NPORT-EX 2 NPORT_89B4_99093620_1021.htm BlackRock MuniHoldings Quality Fund II

Schedule of Investments  (unaudited) 

October 31, 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     $ 942,970  
   

 

 

  
Arizona — 2.6%            

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

    550       595,531  

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

    465       488,818  

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

     730       820,375  

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

    525       547,731  

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

    405       421,893  

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

     535       598,189  

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

    800       809,756  

Maricopa County Industrial Development Authority,Refunding RB(a)

    

5.00%, 07/01/39

     195       227,200  

5.00%, 07/01/54

     450       509,819  

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

         2,450           3,352,019  
   

 

 

  
      8,371,331  
Arkansas — 0.5%            

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

    1,370       1,490,809  
   

 

 

  
California — 14.2%            

California Community Housing Agency, RB, M/F Housing(a)

   

Series A, 5.00%, 04/01/49

     200       224,454  

Series A-2, 4.00%, 08/01/47

     1,300       1,334,731  

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

     780       879,416  

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

     664       768,557  

California Infrastructure & Economic Development Bank, RB, Series D, 0.39%, 08/01/47(b)

    890       893,779  

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

     1,400       1,641,412  

California State Public Works Board, RB

    

Series F, 5.25%, 09/01/33

     1,260       1,368,618  

Series I, 5.50%, 11/01/30

     5,000       5,510,965  

Series I, 5.50%, 11/01/31

     3,130       3,448,177  

Series I, 5.50%, 11/01/33

     3,000       3,301,602  

Golden State Tobacco Securitization Corp., Refunding RB

    

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

     1,555       1,592,869  

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

     435       445,593  

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

    2,445       2,697,652  

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

    

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

    5,905       6,354,766  

Series J, 5.25%, 05/15/38

     1,675       1,799,576  

Riverside County Public Financing Authority, RB, 5.25%, 11/01/25(c)

    4,500       5,339,430  

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

    

Series A, AMT, 5.50%, 05/01/28

     1,800       1,933,009  

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

     1,410       1,506,801  
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     $ 2,047,772  

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

     680       861,497  

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

     940       1,059,944  
   

 

 

  
      45,010,620  
Colorado — 2.2%            

City & County of Denver Colorado Airport System Revenue, ARB

    

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

     1,500       1,652,301  

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

     565       621,774  

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

     675       742,382  

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

    790       863,702  

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

    1,050       1,148,009  

E-470 Public Highway Authority, Refunding RB, Series B, 0.38%, 09/01/39(b)

    260       259,331  

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

     925       985,791  

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

     715       777,578  
   

 

 

  
      7,050,868  
Connecticut — 1.3%            

Connecticut State Health & Educational Facilities Authority, Refunding RB

    

Series 2015-A, 0.38%, 07/01/35(b)

    715       712,716  

Series I-1, 5.00%, 07/01/42

         1,015           1,192,029  

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

     1,690       2,063,208  
   

 

 

  
      3,967,953  
Delaware — 0.5%            

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

     1,400       1,656,326  
   

 

 

  
District of Columbia — 1.1%            

Metropolitan Washington Airports Authority Aviation Revenue, Refunding ARB, Series A, AMT, 5.00%, 10/01/26

     2,945       3,508,885  
   

 

 

  
Florida — 15.2%            

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

    465       489,240  

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

     4,730       5,718,111  

County of Broward Florida Airport System Revenue, ARB

    

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

    5,665       6,180,492  

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

     1,440       1,622,493  

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

    10,155       10,591,583  

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

    3,130       3,427,334  

County of Miami-Dade Seaport Department, ARB(c)

   

Series A, 5.38%, 10/01/23

     1,765       1,936,874  

Series A, 5.50%, 10/01/23

     3,000       3,299,292  
 

 

1

Schedule of Investments  (unaudited) (continued)

October 31, 2021

   

BlackRock MuniHoldings Quality Fund II, Inc. (MUE)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  
Florida (continued)            

County of Miami-Dade Seaport Department, ARB(c) (continued)

    

Series B, AMT, 6.00%, 10/01/23

   $ 1,060     $ 1,175,534  

Series B, AMT, 6.25%, 10/01/23

     800       889,949  

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

    740       751,257  

Finley Woods Community Development District, SAB

    

4.00%, 05/01/40

     265       276,931  

4.20%, 05/01/50

     450       469,927  

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

     470       500,894  

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

    190       194,669  

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

    260       283,098  

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

     2,995       3,277,668  

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

     105       105,355  

Miami-Dade County Seaport Department Refunding RB,
Series A-1, AMT, (AGM), 4.00%, 10/01/45

     555       633,951  

Osceola Chain Lakes Community Development District, SAB
4.00%, 05/01/40

     670       711,159  

4.00%, 05/01/50

     640       669,883  

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

     230       277,038  

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

         2,065       2,325,151  

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

    1,805       1,947,436  

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

     380       396,343  
   

 

 

  
      48,151,662  
Georgia — 2.1%            

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

     815       922,843  

Georgia Ports Authority, RB, 4.00%, 07/01/51(d)

    2,220       2,597,651  

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

     950       1,368,869  

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

     1,420       1,671,100  
   

 

 

  
          6,560,463  
Hawaii — 1.7%            

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

     2,805       3,175,389  

State of Hawaii Airports System Revenue, COP

    

AMT, 5.25%, 08/01/25

     740       800,880  

AMT, 5.25%, 08/01/26

     1,205       1,303,832  
   

 

 

  
      5,280,101  
Illinois — 11.2%            

Chicago Board of Education, GO

    

Series A, 5.00%, 12/01/36

     950       1,166,482  

Series A, 5.00%, 12/01/38

     390       477,038  

Series A, 5.00%, 12/01/39

     340       414,438  

Series A, 5.00%, 12/01/40

     710       862,857  

Series A, 5.00%, 12/01/41

     455       552,376  

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

     1,140       1,233,293  
Security  

Par

(000)

     Value  
Illinois (continued)            

Chicago Midway International Airport, Refunding ARB (continued)

    

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

   $ 1,000     $ 1,056,575  

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

     1,500       1,584,526  

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

     2,000       2,107,854  

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

     735       855,985  

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

    4,440       4,458,209  

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

     2,985       3,003,994  

Cook County Community College District No. 508, GO
5.25%, 12/01/30

     1,270       1,380,513  

5.50%, 12/01/38

     1,205       1,308,447  

5.25%, 12/01/43

     2,960       3,153,338  

Illinois Finance Authority, Refunding RB

    

Series A, 4.00%, 05/01/45

     1,305       1,456,714  

Series C, 5.00%, 02/15/41

     975       1,154,965  

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

         1,090           1,258,533  

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

     1,050       1,162,074  

State of Illinois, GO
5.25%, 02/01/31

     1,495       1,635,198  

5.25%, 02/01/32

     2,320       2,537,565  

5.50%, 07/01/33

     1,000       1,073,811  

5.50%, 07/01/38

     700       751,062  

Series A, 4.00%, 03/01/41

     100       112,142  

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

    715       763,315  
   

 

 

  
      35,521,304  
Indiana — 0.4%            

Indiana Finance Authority, RB

    

Series A, 5.00%, 06/01/41

     300       329,734  

Series A, 5.00%, 06/01/51

     220       237,665  

Series A, 5.00%, 06/01/56

     190       204,351  

Series A, AMT, 5.00%, 07/01/23(c)

    460       494,580  
   

 

 

  
      1,266,330  
Iowa — 1.2%            

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

     3,350       3,798,207  
   

 

 

  
Louisiana — 0.8%            

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

     2,225       2,460,136  
   

 

 

  
Maryland — 3.2%            

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

     2,450       2,860,691  

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

     1,360       1,546,403  

Maryland Stadium Authority, RB, (NPFGC), 5.00%, 05/01/34

     4,780       5,848,282  
   

 

 

  
      10,255,376  
Massachusetts — 0.8%            

Massachusetts Development Finance Agency, RB Series A, 5.25%, 01/01/42

     940       1,115,168  
 

 

 

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)

October 31, 2021

   

BlackRock MuniHoldings Quality Fund II, Inc. (MUE)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  
Massachusetts (continued)            

Massachusetts Development Finance Agency, RB (continued)

    

Series A, 5.00%, 01/01/47

   $ 420     $ 483,133  

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

     745       883,347  
   

 

 

  
          2,481,648  
Michigan — 2.2%            

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

     445       499,693  

Michigan State Housing Development Authority, RB, M/F Housing

    

Series A, 0.55%, 04/01/25

     175       174,668  

Series A, 2.55%, 10/01/51

         3,540       3,414,620  

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

     895       1,050,335  

State of Michigan Trunk Line Revenue, RB, 4.00%, 11/15/46

     1,690       1,976,026  
   

 

 

  
      7,115,342  
Minnesota — 0.3%            

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

     985       1,078,774  
   

 

 

  
Mississippi — 2.4%            

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

     2,225       2,473,170  

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

    1,000       1,086,306  

State of Mississippi, RB

    

Series A, 5.00%, 10/15/37

     565       686,634  

Series A, 4.00%, 10/15/38

     2,815       3,192,899  
   

 

 

  
      7,439,009  
Montana — 0.6%            

Montana Board of Housing, RB, S/F Housing

    

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

     150       157,697  

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

     225       235,687  

Montana Facility Finance Authority, Refunding RB, Series A, 3.00%, 06/01/50

     1,415       1,496,125  
   

 

 

  
      1,889,509  
Nevada — 3.9%            

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

     1,130       1,321,338  

City of Las Vegas Nevada Special Improvement District No.814, SAB
4.00%, 06/01/39

     120       131,336  

4.00%, 06/01/44

     335       364,561  

City of Reno Nevada, Refunding RB

    

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

     2,690       2,975,129  

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

     2,910       3,188,932  

County of Clark Nevada, GO

    

Series A, 5.00%, 06/01/36

     2,065       2,526,051  

Series A, 5.00%, 06/01/37

     500       611,681  

Tahoe-Douglas Visitors Authority, RB
5.00%, 07/01/40

     275       318,632  
Security  

Par

(000)

     Value  
Nevada (continued)            

Tahoe-Douglas Visitors Authority, RB (continued)

    

5.00%, 07/01/45

   $ 340     $ 388,115  

5.00%, 07/01/51

     365       412,491  
   

 

 

  
      12,238,266  
New Hampshire(a)(b) — 0.4%            

New Hampshire Business Finance Authority, Refunding RB

    

Series A, 3.63%, 07/01/43

     415       439,621  

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

     670       707,112  
   

 

 

  
      1,146,733  
New Jersey — 8.8%            

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

     810       1,000,684  

Series A, 5.00%, 06/15/47

         2,500           2,947,955  

Series LLL, 5.00%, 06/15/34

     635       787,870  

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

     1,355       1,470,766  

AMT, 5.38%, 01/01/43

     1,940       2,128,003  

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

     2,050       2,226,079  

New Jersey Transportation Trust Fund Authority, RB

    

Series AA, 5.50%, 06/15/39

     3,040       3,264,708  

Series BB, 4.00%, 06/15/50

     1,775       1,973,071  

Series S, 5.25%, 06/15/43

     2,980       3,670,123  

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

     2,735       3,347,429  

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

     870       1,054,175  

Tobacco Settlement Financing Corp., Refunding RB

    

Series A, 5.25%, 06/01/46

     2,355       2,818,836  

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

     870       1,001,387  
   

 

 

  
      27,691,086  
New Mexico — 0.1%            

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

     170       187,457  
   

 

 

  
New York — 4.9%            

Metropolitan Transportation Authority, RB

    

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

    8,500       8,514,935  

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

     1,550       1,663,646  

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

     740       833,165  

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

    960       1,048,609  

New York Transportation Development Corp., RB

    

AMT, 5.00%, 10/01/35

     345       426,139  

AMT, 5.00%, 10/01/40

     975       1,187,382  

AMT, 4.00%, 10/31/46

     605       682,066  

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

     895       1,042,699  
   

 

 

  
      15,398,641  
North Carolina — 0.5%            

North Carolina Medical Care Commission, RB
4.00%, 09/01/41

     100       114,284  

4.00%, 09/01/46

     100       112,800  

4.00%, 09/01/51

     130       146,306  

Series A, 4.00%, 10/01/50

     195       216,033  
 

 

3

Schedule of Investments  (unaudited) (continued)

October 31, 2021

   

BlackRock MuniHoldings Quality Fund II, Inc. (MUE)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  

 

  
North Carolina (continued)            

North Carolina Medical Care Commission, RB (continued)

    

Series A, 5.00%, 10/01/50

   $ 515     $ 610,508  

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

     270       406,407  
   

 

 

  
      1,606,338  
North Dakota — 0.2%            

University of North Dakota COP, Series A, (AGM), 4.00%, 06/01/46

     510       579,251  
   

 

 

  
Ohio — 3.4%            

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

     490       544,580  

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

         4,080           4,584,777  

Cleveland-Cuyahoga County Port Authority, RB
4.00%, 07/01/46

     255       296,970  

4.00%, 07/01/51

     220       253,857  

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

     2,500       2,652,625  

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

     2,275       2,549,272  
   

 

 

  
      10,882,081  
Oregon — 0.4%            

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

     1,100       1,310,521  
   

 

 

  
Pennsylvania — 9.1%            

Allegheny County Airport Authority, RB, Series A, AMT, 5.00%, 01/01/51

     2,970       3,604,974  

Altoona Area School District, GO, (BAM, SAW), 5.00%, 12/01/25(c)

    185       217,752  

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

     2,500       2,685,145  

Bucks County Industrial Development Authority, RB
4.00%, 07/01/46

     100       110,807  

4.00%, 07/01/51

     100       110,423  

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

     740       828,930  

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

     1,690       2,032,004  

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

     3,000       3,186,696  

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

     2,300       2,745,416  

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

     3,620       4,393,905  

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

     2,490       2,968,030  

Springfield School District/Delaware County, GO
(SAW), 5.00%, 03/01/40

     1,485       1,800,597  

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

     1,100       1,330,394  

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

     2,215       2,638,769  
   

 

 

  
      28,653,842  
Puerto Rico — 4.6%            

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

    

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

     3,882       4,317,933  

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

     5,266       5,945,103  

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

     1,279       1,402,551  
Security  

Par

(000)

     Value  

 

  
Puerto Rico (continued)            

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

    

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

   $ 264     $ 294,152  

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

     407       451,195  

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

     394       438,666  

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

    4,757       1,549,364  
   

 

 

  
      14,398,964  
South Carolina — 5.3%            

Charleston County Airport District, ARB
Series A, AMT, 6.00%, 07/01/38

     2,940       3,194,857  

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

     2,500       2,691,660  

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

     3,760       4,105,773  

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

    825       858,413  

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

     1,360       1,617,372  

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

    1,870       2,186,879  

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

     1,000       1,094,471  

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

     1,000       1,114,634  
   

 

 

  
      16,864,059  
Tennessee — 1.1%            

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

         3,000       3,412,812  
   

 

 

  
Texas — 6.1%            

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

    2,345       2,500,511  

City of Houston Texas Airport System Revenue, RB,
Series A, AMT, 6.63%, 07/15/38

     395       396,698  

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

     225       261,315  

City of Houston Texas Airport System Revenue, Refunding RB

    

Sub-Series D, 5.00%, 07/01/37.

     2,010           2,454,138  

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

     220       254,692  

Sub-Series A, AMT, 4.00%, 07/01/35

     510       597,604  

Sub-Series A, AMT, 4.00%, 07/01/36

     510       593,036  

Dallas Fort Worth International Airport, ARB,
Series H, AMT, 0.00%, 11/01/21(c)

    1,810       1,810,000  

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

     2,155       2,312,106  

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

    440       468,884  

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

     1,775       2,121,594  

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

    1,070       1,142,439  

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

     2,500       3,075,310  

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

     255       272,985  
 

 

 

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)

October 31, 2021

   

BlackRock MuniHoldings Quality Fund II, Inc. (MUE)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  

 

  
Texas (continued)            

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

   $ 490     $ 640,333  

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

     360       424,796  
   

 

 

  
      19,326,441  
Utah(a) — 0.2%            

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

     170       179,204  

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

     325       371,559  
   

 

 

  
      550,763  
Vermont — 1.0%            

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

         2,535       3,061,575  
   

 

 

  
Virginia — 1.8%            

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

    945       952,466  

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

     4,000       4,668,264  
   

 

 

  
      5,620,730  
Washington — 3.2%            

Port of Seattle Washington, ARB

    

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

     660       766,318  

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

     2,485           2,943,224  

State of Washington, COP

    

Series B, 5.00%, 07/01/36

     1,000       1,233,202  

Series B, 5.00%, 07/01/38

     1,155       1,421,806  

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

     3,000       3,670,689  
   

 

 

  
      10,035,239  
Wisconsin — 1.9%            

Public Finance Authority, RB

    

Series A, 4.00%, 11/15/37

     175       200,305  

Series A, 5.00%, 11/15/41

     330       397,463  

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

    305       328,728  

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

    955       1,027,751  

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

    520       568,965  

Public Finance Authority, Refunding RB

5.00%, 09/01/49(a)

    285       305,685  

Series A, 5.00%, 11/15/49

     570       647,456  

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

     2,065       2,538,967  
   

 

 

  
      6,015,320  
Wyoming — 0.2%            

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

    570       692,931  
   

 

 

  

Total Municipal Bonds — 121.9%
(Cost: $355,031,003)

       384,970,673  
   

 

 

  
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     $ 8,833,810  
   

 

 

  
Colorado(g) — 1.9%            

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

     3,262       3,987,177  

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

         1,710       1,896,985  
   

 

 

  
      5,884,162  
Connecticut — 1.1%            

Connecticut State Health & Educational Facilities

    

Authority, Refunding RB, 5.00%, 12/01/45

     3,061       3,546,025  
   

 

 

  
Florida — 1.8%            

Miami Dade Cnty Fl Seaport Rev, 4.00%, 10/01/49

     4,995           5,738,454  
   

 

 

  
Illinois — 3.2%            

City of Chicago IIllinois Waterworks Revenue,

    

Refunding RB, 2nd Lien, (AGM), 5.25%, 11/01/33

     760       762,679  

Illinois State Toll Highway Authority, RB

    

Series A, 5.00%, 01/01/40

     1,980       2,266,115  

Series B, 5.00%, 01/01/40

     6,148       7,133,920  
   

 

 

  
      10,162,714  
Louisiana — 3.2%            

City of Shreveport Louisiana Water & Sewer Revenue, RB

    

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

     3,015       3,386,192  

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

     6,057       6,802,731  
   

 

 

  
      10,188,923  
Maryland — 4.7%            

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

     2,499       2,949,554  

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

     9,817       11,955,429  
   

 

 

  
      14,904,983  
Michigan(g) — 2.5%            

Michigan Finance Authority, RB
4.00%, 02/15/47

     3,728       4,264,567  

Series A, 4.00%, 02/15/44

     3,332       3,812,458  
   

 

 

  
      8,077,025  
New York — 5.7%            

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

     5,958       6,119,950  

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

     7,515       7,556,966  

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

    4,400       4,409,106  
   

 

 

  
      18,086,022  
Pennsylvania — 6.0%            

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

    3,600       4,119,885  

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

    4,997       5,597,515  
 

 

 

5  

Schedule of Investments  (unaudited) (continued)

October 31, 2021

   

BlackRock MuniHoldings Quality Fund II, Inc. (MUE)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  
Pennsylvania (continued)            

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

  $ 5,927     $ 6,871,063  

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

     1,963       2,234,483  
   

 

 

  
      18,822,946  
Texas — 1.5%            

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

         4,297       4,605,223  
   

 

 

  
Virginia — 1.4%            

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

    3,720       4,424,600  
   

 

 

  

Total Municipal Bonds Transferred to Tender Option Bond
Trusts — 35.8%
(Cost: $105,883,919)

 

     113,274,887  
   

 

 

  

Total Long-Term Investments — 157.7%
(Cost: $460,914,922)

 

         498,245,560  
   

 

 

  
    

    

Shares

         

Short-Term Securities

    
Money Market Funds — 2.9%            

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

    8,979,267       8,980,165  
   

 

 

  

Total Short-Term Securities — 2.9%
(Cost: $8,980,165)

 

     8,980,165  
   

 

 

  

Total Investments — 160.6%
(Cost: $469,895,087)

       507,225,725  

Other Assets Less Liabilities — 0.9%

       2,885,384  

Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (20.0)%

 

     (63,191,736 ) 

VMTP Shares at Liquidation Value — (41.5)%

       (131,000,000 ) 
   

 

 

  

Net Assets Applicable to Common Shares — 100.0%

 

   $ 315,919,373  
   

 

 

  

 

(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)

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.

(c)

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.

(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 October 1, 2024 to November 15, 2051, is $19,953,570.

(h)

Affiliate of the Fund.

(i)

Annualized 7-day yield as of period end.

 

 

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the period ended October 31, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

                   
Affiliated Issuer   Value at
07/31/21		      Purchases
at Cost		     Proceeds
from Sales		      Net
Realized
Gain (Loss)		      Change in
Unrealized
Appreciation
(Depreciation)		      Value at
10/31/21		      Shares
Held at
10/31/21		      Income      Capital Gain
Distributions
from
Underlying
Funds		  

BlackRock Liquidity Funds, MuniCash, Institutional Class

   $  —      $  8,980,194 (a)    $  —      $  (29)      $  —      $  8,980,165        8,979,267      $  54      $  —  
         

 

 

     

 

 

     

 

 

        

 

 

     

 

 

  

 

  (a) 

Represents net amount purchased (sold).

 

 

 

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)

October 31, 2021

   

BlackRock MuniHoldings Quality Fund II, Inc. (MUE)

 

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

   $ —      $  384,970,673     $ —      $  384,970,673  

Municipal Bonds Transferred to Tender Option Bond Trusts

     —        113,274,887       —        113,274,887  

Short-Term Securities

          

Money Market Funds

     8,980,165        —       —        8,980,165  
 

 

 

     

 

 

    

 

 

     

 

 

  
  $  8,980,165      $ 498,245,560      $ —      $ 507,225,725   
 

 

 

     

 

 

    

 

 

     

 

 

  

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

   $ —      $ (63,180,474 )    $ —      $ (63,180,474 ) 

VMTP Shares at Liquidation Value

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

 

 

     

 

 

    

 

 

     

 

 

  
  $  —      $ (194,180,474 )    $ —      $ (194,180,474 ) 
 

 

 

     

 

 

    

 

 

     

 

 

  

 

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
Portfolio Abbreviation (continued)
GO    General Obligation Bonds
M/F    Multi-Family
NPFGC    National Public Finance Guarantee Corp.
RB    Revenue Bond
S/F    Single-Family
SAB    Special Assessment Bonds
SAW    State Aid Withholding
 

 

7