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: 04/30/2011

 

Date of reporting period: 01/31/2011

 

Item 1 – Schedule of Investments

 

 

 

 

 

Schedule of Investments January 31, 2011 (Unaudited)

BlackRock MuniHoldings Fund II, Inc. (MUH)

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Alabama — 2.0%

 

 

 

 

 

 

 

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

 

$

3,450

 

$

3,002,121

 

Arizona — 4.0%

 

 

 

 

 

 

 

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

 

 

855

 

 

804,512

 

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

 

 

2,060

 

 

1,690,374

 

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

 

 

935

 

 

859,022

 

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

 

 

990

 

 

969,873

 

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

 

 

1,385

 

 

1,173,677

 

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

 

 

470

 

 

471,039

 

 

 

 

 

 

 

 

 

 

 

 

5,968,497

 

Arkansas — 0.5%

 

 

 

 

 

 

 

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

 

 

830

 

 

759,467

 

California — 21.2%

 

 

 

 

 

 

 

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

 

 

2,000

 

 

1,151,360

 

California Health Facilities Financing
Authority, Refunding RB:

 

 

 

 

 

 

 

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

 

 

1,110

 

 

1,090,120

 

Sutter Health, Series B, 6.00%,
8/15/42 (b)

 

 

1,585

 

 

1,556,343

 

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

 

 

600

 

 

610,380

 

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

 

 

1,090

 

 

959,265

 

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

 

 

400

 

 

382,940

 

 

 

 

 

 

 

 

 

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

 

$

2,735,245

 

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

 

 

1,750

 

 

1,627,850

 

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

 

 

2,525

 

 

769,115

 

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

 

 

4,770

 

 

4,559,643

 

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

 

 

 

 

 

 

 

5.51%, 7/01/17

 

 

1,820

 

 

1,409,881

 

5.56%, 7/01/18

 

 

1,945

 

 

1,396,821

 

5.60%, 7/01/19

 

 

2,070

 

 

1,392,179

 

State of California, GO, Various Purpose:

 

 

 

 

 

 

 

6.00%, 3/01/33

 

 

1,265

 

 

1,287,062

 

6.50%, 4/01/33

 

 

7,325

 

 

7,746,700

 

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

 

 

3,495

 

 

3,135,644

 

 

 

 

 

 

 

 

 

 

 

 

31,810,548

 

Colorado — 2.7%

 

 

 

 

 

 

 

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

 

 

1,055

 

 

891,992

 

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

 

 

1,100

 

 

970,288

 

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

 

 

860

 

 

761,736

 

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

 

 

510

 

 

497,342

 

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

 

 

920

 

 

926,992

 

 

 

 

 

 

 

 

 

 

 

 

4,048,350

 

 

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

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

 

 

 

BLACKROCK MUNIHOLDINGS FUND II, INC.

JANUARY 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

 

$

617,493

 

Wesleyan University, 5.00%,
7/01/35

 

 

1,875

 

 

1,856,663

 

 

 

 

 

 

 

 

 

 

 

 

2,474,156

 

Delaware — 1.6%

 

 

 

 

 

 

 

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

 

 

570

 

 

547,109

 

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

 

 

2,050

 

 

1,806,993

 

 

 

 

 

 

 

 

 

 

 

 

2,354,102

 

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

 

 

2,056,170

 

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

 

 

255

 

 

239,134

 

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

 

 

745

 

 

719,849

 

 

 

 

 

 

 

 

 

 

 

 

3,015,153

 

Florida — 7.3%

 

 

 

 

 

 

 

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

 

 

1,570

 

 

1,387,802

 

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

 

 

870

 

 

854,714

 

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

 

 

545

 

 

539,855

 

County of Miami-Dade Florida, RB:

 

 

 

 

 

 

 

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

 

 

1,765

 

 

256,719

 

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

 

 

2,845

 

 

2,657,771

 

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

 

 

330

 

 

306,072

 

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

 

 

1,515

 

 

1,350,880

 

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

 

 

1,380

 

 

1,226,724

 

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

 

 

1,135

 

 

1,115,160

 

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

 

 

495

 

 

283,214

 

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

 

 

1,195

 

 

962,608

 

 

 

 

 

 

 

 

 

 

 

 

10,941,519

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Georgia — 1.9%

 

 

 

 

 

 

 

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

 

$

420

 

$

390,025

 

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

 

 

1,740

 

 

1,688,565

 

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

 

 

765

 

 

749,272

 

 

 

 

 

 

 

 

 

 

 

 

2,827,862

 

Guam — 0.7%

 

 

 

 

 

 

 

Territory of Guam, GO, Series A:

 

 

 

 

 

 

 

6.00%, 11/15/19

 

 

320

 

 

325,869

 

6.75%, 11/15/29

 

 

455

 

 

480,216

 

7.00%, 11/15/39

 

 

275

 

 

293,615

 

 

 

 

 

 

 

 

 

 

 

 

1,099,700

 

Hawaii — 0.4%

 

 

 

 

 

 

 

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

 

 

680

 

 

653,562

 

Idaho — 1.3%

 

 

 

 

 

 

 

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

 

 

2,000

 

 

2,003,400

 

Illinois — 4.7%

 

 

 

 

 

 

 

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

 

 

1,000

 

 

893,440

 

Illinois Finance Authority, RB, Navistar
International, Recovery Zone, 6.50%,
10/15/40

 

 

775

 

 

771,164

 

Illinois Finance Authority, Refunding RB:

 

 

 

 

 

 

 

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

 

 

800

 

 

752,720

 

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

 

 

 

 

 

 

 

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

 

 

9,555

 

 

776,917

 

Series B, 5.00%, 6/15/50

 

 

1,585

 

 

1,344,397

 

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

 

 

1,260

 

 

1,034,926

 

Railsplitter Tobacco Settlement
Authority, RB:

 

 

 

 

 

 

 

5.50%, 6/01/23

 

 

675

 

 

639,070

 

6.00%, 6/01/28

 

 

575

 

 

548,746

 

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

 

 

315

 

 

294,868

 

 

 

 

 

 

 

 

 

 

 

 

7,056,248

 

Indiana — 1.7%

 

 

 

 

 

 

 

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

 

 

420

 

 

380,772

 

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

 

 

1,660

 

 

1,636,412

 

 

 

 

2

BLACKROCK MUNIHOLDINGS FUND II, INC.

JANUARY 31, 2011


 

 

 

 

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

 

$

582,170

 

 

 

 

 

 

 

 

 

 

 

 

2,599,354

 

Kansas — 1.7%

 

 

 

 

 

 

 

Kansas Development Finance Authority,
Refunding RB:

 

 

 

 

 

 

 

Adventist Health, 5.75%, 11/15/38

 

 

1,785

 

 

1,790,926

 

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

 

 

835

 

 

769,202

 

 

 

 

 

 

 

 

 

 

 

 

2,560,128

 

Kentucky — 0.3%

 

 

 

 

 

 

 

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

 

 

510

 

 

478,870

 

Louisiana — 2.1%

 

 

 

 

 

 

 

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

 

 

420

 

 

415,746

 

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

 

 

2,500

 

 

2,518,750

 

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

 

 

310

 

 

281,427

 

 

 

 

 

 

 

 

 

 

 

 

3,215,923

 

Maine — 0.1%

 

 

 

 

 

 

 

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

 

 

150

 

 

139,681

 

Maryland — 1.6%

 

 

 

 

 

 

 

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

 

 

220

 

 

200,444

 

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

 

 

415

 

 

386,299

 

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

 

 

1,095

 

 

1,039,724

 

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

 

 

750

 

 

747,818

 

 

 

 

 

 

 

 

 

 

 

 

2,374,285

 

Massachusetts — 4.5%

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

5.75%, 6/20/22

 

 

600

 

 

647,766

 

6.00%, 6/20/44

 

 

1,500

 

 

1,601,430

 

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

 

 

845

 

 

798,711

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Massachusetts (concluded)

 

 

 

 

 

 

 

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

 

$

910

 

$

814,959

 

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

 

 

2,100

 

 

1,815,660

 

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

 

 

1,090

 

 

1,034,955

 

 

 

 

 

 

 

 

 

 

 

 

6,713,481

 

Michigan — 4.2%

 

 

 

 

 

 

 

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

 

 

460

 

 

532,712

 

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

 

 

960

 

 

899,559

 

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

 

 

690

 

 

639,416

 

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

 

 

1,520

 

 

1,396,211

 

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

 

 

2,935

 

 

2,868,845

 

 

 

 

 

 

 

 

 

 

 

 

6,336,743

 

Minnesota — 1.1%

 

 

 

 

 

 

 

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

 

 

1,540

 

 

1,637,405

 

Montana — 0.7%

 

 

 

 

 

 

 

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

 

 

1,120

 

 

991,659

 

New Hampshire — 1.1%

 

 

 

 

 

 

 

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

 

 

1,530

 

 

1,578,241

 

New Jersey — 5.3%

 

 

 

 

 

 

 

New Jersey EDA, RB:

 

 

 

 

 

 

 

Cigarette Tax, 5.75%, 6/15/29

 

 

3,025

 

 

2,711,852

 

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

 

 

2,000

 

 

2,011,520

 

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

 

 

2,500

 

 

2,522,000

 

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

 

 

920

 

 

768,218

 

 

 

 

 

 

 

 

 

 

 

 

8,013,590

 

New York — 6.8%

 

 

 

 

 

 

 

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

 

 

885

 

 

834,148

 

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

 

 

1,050

 

 

1,071,840

 

 

 

 

BLACKROCK MUNIHOLDINGS FUND II, INC.

JANUARY 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 York (concluded)

 

 

 

 

 

 

 

Metropolitan Transportation Authority,
Refunding RB:

 

 

 

 

 

 

 

Series B, 5.00%, 11/15/34

 

$

1,270

 

$

1,213,764

 

Transportation, Series D, 5.25%,
11/15/40

 

 

610

 

 

557,808

 

New York City Industrial Development
Agency, RB:

 

 

 

 

 

 

 

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

 

 

350

 

 

357,837

 

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

 

 

525

 

 

535,458

 

Series C, 6.80%, 6/01/28

 

 

415

 

 

426,832

 

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

 

 

3,300

 

 

3,295,116

 

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

 

 

615

 

 

618,093

 

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

 

 

 

 

 

 

 

6.00%, 12/01/36

 

 

650

 

 

623,461

 

6.00%, 12/01/42

 

 

630

 

 

594,638

 

 

 

 

 

 

 

 

 

 

 

 

10,128,995

 

North Carolina — 1.7%

 

 

 

 

 

 

 

North Carolina Capital Facilities Finance
Agency, RB, Duke Energy Carolinas,
Series B, 4.38%, 10/01/31

 

 

810

 

 

722,147

 

North Carolina Capital Facilities Finance
Agency, Refunding RB, Duke Energy
Carolinas, Series A, 4.63%, 11/01/40

 

 

1,355

 

 

1,195,733

 

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

 

 

705

 

 

645,703

 

 

 

 

 

 

 

 

 

 

 

 

2,563,583

 

Pennsylvania — 5.3%

 

 

 

 

 

 

 

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

 

 

1,095

 

 

727,693

 

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

 

 

325

 

 

296,940

 

Pennsylvania Economic Development
Financing Authority, RB:

 

 

 

 

 

 

 

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

 

 

1,830

 

 

1,879,300

 

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

 

 

2,750

 

 

2,246,420

 

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

 

 

2,455

 

 

2,323,461

 

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

 

 

540

 

 

540,248

 

 

 

 

 

 

 

 

 

 

 

 

8,014,062

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Puerto Rico — 4.9%

 

 

 

 

 

 

 

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

 

$

1,490

 

$

1,454,210

 

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

 

 

905

 

 

784,300

 

Puerto Rico Sales Tax Financing Corp.,
RB:

 

 

 

 

 

 

 

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

 

 

10,000

 

 

1,957,000

 

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

 

 

2,790

 

 

2,887,455

 

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

 

 

2,145

 

 

339,232

 

 

 

 

 

 

 

 

 

 

 

 

7,422,197

 

South Carolina — 1.1%

 

 

 

 

 

 

 

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

 

 

1,650

 

 

1,583,158

 

Tennessee — 1.7%

 

 

 

 

 

 

 

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

 

 

2,200

 

 

2,064,282

 

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

 

 

510

 

 

458,393

 

 

 

 

 

 

 

 

 

 

 

 

2,522,675

 

Texas — 11.2%

 

 

 

 

 

 

 

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

 

 

825

 

 

776,515

 

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

 

 

2,500

 

 

2,503,400

 

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

 

 

760

 

 

758,875

 

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

 

 

535

 

 

536,263

 

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

 

 

1,380

 

 

1,481,941

 

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

 

 

590

 

 

576,813

 

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

 

 

2,765

 

 

2,453,855

 

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

 

 

3,020

 

 

3,024,228

 

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

 

 

2,179,635

 

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

 

 

1,940

 

 

1,933,811

 

 

 

 

4

BLACKROCK MUNIHOLDINGS FUND II, INC.

JANUARY 31, 2011


 

 

 

 

Schedule of Investments (continued)

BlackRock MuniHoldings Fund II, Inc. (MUH)

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Texas (concluded)

 

 

 

 

 

 

 

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

 

$

625

 

$

510,487

 

 

 

 

 

 

 

 

 

 

 

 

16,735,823

 

U.S. Virgin Islands — 1.8%

 

 

 

 

 

 

 

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

 

 

2,680

 

 

2,660,436

 

Utah — 0.9%

 

 

 

 

 

 

 

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

 

 

1,400

 

 

1,281,546

 

Vermont — 0.6%

 

 

 

 

 

 

 

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

 

 

1,000

 

 

872,220

 

Virginia — 0.8%

 

 

 

 

 

 

 

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

 

 

1,175

 

 

1,176,128

 

Washington — 0.5%

 

 

 

 

 

 

 

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

 

 

930

 

 

824,389

 

Wisconsin — 4.2%

 

 

 

 

 

 

 

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

 

 

3,620

 

 

3,839,336

 

Wisconsin Health & Educational
Facilities Authority, RB:

 

 

 

 

 

 

 

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

 

 

1,235

 

 

1,106,523

 

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

 

 

1,360

 

 

1,362,176

 

 

 

 

 

 

 

 

 

 

 

 

6,308,035

 

Total Municipal Bonds – 117.8%

 

 

 

 

 

176,747,292

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Municipal Bonds Transferred to Tender
Option Bond Trusts (d)

 

 

 

 

 

 

 

California — 6.7%

 

 

 

 

 

 

 

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

 

 

1,640

 

 

1,663,186

 

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

 

 

1,335

 

 

1,344,946

 

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

 

 

1,170

 

 

1,102,386

 

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

 

 

553

 

 

556,384

 

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

 

 

5,519

 

 

5,460,165

 

 

 

 

 

 

 

 

 

 

 

 

10,127,067

 

 

 

 

 

 

 

 

 

Municipal Bonds Transferred to Tender
Option Bond Trusts (d)

 

Par
(000)

 

Value

 

Colorado — 2.6%

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

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

 

$

1,870

 

$

1,710,657

 

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

 

 

1,200

 

 

1,102,668

 

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

 

 

1,080

 

 

1,054,647

 

 

 

 

 

 

 

 

 

 

 

 

3,867,972

 

Connecticut — 3.1%

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

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

 

 

2,300

 

 

2,315,870

 

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

 

 

2,370

 

 

2,372,228

 

 

 

 

 

 

 

 

 

 

 

 

4,688,098

 

Georgia — 1.1%

 

 

 

 

 

 

 

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

 

 

1,649

 

 

1,615,524

 

Massachusetts — 2.0%

 

 

 

 

 

 

 

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

 

 

2,999

 

 

3,001,735

 

New Hampshire — 0.7%

 

 

 

 

 

 

 

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

 

 

1,019

 

 

1,040,104

 

New York — 4.7%

 

 

 

 

 

 

 

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

 

 

810

 

 

827,701

 

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

 

 

2,910

 

 

2,837,916

 

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

 

 

3,200

 

 

3,323,075

 

 

 

 

 

 

 

 

 

 

 

 

6,988,692

 

North Carolina — 0.5%

 

 

 

 

 

 

 

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

 

 

800

 

 

794,112

 

Ohio — 4.6%

 

 

 

 

 

 

 

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

 

 

6,980

 

 

6,833,420

 

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

 

 

2,449,775

 

Texas — 2.2%

 

 

 

 

 

 

 

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

 

 

3,360

 

 

3,233,597

 

 

 

 

BLACKROCK MUNIHOLDINGS FUND II, INC.

JANUARY 31, 2011

5


 

 

 

 

Schedule of Investments (concluded)

BlackRock MuniHoldings Fund II, Inc. (MUH)

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Municipal Bonds Transferred to Tender
Option Bond Trusts (d)

 

Par
(000)

 

Value

 

Virginia — 8.1%

 

 

 

 

 

 

 

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

 

$

2,730

 

$

2,758,201

 

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

 

 

7,900

 

 

7,902,607

 

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

 

 

1,553

 

 

1,452,318

 

 

 

 

 

 

 

 

 

 

 

 

12,113,126

 

Washington — 0.9%

 

 

 

 

 

 

 

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

 

 

1,365

 

 

1,355,675

 

Wisconsin — 1.7%

 

 

 

 

 

 

 

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

 

 

2,859

 

 

2,631,053

 

Total Municipal Bonds Transferred to
Tender Option Bond Trusts – 40.5%

 

 

 

 

 

60,739,950

 

Total Long-Term Investments
(Cost – $244,569,790) – 158.3%

 

 

 

 

 

237,487,242

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Short-Term Securities

 

Shares

 

 

 

 

FFI Institutional Tax-Exempt Fund,
0.15% (e)(f)

 

 

2,000,702

 

 

2,000,702

 

Total Short-Term Securities
(Cost – $2,000,702) – 1.3%

 

 

 

 

 

2,000,702

 

Total Investments
(Cost – $246,570,492*) – 159.6%

 

 

 

 

 

239,487,944

 

Liabilities in Excess of Other Assets – (0.5)%

 

 

 

 

 

(746,939

)

Liability for Trust Certificates, Including Interest
Expense and Fees Payable – (22.4)%

 

 

 

 

 

(33,638,816

)

Preferred Shares, at Redemption Value – (36.7)%

 

 

 

 

 

(55,054,503

)

 

 

 

 

 

Net Assets Applicable to Common Shares– 100.0%

 

 

 

 

$

150,047,686

 

 

 

 

 

 

 

 

*

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

 

 

 

 

 

 

 

 

Aggregate cost

 

 

 

 

$

212,760,580

 

 

 

 

 

 

Gross unrealized appreciation

 

 

 

 

$

3,726,870

 

Gross unrealized depreciation

 

 

 

 

 

(10,616,690

)

 

 

 

 

 

Net unrealized depreciation

 

 

 

 

$

(6,889,820

)

 

 

 

 

 

 

 

(a)

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

 

 

(b)

When-issued security. Unsettled when-issued transactions were as follows:

 

 

 

 

 

 

 

 

Counterparty

 

Value

 

Unrealized
Appreciation

 

Morgan Stanley Co., Inc.

 

$

1,556,343

 

$

15,042

 

Goldman Sachs Co.

 

$

1,115,160

 

$

13,892

 

 

 

(c)

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

 

 

(d)

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.

 

 

(e)

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 at
April 30,
2010

 

Net
Activity

 

Shares at
January 31,
2011

 

Income

 

 

FFI Institutional
Tax-Exempt
Fund

 

607,735

 

1,392,967

 

2,000,702

 

$ 2,227

 

 

 

 

(f)

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 Fund’s most recent financial statements as contained in its semi-annual report.

The following table summarizes the inputs used as of January 31, 2011 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

 

 

—

 

$

237,487,242

 

 

—

 

$

237,487,242

 

Short-Term
Securities

 

$

2,000,702

 

 

—

 

 

—

 

 

2,000,702

 

 

 

Total

 

$

2,000,702

 

$

237,487,242

 

 

—

 

$

239,487,944

 

 

 

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

 

 

 

6

BLACKROCK MUNIHOLDINGS FUND II, INC.

JANUARY 31, 2011

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: March 25, 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: March 25, 2011
   
  By: /s/ Neal J. Andrews  
    Neal J. Andrews
    Chief Financial Officer (principal financial officer) of
    BlackRock MuniHoldings Fund II, Inc.
     
  Date: March 25, 2011