| Schedule of Investments (unaudited) October 31, 2022 |
BlackRock MuniHoldings California Quality Fund, Inc. (MUC) (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||
| Municipal Bonds |
| |||||||
| California — 122.2% |
| |||||||
| Corporate — 1.1% | ||||||||
| California Community Choice Financing Authority, RB, Series B-1, 4.00%, 02/01/52(a) |
$ | 9,665 | $ | 9,000,550 | ||||
| California Pollution Control Financing Authority, RB, AMT, 4.75%, 11/01/46 |
4,000 | 3,587,880 | ||||||
|
|
|
|||||||
| 12,588,430 | ||||||||
| County/City/Special District/School District — 40.9% | ||||||||
| Beverly Hills Unified School District California, GO, Series A, 3.00%, 08/01/41 |
2,000 | 1,578,434 | ||||||
| California Municipal Finance Authority, RB, 5.00%, 06/01/43 |
2,000 | 2,063,586 | ||||||
| California Statewide Communities Development Authority, SAB |
||||||||
| Series A, 5.00%, 09/02/39 |
190 | 193,763 | ||||||
| Series A, 5.00%, 09/02/44 |
110 | 109,966 | ||||||
| Series A, 5.00%, 09/02/48 |
110 | 107,046 | ||||||
| Series B, 4.00%, 09/02/40 |
570 | 466,705 | ||||||
| Series B, 4.00%, 09/02/50 |
690 | 511,247 | ||||||
| Series B, 5.00%, 09/02/52 |
1,785 | 1,562,848 | ||||||
| Series C, 4.00%, 09/02/40 |
4,015 | 3,287,406 | ||||||
| Series C, 4.00%, 09/02/50 |
2,885 | 2,137,606 | ||||||
| California Statewide Communities Development Authority, SAB, S/F Housing |
1,000 | 1,019,806 | ||||||
| 5.00%, 09/02/40 |
950 | 926,009 | ||||||
| 5.00%, 09/02/44 |
1,150 | 1,149,641 | ||||||
| 5.00%, 09/02/49 |
1,675 | 1,622,392 | ||||||
| 4.00%, 09/02/50 |
760 | 577,662 | ||||||
| 5.00%, 09/02/50 |
760 | 707,619 | ||||||
| Series C, 5.00%, 09/02/39 |
850 | 866,835 | ||||||
| Series C, 5.00%, 09/02/44 |
130 | 129,959 | ||||||
| Series C, 5.00%, 09/02/49 |
865 | 837,832 | ||||||
| California Statewide Communities Development Authority, ST |
700 | 560,440 | ||||||
| 4.00%, 09/01/51 |
1,350 | 989,165 | ||||||
| Chabot-Las Positas Community College District, GO, Series A, Election
2016, |
1,500 | 1,325,768 | ||||||
| Chaffey Joint Union High School District, GO,
CAB(b) |
500 | 327,442 | ||||||
| Series C, Election 2012, 0.00%, 08/01/33 |
1,000 | 618,812 | ||||||
| Series C, Election 2012, 0.00%, 08/01/34 |
1,015 | 592,446 | ||||||
| Series C, Election 2012, 0.00%, 08/01/35 |
1,090 | 598,993 | ||||||
| Series C, Election 2012, 0.00%, 08/01/36 |
1,000 | 517,105 | ||||||
| Series C, Election 2012, 0.00%, 08/01/37 |
1,300 | 631,638 | ||||||
| Series C, Election 2012, 0.00%, 08/01/38 |
1,255 | 574,191 | ||||||
| Series C, Election 2012, 0.00%, 08/01/39 |
1,500 | 647,247 | ||||||
| Series C, Election 2012, 0.00%, 08/01/40 |
3,705 | 1,504,860 | ||||||
| Series C, Election 2012, 0.00%, 08/01/41 |
610 | 232,421 | ||||||
| Series C, Election 2012, 0.00%, 02/01/42 |
700 | 258,547 | ||||||
| Chino Valley Unified School District, GO |
||||||||
| Series B, 4.00%, 08/01/45 |
640 | 571,618 | ||||||
| Series B, 5.00%, 08/01/55 |
1,285 | 1,319,301 | ||||||
| City of Dixon California, ST, 4.00%, 09/01/45 |
1,000 | 806,636 | ||||||
| City of Los Angeles California, COP, (AMBAC), 6.20%, 11/01/31 |
1,600 | 1,603,789 | ||||||
| City of Roseville California, ST |
100 | 79,333 | ||||||
| Security | Par (000) |
Value | ||||||
| County/City/Special District/School District (continued) | ||||||||
| City of Roseville California, ST (continued) 4.00%, 09/01/50 |
$ | 1,000 | $ | 754,178 | ||||
| City of Sacramento California Transient Occupancy Tax Revenue, RB |
||||||||
| Series A, 5.00%, 06/01/43 |
1,230 | 1,237,707 | ||||||
| Series A, 5.00%, 06/01/48 |
3,750 | 3,717,863 | ||||||
| El Dorado Irrigation District, Refunding RB, Series A, (AGM), 5.25%, 03/01/24(c) |
15,000 | 15,411,030 | ||||||
| El Monte City School District, GO, Series B, Election 2014, 5.50%, 08/01/46 |
4,265 | 4,398,686 | ||||||
| Elk Grove Unified School District, GO, Election 2016, 4.00%, 08/01/46 |
10,000 | 8,891,450 | ||||||
| Folsom Cordova Unified School District, GO, Series D, (AGM), 4.00%, 10/01/44 |
11,300 | 10,135,128 | ||||||
| Fowler Unified School District, GO, Series A, Election 2016, (BAM), 5.25%, 08/01/46 |
3,700 | 3,794,269 | ||||||
| Fremont Union High School District, Refunding GO |
2,500 | 2,337,750 | ||||||
| Series A, 4.00%, 08/01/46 |
5,000 | 4,420,855 | ||||||
| Garden Grove Unified School District, GO, Series C, Election 2010, 5.25%, 08/01/23(c) |
2,725 | 2,768,169 | ||||||
| Gilroy Unified School District, GO, Election 2016, 4.00%, 08/01/48 |
9,500 | 8,280,181 | ||||||
| Glendale Community College District, GO, Series A, Election 2016, 4.00%, 08/01/46 |
8,000 | 7,218,264 | ||||||
| Glendale Community College District, GO, CAB(b) |
||||||||
| Series B, 0.00%, 08/01/41 |
2,465 | 944,060 | ||||||
| Series B, 0.00%, 08/01/42 |
2,650 | 957,177 | ||||||
| Series B, 0.00%, 08/01/43 |
3,580 | 1,218,263 | ||||||
| Hayward Unified School District, GO, Series A, (BAM), 4.00%, 08/01/48 |
4,000 | 3,359,172 | ||||||
| Indio Finance Authority, Refunding RB |
||||||||
| Series A, (BAM), 5.25%, 11/01/47 |
2,225 | 2,296,685 | ||||||
| Series A, (BAM), 5.25%, 11/01/52 |
7,000 | 7,181,636 | ||||||
| Kern Community College District, GO(c) |
||||||||
| Series C, 5.25%, 11/01/23 |
11,430 | 11,662,601 | ||||||
| Series C, 5.75%, 11/01/23 |
12,085 | 12,389,784 | ||||||
| Los Alamitos Unified School District, Refunding GO, 5.25%, 08/01/23(c) |
3,700 | 3,758,612 | ||||||
| Los Angeles County Facilities Inc., RB |
||||||||
| Class A, 5.00%, 12/01/28(c) |
4,455 | 4,864,775 | ||||||
| Class A, 5.00%, 12/01/51 |
4,760 | 4,835,717 | ||||||
| Series A, 5.00%, 12/01/43 |
13,345 | 13,648,999 | ||||||
| Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue, RB, Series A, 5.00%, 07/01/45 |
6,585 | 6,903,582 | ||||||
| Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue, Refunding RB |
||||||||
| Series A, 5.00%, 07/01/39 |
2,135 | 2,216,924 | ||||||
| Series A, 5.00%, 07/01/44 |
2,000 | 2,071,452 | ||||||
| Los Angeles County Public Works Financing Authority, Refunding RB |
||||||||
| Series D, 5.00%, 12/01/45 |
1,430 | 1,453,255 | ||||||
| Series F, 4.00%, 12/01/46 |
4,190 | 3,674,617 | ||||||
| Los Angeles Unified School District, GO |
||||||||
| Series C, 4.00%, 07/01/39 |
5,875 | 5,531,471 | ||||||
| Series RYQ, 4.00%, 07/01/44 |
10,475 | 9,440,154 | ||||||
| Election of 2008, 5.25%, 07/01/42 |
7,075 | 7,421,859 | ||||||
| Menifee Union School District, GO, Series B, (BAM), 4.00%, 08/01/43 |
5,370 | 4,787,709 | ||||||
| 1 |
| Schedule of Investments (unaudited) (continued) October 31, 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) |
| |||||||
| Mount San Antonio Community College District, Refunding GO, Series A, Election 2008, 5.00%, 08/01/23(c) |
$ | 4,500 | $ | 4,563,050 | ||||
| Mount San Jacinto Community College District, GO, Series A, Election 2014, 5.00%, 08/01/35 |
3,565 | 3,706,645 | ||||||
| Natomas Unified School District, GO, Election 2014, (BAM), 4.00%, 08/01/42 |
5,000 | 4,470,160 | ||||||
| Newport Mesa Unified School District, Refunding GO, 0.00%, 08/01/45(b) |
8,485 | 2,532,934 | ||||||
| Oceanside Unified School District GO, Series E, Election 2008, 4.00%, 08/01/48 |
3,275 | 2,854,483 | ||||||
| Orange County Community Facilities District, ST |
820 | 681,695 | ||||||
| 4.00%, 08/15/50 |
755 | 558,118 | ||||||
| Orange County Local Transportation Authority Sales Tax Revenue, RB, 5.00%, 02/15/41 |
8,000 | 8,372,160 | ||||||
| Peralta Community College District, GO, Series B, 5.50%, 08/01/52 |
2,500 | 2,651,913 | ||||||
| Perris Union High School District, GO, Series B, Election 2012, (BAM), 5.25%, 09/01/39 |
2,715 | 2,793,990 | ||||||
| Perris Union High School District, Refunding COP, (BAM), 4.00%, 10/01/43 |
10,000 | 8,839,970 | ||||||
| Rio Elementary School District, GO, Series A, Election 2014, (AGM), 5.25%, 08/01/25(c) |
5,865 | 6,173,083 | ||||||
| Riverside County Public Financing Authority, Refunding TA, Series A, (BAM), |
9,500 | 8,627,976 | ||||||
| Riverside County Redevelopment Successor Agency, Refunding TA, Series A, (AGM), 4.00%, 10/01/37 |
6,000 | 5,608,794 | ||||||
| RNR School Financing Authority, ST |
||||||||
| Series A, (BAM), 5.00%, 09/01/37 |
1,500 | 1,534,520 | ||||||
| Series A, (BAM), 5.00%, 09/01/41 |
3,000 | 3,050,109 | ||||||
| San Benito High School District, GO, Election 2016, 4.00%, 08/01/48 |
5,000 | 4,443,570 | ||||||
| San Diego Unified School District, GO, Series B, 3.25%, 07/01/48 |
6,000 | 4,292,250 | ||||||
| San Diego Unified School District, GO, CAB(b) |
||||||||
| Series K-2, 0.00%, 07/01/38 |
2,755 | 1,265,653 | ||||||
| Series K-2, 0.00%, 07/01/39 |
3,340 | 1,442,736 | ||||||
| Series K-2, 0.00%, 07/01/40 |
4,285 | 1,747,594 | ||||||
| San Francisco Bay Area Rapid Transit District, GO |
||||||||
| Series C-1, 3.00%, 08/01/50 |
2,500 | 1,722,510 | ||||||
| Class D1, Election 2016, 4.25%, 08/01/52 |
16,500 | 15,247,106 | ||||||
| Series A, Election 2016, 4.00%, 08/01/42 |
6,000 | 5,557,884 | ||||||
| San Jose Financing Authority, Refunding RB, Series A, 5.00%, 06/01/23(c) |
14,175 | 14,329,437 | ||||||
| San Leandro Unified School District, Series B, 5.25%, 08/01/48 |
3,000 | 3,137,040 | ||||||
| San Luis Obispo County Community College District, Refunding GO, |
3,555 | 3,229,294 | ||||||
| San Marcos Redevelopment Agency Successor Agency, Refunding TA |
||||||||
| Series A, 5.00%, 10/01/32 |
1,700 | 1,767,488 | ||||||
| Series A, 5.00%, 10/01/33 |
1,125 | 1,165,418 | ||||||
| San Mateo Joint Powers Financing Authority, RB, Series A, 4.00%, 07/15/52 |
14,270 | 11,830,444 | ||||||
| Santa Clara County Financing Authority, RB, Series A, 4.00%, 04/01/43 |
6,355 | 5,743,592 | ||||||
| Santa Clara Unified School District, GO, Election 2018, 4.00%, 07/01/48 |
15,000 | 12,986,550 | ||||||
| Security | Par (000) |
Value | ||||||
| County/City/Special District/School District (continued) |
| |||||||
| Santa Clarita Community College District, GO, Election 2016, 5.25%, 08/01/45 |
$ | 4,000 | $ | 4,290,976 | ||||
| Santa Clarita Community College District, Refunding GO, 4.00%, 08/01/46 |
10,000 | 9,004,440 | ||||||
| Santa Monica Community College District, GO, Series A, Election 2016, 5.00%, 08/01/43 |
10,000 | 10,409,420 | ||||||
| South San Francisco Public Facilities Financing Authority, RB |
||||||||
| Class A, 4.00%, 06/01/42 |
500 | 438,267 | ||||||
| Class A, 5.25%, 06/01/46 |
750 | 772,782 | ||||||
| Southwestern Community College District, GO, Series D, 3.00%, 08/01/41 |
7,370 | 5,764,836 | ||||||
| Transbay Joint Powers Authority, TA |
||||||||
| Series B, Subordinate, 5.00%, 10/01/35 |
300 | 311,986 | ||||||
| Series B, Subordinate, 5.00%, 10/01/38 |
600 | 617,675 | ||||||
| Washington Township Health Care District, GO, Series B, Election 2004, 5.50%, 08/01/38 |
3,250 | 3,311,071 | ||||||
| West Contra Costa Unified School District, GO(c) |
||||||||
| Series B, Election 2010, 5.50%, 08/01/23 |
6,195 | 6,304,478 | ||||||
| Series A, Election 2012, 5.50%, 08/01/23 |
7,500 | 7,632,540 | ||||||
| West Valley-Mission Community College District GO, Series B, Election 2012, |
34,000 | 31,757,017 | ||||||
| West Valley-Mission Community College District, GO, Series A, 4.00%, 08/01/44 |
3,420 | 3,075,886 | ||||||
|
|
|
|||||||
| 458,219,688 | ||||||||
| Education — 16.9% | ||||||||
| California Educational Facilities Authority, RB |
||||||||
| Series A, 5.00%, 10/01/48 |
10,000 | 10,085,020 | ||||||
| Series V-1, 5.00%, 05/01/49 |
5,800 | 6,091,665 | ||||||
| California Enterprise Development Authority, RB |
||||||||
| Series A, 5.00%, 08/01/55 |
1,000 | 868,635 | ||||||
| Series A, 5.00%, 08/01/57 |
600 | 517,895 | ||||||
| California Enterprise Development Authority, Refunding RB(d) |
||||||||
| Class A, 4.00%, 06/01/51 |
625 | 438,551 | ||||||
| Class A, 4.00%, 06/01/61 |
345 | 228,095 | ||||||
| California Municipal Finance Authority, RB 4.00%, 10/01/51 |
2,300 | 1,684,706 | ||||||
| Series A, 5.50%, 08/01/34(d) |
465 | 445,322 | ||||||
| Series A, 5.00%, 10/01/39(d) |
680 | 596,187 | ||||||
| Series A, 5.00%, 10/01/49(d) |
1,145 | 933,957 | ||||||
| Series A, 5.00%, 10/01/57(d) |
2,255 | 1,772,971 | ||||||
| California Municipal Finance Authority, Refunding RB |
2,040 | 1,963,234 | ||||||
| 5.00%, 08/01/48(d) |
1,245 | 1,128,507 | ||||||
| Series B, 5.00%, 01/01/42 |
1,750 | 1,681,118 | ||||||
| California School Finance Authority, RB |
595 | 599,728 | ||||||
| 5.00%, 06/01/40(d) |
660 | 588,308 | ||||||
| 6.90%, 07/01/43 |
1,330 | 1,339,145 | ||||||
| 5.00%, 06/01/50(d) |
1,030 | 859,704 | ||||||
| 5.00%, 08/01/52(d) |
1,875 | 1,708,837 | ||||||
| 5.00%, 06/01/59(d) |
1,645 | 1,324,072 | ||||||
| 5.00%, 08/01/61(d) |
5,315 | 4,748,612 | ||||||
| Class A, 5.00%, 06/01/61(d) |
820 | 684,265 | ||||||
| Class A, 4.00%, 06/01/51(d) |
800 | 585,242 | ||||||
| Series A, 6.00%, 07/01/33 |
1,500 | 1,511,093 | ||||||
| Series A, 5.00%, 06/01/39(d) |
740 | 664,803 | ||||||
| Series A, 5.00%, 06/01/41(d) |
440 | 400,716 | ||||||
| Series A, 6.30%, 07/01/43 |
3,000 | 3,018,876 | ||||||
| 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, 2022 |
BlackRock MuniHoldings California Quality Fund, Inc. (MUC) (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||
| Education (continued) |
||||||||
| California School Finance Authority, RB (continued) |
||||||||
| Series A, 5.00%, 07/01/49(d) |
$ | 1,850 | $ | 1,668,741 | ||||
| Series A, 5.00%, 06/01/51(d) |
600 | 517,929 | ||||||
| Series A, 5.00%, 06/01/58(d) |
9,215 | 7,697,208 | ||||||
| Series A, 5.00%, 07/01/59(d) |
2,565 | 2,092,948 | ||||||
| Series A, 4.00%, 06/01/61(d) |
1,300 | 898,677 | ||||||
| Series B, 4.00%, 07/01/45(d) |
1,035 | 773,387 | ||||||
| California School Finance Authority, |
||||||||
| 5.00%, 08/01/46 |
1,145 | 1,062,062 | ||||||
| Series A, 5.00%, 07/01/36 |
755 | 726,644 | ||||||
| California State University, Refunding RB |
||||||||
| Series A, 5.00%, 11/01/41 |
9,775 | 10,009,620 | ||||||
| Series A, 5.00%, 11/01/43 |
24,000 | 24,440,832 | ||||||
| Series A, 5.00%, 11/01/47 |
13,430 | 13,706,604 | ||||||
| California Statewide Communities Development Authority, RB, |
4,000 | 3,952,664 | ||||||
| California Statewide Communities Development Authority, Refunding RB, |
2,250 | 2,193,289 | ||||||
| Hastings Campus Housing Finance Authority, RB(d) |
||||||||
| Series A, 5.00%, 07/01/45 |
1,870 | 1,532,933 | ||||||
| Series A, 5.00%, 07/01/61 |
9,360 | 7,235,271 | ||||||
| University of California RB, |
13,000 | 8,907,275 | ||||||
| University of California, RB, |
15,000 | 15,322,515 | ||||||
| University of California, Refunding RB |
||||||||
| Series AM, 5.25%, 05/15/36 |
2,970 | 3,054,755 | ||||||
| Series AO, 5.00%, 05/15/40 |
5,430 | 5,557,382 | ||||||
| Series AZ, 5.00%, 05/15/43 |
12,000 | 12,436,632 | ||||||
| Series AZ, 4.00%, 05/15/48 |
6,000 | 5,324,484 | ||||||
| Series BH, 4.00%, 05/15/51 |
15,000 | 13,120,965 | ||||||
| Series I, 5.00%, 05/15/40 |
— | — | ||||||
|
|
|
|||||||
| 188,702,081 | ||||||||
| Health — 9.1% |
||||||||
| California Health Facilities Financing Authority, RB |
||||||||
| 4.00%, 11/15/47 |
825 | 696,643 | ||||||
| 5.00%, 08/15/55 |
9,000 | 8,888,193 | ||||||
| Series A, 5.00%, 11/15/35 |
1,960 | 2,008,767 | ||||||
| Series A, 4.00%, 11/15/42 |
450 | 394,556 | ||||||
| California Health Facilities Financing Authority, Refunding RB |
||||||||
| 5.00%, 08/01/40 |
700 | 696,545 | ||||||
| Series A, 5.00%, 07/01/23(c) |
10,000 | 10,118,470 | ||||||
| Series A, 4.00%, 03/01/39 |
895 | 782,205 | ||||||
| Series A, 4.00%, 03/01/43 |
1,315 | 1,090,138 | ||||||
| Series A, 4.00%, 04/01/45 |
3,570 | 2,912,492 | ||||||
| Series A, 5.00%, 11/15/48 |
7,280 | 7,193,652 | ||||||
| Series A, 3.00%, 08/15/51 |
13,975 | 9,493,846 | ||||||
| Series B, 5.00%, 11/15/26(c) |
3,385 | 3,604,666 | ||||||
| California Municipal Finance Authority, RB |
||||||||
| Class A, 4.00%, 11/15/52 |
1,000 | 741,039 | ||||||
| Class A, 4.00%, 11/15/56 |
1,100 | 793,119 | ||||||
| California Municipal Finance Authority, Refunding RB |
||||||||
| Series A, 5.00%, 02/01/37 |
3,110 | 3,113,234 | ||||||
| Series A, 5.00%, 11/01/39(d) |
600 | 565,985 | ||||||
| Series A, 5.00%, 02/01/47 |
9,250 | 9,058,654 | ||||||
| Series A, 5.00%, 11/01/49(d) |
675 | 606,773 | ||||||
| California Statewide Communities Development Authority, RB |
||||||||
| 4.25%, 01/01/43 |
3,450 | 2,978,847 | ||||||
| 4.00%, 08/01/45 |
5,000 | 4,009,480 | ||||||
| Security | Par (000) |
Value | ||||||
| Health (continued) |
||||||||
| California Statewide Communities Development Authority, RB (continued) |
||||||||
| 4.00%, 07/01/48 |
$ | 4,000 | $ | 3,456,844 | ||||
| California Statewide Communities Development Authority, Refunding RB |
||||||||
| 4.00%, 04/01/42 |
5,600 | 4,830,571 | ||||||
| 4.00%, 04/01/47 |
3,975 | 3,311,215 | ||||||
| 5.00%, 04/01/47 |
2,995 | 3,013,243 | ||||||
| 5.00%, 03/01/48 |
5,000 | 4,796,715 | ||||||
| Series A, 5.00%, 08/15/51 |
1,635 | 1,612,099 | ||||||
| Series A, 5.00%, 12/01/53 |
1,000 | 969,612 | ||||||
| Series A, 4.00%, 12/01/57 |
6,500 | 5,043,343 | ||||||
| Series A, 5.00%, 12/01/57 |
1,750 | 1,657,029 | ||||||
| Regents of the University of California Medical Center Pooled Revenue, Refunding RB, |
4,000 | 4,008,284 | ||||||
|
|
|
|||||||
| 102,446,259 | ||||||||
| Housing — 10.6% |
||||||||
| California Community Housing Agency, RB, M/F Housing (d) |
||||||||
| 4.00%, 08/01/46 |
2,495 | 1,706,026 | ||||||
| Series A, 5.00%, 04/01/49 |
9,400 | 7,672,280 | ||||||
| Series A, 4.00%, 02/01/56 |
6,115 | 4,337,137 | ||||||
| Series A-1, 4.00%, 08/01/50 |
1,160 | 787,467 | ||||||
| Series A-1, 3.00%, 02/01/57 |
— | — | ||||||
| Series A-2, 4.00%, 08/01/47 |
3,735 | 2,556,212 | ||||||
| Series A-2, 4.00%, 08/01/51 |
7,055 | 4,399,632 | ||||||
| California Housing Finance Agency, RB, |
||||||||
| Class A, 3.25%, 08/20/36 |
4,931 | 4,041,406 | ||||||
| Series 2, 4.00%, 03/20/33 |
7,866 | 7,445,128 | ||||||
| Series 2021-1, Class A, 3.50%, 11/20/35 |
17,959 | 15,253,996 | ||||||
| Series 2021-2, Class A, (FHLMC), 3.75%, 03/25/35 |
18,258 | 16,984,738 | ||||||
| Series A, 4.25%, 01/15/35 |
2,230 | 2,079,762 | ||||||
| City & County of San Francisco California, RB, M/F Housing, Series J, (FNMA), 2.55%, 07/01/39 |
5,000 | 3,661,945 | ||||||
| CMFA Special Finance Agency VII, RB, |
1,035 | 607,259 | ||||||
| CMFA Special Finance Agency VIII, RB, |
4,350 | 2,553,855 | ||||||
| CMFA Special Finance Agency XII, RB, |
2,605 | 1,608,382 | ||||||
| CMFA Special Finance Agency, RB, M/F Housing(d) |
||||||||
| Series A, 4.00%, 12/01/45 |
2,805 | 1,970,367 | ||||||
| Series A-1, 3.00%, 12/01/56 |
2,315 | 1,335,225 | ||||||
| Series A-2, 4.00%, 08/01/45 |
660 | 482,876 | ||||||
| CSCDA Community Improvement Authority, RB, |
||||||||
| 4.00%, 10/01/46 |
5,285 | 3,758,433 | ||||||
| 2.80%, 03/01/47 |
2,555 | 1,692,687 | ||||||
| 4.00%, 07/01/56 |
7,520 | 5,215,436 | ||||||
| 4.00%, 08/01/56 |
9,055 | 6,585,674 | ||||||
| 4.00%, 10/01/56 |
1,000 | 731,951 | ||||||
| 4.00%, 12/01/56 |
765 | 489,358 | ||||||
| 3.25%, 04/01/57 |
3,675 | 2,337,149 | ||||||
| 4.00%, 05/01/57 |
5,660 | 3,651,560 | ||||||
| Series A, 5.00%, 07/01/51 |
1,075 | 909,476 | ||||||
| Series A, 3.00%, 09/01/56 |
1,475 | 879,407 | ||||||
| Series A, 4.00%, 06/01/58 |
6,480 | 4,735,843 | ||||||
| Series A-2, 3.00%, 02/01/57 |
1,625 | 948,027 | ||||||
| Series B, 4.00%, 02/01/57 |
1,585 | 983,342 | ||||||
| 3 |
| Schedule of Investments (unaudited) (continued) October 31, 2022 |
BlackRock MuniHoldings California Quality Fund, Inc. (MUC) (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||
| Housing (continued) |
||||||||
| CSCDA Community Improvement Authority, RB, M/F Housing(d) (continued) |
||||||||
| Senior Lien, 3.00%, 06/01/47 |
$ | — | $ | — | ||||
| Senior Lien, 3.13%, 06/01/57 |
2,705 | 1,635,281 | ||||||
| Series A, Senior Lien, 4.00%, 12/01/58 |
1,625 | 1,103,515 | ||||||
| Series B, Sub Lien, 4.00%, 12/01/59 |
575 | 358,447 | ||||||
| Santa Clara County Housing Authority, RB, |
3,500 | 3,501,274 | ||||||
|
|
|
|||||||
| 119,000,553 | ||||||||
| State — 6.6% |
||||||||
| California State Public Works Board, RB |
||||||||
| Series B, 4.00%, 05/01/46 |
6,075 | 5,364,917 | ||||||
| Series D, 4.00%, 05/01/47 |
9,000 | 7,848,594 | ||||||
| Series I, 5.50%, 11/01/33 |
4,590 | 4,689,869 | ||||||
| State of California, GO |
10,000 | 9,015,040 | ||||||
| 4.00%, 03/01/50 |
5,000 | 4,648,115 | ||||||
| State of California, Refunding GO |
9,000 | 9,703,440 | ||||||
| 4.00%, 10/01/37 |
9,385 | 9,016,808 | ||||||
| 4.00%, 10/01/39 |
10,000 | 9,457,125 | ||||||
| 5.25%, 10/01/39 |
3,000 | 3,125,640 | ||||||
| 5.00%, 09/01/41 |
530 | 563,490 | ||||||
| 3.00%, 04/01/52 |
5,590 | 3,862,321 | ||||||
| 5.00%, 09/01/52 |
5,000 | 5,251,240 | ||||||
| Various Purposes, 4.00%, 03/01/40 |
1,000 | 945,039 | ||||||
|
|
|
|||||||
| 73,491,638 | ||||||||
| Tobacco — 1.4% |
||||||||
| California County Tobacco Securitization Agency, Refunding RB |
540 | 500,013 | ||||||
| 0.00%, 06/01/55(b) |
7,575 | 1,187,722 | ||||||
| Series A, 4.00%, 06/01/49 |
1,860 | 1,443,730 | ||||||
| Series B-1, Subordinate, 4.00%, 06/01/49 |
185 | 184,375 | ||||||
| Series B-2, Subordinate, 0.00%, 06/01/55(b) |
8,895 | 1,359,058 | ||||||
| Golden State Tobacco Securitization Corp., Refunding RB |
||||||||
| Series A-1, 5.00%, 06/01/28(c) |
5,390 | 5,855,866 | ||||||
| Series B-2, Subordinate, 0.00%, 06/01/66(b) |
11,850 | 976,096 | ||||||
| Tobacco Securitization Authority of Southern |
||||||||
| California, Refunding RB, CAB, 0.00%, 06/01/54(b) . |
25,600 | 3,975,629 | ||||||
|
|
|
|||||||
| 15,482,489 | ||||||||
| Transportation — 25.7% |
||||||||
| Alameda Corridor Transportation Authority, Refunding RB, |
3,000 | 3,025,857 | ||||||
| Bay Area Toll Authority, Refunding RB |
11,250 | 10,305,506 | ||||||
| 4.00%, 04/01/47 |
5,000 | 4,392,320 | ||||||
| California Municipal Finance Authority, ARB |
||||||||
| AMT, Senior Lien, 5.00%, 12/31/43 |
6,500 | 6,160,284 | ||||||
| AMT, Senior Lien, 4.00%, 12/31/47 |
21,415 | 16,670,742 | ||||||
| City of Long Beach California Harbor Revenue, ARB, |
||||||||
| Series A, AMT, 5.00%, 05/15/40 |
4,915 | 5,026,679 | ||||||
| City of Los Angeles Department of Airports Refunding, |
||||||||
| ARB, Series D, AMT, 4.00%, 05/15/41 |
4,305 | 3,691,137 | ||||||
| City of Los Angeles Department of Airports, ARB AMT, 5.00%, 05/15/44 |
7,000 | 7,069,321 | ||||||
| Series A, AMT, 5.25%, 05/15/38 |
1,735 | 1,760,635 | ||||||
| Series A, AMT, 5.00%, 05/15/40 |
14,830 | 14,943,064 | ||||||
| Security | Par (000) |
Value | ||||||
| Transportation (continued) |
||||||||
| City of Los Angeles Department of Airports, ARB (continued) |
||||||||
| Series A, AMT, 5.00%, 05/15/45 |
$ | 10,045 | $ | 10,052,835 | ||||
| Series A, AMT, 4.00%, 05/15/49 |
5,000 | 3,854,430 | ||||||
| Series B, AMT, 5.00%, 05/15/36 |
2,865 | 2,875,729 | ||||||
| Series B, AMT, 5.00%, 05/15/41 |
8,500 | 8,417,966 | ||||||
| Series B, AMT, 5.00%, 05/15/46 |
11,280 | 10,965,886 | ||||||
| Series D, AMT, 5.00%, 05/15/35 |
4,000 | 4,045,596 | ||||||
| Series D, AMT, 5.00%, 05/15/36 |
3,000 | 3,011,811 | ||||||
| Series D, AMT, 5.00%, 05/15/41 |
6,855 | 6,867,894 | ||||||
| Series C, AMT, Subordinate, 5.00%, 05/15/38 |
3,215 | 3,221,819 | ||||||
| Series C, AMT, Subordinate, 5.00%, 05/15/44 |
6,725 | 6,569,081 | ||||||
| City of Los Angeles Department of Airports, Refunding ARB |
||||||||
| AMT, 5.00%, 05/15/43 |
2,175 | 2,160,212 | ||||||
| AMT, 5.00%, 05/15/45 |
1,940 | 1,882,935 | ||||||
| AMT, 5.25%, 05/15/47 |
2,250 | 2,289,487 | ||||||
| AMT, 3.25%, 05/15/49 |
1,500 | 1,022,541 | ||||||
| Series D, AMT, Subordinate, 5.00%, 05/15/46 |
6,000 | 5,863,692 | ||||||
| County of Sacramento California Airport System Revenue, Refunding RB |
||||||||
| Series A, 5.00%, 07/01/41 |
13,290 | 13,380,478 | ||||||
| Sub-Series B, 5.00%, 07/01/41 |
3,000 | 3,035,115 | ||||||
| Series C, AMT, 5.00%, 07/01/38 |
3,000 | 2,970,570 | ||||||
| Foothill-Eastern Transportation Corridor Agency, Refunding RB, |
10,000 | 6,983,850 | ||||||
| Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue, Refunding RB, |
1,300 | 1,345,097 | ||||||
| Norman Y Mineta San Jose International Airport SJC, Refunding RB |
||||||||
| Series A, AMT, 5.00%, 03/01/33 |
2,000 | 2,031,298 | ||||||
| Series A, AMT, 5.00%, 03/01/41 |
17,400 | 17,145,212 | ||||||
| Series A, AMT, 5.00%, 03/01/47 |
7,290 | 6,977,631 | ||||||
| Port of Los Angeles, Refunding RB, |
700 | 682,120 | ||||||
| San Diego County Regional Airport Authority, ARB |
||||||||
| Series B, AMT, 5.00%, 07/01/42 |
6,485 | 6,323,686 | ||||||
| Series B, AMT, Subordinate, 5.00%, 07/01/56 |
3,000 | 2,813,487 | ||||||
| Series B, AMT, Subordinate, 4.00%, 07/01/56 |
5,000 | 3,835,705 | ||||||
| San Diego County Regional Airport Authority, Refunding ARB, |
4,275 | 4,291,818 | ||||||
| San Francisco City & County Airport Comm-San Francisco International Airport, Refunding
ARB |
5,500 | 4,459,719 | ||||||
| 2nd Series, AMT, 5.00%, 05/01/48 |
30,660 | 29,286,941 | ||||||
| Series 2020, AMT, 4.00%, 05/01/39 |
6,800 | 5,665,740 | ||||||
| Series A, AMT, 5.00%, 05/01/40 |
3,785 | 3,629,319 | ||||||
| Series A, AMT, 5.00%, 05/01/44 |
2,660 | 2,576,548 | ||||||
| Series B, AMT, 5.00%, 05/01/46 |
12,300 | 11,748,370 | ||||||
| Series E, AMT, 5.00%, 05/01/45 |
2,515 | 2,425,833 | ||||||
| Series E, AMT, 5.00%, 05/01/50 |
10,305 | 9,885,628 | ||||||
|
|
|
|||||||
| 287,641,624 | ||||||||
| Utilities — 9.9% |
||||||||
| City of Los Angeles California Wastewater System Revenue, Refunding RB, Series A, Subordinate, |
10,000 | 8,647,150 | ||||||
| City of Richmond California Wastewater Revenue, Refunding RB, |
5,185 | 5,366,978 | ||||||
| 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, 2022 |
BlackRock MuniHoldings California Quality Fund, Inc. (MUC) (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||
| Utilities (continued) |
||||||||
| City of Riverside California Electric Revenue, Refunding RB, |
$ | 3,500 | $ | 3,633,752 | ||||
| City of San Francisco California Public Utilities Commission Water Revenue, RB, |
16,935 | 14,639,258 | ||||||
| City of San Francisco California Public Utilities Commission Water Revenue, Refunding RB, |
2,335 | 2,413,442 | ||||||
| East Bay Municipal Utility District Water System Revenue, RB |
||||||||
| Series A, 4.00%, 06/01/45 |
4,585 | 4,245,137 | ||||||
| Series A, 5.00%, 06/01/49 |
11,190 | 11,720,294 | ||||||
| Eastern Municipal Water District, |
||||||||
| Series A, 5.00%, 07/01/42 |
3,000 | 3,083,001 | ||||||
| Los Angeles Department of Water & Power Water System Revenue, Refunding RB |
||||||||
| Series A, 5.00%, 07/01/46 |
8,410 | 8,558,823 | ||||||
| Series B, 5.00%, 07/01/43 |
3,560 | 3,678,398 | ||||||
| Series C, 5.00%, 07/01/40 |
2,380 | 2,508,556 | ||||||
| Los Angeles Department of Water & Power, RB, |
||||||||
| Series A, 5.00%, 07/01/42 |
12,265 | 12,592,218 | ||||||
| Los Angeles Department of Water & Power, Refunding RB, |
2,350 | 2,454,754 | ||||||
| Mountain House Public Financing Authority, RB, |
||||||||
| Series A, (BAM), 4.00%, 12/01/55 |
4,500 | 3,672,409 | ||||||
| Sacramento Municipal Utility District, Refunding RB, |
||||||||
| Series H, 4.00%, 08/15/45 |
3,065 | 2,809,937 | ||||||
| San Diego Public Facilities Financing Authority, Refunding RB |
||||||||
| Series A, Subordinate, 5.00%, 08/01/43 |
9,655 | 10,036,344 | ||||||
| Series A, Subordinate, 5.25%, 08/01/47 |
5,000 | 5,225,740 | ||||||
| San Francisco City & County Public Utilities Commission Power Revenue, RB, |
5,245 | 5,353,907 | ||||||
|
|
|
|||||||
| 110,640,098 | ||||||||
|
|
|
|||||||
| Total Municipal Bonds in California |
1,368,212,860 | |||||||
| Puerto Rico — 4.8% |
||||||||
| State — 4.8% | ||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB |
||||||||
| Series A-1, Restructured, 4.75%, 07/01/53 |
10,719 | 8,966,872 | ||||||
| Series A-1, Restructured, 5.00%, 07/01/58 |
19,006 | 16,260,032 | ||||||
| Series A-2, Restructured, 4.78%, 07/01/58 |
2,416 | 2,003,473 | ||||||
| Series A-2, Restructured, 4.33%, 07/01/40 |
5,766 | 4,892,624 | ||||||
| Series B-1, Restructured, 4.75%, 07/01/53 |
1,583 | 1,317,631 | ||||||
| Series B-1, Restructured, 5.00%, 07/01/58 |
8,899 | 7,623,044 | ||||||
| Series B-2, Restructured, 4.33%, 07/01/40 |
7,022 | 5,909,104 | ||||||
| Series B-2, Restructured, 4.78%, 07/01/58 |
1,535 | 1,266,225 | ||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB, Series
A-1, Restructured, |
26,291 | 5,705,725 | ||||||
|
|
|
|||||||
| 53,944,730 | ||||||||
| Security | Par (000) |
Value | ||||||
| Tobacco — 0.0% |
||||||||
| Children’s Trust Fund, Refunding RB, |
$ | 95 | $ | 94,487 | ||||
|
|
|
|||||||
| Total Municipal Bonds in Puerto Rico |
54,039,217 | |||||||
|
|
|
|||||||
| Total Municipal Bonds — 127.0% |
1,422,252,077 | |||||||
|
|
|
|||||||
| Municipal Bonds Transferred to Tender Option Bond Trusts(e) | ||||||||
| California — 37.2% |
||||||||
| County/City/Special District/School District — 12.9% | ||||||||
| California Municipal Finance Authority, RB, |
9,500 | 9,736,759 | ||||||
| Livermore Valley Joint Unified School District, GO, |
15,000 | 13,262,695 | ||||||
| Marin Healthcare District, GO, Election 2013, |
10,000 | 9,323,295 | ||||||
| Sacramento Area Flood Control Agency, Refunding SAB, |
19,995 | 20,331,729 | ||||||
| San Luis Obispo County Community College District, Refunding GO, Election 2014, |
6,585 | 12,348,408 | ||||||
| San Mateo County Community College District, GO, |
||||||||
| Series A, 5.00%, 09/01/25(c) |
17,615 | 36,896,525 | ||||||
| Southwestern Community College District, GO, Election 2008, |
10,820 | 11,320,793 | ||||||
| West Valley-Mission Community College District, GO, Election 2012, |
34,000 | 31,757,018 | ||||||
|
|
|
|||||||
| 144,977,222 | ||||||||
| Education — 4.3% |
||||||||
| California State University, Refunding RB |
||||||||
| Series A, 5.00%, 11/01/43 |
24,003 | 24,440,832 | ||||||
| Series A, 4.00%, 11/01/45 |
7,980 | 7,062,398 | ||||||
| Oakland Unified School District, GO, |
14,530 | 12,077,779 | ||||||
| University of California, Refunding RB, |
6,000 | 5,129,650 | ||||||
|
|
|
|||||||
| 48,710,659 | ||||||||
| Health — 13.1% |
||||||||
| California Health Facilities Financing Authority, RB, |
||||||||
| Series A, 4.00%, 11/15/42 |
7,500 | 6,575,928 | ||||||
| California Health Facilities Financing Authority, Refunding RB |
||||||||
| Series A, 5.00%, 08/15/25 |
44,365 | 46,489,092 | ||||||
| Series A, 4.00%, 10/01/47 |
11,015 | 9,277,011 | ||||||
| Sub-Series A-2, 4.00%, 11/01/44 |
31,000 | 27,531,224 | ||||||
| Regents of the University of California Medical Center Pooled Revenue, RB, |
56,410 | 56,640,697 | ||||||
|
|
|
|||||||
| 146,513,952 | ||||||||
| Transportation — 3.8% |
||||||||
| Bay Area Toll Authority, Refunding RB, |
16,560 | 14,362,322 | ||||||
| City of Los Angeles Department of Airports, ARB |
||||||||
| Series A, AMT, 5.00%, 05/15/40 |
5,500 | 5,541,929 | ||||||
| Series A, AMT, 5.00%, 05/15/45 |
10,045 | 10,052,854 | ||||||
| 5 |
| Schedule of Investments (unaudited) (continued) October 31, 2022 |
BlackRock MuniHoldings California Quality Fund, Inc. (MUC) (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||
| Transportation (continued) |
||||||||
| City of Los Angeles Department of Airports, ARB (continued) |
||||||||
| Series B, AMT, 5.00%, 05/15/41 |
$ | 7,290 | $ | 7,219,711 | ||||
| Series B, AMT, 5.00%, 05/15/46 |
5,000 | 4,860,765 | ||||||
|
|
|
|||||||
| 42,037,581 | ||||||||
| Utilities — 3.1% |
||||||||
| Beaumont Public Improvement Authority, RB, |
||||||||
| Series A, 5.00%, 09/01/49 |
6,000 | 6,167,476 | ||||||
| City of Los Angeles California Wastewater System Revenue, RB, |
20,080 | 20,409,171 | ||||||
| Los Angeles Department of Water & Power Water System Revenue, Refunding RB, |
8,413 | 8,561,712 | ||||||
|
|
|
|||||||
| 35,138,359 | ||||||||
|
|
|
|||||||
| Total Municipal Bonds in California |
417,377,773 | |||||||
|
|
|
|||||||
| Total Municipal Bonds Transferred to Tender Option Bond Trusts — 37.2% |
417,377,773 | |||||||
|
|
|
|||||||
| Total Long-Term Investments — 164.2% |
1,839,629,850 | |||||||
|
|
|
|||||||
| Shares | ||||||||
| Short-Term Securities | ||||||||
| Money Market Funds — 6.0% |
||||||||
| BlackRock Liquidity Funds California Money Fund, Institutional |
66,748,098 | 66,701,374 | ||||||
|
|
|
|||||||
| Total Short-Term Securities — 6.0% |
66,701,374 | |||||||
|
|
|
|||||||
| Total Investments — 170.2% |
1,906,331,224 | |||||||
| Liabilities in Excess of Other Assets — (1.9)% |
|
(21,486,188 | ) | |||||
| Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (21.3)% |
|
(238,338,212 | ) | |||||
| VMTP Shares at Liquidation Value, Net of Deferred Offering Costs — (47.0)% |
|
(526,400,236 | ) | |||||
|
|
|
|||||||
| Net Assets Applicable to Common Shares — 100.0% |
$ | 1,120,106,588 | ||||||
|
|
|
|||||||
| (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) | 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. |
| (e) | Represent bonds transferred to a TOB Trust in exchange of cash and residual certificates received by the Trust. 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 Trust could ultimately be required to pay under the agreement, which expires on April 1, 2025, is $11,380,400. |
| (g) | Non-income producing security. |
| (h) | Affiliate of the Trust. |
| (i) | Annualized 7-day yield as of period end. |
For Trust compliance purposes, the Trust’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 Trust during the period ended October 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| Affiliated Issuer | Value at 07/31/22 |
Purchases at Cost |
Proceeds from Sales |
Net Realized Gain (Loss) |
Change in Unrealized Appreciation (Depreciation) |
Value at 10/31/22 |
Shares Held at 10/31/22 |
Income | Capital Gain Distributions from Underlying Funds |
|||||||||||||||||||||||||||
| BlackRock Liquidity Funds California Money Fund, Institutional Class |
$ | 23,054,296 | $ | 43,649,680 | (a) | $ | — | $ | (3,410 | ) | $ | 808 | $ | 66,701,374 | 66,748,098 | $ | 127,348 | $ | — | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
| (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 | 6 |
| Schedule of Investments (unaudited) (continued) October 31, 2022 |
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 |
495 | 12/20/22 | $ | 54,790 | $ | 2,082,254 | ||||||||||
| U.S. Long Bond |
961 | 12/20/22 | 116,161 | 9,947,312 | ||||||||||||
| 5-Year U.S. Treasury Note |
548 | 12/30/22 | 58,439 | 1,507,458 | ||||||||||||
|
|
|
|||||||||||||||
| $ | 13,537,024 | |||||||||||||||
|
|
|
|||||||||||||||
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 Trust 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 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 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 Trust’s policy regarding valuation of financial instruments, refer to its most recent financial statements.
The following table summarizes the Trust’s financial instruments categorized in the fair value hierarchy. The breakdown of the Trust’s financial instruments into major categories is disclosed in the Schedule of Investments above.
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| Assets |
||||||||||||||||
| Investments |
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| Long-Term Investments |
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| Municipal Bonds |
$ | — | $ | 1,422,252,077 | $ | — | $ | 1,422,252,077 | ||||||||
| Municipal Bonds Transferred to Tender Option Bond Trusts |
— | 417,377,773 | — | 417,377,773 | ||||||||||||
| Short-Term Securities |
||||||||||||||||
| Money Market Funds |
66,701,374 | — | — | 66,701,374 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| $ | 66,701,374 | $ | 1,839,629,850 | $ | — | $ | 1,906,331,224 | |||||||||
|
|
|
|
|
|
|
|
|
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| Derivative Financial Instruments |
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| Assets |
||||||||||||||||
| Interest Rate Contracts |
$ | 13,537,024 | $ | — | $ | — | $ | 13,537,024 | ||||||||
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|
|
|
|
|
|
|
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The Trust 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 |
$ | — | $ | (237,281,143 | ) | $ | — | $ | (237,281,143 | ) | ||||||
| VMTP Shares at Liquidation Value |
— | (526,400,000 | ) | — | (526,400,000 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| $ | — | $ | (763,681,143 | ) | $ | — | $ | (763,681,143 | ) | |||||||
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| 7 |
| Schedule of Investments (unaudited) (continued) October 31, 2022 |
BlackRock MuniHoldings California Quality Fund, Inc. (MUC) |
| Portfolio Abbreviation | ||
| AGM | Assured Guaranty Municipal Corp. | |
| 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 | |
| FHLMC | Federal Home Loan Mortgage Corp. | |
| FNMA | Federal National Mortgage Association | |
| 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 | 8 |