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 811-9191
Name of Fund: MuniHoldings Insured Fund II, Inc.
Fund Address: P.O. Box 9011
Princeton, NJ 08543-9011
Name and address of agent for service: Robert C. Doll, Jr., Chief Executive
Officer, 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: (609) 282-2800
Date of fiscal year end: 09/30/2006
Date of reporting period: 04/01/06 - 06/30/06
Item 1 - Schedule of Investments
MuniHoldings Insured Fund II, Inc.
Schedule of Investments as of June 30, 2006 (in Thousands)
Face
State Amount Municipal Bonds Value
Alabama - 3.0% $ 3,580 Jefferson County, Alabama, Limited Obligation School Warrants, Series A,
5.50% due 1/01/2022 $ 3,787
5,000 Mobile, Alabama, GO, Refunding, 5.25% due 8/15/2020 (a) 5,229
Alaska - 1.3% 2,000 Anchorage, Alaska, Water Revenue Refunding Bonds, 6% due 9/01/2024 (a) 2,135
1,700 Matanuska-Susitna Boro, Alaska, GO, Series A, 6% due 3/01/2010 (i)(j) 1,819
Arkansas - 2.1% 6,105 Arkansas State Development Finance Authority, M/F Mortgage Revenue Refunding
Bonds, DRIVERS, Series 964Z, 6.397% due 6/01/2010 (d)(i)(l) 6,459
California - 31.5% 5,355 California Pollution Control Financing Authority, PCR, Refunding, DRIVERS,
AMT, Series 878Z, 6.387% due 12/01/2009 (i)(l) 5,879
230 California State, GO, 5.50% due 4/01/2014 (j) 252
1,870 California State, GO, 5.50% due 4/01/2028 1,998
4,675 California State, GO, Refunding, RIB, AMT, Series 777X, 6.46% due
12/01/2021 (i)(l) 4,863
110 Cerritos, California, Community College District, GO (Election of 2004),
Series A, 5% due 8/01/2025 (i) 113
85 Cerritos, California, Community College District, GO (Election of 2004),
Series A, 5% due 8/01/2026 (i) 87
2,800 Compton, California, Unified School District, GO (Election of 2002),
Series B, 5.50% due 6/01/2014 (i)(j) 3,077
2,405 Dixon, California, Unified School District, GO (Election of 2002), 5.20%
due 8/01/2044 (f) 2,467
2,185 East Side Union High School District, California, Santa Clara County, GO
(Election of 2002), Series D, 5% due 8/01/2020 (n) 2,275
8,460 East Side Union High School District, California, Santa Clara County, GO
(Election of 2002), Series D, 5% due 8/01/2029 (n) 8,620
3,400 Los Angeles, California, Unified School District, GO (Election of 1997),
Series F, 5% due 1/01/2028 (c) 3,474
8,110 Los Angeles, California, Unified School District, GO, Series A, 5% due
1/01/2028 (i) 8,288
4,240 Modesto, California, Schools Infrastructure Financing Agency, Special Tax
Bonds, 5.50% due 9/01/2036 (a) 4,506
5,000 Port of Oakland, California, Revenue Refunding Bonds, AMT, Series L, 5.375%
due 11/01/2027 (c) 5,204
1,500 Port of Oakland, California, Trust Receipts, Revenue Bonds, AMT, Class R,
Series K, 7.15% due 11/01/2021 (c)(l) 1,651
2,985 Roseville, California, Joint Union High School District, GO (Election of 2004),
Series A, 5% due 8/01/2029 (c) 3,050
2,130 Sacramento, California, City Financing Authority, Capital Improvement Revenue
Bonds (911 Call Center and Other Municipal Projects), 5% due 12/01/2027 (a) 2,172
1,250 San Francisco, California, City and County Airport Commission, International
Airport, Special Facilities Lease Revenue Bonds (SFO Fuel Company LLC), AMT,
Series A, 6.10% due 1/01/2020 (f) 1,310
5,075 San Francisco, California, City and County, GO (California Academy of
Sciences Improvements), Series E, 5% due 6/15/2022 (i) 5,236
3,800 San Jose, California, GO (Libraries, Parks and Public Safety Projects),
5% due 9/01/2030 (i) 3,878
Portfolio Abbreviations
To simplify the listings of MuniHoldings Insured Fund II, Inc.'s portfolio
holdings in the Schedule of Investments, we have abbreviated the names of
many of the securities according to the list below.
AMT Alternative Minimum Tax (subject to)
COP Certificates of Participation
DRIVERS Derivative Inverse Tax-Exempt Receipts
EDA Economic Development Authority
GO General Obligation Bonds
HDA Housing Development Authority
HFA Housing Finance Agency
M/F Multi-Family
PCR Pollution Control Revenue Bonds
RIB Residual Interest Bonds
S/F Single-Family
VRDN Variable Rate Demand Notes
MuniHoldings Insured Fund II, Inc.
Schedule of Investments as of June 30, 2006 (concluded) (in Thousands)
Face
State Amount Municipal Bonds Value
California $ 5,190 Sequoia, California, Unified High School District, GO, Refunding,
(concluded) Series B, 5.50% due 7/01/2035 (f) $ 5,604
4,485 Stockton, California, Public Financing Revenue Bonds (Redevelopment
Projects), Series A, 5.25% due 9/01/2031 (o) 4,627
2,930 Stockton, California, Public Financing Revenue Bonds (Redevelopment
Projects), Series A, 5.25% due 9/01/2034 (o) 3,017
3,430 Sweetwater, California, Union High School District, Public Financing
Authority, Special Tax Revenue Bonds, Series A, 5% due 9/01/2028 (f) 3,488
2,915 Tustin, California, Unified School District, Senior Lien Special Tax
Bonds (Community Facilities District Number 97-1), Series A, 5% due
9/01/2032 (f) 2,955
4,620 Tustin, California, Unified School District, Senior Lien Special Tax Bonds
(Community Facilities District Number 97-1), Series A, 5% due 9/01/2038 (f) 4,673
3,000 University of California Revenue Bonds (Multiple Purpose Projects), Series
Q, 5% due 9/01/2022 (f) 3,091
Colorado - 3.7% 3,055 Aurora, Colorado, COP, 5.75% due 12/01/2010 (a)(j) 3,270
3,230 Aurora, Colorado, COP, 5.75% due 12/01/2010 (a)(j) 3,457
315 Colorado HFA, Revenue Refunding Bonds (S/F Program), AMT, Senior Series A-2,
7.50% due 4/01/2031 325
4,000 Colorado Health Facilities Authority, Hospital Revenue Refunding Bonds
(Poudre Valley Health Care), Series A, 5.75% due 12/01/2009 (f)(j) 4,255
Connecticut - 0.5% 1,520 Connecticut State, GO, Series D, 5% due 12/01/2024 (i) 1,572
Florida - 2.3% 3,670 Miami-Dade County, Florida, Subordinate Special Obligation Revenue Bonds,
Series A, 5.24% due 10/01/2037 (i)(q) 673
6,300 Pasco County, Florida, Half-Cent Sales Tax Revenue Bonds, 5.125% due
12/01/2028 (a) 6,482
Georgia - 2.2% 6,290 Augusta, Georgia, Water and Sewer Revenue Bonds, 5.25% due 10/01/2034 (f) 6,550
Idaho - 0.2% 685 Idaho Housing and Finance Association, S/F Mortgage Revenue Bonds, AMT,
Series E, 6% due 1/01/2032 696
Illinois - 8.7% 2,185 Chicago, Illinois, GO (Neighborhoods Alive 21 Program), Series A, 6% due
7/01/2010 (c)(j) 2,369
8,800 Chicago, Illinois, GO, Series A, 6% due 7/01/2010 (c)(j) 9,540
9,330 Chicago, Illinois, GO, Series A, 6% due 7/01/2010 (c)(j) 10,115
3,650 Chicago, Illinois, O'Hare International Airport Revenue Bonds, DRIVERS,
AMT, Series 845-Z, 7.666% due 1/01/2012 (i)(l)(n) 4,327
125 Lake, Cook, Kane and McHenry Counties, Illinois, Community Unit School
District Number 220, GO, 6% due 12/01/2020 (c) 134
Indiana - 4.2% 3,000 Indiana Transportation Finance Authority, Highway Revenue Bonds, Series A,
5.25% due 6/01/2029 (c) 3,126
9,280 Shelbyville, Indiana, Elementary School Building Corporation Revenue Bonds,
First Mortgage, 5.75% due 1/15/2009 (f)(j) 9,782
Kansas - 2.2% 3,510 Kansas State Development Finance Authority, Health Facilities Revenue Bonds
(Sisters of Charity Leavenworth), Series J, 6.125% due 12/01/2020 3,759
2,805 Sedgwick and Shawnee Counties, Kansas, S/F Mortgage Revenue Bonds, AMT,
Series A-2, 6.20% due 12/01/2033 (e)(g) 2,818
Louisiana - 1.2% 2,000 Louisiana Local Government, Environmental Facilities, Community Development
Authority Revenue Bonds (Capital Projects and Equipment Acquisition),
Series A, 6.30% due 7/01/2030 (a) 2,243
1,560 Louisiana State, Gas and Fuels Tax Revenue Bonds, Series A, 5% due
5/01/2030 (c) 1,587
Massachusetts - 10.0% 5,865 Massachusetts Bay Transportation Authority, Sales Tax Revenue Refunding
Bonds, Senior Series A, 5% due 7/01/2035 5,933
3,495 Massachusetts Bay Transportation Authority, Special Assessment Revenue
Refunding Bonds, Series A, 5% due 7/01/2031 3,566
7,820 Massachusetts State School Building Authority, Dedicated Sales Tax Revenue
Bonds, Series A, 5% due 8/15/2030 (f) 7,992
12,345 Massachusetts State Special Obligation Dedicated Tax Revenue Bonds, 5.25%
due 1/01/2014 (c)(j) 13,205
Michigan - 2.2% 1,000 Michigan State Hospital Finance Authority, Revenue Refunding Bonds (Mercy-Mount
Clemens), Series A, 6% due 5/15/2014 (i) 1,058
2,500 Michigan State Strategic Fund, Limited Obligation Revenue Refunding Bonds,
DRIVERS, AMT, Series 857Z, 6.966% due 3/01/2010 (l)(n) 2,724
1,000 Michigan State Strategic Fund, Limited Obligation Revenue Refunding Bonds,
DRIVERS, AMT, Series 858Z, 6.667% due 12/01/2011 (l)(n) 1,095
1,500 Saint Clair County, Michigan, Economic Revenue Refunding Bonds (Detroit
Edison Company), RIB, Series 282, 8.51% due 8/01/2024 (a)(l) 1,698
Minnesota - 4.5% 2,555 Prior Lake, Minnesota, Independent School District Number 719, GO, 5.50%
due 2/01/2016 (f) 2,682
1,830 Prior Lake, Minnesota, Independent School District Number 719, GO, 5.50%
due 2/01/2017 (f) 1,920
3,570 Prior Lake, Minnesota, Independent School District Number 719, GO, 5.50%
due 2/01/2018 (f) 3,746
2,840 Prior Lake, Minnesota, Independent School District Number 719, GO, 5.50%
due 2/01/2019 (f) 2,980
2,185 Sauk Rapids, Minnesota, Independent School District Number 47, GO, Series A,
5.625% due 2/01/2018 (i) 2,337
Nebraska - 1.9% 1,410 Omaha Convention Hotel Corporation, Nebraska, Convention Center Revenue
Bonds, First Tier, Series A, 5.50% due 4/01/2020 (a) 1,503
3,985 Omaha Convention Hotel Corporation, Nebraska, Convention Center Revenue
Bonds, First Tier, Series A, 5.50% due 4/01/2022 (a) 4,241
Nevada - 3.4% 165 Nevada Housing Division, S/F Mortgage Revenue Bonds, AMT, Series A-2,
6.30% due 4/01/2022 (i) 166
5,000 Truckee Meadows, Nevada, Water Authority, Water Revenue Bonds, Series A,
5.50% due 7/01/2011 (f)(j) 5,344
4,445 Truckee Meadows, Nevada, Water Authority, Water Revenue Bonds, Series A,
5.50% due 7/01/2011 (f)(j) 4,751
New Jersey - 17.8% 8,590 New Jersey EDA, Cigarette Tax Revenue Bonds, 5.75% due 6/15/2029 9,044
6,200 New Jersey EDA, Cigarette Tax Revenue Bonds, 5.75% due 6/15/2034 (b) 6,667
11,000 New Jersey EDA, Motor Vehicle Surcharge Revenue Bonds, Series A, 5.25%
due 7/01/2033 (i) 11,482
5,780 New Jersey State Transportation Trust Fund Authority, Transportation System
Revenue Bonds, Series D, 5% due 6/15/2015 (a)(j) 6,144
4,220 New Jersey State Transportation Trust Fund Authority, Transportation System
Revenue Bonds, Series D, 5% due 6/15/2018 (a) 4,384
12,950 New Jersey State Transportation Trust Fund Authority, Transportation System
Revenue Bonds, Series D, 5% due 6/15/2020 (f) 13,375
3,000 New Jersey State Turnpike Authority, Turnpike Revenue Bonds, Series C, 5%
due 1/01/2030 (f) 3,071
New Mexico - 3.6% 5,000 Farmington, New Mexico, PCR, Refunding (Public Service Company of New
Mexico - San Juan Project), Series C, 5.70% due 12/01/2016 (a) 5,135
5,480 New Mexico Finance Authority, Senior Lien State Transportation Revenue Bonds,
Series A, 5.125% due 6/15/2018 (i) 5,774
New York - 18.7% 8,010 Metropolitan Transportation Authority, New York, Revenue Bonds, Series A,
5% due 11/15/2019 (a) 8,363
14,000 Nassau Health Care Corporation, New York, Health System Revenue Bonds,
5.75% due 8/01/2009 (f)(j) 15,027
145 New York City, New York, GO, Refunding, Series G, 5.75% due 2/01/2017 (f) 147
3,375 New York City, New York, Sales Tax Asset Receivable Corporation Revenue
Bonds, DRIVERS, Series 1133Z, 6.208% due 10/15/2012 (a)(l) 3,746
7,855 New York City, New York, Sales Tax Asset Receivable Corporation Revenue
Bonds, Series A, 5% due 10/15/2020 (i) 8,179
4,345 New York State Dormitory Authority Revenue Bonds (School Districts
Financing Program), Series D, 5.25% due 10/01/2023 (i) 4,578
2,000 Tobacco Settlement Financing Corporation of New York Revenue Bonds,
Series A-1, 5.25% due 6/01/2021 (a) 2,097
7,850 Tobacco Settlement Financing Corporation of New York Revenue Bonds, Series
B1-C, 5.50% due 6/01/2017 8,271
5,630 Tobacco Settlement Financing Corporation of New York Revenue Bonds, Series C-1,
5.50% due 6/01/2020 (c)(m) 6,017
500 Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue
Refunding Bonds, VRDN, Series C, 3.93% due 1/01/2032 (a)(k) 500
North Carolina - 0.4% 1,340 North Carolina HFA, Home Ownership Revenue Bonds, AMT, Series 14-A, 5.35%
due 1/01/2022 (a) 1,370
Ohio - 1.0% 1,745 Aurora, Ohio, City School District, COP, 6.10% due 12/01/2009 (i)(j) 1,881
1,000 Kent State University, Ohio, University Revenue Bonds, 6% due 5/01/2024 (a) 1,078
Oklahoma - 1.2% 3,385 Claremore, Oklahoma, Public Works Authority, Capital Improvement Revenue
Refunding Bonds, Series A, 5.25% due 6/01/2027 (f) 3,565
Pennsylvania - 9.7% 2,255 Lycoming County, Pennsylvania, College Authority Revenue Bonds (Pennsylvania
College of Technology), 5.25% due 7/01/2007 (i)(j) 2,309
3,345 Lycoming County, Pennsylvania, College Authority Revenue Bonds (Pennsylvania
College of Technology), 5.25% due 7/01/2007 (i)(j) 3,425
6,435 Pennsylvania State Higher Educational Facilities Authority, State System of
Higher Education Revenue Bonds, Series O, 5.125% due 6/15/2024 (a) 6,490
4,290 Pittsburgh, Pennsylvania, GO, Series C, 5.25% due 9/01/2017 (f) 4,589
6,415 Pittsburgh, Pennsylvania, GO, Series C, 5.25% due 9/01/2018 (f) 6,842
1,390 Seneca Valley, Pennsylvania, School District, GO, 5% due 1/01/2020 (c) 1,443
2,260 Seneca Valley, Pennsylvania, School District, GO, 5% due 1/01/2021 (c) 2,340
2,090 Washington County, Pennsylvania, Capital Funding Authority Revenue Bonds
(Capital Projects and Equipment Program), 6.15% due 12/01/2029 (a) 2,227
Rhode Island - 3.6% 5,555 Providence, Rhode Island, Redevelopment Agency Revenue Refunding Bonds
(Public Safety and Municipal Buildings), Series A, 5.75% due 4/01/2010 (a)(j) 5,956
4,685 Rhode Island State Health and Educational Building Corporation Revenue Bonds
(Rhode Island School of Design), Series D, 5.50% due 8/15/2031 (n) 4,971
South Carolina - 0.8% 2,225 South Carolina Housing Finance and Development Authority, Mortgage Revenue
Refunding Bonds, AMT, Series A-2, 6.35% due 7/01/2019 (f) 2,318
Tennessee - 2.1% 3,500 Metropolitan Government of Nashville and Davidson County, Tennessee, Health
and Education Facilities Board Revenue Refunding Bonds (Ascension Health
Credit), Series A, 5.875% due 11/15/2009 (a)(j) 3,741
1,080 Tennessee HDA, Revenue Bonds (Homeownership Program), AMT, Series 2B, 6%
due 7/01/2011 1,104
1,515 Tennessee HDA, Revenue Refunding Bonds (Homeownership Program), AMT,
Series 1, 6.05% due 7/01/2014 (i) 1,527
Texas - 8.1% 1,750 Austin, Texas, Convention Center Revenue Bonds (Convention Enterprises Inc.),
Trust Certificates, Second Tier, Series B, 6% due 1/01/2023 1,843
8,000 Dallas-Fort Worth, Texas, International Airport Revenue Bonds, DRIVERS, AMT,
Series 778-Z, 6.666% due 11/01/2011 (i)(l) 8,725
1,835 Dallas-Fort Worth, Texas, International Airport Revenue Refunding and
Improvement Bonds, AMT, Series A, 5.875% due 11/01/2017 (c) 1,960
2,150 Dallas-Fort Worth, Texas, International Airport Revenue Refunding and
Improvement Bonds, AMT, Series A, 5.875% due 11/01/2018 (c) 2,296
2,390 Dallas-Fort Worth, Texas, International Airport Revenue Refunding and
Improvement Bonds, AMT, Series A, 5.875% due 11/01/2019 (c) 2,552
115 El Paso, Texas, Water and Sewer Revenue Refunding and Improvement Bonds,
Series A, 6% due 3/01/2015 (f) 126
170 El Paso, Texas, Water and Sewer Revenue Refunding and Improvement Bonds,
Series A, 6% due 3/01/2016 (f) 186
180 El Paso, Texas, Water and Sewer Revenue Refunding and Improvement Bonds,
Series A, 6% due 3/01/2017 (f) 197
4,651 Houston, Texas, Community College System, Participation Interests, COP
(Alief Center Project), 5.75% due 8/15/2022 (i) 4,871
1,850 Midland, Texas, Certificates of Obligation, GO, 6.10% due 3/01/2010 (c)(j) 1,985
Utah - 1.7% 4,590 Utah Transit Authority, Sales Tax Revenue Bonds, Series A, 5% due 6/15/2032 (f) 4,643
610 Weber County, Utah, Municipal Building Authority, Lease Revenue Refunding
Bonds, 5.75% due 12/15/2007 (i)(j) 633
Washington - 7.0% 6,885 Bellevue, Washington, GO, Refunding, 5.50% due 12/01/2039 (i) 7,349
3,840 Chelan County, Washington, Public Utility District Number 001, Consolidated
Revenue Bonds (Chelan Hydro System), AMT, Series A, 5.45% due 7/01/2037 (a) 3,976
1,805 Lewis County, Washington, GO, Refunding, 5.75% due 12/01/2009 (a)(j) 1,910
1,640 Lewis County, Washington, GO, Refunding, 5.75% due 12/01/2024 (a) 1,729
2,500 Seattle, Washington, Municipal Light and Power Revenue Bonds, 6% due
10/01/2009 (i)(j) 2,680
3,500 Seattle, Washington, Water System Revenue Bonds, Series B, 6% due
7/01/2009 (c)(j) 3,738
West Virginia - 2.1% 6,210 West Virginia State Housing Development Fund, Housing Finance Revenue
Refunding Bonds, Series D, 5.20% due 11/01/2021 (i) 6,361
Wisconsin - 0.4% 1,250 Wisconsin State Health and Educational Facilities Authority Revenue Bonds
(Blood Center of Southeastern Wisconsin Project), 5.75% due 6/01/2034 1,314
Puerto Rico - 3.9% 6,225 Puerto Rico Commonwealth, Public Improvement, GO, 5.125% due 7/01/2030 (f) 6,377
5,335 Puerto Rico Electric Power Authority, Power Revenue Bonds, Series RR,
5% due 7/01/2027 (n) 5,475
Total Municipal Bonds (Cost - $500,348) - 167.2% 509,408
Shares
Held Short-Term Securities
189 Merrill Lynch Institutional Tax-Exempt Fund, 3.72% (h)(p) 189
Total Short-Term Securities (Cost - $189) - 0.1% 189
Total Investments (Cost - $500,537*) - 167.3% 509,597
Liabilities in Excess of Other Assets - (0.1%) (267)
Preferred Stock, at Redemption Value - (67.2%) (204,630)
-----------
Net Assets Applicable to Common Stock - 100.0% $ 304,700
===========
* The cost and unrealized appreciation (depreciation) of investments
as of June 30, 2006, as computed for federal income tax purposes,
were as follows:
Aggregate cost $ 500,643
============
Gross unrealized appreciation $ 12,950
Gross unrealized depreciation (3,996)
------------
Net unrealized appreciation $ 8,954
============
(a) AMBAC Insured.
(b) Assured Guaranty Insured.
(c) FGIC Insured.
(d) FHA Insured.
(e) FNMA Collateralized.
(f) FSA Insured.
(g) GNMA Collateralized.
(h) 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:
Net Interest
Affiliate Activity Income
Merrill Lynch Institutional Tax-Exempt Fund (3,400) $ 97
(i) MBIA Insured.
(j) Prerefunded.
(k) Security may have a maturity of more than one year at time of issuance,
but has variable rate and demand features that qualify it as a short-term
security. The rate disclosed is that currently in effect. This rate changes
periodically based upon prevailing market rates.
(l) The rate disclosed is that currently in effect. This rate changes periodically
and inversely based upon prevailing market rates.
(m) Tradable Custodial Receipts (TRACERS).
(n) XL Capital Insured.
(o) Radian Insured.
(p) Represents the current yield as of 6/30/2006.
(q) Represents a zero coupon bond; the interest rate shown reflects the effective
yield at the time of purchase.
Item 2 - Controls and Procedures
2(a) - The registrant's certifying officers have reasonably designed such
disclosure controls and procedures to ensure material information
relating to the registrant is made known to us by others particularly
during the period in which this report is being prepared. The
registrant's certifying officers have determined that the registrant's
disclosure controls and procedures are effective based on our
evaluation of these controls and procedures as of a date within 90
days prior to the filing date of this report.
2(b) - There were no changes in the registrant's internal control over
financial reporting (as defined in Rule 30a-3(d) under the Act
(17 CFR 270.30a-3(d)) that occurred during the last fiscal quarter of
the period covered by this report that has materially affected, or is
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.
MuniHoldings Insured Fund II, Inc.
By: /s/ Robert C. Doll, Jr.
-----------------------
Robert C. Doll, Jr.
Chief Executive Officer
MuniHoldings Insured Fund II, Inc.
Date: August 23, 2006
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/ Robert C. Doll, Jr.
-----------------------
Robert C. Doll, Jr.
Chief Executive Officer
MuniHoldings Insured Fund II, Inc.
Date: August 23, 2006
By: /s/ Donald C. Burke
-------------------
Donald C. Burke
Chief Financial Officer
MuniHoldings Insured Fund II, Inc.
Date: August 23, 2006