UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
Investment Company Act file number 811-08349
Name of Fund: BlackRock MuniHoldings Florida Insured Fund (MFL)
Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809
Name and address of agent for service: Donald C. Burke, 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: (800) 882-0052, Option 4
Date of fiscal year end: 08/31/2008
Date of reporting period: 09/01/2007 - 11/30/2007
Item 1 - Schedule of Investments
BlackRock MuniHoldings Florida Insured Fund
Schedule of Investments as of November 30, 2007 (Unaudited) (in Thousands)
Face
Amount Municipal Bonds Value
-----------------------------------------------------------------------------------------------------------------------------------
Arizona - 1.2% $ 6,465 Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, 5% due 12/01/2032 $ 6,233
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District of 2,050 Metropolitan Washington Airports Authority, D.C., Airport System Revenue Bonds, AMT,
Columbia - 0.4% Series A, 5.25% due 10/01/2032 (h) 2,071
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Florida - 146.9% 6,600 Alachua County, Florida, School Board, COP, 5.25% due 7/01/2029 (b) 6,891
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Bay County, Florida, Sales Tax Revenue Bonds (b):
3,490 5% due 9/01/2025 3,669
3,665 5% due 9/01/2026 3,842
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4,190 Beacon Tradeport Community Development District, Florida, Special Assessment Revenue
Refunding Bonds (Commercial Project), Series A, 5.625% due 5/01/2032 (k) 4,288
---------------------------------------------------------------------------------------------------------------
4,500 Brevard County, Florida, School Board, COP, Series A, 5% due 7/01/2030 (h) 4,610
---------------------------------------------------------------------------------------------------------------
8,000 Broward County, Florida, Educational Facilities Authority Revenue Bonds
(Nova Southeastern University), 5% due 4/01/2031 (n) 8,253
---------------------------------------------------------------------------------------------------------------
4,150 Broward County, Florida, HFA, S/F Mortgage Revenue Refunding Bonds, AMT,
Series E, 5.90% due 10/01/2039 (e)(g) 4,472
---------------------------------------------------------------------------------------------------------------
3,000 Cape Coral, Florida, Special Obligation Revenue Bonds, 5% due 10/01/2030 (a) 3,108
---------------------------------------------------------------------------------------------------------------
1,320 Clay County, Florida, School Board, COP (Master Lease Program), 5.75% due 7/01/2010 (a)(j) 1,412
---------------------------------------------------------------------------------------------------------------
900 Collier County, Florida, IDA, IDR, Refunding (Southern States Utilities), AMT, 6.50% due
10/01/2025 900
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2,000 Deltona, Florida, Transportation Capital Improvement Revenue Bonds, 5.125% due
10/01/2026 (a) 2,109
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Emerald Coast, Florida, Utilities Authority, System Revenue Bonds (h):
1,130 5.25% due 1/01/2026 1,197
1,560 5.25% due 1/01/2036 1,639
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Escambia County, Florida, HFA, S/F Mortgage Revenue Refunding Bonds
(Multi-County Program), AMT, Series A (a)(i):
80 6.30% due 10/01/2020 81
305 6.375% due 10/01/2026 308
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1,835 Flagler County, Florida, Capital Improvement Revenue Bonds, 5% due 10/01/2035 (a) 1,890
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Florida HFA, Homeowner Mortgage Revenue Refunding Bonds, AMT, Series 2 (a):
1,350 5.75% due 7/01/2014 1,363
10,025 5.90% due 7/01/2029 10,204
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12,000 Florida Higher Educational Facilities Financing Authority Revenue Bonds
(Flagler College, Inc. Project), 5.25% due 11/01/2036 (q) 12,610
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Portfolio Abbreviations
To simplify the listings of BlackRock MuniHoldings Florida Insured Fund's
portfolio holdings in the Schedule of Investments, we have abbreviated the names
of many of the securities according to the list below.
AMT Alternative Minimum Tax
COP Certificates of Participation
GO General Obligation Bonds
HFA Housing Finance Agency
IDA Industrial Development Authority
IDR Industrial Development Revenue Bonds
M/F Multi-Family
S/F Single-Family
VRDN Variable Rate Demand Notes
BlackRock MuniHoldings Florida Insured Fund
Schedule of Investments as of November 30, 2007 (Unaudited) (in Thousands)
Face
Amount Municipal Bonds Value
-----------------------------------------------------------------------------------------------------------------------------------
Florida Housing Finance Corporation, Homeowner Mortgage Revenue Bonds, AMT:
$ 5,375 Series 3, 5.15% due 7/01/2038 (e)(g) $ 5,334
5,925 Series 11, 5.95% due 1/01/2032 (c) 6,024
---------------------------------------------------------------------------------------------------------------
755 Florida Housing Finance Corporation, Homeowner Mortgage Revenue Refunding Bonds, AMT,
Series 4, 6.25% due 7/01/2022 (c) 787
---------------------------------------------------------------------------------------------------------------
2,055 Florida Housing Finance Corporation, Housing Revenue Bonds
(Waverly Apartments), AMT, Series C-1, 6.30% due 7/01/2030 (c) 2,148
---------------------------------------------------------------------------------------------------------------
Florida Municipal Loan Council Revenue Bonds, Series B (a):
1,285 5.375% due 11/01/2025 1,345
4,150 5.375% due 11/01/2030 4,341
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3,750 Florida State Board of Education, Capital Outlay, GO, Public Education, Refunding,
Series D, 5.75% due 6/01/2022 (c) 3,972
---------------------------------------------------------------------------------------------------------------
1,000 Florida State Board of Education, Capital Outlay, GO, Public Education, Series C, 5.75%
due 6/01/2010 (h)(j) 1,069
---------------------------------------------------------------------------------------------------------------
2,200 Florida State Board of Regents, Housing Revenue Bonds (University of Central Florida),
5.25% due 10/01/2026 (h) 2,292
---------------------------------------------------------------------------------------------------------------
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) 3,789
---------------------------------------------------------------------------------------------------------------
2,900 Florida State Governmental Utility Authority, Utility Revenue Bonds (Lehigh Utility System),
5.125% due 10/01/2033 (b) 2,984
---------------------------------------------------------------------------------------------------------------
11,390 Hernando County, Florida, School Board, COP, 5% due 7/01/2030 (a) 11,694
---------------------------------------------------------------------------------------------------------------
7,285 Highlands County, Florida, Health Facilities Authority, Hospital Revenue Bonds
(Adventist Health System), Series C, 5.25% due 11/15/2036 7,357
---------------------------------------------------------------------------------------------------------------
6,340 Hillsborough County, Florida, HFA, S/F Mortgage Revenue Bonds, AMT, Series 1, 5.375%
due 10/01/2049 (e)(g) 6,614
---------------------------------------------------------------------------------------------------------------
9,500 Hillsborough County, Florida, IDA, Hospital Revenue Bonds (H. Lee Moffitt Cancer Center
Project), Series A, 5.25% due 7/01/2037 9,443
---------------------------------------------------------------------------------------------------------------
3,425 Hillsborough County, Florida, Port District Revenue Bonds (Tampa Port Authority Project),
AMT, 5% due 6/01/2036 (a) 3,436
---------------------------------------------------------------------------------------------------------------
Hillsborough County, Florida, School Board, COP (a)(j):
6,600 5.375% due 7/01/2009 6,814
33,400 6% due 7/01/2009 35,120
---------------------------------------------------------------------------------------------------------------
1,300 Indian River County, Florida, Water and Sewer Revenue Refunding Bonds,
Series A, 5.25% due 9/01/2018 (h) 1,341
---------------------------------------------------------------------------------------------------------------
1,800 Jacksonville, Florida, Economic Development Commission, Health Care Facilities Revenue Bonds
(Mayo Clinic-Jacksonville), Series A, 5.50% due 11/15/2036 (a) 1,911
---------------------------------------------------------------------------------------------------------------
7,305 Jacksonville, Florida, Guaranteed Entitlement Revenue Refunding and Improvement Bonds,
5.25% due 10/01/2032 (h) 7,648
---------------------------------------------------------------------------------------------------------------
BlackRock MuniHoldings Florida Insured Fund
Schedule of Investments as of November 30, 2007 (Unaudited) (in Thousands)
Face
Amount Municipal Bonds Value
-----------------------------------------------------------------------------------------------------------------------------------
$ 1,000 Jacksonville, Florida, HFA, Homeowner Mortgage Revenue Refunding Bonds, AMT,
Series A-1, 5.625% due 10/01/2039 (g) $ 1,034
---------------------------------------------------------------------------------------------------------------
14,100 Jacksonville, Florida, Health Facilities Authority, Hospital Revenue Bonds
(Baptist Medical Center Project), 5% due 8/15/2037 (c) 14,272
---------------------------------------------------------------------------------------------------------------
1,870 Jacksonville, Florida, Port Authority, Seaport Revenue Bonds, AMT, 5.625% due 11/01/2026 (a) 1,936
---------------------------------------------------------------------------------------------------------------
Jacksonville, Florida, Sales Tax Revenue Bonds:
2,000 5.50% due 10/01/2016 (b) 2,151
3,800 5.50% due 10/01/2018 (b) 4,045
11,400 5% due 10/01/2027 (a) 11,793
---------------------------------------------------------------------------------------------------------------
1,500 Jacksonville, Florida, Water and Sewer Revenue Bonds (United Water Florida Project),
AMT, 6.35% due 8/01/2025 (b) 1,503
---------------------------------------------------------------------------------------------------------------
4,225 Lee County, Florida, Capital Revenue Bonds, 5.25% due 10/01/2023 (b) 4,511
---------------------------------------------------------------------------------------------------------------
Lee County, Florida, HFA, S/F Mortgage Revenue Bonds (Multi-County Program), AMT (g):
80 Series A-1, 7.20% due 3/01/2033 81
8,300 Series A-2, 6% due 9/01/2040 (e) 9,174
---------------------------------------------------------------------------------------------------------------
325 Lee County, Florida, HFA, S/F Mortgage Revenue Refunding Bonds, AMT,
Series A-2, 6.30% due 3/01/2029 (e)(g) 328
---------------------------------------------------------------------------------------------------------------
7,375 Lee County, Florida, School Board, COP, Series A, 5% due 8/01/2025 (c) 7,696
---------------------------------------------------------------------------------------------------------------
Lee Memorial Health System, Florida, Hospital Revenue Bonds, Series A:
3,170 5% due 4/01/2032 3,161
9,000 5% due 4/01/2032 (b) 9,147
---------------------------------------------------------------------------------------------------------------
Leesburg, Florida, Capital Improvement Revenue Bonds (h):
1,605 5.25% due 10/01/2027 1,693
3,425 5.25% due 10/01/2034 3,589
---------------------------------------------------------------------------------------------------------------
4,345 Manatee County, Florida, HFA, Homeowner Revenue Bonds, AMT, Series A,
5.90% due 9/01/2040 (e)(g) 4,691
---------------------------------------------------------------------------------------------------------------
345 Manatee County, Florida, HFA, S/F Mortgage Revenue Refunding Bonds, AMT,
Sub-Series 1, 6.25% due 11/01/2028 (d) 349
---------------------------------------------------------------------------------------------------------------
3,675 Marco Island, Florida, Utility System Revenue Bonds, 5% due 10/01/2033 (a) 3,772
---------------------------------------------------------------------------------------------------------------
5,990 Martin County, Florida, Utilities System Revenue Bonds, 5.125% due 10/01/2033 (b) 6,164
---------------------------------------------------------------------------------------------------------------
Miami Beach, Florida, Stormwater Revenue Bonds (h):
1,630 5.75% due 9/01/2016 1,746
1,000 5.25% due 9/01/2020 1,050
4,400 5.25% due 9/01/2025 4,581
1,910 5.375% due 9/01/2030 1,995
---------------------------------------------------------------------------------------------------------------
Miami Beach, Florida, Water and Sewer Revenue Bonds (b):
2,690 5.625% due 9/01/2018 2,854
10,600 5.75% due 9/01/2025 11,198
---------------------------------------------------------------------------------------------------------------
7,115 Miami, Florida, Special Obligation Revenue Bonds (Street and Sidewalk Improvement Program),
5% due 1/01/2037 (a) 7,233
---------------------------------------------------------------------------------------------------------------
BlackRock MuniHoldings Florida Insured Fund
Schedule of Investments as of November 30, 2007 (Unaudited) (in Thousands)
Face
Amount Municipal Bonds Value
-----------------------------------------------------------------------------------------------------------------------------------
Miami-Dade County, Florida, Aviation Revenue Bonds AMT, Series A:
$ 10,010 5% due 10/01/2033 (c) $ 10,022
9,705 5.125% due 10/01/2035 (c) 9,760
6,000 (Miami International Airport), 6% due 10/01/2024 (h) 6,336
10,000 (Miami International Airport), 6% due 10/01/2029 (h) 10,559
---------------------------------------------------------------------------------------------------------------
4,700 Miami-Dade County, Florida, Aviation Revenue Refunding Bonds (Miami International Airport),
AMT, Series A, 5% due 10/01/2040 (q) 4,644
---------------------------------------------------------------------------------------------------------------
Miami-Dade County, Florida, Educational Facilities Authority Revenue Bonds (University of
Miami), Series A (b)(j):
5,000 5.75% due 4/01/2010 5,325
19,425 6% due 4/01/2010 20,797
---------------------------------------------------------------------------------------------------------------
Miami-Dade County, Florida, Expressway Authority, Toll System Revenue Bonds, Series B (h):
8,995 5.25% due 7/01/2027 9,449
12,640 5% due 7/01/2033 12,960
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12,250 Miami-Dade County, Florida, Expressway Authority, Toll System Revenue Refunding Bonds,
5.125% due 7/01/2025 (h) 12,822
---------------------------------------------------------------------------------------------------------------
6,705 Miami-Dade County, Florida, GO (Parks Program), 6% due 11/01/2024 (h) 7,039
---------------------------------------------------------------------------------------------------------------
5,500 Miami-Dade County, Florida, HFA, Home Ownership Mortgage Revenue Bonds, AMT,
Series A, 5.55% due 10/01/2049 (e)(g) 5,822
---------------------------------------------------------------------------------------------------------------
2,185 Miami-Dade County, Florida, HFA, M/F Mortgage Revenue Bonds (Marbrisa Apartments Project),
AMT, Series 2A, 6% due 8/01/2026 (c) 2,279
---------------------------------------------------------------------------------------------------------------
Miami-Dade County, Florida, IDA, IDR (b):
5,100 (Airis Miami II LLC Project), AMT, 6% due 10/15/2019 5,322
3,280 (BAC Funding Corporation Project), Series A, 5.25% due 10/01/2020 3,476
---------------------------------------------------------------------------------------------------------------
Miami-Dade County, Florida, Solid Waste System Revenue Bonds:
2,945 5.50% due 10/01/2015 (c) 3,166
3,105 5.50% due 10/01/2016 (c) 3,339
8,800 5.25% due 10/01/2030 (a) 9,273
---------------------------------------------------------------------------------------------------------------
5,175 Nassau County, Florida, Water and Sewer System Revenue Bonds, 5.125% due 9/01/2033 (a) 5,324
---------------------------------------------------------------------------------------------------------------
300 Orange County, Florida, HFA, S/F Mortgage Revenue Bonds, AMT, 6.85% due 10/01/2027 (g) 300
---------------------------------------------------------------------------------------------------------------
Orange County, Florida, Health Facilities Authority, Hospital Revenue Bonds
(Orlando Regional Healthcare):
9,220 6% due 12/01/2012 (j) 10,301
5,000 Series A, 6.25% due 10/01/2018 (a) 5,928
---------------------------------------------------------------------------------------------------------------
Orange County, Florida, School Board, COP:
1,300 5.50% due 8/01/2025 (b) 1,366
4,500 Series A, 5% due 8/01/2032 (h) 4,642
---------------------------------------------------------------------------------------------------------------
31,745 Orange County, Florida, Tourist Development, Tax Revenue Bonds, 5.75% due 10/01/2009 (b)(j) 33,141
---------------------------------------------------------------------------------------------------------------
5,335 Orange County, Florida, Tourist Development, Tax Revenue Refunding Bonds, 5% due
10/01/2029 (b) 5,495
---------------------------------------------------------------------------------------------------------------
BlackRock MuniHoldings Florida Insured Fund
Schedule of Investments as of November 30, 2007 (Unaudited) (in Thousands)
Face
Amount Municipal Bonds Value
-----------------------------------------------------------------------------------------------------------------------------------
Orlando and Orange County, Florida, Expressway Authority Revenue Bonds, Series B (b):
$ 3,250 5% due 7/01/2030 $ 3,339
37,550 5% due 7/01/2035 38,374
---------------------------------------------------------------------------------------------------------------
3,155 Osceola County, Florida, Infrastructure Sales Surplus Tax Revenue Bonds, 5.375% due
10/01/2018 (b) 3,390
---------------------------------------------------------------------------------------------------------------
5,560 Osceola County, Florida, Tourist Development Tax Revenue Bonds, Series A, 5.50% due
10/01/2027 (h) 5,911
---------------------------------------------------------------------------------------------------------------
6,115 Palm Beach County, Florida, School Board, COP, Refunding, Series B, 5.375% due 8/01/2017 (b) 6,556
---------------------------------------------------------------------------------------------------------------
Palm Beach County, Florida, School Board, COP, Series A:
5,070 6% due 8/01/2010 (h)(j) 5,466
13,205 6.25% due 8/01/2010 (h)(j) 14,320
13,500 5% due 8/01/2031 (c) 13,901
---------------------------------------------------------------------------------------------------------------
3,000 Panama City, Florida, Water and Sewer Revenue Bonds, Series B, 5.25% due 10/01/2022 (a) 3,235
---------------------------------------------------------------------------------------------------------------
2,070 Pembroke Pines, Florida, Public Improvement Revenue Bonds, Series A, 5% due 10/01/2034 (b) 2,129
---------------------------------------------------------------------------------------------------------------
9,885 Polk County, Florida, School Board COP, Master Lease, Series A, 5.50% due 1/01/2025 (c) 10,390
---------------------------------------------------------------------------------------------------------------
Port St. Lucie, Florida, Utility Revenue Bonds (a):
1,280 5.25% due 9/01/2026 1,365
1,345 5.25% due 9/01/2027 1,414
---------------------------------------------------------------------------------------------------------------
Saint Johns County, Florida, IDA, IDR, Refunding (Professional Golf Project) (a):
1,275 5.50% due 9/01/2015 1,380
1,345 5.50% due 9/01/2016 1,456
1,420 5.50% due 9/01/2017 1,528
1,500 5.50% due 9/01/2018 1,604
---------------------------------------------------------------------------------------------------------------
4,980 Saint Johns County, Florida, Ponte Vedra Utility System Revenue Bonds, 5% due 10/01/2035 (c) 5,120
---------------------------------------------------------------------------------------------------------------
Saint Johns County, Florida, Sales Tax Revenue Bonds, Series A (b):
1,375 5.25% due 10/01/2028 1,446
1,355 5.25% due 10/01/2031 1,419
2,000 5.25% due 10/01/2034 2,091
---------------------------------------------------------------------------------------------------------------
Saint Johns County, Florida, Sales Tax Revenue Bonds, Series B (b):
1,430 5.25% due 10/01/2027 1,505
840 5.25% due 10/01/2032 879
---------------------------------------------------------------------------------------------------------------
3,500 Saint Johns County, Florida, Transportation Improvement Revenue Bonds, 5.125% due
10/01/2032 (b) 3,603
---------------------------------------------------------------------------------------------------------------
4,055 Saint Lucie County, Florida, School Board, COP, 6.25% due 7/01/2010 (c)(j) 4,392
---------------------------------------------------------------------------------------------------------------
Saint Lucie County, Florida, School Board, COP, Refunding (c):
1,495 Series A, 5.50% due 7/01/2018 1,598
1,170 Series C, 5.50% due 7/01/2018 1,250
---------------------------------------------------------------------------------------------------------------
Saint Lucie, Florida, West Services District, Utility Revenue Bonds (a):
1,720 5.25% due 10/01/2034 1,807
4,750 5% due 10/01/2038 4,874
---------------------------------------------------------------------------------------------------------------
3,250 Saint Lucie, Florida, West Services District, Utility Revenue Refunding Bonds, Senior Lien,
6% due 10/01/2022 (a) 3,500
---------------------------------------------------------------------------------------------------------------
BlackRock MuniHoldings Florida Insured Fund
Schedule of Investments as of November 30, 2007 (Unaudited) (in Thousands)
Face
Amount Municipal Bonds Value
-----------------------------------------------------------------------------------------------------------------------------------
$ 1,000 Sarasota County, Florida, Public Hospital Board, Hospital Revenue Bonds (Sarasota Memorial
Hospital), VRDN, Series A, 3.62% due 7/01/2037 (p)(b) $ 1,000
---------------------------------------------------------------------------------------------------------------
South Florida Water Management District, COP (b):
4,610 5% due 10/01/2031 4,749
21,615 5% due 10/01/2036 22,188
---------------------------------------------------------------------------------------------------------------
1,750 South Lake County, Florida, Hospital District Revenue Bonds (South Lake Hospital Inc.),
5.80% due 10/01/2034 1,787
---------------------------------------------------------------------------------------------------------------
2,250 Sunrise, Florida, Utility System Revenue Refunding Bonds, 5.20% due 10/01/2022 (b) 2,449
---------------------------------------------------------------------------------------------------------------
2,430 Sunrise Lakes, Florida, Phase 4 Recreation District, Refunding Bonds, GO, 5.25% due
8/01/2024 (b) 2,453
---------------------------------------------------------------------------------------------------------------
Tallahassee, Florida, Lease Revenue Bonds (Florida State University Project), Series A (a):
2,800 5.25% due 8/01/2023 2,894
1,000 5.375% due 8/01/2026 1,043
---------------------------------------------------------------------------------------------------------------
30,335 Tampa Bay, Florida, Water Utility System Revenue Bonds, 6% due 10/01/2011 (h)(j) 33,308
---------------------------------------------------------------------------------------------------------------
3,835 Taylor County, Florida, Sales Tax Revenue Bonds, 6% due 10/01/2010 (h)(j) 4,118
---------------------------------------------------------------------------------------------------------------
8,935 University of Central Florida (UCF) Athletics Association Inc., COP, Series A, 5.25% due
10/01/2034 (h) 9,310
---------------------------------------------------------------------------------------------------------------
1,500 University of North Florida, Capital Improvement Revenue Bonds (Housing Project), 5% due
11/01/2032 (h) 1,560
---------------------------------------------------------------------------------------------------------------
5,800 University of North Florida Financing Corporation, Capital Improvement Revenue Bonds
(Housing Project), 5% due 11/01/2037 (h) 5,978
---------------------------------------------------------------------------------------------------------------
Village Center Community Development District, Florida, Recreational Revenue Bonds,
Series A (a):
10,775 5.375% due 11/01/2034 11,443
1,750 5.125% due 11/01/2036 1,815
---------------------------------------------------------------------------------------------------------------
3,000 Village Center Community Development District, Florida, Utility Revenue Bonds, 5.25% due
10/01/2023 (a) 3,197
---------------------------------------------------------------------------------------------------------------
Volusia County, Florida, IDA, Student Housing Revenue Bonds (Stetson University Project),
Series A (l):
2,075 5% due 6/01/2025 2,148
1,740 5% due 6/01/2035 1,778
-----------------------------------------------------------------------------------------------------------------------------------
Georgia - 1.9% 9,700 Atlanta, Georgia, Airport Passenger Facility Charge and Subordinate Lien General Revenue
Refunding Bonds, Series C, 5% due 1/01/2033 (c) 9,934
-----------------------------------------------------------------------------------------------------------------------------------
Puerto Rico - 1.5% 2,600 Puerto Rico Commonwealth, Public Improvement, GO, Series A, 5.25% due 7/01/2026 2,652
---------------------------------------------------------------------------------------------------------------
2,500 Puerto Rico Electric Power Authority, Power Revenue Bonds, Series TT, 5% due 7/01/2037 2,488
---------------------------------------------------------------------------------------------------------------
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) 2,861
-----------------------------------------------------------------------------------------------------------------------------------
Total Municipal Bonds (Cost - $794,179) - 151.9% 817,642
-----------------------------------------------------------------------------------------------------------------------------------
Municipal Bonds Held in Trust (f)
-----------------------------------------------------------------------------------------------------------------------------------
Florida - 19.8% 28,210 Florida State Board of Education, Lottery Revenue Bonds, Series B, 6.25% due
7/01/2010 (h)(j) 30,551
---------------------------------------------------------------------------------------------------------------
28,650 Florida State Turnpike Authority, Turnpike Revenue Bonds (Department of Transportation),
Series A, 6.25% due 7/01/2010 (h)(j) 31,028
---------------------------------------------------------------------------------------------------------------
19,925 Lee County, Florida, Airport Revenue Bonds, AMT, Series A, 6% due 10/01/2029 (c) 21,072
---------------------------------------------------------------------------------------------------------------
15,000 Miami-Dade County, Florida, Aviation Revenue Refunding Bonds (Miami International Airport),
AMT, Series A, 5% due 10/01/2040 (q) 14,823
---------------------------------------------------------------------------------------------------------------
BlackRock MuniHoldings Florida Insured Fund
Schedule of Investments as of November 30, 2007 (Unaudited) (in Thousands)
Face
Amount Municipal Bonds Held in Trust (f) Value
-----------------------------------------------------------------------------------------------------------------------------------
$ 8,790 Santa Rosa County, Florida, School Board, COP, Revenue Refunding Bonds, Series 2, 5.25%
due 2/01/2031 (h) $ 9,262
-----------------------------------------------------------------------------------------------------------------------------------
Total Municipal Bonds Held in Trust (Cost - $104,996) - 19.8% 106,736
-----------------------------------------------------------------------------------------------------------------------------------
Shares
Held Short-Term Securities
-----------------------------------------------------------------------------------------------------------------------------------
27,024 CMA Florida Municipal Money Fund, 2.88% (m)(o) 27,024
-----------------------------------------------------------------------------------------------------------------------------------
Total Short-Term Securities (Cost - $27,024) - 5.0% 27,024
-----------------------------------------------------------------------------------------------------------------------------------
Total Investments (Cost - $926,199*) - 176.7% 951,402
Other Assets Less Liabilities - 0.6% 3,161
Liability for Trust Certificates, Including Interest Expense Payable - (9.8%) (52,470)
Preferred Shares, at Redemption Value - (67.5%) (363,537)
---------
Net Assets Applicable to Common Shares - 100.0% $ 538,556
=========
* The cost and unrealized appreciation (depreciation) of investments as of
November 30, 2007, as computed for federal income tax purposes, were as
follows:
Aggregate cost $ 879,789
=========
Gross unrealized appreciation $ 23,050
Gross unrealized depreciation (3,334)
---------
Net unrealized appreciation $ 19,716
=========
(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/GNMA Collateralized.
(h) FGIC Insured.
(i) FHA Insured.
(j) Prerefunded.
(k) Radian Insured.
(l) CIFG Insured.
(m) Investments in companies considered to be an affiliate of the Fund, for
purposes of Section 2(a)(3) of the Investment Company Act of 1940, were as
follows:
--------------------------------------------------------------------------
Affiliate Net Activity Dividend Income
--------------------------------------------------------------------------
CMA Florida Municipal Money Fund 23,654 $113
--------------------------------------------------------------------------
(n) Assured Guaranty Insured.
(o) Represents the current yield as of November 30, 2007.
BlackRock MuniHoldings Florida Insured Fund
Schedule of Investments as of November 30, 2007 (Unaudited) (in Thousands)
(p) 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.
(q) XL Capital Insured.
Item 2 - Controls and Procedures
2(a) - The registrant's principal executive and principal financial
officers or persons performing similar functions have concluded that
the registrant's disclosure controls and procedures (as defined in
Rule 30a-3(c) under the Investment Company Act of 1940, as amended
(the "1940 Act")) are effective as of a date within 90 days of the
filing of this report based on the evaluation of these controls and
procedures required by Rule 30a-3(b) under the 1940 Act and Rule
13a-15(b) under the Securities and Exchange Act of 1934, as amended.
2(b) - There were no changes in the registrant's internal control over
financial reporting (as defined in Rule 30a-3(d) under the 1940 Act)
that occurred during the registrant's last fiscal quarter that have
materially affected, or are reasonably likely to materially affect,
the registrant's internal control over financial reporting.
Item 3 - Exhibits
Certifications - Attached hereto
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
BlackRock MuniHoldings Florida Insured Fund
By: /s/ Donald C. Burke
--------------------------------
Donald C. Burke,
Chief Executive Officer of
BlackRock MuniHoldings Florida Insured Fund
Date: January 16, 2008
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/ Donald C. Burke
--------------------------------
Donald C. Burke,
Chief Executive Officer (principal executive officer) of
BlackRock MuniHoldings Florida Insured Fund
Date: January 16, 2008
By: /s/ Neal J. Andrews
--------------------------------
Neal J. Andrews,
Chief Financial Officer (principal financial officer) of
BlackRock MuniHoldings Florida Insured Fund
Date: January 16, 2008