NPORT-EX 2 BRMuniHoldingsQualityFundII.htm EX-MUE

Schedule of Investments  (unaudited)

October 31, 2019

   

BlackRock MuniHoldings Quality Fund II, Inc. (MUE)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  

Municipal Bonds — 127.6%

 

Alabama — 0.3%

 

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

   $ 940     $ 1,003,835  
   

 

 

  
Arizona — 1.9%  

Arizona IDA, RB:

    

Leman Academy of Excellence-East Tucson And Central Tucson Projects, Series A, 5.00%, 07/01/39(a)

     465       483,061  

Leman Academy of Excellence-East Tucson And Central Tucson Projects, Series A, 5.00%, 07/01/49(a)

     525       545,107  

Leman Academy of Excellence-East Tucson And Central Tucson Projects, Series A, 5.00%, 07/01/54(a)

     405       416,960  

Odyssey Preparatory Academy Project, 4.38%, 07/01/39(a)

     550       548,911  

S/F Housing, NCCU Properties LLC-North Carolina Central University Project, Series A (BAM), 4.00%, 06/01/44

     730       788,568  

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

     2,450       3,285,940  
   

 

 

  
      6,068,547  
California — 18.0%  

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

     2,865       2,975,732  

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

     1,400       1,639,904  

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

    

2nd, 5.50%, 05/01/28

     1,800       2,045,772  

2nd, 5.25%, 05/01/33

     1,410       1,583,303  

5.00%, 05/01/44

     1,860       2,079,182  

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       4,257,929  

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

     2,800       2,848,244  

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

     4,500       5,358,870  
Security   Par
(000)		     Value  
California (continued)  

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

   $ 1,875     $ 2,019,825  

Kern Community College District, GO, Safety, Repair & Improvement, Series C,
5.50%, 11/01/23(b)

     2,445       2,872,411  

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

     2,000       2,062,460  

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

     2,670       2,875,644  

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

    

5.25%, 05/15/23(b)

     5,905       6,769,315  

5.25%, 05/15/38

     1,675       1,891,460  

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

    

5.50%, 11/01/30

     5,000       5,802,350  

5.50%, 11/01/31

     3,130       3,627,388  

5.50%, 11/01/33

     3,000       3,467,310  

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

     1,260       1,436,639  

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

     940       1,102,216  
   

 

 

  
      56,715,954  
Colorado — 2.0%  

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

    

5.50%, 11/15/28

     1,500       1,723,275  

5.50%, 11/15/30

     565       647,298  

5.50%, 11/15/31

     675       772,227  

Colorado Educational & Cultural Facilities Authority, RB, Rocky Mountain School of Expeditionary Learning, 5.00%, 03/01/50(a)

     790       859,125  

Colorado Health Facilities Authority, Refunding RB, AdventHealth Obligated Group, 4.00%, 11/15/43

     1,205       1,341,792  

Haskins Station Metropolitan District, GO, Series A, 5.00%, 12/01/49

     925       940,327  
   

 

 

  
      6,284,044  
Connecticut — 1.0%  

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

     1,690       2,037,954  
 

 

 

     1  

Schedule of Investments  (unaudited) (continued)

October 31, 2019

   

BlackRock MuniHoldings Quality Fund II, Inc. (MUE)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Connecticut (continued)  

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

   $ 1,015     $ 1,204,034  
   

 

 

  
      3,241,988  
Delaware — 0.5%  

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

     1,400       1,648,430  
   

 

 

  
Florida — 16.6%  

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

     4,730       5,684,325  

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

     1,440       1,647,072  

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

     5,665       6,334,490  

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

     2,995       3,436,163  

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

     2,500       2,665,100  

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

     125       127,931  

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

    

Series A, 5.38%, 10/01/33

     1,765       2,011,253  

Series A, 5.50%, 10/01/42

     3,000       3,401,910  

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

     800       925,672  

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

     1,060       1,221,926  

County of Miami-Dade Florida, Refunding RB, Water & Sewer System, Series B,
5.25%, 10/01/23(b)

     3,130       3,587,856  

County of Miami-Dade Florida Aviation, Refunding ARB, Series A, AMT, 5.00%, 10/01/22(b)

     5,155       5,673,026  

County of Miami-Dade Florida Aviation Revenue, Refunding ARB, Series A, AMT,
5.00%, 10/01/22(b)

     5,000       5,514,000  

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

     1,805       2,041,365  

Southern Groves Community Development District No. 5, Refunding, Special Assessment Bonds, 4.00%, 05/01/43(c)

     380       383,412  
Security   Par
(000)		     Value  
Florida (continued)  

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

   $ 6,965     $ 7,487,654  
   

 

 

  
      52,143,155  
Georgia — 1.2%  

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

     815       910,461  

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

     950       1,280,524  

Municipal Electric Authority of Georgia, RB, Plant Vogtle Units 3 & 4 Project, 5.00%, 01/01/48

     1,420       1,641,207  
   

 

 

  
      3,832,192  
Hawaii — 1.7%  

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

     2,805       3,198,093  

State of Hawaii Airports System, COP, AMT:

    

5.25%, 08/01/25

     740       836,119  

5.25%, 08/01/26

     1,205       1,360,517  
   

 

 

  
      5,394,729  
Illinois — 13.7%  

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

    

5.00%, 01/01/41

     1,140       1,258,856  

5.50%, 01/01/28

     1,000       1,118,400  

5.50%, 01/01/29

     1,500       1,676,355  

5.38%, 01/01/33

     2,000       2,213,880  

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

    

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

     1,680       1,766,503  

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

     320       334,736  

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

     9,085       9,631,099  

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

     735       851,571  

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

    

5.25%, 12/01/36

     2,940       3,139,391  

5.25%, 12/01/40

     1,500       1,597,470  

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

     2,985       3,137,295  

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

    

5.25%, 12/01/30

     1,270       1,376,566  

5.50%, 12/01/38

     1,205       1,294,809  
 

 

 

2   

Schedule of Investments  (unaudited) (continued)

October 31, 2019

   

BlackRock MuniHoldings Quality Fund II, Inc. (MUE)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Illinois (continued)  

5.25%, 12/01/43

   $ 2,960     $ 3,129,253  

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

     975       1,151,943  

Railsplitter Tobacco Settlement Authority, RB(b):

    

5.50%, 06/01/21

     2,350       2,505,076  

6.00%, 06/01/21

     670       719,258  

State of Illinois, GO:

    

5.25%, 02/01/31

     1,495       1,630,283  

5.25%, 02/01/32

     2,320       2,523,510  

5.50%, 07/01/33

     1,000       1,094,030  

5.50%, 07/01/38

     700       762,916  
   

 

 

  
      42,913,200  
Indiana — 0.2%  

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

     460       501,014  
   

 

 

  
Iowa — 0.7%  

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

     1,950       2,162,628  
   

 

 

  
Kentucky — 0.4%  

Kentucky Economic Development Finance Authority, Refunding RB, Commonspirit Health, Series A, 5.00%, 08/01/49

     1,000       1,178,200  
   

 

 

  
Louisiana — 1.3%  

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

     2,225       2,561,598  

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

     1,630       1,632,999  
   

 

 

  
      4,194,597  
Maryland — 2.8%  

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

     2,450       2,850,134  
Security   Par
(000)		     Value  
Maryland (continued)  

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

   $ 4,780     $ 5,876,436  
   

 

 

  
      8,726,570  
Massachusetts — 1.8%  

Massachusetts Development Finance Agency, RB:

    

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

     940       1,101,116  

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

     420       478,779  

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

     2,265       2,626,177  

Massachusetts Development Finance Agency, Refunding RB, Emerson College, Series A, 5.00%, 01/01/40

     745       871,978  

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

     410       414,977  
   

 

 

  
      5,493,027  
Michigan — 1.5%  

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

     3,420       3,622,943  

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

     895       1,052,914  
   

 

 

  
      4,675,857  
Minnesota — 0.3%  

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

     985       1,082,820  
   

 

 

  
Mississippi — 2.4%  

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

     2,225       2,657,518  

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

     1,000       1,149,210  

State of Mississippi, RB, Series A:

    

5.00%, 10/15/37

     565       694,487  

4.00%, 10/15/38

     2,815       3,159,978  
   

 

 

  
      7,661,193  
Montana — 0.1%  

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

    

3.50%, 12/01/42

     175       183,587  
 

 

 

     3  

Schedule of Investments  (unaudited) (continued)

October 31, 2019

   

BlackRock MuniHoldings Quality Fund II, Inc. (MUE)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Montana (continued)  

3.60%, 12/01/47

   $ 265     $ 274,808  
   

 

 

  
      458,395  
Nevada — 4.4%  

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

     1,130       1,309,715  

City of Reno Nevada, Refunding RB, Series A-1 (AGM):

    

4.00%, 06/01/43

     2,690       2,891,024  

4.00%, 06/01/46

     2,910       3,116,290  

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

     3,210       3,228,522  

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

    

5.00%, 06/01/36

     2,065       2,534,457  

5.00%, 06/01/37

     500       611,995  
   

 

 

  
      13,692,003  
New Jersey — 7.8%  

New Jersey EDA, RB:

    

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

     1,940       2,181,433  

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

     1,355       1,518,928  

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

     2,500       2,812,425  

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

     2,345       2,475,124  

New Jersey Transportation Trust Fund Authority, RB:

    

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

     2,980       3,475,306  

Series BB, 4.00%, 06/15/50

     2,125       2,208,555  

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

     3,040       3,364,915  

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

     2,735       3,211,027  

Tobacco Settlement Financing Corp., Refunding RB:

    

Series A, 5.25%, 06/01/46

     2,355       2,737,475  
Security   Par
(000)		     Value  
New Jersey (continued)  

Sub-Series B, 5.00%, 06/01/46

   $ 445     $ 491,636  
   

 

 

  
      24,476,824  
New Mexico — 0.1%  

City of Santa Fe New Mexico, RB, EL Castillo Retirement Residences Project, Series A, 5.00%, 05/15/49

     170       187,000  
   

 

 

  
New York — 5.2%  

Metropolitan Transportation Authority, RB:

    

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

     8,500       9,212,045  

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

     1,550       1,752,445  

New York City Water & Sewer System, RB, 2nd General Resolution:

    

5.38%, 12/15/20(b)

     1,470       1,539,487  

5.38%, 06/15/43

     750       781,763  

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

     2,000       2,090,680  

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

     895       1,003,868  
   

 

 

  
      16,380,288  
Ohio — 1.7%  

Buckeye Tobacco Settlement Financing Authority, RB, Asset-Backed, Senior Turbo Term,
Series A-2, 5.88%, 06/01/47

     2,470       2,488,550  

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

     2,500       2,807,825  
   

 

 

  
      5,296,375  
Oregon — 0.4%  

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

     1,100       1,321,254  
   

 

 

  
Pennsylvania — 11.0%  

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

     185       215,734  

County of Delaware Springfield School District, GO:

    

5.00%, 03/01/40

     1,485       1,802,419  

5.00%, 03/01/43

     1,100       1,323,927  

County of Lehigh Pennsylvania, Refunding RB, Lehigh Valley Health Network, 4.00%, 07/01/49(c)

     5,000       5,388,200  
 

 

 

4   

Schedule of Investments  (unaudited) (continued)

October 31, 2019

   

BlackRock MuniHoldings Quality Fund II, Inc. (MUE)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Pennsylvania (continued)  

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

   $ 1,690     $ 1,978,213  

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

     2,215       2,678,710  

Pennsylvania Economic Development Financing Authority, RB, Waste Management, Inc. Project, AMT, 2.15%, 07/01/41(d)

     330       334,650  

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

     3,000       3,146,820  

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

     2,490       2,966,013  

Pennsylvania Turnpike Commission, RB:

    

Sub-Series B-1, 5.25%, 06/01/47

     2,300       2,721,774  

Subordinate, Series A, 5.00%, 12/01/44

     5,120       6,183,014  

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

     1,600       1,955,312  

Township of Bristol Pennsylvania School District, GO:

    

5.25%, 06/01/37

     2,500       2,784,375  

5.25%, 06/01/43

     1,100       1,220,868  
   

 

 

  
      34,700,029  
Puerto Rico — 3.3%  

Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, Restructured:

    

Series A-1, 4.75%, 07/01/53

     1,220       1,258,284  

Series A-1, 5.00%, 07/01/58

     2,130       2,229,173  

Series A-2, 4.78%, 07/01/58

     5,879       6,050,843  

Series B-1, 4.75%, 07/01/53

     407       419,438  

Series B-2, 4.78%, 07/01/58

     394       404,358  
   

 

 

  
      10,362,096  
South Carolina — 5.3%  

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

     3,760       4,288,769  

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

    

6.00%, 07/01/38

     2,940       3,360,949  

5.50%, 07/01/41

     2,500       2,804,925  

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

     1,360       1,601,495  
Security   Par
(000)		     Value  
South Carolina (continued)  

State of South Carolina Ports Authority, RB, AMT, 5.25%, 07/01/25(b)

   $ 1,870     $ 2,252,078  

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

     1,000       1,128,560  

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

     1,000       1,131,990  
   

 

 

  
      16,568,766  
Tennessee — 1.1%  

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

     3,000       3,443,430  
   

 

 

  
Texas — 8.1%  

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

     2,345       2,611,837  

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

     2,010       2,469,104  

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

     2,500       3,058,350  

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

    

Series A, 5.00%, 11/01/20(b)

     1,615       1,671,670  

Series H, 5.00%, 11/01/37

     1,810       1,916,374  

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

     2,155       2,444,697  

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

     5,480       5,895,494  

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

     1,775       2,104,919  

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

     1,070       1,193,114  
 

 

 

     5  

Schedule of Investments  (unaudited) (continued)

October 31, 2019

   

BlackRock MuniHoldings Quality Fund II, Inc. (MUE)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Texas (continued)  

Texas Private Activity Bond Surface Transportation Corp., RB, Segment 3C Project, AMT, 5.00%, 06/30/58

   $ 1,860     $ 2,168,686  
   

 

 

  
      25,534,245  
Utah — 0.1%  

Utah Charter School Finance Authority, RB, Wallace Stegner Academy Project, Series A, 5.00%, 06/15/49(a)

     170       178,692  
   

 

 

  
Vermont — 1.0%  

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

     2,535       3,035,662  
   

 

 

  
Virginia — 1.8%  

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

     945       1,011,963  

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

     4,000       4,570,840  
   

 

 

  
      5,582,803  
Washington — 6.6%  

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

     2,400       2,519,544  

Port of Seattle Washington, ARB, AMT:

    

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

     2,485       2,931,281  

Series A, 5.00%, 05/01/43

     660       770,451  

State of Washington, COP, Series B:

    

5.00%, 07/01/36

     1,000       1,226,760  

5.00%, 07/01/38

     1,155       1,410,948  

State of Washington, GO:

    

Series C, 5.00%, 02/01/36

     7,565       9,294,283  

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

     1,865       1,957,896  

Washington State Housing Finance Commission, RB, Transforming Age Project, Series A, 5.00%, 01/01/55(a)

     475       516,458  
   

 

 

  
      20,627,621  
Wisconsin — 1.1%  

Public Finance Authority, Refunding RB:

    

Penick Village Obligation Group,
5.00%, 09/01/49(a)

     285       307,686  

The Evergreens Obligated Group, 5.00%, 11/15/49

     570       649,048  
Security   Par
(000)		     Value  
Wisconsin (continued)  

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

   $ 2,065     $ 2,486,425  
   

 

 

  
      3,443,159  
Wyoming — 0.2%  

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

     570       666,227  
   

 

 

  

Total Municipal Bonds — 127.6%
(Cost — $372,007,017)

 

     400,876,849  
   

 

 

  

Municipal Bonds Transferred to Tender Option Bond Trusts(e)

 

California — 2.9%  

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

     7,499       8,940,532  
   

 

 

  
Colorado — 1.8%  

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

     3,262       3,963,751  

Colorado Health Facilities Authority, Refunding RB, Commonspirit Health,
Series A, 4.00%, 08/01/49(f)

     1,710       1,828,554  
   

 

 

  
      5,792,305  
Connecticut — 1.1%  

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

     3,061       3,577,965  
   

 

 

  
Illinois — 3.2%  

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

     760       760,362  

State of Illinois Toll Highway Authority, RB:

    

Series A, 5.00%, 01/01/40

     1,980       2,274,322  

Series B, 5.00%, 01/01/40

     6,148       7,098,926  
   

 

 

  
      10,133,610  
Louisiana — 3.2%  

City of Shreveport Louisiana Water & Sewer Revenue, RB, Junior Lien, Series B (AGM):

    

4.00%, 12/01/44

     3,015       3,331,243  
 

 

 

6   

Schedule of Investments  (unaudited) (continued)

October 31, 2019

   

BlackRock MuniHoldings Quality Fund II, Inc. (MUE)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Louisiana (continued)            

4.00%, 12/01/49

   $ 6,057     $ 6,692,340  
   

 

 

  
      10,023,583  
Maryland — 4.7%            

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

     2,499       2,958,519  

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

     9,817       11,822,266  
   

 

 

  
      14,780,785  
Michigan — 2.5%            

Michigan Finance Authority, RB:

    

Mclaren Health Care, Series A, 4.00%, 02/15/44

     3,332       3,660,457  

Multi Model- McLaren Health Care, 4.00%, 02/15/47

     3,728       4,094,540  
   

 

 

  
      7,754,997  
New Jersey — 0.5%            

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

     1,500       1,571,958  
   

 

 

  
New York — 6.2%            

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

     5,958       6,465,284  

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

     7,515       8,130,776  

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

     4,400       4,770,828  
   

 

 

  
      19,366,888  
Pennsylvania — 4.1%            

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

     3,600       4,013,640  
Security   Par
(000)		     Value  
Pennsylvania (continued)            

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

   $ 5,927     $ 6,665,015  

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

     1,963       2,284,369  
   

 

 

  
      12,963,024  
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       4,741,921  
   

 

 

  
Virginia — 1.4%  

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

     3,720       4,429,962  
   

 

 

  

Total Municipal Bonds Transferred to Tender Option Bond Trusts — 33.1%
(Cost — $97,913,728)

       104,077,530  
   

 

 

  

Total Long-Term Investments — 160.7%
(Cost — $469,920,745)

       504,954,379  
 

 

 

  

Short-Term Securities — 0.0%

 

BlackRock Liquidity Funds, MuniCash, Institutional Class, 1.04%(g)(h)

     69,543       69,550  
   

 

 

  

Total Short-Term Securities — 0.0%
(Cost — $69,550)

 

     69,550  
   

 

 

  

Total Investments — 160.7%
(Cost — $469,990,295)

 

     505,023,929  

Liabilities in Excess of Other Assets — (0.5)%

 

     (1,561,145 ) 

Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (18.5)%

 

     (58,112,861 ) 

VMTP Shares, at Liquidation Value — (41.7)%

 

     (131,000,000 ) 
   

 

 

  

Net Assets Applicable to Common Shares — 100.0%

 

   $ 314,349,923  
   

 

 

  
 
(a) 

Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

(b) 

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.

(c) 

When-issued security.

(d) 

Variable or floating rate security, which interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of period end.

(e) 

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.

 

 

     7  

Schedule of Investments  (unaudited) (continued)

October 31, 2019

   

BlackRock MuniHoldings Quality Fund II, Inc. (MUE)

 

(f) 

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 expire between November 15, 2019 to August 1, 2027, is $13,134,590.

(g) 

Annualized 7-day yield as of period end.

(h) 

During the period ended October 31, 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
07/31/19		      Net
Activity		      Shares
Held at
10/31/19		      Value at
10/31/19		      Income      Net Realized
Gain  (Loss)(a)		      Change in
Unrealized
Appreciation
(Depreciation)		  

BlackRock Liquidity Funds, MuniCash, Institutional Class

      10,454,186        (10,384,643 )       69,543      $ 69,550      $ 9,078      $ 653      $ (750 ) 
           

 

 

     

 

 

     

 

 

     

 

 

  

 

  (a) 

Includes net capital gain distributions, if applicable.

 

 

Portfolio Abbreviations
AGM    Assured Guaranty Municipal Corp.
AMT    Alternative Minimum Tax (subject to)
ARB    Airport Revenue Bonds
BAM    Build America Mutual Assurance Co.
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

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

      52        12/19/19      $ 6,775      $ 10,424  

Long U.S. Treasury Bond

      77        12/19/19        12,426        41,471  

5-Year U.S. Treasury Note

      30        12/31/19        3,576        4,653  
           

 

 

  
            $ 56,548  
           

 

 

  

 

 

8   

Schedule of Investments  (unaudited) (continued)

October 31, 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 BlackRock Global Valuation Methodologies Committee’s (the “Global Valuation Committee”) 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 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 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)

    $             —      $ 504,954,379      $             —      $ 504,954,379  

Short-Term Securities

     69,550        —        —        69,550  
  

 

 

     

 

 

     

 

 

     

 

 

  
   $ 69,550      $ 504,954,379      $ —      $ 505,023,929  
  

 

 

     

 

 

     

 

 

     

 

 

  

Derivative Financial Instruments(b)

 

Assets:

 

Interest rate contracts

   $ 56,548      $ —      $ —      $ 56,548  
  

 

 

     

 

 

     

 

 

     

 

 

  

 

  (a) 

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

 
  (b) 

Derivative financial instruments are futures contracts. Futures contracts 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

   $             —      $ (57,928,899 )     $             —      $ (57,928,899 ) 

VMTP Shares at Liquidation Value

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

 

 

     

 

 

     

 

 

     

 

 

  
   $ —      $ (188,928,899 )     $ —      $ (188,928,899 ) 
  

 

 

     

 

 

     

 

 

     

 

 

  

 

 

     9