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 | 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) | 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) | 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) | 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 | 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 | 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) | 230 | 240,138 | ||||||
6.00%, 06/01/28 | 500 | 524,100 | ||||||
State of Illinois GO | 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 | 415 | 453,599 | ||||||
AMT, 7.00%, 01/01/44 | 1,000 | 1,112,160 | ||||||
Indiana Finance Authority RB | 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 | 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 | 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, | 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 | 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 | 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, | 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 | 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 | 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 | 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 | 710 | 828,691 | ||||||
Senior Lien, 7.00%, 06/30/40 | 1,165 | 1,169,730 | ||||||
Texas Transportation Commission RB, CAB(b) | 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 | 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% | 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 | 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 | 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, | 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) | 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% |
| 89,531,028 | ||||||
|
| |||||||
Total Long-Term Investments — 156.7% |
| 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% |
| 1,722,879 | ||||||
|
| |||||||
Total Investments — 157.7% |
| 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 |