<SEC-DOCUMENT>0000891092-12-007563.txt : 20121221
<SEC-HEADER>0000891092-12-007563.hdr.sgml : 20121221
<ACCEPTANCE-DATETIME>20121221150720
ACCESSION NUMBER:		0000891092-12-007563
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20121031
FILED AS OF DATE:		20121221
DATE AS OF CHANGE:		20121221
EFFECTIVENESS DATE:		20121221

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BLACKROCK MUNIHOLDINGS QUALITY FUND II, INC.
		CENTRAL INDEX KEY:			0001071899
		IRS NUMBER:				223636347
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		N-Q
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-09191
		FILM NUMBER:		121281002

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

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BLACKROCK MUNIHOLDINGS INSURED FUND II, INC.
		DATE OF NAME CHANGE:	20080619

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MUNIHOLDINGS INSURED FUND II INC
		DATE OF NAME CHANGE:	19981009
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-Q
<SEQUENCE>1
<FILENAME>e51138nq.htm
<DESCRIPTION>FORM N-Q
<TEXT>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><FONT STYLE="font-weight: normal; vertical-align: baseline">UNITED
STATES</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><FONT STYLE="font-weight: normal; vertical-align: baseline">SECURITIES
AND EXCHANGE COMMISSION </FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><FONT STYLE="font-weight: normal; vertical-align: baseline">Washington,
D.C. 20549</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><B>FORM N-Q</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><B>QUARTERLY SCHEDULE OF PORTFOLIO
HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: center; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Investment Company Act file number 811-09191</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">Name of Fund: BlackRock MuniHoldings
Quality Fund II, Inc. (MUE)</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">&nbsp;</P>



<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">Fund Address: 100 Bellevue Parkway,
Wilmington, DE 19809</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">Name and address of agent for service:
John M. Perlowski, Chief Executive Officer, BlackRock MuniHoldings Quality Fund II, Inc., 55 East 52<SUP>nd</SUP> Street, New York,
NY 10055</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">Registrant&rsquo;s telephone number,
including area code: (800) 882-0052, Option 4</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">Date of fiscal year end: 07/31/2013</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">Date of reporting period: 10/31/2012</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt">Item 1 &ndash; Schedule of Investments</P>



<P STYLE="margin: 0"></P>



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    <TD STYLE="width: 54%; padding-right: 5.4pt; padding-left: 5.4pt; font: 12pt Arial, Helvetica, Sans-Serif; color: navy"><FONT STYLE="font-size: 14pt">Schedule of Investments </FONT><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif; color: navy">October 31, 2012 (Unaudited)</FONT><FONT STYLE="font-size: 14pt"> </FONT></TD>
    <TD STYLE="width: 46%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="color: navy; font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>BlackRock MuniHoldings Quality
        Fund II, Inc. (MUE)</B></P>
        <P STYLE="color: navy; font: 7pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>(Percentages shown are based on
        Net Assets)</B></P></TD></TR>
</TABLE>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial; width: 100%; border-collapse: collapse">
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: bold; text-align: center">Par<BR> (000)</TD>
    <TD STYLE="vertical-align: bottom; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: bold; text-align: center">Value</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="10" STYLE="vertical-align: bottom; font-weight: bold">Municipal Bonds</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="font-size: 2pt; font-weight: bold">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="10" STYLE="vertical-align: bottom; color: navy; font-weight: bold; border-top: Black 1pt solid">Alabama &#8212; 2.1%</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Birmingham Special Care Facilities Financing Authority, RB, Children's Hospital (AGC), 6.00%, 6/01/39</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">$</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">5,225</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">$</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">6,213,883</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; padding-bottom: 1pt">Selma IDB, RB, International Paper Co. Project, Series A, 5.38%, 12/01/35</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right; padding-bottom: 1pt">940</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right; border-bottom: Black 1pt solid">1,029,723</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="font-size: 2pt">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="9" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">7,243,606</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="font-size: 2pt; font-weight: bold">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="10" STYLE="vertical-align: bottom; color: navy; font-weight: bold; border-top: Black 1pt solid">Arizona &#8212; 2.8%</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Arizona Board of Regents, Refunding COP, University of Arizona, Series C, 5.00%, 6/01/28</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">4,180</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">4,841,527</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Arizona Board of Regents, Refunding RB, Arizona State University System, Series A:</TD>
    <TD COLSPAN="8" STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">5.00%, 6/01/42</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">1,705</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">1,956,522</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; padding-bottom: 1pt">5.00%, 7/01/42</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right; padding-bottom: 1pt">2,460</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right; border-bottom: Black 1pt solid">2,821,152</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="font-size: 2pt">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="9" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">9,619,201</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="font-size: 2pt; font-weight: bold">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="10" STYLE="vertical-align: bottom; color: navy; font-weight: bold; border-top: Black 1pt solid">California &#8212; 16.1%</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">California Educational Facilities Authority, RB, University of Southern California, Series A, 5.25%, 10/01/38</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">5,050</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">5,980,513</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">California Health Facilities Financing Authority, RB:</TD>
    <TD COLSPAN="8" STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Stanford Hospital and Clinics, Series A, 5.00%, 8/15/42</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">2,770</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">3,114,172</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Sutter Health, Series B, 6.00%, 8/15/42</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">2,865</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">3,442,469</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">City of San Jose California, Refunding ARB, Series A-1, AMT, 5.50%, 3/01/30</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">4,045</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">4,637,754</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">City of Sunnyvale California, Refunding RB, 5.25%, 4/01/40</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">2,800</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">3,238,228</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">County of Sacramento California, ARB, Senior Series A (AGC), 5.50%, 7/01/41</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">3,500</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">3,937,185</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Emery Unified School District, GO, Election of 2010, Series A (AGM), 5.50%, 8/01/35</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">1,875</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">2,197,069</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Los Angeles Community College District California, GO:</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Election of 2001, Series A (NPFGC), 5.00%, 8/01/32</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">5,000</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">5,686,900</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Election of 2008, Series C, 5.25%, 8/01/39</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">2,000</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">2,415,660</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Oceanside Unified School District California, GO, Series A (AGC), 5.25%, 8/01/33</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">1,675</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">1,880,121</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Redondo Beach Unified School District, GO, Election of 2008, Series E, 5.50%, 8/01/34</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">2,670</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">3,184,749</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">San Bernardino Community College District, GO, Election of 2002,   Series A, 6.25%, 8/01/33</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">2,165</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">2,593,367</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: bold; text-align: center">Par<BR> (000)</TD>
    <TD STYLE="vertical-align: bottom; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: bold; text-align: center">Value</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="10" STYLE="vertical-align: bottom; font-weight: bold">Municipal Bonds</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="font-size: 2pt; font-weight: bold">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="10" STYLE="vertical-align: bottom; color: navy; font-weight: bold; border-top: Black 1pt solid">California (concluded)</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">San Francisco City &amp; County Airports Commission, RB, Specialty Facility Lease, SFO Fuel, Series A, AMT (AGM), 6.10%, 1/01/20</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">$</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">1,250</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">$</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">1,253,950</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">State of California, GO, Refunding:</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Various Purpose, 5.00%, 9/01/41</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">5,760</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">6,360,653</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Veterans, Series BZ AMT (NPFGC), 5.35%, 12/01/21</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">10</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">10,018</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">University of California, Refunding RB, Limited Project, Series G, 5.00%, 5/15/37</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">1,500</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">1,748,595</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; padding-bottom: 1pt">Ventura County Community College District, GO, Election of 2002,   Series C, 5.50%, 8/01/33</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right; padding-bottom: 1pt">3,175</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right; border-bottom: Black 1pt solid">3,767,741</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="font-size: 2pt">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="9" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">55,449,144</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="font-size: 2pt; font-weight: bold">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="10" STYLE="vertical-align: bottom; color: navy; font-weight: bold; border-top: Black 1pt solid">Colorado &#8212; 1.6%</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">City &amp; County of Denver Colorado, Refunding ARB, Series B, 5.00%, 11/15/37</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">1,505</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">1,709,710</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Colorado Health Facilities Authority, RB, Hospital, NCMC, Inc. Project, Series B (AGM), 6.00%, 5/15/26</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">3,300</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right; border-bottom: Black 1pt solid">3,935,646</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="font-size: 2pt">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="9" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">5,645,356</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="font-size: 2pt; font-weight: bold">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="10" STYLE="vertical-align: bottom; color: navy; font-weight: bold; border-top: Black 1pt solid">Florida &#8212; 10.9%</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">City of Jacksonville Florida, RB, Series A, 5.25%, 10/01/26</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">2,000</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">2,401,260</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">City of Jacksonville Florida Sales Tax, Refunding RB, Better Jacksonville, Series A, 5.00%, 10/01/30</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">1,885</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">2,179,984</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">County of Lee Florida, Refunding ARB, Series A, AMT, 5.38%, 10/01/32</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">2,500</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">2,763,200</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">County of Miami-Dade Florida, Refunding RB:</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Special Obligation, Sub-Series B, 5.00%, 10/01/31 (a)</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">1,315</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">1,481,387</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Miami International Airport, Series A AMT (AGM), 5.25%, 10/01/41</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">4,610</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">4,966,122</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Miami International Airport, Series A AMT (AGM), 5.50%, 10/01/41</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">4,180</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">4,564,811</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Jacksonville Florida Port Authority, Refunding RB, AMT, 5.00%, 11/01/38</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">2,215</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">2,394,194</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Orange County School Board, COP, Series A (AGC), 5.50%, 8/01/34</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">7,600</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">8,793,048</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; padding-bottom: 1pt">Tohopekaliga Water Authority, Refunding RB, Series A, 5.25%, 10/01/36</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right; padding-bottom: 1pt">6,965</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right; border-bottom: Black 1pt solid">8,088,315</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="font-size: 2pt">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="9" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">37,632,321</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="font-size: 2pt; font-weight: bold">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="10" STYLE="vertical-align: bottom; color: navy; font-weight: bold; border-top: Black 1pt solid">Idaho &#8212; 0.1%</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Idaho Housing &amp; Finance Association, RB, S/F Mortgage, Series E, AMT, 6.00%, 1/01/32</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">230</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">230,393</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="font-size: 2pt; font-weight: bold">&nbsp;</TD></TR>
<TR>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 12%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 15%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
</TABLE>
<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 3pt; border-top: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR><TD STYLE="text-align: left; width: 50%">BLACKROCK MUNIHOLDINGS QUALITY FUND II, INC.</TD><TD STYLE="text-align: right; width: 50%">OCTOBER 31, 2012&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
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<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 54%; padding-right: 5.4pt; padding-left: 5.4pt; font: 12pt Arial, Helvetica, Sans-Serif; color: navy"><b><FONT STYLE="font-size: 14pt">Schedule of Investments</FONT><FONT STYLE="font-size: 9pt"> (continued)</FONT></b></TD>
    <TD STYLE="width: 46%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="color: navy; font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>BlackRock MuniHoldings Quality
        Fund II, Inc. (MUE)</B></P>
        <P STYLE="color: navy; font: 7pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>(Percentages shown are based on
        Net Assets)</B></P></TD></TR>
</TABLE>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial; width: 100%; border-collapse: collapse">
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: bold; text-align: center">Par<BR> (000)</TD>
    <TD STYLE="vertical-align: bottom; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: bold; text-align: center">Value</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="10" STYLE="vertical-align: bottom; font-weight: bold">Municipal Bonds</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="font-size: 2pt; font-weight: bold">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="10" STYLE="vertical-align: bottom; color: navy; font-weight: bold; border-top: Black 1pt solid">Illinois &#8212; 14.3%</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Chicago Illinois Board of Education, GO, Series A:</TD>
    <TD COLSPAN="8" STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">5.50%, 12/01/39</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right"></TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">$</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">3,405</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">$</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">3,985,791</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">5.00%, 12/01/42</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">4,710</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">5,117,886</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Chicago Illinois Board of Education, GO, Refunding, Chicago School Reform Board, Series A (NPFGC), 5.50%, 12/01/26</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">895</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">1,123,789</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Chicago Transit Authority, RB:</TD>
    <TD COLSPAN="8" STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Federal Transit Administration Section 5309, Series A (AGC), 6.00%, 6/01/26</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">3,400</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">3,999,080</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Sales Tax Receipts, 5.25%, 12/01/36</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">1,060</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">1,216,573</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Sales Tax Receipts, 5.25%, 12/01/40</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">3,135</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">3,592,804</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">City of Chicago Illinois, ARB, O'Hare International Airport, General, Third Lien:</TD>
    <TD COLSPAN="8" STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Series A, 5.75%, 1/01/39</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">2,000</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">2,360,740</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Series C, 6.50%, 1/01/41</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">9,085</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">11,275,848</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">City of Chicago Illinois, Refunding ARB, O'Hare International Airport, General, Third Lien, Series C (AGM), 5.25%, 1/01/35</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">1,015</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">1,140,352</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">City of Chicago Illinois, Refunding RB, O'Hare International Airport, General, Third Lien, Sales Tax, Series A, 5.25%, 1/01/38</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">1,310</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">1,516,194</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Cook County Forest Preserve District, GO, Series C, 5.00%, 12/15/32</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">965</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">1,110,435</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Cook County Forest Preserve District, GO, Refunding, Limited Tax Project, Series B, 5.00%, 12/15/32</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">455</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">523,573</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Metropolitan Pier &amp; Exposition Authority, Refunding RB, McCormick Place Project, Series B, 5.00%, 12/15/28</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">3,400</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">3,992,518</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Railsplitter Tobacco Settlement Authority, RB:</TD>
    <TD COLSPAN="8" STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">5.50%, 6/01/23</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">2,350</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">2,744,518</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">6.00%, 6/01/28</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">670</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">795,424</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; padding-bottom: 1pt">State of Illinois, RB, Build Illinois,  Series B, 5.25%, 6/15/28</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right; padding-bottom: 1pt">4,000</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right; border-bottom: Black 1pt solid">4,646,200</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="font-size: 2pt">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="9" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">49,141,725</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="font-size: 2pt; font-weight: bold">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="10" STYLE="vertical-align: bottom; color: navy; font-weight: bold; border-top: Black 1pt solid">Indiana &#8212; 0.8%</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Indianapolis Local Public Improvement Bond Bank, Refunding RB, Waterworks Project, Series A (AGC), 5.50%, 1/01/38</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">2,370</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">2,692,628</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="font-size: 2pt; font-weight: bold">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="10" STYLE="vertical-align: bottom; color: navy; font-weight: bold; border-top: Black 1pt solid">Kansas &#8212; 1.3%</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Kansas Development Finance Authority, Refunding RB, Series A, 5.00%, 11/15/32</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">4,000</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">4,630,560</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; border-top: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; border-top: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right; border-top: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right; border-top: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right; border-top: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; border-top: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="font-size: 2pt; font-weight: bold">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: bold; text-align: center">Par<BR> (000)</TD>
    <TD STYLE="vertical-align: bottom; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: bold; text-align: center">Value</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="10" STYLE="vertical-align: bottom; font-weight: bold">Municipal Bonds</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="font-size: 2pt; font-weight: bold">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="10" STYLE="vertical-align: bottom; color: navy; font-weight: bold; border-top: Black 1pt solid">Massachusetts &#8212; 0.4%</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Massachusetts Development Finance Agency, RB, Wellesley College,  &nbsp;Series J, 5.00%, 7/01/42</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">$</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">1,125</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">$</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">1,315,631</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="font-size: 2pt; font-weight: bold">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="10" STYLE="vertical-align: bottom; color: navy; font-weight: bold; border-top: Black 1pt solid">Michigan &#8212; 4.3%</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">City of Detroit Michigan, Refunding RB, Sewage Disposal System,      Senior Lien (AGM):</TD>
    <TD COLSPAN="8" STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Series C-1, 7.00%, 7/01/27</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">4,180</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">5,118,159</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Series B, 7.50%, 7/01/33</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">1,330</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">1,668,086</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Hudsonville Public Schools, GO, School Building &amp; Site (Q-SBLF), 5.25%, 5/01/41</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">3,420</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">3,878,280</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; padding-bottom: 1pt">Royal Oak Hospital Finance Authority Michigan, Refunding RB, William Beaumont Hospital, 8.25%, 9/01/39</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right; padding-bottom: 1pt">3,115</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right; border-bottom: Black 1pt solid">4,016,793</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="font-size: 2pt">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="9" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">14,681,318</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="font-size: 2pt; font-weight: bold">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="10" STYLE="vertical-align: bottom; color: navy; font-weight: bold; border-top: Black 1pt solid">Minnesota &#8212; 0.7%</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">City of Minneapolis Minnesota, Refunding RB, Fairview Health Services, Series B (AGC), 6.50%, 11/15/38</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">1,975</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">2,439,243</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="font-size: 2pt; font-weight: bold">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="10" STYLE="vertical-align: bottom; color: navy; font-weight: bold; border-top: Black 1pt solid">Mississippi &#8212; 1.7%</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Mississippi Development Bank, Refunding RB, Water and Sewer System, Series A (AGM), 5.00%, 9/01/30</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">4,930</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">5,750,352</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="font-size: 2pt; font-weight: bold">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="10" STYLE="vertical-align: bottom; color: navy; font-weight: bold; border-top: Black 1pt solid">Nevada &#8212; 2.4%</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">County of Clark Nevada, ARB:</TD>
    <TD COLSPAN="8" STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Las Vegas-McCarran International Airport, Series A (AGM), 5.25%, 7/01/39</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">6,210</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">6,998,049</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; padding-bottom: 1pt">Subordinate Lien, Series A-2 (NPFGC), 5.00%, 7/01/36</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right; padding-bottom: 1pt">1,300</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right; border-bottom: Black 1pt solid">1,368,198</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="font-size: 2pt">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="9" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">8,366,247</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="font-size: 2pt; font-weight: bold">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="10" STYLE="vertical-align: bottom; color: navy; font-weight: bold; border-top: Black 1pt solid">New Jersey &#8212; 5.7%</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">New Jersey EDA, RB, Motor Vehicle Surcharge, Series A (NPFGC), 5.25%, 7/01/33</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">6,625</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">7,054,963</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">New Jersey Health Care Facilities Financing Authority, RB, Virtua Health (AGC), 5.50%, 7/01/38</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">3,400</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">3,794,604</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">New Jersey Transportation Trust Fund Authority, RB, Transportation System:</TD>
    <TD COLSPAN="8" STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Series A, 5.50%, 6/15/41</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">3,030</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">3,543,918</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Series A (AGC), 5.63%, 12/15/28</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">2,930</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">3,527,837</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; padding-bottom: 1pt">Series B, 5.25%, 6/15/36</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right; padding-bottom: 1pt">1,500</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right; border-bottom: Black 1pt solid">1,733,715</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="font-size: 2pt">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="9" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">19,655,037</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="font-size: 2pt; font-weight: bold">&nbsp;</TD></TR>
<TR>
    <TD STYLE="width: 5%; border-top: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 6%; border-top: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 2%; border-top: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-top: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 12%; border-top: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-top: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-top: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 2%; border-top: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 15%; border-top: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-top: Black 1pt solid">&nbsp;</TD></TR>
</TABLE>
<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 3pt; border-top: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR><TD STYLE="text-align: left; width: 50%">BLACKROCK MUNIHOLDINGS QUALITY FUND II, INC.</TD><TD STYLE="text-align: right; width: 50%">OCTOBER 31, 2012&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt; border-bottom: Navy 4pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 54%; padding-right: 5.4pt; padding-left: 5.4pt; font: 12pt Arial, Helvetica, Sans-Serif; color: navy"><b><FONT STYLE="font-size: 14pt">Schedule of Investments</FONT><FONT STYLE="font-size: 9pt"> (continued)</FONT></b></TD>
    <TD STYLE="width: 46%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="color: navy; font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>BlackRock MuniHoldings Quality
        Fund II, Inc. (MUE)</B></P>
        <P STYLE="color: navy; font: 7pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>(Percentages shown are based on
        Net Assets)</B></P></TD></TR>
</TABLE>



<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial; width: 100%; border-collapse: collapse">
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: bold; text-align: center">Par<BR> (000)</TD>
    <TD STYLE="vertical-align: bottom; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: bold; text-align: center">Value</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="10" STYLE="vertical-align: bottom; font-weight: bold">Municipal Bonds</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="font-size: 2pt; font-weight: bold">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="10" STYLE="vertical-align: bottom; color: navy; font-weight: bold; border-top: Black 1pt solid">New York &#8212; 10.8%</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Hudson New York Yards Infrastructure Corp., Refunding RB, Series A, 5.75%, 2/15/47</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">$</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">940</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">$</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">1,109,839</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">New York City Municipal Water Finance Authority, RB, Fiscal 2009, Series EE, 5.25%, 6/15/40</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">6,930</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">8,062,362</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">New York City Municipal Water Finance Authority, Refunding RB, Second General Resolution, Series EE, 5.38%, 6/15/43</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">2,220</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">2,623,796</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">New York City Transitional Finance Authority, RB, Sub-Series S-2A, 5.00%, 7/15/30</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">4,045</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">4,779,532</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">New York State Dormitory Authority, RB, Series B:</TD>
    <TD COLSPAN="8" STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">5.00%, 3/15/37</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">5,750</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">6,637,570</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">5.00%, 3/15/42</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">4,000</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">4,592,880</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">New York State Thruway Authority, Refunding RB, Series I, 5.00%, 1/01/37</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">1,740</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">1,982,608</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; padding-bottom: 1pt">Sales Tax Asset Receivable Corp, Refunding RB, Series A (AMBAC), 5.25%, 10/15/27</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right; padding-bottom: 1pt">6,750</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right; border-bottom: Black 1pt solid">7,330,432</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="font-size: 2pt">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="9" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">37,119,019</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="font-size: 2pt; font-weight: bold">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="10" STYLE="vertical-align: bottom; color: navy; font-weight: bold; border-top: Black 1pt solid">North Carolina &#8212; 1.1%</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">North Carolina Medical Care Commission, RB, Duke University Health System, Series A, 5.00%, 6/01/32</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">3,400</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">3,965,726</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="font-size: 2pt; font-weight: bold">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="10" STYLE="vertical-align: bottom; color: navy; font-weight: bold; border-top: Black 1pt solid">Pennsylvania &#8212; 0.7%</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Philadelphia Hospitals &amp; Higher Education Facilities Authority, Refunding RB, Children's Hospital, Series D, 5.00%, 7/01/32</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">1,940</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">2,259,848</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="font-size: 2pt; font-weight: bold">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="10" STYLE="vertical-align: bottom; color: navy; font-weight: bold; border-top: Black 1pt solid">Puerto Rico &#8212; 1.2%</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Puerto Rico Sales Tax Financing Corp., RB, First Sub-Series A, 6.38%, 8/01/39</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">3,500</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">4,045,440</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="font-size: 2pt; font-weight: bold">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="10" STYLE="vertical-align: bottom; color: navy; font-weight: bold; border-top: Black 1pt solid">South Carolina &#8212; 3.9%</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">City of North Charleston South Carolina, RB, 5.00%, 6/01/35</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">2,265</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">2,569,122</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">South Carolina State Public Service Authority, Refunding RB:</TD>
    <TD COLSPAN="8" STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Santee Cooper, Series A, 5.50%, 1/01/38</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">2,500</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">2,966,975</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; padding-bottom: 1pt">Series A (AMBAC), 5.00%, 1/01/42</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right; padding-bottom: 1pt">7,000</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right; border-bottom: Black 1pt solid">7,898,170</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="font-size: 2pt">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="9" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">13,434,267</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="font-size: 2pt; font-weight: bold">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="10" STYLE="vertical-align: bottom; color: navy; font-weight: bold; border-top: Black 1pt solid">Texas &#8212; 22.1%</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">City of Austin Texas, Refunding RB, Electric Utility, Series A (AGM), 5.00%, 11/15/28</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">1,300</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">1,540,539</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: bold; text-align: center">Par<BR> (000)</TD>
    <TD STYLE="vertical-align: bottom; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: bold; text-align: center">Value</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="10" STYLE="vertical-align: bottom; font-weight: bold">Municipal Bonds</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="font-size: 2pt; font-weight: bold">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="10" STYLE="vertical-align: bottom; color: navy; font-weight: bold; border-top: Black 1pt solid">Texas (concluded)</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">City of Houston Texas, Refunding RB, Combined, First Lien, Utility System, Series A (AGC), 6.00%, 11/15/35</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">$</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">6,700</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">$</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">8,251,787</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Dallas Area Rapid Transit, Refunding RB, Senior Lien, 5.25%, 12/01/38</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">4,555</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">5,291,680</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Dallas Fort Worth International Airport, Refunding ARB, Series E, AMT, 5.00%, 11/01/35</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">5,000</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">5,468,300</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Harris County Health Facilities Development Corp., Refunding RB, Memorial Hermann Healthcare System, Series B, 7.25%, 12/01/35</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">1,000</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">1,254,930</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Katy ISD Texas, GO, Refunding, School Building, Series A (PSF-GTD), 5.00%, 2/15/42</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">1,890</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">2,212,774</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Lamar Texas Consolidated ISD, GO, Refunding, School House, Series A (PSF-GTD), 5.00%, 2/15/45</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">2,055</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">2,389,575</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">North Texas Tollway Authority, RB, Special Projects System, Series A, 5.50%, 9/01/41</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">7,000</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">8,336,860</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">North Texas Tollway Authority, Refunding RB, First Tier System:</TD>
    <TD COLSPAN="8" STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Series A (NPFGC), 5.63%, 1/01/33</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">10,975</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">12,243,710</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Series A (NPFGC), 5.75%, 1/01/40</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">11,575</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">12,993,169</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Series B (NPFGC), 5.75%, 1/01/40</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">1,000</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">1,122,520</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Series K-2 (AGC), 6.00%, 1/01/38</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">1,000</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">1,158,550</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Tarrant County Cultural Education Facilities Finance Corp., Refunding RB, Christus Health, Series A (AGC), 6.50%, 7/01/37</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">3,000</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">3,527,880</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Texas State Turnpike Authority, RB, First Tier, Series A (AMBAC), 5.00%, 8/15/42</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">2,500</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">2,516,325</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Texas Tech University, Refunding RB, Improvement Financing,        &nbsp;14th Series A, 5.00%, 8/15/29</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">2,000</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">2,385,300</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; padding-bottom: 1pt">University of Texas System, Refunding RB, Financing System, Series B, 5.00%, 8/15/43</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right; padding-bottom: 1pt">4,575</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right; border-bottom: Black 1pt solid">5,405,591</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="font-size: 2pt">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="9" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">76,099,490</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="font-size: 2pt; font-weight: bold">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="10" STYLE="vertical-align: bottom; color: navy; font-weight: bold; border-top: Black 1pt solid">Virginia &#8212; 2.4%</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Fairfax County IDA, RB, Inova Health System, Series A, 5.00%, 5/15/40</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">1,740</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">1,956,108</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Virginia Public School Authority, RB, School Financing, 6.50%, 12/01/35</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">2,195</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">2,725,598</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; padding-bottom: 1pt">Virginia Resources Authority, RB,  Series A, 5.00%, 11/01/42</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right; padding-bottom: 1pt">3,110</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right; border-bottom: Black 1pt solid">3,632,231</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="font-size: 2pt">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="9" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">8,313,937</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="font-size: 2pt; font-weight: bold">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="10" STYLE="vertical-align: bottom; color: navy; font-weight: bold; border-top: Black 1pt solid">Washington &#8212; 1.5%</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">City of Seattle Washington, Refunding RB, Light and Power, Series A, 5.25%, 2/01/36</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">2,400</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">2,807,232</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 12%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 15%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
</TABLE>
<!-- Field: Page; Sequence: 4 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 3pt; border-top: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR><TD STYLE="text-align: left; width: 50%">BLACKROCK MUNIHOLDINGS QUALITY FUND II, INC.</TD><TD STYLE="text-align: right; width: 50%">OCTOBER 31, 2012&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt; border-bottom: Navy 4pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 54%; padding-right: 5.4pt; padding-left: 5.4pt; font: 12pt Arial, Helvetica, Sans-Serif; color: navy"><b><FONT STYLE="font-size: 14pt">Schedule of Investments</FONT><FONT STYLE="font-size: 9pt"> (continued)</FONT></b></TD>
    <TD STYLE="width: 46%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="color: navy; font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>BlackRock MuniHoldings Quality
        Fund II, Inc. (MUE)</B></P>
        <P STYLE="color: navy; font: 7pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>(Percentages shown are based on
        Net Assets)</B></P></TD></TR>
</TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial; width: 100%; border-collapse: collapse">
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: bold; text-align: center">Par<BR> (000)</TD>
    <TD STYLE="vertical-align: bottom; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: bold; text-align: center">Value</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="10" STYLE="vertical-align: bottom; font-weight: bold">Municipal Bonds</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="font-size: 2pt; font-weight: bold">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="10" STYLE="vertical-align: bottom; color: navy; font-weight: bold; border-top: Black 1pt solid">Washington (concluded)</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; padding-bottom: 1pt">State of Washington, GO, Various Purpose, Series B, 5.25%, 2/01/36</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right; padding-bottom: 1pt">$</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right; padding-bottom: 1pt">1,865</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right; padding-bottom: 1pt">$</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right; border-bottom: Black 1pt solid">2,196,429</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="font-size: 2pt">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="9" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">5,003,661</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="font-size: 2pt; font-weight: bold">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="10" STYLE="vertical-align: bottom; color: navy; font-weight: bold; border-top: Black 1pt solid">Wisconsin &#8212; 1.3%</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Wisconsin Health &amp; Educational Facilities Authority, RB, Ascension Health, Series D, 5.00%, 11/15/41</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">3,125</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">3,488,063</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; padding-bottom: 1pt">Wisconsin Health &amp; Educational Facilities Authority, Refunding RB, Froedtert Health, Inc. Obligated Group, Series A, 5.00%, 4/01/42</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right; padding-bottom: 1pt">790</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 10pt; text-align: right; text-indent: -10pt; border-bottom: Black 1pt solid">881,529</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="font-size: 2pt">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="9" STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; border-bottom: Black 1pt solid; padding-bottom: 1pt">4,369,592</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="font-size: 2pt; font-weight: bold">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="6" STYLE="vertical-align: bottom; font-weight: bold; border-bottom: Black 2pt solid; padding-bottom: 1pt">Total Municipal Bonds &#8211; 110.2%</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: bold; border-bottom: Black 2pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: normal; text-align: right; border-bottom: Black 2pt solid; padding-bottom: 1pt">379,103,742</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="6" STYLE="vertical-align: bottom; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: normal; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="10" STYLE="vertical-align: bottom">
<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: Navy 5pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="10" STYLE="vertical-align: bottom; font-weight: bold">Municipal Bonds Transferred to Tender Option Bond (TOB) Trusts (b)</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="font-size: 2pt; font-weight: bold">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="10" STYLE="vertical-align: bottom; color: navy; font-weight: bold; border-top: Black 1pt solid">Alabama &#8212; 1.2%</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Mobile Board of Water &amp; Sewer Commissioners, RB (NPFGC), 5.00%, 1/01/31</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">3,750</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">3,977,137</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="font-size: 2pt; font-weight: bold">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="10" STYLE="vertical-align: bottom; color: navy; font-weight: bold; border-top: Black 1pt solid">California &#8212; 1.7%</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Sequoia Union High School District California, GO, Refunding, Election of 2004, Series B (AGM), 5.50%, 7/01/35</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">5,189</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">5,862,366</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="font-size: 2pt; font-weight: bold">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="10" STYLE="vertical-align: bottom; color: navy; font-weight: bold; border-top: Black 1pt solid">Colorado &#8212; 2.9%</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Colorado Health Facilities Authority, RB, Catholic Health, Series C-3 (AGM), 5.10%, 10/01/41</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">9,410</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">10,078,863</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="font-size: 2pt; font-weight: bold">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="10" STYLE="vertical-align: bottom; color: navy; font-weight: bold; border-top: Black 1pt solid">District of Columbia &#8212; 0.6%</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">District of Columbia Water &amp; Sewer Authority, Refunding RB, Series A, 6.00%, 10/01/35 (c)</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">1,700</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">2,074,193</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="font-size: 2pt; font-weight: bold">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="10" STYLE="vertical-align: bottom; color: navy; font-weight: bold; border-top: Black 1pt solid">Florida &#8212; 7.4%</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">City of St. Petersburg Florida, Refunding RB (NPFGC), 5.00%, 10/01/35</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">6,493</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">7,070,744</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">County of Miami-Dade Florida, GO, Building Better Communities Program, Series B-1, 6.00%, 7/01/38</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">12,500</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">14,834,125</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">County of Miami-Dade Florida, Refunding RB, Transit System Sales Surtax, 5.00%, 7/01/42</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">1,650</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">1,861,530</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Lee County Housing Finance Authority, RB, Multi-County Program, Series A-2, AMT (Ginnie Mae), 6.00%, 9/01/40</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">1,575</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 10pt; text-align: right; text-indent: -10pt; border-bottom: Black 1pt solid">1,674,241</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="font-size: 2pt">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="9" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">25,440,640</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="10" STYLE="vertical-align: bottom; color: navy; font-weight: bold; border-top: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: bold; text-align: center">Par<BR> (000)</TD>
    <TD STYLE="vertical-align: bottom; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: bold; text-align: center">Value</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="10" STYLE="vertical-align: bottom; font-weight: bold">Municipal Bonds Transferred to Tender Option Bond (TOB) Trusts (b)</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="font-size: 2pt; font-weight: bold">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="10" STYLE="vertical-align: bottom; color: navy; font-weight: bold; border-top: Black 1pt solid">Georgia &#8212; 2.0%</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Augusta-Richmond County Georgia, RB, Water &amp; Sewer (AGM), 5.25%, 10/01/34</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">$</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">6,290</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">$</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">6,748,164</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="font-size: 2pt; font-weight: bold">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="10" STYLE="vertical-align: bottom; color: navy; font-weight: bold; border-top: Black 1pt solid">Illinois &#8212; 6.9%</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">City of Chicago Illinois, ARB, O'Hare International Airport, Series A (AGM), 5.00%, 1/01/38</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">15,000</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">16,253,400</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">City of Chicago Illinois, Refunding RB, Water System:</TD>
    <TD COLSPAN="8" STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">5.00%, 11/01/42</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">2,439</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">2,771,873</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Second Lien (AGM), 5.25%, 11/01/33</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">3,969</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 10pt; text-align: right; text-indent: -10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 10pt; text-align: right; text-indent: -10pt; border-bottom: Black 1pt solid">4,603,094</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="font-size: 2pt">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="9" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">23,628,367</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="font-size: 2pt; font-weight: bold">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="10" STYLE="vertical-align: bottom; color: navy; font-weight: bold; border-top: Black 1pt solid">Kentucky &#8212; 0.8%</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Kentucky State Property &amp; Building Commission, Refunding RB, Project No. 93 (AGC), 5.25%, 2/01/27</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">2,304</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">2,673,839</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="font-size: 2pt; font-weight: bold">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="10" STYLE="vertical-align: bottom; color: navy; font-weight: bold; border-top: Black 1pt solid">Massachusetts &#8212; 3.3%</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Massachusetts School Building Authority, RB:</TD>
    <TD COLSPAN="8" STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Dedicated Sales Tax, Senior Series B, 5.00%, 10/15/41</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">5,080</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">5,902,960</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Series A, 5.00%, 8/15/15 (d)</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">644</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">711,407</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Series A, 5.00%, 8/15/30</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">4,350</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 10pt; text-align: right; text-indent: -10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 10pt; text-align: right; text-indent: -10pt; border-bottom: Black 1pt solid">4,809,092</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="font-size: 2pt">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="9" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">11,423,459</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="font-size: 2pt; font-weight: bold">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="10" STYLE="vertical-align: bottom; color: navy; font-weight: bold; border-top: Black 1pt solid">Nevada &#8212; 6.5%</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Clark County Water Reclamation District, GO:</TD>
    <TD COLSPAN="8" STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Limited Tax, 6.00%, 7/01/38</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">10,000</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">12,276,900</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Series B, 5.50%, 7/01/29</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">8,247</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 10pt; text-align: right; text-indent: -10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 10pt; text-align: right; text-indent: -10pt; border-bottom: Black 1pt solid">10,174,266</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="font-size: 2pt">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="9" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">22,451,166</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="font-size: 2pt; font-weight: bold">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="10" STYLE="vertical-align: bottom; color: navy; font-weight: bold; border-top: Black 1pt solid">New Jersey &#8212; 1.2%</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">New Jersey State Housing &amp; Mortgage Finance Agency, RB, S/F Housing, Series CC, 5.25%, 10/01/29</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">3,861</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">4,276,575</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="font-size: 2pt; font-weight: bold">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="10" STYLE="vertical-align: bottom; color: navy; font-weight: bold; border-top: Black 1pt solid">New York &#8212; 7.7%</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">New York City Municipal Water Finance Authority, Refunding RB, Series FF, 5.00%, 6/15/45</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">5,958</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">6,813,544</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">New York City Transitional Finance Authority, RB:</TD>
    <TD COLSPAN="8" STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Building Aid Revenue, Fiscal 2009, Series S-3, 5.25%, 1/15/39</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">2,300</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">2,595,952</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Future Tax Secured, Sub-Series E-1, 5.00%, 2/01/42</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">2,919</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">3,364,915</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">New York Liberty Development Corp., RB, 1 World Trade Center Port Authority Construction, 5.25%, 12/15/43</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">7,515</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">8,641,606</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 12%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 15%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
</TABLE>
<!-- Field: Page; Sequence: 5 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 3pt; border-top: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR><TD STYLE="text-align: left; width: 50%">BLACKROCK MUNIHOLDINGS QUALITY FUND II, INC.</TD><TD STYLE="text-align: right; width: 50%">OCTOBER 31, 2012&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt; border-bottom: Navy 4pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 54%; padding-right: 5.4pt; padding-left: 5.4pt; font: 12pt Arial, Helvetica, Sans-Serif; color: navy"><b><FONT STYLE="font-size: 14pt">Schedule of Investments</FONT><FONT STYLE="font-size: 9pt"> (continued)</FONT></b></TD>
    <TD STYLE="width: 46%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="color: navy; font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>BlackRock MuniHoldings Quality
        Fund II, Inc. (MUE)</B></P>
        <P STYLE="color: navy; font: 7pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>(Percentages shown are based on
        Net Assets)</B></P></TD></TR>
</TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center">Par<BR> (000)</TD>
    <TD STYLE="vertical-align: bottom; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center">Value</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="6" STYLE="vertical-align: bottom; font-weight: bold">Municipal Bonds Transferred to Tender Option Bond (TOB) Trusts (b)</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="7" STYLE="font-size: 2pt; font-weight: bold">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="6" STYLE="vertical-align: bottom; border-top: black 1pt solid; color: navy; font-weight: bold">New York (concluded)</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 10pt; text-indent: -10pt">New York Liberty Development Corp., Refunding RB, 4 World Trade Center Project, 5.75%, 11/15/51</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 10pt; text-align: right; text-indent: -10pt">$</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 10pt; text-align: right; text-indent: -10pt">4,400&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 10pt; text-align: right; text-indent: -10pt">$</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 10pt; text-align: right; text-indent: -10pt; border-bottom: Black 1pt solid">5,187,556&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="7" STYLE="font-size: 2pt">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="5" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">26,603,573&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="7" STYLE="font-size: 2pt; font-weight: bold">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="6" STYLE="vertical-align: bottom; border-top: black 1pt solid; color: navy; font-weight: bold">Puerto Rico &mdash; 1.0%</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 10pt; text-indent: -10pt">Puerto Rico Sales Tax Financing Corp., Refunding RB, Sales Tax, Series C, 5.25%, 8/01/40</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 10pt; text-align: right; text-indent: -10pt">3,020&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 10pt; text-align: right; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 10pt; text-align: right; text-indent: -10pt">3,314,963&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="7" STYLE="font-size: 2pt; font-weight: bold">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="6" STYLE="vertical-align: bottom; border-top: black 1pt solid; color: navy; font-weight: bold">Texas &mdash; 1.7%</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 10pt; text-indent: -10pt">Waco Educational Finance Corp., Refunding RB, Baylor University, 5.00%, 3/01/43</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 10pt; text-align: right; text-indent: -10pt">4,995&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 10pt; text-align: right; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 10pt; text-align: right; text-indent: -10pt">5,732,662&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="7" STYLE="font-size: 2pt; font-weight: bold">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="6" STYLE="vertical-align: bottom; border-top: black 1pt solid; color: navy; font-weight: bold">Utah &mdash; 0.8%</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 10pt; text-indent: -10pt">City of Riverton Utah Hospital, RB, IHC Health Services, Inc., 5.00%, 8/15/41</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 10pt; text-align: right; text-indent: -10pt">2,504&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 10pt; text-align: right; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 10pt; text-align: right; text-indent: -10pt">2,745,355&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="7" STYLE="font-size: 2pt; font-weight: bold">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="6" STYLE="vertical-align: bottom; border-top: black 1pt solid; color: navy; font-weight: bold">Washington &mdash; 3.8%</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 10pt; text-indent: -10pt">City of Bellevue Washington, GO, Refunding (NPFGC), 5.50%, 12/01/14 (d)</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 10pt; text-align: right; text-indent: -10pt">6,883&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 10pt; text-align: right; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 10pt; text-align: right; text-indent: -10pt">7,617,464&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 10pt; text-indent: -10pt">University of Washington, Refunding RB, Series A, 5.00%, 7/01/41</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 10pt; text-align: right; text-indent: -10pt">4,694&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 10pt; text-align: right; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 10pt; text-align: right; text-indent: -10pt; border-bottom: Black 1pt solid; padding-bottom: 1pt">5,485,184&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="7" STYLE="font-size: 2pt">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="5" STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; border-bottom: Black 1pt solid; padding-bottom: 1pt">13,102,648&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="7" STYLE="font-size: 2pt; font-weight: bold">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; font-weight: bold; border-bottom: Black 1pt solid; padding-bottom: 1pt">Total Municipal Bonds Transferred to Tender Option Bond (TOB) Trusts &ndash; 49.5%</TD>
    <TD STYLE="vertical-align: bottom; font-weight: bold; border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; border-bottom: Black 1pt solid; padding-bottom: 1pt">170,133,970&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="7" STYLE="font-size: 2pt; font-weight: bold">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; font-weight: bold; border-bottom: Black 2pt solid; padding-bottom: 1pt">Total Long-Term Investments<BR> (Cost &ndash; $497,500,566) &ndash; 159.7%</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: bold; border-bottom: Black 2pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; border-bottom: Black 2pt solid; padding-bottom: 1pt">549,237,712&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="6" STYLE="vertical-align: bottom; font-size: 1pt"><!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: Navy 5pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center"><BR>Shares</TD>
    <TD STYLE="vertical-align: bottom; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="6" STYLE="vertical-align: bottom; font-weight: bold; border-bottom: Black 1pt solid; padding-bottom: 1pt">Short-Term Securities</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="7" STYLE="font-size: 2pt; font-weight: bold">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-left: 10pt; text-indent: -10pt; border-bottom: Black 1pt solid; padding-bottom: 1pt">FFI Institutional Tax-Exempt Fund, 0.04% (e)(f)</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 10pt; text-indent: -10pt; border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 10pt; text-align: right; text-indent: -10pt; border-bottom: Black 1pt solid; padding-bottom: 1pt">7,289,473</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 10pt; text-align: right; text-indent: -10pt; border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 10pt; text-align: right; text-indent: -10pt; border-bottom: Black 1pt solid; padding-bottom: 1pt">7,289,473&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="7" STYLE="font-size: 2pt; font-weight: bold">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; font-weight: bold; border-bottom: Black 1pt solid; padding-bottom: 1pt">Total Short-Term Securities<BR> (Cost &ndash; $7,289,473) &ndash; 2.1%</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: bold; border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; border-bottom: Black 1pt solid; padding-bottom: 1pt">7,289,473&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="7" STYLE="font-size: 2pt; font-weight: bold">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="5" STYLE="vertical-align: bottom; font-weight: bold">Total Investments (Cost - $504,790,039*) &ndash; 161.8%</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">556,527,185&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 10pt; font-weight: bold; text-indent: -10pt">Other Assets Less Liabilities &ndash; 1.1%</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 10pt; font-weight: bold; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 10pt; text-align: right; text-indent: -10pt">3,684,357&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 10pt; font-weight: bold; text-indent: -10pt">Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable &ndash; (24.8)%</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 10pt; font-weight: bold; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 10pt; text-align: right; text-indent: -10pt">(85,225,164)</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 10pt; font-weight: bold; text-indent: -10pt; padding-bottom: 1pt">VMTP Shares, at Liquidation Value &ndash; (38.1)%</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 10pt; font-weight: bold; text-indent: -10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 10pt; text-align: right; text-indent: -10pt; border-bottom: Black 1pt solid">(131,000,000)</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="7" STYLE="font-size: 2pt">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; font-weight: bold; padding-bottom: 2pt">Net Assets Applicable to Common Shares &ndash; 100.0%</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-bottom: 2pt">$</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; border-bottom: Black 2pt solid">343,986,378&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 4%; border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 3%; border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 12%; border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 2%; border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 15%; border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 22pt; text-align: left">*</TD><TD>As of October 31, 2012, gross unrealized appreciation and
gross unrealized depreciation based on cost for federal income tax purposes were as follows:</TD>
</TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 22pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 2pt">Tax cost</TD>
    <TD STYLE="vertical-align: bottom; width: 2%; text-align: right; padding-bottom: 2pt">$</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; width: 15%; border-bottom: Black 2pt solid">420,005,290&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; padding-bottom: 2pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">Gross unrealized appreciation</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">$</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">51,788,442&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 2pt">Gross unrealized depreciation</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; border-bottom: Black 1pt solid; padding-bottom: 1pt">(491,596)</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="5" STYLE="font-size: 2pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 2pt">Net unrealized appreciation</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-bottom: 2pt">$</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; border-bottom: Black 2pt solid">51,296,846&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 22pt; text-align: left">(a)</TD><TD>When-issued security. Unsettled when-issued transactions
were as follows:</TD>
</TR></TABLE>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="5" STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 72%; font-weight: bold; border-bottom: Black 1pt solid; padding-left: 22pt">Counterparty</TD>
    <TD STYLE="width: 13%; border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Value</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 13%; border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Unrealized Appreciation</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 22pt">Citigroup, Inc.</TD>
    <TD STYLE="text-align: center">$1,481,387</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: center">$4,984</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 2pt; border-bottom: Black 1pt solid; padding-left: 22pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 2pt; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 2pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 2pt; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 2pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR>
    <TD STYLE="width: 0pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 22pt">(b)</TD>
    <TD STYLE="vertical-align: bottom">Securities represent bonds transferred to a TOB in exchange for which the Fund acquired residual interest certificates. These securities serve as collateral in a financing transaction.</TD>
    </TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">(c)</TD>
    <TD STYLE="vertical-align: bottom">All or a portion of security is subject to a recourse agreement which may require the Fund to pay the Liquidity Provider in the event there is a shortfall between the TOB Trust Certificates and proceeds received from the sale of the security contributed to the TOB trust. In the case of a shortfall, the aggregate maximum potential amount the Fund could ultimately be required to pay under the agreements is $850,278.</TD>
    </TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">(d)</TD>
    <TD STYLE="vertical-align: bottom">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.</TD>
    </TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">(e)</TD>
    <TD STYLE="vertical-align: bottom">Investments in issuers considered to be an affiliate of the Fund during the period ended October 31, 2012, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:</TD>
    </TR>
</TABLE>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 1pt solid">Affiliate</TD>
    <TD STYLE="vertical-align: bottom; font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; font-weight: bold; text-align: center; border-top: Black 1pt solid; border-bottom: Black 1pt solid">Shares<BR> Held at<BR> July 31, 2012</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; font-weight: bold; text-align: center; border-top: Black 1pt solid; border-bottom: Black 1pt solid">Net<BR> Activity</TD>
    <TD STYLE="vertical-align: bottom; font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: bold; text-align: center; border-top: Black 1pt solid; border-bottom: Black 1pt solid">Shares<BR> Held at<BR> October 31, 2012</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: bold; text-align: center; border-top: Black 1pt solid; border-bottom: Black 1pt solid">Income</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; border-top: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="16" STYLE="font-size: 2pt; font-weight: bold">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-left: 10pt; text-indent: -10pt; border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 10pt; text-indent: -10pt; border-bottom: Black 1pt solid; padding-bottom: 1pt">FFI Institutional Tax-Exempt Fund</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 10pt; text-indent: -10pt; border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding-left: 10pt; text-align: center; text-indent: -10pt; border-bottom: Black 1pt solid; padding-bottom: 1pt">&mdash;</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 10pt; text-align: center; text-indent: -10pt; border-bottom: Black 1pt solid; padding-bottom: 1pt">7,289,473</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 10pt; text-indent: -10pt; border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 10pt; text-align: center; text-indent: -10pt; border-bottom: Black 1pt solid; padding-bottom: 1pt">7,289,473</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 10pt; text-indent: -10pt; border-bottom: Black 1pt solid; padding-bottom: 1pt">$</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 10pt; text-align: center; text-indent: -10pt; border-bottom: Black 1pt solid; padding-bottom: 1pt">331</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="16" STYLE="font-size: 2pt; font-weight: bold">&nbsp;</TD></TR>
<TR>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 41%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 12%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 9%">&nbsp;</TD>
    <TD STYLE="width: 9%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 22pt; text-align: left">(f)</TD><TD>Represents the current yield as of report date.</TD>
</TR></TABLE>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>




<!-- Field: Page; Sequence: 6 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 3pt; border-top: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR><TD STYLE="text-align: left; width: 50%">BLACKROCK MUNIHOLDINGS QUALITY FUND II, INC.</TD><TD STYLE="text-align: right; width: 50%">OCTOBER 31, 2012&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
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    <!-- Field: /Page -->

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<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 54%; padding-right: 5.4pt; padding-left: 5.4pt; font: 12pt Arial, Helvetica, Sans-Serif; color: navy"><FONT STYLE="font-size: 14pt"><B>Schedule
    of Investments</B></FONT><B><FONT STYLE="font-size: 9pt"> (concluded)</FONT></B></TD>
    <TD STYLE="width: 46%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="color: navy; font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>BlackRock MuniHoldings Quality
        Fund II, Inc. (MUE)</B></P>
        <P STYLE="color: navy; font: 7pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right">&nbsp;</P></TD></TR>
</TABLE>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 96%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2">
        <P STYLE="font: bold 8pt Arial; margin: 12pt 0 0; background-color: #BFD5EB; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid">Portfolio
        Abbreviations</P></TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial; width: 100%; border-collapse: collapse">
<TR>
    <TD COLSPAN="5" STYLE="vertical-align: bottom">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 following list:&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="5" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top">AGC</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">Assured Guaranty Corp.</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top">AGM</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">Assured Guaranty Municipal Corp.</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top">AMBAC</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">American Municipal Bond Assurance Corp.</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top">AMT</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">Alternative Minimum Tax (subject to)</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top">ARB</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">Airport Revenue Bonds</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top">COP</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">Certificates of Participation</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top">EDA</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">Economic Development Authority</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top">Ginnie Mae</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-family: Arial">Government National Mortgage-Association</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top">GO</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">General Obligation Bonds</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top">IDA</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">Industrial Development Authority</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top">IDB</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">Industrial Development Board</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top">ISD</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">Independent School District</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top">NPFGC</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">National Public Finance Guarantee Corp.</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top">PSF-GTD</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-family: Arial">Permanent School Fund Guarantee</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top">Q-SBLF</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">Qualified School Bond Loan Fund</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top">RB</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">Revenue Bonds</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top">S/F</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">Single-Family</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="5" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">&#8226;</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom">Fair Value Measurements - Various inputs are used in determining the fair value of investments. These inputs to valuation techniques are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes as follows:</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&#8226;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom">Level 1 &#8212; unadjusted price quotations in active markets/exchanges for identical assets and liabilities that the Fund has the ability to access</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&#8226;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom">Level 2 &#8212; 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 or liabilities 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)</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&#8226;</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom">Level 3 &#8212; unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund's own assumptions used in determining the fair value of investments)</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6">The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety.</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="font-size: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6">Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the Fund's policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for investments is based on the pricing transparency of the investment and is not necessarily an indication of the risks 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 annual report.</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6">The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of October 31, 2012:</TD></TR>
<TR>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 13%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 73%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 8pt Arial,sans-serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; font-weight: bold; text-align: center">Level 1</TD>
    <TD COLSPAN="4" STYLE="border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; font-weight: bold; text-align: center">Level 2</TD>
    <TD COLSPAN="3" STYLE="border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; font-weight: bold; text-align: center">Level 3</TD>
    <TD COLSPAN="3" STYLE="border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; font-weight: bold; text-align: center">Total</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="17" STYLE="font-weight: bold">Assets:</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="17" STYLE="font-weight: normal">Investments:</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">
        <P STYLE="font: 8pt Arial; margin: 0">Long-Term</P>
        <P STYLE="font: 8pt Arial; margin: 0">Investments<SUP>1</SUP></P></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&#8212;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">$</TD>
    <TD COLSPAN="3" STYLE="font-weight: normal; text-align: right">549,237,712</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&#8212;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">$</TD>
    <TD STYLE="font-weight: normal; text-align: right">549,237,712</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">
        <P STYLE="font: 8pt Arial; margin: 0">Short-Term</P>
        <P STYLE="font: 8pt Arial; margin: 0">Securities</P></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; text-align: right">$</TD>
    <TD COLSPAN="2" STYLE="border-bottom: windowtext 1pt solid; text-indent: -10pt; padding-left: 10pt; text-align: right">7,289,473</TD>
    <TD COLSPAN="2" STYLE="border-bottom: windowtext 1pt solid; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: windowtext 1pt solid; text-align: right">&#8212;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: windowtext 1pt solid; text-align: right">&#8212;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: windowtext 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; text-indent: -10pt; padding-left: 10pt; text-align: right">7,289,473</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3"><B>Total</B></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; text-align: right">$</TD>
    <TD COLSPAN="2" STYLE="border-bottom: windowtext 1pt solid; text-indent: -10pt; padding-left: 10pt; text-align: right">7,289,473</TD>
    <TD COLSPAN="2" STYLE="border-bottom: windowtext 1pt solid; text-align: right">$</TD>
    <TD COLSPAN="3" STYLE="border-bottom: windowtext 1pt solid; font-weight: normal; text-align: right">549,237,712</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: windowtext 1pt solid; text-align: right">&#8212;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: windowtext 1pt solid; text-align: right">$</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; font-weight: normal; text-align: right">556,527,185</TD></TR>
<TR>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 9%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 9%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 8pt Arial,sans-serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Arial; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 22pt; text-align: left">1</TD><TD>See above Schedule of Investments for values in each state
or political subdivision.</TD>
</TR></TABLE>

<P STYLE="font: 8pt Arial; margin: 0">&nbsp;</P>

<P STYLE="font: 8pt Arial; margin: 0">Certain of the Fund&#8217;s liabilities are held at carrying amount, which
approximates fair value for financial reporting purposes. As of October 31, 2012, such liabilities are categorized within the disclosure
hierarchy as follows:</P>

<P STYLE="font: 8pt Arial,sans-serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; font-weight: bold; text-align: center">Level 1</TD>
    <TD STYLE="border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; font-weight: bold; text-align: center">Level 2</TD>
    <TD COLSPAN="2" STYLE="border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; font-weight: bold; text-align: center">Level 3</TD>
    <TD COLSPAN="3" STYLE="border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; font-weight: bold; text-align: center">Total</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="14" STYLE="font-weight: bold">Liabilities:</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: -10pt; padding-left: 10pt">Bank overdraft</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&#8212;</TD>
    <TD STYLE="text-align: right">$</TD>
    <TD COLSPAN="2" STYLE="text-align: right">(235,988)</TD>
    <TD COLSPAN="3" STYLE="text-align: right">&#8212;</TD>
    <TD STYLE="text-align: right">$</TD>
    <TD COLSPAN="2" STYLE="text-align: right">(235,988)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: -10pt; padding-left: 10pt">TOB trust certificates</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&#8212;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">(85,225,049)</TD>
    <TD COLSPAN="3" STYLE="text-align: right">&#8212;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">(85,225,049)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: -10pt; padding-left: 10pt">VMTP Shares</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: windowtext 1pt solid; text-align: right">&#8212;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: windowtext 1pt solid; text-indent: -10pt; padding-left: 10pt; font-weight: normal; text-align: right">(131,000,000)</TD>
    <TD COLSPAN="3" STYLE="border-bottom: windowtext 1pt solid; text-align: right">&#8212;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: windowtext 1pt solid; text-indent: -10pt; padding-left: 10pt; font-weight: normal; text-align: right">(131,000,000)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-indent: -10pt; padding-left: 10pt"><B>Total</B></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: windowtext 1pt solid; text-align: right">&#8212;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; text-align: right">$</TD>
    <TD COLSPAN="2" STYLE="border-bottom: windowtext 1pt solid; text-align: right">(216,461,037)</TD>
    <TD COLSPAN="3" STYLE="border-bottom: windowtext 1pt solid; text-align: right">&#8212;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; text-align: right">$</TD>
    <TD COLSPAN="2" STYLE="border-bottom: windowtext 1pt solid; text-align: right">(216,461,037)</TD></TR>
<TR>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 9%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 9%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 9%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 8pt Arial; margin: 0">There were no transfers between levels during the period ended October 31,
2012.</P>

<!-- Field: Page; Sequence: 7 -->
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 42pt; text-indent: -42pt">Item 2 &ndash; &nbsp;Controls and Procedures</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 42pt; text-indent: -42pt">2(a) &ndash; &nbsp;&nbsp;&nbsp;&nbsp;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 &Prime;1940 Act&Prime;)) 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 13a-15(b) under the
Securities Exchange Act of 1934, as amended.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 42pt; text-indent: -42pt">2(b) &ndash; &nbsp;&nbsp;&nbsp;&nbsp;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.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 42pt; text-indent: -42pt">Item 3 &ndash; Exhibits</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 42pt">Certifications &ndash; Attached hereto</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 42pt">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.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 41.75pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 41.75pt">BlackRock MuniHoldings Quality Fund II, Inc.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 41.75pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 41.75pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 50%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse; margin-left: 41.75pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; padding-right: -0.25in">By:</TD>
    <TD STYLE="padding-right: -0.25in; width: 95%"><U>/s/ John M. Perlowski</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: -0.25in">&nbsp;</TD>
    <TD STYLE="padding-right: -0.25in">John M. Perlowski</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: -0.25in">&nbsp;</TD>
    <TD STYLE="padding-right: -0.25in">Chief Executive Officer (principal executive officer) of</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: -0.25in">&nbsp;</TD>
    <TD STYLE="padding-right: -0.25in">BlackRock MuniHoldings Quality Fund II, Inc.</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 41.75pt"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 41.75pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 41.75pt">Date: December 21, 2012</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 41.75pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 41.75pt">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.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 41.75pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 41.75pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 50%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse; margin-left: 41.75pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; padding-right: -0.25in">By:</TD>
    <TD STYLE="padding-right: -0.25in; width: 95%"><U>/s/ John M. Perlowski</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: -0.25in">&nbsp;</TD>
    <TD STYLE="padding-right: -0.25in">John M. Perlowski</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: -0.25in">&nbsp;</TD>
    <TD STYLE="padding-right: -0.25in">Chief Executive Officer (principal executive officer) of</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: -0.25in">&nbsp;</TD>
    <TD STYLE="padding-right: -0.25in">BlackRock MuniHoldings Quality Fund II, Inc.</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 41.75pt">&nbsp;</P>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 41.75pt">Date: December 21, 2012</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 41.75pt">&nbsp;</P>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 50%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse; margin-left: 41.75pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 5%; padding-right: -0.25in">By:</TD>
    <TD STYLE="width: 95%; padding-right: -0.25in"><U>/s/ Neal J. Andrews</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: -0.25in">&nbsp;</TD>
    <TD STYLE="padding-right: -0.25in">Neal J. Andrews</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: -0.25in">&nbsp;</TD>
    <TD STYLE="padding-right: -0.25in">Chief Financial Officer (principal financial officer) of</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: -0.25in">&nbsp;</TD>
    <TD STYLE="padding-right: -0.25in">BlackRock MuniHoldings Quality Fund II, Inc.</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 41.75pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 41.75pt">Date: December 21, 2012</P>




<P STYLE="margin: 0"></P>

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<FILENAME>e51138ex99cert.htm
<DESCRIPTION>CERTIFICATION
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<P STYLE="font: 11pt Cambria; margin: 0; text-indent: 0in"><FONT STYLE="vertical-align: baseline"><B>EX-99.
CERT</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in; border-bottom: Black 0.75pt solid"><B>CERTIFICATION
PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: -0.25pt">I, John M. Perlowski, Chief Executive
Officer (principal executive officer) of BlackRock MuniHoldings Quality Fund II, Inc., certify that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 0in">1.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>I have reviewed this report on Form N-Q of BlackRock MuniHoldings Quality Fund II, Inc.;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 0in"> 2.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 0in"> 3.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 0in"> 4.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0in">a)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under
our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made
known to us by others within those entities, particularly during the period in which this report is being prepared;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0in">b)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>designed such internal control over financial reporting, or caused such internal control over financial reporting to be
designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation
of financial statements for external purposes in accordance with generally accepted accounting principles;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0in">c)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this
report, based on such evaluation; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0in">d)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the
registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's
internal control over financial reporting; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 0in">5.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The registrant's other certifying officer(s) and I
have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing
the equivalent functions):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0in"> a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0in"> b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: -0.25pt">Date: December 21, 2012</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">                                                                                                                                      <TR STYLE="vertical-align: top">
<TD COLSPAN="3"><U>/s/ John M. Perlowski</U></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 0pt"></TD><TD>John M. Perlowski<BR>
Chief Executive Officer (principal executive
officer) of<BR>
BlackRock MuniHoldings Quality Fund II, Inc.</TD></TR></TABLE>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25pt; text-indent: -0.25pt"><FONT STYLE="vertical-align: baseline"><B>EX-99.
CERT</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in; border-bottom: Black 0.75pt solid"><B>CERTIFICATION
PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: -0.25pt">I, Neal J. Andrews, Chief Financial
Officer (principal financial officer) of BlackRock MuniHoldings Quality Fund II, Inc., certify that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 0in">1.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>I have reviewed this report on Form N-Q of BlackRock MuniHoldings Quality Fund II, Inc.;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 0in">2.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material
fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading
with respect to the period covered by this report;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 0in">3.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the
investments of the registrant as of the end of the fiscal quarter for which the report is filed;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 0in">4.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls
and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting
(as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0in">a)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under
our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made
known to us by others within those entities, particularly during the period in which this report is being prepared;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0in">b)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>designed such internal control over financial reporting, or caused such internal control over financial reporting to be
designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation
of financial statements for external purposes in accordance with generally accepted accounting principles;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0in">c)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this
report, based on such evaluation; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0in">d)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the
registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's
internal control over financial reporting; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 0in">5.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of
the registrant's board of directors (or persons performing the equivalent functions):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0in">a)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting
which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information;
and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0in">b)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's
internal control over financial reporting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: -0.25pt">Date: December 21, 2012</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><U>/s/ Neal J. Andrews</U></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 0pt"></TD><TD>Neal J. Andrews</TD></TR></TABLE>

<P STYLE="margin: 0">Chief Financial Officer (principal financial officer) of<BR>
BlackRock MuniHoldings Quality Fund II, Inc.</P>

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