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<SEC-DOCUMENT>0000900092-08-000235.txt : 20080825
<SEC-HEADER>0000900092-08-000235.hdr.sgml : 20080825
<ACCEPTANCE-DATETIME>20080825145736
ACCESSION NUMBER:		0000900092-08-000235
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20080630
FILED AS OF DATE:		20080825
DATE AS OF CHANGE:		20080825
EFFECTIVENESS DATE:		20080825

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BLACKROCK 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:		081036602

	BUSINESS ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809
		BUSINESS PHONE:		800-441-7762

	MAIL ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MUNIHOLDINGS INSURED FUND II INC
		DATE OF NAME CHANGE:	19981009
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-Q
<SEQUENCE>1
<FILENAME>muniholdingsins2.htm
<DESCRIPTION>MUNIHOLDINGS INSURED FUND II
<TEXT>

<HTML>
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   <TITLE>MuniHldgs Ins II -- Converted by SEC Publisher, created by BCL Technologies Inc., for SEC Filing</TITLE>
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<FONT face="ArialMT,Arial,Helvetica,sans-serif">UNITED STATES</FONT><BR>
<FONT face="ArialMT,Arial,Helvetica,sans-serif"> SECURITIES AND EXCHANGE COMMISSION </FONT><BR>
<FONT face="ArialMT,Arial,Helvetica,sans-serif">Washington, D.C. 20549</FONT><BR>
<BR>
<B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">FORM N-Q</FONT></B><BR>
<BR>
<B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED </FONT></B><BR>
<B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">MANAGEMENT INVESTMENT COMPANY</FONT></B></TD></TR></TABLE>
</P>
<P align="left">
<TABLE><TR><TD nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Investment Company Act file number 811-09191</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Name of Fund: BlackRock MuniHoldings Insured Fund II, Inc. (MUE)</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Name and address of agent for service: Donald C. Burke, Chief Executive Officer, BlackRock </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">MuniHoldings Insured Fund II, Inc., 800 Scudders Mill Road, Plainsboro, NJ, 08536.</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Mailing address: P.O. Box 9011, Princeton, NJ, 08543-9011</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Registrant&#146;s telephone number, including area code: (800) 882-0052, Option 4</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Date of fiscal year end: 09/30/2008</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Date of reporting period: 04/01/2008 &#150; 06/30/2008</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Item 1 &#150; Schedule of Investments</FONT></TD></TR></TABLE>
</P>

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<TABLE border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width=57% nowrap colspan=3>
<B><FONT size=4 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">BlackRock MuniHoldings Insured Fund II, Inc.</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=15% 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=10% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=57% nowrap colspan=3>
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Schedule of Investments June 30, 2008 (Unaudited)</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=38% nowrap colspan=5>
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">(Percentages shown are based on Net Assets)</FONT></B>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=3>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=40% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Par</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=10% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">State</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=40% nowrap>
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Municipal Bonds</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">(000)</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=10% nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-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>
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Alabama - 1.1%</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=57% nowrap colspan=3>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Jefferson County, Alabama, Limited Obligation School Warrants,</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=10% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=40% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Series A, 5.50%, 1/01/22</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">&#36; 3,580</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">&#36; 3,339,710</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="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Alaska - 1.3%</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=57% nowrap colspan=3>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Anchorage, Alaska, Water Revenue Refunding Bonds, 6%, 9/01/09 (a)(b)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">370</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">390,328</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=57% nowrap colspan=3>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Anchorage, Alaska, Water Revenue Refunding Bonds, 6%, 9/01/24 (a)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,630</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,681,769</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=57% nowrap colspan=3>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Matanuska-Susitna Boro, Alaska, GO, Series A, 6%, 3/01/10 (b)(c)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,700</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,793,585</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
&nbsp;	</TD>
	<TD>&nbsp;
	</TD>
	<TD colspan=3>
&nbsp;	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
&nbsp;	</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=left width=40% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">3,865,682</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="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Arkansas - 4.2%</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=57% nowrap colspan=3>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Arkansas State Development Finance Authority, M/F Mortgage Revenue</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=10% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=40% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Refunding Bonds, Series C, 5.35%, 12/01/35 (c)(d)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">12,215</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">12,228,681</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="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">California - 14.2%</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=57% nowrap colspan=3>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">California State, Various Purpose, GO, 5.25%, 12/01/22 (f)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">2,935</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">3,060,559</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=57% nowrap colspan=3>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">California State, Veterans, GO, Refunding, AMT, Series BZ,</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=10% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=40% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">5.35%, 12/01/21 (c)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">9,350</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">9,351,028</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=57% nowrap colspan=3>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Dixon, California, Unified School District, GO (Election of 2002),</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=10% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=40% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">5.20%, 8/01/44 (f)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">2,405</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">2,432,657</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=57% nowrap colspan=3>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Modesto, California, Schools Infrastructure Financing Agency, Special Tax</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=10% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=40% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Bonds, 5.50%, 9/01/36 (a)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">4,240</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">4,255,052</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=57% nowrap colspan=3>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Port of Oakland, California, Revenue Bonds, AMT, Series K,</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=10% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=40% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">5.75%, 11/01/21 (g)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">3,000</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">3,004,110</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=57% nowrap colspan=3>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Port of Oakland, California, Revenue Refunding Bonds, AMT, Series L,</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=10% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=40% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">5.375%, 11/01/27 (c)(g)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">5,000</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">4,914,100</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=57% nowrap colspan=3>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Rancho Cucamonga, California, Redevelopment Agency, Tax</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=10% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=57% nowrap colspan=3>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Allocation Refunding Bonds (Rancho Redevelopment Project),</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=10% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=40% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Series A, 5%, 9/01/34 (c)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,500</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,459,980</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=57% nowrap colspan=3>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Roseville, California, Joint Union High School District, GO (Election of</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=10% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=40% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">2004), Series A, 5%, 8/01/29 (g)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">2,985</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">2,997,298</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=57% nowrap colspan=3>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Sacramento, California, City Financing Authority, Capital Improvement</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=10% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=40% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Revenue Bonds, 5%, 12/01/27 (a)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">150</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">151,554</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=57% nowrap colspan=3>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">San Francisco, California, City and County Airport Commission,</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=10% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=57% nowrap colspan=3>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">International Airport, Special Facilities Lease Revenue Bonds (SFO Fuel</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=10% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=40% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Company LLC), AMT, Series A, 6.10%, 1/01/20 (f)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,250</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,277,113</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=57% nowrap colspan=3>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Stockton, California, Public Financing Revenue Bonds (Redevelopment</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=10% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=40% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Projects), Series A, 5.25%, 9/01/31 (h)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">495</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">470,780</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=57% nowrap colspan=3>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Stockton, California, Public Financing Revenue Bonds (Redevelopment</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=10% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=40% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Projects), Series A, 5.25%, 9/01/34 (h)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">2,930</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">2,740,283</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=57% nowrap colspan=3>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Vista, California, COP (Community Projects), 5%, 5/01/37 (c)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">5,400</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">5,286,600</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
&nbsp;	</TD>
	<TD>&nbsp;
	</TD>
	<TD colspan=3>
&nbsp;	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
&nbsp;	</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=left width=40% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">41,401,114</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=57% nowrap colspan=3>
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Portfolio Abbreviations</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=15% 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=10% 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>
</TR>
</TABLE><BR>
<P align="left">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">To simplify the listings of the portfolio holdings in the Schedule of Investments, the names of many of the securities have been abbreviated according to the list below.</FONT></P>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width=11% nowrap>
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">AMT</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=39% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Alternative Minimum Tax (subject to)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=10% nowrap>
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">HFA</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=31% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Housing Finance Agency</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=11% nowrap>
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">CABS</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=39% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Capital Appreciation Bonds</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=10% nowrap>
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">IDA</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=31% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Industrial Development Authority</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=11% nowrap>
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">COP</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=39% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Certificates of Participation</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=10% nowrap>
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">M/F</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=31% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Multi-Family</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=11% nowrap>
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">DRIVERS</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=39% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Derivative Inverse Tax-Exempt Receipts</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=10% nowrap>
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">PCR</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=31% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Pollution Control Revenue Bonds</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=11% nowrap>
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">EDA</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=39% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Economic Development Authority</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=10% nowrap>
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">S/F</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=31% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Single-Family</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=11% nowrap>
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">GO</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=39% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">General Obligation Bonds</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=10% nowrap>
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">VRDN</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=31% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Variable Rate Demand Notes</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=11% nowrap>
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">HDA</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=39% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Housing Development Authority</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=10% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=31% nowrap>
&nbsp;
	</TD>
</TR>
</TABLE><BR>
<P align="left">
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">1</FONT></P>

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


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<TR vAlign=bottom>
     <TD noWrap align=left width="58%" colSpan=3><B><FONT face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif" size=4>BlackRock MuniHoldings Insured Fund II, Inc.</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%" colSpan=3><B><FONT face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif" size=2>Schedule of Investments June 30, 2008 (Unaudited)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="37%" colSpan=5><B><FONT face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif" size=2>(Percentages shown are based on Net Assets)</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="58%" colSpan=3>
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="37%" colSpan=5>
<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="40%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><B><FONT face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif" size=2>Par</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="16%"><B><FONT face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif" size=2>State</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="40%"><B><FONT face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif" size=2>Municipal Bonds</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><B><FONT face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif" size=2>(000)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><B><FONT face="Trebuchet MS,Bold,Arial,Helvetica,sans-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="40%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="17%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="8%">
<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="Trebuchet MS,Bold,Arial,Helvetica,sans-serif" size=2>Colorado - 3.8%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="40%"><FONT face="Trebuchet MS,Arial,Helvetica,sans-serif" size=2>Aurora, Colorado, COP, 5.75%, 12/01/10 (a)(b)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="27%" colSpan=3><FONT face="Trebuchet MS,Arial,Helvetica,sans-serif" size=2>$ 6,285&nbsp;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face="Trebuchet MS,Arial,Helvetica,sans-serif" size=2>$6,711,060</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="59%" colSpan=3><FONT face="Trebuchet MS,Arial,Helvetica,sans-serif" size=2>Colorado HFA, Revenue Refunding Bonds (S/F Program), AMT,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&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="40%"><FONT face="Trebuchet MS,Arial,Helvetica,sans-serif" size=2>Senior Series A-2, 7.50%, 4/01/31</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face="Trebuchet MS,Arial,Helvetica,sans-serif" size=2>200</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face="Trebuchet MS,Arial,Helvetica,sans-serif" size=2>207,808</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="59%" colSpan=3><FONT face="Trebuchet MS,Arial,Helvetica,sans-serif" size=2>Colorado Health Facilities Authority, Hospital Revenue Refunding Bonds</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&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="59%" colSpan=3><FONT face="Trebuchet MS,Arial,Helvetica,sans-serif" size=2>(Poudre Valley Health Care), Series A, 5.75%, 12/01/09 (b)(f)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face="Trebuchet MS,Arial,Helvetica,sans-serif" size=2>4,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face="Trebuchet MS,Arial,Helvetica,sans-serif" size=2>4,230,600</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="59%" colSpan=3>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="8%">&nbsp; </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="40%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face="Trebuchet MS,Arial,Helvetica,sans-serif" size=2>11,149,468</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="16%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="40%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="17%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="8%">
<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="Trebuchet MS,Bold,Arial,Helvetica,sans-serif" size=2>Connecticut - 0.5%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="59%" colSpan=3><FONT face="Trebuchet MS,Arial,Helvetica,sans-serif" size=2>Connecticut State, GO, Refunding, Series D, 5%, 12/01/24 (c)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face="Trebuchet MS,Arial,Helvetica,sans-serif" size=2>1,520</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face="Trebuchet MS,Arial,Helvetica,sans-serif" size=2>1,570,464</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="16%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="59%" colSpan=3>
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="8%">
<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="Trebuchet MS,Bold,Arial,Helvetica,sans-serif" size=2>District of Columbia -</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="59%" colSpan=3><FONT face="Trebuchet MS,Arial,Helvetica,sans-serif" size=2>District of Columbia, Deed Tax Revenue Bonds (Housing Production Trust</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&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="Trebuchet MS,Bold,Arial,Helvetica,sans-serif" size=2>0.9%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="59%" colSpan=3><FONT face="Trebuchet MS,Arial,Helvetica,sans-serif" size=2>Fund - New Communities Project), Series A, 5%, 6/01/32 (c)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face="Trebuchet MS,Arial,Helvetica,sans-serif" size=2>2,500</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face="Trebuchet MS,Arial,Helvetica,sans-serif" size=2>2,479,225</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="16%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="59%" colSpan=3>
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="8%">
<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="Trebuchet MS,Bold,Arial,Helvetica,sans-serif" size=2>Florida - 22.3%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="59%" colSpan=3><FONT face="Trebuchet MS,Arial,Helvetica,sans-serif" size=2>Brevard County, Florida, Health Facilities Authority, Healthcare Facilities</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&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="40%"><FONT face="Trebuchet MS,Arial,Helvetica,sans-serif" size=2>Revenue Bonds (Health First Inc. Project), 5%, 4/01/34</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face="Trebuchet MS,Arial,Helvetica,sans-serif" size=2>2,600</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face="Trebuchet MS,Arial,Helvetica,sans-serif" size=2>2,388,386</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="59%" colSpan=3><FONT face="Trebuchet MS,Arial,Helvetica,sans-serif" size=2>Broward County, Florida, HFA, S/F Mortgage Revenue Refunding Bonds,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&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="40%"><FONT face="Trebuchet MS,Arial,Helvetica,sans-serif" size=2>AMT, Series E, 5.90%, 10/01/39 (i)(j)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face="Trebuchet MS,Arial,Helvetica,sans-serif" size=2>2,310</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face="Trebuchet MS,Arial,Helvetica,sans-serif" size=2>2,298,866</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="59%" colSpan=3><FONT face="Trebuchet MS,Arial,Helvetica,sans-serif" size=2>Broward County, Florida, School Board, COP, Series A, 5.25%, 7/01/33 (f)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face="Trebuchet MS,Arial,Helvetica,sans-serif" size=2>5,600</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face="Trebuchet MS,Arial,Helvetica,sans-serif" size=2>5,660,816</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="59%" colSpan=3><FONT face="Trebuchet MS,Arial,Helvetica,sans-serif" size=2>Hillsborough County, Florida, HFA, S/F Mortgage Revenue Bonds, AMT,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&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="40%"><FONT face="Trebuchet MS,Arial,Helvetica,sans-serif" size=2>Series 1, 5.375%, 10/01/49 (i)(j)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face="Trebuchet MS,Arial,Helvetica,sans-serif" size=2>3,385</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face="Trebuchet MS,Arial,Helvetica,sans-serif" size=2>3,214,768</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="59%" colSpan=3><FONT face="Trebuchet MS,Arial,Helvetica,sans-serif" size=2>Hillsborough County, Florida, IDA, Hospital Revenue Bonds (H. Lee Moffitt</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&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="40%"><FONT face="Trebuchet MS,Arial,Helvetica,sans-serif" size=2>Cancer Center Project), Series A, 5.25%, 7/01/37</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face="Trebuchet MS,Arial,Helvetica,sans-serif" size=2>4,700</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face="Trebuchet MS,Arial,Helvetica,sans-serif" size=2>4,484,834</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="59%" colSpan=3><FONT face="Trebuchet MS,Arial,Helvetica,sans-serif" size=2>Hillsborough County, Florida, IDA, PCR, Refunding (Tampa Electric</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&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="40%"><FONT face="Trebuchet MS,Arial,Helvetica,sans-serif" size=2>Company Project), Series B, 5.15%, 9/01/25</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face="Trebuchet MS,Arial,Helvetica,sans-serif" size=2>1,200</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face="Trebuchet MS,Arial,Helvetica,sans-serif" size=2>1,204,776</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="59%" colSpan=3><FONT face="Trebuchet MS,Arial,Helvetica,sans-serif" size=2>Lee Memorial Health System, Florida, Hospital Revenue Bonds, Series A,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&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="40%"><FONT face="Trebuchet MS,Arial,Helvetica,sans-serif" size=2>5%, 4/01/32 (a)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face="Trebuchet MS,Arial,Helvetica,sans-serif" size=2>5,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face="Trebuchet MS,Arial,Helvetica,sans-serif" size=2>4,890,800</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="59%" colSpan=3><FONT face="Trebuchet MS,Arial,Helvetica,sans-serif" size=2>Miami-Dade County, Florida, Aviation Revenue Bonds, DRIVERS, VRDN,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&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="40%"><FONT face="Trebuchet MS,Arial,Helvetica,sans-serif" size=2>AMT, Series A, 8.009%, 10/01/11 (e)(f)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face="Trebuchet MS,Arial,Helvetica,sans-serif" size=2>34</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face="Trebuchet MS,Arial,Helvetica,sans-serif" size=2>30,233</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="59%" colSpan=3><FONT face="Trebuchet MS,Arial,Helvetica,sans-serif" size=2>Miami-Dade County, Florida, Aviation Revenue Refunding Bonds (Miami</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&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="59%" colSpan=3><FONT face="Trebuchet MS,Arial,Helvetica,sans-serif" size=2>International Airport), AMT, Series A, 5.50%, 10/01/41 (f)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face="Trebuchet MS,Arial,Helvetica,sans-serif" size=2>6,700</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face="Trebuchet MS,Arial,Helvetica,sans-serif" size=2>6,720,703</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="59%" colSpan=3><FONT face="Trebuchet MS,Arial,Helvetica,sans-serif" size=2>Miami-Dade County, Florida, School Board, COP, Refunding, Series B,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&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="40%"><FONT face="Trebuchet MS,Arial,Helvetica,sans-serif" size=2>5.25%, 5/01/28 (k)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face="Trebuchet MS,Arial,Helvetica,sans-serif" size=2>5,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face="Trebuchet MS,Arial,Helvetica,sans-serif" size=2>5,068,650</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="59%" colSpan=3><FONT face="Trebuchet MS,Arial,Helvetica,sans-serif" size=2>Miami-Dade County, Florida, School Board, COP, Refunding, Series B,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&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="40%"><FONT face="Trebuchet MS,Arial,Helvetica,sans-serif" size=2>5.25%, 5/01/31 (k)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face="Trebuchet MS,Arial,Helvetica,sans-serif" size=2>3,600</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face="Trebuchet MS,Arial,Helvetica,sans-serif" size=2>3,632,796</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="59%" colSpan=3><FONT face="Trebuchet MS,Arial,Helvetica,sans-serif" size=2>Miami-Dade County, Florida, School Board, COP, Series A,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&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="40%"><FONT face="Trebuchet MS,Arial,Helvetica,sans-serif" size=2>5%, 5/01/21 (f)(g)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face="Trebuchet MS,Arial,Helvetica,sans-serif" size=2>5,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face="Trebuchet MS,Arial,Helvetica,sans-serif" size=2>5,135,150</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="59%" colSpan=3><FONT face="Trebuchet MS,Arial,Helvetica,sans-serif" size=2>Miami-Dade County, Florida, Special Obligation Revenue Bonds,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&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="40%"><FONT face="Trebuchet MS,Arial,Helvetica,sans-serif" size=2>Sub-Series A, 5.24%, 10/01/37 (c)(l)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face="Trebuchet MS,Arial,Helvetica,sans-serif" size=2>3,670</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face="Trebuchet MS,Arial,Helvetica,sans-serif" size=2>677,078</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="59%" colSpan=3><FONT face="Trebuchet MS,Arial,Helvetica,sans-serif" size=2>Miami, Florida, Special Obligation Revenue Bonds (Street and Sidewalk</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&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="40%"><FONT face="Trebuchet MS,Arial,Helvetica,sans-serif" size=2>Improvement Program), 5%, 1/01/37 (c)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face="Trebuchet MS,Arial,Helvetica,sans-serif" size=2>3,500</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face="Trebuchet MS,Arial,Helvetica,sans-serif" size=2>3,336,620</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="59%" colSpan=3><FONT face="Trebuchet MS,Arial,Helvetica,sans-serif" size=2>Okaloosa County, Florida, Water and Sewer Revenue Refunding Bonds, 5%,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&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="40%"><FONT face="Trebuchet MS,Arial,Helvetica,sans-serif" size=2>7/01/36 (f)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face="Trebuchet MS,Arial,Helvetica,sans-serif" size=2>2,100</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face="Trebuchet MS,Arial,Helvetica,sans-serif" size=2>2,108,253</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="59%" colSpan=3><FONT face="Trebuchet MS,Arial,Helvetica,sans-serif" size=2>Pasco County, Florida, Half-Cent Sales Tax Revenue Bonds,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&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="40%"><FONT face="Trebuchet MS,Arial,Helvetica,sans-serif" size=2>5.125%, 12/01/28 (a)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face="Trebuchet MS,Arial,Helvetica,sans-serif" size=2>6,300</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face="Trebuchet MS,Arial,Helvetica,sans-serif" size=2>6,342,651</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="59%" colSpan=3><FONT face="Trebuchet MS,Arial,Helvetica,sans-serif" size=2>Saint Johns County, Florida, Water and Sewer Revenue Bonds, CABS,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&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="40%"><FONT face="Trebuchet MS,Arial,Helvetica,sans-serif" size=2>5.352%, 6/01/31 (a)(l)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face="Trebuchet MS,Arial,Helvetica,sans-serif" size=2>5,065</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face="Trebuchet MS,Arial,Helvetica,sans-serif" size=2>1,363,042</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="59%" colSpan=3><FONT face="Trebuchet MS,Arial,Helvetica,sans-serif" size=2>Seminole County, Florida, Water and Sewer Revenue Bonds,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&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="40%"><FONT face="Trebuchet MS,Arial,Helvetica,sans-serif" size=2>5%, 10/01/31</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face="Trebuchet MS,Arial,Helvetica,sans-serif" size=2>6,250</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face="Trebuchet MS,Arial,Helvetica,sans-serif" size=2>6,316,938</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="40%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="17%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="8%">&nbsp; </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="40%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face="Trebuchet MS,Arial,Helvetica,sans-serif" size=2>64,875,360</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="16%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="40%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="17%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="8%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="8%">
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=center><FONT face=Arial,Arial,Helvetica,sans-serif size=2>2</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=58% nowrap colspan=3>
<B><FONT size=4 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">BlackRock MuniHoldings Insured Fund II, Inc.</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=15% 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=10% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=58% nowrap colspan=3>
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Schedule of Investments June 30, 2008 (Unaudited)</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=38% nowrap colspan=5>
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">(Percentages shown are based on Net Assets)</FONT></B>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=3>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=41% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Par</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=10% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">State</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=41% nowrap>
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Municipal Bonds</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">(000)</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-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>
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Idaho - 0.1%</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap colspan=3>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Idaho Housing and Finance Association, S/F Mortgage Revenue Bonds,</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=10% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=41% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">AMT, Series E, 6%, 1/01/32</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">&#36; 360</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">&#36; 369,011</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="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Illinois - 12.9%</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap colspan=3>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Chicago, Illinois, GO (Neighborhoods Alive 21 Program), Series A,</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=10% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=41% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">6%, 7/01/10 (b)(g)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">2,185</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">2,344,024</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=41% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Chicago, Illinois, GO, Series A, 6%, 7/01/10 (b)(g)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">18,130</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">19,449,501</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap colspan=3>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Chicago, Illinois, O'Hare International Airport, General Airport Revenue</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=10% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap colspan=3>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Refunding Bonds, Third Lien, AMT, Series A, 5.75%, 1/01/19 (c)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">3,125</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">3,145,626</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap colspan=3>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Chicago, Illinois, O'Hare International Airport Revenue Bonds, Third Lien,</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=10% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=41% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">AMT, Series B-2, 6%, 1/01/29 (m)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">7,300</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">7,405,631</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap colspan=3>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Chicago, Illinois, O'Hare International Airport Revenue Bonds, Third Lien,</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=10% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=41% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Series A, 5%, 1/01/31 (c)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,430</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,368,567</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap colspan=3>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Illinois State Finance Authority, Revenue Refunding Bonds (Central DuPage</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=10% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=41% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Health System), VRDN, Series B, 1.90%, 11/01/38 (e)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">3,500</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">3,500,000</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap colspan=3>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Lake, Cook, Kane and McHenry Counties, Illinois, Community Unit School</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=10% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=41% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">District Number 220, GO, 6%, 12/01/20 (g)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">125</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">131,769</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
&nbsp;	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
&nbsp;	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
&nbsp;	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
&nbsp;	</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=left width=41% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">37,345,118</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="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Indiana - 5.3%</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap colspan=3>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Indiana Municipal Power Agency, Power Supply System Revenue Bonds,</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=10% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=41% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Series A, 5%, 1/01/37 (c)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">8,000</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">7,717,440</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap colspan=3>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Indiana Municipal Power Agency, Power Supply System Revenue Bonds,</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=10% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=41% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Series A, 5%, 1/01/42 (c)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">8,000</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">7,667,920</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
&nbsp;	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
&nbsp;	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
&nbsp;	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
&nbsp;	</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=left width=41% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">15,385,360</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="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Kansas - 2.2%</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap colspan=3>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Kansas State Development Finance Authority, Health Facilities Revenue</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=10% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap colspan=3>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Bonds (Sisters of Charity Leavenworth), Series J, 6.125%, 12/01/20</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">3,510</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">3,676,234</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap colspan=3>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Sedgwick and Shawnee Counties, Kansas, S/F Mortgage Revenue Bonds,</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=10% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=41% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">AMT, Series A-2, 6.20%, 12/01/33 (j)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">2,615</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">2,647,872</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
&nbsp;	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
&nbsp;	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
&nbsp;	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
&nbsp;	</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=left width=41% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">6,324,106</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=15% nowrap>
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Louisiana - 0.6%</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap colspan=3>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Louisiana State, Gas and Fuels Tax Revenue Bonds, Series A,</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=10% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=41% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">5%, 5/01/41 (g)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,600</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,574,512</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="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Michigan - 3.8%</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap colspan=3>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Michigan State Hospital Finance Authority, Revenue Refunding Bonds</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=10% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=41% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">(Mercy-Mount Clemens), Series A, 6%, 5/15/09 (b)(c)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,000</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,045,360</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap colspan=3>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Michigan State Strategic Fund, Limited Obligation Revenue Refunding</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=10% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap colspan=3>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Bonds (Detroit Edison Company Pollution Control Project), AMT, Series A,</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=10% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=41% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">5.50%, 6/01/30 (m)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">2,000</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,947,760</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap colspan=3>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Michigan State Strategic Fund, Limited Obligation Revenue Refunding</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=10% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap colspan=3>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Bonds (Detroit Edison Company Pollution Control Project), AMT, Series C,</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=10% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=41% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">5.65%, 9/01/29 (m)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">5,000</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">5,043,050</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap colspan=3>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Saint Clair County, Michigan, Economic Revenue Refunding Bonds (Detroit</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=10% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=41% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Edison Co. Project), Series AA, 6.40%, 8/01/24 (a)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">3,000</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">3,065,730</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
&nbsp;	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
&nbsp;	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
&nbsp;	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
&nbsp;	</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=left width=41% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">11,101,900</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="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Minnesota - 4.7%</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap colspan=3>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Prior Lake, Minnesota, Independent School District Number 719, GO,</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=10% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=41% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">5.50%, 2/01/16 (f)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">2,555</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">2,661,876</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap colspan=3>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Prior Lake, Minnesota, Independent School District Number 719, GO,</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=10% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=41% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">5.50%, 2/01/17 (f)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,830</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,906,549</FONT>&nbsp;
	</TD>
</TR>
</TABLE><BR>
<P align="center">
<FONT size=2 face="Arial,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=54% nowrap colspan=3>
<B><FONT size=4 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">BlackRock MuniHoldings Insured Fund II, Inc.</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=19% 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=10% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=54% nowrap colspan=3>
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Schedule of Investments June 30, 2008 (Unaudited)</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=42% nowrap colspan=5>
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">(Percentages shown are based on Net Assets)</FONT></B>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=3>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=16% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=36% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=19% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Par</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=10% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=16% nowrap>
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">State</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=36% nowrap>
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Municipal Bonds</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=19% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">(000)</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=10% nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-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=16% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=57% nowrap colspan=3>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Prior Lake, Minnesota, Independent School District Number 719, GO,</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=10% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=16% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=36% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">5.50%, 2/01/18 (f)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=19% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">&#36; 3,570</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">&#36; 3,719,333</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=16% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=57% nowrap colspan=3>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Prior Lake, Minnesota, Independent School District Number 719, GO,</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=10% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=16% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=36% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">5.50%, 2/01/19 (f)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=19% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">2,840</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">2,958,797</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=16% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=57% nowrap colspan=3>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Sauk Rapids, Minnesota, Independent School District Number 47, GO,</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=10% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=16% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=36% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Series A, 5.625%, 2/01/18 (c)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=19% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">2,185</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">2,321,366</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
&nbsp;	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
&nbsp;	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
&nbsp;	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
&nbsp;	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=16% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=36% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=19% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">13,567,921</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=16% nowrap>
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Nevada - 0.0%</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=57% nowrap colspan=3>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Nevada Housing Division, S/F Mortgage Revenue Bonds, AMT, Series A-2,</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=10% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=16% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=36% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">6.30%, 4/01/22 (c)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=19% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">95</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">96,209</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=16% nowrap>
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">New Jersey - 6.1%</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=57% nowrap colspan=3>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">New Jersey EDA, Cigarette Tax Revenue Bonds, 5.75%, 6/15/34 (k)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">6,200</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">6,411,110</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=16% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=57% nowrap colspan=3>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">New Jersey EDA, Motor Vehicle Surcharge Revenue Bonds, Series A, 5.25%,</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=10% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=16% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=36% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">7/01/33 (c)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=19% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">11,000</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">11,186,670</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
&nbsp;	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
&nbsp;	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
&nbsp;	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
&nbsp;	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=16% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=36% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=19% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">17,597,780</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=16% nowrap>
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">New York - 5.8%</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=57% nowrap colspan=3>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Nassau Health Care Corporation, New York, Health System Revenue Bonds,</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=10% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=16% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=36% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">5.75%, 8/01/09 (b)(f)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=19% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">14,000</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">14,850,640</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=16% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=57% nowrap colspan=3>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Tobacco Settlement Financing Corporation of New York Revenue Bonds,</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=10% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=16% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=36% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Series A-1, 5.25%, 6/01/21 (a)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=19% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">2,000</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">2,069,020</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
&nbsp;	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
&nbsp;	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
&nbsp;	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
&nbsp;	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=16% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=36% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=19% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">16,919,660</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=16% nowrap>
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">North Carolina - 0.4%</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=57% nowrap colspan=3>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">North Carolina HFA, Home Ownership Revenue Bonds, AMT, Series 14-A,</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=10% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=16% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=36% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">5.35%, 1/01/22 (a)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=19% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,235</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,238,730</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=16% nowrap>
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Ohio - 1.0%</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=57% nowrap colspan=3>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Aurora, Ohio, City School District, COP, 6.10%, 12/01/09 (b)(c)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,745</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,855,354</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=16% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=57% nowrap colspan=3>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Kent State University, Ohio, University Revenue Bonds, 6%, 5/01/24 (a)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,000</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,044,660</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
&nbsp;	</TD>
	<TD>&nbsp;
	</TD>
	<TD colspan=3>
&nbsp;	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
&nbsp;	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=16% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=36% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=19% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">2,900,014</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=16% nowrap>
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Oklahoma - 0.9%</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=57% nowrap colspan=3>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Claremore, Oklahoma, Public Works Authority, Capital Improvement</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=10% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=16% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=57% nowrap colspan=3>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Revenue Refunding Bonds, Series A, 5.25%, 6/01/14 (b)(f)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">2,385</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">2,623,738</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<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>
</TR>
<TR valign="bottom">
	<TD align=left width=16% nowrap>
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Pennsylvania - 0.1%</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=57% nowrap colspan=3>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Washington County, Pennsylvania, Capital Funding Authority Revenue</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=10% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=16% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=57% nowrap colspan=3>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Bonds (Capital Projects and Equipment Program), 6.15%, 12/01/29 (a)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">305</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">303,152</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<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>
</TR>
<TR valign="bottom">
	<TD align=left width=16% nowrap>
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Rhode Island - 3.6%</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=57% nowrap colspan=3>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Providence, Rhode Island, Redevelopment Agency Revenue</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=10% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=16% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=57% nowrap colspan=3>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Refunding Bonds (Public Safety and Municipal Buildings), Series A,</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=10% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=16% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=36% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">5.75%, 4/01/10 (a)(b)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=19% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">5,555</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">5,901,799</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=16% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=57% nowrap colspan=3>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Rhode Island State Health and Educational Building Corporation Revenue</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=10% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=16% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=57% nowrap colspan=3>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Bonds (Rhode Island School of Design), Series D, 5.50%, 8/15/31 (m)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">4,685</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">4,687,061</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
&nbsp;	</TD>
	<TD>&nbsp;
	</TD>
	<TD colspan=3>
&nbsp;	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
&nbsp;	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=16% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=36% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=19% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">10,588,860</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=16% nowrap>
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">South Carolina - 5.6%</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=57% nowrap colspan=3>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">South Carolina Housing Finance and Development Authority, Mortgage</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=10% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=16% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=57% nowrap colspan=3>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Revenue Refunding Bonds, AMT, Series A-2, 6.35%, 7/01/19 (f)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,335</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,372,393</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=16% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=57% nowrap colspan=3>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">South Carolina State Public Service Authority, Revenue Refunding Bonds,</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=10% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=16% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=36% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Series A, 5%, 1/01/42 (a)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=19% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">15,000</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">14,903,400</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
&nbsp;	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
&nbsp;	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
&nbsp;	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
&nbsp;	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=16% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=36% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=19% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">16,275,793</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=16% nowrap>
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Tennessee - 1.3%</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=57% nowrap colspan=3>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Metropolitan Government of Nashville and Davidson County, Tennessee,</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=10% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=16% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=57% nowrap colspan=3>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Health and Education Facilities Board, Revenue Refunding Bonds</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=10% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=16% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=57% nowrap colspan=3>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">(Ascension Health Credit), Series A, 5.875%, 11/15/09 (a)(b)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">3,500</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">3,700,970</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=16% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=57% nowrap colspan=3>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Tennessee HDA, Revenue Bonds (Homeownership Program), AMT,</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=10% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=16% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=36% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Series 2C, 6%, 7/01/11</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=19% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">70</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">70,007</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
&nbsp;	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
&nbsp;	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
&nbsp;	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
&nbsp;	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=16% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=36% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=19% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">3,770,977</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="Arial,Arial,Helvetica,sans-serif">4</FONT></P>

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



<!--$$/page=-->
<A name="page_5"></A>

<TABLE border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width=56% nowrap colspan=3>
<B><FONT size=4 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">BlackRock MuniHoldings Insured Fund II, Inc.</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=16% 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=10% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=56% nowrap colspan=3>
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Schedule of Investments June 30, 2008 (Unaudited)</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=39% nowrap colspan=5>
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">(Percentages shown are based on Net Assets)</FONT></B>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=3>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=39% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=16% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Par</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=10% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">State</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=39% nowrap>
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Municipal Bonds</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=16% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">(000)</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=10% nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-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>
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Texas - 19.8%</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=57% nowrap colspan=3>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Dallas-Fort Worth, Texas, International Airport, Joint Revenue Bonds,</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=10% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=39% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">AMT, Series B, 6%, 11/01/23 (c)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=16% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">&#36; 1,300</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">&#36; 1,307,813</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=57% nowrap colspan=3>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Dallas-Fort Worth, Texas, International Airport Revenue Bonds, AMT,</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=10% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=39% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Series A, 5.50%, 11/01/33 (c)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=16% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">16,000</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">15,509,920</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=57% nowrap colspan=3>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Dallas-Fort Worth, Texas, International Airport Revenue Refunding and</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=10% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=57% nowrap colspan=3>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Improvement Bonds, AMT, Series A, 5.875%, 11/01/17 (g)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,835</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,851,827</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=57% nowrap colspan=3>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Dallas-Fort Worth, Texas, International Airport Revenue Refunding and</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=10% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=57% nowrap colspan=3>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Improvement Bonds, AMT, Series A, 5.875%, 11/01/18 (g)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">2,150</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">2,162,835</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=57% nowrap colspan=3>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Dallas-Fort Worth, Texas, International Airport Revenue Refunding and</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=10% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=57% nowrap colspan=3>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Improvement Bonds, AMT, Series A, 5.875%, 11/01/19 (g)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">2,390</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">2,397,146</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=57% nowrap colspan=3>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">El Paso, Texas, Water and Sewer Revenue Refunding and Improvement</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=10% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=39% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Bonds, Series A, 6%, 3/01/15 (f)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=16% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">115</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">124,615</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=57% nowrap colspan=3>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">El Paso, Texas, Water and Sewer Revenue Refunding and Improvement</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=10% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=39% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Bonds, Series A, 6%, 3/01/16 (f)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=16% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">170</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">183,909</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=57% nowrap colspan=3>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">El Paso, Texas, Water and Sewer Revenue Refunding and Improvement</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=10% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=39% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Bonds, Series A, 6%, 3/01/17 (f)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=16% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">180</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">194,407</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=57% nowrap colspan=3>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Houston, Texas, Community College System, Participation Interests, COP</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=10% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=39% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">(Alief Center Project), 5.75%, 8/15/22 (c)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=16% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">4,341</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">4,454,209</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=57% nowrap colspan=3>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Midland, Texas, Certificates of Obligation, GO, 6.10%, 3/01/10 (b)(g)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,850</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,954,839</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=57% nowrap colspan=3>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">North Texas Tollway Authority, System Revenue Refunding Bonds, First</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=10% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=39% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Tier, 5.75%, 1/01/40 (c)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=16% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">14,750</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">15,118,750</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=57% nowrap colspan=3>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">North Texas Tollway Authority, System Revenue Refunding Bonds, First</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=10% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=39% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Tier, Series B, 5.75%, 1/01/40 (c)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=16% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,000</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,025,000</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=57% nowrap colspan=3>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">North Texas Tollway Authority, System Revenue Refunding Bonds, Series</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=10% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=39% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">A, 5.625%, 1/01/33 (c)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=16% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">10,975</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">11,181,110</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
&nbsp;	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
&nbsp;	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
&nbsp;	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
&nbsp;	</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=left width=39% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=16% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">57,466,380</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="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Washington - 4.7%</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=57% nowrap colspan=3>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Chelan County, Washington, Public Utility District Number 001,</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=10% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=57% nowrap colspan=3>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Consolidated Revenue Bonds (Chelan Hydro System), AMT, Series A, 5.45%,</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=10% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=39% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">7/01/37 (a)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=16% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">3,840</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">3,673,152</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=57% nowrap colspan=3>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Lewis County, Washington, GO, Refunding, 5.75%, 12/01/09 (a)(b)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,805</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,892,885</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=57% nowrap colspan=3>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Lewis County, Washington, GO, Refunding, 5.75%, 12/01/24 (a)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,640</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,681,213</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=57% nowrap colspan=3>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Seattle, Washington, Municipal Light and Power Revenue Bonds,</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=10% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=39% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">6%, 10/01/09 (b)(c)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=16% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">2,500</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">2,640,650</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=57% nowrap colspan=3>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Seattle, Washington, Water System Revenue Bonds, Series B,</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=10% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=39% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">6%, 7/01/09 (b)(g)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=16% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">3,500</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">3,680,880</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
&nbsp;	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
&nbsp;	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
&nbsp;	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
&nbsp;	</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=left width=39% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=16% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">13,568,780</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="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Wisconsin - 0.4%</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=57% nowrap colspan=3>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Wisconsin State Health and Educational Facilities Authority Revenue Bonds</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=10% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=57% nowrap colspan=3>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">(Blood Center of Southeastern Wisconsin Project), 5.75%, 6/01/34</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,250</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,248,263</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<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>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Puerto Rico - 2.0%</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=57% nowrap colspan=3>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Puerto Rico Commonwealth, Public Improvement, GO,</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=10% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=39% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">5.125%, 7/01/30 (f)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=16% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">5,725</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">5,779,617</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>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=57% nowrap colspan=3>
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Total Municipal Bonds (Cost - &#36;377,650,544) - 129.7%</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">376,955,585</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<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>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=57% nowrap colspan=3>
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Municipal Bonds Transferred to Tender Option Bond Trusts (n)</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=10% nowrap>
&nbsp;
	</TD>
</TR>
<TR>
	<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>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">California - 10.7%</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=57% nowrap colspan=3>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Palomar Pomerado Health Care District, California, GO</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=10% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=39% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">(Election of 2004), Series A, 5.125%, 8/01/37 (c)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=16% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">7,364</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=10% nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">7,449,256</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=57% nowrap colspan=3>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Sacramento County, California, Airport System Revenue Bonds, AMT,</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=10% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=39% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Senior Series B, 5.25%, 7/01/39 (f)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=16% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">5,350</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=10% nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">5,260,681</FONT>&nbsp;
	</TD>
</TR>
</TABLE><BR>
<P align="center">
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">5</FONT></P>

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



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

<TABLE border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width=57% nowrap colspan=3>
<B><FONT size=4 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">BlackRock MuniHoldings Insured Fund II, Inc.</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=14% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=10% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=10% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=57% nowrap colspan=3>
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Schedule of Investments June 30, 2008 (Unaudited)</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=38% nowrap colspan=5>
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">(Percentages shown are based on Net Assets)</FONT></B>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=3>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=16% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=39% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=14% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Par</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=10% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=16% nowrap>
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">State</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=55% nowrap colspan=3>
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Municipal Bonds Transferred to Tender Option Bond Trusts (n)</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">(000)</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=10% nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Value</FONT></B>&nbsp;
	</TD>
</TR>
<TR>
	<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>
</TR>
<TR valign="bottom">
	<TD align=left width=16% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=55% nowrap colspan=3>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">San Diego, California, Community College District, GO (Election of</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=10% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=10% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=16% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=39% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">2002), 5%, 5/01/30 (f)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=14% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">&#36; 1,480</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">&#36; 1,508,424</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=16% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=55% nowrap colspan=3>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">San Jose, California, GO (Libraries, Parks and Public Safety Projects),</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=10% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=10% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=16% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=39% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">5%, 9/01/30 (c)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=14% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">3,800</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">3,840,785</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=16% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=55% nowrap colspan=3>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Sequoia, California, Unified High School District, GO, Refunding,</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=10% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=10% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=16% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=39% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Series B, 5.50%, 7/01/35 (f)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=14% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">5,189</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">5,474,879</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=16% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=55% nowrap colspan=3>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Tustin, California, Unified School District, Senior Lien Special Tax Bonds</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=10% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=10% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=16% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=55% nowrap colspan=3>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">(Community Facilities District Number 97-1), Series A, 5%,</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=10% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=10% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=16% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=39% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">9/01/32 (f)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=14% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">4,620</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">4,612,516</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=16% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=55% nowrap colspan=3>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Tustin, California, Unified School District, Senior Lien Special Tax Bonds</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=10% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=10% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=16% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=55% nowrap colspan=3>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">(Community Facilities District Number 97-1), Series A, 5%,</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=10% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=10% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=16% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=39% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">9/01/38 (f)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=14% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">2,915</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">2,927,417</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
&nbsp;	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
&nbsp;	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
&nbsp;	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
&nbsp;	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=16% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=39% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=14% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=10% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=10% nowrap>
 &nbsp; &nbsp;<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">31,073,958</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=16% nowrap>
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Colorado - 3.2%</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=55% nowrap colspan=3>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Colorado Health Facilities Authority Revenue Bonds (Catholic Health),</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=10% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=10% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=16% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=39% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Series C-3, 5.10%, 10/01/41 (f)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=14% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">9,400</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">9,388,040</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=16% nowrap>
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Florida - 10.0%</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=55% nowrap colspan=3>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Jacksonville, Florida, Health Facilities Authority, Hospital Revenue</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=10% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=10% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=16% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=55% nowrap colspan=3>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Bonds (Baptist Medical Center Project), 5%, 8/15/37 (f)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">7,740</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">7,669,179</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=16% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=55% nowrap colspan=3>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Lee County, Florida, HFA, S/F Mortgage Revenue Bonds (Multi-County</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=10% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=10% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=16% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=39% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Program), AMT, Series A-2, 6%, 9/01/40 (i)(j)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=14% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">4,500</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">4,583,520</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=16% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=55% nowrap colspan=3>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Miami-Dade County, Florida, Aviation Revenue Bonds, AMT, Series A,</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=10% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=10% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=16% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=39% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">5%, 10/01/33 (f)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=14% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">6,730</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">6,321,088</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=16% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=55% nowrap colspan=3>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Orlando, Florida, Senior Tourist Development Tax Revenue Bonds (6th</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=10% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=10% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=16% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=55% nowrap colspan=3>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Cent Contract Payments), Series A, 5.25%, 11/01/38 (k)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">4,000</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">4,085,560</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=16% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=55% nowrap colspan=3>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">St. Petersburg, Florida, Public Utilities, Revenue Refunding Bonds,</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=10% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=10% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=16% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=39% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">5%, 10/01/35 (c)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=14% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">6,492</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">6,491,449</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
&nbsp;	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
&nbsp;	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
&nbsp;	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
&nbsp;	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=16% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=39% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=14% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=10% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">29,150,796</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=16% nowrap>
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Georgia - 2.3%</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=39% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Augusta, Georgia, Water and Sewer Revenue Bonds,</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=14% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=10% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=10% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=16% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=39% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">5.25%, 10/01/34 (f)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=14% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">6,290</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">6,552,481</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=16% nowrap>
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Illinois - 6.6%</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=55% nowrap colspan=3>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Chicago, Illinois, O'Hare International Airport, General Airport Revenue</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=10% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=10% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=16% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=55% nowrap colspan=3>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Refunding Bonds, Third Lien, AMT, Series A, 5%, 1/01/38 (f)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">15,000</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">14,910,600</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=16% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=55% nowrap colspan=3>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Chicago, Illinois, Water Revenue Refunding Bonds, Second Lien,</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=10% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=10% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=16% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=39% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">5.25%, 11/01/33 (f)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=14% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">3,972</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">4,119,783</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
&nbsp;	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
&nbsp;	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
&nbsp;	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
&nbsp;	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=16% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=39% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=14% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=10% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">19,030,383</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=16% nowrap>
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Massachusetts - 3.7%</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=55% nowrap colspan=3>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Massachusetts Bay Transportation Authority, Revenue Refunding Bonds,</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=10% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=10% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=16% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=39% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Unrefunded Balance, Series A, 5%, 7/01/35</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=14% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">5,535</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">5,545,406</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=16% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=55% nowrap colspan=3>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Massachusetts State School Building Authority, Dedicated Sales Tax</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=10% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=10% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=16% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=39% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Revenue Bonds, Series A, 5%, 8/15/30 (f)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=14% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">4,998</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">5,077,550</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
&nbsp;	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
&nbsp;	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
&nbsp;	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
&nbsp;	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=16% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=39% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=14% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=10% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">10,622,956</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=16% nowrap>
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">New Jersey - 1.0%</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=55% nowrap colspan=3>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">New Jersey State Turnpike Authority, Turnpike Revenue Bonds, Series C,</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=10% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=10% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=16% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=39% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">5%, 1/01/30 (f)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=14% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">2,998</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">3,049,800</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=16% nowrap>
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">New York - 2.4%</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=55% nowrap colspan=3>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">New York City, New York, Sales Tax Asset Receivable Corporation</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=10% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=10% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=16% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=39% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Revenue Bonds, Series A, 5.25%, 10/15/27 (a)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=14% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">6,750</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">7,009,267</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=16% nowrap>
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Washington - 2.4%</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=55% nowrap colspan=3>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Bellevue, Washington, GO, Refunding, 5.50%, 12/01/39 (c)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">6,885</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">7,096,926</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<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>
</TR>
<TR valign="bottom">
	<TD align=left width=16% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=55% nowrap colspan=3>
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Total Municipal Bonds Transferred to Tender Option Bond Trusts</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=10% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=10% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=16% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=39% nowrap>
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">(Cost - &#36;125,030,955) - 42.3%</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=14% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=10% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">122,974,607</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="Arial,Arial,Helvetica,sans-serif">6</FONT></P>

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


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<A name="page_7"></A>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><B><FONT face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif" size=4>BlackRock MuniHoldings Insured Fund II, Inc.</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><B><FONT face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif" size=2>Schedule of Investments June 30, 2008 (Unaudited)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="39%" colSpan=5><B><FONT face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif" size=2>(Percentages shown are based on Net Assets)</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="58%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="39%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT face="Trebuchet &#13;&#10;MS,Bold,Arial,Helvetica,sans-serif" size=2>Short-Term Securities</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="17%"><B><FONT face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif" size=2>Shares</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%">&nbsp;&nbsp;&nbsp;<B><FONT face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif" size=2>Value</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="58%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD align=right width="17%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="69%" colSpan=3>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="Trebuchet &#13;&#10;MS,Arial,Helvetica,sans-serif" size=2>Merrill Lynch Institutional Tax-Exempt Fund, 1.73% (o)(p)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face="Trebuchet MS,Arial,Helvetica,sans-serif" size=2>7,389,380</FONT></TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face="Trebuchet MS,Arial,Helvetica,sans-serif" size=2>&nbsp;$<FONT face="Times New Roman" size=3>&nbsp; </FONT>7,389,380</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="69%" colSpan=3>
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="17%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="69%" colSpan=3>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT face="Trebuchet &#13;&#10;MS,Bold,Arial,Helvetica,sans-serif" size=2>Total Short-Term Securities (Cost - $7,389,380) - 2.5%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face="Trebuchet MS,Arial,Helvetica,sans-serif" size=2>7,389,380</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="69%" colSpan=3>
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="17%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT face="Trebuchet &#13;&#10;MS,Bold,Arial,Helvetica,sans-serif" size=2>Total Investments (Cost - $510,070,879*) - 174.5%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face="Trebuchet MS,Arial,Helvetica,sans-serif" size=2>507,319,572</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT face="Trebuchet &#13;&#10;MS,Bold,Arial,Helvetica,sans-serif" size=2>Other Assets Less Liabilities - 2.1%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face="Trebuchet MS,Arial,Helvetica,sans-serif" size=2>6,169,080</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT face="Trebuchet &#13;&#10;MS,Bold,Arial,Helvetica,sans-serif" size=2>Liability for Trust Certificates, Including Interest</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT face="Trebuchet &#13;&#10;MS,Bold,Arial,Helvetica,sans-serif" size=2>Expense Payable - (26.6)%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="28%" colSpan=3><FONT face="Trebuchet MS,Arial,Helvetica,sans-serif" size=2>(77,419,874)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT face="Trebuchet &#13;&#10;MS,Bold,Arial,Helvetica,sans-serif" size=2>Preferred Stock at Redemption Value - (50.0)%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="28%" colSpan=3><FONT face="Trebuchet MS,Arial,Helvetica,sans-serif" size=2>(145,353,632)</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="58%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="28%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT face="Trebuchet &#13;&#10;MS,Bold,Arial,Helvetica,sans-serif" size=2>Net Assets Applicable to Common Stock - 100.0%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="28%" colSpan=3><FONT face="Trebuchet MS,Arial,Helvetica,sans-serif" size=2>$ 290,715,146</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="58%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="28%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=left><B><FONT face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif" size=2>* </FONT></B><FONT face="Trebuchet MS,Arial,Helvetica,sans-serif" size=2>The cost and unrealized appreciation (depreciation) of investments as of June 30, 2008, as computed for federal income tax purposes, were as follows:</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face="Trebuchet MS,Arial,Helvetica,sans-serif" size=2>Aggregate cost</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="47%"><FONT face="Trebuchet MS,Arial,Helvetica,sans-serif" size=2>$ 432,515,428</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="50%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD align=center width="47%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face="Trebuchet MS,Arial,Helvetica,sans-serif" size=2>Gross unrealized appreciation</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="47%"><FONT face="Trebuchet MS,Arial,Helvetica,sans-serif" size=2>$ 6,653,565</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face="Trebuchet MS,Arial,Helvetica,sans-serif" size=2>Gross unrealized depreciation</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="47%"><FONT face="Trebuchet MS,Arial,Helvetica,sans-serif" size=2>(9,040,121)</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="50%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD align=center width="47%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face="Trebuchet MS,Arial,Helvetica,sans-serif" size=2>Net unrealized depreciation</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="47%"><FONT face="Trebuchet MS,Arial,Helvetica,sans-serif" size=2>$ (2,386,556)</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="50%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD align=center width="47%">
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR>
     <TD vAlign=top noWrap><FONT face="Trebuchet MS,Arial,Helvetica,sans-serif" size=2>(a)</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face="Trebuchet MS,Arial,Helvetica,sans-serif" size=2>AMBAC Insured.</FONT> </TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR>
     <TD vAlign=top noWrap><FONT face="Trebuchet MS,Arial,Helvetica,sans-serif" size=2>(b)</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face="Trebuchet MS,Arial,Helvetica,sans-serif" size=2>U.S. government securities, held in escrow, are used to pay interest on this security, as well as, retire the bond in full at the date indicated, typically at a premium to par.</FONT> </TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR>
     <TD vAlign=top noWrap><FONT face="Trebuchet MS,Arial,Helvetica,sans-serif" size=2>(c)</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face="Trebuchet MS,Arial,Helvetica,sans-serif" size=2>MBIA Insured.</FONT> </TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR>
     <TD vAlign=top noWrap><FONT face="Trebuchet MS,Arial,Helvetica,sans-serif" size=2>(d)</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face="Trebuchet MS,Arial,Helvetica,sans-serif" size=2>FHA Insured.</FONT> </TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR>
     <TD vAlign=top noWrap><FONT face="Trebuchet MS,Arial,Helvetica,sans-serif" size=2>(e)</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face="Trebuchet MS,Arial,Helvetica,sans-serif" size=2>Variable rate security. Rate shown is as of report date. Maturity shown is the final maturity date.</FONT> </TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR>
     <TD vAlign=top noWrap><FONT face="Trebuchet MS,Arial,Helvetica,sans-serif" size=2>(f)</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face="Trebuchet MS,Arial,Helvetica,sans-serif" size=2>FSA Insured.</FONT> </TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR>
     <TD vAlign=top noWrap><FONT face="Trebuchet MS,Arial,Helvetica,sans-serif" size=2>(g)</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face="Trebuchet MS,Arial,Helvetica,sans-serif" size=2>FGIC Insured.</FONT> </TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR>
     <TD vAlign=top noWrap><FONT face="Trebuchet MS,Arial,Helvetica,sans-serif" size=2>(h)</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face="Trebuchet MS,Arial,Helvetica,sans-serif" size=2>Radian Insured.</FONT> </TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR>
     <TD vAlign=top noWrap><FONT face="Trebuchet MS,Arial,Helvetica,sans-serif" size=2>(i)</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face="Trebuchet MS,Arial,Helvetica,sans-serif" size=2>FHLMC Collateralized.</FONT> </TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR>
     <TD vAlign=top noWrap><FONT face="Trebuchet MS,Arial,Helvetica,sans-serif" size=2>(j)</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face="Trebuchet MS,Arial,Helvetica,sans-serif" size=2>FNMA/GNMA Collateralized.</FONT> </TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR>
     <TD vAlign=top noWrap><FONT face="Trebuchet MS,Arial,Helvetica,sans-serif" size=2>(k)</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face="Trebuchet MS,Arial,Helvetica,sans-serif" size=2>Assured Guaranty Insured.</FONT> </TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR>
     <TD vAlign=top noWrap><FONT face="Trebuchet MS,Arial,Helvetica,sans-serif" size=2>(l)</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face="Trebuchet MS,Arial,Helvetica,sans-serif" size=2>Represents a zero coupon bond. 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 noWrap><FONT face="Trebuchet MS,Arial,Helvetica,sans-serif" size=2>(m)</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face="Trebuchet MS,Arial,Helvetica,sans-serif" size=2>XL Capital Insured.</FONT> </TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR>
     <TD vAlign=top noWrap><FONT face="Trebuchet MS,Arial,Helvetica,sans-serif" size=2>(n)</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face="Trebuchet MS,Arial,Helvetica,sans-serif" size=2>Securities represents bonds transferred to a tender option bond trust in exchange for which the Fund acquired 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 noWrap><FONT face="Trebuchet MS,Arial,Helvetica,sans-serif" size=2>(o)</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face="Trebuchet MS,Arial,Helvetica,sans-serif" size=2>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 cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="16%"><B><FONT face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif" size=2>Net</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="17%"><B><FONT face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif" size=2>Dividend</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp; &nbsp; &nbsp; &nbsp;<B><FONT face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif" size=2>Affiliate</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="16%"><B><FONT face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif" size=2>Activity</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="17%"><B><FONT face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif" size=2>Income</FONT></B>&nbsp; </TD></TR>
<TR>
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</TD>
     <TD width="2%">&nbsp; </TD>
     <TD align=center width="16%">
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</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="17%">
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</TD></TR>
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     <TD noWrap align=left width="61%">&nbsp; &nbsp; &nbsp; &nbsp;<FONT face="Trebuchet MS,Arial,Helvetica,sans-serif" size=2>Merrill Lynch Institutional Tax-Exempt Fund</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="16%"><FONT face="Trebuchet MS,Arial,Helvetica,sans-serif" size=2>7,069,063</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face="Trebuchet MS,Arial,Helvetica,sans-serif" size=2>$ 304,246</FONT>&nbsp; </TD></TR>
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     <TD width="2%">&nbsp; </TD>
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     <TD width="2%">&nbsp; </TD>
     <TD width="17%">
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</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=center width="61%"><FONT face="Trebuchet MS,Arial,Helvetica,sans-serif" size=2>(p) Represents the current yield as of report date.</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=Arial,Arial,Helvetica,sans-serif size=2>7</FONT></P>
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<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Item 2 &#150; Controls and Procedures</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">2(a) &#150; The registrant&#146;s principal executive and principal financial officers or persons performing </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">similar functions have concluded that the registrant&#146;s disclosure controls and procedures (as </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#147;1940 Act&#148;)) are effective as of a date within 90 days of the filing of this report based on the </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">and Rule 13a-15(b) under the Securities Exchange Act of 1934, as amended.</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">2(b) &#150; There were no changes in the registrant&#146;s internal control over financial reporting (as </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant&#146;s last fiscal </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">quarter that have materially affected, or are reasonably likely to materially affect, the </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">registrant&#146;s internal control over financial reporting.</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Item 3 &#150; Exhibits</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Certifications &#150; Attached hereto</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">the undersigned, thereunto duly authorized.</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">BlackRock MuniHoldings Insured Fund II, Inc.</FONT><BR>
<BR>
<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><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 of</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">BlackRock MuniHoldings Insured Fund II, Inc.</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Date: August 22, 2008</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Company Act of 1940, this report has been signed below by the following persons on behalf </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">of the registrant and in the capacities and on the dates indicated.</FONT><BR>
<BR>
<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><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><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Date: August 22, 2008</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">By: </FONT><U><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">/s/ 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><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Date: August 22, 2008</FONT></TD></TR></TABLE>
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<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">EX-99. CERT</FONT></B><BR>
<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 </FONT></B><BR>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">THE SARBANES-OXLEY ACT OF 2002</FONT></B><BR>
<BR>
<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, </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Inc., certify that:</FONT><BR>
<BR>
<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><BR>
<BR>
<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 </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">material fact necessary to make the statements made, in light of the circumstances under which such statements were made, </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">not misleading with respect to the period covered by this report; </FONT><BR>
<BR>
<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 </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">the investments of the registrant as of the end of the fiscal quarter for which the report is filed;</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:</FONT><BR>
<BR>
<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 </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">designed under our supervision, to ensure that material information relating to the registrant, including its</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">which this report is being prepared;</FONT><BR>
<BR>
<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 </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">financial reporting and the preparation of financial statements for external purposes in accordance with generally </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">accepted accounting principles;</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">days prior to the filing date of this report, based on such evaluation; and</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">d) disclosed in this report any change in the registrant's internal control over financial reporting that </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">materially affect, the registrant's internal control over financial reporting; and</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">of the registrant's board of directors (or persons performing the equivalent functions):</FONT><BR>
<BR>
<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 </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">summarize, and report financial information; and</FONT><BR>
<BR>
<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 </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">role in the registrant's internal control over financial reporting.</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Date: August 22, 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><BR>
<BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1</FONT></TD></TR></TABLE>
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<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">EX-99. CERT</FONT></B><BR>
<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 </FONT></B><BR>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">THE SARBANES-OXLEY ACT OF 2002</FONT></B><BR>
<BR>
<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., </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">certify that:</FONT><BR>
<BR>
<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><BR>
<BR>
<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 </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">material fact necessary to make the statements made, in light of the circumstances under which such statements were made, </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">not misleading with respect to the period covered by this report; </FONT><BR>
<BR>
<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 </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">the investments of the registrant as of the end of the fiscal quarter for which the report is filed;</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:</FONT><BR>
<BR>
<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 </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">designed under our supervision, to ensure that material information relating to the registrant, including its</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">which this report is being prepared;</FONT><BR>
<BR>
<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 </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">financial reporting and the preparation of financial statements for external purposes in accordance with generally </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">accepted accounting principles;</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">days prior to the filing date of this report, based on such evaluation; and</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">d) disclosed in this report any change in the registrant's internal control over financial reporting that </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">materially affect, the registrant's internal control over financial reporting; and</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">of the registrant's board of directors (or persons performing the equivalent functions):</FONT><BR>
<BR>
<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 </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">summarize, and report financial information; and</FONT><BR>
<BR>
<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 </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">role in the registrant's internal control over financial reporting.</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Date: August 22, 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><BR>
<BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">2</FONT></TD></TR></TABLE>
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