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October 31, 2025 
2025 Quarterly Report
(Unaudited)
 
BlackRock MuniHoldings Quality Fund II, Inc. (MUE)
 
Not FDIC Insured • May Lose Value • No Bank Guarantee
Schedule of Investments (unaudited)
October 31, 2025
BlackRock MuniHoldings Quality Fund II, Inc. (MUE)
(Percentages shown are based on Net Assets)
 
Security
 
Par
(000)
Value
Municipal Bonds
Alabama — 6.6%
Black Belt Energy Gas District, RB(a)
 
Series A, 5.25%, 01/01/54
$
2,000
$ 2,154,181
Series A, 5.25%, 05/01/56
 
1,075
1,120,127
Series F, 5.50%, 11/01/53
 
840
887,763
County of Jefferson Alabama Sewer Revenue, Refunding
RB, 5.50%, 10/01/53
 
520
547,902
Lower Alabama Gas District, RB, Series A, 5.00%,
09/01/46
 
1,205
1,302,471
Mobile County Industrial Development Authority, RB
 
Series A, AMT, 5.00%, 06/01/54
 
2,640
2,561,108
Series B, AMT, 4.75%, 12/01/54
 
1,100
1,026,686
Southeast Alabama Gas Supply District, Refunding RB,
Series B, 5.00%, 06/01/49(a)
 
470
509,066
Southeast Energy Authority A Cooperative District, RB(a)
 
Series A, 5.00%, 01/01/56
 
610
653,014
Series A-2, 5.31%, 01/01/53
 
5,090
5,341,602
 
 
16,103,920
Arizona — 1.3%
Arizona Industrial Development Authority, RB(b)
 
4.38%, 07/01/39
 
550
500,295
Series A, 5.00%, 07/01/49
 
525
476,707
Series A, 5.00%, 07/01/54
 
405
360,341
City of Mesa Arizona Utility System Revenue, RB, (AGM),
4.50%, 07/01/49
 
445
446,075
City of Phoenix Civic Improvement Corp., ARB, Junior
Lien, 5.00%, 07/01/49
 
1,165
1,193,507
Maricopa County Industrial Development Authority,
Refunding RB, 5.00%, 07/01/54(b)
 
280
266,612
 
 
3,243,537
Arkansas — 0.2%
Arkansas Development Finance Authority, RB, AMT,
Sustainability Bonds, 5.70%, 05/01/53
 
415
423,576
California — 5.2%
California Community Choice Financing Authority, RB(a)
 
Class B, Sustainability Bonds, 5.00%, 03/01/56
 
900
987,884
Series B-2, Sustainability Bonds, 3.67%, 02/01/52
 
1,500
1,412,977
California Enterprise Development Authority, RB, 8.00%,
11/15/62(b)
 
365
362,169
California Health Facilities Financing Authority, Refunding
RB, Series A, 3.00%, 08/15/51
 
1,100
822,089
California Infrastructure & Economic Development Bank,
Refunding RB, Series A, Class B, AMT, Sustainability
Bonds, 9.50%, 01/01/65(a)(b)
 
1,115
892,000
California Municipal Finance Authority, RB, S/F Housing,
Series A-1, 3.44%, 02/20/41(a)
 
2,659
2,478,933
California Pollution Control Financing Authority, RB, AMT,
5.00%, 11/21/45(b)
 
980
980,032
California Public Finance Authority, RB, Series A, 6.38%,
06/01/59(b)
 
1,325
1,245,526
CSCDA Community Improvement Authority, RB, M/F
Housing, Sustainability Bonds, 5.00%, 09/01/37(b)
 
100
101,627
Security
 
Par
(000)
Value
California (continued)
Pleasanton Unified School District, GO, Election 2022,
4.25%, 08/01/50
$
2,330
$ 2,339,486
Washington Township Health Care District, GO, Series B,
Election 2004, 5.50%, 08/01/40
 
940
945,841
 
 
12,568,564
Colorado — 1.1%
City & County of Denver Colorado Airport System
Revenue, Refunding ARB, Series A, AMT, 5.00%,
12/01/48
 
1,700
1,712,740
Colorado Health Facilities Authority, RB, 5.50%, 11/01/47
 
205
216,060
Denver Convention Center Hotel Authority, Refunding RB,
5.00%, 12/01/40
 
830
833,212
 
 
2,762,012
Connecticut — 0.6%
State of Connecticut Special Tax Revenue, RB,
Series A-2, 5.00%, 07/01/43
 
1,420
1,546,603
District of Columbia — 0.0%
Washington Metropolitan Area Transit Authority Dedicated
Revenue, RB, Series A, 2nd Lien, Sustainability Bonds,
4.38%, 07/15/59
 
105
103,489
Florida — 7.6%
Capital Trust Agency, Inc., RB(b)
 
Series A, 5.00%, 06/01/45
 
465
403,877
Series A, 5.50%, 06/01/57
 
165
143,849
City of Fort Lauderdale Florida Water & Sewer Revenue,
RB, Series B, 5.50%, 09/01/53
 
1,700
1,844,227
Collier County Health Facilities Authority, RB, 4.00%,
05/01/52
 
1,070
906,033
County of Broward Florida Tourist Development Tax
Revenue, Refunding RB, Convertible, 4.00%, 09/01/51
 
1,700
1,515,171
County of Miami-Dade Seaport Department, Refunding
RB, Series A, AMT, 5.00%, 10/01/38
 
950
1,017,427
Cypress Bluff Community Development District, SAB,
Series A, 3.80%, 05/01/50(b)
 
725
599,933
Finley Woods Community Development District, SAB
 
4.00%, 05/01/40
 
265
247,962
4.20%, 05/01/50
 
450
392,396
Florida Development Finance Corp., RB, AMT, 5.00%,
05/01/29(b)
 
470
474,674
Florida Development Finance Corp., Refunding RB
 
AMT, (AGM), 5.00%, 07/01/44
 
1,760
1,752,233
AMT, (AGM), 5.25%, 07/01/47
 
400
397,939
Florida Housing Finance Corp., RB, S/F Housing
 
Series 5, (FHLMC, FNMA, GNMA), 5.00%, 07/01/50
 
1,475
1,502,460
Series 5, (FHLMC, FNMA, GNMA), 5.05%, 01/01/56
 
950
960,503
Lakewood Ranch Stewardship District, SAB, 6.30%,
05/01/54
 
210
221,580
Lee County Industrial Development Authority, RB
 
Series B-2, 4.38%, 11/15/29
 
505
507,604
Series B-3, 4.13%, 11/15/29
 
525
527,713
Orange County Health Facilities Authority, RB, 4.00%,
10/01/52
 
1,000
879,360
Osceola Chain Lakes Community Development District,
SAB
 
4.00%, 05/01/40
 
670
628,273
2
Schedule of Investments (unaudited)(continued)
October 31, 2025
BlackRock MuniHoldings Quality Fund II, Inc. (MUE)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Florida (continued)
Osceola Chain Lakes Community Development District,
SAB (continued)
 
4.00%, 05/01/50
$
640
$ 537,180
Palm Beach County Health Facilities Authority, Refunding
RB, 4.00%, 08/15/49
 
2,065
1,854,531
Southern Groves Community Development District No. 5,
Refunding SAB, 4.00%, 05/01/43
 
380
341,779
University of Florida Department of Housing & Residence
Education Hsg Sys Rev, RB, Series A, (BAM-TCRS),
3.00%, 07/01/51
 
1,000
726,591
Village Community Development District No. 15, SAB,
5.25%, 05/01/54(b)
 
205
205,623
 
 
18,588,918
Georgia — 2.0%
DeKalb County Housing Authority, Refunding RB, 4.13%,
12/01/34
 
1,820
1,829,809
East Point Business & Industrial Development Authority,
RB, Series A, 5.25%, 06/15/62(b)
 
195
127,939
Main Street Natural Gas, Inc., Refunding RB, Series E-2,
4.56%, 12/01/53(a)
 
2,830
2,931,070
 
 
4,888,818
Hawaii — 0.5%
State of Hawaii Airports System Revenue, ARB, AMT,
5.25%, 08/01/26
 
1,205
1,207,249
Illinois — 10.0%
Chicago Board of Education, GO
 
Series A, 5.00%, 12/01/34
 
1,225
1,232,771
Series A, 5.00%, 12/01/40
 
1,165
1,126,715
Series A, 6.25%, 12/01/50
 
560
585,398
Chicago Board of Education, Refunding GO, Series B,
12/01/43(c)
 
345
359,633
Chicago O’Hare International Airport, ARB
 
Class A, AMT, Senior Lien, 4.50%, 01/01/48
 
4,000
3,893,520
Class A, AMT, Senior Lien, 4.63%, 01/01/53
 
1,700
1,659,261
Class A, AMT, Senior Lien, (AGM), 5.50%, 01/01/53
 
3,700
3,843,769
Series B, Senior Lien, 4.50%, 01/01/56
 
2,575
2,475,079
Illinois Finance Authority, Refunding RB
 
Series C, 4.00%, 02/15/27(d)
 
995
1,012,385
Series C, 4.00%, 02/15/41
 
5
4,869
Illinois Housing Development Authority, RB, S/F Housing,
Series G, Sustainability Bonds, (FHLMC, FNMA,
GNMA), 4.85%, 10/01/42
 
515
534,616
Illinois State Toll Highway Authority, RB
 
Series A, 5.00%, 01/01/40
 
4,885
4,889,364
Series A, 5.00%, 01/01/45
 
980
1,014,398
Series A, 4.00%, 01/01/46
 
1,000
926,159
State of Illinois, GO, Series E, 5.00%, 09/01/43
 
755
788,896
 
 
24,346,833
Indiana — 1.2%
Indiana Finance Authority, RB
 
5.00%, 06/01/51
 
220
185,416
5.00%, 06/01/56
 
190
156,542
Indiana Finance Authority, Refunding RB
 
5.50%, 10/01/50
 
665
720,110
Series C, 5.25%, 10/01/46
 
630
679,691
Security
 
Par
(000)
Value
Indiana (continued)
Indiana Finance Authority, Refunding RB (continued)
 
Series C, 5.25%, 10/01/47
$
220
$ 236,707
Indianapolis Local Public Improvement Bond Bank,
Refunding ARB, Series B1, 5.25%, 01/01/55
 
990
1,043,988
 
 
3,022,454
Iowa — 0.3%
Iowa Finance Authority, Refunding RB, Series A, 5.13%,
05/15/59
 
850
796,224
Kentucky — 0.5%
City of Henderson Kentucky, RB, Series A, AMT, 4.70%,
01/01/52(b)
 
150
141,820
Kentucky Public Energy Authority, Refunding RB,
Series B, 5.00%, 01/01/55(a)
 
990
1,075,371
 
 
1,217,191
Louisiana — 0.8%
Louisiana Stadium & Exposition District, Refunding RB,
Series A, 5.00%, 07/01/48
 
1,995
2,046,095
Maryland — 1.3%
Maryland Community Development Administration,
Refunding RB, S/F Housing, Series C, Sustainability
Bonds, (FHLMC, FNMA, GNMA), 4.50%, 09/01/49
 
1,095
1,090,741
Maryland Economic Development Corp., RB, Class B,
AMT, Sustainability Bonds, 5.00%, 12/31/40
 
525
538,717
Maryland Stadium Authority, RB, 5.00%, 06/01/54
 
1,480
1,539,755
 
 
3,169,213
Massachusetts — 0.7%
Commonwealth of Massachusetts, GOL, Series E, 5.00%,
11/01/49
 
1,210
1,262,311
Massachusetts Development Finance Agency, RB,
Series A, 5.00%, 01/01/47
 
405
394,025
 
 
1,656,336
Michigan — 1.5%
Michigan Finance Authority, RB, Sustainability Bonds,
5.50%, 02/28/57
 
1,000
1,047,910
Michigan Finance Authority, Refunding RB
 
4.00%, 09/01/46
 
550
487,779
4.00%, 11/15/46
 
1,300
1,196,390
Michigan Strategic Fund, RB, AMT, 5.00%, 12/31/43
 
895
895,970
 
 
3,628,049
Minnesota — 1.5%
Minneapolis-St Paul Metropolitan Airports Commission,
ARB, Series B, AMT, 5.25%, 01/01/49
 
1,900
1,989,806
Minnesota Housing Finance Agency, RB, S/F Housing,
Series M, Sustainability Bonds, (FHLMC, FNMA,
GNMA), 5.10%, 07/01/42
 
1,520
1,618,133
 
 
3,607,939
Mississippi — 0.9%
Mississippi Development Bank, RB, (AGM), 6.88%,
12/01/40
 
2,225
2,261,446
Missouri — 0.9%
Health & Educational Facilities Authority of the State of
Missouri, Refunding RB
 
Series A, 5.25%, 02/01/54
 
330
327,329
Schedule of Investments
3
Schedule of Investments (unaudited)(continued)
October 31, 2025
BlackRock MuniHoldings Quality Fund II, Inc. (MUE)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Missouri (continued)
Health & Educational Facilities Authority of the State of
Missouri, Refunding RB (continued)
 
Series A, 4.25%, 04/01/55
$
1,610
$ 1,522,332
Missouri Housing Development Commission, RB, S/F
Housing, Series C, (FHLMC, FNMA, GNMA), 5.00%,
11/01/55
 
380
383,233
 
 
2,232,894
Montana — 0.1%
Montana Board of Housing, RB, S/F Housing, Series B-2,
3.60%, 12/01/47
 
165
146,095
Nevada — 0.5%
City of Las Vegas Nevada Special Improvement District
No. 814, SAB
 
4.00%, 06/01/39
 
120
115,300
4.00%, 06/01/44
 
305
268,860
Tahoe-Douglas Visitors Authority, RB
 
5.00%, 07/01/40
 
305
313,924
5.00%, 07/01/45
 
400
402,625
 
 
1,100,709
New Hampshire — 2.8%
National Finance Authority Affordable Housing
Certificates, RB, Series 2024-1, Class A, 4.15%,
10/20/40(a)
 
2,305
2,299,718
New Hampshire Business Finance Authority, RB
 
Series 2025-1, Class A1, 4.09%, 01/20/41(a)
 
363
361,791
Series A, Sustainability Bonds, 5.50%, 06/01/55
 
2,180
2,293,293
New Hampshire Business Finance Authority, RB, M/F
Housing
 
1st Series, Class B, 5.75%, 04/28/42
 
545
568,958
Series 2025, Subordinate, 5.15%, 09/28/37
 
860
869,910
Series 2, Sustainability Bonds, 4.25%, 07/20/41
 
545
543,115
 
 
6,936,785
New Jersey — 7.3%
New Jersey Economic Development Authority, RB
 
5.00%, 06/15/34
 
635
686,865
5.00%, 06/15/36
 
810
869,620
AMT, (AGM), 5.00%, 01/01/31
 
1,355
1,357,554
AMT, 5.38%, 01/01/43
 
1,940
1,941,736
New Jersey Health Care Facilities Financing Authority,
RB, 4.00%, 07/01/51
 
1,500
1,382,568
New Jersey Higher Education Student Assistance
Authority, RB, Series B, AMT, 4.25%, 12/01/45
 
235
233,646
New Jersey Higher Education Student Assistance
Authority, Refunding RB
 
Series B, AMT, 4.00%, 12/01/41
 
830
824,410
Series C, AMT, Subordinate, 5.00%, 12/01/52
 
1,355
1,344,339
New Jersey Housing & Mortgage Finance Agency, RB,
S/F Housing, Series M, Sustainability Bonds, 5.10%,
10/01/50
 
1,250
1,288,827
New Jersey Transportation Trust Fund Authority, RB,
Series CC, 5.25%, 06/15/55
 
2,550
2,693,447
New Jersey Turnpike Authority, RB, Series A, 5.25%,
01/01/55
 
1,070
1,150,612
Tobacco Settlement Financing Corp., Refunding RB
 
Series A, 5.00%, 06/01/46
 
1,000
989,227
Series A, 5.25%, 06/01/46
 
2,240
2,245,673
Sub-Series B, 5.00%, 06/01/46
 
710
691,283
 
 
17,699,807
Security
 
Par
(000)
Value
New Mexico — 0.1%
City of Santa Fe New Mexico, RB, Series A, 5.00%,
05/15/44
$
135
$ 131,103
New York — 7.0%
City of New York, GO
 
Series D, 4.00%, 04/01/50
 
1,190
1,098,545
Series G-1, 5.25%, 02/01/53
 
195
207,798
New York City Transitional Finance Authority Future Tax
Secured Revenue, RB
 
Series E, Subordinate, 5.00%, 11/01/53
 
715
743,769
Series G-1, Subordinate, 5.00%, 05/01/47
 
1,250
1,309,906
New York Liberty Development Corp., Refunding RB,
Series A, Sustainability Bonds, 3.00%, 11/15/51
 
210
151,749
New York State Thruway Authority, RB, Sustainability
Bonds, 4.13%, 03/15/56
 
1,675
1,570,983
New York Transportation Development Corp., ARB, AMT,
5.63%, 04/01/40
 
465
488,270
New York Transportation Development Corp., RB
 
5.38%, 06/30/60
 
5,350
5,457,000
AMT, 5.00%, 10/01/35
 
1,025
1,072,225
AMT, 4.00%, 04/30/53
 
605
517,135
AMT, Sustainability Bonds, (AGM), 5.25%, 06/30/60
 
2,055
2,091,952
Triborough Bridge & Tunnel Authority Sales Tax Revenue,
RB, Series A, 4.13%, 05/15/53
 
1,535
1,456,805
TSASC, Inc., Refunding RB, Series A, 5.00%, 06/01/41
 
895
897,492
 
 
17,063,629
North Dakota — 0.4%
City of Grand Forks North Dakota, RB, Series A, (AGM),
5.00%, 12/01/48
 
880
905,641
Ohio — 2.5%
Buckeye Tobacco Settlement Financing Authority,
Refunding RB, Series B-2, Class 2, 5.00%, 06/01/55
 
2,050
1,717,980
Columbus-Franklin County Finance Authority, RB, M/F
Housing, (FNMA), 4.82%, 11/01/43
 
705
751,874
County of Hamilton Ohio, RB, Series CC, 5.00%,
11/15/49
 
270
293,404
State of Ohio, RB, Series P3, AMT, 5.00%, 12/31/39
 
1,325
1,317,143
State of Ohio, Refunding RB, Series A, (BAM-TCRS),
4.00%, 01/15/50
 
2,275
2,001,980
 
 
6,082,381
Oklahoma — 1.1%
Oklahoma Turnpike Authority, RB, 5.50%, 01/01/53
 
2,055
2,191,630
Tulsa Municipal Airport Trust Trustees, Refunding ARB,
AMT, 6.25%, 12/01/35
 
470
542,004
 
 
2,733,634
Pennsylvania — 9.5%
Allegheny County Airport Authority, ARB, Series A, AMT,
(AGM), 5.50%, 01/01/53
 
670
703,343
Bucks County Industrial Development Authority, RB,
4.00%, 07/01/46
 
200
175,990
Chester County Health and Education Facilities Authority,
Refunding RB, Series A, 5.00%, 10/01/52
 
2,000
2,013,880
City of Philadelphia Pennsylvania Water & Wastewater
Revenue, Refunding RB, Series B, (AGM), 4.50%,
09/01/48
 
1,415
1,430,045
Geisinger Authority, Refunding RB
 
4.00%, 04/01/50
 
3,080
2,783,537
Series A-1, 4.00%, 02/15/47
 
2,815
2,573,266
Lancaster Industrial Development Authority, RB, 5.00%,
12/01/44
 
675
669,459
4
Schedule of Investments (unaudited)(continued)
October 31, 2025
BlackRock MuniHoldings Quality Fund II, Inc. (MUE)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Pennsylvania (continued)
Montgomery County Higher Education and Health
Authority, Refunding RB
 
Class B, 5.00%, 05/01/57
$
2,500
$ 2,517,379
Series B, (BAM-TCRS), 4.00%, 05/01/52
 
2,115
1,867,416
Montgomery County Industrial Development Authority, RB,
Series C, 5.00%, 11/15/45
 
590
590,224
Pennsylvania Economic Development Financing Authority,
RB
 
AMT, 5.50%, 06/30/43
 
515
537,621
AMT, 5.25%, 06/30/53
 
1,000
1,012,887
Pennsylvania Housing Finance Agency, RB, S/F Housing,
Series 143A, Sustainability Bonds, 5.45%, 04/01/51
 
3,300
3,459,261
Philadelphia Authority for Industrial Development, RB,
5.25%, 11/01/52
 
1,285
1,329,275
Pittsburgh School District, GOL, (SAW), 3.00%, 09/01/41
 
1,165
992,310
School District of Philadelphia, GOL, Series A, (SAW),
5.50%, 09/01/48
 
400
426,502
 
 
23,082,395
Puerto Rico — 5.2%
Puerto Rico Sales Tax Financing Corp. Sales Tax
Revenue, RB
 
Series A-1, Restructured, 4.75%, 07/01/53
 
3,472
3,282,783
Series A-1, Restructured, 5.00%, 07/01/58
 
5,794
5,627,369
Series A-2, Restructured, 4.78%, 07/01/58
 
264
248,265
Series A-2, Restructured, 4.33%, 07/01/40
 
1,709
1,656,866
Series B-2, Restructured, 4.78%, 07/01/58
 
394
370,516
Puerto Rico Sales Tax Financing Corp. Sales Tax
Revenue, RB, CAB, Series A-1, Restructured, 0.00%,
07/01/46(e)
 
3,957
1,377,165
 
 
12,562,964
Rhode Island — 0.8%
Rhode Island Health and Educational Building Corp., RB,
5.00%, 11/01/53
 
1,870
1,926,252
South Carolina — 2.9%
Patriots Energy Group Financing Agency, RB, Series A1,
5.25%, 10/01/54(a)
 
1,970
2,149,051
South Carolina Jobs-Economic Development Authority,
RB(b)
 
5.00%, 01/01/55
 
825
683,957
7.50%, 08/15/62
 
390
348,340
South Carolina Public Service Authority, Refunding RB,
Series B, 5.00%, 12/01/46
 
2,080
2,166,875
South Carolina State Housing Finance & Development
Authority, RB, S/F Housing, Series B, (FHLMC, FNMA,
GNMA), 5.00%, 07/01/50
 
1,640
1,670,027
 
 
7,018,250
Tennessee — 1.9%
Metropolitan Government Nashville & Davidson County
Health & Educational Fcilities Board, Refunding RB,
4.00%, 10/01/54
 
3,235
3,002,844
Metropolitan Government Nashville & Davidson County
Sports Authority, RB, Series A, Senior Lien, (AGM),
5.25%, 07/01/48
 
1,020
1,078,838
Metropolitan Government of Nashville & Davidson County
TN Water & Sewer Revenue, Refunding RB, 5.25%,
07/01/55
 
615
655,120
 
 
4,736,802
Security
 
Par
(000)
Value
Texas — 12.5%
Alamo Heights Independent School District, GO, (PSF),
4.00%, 02/01/51
$
2,415
$ 2,265,388
Arlington Higher Education Finance Corp., RB(b)
 
7.50%, 04/01/62
 
410
205,000
7.88%, 11/01/62
 
360
216,000
Aubrey Independent School District, GO, (PSF), 4.00%,
02/15/52
 
1,000
936,542
City of Austin Texas Airport System Revenue, ARB, AMT,
5.00%, 11/15/33
 
2,500
2,502,552
City of Austin Texas Water & Wastewater System
Revenue, Refunding RB, 5.00%, 11/15/53
 
635
669,582
City of Houston Texas Airport System Revenue, ARB
 
Series B, AMT, 5.50%, 07/15/36
 
100
109,925
Series B, AMT, 5.50%, 07/15/37
 
260
284,036
City of Houston Texas Airport System Revenue, Refunding
ARB, Series A, AMT, Subordinate Lien, 5.50%,
07/01/55
 
1,260
1,344,242
Conroe Independent School District, GO, (PSF), 4.00%,
02/15/50
 
600
562,144
Dallas Independent School District, Refunding GO, (PSF),
4.00%, 02/15/53
 
900
840,394
Del Valle Independent School District Texas, GO, (PSF),
4.00%, 06/15/47
 
1,410
1,348,294
Eagle Mountain & Saginaw Independent School District,
GO, (PSF), 4.00%, 08/15/54
 
850
787,604
EP Royal Estates PFC, RB, M/F Housing, 4.25%,
10/01/39
 
335
337,327
Leander Independent School District, Refunding GO,
Series A, (PSF), 5.00%, 08/15/50
 
1,325
1,400,851
New Hope Cultural Education Facilities Finance Corp.,
RB, Series A, 5.00%, 08/15/50(b)
 
440
374,129
Northwest Independent School District, GO, (PSF),
5.25%, 02/15/55
 
690
737,152
Tarrant County Cultural Education Facilities Finance
Corp., RB, 5.00%, 11/15/51
 
1,620
1,669,782
Tarrant County Cultural Education Facilities Finance
Corp., Refunding RB, 5.00%, 11/15/40
 
2,500
2,500,261
Texas City Industrial Development Corp., RB,
Series 2012, 4.13%, 12/01/45
 
255
226,143
Texas Municipal Gas Acquisition & Supply Corp. III,
Refunding RB, 5.00%, 12/15/32
 
2,935
3,204,703
Texas Municipal Gas Acquisition & Supply Corp. IV, RB,
Series B, 5.50%, 01/01/54(a)
 
2,500
2,835,046
Waller Consolidated Independent School District, GO,
Series A, (PSF), 4.00%, 02/15/53
 
1,700
1,592,535
Ysleta Independent School District, GO, (PSF), 4.25%,
08/15/56
 
3,580
3,450,736
 
 
30,400,368
Utah — 1.6%
Black Desert Public Infrastructure District, SAB, 5.63%,
12/01/53(b)
 
135
136,368
County of Utah, RB
 
Series A, 3.00%, 05/15/50
 
1,840
1,376,462
Series B, 4.00%, 05/15/47
 
1,340
1,256,385
Downtown Revitalization Public Infrastructure District, RB
 
Series A, 1st Lien, (AGM), 5.50%, 06/01/55
 
640
689,403
Series B, 2nd Lien, (AGM), 5.50%, 06/01/55
 
225
242,187
Utah Charter School Finance Authority, Refunding RB,
5.00%, 06/15/40(b)
 
325
315,344
 
 
4,016,149
Schedule of Investments
5
Schedule of Investments (unaudited)(continued)
October 31, 2025
BlackRock MuniHoldings Quality Fund II, Inc. (MUE)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Virginia — 1.3%
Tobacco Settlement Financing Corp., Refunding RB,
Series B-1, 5.00%, 06/01/47
$
955
$ 800,295
Virginia Small Business Financing Authority, RB
 
AMT, 5.00%, 12/31/52
 
1,230
1,209,788
AMT, 5.00%, 12/31/56
 
1,295
1,260,641
 
 
3,270,724
Washington — 3.2%
County of King Washington Sewer Revenue, Refunding
RB, Series A, Junior Lien, 3.45%, 01/01/40(a)
 
615
609,157
Port of Seattle Washington, ARB, Series B, AMT,
Intermediate Lien, 5.50%, 10/01/50
 
2,525
2,726,479
Vancouver Housing Authority, RB, M/F Housing, 5.00%,
08/01/40
 
830
857,571
Washington Health Care Facilities Authority, Refunding RB
 
Series A, 5.00%, 08/01/44
 
875
886,787
Series A, 5.50%, 09/01/55
 
190
201,782
Washington State Housing Finance Commission, RB, M/F
Housing(a)
 
Series A-1, 0.00%, 11/20/41
 
1,153
1,109,699
Series 2, Class 1, Sustainability Bonds, 4.08%,
03/01/50
 
889
869,599
Washington State Housing Finance Commission,
Refunding RB
 
Series A, 5.00%, 07/01/43
 
215
217,731
Series A, 5.00%, 07/01/48
 
205
203,765
 
 
7,682,570
Wisconsin — 3.0%
Public Finance Authority, RB
 
Class A, 5.00%, 06/15/51(b)
 
550
453,713
Series A, 5.00%, 07/01/55(b)
 
305
261,732
Series A-1, 4.50%, 01/01/35(b)
 
460
450,420
AMT, 5.75%, 12/31/65
 
3,490
3,614,752
AMT, 6.50%, 12/31/65
 
755
829,208
Public Finance Authority, Refunding RB
 
5.00%, 09/01/49(b)
 
285
262,494
5.25%, 11/15/55
 
475
481,393
Series B, AMT, 5.00%, 07/01/42
 
990
990,178
 
 
7,343,890
Wyoming — 0.3%
University of Wyoming, RB, Series C, (AGM), 4.00%,
06/01/51
 
855
789,894
Total Municipal Bonds — 108.7%
(Cost: $260,795,980)
265,051,402
Municipal Bonds Transferred to Tender Option Bond Trusts(f)
District of Columbia — 6.4%
District of Columbia Income Tax Revenue, Refunding RB,
Series A, 5.00%, 06/01/50
 
4,480
4,731,862
Metropolitan Washington Airports Authority Aviation
Revenue, Refunding ARB
 
Series A, AMT, 5.00%, 10/01/50
 
6,218
6,412,761
Series A, AMT, 5.50%, 10/01/55
 
4,160
4,481,636
 
 
15,626,259
Security
 
Par
(000)
Value
Florida — 5.1%
JEA Water & Sewer System Revenue, Refunding RB,
Series A, 5.25%, 10/01/49
$
4,915
$ 5,234,891
Tampa Bay Water, RB, Series A, 5.25%, 10/01/54(g)
 
6,672
7,133,385
 
 
12,368,276
Georgia — 5.6%
City of Atlanta Georgia Department of Aviation, ARB,
Series B-1, AMT, Sustainability Bonds, 5.50%,
07/01/55
 
5,340
5,710,165
County of DeKalb Georgia Water & Sewerage Revenue,
RB, Series A, 5.00%, 10/01/55
 
7,559
7,917,907
 
 
13,628,072
Massachusetts — 5.3%
Commonwealth of Massachusetts, GO, Series 2024,
5.00%, 12/01/51
 
8,800
9,263,969
Commonwealth of Massachusetts, GOL, Series A, 5.00%,
04/01/55
 
3,380
3,555,563
 
 
12,819,532
Missouri — 1.8%
Health & Educational Facilities Authority of the State of
Missouri, RB, 4.00%, 06/01/53(g)
 
5,000
4,405,758
New Jersey — 1.8%
New Jersey Transportation Trust Fund Authority, RB,
Series AA, 5.00%, 06/15/55
 
4,240
4,394,953
New York — 19.3%
New York City Municipal Water Finance Authority, RB,
Series AA, Subordinate, 5.00%, 06/15/51(g)
 
6,895
7,243,476
New York City Ny Hsg Dev Corp, 5.00%, 11/01/55
 
2,400
2,435,134
New York City Transitional Finance Authority, RB, 5.00%,
05/01/47
 
6,520
6,863,679
New York Power Authority, RB, Series A, Sustainability
Bonds, (AGM), 5.13%, 11/15/63
 
3,373
3,538,481
New York State Dormitory Authority, Refunding RB,
Series A, 5.00%, 03/15/53(g)
 
3,073
3,208,024
New York Transportation Development Corp., RB, AMT,
Sustainability Bonds, (AGM), 5.13%, 06/30/60
 
10,000
10,048,629
Triborough Bridge & Tunnel Authority Sales Tax Revenue,
RB
 
Series A, 4.13%, 05/15/53
 
5,773
5,479,137
Series A, 4.50%, 05/15/63
 
8,264
8,186,427
 
 
47,002,987
Oregon — 2.3%
Port of Portland Oregon Airport Revenue, Refunding ARB,
Series 30A, AMT, Sustainability Bonds, 5.25%,
07/01/45
 
5,320
5,615,255
Pennsylvania — 5.1%
City of Philadelphia Pennsylvania Water & Wastewater
Revenue, Refunding RB, Series B, (AGM), 5.50%,
09/01/53
 
2,831
3,055,526
Pennsylvania Housing Finance Agency, RB, S/F Housing,
Series 143A, Sustainability Bonds, 5.38%, 10/01/46
 
3,989
4,181,544
Pennsylvania Turnpike Commission, Refunding RB,
Series B, 5.25%, 12/01/52
 
4,995
5,291,240
 
 
12,528,310
6
Schedule of Investments (unaudited)(continued)
October 31, 2025
BlackRock MuniHoldings Quality Fund II, Inc. (MUE)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
South Carolina — 4.5%
Patriots Energy Group Financing Agency, Refunding RB,
Series B-1, 5.25%, 02/01/54(a)
$
10,005
$  10,881,645
Total Municipal Bonds Transferred to Tender Option Bond
Trusts — 57.2%
(Cost: $135,859,626)
139,271,047
Total Long-Term Investments — 165.9%
(Cost: $396,655,606)
404,322,449
 
 
 
 
Shares
 
Short-Term Securities
Money Market Funds — 3.5%
BlackRock Liquidity Funds, MuniCash, Institutional
Shares, 3.01%(h)(i)
 
8,598,214
8,599,074
Total Short-Term Securities — 3.5%
(Cost: $8,599,074)
8,599,074
Total Investments — 169.4%
(Cost: $405,254,680)
412,921,523
Other Assets Less Liabilities — 1.4%
3,459,284
Liability for TOB Trust Certificates, Including Interest Expense and
Fees Payable — (38.8)%
(94,614,230
)
VMTP Shares at Liquidation Value, Net of Deferred Offering Costs —
(32.0)%
(78,000,000
)
Net Assets Applicable to Common Shares — 100.0%
$ 243,766,577
 
(a)
Variable rate security. Interest rate resets periodically. The rate shown is the effective
interest rate as of period end. Security description also includes the reference rate and
spread if published and available.
(b)
Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933,
as amended. These securities may be resold in transactions exempt from registration to
qualified institutional investors.
(c)
When-issued security.
(d)
U.S. Government securities held in escrow, are used to pay interest on this security as
well as to retire the bond in full at the date indicated, typically at a premium to par.
(e)
Zero-coupon bond.
(f)
Represent bonds transferred to a TOB Trust in exchange of cash and residual certificates
received by the Trust. These bonds serve as collateral in a secured borrowing.
(g)
All or a portion of the security is subject to a recourse agreement. The aggregate
maximum potential amount the Trust could ultimately be required to pay under the
agreements, which expire between October 1, 2032 to June 1, 2046, is $21,121,490.
(h)
Affiliate of the Trust.
(i)
Annualized 7-day yield as of period end.
Affiliates
Investments in issuers considered to be affiliate(s) of the Trust during the period ended October 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: 
Affiliated Issuer
Value at
07/31/25
Purchases
at Cost
Proceeds
from Sales
Net
Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
10/31/25
Shares
Held at
10/31/25
Income
Capital Gain
Distributions
from
Underlying
Funds
BlackRock Liquidity Funds, MuniCash, Institutional Shares
$ 5,043,078
$ 3,555,996
(a)
$ —
$ —
$ —
$ 8,599,074
8,598,214
$ 36,769
$ —
 
(a)
Represents net amount purchased (sold).
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows: 
• Level 1 – Unadjusted price quotations in active markets/exchanges that the Trust has the ability to access for identical assets or liabilities;
• Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and
• Level 3 – Inputs that are unobservable and significant to the  entire fair value measurement for the asset or liability (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments).
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy.  In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the
Schedule of Investments
7
Schedule of Investments (unaudited)(continued)
October 31, 2025
BlackRock MuniHoldings Quality Fund II, Inc. (MUE)
 
Fair Value Hierarchy as of Period End (continued)
pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Trust’s policy regarding valuation of financial instruments, refer to its most recent financial statements.
The following table summarizes the Trust’s financial instruments categorized in the fair value hierarchy.  The breakdown of the Trust’s financial instruments into major categories is disclosed in the Schedule of Investments above. 
 
Level 1
Level 2
Level 3
Total
Assets
Investments 
Long-Term Investments 
Municipal Bonds
$ —
$ 265,051,402
$ —
$ 265,051,402
Municipal Bonds Transferred to Tender Option Bond Trusts
—
139,271,047
—
139,271,047
Short-Term Securities 
Money Market Funds
8,599,074
—
—
8,599,074
 
$8,599,074
$404,322,449
$—
$412,921,523
The Trust may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial reporting purposes. As of period end, such assets and/or liabilities are categorized within the fair value hierarchy as follows: 
 
Level 1
Level 2
Level 3
Total
Liabilities
TOB Trust Certificates
$—
$(94,176,616
)
$—
$(94,176,616
)
VMTP Shares at Liquidation Value
—
(78,000,000
)
—
(78,000,000
)
 
$—
$(172,176,616
)
$—
$(172,176,616
)
 
Portfolio Abbreviation 
AGM
 Assured Guaranty Municipal Corp.
AMT
 Alternative Minimum Tax
ARB
 Airport Revenue Bonds
BAM-TCRS
 Build America Mutual Assurance Co. - Transferable
Custodial Receipts
CAB
 Capital Appreciation Bonds
FHLMC
 Federal Home Loan Mortgage Corp.
FNMA
 Federal National Mortgage Association
GNMA
 Government National Mortgage Association
GO
 General Obligation Bonds
GOL
 General Obligation Ltd.
M/F
 Multi-Family
PSF
 Permanent School Fund
RB
 Revenue Bonds
S/F
 Single-Family
SAB
 Special Assessment Bonds
SAW
 State Aid Withholding
ST
 Special Tax
8