MuniHoldings Fund II -- Converted by SEC Publisher, created by BCL Technologies Inc., for SEC Filing

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: Donald C. Burke, Chief Executive Officer, BlackRock
MuniHoldings Fund II, Inc., 800 Scudders Mill Road, Plainsboro, NJ, 08536. Mailing
address: P.O. Box 9011, Princeton, NJ, 08543-9011

Registrant’s telephone number, including area code: (800) 882-0052, Option 4

Date of fiscal year end: 07/31/2008

Date of reporting period: 02/01/2008 – 04/30/2008

Item 1 – Schedule of Investments

BlackRock MuniHoldings Fund II, Inc.             
Schedule of Investments as of April 30, 2008 (Unaudited)    (Percentages shown are based on Net Assets) 
 
State    Municipal Bonds        Par (000)    Value 
 
 
 
 
Alabama - 1.9%    Jefferson County, Alabama, Limited Obligation School Warrants, Series A,         
    5%, 1/01/24        $ 3,450   $  3,001,534 
 
 
 
 
Arizona - 7.9%    Arizona Health Facilities Authority Revenue Bonds             
    (Catholic Healthcare West), Series A, 6.625%, 7/01/20        1,000    1,095,560 
    Maricopa County, Arizona, IDA, Education Revenue Bonds             
    (Arizona Charter Schools Project 1), Series A, 6.50%, 7/01/12    1,365    1,249,930 
    Phoenix, Arizona, IDA, Airport Facility, Revenue Refunding Bonds         
    (America West Airlines Inc. Project), AMT, 6.30%, 4/01/23    2,060    1,801,326 
    Pima County, Arizona, IDA, Education Revenue Bonds             
    (Arizona Charter Schools Project), Series C, 6.75%, 7/01/31    980    990,702 
    Pinal County, Arizona, COP, 5%, 12/01/29        1,000    989,540 
    Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds,         
    5%, 12/01/32        2,535    2,301,729 
    Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds,         
    5%, 12/01/37        3,550    3,173,310 
    Show Low, Arizona, Improvement District Number 5,             
    Special Assessment Bonds, 6.375%, 1/01/15        880    889,099 
               
                12,491,196 
 
 
 
 
California - 22.7%    Benicia, California, Unified School District, GO, Refunding, Series A,         
    5.615%, 8/01/20 (a)(b)        2,000    1,076,480 
    California Health Facilities Financing Authority Revenue Bonds         
    (Sutter Health), Series A, 5.25%, 11/15/46        1,000    1,002,430 
    California Pollution Control Financing Authority, PCR, Refunding         
    (Pacific Gas & Electric), AMT, Series A, 5.35%, 12/01/16 (c)    5,130    5,320,323 
    California State, GO, Refunding, 5%, 6/01/32        2,900    2,906,177 
    California State Public Works Board, Lease Revenue Bonds         
    (Department of Corrections), Series C, 5.25%, 6/01/28        5,200    5,282,680 
    East Side Union High School District, California, Santa Clara County,         
    GO (Election of 2002), Series D, 5%, 8/01/20 (d)        1,000    1,050,150 
    Golden State Tobacco Securitization Corporation of California,         
    Tobacco Settlement Revenue Bonds, Series A-3, 7.875%, 6/01/13 (e)    870    1,044,548 
    Poway, California, Unified School District, Special Tax Bonds         
    (Community Facilities District Number 6), Series A, 6.125%, 9/01/33    1,750    1,761,865 
    Sacramento County, California, Airport System Revenue Bonds, AMT,         
    Senior Series B, 5.25%, 7/01/39 (f)        1,545    1,522,721 
    San Marino, California, Unified School District, GO, Series A,         
    5.50%, 7/01/17 (b)(c)        1,820    1,223,841 
 
 
 
 
         Portfolio Abbreviations             
 
 
 

To simplify the listings of BlackRock MuniHoldings Fund II, Inc.'s portfolio holdings in the Schedule of Investments, we have abbreviated the names of many of the securities according to the list below.

AMT    Alternative Minimum Tax (subject to)    HFA    Housing Finance Agency 
COP    Certificates of Participation    IDA    Industrial Development Authority 
EDA    Economic Development Authority    IDR    Industrial Development Revenue Bonds 
EDR    Economic Development Revenue Bonds    PCR    Pollution Control Revenue Bonds 
GO    General Obligation Bonds    VRDN    Variable Rate Demand Notes 
HDA    Housing Development Authority         

1

BlackRock MuniHoldings Fund II, Inc.             
Schedule of Investments as of April 30, 2008 (Unaudited)    (Percentages shown are based on Net Assets) 
 
State    Municipal Bonds        Par (000)    Value 
 
 
 
 
    San Marino, California, Unified School District, GO, Series A,         
    5.55%, 7/01/18 (b)(c)        $ 1,945    $ 1,234,569 
    San Marino, California, Unified School District, GO, Series A,         
    5.60%, 7/01/19 (b)(c)        2,070    1,237,405 
    Sequoia, California, Unified High School District, GO, Refunding,         
    Series B, 5.50%, 7/01/35 (f)        5,525    5,894,954 
    Tracy, California, Area Public Facilities Financing Agency, Special Tax         
    Refunding Bonds (Community Facilities District Number 87-1), Series H,         
    5.875%, 10/01/19 (c)        4,925    5,283,934 
               
                35,842,077 
 
 
 
 
Colorado - 5.1%    Colorado Health Facilities Authority Revenue Bonds (Catholic Health),         
    Series C-3, 5.10%, 10/01/41 (f)        1,880    1,884,380 
    Colorado Health Facilities Authority Revenue Bonds (Catholic Health),         
    Series C-7, 5%, 9/01/36 (f)        1,205    1,207,820 
    Colorado Health Facilities Authority, Revenue Refunding Bonds         
    (Poudre Valley Health Care), 5.20%, 3/01/31 (f)        365    371,030 
    Colorado Health Facilities Authority, Revenue Refunding Bonds         
    (Poudre Valley Health Care), Series B, 5.25%, 3/01/36 (f)        735    745,621 
    Colorado Health Facilities Authority, Revenue Refunding Bonds         
    (Poudre Valley Health Care), Series C, 5.25%, 3/01/40 (f)        1,300    1,317,004 
    Elk Valley, Colorado, Public Improvement Revenue Bonds             
    (Public Improvement Fee), Series A, 7.10%, 9/01/14        1,575    1,645,639 
    Plaza Metropolitan District Number 1, Colorado, Tax Allocation Revenue Bonds         
    (Public Improvement Fees), 8.125%, 12/01/25        860    863,750 
               
                8,035,244 
 
 
 
 
Connecticut -    Connecticut State Health and Educational Facilities Authority Revenue Bonds         
3.0%    (Yale University), Series T-1, 4.70%, 7/01/29        2,300    2,329,969 
    Connecticut State Health and Educational Facilities Authority Revenue Bonds         
    (Yale University), Series X-3, 4.85%, 7/01/37        2,370    2,404,910 
               
                4,734,879 
 
 
 
 
Florida - 8.8%    Ballantrae, Florida, Community Development District, Capital Improvement         
    Revenue Bonds, 6%, 5/01/35        1,600    1,572,704 
    Greater Orlando Aviation Authority, Florida, Airport Facilities Revenue Bonds         
    (JetBlue Airways Corp.), AMT, 6.50%, 11/15/36        1,515    1,251,284 
    Highlands County, Florida, Health Facilities Authority, Hospital Revenue         
    Refunding Bonds (Adventist Health System), Series G, 5.125%, 11/15/32    2,100    2,024,694 
    Hillsborough County, Florida, IDA, Hospital Revenue Bonds (H. Lee Moffitt         
    Cancer Center Project), Series A, 5.25%, 7/01/37        2,310    2,213,465 
    Miami-Dade County, Florida, Special Obligation Revenue Bonds, Sub-Series A,         
    5.24%, 10/01/37 (b)(c)        1,765    339,551 
    Midtown Miami Community Development District, Florida,         
    Special Assessment Revenue Bonds, Series A, 6.25%, 5/01/37    2,450    2,268,700 
    Orange County, Florida, Health Facilities Authority, Hospital Revenue Bonds         
    (Orlando Regional Healthcare), 6%, 12/01/12 (e)        2,400    2,696,424 
    Palm Coast Park Community Development District, Florida,         
    Special Assessment Revenue Bonds, 5.70%, 5/01/37        515    414,153 

2

BlackRock MuniHoldings Fund II, Inc.             
Schedule of Investments as of April 30, 2008 (Unaudited)    (Percentages shown are based on Net Assets) 
 
State    Municipal Bonds        Par (000)    Value 
 
 
 
 
    Preserve at Wilderness Lake Community Development District, Florida,         
    Capital Improvement Bonds, Series A, 5.90%, 5/01/34        $ 1,245    $ 1,120,313 
           
 
                13,901,288 
 
 
 
 
Georgia - 4.0%    Atlanta, Georgia, Tax Allocation Bonds (Atlantic Station Project),         
    7.90%, 12/01/11 (e)        1,250    1,477,625 
    Atlanta, Georgia, Tax Allocation Refunding Bonds (Atlantic Station Project), 5%,         
    12/01/23 (i)        1,000    1,019,030 
    Atlanta, Georgia, Tax Allocation Refunding Bonds (Atlantic Station Project),         
    4.75%, 12/01/24 (i)        2,000    1,977,300 
    Brunswick and Glynn County, Georgia, Development Authority, First         
    Mortgage Revenue Bonds (Coastal Community Retirement Corporation Project),         
    Series A, 7.25%, 1/01/35 (b)(j)(q)        1,535    1,028,450 
    Main Street Natural Gas, Inc., Georgia, Gas Project Revenue Bonds,         
    Series A, 6.375%, 7/15/38        865    865,476 
               
                6,367,881 
 
 
 
 
Idaho - 1.3%    Power County, Idaho, Industrial Development Corporation, Solid Waste Disposal         
    Revenue Bonds (FMC Corporation Project), AMT, 6.45%, 8/01/32    2,000    2,015,440 
 
 
 
Illinois - 2.7%    Chicago, Illinois, Special Assessment Bonds (Lake Shore East),         
    6.75%, 12/01/32        1,000    1,009,950 
    Illinois HDA, Homeowner Mortgage Revenue Bonds, AMT, Sub-Series C-2,         
    5.25%, 8/01/22        2,000    2,005,720 
    Illinois State Finance Authority Revenue Bonds (Landing At Plymouth Place         
    Project), Series A, 6%, 5/15/25        500    471,020 
    Illinois State Finance Authority Revenue Bonds (Monarch Landing, Inc. Project),         
    Series A, 7%, 12/01/37        720    706,723 
               
                4,193,413 
 
 
 
 
Louisiana - 4.0%    Louisiana Local Government Environmental Facilities and Community         
    Development Authority Revenue Bonds (Westlake Chemical Corporation),         
    6.75%, 11/01/32        2,500    2,450,175 
    Louisiana Public Facilities Authority, Hospital Revenue Bonds (Franciscan         
    Missionaries of Our Lady Health System, Inc.), Series A, 5.25%, 8/15/36    2,500    2,477,950 
    New Orleans, Louisiana, Financing Authority Revenue Bonds         
    (Xavier University of Louisiana Project), 5.30%, 6/01/26 (c)    1,275    1,295,502 
           
                6,223,627 
 
 
 
 
Maryland - 5.7%    Baltimore, Maryland, Convention Center Hotel Revenue Bonds, Senior Series A,         
    5.25%, 9/01/39 (d)        7,765    8,018,372 
    Maryland State Energy Financing Administration, Limited Obligation Revenue         
    Bonds (Cogeneration-AES Warrior Run), AMT, 7.40%, 9/01/19    1,050    1,010,152 
           
                9,028,524 
 
 
 
 
Massachusetts -    Massachusetts State Development Finance Agency Revenue Bonds         
4.6%    (Neville Communities Home), Series A, 5.75%, 6/20/22 (k)    600    653,052 
    Massachusetts State Development Finance Agency Revenue Bonds         
    (Neville Communities Home), Series A, 6%, 6/20/44 (k)        1,500    1,591,125 
    Massachusetts State, HFA, Housing Revenue Bonds, AMT, Series A,         
    5.25%, 12/01/48        2,100    1,966,713 

3

BlackRock MuniHoldings Fund II, Inc.             
Schedule of Investments as of April 30, 2008 (Unaudited)    (Percentages shown are based on Net Assets) 
 
State    Municipal Bonds        Par (000)    Value 
 
 
 
 
    Massachusetts State School Building Authority, Dedicated Sales Tax         
    Revenue Bonds, Series A, 5%, 8/15/30 (f)        $ 3,000    $ 3,067,830 
           
 
                7,278,720 
 
 
 
 
Michigan - 3.9%    Flint, Michigan, Hospital Building Authority, Revenue Refunding Bonds         
    (Hurley Medical Center), Series A, 6%, 7/01/20 (l)        1,100    1,067,583 
    Michigan State Strategic Fund, Limited Obligation Revenue Refunding         
    Bonds (Detroit Edison Company Pollution Control Project), AMT, Series C,         
    5.65%, 9/01/29 (d)        5,000    5,052,450 
               
                6,120,033 
 
 
 
 
Minnesota - 3.9%    Minneapolis, Minnesota, Community Development Agency,         
    Supported Development Revenue Refunding Bonds (Common Bond),         
    Series G-3, 5.35%, 12/01/11 (e)        1,680    1,815,022 
    Minnesota State Municipal Power Agency, Electric Revenue Bonds,         
    5.25%, 10/01/21        4,220    4,379,854 
               
                6,194,876 
 
 
 
 
Mississippi - 1.6%    Mississippi Business Finance Corporation, Mississippi, PCR,         
    Refunding (System Energy Resources Inc. Project), 5.875%, 4/01/22    2,000    1,983,760 
    Mississippi Business Finance Corporation, Mississippi, PCR,         
    Refunding (System Energy Resources Inc. Project), 5.90%, 5/01/22    500    494,840 
           
                2,478,600 
 
 
 
 
Missouri - 1.9%    Fenton, Missouri, Tax Increment Revenue Refunding and Improvement Bonds         
    (Gravois Bluffs), 7%, 10/01/11 (e)        950    1,084,169 
    Kansas City, Missouri, IDA, First Mortgage Health Facilities Revenue Bonds         
    (Bishop Spencer Place), Series A, 6.50%, 1/01/35        1,000    967,950 
    Missouri State Development Finance Board, Infrastructure Facilities Revenue         
    Refunding Bonds (Branson), Series A, 5.50%, 12/01/32        1,000    942,200 
               
                2,994,319 
 
 
 
 
New Jersey -    New Jersey EDA, Cigarette Tax Revenue Bonds, 5.75%, 6/15/29    4,050    3,957,741 
9.9%    New Jersey EDA, Cigarette Tax Revenue Bonds, 5.50%, 6/15/31    1,890    1,776,978 
    New Jersey EDA, Retirement Community Revenue Bonds             
    (Cedar Crest Village Inc. Facility), Series A, 7.25%, 11/15/11 (e)    1,000    1,153,150 
    New Jersey EDA, Retirement Community Revenue Bonds             
    (Seabrook Village Inc.), Series A, 8.125%, 11/15/10 (e)        2,000    2,287,440 
    New Jersey EDA, Special Facility Revenue Bonds             
    (Continental Airlines Inc. Project), AMT, 6.625%, 9/15/12        2,000    1,922,600 
    New Jersey State Turnpike Authority, Turnpike Revenue Bonds, Series C,         
    5%, 1/01/30 (f)        2,500    2,549,525 
    Tobacco Settlement Financing Corporation of New Jersey, Asset-Backed         
    Revenue Bonds, 7%, 6/01/13 (e)        1,725    2,026,375 
               
                15,673,809 
 
 
 
 
New York - 8.3%    Dutchess County, New York, IDA, Civic Facility Revenue Refunding Bonds         
    (Saint Francis Hospital), Series A, 7.50%, 3/01/29        900    954,738 
    New York City, New York, City IDA, Civic Facility Revenue Bonds, Series C,         
    6.80%, 6/01/28        415    431,442 
    New York City, New York, City IDA, Special Facility Revenue Bonds         
    (Continental Airlines Inc. Project), AMT, 8%, 11/01/12        525    523,441 

4

BlackRock MuniHoldings Fund II, Inc.             
Schedule of Investments as of April 30, 2008 (Unaudited)    (Percentages shown are based on Net Assets) 
 
State    Municipal Bonds        Par (000)    Value 
 
 
 
 
    New York City, New York, City IDA, Special Facility Revenue Bonds         
    (Continental Airlines Inc. Project), AMT, 8.375%, 11/01/16    $ 525    $ 528,791 
    New York City, New York, Sales Tax Asset Receivable Corporation Revenue         
    Bonds, Series A, 5%, 10/15/20 (c)        3,855    4,090,155 
    Tobacco Settlement Financing Corporation of New York Revenue Bonds,         
    Series A-1, 5.50%, 6/01/15        1,100    1,135,783 
    Tobacco Settlement Financing Corporation of New York Revenue Bonds,         
    Series A-1, 5.50%, 6/01/18        2,400    2,513,184 
    Tobacco Settlement Financing Corporation of New York Revenue Bonds,         
    Series C-1, 5.50%, 6/01/22        1,100    1,145,914 
    Westchester County, New York, IDA, Continuing Care Retirement, Mortgage         
    Revenue Bonds (Kendal on Hudson Project), Series A, 6.50%, 1/01/13 (e)    1,575    1,786,979 
           
                13,110,427 
 
 
 
 
North Carolina -    North Carolina Eastern Municipal Power Agency, Power System Revenue Bonds,         
1.3%    Series D, 6.75%, 1/01/26        2,000    2,096,600 
 
 
 
 
Ohio - 1.0%    Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement         
    Asset-Backed Bonds, Series A-2, 6.50%, 6/01/47        1,565    1,521,712 
 
 
 
 
Pennsylvania -    Pennsylvania Economic Development Financing Authority,             
3.9%    Exempt Facilities Revenue Bonds (National Gypsum Company),         
    AMT, Series A, 6.25%, 11/01/27        2,750    2,398,165 
    Philadelphia, Pennsylvania, Authority for IDR, Commercial Development,         
    7.75%, 12/01/17        540    540,545 
    Sayre, Pennsylvania, Health Care Facilities Authority, Revenue Bonds         
    (Guthrie Healthcare System), Series B, 7.125%, 12/01/11 (e)    2,630    3,179,065 
           
                6,117,775 
 
 
 
 
Rhode Island -    Rhode Island State Health and Educational Building Corporation, Hospital         
1.6%    Financing Revenue Bonds (Lifespan Obligation Group), 6.50%, 8/15/12 (e)    2,190    2,487,884 
 
 
 
South Carolina -    Medical University Hospital Authority, South Carolina, Hospital Facilities         
3.0%    Revenue Refunding Bonds, Series A, 6.375%, 8/15/12 (e)        2,080    2,361,486 
    South Carolina Jobs, EDA, EDR (Westminster Presbyterian Center),         
    7.75%, 11/15/10 (e)        2,000    2,289,980 
               
                4,651,466 
 
 
 
 
South Dakota -    South Dakota State Health and Educational Facilities Authority Revenue Bonds         
0.8%    (Sanford Health), 5%, 11/01/40        1,350    1,278,545 
 
 
 
 
Tennessee - 5.5%    Hardeman County, Tennessee, Correctional Facilities Corporation Revenue         
    Bonds, Series B, 7.375%, 8/01/17        2,200    2,156,044 
    Shelby County, Tennessee, Health, Educational and Housing Facility Board,         
    Hospital Revenue Refunding Bonds (Methodist Healthcare), 6.50%, 9/01/12 (e)    3,450    3,946,420 
    Shelby County, Tennessee, Health, Educational and Housing Facility Board,         
    Hospital Revenue Refunding Bonds (Saint Jude Children's Research Hospital),         
    5%, 7/01/31        2,500    2,518,175 
               
                8,620,639 
 
 
 
 
Texas - 7.3%    Bell County, Texas, Health Facilities Development Corporation,         
    Hospital Revenue Bonds (Scott & White Memorial Hospital), VRDN,         
    Series B-2, 2.70%, 8/15/29 (c)(h)        2,000    2,000,000 

5

BlackRock MuniHoldings Fund II, Inc.             
Schedule of Investments as of April 30, 2008 (Unaudited)    (Percentages shown are based on Net Assets) 
 
State    Municipal Bonds        Par (000)    Value 
 
 
 
 
    Brazos River, Texas, Harbor Navigation District, Brazoria County Environmental         
    Revenue Refunding Bonds (Dow Chemical Company Project), AMT, Series A-7,         
    6.625%, 5/15/33        $ 2,500     $2,562,675 
    Houston, Texas, Health Facilities Development Corporation,         
    Retirement Facility Revenue Bonds (Buckingham Senior Living Community),         
    Series A, 7.125%, 2/15/14 (e)        1,300    1,574,313 
    Matagorda, Texas, Hospital District Revenue Bonds, 5%, 2/15/35 (m)    3,265    3,129,927 
    SA Energy Acquisition Public Facilities Corporation, Texas, Gas Supply Revenue         
    Bonds, 5.50%, 8/01/23        1,130    1,131,051 
    SA Energy Acquisition Public Facilities Corporation, Texas, Gas Supply Revenue         
    Bonds, 5.50%, 8/01/24        1,035    1,031,605 
               
                11,429,571 
 
 
 
 
Vermont - 0.7%    Vermont Educational and Health Buildings Financing Agency, Revenue Bonds         
    (Developmental and Mental Health), Series A, 6.50%, 6/15/32    1,000    1,023,570 
 
 
 
Virginia - 12.7%    Chesterfield County, Virginia, IDA, PCR, Refunding (Virginia Electric and Power         
    Company), Series B, 5.875%, 6/01/17        575    611,167 
    Chesterfield County, Virginia, IDA, PCR (Virginia Electric and Power Company),         
    Series A, 5.875%, 6/01/17        425    450,253 
    Fairfax County, Virginia, EDA, Resource Recovery Revenue Refunding Bonds,         
    AMT, Series A, 6.10%, 2/01/11 (g)        5,000    5,267,300 
    Pocahontas Parkway Association, Virginia, Toll Road Revenue Bonds, Senior         
    Series B, 7.35%, 8/15/08 (b)(e)        18,400    5,192,480 
    Tobacco Settlement Financing Corporation of Virginia, Asset-Backed Revenue         
    Bonds, 5.625%, 6/01/15 (e)        2,185    2,443,857 
    Virginia State, HDA, Commonwealth Mortgage Revenue Bonds, Series H,         
    Sub-Series H-1, 5.35%, 7/01/31 (c)        1,725    1,740,456 
    Virginia State, HDA, Rental Housing Revenue Bonds, AMT, Series B,         
    5.625%, 8/01/11        1,095    1,136,654 
    Virginia State, HDA, Revenue Bonds, AMT, Series D, 6%, 4/01/24    3,200    3,247,360 
           
                20,089,527 
 
 
 
 
Washington -    Central Puget Sound Regional Transportation Authority, Washington,         
1.5%    Sales and Use Tax Revenue Bonds, Series A, 5%, 11/01/32 (f)    1,355    1,391,097 
    Seattle, Washington, Housing Authority Revenue Bonds (Replacement Housing         
    Project), 6.125%, 12/01/32        985    983,069 
               
                2,374,166 
 
 
 
 
Wisconsin - 0.8%    Wisconsin State Health and Educational Facilities Authority Revenue Bonds         
    (SynergyHealth Inc.), 6%, 11/15/32        1,360    1,329,237 
 
 
 
 
Puerto Rico -    Puerto Rico Commonwealth Highway and Transportation Authority,         
2.0%    Transportation Revenue Refunding Bonds, Series N, 5.25%, 7/01/36 (i)    1,945    2,076,151 
    Puerto Rico Industrial, Medical and Environmental Pollution Control Facilities         
    Financing Authority, Special Facilities Revenue Bonds (American Airlines Inc.),         
    Series A, 6.45%, 12/01/25        1,550    1,145,280 
               
                3,221,431 
 
 
 
 
U.S. Virgin    Virgin Islands Government Refinery Facilities, Revenue Refunding Bonds         
Islands - 1.7%    (Hovensa Coker Project), AMT, 6.50%, 7/01/21        2,680    2,748,903 
 
 
 
 
    Total Municipal Bonds (Cost - $225,045,304) - 145.0%            228,676,913 
 
 
 
 

6

BlackRock MuniHoldings Fund II, Inc.             
Schedule of Investments as of April 30, 2008 (Unaudited)    (Percentages shown are based on Net Assets) 
 
State    Municipal Bonds Transferred to Tender Option Bond Trusts (n)    Par (000)           Value 
 
 
 
California - 3.2%    San Jose, California, Airport Revenue Refunding Bonds, Series A,         
    5.50%, 3/01/32 (g)        $ 3,780    $ 3,808,615 
    Tustin, California, Unified School District, Senior Lien Special Tax Bonds         
    (Community Facilities District Number 97-1), 5%, 9/01/32 (f)    1,250    1,265,950 
           
                5,074,565 
 
 
 
 
New York - 2.1%    New York City, New York, Sales Tax Asset Receivable Corporation Revenue         
    Bonds, Series A, 5.25%, 10/15/27 (g)        3,205    3,338,624 
 
 
 
 
Texas - 5.9%    Harris County, Texas, Toll Road Revenue Refunding Bonds, Senior Lien,         
    Series A, 5.25%, 8/15/35 (f)        8,730    9,270,387 
 
 
 
 
Virginia - 5.0%    Virginia State, HDA, Commonwealth Mortgage Revenue Bonds, Series H,         
    Sub-Series H-1, 5.375%, 7/01/36 (b)        7,900    7,926,702 
 
 
 
 
    Total Municipal Bonds Transferred to Tender Option Bond Trusts         
    (Cost - $25,914,118) - 16.2%            25,610,278 
 
 
 
 
    Short-Term Securities        Shares     
 
 
 
 
    Merrill Lynch Institutional Tax-Exempt Fund, 2.49% (o)(p)        11,703    11,703 
 
 
 
 
    Total Short-Term Securities (Cost - $11,703) - 0.0%            11,703 
 
 
 
 
    Total Investments (Cost - $250,971,125*) - 161.2%            254,298,894 
    Other Assets Less Liabilities - 1.9%            2,971,835 
    Liability for Trust Certificates, Including Interest Expense Payable - (7.9%)        (12,496,909) 
    Preferred Stock, at Redemption Value - (55.2%)            (87,045,816) 
               
    Net Assets Applicable to Common Stock - 100.0%            $ 157,728,004 
               

*      The cost and unrealized appreciation (depreciation) of investments as of April 30, 2008, as computed for federal income tax purposes, were as follows:
 
Aggregate cost    $ 238,578,129 
   
Gross unrealized appreciation    $ 9,129,716 
Gross unrealized depreciation    (5,838,952) 
   
Net unrealized appreciation    $ 3,290,764 
   

(a)      FGIC Insured.
 
(b)      Represents a zero coupon bond; the interest rate shown reflects the effective yield at the time of purchase.
 
(c)      MBIA Insured.
 
(d)      XL Capital Insured.
 
(e)      U.S. government securities, held in escrow, are used to pay interest on this security, as well as, retire the bond in full at the date indicated, typically at a premium to par.
 
(f)      FSA Insured.
 
(g)      AMBAC Insured.
 
(h)      Variable rate security. Rate shown is as of report date. Maturity shown is the final maturity date.
 
(i)      Assured Guaranty Insured.
 
(j)      Non-income producing security; issuer filed for bankruptcy or is in default of interest payments.
 
(k)      GNMA Collateralized.
 
(l)      ACA Insured.
 
(m)      FHA Insured.
 
(n)      Securities represent underlying bonds transferred to a separate securitization trust established in a tender option bond transaction in which the Fund may have acquired the residual interest certificates. These securities serve as collateral in a financing transaction.
 

7

BlackRock MuniHoldings Fund II, Inc.

Schedule of Investments as of April 30, 2008 (Unaudited)

(o)      Investments in companies considered to be an affiliate of the Fund, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, were as follows:
 
Affiliate    Net Activity    Dividend Income 
 
 
Merrill Lynch Institutional Tax-Exempt Fund    (36)    $262 
 
 

(p)      Represents the current yield as of report date.
 
(q)      Security is illiquid.
 

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/ Donald C. Burke 
                       Donald C. Burke 
                       Chief Executive Officer of 
                       BlackRock MuniHoldings Fund II, Inc. 
 
     Date: June 23, 2008 
 
     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/ Donald C. Burke 
                       Donald C. Burke 
                       Chief Executive Officer (principal executive officer) of 
                       BlackRock MuniHoldings Fund II, Inc. 
 
     Date: June 23, 2008 
 
     By: /s/ Neal J. Andrews 
                       Neal J. Andrews 
                       Chief Financial Officer (principal financial officer) of 
                       BlackRock MuniHoldings Fund II, Inc. 
 
     Date: June 23, 2008