NPORT-EX 2 NPORT_89B4_6843984463.htm BlackRock MuniHoldings Quality Fund II

Schedule of Investments (unaudited) 

April 30, 2021

   

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     $     965,935  
   

 

 

  
Arizona — 3.0%            

Arizona Industrial Development Authority, RB

    

4.38%, 07/01/39(a)

     550       591,085  

Series A, 5.00%, 07/01/39(a)

     465       492,598  

Series A, (BAM), 4.00%, 06/01/44

     730       819,549  

Series A, 5.00%, 07/01/49(a)

     525       550,127  

Series A, 5.00%, 07/01/54(a)

     405       422,415  

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

     1,135       1,234,312  

Glendale Industrial Development Authority, RB, 5.00%, 05/15/56

     535       594,770  

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

     800       818,072  

Maricopa County Industrial Development Authority, Refunding RB(a)

    

5.00%, 07/01/39

     195       226,920  

5.00%, 07/01/54

     450       509,364  

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

     2,450       3,404,005  
   

 

 

  
      9,663,217  
Arkansas — 0.5%            

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

       1,370       1,504,712  
   

 

 

  
California — 15.4%            

California Community Housing Agency, RB, M/F Housing, Series A-2, 4.00%, 08/01/47(a)

     1,500       1,590,660  

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

     780       898,326  

California Housing Finance, RB, M/F Housing, Series 2021-1, Class A, 3.50%, 11/20/35

     669       778,109  

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

     1,400       1,671,180  

California State Public Works Board, RB

    

Series F, 5.25%, 09/01/33

     1,260       1,402,443  

Series I, 5.50%, 11/01/30

     5,000       5,643,000  

Series I, 5.50%, 11/01/31

     3,130       3,530,483  

Series I, 5.50%, 11/01/33

     3,000       3,380,010  

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

     1,875       1,899,394  

Golden State Tobacco Securitization Corp., Refunding RB

    

Series A-1, 5.00%, 06/01/47

     1,555       1,607,404  

Series A-2, 5.00%, 06/01/47

     435       449,660  

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

     2,445       2,766,615  

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

     2,670       2,704,657  

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

    

Series J, 5.25%, 05/15/23(b)

     5,905       6,513,333  

Series J, 5.25%, 05/15/38

     1,675       1,837,106  

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

     4,500       5,403,105  

San Francisco City & County Airport Comm-San Francisco International Airport, Refunding ARB Series A, AMT, 5.50%, 05/01/28

     1,800       1,978,236  
Security  

Par

(000)

     Value  
California (continued)            

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

    

Series A, AMT, 5.25%, 05/01/33

   $ 1,410     $     1,538,761  

Series A, AMT, 5.00%, 05/01/44

     1,860       2,096,239  

State of California, Refunding GO,
5.00%, 12/01/46

     680       882,660  

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

     940       1,065,180  
   

 

 

  
      49,636,561  
Colorado — 2.1%            

City & County of Denver Colorado Airport System Revenue, ARB

    

Series A, AMT, 5.50%, 11/15/28

     1,500       1,684,050  

Series A, AMT, 5.50%, 11/15/30

     565       633,472  

Series A, AMT, 5.50%, 11/15/31

     675       756,284  

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

     790       802,735  

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

      1,050       1,126,660  

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

     925       994,958  

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

     715       777,155  
   

 

 

  
      6,775,314  
Connecticut — 1.0%            

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

     1,015       1,193,173  

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

     1,690       2,082,232  
   

 

 

  
      3,275,405  
Delaware — 0.5%            

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

     1,400       1,687,196  
   

 

 

  
Florida — 18.2%            

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

     465       488,310  

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

     4,730       5,777,506  

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

     720       770,709  

County of Broward Florida Airport System Revenue, ARB

    

Series A, AMT, 5.13%, 10/01/23(b)

     5,665       6,310,130  

Series A, AMT, 5.00%, 10/01/45

     1,440       1,653,077  

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

     2,500       2,535,325  

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

     10,155       10,822,229  

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

     3,130       3,511,453  

County of Miami-Dade Seaport Department, ARB

    

Series A, 5.38%, 10/01/33

     1,765       1,967,057  

Series A, 5.50%, 10/01/42

     3,000       3,338,580  

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

     800       901,528  

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

     1,060       1,192,256  

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

     740       749,657  

Finley Woods Community Development District, SAB

    

4.00%, 05/01/40

     265       273,255  
 

 

 

1  

    

Schedule of Investments (unaudited) (continued)

April 30, 2021

   

BlackRock MuniHoldings Quality Fund II, Inc. (MUE)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  
Florida (continued)            

Finley Woods Community Development District,

    

SAB (continued)

    

4.20%, 05/01/50

   $ 450     $     463,329  

Florida Development Finance Corp., RB(a)

    

AMT, 5.00%, 05/01/29

     470       507,666  

Series A, AMT, 5.00%, 08/01/29(c)

     190       196,456  

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

     260       279,297  

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

     2,995       3,349,159  

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

     110       111,471  

Osceola Chain Lakes Community Development District, SAB

    

4.00%, 05/01/40

     670       710,924  

4.00%, 05/01/50

     640       668,922  

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

     230       276,237  

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

     2,065       2,367,853  

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

     1,805       1,995,409  

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

     380       397,902  

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

       6,965       7,111,683  
   

 

 

  
      58,727,380  
Georgia — 1.3%            

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

     815       938,636  

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

     950       1,408,346  

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

     1,420       1,691,859  
   

 

 

  
      4,038,841  
Hawaii — 1.7%            

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

     2,805       3,181,571  

State of Hawaii Airports System Revenue, COP

    

AMT, 5.25%, 08/01/25

     740       813,586  

AMT, 5.25%, 08/01/26

     1,205       1,324,403  
   

 

 

  
      5,319,560  
Illinois — 12.1%            

Chicago Board of Education, GO

    

Series A, 5.00%, 12/01/36

     950       1,174,969  

Series A, 5.00%, 12/01/38

     390       479,025  

Series A, 5.00%, 12/01/39

     340       414,457  

Series A, 5.00%, 12/01/40

     710       861,024  

Series A, 5.00%, 12/01/41

     455       549,508  

Chicago Midway International Airport, Refunding ARB

    

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

     1,000       1,081,440  

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

     1,500       1,621,680  

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

     2,000       2,154,720  

Series A, 2nd Lien, AMT, 5.00%, 01/01/41

     1,140       1,259,483  

Chicago O’Hare International Airport, ARB, Series D, AMT, Senior Lien, 5.00%, 01/01/42

     735       861,530  
Security  

Par

(000)

     Value  
Illinois (continued)            

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

   $   4,440     $     4,570,181  

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

     2,985       3,071,744  

Cook County Community College District No.508, GO

    

5.25%, 12/01/30

     1,270       1,386,116  

5.50%, 12/01/38

     1,205       1,317,969  

5.25%, 12/01/43

     2,960       3,184,102  

Illinois Finance Authority, Refunding RB

    

Series A, 4.00%, 05/01/45

     1,305       1,457,633  

Series C, 5.00%, 02/15/41

     975       1,163,994  

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

     1,090       1,273,589  

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

     1,050       1,169,879  

Railsplitter Tobacco Settlement Authority, RB(b)

    

5.50%, 06/01/21

     2,350       2,359,423  

6.00%, 06/01/21

     670       672,928  

State of Illinois, GO

    

5.25%, 02/01/31

     1,495       1,644,350  

5.25%, 02/01/32

     2,320       2,546,525  

5.50%, 07/01/33

     1,000       1,079,580  

5.50%, 07/01/38

     700       752,612  

Series A, 4.00%, 03/01/41

     100       113,369  

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

     715       764,778  
   

 

 

  
      38,986,608  
Indiana — 0.2%            

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

     460       494,086  
   

 

 

  
Iowa — 1.2%            

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

     3,350       3,806,772  
   

 

 

  
Louisiana — 0.8%            

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

     2,225       2,517,276  
   

 

 

  
Maryland — 3.3%            

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

     2,450       2,965,480  

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

     1,360       1,574,336  

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

     4,780       6,005,927  
   

 

 

  
      10,545,743  
Massachusetts — 0.8%            

Massachusetts Development Finance Agency, RB

    

Series A, 5.25%, 01/01/42

     940       1,108,805  

Series A, 5.00%, 01/01/47

     420       484,189  

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

     745       882,110  
   

 

 

  
      2,475,104  
Michigan — 0.9%            

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

     1,420       1,420,000  
 

 

 

S C H E D U L E   O F   I N V E S T M E N T S

   2

Schedule of Investments (unaudited) (continued)

April 30, 2021

   

BlackRock MuniHoldings Quality Fund II, Inc. (MUE)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

      Value  
Michigan (continued)             

Michigan Finance Authority, Refunding RB, 4.00%, 09/01/50

   $ 445      $     508,279  

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

     895        1,075,217  
    

 

 

  
       3,003,496  
Minnesota — 0.3%             

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

     985        1,101,072  
    

 

 

  
Mississippi — 2.3%             

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

     2,225        2,551,919  

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

     1,000        1,113,010  

State of Mississippi, RB

     

Series A, 5.00%, 10/15/37

     565        691,215  

Series A, 4.00%, 10/15/38

     2,815        3,207,158  
    

 

 

  
       7,563,302  
Montana — 0.1%             

Montana Board of Housing, RB, S/F Housing

     

Series B-2, 3.50%, 12/01/42

     165        176,591  

Series B-2, 3.60%, 12/01/47

     250        266,213  
    

 

 

  
       442,804  
Nevada — 3.8%             

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

       1,130        1,355,379  

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

     

4.00%, 06/01/39

     120        125,924  

4.00%, 06/01/44

     335        347,355  

City of Reno Nevada, Refunding RB

     

Series A-1, (AGM), 4.00%, 06/01/43

     2,690        2,979,955  

Series A-1, (AGM), 4.00%, 06/01/46

     2,910        3,199,079  

County of Clark Nevada, GO

     

Series A, 5.00%, 06/01/36

     2,065        2,579,371  

Series A, 5.00%, 06/01/37

     500        622,685  

Tahoe-Douglas Visitors Authority, RB

     

5.00%, 07/01/40

     275        321,021  

5.00%, 07/01/45

     340        391,792  

5.00%, 07/01/51

     365        416,575  
    

 

 

  
       12,339,136  
New Hampshire(a)(c) — 0.3%             

New Hampshire Business Finance Authority, Refunding RB

     

Series A, 3.63%, 07/01/43

     415        428,882  

Series B, AMT, 3.75%, 07/01/45

     670        690,736  
    

 

 

  
       1,119,618  
New Jersey — 8.7%             

New Jersey Economic Development Authority, RB

     

5.00%, 06/15/36

     810        1,009,430  

Series A, 5.00%, 06/15/47

     2,500        2,939,425  

Series LLL, 5.00%, 06/15/34

     635        793,560  

AMT, (AGM), 5.00%, 01/01/31

     1,355        1,500,229  

AMT, 5.38%, 01/01/43

     1,940        2,172,819  

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

     2,145        2,294,078  

New Jersey Transportation Trust Fund Authority, RB

     

Series AA, 5.50%, 06/15/39

     3,040        3,340,686  

Series BB, 4.00%, 06/15/50

     1,775        1,960,026  

Series S, 5.25%, 06/15/43

     2,980        3,692,101  
Security  

Par

(000)

     Value  
New Jersey (continued)            

New Jersey Transportation Trust Fund Authority,

    

Refunding RB, Series A, 5.00%, 12/15/32

   $   2,735     $     3,362,600  

State of New Jersey, GO, Series A, 4.00%, 06/01/31

     870       1,081,210  

Tobacco Settlement Financing Corp., Refunding RB

    

Series A, 5.25%, 06/01/46

     2,355       2,831,558  

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

     870       1,019,675  
   

 

 

  
      27,997,397  
New Mexico — 0.1%            

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

     170       181,805  
   

 

 

  
New York — 4.9%            

Metropolitan Transportation Authority, RB

    

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

     8,500       8,730,690  

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

     1,550       1,704,860  

Monroe County Industrial Development Corp.,

    

Refunding RB, 4.00%, 12/01/46

     740       849,557  

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

     960       1,045,229  

New York Transportation Development Corp., RB

    

AMT, 5.00%, 10/01/35

     345       436,311  

AMT, 5.00%, 10/01/40

     975       1,212,783  

AMT, 4.00%, 10/31/46

     605       687,492  

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

     895       1,041,565  
   

 

 

  
      15,708,487  
North Carolina — 0.4%            

North Carolina Medical Care Commission, RB

    

Series A, 4.00%, 10/01/50

     195       214,194  

Series A, 5.00%, 10/01/50

     515       605,805  

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

     270       415,465  
   

 

 

  
      1,235,464  
Ohio — 3.4%            

Allen County Port Authority, Refunding RB, Series A, 4.00%, 12/01/40

     490       532,689  

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

     4,100       4,605,243  

Cleveland-Cuyahoga County Port Authority, RB

    

4.00%, 07/01/46

     255       296,659  

4.00%, 07/01/51

     220       255,220  

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

     2,500       2,730,025  

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

     2,275       2,608,765  
   

 

 

  
      11,028,601  
Oregon — 0.4%            

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

     1,100       1,329,526  
   

 

 

  
Pennsylvania — 7.9%            

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

     185       218,981  

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

     2,500       2,739,050  

Bucks County Industrial Development Authority, RB

    

4.00%, 07/01/46

     100       109,526  

4.00%, 07/01/51

     100       109,072  

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

     740       852,643  

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

     1,690       2,033,678  
 

 

 

3  

    

Schedule of Investments (unaudited) (continued)

April 30, 2021

   

BlackRock MuniHoldings Quality Fund II, Inc. (MUE)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  
Pennsylvania (continued)            

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

   $   3,000     $     3,254,340  

Pennsylvania Turnpike Commission, RB

    

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

     2,300       2,784,587  

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

     3,620       4,474,827  

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

     2,490       3,031,226  

Springfield School District/Delaware County, GO

    

(SAW), 5.00%, 03/01/40

     1,485       1,828,288  

(SAW), 5.00%, 03/01/43

     1,100       1,350,140  

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

     2,215       2,691,513  
   

 

 

  
      25,477,871  
Puerto Rico — 4.4%            

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

    

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

     3,882       4,309,680  

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

     5,266       5,915,877  

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

     1,279       1,397,972  

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

     264       293,898  

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

     407       450,691  

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

     394       437,230  

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

     4,757       1,499,930  
   

 

 

  
      14,305,278  
South Carolina — 5.3%            

Charleston County Airport District, ARB

    

Series A, AMT, 6.00%, 07/01/38

     2,940       3,273,808  

Series A, AMT, 5.50%, 07/01/41

     2,500       2,752,975  

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

     3,760       4,213,870  

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

     825       839,536  

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

     1,360       1,628,396  

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

     1,870       2,225,730  

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

     1,000       1,117,370  

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

     1,000       1,136,970  
   

 

 

  
      17,188,655  
Tennessee — 1.1%            

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

     3,000       3,483,150  
   

 

 

  
Texas — 7.5%            

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

     2,345       2,561,537  

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

     225       262,609  

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

     2,010       2,503,053  

Series A, AMT, 5.00%, 07/01/27

     220       256,575  

Series A, AMT, 6.63%, 07/15/38

     395       399,543  
Security  

Par

(000)

     Value  
Texas (continued)            

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

   $   1,810     $     1,852,426  

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

     2,155       2,371,664  

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

     440       459,712  

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

     5,480       5,575,516  

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

     1,775       2,137,100  

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

     1,070       1,170,858  

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

     2,500       3,128,775  

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

     255       276,548  

Texas Municipal Gas Acquisition & Supply Corp. III, Refunding RB, 5.00%, 12/15/32

     490       659,114  

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

     360       431,654  
   

 

 

  
      24,046,684  
Utah(a) — 0.2%            

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

     170       179,421  

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

     325       375,128  
   

 

 

  
      554,549  
Vermont — 1.0%            

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

     2,535       3,108,823  
   

 

 

  
Virginia — 1.8%            

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

     945       975,334  

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

     4,000       4,669,760  
   

 

 

  
      5,645,094  
Washington — 3.2%            

Port of Seattle Washington, ARB

    

Series A, AMT, 5.00%, 05/01/43

     660       776,233  

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

     2,485       2,971,637  

State of Washington, COP

    

Series B, 5.00%, 07/01/36

     1,000       1,250,810  

Series B, 5.00%, 07/01/38

     1,155       1,444,235  

State of Washington, GO,
Series C, 5.00%, 02/01/36

     3,000       3,748,170  
   

 

 

  
      10,191,085  
Wisconsin — 1.9%            

Public Finance Authority, RB

    

Series A, 4.00%, 11/15/37

     175       198,856  

Series A, 5.00%, 11/15/41

     330       396,330  

Series A, 5.00%, 07/01/55(a)

     305       316,511  

Series A, 5.00%, 10/15/55(a)

     955       1,023,579  

Series A-1, 4.50%, 01/01/35(a)

     520       576,092  

Public Finance Authority, Refunding RB
5.00%, 09/01/49(a)

     285       290,720  
 

 

 

S C H E D U L E   O F   I N V E S T M E N T S

   4

Schedule of Investments (unaudited) (continued)

April 30, 2021

   

BlackRock MuniHoldings Quality Fund II, Inc. (MUE)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  
Wisconsin (continued)  

Public Finance Authority, Refunding RB (continued)

    

5.00%, 11/15/49

   $ 570     $ 636,758  

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

             2,065           2,580,920  
   

 

 

  
    6,019,766  
Wyoming — 0.2%  

Wyoming Municipal Power Agency, Inc., Refunding RB, Series A, (BAM),
5.00%, 01/01/27(b)

     570       710,887  
   

 

 

  

Total Municipal Bonds — 122.5%
(Cost: $359,383,859)

 

     394,202,260  
   

 

 

  

Municipal Bonds Transferred to Tender Option Bond Trusts(e)

 

California — 2.8%

 

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

     7,499       8,906,710  
   

 

 

  

Colorado(f) — 1.8%

 

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

     3,262       4,011,016  

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

     1,710       1,927,837  
   

 

 

  
    5,938,853  

Connecticut — 1.1%

 

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

     3,061       3,654,467  
   

 

 

  

Illinois — 3.2%

 

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

     760       762,858  

Illinois State Toll Highway Authority, RB

 

Series A, 5.00%, 01/01/40

     1,980       2,293,352  

Series B, 5.00%, 01/01/40

     6,148       7,275,737  
   

 

 

  
    10,331,947  

Louisiana — 3.2%

 

City of Shreveport Louisiana Water & Sewer Revenue, RB

 

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

     3,015       3,399,985  

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

     6,057       6,830,441  
   

 

 

  
    10,230,426  

Maryland — 4.7%

 

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

     2,499       2,959,919  

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

     9,817       12,174,423  
   

 

 

  
    15,134,342  

Michigan(f) — 2.5%

 

Michigan Finance Authority, RB

 

4.00%, 02/15/47

     3,728       4,280,916  

Series A, 4.00%, 02/15/44

     3,332       3,827,074  
   

 

 

  
    8,107,990  

New York — 5.8%

 

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

     5,958       6,259,296  

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

     7,515       7,739,631  

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

     4,400       4,524,854  
   

 

 

  
    18,523,781  
Security  

Par

(000)

     Value  
Pennsylvania — 5.9%  

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

   $ 3,600     $ 4,207,032  

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

     4,997       5,757,642  

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

     5,927       6,857,763  

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

     1,963       2,275,868  
   

 

 

  
    19,098,305  
Texas — 1.5%  

Tarrant County Cultural Education Facilities Finance Corp., RB, Series A, 5.00%, 05/15/23(b)

     4,297       4,715,411  
   

 

 

  
Virginia — 1.4%  

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

     3,720       4,503,209  
   

 

 

  

Total Municipal Bonds Transferred to Tender Option Bond Trusts — 33.9%
(Cost: $100,470,063)

 

     109,145,441  
   

 

 

  

Total Long-Term Investments — 156.4%
(Cost: $459,853,922)

 

     503,347,701  
   

 

 

  
     Shares         

Short-Term Securities

 

Money Market Funds — 1.1%

 

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

     3,644,542       3,645,271  
   

 

 

  

Total Short-Term Securities — 1.1%
(Cost: $3,645,271)

 

     3,645,271  
   

 

 

  

Total Investments — 157.5%
(Cost: $463,499,193)

 

     506,992,972  

Other Assets Less Liabilities — 1.8%

 

     5,850,366  

Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (18.6)%.

 

     (59,873,561 ) 

VMTP Shares at Liquidation Value — (40.7)%

 

     (131,000,000 ) 
   

 

 

  

Net Assets Applicable to Common Shares — 100.0%

 

   $ 321,969,777  
   

 

 

  

 

(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) 

Zero-coupon bond.

(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.

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

(g) 

Affiliate of the Fund.

(h) 

Annualized 7-day yield as of period end.

 

 

 

5  

    

Schedule of Investments (unaudited) (continued)

April 30, 2021

    BlackRock MuniHoldings Quality Fund II, Inc. (MUE)

 

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the period ended April 30, 2021 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
04/30/21		      Shares
Held at
04/30/21		      Income      Capital Gain
Distributions
from
Underlying
Funds		  

BlackRock Liquidity Funds, MuniCash, Institutional Class

    $  1,918,281      $  1,727,054 (a)     $ —      $ (64)      $ —      $  3,645,271        3,644,542      $ 163      $ —  
           

 

 

     

 

 

     

 

 

        

 

 

     

 

 

  

 

  (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

      111        06/21/21      $ 14,666      $ (16,267 ) 

U.S. Long Treasury Bond

      44        06/21/21        6,922        (23,869 ) 
           

 

 

  
            $ (40,136 ) 
           

 

 

  

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); and

 

  •  

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 table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments 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

    $ —        $ 394,202,260        $ —        $ 394,202,260  

Municipal Bonds Transferred to Tender Option Bond Trusts

      —          109,145,441          —          109,145,441  

Short-Term Securities

                  

Money Market Funds

      3,645,271          —          —          3,645,271  
  

 

 

       

 

 

       

 

 

       

 

 

  
   $  3,645,271        $  503,347,701        $             —        $  506,992,972  
  

 

 

       

 

 

       

 

 

       

 

 

  

 

 

S C H E D U L E   O F   I N V E S T M E N T S

   6

Schedule of Investments (unaudited) (continued)

April 30, 2021

    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(a)

                  

Liabilities

                  

Interest Rate Contracts

    $  (40,136 )       $                     —        $             —        $         (40,136 ) 
  

 

 

       

 

 

       

 

 

       

 

 

  

 

  (a) 

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 fair value hierarchy as follows:

 

 

  
     Level 1      Level 2      Level 3      Total  

 

  

Liabilities

            

TOB Trust Certificates

    $ —      $ (59,850,474 )     $ —      $ (59,850,474 ) 

VMTP Shares at Liquidation Value

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

 

 

     

 

 

     

 

 

     

 

 

  
   $                  —      $  (190,850,474 )     $             —      $  (190,850,474 ) 
  

 

 

     

 

 

     

 

 

     

 

 

  

 

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
SAW    State Aid Withholding

 

 

  7