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: John M. Perlowski, 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: 04/30/2012

 

Date of reporting period: 07/31/2011

 

Item 1 – Schedule of Investments

 

 

 

 

Schedule of Investments July 31, 2011 (Unaudited)

BlackRock MuniHoldings Fund II, Inc. (MUH)

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Alabama — 1.9%

 

 

 

 

 

 

 

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

 

$

3,450

 

$

3,038,864

 

Alaska — 0.7%

 

 

 

 

 

 

 

Northern Tobacco Securitization Corp.,
RB, Asset-Backed, Series A, 5.00%,
6/01/46

 

 

1,660

 

 

1,095,583

 

Arizona — 2.6%

 

 

 

 

 

 

 

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

 

 

2,060

 

 

1,751,330

 

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

 

 

925

 

 

896,908

 

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

 

 

990

 

 

1,012,324

 

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

 

 

470

 

 

472,406

 

 

 

 

 

 

 

4,132,968

 

Arkansas — 0.5%

 

 

 

 

 

 

 

County of Little River Arkansas,
Refunding RB, Georgia-Pacific Corp.
Project, AMT, 5.60%, 10/01/26

 

 

830

 

 

803,573

 

California — 21.6%

 

 

 

 

 

 

 

Benicia Unified School District, GO, CAB,
Series A (NPFGC), 5.63%, 8/01/20 (a)

 

 

2,000

 

 

1,264,540

 

California Health Facilities Financing
Authority, Refunding RB:

 

 

 

 

 

 

St. Joseph Health System,
Series A, 5.75%, 7/01/39

 

 

1,110

 

 

1,122,598

 

Sutter Health, Series B,
6.00%, 8/15/42

 

 

1,585

 

 

1,688,469

 

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

 

 

600

 

 

637,056

 

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

 

 

1,090

 

 

1,043,948

 

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

 

 

400

 

 

411,824

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

California (concluded)

 

 

 

 

 

 

 

Los Angeles Department of Airports,
Refunding RB, Senior, Los Angeles
International Airport, Series A, 5.00%,
5/15/40

 

$

2,975

 

$

3,017,066

 

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

 

 

1,750

 

 

1,738,362

 

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

 

 

2,525

 

 

875,216

 

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

 

 

4,770

 

 

4,830,817

 

San Marino Unified School District
California, GO, Series A (NPFGC) (a):

 

 

 

 

 

 

 

5.51%, 7/01/17

 

 

1,820

 

 

1,493,292

 

5.56%, 7/01/18

 

 

1,945

 

 

1,481,234

 

5.61%, 7/01/19

 

 

2,070

 

 

1,480,009

 

State of California, GO, Various Purpose:

 

 

 

 

 

 

 

6.00%, 3/01/33

 

 

1,265

 

 

1,381,924

 

6.50%, 4/01/33

 

 

7,325

 

 

8,200,484

 

University of California, RB, Limited

 

 

 

 

 

 

 

Project, Series B, 4.75%, 5/15/38

 

 

4,605

 

 

4,357,758

 

 

 

 

 

 

 

35,024,597

 

Colorado — 2.7%

 

 

 

 

 

 

 

Colorado Educational & Cultural
Facilities Authority, RB, Charter
School, Colorado Springs, 5.50%,
7/01/40

 

 

1,055

 

 

966,760

 

Colorado Health Facilities Authority,
Refunding RB, Sisters Leavenworth,
Series A, 5.00%, 1/01/40

 

 

1,100

 

 

1,064,305

 

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

 

 

860

 

 

788,861

 

Regional Transportation District, COP,
Series A, 5.38%, 6/01/31

 

 

510

 

 

530,512

 

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

 

 

920

 

 

962,108

 

 

 

 

 

 

 

4,312,546

 

 

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.

ERB

Education Revenue Bonds

FHA

Federal Housing Administration

GO

General Obligation Bonds

HDA

Housing Development Authority

HFA

Housing Finance Agency

HRB

Housing Revenue Bonds

IDA

Industrial Development Authority

M/F

Multi-Family

NPFGC

National Public Finance Guarantee Corp.

RB

Revenue Bonds

SAN

State Aid Notes

 

 

 

 

 

 

 

 

 

BLACKROCK MUNIHOLDINGS FUND II, INC.

JULY 31, 2011

1


 

 

 

Schedule of Investments (continued)

BlackRock MuniHoldings Fund II, Inc. (MUH)

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Connecticut — 1.6%

 

 

 

 

 

 

 

Connecticut State Health & Educational
Facility Authority, RB:

 

 

 

 

 

 

 

Ascension Health Senior
Credit, 5.00%, 11/15/40

 

$

685

 

$

691,432

 

Wesleyan University, 5.00%,
7/01/35

 

 

1,875

 

 

1,945,988

 

 

 

 

 

 

 

2,637,420

 

Delaware — 1.5%

 

 

 

 

 

 

 

County of Sussex Delaware, RB, NRG
Energy, Inc., Indian River Project,
6.00%, 10/01/40

 

 

570

 

 

574,418

 

Delaware State EDA, RB, Exempt
Facilities, Indian River Power, 5.38%,
10/01/45

 

 

2,050

 

 

1,849,038

 

 

 

 

 

 

 

2,423,456

 

District Of Columbia — 2.1%

 

 

 

 

 

 

 

Metropolitan Washington Airports
Authority, RB:

 

 

 

 

 

 

 

CAB, Second Senior Lien, Series B
(AGC), 7.08%, 10/01/34 (a)

 

 

10,170

 

 

2,378,356

 

First Senior Lien, Series A,
5.00%, 10/01/39

 

 

255

 

 

255,492

 

First Senior Lien, Series A,
5.25%, 10/01/44

 

 

745

 

 

748,874

 

 

 

 

 

 

 

3,382,722

 

Florida — 7.2%

 

 

 

 

 

 

 

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

 

 

1,535

 

 

1,425,109

 

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

 

 

870

 

 

894,177

 

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

 

 

545

 

 

572,512

 

County of Miami-Dade Florida, RB:

 

 

 

 

 

 

 

CAB, Sub-Series A (NPFGC), 5.24%,
10/01/37 (a)

 

 

1,765

 

 

287,730

 

Water & Sewer System,
5.00%, 10/01/34

 

 

2,845

 

 

2,892,967

 

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

 

 

330

 

 

331,993

 

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

 

 

1,515

 

 

1,445,371

 

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

 

 

1,380

 

 

1,254,944

 

Mid-Bay Bridge Authority, RB, Series A,
7.25%, 10/01/40

 

 

1,135

 

 

1,155,736

 

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

 

 

490

 

 

292,442

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Florida (concluded)

 

 

 

 

 

 

 

Preserve at Wilderness Lake Community
Development District, Special

 

 

 

 

 

 

 

Assessment Bonds, Series A, 5.90%,
5/01/34

 

$

1,185

 

$

1,033,913

 

 

 

 

 

 

 

11,586,894

 

Georgia — 1.8%

 

 

 

 

 

 

 

DeKalb Private Hospital Authority,
Refunding RB, Childrens Healthcare,
5.25%, 11/15/39

 

 

420

 

 

426,170

 

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

 

 

1,740

 

 

1,737,320

 

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

 

 

765

 

 

785,632

 

 

 

 

 

 

 

2,949,122

 

Guam — 0.7%

 

 

 

 

 

 

 

Territory of Guam, GO, Series A:

 

 

 

 

 

 

 

6.00%, 11/15/19

 

 

320

 

 

317,843

 

6.75%, 11/15/29

 

 

455

 

 

463,022

 

7.00%, 11/15/39

 

 

275

 

 

283,709

 

 

 

 

 

 

 

1,064,574

 

Hawaii — 0.4%

 

 

 

 

 

 

 

State of Hawaii, Refunding RB, Series A,
5.25%, 7/01/30

 

 

680

 

 

703,467

 

Idaho — 1.2%

 

 

 

 

 

 

 

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

 

 

2,000

 

 

2,001,360

 

Illinois — 7.9%

 

 

 

 

 

 

 

City of Chicago Illinois, RB, O’Hare
International Airport, General, Third
Lien, Series A, 5.75%, 1/01/39

 

 

2,500

 

 

2,608,850

 

City of Chicago Illinois, Refunding RB,
O’Hare International Airport, General,
Third Lien, Series C, 6.50%, 1/01/41

 

 

2,935

 

 

3,229,997

 

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

 

 

1,000

 

 

994,960

 

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

 

 

800

 

 

811,584

 

Metropolitan Pier & Exposition Authority,
Refunding RB (AGM), McCormick Place
Expansion Project:

 

 

 

 

 

 

 

CAB, Series B, 6.25%, 6/15/47 (a)

 

 

9,555

 

 

972,890

 

Series B, 5.00%, 6/15/50

 

 

1,585

 

 

1,455,917

 

Series B-2, 5.00%, 6/15/50

 

 

1,260

 

 

1,157,386

 

 

 

 

 

 

 

 

 

 

BLACKROCK MUNIHOLDINGS FUND II, INC.

JULY 31, 2011

2


 

 

 

Schedule of Investments (continued)

BlackRock MuniHoldings Fund II, Inc. (MUH)

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Illinois (concluded)

 

 

 

 

 

 

 

Railsplitter Tobacco Settlement Authority,
RB:

 

 

 

 

 

 

 

5.50%, 6/01/23

 

$

675

 

$

699,334

 

6.00%, 6/01/28

 

 

500

 

 

514,925

 

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

 

 

315

 

 

319,646

 

 

 

 

 

 

 

12,765,489

 

Indiana — 1.7%

 

 

 

 

 

 

 

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

 

 

420

 

 

421,919

 

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

 

 

1,660

 

 

1,719,660

 

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

 

 

565

 

 

599,652

 

 

 

 

 

 

 

2,741,231

 

Kansas — 1.2%

 

 

 

 

 

 

 

Kansas Development Finance Authority,
Refunding RB:

 

 

 

 

 

 

 

Adventist Health, 5.75%,
11/15/38

 

 

1,105

 

 

1,173,709

 

Sisters of Leavenworth,
Series A, 5.00%, 1/01/40

 

 

785

 

 

791,947

 

 

 

 

 

 

 

1,965,656

 

Kentucky — 0.3%

 

 

 

 

 

 

 

Kentucky Economic Development Finance
Authority, Refunding RB, Owensboro
Medical Health System, Series A,
6.38%, 6/01/40

 

 

510

 

 

519,772

 

Louisiana — 2.1%

 

 

 

 

 

 

 

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

 

 

420

 

 

433,394

 

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

 

 

2,500

 

 

2,610,850

 

New Orleans Aviation Board, Refunding
RB, Passenger Facility Charge,
Series A, 5.25%, 1/01/41

 

 

310

 

 

309,987

 

 

 

 

 

 

 

3,354,231

 

Maine — 0.1%

 

 

 

 

 

 

 

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

 

 

150

 

 

150,480

 

Maryland — 1.3%

 

 

 

 

 

 

 

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

 

 

220

 

 

215,593

 

Maryland EDC, Refunding RB, CNX Marine
Terminals, Inc., 5.75%, 9/01/25

 

 

415

 

 

409,464

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Maryland (concluded)

 

 

 

 

 

 

 

Maryland Health & Higher Educational
Facilities Authority, Refunding RB,
Charlestown Community, 6.25%,
1/01/41

 

$

1,095

 

$

1,120,744

 

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

 

 

400

 

 

400,848

 

 

 

 

 

 

 

2,146,649

 

Massachusetts — 4.3%

 

 

 

 

 

 

 

Massachusetts Development Finance
Agency, RB, Neville Communities,
Series A (Ginnie Mae):

 

 

 

 

 

 

 

5.75%, 6/20/22

 

 

600

 

 

649,926

 

6.00%, 6/20/44

 

 

1,500

 

 

1,600,440

 

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

 

 

845

 

 

822,810

 

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

 

 

2,100

 

 

1,924,545

 

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

 

 

1,080

 

 

1,095,412

 

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

 

 

910

 

 

912,912

 

 

 

 

 

 

 

7,006,045

 

Michigan — 2.3%

 

 

 

 

 

 

 

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

 

 

460

 

 

542,354

 

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

 

 

905

 

 

900,013

 

Kalamazoo Hospital Finance Authority,
Refunding RB, Bronson Methodist
Hospital, 5.50%, 5/15/36

 

 

690

 

 

688,089

 

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

 

 

1,520

 

 

1,511,442

 

 

 

 

 

 

 

3,641,898

 

Minnesota — 1.0%

 

 

 

 

 

 

 

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

 

 

1,540

 

 

1,674,457

 

New Hampshire — 1.0%

 

 

 

 

 

 

 

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

 

 

1,530

 

 

1,638,248

 

 

 

 

 

 

 

 

 

 

BLACKROCK MUNIHOLDINGS FUND II, INC.

JULY 31, 2011

3


 

 

 

Schedule of Investments (continued)

BlackRock MuniHoldings Fund II, Inc. (MUH)

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

New Jersey — 5.9%

 

 

 

 

 

 

 

New Jersey EDA, RB:

 

 

 

 

 

 

 

Cigarette Tax, 5.75%,
6/15/29

 

$

3,025

 

$

2,998,108

 

Continental Airlines Inc
Project, AMT, 6.63%, 9/15/12

 

 

2,000

 

 

2,024,440

 

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

 

 

2,500

 

 

2,549,475

 

New Jersey Transportation Trust Fund
Authority, RB, Transportation System,
Series A, 5.50%, 6/15/41

 

 

1,025

 

 

1,070,192

 

Tobacco Settlement Financing Corp. New
Jersey, Refunding RB, Series 1A, 4.50%,
6/01/23

 

 

905

 

 

820,346

 

 

 

 

 

 

 

9,462,561

 

New York — 6.5%

 

 

 

 

 

 

 

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

 

 

875

 

 

855,977

 

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

 

 

1,050

 

 

1,127,238

 

Metropolitan Transportation Authority,
Refunding RB:

 

 

 

 

 

 

 

Series B, 5.00%, 11/15/34

 

 

1,270

 

 

1,302,855

 

Transportation, Series D,

 

 

 

 

 

 

 

5.25%, 11/15/40

 

 

610

 

 

617,558

 

New York City Industrial Development
Agency, RB:

 

 

 

 

 

 

 

Continental Airlines Inc.
Project, Mandatory Put Bonds,
AMT, 8.38%, 11/01/16 (b)

 

 

525

 

 

540,204

 

Continental Airlines Inc.,
Project, AMT, 8.00%,
11/01/12

 

 

350

 

 

356,811

 

Series C, 6.80%, 6/01/28

 

 

415

 

 

428,898

 

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

 

 

3,300

 

 

3,427,776

 

New York Liberty Development Corp.,
Refunding RB, Second Priority, Bank of
America Tower at One Bryant Park
Project, 6.38%, 7/15/49

 

 

615

 

 

632,571

 

Port Authority of New York & New Jersey,
RB, JFK International Air Terminal:

 

 

 

 

 

 

 

6.00%, 12/01/36

 

 

650

 

 

660,433

 

6.00%, 12/01/42

 

 

630

 

 

637,346

 

 

 

 

 

 

 

10,587,667

 

North Carolina — 0.4%

 

 

 

 

 

 

 

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

 

 

705

 

 

710,866

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Pennsylvania — 3.7%

 

 

 

 

 

 

 

Allegheny County Hospital Development
Authority, Refunding RB, Health System,
West Penn, Series A, 5.38%, 11/15/40

 

$

1,095

 

$

920,742

 

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

 

 

325

 

 

317,259

 

Pennsylvania Economic Development
Financing Authority, RB:

 

 

 

 

 

 

 

American Water Co. Project,
6.20%, 4/01/39

 

 

1,830

 

 

1,958,740

 

National Gypsum Co., Series A,
AMT, 6.25%, 11/01/27

 

 

2,750

 

 

2,300,787

 

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

 

 

540

 

 

540,405

 

 

 

 

 

 

 

6,037,933

 

Puerto Rico — 3.8%

 

 

 

 

 

 

 

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

 

 

905

 

 

803,387

 

Puerto Rico Sales Tax Financing Corp., RB:

 

 

 

 

 

 

 

CAB, Series A, 6.41%,
8/01/35 (a)

 

 

10,000

 

 

2,013,100

 

First Sub-Series A, 6.50%,
8/01/44

 

 

2,790

 

 

3,015,571

 

Puerto Rico Sales Tax Financing Corp.,
Refunding RB, CAB, First Sub-Series C,
6.52%, 8/01/38 (a)

 

 

2,145

 

 

353,410

 

 

 

 

 

 

 

6,185,468

 

South Carolina — 1.0%

 

 

 

 

 

 

 

South Carolina State Ports Authority, RB,
5.25%, 7/01/40

 

 

1,650

 

 

1,679,337

 

Tennessee — 1.3%

 

 

 

 

 

 

 

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

 

 

2,200

 

 

2,162,820

 

Texas — 10.9%

 

 

 

 

 

 

 

Brazos River Authority, Refunding RB, TXU
Electric Co. Project, Series C, Mandatory
Put Bonds, AMT, 5.75%, 5/01/36 (b)

 

 

500

 

 

492,145

 

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

 

 

2,500

 

 

2,546,125

 

Central Texas Regional Mobility Authority,
RB, Senior Lien, 6.25%, 1/01/46

 

 

1,070

 

 

1,066,180

 

City of Dallas Texas, Refunding RB,
Waterworks and Sewer System, 5.00%,
10/01/35

 

 

760

 

 

799,930

 

 

 

 

 

 

 

 

 

 

BLACKROCK MUNIHOLDINGS FUND II, INC.

JULY 31, 2011

4


 

 

 

Schedule of Investments (continued)

BlackRock MuniHoldings Fund II, Inc. (MUH)

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Texas (concluded)

 

 

 

 

 

 

 

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

 

$

535

 

$

552,676

 

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

 

 

1,380

 

 

1,528,460

 

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

 

 

590

 

 

605,446

 

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

 

 

1,325

 

 

1,294,499

 

North Texas Tollway Authority, RB:

 

 

 

 

 

 

 

CAB, Special Projects System,
Series B, 7.55%, 9/01/37 (a)

 

 

1,015

 

 

182,122

 

Toll, Second Tier, Series F,
6.13%, 1/01/31

 

 

3,020

 

 

3,118,120

 

Sabine River Authority Texas, Refunding
RB, TXU Electric Co. Project, Series B,
Mandatory Put Bonds, AMT, 5.75%,
5/01/30 (b)

 

 

500

 

 

490,935

 

Texas Private Activity Bond Surface
Transportation Corp., RB, Senior Lien:

 

 

 

 

 

 

 

LBJ Infrastructure Group LLC.,
LBJ Freeway Managed Lanes
Project, 7.00%, 6/30/40

 

 

2,165

 

 

2,301,958

 

NTE Mobility Partners LLC,
North Tarrant Express
Managed Lanes Project,
6.88%, 12/31/39

 

 

1,940

 

 

2,044,256

 

Texas State Public Finance Authority,
Refunding ERB, KIPP Inc., Series A
(ACA), 5.00%, 2/15/36

 

 

625

 

 

544,500

 

 

 

 

 

 

 

17,567,352

 

US Virgin Islands — 1.6%

 

 

 

 

 

 

 

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

 

 

2,680

 

 

2,648,858

 

Utah — 0.9%

 

 

 

 

 

 

 

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

 

 

1,400

 

 

1,400,882

 

Vermont — 0.6%

 

 

 

 

 

 

 

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

 

 

1,000

 

 

914,830

 

Virginia — 0.7%

 

 

 

 

 

 

 

Virginia HDA, RB, Sub-Series H-1 (NPFGC),
5.35%, 7/01/31

 

 

1,175

 

 

1,175,435

 

Washington — 1.2%

 

 

 

 

 

 

 

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

 

 

930

 

 

868,648

 

Washington Health Care Facilities
Authority, RB, Swedish Health
Services, Series A, 6.75%, 11/15/41

 

 

990

 

 

1,059,419

 

 

 

 

 

 

 

1,928,067

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Wisconsin — 4.1%

 

 

 

 

 

 

 

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

 

$

3,620

 

$

3,942,216

 

Wisconsin Health & Educational Facilities
Authority, RB:

 

 

 

 

 

 

 

Ascension Health Senior
Credit Group, 5.00%,
11/15/33

 

 

1,235

 

 

1,246,597

 

SynergyHealth Inc., 6.00%,
11/15/32

 

 

1,360

 

 

1,381,760

 

 

 

 

 

 

 

6,570,573

 

Total Municipal Bonds – 112.3%

 

 

 

 

 

181,793,951

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Municipal Bonds Transferred to Tender
Option Bond (TOB) Trusts (c)

 

 

 

 

 

 

 

California — 6.5%

 

 

 

 

 

 

 

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

 

 

1,640

 

 

1,728,311

 

California Educational Facilities Authority,
RB, University of Southern California,
Series A, 5.25%, 10/01/39

 

 

1,335

 

 

1,398,212

 

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

 

 

1,170

 

 

1,199,250

 

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

 

 

553

 

 

582,915

 

Sequoia Union High School District
California, GO, Refunding, Election of
2004, Series B (AGM), 5.50%, 7/01/35

 

 

5,519

 

 

5,705,860

 

 

 

 

 

 

 

10,614,548

 

Colorado — 2.6%

 

 

 

 

 

 

 

Colorado Health Facilities Authority, RB
(AGM), Catholic Health:

 

 

 

 

 

 

 

Series C-3, 5.10%, 10/01/41

 

 

1,870

 

 

1,858,462

 

Series C-7, 5.00%, 9/01/36

 

 

1,200

 

 

1,193,148

 

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

 

 

1,080

 

 

1,113,917

 

 

 

 

 

 

 

4,165,527

 

Connecticut — 3.0%

 

 

 

 

 

 

 

Connecticut State Health & Educational
Facility Authority, RB, Yale University:

 

 

 

 

 

 

 

Series T-1, 4.70%, 7/01/29

 

 

2,300

 

 

2,421,256

 

Series X-3, 4.85%, 7/01/37

 

 

2,370

 

 

2,410,646

 

 

 

 

 

 

 

4,831,902

 

 

 

 

 

 

 

 

 

 

BLACKROCK MUNIHOLDINGS FUND II, INC.

JULY 31, 2011

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 (TOB) Trusts (c)

 

Par
(000)

 

Value

 

Georgia — 1.0%

 

 

 

 

 

 

 

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

 

$

1,649

 

$

1,693,949

 

Massachusetts — 1.9%

 

 

 

 

 

 

 

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

 

 

2,999

 

 

3,117,145

 

New Hampshire — 0.7%

 

 

 

 

 

 

 

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

 

 

1,019

 

 

1,079,854

 

New York — 4.5%

 

 

 

 

 

 

 

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

 

 

810

 

 

866,281

 

New York State Dormitory Authority, ERB,
Series F, 5.00%, 3/15/35

 

 

2,910

 

 

2,965,417

 

Sales Tax Asset Receivable Corp., RB,

 

 

 

 

 

 

 

Series A (AMBAC), 5.25%, 10/15/27

 

 

3,200

 

 

3,440,451

 

 

 

 

 

 

 

7,272,149

 

North Carolina — 0.5%

 

 

 

 

 

 

 

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

 

 

800

 

 

822,944

 

Ohio — 4.5%

 

 

 

 

 

 

 

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

 

 

6,980

 

 

7,224,509

 

Tennessee — 1.6%

 

 

 

 

 

 

 

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

 

 

2,500

 

 

2,563,425

 

Texas — 2.1%

 

 

 

 

 

 

 

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

 

 

3,360

 

 

3,429,048

 

Virginia — 7.6%

 

 

 

 

 

 

 

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

 

 

2,730

 

 

2,833,849

 

Virginia HDA, RB, Sub-Series H-1 (NPFGC),
5.38%, 7/01/36

 

 

7,900

 

 

7,904,266

 

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

 

 

1,553

 

 

1,577,784

 

 

 

 

 

 

 

12,315,899

 

Washington — 0.9%

 

 

 

 

 

 

 

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

 

 

1,365

 

 

1,412,773

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Municipal Bonds Transferred to Tender
Option Bond (TOB) Trusts (c)

 

Par
(000)

 

Value

 

Wisconsin — 1.8%

 

 

 

 

 

 

 

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

 

$

2,859

 

$

2,869,891

 

Total Municipal Bonds Transferred to
Tender Option Bond (TOB) Trusts – 39.2%

 

 

 

 

 

63,413,563

 

Total Long-Term Investments
(Cost – $239,808,664) – 151.5%

 

 

 

 

 

245,207,514

 

 

 

 

 

 

 

 

 

 

 

Short-Term Securities

 

Shares

 

 

 

 

FFI Institutional Tax-Exempt Fund,
0.01% (d)(e)

 

 

1,694,296

 

 

1,694,296

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Par
(000)

 

 

 

 

Michigan Finance Authority, RB, SAN,
Detroit Schools, Series A-1, 6.45%,
2/02/12

 

$

1,630

 

 

1,657,955

 

Total Short-Term Securities
(Cost – $3,324,296) – 2.1%

 

 

 

 

 

3,352,251

 

Total Investments
(Cost – $243,132,960*) – 153.6%

 

 

 

 

 

248,559,765

 

Other Assets Less Liabilities – 1.2%

 

 

 

 

 

1,957,088

 

Liability for TOB Trust Certificates, Including Interest
Expense and Fees Payable – (20.8)%

 

 

 

 

 

(33,627,733

)

AMPS, at Redemption Value – (34.0)%

 

 

 

 

 

(55,050,000

)

Net Assets Applicable to Common Shares– 100.0%

 

 

 

 

$

161,839,120

 

 

 


*


The cost and unrealized appreciation (depreciation) of investments as of July 31, 2011, as computed for federal income tax purposes, were as follows:

 

 

 

 

 

Aggregate cost

 

$

209,515,956

 

Gross unrealized appreciation

 

$

8,721,271

 

Gross unrealized depreciation

 

 

(3,294,466

)

Net unrealized appreciation

 

$

5,426,805

 

 

 

(a)

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

 

 

(b)

Variable rate security. Rate shown is as of report date.

 

 

(c)

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

 

 

 

 

 

 

 

 

 

BLACKROCK MUNIHOLDINGS FUND II, INC.

JULY 31, 2011

6


 

 

 

Schedule of Investments (concluded)

BlackRock MuniHoldings Fund II, Inc. (MUH)

 

 

(d)

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Affiliate

 

Shares
Held at
April 30,
2011

 

Net
Activity

 

Shares
Held at
July 31,
2011

 

Income

 

FFI Institutional Tax-Exempt Fund

 

 

3,999,689

 

 

(2,305,393

)

 

1,694,296

 

$

316

 

 

 

(e)

Represents the current yield as of report date.

 

 

•

Financial futures contracts sold as of July 31, 2011 were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Notional

 

Unrealized

 

Contracts

 

Issue

 

Exchange

 

Expiration

 

Value

 

Depreciation

 

570

 

10-Year US Treasury Note

 

Chicago Board of Trade

 

September 2011

 

$

6,989,071

 

$

(175,116

)

 

 

 

•

Fair Value Measurements - Various inputs are used in determining the fair value of investments and derivative financial instruments. These inputs are categorized in three broad levels for financial reporting purposes 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 and derivative financial instruments)

The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investment and derivative financial instrument and does not necessarily correspond to the Fund’s perceived risk of investing in those securities. For information about the Fund’s policy regarding valuation of investments and derivative financial instruments and other significant accounting policies, please refer to the Fund’s most recent financial statements as contained in its annual report.

The following tables summarize the inputs used as of July 31, 2011 in determining the fair valuation of the Fund’s investments and derivative financial instruments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Valuation Inputs

 

Level 1

 

Level 2

 

Level 3

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-Term Investments1

 

 

—

 

$

245,207,514

 

 

—

 

$

245,207,514

 

Short-Term Securities

 

$

1,694,296

 

 

1,657,955

 

 

—

 

 

3,352,251

 

Total

 

$

1,694,296

 

$

246,865,469

 

 

—

 

$

248,559,765

 

 

 

1

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Valuation Inputs

 

Level 1

 

Level 2

 

Level 3

 

Total

 

Derivative financial Instruments2

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate contracts

 

$

(175,116

)

 

—

 

 

—

 

$

(175,116

)

 

 

2

Derivative financial instruments are financial futures contracts, which are valued at the unrealized appreciation/depreciation on the instrument.

 

 

 

 

 

 

 

 

 

BLACKROCK MUNIHOLDINGS FUND II, INC.

JULY 31, 2011

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 13a-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/ John M. Perlowski

 

 

 

John M. Perlowski 

 

 

Chief Executive Officer (principal executive officer) of 

 

 

BlackRock MuniHoldings Fund II, Inc. 

 

 

 

Date: September 26, 2011 

 

 

 

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/ John M. Perlowski

 

 

 

John M. Perlowski 

 

 

Chief Executive Officer (principal executive officer) of 

 

 

BlackRock MuniHoldings Fund II, Inc. 

 

 

 

Date: September 26, 2011 

 

 

 

 By: /s/ Neal J. Andrews

 

 

 

Neal J. Andrews 

 

 

Chief Financial Officer (principal financial officer) of 

 

 

BlackRock MuniHoldings Fund II, Inc. 

 

 

 

 

Date: September 26, 2011