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 811-8349
Name of Fund: MuniHoldings Florida 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, MuniHoldings Florida 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: 08/31/2006
Date of reporting period: 03/01/06 - 05/31/06
Item 1 - Schedule of Investments
MuniHoldings Florida Insured Fund
Schedule of Investments as of May 31, 2006 (in Thousands)
Face
Amount Municipal Bonds Value
---------------------------------------------------------------------------------------------------------------------------------
Florida - 158.3% $ 6,600 Alachua County, Florida, School Board, COP, 5.25% due 7/01/2029 (b) $ 6,946
-------------------------------------------------------------------------------------------------------------
4,195 Beacon Tradeport Community Development District, Florida, Special Assessment
Revenue Refunding Bonds (Commercial Project), Series A, 5.625% due 5/01/2032 (k) 4,496
-------------------------------------------------------------------------------------------------------------
805 Brevard County, Florida, HFA, S/F Mortgage Revenue Bonds, AMT, 6.80%
due 3/01/2028 (d)(g) 819
-------------------------------------------------------------------------------------------------------------
8,000 Broward County, Florida, Educational Facilities Authority Revenue Bonds (Nova
Southeastern University), 5% due 4/01/2031 (m) 8,219
-------------------------------------------------------------------------------------------------------------
1,215 Broward County, Florida, School Board, COP, Series A, 5% due 7/01/2021 (c) 1,272
-------------------------------------------------------------------------------------------------------------
5,485 Broward County, Florida, School Board, COP, Series A, 5% due 7/01/2022 (c) 5,737
-------------------------------------------------------------------------------------------------------------
575 Clay County, Florida, HFA, S/F Mortgage Revenue Bonds, AMT, 6.55% due 3/01/2028
(d)(i) 587
-------------------------------------------------------------------------------------------------------------
1,320 Clay County, Florida, School Board, COP (Master Lease Program), 5.75% due 7/01/2010
(a)(j) 1,429
-------------------------------------------------------------------------------------------------------------
5,000 Collier County, Florida, IDA, IDR, Refunding (Southern States Utilities), AMT, 6.50%
due 10/01/2025 5,114
-------------------------------------------------------------------------------------------------------------
20,575 Dade County, Florida, Water and Sewer System Revenue Bonds, 5.25% due 10/01/2021 (h) 21,124
-------------------------------------------------------------------------------------------------------------
21,640 Dade County, Florida, Water and Sewer System Revenue Bonds, 5.25% due 10/01/2026 (h) 22,186
-------------------------------------------------------------------------------------------------------------
145 Escambia County, Florida, HFA, S/F Mortgage Revenue Refunding Bonds (Multi-County
Program), AMT, Series A, 6.30% due 10/01/2020 (a)(i) 146
-------------------------------------------------------------------------------------------------------------
535 Escambia County, Florida, HFA, S/F Mortgage Revenue Refunding Bonds (Multi-County
Program), AMT, Series A, 6.375% due 10/01/2026 (a)(i) 539
-------------------------------------------------------------------------------------------------------------
1,835 Flagler County, Florida, Capital Improvement Revenue Bonds, 5% due 10/01/2035 (a) 1,893
-------------------------------------------------------------------------------------------------------------
1,020 Flagler County, Florida, School Board, COP, Series A, 5% due 8/01/2024 (c) 1,056
---------------------------------------------------------------------------------------------------------------------------------
Portfolio Abbreviations
To simplify the listings of 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
DRIVERS Derivative Inverse Tax-Exempt Receipts
GO General Obligation Bonds
HFA Housing Finance Agency
IDA Industrial Development Authority
IDR Industrial Development Revenue Bonds
M/F Multi-Family
RIB Residual Interest Bonds
S/F Single-Family
MuniHoldings Florida Insured Fund
Schedule of Investments as of May 31, 2006 (in Thousands)
Face
Amount Municipal Bonds Value
---------------------------------------------------------------------------------------------------------------------------------
$ 1,800 Florida HFA, Homeowner Mortgage Revenue Refunding Bonds, AMT, Series 2, 5.75%
due 7/01/2014 (a) $ 1,833
-------------------------------------------------------------------------------------------------------------
14,980 Florida HFA, Homeowner Mortgage Revenue Refunding Bonds, AMT, Series 2, 5.90%
due 7/01/2029 (a) 15,278
-------------------------------------------------------------------------------------------------------------
895 Florida Housing Finance Corporation, Homeowner Mortgage Revenue Refunding Bonds, AMT,
Series 4, 6.25% due 7/01/2022 (c) 914
-------------------------------------------------------------------------------------------------------------
2,055 Florida Housing Finance Corporation, Housing Revenue Bonds (Waverly Apartments), AMT,
Series C-1, 6.30% due 7/01/2030 (c) 2,186
-------------------------------------------------------------------------------------------------------------
1,285 Florida Municipal Loan Council Revenue Bonds, Series B, 5.375% due 11/01/2025 (a) 1,360
-------------------------------------------------------------------------------------------------------------
4,150 Florida Municipal Loan Council Revenue Bonds, Series B, 5.375% due 11/01/2030 (a) 4,383
-------------------------------------------------------------------------------------------------------------
3,750 Florida State Board of Education, Capital Outlay, GO, Public Education, Refunding,
Series D, 5.75% due 6/01/2022 (c) 4,060
-------------------------------------------------------------------------------------------------------------
1,000 Florida State Board of Education, Capital Outlay, GO, Public Education, Series C,
5.75% due 6/01/2010 (h)(j) 1,083
-------------------------------------------------------------------------------------------------------------
12,725 Florida State Board of Education, Lottery Revenue Bonds, DRIVERS, Series 222, 8.705%
due 7/01/2017 (f)(h) 15,341
-------------------------------------------------------------------------------------------------------------
2,200 Florida State Board of Regents, Housing Revenue Bonds (University of Central
Florida), 5.25% due 10/01/2026 (h) 2,313
-------------------------------------------------------------------------------------------------------------
7,165 Florida State Board of Regents, University Systems Improvement Revenue Bonds, 5.25%
due 7/01/2007 (a)(j) 7,359
-------------------------------------------------------------------------------------------------------------
3,505 Florida State Department of General Services, Division Facilities Management Revenue
Bonds (Florida Facilities Pool), Series A, 6% due 9/01/2010 (b)(j) 3,842
-------------------------------------------------------------------------------------------------------------
2,350 Florida State Governmental Utility Authority, Utility Revenue Bonds (Citrus Utility
System), 5.125% due 10/01/2033 (b) 2,433
-------------------------------------------------------------------------------------------------------------
2,900 Florida State Governmental Utility Authority, Utility Revenue Bonds (Lehigh Utility
System), 5.125% due 10/01/2033 (b) 3,003
-------------------------------------------------------------------------------------------------------------
14,325 Florida State Turnpike Authority, Turnpike Revenue Bonds, DRIVERS, Series 218, 8.695%
due 7/01/2029 (f)(h) 17,270
-------------------------------------------------------------------------------------------------------------
8,805 Fort Myers, Florida, Utility System Revenue Refunding Bonds, 5% due 10/01/2031 (a) 9,128
-------------------------------------------------------------------------------------------------------------
16,000 Hernando County, Florida, School Board, COP, 5% due 7/01/2030 (a) 16,503
-------------------------------------------------------------------------------------------------------------
7,135 Highlands County, Florida, Health Facilities Authority, Hospital Revenue Bonds
(Adventist Health System), Series A, 6% due 11/15/2011 (j) 7,928
-------------------------------------------------------------------------------------------------------------
6,285 Highlands County, Florida, Health Facilities Authority, Hospital Revenue Bonds
(Adventist Health System), Series C, 5.25% due 11/15/2036 6,500
-------------------------------------------------------------------------------------------------------------
MuniHoldings Florida Insured Fund
Schedule of Investments as of May 31, 2006 (in Thousands)
Face
Amount Municipal Bonds Value
---------------------------------------------------------------------------------------------------------------------------------
$ 6,600 Hillsborough County, Florida, School Board, COP, 5.375% due 7/01/2009 (a)(j) $ 6,921
-------------------------------------------------------------------------------------------------------------
33,400 Hillsborough County, Florida, School Board, COP, 6% due 7/01/2009 (a)(j) 35,916
-------------------------------------------------------------------------------------------------------------
1,500 Hillsborough County, Florida, School Board, COP, Refunding, Series A, 5%
due 7/01/2026 (a) 1,550
-------------------------------------------------------------------------------------------------------------
1,300 Indian River County, Florida, Water and Sewer Revenue Refunding Bonds, Series A,
5.25% due 9/01/2018 (h) 1,362
-------------------------------------------------------------------------------------------------------------
1,800 Jacksonville, Florida, Economic Development Commission, Health Care Facilities
Revenue Bonds (Mayo Clinic-Jacksonville), Series A, 5.50% due 11/15/2036 (a) 1,930
-------------------------------------------------------------------------------------------------------------
7,305 Jacksonville, Florida, Guaranteed Entitlement Revenue Refunding and Improvement
Bonds, 5.25% due 10/01/2032 (h) 7,669
-------------------------------------------------------------------------------------------------------------
1,130 Jacksonville, Florida, Port Authority, Seaport Revenue Bonds, AMT, 5.625%
due 11/01/2010 (a)(j) 1,204
-------------------------------------------------------------------------------------------------------------
1,870 Jacksonville, Florida, Port Authority, Seaport Revenue Bonds, AMT, 5.625%
due 11/01/2026 (a) 1,973
-------------------------------------------------------------------------------------------------------------
2,000 Jacksonville, Florida, Sales Tax Revenue Bonds, 5.50% due 10/01/2016 (b) 2,156
-------------------------------------------------------------------------------------------------------------
3,800 Jacksonville, Florida, Sales Tax Revenue Bonds, 5.50% due 10/01/2018 (b) 4,078
-------------------------------------------------------------------------------------------------------------
1,500 Jacksonville, Florida, Water and Sewer Revenue Bonds (United Water Florida Project),
AMT, 6.35% due 8/01/2025 (b) 1,533
-------------------------------------------------------------------------------------------------------------
9,962 Lee County, Florida, Airport Revenue Bonds, RIB, AMT, Series 811-X, 7.24%
due 10/01/2029 (c)(f) 11,502
-------------------------------------------------------------------------------------------------------------
4,225 Lee County, Florida, Capital Revenue Bonds, 5.25% due 10/01/2023 (b) 4,509
-------------------------------------------------------------------------------------------------------------
100 Lee County, Florida, HFA, S/F Mortgage Revenue Bonds (Multi-County Program), AMT,
Series A-1, 7.20% due 3/01/2033 (d)(g) 101
-------------------------------------------------------------------------------------------------------------
525 Lee County, Florida, HFA, S/F Mortgage Revenue Refunding Bonds, AMT, Series A-2,
6.30% due 3/01/2029 (d)(e)(g) 527
-------------------------------------------------------------------------------------------------------------
1,605 Leesburg, Florida, Capital Improvement Revenue Bonds, 5.25% due 10/01/2027 (h) 1,710
-------------------------------------------------------------------------------------------------------------
3,425 Leesburg, Florida, Capital Improvement Revenue Bonds, 5.25% due 10/01/2034 (h) 3,619
-------------------------------------------------------------------------------------------------------------
505 Manatee County, Florida, HFA, S/F Mortgage Revenue Refunding Bonds, AMT,
Sub-Series 1, 6.25% due 11/01/2028 (d) 514
-------------------------------------------------------------------------------------------------------------
3,675 Marco Island, Florida, Utility System Revenue Bonds, 5% due 10/01/2033 (a) 3,777
-------------------------------------------------------------------------------------------------------------
5,990 Martin County, Florida, Utilities System Revenue Bonds, 5.125% due 10/01/2033 (b) 6,202
-------------------------------------------------------------------------------------------------------------
1,630 Miami Beach, Florida, Stormwater Revenue Bonds, 5.75% due 9/01/2016 (h) 1,766
-------------------------------------------------------------------------------------------------------------
1,000 Miami Beach, Florida, Stormwater Revenue Bonds, 5.25% due 9/01/2020 (h) 1,058
-------------------------------------------------------------------------------------------------------------
4,400 Miami Beach, Florida, Stormwater Revenue Bonds, 5.25% due 9/01/2025 (h) 4,623
-------------------------------------------------------------------------------------------------------------
1,910 Miami Beach, Florida, Stormwater Revenue Bonds, 5.375% due 9/01/2030 (h) 2,014
-------------------------------------------------------------------------------------------------------------
MuniHoldings Florida Insured Fund
Schedule of Investments as of May 31, 2006 (in Thousands)
Face
Amount Municipal Bonds Value
---------------------------------------------------------------------------------------------------------------------------------
$ 2,690 Miami Beach, Florida, Water and Sewer Revenue Bonds, 5.625% due 9/01/2018 (b) $ 2,894
-------------------------------------------------------------------------------------------------------------
10,600 Miami Beach, Florida, Water and Sewer Revenue Bonds, 5.75% due 9/01/2025 (b) 11,438
-------------------------------------------------------------------------------------------------------------
8,570 Miami-Dade County, Florida, Aviation Revenue Bonds, AMT, Series A, 5% due 10/01/2033
(c) 8,643
-------------------------------------------------------------------------------------------------------------
5,245 Miami-Dade County, Florida, Aviation Revenue Bonds, AMT, Series A, 5.125%
due 10/01/2035 (c) 5,329
-------------------------------------------------------------------------------------------------------------
6,000 Miami-Dade County, Florida, Aviation Revenue Bonds (Miami International Airport),
AMT, Series A, 6% due 10/01/2024 (h) 6,483
-------------------------------------------------------------------------------------------------------------
10,000 Miami-Dade County, Florida, Aviation Revenue Bonds (Miami International Airport),
AMT, Series A, 6% due 10/01/2029 (h) 10,773
-------------------------------------------------------------------------------------------------------------
13,990 Miami-Dade County, Florida, Aviation Revenue Refunding Bonds (Miami International
Airport), AMT, Series A, 5% due 10/01/2038 (l) 14,135
-------------------------------------------------------------------------------------------------------------
1,000 Miami-Dade County, Florida, Educational Facilities Authority Revenue Bonds, Series A,
5.50% due 4/01/2019 (b) 1,065
-------------------------------------------------------------------------------------------------------------
19,425 Miami-Dade County, Florida, Educational Facilities Authority Revenue Bonds, Series A,
6% due 4/01/2023 (b) 20,998
-------------------------------------------------------------------------------------------------------------
5,000 Miami-Dade County, Florida, Educational Facilities Authority Revenue Bonds
(University of Miami), Series A, 5.75% due 4/01/2029 (b) 5,364
-------------------------------------------------------------------------------------------------------------
8,995 Miami-Dade County, Florida, Expressway Authority, Toll System Revenue Bonds,
Series B, 5.25% due 7/01/2027 (h) 9,554
-------------------------------------------------------------------------------------------------------------
12,640 Miami-Dade County, Florida, Expressway Authority, Toll System Revenue Bonds,
Series B, 5% due 7/01/2033 (h) 13,003
-------------------------------------------------------------------------------------------------------------
12,250 Miami-Dade County, Florida, Expressway Authority, Toll System Revenue Refunding
Bonds, 5.125% due 7/01/2025 (h) 12,869
-------------------------------------------------------------------------------------------------------------
6,000 Miami-Dade County, Florida, GO (Building Better Communities Program), 5%
due 7/01/2026 (h) 6,244
-------------------------------------------------------------------------------------------------------------
6,705 Miami-Dade County, Florida, GO (Parks Program), 6% due 11/01/2024 (h) 7,208
-------------------------------------------------------------------------------------------------------------
2,185 Miami-Dade County, Florida, HFA, M/F Mortgage Revenue Bonds (Marbrisa Apartments
Project), AMT, Series 2A, 6% due 8/01/2026 (c) 2,307
-------------------------------------------------------------------------------------------------------------
5,100 Miami-Dade County, Florida, IDA, IDR (Airis Miami II LLC Project), AMT, 6%
due 10/15/2019 (b) 5,445
-------------------------------------------------------------------------------------------------------------
3,280 Miami-Dade County, Florida, IDA, IDR (BAC Funding Corporation Project), Series A,
5.25% due 10/01/2020 (b) 3,495
-------------------------------------------------------------------------------------------------------------
MuniHoldings Florida Insured Fund
Schedule of Investments as of May 31, 2006 (in Thousands)
Face
Amount Municipal Bonds Value
---------------------------------------------------------------------------------------------------------------------------------
$ 3,750 Miami-Dade County, Florida, School Board, COP, Series A, 5% due 11/01/2022 (b) $ 3,920
-------------------------------------------------------------------------------------------------------------
5,000 Miami-Dade County, Florida, School Board, COP, Series B, 5% due 11/01/2026 (b) 5,193
-------------------------------------------------------------------------------------------------------------
2,945 Miami-Dade County, Florida, Solid Waste System Revenue Bonds, 5.50% due 10/01/2015
(c) 3,172
-------------------------------------------------------------------------------------------------------------
3,105 Miami-Dade County, Florida, Solid Waste System Revenue Bonds, 5.50% due 10/01/2016
(c) 3,340
-------------------------------------------------------------------------------------------------------------
8,800 Miami-Dade County, Florida, Solid Waste System Revenue Bonds, 5.25% due 10/01/2030
(a) 9,353
-------------------------------------------------------------------------------------------------------------
1,035 Nassau County, Florida, Public Improvement Revenue Refunding Bonds, 5.75%
due 5/01/2016 (a) 1,122
-------------------------------------------------------------------------------------------------------------
1,095 Nassau County, Florida, Public Improvement Revenue Refunding Bonds, 5.75%
due 5/01/2017 (a) 1,184
-------------------------------------------------------------------------------------------------------------
1,155 Nassau County, Florida, Public Improvement Revenue Refunding Bonds, 5.75%
due 5/01/2018 (a) 1,249
-------------------------------------------------------------------------------------------------------------
1,225 Nassau County, Florida, Public Improvement Revenue Refunding Bonds, 5.75%
due 5/01/2019 (a) 1,325
-------------------------------------------------------------------------------------------------------------
5,175 Nassau County, Florida, Water and Sewer System Revenue Bonds, 5.125% due 9/01/2033
(a) 5,357
-------------------------------------------------------------------------------------------------------------
1,015 Orange County, Florida, HFA, S/F Mortgage Revenue Bonds, AMT, 6.85% due 10/01/2027
(d)(g) 1,020
-------------------------------------------------------------------------------------------------------------
2,900 Orange County, Florida, Health Facilities Authority, Hospital Revenue Bonds
(Adventist Health System), 6.25% due 11/15/2024 3,171
-------------------------------------------------------------------------------------------------------------
9,220 Orange County, Florida, Health Facilities Authority, Hospital Revenue Bonds (Orlando
Regional Healthcare), 6% due 12/01/2012 (j) 10,302
-------------------------------------------------------------------------------------------------------------
5,000 Orange County, Florida, Health Facilities Authority, Hospital Revenue Bonds (Orlando
Regional Healthcare), Series A, 6.25% due 10/01/2018 (a) 5,862
-------------------------------------------------------------------------------------------------------------
1,300 Orange County, Florida, School Board COP, 5.50% due 8/01/2025 (b) 1,377
-------------------------------------------------------------------------------------------------------------
31,745 Orange County, Florida, Tourist Development, Tax Revenue Bonds, 5.75% due 10/01/2009
(b)(j) 33,767
-------------------------------------------------------------------------------------------------------------
13,875 Orange County, Florida, Tourist Development, Tax Revenue Bonds, 5.50% due 4/01/2012
(b)(j) 15,068
-------------------------------------------------------------------------------------------------------------
3,250 Orlando and Orange County, Florida, Expressway Authority Revenue Bonds, Series B, 5%
due 7/01/2030 (b) 3,340
-------------------------------------------------------------------------------------------------------------
MuniHoldings Florida Insured Fund
Schedule of Investments as of May 31, 2006 (in Thousands)
Face
Amount Municipal Bonds Value
---------------------------------------------------------------------------------------------------------------------------------
$37,550 Orlando and Orange County, Florida, Expressway Authority Revenue Bonds, Series B, 5%
due 7/01/2035 (b) $ 38,493
-------------------------------------------------------------------------------------------------------------
3,155 Osceola County, Florida, Infrastructure Sales Surplus Tax Revenue Bonds, 5.375%
due 10/01/2018 (b) 3,386
-------------------------------------------------------------------------------------------------------------
7,680 Osceola County, Florida, Infrastructure Sales Surplus Tax Revenue Bonds, 5.25%
due 10/01/2025 (b) 8,096
-------------------------------------------------------------------------------------------------------------
2,065 Osceola County, Florida, Sales Tax Revenue Bonds, 5.625% due 6/01/2016 (h) 2,247
-------------------------------------------------------------------------------------------------------------
1,605 Osceola County, Florida, Sales Tax Revenue Bonds, 5.625% due 6/01/2017 (h) 1,740
-------------------------------------------------------------------------------------------------------------
1,075 Osceola County, Florida, Sales Tax Revenue Bonds, 5.625% due 6/01/2018 (h) 1,165
-------------------------------------------------------------------------------------------------------------
4,240 Osceola County, Florida, School Board, COP, Series A, 5.25% due 6/01/2027 (b) 4,463
-------------------------------------------------------------------------------------------------------------
5,560 Osceola County, Florida, Tourist Development Tax Revenue Bonds, Series A, 5.50%
due 10/01/2027 (h) 5,954
-------------------------------------------------------------------------------------------------------------
4,605 Palm Beach County, Florida, GO (Liquid Acquisition Program), Series B, 5.75%
due 8/01/2016 (a) 4,908
-------------------------------------------------------------------------------------------------------------
5,330 Palm Beach County, Florida, GO (Liquid Acquisition Program), Series B, 5.75%
due 8/01/2018 (a) 5,679
-------------------------------------------------------------------------------------------------------------
6,115 Palm Beach County, Florida, School Board COP, Refunding, Series B, 5.375%
due 8/01/2017 (b) 6,539
-------------------------------------------------------------------------------------------------------------
5,070 Palm Beach County, Florida, School Board, COP, Series A, 6% due 8/01/2010 (h)(j) 5,551
-------------------------------------------------------------------------------------------------------------
13,205 Palm Beach County, Florida, School Board, COP, Series A, 6.25% due 8/01/2010 (h)(j) 14,584
-------------------------------------------------------------------------------------------------------------
13,500 Palm Beach County, Florida, School Board, COP, Series A, 5% due 8/01/2031 (c) 13,934
-------------------------------------------------------------------------------------------------------------
4,000 Palm Coast, Florida, Utility System Revenue Bonds, 5% due 10/01/2027 (a) 4,118
-------------------------------------------------------------------------------------------------------------
3,000 Panama City, Florida, Water and Sewer Revenue Bonds, Series B, 5.25% due 10/01/2022
(a) 3,215
-------------------------------------------------------------------------------------------------------------
2,070 Pembroke Pines, Florida, Public Improvement Revenue Bonds, Series A, 5%
due 10/01/2034 (b) 2,130
-------------------------------------------------------------------------------------------------------------
3,195 Polk County, Florida, Public Facilities Revenue Bonds, 5% due 12/01/2025 (a) 3,327
-------------------------------------------------------------------------------------------------------------
4,940 Polk County, Florida, Public Facilities Revenue Bonds, 5% due 12/01/2033 (a) 5,095
-------------------------------------------------------------------------------------------------------------
9,885 Polk County, Florida, School Board COP, Master Lease, Series A, 5.50% due 1/01/2025
(c) 10,549
-------------------------------------------------------------------------------------------------------------
1,280 Port St. Lucie, Florida, Utility Revenue Bonds, 5.25% due 9/01/2026 (a) 1,364
-------------------------------------------------------------------------------------------------------------
1,345 Port St. Lucie, Florida, Utility Revenue Bonds, 5.25% due 9/01/2027 (a) 1,432
-------------------------------------------------------------------------------------------------------------
5,000 Port St. Lucie, Florida, Utility System Revenue Refunding Bonds, Series A, 5%
due 9/01/2028 (a) 5,187
-------------------------------------------------------------------------------------------------------------
5,335 Port St. Lucie, Florida, Utility System Revenue Refunding Bonds, Series A, 5%
due 9/01/2029 (a) 5,525
-------------------------------------------------------------------------------------------------------------
MuniHoldings Florida Insured Fund
Schedule of Investments as of May 31, 2006 (in Thousands)
Face
Amount Municipal Bonds Value
---------------------------------------------------------------------------------------------------------------------------------
$ 1,275 Saint Johns County, Florida, IDA, IDR, Refunding (Professional Golf Project), 5.50%
due 9/01/2015 (a) $ 1,382
-------------------------------------------------------------------------------------------------------------
1,345 Saint Johns County, Florida, IDA, IDR, Refunding (Professional Golf Project), 5.50%
due 9/01/2016 (a) 1,456
-------------------------------------------------------------------------------------------------------------
1,420 Saint Johns County, Florida, IDA, IDR, Refunding (Professional Golf Project), 5.50%
due 9/01/2017 (a) 1,526
-------------------------------------------------------------------------------------------------------------
1,500 Saint Johns County, Florida, IDA, IDR, Refunding (Professional Golf Project), 5.50%
due 9/01/2018 (a) 1,612
-------------------------------------------------------------------------------------------------------------
2,945 Saint Johns County, Florida, Ponte Vedra Utility System Revenue Bonds, 5%
due 10/01/2030 (c) 3,047
-------------------------------------------------------------------------------------------------------------
2,430 Saint Johns County, Florida, Ponte Vedra Utility System Revenue Bonds, 5%
due 10/01/2035 (c) 2,507
-------------------------------------------------------------------------------------------------------------
1,375 Saint Johns County, Florida, Sales Tax Revenue Bonds, Series A, 5.25% due 10/01/2028
(b) 1,456
-------------------------------------------------------------------------------------------------------------
1,355 Saint Johns County, Florida, Sales Tax Revenue Bonds, Series A, 5.25% due 10/01/2031
(b) 1,431
-------------------------------------------------------------------------------------------------------------
2,000 Saint Johns County, Florida, Sales Tax Revenue Bonds, Series A, 5.25% due 10/01/2034
(b) 2,109
-------------------------------------------------------------------------------------------------------------
1,430 Saint Johns County, Florida, Sales Tax Revenue Bonds, Series B, 5.25% due 10/01/2027
(b) 1,519
-------------------------------------------------------------------------------------------------------------
840 Saint Johns County, Florida, Sales Tax Revenue Bonds, Series B, 5.25% due 10/01/2032
(b) 886
-------------------------------------------------------------------------------------------------------------
3,500 Saint Johns County, Florida, Transportation Improvement Revenue Bonds, 5.125%
due 10/01/2032 (b) 3,625
-------------------------------------------------------------------------------------------------------------
4,055 Saint Lucie County, Florida, School Board, COP, 6.25% due 7/01/2010 (c)(j) 4,472
-------------------------------------------------------------------------------------------------------------
1,495 Saint Lucie County, Florida, School Board COP, Refunding, Series A, 5.50%
due 7/01/2018 (c) 1,604
-------------------------------------------------------------------------------------------------------------
1,170 Saint Lucie County, Florida, School Board COP, Refunding, Series C, 5.50%
due 7/01/2018 (c) 1,255
-------------------------------------------------------------------------------------------------------------
1,720 Saint Lucie, Florida, West Services District, Utility Revenue Bonds, 5.25%
due 10/01/2034 (a) 1,827
-------------------------------------------------------------------------------------------------------------
4,750 Saint Lucie, Florida, West Services District, Utility Revenue Bonds, 5%
due 10/01/2038 (a) 4,889
-------------------------------------------------------------------------------------------------------------
3,250 Saint Lucie, Florida, West Services District, Utility Revenue Refunding Bonds, Senior
Lien, 6% due 10/01/2022 (a) 3,567
-------------------------------------------------------------------------------------------------------------
4,395 Santa Rosa County, Florida, School Board, COP, DRIVERS, Series 1293Z, 6.713%
due 2/01/2014 (f)(h) 4,942
-------------------------------------------------------------------------------------------------------------
3,000 Seminole County, Florida, Sales Tax Revenue Bonds, Series A, 5% due 10/01/2031 (a) 3,102
MuniHoldings Florida Insured Fund
Schedule of Investments as of May 31, 2006 (in Thousands)
Face
Amount Municipal Bonds Value
---------------------------------------------------------------------------------------------------------------------------------
$ 1,750 South Lake County, Florida, Hospital District Revenue Bonds (South Lake Hospital
Inc.), 5.80% due 10/01/2034 $ 1,808
-------------------------------------------------------------------------------------------------------------
2,250 Sunrise, Florida, Utility System Revenue Refunding Bonds, 5.20% due 10/01/2022 (b) 2,449
-------------------------------------------------------------------------------------------------------------
2,430 Sunrise Lakes, Florida, Phase 4 Recreation District, Refunding Bonds, GO, 5.25%
due 8/01/2024 (b) 2,490
-------------------------------------------------------------------------------------------------------------
2,800 Tallahassee, Florida, Lease Revenue Bonds (Florida State University Project),
Series A, 5.25% due 8/01/2023 (a) 2,911
-------------------------------------------------------------------------------------------------------------
1,000 Tallahassee, Florida, Lease Revenue Bonds (Florida State University Project),
Series A, 5.375% due 8/01/2026 (a) 1,054
-------------------------------------------------------------------------------------------------------------
30,335 Tampa Bay, Florida, Water Utility System Revenue Bonds, 6% due 10/01/2011 (h)(j) 33,543
-------------------------------------------------------------------------------------------------------------
14,750 Tampa, Florida, Sports Authority Revenue Bonds (Local Option Sales Tax - Stadium
Project), 5.25% due 1/01/2007 (a)(j) 15,037
-------------------------------------------------------------------------------------------------------------
3,835 Taylor County, Florida, Sales Tax Revenue Bonds, 6% due 10/01/2010 (h)(j) 4,177
-------------------------------------------------------------------------------------------------------------
8,935 University of Central Florida (UCF) Athletics Association Inc., COP, Series A, 5.25%
due 10/01/2034 (h) 9,365
-------------------------------------------------------------------------------------------------------------
10,775 Village Center Community Development District, Florida, Recreational Revenue Bonds,
Series A, 5.375% due 11/01/2034 (a) 11,545
-------------------------------------------------------------------------------------------------------------
1,750 Village Center Community Development District, Florida, Recreational Revenue Bonds,
Series A, 5.125% due 11/01/2036 (a) 1,820
-------------------------------------------------------------------------------------------------------------
3,000 Village Center Community Development District, Florida, Utility Revenue Bonds, 5.25%
due 10/01/2023 (a) 3,190
-------------------------------------------------------------------------------------------------------------
2,075 Volusia County, Florida, IDA, Student Housing Revenue Bonds (Stetson University
Project), Series A, 5% due 6/01/2025 (l) 2,160
-------------------------------------------------------------------------------------------------------------
1,740 Volusia County, Florida, IDA, Student Housing Revenue Bonds (Stetson University
Project), Series A, 5% due 6/01/2035 (l) 1,793
---------------------------------------------------------------------------------------------------------------------------------
District of 2,050 Metropolitan Washington Airports Authority, D.C., Airport System Revenue Bonds, AMT,
Columbia - 0.4% Series A, 5.25% due 10/01/2032 (h) 2,100
---------------------------------------------------------------------------------------------------------------------------------
Georgia - 1.8% 9,700 Atlanta, Georgia, Airport Passenger Facility Charge and Subordinate Lien General
Revenue Refunding Bonds, Series C, 5% due 1/01/2033 (c) 9,913
---------------------------------------------------------------------------------------------------------------------------------
Maryland - 0.9% 4,740 Baltimore, Maryland, Convention Center Hotel Revenue Bonds, Senior Series A, 5.25%
due 9/01/2039 (n) 5,001
---------------------------------------------------------------------------------------------------------------------------------
Puerto Rico - 0.5% 2,725 Puerto Rico Industrial Tourist, Educational, Medical and Environmental Control
Facilities Revenue Bonds (University Plaza Project), Series A, 5.625% due 7/01/2019
(a) 2,911
---------------------------------------------------------------------------------------------------------------------------------
Total Municipal Bonds (Cost - $854,750) - 161.9% 889,025
---------------------------------------------------------------------------------------------------------------------------------
MuniHoldings Florida Insured Fund
Schedule of Investments as of May 31, 2006 (in Thousands)
Shares
Held Short-Term Securities Value
---------------------------------------------------------------------------------------------------------------------------------
25,324 CMA Florida Municipal Money Fund, 2.85% (o)(p) $ 25,324
---------------------------------------------------------------------------------------------------------------------------------
Total Short-Term Securities (Cost - $25,324) - 4.6% 25,324
---------------------------------------------------------------------------------------------------------------------------------
Total Investments (Cost - $880,074*) - 166.5% 914,349
Liabilities in Excess of Other Assets - (0.3%) (1,797)
Preferred Shares, at Redemption Value - (66.2%) (363,404)
------------
Net Assets Applicable to Common Shares - 100.0% $ 549,148
============
* The cost and unrealized appreciation (depreciation) of investments as of
May 31, 2006, as computed for federal income tax purposes, were as
follows:
Aggregate cost $ 881,825
===========
Gross unrealized appreciation $ 33,455
Gross unrealized depreciation (931)
-----------
Net unrealized appreciation $ 32,524
===========
(a) MBIA Insured.
(b) AMBAC Insured.
(c) FSA Insured.
(d) GNMA Collateralized.
(e) FHLMC Collateralized.
(f) The rate disclosed is that currently in effect. This rate changes
periodically and inversely based upon prevailing market rates.
(g) FNMA Collateralized.
(h) FGIC Insured.
(i) FHA Insured.
(j) Prerefunded.
(k) Radian Insured.
(l) CIFG Insured.
(m) Assured Guaranty Insured.
(n) XL Capital Insured.
(o) Represents the current yield as of 5/31/2006.
(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:
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Affiliate Net Dividend
Activity Income
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CMA Florida Municipal Money Fund 25,324 $ 127
Merrill Lynch Institutional Tax-Exempt Fund (2,535) $ 53
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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) - There were no changes in the registrant's internal control over financial
reporting (as defined in Rule 30a-3(d) under the Act (17 CFR
270.30a-3(d)) that occurred during the last fiscal quarter of the period
covered by this report that has materially affected, or is 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.
MuniHoldings Florida Insured Fund, Inc.
By: /s/ Robert C. Doll, Jr.
-----------------------------
Robert C. Doll, Jr.
Chief Executive Officer
MuniHoldings Florida Insured Fund, Inc.
Date: July 21, 2006
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
MuniHoldings Florida Insured Fund, Inc.
Date: July 21, 2006
By: /s/ Donald C. Burke
-----------------------------
Donald C. Burke
Chief Financial Officer
MuniHoldings Florida Insured Fund, Inc.
Date: July 21, 2006