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<SEC-DOCUMENT>0001287695-06-000506.txt : 20061206
<SEC-HEADER>0001287695-06-000506.hdr.sgml : 20061206
<ACCEPTANCE-DATETIME>20061206145045
ACCESSION NUMBER:		0001287695-06-000506
CONFORMED SUBMISSION TYPE:	NSAR-B/A
PUBLIC DOCUMENT COUNT:		6
CONFORMED PERIOD OF REPORT:	20060930
FILED AS OF DATE:		20061206
DATE AS OF CHANGE:		20061206
EFFECTIVENESS DATE:		20061206

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MUNIHOLDINGS INSURED FUND II INC
		CENTRAL INDEX KEY:			0001071899
		IRS NUMBER:				223636347
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		NSAR-B/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-09191
		FILM NUMBER:		061259914

	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/A
<SEQUENCE>1
<FILENAME>answer.fil
<TEXT>
<PAGE>      PAGE  1
000 B000000 09/30/2006
000 C000000 0001071899
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 Y
000 H000000 N
000 I000000 6.1
000 J000000 U
001 A000000 BLACKROCK 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
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004  000000 N
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007 C010500  5
007 C010600  6
007 C010700  7
007 C010800  8
007 C010900  9
007 C011000 10
014 A000001 MLPF&S AND OTHER ML BROKER/DEALER AFFILIATES
014 B000001 8-7221
014 A000002 BLACKROCK INVESTMENTS, INC.
014 B000002 8-048436
014 A000003 NORTHERN FUND DISTRIBUTORS, LLC
014 B000003 8-051242
014 A000004 PNC CAPITAL MARKETS, LLC
014 B000004 8-032493
014 A000005 J.J.B. HILLIARD W.L. LYONS, INC.
014 B000005 8-033133
014 A000006 PFPC DISTRIBUTORS, INC.
014 B000006 8-045467
014 A000007 MGI FUNDS DISTRIBUTORS, INC.
014 B000007 8-046960
014 A000008 ABN AMRO DISTRIBUTION SERVICES, INC.
014 B000008 8-052396
014 A000009 BLACKROCK DISTRIBUTORS, INC.
014 B000009 8-048775
<PAGE>      PAGE  2
014 A000010 PERSIMMON SECURITIES, INC.
014 B000010 8-053071
014 A000011 PNC INVESTMENTS LLC
014 B000011 8-066195
014 A000012 STATE STREET RESEARCH INVEST SERVICES, INC.
014 B000012 8-035442
015 A000001 STATE STREET BANK AND TRUST COMPANY
015 B000001 C
015 C010001 BOSTON
015 C020001 MA
015 C030001 02101
015 E010001 X
018  000000 Y
019 A000000 Y
019 B000000  177
019 C000000 BLACKROCKC
020 A000001 RBS GREENWICH CAPITAL
020 C000001      1
020 A000002 MERRILL LYNCH, PIERCE, FENNER & SMITH INC.
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022 A000001 MERRILL LYNCH INSTITUTIONAL TAX-EXEMPT FUND
022 B000001 22-2509978
022 C000001    120000
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022 A000002 J.P. MORGAN SECURITIES INC.
022 B000002 13-3224016
022 C000002     76521
022 D000002     74448
022 A000003 MURIEL SIEBERT & CO., INC.
022 C000003     25298
022 D000003     24124
022 A000004 CITIGROUP GLOBAL MARKETS, INC.
022 B000004 11-2418191
022 C000004     16788
022 D000004     23246
022 A000005 GOLDMAN, SACHS & CO.
022 B000005 13-5108880
022 C000005     16608
022 D000005     11389
022 A000006 MORGAN STANLEY
022 B000006 13-2655998
<PAGE>      PAGE  3
022 C000006     16620
022 D000006      3796
022 A000007 UBS FINANCIAL SERVICES INC.
022 B000007 13-2638166
022 C000007     10532
022 D000007      7400
022 A000008 BANC OF AMERICA SECURITIES LLC
022 B000008 56-2058405
022 C000008      2017
022 D000008     13187
022 A000009 RBC DAIN RAUSCHER INC.
022 B000009 41-0212020
022 C000009      3344
022 D000009      9303
022 A000010 LEHMAN BROTHERS INC.
022 B000010 13-2518466
022 C000010      9075
022 D000010      2542
023 C000000     334756
023 D000000     328621
024  000000 N
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<PAGE>      PAGE  4
064 B000000 N
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070 M010000 N
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078  000000 N
080 A000000 ICI MUTUAL INSURANCE CO.
080 C000000      900
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081 B000000 131
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086 E010000      0
<PAGE>      PAGE  6
086 E020000      0
086 F010000      0
086 F020000      0
087 A010000 COMMON STOCK
087 A020000 09254C107
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-99.77B ACCT LTTR
<SEQUENCE>2
<FILENAME>mhin277b.htm
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</TITLE>
<META NAME="author" CONTENT="James Banks (Closed)&#10;">
<META NAME="date" CONTENT="11/28/2006">
</HEAD>
<BODY>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:12pt; color:#000000"><B>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</B></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; font-size:11pt; color:#000000"><BR></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:11pt; font-size:11pt; color:#000000">To the Shareholders and Board of Directors of</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:11pt; font-size:11pt; color:#000000">BlackRock MuniHoldings Insured Fund II, Inc.:</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; font-size:11pt; color:#000000"><BR></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:11pt; font-size:11pt; color:#000000">In planning and performing our audit of the financial statements of BlackRock MuniHoldings Insured Fund II, Inc. (the &#147;Fund&#148;) (formerly MuniHoldings Insured Fund II, Inc.) as of and for the year ended September 30, 2006, in accordance with the standards of the Public Company Accounting Oversight Board (United States), we considered its internal control over financial reporting, including control activities for safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-SAR, but not for the purpose of expressing an opinion on the effectiveness of the Fund&#146;s internal control over financial reporting. &nbsp;Accordingly, we express no such opinion.</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; font-size:11pt; color:#000000"><BR></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:11pt; font-size:11pt; color:#000000">The management of the Fund is responsible for establishing and maintaining effective internal control over financial reporting. &nbsp;In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls. &nbsp;A fund&#146;s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. &nbsp;Such internal control includes policies and procedures that provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of a fund&#146;s assets that could have a material effect on the financial statements.</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; font-size:11pt; color:#000000"><BR></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:11pt; font-size:11pt; color:#000000">Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. &nbsp;Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions or that the degree of compliance with policies or procedures may deteriorate.</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; font-size:11pt; color:#000000"><BR></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:11pt; font-size:11pt; color:#000000">A control deficiency exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis. A significant deficiency is a control deficiency, or combination of control deficiencies, that adversely affects the fund&#146;s ability to initiate, authorize, record, process, or report external financial data reliably in accordance with generally accepted accounting principles such that there is more than a remote likelihood that a misstatement of the fund&#146;s annual or interim financial statements that is more than inconsequential will not be prevented or detected. A material weakness is a significant deficiency, or combination of significant deficiencies, that results in more than a remote likelihood that a material misstatement of the annua
l or interim financial statements will not be prevented or detected. &nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; font-size:11pt; color:#000000"><BR></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:11pt; font-size:11pt; color:#000000">Our consideration of the Fund&#146;s internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control that might be significant deficiencies or material weaknesses under standards established by the Public Company Accounting Oversight Board (United States). &nbsp;However, we noted no deficiencies in the Fund&#146;s internal control over financial reporting and its operation, including controls for safeguarding securities, that we consider to be a material weakness, as defined above, as of September 30, 2006.</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; font-size:11pt; color:#000000"><BR></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:11pt; font-size:11pt; color:#000000">This report is intended solely for the information and use of management and the Board of Directors of BlackRock 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.</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; font-size:11pt; color:#000000"><BR></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:11pt; font-size:11pt; color:#000000">/s/ Deloitte &amp; Touche LLP</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; font-size:11pt; color:#000000"><BR></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:11pt; font-size:11pt; color:#000000">Princeton, New Jersey</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:11pt; font-size:11pt; color:#000000">November 21, 2006</P>
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77C VOTES
<SEQUENCE>3
<FILENAME>mhins77c.htm
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE>77C: Submission of matters to a vote of security holders</TITLE>
<META NAME="author" CONTENT="gaynoje">
<META NAME="date" CONTENT="11/29/2006">
</HEAD>
<BODY>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">77C: Submission of matters to a vote of security holders</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000"><BR></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">At a special meeting of all shareholders of MuniHoldings Insured Fund II, Inc. held on August 15, 2006, the results were as follows:</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000"><BR></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">PROPOSAL 2.</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To approve a new investment advisory agreement between the Fund and BlackRock Advisors, Inc. or its successor (&#147;BlackRock Advisors&#148;). <A NAME="OLE_LINK1"></A>With respect to Proposal 1, the shares of the Fund were voted as follows:</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000"><BR></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:-10pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">For</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:-10pt; padding:0pt; text-indent:91.6pt; line-height:10pt; font-size:10pt; color:#000000">Against</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:183.2pt; line-height:10pt; font-size:10pt; color:#000000">Abstain</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:-10pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">11,401,289</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:-10pt; padding:0pt; text-indent:91.6pt; line-height:10pt; font-size:10pt; color:#000000">332,235</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:183.2pt; line-height:10pt; font-size:10pt; color:#000000">654,094</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000"><BR></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">PROPOSAL 3.</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To approve a contingent subadvisory agreement between the Fund&#146;s Advisor and BlackRock Advisors (the &#147;BlackRock Subadvisor&#148;). &nbsp;With respect to Proposal 3, the shares of the Fund were voted as follows:</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000"><BR></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:-10pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">For</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:-10pt; padding:0pt; text-indent:91.6pt; line-height:10pt; font-size:10pt; color:#000000">Against</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:183.2pt; line-height:10pt; font-size:10pt; color:#000000">Abstain</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:-10pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">11,384,474</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:-10pt; padding:0pt; text-indent:72pt; line-height:10pt; font-size:10pt; color:#000000">&nbsp;&nbsp;&nbsp;341,882</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:144pt; line-height:10pt; font-size:10pt; color:#000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;661,262</P>
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77K CHNG ACCNT
<SEQUENCE>4
<FILENAME>mhi277k.htm
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE>Changes in Registrants Certifying Accountant</TITLE>
<META NAME="author" CONTENT="Rob Jacobi">
<META NAME="date" CONTENT="11/28/2006">
</HEAD>
<BODY>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:12pt; color:#000000">Changes in Registrants Certifying Accountant</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; font-size:12pt; color:#000000"><BR></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; font-size:12pt; color:#000000"><BR></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:12pt; color:#000000">On <A NAME="OLE_LINK1"></A>August 28, 2006, Ernst &amp; Young LLP (E&amp;Y) resigned as the Independent Registered Public Accounting Firm of BlackRock MuniHoldings Insured Fund II, Inc. (formerly MuniHoldings Insured Fund II, Inc.). &nbsp;E&amp;Y&#146;s reports on the financial statements of the Fund for the past two fiscal years did not contain an adverse opinion or a disclaimer of opinion and were not qualified or modified as to uncertainty, audit scope or accounting principles. &nbsp;In connection with its audits for the two most recent fiscal years and through August 28, 2006 there were no disagreements with E&amp;Y on any matter of accounting principle or practices, financial statement disclosure or auditing scope or procedure, whereby such disagreements, if not resolved to the satisfaction of E&amp;Y, would have caused them to make reference to the subject matter 
of the disagreements in connection with their report on the financial statements for such years; and there have been no reportable events (as defined in Item 304(a)(1)(v) of Regulation S-K).</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; font-size:12pt; color:#000000"><BR></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:12pt; color:#000000">The Fund has requested that E&amp;Y furnish it with a letter addressed to the Securities and Exchange Commission stating whether or not E&amp;Y agrees with the statements made in this Item. &nbsp;A copy of such letter dated November 27, 2006 is attached hereto as Sub-Item 77Q1 to this Form N-SAR.</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; font-size:12pt; color:#000000"><BR></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:12pt; color:#000000">The Fund has engaged Deloitte &amp; Touche LLP as the Fund&#146;s Independent Registered Public Accounting Firm. </P>
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77O RULE 10F-3
<SEQUENCE>5
<FILENAME>mhins277o.htm
<TEXT>
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<TITLE>10F-3 TRANSACTIONS</TITLE>
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<META NAME="date" CONTENT="11/16/1999">
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<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:36pt; line-height:9.5pt; font-size:9.5pt; color:#000000" align=center>MUNIHOLDINGS INSURED FUND II, INC. </P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:9.5pt; font-size:9.5pt; color:#000000" align=center>FILE # 811-9191</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:9.5pt; font-size:9.5pt; color:#000000" align=center>ATTACHMENT 77O</P>
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<TABLE style="margin-left:0pt"><TR><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=108><P style="margin:0pt; padding:0pt; text-indent:0pt; font-size:9.5pt; color:#000000" align=center><BR></P>
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<P style="margin:0pt; padding:0pt; text-indent:0pt; font-size:9.5pt; color:#000000" align=center><BR></P>
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<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:9.5pt; font-size:9.5pt; color:#000000" align=center><B>TRADE DATE</B></P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=162><P style="margin:0pt; padding:0pt; text-indent:0pt; font-size:9.5pt; color:#000000" align=center><BR></P>
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<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:9.5pt; font-size:9.5pt; color:#000000" align=center><B>DESCRIPTION OF SECURITY</B></P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=120><P style="margin:0pt; padding:0pt; text-indent:0pt; font-size:9.5pt; color:#000000" align=center><BR></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; font-size:9.5pt; color:#000000" align=center><BR></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; font-size:9.5pt; color:#000000" align=center><BR></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; font-size:9.5pt; color:#000000" align=center><BR></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:9.5pt; font-size:9.5pt; color:#000000" align=center><B>AMOUNT PURCHASED</B></P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=120><P style="margin:0pt; padding:0pt; text-indent:0pt; font-size:9.5pt; color:#000000" align=center><BR></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; font-size:9.5pt; color:#000000" align=center><BR></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; font-size:9.5pt; color:#000000" align=center><BR></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; font-size:9.5pt; color:#000000" align=center><BR></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; font-size:9.5pt; color:#000000" align=center><BR></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:9.5pt; font-size:9.5pt; color:#000000" align=center><B>ISSUE SIZE</B></P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=175.2 colspan=2><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:9.5pt; font-size:9.5pt; color:#000000" align=center><B>LIST OF UNDERWRITERS</B></P>
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<TR><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=108><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">8/2/2006</P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=162><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Commonwealth of Puerto Rico</P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=120><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">1,010,000</P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=120><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">835,650,000</P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=175.2 colspan=2><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Morgan Stanley</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Goldman Sachs</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Banc of America</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Citigroup Global Markets</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">J.P. Morgan Sec.</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Lehman Brothers</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Merrill Lynch </P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Popular Securities</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Raymond James</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Ramirez &amp; Co.</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Wachovia Bank</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">UBS Securities</P>
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<TYPE>EX-99.77Q1 OTHR EXHB
<SEQUENCE>6
<FILENAME>mhi277q1.htm
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<TITLE>BlackRock Equity Dividend Fund</TITLE>
<META NAME="author" CONTENT="&nbsp;- ">
<META NAME="date" CONTENT="11/17/2006">
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<A NAME="OLE_LINK1"></A><P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:12pt; color:#000000">BlackRock MuniHoldings Insured Fund II, Inc.</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:12pt; color:#000000">(formerly MuniHoldings Insured Fund II, Inc.)</P>
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<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:12pt; color:#000000">77Q1(e):</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:12pt; color:#000000">Copies of new or amended Registrant investment advisory contracts</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; font-size:12pt; color:#000000"><BR></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding-left:0pt; padding-top:0pt; padding-right:63pt; padding-bottom:0pt; text-indent:0pt; line-height:12pt; font-size:12pt; color:#000000">Form of new Investment Advisory Agreement between the Registrant and BlackRock Advisors, LLC is hereby incorporated by reference to Appendix I of Schedule 14A (Definitive Notice and Proxy Statement) filed on June 15, 2006 (SEC Accession No. 0000891092-06-001532).</P>
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