NPORT-EX 2 NPORT_LCQB_7495459996.htm BlackRock MuniHoldings California Quality Fund

Schedule of Investments (unaudited)

April 30, 2021

   

 

BlackRock MuniHoldings California Quality Fund, Inc. (MUC)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  

 

  

Municipal Bonds

    
California — 103.0%            
Corporate — 0.3%            

California Municipal Finance Authority, RB, Series A, AMT, 4.00%, 07/15/29

   $ 1,920     $ 2,199,993  
   

 

 

  
County/City/Special District/School District — 38.4%  

California Municipal Finance Authority, RB, 5.00%, 06/01/43

     2,000       2,470,100  

California Statewide Communities Development Authority, SAB

    

Series B, 4.00%, 09/02/40

     605       661,924  

Series B, 4.00%, 09/02/50

     735       795,292  

Series C, 4.00%, 09/02/40

     2,160       2,371,896  

Series C, 4.00%, 09/02/50

     1,550       1,675,348  

California Statewide Communities Development Authority, SAB, S/F Housing

    

5.00%, 09/02/39

     535       631,311  

5.00%, 09/02/40

     400       485,108  

5.00%, 09/02/44

     615       706,358  

5.00%, 09/02/49

     900       1,022,301  

4.00%, 09/02/50

     320       357,133  

5.00%, 09/02/50

     320       383,203  

Series C, 5.00%, 09/02/44

     130       149,312  

Series C, 5.00%, 09/02/49

     640       726,970  

California Statewide Communities Development Authority, ST

    

4.00%, 09/01/41

     295       326,432  

4.00%, 09/01/51

     565       619,816  

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

     9,120           9,244,032  

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

     1,500       1,686,750  

Chaffey Joint Union High School District, GO, CAB(b)

    

Series C, 0.00%, 08/01/32

     250       186,688  

Series C, 0.00%, 08/01/33

     500       356,205  

Series C, 0.00%, 08/01/34

     510       346,907  

Series C, 0.00%, 08/01/35

     545       354,032  

Series C, 0.00%, 08/01/36

     500       309,970  

Series C, 0.00%, 08/01/37

     650       384,475  

Series C, 0.00%, 08/01/38

     625       352,963  

Series C, 0.00%, 08/01/39

     750       404,100  

Series C, 0.00%, 08/01/40

     1,855       953,989  

Series C, 0.00%, 08/01/41

     305       149,706  

Series C, 0.00%, 02/01/42

     350       167,661  

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

     1,285       1,635,047  

City of Dixon California, ST, 4.00%, 09/01/45

     535       584,819  

City of Roseville California, ST, 4.00%, 09/01/50

     365       397,047  

City of Sacramento California Transient Occupancy Tax Revenue, RB, Series A, 5.00%, 06/01/43

     1,230       1,441,708  

Coronado Community Development Agency Successor Agency, Refunding TA, Series A, 5.00%, 09/01/33

     1,945       2,252,680  

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

     10,225       10,657,722  

El Dorado Irrigation District, Refunding RB, Series A, (AGM), 5.25%, 03/01/24(a)

         10,000       11,427,400  

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

     10,000       11,187,200  
Security  

Par

(000)

     Value  

 

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

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

   $ 2,500     $ 2,772,450  

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

     5,500       6,126,725  

Gavilan Joint Community College District,
GO(a)

    

Series D, 5.50%, 08/01/21

     2,170       2,198,188  

Series D, 5.75%, 08/01/21

     8,400       8,514,240  

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

     8,000       9,038,320  

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

     2,000       2,023,700  

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

     2,000       2,266,040  

Kern Community College District, GO(a)

    

Series C, 5.25%, 11/01/23

     5,715       6,431,261  

Series C, 5.75%, 11/01/23

         12,085           13,749,709  

Los Alamitos Unified School District, Refunding GO, 5.25%, 08/01/23

     3,700       4,121,615  

Los Angeles County Facilities, Inc., RB, Series A, 5.00%, 12/01/51

     18,270       22,275,515  

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

     2,000       2,521,240  

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

     1,430       1,673,457  

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

     3,565       4,237,181  

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

     5,000       5,593,950  

Orange County Community Facilities District, ST

    

4.00%, 08/15/40

     345       380,362  

4.00%, 08/15/50

     320       353,027  

Rio Elementary School District, GO, Series A, (AGM), 5.25%, 08/15/25(a)

     5,865       7,073,835  

Riverside County Public Financing Authority, Refunding TA, Series A, (BAM), 4.00%, 10/01/40

     4,045       4,635,449  

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

     5,000       5,662,600  

San Bernardino County Transportation Authority, RB, Series A, 5.25%, 03/01/40

     4,545       5,152,485  

San Diego Unified School District, GO, Series B, 3.25%, 07/01/48

     6,000       6,503,280  

San Diego Unified School District, GO, CAB(b)

    

Series K-2, 0.00%, 07/01/38

     2,755       1,597,046  

Series K-2, 0.00%, 07/01/39

     3,340       1,849,525  

Series K-2, 0.00%, 07/01/40

     4,285       2,268,136  

San Jose Financing Authority, RB, 5.75%, 05/01/42

     4,500       4,518,360  

San Jose Financing Authority, Refunding RB, Series A, 5.00%, 06/01/23(a)

     5,800       6,380,000  

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

     3,555       4,085,548  

San Marcos Redevelopment Agency Successor Agency, Refunding TA

    

Series A, 5.00%, 10/01/32

     1,700       2,021,691  

Series A, 5.00%, 10/01/33

     1,125       1,336,691  

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

     10,000       11,341,400  

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

     10,000       11,077,200  

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

     1,625       1,843,741  
 

 

 

1  

    

Schedule of Investments (unaudited) (continued)

April 30, 2021

   

 

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)  

West Contra Costa Unified School District, GO

    

Series A, (AGM), 5.25%, 08/01/21(a)

   $ 5,390     $ 5,456,782  

Series A, 5.50%, 08/01/39

     2,500       2,776,575  

Series B, 5.50%, 08/01/39

     3,195       3,548,463  
   

 

 

  
          251,269,392  
Education — 10.1%            

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

     5,800       9,023,176  

California Enterprise Development Authority RB, Series A, 5.00%, 08/01/57

     600       696,456  

California Enterprise Development Authority, RB, Series A, 5.00%, 08/01/50

     650       760,175  

California Municipal Finance Authority, RB

    

6.00%, 01/01/22(a)

     2,750       2,856,150  

Series A, 5.50%, 08/01/34(c)

     250       268,133  

Series A, 5.00%, 10/01/39(c)

     285       321,950  

Series A, 5.00%, 10/01/49(c)

     480       532,680  

Series A, 5.00%, 10/01/57(c)

     940       1,032,693  

California Municipal Finance Authority, Refunding RB

    

5.00%, 08/01/39

     1,105       1,241,744  

Series B, 5.00%, 01/01/42

     1,750       2,044,000  

California School Finance Authority, RB(c)

    

5.00%, 06/01/40

     355       398,196  

5.00%, 06/01/50

     555       612,315  

5.00%, 06/01/59

     885       967,650  

Series A, 5.00%, 07/01/49

     850       1,027,854  

Series A, 5.00%, 06/01/58

     4,135       4,472,943  

Series A, 5.00%, 07/01/59

     1,380       1,509,610  

Series B, 4.00%, 07/01/45

     560       560,661  

Hastings Campus Housing Finance Authority, RB

    

Series A, 5.00%, 07/01/45

     785       901,392  

Series A, 5.00%, 07/01/61

     4,720       5,318,968  

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

     15,000       18,241,650  

University of California, Refunding RB

    

Series AO, 5.00%, 05/15/40

     5,430       6,379,273  

Series AZ, 4.00%, 05/15/48

     6,000       6,852,720  
   

 

 

  
      66,020,389  
Health — 13.9%            

California Health Facilities Financing Authority Refunding RB, Series B, 5.00%, 11/15/26(a)

     3,385       4,216,965  

California Health Facilities Financing Authority, RB 4.00%, 11/15/47

     825       925,419  

Series A, 5.00%, 11/15/35

     1,960       2,449,471  

Series A, 5.25%, 11/01/41

     8,000       8,192,560  

Series A, 4.00%, 11/15/42

     450       517,932  

California Health Facilities Financing Authority, Refunding RB

    

Series A, 5.00%, 10/01/24(a)

     4,745       5,510,653  

Series A, 5.00%, 07/01/37

         10,000       10,931,500  

Series A, 5.00%, 10/01/38

     6,225       7,099,363  

Series B, 5.00%, 11/15/46

     4,910       5,932,016  

California Municipal Finance Authority, Refunding RB

    

Series A, 5.00%, 02/01/37

     3,110       3,702,051  

Series A, 5.00%, 11/01/39(c)

     250       283,890  

Series A, 5.00%, 02/01/42

     5,250       6,197,310  

Series A, 5.00%, 11/01/49(c)

     280       313,614  
Security  

Par

(000)

     Value  

 

  
Health (continued)            

California Statewide Communities Development Authority, RB

    

4.00%, 08/01/45

   $ 2,500     $ 2,619,600  

4.00%, 07/01/48

     2,220       2,454,388  

California Statewide Communities Development Authority, Refunding RB

    

5.00%, 12/01/21(a)

     6,235       6,409,518  

4.00%, 04/01/42

     3,005       3,302,735  

4.00%, 04/01/47

     2,655       2,885,693  

5.00%, 04/01/47

     2,995       3,489,175  

Series A, 5.00%, 08/15/51

     1,635       1,938,064  

Series A, 5.00%, 12/01/53

     1,000       1,212,430  

Series A, 4.00%, 12/01/57

     3,250       3,410,940  

Series A, 5.00%, 12/01/57

     1,750       2,128,613  

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

     4,000       4,719,640  
   

 

 

  
          90,843,540  
Housing — 5.4%            

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

    

Series A, 5.00%, 04/01/49

     3,840       4,318,848  

Series A, 4.00%, 02/01/56

     4,615       4,906,560  

California Housing Finance, RB, M/F Housing

    

Series 2, Class A, 4.00%, 03/20/33

     4,046       4,741,376  

Series 2021-1, Class A, 3.50%, 11/20/35

     2,352       2,734,996  

Series A, 4.25%, 01/15/35

     937       1,131,181  

CSCDA Community Improvement Authority, RB, M/F Housing(c)

    

4.00%, 08/01/56

     1,905       2,042,998  

Series A, 5.00%, 07/01/51

     1,325       1,533,104  

Series A-2, 4.00%, 09/01/56

     2,700       2,888,244  

Freddie Mac Multifamily ML Certificates, RB, M/F Housing, Class A, 3.35%, 11/25/33

     9,672       10,836,911  
   

 

 

  
      35,134,218  
State — 1.6%            

California State Public Works Board, RB, Series I, 5.50%, 11/01/33

     2,015       2,270,240  

California State Public Works Board, Refunding RB, Series C, 5.75%, 10/01/31

     1,205       1,232,197  

City of Roseville California, ST, 4.00%, 09/01/45

     100       109,113  

State of California, Refunding GO, 5.00%, 08/01/45

     5,690       6,613,942  
   

 

 

  
      10,225,492  
Tobacco — 7.8%            

California County Tobacco Securitization Agency, Refunding RB

    

4.00%, 06/01/49

     320       369,037  

Series A, 4.00%, 06/01/49

     465       536,550  

California County Tobacco Securitization Agency, Refunding RB, CAB(b)

    

0.00%, 06/01/55

     3,185       775,197  

Series B-2, Subordinate, 0.00%, 06/01/55

     4,780       929,758  

Golden State Tobacco Securitization Corp., Refunding RB

    

Series A, (AGM), 5.00%, 06/01/40

     9,765       11,438,526  

Series A-1, 5.00%, 06/01/31

     7,560       9,312,332  

Series A-1, 3.50%, 06/01/36

     9,310       9,500,576  

Series A-1, 5.00%, 06/01/47

         11,350           11,732,495  
 

 

 

S C H E D U L E   O F   I N V E S T M E N T S

   2

Schedule of Investments (unaudited) (continued)

April 30, 2021

   

 

BlackRock MuniHoldings California Quality Fund, Inc. (MUC)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  

 

  
Tobacco (continued)            

Golden State Tobacco Securitization Corp., Refunding RB (continued)

    

Series A-2, 5.00%, 06/01/47

   $ 1,645     $ 1,700,436  

Tobacco Securitization Authority of Northern California, Refunding RB, Series B-1, 4.00%, 06/01/49

     355       405,066  

Tobacco Securitization Authority of Southern California, Refunding RB, 5.00%, 06/01/48

     1,155       1,397,319  

Tobacco Securitization Authority of Southern California, Refunding RB, CAB, 0.00%, 06/01/54(b)

        13,750       2,608,237  
   

 

 

  
      50,705,529  
Transportation — 15.4%            

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

     1,500       1,764,225  

Bay Area Toll Authority, Refunding RB, 4.00%, 04/01/42

     5,000       5,744,450  

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

     13,915       15,341,009  

City of Los Angeles Department of Airports, ARB

    

Series A, AMT, 5.00%, 05/15/40

     3,830       4,457,124  

Series D, AMT, 5.00%, 05/15/35

     2,000       2,336,000  

Series D, AMT, 5.00%, 05/15/36

     1,500       1,750,755  

Sub-Series A, AMT, 5.00%, 05/15/47

     6,725       8,001,674  

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

     7,000       8,975,120  

County of Sacramento California Airport System Revenue, Refunding RB

    

Series A, 5.00%, 07/01/41

     2,500       2,979,600  

Sub-Series B, 5.00%, 07/01/41

     1,250       1,487,063  

Norman Y Mineta San Jose International Airport SJC, Refunding RB

    

Series A, AMT, 5.00%, 03/01/41

     3,075       3,668,260  

Series A, AMT, 5.00%, 03/01/47

     11,770       13,774,784  

Port of Los Angeles, Refunding ARB, Series A, AMT, 5.00%, 08/01/44

     500       564,350  

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

     4,275       5,176,341  

San Francisco City & County Airport Comm-San Francisco International Airport, Refunding ARB

    

Series A, AMT, 5.00%, 05/01/44

     5,000       6,153,950  

Series A, AMT, 5.00%, 05/01/47

     5,000       5,933,700  

Series B, AMT, 5.00%, 05/01/41

     5,000       5,865,400  

San Francisco City & County Airport Comm-San Francisco International Airport, Refunding RB, Series A, AMT, 5.00%, 05/01/29

     6,435       6,726,312  
   

 

 

  
          100,700,117  
Utilities — 10.1%            

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

     3,500    
    4,409,930  

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

     5,245       6,149,395  

East Bay Municipal Utility District Water System Revenue, RB

    

Series A, 4.00%, 06/01/45

     4,585       5,283,158  

Series A, 5.00%, 06/01/49

     11,190       14,229,540  
Security  

Par

(000)

     Value  

 

  
Utilities (continued)            

Los Angeles Department of Water, RB, Series A, 5.00%, 07/01/42

   $ 8,825     $ 10,824,480  

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

     9,655       12,055,426  

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

     3,000       3,152,370  

San Juan Water District, Refunding RB, Series A, 5.25%, 02/01/33

     7,325       7,602,618  

San Mateo Foster City Public Financing Authority, RB, 4.00%, 08/01/44

     2,000       2,360,400  
   

 

 

  
      66,067,317  
   

 

 

  

Total Municipal Bonds in California

 

     673,165,987  
Puerto Rico — 4.6%            
State — 4.6%            

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

    

Series A-1, Restructured, 4.75%, 07/01/53

     8,317       9,233,284  

Series A-1, Restructured, 5.00%, 07/01/58

     11,280       12,672,065  

Series A-2, Restructured, 4.33%, 07/01/40

     2,677       2,926,014  

Series A-2, Restructured, 4.78%, 07/01/58

     553       615,627  

Series B-1, Restructured, 4.75%, 07/01/53

     848       939,033  

Series B-2, Restructured, 4.78%, 07/01/58

     822       912,190  

Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB, Series A-1, Restructured, 0.00%, 07/01/46(b)

     8,705       2,744,774  
   

 

 

  

Total Municipal Bonds in Puerto Rico

 

     30,042,987  
   

 

 

  

Total Municipal Bonds — 107.6%
(Cost: $638,397,602)

       703,208,974  
   

 

 

  

Municipal Bonds Transferred to Tender Option Bond Trusts(d)

 

California — 50.9%            
County/City/Special District/School District — 23.2%  

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

     40,000       40,472,000  

Palomar Community College District, GO, Series C, 5.00%, 08/01/25(a)

     15,140       18,104,412  

Riverside County Public Financing Authority, RB, 5.25%, 11/01/45

     10,000       11,871,596  

Sacramento Area Flood Control Agency, Refunding SAB, Series A, 5.00%, 10/01/43

     9,990       11,904,983  

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

     6,585       7,308,821  

San Mateo County Community College District, GO, Series A, 5.00%, 09/01/25(a)

     17,615       21,123,195  

Southwestern Community College District, GO, Series D, 5.00%, 08/01/25(a)

     10,820       12,938,556  

Visalia Unified School District, COP, Series D, 4.00%, 05/01/48

     8,493       8,492,658  

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

         17,000       19,118,540  
   

 

 

  
          151,334,761  
 

 

 

3  

    

Schedule of Investments (unaudited) (continued)

April 30, 2021

   

 

BlackRock MuniHoldings California Quality Fund, Inc. (MUC)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  

 

  
Education — 3.7%            

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

   $ 6,001     $ 7,121,433  

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

         10,210       11,679,765  

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

     5,000       5,464,050  
   

 

 

  
      24,265,248  
Health — 15.8%            

California Health Facilities Financing Authority, RB

    

5.00%, 11/15/49(e)

     5,000       5,992,250  

5.00%, 11/15/56

     6,000       7,286,040  

Series A, 5.00%, 08/15/23(a)

     14,520       16,119,523  

Series B, 5.00%, 08/15/55

     4,500       5,346,720  

California Health Facilities Financing Authority, Refunding RB

    

Series A, 5.00%, 08/15/25(a)

     19,425       23,258,713  

Series A, 4.00%, 10/01/47

     4,997       5,556,513  

Sub-Series A-2, 4.00%, 11/01/44

     17,720       20,111,491  

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

     19,070       19,861,214  
   

 

 

  
      103,532,464  
Transportation — 5.7%            

Bay Area Toll Authority, Refunding RB, 4.00%, 04/01/49(e)

     10,005       11,269,132  

City of Los Angeles Department of Airports, ARB

    

Series A, AMT, 5.00%, 05/15/40

     5,500       6,400,570  

Series B, AMT, 5.00%, 05/15/41

     3,645       4,284,248  

Series D, AMT, 5.00%, 05/15/41

     13,331       15,502,897  
   

 

 

  
      37,456,847  
Utilities — 2.5%            

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

     13,790       16,092,378  
   

 

 

  

Total Municipal Bonds in California

 

     332,681,698  
   

 

 

  

Total Municipal Bonds Transferred to Tender Option Bond Trusts — 50.9%
(Cost: $307,067,872)

 

     332,681,698  
   

 

 

  

Total Long-Term Investments — 158.5%
(Cost: $945,465,474)

 

     1,035,890,672  
   

 

 

  
Security  

    

Shares

     Value  

 

  

Short-Term Securities

    
Money Market Funds — 2.9%            

BlackRock Liquidity Funds California Money Fund, Institutional Class, 0.01%(f)(g)

     19,238,494     $ 19,250,037  
   

 

 

  

Total Short-Term Securities — 2.9%
(Cost: $19,242,272)

 

     19,250,037  
   

 

 

  

Total Investments — 161.4%
(Cost: $964,707,746)

 

     1,055,140,709  

Other Assets Less Liabilities — 1.8%

       11,157,259  

Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (24.3)%

 

     (158,560,670 ) 

VMTP Shares at Liquidation Value — (38.9)%

 

     (254,000,000 ) 
   

 

 

  

Net Assets Applicable to Common Shares — 100.0%

 

   $ 653,737,298  
   

 

 

  

 

(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)

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.

(e)

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.

(f)

Affiliate of the Fund.

(g) 

Annualized 7-day yield as of period end.

 

 

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.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the period ended April 30, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

                   
Affiliated Issuer  

Value at

07/31/20

     

Purchases

at Cost

    

Proceeds

from Sales

     

Net

Realized

Gain (Loss)

     

Change in

Unrealized

Appreciation

(Depreciation)

     

Value at

04/30/21

     

Shares

Held at

04/30/21

      Income     

Capital Gain

Distributions

from

Underlying

Funds

  

BlackRock Liquidity Funds California Money Fund, Institutional Class

   $  1,871,730      $  17,367,755 (a)    $ —      $ 2,710      $ 7,842      $  19,250,037        19,238,494      $ 1,886      $ —  
         

 

 

     

 

 

     

 

 

        

 

 

     

 

 

  

 

  (a)

Represents net amount purchased (sold).

 

 

 

S C H E D U L E   O F   I N V E S T M E N T S

   4

Schedule of Investments (unaudited) (continued)

April 30, 2021

   

 

BlackRock MuniHoldings California Quality Fund, Inc. (MUC)

 

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

 

         
Description  

Number of

Contracts

     

Expiration

Date

     

Notional

Amount (000)

     

Value/

Unrealized

Appreciation

(Depreciation)

  

Short Contracts

           

10-Year U.S. Treasury Note

     173        06/21/21      $ 22,858      $ 368,816  

U.S. Long Treasury Bond

     64        06/21/21        10,068        265,408  
          

 

 

  
           $ 634,224  
          

 

 

  

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. 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); and

 

  •  

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 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 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 financial instruments is based on the 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 Fund’s policy regarding valuation of financial instruments, refer to its most recent financial statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’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

   $ —      $ 703,208,974      $ —      $ 703,208,974  

Municipal Bonds Transferred to Tender Option Bond Trusts

     —        332,681,698        —        332,681,698  

Short-Term Securities

           

Money Market Funds

     19,250,037        —        —        19,250,037  
 

 

 

     

 

 

     

 

 

     

 

 

  
  $ 19,250,037      $ 1,035,890,672      $ —      $ 1,055,140,709  
 

 

 

     

 

 

     

 

 

     

 

 

  

Derivative Financial Instruments(a)

           

Assets

           

Interest Rate Contracts

   $ 634,224      $ —      $ —      $ 634,224  
 

 

 

     

 

 

     

 

 

     

 

 

  

 

  (a)

Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

 

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 fair value 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 ) 
 

 

 

     

 

 

    

 

 

     

 

 

  

 

 

5  

    

Schedule of Investments (unaudited) (continued)

April 30, 2021

   

 

BlackRock MuniHoldings California Quality Fund, Inc. (MUC)

 

Portfolio Abbreviation
AGM    Assured Guaranty Municipal Corp.
AMT    Alternative Minimum Tax
ARB    Airport Revenue Bonds
BAM    Build America Mutual Assurance Co.
CAB    Capital Appreciation Bonds
COP    Certificates of Participation
GO    General Obligation Bonds
M/F    Multi-Family
RB    Revenue Bond
S/F    Single-Family
SAB    Special Assessment Bonds
ST    Special Tax
TA    Tax Allocation

 

 

S C H E D U L E   O F   I N V E S T M E N T S

   6