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 811-08707
Name of Fund: BlackRock MuniHoldings Insured Fund, Inc. (MUS)
Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809
Name and address of agent for service: Anne F. Ackerley, Chief Executive Officer, BlackRock MuniHoldings Insured Fund, Inc., 40 East 52nd Street, New York, NY 10022.
Registrant’s telephone number, including area code: (800) 882-0052, Option 4
Date of fiscal year end: 04/30/2010
Date of reporting period: 07/31/2009
Item 1 – Schedule of Investments
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BlackRock MuniHoldings Insured Fund, Inc. |
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Schedule of Investments July 31, 2009 (Unaudited) |
(Percentages shown are based on Net Assets) |
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State |
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Municipal Bonds |
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Par |
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Value |
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Alabama - 0.8% |
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County of Jefferson Alabama, RB, Series A, 5.50%, 1/01/22 |
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$ |
2,170 |
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$ |
1,280,994 |
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Arkansas - 3.9% |
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Arkansas Development Finance Authority, Refunding RB, Mortgage Loan, Series C (FHA), 5.35%, 12/01/35 |
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6,220 |
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6,205,570 |
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California - 18.2% |
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California State Public Works Board, RB, Department General Services, Capitol East End, Series A (AMBAC), 5.00%, 12/01/27 |
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2,000 |
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1,808,120 |
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Central Unified School District, GO, Election of 2008, Series A (AGC), 5.63%, 8/01/33 |
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1,325 |
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1,340,661 |
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City of Vista California, COP, Community Projects (MBIA), 5.00%, 5/01/37 |
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3,600 |
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3,129,084 |
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County of Sacramento California, RB, Senior, Series A (AGC), 5.50%, 7/01/41 |
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2,100 |
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2,023,539 |
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East Side Union High School District-Santa Clara County, California, GO, 2002 Election Series B (MBIA), 5.00%, 8/01/27 |
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1,800 |
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1,772,712 |
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Eastern Municipal Water District, California, COP, Series H, 5.00%, 7/01/35 |
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635 |
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604,006 |
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Modesto Schools Infrastructure Financing Agency, Special Tax (AMBAC), 5.50%, 9/01/36 |
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2,565 |
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2,111,123 |
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Oceanside Unified School District, California, GO, Series A (AGC), 5.25%, 8/01/33 |
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1,825 |
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1,826,296 |
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San Pablo Joint Powers Financing Authority, California, TAN, CAB (MBIA), 5.66%, 12/01/24 (a) |
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2,635 |
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1,031,813 |
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San Pablo Joint Powers Financing Authority, California, TAN, CAB (MBIA), 5.66%, 12/01/25 (a) |
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2,355 |
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856,419 |
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San Pablo Joint Powers Financing Authority, California, TAN, CAB (MBIA), 5.66%, 12/01/26 (a) |
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2,355 |
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795,566 |
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Santa Ana Unified School District, GO (MBIA), 5.00%, 8/01/32 |
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4,265 |
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4,068,810 |
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Stockton Public Financing Authority, California, RB, Redevelopment Projects, Series A, (Radian), 5.25%, 9/01/31 |
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2,140 |
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1,664,214 |
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Tustin Unified School District, California, Special Tax, Senior Lien, Community Facilities District 97-1, Series A (FSA), 5.00%, 9/01/38 |
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2,800 |
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2,416,820 |
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West Contra Costa Unified School District, California, GO, Election of 2000, Series C (MBIA), 5.00%, 8/01/21 |
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3,480 |
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3,501,646 |
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28,950,829 |
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Portfolio Abbreviations |
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To simplify the listings of portfolio holdings in the Schedule of Investments, the names and descriptions of many of the securities have been abbreviated according to the following list.
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AGC |
Assured Guaranty Corp. |
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AMBAC |
American Municipal Bond Assurance Corp. |
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AMT |
Alternative Minimum Tax (subject to) |
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BHAC |
Berkshire Hathaway Assurance Corp. |
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CAB |
Capital Appreciation Bonds |
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COP |
Certificates of Participation |
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EDA |
Economic Development Authority |
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FGIC |
Financial Guaranty Insurance Co. |
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FHA |
Federal Housing Administration |
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FNMA |
Federal National Mortgage Association |
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FSA |
Financial Security Assurance, Inc. |
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GNMA |
Government National Mortgage Association |
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GO |
General Obligation Bonds |
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HDA |
Housing Development Authority |
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HFA |
Housing Finance Agency |
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ISD |
Independent School District |
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MBIA |
Municipal Bond Investors
Assurance |
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RB |
Revenue Bonds |
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TAN |
Tax Anticipation Notes |
1
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BlackRock MuniHoldings Insured Fund, Inc. |
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Schedule of Investments July 31, 2009 (Unaudited) |
(Percentages shown are based on Net Assets) |
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State |
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Municipal Bonds |
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Par |
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Value |
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Colorado - 1.2% |
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Colorado Health Facilities Authority, RB, Hospital, NCMC, Inc. Project, Series B (FSA), 6.00%, 5/15/26 |
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$ |
1,900 |
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$ |
1,975,354 |
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District of Columbia - 0.2% |
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District of Columbia, RB, Deed Tax, Housing Production Trust Fund, Series A (MBIA), 5.00%, 6/01/32 |
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400 |
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381,136 |
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Florida - 15.7% |
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Broward County HFA, RB, Series E (FNMA), AMT, 5.90%, 10/01/39 |
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1,420 |
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1,432,468 |
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City of Orlando Florida, RB, Senior, 6th Cent Contract Payments, Series A (AGC), 5.25%, 11/01/38 |
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2,000 |
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1,961,720 |
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County of Miami-Dade Florida, RB, CAB, Sub-Series A (MBIA), 5.24%, 10/01/37 (a) |
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2,225 |
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298,284 |
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County of Miami-Dade Florida, RB, Miami International Airport, Series A (FSA), AMT, 5.50%, 10/01/41 |
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3,900 |
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3,501,693 |
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County of Pasco Florida, RB, Half-Cent (AMBAC), 5.13%, 12/01/28 |
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3,850 |
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3,414,912 |
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Jacksonville Health Facilities Authority, RB, Baptist Medical Center (FSA), 5.00%, 8/15/37 |
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4,515 |
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4,311,960 |
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Jacksonville Port Authority, RB (AGC), AMT, 6.00%, 11/01/38 |
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2,590 |
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2,520,174 |
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Orange County School Board, COP, Series A (AGC), 5.50%, 8/01/34 |
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7,395 |
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7,511,545 |
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24,952,756 |
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Illinois - 12.0% |
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Chicago Board of Education, Illinois, GO, Chicago School Reform Board, Series A (MBIA), 5.50%, 12/01/26 |
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1,200 |
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1,314,372 |
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Chicago Transit Authority, RB, Federal Transit Administration Section 5309, Series A (AGC), 6.00%, 6/01/26 |
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2,000 |
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2,249,160 |
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City of Chicago Illinois, RB, Series A (FSA), 5.00%, 1/01/33 |
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8,000 |
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7,679,840 |
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City of Chicago Illinois, Refunding RB, General Airport Third Lien, Series A (MBIA), AMT, 5.75%, 1/01/19 |
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1,875 |
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1,886,212 |
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City of Chicago Illinois, Refunding RB, Second Lien (MBIA), 5.50%, 1/01/30 |
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1,310 |
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1,352,326 |
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Lake Cook-Dane & McHenry Counties Community Unit School District 220, Illinois, GO, Unrefunded Balance (MBIA), 5.75%, 12/01/19 |
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45 |
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46,957 |
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State of Illinois, GO, First Series (MBIA), 6.00%, 1/01/18 |
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4,500 |
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4,579,515 |
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19,108,382 |
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Indiana - 4.5% |
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Indiana Municipal Power Agency, Indiana, RB, Series A (MBIA), 5.00%, 1/01/42 |
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6,000 |
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5,669,280 |
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Indianapolis Local Public Improvement Bond Bank, RB, Waterworks Project, Series A (AGC), 5.50%, 1/01/38 |
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1,430 |
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1,413,712 |
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7,082,992 |
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Iowa - 1.1% |
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Iowa Finance Authority, RB, Iowa Health System (AGC), 5.25%, 2/15/29 |
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1,770 |
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1,742,353 |
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Kentucky - 1.1% |
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Kentucky Economic Development Finance Authority, Kentucky, RB, Louisville Arena, Sub-Series A-1 (AGC), 6.00%, 12/01/38 |
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650 |
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667,862 |
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Kentucky State Property & Buildings Commission, Kentucky, Refunding RB, Project No. 93 (AGC), 5.25%, 2/01/29 |
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1,000 |
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1,044,870 |
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1,712,732 |
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2
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BlackRock MuniHoldings Insured Fund, Inc. |
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Schedule of Investments July 31, 2009 (Unaudited) |
(Percentages shown are based on Net Assets) |
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State |
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Municipal Bonds |
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Par |
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Value |
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Louisiana - 1.4% |
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Louisiana State Citizens Property Insurance Corp., RB, Series C-3, Remarketed (AGC), 6.13%, 6/01/25 |
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$ |
2,055 |
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$ |
2,247,307 |
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Massachusetts - 1.7% |
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Massachusetts HFA, Massachusetts, RB, Housing Development, Series A (MBIA), AMT, 5.15%, 6/01/11 |
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315 |
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316,840 |
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Massachusetts HFA, Massachusetts, RB, Rental, Mortgage, Series C (FSA), AMT, 5.50%, 7/01/32 |
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2,440 |
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2,417,918 |
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2,734,758 |
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Michigan - 15.7% |
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City of Detroit Michigan, RB, Second Lien, Series B (MBIA), 5.50%, 7/01/29 |
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2,410 |
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2,338,977 |
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City of Detroit Michigan, RB, Second Lien, Series E, Remarketed (BHAC), 5.75%, 7/01/31 |
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3,240 |
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3,347,017 |
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City of Detroit Michigan, RB, Senior Lien, Series B, Remarketed (FSA), 7.50%, 7/01/33 |
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700 |
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810,516 |
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City of Detroit Michigan, Refunding RB, Second Lien, Series C, Remarketed (BHAC), 5.75%, 7/01/27 |
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1,580 |
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1,681,878 |
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City of Detroit Michigan, Refunding RB, Senior Lien, Series C-1, Remarketed (FSA), 7.00%, 7/01/27 |
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4,810 |
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5,463,968 |
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City of Detroit Michigan, Refunding RB, Senior Lien, Series C-2, Remarketed (BHAC), 5.25%, 7/01/29 |
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2,910 |
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2,913,958 |
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Michigan Strategic Fund, Refunding RB, Detroit Edison Co. Project, Series A (Syncora), AMT, 5.50%, 6/01/30 |
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2,000 |
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1,740,420 |
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Michigan Strategic Fund, Refunding RB, Detroit Edison Pollution, Series B (Syncora), AMT, 5.65%, 9/01/29 |
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1,500 |
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1,338,015 |
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Michigan Strategic Fund, Refunding RB, Detroit Edison Pollution, Series C (Syncora), AMT, 5.65%, 9/01/29 |
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3,500 |
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3,122,035 |
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Royal Oak Hospital Finance Authority, Michigan, RB, William Beaumont Hospital, 8.25%, 9/01/39 |
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1,910 |
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2,154,614 |
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24,911,398 |
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Minnesota - 3.6% |
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City of Minneapolis Minnesota, RB, Fairview Health Services, Series B (AGC), 6.50%, 11/15/38 |
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1,325 |
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1,443,362 |
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Sauk Rapids ISD No. 47, Minnesota, GO, Series A (MBIA), 5.65%, 2/01/19 |
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4,015 |
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4,260,437 |
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5,703,799 |
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Missouri - 5.9% |
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Cape Girardeau School District No. 63, Missouri, GO, Missouri Direct Deposit Program (FGIC), 5.50%, 3/01/18 |
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2,000 |
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2,047,740 |
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Mehlville School District No. R-9, Missouri, COP, Series A (FSA), 5.50%, 3/01/14 (b) |
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1,565 |
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1,685,208 |
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Mehlville School District No. R-9, Missouri, COP, Series A (FSA), 5.50%, 3/01/14 |
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360 |
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380,660 |
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Mehlville School District No. R-9, Missouri, COP, Series A (FSA), 5.50%, 3/01/15 (b) |
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1,770 |
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1,905,954 |
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Mehlville School District No. R-9, Missouri, COP, Series A (FSA), 5.50%, 3/01/15 |
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|
405 |
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428,243 |
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Mehlville School District No. R-9, Missouri, COP, Series A (FSA), 5.50%, 3/01/16 (b) |
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955 |
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1,028,353 |
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3
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BlackRock MuniHoldings Insured Fund, Inc. |
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Schedule of Investments July 31, 2009 (Unaudited) |
(Percentages shown are based on Net Assets) |
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State |
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Municipal Bonds |
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Par |
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Value |
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Mehlville School District No. R-9, Missouri, COP, Series A (FSA), 5.50%, 3/01/16 |
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$ |
215 |
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$ |
227,339 |
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Mehlville School District No. R-9, Missouri, COP, Series A (FSA), 5.50%, 3/01/17 (b) |
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|
1,220 |
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|
1,313,708 |
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Mehlville School District No. R-9, Missouri, COP, Series A (FSA), 5.50%, 3/01/17 |
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|
280 |
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296,069 |
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9,313,274 |
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Nevada - 1.7% |
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County of Clark Nevada, RB, Jet Aviation Fuel Tax, Series C (AMBAC), AMT, 5.38%, 7/01/20 |
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1,000 |
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|
958,520 |
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County of Clark Nevada, RB, Las Vegas, McCarran, Series A-1 (AMBAC), AMT, 5.00%, 7/01/23 |
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1,750 |
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1,669,692 |
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2,628,212 |
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New Jersey - 7.8% |
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New Jersey EDA, RB, Motor Vehicle Surcharge Revenue, Series A (MBIA), 5.25%, 7/01/33 |
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|
6,700 |
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|
6,513,003 |
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New Jersey Health Care Facilities Financing Authority, RB, Virtua Health (AGC), 5.50%, 7/01/38 |
|
|
2,100 |
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|
2,096,871 |
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New Jersey Transportation Trust Fund Authority, New Jersey, RB, Transportation System, Series A (AGC), 5.63%, 12/15/28 |
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3,500 |
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3,726,555 |
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12,336,429 |
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New York - 6.4% |
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City of New York, New York, GO, Series E (FSA), 5.00%, 11/01/17 |
|
|
4,000 |
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|
4,320,320 |
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New York City Transitional Finance Authority, RB, Fiscal 2009, Series S-3, 5.25%, 1/15/39 |
|
|
1,400 |
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|
1,397,872 |
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Sales Tax Asset Receivable Corp., RB, Series A (AMBAC), 5.25%, 10/15/27 |
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|
4,095 |
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4,357,858 |
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10,076,050 |
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Oregon - 0.9% |
|
City of Portland Oregon, TAN, Oregon Convention Center, Series A (AMBAC), 5.75%, 6/15/15 |
|
|
1,400 |
|
|
1,447,796 |
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|
Rhode Island - 3.3% |
|
Providence Redevelopment Agency, Rhode Island, RB, Public Safety & Municipal Buildings, Series A (AMBAC), 5.75%, 4/01/19 (b) |
|
|
5,000 |
|
|
5,217,350 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Texas - 18.3% |
|
City of Dallas Texas, Refunding RB & Improvement (AGC), 5.25%, 8/15/38 |
|
|
1,250 |
|
|
1,246,275 |
|
|
|
|
City of Houston Texas, Refunding RB, Combined, First Lien, Series A (AGC), 6.00%, 11/15/35 |
|
|
4,000 |
|
|
4,394,360 |
|
|
|
|
Harris County Health Facilities Development Corp., Refunding RB, Memorial Hermann Healthcare System, Series B, 7.25%, 12/01/35 |
|
|
600 |
|
|
648,042 |
|
|
|
|
Lower Colorado River Authority, Refunding RB, (AGC), 5.50%, 5/15/36 |
|
|
2,610 |
|
|
2,657,215 |
|
|
|
|
Lubbock Copper Texas ISD, GO, School Building (AGC), 5.75%, 2/15/42 |
|
|
635 |
|
|
652,336 |
|
|
|
|
North Texas Tollway Authority, Refunding RB, System, First (MBIA), 5.75%, 1/01/40 |
|
|
6,710 |
|
|
6,680,946 |
|
4
|
|
|
|
BlackRock MuniHoldings Insured Fund, Inc. |
|
|
|
|
|
Schedule of Investments July 31, 2009 (Unaudited) |
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
State |
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
|
|
|
|
|
|
|
|
||
|
|
|
North Texas Tollway Authority, Refunding RB, System, First Tier, Series A (MBIA), 5.63%, 1/01/33 |
|
$ |
6,585 |
|
$ |
6,571,896 |
|
|
|
|
North Texas Tollway Authority, Refunding RB, System, First Tier, Series B (MBIA), 5.75%, 1/01/40 |
|
|
6,275 |
|
|
6,247,829 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
29,098,899 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Virginia - 1.1% |
|
Virginia Public School Authority, Virginia, RB, School Financing, 6.50%, 12/01/35 |
|
|
1,500 |
|
|
1,676,730 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Washington - 2.5% |
|
Chelan County Public Utility District No. 1, RB, Chelan Hydro System, Series A (AMBAC), AMT, 5.45%, 7/01/37 |
|
|
2,310 |
|
|
2,036,912 |
|
|
|
|
Snohomish County Public Utility District No. 1, Washington, RB (FSA), 5.50%, 12/01/22 |
|
|
1,810 |
|
|
1,921,695 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,958,607 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Puerto Rico - 1.4% |
|
Puerto Rico Sales Tax Financing Corp., RB, First Sub-Series A, 6.38%, 8/01/39 |
|
|
2,115 |
|
|
2,193,318 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Municipal Bonds - 130.4% |
|
|
|
|
|
206,937,025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Municipal Bonds Transferred to Tender Option Bond Trusts (c) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
California - 2.8% |
|
City of San Jose California, GO, Libraries, Parks, Public Safety Project (MBIA), 5.00%, 9/01/30 |
|
|
1,259 |
|
|
1,262,088 |
|
|
|
|
Sequoia Union High School District, California, GO, Refunding, Series B (FSA), 5.50%, 7/01/35 |
|
|
3,149 |
|
|
3,196,244 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,458,332 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Colorado - 3.4% |
|
Colorado Health Facilities Authority, RB, Catholic Health, Series C3 (FSA), 5.10%, 10/01/41 |
|
|
5,610 |
|
|
5,471,040 |
|
|
|
|
|
|
|
|
|
|
|
|
|
District of Columbia - 0.7% |
|
District of Columbia Water & Sewer Authority, Refunding RB, Series A, 6.00%, 10/01/35 |
|
|
1,040 |
|
|
1,125,356 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Florida - 9.0% |
|
City of St. Petersburg, Florida, Refunding RB (MBIA), 5.00%, 10/01/35 |
|
|
4,302 |
|
|
3,955,067 |
|
|
|
|
County of Miami-Dade Florida, GO, Building Better Community Program, Series B-1, 6.00%, 7/01/38 |
|
|
7,500 |
|
|
7,798,575 |
|
|
|
|
Lee County HFA, RB, Multi-County Program, Series A-2 (GNMA), AMT, 6.00%, 9/01/40 |
|
|
2,295 |
|
|
2,467,171 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
14,220,813 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Georgia - 2.6% |
|
City of Augusta, Georgia, RB (FSA), 5.25%, 10/01/34 |
|
|
4,000 |
|
|
4,055,640 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Illinois - 1.6% |
|
City of Chicago, Illinois, Refunding RB, Second Lien (FSA), 5.25%, 11/01/33 |
|
|
2,509 |
|
|
2,542,027 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Kentucky - 0.9% |
|
Kentucky State Property & Buildings Commission, Refunding RB, Project No. 93 (AGC), 5.25%, 2/01/27 |
|
|
1,406 |
|
|
1,490,857 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Massachusetts - 7.2% |
|
Massachusetts Bay Transportation Authority, Refunding RB, Senior Series A, 5.00%, 7/01/35 |
|
|
3,375 |
|
|
3,374,865 |
|
|
|
|
Massachusetts School Building Authority, RB, Series A (FSA), 5.00%, 8/15/30 |
|
|
8,008 |
|
|
8,129,096 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11,503,961 |
|
|
|
|
|
|
|
|
|
|
|
|
5
|
|
|
|
BlackRock MuniHoldings Insured Fund, Inc. |
|
|
|
|
|
Schedule of Investments July 31, 2009 (Unaudited) |
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
State |
|
Municipal
Bonds Transferred to |
|
Par |
|
Value |
|
||
|
|
|
|
|
|
|
|
|
||
|
Nevada - 5.9% |
|
Clark County Water Reclamation District, GO, Limited Tax, 6.00%, 7/01/38 |
|
$ |
5,000 |
|
$ |
5,330,000 |
|
|
|
|
Clark County Water Reclamation District, GO, Series B, 5.50%, 7/01/29 |
|
|
3,749 |
|
|
3,959,904 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9,289,904 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Virginia - 1.0% |
|
Virginia HDA, RB, Series H, Sub-Series H-1 (MBIA), 5.35%, 7/01/31 |
|
|
1,500 |
|
|
1,509,135 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Washington - 2.6% |
|
City of Bellevue, Washington, GO, Refunding (MBIA), 5.50%, 12/01/39 |
|
|
4,002 |
|
|
4,113,358 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Municipal Bonds Transferred to Tender Option Bond Trusts - 37.7% |
|
|
|
|
|
59,780,423 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Long-Term Investments |
|
|
|
|
|
266,717,448 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Securities |
|
Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FFI Institutional Tax-Exempt Fund, 0.42% (d)(e) |
|
|
13,520,732 |
|
|
13,520,732 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Short-Term Securities |
|
|
|
|
|
13,520,732 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Investments |
|
|
|
|
|
280,238,180 |
|
|
|
|
Liabilities in Excess of Other Assets - (0.7)% |
|
|
|
|
|
(1,014,946 |
) |
|
|
|
Liability for Trust Certificates, Including Interest Expense and Fees Payable - (21.1)% |
|
|
|
|
|
(33,517,829 |
) |
|
|
|
Preferred Shares, at Redemption Value - (54.8)% |
|
|
|
|
|
(87,010,096 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets Applicable to Common Shares - 100.0% |
|
|
|
|
$ |
158,695,309 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
The cost and unrealized appreciation (depreciation) of investments as of July 31, 2009, as computed for federal income tax purposes, were as follows: |
|
|
|
|
|
|
|
|
|
Aggregate cost |
|
$ |
248,890,014 |
|
|
|
|
|
|
|
|
|
|
Gross unrealized appreciation |
|
$ |
6,540,543 |
|
|
|
Gross unrealized depreciation |
|
|
(8,667,118 |
) |
|
|
|
|
|
|
|
|
|
Net unrealized depreciation |
|
$ |
(2,126,575 |
) |
|
|
|
|
|
|
|
|
|
|
|
(a) |
Represents a zero-coupon bond. Rate shown reflects the current yield as of the report date. |
|
|
|
|
(b) |
US 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. |
|
|
|
|
(c) |
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. |
|
|
|
|
(d) |
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 |
|
Income |
|
||
|
|
|
|
|
|
|
|
||
|
|
FFI Institutional Tax-Exempt Fund |
|
|
(1,805,971 |
) |
$ |
14,384 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(e) |
Represents the current yield as of report date. |
6
|
|
|
BlackRock MuniHoldings Insured Fund, Inc. |
|
|
|
Schedule of Investments July 31, 2009 (Unaudited) |
|
|
|
|
|
|
|
• |
Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” clarifies the definition of fair value, establishes a framework for measuring fair values and requires additional disclosures about the use of fair value measurements. Various inputs are used in determining the fair value of investments, which are as follows: |
|
|
|
|
|
|
|
• |
Level 1 - price quotations in active markets/exchanges for identical securities |
|
|
|
|
|
|
• |
Level 2 - other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs) |
|
|
|
|
|
|
• |
Level 3 - unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund’s own assumptions used in determining the fair value of investments) |
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to the Fund’s most recent financial statements as contained in its annual report.
The following table summarizes the inputs used as of July 31, 2009 in determining the fair valuation of the Fund’s investments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Valuation |
|
|
Investments
in |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets |
|
|
|
|
Level 1 - Short Term Securities |
|
$ |
13,520,732 |
|
|
|
|
Level 2 - Long Term Investments1 |
|
|
266,717,448 |
|
|
|
|
Level 3 |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
280,238,180 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 See above Schedule of Investments for values in each state or political classification. |
7
|
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 13(a)-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 Insured Fund, Inc. |
||
|
By: |
/s/ Anne F. Ackerley | ||
| Anne F. Ackerley | |||
| Chief Executive Officer of | |||
| BlackRock MuniHoldings Insured Fund, Inc. | |||
| Date: September 22, 2009 | |||
| 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/ Anne F. Ackerley | ||
| Anne F. Ackerley | |||
| Chief Executive Officer (principal executive officer) of | |||
| BlackRock MuniHoldings Insured Fund, Inc. | |||
| Date: September 22, 2009 | |||
|
By: |
/s/ Neal J. Andrews | ||
| Neal J. Andrews | |||
| Chief Financial Officer (principal financial officer) of | |||
| BlackRock MuniHoldings Insured Fund, Inc. | |||
| Date: September 22, 2009 | |||