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 Insured Investment Fund (MFL)

 

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

 

Name and address of agent for service: Anne F. Ackerley, Chief Executive Officer, BlackRock MuniHoldings Insured Investment Fund, 55 East 52nd Street, New York, NY 10055.

 

Registrant’s telephone number, including area code: (800) 882-0052, Option 4

 

Date of fiscal year end: 08/31/2010

 

Date of reporting period: 05/31/2010

 

Item 1 – Schedule of Investments

 

 

 

 

 

Schedule of Investments May 31, 2010 (Unaudited)

BlackRock MuniHoldings Insured Investment Fund (MFL)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

 

Alabama — 3.3%

 

 

 

 

 

 

 

Birmingham Special Care Facilities
Financing Authority, RB, Children’s
Hospital (AGC):

 

 

 

 

 

 

 

6.13%, 6/01/34

 

$

4,980

 

$

5,438,957

 

6.00%, 6/01/39

 

 

10,995

 

 

11,989,388

 

 

 

 

 

 

 

 

 

 

 

 

 

17,428,345

 

 

Arizona — 2.6%

 

 

 

 

 

 

 

State of Arizona, COP, Department of
Administration, Series A (AGM):

 

 

 

 

 

 

 

5.25%, 10/01/24

 

 

10,260

 

 

11,093,009

 

5.25%, 10/01/28

 

 

2,240

 

 

2,373,862

 

5.00%, 10/01/29

 

 

585

 

 

606,622

 

 

 

 

 

 

 

 

 

 

 

 

 

14,073,493

 

 

California — 14.0%

 

 

 

 

 

 

 

California State Public Works Board, RB,
Various Capital Projects, Series G-1
(AGC), 5.25%, 10/01/24

 

 

5,000

 

 

5,152,250

 

California State University, RB,
Systemwide, Series A (AGM), 5.00%,
11/01/39

 

 

4,000

 

 

4,038,400

 

County of Sacramento California, RB,
Senior Series A (AGC), 5.50%,
7/01/41

 

 

6,600

 

 

6,965,310

 

Los Angeles Community College District
California, GO, Election of 2001,
Series A (NPFGC), 5.00%, 8/01/32

 

 

10,000

 

 

10,278,400

 

Los Angeles Municipal Improvement
Corp., Refunding RB, Real Property,
Series B (AGC), 5.50%, 4/01/39

 

 

2,980

 

 

3,146,254

 

Los Angeles Unified School District
California, GO, Series D, 5.25%,
7/01/25

 

 

3,485

 

 

3,816,946

 

Manteca Financing Authority California,
RB, Manteca Sewer (AGC):

 

 

 

 

 

 

 

5.63%, 12/01/33

 

 

2,450

 

 

2,637,744

 

5.75%, 12/01/36

 

 

3,285

 

 

3,539,193

 

San Diego Public Facilities Financing
Authority, Refunding RB, Series B
(AGC), 5.38%, 8/01/34

 

 

4,690

 

 

5,002,636

 

San Jacinto Unified School District, GO,
Election of 2006 (AGM), 5.25%,
8/01/32

 

 

3,000

 

 

3,066,300

 

State of California, GO, Various Purpose:

 

 

 

 

 

 

 

(AGC), 5.50%, 11/01/39

 

 

15,000

 

 

15,695,250

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

 

California (concluded)

 

 

 

 

 

 

 

State of California, GO, Various Purpose
(concluded):

 

 

 

 

 

 

 

(AGM), 5.00%, 6/01/32

 

$

11,245

 

$

11,357,450

 

 

 

 

 

 

 

 

 

 

 

 

 

74,696,133

 

 

Colorado — 1.2%

 

 

 

 

 

 

 

Colorado Health Facilities Authority, RB,
Hospital, NCMC Inc. Project, Series B
(AGM), 6.00%, 5/15/26

 

 

5,925

 

 

6,611,589

 

 

District of Columbia — 0.4%

 

 

 

 

 

 

 

District of Columbia, Refunding RB,
Georgetown University, Series D
(BHAC), 5.50%, 4/01/36

 

 

1,730

 

 

1,875,389

 

 

Florida — 41.4%

 

 

 

 

 

 

 

Alachua County School Board, RB
(AMBAC), 5.25%, 7/01/29

 

 

2,900

 

 

2,980,330

 

Broward County Educational Facilities
Authority, RB, Nova Southeastern
University (AGC), 5.00%, 4/01/31

 

 

7,900

 

 

8,027,427

 

City of Cape Coral Florida, RB (NPFGC),
5.00%, 10/01/30

 

 

1,220

 

 

1,241,130

 

City of Jacksonville Florida, Refunding
RB (NPFGC), 5.25%, 10/01/32

 

 

7,305

 

 

7,415,305

 

City of Leesburg Florida, RB (NPFGC):

 

 

 

 

 

 

 

5.25%, 10/01/27

 

 

1,105

 

 

1,132,901

 

5.25%, 10/01/34

 

 

3,425

 

 

3,453,838

 

City of Miami Beach Florida, RB
(NPFGC):

 

 

 

 

 

 

 

5.25%, 9/01/25

 

 

4,400

 

 

4,485,228

 

5.38%, 9/01/30

 

 

1,910

 

 

1,927,744

 

City of Orlando Florida, RB, Senior, 6th
Cent Contract Payments, Series A
(AGC), 5.25%, 11/01/38

 

 

715

 

 

709,752

 

City of Sunrise Florida, Refunding RB
(AMBAC), 5.20%, 10/01/22

 

 

2,250

 

 

2,373,930

 

City of Tallahassee Florida, RB, Florida
State University Project, Series A
(NPFGC), 5.25%, 8/01/23

 

 

1,300

 

 

1,321,281

 

County of Lee Florida, RB, Series A, AMT
(AGM), 6.00%, 10/01/29

 

 

19,925

 

 

20,215,506

 

County of Miami-Dade Florida, RB, AMT:

 

 

 

 

 

 

 

(AGM), 5.00%, 10/01/33

 

 

10,010

 

 

9,727,318

 

(AGM), 5.13%, 10/01/35

 

 

10,605

 

 

10,448,894

 

Miami International Airport, (AGM),
5.50%, 10/01/41

 

 

11,400

 

 

11,551,278

 

 

 

   Portfolio Abbreviations

 

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:

 

 

AGC

Assured Guaranty Corp.

AGM

Assured Guaranty Municipal Corp.

AMBAC

American Municipal Bond Assurance Corp.

AMT

Alternative Minimum Tax (subject to)

BHAC

Berkshire Hathaway Assurance Corp.

CIFG

CDC IXIS Financial Guaranty

COP

Certificates of Participation

EDA

Economic Development Authority

ERB

Education Revenue Bonds

FGIC

Financial Guaranty Insurance Co.

GARB

General Airport Revenue Bonds

GNMA

Government National Mortgage Association

GO

General Obligation Bonds

HRB

Housing Revenue Bonds

IDA

Industrial Development Authority

ISD

Independent School District

MRB

Mortgage Revenue Bonds

NPFGC

National Public Finance Guarantee Corp.

RB

Revenue Bonds

S/F

Single-Family

 

 

 

 

 

BLACKROCK MUNIHOLDINGS INSURED INVESTMENT FUND

MAY 31, 2010

1


 

 

 

 

Schedule of Investments (continued)

BlackRock MuniHoldings Insured Investment Fund (MFL)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

 

Florida (continued)

 

 

 

 

 

 

 

County of Miami-Dade Florida, RB, AMT
(concluded):

 

 

 

 

 

 

 

Miami International Airport, (NPFGC),
6.00%, 10/01/29

 

$

8,000

 

$

8,094,080

 

County of Nassau Florida, RB (NPFGC),
5.13%, 9/01/33

 

 

2,675

 

 

2,699,931

 

County of Osceola Florida, RB:

 

 

 

 

 

 

 

(AMBAC), 5.38%, 10/01/18

 

 

3,155

 

 

3,376,702

 

Series A (NPFGC), 5.50%,
10/01/27

 

 

5,560

 

 

5,691,828

 

County of St. John’s Florida, RB:

 

 

 

 

 

 

 

(AGM), 5.00%, 10/01/31

 

 

3,200

 

 

3,315,104

 

(AGM), 5.00%, 10/01/35

 

 

1,095

 

 

1,114,951

 

(AGM), 5.00%, 10/01/37

 

 

5,825

 

 

5,994,041

 

Transportation Improvement
(AMBAC), 5.13%, 10/01/32

 

 

2,450

 

 

2,492,312

 

County of Taylor Florida, RB (FGIC),
6.00%, 10/01/10 (a)

 

 

3,835

 

 

3,909,591

 

Florida Housing Finance Corp., HRB,
Waverly Apartments, Series C-1, AMT
(AGM), 6.30%, 7/01/30

 

 

2,055

 

 

2,098,217

 

Florida Housing Finance Corp.,
Homeowner Mortgage, Refunding RB,
AMT:

 

 

 

 

 

 

 

Series 2 (NPFGC), 5.75%, 7/01/14

 

 

740

 

 

741,332

 

Series 2 (NPFGC), 5.90%, 7/01/29

 

 

7,330

 

 

7,412,536

 

Series 4 (AGM), 6.25%, 7/01/22

 

 

555

 

 

579,631

 

Florida Housing Finance Corp., RB,
Homeowner Mortgage, Series 11,
AMT (AGM), 5.95%, 1/01/32

 

 

5,705

 

 

5,708,936

 

Jacksonville Port Authority, RB, AMT
(AGC), 6.00%, 11/01/38

 

 

6,740

 

 

6,915,038

 

Lee County Housing Finance Authority,
RB, Multi-County Program, Series A-1,
AMT (GNMA), 7.20%, 3/01/33

 

 

50

 

 

52,549

 

Miami-Dade County Expressway
Authority Florida, RB, Series B
(NPFGC), 5.25%, 7/01/27

 

 

8,995

 

 

9,274,655

 

Miami-Dade County Expressway
Authority Florida, Refunding RB
(NPFGC), 5.13%, 7/01/25

 

 

12,250

 

 

12,457,025

 

Miami-Dade County Housing Finance
Authority Florida, MRB, Marbrisa
Apartments Project, Series 2A, AMT
(AGM), 6.00%, 8/01/26

 

 

2,185

 

 

2,232,764

 

Miami-Dade County IDA, RB (AMBAC):

 

 

 

 

 

 

 

Airis Miami II LLC Project, AMT,
6.00%, 10/15/19

 

 

4,030

 

 

3,897,453

 

BAC Funding Corp. Project, Series A,
5.25%, 10/01/20

 

 

3,280

 

 

3,389,191

 

Orange County School Board, COP
(AMBAC), 5.50%, 8/01/25

 

 

1,300

 

 

1,310,114

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

 

Florida (concluded)

 

 

 

 

 

 

 

Orlando & Orange County Expressway
Authority, RB, Series B (AMBAC):

 

 

 

 

 

 

 

5.00%, 7/01/30

 

$

260

 

$

262,954

 

5.00%, 7/01/35

 

 

4,885

 

 

4,897,261

 

Polk County School Board, COP, Master
Lease, Series A (AGM), 5.50%,
1/01/25

 

 

9,885

 

 

10,145,766

 

St. Lucie County School Board, COP
(AGM):

 

 

 

 

 

 

 

Series A, 5.50%, 7/01/18

 

 

1,495

 

 

1,572,097

 

Series C, 5.50%, 7/01/18

 

 

1,170

 

 

1,230,337

 

St. Lucie West Services District, RB
(NPFGC):

 

 

 

 

 

 

 

5.25%, 10/01/34

 

 

1,720

 

 

1,751,115

 

5.00%, 10/01/38

 

 

4,650

 

 

4,660,509

 

St. Lucie West Services District,
Refunding RB, Senior Lien (NPFGC),
6.00%, 10/01/22

 

 

3,250

 

 

3,362,060

 

Village Center Community Development
District, RB, Series A (NPFGC):

 

 

 

 

 

 

 

5.38%, 11/01/34

 

 

10,775

 

 

9,540,077

 

5.13%, 11/01/36

 

 

1,750

 

 

1,475,058

 

Volusia County IDA, RB, Student
Housing, Stetson University Project,
Series A (CIFG), 5.00%, 6/01/35

 

 

1,740

 

 

1,506,022

 

 

 

 

 

 

 

 

 

 

 

 

 

220,173,099

 

 

Georgia — 7.5%

 

 

 

 

 

 

 

Augusta-Richmond County Georgia, RB
(AGM), 5.25%, 10/01/39

 

 

4,350

 

 

4,525,783

 

City of Atlanta Georgia, RB, General,
Subordinate Lien, Series C (AGM),
5.00%, 1/01/33

 

 

14,700

 

 

14,883,603

 

County of Fulton Georgia, RB (NPFGC),
5.25%, 1/01/35

 

 

3,825

 

 

4,009,327

 

Gwinnett County Hospital Authority,
Refunding RB, Gwinnett Hospital
System, Series D (AGM), 5.50%,
7/01/41

 

 

6,445

 

 

6,578,669

 

Metropolitan Atlanta Rapid Transit
Authority, RB, Third Indenture,
Series B (AGM), 5.00%, 7/01/34

 

 

9,240

 

 

9,712,072

 

 

 

 

 

 

 

 

 

 

 

 

 

39,709,454

 

 

Illinois — 9.2%

 

 

 

 

 

 

 

Chicago Board of Education Illinois, GO,
Refunding, Chicago School Reform
Board, Series A (NPFGC), 5.50%,
12/01/26

 

 

3,745

 

 

4,214,211

 

Chicago Transit Authority, RB, Federal
Transit Administration Section 5309,
Series A (AGC), 6.00%, 6/01/26

 

 

6,315

 

 

7,277,280

 

City of Chicago Illinois, GO, Refunding,
Projects, Series A (AGM):

 

 

 

 

 

 

 

5.00%, 1/01/28

 

 

4,415

 

 

4,680,606

 

5.00%, 1/01/29

 

 

6,845

 

 

7,207,100

 

 

 

 

2

BLACKROCK MUNIHOLDINGS INSURED INVESTMENT FUND

MAY 31, 2010


 

 

 

 

Schedule of Investments (continued)

BlackRock MuniHoldings Insured Investment Fund (MFL)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

 

Illinois (concluded)

 

 

 

 

 

 

 

City of Chicago Illinois, GO, Refunding,
Projects, Series A (AGM) (concluded):

 

 

 

 

 

 

 

5.00%, 1/01/30

 

$

2,730

 

$

2,856,945

 

City of Chicago Illinois, RB, General,
Third Lien, Series C (AGM), 5.25%,
1/01/35

 

 

4,905

 

 

5,080,501

 

City of Chicago Illinois, Refunding RB,
Second Lien (NPFGC), 5.50%,
1/01/30

 

 

4,075

 

 

4,456,257

 

State of Illinois, RB:

 

 

 

 

 

 

 

(AGM), 5.00%, 6/15/27

 

 

3,000

 

 

3,083,340

 

Build Illinois, Series B, 5.25%,
6/15/26

 

 

5,625

 

 

6,096,488

 

Village of Schaumburg Illinois, GO,
Series B (NPFGC), 5.00%, 12/01/38

 

 

3,785

 

 

3,847,528

 

 

 

 

 

 

 

 

 

 

 

 

 

48,800,256

 

 

Indiana — 2.9%

 

 

 

 

 

 

 

Indianapolis Local Public Improvement
Bond Bank, Refunding RB,
Waterworks Project, Series A (AGC),
5.50%, 1/01/38

 

 

14,105

 

 

15,330,724

 

 

Iowa — 1.1%

 

 

 

 

 

 

 

Iowa Finance Authority, Refunding RB,
Iowa Health System (AGC), 5.25%,
2/15/29

 

 

5,500

 

 

5,697,945

 

 

Kentucky — 1.6%

 

 

 

 

 

 

 

Kentucky Municipal Power Agency, RB,
Prairie State Project, Series A (BHAC),
5.25%, 9/01/42

 

 

4,070

 

 

4,226,288

 

Kentucky State Property & Buildings
Commission, Refunding RB, Project
No. 93 (AGC), 5.25%, 2/01/28

 

 

4,000

 

 

4,347,960

 

 

 

 

 

 

 

 

 

 

 

 

 

8,574,248

 

 

Louisiana — 1.4%

 

 

 

 

 

 

 

Louisiana State Citizens Property
Insurance Corp., RB, Series C-3 (AGC),
6.13%, 6/01/25

 

 

5,475

 

 

6,114,097

 

New Orleans Aviation Board Louisiana,
Refunding RB (AGC), Restructuring
GARB:

 

 

 

 

 

 

 

Series A-1, 6.00%, 1/01/23

 

 

500

 

 

567,800

 

Series A-2, 6.00%, 1/01/23

 

 

720

 

 

817,632

 

 

 

 

 

 

 

 

 

 

 

 

 

7,499,529

 

 

Maine — 1.0%

 

 

 

 

 

 

 

City of Portland Maine, RB, General
(AGM), 5.25%, 1/01/35

 

 

5,235

 

 

5,393,830

 

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

 

Maryland — 0.9%

 

 

 

 

 

 

 

Maryland Health & Higher Educational
Facilities Authority, Refunding RB,
University of Maryland Medical
System:

 

 

 

 

 

 

 

5.00%, 7/01/34

 

$

2,225

 

$

2,241,065

 

5.13%, 7/01/39

 

 

2,225

 

 

2,256,372

 

 

 

 

 

 

 

 

 

 

 

 

 

4,497,437

 

 

Michigan — 15.0%

 

 

 

 

 

 

 

City of Detroit Michigan, RB:

 

 

 

 

 

 

 

Second Lien, Series B (AGM),
6.25%, 7/01/36

 

 

6,320

 

 

6,925,014

 

Second Lien, Series B (AGM),
7.00%, 7/01/36

 

 

850

 

 

982,345

 

Second Lien, Series B (NPFGC),
5.50%, 7/01/29

 

 

7,490

 

 

7,562,803

 

Senior Lien, Series B (AGM), 7.50%,
7/01/33

 

 

5,100

 

 

6,142,185

 

System, Second Lien, Series A
(BHAC), 5.50%, 7/01/36

 

 

20,540

 

 

21,326,271

 

City of Detroit Michigan, Refunding RB:

 

 

 

 

 

 

 

Second Lien, Series E (BHAC),
5.75%, 7/01/31

 

 

6,000

 

 

6,428,040

 

Senior Lien, Series C-1 (AGM),
7.00%, 7/01/27

 

 

9,055

 

 

10,581,039

 

Michigan State Building Authority, RB,
Facilities Program, Series H (AGM),
5.00%, 10/15/26

 

 

1,760

 

 

1,814,419

 

Michigan State Building Authority,
Refunding RB, Facilities Program,
Series I (AGC):

 

 

 

 

 

 

 

5.25%, 10/15/22

 

 

6,150

 

 

6,733,020

 

5.25%, 10/15/24

 

 

2,755

 

 

2,960,441

 

5.25%, 10/15/25

 

 

1,435

 

 

1,530,126

 

Royal Oak Hospital Finance Authority
Michigan, Refunding RB, William
Beaumont Hospital, 8.25%, 9/01/39

 

 

5,780

 

 

6,899,239

 

 

 

 

 

 

 

 

 

 

 

 

 

79,884,942

 

 

Minnesota — 2.1%

 

 

 

 

 

 

 

City of Minneapolis Minnesota,
Refunding RB, Fairview Health
Services, Series B (AGC), 6.50%,
11/15/38

 

 

9,900

 

 

11,125,026

 

 

Nevada — 3.1%

 

 

 

 

 

 

 

County of Clark Nevada, RB, Las Vegas-
McCarran International Airport,
Series A (AGC), 5.25%, 7/01/39

 

 

16,005

 

 

16,293,890

 

 

New Jersey — 2.2%

 

 

 

 

 

 

 

New Jersey EDA, RB, School Facilities
Construction, Series Z (AGC), 6.00%,
12/15/34

 

 

4,350

 

 

4,945,124

 

 

 

 

 

 

BLACKROCK MUNIHOLDINGS INSURED INVESTMENT FUND

MAY 31, 2010

3


 

 

 

 

Schedule of Investments (continued)

BlackRock MuniHoldings Insured Investment Fund (MFL)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

 

New Jersey (concluded)

 

 

 

 

 

 

 

New Jersey Health Care Facilities
Financing Authority, RB, Virtua Health
(AGC), 5.50%, 7/01/38

 

$

6,500

 

$

6,925,425

 

 

 

 

 

 

 

 

 

 

 

 

 

11,870,549

 

 

New York — 4.7%

 

 

 

 

 

 

 

New York City Transitional Finance
Authority, Fiscal 2009, RB:

 

 

 

 

 

 

 

Series S-3, 5.25%, 1/15/39

 

 

5,625

 

 

5,989,894

 

Series S-4 (AGC), 5.50%, 1/15/29

 

 

4,000

 

 

4,465,000

 

New York State Dormitory Authority,
ERB, Series B, 5.25%, 3/15/38

 

 

13,500

 

 

14,625,765

 

 

 

 

 

 

 

 

 

 

 

 

 

25,080,659

 

 

Ohio — 1.5%

 

 

 

 

 

 

 

Ohio Higher Educational Facility
Commission, Refunding RB, Summa
Health System, 2010 Project (AGC),
5.25%, 11/15/40

 

 

7,725

 

 

7,714,340

 

 

Oregon — 0.4%

 

 

 

 

 

 

 

Medford Hospital Facilities Authority,
RB, Asante Health System, Series A
(AGC), 5.00%, 8/15/40

 

 

2,290

 

 

2,299,114

 

 

Puerto Rico — 1.4%

 

 

 

 

 

 

 

Puerto Rico Sales Tax Financing Corp.,
RB, First Sub-Series A, 6.38%,
8/01/39

 

 

6,610

 

 

7,421,708

 

 

South Carolina — 0.3%

 

 

 

 

 

 

 

City of Spartanburg South Carolina, RB,
System (AGC), 5.00%, 6/01/39

 

 

1,700

 

 

1,772,607

 

 

Texas — 16.9%

 

 

 

 

 

 

 

City of Dallas Texas, Refunding RB
(AGC), 5.25%, 8/15/38

 

 

4,000

 

 

4,144,520

 

City of Houston Texas, Refunding RB,
Combined, First Lien, Series A (AGC):

 

 

 

 

 

 

 

6.00%, 11/15/35

 

 

12,700

 

 

14,607,667

 

6.00%, 11/15/36

 

 

9,435

 

 

10,829,304

 

5.38%, 11/15/38

 

 

5,000

 

 

5,427,250

 

County of Bexar Texas, RB, Venue
Project, Motor Vehicle Rental (BHAC),
5.00%, 8/15/39

 

 

4,120

 

 

4,259,874

 

Harris County Health Facilities
Development Corp., Refunding RB,
Memorial Hermann Healthcare
System, B, 7.25%, 12/01/35

 

 

1,500

 

 

1,694,955

 

Lower Colorado River Authority,
Refunding RB, LCRA Transmission
Services Project (AGC), 5.50%,
5/15/36

 

 

5,325

 

 

5,661,647

 

Lubbock Cooper ISD Texas, GO, School
Building (AGC), 5.75%, 2/15/42

 

 

2,300

 

 

2,481,102

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

 

Texas (concluded)

 

 

 

 

 

 

 

North Texas Tollway Authority, RB,
System, First Tier, Series K-1 (AGC),
5.75%, 1/01/38

 

$

12,400

 

$

13,429,572

 

North Texas Tollway Authority,
Refunding RB, System, First Tier,
Series A:

 

 

 

 

 

 

 

(AGC), 5.75%, 1/01/40

 

 

7,000

 

 

7,524,510

 

(NPFGC), 5.13%, 1/01/28

 

 

17,500

 

 

18,014,500

 

Tarrant County Cultural Education
Facilities Finance Corp., Refunding
RB, Christus Health, Series A (AGC),
6.50%, 7/01/37

 

 

1,770

 

 

1,971,815

 

 

 

 

 

 

 

 

 

 

 

 

 

90,046,716

 

 

Utah — 1.5%

 

 

 

 

 

 

 

City of Riverton Utah, RB, IHC Health
Services Inc., 5.00%, 8/15/41

 

 

7,795

 

 

7,938,506

 

 

Virginia — 0.9%

 

 

 

 

 

 

 

Virginia Public School Authority, RB,
School Financing, 6.50%, 12/01/35

 

 

4,300

 

 

4,991,397

 

 

Total Municipal Bonds – 138.5%

 

 

 

 

 

736,800,925

 

 

 

 

 

 

 

 

 

 

Municipal Bonds Transferred to Tender
Option Bond Trusts (b)

 

 

 

 

 

 

 

 

California — 2.0%

 

 

 

 

 

 

 

California State University, Refunding
RB, Systemwide, Series A (AGM),
5.00%, 11/01/32

 

 

7,960

 

 

8,075,977

 

Los Angeles Unified School District
California, GO, Series I, 5.00%,
1/01/34

 

 

2,400

 

 

2,442,000

 

 

 

 

 

 

 

 

 

 

 

 

 

10,517,977

 

 

District of Columbia — 0.7%

 

 

 

 

 

 

 

District of Columbia Water & Sewer
Authority, RB, Series A, 6.00%,
10/01/35

 

 

3,381

 

 

3,822,521

 

 

Florida — 5.9%

 

 

 

 

 

 

 

City of Jacksonville Florida, RB, Better
Jacksonville (NPFGC), 5.00%,
10/01/27

 

 

10,000

 

 

10,265,300

 

Hillsborough County Aviation Authority,
RB, Series A, AMT (AGC), 5.50%,
10/01/38

 

 

10,657

 

 

10,827,053

 

Lee County Housing Finance Authority,
RB, Multi-County Program, Series A-2,
AMT (GNMA), 6.00%, 9/01/40

 

 

5,595

 

 

6,117,014

 

Manatee County Housing Finance
Authority, RB, Series A, AMT (GNMA),
5.90%, 9/01/40

 

 

4,253

 

 

4,459,548

 

 

 

 

 

 

 

 

 

 

 

 

 

31,668,915

 

 

 

 

 

4

BLACKROCK MUNIHOLDINGS INSURED INVESTMENT FUND

MAY 31, 2010


 

 

 

 

Schedule of Investments (continued)

BlackRock MuniHoldings Insured Investment Fund (MFL)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Municipal Bonds Transferred to Tender
Option Bond Trusts (b)

 

Par
(000)

 

Value

 

 

Indiana — 1.9%

 

 

 

 

 

 

 

Indiana Health & Educational Facilities
Financing Authority, Refunding RB, St.
Francis, Series E (AGM), 5.25%,
5/15/41

 

$

9,850

 

$

10,125,899

 

 

Kentucky — 0.1%

 

 

 

 

 

 

 

Kentucky State Property & Building
Commission, Refunding RB, Project
No. 93 (AGC), 5.25%, 2/01/27

 

 

404

 

 

438,601

 

 

Nevada — 2.7%

 

 

 

 

 

 

 

Clark County Water Reclamation
District, GO:

 

 

 

 

 

 

 

Limited Tax, 6.00%, 7/01/38

 

 

8,000

 

 

8,990,560

 

Series B, 5.50%, 7/01/29

 

 

5,008

 

 

5,524,098

 

 

 

 

 

 

 

 

 

 

 

 

 

14,514,658

 

 

New Jersey — 1.5%

 

 

 

 

 

 

 

New Jersey State Housing & Mortgage
Finance Agency, RB, S/F Housing,
Series CC, 5.25%, 10/01/29

 

 

7,532

 

 

7,800,862

 

 

New York — 1.0%

 

 

 

 

 

 

 

New York City Municipal Water Finance
Authority, RB, Series FF-2, 5.50%,
6/15/40

 

 

4,994

 

 

5,569,638

 

 

Texas — 2.5%

 

 

 

 

 

 

 

City of San Antonio Texas, Refunding
RB, Series A, 5.25%, 2/01/31

 

 

12,027

 

 

13,147,378

 

 

Total Municipal Bonds Transferred to
Tender Option Bond Trusts – 18.3%

 

 

 

 

 

97,606,449

 

 

Total Long-Term Investments
(Cost – $804,920,638) – 156.8%

 

 

 

 

 

834,407,374

 

 

 

 

 

 

 

 

 

 

Short-Term Securities

 

Shares

 

Value

 

 

FFI Institutional Tax-Exempt Fund,
0.25% (c)(d)

 

 

16,014,344

 

$

16,014,344

 

 

Total Short-Term Securities
(Cost – $16,014,344) – 3.0%

 

 

 

 

 

16,014,344

 

 

Total Investments
(Cost – $820,934,982*) – 159.8%

 

 

 

 

 

850,421,718

 

Other Assets Less Liabilities – 1.3%

 

 

 

 

 

7,036,650

 

Liability for Trust Certificates, Including Interest
Expense and Fees Payable – (9.5)%

 

 

 

 

 

(50,734,989

)

Preferred Shares, at Redemption Value – (51.6)%

 

 

 

 

 

(274,676,244

)

 

 

 

 

 

 

Net Assets Applicable to Common Shares– 100.0%

 

 

 

 

$

532,047,135

 

 

 

 

 

 

 

 

 

 

 

 

 

*

The cost and unrealized appreciation (depreciation) of investments as of May 31, 2010, as computed for federal income tax purposes, were as follows:

 

 

 

 

 

 

 

Aggregate cost

 

$

770,352,970

 

 

 

 

 

 

Gross unrealized appreciation

 

$

32,062,574

 

 

Gross unrealized depreciation

 

 

(2,694,361

)

 

 

 

 

 

Net unrealized appreciation

 

$

29,368,213

 

 

 

 

 

 

 

(a)

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.

 

(b)

Securities represent bonds transferred to a tender option bond trust in exchange for which the Fund acquired residual interest certificates. These securities serve as collateral in a financing transaction.

 

(c)

Investments in companies considered to be an affiliate of the Fund during the period, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Affiliate

 

Shares Held at
August 31,
2009

 

Net Activity

 

Shares Held
at May 31,
2010

 

Income

 

 

 

 

FFI Institutional
Tax-Exempt Fund

 

 

27,005,779

 

 

(10,991,435

)

 

16,014,344

 

$

28,329

 

 

 

 

 

(d)

Represents the current yield as of report date.

 

 

 

 

 

BLACKROCK MUNIHOLDINGS INSURED INVESTMENT FUND

MAY 31, 2010

5


 

 

 

 

Schedule of Investments (concluded)

BlackRock MuniHoldings Insured Investment Fund (MFL)

 

 

 

•

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 assets and liabilities

 

 

 

 

•

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 methodologies 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 semi-annual report.

 

 

 

The following table summarizes the inputs used as of May 31, 2010 in determining the fair valuation of the Fund’s investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments in Securities

 

 

 

Valuation Inputs

 

Level 1

 

Level 2

 

Level 3

 

Total

 

 

 

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-Term
Investments1

 

 

—

 

$

834,407,374

 

 

—

 

$

834,407,374

 

 

Short-Term
Securities

 

$

16,014,344

 

 

—

 

 

—

 

 

16,014,344

 

 

 

 

Total

 

$

16,014,344

 

$

834,407,374

 

 

—

 

$

850,421,718

 

 

 

 

 

 

 

1

See above Schedule of Investments for values in each state or political subdivision.

 

 

 

6

BLACKROCK MUNIHOLDINGS INSURED INVESTMENT FUND

MAY 31, 2010

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 Investment Fund
   
  By: /s/ Anne F. Ackerley  
    Anne F. Ackerley  
    Chief Executive Officer of
    BlackRock MuniHoldings Insured Investment Fund
   
  Date: July 23, 2010
   
  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 Investment Fund
   
  Date: July 23, 2010
   
  By: /s/ Neal J. Andrews  
    Neal J. Andrews  
    Chief Financial Officer (principal financial officer) of
    BlackRock MuniHoldings Insured Investment Fund
   
  Date: July 23, 2010