Form NPORT-P - Monthly Portfolio Investments Report on Form N-PORT (Public)

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

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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

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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

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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

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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

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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

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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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