NPORT-EX 2 NPORT_LCQB_24683567_1021.htm BlackRock MuniHoldings California Quality Fund

Schedule of Investments  (unaudited) 

October 31, 2021

   

BlackRock MuniHoldings California Quality Fund, Inc. (MUC)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  

 

  

Municipal Bonds

    
California — 109.9%            
Commercial Mortgage-Backed Securities — 0.7%        

California Housing Finance, RB, M/F Housing, Series 2, Class A, 4.00%, 03/20/33

   $ 4,013     $ 4,678,493  
   

 

 

  
Corporate — 0.4%            

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

     1,920       2,140,562  
   

 

 

  
County/City/Special District/School District — 36.4%        

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

     2,000       2,431,742  

California Statewide Communities Development Authority, SAB

    

Series B, 4.00%, 09/02/40

     605       674,911  

Series B, 4.00%, 09/02/50

     735       813,610  

Series C, 4.00%, 09/02/40

         2,160           2,409,599  

Series C, 4.00%, 09/02/50

     1,550       1,715,777  

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

    

5.00%, 09/02/39

     535       651,527  

5.00%, 09/02/40

     400       481,414  

5.00%, 09/02/44

     615       739,176  

5.00%, 09/02/49

     900       1,060,973  

4.00%, 09/02/50

     320       347,686  

5.00%, 09/02/50

     320       379,335  

Series C, 5.00%, 09/02/44

     130       156,249  

Series C, 5.00%, 09/02/49

     640       754,470  

California Statewide Communities Development Authority, ST

    

4.00%, 09/01/41

     295       329,801  

4.00%, 09/01/51

     565       624,643  

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

     1,500       1,694,881  

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

    

Series C, 0.00%, 08/01/32

     250       186,639  

Series C, 0.00%, 08/01/33

     500       356,773  

Series C, 0.00%, 08/01/34

     510       348,000  

Series C, 0.00%, 08/01/35

     545       355,557  

Series C, 0.00%, 08/01/36

     500       311,729  

Series C, 0.00%, 08/01/37

     650       386,868  

Series C, 0.00%, 08/01/38

     625       355,617  

Series C, 0.00%, 08/01/39

     750       407,929  

Series C, 0.00%, 08/01/40

     1,855       963,780  

Series C, 0.00%, 08/01/41

     305       151,608  

Series C, 0.00%, 02/01/42

     350       169,974  

ChiNo.Valley Unified School District, GO,

    

Series B, 5.00%, 08/01/55

     1,285       1,596,601  

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

     535       603,146  

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

     365       402,226  

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

     1,230       1,450,073  

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

     1,785       2,055,060  

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

     10,225       10,477,251  

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

     10,000       11,146,480  

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

     10,000       11,104,860  
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     $ 2,723,330  

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

     5,500       5,978,390  

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

     8,000       9,116,312  

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

     2,000       2,244,306  

Kern Community College District, GO(b)

    

Series C, 5.25%, 11/01/23

     5,715       6,277,127  

Series C, 5.75%, 11/01/23

         12,085           13,393,902  

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

     3,700       4,021,826  

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

     18,270       22,324,606  

Los Angeles County Metropolitan Transportation Authority, RB, 5.00%, 06/01/28

     315       398,595  

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

     2,000       2,480,746  

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

     1,430       1,642,052  

Mount San Jacinto Community College District, GO

    

Series A, 5.00%, 08/01/35

     3,565       4,123,290  

Series C, 2.38%, 08/01/51

     6,115       5,983,485  

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

     5,000       5,526,055  

Orange County Community Facilities District, ST

    

4.00%, 08/15/40

     345       396,222  

4.00%, 08/15/50

     320       363,402  

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

     5,865       6,898,900  

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

     4,045       4,566,287  

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

     5,000       5,651,825  

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

     4,545       5,031,315  

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

     6,000       6,410,484  

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

    

Series K-2, 0.00%, 07/01/38

     2,755       1,605,848  

Series K-2, 0.00%, 07/01/39

     3,340       1,863,363  

Series K-2, 0.00%, 07/01/40

     4,285       2,287,380  

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

     4,500       4,517,937  

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

     5,800       6,230,517  

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

     3,555       4,104,486  

San Marcos Redevelopment Agency Successor Agency, Refunding TA

    

Series A, 5.00%, 10/01/32

     1,700       1,969,402  

Series A, 5.00%, 10/01/33

     1,125       1,302,551  

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

     10,000       11,156,520  

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

     10,000       11,182,940  

South San Francisco Public Facilities Financing
Authority, RB, 4.00%, 06/01/46

     4,890       5,694,879  

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

     1,625       1,834,537  
 

 

1

Schedule of Investments  (unaudited) (continued)

October 31, 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(b)

    

Series A, 5.50%, 08/01/23

   $ 2,500     $ 2,728,337  

Series B, 5.50%, 08/01/23

     3,195       3,486,815  
   

 

 

  
      233,613,934  
Education — 10.5%            

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

     5,800       8,845,719  

California Enterprise Development Authority, RB

    

Series A, 5.00%, 08/01/50

     650       787,048  

Series A, 5.00%, 08/01/57

     600       721,864  

California Enterprise Development Authority, Refunding RB(c)

    

4.00%, 06/01/51

     625       690,080  

4.00%, 06/01/61

     345       377,385  

California Municipal Finance Authority, RB

    

6.00%, 01/01/22(b)

     2,750       2,776,713  

Series A, 5.50%, 08/01/34(c)

     250       267,305  

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

     285       318,098  

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

     480       528,481  

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

     940       1,030,634  

California Municipal Finance Authority, Refunding RB

    

5.00%, 08/01/39

     1,105       1,237,980  

Series B, 5.00%, 01/01/42

     1,750       2,060,747  

California School Finance Authority, RB(c)

    

5.00%, 06/01/40

     355       393,509  

5.00%, 06/01/50

     555       607,954  

5.00%, 06/01/59

     885       965,477  

Series A, 5.00%, 07/01/49

     850       1,004,633  

Series A, 5.00%, 06/01/58

     4,135       4,476,338  

Series A, 5.00%, 07/01/59

     1,380       1,550,073  

Series A, 4.00%, 06/01/61

     850       873,938  

Series B, 4.00%, 07/01/45

     560       560,388  

Hastings Campus Housing Finance Authority, RB

    

Series A, 5.00%, 07/01/45

     785       933,398  

Series A, 5.00%, 07/01/61

     4,720       5,482,837  

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

     15,000       17,976,675  

University of California, Refunding RB

    

Series AO, 5.00%, 05/15/40

     5,430       6,205,518  

Series AZ, 4.00%, 05/15/48

     6,000       6,788,406  
   

 

 

  
      67,461,198  
Health — 14.0%            

California Health Facilities Financing Authority, RB

    

4.00%, 11/15/47

     825       920,184  

Series A, 5.00%, 11/15/35

     1,960       2,415,573  

Series A, 5.25%, 11/01/41

     8,000       8,000,000  

Series A, 4.00%, 11/15/42

     450       516,282  

California Health Facilities Financing Authority, Refunding RB

    

Series A, 5.00%, 10/01/24(b)

     4,745       5,381,191  

Series A, 5.00%, 07/01/37

         10,000           10,730,850  

Series A, 5.00%, 10/01/38

     6,225       6,976,071  

Series B, 5.00%, 11/15/26(b)

     3,385       4,104,827  

Series B, 5.00%, 11/15/46

     4,910       5,857,173  

California Municipal Finance Authority, Refunding RB

    

Series A, 5.00%, 02/01/37

     3,110       3,682,539  

Series A, 5.00%, 11/01/39(c)

     250       283,182  

Series A, 5.00%, 02/01/42

     5,250       6,176,756  
Security  

Par

(000)

     Value  

 

  
Health (continued)            

California Municipal Finance Authority, Refunding RB (continued)

    

Series A, 5.00%, 11/01/49(c)

   $ 280     $ 312,912  

California Statewide Communities Development Authority, RB

    

4.00%, 08/01/45

     2,500       2,571,073  

4.00%, 07/01/48

     2,220       2,420,510  

California Statewide Communities Development Authority, Refunding RB

    

5.00%, 12/01/21(b)

     6,235       6,259,329  

4.00%, 04/01/42

     3,005       3,339,000  

4.00%, 04/01/47

     2,655       2,878,211  

5.00%, 04/01/47

     2,995       3,490,232  

Series A, 5.00%, 08/15/51

     1,635       1,929,275  

Series A, 5.00%, 12/01/53

     1,000       1,211,834  

Series A, 4.00%, 12/01/57

     3,250       3,392,262  

Series A, 5.00%, 12/01/57

     1,750       2,125,940  

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

         4,000       4,648,384  
   

 

 

  
          89,623,590  
Housing — 9.7%            

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

    

4.00%, 08/01/46

     255       266,574  

4.00%, 02/01/50

     455       471,886  

4.00%, 08/01/51

     2,320       2,386,308  

3.00%, 02/01/57

     1,520       1,473,588  

Series A, 5.00%, 04/01/49

     3,840       4,309,509  

Series A, 4.00%, 02/01/56

     4,615       4,943,619  

Series A-1, 4.00%, 08/01/50

     480       496,200  

Series A-1, 3.00%, 02/01/57

     955       878,942  

California Housing Finance, RB, M/F Housing

    

Class A, (FHLMC), 3.75%, 03/25/35

     7,942       9,396,387  

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

     2,336       2,701,420  

Series A, 4.25%, 01/15/35

     930       1,125,427  

CMFA Special Finance Agency VII, RB(c)

    

4.00%, 08/01/47

     1,420       1,488,119  

3.00%, 08/01/56

     1,560       1,425,806  

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

    

4.00%, 10/01/46

     2,180       2,260,128  

2.65%, 12/01/46

     1,825       1,695,221  

4.00%, 07/01/56

     1,490       1,545,288  

3.13%, 08/01/56

     605       556,187  

4.00%, 08/01/56

     1,905       1,982,040  

3.00%, 12/01/56

     1,500       1,389,133  

3.25%, 04/01/57

     755       720,695  

4.00%, 04/01/57

     2,025       2,089,832  

4.00%, 05/01/57(d)

     2,335       2,380,194  

Series A, 2.45%, 02/01/47

     775       728,488  

Series A, 5.00%, 07/01/51

     1,325       1,503,265  

Series A-2, 4.00%, 09/01/56

     2,700       2,827,011  

Series B, 4.00%, 02/01/57

     605       629,277  

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

     9,596       10,516,605  
   

 

 

  
      62,187,149  
 

 

 

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)

October 31, 2021

   

BlackRock MuniHoldings California Quality Fund, Inc. (MUC)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  

 

  
State — 3.4%            

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

   $ 2,015     $ 2,217,576  

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

     1,205       1,206,969  

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

     100       110,559  

State of California, Refunding GO

    

4.00%, 10/01/41

         10,075           11,961,251  

5.00%, 08/01/45

     5,690       6,508,245  
   

 

 

  
      22,004,600  
Tobacco — 7.4%            

California County Tobacco Securitization Agency, Refunding RB

    

4.00%, 06/01/49

     320       363,301  

Series A, 4.00%, 06/01/49

     465       534,671  

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

    

0.00%, 06/01/55

     3,185       797,839  

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

     4,780       955,221  

Golden State Tobacco Securitization Corp., Refunding RB

    

Series A, (AGM-CR SAP), 5.00%, 06/01/40

     9,765       11,148,359  

Series A-1, 5.00%, 06/01/31

     7,560       9,238,237  

Series A-1, 3.50%, 06/01/36

     6,930       7,051,434  

Series A-1, 5.00%, 06/01/47

     11,350       11,626,406  

Series A-2, 5.00%, 06/01/47

     1,645       1,685,061  

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

     1,130       1,364,586  

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

     13,750       2,690,655  
   

 

 

  
      47,455,770  
Transportation — 17.3%            

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

     1,500       1,758,637  

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

     5,000       5,620,125  

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

     13,915       15,283,151  

City of Los Angeles Department of Airports, ARB

    

Series A, AMT, 5.00%, 05/15/40

     3,830       4,338,214  

Series C, AMT, 5.00%, 05/15/45

     5,000       6,185,760  

Series D, AMT, 5.00%, 05/15/35

     2,000       2,277,468  

Series D, AMT, 5.00%, 05/15/36

     1,500       1,706,241  

Sub-Series A, AMT, 5.00%, 05/15/47

     6,725       7,896,549  

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

     7,000       8,791,706  

County of Sacramento California Airport System Revenue, Refunding RB

    

Series A, 5.00%, 07/01/41

     2,500       2,924,332  

Sub-Series B, 5.00%, 07/01/41

     1,250       1,471,620  

Norman Y Mineta San Jose International Airport SJC, Refunding RB

    

Series A, AMT, 5.00%, 03/01/41

     3,075       3,625,708  

Series A, AMT, 5.00%, 03/01/47

     11,770       13,699,421  

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

     500       554,891  

Riverside County Transportation Commission, Refunding RB

    

4.00%, 06/01/46

     1,235       1,417,082  

4.00%, 06/01/47

     380       428,908  
Security  

Par

(000)

     Value  

 

  
Transportation (continued)            

Riverside County Transportation Commission, Refunding RB (continued)

    

3.00%, 06/01/49

   $ 3,180     $ 3,246,786  

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

     4,275       5,113,956  

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

    

Series A, AMT, 5.00%, 05/01/29

     6,435       6,579,228  

Series A, AMT, 5.00%, 05/01/44

     5,000       6,060,345  

Series A, AMT, 5.00%, 05/01/47

     5,000       5,844,060  

San Francisco City & County Airport Comm-San Francisco International Airport, Refunding RB, Series B, AMT, 5.00%, 05/01/41

     5,000       5,809,890  
   

 

 

  
      110,634,078  
Utilities — 10.1%            

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

     3,500       4,363,790  

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

     5,245       6,018,879  

East Bay Municipal Utility District Water System Revenue, RB

    

Series A, 4.00%, 06/01/45

     4,585       5,228,661  

Series A, 5.00%, 06/01/49

     11,190       14,053,812  

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

     8,825       10,566,481  

San Diego Public Facilities Financing Authority,

    

Refunding RB, Series A, Subordinate, 5.00%, 08/01/43

     9,655       11,815,731  

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

     3,000       3,096,327  

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

     7,325       7,415,998  

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

     2,000       2,340,558  
   

 

 

  
      64,900,237  
   

 

 

  

Total Municipal Bonds in California

 

     704,699,611  
Puerto Rico — 4.7%            
State — 4.7%            

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

    

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

     8,317       9,250,966  

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

         11,280           12,734,669  

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

     2,677       2,935,598  

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

     553       616,158  

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

     848       940,081  

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

     822       915,186  

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

     8,705       2,835,236  
   

 

 

  

Total Municipal Bonds in Puerto Rico

 

     30,227,894  
   

 

 

  

Total Municipal Bonds — 114.6%
(Cost: $677,186,307)

       734,927,505  
   

 

 

  
 

 

 

3

  

Schedule of Investments  (unaudited) (continued)

October 31, 2021

   

BlackRock MuniHoldings California Quality Fund, Inc. (MUC)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  

 

  

Municipal Bonds Transferred to Tender Option Bond Trusts(e)

 

California — 43.4%            
County/City/Special District/School District — 15.7%  

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

   $ 15,140     $ 17,672,082  

Riverside County Public Financing Authority, RB, 5.25%, 11/01/25(b)

     10,000       11,865,403  

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

     9,990       11,777,917  

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

     6,585       7,293,921  

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

     17,615       20,616,679  

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

     10,820       12,629,585  

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

     17,000       18,770,940  
   

 

 

  
      100,626,527  
Education — 3.7%            

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

     6,001       6,937,233  

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

     10,210       11,375,450  

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

     5,000       5,336,545  
   

 

 

  
      23,649,228  
Health — 15.8%            

California Health Facilities Financing Authority, RB

    

5.00%, 11/15/49(f)

     5,000       5,901,171  

5.00%, 11/15/56

     6,000       7,138,494  

Series A, 5.00%, 08/15/23(b)

     14,520       15,746,243  

Series B, 5.00%, 08/15/55

     4,500       5,230,706  

California Health Facilities Financing Authority, Refunding RB

    

Series A, 5.00%, 08/15/25(b)

     19,425       22,702,572  

Series A, 4.00%, 10/01/47

     4,997       5,506,461  

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

         17,720           20,006,766  

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

     19,070       19,449,093  
   

 

 

  
      101,681,506  
Transportation — 5.7%            

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

     10,005       11,097,066  

City of Los Angeles Department of Airports, ARB

    

Series A, AMT, 5.00%, 05/15/40

     5,500       6,229,812  

Series B, AMT, 5.00%, 05/15/41

     3,645       4,254,101  

Series D, AMT, 5.00%, 05/15/41

     13,332       15,086,761  
   

 

 

  
      36,667,740  
Security  

Par

(000)

     Value  

 

  
Utilities — 2.5%            

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

   $ 13,790     $ 15,743,347  
   

 

 

  

Total Municipal Bonds in California

 

     278,368,348  
   

 

 

  

Total Municipal Bonds Transferred to Tender Option Bond Trusts — 43.4%
(Cost: $257,022,576)

 

     278,368,348  
   

 

 

  

Total Long-Term Investments — 158.0%
(Cost: $934,208,883)

 

     1,013,295,853  
   

 

 

  
     Shares         

Short-Term Securities

    
Money Market Funds — 1.0%            

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

     6,857,451       6,861,565  
   

 

 

  

Total Short-Term Securities — 1.0%
(Cost: $6,857,451)

 

     6,861,565  
   

 

 

  

Total Investments — 159.0%
(Cost: $941,066,334)

 

     1,020,157,418  

Other Assets Less Liabilities — 1.2%

       7,414,624  

Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (20.6)%

 

     (132,164,140 ) 

VMTP Shares at Liquidation Value — (39.6)%

 

     (254,000,000 ) 
   

 

 

  

Net Assets Applicable to Common Shares — 100.0%

 

   $ 641,407,902  
   

 

 

  

 

(a) 

Zero-coupon bond.

(b) 

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.

(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) 

When-issued security.

(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.

(g) 

Affiliate of the Fund.

(h) 

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.

 

 

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)

October 31, 2021

   

BlackRock MuniHoldings California Quality Fund, Inc. (MUC)

 

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the period ended October 31, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

                   

Affiliated Issuer

  

Value at

07/31/21

     

Purchases

at Cost

     

Proceeds

from Sales

    

Net

Realized

Gain (Loss)

     

Change in

Unrealized

Appreciation

(Depreciation)

    

Value at

10/31/21

     

Shares

Held at

10/31/21

     

Income

     

Capital Gain

Distributions

from

Underlying

Funds

  

BlackRock Liquidity Funds California Money Fund, Institutional Class

   $  19,391,202      $ —      $  (12,529,637 )(a)    $ 3,651      $ (3,651 )    $ 6,861,565        6,857,451      $ 444      $ —  
         

 

 

     

 

 

    

 

 

        

 

 

     

 

 

  

 

  (a) 

  Represents net amount purchased (sold).

 

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

     140        12/21/21      $ 18,292      $ 199,856  

U.S. Long Bond

     89        12/21/21        14,312        60,321  

5-Year U.S. Treasury Note

     157        12/31/21        19,106        150,191  
          

 

 

  
           $ 410,368  
          

 

 

  

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

   $ —      $ 734,927,505      $ —      $ 734,927,505  

Municipal Bonds Transferred to Tender Option Bond Trusts

     —        278,368,348        —        278,368,348  

 

5

Schedule of Investments  (unaudited) (continued)

October 31, 2021

   

BlackRock MuniHoldings California Quality Fund, Inc. (MUC)

 

Fair Value Hierarchy as of Period End (continued)

                                                                                                           

 

  
    Level 1      Level 2      Level 3      Total  

 

  

Short-Term Securities

           

Money Market Funds

   $ 6,861,565      $ —      $ —      $ 6,861,565  
 

 

 

     

 

 

     

 

 

     

 

 

  
  $ 6,861,565      $ 1,013,295,853      $ —      $ 1,020,157,418  
 

 

 

     

 

 

     

 

 

     

 

 

  

Derivative Financial Instruments(a)

           

Assets

           

Interest Rate Contracts

   $ 410,368      $ —      $ —      $ 410,368  
 

 

 

     

 

 

     

 

 

     

 

 

  

 

  (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

   $ —      $ (132,144,550 )    $ —      $ (132,144,550 ) 

VMTP Shares at Liquidation Value

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

 

 

     

 

 

    

 

 

     

 

 

  
  $ —      $  (386,144,550)     $ —      $  (386,144,550)  
 

 

 

     

 

 

    

 

 

     

 

 

  

 

Portfolio Abbreviation
AGM    Assured Guaranty Municipal Corp.
AGM-CR    AGM Insured Custodial Receipt
AMT    Alternative Minimum Tax
ARB    Airport Revenue Bonds
BAM    Build America Mutual Assurance Co.
CAB    Capital Appreciation Bonds
CR    Custodian Receipt
FHLMC    Federal Home Loan Mortgage Corp.
GO    General Obligation Bonds
M/F    Multi-Family
RB    Revenue Bond
S/F    Single-Family
SAB    Special Assessment Bonds

SAP

   

Subject to Appropriations

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