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
Fund Address: P.O. Box 9011
Princeton, NJ 08543-9011
Name and address of agent for service: Robert C. Doll, Jr., President,
MuniHoldings Florida Insured Fund, 800 Scudders Mill Road, Plainsboro,
NJ 08536. Mailing address: P.O. Box 9011, Princeton, NJ 08543-9011
Registrant's telephone number, including area code: (609) 282-2800
Date of fiscal year end: 08/31/05
Date of reporting period: 09/01/04 - 11/30/04
Item 1 - Schedule of Investments
MuniHoldings Florida Insured Fund
Schedule of Investments as of November 30, 2004 (in Thousands)
Face
Amount Municipal Bonds Value
-----------------------------------------------------------------------------------------------------------------------------------
Florida - 154.7%
-----------------------------------------------------------------------------------------------------------------------------------
$ 6,600 Alachua County, Florida, School Board, COP, 5.25% due 7/01/2029(b) $ 6,903
--------------------------------------------------------------------------------------------------------------
4,195 Beacon Tradeport Community Development District, Florida, Special Assessment Revenue
Refunding Bonds (Commercial Project), Series A, 5.625% due 5/01/2032(k) 4,445
--------------------------------------------------------------------------------------------------------------
Brevard County, Florida, HFA, S/F Mortgage Revenue Bonds, AMT(d)(g):
1,940 6.80% due 3/01/2028 1,972
140 (Multi-County Program), 6.30% due 3/01/2020 149
--------------------------------------------------------------------------------------------------------------
635 Broward County, Florida, HFA, S/F Mortgage Revenue Bonds, AMT, 6.70% due 2/01/2028(d)(g) 644
--------------------------------------------------------------------------------------------------------------
Clay County, Florida, HFA, S/F Mortgage Revenue Bonds, AMT(d):
1,060 6.55% due 3/01/2028(i) 1,084
10 (Multi-County Program), 6.375% due 10/01/2026(g) 10
--------------------------------------------------------------------------------------------------------------
1,320 Clay County, Florida, School Board, COP (Master Lease Program), 5.75% due 7/01/2022(a) 1,478
--------------------------------------------------------------------------------------------------------------
5,000 Collier County, Florida, IDA, IDR, Refunding (Southern States Utilities), AMT, 6.50%
due 10/01/2025 5,207
--------------------------------------------------------------------------------------------------------------
6,385 Dade County, Florida, HFA, S/F Mortgage Revenue Bonds, AMT, 6.70% due 4/01/2028(d)(g) 6,537
--------------------------------------------------------------------------------------------------------------
Dade County, Florida, Water and Sewer System Revenue Bonds(h):
20,575 5.25% due 10/01/2021 21,961
21,640 5.25% due 10/01/2026 22,558
--------------------------------------------------------------------------------------------------------------
5,000 Deltona, Florida Utility System Revenue Bonds, 5.125% due 10/01/2027(a) 5,153
--------------------------------------------------------------------------------------------------------------
Escambia County, Florida, HFA, S/F Mortgage Revenue Refunding Bonds (Multi-County
Program), AMT, Series A(a)(i):
675 6.30% due 10/01/2020 681
2,545 6.375% due 10/01/2026 2,569
--------------------------------------------------------------------------------------------------------------
20,225 Escambia County, Florida, Health Facilities Authority, Health Facility Revenue Bonds
(Florida Health Care Facility Loan), 5.95% due 7/01/2020(b) 20,635
--------------------------------------------------------------------------------------------------------------
5,280 Escambia County, Florida, Health Facilities Authority Revenue Refunding Bonds
(Ascension Health Credit), Series A-1, 5.75% due 11/15/2009(b)(j) 5,992
--------------------------------------------------------------------------------------------------------------
2,290 Fishhawk Community Development District, Florida, Special Assessment Revenue Refunding
Bonds, 5.25% due 5/01/2018(a) 2,500
--------------------------------------------------------------------------------------------------------------
2,655 Florida HFA, Homeower Mortgage Revenue Refunding Bonds, AMT, Series 2, 5.75%
due 7/01/2014(a) 2,782
--------------------------------------------------------------------------------------------------------------
10,850 Florida HFA, Revenue Refunding Bonds, AMT, RITR, Series 12, 9.70% due 7/01/2029(a)(f) 11,478
--------------------------------------------------------------------------------------------------------------
1,590 Florida Housing Finance Corporation, Homeowner Mortgage Revenue Refunding Bonds, AMT,
Series 4, 6.25% due 7/01/2022(c) 1,615
--------------------------------------------------------------------------------------------------------------
2,055 Florida Housing Finance Corporation, Housing Revenue Bonds (Waverly Apartments), AMT,
Series C-1, 6.30% due 7/01/2030(c) 2,168
--------------------------------------------------------------------------------------------------------------
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
PCR Pollution Control Revenue Bonds
RIB Residual Interest Bonds
RITR Residual Interest Trust Receipts
S/F Single-Family
MuniHoldings Florida Insured Fund
Schedule of Investments as of November 30, 2004 (continued) (in Thousands)
Face
Amount Municipal Bonds Value
-----------------------------------------------------------------------------------------------------------------------------------
Florida (continued)
-----------------------------------------------------------------------------------------------------------------------------------
Florida Municipal Loan Council Revenue Bonds, Series B(a):
$ 1,285 5.375% due 11/01/2025 $ 1,366
4,150 5.375% due 11/01/2030 4,350
--------------------------------------------------------------------------------------------------------------
Florida State Board of Education, Capital Outlay, GO, Public Education:
6,600 Series C, 5.75% due 6/01/2023(h) 7,380
1,000 Series C, 5.75% due 6/01/2029(h) 1,101
7,000 Series E, 5.625% due 6/01/2029(c) 7,562
--------------------------------------------------------------------------------------------------------------
6,900 Florida State Board of Education, Capital Outlay, GO, Series A, 5.90%
due 1/01/2005(c)(j) 6,992
--------------------------------------------------------------------------------------------------------------
3,750 Florida State Board of Education, GO, Public Education, Refunding, Series D, 5.75%
due 6/01/2022(c) 4,226
--------------------------------------------------------------------------------------------------------------
12,000 Florida State Board of Education, GO, Public Education, Series B, 5.75%
due 6/01/2005(a)(j) 12,343
--------------------------------------------------------------------------------------------------------------
12,725 Florida State Board of Education, Lottery Revenue Bonds, DRIVERS, Series 222, 11.196%
due 7/01/2017(f)(h) 16,582
--------------------------------------------------------------------------------------------------------------
Florida State Board of Regents, Housing Revenue Bonds(h):
2,200 (University of Central Florida), 5.25% due 10/01/2026 2,305
1,080 (University of Florida), 6% due 7/01/2018 1,228
--------------------------------------------------------------------------------------------------------------
7,165 Florida State Board of Regents, University Systems Improvement Revenue Bonds, 5.25%
due 7/01/2022(a) 7,613
--------------------------------------------------------------------------------------------------------------
3,505 Florida State Department of General Services, Division Facilities Management Revenue
Bonds (Florida Facilities Pool), Series A, 6% due 9/01/2025(b) 3,979
--------------------------------------------------------------------------------------------------------------
Florida State Governmental Utility Authority, Utility Revenue Bonds(b):
2,350 (Citrus Utility System), 5.125% due 10/01/2033 2,401
2,900 (Lehigh Utility System), 5.125% due 10/01/2033 2,963
--------------------------------------------------------------------------------------------------------------
14,325 Florida State Turnpike Authority, Turnpike Revenue Bonds, DRIVERS, Series 218, 10.945%
due 7/01/2029(f)(h) 18,542
--------------------------------------------------------------------------------------------------------------
Florida State Turnpike Authority, Turnpike Revenue Bonds (Department of
Transportation), Series A:
3,590 5.50% due 7/01/2016(a) 3,965
2,835 5.75% due 7/01/2019 3,175
--------------------------------------------------------------------------------------------------------------
7,135 Highlands County, Florida, Health Facilities Authority, Hospital Revenue Bonds
(Adventist Health System), Series A, 6% due 11/15/2031 7,639
--------------------------------------------------------------------------------------------------------------
4,500 Hillsborough County, Florida, IDA, PCR, Refunding (Tampa Electric Company Project),
6.25% due 12/01/2034(a) 4,604
--------------------------------------------------------------------------------------------------------------
Hillsborough County, Florida, School Board, COP(a):
33,400 6% due 7/01/2009(j) 38,123
6,600 5.375% due 7/01/2026 6,969
--------------------------------------------------------------------------------------------------------------
1,300 Indian River County, Florida, Water and Sewer Revenue Refunding Bonds, Series A, 5.25%
due 9/01/2018(h) 1,406
--------------------------------------------------------------------------------------------------------------
1,800 Jacksonville, Florida, Economic Development Commission, Health Care Facilities Revenue
Bonds (Mayo Clinic-Jacksonville), Series A, 5.50% due 11/15/2036(a) 1,910
--------------------------------------------------------------------------------------------------------------
2,415 Jacksonville, Florida, Electric Authority, Electric System Revenue Refunding Bonds,
Series 3-A, 6% due 4/01/2005(a)(j) 2,471
--------------------------------------------------------------------------------------------------------------
7,305 Jacksonville, Florida, Guaranteed Entitlement Revenue Refunding and Improvement Bonds,
5.25% due 10/01/2032(h) 7,589
--------------------------------------------------------------------------------------------------------------
Jacksonville, Florida, Port Authority, Airport Revenue Bonds, AMT, Series A(h):
1,295 6.10% due 10/01/2018 1,356
8,385 6.25% due 10/01/2024 8,790
--------------------------------------------------------------------------------------------------------------
Jacksonville, Florida, Port Authority, Seaport Revenue Bonds, AMT(a):
1,130 5.625% due 11/01/2010(j) 1,261
1,870 5.625% due 11/01/2026 1,976
--------------------------------------------------------------------------------------------------------------
MuniHoldings Florida Insured Fund
Schedule of Investments as of November 30, 2004 (continued) (in Thousands)
Face
Amount Municipal Bonds Value
-----------------------------------------------------------------------------------------------------------------------------------
Florida (continued)
-----------------------------------------------------------------------------------------------------------------------------------
Jacksonville, Florida, Sales Tax Revenue Bonds(b):
$ 2,000 5.50% due 10/01/2016 $ 2,225
3,800 5.50% due 10/01/2018 4,217
--------------------------------------------------------------------------------------------------------------
1,500 Jacksonville, Florida, Water and Sewer Revenue Bonds (United Water Florida Project),
AMT, 6.35% due 8/01/2025(b) 1,566
--------------------------------------------------------------------------------------------------------------
Lee County, Florida, Airport Revenue Bonds(c):
9,963 RIB, AMT, Series 811-X, 10.01% due 10/01/2029(f) 11,500
1,000 Series B, 5.75% due 10/01/2033 1,085
--------------------------------------------------------------------------------------------------------------
Lee County, Florida, Capital Revenue Bonds(b):
6,525 5.25% due 10/01/2023 6,945
6,865 5.25% due 10/01/2024 7,275
--------------------------------------------------------------------------------------------------------------
Lee County, Florida, HFA, S/F Mortgage Revenue Bonds, AMT (d)(g):
210 (Multi-County Program), Series A-1, 7.20% due 3/01/2033 211
835 Series A-6, 6.45% due 3/01/2031(e) 843
--------------------------------------------------------------------------------------------------------------
1,130 Lee County, Florida, HFA, S/F Mortgage Revenue Refunding Bonds, AMT, Series A-2, 6.30%
due 3/01/2029(d)(e)(g) 1,138
--------------------------------------------------------------------------------------------------------------
Leesburg, Florida, Capital Improvement Revenue Bonds(h):
1,605 5.25% due 10/01/2027 1,688
3,425 5.25% due 10/01/2034 3,572
--------------------------------------------------------------------------------------------------------------
1,025 Manatee County, Florida, HFA, S/F Mortgage Revenue Refunding Bonds, AMT, Sub-Series 1,
6.25% due 11/01/2028(d) 1,041
--------------------------------------------------------------------------------------------------------------
1,330 Marco Island, Florida, Utility System Revenue Bonds, 5.25% due 10/01/2020(a) 1,444
--------------------------------------------------------------------------------------------------------------
5,990 Martin County, Florida, Utilities System Revenue Bonds, 5.125% due 10/01/2033(b) 6,120
--------------------------------------------------------------------------------------------------------------
2,000 Miami Beach, Florida, Redevelopment Agency, Tax Increment Revenue Bonds, City Center
Tax Allocation (Historic Village), AMT, 5.875% due 12/01/2022(a) 2,045
--------------------------------------------------------------------------------------------------------------
Miami Beach, Florida, Stormwater Revenue Bonds(h):
1,630 5.75% due 9/01/2016 1,838
1,000 5.25% due 9/01/2020 1,082
4,400 5.25% due 9/01/2025 4,640
1,910 5.375% due 9/01/2030 2,002
--------------------------------------------------------------------------------------------------------------
Miami Beach, Florida, Water and Sewer Revenue Bonds(b):
2,690 5.625% due 9/01/2018 3,007
10,600 5.75% due 9/01/2025 11,779
--------------------------------------------------------------------------------------------------------------
Miami-Dade County, Florida, Aviation Revenue Bonds, AMT, Series A:
2,860 5.125% due 10/01/2035(c) 2,873
200 (Miami International Airport), 5.45% due 10/01/2012(h) 217
6,000 (Miami International Airport), 6% due 10/01/2024(h) 6,621
10,000 (Miami International Airport), 6% due 10/01/2029(h) 10,771
4,385 (Miami International Airport), 5% due 10/01/2030(h) 4,372
--------------------------------------------------------------------------------------------------------------
Miami-Dade County, Florida, Educational Facilities Authority Revenue Bonds (University
of Miami), Series A(b):
1,000 5.50% due 4/01/2019 1,102
19,425 6% due 4/01/2023 21,991
5,000 5.75% due 4/01/2029 5,502
--------------------------------------------------------------------------------------------------------------
MuniHoldings Florida Insured Fund
Schedule of Investments as of November 30, 2004 (continued) (in Thousands)
Face
Amount Municipal Bonds Value
-----------------------------------------------------------------------------------------------------------------------------------
Florida (continued)
-----------------------------------------------------------------------------------------------------------------------------------
$ 8,995 Miami-Dade County, Florida, Expressway Authority, Toll System Revenue Bonds, Series B,
5.25% due 7/01/2027(h) $ 9,462
--------------------------------------------------------------------------------------------------------------
12,250 Miami-Dade County, Florida, Expressway Authority, Toll System Revenue Refunding Bonds,
5.125% due 7/01/2025(h) 12,689
--------------------------------------------------------------------------------------------------------------
6,705 Miami-Dade County, Florida, GO (Parks Program), 6% due 11/01/2024(h) 7,588
--------------------------------------------------------------------------------------------------------------
2,185 Miami-Dade County, Florida, HFA, M/F Mortgage Revenue Bonds (Marbrisa Apartments
Project), AMT, Series 2A, 6% due 8/01/2026(c) 2,310
--------------------------------------------------------------------------------------------------------------
Miami-Dade County, Florida, IDA, IDR(b):
5,100 (Airis Miami II LLC Project), AMT, 6% due 10/15/2019 5,649
3,280 (BAC Funding Corporation Project), Series A, 5.25% due 10/01/2020 3,533
--------------------------------------------------------------------------------------------------------------
Miami-Dade County, Florida, Solid Waste System Revenue Bonds(c):
2,945 5.50% due 10/01/2015 3,276
3,105 5.50% due 10/01/2016 3,446
--------------------------------------------------------------------------------------------------------------
Nassau County, Florida, Public Improvement Revenue Refunding Bonds(a):
1,035 5.75% due 5/01/2016 1,167
1,095 5.75% due 5/01/2017 1,233
1,155 5.75% due 5/01/2018 1,301
1,225 5.75% due 5/01/2019 1,380
--------------------------------------------------------------------------------------------------------------
5,175 Nassau County, Florida, Water and Sewer System Revenue Bonds, 5.125% due 9/01/2033(a) 5,286
--------------------------------------------------------------------------------------------------------------
85 Orange County, Florida, HFA, Homeowner Revenue Refunding Bonds, AMT, Series B-1, 6.20%
due 9/01/2029(d)(g) 89
--------------------------------------------------------------------------------------------------------------
2,375 Orange County, Florida, HFA, M/F Housing Revenue Bonds, Series A, 6.40% due 1/01/2031(a) 2,472
--------------------------------------------------------------------------------------------------------------
1,515 Orange County, Florida, HFA, S/F Mortgage Revenue Bonds, AMT, 6.85% due 10/01/2027(d)(g) 1,547
--------------------------------------------------------------------------------------------------------------
Orange County, Florida, Health Facilities Authority, Hospital Revenue Bonds:
2,900 (Adventist Health System), 6.25% due 11/15/2024 3,198
9,220 (Orlando Regional Healthcare), 6% due 12/01/2029 9,891
5,000 (Orlando Regional Healthcare), Series A, 6.25% due 10/01/2018(a) 6,020
--------------------------------------------------------------------------------------------------------------
5,630 Orange County, Florida, Sales Tax Revenue Refunding Bonds, Series B, 5% due 1/01/2025(h) 5,784
--------------------------------------------------------------------------------------------------------------
1,300 Orange County, Florida, School Board, COP, 5.50% due 8/01/2025(b) 1,399
--------------------------------------------------------------------------------------------------------------
Orange County, Florida, Tourist Development Tax Revenue Bonds(b):
5,710 5.375% due 10/01/2018 6,225
31,745 5.75% due 10/01/2025 34,807
2,000 5.50% due 10/01/2031 2,141
27,075 5.50% due 10/01/2032 28,757
--------------------------------------------------------------------------------------------------------------
Orlando and Orange County, Florida, Expressway Authority Revenue Bonds, Series B (b):
3,250 5% due 7/01/2030 3,293
28,700 5% due 7/01/2035 29,038
--------------------------------------------------------------------------------------------------------------
Osceola County, Florida, Infrastructure Sales Surplus Tax Revenue Bonds(b):
3,155 5.375% due 10/01/2018 3,464
7,680 5.25% due 10/01/2025 8,095
--------------------------------------------------------------------------------------------------------------
Osceola County, Florida, Sales Tax Revenue Bonds(h):
2,065 5.625% due 6/01/2016 2,319
1,605 5.625% due 6/01/2017 1,801
1,075 5.625% due 6/01/2018 1,204
--------------------------------------------------------------------------------------------------------------
4,240 Osceola County, Florida, School Board, COP, Series A, 5.25% due 6/01/2027(b) 4,441
--------------------------------------------------------------------------------------------------------------
5,560 Osceola County, Florida, Tourist Development Tax Revenue Bonds, Series A, 5.50%
due 10/01/2027(h) 5,920
--------------------------------------------------------------------------------------------------------------
MuniHoldings Florida Insured Fund
Schedule of Investments as of November 30, 2004 (continued) (in Thousands)
Face
Amount Municipal Bonds Value
-----------------------------------------------------------------------------------------------------------------------------------
Florida (continued)
-----------------------------------------------------------------------------------------------------------------------------------
Palm Beach County, Florida, GO (Liquid Acquisition Program), Series B(a):
$ 4,605 5.75% due 8/01/2016 $ 5,150
5,330 5.75% due 8/01/2018 5,951
--------------------------------------------------------------------------------------------------------------
5,500 Palm Beach County, Florida, Public Improvement Revenue Bonds (Convention Center
Project), 5.625% due 11/01/2011(h)(j) 6,278
--------------------------------------------------------------------------------------------------------------
6,115 Palm Beach County, Florida, School Board, COP, Refunding, Series B, 5.375%
due 8/01/2017(b) 6,689
--------------------------------------------------------------------------------------------------------------
Palm Beach County, Florida, School Board, COP, Series A:
5,070 6% due 8/01/2010(h)(j) 5,860
13,205 6.25% due 8/01/2010(h)(j) 15,433
4,235 5.50% due 8/01/2016(b) 4,677
--------------------------------------------------------------------------------------------------------------
Pembroke Pines, Florida, Public Improvement Revenue Bonds, Series A(b):
1,755 5% due 10/01/2029 1,785
2,070 5% due 10/01/2034 2,097
--------------------------------------------------------------------------------------------------------------
1,820 Pinellas County, Florida, HFA, S/F Mortgage Revenue Bonds (Multi-County Program), AMT,
Series A, 6.70% due 2/01/2028(d)(g) 1,855
--------------------------------------------------------------------------------------------------------------
9,885 Polk County, Florida, School Board, COP, Master Lease, Series A, 5.50% due 1/01/2025(c) 10,650
--------------------------------------------------------------------------------------------------------------
9,645 Pompano Beach, Florida, Water and Sewer Revenue Bonds, 6% due 7/01/2020(h) 10,540
--------------------------------------------------------------------------------------------------------------
Port St. Lucie, Florida, Utility Revenue Bonds(a):
1,280 5.25% due 9/01/2026 1,350
1,345 5.25% due 9/01/2027 1,415
--------------------------------------------------------------------------------------------------------------
Saint John's County, Florida, IDA, IDR, (Professional Golf Project), Refunding (a):
1,275 5.50% due 9/01/2015 1,424
1,345 5.50% due 9/01/2016 1,486
1,420 5.50% due 9/01/2017 1,564
1,500 5.50% due 9/01/2018 1,648
--------------------------------------------------------------------------------------------------------------
Saint John's County, Florida, Sales Tax Revenue Bonds, GO(b):
1,375 Series A, 5.25% due 10/01/2028 1,441
1,355 Series A, 5.25% due 10/01/2031 1,414
2,000 Series A, 5.25% due 10/01/2034 2,086
1,430 Series B, 5.25% due 10/01/2027 1,504
840 Series B, 5.25% due 10/01/2032 876
--------------------------------------------------------------------------------------------------------------
3,500 Saint John's County, Florida, Transportation Improvement Revenue Bonds, 5.125%
due 10/01/2032(b) 3,577
--------------------------------------------------------------------------------------------------------------
4,055 Saint Lucie County, Florida, School Board, COP, 6.25% due 7/01/2010(c)(j) 4,733
--------------------------------------------------------------------------------------------------------------
Saint Lucie County, Florida, School Board, COP, Refunding(c):
1,420 Series A, 5.50% due 7/01/2017 1,562
1,495 Series A, 5.50% due 7/01/2018 1,641
1,105 Series C, 5.50% due 7/01/2017 1,216
1,170 Series C, 5.50% due 7/01/2018 1,284
--------------------------------------------------------------------------------------------------------------
Saint Lucie, Florida, West Services District, Utility Revenue Bonds(a):
1,720 5.25% due 10/01/2034 1,799
4,750 5% due 10/01/2038 4,793
--------------------------------------------------------------------------------------------------------------
3,250 Saint Lucie, Florida, West Services District, Utility Revenue Refunding Bonds, Senior
Lien, 6% due 10/01/2022(a) 3,740
--------------------------------------------------------------------------------------------------------------
1,750 South Lake County, Florida, Hospital District Revenue Bonds (South Lake Hospital Inc.),
5.80% due 10/01/2034 1,797
--------------------------------------------------------------------------------------------------------------
MuniHoldings Florida Insured Fund
Schedule of Investments as of November 30, 2004 (continued) (in Thousands)
Face
Amount Municipal Bonds Value
-----------------------------------------------------------------------------------------------------------------------------------
Florida (concluded)
-----------------------------------------------------------------------------------------------------------------------------------
Sunrise, Florida, Utility System Revenue Refunding Bonds(b):
$ 7,000 5.50% due 10/01/2018 $ 7,962
2,250 5.20% due 10/01/2022 2,461
--------------------------------------------------------------------------------------------------------------
2,430 Sunrise Lakes, Florida, Phase 4 Recreation District, Refunding Bonds, GO, 5.25%
due 8/01/2024(b) 2,565
--------------------------------------------------------------------------------------------------------------
Tallahassee, Florida, Lease Revenue Bonds (Florida State University Project),
Series A(a):
2,800 5.25% due 8/01/2023 2,933
1,000 5.375% due 8/01/2026 1,056
--------------------------------------------------------------------------------------------------------------
14,750 Tampa, Florida, Sports Authority Revenue Bonds (Local Option Sales Tax - Stadium
Project), 5.25% due 1/01/2027(a) 15,259
--------------------------------------------------------------------------------------------------------------
30,335 Tampa Bay, Florida, Water Utility System Revenue Bonds, 6% due 10/01/2011(h)(j) 35,249
--------------------------------------------------------------------------------------------------------------
3,835 Taylor County, Florida, Sales Tax Revenue Bonds, 6% due 10/01/2025(h) 4,328
--------------------------------------------------------------------------------------------------------------
6,435 University of Central Florida (UCF) Athletics Association Inc., COP, Series A, 5.25%
due 10/01/2034(h) 6,711
--------------------------------------------------------------------------------------------------------------
Village Center Community Development District, Florida, Recreational Revenue Bonds,
Series A(a):
10,775 5.375% due 11/01/2034 11,371
1,750 5.125% due 11/01/2036 1,784
--------------------------------------------------------------------------------------------------------------
3,000 Village Center Community Development District, Florida, Utility Revenue Bonds, 5.25%
due 10/01/2023(a) 3,194
-----------------------------------------------------------------------------------------------------------------------------------
Nevada - 0.7%
-----------------------------------------------------------------------------------------------------------------------------------
4,150 Clark County, Nevada, IDR (Southwest Gas Corporation Project), Refunding, AMT, Series B,
5% due 12/01/2033(h) 4,100
-----------------------------------------------------------------------------------------------------------------------------------
Puerto Rico - 2.9%
-----------------------------------------------------------------------------------------------------------------------------------
3,000 Puerto Rico Commonwealth, GO, Public Improvement, 6% due 7/01/2005(j) 3,097
--------------------------------------------------------------------------------------------------------------
10,125 Puerto Rico Commonwealth Highway and Transportation Authority, Transportation Revenue
Bonds, Series B, 6% due 7/01/2005(j) 10,461
--------------------------------------------------------------------------------------------------------------
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) 3,040
--------------------------------------------------------------------------------------------------------------
Total Municipal Bonds (Cost - $853,383) - 158.3% 906,511
--------------------------------------------------------------------------------------------------------------
Shares
Held Short-Term Securities
--------------------------------------------------------------------------------------------------------------
14,335 Merrill Lynch Institutional Tax-Exempt Fund(l) 14,335
--------------------------------------------------------------------------------------------------------------
Total Short-Term Securities (Cost - $14,335) - 2.5% 14,335
--------------------------------------------------------------------------------------------------------------
Total Investments (Cost - $867,718*) - 160.8% 920,846
Other Assets Less Liabilities - 2.6% 15,182
Preferred Shares, at Redemption Value - (63.4%) (363,287)
---------
Net Assets Applicable to Common Shares - 100.0% $ 572,741
=========
(a) MBIA Insured.
(b) AMBAC Insured.
(c) FSA Insured.
(d) GNMA Collateralized.
(e) FHLMC Collateralized.
(f) The interest rate is subject to change periodically and inversely based
upon prevailing market rates. The interest rate shown is the rate in
effect at November 30, 2004.
(g) FNMA Collateralized.
(h) FGIC Insured.
MuniHoldings Florida Insured Fund
Schedule of Investments as of November 30, 2004 (concluded)
(i) FHA Insured.
(j) Prerefunded.
(k) Radian Insured.
(l) Investments in companies considered to be an affiliate of the Fund (such
companies are defined as "Affiliated Companies" in Section 2(a)(3) of the
Investment Company Act of 1940) were as follows:
(in Thousands)
--------------------------------------------------------------------------
Net Dividend
Affiliate Activity Income
--------------------------------------------------------------------------
Merrill Lynch Institutional Tax-Exempt Fund 4,000 $ 63
--------------------------------------------------------------------------
* The cost and unrealized appreciation/depreciation of investments as of
November 30, 2004, as computed for federal income tax purposes, were as
follows:
(in Thousands)
--------------------------------------------------------------------------
Aggregate cost $ 868,460
=========
Gross unrealized appreciation $ 53,559
Gross unrealized depreciation (1,173)
---------
Net unrealized appreciation $ 52,386
=========
Forward interest rate swaps outstanding as of November 30, 2004 were as
follows:
(in Thousands)
--------------------------------------------------------------------------
Notional Unrealized
Amount Appreciation
--------------------------------------------------------------------------
Receive a variable rate equal to 7-Day
Bond Market Association Municipal
Swap Index Rate and pay a fixed rate
equal to 4.054% interest
Broker, J.P. Morgan Chase Bank
Expires January 2025 $43,500 $ 963
Receive a variable rate equal to 7-Day
Bond Market Association Municipal
Swap Index Rate and pay a fixed rate
equal to 3.675% interest
Broker, J.P. Morgan Chase Bank
Expires February 2015 $74,400 411
--------------------------------------------------------------------------
Total $ 1,374
=======
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
By: /s/ Robert C. Doll, Jr.
-------------------------------
Robert C. Doll, Jr.,
President
MuniHoldings Florida Insured Fund
Date: January 13, 2005
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.
President
MuniHoldings Florida Insured Fund
Date: January 13, 2005
By: /s/ Donald C. Burke
-------------------------------
Donald C. Burke
Chief Financial Officer
MuniHoldings Florida Insured Fund
Date: January 13, 2005