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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0000900092-08-000059.txt : 20080228
<SEC-HEADER>0000900092-08-000059.hdr.sgml : 20080228
<ACCEPTANCE-DATETIME>20080228110620
ACCESSION NUMBER:		0000900092-08-000059
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20071231
FILED AS OF DATE:		20080228
DATE AS OF CHANGE:		20080228
EFFECTIVENESS DATE:		20080228

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:		N-Q
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-09191
		FILM NUMBER:		08648930

	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>N-Q
<SEQUENCE>1
<FILENAME>final.htm
<DESCRIPTION>MUNIHOLDINGS INSURED 2
<TEXT>

<HTML>
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   <TITLE>muniholdins2 -- Converted by SEC Publisher, created by BCL Technologies Inc., for SEC Filing</TITLE>
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     <TD noWrap align=center width="100%"><FONT face=ArialMT,Arial,Helvetica,sans-serif>UNITED STATES</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=center width="100%"><FONT face=ArialMT,Arial,Helvetica,sans-serif>SECURITIES AND EXCHANGE COMMISSION</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=center width="100%">
<P><FONT face=ArialMT,Arial,Helvetica,sans-serif>Washington, D.C. 20549</FONT>&nbsp; </P>
<P>&nbsp;</P>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=center width="100%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">FORM N-Q</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=center width="100%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=center width="100%">
<P><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">MANAGEMENT INVESTMENT COMPANY</FONT></B>&nbsp; </P>
<P>&nbsp;</P>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="100%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Investment Company Act file number 811-09191</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="100%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Name of Fund: BlackRock MuniHoldings Insured Fund II, Inc. (MUE)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="100%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="100%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Name and address of agent for service: Donald C. Burke, Chief Executive Officer, BlackRock</FONT>&nbsp; </TD></TR></TABLE>
<P align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>MuniHoldings Insured Fund II, Inc., 800 Scudders Mill Road, Plainsboro, NJ, 08536.</FONT></P>
<P align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Mailing address: P.O. Box 9011, Princeton, NJ, 08543-9011 </FONT></P>
<P align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Registrant&#146;s telephone number, including area code: (800) 882-0052, Option 4</FONT></P>
<P align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>&nbsp;Date of fiscal year end: 09/30/2008 </FONT></P>
<P align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Date of reporting period: 10/01/2007 &#150; 12/31/2007 </FONT></P>
<P align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Item 1 &#150; Schedule of Investments</FONT></P>
<HR align=center width="100%" noShade SIZE=2>


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<TABLE border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width=47% nowrap colspan=5>
<B><FONT size=4 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">BlackRock MuniHoldings Insured Fund II, Inc.</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=5% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=30% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=47% nowrap colspan=5>
<B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Schedule of Investments as of December 31, 2007 (Unaudited)</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=5% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=30% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap colspan=3>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">(in Thousands)</FONT></B>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD colspan=3>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=10% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Face</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=24% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=5% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=30% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=10% nowrap>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">State</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Amount</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=24% nowrap>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Municipal Bonds</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=5% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=30% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=9% nowrap colspan=3>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Value</FONT></B>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD colspan=3>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=10% nowrap>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Alabama - 3.0%</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#36; 3,580</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=63% nowrap colspan=5>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Jefferson County, Alabama, Limited Obligation School Warrants, Series A, 5.50% due 1/01/2022</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap colspan=3>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#36; 3,848</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=10% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">5,000</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=31% nowrap colspan=3>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Mobile, Alabama, GO, Refunding, 5.25% due 8/15/2020 (a)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=30% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=3% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">5,353</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD colspan=3>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=10% nowrap>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Alaska - 1.3%</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">370</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=63% nowrap colspan=5>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Anchorage, Alaska, Water Revenue Refunding Bonds, 6% due 9/01/2009 (a)(j)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=3% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">391</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=10% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">1,630</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=63% nowrap colspan=5>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Anchorage, Alaska, Water Revenue Refunding Bonds, 6% due 9/01/2024 (a)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=3% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">1,708</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=10% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">1,700</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=63% nowrap colspan=5>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Matanuska-Susitna Boro, Alaska, GO, Series A, 6% due 3/01/2010 (i)(j)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=3% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">1,802</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=10% nowrap>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">California - 28.3%</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">1,950</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=63% nowrap colspan=5>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Anaheim, California, Redevelopment Agency, Tax Allocation Refunding Bonds (Merged Redevelopment Project Area),</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=10% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=24% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Series A, 5% due 2/01/2031 (g)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=5% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=30% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=3% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">1,995</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=10% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">2,100</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=24% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">California State, GO, 5.50% due 4/01/2014 (j)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=5% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=30% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=3% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">2,351</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=10% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">2,935</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=63% nowrap colspan=5>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">California State, Various Purpose, GO, 5.25% due 12/01/2022 (g)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=3% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">3,127</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=10% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">9,350</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=63% nowrap colspan=5>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">California State, Veterans, GO, Refunding, AMT, Series BZ, 5.35% due 12/01/2021 (i)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=3% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">9,374</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=10% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">2,405</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=63% nowrap colspan=5>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Dixon, California, Unified School District, GO (Election of 2002), 5.20% due 8/01/2044 (g)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=3% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">2,480</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=10% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">8,460</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=63% nowrap colspan=5>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">East Side Union High School District, California, Santa Clara County, GO (Election of 2002), Series D, 5% due 8/01/2029 (p)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=3% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">8,674</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=10% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">4,240</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=63% nowrap colspan=5>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Modesto, California, Schools Infrastructure Financing Agency, Special Tax Bonds, 5.50% due 9/01/2036 (a)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=3% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">4,452</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=10% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">7,365</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=63% nowrap colspan=5>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Palomar Pomerado Health Care District, California, GO (Election of 2004), Series A, 5.125% due 8/01/2037 (i)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=3% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">7,685</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=10% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">5,000</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=63% nowrap colspan=5>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Port of Oakland, California, Revenue Refunding Bonds, AMT, Series L, 5.375% due 11/01/2027 (c)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=3% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">5,113</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=10% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">1,500</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=63% nowrap colspan=5>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Rancho Cucamonga, California, Redevelopment Agency, Tax Allocation Refunding Bonds (Rancho Redevelopment Project),</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=10% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=24% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Series A, 5% due 9/01/2034 (i)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=5% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=30% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=3% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">1,534</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=10% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">2,985</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=63% nowrap colspan=5>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Roseville, California, Joint Union High School District, GO (Election of 2004), Series A, 5% due 8/01/2029 (c)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=3% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">3,088</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=10% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">150</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=63% nowrap colspan=5>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Sacramento, California, City Financing Authority, Capital Improvement Revenue Bonds, 5% due 12/01/2027 (a)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=3% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">154</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=10% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">1,480</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=63% nowrap colspan=5>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">San Diego, California, Community College District, GO (Election of 2002), 5% due 5/01/2030 (g)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=3% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">1,540</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=10% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">1,250</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=69% nowrap colspan=7>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">San Francisco, California, City and County Airport Commission, International Airport, Special Facilities Lease Revenue Bonds</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=10% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=63% nowrap colspan=5>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(SFO Fuel Company LLC), AMT, Series A, 6.10% due 1/01/2020 (g)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=3% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">1,277</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=10% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">3,800</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=63% nowrap colspan=5>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">San Jose, California, GO (Libraries, Parks and Public Safety Projects), 5% due 9/01/2030 (i)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=3% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">3,923</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=10% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">5,190</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=63% nowrap colspan=5>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Sequoia, California, Unified High School District, GO, Refunding, Series B, 5.50% due 7/01/2035 (g)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=3% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">5,657</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=10% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">4,485</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=63% nowrap colspan=5>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Stockton, California, Public Financing Revenue Bonds (Redevelopment Projects), Series A, 5.25% due 9/01/2031 (k)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=3% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">4,443</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=10% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">2,930</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=63% nowrap colspan=5>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Stockton, California, Public Financing Revenue Bonds (Redevelopment Projects), Series A, 5.25% due 9/01/2034 (k)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=3% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">2,901</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=10% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">2,915</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=63% nowrap colspan=5>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Tustin, California, Unified School District, Senior Lien Special Tax Bonds (Community Facilities District Number 97-1),</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=10% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=24% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Series A, 5% due 9/01/2032 (g)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=5% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=30% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=3% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">2,959</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=21% nowrap colspan=3>
<B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Portfolio Abbreviations</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=24% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=5% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=30% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=3>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=86% nowrap colspan=9>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">To simplify the listings of BlackRock MuniHoldings Insured Fund II, Inc.'s portfolio holdings in the Schedule of Investments, we have abbreviated the names of many of</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=21% nowrap colspan=3>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">the securities according to the list below.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=24% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=5% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=30% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=10% nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">AMT</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=35% nowrap colspan=3>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Alternative Minimum Tax (subject to)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=5% nowrap>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">IDA</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=30% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Industrial Development Authority</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=10% nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">COP</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=35% nowrap colspan=3>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Certificates of Participation</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=5% nowrap>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">M/F</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=30% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Multi-Family</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=10% nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">EDA</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=35% nowrap colspan=3>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Economic Development Authority</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=5% nowrap>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">PCR</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=30% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Pollution Control Revenue Bonds</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=10% nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">GO</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=35% nowrap colspan=3>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">General Obligation Bonds</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=5% nowrap>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">S/F</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=30% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Single-Family</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=10% nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">HDA</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=35% nowrap colspan=3>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Housing Development Authority</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=5% nowrap>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">VRDN</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=30% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Variable Rate Demand Notes</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=10% nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">HFA</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=35% nowrap colspan=3>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Housing Finance Agency</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=5% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=30% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
</TR>
</TABLE><BR>
<P align="center">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">1</FONT></P>

<HR noshade align="center" width="100%" size=2>



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<A name="page_2"></A>

<TABLE border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width=85% nowrap colspan=5>
<B><FONT size=4 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">BlackRock MuniHoldings Insured Fund II, Inc.</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=85% nowrap colspan=5>
<B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Schedule of Investments as of December 31, 2007 (Unaudited)</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap colspan=3>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">(in Thousands)</FONT></B>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD colspan=3>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=5% nowrap>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Face</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">State</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=5% nowrap>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Amount</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Municipal Bonds</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=6% nowrap>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Value</FONT></B>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=5% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#36; 4,620</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Tustin, California, Unified School District, Senior Lien Special Tax Bonds (Community Facilities District Number 97-1),</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=5% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Series A, 5% due 9/01/2038 (g)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=6% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#36; 4,685</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=5% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">3,000</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">University of California Revenue Bonds (Multiple Purpose Projects), Series Q, 5% due 9/01/2022 (g)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=6% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">3,137</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=5% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">5,400</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Vista, California, COP (Community Projects), 5% due 5/01/2037 (i)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=6% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">5,492</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Colorado - 3.7%</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=5% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">6,285</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Aurora, Colorado, COP, 5.75% due 12/01/2010 (a)(j)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=6% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">6,737</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=5% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">230</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Colorado HFA, Revenue Refunding Bonds (S/F Program), AMT, Senior Series A-2, 7.50% due 4/01/2031</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=6% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">238</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=5% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">4,000</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Colorado Health Facilities Authority, Hospital Revenue Refunding Bonds (Poudre Valley Health Care), Series A,</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=5% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">5.75% due 12/01/2009 (g)(j)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=6% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">4,238</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Connecticut - 0.5%</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=5% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">1,520</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Connecticut State, GO, Refunding, Series D, 5% due 12/01/2024 (i)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=6% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">1,601</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">District of Columbia - 2.7%</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=5% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">2,500</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">District of Columbia, Deed Tax Revenue Bonds (Housing Production Trust Fund - New Communities Project), Series A,</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=5% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">5% due 6/01/2032 (i)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=6% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">2,599</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=5% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">5,530</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Metropolitan Washington Airports Authority, D.C., Airport System Revenue Refunding Bonds, AMT, Series A,</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=5% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">5% due 10/01/2035 (g)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=6% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">5,521</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Florida - 26.3%</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=5% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">2,310</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Broward County, Florida, HFA, S/F Mortgage Revenue Refunding Bonds, AMT, Series E, 5.90% due 10/01/2039 (e)(f)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=6% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">2,475</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=5% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">3,385</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Hillsborough County, Florida, HFA, S/F Mortgage Revenue Bonds, AMT, Series 1, 5.375% due 10/01/2049 (e)(f)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=6% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">3,476</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=5% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">5,500</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Hillsborough County, Florida, IDA, Hospital Revenue Bonds (H. Lee Moffitt Cancer Center Project), Series A,</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=5% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">5.25% due 7/01/2037</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=6% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">5,395</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=5% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">7,740</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Jacksonville, Florida, Health Facilities Authority, Hospital Revenue Bonds (Baptist Medical Center Project),</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=5% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">5% due 8/15/2037 (g)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=6% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">7,804</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=5% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">4,500</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=66% nowrap colspan=3>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Lee County, Florida, HFA, S/F Mortgage Revenue Bonds (Multi-County Program), AMT, Series A-2, 6% due 9/01/2040 (e)(f)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=6% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">4,957</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=5% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">5,000</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Lee Memorial Health System, Florida, Hospital Revenue Bonds, Series A, 5% due 4/01/2032 (a)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=6% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">5,062</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=5% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">3,500</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Miami, Florida, Special Obligation Revenue Bonds (Street and Sidewalk Improvement Program), 5% due 1/01/2037 (i)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=6% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">3,538</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=5% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">6,730</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Miami-Dade County, Florida, Aviation Revenue Bonds, AMT, Series A, 5% due 10/01/2033 (g)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=6% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">6,700</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=5% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">14,375</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Miami-Dade County, Florida, Aviation Revenue Refunding Bonds (Miami International Airport), AMT, Series A,</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=5% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">5% due 10/01/2040 (p)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=6% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">13,915</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=5% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">3,670</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Miami-Dade County, Florida, Special Obligation Revenue Bonds, Sub-Series A, 5.24% due 10/01/2037 (i)(l)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=6% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">789</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=5% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">2,100</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Okaloosa County, Florida, Water and Sewer Revenue Refunding Bonds, 5% due 7/01/2036 (g)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=6% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">2,156</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=5% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">2,425</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Orange County, Florida, School Board, COP, Series A, 5% due 8/01/2032 (c)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=6% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">2,469</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=5% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">6,300</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Pasco County, Florida, Half-Cent Sales Tax Revenue Bonds, 5.125% due 12/01/2028 (a)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=6% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">6,519</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=5% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">6,500</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Saint Petersburg, Florida, Public Utilities Revenue Refunding Bonds, 5% due 10/01/2035 (i)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=6% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">6,665</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=5% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">3,725</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">South Florida Water Management District, COP, 5% due 10/01/2036 (a)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=6% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">3,794</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=5% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">4,200</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">University of North Florida Financing Corporation, Capital Improvement Revenue Bonds (Housing Project),</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=5% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">5% due 11/01/2037 (c)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=6% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">4,285</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Georgia - 2.2%</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=5% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">6,290</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Augusta, Georgia, Water and Sewer Revenue Bonds, 5.25% due 10/01/2034 (g)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=6% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">6,625</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Idaho - 0.1%</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=5% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">410</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Idaho Housing and Finance Association, S/F Mortgage Revenue Bonds, AMT, Series E, 6% due 1/01/2032</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=6% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">419</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Illinois - 7.4%</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=5% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">2,185</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Chicago, Illinois, GO (Neighborhoods Alive 21 Program), Series A, 6% due 7/01/2010 (c)(j)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=6% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">2,356</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=5% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">18,130</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Chicago, Illinois, GO, Series A, 6% due 7/01/2010 (c)(j)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=6% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">19,549</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=5% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">400</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=66% nowrap colspan=3>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Illinois State Toll Highway Authority, Toll Highway Revenue Refunding Bonds, VRDN, Series B, 3.40% due 1/01/2017 (g)(n)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=6% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">400</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=5% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">125</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=66% nowrap colspan=3>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Lake, Cook, Kane and McHenry Counties, Illinois, Community Unit School District Number 220, GO, 6% due 12/01/2020 (c)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=6% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">134</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD colspan=3>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
</TABLE><BR>
<P align="center">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">2</FONT></P>

<HR noshade align="center" width="100%" size=2>



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<A name="page_3"></A>

<TABLE border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width=86% nowrap colspan=5>
<B><FONT size=4 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">BlackRock MuniHoldings Insured Fund II, Inc.</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=5% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=86% nowrap colspan=5>
<B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Schedule of Investments as of December 31, 2007 (Unaudited)</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap colspan=3>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">(in Thousands)</FONT></B>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD colspan=3>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=14% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=6% nowrap>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Face</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=62% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=5% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=14% nowrap>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">State</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=6% nowrap>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Amount</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=62% nowrap>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Municipal Bonds</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=5% nowrap>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Value</FONT></B>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=14% nowrap>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Indiana - 5.8%</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=6% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#36; 8,000</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=62% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Indiana Municipal Power Agency, Power Supply System Revenue Bonds, Series A, 5% due 1/01/2042 (i)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=5% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#36; 8,145</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=14% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=6% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">9,280</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=62% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Shelbyville, Indiana, Elementary School Building Corporation Revenue Bonds, First Mortgage, 5.75% due 1/15/2009 (g)(j)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=5% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">9,628</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=14% nowrap>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Kansas - 2.1%</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=6% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">3,510</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=67% nowrap colspan=3>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Kansas State Development Finance Authority, Health Facilities Revenue Bonds (Sisters of Charity Leavenworth), Series J, 6.125%</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=5% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=14% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=62% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">due 12/01/2020</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=5% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">3,700</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=14% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=6% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">2,695</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=62% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Sedgwick and Shawnee Counties, Kansas, S/F Mortgage Revenue Bonds, AMT, Series A-2, 6.20% due 12/01/2033 (f)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=5% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">2,718</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=14% nowrap>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Louisiana - 3.7%</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=6% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">11,125</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=62% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Louisiana State, Gas and Fuels Tax Revenue Bonds, Series A, 5% due 5/01/2041 (c)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=5% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">11,260</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=14% nowrap>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Massachusetts - 6.4%</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=6% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">5,535</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=62% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Massachusetts Bay Transportation Authority, Sales Tax Revenue Refunding Bonds, Senior Series A, 5% due 7/01/2035</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=5% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">5,593</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=14% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=6% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">8,750</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=67% nowrap colspan=3>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Massachusetts State Health and Educational Facilities Authority Revenue Bonds (Lahey Clinic Medical Center), Series D, 5.25%</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=5% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=14% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=62% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">due 8/15/2037</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=5% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">8,736</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=14% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=6% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">5,000</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=62% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Massachusetts State School Building Authority, Dedicated Sales Tax Revenue Bonds, Series A, 5% due 8/15/2030 (g)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=5% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">5,205</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=14% nowrap>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Michigan - 0.3%</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=6% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">1,000</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=62% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Michigan State Hospital Finance Authority, Revenue Refunding Bonds (Mercy-Mount Clemens), Series A,</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=5% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=14% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=62% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">6% due 5/15/2009 (i)(j)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=5% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">1,049</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=14% nowrap>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Minnesota - 4.5%</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=6% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">2,555</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=62% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Prior Lake, Minnesota, Independent School District Number 719, GO, 5.50% due 2/01/2016 (g)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=5% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">2,666</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=14% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=6% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">1,830</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=62% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Prior Lake, Minnesota, Independent School District Number 719, GO, 5.50% due 2/01/2017 (g)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=5% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">1,909</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=14% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=6% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">3,570</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=62% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Prior Lake, Minnesota, Independent School District Number 719, GO, 5.50% due 2/01/2018 (g)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=5% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">3,725</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=14% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=6% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">2,840</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=62% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Prior Lake, Minnesota, Independent School District Number 719, GO, 5.50% due 2/01/2019 (g)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=5% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">2,963</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=14% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=6% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">2,185</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=62% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Sauk Rapids, Minnesota, Independent School District Number 47, GO, Series A, 5.625% due 2/01/2018 (i)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=5% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">2,331</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=14% nowrap>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Nevada - 0.0%</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=6% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">105</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=62% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Nevada Housing Division, S/F Mortgage Revenue Bonds, AMT, Series A-2, 6.30% due 4/01/2022 (i)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=5% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">106</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=14% nowrap>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">New Hampshire - 0.2%</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=6% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">600</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=62% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">New Hampshire Health and Educational Facilities Authority, Revenue Refunding Bonds (Dartmouth Hitchcock Obligation),</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=5% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=14% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=62% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">VRDN, Series A, 3.42% due 8/01/2031 (g)(n)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=5% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">600</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=14% nowrap>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">New Jersey - 8.4%</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=6% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">3,965</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=62% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">New Jersey EDA, Cigarette Tax Revenue Bonds, 5.75% due 6/15/2029</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=5% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">3,884</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=14% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=6% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">6,200</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=62% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">New Jersey EDA, Cigarette Tax Revenue Bonds, 5.75% due 6/15/2034 (b)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=5% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">6,666</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=14% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=6% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">11,000</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=62% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">New Jersey EDA, Motor Vehicle Surcharge Revenue Bonds, Series A, 5.25% due 7/01/2033 (i)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=5% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">11,562</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=14% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=6% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">3,000</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=62% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">New Jersey State Turnpike Authority, Turnpike Revenue Bonds, Series C, 5% due 1/01/2030 (g)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=5% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">3,113</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=14% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=6% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">300</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=62% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">New Jersey State Turnpike Authority, Turnpike Revenue Bonds, VRDN, Series C-2, 3.35% due 1/01/2024 (g)(n)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=5% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">300</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=14% nowrap>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">New Mexico - 3.6%</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=6% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">5,000</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=62% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Farmington, New Mexico, PCR, Refunding (Public Service Company of New Mexico - San Juan Project), Series C,</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=5% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=14% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=62% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">5.70% due 12/01/2016 (a)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=5% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">5,060</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=14% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=6% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">5,480</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=62% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">New Mexico Finance Authority, Senior Lien State Transportation Revenue Bonds, Series A, 5.125% due 6/15/2018 (i)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=5% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">5,899</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=14% nowrap>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">New York - 8.9%</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=6% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">14,000</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=62% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Nassau Health Care Corporation, New York, Health System Revenue Bonds, 5.75% due 8/01/2009 (g)(j)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=5% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">14,878</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=14% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=6% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">3,200</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=62% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">New York State Dormitory Authority, Non-State Supported Debt Revenue Bonds (New York University), Series A,</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=5% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=14% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=62% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">5% due 7/01/2032 (a)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=5% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">3,340</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=14% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=6% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">5,755</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=67% nowrap colspan=3>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">New York State Dormitory Authority Revenue Bonds (School Districts Financing Program), Series D, 5.25% due 10/01/2023 (i)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=5% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">6,127</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=14% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=6% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">2,000</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=62% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Tobacco Settlement Financing Corporation of New York Revenue Bonds, Series A-1, 5.25% due 6/01/2021 (a)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=5% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">2,126</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=14% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=6% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">500</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=62% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Refunding Bonds, VRDN, Series C,</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=5% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=14% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=62% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">3.39% due 1/01/2032 (a)(n)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=5% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">500</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=14% nowrap>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">North Carolina - 0.4%</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=6% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">1,235</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=62% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">North Carolina HFA, Home Ownership Revenue Bonds, AMT, Series 14-A, 5.35% due 1/01/2022 (a)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=5% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">1,249</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=14% nowrap>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Ohio - 0.9%</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=6% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">1,745</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=62% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Aurora, Ohio, City School District, COP, 6.10% due 12/01/2009 (i)(j)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=5% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">1,861</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=14% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=6% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">1,000</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=62% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Kent State University, Ohio, University Revenue Bonds, 6% due 5/01/2024 (a)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=5% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">1,061</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
</TABLE><BR>
<P align="center">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">3</FONT></P>

<HR noshade align="center" width="100%" size=2>



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<A name="page_4"></A>

<TABLE border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width=89% nowrap colspan=5>
<B><FONT size=4 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">BlackRock MuniHoldings Insured Fund II, Inc.</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=8% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=89% nowrap colspan=5>
<B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Schedule of Investments as of December 31, 2007 (Unaudited)</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=8% nowrap>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">(in Thousands)</FONT></B>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=14% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=7% nowrap>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Face</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=64% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=8% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=14% nowrap>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">State</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=7% nowrap>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Amount</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=64% nowrap>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Municipal Bonds</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=8% nowrap>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Value</FONT></B>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=14% nowrap>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Oklahoma - 0.9%</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=7% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#36; 2,385</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=64% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Claremore, Oklahoma, Public Works Authority, Capital Improvement Revenue Refunding Bonds, Series A,</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=8% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=14% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=7% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=64% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">5.25% due 6/01/2014 (g)(j)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=8% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#36; 2,654</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=14% nowrap>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Pennsylvania - 3.8%</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=7% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">6,435</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=74% nowrap colspan=3>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Pennsylvania State Higher Educational Facilities Authority, State System of Higher Education Revenue Bonds, Series O, 5.125%</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=14% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=7% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=64% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">due 6/15/2024 (a)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=8% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">6,442</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=14% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=7% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">4,290</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=64% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Pittsburgh, Pennsylvania, GO, Series C, 5.25% due 9/01/2017 (g)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=8% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">4,775</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=14% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=7% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">305</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=74% nowrap colspan=3>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Washington County, Pennsylvania, Capital Funding Authority Revenue Bonds (Capital Projects and Equipment Program), 6.15%</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=14% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=7% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=64% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">due 12/01/2029 (a)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=8% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">305</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=14% nowrap>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Rhode Island - 3.6%</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=7% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">5,555</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=64% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Providence, Rhode Island, Redevelopment Agency Revenue Refunding Bonds (Public Safety and Municipal Buildings),</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=8% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=14% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=7% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=64% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Series A, 5.75% due 4/01/2010 (a)(j)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=8% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">5,922</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=14% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=7% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">4,685</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=64% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Rhode Island State Health and Educational Building Corporation Revenue Bonds (Rhode Island School of Design), Series D,</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=8% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=14% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=7% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=64% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">5.50% due 8/15/2031 (p)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=8% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">4,984</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=14% nowrap>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">South Carolina - 5.6%</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=7% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">1,490</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=64% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">South Carolina Housing Finance and Development Authority, Mortgage Revenue Refunding Bonds, AMT, Series A-2,</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=8% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=14% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=7% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=64% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">6.35% due 7/01/2019 (g)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=8% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">1,541</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=14% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=7% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">15,000</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=64% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">South Carolina State Public Service Authority, Revenue Refunding Bonds, Series A, 5% due 1/01/2042 (a)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=8% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">15,472</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=14% nowrap>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Tennessee - 1.2%</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=7% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">3,500</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=64% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Metropolitan Government of Nashville and Davidson County, Tennessee, Health and Education Facilities Board Revenue</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=8% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=14% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=7% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=64% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Refunding Bonds (Ascension Health Credit), Series A, 5.875% due 11/15/2009 (a)(j)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=8% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">3,710</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=14% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=7% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">70</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=64% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Tennessee HDA, Revenue Bonds (Homeownership Program), AMT, Series 2C, 6% due 7/01/2011</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=8% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">73</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=14% nowrap>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Texas - 5.1%</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=7% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">1,750</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=64% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Austin, Texas, Convention Center Revenue Bonds (Convention Enterprises Inc.), Trust Certificates, Second Tier, Series B,</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=8% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=14% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=7% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=64% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">6% due 1/01/2011 (j)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=8% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">1,880</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=14% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=7% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">1,835</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=64% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Dallas-Fort Worth, Texas, International Airport Revenue Refunding and Improvement Bonds, AMT, Series A,</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=8% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=14% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=7% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=64% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">5.875% due 11/01/2017 (c)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=8% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">1,933</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=14% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=7% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">2,150</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=64% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Dallas-Fort Worth, Texas, International Airport Revenue Refunding and Improvement Bonds, AMT, Series A,</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=8% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=14% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=7% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=64% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">5.875% due 11/01/2018 (c)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=8% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">2,261</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=14% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=7% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">2,390</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=64% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Dallas-Fort Worth, Texas, International Airport Revenue Refunding and Improvement Bonds, AMT, Series A,</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=8% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=14% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=7% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=64% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">5.875% due 11/01/2019 (c)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=8% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">2,513</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=14% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=7% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">115</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=64% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">El Paso, Texas, Water and Sewer Revenue Refunding and Improvement Bonds, Series A, 6% due 3/01/2015 (g)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=8% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">126</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=14% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=7% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">170</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=64% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">El Paso, Texas, Water and Sewer Revenue Refunding and Improvement Bonds, Series A, 6% due 3/01/2016 (g)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=8% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">186</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=14% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=7% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">180</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=64% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">El Paso, Texas, Water and Sewer Revenue Refunding and Improvement Bonds, Series A, 6% due 3/01/2017 (g)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=8% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">197</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=14% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=7% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">4,435</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=64% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Houston, Texas, Community College System, Participation Interests, COP (Alief Center Project), 5.75% due 8/15/2022 (i)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=8% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">4,573</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=14% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=7% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">1,850</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=64% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Midland, Texas, Certificates of Obligation, GO, 6.10% due 3/01/2010 (c)(j)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=8% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">1,965</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=14% nowrap>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Washington - 7.0%</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=7% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">6,885</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=64% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Bellevue, Washington, GO, Refunding, 5.50% due 12/01/2039 (i)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=8% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">7,420</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=14% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=7% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">3,840</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=64% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Chelan County, Washington, Public Utility District Number 001, Consolidated Revenue Bonds (Chelan Hydro System), AMT,</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=8% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=14% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=7% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=64% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Series A, 5.45% due 7/01/2037 (a)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=8% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">3,921</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=14% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=7% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">1,805</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=64% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Lewis County, Washington, GO, Refunding, 5.75% due 12/01/2009 (a)(j)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=8% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">1,896</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=14% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=7% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">1,640</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=64% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Lewis County, Washington, GO, Refunding, 5.75% due 12/01/2024 (a)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=8% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">1,704</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=14% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=7% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">2,500</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=64% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Seattle, Washington, Municipal Light and Power Revenue Bonds, 6% due 10/01/2009 (i)(j)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=8% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">2,650</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=14% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=7% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">3,500</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=64% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Seattle, Washington, Water System Revenue Bonds, Series B, 6% due 7/01/2009 (c)(j)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=8% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">3,686</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=14% nowrap>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">West Virginia - 2.1%</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=7% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">6,210</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=64% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">West Virginia State Housing Development Fund, Housing Finance Revenue Refunding Bonds, Series D,</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=8% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=14% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=7% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=64% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">5.20% due 11/01/2021 (i)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=8% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">6,350</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
</TABLE><BR>
<P align="center">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">4</FONT></P>

<HR noshade align="center" width="100%" size=2>


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<A name="page_5"></A>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="87%" colSpan=7><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=4>BlackRock MuniHoldings Insured Fund II, Inc.</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="87%" colSpan=7><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Schedule of Investments as of December 31, 2007 (Unaudited)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>(in Thousands)</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="87%" colSpan=7>
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="8%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="4%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>Face</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="51%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="16%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>State</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="4%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>Amount</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>Municipal Bonds</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="51%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>Value</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="16%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="4%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="51%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="8%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="16%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>Wisconsin - 0.4%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="4%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>$ 1,250</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="73%" colSpan=5><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Wisconsin State Health and Educational Facilities Authority Revenue Bonds (Blood Center of Southeastern Wisconsin Project),</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="63%" colSpan=3><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>5.75% due 6/01/2034</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>$ 1,263</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="16%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="4%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="63%" colSpan=3>
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="8%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="16%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>Puerto Rico - 2.7%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="4%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>5,725</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="63%" colSpan=3><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Puerto Rico Commonwealth, Public Improvement, GO, 5.125% due 7/01/2030 (g)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>5,962</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="4%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>625</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="63%" colSpan=3><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Puerto Rico Commonwealth, Public Improvement, GO, Refunding, Series B, 5.25% due 7/01/2016 (j)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>700</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="4%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>385</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="63%" colSpan=3><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Puerto Rico Commonwealth, Public Improvement, GO, Refunding, Series B, 5.25% due 7/01/2032</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>386</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="4%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>1,200</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="63%" colSpan=3><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Puerto Rico Electric Power Authority, Power Revenue Bonds, Series TT, 5% due 7/01/2037</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>1,171</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="16%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="4%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="63%" colSpan=3>
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="8%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="63%" colSpan=3><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>Total Municipal Bonds (Cost - $455,815) - 153.1%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>466,140</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="16%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="4%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="63%" colSpan=3>
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="8%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="63%" colSpan=3><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>Municipal Bonds Transferred to Tender Option Bond Trusts (o)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR>
     <TD width="16%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="4%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="63%" colSpan=3>
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="8%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="16%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>Arkansas - 4.1%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="4%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>12,210</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="63%" colSpan=3><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Arkansas State Development Finance Authority, M/F Mortgage Revenue Refunding Bonds, Series C, 5.35%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="63%" colSpan=3><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>due 12/01/2035 (d)(i)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>12,354</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="16%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="4%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="63%" colSpan=3>
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="8%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="16%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>California - 1.0%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="4%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>3,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="63%" colSpan=3><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Port of Oakland, California, Revenue Bonds, AMT, Series K, 5.75% due 11/01/2021 (c)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>3,097</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="16%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="4%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="63%" colSpan=3>
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="8%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="16%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>Florida - 2.7%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="4%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>8,400</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="63%" colSpan=3><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Miami-Dade County, Florida, Aviation Revenue Refunding Bonds (Miami International Airport), AMT, Series A, 5%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>due 10/01/2040 (p)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="51%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>8,131</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="16%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="4%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="51%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="8%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="16%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>Illinois - 2.6%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="4%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>7,300</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="63%" colSpan=3><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Chicago, Illinois, O'Hare International Airport Revenue Bonds, Third Lien, AMT, Series B-2, 6% due 1/01/2029 (i)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>7,787</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="16%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="4%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="63%" colSpan=3>
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="8%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="16%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>Michigan - 3.4%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="4%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>2,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="63%" colSpan=3><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Michigan State Strategic Fund, Limited Obligation Revenue Refunding Bonds (Detroit Edison Company Pollution Control</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="63%" colSpan=3><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Project), AMT, Series A, 5.50% due 6/01/2030 (p)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>2,055</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="4%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>5,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="63%" colSpan=3><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Michigan State Strategic Fund, Limited Obligation Revenue Refunding Bonds (Detroit Edison Company Pollution Control</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="63%" colSpan=3><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Project), AMT, Series C, 5.65% due 9/01/2029 (p)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>5,150</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="4%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>3,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="63%" colSpan=3><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Saint Clair County, Michigan, Economic Revenue Refunding Bonds (Detroit Edison Co. Project), Series AA, 6.40%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>due 8/01/2024 (a)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="51%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>3,107</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="16%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="4%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="51%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="8%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="16%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>New York - 2.3%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="4%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>6,750</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="63%" colSpan=3><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>New York City, New York, Sales Tax Asset Receivable Corporation Revenue Bonds, Series A, 5.25% due 10/15/2027 (a)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>7,168</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="16%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="4%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="63%" colSpan=3>
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="8%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="16%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>Texas - 5.4%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="4%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>16,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="63%" colSpan=3><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Dallas-Fort Worth, Texas, International Airport Revenue Bonds, AMT, Series A, 5.50% due 11/01/2033 (i)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>16,334</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="16%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="4%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="63%" colSpan=3>
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="8%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="63%" colSpan=3><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>Total Municipal Bonds Transferred to Tender Option Bond Trusts (Cost - $66,950) - 21.5%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>65,183</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="16%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="4%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="63%" colSpan=3>
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="8%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="4%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>Shares</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="51%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="4%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>Held</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="63%" colSpan=3><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>Short-Term Securities</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR>
     <TD width="16%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="4%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="63%" colSpan=3>
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="8%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="4%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>1,289</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="63%" colSpan=3><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Merrill Lynch Institutional Tax-Exempt Fund, 3.35% (h)(m)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>1,289</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="16%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="4%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="63%" colSpan=3>
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="8%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="63%" colSpan=3><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>Total Short-Term Securities (Cost - $1,289) - 0.4%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>1,289</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="16%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="4%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="63%" colSpan=3>
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="8%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="63%" colSpan=3><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>Total Investments (Cost - $524,054*) - 175.0%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>532,612</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="63%" colSpan=3><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>Other Assets Less Liabilities - 2.8%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>8,513</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="63%" colSpan=3><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>Liability for Trust Certificates, Including Interest Expense Payable - (10.6%)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>(32,088)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="63%" colSpan=3><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>Preferred Stock, at Redemption Value - (67.2%)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>(204,643)</FONT></U>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="63%" colSpan=3><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>Net Assets Applicable to Common Stock - 100.0%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>$ 304,394</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="63%" colSpan=3>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="8%">
<HR noShade SIZE=2>
</TD></TR>
<TR>
     <TD width="97%" colSpan=9>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="87%" colSpan=7>&nbsp; &nbsp;<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>* The cost and unrealized appreciation (depreciation) of investments as of December 31, 2007, as computed for federal income tax purposes, were as follows:</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="16%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Aggregate cost</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="63%" colSpan=3><U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>$ 492,705</FONT></U>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR>
     <TD width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="63%" colSpan=3></TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%" colSpan=3>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Gross unrealized appreciation</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="63%" colSpan=3><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>$ 11,370</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%" colSpan=3>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Gross unrealized depreciation</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; <FONT size=2>(3,293)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="51%"></TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR>
     <TD width="22%" colSpan=3>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="51%"></TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="16%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Net unrealized appreciation</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="63%" colSpan=3><U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>$ 8,077</FONT></U>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR>
     <TD width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="63%" colSpan=3></TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="8%">&nbsp; </TD></TR></TABLE><BR>
<P align=center><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5</FONT></P>
<HR align=center width="100%" noShade SIZE=2>


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<A name="page_6"></A>

<P align="left">
<TABLE><TR><TD nowrap>
<B><FONT size=4 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">BlackRock MuniHoldings Insured Fund II, Inc.</FONT></B><BR>
<B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Schedule of Investments as of December 31, 2007 (Unaudited)</FONT></B></TD></TR></TABLE>
</P>
<P align="left">
<TABLE><TR><TD nowrap>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">(in Thousands)</FONT></B></TD></TR></TABLE>
</P>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
	<TD nowrap valign=top>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(a)</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width=100%>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">AMBAC Insured.</FONT>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
	<TD nowrap valign=top>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(b)</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width=100%>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Assured Guaranty Insured.</FONT>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
	<TD nowrap valign=top>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(c)</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width=100%>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">FGIC Insured.</FONT>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
	<TD nowrap valign=top>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(d)</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width=100%>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">FHA Insured.</FONT>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
	<TD nowrap valign=top>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(e)</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width=100%>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">FHLMC Collateralized.</FONT>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
	<TD nowrap valign=top>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(f)</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width=100%>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">FNMA/GNMA Collateralized.</FONT>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
	<TD nowrap valign=top>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(g)</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width=100%>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">FSA Insured.</FONT>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
	<TD nowrap valign=top>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(h)</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width=100%>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Investments in companies considered to be an affiliate of the Fund, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, were as follows:</FONT>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR></TABLE>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width=53% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=31% nowrap>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Net</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=10% nowrap>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Dividend</FONT></B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=53% nowrap>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Affiliate</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=31% nowrap>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Activity</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=10% nowrap>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Income</FONT></B>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=53% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Merrill Lynch Institutional Tax-Exempt Fund</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=31% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">969</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=10% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#36;60</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
</TABLE><BR>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
	<TD valign=top align=right>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(i)</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width=100%>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">MBIA Insured.</FONT>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
	<TD valign=top align=right>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(j)</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width=100%>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Prerefunded.</FONT>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
	<TD valign=top align=right>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(k)</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width=100%>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Radian Insured.</FONT>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
	<TD valign=top align=right>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(l)</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width=100%>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Represents a zero coupon bond; the interest rate shown reflects the effective yield at the time of purchase.</FONT>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
	<TD valign=top align=right>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(m)</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width=100%>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Represents the current yield as of December 31, 2007.</FONT>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
	<TD valign=top align=right>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(n)</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width=100%>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Security may have a maturity of more than one year at time of issuance, but has variable rate and demand features that qualify it as a short-term security. The rate disclosed is that
currently in effect. This rate changes periodically based upon prevailing market rates.</FONT>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
	<TD valign=top align=right>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(o)</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width=100%>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Securities represent underlying bonds transferred to a separate securitization trust established in a tender option bond transaction in which the Fund may have acquired the residual
interest certificates. These securities serve as collateral in a financing transaction.</FONT>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
	<TD valign=top align=right>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(p)</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width=100%>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">XL Capital Insured.</FONT>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR></TABLE>
<P align="left">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">6</FONT></P>

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<P align="left">
<TABLE><TR><TD nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Item 2 &#150; Controls and Procedures</FONT></TD></TR></TABLE>
</P>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width=6% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">2(a) &#150;</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=91% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">The registrant&#146;s principal executive and principal financial officers or persons performing similar</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=91% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">functions have concluded that the registrant&#146;s disclosure controls and procedures (as defined in Rule</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=91% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">30a-3(c) under the Investment Company Act of 1940, as amended (the &#147;1940 Act&#148;)) are effective as</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=91% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">of a date within 90 days of the filing of this report based on the evaluation of these controls and</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=91% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) under the Securities</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=91% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Exchange Act of 1934, as amended.</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=3>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=6% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">2(b) &#150;</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=91% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">There were no changes in the registrant&#146;s internal control over financial reporting (as defined in</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=91% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Rule 30a-3(d) under the 1940 Act) that occurred during the registrant&#146;s last fiscal quarter that have</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=91% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">materially affected, or are reasonably likely to materially affect, the registrant&#146;s internal control over</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=91% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">financial reporting.</FONT>&nbsp;
	</TD>
</TR>
</TABLE><BR>
<P align="left">
<TABLE><TR><TD nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Item 3 &#150; Exhibits</FONT></TD></TR></TABLE>
</P>
<P align="left">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Certifications &#150; Attached hereto</FONT></P>
<P align="left">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by
the undersigned, thereunto duly authorized.</FONT></P>
<P align="left">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">BlackRock MuniHoldings Insured Fund II, Inc.</FONT></P>
<P align="left">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">By: </FONT><U><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">/s/ Donald C. Burke</FONT></U></P>
<P align="left">
<TABLE><TR><TD width=72>&nbsp;</TD><TD nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Donald C. Burke</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Chief Executive Officer of</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">BlackRock MuniHoldings Insured Fund II, Inc.</FONT></TD></TR></TABLE>
</P>
<P align="left">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Date: February 21, 2008</FONT></P>
<P align="left">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the
registrant and in the capacities and on the dates indicated.</FONT></P>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width=8% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">By:</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=89% nowrap>
<U><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">/s/ Donald C. Burke</FONT></U>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=8% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=89% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Donald C. Burke</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=8% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=89% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Chief Executive Officer (principal executive officer) of</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=center width=99% colspan=3>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">BlackRock MuniHoldings Insured Fund II, Inc.</FONT>
	</TD>
</TR>
</TABLE><BR>
<P align="left">
<TABLE><TR><TD width=41>&nbsp;</TD><TD nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Date: February 21, 2008</FONT></TD></TR></TABLE>
</P>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width=8% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">By:</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=89% nowrap>
<U><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">/s/ Neal J. Andrews</FONT></U>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=8% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=89% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Neal J. Andrews</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=8% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=89% nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Chief Financial Officer (principal financial officer) of</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=center width=99% colspan=3>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">BlackRock MuniHoldings Insured Fund II, Inc.</FONT>
	</TD>
</TR>
</TABLE><BR>
<P align="left">
<TABLE><TR><TD nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Date: February 21, 2008</FONT></TD></TR></TABLE>
</P>

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<TYPE>EX-99
<SEQUENCE>2
<FILENAME>certs2.htm
<DESCRIPTION>CERTIFICATION
<TEXT>

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<P align="left">
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">EX-99. CERT</FONT></B></P>
<P align="left">
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002</FONT></B></P>
<P align="left">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">I, Donald C. Burke, Chief Executive Officer (principal executive officer) of BlackRock MuniHoldings Insured Fund II, Inc., certify that:</FONT></P>
<P align="left">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">1. I have reviewed this report on Form N-Q of BlackRock MuniHoldings Insured Fund II, Inc.;</FONT></P>
<P align="left">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the
circumstances under which such statements were made, not misleading with respect to the period covered by this report; </FONT></P>
<P align="left">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal
quarter for which the report is filed;</FONT></P>
<P align="left">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">4. The registrant&#146;s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the
Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:</FONT></P>
<P align="left">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information
relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</FONT></P>
<P align="left">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, 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;</FONT></P>
<P align="left">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">c) evaluated the effectiveness of the registrant&#146;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure
controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and</FONT></P>
<P align="left">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">d) disclosed in this report any change in the registrant&#146;s internal control over financial reporting that occurred during the registrant&#146;s most recent fiscal quarter that
has materially affected, or is reasonably likely to materially affect, the registrant&#146;s internal control over financial reporting; and</FONT></P>
<P align="left">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">5. The registrant&#146;s other certifying officer(s) and I have disclosed to the registrant&#146;s auditors and the audit committee of the registrant&#146;s board of directors (or
persons performing the equivalent functions):</FONT></P>
<P align="left">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the
registrant&#146;s ability to record, process, summarize, and report financial information; and</FONT></P>
<P align="left">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant&#146;s internal control over financial
reporting.</FONT></P>
<P align="left">
<TABLE><TR><TD width=6>&nbsp;</TD><TD nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Date: February 21, 2008</FONT><BR>
<BR>
<I><U><FONT size=2 face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif">/s/ </FONT></U></I><U><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Donald C. Burke</FONT></U><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Donald C. Burke</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Chief Executive Officer (principal executive officer) of</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">BlackRock MuniHoldings Insured Fund II, Inc.</FONT></TD></TR></TABLE>
</P>

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<P align="left">
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">EX-99. CERT</FONT></B></P>
<P align="left">
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002</FONT></B></P>
<P align="left">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">I, Neal J. Andrews, Chief Financial Officer (principal financial officer) of BlackRock MuniHoldings Insured Fund II, Inc., certify that:</FONT></P>
<P align="left">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">1. I have reviewed this report on Form N-Q of BlackRock MuniHoldings Insured Fund II, Inc.;</FONT></P>
<P align="left">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the
circumstances under which such statements were made, not misleading with respect to the period covered by this report; </FONT></P>
<P align="left">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal
quarter for which the report is filed;</FONT></P>
<P align="left">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">4. The registrant&#146;s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the
Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:</FONT></P>
<P align="left">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information
relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</FONT></P>
<P align="left">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, 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;</FONT></P>
<P align="left">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">c) evaluated the effectiveness of the registrant&#146;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure
controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and</FONT></P>
<P align="left">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">d) disclosed in this report any change in the registrant&#146;s internal control over financial reporting that occurred during the registrant&#146;s most recent fiscal quarter that
has materially affected, or is reasonably likely to materially affect, the registrant&#146;s internal control over financial reporting; and</FONT></P>
<P align="left">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">5. The registrant&#146;s other certifying officer(s) and I have disclosed to the registrant&#146;s auditors and the audit committee of the registrant&#146;s board of directors (or
persons performing the equivalent functions):</FONT></P>
<P align="left">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the
registrant&#146;s ability to record, process, summarize, and report financial information; and</FONT></P>
<P align="left">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant&#146;s internal control over financial
reporting.</FONT></P>
<P align="left">
<TABLE><TR><TD width=12>&nbsp;</TD><TD nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Date: February 21, 2008</FONT><BR>
<BR>
<I><U><FONT size=2 face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif">/s/ </FONT></U></I><U><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Neal J. Andrews</FONT></U><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Neal J. Andrews</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Chief Financial Officer (principal financial officer) of</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">BlackRock MuniHoldings Insured Fund II, Inc.</FONT></TD></TR></TABLE>
</P>

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