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: 03/01/2008 - 05/31/2008
Item 1 - Schedule of Investments
BlackRock MuniHoldings Florida Insured Fund
Schedule of Investments May 31, 2008 (Unaudited)
(Percentages shown are based on Net Assets)
Par
Municipal Bonds (000) Value
-----------------------------------------------------------------------------------------------------------------------------------
Florida - 138.9% Alachua County, Florida, School Board, COP, 5.25%, 7/01/29 (a) $ 6,600 $ 6,664,680
------------------------------------------------------------------------------------------------------------
Beacon Tradeport Community Development District, Florida, Special
Assessment Revenue Refunding Bonds (Commercial Project), Series A,
5.625%, 5/01/32 (b) 4,190 4,213,841
------------------------------------------------------------------------------------------------------------
Brevard County, Florida, Health Facilities Authority, Healthcare Facilities
Revenue Bonds (Health First Inc. Project), 5%, 4/01/24 3,000 2,990,040
------------------------------------------------------------------------------------------------------------
Brevard County, Florida, Health Facilities Authority, Healthcare Facilities
Revenue Bonds (Health First Inc. Project), 5%, 4/01/34 6,520 6,158,466
------------------------------------------------------------------------------------------------------------
Brevard County, Florida, School Board, COP, Series A, 5%,
7/01/30 (h)(g) 4,500 4,504,815
------------------------------------------------------------------------------------------------------------
Broward County, Florida, Educational Facilities Authority Revenue Bonds
(Nova Southeastern University), 5%, 4/01/31 (c) 8,000 8,144,800
------------------------------------------------------------------------------------------------------------
Broward County, Florida, HFA, S/F Mortgage Revenue Refunding Bonds, AMT,
Series E, 5.90%, 10/01/39 (d)(e) 4,150 4,210,507
------------------------------------------------------------------------------------------------------------
Broward County, Florida, School Board, COP, VRDN, Series D,
1.51%, 7/01/29 (f)(g) 10,300 10,300,000
------------------------------------------------------------------------------------------------------------
Cape Coral, Florida, Special Obligation Revenue Bonds,
5%, 10/01/30 (h) 3,000 3,040,620
------------------------------------------------------------------------------------------------------------
Clay County, Florida, School Board, COP (Master Lease Program),
5.75%, 7/01/10 (h)(i) 1,320 1,423,950
------------------------------------------------------------------------------------------------------------
Collier County, Florida, IDA, IDR, Refunding (Southern States Utilities),
AMT, 6.50%, 10/01/25 900 900,108
------------------------------------------------------------------------------------------------------------
Deltona, Florida, Transportation Capital Improvement Revenue Bonds,
5.125%, 10/01/26 (h) 2,000 2,061,140
------------------------------------------------------------------------------------------------------------
Emerald Coast, Florida, Utilities Authority, System Revenue Bonds,
5.25%, 1/01/26 (j) 1,130 1,137,673
------------------------------------------------------------------------------------------------------------
Emerald Coast, Florida, Utilities Authority, System Revenue Bonds,
5.25%, 1/01/36 (j) 1,560 1,535,352
------------------------------------------------------------------------------------------------------------
Escambia County, Florida, HFA, S/F Mortgage Revenue Refunding
Bonds (Multi-County Program), AMT, Series A, 6.30%,
10/01/20 (h)(k) 80 81,018
------------------------------------------------------------------------------------------------------------
Escambia County, Florida, HFA, S/F Mortgage Revenue Refunding
Bonds (Multi-County Program), AMT, Series A, 6.375%, 10/01/26 (h)(k) 306 308,980
------------------------------------------------------------------------------------------------------------
Flagler County, Florida, Capital Improvement Revenue Bonds,
5%, 10/01/35 (h) 1,835 1,841,588
Portfolio Abbreviations
To simplify the listings of BlackRock MuniHoldings Florida Insured Fund's
portfolio holdings in the Schedule of Investments, we have abbreviated the names
of many of the securities according to the list below.
AMT Alternative Minimum Tax (subject to)
COP Certificates of Participation
GO General Obligation Bonds
HFA Housing Finance Agency
IDA Industrial Development Authority
IDR Industrial Development Revenue Bonds
M/F Multi-Family
PCR Pollution Control Revenue Bonds
S/F Single-Family
VRDN Variable Rate Demand Notes
BlackRock MuniHoldings Florida Insured Fund
Schedule of Investments May 31, 2008 (Unaudited)
(Percentages shown are based on Net Assets)
Par
Municipal Bonds (000) Value
-----------------------------------------------------------------------------------------------------------------------------------
Florida HFA, Homeowner Mortgage Revenue Refunding Bonds, AMT, Series 2,
5.75%, 7/01/14 (h) $ 1,205 $ 1,217,942
------------------------------------------------------------------------------------------------------------
Florida HFA, Homeowner Mortgage Revenue Refunding Bonds, AMT, Series 2,
5.90%, 7/01/29 (h) 9,415 9,627,497
------------------------------------------------------------------------------------------------------------
Florida Higher Educational Facilities Financing Authority Revenue Bonds
(Flagler College, Inc. Project), 5.25%, 11/01/36 (l) 12,000 11,808,000
------------------------------------------------------------------------------------------------------------
Florida Housing Finance Corporation, Homeowner Mortgage Revenue Bonds, AMT,
Series 1, 6%, 7/01/39 (d)(e) 2,450 2,492,728
------------------------------------------------------------------------------------------------------------
Florida Housing Finance Corporation, Homeowner Mortgage Revenue Bonds, AMT,
Series 11, 5.95%, 1/01/32 (g) 5,920 5,961,026
------------------------------------------------------------------------------------------------------------
Florida Housing Finance Corporation, Homeowner Mortgage Revenue Refunding Bonds,
AMT, Series 4, 6.25%, 7/01/22 (g) 705 737,211
------------------------------------------------------------------------------------------------------------
Florida Housing Finance Corporation, Housing Revenue Bonds (Waverly Apartments),
AMT, Series C-1, 6.30%, 7/01/30 (g) 2,055 2,120,513
------------------------------------------------------------------------------------------------------------
Florida Municipal Loan Council Revenue Bonds, Series B,
5.375%, 11/01/25 (h) 1,285 1,336,696
------------------------------------------------------------------------------------------------------------
Florida Municipal Loan Council Revenue Bonds, Series B,
5.375%, 11/01/30 (h) 4,150 4,273,131
------------------------------------------------------------------------------------------------------------
Florida State Board of Education, Capital Outlay, GO, Public Education,
Refunding, Series D, 5.75%, 6/01/22 (g) 3,750 3,950,550
------------------------------------------------------------------------------------------------------------
Florida State Board of Education, Capital Outlay, GO, Public Education,
Series C, 5.75%, 6/01/10 (i)(j) 1,000 1,076,970
------------------------------------------------------------------------------------------------------------
Florida State Board of Regents, Housing Revenue Bonds (University of
Central Florida), 5.25%, 10/01/26 (j) 2,200 2,244,308
------------------------------------------------------------------------------------------------------------
Florida State Department of Management Services, Division
Facilities Management Revenue Bonds (Florida Facilities Pool),
Series A, 6%, 9/01/10 (a)(i) 3,505 3,818,032
------------------------------------------------------------------------------------------------------------
Florida State Governmental Utility Authority, Utility Revenue Bonds (Lehigh
Utility System), 5.125%, 10/01/33 (a) 2,900 2,929,435
------------------------------------------------------------------------------------------------------------
Hernando County, Florida, School Board, COP, 5%, 7/01/30 (h) 11,390 11,468,135
------------------------------------------------------------------------------------------------------------
Highlands County, Florida, Health Facilities Authority, Hospital Revenue
Bonds (Adventist Health System), Series C, 5.25%, 11/15/36 7,285 7,158,022
------------------------------------------------------------------------------------------------------------
Hillsborough County, Florida, Aviation Authority, Revenue Refunding Bonds,
AMT, Series C, 5.75%, 10/01/26 (c) 2,875 3,002,305
------------------------------------------------------------------------------------------------------------
Hillsborough County, Florida, HFA, S/F Mortgage Revenue Bonds, AMT,
Series 1, 5.375%, 10/01/49 (d)(e) 6,340 6,141,051
------------------------------------------------------------------------------------------------------------
Hillsborough County, Florida, IDA, Hospital Revenue Bonds (H. Lee Moffitt
Cancer Center Project), Series A, 5.25%, 7/01/37 8,125 7,842,900
------------------------------------------------------------------------------------------------------------
BlackRock MuniHoldings Florida Insured Fund
Schedule of Investments May 31, 2008 (Unaudited)
(Percentages shown are based on Net Assets)
Par
Municipal Bonds (000) Value
-----------------------------------------------------------------------------------------------------------------------------------
Hillsborough County, Florida, IDA, PCR, Refunding (Tampa Electric Company
Project), Series B, 5.15%, 9/01/25 $ 2,100 $ 2,135,553
------------------------------------------------------------------------------------------------------------
Hillsborough County, Florida, Port District Revenue Bonds (Tampa Port
Authority Project), AMT, 5%, 6/01/36 (h) 3,425 3,214,260
------------------------------------------------------------------------------------------------------------
Hillsborough County, Florida, School Board, COP,
5.375%, 7/01/09 (h)(i) 6,600 6,809,088
------------------------------------------------------------------------------------------------------------
Hillsborough County, Florida, School Board, COP, 6%, 7/01/09 (h)(i) 33,400 35,006,206
------------------------------------------------------------------------------------------------------------
Indian River County, Florida, Water and Sewer Revenue Refunding Bonds,
Series A, 5.25%, 9/01/18 (j) 1,300 1,313,026
------------------------------------------------------------------------------------------------------------
Jacksonville Electric Authority, Florida, Saint John's River Power Park
System Revenue Bonds, Issue Three, Series 2, 4.75%, 10/01/33 1,500 1,454,745
------------------------------------------------------------------------------------------------------------
Jacksonville, Florida, Economic Development Commission, Health Care
Facilities Revenue Bonds (Mayo Clinic-Jacksonville), Series A,
5.50%, 11/15/36 (h) 1,800 1,875,042
------------------------------------------------------------------------------------------------------------
Jacksonville, Florida, Guaranteed Entitlement Revenue Refunding and
Improvement Bonds, 5.25%, 10/01/32 (j) 7,305 7,423,268
------------------------------------------------------------------------------------------------------------
Jacksonville, Florida, HFA, Homeowner Mortgage Revenue Refunding Bonds, AMT,
Series A-1, 5.625%, 10/01/39 (d)(e) 1,000 995,680
------------------------------------------------------------------------------------------------------------
Jacksonville, Florida, Health Facilities Authority, Hospital Revenue
Bonds (Baptist Medical), VRDN, 1.13%, 8/15/34 (f) 7,000 7,000,000
------------------------------------------------------------------------------------------------------------
Jacksonville, Florida, Health Facilities Authority, Hospital Revenue
Refunding Bonds (Charity Obligation Group), VRDN, Series C,
1.15%, 8/15/19 (f)(h) 2,500 2,500,000
------------------------------------------------------------------------------------------------------------
Jacksonville, Florida, Port Authority Revenue Bonds, AMT,
6%, 11/01/38 (c) 1,800 1,865,448
------------------------------------------------------------------------------------------------------------
Jacksonville, Florida, Port Authority, Seaport Revenue Bonds, AMT,
5.625%, 11/01/26 (h) 1,870 1,887,335
------------------------------------------------------------------------------------------------------------
Jacksonville, Florida, Sales Tax Revenue Bonds, 5.50%, 10/01/16 (a) 2,000 2,131,500
------------------------------------------------------------------------------------------------------------
Jacksonville, Florida, Sales Tax Revenue Bonds, 5.50%, 10/01/18 (a) 3,800 4,021,198
------------------------------------------------------------------------------------------------------------
Jacksonville, Florida, Water and Sewer Revenue Bonds (United Water Florida
Project), AMT, 6.35%, 8/01/25 (a) 1,500 1,501,185
------------------------------------------------------------------------------------------------------------
Lee County, Florida, Capital Revenue Bonds, 5.25%, 10/01/23 (a) 4,225 4,406,083
------------------------------------------------------------------------------------------------------------
Lee County, Florida, HFA, S/F Mortgage Revenue Bonds (Multi-County Program),
AMT, Series A-1, 7.20%, 3/01/33 (e) 65 66,083
------------------------------------------------------------------------------------------------------------
Lee County, Florida, HFA, S/F Mortgage Revenue Refunding Bonds, AMT, Series A-2,
6.30%, 3/01/29 (d)(e) 290 293,729
------------------------------------------------------------------------------------------------------------
Lee Memorial Health System, Florida, Hospital Revenue Bonds,
Series A, 5%, 4/01/32 (a) 9,000 9,018,540
------------------------------------------------------------------------------------------------------------
Leesburg, Florida, Capital Improvement Revenue Bonds,
5.25%, 10/01/27 (j) 1,605 1,633,425
------------------------------------------------------------------------------------------------------------
Leesburg, Florida, Capital Improvement Revenue Bonds,
5.25%, 10/01/34 (j) 3,425 3,461,510
------------------------------------------------------------------------------------------------------------
BlackRock MuniHoldings Florida Insured Fund
Schedule of Investments May 31, 2008 (Unaudited)
(Percentages shown are based on Net Assets)
Par
Municipal Bonds (000) Value
-----------------------------------------------------------------------------------------------------------------------------------
Manatee County, Florida, HFA, S/F Mortgage Revenue Refunding Bonds,
AMT, Sub-Series 1, 6.25%, 11/01/28 (m) $ 345 $ 349,554
------------------------------------------------------------------------------------------------------------
Martin County, Florida, Utilities System Revenue Bonds,
5.125%, 10/01/33 (a) 5,990 6,017,314
------------------------------------------------------------------------------------------------------------
Miami Beach, Florida, Stormwater Revenue Bonds, 5.75%,
9/01/16 (j) 1,630 1,723,138
------------------------------------------------------------------------------------------------------------
Miami Beach, Florida, Stormwater Revenue Bonds, 5.25%,
9/01/20 (j) 1,000 1,043,910
------------------------------------------------------------------------------------------------------------
Miami Beach, Florida, Stormwater Revenue Bonds, 5.25%,
9/01/25 (j) 4,400 4,493,148
------------------------------------------------------------------------------------------------------------
Miami Beach, Florida, Stormwater Revenue Bonds, 5.375%,
9/01/30 (j) 1,910 1,943,139
------------------------------------------------------------------------------------------------------------
Miami Beach, Florida, Water and Sewer Revenue Bonds,
5.625%, 9/01/18 (a) 2,690 2,842,308
------------------------------------------------------------------------------------------------------------
Miami Beach, Florida, Water and Sewer Revenue Bonds,
5.75%, 9/01/25 (a) 10,600 11,073,396
------------------------------------------------------------------------------------------------------------
Miami-Dade County, Florida, Aviation Revenue Bonds, AMT,
Series A, 5.125%, 10/01/35 (g) 11,105 10,721,211
------------------------------------------------------------------------------------------------------------
Miami-Dade County, Florida, Aviation Revenue Bonds (Miami International
Airport), AMT, Series A, 6%, 10/01/24 (j) 6,000 6,118,440
------------------------------------------------------------------------------------------------------------
Miami-Dade County, Florida, Aviation Revenue Bonds (Miami International
Airport), AMT, Series A, 6%, 10/01/29 (j) 10,000 10,178,100
------------------------------------------------------------------------------------------------------------
Miami-Dade County, Florida, Aviation Revenue Refunding Bonds (Miami
International Airport), AMT, Series A, 5%, 10/01/40 (h)(l) 6,015 5,594,852
------------------------------------------------------------------------------------------------------------
Miami-Dade County, Florida, Educational Facilities Authority Revenue Bonds
(University of Miami), Series A, 5.75%, 4/01/10 (a)(i) 5,000 5,359,900
------------------------------------------------------------------------------------------------------------
Miami-Dade County, Florida, Educational Facilities Authority Revenue Bonds
(University of Miami), Series A, 6%, 4/01/10 (a)(i) 19,425 20,910,041
------------------------------------------------------------------------------------------------------------
Miami-Dade County, Florida, Expressway Authority, Toll System Revenue Bonds,
Series B, 5.25%, 7/01/27 (j) 8,995 9,134,872
------------------------------------------------------------------------------------------------------------
Miami-Dade County, Florida, Expressway Authority, Toll System Revenue Bonds,
Series B, 5%, 7/01/33 (j) 12,640 12,532,307
------------------------------------------------------------------------------------------------------------
Miami-Dade County, Florida, Expressway Authority, Toll System Revenue
Refunding Bonds, 5.125%, 7/01/25 (j) 12,250 12,523,175
------------------------------------------------------------------------------------------------------------
Miami-Dade County, Florida, GO (Parks Program), 6%, 11/01/24 (j) 6,705 6,980,710
------------------------------------------------------------------------------------------------------------
Miami-Dade County, Florida, HFA, Home Ownership Mortgage Revenue Bonds,
AMT, Series A, 5.55%, 10/01/49 (d)(e) 5,500 5,446,155
------------------------------------------------------------------------------------------------------------
Miami-Dade County, Florida, HFA, M/F Mortgage Revenue Bonds (Marbrisa
Apartments Project), AMT, Series 2A, 6%, 8/01/26 (g) 2,185 2,271,679
------------------------------------------------------------------------------------------------------------
Miami-Dade County, Florida, IDA, IDR (Airis Miami II LLC Project),
AMT, 6%, 10/15/19 (a) 5,100 5,197,767
------------------------------------------------------------------------------------------------------------
Miami-Dade County, Florida, IDA, IDR (BAC Funding Corporation Project),
Series A, 5.25%, 10/01/20 (a) 3,280 3,446,886
------------------------------------------------------------------------------------------------------------
Miami-Dade County, Florida, School Board, COP, Refunding, Series B,
5.25%, 5/01/30 (c) 6,625 6,763,396
------------------------------------------------------------------------------------------------------------
BlackRock MuniHoldings Florida Insured Fund
Schedule of Investments May 31, 2008 (Unaudited)
(Percentages shown are based on Net Assets)
Par
Municipal Bonds (000) Value
-----------------------------------------------------------------------------------------------------------------------------------
Miami-Dade County, Florida, Solid Waste System Revenue Bonds, 5.50%, 10/01/15 (g) $ 2,945 $ 3,165,492
------------------------------------------------------------------------------------------------------------
Miami-Dade County, Florida, Solid Waste System Revenue Bonds, 5.50%, 10/01/16 (g) 3,105 3,337,471
------------------------------------------------------------------------------------------------------------
Miami-Dade County, Florida, Solid Waste System Revenue Bonds, 5.25%, 10/01/30 (h) 8,800 8,938,512
------------------------------------------------------------------------------------------------------------
Miami, Florida, Special Obligation Revenue Bonds (Street and Sidewalk
Improvement Program), 5%, 1/01/37 (h) 7,115 7,146,946
------------------------------------------------------------------------------------------------------------
Nassau County, Florida, Water and Sewer System Revenue Bonds, 5.125%, 9/01/33 (h) 5,175 5,241,085
------------------------------------------------------------------------------------------------------------
Orange County, Florida, HFA, S/F Mortgage Revenue Bonds, AMT, 6.85%, 10/01/27 (e) 215 215,174
------------------------------------------------------------------------------------------------------------
Orange County, Florida, Health Facilities Authority, Hospital Revenue Bonds
(Orlando Regional Healthcare), 6%, 12/01/12 (i) 9,220 10,316,350
------------------------------------------------------------------------------------------------------------
Orange County, Florida, Health Facilities Authority, Hospital Revenue Bonds
(Orlando Regional Healthcare), Series A, 6.25%, 10/01/18 (h) 5,000 5,666,450
------------------------------------------------------------------------------------------------------------
Orange County, Florida, Health Facilities Authority, Hospital
Revenue Refunding Bonds (Orlando Regional Healthcare),
Series B, 5.25%, 12/01/29 (g) 6,800 7,009,644
------------------------------------------------------------------------------------------------------------
Orange County, Florida, School Board, COP, 5.50%, 8/01/25 (a) 1,300 1,377,753
------------------------------------------------------------------------------------------------------------
Orange County, Florida, Tourist Development, Tax Revenue Bonds, 5.75%,
10/01/09 (a)(i) 31,745 33,262,728
------------------------------------------------------------------------------------------------------------
Orange County, Florida, Tourist Development, Tax Revenue Refunding Bonds,
5%, 10/01/29 (a) 5,335 5,363,916
------------------------------------------------------------------------------------------------------------
Orlando and Orange County, Florida, Expressway Authority Revenue Bonds,
Series B, 5%, 7/01/30 (a) 3,250 3,268,688
------------------------------------------------------------------------------------------------------------
Orlando and Orange County, Florida, Expressway Authority Revenue Bonds,
Series B, 5%, 7/01/35 (a) 37,550 37,698,698
------------------------------------------------------------------------------------------------------------
Osceola County, Florida, Infrastructure Sales Surplus Tax Revenue Bonds,
5.375%, 10/01/18 (a) 3,155 3,333,668
------------------------------------------------------------------------------------------------------------
Osceola County, Florida, Tourist Development Tax Revenue Bonds, Series A,
5.50%, 10/01/27 (j) 5,560 5,809,978
------------------------------------------------------------------------------------------------------------
Palm Beach County, Florida, School Board, COP, Refunding, Series B,
5.375%, 8/01/17 (a) 6,115 6,468,753
------------------------------------------------------------------------------------------------------------
Palm Beach County, Florida, School Board, COP, Series A,
6%, 8/01/10 (i)(j) 5,070 5,492,534
------------------------------------------------------------------------------------------------------------
Palm Beach County, Florida, School Board, COP, Series A,
6.25%, 8/01/10 (i)(j) 13,205 14,374,831
------------------------------------------------------------------------------------------------------------
Palm Beach County, Florida, School Board, COP, VRDN, Series B,
1.51%, 8/01/27 (f)(g) 3,000 3,000,000
------------------------------------------------------------------------------------------------------------
Panama City, Florida, Water and Sewer Revenue Bonds, Series B,
5.25%, 10/01/22 (h) 3,000 3,183,390
------------------------------------------------------------------------------------------------------------
BlackRock MuniHoldings Florida Insured Fund
Schedule of Investments May 31, 2008 (Unaudited)
(Percentages shown are based on Net Assets)
Par
Municipal Bonds (000) Value
-----------------------------------------------------------------------------------------------------------------------------------
Pembroke Pines, Florida, Public Improvement Revenue Bonds,
Series A, 5%, 10/01/34 (a) $ 2,070 $ 2,063,852
------------------------------------------------------------------------------------------------------------
Port St. Lucie, Florida, Utility Revenue Bonds, 5.25%, 9/01/26 (h) 1,280 1,315,366
------------------------------------------------------------------------------------------------------------
Port St. Lucie, Florida, Utility Revenue Bonds, 5.25%, 9/01/27 (h) 1,345 1,378,719
------------------------------------------------------------------------------------------------------------
Saint Johns County, Florida, IDA, IDR, Refunding (Professional Golf Project),
5.50%, 9/01/15 (h) 1,275 1,369,248
------------------------------------------------------------------------------------------------------------
Saint Johns County, Florida, IDA, IDR, Refunding (Professional Golf Project),
5.50%, 9/01/16 (h) 1,345 1,444,422
------------------------------------------------------------------------------------------------------------
Saint Johns County, Florida, IDA, IDR, Refunding (Professional Golf Project),
5.50%, 9/01/17 (h) 1,420 1,524,966
------------------------------------------------------------------------------------------------------------
Saint Johns County, Florida, IDA, IDR, Refunding (Professional Golf Project),
5.50%, 9/01/18 (h) 1,500 1,598,565
------------------------------------------------------------------------------------------------------------
Saint Johns County, Florida, Ponte Vedra Utility System Revenue Bonds,
5%, 10/01/31 (g) 3,200 3,245,088
------------------------------------------------------------------------------------------------------------
Saint Johns County, Florida, Ponte Vedra Utility System Revenue Bonds,
5%, 10/01/35 (g) 4,980 5,065,905
------------------------------------------------------------------------------------------------------------
Saint Johns County, Florida, Ponte Vedra Utility System Revenue Bonds,
5%, 10/01/37 (g) 8,200 8,284,788
------------------------------------------------------------------------------------------------------------
Saint Johns County, Florida, Sales Tax Revenue Bonds, Series A, 5.25%,
10/01/28 (a) 1,375 1,416,690
------------------------------------------------------------------------------------------------------------
Saint Johns County, Florida, Sales Tax Revenue Bonds, Series A, 5.25%,
10/01/31 (a) 1,355 1,387,141
------------------------------------------------------------------------------------------------------------
Saint Johns County, Florida, Sales Tax Revenue Bonds, Series A, 5.25%,
10/01/34 (a) 2,000 2,044,360
------------------------------------------------------------------------------------------------------------
Saint Johns County, Florida, Sales Tax Revenue Bonds, Series B, 5.25%,
10/01/27 (a) 1,430 1,477,319
------------------------------------------------------------------------------------------------------------
Saint Johns County, Florida, Sales Tax Revenue Bonds, Series B, 5.25%,
10/01/32 (a) 840 859,236
------------------------------------------------------------------------------------------------------------
Saint Johns County, Florida, Transportation Improvement Revenue Bonds,
5.125%, 10/01/32 (a) 3,500 3,537,170
------------------------------------------------------------------------------------------------------------
Saint Lucie County, Florida, School Board, COP, 6.25%,
7/01/10 (g)(i) 4,055 4,418,004
------------------------------------------------------------------------------------------------------------
Saint Lucie County, Florida, School Board, COP, Refunding,
Series A, 5.50%, 7/01/18 (g) 1,495 1,596,944
------------------------------------------------------------------------------------------------------------
Saint Lucie County, Florida, School Board, COP, Refunding,
Series C, 5.50%, 7/01/18 (g) 1,170 1,249,782
------------------------------------------------------------------------------------------------------------
Saint Lucie, Florida, West Services District, Utility Revenue Bonds,
5.25%, 10/01/34 (h) 1,720 1,767,489
------------------------------------------------------------------------------------------------------------
Saint Lucie, Florida, West Services District, Utility Revenue Bonds,
5%, 10/01/38 (h) 4,750 4,807,855
------------------------------------------------------------------------------------------------------------
Saint Lucie, Florida, West Services District, Utility Revenue Refunding
Bonds, Senior Lien, 6%, 10/01/22 (h) 3,250 3,471,520
------------------------------------------------------------------------------------------------------------
BlackRock MuniHoldings Florida Insured Fund
Schedule of Investments May 31, 2008 (Unaudited)
(Percentages shown are based on Net Assets)
Par
Municipal Bonds (000) Value
-----------------------------------------------------------------------------------------------------------------------------------
Santa Rosa County, Florida, School Board, COP, Refunding, Series 2,
5.25%, 2/01/31 (j) $ 8,795 $ 8,893,944
------------------------------------------------------------------------------------------------------------
Seminole County, Florida, Water and Sewer Revenue Bonds,
5%, 10/01/31 5,000 5,109,100
------------------------------------------------------------------------------------------------------------
South Florida Water Management District, COP, 5%, 10/01/31 (a) 4,610 4,619,035
------------------------------------------------------------------------------------------------------------
South Lake County, Florida, Hospital District Revenue Bonds (South Lake
Hospital Inc.), 5.80%, 10/01/34 1,750 1,766,170
------------------------------------------------------------------------------------------------------------
Sunrise, Florida, Utility System Revenue Refunding Bonds, 5.20%,
10/01/22 (a) 2,250 2,386,553
------------------------------------------------------------------------------------------------------------
Tallahassee, Florida, Capital Revenue Bonds, 5%, 10/01/24 (g) 1,975 2,047,522
------------------------------------------------------------------------------------------------------------
Tallahassee, Florida, Lease Revenue Bonds (Florida State University Project),
Series A, 5.25%, 8/01/23 (h) 2,800 2,824,976
------------------------------------------------------------------------------------------------------------
Tallahassee, Florida, Lease Revenue Bonds (Florida State University Project),
Series A, 5.375%, 8/01/26 (h) 1,000 1,037,210
------------------------------------------------------------------------------------------------------------
Tampa Bay, Florida, Water Utility System Revenue Bonds,
6%, 10/01/11 (i)(j) 30,335 33,466,179
------------------------------------------------------------------------------------------------------------
Taylor County, Florida, Sales Tax Revenue Bonds,
6%, 10/01/10 (i)(j) 3,835 4,150,313
------------------------------------------------------------------------------------------------------------
University of Central Florida Athletics Association Inc., COP, Series A,
5.25%, 10/01/34 (j) 8,935 8,921,686
------------------------------------------------------------------------------------------------------------
Village Center Community Development District, Florida, Recreational Revenue
Bonds, Series A, 5.375%, 11/01/34 (h) 10,775 11,158,806
------------------------------------------------------------------------------------------------------------
Village Center Community Development District, Florida, Recreational Revenue
Bonds, Series A, 5.125%, 11/01/36 (h) 1,750 1,788,360
------------------------------------------------------------------------------------------------------------
Village Center Community Development District, Florida, Utility Revenue Bonds,
5.25%, 10/01/23 (h) 3,000 3,185,460
------------------------------------------------------------------------------------------------------------
Volusia County, Florida, IDA, Student Housing Revenue Bonds (Stetson
University Project), Series A, 5%, 6/01/25 (n) 2,075 2,099,423
------------------------------------------------------------------------------------------------------------
Volusia County, Florida, IDA, Student Housing Revenue Bonds (Stetson
University Project), Series A, 5%, 6/01/35 (n) 1,740 1,732,327
------------
725,585,886
-----------------------------------------------------------------------------------------------------------------------------------
Puerto Rico - 1.0% Puerto Rico Commonwealth, Public Improvement, GO, Series A, 5.25%, 7/01/26 2,600 2,596,854
------------------------------------------------------------------------------------------------------------
Puerto Rico Industrial, Tourist, Educational, Medical and Environmental
Control Facilities Revenue Bonds (University Plaza Project), Series A,
5.625%, 7/01/19 (h) 2,725 2,793,997
------------
5,390,851
-----------------------------------------------------------------------------------------------------------------------------------
Total Municipal Bonds
(Cost - $719,028,306) - 139.9% 730,976,737
-----------------------------------------------------------------------------------------------------------------------------------
Municipal Bonds Transferred to
Tender Option Bond Trusts (o)
-----------------------------------------------------------------------------------------------------------------------------------
Florida - 34.7% Florida State Board of Education, Lottery Revenue Bonds,
Series B, 6.25%, 7/01/10 (i)(j) 28,210 30,735,003
------------------------------------------------------------------------------------------------------------
Florida State Turnpike Authority, Turnpike Revenue Bonds (Department of
Transportation), Series A, 6.25%, 7/01/10 (i)(j) 28,650 31,214,748
------------------------------------------------------------------------------------------------------------
BlackRock MuniHoldings Florida Insured Fund
Schedule of Investments May 31, 2008 (Unaudited)
(Percentages shown are based on Net Assets)
Municipal Bonds Transferred to Par
Tender Option Bond Trusts (o) (000) Value
-----------------------------------------------------------------------------------------------------------------------------------
Hillsborough County Florida Aviation Authority Revenue Bonds
Series A, 5.50%, 10/01/38 (c) $10,750 $ 10,863,948
------------------------------------------------------------------------------------------------------------
Jacksonville Electric Authority, Florida, Saint John's River Power Park
System Revenue Bonds, Issue Three, Series 2, 5%, 10/01/37 6,100 6,189,572
------------------------------------------------------------------------------------------------------------
Jacksonville, Florida, Health Facilities Authority, Hospital Revenue Bonds
(Baptist Medical Center Project), 5%, 8/15/37 (g) 14,100 14,181,638
------------------------------------------------------------------------------------------------------------
Jacksonville, Florida, Sales Tax Revenue Bonds, 5%, 10/01/27 (h) 10,000 10,262,900
------------------------------------------------------------------------------------------------------------
Lee County, Florida, Airport Revenue Bonds, AMT,
Series A, 6%, 10/01/29 19,925 20,655,650
------------------------------------------------------------------------------------------------------------
Lee County, Florida, HFA, S/F Mortgage Revenue Bonds, Multi County
Series A-2, 6%, 9/01/40 (d)(e) 8,300 8,620,745
------------------------------------------------------------------------------------------------------------
Manatee County Florida Series A Finance Authority Homeowner Revenue
Series A, 5.90%, 9/01/40 (d)(e) 4,345 4,361,006
------------------------------------------------------------------------------------------------------------
Miami-Dade County, Florida, Aviation Revenue Bonds, AMT, Series A,
5%, 10/01/33 (g) 10,010 9,570,200
------------------------------------------------------------------------------------------------------------
Orlando Florida Tourist Development Tax Revenue Bonds, (6th Cent Contract
Payments), 5.25%, 11/01/38 (c) 10,250 10,616,934
------------------------------------------------------------------------------------------------------------
Palm Beach County, Florida, School Board, COP, Series A, 5%,
8/01/31 (g) 13,500 13,670,640
------------------------------------------------------------------------------------------------------------
Polk County Florida School Board Master Lease Series A,
5.50%, 1/01/10 (g) 9,885 10,324,501
-----------------------------------------------------------------------------------------------------------------------------------
Georgia - 1.9% Atlanta, Georgia, Airport Passenger Facility Charge, Subordinate Lien
Revenue Refunding Bonds, Series C, 5%, 1/01/33 (g) 9,700 9,852,211
-----------------------------------------------------------------------------------------------------------------------------------
Total Municipal Bonds Transferred to
Tender Option Bond Trusts (Cost - $189,347,119) - 36.6% 191,119,696
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Short-Term Securities Shares
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CMA Florida Municipal Money Fund, 1.02% (p)(q) 60,536,055 60,536,055
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Total Short-Term Securities
(Cost - $60,536,055) - 11.6% 60,536,055
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Total Investments (Cost - $968,911,480*) - 188.1% 982,632,488
Other Assets Less Liabilities - 3.0% 15,534,788
Liability for Trust Certificates, Including Interest Expense and Fees Payable - (21.5%) (112,478,177)
Preferred Shares, at Redemption Value - (69.6%) (363,414,933)
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Net Assets Applicable to Common Shares - 100.0% $ 522,274,166
=============
* The cost and unrealized appreciation (depreciation) of investments as of
May 31, 2008, as computed for federal income tax purposes, were as
follows:
Aggregate cost $ 861,098,196
=============
Gross unrealized appreciation $ 18,374,027
Gross unrealized depreciation (8,969,275)
-------------
Net unrealized appreciation $ 9,404,752
=============
(a) AMBAC Insured.
(b) Radian Insured.
(c) Assured Guaranty Insured.
(d) FHLMC Collateralized.
(e) FNMA/GNMA Collateralized.
BlackRock MuniHoldings Florida Insured Fund
Schedule of Investments May 31, 2008 (Unaudited)
(f) Variable rate security. Rate shown is as of report date. Maturity shown is
the final maturity date.
(g) FSA Insured.
(h) MBIA Insured.
(i) U.S. government securities, held in escrow, are used to pay interest on
this security as well as to retire the bond in full at the date indicated,
typically at a premium to par.
(j) FGIC Insured.
(k) FHA Insured.
(l) XL Capital Insured.
(m) GNMA Collateralized.
(n) CIFG Insured.
(o) Securities represent bonds transferred to a tender option bond trust in
exchange for which the Fund acquired the residual interest certificates.
These securities serve as collateral in a financing transaction.
(p) 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:
--------------------------------------------------------------------------
Dividend
Affiliate Net Activity Income
--------------------------------------------------------------------------
CMA Florida Municipal Money Fund 57,166,148 $ 342,161
--------------------------------------------------------------------------
(q) Represents the current yield as of report date.
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 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: July 18, 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: July 18, 2008
By: /s/ Neal J. Andrews
-------------------
Neal J. Andrews
Chief Financial Officer (principal financial officer) of
BlackRock MuniHoldings Florida Insured Fund
Date: July 18, 2008