NPORT-EX 2 NPORT_LCQB_86037776_0422.htm BlackRock MuniHoldings California Quality Fund

Schedule of Investments  (unaudited)

April 30, 2022

   

BlackRock MuniHoldings California Quality Fund, Inc. (MUC)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  

Municipal Bonds

 

California — 108.6%

 

Corporate — 1.5%  

California Community Choice Financing Authority, RB, Series B-1, 4.00%, 02/01/52(a)

  $ 11,665     $ 11,805,213  

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

     3,255       3,133,153  

California Pollution Control Financing Authority, RB, AMT, 4.75%, 11/01/46

     4,000       4,090,360  
   

 

 

  
      19,028,726  
County/City/Special District/School District — 30.8%  

Beverly Hills Unified School District California, GO, Series A, 3.00%, 08/01/41

     2,000       1,757,092  

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

     2,000       2,186,334  

California Statewide Communities Development Authority, SAB

    

Series A, 5.00%, 09/02/39

     190       200,798  

Series A, 5.00%, 09/02/44

     110       115,620  

Series A, 5.00%, 09/02/48

     110       115,373  

Series B, 4.00%, 09/02/40

     570       539,173  

Series B, 4.00%, 09/02/50

     690       626,078  

Series C, 4.00%, 09/02/40

     4,015       3,797,861  

Series C, 4.00%, 09/02/50

     2,885       2,617,731  

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

    

5.00%, 09/02/39

     1,000       1,056,830  

5.00%, 09/02/40

     950       1,007,985  

5.00%, 09/02/44

     1,150       1,208,759  

5.00%, 09/02/49

     1,675       1,756,430  

4.00%, 09/02/50

     760       700,586  

5.00%, 09/02/50

     760       800,134  

Series C, 5.00%, 09/02/39

     850       898,306  

Series C, 5.00%, 09/02/44

     130       136,642  

Series C, 5.00%, 09/02/49

     865       907,052  

California Statewide Communities Development Authority, ST

    

4.00%, 09/01/41

     700       659,291  

4.00%, 09/01/51

     1,350       1,213,773  

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

     1,500       1,528,923  

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

   

Series C, 0.00%, 08/01/32

     500       340,555  

Series C, 0.00%, 08/01/33

     1,000       649,755  

Series C, 0.00%, 08/01/34

     1,015       630,426  

Series C, 0.00%, 08/01/35

     1,090       646,564  

Series C, 0.00%, 08/01/36

     1,000       566,681  

Series C, 0.00%, 08/01/37

     1,300       703,147  

Series C, 0.00%, 08/01/38

     1,255       648,354  

Series C, 0.00%, 08/01/39

     1,500       740,913  

Series C, 0.00%, 08/01/40

     3,705       1,744,051  

Series C, 0.00%, 08/01/41

     610       273,072  

Series C, 0.00%, 02/01/42

     700       306,089  

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

     1,285       1,400,604  

ChiNo.Valley Unified School District, GOL, Series B, 4.00%, 08/01/45

     640       627,999  

City & County of San Francisco California, ARB COP, Series C, AMT, 5.25%, 03/01/32

     1,050       1,071,926  
Security   Par
(000)		     Value  
County/City/Special District/School District (continued)  

City & County of San Francisco California, Refunding COP, Series A, 4.00%, 04/01/44

   $ 11,300     $ 11,447,228  

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

     1,000       953,292  

City of Los Angeles California, COP, (AMBAC), 6.20%, 11/01/31

     1,800       1,805,135  

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

     1,000       941,746  

City of Sacramento California Transient Occupancy Tax Revenue, RB

    

Series A, 5.00%, 06/01/43

     1,230       1,318,382  

Series A, 5.00%, 06/01/48

     3,750       3,995,344  

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

     1,785       1,886,502  

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

    15,000       15,792,120  

El Monte City School District, GO, Series B, 5.50%, 08/01/46

     4,265       4,562,300  

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

     10,000       9,982,110  

Fowler Unified School District, GO, Series A, (BAM), 5.25%, 08/01/46

     3,700       3,984,637  

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

     2,500       2,529,048  

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

    8,225       8,539,114  

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

     8,000       8,178,128  

Glendale Community College District, GO, CAB(b)

   

Series B, 0.00%, 08/01/43

     1,875       806,858  

Series B, 0.00%, 08/01/44

     3,315       1,305,467  

Series B, 0.00%, 02/01/45

     3,475       1,277,730  

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

     4,000       3,959,804  

Kern Community College District, GO(c)

   

Series C, 5.25%, 11/01/23

     11,430       11,935,640  

Series C, 5.75%, 11/01/23

     12,085       12,707,945  

Livermore Valley Joint Unified School District/CA, GO, 4.00%, 08/01/46(d)

    15,000       14,955,420  

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

    3,700       3,840,337  

Los Angeles County Facilities Inc., RB

    

5.00%, 12/01/28(c)

    7,130       8,174,652  

5.00%, 12/01/51

     11,140       12,089,496  

Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue, Refunding RB

    

Series A, 5.00%, 07/01/42

     2,135       2,323,365  

Series A, 5.00%, 07/01/44

     2,000       2,200,562  

Los Angeles County Public Works Financing Authority, Refunding RB

    

Series D, 5.00%, 12/01/45

     1,430       1,497,522  

Series F, 4.00%, 12/01/46

     4,190       4,167,994  

Menifee Union School District, GO, Series B, (BAM), 4.00%, 08/01/43

     5,370       5,431,014  

Mount San Antonio Community College District, Refunding GO

    

Series A, 5.00%, 08/01/23(c)

    4,500       4,657,532  

Series A, Election 2018, 5.00%, 08/01/44

     8,000       8,786,240  

Mount San Jacinto Community College District, GO

    

Series A, 5.00%, 08/01/35

     3,565       3,790,793  

Series C, 2.38%, 08/01/51

     6,115       3,908,097  
 

 

 

1

  

Schedule of Investments  (unaudited) (continued)

April 30, 2022

   

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, (BAM), 4.00%, 08/01/42

   $ 5,000     $ 5,043,405  

Newport Mesa Unified School District Refunding GO, CAB, 0.00%, 08/01/45(b)

    8,485       3,203,775  

Orange County Community Facilities District, ST

    

4.00%, 08/15/40

     820       798,177  

4.00%, 08/15/50

     755       710,393  

Perris Union High School District, GO, Series B, (BAM), 5.25%, 09/01/39

     2,715       2,903,657  

Perris Union High School District, Refunding COP, (BAM), 4.00%, 10/01/43

     10,000       10,169,440  

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

    5,865       6,375,507  

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

    4,000       4,372,108  

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

     9,500       9,844,717  

Riverside County Redevelopment Successor Agency, Refunding TA, Series A, (AGM), 4.00%, 10/01/37

     6,000       6,097,866  

RNR School Financing Authority, ST

    

Series A, (BAM), 5.00%, 09/01/37

     1,500       1,607,219  

Series A, (BAM), 5.00%, 09/01/41

     3,000       3,196,263  

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

     5,000       4,898,220  

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

     9,045       9,466,054  

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

     6,000       5,014,182  

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

   

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

     2,755       1,429,696  

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

     3,340       1,655,651  

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

     4,285       2,024,872  

San Francisco Bay Area Rapid Transit District, GO

    

Series A, 4.00%, 08/01/42

     6,000       6,180,360  

Series C-1, 3.00%, 08/01/50

     2,500       2,057,088  

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

    14,175       14,605,419  

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

     3,555       3,650,562  

San Marcos Redevelopment Agency Successor Agency, Refunding TA

    

Series A, 5.00%, 10/01/32

     1,700       1,819,796  

Series A, 5.00%, 10/01/33

     1,125       1,200,124  

Santa Clara County Financing Authority, RB, Series A, 4.00%, 05/01/45

     15,000       15,138,795  

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

     15,000       15,155,565  

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

     10,000       10,170,990  

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

     4,890       4,892,557  

Transbay Joint Powers Authority, TA

    

Series A, 5.00%, 10/01/49

     2,500       2,699,980  

Series B, Subordinate, 5.00%, 10/01/35

     300       337,084  

Series B, Subordinate, 5.00%, 10/01/38

     600       670,624  

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

     3,250       3,379,854  
Security   Par
(000)		     Value  
County/City/Special District/School District (continued)  

West Contra Costa Unified School District, GO(c)

   

Series A, 5.50%, 08/01/39

   $ 7,500     $ 7,803,982  

Series B, 5.50%, 08/01/39

     6,195       6,449,689  

West Valley-Mission Community College District, GO, Series A, 4.00%, 08/01/44

     3,420       3,619,495  
   

 

 

  
      396,555,627  
Education — 11.9%  

California Educational Facilities Authority, RB

    

Series A, 5.00%, 10/01/53

     10,000       10,939,690  

Series V-1, 5.00%, 05/01/49

     5,800       7,043,497  

California Enterprise Development Authority, RB

    

Series A, 5.00%, 08/01/50

     650       673,136  

Series A, 5.00%, 08/01/55

     1,000       1,033,911  

Series A, 5.00%, 08/01/57

     600       619,812  

California Enterprise Development Authority, Refunding RB(e)

    

4.00%, 06/01/51

     625       540,013  

4.00%, 06/01/61

     345       282,348  

California Municipal Finance Authority, RB

    

3.00%, 10/01/41

     965       828,809  

4.00%, 10/01/46

     965       973,268  

4.00%, 10/01/51

     1,150       1,146,165  

(BAM), 3.00%, 05/15/54

     3,000       2,269,773  

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

    500       509,664  

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

    680       700,112  

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

    1,145       1,165,104  

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

    2,255       2,281,489  

California Municipal Finance Authority, Refunding RB

 

  

5.00%, 08/01/39

     2,040       2,163,828  

5.00%, 08/01/48

     1,245       1,289,548  

Series B, 5.00%, 01/01/42

     1,750       1,870,220  

California Public Finance Authority, RB, Series A, 5.00%, 07/01/54(e)

    195       169,786  

California School Finance Authority, RB

    

6.65%, 07/01/33

     595       610,259  

5.00%, 06/01/40(e)

    660       675,406  

6.90%, 07/01/43

     1,330       1,363,261  

5.00%, 06/01/50(e)

    1,030       1,042,515  

5.00%, 08/01/52(d)(e)

    1,875       1,916,092  

5.00%, 06/01/59(e)

    1,645       1,655,790  

(NPFGC), 5.00%, 06/01/61(e)

    820       809,910  

5.00%, 08/01/61(d)(e)

    5,315       5,364,456  

4.00%, 06/01/51(e)

    800       686,830  

Series A, 6.00%, 07/01/33

     1,500       1,550,479  

Series A, 5.00%, 06/01/39(e)

    740       742,210  

Series A, (NPFGC), 5.00%, 06/01/41(e)

    440       450,941  

Series A, 6.30%, 07/01/43

     3,000       3,106,248  

Series A, 5.00%, 07/01/49(e)

    1,350       1,391,093  

Series A, (NPFGC), 5.00%, 06/01/51(e)

    600       604,242  

Series A, 5.00%, 06/01/58(e)

    9,215       9,051,252  

Series A, 5.00%, 07/01/59(e)

    2,565       2,543,159  

Series A, 4.00%, 06/01/61(e)

    1,300       1,056,507  

Series B, 4.00%, 07/01/45(e)

    1,035       930,827  

California School Finance Authority, Refunding RB(e)

 

  

5.00%, 08/01/46

     1,145       1,161,102  

Series A, 5.00%, 07/01/36

     755       777,560  
 

 

 

SCHEDULE OF INVESTMENTS   2

Schedule of Investments  (unaudited) (continued)

April 30, 2022

   

BlackRock MuniHoldings California Quality Fund, Inc. (MUC)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Education (continued)  

California Statewide Communities Development Authority, RB, Series A, 5.00%, 05/15/37

   $ 4,000     $ 4,329,448  

California Statewide Communities Development Authority, Refunding RB, 5.00%, 05/15/40

     2,250       2,398,160  

Hastings Campus Housing Finance Authority, RB

    

Series A, 5.00%, 07/01/45

     1,870       1,923,863  

Series A, 5.00%, 07/01/61

     9,360       9,381,827  

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

     15,000       15,970,020  

University of California, Refunding RB

    

5.25%, 05/15/44(c)(d)

     19,420       20,348,493  

Series AM, 5.25%, 05/15/36

     2,970       3,124,375  

Series AO, 5.00%, 05/15/40

     5,430       5,724,062  

Series AZ, 4.00%, 05/15/48

     6,000       5,967,312  

Series BE, 4.00%, 05/15/47

     10,000       9,944,670  
   

 

 

  
      153,102,542  
Health — 13.6%  

California Health Facilities Financing Authority RB

    

5.00%, 08/15/55(d)

    9,000       9,360,621  

RB, 5.00%, 11/15/49

     5,000       5,347,705  

California Health Facilities Financing Authority, RB

    

4.00%, 11/15/47

     825       793,356  

Series A, 5.00%, 11/15/35

     1,960       2,135,702  

Series A, 4.00%, 11/15/42

     450       456,445  

California Health Facilities Financing Authority, Refunding RB

    

5.00%, 08/01/40

     700       766,182  

3.00%, 08/15/51

     8,975       7,287,108  

Series A, 5.00%, 07/01/23(c)

    10,000       10,327,280  

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

    4,745       5,037,192  

Series A, 5.00%, 10/01/38

     6,225       6,455,039  

Series A, 4.00%, 03/01/39

     895       907,697  

Series A, 4.00%, 03/01/43

     1,315       1,328,514  

Series A, 4.00%, 08/15/48

     7,250       7,179,639  

Series A, 4.00%, 04/01/49

     3,570       3,455,478  

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

    3,385       3,738,922  

Series B, 5.00%, 11/15/46

     7,280       7,750,434  

California Municipal Finance Authority, RB

    

4.00%, 11/15/52

     1,000       964,031  

4.00%, 11/15/56

     1,100       1,044,703  

Series A, 3.00%, 02/01/46

     5,000       3,896,180  

California Municipal Finance Authority, Refunding RB

 

  

Series A, 5.00%, 02/01/37

     3,110       3,304,891  

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

    600       627,541  

Series A, 5.00%, 02/01/42

     9,250       9,753,977  

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

    675       697,041  

California Statewide Communities Development Authority, RB

    

4.25%, 01/01/43

     3,450       3,474,730  

4.00%, 08/01/45

     5,000       4,940,690  

4.00%, 07/01/48

     4,000       3,935,232  

California Statewide Communities Development Authority, Refunding RB

    

4.00%, 04/01/42

     5,600       5,628,896  

4.00%, 04/01/47

     3,975       3,942,445  

5.00%, 04/01/47

     2,995       3,166,116  

Series A, 5.00%, 08/15/51

     1,635       1,756,551  

Series A, 5.00%, 12/01/53

     1,000       1,094,158  

Series A, 4.00%, 12/01/57

     6,500       6,535,730  
Security   Par
(000)		     Value  
Health (continued)  

California Statewide Communities Development Authority, Refunding RB (continued) Series A, 5.00%, 12/01/57

   $ 1,750     $ 1,912,438  

Regents of the University of California Medical Center Pooled Revenue, RB, 5.00%, 05/15/47(d)

    38,450       42,257,088  

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

     4,000       4,176,792  
   

 

 

  
      175,436,544  
Housing — 11.8%  

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

    

4.00%, 08/01/46

     2,495       1,969,897  

3.00%, 08/01/56

     3,595       2,521,220  

3.00%, 02/01/57

     6,005       4,146,703  

4.00%, 02/01/50

     1,105       837,004  

4.00%, 08/01/51

     5,635       4,384,041  

Series A, 5.00%, 04/01/49

     9,400       8,079,150  

Series A, 4.00%, 02/01/56

     6,115       5,011,573  

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

     1,160       912,113  

Series A-2, 4.00%, 08/01/47

     3,735       3,004,583  

California Housing Finance Agency, RB, M/F Housing

 

  

Class A, 3.25%, 08/20/36

     4,969       4,762,549  

Class A, Class A, (FHLMC), 3.75%, 03/25/35

     14,896       14,836,517  

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

     3,288       3,223,719  

Series A, 4.25%, 01/15/35

     2,248       2,349,049  

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

     7,935       8,168,396  

City & County of San Francisco California, RB, M/F Housing, Series J, (FNMA), 2.55%, 07/01/39

     5,000       4,330,660  

CMFA Special Finance Agency VII, RB, M/F Housing, 4.00%, 08/01/47(e)

    2,080       1,591,206  

CMFA Special Finance Agency VIII, RB, M/F Housing, 3.00%, 08/01/56(e)

    2,340       1,648,928  

CMFA Special Finance Agency XII, RB, M/F Housing, Series A, 3.25%, 02/01/57(e)

    2,605       1,954,404  

CMFA Special Finance Agency, RB, M/F Housing(e)

   

Series A, 4.00%, 12/01/45

     2,805       2,255,186  

Series A-2, 4.00%, 08/01/45

     2,750       2,163,178  

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

    

4.00%, 10/01/46

     5,285       4,212,647  

2.65%, 12/01/46

     3,545       2,794,839  

4.00%, 07/01/56

     7,520       6,137,652  

4.00%, 08/01/56

     10,990       9,608,876  

3.00%, 09/01/56

     1,475       1,038,149  

3.00%, 02/01/57

     1,625       1,139,122  

3.25%, 04/01/57

     4,710       3,429,572  

4.00%, 04/01/57

     4,910       3,555,974  

4.00%, 05/01/57

     5,660       4,435,023  

Class 2, 4.00%, 06/01/58

     7,480       5,921,190  

Series A, 5.00%, 07/01/51

     1,075       1,029,000  

Series B, 4.00%, 02/01/57

     1,585       1,174,539  

Senior Lien, 3.00%, 06/01/47

     2,705       2,079,872  

Senior Lien, 3.13%, 06/01/57

     3,530       2,461,127  

Class 2, Senior Lien, 4.00%, 12/01/58

     3,770       3,028,204  

Series B, Sub Lien, 4.00%, 12/01/59

     575       357,632  
 

 

 

3

  

Schedule of Investments  (unaudited) (continued)

April 30, 2022

   

BlackRock MuniHoldings California Quality Fund, Inc. (MUC)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Housing (continued)  

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

   $ 17,807     $ 17,485,158  

Santa Clara County Housing Authority, RB, M/F Housing, Series A, AMT, 6.00%, 08/01/41

     3,500       3,503,983  
   

 

 

  
      151,542,635  
State — 7.7%  

California State Public Works Board, RB

    

4.00%, 05/01/47

     9,000       9,088,119  

Series I, 5.50%, 11/01/33

     4,590       4,807,410  

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

     100       95,529  

State of California GO, 4.00%, 03/01/46(d)

    10,000       10,303,200  

State of California, GO

    

4.00%, 04/01/49

     5,550       5,656,283  

4.00%, 03/01/50(d)

    5,000       4,981,175  

State of California, Refunding GO

    

5.00%, 09/01/35

     9,000       9,769,419  

4.00%, 03/01/36

     20,000       20,679,280  

4.00%, 10/01/41

     1,000       1,024,739  

5.00%, 08/01/45

     5,690       6,009,795  

4.00%, 04/01/49

     15,385       15,617,144  

Various Purposes, 4.00%, 03/01/40

     11,000       11,197,582  
   

 

 

  
      99,229,675  
Tobacco — 3.1%  

California County Tobacco Securitization Agency, Refunding RB

    

4.00%, 06/01/49

     755       739,917  

5.00%, 06/01/50

     560       597,055  

Series A, 4.00%, 06/01/49

     2,105       2,105,927  

Series B-1, Subordinate, 4.00%, 06/01/49

     325       315,000  

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

    

0.00%, 06/01/55

     7,575       1,481,640  

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

     8,895       1,567,094  

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

    

Series A, (AGM-CR SAP), 5.00%, 06/01/25

     9,765       10,504,621  

Series A-1, 5.00%, 06/01/28

     5,390       6,134,650  

Golden State Tobacco Securitization Corp., Refunding RB, CAB, Series B, Subordinate, 0.00%, 06/01/66(b)

    21,730       2,380,435  

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

     8,330       8,976,610  

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

    25,600       4,676,070  
   

 

 

  
      39,479,019  
Transportation — 20.3%  

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

     3,000       3,221,112  

Bay Area Toll Authority, Refunding RB

    

4.00%, 04/01/42

     5,000       5,023,915  

Sub-Series S-8, Subordinate, 3.00%, 04/01/54

     13,180       10,548,178  

California Municipal Finance Authority, ARB

    

AMT, Senior Lien, 5.00%, 12/31/43

     6,500       6,790,166  

AMT, Senior Lien, 4.00%, 12/31/47

     21,415       19,592,305  

AMT, Senior Lien, (AGM), 4.00%, 12/31/47

     2,845       2,831,210  

City of Long Beach California Harbor Revenue, ARB, Series A, AMT, 5.00%, 05/15/40

     4,915       5,233,408  

City of Los Angeles Department of Airports, ARB Series A, AMT, 5.25%, 05/15/38

     1,735       1,875,910  
Security   Par
(000)		     Value  
Transportation (continued)  

City of Los Angeles Department of Airports, ARB (continued)

    

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

   $ 3,830     $ 3,983,874  

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

     2,865       3,004,901  

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

     5,000       5,436,735  

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

     4,000       4,165,576  

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

     3,000       3,124,488  

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

     6,725       7,029,905  

Series C, AMT, Subordinate, 5.00%, 05/15/38

     3,215       3,415,282  

Series C, AMT, Subordinate, 5.00%, 05/15/44

     5,955       6,293,226  

City of Los Angeles Department of Airports, Refunding ARB

    

5.00%, 05/15/43

     7,000       7,713,685  

AMT, 4.00%, 05/15/42

     1,000       985,813  

AMT, 5.00%, 05/15/43

     2,175       2,326,791  

AMT, 3.25%, 05/15/49

     1,500       1,179,215  

Series D, AMT, 4.00%, 05/15/39

     4,305       4,279,975  

County of Sacramento California Airport System Revenue, Refunding RB

    

Series A, 5.00%, 07/01/41

     13,290       14,039,543  

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

     3,000       3,181,269  

Series C, AMT, 5.00%, 07/01/37

     3,000       3,206,493  

Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue, Refunding RB, Series A, 5.00%, 07/01/41

     1,300       1,417,424  

Norman Y Mineta San Jose International Airport SJC, Refunding RB

    

Series A, AMT, 5.00%, 03/01/32

     1,800       1,978,565  

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

     6,150       6,457,814  

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

     18,540       19,691,353  

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

     700       717,520  

Riverside County Transportation Commission, Refunding RB

    

2nd Lien, 4.00%, 06/01/47

     715       675,026  

Senior Lien, 4.00%, 06/01/46

     1,235       1,177,496  

Senior Lien, 3.00%, 06/01/49

     6,000       4,397,004  

San Diego County Regional Airport Authority, ARB, Series B, AMT, 5.00%, 07/01/47

     6,000       6,266,844  

San Diego County Regional Airport Authority, Refunding ARB

    

Series A, 5.00%, 07/01/42

     4,275       4,537,750  

AMT, Subordinate, 5.00%, 07/01/37

     350       377,030  

AMT, Subordinate, 5.00%, 07/01/38

     350       376,362  

AMT, Subordinate, 5.00%, 07/01/39

     500       537,316  

AMT, Subordinate, 5.00%, 07/01/40

     700       751,339  

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

    

4.00%, 05/01/52

     5,500       5,383,532  

Series 2020, AMT, 4.00%, 05/01/39

     6,800       6,600,971  

Series A, AMT, 5.25%, 05/01/33

     3,340       3,410,334  

Series A, AMT, 5.00%, 05/01/40

     3,785       3,859,852  

Series A, AMT, 5.00%, 05/01/42

     5,050       5,280,522  

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

     16,160       17,012,995  

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

     5,000       5,216,755  

Series A, AMT, 5.00%, 05/01/49

     3,500       3,698,898  

Series B, AMT, 5.00%, 05/01/41

     5,000       5,270,480  

Series D, AMT, 5.00%, 05/01/43

     7,715       8,122,776  
 

 

 

SCHEDULE OF INVESTMENTS   4

Schedule of Investments  (unaudited) (continued)

April 30, 2022

   

BlackRock MuniHoldings California Quality Fund, Inc. (MUC)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Transportation (continued)  

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

    

Series D, AMT, 5.25%, 05/01/48

   $ 2,250     $ 2,411,852  

Series E, AMT, 5.00%, 05/01/45(d)

    16,250       17,262,066  
   

 

 

  
      261,372,851  
Utilities — 7.9%  

City of Richmond California Wastewater Revenue, Refunding RB, Series A, 5.00%, 08/01/42

     5,185       5,655,907  

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

     3,500       3,883,327  

City of San Francisco California Public Utilities Commission Water Revenue, Refunding RB, 5.00%, 11/01/36

     2,335       2,476,550  

East Bay Municipal Utility District Water System Revenue, RB

    

Series A, 4.00%, 06/01/45

     4,585       4,682,748  

Series A, 5.00%, 06/01/49

     11,190       12,387,308  

Eastern Municipal Water District, Refunding RB, Series A, 5.00%, 07/01/42

     3,000       3,198,051  

Los Angeles Department of Water & Power Water System Revenue, Refunding RB

    

Series A, 5.00%, 07/01/47

     3,475       3,908,228  

Series B, 5.00%, 07/01/43

     5,940       6,530,680  

Los Angeles Department of Water & Power, RB, Series B, 5.00%, 07/01/47

     925       1,046,766  

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

     12,265       13,226,367  

Sacramento Municipal Utility District, Refunding RB, Series H, 4.00%, 08/15/45(d)

    20,000       20,359,880  

San Diego Public Facilities Financing Authority, Refunding RB

    

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

     9,655       10,583,241  

Series A, Subordinate, 5.25%, 08/01/47

     5,000       5,557,030  

San Francisco City & County Public Utilities Commission Power Revenue, RB, Series A, 5.00%, 11/01/39

     5,245       5,503,159  

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

     1,095       1,096,544  

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

     2,000       1,979,268  
   

 

 

  
      102,075,054  
   

 

 

  

Total Municipal Bonds in California

 

     1,397,822,673  

Puerto Rico — 5.2%

 

State — 5.0%  

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

    

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

     10,719       10,852,130  

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

     19,006       19,454,161  

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

     5,766       5,717,612  

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

     2,416       2,457,007  

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

     1,583       1,602,379  

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

     8,899       9,108,020  

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

     7,022       6,988,344  
Security   Par
(000)		     Value  
State (continued)  

Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB (continued)

    

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

   $ 1,535     $ 1,553,421  

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

    26,291       7,386,640  
   

 

 

  
      65,119,714  
Tobacco — 0.0%  

Children’s Trust Fund, Refunding RB, 5.50%, 05/15/39

     95       97,228  
   

 

 

  
Utilities — 0.2%  

Puerto Rico Commonwealth Aqueduct & Sewer Authority, Refunding RB, Series A, Senior Lien, 5.00%, 07/01/33

     2,185       2,193,401  
   

 

 

  

Total Municipal Bonds in Puerto Rico

 

     67,410,343  
   

 

 

  

Total Municipal Bonds — 113.8%
(Cost: $1,526,652,385)

 

     1,465,233,016  
   

 

 

  

Municipal Bonds Transferred to Tender Option Bond Trusts(f)

 

California — 60.3%

 

County/City/Special District/School District — 20.0%  

California Municipal Finance Authority, RB, 5.00%, 06/01/48

     9,500       10,329,398  

Fremont Union High School District, Refunding GO, Series A, 4.00%, 08/01/46

     4,996       5,069,550  

Los Angeles County Public Works Financing Authority, Refunding RB

    

Series A, 5.00%, 12/01/39

     17,850       18,532,049  

Series A, 5.00%, 12/01/44

     14,095       14,586,760  

Los Angeles Unified School District, GO, Election 2008, Series B-1, 5.25%, 07/01/42(g)

    7,075       7,746,955  

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

     45,420       49,024,687  

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

     20,000       21,860,538  

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

     19,995       21,622,180  

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

     13,170       13,395,190  

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

     35,230       38,089,408  

Santa Monica Community College District, GO, Series A, 5.00%, 08/01/43

     10,000       10,865,215  

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

     10,820       11,672,686  

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

     34,000       34,926,552  
   

 

 

  
      257,721,168  
Education — 11.3%  

California State University, Refunding RB

    

4.00%, 11/01/45

     7,980       7,770,496  

Series A, 5.00%, 11/01/41

     9,775       10,358,813  

Series A, 5.00%, 11/01/42(g)

    13,430       14,377,090  

Series A, 5.00%, 11/01/43

     24,004       25,386,312  

University of California, RB

    

0.00%, 11/15/43

     2,000       1,943,060  
 

 

 

5

  

Schedule of Investments  (unaudited) (continued)

April 30, 2022

   

BlackRock MuniHoldings California Quality Fund, Inc. (MUC)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Education (continued)  

University of California, RB (continued)

    

Series AM, 5.25%, 05/15/44

   $ 19,420     $ 9,710,000  

University of California, Refunding RB

    

5.25%, 05/15/44

     11,950       12,521,300  

Series AF, 5.00%, 05/15/39

     5,000       5,119,075  

Series AZ, 5.00%, 05/15/43(g)

    12,000       13,012,494  

Series I, 5.00%, 05/15/40

     42,980       44,939,696  
   

 

 

  
      145,138,336  
Health — 11.9%  

California Health Facilities Financing Authority, RB

    

5.00%, 11/15/56

     12,000       12,603,012  

Series A, 5.00%, 11/15/41

     11,000       11,938,427  

Series A, 4.00%, 11/15/42

     7,500       7,607,425  

Series A, 5.00%, 08/15/52

     24,520       25,399,361  

Series B, 5.00%, 08/15/55

     9,000       6,750,000  

California Health Facilities Financing Authority, Refunding RB

    

Series A, 5.00%, 08/15/43

     44,365       47,918,359  

Series A, 4.00%, 10/01/47

     11,015       10,997,239  

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

     31,000       30,526,522  
   

 

 

  
      153,740,345  
State — 1.9%  

State of California, GO(g)

    

4.00%, 03/01/46

     10,000       5,000,000  

4.00%, 03/01/50

     5,000       3,335,000  

State of California, Refunding GO

    

5.00%, 08/01/37

     10,975       12,099,691  

5.25%, 10/01/39

     3,000       3,271,006  
   

 

 

  
      23,705,697  
Transportation — 9.2%  

Bay Area Toll Authority, Refunding RB(g)

    

4.00%, 04/01/42

     11,250       11,303,813  

4.00%, 04/01/49

     16,560       16,472,177  

City of Los Angeles Department of Airports, ARB

    

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

     11,000       11,441,942  

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

     10,045       10,417,307  

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

     7,290       7,610,068  

Series B, AMT, 5.00%, 05/15/46

     5,000       5,201,450  

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

     26,643       27,689,696  

Los Angeles County Facilities Inc., RB, 5.00%, 12/01/51(g)

     11,420       12,666,370  

San Diego County Regional Airport Authority, ARB(g)

   

Series B, AMT, Subordinate, 4.00%, 07/01/56

     5,002       4,667,018  

Series B, AMT, Subordinate, 5.00%, 07/01/56

     3,001       3,200,333  

San Francisco City & County Airport Comm-San Francisco International Airport, Refunding ARB, AMT, Series E, 5.00%, 05/01/45(g)

    16,250       8,125,000  
   

 

 

  
      118,795,174  
Utilities — 6.0%  

Beaumont Public Improvement Authority, RB, Series A, 5.00%, 09/01/49.

     6,000       6,460,560  

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

     20,080       21,165,454  
Security   Par
(000)		     Value  
Utilities (continued)  

City of Sacramento California Water Revenue, RB, 5.25%, 09/01/47

   $ 14,825     $ 16,136,901  

Los Angeles Ca Waste Water System Revenue, 4.00%, 06/01/52

     10,000       10,012,393  

Los Angeles Department of Water, Refunding RB, Series A, 5.00%, 07/01/46

     8,413       8,943,917  

Mountain House Public Financing Authority, RB, Series A, 4.00%, 12/01/55

     4,500       4,628,988  

Sacramento Municipal Utility District, Refunding RB, Series H, 4.00%, 08/15/45

     20,000       10,000,000  
   

 

 

  
      77,348,213  
   

 

 

  

Total Municipal Bonds in California

 

     776,448,933  
   

 

 

  

Total Municipal Bonds Transferred to Tender Option Bond Trusts — 60.3%
(Cost: $778,227,637)

 

     776,448,933  
   

 

 

  

Total Long-Term Investments — 174.1%
(Cost: $2,304,880,022)

 

     2,241,681,949  
   

 

 

  
     Shares         
Short-Term Securities  
Money Market Funds — 5.3%            

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

    67,910,962       67,863,425  
   

 

 

  

Total Short-Term Securities — 5.3%
(Cost: $67,863,425)

 

     67,863,425  
   

 

 

  

Total Investments — 179.4%
(Cost: $2,372,743,447)

 

     2,309,545,374  

Liabilities in Excess of Other Assets — (6.0)%

 

     (76,611,258 ) 

Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (32.5)%

 

     (418,912,572 ) 

VMTP Shares at Liquidation Value, Net of Deferred Offering Costs — (40.9)%

 

     (526,400,000 ) 
   

 

 

  

Net Assets Applicable to Common Shares — 100.0%

 

   $ 1,287,621,544  
   

 

 

  

 

(a)

Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available.

(b)

Zero-coupon bond.

(c)

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.

(d)

When-issued security.

(e)

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.

(f)

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.

(g)

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 July 1, 2029, is $68,933,463.

(h)

Affiliate of the Fund.

(i)

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.

 

 

SCHEDULE OF INVESTMENTS   6

Schedule of Investments  (unaudited) (continued)

April 30, 2022

    BlackRock MuniHoldings California Quality Fund, Inc. (MUC)

 

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the period ended April 30, 2022 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
04/30/22		      Shares
Held at
04/30/22		      Income      Capital Gain
Distributions
from
Underlying
Funds		  

BlackRock Liquidity Funds California Money Fund, Institutional Class

    $ 19,391,202      $ 48,495,420 (a)    $ —      $ (15,432 )     $ (7,765 )     $ 67,863,425        67,910,962      $ 29,304      $ —  
          

 

 

     

 

 

     

 

 

        

 

 

     

 

 

  

 

  (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

      272          06/21/22        $ 32,381        $ 317,866  

U.S. Long Bond

      282          06/21/22          39,621          823,909  

5-Year U.S. Treasury Note

      449          06/30/22          50,541          283,721  
                 

 

 

  
                  $ 1,425,496  
                 

 

 

  

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

    $ —        $ 1,465,233,016        $ —        $ 1,465,233,016  

Municipal Bonds Transferred to Tender Option Bond Trusts

      —          776,448,933          —          776,448,933  

 

 

7

  

Schedule of Investments  (unaudited) (continued)

April 30, 2022

    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

    $ 67,863,425        $ —        $ —        $ 67,863,425  
  

 

 

       

 

 

       

 

 

       

 

 

  
   $ 67,863,425        $ 2,241,681,949        $ —        $ 2,309,545,374  
  

 

 

       

 

 

       

 

 

       

 

 

  

Derivative Financial Instruments(a)

                 

Assets

                  

Interest Rate Contracts

    $ 1,425,496        $ —        $ —        $ 1,425,496  
  

 

 

       

 

 

       

 

 

       

 

 

  

 

  (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

    $ —        $ (418,578,687 )       $ —        $ (418,578,687 ) 

VMTP Shares at Liquidation Value

      —          (526,400,000 )         —          (526,400,000 ) 
  

 

 

       

 

 

       

 

 

       

 

 

  
   $ —        $ (944,978,687 )       $ —        $ (944,978,687 ) 
  

 

 

       

 

 

       

 

 

       

 

 

  

 

Portfolio Abbreviation
AGM    Assured Guaranty Municipal Corp.
AGM-CR    AGM Insured Custodial Receipt
AMBAC    AMBAC Assurance Corp.
AMT    Alternative Minimum Tax
ARB    Airport Revenue Bonds
BAM    Build America Mutual Assurance Co.
CAB    Capital Appreciation Bonds
COP    Certificates of Participation
CR    Custodian Receipt
FHLMC    Federal Home Loan Mortgage Corp.
FNMA    Federal National Mortgage Association
GO    General Obligation Bonds
GOL    General Obligation Ltd.
M/F    Multi-Family
NPFGC    National Public Finance Guarantee Corp.
RB    Revenue Bond
S/F    Single-Family
SAB    Special Assessment Bonds
SAP    Subject to Appropriations
ST    Special Tax
TA    Tax Allocation

 

 

SCHEDULE OF INVESTMENTS   8