NPORT-EX 2 NPORT_LCQB_39562216_1022.htm BlackRock MuniHoldings California Quality Fund

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
5.00%, 09/02/39

     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
4.00%, 09/01/41

     700       560,440  

4.00%, 09/01/51

     1,350       989,165  

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

     1,500       1,325,768  

Chaffey Joint Union High School District, GO, CAB(b)
Series C, Election 2012, 0.00%, 08/01/32

     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
4.00%, 09/01/45

     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
4.00%, 08/01/40

     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
4.00%, 08/15/40

     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),
4.00%, 10/01/40

     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,
Series B, 4.00%, 08/01/43

     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,
4.00%, 08/01/40

         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
5.00%, 08/01/39(d)

    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
6.65%, 07/01/33

     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,
Refunding RB(d)

    

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,
Series A, 5.00%, 05/15/37

     4,000       3,952,664  

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

     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,
Series Q, 3.00%, 05/15/51

     13,000       8,907,275  

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

     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,
Series L, 5.00%, 05/15/47

     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,
M/F Housing

    

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,
M/F Housing,
Series A1, 3.00%, 08/01/56(d)

    1,035       607,259  

CMFA Special Finance Agency VIII, RB,
M/F Housing,
Series A-1, 3.00%, 08/01/56(d)

    4,350       2,553,855  

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

    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,
M/F Housing (d)

    

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,
M/F Housing,
Series A, AMT, 6.00%, 08/01/41

     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
4.00%, 03/01/46

     10,000       9,015,040  

4.00%, 03/01/50

     5,000       4,648,115  

State of California, Refunding GO
5.00%, 03/01/35

     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
5.00%, 06/01/50

     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,
Series B, Sub Lien, 5.00%, 10/01/35

     3,000       3,025,857  

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

     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,
Series B-2, 3.50%, 01/15/53

     10,000       6,983,850  

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

     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,
Series A, AMT, 5.00%, 08/01/44

     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,
Series A, 5.00%, 07/01/42

     4,275       4,291,818  

San Francisco City & County Airport Comm-San Francisco International Airport, Refunding ARB
Series B, 4.00%, 05/01/52

     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,
4.00%, 06/01/52

     10,000       8,647,150  

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

     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,
Series A, 5.00%, 10/01/43

   $ 3,500     $ 3,633,752  

City of San Francisco California Public Utilities Commission Water Revenue, RB,
Series C, 4.00%, 11/01/50

         16,935       14,639,258  

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

     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,
Refunding RB,

    

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,
Series C, 5.00%, 07/01/43

     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,
Series A, 5.00%, 11/01/39

     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,
0.00%, 07/01/46(b)

    26,291       5,705,725  
   

 

 

  
      53,944,730  
Security   Par
(000)		     Value  

Tobacco — 0.0%

    

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

   $ 95     $ 94,487  
   

 

 

  

Total Municipal Bonds in Puerto Rico

       54,039,217  
   

 

 

  

Total Municipal Bonds — 127.0%
(Cost: $1,569,111,936)

           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,
5.00%, 06/01/48

     9,500       9,736,759  

Livermore Valley Joint Unified School District, GO,
4.00%, 08/01/46

     15,000       13,262,695  

Marin Healthcare District, GO, Election 2013,
4.00%, 08/01/45(a)(d)

    10,000       9,323,295  

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

     19,995       20,331,729  

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

     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,
Series D, 5.00%, 08/01/25(c)

    10,820       11,320,793  

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

     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,
Series A, 4.00%, 08/01/46

     14,530       12,077,779  

University of California, Refunding RB,
Series Q, 4.00%, 05/15/51

     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,
Series P, 5.00%, 05/15/47

     56,410       56,640,697  
   

 

 

  
      146,513,952  

Transportation — 3.8%

    

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

    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,
Series A, 5.00%, 06/01/44(g)

    20,080       20,409,171  

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

     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%
(Cost: $445,290,149)

       417,377,773  
   

 

 

  

Total Long-Term Investments — 164.2%
(Cost: $2,014,402,085)

       1,839,629,850  
   

 

 

  
     Shares         
Short-Term Securities            

Money Market Funds — 6.0%

    

BlackRock Liquidity Funds California Money Fund, Institutional
Class, 1.20%(h)(i)

    66,748,098       66,701,374  
   

 

 

  

Total Short-Term Securities — 6.0%
(Cost: $66,694,700)

       66,701,374  
   

 

 

  

Total Investments — 170.2%
(Cost: $2,081,096,785)

       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

            

Long-Term Investments

            

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  
  

 

 

     

 

 

     

 

 

     

 

 

  

Derivative Financial Instruments

            

Assets

            

Interest Rate Contracts

    $ 13,537,024      $ —      $                 —      $ 13,537,024  
  

 

 

     

 

 

     

 

 

     

 

 

  

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 ) 
  

 

 

       

 

 

       

 

 

       

 

 

  

 

 

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