UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT
INVESTMENT COMPANY
Investment Company Act File number 811-8707
Name of Fund: MuniHoldings Insured Fund, Inc.
Fund Address: P.O. Box 9011
Princeton, NJ 08543-9011
Name and address of agent for service: Robert C. Doll, Jr., Chief Executive
Officer, MuniHoldings Insured Fund, Inc., 800 Scudders Mill Road,
Plainsboro, NJ, 08536. Mailing address: P.O. Box 9011, Princeton,
NJ, 08543-9011
Registrant's telephone number, including area code: (609) 282-2800
Date of fiscal year end: 04/30/2006
Date of reporting period: 11/01/05 - 01/31/06
Item 1 - Schedule of Investments
MuniHoldings Insured Fund, Inc.
Schedule of Investments as of January 31, 2006 (in Thousands)
Face
State Amount Municipal Bonds Value
Alabama - 1.3% $ 2,170 Jefferson County, Alabama, Limited Obligation School Warrants, Series A, 5.50%
due 1/01/2022 $ 2,343
Arizona - 2.1% 3,590 Pinal County, Arizona, COP, 5.25% due 12/01/2023 3,782
Arkansas - 3.5% 3,710 Arkansas State Development Finance Authority, M/F Mortgage Revenue Refunding Bonds,
DRIVERS, Series 964Z, 7.356% due 6/01/2010 (c)(e)(i) 4,009
2,135 Arkansas State Development Finance Authority, State Agencies Facilities Revenue
Bonds (Department of Corrections Project), Series B, 5% due 11/01/2025 (d) 2,246
California - 32.0% 3,250 California Pollution Control Financing Authority, PCR, Refunding, DRIVERS, AMT,
Series 878Z, 7.345% due 12/01/2009 (e)(i) 3,686
2,000 California State Public Works Board, Lease Revenue Bonds (Department of General
Services - Capitol East End Complex), Series A, 5% due 12/01/2027 (a) 2,066
1,300 California State, Various Purpose, GO, 5.50% due 4/01/2028 1,429
2,145 Chula Vista, California, IDR (San Diego Gas and Electric Company), AMT, Series D,
5% due 12/01/2027 (a) 2,214
1,800 East Side Union High School District, California, Santa Clara County, GO (Election
of 2002), Series B, 5% due 8/01/2027 (b) 1,875
1,335 East Side Union High School District, California, Santa Clara County, GO (Election
of 2002), Series D, 5% due 8/01/2021 (g) 1,418
5,155 East Side Union High School District, California, Santa Clara County, GO (Election
of 2002), Series D, 5% due 8/01/2029 (g) 5,369
5,305 Industry, California, Urban Development Agency, Tax Allocation Bonds (Civic-
Recreational-Industrial Redevelopment Project Number 1), Series B, 5% due
5/01/2019 (e) 5,548
2,000 Los Angeles, California, Unified School District, GO (Election of 1997), Series F,
5% due 1/01/2028 (b) 2,087
3,000 Los Angeles, California, Unified School District, GO, Series A, 5% due 1/01/2028 (e) 3,130
2,565 Modesto, California, Schools Infrastructure Financing Agency, Special Tax Bonds,
5.50% due 9/01/2036 (a) 2,782
5,005 San Francisco, California, City and County, GO (California Academy of Sciences
Improvements), Series E, 5% due 6/15/2023 (e) 5,278
1,265 San Jose, California, GO (Libraries, Parks and Public Safety Projects), 5% due
9/01/2030 (e) 1,313
2,635 San Pablo, California, Joint Powers Financing Authority, Tax Allocation Revenue
Refunding Bonds, 5.66%* due 12/01/2024 (e) 1,027
Portfolio Abbreviations
To simplify the listings of MuniHoldings Insured Fund, Inc.'s portfolio
holdings in the Schedule of Investments, we have abbreviated the names of
many of the securities according to the list below.
AMT Alternative Minimum Tax (subject to)
COP Certificates of Participation
DRIVERS Derivative Inverse Tax-Exempt Receipts
EDA Economic Development Authority
GO General Obligation Bonds
HDA Housing Development Authority
HFA Housing Finance Agency
IDA Industrial Development Authority
IDR Industrial Development Revenue Bonds
M/F Multi-Family
PCR Pollution Control Revenue Bonds
VRDN Variable Rate Demand Notes
MuniHoldings Insured Fund, Inc.
Schedule of Investments as of January 31, 2006 (concluded) (in Thousands)
Face
State Amount Municipal Bonds Value
California $ 2,355 San Pablo, California, Joint Powers Financing Authority, Tax Allocation Revenue
(concluded) Refunding Bonds, 5.66%* due 12/01/2025 (e) $ 866
2,355 San Pablo, California, Joint Powers Financing Authority, Tax Allocation Revenue
Refunding Bonds, 5.66%* due 12/01/2026 (e) 816
3,145 Sequoia, California, Unified High School District, GO, Refunding, Series B, 5.50%
due 7/01/2035 (d) 3,481
2,080 Sweetwater, California, Union High School District, Public Financing Authority,
Special Tax Revenue Bonds, Series A, 5% due 9/01/2028 (d) 2,165
2,800 Tustin, California, Unified School District, Senior Lien Special Tax Bonds
(Community Facilities District Number 97-1), Series A, 5% due 9/01/2038 (d) 2,857
1,700 University of California, Limited Project Revenue Bonds, Series B, 5% due 5/15/2033 (d) 1,763
2,000 University of California Revenue Bonds (Multiple Purpose Projects), Series Q, 5% due
9/01/2022 (d) 2,097
3,480 West Contra Costa, California, Unified School District, GO, Series C, 5% due
8/01/2021 (b) 3,681
2,435 William S. Hart Union High School District, California, Capital Appreciation, GO
(Election of 2001), Series B, 4.72%* due 9/01/2025 (d) 974
Colorado - 6.4% 2,440 Aurora, Colorado, COP, 5.75% due 12/01/2010 (a)(f) 2,661
2,560 Aurora, Colorado, COP, 5.75% due 12/01/2010 (a)(f) 2,794
2,730 Aurora, Colorado, COP, 5.75% due 12/01/2010 (a)(f) 2,974
2,890 Aurora, Colorado, COP, 5.75% due 12/01/2010 (a)(f) 3,149
Connecticut - 2.9% 5,000 Connecticut State Health and Educational Facilities Authority Revenue Bonds
(Connecticut State University System), Series E, 5% due 11/01/2033 (b) 5,173
Florida - 0.2% 2,225 Miami-Dade County, Florida, Subordinate Special Obligation Revenue Bonds, Series A,
5.24%* due 10/01/2037 (e) 437
Georgia - 2.0% 1,500 Atlanta, Georgia, Water and Wastewater Revenue Bonds, VRDN, Series C, 3.05% due
11/01/2041 (d)(h) 1,500
2,000 Augusta, Georgia, Water and Sewer Revenue Bonds, 5.25% due 10/01/2034 (d) 2,135
Illinois - 12.9% 7,965 Chicago, Illinois, GO, Series A, 6% due 7/01/2010 (b)(f) 8,838
2,050 Chicago, Illinois, O'Hare International Airport, General Revenue Bonds, Third Lien,
Series A, 5% due 1/01/2029 (e) 2,131
2,150 Chicago, Illinois, O'Hare International Airport Revenue Bonds, DRIVERS, AMT, Series
845-Z, 8.624% due 1/01/2012 (e)(g)(i) 2,633
2,965 Chicago, Illinois, Park District, Limited Tax, GO, Series A, 5.75% due 1/01/2011 (b)(f) 3,255
1,535 Counties of Madison, Jersey, Macoupin, Calhoun, Morgan, Scott and Greene and the
State of Illinois, Community College District Number 536 (Lewis & Clark), GO
(Alternate Revenue Source), Series B, 5.25% due 11/01/2030 (d) 1,641
4,500 Illinois State, GO, First Series, 6% due 1/01/2018 (b) 4,881
45 Lake, Cook, Kane and McHenry Counties, Illinois, Community Unit School District
Number 220, GO, 5.75% due 12/01/2019 (b) 49
Indiana - 1.2% 2,000 Indiana Transportation Finance Authority, Highway Revenue Bonds, Series A, 5.25%
due 6/01/2029 (b) 2,132
Maryland - 1.6% 2,640 Baltimore, Maryland, Convention Center Hotel Revenue Bonds, Senior Series A, 5.25%
due 9/01/2023 (g) 2,870
Massachusetts - 11.4% 3,565 Massachusetts Bay Transportation Authority, Sales Tax Revenue Refunding Bonds,
Senior Series A, 5% due 7/01/2035 3,682
2,105 Massachusetts Bay Transportation Authority, Special Assessment Revenue Refunding
Bonds, Series A, 5% due 7/01/2031 2,198
565 Massachusetts State, HFA, Housing Development Revenue Refunding Bonds, AMT, Series A,
5.15% due 6/01/2011 (e) 569
3,300 Massachusetts State, HFA, Rental Housing Mortgage Revenue Bonds, AMT, Series A, 5.15%
due 7/01/2026 (d) 3,322
2,440 Massachusetts State, HFA, Rental Housing Mortgage Revenue Bonds, AMT, Series C, 5.50%
due 7/01/2032 (d) 2,554
8,010 Massachusetts State School Building Authority, Dedicated Sales Tax Revenue Bonds,
Series A, 5% due 8/15/2030 (d) 8,381
Michigan - 3.8% 2,035 Boyne City, Michigan, Public School District, GO, 5.75% due 5/01/2009 (b)(f) 2,178
1,500 Michigan State Strategic Fund, Limited Obligation Revenue Refunding Bonds (Detroit
Edison Pollution), AMT, Series B, 5.65% due 9/01/2029 (g) 1,583
1,750 Michigan State Strategic Fund, Limited Obligation Revenue Refunding Bonds, DRIVERS,
AMT, Series 857Z, 7.924% due 3/01/2010 (g)(i) 1,944
1,000 Michigan State Strategic Fund, Limited Obligation Revenue Refunding Bonds, DRIVERS,
AMT, Series 858Z, 7.625% due 12/01/2011 (g)(i) 1,118
Minnesota - 2.4% 4,015 Sauk Rapids, Minnesota, Independent School District Number 47, GO, Series A, 5.65%
due 2/01/2019 (e) 4,362
Missouri - 5.2% 2,000 Cape Girardeau, Missouri, School District Number 063, GO (Missouri Direct Deposit
Program), 5.50% due 3/01/2018 (b) 2,139
1,925 Mehlville, Missouri, School District Number R-9, COP, Series A, 5.50% due 3/01/2014 (d) 2,086
2,175 Mehlville, Missouri, School District Number R-9, COP, Series A, 5.50% due 3/01/2015 (d) 2,352
1,170 Mehlville, Missouri, School District Number R-9, COP, Series A, 5.50% due 3/01/2016 (d) 1,266
1,500 Mehlville, Missouri, School District Number R-9, COP, Series A, 5.50% due 3/01/2017 (d) 1,617
Nebraska - 2.1% 1,585 Omaha Convention Hotel Corporation, Nebraska, Convention Center Revenue Bonds, First
Tier, Series A, 5.50% due 4/01/2020 (a) 1,725
2,000 Omaha Convention Hotel Corporation, Nebraska, Convention Center Revenue Bonds, First
Tier, Series A, 5.50% due 4/01/2021 (a) 2,166
New Jersey - 16.4% 5,295 New Jersey EDA, Cigarette Tax Revenue Bonds, 5.75% due 6/15/2029 5,586
3,800 New Jersey EDA, Cigarette Tax Revenue Bonds, 5.75% due 6/15/2034 (k) 4,164
6,700 New Jersey EDA, Motor Vehicle Surcharge Revenue Bonds, Series A, 5.25% due 7/01/2033 (e) 7,145
6,705 New Jersey State Transportation Trust Fund Authority, Transportation System Revenue
Bonds, Series D, 5% due 6/15/2019 (d) 7,144
5,500 New Jersey State Turnpike Authority, Turnpike Revenue Bonds, Series C, 5% due
1/01/2030 (d) 5,729
New York - 27.7% 1,185 Metropolitan Transportation Authority, New York, Revenue Bonds, Series B, 5% due
11/15/2030 (a) 1,240
10,000 Nassau Health Care Corporation, New York, Health System Revenue Bonds, 5.75% due
8/01/2009 (d)(f) 10,951
5,865 New York City, New York, GO, Refunding, Series C, 5.875% due 8/01/2006 (e)(f) 6,029
7,500 New York City, New York, GO, Refunding, Series G, 5.75% due 2/01/2017 (d) 7,627
7,085 New York City, New York, GO, Series G, 5.75% due 10/15/2007 (d)(f) 7,439
4,095 New York City, New York, Sales Tax Asset Receivable Corporation Revenue Bonds,
Series A, 5.25% due 10/15/2027 (a) 4,409
1,000 New York City, New York, Sales Tax Asset Receivable Corporation Revenue Bonds,
Series A, 5% due 10/15/2029 (a) 1,047
1,000 New York City, New York, Sales Tax Asset Receivable Corporation Revenue Bonds,
Series A, 5% due 10/15/2032 (a) 1,044
2,645 New York State Dormitory Authority Revenue Bonds (School Districts Financing Program),
Series D, 5.25% due 10/01/2023 (e) 2,850
4,900 Tobacco Settlement Financing Corporation of New York Revenue Bonds, Series C-1,
5.50% due 6/01/2017 5,301
2,000 Tobacco Settlement Financing Corporation of New York Revenue Bonds, Series C-1,
5.50% due 6/01/2021 2,193
Oregon - 0.8% 1,400 Portland, Oregon, Urban Renewal and Redevelopment Tax Allocation Bonds (Oregon
Convention Center), Series A, 5.75% due 6/15/2015 (a) 1,532
Pennsylvania - 11.6% 2,730 Lehigh County, Pennsylvania, IDA, PCR, Refunding (Pennsylvania Power and Light
Utilities Corporation Project), 4.75% due 2/15/2027 (b) 2,770
3,900 Pennsylvania State Higher Educational Facilities Authority, State System of Higher
Education Revenue Bonds, Series O, 5.125% due 6/15/2024 (a) 3,979
6,045 Philadelphia, Pennsylvania, Airport Revenue Bonds (Philadelphia Airport System),
AMT, Series B, 5.50% due 6/15/2017 (b) 6,280
1,730 Sayre, Pennsylvania, Health Care Facilities Authority, Revenue Refunding Bonds
(Guthrie Healthcare System), Series A, 5.875% due 12/01/2031 1,846
2,015 Seneca Valley, Pennsylvania, School District, GO, 5% due 1/01/2019 (b) 2,157
1,800 Washington County, Pennsylvania, Capital Funding Authority Revenue Bonds (Capital
Projects and Equipment Program), 6.15% due 12/01/2029 (a) 1,927
1,885 York County, Pennsylvania, School of Technology Authority, Lease Revenue Refunding
Bonds, 5.50% due 2/15/2022 (b) 2,059
Rhode Island - 4.8% 5,000 Providence, Rhode Island, Redevelopment Agency Revenue Refunding Bonds (Public
Safety and Municipal Buildings), Series A, 5.75% due 4/01/2010 (a)(f) 5,494
2,870 Rhode Island State Health and Educational Building Corporation Revenue Bonds
(Rhode Island School of Design), Series D, 5.50% due 8/15/2031 (g) 3,122
South Carolina - 0.9% 1,525 Medical University Hospital Authority, South Carolina, FHA-Insured Mortgage Hospital
Facilities, Revenue Refunding Bonds, Series A, 5.25% due 2/15/2025 (c)(e) 1,621
Tennessee - 3.5% 1,000 Sevier County, Tennessee, Public Building Authority Revenue Bonds, Local Government
Public Improvement IV, VRDN, Series B-3, 3.06% due 6/01/2013 (d)(h) 1,000
2,730 Tennessee HDA, Revenue Refunding Bonds (Homeownership Program), AMT, Series A, 5.25%
due 7/01/2022 (d) 2,819
2,505 Tennessee HDA, Revenue Refunding Bonds (Homeownership Program), AMT, Series A, 5.35%
due 1/01/2026 (d) 2,578
Texas - 4.4% 4,000 Dallas-Fort Worth, Texas, International Airport Revenue Bonds, DRIVERS, AMT, Series
778-Z, 7.624% due 11/01/2011 (e)(i) 4,438
500 Harris County, Texas, Health Facilities Development Corporation, Hospital Revenue
Bonds (Texas Children's Hospital), VRDN, Series B-1, 3.06% due 10/01/2029 (e)(h) 500
2,830 Houston, Texas, Community College System, Participation Interests, COP (Alief Center
Project), 5.75% due 8/15/2022 (e) 3,000
Washington - 4.9% 4,000 Bellevue, Washington, GO, Refunding, 5.50% due 12/01/2039 (e) 4,374
2,310 Chelan County, Washington, Public Utility District Number 001, Consolidated Revenue
Bonds (Chelan Hydro System), AMT, Series A, 5.45% due 7/01/2037 (a) 2,454
1,810 Snohomish County, Washington, Public Utility District Number 001, Electric Revenue
Bonds, 5.50% due 12/01/2022 (d) 1,972
West Virginia - 2.8% 5,000 West Virginia State Housing Development Fund, Housing Finance Revenue Refunding Bonds,
Series D, 5.20% due 11/01/2021 (e) 5,159
Wisconsin - 0.3% 500 Wisconsin State Health and Educational Facilities Authority Revenue Bonds (Blood
Center of Southeastern Wisconsin Project), 5.50% due 6/01/2024 522
Wyoming - 0.9% 1,500 Wyoming Student Loan Corporation, Student Loan Revenue Refunding Bonds, Series A,
6.20% due 6/01/2024 1,600
Puerto Rico - 3.1% 3,500 Puerto Rico Electric Power Authority, Power Revenue Bonds, Series RR, 5% due
7/01/2027 (g) 3,677
1,870 Puerto Rico Public Buildings Authority, Government Facilities Revenue Refunding
Bonds, Series D, 5.25% due 7/01/2036 1,931
Total Municipal Bonds (Cost - $304,442) - 173.1% 313,506
Shares
Held Short-Term Securities
21 Merrill Lynch Institutional Tax-Exempt Fund (j) 21
Total Short-Term Securities (Cost - $21) - 0.0% 21
Total Investments (Cost - $304,463**) - 173.1% 313,527
Other Assets Less Liabilities - 0.9% 1,671
Preferred Stock, at Redemption Value - (74.0%) (134,037)
----------
Net Assets Applicable to Common Stock - 100.0% $ 181,161
==========
* Represents a zero coupon bond; the interest rate shown reflects the effective
yield at the time of purchase.
** The cost and unrealized appreciation (depreciation) of investments as of
January 31, 2006, as computed for federal income tax purposes, were
as follows:
Aggregate cost $ 304,463
==============
Gross unrealized appreciation $ 9,761
Gross unrealized depreciation (697)
--------------
Net unrealized appreciation $ 9,064
==============
(a) AMBAC Insured.
(b) FGIC Insured.
(c) FHA Insured.
(d) FSA Insured.
(e) MBIA Insured.
(f) Prerefunded.
(g) XL Capital Insured.
(h) Security may have a maturity of more than one year at time of issuance,
but has variable rate and demand features that qualify it as a short-term
security. The rate disclosed is that currently in effect. This rate changes
periodically based upon prevailing market rates.
(i) The rate disclosed is that currently in effect. This rate changes periodically
and inversely based upon prevailing market rates.
(j) Investments in companies considered to be an affiliate of the Fund, for purposes
of Section 2(a)(3) of the Investment Company Act of 1940, were as follows:
Net Dividend
Affiliate Activity Income
Merrill Lynch Institutional
Tax-Exempt Fund -- $15
(k) Assured Guaranty Insured.
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 Insured Fund, Inc.
By: /s/ Robert C. Doll, Jr.
-----------------------
Robert C. Doll, Jr.
Chief Executive Officer
MuniHoldings Insured Fund, Inc.
Date: March 20, 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 Insured Fund, Inc.
Date: March 20, 2006
By: /s/ Donald C. Burke
-------------------
Donald C. Burke
Chief Financial Officer
MuniHoldings Insured Fund, Inc.
Date: March 20, 2006