Schedule of Investments (unaudited) January 31, 2020 | BlackRock MuniHoldings Fund II, Inc. (MUH) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Municipal Bonds — 107.9% | ||||||||
Alabama — 1.2% | ||||||||
County of Jefferson Alabama Sewer, Refunding RB,Sub-Lien, Series D, 6.00%, 10/01/42 | $ | 1,875 | $ | 2,216,887 | ||||
|
| |||||||
Arizona — 1.4% | ||||||||
City of Phoenix Arizona IDA, RB, Legacy Traditional Schools Projects, Series A, 5.00%, 07/01/46(a) | 890 | 966,522 | ||||||
County of Maricopa IDA, Refunding RB, Honorhealth, Series A, 4.13%, 09/01/38 | 475 | 548,235 | ||||||
Salt Verde Financial Corp., RB, Senior, 5.00%, 12/01/37 | 810 | 1,118,343 | ||||||
|
| |||||||
2,633,100 | ||||||||
Arkansas — 0.8% | ||||||||
Arkansas Development Finance Authority, RB, Big River Steel Project, AMT, 4.50%, 09/01/49(a) | 1,370 | 1,485,258 | ||||||
|
| |||||||
California — 6.1% | ||||||||
Benicia Unified School District, GO, CAB, Series A (NPFGC), 0.00%, 08/01/20(b) | 2,000 | 1,991,080 | ||||||
California Health Facilities Financing Authority, RB, Sutter Health, Series B, 6.00%, 08/15/20(c) | 1,585 | 1,628,223 | ||||||
California Health Facilities Financing Authority, Refunding RB, St. Joseph Health System, Series A, 5.00%, 07/01/33 | 445 | 503,184 | ||||||
California Municipal Finance Authority, RB, Senior, Caritas Affordable Housing, Inc. Projects, S/F Housing, Series A: | ||||||||
5.25%, 08/15/39 | 80 | 91,069 | ||||||
5.25%, 08/15/49 | 195 | 218,825 | ||||||
California Municipal Finance Authority, Refunding RB, Community Medical Centers, Series A, 5.00%, 02/01/42 | 120 | 143,922 | ||||||
California Pollution Control Financing Authority, RB, Poseidon Resources (Channel Side) LP Desalination Project, AMT, 5.00%, 11/21/45(a) | 730 | 791,167 | ||||||
California Statewide Communities Development Authority, RB, Loma Linda University Medical Center, Series A, 5.00%, 12/01/46(a) | 235 | 266,025 | ||||||
City of Stockton California Public Financing Authority, RB, Delta Water Supply Project, Series A, 6.25%, 10/01/23(c) | 185 | 220,847 |
Security | Par (000) | Value | ||||||
California (continued) | ||||||||
Golden State Tobacco Securitization Corp., Refunding RB, SeriesA-1, 5.00%, 06/01/47 | $ | 1,425 | $ | 1,498,587 | ||||
San Diego Unified School District California, GO, CAB, Election of 2008, Series A, | 2,525 | 2,167,662 | ||||||
State of California, GO, Various Purposes, 6.00%, 03/01/33 | 1,265 | 1,271,489 | ||||||
State of California Public Works Board, LRB, Various Capital Projects, Series I, 5.00%, 11/01/38 | 405 | 462,125 | ||||||
|
| |||||||
11,254,205 | ||||||||
Colorado — 1.9% | ||||||||
City & County of Denver Colorado, RB, Capital Appreciation Bonds, SeriesA-2, 0.00%, 08/01/37(b) | 1,490 | 827,889 | ||||||
Colorado Educational & Cultural Facilities Authority, RB, Charter School, Colorado Springs, 5.50%, 07/01/40 | 1,055 | 1,071,162 | ||||||
Colorado Health Facilities Authority, Refunding RB, Commonspirit Health, SeriesA-2, 3.25%, 08/01/49 | 1,105 | 1,117,100 | ||||||
Regional Transportation District, COP, Refunding, Series A, 5.38%, 06/01/31 | 510 | 517,415 | ||||||
|
| |||||||
3,533,566 | ||||||||
Connecticut — 1.0% | ||||||||
Connecticut Housing Finance Authority, Refunding RB, S/F Housing: | ||||||||
Sub-SeriesA-1, 3.85%, 11/15/43 | 1,370 | 1,495,424 | ||||||
Sub-SeriesB-1, 4.00%, 05/15/45 | 265 | 292,234 | ||||||
|
| |||||||
1,787,658 | ||||||||
Delaware — 2.4% | ||||||||
County of Sussex Delaware, RB, NRG Energy, Inc., Indian River Power LLC Project, 6.00%, 10/01/40 | 570 | 589,266 | ||||||
Delaware State Health Facilities Authority, RB, Beebe Medical Center Project, 5.00%, 06/01/48 | 1,395 | 1,660,203 |
1 |
Schedule of Investments (unaudited) (continued) January 31, 2020 | BlackRock MuniHoldings Fund II, Inc. (MUH) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Delaware (continued) | ||||||||
State of Delaware EDA, RB, Exempt Facilities, Indian River Power LLC Project, 5.38%, 10/01/45 | $ | 2,050 | $ | 2,093,583 | ||||
|
| |||||||
4,343,052 | ||||||||
District of Columbia — 3.8% | ||||||||
Metropolitan Washington Airports Authority, Refunding RB, Dulles Toll Road, CAB, 2nd Senior Lien, Series B (AGC), 0.00%, 10/01/34(b) | 10,170 | 7,040,488 | ||||||
|
| |||||||
Florida — 3.6% | ||||||||
County of Broward FL Airport System Revenue, ARB, AMT, Series A, 4.00%, 10/01/49 | 625 | 704,712 | ||||||
County of Broward FL Port Facilities Revenue, ARB, Senior Bond, Series B, AMT, 4.00%, 09/01/49 | 1,070 | 1,193,499 | ||||||
County of Escambia Health Facilities Authority, Refunding RB, Health Care Facilities Revenue Bond, 4.00%, 08/15/50(d) | 445 | 494,426 | ||||||
County of Osceola FL Transportation Revenue, Refunding RB, SeriesA-2(b): | ||||||||
0.00%, 10/01/41 | 275 | 135,878 | ||||||
0.00%, 10/01/42 | 370 | 175,336 | ||||||
0.00%, 10/01/43 | 335 | 152,445 | ||||||
0.00%, 10/01/44 | 345 | 150,796 | ||||||
0.00%, 10/01/45 | 285 | 121,091 | ||||||
Florida Housing Finance Corp., RB, S/F Housing, Series 1 (Ginnie Mae, Fannie Mae & Freddie Mac), 3.75%, 07/01/42 | 570 | 609,655 | ||||||
Mid-Bay Florida Bridge Authority, RB, Springing Lien, Series A, 7.25%, 10/01/21(c) | 1,525 | 1,680,596 | ||||||
Village Community Development District No.10, Special Assessment Bonds, 5.13%, 05/01/43 | 1,100 | 1,176,131 | ||||||
|
| |||||||
6,594,565 | ||||||||
Georgia — 4.4% | ||||||||
County of Gainesville Georgia & Hall Hospital Authority, Refunding RB, Northeast Georgia Health System, Inc. Project, Series A (GTD), 5.50%, 08/15/54 | 270 | 318,781 | ||||||
County of Griffin-Spalding Hospital Authority, RB, Revenue Anticipation Certificates, 4.00%, 04/01/42 | 2,310 | 2,528,249 |
Security | Par (000) | Value | ||||||
Georgia (continued) | ||||||||
Main Street Natural Gas, Inc., RB, Series A: | ||||||||
5.00%, 05/15/36 | $ | 1,500 | $ | 2,057,595 | ||||
5.00%, 05/15/38 | 790 | 1,103,417 | ||||||
5.00%, 05/15/49 | 935 | 1,346,961 | ||||||
Municipal Electric Authority of Georgia, RB, Plant Vogtle Units 3 & 4 Project: | ||||||||
4.00%, 01/01/49 | 260 | 285,875 | ||||||
5.00%, 01/01/56 | 350 | 415,555 | ||||||
|
| |||||||
8,056,433 | ||||||||
Hawaii — 0.4% | ||||||||
State of Hawaii Harbor System, ARB, Series A, 5.25%, 07/01/30 | 680 | 692,186 | ||||||
|
| |||||||
Idaho — 1.1% | ||||||||
County of Power Idaho Industrial Development Corp., RB, FMC Corp. Project, AMT, 6.45%, 08/01/32 | 2,000 | 2,007,100 | ||||||
|
| |||||||
Illinois — 14.1% | ||||||||
Chicago Board of Education, GO: | ||||||||
Dedicated Revenues, Series H, 5.00%, 12/01/46 | 240 | 275,834 | ||||||
Project, Series C, 5.25%, 12/01/35 | 805 | 903,741 | ||||||
Chicago Board of Education, GO, Refunding: | ||||||||
Dedicated Revenues, Series C, 5.00%, 12/01/34 | 240 | 282,442 | ||||||
Dedicated Revenues, Series D, 5.00%, 12/01/25 | 435 | 509,059 | ||||||
Dedicated Revenues, Series F, 5.00%, 12/01/24 | 340 | 389,467 | ||||||
Series C, 5.00%, 12/01/25 | 360 | 421,290 | ||||||
Chicago Board of Education, GO: | ||||||||
5.00%, 12/01/46 | 300 | 349,833 | ||||||
5.00%, 12/01/46 | 770 | 832,270 | ||||||
City of Chicago Illinois, Special Assessment Bonds, Lake Shore East Project, 6.75%, 12/01/32 | 578 | 579,312 | ||||||
City of Chicago Illinois O’Hare International Airport, GARB, 3rd Lien: | ||||||||
Series A, 5.75%, 01/01/21(c) | 2,100 | 2,192,022 | ||||||
Series A, 5.75%, 01/01/39 | 400 | 416,060 | ||||||
Series C, 6.50%, 01/01/21(c) | 2,935 | 3,083,482 | ||||||
City of Chicago Illinois Transit Authority, RB, Sales Tax Receipts, 5.25%, 12/01/40 | 530 | 564,217 | ||||||
County of Cook Illinois Community College District No. 508, GO, City College of Chicago, 5.50%, 12/01/38 | 410 | 458,769 | ||||||
Illinois Finance Authority, Refunding RB, Southern Illinois Healthcare Enterprises, Inc., 4.00%, 03/01/35 | 1,290 | 1,435,344 |
2 |
Schedule of Investments (unaudited) (continued) January 31, 2020 | BlackRock MuniHoldings Fund II, Inc. (MUH) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Illinois (continued) | ||||||||
Illinois Housing Development Authority, RB, S/F Housing, Series D (Ginnie Mae, Fannie Mae), 3.00%, 10/01/41 | $ | 365 | $ | 373,636 | ||||
Metropolitan Pier & Exposition Authority, Refunding RB, McCormick Place Expansion Project: | ||||||||
4.00%, 06/15/50(d) | 280 | 308,252 | ||||||
5.00%, 06/15/50(d) | 365 | 437,186 | ||||||
CAB, Series B (AGM), 0.00%, 06/15/47(b) | 9,555 | 4,165,693 | ||||||
Series B (AGM), 5.00%, 06/15/50 | 2,230 | 2,259,191 | ||||||
SeriesB-2, 5.00%, 06/15/50 | 1,260 | 1,277,728 | ||||||
Railsplitter Tobacco Settlement Authority, RB(c): | ||||||||
5.50%, 06/01/21 | 230 | 243,906 | ||||||
6.00%, 06/01/21 | 500 | 533,525 | ||||||
State of Illinois, GO: | ||||||||
5.00%, 02/01/39 | 810 | 894,305 | ||||||
Series A, 5.00%, 04/01/38 | 1,920 | 2,085,446 | ||||||
University of Illinois, RB, Auxiliary Facilities System, Series A, 5.00%, 04/01/44 | 520 | 585,640 | ||||||
|
| |||||||
25,857,650 | ||||||||
Indiana — 3.0% | ||||||||
City of Valparaiso Indiana, RB, Exempt Facilities, Pratt Paper LLC Project, AMT: | ||||||||
6.75%, 01/01/34 | 415 | 482,969 | ||||||
7.00%, 01/01/44 | 1,000 | 1,165,280 | ||||||
Indiana Finance Authority, RB, Series A: | ||||||||
CWA Authority Project, 1st Lien, 5.25%, 10/01/38 | 1,660 | 1,768,763 | ||||||
Private Activity Bond, Ohio River Bridges East End Crossing Project, AMT, 5.00%, 07/01/44 | 225 | 247,338 | ||||||
Private Activity Bond, Ohio River Bridges East End Crossing Project, AMT, 5.00%, 07/01/48 | 740 | 812,490 | ||||||
Private Activity Bond, Ohio River Bridges East End Crossing Project, AMT, 5.25%, 01/01/51 | 210 | 232,313 | ||||||
Indianapolis Local Public Improvement Bond Bank, RB, Series A, 5.00%, 01/15/40 | 640 | 707,635 | ||||||
|
| |||||||
5,416,788 | ||||||||
Iowa — 0.8% | ||||||||
Iowa Finance Authority, Refunding RB, Iowa Fertilizer Co. Project: | ||||||||
Series B, 5.25%, 12/01/50(e) | 240 | 265,839 | ||||||
Midwestern Disaster Area, 5.25%, 12/01/25 | 940 | 1,049,933 | ||||||
Midwestern Disaster Area, 5.88%, 12/01/26(a) | 210 | 219,139 | ||||||
|
| |||||||
1,534,911 |
Security | Par (000) | Value | ||||||
Kentucky — 0.7% | ||||||||
Kentucky Economic Development Finance Authority, RB, Catholic Health Initiatives, Series A, 5.25%, 01/01/23(c) | $ | 525 | $ | 589,795 | ||||
Kentucky Public Transportation Infrastructure Authority, RB, Downtown Crossing Project, Convertible CAB, 1st Tier, Series C, 6.75%, 07/01/43(f) | 635 | 723,443 | ||||||
|
| |||||||
1,313,238 | ||||||||
Louisiana — 2.4% | ||||||||
Louisiana Public Facilities Authority, Refunding RB, Ochsner Clinic Foundation Project, 5.00%, 05/15/47 | 1,635 | 1,905,314 | ||||||
Tobacco Settlement Financing Corp., Refunding RB, Asset-Backed, Series A: | ||||||||
5.50%, 05/15/30 | 510 | 516,615 | ||||||
5.25%, 05/15/31 | 435 | 454,375 | ||||||
5.25%, 05/15/32 | 555 | 597,985 | ||||||
5.25%, 05/15/33 | 600 | 646,158 | ||||||
5.25%, 05/15/35 | 255 | 282,254 | ||||||
|
| |||||||
4,402,701 | ||||||||
Maine — 0.7% | ||||||||
Maine State Housing Authority, RB, S/F Housing, Series A, 3.00%, 11/15/44 | 600 | 609,744 | ||||||
State of Maine Housing Authority, RB: | ||||||||
M/F Housing, Series E, 4.25%, 11/15/43 | 355 | 392,594 | ||||||
S/F Housing, Series C, 3.95%, 11/15/43 | 335 | 363,884 | ||||||
|
| |||||||
1,366,222 | ||||||||
Maryland — 2.1% | ||||||||
Maryland EDC, RB, Transportation Facilities Project, Series A, 5.75%, 06/01/20(c) | 220 | 223,511 | ||||||
Maryland EDC, Refunding RB, CNX Marine Terminals, Inc., 5.75%, 09/01/25 | 390 | 398,167 | ||||||
Maryland Health & Higher Educational Facilities Authority, RB, Medstar Health Issue, Series A, 5.00%, 05/15/42 | 1,760 | 2,098,677 |
3 |
Schedule of Investments (unaudited) (continued) January 31, 2020 | BlackRock MuniHoldings Fund II, Inc. (MUH) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Maryland (continued) | ||||||||
Maryland Health & Higher Educational Facilities Authority, Refunding RB, Charlestown Community Project, 6.25%, 01/01/21(c) | $ | 1,095 | $ | 1,148,085 | ||||
|
| |||||||
3,868,440 | ||||||||
Massachusetts — 2.4% | ||||||||
Massachusetts Development Finance Agency, Refunding RB: | ||||||||
Atrius Health Issue, Series A, 4.00%, 06/01/49 | 150 | 161,793 | ||||||
Boston University, Series P, 5.45%, 05/15/59 | 845 | 1,115,780 | ||||||
Suffolk University, 4.00%, 07/01/39 | 1,140 | 1,249,679 | ||||||
Massachusetts Educational Financing Authority, RB, Subordinate Education Loan Revenue Bonds, AMT, 3.75%, 07/01/47 | 1,865 | 1,936,038 | ||||||
|
| |||||||
4,463,290 | ||||||||
Michigan — 4.5% | ||||||||
City of Detroit Michigan Sewage Disposal System, Refunding RB, Senior Lien, Series A, 5.25%, 07/01/39 | 2,235 | 2,443,369 | ||||||
Eastern Michigan University, RB, Series A, 4.00%, 03/01/47 | 1,170 | 1,306,656 | ||||||
Kalamazoo Hospital Finance Authority, Refunding RB, Bronson Methodist Hospital: | ||||||||
5.50%, 05/15/20(c) | 380 | 384,936 | ||||||
5.50%, 05/15/36 | 310 | 313,959 | ||||||
Michigan Finance Authority, Refunding RB: | ||||||||
Detroit Water & Sewage Department Project, Senior Lien, SeriesC-1, 5.00%, 07/01/44 | 455 | 492,911 | ||||||
Henry Ford Health System, 4.00%, 11/15/46 | 570 | 621,796 | ||||||
Michigan Strategic Fund, RB,I-75 Improvement Projects, AMT, 5.00%, 06/30/48 | 490 | 589,587 | ||||||
State of Michigan Housing Development Authority, RB: | ||||||||
M/F Housing, Series A, 4.15%, 10/01/53 | 940 | 1,020,802 | ||||||
S/F Housing, Series A, 4.00%, 06/01/49 | 265 | 288,702 | ||||||
S/F Housing, Series C, 4.13%, 12/01/38 | 730 | �� | 809,409 | |||||
|
| |||||||
8,272,127 |
Security | Par (000) | Value | ||||||
Minnesota — 0.1% | ||||||||
Minnesota Housing Finance Agency, RB, S/F Housing, Series B (Ginnie Mae, Fannie Mae & Freddie Mac), 2.80%, 01/01/44(d) | $ | 190 | $ | 191,378 | ||||
|
| |||||||
Missouri — 0.2% | ||||||||
Bi-State Development Agency of the Missouri-Illinois Metropolitan District, Refunding RB, Combined Lien, Series A, 5.00%, 10/01/44 | 125 | 136,015 | ||||||
Missouri Housing Development Commission, RB, S/F Housing, First Place Homeownership Loan Program, Series A (Ginnie Mae, Fannie Mae & Freddie Mac), 2.85%, 05/01/50(d) | 100 | 100,024 | ||||||
State of Missouri Health & Educational Facilities Authority, Refunding RB, St. Louis College of Pharmacy Project, 5.50 %, 05/01/43 | 130 | 141,226 | ||||||
|
| |||||||
377,265 | ||||||||
New Hampshire — 1.1% | ||||||||
New Hampshire Business Finance Authority, Refunding RB, Resource Recovery, Covanta | ||||||||
Series B, 4.63%, 11/01/42 | 735 | 764,150 | ||||||
Series C, AMT, 4.88%, 11/01/42 | 420 | 437,539 | ||||||
New Hampshire Housing Finance Authority, RB, M/F Housing, Cimarron, Whittier Falls & Marshall (FHA), 4.00%, 07/01/52 | 800 | 854,304 | ||||||
|
| |||||||
2,055,993 | ||||||||
New Jersey — 9.7% | ||||||||
Casino Reinvestment Development Authority, Inc., Refunding RB: | ||||||||
5.25%, 11/01/39 | 530 | 577,520 | ||||||
5.25%, 11/01/44 | 790 | 857,837 | ||||||
County of Essex New Jersey Improvement Authority, RB, AMT, 5.25%, 07/01/45(a) | 560 | 565,074 | ||||||
New Jersey EDA, ARB, Continental Airlines, Inc. Project, 5.13%, 09/15/23 | 1,040 | 1,120,392 | ||||||
New Jersey EDA, RB: | ||||||||
Continental Airlines, Inc. Project, AMT, 5.25%, 09/15/29 | 990 | 1,081,951 |
4 |
Schedule of Investments (unaudited) (continued) January 31, 2020 | BlackRock MuniHoldings Fund II, Inc. (MUH) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
New Jersey (continued) | ||||||||
S/F Housing, State House Project, Series B, 4.50%, 06/15/40 | $ | 1,270 | $ | 1,449,121 | ||||
Series WW, 5.00%, 06/15/36 | 210 | 239,333 | ||||||
New Jersey EDA, Refunding, Special Assessment Bonds, Kapkowski Road Landfill Project, 5.75%, 04/01/31 | 1,125 | 1,298,723 | ||||||
New Jersey State Turnpike Authority, RB, Series E, 5.00%, 01/01/45 | 715 | 835,377 | ||||||
New Jersey Transportation Trust Fund Authority, RB: | ||||||||
Transportation Program Bonds, Series AA, 4.13%, 06/15/39 | 1,040 | 1,163,510 | ||||||
Transportation Program, Series AA, 5.00%, 06/15/44 | 330 | 367,026 | ||||||
Transportation Program, Series AA, 5.00%, 06/15/44 | 610 | 664,741 | ||||||
Transportation System, Series A, 5.50%, 06/15/21(c) | 1,025 | 1,088,929 | ||||||
Transportation System, Series B, 5.25%, 06/15/36 | 1,235 | 1,293,440 | ||||||
New Jersey Transportation Trust Fund Authority, Refunding RB, Transportation System: | ||||||||
Bond, 4.00%, 12/15/39 | 510 | 570,068 | ||||||
Series A, 5.00%, 12/15/36 | 380 | 457,600 | ||||||
Tobacco Settlement Financing Corp., Refunding RB: | ||||||||
Series A, 4.00%, 06/01/37 | 500 | 558,355 | ||||||
Sub-Series B, 5.00%, 06/01/46 | 3,105 | 3,569,291 | ||||||
|
| |||||||
17,758,288 | ||||||||
New Mexico — 0.1% | ||||||||
New Mexico Mortgage Finance Authority, RB, S/F Housing (Ginnie Mae, Fannie Mae & Freddie Mac), 3.00%, 07/01/50(d) | 270 | 272,668 | ||||||
|
| |||||||
New York — 4.5% | ||||||||
City of New York Transitional Finance Authority Future Tax Secured Revenue, RB, Fiscal 2012,Sub-SeriesE-1, 5.00%, 02/01/42 | 740 | 795,678 | ||||||
Counties of New York Tobacco Trust IV, Refunding RB, Settlement Pass-Through Turbo, Series A, 6.25%, 06/01/41(a) | 1,000 | 1,009,800 | ||||||
County of Westchester New York Healthcare Corp., RB, Senior Lien, Series A, 5.00%, 11/01/44 | 252 | 275,919 | ||||||
Erie Tobacco Asset Securitization Corp., Refunding RB, Asset-Backed, Series A, 5.00%, 06/01/45 | 1,020 | 1,020,592 |
Security | Par (000) | Value | ||||||
New York (continued) | ||||||||
Metropolitan Transportation Authority, RB, Series B, 5.25%, 11/15/38 | $ | 1,255 | $ | 1,452,160 | ||||
New York Liberty Development Corp., Refunding RB, 3 World Trade Center Project(a): | ||||||||
Class 1, 5.00%, 11/15/44 | 1,495 | 1,642,093 | ||||||
Class 2, 5.15%, 11/15/34 | 175 | 195,951 | ||||||
Class 2, 5.38%, 11/15/40 | 440 | 494,529 | ||||||
Port Authority of New York & New Jersey, ARB, Special Project, JFK International Air Terminal LLC Project, Series 8: | ||||||||
6.00%, 12/01/36 | 650 | 678,184 | ||||||
6.00%, 12/01/42 | 630 | 651,685 | ||||||
|
| |||||||
8,216,591 | ||||||||
North Carolina — 0.3% | ||||||||
North Carolina Medical Care Commission, Refunding RB, 1st Mortgage, Retirement Facilities Whitestone Project, Series A, 7.75%, 03/01/21(c) | 305 | 327,402 | ||||||
North Carolina Turnpike Authority, RB, Senior Lien, Triangle Express Way System: | ||||||||
4.00%, 01/01/55 | 100 | 111,755 | ||||||
(AGM), 4.00%, 01/01/55 | 100 | 112,951 | ||||||
|
| |||||||
552,108 | ||||||||
Ohio — 2.7% | ||||||||
Buckeye Tobacco Settlement Financing Authority, RB, Asset-Backed, Senior Turbo Term, SeriesA-2, 5.88%, 06/01/47 | 1,855 | 1,863,199 | ||||||
County of Franklin Ohio, RB, Health Care Facilities Improvement, OPRS Communities Obligation Group, Series A, 6.13%, 07/01/40 | 350 | 383,880 | ||||||
County of Montgomery Ohio, Refunding RB, Premier Health Partner Obligation, 4.00%, 11/15/45 | 655 | 725,118 | ||||||
Ohio Air Quality Development Authority, RB, AMG Vanadium Project, AMT, 5.00%, 07/01/49(a) | 405 | 459,468 | ||||||
Ohio Housing Finance Agency, RB, S/F Housing, Series A (Ginnie Mae, Fannie Mae & Freddie Mac), 4.00%, 09/01/48 | 145 | 158,817 | ||||||
State of Ohio, RB, Portsmouth Bypass Project, AMT, 5.00%, 06/30/53 | 420 | 473,353 |
5 |
Schedule of Investments (unaudited) (continued) January 31, 2020 | BlackRock MuniHoldings Fund II, Inc. (MUH) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Ohio (continued) | ||||||||
State of Ohio, Refunding RB, Series A, 3.00%, 01/15/45 | $ | 945 | $ | 958,343 | ||||
|
| |||||||
5,022,178 | ||||||||
Oklahoma — 0.9% | ||||||||
City of Oklahoma Turnpike Authority, RB, Series A, 4.00%, 01/01/48 | 280 | 311,167 | ||||||
Norman Regional Hospital Authority, RB, Norman Regional Hospital Authority, 4.00%, 09/01/45 | 480 | 530,309 | ||||||
Oklahoma Development Finance Authority, RB, OU Medicine Project, Series B, 5.50%, 08/15/57 | 625 | 762,650 | ||||||
|
| |||||||
1,604,126 | ||||||||
Oregon — 0.1% | ||||||||
State of Oregon Housing & Community Services Department, RB, S/F Housing, Mortgage Program, Series C, 3.95%, 07/01/43 | 210 | 230,120 | ||||||
|
| |||||||
Pennsylvania — 5.1% | ||||||||
City of Philadelphia Pennsylvania Hospitals & Higher Education Facilities Authority, RB, Temple University Health System, Series A, 5.63%, 07/01/42 | 335 | 361,884 | ||||||
County of Berks IDA, Refunding RB, Tower Health Projects, 5.00%, 11/01/50 | 795 | 926,008 | ||||||
County of Bucks IDA, RB, St. Luke’s University Health Network Project, 4.00%, 08/15/50 | 1,305 | 1,444,113 | ||||||
County of Montgomery Higher Education & Health Authority, Refunding RB, Thomas Jefferson University, Series A, 4.00%, 09/01/49 | 470 | 522,701 | ||||||
Pennsylvania Economic Development Financing Authority, RB: | ||||||||
AMT, 5.00%, 06/30/42 | 440 | 504,676 | ||||||
Pennsylvania Rapid Bridge Replacement, 5.00%, 12/31/38 | 390 | 450,945 | ||||||
Pennsylvania Economic Development Financing Authority, Refunding RB, National Gypsum Co., AMT, 5.50%, 11/01/44 | 800 | 849,104 | ||||||
Pennsylvania Housing Finance Agency, RB, S/F Housing, Series 128B, 3.85%, 04/01/38 | 965 | 1,060,004 | ||||||
Pennsylvania Housing Finance Agency, Refunding RB, S/F Housing Mortgage, Series 119, 3.50%, 10/01/36 | 1,285 | 1,357,011 |
Security | Par (000) | Value | ||||||
Pennsylvania (continued) | ||||||||
Pennsylvania Turnpike Commission, RB, Series A: | ||||||||
5.00%, 12/01/44 | $ | 585 | $ | 675,500 | ||||
Subordinate, 4.00%, 12/01/49 | 1,075 | 1,206,644 | ||||||
|
| |||||||
9,358,590 | ||||||||
Puerto Rico — 5.7% | ||||||||
Children’s Trust Fund, Refunding RB, Tobacco Settlement Asset-Backed Bonds: | ||||||||
5.50%, 05/15/39 | 325 | 330,493 | ||||||
5.63%, 05/15/43 | 355 | 360,996 | ||||||
Commonwealth of Puerto Rico Aqueduct & Sewer Authority, RB, Senior Lien, Series A: | ||||||||
5.00%, 07/01/33 | 1,355 | 1,441,422 | ||||||
5.13%, 07/01/37 | 385 | 410,514 | ||||||
Commonwealth of Puerto Rico Aqueduct & Sewer Authority, Refunding RB, Senior Lien, Series A: | ||||||||
6.00%, 07/01/38 | 400 | 408,216 | ||||||
6.00%, 07/01/44 | 725 | 739,899 | ||||||
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, Restructured: | ||||||||
SeriesA-1, 4.75%, 07/01/53 | 1,290 | 1,427,320 | ||||||
SeriesA-1, 5.00%, 07/01/58 | 3,415 | 3,835,455 | ||||||
SeriesA-2, 4.33%, 07/01/40 | 459 | 498,336 | ||||||
SeriesA-2, 4.78%, 07/01/58 | 886 | 979,774 | ||||||
|
| |||||||
10,432,425 | ||||||||
Rhode Island — 2.2% | ||||||||
Tobacco Settlement Financing Corp., Refunding RB: | ||||||||
Series A, 5.00%, 06/01/35 | 420 | 478,599 | ||||||
Series B, 4.50%, 06/01/45 | 1,375 | 1,444,671 | ||||||
Series B, 5.00%, 06/01/50 | 1,895 | 2,043,189 | ||||||
|
| |||||||
3,966,459 | ||||||||
South Carolina — 5.3% | ||||||||
South Carolina Jobs EDA, Refunding RB, Prisma Health Obligated Group, Series A, 4.25%, 05/01/48 | 1,445 | 1,605,366 | ||||||
South Carolina Jobs-Economic Development Authority, RB, Bishop Gadsden Episcopal Retirement Community: | ||||||||
5.00%, 04/01/44 | 100 | 115,620 | ||||||
4.00%, 04/01/49 | 100 | 107,263 | ||||||
5.00%, 04/01/49 | 135 | 154,333 | ||||||
4.00%, 04/01/54 | 105 | 111,797 | ||||||
5.00%, 04/01/54 | 270 | 307,733 |
6 |
Schedule of Investments (unaudited) (continued) January 31, 2020 | BlackRock MuniHoldings Fund II, Inc. (MUH) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
South Carolina (continued) | ||||||||
State of South Carolina Ports Authority, ARB: | ||||||||
5.25%, 07/01/20(c) | $ | 1,650 | $ | 1,679,353 | ||||
AMT, 5.25%, 07/01/25(c) | 555 | 674,264 | ||||||
AMT, 5.00%, 07/01/55 | 710 | 842,032 | ||||||
State of South Carolina Public Service Authority, RB, Santee Cooper, Series A, 5.50%, 12/01/54 | 2,040 | 2,314,992 | ||||||
State of South Carolina Public Service Authority, Refunding RB, Series E, 5.25%, 12/01/55 | 1,635 | 1,894,589 | ||||||
|
| |||||||
9,807,342 | ||||||||
Tennessee — 0.9% | ||||||||
City of Chattanooga Health Educational & Housing Facility Board, RB, Catholic Health Initiatives, Series A, 5.25%, 01/01/23(c) | 720 | 808,286 | ||||||
County of Nashville & Davidson Metropolitan Government Health & Educational Facilities Board, RB, Vanderbilt University Medical Center, Series A, 5.00%, 07/01/40 | 360 | 428,011 | ||||||
Greeneville Health & Educational Facilities Board, Refunding RB, Ballad Health Obligation Group, Series A, 4.00%, 07/01/40 | 375 | 418,703 | ||||||
|
| |||||||
1,655,000 | ||||||||
Texas — 4.4% | ||||||||
Central Texas Regional Mobility Authority, Refunding RB: | ||||||||
Senior Lien, 6.25%, 01/01/21(c) | 1,070 | 1,121,510 | ||||||
Sub-Lien, 5.00%, 01/01/33 | 180 | 198,695 | ||||||
County of Harris Texas Cultural Education Facilities Finance Corp., RB, 1st Mortgage, Brazos Presbyterian Homes, Inc. Project, Series B, 7.00%, 01/01/23(c) | 240 | 282,065 | ||||||
County of Midland Texas Fresh Water Supply District No. 1, RB, CAB, City of Midland Project, | ||||||||
0.00%, 09/15/40 | 2,525 | 1,125,418 | ||||||
0.00%, 09/15/41 | 1,395 | 589,387 | ||||||
New Hope Cultural Education Facilities Corp., RB, Collegiate Housing Tarleton State University Project, 5.00%, 04/01/35 | 145 | 160,483 | ||||||
North Texas Tollway Authority, RB, CAB, Special Project System, Series B, 0.00%, 09/01/31(b)(c) | 1,015 | 529,333 | ||||||
North Texas Tollway Authority, Refunding RB, 4.25%, 01/01/49 | 610 | 692,582 |
Security | Par (000) | Value | ||||||
Texas (continued) | ||||||||
Texas Department of Housing & Community Affairs, RB, S/F Housing Mortgage, Series A (Ginnie Mae), 4.25%, 09/01/43 | $ | 195 | $ | 215,028 | ||||
Texas Private Activity Bond Surface Transportation Corp., RB: | ||||||||
Segment 3C Project, AMT, 5.00%, 06/30/58 | 710 | 845,376 | ||||||
Senior Lien, LBJ Infrastructure Group LLC, 7.00%, 06/30/40 | 1,165 | 1,194,230 | ||||||
Texas Transportation Commission, RB, First Tier Toll Revenue(b): | ||||||||
0.00%, 08/01/35 | 270 | 157,512 | ||||||
0.00%, 08/01/36 | 145 | 80,201 | ||||||
0.00%, 08/01/37 | 195 | 101,909 | ||||||
0.00%, 08/01/38 | 200 | 98,820 | ||||||
0.00%, 08/01/44 | 870 | 307,380 | ||||||
0.00%, 08/01/45 | 1,135 | 380,043 | ||||||
|
| |||||||
8,079,972 | ||||||||
Virginia — 1.9% | ||||||||
Virginia Housing Development Authority, RB, M/F, Rental Housing, Series D, 3.90%, 10/01/48 | 1,430 | 1,561,002 | ||||||
Virginia Small Business Financing Authority, RB, Senior Lien, Elizabeth River Crossings OpCo LLC Project, AMT: | ||||||||
5.25%, 01/01/32 | 400 | 435,796 | ||||||
6.00%, 01/01/37 | 1,345 | 1,486,857 | ||||||
|
| |||||||
3,483,655 | ||||||||
Washington — 1.0% | ||||||||
Port of Seattle Washington, RB, Intermediate Lien, Series C, AMT, 5.00%, 04/01/40 | 390 | 446,347 | ||||||
Washington Health Care Facilities Authority, RB, Catholic Health Initiatives, Series A, 5.75%, 01/01/45 | 1,195 | 1,346,622 | ||||||
|
| |||||||
1,792,969 | ||||||||
West Virginia — 1.0% | ||||||||
West Virginia Hospital Finance Authority, RB, Improvement, West Virginia University Health System Obligated Group, Series A, 4.00%, 06/01/51 | 1,605 | 1,758,358 | ||||||
|
| |||||||
Wisconsin — 1.9% | ||||||||
Public Finance Authority, RB, Wakemed Hospital, Series A, 4.00%, 10/01/49 | 2,000 | 2,210,340 |
7 |
Schedule of Investments (unaudited) (continued) January 31, 2020 | BlackRock MuniHoldings Fund II, Inc. (MUH) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Wisconsin (continued) | ||||||||
Wisconsin Housing & Economic Development Authority, RB, M/F Housing, Series A: | ||||||||
4.45%, 05/01/57 | $ | 575 | $ | 627,774 | ||||
3.15%, 11/01/44 | 480 | 496,118 | ||||||
3.20%, 11/01/49 | 60 | 61,802 | ||||||
3.38%, 05/01/57 | 100 | 103,395 | ||||||
|
| |||||||
3,499,429 | ||||||||
Total Municipal Bonds — 107.9% |
| 198,254,779 | ||||||
|
| |||||||
Municipal Bonds Transferred to Tender Option Bond Trusts(g) — 51.3% |
| |||||||
Arizona — 0.6% | ||||||||
County of Maricopa Industrial Development Authority, RB, Banner Health, Series A, 4.00%, 01/01/41 | 915 | 1,030,235 | ||||||
|
| |||||||
California — 3.7% | ||||||||
Bay Area Toll Authority, Refunding RB, San Francisco Bay Area Toll Bridge, 4.00%, 04/01/42(h) | 1,638 | 1,849,821 | ||||||
City of Los Angeles California Department of Airports, Refunding ARB, Los Angeles International Airport, Senior Series A, 5.00%, 05/15/40 | 2,967 | 3,000,311 | ||||||
Sacramento Area Flood Control Agency, Refunding, Consolidated Capital Assessment District No. 2 Bonds, 5.00%, 10/01/47 | 1,635 | 1,974,784 | ||||||
|
| |||||||
6,824,916 | ||||||||
Colorado — 1.2% | ||||||||
County of Adams Colorado, COP, Refunding, 4.00%, 12/01/45 | 1,950 | 2,152,488 | ||||||
|
| |||||||
District of Columbia — 0.3% | ||||||||
District of Columbia Housing Finance Agency, RB, M/F Housing, SeriesB-2 (FHA), 4.10%, 09/01/39 | 510 | 563,081 | ||||||
|
| |||||||
Florida — 7.2% | ||||||||
City Of South Miami Health Facilities Authority, Inc., Refunding RB, Baptist Health South Florida, 5.00%, 08/15/47 | 1,290 | 1,538,751 | ||||||
City of Tampa Florida, RB, Baycare Health System, Series A, 4.00%, 11/15/46 | 1,932 | 2,130,783 |
Security | Par (000) | Value | ||||||
Florida (continued) | ||||||||
County of Broward Florida Airport Facilities Revenue, ARB, Senior Bond, Series B, AMT, 4.00%, 09/01/49 | $ | 2,356 | $ | 2,627,865 | ||||
County of Miami-Dade Florida, RB, Water & Sewer System, 5.00%, 10/01/20(c) | 2,840 | 2,915,853 | ||||||
Greater Orlando Aviation Authority, ARB, Series A, AMT, 4.00%, 10/01/49(h) | 3,543 | 3,995,511 | ||||||
|
| |||||||
13,208,763 | ||||||||
Georgia — 0.6% | ||||||||
Georgia Housing & Finance Authority, Refunding RB, S/F Mortgage Bonds, Series A, 3.70%, 06/01/49 | 1,071 | 1,156,978 | ||||||
|
| |||||||
Illinois — 0.6% | ||||||||
Illinois Finance Authority, Refunding RB, Presence Health Network, Series C: | ||||||||
4.00%, 02/15/27(c) | 2 | 2,782 | ||||||
4.00%, 02/15/41 | 1,002 | 1,109,304 | ||||||
|
| |||||||
1,112,086 | ||||||||
Iowa — 0.9% | ||||||||
Iowa Student Loan Liquidity Corp., Refunding RB, Senior Series B, AMT, 3.00%, 12/01/39 | 1,710 | 1,741,293 | ||||||
|
| |||||||
Louisiana — 0.7% | ||||||||
County of St. Louisiana Gasoline & Fuels Tax Revenue, Refunding RB, First Lien, Series A, 4.00%, 05/01/41 | 1,245 | 1,365,392 | ||||||
|
| |||||||
Maine — 0.3% | ||||||||
State of Maine Housing Authority, RB, M/F Housing, Series E, 4.15%, 11/15/38 | 475 | 527,647 | ||||||
|
| |||||||
Maryland — 2.2% | ||||||||
City of Baltimore Maryland, RB, Wastewater Project, Series A, 5.00%, 07/01/46 | 1,515 | 1,826,546 | ||||||
State of Maryland Stadium Authority, RB, Construction and Revitalization Program, 5.00%, 05/01/42 | 1,740 | 2,152,119 | ||||||
|
| |||||||
3,978,665 | ||||||||
Massachusetts — 3.2% | ||||||||
Commonwealth of Massachusetts, GO, Series A, 5.00%, 01/01/46 | 1,982 | 2,453,832 |
8 |
Schedule of Investments (unaudited) (continued) January 31, 2020 | BlackRock MuniHoldings Fund II, Inc. (MUH) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Massachusetts (continued) | ||||||||
Massachusetts School Building Authority, RB, Senior, Series B, 5.00%, 10/15/21(c) | $ | 3,211 | $ | 3,436,804 | ||||
|
| |||||||
5,890,636 | ||||||||
Michigan — 2.5% | ||||||||
Michigan Finance Authority, RB, Multi Model- McLaren Health Care, 4.00%, 02/15/47 | 1,724 | 1,956,034 | ||||||
State of Michigan Housing Development Authority, RB, M/F Housing, Series A, 4.05%, 10/01/48 | 2,337 | 2,571,101 | ||||||
|
| |||||||
4,527,135 | ||||||||
Nebraska — 0.7% | ||||||||
Nebraska Investment Finance Authority, RB, S/F Housing, Series A (Ginnie Mae, Fannie Mae & Freddie Mac), 3.70%, 03/01/47 | 1,198 | 1,288,663 | ||||||
|
| |||||||
Nevada — 1.5% | ||||||||
County of Clark Nevada, GO, Stadium Improvement, Series A, 5.00%, 05/01/48 | 2,260 | 2,778,920 | ||||||
|
| |||||||
New York — 9.4% | ||||||||
City of New York Housing Development Corp., Refunding RB, Sustainable Neighborhood Bonds, Series A, 4.15%, 11/01/38 | 1,080 | 1,205,215 | ||||||
City of New York Transitional Finance Authority, BARB, SeriesS-1, 4.00%, 07/15/42(h) | 1,395 | 1,469,228 | ||||||
Hudson Yards Infrastructure Corp., RB, Senior-Fiscal 2012(h): | ||||||||
5.75%, 02/15/21(c) | 501 | 525,628 | ||||||
5.75%, 02/15/47 | 309 | 323,350 | ||||||
Metropolitan Transportation Authority, Refunding RB, SeriesC-1, 5.25%, 11/15/56 | 2,337 | 2,809,539 | ||||||
New York Liberty Development Corp., ARB, 1 World Trade Center Port Authority Consolidated Bonds, 5.25%, 12/15/43 | 5,400 | 5,833,348 | ||||||
New York Liberty Development Corp., Refunding RB, 4 World Trade Center Project, 5.75%, 11/15/51(h) | 3,250 | 3,514,709 |
Security | Par (000) | Value | ||||||
New York (continued) | ||||||||
Port Authority of New York & New Jersey, Refunding ARB, Series194th, 5.25%, 10/15/55 | $ | 1,350 | $ | 1,629,085 | ||||
|
| |||||||
17,310,102 | ||||||||
North Carolina — 0.9% | ||||||||
North Carolina Capital Facilities Finance Agency, Refunding RB, Duke University Project, Series B, 5.00%, 10/01/55 | 1,320 | 1,571,948 | ||||||
|
| |||||||
Pennsylvania — 1.8% | ||||||||
Commonwealth of Pennsylvania, GO, 1st Series, 4.00%, 03/01/36(h) | 1,559 | 1,798,248 | ||||||
Pennsylvania Turnpike Commission, RB,Sub-Series A, 5.50%, 12/01/42 | 1,229 | 1,507,955 | ||||||
|
| |||||||
3,306,203 | ||||||||
Rhode Island — 1.2% | ||||||||
Rhode Island Housing & Mortgage Finance Corp., Refunding RB, S/F Housing, Home Ownership Opportunity Bonds, Series69-B (Ginnie Mae, Fannie Mae & Freddie Mac): | ||||||||
3.55%, 10/01/33 | 1,280 | 1,407,283 | ||||||
3.95%, 10/01/43 | 750 | 821,145 | ||||||
|
| |||||||
2,228,428 | ||||||||
South Carolina — 1.0% | ||||||||
South Carolina Ports Authority, ARB, Series B, AMT, 4.00%, 07/01/49(h) | 1,665 | 1,855,676 | ||||||
|
| |||||||
Texas — 8.2% | ||||||||
City of Houston Texas Community College, GO, Limited Tax, 4.00%, 02/15/43 | 1,395 | 1,484,684 | ||||||
City of San Antonio Texas Electric and Gas Systems, RB, Junior Lien, 5.00%, 02/01/43 | 1,260 | 1,400,409 | ||||||
County of Harris Texas Metropolitan Transit Authority, Refunding RB, Series A, 5.00%, 11/01/41 | 1,710 | 1,821,270 | ||||||
County of Harris Texas Toll Road Authority, Refunding RB, Senior Lien, Series A, 5.00%, 08/15/43 | 1,859 | 2,283,619 | ||||||
County of Hidalgo Texas, GOL, Certificates of Obligation, Series A, 4.00%, 08/15/43 | 2,297 | 2,608,283 | ||||||
Howe Independent School District, GO, School Building(PSF-GTD), 4.00%, 08/15/43 | 1,095 | 1,231,711 |
9 |
Schedule of Investments (unaudited) (continued) January 31, 2020 | BlackRock MuniHoldings Fund II, Inc. (MUH) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Texas (continued) | ||||||||
San Antonio Public Facilities Corp., Refunding RB, Convention Center Refinancing And Expansion Project, 4.00%, 09/15/42 | $ | 1,499 | $ | 1,572,371 | ||||
Texas Department of Housing & Community Affairs, RB, S/F Housing, Series A (Ginnie Mae): | ||||||||
3.63%, 09/01/44 | 437 | 471,090 | ||||||
3.75%, 09/01/49 | 239 | 258,277 | ||||||
University of Texas, Refunding RB, Financing System, Series B, 5.00%, 08/15/43 | 1,801 | 1,966,952 | ||||||
|
| |||||||
15,098,666 | ||||||||
Virginia — 0.9% | ||||||||
Virginia Small Business Financing Authority, Refunding RB, Sentara Healthcare, 5.00%, 11/01/40 | 1,553 | 1,568,019 | ||||||
|
| |||||||
Washington — 0.9% | ||||||||
Washington Health Care Facilities Authority, Refunding RB, Multicare Health System, Series B, 4.13%, 08/15/43 | 1,445 | 1,593,671 | ||||||
|
| |||||||
Wisconsin — 0.8% | ||||||||
Wisconsin Housing & Economic Development Authority, RB, M/F Housing, Series A, 4.30%, 11/01/53 | 1,395 | 1,517,369 | ||||||
|
| |||||||
Total Municipal Bonds Transferred to Tender Option Bond Trusts — 51.3% |
| 94,196,980 | ||||||
|
| |||||||
Total Long-Term Investments — 159.2% |
| 292,451,759 | ||||||
|
|
Security | Shares | Value | ||||||
Short-Term Securities — 0.1% |
| |||||||
BlackRock Liquidity Funds, MuniCash, Institutional Class, 0.81%(i)(j) | 184,262 | $ | 184,299 | |||||
|
| |||||||
Total Short-Term Securities — 0.1% |
| 184,299 | ||||||
|
| |||||||
Total Investments — 159.3% |
| 292,636,058 | ||||||
Other Assets Less Liabilities — 0.0% |
| 54,639 | ||||||
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (29.4)% |
| (53,985,937 | ) | |||||
VMTP Shares at Liquidation Value — (29.9)% |
| (55,000,000 | ) | |||||
|
| |||||||
Net Assets Applicable to Common Shares — 100.0% |
| $ | 183,704,760 | |||||
|
|
(a) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(b) | Zero-coupon bond. |
(c) | U.S. Government securities held in escrow, are used to pay interest on this security as well as to retire the bond in full at the date indicated, typically at a premium to par. |
(d) | When-issued security. |
(e) | Variable or floating rate security, which interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of period end. |
(f) | Step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Rate as of period end. |
(g) | Represent bonds transferred to a TOB Trust in exchange of cash and residual certificates received by the Fund. These bonds serve as collateral in a secured borrowing. |
(h) | All or a portion of the security is subject to a recourse agreement. The aggregate maximum potential amount the Fund could ultimately be required to pay under the agreements, which expire between August 15, 2020 to October 1, 2027 is $9,031,596. |
(i) | Annualized7-day yield as of period end. |
(j) | During the period ended January 31, 2020, investments in issuers considered to be an affiliate/affiliates of the Fund for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: |
10 |
Schedule of Investments (unaudited) (continued) January 31, 2020 | BlackRock MuniHoldings Fund II, Inc. (MUH) |
Affiliate | Shares Held at 04/30/19 | Net Activity | Shares Held at 01/31/20 | Value at 01/31/20 | Income | Net Realized Gain (Loss) (a) | Change in Unrealized Appreciation (Depreciation) | |||||||||||||||||||||
BlackRock Liquidity Funds, MuniCash, Institutional Class | 53,945 | 130,317 | 184,262 | $ | 184,299 | $ | 8,898 | $ | 323 | $ | — | |||||||||||||||||
|
|
|
|
|
|
|
|
(a) | Includes net capital gain distributions, if applicable. |
Portfolio Abbreviations | ||
AGC | Assured Guarantee Corp. | |
AGM | Assured Guaranty Municipal Corp. | |
AMT | Alternative Minimum Tax (subject to) | |
ARB | Airport Revenue Bonds | |
BARB | Building Aid Revenue Bonds | |
CAB | Capital Appreciation Bonds | |
COP | Certificates of Participation | |
EDA | Economic Development Authority | |
EDC | Economic Development Corp. | |
FHA | Federal Housing Administration | |
GARB | General Airport Revenue Bonds | |
GO | General Obligation Bonds | |
GTD | Guaranteed | |
IDA | Industrial Development Authority | |
LRB | Lease Revenue Bonds | |
M/F | Multi-Family | |
NPFGC | National Public Finance Guarantee Corp. | |
PSF | Permanent School Fund | |
RB | Revenue Bonds | |
S/F | Single-Family |
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
Description | Number of Contracts | Expiration Date | Notional Amount (000) | Value/ Unrealized Appreciation (Depreciation) | ||||||||||||
Short Contracts | ||||||||||||||||
10-Year U.S. Treasury Note | 10 | 03/20/20 | $ | 1,317 | $ | (19,030 | ) | |||||||||
Long U.S. Treasury Bond | 63 | 03/20/20 | 10,302 | (288,600 | ) | |||||||||||
5-Year U.S. Treasury Note | 4 | 03/31/20 | 481 | (5,699 | ) | |||||||||||
|
| |||||||||||||||
$ | (313,329 | ) | ||||||||||||||
|
|
11 |
Schedule of Investments (unaudited) (continued) January 31, 2020 | BlackRock MuniHoldings Fund II, Inc. (MUH) |
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of investments and derivative financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:
• | Level 1 — Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the Fund has the ability to access |
• | Level 2 — Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs) |
• | Level 3 — Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the BlackRock Global Valuation Methodologies Committee’s (the “Global Valuation Committee’s”) assumptions used in determining the fair value of investments and derivative financial instruments) |
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Global Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are a limited number of investors. The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investments and derivative financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund’s policy regarding valuation of investments and derivative financial instruments, refer to the Fund’s most recent financial statements as contained in its semi-annual report.
The following tables summarize the Fund’s investments and derivative financial instruments categorized in the disclosure hierarchy:
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Investments: | ||||||||||||||||
Long-Term Investments(a) | $ | — | $ | 292,451,759 | $ | — | $ | 292,451,759 | ||||||||
Short-Term Securities | 184,299 | — | — | 184,299 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 184,299 | $ | 292,451,759 | $ | $ | 292,636,058 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Derivative Financial Instruments(b) | ||||||||||||||||
Liabilities: | ||||||||||||||||
Interest Rate Contracts | $ | (313,329 | ) | $ | — | $ | — | $ | (313,329 | ) | ||||||
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(a) | See above Schedule of Investments for values in each state or political subdivision. |
(b) | Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial reporting purposes. As of period end, such assets and/or liabilities are categorized within the disclosure hierarchy as follows:
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Liabilities: |
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TOB Trust Certificates | $ | — | $ | (53,797,516 | ) | $ | — | $ | (53,797,516 | ) | ||||||
VMTP Shares at Liquidation Value | — | (55,000,000 | ) | — | (55,000,000 | ) | ||||||||||
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$ | — | $ | (108,797,516 | ) | $ | — | $ | (108,797,516 | ) | |||||||
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12 |