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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
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MIC-Info: RSA-MD5,RSA,
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 6G+CH4xWxzk7H82e+TIprQ==

<SEC-DOCUMENT>0001071899-01-500002.txt : 20020412
<SEC-HEADER>0001071899-01-500002.hdr.sgml : 20020412
ACCESSION NUMBER:		0001071899-01-500002
CONFORMED SUBMISSION TYPE:	NSAR-B
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20010930
FILED AS OF DATE:		20011128

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

	FILING VALUES:
		FORM TYPE:		NSAR-B
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-09191
		FILM NUMBER:		1800953

	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

	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
</SEC-HEADER>
<DOCUMENT>
<TYPE>NSAR-B
<SEQUENCE>1
<FILENAME>answer.fil
<TEXT>
<PAGE>      PAGE  1
000 B000000 09/30/2001
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
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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 MANHATTAN 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  174
<PAGE>      PAGE  3
019 C000000 MERRILLLYN
020 A000001 SALOMON SMITH BARNEY INC.
020 B000001 11-2418191
020 C000001     19
020 A000002 BZW SECURITIES INC.
020 C000002     13
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       32
022 A000001 J.P. MORGAN SECURITIES INC.
022 B000001 13-3224016
022 C000001    132023
022 D000001    142803
022 A000002 CIBC WORLD MARKETS CORP.
022 B000002 13-2798343
022 C000002     69286
022 D000002     85253
022 A000003 MORGAN STANLEY DEAN WITTER & CO.
022 B000003 13-2655998
022 C000003     78306
022 D000003     71881
022 A000004 GOLDMAN, SACHS & CO.
022 B000004 13-5108880
022 C000004     64307
022 D000004     11500
022 A000005 UBS PAINEWEBBER INC.
022 B000005 13-2638166
022 C000005     31200
022 D000005     42101
022 A000006 DAIN RAUSCHER INCORPORATED
022 B000006 41-0212020
022 C000006     22375
022 D000006     33919
022 A000007 BEAR, STEARNS & CO. INC.
022 B000007 13-3299429
022 C000007     22116
022 D000007     21666
022 A000008 SALOMON SMITH BARNEY INC.
022 B000008 11-2418191
022 C000008     15371
022 D000008     21030
022 A000009 BB & T INVESTMENT SERVICES, INC.
022 B000009 56-1815852
022 C000009     17547
022 D000009      5900
<PAGE>      PAGE  4
022 A000010 MERRILL LYNCH, PIERCE, FENNER & SMITH INC.
022 B000010 13-5674085
022 C000010      9550
022 D000010      9550
023 C000000     515423
023 D000000     512763
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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052  000000 N
053 A000000 Y
053 B000000 Y
053 C000000 N
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<PAGE>      PAGE  5
054 B000000 Y
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062 O000000  92.9
062 P000000   0.0
062 Q000000   0.0
062 R000000   0.0
063 A000000   0
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064 A000000 Y
064 B000000 N
066 A000000 N
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<PAGE>      PAGE  6
070 B010000 N
070 B020000 N
070 C010000 Y
070 C020000 N
070 D010000 N
070 D020000 N
070 E010000 Y
070 E020000 Y
070 F010000 N
070 F020000 N
070 G010000 Y
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    287579
071 B000000    292671
071 C000000    470721
071 D000000   61
072 A000000 12
072 B000000    26869
072 C000000        0
072 D000000        0
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072 H000000        0
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072 L000000       44
072 M000000       33
<PAGE>      PAGE  7
072 N000000        0
072 O000000        0
072 P000000        0
072 Q000000        0
072 R000000       56
072 S000000       25
072 T000000        0
072 U000000        0
072 V000000        0
072 W000000      590
072 X000000     3807
072 Y000000      513
072 Z000000    23575
072AA000000    11964
072BB000000     6121
072CC010000    21163
072CC020000        0
072DD010000    16447
072DD020000        0
072EE000000        0
073 A010000   0.7358
073 A020000   0.0000
073 B000000   0.0000
073 C000000   0.0000
074 A000000        1
074 B000000        0
074 C000000    28400
074 D000000   479171
074 E000000        0
074 F000000        0
074 G000000        0
074 H000000        0
074 I000000        0
074 J000000     1558
074 K000000        0
074 L000000     7369
074 M000000        7
074 N000000   516506
074 O000000        0
074 P000000      191
074 Q000000        0
074 R010000        0
074 R020000        0
074 R030000        0
074 R040000      310
074 S000000   204500
074 T000000   311505
074 U010000    22352
074 U020000        0
074 V010000    13.94
074 V020000     0.00
<PAGE>      PAGE  8
074 W000000   0.0000
074 X000000     5768
074 Y000000        0
075 A000000        0
075 B000000   506366
076  000000    13.04
077 A000000 Y
077 B000000 Y
077 P000000 Y
078  000000 N
080 A000000 ICI MUTUAL INSURANCE CO.
080 C000000     2500
081 A000000 Y
081 B000000 148
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      0
086 A020000      0
086 B010000      0
086 B020000      0
086 C010000      0
086 C020000      0
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-99.77P EXMPT INFO
<SEQUENCE>3
<FILENAME>mhi2p77p.htm
<TEXT>
<HTML>
<HEAD>
<TITLE>mhins2p</TITLE>
</HEAD>
<BODY>
<H1><CENTER>Sheet1</CENTER></H1>
<!-- The following table was generated by the Internet Assistant Wizard for Microsoft Excel. -->
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<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:  09/30/2001</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, 2001.</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:m/d/yy"><FONT FACE="Times New Roman">01/16/2001</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">$6,950 </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:m/d/yy"><FONT FACE="Times New Roman">05/01/2033</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat:m/d/yy"><FONT FACE="Times New Roman">03/29/2001</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">2,600</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:m/d/yy"><FONT FACE="Times New Roman">05/01/2033</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat:m/d/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"><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:m/d/yy"><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">&nbsp;</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
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<FONT SIZE=-1><I>
<BR>Last Updated on 11/28/2001
<BR>By Karen Lang
<FONT SIZE=+0></I>
</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77O RULE 10F-3
<SEQUENCE>4
<FILENAME>mhi2s77p.htm
<TEXT>
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<TITLE>mhins2s</TITLE>
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<H1><CENTER>Sheet1</CENTER></H1>
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<TD ALIGN="left"><FONT FACE="Times New Roman">Muniholdings Insured Fund II, Inc.</FONT></TD>
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<TD ALIGN="left"><FONT FACE="Times New Roman">File Number:  811-9191</FONT></TD>
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<TD ALIGN="left"><FONT FACE="Times New Roman">CIK Number:  1071899</FONT></TD>
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<TD ALIGN="left"><FONT FACE="Times New Roman">For the Period Ending:  09/30/2001</FONT></TD>
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<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, 2001.</FONT></TD>
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<TD COLSPAN=8 ALIGN="center"><FONT FACE="Times New Roman"><U>Sales (In Thousands)</U></FONT></TD>
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<TD><FONT FACE="Times New Roman">Transaction</FONT></TD>
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<TD><FONT FACE="Times New Roman"><U>Description</U></FONT></TD>
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<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>
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<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat:m/d/yy"><FONT FACE="Times New Roman">01/23/2001</FONT></TD>
<TD ALIGN="right"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat:_($* #,##0_)[semicolon]_($* (#,##0)[semicolon]_($* [dquote]-[dquote]??_)[semicolon]_(@_)"><FONT FACE="Times New Roman"> $        6,000 </FONT></TD>
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<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:m/d/yy"><FONT FACE="Times New Roman">05/01/2033</FONT></TD>
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<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat:m/d/yy"><FONT FACE="Times New Roman">01/24/2001</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">950</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:m/d/yy"><FONT FACE="Times New Roman">05/01/2033</FONT></TD>
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<TR VALIGN="bottom">
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat:m/d/yy"><FONT FACE="Times New Roman">09/30/2001</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">2,600</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:m/d/yy"><FONT FACE="Times New Roman">05/01/2033</FONT></TD>
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<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat:mm/dd/yy"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
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</Table>
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<FONT SIZE=-1><I>
<BR>Last Updated on 11/28/2001
<BR>By Karen Lang
<FONT SIZE=+0></I>
</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77B ACCT LTTR
<SEQUENCE>5
<FILENAME>mhin277b.txt
<TEXT>


Report of Independent Auditors


To the Shareholders and Board of Directors,
MuniHoldings Insured Fund II, Inc.

In planning and performing our audit of the financial
statements of MuniHoldings Insured Fund II, Inc. for the year ended
September 30, 2001, 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 the 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 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, which we
consider to be material weaknesses as defined above as of
September 30, 2001.

This report is intended solely for the information and use of
the Board of Directors and management of MuniHoldings
FunInsured d 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
November 2, 2001

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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