Blackrock Muniholdings Fund II (MUH) NPORT-P BlackRock MuniHoldings Fund II, Inc. (Jul 2020 report)

Schedule of Investments  (unaudited) July 31, 2020 BlackRock MuniHoldings Fund II, Inc. (MUH) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Municipal Bonds
Alabama — 1.2%
County of Jefferson Alabama Sewer Revenue Refunding RB, Series D, Sub-Lien, 6.00%, 10/01/42	$	1,875	$	2,178,769
Arizona — 1.6%
Industrial Development Authority of the City of Phoenix RB, Series A, 5.00%, 07/01/46(a)		890		933,619
Maricopa County Industrial Development Authority Refunding RB, Series A, 4.13%, 09/01/38		475		550,506
Salt Verde Financial Corp. RB, 5.00%, 12/01/37		1,010		1,405,385
				2,889,510
Arkansas — 0.8%
Arkansas Development Finance Authority RB, AMT, 4.50%, 09/01/49(a)		1,370		1,386,262
California — 3.6%
California Health Facilities Financing Authority Refunding RB, Series A, 5.00%, 07/01/33		445		500,153
California Municipal Finance Authority RB, S/F Housing Series A, Senior, 5.25%, 08/15/39		80		88,878
Series A, Senior, 5.25%, 08/15/49		195		211,362
California Municipal Finance Authority Refunding RB, Series A, 5.00%, 02/01/42		120		139,398
California Pollution Control Financing Authority RB, AMT, 5.00%, 11/21/45(a)		730		753,820
California State Public Works Board RB, Series I, 5.00%, 11/01/38		405		458,743
Golden State Tobacco Securitization Corp. Refunding RB, Series A-2, 5.00%, 06/01/47		1,425		1,456,621
San Diego Unified School District GO, CAB(b) Series A, 0.00%, 07/01/29		2,235		2,023,390
Series A, 0.00%, 07/01/29(c)		290		260,609
State of California GO, 6.00%, 03/01/33		425		426,704
Stockton Public Financing Authority RB, Series A, 6.25%, 10/01/23(d)		185		220,537
				6,540,215
Colorado — 1.7%
City & County of Denver Colorado RB, CAB, Series A-2, 0.00%, 08/01/37(b)		1,490		841,180
Colorado Educational & Cultural Facilities Authority RB, 5.50%, 07/01/40		1,055		1,057,827
Colorado Health Facilities Authority Refunding RB, Series A, 3.25%, 08/01/49		1,105		1,125,354
				3,024,361
Connecticut — 0.8%
Connecticut Housing Finance Authority Refunding RB, S/F Housing, Sub-Series A-1, 3.85%, 11/15/43		1,370		1,494,588
Delaware — 2.4%
County of Sussex Delaware RB, 6.00%, 10/01/40		570		578,550
Delaware State Economic Development Authority RB, 5.38%, 10/01/45		2,050		2,060,783
Delaware State Health Facilities Authority RB, 5.00%, 06/01/48		1,395		1,626,110
				4,265,443

Security	Par (000)		Value
District of Columbia — 4.0%
Metropolitan Washington Airports Authority Dulles Toll Road Revenue Refunding RB, CAB, Series B, 2nd Senior Lien, (AGC), 0.00%, 10/01/34(b)	$	10,170	$	7,131,713
Florida — 3.1%
City of Tampa Florida RB, CAB(b) Series A, 0.00%, 09/01/49		285		94,965
Series A, 0.00%, 09/01/53		300		83,094
County of Broward Florida Port Facilities Revenue ARB, Series B, AMT, 4.00%, 09/01/49		1,070		1,152,882
County of Osceola Florida Transportation Revenue Refunding RB, CAB(b) Series A-2, 0.00%, 10/01/41		275		136,221
Series A-2, 0.00%, 10/01/42		370		176,190
Series A-2, 0.00%, 10/01/43		335		153,209
Series A-2, 0.00%, 10/01/44		345		152,028
Series A-2, 0.00%, 10/01/45		285		121,017
Florida Housing Finance Corp. RB, S/F Housing, Series 1, (FNMA, GNMA, FHLMC), 3.75%, 07/01/42		545		599,615
Mid-Bay Bridge Authority RB, Series A, 7.25%, 10/01/21(d)		1,525		1,650,004
Palm Beach County Health Facilities Authority RB, Series B, 5.00%, 11/15/42		75		88,052
Village Community Development District No. 10 SAB, 5.13%, 05/01/43		1,080		1,111,396
				5,518,673
Georgia — 4.5%
Gainesville & Hall County Hospital Authority Refunding RB, Series A, (GTD), 5.50%, 08/15/54		270		317,498
Griffin-Spalding County Hospital Authority RB, 4.00%, 04/01/42		2,310		2,559,341
Main Street Natural Gas, Inc. RB Series A, 5.00%, 05/15/36		1,500		2,026,995
Series A, 5.00%, 05/15/38		790		1,089,244
Series A, 5.00%, 05/15/49		935		1,387,821
Municipal Electric Authority of Georgia RB 4.00%, 01/01/49		260		285,147
5.00%, 01/01/56		350		407,796
				8,073,842
Hawaii — 0.4%
State of Hawaii Harbor System Revenue RB, Series A, 5.25%, 07/01/30		680		682,244
Idaho — 1.1%
Power County Industrial Development Corp. RB, AMT, 6.45%, 08/01/32		2,000		2,007,000
Illinois — 10.5%
Chicago Board of Education GO
Series C, 5.25%, 12/01/35		805		856,045
Series D, 5.00%, 12/01/46		1,070		1,117,410
Series H, 5.00%, 12/01/46		240		256,008
Chicago Board of Education Refunding GO
Series C, 5.00%, 12/01/25		360		397,832
Series C, 5.00%, 12/01/34		240		260,767
Series D, 5.00%, 12/01/25		435		480,714
Series F, 5.00%, 12/01/24		340		370,539
Chicago O’Hare International Airport ARB
Series A, 3rd Lien, 5.75%, 01/01/39		400		407,408
Series C, 3rd Lien, 6.50%, 01/01/21(d)		2,935		3,012,015

1

Schedule of Investments  (unaudited) (continued) July 31, 2020 BlackRock MuniHoldings Fund II, Inc. (MUH) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Illinois (continued)
Chicago Transit Authority RB, 5.25%, 12/01/40	$	530	$	555,366
City of Chicago Illinois Special Assessment Revenue SAB, 6.75%, 12/01/32		578		579,289
Cook County Community College District No 508 GO, 5.50%, 12/01/38		410		450,483
Illinois Finance Authority Refunding RB, 4.00%, 03/01/35.		1,290		1,468,162
Metropolitan Pier & Exposition Authority RB, Series A, 5.00%, 06/15/57		365		390,838
Metropolitan Pier & Exposition Authority Refunding RB 4.00%, 06/15/50		280		279,882
Series B, (AGM), 0.00%, 06/15/47(b)		9,555		3,816,267
Railsplitter Tobacco Settlement Authority RB(d) 5.50%, 06/01/21		230		240,138
6.00%, 06/01/28		500		524,100
State of Illinois GO 5.00%, 02/01/39		810		859,394
Series A, 5.00%, 04/01/38		1,920		2,020,723
University of Illinois RB, Series A, 5.00%, 04/01/44		520		573,545
				18,916,925
Indiana — 2.9%
City of Valparaiso Indiana RB AMT, 6.75%, 01/01/34		415		453,599
AMT, 7.00%, 01/01/44		1,000		1,112,160
Indiana Finance Authority RB Series A, 1st Lien, 5.25%, 10/01/38		1,660		1,746,336
Series A, AMT, 5.00%, 07/01/44		225		239,796
Series A, AMT, 5.00%, 07/01/48		740		788,581
Series A, AMT, 5.25%, 01/01/51		210		224,744
Indianapolis Local Public Improvement Bond Bank RB, Series A, 5.00%, 01/15/40		640		705,050
				5,270,266
Iowa — 1.8%
Iowa Finance Authority Refunding RB 5.25%, 12/01/25		940		988,335
5.88%, 12/01/26(a)		210		217,667
Series B, 5.25%, 12/01/50(e)		240		253,887
Iowa Student Loan Liquidity Corp. Refunding RB, Series B, AMT, 3.00%, 12/01/39		1,715		1,732,630
				3,192,519
Kentucky — 0.7%
Kentucky Economic Development Finance Authority RB, Series A, 5.25%, 01/01/23(d)		525		589,113
Kentucky Public Transportation Infrastructure Authority RB, CAB, Series C, 6.75%, 07/01/43(f)		635		622,535
				1,211,648
Louisiana — 2.3%
Louisiana Public Facilities Authority Refunding RB, 5.00%, 05/15/47		1,635		1,865,977
Tobacco Settlement Financing Corp. Refunding RB Series A, 5.50%, 05/15/30		405		405,680
Series A, 5.25%, 05/15/31		435		445,997
Series A, 5.25%, 05/15/32		555		585,408
Series A, 5.25%, 05/15/33		600		632,298
Series A, 5.25%, 05/15/35		255		274,265
				4,209,625

Security	Par (000)		Value
Maine — 0.4%
Maine State Housing Authority RB, M/F Housing, Series E, 4.25%, 11/15/43	$	355	$	406,933
Maine State Housing Authority RB, S/F Housing, Series C, 3.95%, 11/15/43		335		374,507
				781,440
Maryland — 2.0%
Maryland Economic Development Corp. Refunding RB, 5.75%, 09/01/25		330		330,591
Maryland Health & Higher Educational Facilities Authority RB, Series A, 5.00%, 05/15/42		1,760		2,085,248
Maryland Health & Higher Educational Facilities Authority Refunding RB, 6.25%, 01/01/21(d)		1,095		1,122,440
				3,538,279
Massachusetts — 3.9%
Massachusetts Development Finance Agency Refunding RB 4.00%, 07/01/39		1,140		1,177,141
Series A, 4.00%, 06/01/49		150		162,698
Series P, 5.45%, 05/15/59		845		1,115,113
Massachusetts Educational Financing Authority RB, AMT, 3.75%, 07/01/47		1,865		1,899,894
Massachusetts Educational Financing Authority Refunding RB
Series A, AMT, 3.63%, 07/01/32		1,550		1,610,341
Series B, AMT, 3.63%, 07/01/34		1,000		1,044,720
				7,009,907
Michigan — 3.9%
City of Detroit Michigan Sewage Disposal System Revenue Refunding RB, Series A, Senior Lien, 5.25%, 07/01/22(d)		2,235		2,453,516
Eastern Michigan University RB, Series A, 4.00%, 03/01/47		1,170		1,305,907
Michigan Finance Authority RB, Series C-1, Senior Lien, 5.00%, 07/01/22(d)		455		497,119
Michigan Finance Authority Refunding RB, 4.00%, 11/15/46		570		624,732
Michigan State Housing Development Authority RB, M/F housing, Series A, 4.15%, 10/01/53		940		1,031,707
Michigan State Housing Development Authority RB, S/F Housing
Series A, 4.00%, 06/01/49		265		294,974
Series C, 4.13%, 12/01/38		185		208,112
Michigan Strategic Fund RB, AMT, 5.00%, 06/30/48		490		547,967
				6,964,034
Missouri — 0.1%
Health & Educational Facilities Authority of the State of Missouri Refunding RB, 5.50%, 05/01/43		130		138,902

2

Schedule of Investments  (unaudited) (continued) July 31, 2020 BlackRock MuniHoldings Fund II, Inc. (MUH) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
New Hampshire — 1.1%
New Hampshire Business Finance Authority Refunding RB(a)
Series B, 4.63%, 11/01/42	$	735	$	742,732
Series C, AMT, 4.88%, 11/01/42		420		424,461
New Hampshire Housing Finance Authority RB, M/F Housing, (FHA), 4.00%, 07/01/52		800		867,864
				2,035,057
New Jersey — 9.4%
Casino Reinvestment Development Authority, Inc. Refunding RB 5.25%, 11/01/39		530		548,524
5.25%, 11/01/44		790		812,326
Essex County Improvement Authority RB, AMT, 5.25%, 07/01/45(a)		560		560,498
New Jersey Economic Development Authority RB Series B, 4.50%, 06/15/40		1,270		1,413,917
Series WW, 5.00%, 06/15/36		210		233,514
AMT, 5.13%, 09/15/23		1,040		1,065,511
New Jersey Economic Development Authority Refunding SAB, 5.75%, 04/01/31		1,125		1,170,259
New Jersey Higher Education Student Assistance Authority RB, Series B, AMT, 3.50%, 12/01/39		680		692,274
New Jersey Housing & Mortgage Finance Agency Refunding RB, S/F Housing, Series E, 2.45%, 10/01/50(g)		140		140,519
New Jersey Transportation Trust Fund Authority RB
Series A, 5.50%, 06/15/41(d)		1,025		1,072,324
Series AA, 4.13%, 06/15/39		1,040		1,139,008
Series AA, 5.00%, 06/15/44		940		1,004,657
Series B, 5.25%, 06/15/36		1,235		1,270,642
New Jersey Transportation Trust Fund Authority Refunding RB
4.00%, 12/15/39		510		549,999
Series A, 5.00%, 12/15/36		380		445,109
New Jersey Turnpike Authority RB, Series E, 5.00%, 01/01/45		715		809,637
Tobacco Settlement Financing Corp. Refunding RB Series A, 4.00%, 06/01/37		500		567,405
Sub-Series B, 5.00%, 06/01/46		3,105		3,493,156
				16,989,279
New York — 7.5%
Erie Tobacco Asset Securitization Corp. Refunding RB, Series A, 5.00%, 06/01/45		1,020		1,019,827
Metropolitan Transportation Authority RB, Series B, 5.25%, 11/15/38		1,255		1,341,633
Metropolitan Transportation Authority Refunding RB, Series C-1, 5.00%, 11/15/56		2,350		2,589,841
New York City Housing Development Corp. RB, M/F Housing, Series A, 3.00%, 11/01/55		740		770,599
New York City Transitional Finance Authority Future Tax Secured Revenue RB
Series C, 4.00%, 05/01/45		835		995,378
Sub-Series E-1, 5.00%, 02/01/42		740		785,332
New York Counties Tobacco Trust IV Refunding RB, Series A, 6.25%, 06/01/41(a)		1,000		1,000,500
New York Liberty Development Corp. Refunding RB(a)
Class 1, 5.00%, 11/15/44		1,495		1,588,991
Class 2, 5.15%, 11/15/34		175		185,537

Security	Par (000)		Value
New York (continued)
Class 2, 5.38%, 11/15/40	$	440	$	469,832
New York Power Authority Refunding RB, Series A, 4.00%, 11/15/60		210		249,455
Port Authority of New York & New Jersey ARB,
Series 221, AMT, 4.00%, 07/15/60		850		952,484
Port Authority of New York & New Jersey RB
Series 8, 6.00%, 12/01/36		650		659,672
Series 8, 6.00%, 12/01/42		630		638,914
Westchester County Healthcare Corp. RB, Series A, Senior Lien, 5.00%, 11/01/44		252		276,164
				13,524,159
North Carolina — 0.6%
North Carolina Medical Care Commission RB, 4.00%, 11/01/52		400		456,356
North Carolina Medical Care Commission Refunding RB, Series A, 7.75%, 03/01/21(d)		305		318,438
North Carolina Turnpike Authority RB
Senior Lien, (AGM), 4.00%, 01/01/55		100		111,891
Senior Lien, 4.00%, 01/01/55		100		110,791
				997,476
Ohio — 3.0%
Buckeye Tobacco Settlement Financing Authority Refunding RB, Series B-2, Class 2, 5.00%, 06/01/55		2,065		2,276,311
County of Franklin Ohio RB
Series A, 6.13%, 07/01/22(d)		20		22,280
Series A, 6.13%, 07/01/40		330		347,170
County of Montgomery Ohio Refunding RB, 4.00%, 11/15/42		655		710,420
Ohio Air Quality Development Authority RB, AMT, 5.00%, 07/01/49(a)		405		412,286
Ohio Housing Finance Agency RB, S/F Housing, Series A, (FNMA, FHLMC, GNMA), 4.00%, 09/01/48		135		147,520
State of Ohio RB, AMT, 5.00%, 06/30/53		420		465,931
State of Ohio Refunding RB, Series A, 4.00%, 01/15/50		945		1,062,501
				5,444,419
Oklahoma — 0.6%
Oklahoma Development Finance Authority RB, Series B, 5.50%, 08/15/57		625		741,800
Oklahoma Turnpike Authority RB, Series A, 4.00%, 01/01/48		280		314,706
				1,056,506
Oregon — 0.8%
Salem-Keizer School District No. 24J GO, CAB, Series A, 0.00%, 06/15/40(b)		1,980		1,205,879
State of Oregon Housing & Community Services Department RB, S/F Housing, Series C, 3.95%, 07/01/43		200		220,014
				1,425,893
Pennsylvania — 5.0%
Bucks County Industrial Development Authority RB, 4.00%, 08/15/50		1,305		1,424,942
Hospitals & Higher Education Facilities Authority of Philadelphia RB, Series A, 5.63%, 07/01/42		335		350,859
Montgomery County Higher Education and Health Authority Refunding RB, Series A, 4.00%, 09/01/49		470		515,905

3

Schedule of Investments  (unaudited)(continued) July 31, 2020 BlackRock MuniHoldings Fund II, Inc. (MUH) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Pennsylvania (continued)
Pennsylvania Economic Development Financing Authority RB
Series A-1, 4.00%, 04/15/50	$	470	$	539,513
AMT, 5.00%, 12/31/38		390		428,072
AMT, 5.00%, 06/30/42		440		480,841
Pennsylvania Economic Development Financing Authority Refunding RB, AMT, 5.50%, 11/01/44		800		821,168
Pennsylvania Higher Education Assistance Agency RB, Series B, AMT, 3.00%, 06/01/47		100		98,597
Pennsylvania Housing Finance Agency RB, S/F Housing, Series 128-B, 3.85%, 04/01/38		965		1,072,713
Pennsylvania Housing Finance Agency Refunding RB, S/F Housing, Series 119, 3.50%, 10/01/36		1,285		1,372,316
Pennsylvania Turnpike Commission RB Series A, 5.00%, 12/01/44		585		678,021
Series A, Subordinate, 4.00%, 12/01/49		1,075		1,192,454
				8,975,401
Puerto Rico — 6.2%
Children’s Trust Fund Refunding RB 5.50%, 05/15/39		325		325,097
5.63%, 05/15/43		355		355,071
Puerto Rico Commonwealth Aqueduct & Sewer Authority RB
Series A, Senior Lien, 5.00%, 07/01/33		1,355		1,391,002
Series A, Senior Lien, 5.13%, 07/01/37		385		396,069
Puerto Rico Commonwealth Aqueduct & Sewer Authority Refunding RB
Series A, Senior Lien, 6.00%, 07/01/38		400		403,548
Series A, Senior Lien, 6.00%, 07/01/44		725		731,351
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue RB, CAB, Restructured, Series A-1, 0.00%, 07/01/46(b)		3,780		1,101,757
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue RB, Restructured
Series A-1, 4.75%, 07/01/53		865		918,457
Series A-1, 5.00%, 07/01/58		3,685		3,968,819
Series A-2, 4.33%, 07/01/40		565		587,662
Series A-2, 4.78%, 07/01/58		925		985,079
				11,163,912
Rhode Island — 2.7%
Rhode Island Student Loan Authority RB, Series A, AMT, 3.63%, 12/01/37		945		974,815
Tobacco Settlement Financing Corp. Refunding RB
Series A, 5.00%, 06/01/35		420		474,550
Series B, 4.50%, 06/01/45		1,375		1,453,237
Series B, 5.00%, 06/01/50		1,895		2,048,343
				4,950,945
South Carolina — 4.5%
South Carolina Jobs-Economic Development Authority RB 5.00%, 04/01/44		100		107,991
4.00%, 04/01/49		100		97,608
5.00%, 04/01/49		135		144,967
4.00%, 04/01/54		105		101,541
5.00%, 04/01/54		245		262,395
South Carolina Jobs-Economic Development Authority Refunding RB, Series A, 4.25%, 05/01/48		1,445		1,562,132
South Carolina Ports Authority ARB AMT, 5.25%, 07/01/25(d)		555		688,183

Security	Par (000)		Value
South Carolina (continued)
AMT, 5.00%, 07/01/55	$	710	$	833,306
South Carolina Public Service Authority RB, Series A, 5.50%, 12/01/54		2,040		2,311,055
South Carolina Public Service Authority Refunding RB, Series E, 5.25%, 12/01/55		1,635		1,916,253
				8,025,431
Tennessee — 0.9%
Chattanooga Health Educational & Housing Facility Board RB, Series A, 5.25%, 01/01/23(d)		720		805,457
Greeneville Health & Educational Facilities Board Refunding RB, Series A, 4.00%, 07/01/40		375		405,090
Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd RB, Series A, 5.00%, 07/01/40		360		411,818
				1,622,365
Texas — 4.6%
Brazos Higher Education Authority, Inc. RB, Series 1B, AMT, 3.00%, 04/01/40		65		62,726
Central Texas Regional Mobility Authority Refunding RB Senior Lien, 6.25%, 01/01/21(d)		1,070		1,096,547
Sub-Lien, 5.00%, 01/01/33		180		196,094
Harris County Cultural Education Facilities Finance Corp. RB, Series B, 7.00%, 01/01/23(d)		240		279,209
Midland County Fresh Water Supply District No. 1 RB, CAB(b)
Series A, 0.00%, 09/15/40		2,525		1,162,081
Series A, 0.00%, 09/15/41		1,395		608,387
New Hope Cultural Education Facilities Finance Corp. RB, Series A, 5.00%, 04/01/25(d)		145		176,750
North Texas Tollway Authority RB, CAB, Series B, 0.00%, 09/01/31(b)(d)		1,015		553,398
North Texas Tollway Authority Refunding RB, 4.25%, 01/01/49		610		693,857
Texas Department of Housing & Community Affairs RB, S/F Housing, Series A, (GNMA), 4.25%, 09/01/43		195		219,923
Texas Private Activity Bond Surface Transportation Corp. RB AMT, 5.00%, 06/30/58		710		828,691
Senior Lien, 7.00%, 06/30/40		1,165		1,169,730
Texas Transportation Commission RB, CAB(b) 0.00%, 08/01/35		270		160,855
0.00%, 08/01/36		145		81,968
0.00%, 08/01/37		195		104,416
0.00%, 08/01/38		200		101,458
0.00%, 08/01/44		870		317,150
0.00%, 08/01/45		1,135		392,154
				8,205,394
Utah — 0.1%
Utah Charter School Finance Authority Refunding RB, 5.00%, 06/15/55(a)		190		196,836
Virginia — 1.9%
Virginia Housing Development Authority RB, M/F Housing, Series D, 3.90%, 10/01/48		1,430		1,594,250
Virginia Small Business Financing Authority RB Senior Lien, AMT, 5.25%, 01/01/32		400		425,616
Senior Lien, AMT, 6.00%, 01/01/37		1,345		1,445,471
				3,465,337

4

Schedule of Investments  (unaudited) (continued) July 31, 2020 BlackRock MuniHoldings Fund II, Inc. (MUH) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Washington — 1.4%
King County Housing Authority Refunding RB, 3.00%, 06/01/40	$	440	$	470,765
Port of Seattle Washington ARB, Series C, AMT, 5.00%, 04/01/40		390		440,914
Washington Health Care Facilities Authority RB, Series A, 5.75%, 01/01/45		1,195		1,347,398
Washington Health Care Facilities Authority Refunding RB, 5.00%, 09/01/55		285		355,287
				2,614,364
West Virginia — 1.0%
West Virginia Hospital Finance Authority RB, Series A, 4.00%, 06/01/51		1,605		1,747,829
Wisconsin — 1.9%
Public Finance Authority Refunding RB, Series A, 4.00%, 10/01/49		2,000		2,212,780
Wisconsin Housing & Economic Development Authority RB, M/F Housing
Series A, 3.15%, 11/01/44		480		512,529
Series A, 4.45%, 05/01/57		575		646,628
				3,371,937
Total Municipal Bonds — 106.9% (Cost: $172,269,589)				192,238,705
Municipal Bonds Transferred to Tender Option Bond Trusts(h)
Arizona — 0.6%
Maricopa County Industrial Development Authority RB, Series A, 4.00%, 01/01/41		915		1,040,895
California — 2.8%
Bay Area Toll Authority Refunding RB, 4.00%, 04/01/42(i)		1,638		1,886,696
City of Los Angeles Department of Airports Refunding RB, Series A, 5.00%, 05/15/40		1,162		1,165,482
Sacramento Area Flood Control Agency Refunding SAB, 5.00%, 10/01/47		1,635		1,977,547
				5,029,725
Colorado — 1.2%
County of Adams Colorado Refunding COP, 4.00%, 12/01/45		1,950		2,149,348
District of Columbia — 0.3%
District of Columbia Housing Finance Agency RB, M/F Housing, Series 2, (FHA), 4.10%, 09/01/39		510		583,629
Florida — 5.7%
City Of South Miami Health Facilities Authority, Inc. Refunding RB, 5.00%, 08/15/47		1,290		1,503,933
City of Tampa Florida RB, Series A, 4.00%, 11/15/46		1,932		2,143,325
County of Broward Florida Port Facilities Revenue ARB, Series B, AMT, 4.00%, 09/01/49		2,350		2,532,031
Greater Orlando Aviation Authority ARB, Series A, AMT, 4.00%, 10/01/49(i)		3,543		3,981,659
				10,160,948

Security	Par (000)		Value
Georgia — 0.7%
Georgia Housing & Finance Authority Refunding RB, Series A, 3.70%, 06/01/49	$	1,071	$	1,180,112
Illinois — 0.6%
Illinois Finance Authority Refunding RB Series C, 4.00%, 02/15/27(d)		2		2,812
Series C, 4.00%, 02/15/41		1,002		1,121,157
				1,123,969
Louisiana — 0.8%
State of Louisiana Gasoline & Fuels Tax Revenue Refunding RB, Series A, 1st Lien, 4.00%, 05/01/41		1,245		1,389,619
Maine — 0.3%
Maine State Housing Authority RB, M/F Housing, Series E, 4.15%, 11/15/38		475		549,365
Maryland — 4.2%
City of Baltimore Maryland RB Series A, 5.00%, 07/01/46		1,515		1,819,651
Series A, 4.00%, 07/01/49		3,123		3,618,801
Maryland Stadium Authority RB, 5.00%, 05/01/42		1,740		2,103,834
				7,542,286
Massachusetts — 3.9%
Commonwealth of Massachusetts GO, Series A, 5.00%, 01/01/46		1,982		2,469,510
Massachusetts Housing Finance Agency RB, M/F Housing, Series A-1, (FHA), 3.10%, 06/01/60		1,111		1,143,034
Massachusetts School Building Authority RB, Series B, 5.00%, 10/15/21(d)		3,211		3,397,757
				7,010,301
Michigan — 2.5%
Michigan Finance Authority RB, 4.00%, 02/15/47		1,724		1,968,465
Michigan State Housing Development Authority RB, M/F Housing, Series A, 4.05%, 10/01/48		2,337		2,592,109
				4,560,574
Nebraska — 0.6%
Nebraska Investment Finance Authority RB, S/F Housing, Series A, (FNMA, FHLMC, GNMA), 3.70%, 03/01/47		1,032		1,163,925
Nevada — 1.6%
County of Clark Nevada GO, Series A, 5.00%, 05/01/48		2,260		2,781,858
New York — 7.9%
Hudson Yards Infrastructure Corp. RB(i) 5.75%, 02/15/21(d)		501		515,503
5.75%, 02/15/47		309		317,122
New York City Housing Development Corp. Refunding RB, Series A, 4.15%, 11/01/38		1,080		1,209,006
New York City Transitional Finance Authority Building Aid Revenue RB, Series S-1, 4.00%, 07/15/42(i)		1,395		1,475,994
New York Liberty Development Corp. ARB, 5.25%, 12/15/43		5,400		5,706,290

5

Schedule of Investments  (unaudited) (continued) July 31, 2020 BlackRock MuniHoldings Fund II, Inc. (MUH) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
New York (continued)
New York Liberty Development Corp. Refunding RB, 5.75%, 11/15/51(i)	$	3,250	$	3,458,773
Port Authority of New York & New Jersey Refunding RB, 194th Series, 5.25%, 10/15/55		1,350		1,593,499
				14,276,187
North Carolina — 0.9%
North Carolina Capital Facilities Finance Agency Refunding RB, Series B, 5.00%, 10/01/25(d)		1,320		1,637,513
Pennsylvania — 1.8%
Commonwealth of Pennsylvania GO, 1st Series, 4.00%, 03/01/36(i)		1,559		1,831,912
Pennsylvania Turnpike Commission RB, Series A, 5.50%, 12/01/42		1,229		1,474,150
				3,306,062
Rhode Island — 1.1%
Rhode Island Housing and Mortgage Finance Corp. Refunding RB, S/F Housing
Series 69-B, (FNMA, FHLMC, GNMA), 3.55%, 10/01/33		1,280		1,415,770
Series 69-B, (FNMA, FHLMC, GNMA), 3.95%, 10/01/43		459		501,072
				1,916,842
South Carolina — 1.0%
South Carolina Ports Authority ARB, Series B, AMT, 4.00%, 07/01/49(i)		1,665		1,839,192
Texas — 9.5%
City of San Antonio Texas Electric & Gas Systems Revenue RB, Junior Lien, 5.00%, 02/01/43		1,260		1,388,873
County of Hidalgo Texas GO, Series A, 4.00%, 08/15/43		2,297		2,694,408
Harris County Toll Road Authority Refunding RB, Series A, Senior Lien, 5.00%, 08/15/43		1,859		2,306,404
Houston Community College System GO, 4.00%, 02/15/43		1,395		1,505,010
Howe Independent School District GO, (PSF-GTD), 4.00%, 08/15/43		1,095		1,260,279
Metropolitan Transit Authority of Harris County Sales & Use Tax Revenue Refunding RB, Series A, 5.00%, 11/01/21(d)		1,710		1,813,558
San Antonio Public Facilities Corp. Refunding RB, 4.00%, 09/15/42		1,499		1,587,107
Texas Department of Housing & Community Affairs RB, S/F Housing
Series A, (GNMA), 3.63%, 09/01/44		437		476,023
Series A, (GNMA), 3.00%, 09/01/45		625		654,579
Series A, (GNMA), 3.75%, 09/01/49		239		260,982
Series A, (GNMA), 3.00%, 03/01/50		1,185		1,240,280
University of Texas System Refunding RB, Series B, 5.00%, 08/15/43		1,801		1,955,769
				17,143,272

Security	Par (000)		Value
Washington — 0.9%
Washington Health Care Facilities Authority Refunding RB, Series B, 4.13%, 08/15/43	$	1,445	$	1,583,090
Wisconsin — 0.9%
Wisconsin Housing & Economic Development Authority RB, M/F Housing, Series A, 4.30%, 11/01/53		1,395		1,562,316
Total Municipal Bonds Transferred to Tender Option Bond Trusts — 49.8% (Cost: $83,134,325)				89,531,028
Total Long-Term Investments — 156.7% (Cost: $255,403,914)				281,769,733
	Shares
Short-Term Securities
Money Market Funds — 1.0%
BlackRock Liquidity Funds, MuniCash, Institutional Class, 0.04%(j)(k)		1,722,534		1,722,879
Total Short-Term Securities — 1.0% (Cost: $1,722,879)				1,722,879
Total Investments — 157.7% (Cost: $257,126,793)				283,492,612
Other Assets Less Liabilities — 1.0%				1,875,433
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (28.1)%				(50,599,198	)
VMTP Shares at Liquidation Value — (30.6)%				(55,000,000	)
Net Assets Applicable to Common Shares — 100.0%			$	179,768,847

^(a)  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(b)  Zero-coupon bond.

^(c)  Security is collateralized by municipal bonds or U.S. Treasury obligations.

^(d)  U.S. Government securities held in escrow, are used to pay interest on this security as well as to retire the bond in full at the date indicated, typically at a premium to par.

^(e) Variable 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)  When-issued security.

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

⁽ⁱ⁾  All or a portion of the security is subject to a recourse agreement. The aggregate maximum potential amount the Fund could ultimately be required to pay under the agreements, which expire between May 15, 2021 to February 15, 2047, is $9,031,595.

^(j) Affiliate of the Fund.

^(k)  Annualized 7-day yield as of period end.

6

Schedule of Investments (unaudited) (continued) July 31, 2020 BlackRock MuniHoldings Fund II, Inc. (MUH)

Affiliates

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

Affiliated Issuer	Shares Held at 04/30/20		Shares Purchased			Shares Sold		Shares Held at 07/31/20		Value at 07/31/20		Income		Net Realized Gain (Loss)(a)			Change in Unrealized Appreciation (Depreciation)
BlackRock Liquidity Funds, MuniCash, Institutional Class		1,196,462		526,072	(b)		—		1,722,534	$	1,722,879	$	79	$	(31	)	$	—

^(a)  Includes net capital gain distributions, if applicable.

^(b)  Represents net shares purchased (sold).

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of investments. 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)

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 is based on the pricing transparency of the investments 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, refer to its most recent financial statements.

The following table summarizes the Fund’s investments categorized in the disclosure hierarchy. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Municipal Bonds	$	—	$	192,238,705	$	—	$	192,238,705
Municipal Bonds Transferred to Tender Option Bond Trusts		—		89,531,028		—		89,531,028
Short-Term Securities
Money Market Funds		1,722,879		—		—		1,722,879
	$	1,722,879	$	281,769,733	$	—	$	283,492,612

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

	Level 1		Level 2			Level 3		Total
Liabilities
TOB Trust Certificates	$	—	$	(50,579,134	)	$	—	$	(50,579,134	)
VMTP Shares at Liquidation Value		—		(55,000,000	)		—		(55,000,000	)
	$	—	$	(105,579,134	)	$	—	$	(105,579,134	)

7

Schedule of Investments  (unaudited) (continued) July 31, 2020 BlackRock MuniHoldings Fund II, Inc. (MUH)

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

8