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: 10/01/05 - 12/31/05 Item 1 - Schedule of Investments MuniHoldings Insured Fund II, Inc. Schedule of Investments as of December 31, 2005 (in Thousands) Face State Amount Municipal Bonds Value Alabama - 1.2% $ 3,580 Jefferson County, Alabama, Limited Obligation School Warrants, Series A, 5.50% due 1/01/2022 $ 3,876 Alaska - 1.3% 2,000 Anchorage, Alaska, Water Revenue Refunding Bonds, 6% due 9/01/2024 (a) 2,183 1,700 Matanuska-Susitna Boro, Alaska, GO, Series A, 6% due 3/01/2010 (d)(e) 1,869 Arkansas - 3.3% 6,105 Arkansas State Development Finance Authority, M/F Mortgage Revenue Refunding Bonds, DRIVERS, Series 964Z, 6.861% due 6/01/2010 (d)(f)(i) 6,661 3,520 Arkansas State Development Finance Authority, State Agencies Facilities Revenue Bonds (Department of Corrections Project), Series B, 5% due 11/01/2025 (c) 3,710 California - 33.5% 5,355 California Pollution Control Financing Authority, PCR, Refunding, DRIVERS, AMT, Series 878Z, 6.85% due 12/01/2009 (d)(i) 6,076 4,675 California State, GO, Refunding, RIB, AMT, Series 777X, 6.91% due 12/01/2021 (d)(i) 4,843 3,000 California State Public Works Board, Lease Revenue Bonds (Department of General Services - Capitol East End Complex), Series A, 5% due 12/01/2027 (a) 3,110 2,100 California State, Various Purpose, GO, 5.50% due 4/01/2028 2,279 110 Cerritos, California, Community College District, GO (Election of 2004), Series A, 5% due 8/01/2025 (d) 116 85 Cerritos, California, Community College District, GO (Election of 2004), Series A, 5% due 8/01/2026 (d) 89 3,530 Chula Vista, California, IDR (San Diego Gas and Electric Company), AMT, Series D, 5% due 12/01/2027 (a) 3,662 2,800 Compton, California, Unified School District, GO (Election of 2002), Series B, 5.50% due 6/01/2025 (d) 3,096 2,405 Dixon, California, Unified School District, GO (Election of 2002), 5.20% due 8/01/2044 (c) 2,515 2,185 East Side Union High School District, California, Santa Clara County, GO (Election of 2002), Series D, 5% due 8/01/2020 (j) 2,331 8,460 East Side Union High School District, California, Santa Clara County, GO (Election of 2002), Series D, 5% due 8/01/2029 (j) 8,860 3,400 Los Angeles, California, Unified School District, GO (Election of 1997), Series F, 5% due 1/01/2028 (b) 3,563 8,110 Los Angeles, California, Unified School District, GO, Series A, 5% due 1/01/2028 (d) 8,498 4,240 Modesto, California, Schools Infrastructure Financing Agency, Special Tax Bonds, 5.50% due 9/01/2036 (a) 4,628 5,000 Port of Oakland, California, Revenue Refunding Bonds, AMT, Series L, 5.375% due 11/01/2027 (b) 5,323 1,500 Port of Oakland, California, Trust Receipts, Revenue Bonds, AMT, Class R, Series K, 7.677% due 11/01/2021 (b)(i) 1,701 2,985 Roseville, California, Joint Union High School District, GO (Election of 2004), Series A, 5% due 8/01/2029 (b) 3,130 2,130 Sacramento, California, City Financing Authority, Capital Improvement Revenue Bonds (911 Call Center and Other Municipal Projects), 5% due 12/01/2027 (a) 2,220 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 (c) 1,329 5,075 San Francisco, California, City and County, GO (California Academy of Sciences Improvements), Series E, 5% due 6/15/2022 (d) 5,376 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 at right. 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 IDA Industrial Development Authority IDR Industrial Development Revenue Bonds 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 December 31, 2005 (concluded) (in Thousands) Face State Amount Municipal Bonds Value California $ 3,800 San Jose, California, GO (Libraries, Parks and Public Safety Projects), (concluded) 5% due 9/01/2030 (d) $ 3,962 5,190 Sequoia, California, Unified High School District, GO, Refunding, Series B, 5.50% due 7/01/2035 (c) 5,786 3,430 Sweetwater, California, Union High School District, Public Financing Authority, Special Tax Revenue Bonds, Series A, 5% due 9/01/2028 (c) 3,583 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 (c) 4,739 2,450 University of California, Limited Project Revenue Bonds, Series B, 5% due 5/15/2033 (c) 2,557 3,000 University of California Revenue Bonds (Multiple Purpose Projects), Series Q, 5% due 9/01/2022 (c) 3,150 6,710 University of California Revenue Bonds (Multiple Purpose Projects), Series Q, 5% due 9/01/2031 (c) 6,979 5,060 William S. Hart Union High School District, California, Capital Appreciation, GO (Election of 2001), Series B, 4.70%** due 9/01/2023 (c) 2,208 Colorado - 3.7% 3,055 Aurora, Colorado, COP, 5.75% due 12/01/2019 (a) 3,336 3,230 Aurora, Colorado, COP, 5.75% due 12/01/2020 (a) 3,519 365 Colorado HFA, Revenue Refunding Bonds (S/F Program), AMT, Senior Series A-2, 7.50% due 4/01/2031 384 4,000 Colorado Health Facilities Authority, Hospital Revenue Refunding Bonds (Poudre Valley Health Care), Series A, 5.75% due 12/01/2009 (c)(e) 4,371 Connecticut - 0.5% 1,520 Connecticut State, GO, Series D, 5% due 12/01/2024 (d) 1,612 Florida - 0.2% 3,670 Miami-Dade County, Florida, Subordinate Special Obligation Revenue Bonds, Series A, 5.24%** due 10/01/2037 (d) 726 Georgia - 1.0% 3,000 Augusta, Georgia, Water and Sewer Revenue Bonds, 5.25% due 10/01/2034 (c) 3,219 Idaho - 0.3% 810 Idaho Housing and Finance Association, S/F Mortgage Revenue Bonds, AMT, Series E, 6% due 1/01/2032 817 Illinois - 11.1% 2,185 Chicago, Illinois, GO (Neighborhoods Alive 21 Program), Series A, 6% due 7/01/2010 (b)(e) 2,434 18,130 Chicago, Illinois, GO, Series A, 6% due 7/01/2010 (b)(e) 20,198 3,350 Chicago, Illinois, O'Hare International Airport, General Revenue Bonds, Third Lien, Series A, 5% due 1/01/2029 (d) 3,489 3,650 Chicago, Illinois, O'Hare International Airport Revenue Bonds, DRIVERS, AMT, Series 845-Z, 8.13% due 1/01/2012 (d)(i)(j) 4,506 125 Lake, Cook, Kane and McHenry Counties, Illinois, Community Unit School District Number 220, GO, 6% due 12/01/2020 (b) 138 4,020 Counties of Madison, Jersey, Macoupin, Calhoun, Morgan, Scottand Greene and State of Illinois, Community College District Number 536 (Lewis & Clark), GO (Alternate Revenue Source), Series B, 5.25% due 11/01/2030 (c) 4,313 Indiana - 5.2% 3,000 Indiana Transportation Finance Authority, Highway Revenue Bonds, Series A, 5.25% due 6/01/2029 (b) 3,213 3,000 Plainfield, Indiana, Community High School Building Corporation, First Mortgage Revenue Refunding Bonds, Series A, 5% due 1/15/2030 (b) 3,143 9,280 Shelbyville, Indiana, Elementary School Building Corporation Revenue Bonds, First Mortgage, 5.75% due 1/15/2009 (c)(e) 10,009 Kansas - 2.1% 3,510 Kansas State Development Finance Authority, Health Facilities Revenue Bonds (Sisters of Charity Leavenworth), Series J, 6.125% due 12/01/2020 3,816 2,805 Sedgwick and Shawnee Counties, Kansas, S/F Mortgage Revenue Bonds, AMT, Series A-2, 6.20% due 12/01/2033 (g)(k) 2,840 Louisiana - 0.7% 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) 2,203 Massachusetts - 9.6% 5,865 Massachusetts Bay Transportation Authority, Sales Tax Revenue Refunding Bonds, Senior Series A, 5% due 7/01/2035 6,087 5,440 Massachusetts State, HFA, Rental Housing Mortgage Revenue Bonds, AMT, Series A, 5.15% due 7/01/2026 (c) 5,471 5,000 Massachusetts State School Building Authority, Dedicated Sales Tax Revenue Bonds, Series A, 5% due 8/15/2030 (c) 5,257 12,345 Massachusetts State Special Obligation Dedicated Tax Revenue Bonds, 5.25% due 1/01/2014 (b)(e) 13,543 Michigan - 2.1% 1,000 Michigan State Hospital Finance Authority, Revenue Refunding Bonds (Mercy-Mount Clemens), Series A, 6% due 5/15/2014 (d) 1,081 2,500 Michigan State Strategic Fund, Limited Obligation Revenue Refunding Bonds, DRIVERS, AMT, Series 857Z, 7.43% due 3/01/2010 (i)(j) 2,797 1,000 Michigan State Strategic Fund, Limited Obligation Revenue Refunding Bonds, DRIVERS, AMT, Series 858Z, 7.131% due 12/01/2011 (i)(j) 1,128 1,500 Saint Clair County, Michigan, Economic Revenue Refunding Bonds (Detroit Edison Company), RIB, Series 282, 8.97% due 8/01/2024 (a)(i) 1,769 Minnesota - 4.4% 2,555 Prior Lake, Minnesota, Independent School District Number 719, GO, 5.50% due 2/01/2016 (c) 2,734 1,830 Prior Lake, Minnesota, Independent School District Number 719, GO, 5.50% due 2/01/2017 (c) 1,955 3,570 Prior Lake, Minnesota, Independent School District Number 719, GO, 5.50% due 2/01/2018 (c) 3,814 2,840 Prior Lake, Minnesota, Independent School District Number 719, GO, 5.50% due 2/01/2019 (c) 3,034 2,185 Sauk Rapids, Minnesota, Independent School District Number 47, GO, Series A, 5.625% due 2/01/2018 (d) 2,371 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) 1,529 3,985 Omaha Convention Hotel Corporation, Nebraska, Convention Center Revenue Bonds, First Tier, Series A, 5.50% due 4/01/2022 (a) 4,322 Nevada - 3.9% 1,750 Clark County, Nevada, IDR (Power Company Project), AMT, Series A, 6.70% due 6/01/2022 (b) 1,809 185 Nevada Housing Division, S/F Mortgage Revenue Bonds, AMT, Series A-2, 6.30% due 4/01/2022 (d) 186 5,000 Truckee Meadows, Nevada, Water Authority, Water Revenue Bonds, Series A, 5.50% due 7/01/2018 (c) 5,419 4,445 Truckee Meadows, Nevada, Water Authority, Water Revenue Bonds, Series A, 5.50% due 7/01/2019 (c) 4,817 New Jersey - 16.5% 8,590 New Jersey EDA, Cigarette Tax Revenue Bonds, 5.75% due 6/15/2029 9,084 6,200 New Jersey EDA, Cigarette Tax Revenue Bonds, 5.75% due 6/15/2034 6,827 11,000 New Jersey EDA, Motor Vehicle Surcharge Revenue Bonds, Series A, 5.25% due 7/01/2033 (d) 11,778 10,000 New Jersey State Transportation Trust Fund Authority, Transportation System Revenue Bonds, Series D, 5% due 6/15/2018 (a) 10,675 10,000 New Jersey State Transportation Trust Fund Authority, Transportation System Revenue Bonds, Series D, 5% due 6/15/2020 (c) 10,635 3,000 New Jersey State Turnpike Authority, Turnpike Revenue Bonds, Series C, 5% due 1/01/2030 (c) 3,142 New Mexico - 1.6% 5,000 Farmington, New Mexico, PCR, Refunding (Public Service Company of San Juan), Series C, 5.70% due 12/01/2016 (a) 5,205 New York - 18.6% 8,010 Metropolitan Transportation Authority, New York, Revenue Bonds, Series A, 5% due 11/15/2019 (a) 8,617 1,940 Metropolitan Transportation Authority, New York, Revenue Bonds, Series B, 5% due 11/15/2030 (a) 2,043 14,000 Nassau Health Care Corporation, New York, Health System Revenue Bonds, 5.75% due 8/01/2009 (c)(e) 15,376 5,000 New York City, New York, GO, Refunding, Series G, 5.75% due 2/01/2006 (c) 5,085 3,375 New York City, New York, Sales Tax Asset Receivable Corporation Revenue Bonds, DRIVERS, Series 1133Z, 6.674% due 10/15/2012 (a)(i) 3,927 3,000 New York City, New York, Sales Tax Asset Receivable Corporation Revenue Bonds, Series A, 5% due 10/15/2029 (a) 3,159 4,345 New York State Dormitory Authority Revenue Bonds (School Districts Financing Program), Series D, 5.25% due 10/01/2023 (d) 4,677 1,400 New York State Local Government Assistance Corporation, Revenue Refunding Bonds, Sub-Lien, VRDN, Series 4V, 3.53% due 4/01/2022 (c)(h) 1,400 200 New York State Local Government Assistance Corporation, Revenue Refunding Bonds, Sub-Lien, VRDN, Series A-5V, 3.45% due 4/01/2020 (c)(h) 200 2,000 Tobacco Settlement Financing Corporation of New York Revenue Bonds, Series A-1, 5.25% due 6/01/2021 (a) 2,148 7,850 Tobacco Settlement Financing Corporation of New York Revenue Bonds, Series C-1, 5.50% due 6/01/2017 8,510 3,000 Tobacco Settlement Financing Corporation of New York Revenue Bonds, Series C-1, 5.50% due 6/01/2021 3,270 500 Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Refunding Bonds, VRDN, Series C, 3.47% due 1/01/2032 (a)(h) 500 North Carolina - 0.5% 1,445 North Carolina HFA, Home Ownership Revenue Bonds, AMT, Series 14-A, 5.35% due 1/01/2022 (a) 1,497 Ohio - 0.9% 1,745 Aurora, Ohio, City School District, COP, 6.10% due 12/01/2009 (d)(e) 1,931 1,000 Kent State University, Ohio, University Revenue Bonds, 6% due 5/01/2024 (a) 1,102 Oklahoma - 1.2% 3,385 Claremore, Oklahoma, Public Works Authority, Capital Improvement Revenue Refunding Bonds, Series A, 5.25% due 6/01/2027 (c) 3,671 Pennsylvania - 8.3% 4,480 Lehigh County, Pennsylvania, IDA, PCR, Refunding (Pennsylvania Power and Light Utilities Corporation Project), 4.75% due 2/15/2027 (b) 4,566 5,600 Lycoming County, Pennsylvania, College Authority Revenue Bonds (Pennsylvania College of Technology), 5.25% due 7/01/2007 (d)(e) 5,816 6,435 Pennsylvania State Higher Educational Facilities Authority, State System of Higher Education Revenue Bonds, Series O, 5.125% due 6/15/2024 (a) 6,581 2,800 Sayre, Pennsylvania, Health Care Facilities Authority, Revenue Refunding Bonds (Guthrie Healthcare System), Series A, 5.875% due 12/01/2031 3,001 1,390 Seneca Valley, Pennsylvania, School District, GO, 5% due 1/01/2020 (b) 1,488 2,260 Seneca Valley, Pennsylvania, School District, GO, 5% due 1/01/2021 (b) 2,411 2,090 Washington County, Pennsylvania, Capital Funding Authority Revenue Bonds (Capital Projects and Equipment Program), 6.15% due 12/01/2029 (a) 2,237 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)(e) 6,120 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 (j) 5,122 South Carolina - 0.8% 2,490 South Carolina Housing Finance and Development Authority, Mortgage Revenue Refunding Bonds, AMT, Series A-2, 6.35% due 7/01/2019 (c) 2,634 Tennessee - 2.0% 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)(e) 3,840 1,080 Tennessee HDA, Revenue Bonds (Homeownership Program), AMT, Series 2C, 6% due 7/01/2011 1,099 1,515 Tennessee HDA, Revenue Refunding Bonds (Homeownership Program), AMT, Series 1, 6.05% due 7/01/2014 (d) 1,525 Texas - 8.9% 1,750 Austin, Texas, Convention Center Revenue Bonds (Convention Enterprises Inc.), Trust Certificates, Second Tier, Series B, 6% due 1/01/2023 1,866 8,000 Dallas-Fort Worth, Texas, International Airport Revenue Bonds, DRIVERS, AMT, Series 778-Z, 7.13% due 11/01/2011 (d)(i) 8,937 1,835 Dallas-Fort Worth, Texas, International Airport Revenue Refunding and Improvement Bonds, AMT, Series A, 5.875% due 11/01/2017 (b) 1,995 2,150 Dallas-Fort Worth, Texas, International Airport Revenue Refunding and Improvement Bonds, AMT, Series A, 5.875% due 11/01/2018 (b) 2,338 2,390 Dallas-Fort Worth, Texas, International Airport Revenue Refunding and Improvement Bonds, AMT, Series A, 5.875% due 11/01/2019 (b) 2,599 115 El Paso, Texas, Water and Sewer Revenue Refunding and Improvement Bonds, Series A, 6% due 3/01/2015 (c) 129 170 El Paso, Texas, Water and Sewer Revenue Refunding and Improvement Bonds, Series A, 6% due 3/01/2016 (c) 191 180 El Paso, Texas, Water and Sewer Revenue Refunding and Improvement Bonds, Series A, 6% due 3/01/2017 (c) 202 4,734 Houston, Texas, Community College System, Participation Interests, COP (Alief Center Project), 5.75% due 8/15/2022 (d) 5,032 1,850 Midland, Texas, Certificates of Obligation, GO, 6.10% due 3/01/2027 (b) 2,017 2,650 Waskom, Texas, Independent School District, GO (School Building), 5.25% due 2/15/2035 (c) 2,869 Utah - 0.2% 610 Weber County, Utah, Municipal Building Authority, Lease Revenue Refunding Bonds, 5.75% due 12/15/2007 (d)(e) 645 Washington - 7.0% 6,885 Bellevue, Washington, GO, Refunding, 5.50% due 12/01/2039 (d) 7,554 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) 4,086 1,805 Lewis County, Washington, GO, Refunding, 5.75% due 12/01/2009 (a)(e) 1,959 1,640 Lewis County, Washington, GO, Refunding, 5.75% due 12/01/2024 (a) 1,768 2,500 Seattle, Washington, Municipal Light and Power Revenue Bonds, 6% due 10/01/2009 (d)(e) 2,749 3,500 Seattle, Washington, Water System Revenue Bonds, Series B, 6% due 7/01/2009 (b)(e) 3,832 West Virginia - 2.0% 6,210 West Virginia State Housing Development Fund, Housing Finance Revenue Refunding Bonds, Series D, 5.20% due 11/01/2021 (d) 6,416 Wisconsin - 0.3% 750 Wisconsin State Health and Educational Facilities Authority Revenue Bonds (Blood Center of Southeastern Wisconsin Project), 5.75% due 6/01/2034 796 Puerto Rico - 2.1% 6,225 Puerto Rico Commonwealth, Public Improvement, GO, 5.125% due 7/01/2030 (c) 6,587 Total Municipal Bonds (Cost - $487,552) - 160.5% 506,883 Shares Held Short-Term Securities 2,089 Merrill Lynch Institutional Tax-Exempt Fund (l) 2,089 Total Short-Term Securities (Cost - $2,089) - 0.6% 2,089 Total Investments (Cost - $489,641*) - 161.1% 508,972 Other Assets Less Liabilities - 3.6% 11,491 Preferred Stock, at Redemption Value - (64.7%) (204,599) ------------ Net Assets Applicable to Common Stock - 100.0% $ 315,864 ============ * The cost and unrealized appreciation (depreciation) of investments as of December 31, 2005, as computed for federal income tax purposes, were as follows: Aggregate cost $ 489,747 ============= Gross unrealized appreciation $ 20,003 Gross unrealized depreciation (778) ------------- Net unrealized appreciation $ 19,225 ============= ** Represents a zero coupon bond, the interest rate shown reflects the effective yield at the time of purchase. (a) AMBAC Insured. (b) FGIC Insured. (c) FSA Insured. (d) MBIA Insured. (e) Prerefunded. (f) FHA Insured. (g) FNMA Collateralized. (h) 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. (i) The rate disclosed is that currently in effect. This rate changes periodically and inversely based upon prevailing market rates. (j) XL Capital Insured. (k) GNMA Collateralized. (l) 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 Dividend Affiliate Activity Income Merrill Lynch Institutional Tax-Exempt Fund (1,500) $ 30 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: February 21, 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: February 21, 2006 By: /s/ Donald C. Burke ----------------------- Donald C. Burke Chief Financial Officer MuniHoldings Insured Fund II, Inc. Date: February 21, 2006