NPORT-EX 2 NPORT_89B4_84355318_0422.htm BlackRock MuniHoldings Quality Fund II

Schedule of Investments  (unaudited) 

April 30, 2022

   

BlackRock MuniHoldings Quality Fund II, Inc. (MUE)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  

Municipal Bonds

    

Arizona — 2.7%

    

Arizona Industrial Development Authority, RB

    

4.38%, 07/01/39(a)

   $ 550     $ 556,250  

Series A, 5.00%, 07/01/39(a)

     465       470,203  

Series A, (BAM), 4.00%, 06/01/44

     730       738,725  

Series A, 5.00%, 07/01/49(a)

     525       525,535  

Series A, 5.00%, 07/01/54(a)

     405       401,469  

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

     535       558,348  

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

     800       801,833  

Maricopa County Industrial Development Authority, Refunding RB(a)

    

5.00%, 07/01/39

     195       197,080  

5.00%, 07/01/54

     450       437,305  

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

     2,450       2,711,006  
   

 

 

  
      7,397,754  
Arkansas — 0.5%            

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

     1,370       1,263,243  
   

 

 

  
California — 17.5%            

California Community Choice Financing Authority, RB, Series A, 4.00%, 10/01/52(b)

     1,545       1,579,256  

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

    

Series A, 5.00%, 04/01/49

     200       171,897  

Series A-2, 4.00%, 08/01/47

     1,300       1,045,772  

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

     780       757,031  

California Housing Finance Agency, RB, M/F Housing

    

Class A, 3.25%, 08/20/36

     592       566,743  

Series 2021-1, Class A, 3.50%, 11/20/35

     660       645,869  

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

         1,400       1,462,497  

California State Public Works Board, RB

    

Series F, 5.25%, 09/01/33

     1,260       1,303,690  

Series I, 5.50%, 11/01/30

     5,000       5,227,840  

Series I, 5.50%, 11/01/31

     3,130       3,268,709  

Series I, 5.50%, 11/01/33

     3,000           3,142,098  

CMFA Special Finance Agency XII, RB, M/F Housing, Series A, 3.25%, 02/01/57(a)

     130       97,533  

CSCDA Community Improvement Authority, RB, M/F Housing(a)

    

5.00%, 09/01/37

     105       94,685  

Class 2, 4.00%, 06/01/58

     1,070       847,015  

Senior Lien, 3.13%, 06/01/57

     720       501,986  

Class 2, Senior Lien, 4.00%, 12/01/58

     845       678,735  

CSCDA Community Improvement Authority, RB, S/F Housing, 3.00%, 03/01/57(a)

     415       293,599  

Golden State Tobacco Securitization Corp., Refunding RB(c)

    

Series A-1, 5.00%, 06/01/47

     1,555       1,559,959  

Series A-2, 5.00%, 06/01/22

     435       436,382  

Golden State Tobacco Securitization Corp., Refunding RB, CAB, Series B, Subordinate, 0.00%, 06/01/66(d)

    3,665       401,486  

Kern Community College District, GO, Series C, 5.50%, 11/01/33(c)

     2,445       2,562,101  
Security  

Par

(000)

     Value  

California (continued)

    

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

    

Series J, 5.25%, 05/15/38(c)

   $ 5,905     $ 6,094,296  

Series J, 5.25%, 05/15/38

     1,675       1,720,413  

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

     4,500       4,918,878  

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

    

Series A, AMT, 5.50%, 05/01/28

     1,800       1,845,938  

Series A, AMT, 5.25%, 05/01/33

     1,410       1,439,692  

Series A, AMT, 5.00%, 05/01/44

     1,860       1,900,288  

San Francisco City & County Airport Comm-San Francisco International Airport, Refunding RB, AMT, 5.00%, 05/01/52

     1,185       1,255,627  

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

     680       765,380  

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

     940       976,149  
   

 

 

  
      47,561,544  
Colorado — 2.4%            

City & County of Denver Colorado Airport System Revenue, ARB

    

Series A, AMT, 5.50%, 11/15/28

     1,500       1,556,895  

Series A, AMT, 5.50%, 11/15/30

     565       586,042  

Series A, AMT, 5.50%, 11/15/31

     675       699,915  

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

     790       803,036  

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

         1,050           1,030,196  

E-470 Public Highway Authority, Refunding RB, Series B, 0.89%, 09/01/39(b)

     260       253,006  

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

     925       835,469  

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

     715       724,772  
   

 

 

  
      6,489,331  
Connecticut — 1.1%            

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

     1,015       1,071,763  

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

     1,690       1,836,259  
   

 

 

  
      2,908,022  
Delaware — 0.6%            

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

     1,400       1,543,979  
   

 

 

  
Florida — 17.3%            

Capital Trust Agency, Inc., RB(a)

    

5.50%, 06/01/57

     165       153,088  

Series A, 5.00%, 06/01/45

     465       426,556  

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

     4,730       5,113,759  

County of Broward Florida Airport System Revenue, ARB

    

Series A, AMT, 5.13%, 10/01/38(c)

     5,665       5,874,469  

Series A, AMT, 5.00%, 10/01/45

     1,440       1,491,273  

County of Miami-Dade Florida Aviation Revenue, Refunding RB(c)

    

Series A, AMT, 5.00%, 10/01/31

     5,155       5,224,464  

Series A, AMT, 5.00%, 10/01/32

     5,000       5,068,405  
 

 

 

1  

Schedule of Investments  (unaudited) (continued)

April 30, 2022

   

BlackRock MuniHoldings Quality Fund II, Inc. (MUE)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  

Florida (continued)

    

County of Miami-Dade Florida Water & Sewer System Revenue, Refunding RB, Series B, 5.25%, 10/01/29(c)

   $ 3,130     $ 3,259,757  

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

    

Series A, 5.38%, 10/01/33

     1,765       1,841,070  

Series A, 5.50%, 10/01/42

     3,000       3,135,921  

Series B, AMT, 6.00%, 10/01/23

     1,060       1,114,834  

Series B, AMT, 6.25%, 10/01/23

     800       841,986  

County of Miami-Dade Seaport Department, Refunding RB, Series B-1, AMT, Subordinate, 4.00%, 10/01/46

     545       519,467  

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

     735       593,683  

Finley Woods Community Development District, SAB

    

4.00%, 05/01/40

     265       237,776  

4.20%, 05/01/50

     450       390,164  

Florida Development Finance Corp., RB(a)

    

AMT, 5.00%, 05/01/29

     470       477,977  

Series A, AMT, 5.00%, 08/01/29(b)

     190       190,791  

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

     260       263,086  

Hillsborough County Aviation Authority, ARB, AMT, 4.00%, 10/01/52

     2,035       1,900,537  

Hillsborough County Aviation Authority, Refunding RB, Sub-Series A, AMT, 5.50%, 10/01/23(c)

     2,995       3,121,224  

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

     65       65,105  

Osceola Chain Lakes Community Development District, SAB

    

4.00%, 05/01/40

     670       632,269  

4.00%, 05/01/50

     640       575,155  

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

     230       252,699  

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

     2,065       2,017,678  

Reedy Creek Improvement District, GO, Series A, 5.25%, 06/01/32(c)

     1,805       1,864,005  

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

     380       349,493  
   

 

 

  
      46,996,691  

Georgia — 2.1%

    

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

     815       829,835  

Georgia Ports Authority, ARB, 4.00%, 07/01/51

     2,220       2,225,182  

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

     950       1,061,658  

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

         1,420       1,506,930  
   

 

 

  
          5,623,605  
Hawaii — 1.8%            

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

     2,805       2,888,687  

State of Hawaii Airports System Revenue, ARB COP

    

AMT, 5.25%, 08/01/25

     740       764,729  

AMT, 5.25%, 08/01/26

     1,205       1,243,498  
   

 

 

  
      4,896,914  
Security  

Par

(000)

     Value  

Illinois — 11.0%

    

Chicago Board of Education, GO

    

Series A, 5.00%, 12/01/37

   $ 950     $ 992,925  

Series A, 5.00%, 12/01/38

     390       409,285  

Series A, 5.00%, 12/01/39

     1,050       1,101,747  

Series A, 5.00%, 12/01/47

     455       470,427  

Chicago Midway International Airport, Refunding ARB

    

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

     1,140       1,161,196  

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

     1,000       1,019,225  

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

     1,500       1,528,374  

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

     2,000       2,034,268  

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

     735       762,341  

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

     2,985       2,989,286  

Cook County Community College District No. 508, GO

    

5.25%, 12/01/30

     1,270       1,308,602  

5.50%, 12/01/38

     1,205       1,241,402  

5.25%, 12/01/43

     2,960       3,025,659  

Illinois Finance Authority, Refunding RB

    

Series A, 4.00%, 05/01/45

     1,305       1,316,241  

Series C, 5.00%, 02/15/41

     975       1,030,642  

Illinois State Toll Highway Authority, RB, Series A, 4.00%, 01/01/46

     1,300       1,293,527  

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

     1,090       1,114,216  

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

     675       627,528  

State of Illinois, GO

    

5.25%, 02/01/31

     1,495       1,556,392  

5.25%, 02/01/32

     2,320       2,415,271  

5.50%, 07/01/33

     1,000       1,032,618  

5.50%, 07/01/38

     700       722,833  

Series A, 4.00%, 03/01/41

     50       46,872  

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

     715       717,136  
   

 

 

  
      29,918,013  
Indiana — 0.4%            

Indiana Finance Authority, RB

    

Series A, 5.00%, 06/01/41

     300       297,931  

Series A, 5.00%, 06/01/51

     220       210,891  

Series A, 5.00%, 06/01/56

     190       179,146  

Series A, AMT, 5.00%, 07/01/40(c)

     460       473,431  
   

 

 

  
      1,161,399  

Iowa — 1.2%

    

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

     3,350       3,394,247  
   

 

 

  

Kentucky — 0.1%

    

City of Henderson KY, RB, AMT, 4.70%, 01/01/52(a)

     425       401,217  
   

 

 

  

Louisiana — 0.9%

    

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

         2,225           2,323,209  
   

 

 

  

Maryland — 3.4%

    

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

     2,450       2,614,351  
 

 

 

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, 2022

   

BlackRock MuniHoldings Quality Fund II, Inc. (MUE)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  

Maryland (continued)

    

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

   $ 1,360     $ 1,364,865  

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

     4,780       5,297,836  
   

 

 

  
      9,277,052  
Massachusetts — 0.8%            

Massachusetts Development Finance Agency, RB

    

Series A, 5.25%, 01/01/42

     940       997,839  

Series A, 5.00%, 01/01/47

     420       439,609  

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

     745       791,701  
   

 

 

  
      2,229,149  
Michigan — 3.2%            

Michigan Finance Authority, Refunding RB

    

1.33%, 04/15/47(b)

     2,910       2,910,000  

4.00%, 09/01/50

     445       414,728  

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

    

Series A, 0.55%, 04/01/25

     175       164,534  

Series A, 2.55%, 10/01/51

     3,540       2,609,012  

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

     895       914,925  

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

         1,690       1,737,378  
   

 

 

  
          8,750,577  
Minnesota — 0.4%            

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

     985       961,901  
   

 

 

  

Mississippi — 2.5%

    

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

     2,225       2,359,081  

Mississippi State University Educational Building Corp., Refunding RB, 5.25%, 08/01/38(c)

     1,000       1,038,535  

State of Mississippi, RB

    

Series A, 5.00%, 10/15/37

     565       616,570  

Series A, 4.00%, 10/15/38

     2,815       2,854,872  
   

 

 

  
      6,869,058  
Montana — 0.1%            

Montana Board of Housing, RB, S/F Housing

    

Series B-2, 3.50%, 12/01/42

     130       127,968  

Series B-2, 3.60%, 12/01/47

     195       196,812  
   

 

 

  
      324,780  
Nevada — 4.1%            

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

     1,130       1,190,550  

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

    

4.00%, 06/01/39

     120       116,301  

4.00%, 06/01/44

     335       315,789  

City of Reno Nevada, Refunding RB

    

Series A-1, (AGM), 4.00%, 06/01/43

     2,690       2,720,690  

Series A-1, (AGM), 4.00%, 06/01/46

     2,910       2,935,332  

County of Clark Nevada, GO

    

Series A, 5.00%, 06/01/36

     2,065       2,279,605  

Series A, 5.00%, 06/01/37

     500       550,856  
Security  

Par

(000)

     Value  

Nevada (continued)

    

Tahoe-Douglas Visitors Authority, RB

    

5.00%, 07/01/40

   $ 275     $ 290,771  

5.00%, 07/01/45

     340       354,477  

5.00%, 07/01/51

     365       376,562  
   

 

 

  
      11,130,933  
New Hampshire(a)(b) — 0.3%            

New Hampshire Business Finance Authority, Refunding RB

    

Series A, 3.63%, 07/01/43

     415       343,757  

Series B, AMT, 3.75%, 07/01/45

     670       552,932  
   

 

 

  
      896,689  
New Jersey — 10.6%            

New Jersey Economic Development Authority, RB

    

5.00%, 06/15/36

     810       866,280  

Series A, 5.00%, 06/15/47

     2,500       2,617,360  

Series LLL, 5.00%, 06/15/34

     635       678,349  

AMT, (AGM), 5.00%, 01/01/31

     1,355       1,409,292  

AMT, 5.38%, 01/01/43

     1,940       1,984,779  

New Jersey Higher Education Student Assistance Authority, Refunding RB

    

Series B, AMT, 4.00%, 12/01/41

     1,195       1,166,786  

Series C, AMT, Subordinate, 5.00%, 12/01/52

     1,355       1,399,803  

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

     1,930       1,910,007  

New Jersey Transportation Trust Fund Authority, RB

    

4.00%, 06/15/46

     1,500       1,415,147  

Series AA, 5.50%, 06/15/39

     3,040       3,108,111  

Series BB, 4.00%, 06/15/50

     1,775       1,683,021  

Series S, 5.25%, 06/15/43

         2,980           3,194,471  

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

     2,735       2,901,841  

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

     870       909,873  

Tobacco Settlement Financing Corp., Refunding RB

    

Series A, 5.25%, 06/01/46

     2,355       2,495,189  

Sub-Series B, 5.00%, 06/01/46

     870       923,515  
   

 

 

  
      28,663,824  
New Mexico — 0.1%            

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

     170       175,684  
   

 

 

  

New York — 2.5%

    

Metropolitan Transportation Authority, RB, Series A-1, 5.25%, 11/15/39

     1,550       1,581,947  

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

     740       698,661  

New York City Transitional Finance Authority Future Tax Secured Revenue, RB, Series F-1, Subordinate, 5.00%, 02/01/47

     510       565,207  

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

     960       969,345  

New York Transportation Development Corp., RB

    

AMT, 5.00%, 10/01/35

     345       366,378  

AMT, 5.00%, 10/01/40

     975       1,019,399  

AMT, 4.00%, 10/31/46

     605       601,586  

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

     895       947,545  
   

 

 

  
      6,750,068  
 

 

 

3  

Schedule of Investments  (unaudited) (continued)

April 30, 2022

   

BlackRock MuniHoldings Quality Fund II, Inc. (MUE)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  

North Carolina — 0.5%

    

North Carolina Medical Care Commission, RB

    

4.00%, 09/01/41

   $ 100     $ 100,117  

4.00%, 09/01/46

     100       100,121  

4.00%, 09/01/51

     130       130,158  

Series A, 4.00%, 10/01/50

     195       175,008  

Series A, 5.00%, 10/01/50

     515       539,435  

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

     270       310,399  
   

 

 

  
      1,355,238  
North Dakota — 0.2%            

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

     510       520,548  
   

 

 

  

Ohio — 3.6%

    

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

     490       460,740  

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

     4,080       3,966,939  

Cleveland-Cuyahoga County Port Authority, RB

    

4.00%, 07/01/46

     255       255,976  

4.00%, 07/01/51

     220       220,872  

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

     2,500       2,555,415  

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

     2,275       2,208,311  
   

 

 

  
      9,668,253  
Oregon — 0.4%            

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

         1,100           1,169,465  
   

 

 

  

Pennsylvania — 10.6%

    

Allegheny County Hospital Development Authority, RB, 1.46%, 11/15/47(b)

     1,040       1,040,000  

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

     185       200,328  

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

     2,500       2,582,392  

Bucks County Industrial Development Authority, RB

    

4.00%, 07/01/46

     100       91,344  

4.00%, 07/01/51

     100       90,482  

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

     740       717,636  

Hospitals & Higher Education Facilities Authority of Philadelphia, Refunding RB, (AGM), 4.00%, 07/01/40

     1,215       1,199,723  

Montgomery County Higher Education and Health Authority, Refunding RB

    

5.00%, 05/01/52

     3,390       3,706,958  

Series A, 5.00%, 09/01/48

     1,690       1,799,003  

Pennsylvania Housing Finance Agency, RB, S/F Housing

    

Series 137, 2.45%, 10/01/41

     210       164,930  

Series 125B, AMT, 3.65%, 10/01/42

     3,000       2,798,037  

Pennsylvania Turnpike Commission, RB

    

Sub-Series B-1, 5.25%, 06/01/47

     2,300       2,441,968  

Series A, Subordinate, 5.00%, 12/01/39

     1,330       1,438,484  

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

     2,290       2,460,948  

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

     2,490       2,714,596  
Security  

Par

(000)

     Value  

Pennsylvania (continued)

    

Springfield School District/Delaware County, GO

    

(SAW), 5.00%, 03/01/40

   $ 1,485     $ 1,624,531  

(SAW), 5.00%, 03/01/43

     1,100       1,199,095  

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

     2,215       2,408,285  
   

 

 

  
      28,678,740  
Puerto Rico — 4.8%            

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

    

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

     3,882       3,930,214  

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

     5,266       5,390,172  

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

     1,279       1,268,267  

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

     264       268,481  

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

     407       411,983  

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

     394       398,728  

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

     4,757       1,336,512  
   

 

 

  
      13,004,357  
South Carolina — 5.8%            

Charleston County Airport District, ARB

    

Series A, AMT, 6.00%, 07/01/38

     2,940       3,041,924  

Series A, AMT, 5.50%, 07/01/41

     2,500       2,552,775  

County of Charleston South Carolina, ARB, 5.25%, 12/01/23(c)

     3,760       3,936,171  

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

     825       736,771  

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

     1,360       1,460,666  

South Carolina Ports Authority, ARB, AMT, 5.25%, 07/01/50(c)

     1,870       2,002,684  

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

     1,000       1,024,981  

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

         1,000           1,029,314  
   

 

 

  
      15,785,286  
Tennessee — 1.2%            

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

     3,000       3,166,275  
   

 

 

  

Texas — 9.1%

    

City of Beaumont Texas, GO, 5.25%, 03/01/37(c)

     2,345       2,407,480  

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

     395       395,897  

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

     225       238,038  

City of Houston Texas Airport System Revenue, Refunding RB

    

Sub-Series D, 5.00%, 07/01/37

     2,010       2,178,669  

Series A, AMT, 5.00%, 07/01/27

     220       231,918  

Sub-Series A, AMT, 4.00%, 07/01/35

     510       511,868  

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

     2,155       2,220,143  

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

     440       444,006  

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

     1,775       1,894,513  

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

     1,070       1,099,222  
 

 

 

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, 2022

   

BlackRock MuniHoldings Quality Fund II, Inc. (MUE)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  

Texas (continued)

    

Spring Branch Independent School District, GO, (PSF- GTD), 3.00%, 02/01/33

   $ 1,000     $ 975,908  

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

     2,500       2,711,630  

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

     255       255,722  

Texas Municipal Gas Acquisition & Supply Corp. III, Refunding RB

    

5.00%, 12/15/29

     1,165       1,253,277  

5.00%, 12/15/30

     5,195       5,612,174  

5.00%, 12/15/31

     1,770       1,915,839  

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

     360       371,099  
   

 

 

  
      24,717,403  
Utah(a) — 0.2%            

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

     170       163,198  

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

     325       328,368  
   

 

 

  
      491,566  
Vermont — 1.0%            

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

     2,535       2,757,459  
   

 

 

  

Virginia — 1.9%

    

Tobacco Settlement Financing Corp., Refunding RB, Series B-1, 5.00%, 06/01/47

     955       924,951  

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

         4,000           4,129,496  
   

 

 

  
      5,054,447  
Washington — 3.3%            

Port of Seattle Washington, ARB

    

Series A, AMT, 5.00%, 05/01/43

     660       688,719  

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

     2,485       2,615,604  

State of Washington, COP

    

Series B, 5.00%, 07/01/36

     1,000       1,105,681  

Series B, 5.00%, 07/01/38

     1,155       1,271,424  

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

     3,000       3,303,669  
   

 

 

  
      8,985,097  
Wisconsin — 2.2%            

Public Finance Authority, RB

    

5.00%, 06/15/51(a)

     550       476,072  

5.00%, 10/15/51(a)

     210       194,933  

Series A, 4.00%, 11/15/37

     175       179,848  

Series A, 5.00%, 11/15/41

     330       362,932  

Series A, 5.00%, 07/01/55(a)

     305       305,030  

Series A, 5.00%, 10/15/55(a)

     955       961,001  

Series A-1, 4.50%, 01/01/35(a)

     520       479,031  

Public Finance Authority, Refunding RB

    

5.00%, 09/01/49(a)

     285       282,210  

Series A, 5.00%, 11/15/49

     570       604,891  

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

     2,065       2,251,804  
   

 

 

  
      6,097,752  
Security  

Par

(000)

     Value  

Wyoming — 0.2%

    

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

   $ 570     $ 631,237  
   

 

 

  

Total Municipal Bonds — 132.6%
(Cost: $363,651,896)

       359,992,006  
   

 

 

  

Municipal Bonds Transferred to Tender Option Bond Trusts(e)

 

California — 3.0%

    

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

     7,499       8,101,775  
   

 

 

  

Colorado(f) — 1.9%

    

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

     3,262       3,537,084  

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

     1,710       1,619,834  
   

 

 

  
      5,156,918  

Connecticut — 1.2%

    

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

     3,061       3,213,482  
   

 

 

  

Florida — 1.8%

    

Miami-Dade County Seaport Department, Refunding RB, (AGM), 4.00%, 10/01/49

     4,995       5,038,849  
   

 

 

  

Illinois — 3.4%

    

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

     760       761,586  

Illinois State Toll Highway Authority, RB

    

Series A, 5.00%, 01/01/40

     1,980       2,067,435  

Series B, 5.00%, 01/01/40

         6,148           6,456,588  
   

 

 

  
      9,285,609  
Louisiana — 3.4%            

City of Shreveport Louisiana Water & Sewer Revenue, RB

    

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

     3,015       3,042,724  

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

     6,057       6,112,717  
   

 

 

  
      9,155,441  
Maryland — 5.0%            

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

     2,499       2,667,213  

Maryland Stadium Authority, RB, (NPFGC), 5.00%, 05/01/47

     9,817       10,840,620  
   

 

 

  
      13,507,833  
Michigan(f) — 2.5%            

Michigan Finance Authority, RB

    

4.00%, 02/15/47

     3,728       3,648,463  

Series A, 4.00%, 02/15/44

     3,332       3,261,671  
   

 

 

  
      6,910,134  
New York — 2.2%            

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

     5,958       5,983,223  
   

 

 

  

Pennsylvania — 6.1%

    

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

     3,600       3,670,673  

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

     4,996       4,807,511  
 

 

 

5  

Schedule of Investments  (unaudited) (continued)

April 30, 2022

   

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(f)

   $ 5,929     $ 6,041,626  

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

     1,963       2,071,533  
   

 

 

  
      16,591,343  
Texas — 1.6%            

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

     4,297       4,417,936  
   

 

 

  

Virginia — 1.5%

    

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

     3,720       3,979,820  
   

 

 

  

Total Municipal Bonds Transferred to Tender Option Bond Trusts — 33.6%
(Cost: $93,514,390)

       91,342,363  
   

 

 

  

Total Long-Term Investments — 166.2%
(Cost: $457,166,286)

       451,334,369  
   

 

 

  
    Shares        

 

  
Short-Term Securities            
Money Market Funds — 3.0%            

BlackRock Liquidity Funds, MuniCash, Institutional Class, 0.25%(g)(h)

     8,108,292       8,108,292  
   

 

 

  

Total Short-Term Securities — 3.0%
(Cost: $8,107,697)

       8,108,292  
   

 

 

  

Total Investments — 169.2%
(Cost: $465,273,983)

       459,442,661  

Liabilities in Excess of Other Assets — (0.4)%

       (873,705 ) 

Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (20.6)%

       (56,023,860 ) 

VMTP Shares at Liquidation Value, Net of Deferred Offering Costs — (48.2)%

 

     (131,000,000 ) 
   

 

 

  

Net Assets Applicable to Common Shares — 100.0%

     $ 271,545,096  
   

 

 

  

 

 

(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)

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 October 1, 2024 to August 1, 2027, is $17,624,010.

(g)

Affiliate of the Fund.

(h)

Annualized 7-day yield as of period end.

 

 

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the period ended April 30, 2022 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
04/30/22		      Shares
Held at
04/30/22		      Income      Capital Gain
Distributions
from
Underlying
Funds		  

BlackRock Liquidity Funds, MuniCash, Institutional Class

    $ —      $ 8,109,526 (a)     $ —      $ (1,829)      $ 595      $ 8,108,292        8,108,292      $ 2,453      $ —  
           

 

 

     

 

 

     

 

 

        

 

 

     

 

 

  

 

  (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)

April 30, 2022

   

BlackRock MuniHoldings Quality Fund II, Inc. (MUE)

 

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

      58          06/21/22        $            6,905      $ 209,384  

U.S. Long Bond

      44          06/21/22        6,182        344,120  

5-Year U.S. Treasury Note

      74          06/30/22        8,330        156,011  
                 

 

 

  
                  $ 709,515  
                 

 

 

  

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

    $ —        $ 359,992,006        $             —        $ 359,992,006  

Municipal Bonds Transferred to Tender Option Bond Trusts

      —          91,342,363          —          91,342,363  

Short-Term Securities

                  

Money Market Funds

      8,108,292          —          —          8,108,292  
  

 

 

       

 

 

       

 

 

       

 

 

  
   $   8,108,292        $  451,334,369        $ —        $  459,442,661  
  

 

 

       

 

 

       

 

 

       

 

 

  

Derivative Financial Instruments(a)

                  

Assets

                  

Interest Rate Contracts

    $ 709,515        $ —        $ —        $ 709,515  
  

 

 

       

 

 

       

 

 

       

 

 

  

 

  (a)

Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

 

 

7  

Schedule of Investments  (unaudited) (continued)

April 30, 2022

   

BlackRock MuniHoldings Quality Fund II, Inc. (MUE)

 

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

                    —        $ (55,971,131 )       $             —        $ (55,971,131 ) 

VMTP Shares at Liquidation Value

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

 

 

       

 

 

       

 

 

       

 

 

  
   $  —        $ (186,971,131 )       $ —        $ (186,971,131 ) 
  

 

 

       

 

 

       

 

 

       

 

 

  

 

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
GOL    General Obligation Ltd.
GTD    GTD Guaranteed
M/F    Multi-Family
NPFGC    National Public Finance Guarantee Corp.
PSF-GTD    Permanent School Fund Guaranteed
RB    Revenue Bond
S/F    Single-Family
SAB    Special Assessment Bonds
SAW    State Aid Withholding

 

 

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

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