NPORT-EX 2 NPORT_8262622839925008.htm EX-MUC

Schedule of Investments  (unaudited) 

April 30, 2020

   

BlackRock MuniHoldings California Quality Fund, Inc. (MUC)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  

Municipal Bonds — 112.8%

 

California — 109.5%  
Corporate — 0.4%  

City of Chula Vista California, Refunding RB, San Diego Gas & Electric, Series A, 5.88%, 02/15/34

   $   2,435     $   2,442,402  
   

 

 

  
County/City/Special District/School District — 36.6%  

Bay Area Toll Authority, Refunding RB, San Francisco Bay Area Toll Bridge Subordinate, 4.00%, 04/01/42

     5,000       5,350,050  

California Municipal Finance Authority, RB, Orange County Civic Center Infrastructure Improvement Program Phase II, Series A, 5.00%, 06/01/43

     2,000       2,294,940  

Centinela Valley Union High School District, GO, Election of 2010, Series A, 5.75%, 08/01/21(a)

     9,120       9,694,104  

Chabot-Las Positas Community College District, GO, Election of 2016, Series A, 4.00%, 08/01/47

     1,500       1,637,310  

Chaffey Joint Union High School District, GO, CAB, Election of 2012, Series C(b):

    

0.00%, 08/01/32

     250       174,728  

0.00%, 08/01/33

     500       331,835  

0.00%, 08/01/34

     510       322,458  

0.00%, 08/01/35

     545       328,357  

0.00%, 08/01/36

     500       287,710  

0.00%, 08/01/37

     650       357,286  

0.00%, 08/01/38

     625       328,131  

0.00%, 08/01/39

     750       376,395  

0.00%, 08/01/40

     1,855       890,678  

0.00%, 08/01/41

     305       140,044  

0.00%, 02/01/42

     350       157,035  

Chino Valley Unified School District, GO, Series B, 5.00%, 08/01/55

     1,285       1,539,674  

City of Riverside California Electric Revenue, Refunding RB, Series A, 5.00%, 10/01/43

     3,500       4,175,745  

City of Sacramento Caliifornia Transient Occupancy Tax Revenue, RB, Convention Center Complex, Series A, 5.00%, 06/01/43

     1,230       1,377,784  

Coronado Community Development Agency Successor Agency, Refunding, Tax Allocation Bonds, Series A, 5.00%, 09/01/33

     2,055       2,399,315  

County of Los Angeles California Metropolitan Transportation Authority, Refunding RB, Green Bond, Series A, 5.00%, 07/01/44

     2,000       2,362,260  
Security  

Par

(000)

     Value  
County/City/Special District/School District (continued)  

County of Los Angeles California Public Works Financing Authority, Refunding RB, Series D, 5.00%, 12/01/45

   $ 1,430     $ 1,601,886  

County of San Joaquin California Transportation Authority, Refunding RB, Limited Tax, Measure K, Series A, 6.00%, 03/01/21(a)

     2,665       2,780,927  

County of San Luis Obispo Community College District, GO, Refunding Series B, 4.00%, 08/01/43

     3,555       3,899,017  

County of Santa Clara California, GO, Election of 2008, Series B, 4.00%, 08/01/43

     10,225       10,622,855  

Elk Grove Unified School District, GO, Election of 2016, 4.00%, 08/01/46

     10,000       10,768,400  

Fremont Union High School District, GO, Refunding, 4.00%, 08/01/40

     2,500       2,677,975  

Garden Grove Unified School District, GO, Election of 2010, Series C, 5.25%, 08/01/23(a)

     5,500       6,277,535  

Gavilan Joint Community College District, GO, Election of 2004, Series D(a):

    

5.50%, 08/01/21

     2,170       2,299,918  

5.75%, 08/01/21

     8,400       8,928,780  

Glendale Community College District, GO, Election of 2016, Series A, 4.00%, 08/01/46

     8,000       8,732,880  

Grossmont California Healthcare District, GO, Election of 2006, Series B, 6.13%, 07/15/21(a)

     2,000       2,126,380  

Hayward Unified School District, GO, Series A (BAM), 4.00%, 08/01/48

     2,000       2,156,300  

Kern Community College District, GO, Safety Repair & Improvements, Series C(a):

    

5.25%, 11/01/23

     5,715       6,551,219  

5.75%, 11/01/23

     12,085       14,060,172  

Los Alamitos Unified School District, GO, Refunding, School Facilities Improvement:

    

5.25%, 08/01/23(a)

     2,185       2,493,893  

5.25%, 08/01/39

     1,515       1,688,907  

Los Rios Community College District, GO, Election of 2008, Series A, 5.00%, 08/01/20(a)

     11,000       11,115,170  

Mount San Jacinto Community College District, GO, Series A, 5.00%, 08/01/35

     3,565       4,197,181  
 

 

 

1

Schedule of Investments  (unaudited) (continued)

April 30, 2020

   

BlackRock MuniHoldings California Quality Fund, Inc. (MUC)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  
County/City/Special District/School District (continued)  

Natomas Unified School District, GO, Election of 2014 (BAM), 4.00%, 08/01/42

   $ 5,000     $ 5,364,350  

Oxnard Union High School District, GO, Refunding, Election of 2004, Series A (AGM), 5.00%, 08/01/20(a)

     10,000       10,104,700  

Rio Elementary School District, GO, Series A (AGM), 5.25%, 08/01/40

     5,865       6,445,518  

Riverside County Public Financing Authority, Tax Allocation Bonds, Series A (BAM), 4.00%, 10/01/40

     4,045       4,313,831  

San Benito High School District, GO, Election of 2016, 4.00%, 08/01/48

     5,000       5,474,350  

San Diego California Unified School District, GO:

    

CAB, Election of 2008, Series K-2, 0.00%, 07/01/38(b)

     2,755       1,472,768  

CAB, Election of 2008, Series K-2, 0.00%, 07/01/39(b)

     3,340       1,709,913  

CAB, Election of 2008, Series K-2, 0.00%, 07/01/40(b)

     4,285       2,102,649  

Series B, 3.25%, 07/01/48

     6,000       6,147,180  

San Jose Financing Authority, LRB, Convention Center Expansion & Renovation Project, Series A, 5.75%, 05/01/42

     4,500       4,676,175  

San Jose Financing Authority, Refunding LRB, Civic Center Project, Series A, 5.00%, 06/01/39

     5,800       6,313,242  

San Marcos Redevelopment Agency Successor Agency, Refunding, Tax Allocation Bonds, Series A:

    

5.00%, 10/01/32

     1,700       1,904,408  

5.00%, 10/01/33

     1,125       1,259,438  

Santa Clarita Community College District, GO, Refunding, 4.00%, 08/01/46

     10,000       10,750,100  

Washington Township Health Care District, GO, Election of 2004, Series B, 5.50%, 08/01/38

     1,625       1,873,544  

West Contra Costa California Unified School District, GO:

    

Election of 2010, Series A (AGM), 5.25%, 08/01/21(a)

     5,390       5,696,044  

Election of 2010, Series B, 5.50%, 08/01/39

     3,195       3,597,921  

Election of 2012, Series A, 5.50%, 08/01/39

     2,500       2,815,275  
   

 

 

  
      219,526,640  
Security  

Par

(000)

     Value  
Education — 10.7%  

California Educational Facilities Authority, RB, Stanford University, Series V-1, 5.00%, 05/01/49

   $ 5,800     $ 9,142,424  

California Municipal Finance Authority, RB:

    

Emerson College, 6.00%, 01/01/22(a)

     2,750       2,985,070  

John Adams Academy, Series A, 5.00%, 10/01/39(c)

     285       263,360  

John Adams Academy, Series A, 5.00%, 10/01/49(c)

     480       421,445  

John Adams Academy, Series A, 5.00%, 10/01/57(c)

     940       803,954  

Urban Discovery Academy Project, Series A, 5.50%, 08/01/34(c)

     250       223,223  

California Municipal Finance Authority, Refunding RB:

    

Emerson College, Series B, 5.00%, 01/01/42

     1,750       1,904,018  

Master’s University, 5.00%, 08/01/39

     1,105       1,054,435  

California School Finance Authority, RB(c):

    

Arts in Action Charter Schools, 5.00%, 06/01/40

     355       334,651  

Arts in Action Charter Schools, 5.00%, 06/01/50

     555       505,072  

Arts in Action Charter Schools, 5.00%, 06/01/59

     885       786,420  

Kipp Socal Projects, Series A, 5.00%, 07/01/49

     850       861,356  

Real Journey Academies, Series A, 5.00%, 06/01/58

     2,765       2,210,700  

Teach Public Schools, Series A, 5.00%, 06/01/58

     1,370       1,250,563  

California Statewide Communities Development Authority, Refunding RB, CHF-Irvine LLC, 5.00%, 05/15/40

     750       795,540  

Santa Clara Unified School District, GO, Election of 2018, 4.00%, 07/01/48

     10,000       10,795,200  

University of California, RB, Limited Project, Series M, 5.00%, 05/15/47

     15,000       17,331,150  
 

 

 

2

Schedule of Investments  (unaudited) (continued)

April 30, 2020

   

BlackRock MuniHoldings California Quality Fund, Inc. (MUC)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  
Education (continued)  

University of California, Refunding RB:

    

Series AO, 5.00%, 05/15/40

   $ 5,430     $ 6,165,928  

Series AZ, 4.00%, 05/15/48

     6,000       6,576,900  
   

 

 

  
      64,411,409  
Health — 14.6%  

California Health Facilities Financing Authority, RB, Series A:

    

Children’s Hospital, 5.25%, 11/01/41

     8,000       8,426,160  

Lucile Slater Packard Children’s Hospital at Stanford, 4.00%, 11/15/47

     825       861,515  

Sutter Health, 5.00%, 11/15/35

     1,960       2,252,510  

Sutter Health, 4.00%, 11/15/42

     450       465,386  

California Health Facilities Financing Authority, Refunding RB:

    

Providence Health & Service, 5.00%, 10/01/24(a)

     4,745       5,561,425  

Providence Health & Service, 5.00%, 10/01/38

     6,225       6,853,787  

St. Joseph Health System, Series A, 5.00%, 07/01/37

     10,000       10,736,900  

Sutter Health, Series B, 5.00%, 11/15/46

     8,295       9,063,034  

California Municipal Finance Authority, Refunding RB, Series A:

    

Community Medical Centers, 5.00%, 02/01/37

     3,110       3,506,774  

Community Medical Centers, 5.00%, 02/01/42

     5,250       5,849,760  

5.00%, 11/01/39(c)

     250       226,790  

5.00%, 11/01/49(c)

     280       240,464  

California Statewide Communities Development Authority, RB:

    

Green Bond, Marin General Hospital, 4.00%, 08/01/45

     2,500       2,618,950  

Huntington Memorial Hospital Project, 4.00%, 07/01/48

     2,220       2,287,444  

California Statewide Communities Development Authority, Refunding RB:

    

Front Porch Communities and Services, 4.00%, 04/01/42

     3,005       3,029,220  

Front Porch Communities and Services, 4.00%, 04/01/47

     2,655       2,639,681  

Front Porch Communities and Services, 5.00%, 04/01/47

     2,995       3,194,048  

John Muir Health, Series A, 5.00%, 08/15/51

     1,635       1,824,954  
Security  

Par

(000)

     Value  
Health (continued)  

John Muir Health, Series A, 5.00%, 12/01/53

   $ 1,000     $ 1,132,360  

John Muir Health, Series A, 4.00%, 12/01/57

     3,250       3,320,395  

John Muir Health, Series A, 5.00%, 12/01/57

     1,750       1,978,777  

Trinity Health Credit Group Composite Issue, 5.00%, 12/01/21(a)

     6,235       6,658,356  

University of California Regents Medical Center Pooled Revenue, Refunding RB, Series L, 5.00%, 05/15/47

     4,000       4,482,240  
   

 

 

  
      87,210,930  
Housing — 3.8%  

California Community Housing Agency, RB, M/F Housing(c):

    

Annadel Apartments, Series A, 5.00%, 04/01/49

     2,090       1,976,429  

Verdant at Green Valley Project, 5.00%, 08/01/49

     2,145       2,034,575  

California Housing Finance, RB, M/F Housing:

    

Series 2-A, 4.00%, 03/20/33

     4,110       3,950,071  

Series A, 4.25%, 01/15/35(d)

     951       914,855  

California Statewide Communities Development Authority, Special Assessment Bonds, Statewide Community Infrastructure Program:

    

M/F Housing, Series C, 5.00%, 09/02/49

     640       693,242  

S/F Housing, 5.00%, 09/02/39

     535       592,732  

S/F Housing, 5.00%, 09/02/44

     615       665,916  

S/F Housing, 5.00%, 09/02/49

     900       974,871  

S/F Housing, Series C, 5.00%, 09/02/44

     130       140,763  

Freddie Mac Multifamily Maryland Certificates, RB, M/F Housing, Pass-Through, Class A, 3.35%, 11/25/33

     9,809       10,735,417  
   

 

 

  
      22,678,871  
State — 2.4%  

State of California, GO, Refunding:

    

5.00%, 08/01/45

     5,690       6,354,876  

Veterans Bond, 4.00%, 12/01/40

     4,000       4,224,120  
 

 

 

3

Schedule of Investments  (unaudited) (continued)

April 30, 2020

   

BlackRock MuniHoldings California Quality Fund, Inc. (MUC)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  
State (continued)  

State of California Public Works Board, RB:

    

California State Prisons, Series C, 5.75%, 10/01/31

   $ 1,205     $ 1,277,674  

Various Capital Projects, Series I, 5.50%, 11/01/33

     2,015       2,284,990  
   

 

 

  
      14,141,660  
Tobacco — 7.3%  

County of California Tobacco Securitization Agency, RB, Asset Backed, Series A, 5.45%, 06/01/28

     1,370       1,369,986  

Golden State Tobacco Securitization Corp., Refunding RB:

    

Asset-Backed, Series A (AGM), 5.00%, 06/01/40

     9,765       10,909,360  

Series A-1, 5.00%, 06/01/31

     7,560       8,720,082  

Series A-1, 3.50%, 06/01/36

     11,550       11,285,274  

Series A-1, 5.00%, 06/01/47

     7,200       6,990,264  

Tobacco Securitization Authority of Northern California, Refunding RB, Asset-Backed Bonds, Series A-1, 5.50%, 06/01/45

     1,435       1,414,049  

Tobacco Securitization Authority of Southern California, Refunding RB, Tobacco Asset Securitization Corporation:

    

San Diego Country, 0.00%, 06/01/54(b)

     13,750       2,050,263  

5.00%, 06/01/48

     1,155       1,164,483  
   

 

 

  
      43,903,761  
Transportation — 16.8%  

Alameda Corridor Transportation Authority, Refunding RB, 2nd Subordinate Lien, Series B, 5.00%, 10/01/35

     1,500       1,639,530  

California Municipal Finance Authority, ARB, Senior Lien, Linxs APM Project, AMT, 4.00%, 12/31/47

     13,915       13,308,863  

California Municipal Finance Authority, Refunding ARB, United Airlines, Inc. Project, AMT, 4.00%, 07/15/29

     2,500       2,405,800  

City & County of San Francisco California Airports Commission, Refunding ARB, AMT, Series A:

    

2nd, 5.00%, 05/01/29

     6,435       6,801,345  

5.00%, 05/01/44

     5,000       5,606,050  

San Francisco International Airport, 5.00%, 05/01/41

     5,000       5,453,800  
Security  

Par

(000)

     Value  
Transportation (continued)  

City of Los Angeles California Department of Airports, ARB, AMT:

    

Senior Series A, 5.00%, 05/15/40

   $ 3,830     $ 4,230,656  

Series D, 5.00%, 05/15/35

     2,000       2,226,820  

Series D, 5.00%, 05/15/36

     1,500       1,667,520  

Sub-Series A, 5.00%, 05/15/47

     6,725       7,331,998  

City of Los Angeles California Department of Airports, Refunding ARB, Los Angeles International Airport, 5.00%, 05/15/43

     7,000       8,119,440  

City of San Jose California, Refunding ARB, Norman Y Mineta San Jose International Airport SJC, AMT:

    

Series A, 5.00%, 03/01/41

     3,075       3,437,788  

Series A, 5.00%, 03/01/47

     11,770       13,051,871  

Series A-1, 5.25%, 03/01/23

     3,785       3,890,753  

Series A-1, 6.25%, 03/01/34

     1,400       1,446,074  

County of Sacramento California Airport System Revenue, Refunding ARB:

    

Airport System Subordinate Revenue, Sub-Series B, 5.00%, 07/01/41

     1,250       1,349,863  

Senior Series A, 5.00%, 07/01/41

     2,500       2,801,775  

County of San Bernardino California Transportation Authority, RB, Limited Tax Bonds, Series A, 5.25%, 03/01/40

     4,545       5,135,077  

County of San Diego Regional Airport Authority, Refunding ARB, Subordinate, Series A, 5.00%, 07/01/42

     4,275       4,685,699  

Port of Los Angeles Harbor Department, Refunding RB, Series A, AMT, 5.00%, 08/01/44

     500       543,605  

San Francisco City & County Airport Comm-San Francisco International Airport, Refunding ARB, AMT, Series A, 5.00%, 05/01/47

     5,000       5,469,300  
   

 

 

  
      100,603,627  
Utilities — 16.9%  

Anaheim Public Financing Authority, RB, Electric System Distribution Facilities, Series A, 5.38%, 04/01/21(a)

     2,200       2,294,050  

City & County of San Francisco Public Utilities Commission Wastewater Revenue, Refunding RB, Sewer System, Series B, 4.00%, 10/01/42

     3,000       3,097,470  
 

 

 

4

Schedule of Investments  (unaudited) (continued)

April 30, 2020

   

BlackRock MuniHoldings California Quality Fund, Inc. (MUC)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  
Utilities (continued)  

City of Los Angeles California Department of Water & Power, RB, Power System, Series A, 5.00%, 07/01/42

   $ 8,825     $ 10,267,182  

City of San Francisco California Public Utilities Commission Water Revenue, RB, Series A, 5.00%, 11/01/39

     5,245       5,953,442  

City of San Mateo Foster Public Financing Authority, RB, Clean Water Program, 4.00%, 08/01/44

     5,000       5,515,600  

County of Los Angeles Facilities Inc., RB, Vermont Corridor County Administration Building, Series A, 5.00%, 12/01/51

     18,270       21,216,768  

Dublin-San Ramon Services District Water Revenue, Refunding RB, 6.00%, 02/01/21(a)

     4,000       4,158,120  

East Bay California Municipal Utility District Water System Revenue, RB, Green Bond, Series A, 4.00%, 06/01/45

     4,585       4,992,377  

East Bay Municipal Utility District Water System Revenue, RB, Green Bond, Series A, 5.00%, 06/01/49

     11,190       13,278,614  

El Dorado Irrigation District, Refunding RB, Series A (AGM), 5.25%, 03/01/39

     10,000       11,379,700  

San Diego Public Facilities Financing Authority, Refunding RB, Subordinate, Series A, 5.00%, 08/01/43

     9,655       11,245,468  

San Juan Water District, Refunding RB, San Juan & Citrus Heights, 5.25%, 02/01/33

     7,325       7,852,400  
   

 

 

  
      101,251,191  
   

 

 

  

Total Municipal Bonds in California

 

     656,170,491  
 

 

 

  

Puerto Rico — 3.3%

 

State — 3.3%  

Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, Restructured:

    

CAB, Series A-1, 0.00%, 07/01/46(b)

     655       150,624  

Series A-1, 4.75%, 07/01/53

     7,230       6,513,001  

Series A-1, 5.00%, 07/01/58

     10,439       9,750,235  

Series A-2, 4.33%, 07/01/40

     1,481       1,322,681  

Series A-2, 4.78%, 07/01/58

     553       497,805  

Series B-1, 4.75%, 07/01/53

     848       764,285  

Series B-2, 4.78%, 07/01/58

     822       732,797  
   

 

 

  

Total Municipal Bonds in Puerto Rico

 

     19,731,428  
   

 

 

  

Total Municipal Bonds — 112.8%
(Cost — $648,695,709)

 

     675,901,919  
   

 

 

  
Security  

Par

(000)

     Value  

Municipal Bonds Transferred to Tender Option Bond Trusts(e) — 53.7%

 

California — 53.7%  
County/City/Special District/School District — 24.8%  

County of Riverside California Public Financing Authority, RB, Capital Facilities Project, 5.25%, 11/01/45

   $   10,000     $ 11,241,898  

County of San Luis California Obispo Community College District, GO, Refunding, Election of 2014, Series A, 4.00%, 08/01/40

     6,585       7,123,915  

County of San Mateo California Community College District, GO, Election of 2014, Series A, 5.00%, 09/01/45

     17,615       20,017,675  

Foothill-De Anza Community College District, GO, Series C, 5.00%, 08/01/21(a)

     40,000       42,147,600  

Palomar Community College District, GO, Election of 2006, Series C, 5.00%, 08/01/44

     15,140       17,396,920  

Sacramento Area Flood Control Agency, Refunding, Consolidated Capital Assessment District No. 2, Series A, 5.00%, 10/01/43

     9,990       11,629,959  

Southwestern Community College District, GO, Election of 2008, Series D, 5.00%, 08/01/44

     10,820       12,332,095  

Visalia Unified School District, COP, (AGM), 4.00%, 05/01/48

     8,493       8,565,949  

West Valley-Mission Community College District, GO, Election of 2012, Series B, 4.00%, 08/01/40

     17,000       18,463,020  
   

 

 

  
      148,919,031  
Education — 4.0%  

State of California University, Refunding RB, Series A, 5.00%, 11/01/43

     6,001       6,874,560  

University of California, RB, Series AM, 5.25%, 05/15/44

     10,210       11,491,661  

University of California, Refunding RB, Series AF, 5.00%, 05/15/39

     5,000       5,509,000  
   

 

 

  
      23,875,221  
 

 

 

5

Schedule of Investments  (unaudited) (continued)

April 30, 2020

   

BlackRock MuniHoldings California Quality Fund, Inc. (MUC)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  
Health — 16.4%  

California Health Facilities Financing Authority, RB:

    

City of Hope Obligated Group, 5.00%, 11/15/49(f)

   $ 5,000     $ 5,540,050  

Lucile Salter Packard Children’s Hospital at Stanford, 5.00%, 11/15/56

     6,000       6,706,620  

Sutter Health, Series A, 5.00%, 08/15/52

     14,520       15,465,833  

California Health Facilities Financing Authority, Refunding RB:

    

Lucile Salter Packard Children’s Hospital, Series B, 5.00%, 08/15/55

     4,500       4,955,355  

Kaiser Permanent, Sub-Series A-2, 4.00%, 11/01/44

     17,720       19,116,336  

Providence St. Joseph Health, Series A, 4.00%, 10/01/47

     4,997       5,205,704  

Sutter Health, Series A, 5.00%, 08/15/43

     19,425       21,109,725  

California Statewide Communities Development Authority, RB, Kaiser Permanente, Series A, 5.00%, 04/01/42

     19,070       20,091,389  
   

 

 

  
      98,191,012  
Transportation — 5.9%  

Bay Area Toll Authority, Refunding RB, San Francisco Bay Area Toll Bridge, 4.00%, 04/01/49(f)

     10,005       10,448,822  
Security  

Par

(000)

     Value  
Transportation (continued)  

City of Los Angeles California Department of Airports, ARB, Series D, AMT,
5.00%, 05/15/41

   $ 13,331     $ 14,663,146  

City of Los Angeles California Department of Airports, RB, AMT:

    

Los Angeles International Airport, Series B, 5.00%, 05/15/41

     3,645       3,910,676  

Senior Revenue, Series A,
5.00%, 05/15/40

     5,500       6,075,355  
   

 

 

  
      35,097,999  
Utilities — 2.6%  

City of Los Angeles California Wastewater System Revenue, RB, Green Bonds, Series A, 5.00%, 06/01/44

     13,790       15,666,405  
   

 

 

  

Total Municipal Bonds Transferred to Tender Option Bond Trusts — 53.7%
(Cost — $310,298,741)

 

     321,749,668  
 

 

 

  

Total Long-Term Investments — 166.5%
(Cost — $958,994,450)

 

     997,651,587  
   

 

 

  
     Shares         
Short-Term Securities — 0.8%  

BlackRock Liquidity Funds California Money Fund, Institutional Class, 0.02%(g)(h)

     4,699,276       4,699,276  
   

 

 

  

Total Short-Term Securities — 0.8%
(Cost — $4,698,806)

 

     4,699,276  
   

 

 

  

Total Investments — 167.3%
(Cost — $963,693,256)

 

     1,002,350,863  

Other Assets Less Liabilities — 1.7%

 

     10,104,454  

Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (26.6)%

 

     (159,214,748 ) 

VMTP Shares, at Liquidation Value — (42.4)%

 

     (254,000,000 ) 
   

 

 

  

Net Assets Applicable to Common Shares — 100.0%

 

   $ 599,240,569  
   

 

 

  
 

 

(a) 

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.

(b) 

Zero-coupon bond.

(c) 

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.

(d) 

Variable or floating rate security, which interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of period end.

(e) 

Represent bonds transferred to a TOB Trust in exchange of cash and residual certificates received by the Fund. These bonds serve as collateral in a secured borrowing.

(f) 

All or a portion of the security is subject to a recourse agreement. The aggregate maximum potential amount the Fund could ultimately be required to pay under the agreements, which expire between April 1, 2025 to May 15, 2025 is $10,754,131.

 

 

6

Schedule of Investments  (unaudited) (continued)

April 30, 2020

   

BlackRock MuniHoldings California Quality Fund, Inc. (MUC)

    

 

(g) 

Annualized 7-day yield as of period end.

(h) 

Investments in issuers considered to be an affiliate/affiliates of the Fund during the period ended April 30, 2020 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliated Issuer   

Shares

Held at

07/31/19

     

Shares

Purchased

     

Shares

Sold

     

Shares

Held at

04/30/20

     

Value at

04/30/20

      Income     

Net 

Realized 

Gain (Loss) (a)

     

Change in

Unrealized

Appreciation

(Depreciation)

  

BlackRock Liquidity Funds California Money Fund, Institutional Class

      —        4,699,276 (b)       —        4,699,276      $   4,699,276      $   42,239      $ 1,579      $ 470  
              

 

 

     

 

 

     

 

 

     

 

 

  

 

  (a) 

Includes net capital gain distributions, if applicable.

 
  (b) 

Represents net shares purchased (sold).

 

For Fund compliance purposes, the Fund’s sector classifications refer to one or more of the sector sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such sector sub-classifications for reporting ease.

 

Portfolio Abbreviations
AGM    Assured Guaranty Municipal Corp.
AMT    Alternative Minimum Tax (subject to)
ARB    Airport Revenue Bonds
BAM    Build America Mutual Assurance Co.
CAB    Capital Appreciation Bonds
COP    Certificates of Participation
GO    General Obligation Bonds
LRB    Lease Revenue Bonds
M/F    Multi-Family
RB    Revenue Bonds
S/F    Single-Family

 

 

7

Schedule of Investments  (unaudited) (continued)

April 30, 2020

   

BlackRock MuniHoldings California Quality Fund, Inc. (MUC)

    

 

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of investments. 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 for identical assets or liabilities that the Fund has the ability to access

 

  •  

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 BlackRock Global Valuation Methodologies Committee’s (the “Global Valuation Committee’s”) assumptions used in determining the fair value of investments)

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 Global Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are a limited number of investors. The categorization of a value determined for investments is based on the pricing transparency of the investments 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, refer to the Fund’s most recent financial statements as contained in its semi-annual report.

The following tables summarize the Fund’s investments categorized in the disclosure hierarchy:

 

                                                                                                       
      Level 1        Level 2        Level 3        Total  

Assets:

 

Investments:

 

Long-Term Investments(a)

    $ —        $ 997,651,587        $ —        $ 997,651,587  

Short-Term Securities

     4,699,276          —          —          4,699,276  
  

 

 

       

 

 

       

 

 

       

 

 

  
   $ 4,699,276        $ 997,651,587        $ —        $ 1,002,350,863  
  

 

 

       

 

 

       

 

 

       

 

 

  

 

  (a) 

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

 

The Fund 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 disclosure hierarchy as follows:

 

                                                                                                       
      Level 1        Level 2        Level 3        Total  

Liabilities:

 

TOB Trust Certificates

   $ —        $ (158,512,208 )       $ —        $ (158,512,208 ) 

VMTP Shares at Liquidation Value

     —          (254,000,000 )         —          (254,000,000 ) 
  

 

 

       

 

 

       

 

 

       

 

 

  
   $ —        $ (412,512,208 )       $ —        $ (412,512,208 ) 
  

 

 

       

 

 

       

 

 

       

 

 

  

 

 

8