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: 03/01/07 - 05/31/07
Item 1 - Schedule of Investments
BlackRock MuniHoldings Florida Insured Fund
Schedule of Investments as of May 31, 2007 (unaudited) (in Thousands)
Face
Amount Municipal Bonds Value
-----------------------------------------------------------------------------------------------------------------------------------
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) $ 2,130
-----------------------------------------------------------------------------------------------------------------------------------
Florida - 153.2% 6,600 Alachua County, Florida, School Board, COP, 5.25% due 7/01/2029 (b) 6,971
---------------------------------------------------------------------------------------------------
3,490 Bay County, Florida, Sales Tax Revenue Bonds, 5% due 9/01/2025 (b) 3,666
---------------------------------------------------------------------------------------------------
3,665 Bay County, Florida, Sales Tax Revenue Bonds, 5% due 9/01/2026 (b) 3,847
---------------------------------------------------------------------------------------------------
4,190 Beacon Tradeport Community Development District, Florida, Special
Assessment Revenue Refunding Bonds (Commercial Project), Series A,
5.625% due 5/01/2032 (k) 4,499
---------------------------------------------------------------------------------------------------
8,000 Broward County, Florida, Educational Facilities Authority Revenue
Bonds (Nova Southeastern University), 5% due 4/01/2031 (n) 8,271
---------------------------------------------------------------------------------------------------
3,000 Cape Coral, Florida, Special Obligation Revenue Bonds,
5% due 10/01/2030 (a) 3,134
---------------------------------------------------------------------------------------------------
4,190 Cape Coral, Florida, Special Obligation Revenue Bonds,
5% due 10/01/2033 (a) 4,371
---------------------------------------------------------------------------------------------------
410 Clay County, Florida, HFA, S/F Mortgage Revenue Bonds, AMT,
6.55% due 3/01/2028 (d)(i) 418
---------------------------------------------------------------------------------------------------
1,320 Clay County, Florida, School Board, COP (Master Lease Program),
5.75% due 7/01/2010 (a)(j) 1,402
---------------------------------------------------------------------------------------------------
900 Collier County, Florida, IDA, IDR, Refunding
(Southern States Utilities), AMT, 6.50% due 10/01/2025 906
---------------------------------------------------------------------------------------------------
20,575 Dade County, Florida, Water and Sewer System Revenue Bonds,
5.25% due 10/01/2021 (h) 20,875
---------------------------------------------------------------------------------------------------
21,640 Dade County, Florida, Water and Sewer System Revenue Bonds,
5.25% due 10/01/2026 (h) 21,936
---------------------------------------------------------------------------------------------------
2,000 Deltona, Florida, Transportation Capital Improvement Revenue Bonds,
5.125% due 10/01/2026 (a) 2,116
---------------------------------------------------------------------------------------------------
1,130 Emerald Coast, Florida, Utilities Authority, System Revenue Bonds,
5.25% due 1/01/2026 (h) 1,206
---------------------------------------------------------------------------------------------------
1,560 Emerald Coast, Florida, Utilities Authority, System Revenue Bonds,
5.25% due 1/01/2036 (h) 1,661
---------------------------------------------------------------------------------------------------
80 Escambia County, Florida, HFA, S/F Mortgage Revenue Refunding Bonds
(Multi-County Program), AMT, Series A, 6.30% due 10/01/2020 (a)(i) 81
---------------------------------------------------------------------------------------------------
305 Escambia County, Florida, HFA, S/F Mortgage Revenue Refunding Bonds
(Multi-County Program), AMT, Series A, 6.375% due 10/01/2026 (a)(i) 308
---------------------------------------------------------------------------------------------------
1,835 Flagler County, Florida, Capital Improvement Revenue Bonds,
5% due 10/01/2035 (a) 1,907
---------------------------------------------------------------------------------------------------
1,455 Florida HFA, Homeowner Mortgage Revenue Refunding Bonds, AMT,
Series 2, 5.75% due 7/01/2014 (a) 1,457
---------------------------------------------------------------------------------------------------
11,025 Florida HFA, Homeowner Mortgage Revenue Refunding Bonds, AMT,
Series 2, 5.90% due 7/01/2029 (a) 11,182
---------------------------------------------------------------------------------------------------
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 May 31, 2007 (in Thousands)
Face
Amount Municipal Bonds Value
-----------------------------------------------------------------------------------------------------------------------------------
$ 12,000 Florida Higher Educational Facilities Financing Authority Revenue
Bonds (Flagler College, Inc. Project), 5.25% due 11/01/2036 (p) $ 12,769
---------------------------------------------------------------------------------------------------
3,900 Florida Housing Finance Corporation, Homeowner Mortgage Revenue
Bonds, AMT, Series 2, 4.80% due 7/01/2032 (d)(e)(g) 3,838
---------------------------------------------------------------------------------------------------
5,975 Florida Housing Finance Corporation, Homeowner Mortgage Revenue
Bonds, AMT, Series 11, 5.95% due 1/01/2032 (c) 6,117
---------------------------------------------------------------------------------------------------
780 Florida Housing Finance Corporation, Homeowner Mortgage Revenue
Refunding Bonds, AMT, Series 4, 6.25% due 7/01/2022 (c) 806
---------------------------------------------------------------------------------------------------
2,055 Florida Housing Finance Corporation, Housing Revenue Bonds
(Waverly Apartments), AMT, Series C-1, 6.30% due 7/01/2030 (c) 2,167
---------------------------------------------------------------------------------------------------
1,285 Florida Municipal Loan Council Revenue Bonds, Series B,
5.375% due 11/01/2025 (a) 1,349
---------------------------------------------------------------------------------------------------
4,150 Florida Municipal Loan Council Revenue Bonds, Series B,
5.375% due 11/01/2030 (a) 4,349
---------------------------------------------------------------------------------------------------
3,750 Florida State Board of Education, Capital Outlay, GO,
Public Education, Refunding, Series D, 5.75% due 6/01/2022 (c) 3,985
---------------------------------------------------------------------------------------------------
1,000 Florida State Board of Education, Capital Outlay, GO,
Public Education, Series C, 5.75% due 6/01/2010 (h)(j) 1,063
---------------------------------------------------------------------------------------------------
2,200 Florida State Board of Regents, Housing Revenue Bonds
(University of Central Florida), 5.25% due 10/01/2026 (h) 2,295
---------------------------------------------------------------------------------------------------
7,165 Florida State Board of Regents, University Systems Improvement
Revenue Bonds, 5.25% due 7/01/2007 (a)(j) 7,245
---------------------------------------------------------------------------------------------------
3,505 Florida State Department of Management Services, Division
Facilities Management Revenue Bonds (Florida Facilities Pool),
Series A, 6% due 9/01/2010 (b)(j) 3,765
---------------------------------------------------------------------------------------------------
2,350 Florida State Governmental Utility Authority, Utility Revenue Bonds
(Citrus Utility System), 5.125% due 10/01/2033 (b) 2,444
---------------------------------------------------------------------------------------------------
2,900 Florida State Governmental Utility Authority, Utility Revenue Bonds
(Lehigh Utility System), 5.125% due 10/01/2033 (b) 3,017
---------------------------------------------------------------------------------------------------
8,805 Fort Myers, Florida, Utility System Revenue Refunding Bonds,
5% due 10/01/2031 (a) 9,212
---------------------------------------------------------------------------------------------------
16,000 Hernando County, Florida, School Board, COP, 5% due 7/01/2030 (a) 16,656
---------------------------------------------------------------------------------------------------
7,285 Highlands County, Florida, Health Facilities Authority, Hospital
Revenue Bonds (Adventist Health System), Series C, 5.25% due 11/15/2036 7,543
---------------------------------------------------------------------------------------------------
6,340 Hillsborough County, Florida, HFA, S/F Mortgage Revenue Bonds,
AMT, Series 1, 5.375% due 10/01/2049 (d)(e)(g) 6,634
---------------------------------------------------------------------------------------------------
BlackRock MuniHoldings Florida Insured Fund
Schedule of Investments as of May 31, 2007 (in Thousands)
Face
Amount Municipal Bonds Value
-----------------------------------------------------------------------------------------------------------------------------------
$ 3,425 Hillsborough County, Florida, Port District Revenue Bonds
(Tampa Port Authority Project), AMT, 5% due 6/01/2036 (a) $ 3,528
---------------------------------------------------------------------------------------------------
6,600 Hillsborough County, Florida, School Board, COP,
5.375% due 7/01/2009 (a)(j) 6,811
---------------------------------------------------------------------------------------------------
33,400 Hillsborough County, Florida, School Board, COP, 6% due 7/01/2009 (a)(j) 35,194
---------------------------------------------------------------------------------------------------
1,300 Indian River County, Florida, Water and Sewer Revenue Refunding Bonds,
Series A, 5.25% due 9/01/2018 (h) 1,346
---------------------------------------------------------------------------------------------------
1,800 Jacksonville, Florida, Economic Development Commission, Health
Care Facilities Revenue Bonds (Mayo Clinic-Jacksonville),
Series A, 5.50% due 11/15/2036 (a) 1,916
---------------------------------------------------------------------------------------------------
4,000 Jacksonville, Florida, Economic Development Commission,
Revenue Refunding Bonds (Anheuser Busch Company Project),
AMT, Series B, 4.75% due 3/01/2047 3,828
---------------------------------------------------------------------------------------------------
7,305 Jacksonville, Florida, Guaranteed Entitlement Revenue Refunding
and Improvement Bonds, 5.25% due 10/01/2032 (h) 7,668
---------------------------------------------------------------------------------------------------
10,000 Jacksonville, Florida, Health Facilities Authority, Hospital
Revenue Bonds (Baptist Medical Center Project),
Series A, 5% due 8/15/2037 10,143
---------------------------------------------------------------------------------------------------
1,870 Jacksonville, Florida, Port Authority, Seaport Revenue Bonds, AMT,
5.625% due 11/01/2026 (a) 1,957
---------------------------------------------------------------------------------------------------
2,000 Jacksonville, Florida, Sales Tax Revenue Bonds, 5.50% due 10/01/2016 (b) 2,128
---------------------------------------------------------------------------------------------------
3,800 Jacksonville, Florida, Sales Tax Revenue Bonds, 5.50% due 10/01/2018 (b) 4,032
---------------------------------------------------------------------------------------------------
11,400 Jacksonville, Florida, Sales Tax Revenue Bonds, 5% due 10/01/2027 (a) 11,844
---------------------------------------------------------------------------------------------------
1,500 Jacksonville, Florida, Water and Sewer Revenue Bonds
(United Water Florida Project), AMT, 6.35% due 8/01/2025 (b) 1,506
---------------------------------------------------------------------------------------------------
5,000 Lake County, Florida, School Board, COP, Series A, 5% due 6/01/2030 (b) 5,177
---------------------------------------------------------------------------------------------------
4,225 Lee County, Florida, Capital Revenue Bonds, 5.25% due 10/01/2023 (b) 4,498
---------------------------------------------------------------------------------------------------
980 Lee County, Florida, HFA, S/F Mortgage Revenue Bonds
(Multi-County Program), AMT, Series A, 5% due 3/01/2039 (d)(g) 982
---------------------------------------------------------------------------------------------------
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
---------------------------------------------------------------------------------------------------
360 Lee County, Florida, HFA, S/F Mortgage Revenue Refunding Bonds,
AMT, Series A-2, 6.30% due 3/01/2029 (d)(e)(g) 363
---------------------------------------------------------------------------------------------------
7,375 Lee County, Florida, School Board, COP, Series A, 5% due 8/01/2025 (c) 7,700
---------------------------------------------------------------------------------------------------
9,000 Lee Memorial Health System, Florida, Hospital Revenue Bonds,
Series A, 5% due 4/01/2032 (b) 9,387
---------------------------------------------------------------------------------------------------
1,605 Leesburg, Florida, Capital Improvement Revenue Bonds,
5.25% due 10/01/2027 (h) 1,707
---------------------------------------------------------------------------------------------------
3,425 Leesburg, Florida, Capital Improvement Revenue Bonds,
5.25% due 10/01/2034 (h) 3,630
---------------------------------------------------------------------------------------------------
345 Manatee County, Florida, HFA, S/F Mortgage Revenue Refunding Bonds,
AMT, Sub-Series 1, 6.25% due 11/01/2028 (d) 348
---------------------------------------------------------------------------------------------------
BlackRock MuniHoldings Florida Insured Fund
Schedule of Investments as of May 31, 2007 (in Thousands)
Face
Amount Municipal Bonds Value
-----------------------------------------------------------------------------------------------------------------------------------
$ 3,675 Marco Island, Florida, Utility System Revenue Bonds,
5% due 10/01/2033 (a) $ 3,802
---------------------------------------------------------------------------------------------------
1,000 Marion County, Florida, Hospital District, Revenue Refunding Bonds
(Monroe Regional Medical Center), 5% due 10/01/2029 1,013
---------------------------------------------------------------------------------------------------
5,000 Marion County, Florida, Hospital District, Revenue Refunding Bonds
(Monroe Regional Medical Center), 5% due 10/01/2034 5,036
---------------------------------------------------------------------------------------------------
5,990 Martin County, Florida, Utilities System Revenue Bonds,
5.125% due 10/01/2033 (b) 6,231
---------------------------------------------------------------------------------------------------
1,630 Miami Beach, Florida, Stormwater Revenue Bonds, 5.75% due 9/01/2016 (h) 1,737
---------------------------------------------------------------------------------------------------
1,000 Miami Beach, Florida, Stormwater Revenue Bonds, 5.25% due 9/01/2020 (h) 1,047
---------------------------------------------------------------------------------------------------
4,400 Miami Beach, Florida, Stormwater Revenue Bonds, 5.25% due 9/01/2025 (h) 4,586
---------------------------------------------------------------------------------------------------
1,910 Miami Beach, Florida, Stormwater Revenue Bonds, 5.375% due 9/01/2030 (h) 1,998
---------------------------------------------------------------------------------------------------
2,690 Miami Beach, Florida, Water and Sewer Revenue Bonds,
5.625% due 9/01/2018 (b) 2,854
---------------------------------------------------------------------------------------------------
10,600 Miami Beach, Florida, Water and Sewer Revenue Bonds,
5.75% due 9/01/2025 (b) 11,263
---------------------------------------------------------------------------------------------------
7,735 Miami-Dade County, Florida, Aviation Revenue Bonds, AMT, Series A,
5% due 10/01/2033 (c) 7,905
---------------------------------------------------------------------------------------------------
8,285 Miami-Dade County, Florida, Aviation Revenue Bonds, AMT, Series A,
5.125% due 10/01/2035 (c) 8,523
---------------------------------------------------------------------------------------------------
6,000 Miami-Dade County, Florida, Aviation Revenue Bonds
(Miami International Airport), AMT, Series A, 6% due 10/01/2024 (h) 6,404
---------------------------------------------------------------------------------------------------
10,000 Miami-Dade County, Florida, Aviation Revenue Bonds
(Miami International Airport), AMT, Series A, 6% due 10/01/2029 (h) 10,654
---------------------------------------------------------------------------------------------------
1,000 Miami-Dade County, Florida, Aviation Revenue Refunding Bonds
(Miami International Airport), AMT, Series A, 5% due 10/01/2038 (l) 1,031
---------------------------------------------------------------------------------------------------
5,450 Miami-Dade County, Florida, Aviation Revenue Refunding Bonds
(Miami International Airport), AMT, Series A, 5% due 10/01/2040 (p) 5,603
---------------------------------------------------------------------------------------------------
1,000 Miami-Dade County, Florida, Educational Facilities Authority
Revenue Bonds (University of Miami), Series A, 5.50% due 4/01/2010 (b)(j) 1,053
---------------------------------------------------------------------------------------------------
5,000 Miami-Dade County, Florida, Educational Facilities Authority
Revenue Bonds (University of Miami), Series A, 5.75% due 4/01/2010 (b)(j) 5,299
---------------------------------------------------------------------------------------------------
19,425 Miami-Dade County, Florida, Educational Facilities Authority
Revenue Bonds (University of Miami), Series A, 6% due 4/01/2010 (b)(j) 20,714
---------------------------------------------------------------------------------------------------
4,200 Miami-Dade County, Florida, Educational Facilities Authority
Revenue Bonds (University of Miami), Series A, 5% due 4/01/2037 (b) 4,382
---------------------------------------------------------------------------------------------------
8,995 Miami-Dade County, Florida, Expressway Authority, Toll System
Revenue Bonds, Series B, 5.25% due 7/01/2027 (h) 9,540
---------------------------------------------------------------------------------------------------
12,640 Miami-Dade County, Florida, Expressway Authority, Toll System
Revenue Bonds, Series B, 5% due 7/01/2033 (h) 13,089
---------------------------------------------------------------------------------------------------
BlackRock MuniHoldings Florida Insured Fund
Schedule of Investments as of May 31, 2007 (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) $ 12,798
---------------------------------------------------------------------------------------------------
6,705 Miami-Dade County, Florida, GO (Parks Program), 6% due 11/01/2024 (h) 7,080
---------------------------------------------------------------------------------------------------
2,185 Miami-Dade County, Florida, HFA, M/F Mortgage Revenue Bonds
(Marbrisa Apartments Project), AMT, Series 2A, 6% due 8/01/2026 (c) 2,290
---------------------------------------------------------------------------------------------------
5,100 Miami-Dade County, Florida, IDA, IDR (Airis Miami II LLC Project),
AMT, 6% due 10/15/2019 (b) 5,367
---------------------------------------------------------------------------------------------------
3,280 Miami-Dade County, Florida, IDA, IDR (BAC Funding Corporation Project),
Series A, 5.25% due 10/01/2020 (b) 3,467
---------------------------------------------------------------------------------------------------
2,945 Miami-Dade County, Florida, Solid Waste System Revenue Bonds,
5.50% due 10/01/2015 (c) 3,131
---------------------------------------------------------------------------------------------------
3,105 Miami-Dade County, Florida, Solid Waste System Revenue Bonds,
5.50% due 10/01/2016 (c) 3,304
---------------------------------------------------------------------------------------------------
8,800 Miami-Dade County, Florida, Solid Waste System Revenue Bonds,
5.25% due 10/01/2030 (a) 9,399
---------------------------------------------------------------------------------------------------
4,510 Nassau County, Florida, Public Improvement Revenue Refunding Bonds,
5.75% due 5/01/2011 (a)(j) 4,807
---------------------------------------------------------------------------------------------------
5,175 Nassau County, Florida, Water and Sewer System Revenue Bonds,
5.125% due 9/01/2033 (a) 5,381
---------------------------------------------------------------------------------------------------
525 Orange County, Florida, HFA, S/F Mortgage Revenue Bonds, AMT,
6.85% due 10/01/2027 (d)(g) 526
---------------------------------------------------------------------------------------------------
2,900 Orange County, Florida, Health Facilities Authority, Hospital
Revenue Bonds (Adventist Health System), 6.25% due 11/15/2012 (j) 3,209
---------------------------------------------------------------------------------------------------
9,220 Orange County, Florida, Health Facilities Authority, Hospital
Revenue Bonds (Orlando Regional Healthcare), 6% due 12/01/2012 (j) 10,132
---------------------------------------------------------------------------------------------------
5,000 Orange County, Florida, Health Facilities Authority, Hospital
Revenue Bonds (Orlando Regional Healthcare), Series A,
6.25% due 10/01/2018 (a) 5,892
---------------------------------------------------------------------------------------------------
1,300 Orange County, Florida, School Board COP, 5.50% due 8/01/2025 (b) 1,357
---------------------------------------------------------------------------------------------------
31,745 Orange County, Florida, Tourist Development, Tax Revenue Bonds,
5.75% due 10/01/2009 (b)(j) 33,142
---------------------------------------------------------------------------------------------------
3,250 Orlando and Orange County, Florida, Expressway Authority Revenue Bonds,
Series B, 5% due 7/01/2030 (b) 3,372
---------------------------------------------------------------------------------------------------
37,550 Orlando and Orange County, Florida, Expressway Authority Revenue Bonds,
Series B, 5% due 7/01/2035 (b) 38,963
---------------------------------------------------------------------------------------------------
7,680 Osceola County, Florida, Infrastructure Sales Surplus Tax Revenue Bonds,
5.25% due 10/01/2012 (b)(j) 8,061
---------------------------------------------------------------------------------------------------
3,155 Osceola County, Florida, Infrastructure Sales Surplus Tax Revenue Bonds,
5.375% due 10/01/2012 (b)(j) 3,360
---------------------------------------------------------------------------------------------------
BlackRock MuniHoldings Florida Insured Fund
Schedule of Investments as of May 31, 2007 (in Thousands)
Face
Amount Municipal Bonds Value
-----------------------------------------------------------------------------------------------------------------------------------
$ 5,560 Osceola County, Florida, Tourist Development Tax Revenue Bonds,
Series A, 5.50% due 10/01/2027 (h) $ 5,913
---------------------------------------------------------------------------------------------------
6,115 Palm Beach County, Florida, School Board, COP, Refunding, Series B,
5.375% due 8/01/2017 (b) 6,481
---------------------------------------------------------------------------------------------------
5,070 Palm Beach County, Florida, School Board, COP, Series A,
6% due 8/01/2010 (h)(j) 5,438
---------------------------------------------------------------------------------------------------
13,205 Palm Beach County, Florida, School Board, COP, Series A,
6.25% due 8/01/2010 (h)(j) 14,262
---------------------------------------------------------------------------------------------------
13,500 Palm Beach County, Florida, School Board, COP, Series A,
5% due 8/01/2031 (c) 14,032
---------------------------------------------------------------------------------------------------
4,000 Palm Coast, Florida, Utility System Revenue Bonds, 5% due 10/01/2027 (a) 4,133
---------------------------------------------------------------------------------------------------
3,000 Panama City, Florida, Water and Sewer Revenue Bonds, Series B,
5.25% due 10/01/2022 (a) 3,203
---------------------------------------------------------------------------------------------------
2,070 Pembroke Pines, Florida, Public Improvement Revenue Bonds, Series A,
5% due 10/01/2034 (b) 2,147
---------------------------------------------------------------------------------------------------
4,940 Polk County, Florida, Public Facilities Revenue Bonds,
5% due 12/01/2033 (a) 5,145
---------------------------------------------------------------------------------------------------
9,885 Polk County, Florida, School Board COP, Master Lease, Series A,
5.50% due 1/01/2025 (c) 10,441
---------------------------------------------------------------------------------------------------
1,280 Port St. Lucie, Florida, Utility Revenue Bonds, 5.25% due 9/01/2026 (a) 1,369
---------------------------------------------------------------------------------------------------
1,345 Port St. Lucie, Florida, Utility Revenue Bonds, 5.25% due 9/01/2027 (a) 1,428
---------------------------------------------------------------------------------------------------
5,000 Port St. Lucie, Florida, Utility System Revenue Refunding Bonds,
Series A, 5% due 9/01/2028 (a) 5,237
---------------------------------------------------------------------------------------------------
5,335 Port St. Lucie, Florida, Utility System Revenue Refunding Bonds,
Series A, 5% due 9/01/2029 (a) 5,584
---------------------------------------------------------------------------------------------------
1,275 Saint Johns County, Florida, IDA, IDR, Refunding
(Professional Golf Project), 5.50% due 9/01/2015 (a) 1,365
---------------------------------------------------------------------------------------------------
1,345 Saint Johns County, Florida, IDA, IDR, Refunding
(Professional Golf Project), 5.50% due 9/01/2016 (a) 1,441
---------------------------------------------------------------------------------------------------
1,420 Saint Johns County, Florida, IDA, IDR, Refunding
(Professional Golf Project), 5.50% due 9/01/2017 (a) 1,512
---------------------------------------------------------------------------------------------------
1,500 Saint Johns County, Florida, IDA, IDR, Refunding
(Professional Golf Project), 5.50% due 9/01/2018 (a) 1,597
---------------------------------------------------------------------------------------------------
2,945 Saint Johns County, Florida, Ponte Vedra Utility System Revenue Bonds,
5% due 10/01/2030 (c) 3,069
---------------------------------------------------------------------------------------------------
4,980 Saint Johns County, Florida, Ponte Vedra Utility System Revenue Bonds,
5% due 10/01/2035 (c) 5,176
---------------------------------------------------------------------------------------------------
1,375 Saint Johns County, Florida, Sales Tax Revenue Bonds, Series A,
5.25% due 10/01/2028 (b) 1,459
---------------------------------------------------------------------------------------------------
1,355 Saint Johns County, Florida, Sales Tax Revenue Bonds, Series A,
5.25% due 10/01/2031 (b) 1,435
---------------------------------------------------------------------------------------------------
2,000 Saint Johns County, Florida, Sales Tax Revenue Bonds, Series A,
5.25% due 10/01/2034 (b) 2,115
---------------------------------------------------------------------------------------------------
1,430 Saint Johns County, Florida, Sales Tax Revenue Bonds, Series B,
5.25% due 10/01/2027 (b) 1,517
---------------------------------------------------------------------------------------------------
840 Saint Johns County, Florida, Sales Tax Revenue Bonds, Series B,
5.25% due 10/01/2032 (b) 889
---------------------------------------------------------------------------------------------------
3,500 Saint Johns County, Florida, Transportation Improvement Revenue Bonds,
5.125% due 10/01/2032 (b) 3,645
---------------------------------------------------------------------------------------------------
4,055 Saint Lucie County, Florida, School Board, COP,
6.25% due 7/01/2010 (c)(j) 4,372
---------------------------------------------------------------------------------------------------
1,495 Saint Lucie County, Florida, School Board, COP, Refunding, Series A,
5.50% due 7/01/2018 (c) 1,592
---------------------------------------------------------------------------------------------------
BlackRock MuniHoldings Florida Insured Fund
Schedule of Investments as of May 31, 2007 (in Thousands)
Face
Amount Municipal Bonds Value
-----------------------------------------------------------------------------------------------------------------------------------
$ 1,170 Saint Lucie County, Florida, School Board, COP, Refunding,
Series C, 5.50% due 7/01/2018 (c) $ 1,246
---------------------------------------------------------------------------------------------------
1,720 Saint Lucie, Florida, West Services District, Utility Revenue Bonds,
5.25% due 10/01/2034 (a) 1,832
---------------------------------------------------------------------------------------------------
4,750 Saint Lucie, Florida, West Services District, Utility Revenue Bonds,
5% due 10/01/2038 (a) 4,927
---------------------------------------------------------------------------------------------------
3,250 Saint Lucie, Florida, West Services District, Utility Revenue
Refunding Bonds, Senior Lien, 6% due 10/01/2022 (a) 3,511
---------------------------------------------------------------------------------------------------
6,615 South Florida Water Management District, COP, 5% due 10/01/2036 (b) 6,875
---------------------------------------------------------------------------------------------------
1,750 South Lake County, Florida, Hospital District Revenue Bonds
(South Lake Hospital, Inc.), 5.80% due 10/01/2034 1,812
---------------------------------------------------------------------------------------------------
2,250 Sunrise, Florida, Utility System Revenue Refunding Bonds,
5.20% due 10/01/2022 (b) 2,450
---------------------------------------------------------------------------------------------------
2,430 Sunrise Lakes, Florida, Phase 4 Recreation District, Refunding Bonds,
GO, 5.25% due 8/01/2024 (b) 2,459
---------------------------------------------------------------------------------------------------
2,800 Tallahassee, Florida, Lease Revenue Bonds (Florida State
University Project), Series A, 5.25% due 8/01/2023 (a) 2,907
---------------------------------------------------------------------------------------------------
1,000 Tallahassee, Florida, Lease Revenue Bonds (Florida State
University Project), Series A, 5.375% due 8/01/2026 (a) 1,045
---------------------------------------------------------------------------------------------------
30,335 Tampa Bay, Florida, Water Utility System Revenue Bonds,
6% due 10/01/2011 (h)(j) 32,888
---------------------------------------------------------------------------------------------------
3,835 Taylor County, Florida, Sales Tax Revenue Bonds, 6% due 10/01/2010 (h)(j) 4,092
---------------------------------------------------------------------------------------------------
8,935 University of Central Florida (UCF) Athletics Association, Inc.,
COP, Series A, 5.25% due 10/01/2034 (h) 9,442
---------------------------------------------------------------------------------------------------
10,775 Village Center Community Development District, Florida,
Recreational Revenue Bonds, Series A, 5.375% due 11/01/2034 (a) 11,584
---------------------------------------------------------------------------------------------------
1,750 Village Center Community Development District, Florida,
Recreational Revenue Bonds, Series A, 5.125% due 11/01/2036 (a) 1,835
---------------------------------------------------------------------------------------------------
3,000 Village Center Community Development District, Florida, Utility
Revenue Bonds, 5.25% due 10/01/2023 (a) 3,193
---------------------------------------------------------------------------------------------------
2,075 Volusia County, Florida, IDA, Student Housing Revenue Bonds
(Stetson University Project), Series A, 5% due 6/01/2025 (l) 2,168
---------------------------------------------------------------------------------------------------
1,740 Volusia County, Florida, IDA, Student Housing Revenue Bonds
(Stetson University Project), Series A, 5% due 6/01/2035 (l) 1,809
-----------------------------------------------------------------------------------------------------------------------------------
Georgia - 1.9% 9,700 Atlanta, Georgia, Airport Passenger Facility Charge and Subordinate
Lien General Revenue Refunding Bonds, Series C, 5% due 1/01/2033 (c) 10,039
---------------------------------------------------------------------------------------------------
BlackRock MuniHoldings Florida Insured Fund
Schedule of Investments as of May 31, 2007 (in Thousands)
Face
Amount Municipal Bonds Value
-----------------------------------------------------------------------------------------------------------------------------------
Puerto Rico - 1.5% $ 2,500 Puerto Rico Commonwealth Highway and Transportation Authority,
Transportation Revenue Refunding Bonds, Series M, 5% due 7/01/2037 $ 2,582
---------------------------------------------------------------------------------------------------
2,600 Puerto Rico Commonwealth, Public Improvement, GO, Series A,
5.25% due 7/01/2026 2,756
---------------------------------------------------------------------------------------------------
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) 2,869
-----------------------------------------------------------------------------------------------------------------------------------
Total Municipal Bonds (Cost - $823,268) - 157.0% 852,497
-----------------------------------------------------------------------------------------------------------------------------------
Municipal Bonds Held in Trust (f)
-----------------------------------------------------------------------------------------------------------------------------------
Florida - 19.8% 28,210 Florida State Board of Education, Lottery Revenue Bonds, Series B,
6.25% due 7/01/2010 (h)(j) 30,419
---------------------------------------------------------------------------------------------------
28,650 Florida State Turnpike Authority, Turnpike Revenue Bonds
(Department of Transportation), Series A, 6.25% due 7/01/2010 (h)(j) 30,893
---------------------------------------------------------------------------------------------------
19,925 Lee County, Florida, Airport Revenue Bonds, AMT, Series A
6% due 10/01/2029 (c) 21,253
---------------------------------------------------------------------------------------------------
15,513 Miami-Dade County, Florida, Aviation Revenue Refunding Bond
(Miami International Airport), AMT, Series A, 5% due 10/01/2040 (p) 15,421
---------------------------------------------------------------------------------------------------
8,790 Santa Rosa County, Florida, School Board, COP, Revenue Refunding Bonds,
Series 2, 5.25% due 2/01/2031 (h) 9,362
---------------------------------------------------------------------------------------------------
Total Municipal Bonds Held in Trust (Cost - $103,615) - 19.8% 107,348
-----------------------------------------------------------------------------------------------------------------------------------
Shares
Held Short-Term Securities
-----------------------------------------------------------------------------------------------------------------------------------
1,220 CMA Florida Municipal Money Fund, 3.14% (m)(o) 1,220
-----------------------------------------------------------------------------------------------------------------------------------
Total Short-Term Securities (Cost - $1,220) - 0.2% 1,220
-----------------------------------------------------------------------------------------------------------------------------------
Total Investments (Cost - $928,103*) - 177.0% 961,065
Liabilities in Excess of Other Assets - (0.4%) (2,132)
Liability for Trust Certificates,
Including Interest Expense Payable - (9.7%) (52,421)
Preferred Shares, at Redemption Value - (66.9%) (363,420)
----------
Net Assets Applicable to Common Shares - 100.0% $ 543,092
==========
* The cost and unrealized appreciation (depreciation) of investments as of
May 31, 2007, as computed for federal income tax purposes, were as
follows:
Aggregate cost $ 882,942
==========
Gross unrealized appreciation $ 27,632
Gross unrealized depreciation (1,393)
----------
Net unrealized appreciation $ 26,239
==========
(a) MBIA Insured.
(b) AMBAC Insured.
(c) FSA Insured.
(d) GNMA Collateralized.
(e) FHLMC Collateralized.
BlackRock MuniHoldings Florida Insured Fund
Schedule of Investments as of May 31, 2007 (in Thousands)
(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:
-------------------------------------------------------------------
Net Dividend
Affiliate Activity Income
-------------------------------------------------------------------
CMA Florida Municipal Money Fund (14,450) $ 360
-------------------------------------------------------------------
(n) Assured Guaranty Insured.
(o) Represents the current yield as of May 31, 2007.
(p) XL Capital Insured.
Item 2 - Controls and Procedures
2(a) - The registrant's certifying officers have reasonably designed such
disclosure controls and procedures to ensure material information
relating to the registrant is made known to us by others particularly
during the period in which this report is being prepared. The
registrant's certifying officers have determined that the registrant's
disclosure controls and procedures are effective based on our
evaluation of these controls and procedures as of a date within 90 days
prior to the filing date of this report.
2(b) - There were no changes in the registrant's internal control over
financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR
270.30a-3(d)) that occurred during the last fiscal quarter of the
period covered by this report that has materially affected, or is
reasonably likely to materially affect, the registrant's internal
control over financial reporting.
Item 3 - Exhibits
Certifications - Attached hereto
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
BlackRock MuniHoldings Florida Insured Fund
By: /s/ Robert C. Doll, Jr.
-------------------------------------------
Robert C. Doll, Jr.
Chief Executive Officer
BlackRock MuniHoldings Florida Insured Fund
Date: July 24, 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: July 24, 2007
By: /s/ Donald C. Burke
-------------------------------------------
Donald C. Burke
Chief Financial Officer
BlackRock MuniHoldings Florida Insured Fund
Date: July 24, 2007