BLACKROCK MUNIHOLDINGS QUALITY FUND II, INC.

Regulatory Filings • Jun 26, 2009

N-Q 1 i00189_mue-nq.htm

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

insert report here

| BlackRock MuniHoldings Insured Fund
II, Inc. | |
| --- | --- |
| Schedule
of Investments April 30, 2009 (Unaudited) | (Percentages shown are based on Net Assets) |

| State | Municipal
Bonds | Par (000) | Value |
| --- | --- | --- | --- |
| Alabama -
0.8% | Jefferson County, Alabama,
Limited Obligation School Warrants, Series A, 5.50%, 1/01/22 | $ 3,580 | $ 2,222,750 |
| Alaska -
0.6% | Anchorage, Alaska, Water
Revenue Refunding Bonds, 6%, 9/01/24 (a) | 1,630 | 1,661,915 |
| Arkansas -
4.5% | Arkansas State Development
Finance Authority, M/F Mortgage Revenue Refunding Bonds, Series C, 5.35%,
12/01/35 (b)(c) | 12,165 | 12,191,885 |
| California
- 16.8% | California State Veterans,
GO, Refunding, AMT, Series BZ, 5.35%, 12/01/21 (b) | 9,350 | 8,959,544 |
| | Dixon, California, Unified
School District, GO (Election of 2002), 5.20%, 8/01/44 (d) | 2,405 | 2,339,295 |
| | Eastern Municipal Water
District, California, Water and Sewer, COP, Series H, 5%, 7/01/35 | 1,175 | 1,120,527 |
| | Modesto, California,
Schools Infrastructure Financing Agency, Special Tax Bonds, 5.50%, 9/01/36
(a) | 4,240 | 3,478,326 |
| | Oceanside, California,
Unified School District, GO, Series A, 5.25%, 8/01/33 | 3,175 | 3,183,954 |
| | Port of Oakland,
California, Revenue Bonds, AMT, Series K, 5.75%, 5/01/10 (b)(e)(f) | 25 | 26,094 |
| | Port of Oakland,
California, Revenue Bonds, AMT, Series K, 5.75%, 11/01/21 (b)(f) | 2,975 | 2,866,204 |
| | Port of Oakland,
California, Revenue Refunding Bonds, AMT, Series L, 5.375%, 11/01/27 (b)(f) | 5,000 | 4,375,250 |
| | Roseville, California,
Joint Union High School District, GO (Election of 2004), Series A, 5%,
8/01/29 (b)(f) | 2,985 | 2,981,000 |
| | Sacramento, California,
City Financing Authority, Capital Improvement Revenue Bonds, 5%, 12/01/27 (a) | 150 | 150,482 |
| | San Diego, California,
Community College District, GO (Election of 2002), 5%, 5/01/30 (d) | 1,485 | 1,471,665 |
| | 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) | 1,250 | 1,255,725 |
| | Stockton, California,
Public Financing Revenue Bonds (Redevelopment Projects), Series A, 5.25%,
9/01/31 (g) | 495 | 374,255 |
| | Stockton, California, Public
Financing Revenue Bonds (Redevelopment Projects), Series A, 5.25%, 9/01/34
(g) | 2,930 | 2,173,621 |

Portfolio Abbreviations

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.

| AMT | Alternative Minimum Tax
(subject to) |
| --- | --- |
| CABS | Capital Appreciation Bonds |
| COP | Certificates of
Participation |
| EDA | Economic Development
Authority |
| GO | General Obligation Bonds |
| HFA | Housing Finance Agency |
| IDA | Industrial Development
Authority |
| M/F | Multi-Family |
| PCR | Pollution Control Revenue
Bonds |
| S/F | Single-Family |
| VRDN | Variable Rate Demand Notes |

1

| BlackRock MuniHoldings Insured Fund
II, Inc. | |
| --- | --- |
| Schedule
of Investments April 30, 2009 (Unaudited) | (Percentages shown are based on Net Assets) |

| State | Municipal
Bonds | Par (000) | Value |
| --- | --- | --- | --- |
| | Tustin, California,
Unified School District, Senior Lien Special Tax Bonds (Community Facilities
District Number 97-1), Series A, 5%, 9/01/32 (d) | $ 2,390 | $ 2,256,877 |
| | Tustin, California,
Unified School District, Senior Lien Special Tax Bonds (Community Facilities
District Number 97-1), Series A, 5%, 9/01/38 (d) | 4,620 | 4,259,963 |
| | Vista, California, COP
(Community Projects), 5%, 5/01/37 (b) | 5,400 | 4,671,918 |
| | | | 45,944,700 |
| Colorado
- 2.5% | Aurora, Colorado, COP,
5.75%, 12/01/10 (a)(e) | 6,285 | 6,776,676 |
| | Colorado HFA, Revenue
Refunding Bonds (S/F Program), AMT, Senior Series A-2, 7.50%, 4/01/31 | 175 | 188,057 |
| | | | 6,964,733 |
| District
of Columbia - 0.9% | District of Columbia, Deed
Tax Revenue Bonds (Housing Production Trust Fund - New Communities Project),
Series A, 5%, 6/01/32 (b) | 2,500 | 2,343,750 |
| Florida -
30.1% | Broward County, Florida,
HFA, S/F Mortgage Revenue Refunding Bonds, AMT, Series E, 5.90%, 10/01/39
(h)(i)(j) | 2,310 | 2,356,847 |
| | Hillsborough County,
Florida, IDA, PCR, Refunding (Tampa Electric Company Project), Series B,
5.15%, 9/01/25 | 1,000 | 998,120 |
| | Jacksonville, Florida,
Health Facilities Authority, Hospital Revenue Bonds (Baptist Medical Center
Project), 5%, 8/15/37 (d) | 7,740 | 7,156,094 |
| | Jacksonville, Florida,
Port Authority Revenue Bonds, AMT, 6%, 11/01/38 (k) | 6,250 | 6,257,812 |
| | Lee Memorial Health
System, Florida, Hospital Revenue Bonds, Series A, 5%, 4/01/32 (a) | 1,950 | 1,626,046 |
| | Miami, Florida, Special
Obligation Revenue Bonds (Street and Sidewalk Improvement Program), 5%,
1/01/37 (b) | 2,900 | 2,664,085 |
| | Miami-Dade County,
Florida, Aviation Revenue Bonds, AMT, Series A, 5%, 10/01/33 (d) | 6,730 | 5,951,204 |
| | Miami-Dade County,
Florida, Aviation Revenue Refunding Bonds (Miami International Airport), AMT,
Series A, 5.25%, 10/01/41 (d) | 13,800 | 12,358,590 |
| | Miami-Dade County,
Florida, Aviation Revenue Refunding Bonds (Miami International Airport), AMT,
Series A, 5.50%, 10/01/41 (d) | 6,700 | 6,238,772 |
| | Miami-Dade County,
Florida, GO (Building Better Communities Program), Series B-1, 6%, 7/01/38 | 12,500 | 12,953,375 |
| | Miami-Dade County,
Florida, Special Obligation Revenue Bonds, Sub-Series A, 5.24%, 10/01/37
(b)(l) | 3,670 | 402,342 |
| | Orange County, Florida,
School Board, COP, Series A, 5.50%, 8/01/34 (k) | 12,375 | 12,449,003 |
| | Orlando, Florida, Senior
Tourist Development Tax Revenue Bonds (6th Cent Contract Payments), Series A,
5.25%, 11/01/38 (k) | 4,000 | 4,030,000 |
| | Pasco County, Florida,
Half-Cent Sales Tax Revenue Bonds, 5.125%, 12/01/28 (a) | 6,300 | 5,454,225 |
| | Saint Johns County,
Florida, Water and Sewer Revenue Bonds, CABS, 5.357%, 6/01/31 (a)(l) | 5,065 | 1,387,962 |
| | | | 82,284,477 |

2

| BlackRock MuniHoldings Insured Fund
II, Inc. | |
| --- | --- |
| Schedule
of Investments April 30, 2009 (Unaudited) | (Percentages shown are based on Net Assets) |

| State | Municipal
Bonds | Par (000) | Value |
| --- | --- | --- | --- |
| Idaho -
0.1% | Idaho Housing and Finance
Association, S/F Mortgage Revenue Bonds, AMT, Series E, 6%, 1/01/32 | $ 330 | $ 335,564 |
| Illinois
- 2.6% | Chicago, Illinois, O’Hare
International Airport, General Airport Revenue Refunding Bonds, Third Lien,
AMT, Series A, 5.75%, 1/01/19 (b) | 3,125 | 3,138,500 |
| | Chicago, Illinois, Transit
Authority, Capital Grant Receipts Revenue Bonds (Federal Transit
Administration Section 5309 Formula Funds), Series A, 6%, 6/01/26 (k) | 3,400 | 3,796,202 |
| | Lake, Cook, Kane and
McHenry Counties, Illinois, Community Unit School District Number 220, GO,
6%, 12/01/20 (b)(f) | 125 | 131,955 |
| | | | 7,066,657 |
| Indiana -
3.3% | Indiana Municipal Power
Agency, Power Supply System Revenue Bonds, Series A, 5%, 1/01/37 (b) | 1,625 | 1,525,420 |
| | Indiana Municipal Power
Agency, Power Supply System Revenue Bonds, Series A, 5%, 1/01/42 (b) | 8,000 | 7,418,480 |
| | | | 8,943,900 |
| Kansas -
2.1% | Kansas State Development
Finance Authority, Health Facilities Revenue Bonds (Sisters of Charity
Leavenworth), Series J, 6.125%, 12/01/20 | 3,510 | 3,577,392 |
| | Sedgwick and Shawnee
Counties, Kansas, S/F Mortgage Revenue Bonds, AMT, Series A-2, 6.20%,
12/01/33 (i)(j) | 2,250 | 2,277,000 |
| | | | 5,854,392 |
| Kentucky
- 1.9% | Kentucky Economic
Development Financing Authority, Louisville Arena Project Revenue Bonds
(Louisville Arena Authority, Inc.), Sub-Series A-1, 6%, 12/01/38 (k) | 1,150 | 1,184,822 |
| | Kentucky State Property
and Buildings Commission, Revenue Refunding Bonds (Project Number 93), 5.25%,
2/01/27 (k) | 2,300 | 2,397,888 |
| | Kentucky State Property
and Buildings Commission, Revenue Refunding Bonds (Project Number 93), 5.25%,
2/01/29 (k) | 1,525 | 1,571,833 |
| | | | 5,154,543 |
| Louisiana
- 1.4% | Louisiana State Citizens
Property Insurance Corporation, Assessment Revenue Bonds, Series C-3, 6.125%,
6/01/25 (k) | 3,550 | 3,675,492 |
| Michigan
- 12.5% | Detroit, Michigan, Sewage
Disposal System, Second Lien Revenue Refunding Bonds, Series E, 5.75%,
7/01/31 (f)(m) | 5,060 | 5,186,348 |
| | Detroit, Michigan, Sewage
Disposal System, Senior Lien Revenue Refunding Bonds, Series C-2, 5.25%,
7/01/29 (f)(m) | 4,860 | 4,894,798 |
| | Detroit, Michigan, Sewer
Disposal Revenue Refunding Bonds, Senior Lien, Series B, 5.25%, 7/01/22 (b) | 9,235 | 8,722,180 |
| | Detroit, Michigan, Water
Supply System, Revenue Refunding Bonds, Second Lien, Series C, 5.75%, 7/01/27
(f)(m) | 2,600 | 2,785,276 |
| | Michigan State Strategic Fund,
Limited Obligation Revenue Refunding Bonds (Detroit Edison Company Pollution
Control Project), AMT, Series A, 5.50%, 6/01/30 (n) | 2,000 | 1,741,060 |
| | Michigan State Strategic
Fund, Limited Obligation Revenue Refunding Bonds (Detroit Edison Company
Pollution Control Project), AMT, Series C, 5.65%, 9/01/29 (n) | 5,000 | 4,492,550 |

3

| BlackRock MuniHoldings Insured Fund
II, Inc. | |
| --- | --- |
| Schedule
of Investments April 30, 2009 (Unaudited) | (Percentages shown are based on Net Assets) |

| State | Municipal
Bonds | Par (000) | Value |
| --- | --- | --- | --- |
| | Royal Oak, Michigan,
Hospital Finance Authority, Hospital Revenue Refunding Bonds (William
Beaumont Hospital), 8.25%, 9/01/39 | $ 3,115 | $ 3,466,247 |
| | Saint Clair County,
Michigan, Economic Revenue Refunding Bonds (Detroit Edison Co. Project),
Series AA, 6.40%, 8/01/24 (a) | 3,000 | 3,066,150 |
| | | | 34,354,609 |
| Minnesota
- 5.7% | Minneapolis, Minnesota,
Health Care System, Revenue Refunding Bonds (Fairview Health Services),
Series B, 6.50%, 11/15/38 (k) | 1,975 | 2,141,414 |
| | Prior Lake, Minnesota,
Independent School District Number 719, GO, 5.50%, 2/01/16 (d) | 2,555 | 2,637,552 |
| | Prior Lake, Minnesota,
Independent School District Number 719, GO, 5.50%, 2/01/17 (d) | 1,830 | 1,889,127 |
| | Prior Lake, Minnesota,
Independent School District Number 719, GO, 5.50%, 2/01/18 (d) | 3,570 | 3,685,347 |
| | Prior Lake, Minnesota,
Independent School District Number 719, GO, 5.50%, 2/01/19 (d) | 2,840 | 2,931,760 |
| | Sauk Rapids, Minnesota,
Independent School District Number 47, GO, Series A, 5.625%, 2/01/18 (b) | 2,185 | 2,333,864 |
| | | | 15,619,064 |
| Nevada -
3.6% | Clark County, Nevada,
Airport Revenue Bonds (Jet Aviation Fuel Tax), AMT, Series C, 5.375%, 7/01/20
(a) | 1,200 | 1,169,448 |
| | Clark County, Nevada,
Water Reclamation District, GO, Series B, 5.50%, 7/01/29 | 8,250 | 8,621,992 |
| | Nevada Housing Division,
S/F Mortgage Revenue Bonds, AMT, Series A-2, 6.30%, 4/01/22 (b) | 95 | 96,171 |
| | | | 9,887,611 |
| 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 |
| | 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 |
| | | | 17,399,652 |
| 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 |
| | | | 4,279,907 |
| 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 |
| 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 (000) | 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 (000) | 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 (000) | 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	$
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 — FFI Institutional
Tax-Exempt Fund |
| --- | --- |
| (r) | Represents the current
yield as of report date. |

•
•	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 Inputs	Investments in Securities
	Assets
Level 1	$ 12,089,380
Level 2	456,566,393
Level 3	—
Total	$ 468,655,773

8

end of report

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 | |