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 811-8707
Name of Fund: BlackRock MuniHoldings Insured Fund, Inc.
Fund Address: P.O. Box 9011
Princeton, NJ 08543-9011
Name and address of agent for service: Robert C. Doll, Jr., Chief Executive
Officer, BlackRock MuniHoldings Insured Fund, Inc., 800 Scudders Mill
Road, Plainsboro, NJ, 08536. Mailing address: P.O. Box 9011,
Princeton, NJ, 08543-9011
Registrant's telephone number, including area code: (609) 282-2800
Date of fiscal year end: 04/30/2007
Date of reporting period: 11/01/06 - 01/31/07
Item 1 - Schedule of Investments
BlackRock MuniHoldings Insured Fund, Inc.
Schedule of Investments as of January 31, 2007 (in Thousands)
Face
State Amount Municipal Bonds Value
Alabama - 1.3% $ 2,170 Jefferson County, Alabama, Limited Obligation School Warrants, Series A,
5.50% due 1/01/2022 $ 2,350
California - 35.4% 1,260 California State, GO, 5.50% due 4/01/2014 (f) 1,395
40 California State, GO, 5.50% due 4/01/2028 44
2,000 California State Public Works Board, Lease Revenue Bonds (Department of
General Services - Capitol East End Complex), Series A, 5% due 12/01/2027 (a) 2,080
5,955 California State, Various Purpose, GO, 5.25% due 12/01/2022 (d) 6,396
1,800 East Side Union High School District, California, Santa Clara County, GO
(Election of 2002), Series B, 5% due 8/01/2027 (b) 1,881
1,335 East Side Union High School District, California, Santa Clara County, GO
(Election of 2002), Series D, 5% due 8/01/2021 (g) 1,423
5,155 East Side Union High School District, California, Santa Clara County, GO
(Election of 2002), Series D, 5% due 8/01/2029 (g) 5,425
2,000 Los Angeles, California, Unified School District, GO (Election of 1997),
Series F, 5% due 7/01/2013 (b)(f) 2,144
6,850 Los Angeles, California, Unified School District, GO, Series A, 5% due
7/01/2013 (e)(f) 7,342
2,565 Modesto, California, Schools Infrastructure Financing Agency, Special Tax
Bonds, 5.50% due 9/01/2036 (a) 2,797
5,005 San Francisco, California, City and County, GO (California Academy of Sciences
Improvements), Series E, 5% due 6/15/2023 (e) 5,290
1,265 San Jose, California, GO (Libraries, Parks and Public Safety Projects), 5% due
9/01/2030 (e) 1,324
2,635 San Pablo, California, Joint Powers Financing Authority, Tax Allocation Revenue
Refunding Bonds, 5.66% due 12/01/2024 (e)(n) 1,102
2,355 San Pablo, California, Joint Powers Financing Authority, Tax Allocation Revenue
Refunding Bonds, 5.66% due 12/01/2025 (e)(n) 929
2,355 San Pablo, California, Joint Powers Financing Authority, Tax Allocation Revenue
Refunding Bonds, 5.66% due 12/01/2026 (e)(n) 881
4,265 Santa Ana, California, Unified School District, GO, 5% due 8/01/2032 (e) 4,427
3,145 Sequoia, California, Unified High School District, GO, Refunding, Series B, 5.50%
due 7/01/2035 (d) 3,504
4,540 Stockton, California, Public Financing Revenue Bonds (Redevelopment Projects),
Series A, 5.25% due 9/01/2031 (h) 4,821
Portfolio Abbreviations
To simplify the listings of BlackRock MuniHoldings Insured Fund, Inc.'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
DRIVERS Derivative Inverse Tax-Exempt Receipts
EDA Economic Development Authority
GO General Obligation Bonds
HDA Housing Development Authority
HFA Housing Finance Agency
M/F Multi-Family
PCR Pollution Control Revenue Bonds
VRDN Variable Rate Demand Notes
BlackRock MuniHoldings Insured Fund, Inc.
Schedule of Investments as of January 31, 2007 (concluded) (in Thousands)
Face
State Amount Municipal Bonds Value
California $ 2,180 Tustin, California, Unified School District, Senior Lien Special Tax Bonds
(concluded) (Community Facilities District Number 97-1), Series A, 5% due 9/01/2032 (d) $ 2,258
2,800 Tustin, California, Unified School District, Senior Lien Special Tax Bonds
(Community Facilities District Number 97-1), Series A, 5% due 9/01/2038 (d) 2,898
2,000 University of California Revenue Bonds (Multiple Purpose Projects), Series Q,
5% due 9/01/2022 (d) 2,090
3,480 West Contra Costa, California, Unified School District, GO, Series C, 5% due
8/01/2021 (b) 3,669
Colorado - 6.3% 10,620 Aurora, Colorado, COP, 5.75% due 12/01/2010 (a)(f) 11,343
Florida - 5.6% 3,150 Jacksonville, Florida, Health Facilities Authority, Hospital Revenue Bonds
(Baptist Medical Center Project), Series A, 5% due 8/15/2037 3,228
2,225 Miami-Dade County, Florida, Subordinate Special Obligation Revenue Bonds, Series A,
5.24% due 10/01/2037 (e)(n) 474
3,850 Pasco County, Florida, Half-Cent Sales Tax Revenue Bonds, 5.125% due 12/01/2028 (a) 4,045
2,275 South Florida Water Management District, COP, 5% due 10/01/2036 (a) 2,391
Georgia - 2.4% 4,000 Augusta, Georgia, Water and Sewer Revenue Bonds, 5.25% due 10/01/2034 (d) 4,294
Illinois - 9.1% 7,965 Chicago, Illinois, GO, Series A, 6% due 7/01/2010 (b)(f) 8,597
2,965 Chicago, Illinois, Park District, Limited Tax, GO, Series A, 5.75% due
1/01/2011 (b)(f) 3,175
4,500 Illinois State, GO, First Series, 6% due 1/01/2018 (b) 4,755
45 Lake, Cook, Kane and McHenry Counties, Illinois, Community Unit School District
Number 220, GO, 5.75% due 12/01/2019 (b) 48
Indiana - 1.2% 2,000 Indiana Transportation Finance Authority, Highway Revenue Bonds, Series A, 5.25%
due 6/01/2029 (b) 2,140
Massachusetts - 9.6% 3,375 Massachusetts Bay Transportation Authority, Sales Tax Revenue Refunding Bonds,
Senior Series A, 5% due 7/01/2035 3,466
2,105 Massachusetts Bay Transportation Authority, Special Assessment Revenue Refunding
Bonds, Series A, 5% due 7/01/2015 (f) 2,278
565 Massachusetts State, HFA, Housing Development Revenue Refunding Bonds, AMT, Series A,
5.15% due 6/01/2011 (e) 577
2,440 Massachusetts State, HFA, Rental Housing Mortgage Revenue Bonds, AMT, Series C,
5.50% due 7/01/2032 (d) 2,579
8,000 Massachusetts State School Building Authority, Dedicated Sales Tax Revenue Bonds,
Series A, 5% due 8/15/2030 (d) 8,437
Michigan - 2.3% 2,035 Boyne City, Michigan, Public School District, GO, 5.75% due 5/01/2009 (b)(f) 2,123
400 Michigan State Strategic Fund, Limited Obligation Revenue Refunding Bonds, DRIVERS,
AMT, Series 858Z, 7.03% due 12/01/2011 (g)(j) 457
1,500 Michigan State Strategic Fund, Limited Obligation Revenue Refunding Bonds (Detroit
Edison Company Pollution Control Project), AMT, Series B, 5.65% due 9/01/2029 (g) 1,589
Minnesota - 2.4% 4,015 Sauk Rapids, Minnesota, Independent School District Number 47, GO, Series A, 5.65%
due 2/01/2019 (e) 4,282
Missouri - 5.1% 2,000 Cape Girardeau, Missouri, School District Number 063, GO (Missouri Direct Deposit
Program), 5.50% due 3/01/2018 (b) 2,092
1,925 Mehlville, Missouri, School District Number R-9, COP, Series A, 5.50% due
3/01/2014 (d) 2,045
2,175 Mehlville, Missouri, School District Number R-9, COP, Series A, 5.50% due
3/01/2015 (d) 2,306
1,170 Mehlville, Missouri, School District Number R-9, COP, Series A, 5.50% due
3/01/2016 (d) 1,241
1,500 Mehlville, Missouri, School District Number R-9, COP, Series A, 5.50% due
3/01/2017 (d) 1,589
Nebraska - 2.1% 1,585 Omaha Convention Hotel Corporation, Nebraska, Convention Center Revenue Bonds,
First Tier, Series A, 5.50% due 4/01/2020 (a) 1,699
2,000 Omaha Convention Hotel Corporation, Nebraska, Convention Center Revenue Bonds,
First Tier, Series A, 5.50% due 4/01/2021 (a) 2,140
New Jersey - 15.8% 1,800 New Jersey EDA, Cigarette Tax Revenue Bonds, 5.625% due 6/15/2018 1,860
5,295 New Jersey EDA, Cigarette Tax Revenue Bonds, 5.75% due 6/15/2029 5,690
3,800 New Jersey EDA, Cigarette Tax Revenue Bonds, 5.75% due 6/15/2034 (l) 4,209
6,700 New Jersey EDA, Motor Vehicle Surcharge Revenue Bonds, Series A, 5.25% due
7/01/2033 (e) 7,157
3,685 New Jersey State Transportation Trust Fund Authority, Transportation System Revenue
Bonds, Series D, 5% due 6/15/2019 (d) 3,927
5,500 New Jersey State Turnpike Authority, Turnpike Revenue Bonds, Series C, 5% due
1/01/2030 (d) 5,778
New Mexico - 2.0% 3,325 New Mexico Finance Authority, Senior Lien State Transportation Revenue Bonds,
Series A, 5.125% due 6/15/2018 (e) 3,579
New York - 26.4% 10,000 Nassau Health Care Corporation, New York, Health System Revenue Bonds, 5.75% due
8/01/2009 (d)(f) 10,680
4,000 New York City, New York, GO, Series E, 5% due 11/01/2017 (d) 4,292
7,085 New York City, New York, GO, Series G, 5.75% due 10/15/2007 (d)(f) 7,258
4,055 New York City, New York, Sales Tax Asset Receivable Corporation Revenue Bonds,
Series A, 5% due 10/15/2020 (e) 4,319
4,095 New York City, New York, Sales Tax Asset Receivable Corporation Revenue Bonds,
Series A, 5.25% due 10/15/2027 (a) 4,423
4,000 New York City, New York, Sales Tax Asset Receivable Corporation Revenue Bonds,
Series A, 5% due 10/15/2032 (a) 4,211
3,505 New York State Dormitory Authority Revenue Bonds (School Districts Financing
Program), Series D, 5.25% due 10/01/2023 (e) 3,734
4,900 Tobacco Settlement Financing Corporation of New York Revenue Bonds, Series C-1,
5.50% due 6/01/2017 5,206
3,430 Tobacco Settlement Financing Corporation of New York Revenue Bonds, Series C-1,
5.50% due 6/01/2020 (b) 3,713
Oregon - 0.8% 1,400 Portland, Oregon, Urban Renewal and Redevelopment Tax Allocation Bonds (Oregon
Convention Center), Series A, 5.75% due 6/15/2015 (a) 1,496
Pennsylvania - 12.6% 3,900 Pennsylvania State Higher Educational Facilities Authority, State System of Higher
Education Revenue Bonds, Series O, 5.125% due 6/15/2024 (a) 3,916
6,045 Philadelphia, Pennsylvania, Airport Revenue Bonds (Philadelphia Airport System),
AMT, Series B, 5.50% due 6/15/2017 (b) 6,193
3,390 Pittsburgh, Pennsylvania, GO, Refunding, Series B, 5.25% due 9/01/2017 (d) 3,715
2,615 Pittsburgh, Pennsylvania, GO, Series C, 5.25% due 9/01/2017 (d) 2,866
2,015 Seneca Valley, Pennsylvania, School District, GO, 5% due 1/01/2019 (b) 2,152
1,800 Washington County, Pennsylvania, Capital Funding Authority Revenue Bonds (Capital
Projects and Equipment Program), 6.15% due 12/01/2029 (a) 1,938
1,885 York County, Pennsylvania, School of Technology Authority, Lease Revenue Refunding
Bonds, 5.50% due 2/15/2022 (b) 2,031
Rhode Island - 4.7% 5,000 Providence, Rhode Island, Redevelopment Agency Revenue Refunding Bonds (Public
Safety and Municipal Buildings), Series A, 5.75% due 4/01/2010 (a)(f) 5,337
2,870 Rhode Island State Health and Educational Building Corporation Revenue Bonds
(Rhode Island School of Design), Series D, 5.50% due 8/15/2031 (g) 3,124
South Carolina - 0.9% 1,525 Medical University Hospital Authority, South Carolina, Hospital Facilities, Revenue
Refunding Bonds, Series A, 5.25% due 2/15/2025 (c)(e) 1,623
Tennessee - 2.6% 2,400 Tennessee HDA, Revenue Refunding Bonds (Homeownership Program), AMT, Series A,
5.25% due 7/01/2022 (d) 2,468
2,205 Tennessee HDA, Revenue Refunding Bonds (Homeownership Program), AMT, Series A,
5.35% due 1/01/2026 (d) 2,269
Texas - 3.5% 115 Bell County, Texas, Health Facilities Development Corporation, Hospital Revenue
Bonds (Scott & White Memorial Hospital), VRDN, Series 2001-1, 3.68% due
8/15/2031 (e)(i) 115
1,060 Bell County, Texas, Health Facilities Development Corporation, Hospital Revenue
Bonds (Scott & White Memorial Hospital), VRDN, Series B-1, 3.68% due 8/15/2029 (e)(i) 1,060
2,300 Harris County, Texas, Health Facilities Development Corporation, Hospital Revenue
Bonds (Texas Children's Hospital), VRDN, Series B-1, 3.68% due 10/01/2029 (e)(i) 2,300
2,759 Houston, Texas, Community College System, Participation Interests, COP (Alief Center
Project), 5.75% due 8/15/2022 (e) 2,867
Virginia - 0.9% 1,500 Virginia State, HDA, Commonwealth Mortgage Revenue Bonds, Series H, Sub-Series H-1,
5.35% due 7/01/2031 (e) 1,552
Washington - 4.8% 4,000 Bellevue, Washington, GO, Refunding, 5.50% due 12/01/2039 (e) 4,380
2,310 Chelan County, Washington, Public Utility District Number 001, Consolidated Revenue
Bonds (Chelan Hydro System), AMT, Series A, 5.45% due 7/01/2037 (a) 2,442
1,810 Snohomish County, Washington, Public Utility District Number 001, Electric Revenue
Bonds, 5.50% due 12/01/2022 (d) 1,950
West Virginia - 2.8% 5,000 West Virginia State Housing Development Fund, Housing Finance Revenue Refunding
Bonds, Series D, 5.20% due 11/01/2021 (e) 5,168
Wisconsin - 1.3% 500 Wisconsin State Health and Educational Facilities Authority Revenue Bonds (Blood
Center of Southeastern Wisconsin Project), 5.50% due 6/01/2024 530
1,900 Wisconsin State Health and Educational Facilities Authority Revenue Bonds
(Gundersen Clinic, Ltd. & Lutheran Hospital-La Crosse), VRDN, Series A, 3.68%
due 12/01/2029 (d)(i) 1,900
Wyoming - 0.9% 1,500 Wyoming Student Loan Corporation, Student Loan Revenue Refunding Bonds, Series A,
6.20% due 6/01/2024 1,587
Puerto Rico - 1.4% 605 Puerto Rico Commonwealth, Public Improvement, GO, Refunding, Series B, 5.25% due
7/01/2032 648
1,870 Puerto Rico Public Buildings Authority, Government Facilities Revenue Refunding
Bonds, Series D, 5.25% due 7/01/2036 1,956
Total Municipal Bonds (Cost - $287,978) - 164.2% 297,479
Municipal Bonds Held in Trust (o)
Arkansas - 4.3% 7,420 Arkansas State Development Finance Authority, M/F Mortgage Revenue Refunding Bonds,
Series C, 5.35% due 12/01/2035 (c)(e) 7,763
California - 3.8% 6,500 California Pollution Control Financing Authority, PCR, Refunding (Pacific Gas and
Electric), AMT, Series A, 5.35% due 12/01/2016 (e) 6,928
Illinois - 2.6% 4,300 Chicago, Illinois, O'Hare International Airport Revenue Bonds, Third Lien, AMT,
Series B-2, 6% due 1/01/2029 (g) 4,787
Michigan - 2.8% 1,200 Michigan State Strategic Fund, Limited Obligation Revenue Refunding Bonds (Detroit
Edison Company Pollution Control Project), AMT, Series A, 5.50% due 6/01/2030 (g) 1,287
3,500 Michigan State Strategic Fund, Limited Obligation Revenue Refunding Bonds (Detroit
Edison Company Pollution Control Project), AMT, Series C, 5.65% due 9/01/2029 (g) 3,708
Texas - 4.7% 8,000 Dallas-Fort Worth, Texas, International Airport Revenue Bonds, AMT, Series A, 5.50%
due 11/01/2033 (e) 8,566
Total Municipal Bonds Held in Trust (Cost - $32,001) - 18.2% 33,039
Shares
Held Short-Term Securities
21 Merrill Lynch Institutional Tax-Exempt Fund, 3.46% (k)(m) 21
Total Short-Term Securities (Cost - $21) - 0.0% 21
Total Investments (Cost - $320,000*) - 182.4% 330,539
Other Assets Less Liabilities - 0.2% 278
Liability for Trust Certificates, Including Interest Expense Payable - (8.6%) (15,579)
Preferred Stock, at Redemption Value - (74.0%) (134,052)
-----------
Net Assets Applicable to Common Stock - 100.0% $ 181,186
===========
* The cost and unrealized appreciation (depreciation) of investments
as of January 31, 2007, as computed for federal income tax purposes,
were as follows:
Aggregate cost $ 305,084
===================
Gross unrealized appreciation $ 10,135
Gross unrealized depreciation (140)
-------------------
Net unrealized appreciation $ 9,995
===================
(a) AMBAC Insured.
(b) FGIC Insured.
(c) FHA Insured.
(d) FSA Insured.
(e) MBIA Insured.
(f) Prerefunded.
(g) XL Capital Insured.
(h) Radian Insured.
(i) 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.
(j) The rate disclosed is that currently in effect. This rate changes
periodically and inversely based upon prevailing market rates.
(k) Investments in companies considered to be an affiliate of the Fund,
for purposes of Section 2(a)(3) of the Investment Company Act of 1940,
were as follows:
Net Dividend
Affiliate Activity Income
Merrill Lynch Institutional Tax-Exempt Fund - $1
(l) Assured Guaranty Insured.
(m) Represents the current yield as of January 31, 2007.
(n) Represents a zero coupon bond; the interest rate shown reflects the
effective yield at the time of purchase.
(o) 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.
o Forward interest rate swaps outstanding as of January 31, 2007
were as follows:
Notional Unrealized
Amount Appreciation
Pay a fixed rate of 3.547% and receive a
floating rate based on 1-week Bond Market
Association rate
Broker, JPMorgan Chase
Expires March 2017 $ 15,700 $ 285
Item 2 - Controls and Procedures
2(a) - The registrant's certifying officers have reasonably designed such
disclosure controls and procedures to ensure material information
relating to the registrant is made known to us by others particularly
during the period in which this report is being prepared. The
registrant's certifying officers have determined that the registrant's
disclosure controls and procedures are effective based on our
evaluation of these controls and procedures as of a date within 90
days prior to the filing date of this report.
2(b) - As of September 29, 2006, with the conclusion of the combination of
Merrill Lynch's asset management business with BlackRock, the
registrant was migrated to BlackRock's trading and compliance
monitoring systems, and various personnel changes occurred. In
conjunction with these business improvements, there were no changes in
the registrants internal control over financial reporting (as defined
in Rule 30a-3(d) under Act (17 CFR 270.30a-3(d)) that occurred during
the last fiscal half-year of the period covered by this report that
has materially affected, or is reasonably likely to 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/ Robert C. Doll, Jr.
-----------------------
Robert C. Doll, Jr.
Chief Executive Officer
BlackRock MuniHoldings Insured Fund, Inc.
Date: March 26, 2007
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on
the dates indicated.
By: /s/ Robert C. Doll, Jr.
-----------------------
Robert C. Doll, Jr.
Chief Executive Officer
BlackRock MuniHoldings Insured Fund, Inc.
Date: March 26, 2007
By: /s/ Donald C. Burke
-------------------
Donald C. Burke
Chief Financial Officer
BlackRock MuniHoldings Insured Fund, Inc.
Date: March 26, 2007