UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM N-Q

 

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

 

Investment Company Act file number 811-08215

 

Name of Fund: BlackRock MuniHoldings Fund II, Inc. (MUH)

 

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

 

Name and address of agent for service: Anne F. Ackerley, Chief Executive Officer, BlackRock MuniHoldings Fund II, Inc., 55 East 52nd Street, New York, NY 10055.

 

Registrant’s telephone number, including area code: (800) 882-0052, Option 4

 

Date of fiscal year end: 04/30/2010

 

Date of reporting period: 01/31/2010

 

Item 1 – Schedule of Investments

 

 

 

 

 

Schedule of Investments January 31, 2010 (Unaudited)

BlackRock MuniHoldings Fund II, Inc. (MUH)
(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Alabama — 1.8%

 

 

 

 

 

 

 

County of Jefferson, Alabama, RB,
Series A, 5.00%, 1/01/24

 

$

3,450

 

$

2,795,156

 

Arizona — 6.1%

 

 

 

 

 

 

 

Arizona Health Facilities Authority, RB,
Catholic Healthcare West, Series A,
6.63%, 7/01/20

 

 

1,000

 

 

1,033,540

 

County of Pinal, Arizona, COP, 5.00%,
12/01/29

 

 

700

 

 

687,001

 

Maricopa County, Arizona, IDA, RB,
Arizona Charter Schools Project,
Series A, 6.50%, 7/01/12

 

 

65

 

 

59,914

 

Phoenix, Arizona, IDA, Refunding RB,
America West Airlines Inc. Project,
AMT, 6.30%, 4/01/23

 

 

2,060

 

 

1,375,277

 

Pima County, IDA, RB, Arizona Charter
Schools Project, Series C, 6.75%,
7/01/31

 

 

955

 

 

876,776

 

Pima County, IDA, Refunding IDRB,
Tucson Electric Power, 5.75%,
9/01/29

 

 

560

 

 

565,740

 

Salt River Project, Agricultural
Improvement & Power District, RB,
Series A, 5.00%, 1/01/38

 

 

990

 

 

1,018,660

 

Salt Verde Financial Corp., RB, Senior,
5.00%, 12/01/32

 

 

2,535

 

 

2,227,530

 

Salt Verde Financial Corp., RB, Senior,
5.00%, 12/01/37

 

 

1,385

 

 

1,178,746

 

Show Low Improvement District, Special
Assessment Bonds, District No. 5,
6.38%, 1/01/15

 

 

605

 

 

605,908

 

 

 

 

 

 

 

 

 

 

 

 

9,629,092

 

California — 19.4%

 

 

 

 

 

 

 

Benicia Unified School District, GO, CAB,
Series A (NPFGC), 5.62%, 8/01/20 (a)

 

 

2,000

 

 

1,112,140

 

California Health Facilities Financing
Authority, RB, Cedars-Sinai Medical
Center, 5.00%, 8/15/39

 

 

730

 

 

673,980

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

California (continued)

 

 

 

 

 

 

 

California Health Facilities Financing
Authority, Refunding RB, St. Joseph
Health System, Series A, 5.75%,
7/01/39

 

$

1,110

 

$

1,143,300

 

California State Public Works Board, RB,
Department of Corrections, Series C,
5.25%, 6/01/28

 

 

2,015

 

 

1,899,399

 

California State Public Works Board, RB,
Various Capital Projects,
Sub-Series I-1, 6.38%, 11/01/34

 

 

600

 

 

609,942

 

California Statewide Communities
Development Authority, RB, John Muir
Health, 5.13%, 7/01/39

 

 

1,090

 

 

1,035,249

 

Los Angeles Department of Airports, RB,
Series A, 5.25%, 5/15/39

 

 

400

 

 

400,960

 

Poway Unified School District, Special
Tax Bonds, Community Facilities
District Area No. 6, Series A, 6.13%,
9/01/33

 

 

1,750

 

 

1,655,133

 

San Diego Unified School District,
California, GO, CAB, Election of 2008,
Series A, 6.06%, 7/01/29 (a)

 

 

2,525

 

 

838,856

 

San Francisco City & County Public
Utilities Commission, RB, Series B,
5.00%, 11/01/39

 

 

4,770

 

 

4,865,638

 

San Marino Unified School District,
California, GO, Series A (NPFGC)
5.51%, 7/01/17 (a)

 

 

1,820

 

 

1,355,463

 

San Marino Unified School District,
California, GO, Series A (NPFGC)
5.56%, 7/01/18 (a)

 

 

1,945

 

 

1,344,773

 

San Marino Unified School District,
California, GO, Series A (NPFGC)
5.60%, 7/01/19 (a)

 

 

2,070

 

 

1,342,975

 

State of California, GO, Various Purpose,
6.50%, 4/01/33

 

 

7,325

 

 

7,824,638

 

Tustin Unified School District, California,
Special Tax Bonds, Senior Lien,
Community Facilities District 97-1,
Series A (AGM), 5.00%, 9/01/32

 

 

775

 

 

766,692

 

 

Portfolio Abbreviations

To simplify the listings of portfolio holdings in the Schedule of Investments, the names and descriptions of many of the securities have been abbreviated according to the following list:

 

 

ACA

American Capital Access Corp.

AGC

Assured Guaranty Corp.

AGM

Assured Guaranty Municipal Corp.

AMBAC

American Municipal Bond Assurance Corp.

AMT

Alternative Minimum Tax (subject to)

CAB

Capital Appreciation Bonds

COP

Certificates of Participation

EDA

Economic Development Authority

EDC

Economic Development Corp.

FHA

Federal Housing Administration

GNMA

Government National Mortgage Association

GO

General Obligation Bonds

HDA

Housing Development Authority

HFA

Housing Finance Agency

HRB

Housing Revenue Bonds

IDA

Industrial Development Authority

IDRB

Industrial Development Revenue Bonds

NPFGC

National Public Finance Guaranty Corp.

M/F

Multi-Family

RB

Revenue Bonds

 

 

 

BlackRock MuniHoldings Fund II, Inc.

January 31, 2010

1


 

 

 

 

Schedule of Investments (continued)

BlackRock MuniHoldings Fund II, Inc. (MUH)
(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

California (concluded)

 

 

 

 

 

 

 

University of California, RB, Limited
Project, Series B, 4.75%, 5/15/38

 

$

4,095

 

$

3,840,496

 

 

 

 

 

 

 

 

 

 

 

 

30,709,634

 

Colorado — 2.6%

 

 

 

 

 

 

 

Elk Valley Public Improvement Corp., RB,
Public Improvement Fee, Series A,
7.10%, 9/01/14

 

 

1,100

 

 

1,123,727

 

Platte River Power Authority, Colorado,
RB, Series HH, 5.00%, 6/01/28

 

 

1,105

 

 

1,177,046

 

Plaza Metropolitan District No. 1,
Colorado, Tax Allocation Bonds,
Subordinate Public Improvement Fee,
Tax Increment, 8.13%, 12/01/25

 

 

860

 

 

806,568

 

University of Colorado, RB, Series A,
5.38%, 6/01/38

 

 

920

 

 

968,576

 

 

 

 

 

 

 

 

 

 

 

 

4,075,917

 

District of Columbia — 2.0%

 

 

 

 

 

 

 

Metropolitan Washington Airports
Authority, RB, CAB, Second Senior
Lien, Series B (AGC), 7.08%,
10/01/34 (a)

 

 

10,170

 

 

2,123,801

 

Metropolitan Washington Airports
Authority, RB, First Senior Lien,
Series A, 5.00%, 10/01/39

 

 

255

 

 

257,711

 

Metropolitan Washington Airports
Authority, RB, First Senior Lien,
Series A, 5.25%, 10/01/44

 

 

745

 

 

767,156

 

 

 

 

 

 

 

 

 

 

 

 

3,148,668

 

Florida — 6.0%

 

 

 

 

 

 

 

Ballantrae Community Development
District, Special Assessment Bonds,
6.00%, 5/01/35

 

 

1,595

 

 

1,472,424

 

City of Clearwater, Florida, RB, Series A,
5.25%, 12/01/39

 

 

870

 

 

891,437

 

County of Broward, Florida, RB, Series A,
5.25%, 10/01/34

 

 

545

 

 

562,195

 

County of Miami-Dade, Florida, RB, CAB,
Sub-Series A (NPFGC), 5.24%,
10/01/37 (a)

 

 

1,765

 

 

258,555

 

County of Miami-Dade, Florida,
Refunding RB, Miami International
Airport, Series A-1, 5.38%, 10/01/41

 

 

580

 

 

574,287

 

Greater Orlando Aviation Authority,
Florida, RB, Special Purpose, JetBlue
Airways Corp., AMT, 6.50%, 11/15/36

 

 

1,515

 

 

1,314,429

 

Hillsborough County IDA, RB, H. Lee
Moffitt Cancer Center Project,
Series A, 5.25%, 7/01/37

 

 

2,310

 

 

2,127,603

 

Hillsborough County IDA, RB, National
Gypsum Co., Series B, AMT, 7.13%,
4/01/30

 

 

1,380

 

 

1,062,641

 

Palm Coast Park Community
Development District, Special
Assessment Bonds, 5.70%, 5/01/37

 

 

510

 

 

297,478

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Florida (concluded)

 

 

 

 

 

 

 

Preserve at Wilderness Lake Community
Development District, Special
Assessment Bonds, Series A, 5.90%,
5/01/34

 

$

1,215

 

$

1,001,075

 

 

 

 

 

 

 

 

 

 

 

 

9,562,124

 

Georgia — 2.0%

 

 

 

 

 

 

 

City of Atlanta, Georgia, Tax Allocation
Bonds, Refunding, Atlantic Station
Project (AGC), 5.00%, 12/01/23

 

 

975

 

 

1,003,012

 

De Kalb Private Hospital Authority,
Refunding RB, Children’s Healthcare,
5.25%, 11/15/39

 

 

420

 

 

421,882

 

Metropolitan Atlanta Rapid Transit
Authority, RB, Third Series, 5.00%,
7/01/39

 

 

1,740

 

 

1,800,743

 

 

 

 

 

 

 

 

 

 

 

 

3,225,637

 

Guam — 0.9%

 

 

 

 

 

 

 

Territory of Guam, GO, Series A, 6.00%,
11/15/19

 

 

320

 

 

324,985

 

Territory of Guam, GO, Series A, 6.75%,
11/15/29

 

 

560

 

 

579,964

 

Territory of Guam, GO, Series A, 7.00%,
11/15/39

 

 

575

 

 

590,071

 

 

 

 

 

 

 

 

 

 

 

 

1,495,020

 

Idaho — 1.3%

 

 

 

 

 

 

 

Power County Industrial Development
Corp., RB, FMC Corp. Project, AMT,
6.45%, 8/01/32

 

 

2,000

 

 

1,995,280

 

Illinois — 1.5%

 

 

 

 

 

 

 

City of Chicago, Illinois, Special
Assessment Bonds, Lake Shore East,
6.75%, 12/01/32

 

 

1,000

 

 

917,460

 

Illinois Finance Authority, RB, Monarch
Landing Inc. Facility, Series A, 7.00%,
12/01/37 (b)(c)

 

 

720

 

 

230,400

 

Illinois Finance Authority, Refunding RB,
Central DuPage Health, Series B,
5.50%, 11/01/39

 

 

800

 

 

826,152

 

State of Illinois, RB, Build Illinois,
Series B, 5.25%, 6/15/34

 

 

315

 

 

324,626

 

 

 

 

 

 

 

 

 

 

 

 

2,298,638

 

Indiana — 3.5%

 

 

 

 

 

 

 

County of St. Joseph, Indiana, Refunding
RB, Notre Dame du Lac Project,
5.00%, 3/01/36

 

 

1,135

 

 

1,193,509

 

Indiana Finance Authority, RB, Sisters of
St. Francis Health, 5.25%, 11/01/39

 

 

420

 

 

424,759

 

Indiana Finance Authority, Refunding
RB, Duke Energy Indiana Inc.,
Series C, 4.95%, 10/01/40

 

 

1,715

 

 

1,663,310

 

Indiana Finance Authority, Refunding
RB, Parkview Health System, Series A,
5.75%, 5/01/31

 

 

1,660

 

 

1,698,080

 

 

 

 

2

BlackRock MuniHoldings Fund II, Inc.

January 31, 2010


 

 

 

 

Schedule of Investments (continued)

BlackRock MuniHoldings Fund II, Inc. (MUH)
(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Indiana (concluded)

 

 

 

 

 

 

 

Indiana Municipal Power Agency, RB,
Series B, 6.00%, 1/01/39

 

$

565

 

$

602,313

 

 

 

 

 

 

 

 

 

 

 

 

5,581,971

 

Kansas — 1.2%

 

 

 

 

 

 

 

Kansas Development Finance Authority,
Refunding RB, Adventist Health,
5.75%, 11/15/38

 

 

1,785

 

 

1,887,530

 

Louisiana — 1.9%

 

 

 

 

 

 

 

East Baton Rouge Sewerage
Commission, RB, Series A, 5.25%,
2/01/39

 

 

420

 

 

431,831

 

Louisiana Local Government
Environmental Facilities & Community
Development Authority, RB, Westlake
Chemical Corp. Projects, 6.75%,
11/01/32

 

 

2,500

 

 

2,578,050

 

 

 

 

 

 

 

 

 

 

 

 

3,009,881

 

Maine — 0.5%

 

 

 

 

 

 

 

Maine Health & Higher Educational
Facilities Authority, RB, Series A,
5.00%, 7/01/39

 

 

780

 

 

782,878

 

Maryland — 0.6%

 

 

 

 

 

 

 

Maryland EDC, RB, Transportation
Facilities Project, Series A, 5.75%,
6/01/35

 

 

220

 

 

222,200

 

Maryland State Energy Financing
Administration, RB, Cogeneration, AES
Warrior Run, AMT, 7.40%, 9/01/19

 

 

750

 

 

750,173

 

 

 

 

 

 

 

 

 

 

 

 

972,373

 

Massachusetts — 4.5%

 

 

 

 

 

 

 

Massachusetts Development Finance
Agency, RB, Neville Communities,
Series A (GNMA), 5.75%, 6/20/22

 

 

600

 

 

648,450

 

Massachusetts Development Finance
Agency, RB, Neville Communities,
Series A (GNMA), 6.00%, 6/20/44

 

 

1,500

 

 

1,571,835

 

Massachusetts Development Finance
Agency, Refunding RB, Boston
University, Series P, 5.45%, 5/15/59

 

 

845

 

 

861,900

 

Massachusetts HFA, RB, M/F Housing,
Series A, AMT, 5.25%, 12/01/48

 

 

2,100

 

 

2,032,653

 

Massachusetts HFA, Refunding HRB,
Series F, AMT, 5.70%, 6/01/40

 

 

1,115

 

 

1,118,735

 

Massachusetts Health & Educational
Facilities Authority, Refunding RB,
Partners Healthcare, Series J1,
5.00%, 7/01/39

 

 

910

 

 

913,358

 

 

 

 

 

 

 

 

 

 

 

 

7,146,931

 

Michigan — 3.7%

 

 

 

 

 

 

 

City of Detroit Michigan, RB, Senior Lien,
Series B (AGM), 7.50%, 7/01/33

 

 

460

 

 

545,928

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Michigan (concluded)

 

 

 

 

 

 

 

Flint Hospital Building Authority,
Michigan, Refunding RB, Hurley
Medical Center (ACA), 6.00%,
7/01/20

 

$

1,030

 

$

958,940

 

Michigan State Hospital Finance
Authority, Refunding RB, Hospital,
Henry Ford Health, 5.75%, 11/15/39

 

 

1,520

 

 

1,483,870

 

Michigan Strategic Fund, Refunding RB,
Detroit Edison Co., Pollution, Series C,
AMT (Syncora),5.65%, 9/01/29

 

 

2,935

 

 

2,924,493

 

 

 

 

 

 

 

 

 

 

 

 

5,913,231

 

Minnesota — 1.1%

 

 

 

 

 

 

 

City of Minneapolis, Minnesota,
Refunding RB, Fairview Health
Services, Series A, 6.75%, 11/15/32

 

 

1,540

 

 

1,708,907

 

Mississippi — 1.0%

 

 

 

 

 

 

 

Mississippi Business Finance Corp.,
Refunding RB, System Energy
Resource Inc. Project, 5.88%,
4/01/22

 

 

1,500

 

 

1,499,820

 

Missouri — 0.5%

 

 

 

 

 

 

 

Kansas City IDA, Missouri, RB, First
Mortgage, Bishop Spencer, Series A,
6.50%, 1/01/35

 

 

1,000

 

 

853,180

 

New Hampshire — 1.0%

 

 

 

 

 

 

 

New Hampshire Health & Education
Facilities Authority, Refunding RB,
Dartmouth-Hitchcock, 6.00%,
8/01/38

 

 

1,530

 

 

1,598,712

 

New Jersey — 6.5%

 

 

 

 

 

 

 

New Jersey EDA, RB, Cigarette Tax,
5.75%, 6/15/29

 

 

4,050

 

 

3,975,520

 

New Jersey EDA, RB, Cigarette Tax,
5.50%, 6/15/31

 

 

1,890

 

 

1,759,666

 

New Jersey EDA, RB, Continental Airlines
Inc. Project, AMT, 6.63%, 9/15/12

 

 

2,000

 

 

1,968,480

 

New Jersey State Turnpike Authority, RB,
Series C (AGM), 5.00%, 1/01/30

 

 

2,500

 

 

2,595,900

 

 

 

 

 

 

 

 

 

 

 

 

10,299,566

 

New York — 6.5%

 

 

 

 

 

 

 

Dutchess County Industrial
Development Agency, New York,
Refunding RB, St. Francis Hospital,
Series A, 7.50%, 3/01/29

 

 

885

 

 

869,955

 

Long Island Power Authority, Refunding
RB, Series A, 5.75%, 4/01/39

 

 

1,050

 

 

1,136,184

 

Metropolitan Transportation Authority,
Refunding RB, Series B, 5.00%,
11/15/34

 

 

1,270

 

 

1,313,663

 

New York City Industrial Development
Agency, RB, Continental Airlines Inc.
Project, AMT, 8.00%, 11/01/12

 

 

525

 

 

452,959

 

 

 

 

BlackRock MuniHoldings Fund II, Inc.

January 31, 2010

3

 

 

 

 

Schedule of Investments (continued)

BlackRock MuniHoldings Fund II, Inc. (MUH)
(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

New York (concluded)

 

 

 

 

 

 

 

New York City Industrial Development
Agency, RB, Continental Airlines Inc.
Project, AMT, 8.38%, 11/01/16

 

$

525

 

$

394,658

 

New York City Industrial Development
Agency, RB, Series C, 6.80%,
6/01/28

 

 

415

 

 

437,211

 

New York City Transitional Finance
Authority, RB, Fiscal 2009, Series S-3,
5.25%, 1/15/39

 

 

3,300

 

 

3,441,240

 

Tobacco Settlement Financing Corp.,
New York, RB, Asset-Backed,
Series A-1, 5.50%, 6/01/15

 

 

1,100

 

 

1,113,156

 

Tobacco Settlement Financing Corp.,
New York, RB, Asset-Backed,
Series B-1C, 5.50%, 6/01/22

 

 

1,100

 

 

1,165,351

 

 

 

 

 

 

 

 

 

 

 

 

10,324,377

 

North Carolina — 1.7%

 

 

 

 

 

 

 

City of Charlotte, North Carolina, RB,
Series B, 5.00%, 7/01/38

 

 

475

 

 

506,378

 

City of Charlotte, North Carolina, RB,
Series B, 4.50%, 7/01/39

 

 

460

 

 

458,496

 

North Carolina Eastern Municipal Power
Agency, Refunding RB, Series B,
5.00%, 1/01/26

 

 

620

 

 

637,961

 

North Carolina Medical Care
Commission, RB, Duke University
Health System, Series A, 5.00%,
6/01/39

 

 

315

 

 

316,147

 

North Carolina Medical Care
Commission, RB, Duke University
Health System, Series A, 5.00%,
6/01/42

 

 

705

 

 

701,588

 

 

 

 

 

 

 

 

 

 

 

 

2,620,570

 

Ohio — 0.8%

 

 

 

 

 

 

 

Buckeye Tobacco Settlement Financing
Authority, RB, Asset-Backed, Senior
Series A-2, 6.50%, 6/01/47

 

 

1,565

 

 

1,312,440

 

Pennsylvania — 8.0%

 

 

 

 

 

 

 

Montgomery County Higher Education &
Health Authority, Refunding RB,
Abington Memorial Hospital, Series A,
5.13%, 6/01/33

 

 

590

 

 

580,879

 

Pennsylvania Economic Development
Financing Authority, RB, American
Water Co. Project, 6.20%, 4/01/39

 

 

1,830

 

 

1,963,370

 

Pennsylvania Economic Development
Financing Authority, RB, Aqua
Pennsylvania Inc. Project, 5.00%,
11/15/40

 

 

950

 

 

949,933

 

Pennsylvania Economic Development
Financing Authority, RB, National
Gypsum Co., Series A, AMT, 6.25%,
11/01/27

 

 

2,750

 

 

1,944,415

 

Pennsylvania Turnpike Commission, RB,
Sub-Series B, 5.25%, 6/01/39

 

 

3,455

 

 

3,485,197

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Pennsylvania (concluded)

 

 

 

 

 

 

 

Philadelphia Authority for Industrial
Development, RB, Commercial
Development, AMT, 7.75%, 12/01/17

 

$

540

 

$

539,914

 

Sayre Health Care Facilities Authority,
RB, Guthrie Health Issue, Series B,
7.13%, 12/01/11 (d)

 

 

2,630

 

 

3,133,882

 

 

 

 

 

 

 

 

 

 

 

 

12,597,590

 

Puerto Rico — 3.6%

 

 

 

 

 

 

 

Commonwealth of Puerto Rico, GO,
Refunding, Public Improvement,
Series C, 6.00%, 7/01/39

 

 

1,490

 

 

1,514,555

 

Puerto Rico Industrial Medical &
Environmental Pollution Control
Facilities Financing Authority, RB,
Special Facilities, American Airlines,
Series A, 6.45%, 12/01/25

 

 

1,550

 

 

1,177,892

 

Puerto Rico Sales Tax Financing Corp.,
RB, First Sub-Series A, 6.50%,
8/01/44

 

 

2,790

 

 

2,977,376

 

 

 

 

 

 

 

 

 

 

 

 

5,669,823

 

South Dakota — 0.7%

 

 

 

 

 

 

 

South Dakota Health & Educational
Facilities Authority, RB, Sanford
Health, 5.00%, 11/01/40

 

 

1,200

 

 

1,156,140

 

Tennessee — 2.3%

 

 

 

 

 

 

 

Hardeman County Correctional Facilities
Corp., Tennessee, RB, Series B,
7.38%, 8/01/17

 

 

2,200

 

 

2,114,552

 

Shelby County Health Educational &
Housing Facilities Board, Refunding
RB, Methodist Healthcare, 6.50%,
9/01/12 (d)

 

 

1,280

 

 

1,460,518

 

 

 

 

 

 

 

 

 

 

 

 

3,575,070

 

Texas — 11.3%

 

 

 

 

 

 

 

Brazos River Authority, Refunding RB,
TXU Electric Co. Project, Series C,
AMT, 5.75%, 5/01/36

 

 

1,930

 

 

1,814,547

 

Brazos River Harbor Navigation District,
Refunding RB, Dow Chemical Co.
Project, Series A7, AMT, 6.63%,
5/15/33

 

 

2,500

 

 

2,536,625

 

City of Houston, Texas, RB, Senior Lien,
Series A, 5.50%, 7/01/39

 

 

775

 

 

823,221

 

Harris County Health Facilities
Development Corp., Refunding RB,
Memorial Hermann Healthcare
System, Series B, 7.25%, 12/01/35

 

 

1,380

 

 

1,546,097

 

La Vernia Higher Education Finance
Corp., RB, KIPP Inc., 6.38%, 8/15/44

 

 

590

 

 

601,157

 

Matagorda County Hospital District,
Texas, RB (FHA), 5.00%, 2/15/35

 

 

3,265

 

 

3,078,209

 

North Texas Tollway Authority, RB,
Second Tier, Series F, 6.13%,
1/01/31

 

 

3,020

 

 

3,157,561

 

 

 

 

4

BlackRock MuniHoldings Fund II, Inc.

January 31, 2010


 

 

 

 

Schedule of Investments (continued)

BlackRock MuniHoldings Fund II, Inc. (MUH)
(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Texas (concluded)

 

 

 

 

 

 

 

San Antonio Energy Acquisition Public
Facility Corp., RB, Gas Supply, 5.50%,
8/01/23

 

$

1,130

 

$

1,169,256

 

San Antonio Energy Acquisition Public
Facility Corp., RB, Gas Supply, 5.50%,
8/01/24

 

 

1,035

 

 

1,082,486

 

Texas Private Activity Bond Surface
Transportation Corp., RB, Senior Lien,
Note Mobility, 6.88%, 12/31/39

 

 

1,940

 

 

2,019,482

 

 

 

 

 

 

 

 

 

 

 

 

17,828,641

 

Utah — 0.9%

 

 

 

 

 

 

 

City of Riverton, Utah, RB, IHC Health
Services Inc., 5.00%, 8/15/41

 

 

1,400

 

 

1,397,760

 

Vermont — 0.6%

 

 

 

 

 

 

 

Vermont Educational & Health Buildings
Financing Agency, RB, Developmental
& Mental Health, Series A, 6.50%,
6/15/32

 

 

1,000

 

 

933,120

 

U.S. Virgin Islands — 1.7%

 

 

 

 

 

 

 

United States Virgin Islands, Refunding
RB, Senior Secured, Hovensa Coker
Project, AMT 6.50%, 7/01/21

 

 

2,680

 

 

2,710,257

 

Virginia — 2.6%

 

 

 

 

 

 

 

Chesterfield County IDA, Refunding RB,
Virginia Electric & Power Co., Series A,
5.88%, 6/01/17

 

 

425

 

 

440,801

 

Virginia HDA, RB, Series D, AMT, 6.00%,
4/01/24

 

 

3,200

 

 

3,218,784

 

Virginia Small Business Financing
Authority, Refunding RB, Sentara
Healthcare, 5.00%, 11/01/40

 

 

485

 

 

483,453

 

 

 

 

 

 

 

 

 

 

 

 

4,143,038

 

Washington — 0.5%

 

 

 

 

 

 

 

Seattle Housing Authority, Washington,
HRB, Replacement Housing Projects,
6.13%, 12/01/32

 

 

945

 

 

847,363

 

Wisconsin — 4.3%

 

 

 

 

 

 

 

State of Wisconsin, Refunding RB,
Series A, 6.00%, 5/01/36

 

 

3,620

 

 

4,032,861

 

Wisconsin Health & Educational
Facilities Authority, RB, SynergyHealth
Inc., 6.00%, 11/15/32

 

 

1,360

 

 

1,397,958

 

Wisconsin Housing & EDA, Refunding
RB, Series C, AMT, 4.88%, 3/01/36

 

 

1,455

 

 

1,341,073

 

 

 

 

 

 

 

 

 

 

 

 

6,771,892

 

Total Municipal Bonds – 115.1%

 

 

 

 

 

182,078,227

 

 

 

 

 

 

 

 

 

Municipal Bonds Transferred to Tender
Option Bond Trusts (e)

 

Par
(000)

 

Value

 

California — 6.7%

 

 

 

 

 

 

 

Bay Area Toll Authority, Refunding RB,
San Francisco Bay Area, Series F-1,
5.63%, 4/01/44

 

$

1,640

 

$

1,739,610

 

California Educational Facilities
Authority, RB, University of Southern
California, Series A, 5.25%,
10/01/18

 

 

1,335

 

 

1,409,093

 

Los Angeles Community College District,
California, GO, Election of 2001,
Series A (AGM), 5.00%, 8/01/32

 

 

1,170

 

 

1,182,390

 

San Diego Community College District,
California, GO, Election of 2002,
5.25%, 8/01/33

 

 

554

 

 

565,873

 

Sequoia Union High School District,
California, GO, Series B, (AGM),
5.50%, 7/01/35

 

 

5,519

 

 

5,696,256

 

 

 

 

 

 

 

 

 

 

 

 

10,593,222

 

Colorado — 2.6%

 

 

 

 

 

 

 

Colorado Health Facilities Authority, RB,
Catholic Health, Series C3 (AGM),
5.10%, 10/01/41

 

 

1,870

 

 

1,843,839

 

Colorado Health Facilities Authority, RB,
Catholic Health, Series C7 (AGM),
5.00%, 9/01/36

 

 

1,200

 

 

1,180,860

 

Colorado Health Facilities Authority,
Refunding RB, Catholic Healthcare,
Series A, 5.50%, 7/01/34 (f)

 

 

1,080

 

 

1,138,109

 

 

 

 

 

 

 

 

 

 

 

 

4,162,808

 

Connecticut — 3.1%

 

 

 

 

 

 

 

Connecticut State Health & Educational
Facility Authority, RB, Yale University,
Series T1, 4.70%, 7/01/29

 

 

2,300

 

 

2,430,272

 

Connecticut State Health & Educational
Facility Authority, RB, Yale University,
Series X3, 4.85%, 7/01/37

 

 

2,370

 

 

2,470,346

 

 

 

 

 

 

 

 

 

 

 

 

4,900,618

 

Georgia — 1.1%

 

 

 

 

 

 

 

Private Colleges & Universities Authority,
RB, Emory University, Series C, 5.00%,
9/01/38

 

 

1,650

 

 

1,710,003

 

Massachusetts — 2.0%

 

 

 

 

 

 

 

Massachusetts School Building
Authority, RB, Series A (AGM), 5.00%,
8/15/30

 

 

2,999

 

 

3,145,675

 

New Hampshire — 0.7%

 

 

 

 

 

 

 

New Hampshire Health & Education
Facilities Authority, Refunding RB,
Dartmouth College, 5.25%,
6/01/39

 

 

1,019

 

 

1,094,939

 

 

 

 

BlackRock MuniHoldings Fund II, Inc.

January 31, 2010

5


 

 

 

 

Schedule of Investments (continued)

BlackRock MuniHoldings Fund II, Inc. (MUH)
(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Municipal Bonds Transferred to Tender
Option Bond Trusts (e)

 

Par
(000)

 

Value

 

New York (concluded)

 

 

 

 

 

 

 

 

New York — 2.8%

 

 

 

 

 

 

 

New York City Municipal Water Finance
Authority, RB, Series FF-2, 5.50%,
6/15/40

 

$

810

 

$

886,061

 

Sales Tax Asset Receivable Corp., RB,
Series A, (AMBAC), 5.25%, 10/15/27

 

 

3,200

 

 

3,527,139

 

 

 

 

 

 

 

 

 

 

 

 

4,413,200

 

North Carolina — 0.5%

 

 

 

 

 

 

 

North Carolina Capital Facilities Finance
Agency, RB, Wake Forest University,
5.00%, 1/01/38

 

 

800

 

 

836,280

 

Ohio — 4.6%

 

 

 

 

 

 

 

State of Ohio, Refunding RB, Cleveland
Clinic Health, Series A, 5.50%,
1/01/39

 

 

6,980

 

 

7,228,418

 

Tennessee — 1.6%

 

 

 

 

 

 

 

Shelby County Health Educational &
Housing Facilities Board, RB, St.
Judes Children’s Research Hospital,
5.00%, 7/01/31

 

 

2,500

 

 

2,538,300

 

Texas — 2.2%

 

 

 

 

 

 

 

County of Harris, Texas, RB, Senior Lien,
Toll Road, Series A, 5.00%,
8/15/38

 

 

3,360

 

 

3,441,917

 

Virginia — 7.9%

 

 

 

 

 

 

 

University of Virginia, Refunding RB,
5.00%, 6/01/40

 

 

2,730

 

 

2,880,204

 

Virginia HDA, RB, Series H, (NPFGC),
5.35%, 7/01/31

 

 

1,725

 

 

1,741,129

 

Virginia HDA, RB, Sub-Series H1
(NPFGC), 5.38%, 7/01/36

 

 

7,900

 

 

7,960,356

 

 

 

 

 

 

 

 

 

 

 

 

12,581,689

 

Washington — 0.9%

 

 

 

 

 

 

 

Central Puget Sound Regional
Transportation Authority, Washington,
RB, Series A (AGM), 5.00%,
11/01/32

 

 

1,365

 

 

1,421,605

 

Wisconsin — 1.8%

 

 

 

 

 

 

 

Wisconsin Health & Educational
Facilities Authority, Refunding RB,
Froedtert & Community Health Inc.,
5.25%, 4/01/39

 

 

2,859

 

 

2,859,114

 

Total Municipal Bonds Transferred to
Tender Option Bond Trusts – 38.5%

 

 

 

 

 

60,927,788

 

Total Long-Term Investments
(Cost – $240,856,488) – 153.6%

 

 

 

 

 

243,006,015

 

 

 

 

 

 

 

 

 

Short-Term Securities

 

Shares

 

Value

 

FFI Institutional Tax-Exempt Fund,
0.16% (f)(g)

 

 

101,107

 

$

101,107

 

Total Short-Term Securities
(Cost – $101,107) – 0.1%

 

 

 

 

 

101,107

 

Total Investments
(Cost – $240,957,595*) – 153.7%

 

 

 

 

 

243,107,122

 

Other Assets Less Liabilities – 1.3%

 

 

 

 

 

2,184,304

 

Liability for Trust Certificates, Including Interest
Expense and Fees Payable – (20.2)%

 

 

 

 

 

(32,035,017

)

Preferred Shares, at Redemption Value – (34.8)%

 

 

 

 

 

(55,053,088

)

 

 

 

 

 

Net Assets Applicable to Common Shares – 100.0%

 

 

 

 

$

158,203,321

 

 

 

 

 

 

 

 

*

The cost and unrealized appreciation (depreciation) of investments as of January 31, 2010, as computed for federal income tax purposes, were as follows:

 

 

 

 

 

Aggregate cost

 

$

209,621,209

 

 

 

Gross unrealized appreciation

 

$

8,593,958

 

Gross unrealized depreciation

 

 

(7,127,839

)

 

 

Net unrealized appreciation

 

$

1,466,119

 

 

 

 

 

(a)

Represents a zero-coupon bond. Rate shown reflects the current yield as of report date.

 

 

(b)

Issuer filed for bankruptcy and/or is in default of interest payments.

 

 

(c)

Non-income producing security.

 

 

(d)

US 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)

Securities represent bonds transferred to a tender option bond trust in exchange for which the Fund acquired residual interest certificates. These securities serve as collateral in a financing transaction.

 

 

(f)

Investments in companies considered to be an affiliate of the Fund, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, were as follows:

 

 

 

 

 

 

 

 

Affiliate

 

Net
Activity

 

Income

 

FFI Institutional Tax-Exempt Fund

 

$

(7,811,688

)

$

7,890

 

 

 

 

(g)

Represents the current yield as of report date.

 

 

 

 

Fair Value Measurements — Various inputs are used in determining the fair value of investments, which are as follows:

 

 

 

 

•

Level 1 — price quotations in active markets/exchanges for identical assets and liabilities

 

 

 

 

•

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 Fund’s own assumptions used in determining the fair value of investments)

 

 

 

6

BlackRock MuniHoldings Fund II, Inc.

January 31, 2010


 

 

 

 

Schedule of Investments (concluded)

BlackRock MuniHoldings Fund II, Inc. (MUH)

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to the Fund’s most recent financial statements as contained in its semi-annual report.

The following table summarizes the inputs used as of January 31, 2010 in determining the fair valuation of the Fund’s investments:

 

 

 

 

 

Valuation Inputs

 

Investments in
Securities

 

 

 

Assets

 

 

 

Level 1 - Short-Term Securities

 

$

101,107

 

Level 2 - Long-Term Investments1

 

 

243,006,015

 

Level 3

 

 

—

 

 

 

Total

 

$

243,107,122

 

 

 

 

 

 

 

1

See above Schedule of Investments for values in each state or political subdivision.

 

 

 

BlackRock MuniHoldings Fund II, Inc.

January 31, 2010

7

Item 2 –

Controls and Procedures
   

2(a) –

The registrant's principal executive and principal financial officers or persons performing similar functions have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13(a)-15(b) under the Securities Exchange Act of 1934, as amended.
   

2(b) –

There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant's last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.
   

Item 3 –

Exhibits
   

 

Certifications – Attached hereto
   

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
   

 

BlackRock MuniHoldings Fund II, Inc.
       
 

By:

 /s/ Anne F. Ackerley  
    Anne F. Ackerley
    Chief Executive Officer of
    BlackRock MuniHoldings Fund II, Inc.
   
  Date: March 19, 2010
   
  Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
   
 

By:

 /s/ Anne F. Ackerley  
    Anne F. Ackerley
    Chief Executive Officer (principal executive officer) of
    BlackRock MuniHoldings Fund II, Inc.
   
  Date: March 19, 2010
   
 

By:

 /s/ Neal J. Andrews  
    Neal J. Andrews
    Chief Financial Officer (principal financial officer) of
    BlackRock MuniHoldings Fund II, Inc.
   
  Date: March 19, 2010