UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSRS
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-08349
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: 08/31/07
Date of reporting period: 09/01/06 - 02/28/07
Item 1 - Report to Stockholders
ALTERNATIVES BLACKROCK SOLUTIONS EQUITIES
FIXED INCOME LIQUIDITY REAL ESTATE
Semi-Annual Reports BLACKROCK
(Unaudited)
FEBRUARY 28, 2007
BlackRock MuniHoldings Florida Insured Fund
BlackRock MuniHoldings New York Insured Fund, Inc.
NOT FDIC INSURED
MAY LOSE VALUE
NO BANK GUARANTEE
BlackRock MuniHoldings Florida Insured Fund
BlackRock MuniHoldings New York Insured Fund, Inc.
Quality Profiles as of February 28, 2007
BlackRock MuniHoldings
Florida Insured Fund Percent of Total
By S&P/Moody's Rating Investments
--------------------------------------------------------------------------------
AAA/Aaa............................................................ 93.2%
AA/Aa.............................................................. 0.5
A/A................................................................ 4.3
BBB/Baa............................................................ 0.7
Other*............................................................. 1.3
--------------------------------------------------------------------------------
* Includes portfolio holdings in short-term investments.
BlackRock MuniHoldings
New York Insured Fund, Inc. Percent of Total
By S&P/Moody's Rating Investments
--------------------------------------------------------------------------------
AAA/Aaa............................................................ 91.9%
AA/Aa.............................................................. 5.7
A/A................................................................ 1.7
BBB/Baa............................................................ 0.2
Other*............................................................. 0.5
--------------------------------------------------------------------------------
* Includes portfolio holdings in short-term investments and variable rate
demand notes.
Announcement of Annual Stockholders Meeting
The Funds have determined that their annual stockholders meetings originally
scheduled to be held in April 2007 will be postponed and will be held in
September 2007. Proposals of stockholders intended to be presented at the
meeting must be received by the Fund by May 15, 2007 for inclusion in each
Fund's proxy statement and form of proxy for that meeting. The persons named as
proxies in the proxy materials for each Fund's 2007 annual meeting of
stockholders may exercise discretionary authority with respect to any
stockholder proposal presented at such meeting if written notice of such
proposal has not been received by the Funds by July 1, 2007. Written proposals
and notices should be sent to the Secretary of the Fund, 800 Scudders Mill Road,
Plainsboro, New Jersey 08536.
Availability of Quarterly Schedules of Investments
The Funds file their complete schedules of portfolio holdings with the
Securities and Exchange Commission ("SEC") for the first and third quarters of
each fiscal year on Form N-Q. The Funds' Forms N-Q are available on the SEC's
Web site at http://www.sec.gov. The Funds' Forms N-Q may also be reviewed and
copied at the SEC's Public Reference Room in Washington, DC. Information on the
operation of the Public Reference Room may be obtained by calling
1-800-SEC-0330.
Electronic Delivery
Electronic copies of most financial reports and prospectuses are available on
the Funds' Web site. Shareholders can sign up for e-mail notifications of
quarterly statements, annual and semi-annual reports and prospectuses by
enrolling in the Funds' electronic delivery program.
To enroll:
Shareholders Who Hold Accounts with Investment Advisers, Banks or Brokerages:
Please contact your financial advisor. Please note that not all investment
advisers, banks or brokerages may offer this service.
2 SEMI-ANNUAL REPORTS FEBRUARY 28, 2007
A Letter to Shareholders
Dear Shareholder
The new year began on a positive note for most financial markets, continuing the
momentum from the fourth quarter of 2006. At the end of February, however,
global equity markets registered their first significant decline since last
summer. The market jitters were triggered by a significant setback in the
Chinese market and were exacerbated by several concerns, notably a weakening
economy, some disappointing corporate earnings announcements, geopolitical
concerns related to Iran's nuclear program and increasing delinquencies in the
subprime mortgage market. Despite the recent spate of volatility, underlying
stock market fundamentals appear quite sound, supported by a generally good
global economic backdrop, tame inflation, relatively low interest rates and
attractive valuations.
Not unlike the equity market, the bond market also has seen volatility recently
as observers have attempted to interpret mixed economic signals. A bond market
rally late last year reversed early in 2007 as the economic data strengthened.
Prices improved (and yields fell) again in February as equities struggled.
Notably, the Treasury curve remained inverted for much of 2006 and into 2007.
The 30-year Treasury yield stood at 4.68% on February 28, 2007, while the
one-month Treasury offered the highest yield on the curve at 5.24%.
For its part, the Federal Reserve Board (the Fed) has left the target short-term
interest rate on hold at 5.25% since first pausing on August 8, 2006. Although
the central bankers continue to express concern about potential infla tionary
pressures, they also have made reference to signs of economic weakness in their
public statements. Most observers expect the Fed to keep interest rates on hold
for now, but acknowledge that the combination of a mild economic slowdown and
moderating inflation could prompt an interest rate cut later in 2007.
Notwithstanding the volatility along the way, most major market indexes managed
to post positive returns for the annual and semi-annual reporting periods ended
February 28, 2007:
Total Returns as of February 28, 2007 6-month 12-month
=======================================================================================================
U.S. equities (Standard & Poor's 500 Index) + 8.93% +11.97%
-------------------------------------------------------------------------------------------------------
Small cap U.S. equities (Russell 2000 Index) +10.76 + 9.87
-------------------------------------------------------------------------------------------------------
International equities (MSCI Europe, Australasia, Far East Index) +12.17 +21.07
-------------------------------------------------------------------------------------------------------
Fixed income (Lehman Brothers Aggregate Bond Index) + 3.66 + 5.54
-------------------------------------------------------------------------------------------------------
Tax-exempt fixed income (Lehman Brothers Municipal Bond Index) + 2.89 + 4.96
-------------------------------------------------------------------------------------------------------
High yield bonds (Credit Suisse High Yield Index) + 8.62 +12.36
-------------------------------------------------------------------------------------------------------
If the recent market movements are any guide, 2007 could be a year of enhanced
market volatility. As you navigate the uncertainties of the financial markets,
we encourage you to review your investment goals with your financial
professional and to make portfolio changes, as needed. We thank you for trusting
BlackRock with your investment assets, and we look forward to continuing to
serve you in the months and years ahead.
Sincerely,
/s/ Robert C. Doll, Jr.
Robert C. Doll, Jr.
Fund President and Trustee/Director
SEMI-ANNUAL REPORTS FEBRUARY 28, 2007 3
A Discussion With Your Funds' Portfolio Managers
Portfolio activity was centered on maintaining a stable net asset value
and competitive yield amid the prevailing low interest rate environment and
limited new investment opportunities.
Describe the recent market environment relative to municipal bonds.
Long-term bond yields moved slightly lower during the six-month period, as their
prices correspondingly increased. The municipal bond market's strong technical
position allowed long-term tax-exempt bond yields to decline more than taxable
yields.
Bond prices began to improve early in the period as economic growth softened and
the Federal Reserve Board (the Fed) opted to refrain from raising its target
interest rate after 17 consecutive increases since mid-2004. Bond prices found
additional support from moderating oil prices, and by the end of November,
30-year U.S. Treasury bond yields had declined 32 basis points (.32%) to 4.56%.
In December 2006 and January 2007, however, economic releases were generally
stronger than expected. The more positive economic environment, coupled with
year-end profit-taking, helped push bond yields higher (and prices lower). By
the end of January, long-term U.S. Treasury bond yields had risen to 4.93%
before falling again in February as softer economic news, particularly relating
to employment and housing, allowed bond prices to rally once again.
At the end of February 2007, 30-year U.S. Treasury bond yields stood at 4.68%, a
decline of 20 basis points over the past six months. Ten-year U.S. Treasury note
yields declined 18 basis points during the period to 4.56%. Longer-maturity
tax-exempt issues outperformed comparable U.S. Treasury issues as investor
demand outstripped a resurgent new-issue calendar. As reported by Municipal
Market Data, yields on AAA-rated municipal issues maturing in 30 years declined
28 basis points to 3.97%, while yields on 10-year, AAA-rated issues declined
eight basis points to 3.67%.
Investor demand for municipal product remained strong throughout the six-month
period. According to the Investment Company Institute, long-term municipal bond
funds had net new cash flows of over $15 billion in 2006, a 200% increase
compared to flows in 2005. This positive trend continued into 2007, with net
cash flows in January exceeding $2.8 billion. Weekly fund flows, as reported by
AMG Data, also have supported tax-exempt bond prices. Weekly average cash flows
into long-term tax-exempt funds averaged more than $420 million over the past
six months and more than $487 million in February. These flows represent a
considerable improvement from weekly levels of $230 million - $250 million in
the middle of 2006.
New issuance in the municipal market has surged in recent months as
municipalities have rushed to take advantage of low market yields and solid
investor demand. During the six-month period, more than $206 billion in new
long-term tax-exempt bonds was issued, an increase of 19.5% versus the same
period a year ago. During the last three months, more than $115 billion in new
long-term municipal bonds was underwritten, an increase of over 50% compared to
the same period a year earlier. The recent increase in issuance has made the
municipal market's outperformance even more impressive. In the past three
months, we saw more than 10 underwritings that were greater than $750 million in
size. Investor demand has been so strong that these issues were well
oversubscribed and saw their initial offering yields reduced by as much as 10
basis points.
Looking ahead, the tax-exempt bond market's technical position is likely to
remain supportive, leading to continued outperformance relative to taxable
issues. We believe recent stock market volatility and a benign inflationary
environment should foster continued retail demand for municipal product in the
coming months.
4 SEMI-ANNUAL REPORTS FEBRUARY 28, 2007
BlackRock MuniHoldings Florida Insured Fund
Describe conditions in the State of Florida.
Florida maintains credit ratings of Aa1, AAA and AA+ from Moody's, Standard &
Poor's and Fitch, respectively. The state's consistently strong financial
performance has been the result of a robust service-oriented economy, prudent
budget decisions and a moderate debt profile. Florida's budget for fiscal year
2007 grew 7% to $74 billion and reflects continued spending constraints,
conservative revenue projections and additional deposits to the state's reserve
funds. Florida has adhered to strict budget guidelines in recent history and we
expect that trend to continue, as many of the state's budget practices have been
made into law, including the Constitutional limit on the spending of
non-recurring revenues, which was adopted by voters in November 2006.
Solid economic growth has allowed the state to build revenue reserves to an
estimated $8 billion and to offer its residents some tax relief in the form of
tax credits, tax-free shopping days and the repeal of the intangible tax.
Overall sales tax growth, which has averaged over 8% per year in recent history,
should be sufficient to cover any revenue losses associated with the repeal of
the intangible tax, though no new revenue streams have been created. Spending at
the state level remains dominated by education, with over 50% of the budget
dedicated to primary and secondary education needs. The state also faces
significant additional spending requirements as a result of the recent Class
Size Initiative and an overall desire to increase the quality of public
education in Florida. In addition to education, we expect that population growth
will increase demand on the government to provide more monies for
transportation, public safety, health services and emergency relief.
Overall, Florida's economy continues to outperform on both a national and
regional basis. Job creation has surpassed the national average, leading to low
unemployment and rising personal incomes. The most recent data reflects an
unemployment rate of 3.2%, compared to a national average of 4.4%. These trends,
coupled with a relatively low cost of living, have encouraged migration into
Florida and led to a more diversified demographic base. Although the demands of
a growing population will put pressure on the state's finances, we continue to
believe that Florida is well-positioned given its financial flexibility and
record of proactive management.
How did the Fund perform during the period?
For the six-month period ended February 28, 2007, the Common Shares of BlackRock
MuniHoldings Florida Insured Fund had net annualized yields of 4.94% and 5.29%,
based on a period-end per share net asset value of $14.77 and a per share market
price of $13.81, respectively, and $.362 per share income dividends. Over the
same period, the total investment return on the Fund's Common Shares was +2.77%,
based on a change in per share net asset value from $14.75 to $14.77, and
assuming reinvestment of all distributions.
The Fund's total return, based on net asset value, lagged the +3.11% average
return of the Lipper Florida Municipal Debt Funds category for the six-month
period. (Funds in this Lipper category limit their investment to those
securities exempt from taxation in the State of Florida.) The Fund's
underperformance is attributed largely to its exposure to bonds with
intermediate maturities, which lagged as the yield curve flattened. We have
exposure to these sectors through bonds that have been prerefunded -- thereby
transforming several of our longer-dated issues into intermediate maturities.
Although these bonds have underperformed on a total return basis, they were
acquired in a higher interest rate environment and, as such, contribute
meaningfully to the portfolio's yield. This has allowed the Fund to maintain an
above-average distribution rate compared to its peers. While we have made
efforts to reduce some of the Fund's concentration in prerefunded bonds, the
cycle repeats itself as more bonds are prerefunded and the absolute low level of
interest rates makes them difficult to replace.
As we have noted in the past, the Fund is an insured product within a peer group
that includes funds with the ability to invest in uninsured and non-investment
grade credits. Although the credit spread tightening phenomenon that has
benefited non-investment grade issues has slowed, these lower quality credits
still amply outperformed the high-grade market during the reporting period, and
our lack of exposure detracted from performance versus our more aggressive
peers.
SEMI-ANNUAL REPORTS FEBRUARY 28, 2007 5
A Discussion With Your Funds' Portfolio Managers (continued)
For a description of the Fund's total investment return based on a change in the
per share market value of the Fund's Common Shares (as measured by the trading
price of the Fund's shares on the New York Stock Exchange), and assuming
reinvestment of distributions, please refer to the Financial Highlights section
of this report. As a closed-end fund, the Fund's shares may trade in the
secondary market at a premium or discount to the Fund's net asset value. As a
result, total investment returns based on changes in the market value of the
Fund's Common Shares can vary significantly from total investment returns based
on changes in the Fund's net asset value.
What changes were made to the portfolio during the period?
We did not alter our mainline strategy -- that is, we continued our efforts to
increase the level of income provided to shareholders while muting the Fund's
net asset value volatility. Having said that, the low absolute level of interest
rates has presented challenges in terms of yield enhancement, as most of the
bonds in the portfolio are booked at higher yields than those currently
available in the market. In general, we made purchases when the market backed up
(that is, rates increased and prices fell) and were sellers in November, after
the market had rallied sharply (that is, rates fell and prices increased).
For the most part, we continued to target premium-coupon bonds in the 20-year to
30-year maturity range whenever they became available. We continued to find the
most attractive risk/reward trade-off here, although the flatness of the yield
curve has made for few compelling opportunities. New municipal issuance in the
State of Florida increased roughly 20% over the six months compared to the same
period a year ago. However, as has been the case for some time, few new issues
met our desired investment characteristics. Much of the supply came in the form
of refinancings, and the majority of the new issues came with coupons below 5%.
Importantly, we remained fully invested throughout the period in an effort to
augment yield.
For the six-month period ended February 28, 2007, the Fund's Auction Market
Preferred Shares had average yields as follows: Series A, 3.54%; Series B,
3.51%; Series C, 3.53%; Series D, 3.50%; and Series E, 3.53%. There was no
material change in the Fundborrowing costs over the course of the period, as the
Fed left the short-term interest rate target unchanged at 5.25%. Although flat
by historical standards, the tax-exempt yield curve maintained a positive slope
throughout the period (particularly compared to the U.S. Treasury curve),
allowing us to borrow at a lower rate than where we invest. This continued to
generate an income benefit to the holders of Common Shares from the leveraging
of Preferred Shares. Of course, should the spread between short-term and
long-term interest rates narrow, the benefits of leveraging will decline and, as
a result, reduce the yield on the Fund's Common Shares. For a more complete
explanation of the benefits and risks of leveraging, see page 9 of this report
to shareholders.
How would you characterize the Fund's position at the close of the period?
We ended the period with a slightly defensive stance on interest rates,
reflecting a shift we had made after the market rallied strongly in the fourth
quarter of 2006. We expect to return to a neutral posture, given the flatness of
the yield curve and the fact that the Fed has remained on hold since last
increasing rates in June, instead relying on security selection as the key
driver of performance. While we had expressed some interest in the 10-year to
20-year maturity range in our last report to shareholders, we generally have
remained focused on longer-dated Florida issues, which we believe offer greater
potential for yield enhancement. We intend to exercise patience as we continue
to look for 20-year to 30-year bonds with coupons in the area of 5%.
6 SEMI-ANNUAL REPORTS FEBRUARY 28, 2007
BlackRock MuniHoldings New York Insured Fund, Inc.
Describe conditions in the State of New York.
The State of New York is rated Aa3, AA and AA- by Moody's, Standard & Poor's and
Fitch, respectively, all with stable trends. New York State ranks fifth in both
debt per capita and debt as a percent of personal income, according to Moody's.
It also ranked fifth in per capita income in 2005 (latest), according to the
U.S. Department of Commerce. New York's January 2007 unemployment rate was 4.3%
versus the U.S. national rate of 4.6%. Fiscal year 2006 operations resulted in a
$2 billion surplus and an ending $900 million "rainy day" reserve. The November
2006 financial plan update forecasts a $1.1 billion General Fund surplus in
fiscal year 2007 due to higher-than-expected receipts and spending reductions.
New York's Governor recently proposed a $120.6 billion budget for fiscal year
2008 that increases spending by 6.3%, the largest annual increase since 2000,
and includes $2.8 billion in gap-closing measures, such as $1.2 billion in
healthcare cuts. Key credit issues are cost pressures from Medicaid, pensions
and school aid, as well as the sustainability of growing personal income tax
receipts.
How did the Fund perform during the period?
For the six-month period ended February 28, 2007, the Common Stock of BlackRock
MuniHoldings New York Insured Fund, Inc. had net annualized yields of 4.66% and
5.01%, based on a period-end per share net asset value of $15.13 and a per share
market price of $14.08, respectively, and $0.350 per share income dividends.
Over the same period, the total investment return on the Fund's Common Stock was
+3.65%, based on a change in per share net asset value from $14.96 to $15.13,
and assuming reinvestment of all distributions.
The Fund's total return, based on net asset value, outpaced the +3.29% average
return of the Lipper New York Insured Municipal Debt Funds category for the
six-month period. (Funds in this Lipper category invest primarily in securities
exempt from taxation in New York and insured as to timely payment.) An ongoing
commitment to generating an above average level of distribution income for
shareholders was the primary driver of the Fund's total return performance.
Notably, the Fund maintained an above average yield compared to its Lipper
peers.
The Fund's appetite for incremental yield forced it to seek securities on the
long end of the municipal yield curve, which was among the best-performing
segments in both the municipal market and broader fixed income markets during
the period. This strategy provided a dual benefit for the Fund, allowing it to
pick up additional market yield while also reaping higher total returns thanks
to a sharp rally in longer-dated municipal securities. Out-of-favor coupons
(mainly discounted bonds) and housing bonds were among the portfolio's stronger
performing assets.
Detracting from the Fund's performance was the ongoing effect of a
low-interest-rate environment, wherein issuers of higher coupon bonds pursue
refinancing opportunities and call their outstanding bonds. This trend persisted
during the semi-annual period, and as is characteristic of this scenario,
detracted from overall performance by dampening the distribution income of the
Fund.
For a description of the Fund's total investment return based on a change in the
per share market value of the Fund's Common Stock (as measured by the trading
price of the Fund's shares on the New York Stock Exchange), and assuming
reinvestment of distributions, please refer to the Financial Highlights section
of this report. As a closed-end fund, the Fund's shares may trade in the
secondary market at a premium or discount to the Fund's net asset value. As a
result, total investment returns based on changes in the market value of the
Fund's Common Stock can vary significantly from total investment returns based
on changes in the Fund's net asset value.
What changes were made to the portfolio during the period?
Portfolio activity was centered on maintaining the Fund's relatively high
distribution rate. We invested largely on the long end of the curve, where we
found attractive opportunities to trade the portfolio and generate higher levels
of income. Among our key purchases were the abovementioned lower-coupon and
housing bonds, as well as zero-coupon bonds that included Puerto Rican
zero-coupon bonds. Alternative minimum tax (AMT) issues also were a good source
of incremental yield during the period. We continued to trim some of the
portfolio's short-term investments, specifically shorter-dated prerefunded bonds
and high-coupon, short-call bonds (primarily those with call dates within three
years or less).
SEMI-ANNUAL REPORTS FEBRUARY 28, 2007 7
A Discussion With Your Funds' Portfolio Managers (concluded)
New issuance in the New York municipal market was fairly stagnant, which
continues to present a challenge in terms of diversifying the portfolio and
making up for yield lost to calls of higher-coupon bonds. New issuance was down
9.7% over the six-month period, although the latter three months saw a
significant rise (+70%), which was attributable to a handful of large deals. The
two most noteworthy transactions in which we participated were a $2 billion bond
offering by Hudson Yards Infrastructure (new development project) and a $227
million offering by Carousel Center in Syracuse (existing mall expansion
project). The remaining new issues were primarily in credits where the Fund
already has some exposure, including Long Island Power Authority, or offered
little in the way of diversification.
For the six months ended February 28, 2007, the Fund's Auction Market Preferred
Stock had average yields as follows: Series A, 3.15%; Series B, 3.18%; Series C,
3.24%; Series D, 3.25%; and Series E, 3.20%. There was no material change in the
Fund's borrowing costs over the course of the period, as the Fed left the
short-term interest rate target unchanged at 5.25%. Although flat by historical
standards, the tax-exempt yield curve maintained a positive slope throughout the
period (particularly compared to the U.S. Treasury curve), allowing us to borrow
at a lower rate than where we invest. This continued to generate an income
benefit to the holders of Common Stock from the leveraging of Preferred Stock.
However, should the spread between short-term and long-term interest rates
narrow, the benefits of leveraging will decline and, as a result, reduce the
yield on the Fund's Common Stock. For a more complete explanation of the
benefits and risks of leveraging, see page 9 of this report to shareholders.
How would you characterize the Fund's position at the close of the period?
Given a quiet Fed and few new-issue prospects, we are focusing our efforts on
identifying compelling relative value trading opportunities, while continuing to
add higher-yielding securities as occasions arise. At the same time, we await
the new-issue calendar to offer greater prospects for diversification, as well
as income accrual. We continue to expect relative value trading and yield to be
the key drivers of the Fund's future performance and, accordingly, will look to
the long end of the municipal yield curve to supply the most suitable prospects.
Robert D. Sneeden
Vice President and Portfolio Manager
BlackRock MuniHoldings Florida Insured Fund
Timothy T. Browse, CFA
Vice President and Portfolio Manager
BlackRock MuniHoldings New York Insured Fund, Inc.
March 19, 2007
8 SEMI-ANNUAL REPORTS FEBRUARY 28, 2007
The Benefits and Risks of Leveraging
The Funds utilize leveraging to seek to enhance the yield and net asset value of
their Common Shares or Common Stock. However, these objectives cannot be
achieved in all interest rate environments. To leverage, the Funds issue
Preferred Shares or Stock, which pay dividends at prevailing short-term interest
rates, and invest the proceeds in long-term municipal bonds. The interest earned
on these investments, net of dividends to Preferred Shares or Stock, is paid to
Common Shareholders or Common Stock shareholders in the form of dividends, and
the value of these portfolio holdings is reflected in the per share net asset
value of the Fund's Common Shares or Stock. However, in order to benefit Common
Shareholders or Common Stock shareholders, the yield curve must be positively
sloped; that is, short-term interest rates must be lower than long-term interest
rates. At the same time, a period of generally declining interest rates will
benefit Common Shareholders or Common Stock shareholders. If either of these
conditions change, then the risks of leveraging will begin to outweigh the
benefits.
To illustrate these concepts, assume a fund's Common Shares or Stock
capitalization of $100 million and the issuance of Preferred Shares or Stock for
an additional $50 million, creating a total value of $150 million available for
investment in long-term municipal bonds. If prevailing short-term interest rates
are approximately 3% and long-term interest rates are approximately 6%, the
yield curve has a strongly positive slope. The fund pays dividends on the $50
million of Preferred Shares or Stock based on the lower short-term interest
rates. At the same time, the fund's total portfolio of $150 million earns the
income based on long-term interest rates.
In this case, the dividends paid to Preferred Shareholders or Preferred Stock
shareholders are significantly lower than the income earned on the fund's
long-term investments, and therefore the Common Shareholders or Common Stock
shareholders are the beneficiaries of the incremental yield. However, if
short-term interest rates rise, narrowing the differential between short-term
and long-term interest rates, the incremental yield pickup on the Common Shares
or Stock will be reduced or eliminated completely. At the same time, the market
value on the fund's Common Shares or Stock (that is, its price as listed on the
New York Stock Exchange), may, as a result, decline. Furthermore, if long-term
interest rates rise, the Common Shares' or Stock's net asset value will reflect
the full decline in the price of the portfolio's investments, since the value of
the fund's Preferred Shares or Stock does not fluctuate. In addition to the
decline in net asset value, the market value of the fund's Common Shares or
Stock may also decline.
As of February 28, 2007, BlackRock MuniHoldings Florida Insured Fund and
BlackRock MuniHoldings New York Insured Fund, Inc. had leverage amounts, due to
Auction Market Preferred Shares or Stock of 39.46% and 40.14% of total net
assets, respectively, before the deduction of Preferred Shares or Stock.
As a part of their investment strategy, the Funds may invest in certain
securities whose potential income return is inversely related to changes in a
floating interest rate ("inverse floaters"). In general, income on inverse
floaters will decrease when short-term interest rates increase and increase when
short-term interest rates decrease. Investments in inverse floaters may be
characterized as derivative securities and may subject the Funds to the risks of
reduced or eliminated interest payments and losses of invested principal. In
addition, inverse floaters have the effect of providing investment leverage and,
as a result, the market value of such securities will generally be more volatile
than that of fixed rate, tax-exempt securities. To the extent the Funds invest
in inverse floaters, the market value of each Fund's portfolio and the net asset
value of each Fund's shares may also be more volatile than if the Funds did not
invest in these securities.
SEMI-ANNUAL REPORTS FEBRUARY 28, 2007 9
Schedule of Investments as of February 28, 2007 (Unaudited)
BlackRock MuniHoldings Florida Insured Fund (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) $ 2,160
===============================================================================
Florida -- 149.0%
-------------------------------------------------------------------------------
6,600 Alachua County, Florida, School Board, COP, 5.25%
due 7/01/2029 (b) 7,107
-------------------------------------------------------------------------------
Bay County, Florida, Sales Tax Revenue Bonds (b):
3,490 5% due 9/01/2025 3,772
3,665 5% due 9/01/2026 3,956
-------------------------------------------------------------------------------
4,190 Beacon Tradeport Community Development District,
Florida, Special Assessment Revenue Refunding
Bonds (Commercial Project), Series A, 5.625%
due 5/01/2032 (k) 4,563
-------------------------------------------------------------------------------
8,000 Broward County, Florida, Educational Facilities
Authority Revenue Bonds (Nova Southeastern
University), 5% due 4/01/2031 (n) 8,461
-------------------------------------------------------------------------------
Cape Coral, Florida, Special Obligation Revenue
Bonds (a):
3,000 5% due 10/01/2030 3,212
4,190 5% due 10/01/2033 4,480
-------------------------------------------------------------------------------
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) 1,416
-------------------------------------------------------------------------------
900 Collier County, Florida, IDA, IDR, Refunding (Southern
States Utilities), AMT, 6.50% due 10/01/2025 911
-------------------------------------------------------------------------------
Dade County, Florida, Water and Sewer System
Revenue Bonds (h):
20,575 5.25% due 10/01/2021 20,959
21,640 5.25% due 10/01/2026 22,014
-------------------------------------------------------------------------------
2,000 Deltona, Florida, Transportation Capital Improvement
Revenue Bonds, 5.125% due 10/01/2026 (a) 2,174
-------------------------------------------------------------------------------
Emerald Coast, Florida, Utilities Authority, System
Revenue Bonds (h):
1,130 5.25% due 1/01/2026 1,239
1,560 5.25% due 1/01/2036 1,699
-------------------------------------------------------------------------------
1,515 Emerald Coast, Florida, Utilities Authority, System
Revenue Refunding Bonds, 5% due 1/01/2023 (h) 1,645
-------------------------------------------------------------------------------
Escambia County, Florida, HFA, S/F Mortgage Revenue
Refunding Bonds (Multi-County Program), AMT,
Series A (a)(i):
105 6.30% due 10/01/2020 106
390 6.375% due 10/01/2026 394
-------------------------------------------------------------------------------
1,835 Flagler County, Florida, Capital Improvement Revenue
Bonds, 5% due 10/01/2035 (a) 1,951
-------------------------------------------------------------------------------
Florida HFA, Homeowner Mortgage Revenue
Refunding Bonds, AMT, Series 2 (a):
1,455 5.75% due 7/01/2014 1,463
11,025 5.90% due 7/01/2029 11,192
-------------------------------------------------------------------------------
12,000 Florida Higher Educational Facilities Financing
Authority Revenue Bonds (Flagler College, Inc.
Project), 5.25% due 11/01/2036 (p) 13,082
-------------------------------------------------------------------------------
5,975 Florida Housing Finance Corporation, Homeowner
Mortgage Revenue Bonds, AMT, Series 11, 5.95%
due 1/01/2032 (c) 6,185
-------------------------------------------------------------------------------
790 Florida Housing Finance Corporation, Homeowner
Mortgage Revenue Refunding Bonds, AMT, Series 4,
6.25% due 7/01/2022 (c) 807
-------------------------------------------------------------------------------
2,055 Florida Housing Finance Corporation, Housing
Revenue Bonds (Waverly Apartments), AMT,
Series C-1, 6.30% due 7/01/2030 (c) 2,196
-------------------------------------------------------------------------------
Florida Municipal Loan Council Revenue Bonds,
Series B (a):
1,285 5.375% due 11/01/2025 1,361
4,150 5.375% due 11/01/2030 4,389
-------------------------------------------------------------------------------
3,750 Florida State Board of Education, Capital Outlay, GO,
Public Education, Refunding, Series D, 5.75%
due 6/01/2022 (c) 4,025
-------------------------------------------------------------------------------
1,000 Florida State Board of Education, Capital Outlay, GO,
Public Education, Series C, 5.75% due 6/01/2010 (h)(j) 1,073
-------------------------------------------------------------------------------
2,200 Florida State Board of Regents, Housing Revenue
Bonds (University of Central Florida), 5.25%
due 10/01/2026 (h) 2,317
-------------------------------------------------------------------------------
7,165 Florida State Board of Regents, University Systems
Improvement Revenue Bonds, 5.25%
due 7/01/2007 (a)(j) 7,275
-------------------------------------------------------------------------------
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) 3,806
-------------------------------------------------------------------------------
Florida State Governmental Utility Authority, Utility
Revenue Bonds (b):
2,350 (Citrus Utility System), 5.125% due 10/01/2033 2,495
2,900 (Lehigh Utility System), 5.125% due 10/01/2033 3,079
-------------------------------------------------------------------------------
Portfolio Abbreviations
To simplify the listings of portfolio holdings in the Schedules of Investments,
we have abbreviated the names of many of the securities according to the list at
right.
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
PILOT Payment in Lieu of Taxes
S/F Single-Family
VRDN Variable Rate Demand Notes
10 SEMI-ANNUAL REPORTS FEBRUARY 28, 2007
Schedule of Investments (continued)
BlackRock MuniHoldings Florida Insured Fund (in Thousands)
Face
Amount Municipal Bonds Value
===============================================================================
Florida (continued)
-------------------------------------------------------------------------------
$ 8,805 Fort Myers, Florida, Utility System Revenue Refunding
Bonds, 5% due 10/01/2031 (a) $ 9,450
-------------------------------------------------------------------------------
16,000 Hernando County, Florida, School Board, COP,
5% due 7/01/2030 (a) 17,046
-------------------------------------------------------------------------------
Highlands County, Florida, Health Facilities Authority,
Hospital Revenue Bonds (Adventist Health System):
7,135 Series A, 6% due 11/15/2011 (j) 7,889
7,285 Series C, 5.25% due 11/15/2036 7,782
-------------------------------------------------------------------------------
3,425 Hillsborough County, Florida, Port District Revenue
Bonds (Tampa Port Authority Project), AMT, 5%
due 6/01/2036 (a) 3,606
-------------------------------------------------------------------------------
Hillsborough County, Florida, School Board, COP (a)(j):
6,600 5.375% due 7/01/2009 6,856
33,400 6% due 7/01/2009 35,467
-------------------------------------------------------------------------------
1,300 Indian River County, Florida, Water and Sewer Revenue
Refunding Bonds, Series A, 5.25% due 9/01/2018 (h) 1,353
-------------------------------------------------------------------------------
1,800 Jacksonville, Florida, Economic Development
Commission, Health Care Facilities Revenue Bonds
(Mayo Clinic -- Jacksonville), Series A, 5.50%
due 11/15/2036 (a) 1,935
-------------------------------------------------------------------------------
7,305 Jacksonville, Florida, Guaranteed Entitlement Revenue
Refunding and Improvement Bonds, 5.25%
due 10/01/2032 (h) 7,777
-------------------------------------------------------------------------------
10,000 Jacksonville, Florida, Health Facilities Authority,
Hospital Revenue Bonds (Baptist Medical Center
Project), Series A, 5% due 8/15/2037 10,405
-------------------------------------------------------------------------------
1,870 Jacksonville, Florida, Port Authority, Seaport Revenue
Bonds, AMT, 5.625% due 11/01/2026 (a) 1,974
-------------------------------------------------------------------------------
Jacksonville, Florida, Sales Tax Revenue Bonds:
2,000 5.50% due 10/01/2016 (b) 2,150
3,800 5.50% due 10/01/2018 (b) 4,076
11,400 5% due 10/01/2027 (a) 12,048
-------------------------------------------------------------------------------
1,500 Jacksonville, Florida, Water and Sewer Revenue Bonds
(United Water Florida Project), AMT, 6.35%
due 8/01/2025 (b) 1,516
-------------------------------------------------------------------------------
5,000 Lake County, Florida, School Board, COP, Series A,
5% due 6/01/2030 (b) 5,291
-------------------------------------------------------------------------------
4,225 Lee County, Florida, Capital Revenue Bonds, 5.25%
due 10/01/2023 (b) 4,552
-------------------------------------------------------------------------------
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) 7,919
-------------------------------------------------------------------------------
Leesburg, Florida, Capital Improvement Revenue
Bonds (h):
1,605 5.25% due 10/01/2027 1,746
3,425 5.25% due 10/01/2034 3,703
-------------------------------------------------------------------------------
435 Manatee County, Florida, HFA, S/F Mortgage
Revenue Refunding Bonds, AMT, Sub-Series 1,
6.25% due 11/01/2028 (d) 436
-------------------------------------------------------------------------------
3,675 Marco Island, Florida, Utility System Revenue Bonds,
5% due 10/01/2033 (a) 3,873
-------------------------------------------------------------------------------
5,990 Martin County, Florida, Utilities System Revenue
Bonds, 5.125% due 10/01/2033 (b) 6,359
-------------------------------------------------------------------------------
Miami Beach, Florida, Stormwater Revenue Bonds (h):
1,630 5.75% due 9/01/2016 1,752
1,000 5.25% due 9/01/2020 1,057
4,400 5.25% due 9/01/2025 4,630
1,910 5.375% due 9/01/2030 2,016
-------------------------------------------------------------------------------
Miami Beach, Florida, Water and Sewer Revenue
Bonds (b):
2,690 5.625% due 9/01/2018 2,880
10,600 5.75% due 9/01/2025 11,366
-------------------------------------------------------------------------------
Miami-Dade County, Florida, Aviation Revenue
Bonds, AMT, Series A:
5,375 5% due 10/01/2033 (c) 5,574
7,450 5.125% due 10/01/2035 (c) 7,782
6,000 (Miami International Airport) 6% due 10/01/2024 (h) 6,464
10,000 (Miami International Airport) 6% due 10/01/2029 (h) 10,753
-------------------------------------------------------------------------------
Miami-Dade County, Florida, Educational Facilities
Authority Revenue Bonds (University of Miami),
Series A (b):
1,000 5.50% due 4/01/2019 1,060
19,425 6% due 4/01/2023 20,856
5,000 5.75% due 4/01/2029 5,326
-------------------------------------------------------------------------------
Miami-Dade County, Florida, Expressway Authority,
Toll System Revenue Bonds, Series B (h):
8,995 5.25% due 7/01/2027 9,751
12,640 5% due 7/01/2033 13,354
-------------------------------------------------------------------------------
12,250 Miami-Dade County, Florida, Expressway Authority,
Toll System Revenue Refunding Bonds, 5.125%
due 7/01/2025 (h) 12,942
-------------------------------------------------------------------------------
6,705 Miami-Dade County, Florida, GO (Parks Program),
6% due 11/01/2024 (h) 7,142
-------------------------------------------------------------------------------
2,185 Miami-Dade County, Florida, HFA, M/F Mortgage
Revenue Bonds (Marbrisa Apartments Project), AMT,
Series 2A, 6% due 8/01/2026 (c) 2,319
-------------------------------------------------------------------------------
Miami-Dade County, Florida, IDA, IDR (b):
5,100 (Airis Miami II LLC Project), AMT, 6%
due 10/15/2019 5,408
3,280 (BAC Funding Corporation Project), Series A,
5.25% due 10/01/2020 3,500
-------------------------------------------------------------------------------
Miami-Dade County, Florida, Solid Waste System
Revenue Bonds:
2,945 5.50% due 10/01/2015 (c) 3,163
3,105 5.50% due 10/01/2016 (c) 3,329
8,800 5.25% due 10/01/2030 (a) 9,599
-------------------------------------------------------------------------------
SEMI-ANNUAL REPORTS FEBRUARY 28, 2007 11
Schedule of Investments (continued)
BlackRock MuniHoldings Florida Insured Fund (in Thousands)
Face
Amount Municipal Bonds Value
===============================================================================
Florida (continued)
-------------------------------------------------------------------------------
Nassau County, Florida, Public Improvement Revenue
Refunding Bonds (a):
$ 1,035 5.75% due 5/01/2016 $ 1,115
1,095 5.75% due 5/01/2017 1,178
1,155 5.75% due 5/01/2018 1,243
1,225 5.75% due 5/01/2019 1,318
-------------------------------------------------------------------------------
5,175 Nassau County, Florida, Water and Sewer System
Revenue Bonds, 5.125% due 9/01/2033 (a) 5,490
-------------------------------------------------------------------------------
795 Orange County, Florida, HFA, S/F Mortgage Revenue
Bonds, AMT, 6.85% due 10/01/2027 (d)(g) 796
-------------------------------------------------------------------------------
Orange County, Florida, Health Facilities Authority,
Hospital Revenue Bonds:
2,900 (Adventist Health System), 6.25% due 11/15/2012 (j) 3,257
9,220 (Orlando Regional Healthcare), 6%
due 12/01/2012 (j) 10,245
5,000 (Orlando Regional Healthcare), Series A,
6.25% due 10/01/2018 (a) 6,035
-------------------------------------------------------------------------------
1,300 Orange County, Florida, School Board COP, 5.50%
due 8/01/2025 (b) 1,370
-------------------------------------------------------------------------------
31,745 Orange County, Florida, Tourist Development, Tax
Revenue Bonds, 5.75% due 10/01/2009 (b)(j) 33,394
-------------------------------------------------------------------------------
Orlando and Orange County, Florida, Expressway
Authority Revenue Bonds, Series B (b):
3,250 5% due 7/01/2030 3,428
37,550 5% due 7/01/2035 39,611
-------------------------------------------------------------------------------
Osceola County, Florida, Infrastructure Sales Surplus
Tax Revenue Bonds (b):
3,155 5.375% due 10/01/2018 3,406
7,680 5.25% due 10/01/2025 8,176
-------------------------------------------------------------------------------
Osceola County, Florida, Sales Tax Revenue Bonds (h):
2,065 5.625% due 6/01/2016 2,236
1,605 5.625% due 6/01/2017 1,734
1,075 5.625% due 6/01/2018 1,162
-------------------------------------------------------------------------------
4,240 Osceola County, Florida, School Board, COP, Series A,
5.25% due 6/01/2027 (b) 4,532
-------------------------------------------------------------------------------
5,560 Osceola County, Florida, Tourist Development Tax
Revenue Bonds, Series A, 5.50% due 10/01/2027 (h) 5,980
-------------------------------------------------------------------------------
9,935 Palm Beach County, Florida, GO (Liquid Acquisition
Program), Series B, 5.75% due 8/01/2009 (a)(j) 10,511
-------------------------------------------------------------------------------
6,115 Palm Beach County, Florida, School Board COP,
Refunding, Series B, 5.375% due 8/01/2017 (b) 6,540
-------------------------------------------------------------------------------
Palm Beach County, Florida, School Board, COP, Series A:
5,070 6% due 8/01/2010 (h)(j) 5,488
13,205 6.25% due 8/01/2010 (h)(j) 14,399
13,500 5% due 8/01/2031 (c) 14,365
-------------------------------------------------------------------------------
4,000 Palm Coast, Florida, Utility System Revenue Bonds,
5% due 10/01/2027 (a) 4,220
-------------------------------------------------------------------------------
3,000 Panama City, Florida, Water and Sewer Revenue Bonds,
Series B, 5.25% due 10/01/2022 (a) 3,253
-------------------------------------------------------------------------------
2,070 Pembroke Pines, Florida, Public Improvement Revenue
Bonds, Series A, 5% due 10/01/2034 (b) 2,192
-------------------------------------------------------------------------------
4,940 Polk County, Florida, Public Facilities Revenue Bonds,
5% due 12/01/2033 (a) 5,264
-------------------------------------------------------------------------------
9,885 Polk County, Florida, School Board COP, Master Lease,
Series A, 5.50% due 1/01/2025 (c) 10,533
-------------------------------------------------------------------------------
Port St. Lucie, Florida, Utility Revenue Bonds (a):
1,280 5.25% due 9/01/2026 1,391
1,345 5.25% due 9/01/2027 1,462
-------------------------------------------------------------------------------
Port St. Lucie, Florida, Utility System Revenue Refunding
Bonds, Series A (a):
5,000 5% due 9/01/2028 5,372
5,335 5% due 9/01/2029 5,727
-------------------------------------------------------------------------------
Saint Johns County, Florida, IDA, IDR, Refunding
(Professional Golf Project) (a):
1,275 5.50% due 9/01/2015 1,379
1,345 5.50% due 9/01/2016 1,452
1,420 5.50% due 9/01/2017 1,526
1,500 5.50% due 9/01/2018 1,614
-------------------------------------------------------------------------------
Saint Johns County, Florida, Ponte Vedra Utility System
Revenue Bonds (c):
2,945 5% due 10/01/2030 3,140
4,980 5% due 10/01/2035 5,295
-------------------------------------------------------------------------------
Saint Johns County, Florida, Sales Tax Revenue
Bonds (b):
1,375 Series A, 5.25% due 10/01/2028 1,489
1,355 Series A, 5.25% due 10/01/2031 1,463
2,000 Series A, 5.25% due 10/01/2034 2,157
1,430 Series B, 5.25% due 10/01/2027 1,552
840 Series B, 5.25% due 10/01/2032 907
-------------------------------------------------------------------------------
3,500 Saint Johns County, Florida, Transportation Improvement
Revenue Bonds, 5.125% due 10/01/2032 (b) 3,716
-------------------------------------------------------------------------------
4,055 Saint Lucie County, Florida, School Board, COP,
6.25% due 7/01/2010 (c)(j) 4,421
-------------------------------------------------------------------------------
Saint Lucie County, Florida, School Board COP,
Refunding (c):
1,495 Series A, 5.50% due 7/01/2018 1,608
1,170 Series C, 5.50% due 7/01/2018 1,259
-------------------------------------------------------------------------------
Saint Lucie, Florida, West Services District, Utility
Revenue Bonds (a):
1,720 5.25% due 10/01/2034 1,872
4,750 5% due 10/01/2038 5,046
-------------------------------------------------------------------------------
3,250 Saint Lucie, Florida, West Services District, Utility
Revenue Refunding Bonds, Senior Lien, 6%
due 10/01/2022 (a) 3,549
-------------------------------------------------------------------------------
6,615 South Florida Water Management District, COP,
5% due 10/01/2036 (b) 7,051
-------------------------------------------------------------------------------
1,750 South Lake County, Florida, Hospital District
Revenue Bonds (South Lake Hospital Inc.),
5.80% due 10/01/2034 1,826
-------------------------------------------------------------------------------
2,250 Sunrise, Florida, Utility System Revenue Refunding
Bonds, 5.20% due 10/01/2022 (b) 2,532
-------------------------------------------------------------------------------
2,430 Sunrise Lakes, Florida, Phase 4 Recreation District,
Refunding Bonds, GO, 5.25% due 8/01/2024 (b) 2,468
-------------------------------------------------------------------------------
Tallahassee, Florida, Lease Revenue Bonds (Florida
State University Project), Series A (a):
2,800 5.25% due 8/01/2023 2,928
1,000 5.375% due 8/01/2026 1,055
12 SEMI-ANNUAL REPORTS FEBRUARY 28, 2007
Schedule of Investments (concluded)
BlackRock MuniHoldings Florida Insured Fund (in Thousands)
Face
Amount Municipal Bonds Value
===============================================================================
Florida (concluded)
-------------------------------------------------------------------------------
$30,335 Tampa Bay, Florida, Water Utility System Revenue
Bonds, 6% due 10/01/2011 (h)(j) $ 33,309
-------------------------------------------------------------------------------
3,835 Taylor County, Florida, Sales Tax Revenue Bonds,
6% due 10/01/2010 (h)(j) 4,137
-------------------------------------------------------------------------------
8,935 University of Central Florida (UCF) Athletics Association
Inc., COP, Series A, 5.25% due 10/01/2034 (h) 9,631
-------------------------------------------------------------------------------
Village Center Community Development District, Florida,
Recreational Revenue Bonds, Series A (a):
10,775 5.375% due 11/01/2034 11,819
1,750 5.125% due 11/01/2036 1,880
-------------------------------------------------------------------------------
3,000 Village Center Community Development District, Florida,
Utility Revenue Bonds, 5.25% due 10/01/2023 (a) 3,242
-------------------------------------------------------------------------------
Volusia County, Florida, IDA, Student Housing Revenue
Bonds (Stetson University Project), Series A (l):
2,075 5% due 6/01/2025 2,224
1,740 5% due 6/01/2035 1,849
===============================================================================
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) 10,217
===============================================================================
Puerto Rico -- 1.5%
-------------------------------------------------------------------------------
2,500 Puerto Rico Commonwealth Highway and Transportation
Authority, Transportation Revenue Refunding Bonds,
Series M, 5% due 7/01/2037 2,659
-------------------------------------------------------------------------------
2,600 Puerto Rico Commonwealth, Public Improvement, GO,
Series A, 5.25% due 7/01/2026 2,834
-------------------------------------------------------------------------------
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) 2,895
-------------------------------------------------------------------------------
Total Municipal Bonds
(Cost -- $807,150) -- 152.7% 849,487
===============================================================================
Florida -- 16.7%
-------------------------------------------------------------------------------
28,210 Florida State Board of Education, Lottery
Revenue Bonds, Series B, 6.25%
due 7/01/2010 (h)(j) 30,755
-------------------------------------------------------------------------------
28,650 Florida State Turnpike Authority, Turnpike Revenue
Bonds (Department of Transportation), Series A,
6.25% due 7/01/2010 (h)(j) 31,235
-------------------------------------------------------------------------------
19,925 Lee County, Florida, Airport Revenue Bonds, AMT,
Series A, 6% due 10/01/2029 (c) 21,452
-------------------------------------------------------------------------------
8,790 Santa Rosa County, Florida, School Board, COP,
Revenue Refunding Bonds, Series 2, 5.25%
due 2/01/2031 (h) 9,580
-------------------------------------------------------------------------------
Total Municipal Bonds Held in Trust
(Cost -- $88,258) -- 16.7% 93,022
===============================================================================
===============================================================================
Shares
Held Short-Term Securities
===============================================================================
12,872 CMA Florida Municipal Money Fund,
2.99% (m)(o) 12,872
-------------------------------------------------------------------------------
Total Short-Term Securities
(Cost -- $12,872) -- 2.3% 12,872
===============================================================================
Total Investments (Cost -- $908,280*) -- 171.7% 955,381
Other Assets Less Liabilities -- 1.6% 9,036
Liability for Trust Certificates, Including Interest
Expense Payable -- (8.0%) (44,739)
Preferred Shares, at Redemption Value -- (65.3%) (363,383)
---------
Net Assets Applicable to Common Shares -- 100.0% $ 556,295
=========
* The cost and unrealized appreciation (depreciation) of investments as of
February 28, 2007, as computed for federal income tax purposes, were as
follows:
Aggregate cost............................................. $867,567
========
Gross unrealized appreciation.............................. $ 43,492
Gross unrealized depreciation.............................. (94)
--------
Net unrealized appreciation................................ $ 43,398
========
(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:
--------------------------------------------------------------------------
Net Dividend
Affiliate Activity Income
--------------------------------------------------------------------------
CMA Florida Municipal Money Fund (2,798) $44
--------------------------------------------------------------------------
(n) Assured Guaranty Insured.
(o) Represents the current yield as of February 28, 2007.
(p) XL Capital Insured.
See Notes to Financial Statements.
SEMI-ANNUAL REPORTS FEBRUARY 28, 2007 13
Schedule of Investments as of February 28, 2007 (Unaudited)
BlackRock MuniHoldings New York Insured Fund, Inc. (in Thousands)
Face
Amount Municipal Bonds Value
===============================================================================
New York -- 140.1%
-------------------------------------------------------------------------------
Albany County, New York, Airport Authority, Airport
Revenue Bonds, AMT (g):
$ 1,500 5.375% due 12/15/2017 $ 1,545
1,500 5.50% due 12/15/2019 1,547
5,200 6% due 12/15/2023 (q) 5,386
-------------------------------------------------------------------------------
3,375 Albany, New York, IDA, Civic Facility Revenue Bonds
(The University Heights Association -- Albany Law
School), Series A, 6.75% due 12/01/2029 (k) 3,632
-------------------------------------------------------------------------------
1,000 Albany, New York, Municipal Water Finance Authority,
Water and Sewer System Revenue Refunding Bonds,
Series A, 6.375% due 12/01/2009 (e)(j) 1,082
-------------------------------------------------------------------------------
2,000 Buffalo, New York, GO, Series D, 6%
due 12/01/2009 (g)(j) 2,144
-------------------------------------------------------------------------------
1,025 Erie County, New York, GO, Public Improvement,
Series A, 5.75% due 10/01/2013 (e) 1,086
-------------------------------------------------------------------------------
Erie County, New York, IDA, School Facility Revenue
Bonds (City of Buffalo Project) (g):
2,500 5.75% due 5/01/2019 2,740
5,150 5.75% due 5/01/2024 5,468
-------------------------------------------------------------------------------
1,775 Greece, New York, Central School District, GO,
Refunding, 4% due 6/15/2022 (g) 1,771
-------------------------------------------------------------------------------
9,000 Hudson Yards Infrastructure Corporation, New York,
Revenue Bonds, Series A, 4.50% due 2/15/2047 (i) 9,057
-------------------------------------------------------------------------------
Long Island Power Authority, New York, Electric System
Revenue Bonds, Series A (a):
3,000 5% due 9/01/2029 3,187
5,950 5% due 9/01/2034 6,306
-------------------------------------------------------------------------------
6,250 Long Island Power Authority, New York, Electric System
Revenue Refunding Bonds, Series F, 4.25%
due 5/01/2033 (i) 6,210
-------------------------------------------------------------------------------
3,750 Madison County, New York, IDA, Civic Facility Revenue
Bonds (Colgate University Project), Series A, 5%
due 7/01/2035 (a) 4,008
-------------------------------------------------------------------------------
Metropolitan Transportation Authority, New York,
Dedicated Tax Fund Revenue Bonds, Series A:
5,000 5% due 11/15/2011 (e)(j) 5,303
8,000 5% due 11/15/2035 (i) 8,611
-------------------------------------------------------------------------------
Metropolitan Transportation Authority, New York,
Revenue Refunding Bonds:
14,515 Series A, 5% due 11/15/2030 (g) 15,249
2,500 Series A, 5.25% due 11/15/2031 (e) 2,671
29,000 Series A, 5.75% due 11/15/2032 (g) 31,785
1,500 Series B, 5% due 11/15/2028 (i) 1,591
-------------------------------------------------------------------------------
Metropolitan Transportation Authority, New York,
Service Contract Revenue Refunding Bonds, Series A (e):
3,500 5% due 7/01/2021 3,708
2,000 5% due 7/01/2025 2,106
-------------------------------------------------------------------------------
Metropolitan Transportation Authority, New York,
Transit Facilities Revenue Bonds (j):
2,535 Series C, 4.75% due 7/01/2012 (g) 2,675
1,000 Series C-1, 5.50% due 7/01/2008 (i) 1,030
-------------------------------------------------------------------------------
2,500 Metropolitan Transportation Authority, New York,
Transportation Revenue Bonds, Series A, 5%
due 11/15/2032 (e) 2,652
-------------------------------------------------------------------------------
6,300 Metropolitan Transportation Authority, New York,
Transportation Revenue Refunding Bonds, Series F,
5.25% due 11/15/2012 (i)(j) 6,819
-------------------------------------------------------------------------------
4,210 Nassau Health Care Corporation, New York, Health
System Revenue Bonds, 5.75% due 8/01/2009 (g)(j) 4,497
-------------------------------------------------------------------------------
2,000 New York City, New York, City Health and Hospital
Corporation, Health System Revenue Refunding Bonds,
Series A, 5.25% due 2/15/2017 (i) 2,073
-------------------------------------------------------------------------------
New York City, New York, City Housing Development
Corporation, M/F Housing Revenue Bonds, AMT:
1,250 Series C, 5% due 11/01/2026 1,297
2,000 Series C, 5.05% due 11/01/2036 2,106
1,000 Series H-1, 4.70% due 11/01/2040 1,003
2,340 Series H-2, 5.125% due 11/01/2034 2,415
-------------------------------------------------------------------------------
885 New York City, New York, City IDA, Civic Facility
Revenue Bonds (Anti-Defamation League Foundation),
Series A, 5.50% due 6/01/2022 (i) 907
-------------------------------------------------------------------------------
1,200 New York City, New York, City IDA, Civic Facility
Revenue Refunding Bonds (Nightingale-Bamford
School), 5.25% due 1/15/2017 (a) 1,290
-------------------------------------------------------------------------------
11,805 New York City, New York, City IDA, IDR (Japan Airlines
Company), AMT, 6% due 11/01/2015 (g) 11,843
-------------------------------------------------------------------------------
New York City, New York, City IDA, PILOT
Revenue Bonds:
4,000 (Queens Baseball Stadium Project), 5%
due 1/01/2031 (a) 4,312
10,890 (Queens Baseball Stadium Project), 5%
due 1/01/2036 (a) 11,722
12,250 (Yankee Stadium Project), 5% due 3/01/2036 (i) 13,161
-------------------------------------------------------------------------------
7,965 New York City, New York, City IDA, Parking Facility
Revenue Bonds (Royal Charter -- New York
Presbyterian), 5.75% due 12/15/2029 (g) 8,769
-------------------------------------------------------------------------------
1,500 New York City, New York, City IDA, Special Facility
Revenue Refunding Bonds (Terminal One Group
Association Project), AMT, 5.50% due 1/01/2024 1,641
-------------------------------------------------------------------------------
6,720 New York City, New York, City Municipal Financing
Authority, Water and Sewer Systems Revenue Bonds,
5% due 6/15/2036 (i) 7,210
-------------------------------------------------------------------------------
500 New York City, New York, City Municipal Water Finance
Authority, Water and Sewer System Crossover Revenue
Refunding Bonds, Series F, 5% due 6/15/2029 (g) 519
-------------------------------------------------------------------------------
14 SEMI-ANNUAL REPORTS FEBRUARY 28, 2007
Schedule of Investments (continued)
BlackRock MuniHoldings New York Insured Fund, Inc. (in Thousands)
Face
Amount Municipal Bonds Value
===============================================================================
New York (continued)
-------------------------------------------------------------------------------
New York City, New York, City Municipal Water Finance
Authority, Water and Sewer System Revenue Bonds:
$ 2,850 Series A, 5.75% due 6/15/2009 (e)(j) $ 3,011
8,500 Series B, 5.75% due 6/15/2007 (i)(j) 8,637
300 VRDN, Series C, 3.57% due 6/15/2022 (e)(l) 300
-------------------------------------------------------------------------------
New York City, New York, City Municipal Water
Finance Authority, Water and Sewer System Revenue
Refunding Bonds:
1,250 Series A, 5.125% due 6/15/2034 (i) 1,319
5,500 Series A, 5% due 6/15/2035 (a) 5,806
1,750 Series C, 5% due 6/15/2035 (i) 1,855
-------------------------------------------------------------------------------
New York City, New York, City Transitional Finance
Authority, Future Tax Secured Revenue Bonds:
1,145 Series B, 5.50% due 2/01/2012 (i) 1,229
805 Series B, 5.50% due 2/01/2013 (i) 864
6,405 Series B, 6.25% due 11/15/2018 (e) 6,977
1,180 Series C, 5.50% due 5/01/2009 (j) 1,238
16,200 Series C, 5% due 2/01/2033 (e) 17,141
2,500 Series E, 5.25% due 2/01/2022 (i) 2,682
-------------------------------------------------------------------------------
New York City, New York, City Transitional Finance
Authority, Revenue Refunding Bonds:
1,000 Series A, 5% due 11/15/2026 (e) 1,053
1,580 Series B, 5.75% due 8/01/2010 (i)(j) 1,703
2,920 Series B, 5.75% due 8/01/2013 (i) 3,133
3,750 Series D, 5.25% due 10/15/2023 4,041
1,850 Series I, 6.25% due 4/15/2007 (i)(j) 1,875
8,000 Series J, 5% due 5/15/2023 8,481
8,300 Series M, 5% due 4/01/2035 8,775
1,150 Sub-Series C-1, 5.25% due 8/15/2026 1,242
-------------------------------------------------------------------------------
New York City, New York, GO, Refunding, Series A:
880 6.375% due 5/15/2010 (e)(j) 962
3,700 6.25% due 5/15/2026 (g) 3,998
-------------------------------------------------------------------------------
New York City, New York, Sales Tax Asset Receivable
Corporation Revenue Bonds (a):
1,250 DRIVERS, Series 1438Z, 6.232%
due 10/15/2012 (a)(m) 1,466
15,175 Series A, 5% due 10/15/2032 (a) 16,174
-------------------------------------------------------------------------------
3,950 New York City, New York, Trust for Cultural Resources,
Revenue Refunding Bonds (American Museum of
Natural History), Series A, 5% due 7/01/2036 (i) 4,199
-------------------------------------------------------------------------------
3,000 New York Convention Center Development Corporation,
New York, Revenue Bonds (Hotel Unit Fee Secured),
5% due 11/15/2030 (a) 3,207
-------------------------------------------------------------------------------
New York State Dormitory Authority, Hospital Revenue
Refunding Bonds:
1,000 (New York Presbyterian Hospital), 5.50%
due 8/01/2011 (a)(f) 1,070
2,000 (North General Hospital), 5.75% due 2/15/2017 (n) 2,206
-------------------------------------------------------------------------------
New York State Dormitory Authority, Lease
Revenue Bonds:
1,535 (Municipal Health Facilities Improvement Program),
Series 1, 5.50% due 1/15/2014 (g) 1,639
645 (Office Facilities Audit and Control), 5.50%
due 4/01/2023 (i) 675
-------------------------------------------------------------------------------
3,900 New York State Dormitory Authority, Non-State
Supported Debt Revenue Bonds (New York Hospital
Medical Center of Queens), 4.75% due 2/15/2037 (f) 3,971
-------------------------------------------------------------------------------
New York State Dormitory Authority Revenue Bonds:
1,340 (853 Schools Program), Issue 2, Series E, 5.75%
due 7/01/2019 (a) 1,415
1,200 (Cooper Union of Advance Science), 6.25%
due 7/01/2009 (i)(j) 1,281
2,058 (Gustavus Adolphus Child & Family Services, Inc.),
Series B, 5.50% due 7/01/2018 (a) 2,162
6,750 (Interfaith Medical Center), Series D, 5.40%
due 2/15/2028 (i) 6,947
1,585 (Long Island University), Series B, 5.50%
due 9/01/2020 (k) 1,720
1,250 (Long Island University), Series B, 5.25%
due 9/01/2028 (k) 1,332
1,180 (New York State Rehabilitation Association),
Series A, 5.25% due 7/01/2019 (c) 1,272
1,000 (New York State Rehabilitation Association),
Series A, 5.125% due 7/01/2023 (c) 1,060
5,345 (Pace University), 6% due 7/01/2010 (i)(j) 5,798
2,150 (Saint Barnabas Hospital), 5.45%
due 8/01/2035 (a)(f) 2,186
1,240 (School Districts Financing Program), Series D, 5%
due 10/01/2030 (i) 1,305
6,900 (School Districts Financing Program), Series E,
5.75% due 10/01/2030 (i) 7,550
1,405 (Upstate Community Colleges), Series A, 6%
due 7/01/2010 (g)(j) 1,524
-------------------------------------------------------------------------------
New York State Dormitory Authority, Revenue
Refunding Bonds:
3,700 (Bronx-Lebanon Hospital Center), Series E, 5.20%
due 2/15/2008 (i)(j) 3,809
1,865 (City University System), Series 1, 5.25%
due 7/01/2014 (e) 1,925
3,400 (Saint Charles Hospital and Rehabilitation Center),
Series A, 5.625% due 7/01/2012 (i) 3,573
1,370 (School District Financing Program), Series I, 5.75%
due 10/01/2018 (i) 1,511
4,450 Series B, 5.50% due 8/15/2017 (i) 4,545
-------------------------------------------------------------------------------
SEMI-ANNUAL REPORTS FEBRUARY 28, 2007 15
Schedule of Investments (continued)
BlackRock MuniHoldings New York Insured Fund, Inc. (in Thousands)
Face
Amount Municipal Bonds Value
===============================================================================
New York (continued)
-------------------------------------------------------------------------------
New York State Dormitory Authority, Supported Debt
Revenue Bonds:
$ 1,550 (Mental Health Facilities), Series B, 5.25%
due 2/15/2014 (j) $ 1,700
285 (Mental Health Facilities), Series B, 5.25%
due 2/15/2023 308
1,060 (Mental Health Facilities), Series D, 5.875%
due 8/15/2010 (g)(j) 1,139
7,000 (State University Dormitory Facilities),
Series A, 5% due 7/01/2031 (i) 7,524
-------------------------------------------------------------------------------
1,000 New York State Dormitory Authority, Supported Debt
Revenue Refunding Bonds (Department of Health),
Series A, 5% due 7/01/2025 (c) 1,067
-------------------------------------------------------------------------------
12,960 New York State Energy Research and Development
Authority, Gas Facilities Revenue Refunding Bonds
(Brooklyn Union Gas Company/Keyspan), AMT, Series A,
4.70% due 2/01/2024 (e) 13,380
-------------------------------------------------------------------------------
6,000 New York State Energy Research and Development
Authority, PCR, Refunding (Central Hudson Gas and
Electric), Series A, 5.45% due 8/01/2027 (a) 6,287
-------------------------------------------------------------------------------
6,000 New York State Environmental Facilities Corporation,
Water Facilities Revenue Bonds (Long Island Water
Corp. Project), AMT, Series A, 4.90% due 10/01/2034 (i) 6,168
-------------------------------------------------------------------------------
4,400 New York State Environmental Facilities Corporation,
Water Facilities Revenue Refunding Bonds (Spring Valley
Water Company), Series B, 6.15% due 8/01/2024 (a) 4,410
-------------------------------------------------------------------------------
3,250 New York State, HFA, M/F Housing Revenue Bonds
(Saint Philips Housing), AMT, Series A, 4.65%
due 11/15/2038 3,257
-------------------------------------------------------------------------------
750 New York State Housing Finance Agency, State Personal
Income Tax Revenue Bonds (Economic Development and
Housing), Series A, 5% due 9/15/2023 (i) 799
-------------------------------------------------------------------------------
6,800 New York State Medical Care Facilities Finance Agency,
Revenue Bonds (Montefiore Medical Center), Series A,
5.75% due 2/15/2025 (a)(f) 6,808
-------------------------------------------------------------------------------
1,745 New York State Mortgage Agency, Homeowner
Mortgage Revenue Bonds, AMT, Series 130, 4.80%
due 10/01/2037 1,769
-------------------------------------------------------------------------------
New York State Mortgage Agency, Homeowner
Mortgage Revenue Refunding Bonds, AMT:
2,140 Series 67, 5.70% due 10/01/2017 (i) 2,185
1,500 Series 133, 4.95% due 10/01/2021 1,554
2,100 Series 83, 5.55% due 10/01/2027 (i) 2,161
-------------------------------------------------------------------------------
1,170 New York State Mortgage Agency Revenue Refunding
Bonds, AMT, Series 82, 5.65% due 4/01/2030 (i) 1,178
-------------------------------------------------------------------------------
5,000 New York State Thruway Authority, General Revenue
Bonds, Series F, 5% due 1/01/2030 (a) 5,327
-------------------------------------------------------------------------------
New York State Thruway Authority, General Revenue
Refunding Bonds, Series G (g):
2,000 4.75% due 1/01/2029 2,087
9,250 4.75% due 1/01/2030 9,637
-------------------------------------------------------------------------------
8,000 New York State Thruway Authority, Highway and Bridge
Trust Fund Revenue Bonds, Series B-1, 5.75%
due 4/01/2010 (e)(j) 8,578
-------------------------------------------------------------------------------
8,700 New York State Thruway Authority, Second General
Highway and Bridge Trust Fund Revenue Bonds, Series A,
5% due 4/01/2026 (a) 9,392
-------------------------------------------------------------------------------
New York State Urban Development Corporation,
Personal Income Tax Revenue Bonds:
3,000 Series C-1, 5% due 3/15/2013 (i)(j) 3,223
2,000 (State Facilities), Series A-1, 5% due 3/15/2029 (e) 2,122
-------------------------------------------------------------------------------
1,000 Niagara Falls, New York, City School District, COP,
Refunding (High School Facility), 5% due 6/15/2028 (g) 1,063
-------------------------------------------------------------------------------
1,700 Oneida County, New York, IDA, Civic Facilities Revenue
Bonds (Mohawk Valley), Series A, 5.20%
due 2/01/2013 (g) 1,753
-------------------------------------------------------------------------------
1,800 Oneida-Herkimer, New York, Solid Waste Management
Authority, Solid Waste Revenue Refunding Bonds,
5.50% due 4/01/2013 (g) 1,959
-------------------------------------------------------------------------------
2,500 Port Authority of New York and New Jersey,
Consolidated Revenue Bonds, AMT, 137th Series,
5.125% due 7/15/2030 (g) 2,665
-------------------------------------------------------------------------------
12,000 Port Authority of New York and New Jersey, Revenue
Refunding Bonds, AMT, 120th Series, 6%
due 10/15/2032 (i) 12,282
-------------------------------------------------------------------------------
Port Authority of New York and New Jersey, Special
Obligation Revenue Bonds (JFK International Air
Terminal LLC), AMT, Series 6 (i):
3,000 6.25% due 12/01/2011 3,304
7,830 6.25% due 12/01/2015 9,115
7,000 5.90% due 12/01/2017 7,242
-------------------------------------------------------------------------------
2,500 Rensselaer, New York, City School District, COP, 5%
due 6/01/2036 (n) 2,676
-------------------------------------------------------------------------------
1,250 Rochester, New York, Housing Authority, Mortgage
Revenue Bonds (Andrews Terrace Apartments Project),
AMT, 4.70% due 12/20/2038 (o) 1,256
-------------------------------------------------------------------------------
2,340 Rome, New York, City School District, GO, 5.50%
due 6/15/2009 (g) 2,460
-------------------------------------------------------------------------------
5,000 Schenectady, New York, IDA, Civic Facility Revenue
Bonds (Union College Project), Series A, 5.45%
due 12/01/2009 (a)(j) 5,334
-------------------------------------------------------------------------------
16 SEMI-ANNUAL REPORTS FEBRUARY 28, 2007
Schedule of Investments (continued)
BlackRock MuniHoldings New York Insured Fund, Inc. (in Thousands)
Face
Amount Municipal Bonds Value
===============================================================================
New York (concluded)
-------------------------------------------------------------------------------
$ 3,000 Schenectady, New York, IDA, Civic Facility Revenue
Refunding Bonds (Union College Project), Series A,
5.625% due 7/01/2011 (a)(j) $ 3,295
-------------------------------------------------------------------------------
1,000 Suffolk County, New York, IDA, Civic Facility Revenue
Refunding Bonds (Dowling College), Series A, 5%
due 6/01/2036 (d) 1,047
-------------------------------------------------------------------------------
4,355 Suffolk County, New York, IDA, IDR (Keyspan-Port
Jefferson), AMT, 5.25% due 6/01/2027 4,604
-------------------------------------------------------------------------------
Suffolk County, New York, IDA, Solid Waste Disposal
Facility, Revenue Refunding Bonds (Ogden Martin
System Huntington Project), AMT (a):
4,660 6% due 10/01/2010 5,005
5,000 6.15% due 10/01/2011 5,485
3,530 6.25% due 10/01/2012 3,946
-------------------------------------------------------------------------------
1,300 Suffolk County, New York, Public Improvement, GO,
Series B, 4.50% due 11/01/2024 (i) 1,344
-------------------------------------------------------------------------------
14,000 Syracuse, New York, IDA, PILOT Revenue Bonds
(Carousel Center Project), AMT, Series A, 5%
due 1/01/2036 (n) 14,767
-------------------------------------------------------------------------------
Tobacco Settlement Financing Corporation of New York
Revenue Bonds:
5,000 Series A-1, 5.25% due 6/01/2020 (a) 5,383
13,275 Series A-1, 5.25% due 6/01/2021 (a) 14,238
2,000 Series A-1, 5.25% due 6/01/2022 (a) 2,142
3,700 Series C-1, 5.50% due 6/01/2021 4,023
-------------------------------------------------------------------------------
3,300 Triborough Bridge and Tunnel Authority, New York,
General Purpose Revenue Refunding Bonds, VRDN,
Series C, 3.60% due 1/01/2032 (a)(l) 3,300
-------------------------------------------------------------------------------
Triborough Bridge and Tunnel Authority, New York,
Revenue Refunding Bonds (i):
12,000 5.25% due 11/15/2023 12,885
8,315 5% due 11/15/2032 8,757
2,095 Series A, 5% due 1/01/2012 (j) 2,224
1,500 Series B, 5% due 11/15/2032 1,580
-------------------------------------------------------------------------------
850 Triborough Bridge and Tunnel Authority, New York,
Special Obligation Revenue Refunding Bonds, VRDN,
Series C, 3.60% due 1/01/2031 (g)(l) 850
-------------------------------------------------------------------------------
Triborough Bridge and Tunnel Authority, New York,
Subordinate Revenue Bonds:
2,465 5% due 11/15/2028 (a) 2,615
6,000 Series A, 5.25% due 11/15/2030 (i) 6,474
-------------------------------------------------------------------------------
7,000 Westchester County, New York, IDA, Civic Facility
Revenue Bonds (Purchase College Foundation Housing
Project), Series A, 5.75% due 12/01/2031 (a) 7,702
-------------------------------------------------------------------------------
1,795 Yonkers, New York, GO, Series A, 5.75%
due 10/01/2010 (e) 1,942
===============================================================================
Guam -- 1.1%
-------------------------------------------------------------------------------
A.B. Won Guam International Airport Authority, General
Revenue Refunding Bonds, AMT, Series C (i):
3,700 5.25% due 10/01/2021 3,861
1,050 5.25% due 10/01/2022 1,096
===============================================================================
Puerto Rico -- 12.8%
-------------------------------------------------------------------------------
4,800 Puerto Rico Commonwealth Highway and Transportation
Authority, Transportation Revenue Bonds, 5.25%
due 7/01/2017 (e) 5,183
-------------------------------------------------------------------------------
Puerto Rico Commonwealth Highway and Transportation
Authority, Transportation Revenue Refunding Bonds:
10,000 Series D, 5.75% due 7/01/2012 (j) 11,031
4,700 Series N, 5.25% due 7/01/2039 (e) 5,654
-------------------------------------------------------------------------------
Puerto Rico Commonwealth Infrastructure Financing
Authority, Special Tax and Capital Appreciation Revenue
Bonds, Series A (b):
10,280 4.62% due 7/01/2031 (e) 3,656
5,500 4.66% due 7/01/2033 (e) 1,778
9,300 4.66% due 7/01/2034 (a) 2,868
2,200 4.67% due 7/01/2037 (a) 593
-------------------------------------------------------------------------------
1,345 Puerto Rico Commonwealth, Public Improvement, GO,
Refunding, Series B, 5.25% due 7/01/2032 1,461
-------------------------------------------------------------------------------
500 Puerto Rico Commonwealth, Public Improvement, GO,
Series A, 5.25% due 7/01/2030 544
-------------------------------------------------------------------------------
3,570 Puerto Rico Convention Center District Authority, Hotel
Occupancy Tax Revenue Bonds, Series A, 5%
due 7/01/2031 (a) 3,852
-------------------------------------------------------------------------------
Puerto Rico Electric Power Authority, Power
Revenue Bonds:
4,750 Series NN, 5.125% due 7/01/2029 5,014
4,850 Series RR, 5% due 7/01/2029 (c) 5,180
4,950 Series RR, 5% due 7/01/2030 (n) 5,276
7,110 Series RR, 5% due 7/01/2035 (e) 7,605
-------------------------------------------------------------------------------
Total Municipal Bonds
(Cost -- $688,769) -- 154.0% 717,407
===============================================================================
SEMI-ANNUAL REPORTS FEBRUARY 28, 2007 17
Schedule of Investments (concluded)
BlackRock MuniHoldings New York Insured Fund, Inc. (in Thousands)
Face
Amount Municipal Bonds Held in Trust (r) Value
===============================================================================
New York -- 24.2%
-------------------------------------------------------------------------------
$18,000 Metropolitan Transportation Authority, New York,
Revenue Refunding Bonds, Series A, 5.75%
due 11/15/2032 (g) $ 19,728
-------------------------------------------------------------------------------
23,000 New York City, New York, City Municipal Water Finance
Authority, Water and Sewer System Revenue Bonds,
Series A, 5.75% due 6/15/2011 (i)(j) 24,885
-------------------------------------------------------------------------------
9,500 New York City, New York, GO, Series C, 5.75%
due 3/15/2027 (g) 10,430
-------------------------------------------------------------------------------
7,000 New York City, New York, Sales Tax Asset Receivable
Corporation Revenue Bonds, Series A, 5%
due 10/15/2032 (a) 7,606
-------------------------------------------------------------------------------
21,000 New York Convention Center Development Corporation,
New York, Revenue Bonds (Hotel Unit Fee Secured),
5% due 11/15/2035 (a) 22,419
-------------------------------------------------------------------------------
26,730 Port Authority of New York and New Jersey, Special
Obligation Revenue Bonds (JFK International Air
Terminal), AMT, Series 6, 5.75% due 12/01/2022 (i) 27,624
===============================================================================
Puerto Rico -- 0.6%
-------------------------------------------------------------------------------
2,500 Puerto Rico Commonwealth Highway and Transportation
Authority, Transportation Revenue Bonds, Series B,
5.875% due 7/01/2035 (i) 2,702
-------------------------------------------------------------------------------
Total Municipal Bonds Held in Trust
(Cost -- $112,362) -- 24.8% 115,394
===============================================================================
===============================================================================
Shares
Held Short-Term Securities
===============================================================================
73 CMA New York Municipal Money Fund, 3.10% (h)(p) 73
-------------------------------------------------------------------------------
Total Short-Term Securities
(Cost -- $73) -- 0.0% 73
===============================================================================
Total Investments (Cost -- $801,204*) -- 178.8% 832,874
Other Assets Less Liabilities -- 1.6% 7,519
Liability for Trust Certificates, Including Interest
Expense Payable -- (13.2%) (61,504)
Preferred Stock, at Redemption Value -- (67.2%) (313,092)
----------
Net Assets Applicable to Common Stock -- 100.0% $ 465,797
==========
* The cost and unrealized appreciation (depreciation) of investments as of
February 28, 2007, as computed for federal income tax purposes, were as
follows:
Aggregate cost............................................. $740,540
========
Gross unrealized appreciation.............................. $ 31,455
Gross unrealized depreciation.............................. (138)
--------
Net unrealized appreciation................................ $ 31,317
========
(a) AMBAC Insured.
(b) Represents a zero coupon bond; the interest rate shown reflects the
effective yield at the time of purchase.
(c) CIFG Insured.
(d) ACA Insured.
(e) FGIC Insured.
(f) FHA Insured.
(g) FSA Insured.
(h) 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 New York Municipal Money Fund (61) $39
--------------------------------------------------------------------------
(i) MBIA Insured.
(j) Prerefunded.
(k) Radian Insured.
(l) Security may have a maturity of more than one year at time of issuance,
but has variable rate and demand features that qualify it as a short-term
security. The rate disclosed is that currently in effect. This rate
changes periodically based upon prevailing market rates.
(m) The rate disclosed is that currently in effect. This rate changes
periodically and inversely based upon prevailing market rates.
(n) XL Capital Insured.
(o) GNMA Collateralized.
(p) Represents the current yield as of February 28, 2007.
(q) All or a portion of security held as collateral in connection with open
financial futures contracts.
(r) 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. See Note 1(c)
to Financial Statements for details of Municipal Bonds Held in Trust.
o Financial futures contracts sold as of February 28, 2007 were as follows:
--------------------------------------------------------------------------
Number of Expiration Face Unrealized
Contracts Issue Date Value Appreciation
--------------------------------------------------------------------------
395 30-Year U.S. March
Treasury Bonds 2007 $45,094 $459
--------------------------------------------------------------------------
See Notes to Financial Statements.
18 SEMI-ANNUAL REPORTS FEBRUARY 28, 2007
Statements of Net Assets
BlackRock BlackRock
MuniHoldings MuniHoldings
Florida New York
Insured Insured
As of February 28, 2007 (Unaudited) Fund Fund, Inc.
===================================================================================================================================
Assets
-----------------------------------------------------------------------------------------------------------------------------------
Investments in unaffiliated securities, at value*.................................... $ 942,508,437 $ 832,801,566
Investments in affiliated securities, at value**..................................... 12,872,231 72,633
Cash................................................................................. 15,415 68,378
Interest receivable.................................................................. 14,329,307 10,052,393
Receivable for securities sold....................................................... 342,559 6,672,275
Receivable for variable margin....................................................... -- 160,469
Prepaid expenses..................................................................... 7,605 7,294
----------------------------------
Total assets......................................................................... 970,075,554 849,835,008
----------------------------------
===================================================================================================================================
Liabilities
-----------------------------------------------------------------------------------------------------------------------------------
Trust certificates................................................................... 44,416,493 61,017,240
Payable for securities purchased..................................................... 2,982,256 7,250,825
Interest expense payable............................................................. 322,922 486,514
Payable to investment adviser........................................................ 352,131 299,961
Payable for other affiliates......................................................... 7,350 6,190
Dividends payable to Common Shareholders/Common Stock Shareholders................... 2,184,724 1,755,323
Accrued expenses..................................................................... 131,389 129,807
----------------------------------
Total liabilities.................................................................... 50,397,265 70,945,860
----------------------------------
===================================================================================================================================
Preferred Shares/Stock
-----------------------------------------------------------------------------------------------------------------------------------
Preferred Shares/Stock, at redemption value, par value $.10 per share of AMPS@ at
$25,000 per share liquidation preference***........................................ 363,382,822 313,091,799
----------------------------------
===================================================================================================================================
Net Assets Applicable to Common Shares/Stock
-----------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common Shares/Stock......................................... $ 556,295,467 $ 465,797,349
==================================
===================================================================================================================================
Analysis of Net Assets Applicable to Common Shares/Stock
-----------------------------------------------------------------------------------------------------------------------------------
Undistributed investment income -- net............................................... $ 1,948,263 $ 1,786,515
Accumulated realized capital losses -- net........................................... (67,604,076) (46,259,864)
Unrealized appreciation -- net....................................................... 47,100,576 32,128,829
----------------------------------
Total accumulated losses -- net...................................................... (18,555,237) (12,344,520)
----------------------------------
Common Shares/Stock, par value $.10 per share+....................................... 3,766,766 3,079,514
Paid-in capital in excess of par..................................................... 571,083,938 475,062,355
----------------------------------
Net Assets........................................................................... $ 556,295,467 $ 465,797,349
==================================
SEMI-ANNUAL REPORTS FEBRUARY 28, 2007 19
Statements of Net Assets (concluded)
BlackRock BlackRock
MuniHoldings MuniHoldings
Florida New York
Insured Insured
As of February 28, 2007 (Unaudited) Fund Fund, Inc.
===================================================================================================================================
Net Assets Value
-----------------------------------------------------------------------------------------------------------------------------------
Net assets value per share of Common Shares/Stock.................................... $ 14.77 $ 15.13
==================================
Market price......................................................................... $ 13.81 $ 14.08
==================================
* Identified cost for unaffiliated securities.................................... $ 895,407,861 $ 801,131,309
==================================
** Identified cost for affiliated securities...................................... $ 12,872,231 $ 72,633
==================================
*** Preferred Shares/Stock authorized, issued and outstanding:
Series A Shares/Stock...................................................... 2,095 1,900
==================================
Series B Shares/Stock...................................................... 3,495 1,900
==================================
Series C Shares/Stock...................................................... 3,440 3,040
==================================
Series D Shares/Stock...................................................... 2,160 3,680
==================================
Series E Shares/Stock...................................................... 3,340 2,000
==================================
+ Common Shares/Stock issued and outstanding..................................... 37,667,658 30,795,138
==================================
@ Auction Market Preferred Shares/Stock.
See Notes to Financial Statements.
20 SEMI-ANNUAL REPORTS FEBRUARY 28, 2007
Statements of Operations
BlackRock BlackRock
MuniHoldings MuniHoldings
Florida New York
Insured Insured
For the Six Months Ended February 28, 2007 (Unaudited) Fund Fund, Inc.
===================================================================================================================================
Investment Income
-----------------------------------------------------------------------------------------------------------------------------------
Interest and amortization of premium and accretion of discount....................... $ 23,085,735 $ 19,310,855
Dividends from affiliates............................................................ 43,990 38,985
----------------------------------
Total income......................................................................... 23,129,725 19,349,840
----------------------------------
===================================================================================================================================
Expenses
-----------------------------------------------------------------------------------------------------------------------------------
Investment advisory fees............................................................. 2,505,316 2,116,326
Interest expense and fees............................................................ 909,099 1,342,994
Commission fees...................................................................... 454,416 390,414
Accounting services.................................................................. 126,307 113,477
Transfer agent fees.................................................................. 46,494 44,844
Professional fees.................................................................... 29,342 27,866
Custodian fees....................................................................... 21,324 19,581
Printing and shareholder reports..................................................... 23,324 20,045
Trustees'/Directors' fees and expenses............................................... 14,648 14,706
Pricing fees......................................................................... 12,569 13,721
Listing fees......................................................................... 11,428 9,314
Other................................................................................ 26,134 30,692
----------------------------------
Total expenses before waiver and reimbursement....................................... 4,180,401 4,143,980
Waiver and reimbursement of expenses................................................. (225,233) (178,915)
----------------------------------
Total expenses after waiver and reimbursement........................................ 3,955,168 3,965,065
----------------------------------
Investment income -- net............................................................. 19,174,557 15,384,775
----------------------------------
====================================================================================================================================
Realized & Unrealized Gain (Loss) -- Net
------------------------------------------------------------------------------------------------------------------------------------
Realized gain (loss) on:
Investments -- net............................................................... 998,297 2,004,671
Financial futures contracts -- net............................................... -- (1,108,769)
----------------------------------
Total realized gain -- net........................................................... 998,297 895,902
----------------------------------
Change in unrealized appreciation/depreciation on:
Investments -- net............................................................... 870,074 4,058,025
Financial futures contracts -- net............................................... -- 710,658
----------------------------------
Total change in unrealized appreciation/depreciation -- net.......................... 870,074 4,768,683
----------------------------------
Total realized and unrealized gain -- net............................................ 1,868,371 5,664,585
----------------------------------
===================================================================================================================================
Dividends to Preferred Shareholders/Preferred Stock Shareholders
-----------------------------------------------------------------------------------------------------------------------------------
Investment income -- net............................................................. (6,341,941) (4,988,863)
----------------------------------
Net Increase in Net Assets Resulting from Operations................................. $ 14,700,987 $ 16,060,497
==================================
See Notes to Financial Statements.
SEMI-ANNUAL REPORTS FEBRUARY 28, 2007 21
Statements of Changes in Net Assets
BlackRock MuniHoldings Florida Insured Fund
For the Six
Months Ended For the
February 28, Year Ended
2007 August 31,
Increase (Decrease) in Net Assets: (Unaudited) 2006
===================================================================================================================================
Operations
-----------------------------------------------------------------------------------------------------------------------------------
Investment income -- net............................................................. $ 19,174,557 $ 39,348,039
Realized gain -- net................................................................. 998,297 2,573,306
Change in unrealized appreciation/depreciation -- net................................ 870,074 (20,555,330)
Dividends to Preferred Shareholders.................................................. (6,341,941) (11,116,657)
----------------------------------
Net increase in net assets resulting from operations................................. 14,700,987 10,249,358
----------------------------------
===================================================================================================================================
Dividends to Common Shareholders
-----------------------------------------------------------------------------------------------------------------------------------
Investment income -- net............................................................. (13,899,366) (31,752,842)
----------------------------------
Net decrease in net assets resulting from dividends to Common Shareholders........... (13,899,366) (31,752,842)
----------------------------------
===================================================================================================================================
Capital Share Transactions
-----------------------------------------------------------------------------------------------------------------------------------
Value of shares issued to Common Shareholders in reinvestment of dividends........... -- 66,617
----------------------------------
Net increase in net assets derived from capital share transactions................... -- 66,617
----------------------------------
===================================================================================================================================
Net Assets Applicable to Common Shares
-----------------------------------------------------------------------------------------------------------------------------------
Total increase (decrease) in net assets applicable to Common Shares.................. 801,621 (21,436,867)
Beginning of period.................................................................. 555,493,846 576,930,713
----------------------------------
End of period*....................................................................... $ 556,295,467 $ 555,493,846
==================================
* Undistributed investment income -- net........................................... $ 1,948,263 $ 3,015,013
==================================
See Notes to Financial Statements.
BlackRock MuniHoldings New York Insured Fund, Inc.
For the Six
Months Ended For the
February 28, Year Ended
2007 August 31,
Increase (Decrease) in Net Assets: (Unaudited) 2006
===================================================================================================================================
Operations
-----------------------------------------------------------------------------------------------------------------------------------
Investment income -- net............................................................. $ 15,384,775 $ 31,812,639
Realized gain -- net................................................................. 895,902 6,241
Change in unrealized appreciation/depreciation -- net................................ 4,768,683 (14,930,448)
Dividends to Preferred Stock shareholders............................................ (4,988,863) (8,834,136)
----------------------------------
Net increase in net assets resulting from operations................................. 16,060,497 8,054,296
----------------------------------
===================================================================================================================================
Dividends to Common Stock Shareholders
-----------------------------------------------------------------------------------------------------------------------------------
Investment income -- net............................................................. (10,901,479) (25,985,593)
----------------------------------
Net decrease in net assets resulting from dividends to Common Stock shareholders..... (10,901,479) (25,985,593)
----------------------------------
===================================================================================================================================
Capital Stock Transactions
-----------------------------------------------------------------------------------------------------------------------------------
Value of shares issued to Common Stock shareholders in reinvestment of dividends..... -- 156,161
----------------------------------
Net increase in net assets derived from capital stock transactions................... -- 156,161
----------------------------------
===================================================================================================================================
Net Assets Applicable to Common Stock
-----------------------------------------------------------------------------------------------------------------------------------
Total increase (decrease) in net assets applicable to Common Stock................... 5,159,018 (17,775,136)
Beginning of period.................................................................. 460,638,331 478,413,467
----------------------------------
End of period*....................................................................... $ 465,797,349 $ 460,638,331
==================================
* Undistributed investment income -- net......................................... $ 1,786,515 $ 2,292,082
==================================
See Notes to Financial Statements.
22 SEMI-ANNUAL REPORTS FEBRUARY 28, 2007
Financial Highlights BlackRock MuniHoldings Florida Insured Fund
For the Six
Months Ended
The following per share data and ratios February 28, For the Year Ended August 31,
have been derived from information 2007 --------------------------------------------------------------
provided in the financial statements. (Unaudited) 2006 2005 2004 2003 2002
==================================================================================================================================
Per Share Operating Performance
----------------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period........... $ 14.75 $ 15.32 $ 15.37 $ 15.04 $ 15.41 $ 15.29
---------------------------------------------------------------------------
Investment income -- net....................... .51+ 1.04+ 1.09+ 1.11+ 1.15+ 1.14
Realized and unrealized gain (loss) -- net..... .05 (.47) .05 .31 (.46) .06
Dividends and distributions to Preferred
Shareholders:
Investment income -- net................... (.17) (.30) (.18) (.09) (.10) (.13)
Realized gain -- net....................... -- -- -- -- -- --++
---------------------------------------------------------------------------
Total from investment operations............... .39 .27 .96 1.33 .59 1.07
---------------------------------------------------------------------------
Less dividends and distributions to Common
Shareholders:
Investment income -- net................... (.37) (.84) (1.01) (1.00) (.96) (.95)
Realized gain -- net....................... -- -- -- -- -- --++
---------------------------------------------------------------------------
Total dividends and distributions to Common
Shareholders................................. (.37) (.84) (1.01) (1.00) (.96) (.95)
---------------------------------------------------------------------------
Net asset value, end of period................. $ 14.77 $ 14.75 $ 15.32 $ 15.37 $ 15.04 $ 15.41
===========================================================================
Market price per share, end of period.......... $ 13.81 $ 14.37 $ 15.75 $ 14.84 $ 14.08 $ 14.66
===========================================================================
==================================================================================================================================
Total Investment Return*
----------------------------------------------------------------------------------------------------------------------------------
Based on net asset value per share............. 2.77%@ 2.10% 6.49% 9.43% 4.17% 7.75%
===========================================================================
Based on market price per share................ (1.37%)@ (3.24%) 13.39% 12.86% 2.51% 11.63%
===========================================================================
==================================================================================================================================
Ratios Based on Average Net Assets Applicable to Common Shares
----------------------------------------------------------------------------------------------------------------------------------
Total expenses, net of waiver and reimbursement
and excluding reorganization and interest
expense and fees**........................... 1.11%@@ 1.12% 1.11% 1.10% 1.10% 1.13%
===========================================================================
Total expenses, net of waiver and reimbursement
and excluding reorganization expenses**...... 1.44%@@ 1.38% 1.35% 1.24% 1.26% 1.34%
===========================================================================
Total expenses, excluding reorganization
expenses**................................... 1.52%@@ 1.46% 1.41% 1.31% 1.33% 1.41%
===========================================================================
Total expenses**............................... 1.52%@@ 1.46% 1.41% 1.31% 1.33% 1.42%
===========================================================================
Total investment income -- net**............... 6.96%@@ 7.08% 7.11% 7.23% 7.40% 7.71%
===========================================================================
Amount of dividends to Preferred Shareholders.. 2.30%@@ 2.00% 1.15% .60% .65% .96%
===========================================================================
Investment income -- net, to Common
Shareholders................................. 4.66%@@ 5.08% 5.96% 6.63% 6.75% 6.75%
===========================================================================
==================================================================================================================================
Ratios Based on Average Net Assets Applicable to Preferred Shares
----------------------------------------------------------------------------------------------------------------------------------
Dividends to Preferred Shareholders............ 3.52%@@ 3.06% 1.82% .95% 1.06% 1.49%
===========================================================================
==================================================================================================================================
Supplemental Data
----------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common Shares, end of
period (in thousands)........................ $556,295 $555,494 $576,931 $578,509 $565,993 $580,003
===========================================================================
Preferred Shares outstanding at liquidation
preference, end of period
(in thousands)............................... $363,250 $363,250 $363,250 $363,250 $363,250 $363,250
===========================================================================
Portfolio turnover............................. 8% 43% 26% 20% 23% 13%
===========================================================================
==================================================================================================================================
Leverage
----------------------------------------------------------------------------------------------------------------------------------
Asset coverage per $1,000...................... $ 2,531 $ 2,529 $ 2,588 $ 2,593 $ 2,558 $ 2,597
===========================================================================
==================================================================================================================================
Dividends Per Share on Preferred Shares Outstanding
----------------------------------------------------------------------------------------------------------------------------------
Series A -- Investment income -- net........... $ 438 $ 755 $ 441 $ 233 $ 252 $ 362
===========================================================================
Series B -- Investment income -- net........... $ 435 $ 778 $ 451 $ 237 $ 267 $ 375
===========================================================================
Series C -- Investment income -- net........... $ 438 $ 780 $ 461 $ 237 $ 252 $ 369
===========================================================================
Series D -- Investment income -- net........... $ 433 $ 743 $ 462 $ 243 $ 273 $ 368
===========================================================================
Series E -- Investment income -- net........... $ 438 $ 757 $ 463 $ 241 $ 276 $ 381
===========================================================================
* Total investment returns based on market value, which can be significantly
greater or lesser than the net asset value, may result in substantially
different returns. Total investment returns exclude the effects of sales
charges.
** Do not reflect the effect of dividends to Preferred Shareholders.
+ Based on average shares outstanding.
++ Amount is less than $(.01) per share.
@ Aggregate total investment return.
@@ Annualized.
See Notes to Financial Statements.
SEMI-ANNUAL REPORTS FEBRUARY 28, 2007 23
Financial Highlights BlackRock MuniHoldings New York Insured Fund, Inc.
For the Six
Months Ended
The following per share data and ratios February 28, For the Year Ended August 31,
have been derived from information 2007 --------------------------------------------------------------
provided in the financial statements. (Unaudited) 2006 2005 2004 2003 2002
==================================================================================================================================
Per Share Operating Performance
----------------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period........... $ 14.96 $ 15.54 $ 15.41 $ 15.19 $ 15.66 $ 15.78
---------------------------------------------------------------------------
Investment income -- net**..................... .50 1.03 1.04 1.05 1.09 1.07
Realized and unrealized gain (loss) -- net..... .18 (.48) .21 .18 (.58) (.19)
Less dividends to Preferred Stock shareholders
from investment income -- net................ (.16) (.29) (.17) (.08) (.08) (.12)
---------------------------------------------------------------------------
Total from investment operations............... .52 .26 1.08 1.15 .43 .76
---------------------------------------------------------------------------
Less dividends to Common Stock shareholders
from investment income -- net................ (.35) (.84) (.95) (.93) (.90) (.88)
---------------------------------------------------------------------------
Net asset value, end of period................. $ 15.13 $ 14.96 $ 15.54 $ 15.41 $ 15.19 $ 15.66
===========================================================================
Market price per share, end of period.......... $ 14.08 $ 14.62 $ 15.28 $ 14.10 $ 13.79 $ 14.37
===========================================================================
==================================================================================================================================
Total Investment Return***
----------------------------------------------------------------------------------------------------------------------------------
Based on net asset value per share............. 3.65%+ 1.98% 7.63% 8.36% 3.32% 5.68%
===========================================================================
Based on market price per share................ (1.30%)+ 1.36% 15.66% 9.21% 2.22% 6.49%
===========================================================================
==================================================================================================================================
Ratios Based on Average Net Assets Applicable to Common Stock
----------------------------------------------------------------------------------------------------------------------------------
Total expenses, net of waiver and
reimbursements and excluding reorganization
and interest expense and fees****............ 1.14%* 1.15% 1.14% 1.14% 1.13% 1.16%
===========================================================================
Total expenses, net of waiver and reimbursement
excluding reorganization expenses****........ 1.73%* 1.65% 1.52% 1.43% 1.43% 1.37%
===========================================================================
Total expenses, excluding reorganization
expenses****................................. 1.81%* 1.73% 1.59% 1.50% 1.51% 1.44%
===========================================================================
Total expenses****............................. 1.81%* 1.73% 1.59% 1.50% 1.51% 1.47%
===========================================================================
Total investment income -- net****............. 6.70%* 6.94% 6.71% 6.80% 6.96% 7.01%
===========================================================================
Amount of dividends to Preferred Stock
shareholders................................. 2.17%* 1.93% 1.09% .55% .68% .98%
===========================================================================
Investment income -- net, to Common Stock
shareholders................................. 4.53%* 5.01% 5.62% 6.25% 6.28% 6.03%
===========================================================================
==================================================================================================================================
Ratios Based on Average Net Assets Applicable to Preferred Stock
----------------------------------------------------------------------------------------------------------------------------------
Dividends to Preferred Stock shareholders...... 3.21%* 2.82% 1.66% .83% 1.05% 1.47%
===========================================================================
==================================================================================================================================
Supplemental Data
----------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common Stock, end of
period (in thousands)........................ $465,797 $460,638 $478,413 $474,357 $467,512 $482,184
===========================================================================
Preferred Stock outstanding at liquidation
preference, end of period (in thousands)..... $313,000 $313,000 $313,000 $313,000 $313,000 $313,000
===========================================================================
Portfolio turnover............................. 14% 47% 33% 31% 50% 79%
===========================================================================
==================================================================================================================================
Leverage
----------------------------------------------------------------------------------------------------------------------------------
Asset coverage per $1,000...................... $ 2,488 $ 2,472 $ 2,528 $ 2,516 $ 2,494 $ 2,541
===========================================================================
==================================================================================================================================
Dividends Per Share on Preferred Stock Outstanding
----------------------------------------------------------------------------------------------------------------------------------
Series A -- Investment income -- net........... $ 391 $ 689 $ 409 $ 197 $ 247 $ 347
===========================================================================
Series B -- Investment income -- net........... $ 394 $ 678 $ 385 $ 182 $ 236 $ 348
===========================================================================
Series C -- Investment income -- net........... $ 401 $ 715 $ 432 $ 201 $ 258 $ 377
===========================================================================
Series D -- Investment income -- net........... $ 403 $ 728 $ 434 $ 238 $ 287 $ 391
===========================================================================
Series E -- Investment income -- net........... $ 397 $ 692 $ 389 $ 198 $ 256 $ 347
===========================================================================
* Annualized.
** Based on average shares outstanding.
*** Total investment returns based on market value, which can be
significantly greater or lesser than the net asset value, may result in
substantially different returns. Total investment returns exclude the
effects of sales charges.
**** Do not reflect the effect of dividends to Preferred Stock Shareholders.
+ Aggregate total investment return.
See Notes to Financial Statements.
24 SEMI-ANNUAL REPORTS FEBRUARY 28, 2007
Notes to Financial Statements (Unaudited)
1. Significant Accounting Policies:
BlackRock MuniHoldings Florida Insured Fund and BlackRock MuniHoldings New York
Insured Fund, Inc. (the "Funds" or individually the "Fund") are registered under
the Investment Company Act of 1940, as amended, as non-diversified, closed-end
management investment companies. The Funds' financial statements are prepared in
conformity with U.S. generally accepted accounting principles, which may require
the use of management accruals and estimates. Actual results may differ from
these estimates. These unaudited financial statements reflect all adjustments
which are, in the opinion of management, necessary to present a fair statement
of the results for the interim period. The Funds determine and make available
for publication the net asset value of their Common Stock/Shares on a daily
basis. The Funds' Common Stock/Shares are listed on the New York Stock Exchange
under the symbols MFL and MHN, respectively. The following is a summary of
significant accounting policies followed by the Funds.
(a) Valuation of investments -- Municipal bonds are traded primarily in the
over-the-counter ("OTC") markets and are valued at the last available bid price
in the OTC market or on the basis of values as obtained by a pricing service.
Pricing services use valuation matrixes that incorporate both dealer-supplied
valuations and valuation models. The procedures of the pricing service and its
valuations are reviewed by the officers of the Funds under the general direction
of the Board of Directors/Trustees. Such valuations and procedures are reviewed
periodically by the Board of Directors/Trustees of the Funds. Financial futures
contracts and options thereon, which are traded on exchanges, are valued at
their closing prices as of the close of such exchanges. Options written or
purchased are valued at the last sale price in the case of exchange-traded
options. In the case of options traded in the OTC market, valuation is the last
asked price (options written) or the last bid price (options purchased). Swap
agreements are valued based upon quoted fair valuations received daily by the
Funds from a pricing service. Short-term investments with a remaining maturity
of 60 days or less are valued at amortized cost, which approximates market
value, under which method the investment is valued at cost and any premium or
discount is amortized on a straight line basis to maturity. Investments in
open-end investment companies are valued at their net asset value each business
day. Securities and other assets for which market quotations are not readily
available are valued at fair value as determined in good faith by or under the
direction of the Board of Directors/Trustees of the Funds.
(b) Derivative financial instruments -- Each Fund may engage in various
portfolio investment strategies both to increase the return of the Fund and to
hedge, or protect, its exposure to interest rate movements and movements in the
securities markets. Losses may arise due to changes in the value of the contract
due to an unfavorable change in the price of the underlying security or index or
if the counterparty does not perform under the contract. The counterparty for
certain instruments may pledge cash or securities as collateral.
o Financial futures contracts -- Each Fund may purchase or sell financial
futures contracts and options on such financial futures contracts.
Financial futures contracts are contracts for delayed delivery of
securities at a specific future date and at a specific price or yield.
Upon entering into a contract, the Fund deposits and maintains as
collateral such initial margin as required by the exchange on which the
transaction is effected. Pursuant to the contract, the Fund agrees to
receive from or pay to the broker an amount of cash equal to the daily
fluctuation in value of the contract. Such receipts or payments are known
as variation margin and are recorded by the Fund as unrealized gains or
losses. When the contract is closed, the Fund records a realized gain or
loss equal to the difference between the value of the contract at the time
it was opened and the value at the time it was closed.
o Options -- Each Fund may write covered call options and purchase call and
put options. When the Fund writes an option, an amount equal to the
premium received by the Fund is reflected as an asset and an equivalent
liability. The amount of the liability is subsequently marked-to-market to
reflect the current market value of the option written. When a security is
purchased or sold through an exercise of an option, the related premium
paid (or received) is added to (or deducted from) the basis of the
security acquired or deducted from (or added to) the proceeds of the
security sold. When an option expires (or the Fund enters into a closing
transaction), the Fund realizes a gain or loss on the option to the extent
of the premiums received or paid (or gain or loss to the extent the cost
of the closing transaction exceeds the premium paid or received).
Written and purchased options are non-income producing investments.
o Forward interest rate swaps -- Each Fund may enter into forward interest
rate swaps. In a forward interest rate swap, the Fund and the counterparty
agree to make periodic net payments on a specified notional contract
SEMI-ANNUAL REPORTS FEBRUARY 28, 2007 25
Notes to Financial Statements (continued)
amount, commencing on a specified future effective date, unless terminated
earlier. When the agreement is closed, the Fund records a realized gain or
loss in an amount equal to the value of the agreement.
o Swaps -- Each Fund may enter into swap agreements, which are OTC contracts
in which the Fund and a counterparty agree to make periodic net payments
on a specified notional amount. The net payments can be made for a set
period of time or may be triggered by a predetermined credit event. The
net periodic payments may be based on a fixed or variable interest rate;
the change in market value of a specified security, basket of securities
or index; or the return generated by a security. These periodic payments
received or made by the Fund are recorded in the accompanying Statement of
Operations as realized gains or losses, respectively. Gains or losses are
also realized upon termination of the swap agreements. Swaps are
marked-to-market daily and changes in value are recorded as unrealized
appreciation (depreciation). Risks include changes in the returns of the
underlying instruments, failure of the counterparties to perform under the
contracts' terms and the possible lack of liquidity with respect to the
swap agreements.
(c) Municipal bonds held in trust -- The Funds invest in leveraged residual
certificates ("TOB Residuals") issued by tender option bond trusts ("TOBs"). A
TOB is established by a third party sponsor forming a special purpose entity,
into which a Fund, or an agent on behalf of the Fund, transfers municipal
securities. A TOB typically issues two classes of beneficial interests:
short-term floating rate certificates, which are sold to third party investors,
and residual certificates, which are generally issued to the Fund which made the
transfer or to affiliates of the Fund. Each Fund's transfers of the municipal
securities to a TOB do not qualify for sale treatment under Statement of
Financial Accounting Standards No. 140 "Accounting for Transfers and Servicing
of Financial Assets and Extinguishments of Liabilities," therefore the municipal
securities deposited into a TOB are presented in the Funds' schedules of
investments and the proceeds from the transactions are reported as a liability
for trust certificates of the Funds. Similarly, proceeds from residual
certificates issued to affiliates, if any, from the transaction are included in
the liability for trust certificates. Interest income from the underlying
security is recorded by the Funds on an accrual basis. Interest expense incurred
on the secured borrowing and other expenses related to remarketing,
administration and trustee services to a TOB are reported as expenses of a Fund.
The floating rate certificates have interest rates that generally reset weekly
and their holders have the option to tender certificates to the TOB for
redemption at par at each reset date. The residual interests held by the Funds
include the right of the Funds (1) to cause the holders of a proportional share
of floating rate certificates to tender their certificates at par, and (2) to
transfer a corresponding share of the municipal securities from the TOB to the
Funds. At February 28, 2007, the aggregate value of the underlying municipal
securities transferred to TOBs and the related liability for trust certificates
were:
--------------------------------------------------------------------------------
Range of
Interest Underlying
Liability Rates on the Municipal
for Liability Bonds
Trust for Trust Transferred
Certificates Certificates to TOBs
--------------------------------------------------------------------------------
BlackRock MuniHoldings
Florida Insured Fund ... $44,416,493 3.56% - 3.58% $ 93,022,442
BlackRock MuniHoldings
New York Insured
Fund, Inc. ............. $61,017,240 3.53% - 3.58% $115,393,714
--------------------------------------------------------------------------------
Financial transactions executed through TOBs generally will underperform the
market for fixed rate municipal bonds in a rising interest rate environment, but
tend to outperform the market for fixed rate bonds when interest rates decline
or remain relatively stable. Should short-term interest rates rise, the Funds'
investments in TOB Residuals likely will adversely affect the Funds' investment
income -- net and distributions to shareholders. Fluctuations in the market
value of municipal securities deposited into the TOB may adversely affect the
Funds' net asset value per share. While the Funds' investment policies and
restrictions expressly permit investments in inverse floating rate securities
such as TOB Residuals, they generally do not allow the Funds to borrow money for
purposes of making investments. The Funds' management believes that the Funds'
restrictions on borrowings do not apply to the secured borrowings deemed to have
occurred for accounting purposes.
(d) Income taxes -- It is each Fund's policy to comply with the requirements of
the Internal Revenue Code applicable to regulated investment companies and to
distribute substantially all of its taxable income to its shareholders.
Therefore, no federal income tax provision is required.
(e) Security transactions and investment income -- Security transactions are
recorded on the dates the transactions are entered into (the trade dates).
Realized gains and losses on security transactions are determined on the
identified cost basis. Dividend income is recorded on the ex-dividend dates.
Interest income is recognized on the accrual basis. The Funds amortize all
premiums and discounts on debt securities.
26 SEMI-ANNUAL REPORTS FEBRUARY 28, 2007
Notes to Financial Statements (continued)
(f) Dividends and distributions -- Dividends from net investment income are
declared and paid monthly. Distributions of capital gains are recorded on the
ex-dividend dates.
(g) Recent accounting pronouncements -- In July 2006, the Financial Accounting
Standards Board ("FASB") issued Interpretation No. 48 ("FIN 48"), "Accounting
for Uncertainty in Income Taxes -- an interpretation of FASB Statement No. 109."
FIN 48 prescribes the minimum recognition threshold a tax position must meet in
connection with accounting for uncertainties in income tax positions taken or
expected to be taken by an entity including mutual funds before being measured
and recognized in the financial statements. Adoption of FIN 48 is required for
the last net asset value calculation in the first required financial statement
reporting period for fiscal years beginning after December 15, 2006. The impact
on the Funds' financial statements, if any, is currently being assessed.
In September 2006, Statement of Financial Accounting Standards No. 157, "Fair
Value Measurements" ("FAS 157"), was issued and is effective for fiscal years
beginning after November 15, 2007. FAS 157 defines fair value, establishes a
framework for measuring fair value and expands disclosures about fair value
measurements. At this time, management is evaluating the implications of FAS 157
and its impact on the Funds' financial statements, if any, has not been
determined.
In addition, in February 2007, FASB issued "Statement of Financial Accounting
Standards No. 159, The Fair Value Option for Financial Assets and Financial
Liabilities" ("FAS 159"), which is effective for fiscal years beginning after
November 15, 2007. Early adoption is permitted as of the beginning of a fiscal
year that begins on or before November 15, 2007, provided the entity also elects
to apply the provisions of FAS 157. FAS 159 permits entities to choose to
measure many financial instruments and certain other items at fair value that
are not currently required to be measured at fair value. FAS 159 also
establishes presentation and disclosure requirements designed to facilitate
comparisons between entities that choose different measurement attributes for
similar types of assets and liabilities. At this time, management is evaluating
the implications of FAS 159 and its impact on the Funds' financial statements,
if any, has not been determined.
2. Investment Advisory Agreement and Transactions with Affiliates:
On September 29, 2006, BlackRock, Inc. ("BlackRock") and Merrill Lynch & Co.,
Inc. ("Merrill Lynch") combined Merrill Lynch's investment management business,
Merrill Lynch Investment Managers, L.P. ("MLIM"), and its affiliates, including
Fund Asset Management, L.P. ("FAM"), with BlackRock, Inc. to create a new
independent company. Merrill Lynch has a 49.8% economic interest and a 45%
voting interest in the combined company and The PNC Financial Services Group,
Inc. has approximately a 34% economic and voting interest. The new company
operates under the BlackRock name and is governed by a board of directors with a
majority of independent members.
The Investment Advisory Agreement between each Fund and BlackRock Advisors, LLC
(the "Manager"), an indirect, wholly owned subsidiary of BlackRock, Inc., became
effective on September 29, 2006. Prior to September 29, 2006, FAM was the Funds'
Manager. The general partner of FAM is Princeton Services, Inc. ("PSI"), an
indirect, wholly owned subsidiary of Merrill Lynch, which is the limited
partner.
The Manager is responsible for the management of each Fund's portfolio and
provides the necessary personnel, facilities, equipment and certain other
services necessary to the operations of the Fund. For such services, each Fund
pays a monthly fee at an annual rate of .55% of the Fund's average daily net
assets, including proceeds from the issuance of Preferred Shares/Stock. The
Manager (and previously FAM) has agreed to reimburse its management fee by the
amount of management fees each Fund pays to the Manager (and formerly FAM)
indirectly through its investments described below:
--------------------------------------------------------------------------------
For the For the
Period Period Sept.
Sept. 1, 2006 30, 2006
to Sept. 29, to Feb. 28,
2006 Reim- 2007 Reim-
bursement bursement by
Investment by FAM the Manager
--------------------------------------------------------------------------------
BlackRock CMA Florida
MuniHoldings Municipal
Florida Insured Money Fund
Fund............... $9,587 $43,372
BlackRock CMA New York
MuniHoldings Municipal
New York Insured Money Fund
Fund, Inc. ........ $ 58 $ 5,071
--------------------------------------------------------------------------------
SEMI-ANNUAL REPORTS FEBRUARY 28, 2007 27
Notes to Financial Statements (continued)
In addition, the Manager has agreed to reimburse its management fee on the
proceeds of Preferred Shares/Stock that exceeds 35% of each Fund's total net
assets. For the six months ended February 28, 2007, FAM and the Manager earned
and waived the following :
--------------------------------------------------------------------------------
For the Period For the Period
Sept. 1, to Sept. 29, 2006 to
Sept. 29, 2006 Feb. 28, 2007
---------------- -------------------------
Earned Waived Earned by Waived by
by FAM by FAM the Manager the Manager
--------------------------------------------------------------------------------
BlackRock
Muni-
Holdings
Florida
Insured
Fund.......... $429,126 $29,982 $2,076,190 $142,292
BlackRock
Muni-
Holdings
New York
Insured
Fund, Inc. ... $361,539 $30,263 $1,754,787 $143,523
--------------------------------------------------------------------------------
For the six months ended February 28, 2007, the Funds reimbursed FAM and the
Manager for certain accounting services. The reimbursements were as follows:
--------------------------------------------------------------------------------
FAM Manager
--------------------------------------------------------------------------------
BlackRock MuniHoldings
Florida Insured Fund ...................... $1,527 $7,635
BlackRock MuniHoldings
New York Insured Fund, Inc. ............... $1,282 $6,411
--------------------------------------------------------------------------------
In addition, the Manager has entered into a separate sub-advisory agreement with
BlackRock Investment Management, LLC, ("BIM"), an affiliate of the Manager, with
respect to each Fund, under which the Manager pays the Sub-Adviser for services
it provides a monthly fee that is a percentage of the management fee paid by the
Funds to the Manager.
Prior to September 29, 2006, certain officers and/or directors/trustees of the
Funds were officers and/or directors of FAM, PSI, Merrill Lynch, and/or MLIM.
Commencing September 29, 2006, certain officers and/or directors/trustees of the
Funds are officers and/or directors of BlackRock, Inc. or its affiliates.
3. Investments:
Purchases and sales of investments, excluding short-term securities, for the six
months ended February 28, 2007 were as follows:
--------------------------------------------------------------------------------
BlackRock BlackRock
MuniHoldings MuniHoldings
Florida Insured New York Insured
Fund Fund, Inc.
--------------------------------------------------------------------------------
Total Purchases ................ $81,247,992 $123,759,139
Total Sales .................... $70,391,477 $116,009,464
--------------------------------------------------------------------------------
4. Share/Stock Transactions:
BlackRock MuniHoldings Florida Insured Fund is authorized to issue an unlimited
number of shares of beneficial interest, including Preferred Shares, par value
$.10 per share, all of which were initially classified as Common Shares. The
Board of Trustees is authorized, however, to reclassify any unissued shares of
beneficial interest without the approval of holders of Common Shares.
BlackRock MuniHoldings New York Insured Fund, Inc. is authorized to issue
200,000,000 shares of stock, including Preferred Stock, par value $.10 per
share, all of which were initially classified as Common Stock. The Board of
Directors is authorized, however, to reclassify any unissued shares of stock
without approval of holders of Common Stock.
Common Shares/Stock
BlackRock MuniHoldings Florida Insured Fund
Shares issued and outstanding during the six months ended February 28, 2007
remained constant and increased by 4,505 as a result of dividend reinvestments
for the year ended August 31, 2006.
BlackRock MuniHoldings New York Insured Fund, Inc.
Shares issued and outstanding during the six months ended February 28, 2007
remained constant and increased by 10,523 as a result of dividend reinvestment
for the year ended August 31, 2006.
Preferred Shares/Stock
Auction Market Preferred Shares/Stock are redeemable shares of Preferred
Shares/Stock of the Funds, with a liquidation preference of $25,000 per share
plus accrued and unpaid dividends that entitle their holders to receive cash
dividends at an annual rate that may vary for the successive dividend periods.
28 SEMI-ANNUAL REPORTS FEBRUARY 28, 2007
Notes to Financial Statements (continued)
The yields in effect at February 28, 2007 were as follows:
--------------------------------------------------------------------------------
BlackRock BlackRock
MuniHoldings MuniHoldings
Florida Insured New York Insured
Fund Fund, Inc.
--------------------------------------------------------------------------------
Series A....................... 3.612% 3.00%
Series B....................... 3.52% 2.88%
Series C....................... 3.55% 3.20%
Series D....................... 3.50% 3.20%
Series E....................... 3.51% 3.25%
--------------------------------------------------------------------------------
Each Fund pays commissions to certain broker-dealers at the end of each auction
at an annual rate ranging from .25% to .375%, calculated on the proceeds of each
auction. For the six months ended February 28, 2007, Merrill Lynch, Pierce,
Fenner & Smith Incorporated, a wholly owned subsidiary of Merrill Lynch, earned
commissions as follows:
--------------------------------------------------------------------------------
Fund Commissions
--------------------------------------------------------------------------------
BlackRock MuniHoldings
Florida Insured Fund.............................. $207,673
BlackRock MuniHoldings
New York Insured Fund, Inc. ...................... $139,971
--------------------------------------------------------------------------------
5. Capital Loss Carryforward:
BlackRock MuniHoldings Florida Insured Fund
On August 31, 2006, the Fund had a net capital loss carryforward of $63,219,214,
of which $24,716,150 expires in 2007, $9,949,433 expires in 2008, $18,709,220
expires in 2009, $1,836,991 expires in 2012 and $8,007,420 expires in 2013. This
amount will be available to offset like amounts of any future taxable gains.
BlackRock MuniHoldings New York Insured Fund, Inc.
On August 31, 2006, the Fund had a net capital loss carryforward of $37,884,795,
of which $966,000 expires in 2007, $3,509,287 expires in 2008, $17,297,478
expires in 2009, $15,054,033 expires in 2013 and $1,057,997 expires in 2014.
This amount will be available to offset like amounts of any future taxable
gains.
6. Subsequent Event:
BlackRock MuniHoldings Florida Insured Fund
The Fund paid a tax-exempt income dividend to holders of Common Shares in the
amount of $.058000 per share on April 2, 2007 to shareholders of record on March
15, 2007.
BlackRock MuniHoldings New York Insured Fund, Inc.
The Fund paid a tax-exempt income dividend to holders of Common Stock in the
amount of $.057000 per share on April 2, 2007 to shareholders of record on March
15, 2007.
7. Restatement Information:
During the six months ended February 28, 2007, each Fund determined that the
criteria for sale accounting in Statement of Financial Accounting Standards No.
140 had not been met for certain transfers of municipal bonds, and that these
transfers should have been accounted for as secured borrowings rather than as
sales. Accordingly, the Funds have restated the Statements of Changes in Net
Assets for the year ended August 31, 2006 and certain financial highlights for
each of the five years in the period then ended. The effects of the restatement
were to record the transfers of the municipal bonds as secured borrowings, to
give effect to offsetting changes in realized gain -- net and in the change in
unrealized appreciation/depreciation -- net on the transferred municipal
securities and to give effect to interest on the bonds as interest income and
interest on the secured borrowings as interest expense.
--------------------------------------------------------------------------------
BlackRock MuniHoldings Florida Insured Fund
--------------------------------------------------------------------------------
Statement of Changes in Net Assets
For the Year Ended August 31, 2006
--------------------------------------------------------------------------------
Previously
Reported Restated
--------------------------------------------------------------------------------
Realized gain -- net.............. $ 2,496,479 $ 2,573,306
Change in unrealized appreciation/
depreciation -- net............. $(20,478,503) $(20,555,330)
--------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
BlackRock MuniHoldings Florida Insured Fund
------------------------------------------------------------------------------------------------------------------------------------
Financial Highlights
For the Years Ended August 31, 2006, 2005, 2004, 2003 and 2002
------------------------------------------------------------------------------------------------------------------------------------
2006 2005 2004 2003 2002
--------------------- --------------------- --------------------- --------------------- ---------------------
Previously Previously Previously Previously Previously
Reported Restated Reported Restated Reported Restated Reported Restated Reported Restated
------------------------------------------------------------------------------------------------------------------------------------
Total expenses,
net of waiver
and
reimbursement
and excluding
reorganization
expenses** .... 1.12% 1.38% 1.11% 1.35% 1.10% 1.24% 1.10% 1.26% 1.13% 1.34%
Total expenses,
excluding
reorganization
expenses** .... 1.19% 1.46% 1.16% 1.41% 1.17% 1.31% 1.17% 1.33% 1.20% 1.41%
Total expenses** 1.19% 1.46% 1.16% 1.41% 1.17% 1.31% 1.17% 1.33% 1.21% 1.42%
Portfolio
turnover ...... 45.72% 43% 26.50% 26% 21.20% 20% 27.40% 23% 13.89% 13%
------------------------------------------------------------------------------------------------------------------------------------
** Do not reflect the effect of dividends to Preferred Shareholders.
SEMI-ANNUAL REPORTS FEBRUARY 28, 2007 29
Notes to Financial Statements (concluded)
--------------------------------------------------------------------------------
BlackRock MuniHoldings New York Insured Fund, Inc.
--------------------------------------------------------------------------------
Statement of Changes in Net Assets
For the Year Ended August 31, 2006
--------------------------------------------------------------------------------
Previously
Reported Restated
--------------------------------------------------------------------------------
Realized gain (loss) -- net............ $ (306,380) $ 6,241
Change in unrealized appreciation/
depreciation -- net.................. $(14,617,827) $(14,930,448)
--------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
BlackRock MuniHoldings New York Insured Fund, Inc.
------------------------------------------------------------------------------------------------------------------------------------
Financial Highlights
For the Years Ended August 31, 2006, 2005, 2004, 2003 and 2002
------------------------------------------------------------------------------------------------------------------------------------
2006 2005 2004 2003 2002
--------------------- --------------------- --------------------- --------------------- ---------------------
Previously Previously Previously Previously Previously
Reported Restated Reported Restated Reported Restated Reported Restated Reported Restated
------------------------------------------------------------------------------------------------------------------------------------
Total expenses,
net of waiver
and
reimbursement
and excluding
reorganization
expenses** .... 1.15% 1.65% 1.14% 1.52% 1.14% 1.43% 1.13% 1.43% 1.16% 1.37%
Total expenses,
excluding
reorganization
expenses** .... 1.23% 1.73% 1.21% 1.59% 1.21% 1.50% 1.20% 1.51% 1.23% 1.44%
Total expenses** 1.23% 1.73% 1.21% 1.59% 1.21% 1.50% 1.20% 1.51% 1.26% 1.47%
Portfolio
turnover ...... 52.83% 47% 35.63% 33% 32.04% 31% 59.02% 50% 86.39% 79%
------------------------------------------------------------------------------------------------------------------------------------
** Do not reflect the effect of dividends to Preferred Stock shareholders.
While the Statements of Net Assets, including the Schedules of Investments, of
the Funds as of August 31, 2006, 2005, 2004, 2003 and 2002, not presented
herein, have not been reissued to give effect to the restatement, the principal
effects of the restatement would be to increase investments and payable for
floating rate certificates by corresponding amounts at each year, with no effect
on previously reported net assets. The Statements of Operations of the Funds for
the years ended August 31, 2006, 2005, 2004, 2003 and 2002, not presented
herein, have not been reissued to give effect to the restatement. However, the
principal effects of the restatement would be to increase interest income and
interest expense and fees by corresponding amounts each year, and where
applicable, to revise realized gain (loss) on investments -- net, and the change
in unrealized appreciation/depreciation on investments -- net, by corresponding
and offsetting amounts. The Statements of Changes in Net Assets of the Funds for
the years ended August 31, 2005, 2004, 2003 and 2002, not presented herein, have
not been reissued to give effect to the restatement, but the principal effects
of a restatement, where applicable, would be to revise previously reported
realized gain (loss) on investments -- net, and change in unrealized
appreciation/depreciation -- net, by corresponding and offsetting amounts.
Investment Objectives
NYSE Symbol BlackRock MuniHoldings Florida Insured Fund seeks to
MFL provide shareholders with current income exempt from federal
income tax. The Fund also seeks to offer shareholders the
opportunity to own shares, the value of which is exempt from
Florida intangible personal property tax. The Fund seeks to
achieve its investment objective by investing primarily in a
portfolio of long-term, investment grade municipal
obligations, the interest on which, in the opinion of bond
counsel to the issuer, is exempt from federal income taxes and
which enables shares of the Fund to be exempt from Florida
intangible personal property tax.
NYSE Symbol BlackRock MuniHoldings New York Insured Fund, Inc. seeks to
MHN provide shareholders with current income exempt from federal
income taxes and New York State and New York City personal
income taxes by investing primarily in a portfolio of
long-term, investment grade municipal obligations, the
interest on which, in the opinion of bond counsel to the
issuer, is exempt from federal income taxes and New York State
and New York City personal income taxes.
30 SEMI-ANNUAL REPORTS FEBRUARY 28, 2007
BlackRock Privacy Principles
BlackRock is committed to maintaining the privacy of its current and former fund
investors and individual clients (collectively, "Clients") and to safeguarding
their nonpublic personal information. The following information is provided to
help you understand what personal information BlackRock collects, how we protect
that information and why in certain cases we share such information with select
parties.
If you are located in a jurisdiction where specific laws, rules or regulations
require BlackRock to provide you with additional or different privacy-related
rights beyond what is set forth below, then BlackRock will comply with those
specific laws, rules or regulations.
BlackRock obtains or verifies personal nonpublic information from and about you
from different sources, including the following: (i) information we receive from
you or, if applicable, your financial intermediary, on applications, forms or
other documents; (ii) information about your transactions with us, our
affiliates, or others; (iii) information we receive from a consumer reporting
agency; and (iv) from visits to our Web sites.
BlackRock does not sell or disclose to nonaffiliated third parties any nonpublic
personal information about its Clients, except as permitted by law or as is
necessary to service Client accounts. These nonaffiliated third parties are
required to protect the confidentiality and security of this information and to
use it only for its intended purpose.
We may share information with our affiliates to service your account or to
provide you with information about other BlackRock products or services that may
be of interest to you. In addition, BlackRock restricts access to nonpublic
personal information about its Clients to those BlackRock employees with a
legitimate business need for the information. BlackRock maintains physical,
electronic and procedural safeguards that are designed to protect the nonpublic
personal information of its Clients, including procedures relating to the proper
storage and disposal of such information.
Officers and Trustees/Directors
Robert C. Doll, Jr., President and Trustee/Director
Ronald W. Forbes, Trustee/Director
Cynthia A. Montgomery, Trustee/Director
Jean Margo Reid, Trustee/Director
Roscoe S. Suddarth, Trustee/Director
Richard R. West, Trustee/Director
Donald C. Burke, Vice President and Treasurer
John M. Loffredo, Senior Vice President
Timothy T. Browse, Vice President
Robert D. Sneeden, Vice President
Jeffrey Hiller, Fund Chief Compliance Officer
Alice A. Pellegrino, Secretary
Transfer Agents
Common Shares/Stock:
The Bank of New York
101 Barclay Street -- 11 East
New York, NY 10286
Preferred Shares/Stock:
The Bank of New York
101 Barclay Street -- 7 West
New York, NY 10286
Custodian
The Bank of New York
100 Church Street
New York, NY 10286
--------------------------------------------------------------------------------
Effective January 1, 2007, Edward D. Zinbarg retired as a Trustee/Director of
BlackRock MuniHoldings Florida Insured Fund and BlackRock MuniHoldings New York
Insured Fund, Inc. The Funds' Boards of Trustees/Directors wish Mr. Zinbarg well
in his retirement.
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Effective April 13, 2007, Jeffrey Hiller resigned his position as Chief
Compliance Officer of the Funds. Also effective April 13, 2007, Karen Clark was
appointed Chief Compliance Officer of the Funds. Ms. Clark has been a Managing
Director of BlackRock, Inc. since 2007. She was a Director thereof from 2005 to
2007. Prior to that, Ms. Clark was a principal and senior compliance officer at
State Street Global Advisors from 2001 to 2005. Ms. Clark was a principal
consultant with PricewaterhouseCoopers, LLP from 1998 to 2001. From 1993 to
1998, Ms. Clark was Branch Chief, Division of Investment Management and Office
of Compliance Examinations, with the U.S. Securities and Exchange Commission.
--------------------------------------------------------------------------------
SEMI-ANNUAL REPORTS FEBRUARY 28, 2007 31
These reports, including the financial information herein, are transmitted to
shareholders of BlackRock MuniHoldings Florida Insured Fund and BlackRock
MuniHoldings New York Insured Fund, Inc. for their information. This is not a
prospectus. Past per formance results shown in this report should not be
considered a representation of future performance. The Funds have leveraged
their Common Shares or Stock and intend to remain leveraged by issuing Preferred
Shares or Stock to provide the Common Shareholders or Common Stock shareholders
with a potentially higher rate of return. Leverage creates risks for Common
Shareholders or Common Stock shareholders, including the likelihood of greater
volatility of net asset value and market price of shares of the Common Shares or
Stock, and the risk that fluctuations in the short-term dividend rates of the
Preferred Shares or Stock may affect the yield to Common Shareholders or Common
Stock shareholders. Statements and other information herein are as dated and are
subject to change.
A description of the policies and procedures that the Funds use to determine how
to vote proxies relating to portfolio securities is available (1) without
charge, upon request, by calling toll-free 1-800-441-7762; (2) at
www.blackrock.com; and (3) on the Securities and Exchange Commission's Web site
at http://www.sec.gov. Infor mation about how the Funds vote proxies relating to
securities held in the Funds' portfolios during the most recent 12-month period
ended June 30 is available (1) at www.blackrock.com and (2) on the Securities
and Exchange Commission's Web site at http://www.sec.gov.
BlackRock MuniHoldings Florida Insured Fund
BlackRock MuniHoldings New York Insured Fund, Inc.
P.O. Box 9011
Princeton, NJ 08543-9011
BlackRock
#MHFLNY-2/07
Item 2 - Code of Ethics - Not Applicable to this semi-annual report
Item 3 - Audit Committee Financial Expert - Not Applicable to this semi-annual
report
Item 4 - Principal Accountant Fees and Services - Not Applicable to this
semi-annual report
Item 5 - Audit Committee of Listed Registrants - Not Applicable to this
semi-annual report
Item 6 - Schedule of Investments - Not Applicable
Item 7 - Disclosure of Proxy Voting Policies and Procedures for Closed-End
Management Investment Companies - Not Applicable to this semi-annual
report
Item 8 - Portfolio Managers of Closed-End Management Investment Companies - as
of February 28, 2007.
(a)(1) BlackRock MuniHoldings Florida Insured Fund is managed by a team
of investment professionals comprised of Robert D. Sneeden, Director at
BlackRock, Theodore R. Jaeckel, Jr., CFA, Managing Director at
BlackRock, and Walter O'Connor, Managing Director at BlackRock. Each is
a member of BlackRock's municipal tax-exempt management group. Mr.
Jaeckel and Mr. O'Connor are responsible for setting the Fund's overall
investment strategy and overseeing the management of the Fund. Mr.
Sneeden is the Fund's lead portfolio manager and is responsible for the
day-to-day management of the Fund's portfolio and the selection of its
investments. Messrs. Jaeckel and O'Connor have been members of the
Fund's management team since 2006 and Mr. Sneeden has been the Fund's
portfolio manager since 1998.
Mr. Jaeckel joined BlackRock in 2006. Prior to joining BlackRock, he
was a Managing Director (Municipal Tax-Exempt Fund Management) of
Merrill Lynch Investment Managers, L.P. (""MLIM") from 2005 to 2006 and
a Director of MLIM from 1997 to 2005. He has been a portfolio manager
with BlackRock or MLIM since 1991.
Mr. O'Connor joined BlackRock in 2006. Prior to joining BlackRock, he
was a Managing Director (Municipal Tax-Exempt Fund Management) of MLIM
from 2003 to 2006 and was a Director of MLIM from 1997 to 2002. He has
been a portfolio manager with BlackRock or MLIM since 1991.
Mr. Sneeden joined BlackRock in 2006. Prior to joining BlackRock, he
was a Director (Municipal Tax-Exempt Fund Management) of MLIM since
2006 and was a Vice President of MLIM from 1998 to 2006. Mr. Sneeden
has been a portfolio manager with BlackRock or MLIM since 1994.
(a)(2) As of February 28, 2007:
(iii) Number of Other Accounts and
(ii) Number of Other Accounts Managed Assets for Which Advisory Fee is
and Assets by Account Type Performance-Based
Other Other
Registered Other Pooled Registered Other Pooled
(i) Name of Investment Investment Other Investment Investment Other
Portfolio Manager Companies Vehicles Accounts Companies Vehicles Accounts
---------- ----------
Robert Sneeden 12 0 0 0 0 0
$ 2,262,466,608 $ 0 $ 0 $ 0 $ 0 $ 0
Theodore R.
Jaeckel, Jr. 80 0 0 0 1 0
$28,849,201,248 $ 0 $ 0 $ 0 $ 28,165,980 $ 0
Walter
O'Connor 80 0 0 0 0 0
$28,849,201,248 $ 0 $ 0 $ 0 $ 0 $ 0
(iv) Potential Material Conflicts of Interest
BlackRock has built a professional working environment, firm-wide
compliance culture and compliance procedures and systems designed to
protect against potential incentives that may favor one account over
another. BlackRock has adopted policies and procedures that address the
allocation of investment opportunities, execution of portfolio
transactions, personal trading by employees and other potential
conflicts of interest that are designed to ensure that all client
accounts are treated equitably over time. Nevertheless, BlackRock
furnishes investment management and advisory services to numerous
clients in addition to the Fund, and BlackRock may, consistent with
applicable law, make investment recommendations to other clients or
accounts (including accounts which are hedge funds or have performance
or higher fees paid to BlackRock, or in which portfolio managers have a
personal interest in the receipt of such fees), which may be the same
as or different from those made to the Fund. In addition, BlackRock,
its affiliates and any officer, director, stockholder or employee may
or may not have an interest in the securities whose purchase and sale
BlackRock recommends to the Fund. BlackRock, or any of its affiliates,
or any officer, director, stockholder, employee or any member of their
families may take different actions than those recommended to the Fund
by BlackRock with respect to the same securities. Moreover, BlackRock
may refrain from rendering any advice or services concerning securities
of companies of which any of BlackRock's (or its affiliates') officers,
directors or employees are directors or officers, or companies as to
which BlackRock or any of its affiliates or the officers, directors and
employees of any of them has any substantial economic interest or
possesses material non-public information. Each portfolio manager also
may manage accounts whose investment strategies may at times be opposed
to the strategy utilized for the Fund. In this connection, it should be
noted that certain portfolio managers currently manage certain accounts
that are subject to performance fees. In addition, certain portfolio
managers assist in managing certain hedge funds and may be entitled to
receive a portion of any incentive fees earned on such funds and a
portion of such incentive fees may be voluntarily or involuntarily
deferred. Additional portfolio managers may in the future manage other
such accounts or funds and may be entitled to receive incentive fees.
As a fiduciary, BlackRock owes a duty of loyalty to its clients and
must treat each client fairly. When BlackRock purchases or sells
securities for more than one account, the trades must be allocated in a
manner consistent with its fiduciary duties. BlackRock attempts to
allocate investments in a fair and equitable manner among client
accounts, with no account receiving preferential treatment. To this
end, BlackRock has adopted a policy that is intended to ensure that
investment opportunities are allocated fairly and equitably among
client accounts over time. This policy also seeks to achieve reasonable
efficiency in client transactions and provide BlackRock with sufficient
flexibility to allocate investments in a manner that is consistent with
the particular investment discipline and client base.
(a)(3) As of February 28, 2007:
Portfolio Manager Compensation
Compensation Program
The elements of total compensation for portfolio managers on
BlackRock's municipal team include a fixed base salary, annual
performance-based cash and stock compensation (cash and stock bonus)
and other benefits. BlackRock has balanced these components of pay to
provide these portfolio managers with a powerful incentive to achieve
consistently superior investment performance. By design, compensation
levels for these portfolio managers fluctuate--both up and down--with
the relative investment performance of the portfolios that they manage.
Base compensation
Like that of many asset management firms, base salaries
represent a relatively small portion of a portfolio manager's total
compensation. This approach serves to enhance the motivational value of
the performance-based (and therefore variable) compensation elements of
the compensation program.
Performance-Based Compensation
BlackRock believes that the best interests of investors are
served by recruiting and retaining exceptional asset management talent
and managing their compensation within a consistent and disciplined
framework that emphasizes pay for performance in the context of an
intensely competitive market for talent. To that end, BlackRock and its
affiliates portfolio manager incentive compensation is based on a
formulaic compensation program. BlackRock's formulaic portfolio manager
compensation program includes: investment performance relative to a
subset of Florida municipal debt funds over 1-, 3- and 5-year
performance periods and a measure of operational efficiency. Portfolio
managers are compensated based on the pre-tax performance of the
products they manage. If a portfolio manager's tenure is less than 5
years, performance periods will reflect time in position. Portfolio
managers are compensated based on products they manage. A discretionary
element of portfolio manager compensation may include consideration of:
financial results, expense control, profit margins, strategic planning
and implementation, quality of client service, market share, corporate
reputation, capital allocation, compliance and risk control,
leadership, workforce diversity, supervision, technology and
innovation. All factors are considered collectively by BlackRock
management.
Long-Term Retention and Incentive Plan (LTIP)
The LTIP is a long-term incentive plan that seeks to reward
certain key employees. The plan provides for the grant of awards that
are expressed as an amount of cash that, if properly vested and subject
to the attainment of certain performance goals, will be settled in cash
and/or in BlackRock, Inc. common stock.
Cash Bonus
Performance-based compensation is distributed to portfolio
managers in a combination of cash and stock. Typically, the cash bonus,
when combined with base salary, represents more than 60% of total
compensation for portfolio managers.
Stock Bonus
A portion of the dollar value of the total annual
performance-based bonus is paid in restricted shares of BlackRock
stock. Paying a portion of annual bonuses in stock puts compensation
earned by a portfolio manager for a given year "at risk" based on the
company's ability to sustain and improve its performance over future
periods. The ultimate value of stock bonuses is dependent on future
BlackRock stock price performance. As such, the stock bonus aligns each
portfolio manager's financial interests with those of the BlackRock
shareholders and encourages a balance between short-term goals and
long-term strategic objectives. Management strongly believes that
providing a significant portion of competitive performance-based
compensation in stock is in the best interests of investors and
shareholders. This approach ensures that portfolio managers participate
as shareholders in both the "downside risk" and "upside opportunity" of
the company's performance. Portfolio managers therefore have a direct
incentive to protect BlackRock's reputation for integrity.
Other Compensation Programs
Portfolio managers who meet relative investment performance
and financial management objectives during a performance year are
eligible to participate in a deferred cash program. Awards under this
program are in the form of deferred cash that may be benchmarked to a
menu of BlackRock mutual funds (including their own fund) during a
five-year vesting period. The deferred cash program aligns the
interests of participating portfolio managers with the investment
results of BlackRock products and promotes continuity of successful
portfolio management teams.
Other Benefits
Portfolio managers are also eligible to participate in
broad-based plans offered generally to employees of BlackRock and its
affiliates, including broad-based retirement, 401(k), health, and other
employee benefit plans.
(a)(4) Beneficial Ownership of Securities. As of February 28, 2007,
neither of Messrs. Sneeden, Jaeckel or O'Connor beneficially
owns any stock issued by the Fund.
Item 9 - Purchases of Equity Securities by Closed-End Management Investment
Company and Affiliated Purchasers - Not Applicable
Item 10 - Submission of Matters to a Vote of Security Holders - Not Applicable
Item 11 - Controls and Procedures
11(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 April,
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-CSR 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.
Prior to the filing of the Registrant's Form N-CSR, 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 February 28, 2007. 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 financial
statements as of and for the period ended February 28, 2007, including
prior periods where applicable, were adjusted prior to being issued to
appropriately reflect transfers of such securities as secured borrowings
and to report the related income and expense. These adjustments had no
impact on net assets, net asset value per share or total return.
Prior to the evaluation of the design and operation of the Registrant's
disclosure controls and procedures at April, 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.
11(b) - There have been no changes in the Registrant's internal control over
financial reporting (as defined in Rule 30a-3(d) under the Investment
Company Act of 1940, as amended) that occurred during the second half of
the Registrant's fiscal year that have materially affected, or are
reasonably likely to materially affect, the Registrant's internal
control over financial reporting. However, as discussed above, as of
April 2007, the Registrant has enhanced controls related to the
application of SFAS 140.
Item 12 - Exhibits attached hereto
12(a)(1) - Code of Ethics - Not Applicable to this semi-annual report
12(a)(2) - Certifications - Attached hereto
12(a)(3) - Not Applicable
12(b) - 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 of
BlackRock MuniHoldings Florida Insured Fund
Date: April 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 of
BlackRock MuniHoldings Florida Insured Fund
Date: April 23, 2007
By: /s/ Donald C. Burke
-------------------------------------------
Donald C. Burke,
Chief Financial Officer of
BlackRock MuniHoldings Florida Insured Fund
Date: April 23, 2007