UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY
Investment Company Act file number 811-09191
Name of Fund: BlackRock MuniHoldings Insured Fund II, Inc. (MUE)
Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809
Name and address of agent for service: Donald C. Burke, Chief Executive Officer, BlackRock MuniHoldings Insured Fund II, Inc., 800 Scudders Mill Road, Plainsboro, NJ, 08536. Mailing address: P.O. Box 9011, Princeton, NJ, 08543-9011
Registrant’s telephone number, including area code: (800) 882-0052, Option 4
Date of fiscal year end: 07/31/2009
Date of reporting period: 04/30/2009
Item 1 – Schedule of Investments
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BlackRock MuniHoldings Insured Fund II, Inc. |
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Schedule of Investments April 30, 2009 (Unaudited) |
(Percentages shown are based on Net Assets) |
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State |
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Municipal Bonds |
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Par |
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Value |
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Alabama - 0.8% |
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Jefferson County, Alabama, Limited Obligation School Warrants, Series A, 5.50%, 1/01/22 |
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$ |
3,580 |
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$ |
2,222,750 |
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Alaska - 0.6% |
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Anchorage, Alaska, Water Revenue Refunding Bonds, 6%, 9/01/24 (a) |
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1,630 |
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1,661,915 |
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Arkansas - 4.5% |
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Arkansas State Development Finance Authority, M/F Mortgage Revenue Refunding Bonds, Series C, 5.35%, 12/01/35 (b)(c) |
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12,165 |
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12,191,885 |
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California - 16.8% |
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California State Veterans, GO, Refunding, AMT, Series BZ, 5.35%, 12/01/21 (b) |
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9,350 |
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8,959,544 |
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Dixon, California, Unified School District, GO (Election of 2002), 5.20%, 8/01/44 (d) |
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2,405 |
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2,339,295 |
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Eastern Municipal Water District, California, Water and Sewer, COP, Series H, 5%, 7/01/35 |
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1,175 |
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1,120,527 |
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Modesto, California, Schools Infrastructure Financing Agency, Special Tax Bonds, 5.50%, 9/01/36 (a) |
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4,240 |
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3,478,326 |
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Oceanside, California, Unified School District, GO, Series A, 5.25%, 8/01/33 |
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3,175 |
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3,183,954 |
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Port of Oakland, California, Revenue Bonds, AMT, Series K, 5.75%, 5/01/10 (b)(e)(f) |
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25 |
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26,094 |
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Port of Oakland, California, Revenue Bonds, AMT, Series K, 5.75%, 11/01/21 (b)(f) |
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2,975 |
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2,866,204 |
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Port of Oakland, California, Revenue Refunding Bonds, AMT, Series L, 5.375%, 11/01/27 (b)(f) |
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5,000 |
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4,375,250 |
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Roseville, California, Joint Union High School District, GO (Election of 2004), Series A, 5%, 8/01/29 (b)(f) |
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2,985 |
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2,981,000 |
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Sacramento, California, City Financing Authority, Capital Improvement Revenue Bonds, 5%, 12/01/27 (a) |
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150 |
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150,482 |
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San Diego, California, Community College District, GO (Election of 2002), 5%, 5/01/30 (d) |
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1,485 |
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1,471,665 |
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San Francisco, California, City and County Airport Commission, International Airport, Special Facilities Lease Revenue Bonds (SFO Fuel Company LLC), AMT, Series A, 6.10%, 1/01/20 (d) |
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1,250 |
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1,255,725 |
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Stockton, California, Public Financing Revenue Bonds (Redevelopment Projects), Series A, 5.25%, 9/01/31 (g) |
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495 |
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374,255 |
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Stockton, California, Public Financing Revenue Bonds (Redevelopment Projects), Series A, 5.25%, 9/01/34 (g) |
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2,930 |
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2,173,621 |
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Portfolio Abbreviations |
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To simplify the listings of portfolio holdings in the Schedule of Investments, the names and descriptions of many of the securities have been abbreviated according to the list below.
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AMT |
Alternative Minimum Tax (subject to) |
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CABS |
Capital Appreciation Bonds |
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COP |
Certificates of Participation |
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EDA |
Economic Development Authority |
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GO |
General Obligation Bonds |
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HFA |
Housing Finance Agency |
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IDA |
Industrial Development Authority |
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M/F |
Multi-Family |
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PCR |
Pollution Control Revenue Bonds |
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S/F |
Single-Family |
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VRDN |
Variable Rate Demand Notes |
1
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BlackRock MuniHoldings Insured Fund II, Inc. |
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Schedule of Investments April 30, 2009 (Unaudited) |
(Percentages shown are based on Net Assets) |
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State |
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Municipal Bonds |
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Par |
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Value |
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Tustin, California, Unified School District, Senior Lien Special Tax Bonds (Community Facilities District Number 97-1), Series A, 5%, 9/01/32 (d) |
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$ |
2,390 |
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$ |
2,256,877 |
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Tustin, California, Unified School District, Senior Lien Special Tax Bonds (Community Facilities District Number 97-1), Series A, 5%, 9/01/38 (d) |
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4,620 |
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4,259,963 |
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Vista, California, COP (Community Projects), 5%, 5/01/37 (b) |
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5,400 |
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4,671,918 |
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45,944,700 |
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Colorado - 2.5% |
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Aurora, Colorado, COP, 5.75%, 12/01/10 (a)(e) |
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6,285 |
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6,776,676 |
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Colorado HFA, Revenue Refunding Bonds (S/F Program), AMT, Senior Series A-2, 7.50%, 4/01/31 |
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175 |
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188,057 |
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6,964,733 |
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District of Columbia - 0.9% |
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District of Columbia, Deed Tax Revenue Bonds (Housing Production Trust Fund - New Communities Project), Series A, 5%, 6/01/32 (b) |
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2,500 |
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2,343,750 |
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Florida - 30.1% |
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Broward County, Florida, HFA, S/F Mortgage Revenue Refunding Bonds, AMT, Series E, 5.90%, 10/01/39 (h)(i)(j) |
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2,310 |
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2,356,847 |
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Hillsborough County, Florida, IDA, PCR, Refunding (Tampa Electric Company Project), Series B, 5.15%, 9/01/25 |
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1,000 |
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998,120 |
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Jacksonville, Florida, Health Facilities Authority, Hospital Revenue Bonds (Baptist Medical Center Project), 5%, 8/15/37 (d) |
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7,740 |
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7,156,094 |
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Jacksonville, Florida, Port Authority Revenue Bonds, AMT, 6%, 11/01/38 (k) |
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6,250 |
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6,257,812 |
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Lee Memorial Health System, Florida, Hospital Revenue Bonds, Series A, 5%, 4/01/32 (a) |
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1,950 |
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1,626,046 |
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Miami, Florida, Special Obligation Revenue Bonds (Street and Sidewalk Improvement Program), 5%, 1/01/37 (b) |
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2,900 |
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2,664,085 |
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Miami-Dade County, Florida, Aviation Revenue Bonds, AMT, Series A, 5%, 10/01/33 (d) |
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6,730 |
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5,951,204 |
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Miami-Dade County, Florida, Aviation Revenue Refunding Bonds (Miami International Airport), AMT, Series A, 5.25%, 10/01/41 (d) |
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13,800 |
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12,358,590 |
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Miami-Dade County, Florida, Aviation Revenue Refunding Bonds (Miami International Airport), AMT, Series A, 5.50%, 10/01/41 (d) |
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6,700 |
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6,238,772 |
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Miami-Dade County, Florida, GO (Building Better Communities Program), Series B-1, 6%, 7/01/38 |
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12,500 |
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12,953,375 |
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Miami-Dade County, Florida, Special Obligation Revenue Bonds, Sub-Series A, 5.24%, 10/01/37 (b)(l) |
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3,670 |
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402,342 |
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Orange County, Florida, School Board, COP, Series A, 5.50%, 8/01/34 (k) |
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12,375 |
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12,449,003 |
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Orlando, Florida, Senior Tourist Development Tax Revenue Bonds (6th Cent Contract Payments), Series A, 5.25%, 11/01/38 (k) |
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4,000 |
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4,030,000 |
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Pasco County, Florida, Half-Cent Sales Tax Revenue Bonds, 5.125%, 12/01/28 (a) |
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6,300 |
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5,454,225 |
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Saint Johns County, Florida, Water and Sewer Revenue Bonds, CABS, 5.357%, 6/01/31 (a)(l) |
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5,065 |
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1,387,962 |
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82,284,477 |
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2
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BlackRock MuniHoldings Insured Fund II, Inc. |
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Schedule of Investments April 30, 2009 (Unaudited) |
(Percentages shown are based on Net Assets) |
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State |
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Municipal Bonds |
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Par |
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Value |
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Idaho - 0.1% |
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Idaho Housing and Finance Association, S/F Mortgage Revenue Bonds, AMT, Series E, 6%, 1/01/32 |
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$ |
330 |
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$ |
335,564 |
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Illinois - 2.6% |
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Chicago, Illinois, O’Hare International Airport, General Airport Revenue Refunding Bonds, Third Lien, AMT, Series A, 5.75%, 1/01/19 (b) |
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3,125 |
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3,138,500 |
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Chicago, Illinois, Transit Authority, Capital Grant Receipts Revenue Bonds (Federal Transit Administration Section 5309 Formula Funds), Series A, 6%, 6/01/26 (k) |
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3,400 |
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3,796,202 |
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Lake, Cook, Kane and McHenry Counties, Illinois, Community Unit School District Number 220, GO, 6%, 12/01/20 (b)(f) |
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125 |
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131,955 |
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7,066,657 |
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Indiana - 3.3% |
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Indiana Municipal Power Agency, Power Supply System Revenue Bonds, Series A, 5%, 1/01/37 (b) |
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1,625 |
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1,525,420 |
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Indiana Municipal Power Agency, Power Supply System Revenue Bonds, Series A, 5%, 1/01/42 (b) |
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8,000 |
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7,418,480 |
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8,943,900 |
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Kansas - 2.1% |
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Kansas State Development Finance Authority, Health Facilities Revenue Bonds (Sisters of Charity Leavenworth), Series J, 6.125%, 12/01/20 |
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3,510 |
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3,577,392 |
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Sedgwick and Shawnee Counties, Kansas, S/F Mortgage Revenue Bonds, AMT, Series A-2, 6.20%, 12/01/33 (i)(j) |
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2,250 |
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2,277,000 |
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5,854,392 |
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Kentucky - 1.9% |
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Kentucky Economic Development Financing Authority, Louisville Arena Project Revenue Bonds (Louisville Arena Authority, Inc.), Sub-Series A-1, 6%, 12/01/38 (k) |
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1,150 |
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1,184,822 |
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Kentucky State Property and Buildings Commission, Revenue Refunding Bonds (Project Number 93), 5.25%, 2/01/27 (k) |
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2,300 |
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2,397,888 |
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Kentucky State Property and Buildings Commission, Revenue Refunding Bonds (Project Number 93), 5.25%, 2/01/29 (k) |
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1,525 |
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1,571,833 |
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5,154,543 |
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Louisiana - 1.4% |
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Louisiana State Citizens Property Insurance Corporation, Assessment Revenue Bonds, Series C-3, 6.125%, 6/01/25 (k) |
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3,550 |
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3,675,492 |
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Michigan - 12.5% |
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Detroit, Michigan, Sewage Disposal System, Second Lien Revenue Refunding Bonds, Series E, 5.75%, 7/01/31 (f)(m) |
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5,060 |
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5,186,348 |
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Detroit, Michigan, Sewage Disposal System, Senior Lien Revenue Refunding Bonds, Series C-2, 5.25%, 7/01/29 (f)(m) |
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4,860 |
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4,894,798 |
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Detroit, Michigan, Sewer Disposal Revenue Refunding Bonds, Senior Lien, Series B, 5.25%, 7/01/22 (b) |
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9,235 |
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8,722,180 |
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Detroit, Michigan, Water Supply System, Revenue Refunding Bonds, Second Lien, Series C, 5.75%, 7/01/27 (f)(m) |
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2,600 |
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2,785,276 |
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Michigan State Strategic Fund, Limited Obligation Revenue Refunding Bonds (Detroit Edison Company Pollution Control Project), AMT, Series A, 5.50%, 6/01/30 (n) |
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2,000 |
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1,741,060 |
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Michigan State Strategic Fund, Limited Obligation Revenue Refunding Bonds (Detroit Edison Company Pollution Control Project), AMT, Series C, 5.65%, 9/01/29 (n) |
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5,000 |
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4,492,550 |
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3
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BlackRock MuniHoldings Insured Fund II, Inc. |
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Schedule of Investments April 30, 2009 (Unaudited) |
(Percentages shown are based on Net Assets) |
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State |
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Municipal Bonds |
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Par |
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Value |
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Royal Oak, Michigan, Hospital Finance Authority, Hospital Revenue Refunding Bonds (William Beaumont Hospital), 8.25%, 9/01/39 |
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$ |
3,115 |
|
$ |
3,466,247 |
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Saint Clair County, Michigan, Economic Revenue Refunding Bonds (Detroit Edison Co. Project), Series AA, 6.40%, 8/01/24 (a) |
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3,000 |
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|
3,066,150 |
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34,354,609 |
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Minnesota - 5.7% |
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Minneapolis, Minnesota, Health Care System, Revenue Refunding Bonds (Fairview Health Services), Series B, 6.50%, 11/15/38 (k) |
|
|
1,975 |
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|
2,141,414 |
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Prior Lake, Minnesota, Independent School District Number 719, GO, 5.50%, 2/01/16 (d) |
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2,555 |
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|
2,637,552 |
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Prior Lake, Minnesota, Independent School District Number 719, GO, 5.50%, 2/01/17 (d) |
|
|
1,830 |
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1,889,127 |
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Prior Lake, Minnesota, Independent School District Number 719, GO, 5.50%, 2/01/18 (d) |
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|
3,570 |
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|
3,685,347 |
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Prior Lake, Minnesota, Independent School District Number 719, GO, 5.50%, 2/01/19 (d) |
|
|
2,840 |
|
|
2,931,760 |
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Sauk Rapids, Minnesota, Independent School District Number 47, GO, Series A, 5.625%, 2/01/18 (b) |
|
|
2,185 |
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2,333,864 |
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15,619,064 |
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Nevada - 3.6% |
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Clark County, Nevada, Airport Revenue Bonds (Jet Aviation Fuel Tax), AMT, Series C, 5.375%, 7/01/20 (a) |
|
|
1,200 |
|
|
1,169,448 |
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Clark County, Nevada, Water Reclamation District, GO, Series B, 5.50%, 7/01/29 |
|
|
8,250 |
|
|
8,621,992 |
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|
Nevada Housing Division, S/F Mortgage Revenue Bonds, AMT, Series A-2, 6.30%, 4/01/22 (b) |
|
|
95 |
|
|
96,171 |
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9,887,611 |
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New Jersey - 6.4% |
|
New Jersey EDA, Motor Vehicle Surcharge Revenue Bonds, Series A, 5.25%, 7/01/33 (b) |
|
|
11,000 |
|
|
10,969,310 |
|
|
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|
New Jersey Health Care Facilities Financing Authority Revenue Bonds (Virtua Health), 5.50%, 7/01/38 (k) |
|
|
3,400 |
|
|
3,336,760 |
|
|
|
|
New Jersey State Transportation Trust Fund Authority, Transportation System Revenue Bonds, Series A, 5.625%, 12/15/28 (k) |
|
|
2,930 |
|
|
3,093,582 |
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17,399,652 |
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New York - 1.6% |
|
New York City, New York, City Transitional Finance Authority, Building Aid Revenue Bonds, Series S-3, 5.25%, 1/15/39 |
|
|
2,300 |
|
|
2,252,367 |
|
|
|
|
Tobacco Settlement Financing Corporation of New York Revenue Bonds, Series A-1, 5.25%, 6/01/21 (a) |
|
|
2,000 |
|
|
2,027,540 |
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4,279,907 |
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North Carolina - 0.4% |
|
North Carolina HFA, Home Ownership Revenue Bonds, AMT, Series 14-A, 5.35%, 1/01/22 (a) |
|
|
1,235 |
|
|
1,241,422 |
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|
|
|
|
Ohio - 1.0% |
|
Aurora, Ohio, City School District, COP, 6.10%, 12/01/09 (b)(e) |
|
|
1,745 |
|
|
1,820,140 |
|
|
|
|
Kent State University, Ohio, University Revenue Bonds, 6%, 5/01/24 (a) |
|
|
1,000 |
|
|
1,027,580 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,847,720 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Oklahoma - 1.0% |
|
Claremore, Oklahoma, Public Works Authority, Capital Improvement Revenue Refunding Bonds, Series A, 5.25%, 6/01/14 (d)(e) |
|
|
2,385 |
|
|
2,792,477 |
|
|
|
|
|
|
|
|
|
|
|
|
4
|
|
|
|
BlackRock MuniHoldings Insured Fund II, Inc. |
|
|
|
|
|
Schedule of Investments April 30, 2009 (Unaudited) |
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
State |
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
Pennsylvania - 0.0% |
|
Washington County, Pennsylvania, Capital Funding Authority Revenue Bonds (Capital Projects and Equipment Program), 6.15%, 12/01/29 (a) |
|
$ |
95 |
|
$ |
90,259 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Rhode Island - 2.4% |
|
Providence, Rhode Island, Redevelopment Agency Revenue Refunding Bonds (Public Safety and Municipal Buildings), Series A, 5.75%, 4/01/10 (a)(e) |
|
|
5,555 |
|
|
5,873,190 |
|
|
|
|
Rhode Island State Health and Educational Building Corporation Revenue Bonds (Rhode Island School of Design), Series D, 5.50%, 8/15/31 (n) |
|
|
640 |
|
|
640,525 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,513,715 |
|
|
|
|
|
|
|
|
|
|
|
|
|
South Carolina - 5.9% |
|
South Carolina Housing Finance and Development Authority, Mortgage Revenue Refunding Bonds, AMT, Series A-2, 6.35%, 7/01/19 (d) |
|
|
1,225 |
|
|
1,230,157 |
|
|
|
|
South Carolina State Public Service Authority, Revenue Refunding Bonds, Series A, 5%, 1/01/42 (a) |
|
|
15,000 |
|
|
14,951,100 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
16,181,257 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Texas - 17.7% |
|
Dallas, Texas, Civic Center Revenue Refunding and Improvement Bonds, 5.25%, 8/15/38 (k) |
|
|
2,100 |
|
|
2,108,106 |
|
|
|
|
Dallas-Fort Worth, Texas, International Airport Revenue Refunding and Improvement Bonds, AMT, Series A, 5.875%, 11/01/17 (b)(f) |
|
|
1,835 |
|
|
1,866,599 |
|
|
|
|
Dallas-Fort Worth, Texas, International Airport Revenue Refunding and Improvement Bonds, AMT, Series A, 5.875%, 11/01/18 (b)(f) |
|
|
2,150 |
|
|
2,177,971 |
|
|
|
|
Dallas-Fort Worth, Texas, International Airport Revenue Refunding and Improvement Bonds, AMT, Series A, 5.875%, 11/01/19 (b)(f) |
|
|
2,390 |
|
|
2,418,584 |
|
|
|
|
El Paso, Texas, Water and Sewer Revenue Refunding and Improvement Bonds, Series A, 6%, 3/01/15 (d) |
|
|
115 |
|
|
127,473 |
|
|
|
|
El Paso, Texas, Water and Sewer Revenue Refunding and Improvement Bonds, Series A, 6%, 3/01/16 (d) |
|
|
170 |
|
|
188,438 |
|
|
|
|
El Paso, Texas, Water and Sewer Revenue Refunding and Improvement Bonds, Series A, 6%, 3/01/17 (d) |
|
|
180 |
|
|
199,523 |
|
|
|
|
Harris County, Texas, Health Facilities Development Corporation, Hospital Revenue Refunding Bonds (Memorial Hermann Healthcare System), Series B, 7.25%, 12/01/35 |
|
|
1,000 |
|
|
1,060,130 |
|
|
|
|
Houston, Texas, Combined Utility System, First Lien Revenue Refunding Bonds, Series A, 6%, 11/15/35 (k) |
|
|
6,700 |
|
|
7,131,145 |
|
|
|
|
North Texas Tollway Authority, System Revenue Refunding Bonds, First Tier, 5.75%, 1/01/40 (b) |
|
|
14,750 |
|
|
14,798,528 |
|
|
|
|
North Texas Tollway Authority, System Revenue Refunding Bonds, First Tier, Series B, 5.75%, 1/01/40 (b) |
|
|
1,000 |
|
|
1,003,290 |
|
|
|
|
North Texas Tollway Authority, System Revenue Refunding Bonds, First Tier, Series K-2, 6%, 1/01/38 (k) |
|
|
1,000 |
|
|
1,067,950 |
|
|
|
|
North Texas Tollway Authority, System Revenue Refunding Bonds, Series A, 5.625%, 1/01/33 (b) |
|
|
10,975 |
|
|
10,985,207 |
|
|
|
|
Tarrant County, Texas, Cultural Education Facilities Financing Corporation, Revenue Refunding Bonds (CHRISTUS Health), Series A, 6.50%, 7/01/37 (k) |
|
|
3,000 |
|
|
3,213,090 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
48,346,034 |
|
|
|
|
|
|
|
|
|
|
|
|
5
|
|
|
|
BlackRock MuniHoldings Insured Fund II, Inc. |
|
|
|
|
|
Schedule of Investments April 30, 2009 (Unaudited) |
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
State |
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
|
|
|
|
|
|
|
|
||
|
Virginia - 0.9% |
|
Virginia State Public School Authority, Special Obligation School Financing Bonds (Fluvanna County), 6.50%, 12/01/35 |
|
$ |
2,195 |
|
$ |
2,473,524 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Washington - 1.9% |
|
Chelan County, Washington, Public Utility District Number 001, Consolidated Revenue Bonds (Chelan Hydro System), AMT, Series A, 5.45%, 7/01/37 (a) |
|
|
3,840 |
|
|
3,430,310 |
|
|
|
|
Lewis County, Washington, GO, Refunding, 5.75%, 12/01/24 (a) |
|
|
1,640 |
|
|
1,667,208 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,097,518 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Wisconsin - 0.4% |
|
Wisconsin State Health and Educational Facilities Authority Revenue Bonds (Blood Center of Southeastern Wisconsin Project), 5.75%, 6/01/34 |
|
|
1,250 |
|
|
1,140,413 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Municipal Bonds - 129.0% |
|
|
|
|
|
352,909,940 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Municipal Bonds Transferred to Tender Option Bond Trusts (o) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
California - 3.3% |
|
San Jose, California, GO (Libraries, Parks and Public Safety Projects), 5%, 9/01/30 (b) |
|
|
3,805 |
|
|
3,816,845 |
|
|
|
|
Sequoia, California, Unified High School District, GO, Refunding, Series B, 5.50%, 7/01/35 (d) |
|
|
5,189 |
|
|
5,262,195 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9,079,040 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Colorado - 3.3% |
|
Colorado Health Facilities Authority Revenue Bonds (Catholic Health), Series C-3, 5.10%, 10/01/41 (d) |
|
|
9,410 |
|
|
9,021,367 |
|
|
|
|
|
|
|
|
|
|
|
|
|
District of Columbia - 0.7% |
|
District of Columbia, Water and Sewer Authority, Public Utility Revenue Refunding Bonds, 6%, 10/01/35 |
|
|
1,700 |
|
|
1,834,612 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Florida - 4.0% |
|
Lee County, Florida, HFA, S/F Mortgage Revenue Bonds (Multi-County Program), AMT, Series A-2, 6%, 9/01/40 (h)(i)(j) |
|
|
4,380 |
|
|
4,717,129 |
|
|
|
|
Saint Petersburg, Florida, Public Utilities Revenue Refunding Bonds, 5%, 10/01/35 (b) |
|
|
6,493 |
|
|
6,226,526 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10,943,655 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Georgia - 2.3% |
|
Augusta, Georgia, Water and Sewer Revenue Bonds, 5.25%, 10/01/34 (d) |
|
|
6,290 |
|
|
6,390,388 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Illinois - 6.7% |
|
Chicago, Illinois, O’Hare International Airport, General Airport Revenue Refunding Bonds, Third Lien, AMT, Series A, 5%, 1/01/38 (d) |
|
|
15,000 |
|
|
14,324,250 |
|
|
|
|
Chicago, Illinois, Water Revenue Refunding Bonds, Second Lien, 5.25%, 11/01/33 (d) |
|
|
3,969 |
|
|
4,013,113 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
18,337,363 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Massachusetts - 3.9% |
|
Massachusetts Bay Transportation Authority, Sales Tax Revenue Refunding Bonds, Senior Series A, 5%, 7/01/35 |
|
|
5,535 |
|
|
5,540,203 |
|
|
|
|
Massachusetts State School Building Authority, Dedicated Sales Tax Revenue Bonds, Series A, 5%, 8/15/30 (d) |
|
|
4,994 |
|
|
5,088,049 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10,628,252 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nevada - 3.9% |
|
Clark County, Nevada, Water Reclamation District, Limited Tax, GO, JPMorgan Securities, Inc., 6%, 7/01/38 |
|
|
10,000 |
|
|
10,689,600 |
|
|
|
|
|
|
|
|
|
|
|
|
|
New York - 2.6% |
|
New York City, New York, Sales Tax Asset Receivable Corporation Revenue Bonds, Series A, 5.25%, 10/15/27 (a) |
|
|
6,750 |
|
|
7,038,900 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Washington - 2.6% |
|
Bellevue, Washington, GO, Refunding, 5.50%, 12/01/39 (b) |
|
|
6,883 |
|
|
7,093,276 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Municipal Bonds Transferred to Tender Option Bond Trusts - 33.3% |
|
|
|
|
|
91,056,452 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Long-Term Investments (Cost - $454,859,496) - 162.3% |
|
|
|
|
|
443,966,393 |
|
|
|
|
|
|
|
|
|
|
|
|
6
|
|
|
|
BlackRock MuniHoldings Insured Fund II, Inc. |
|
|
|
|
|
Schedule of Investments April 30, 2009 (Unaudited) |
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
State |
|
Short-Term Securities |
|
Par |
|
Value |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
California - 1.8% |
|
Los Angeles County, California, Metropolitan Transportation Authority, Sales Tax Revenue Refunding Bonds, Proposition C, VRDN, Second Senior Series A, 6%, 5/07/09 (b)(p) |
|
$ |
5,000 |
|
$ |
5,000,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Florida - 2.8% |
|
Jacksonville, Florida, Health Facilities Authority, Hospital Revenue Refunding Bonds (Baptist Medical Center Project), VRDN, 0.45%, 5/01/09 (p) |
|
|
7,600 |
|
|
7,600,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Money Market Fund - 4.4% |
|
FFI Institutional Tax-Exempt Fund, 0.80% (q)(r) |
|
|
12,089,380 |
|
|
12,089,380 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Short-Term Securities (Cost - $24,689,380) - 9.0% |
|
|
|
|
|
24,689,380 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investments (Cost - $479,548,876*) - 171.3% |
|
|
|
|
|
468,655,773 |
|
|
|
|
Liabilities in Excess of Other Assets - (0.2)% |
|
|
|
|
|
(390,506 |
) |
|
|
|
Liability for Trust Certificates, Including Interest Expense and Fees Payable - (18.0)% |
|
|
|
|
|
(49,297,687 |
) |
|
|
|
Preferred Shares, at Redemption Value - (53.1)% |
|
|
|
|
|
(145,315,316 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets Applicable to Common Shares - 100.0% |
|
|
|
|
$ |
273,652,264 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
The cost and unrealized appreciation (depreciation) of investments as of April 30, 2009, as computed for federal income tax purposes, were as follows: |
|
|
|
|
|
|
|
Aggregate cost |
|
$ |
426,505,171 |
|
|
|
|
|
|
|
|
Gross unrealized appreciation |
|
$ |
9,345,405 |
|
|
Gross unrealized depreciation |
|
|
(16,378,323 |
) |
|
|
|
|
|
|
|
Net unrealized depreciation |
|
$ |
(7,032,918 |
) |
|
|
|
|
|
|
|
|
|
|
(a) |
AMBAC Insured. |
|
|
|
|
(b) |
NPFGC Insured. |
|
|
|
|
(c) |
FHA Insured. |
|
|
|
|
(d) |
FSA Insured. |
|
|
|
|
(e) |
US government securities, held in escrow, are used to pay interest on this security as well as to retire the bond in full at the date indicated, typically at a premium to par. |
|
|
|
|
(f) |
FGIC Insured. |
|
|
|
|
(g) |
Radian Insured. |
|
|
|
|
(h) |
FHLMC Collateralized. |
|
|
|
|
(i) |
FNMA Collateralized. |
|
|
|
|
(j) |
GNMA Collateralized. |
|
|
|
|
(k) |
Assured Guaranty Insured. |
|
|
|
|
(l) |
Represents a zero-coupon bond. Rate shown reflects the current yield as of report date. |
|
|
|
|
(m) |
BHAC Insured. |
|
|
|
|
(n) |
XL Capital Insured. |
|
|
|
|
(o) |
Securities represent bonds transferred to a tender option bond trust in exchange for which the Fund acquired the residual interest certificates. These securities serve as collateral in a financing transaction. |
|
|
|
|
(p) |
Rate shown is as of report date and maturity shown is the final maturity date or the date the principal owed can be recovered through demand. |
7
|
|
|
BlackRock MuniHoldings Insured Fund II, Inc. |
|
|
|
Schedule of Investments April 30, 2009 (Unaudited) |
|
|
|
|
|
|
(q) |
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: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
Affiliate |
|
Net |
|
Income |
|
||
|
|
|
|
|
|
|
|
||
|
|
FFI Institutional Tax-Exempt Fund |
|
|
(12,729,084 |
) |
$ |
129,649 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(r) |
Represents the current yield as of report date. |
|||||||
|
|
|
|
|
|
• |
Effective August 1, 2008, the Fund adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (“FAS 157”). FAS 157 clarifies the definition of fair value, establishes a framework for measuring fair values and requires additional disclosures about the use of fair value measurements. Various inputs are used in determining the fair value of investments, which are as follows: |
||
|
|
|
|
|
|
|
|
• |
Level 1 - price quotations in active markets/exchanges for identical securities |
|
|
|
|
|
|
|
|
• |
Level 2 - other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, and default rates) or other market-corroborated inputs) |
|
|
|
|
|
|
|
|
• |
Level 3 - unobservable inputs based on the best information available in the circumstance, to the extent observable inputs are not available (including the Fund’s own assumption used in determining the fair value of investments) |
|
|
|
|
|
|
|
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to the Fund’s most recent financial statements as contained in its semi-annual report. |
||
|
|
|
||
|
|
The following table summarizes the inputs used as of April 30, 2009 in determining the fair valuation of the Fund’s investments: |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
Valuation |
|
Investments in |
|
|
|
|
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
|
|
Level 1 |
|
$ |
12,089,380 |
|
|
Level 2 |
|
|
456,566,393 |
|
|
Level 3 |
|
|
— |
|
|
|
|
|
|
|
|
Total |
|
$ |
468,655,773 |
|
|
|
|
|
|
|
8
| Item 2 – | Controls and Procedures |
|
2(a) – |
The registrant’s principal executive and principal financial officers or persons performing similar functions have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13(a)-15(b) under the Securities Exchange Act of 1934, as amended. |
|
2(b) – |
There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
||
| Item 3 – | Exhibits | ||
| Certifications – Attached hereto | |||
| Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. | |||
| BlackRock MuniHoldings Insured Fund II, Inc. | |||
|
By: |
/s/ Donald C. Burke | ||
| Donald C. Burke | |||
| Chief Executive Officer of | |||
| BlackRock MuniHoldings Insured Fund II, Inc. | |||
| Date: June 19, 2009 | |||
| Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. | |||
|
By: |
/s/ Donald C. Burke | ||
| Donald C. Burke | |||
| Chief Executive Officer (principal executive officer) of | |||
| BlackRock MuniHoldings Insured Fund II, Inc. | |||
| Date: June 19, 2009 | |||
|
By: |
/s/ Neal J. Andrews | ||
| Neal J. Andrews | |||
| Chief Financial Officer (principal financial officer) of | |||
| BlackRock MuniHoldings Insured Fund II, Inc. | |||
| Date: June 19, 2009 | |||