NPORT-EX 1 NPORT_2812929604769509.htm EX-MUE

Schedule of Investments  (unaudited)

April 30, 2019

   

BlackRock MuniHoldings Quality Fund II, Inc. (MUE)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  

Municipal Bonds — 126.9%

 

Alabama — 2.0%

 

City of Birmingham Alabama Special Care Facilities Financing Authority, RB, Children’s Hospital (AGC), 6.00%, 06/01/19(a)

   $ 5,225     $ 5,243,079  

City of Selma Alabama IDB, RB, Gulf Opportunity Zone, International Paper Co. Project, Series A, 5.38%, 12/01/35

     940       1,014,551  
   

 

 

  
      6,257,630  
Arizona — 1.0%  

Salt Verde Financial Corp., RB, Senior,
5.00%, 12/01/37

     2,450       3,085,530  
   

 

 

  
California — 19.6%  

California Educational Facilities Authority, RB, Stanford University, Series V-1, 5.00%, 05/01/49

     2,500       3,500,375  

California Health Facilities Financing Authority, RB, Sutter Health, Series B, 6.00%, 08/15/20(a)

     2,865       3,029,308  

California Municipal Finance Authority, ARB, Senior Lien, Linxs APM Project, AMT, 5.00%, 12/31/43

     1,400       1,598,338  

City & County of San Francisco California Airports Commission, Refunding ARB, AMT, Series A:

    

2nd, 5.50%, 05/01/28

     1,800       2,049,642  

2nd, 5.25%, 05/01/33

     1,410       1,572,446  

5.00%, 05/01/44

     1,860       2,059,522  

City of San Jose California, Refunding ARB, Norman Y Mineta San Jose International Airport SJC, Series A-1, AMT, 5.50%, 03/01/30

     4,045       4,291,381  

City of Sunnyvale California, Refunding RB,
5.25%, 04/01/20(a)

     2,800       2,898,308  

County of Riverside Public Financing Authority, RB, Capital Facilities Project, 5.25%, 11/01/40

     4,500       5,285,700  

Emery Unified School District, GO, Election of 2010, Series A (AGM), 5.50%, 08/01/21(a)

     1,875       2,044,875  

Kern Community College District, GO, Safety, Repair & Improvement, Series C, 5.50%, 11/01/33

     2,445       2,832,215  

Los Angeles Community College District California, GO, Election of 2008, Series C, 5.25%, 08/01/20(a)

     2,000       2,094,060  

Redondo Beach Unified School District, GO, Election of 2008, Series E, 5.50%, 08/01/21(a)

     2,670       2,915,026  
Security   Par
(000)		     Value  
California (continued)  

Regents of the University of California Medical Center Pooled Revenue, Refunding RB, Series J:

    

5.25%, 05/15/23(a)

   $ 5,905     $ 6,761,579  

5.25%, 05/15/38

     1,675       1,883,454  

State of California Public Works Board, LRB, Various Capital Projects, Series I:

    

5.50%, 11/01/30

     5,000       5,732,850  

5.50%, 11/01/31

     3,130       3,574,554  

5.50%, 11/01/33

     3,000       3,416,310  

State of California Public Works Board, RB, Department of Corrections & Rehabilitation, Series F, 5.25%, 09/01/33

     1,260       1,416,681  

Township of Washington California Health Care District, GO, Election of 2004, Series B,
5.50%, 08/01/40

     940       1,096,829  
   

 

 

  
      60,053,453  
Colorado — 2.1%  

City & County of Denver Colorado Airport System, ARB, Series A, AMT:

    

5.50%, 11/15/28

     1,500       1,705,080  

5.50%, 11/15/30

     565       638,862  

5.50%, 11/15/31

     675       761,697  

Colorado Health Facilities Authority, RB, Hospital, NCMC, Inc. Project, Series B (AGM),
6.00%, 05/15/26(a)

     3,300       3,305,247  
   

 

 

  
      6,410,886  
Connecticut — 1.0%  

State of Connecticut, GO, Series A, 5.00%, 04/15/38

     1,690       1,971,047  

State of Connecticut Health & Educational Facility Authority, Refunding RB, Sacred Heart University Issue, Series I-1, 5.00%, 07/01/42

     1,015       1,153,943  
   

 

 

  
      3,124,990  
Delaware — 0.5%  

State of Delaware Health Facilities Authority, RB, Beebe Medical Center Project, 5.00%, 06/01/43

     1,400       1,577,212  
   

 

 

  
Florida — 19.2%  

Central Florida Expressway Authority, Refunding RB, Senior Lien, 5.00%, 07/01/48

     4,730       5,518,680  

County of Broward Florida Airport System, ARB, Series A, AMT, 5.00%, 10/01/45

     1,440       1,604,851  
 

 

 

     1  

Schedule of Investments  (unaudited) (continued)

April 30, 2019

   

BlackRock MuniHoldings Quality Fund II, Inc. (MUE)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Florida (continued)  

County of Broward Florida Airport System Revenue, ARB, Series A, AMT, 5.13%, 10/01/38

   $ 5,665     $ 6,204,648  

County of Hillsborough Florida Aviation Authority, Refunding ARB, Tampa International Airport, Series A, AMT, 5.50%, 10/01/29

     2,995       3,426,939  

County of Lee Florida, Refunding ARB, Series A, AMT, 5.38%, 10/01/32

     2,500       2,657,150  

County of Lee Florida HFA, RB, S/F Housing, Multi-County Program, Series A-2, AMT (Ginnie Mae, Fannie Mae & Freddie Mac), 6.00%, 09/01/40

     135       135,328  

County of Miami-Dade Florida, RB, Seaport Department:

    

Series A, 5.38%, 10/01/33

     1,765       1,981,636  

Series A, 5.50%, 10/01/42

     3,000       3,360,270  

Series B, AMT, 6.25%, 10/01/38

     800       920,456  

Series B, AMT, 6.00%, 10/01/42

     1,060       1,207,838  

County of Miami-Dade Florida, Refunding RB, Water & Sewer System, Series B,
5.25%, 10/01/29

     3,130       3,545,726  

County of Miami-Dade Florida Aviation, Refunding ARB, Series A, AMT, 5.00%, 10/01/31

     5,155       5,583,587  

County of Miami-Dade Florida Aviation Revenue, Refunding ARB, Series A, AMT, 5.00%, 10/01/32

     5,000       5,407,150  

County of Orange Florida School Board, COP, Series A (AGC), 5.50%, 08/01/19(a)

     7,600       7,674,100  

Reedy Creek Florida Improvement District, GO, Series A, 5.25%, 06/01/32

     1,805       2,032,647  

Tohopekaliga Water Authority, Refunding RB, Series A, 5.25%, 10/01/21(a)

     6,965       7,562,806  
   

 

 

  
      58,823,812  
Georgia — 0.7%  

County of Fulton Development Authority, RB, Georgia Institute of Technology, 4.00%, 06/15/49

     815       875,579  

Main Street Natural Gas, Inc., RB, Series A,
5.00%, 05/15/49

     950       1,188,526  
   

 

 

  
      2,064,105  
Hawaii — 1.7%  

State of Hawaii Airports System, ARB, Series A, AMT, 5.00%, 07/01/45

     2,805       3,139,524  
Security   Par
(000)		     Value  
Hawaii (continued)  

State of Hawaii Airports System, COP, AMT:

    

5.25%, 08/01/25

   $ 740     $ 829,118  

5.25%, 08/01/26

     1,205       1,343,913  
   

 

 

  
      5,312,555  
Illinois — 13.9%  

City of Chicago Illinois Midway International Airport, Refunding GARB, 2nd Lien, Series A, AMT:

    

5.00%, 01/01/41

     1,140       1,236,353  

5.50%, 01/01/28

     1,000       1,116,320  

5.50%, 01/01/29

     1,500       1,671,120  

5.38%, 01/01/33

     2,000       2,195,000  

City of Chicago Illinois O’Hare International Airport, GARB:

    

3rd Lien, Series A, 5.75%, 01/01/21(a)

     1,680       1,795,130  

3rd Lien, Series A, 5.75%, 01/01/39

     320       339,501  

3rd Lien, Series C, 6.50%, 01/01/21(a)

     9,085       9,817,523  

Senior Lien, Series D, AMT, 5.00%, 01/01/42

     735       828,977  

City of Chicago Illinois Transit Authority, RB, Sales Tax Receipts:

    

5.25%, 12/01/36

     2,940       3,099,760  

5.25%, 12/01/40

     1,500       1,578,990  

City of Chicago Illinois Wastewater Transmission, RB, 2nd Lien, 5.00%, 01/01/42

     2,985       3,129,504  

County of Cook Illinois Community College District No. 508, GO, City College of Chicago:

    

5.25%, 12/01/30

     1,270       1,337,970  

5.50%, 12/01/38

     1,205       1,269,612  

5.25%, 12/01/43

     2,960       3,083,166  

Illinois Finance Authority, Refunding RB, Presence Health Network, Series C, 5.00%, 02/15/41

     975       1,112,085  

Railsplitter Tobacco Settlement Authority, RB(a):

    

5.50%, 06/01/21

     2,350       2,533,770  

6.00%, 06/01/21

     670       729,215  

State of Illinois, GO:

    

5.25%, 02/01/31

     1,495       1,591,502  

5.25%, 02/01/32

     2,320       2,463,585  

5.50%, 07/01/33

     1,000       1,065,870  
 

 

 

2   

Schedule of Investments  (unaudited) (continued)

April 30, 2019

   

BlackRock MuniHoldings Quality Fund II, Inc. (MUE)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Illinois (continued)  

5.50%, 07/01/38

   $ 700     $ 740,236  
   

 

 

  
      42,735,189  
Indiana — 0.2%  

State of Indiana Finance Authority, RB, Private Activity Bond, Ohio River Bridges, Series A, AMT, 5.00%, 07/01/40

     460       497,228  
   

 

 

  
Iowa — 0.7%  

State of Iowa Finance Authority, RB, Lifespace Communities, Series A, 5.00%, 05/15/48

     1,950       2,068,892  
   

 

 

  
Louisiana — 1.5%  

Lake Charles Louisiana Harbor & Terminal District, RB, Series B, AMT (AGM), 5.50%, 01/01/29

     2,225       2,509,133  

Tobacco Settlement Financing Corp., Refunding RB, Asset-Backed, Series A, 5.50%, 05/15/29

     2,020       2,023,434  
   

 

 

  
      4,532,567  
Maryland — 2.8%  

County of Howard Maryland Housing Commission, RB, M/F Housing, Woodfield Oxford Square Apartments, 5.00%, 12/01/42

     2,450       2,772,028  

Maryland Stadium Authority, RB, Construction and Revitalization Program, 5.00%, 05/01/34

     4,780       5,694,318  
   

 

 

  
      8,466,346  
Massachusetts — 1.8%  

Massachusetts Development Finance Agency, RB:

    

Emerson College Issue, Series A,
5.00%, 01/01/47

     420       469,736  

Emerson College Issue, Series A,
5.25%, 01/01/42

     940       1,069,231  

UMass Dartmouth Student Housing Project,
5.00%, 10/01/43

     2,265       2,497,208  

Massachusetts Development Finance Agency, Refunding RB, Series A:

    

Emerson College, 5.00%, 01/01/40

     745       845,948  

4.00%, 07/01/44

     215       221,302  
Security   Par
(000)		     Value  
Massachusetts (continued)  

Massachusetts HFA, Refunding RB, Series C, AMT, 5.35%, 12/01/42

   $ 485     $ 486,086  
   

 

 

  
      5,589,511  
Michigan — 1.5%  

Hudsonville Michigan Public Schools, GO, School Building & Site (Q-SBLF), 5.25%, 05/01/21(a)

     3,420       3,667,197  

Michigan Strategic Fund, RB, I-75 Improvement Projects, AMT, 5.00%, 06/30/48

     895       1,020,524  
   

 

 

  
      4,687,721  
Minnesota — 0.3%  

County of St. Paul Minnesota Housing & Redevelopment Authority, Refunding RB, Fairview Health Services, Series A, 4.00%, 11/15/43

     985       1,042,563  
   

 

 

  
Mississippi — 2.4%  

Mississippi Development Bank, RB, Jackson Water & Sewer System Project (AGM), 6.88%, 12/01/40

     2,225       2,635,401  

Mississippi State University Educational Building Corp., Refunding RB, Mississippi State University Improvement Project, 5.25%, 08/01/23(a)

     1,000       1,147,940  

State of Mississippi, RB, Series A:

    

5.00%, 10/15/37

     565       663,451  

4.00%, 10/15/38

     2,815       2,977,032  
   

 

 

  
      7,423,824  
Montana — 0.1%  

Montana State Board of Housing, RB, S/F, Series B-2:

    

3.50%, 12/01/42

     175       174,767  

3.60%, 12/01/47

     265       264,571  
   

 

 

  
      439,338  
Nevada — 2.5%  

City of Carson City Nevada, Refunding RB, Carson Tahoe Regional Healthcare Project,
5.00%, 09/01/42

     1,130       1,249,712  

County of Clark Nevada, ARB, Las Vegas-McCarran International Airport, Series A (AGM),
5.25%, 07/01/39

     3,210       3,275,581  

County of Clark Nevada, GO, Stadium Improvement, Series A:

    

5.00%, 06/01/36

     2,065       2,478,578  
 

 

 

     3  

Schedule of Investments  (unaudited) (continued)

April 30, 2019

   

BlackRock MuniHoldings Quality Fund II, Inc. (MUE)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Nevada (continued)  

5.00%, 06/01/37

   $ 500     $ 597,955  
   

 

 

  
      7,601,826  
New Jersey — 8.2%  

New Jersey EDA, RB:

    

Goethals Bridge Replacement Project, AMT, Private Activity Bond, 5.38%, 01/01/43

     1,940       2,141,721  

Private Activity Bond, Goethals Bridge Replacement Project, AMT (AGM),
5.00%, 01/01/31

     1,355       1,501,950  

State Government Buildings Project, Series A,
5.00%, 06/15/47

     2,500       2,711,275  

New Jersey Health Care Facilities Financing Authority, RB, Virtua Health, Series A (AGC), 5.50%, 07/01/38

     3,400       3,421,692  

New Jersey Housing & Mortgage Finance Agency, Refunding RB, S/F Housing, Series BB, AMT, 3.80%, 10/01/32

     2,400       2,490,792  

New Jersey Transportation Trust Fund Authority, RB:

    

Transportation Program, Series S,
5.25%, 06/15/43

     2,980       3,351,368  

Transportation System, Series AA,
5.50%, 06/15/39

     3,040       3,266,510  

New Jersey Transportation Trust Fund Authority, Refunding RB, Transportation System, Series A, 5.00%, 12/15/32

     2,735       3,110,516  

Tobacco Settlement Financing Corp., Refunding RB, Series A, 5.25%, 06/01/46

     2,355       2,634,279  

Tobacco Settlement Financing Corp. New Jersey, Refunding RB, Sub-Series B, 5.00%, 06/01/46

     445       464,117  
   

 

 

  
      25,094,220  
New York — 7.9%  

City of New York New York Municipal Water Finance Authority, Refunding RB, 2nd General Resolution:

    

5.25%, 06/15/40

     880       883,625  

5.25%, 06/15/40

     6,050       6,076,378  

Water & Sewer System, Series EE,
5.38%, 06/15/43

     2,220       2,343,321  
Security   Par
(000)		     Value  
New York (continued)  

Hudson Yards Infrastructure Corp., RB, Senior, Fiscal 2012:

    

5.75%, 02/15/21(a)

   $ 580     $ 622,949  

5.75%, 02/15/47

     360       384,354  

Metropolitan Transportation Authority, RB:

    

Series A, 5.25%, 11/15/21(a)

     8,500       9,294,665  

Series A-1, 5.25%, 11/15/39

     1,550       1,734,357  

Port Authority of New York & New Jersey, Refunding ARB, Consolidated, 166th Series, 5.25%, 07/15/36

     2,000       2,113,940  

TSASC, Inc., Refunding RB, Series A,
5.00%, 06/01/41

     895       963,038  
   

 

 

  
      24,416,627  
Ohio — 1.5%  

State of Ohio, RB, Cleveland Clinic Health System Obligation, Series B, 4.00%, 01/01/46(b)

     1,715       1,835,462  

State of Ohio Turnpike Commission, RB, Junior Lien, Infrastructure Projects, Series A-1,
5.25%, 02/15/31

     2,500       2,792,850  
   

 

 

  
      4,628,312  
Oregon — 0.4%  

State of Oregon Health & Science University, RB, Series A, 5.00%, 07/01/42

     1,100       1,281,632  
   

 

 

  
Pennsylvania — 7.2%  

Altoona Area School District, GO, 5.00%, 12/01/36

     185       210,451  

County of Delaware Springfield School District, GO:

    

5.00%, 03/01/40

     1,485       1,729,891  

5.00%, 03/01/43

     1,100       1,278,266  

County of Montgomery Higher Education & Health Authority, Refunding RB, Thomas Jefferson University, Series A, 5.00%, 09/01/48

     1,690       1,929,912  

County of Westmoreland Pennsylvania Municipal Authority, Refunding RB, (BAM), 5.00%, 08/15/36

     2,215       2,616,336  

Pennsylvania Housing Finance Agency, RB, S/F, Series 125B, 3.65%, 10/01/42

     3,000       3,076,380  

Pennsylvania Turnpike Commission, Refunding RB, 2nd Series, Subordinate, Special Motor License Fund, 5.00%, 12/01/41

     2,490       2,842,036  
 

 

 

4   

Schedule of Investments  (unaudited) (continued)

April 30, 2019

   

BlackRock MuniHoldings Quality Fund II, Inc. (MUE)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Pennsylvania (continued)  

Pennsylvania Turnpike Commission, RB, Sub-Series B-1, 5.25%, 06/01/47

   $ 2,300     $ 2,640,745  

Swarthmore Borough Authority, RB, Swarthmore College, 5.00%, 09/15/47

     1,600       1,925,984  

Township of Bristol Pennsylvania School District, GO:

    

5.25%, 06/01/37

     2,500       2,771,500  

5.25%, 06/01/43

     1,100       1,216,281  
   

 

 

  
      22,237,782  
South Carolina — 5.3%  

County of Charleston South Carolina, RB, Special Source, 5.25%, 12/01/38

     3,760       4,274,782  

County of Charleston South Carolina Airport District, ARB, Series A, AMT:

    

6.00%, 07/01/38

     2,940       3,351,041  

5.50%, 07/01/41

     2,500       2,783,550  

State of South Carolina Jobs EDA, Refunding RB, Prisma Health Obligated Group, Series A,
5.00%, 05/01/43

     1,360       1,549,271  

State of South Carolina Ports Authority, RB, AMT, 5.25%, 07/01/50

     1,870       2,097,673  

State of South Carolina Public Service Authority, RB, Series E, 5.50%, 12/01/53

     1,000       1,100,320  

State of South Carolina Public Service Authority, Refunding RB, Series C, 5.00%, 12/01/46

     1,000       1,100,930  
   

 

 

  
      16,257,567  
Tennessee — 1.1%  

Metropolitan Nashville Airport Authority, ARB, Series B, AMT, 5.00%, 07/01/40

     3,000       3,322,050  
   

 

 

  
Texas — 9.6%  

City of Beaumont Texas, GO, Certificates of Obligation, 5.25%, 03/01/37

     2,345       2,604,451  

City of Houston Texas Airport System Revenue, Refunding RB, Sub-Series D, 5.00%, 07/01/37

     2,010       2,400,985  

City of Houston Texas Combined Utility System, Refunding RB, Combined 1st Lien, Series A (AGC), 6.00%, 11/15/35(a)

     6,345       6,355,025  

County of Tarrant Texas Cultural Education Facilities Finance Corp., RB, Christus Health, Series B, 5.00%, 07/01/35

     2,500       2,951,650  

Dallas-Fort Worth Texas International Airport, ARB, Joint Improvement, AMT:

    

Series A, 5.00%, 11/01/38

     1,615       1,674,416  
Security   Par
(000)		     Value  
Texas (continued)  

Series H, 5.00%, 11/01/37

   $ 1,810     $ 1,920,338  

Lower Colorado River Authority, Refunding RB, 5.50%, 05/15/33

     2,155       2,439,029  

North Texas Tollway Authority, RB, Special Projects, Series A, 5.50%, 09/01/21(a)

     5,480       5,952,376  

North Texas Tollway Authority, Refunding RB, 1st Tier, Series A, 5.00%, 01/01/48

     1,775       2,059,248  

Red River Texas Education Financing Corp., RB, Texas Christian University Project,
5.25%, 03/15/38

     1,070       1,189,102  
   

 

 

  
      29,546,620  
Vermont — 1.0%  

University of Vermont & State Agricultural College, Refunding RB, 5.00%, 10/01/43

     2,535       2,935,885  
   

 

 

  
Virginia — 1.8%  

City of Lexington Virginia IDA, RB, Washington & Lee University, 5.00%, 01/01/43

     945       1,019,343  

Virginia Small Business Financing Authority, RB, Transform 66 P3 Project, AMT, 5.00%, 12/31/49

     4,000       4,383,880  
   

 

 

  
      5,403,223  
Washington — 6.4%  

City of Seattle Washington Municipal Light & Power, Refunding RB, Series A, 5.25%, 02/01/21

     2,400       2,551,992  

Port of Seattle Washington, ARB, AMT:

    

Intermediate Lien, Series C, 5.00%, 05/01/37

     2,485       2,865,801  

Series A, 5.00%, 05/01/43

     660       750,869  

State of Washington, COP, Series B:

    

5.00%, 07/01/36

     1,000       1,194,300  

5.00%, 07/01/38

     1,155       1,365,591  

State of Washington, GO:

    

Series C, 5.00%, 02/01/36

     7,565       9,066,426  
 

 

 

     5  

Schedule of Investments  (unaudited) (continued)

April 30, 2019

   

BlackRock MuniHoldings Quality Fund II, Inc. (MUE)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Washington (continued)  

Various Purposes, Series B, 5.25%, 02/01/21(a)

   $ 1,865     $ 1,983,110  
   

 

 

  
      19,778,089  
Wisconsin — 0.8%  

Wisconsin Health & Educational Facilities Authority, Refunding RB, Milwaukee Regional Medical Center Thermal Service,
5.00%, 04/01/44

     2,065       2,407,935  
   

 

 

  
Wyoming — 0.2%  

State of Wyoming Municipal Power Agency, Inc., Refunding RB, Series A (BAM),
5.00%, 01/01/42

     570       648,290  
   

 

 

  

Total Municipal Bonds — 126.9%
(Cost — $367,071,513)

 

     389,753,410  
   

 

 

  

Municipal Bonds Transferred to Tender Option Bond Trusts(c)

 

California — 2.8%

 

Sacramento Area Flood Control Agency, Refunding, Consolidated Capital Assessment District No. 2 Bonds, 5.00%, 10/01/47

     7,499       8,670,287  
   

 

 

  
Colorado — 1.3%  

City & County of Denver Colorado Airport System Revenue, Refunding ARB, Sub-System, Series A, AMT, 5.25%, 12/01/43(d)

     3,262       3,884,458  
   

 

 

  
Connecticut — 1.1%  

State of Connecticut Health & Educational Facility Authority, Refunding RB, Trinity Health Credit Group, 5.00%, 12/01/45

     3,061       3,484,898  
   

 

 

  
Illinois — 3.3%  

City of Chicago Illionis Waterworks, Refunding RB, 2017 2nd Lien, Water Revenue Project (AGM), 5.25%, 11/01/33

     760       760,373  

State of Illinois Toll Highway Authority, RB:

    

Series A, 5.00%, 01/01/40

     1,980       2,233,565  
Security   Par
(000)		     Value  
Illinois (continued)  

Series B, 5.00%, 01/01/40

   $ 6,148     $ 6,960,215  
   

 

 

  
      9,954,153  
Maryland — 4.7%  

City of Baltimore Maryland, RB, Wastewater Project, Series A, 5.00%, 07/01/46

     2,499       2,872,845  

Maryland Stadium Authority, RB, Construction and Revitalization Program, 5.00%, 05/01/47

     9,817       11,416,966  
   

 

 

  
      14,289,811  
Nevada — 2.7%  

County of Clark Nevada Water Reclamation District, GO, Series B, 5.50%, 07/01/19(a)

     8,247       8,300,691  
   

 

 

  
New Jersey — 0.5%  

New Jersey Transportation Trust Fund Authority, RB, Transportation System, Series B,
5.25%, 06/15/36(d)

     1,500       1,565,045  
   

 

 

  
New York — 6.3%  

City of New York Municipal Water Finance Authority, Refunding RB, Series FF, 5.00%, 06/15/45

     5,958       6,468,072  

New York Liberty Development Corp., ARB, 1 World Trade Center Port Authority Consolidated Bonds,
5.25%, 12/15/43

     7,515       8,161,055  

New York Liberty Development Corp., Refunding RB, 4 World Trade Center Project,
5.75%, 11/15/51(d)

     4,400       4,814,522  
   

 

 

  
      19,443,649  
Pennsylvania — 4.1%  

Commonwealth of Pennsylvania, GO, 1st Series, 4.00%, 03/01/38(d)

     3,600       3,878,676  

County of Northampton General Purpose Authority, Refunding RB, Lafayette College,
4.00%, 11/01/38(d)

     5,927       6,312,678  
 

 

 

6   

Schedule of Investments  (unaudited) (continued)

April 30, 2019

   

BlackRock MuniHoldings Quality Fund II, Inc. (MUE)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Pennsylvania (continued)  

County of Westmoreland Pennsylvania Municipal Authority, Refunding RB, (BAM), 5.00%, 08/15/38

   $ 1,963     $ 2,221,347  
   

 

 

  
    12,412,701  
Texas — 1.5%  

County of Tarrant Texas Cultural Education Facilities Finance Corp., RB, Baylor Health Care System Project, Series A, 5.00%, 11/15/38

     4,296       4,702,072  
   

 

 

  
Utah — 0.8%  

City of Riverton Utah, RB, IHC Health Services, Inc., 5.00%, 08/15/19(a)

     2,504       2,528,803  
   

 

 

  
Security   Par
(000)		     Value  
Virginia — 1.4%  

County of Fairfax Virginia EDA, RB, Metrorail Parking System Project, 5.00%, 04/01/47(d)

   $ 3,720     $ 4,327,532  
   

 

 

  

Total Municipal Bonds Transferred to Tender Option Bond Trusts — 30.5%
(Cost — $89,877,737)

 

     93,564,100  
   

 

 

  

Total Long-Term Investments — 157.4%
(Cost — $456,949,250)

 

     483,317,510  
   

 

 

  
     Shares         
Short-Term Securities — 1.6%  

BlackRock Liquidity Funds, MuniCash, Institutional Class, 1.94%(e)(f)

     4,978,650       4,979,147  
   

 

 

  

Total Short-Term Securities — 1.6%
(Cost — $4,979,147)

 

     4,979,147  
   

 

 

  

Total Investments — 159.0%
(Cost — $461,928,397)

 

     488,296,657  

Other Assets Less Liabilities — 1.4%

 

     4,370,597  

Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (17.7)%

 

     (54,637,880 ) 

VMTP Shares at Liquidation Value — (42.7)%

 

     (131,000,000 ) 
   

 

 

  

Net Assets Applicable to Common Shares — 100.0%

 

   $ 307,029,374  
   

 

 

  
 
(a) 

U.S. 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.

(b) 

When-issued security.

(c) 

Represent bonds transferred to a TOB Trust in exchange of cash and residual certificates received by the Fund. These bonds serve as collateral in a secured borrowing.

(d) 

All or a portion of the security is subject to a recourse agreement. The aggregate maximum potential amount the Fund could ultimately be required to pay under the agreements, which expires between June 15, 2019 to November 01, 2026, is $13,124,918.

(e) 

Annualized 7-day yield as of period end.

(f) 

During the period ended April 30, 2019, investments in issuers considered to be an affiliate/affiliates of the Fund for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows

 

Affiliate    Shares
Held at
07/31/18		      Net
Activity		      Shares
Held at
04/30/19		      Value at
04/30/19		      Income      Net Realized
Gain (Loss) (a)		      Change in
Unrealized
Appreciation
(Depreciation)		  

BlackRock Liquidity Funds, MuniCash, Institutional Class

      2,901,453        2,077,197        4,978,650      $ 4,979,147      $ 59,740      $ 2,814      $ (289 ) 
           

 

 

     

 

 

     

 

 

     

 

 

  

 

  (a)

Includes net capital gain distributions, if applicable.

 

 

 

     7  

Schedule of Investments  (unaudited) (continued)

April 30, 2019

   

BlackRock MuniHoldings Quality Fund II, Inc. (MUE)

 

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

 

Description    Number of
Contracts		      Expiration
Date		      Notional
Amount (000)		      Value/
Unrealized
Appreciation
(Depreciation)		  

Short Contracts:

            

10-Year U.S. Treasury Note

      51        06/19/19      $ 6,307      $ (19,627 ) 

Long U.S. Treasury Bond

      116        06/19/19        17,106        (77,093 ) 

5-Year U.S. Treasury Note

      37        06/28/19        4,279        (19,262 ) 
           

 

 

  
            $ (115,982 ) 
           

 

 

  

 

Portfolio Abbreviations
AGC    Assured Guarantee Corp.
AGM    Assured Guaranty Municipal Corp.
AMT    Alternative Minimum Tax (subject to)
ARB    Airport Revenue Bonds
BAM    Build America Mutual Assurance Co.
BARB    Building Aid Revenue Bonds
COP    Certificates of Participation
EDA    Economic Development Authority
GARB    General Airport Revenue Bonds
GO    General Obligation Bonds
HFA    Housing Finance Agency
IDA    Industrial Development Authority
IDB    Industrial Development Board
LRB    Lease Revenue Bonds
M/F    Multi-Family
RB    Revenue Bonds
S/F    Single-Family

 

 

8   

Schedule of Investments  (unaudited) (continued)

April 30, 2019

   

BlackRock MuniHoldings Quality Fund II, Inc. (MUE)

 

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of investments and derivative financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

 

  •  

Level 1 — Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the Fund has the ability to access

 

  •  

Level 2 — Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets 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)

 

  •  

Level 3 — 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 and derivative financial instruments)

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 fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are a limited number of investors.

The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investments and derivative financial instruments 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 derivative financial instruments, refer to the Fund’s most recent financial statements as contained in its semi-annual report.

The following tables summarize the Fund’s investments and derivative financial instruments categorized in the disclosure hierarchy:

 

      Level 1      Level 2      Level 3      Total  

Assets:

 

Investments:

 

Long-Term Investments(a)

    $ —      $ 483,317,510      $             —      $ 483,317,510  

Short-Term Securities

     4,979,147        —        —        4,979,147  
  

 

 

     

 

 

     

 

 

     

 

 

  
   $ 4,979,147      $ 483,317,510      $ —      $ 488,296,657  
  

 

 

     

 

 

     

 

 

     

 

 

  

Derivative Financial Instruments(b)

 

Liabilities:

 

Interest rate contracts

   $ (115,982 )     $ —      $ —      $ (115,982 ) 
  

 

 

     

 

 

     

 

 

     

 

 

  

 

  (a) 

See above Schedule of Investments for values in each state or political subdivision.

 
  (b) 

Derivative financial instruments are futures contracts which are valued at the unrealized appreciation (depreciation) on the instrument.

 

The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial reporting purposes. As of period end, such assets and/or liabilities are categorized within the disclosure hierarchy as follows:

 

      Level 1      Level 2      Level 3      Total  

Liabilities:

 

TOB Trust Certificates

   $             —      $ (54,378,471 )     $             —      $ (54,378,471 ) 

VMTP Shares at Liquidation Value

     —        (131,000,000 )       —        (131,000,000 ) 
  

 

 

     

 

 

     

 

 

     

 

 

  
   $ —      $ (185,378,471 )     $ —      $ (185,378,471 ) 
  

 

 

     

 

 

     

 

 

     

 

 

  

.

 

 

 

     9