October 31, 2024 
2024 Quarterly Report
(Unaudited)
 
BlackRock MuniHoldings Quality Fund II, Inc. (MUE)
 
Not FDIC Insured • May Lose Value • No Bank Guarantee
Schedule of Investments (unaudited)
October 31, 2024
BlackRock MuniHoldings Quality Fund II, Inc. (MUE)
(Percentages shown are based on Net Assets)

 
Security
 
Par
(000)
Value
Municipal Bonds
Alabama — 4.8%
Black Belt Energy Gas District, RB(a)
 
Series A, 5.25%, 01/01/54
$
2,000
$ 2,134,853
Series F, 5.50%, 11/01/53
 
840
890,872
County of Jefferson Alabama Sewer Revenue, Refunding
RB, 5.25%, 10/01/49
 
520
554,216
Energy Southeast A Cooperative District, RB, Series B,
5.25%, 07/01/54(a)
 
470
506,502
Mobile County Industrial Development Authority, RB,
Series A, AMT, 5.00%, 06/01/54
 
2,640
2,681,160
Southeast Energy Authority A Cooperative District, RB,
Series A-2, 5.65%, 01/01/53(a)
 
5,090
5,184,400
 
 
11,952,003
Arizona — 1.1%
Arizona Industrial Development Authority, RB(b)
 
4.38%, 07/01/39
 
550
505,030
Series A, 5.00%, 07/01/49
 
525
492,892
Series A, 5.00%, 07/01/54
 
405
375,470
Chandler Industrial Development Authority, RB, AMT,
4.10%, 12/01/37(a)
 
535
538,039
Maricopa County Industrial Development Authority,
Refunding RB, 5.00%, 07/01/54(b)
 
280
280,281
Salt Verde Financial Corp., RB, 5.00%, 12/01/37
 
450
488,494
 
 
2,680,206
Arkansas — 0.7%
Arkansas Development Finance Authority, RB
 
AMT, 4.50%, 09/01/49(b)
 
1,270
1,231,573
AMT, Sustainability Bonds, 5.70%, 05/01/53
 
415
431,281
 
 
1,662,854
California — 2.2%
California Community Choice Financing Authority, RB(a)
 
Series B-2, Sustainability Bonds, 3.69%, 02/01/52
 
1,500
1,408,734
Series E-2, Sustainability Bonds, 4.90%, 02/01/54
 
1,550
1,547,038
California Enterprise Development Authority, RB, 8.00%,
11/15/62(b)
 
365
377,979
California Health Facilities Financing Authority,
Refunding RB, Series A, 3.00%, 08/15/51
 
1,100
860,487
California Infrastructure & Economic Development Bank,
RB, Series A-4, AMT, 8.00%, 01/01/50(a)(b)
 
330
339,954
CSCDA Community Improvement Authority, RB, M/F
Housing, Sustainability Bonds, 5.00%, 09/01/37(b)
 
100
101,034
Washington Township Health Care District, GO, Series B,
Election 2004, 5.50%, 08/01/40
 
940
942,109
 
 
5,577,335
Colorado — 2.2%
City & County of Denver Colorado Airport System
Revenue, Refunding ARB, Series A, AMT, 5.00%,
12/01/48
 
1,700
1,721,124
Colorado Health Facilities Authority, RB, 5.50%,
11/01/47
 
205
224,993
Colorado Health Facilities Authority, Refunding RB,
Series A, 3.25%, 08/01/49
 
3,025
2,304,725
Security
 
Par
(000)
Value
Colorado (continued)
Denver Convention Center Hotel Authority, Refunding
RB, 5.00%, 12/01/40
$
830
$ 840,523
E-470 Public Highway Authority, Refunding RB, Series B,
3.98%, 09/01/39(a)
 
485
482,263
 
 
5,573,628
Connecticut — 1.5%
State of Connecticut Special Tax Revenue, RB, Series A,
5.25%, 07/01/42
 
1,725
1,929,043
State of Connecticut, GO, Series A, 5.00%, 04/15/38
 
1,690
1,778,630
 
 
3,707,673
Delaware — 0.5%
Delaware State Health Facilities Authority, RB, 5.00%,
06/01/48
 
1,345
1,357,399
District of Columbia — 1.6%
Metropolitan Washington Airports Authority Aviation
Revenue, Refunding ARB, Series A, AMT, 5.25%,
10/01/48
 
465
491,635
Washington Metropolitan Area Transit Authority
Dedicated Revenue, RB, Sustainability Bonds, 5.25%,
07/15/53
 
3,370
3,644,329
 
 
4,135,964
Florida — 11.6%
Capital Trust Agency, Inc., RB(b)
 
Series A, 5.00%, 06/01/45
 
465
423,342
Series A, 5.50%, 06/01/57
 
165
154,494
City of Fort Lauderdale Florida Water & Sewer Revenue,
RB, Series B, 5.50%, 09/01/53
 
1,700
1,883,180
Collier County Health Facilities Authority, RB, 4.00%,
05/01/52
 
1,070
965,743
County of Broward Florida Tourist Development Tax
Revenue, Refunding RB, Convertible, 4.00%,
09/01/51
 
1,700
1,590,153
County of Lee Florida Airport Revenue, ARB, AMT,
5.25%, 10/01/49
 
460
491,900
County of Miami-Dade Seaport Department, Refunding
RB
 
Series A-2, 4.00%, 10/01/49
 
1,700
1,621,933
Series A, AMT, 5.00%, 10/01/38
 
950
993,671
Series A-1, AMT, (AGM), 4.00%, 10/01/45
 
3,230
2,992,023
Series B-1, AMT, Subordinate, 4.00%, 10/01/46
 
1,700
1,562,993
Cypress Bluff Community Development District, SAB,
Series A, 3.80%, 05/01/50(b)
 
730
591,157
Finley Woods Community Development District, SAB
 
4.00%, 05/01/40
 
265
241,323
4.20%, 05/01/50
 
450
389,811
Florida Development Finance Corp., RB(b)
 
6.50%, 06/30/57(c)(d)
 
221
156,431
AMT, 5.00%, 05/01/29
 
470
477,584
Florida Development Finance Corp., Refunding RB
 
5.00%, 09/15/50(b)
 
260
239,078
AMT, (AGM), 5.25%, 07/01/53
 
2,160
2,242,463
Lakewood Ranch Stewardship District, SAB, 6.30%,
05/01/54
 
210
220,784
Lee County Industrial Development Authority, RB
 
Series B-2, 4.38%, 11/15/29
 
505
506,666
Series B-3, 4.13%, 11/15/29
 
525
521,349
1
Schedule of Investments (unaudited)(continued)
October 31, 2024
BlackRock MuniHoldings Quality Fund II, Inc. (MUE)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Florida (continued)
Orange County Health Facilities Authority, RB, 4.00%,
10/01/52
$
1,000
$ 925,385
Osceola Chain Lakes Community Development District,
SAB
 
4.00%, 05/01/40
 
670
593,255
4.00%, 05/01/50
 
640
513,742
Palm Beach County Health Facilities Authority,
Refunding RB, 4.00%, 08/15/49
 
2,065
1,957,565
Southern Groves Community Development District No. 5,
Refunding SAB, 4.00%, 05/01/43
 
380
326,375
Tampa Bay Water, RB, Series A, 5.25%, 10/01/54
 
5,000
5,482,219
University of Florida Department of Housing & Residence
Education Hsg Sys Rev, RB, Series A, (BAM-TCRS),
3.00%, 07/01/51
 
1,000
766,111
Village Community Development District No. 15, SAB,
5.25%, 05/01/54(b)
 
210
216,682
 
 
29,047,412
Georgia — 1.6%
East Point Business & Industrial Development Authority,
RB, Series A, 5.25%, 06/15/62(b)
 
195
192,766
Main Street Natural Gas, Inc., RB, Series A, 5.00%,
05/15/49
 
950
1,010,073
Main Street Natural Gas, Inc., Refunding RB, Series E-2,
4.93%, 12/01/53(a)
 
2,830
2,838,976
 
 
4,041,815
Hawaii — 0.8%
State of Hawaii Airports System Revenue, COP
 
AMT, 5.25%, 08/01/25
 
740
740,375
AMT, 5.25%, 08/01/26
 
1,205
1,205,608
 
 
1,945,983
Illinois — 6.3%
Chicago Board of Education, GO
 
Series A, 5.00%, 12/01/34
 
1,225
1,259,050
Series A, 5.00%, 12/01/40
 
1,165
1,175,824
Chicago O’Hare International Airport, Refunding ARB
 
Series A, AMT, Senior Lien, 5.25%, 01/01/42
 
170
181,500
Series A, AMT, Senior Lien, 5.25%, 01/01/43
 
100
106,530
Illinois Finance Authority, Refunding RB
 
4.00%, 02/15/27(e)
 
30
30,771
4.00%, 02/15/41
 
970
937,454
Illinois Housing Development Authority, RB, S/F Housing,
Series G, Sustainability Bonds, (FHLMC, FNMA,
GNMA), 4.85%, 10/01/42
 
515
527,121
Illinois Municipal Electric Agency, Refunding RB,
Series A, 5.00%, 02/01/32
 
880
889,121
Illinois State Toll Highway Authority, RB
 
Series A, 5.00%, 01/01/40
 
4,885
4,911,328
Series A, 5.00%, 01/01/45
 
980
1,036,798
Series A, 4.00%, 01/01/46
 
1,000
959,701
State of Illinois, GO
 
5.25%, 02/01/31
 
1,495
1,499,197
5.25%, 02/01/32
 
2,320
2,326,513
 
 
15,840,908
Indiana — 0.2%
Indiana Finance Authority, RB
 
5.00%, 06/01/41
 
300
264,661
Security
 
Par
(000)
Value
Indiana (continued)
Indiana Finance Authority, RB (continued)
 
5.00%, 06/01/51
$
220
$ 178,989
5.00%, 06/01/56
 
190
151,825
 
 
595,475
Kentucky — 0.9%
City of Henderson Kentucky, RB, Series A, AMT, 4.70%,
01/01/52(b)
 
150
144,945
Fayette County School District Finance Corp., RB,
(BAM), 5.00%, 06/01/47
 
1,995
2,116,674
 
 
2,261,619
Louisiana — 2.0%
Lake Charles Harbor & Terminal District, ARB, Series B,
AMT, (AGM), 5.50%, 01/01/29
 
2,225
2,227,397
Louisiana Public Facilities Authority, RB, AMT, 5.50%,
09/01/59
 
1,070
1,139,262
New Orleans Aviation Board, Refunding RB, Series B,
AMT, 01/01/45(f)
 
1,675
1,776,807
 
 
5,143,466
Maryland — 2.0%
Howard County Housing Commission, RB, M/F Housing,
5.00%, 12/01/42
 
2,450
2,509,189
Maryland Community Development Administration,
Refunding RB, S/F Housing, Series C, Sustainability
Bonds, (FHLMC, FNMA, GNMA), 4.50%, 09/01/49
 
1,095
1,066,329
Maryland Economic Development Corp., RB, Class B,
AMT, Sustainability Bonds, 5.00%, 12/31/40
 
525
539,343
Maryland Health & Higher Educational Facilities
Authority, RB, Series B, 4.00%, 04/15/50
 
1,000
918,246
 
 
5,033,107
Massachusetts — 1.6%
Commonwealth of Massachusetts, GOL
 
Series B, 3.00%, 04/01/49
 
1,300
1,016,118
Series D, 4.00%, 02/01/43
 
1,550
1,526,815
Massachusetts Development Finance Agency, RB
 
Series A, 5.25%, 01/01/42
 
940
946,657
Series A, 5.00%, 01/01/47
 
420
421,787
 
 
3,911,377
Michigan — 2.5%
Michigan Finance Authority, RB, 4.00%, 02/15/44
 
2,500
2,363,720
Michigan Finance Authority, Refunding RB
 
4.00%, 09/01/46
 
550
520,191
4.00%, 11/15/46
 
1,300
1,195,204
3.99%, 04/15/47(a)
 
755
750,557
Michigan Strategic Fund, RB, AMT, 5.00%, 12/31/43
 
895
909,040
Ottawa County Building Authority, RB, 4.00%, 05/01/47
 
500
490,048
 
 
6,228,760
Minnesota — 1.1%
Minnesota Housing Finance Agency, RB, S/F Housing,
Series M, Sustainability Bonds, (FHLMC, FNMA,
GNMA), 5.10%, 07/01/42
 
1,555
1,640,473
State of Minnesota, GO, Series A, 5.00%, 08/01/44
 
1,000
1,113,158
 
 
2,753,631
Schedule of Investments
2
Schedule of Investments (unaudited)(continued)
October 31, 2024
BlackRock MuniHoldings Quality Fund II, Inc. (MUE)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Mississippi — 2.0%
Mississippi Development Bank, RB, (AGM), 6.88%,
12/01/40
$
2,225
$ 2,230,366
State of Mississippi Gaming Tax Revenue, RB, Series A,
4.00%, 10/15/38
 
2,815
2,701,691
 
 
4,932,057
Missouri — 0.1%
Health & Educational Facilities Authority of the State of
Missouri, Refunding RB, Series A, 5.25%, 02/01/48
 
330
347,627
Montana — 0.1%
Montana Board of Housing, RB, S/F Housing,
Series B-2, 3.60%, 12/01/47
 
165
141,928
Nevada — 1.6%
City of Las Vegas Nevada Special Improvement District
No. 814, SAB
 
4.00%, 06/01/39
 
120
110,404
4.00%, 06/01/44
 
315
276,143
City of Reno Nevada, Refunding RB, Series A-1, (AGM),
4.00%, 06/01/43
 
2,690
2,580,819
Tahoe-Douglas Visitors Authority, RB
 
5.00%, 07/01/40
 
580
598,244
5.00%, 07/01/45
 
400
406,845
 
 
3,972,455
New Hampshire — 0.2%
New Hampshire Business Finance Authority, RB, M/F
Housing, Series 2, Sustainability Bonds, 4.25%,
07/20/41
 
552
539,535
New Jersey — 7.3%
New Jersey Economic Development Authority, RB
 
5.00%, 06/15/34
 
635
679,715
5.00%, 06/15/36
 
810
862,434
Series A, 5.00%, 06/15/47
 
2,500
2,552,030
AMT, (AGM), 5.00%, 01/01/31
 
1,355
1,356,334
AMT, 5.38%, 01/01/43
 
1,940
1,943,786
New Jersey Health Care Facilities Financing Authority,
RB, 4.00%, 07/01/51
 
1,500
1,422,237
New Jersey Higher Education Student Assistance
Authority, RB, Series B, AMT, 4.25%, 12/01/45
 
235
228,999
New Jersey Higher Education Student Assistance
Authority, Refunding RB
 
Series B, AMT, 4.00%, 12/01/41
 
1,060
1,034,717
Series C, AMT, Subordinate, 5.00%, 12/01/52
 
1,355
1,372,982
New Jersey Housing & Mortgage Finance Agency,
Refunding RB, Series A, AMT, 3.80%, 10/01/32
 
1,880
1,841,672
New Jersey Transportation Trust Fund Authority, RB
 
Series BB, 4.00%, 06/15/50
 
1,775
1,688,876
Series S, Class BB, 4.00%, 06/15/50
 
1,500
1,431,377
Tobacco Settlement Financing Corp., Refunding RB
 
Series A, 5.00%, 06/01/46
 
1,000
1,016,827
Sub-Series B, 5.00%, 06/01/46
 
755
756,570
 
 
18,188,556
New Mexico — 0.0%
City of Santa Fe New Mexico, RB, Series A, 5.00%,
05/15/44
 
135
133,589
New York — 10.0%
City of New York, GO, Series D, 4.00%, 04/01/50
 
1,190
1,136,147
New York Liberty Development Corp., Refunding RB
 
Class 1, 5.00%, 11/15/44(b)
 
760
756,370
Series 1, 4.00%, 02/15/43
 
1,750
1,716,857
Security
 
Par
(000)
Value
New York (continued)
New York Liberty Development Corp., Refunding
RB (continued)
 
Series A, Sustainability Bonds, 3.00%, 11/15/51
$
210
$ 154,514
New York State Dormitory Authority, Refunding RB
 
Class A, 5.25%, 05/01/54
 
1,900
2,054,046
Series A, 5.00%, 05/01/36
 
3,500
3,530,210
Series A, 4.00%, 03/15/54
 
3,525
3,405,575
New York State Thruway Authority, RB, Sustainability
Bonds, 4.13%, 03/15/56
 
1,675
1,594,707
New York Transportation Development Corp., ARB, AMT,
5.63%, 04/01/40
 
465
498,463
New York Transportation Development Corp., RB
 
AMT, 5.00%, 10/01/35
 
1,025
1,065,990
AMT, 4.00%, 04/30/53
 
605
514,704
AMT, Sustainability Bonds, 5.38%, 06/30/60
 
5,350
5,524,407
New York Transportation Development Corp., Refunding
RB, Series A, AMT, Sustainability Bonds, (AGC),
12/31/54(f)
 
2,055
2,167,799
TSASC, Inc., Refunding RB, Series A, 5.00%, 06/01/41
 
895
904,777
 
 
25,024,566
North Carolina — 2.0%
University of North Carolina at Chapel Hill, Refunding
RB, Series A, 3.88%, 12/01/41(a)
 
4,970
4,963,419
North Dakota — 0.4%
City of Grand Forks North Dakota, RB, Series A, (AGM),
5.00%, 12/01/48
 
880
929,427
Ohio — 2.4%
Allen County Port Authority, Refunding RB, Series A,
4.00%, 12/01/40
 
490
449,567
Buckeye Tobacco Settlement Financing Authority,
Refunding RB, Series B-2, Class 2, 5.00%, 06/01/55
 
2,155
1,943,435
County of Hamilton Ohio, RB, Series CC, 5.00%,
11/15/49
 
270
301,297
State of Ohio, RB, Series P3, AMT, 5.00%, 12/31/39
 
1,325
1,331,063
State of Ohio, Refunding RB, Series A, 4.00%, 01/15/50
 
2,275
2,050,507
 
 
6,075,869
Oklahoma — 2.3%
Oklahoma Turnpike Authority, RB
 
5.50%, 01/01/53
 
2,055
2,250,855
Series A, 4.00%, 01/01/48
 
3,600
3,441,988
 
 
5,692,843
Pennsylvania — 13.5%
Allegheny County Airport Authority, ARB, Series A, AMT,
(AGM), 5.50%, 01/01/53
 
670
717,510
Allegheny County Hospital Development Authority, RB,
Series D2, 3.94%, 11/15/47(a)
 
1,040
1,031,027
Bucks County Industrial Development Authority, RB,
4.00%, 07/01/46
 
200
163,344
Chester County Health and Education Facilities Authority,
Refunding RB, Series A, 5.00%, 10/01/52
 
2,000
2,039,681
City of Philadelphia Pennsylvania Water & Wastewater
Revenue, Refunding RB, Series B, (AGM), 4.50%,
09/01/48
 
1,415
1,442,157
Geisinger Authority, Refunding RB
 
4.00%, 04/01/50
 
3,080
2,901,092
Series A-1, 4.00%, 02/15/47
 
2,815
2,619,186
Lancaster Industrial Development Authority, RB, 5.00%,
12/01/44
 
675
684,052
3
Schedule of Investments (unaudited)(continued)
October 31, 2024
BlackRock MuniHoldings Quality Fund II, Inc. (MUE)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Pennsylvania (continued)
Montgomery County Higher Education and Health
Authority, Refunding RB, Class B, 4.00%, 05/01/52
$
2,115
$ 1,939,206
Montgomery County Industrial Development Authority,
RB, Series C, 5.00%, 11/15/45
 
590
603,472
Northampton County General Purpose Authority,
Refunding RB, 4.00%, 11/01/38
 
5,930
5,904,483
Pennsylvania Economic Development Financing
Authority, RB
 
AMT, 5.50%, 06/30/43
 
515
547,669
AMT, 5.25%, 06/30/53
 
1,000
1,028,726
Pennsylvania Higher Educational Facilities Authority,
Refunding RB, Series B2, 11/01/54(f)
 
2,500
2,592,750
Pennsylvania Housing Finance Agency, RB, S/F Housing
 
Series 125B, AMT, 3.65%, 10/01/42
 
1,500
1,368,236
Series 143A, Sustainability Bonds, 5.45%, 04/01/51
 
3,300
3,441,568
Pennsylvania Turnpike Commission, RB
 
Series A, Subordinate, 5.00%, 12/01/37
 
750
802,545
Series A-1, Subordinate, 5.00%, 12/01/46
 
1,300
1,307,835
Philadelphia Authority for Industrial Development, RB,
5.25%, 11/01/52
 
1,285
1,354,290
Pittsburgh School District, GOL, (SAW), 3.00%,
09/01/41
 
1,165
976,731
School District of Philadelphia, GOL, Series A, (SAW),
5.50%, 09/01/48
 
400
442,976
 
 
33,908,536
Puerto Rico — 5.2%
Puerto Rico Sales Tax Financing Corp. Sales Tax
Revenue, RB
 
Series A-1, Restructured, 4.75%, 07/01/53
 
5,039
4,971,659
Series A-1, Restructured, 5.00%, 07/01/58
 
4,269
4,274,143
Series A-2, Restructured, 4.78%, 07/01/58
 
264
261,148
Series A-2, Restructured, 4.33%, 07/01/40
 
1,709
1,691,075
Series B-2, Restructured, 4.78%, 07/01/58
 
394
387,826
Puerto Rico Sales Tax Financing Corp. Sales Tax
Revenue, RB, CAB, Series A-1, Restructured, 0.00%,
07/01/46(g)
 
4,757
1,525,202
 
 
13,111,053
South Carolina — 1.6%
Patriots Energy Group Financing Agency, RB, Series A1,
5.25%, 10/01/54(a)
 
1,970
2,128,457
South Carolina Jobs-Economic Development Authority,
RB(b)
 
5.00%, 01/01/55
 
825
712,914
7.50%, 08/15/62
 
390
377,000
South Carolina Jobs-Economic Development Authority,
Refunding RB, Series A, 5.00%, 05/01/43
 
860
879,277
 
 
4,097,648
Tennessee — 2.1%
Chattanooga Health Educational & Housing Facility
Board, Refunding RB, Series A, 4.00%, 08/01/44
 
1,000
949,125
Memphis-Shelby County Airport Authority, ARB, Series A,
AMT, 5.00%, 07/01/49
 
3,000
3,089,232
Metropolitan Government Nashville & Davidson County
Sports Authority, RB, Series A, Senior Lien, (AGM),
5.25%, 07/01/48
 
1,020
1,108,867
 
 
5,147,224
Security
 
Par
(000)
Value
Texas — 9.0%
Arlington Higher Education Finance Corp., RB(b)
 
7.50%, 04/01/62
$
410
$ 417,767
7.88%, 11/01/62
 
360
376,679
Aubrey Independent School District, GO, (PSF-GTD),
4.00%, 02/15/52
 
1,000
932,553
City of Austin Texas Airport System Revenue, ARB, AMT,
5.00%, 11/15/33
 
2,500
2,485,182
City of Hutto Texas, GOL, (BAM), 4.25%, 08/01/54
 
1,170
1,104,940
Dallas Independent School District, Refunding GO, (PSF-
GTD), 4.00%, 02/15/53
 
900
870,592
Del Valle Independent School District Texas, GO, (PSF-
GTD), 4.00%, 06/15/47
 
1,410
1,362,798
EP Royal Estates PFC, RB, M/F Housing, 4.25%,
10/01/39
 
335
324,324
Fort Worth Independent School District, GO, (PSF-GTD),
4.00%, 02/15/48
 
885
846,233
Gunter Independent School District, GO, (PSF-GTD),
4.00%, 02/15/53
 
815
761,656
New Hope Cultural Education Facilities Finance Corp.,
RB, Series A, 5.00%, 08/15/50(b)
 
440
418,431
North Texas Tollway Authority, Refunding RB, Series A,
(BAM-TCRS), 5.00%, 01/01/38
 
1,300
1,303,075
Tarrant County Cultural Education Facilities Finance
Corp., RB
 
5.00%, 11/15/51
 
1,620
1,715,082
Series B, 5.00%, 07/01/36
 
2,500
2,628,743
Tarrant County Cultural Education Facilities Finance
Corp., Refunding RB, 5.00%, 11/15/40
 
2,500
2,410,153
Texas City Industrial Development Corp., RB,
Series 2012, 4.13%, 12/01/45
 
255
241,969
Texas Municipal Gas Acquisition & Supply Corp. III,
Refunding RB, 5.00%, 12/15/32
 
2,935
3,105,351
Texas Private Activity Bond Surface Transportation
Corp., RB, AMT, Senior Lien, 5.50%, 12/31/58
 
1,050
1,127,435
 
 
22,432,963
Utah — 1.8%
Black Desert Public Infrastructure District, SAB, 5.63%,
12/01/53(b)
 
135
137,555
City of Salt Lake City Utah Airport Revenue, ARB
 
Series A, AMT, 5.25%, 07/01/48
 
585
615,267
Series A, AMT, 5.50%, 07/01/53
 
675
730,678
County of Utah, RB
 
Series A, 3.00%, 05/15/50
 
1,840
1,421,825
Series B, 4.00%, 05/15/47
 
1,340
1,267,386
Utah Charter School Finance Authority, Refunding RB,
5.00%, 06/15/40(b)
 
325
322,386
 
 
4,495,097
Virginia — 1.4%
Tobacco Settlement Financing Corp., Refunding RB,
Series B-1, 5.00%, 06/01/47
 
955
923,563
Virginia Small Business Financing Authority, RB, AMT,
5.00%, 12/31/52
 
2,525
2,536,582
 
 
3,460,145
Washington — 1.1%
County of King Washington Sewer Revenue, Refunding
RB, Series A, Junior Lien, 3.47%, 01/01/40(a)
 
615
605,707
Washington Health Care Facilities Authority, Refunding
RB, Series A, 5.00%, 08/01/44
 
875
898,388
Schedule of Investments
4
Schedule of Investments (unaudited)(continued)
October 31, 2024
BlackRock MuniHoldings Quality Fund II, Inc. (MUE)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Washington (continued)
Washington State Housing Finance Commission, RB,
M/F Housing, Series 2, Class 1, Sustainability Bonds,
4.08%, 03/20/40(a)
$
895
$ 861,684
Washington State Housing Finance Commission,
Refunding RB
 
Series A, 5.00%, 07/01/43
 
215
224,766
Series A, 5.00%, 07/01/48
 
205
210,749
 
 
2,801,294
West Virginia — 1.1%
West Virginia Parkways Authority, RB, Senior Lien,
4.00%, 06/01/51
 
2,810
2,647,201
Wisconsin — 1.0%
Public Finance Authority, RB(b)
 
Class A, 5.00%, 06/15/51
 
550
471,294
Series A, 5.00%, 07/01/55
 
305
277,696
Series A-1, 4.50%, 01/01/35
 
495
487,519
Public Finance Authority, Refunding RB
 
5.00%, 09/01/49(b)
 
285
267,519
Series B, AMT, 5.00%, 07/01/42
 
990
990,307
 
 
2,494,335
Wyoming — 0.3%
University of Wyoming, RB, Series C, (AGM), 4.00%,
06/01/51
 
855
779,841
Total Municipal Bonds — 111.7%
(Cost: $278,091,890)
279,767,823
Municipal Bonds Transferred to Tender Option Bond Trusts(h)
Florida — 1.8%
Hillsborough County Aviation Authority, ARB, Class B,
AMT, 5.50%, 10/01/54
 
4,100
4,455,529
Massachusetts — 4.3%
Commonwealth of Massachusetts, GOL, Series D,
5.00%, 10/01/51
 
10,005
10,722,035
Missouri — 1.8%
Health & Educational Facilities Authority of the State of
Missouri, RB, 4.00%, 06/01/53
 
4,996
4,591,939
New York — 10.8%
New York Power Authority, RB, Series A, Sustainability
Bonds, (AGM), 5.13%, 11/15/63
 
3,373
3,622,286
New York State Dormitory Authority, Refunding RB,
Series D, 4.00%, 02/15/47
 
4,995
4,765,945
New York Transportation Development Corp., RB, AMT,
Sustainability Bonds, (AGM), 5.13%, 06/30/60
 
10,000
10,267,473
Triborough Bridge & Tunnel Authority Sales Tax
Revenue, RB, Series A, 4.50%, 05/15/63
 
8,264
8,322,917
 
 
26,978,621
Oregon — 2.3%
Port of Portland Oregon Airport Revenue, Refunding
ARB, Series 30A, AMT, Sustainability Bonds, 5.25%,
07/01/45
 
5,323
5,694,367
Pennsylvania — 5.0%
City of Philadelphia Pennsylvania Water & Wastewater
Revenue, Refunding RB, Series B, (AGM), 5.50%,
09/01/53
 
2,831
3,108,200
Security
 
Par
(000)
Value
Pennsylvania (continued)
Pennsylvania Housing Finance Agency, RB, S/F
Housing, Series 143A, Sustainability Bonds, 5.38%,
10/01/46
$
3,989
$ 4,197,375
Pennsylvania Turnpike Commission, Refunding RB,
Series B, 5.25%, 12/01/52
 
4,995
5,393,794
 
 
12,699,369
South Carolina — 4.3%
Patriots Energy Group Financing Agency, Refunding RB,
Series B-1, 5.25%, 02/01/54(a)
 
10,005
10,783,356
Total Municipal Bonds Transferred to Tender Option Bond
Trusts — 30.3%
(Cost: $74,659,217)
75,925,216
Non-Agency Mortgage-Backed Securities
Commercial Mortgage-Backed Securities — 0.4%
National Finance Authority Affordable Housing
Certificates, Series 2024-1, Class A, 4.15%, 10/20/40
 
830
827,234
Total Non-Agency Mortgage-Backed Securities — 0.4%
(Cost: $830,000)
827,234
Total Long-Term Investments — 142.4%
(Cost: $353,581,107)
356,520,273
 
 
 
 
Shares
 
Short-Term Securities
Money Market Funds — 9.5%
BlackRock Liquidity Funds, MuniCash, Institutional
Shares, 3.19%(i)(j)
 
23,933,948
23,936,342
Total Short-Term Securities — 9.5%
(Cost: $23,936,342)
23,936,342
Total Investments — 151.9%
(Cost: $377,517,449)
380,456,615
Liabilities in Excess of Other Assets — (1.3)%
(3,308,612
)
Liability for TOB Trust Certificates, Including Interest Expense and
Fees Payable — (19.5)%
(48,738,684
)
VMTP Shares at Liquidation Value, Net of Deferred Offering Costs —
(31.1)%
(78,000,000
)
Net Assets Applicable to Common Shares — 100.0%
$ 250,409,319
 
(a)
Variable rate security. Interest rate resets periodically. The rate shown is the effective
interest rate as of period end. Security description also includes the reference rate and
spread if published and available.
(b)
Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933,
as amended. These securities may be resold in transactions exempt from registration to
qualified institutional investors.
(c)
Issuer filed for bankruptcy and/or is in default.
(d)
Non-income producing security.
(e)
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.
(f)
When-issued security.
(g)
Zero-coupon bond.
(h)
Represent bonds transferred to a TOB Trust in exchange of cash and residual certificates
received by the Trust. These bonds serve as collateral in a secured borrowing.
(i)
Affiliate of the Trust.
(j)
Annualized 7-day yield as of period end.
5
Schedule of Investments (unaudited)(continued)
October 31, 2024
BlackRock MuniHoldings Quality Fund II, Inc. (MUE)
 
Affiliates
Investments in issuers considered to be affiliate(s) of the Trust during the period ended October 31, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: 
Affiliated Issuer
Value at
07/31/24
Purchases
at Cost
Proceeds
from Sales
Net
Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
10/31/24
Shares
Held at
10/31/24
Income
Capital Gain
Distributions
from
Underlying
Funds
BlackRock Liquidity Funds, MuniCash, Institutional Shares
$ 401,079
$ 23,535,232
(a)
$ —
$ 152
$ (121
)
$ 23,936,342
23,933,948
$ 64,750
$ —
 
(a)
Represents net amount purchased (sold).
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. 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 that the Trust has the ability to access for identical assets or liabilities;
• Level 2 – Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly or indirectly; and
• Level 3 – Inputs that are unobservable and significant to the  entire fair value measurement for the asset or liability (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments).
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy.  In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Trust’s policy regarding valuation of financial instruments, refer to its most recent financial statements.
The following table summarizes the Trust’s financial instruments categorized in the fair value hierarchy.  The breakdown of the Trust’s financial instruments into major categories is disclosed in the Schedule of Investments above. 
 
Level 1
Level 2
Level 3
Total
Assets
Investments 
Long-Term Investments 
Municipal Bonds
$ —
$ 279,767,823
$ —
$ 279,767,823
Municipal Bonds Transferred to Tender Option Bond Trusts
—
75,925,216
—
75,925,216
Non-Agency Mortgage-Backed Securities
—
827,234
—
827,234
Short-Term Securities 
Money Market Funds
23,936,342
—
—
23,936,342
 
$23,936,342
$356,520,273
$—
$380,456,615
The Trust may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial reporting purposes. As of period end, such assets and/or liabilities are categorized within the fair value hierarchy as follows: 
 
Level 1
Level 2
Level 3
Total
Liabilities
TOB Trust Certificates
$—
$(48,451,235
)
$—
$(48,451,235
)
VMTP Shares at Liquidation Value
—
(78,000,000
)
—
(78,000,000
)
 
$—
$(126,451,235
)
$—
$(126,451,235
)
 
Portfolio Abbreviation 
AGC
 Assured Guaranty Corp.
AGM
 Assured Guaranty Municipal Corp.
Portfolio Abbreviation (continued)
AMT
 Alternative Minimum Tax
ARB
 Airport Revenue Bonds
Schedule of Investments
6
Schedule of Investments (unaudited)(continued)
October 31, 2024
BlackRock MuniHoldings Quality Fund II, Inc. (MUE)
 
Portfolio Abbreviation (continued)
BAM
 Build America Mutual Assurance Co.
BAM-TCRS
 Build America Mutual Assurance Co. - Transferable
Custodial Receipts
CAB
 Capital Appreciation Bonds
COP
 Certificates of Participation
FHLMC
 Federal Home Loan Mortgage Corp.
FNMA
 Federal National Mortgage Association
GNMA
 Government National Mortgage Association
GO
 General Obligation Bonds
GOL
 General Obligation Ltd.
GTD
 GTD Guaranteed
M/F
 Multi-Family
PSF-GTD
 Permanent School Fund Guaranteed
RB
 Revenue Bond
S/F
 Single-Family
SAB
 Special Assessment Bonds
SAW
 State Aid Withholding
7
BlackRock MuniHoldings Q... (NYSE:MUE)
Historical Stock Chart
From Dec 2024 to Jan 2025 Click Here for more BlackRock MuniHoldings Q... Charts.
BlackRock MuniHoldings Q... (NYSE:MUE)
Historical Stock Chart
From Jan 2024 to Jan 2025 Click Here for more BlackRock MuniHoldings Q... Charts.