NPORT-EX 2 NPORT_903114713962925.htm BlackRock MuniHoldings Fund II

Schedule of Investments  (unaudited) 

January 31, 2020

   

BlackRock MuniHoldings Fund II, Inc. (MUH)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  

Municipal Bonds — 107.9%

    

Alabama — 1.2%

    

County of Jefferson Alabama Sewer, Refunding RB, Sub-Lien, Series D, 6.00%, 10/01/42

   $ 1,875     $ 2,216,887  
   

 

 

  
Arizona — 1.4%  

City of Phoenix Arizona IDA, RB, Legacy Traditional Schools Projects, Series A, 5.00%, 07/01/46(a)

     890       966,522  

County of Maricopa IDA, Refunding RB, Honorhealth, Series A, 4.13%, 09/01/38

     475       548,235  

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

     810       1,118,343  
   

 

 

  
      2,633,100  
Arkansas — 0.8%  

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

     1,370       1,485,258  
   

 

 

  
California — 6.1%  

Benicia Unified School District, GO, CAB, Series A (NPFGC), 0.00%, 08/01/20(b)

     2,000       1,991,080  

California Health Facilities Financing Authority, RB, Sutter Health, Series B, 6.00%, 08/15/20(c)

     1,585       1,628,223  

California Health Facilities Financing Authority, Refunding RB, St. Joseph Health System, Series A, 5.00%, 07/01/33

     445       503,184  

California Municipal Finance Authority, RB, Senior, Caritas Affordable Housing, Inc. Projects, S/F Housing, Series A:

    

5.25%, 08/15/39

     80       91,069  

5.25%, 08/15/49

     195       218,825  

California Municipal Finance Authority, Refunding RB, Community Medical Centers, Series A, 5.00%, 02/01/42

     120       143,922  

California Pollution Control Financing Authority, RB, Poseidon Resources (Channel Side) LP Desalination Project, AMT, 5.00%, 11/21/45(a)

     730       791,167  

California Statewide Communities Development Authority, RB, Loma Linda University Medical Center, Series A, 5.00%, 12/01/46(a)

     235       266,025  

City of Stockton California Public Financing Authority, RB, Delta Water Supply Project, Series A, 6.25%, 10/01/23(c)

     185       220,847  
Security   Par
(000)		     Value  
California (continued)  

Golden State Tobacco Securitization Corp., Refunding RB, Series A-1, 5.00%, 06/01/47

   $ 1,425     $ 1,498,587  

San Diego Unified School District California, GO, CAB, Election of 2008, Series A,
0.00%, 07/01/29(b)

     2,525       2,167,662  

State of California, GO, Various Purposes, 6.00%, 03/01/33

     1,265       1,271,489  

State of California Public Works Board, LRB, Various Capital Projects, Series I, 5.00%, 11/01/38

     405       462,125  
   

 

 

  
      11,254,205  
Colorado — 1.9%  

City & County of Denver Colorado, RB, Capital Appreciation Bonds, Series A-2, 0.00%, 08/01/37(b)

     1,490       827,889  

Colorado Educational & Cultural Facilities Authority, RB, Charter School, Colorado Springs, 5.50%, 07/01/40

     1,055       1,071,162  

Colorado Health Facilities Authority, Refunding RB, Commonspirit Health, Series A-2, 3.25%, 08/01/49

     1,105       1,117,100  

Regional Transportation District, COP, Refunding, Series A, 5.38%, 06/01/31

     510       517,415  
   

 

 

  
      3,533,566  
Connecticut — 1.0%  

Connecticut Housing Finance Authority, Refunding RB, S/F Housing:

    

Sub-Series A-1, 3.85%, 11/15/43

     1,370       1,495,424  

Sub-Series B-1, 4.00%, 05/15/45

     265       292,234  
   

 

 

  
      1,787,658  
Delaware — 2.4%  

County of Sussex Delaware, RB, NRG Energy, Inc., Indian River Power LLC Project, 6.00%, 10/01/40

     570       589,266  

Delaware State Health Facilities Authority, RB, Beebe Medical Center Project, 5.00%, 06/01/48

     1,395       1,660,203  
 

 

 

     1  

Schedule of Investments  (unaudited) (continued)

January 31, 2020

   

BlackRock MuniHoldings Fund II, Inc. (MUH)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Delaware (continued)  

State of Delaware EDA, RB, Exempt Facilities, Indian River Power LLC Project, 5.38%, 10/01/45

   $ 2,050     $ 2,093,583  
   

 

 

  
      4,343,052  
District of Columbia — 3.8%  

Metropolitan Washington Airports Authority, Refunding RB, Dulles Toll Road, CAB, 2nd Senior Lien, Series B (AGC), 0.00%, 10/01/34(b)

     10,170       7,040,488  
   

 

 

  
Florida — 3.6%  

County of Broward FL Airport System Revenue, ARB, AMT, Series A, 4.00%, 10/01/49

     625       704,712  

County of Broward FL Port Facilities Revenue, ARB, Senior Bond, Series B, AMT, 4.00%, 09/01/49

     1,070       1,193,499  

County of Escambia Health Facilities Authority, Refunding RB, Health Care Facilities Revenue Bond, 4.00%, 08/15/50(d)

     445       494,426  

County of Osceola FL Transportation Revenue, Refunding RB, Series A-2(b):

    

0.00%, 10/01/41

     275       135,878  

0.00%, 10/01/42

     370       175,336  

0.00%, 10/01/43

     335       152,445  

0.00%, 10/01/44

     345       150,796  

0.00%, 10/01/45

     285       121,091  

Florida Housing Finance Corp., RB, S/F Housing, Series 1 (Ginnie Mae, Fannie Mae & Freddie Mac), 3.75%, 07/01/42

     570       609,655  

Mid-Bay Florida Bridge Authority, RB, Springing Lien, Series A, 7.25%, 10/01/21(c)

     1,525       1,680,596  

Village Community Development District No.10, Special Assessment Bonds, 5.13%, 05/01/43

     1,100       1,176,131  
   

 

 

  
      6,594,565  
Georgia — 4.4%  

County of Gainesville Georgia & Hall Hospital Authority, Refunding RB, Northeast Georgia Health System, Inc. Project, Series A (GTD), 5.50%, 08/15/54

     270       318,781  

County of Griffin-Spalding Hospital Authority, RB, Revenue Anticipation Certificates, 4.00%, 04/01/42

     2,310       2,528,249  
Security   Par
(000)		     Value  
Georgia (continued)  

Main Street Natural Gas, Inc., RB, Series A:

    

5.00%, 05/15/36

   $ 1,500     $ 2,057,595  

5.00%, 05/15/38

     790       1,103,417  

5.00%, 05/15/49

     935       1,346,961  

Municipal Electric Authority of Georgia, RB, Plant Vogtle Units 3 & 4 Project:

    

4.00%, 01/01/49

     260       285,875  

5.00%, 01/01/56

     350       415,555  
   

 

 

  
      8,056,433  
Hawaii — 0.4%  

State of Hawaii Harbor System, ARB, Series A, 5.25%, 07/01/30

     680       692,186  
   

 

 

  
Idaho — 1.1%  

County of Power Idaho Industrial Development Corp., RB, FMC Corp. Project, AMT, 6.45%, 08/01/32

     2,000       2,007,100  
   

 

 

  
Illinois — 14.1%  

Chicago Board of Education, GO:

    

Dedicated Revenues, Series H, 5.00%, 12/01/46

     240       275,834  

Project, Series C, 5.25%, 12/01/35

     805       903,741  

Chicago Board of Education, GO, Refunding:

    

Dedicated Revenues, Series C, 5.00%, 12/01/34

     240       282,442  

Dedicated Revenues, Series D, 5.00%, 12/01/25

     435       509,059  

Dedicated Revenues, Series F, 5.00%, 12/01/24

     340       389,467  

Series C, 5.00%, 12/01/25

     360       421,290  

Chicago Board of Education, GO:

    

5.00%, 12/01/46

     300       349,833  

5.00%, 12/01/46

     770       832,270  

City of Chicago Illinois, Special Assessment Bonds, Lake Shore East Project, 6.75%, 12/01/32

     578       579,312  

City of Chicago Illinois O’Hare International Airport, GARB, 3rd Lien:

    

Series A, 5.75%, 01/01/21(c)

     2,100       2,192,022  

Series A, 5.75%, 01/01/39

     400       416,060  

Series C, 6.50%, 01/01/21(c)

     2,935       3,083,482  

City of Chicago Illinois Transit Authority, RB, Sales Tax Receipts, 5.25%, 12/01/40

     530       564,217  

County of Cook Illinois Community College District No. 508, GO, City College of Chicago, 5.50%, 12/01/38

     410       458,769  

Illinois Finance Authority, Refunding RB, Southern Illinois Healthcare Enterprises, Inc., 4.00%, 03/01/35

     1,290       1,435,344  
 

 

 

2   

Schedule of Investments  (unaudited) (continued)

January 31, 2020

   

BlackRock MuniHoldings Fund II, Inc. (MUH)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Illinois (continued)  

Illinois Housing Development Authority, RB, S/F Housing, Series D (Ginnie Mae, Fannie Mae), 3.00%, 10/01/41

   $ 365     $ 373,636  

Metropolitan Pier & Exposition Authority, Refunding RB, McCormick Place Expansion Project:

    

4.00%, 06/15/50(d)

     280       308,252  

5.00%, 06/15/50(d)

     365       437,186  

CAB, Series B (AGM), 0.00%, 06/15/47(b)

     9,555       4,165,693  

Series B (AGM), 5.00%, 06/15/50

     2,230       2,259,191  

Series B-2, 5.00%, 06/15/50

     1,260       1,277,728  

Railsplitter Tobacco Settlement Authority, RB(c):

    

5.50%, 06/01/21

     230       243,906  

6.00%, 06/01/21

     500       533,525  

State of Illinois, GO:

    

5.00%, 02/01/39

     810       894,305  

Series A, 5.00%, 04/01/38

     1,920       2,085,446  

University of Illinois, RB, Auxiliary Facilities System, Series A, 5.00%, 04/01/44

     520       585,640  
   

 

 

  
      25,857,650  
Indiana — 3.0%  

City of Valparaiso Indiana, RB, Exempt Facilities, Pratt Paper LLC Project, AMT:

    

6.75%, 01/01/34

     415       482,969  

7.00%, 01/01/44

     1,000       1,165,280  

Indiana Finance Authority, RB, Series A:

    

CWA Authority Project, 1st Lien, 5.25%, 10/01/38

     1,660       1,768,763  

Private Activity Bond, Ohio River Bridges East End Crossing Project, AMT, 5.00%, 07/01/44

     225       247,338  

Private Activity Bond, Ohio River Bridges East End Crossing Project, AMT, 5.00%, 07/01/48

     740       812,490  

Private Activity Bond, Ohio River Bridges East End Crossing Project, AMT, 5.25%, 01/01/51

     210       232,313  

Indianapolis Local Public Improvement Bond Bank, RB, Series A, 5.00%, 01/15/40

     640       707,635  
   

 

 

  
      5,416,788  
Iowa — 0.8%  

Iowa Finance Authority, Refunding RB, Iowa Fertilizer Co. Project:

    

Series B, 5.25%, 12/01/50(e)

     240       265,839  

Midwestern Disaster Area, 5.25%, 12/01/25

     940       1,049,933  

Midwestern Disaster Area, 5.88%, 12/01/26(a)

     210       219,139  
   

 

 

  
      1,534,911  
Security   Par
(000)		     Value  
Kentucky — 0.7%  

Kentucky Economic Development Finance Authority, RB, Catholic Health Initiatives, Series A, 5.25%, 01/01/23(c)

   $ 525     $ 589,795  

Kentucky Public Transportation Infrastructure Authority, RB, Downtown Crossing Project, Convertible CAB, 1st Tier, Series C, 6.75%, 07/01/43(f)

     635       723,443  
   

 

 

  
      1,313,238  
Louisiana — 2.4%  

Louisiana Public Facilities Authority, Refunding RB, Ochsner Clinic Foundation Project, 5.00%, 05/15/47

     1,635       1,905,314  

Tobacco Settlement Financing Corp., Refunding RB, Asset-Backed, Series A:

    

5.50%, 05/15/30

     510       516,615  

5.25%, 05/15/31

     435       454,375  

5.25%, 05/15/32

     555       597,985  

5.25%, 05/15/33

     600       646,158  

5.25%, 05/15/35

     255       282,254  
   

 

 

  
      4,402,701  
Maine — 0.7%  

Maine State Housing Authority, RB, S/F Housing, Series A, 3.00%, 11/15/44

     600       609,744  

State of Maine Housing Authority, RB:

    

M/F Housing, Series E, 4.25%, 11/15/43

     355       392,594  

S/F Housing, Series C, 3.95%, 11/15/43

     335       363,884  
   

 

 

  
      1,366,222  
Maryland — 2.1%  

Maryland EDC, RB, Transportation Facilities Project, Series A, 5.75%, 06/01/20(c)

     220       223,511  

Maryland EDC, Refunding RB, CNX Marine Terminals, Inc., 5.75%, 09/01/25

     390       398,167  

Maryland Health & Higher Educational Facilities Authority, RB, Medstar Health Issue, Series A, 5.00%, 05/15/42

     1,760       2,098,677  
 

 

 

     3  

Schedule of Investments  (unaudited) (continued)

January 31, 2020

   

BlackRock MuniHoldings Fund II, Inc. (MUH)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Maryland (continued)  

Maryland Health & Higher Educational Facilities Authority, Refunding RB, Charlestown Community Project, 6.25%, 01/01/21(c)

   $ 1,095     $ 1,148,085  
   

 

 

  
      3,868,440  
Massachusetts — 2.4%  

Massachusetts Development Finance Agency, Refunding RB:

    

Atrius Health Issue, Series A, 4.00%, 06/01/49

     150       161,793  

Boston University, Series P, 5.45%, 05/15/59

     845       1,115,780  

Suffolk University, 4.00%, 07/01/39

     1,140       1,249,679  

Massachusetts Educational Financing Authority, RB, Subordinate Education Loan Revenue Bonds, AMT, 3.75%, 07/01/47

     1,865       1,936,038  
   

 

 

  
      4,463,290  
Michigan — 4.5%  

City of Detroit Michigan Sewage Disposal System, Refunding RB, Senior Lien, Series A, 5.25%, 07/01/39

     2,235       2,443,369  

Eastern Michigan University, RB, Series A, 4.00%, 03/01/47

     1,170       1,306,656  

Kalamazoo Hospital Finance Authority, Refunding RB, Bronson Methodist Hospital:

    

5.50%, 05/15/20(c)

     380       384,936  

5.50%, 05/15/36

     310       313,959  

Michigan Finance Authority, Refunding RB:

    

Detroit Water & Sewage Department Project, Senior Lien, Series C-1, 5.00%, 07/01/44

     455       492,911  

Henry Ford Health System, 4.00%, 11/15/46

     570       621,796  

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

     490       589,587  

State of Michigan Housing Development Authority, RB:

    

M/F Housing, Series A, 4.15%, 10/01/53

     940       1,020,802  

S/F Housing, Series A, 4.00%, 06/01/49

     265       288,702  

S/F Housing, Series C, 4.13%, 12/01/38

     730       809,409  
   

 

 

  
      8,272,127  
Security   Par
(000)		     Value  
Minnesota — 0.1%  

Minnesota Housing Finance Agency, RB, S/F Housing, Series B (Ginnie Mae, Fannie Mae & Freddie Mac), 2.80%, 01/01/44(d)

   $ 190     $ 191,378  
   

 

 

  
Missouri — 0.2%  

Bi-State Development Agency of the Missouri-Illinois Metropolitan District, Refunding RB, Combined Lien, Series A, 5.00%, 10/01/44

     125       136,015  

Missouri Housing Development Commission, RB, S/F Housing, First Place Homeownership Loan Program, Series A (Ginnie Mae, Fannie Mae & Freddie Mac), 2.85%, 05/01/50(d)

     100       100,024  

State of Missouri Health & Educational Facilities Authority, Refunding RB, St. Louis College of Pharmacy Project, 5.50 %, 05/01/43

     130       141,226  
   

 

 

  
      377,265  
New Hampshire — 1.1%  

New Hampshire Business Finance Authority, Refunding RB, Resource Recovery, Covanta
Project(a):

    

Series B, 4.63%, 11/01/42

     735       764,150  

Series C, AMT, 4.88%, 11/01/42

     420       437,539  

New Hampshire Housing Finance Authority, RB, M/F Housing, Cimarron, Whittier Falls & Marshall (FHA), 4.00%, 07/01/52

     800       854,304  
   

 

 

  
      2,055,993  
New Jersey — 9.7%  

Casino Reinvestment Development Authority, Inc., Refunding RB:

    

5.25%, 11/01/39

     530       577,520  

5.25%, 11/01/44

     790       857,837  

County of Essex New Jersey Improvement Authority, RB, AMT, 5.25%, 07/01/45(a)

     560       565,074  

New Jersey EDA, ARB, Continental Airlines, Inc. Project, 5.13%, 09/15/23

     1,040       1,120,392  

New Jersey EDA, RB:

    

Continental Airlines, Inc. Project, AMT, 5.25%, 09/15/29

     990       1,081,951  
 

 

 

4   

Schedule of Investments  (unaudited) (continued)

January 31, 2020

   

BlackRock MuniHoldings Fund II, Inc. (MUH)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
New Jersey (continued)  

S/F Housing, State House Project, Series B, 4.50%, 06/15/40

   $ 1,270     $ 1,449,121  

Series WW, 5.00%, 06/15/36

     210       239,333  

New Jersey EDA, Refunding, Special Assessment Bonds, Kapkowski Road Landfill Project, 5.75%, 04/01/31

     1,125       1,298,723  

New Jersey State Turnpike Authority, RB, Series E, 5.00%, 01/01/45

     715       835,377  

New Jersey Transportation Trust Fund Authority, RB:

    

Transportation Program Bonds, Series AA, 4.13%, 06/15/39

     1,040       1,163,510  

Transportation Program, Series AA, 5.00%, 06/15/44

     330       367,026  

Transportation Program, Series AA, 5.00%, 06/15/44

     610       664,741  

Transportation System, Series A, 5.50%, 06/15/21(c)

     1,025       1,088,929  

Transportation System, Series B, 5.25%, 06/15/36

     1,235       1,293,440  

New Jersey Transportation Trust Fund Authority, Refunding RB, Transportation System:

    

Bond, 4.00%, 12/15/39

     510       570,068  

Series A, 5.00%, 12/15/36

     380       457,600  

Tobacco Settlement Financing Corp., Refunding RB:

    

Series A, 4.00%, 06/01/37

     500       558,355  

Sub-Series B, 5.00%, 06/01/46

     3,105       3,569,291  
   

 

 

  
      17,758,288  
New Mexico — 0.1%  

New Mexico Mortgage Finance Authority, RB, S/F Housing (Ginnie Mae, Fannie Mae & Freddie Mac), 3.00%, 07/01/50(d)

     270       272,668  
   

 

 

  
New York — 4.5%  

City of New York Transitional Finance Authority Future Tax Secured Revenue, RB, Fiscal 2012, Sub-Series E-1, 5.00%, 02/01/42

     740       795,678  

Counties of New York Tobacco Trust IV, Refunding RB, Settlement Pass-Through Turbo, Series A, 6.25%, 06/01/41(a)

     1,000       1,009,800  

County of Westchester New York Healthcare Corp., RB, Senior Lien, Series A, 5.00%, 11/01/44

     252       275,919  

Erie Tobacco Asset Securitization Corp., Refunding RB, Asset-Backed, Series A, 5.00%, 06/01/45

     1,020       1,020,592  
Security   Par
(000)		     Value  
New York (continued)  

Metropolitan Transportation Authority, RB, Series B, 5.25%, 11/15/38

   $ 1,255     $ 1,452,160  

New York Liberty Development Corp., Refunding RB, 3 World Trade Center Project(a):

    

Class 1, 5.00%, 11/15/44

     1,495       1,642,093  

Class 2, 5.15%, 11/15/34

     175       195,951  

Class 2, 5.38%, 11/15/40

     440       494,529  

Port Authority of New York & New Jersey, ARB, Special Project, JFK International Air Terminal LLC Project, Series 8:

    

6.00%, 12/01/36

     650       678,184  

6.00%, 12/01/42

     630       651,685  
   

 

 

  
      8,216,591  
North Carolina — 0.3%  

North Carolina Medical Care Commission, Refunding RB, 1st Mortgage, Retirement Facilities Whitestone Project, Series A, 7.75%, 03/01/21(c)

     305       327,402  

North Carolina Turnpike Authority, RB, Senior Lien, Triangle Express Way System:

    

4.00%, 01/01/55

     100       111,755  

(AGM), 4.00%, 01/01/55

     100       112,951  
   

 

 

  
      552,108  
Ohio — 2.7%  

Buckeye Tobacco Settlement Financing Authority, RB, Asset-Backed, Senior Turbo Term, Series A-2, 5.88%, 06/01/47

     1,855       1,863,199  

County of Franklin Ohio, RB, Health Care Facilities Improvement, OPRS Communities Obligation Group, Series A, 6.13%, 07/01/40

     350       383,880  

County of Montgomery Ohio, Refunding RB, Premier Health Partner Obligation, 4.00%, 11/15/45

     655       725,118  

Ohio Air Quality Development Authority, RB, AMG Vanadium Project, AMT, 5.00%, 07/01/49(a)

     405       459,468  

Ohio Housing Finance Agency, RB, S/F Housing, Series A (Ginnie Mae, Fannie Mae & Freddie Mac), 4.00%, 09/01/48

     145       158,817  

State of Ohio, RB, Portsmouth Bypass Project, AMT, 5.00%, 06/30/53

     420       473,353  
 

 

 

     5  

Schedule of Investments  (unaudited) (continued)

January 31, 2020

   

BlackRock MuniHoldings Fund II, Inc. (MUH)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Ohio (continued)  

State of Ohio, Refunding RB, Series A, 3.00%, 01/15/45

   $ 945     $ 958,343  
   

 

 

  
      5,022,178  
Oklahoma — 0.9%  

City of Oklahoma Turnpike Authority, RB, Series A, 4.00%, 01/01/48

     280       311,167  

Norman Regional Hospital Authority, RB, Norman Regional Hospital Authority, 4.00%, 09/01/45

     480       530,309  

Oklahoma Development Finance Authority, RB, OU Medicine Project, Series B, 5.50%, 08/15/57

     625       762,650  
   

 

 

  
      1,604,126  
Oregon — 0.1%  

State of Oregon Housing & Community Services Department, RB, S/F Housing, Mortgage Program, Series C, 3.95%, 07/01/43

     210       230,120  
   

 

 

  
Pennsylvania — 5.1%  

City of Philadelphia Pennsylvania Hospitals & Higher Education Facilities Authority, RB, Temple University Health System, Series A, 5.63%, 07/01/42

     335       361,884  

County of Berks IDA, Refunding RB, Tower Health Projects, 5.00%, 11/01/50

     795       926,008  

County of Bucks IDA, RB, St. Luke’s University Health Network Project, 4.00%, 08/15/50

     1,305       1,444,113  

County of Montgomery Higher Education & Health Authority, Refunding RB, Thomas Jefferson University, Series A, 4.00%, 09/01/49

     470       522,701  

Pennsylvania Economic Development Financing Authority, RB:

    

AMT, 5.00%, 06/30/42

     440       504,676  

Pennsylvania Rapid Bridge Replacement, 5.00%, 12/31/38

     390       450,945  

Pennsylvania Economic Development Financing Authority, Refunding RB, National Gypsum Co., AMT, 5.50%, 11/01/44

     800       849,104  

Pennsylvania Housing Finance Agency, RB, S/F Housing, Series 128B, 3.85%, 04/01/38

     965       1,060,004  

Pennsylvania Housing Finance Agency, Refunding RB, S/F Housing Mortgage, Series 119, 3.50%, 10/01/36

     1,285       1,357,011  
Security   Par
(000)		     Value  
Pennsylvania (continued)  

Pennsylvania Turnpike Commission, RB, Series A:

    

5.00%, 12/01/44

   $ 585     $ 675,500  

Subordinate, 4.00%, 12/01/49

     1,075       1,206,644  
   

 

 

  
      9,358,590  
Puerto Rico — 5.7%  

Children’s Trust Fund, Refunding RB, Tobacco Settlement Asset-Backed Bonds:

    

5.50%, 05/15/39

     325       330,493  

5.63%, 05/15/43

     355       360,996  

Commonwealth of Puerto Rico Aqueduct & Sewer Authority, RB, Senior Lien, Series A:

    

5.00%, 07/01/33

     1,355       1,441,422  

5.13%, 07/01/37

     385       410,514  

Commonwealth of Puerto Rico Aqueduct & Sewer Authority, Refunding RB, Senior Lien, Series A:

    

6.00%, 07/01/38

     400       408,216  

6.00%, 07/01/44

     725       739,899  

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

    

Series A-1, 4.75%, 07/01/53

     1,290       1,427,320  

Series A-1, 5.00%, 07/01/58

     3,415       3,835,455  

Series A-2, 4.33%, 07/01/40

     459       498,336  

Series A-2, 4.78%, 07/01/58

     886       979,774  
   

 

 

  
      10,432,425  
Rhode Island — 2.2%  

Tobacco Settlement Financing Corp., Refunding RB:

    

Series A, 5.00%, 06/01/35

     420       478,599  

Series B, 4.50%, 06/01/45

     1,375       1,444,671  

Series B, 5.00%, 06/01/50

     1,895       2,043,189  
   

 

 

  
      3,966,459  
South Carolina — 5.3%  

South Carolina Jobs EDA, Refunding RB, Prisma Health Obligated Group, Series A, 4.25%, 05/01/48

     1,445       1,605,366  

South Carolina Jobs-Economic Development Authority, RB, Bishop Gadsden Episcopal Retirement Community:

    

5.00%, 04/01/44

     100       115,620  

4.00%, 04/01/49

     100       107,263  

5.00%, 04/01/49

     135       154,333  

4.00%, 04/01/54

     105       111,797  

5.00%, 04/01/54

     270       307,733  
 

 

 

6   

Schedule of Investments  (unaudited) (continued)

January 31, 2020

   

BlackRock MuniHoldings Fund II, Inc. (MUH)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
South Carolina (continued)  

State of South Carolina Ports Authority, ARB:

    

5.25%, 07/01/20(c)

   $ 1,650     $ 1,679,353  

AMT, 5.25%, 07/01/25(c)

     555       674,264  

AMT, 5.00%, 07/01/55

     710       842,032  

State of South Carolina Public Service Authority, RB, Santee Cooper, Series A, 5.50%, 12/01/54

     2,040       2,314,992  

State of South Carolina Public Service Authority, Refunding RB, Series E, 5.25%, 12/01/55

     1,635       1,894,589  
   

 

 

  
      9,807,342  
Tennessee — 0.9%  

City of Chattanooga Health Educational & Housing Facility Board, RB, Catholic Health Initiatives, Series A, 5.25%, 01/01/23(c)

     720       808,286  

County of Nashville & Davidson Metropolitan Government Health & Educational Facilities Board, RB, Vanderbilt University Medical Center, Series A, 5.00%, 07/01/40

     360       428,011  

Greeneville Health & Educational Facilities Board, Refunding RB, Ballad Health Obligation Group, Series A, 4.00%, 07/01/40

     375       418,703  
   

 

 

  
      1,655,000  
Texas — 4.4%  

Central Texas Regional Mobility Authority, Refunding RB:

    

Senior Lien, 6.25%, 01/01/21(c)

     1,070       1,121,510  

Sub-Lien, 5.00%, 01/01/33

     180       198,695  

County of Harris Texas Cultural Education Facilities Finance Corp., RB, 1st Mortgage, Brazos Presbyterian Homes, Inc. Project, Series B, 7.00%, 01/01/23(c)

     240       282,065  

County of Midland Texas Fresh Water Supply District No. 1, RB, CAB, City of Midland Project,
Series A(b):

    

0.00%, 09/15/40

     2,525       1,125,418  

0.00%, 09/15/41

     1,395       589,387  

New Hope Cultural Education Facilities Corp., RB, Collegiate Housing Tarleton State University Project, 5.00%, 04/01/35

     145       160,483  

North Texas Tollway Authority, RB, CAB, Special Project System, Series B, 0.00%, 09/01/31(b)(c)

     1,015       529,333  

North Texas Tollway Authority, Refunding RB, 4.25%, 01/01/49

     610       692,582  
Security   Par
(000)		     Value  
Texas (continued)  

Texas Department of Housing & Community Affairs, RB, S/F Housing Mortgage, Series A (Ginnie Mae), 4.25%, 09/01/43

   $ 195     $ 215,028  

Texas Private Activity Bond Surface Transportation Corp., RB:

    

Segment 3C Project, AMT, 5.00%, 06/30/58

     710       845,376  

Senior Lien, LBJ Infrastructure Group LLC, 7.00%, 06/30/40

     1,165       1,194,230  

Texas Transportation Commission, RB, First Tier Toll Revenue(b):

    

0.00%, 08/01/35

     270       157,512  

0.00%, 08/01/36

     145       80,201  

0.00%, 08/01/37

     195       101,909  

0.00%, 08/01/38

     200       98,820  

0.00%, 08/01/44

     870       307,380  

0.00%, 08/01/45

     1,135       380,043  
   

 

 

  
      8,079,972  
Virginia — 1.9%  

Virginia Housing Development Authority, RB, M/F, Rental Housing, Series D, 3.90%, 10/01/48

     1,430       1,561,002  

Virginia Small Business Financing Authority, RB, Senior Lien, Elizabeth River Crossings OpCo LLC Project, AMT:

    

5.25%, 01/01/32

     400       435,796  

6.00%, 01/01/37

     1,345       1,486,857  
   

 

 

  
      3,483,655  
Washington — 1.0%  

Port of Seattle Washington, RB, Intermediate Lien, Series C, AMT, 5.00%, 04/01/40

     390       446,347  

Washington Health Care Facilities Authority, RB, Catholic Health Initiatives, Series A, 5.75%, 01/01/45

     1,195       1,346,622  
   

 

 

  
      1,792,969  
West Virginia — 1.0%  

West Virginia Hospital Finance Authority, RB, Improvement, West Virginia University Health System Obligated Group, Series A, 4.00%, 06/01/51

     1,605       1,758,358  
   

 

 

  
Wisconsin — 1.9%  

Public Finance Authority, RB, Wakemed Hospital, Series A, 4.00%, 10/01/49

     2,000       2,210,340  
 

 

 

     7  

Schedule of Investments  (unaudited) (continued)

January 31, 2020

   

BlackRock MuniHoldings Fund II, Inc. (MUH)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Wisconsin (continued)  

Wisconsin Housing & Economic Development Authority, RB, M/F Housing, Series A:

    

4.45%, 05/01/57

   $ 575     $ 627,774  

3.15%, 11/01/44

     480       496,118  

3.20%, 11/01/49

     60       61,802  

3.38%, 05/01/57

     100       103,395  
   

 

 

  
      3,499,429  

Total Municipal Bonds — 107.9%
(Cost — $175,703,730)

 

     198,254,779  
   

 

 

  

Municipal Bonds Transferred to Tender Option Bond Trusts(g) — 51.3%

 

Arizona — 0.6%  

County of Maricopa Industrial Development Authority, RB, Banner Health, Series A, 4.00%, 01/01/41

     915       1,030,235  
   

 

 

  
California — 3.7%  

Bay Area Toll Authority, Refunding RB, San Francisco Bay Area Toll Bridge, 4.00%, 04/01/42(h)

     1,638       1,849,821  

City of Los Angeles California Department of Airports, Refunding ARB, Los Angeles International Airport, Senior Series A, 5.00%, 05/15/40

     2,967       3,000,311  

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

     1,635       1,974,784  
   

 

 

  
      6,824,916  
Colorado — 1.2%  

County of Adams Colorado, COP, Refunding, 4.00%, 12/01/45

     1,950       2,152,488  
   

 

 

  
District of Columbia — 0.3%  

District of Columbia Housing Finance Agency, RB, M/F Housing, Series B-2 (FHA), 4.10%, 09/01/39

     510       563,081  
   

 

 

  
Florida — 7.2%  

City Of South Miami Health Facilities Authority, Inc., Refunding RB, Baptist Health South Florida, 5.00%, 08/15/47

     1,290       1,538,751  

City of Tampa Florida, RB, Baycare Health System, Series A, 4.00%, 11/15/46

     1,932       2,130,783  
Security   Par
(000)		     Value  
Florida (continued)  

County of Broward Florida Airport Facilities Revenue, ARB, Senior Bond, Series B, AMT, 4.00%, 09/01/49

   $ 2,356     $ 2,627,865  

County of Miami-Dade Florida, RB, Water & Sewer System, 5.00%, 10/01/20(c)

     2,840       2,915,853  

Greater Orlando Aviation Authority, ARB, Series A, AMT, 4.00%, 10/01/49(h)

     3,543       3,995,511  
   

 

 

  
      13,208,763  
Georgia — 0.6%  

Georgia Housing & Finance Authority, Refunding RB, S/F Mortgage Bonds, Series A, 3.70%, 06/01/49

     1,071       1,156,978  
   

 

 

  
Illinois — 0.6%  

Illinois Finance Authority, Refunding RB, Presence Health Network, Series C:

    

4.00%, 02/15/27(c)

     2       2,782  

4.00%, 02/15/41

     1,002       1,109,304  
   

 

 

  
      1,112,086  
Iowa — 0.9%  

Iowa Student Loan Liquidity Corp., Refunding RB, Senior Series B, AMT, 3.00%, 12/01/39

     1,710       1,741,293  
   

 

 

  
Louisiana — 0.7%  

County of St. Louisiana Gasoline & Fuels Tax Revenue, Refunding RB, First Lien, Series A, 4.00%, 05/01/41

     1,245       1,365,392  
   

 

 

  
Maine — 0.3%  

State of Maine Housing Authority, RB, M/F Housing, Series E, 4.15%, 11/15/38

     475       527,647  
   

 

 

  
Maryland — 2.2%  

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

     1,515       1,826,546  

State of Maryland Stadium Authority, RB, Construction and Revitalization Program, 5.00%, 05/01/42

     1,740       2,152,119  
   

 

 

  
      3,978,665  
Massachusetts — 3.2%  

Commonwealth of Massachusetts, GO, Series A, 5.00%, 01/01/46

     1,982       2,453,832  
 

 

 

8   

Schedule of Investments  (unaudited) (continued)

January 31, 2020

   

BlackRock MuniHoldings Fund II, Inc. (MUH)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Massachusetts (continued)  

Massachusetts School Building Authority, RB, Senior, Series B, 5.00%, 10/15/21(c)

   $ 3,211     $ 3,436,804  
   

 

 

  
      5,890,636  
Michigan — 2.5%  

Michigan Finance Authority, RB, Multi Model- McLaren Health Care, 4.00%, 02/15/47

     1,724       1,956,034  

State of Michigan Housing Development Authority, RB, M/F Housing, Series A, 4.05%, 10/01/48

     2,337       2,571,101  
   

 

 

  
      4,527,135  
Nebraska — 0.7%  

Nebraska Investment Finance Authority, RB, S/F Housing, Series A (Ginnie Mae, Fannie Mae & Freddie Mac), 3.70%, 03/01/47

     1,198       1,288,663  
   

 

 

  
Nevada — 1.5%  

County of Clark Nevada, GO, Stadium Improvement, Series A, 5.00%, 05/01/48

     2,260       2,778,920  
   

 

 

  
New York — 9.4%  

City of New York Housing Development Corp., Refunding RB, Sustainable Neighborhood Bonds, Series A, 4.15%, 11/01/38

     1,080       1,205,215  

City of New York Transitional Finance Authority, BARB, Series S-1, 4.00%, 07/15/42(h)

     1,395       1,469,228  

Hudson Yards Infrastructure Corp., RB, Senior-Fiscal 2012(h):

    

5.75%, 02/15/21(c)

     501       525,628  

5.75%, 02/15/47

     309       323,350  

Metropolitan Transportation Authority, Refunding RB, Series C-1, 5.25%, 11/15/56

     2,337       2,809,539  

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

     5,400       5,833,348  

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

     3,250       3,514,709  
Security   Par
(000)		     Value  
New York (continued)  

Port Authority of New York & New Jersey, Refunding ARB, Series194th, 5.25%, 10/15/55

   $ 1,350     $ 1,629,085  
   

 

 

  
      17,310,102  
North Carolina — 0.9%  

North Carolina Capital Facilities Finance Agency, Refunding RB, Duke University Project, Series B, 5.00%, 10/01/55

     1,320       1,571,948  
   

 

 

  
Pennsylvania — 1.8%  

Commonwealth of Pennsylvania, GO, 1st Series, 4.00%, 03/01/36(h)

     1,559       1,798,248  

Pennsylvania Turnpike Commission, RB, Sub-Series A, 5.50%, 12/01/42

     1,229       1,507,955  
   

 

 

  
      3,306,203  
Rhode Island — 1.2%  

Rhode Island Housing & Mortgage Finance Corp., Refunding RB, S/F Housing, Home Ownership Opportunity Bonds, Series 69-B (Ginnie Mae, Fannie Mae & Freddie Mac):

    

3.55%, 10/01/33

     1,280       1,407,283  

3.95%, 10/01/43

     750       821,145  
   

 

 

  
      2,228,428  
South Carolina — 1.0%  

South Carolina Ports Authority, ARB, Series B, AMT, 4.00%, 07/01/49(h)

     1,665       1,855,676  
   

 

 

  
Texas — 8.2%  

City of Houston Texas Community College, GO, Limited Tax, 4.00%, 02/15/43

     1,395       1,484,684  

City of San Antonio Texas Electric and Gas Systems, RB, Junior Lien, 5.00%, 02/01/43

     1,260       1,400,409  

County of Harris Texas Metropolitan Transit Authority, Refunding RB, Series A, 5.00%, 11/01/41

     1,710       1,821,270  

County of Harris Texas Toll Road Authority, Refunding RB, Senior Lien, Series A, 5.00%, 08/15/43

     1,859       2,283,619  

County of Hidalgo Texas, GOL, Certificates of Obligation, Series A, 4.00%, 08/15/43

     2,297       2,608,283  

Howe Independent School District, GO, School Building (PSF-GTD), 4.00%, 08/15/43

     1,095       1,231,711  
 

 

 

     9  

Schedule of Investments  (unaudited) (continued)

January 31, 2020

   

BlackRock MuniHoldings Fund II, Inc. (MUH)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Texas (continued)  

San Antonio Public Facilities Corp., Refunding RB, Convention Center Refinancing And Expansion Project, 4.00%, 09/15/42

   $ 1,499     $ 1,572,371  

Texas Department of Housing & Community Affairs, RB, S/F Housing, Series A (Ginnie Mae):

    

3.63%, 09/01/44

     437       471,090  

3.75%, 09/01/49

     239       258,277  

University of Texas, Refunding RB, Financing System, Series B, 5.00%, 08/15/43

     1,801       1,966,952  
   

 

 

  
      15,098,666  
Virginia — 0.9%  

Virginia Small Business Financing Authority, Refunding RB, Sentara Healthcare, 5.00%, 11/01/40

     1,553       1,568,019  
   

 

 

  
Washington — 0.9%  

Washington Health Care Facilities Authority, Refunding RB, Multicare Health System, Series B, 4.13%, 08/15/43

     1,445       1,593,671  
   

 

 

  
Wisconsin — 0.8%  

Wisconsin Housing & Economic Development Authority, RB, M/F Housing, Series A, 4.30%, 11/01/53

     1,395       1,517,369  
   

 

 

  

Total Municipal Bonds Transferred to Tender Option Bond Trusts — 51.3%
(Cost — $88,097,456)

 

     94,196,980  
   

 

 

  

Total Long-Term Investments — 159.2%
(Cost — $263,801,186)

 

     292,451,759  
   

 

 

  
Security       
Shares		     Value  

Short-Term Securities — 0.1%

 

BlackRock Liquidity Funds, MuniCash, Institutional Class, 0.81%(i)(j)

     184,262     $ 184,299  
   

 

 

  

Total Short-Term Securities — 0.1%
(Cost — $184,299)

 

     184,299  
   

 

 

  

Total Investments — 159.3%
(Cost — $263,985,485)

 

     292,636,058  

Other Assets Less Liabilities — 0.0%

 

     54,639  

Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (29.4)%

 

     (53,985,937 ) 

VMTP Shares at Liquidation Value — (29.9)%

 

     (55,000,000 ) 
   

 

 

  

Net Assets Applicable to Common Shares — 100.0%

 

   $ 183,704,760  
   

 

 

  
 

 

(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) 

Zero-coupon bond.

(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) 

Variable or floating rate security, which interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of period end.

(f) 

Step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Rate as of period end.

(g) 

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.

(h) 

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 August 15, 2020 to October 1, 2027 is $9,031,596.

(i) 

Annualized 7-day yield as of period end.

(j) 

During the period ended January 31, 2020, investments in issuers considered to be an affiliate/affiliates of the Fund for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

 

10   

Schedule of Investments  (unaudited) (continued)

January 31, 2020

   

BlackRock MuniHoldings Fund II, Inc. (MUH)

 

Affiliate    Shares
Held at
04/30/19		      Net
Activity		      Shares
Held at
01/31/20		      Value at
01/31/20		      Income      Net
Realized
Gain (Loss) (a)		      Change in
Unrealized
Appreciation
(Depreciation)		  

BlackRock Liquidity Funds, MuniCash, Institutional Class

      53,945        130,317        184,262      $ 184,299      $ 8,898      $ 323      $ —  
           

 

 

     

 

 

     

 

 

     

 

 

  

 

  (a) 

Includes net capital gain distributions, if applicable.

 

 

Portfolio Abbreviations
AGC    Assured Guarantee Corp.
AGM    Assured Guaranty Municipal Corp.
AMT    Alternative Minimum Tax (subject to)
ARB    Airport Revenue Bonds
BARB    Building Aid Revenue Bonds
CAB    Capital Appreciation Bonds
COP    Certificates of Participation
EDA    Economic Development Authority
EDC    Economic Development Corp.
FHA    Federal Housing Administration
GARB    General Airport Revenue Bonds
GO    General Obligation Bonds
GTD    Guaranteed
IDA    Industrial Development Authority
LRB    Lease Revenue Bonds
M/F    Multi-Family
NPFGC    National Public Finance Guarantee Corp.
PSF    Permanent School Fund
RB    Revenue Bonds
S/F    Single-Family

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

      10          03/20/20        $ 1,317        $ (19,030 ) 

Long U.S. Treasury Bond

      63          03/20/20          10,302          (288,600 ) 

5-Year U.S. Treasury Note

      4          03/31/20          481          (5,699 ) 
                 

 

 

  
          $ (313,329 ) 
                 

 

 

  

 

 

     11  

Schedule of Investments  (unaudited) (continued)

January 31, 2020

   

BlackRock MuniHoldings Fund II, Inc. (MUH)

 

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of investments and derivative financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

 

  •  

Level 1 — Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the Fund has the ability to access

 

  •  

Level 2 — Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs)

 

  •  

Level 3 — Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the BlackRock Global Valuation Methodologies Committee’s (the “Global Valuation Committee’s”) assumptions used in determining the fair value of investments and derivative 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 investments and derivative financial instruments is based on the pricing transparency of the investments and derivative 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 investments and derivative financial instruments, refer to the Fund’s most recent financial statements as contained in its semi-annual report.

The following tables summarize the Fund’s investments and derivative financial instruments categorized in the disclosure hierarchy:

 

      Level 1        Level 2        Level 3        Total  

Assets:

                 

Investments:

                 

Long-Term Investments(a)

   $ —        $ 292,451,759        $             —        $ 292,451,759  

Short-Term Securities

     184,299          —          —          184,299  
  

 

 

       

 

 

       

 

 

       

 

 

  
   $ 184,299        $ 292,451,759        $          $ 292,636,058  
  

 

 

       

 

 

       

 

 

       

 

 

  

Derivative Financial Instruments(b)

                  

Liabilities:

                 

Interest Rate Contracts

   $ (313,329 )       $ —        $ —        $ (313,329 ) 
  

 

 

       

 

 

       

 

 

       

 

 

  

 

  (a)

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

 
  (b)

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 disclosure hierarchy as follows:

 

      Level 1        Level 2        Level 3        Total  

Liabilities:

 

TOB Trust Certificates

   $             —        $ (53,797,516 )       $             —        $ (53,797,516 ) 

VMTP Shares at Liquidation Value

     —          (55,000,000 )         —          (55,000,000 ) 
  

 

 

       

 

 

       

 

 

       

 

 

  
   $ —        $ (108,797,516 )       $ —        $ (108,797,516 ) 
  

 

 

       

 

 

       

 

 

       

 

 

  

 

 

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