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: 04/30/2011

 

Date of reporting period: 07/31/2010

 

Item 1 – Schedule of Investments

 

 

 

 

Schedule of Investments July 31, 2010 (Unaudited)

BlackRock MuniHoldings Fund II, Inc. (MUH)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Alabama — 1.7%

 

 

 

 

 

 

 

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

 

$

3,450

 

$

2,824,032

 

Arizona — 4.2%

 

 

 

 

 

 

 

Maricopa County Pollution Control Corp.,
Refunding RB, Southern California
Edison Co., Series A, 5.00%, 6/01/35

 

 

855

 

 

860,224

 

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

 

 

2,060

 

 

1,642,273

 

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

 

 

950

 

 

925,566

 

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

 

 

560

 

 

572,079

 

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

 

 

990

 

 

1,037,431

 

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

 

 

1,385

 

 

1,228,703

 

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

 

 

605

 

 

606,700

 

 

 

 

 

 

 

 

 

 

 

 

 

6,872,976

 

California — 21.2%

 

 

 

 

 

 

 

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

 

 

2,000

 

 

1,206,280

 

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

 

 

1,110

 

 

1,161,138

 

California State Public Works Board, RB:

 

 

 

 

 

 

 

Department of Corrections,
Series C, 5.25%, 6/01/28

 

 

1,890

 

 

1,895,594

 

Various Capital Projects,
Sub-Series I-1, 6.38%, 11/01/34

 

 

600

 

 

640,302

 

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

 

 

1,090

 

 

1,072,985

 

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

 

 

400

 

 

418,012

 

 

 

 

 

 

 

 

 

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

 

$

3,025,486

 

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

 

 

1,750

 

 

1,698,392

 

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

 

 

2,525

 

 

886,452

 

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

 

 

4,770

 

 

5,011,219

 

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

 

 

 

 

 

 

 

5.51%, 7/01/17

 

 

1,820

 

 

1,431,539

 

5.56%, 7/01/18

 

 

1,945

 

 

1,432,434

 

5.60%, 7/01/19

 

 

2,070

 

 

1,442,562

 

State of California, GO, Various Purpose:

 

 

 

 

 

 

 

6.00%, 3/01/33

 

 

1,265

 

 

1,369,363

 

6.50%, 4/01/33

 

 

7,325

 

 

8,237,768

 

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

 

 

4,095

 

 

4,107,408

 

 

 

 

 

 

 

 

 

 

 

 

 

35,036,934

 

Colorado — 3.6%

 

 

 

 

 

 

 

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

 

 

1,055

 

 

1,053,407

 

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

 

 

1,100

 

 

1,100,770

 

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

 

 

1,100

 

 

1,123,518

 

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

 

 

755

 

 

826,582

 

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

 

 

860

 

 

787,192

 

 

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

ACA Financial Guaranty 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

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

IDRB

Industrial Development Revenue Bonds

M/F

Multi Family

NPFGC

National Public Finance Guarantee Corp.

RB

Revenue Bonds

 

 

 

BLACKROCK MUNIHOLDINGS FUND II, INC.

JULY 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

 

Colorado (concluded)

 

 

 

 

 

 

 

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

 

$

920

 

$

992,717

 

 

 

 

 

 

 

 

 

 

 

 

 

5,884,186

 

Connecticut — 1.6%

 

 

 

 

 

 

 

Connecticut State Health & Educational
Facility Authority, RB:

 

 

 

 

 

 

 

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

 

 

685

 

 

704,961

 

Wesleyan University, 5.00%,
7/01/35

 

 

1,875

 

 

2,006,606

 

 

 

 

 

 

 

 

 

 

 

 

 

2,711,567

 

District of Columbia — 2.1%

 

 

 

 

 

 

 

Metropolitan Washington Airports
Authority, RB:

 

 

 

 

 

 

 

CAB, 2nd Senior Lien, Series B
(AGC), 7.08%, 10/01/34 (a)

 

 

10,170

 

 

2,385,679

 

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

 

 

255

 

 

262,737

 

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

 

 

745

 

 

778,577

 

 

 

 

 

 

 

 

 

 

 

 

 

3,426,993

 

Florida — 7.4%

 

 

 

 

 

 

 

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

 

 

1,575

 

 

1,517,875

 

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

 

 

870

 

 

917,885

 

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

 

 

545

 

 

570,375

 

County of Miami-Dade Florida, RB:

 

 

 

 

 

 

 

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

 

 

1,765

 

 

288,172

 

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

 

 

2,845

 

 

2,920,136

 

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

 

 

330

 

 

335,795

 

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

 

 

1,515

 

 

1,373,151

 

Hillsborough County IDA, RB:

 

 

 

 

 

 

 

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

 

 

1,800

 

 

1,729,764

 

National Gypsum Co., Series B,
AMT, 7.13%, 4/01/30

 

 

1,380

 

 

1,303,382

 

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

 

 

495

 

 

299,223

 

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

 

 

1,195

 

 

1,041,215

 

 

 

 

 

 

 

 

 

 

 

 

 

12,296,973

 

Georgia — 1.7%

 

 

 

 

 

 

 

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

 

 

465

 

 

471,585

 

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

 

 

420

 

 

434,641

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Georgia (concluded)

 

 

 

 

 

 

 

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

 

$

1,740

 

$

1,830,706

 

 

 

 

 

 

 

 

 

 

 

 

 

2,736,932

 

Guam — 0.7%

 

 

 

 

 

 

 

Territory of Guam, GO, Series A:

 

 

 

 

 

 

 

6.00%, 11/15/19

 

 

320

 

 

332,314

 

6.75%, 11/15/29

 

 

455

 

 

487,856

 

7.00%, 11/15/39

 

 

275

 

 

297,390

 

 

 

 

 

 

 

 

 

 

 

 

 

1,117,560

 

Idaho — 1.2%

 

 

 

 

 

 

 

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

 

 

2,000

 

 

2,012,000

 

Illinois — 1.7%

 

 

 

 

 

 

 

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

 

 

1,000

 

 

960,950

 

Illinois Finance Authority, Refunding RB:

 

 

 

 

 

 

 

Central DuPage Health, Series B,
5.50%, 11/01/39

 

 

800

 

 

834,696

 

OSF Healthcare System, Series A,
6.00%, 5/15/39

 

 

660

 

 

666,250

 

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

 

 

315

 

 

325,587

 

 

 

 

 

 

 

 

 

 

 

 

 

2,787,483

 

Indiana — 1.7%

 

 

 

 

 

 

 

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

 

 

420

 

 

429,542

 

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

 

 

1,660

 

 

1,719,860

 

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

 

 

565

 

 

614,743

 

 

 

 

 

 

 

 

 

 

 

 

 

2,764,145

 

Kansas — 1.7%

 

 

 

 

 

 

 

Kansas Development Finance Authority,
Refunding RB:

 

 

 

 

 

 

 

Adventist Health, 5.75%, 11/15/38

 

 

1,785

 

 

1,930,246

 

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

 

 

835

 

 

844,978

 

 

 

 

 

 

 

 

 

 

 

 

 

2,775,224

 

Kentucky — 0.3%

 

 

 

 

 

 

 

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

 

 

510

 

 

531,308

 

Louisiana — 2.0%

 

 

 

 

 

 

 

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

 

 

420

 

 

443,877

 

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

 

 

2,500

 

 

2,585,650

 

 

 

 

2

BLACKROCK MUNIHOLDINGS FUND II, INC.

JULY 31, 2010

 

 

 

 

Schedule of Investments (continued)

BlackRock MuniHoldings Fund II, Inc. (MUH)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Louisiana (concluded)

 

 

 

 

 

 

 

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

 

$

310

 

$

310,670

 

 

 

 

 

 

 

 

 

 

 

 

 

3,340,197

 

Maine — 0.1%

 

 

 

 

 

 

 

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

 

 

150

 

 

154,455

 

Maryland — 0.6%

 

 

 

 

 

 

 

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

 

 

220

 

 

224,954

 

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

 

 

750

 

 

750,300

 

 

 

 

 

 

 

 

 

 

 

 

 

975,254

 

Massachusetts — 4.4%

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

5.75%, 6/20/22

 

 

600

 

 

653,304

 

6.00%, 6/20/44

 

 

1,500

 

 

1,595,430

 

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

 

 

845

 

 

894,821

 

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

 

 

2,100

 

 

2,016,630

 

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

 

 

1,100

 

 

1,122,561

 

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

 

 

910

 

 

931,667

 

 

 

 

 

 

 

 

 

 

 

 

 

7,214,413

 

Michigan — 3.6%

 

 

 

 

 

 

 

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

 

 

460

 

 

553,872

 

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

 

 

960

 

 

952,176

 

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

 

 

1,520

 

 

1,523,101

 

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

 

 

2,935

 

 

2,939,432

 

 

 

 

 

 

 

 

 

 

 

 

 

5,968,581

 

Minnesota — 1.0%

 

 

 

 

 

 

 

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

 

 

1,540

 

 

1,726,509

 

Missouri — 0.5%

 

 

 

 

 

 

 

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

 

 

1,000

 

 

902,040

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Montana — 0.7%

 

 

 

 

 

 

 

Montana Facility Finance Authority,
Refunding RB, Sisters of Leavenworth,
Series A, 4.75%, 1/01/40

 

$

1,140

 

$

1,143,397

 

New Hampshire — 1.0%

 

 

 

 

 

 

 

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

 

 

1,530

 

 

1,630,689

 

New Jersey — 6.4%

 

 

 

 

 

 

 

New Jersey EDA, RB:

 

 

 

 

 

 

 

Cigarette Tax, 5.75%, 6/15/29

 

 

3,050

 

 

3,022,062

 

Cigarette Tax, 5.50%, 6/15/31

 

 

1,140

 

 

1,111,477

 

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

 

 

2,000

 

 

2,029,940

 

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

 

 

2,500

 

 

2,610,575

 

Tobacco Settlement Financing Corp.
New Jersey, Refunding RB, Series 1A:

 

 

 

 

 

 

 

4.50%, 6/01/23

 

 

920

 

 

842,380

 

5.00%, 6/01/41

 

 

1,470

 

 

964,099

 

 

 

 

 

 

 

 

 

 

 

 

 

10,580,533

 

New York — 5.9%

 

 

 

 

 

 

 

City of Troy New York, Refunding RB,
Rensselaer Polytechnic, Series A,
5.13%, 9/01/40

 

 

685

 

 

696,029

 

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

 

 

885

 

 

882,805

 

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

 

 

1,050

 

 

1,157,551

 

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

 

 

1,270

 

 

1,336,434

 

New York City Industrial Development
Agency, RB:

 

 

 

 

 

 

 

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

 

 

525

 

 

525,803

 

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

 

 

525

 

 

524,386

 

Series C, 6.80%, 6/01/28

 

 

415

 

 

436,061

 

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

 

 

3,300

 

 

3,529,944

 

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

 

 

615

 

 

642,724

 

 

 

 

 

 

 

 

 

 

 

 

 

9,731,737

 

North Carolina — 0.6%

 

 

 

 

 

 

 

North Carolina Medical Care
Commission, RB, Duke University
Health System, Series A:

 

 

 

 

 

 

 

5.00%, 6/01/39

 

 

315

 

 

323,584

 

5.00%, 6/01/42

 

 

705

 

 

721,645

 

 

 

 

 

 

 

 

 

 

 

 

 

1,045,229

 

 

 

 

BLACKROCK MUNIHOLDINGS FUND II, INC.

JULY 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

 

Ohio — 0.7%

 

 

 

 

 

 

 

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

 

$

1,565

 

$

1,213,689

 

Pennsylvania — 6.3%

 

 

 

 

 

 

 

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

 

 

1,095

 

 

812,840

 

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

 

 

590

 

 

590,997

 

Pennsylvania Economic Development
Financing Authority, RB:

 

 

 

 

 

 

 

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

 

 

1,830

 

 

1,985,495

 

Aqua Pennsylvania Inc. Project,
5.00%, 11/15/40

 

 

950

 

 

976,230

 

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

 

 

2,750

 

 

2,378,255

 

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

 

 

2,955

 

 

3,043,207

 

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

 

 

540

 

 

540,637

 

 

 

 

 

 

 

 

 

 

 

 

 

10,327,661

 

Puerto Rico — 4.8%

 

 

 

 

 

 

 

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

 

 

1,490

 

 

1,579,594

 

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

 

 

1,550

 

 

1,300,605

 

Puerto Rico Sales Tax Financing Corp.,
RB:

 

 

 

 

 

 

 

CAB, Series A, 6.40%, 8/01/35 (a)

 

 

10,000

 

 

2,020,300

 

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

 

 

2,790

 

 

3,092,547

 

 

 

 

 

 

 

 

 

 

 

 

 

7,993,046

 

Tennessee — 1.6%

 

 

 

 

 

 

 

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

 

 

2,200

 

 

2,098,338

 

Rutherford County Health & Educational
Facilities Board, RB, Ascension Health
Senior Credit Group, 5.00%,
11/15/40

 

 

510

 

 

522,923

 

 

 

 

 

 

 

 

 

 

 

 

 

2,621,261

 

Texas — 11.1%

 

 

 

 

 

 

 

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

 

 

1,625

 

 

1,548,284

 

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

 

 

2,500

 

 

2,543,950

 

City of Dallas Texas, Refunding RB,
5.00%, 10/01/35

 

 

760

 

 

810,510

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Texas (concluded)

 

 

 

 

 

 

 

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

 

$

535

 

$

574,344

 

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

 

 

1,380

 

 

1,570,260

 

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

 

 

590

 

 

607,322

 

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

 

 

3,265

 

 

3,233,036

 

North Texas Tollway Authority, RB, Toll,
2nd Tier, Series F, 6.13%, 1/01/31

 

 

3,020

 

 

3,219,199

 

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

 

 

 

 

 

 

 

LBJ Infrastructure, 7.00%, 6/30/40

 

 

2,165

 

 

2,252,358

 

Note Mobility, 6.88%, 12/31/39

 

 

1,940

 

 

2,013,448

 

 

 

 

 

 

 

 

 

 

 

 

 

18,372,711

 

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

 

 

2,721,326

 

Utah — 0.9%

 

 

 

 

 

 

 

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

 

 

1,400

 

 

1,432,690

 

Vermont — 0.6%

 

 

 

 

 

 

 

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

 

 

1,000

 

 

962,700

 

Virginia — 2.3%

 

 

 

 

 

 

 

Tobacco Settlement Financing Corp.
Virginia, Refunding RB, Senior
Series B1, 5.00%, 6/01/47

 

 

3,570

 

 

2,311,111

 

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

 

 

1,500

 

 

1,512,240

 

 

 

 

 

 

 

 

 

 

 

 

 

3,823,351

 

Washington — 0.5%

 

 

 

 

 

 

 

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

 

 

945

 

 

892,836

 

Wisconsin — 4.9%

 

 

 

 

 

 

 

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

 

 

3,620

 

 

4,022,833

 

Wisconsin Health & Educational
Facilities Authority, RB:

 

 

 

 

 

 

 

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

 

 

1,235

 

 

1,256,131

 

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

 

 

1,360

 

 

1,400,161

 

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

 

 

1,370

 

 

1,333,805

 

 

 

 

 

 

 

 

 

 

 

 

 

8,012,930

 

Total Municipal Bonds – 113.0%

 

 

 

 

 

186,565,548

 

 

 

 

4

BLACKROCK MUNIHOLDINGS FUND II, INC.

JULY 31, 2010

 

 

 

 

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 (c)

 

Par
(000)

 

Value

 

California — 6.5%

 

 

 

 

 

 

 

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

 

$

1,640

 

$

1,793,583

 

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

 

 

1,335

 

 

1,434,831

 

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

 

 

1,170

 

 

1,200,560

 

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

 

 

553

 

 

589,827

 

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

 

 

5,519

 

 

5,796,940

 

 

 

 

 

 

 

 

 

 

 

 

 

10,815,741

 

Colorado — 2.6%

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

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

 

 

1,870

 

 

1,894,927

 

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

 

 

1,200

 

 

1,215,300

 

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

 

 

1,080

 

 

1,151,760

 

 

 

 

 

 

 

 

 

 

 

 

 

4,261,987

 

Connecticut — 3.0%

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

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

 

 

2,300

 

 

2,429,145

 

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

 

 

2,370

 

 

2,472,882

 

 

 

 

 

 

 

 

 

 

 

 

 

4,902,027

 

Georgia — 1.0%

 

 

 

 

 

 

 

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

 

 

1,650

 

 

1,740,264

 

Massachusetts — 1.9%

 

 

 

 

 

 

 

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

 

 

2,999

 

 

3,146,275

 

New Hampshire — 0.7%

 

 

 

 

 

 

 

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

 

 

1,019

 

 

1,111,178

 

New York — 4.5%

 

 

 

 

 

 

 

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

 

 

810

 

 

904,246

 

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

 

 

2,910

 

 

3,006,541

 

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

 

 

3,200

 

 

3,484,003

 

 

 

 

 

 

 

 

 

 

 

 

 

7,394,790

 

 

 

 

 

 

 

 

 

Municipal Bonds Transferred to Tender
Option Bond Trusts (c)

 

Par
(000)

 

Value

 

North Carolina — 0.5%

 

 

 

 

 

 

 

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

 

$

800

 

$

849,632

 

Ohio — 4.5%

 

 

 

 

 

 

 

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

 

 

6,980

 

 

7,404,175

 

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

 

 

2,601,125

 

Texas — 2.1%

 

 

 

 

 

 

 

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

 

 

3,360

 

 

3,498,802

 

Virginia — 7.6%

 

 

 

 

 

 

 

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

 

 

2,730

 

 

2,906,276

 

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

 

 

7,900

 

 

8,056,420

 

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

 

 

1,553

 

 

1,594,687

 

 

 

 

 

 

 

 

 

 

 

 

 

12,557,383

 

Washington — 0.9%

 

 

 

 

 

 

 

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

 

 

1,365

 

 

1,445,438

 

Wisconsin — 1.8%

 

 

 

 

 

 

 

Wisconsin Health & Educational
Facilities Authority, Refunding RB,
Froedtert & Community Health Inc.,
5.25%, 4/30/39

 

 

2,859

 

 

2,941,367

 

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

 

 

 

 

 

64,670,184

 

Total Long-Term Investments
(Cost – $242,884,648) – 152.2%

 

 

 

 

 

251,235,732

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Short-Term Securities

 

Shares

 

 

 

 

FFI Institutional Tax-Exempt Fund,
0.21% (d)(e)

 

 

864,405

 

 

864,405

 

Total Short-Term Securities
(Cost – $864,405) – 0.5%

 

 

 

 

 

864,405

 

Total Investments
(Cost – $243,749,053*) – 152.7%

 

 

 

 

 

252,100,137

 

Other Assets Less Liabilities – 1.0%

 

 

 

 

 

1,726,638

 

Liability for Trust Certificates, Including Interest
Expense and Fees Payable – (20.4)%

 

 

 

 

 

(33,652,997

)

Preferred Shares, at Redemption Value – (33.3)%

 

 

 

 

 

(55,053,939

)

 

 

 

 

 

 

Net Assets Applicable to Common Shares – 100.0%

 

 

 

 

$

165,119,839

 

 

 

 

 

 

 

 

 

 

BLACKROCK MUNIHOLDINGS FUND II, INC.

JULY 31, 2010

5

 

 

 

 

Schedule of Investments (concluded)

BlackRock MuniHoldings Fund II, Inc. (MUH)

 

 

*

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


 

 

 

 

 

Aggregate cost

 

$

209,939,178

 

 

 

 

Gross unrealized appreciation

 

$

11,635,352

 

Gross unrealized depreciation

 

 

(3,091,539

)

 

 

 

Net unrealized appreciation

 

$

8,543,813

 

 

 

 

 

 

(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 tender option bond trust in exchange for which the Fund acquired residual interest certificates. These securities serve as collateral in a financing transaction.

 

 

(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, are as follows:


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Affiliate

 

Shares Held
at April 30,
2010

 

Net Activity

 

Shares Held
at July 31,
2010

 

Income

 

FFI
Institutional
Tax-Exempt
Fund

 

 

607,735

 

 

256,670

 

 

864,405

 

$

579

 

 

 

 

(e)

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)

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 annual report.

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Valuation Inputs

 

Level 1

 

Level 2

 

Level 3

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments in Securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-Term
Investments1

 

 

—

 

$

251,235,732

 

 

—

 

$

251,235,732

 

Short-Term
Securities

 

$

864,405

 

 

—

 

 

—

 

 

864,405

 

Total

 

$

864,405

 

$

251,235,732

 

 

—

 

$

252,100,137

 

 

 

 

 

1

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


 

 

 

BLACKROCK MUNIHOLDINGS FUND II, INC.

JULY 31, 2010

6

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/ Anne F. Ackerley  
    Anne F. Ackerley
    Chief Executive Officer of
    BlackRock MuniHoldings Fund II, Inc.
   
  Date: September 27, 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: September 27, 2010
   
  By: /s/ Neal J. Andrews  
    Neal J. Andrews
    Chief Financial Officer (principal financial officer) of
    BlackRock MuniHoldings Fund II, Inc.
     
  Date: September 27, 2010