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: 04/30/2013

 

Date of reporting period: 07/31/2012

 

Item 1 – Schedule of Investments

 

 

 

 

 

Schedule of Investments July 31, 2012 (Unaudited)

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

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Alabama — 1.8%

 

 

 

 

 

 

 

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

 

$

3,450

 

$

3,375,032

 

Alaska — 0.7%

 

 

 

 

 

 

 

Northern Tobacco Securitization Corp.,
Refunding RB, 5.00%, 6/01/46

 

 

1,660

 

 

1,302,154

 

Arizona — 3.2%

 

 

 

 

 

 

 

Arizona Water Infrastructure Finance
Authority, Refunding RB, Series A,
5.00%, 10/01/23

 

 

2,310

 

 

2,958,810

 

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

 

 

2,060

 

 

1,816,281

 

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

 

 

910

 

 

912,484

 

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

 

 

325

 

 

328,107

 

 

 

 

 

 

 

6,015,682

 

California — 13.8%

 

 

 

 

 

 

 

Benicia Unified School District, GO, CAB,
Refunding, Series A (NPFGC), 3.26%,
8/01/20 (a)

 

 

2,000

 

 

1,544,600

 

California Health Facilities Financing
Authority, RB:

 

 

 

 

 

 

 

Stanford Hospital and Clinics,
Series A, 5.00%, 8/15/51

 

 

595

 

 

652,560

 

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

 

 

1,585

 

 

1,903,585

 

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

 

 

1,110

 

 

1,282,117

 

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

 

 

600

 

 

728,850

 

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

 

 

1,090

 

 

1,170,911

 

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

 

 

400

 

 

450,700

 

San Diego Unified School District
California, GO, CAB, Election of 2008,
Series A, 4.55%, 7/01/29 (a)

 

 

2,525

 

 

1,179,579

 

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

 

 

 

 

 

 

 

2.12%, 7/01/17

 

 

1,820

 

 

1,640,748

 

2.35%, 7/01/18

 

 

1,945

 

 

1,693,901

 

2.72%, 7/01/19

 

 

2,070

 

 

1,717,189

 

State of California, GO, Various Purpose:

 

 

 

 

 

 

 

6.00%, 3/01/33

 

 

1,265

 

 

1,558,278

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

California (concluded)

 

 

 

 

 

 

 

State of California, GO, Various Purpose
(concluded):

 

 

 

 

 

 

 

       6.50%, 4/01/33

 

$

7,325

 

$

9,149,364

 

State of California, GO, Refunding,
Various Purpose, 5.00%, 10/01/41

 

 

1,535

 

 

1,675,130

 

 

 

 

 

 

 

26,347,512

 

Colorado — 1.9%

 

 

 

 

 

 

 

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

 

 

1,055

 

 

1,096,778

 

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

 

 

860

 

 

859,914

 

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

 

 

510

 

 

581,369

 

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

 

 

920

 

 

1,078,857

 

 

 

 

 

 

 

3,616,918

 

Connecticut — 3.2%

 

 

 

 

 

 

 

Connecticut State Health & Educational
Facility Authority, RB, Ascension
Health Senior Credit, 5.00%,
11/15/40

 

 

685

 

 

754,267

 

Connecticut State Health & Educational
Facility Authority, Refunding RB,
Wesleyan University, 5.00%, 7/01/35

 

 

1,875

 

 

2,136,056

 

State of Connecticut, GO, Refunding,
Series C:

 

 

 

 

 

 

 

5.00%, 6/01/23

 

 

1,590

 

 

2,006,230

 

5.00%, 6/01/24

 

 

1,010

 

 

1,262,662

 

 

 

 

 

 

 

6,159,215

 

Delaware — 1.5%

 

 

 

 

 

 

 

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

 

 

570

 

 

647,252

 

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

 

 

2,050

 

 

2,219,084

 

 

 

 

 

 

 

2,866,336

 

District of Columbia — 2.5%

 

 

 

 

 

 

 

Metropolitan Washington Airports
Authority, Refunding RB:

 

 

 

 

 

 

 

CAB, Second Senior Lien, Series B,
(AGC), 5.04%, 10/01/34 (a)

 

 

10,170

 

 

3,374,711

 

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

 

 

255

 

 

280,064

 

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

 

 

1,000

 

 

1,107,360

 

 

 

 

 

 

 

4,762,135

 

 

 

 

 

 

 

 

 

 

BLACKROCK MUNIHOLDINGS FUND II, INC.

JULY 31, 2012

1


 

 

 

 

Schedule of Investments (continued)

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

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Florida — 6.0%

 

 

 

 

 

 

 

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

 

$

1,500

 

$

1,522,560

 

Broward County Water & Sewer Utility
Revenue, Refunding RB, Series A,
5.25%, 10/01/34

 

 

545

 

 

650,768

 

Citizens Property Insurance Corp., RB,
Senior Secured, Series A-1, 5.00%,
6/01/21

 

 

860

 

 

992,130

 

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

 

 

1,725

 

 

1,968,967

 

County of Miami-Dade Florida, RB, CAB,
Sub-Series A (NPFGC), 5.48%,
10/01/37 (a)

 

 

1,765

 

 

452,528

 

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

 

 

1,515

 

 

1,531,226

 

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

 

 

1,380

 

 

1,380,414

 

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

 

 

1,135

 

 

1,432,608

 

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

 

 

480

 

 

326,285

 

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

 

 

1,175

 

 

1,176,939

 

 

 

 

 

 

 

11,434,425

 

Georgia — 1.3%

 

 

 

 

 

 

 

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

 

 

420

 

 

464,625

 

Metropolitan Atlanta Rapid Transit
Authority, RB, Sales Tax, Third
Indenture Series, Series A, 5.00%,
7/01/39

 

 

1,740

 

 

1,943,197

 

 

 

 

 

 

 

2,407,822

 

Hawaii — 0.4%

 

 

 

 

 

 

 

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

 

 

680

 

 

796,491

 

Idaho — 1.1%

 

 

 

 

 

 

 

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

 

 

2,000

 

 

2,003,320

 

Illinois — 11.1%

 

 

 

 

 

 

 

Chicago Board of Education Illinois, GO,
Series A, 5.50%, 12/01/39

 

 

1,060

 

 

1,235,769

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Illinois (concluded)

 

 

 

 

 

 

 

City of Chicago Illinois, GARB, O’Hare
International Airport, General, Third
Lien,:

 

 

 

 

 

 

 

Series A, 5.75%, 1/01/39

 

$

2,500

 

$

2,946,850

 

Series C, 6.50%, 1/01/41

 

 

2,935

 

 

3,603,241

 

City of Chicago Illinois, GO, Series A,
5.00%, 1/01/34

 

 

2,290

 

 

2,563,472

 

City of Chicago Illinois, Refunding RB,
Sales Tax Revenue, Series A, 5.25%,
1/01/38

 

 

410

 

 

470,672

 

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

 

 

900

 

 

933,507

 

City of Chicago Illinois Transit Authority,
RB, Sales Tax Receipts Revenue,
5.25%, 12/01/40

 

 

530

 

 

604,640

 

Illinois Finance Authority, Refunding RB:

 

 

 

 

 

 

 

Ascension Health Alliance,
Series A, 5.00%, 11/15/37

 

 

490

 

 

545,777

 

Ascension Health Alliance,
Series A, 5.00%, 11/15/42

 

 

890

 

 

985,363

 

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

 

 

800

 

 

900,536

 

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

 

 

 

 

 

 

 

CAB, Series B-1, (AGM), 5.19%,
6/15/47 (a)

 

 

9,555

 

 

1,600,462

 

Series B-1, (AGM), 5.00%, 6/15/50

 

 

1,585

 

 

1,714,970

 

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

 

 

1,260

 

 

1,362,879

 

Railsplitter Tobacco Settlement
Authority, RB:

 

 

 

 

 

 

 

5.50%, 6/01/23

 

 

675

 

 

787,671

 

6.00%, 6/01/28

 

 

500

 

 

581,855

 

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

 

 

315

 

 

357,872

 

 

 

 

 

 

 

21,195,536

 

Indiana — 2.1%

 

 

 

 

 

 

 

Indiana Finance Authority, RB:

 

 

 

 

 

 

 

CWA Authority Project, First
Lien, Series A, 5.25%,
10/01/38

 

 

790

 

 

914,346

 

Sisters of St. Francis Health,
5.25%, 11/01/39

 

 

420

 

 

461,601

 

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

 

 

1,660

 

 

1,911,789

 

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

 

 

565

 

 

658,948

 

 

 

 

 

 

 

3,946,684

 

 

 

 

 

 

 

 

 

 

BLACKROCK MUNIHOLDINGS FUND II, INC.

JULY 31, 2012

2


 

 

 

 

Schedule of Investments (continued)

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

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Iowa — 0.6%

 

 

 

 

 

 

 

Iowa Student Loan Liquidity Corp.,
Refunding RB, Series A-1, AMT,
5.15%, 12/01/22

 

$

1,080

 

$

1,218,575

 

Kansas — 1.1%

 

 

 

 

 

 

 

Kansas Development Finance Authority,
Refunding RB:

 

 

 

 

 

 

 

Adventist Health, 5.75%,
11/15/38

 

 

1,105

 

 

1,295,458

 

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

 

 

785

 

 

856,490

 

 

 

 

 

 

 

2,151,948

 

Kentucky — 0.3%

 

 

 

 

 

 

 

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

 

 

510

 

 

600,112

 

Louisiana — 2.9%

 

 

 

 

 

 

 

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

 

 

420

 

 

471,740

 

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

 

 

2,500

 

 

2,809,875

 

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

 

 

310

 

 

340,485

 

State of Louisiana Gasoline & Fuels Tax
Revenue, RB, Second Lien, Series B,
5.00%, 5/01/45

 

 

1,640

 

 

1,844,721

 

 

 

 

 

 

 

5,466,821

 

Maine — 0.4%

 

 

 

 

 

 

 

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

 

 

150

 

 

162,848

 

Maine State Turnpike Authority, RB,
Series A, 5.00%, 7/01/42

 

 

450

 

 

517,527

 

 

 

 

 

 

 

680,375

 

Maryland — 1.0%

 

 

 

 

 

 

 

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

 

 

220

 

 

239,866

 

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

 

 

415

 

 

449,225

 

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

 

 

1,095

 

 

1,250,227

 

 

 

 

 

 

 

1,939,318

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Massachusetts — 4.5%

 

 

 

 

 

 

 

Massachusetts Development Finance
Agency, RB:

 

 

 

 

 

 

 

Neville Communities, Series A,
(Ginnie Mae), 5.75%, 6/20/22

 

$

600

 

$

641,880

 

Neville Communities, Series A,
(Ginnie Mae), 6.00%, 6/20/44

 

 

1,500

 

 

1,591,260

 

Wellesley College, Series J,
5.00%, 7/01/42

 

 

915

 

 

1,069,233

 

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

 

 

845

 

 

999,863

 

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

 

 

910

 

 

992,018

 

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

 

 

2,100

 

 

2,132,445

 

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

 

 

1,045

 

 

1,122,894

 

 

 

 

 

 

 

8,549,593

 

Michigan — 2.5%

 

 

 

 

 

 

 

City of Detroit Michigan, RB, Senior Lien:

 

 

 

 

 

 

 

Sewage Disposal System, Series B,
(AGM), 7.50%, 7/01/33

 

 

460

 

 

578,266

 

Water Supply System,
Series A, 5.25%, 7/01/41

 

 

1,555

 

 

1,631,662

 

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

 

 

690

 

 

765,948

 

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

 

 

1,520

 

 

1,707,066

 

 

 

 

 

 

 

4,682,942

 

Minnesota — 2.9%

 

 

 

 

 

 

 

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

 

 

1,540

 

 

1,841,347

 

Tobacco Securitization Authority
Minnesota, Refunding RB:

 

 

 

 

 

 

 

5.25%, 3/01/25

 

 

2,260

 

 

2,622,301

 

5.25%, 3/01/31

 

 

950

 

 

1,068,683

 

 

 

 

 

 

 

5,532,331

 

Nebraska — 0.4%

 

 

 

 

 

 

 

Central Plains Energy Project Nebraska,
RB, Gas Project No. 3, 5.00%,
9/01/42

 

 

730

 

 

750,944

 

New Hampshire — 0.9%

 

 

 

 

 

 

 

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

 

 

1,530

 

 

1,793,634

 

 

 

 

 

 

 

 

 

 

BLACKROCK MUNIHOLDINGS FUND II, INC.

JULY 31, 2012

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 — 2.1%

 

 

 

 

 

 

 

New Jersey EDA, Refunding RB,
Cigarette Tax, 5.00%, 6/15/25

 

$

490

 

$

549,236

 

New Jersey Transportation Trust Fund
Authority, RB, Transportation System:

 

 

 

 

 

 

 

Series A, 5.50%, 6/15/41

 

 

1,025

 

 

1,198,041

 

Series B, 5.25%, 6/15/36

 

 

1,235

 

 

1,422,979

 

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

 

 

890

 

 

846,630

 

 

 

 

 

 

 

4,016,886

 

New York — 4.7%

 

 

 

 

 

 

 

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

 

 

800

 

 

824,120

 

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

 

 

1,050

 

 

1,225,318

 

Metropolitan Transportation Authority,
RB, Series E, 5.00%, 11/15/42

 

 

275

 

 

309,103

 

Metropolitan Transportation Authority,
Refunding RB:

 

 

 

 

 

 

 

Series B, 5.00%, 11/15/34

 

 

1,270

 

 

1,433,360

 

Series D, 5.25%, 11/15/40

 

 

610

 

 

689,477

 

New York City Industrial Development
Agency, RB:

 

 

 

 

 

 

 

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

 

 

340

 

 

343,386

 

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

 

 

525

 

 

530,376

 

Series C, 6.80%, 6/01/28

 

 

415

 

 

423,815

 

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

 

 

615

 

 

701,500

 

New York State Thruway Authority, RB,
Series I, 5.00%, 1/01/42

 

 

890

 

 

1,003,137

 

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

 

 

 

 

 

 

 

6.00%, 12/01/36

 

 

650

 

 

738,601

 

6.00%, 12/01/42

 

 

630

 

 

713,494

 

 

 

 

 

 

 

8,935,687

 

North Carolina — 0.4%

 

 

 

 

 

 

 

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

 

 

705

 

 

778,666

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

 

Par
(000)

 

Value

 

Oregon — 0.1%

 

 

 

 

 

 

 

City of Tigard Washington County
Oregon, Refunding RB, Water System,
5.00%, 8/01/37

 

$

125

 

$

145,054

 

Pennsylvania — 3.2%

 

 

 

 

 

 

 

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

 

 

810

 

 

661,446

 

Pennsylvania Economic Development
Financing Authority, RB:

 

 

 

 

 

 

 

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

 

 

1,830

 

 

2,145,163

 

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

 

 

2,750

 

 

2,704,625

 

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

 

 

540

 

 

540,848

 

 

 

 

 

 

 

6,052,082

 

Puerto Rico — 3.8%

 

 

 

 

 

 

 

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

 

 

2,790

 

 

3,330,507

 

Puerto Rico Sales Tax Financing Corp.,
RB, CAB, Series A, 5.57%,
8/01/35 (a)

 

 

10,000

 

 

2,827,700

 

Puerto Rico Sales Tax Financing Corp.,
Refunding RB, CAB (a):

 

 

 

 

 

 

 

First Sub-Series C, 5.73%,
8/01/38

 

 

2,145

 

 

493,757

 

Series C, 5.43%, 8/01/39

 

 

2,800

 

 

659,064

 

 

 

 

 

 

 

7,311,028

 

South Carolina — 1.0%

 

 

 

 

 

 

 

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

 

 

1,650

 

 

1,856,597

 

Tennessee — 1.1%

 

 

 

 

 

 

 

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

 

 

1,900

 

 

1,905,434

 

Rutherford County Health & Educational
Facilities Board, RB, Ascension
Health, Series C, 5.00%, 11/15/47

 

 

105

 

 

118,280

 

 

 

 

 

 

 

2,023,714

 

Texas — 8.4%

 

 

 

 

 

 

 

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

 

 

2,500

 

 

2,530,150

 

 

 

 

 

 

 

 

 

 

BLACKROCK MUNIHOLDINGS FUND II, INC.

JULY 31, 2012

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)

 

 

 

 

 

 

 

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

 

$

1,070

 

$

1,240,569

 

City of Austin Texas, Refunding RB,
Water & Wastewater System
Revenue, 5.00%, 11/15/37

 

 

315

 

 

367,668

 

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

 

 

760

 

 

876,478

 

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

 

 

535

 

 

600,832

 

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

 

 

1,380

 

 

1,675,968

 

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

 

 

320

 

 

373,478

 

North Texas Tollway Authority, RB, CAB,
Special Projects System, Series B,
5.39%, 9/01/37 (a)

 

 

1,015

 

 

267,676

 

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

 

 

3,020

 

 

3,339,727

 

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

 

 

 

 

 

 

 

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

 

 

1,165

 

 

1,422,232

 

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

 

 

1,300

 

 

1,560,858

 

University of Texas System, Refunding
RB, Financing System, Series B,
5.00%, 8/15/43

 

 

1,555

 

 

1,827,265

 

 

 

 

 

 

 

16,082,901

 

Vermont — 0.0%

 

 

 

 

 

 

 

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

 

 

80

 

 

80,943

 

Virginia — 2.5%

 

 

 

 

 

 

 

Fairfax County EDA, Refunding RB,
Goodwin House Inc., 5.13%,
10/01/42

 

 

2,500

 

 

2,560,750

 

Virginia Small Business Financing
Authority, RB, Senior Lien, Elizabeth
River Crossings Project, AMT:

 

 

 

 

 

 

 

5.25%, 1/01/32

 

 

400

 

 

432,752

 

6.00%, 1/01/37

 

 

925

 

 

1,056,452

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

 

Par
(000)

 

 

Value

 

Virginia (concluded)

 

 

 

 

 

 

 

Virginia Small Business Financing
Authority, RB, Senior Lien, Elizabeth
River Crossings Project, AMT
(concluded):

 

 

 

 

 

 

 

5.50%, 1/01/42

 

$

585

 

$

644,646

 

 

 

 

 

 

 

4,694,600

 

Washington — 1.2%

 

 

 

 

 

 

 

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

 

 

910

 

 

911,875

 

Washington Health Care Facilities
Authority, RB, Swedish Health
Services, Series A, 6.75%,
5/15/21 (b)

 

 

990

 

 

1,380,812

 

 

 

 

 

 

 

2,292,687

 

Wisconsin — 3.8%

 

 

 

 

 

 

 

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

 

 

3,620

 

 

4,498,900

 

Wisconsin Health & Educational
Facilities Authority, RB:

 

 

 

 

 

 

 

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

 

 

1,235

 

 

1,369,133

 

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

 

 

1,360

 

 

1,422,791

 

 

 

 

 

 

 

7,290,824

 

Total Municipal Bonds – 100.4%

 

 

 

 

 

191,157,524

 

 

 

 

 

 

 

 

 


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

 

 

 

 

 

 

 

Arizona — 0.7%

 

 

 

 

 

 

 

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

 

 

1,220

 

 

1,355,837

 

California — 13.1%

 

 

 

 

 

 

 

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

 

 

1,640

 

 

1,898,592

 

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

 

 

1,335

 

 

1,562,684

 

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

 

 

2,980

 

 

3,344,537

 

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

 

 

1,170

 

 

1,318,988

 

 

 

 

 

 

 

 

 

 

BLACKROCK MUNIHOLDINGS FUND II, INC.

JULY 31, 2012

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

 

California (concluded)

 

 

 

 

 

 

 

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

 

$

553

 

$

649,010

 

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

 

 

4,770

 

 

5,364,104

 

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

 

 

5,519

 

 

6,040,152

 

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

 

 

4,599

 

 

4,808,582

 

 

 

 

 

 

 

24,986,649

 

Colorado — 2.4%

 

 

 

 

 

 

 

Colorado Health Facilities Authority, RB,
Catholic Health:

 

 

 

 

 

 

 

Series C-3, (FSA), 5.10%, 10/01/41

 

 

1,870

 

 

1,997,272

 

Series C-7, (AGM), 5.00%, 9/01/36

 

 

1,200

 

 

1,283,280

 

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

 

 

1,080

 

 

1,234,153

 

 

 

 

 

 

 

4,514,705

 

Connecticut — 2.8%

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

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

 

 

2,300

 

 

2,625,266

 

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

 

 

2,370

 

 

2,711,754

 

 

 

 

 

 

 

5,337,020

 

Florida — 1.7%

 

 

 

 

 

 

 

County of Miami-Dade Florida, RB,
Water & Sewer System, 5.00%,
10/01/34

 

 

2,840

 

 

3,195,571

 

Georgia — 1.0%

 

 

 

 

 

 

 

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

 

 

1,649

 

 

1,829,727

 

Illinois — 2.2%

 

 

 

 

 

 

 

City of Chicago Illinois, Refunding RB,
5.00%, 11/01/42

 

 

3,638

 

 

4,141,897

 

Maryland — 1.2%

 

 

 

 

 

 

 

Maryland Health & Higher Educational
Facilities Authority, Refunding RB,
Series B, 5.00%, 11/15/51

 

 

2,100

 

 

2,333,414

 

Massachusetts — 3.1%

 

 

 

 

 

 

 

Massachusetts School Building
Authority, RB:

 

 

 

 

 

 

 

Senior Series B, 5.00%,
10/15/41

 

 

2,280

 

 

2,634,403

 

Series A, (AGM), 5.00%, 8/15/30

 

 

2,999

 

 

3,319,585

 

 

 

 

 

 

 

5,953,988

 

 

 

 

 

 

 

 

 

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

 

Par
(000)

 

Value

 

Michigan — 0.8%

 

 

 

 

 

 

 

Detroit Water and Sewerage
Department, Refunding RB, Series A:

 

 

 

 

 

 

 

5.00%, 7/01/32

 

$

788

 

$

828,346

 

5.25%, 7/01/39

 

 

675

 

 

711,493

 

 

 

 

 

 

 

1,539,839

 

New Hampshire — 0.6%

 

 

 

 

 

 

 

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

 

 

1,019

 

 

1,216,666

 

New York — 12.5%

 

 

 

 

 

 

 

Hudson New York Yards Infrastructure
Corp., RB, 5.75%, 2/15/47

 

 

810

 

 

949,296

 

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

 

 

810

 

 

953,915

 

New York City Transitional Finance
Authority, RB:

 

 

 

 

 

 

 

Fiscal 2009, Series S-3,
5.25%, 1/15/39

 

 

3,299

 

 

3,727,861

 

Future Tax Secured Revenue,
Sub-Series E-1, 5.00%,
2/01/42

 

 

1,240

 

 

1,431,206

 

New York Liberty Development Corp.,
RB, 1 World Trade Center Port
Authority Construction, 5.25%,
12/15/43

 

 

5,400

 

 

6,228,630

 

New York Liberty Development Corp.,
Refunding RB, 4 World Trade Center
Project, 5.75%, 11/15/51

 

 

3,250

 

 

3,845,238

 

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

 

 

2,910

 

 

3,165,712

 

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

 

 

3,200

 

 

3,507,683

 

 

 

 

 

 

 

23,809,541

 

North Carolina — 0.5%

 

 

 

 

 

 

 

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

 

 

800

 

 

896,208

 

Ohio — 4.1%

 

 

 

 

 

 

 

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

 

 

6,974

 

 

7,828,712

 

Tennessee — 1.4%

 

 

 

 

 

 

 

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

 

 

2,500

 

 

2,745,475

 

Texas — 3.0%

 

 

 

 

 

 

 

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

 

 

3,360

 

 

3,783,528

 

 

 

 

 

 

 

 

 

 

BLACKROCK MUNIHOLDINGS FUND II, INC.

JULY 31, 2012

6


 

 

 

 

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

 

Texas (concluded)

 

 

 

 

 

 

 

Harris County Texas Metropolitan
Transit Authority, Refunding RB,
Series A, 5.00%, 11/01/41

 

$

1,710

 

$

1,957,625

  

 

 

 

 

 

 

5,741,153

 

Utah — 0.8%

 

 

 

 

 

 

 

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

 

 

1,395

 

 

1,524,154

 

Virginia — 2.6%

 

 

 

 

 

 

 

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

 

 

2,729

 

 

3,139,731

 

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

 

 

1,553

 

 

1,713,820

 

 

 

 

 

 

 

4,853,551

 

Washington — 0.8%

 

 

 

 

 

 

 

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

 

 

1,365

 

 

1,556,112

 

Wisconsin — 1.7%

 

 

 

 

 

 

 

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

 

 

2,859

 

 

3,172,408

 

Total Municipal Bonds Transferred to

 

 

 

 

 

 

 

Tender Option Bond (TOB) Trusts – 57.0%

 

 

 

 

 

108,532,627

 

Total Long-Term Investments

 

 

 

 

 

 

 

(Cost – $268,374,985) – 157.4%

 

 

 

 

 

299,690,151

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Short-Term Securities

 

Shares

 

 

 

 

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

 

 

20,693

 

 

20,693

 

 

 


Par
(000)

 

 

 

 

New Jersey Health Care Facilities
Financing Authority, RB, VRDN,
Meridian-IV (AGC) (Wells Fargo Bank
NA LOC), 0.12%, 8/01/12 (f)

 

$

1,425

 

 

1,425,000

 

Total Short-Term Securities

 

 

 

 

 

 

 

(Cost – $1,445,693) – 0.7%

 

 

 

 

 

1,445,693

 

 

 

 

 

 

 

 

Value

 

Total Investments (Cost - $269,820,678*) – 158.1%

 

$

301,135,844

 

Other Assets Less Liabilities – 1.3%

 

 

2,469,605

 

Liability for TOB Trust Certificates, Including Interest
Expense and Fees Payable – (30.5)%

 

 

(58,189,656

)

VMTP Shares, at Redemption Value – (28.9)%

 

 

(55,000,000

)

Net Assets Applicable to Common Shares– 100.0%

 

$

190,415,793

 

 

 

 

 

*

As of July 31, 2012, gross unrealized appreciation and gross unrealized depreciation based on cost for federal income tax purposes were as follows:

 

 

 

 

 

Tax cost

 

$

211,932,189

 

Gross unrealized appreciation

 

$

31,817,485

 

Gross unrealized depreciation

 

 

(776,354

)

Net unrealized appreciation

 

$

31,041,131

  

 

 

(a)

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

 

 

(b)

US government securities, held in escrow, are used to pay interest on this security, as well as to retire the bond in full at the date indicated, typically at a premium to par.

 

 

(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.

 

 

(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, 2012

 

Net
Activity

 

Shares
Held at
July 31, 2012

 

Income

 

FFI Institutional
Tax-Exempt
Fund

 

 

27,550

 

 

(6,857

)

 

20,693

 

$

2

 

 

 

(e)

Represents the current yield as of report date.

 

 

(f)

Variable rate security. Rate shown is as of report date and maturity shown is the date the principal owed can be recovered through demand.


 

 

 

 

 

 

 

 

 

BLACKROCK MUNIHOLDINGS FUND II, INC.

JULY 31, 2012

7


 

 

 

 

Schedule of Investments (concluded)

BlackRock MuniHoldings Fund II, Inc. (MUH)

 

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:

 

 

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

FSA

Financial Security Assurance Inc.

GARB

General Airport Revenue Bonds

Ginnie Mae

Government National Mortgage Association

GO

General Obligation Bonds

HFA

Housing Finance Agency

HRB

Housing Revenue Bonds

IDA

Industrial Development Authority

LOC

Letter of Credit

M/F

Multi-Family

NPFGC

National Public Finance Guarantee Corp.

RB

Revenue Bonds

VRDN

Variable Rate Demand Notes


 

 

 

•

Fair Value Measurements - Various inputs are used in determining the fair value of investments. These inputs to valuation techniques are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes as follows:

 

 

 

 

•

Level 1 — unadjusted 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)

 

 

 

Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the Fund’s policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for investments is based on the pricing transparency of the investment and is not necessarily an indication of the risks 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 Fund’s investments categorized in the disclosure hierarchy as of July 31, 2012:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Level 1

 

Level 2

 

Level 3

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-Term
Investments1

 

 

—

 

$

299,690,151

 

 

—

 

$

299,690,151

 

Short-Term
Securities

 

$

20,693

 

 

1,425,000

 

 

—

 

 

1,445,693

 

Total

 

$

20,693

 

$

301,115,151

 

 

—

 

$

301,135,844

 

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

Certain of the Fund’s liabilities are held at carrying amount, which approximates fair value for financial reporting purposes. As of July 31, 2012, such liabilities are categorized within the disclosure hierarchy as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Level 1

 

Level 2

 

Level 3

 

Total

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

TOB trust
certificates

 

 

—

 

$

(58,162,524

)

 

—

 

$

(58,162,524

)

VMTP shares

 

 

—

 

 

(55,000,000

)

 

—

 

 

(55,000,000

)

Total

 

 

—

 

$

(113,162,524

)

 

—

 

$

(113,162,524

)

There were no transfers between levels for the period ended July 31, 2012.

 

 

 

 

 

 

 

 

 

BLACKROCK MUNIHOLDINGS FUND II, INC.

JULY 31, 2012

8

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 25, 2012
   
  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 25, 2012
   
  By: /s/ Neal J. Andrews  
    Neal J. Andrews
    Chief Financial Officer (principal financial officer) of
    BlackRock MuniHoldings Fund II, Inc.
     
  Date: September 25, 2012