NPORT-EX 2 NPORT_2765559877566568.htm EX-MUE

Schedule of Investments  (unaudited)

October 31, 2020

   

BlackRock MuniHoldings Quality Fund II, Inc. (MUE)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  

Municipal Bonds

 

Alabama — 0.3%

 

Selma Industrial Development Board, RB, Series A, 5.38%, 12/01/35

   $ 940     $ 982,234  
   

 

 

  
Arizona — 2.8%            

Arizona Industrial Development Authority, RB 4.38%, 07/01/39(a)

     550       568,634  

Series A, 5.00%, 07/01/39(a)

     465       479,945  

Series A, (BAM), 4.00%, 06/01/44

     730       792,254  

Series A, 5.00%, 07/01/49(a)

     525       535,579  

Series A, 5.00%, 07/01/54(a)

     405       409,747  

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

     1,135       1,172,239  

Industrial Development Authority of the County of Pima, RB, 5.00%, 06/15/47(a)

     800       805,640  

Maricopa County Industrial Development Authority, Refunding RB(a)

    

5.00%, 07/01/39

     195       208,983  

5.00%, 07/01/54

     450       469,413  

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

     2,450       3,243,825  
   

 

 

  
      8,686,259  
Arkansas — 0.4%            

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

     1,370       1,373,165  
   

 

 

  
California — 16.3%            

California Health Facilities Financing Authority, Refunding RB, Series A, 4.00%, 04/01/45

     780       858,593  

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

     1,400       1,593,158  

California State Public Works Board, RB

    

Series F, 5.25%, 09/01/33

     1,260       1,418,659  

Series I, 5.50%, 11/01/30

     5,000       5,731,800  

Series I, 5.50%, 11/01/31

     3,130       3,582,817  

Series I, 5.50%, 11/01/33

     3,000       3,431,130  

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

     1,875       1,948,069  

Golden State Tobacco Securitization Corp., Refunding RB

    

Series A-1, 5.00%, 06/01/47

     1,555       1,595,368  

Series A-2, 5.00%, 06/01/47

     435       446,293  

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

     2,445       2,823,193  

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

     4,045       4,106,605  

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

     2,670       2,774,744  

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

    

Series J, 5.25%, 05/15/23(b)

     5,905       6,642,416  

Series J, 5.25%, 05/15/38

     1,675       1,853,806  

Riverside County Public Financing Authority, RB, 5.25%, 11/01/40

     4,500       5,343,300  

San Francisco City & County Airport Comm-San Francisco International Airport, Refunding ARB

    

Series A, AMT, 5.50%, 05/01/28

     1,800       2,003,220  

Series A, AMT, 5.25%, 05/01/33

     1,410       1,551,211  
Security   Par
(000)		     Value  
California (continued)            

San Francisco City & County Airport Comm-San Francisco International Airport, Refunding ARB (continued)

    

Series A, AMT, 5.00%, 05/01/44

   $ 1,860     $ 2,051,692  

Washington Township Health Care District, GO, Series B, 5.50%, 08/01/40

     940       1,044,819  
   

 

 

  
      50,800,893  
Colorado — 2.1%            

City & County of Denver Colorado Airport System Revenue, ARB

    

Series A, AMT, 5.50%, 11/15/28

     1,500       1,703,055  

Series A, AMT, 5.50%, 11/15/30

     565       639,122  

Series A, AMT, 5.50%, 11/15/31

     675       762,034  

Colorado Educational & Cultural Facilities Authority, RB, 5.00%, 03/01/50(a)

     790       760,257  

Colorado Educational & Cultural Facilities Authority, Refunding RB, 5.00%, 10/01/59(a)

     1,050       1,058,925  

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

     925       924,223  

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

     715       716,416  
   

 

 

  
      6,564,032  
Connecticut — 1.0%            

Connecticut State Health & Educational Facilities Authority, Refunding RB, Series I-1, 5.00%, 07/01/42

     1,015       1,170,579  

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

     1,690       2,037,937  
   

 

 

  
      3,208,516  
Delaware — 0.5%            

Delaware State Health Facilities Authority, RB, 5.00%, 06/01/43

     1,400       1,610,168  
   

 

 

  
Florida — 18.9%            

Capital Trust Agency, Inc., RB, Series A, 5.00%, 06/01/45(a)

     465       456,574  

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

     4,730       5,645,113  

City of Pompano Beach Florida, Refunding RB, 4.00%, 09/01/50

     720       725,004  

County of Broward Florida Airport System Revenue, ARB

    

Series A, AMT, 5.13%, 10/01/23(b)

     5,665       6,416,236  

Series A, AMT, 5.00%, 10/01/45

     1,440       1,600,085  

County of Lee Florida Airport Revenue, Refunding RB, Series A, AMT, 5.38%, 10/01/32

     2,500       2,574,050  

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

     10,155       11,021,932  

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

     3,130       3,575,868  

County of Miami-Dade Seaport Department, ARB

    

Series A, 5.38%, 10/01/33

     1,765       1,975,088  

Series A, 5.50%, 10/01/42

     3,000       3,310,050  

Series B, AMT, 6.25%, 10/01/38

     800       902,184  

Series B, AMT, 6.00%, 10/01/42

     1,060       1,190,104  

Cypress Bluff Community Development District, SAB, Series A, 3.80%, 05/01/50(a)

     740       696,895  

Finley Woods Community Development District, SAB

    

4.00%, 05/01/40

     265       263,985  

4.20%, 05/01/50

     450       451,048  

Florida Development Finance Corp., RB(a) AMT, 5.00%, 05/01/29

     470       500,494  
 

 

 

     1  

Schedule of Investments  (unaudited) (continued)

October 31, 2020

   

BlackRock MuniHoldings Quality Fund II, Inc. (MUE)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Florida (continued)            

Florida Development Finance Corp.,
RB(a) (continued)

    

Series A, AMT, 5.00%, 08/01/29(c)

   $ 190     $ 192,054  

Florida Development Finance Corp., Refunding RB, Series C, 5.00%, 09/15/50(a)

     260       275,491  

Hillsborough County Aviation Authority, Refunding RB, Sub-Series A, AMT, 5.50%, 10/01/29

     2,995       3,380,037  

Lee County Housing Finance Authority, RB, S/F Housing, Series A-2, AMT, (FHLMC, FNMA, GNMA), 6.00%, 09/01/40

     115       116,564  

Osceola Chain Lakes Community Development District, SAB

    

4.00%, 05/01/40

     670       671,340  

4.00%, 05/01/50

     640       626,778  

Palm Beach County Health Facilities Authority, RB, Series B, 5.00%, 11/15/42

     230       267,798  

Palm Beach County Health Facilities Authority, Refunding RB, 4.00%, 08/15/49

     2,065       2,277,179  

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

     1,805       2,032,990  

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

     380       375,543  

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

     6,965       7,283,718  
   

 

 

  
      58,804,202  
Georgia — 1.2%            

Development Authority for Fulton County, RB, 4.00%, 06/15/49

     815       912,702  

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

     950       1,314,325  

Municipal Electric Authority of Georgia, RB, 5.00%, 01/01/48

     1,420       1,660,236  
   

 

 

  
      3,887,263  
Hawaii — 1.7%            

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

     2,805       3,103,368  

State of Hawaii Airports System Revenue, COP

    

AMT, 5.25%, 08/01/25

     740       817,411  

AMT, 5.25%, 08/01/26

     1,205       1,329,597  
   

 

 

  
      5,250,376  
Illinois — 11.5%            

Chicago Midway International Airport, Refunding ARB, Series A, 2nd Lien, AMT, 5.00%, 01/01/41

     1,140       1,229,091  

Chicago Midway International Airport, Refunding RB

    

Series A, 2nd Lien, AMT, 5.50%, 01/01/28

     1,000       1,086,690  

Series A, 2nd Lien, AMT, 5.50%, 01/01/29

     1,500       1,628,685  

Series A, 2nd Lien, AMT, 5.38%, 01/01/33

     2,000       2,157,220  

Chicago O’Hare International Airport, ARB

    

Series A, 3rd Lien, 5.75%, 01/01/39

     320       322,842  

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

     2,000       2,020,080  

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

     735       829,293  

Chicago Transit Authority Sales Tax Receipts Fund, RB, 5.25%, 12/01/21(b)

     4,440       4,678,013  

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

     2,985       3,097,773  

Cook County Community College District No.508, GO

    

5.25%, 12/01/30

     1,270       1,361,681  

5.50%, 12/01/38

     1,205       1,265,334  

5.25%, 12/01/43

     2,960       3,057,443  
Security   Par
(000)		     Value  
Illinois (continued)            

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

   $ 975     $ 1,155,414  

Metropolitan Pier & Exposition Authority, RB, Series A, 5.00%, 06/15/57

     1,090       1,172,033  

Metropolitan Pier & Exposition Authority, Refunding RB, 4.00%, 06/15/50

     1,050       1,059,524  

Railsplitter Tobacco Settlement Authority, RB(b)

    

5.50%, 06/01/21

     2,350       2,420,759  

6.00%, 06/01/21

     670       692,284  

State of Illinois, GO

    

5.25%, 02/01/31

     1,495       1,564,577  

5.25%, 02/01/32

     2,320       2,412,151  

5.50%, 07/01/33

     1,000       1,046,010  

5.50%, 07/01/38

     700       722,883  

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

     715       729,972  
   

 

 

  
      35,709,752  
Indiana — 0.2%            

Indiana Finance Authority, RB, Series A, AMT, 5.00%, 07/01/40

     460       491,243  
   

 

 

  
Iowa — 0.7%            

Iowa Finance Authority, RB, Series A, 5.00%, 05/15/48

     1,950       2,040,616  
   

 

 

  
Louisiana — 0.9%            

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

     2,225       2,536,411  

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

     360       361,415  
   

 

 

  
      2,897,826  
Maryland — 3.3%            

Howard County Housing Commission, RB, M/F Housing, 5.00%, 12/01/42

     2,450       2,823,404  

Maryland Health & Higher Educational Facilities Authority, RB, Series B, 4.00%, 04/15/45

     1,360       1,518,862  

Maryland Stadium Authority, RB, 5.00%, 05/01/34

     4,780       5,864,391  
   

 

 

  
      10,206,657  
Massachusetts — 0.8%            

Massachusetts Development Finance Agency, RB

    

Series A, 5.25%, 01/01/42

     940       1,054,060  

Series A, 5.00%, 01/01/47

     420       462,546  

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

     745       838,475  
   

 

 

  
      2,355,081  
Michigan — 1.5%            

Hudsonville Public Schools, GO, (Q-SBLF), 5.25%, 05/01/21(b)

     3,420       3,505,192  

Michigan Strategic Fund, RB, AMT, 5.00%, 06/30/48

     895       1,008,943  
   

 

 

  
      4,514,135  
Minnesota — 0.3%            

Housing & Redevelopment Authority of The City of St. Paul Minnesota, Refunding RB, Series A, 4.00%, 11/15/43

     985       1,060,668  
   

 

 

  
Mississippi — 2.4%            

Mississippi Development Bank, RB, (AGM), 6.88%, 12/01/40

     2,225       2,594,305  
 

 

 

2   

Schedule of Investments  (unaudited) (continued)

October 31, 2020

   

BlackRock MuniHoldings Quality Fund II, Inc. (MUE)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Mississippi (continued)            

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

   $ 1,000     $ 1,135,430  

State of Mississippi, RB

    

Series A, 5.00%, 10/15/37

     565       656,858  

Series A, 4.00%, 10/15/38

     2,815       3,031,952  
   

 

 

  
      7,418,545  
Montana — 0.1%            

Montana Board of Housing, RB, S/F Housing

    

Series B-2, 3.50%, 12/01/42

     170       178,446  

Series B-2, 3.60%, 12/01/47

     260       279,552  
   

 

 

  
      457,998  
Nevada — 3.9%            

City of Carson City Nevada, Refunding RB, 5.00%, 09/01/42

     1,130       1,288,460  

City of Las Vegas Nevada Special Improvement District No.814, SAB

    

4.00%, 06/01/39

     120       117,744  

4.00%, 06/01/44

     335       323,060  

City of Reno Nevada, Refunding RB

    

Series A-1, (AGM), 4.00%, 06/01/43

     2,690       2,983,559  

Series A-1, (AGM), 4.00%, 06/01/46

     2,910       3,214,328  

County of Clark Nevada, GO

    

Series A, 5.00%, 06/01/36

     2,065       2,543,502  

Series A, 5.00%, 06/01/37

     500       612,575  

Tahoe-Douglas Visitors Authority, RB(d)

    

5.00%, 07/01/40

     275       294,209  

5.00%, 07/01/45

     340       360,512  

5.00%, 07/01/51

     365       383,097  
   

 

 

  
      12,121,046  
New Hampshire(a)(c) — 0.3%            

New Hampshire Business Finance Authority, Refunding RB

    

Series A, 3.63%, 07/01/43

     415       405,592  

Series B, AMT, 3.75%, 07/01/45

     670       645,277  
   

 

 

  
      1,050,869  
New Jersey — 9.0%            

New Jersey Economic Development Authority, RB 5.00%, 06/15/36

     810       934,789  

Series A, 5.00%, 06/15/47

     2,500       2,742,850  

Series LLL, 5.00%, 06/15/34

     635       736,791  

AMT, (AGM), 5.00%, 01/01/31

     1,355       1,495,351  

AMT, 5.38%, 01/01/43

     1,940       2,135,106  

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

     2,255       2,454,049  

New Jersey Transportation Trust Fund Authority, RB

    

Series AA, 5.50%, 06/15/39

     3,040       3,264,990  

Series BB, 4.00%, 06/15/50

     1,775       1,819,641  

Series S, 5.25%, 06/15/43

     2,980       3,402,773  

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

     2,735       3,149,024  

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

     2,000       2,017,640  

Tobacco Settlement Financing Corp., Refunding RB

    

Series A, 5.25%, 06/01/46

     2,355       2,754,337  

Sub-Series B, 5.00%, 06/01/46

     870       982,360  
   

 

 

  
      27,889,701  
New Mexico — 0.1%            

City of Santa Fe New Mexico, RB, Series A, 5.00%, 05/15/49

     170       172,812  
   

 

 

  
Security   Par
(000)		     Value  
New York — 5.5%            

Metropolitan Transportation Authority, RB

    

Series A, 5.25%, 11/15/21(b)

   $ 8,500     $ 8,937,920  

Series A-1, 5.25%, 11/15/39

     1,550       1,623,485  

Monroe County Industrial Development Corp., Refunding RB, 4.00%, 12/01/46(d)

     740       804,913  

New York City Water & Sewer System, RB

    

5.38%, 12/15/20(b)

     1,470       1,479,408  

5.38%, 06/15/43

     750       754,358  

New York Liberty Development Corp., Refunding RB, Series 1, Class 1, 5.00%, 11/15/44(a)

     960       981,955  

New York Transportation Development Corp., RB

    

AMT, 5.00%, 10/01/35

     345       372,414  

AMT, 5.00%, 10/01/40

     975       1,046,204  

AMT, 4.38%, 10/01/45

     85       85,620  

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

     895       1,000,923  
   

 

 

  
      17,087,200  
North Carolina — 0.4%            

North Carolina Medical Care Commission, RB

    

Series A, 4.00%, 10/01/50

     195       205,817  

Series A, 5.00%, 10/01/50

     515       588,871  

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

     270       405,926  
   

 

 

  
      1,200,614  
Ohio — 3.1%            

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

     4,100       4,362,318  

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

     2,500       2,757,450  

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

     2,275       2,516,628  
   

 

 

  
      9,636,396  
Oregon — 0.4%            

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

     1,100       1,298,341  
   

 

 

  
Pennsylvania — 7.9%            

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

     185       217,253  

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

     2,500       2,750,550  

County of Lehigh Pennsylvania, Refunding RB, Series A, 4.00%, 07/01/49

     740       813,119  

Montgomery County Higher Education and Health Authority, Refunding RB, Series A, 5.00%, 09/01/48

     1,690       1,932,312  

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

     3,000       3,206,310  

Pennsylvania Turnpike Commission, RB

    

Sub-Series B-1, 5.25%, 06/01/47

     2,300       2,679,109  

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

     3,620       4,363,693  

Pennsylvania Turnpike Commission, Refunding RB, 2nd Series, 5.00%, 12/01/41

     2,490       2,965,988  

Springfield School District/Delaware County, GO

    

5.00%, 03/01/40

     1,485       1,799,835  

5.00%, 03/01/43

     1,100       1,326,116  

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

     2,215       2,668,743  
   

 

 

  
      24,723,028  
Puerto Rico — 4.3%            

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

    

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

     3,882       4,069,656  

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

     5,266       5,600,602  
 

 

 

     3  

Schedule of Investments  (unaudited) (continued)

October 31, 2020

   

BlackRock MuniHoldings Quality Fund II, Inc. (MUE)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Puerto Rico (continued)            

Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB (continued)

    

Series A-2, Restructured, 4.33%, 07/01/40

   $ 1,279     $ 1,316,513  

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

     264       277,171  

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

     407       426,894  

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

     394       413,428  

Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB, Series A-1, Restructured, 0.00%, 07/01/46(e)

     4,757       1,367,923  
   

 

 

  
      13,472,187  
South Carolina — 5.5%            

Charleston County Airport District, ARB

    

Series A, AMT, 6.00%, 07/01/38

     2,940       3,277,747  

Series A, AMT, 5.50%, 07/01/41

     2,500       2,741,975  

County of Charleston South Caolina, ARB, 5.25%, 12/01/38

     3,760       4,244,062  

South Carolina Jobs-Economic Development Authority, RB, 5.00%, 01/01/55(a)

     825       752,532  

South Carolina Jobs-Economic Development Authority, Refunding RB, Series A, 5.00%, 05/01/43

     1,360       1,574,241  

South Carolina Ports Authority, ARB, AMT, 5.25%, 07/01/25(b)

     1,870       2,270,124  

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

     1,000       1,109,090  

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

     1,000       1,109,780  
   

 

 

  
      17,079,551  
Tennessee — 1.1%            

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

     3,000       3,354,810  
   

 

 

  
Texas — 7.5%            

City of Beaumont Texas, GO, 5.25%, 03/01/23(b)

     2,345       2,611,439  

City of Houston Texas Airport System Revenue, Refunding ARB, AMT, 5.00%, 07/15/27

     225       229,239  

City of Houston Texas Airport System Revenue, Refunding RB

    

Sub-Series D, 5.00%, 07/01/37

     2,010       2,430,452  

Series A, AMT, 5.00%, 07/01/27

     220       224,325  

Series A, AMT, 6.63%, 07/15/38

     395       399,653  

Dallas Fort Worth International Airport, ARB, Series H, AMT, 5.00%, 11/01/21(b)

     1,810       1,890,780  

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

     2,155       2,409,807  

New Hope Cultural Education Facilities Finance Corp., RB, Series A, 5.00%, 08/15/50(a)

     440       446,706  

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

     5,480       5,716,243  

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

     1,775       2,102,612  

Red River Education Finance Corp., RB, 5.25%, 03/15/23(b)

     1,070       1,193,585  

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

     2,500       3,065,125  
Security   Par
(000)		     Value  
Texas (continued)            

Texas City Industrial Development Corp., RB, Series 2012, 4.13%, 12/01/45

   $ 255     $ 266,052  

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

     360       408,992  
   

 

 

  
      23,395,010  
Utah(a) — 0.2%            

Utah Charter School Finance Authority, RB, Series A, 5.00%, 06/15/49

     170       171,897  

Utah Charter School Finance Authority, Refunding RB, 5.00%, 06/15/40

     325       340,438  
   

 

 

  
      512,335  
Vermont — 1.0%            

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

     2,535       3,004,888  
   

 

 

  
Virginia — 1.7%            

Lexington Industrial Development Authority, RB, 5.00%, 01/01/22(b)

     945       996,805  

Virginia Small Business Financing Authority, RB, AMT, 5.00%, 12/31/52

     4,000       4,439,240  
   

 

 

  
      5,436,045  
Washington — 4.6%            

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

     2,400       2,429,256  

Port of Seattle Washington, ARB

    

Series A, AMT, 5.00%, 05/01/43

     660       752,572  

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

     2,485       2,865,851  

State of Washington, COP

    

Series B, 5.00%, 07/01/36

     1,000       1,252,120  

Series B, 5.00%, 07/01/38

     1,155       1,439,292  

State of Washington, GO

    

Series B, 5.25%, 02/01/21(b)

     1,865       1,887,734  

Series C, 5.00%, 02/01/36

     3,000       3,734,490  
   

 

 

  
      14,361,315  
Wisconsin — 1.8%            

Public Finance Authority, RB

    

Series A, 4.00%, 11/15/37

     175       192,834  

Series A, 5.00%, 11/15/41

     330       385,041  

Series A, 5.00%, 07/01/55(a)

     305       308,931  

Series A, 5.00%, 10/15/55(a)

     955       981,845  

Series A-1, 4.50%, 01/01/35(a)

     520       520,187  

Public Finance Authority, Refunding RB

    

5.00%, 09/01/49(a)

     285       277,898  

5.00%, 11/15/49

     570       613,326  

Wisconsin Health & Educational Facilities Authority, Refunding RB, 5.00%, 04/01/44

     2,065       2,475,192  
   

 

 

  
      5,755,254  
Wyoming — 0.2%            

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

     570       676,333  
   

 

 

  

Total Municipal Bonds — 125.4%
(Cost: $363,332,872)

 

     390,547,364  
   

 

 

  
 

 

 

4   

Schedule of Investments  (unaudited) (continued)

October 31, 2020

   

BlackRock MuniHoldings Quality Fund II, Inc. (MUE)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  

Municipal Bonds Transferred to Tender Option Bond Trusts(f)

 

California — 2.8%            

Sacramento Area Flood Control Agency, Refunding SAB, 5.00%, 10/01/47

   $ 7,499     $ 8,815,370  
   

 

 

  
Colorado(g) — 1.9%            

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

     3,261       3,905,951  

Colorado Health Facilities Authority, Refunding RB, Series A, 4.00%, 08/01/49

     1,710       1,839,772  
   

 

 

  
      5,745,723  
Connecticut — 1.2%            

Connecticut State Health & Educational Facilities Authority, Refunding RB, 5.00%, 12/01/45

     3,062       3,555,771  
   

 

 

  
Illinois — 3.3%            

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

     760       762,280  

Illinois State Toll Highway Authority, RB

    

Series A, 5.00%, 01/01/40

     1,980       2,273,589  

Series B, 5.00%, 01/01/40

     6,148       7,117,124  
   

 

 

  
      10,152,993  
Louisiana — 3.2%            

City of Shreveport Louisiana Water & Sewer Revenue, RB

    

Series B, Junior Lien, (AGM), 4.00%, 12/01/44

     3,015       3,320,712  

Series B, Junior Lien, (AGM), 4.00%, 12/01/49

     6,057       6,671,184  
   

 

 

  
      9,991,896  
Maryland — 4.8%            

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

     2,499       2,930,557  

Maryland Stadium Authority, RB, 5.00%, 05/01/47

     9,817       12,084,014  
   

 

 

  
      15,014,571  
Michigan(g) — 2.5%            

Michigan Finance Authority, RB

    

4.00%, 02/15/47

     3,728       4,164,251  

Series A, 4.00%, 02/15/44

     3,332       3,722,778  
   

 

 

  
      7,887,029  
New York — 6.0%            

New York City Water & Sewer System, Refunding RB, Series FF, 5.00%, 06/15/45

     5,958       6,320,742  

New York Liberty Development Corp., ARB, 5.25%, 12/15/43

     7,515       7,850,625  

New York Liberty Development Corp., Refunding RB, 5.75%, 11/15/51(g)

     4,400       4,615,983  
   

 

 

  
      18,787,350  
Pennsylvania — 6.0%            

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

     3,600       4,116,780  

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

     4,997       5,490,750  

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

     5,927       6,708,105  

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

     1,963       2,266,464  
   

 

 

  
      18,582,099  
Security   Par
(000)		     Value  
Texas — 1.5%            

Tarrant County Cultural Education Facilities Finance Corp., RB, Series A, 5.00%, 11/15/38

   $ 4,296     $ 4,702,350  
   

 

 

  
Virginia — 1.4%            

Fairfax County Economic Development Authority, RB, 5.00%, 04/01/47(g)

     3,720       4,359,952  
   

 

 

  

Total Municipal Bonds Transferred to Tender Option Bond Trusts — 34.6%
(Cost: $100,911,827)

       107,595,104  
   

 

 

  

Total Long-Term Investments — 160.0%
(Cost: $464,244,699)

       498,142,468  
   

 

 

  
     Shares         

Short-Term Securities

    
Money Market Funds — 0.0%            

BlackRock Liquidity Funds, MuniCash, Institutional Class, 0.01%(h)(i)

     70,541       70,548  
   

 

 

  

Total Short-Term Securities — 0.0%
(Cost: $70,548)

 

     70,548  
   

 

 

  

Total Investments — 160.0%
(Cost: $464,315,247)

 

     498,213,016  

Other Assets Less Liabilities — 1.3%

 

     4,042,536  

Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (19.2)%

 

     (59,874,080 ) 

VMTP Shares at Liquidation Value — (42.1)%

 

     (131,000,000 ) 
   

 

 

  

Net Assets Applicable to Common Shares — 100.0%

 

   $ 311,381,472  
   

 

 

  

 

(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 rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available.

(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 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 May 15, 2021 to August 1, 2027, is $19,962,429.

(h) 

Affiliate of the Fund.

(i) 

Annualized 7-day yield as of period end.

 

 

 

     5  

Schedule of Investments  (unaudited) (continued)

October 31, 2020

   

BlackRock MuniHoldings Quality Fund II, Inc. (MUE)

 

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the period ended October 31, 2020 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliated Issuer    Value at
07/31/20		      Purchases
at Cost		      Proceeds
from Sales		     Net
Realized
Gain (Loss)		      Change in
Unrealized
Appreciation
(Depreciation)		      Value at
10/31/20		      Shares
Held at
10/31/20		      Income      Capital Gain
Distributions
from
Underlying
Funds		  

BlackRock Liquidity Funds, MuniCash, Institutional Class

    $ 1,918,281      $ —      $ (1,847,678 )(a)    $ (55 )     $ —      $ 70,548        70,541      $ 13      $ —  
          

 

 

     

 

 

     

 

 

        

 

 

     

 

 

  

 

  (a)

Represents net amount purchased (sold).

 

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

      102        12/21/20      $ 14,098      $ 77,952  

U.S. Long Treasury Bond

      39        12/21/20        6,726        82,977  
           

 

 

  
            $ 160,929  
           

 

 

  

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of 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’s”) assumptions used in determining the fair value of 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 financial instruments is based on the pricing transparency of the 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 financial instruments, refer to its most recent financial statements.

The following tables summarize the Fund’s investments and derivative financial instruments categorized in the disclosure hierarchy. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

 

      Level 1      Level 2      Level 3      Total  

Assets

            

Investments

            

Long-Term Investments

            

Municipal Bonds

    $ —      $ 390,547,364      $ —      $ 390,547,364  

Municipal Bonds Transferred to Tender Option Bond Trusts

      —        107,595,104        —        107,595,104  

Short-Term Securities

            

Money Market Funds

      70,548        —        —        70,548  
  

 

 

     

 

 

     

 

 

     

 

 

  
   $ 70,548      $ 498,142,468      $         —      $ 498,213,016  
  

 

 

     

 

 

     

 

 

     

 

 

  

 

 

6   

Schedule of Investments  (unaudited) (continued)

October 31, 2020

   

BlackRock MuniHoldings Quality Fund II, Inc. (MUE)

 

Fair Value Hierarchy as of Period End (continued)

 

      Level 1      Level 2      Level 3      Total  

Derivative Financial Instruments

            

Assets

            

Interest Rate Contracts

    $ 160,929      $         —      $         —      $ 160,929  
  

 

 

     

 

 

     

 

 

     

 

 

  

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

    $ —      $ (59,850,551 )     $ —      $ (59,850,551 ) 

VMTP Shares at Liquidation Value

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

 

 

     

 

 

     

 

 

     

 

 

  
   $         —      $ (190,850,551 )     $         —      $ (190,850,551 ) 
  

 

 

     

 

 

     

 

 

     

 

 

  

Portfolio Abbreviation

AGM    Assured Guaranty Municipal Corp.
AMT    Alternative Minimum Tax
ARB    Airport Revenue Bonds
BAM    Build America Mutual Assurance Co.
CAB    Capital Appreciation Bonds
COP    Certificates of Participation
FHLMC    Federal Home Loan Mortgage Corp.
FNMA    Federal National Mortgage Association
GNMA    Government National Mortgage Association
GO    General Obligation Bonds
M/F    Multi-Family
Q-SBLF    Qualified School Bond Loan Fund
RB    Revenue Bond
S/F    Single-Family
SAB    Special Assessment Bonds

 

 

     7