonds, Series A, 5.25%
due 9/01/2018 (h) 1,360
-----------------------------------------------------------------------------------------------------------------
1,800 Jacksonville, Florida, Economic Development Commission, Health Care Facilities Revenue
Bonds (Mayo Clinic-Jacksonville), Series A, 5.50% due 11/15/2036 (a) 1,953
-----------------------------------------------------------------------------------------------------------------
7,305 Jacksonville, Florida, Guaranteed Entitlement Revenue Refunding and Improvement Bonds,
5.25% due 10/01/2032 (h) 7,835
-----------------------------------------------------------------------------------------------------------------
1,870 Jacksonville, Florida, Port Authority, Seaport Revenue Bonds, AMT, 5.625% due 11/01/2026 (a) 1,989
-----------------------------------------------------------------------------------------------------------------
2,000 Jacksonville, Florida, Sales Tax Revenue Bonds, 5.50% due 10/01/2016 (b) 2,166
-----------------------------------------------------------------------------------------------------------------
3,800 Jacksonville, Florida, Sales Tax Revenue Bonds, 5.50% due 10/01/2018 (b) 4,105
-----------------------------------------------------------------------------------------------------------------
11,400 Jacksonville, Florida, Sales Tax Revenue Bonds, 5% due 10/01/2027 (a) 12,131
-----------------------------------------------------------------------------------------------------------------
1,500 Jacksonville, Florida, Water and Sewer Revenue Bonds (United Water Florida Project), AMT,
6.35% due 8/01/2025 (b) 1,518
-----------------------------------------------------------------------------------------------------------------
5,000 Lake County, Florida, School Board, COP, Series A, 5% due 6/01/2030 (b) 5,324
-----------------------------------------------------------------------------------------------------------------
4,225 Lee County, Florida, Capital Revenue Bonds, 5.25% due 10/01/2023 (b) 4,588
-----------------------------------------------------------------------------------------------------------------
85 Lee County, Florida, HFA, S/F Mortgage Revenue Bonds (Multi-County Program), AMT,
Series A-1, 7.20% due 3/01/2033 (d)(g) 86
-----------------------------------------------------------------------------------------------------------------
410 Lee County, Florida, HFA, S/F Mortgage Revenue Refunding Bonds, AMT, Series A-2,
6.30% due 3/01/2029 (d)(e)(g) 414
-----------------------------------------------------------------------------------------------------------------
7,375 Lee County, Florida, School Board, COP, Series A, 5% due 8/01/2025 (c) 7,943
-----------------------------------------------------------------------------------------------------------------
1,605 Leesburg, Florida, Capital Improvement Revenue Bonds, 5.25% due 10/01/2027 (h) 1,753
-----------------------------------------------------------------------------------------------------------------
3,425 Leesburg, Florida, Capital Improvement Revenue Bonds, 5.25% due 10/01/2034 (h) 3,728
-----------------------------------------------------------------------------------------------------------------
BlackRock MuniHoldings Florida Insured Fund
Schedule of Investments as of November 30, 2006 (in Thousands)
Face
Amount Municipal Bonds Value
-----------------------------------------------------------------------------------------------------------------------------------
$ 435 Manatee County, Florida, HFA, S/F Mortgage Revenue Refunding Bonds, AMT, Sub-Series 1,
6.25% due 11/01/2028 (d) $ 439
-----------------------------------------------------------------------------------------------------------------
3,675 Marco Island, Florida, Utility System Revenue Bonds, 5% due 10/01/2033 (a) 3,895
-----------------------------------------------------------------------------------------------------------------
5,990 Martin County, Florida, Utilities System Revenue Bonds, 5.125% due 10/01/2033 (b) 6,397
-----------------------------------------------------------------------------------------------------------------
1,630 Miami Beach, Florida, Stormwater Revenue Bonds, 5.75% due 9/01/2016 (h) 1,765
-----------------------------------------------------------------------------------------------------------------
1,000 Miami Beach, Florida, Stormwater Revenue Bonds, 5.25% due 9/01/2020 (h) 1,064
-----------------------------------------------------------------------------------------------------------------
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) 2,031
-----------------------------------------------------------------------------------------------------------------
2,690 Miami Beach, Florida, Water and Sewer Revenue Bonds, 5.625% due 9/01/2018 (b) 2,900
-----------------------------------------------------------------------------------------------------------------
10,600 Miami Beach, Florida, Water and Sewer Revenue Bonds, 5.75% due 9/01/2025 (b) 11,450
-----------------------------------------------------------------------------------------------------------------
4,250 Miami-Dade County, Florida, Aviation Revenue Bonds, AMT, Series A, 5% due 10/01/2033 (c) 4,433
-----------------------------------------------------------------------------------------------------------------
7,345 Miami-Dade County, Florida, Aviation Revenue Bonds, AMT, Series A, 5.125% due 10/01/2035 (c) 7,716
-----------------------------------------------------------------------------------------------------------------
6,000 Miami-Dade County, Florida, Aviation Revenue Bonds (Miami International Airport), AMT,
Series A, 6% due 10/01/2024 (h) 6,516
-----------------------------------------------------------------------------------------------------------------
10,000 Miami-Dade County, Florida, Aviation Revenue Bonds (Miami International Airport), AMT,
Series A, 6% due 10/01/2029 (h) 10,838
-----------------------------------------------------------------------------------------------------------------
1,000 Miami-Dade County, Florida, Educational Facilities Authority Revenue Bonds (University of
Miami), Series A, 5.50% due 4/01/2019 (b) 1,067
-----------------------------------------------------------------------------------------------------------------
19,425 Miami-Dade County, Florida, Educational Facilities Authority Revenue Bonds (University of
Miami), Series A, 6% due 4/01/2023 (b) 21,011
-----------------------------------------------------------------------------------------------------------------
5,000 Miami-Dade County, Florida, Educational Facilities Authority Revenue Bonds (University of
Miami), Series A, 5.75% due 4/01/2029 (b) 5,365
-----------------------------------------------------------------------------------------------------------------
8,995 Miami-Dade County, Florida, Expressway Authority, Toll System Revenue Bonds, Series B,
5.25% due 7/01/2027 (h) 9,792
-----------------------------------------------------------------------------------------------------------------
12,640 Miami-Dade County, Florida, Expressway Authority, Toll System Revenue Bonds, Series B,
5% due 7/01/2033 (h) 13,434
-----------------------------------------------------------------------------------------------------------------
12,250 Miami-Dade County, Florida, Expressway Authority, Toll System Revenue Refunding Bonds,
5.125% due 7/01/2025 (h) 13,025
-----------------------------------------------------------------------------------------------------------------
6,705 Miami-Dade County, Florida, GO (Parks Program), 6% due 11/01/2024 (h) 7,196
-----------------------------------------------------------------------------------------------------------------
2,185 Miami-Dade County, Florida, HFA, M/F Mortgage Revenue Bonds (Marbrisa Apartments Project),
AMT, Series 2A, 6% due 8/01/2026 (c) 2,323
-----------------------------------------------------------------------------------------------------------------
5,100 Miami-Dade County, Florida, IDA, IDR (Airis Miami II LLC Project), AMT,
6% due 10/15/2019 (b) 5,451
-----------------------------------------------------------------------------------------------------------------
3,280 Miami-Dade County, Florida, IDA, IDR (BAC Funding Corporation Project), Series A, 5.25%
due 10/01/2020 (b) 3,522
-----------------------------------------------------------------------------------------------------------------
2,945 Miami-Dade County, Florida, Solid Waste System Revenue Bonds, 5.50% due 10/01/2015 (c) 3,187
-----------------------------------------------------------------------------------------------------------------
3,105 Miami-Dade County, Florida, Solid Waste System Revenue Bonds, 5.50% due 10/01/2016 (c) 3,356
-----------------------------------------------------------------------------------------------------------------
8,800 Miami-Dade County, Florida, Solid Waste System Revenue Bonds, 5.25% due 10/01/2030 (a) 9,667
-----------------------------------------------------------------------------------------------------------------
1,035 Nassau County, Florida, Public Improvement Revenue Refunding Bonds, 5.75% due 5/01/2016 (a) 1,125
-----------------------------------------------------------------------------------------------------------------
1,095 Nassau County, Florida, Public Improvement Revenue Refunding Bonds, 5.75% due 5/01/2017 (a) 1,188
-----------------------------------------------------------------------------------------------------------------
1,155 Nassau County, Florida, Public Improvement Revenue Refunding Bonds, 5.75% due 5/01/2018 (a) 1,252
-----------------------------------------------------------------------------------------------------------------
1,225 Nassau County, Florida, Public Improvement Revenue Refunding Bonds, 5.75% due 5/01/2019 (a) 1,328
-----------------------------------------------------------------------------------------------------------------
5,175 Nassau County, Florida, Water and Sewer System Revenue Bonds, 5.125% due 9/01/2033 (a) 5,523
-----------------------------------------------------------------------------------------------------------------
BlackRock MuniHoldings Florida Insured Fund
Schedule of Investments as of November 30, 2006 (in Thousands)
Face
Amount Municipal Bonds Value
-----------------------------------------------------------------------------------------------------------------------------------
$ 795 Orange County, Florida, HFA, S/F Mortgage Revenue Bonds, AMT, 6.85% due 10/01/2027 (d)(g) $ 796
-----------------------------------------------------------------------------------------------------------------
2,900 Orange County, Florida, Health Facilities Authority, Hospital Revenue Bonds (Adventist
Health System), 6.25% due 11/15/2024 3,254
-----------------------------------------------------------------------------------------------------------------
9,220 Orange County, Florida, Health Facilities Authority, Hospital Revenue Bonds (Orlando
Regional Healthcare), 6% due 12/01/2012 (j) 10,373
-----------------------------------------------------------------------------------------------------------------
5,000 Orange County, Florida, Health Facilities Authority, Hospital Revenue Bonds (Orlando
Regional Healthcare), Series A, 6.25% due 10/01/2018 (a) 6,079
-----------------------------------------------------------------------------------------------------------------
1,300 Orange County, Florida, School Board COP, 5.50% due 8/01/2025 (b) 1,377
-----------------------------------------------------------------------------------------------------------------
31,745 Orange County, Florida, Tourist Development, Tax Revenue Bonds, 5.75% due 10/01/2009 (b)(j) 33,656
-----------------------------------------------------------------------------------------------------------------
3,300 Orange County, Florida, Tourist Development, Tax Revenue Refunding Bonds, 5%
due 10/01/2031 (b) 3,538
-----------------------------------------------------------------------------------------------------------------
3,250 Orlando and Orange County, Florida, Expressway Authority Revenue Bonds, Series B, 5%
due 7/01/2030 (b) 3,452
-----------------------------------------------------------------------------------------------------------------
37,550 Orlando and Orange County, Florida, Expressway Authority Revenue Bonds, Series B, 5%
due 7/01/2035 (b) 39,883
-----------------------------------------------------------------------------------------------------------------
3,155 Osceola County, Florida, Infrastructure Sales Surplus Tax Revenue Bonds, 5.375%
due 10/01/2018 (b) 3,432
-----------------------------------------------------------------------------------------------------------------
7,680 Osceola County, Florida, Infrastructure Sales Surplus Tax Revenue Bonds, 5.25%
due 10/01/2025 (b) 8,237
-----------------------------------------------------------------------------------------------------------------
2,065 Osceola County, Florida, Sales Tax Revenue Bonds, 5.625% due 6/01/2016 (h) 2,254
-----------------------------------------------------------------------------------------------------------------
1,605 Osceola County, Florida, Sales Tax Revenue Bonds, 5.625% due 6/01/2017 (h) 1,749
-----------------------------------------------------------------------------------------------------------------
1,075 Osceola County, Florida, Sales Tax Revenue Bonds, 5.625% due 6/01/2018 (h) 1,171
-----------------------------------------------------------------------------------------------------------------
4,240 Osceola County, Florida, School Board, COP, Series A, 5.25% due 6/01/2027 (b) 4,549
-----------------------------------------------------------------------------------------------------------------
5,560 Osceola County, Florida, Tourist Development Tax Revenue Bonds, Series A, 5.50%
due 10/01/2027 (h) 6,029
-----------------------------------------------------------------------------------------------------------------
4,605 Palm Beach County, Florida, GO (Liquidated Acquisition Program), Series B, 5.75%
due 8/01/2009 (a)(j) 4,909
-----------------------------------------------------------------------------------------------------------------
5,330 Palm Beach County, Florida, GO (Liquidated Acquisition Program), Series B, 5.75%
due 8/01/2009 (a)(j) 5,681
-----------------------------------------------------------------------------------------------------------------
6,115 Palm Beach County, Florida, School Board COP, Refunding, Series B, 5.375% due 8/01/2017 (b) 6,605
-----------------------------------------------------------------------------------------------------------------
5,070 Palm Beach County, Florida, School Board COP, Series A, 6% due 8/01/2010 (h)(j) 5,531
-----------------------------------------------------------------------------------------------------------------
13,205 Palm Beach County, Florida, School Board COP, Series A, 6.25% due 8/01/2010 (h)(j) 14,513
-----------------------------------------------------------------------------------------------------------------
13,500 Palm Beach County, Florida, School Board COP, Series A, 5% due 8/01/2031 (c) 14,517
-----------------------------------------------------------------------------------------------------------------
4,000 Palm Coast, Florida, Utility System Revenue Bonds, 5% due 10/01/2027 (a) 4,235
-----------------------------------------------------------------------------------------------------------------
3,000 Panama City, Florida, Water and Sewer Revenue Bonds, Series B, 5.25% due 10/01/2022 (a) 3,271
-----------------------------------------------------------------------------------------------------------------
2,070 Pembroke Pines, Florida, Public Improvement Revenue Bonds, Series A, 5% due 10/01/2034 (b) 2,205
-----------------------------------------------------------------------------------------------------------------
4,940 Polk County, Florida, Public Facilities Revenue Bonds, 5% due 12/01/2033 (a) 5,299
-----------------------------------------------------------------------------------------------------------------
9,885 Polk County, Florida, School Board COP, Master Lease, Series A, 5.50% due 1/01/2025 (c) 10,623
-----------------------------------------------------------------------------------------------------------------
1,280 Port St. Lucie, Florida, Utility Revenue Bonds, 5.25% due 9/01/2026 (a) 1,404
-----------------------------------------------------------------------------------------------------------------
1,345 Port St. Lucie, Florida, Utility Revenue Bonds, 5.25% due 9/01/2027 (a) 1,468
-----------------------------------------------------------------------------------------------------------------
5,000 Port St. Lucie, Florida, Utility System Revenue Refunding Bonds, Series A, 5%
due 9/01/2028 (a) 5,396
-----------------------------------------------------------------------------------------------------------------
5,335 Port St. Lucie, Florida, Utility System Revenue Refunding Bonds, Series A, 5%
due 9/01/2029 (a) 5,757
-----------------------------------------------------------------------------------------------------------------
1,275 Saint Johns County, Florida, IDA, IDR, Refunding (Professional Golf Project), 5.50%
due 9/01/2015 (a) 1,389
-----------------------------------------------------------------------------------------------------------------
1,345 Saint Johns County, Florida, IDA, IDR, Refunding (Professional Golf Project), 5.50%
due 9/01/2016 (a) 1,463
-----------------------------------------------------------------------------------------------------------------
1,420 Saint Johns County, Florida, IDA, IDR, Refunding (Professional Golf Project), 5.50%
due 9/01/2017 (a) 1,539
-----------------------------------------------------------------------------------------------------------------
1,500 Saint Johns County, Florida, IDA, IDR, Refunding (Professional Golf Project), 5.50%
due 9/01/2018 (a) 1,624
-----------------------------------------------------------------------------------------------------------------
2,945 Saint Johns County, Florida, Ponte Vedra Utility System Revenue Bonds, 5% due 10/01/2030 (c) 3,160
-----------------------------------------------------------------------------------------------------------------
BlackRock MuniHoldings Florida Insured Fund
Schedule of Investments as of November 30, 2006 (in Thousands)
Face
Amount Municipal Bonds Value
-----------------------------------------------------------------------------------------------------------------------------------
$ 4,980 Saint Johns County, Florida, Ponte Vedra Utility System Revenue Bonds, 5% due 10/01/2035 (c) $ 5,329
-----------------------------------------------------------------------------------------------------------------
1,375 Saint Johns County, Florida, Sales Tax Revenue Bonds, Series A, 5.25% due 10/01/2028 (b) 1,496
-----------------------------------------------------------------------------------------------------------------
1,355 Saint Johns County, Florida, Sales Tax Revenue Bonds, Series A, 5.25% due 10/01/2031 (b) 1,473
-----------------------------------------------------------------------------------------------------------------
2,000 Saint Johns County, Florida, Sales Tax Revenue Bonds, Series A, 5.25% due 10/01/2034 (b) 2,171
-----------------------------------------------------------------------------------------------------------------
1,430 Saint Johns County, Florida, Sales Tax Revenue Bonds, Series B, 5.25% due 10/01/2027 (b) 1,558
-----------------------------------------------------------------------------------------------------------------
840 Saint Johns County, Florida, Sales Tax Revenue Bonds, Series B, 5.25% due 10/01/2032 (b) 913
-----------------------------------------------------------------------------------------------------------------
3,500 Saint Johns County, Florida, Transportation Improvement Revenue Bonds, 5.125%
due 10/01/2032 (b) 3,738
-----------------------------------------------------------------------------------------------------------------
4,055 Saint Lucie County, Florida, School Board, COP, 6.25% due 7/01/2010 (c)(j) 4,458
-----------------------------------------------------------------------------------------------------------------
1,495 Saint Lucie County, Florida, School Board COP, Refunding, Series A, 5.50% due 7/01/2018 (c) 1,616
-----------------------------------------------------------------------------------------------------------------
1,170 Saint Lucie County, Florida, School Board COP, Refunding, Series C, 5.50% due 7/01/2018 (c) 1,264
-----------------------------------------------------------------------------------------------------------------
1,720 Saint Lucie, Florida, West Services District, Utility Revenue Bonds, 5.25%
due 10/01/2034 (a) 1,885
-----------------------------------------------------------------------------------------------------------------
4,750 Saint Lucie, Florida, West Services District, Utility Revenue Bonds, 5% due 10/01/2038 (a) 5,079
-----------------------------------------------------------------------------------------------------------------
3,250 Saint Lucie, Florida, West Services District, Utility Revenue Refunding Bonds, Senior Lien,
6% due 10/01/2022 (a) 3,576
-----------------------------------------------------------------------------------------------------------------
3,450 South Florida Water Management District, COP, 5% due 10/01/2031 (b) 3,714
-----------------------------------------------------------------------------------------------------------------
6,615 South Florida Water Management District, COP, 5% due 10/01/2036 (b) 7,104
-----------------------------------------------------------------------------------------------------------------
1,750 South Lake County, Florida, Hospital District Revenue Bonds (South Lake Hospital Inc.),
5.80% due 10/01/2034 1,835
-----------------------------------------------------------------------------------------------------------------
2,250 Sunrise, Florida, Utility System Revenue Refunding Bonds, 5.20% due 10/01/2022 (b) 2,549
-----------------------------------------------------------------------------------------------------------------
2,430 Sunrise Lakes, Florida, Phase 4 Recreation District, Refunding Bonds, GO, 5.25%
due 8/01/2024 (b) 2,478
-----------------------------------------------------------------------------------------------------------------
2,800 Tallahassee, Florida, Lease Revenue Bonds (Florida State University Project), Series A,
5.25% due 8/01/2023 (a) 2,946
-----------------------------------------------------------------------------------------------------------------
1,000 Tallahassee, Florida, Lease Revenue Bonds (Florida State University Project), Series A,
5.375% due 8/01/2026 (a) 1,062
-----------------------------------------------------------------------------------------------------------------
30,335 Tampa Bay, Florida, Water Utility System Revenue Bonds, 6% due 10/01/2011 (h)(j) 33,609
-----------------------------------------------------------------------------------------------------------------
14,750 Tampa, Florida, Sports Authority Revenue Bonds (Local Option Sales Tax - Stadium Project),
5.25% due 1/01/2007 (a)(j) 14,918
-----------------------------------------------------------------------------------------------------------------
3,835 Taylor County, Florida, Sales Tax Revenue Bonds, 6% due 10/01/2010 (h)(j) 4,172
-----------------------------------------------------------------------------------------------------------------
8,935 University of Central Florida (UCF) Athletics Association Inc., COP, Series A, 5.25%
due 10/01/2034 (h) 9,694
-----------------------------------------------------------------------------------------------------------------
10,775 Village Center Community Development District, Florida, Recreational Revenue Bonds,
Series A, 5.375% due 11/01/2034 (a) 11,898
-----------------------------------------------------------------------------------------------------------------
1,750 Village Center Community Development District, Florida, Recreational Revenue Bonds,
Series A, 5.125% due 11/01/2036 (a) 1,892
-----------------------------------------------------------------------------------------------------------------
3,000 Village Center Community Development District, Florida, Utility Revenue Bonds, 5.25%
due 10/01/2023 (a) 3,260
-----------------------------------------------------------------------------------------------------------------
2,075 Volusia County, Florida, IDA, Student Housing Revenue Bonds (Stetson University Project),
Series A, 5% due 6/01/2025 (l) 2,231
-----------------------------------------------------------------------------------------------------------------
1,740 Volusia County, Florida, IDA, Student Housing Revenue Bonds (Stetson University Project),
Series A, 5% due 6/01/2035 (l) 1,861
-----------------------------------------------------------------------------------------------------------------------------------
Georgia - 1.8% 9,700 Atlanta, Georgia, Airport Passenger Facility Charge and Subordinate Lien General Revenue
Refunding Bonds, Series C, 5% due 1/01/2033 (c) 10,270
-----------------------------------------------------------------------------------------------------------------------------------
Puerto 2,600 Puerto Rico Commonwealth, Public Improvement, GO, Series A, 5.25% due 7/01/2026 2,839
Rico - 1.0% -----------------------------------------------------------------------------------------------------------------
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 (a) 2,915
-----------------------------------------------------------------------------------------------------------------------------------
Total Municipal Bonds (Cost - $793,881) - 149.7% 841,621
-----------------------------------------------------------------------------------------------------------------------------------
BlackRock MuniHoldings Florida Insured Fund
Schedule of Investments as of November 30, 2006 (in Thousands)
Face
Amount Municipal Bonds Held in Trust (f) Value
-----------------------------------------------------------------------------------------------------------------------------------
Florida - 16.7% $ 28,210 Florida State Board of Education, Lottery Revenue Bonds, Series B, 6.25%
due 7/01/2010 (h)(j) $ 31,011
-----------------------------------------------------------------------------------------------------------------
28,650 Florida State Turnpike Authority, Turnpike Revenue Bonds (Department of Transportation),
Series A, 6.25% due 7/01/2010 (h)(j) 31,495
-----------------------------------------------------------------------------------------------------------------
19,925 Lee County, Florida, Airport Revenue Bonds, AMT, Series A, 6% due 10/01/2029 (c) 21,625
-----------------------------------------------------------------------------------------------------------------
8,795 Santa Rosa County, Florida, School Board, COP, Revenue Refunding Bonds, Series 2,
5.25% due 2/01/2031 (h) 9,640
-----------------------------------------------------------------------------------------------------------------------------------
Total Municipal Bonds Held in Trust (Cost - $88,510) - 16.7% 93,771
-----------------------------------------------------------------------------------------------------------------------------------
Shares
Held Short-Term Securities
-----------------------------------------------------------------------------------------------------------------------------------
24,080 CMA Florida Municipal Money Fund, 2.96% (m)(o) 24,080
-----------------------------------------------------------------------------------------------------------------------------------
Total Short-Term Securities (Cost - $24,080) - 4.3% 24,080
-----------------------------------------------------------------------------------------------------------------------------------
Total Investments (Cost - $906,471*) - 170.7% 959,472
Other Assets Less Liabilities - 2.0% 10,847
Liability for Trust Certificates, Including Interest Expense Payable - (8.0%) (44,874)
Preferred Shares, at Redemption Value - (64.7%) (363,414)
---------
Net Assets Applicable to Common Shares - 100.0% $ 562,031
=========
* The cost and unrealized appreciation (depreciation) of investments as of
November 30, 2006, as computed for federal income tax purposes, were as
follows:
Aggregate cost $ 871,125
=========
Gross unrealized appreciation $ 44,169
Gross unrealized depreciation (174)
---------
Net unrealized appreciation $ 43,995
=========
(a) MBIA Insured.
(b) AMBAC Insured.
(c) FSA Insured.
(d) GNMA Collateralized.
(e) FHLMC Collateralized.
(f) Securities represent underlying bonds transferred to a separate
securitization trust established in a tender option bond transaction in
which the Fund may have acquired the residual interest certificates. These
securities serve as collateral in a financing transaction.
(g) FNMA Collateralized.
(h) FGIC Insured.
(i) FHA Insured.
(j) Prerefunded.
(k) Radian Insured.
(l) CIFG Insured.
(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 Florida Municipal Money Fund 8,410 $176
--------------------------------------------------------------------------
BlackRock MuniHoldings Florida Insured Fund
Schedule of Investments as of November 30, 2006 (in Thousands)
(n) Assured Guaranty Insured.
(o) Represents the current yield as of November 30, 2006.
Item 2 - Controls and Procedures
2(a) - The Registrant's principal executive and principal financial officers
have evaluated the Registrant's disclosure controls and procedures,
including internal control over financial reporting, within 90 days of
this filing. Such principal officers have concluded that as of January
23, 2007 the Registrant's disclosure controls and procedures were
effective in design and operation to reasonably ensure that information
required to be disclosed by the Registrant in this Form N-Q was recorded,
processed, summarized, and reported within the required time periods, and
were sufficient to form the basis of the certifications required by Rule
30a-2 of the Investment Company Act of 1940, as amended. Prior to
reaching that conclusion, such principal officers had become aware of
matters relating to the Registrant's participation in certain inverse
floater structures that necessitated adjustments to financial information
included in Item 1 of this filing. As a result, management of the
Registrant had reevaluated certain disclosure controls and procedures
determined not to be effective, as discussed more fully below.
Management of the Registrant is responsible for establishing and
maintaining effective internal control over financial reporting. In
fulfilling this responsibility, estimates and judgments by management are
required to assess the expected benefits and related costs of controls.
The Registrant's internal control over financial reporting is a process
designed to provide reasonable assurance regarding the reliability of
financial reporting and the preparation of financial statements for
external purposes in accordance with U.S. generally accepted accounting
principles. Such internal control includes policies and procedures that
provide reasonable assurance regarding prevention or timely detection of
unauthorized acquisition, use or disposition of a registrant's assets
that could have a material effect on the financial statements.
Because of its inherent limitations, internal control over financial
reporting may not prevent or detect misstatements. Also, projections of
any evaluation of effectiveness to future periods are subject to the risk
that controls may become inadequate because of changes in conditions, or
that the degree of compliance with the policies or procedures may
deteriorate.
A control deficiency exists when the design or operation of a control
does not allow management or employees, in the normal course of
performing their assigned functions, to prevent or detect misstatements
on a timely basis. A significant deficiency is a control deficiency, or
combination of control deficiencies, that adversely affects the
Registrant's ability to initiate, authorize, record, process or report
financial data reliably in accordance with generally accepted accounting
principles such that there is more than a remote likelihood that a
misstatement of the Registrant's annual or interim financial statements
that is more than inconsequential will not be prevented or detected. A
material weakness is a significant deficiency, or combination of
significant deficiencies, that results in more than a remote likelihood
that a material misstatement of the annual or interim financial
statements will not be prevented or detected.
The Registrant identified the following control deficiency, that was
determined to be a material weakness, as defined above, in the
Registrant's internal control over financial reporting at October 31,
2006. The Registrant's controls related to the review and analysis of
relevant terms and conditions of transfers of certain assets pertaining
to inverse floater structures were not operating effectively to
appropriately determine whether the transfers of assets qualified for
sale accounting under the provisions of Statement of Financial Accounting
Standards No. 140, "Accounting for Transfers and Servicing of Financial
Assets and Extinguishments of Liabilities" ("SFAS 140"). As a result,
these controls did not detect that certain transfers were not
appropriately recorded as borrowings. Accordingly, the Registrant's
schedule of investments as of and for the period ended October 31, 2006,
were restated to appropriately reflect transfers of such securities as
secured borrowings. These adjustments had no impact on net assets, net
asset value per share or total return.
Subsequent to October 31, 2006, but prior to the evaluation of the design
and operation of the Registrant's disclosure controls and procedures at
January 23, 2007, the Registrant's disclosure controls and procedures
were modified to enhance the review and analysis of the relevant terms
and conditions of transfers of securities in connection with inverse
floater structures in light of SFAS 140.
2(b) - There have been 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 are reasonably
likely to materially affect, the registrant's internal control over
financial reporting. However, as discussed above, subsequent to October
31, 2006, the Registrant has enhanced controls related to the application
of SFAS 140.
Item 3 - Exhibits
Certifications - Attached hereto
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
BlackRock MuniHoldings Florida Insured Fund
By: /s/ Robert C. Doll, Jr.
-----------------------------
Robert C. Doll, Jr.
Chief Executive Officer
BlackRock MuniHoldings Florida Insured Fund
Date: January 23, 2007
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
BlackRock MuniHoldings Florida Insured Fund
Date: January 23, 2007
By: /s/ Donald C. Burke
-----------------------------
Donald C. Burke
Chief Financial Officer
BlackRock MuniHoldings Florida Insured Fund
Date: January 23, 2007