NPORT-EX 2 NPORT_11143055179070797.htm BlackRock MuniHoldings Fund II

Schedule of Investments  (unaudited)

January 31, 2021

   

BlackRock MuniHoldings Fund II, Inc. (MUH)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  

Municipal Bonds

 

Alabama — 1.2%  

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

   $ 1,875     $ 2,177,850  
   

 

 

  
Arizona — 1.6%  

Industrial Development Authority of the City of Phoenix, RB, Series A, 5.00%, 07/01/46(a)

     890       944,219  

Maricopa County Industrial Development Authority, Refunding RB, Series A, 4.13%, 09/01/38

     475       551,190  

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

     1,010       1,467,944  
   

 

 

  
      2,963,353  
Arkansas — 0.8%  

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

     1,370       1,509,644  
   

 

 

  
California — 3.8%  

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

     445       494,555  

California Municipal Finance Authority, RB, S/F Housing

    

Series A, 5.25%, 08/15/39

     80       88,101  

Series A, 5.25%, 08/15/49

     195       209,430  

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

     120       139,553  

California Pollution Control Financing Authority, RB, Series A, AMT, 5.00%, 11/21/45(a)

     730       779,815  

California State Public Works Board, RB, Series I, 5.00%, 11/01/38

     405       456,160  

Department of Veterans Affairs Veteran’s Farm & Home Purchase Program RB, Series A, 2.45%, 12/01/45

     850       869,678  

Golden State Tobacco Securitization Corp., Refunding RB, Series A-2, 5.00%, 06/01/47

     1,425       1,482,228  

San Diego Unified School District, GO, CAB(b)

    

Series A, 0.00%, 07/01/29

     2,235       2,053,920  

Series A, 0.00%, 07/01/29(c)

     290       262,641  

Stockton Public Financing Authority, RB, Series A, 6.25%, 10/01/23(d)

     185       215,107  
   

 

 

  
      7,051,188  
Colorado — 1.8%  

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

     1,490       887,429  

Colorado Educational & Cultural Facilities Authority, RB, (St Hgr Ed Intercept Prog), 5.50%, 07/01/40

     1,055       1,058,861  

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

     1,415       1,478,449  
   

 

 

  
      3,424,739  
Delaware — 0.9%  

Delaware State Health Facilities Authority, RB, 5.00%, 06/01/48

     1,395       1,645,584  
   

 

 

  
District of Columbia — 4.2%  

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

     10,170       7,689,232  
   

 

 

  
Florida — 4.0%  

City of Tampa Florida, RB, CAB(b)

    

Series A, 0.00%, 09/01/49

     285       101,052  

Series A, 0.00%, 09/01/53

     300       88,422  
Security   Par
(000)		     Value  
Florida (continued)  

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

   $ 1,070     $ 1,227,226  

County of Osceola Florida Transportation Revenue, Refunding RB, CAB(b)

    

Series A-2, 0.00%, 10/01/41

     275       142,588  

Series A-2, 0.00%, 10/01/42

     370       184,708  

Series A-2, 0.00%, 10/01/43

     335       160,656  

Series A-2, 0.00%, 10/01/44

     345       159,328  

Series A-2, 0.00%, 10/01/45

     285       126,759  

Escambia County Health Facilities Authority, Refunding RB, 4.00%, 08/15/45

     1,725       1,994,807  

Florida Housing Finance Corp., RB, S/F Housing,
1st Series, (FHLMC, FNMA, GNMA), 3.75%, 07/01/42

     340       366,194  

Mid-Bay Bridge Authority, RB, Series A, 7.25%, 10/01/21(d)

     1,525       1,597,315  

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

     75       88,836  

Village Community Development District No.10, SAB, 5.13%, 05/01/43

     1,060       1,106,068  
   

 

 

  
      7,343,959  
Georgia — 4.6%  

Gainesville & Hall County Hospital Authority, Refunding RB, Series A, (GTD), 5.50%, 08/15/54

     270       321,019  

Griffin-Spalding County Hospital Authority, RB, 4.00%, 04/01/42

     2,310       2,606,835  

Main Street Natural Gas, Inc., RB

    

Series A, 5.00%, 05/15/36

     1,500       2,115,285  

Series A, 5.00%, 05/15/38

     790       1,138,651  

Series A, 5.00%, 05/15/49

     1,070       1,662,972  

Municipal Electric Authority of Georgia, RB

    

4.00%, 01/01/49

     260       297,258  

5.00%, 01/01/56

     350       422,478  
   

 

 

  
      8,564,498  
Idaho — 1.1%  

Power County Industrial Development Corp., RB, AMT, 6.45%, 08/01/32

     2,000       2,009,460  
   

 

 

  
Illinois — 8.8%  

Chicago Board of Education, GO

    

Series C, 5.25%, 12/01/35

     805       900,401  

Series D, 5.00%, 12/01/46

     1,070       1,186,309  

Series H, 5.00%, 12/01/46

     240       279,770  

Chicago Board of Education, Refunding GO

    

Series C, 5.00%, 12/01/25

     360       426,661  

Series C, 5.00%, 12/01/34

     240       286,752  

Series D, 5.00%, 12/01/25

     435       515,549  

Series F, 5.00%, 12/01/24

     340       390,976  

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

     530       552,546  

City of Chicago Illinois Special Assessment Revenue, SAB, 6.75%, 12/01/32

     575       576,662  

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

     410       458,565  

Illinois Finance Authority, Refunding RB, 4.00%, 03/01/35

     1,290       1,460,383  

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

     365       425,732  

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

     280       309,582  
 

 

 

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

   1

Schedule of Investments  (unaudited) (continued)

January 31, 2021

   

BlackRock MuniHoldings Fund II, Inc. (MUH)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Illinois (continued)  

Metropolitan Pier & Exposition Authority, Refunding RB, CAB, Series B, (AGM), 0.00%, 06/15/47(b)

   $ 9,555     $ 4,226,177  

Railsplitter Tobacco Settlement Authority, RB(d)

    

5.50%, 06/01/21

     230       234,094  

6.00%, 06/01/21

     500       509,800  

State of Illinois, GO

    

5.00%, 02/01/39

     810       893,422  

Series A, 5.00%, 04/01/38

     1,920       2,071,046  

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

     520       587,226  
   

 

 

  
      16,291,653  
Indiana — 2.8%  

City of Valparaiso Indiana, RB

    

AMT, 6.75%, 01/01/34

     415       455,500  

AMT, 7.00%, 01/01/44

     1,000       1,092,020  

Indiana Finance Authority, RB

    

Series A, 1st Lien, 5.25%, 10/01/38

     1,660       1,713,801  

Series A, AMT, 5.00%, 07/01/44

     225       241,652  

Series A, AMT, 5.00%, 07/01/48

     740       794,627  

Series A, AMT, 5.25%, 01/01/51

     210       226,609  

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

     640       697,683  
   

 

 

  
      5,221,892  
Iowa — 1.8%  

Iowa Finance Authority, Refunding RB

    

5.25%, 12/01/25

     940       1,055,093  

5.88%, 12/01/26

     210       217,136  

Series B, 5.25%, 12/01/50(e)

     240       268,877  

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

     1,715       1,766,793  
   

 

 

  
      3,307,899  
Kansas — 0.4%  

Kansas City Industrial Development Authority, ARB, AMT, (AGM), 4.00%, 03/01/57

     615       703,535  
   

 

 

  
Kentucky — 0.7%  

Kentucky Economic Development Finance Authority, RB, Series A, 5.25%, 01/01/23(d)

     525       575,978  

Kentucky Public Transportation Infrastructure Authority, RB, CAB, Series C, Convertible, 6.75%, 07/01/43(f)

     635       749,681  
   

 

 

  
      1,325,659  
Louisiana — 2.3%  

Louisiana Public Facilities Authority, Refunding RB, 5.00%, 05/15/47

     1,635       1,928,254  

Tobacco Settlement Financing Corp., Refunding RB

    

Series A, 5.50%, 05/15/30

     405       405,826  

Series A, 5.25%, 05/15/31

     435       440,077  

Series A, 5.25%, 05/15/32

     555       583,893  

Series A, 5.25%, 05/15/33

     600       631,206  

Series A, 5.25%, 05/15/35

     255       278,136  
   

 

 

  
      4,267,392  
Maine — 0.2%  

Maine State Housing Authority, RB, S/F Housing, Series C, 3.95%, 11/15/43

     335       375,927  
   

 

 

  
Security   Par
(000)		     Value  
Maryland — 1.1%  

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

   $ 1,760     $ 2,130,691  
   

 

 

  
Massachusetts — 3.9%  

Massachusetts Development Finance Agency, Refunding RB

    

4.00%, 07/01/39

     1,140       1,227,598  

Series A, 4.00%, 06/01/49

     150       170,886  

Series P, 5.45%, 05/15/59

     845       1,111,623  

Massachusetts Educational Financing Authority, RB Series B, AMT, 2.63%, 07/01/36

     475       498,698  

AMT, Subordinate, 3.75%, 07/01/47

     1,865       1,886,186  

Massachusetts Educational Financing Authority, Refunding RB

    

Series A, AMT, 3.63%, 07/01/32

     1,250       1,288,025  

Series B, AMT, 3.63%, 07/01/34

     815       841,756  

Massachusetts Housing Finance Agency RB, Series D-1, 2.55%, 12/01/50

     265       268,721  
   

 

 

  
      7,293,493  
Michigan — 3.8%  

City of Detroit Michigan Sewage Disposal System Revenue, Refunding RB, Series A, Senior Lien, 5.25%, 07/01/22(d)

     2,235       2,396,859  

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

     1,170       1,320,626  

Michigan Finance Authority, RB, Series C-1, Senior Lien, 5.00%, 07/01/22(d)

     455       486,345  

Michigan Finance Authority, Refunding RB, 4.00%, 11/15/46

     570       632,124  

Michigan State Housing Development Authority, RB, M/F Housing, Series A, 4.15%, 10/01/53

     940       1,027,599  

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

    

Series A, 4.00%, 06/01/49

     265       294,465  

Series C, 4.13%, 12/01/38

     185       194,174  

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

     490       590,656  
   

 

 

  
      6,942,848  
Missouri — 0.1%  

Health & Educational Facilities Authority of the State of Missouri, Refunding RB, 5.50%, 05/01/43

     130       137,937  
   

 

 

  
New Hampshire — 1.1%  

New Hampshire Business Finance Authority, Refunding RB(a)

    

Series B, 4.63%, 11/01/42

     735       770,052  

Series C, AMT, 4.88%, 11/01/42

     420       442,516  

New Hampshire Housing Finance Authority, RB, M/F Housing, (FHA), 4.00%, 07/01/52

     800       873,672  
   

 

 

  
      2,086,240  
New Jersey — 10.8%  

Casino Reinvestment Development Authority, Inc., Refunding RB

    

5.25%, 11/01/39

     530       568,637  

5.25%, 11/01/44

     790       843,491  

New Jersey Economic Development Authority, RB

    

Series B, 4.50%, 06/15/40

     1,270       1,497,736  

Series WW, 5.00%, 06/15/36

     210       242,613  
 

 

 

2  

Schedule of Investments  (unaudited) (continued)

January 31, 2021

   

BlackRock MuniHoldings Fund II, Inc. (MUH)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
New Jersey (continued)  

New Jersey Economic Development Authority,
RB (continued)
AMT, 5.13%, 09/15/23

   $ 805     $ 851,827  

New Jersey Economic Development Authority, Refunding SAB, 5.75%, 04/01/31

     1,125       1,187,055  

New Jersey Educational Facilities Authority, Refunding RB, Series A, 5.00%, 07/01/42

     1,450       1,704,214  

New Jersey Higher Education Student Assistance Authority, RB, Series B, AMT, 3.50%, 12/01/39

     680       724,458  

New Jersey Transportation Trust Fund Authority, RB
Series A, 5.50%, 06/15/21(d)

     1,025       1,045,305  

Series AA, 4.13%, 06/15/39

     1,040       1,203,810  

Series AA, 5.00%, 06/15/44

     940       1,039,607  

Series AA, 5.00%, 06/15/45

     425       532,347  

Series AA, 3.00%, 06/15/50

     130       135,066  

New Jersey Transportation Trust Fund Authority, RB, CAB, Series B, 5.25%, 06/15/36

     1,235       1,257,638  

New Jersey Transportation Trust Fund Authority, Refunding RB
4.00%, 12/15/39

     510       588,061  

Series A, 5.00%, 12/15/36

     580       714,664  

New Jersey Turnpike Authority, RB
Series A, 4.00%, 01/01/42(g)

     320       384,650  

Series E, 5.00%, 01/01/45

     715       829,414  

South Jersey Transportation Authority, RB,
Series A, 4.00%, 11/01/50

     275       318,799  

Tobacco Settlement Financing Corp., Refunding RB Series A, 4.00%, 06/01/37

     500       579,535  

Sub-Series B, 5.00%, 06/01/46

     3,105       3,696,161  
   

 

 

  
      19,945,088  
New York — 9.5%  

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

     1,020       1,029,231  

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

     1,255       1,412,628  

Metropolitan Transportation Authority, Refunding RB, Series C-1, 5.00%, 11/15/56

     2,350       2,700,197  

New York City Housing Development Corp. RB (FHA 542 (C)), 2.70%, 11/01/55

     950       964,848  

Series I-1, (FHA), 2.55%, 11/01/45

     1,200       1,225,560  

New York City Housing Development Corp., RB, M/F Housing, Series A, 3.00%, 11/01/55

     740       766,758  

New York City Transitional Finance Authority Future Tax Secured Revenue, RB
Series C, 4.00%, 05/01/45

     835       996,205  

Sub-Series E-1, 5.00%, 02/01/42

     740       775,061  

New York Counties Tobacco Trust IV, Refunding RB, Series A, 6.25%, 06/01/41(a)

     1,000       1,016,160  

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

     1,495       1,622,374  

Series 2, Class 2, 5.15%, 11/15/34

     175       191,963  

Series 2, Class 2, 5.38%, 11/15/40

     440       484,088  

New York Power Authority, Refunding RB,
Series A, 4.00%, 11/15/60

     210       247,836  

New York State Housing Finance Agency RB, Series L-1, (SONYMA), 2.50%, 11/01/45

     1,605       1,639,700  
Security   Par
(000)		     Value  
New York (continued)  

New York State Thruway Authority, Refunding RB, Series B, Subordinate, 3.00%, 01/01/46

   $ 900     $ 955,233  

Port Authority of New York & New Jersey Refunding RB, AMT, 4.00%, 07/15/41(g)

     1,075       1,279,648  

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

     247       272,362  
   

 

 

  
      17,579,852  
North Carolina — 0.4%  

North Carolina Medical Care Commission, RB, 4.00%, 11/01/52

     400       467,124  

North Carolina Medical Care Commission, Refunding RB, Series A, 7.75%, 03/01/21(d)

     305       306,854  
   

 

 

  
      773,978  
Ohio — 3.6%  

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

     2,065       2,407,026  

County of Franklin Ohio, RB

    

Series A, 6.13%, 07/01/22(d)

     20       21,706  

Series A, 6.13%, 07/01/40

     330       352,156  

County of Montgomery Ohio, Refunding RB, 4.00%, 11/15/42

     655       728,609  

Montgomery County Refunding RB,
4.00%, 08/01/51(g)

     810       949,263  

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

     405       453,794  

Ohio Housing Finance Agency, RB, S/F Housing, Series A, (FHLMC, FNMA, GNMA), 4.00%, 09/01/48

     110       120,001  

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

     420       469,426  

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

     945       1,104,724  
   

 

 

  
      6,606,705  
Oklahoma — 0.6%  

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

     625       743,719  

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

     280       319,152  
   

 

 

  
      1,062,871  
Oregon — 0.8%  

Salem-Keizer School District No.24J, GO, CAB, Series A, (GTD), 0.00%, 06/15/40(b)

     1,980       1,265,240  

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

     180       202,041  
   

 

 

  
      1,467,281  
Pennsylvania — 5.3%  

Bucks County Industrial Development Authority, RB, 4.00%, 08/15/50

     1,305       1,467,316  

Hospitals & Higher Education Facilities Authority of Philadelphia, RB, Series A, 5.63%, 07/01/42

     335       348,068  

Montgomery County Higher Education and Health Authority, Refunding RB, Series A, 4.00%, 09/01/49

     470       519,167  

Pennsylvania Economic Development Financing Authority, RB
Series A-1, 4.00%, 04/15/50

     470       548,880  

AMT, 5.00%, 12/31/38

     390       453,437  

AMT, 5.00%, 06/30/42

     440       506,396  

Pennsylvania Economic Development Financing Authority, Refunding RB, AMT, 5.50%, 11/01/44

     800       850,168  
 

 

 

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

   3

Schedule of Investments  (unaudited) (continued)

January 31, 2021

   

BlackRock MuniHoldings Fund II, Inc. (MUH)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Pennsylvania (continued)  

Pennsylvania Higher Education Assistance Agency, RB, Series B, AMT, Subordinate, 3.00%, 06/01/47

   $ 100     $ 98,879  

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

     965       1,075,830  

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

     1,250       1,347,413  

Pennsylvania Turnpike Commission RB, 4.00%, 12/01/50

     610       713,792  

Pennsylvania Turnpike Commission, RB
Series A, 5.00%, 12/01/44

     585       683,227  

Series A, Subordinate, 4.00%, 12/01/49

     1,075       1,240,679  
   

 

 

  
      9,853,252  
Puerto Rico — 5.8%  

Children’s Trust Fund, Refunding RB

    

5.50%, 05/15/39

     325       333,505  

5.63%, 05/15/43

     355       359,313  

Puerto Rico Commonwealth Aqueduct & Sewer Authority, RB
Series A, Senior Lien, 5.00%, 07/01/33

     1,355       1,428,075  

Series A, Senior Lien, 5.13%, 07/01/37

     385       407,342  

Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB
Series A-1, Restructured, 4.75%, 07/01/53

     865       968,099  

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

     3,838       4,358,663  

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

     565       624,534  

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

     925       1,036,611  

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

     3,780       1,195,425  
   

 

 

  
      10,711,567  
Rhode Island — 2.7%  

Rhode Island Student Loan Authority, RB, Series A, AMT, 3.63%, 12/01/37

     945       1,009,307  

Tobacco Settlement Financing Corp., Refunding RB Series A, 5.00%, 06/01/35

     420       487,813  

Series B, 4.50%, 06/01/45

     1,375       1,461,240  

Series B, 5.00%, 06/01/50

     1,895       2,048,912  
   

 

 

  
      5,007,272  
South Carolina — 4.5%  

South Carolina Jobs-Economic Development Authority, RB
5.00%, 04/01/44

     100       111,394  

4.00%, 04/01/49

     100       104,896  

5.00%, 04/01/49

     135       149,961  

4.00%, 04/01/54

     105       110,112  

5.00%, 04/01/54

     245       272,104  

South Carolina Jobs-Economic Development Authority, Refunding RB, Series A, 4.25%, 05/01/48

     1,445       1,626,073  

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

     555       672,100  

AMT, 5.00%, 07/01/55

     710       863,921  

South Carolina Public Service Authority, RB,
Series A, 5.50%, 12/01/54

     2,040       2,369,276  

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

     1,635       1,963,292  
   

 

 

  
      8,243,129  
Security   Par
(000)		     Value  
Tennessee — 0.9%  

Chattanooga Health Educational & Housing Facility Board, RB, Series A, 5.25%, 01/01/23(d)

   $ 720     $ 789,977  

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

     375       422,655  

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

     360       421,088  
   

 

 

  
      1,633,720  
Texas — 4.5%  

Brazos Higher Education Authority, Inc., RB,
Series 1B, AMT, Subordinate, 3.00%, 04/01/40

     65       62,559  

Central Texas Regional Mobility Authority, Refunding RB, Sub Lien, 5.00%, 01/01/23(d)

     180       196,675  

City of Houston Texas Airport System Revenue, Refunding RB, Sub-Series A, AMT, 4.00%, 07/01/47

     690       788,642  

Harris County Cultural Education Facilities Finance Corp., RB, Series B, 7.00%, 01/01/23(d)

     240       271,210  

Midland County Fresh Water Supply District No.1, RB, CAB(b)
Series A, 0.00%, 09/15/40

     2,525       1,176,574  

Series A, 0.00%, 09/15/41

     1,395       616,478  

New Hope Cultural Education Facilities Finance Corp., RB, Series A, 5.00%, 04/01/25(d)

     145       173,548  

North Texas Tollway Authority, RB, CAB, Series B, 0.00%, 09/01/31(b)(d)

     1,015       557,154  

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

     610       709,296  

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

     195       213,839  

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

     1,070       1,470,073  

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

     710       860,265  

Texas Transportation Commission, RB, CAB(b) 0.00%, 08/01/35

     270       166,868  

0.00%, 08/01/36

     145       84,993  

0.00%, 08/01/37

     195       108,176  

0.00%, 08/01/38

     200       105,120  

0.00%, 08/01/44

     870       329,347  

0.00%, 08/01/45

     1,135       407,567  
   

 

 

  
      8,298,384  
Utah — 0.1%  

Utah Charter School Finance Authority, Refunding RB, 5.00%, 06/15/55(a)

     190       199,859  
   

 

 

  
Virginia — 1.9%  

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

     1,430       1,590,675  

Virginia Small Business Financing Authority, RB
AMT, Senior Lien, 5.25%, 01/01/32

     400       426,724  

AMT, Senior Lien, 6.00%, 01/01/37

     1,345       1,447,838  
   

 

 

  
      3,465,237  
Washington — 1.4%  

King County Housing Authority, Refunding RB, 3.00%, 06/01/40

     440       473,326  

Port of Seattle Washington, ARB, Series C, AMT, 5.00%, 04/01/40

     390       448,387  
 

 

 

4  

Schedule of Investments  (unaudited) (continued)

January 31, 2021

   

BlackRock MuniHoldings Fund II, Inc. (MUH)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Washington (continued)  

Washington Health Care Facilities Authority, RB, Series A, 5.75%, 01/01/23(d)

   $ 1,195     $ 1,323,104  

Washington Health Care Facilities Authority, Refunding RB, 5.00%, 09/01/55

     285       362,691  
   

 

 

  
      2,607,508  
West Virginia — 1.0%  

West Virginia Hospital Finance Authority, RB, Series A, 4.00%, 06/01/51

     1,605       1,801,179  
   

 

 

  
Wisconsin — 1.8%  

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

     2,000       2,250,660  

Wisconsin Housing & Economic Development Authority, RB, M/F Housing

    

Series A, 3.15%, 11/01/44

     480       512,222  

Series A, 4.45%, 05/01/57

     575       639,797  
   

 

 

  
      3,402,679  
   

 

 

  

Total Municipal Bonds — 106.6%
(Cost: $172,729,697)

       197,124,234  
   

 

 

  

Municipal Bonds Transferred to Tender Option Bond Trusts(h)

 

Arizona — 0.6%  

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

     915       1,057,099  
   

 

 

  
California — 2.1%  

Bay Area Toll Authority, Refunding RB,
4.00%, 04/01/42(i)

     1,638       1,905,961  

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

     1,635       1,991,345  
   

 

 

  
      3,897,306  
Colorado — 1.2%  

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

     1,950       2,184,429  
   

 

 

  
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       579,023  
   

 

 

  
Florida — 5.7%  

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

     1,290       1,576,173  

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

     1,932       2,166,263  

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

     2,350       2,695,309  

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

     3,543       4,075,436  
   

 

 

  
      10,513,181  
Georgia — 0.6%  

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

     1,061       1,182,020  
   

 

 

  
Illinois — 0.6%  

Illinois Finance Authority, Refunding RB

    

Series C, 4.00%, 02/15/27(d)

     2       2,837  

Series C, 4.00%, 02/15/41

     1,002       1,130,931  
   

 

 

  
      1,133,768  
Security   Par
(000)		     Value  
Louisiana — 0.8%  

State of Louisiana Gasoline & Fuels Tax Revenue, Refunding RB, Series A, 1st Lien, 4.00%, 05/01/41

   $ 1,245     $ 1,404,572  
   

 

 

  
Maryland — 4.1%  

City of Baltimore Maryland, RB

    

Series A, 5.00%, 07/01/46

     1,515       1,828,212  

Series A, 4.00%, 07/01/49

     3,123       3,701,232  

Maryland Stadium Authority, RB, (ST INTERCEPT), 5.00%, 05/01/42

     1,740       2,095,534  
   

 

 

  
      7,624,978  
Massachusetts — 3.8%  

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

     1,982       2,493,373  

Massachusetts Housing Finance Agency, RB,
Series A-1, (FHA), 3.10%, 06/01/60

     1,111       1,158,044  

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

     3,211       3,321,653  
   

 

 

  
      6,973,070  
Michigan — 2.5%  

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

     1,724       1,984,741  

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

     2,337       2,588,978  
   

 

 

  
      4,573,719  
Nebraska — 0.3%  

Nebraska Investment Finance Authority, RB, S/F Housing, Series A, (FHLMC, FNMA, GNMA), 3.70%, 03/01/47

     553       635,831  
   

 

 

  
Nevada — 1.5%  

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

     2,260       2,810,317  
   

 

 

  
New York — 7.9%  

Hudson Yards Infrastructure Corp., RB(i)

    

5.75%, 02/15/21(d)

     188       188,233  

5.75%, 02/15/47

     115       115,795  

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

     1,080       1,217,970  

New York City Transitional Finance Authority Building Aid Revenue, RB, Series S-1, (SAW), 4.00%, 07/15/42(i)

     1,395       1,467,819  

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

     5,400       5,633,608  

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

     3,250       3,381,581  

Port Authority of New York & New Jersey, ARB, Series 221, AMT, 4.00%, 07/15/60

     854       974,088  

Port Authority of New York & New Jersey, Refunding ARB, 194th Series, 5.25%, 10/15/55

     1,350       1,612,372  
   

 

 

  
      14,591,466  
North Carolina — 0.9%  

North Carolina Capital Facilities Finance Agency, Refunding RB, Series B, 5.00%, 10/01/25(d)

     1,320       1,603,589  
   

 

 

  
Pennsylvania — 1.8%  

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

     1,559       1,842,078  

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

     1,230       1,531,766  
   

 

 

  
      3,373,844  
 

 

 

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

   5

Schedule of Investments  (unaudited) (continued)

January 31, 2021

   

BlackRock MuniHoldings Fund II, Inc. (MUH)

(Percentages shown are based on Net Assets)

 

Security  

 

Par
(000)

     Value  
Rhode Island — 0.8%  

Rhode Island Housing and Mortgage Finance Corp., Refunding RB, S/F Housing, Series 69-B, (FHLMC, FNMA, GNMA), 3.55%, 10/01/33

   $ 1,280     $ 1,420,288  
   

 

 

  

South Carolina — 1.0%

    

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

     1,665       1,915,582  
   

 

 

  
Texas — 9.3%            

Board of Regents of the University of Texas System, Refunding RB, Series B, 5.00%, 08/15/43

     1,801       1,930,450  

City of San Antonio Texas Electric & Gas Systems Revenue, RB, Junior Lien, 5.00%, 02/01/23(d)

     1,260       1,381,729  

County of Hidalgo Texas, GO, Series A, 4.00%, 08/15/43

     2,297       2,675,915  

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

     1,859       2,341,323  

Houston Community College System, GO, 4.00%, 02/15/23(d)

     1,395       1,504,019  

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

     1,095       1,269,543  

Metropolitan Transit Authority of Harris County Sales & Use Tax Revenue, Refunding RB, Series A, 5.00%, 11/01/21(d)

     1,710       1,772,364  

San Antonio Public Facilities Corp., Refunding RB, 4.00%, 09/15/42

     1,499       1,576,268  

Texas Department of Housing & Community Affairs, RB, S/F Housing

    

Series A, (GNMA), 3.63%, 09/01/44

     437       479,261  

Series A, (GNMA), 3.00%, 09/01/45

     625       665,012  

Series A, (GNMA), 3.75%, 09/01/49

     239       262,757  

Series A, (GNMA), 3.00%, 03/01/50

     1,185       1,260,047  
   

 

 

  
      17,118,688  
Washington — 0.9%  

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

     1,445       1,623,505  
   

 

 

  
Wisconsin — 0.8%  

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

     1,395       1,548,366  
   

 

 

  

Total Municipal Bonds Transferred to Tender Option Bond Trusts — 47.5%
(Cost: $80,725,804)

 

     87,764,641  
   

 

 

  

Total Long-Term Investments — 154.1%
(Cost: $253,455,501)

 

     284,888,875  
   

 

 

  
Security  

    

Shares

     Value  
Short-Term Securities  
Money Market Funds — 3.6%  

BlackRock Liquidity Funds, MuniCash, Institutional Class, 0.01%(j)(k)

     6,706,906     $ 6,708,247  
   

 

 

  

Total Short-Term Securities — 3.6%
(Cost: $6,708,172)

 

     6,708,247  
   

 

 

  

Total Investments — 157.7%
(Cost: $260,163,673)

 

     291,597,122  

Liabilities in Excess of Other Assets — (1.3)%

 

     (2,218,531 ) 

Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (26.7)%

 

     (49,429,502 ) 

VMTP Shares at Liquidation Value — (29.7)%

 

     (55,000,000 ) 
   

 

 

  

Net Assets Applicable to Common Shares — 100.0%

 

   $ 184,949,089  
   

 

 

  

 

(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) 

Security is collateralized by municipal bonds or U.S. Treasury obligations.

(d) 

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.

(e) 

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.

(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) 

When-issued security.

(h) 

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.

(i) 

All or a portion of the security is subject to a recourse agreement. The aggregate maximum potential amount the Fund could ultimately be required to pay under the agreements, which expire between May 15, 2021 to February 15, 2047, is $8,763,177.

(j) 

Affiliate of the Fund.

(k) 

Annualized 7-day yield as of period end.

 

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the period ended January 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
04/30/20		      Purchases
at Cost		      Proceeds
from Sales		      Net
Realized
Gain (Loss)		      Change in
Unrealized
Appreciation
(Depreciation)		      Value at
01/31/21		      Shares
Held at
01/31/21		      Income      Capital Gain
Distributions
from
Underlying
Funds		  

BlackRock Liquidity Funds, MuniCash, Institutional Class

    $ 1,196,701      $ 5,511,628 (a)     $ —      $ (157 )     $ 75      $ 6,708,247        6,706,906      $ 192      $ —  
           

 

 

     

 

 

     

 

 

        

 

 

     

 

 

  

 

  (a) 

Represents net amount purchased (sold).

 

 

 

6  

Schedule of Investments  (unaudited) (continued)

January 31, 2021

   

BlackRock MuniHoldings Fund II, Inc. (MUH)

 

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

      23          03/22/21        $ 3,152        $ 8,375  

Long U.S. Treasury Bond

      13          03/22/21          2,193          36,797  
                 

 

 

  
                  $ 45,172  
                 

 

 

  

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

 

      Level 1        Level 2        Level 3        Total  

Assets

                  

Investments

                  

Long-Term Investments

                  

Municipal Bonds

    $ —        $ 197,124,234        $ —        $ 197,124,234  

Municipal Bonds Transferred to Tender Option Bond Trusts

      —          87,764,641          —          87,764,641  

Short-Term Securities

                  

Money Market Funds

      6,708,247          —          —          6,708,247  
  

 

 

       

 

 

       

 

 

       

 

 

  
   $ 6,708,247        $ 284,888,875        $ —        $ 291,597,122  
  

 

 

       

 

 

       

 

 

       

 

 

  

Derivative Financial Instruments(a)

                  

Assets

                  

Interest Rate Contracts

    $ 45,172        $ —        $ —        $ 45,172  
  

 

 

       

 

 

       

 

 

       

 

 

  

 

  (a) 

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

 

The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial reporting purposes. As of period end, such assets and/or liabilities are categorized within the disclosure hierarchy as follows:

 

      Level 1        Level 2        Level 3        Total  

Liabilities

 

TOB Trust Certificates

    $ —        $ (49,409,143 )       $ —        $ (49,409,143 ) 

VMTP Shares at Liquidation Value

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

 

 

       

 

 

       

 

 

       

 

 

  
   $ —        $ (104,409,143 )       $ —        $ (104,409,143 ) 
  

 

 

       

 

 

       

 

 

       

 

 

  

 

 

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

   7

Schedule of Investments  (unaudited) (continued)

January 31, 2021

   

BlackRock MuniHoldings Fund II, Inc. (MUH)

 

Portfolio Abbreviation
AGC   Assured Guaranty Corp.
AGM   Assured Guaranty Municipal Corp.
AMT   Alternative Minimum Tax
ARB   Airport Revenue Bonds
CAB   Capital Appreciation Bonds
COP   Certificates of Participation
FHA   Federal Housing Administration
FHLMC   Federal Home Loan Mortgage Corp.
FNMA   Federal National Mortgage Association
GNMA   Government National Mortgage Association
GO   General Obligation Bonds
GTD   GTD Guaranteed
M/F   Multi-Family
PSF-GTD   Permanent School Fund Guaranteed
RB   Revenue Bond
S/F   Single-Family
SAB   Special Assessment Bonds
SAW   State Aid Withholding
SONYMA   State of New York Mortgage Agency
ST   Special Tax

    

 

 

 

8