NPORT-EX 2 NPORT_8262675741027069.htm EX-MUE

Schedule of Investments  (unaudited) 

April 30, 2020

   

BlackRock MuniHoldings Quality Fund II, Inc. (MUE)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  

Municipal Bonds — 128.1%

 

Alabama — 0.6%

 

City of Selma Alabama IDB, RB, Gulf Opportunity Zone, International Paper Co. Project, Series A:

    

5.80%, 05/01/34

   $ 755     $ 755,627  

5.38%, 12/01/35

     940       968,303  
   

 

 

  
      1,723,930  
Arizona — 2.6%  

Arizona IDA, RB:

    

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

     465       404,741  

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

     525       421,638  

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

     405       317,018  

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

     550       447,557  

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

     730       782,100  

City of Phoenix Civic Improvement Corp., ARB, Junior Lien Airport Revenue Bonds, Series B, AMT, 3.25%, 07/01/49

     1,135       1,039,603  

County of Maricopa Arizona IDA, Refunding RB, Legacy Traditional Schools Project(a):

    

5.00%, 07/01/39

     195       183,359  

5.00%, 07/01/54

     450       406,089  

County of Pima IDA, RB, American Leadership Academy Project, 5.00%, 06/15/47(a)

     800       627,168  

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

     2,450       3,023,275  
   

 

 

  
      7,652,548  
Arkansas — 0.4%  

Arkansas Development Finance Authority, RB, Big River Steel Project, AMT, 4.50%, 09/01/49(a)

     1,370       1,169,911  
   

 

 

  
California — 16.6%            

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

     1,400       1,451,982  
Security   Par
(000)		     Value  
California (continued)  

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

    

2nd, 5.50%, 05/01/28

   $ 1,800     $ 1,976,688  

2nd, 5.25%, 05/01/33

     1,410       1,520,685  

5.00%, 05/01/44

     1,860       1,973,348  

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       4,158,260  

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

     4,500       5,138,955  

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

     1,875       1,983,206  

Golden State Tobacco Securitization Corp., Refunding RB:

    

Series A-1, 5.00%, 06/01/47

     260       252,426  

Series A-2, 5.00%, 06/01/47

     435       424,377  

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

     2,445       2,823,682  

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

     2,670       2,829,853  

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

    

5.25%, 05/15/23(b)

     5,905       6,659,305  

5.25%, 05/15/38

     1,675       1,849,384  

State of California Public Works Board, LRB:

    

5.50%, 11/01/30

     5,000       5,684,600  

5.50%, 11/01/31

     3,130       3,555,618  

State of California Public Works Board, RB:

    

Department of Corrections & Rehabilitation, Series F, 5.25%, 09/01/33

     1,260       1,407,294  

Various Capital Projects, Series I, 5.50%, 11/01/33

     3,000       3,401,970  

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

     940       1,078,744  
   

 

 

  
      48,170,377  
Colorado — 2.1%  

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

    

5.50%, 11/15/28

     1,500       1,664,670  

5.50%, 11/15/30

     565       625,873  
 

 

 

     1  

Schedule of Investments  (unaudited) (continued)

April 30, 2020

   

BlackRock MuniHoldings Quality Fund II, Inc. (MUE)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Colorado (continued)  

5.50%, 11/15/31

   $ 675     $ 747,178  

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

     790       669,083  

Colorado Educational & Cultural Facilities Authority, Refunding RB, Rocky Mountain Classical Academy Project, 5.00%, 10/01/59(a)

     1,050       924,735  

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

     925       715,700  

STC Metropolitan District No. 2, GO, Refunding, Series A, 5.00%, 12/01/38

     715       647,375  
   

 

 

  
      5,994,614  
Connecticut — 1.0%  

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

     1,690       1,896,991  

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

     1,015       1,080,295  
   

 

 

  
      2,977,286  
Delaware — 0.5%  

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

     1,400       1,542,016  
   

 

 

  
Florida — 19.2%            

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

     4,730       5,406,674  

County of Broward Florida Airport System Revenue, ARB, Series A, AMT:

    

5.13%, 10/01/23(b)

     5,665       6,404,792  

5.00%, 10/01/45

     1,440       1,536,408  

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

     2,995       3,278,207  

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

     2,500       2,591,775  

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

     120       122,764  
Security   Par
(000)		     Value  
Florida (continued)  

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

    

Series A, 5.38%, 10/01/33

   $ 1,765     $ 1,942,471  

Series A, 5.50%, 10/01/42

     3,000       3,272,070  

Series B, AMT, 6.25%, 10/01/38

     800       892,152  

Series B, AMT, 6.00%, 10/01/42

     1,060       1,174,353  

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

     3,130       3,574,836  

County of Miami-Dade Florida Aviation Revenue, Refunding ARB, Series A, AMT(b):

    

5.00%, 10/01/22

     5,155       5,629,054  

5.00%, 10/01/22

     5,000       5,459,800  

County of Palm Beach Health Facilities Authority, Refunding RB, Baptist Health South Florida Obligated Group, 4.00%, 08/15/49

     2,065       2,125,153  

Finley Woods Community Development District, Special Assessment Bonds:

    

4.00%, 05/01/40

     265       225,989  

4.20%, 05/01/50

     450       376,547  

Florida Development Finance Corp., RB, Waste Pro USA, Inc. Project, AMT(a):

    

5.00%, 05/01/29

     470       462,301  

5.00%, 08/01/29(c)

     190       189,913  

Osceola Chain Lakes Community Development District, Special Assessment Bonds:

    

4.00%, 05/01/40

     670       589,004  

4.00%, 05/01/50

     640       539,456  

Reedy Creek Florida Improvement District, GO, Series A, 5.25%, 06/01/23(b)

     1,805       2,038,368  

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

     380       339,431  

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

     6,965       7,384,641  
   

 

 

  
      55,556,159  
Georgia — 1.2%  

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

     815       880,534  

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

     950       1,103,093  
 

 

 

2   

Schedule of Investments  (unaudited) (continued)

April 30, 2020

   

BlackRock MuniHoldings Quality Fund II, Inc. (MUE)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Georgia (continued)  

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

   $ 1,420     $ 1,460,839  
   

 

 

  
      3,444,466  
Hawaii — 1.8%  

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

     2,805       2,978,265  

State of Hawaii Airports System, COP, AMT:

    

5.25%, 08/01/25

     740       805,949  

5.25%, 08/01/26

     1,205       1,309,521  
   

 

 

  
      5,093,735  
Illinois — 13.8%  

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

    

5.00%, 01/01/41

     1,140       1,189,818  

5.50%, 01/01/28

     1,000       1,060,970  

5.50%, 01/01/29

     1,500       1,590,195  

5.38%, 01/01/33

     2,000       2,107,500  

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

    

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

     1,000       1,033,310  

3rd Lien, Series A, 5.75%, 01/01/39

     320       326,506  

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

     6,340       6,576,799  

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

     735       797,056  

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

    

5.25%, 12/01/36

     2,940       3,098,290  

5.25%, 12/01/40

     1,500       1,577,205  

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

     2,985       3,063,655  

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

    

5.25%, 12/01/30

     1,270       1,299,121  

5.50%, 12/01/38

     1,205       1,221,195  

5.25%, 12/01/43

     2,960       2,956,093  

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

     975       1,099,283  

Metropolitan Pier & Exposition Authority, RB, McCormick Place Expansion Project Bonds, Series A, 5.00%, 06/15/57

     1,090       970,667  
Security   Par
(000)		     Value  
Illinois (continued)  

Metropolitan Pier & Exposition Authority, Refunding RB, McCormick Place Expansion Project, 4.00%, 06/15/50

   $ 1,050     $ 874,346  

Railsplitter Tobacco Settlement Authority, RB(b):

    

5.50%, 06/01/21

     2,350       2,467,195  

6.00%, 06/01/21

     670       707,044  

State of Illinois, GO:

    

5.25%, 02/01/31

     1,495       1,454,231  

5.25%, 02/01/32

     2,320       2,234,090  

5.50%, 07/01/33

     1,000       972,770  

5.50%, 07/01/38

     700       661,199  

Upper Illinois River Valley Development Authority, Refunding RB, Prairie Crossing Charter School, 5.00%, 01/01/45(a)

     715       625,310  
   

 

 

  
      39,963,848  
Indiana — 0.2%  

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

     460       472,057  
   

 

 

  
Iowa — 0.6%            

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

     1,950       1,800,298  
   

 

 

  
Louisiana — 1.0%            

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

     2,225       2,491,266  

Louisiana Local Government Environmental Facilities & Community Development Authority, RB, Westlake Chemical Corp., Series A-2, 6.50%, 11/01/35

     360       364,525  
   

 

 

  
      2,855,791  
Maryland — 3.4%  

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

     2,450       2,797,483  

Maryland Health & Higher Educational Facilities Authority, RB, UPMC Issue, Series B, 4.00%, 04/15/45(d)

     1,360       1,396,013  
 

 

 

     3  

Schedule of Investments  (unaudited) (continued)

April 30, 2020

   

BlackRock MuniHoldings Quality Fund II, Inc. (MUE)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Maryland (continued)  

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

   $ 4,780     $ 5,677,971  
   

 

 

  
      9,871,467  
Massachusetts — 1.6%  

Massachusetts Development Finance Agency, RB:

    

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

     420       437,909  

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

     940       1,017,287  

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

     2,265       2,020,289  

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

     745       808,057  

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

     410       410,492  
   

 

 

  
      4,694,034  
Michigan — 1.6%  

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

     3,420       3,568,189  

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

     895       901,274  
   

 

 

  
      4,469,463  
Minnesota — 0.3%  

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

     985       957,420  
   

 

 

  
Mississippi — 2.5%            

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

     2,225       2,541,796  

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

     1,000       1,135,870  

State of Mississippi, RB, Series A:

    

5.00%, 10/15/37

     565       622,850  

4.00%, 10/15/38

     2,815       2,830,905  
   

 

 

  
      7,131,421  
Montana — 0.2%  

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

    

3.50%, 12/01/42

     170       176,419  
Security   Par
(000)		     Value  
Montana (continued)  

3.60%, 12/01/47

   $ 260     $ 268,983  
   

 

 

  
      445,402  
Nevada — 3.7%  

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

     1,130       1,215,925  

City of Las Vegas NV Special Improvement District No 814, Special Assessment Bonds, Summerlin Villages 21 & 24A:

    

4.00%, 06/01/39

     120       101,423  

4.00%, 06/01/44

     335       269,916  

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

    

4.00%, 06/01/43

     2,690       2,957,763  

4.00%, 06/01/46

     2,910       3,186,043  

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

    

5.00%, 06/01/36

     2,065       2,466,477  

5.00%, 06/01/37

     500       596,320  
   

 

 

  
      10,793,867  
New Jersey — 7.6%  

New Jersey EDA, RB:

    

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

     1,940       1,972,417  

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

     1,355       1,476,395  

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

     2,500       2,387,675  

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

     2,285       2,379,096  

New Jersey Transportation Trust Fund Authority, RB:

    

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

     2,980       2,986,526  

Series BB, 4.00%, 06/15/50

     1,775       1,516,436  

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

     3,040       3,076,997  

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

     2,735       2,757,044  
 

 

 

4   

Schedule of Investments  (unaudited) (continued)

April 30, 2020

   

BlackRock MuniHoldings Quality Fund II, Inc. (MUE)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
New Jersey (continued)  

Tobacco Settlement Financing Corp., Refunding RB:

    

Series A, 5.25%, 06/01/46

   $ 2,355     $ 2,509,677  

Sub-Series B, 5.00%, 06/01/46

     870       874,628  
   

 

 

  
      21,936,891  
New Mexico — 0.1%  

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

     170       141,416  
   

 

 

  
New York — 5.8%            

Metropolitan Transportation Authority, RB:

    

Series A, 5.25%, 11/15/21(b)

     8,500       9,082,165  

Series A-1, 5.25%, 11/15/39

     1,550       1,600,065  

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

    

5.38%, 12/15/20(b)

     1,470       1,509,705  

5.38%, 06/15/43

     750       765,682  

New York Liberty Development Corp., Refunding RB, 3 World Trade Center Project, Class 1, 5.00%, 11/15/44(a)

     960       884,822  

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

     2,000       2,045,360  

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

     895       927,945  
   

 

 

  
      16,815,744  
North Carolina — 0.1%  

University of North Carolina at Chapel Hill, RB, University of North Carolina Hospital at Chapel Hills, 5.00%, 02/01/49

     270       345,260  
   

 

 

  
Ohio — 2.8%            

Buckeye Tobacco Settlement Financing Authority, Refunding RB, Senior, Class 2, Series B-2, 5.00%, 06/01/55

     3,575       3,162,731  

State of Ohio, Refunding RB, Series A, 4.00%, 01/15/50

     2,275       2,324,140  
Security   Par
(000)		     Value  
Ohio (continued)  

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

   $ 2,500     $ 2,692,675  
   

 

 

  
      8,179,546  
Oregon — 0.4%  

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

     1,100       1,278,244  
   

 

 

  
Pennsylvania — 8.2%            

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

     185       211,473  

County of Delaware Springfield School District, GO:

    

5.00%, 03/01/40

     1,485       1,767,967  

5.00%, 03/01/43

     1,100       1,298,627  

County of Lehigh Pennsylvania, Refunding RB, Lehigh Valley Health Network. Series A, 4.00%, 07/01/49

     740       747,948  

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

     1,690       1,845,615  

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

     2,215       2,619,060  

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

     3,000       3,102,480  

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

     2,490       2,814,049  

Pennsylvania Turnpike Commission, RB:

    

Sub-Series B-1, 5.25%, 06/01/47

     2,300       2,548,492  

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

     3,620       4,052,155  

Township of Bristol Pennsylvania School District, GO, 5.25%, 06/01/37

     2,500       2,777,125  
   

 

 

  
      23,784,991  
Puerto Rico — 3.3%  

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

    

CAB, Series A-1, 0.00%, 07/01/46(e)

     312       71,748  

Series A-1, 4.75%, 07/01/53

     3,472       3,127,682  

Series A-1, 5.00%, 07/01/58

     5,015       4,684,110  

Series A-2, 4.33%, 07/01/40

     709       633,208  

Series A-2, 4.78%, 07/01/58

     264       237,650  

Series B-1, 4.75%, 07/01/53

     407       366,821  
 

 

 

     5  

Schedule of Investments  (unaudited) (continued)

April 30, 2020

   

BlackRock MuniHoldings Quality Fund II, Inc. (MUE)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Puerto Rico (continued)  

Series B-2, 4.78%, 07/01/58

   $ 394     $ 351,243  
   

 

 

  

Total Municipal Bonds in Puerto Rico

       9,472,462  
   

 

 

  

South Carolina — 5.7%

    

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

     3,760       4,259,291  

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

    

6.00%, 07/01/38

     2,940       3,243,731  

5.50%, 07/01/41

     2,500       2,677,050  

South Carolina Jobs EDA, RB, Hilton Head Christian Academy, 5.00%, 01/01/55(a)

     825       641,273  

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

     1,360       1,469,330  

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

     1,870       2,228,890  

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

     1,000       1,051,060  

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

     1,000       1,042,880  
   

 

 

  
      16,613,505  
Tennessee — 1.1%  

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

     3,000       3,218,730  
   

 

 

  
Texas — 8.2%            

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

     2,345       2,578,351  

City of Houston Texas Airport System Revenue, Refunding RB:

    

Special Facilities, Continental Airlines, Inc., Series A, AMT, 6.63%, 07/15/38

     395       399,242  

Sub-Series D, 5.00%, 07/01/37

     2,010       2,234,597  

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

     2,500       2,853,300  

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

    

Series A, 5.00%, 11/01/20(b)

     1,615       1,647,268  

Series H, 5.00%, 11/01/37

     1,810       1,863,123  
Security   Par
(000)		     Value  
Texas (continued)  

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

   $ 2,155     $ 2,382,460  

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

     5,480       5,824,473  

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

     1,775       2,007,046  

Red River Texas Education Financing Corp., RB, Texas Christian University Project, 5.25%, 03/15/23(b)

     1,070       1,200,497  

Texas City Industrial Development Corp., RB, NRG Energy, Inc. Project, 4.13%, 12/01/45

     255       256,538  

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

     360       372,460  
   

 

 

  
      23,619,355  
Utah — 0.1%  

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

     170       140,855  
   

 

 

  
Vermont — 1.0%            

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

     2,535       2,900,268  
   

 

 

  
Virginia — 1.7%            

City of Lexington Virginia IDA, RB, Washington & Lee University, 5.00%, 01/01/22(b)

     945       1,011,140  

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

     4,000       4,009,040  
   

 

 

  
      5,020,180  
Washington — 5.8%  

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

     2,400       2,478,768  

Port of Seattle Washington, ARB, AMT:

    

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

     2,485       2,728,729  

Series A, 5.00%, 05/01/43

     660       715,618  

State of Washington, COP, Series B:

    

5.00%, 07/01/36

     1,000       1,186,010  

5.00%, 07/01/38

     1,155       1,359,781  

State of Washington, GO:

    

Series C, 5.00%, 02/01/36

     5,000       6,016,300  

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

     1,865       1,926,228  
 

 

 

6   

Schedule of Investments  (unaudited) (continued)

April 30, 2020

   

BlackRock MuniHoldings Quality Fund II, Inc. (MUE)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Washington (continued)  

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

   $ 475     $ 377,046  
   

 

 

  
      16,788,480  
Wisconsin — 1.1%  

Public Finance Authority, Refunding RB:

    

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

     285       228,753  

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

     570       524,058  

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

     2,065       2,458,403  
   

 

 

  
      3,211,214  
Wyoming — 0.2%  

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

     570       661,662  
   

 

 

  

Total Municipal Bonds — 128.1%
(Cost — $360,069,481)

 

     370,908,913  
   

 

 

  

Municipal Bonds Transferred to Tender Option Bond Trusts(f) — 36.3%

 

California — 3.0%  

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

     7,499       8,658,337  
   

 

 

  
Colorado — 1.8%            

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

     3,262       3,679,707  

Colorado Health Facilities Authority, Refunding RB, Common spirit Health, Series A, 4.00%, 08/01/49(g)

     1,710       1,648,543  
   

 

 

  
      5,328,250  
Connecticut — 1.1%  

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

     3,061       3,317,848  
   

 

 

  
Illinois — 3.4%            

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

     760       761,915  
Security   Par
(000)		     Value  
Illinois (continued)  

State of Illinois Toll Highway Authority, RB:

    

Series A, 5.00%, 01/01/40

   $ 1,980     $ 2,172,235  

Series B, 5.00%, 01/01/40

     6,148       6,808,567  
   

 

 

  
      9,742,717  
Louisiana — 3.4%  

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

    

4.00%, 12/01/44

     3,015       3,258,233  

4.00%, 12/01/49

     6,057       6,545,668  
   

 

 

  
      9,803,901  
Maryland — 4.9%  

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

     2,499       2,842,501  

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

     9,817       11,362,423  
   

 

 

  
      14,204,924  
Michigan — 2.5%  

Michigan Finance Authority, RB, McLaren Health Care(g):

    

Series A, 4.00%, 02/15/44

     3,332       3,454,157  

Multi Model-, 4.00%, 02/15/47

     3,728       3,863,776  
   

 

 

  
      7,317,933  
New Jersey — 0.5%  

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

     1,500       1,503,272  
   

 

 

  
New York — 6.5%            

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

     5,958       6,356,669  

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

     7,515       7,880,384  

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

     4,400       4,589,319  
   

 

 

  
      18,826,372  
Pennsylvania — 6.1%  

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

     3,600       3,940,560  
 

 

 

     7  

Schedule of Investments  (unaudited) (continued)

April 30, 2020

   

BlackRock MuniHoldings Quality Fund II, Inc. (MUE)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Pennsylvania (continued)  

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

   $ 4,997     $ 5,050,666  

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

     5,927       6,437,596  

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

     1,963       2,238,252  
   

 

 

  
      17,667,074  
Texas — 1.6%  

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

     4,296       4,612,683  
   

 

 

  
Virginia — 1.5%            

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

     3,720       4,229,566  
   

 

 

  

Total Municipal Bonds Transferred to Tender Option Bond Trusts — 36.3%
(Cost — $102,852,717)

       105,212,877  
   

 

 

  

Total Long-Term Investments — 164.4%
(Cost — $462,922,198)

       476,121,790  
   

 

 

  

    

Security

   Shares     Value  

Short-Term Securities — 0.1%

 

BlackRock Liquidity Funds, MuniCash, Institutional Class, 0.12%(h)(i)

     214,605     $ 214,648  
   

 

 

  

Total Short-Term Securities — 0.1%
(Cost — $214,648)

 

     214,648  
   

 

 

  

Total Investments — 164.5%
(Cost — $463,136,846)

 

     476,336,438  

Other Assets Less Liabilities — 1.9%

 

     5,601,532  

Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (21.2)%

 

     (61,296,809 ) 

VMTP Shares, at Liquidation Value — (45.2)%

 

     (131,000,000 ) 
   

 

 

  

Net Assets Applicable to Common Shares — 100.0%

 

   $ 289,641,161  
   

 

 

  
 
(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) 

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.

(d) 

When-issued security.

(e) 

Zero-coupon bond.

(f) 

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.

(g) 

All or a portion of 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 May 15, 2021 and August 1, 2027, is $19,962,429.

(h) 

Annualized 7-day yield as of period end.

 

 

8   

Schedule of Investments  (unaudited) (continued)

April 30, 2020

   

BlackRock MuniHoldings Quality Fund II, Inc. (MUE)

 

(i) 

Investments in issuers considered to be an affiliate/affiliates of the Fund during the period ended April 30, 2020 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliated Issuer    Shares
Held at
07/31/19		      Shares
Purchased		      Shares
Sold		      Shares
Held at
04/30/20		      Value at
04/30/20		      Income      Net
Realized
Gain (Loss) (a)		      Change in
Unrealized
Appreciation
(Depreciation)		  

BlackRock Liquidity Funds, MuniCash, Institutional Class

      10,454,186        —        (10,239,581 )(b)       214,605      $ 214,648      $ 14,720      $ 1,055      $ (750 ) 
              

 

 

     

 

 

     

 

 

     

 

 

  

 

  (a) 

Includes net capital gain distributions, if applicable.

 
  (b) 

Represents net shares purchased(sold).

 

Portfolio Abbreviations

AGM — Assured Guaranty Municipal Corp.

AMT — Alternative Minimum Tax (subject to)

ARB — Airport Revenue Bonds

BAM — Build America Mutual Assurance Co.

CAB — Capital Appreciation 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

 

 

     9  

Schedule of Investments  (unaudited) (continued)

April 30, 2020

   

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. 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’s”) assumptions used in determining the fair value of investments)

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 is based on the pricing transparency of the investments 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, refer to the Fund’s most recent financial statements as contained in its semi-annual report.

The following tables summarizes the Fund’s investments categorized in the disclosure hierarchy:

 

      Level 1      Level 2      Level 3      Total  

Assets:

            

Investments:

            

Long-Term Investments(a)

    $ —      $ 476,121,790      $ —      $ 476,121,790  

Short-Term Securities

      214,648        —        —        214,648  
  

 

 

     

 

 

     

 

 

     

 

 

  
   $ 214,648      $ 476,121,790      $         —      $ 476,336,438  
  

 

 

     

 

 

     

 

 

     

 

 

  

 

  (a) 

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

 

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

    $ —      $ (60,975,897 )     $ —      $ (60,975,897 ) 

VMTP Shares at Liquidation Value

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

 

 

     

 

 

     

 

 

     

 

 

  
   $         —      $ (191,975,897 )     $         —      $ (191,975,897 ) 
  

 

 

     

 

 

     

 

 

     

 

 

  

 

 

10