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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>/in/edgar/work/0001071899-00-500001/0001071899-00-500001.txt : 20001130
<SEC-HEADER>0001071899-00-500001.hdr.sgml : 20001130
ACCESSION NUMBER:		0001071899-00-500001
CONFORMED SUBMISSION TYPE:	NSAR-B
PUBLIC DOCUMENT COUNT:		9
CONFORMED PERIOD OF REPORT:	20000930
FILED AS OF DATE:		20001129

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MUNIHOLDINGS INSURED FUND II INC
		CENTRAL INDEX KEY:			0001071899
		STANDARD INDUSTRIAL CLASSIFICATION:	 [
]		IRS NUMBER:				223636347
		FISCAL YEAR END:			1231
</COMPANY-DATA>

		FILING VALUES:
			FORM TYPE:		NSAR-B
			SEC ACT:		
			SEC FILE NUMBER:	811-09191
			FILM NUMBER:		780007
</FILING-VALUES>

			BUSINESS ADDRESS:	
				STREET 1:		C/O MERRILL LYNCH ASSET MANAGEMENT
				STREET 2:		800 SCUDDERS MILL RD
				CITY:			PLAINSBORO
				STATE:			NJ
				ZIP:			08536
				BUSINESS PHONE:		6092823087
</BUSINESS-ADDRESS>

				MAIL ADDRESS:	
					STREET 1:		C/O MERRILL LYNCH ASSET MANAGEMENT
					STREET 2:		PO BOX 9011, INFO SYSTEMS SECT 2-B
					CITY:			PRINCETON
					STATE:			NJ
					ZIP:			08543-9011
</MAIL-ADDRESS>
</FILER>
</SEC-HEADER>
<DOCUMENT>
<TYPE>NSAR-B
<SEQUENCE>1
<FILENAME>0001.txt
<DESCRIPTION>N-SAR (6.1)
<TEXT>

<PAGE>      PAGE  1
000 B000000 09/30/2000
000 C000000 0001071899
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 6.1
000 J000000 A
001 A000000 MUNIHOLDINGS INSURED FUND II, INC.
001 B000000 811-9191
001 C000000 6092822800
002 A000000 P.O. BOX 9011
002 B000000 PRINCETON
002 C000000 NJ
002 D010000 08543
002 D020000 9011
003  000000 N
004  000000 N
005  000000 N
006  000000 N
007 A000000 N
007 B000000  0
007 C010100  1
007 C010200  2
007 C010300  3
007 C010400  4
007 C010500  5
007 C010600  6
007 C010700  7
007 C010800  8
007 C010900  9
007 C011000 10
008 A000001 FUND ASSET MANAGEMENT, L.P.
008 B000001 A
008 C000001 801-12485
008 D010001 PRINCETON
008 D020001 NJ
008 D030001 08543
008 D040001 9011
011 A000001 MERRILL LYNCH, PIERCE, FENNER & SMITH INC.
011 B000001 8-7221
011 C010001 NEW YORK
011 C020001 NY
011 C030001 10281
011 C040001 1201
012 A000001 STATE STREET BANK AND TRUST COMPANY (COMMON)
012 B000001 85-05003
012 C010001 BOSTON
012 C020001 MA
012 C030001 02110
<PAGE>      PAGE  2
012 A000002 THE BANK OF NEW YORK (PREFERRED)
012 B000002 85-05006
012 C010002 NEW YORK
012 C020002 NY
012 C030002 10286
013 A000001 ERNST & YOUNG LLP
013 B010001 METRO PARK
013 B020001 NJ
013 B030001 08830
013 B040001 0471
014 A000001 MLPF&S AND OTHER ML BROKER/DEALER AFFILIATES
014 B000001 8-7221
015 A000001 STATE STREET BANK AND TRUST COMPANY
015 B000001 C
015 C010001 BOSTON
015 C020001 MA
015 C030001 02110
015 E010001 X
015 A000002 BANKERS TRUST COMPANY
015 B000002 S
015 C010002 NEW YORK
015 C020002 NY
015 C030002 10006
015 E010002 X
015 A000003 THE CHASE MAHATTAN BANK
015 B000003 S
015 C010003 NEW YORK
015 C020003 NY
015 C030003 10017
015 E010003 X
015 A000004 CUSTODIAL TRUST CO.
015 B000004 S
015 C010004 NEW YORK
015 C020004 NY
015 C030004 10167
015 E010004 X
015 A000005 MORGAN GUARANTY TRUST CO. OF NEW YORK
015 B000005 S
015 C010005 NEW YORK
015 C020005 NY
015 C030005 10260
015 E010005 X
015 A000006 THE BANK OF NEW YORK
015 B000006 S
015 C010006 NEW YORK
015 C020006 NY
015 C030006 10286
015 E010006 X
018  000000 Y
019 A000000 Y
019 B000000  207
<PAGE>      PAGE  3
019 C000000 MERRILLLYN
020 A000001 SALOMON SMITH BARNEY INC.
020 B000001 11-2418191
020 C000001      3
020 C000002      0
020 C000003      0
020 C000004      0
020 C000005      0
020 C000006      0
020 C000007      0
020 C000008      0
020 C000009      0
020 C000010      0
021  000000        3
022 A000001 MORGAN STANLEY DEAN WITTER & CO.
022 B000001 13-2655998
022 C000001    117303
022 D000001    131847
022 A000002 J.P. MORGAN SECURITIES INC.
022 B000002 13-3224016
022 C000002     89092
022 D000002     85517
022 A000003 CIBC WORLD MARKETS CORP.
022 B000003 13-2798343
022 C000003     71966
022 D000003     78076
022 A000004 PAINEWEBBER INCORPORATED
022 B000004 13-2638166
022 C000004     48513
022 D000004     32593
022 A000005 J.C. BRADFORD & CO.
022 B000005 62-0136910
022 C000005     26698
022 D000005     32800
022 A000006 GOLDMAN, SACHS & CO.
022 B000006 13-5108880
022 C000006     22227
022 D000006     29079
022 A000007 LEHMAN BROTHERS INC.
022 B000007 13-2518466
022 C000007     28395
022 D000007     21487
022 A000008 MERRILL LYNCH, PIERCE, FENNER & SMITH INC.
022 B000008 13-5674085
022 C000008      6400
022 D000008     33400
022 A000009 WILLIAM E. SIMON & SONS MUNI. SECS., INC.
022 B000009 22-3017217
022 C000009     29314
022 D000009     10373
022 A000010 GEORGE K. BAUM & COMPANY
<PAGE>      PAGE  4
022 B000010 43-1661917
022 C000010     19081
022 D000010     10954
023 C000000     544226
023 D000000     562082
024  000000 N
026 A000000 N
026 B000000 Y
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027  000000 N
045  000000 Y
046  000000 N
047  000000 Y
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048 A010000        0
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048 F020000 0.000
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<PAGE>      PAGE  5
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<PAGE>      PAGE  6
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070 E020000 Y
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070 G020000 N
070 H010000 N
070 H020000 N
070 I010000 N
070 I020000 N
070 J010000 N
070 J020000 N
070 K010000 Y
070 K020000 N
070 L010000 N
070 L020000 N
070 M010000 N
070 M020000 N
070 N010000 N
070 N020000 N
070 O010000 Y
070 O020000 N
070 P010000 Y
070 P020000 Y
070 Q010000 N
070 Q020000 N
070 R010000 N
070 R020000 N
071 A000000    372635
071 B000000    396319
071 C000000    267533
071 D000000  139
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072 D000000        0
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<PAGE>      PAGE  7
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072 R000000       69
072 S000000       52
072 T000000        0
072 U000000      491
072 V000000        0
072 W000000      364
072 X000000     2654
072 Y000000      396
072 Z000000    13506
072AA000000     4616
072BB000000    20177
072CC010000    14249
072CC020000        0
072DD010000     8637
072DD020000        0
072EE000000        0
073 A010000   0.7466
073 A020000   0.0000
073 B000000   0.0000
073 C000000   0.0000
074 A000000       12
074 B000000        0
074 C000000    28730
074 D000000   453953
074 E000000        0
074 F000000        0
074 G000000        0
074 H000000        0
074 I000000        0
074 J000000        0
074 K000000        0
074 L000000     7180
074 M000000       23
074 N000000   489898
074 O000000        0
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074 Q000000        0
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074 R020000        0
074 R030000        0
074 R040000     1029
074 S000000   204500
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074 U020000        0
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074 V020000     0.00
074 W000000   0.0000
<PAGE>      PAGE  8
074 X000000     6673
074 Y000000        0
075 A000000        0
075 B000000   272642
076  000000    10.75
077 A000000 Y
077 B000000 Y
077 C000000 Y
077 M000000 Y
077 O000000 Y
077 P000000 Y
077 Q020000 Y
078  000000 N
080 A000000 ICI MUTUAL INSURANCE CO.
080 C000000     2500
081 A000000 Y
081 B000000 153
082 A000000 N
082 B000000        0
083 A000000 N
083 B000000        0
084 A000000 N
084 B000000        0
085 A000000 Y
085 B000000 N
086 A010000  11356
086 A020000 145423
086 B010000      0
086 B020000      0
086 C010000      4
086 C020000  99500
086 D010000      0
086 D020000      0
086 E010000      0
086 E020000      0
086 F010000      0
086 F020000      0
087 A010000 COMMON STOCK
087 A020000 62625A102
087 A030000 MUE
087 B010000 PREFERRED STOCK
088 A000000 N
088 B000000 N
088 C000000 N
088 D000000 Y
SIGNATURE   DONALD C. BURKE
TITLE       TREASURER

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-27
<SEQUENCE>2
<FILENAME>mhins2.xfd
<FLAWED>
<TEXT>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

<ARTICLE>    6
<LEGEND>    MUNIHOLDINGS INSURED FUND II, INC.
<CIK>    0001071899

<S>                                                      <C>
<PERIOD-TYPE>                                         12-MOS
<PERIOD-START>                                   Oct-01-1999
<FISCAL-YEAR-END>                                Sep-30-2000
<PERIOD-END>                                     Sep-30-2000
<INVESTMENTS-AT-COST>                            472,453,350
<INVESTMENTS-AT-VALUE>                           482,682,776
<RECEIVABLES>                                      7,180,200
<ASSETS-OTHER>                                        34,670
<OTHER-ITEMS-ASSETS>                                       0
<TOTAL-ASSETS>                                   489,897,646
<PAYABLE-FOR-SECURITIES>                                   0
<SENIOR-LONG-TERM-DEBT>                                    0
<OTHER-ITEMS-LIABILITIES>                          1,175,760
<TOTAL-LIABILITIES>                                1,175,760
<SENIOR-EQUITY>                                  204,500,000
<PAID-IN-CAPITAL-COMMON>                         315,897,969
<SHARES-COMMON-STOCK>                             22,352,426
<SHARES-COMMON-PRIOR>                             10,996,667
<ACCUMULATED-NII-CURRENT>                          1,562,507
<OVERDISTRIBUTION-NII>                                     0
<ACCUMULATED-NET-GAINS>                         (43,468,016)
<OVERDISTRIBUTION-GAINS>                                   0
<ACCUM-APPREC-OR-DEPREC>                          10,229,426
<NET-ASSETS>                                     488,721,886
<DIVIDEND-INCOME>                                          0
<INTEREST-INCOME>                                 15,763,704
<OTHER-INCOME>                                             0
<EXPENSES-NET>                                   (2,257,666)
<NET-INVESTMENT-INCOME>                           13,506,038
<REALIZED-GAINS-CURRENT>                        (15,561,114)
<APPREC-INCREASE-CURRENT>                         14,249,237
<NET-CHANGE-FROM-OPS>                             12,194,161
<EQUALIZATION>                                             0
<DISTRIBUTIONS-OF-INCOME>                        (8,636,948)
<DISTRIBUTIONS-OF-GAINS>                                   0
<DISTRIBUTIONS-OTHER>                                      0
<NUMBER-OF-SHARES-SOLD>                           11,336,707
<NUMBER-OF-SHARES-REDEEMED>                                0
<SHARES-REINVESTED>                                   19,052
<NET-CHANGE-IN-ASSETS>                           243,792,424
<ACCUMULATED-NII-PRIOR>                              917,886
<ACCUMULATED-GAINS-PRIOR>                       (13,067,399)
<OVERDISTRIB-NII-PRIOR>                                    0
<OVERDIST-NET-GAINS-PRIOR>                                 0
<GROSS-ADVISORY-FEES>                              1,507,748
<INTEREST-EXPENSE>                                         0
<GROSS-EXPENSE>                                    2,653,712
<AVERAGE-NET-ASSETS>                             272,642,104
<PER-SHARE-NAV-BEGIN>                                  12.72
<PER-SHARE-NII>                                         1.09
<PER-SHARE-GAIN-APPREC>                                 0.04
<PER-SHARE-DIVIDEND>                                  (0.75)
<PER-SHARE-DISTRIBUTIONS>                                  0
<RETURNS-OF-CAPITAL>                                       0
<PER-SHARE-NAV-END>                                    12.72
<EXPENSE-RATIO>                                         0.97
<FN>
</FN>


</TABLE>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77BACCTLTTR
<SEQUENCE>3
<FILENAME>mhin277b.txt
<TEXT>

Shareholders and Board of Directors
MuniHolding Insured Fund II, Inc.

In planning and performing our audit of the financial statements of
MuniHolding Insured Fund II, Inc. for the year ended
September 30, 2000, we considered its internal control, including
control activities for safeguarding securities, in order to determine
our auditing procedures for the purpose of expressing our opinion on
the financial statements and to comply with the requirements of
Form N-SAR, not to provide assurance on internal control.

The management of MuniHoldings Insured Fund II, Inc.
is responsible for establishing and maintaining internal control.  In
fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefits and
related costs of controls.  Generally, controls that are relevant to
an audit pertain to the entity's objective of preparing financial
statements for external purposes that are fairly presented in
conformity with accounting principles generally accepted in the
United States.  Those controls include the safeguarding of assets
against unauthorized acquisition, use, or disposition.

Because of inherent limitations in internal control, error or fraud
may occur and not be detected.  Also, projection of any evaluation
of internal control to future periods is subject to the risk that it
may become inadequate because of changes in conditions or that the
effectiveness of the design and operation may deteriorate.

Our consideration of internal control would not necessarily
disclose all matters in internal control that might be material
weaknesses under standards established by the American Institute
of Certified Public Accountants.  A material weakness is a
condition in which the design or operation of one or more of the
specific internal control components does not reduce to a relatively
low level the risk that misstatements caused by error or fraud in
amounts that would be material in relation to the financial
statements being audited may occur and not be detected within a
timely period by employees in the normal course of performing
their assigned functions.  However, we noted no matters involving
internal control and its operation, including controls for
safeguarding securities, that we consider to be material weaknesses
as defined above as of September 30, 2000.

This report is intended solely for the information and use of the
Board of Directors and management of MuniHoldings Insured
Fund II, Inc., and the Securities and Exchange Commission and is not
intended to be and should not be used by anyone other than these
specified parties.

				/s/Ernst & Young LLP
MetroPark, New Jersey
October 27, 2000
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77CVOTES
<SEQUENCE>4
<FILENAME>mhi277c.htm
<TEXT>

<HTML>
<HEAD>
<TITLE>mhins277c</TITLE>
</HEAD>
<BODY>
<H1><CENTER>Summary</CENTER></H1>
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<TD BGCOLOR=#C0C0C0 ALIGN="right" STYLE="vnd.ms-excel.numberformat:0.00%"><FONT FACE="Arial" SIZE=+1>&nbsp;</FONT></TD>
<TD BGCOLOR=#C0C0C0 ALIGN="right" STYLE="vnd.ms-excel.numberformat:0.00%"><FONT FACE="Arial" SIZE=+1>&nbsp;</FONT></TD>
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<TD BGCOLOR=#C0C0C0 ALIGN="right"><FONT FACE="Impact" SIZE=+3>&nbsp;</FONT></TD>
<TD BGCOLOR=#C0C0C0 ALIGN="left"><FONT FACE="Impact" SIZE=+4>Merrill Lynch Muniholdings Insured II, III, IV</FONT></TD>
<TD BGCOLOR=#C0C0C0 ALIGN="right" STYLE="vnd.ms-excel.numberformat:#,##0"><FONT FACE="Arial" SIZE=+1>&nbsp;</FONT></TD>
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<TD BGCOLOR=#C0C0C0 ALIGN="right"><FONT FACE="Arial" SIZE=+1>&nbsp;</FONT></TD>
<TD BGCOLOR=#C0C0C0 ALIGN="right"><FONT FACE="Arial" SIZE=+1>&nbsp;</FONT></TD>
<TD BGCOLOR=#C0C0C0 ALIGN="right"><FONT FACE="Arial" SIZE=+1>&nbsp;</FONT></TD>
<TD BGCOLOR=#C0C0C0 ALIGN="right"><FONT FACE="Arial" SIZE=+1>&nbsp;</FONT></TD>
<TD BGCOLOR=#C0C0C0 ALIGN="left" STYLE="vnd.ms-excel.numberformat:d-mmm-yy"><FONT FACE="Arial" SIZE=+1><B>&nbsp;</B></FONT></TD>
<TD BGCOLOR=#C0C0C0 ALIGN="right"><FONT FACE="Arial" SIZE=+1>&nbsp;</FONT></TD>
<TD BGCOLOR=#C0C0C0 ALIGN="right"><FONT FACE="Arial" SIZE=+1>&nbsp;</FONT></TD>
<TD BGCOLOR=#C0C0C0 ALIGN="right"><FONT FACE="Arial" SIZE=+1>&nbsp;</FONT></TD>
<TD BGCOLOR=#C0C0C0 ALIGN="right" STYLE="vnd.ms-excel.numberformat:0.00%"><FONT FACE="Arial" SIZE=+1>&nbsp;</FONT></TD>
<TD BGCOLOR=#C0C0C0 ALIGN="right" STYLE="vnd.ms-excel.numberformat:0.00%"><FONT FACE="Arial" SIZE=+1>&nbsp;</FONT></TD>
<TD BGCOLOR=#C0C0C0 ALIGN="right" STYLE="vnd.ms-excel.numberformat:0.00%"><FONT FACE="Arial" SIZE=+1>&nbsp;</FONT></TD>
<TD BGCOLOR=#C0C0C0 ALIGN="right"><FONT FACE="Arial" SIZE=+1>&nbsp;</FONT></TD>
<TD BGCOLOR=#C0C0C0 ALIGN="right"><FONT FACE="Arial" SIZE=+1>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD ALIGN="left"><FONT FACE="Arial" SIZE=+1>&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Arial" SIZE=+1>&nbsp;</FONT></TD>
<TD BGCOLOR=#C0C0C0 ALIGN="right"><FONT FACE="Arial" SIZE=+1>&nbsp;</FONT></TD>
<TD BGCOLOR=#C0C0C0 ALIGN="right"><FONT FACE="Impact" SIZE=+2>&nbsp;</FONT></TD>
<TD BGCOLOR=#C0C0C0 ALIGN="left"><FONT FACE="Impact" SIZE=+2>Proxy Solicitation Summary</FONT></TD>
<TD BGCOLOR=#C0C0C0 ALIGN="right" STYLE="vnd.ms-excel.numberformat:#,##0"><FONT FACE="Arial" SIZE=+1>&nbsp;</FONT></TD>
<TD BGCOLOR=#C0C0C0 ALIGN="right"><FONT FACE="Arial" SIZE=+1>&nbsp;</FONT></TD>
<TD BGCOLOR=#C0C0C0 ALIGN="right"><FONT FACE="Arial" SIZE=+1>&nbsp;</FONT></TD>
<TD BGCOLOR=#C0C0C0 ALIGN="right"><FONT FACE="Arial" SIZE=+1>&nbsp;</FONT></TD>
<TD BGCOLOR=#C0C0C0 ALIGN="right"><FONT FACE="Arial" SIZE=+1>&nbsp;</FONT></TD>
<TD BGCOLOR=#C0C0C0 ALIGN="right"><FONT FACE="Arial" SIZE=+1>&nbsp;</FONT></TD>
<TD BGCOLOR=#C0C0C0 ALIGN="right"><FONT FACE="Arial" SIZE=+1>&nbsp;</FONT></TD>
<TD BGCOLOR=#C0C0C0 ALIGN="right"><FONT FACE="Arial" SIZE=+1>&nbsp;</FONT></TD>
<TD BGCOLOR=#C0C0C0 ALIGN="right"><FONT FACE="Arial" SIZE=+1>&nbsp;</FONT></TD>
<TD BGCOLOR=#C0C0C0 ALIGN="right"><FONT FACE="Arial" SIZE=+1>&nbsp;</FONT></TD>
<TD BGCOLOR=#C0C0C0 ALIGN="right"><FONT FACE="Arial" SIZE=+1>&nbsp;</FONT></TD>
<TD BGCOLOR=#C0C0C0 ALIGN="right"><FONT FACE="Arial" SIZE=+1>&nbsp;</FONT></TD>
<TD BGCOLOR=#C0C0C0 ALIGN="right"><FONT FACE="Arial" SIZE=+1>&nbsp;</FONT></TD>
<TD BGCOLOR=#C0C0C0 ALIGN="right" STYLE="vnd.ms-excel.numberformat:0.00%"><FONT FACE="Arial" SIZE=+1>&nbsp;</FONT></TD>
<TD BGCOLOR=#C0C0C0 ALIGN="right" STYLE="vnd.ms-excel.numberformat:0.00%"><FONT FACE="Arial" SIZE=+1>&nbsp;</FONT></TD>
<TD BGCOLOR=#C0C0C0 ALIGN="right" STYLE="vnd.ms-excel.numberformat:0.00%"><FONT FACE="Arial" SIZE=+1>&nbsp;</FONT></TD>
<TD BGCOLOR=#C0C0C0 ALIGN="right"><FONT FACE="Arial" SIZE=+1>&nbsp;</FONT></TD>
<TD BGCOLOR=#C0C0C0 ALIGN="right" STYLE="vnd.ms-excel.numberformat:d-mmm-yy"><FONT FACE="Arial" SIZE=+1><B>24-Jul-00</B></FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD ALIGN="left"><FONT FACE="Arial" SIZE=+1>&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Arial" SIZE=+1>&nbsp;</FONT></TD>
<TD ALIGN="center" COLSPAN=14><FONT FACE="Arial" SIZE=+1>&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Arial" SIZE=+1>&nbsp;</FONT></TD>
<TD ALIGN="center" COLSPAN=6><FONT FACE="Times New Roman" SIZE=+1>&nbsp;</FONT></TD>
</TR>
<TR ALIGN="center" VALIGN="bottom">
<TD><FONT FACE="Arial" SIZE=+1>&nbsp;</FONT></TD>
<TD><FONT FACE="Arial" SIZE=+1><B><I>&nbsp;</I></B></FONT></TD>
<TD BGCOLOR=#C0C0C0><FONT FACE="Arial" SIZE=+1><B><I>&nbsp;</I></B></FONT></TD>
<TD BGCOLOR=#C0C0C0><FONT FACE="Times New Roman" SIZE=+1><B><I>&nbsp;</I></B></FONT></TD>
<TD BGCOLOR=#C0C0C0><FONT FACE="Times New Roman" SIZE=+2 COLOR=#000080><B><I>Fund Name</I></B></FONT></TD>
<TD BGCOLOR=#C0C0C0 STYLE="vnd.ms-excel.numberformat:#,##0"><FONT FACE="Times New Roman" SIZE=+2 COLOR=#000080><B><I>Outstanding</I></B></FONT></TD>
<TD BGCOLOR=#C0C0C0><FONT FACE="Times New Roman" SIZE=+2 COLOR=#000080><B><I>&nbsp;</I></B></FONT></TD>
<TD BGCOLOR=#C0C0C0><FONT FACE="Times New Roman" SIZE=+2 COLOR=#000080><B><I>Total</I></B></FONT></TD>
<TD BGCOLOR=#C0C0C0><FONT FACE="Times New Roman" SIZE=+2 COLOR=#000080><B><I>&nbsp;</I></B></FONT></TD>
<TD BGCOLOR=#C0C0C0><FONT FACE="Times New Roman" SIZE=+2 COLOR=#000080><B><I>%</I></B></FONT></TD>
<TD BGCOLOR=#C0C0C0><FONT FACE="Times New Roman" SIZE=+2 COLOR=#000080><B><I>&nbsp;</I></B></FONT></TD>
<TD BGCOLOR=#C0C0C0><FONT FACE="Times New Roman" SIZE=+2 COLOR=#000080><B><I>Need for</I></B></FONT></TD>
<TD BGCOLOR=#C0C0C0><FONT FACE="Times New Roman" SIZE=+2 COLOR=#000080><B><I>&nbsp;</I></B></FONT></TD>
<TD BGCOLOR=#C0C0C0><FONT FACE="Times New Roman" SIZE=+2 COLOR=#000080><B><I>Actual</I></B></FONT></TD>
<TD BGCOLOR=#C0C0C0><FONT FACE="Times New Roman" SIZE=+2 COLOR=#000080><B><I>%</I></B></FONT></TD>
<TD BGCOLOR=#C0C0C0><FONT FACE="Times New Roman" SIZE=+2 COLOR=#000080><B><I>&nbsp;</I></B></FONT></TD>
<TD BGCOLOR=#C0C0C0><FONT FACE="Arial" SIZE=+2 COLOR=#000080><B><I>&nbsp;</I></B></FONT></TD>
<TD BGCOLOR=#C0C0C0><FONT FACE="Times New Roman" SIZE=+2 COLOR=#000080><B><I>Reorganization - Proposal #1</I></B></FONT></TD>
<TD BGCOLOR=#C0C0C0 STYLE="vnd.ms-excel.numberformat:0.00%"><FONT FACE="Times New Roman" SIZE=+2 COLOR=#000080><B><I>&nbsp;</I></B></FONT></TD>
<TD BGCOLOR=#C0C0C0 STYLE="vnd.ms-excel.numberformat:0.00%"><FONT FACE="Times New Roman" SIZE=+2 COLOR=#000080><B><I>&nbsp;</I></B></FONT></TD>
<TD BGCOLOR=#C0C0C0 STYLE="vnd.ms-excel.numberformat:0.00%"><FONT FACE="Times New Roman" SIZE=+2 COLOR=#000080><B><I>&nbsp;</I></B></FONT></TD>
<TD BGCOLOR=#C0C0C0><FONT FACE="Times New Roman" SIZE=+2 COLOR=#000080><B><I>&nbsp;</I></B></FONT></TD>
<TD BGCOLOR=#C0C0C0><FONT FACE="Times New Roman" SIZE=+2 COLOR=#000080><B><I>&nbsp;</I></B></FONT></TD>
</TR>
<TR ALIGN="center" VALIGN="bottom">
<TD><FONT FACE="Arial" SIZE=+1>&nbsp;</FONT></TD>
<TD><FONT FACE="Arial" SIZE=+1><B><I>&nbsp;</I></B></FONT></TD>
<TD BGCOLOR=#C0C0C0><FONT FACE="Arial" SIZE=+1><B><I>&nbsp;</I></B></FONT></TD>
<TD BGCOLOR=#C0C0C0><FONT FACE="Times New Roman" SIZE=+1><B><I>&nbsp;</I></B></FONT></TD>
<TD BGCOLOR=#C0C0C0><FONT FACE="Times New Roman" SIZE=+2 COLOR=#000080><B><I>&nbsp;</I></B></FONT></TD>
<TD BGCOLOR=#C0C0C0 STYLE="vnd.ms-excel.numberformat:#,##0"><FONT FACE="Times New Roman" SIZE=+2 COLOR=#000080><B><I>Shares</I></B></FONT></TD>
<TD BGCOLOR=#C0C0C0><FONT FACE="Times New Roman" SIZE=+2 COLOR=#000080><B><I>&nbsp;</I></B></FONT></TD>
<TD BGCOLOR=#C0C0C0><FONT FACE="Times New Roman" SIZE=+2 COLOR=#000080><B><I>Voted</I></B></FONT></TD>
<TD BGCOLOR=#C0C0C0><FONT FACE="Times New Roman" SIZE=+2 COLOR=#000080><B><I>&nbsp;</I></B></FONT></TD>
<TD BGCOLOR=#C0C0C0><FONT FACE="Times New Roman" SIZE=+2 COLOR=#000080><B><I>O/S</I></B></FONT></TD>
<TD BGCOLOR=#C0C0C0><FONT FACE="Times New Roman" SIZE=+2 COLOR=#000080><B><I>&nbsp;</I></B></FONT></TD>
<TD BGCOLOR=#C0C0C0><FONT FACE="Times New Roman" SIZE=+2 COLOR=#000080><B><I>Quorum</I></B></FONT></TD>
<TD BGCOLOR=#C0C0C0><FONT FACE="Times New Roman" SIZE=+2 COLOR=#000080><B><I>&nbsp;</I></B></FONT></TD>
<TD BGCOLOR=#C0C0C0><FONT FACE="Times New Roman" SIZE=+2 COLOR=#000080><B><I>Returns</I></B></FONT></TD>
<TD BGCOLOR=#C0C0C0><FONT FACE="Times New Roman" SIZE=+2 COLOR=#000080><B><I>O/S</I></B></FONT></TD>
<TD BGCOLOR=#C0C0C0><FONT FACE="Times New Roman" SIZE=+2 COLOR=#000080><B><I>&nbsp;</I></B></FONT></TD>
<TD BGCOLOR=#C0C0C0><FONT FACE="Times New Roman" SIZE=+2 COLOR=#000080><B><I>&nbsp;</I></B></FONT></TD>
<TD BGCOLOR=#C0C0C0><FONT FACE="Times New Roman" SIZE=+2 COLOR=#000080><B><I>&quot;For&quot;</I></B></FONT></TD>
<TD BGCOLOR=#C0C0C0 STYLE="vnd.ms-excel.numberformat:0.00%"><FONT FACE="Times New Roman" SIZE=+2 COLOR=#000080><B><I>% of O/S</I></B></FONT></TD>
<TD BGCOLOR=#C0C0C0><FONT FACE="Times New Roman" SIZE=+2 COLOR=#000080><B><I>&quot;Agst&quot;</I></B></FONT></TD>
<TD BGCOLOR=#C0C0C0 STYLE="vnd.ms-excel.numberformat:0.00%"><FONT FACE="Times New Roman" SIZE=+2 COLOR=#000080><B><I>% of O/S</I></B></FONT></TD>
<TD BGCOLOR=#C0C0C0><FONT FACE="Times New Roman" SIZE=+2 COLOR=#000080><B><I>&quot;Abs&quot;</I></B></FONT></TD>
<TD BGCOLOR=#C0C0C0><FONT FACE="Times New Roman" SIZE=+2 COLOR=#000080><B><I>Need</I></B></FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD ALIGN="center"><FONT FACE="Arial" SIZE=+1><B>&nbsp;</B></FONT></TD>
<TD ALIGN="right"><FONT FACE="Arial" SIZE=+1>&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Arial" SIZE=+1>&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman" SIZE=+1><B><I>&nbsp;</I></B></FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman" SIZE=+1>&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat:#,##0"><FONT FACE="Times New Roman" SIZE=+1>&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman" SIZE=+1>&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman" SIZE=+1>&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman" SIZE=+1>&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman" SIZE=+1>&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman" SIZE=+1>&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman" SIZE=+1>&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman" SIZE=+1>&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman" SIZE=+1>&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman" SIZE=+1>&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman" SIZE=+1>&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Arial" SIZE=+1>&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman" SIZE=+1>&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat:0.00%"><FONT FACE="Times New Roman" SIZE=+1>&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat:0.00%"><FONT FACE="Times New Roman" SIZE=+1 COLOR=#FF0000>&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat:0.00%"><FONT FACE="Times New Roman" SIZE=+1>&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat:#,##0"><FONT FACE="Times New Roman" SIZE=+1>&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman" SIZE=+1>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD ALIGN="left"><FONT FACE="Arial" SIZE=+1><B>&nbsp;</B></FONT></TD>
<TD ALIGN="right"><FONT FACE="Arial" SIZE=+1>&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Arial" SIZE=+1>&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman" SIZE=+1><B><I>&nbsp;</I></B></FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman" SIZE=+1>&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat:#,##0"><FONT FACE="Times New Roman" SIZE=+1>&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman" SIZE=+1>&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman" SIZE=+1>&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman" SIZE=+1>&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman" SIZE=+1>&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman" SIZE=+1>&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman" SIZE=+1>&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman" SIZE=+1>&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman" SIZE=+1>&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman" SIZE=+1>&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman" SIZE=+1>&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Arial" SIZE=+1>&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman" SIZE=+1>&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat:0.00%"><FONT FACE="Times New Roman" SIZE=+1>&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat:0.00%"><FONT FACE="Times New Roman" SIZE=+1 COLOR=#FF0000>&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat:0.00%"><FONT FACE="Times New Roman" SIZE=+1>&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat:#,##0"><FONT FACE="Times New Roman" SIZE=+1>&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman" SIZE=+1>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD ALIGN="left"><FONT FACE="Times New Roman" SIZE=+1>&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Arial" SIZE=+1>&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Arial" SIZE=+1>&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman" SIZE=+1><B><I>&nbsp;</I></B></FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman" SIZE=+2><B><I>&nbsp;</I></B></FONT></TD>
<TD ALIGN="center" STYLE="vnd.ms-excel.numberformat:#,##0"><FONT FACE="Times New Roman" SIZE=+2><B><I>&nbsp;</I></B></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat:#,##0"><FONT FACE="Times New Roman" SIZE=+2><B><I>&nbsp;</I></B></FONT></TD>
<TD ALIGN="center" STYLE="vnd.ms-excel.numberformat:#,##0"><FONT FACE="Times New Roman" SIZE=+2><B><I>&nbsp;</I></B></FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman" SIZE=+2><B><I>&nbsp;</I></B></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat:0.00%"><FONT FACE="Times New Roman" SIZE=+2><B><I>&nbsp;</I></B></FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman" SIZE=+2><B><I>&nbsp;</I></B></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat:#,##0_)[semicolon](#,##0)"><FONT FACE="Times New Roman" SIZE=+2><B><I>&nbsp;</I></B></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat:0.00%"><FONT FACE="Times New Roman" SIZE=+2>&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat:#,##0"><FONT FACE="Times New Roman" SIZE=+2><B><I>&nbsp;</I></B></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat:0.00%"><FONT FACE="Times New Roman" SIZE=+2><B><I>&nbsp;</I></B></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat:0.00%"><FONT FACE="Times New Roman" SIZE=+2>&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat:0.00%"><FONT FACE="Times New Roman" SIZE=+2>&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat:#,##0"><FONT FACE="Arial" SIZE=+2><B><I>&nbsp;</I></B></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat:0.00%"><FONT FACE="Arial" SIZE=+2><B><I>&nbsp;</I></B></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat:#,##0"><FONT FACE="Times New Roman" SIZE=+2><B><I>&nbsp;</I></B></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat:#,##0"><FONT FACE="Times New Roman" SIZE=+2><B><I>&nbsp;</I></B></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat:#,##0"><FONT FACE="Times New Roman" SIZE=+2><B><I>&nbsp;</I></B></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat:#,##0_)[semicolon](#,##0)"><FONT FACE="Times New Roman" SIZE=+2><B><I>&nbsp;</I></B></FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD ALIGN="left"><FONT FACE="Times New Roman" SIZE=+2>&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Arial" SIZE=+2>&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Arial" SIZE=+2>&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman" SIZE=+2><B><I>&nbsp;</I></B></FONT></TD>
<TD ALIGN="left"><FONT FACE="Times New Roman" SIZE=+2 COLOR=#0000FF><B><I>Muniholdings Insured Fund II, Inc.</I></B></FONT></TD>
<TD ALIGN="center" STYLE="vnd.ms-excel.numberformat:#,##0"><FONT FACE="Times New Roman" SIZE=+2 COLOR=#0000FF><B><I>11,015,719</I></B></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat:#,##0"><FONT FACE="Times New Roman" SIZE=+2 COLOR=#0000FF><B><I>&nbsp;</I></B></FONT></TD>
<TD ALIGN="center" STYLE="vnd.ms-excel.numberformat:#,##0"><FONT FACE="Times New Roman" SIZE=+2 COLOR=#0000FF><B><I>5,948,057</I></B></FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman" SIZE=+2 COLOR=#0000FF><B><I>&nbsp;</I></B></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat:0.00%"><FONT FACE="Times New Roman" SIZE=+2 COLOR=#0000FF><B><I>54.00%</I></B></FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman" SIZE=+2 COLOR=#0000FF><B><I>&nbsp;</I></B></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat:#,##0_)[semicolon](#,##0)"><FONT FACE="Times New Roman" SIZE=+2 COLOR=#0000FF><B><I>(2,312,869)</I></B></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat:0.00%"><FONT FACE="Times New Roman" SIZE=+2 COLOR=#0000FF>&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat:#,##0"><FONT FACE="Times New Roman" SIZE=+2 COLOR=#0000FF><B><I>5,948,057</I></B></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat:0.00%"><FONT FACE="Times New Roman" SIZE=+2 COLOR=#0000FF><B><I>54.00%</I></B></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat:0.00%"><FONT FACE="Times New Roman" SIZE=+2 COLOR=#0000FF>&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat:0.00%"><FONT FACE="Times New Roman" SIZE=+2 COLOR=#0000FF>&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat:#,##0"><FONT FACE="Times New Roman" SIZE=+2 COLOR=#0000FF><B><I>5,609,821</I></B></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat:0.00%"><FONT FACE="Times New Roman" SIZE=+2 COLOR=#0000FF><B><I>50.93%</I></B></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat:#,##0"><FONT FACE="Times New Roman" SIZE=+2 COLOR=#0000FF><B><I>101,628</I></B></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat:0.00%"><FONT FACE="Times New Roman" SIZE=+2 COLOR=#0000FF><B><I>0.92%</I></B></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat:#,##0"><FONT FACE="Times New Roman" SIZE=+2 COLOR=#0000FF><B><I>236,608</I></B></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat:#,##0_)[semicolon](#,##0)"><FONT FACE="Times New Roman" SIZE=+2 COLOR=#0000FF><B><I>(101,961)</I></B></FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD ALIGN="left"><FONT FACE="Times New Roman" SIZE=+2>&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Arial" SIZE=+2>&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Arial" SIZE=+2>&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman" SIZE=+2><B><I>&nbsp;</I></B></FONT></TD>
<TD ALIGN="left"><FONT FACE="Times New Roman" SIZE=+2 COLOR=#0000FF><B>Preferred Series A&amp;B</B></FONT></TD>
<TD ALIGN="center" STYLE="vnd.ms-excel.numberformat:#,##0"><FONT FACE="Times New Roman" SIZE=+2 COLOR=#0000FF><B><I>4,200</I></B></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat:#,##0"><FONT FACE="Times New Roman" SIZE=+2 COLOR=#0000FF><B><I>&nbsp;</I></B></FONT></TD>
<TD ALIGN="center" STYLE="vnd.ms-excel.numberformat:#,##0"><FONT FACE="Times New Roman" SIZE=+2 COLOR=#0000FF><B><I>4,200</I></B></FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman" SIZE=+2 COLOR=#0000FF><B><I>&nbsp;</I></B></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat:0.00%"><FONT FACE="Times New Roman" SIZE=+2 COLOR=#0000FF><B><I>100.00%</I></B></FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman" SIZE=+2 COLOR=#0000FF><B><I>&nbsp;</I></B></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat:#,##0_)[semicolon](#,##0)"><FONT FACE="Times New Roman" SIZE=+2 COLOR=#0000FF><B><I>(2,939)</I></B></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat:0.00%"><FONT FACE="Times New Roman" SIZE=+2 COLOR=#0000FF>&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat:#,##0"><FONT FACE="Times New Roman" SIZE=+2 COLOR=#0000FF><B><I>4,200</I></B></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat:0.00%"><FONT FACE="Times New Roman" SIZE=+2 COLOR=#0000FF><B><I>100.00%</I></B></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat:0.00%"><FONT FACE="Times New Roman" SIZE=+2 COLOR=#0000FF>&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat:0.00%"><FONT FACE="Times New Roman" SIZE=+2 COLOR=#0000FF>&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat:#,##0"><FONT FACE="Times New Roman" SIZE=+2 COLOR=#0000FF><B><I>3,822</I></B></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat:0.00%"><FONT FACE="Times New Roman" SIZE=+2 COLOR=#0000FF><B><I>91.01%</I></B></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat:#,##0"><FONT FACE="Times New Roman" SIZE=+2 COLOR=#0000FF><B><I>3</I></B></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat:0.00%"><FONT FACE="Times New Roman" SIZE=+2 COLOR=#0000FF><B><I>0.07%</I></B></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat:#,##0"><FONT FACE="Times New Roman" SIZE=+2 COLOR=#0000FF><B><I>375</I></B></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat:#,##0_)[semicolon](#,##0)"><FONT FACE="Times New Roman" SIZE=+2 COLOR=#0000FF><B><I>(2,939)</I></B></FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD ALIGN="left"><FONT FACE="Times New Roman" SIZE=+2>&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Arial" SIZE=+2>&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Arial" SIZE=+2>&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman" SIZE=+2><B><I>&nbsp;</I></B></FONT></TD>
<TD ALIGN="left"><FONT FACE="Times New Roman" SIZE=+2 COLOR=#0000FF><B><I>Muniholdings Insured Fund III, Inc.</I></B></FONT></TD>
<TD ALIGN="center" STYLE="vnd.ms-excel.numberformat:#,##0"><FONT FACE="Times New Roman" SIZE=+2 COLOR=#0000FF><B><I>6,806,667</I></B></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat:#,##0"><FONT FACE="Times New Roman" SIZE=+2 COLOR=#0000FF><B><I>&nbsp;</I></B></FONT></TD>
<TD ALIGN="center" STYLE="vnd.ms-excel.numberformat:#,##0"><FONT FACE="Times New Roman" SIZE=+2 COLOR=#0000FF><B><I>3,603,360</I></B></FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman" SIZE=+2 COLOR=#0000FF><B><I>&nbsp;</I></B></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat:0.00%"><FONT FACE="Times New Roman" SIZE=+2 COLOR=#0000FF><B><I>52.94%</I></B></FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman" SIZE=+2 COLOR=#0000FF><B><I>&nbsp;</I></B></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat:#,##0_)[semicolon](#,##0)"><FONT FACE="Times New Roman" SIZE=+2 COLOR=#0000FF><B><I>(1,357,159)</I></B></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat:0.00%"><FONT FACE="Times New Roman" SIZE=+2 COLOR=#0000FF>&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat:#,##0"><FONT FACE="Times New Roman" SIZE=+2 COLOR=#0000FF><B><I>3,603,360</I></B></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat:0.00%"><FONT FACE="Times New Roman" SIZE=+2 COLOR=#0000FF><B><I>52.94%</I></B></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat:0.00%"><FONT FACE="Times New Roman" SIZE=+2 COLOR=#0000FF>&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat:0.00%"><FONT FACE="Times New Roman" SIZE=+2 COLOR=#0000FF>&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat:#,##0"><FONT FACE="Times New Roman" SIZE=+2 COLOR=#0000FF><B><I>3,421,358</I></B></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat:0.00%"><FONT FACE="Times New Roman" SIZE=+2 COLOR=#0000FF><B><I>50.26%</I></B></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat:#,##0"><FONT FACE="Times New Roman" SIZE=+2 COLOR=#0000FF><B><I>94,063</I></B></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat:0.00%"><FONT FACE="Times New Roman" SIZE=+2 COLOR=#0000FF><B><I>1.38%</I></B></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat:#,##0"><FONT FACE="Times New Roman" SIZE=+2 COLOR=#0000FF><B><I>87,939</I></B></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat:#,##0_)[semicolon](#,##0)"><FONT FACE="Times New Roman" SIZE=+2 COLOR=#0000FF><B><I>(18,024)</I></B></FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD ALIGN="left"><FONT FACE="Times New Roman" SIZE=+2>&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Arial" SIZE=+2>&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Arial" SIZE=+2>&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman" SIZE=+2><B><I>&nbsp;</I></B></FONT></TD>
<TD ALIGN="left"><FONT FACE="Times New Roman" SIZE=+2 COLOR=#0000FF><B>Preferred Series A</B></FONT></TD>
<TD ALIGN="center" STYLE="vnd.ms-excel.numberformat:#,##0"><FONT FACE="Times New Roman" SIZE=+2 COLOR=#0000FF><B><I>2,714</I></B></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat:#,##0"><FONT FACE="Times New Roman" SIZE=+2 COLOR=#0000FF><B><I>&nbsp;</I></B></FONT></TD>
<TD ALIGN="center" STYLE="vnd.ms-excel.numberformat:#,##0"><FONT FACE="Times New Roman" SIZE=+2 COLOR=#0000FF><B><I>2,714</I></B></FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman" SIZE=+2 COLOR=#0000FF><B><I>&nbsp;</I></B></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat:0.00%"><FONT FACE="Times New Roman" SIZE=+2 COLOR=#0000FF><B><I>100.00%</I></B></FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman" SIZE=+2 COLOR=#0000FF><B><I>&nbsp;</I></B></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat:#,##0_)[semicolon](#,##0)"><FONT FACE="Times New Roman" SIZE=+2 COLOR=#0000FF><B><I>(1,817)</I></B></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat:0.00%"><FONT FACE="Times New Roman" SIZE=+2 COLOR=#0000FF>&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat:#,##0"><FONT FACE="Times New Roman" SIZE=+2 COLOR=#0000FF><B><I>2,714</I></B></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat:0.00%"><FONT FACE="Times New Roman" SIZE=+2 COLOR=#0000FF><B><I>100.00%</I></B></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat:0.00%"><FONT FACE="Times New Roman" SIZE=+2 COLOR=#0000FF>&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat:0.00%"><FONT FACE="Times New Roman" SIZE=+2 COLOR=#0000FF>&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat:#,##0"><FONT FACE="Times New Roman" SIZE=+2 COLOR=#0000FF><B><I>2,362</I></B></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat:0.00%"><FONT FACE="Times New Roman" SIZE=+2 COLOR=#0000FF><B><I>87.04%</I></B></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat:#,##0"><FONT FACE="Times New Roman" SIZE=+2 COLOR=#0000FF><B><I>0</I></B></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat:0.00%"><FONT FACE="Times New Roman" SIZE=+2 COLOR=#0000FF><B><I>0.00%</I></B></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat:#,##0"><FONT FACE="Times New Roman" SIZE=+2 COLOR=#0000FF><B><I>352</I></B></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat:#,##0_)[semicolon](#,##0)"><FONT FACE="Times New Roman" SIZE=+2 COLOR=#0000FF><B><I>(1,899)</I></B></FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD ALIGN="left" STYLE="vnd.ms-excel.numberformat:0.00E+00"><FONT FACE="Times New Roman" SIZE=+2>&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Arial" SIZE=+2>&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Arial" SIZE=+2>&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman" SIZE=+2><B><I>&nbsp;</I></B></FONT></TD>
<TD ALIGN="left"><FONT FACE="Times New Roman" SIZE=+2 COLOR=#0000FF><B><I>Muniholdings Insured Fund IV, Inc.</I></B></FONT></TD>
<TD ALIGN="center" STYLE="vnd.ms-excel.numberformat:#,##0"><FONT FACE="Times New Roman" SIZE=+2 COLOR=#0000FF><B><I>3,441,482</I></B></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat:#,##0"><FONT FACE="Times New Roman" SIZE=+2 COLOR=#0000FF><B><I>&nbsp;</I></B></FONT></TD>
<TD ALIGN="center" STYLE="vnd.ms-excel.numberformat:#,##0"><FONT FACE="Times New Roman" SIZE=+2 COLOR=#0000FF><B><I>1,843,961</I></B></FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman" SIZE=+2 COLOR=#0000FF><B><I>&nbsp;</I></B></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat:0.00%"><FONT FACE="Times New Roman" SIZE=+2 COLOR=#0000FF><B><I>53.58%</I></B></FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman" SIZE=+2 COLOR=#0000FF><B><I>&nbsp;</I></B></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat:#,##0_)[semicolon](#,##0)"><FONT FACE="Times New Roman" SIZE=+2 COLOR=#0000FF><B><I>(708,271)</I></B></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat:0.00%"><FONT FACE="Times New Roman" SIZE=+2 COLOR=#0000FF><B><I>&nbsp;</I></B></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat:#,##0"><FONT FACE="Times New Roman" SIZE=+2 COLOR=#0000FF><B><I>1,843,961</I></B></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat:0.00%"><FONT FACE="Times New Roman" SIZE=+2 COLOR=#0000FF><B><I>53.58%</I></B></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat:0.00%"><FONT FACE="Times New Roman" SIZE=+2 COLOR=#0000FF><B><I>&nbsp;</I></B></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat:0.00%"><FONT FACE="Times New Roman" SIZE=+2 COLOR=#0000FF><B><I>&nbsp;</I></B></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat:#,##0"><FONT FACE="Times New Roman" SIZE=+2 COLOR=#0000FF><B><I>1,749,387</I></B></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat:0.00%"><FONT FACE="Times New Roman" SIZE=+2 COLOR=#0000FF><B><I>50.83%</I></B></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat:#,##0"><FONT FACE="Times New Roman" SIZE=+2 COLOR=#0000FF><B><I>28,604</I></B></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat:0.00%"><FONT FACE="Times New Roman" SIZE=+2 COLOR=#0000FF><B><I>0.83%</I></B></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat:#,##0"><FONT FACE="Times New Roman" SIZE=+2 COLOR=#0000FF><B><I>65,970</I></B></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat:#,##0_)[semicolon](#,##0)"><FONT FACE="Times New Roman" SIZE=+2 COLOR=#0000FF><B><I>(28,645)</I></B></FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD ALIGN="left" STYLE="vnd.ms-excel.numberformat:0.00E+00"><FONT FACE="Times New Roman" SIZE=+2>&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Arial" SIZE=+2>&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Arial" SIZE=+2>&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman" SIZE=+2><B><I>&nbsp;</I></B></FONT></TD>
<TD ALIGN="left"><FONT FACE="Times New Roman" SIZE=+2 COLOR=#0000FF><B>Preferred Series A</B></FONT></TD>
<TD ALIGN="center" STYLE="vnd.ms-excel.numberformat:#,##0"><FONT FACE="Times New Roman" SIZE=+2 COLOR=#0000FF><B><I>1,266</I></B></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat:#,##0"><FONT FACE="Times New Roman" SIZE=+2 COLOR=#0000FF><B><I>&nbsp;</I></B></FONT></TD>
<TD ALIGN="center" STYLE="vnd.ms-excel.numberformat:#,##0"><FONT FACE="Times New Roman" SIZE=+2 COLOR=#0000FF><B><I>1,266</I></B></FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman" SIZE=+2 COLOR=#0000FF><B><I>&nbsp;</I></B></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat:0.00%"><FONT FACE="Times New Roman" SIZE=+2 COLOR=#0000FF><B><I>100.00%</I></B></FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman" SIZE=+2 COLOR=#0000FF><B><I>&nbsp;</I></B></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat:#,##0_)[semicolon](#,##0)"><FONT FACE="Times New Roman" SIZE=+2 COLOR=#0000FF><B><I>(885)</I></B></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat:0.00%"><FONT FACE="Times New Roman" SIZE=+2 COLOR=#0000FF>&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat:#,##0"><FONT FACE="Times New Roman" SIZE=+2 COLOR=#0000FF><B><I>1,266</I></B></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat:0.00%"><FONT FACE="Times New Roman" SIZE=+2 COLOR=#0000FF><B><I>100.00%</I></B></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat:0.00%"><FONT FACE="Times New Roman" SIZE=+2 COLOR=#0000FF>&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat:0.00%"><FONT FACE="Times New Roman" SIZE=+2 COLOR=#0000FF>&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat:#,##0"><FONT FACE="Times New Roman" SIZE=+2 COLOR=#0000FF><B><I>1,266</I></B></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat:0.00%"><FONT FACE="Times New Roman" SIZE=+2 COLOR=#0000FF><B><I>100.00%</I></B></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat:#,##0"><FONT FACE="Times New Roman" SIZE=+2 COLOR=#0000FF><B><I>0</I></B></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat:0.00%"><FONT FACE="Times New Roman" SIZE=+2 COLOR=#0000FF><B><I>0.00%</I></B></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat:#,##0"><FONT FACE="Times New Roman" SIZE=+2 COLOR=#0000FF><B><I>0</I></B></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat:#,##0_)[semicolon](#,##0)"><FONT FACE="Times New Roman" SIZE=+2 COLOR=#0000FF><B><I>(885)</I></B></FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD ALIGN="left" STYLE="vnd.ms-excel.numberformat:0.00E+00"><FONT FACE="Times New Roman" SIZE=+1>&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Arial" SIZE=+1>&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Arial" SIZE=+1>&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman" SIZE=+1><B><I>&nbsp;</I></B></FONT></TD>
<TD ALIGN="right"><FONT FACE="Arial" SIZE=+1>&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Arial" SIZE=+1>&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Arial" SIZE=+1>&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Arial" SIZE=+1>&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Arial" SIZE=+1>&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Arial" SIZE=+1>&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Arial" SIZE=+1>&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Arial" SIZE=+1>&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Arial" SIZE=+1>&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Arial" SIZE=+1>&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Arial" SIZE=+1>&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Arial" SIZE=+1>&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Arial" SIZE=+1>&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Arial" SIZE=+1>&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Arial" SIZE=+1>&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Arial" SIZE=+1>&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Arial" SIZE=+1>&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Arial" SIZE=+1>&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Arial" SIZE=+1>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD ALIGN="left" STYLE="vnd.ms-excel.numberformat:0.00E+00"><FONT FACE="Times New Roman" SIZE=+1>&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Arial" SIZE=+1>&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Arial" SIZE=+1>&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman" SIZE=+1><B><I>&nbsp;</I></B></FONT></TD>
<TD ALIGN="right"><FONT FACE="Arial" SIZE=+1>&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Arial" SIZE=+1>&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Arial" SIZE=+1>&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Arial" SIZE=+1>&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Arial" SIZE=+1>&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Arial" SIZE=+1>&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Arial" SIZE=+1>&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Arial" SIZE=+1>&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Arial" SIZE=+1>&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Arial" SIZE=+1>&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Arial" SIZE=+1>&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Arial" SIZE=+1>&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Arial" SIZE=+1>&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Arial" SIZE=+1>&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Arial" SIZE=+1>&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Arial" SIZE=+1>&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Arial" SIZE=+1>&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Arial" SIZE=+1>&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Arial" SIZE=+1>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD ALIGN="left"><FONT FACE="Times New Roman" SIZE=+1>&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Arial" SIZE=+1>&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Arial" SIZE=+1>&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Arial" SIZE=+1>&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Arial" SIZE=+1>&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Arial" SIZE=+1>&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Arial" SIZE=+1>&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Arial" SIZE=+1>&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Arial" SIZE=+1>&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Arial" SIZE=+1>&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Arial" SIZE=+1>&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Arial" SIZE=+1>&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Arial" SIZE=+1>&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Arial" SIZE=+1>&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Arial" SIZE=+1>&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Arial" SIZE=+1>&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Arial" SIZE=+1>&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Arial" SIZE=+1>&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Arial" SIZE=+1>&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Arial" SIZE=+1>&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Arial" SIZE=+1>&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Arial" SIZE=+1>&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Arial" SIZE=+1>&nbsp;</FONT></TD>
</TR>
</TABLE>
<!-- ------------------------- -->
<!-- END OF CONVERTED OUTPUT -->
<!-- ------------------------- -->
<FONT SIZE=-1><I>
<BR>Last Updated on 11/29/2000
<BR>By MLMAG
<FONT SIZE=+0></I>
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77MMERGERS
<SEQUENCE>5
<FILENAME>mhis277m.txt
<TEXT>

MuniHoldings Insured Fund II, Inc.

File No. 811-9191
Item No. 77M (Mergers) -- Attachment

During the fiscal semi-annual period ending September 30,
2000, MuniHoldings Insured Fund II, Inc. (the
"Registrant") acquired substantially all of the assets and
assumed substantially all of the liabilities of MuniHoldings
Insured Fund III, Inc. ("Insured III"), File No. 811-9285
and MuniHoldings Insured Fund IV, Inc. ("Insured IV"),
File No. 811-9557.

At meetings of the Boards of Directors of the Registrant,
Insured III, and Insured IV, the Boards of Directors
approved an Agreement and Plan of Reorganization (the
"Reorganization").  The Reorganization referred
collectively to (i) the acquisition of substantially all of the
assets and the assumption of substantially all of the
liabilities of Insured III and Insured IV by the Registrant,
(ii) the subsequent distribution of the Registrant's Common
Stock to the holders of Insured III Common Stock and
Insured IV Common Stock, (iii) the subsequent distribution
of the Registrant's Series C Auction Market Preferred
Stock ("AMPS") to the holders of Insured III Series A
AMPS and Insured IV Series A AMPS, and (iv) the
subsequent deregistration and dissolution of Insured III and
Insured IV.

On April 14, 2000, in connection with the Reorganization,
the Registrant filed a Registration Statement on Form N-14
(File Nos. 333-34836 and 811-9191; the "N-14 Registration
Statement").  The N-14 Registration Statement contained
the proxy materials soliciting the approval of the
Agreement and Plan of Reorganization by the shareholders
of Insured III and Insured IV.  Pre-Effective Amendment
No. 1 to the N-14 Registration Statement was filed on May
24, 2000, and the N-14 Registration Statement as so
amended was declared effective by the Commission on
May 24, 2000.

On July 25, 2000, the shareholders of the Registrant,
Insured III, and Insured IV approved the Reorganization at
a special meeting of shareholders held for that purpose.  On
August 11, 2000, the "Reorganization Date," pursuant to
the Agreement and Plan of Reorganization, Insured III
transferred securities and cash valued at $158,360,190 to
the Registrant and received in exchange 6,806,667 shares of
the Registrant's Common Stock and 2,714 shares of
Registrant's Series C AMPS with an aggregate liquidation
preference of $25,000; Insured IV transferred securities and
cash valued at $84,825,979 to the Registrant and received
in exchange 3,441,482 shares of the Registrant's Common
Stock and 1,266 shares of Registrant's Series C AMPS with
an aggregate liquidation preference of $25,000; and Insured
III and Insured IV distributed these shares to their
respective shareholders as provided in the Agreement and
Plan of Reorganization.

Applications for Deregistration on Form N-8F were filed
by Insured III and Insured IV on October 6, 2000 with the
Securities and Exchange Commission.
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77ORULE10F-3
<SEQUENCE>6
<FILENAME>mhi277o.htm
<TEXT>

<HTML>
<HEAD>
<TITLE>10F-3 TRANSACTIONS</TITLE>
</HEAD>
<BODY>

<FONT SIZE=2><P ALIGN="CENTER">MUNIHOLDINGS INSURED FUND II, INC. </P>
<P ALIGN="CENTER">FILE # 811-9191</P>
<P ALIGN="CENTER">ATTACHMENT 77O</P>

<P>&nbsp;</P></FONT>
<TABLE BORDER CELLSPACING=1 CELLPADDING=7 WIDTH=637>
<TR><TD WIDTH="16%" VALIGN="TOP">
<B><FONT SIZE=2><P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>TRADE DATE</B></FONT></TD>
<TD WIDTH="24%" VALIGN="TOP">
<B><FONT SIZE=2>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>DESCRIPTION OF SECURITY</B></FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<B><FONT SIZE=2><P ALIGN="CENTER"></P>
<P ALIGN="CENTER">&nbsp;</P>
<P ALIGN="CENTER">&nbsp;</P>
<P ALIGN="CENTER">&nbsp;</P>
<P ALIGN="CENTER">&nbsp;</P>
<P ALIGN="CENTER">ISSUE SIZE </B></FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<B><FONT SIZE=2><P ALIGN="CENTER"></P>
<P ALIGN="CENTER">&nbsp;</P>
<P ALIGN="CENTER">&nbsp;</P>
<P ALIGN="CENTER">&nbsp;</P>
<P ALIGN="CENTER">AMOUNT PURCHASED</B></FONT></TD>
<TD WIDTH="23%" VALIGN="TOP">
<B><FONT SIZE=2><P>MEMBER OF UNDERWRITING SYNDICATE FROM WHOM FUND PURCHASED</B></FONT></TD>
</TR>
<TR><TD WIDTH="16%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="CENTER">06/21/00</FONT></TD>
<TD WIDTH="24%" VALIGN="TOP">
<FONT SIZE=2><P>Connecticut State  </P>
<P> 5 .88%   6/15/14 </FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">$450,000,000</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">$5,000,000</FONT></TD>
<TD WIDTH="23%" VALIGN="TOP">
<FONT SIZE=2><P>CIBC </FONT></TD>
</TR>
<TR><TD WIDTH="16%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="CENTER">06/21/00</FONT></TD>
<TD WIDTH="24%" VALIGN="TOP">
<FONT SIZE=2><P>Connecticut State </P>
<P>5.75%   6/15/13</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">$450,000,000</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">$5,000,000</FONT></TD>
<TD WIDTH="23%" VALIGN="TOP">
<FONT SIZE=2><P>CIBC</P>
</FONT></TD>
</TR>
<TR><TD WIDTH="16%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="24%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="23%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="16%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="24%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="23%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="16%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="24%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="23%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="16%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="24%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="23%" VALIGN="TOP">&nbsp;</TD>
</TR>
</TABLE>

<FONT SIZE=2><P ALIGN="CENTER"></P>
<P>&nbsp;</P></FONT></BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77PEXMPTINFO
<SEQUENCE>7
<FILENAME>mhi2p77p.htm
<TEXT>

<HTML>
<HEAD>
<TITLE>mhi2p77p</TITLE>
</HEAD>
<BODY>
<H1><CENTER>Sheet1</CENTER></H1>
<!-- The following table was generated by the Internet Assistant Wizard for Microsoft Excel. -->
<!-- ------------------------- -->
<!-- START OF CONVERTED OUTPUT -->
<!-- ------------------------- -->
<Table border>
<TR VALIGN="bottom">
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD ALIGN="left"><FONT FACE="Times New Roman">Muniholdings Insured Fund II, Inc.</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD ALIGN="left"><FONT FACE="Times New Roman">File Number:  811-9191</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD ALIGN="left"><FONT FACE="Times New Roman">CIK Number:  1071899</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="left"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD ALIGN="left"><FONT FACE="Times New Roman">For the Period Ending:  09/30/2000</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
</TR>
<TR ALIGN="left" VALIGN="bottom">
<TD COLSPAN=9><FONT FACE="Times New Roman">Pursuant to Exemptive Order No. IC-15520 the following schedule enumerates the transactions with Merrill Lynch, Pierce, Fenner &amp; Smith Incorporated, for the year ended September 30, 2000.</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN=8 ALIGN="center"><FONT FACE="Times New Roman"><U>Purchases (In Thousands)</U></FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
</TR>
<TR ALIGN="center" VALIGN="bottom">
<TD><FONT FACE="Times New Roman">Transaction</FONT></TD>
<TD><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD><FONT FACE="Times New Roman">Face</FONT></TD>
<TD><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD><FONT FACE="Times New Roman">Security</FONT></TD>
<TD><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD><FONT FACE="Times New Roman">Due</FONT></TD>
</TR>
<TR ALIGN="center" VALIGN="bottom">
<TD><FONT FACE="Times New Roman"><U>Date</U></FONT></TD>
<TD><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD><FONT FACE="Times New Roman"><U>Amount</U></FONT></TD>
<TD><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD><FONT FACE="Times New Roman"><U>Description</U></FONT></TD>
<TD><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD><FONT FACE="Times New Roman"><U>Rate</U></FONT></TD>
<TD><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD><FONT FACE="Times New Roman"><U>Date</U></FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat:mm/dd/yy"><FONT FACE="Times New Roman">06/23/00</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat:$#,##0_)[semicolon][Red]($#,##0)"><FONT FACE="Times New Roman">$6,400 </FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="left"><FONT FACE="Times New Roman">Harris Co. Tex Hlth Fac</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat:0.00%"><FONT FACE="Times New Roman">5.00%</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat:m/d/yy"><FONT FACE="Times New Roman">2/15/27</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat:mm/dd/yy"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat:#,##0"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat:0.00"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat:mm/dd/yy"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
</TR>
</TABLE>
<!-- ------------------------- -->
<!-- END OF CONVERTED OUTPUT -->
<!-- ------------------------- -->
<FONT SIZE=-1><I>
<BR>Last Updated on 11/29/2000
<BR>By Karen Lang
<FONT SIZE=+0></I>
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77PEXMPTINFO
<SEQUENCE>8
<FILENAME>mhi2s77p.htm
<TEXT>

<HTML>
<HEAD>
<TITLE>mhi2s77p</TITLE>
</HEAD>
<BODY>
<H1><CENTER>Sheet1</CENTER></H1>
<!-- The following table was generated by the Internet Assistant Wizard for Microsoft Excel. -->
<!-- ------------------------- -->
<!-- START OF CONVERTED OUTPUT -->
<!-- ------------------------- -->
<Table border>
<TR VALIGN="bottom">
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD ALIGN="left"><FONT FACE="Times New Roman">Muniholdings Insured Fund II, Inc.</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD ALIGN="left"><FONT FACE="Times New Roman">File Number:  811-9191</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD ALIGN="left"><FONT FACE="Times New Roman">CIK Number:  1071899</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="left"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD ALIGN="left"><FONT FACE="Times New Roman">For the Period Ending:  09/30/2000</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
</TR>
<TR ALIGN="left" VALIGN="bottom">
<TD COLSPAN=9><FONT FACE="Times New Roman">Pursuant to Exemptive Order No. IC-15520 the following schedule enumerates the transactions with Merrill Lynch, Pierce, Fenner &amp; Smith Incorporated, for the year ended September 30, 2000.</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN=8 ALIGN="center"><FONT FACE="Times New Roman"><U>Sales (In Thousands)</U></FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
</TR>
<TR ALIGN="center" VALIGN="bottom">
<TD><FONT FACE="Times New Roman">Transaction</FONT></TD>
<TD><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD><FONT FACE="Times New Roman">Face</FONT></TD>
<TD><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD><FONT FACE="Times New Roman">Security</FONT></TD>
<TD><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD><FONT FACE="Times New Roman">Due</FONT></TD>
</TR>
<TR ALIGN="center" VALIGN="bottom">
<TD><FONT FACE="Times New Roman"><U>Date</U></FONT></TD>
<TD><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD><FONT FACE="Times New Roman"><U>Amount</U></FONT></TD>
<TD><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD><FONT FACE="Times New Roman"><U>Description</U></FONT></TD>
<TD><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD><FONT FACE="Times New Roman"><U>Rate</U></FONT></TD>
<TD><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD><FONT FACE="Times New Roman"><U>Date</U></FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat:mm/dd/yy"><FONT FACE="Times New Roman">06/07/00</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat:$#,##0_)[semicolon][Red]($#,##0)"><FONT FACE="Times New Roman">$10,900 </FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="left"><FONT FACE="Times New Roman">Collier Cnty Healthe Fac</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat:0.00%"><FONT FACE="Times New Roman">3.35%</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat:mm/dd/yy"><FONT FACE="Times New Roman">01/01/33</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat:mm/dd/yy"><FONT FACE="Times New Roman">06/09/00</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat:#,##0"><FONT FACE="Times New Roman">5,300</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="left"><FONT FACE="Times New Roman">Collier Cnty Healthe Fac</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat:0.000"><FONT FACE="Times New Roman">4.450</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat:mm/dd/yy"><FONT FACE="Times New Roman">01/02/33</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat:mm/dd/yy"><FONT FACE="Times New Roman">06/29/00</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat:#,##0"><FONT FACE="Times New Roman">6,400</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="left"><FONT FACE="Times New Roman">Harris Co. Tex Hlth Fac</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat:0.000"><FONT FACE="Times New Roman">4.600</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat:mm/dd/yy"><FONT FACE="Times New Roman">02/15/27</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat:mm/dd/yy"><FONT FACE="Times New Roman">07/14/00</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat:#,##0"><FONT FACE="Times New Roman">800</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="left"><FONT FACE="Times New Roman">Collier Cnty Healthe Fac</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat:0.000"><FONT FACE="Times New Roman">5.000</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat:mm/dd/yy"><FONT FACE="Times New Roman">01/03/33</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat:mm/dd/yy"><FONT FACE="Times New Roman">07/14/00</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat:#,##0"><FONT FACE="Times New Roman">10,000</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="left"><FONT FACE="Times New Roman">Long Island NY Pwr Auth</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat:0.000"><FONT FACE="Times New Roman">5.001</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat:mm/dd/yy"><FONT FACE="Times New Roman">05/01/33</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
</TR>
</TABLE>
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<FONT SIZE=-1><I>
<BR>Last Updated on 11/29/2000
<BR>By Karen Lang
<FONT SIZE=+0></I>
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77Q2ITEM405
<SEQUENCE>9
<FILENAME>mhi277q2.htm
<TEXT>

<HTML>
<HEAD>
<TITLE>[FUND NAME]</TITLE>
</HEAD>
<BODY>

<B><P ALIGN="CENTER">MuniHoldings Insured Fund II, Inc.</P>
<P ALIGN="CENTER"></P>
<P ALIGN="CENTER">File No. 811-9191</P>
<P ALIGN="CENTER"></P>
<P ALIGN="CENTER">Item No. 77Q2</P>
<P ALIGN="CENTER"></P>
<P ALIGN="CENTER">Compliance with Section 16(a) of the</P>
<P ALIGN="CENTER">Securities Exchange Act of 1934</P>
</B>
<P>During the fiscal year the following individuals were Directors and/or Officers of the Registrant or Adviser to the Registrant; were subject to Section 16 of the Securities Exchange Act of 1934 with respect to the Registrant; and failed to file Forms
3 or 4 on a timely basis.</P>

<P>Mr. Bradley J. Lucido, Secretary to the Registrant is subject to Section 16 of the Securities Exchange Act of 1934.  A Form 3 should have been filed by April 23, 1999, but was actually filed on December 10, 1999.</P>

<P>Ms. Alice Pellegrino, former Secretary to the Registrant was subject to Section 16 of the Securities Exchange Act of 1934.  A Form 4 should have been filed by May 10, 1999, but was actually filed on December 10, 1999.</P>

<P>Mr. Michael G. Clark, Senior Vice President to the Investment Adviser, is subject to Section 16 of the Securities Exchange Act of 1934.  A Form 4 should have been filed by March 10, 2000, but was actually filed on July 6, 2000.</P>

<P>&nbsp;</P>
<P>&nbsp;</P></BODY>
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</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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