Schedule of Investments (unaudited)

October 31, 2023

   

BlackRock MuniHoldings Quality Fund II, Inc. (MUE)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  

Municipal Bonds

    

Alabama(a) — 4.5%

    

Black Belt Energy Gas District, RB

    

Series A, 5.25%, 01/01/54

   $     2,000     $ 1,996,630  

Series B-2, 4.81%, 12/01/48

     2,500       2,489,604  

Series F, 5.50%, 11/01/53

     840       849,226  

Southeast Energy Authority A Cooperative District, RB, Series A-2, 5.98%, 01/01/53

     5,090       4,841,406  
   

 

 

  
          10,176,866  
Arizona — 1.5%            

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

    550       431,863  

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

     730       605,021  

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

    525       422,970  

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

    405       317,927  

Chandler Industrial Development Authority, RB, AMT, 4.10%, 12/01/37(a)

    535       515,885  

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

     535       398,441  

Maricopa County Industrial Development Authority, Refunding RB, 5.00%, 07/01/54(b)

    280       227,430  

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

     450       436,086  
   

 

 

  
      3,355,623  
Arkansas — 0.7%            

Arkansas Development Finance Authority, RB

    

AMT, 5.70%, 05/01/53

     415       376,789  

Series A, AMT, 4.50%, 09/01/49(b)

    1,270       1,116,526  
   

 

 

  
      1,493,315  
California — 9.7%            

Bay Area Toll Authority, Refunding RB, Series C, 4.54%, 04/01/56(a)

     1,000       1,004,203  

California Community Choice Financing Authority, RB(a)
5.23%, 02/01/54

     1,550       1,546,424  

Series B-2, 4.64%, 02/01/52

     1,500       1,357,843  

California Community Housing Agency, RB, M/F Housing, 3.00%, 08/01/56(b)

    120       72,164  

California Enterprise Development Authority, RB, 8.00%, 11/15/62(b)

     365       322,352  

California Health Facilities Financing Authority, Refunding RB, Series A, 3.00%, 08/15/51

     1,100       765,471  

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

     1,400       1,322,076  

California State Public Works Board, RB
Series I, 5.50%, 11/01/30

     5,000       5,009,916  

Series I, 5.50%, 11/01/31

     3,130       3,136,221  

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

    

5.00%, 09/01/37

     100       91,565  

4.00%, 10/01/56

     160       120,477  

4.00%, 12/01/56

     200       126,218  

Series A, 4.00%, 06/01/58

     740       504,819  

Senior Lien, 3.13%, 06/01/57

     515       294,652  

Series A, Senior Lien, 4.00%, 12/01/58

     745       503,832  

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

     1,800       1,801,640  
Security  

Par

(000)

     Value  

California (continued)

    

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

    

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

   $     1,410     $ 1,410,750  

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

     1,860       1,739,602  

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

     940       940,326  
   

 

 

  
          22,070,551  
Colorado — 4.4%            

City & County of Denver Colorado Airport System Revenue, ARB

    

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

     1,500       1,501,055  

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

     565       565,401  

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

     675       675,478  

City & County of Denver Colorado Airport System Revenue, Refunding ARB, Series A, AMT, 5.00%, 12/01/48

     1,700       1,600,516  

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

    790       626,980  

Colorado Health Facilities Authority, RB
5.50%, 11/01/47

     205       205,254  

Series D, 4.74%, 05/15/61(a)

    1,290       1,286,719  

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

     3,025       1,971,998  

Denver Convention Center Hotel Authority, Refunding RB, 5.00%, 12/01/40

     830       761,944  

E-470 Public Highway Authority, Refunding RB, Series B, 3.91%, 09/01/39(a)

    260       258,571  

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

     715       626,985  
   

 

 

  
      10,080,901  
Connecticut — 1.5%            

State of Connecticut Special Tax Revenue, RB, Series A, 5.25%, 07/01/42

     1,725       1,806,617  

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

     1,690       1,718,153  
   

 

 

  
      3,524,770  
Delaware — 0.5%            

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

     1,345       1,214,181  
   

 

 

  

District of Columbia — 1.7%

    

Metropolitan Washington Airports Authority Aviation Revenue, Refunding ARB, Series A, AMT, 5.25%, 10/01/48

     465       457,769  

Washington Metropolitan Area Transit Authority Dedicated Revenue, RB, 5.25%, 07/15/53

     3,370       3,447,986  
   

 

 

  
      3,905,755  
Florida — 6.9%            

Capital Trust Agency, Inc., RB(b)

   

Series A, 5.00%, 06/01/45

     465       365,176  

Series A, 5.50%, 06/01/57

     165       131,036  

City of Fort Lauderdale Florida Water & Sewer Revenue, RB, 5.50%, 09/01/53

     1,700       1,790,790  

County of Broward Florida Airport System Revenue, ARB, Series A, AMT, 5.00%, 10/01/45

     1,440       1,380,747  
 

 

 

1    

Schedule of Investments (unaudited) (continued)

October 31, 2023

   

BlackRock MuniHoldings Quality Fund II, Inc. (MUE)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  
Florida (continued)            

County of Broward Florida Tourist Development Tax Revenue, Refunding RB, 4.00%, 09/01/51

   $     1,700     $     1,359,874  

County of Miami-Dade Seaport Department, Refunding RB

    

Series A-2, (AGM), 4.00%, 10/01/49

     1,700       1,377,421  

Series A, AMT, 5.00%, 10/01/38

     950       926,874  

Series A-1, AMT, (AGM), 4.00%, 10/01/45

     3,230       2,585,182  

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

    730       471,619  

Finley Woods Community Development District, SAB
4.00%, 05/01/40

     265       210,583  

4.20%, 05/01/50

     450       329,407  

Florida Development Finance Corp., RB(b)

    

6.50%, 06/30/57

     335       288,755  

AMT, 5.00%, 05/01/29

     470       427,849  

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

    260       193,953  

Lakewood Ranch Stewardship District, SAB, 6.30%, 05/01/54

     210       204,408  

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

     30       30,000  

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

     670       529,722  

4.00%, 05/01/50

     640       446,638  

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

     2,065       1,681,094  

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

     380       286,508  

University of Florida Department of Housing & Residence Education Hsg Sys Rev, RB, Series A, (BAM-TCRS), 3.00%, 07/01/51

     1,000       585,459  

Village Community Development District No. 15, SAB, 5.25%, 05/01/54(b)

    210       185,344  
   

 

 

  
      15,788,439  
Georgia — 1.7%            

East Point Business & Industrial Development Authority, RB, Series A, 5.25%, 06/15/62(b)

    195       153,759  

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

     950       884,365  

Main Street Natural Gas, Inc., Refunding RB, Series E-2, 5.26%, 12/01/53(a)

    2,830       2,758,091  
   

 

 

  
      3,796,215  
Hawaii — 0.9%            

State of Hawaii Airports System Revenue, COP

    

AMT, 5.25%, 08/01/25

     740       740,097  

AMT, 5.25%, 08/01/26

     1,205       1,205,292  
   

 

 

  
      1,945,389  
Illinois — 11.8%            

Chicago Board of Education, GO

    

Series A, 5.00%, 12/01/34

     1,225       1,193,370  

Series A, 5.00%, 12/01/40

     1,165       1,060,593  

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

     1,140       1,074,547  

Chicago Midway International Airport, Refunding RB Series A, AMT, 2nd Lien, 5.50%, 01/01/28

     1,000       999,641  
Security  

Par

(000)

     Value  
Illinois (continued)            

Chicago Midway International Airport, Refunding RB (continued)

    

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

   $     1,500     $     1,502,867  

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

     2,000       1,999,289  

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

     1,270       1,270,550  

5.50%, 12/01/38

     1,205       1,175,828  

5.25%, 12/01/43

     2,960       2,678,223  

Illinois Finance Authority, Refunding RB

    

Series C, 4.00%, 02/15/41

     1,000       866,662  

Series C, 5.00%, 02/15/41

     975       949,118  

Illinois Housing Development Authority, RB, S/F Housing, Series G, (FHLMC, FNMA, GNMA), 4.85%, 10/01/42

     515       481,545  

Illinois State Toll Highway Authority, RB

    

Series A, 5.00%, 01/01/40

     4,885       4,893,181  

Series A, 5.00%, 01/01/45

     980       979,318  

Series A, 4.00%, 01/01/46

     1,000       833,910  

Series B, 5.00%, 01/01/40

     1,270       1,274,501  

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

     1,495       1,498,057  

5.25%, 02/01/32

     2,320       2,324,751  
   

 

 

  
      27,055,951  
Indiana — 0.2%            

Indiana Finance Authority, RB

    

Series A, 5.00%, 06/01/41

     300       236,582  

Series A, 5.00%, 06/01/51

     220       160,709  

Series A, 5.00%, 06/01/56

     190       134,803  
   

 

 

  
      532,094  
Iowa — 1.0%            

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

     3,350       2,381,016  
   

 

 

  

Kentucky — 0.9%

    

City of Henderson Kentucky, RB, Series A, AMT, 4.70%, 01/01/52(b)

     150       131,339  

Fayette County School District Finance Corp., RB, (BAM-TCRS), 5.00%, 06/01/47

     1,995       1,997,902  
   

 

 

  
      2,129,241  
Louisiana — 3.1%            

City of Shreveport Louisiana Water & Sewer Revenue, RB, Series B, Junior Lien, (AGM), 4.00%, 12/01/49

     6,100       4,822,647  

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

     2,225       2,228,485  
   

 

 

  
      7,051,132  
Maryland — 6.6%            

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

     2,450       2,302,298  

Maryland Community Development Administration, Refunding RB, S/F Housing, Series C, (FHLMC, FNMA, GNMA), 4.50%, 09/01/49

     1,095       955,164  

Maryland Economic Development Corp., RB, Class B, AMT, 5.00%, 12/31/40

     525       493,409  

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

     4,780       4,955,382  

Series A, (NGFGC), 5.00%, 05/01/47

     6,460       6,422,288  
   

 

 

  
      15,128,541  
 

 

 

S C H E D U L E   O F   I N V E S T M E N T S   2

Schedule of Investments (unaudited) (continued)

October 31, 2023

   

BlackRock MuniHoldings Quality Fund II, Inc. (MUE)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  

Massachusetts — 0.9%

    

Commonwealth of Massachusetts, GO, Series B, 3.00%, 04/01/49

   $     1,300     $ 876,237  

Massachusetts Development Finance Agency, RB

    

Series A, 5.25%, 01/01/42

     940       902,489  

Series A, 5.00%, 01/01/47

     420       379,647  
   

 

 

  
          2,158,373  
Michigan — 1.8%            

Michigan Finance Authority, Refunding RB
4.00%, 09/01/46

     550       428,126  

4.94%, 04/15/47(a)

    2,910       2,901,335  

Michigan Strategic Fund, RB, AMT, 5.00%, 12/31/43

     895       832,158  
   

 

 

  
      4,161,619  
Minnesota — 1.0%            

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

     985       788,161  

Minnesota Housing Finance Agency, RB, S/F Housing, Series N, (FHLMC, FNMA, GNMA), 5.10%, 07/01/42

     1,555       1,537,608  
   

 

 

  
      2,325,769  
Mississippi — 2.0%            

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

     2,225       2,229,811  

State of Mississippi Gaming Tax Revenue, RB, Series A, 4.00%, 10/15/38

     2,815       2,435,427  
   

 

 

  
      4,665,238  
Missouri — 1.7%            

Health & Educational Facilities Authority of the State of Missouri, RB, 4.00%, 06/01/53

     5,000       3,906,262  
   

 

 

  

Montana — 0.1%

    

Montana Board of Housing, RB, S/F Housing

    

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

     110       98,431  

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

     165       164,046  
   

 

 

  
      262,477  
Nevada — 2.0%            

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

     1,130       1,073,763  

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

     120       94,337  

4.00%, 06/01/44

     315       229,241  

City of Reno Nevada, Refunding RB, Series A-1, (AGM), 4.00%, 06/01/43

     2,690       2,256,707  

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

     580       530,786  

5.00%, 07/01/45

     400       350,709  
   

 

 

  
      4,535,543  
New Hampshire(a)(b) — 0.3%            

New Hampshire Business Finance Authority, Refunding RB

    

Series A, 3.63%, 07/01/43

     200       133,002  

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

     670       447,247  
   

 

 

  
      580,249  
New Jersey — 8.7%            

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

     810       829,421  

Series A, 5.00%, 06/15/47

     2,500       2,443,385  
Security  

Par

(000)

     Value  

New Jersey (continued)

    

New Jersey Economic Development Authority, RB (continued)

    

Series LLL, 5.00%, 06/15/34

   $ 635     $ 657,056  

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

         1,355           1,339,975  

AMT, 5.38%, 01/01/43

     1,940       1,878,331  

New Jersey Health Care Facilities Financing Authority, RB, 4.00%, 07/01/51

     1,500       1,227,722  

New Jersey Higher Education Student Assistance Authority, Refunding RB

    

Series B, AMT, 4.00%, 12/01/41

     1,195       1,084,969  

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

     1,355       1,255,495  

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

     1,880       1,700,051  

New Jersey Transportation Trust Fund Authority, RB

    

Class BB, 4.00%, 06/15/50

     1,500       1,225,665  

Series BB, 4.00%, 06/15/50

     1,775       1,450,370  

Series S, 5.25%, 06/15/43

     2,980       3,009,537  

Tobacco Settlement Financing Corp., Refunding RB

    

Series A, 5.00%, 06/01/46

     1,000       942,545  

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

     810       752,179  
   

 

 

  
      19,796,701  
New Mexico — 0.0%            

City of Santa Fe New Mexico, RB, Series A, 5.00%, 05/15/44

     135       105,960  
   

 

 

  

New York — 5.0%

    

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

     1,550       1,550,515  

New York Liberty Development Corp., Refunding RB

    

Class 1, 5.00%, 11/15/44(b)

    760       678,193  

Series 1, 4.00%, 02/15/43

     1,750       1,539,917  

Series A, 3.00%, 11/15/51

     210       136,136  

New York Power Authority, RB, 5.13%, 11/15/63(c)

    3,370       3,332,854  

New York State Thruway Authority, RB, Second Series, 4.13%, 03/15/56

     1,675       1,397,748  

New York Transportation Development Corp., RB
5.63%, 04/01/40(c)

    465       460,127  

AMT, 5.00%, 10/01/35

     1,025       978,161  

AMT, 4.00%, 04/30/53

     605       451,608  

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

     895       878,944  
   

 

 

  
      11,404,203  
North Carolina — 2.2%            

University of North Carolina at Chapel Hill, Refunding RB, Series A, 4.21%, 12/01/41(a)

    4,970       4,946,466  
   

 

 

  

North Dakota — 0.4%

    

City of Grand Forks North Dakota, RB, Series B, (AGM), 5.00%, 12/01/48

     880       846,342  
   

 

 

  

Ohio — 3.1%

    

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

     490       377,783  

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

     5,065       4,141,658  

County of Hamilton Ohio, RB, Series CC, 5.00%, 11/15/49

     270       260,594  
 

 

 

3    

Schedule of Investments (unaudited) (continued)

October 31, 2023

   

BlackRock MuniHoldings Quality Fund II, Inc. (MUE)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  

Ohio (continued)

    

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

  $ 530     $ 422,466  

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

         2,275           1,799,348  
   

 

 

  
      7,001,849  
Oklahoma — 2.3%            

Oklahoma Turnpike Authority, RB
5.50%, 01/01/53

     2,055       2,156,098  

Series A, 4.00%, 01/01/48

     3,600       3,061,250  
   

 

 

  
      5,217,348  
Pennsylvania — 16.3%            

Allegheny County Airport Authority, RB, 5.50%, 01/01/53

     670       672,434  

Allegheny County Hospital Development Authority, RB, Series D2, 4.89%, 11/15/47(a)

    1,040       1,036,121  

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

     200       131,578  

Chester County Health and Education Facilities Authority, RB, Series A, Refunding RB, 5.00%, 10/01/52

     2,000       1,877,548  

City of Philadelphia Pennsylvania Water & Wastewater Revenue, Refunding RB

    

Series B, (AGM), 4.50%, 09/01/48

     1,415       1,245,709  

Series B, (AGM), 5.50%, 09/01/53

     2,830       2,907,597  

Commonwealth of Pennsylvania, GO, 4.00%, 03/01/38

     3,600       3,337,095  

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

     1,215       1,050,543  

Lancaster Industrial Development Authority, RB, 5.00%, 12/01/44

     675       622,084  

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

     250       233,886  

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

     5,930       5,300,522  

Pennsylvania Economic Development Financing Authority, RB

    

AMT, 5.50%, 06/30/43

     515       519,354  

AMT, 5.25%, 06/30/53

     1,000       968,340  

Pennsylvania Housing Finance Agency, RB, 5.38%, 10/01/46(c)

     1,690       1,697,737  

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

     3,000       2,390,506  

Pennsylvania Turnpike Commission, RB

    

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

     2,300       2,308,788  

Series A, Subordinate, 5.00%, 12/01/37

     750       762,629  

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

     2,490       2,501,205  

Series B, 5.25%, 12/01/52

     5,000       5,071,455  

Philadelphia Authority for Industrial Development, RB, 5.25%, 11/01/52

     1,285       1,250,005  

Pittsburgh School District, GO, (SAW), 3.00%, 09/01/41

     1,165       827,321  

School District of Philadelphia, GO, Series A, 5.50%, 09/01/48(c)

     400       410,092  
   

 

 

  
          37,122,549  
Security  

Par

(000)

     Value  

Puerto Rico — 5.0%

    

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

    

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

   $     5,039     $ 4,250,686  

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

     4,109       3,560,997  

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

     264       221,037  

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

     2,279       1,967,945  

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

     394       329,433  

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

    4,757       1,175,875  
   

 

 

  
          11,505,973  
South Carolina — 1.6%            

Patriots Energy Group Financing Agency, RB, Series A1, 5.25%, 10/01/54(a)

    1,970       1,962,742  

South Carolina Jobs-Economic Development Authority, RB(b)

    

5.00%, 01/01/55

     825       620,915  

7.50%, 08/15/62

     390       323,555  

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

     860       830,898  
   

 

 

  
      3,738,110  
Tennessee — 1.7%            

Memphis-Shelby County Airport Authority, ARB, Series A, AMT, 5.00%, 07/01/49

     3,000       2,836,723  

Metropolitan Government Nashville & Davidson County Sports Authority, RB, Series A, Senior Lien, (AGM), 5.25%, 07/01/48

     1,020       1,044,675  
   

 

 

  
      3,881,398  
Texas — 7.4%            

Arlington Higher Education Finance Corp., RB(b)

    

7.50%, 04/01/62

     410       358,716  

7.88%, 11/01/62

     360       338,932  

Aubrey Independent School District, GO, (PSF), 4.00%, 02/15/52

     1,000       823,115  

Dallas Independent School District, Refunding GO, (PSF), 4.00%, 02/15/53

     900       744,062  

Del Valle Independent School District Texas, GO, (PSF), 4.00%, 06/15/47

     1,410       1,222,221  

Fort Worth Independent School District, GO, (PSF), 4.00%, 02/15/48

     885       760,550  

Gunter Independent School District, GO, (PSF), 4.00%, 02/15/53

     815       675,159  

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

    440       344,783  

North Texas Tollway Authority, Refunding RB, Series A, 5.00%, 01/01/43

     1,400       1,406,631  

Tarrant County Cultural Education Facilities Finance Corp., RB
5.00%, 11/15/51

     1,620       1,545,000  

Series B, 5.00%, 07/01/36

     2,500       2,513,796  

Tarrant County Cultural Education Facilities Finance Corp., Refunding RB, 5.00%, 11/15/40

     2,500       2,018,193  

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

     255       197,973  
 

 

 

S C H E D U L E   O F   I N V E S T M E N T S   4

Schedule of Investments (unaudited) (continued)

October 31, 2023

   

BlackRock MuniHoldings Quality Fund II, Inc. (MUE)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  

Texas (continued)

    

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

   $     2,935     $ 2,844,416  

Texas Private Activity Bond Surface Transportation Corp., RB, AMT, Senior Lien, 5.50%, 12/31/58

     1,050       1,054,864  
   

 

 

  
          16,848,411  
Utah — 1.7%            

City of Salt Lake City Utah Airport Revenue, ARB

    

Series A, AMT, 5.25%, 07/01/48

     585       575,619  

Series A, AMT, 5.50%, 07/01/53

     675       678,929  

County of Utah Utah, RB

    

Series A, 3.00%, 05/15/50

     1,840       1,202,864  

Series B, 4.00%, 05/15/47

     1,340       1,102,413  

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

    170       135,736  

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

    325       279,637  
   

 

 

  
      3,975,198  
Virginia — 1.4%            

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

     955       822,589  

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

     2,525       2,330,253  
   

 

 

  
      3,152,842  
Washington — 4.2%            

Central Puget Sound Regional Transit Authority, RB, Series 2015, Class 2A, 4.39%, 11/01/45(a)

    3,000       2,955,809  

County of King Washington Sewer Revenue, Refunding RB, Series A, Junior Lien, 4.42%, 01/01/40(a)

    915       903,314  

Port of Seattle Washington, ARB

    

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

     660       633,853  

Series C, AMT, Intermediate Lien, 5.00%, 05/01/42

     735       713,432  

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

     3,000       3,109,864  

Washington Health Care Facilities Authority, Refunding RB, Series A, Refunding RB, 5.00%, 08/01/44

     875       828,491  

Washington State Housing Finance Commission, Refunding RB

    

Series A, 5.00%, 07/01/43

     215       198,929  

Series A, 5.00%, 07/01/48

     205       183,710  
   

 

 

  
      9,527,402  
West Virginia — 1.0%            

West Virginia Parkways Authority, RB, Senior Lien, 4.00%, 06/01/51

     2,810       2,334,794  
   

 

 

  

Wisconsin — 2.5%

    

Public Finance Authority, RB(b)

    

5.00%, 10/15/51

     210       160,306  

Class A, 5.00%, 06/15/51

     550       383,488  

Series A, 5.00%, 07/01/55

     305       222,429  

Series A, 5.00%, 10/15/55

     955       695,601  

Series A-1, 4.50%, 01/01/35

     515       431,880  

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

    285       203,535  
Security  

Par

(000)

     Value  

Wisconsin (continued)

    

Public Finance Authority, Refunding RB (continued)

    

Series A, 5.00%, 11/15/49

   $ 570     $ 495,703  

Series B, AMT, 5.00%, 07/01/42

     990       901,969  

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

     2,065       2,096,997  
   

 

 

  
      5,591,908  
Wyoming — 0.3%            

University of Wyoming, RB, Series C, (AGM), 4.00%, 06/01/51

     855       685,123  
   

 

 

  

Total Municipal Bonds — 132.2%
(Cost: $327,584,354)

       301,908,087  
   

 

 

  

Municipal Bonds Transferred to Tender Option Bond Trusts(a)(e)

 

New York — 1.9%

    

New York State Dormitory Authority, Refunding RB, Series D, 4.00%, 02/15/47

     5,000       4,277,786  
   

 

 

  

Total Municipal Bonds Transferred to Tender Option Bond Trusts — 1.9%
(Cost: $4,924,225)

 

     4,277,786  
   

 

 

  

Total Long-Term Investments — 134.1%
(Cost: $332,508,579)

 

     306,185,873  
   

 

 

  
     Shares         
Short-Term Securities            

Money Market Funds — 25.0%

    

BlackRock Liquidity Funds, MuniCash, Institutional Class, 3.82%(f)(g)

        57,214,324       57,214,324  
   

 

 

  

Total Short-Term Securities — 25.0%
(Cost: $57,211,784)

 

     57,214,324  
   

 

 

  

Total Investments — 159.1%
(Cost: $389,720,363)

 

         363,400,197  

Liabilities in Excess of Other Assets — (0.6)%

 

     (1,510,967 ) 

Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (1.1)%

 

     (2,519,948 ) 

VMTP Shares at Liquidation Value, Net of Deferred Offering Costs — (57.4)%

 

     (131,000,000 ) 
   

 

 

  

Net Assets Applicable to Common Shares — 100.0%

 

   $ 228,369,282  
   

 

 

  

 

(a) 

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.

(b) 

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.

(c) 

When-issued security.

(d) 

Zero-coupon bond.

(e) 

Represent bonds transferred to a TOB Trust in exchange of cash and residual certificates received by the Trust. These bonds serve as collateral in a secured borrowing.

(f) 

Affiliate of the Trust.

(g) 

Annualized 7-day yield as of period end.

 

 

 

5    

Schedule of Investments (unaudited) (continued)

October 31, 2023

   

BlackRock MuniHoldings Quality Fund II, Inc. (MUE)

 

Affiliates

Investments in issuers considered to be affiliate(s) of the Trust during the period ended October 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliated Issuer    Value at
07/31/23		      Purchases
at Cost		      Proceeds
from Sales		      Net
Realized
Gain (Loss)		      Change in
Unrealized
Appreciation
(Depreciation)		      Value at
10/31/23		      Shares
Held at
10/31/23		      Income      Capital Gain
Distributions
from
Underlying
Funds		  

BlackRock Liquidity Funds, MuniCash, Institutional Class

    $ 43,517,069      $ 13,696,363 (a)     $ —      $ 1,111      $ (219 )     $ 57,214,324        57,214,324      $ 296,036      $ —  
           

 

 

     

 

 

     

 

 

        

 

 

     

 

 

  

 

  (a) 

Represents net amount purchased (sold).

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 Trust 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 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 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 Trust’s policy regarding valuation of financial instruments, refer to its most recent financial statements.

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

    $ —        $ 301,908,087        $ —        $ 301,908,087  

Municipal Bonds Transferred to Tender Option Bond Trusts

      —          4,277,786          —          4,277,786  

Short-Term Securities

                  

Money Market Funds

      57,214,324          —          —          57,214,324  
  

 

 

       

 

 

       

 

 

       

 

 

  
   $ 57,214,324        $ 306,185,873        $             —        $ 363,400,197  
  

 

 

       

 

 

       

 

 

       

 

 

  

The Trust 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

    $ —        $ (2,500,000 )       $ —        $ (2,500,000 ) 

VMTP Shares at Liquidation Value

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

 

 

       

 

 

       

 

 

       

 

 

  
   $             —        $ (133,500,000 )       $             —        $ (133,500,000 ) 
  

 

 

       

 

 

       

 

 

       

 

 

  

 

 

S C H E D U L E   O F   I N V E S T M E N T S   6

Schedule of Investments (unaudited) (continued)

October 31, 2023

   

BlackRock MuniHoldings Quality Fund II, Inc. (MUE)

 

Portfolio Abbreviation
AGM    Assured Guaranty Municipal Corp.
AMT    Alternative Minimum Tax
ARB    Airport Revenue Bonds
BAM    Build America Mutual Assurance Co.
BAM-TCRS   

Build America Mutual Assurance Co.- Transferable Custodial Receipts

CAB    Capital Appreciation Bonds
COP    Certificates of Participation
FHLMC    Federal Home Loan Mortgage Corp.
FNMA    Federal National Mortgage Association
GNMA    Government National Mortgage Association
GO    General Obligation Bonds
M/F    Multi-Family
PSF    Permanent School Fund
RB    Revenue Bond
S/F    Single-Family
SAB    Special Assessment Bonds
SAW    State Aid Withholding

    

 

 

 

7    
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