Schedule of Investments (unaudited) 

October 31, 2023

   

BlackRock MuniHoldings California Quality Fund, Inc. (MUC)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  

Municipal Bonds

    
California — 137.7%            
Corporate — 11.7%            

California Community Choice Financing Authority, RB(a)

    

5.00%, 07/01/53

   $     45,200     $ 45,070,409  

5.00%, 12/01/53

     6,670       6,632,373  

5.00%, 02/01/54

     1,675       1,665,324  

5.50%, 10/01/54

     40,000       41,204,996  

Series C, 5.25%, 01/01/54

     11,500       11,254,463  

California Municipal Finance Authority, RB(a)

   

AMT, 4.25%, 10/01/45

     9,600       9,582,743  

AMT, 4.38%, 09/01/53

     2,935       2,785,107  

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

     4,000       3,725,912  
   

 

 

  
          121,921,327  
County/City/Special District/School District — 43.5%  

Anaheim City School District, GO, 5.00%, 08/01/51

     5,615       5,733,769  

California Statewide Communities Development Authority, SAB

    

Series B, 5.00%, 09/02/52

     1,785       1,482,994  

Series C, 4.00%, 09/02/50

     5,000       3,563,462  

Chabot-Las Positas Community College District, GO, Series C, 5.25%, 08/01/48(b)

    13,355       14,004,005  

Chaffey Joint Union High School District, GO, Series G, Election 2012, 4.00%, 08/01/52

     15,390           13,258,768  

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

   

Series C, Election 2012, 0.00%, 08/01/37

     1,300       603,749  

Series C, Election 2012, 0.00%, 08/01/38

     1,255       541,976  

Series C, Election 2012, 0.00%, 08/01/39

     1,500       605,685  

Series C, Election 2012, 0.00%, 08/01/40

     3,705       1,401,997  

Series C, Election 2012, 0.00%, 08/01/41

     610       215,718  

Series C, Election 2012, 0.00%, 02/01/42

     700       239,080  

Chino Valley Unified School District, GO, Series B, (AGM-CR), 3.38%, 08/01/50

     5,000       3,644,925  

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

     1,500       1,502,965  

City of Oakland California, GO, Series D, 5.25%, 07/15/48

     4,715       4,968,032  

Clovis Unified School District, GO, Series B, Election 2020, 5.00%, 08/01/47

     8,050       8,258,289  

Coachella Valley Unified School District, GO, Series F, (BAM), 5.00%, 08/01/46

     2,990       3,005,439  

Dublin Unified School District, GO, Series B, 4.25%, 08/01/53

     5,805       5,290,016  

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

    15,000       15,067,835  

Elk Grove Unified School District, GO, Election 2016, 4.00%, 08/01/46

     10,000       8,873,223  

Folsom Cordova Unified School District, GO, Series D, (AGM), 4.00%, 10/01/44

     21,300       19,371,252  

Fowler Unified School District, GO, Series A, Election 2016, (BAM), 5.25%, 08/01/46

     3,700       3,789,888  

Fremont Union High School District, GO, Election 2022, 4.00%, 08/01/48

     5,000       4,491,160  

Fresno Unified School District, Refunding GO, Series B, 4.00%, 08/01/46

     6,900       5,998,057  

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

     4,000       3,486,631  
Security  

Par

(000)

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

Hayward Unified School District, Refunding GO, (BAM), 4.00%, 08/01/43

   $ 6,500     $ 5,845,438  

Indio Finance Authority, Refunding RB

    

Series A, (BAM), 5.25%, 11/01/47

     2,225       2,313,339  

Series A, (BAM), 5.25%, 11/01/52

     7,000       7,201,955  

Kern Community College District, GO(d)

   

Series C, 5.25%, 11/01/23

     11,430       11,430,000  

Series C, 5.75%, 11/01/23

     12,085       12,085,000  

La Canada Unified School District GO, Series A, 5.00%, 08/01/47

     6,945       7,048,094  

La Mesa-Spring Valley School District, GO, Series B, 4.00%, 08/01/51

     625       534,507  

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

     15,000       13,063,378  

Los Angeles County Facilities, Inc.,
RB, Series A, 4.00%, 12/01/48

     7,500       6,379,061  

Los Angeles County Public Works Financing Authority, Refunding RB, Series F, 4.00%, 12/01/46

     7,890       6,846,603  

Los Angeles Unified School District, GO
5.25%, 07/01/48(b)

        25,000           26,308,619  

Series C, 4.00%, 07/01/39

     5,875       5,501,712  

Series RYQ, 4.00%, 07/01/44

     10,475       9,301,384  

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

     5,370       4,870,884  

Mount San Antonio Community College District, Refunding GO, Series 2018-A, Election 2018, 4.00%, 08/01/49

     10,000       8,898,054  

Natomas Unified School District, GO, Election 2014, (BAM), 4.00%, 08/01/42

     5,000       4,538,425  

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

    8,485       2,675,245  

Oak Grove School District, GO, Series A-1, 5.00%, 08/01/52

     5,835       5,928,477  

Oakland Unified School District/Alameda County, Refunding GO, Series A, (BAM), 4.00%, 08/01/46

     14,530       12,665,131  

Oxnard School District, GO, Series A, 5.00%, 08/01/45

     2,500       2,527,679  

Oxnard Union High School District, GO

    

Series B, 5.00%, 08/01/45

     6,560       6,665,138  

Series C, Election 2018, 4.00%, 08/01/47

     16,750       14,407,962  

Peralta Community College District, GO,
Series B, 5.50%, 08/01/52

     2,500       2,657,196  

Redwood City Public Facilities & Infrastructure Authority, RB, BAB, 3.00%, 06/01/46

     3,810       2,613,832  

Redwood City School District, GO, Series C, 4.00%, 08/01/44

     2,800       2,541,379  

San Diego Unified School District, GO

    

Series F-2, 4.25%, 07/01/52

     6,270       5,781,829  

Series I, Election 2012, 4.00%, 07/01/47

     14,155       12,455,693  

San Francisco Bay Area Rapid Transit District, GO

    

Class D1, Election 2016, 4.25%, 08/01/52

     13,500       12,256,172  

Series A, Election 2016, 4.00%, 08/01/42

     6,000       5,415,165  

Series D-1, Election 2016, 4.00%, 08/01/47

     9,175       8,030,441  

San Leandro Unified School District, GO,
Series B, 5.25%, 08/01/48

     3,000       3,150,889  

San Mateo Joint Powers Financing Authority, RB, Series A, 4.00%, 07/15/52

     14,270       12,209,870  

Santa Clara County Financing Authority, RB, Series A, 4.00%, 04/01/43

     6,355       5,745,132  

Santa Clara Unified School District, GO, Election 2018, 4.00%, 07/01/48

     15,000       13,230,095  
 

 

 

1  

Schedule of Investments (unaudited) (continued)

October 31, 2023

   

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)  

Santa Clarita Community College District, GO, Election 2016, 5.25%, 08/01/45

   $ 4,000     $ 4,250,260  

Santa Monica Community College District, GO, Series B, 4.00%, 08/01/45

     17,500       15,790,849  

Santa Monica-Malibu Unified School District, GO, 4.00%, 08/01/44

     9,360       8,539,999  

Santa Rosa High School District, GO

    

Series A, Election 2022, 4.00%, 08/01/46

     3,500       3,068,413  

Series A, Election 2022, 4.00%, 08/01/49

     7,050       6,104,018  

Simi Valley Unified School District, GO, Series C, 4.00%, 08/01/50

     3,115       2,685,132  

Solano County Community College District,
GO, Series C, Election 2012, 4.00%, 08/01/46

     11,435       10,083,800  

Val Verde Unified School District,
GO, Series C, Election 2020, (AGM), 4.00%, 08/01/49

     5,000       4,250,328  

Ventura Unified School District, GO,
Series A, Election 2022, 4.00%, 08/01/52

     3,960       3,334,892  

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

     3,250       3,253,124  
   

 

 

  
          453,883,508  
Education — 13.8%            

California Educational Facilities Authority, RB

    

Series A, 5.00%, 10/01/53

         10,000       9,580,370  

Series U-7, 5.00%, 06/01/46

     7,525       7,808,493  

California Enterprise Development Authority, RB(e)

    

8.00%, 11/15/62

     1,760       1,554,356  

Series A, 5.00%, 07/01/50

     600       468,114  

California Municipal Finance Authority, RB 4.00%, 10/01/51

     1,150       863,047  

Series A, 5.50%, 08/01/34(e)

    425       398,968  

California Municipal Finance Authority, Refunding RB(e)

    

5.00%, 08/01/39

     290       253,761  

5.00%, 08/01/48

     350       279,181  

California School Finance Authority, RB

    

5.00%, 08/01/52(e)

    1,875       1,642,440  

5.00%, 08/01/61(e)

    5,315       4,585,104  

Series A, 6.00%, 07/01/33

     1,500       1,500,053  

Series A, 6.30%, 07/01/43

     3,000       3,001,157  

Series A, 4.00%, 06/01/51(e)

    800       541,787  

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

    6,615       5,156,088  

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

    2,565       2,158,681  

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

    1,300       825,811  

Series A, (NGFGC), 5.00%, 06/01/61(e)

    820       621,397  

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

    1,035       764,698  

Series A, RB, 5.00%, 07/01/54(e)

    1,150       1,012,413  

California School Finance Authority, Refunding RB(e)

    

5.50%, 08/01/43

     420       390,274  

5.00%, 08/01/46

     1,145       1,028,106  

5.50%, 08/01/47

     400       364,304  

5.88%, 06/01/53

     700       613,581  

Series A, 5.00%, 07/01/36

     755       756,588  

California State University, Refunding RB

    

Series A, 5.00%, 11/01/42

     20,000       20,194,463  

Series A, 4.00%, 11/01/45

     11,380       9,907,649  

Series A, 5.00%, 11/01/48

     12,395       12,559,766  

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

     1,500       1,442,128  

Hastings Campus Housing Finance Authority, RB(e)
Series A, 5.00%, 07/01/45

     1,115       940,317  
Security  

Par

(000)

     Value  
Education (continued)            

Hastings Campus Housing Finance Authority, RB(e) (continued)

    

Series A, 5.00%, 07/01/61

   $ 9,360     $ 7,284,481  

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

     6,000       5,217,513  

University of California, Refunding RB

    

Series BE, 4.00%, 05/15/47

     14,000       12,412,091  

Series BE, 4.00%, 05/15/50

     3,750       3,350,846  

Series BH, 4.00%, 05/15/46

     4,400       3,910,970  

Series BH, 4.00%, 05/15/51

     15,000       13,141,271  

Series Q, 3.00%, 05/15/51

         11,000       7,273,315  
   

 

 

  
          143,803,582  
Health — 10.6%            

California Health Facilities Financing Authority, RB

    

5.00%, 02/01/37

     2,625       2,642,536  

5.00%, 11/15/56

     9,000       8,521,571  

Series A, 5.00%, 11/15/48

     3,000       2,959,553  

California Health Facilities Financing Authority, Refunding RB
(BAM-TCRS), 4.00%, 08/15/48

     5,005       4,393,529  

(AGM-CR), 3.00%, 08/15/51

     13,975       9,644,502  

Series A, 5.00%, 11/15/38

     1,500       1,513,524  

Series A, 4.00%, 03/01/39

     895       771,433  

Series A, 4.00%, 03/01/43

     545       440,960  

Series A, 4.00%, 04/01/45

     3,570       2,993,734  

Series A, 5.00%, 11/15/48

     17,280       17,047,023  

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

     31,000       27,759,988  

California Municipal Finance Authority, Refunding RB

    

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

    600       527,783  

Series A, 5.00%, 02/01/47

     9,250       8,768,361  

California Statewide Communities Development Authority, RB, 4.00%, 08/01/45

     5,000       4,013,201  

California Statewide Communities Development Authority, Refunding RB 5.00%, 03/01/48

     5,000       4,675,228  

Series A, 4.00%, 12/01/57

     6,500       5,214,376  

Marin Healthcare California Distict, RB, 4.00%, 08/01/45

     10,000       8,699,055  
   

 

 

  
          110,586,357  
Housing — 5.7%            

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

    

Series A, 5.00%, 04/01/49

     8,270       6,374,491  

Series A-2, 4.00%, 02/01/50

     1,155       791,844  

Series A-2, 4.00%, 08/01/51

     6,380       3,822,542  

California Housing Finance Agency, RB, M/F Housing

    

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

     14,443       12,235,283  

Series 2021-2, Class A, (FHLMC), 3.75%, 03/25/35

     18,040       16,465,282  

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

    1,035       613,596  

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

    3,235       1,873,308  

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

   

Series A-1, 3.00%, 12/01/56

     2,315       1,318,717  

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

     240       185,979  

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

    

4.00%, 10/01/46

     695       477,297  

4.00%, 10/01/56

     1,000       752,983  
 

 

 

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, 2023

   

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 (e) (continued)

    

4.00%, 12/01/56

   $ 765     $ 482,785  

4.00%, 05/01/57

     5,660       3,452,027  

Series A, 3.00%, 09/01/56

     1,475       878,396  

Series A, 4.00%, 06/01/58

     4,535       3,093,722  

Series A-2, 3.00%, 02/01/57

     1,625       1,006,648  

Senior Lien, 3.13%, 06/01/57

     2,705       1,547,640  

Series A, Senior Lien, 4.00%, 12/01/58

     1,525       1,031,334  

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

     575       340,871  

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

     3,500       3,499,758  
   

 

 

  
          60,244,503  
State — 8.2%            

California State Public Works Board, RB

    

Series B, 4.00%, 05/01/46

     13,180       11,388,758  

Series D, 4.00%, 05/01/44

     4,675       4,112,492  

Series D, 5.00%, 11/01/47(b)

    18,275       18,674,505  

California Statewide Communities Development Authority, SAB, S/F Housing, 5.00%, 09/02/39

     1,060       975,028  

Irvine Facilities Financing Authority ST, 5.00%, 09/01/43

     1,275       1,312,791  

Irvine Facilities Financing Authority, ST, (BAM), 5.00%, 09/01/48

         10,000       10,200,637  

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

     6,000       5,506,721  

State of California, GO
5.00%, 10/01/45

     5,000       5,168,031  

4.00%, 03/01/46

     4,000       3,582,100  

5.00%, 10/01/47

     10,740       10,829,481  

State of California, Refunding GO

    

4.00%, 10/01/39

     10,000       9,305,599  

4.00%, 11/01/45

     5,000       4,487,169  
   

 

 

  
      85,543,312  
Tobacco — 2.0%            

California County Tobacco Securitization Agency, Refunding RB
5.00%, 06/01/50

     520       474,311  

Series A, 4.00%, 06/01/49

     755       603,035  

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

    

0.00%, 06/01/55

     7,575       1,200,296  

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

     8,895       1,270,277  

California Statewide Financing Authority, RB, Series L, 0.00%, 06/01/55(c)(e)

    57,200       2,684,683  

Golden State Tobacco Securitization Corp., Refunding RB

    

Series A-1, 5.00%, 06/01/28(d)

    5,390       5,757,187  

Series B, 5.00%, 06/01/51

     5,000       4,896,996  

Golden State Tobacco Securitization Corp., Refunding RB, CAB, Series B-2, Subordinate, 0.00%, 06/01/66(c)

    5,030       414,199  

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

         25,600       3,656,835  
   

 

 

  
          20,957,819  
Transportation — 24.4%            

Alameda Corridor Transportation Authority Refunding RB, Series B, 5.00%, 10/01/37

     3,790       3,701,413  
Security  

Par

(000)

     Value  
Transportation (continued)            

Bay Area Toll Authority, Refunding RB, 4.00%, 04/01/47

   $ 28,750     $ 25,207,423  

California Municipal Finance Authority, ARB

    

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

     6,500       6,138,211  

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

     21,415       17,160,448  

City of Los Angeles Department of Airports, ARB

    

Series A, AMT, 5.00%, 05/15/44

     8,525       8,317,572  

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

     5,000       4,948,016  

Series A, AMT, 4.00%, 05/15/49

     5,000       4,036,393  

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

     8,500       8,249,388  

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

     16,280       15,506,172  

Series E, AMT, 5.00%, 05/15/44

     7,000       7,078,727  

City of Los Angeles Department of Airports, Refunding ARB

    

AMT, 5.00%, 05/15/45

     1,940       1,909,584  

AMT, 5.50%, 05/15/47

     2,450       2,527,103  

AMT, Subordinate, 4.00%, 11/15/31(d)

    115       113,938  

AMT, Subordinate, 4.00%, 05/15/41

     4,190       3,569,028  

AMT, Subordinate, 5.00%, 05/15/46

     5,980       5,859,719  

City of Los Angeles Department of Airports, Refunding RB, AMT, Subordinate, 5.25%, 05/15/48

     4,500       4,514,859  

County of Sacramento California Airport System Revenue, Refunding RB, Series C, AMT, 5.00%, 07/01/39

     3,000       2,972,952  

Foothill-Eastern Transportation Corridor Agency, Refunding RB, Series B-2, 3.50%, 01/15/53

     10,000       7,351,675  

Norman Y Mineta San Jose International Airport SJC, Refunding RB

    

Series A, AMT, 5.00%, 03/01/33

     2,000       2,027,358  

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

     11,250       10,907,363  

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

     6,150       5,807,047  

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

     200       196,809  

San Diego County Regional Airport Authority, ARB
5.00%, 07/01/48

     4,275       4,075,512  

Series B, AMT, 5.00%, 07/01/47

     6,485       6,144,389  

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

     6,855       6,390,761  

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

    

Series C, 5.75%, 05/01/48(b)

    6,900       7,162,832  

2nd Series, AMT, 5.00%, 05/01/48

     30,660       28,955,871  

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

     3,785       3,646,688  

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

     2,660       2,487,818  

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

     14,220       13,692,742  

Series E, AMT, 5.00%, 05/01/45

     2,515       2,424,586  

Series E, AMT, 5.00%, 05/01/50

         27,195       25,608,294  

San Francisco City & County Airport Comm-San Francisco International Airport, Refunding RB, Series 2020, AMT, 4.00%, 05/01/39

     6,800       5,774,827  
   

 

 

  
          254,465,518  
Utilities — 17.8%            

California Infrastructure & Economic Development Bank, RB

    

4.00%, 10/01/44

     11,370       10,343,797  

5.00%, 10/01/48

     10,000       10,190,190  

City of Los Angeles California Wastewater System Revenue, Refunding RB, Series A, Subordinate, 4.00%, 06/01/52

     8,450       7,299,616  
 

 

 

3  

Schedule of Investments (unaudited) (continued)

October 31, 2023

   

BlackRock MuniHoldings California Quality Fund, Inc. (MUC)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  
Utilities (continued)            

City of Riverside California Water Revenue, RB, Series A, 5.00%, 10/01/52

   $ 2,250     $ 2,296,031  

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

     26,935       23,608,606  

Contra Costa Water District, Refunding RB, Series V, 5.00%, 10/01/44

     1,260       1,296,773  

East Bay Municipal Utility District Water System Revenue, RB

    

Series A, 5.00%, 06/01/49

     3,835       3,923,526  

Series B, 4.00%, 06/01/45

     6,500       5,806,611  

Eastern Municipal Water District Financing Authority, RB, Series D, 5.00%, 07/01/47

     1,000       1,013,320  

Imperial Irrigation District Electric System Revenue Refunding RB, Series B-2, 5.00%, 11/01/41

     7,750       7,867,104  

Livermore Valley Water Financing Authority, RB(b)

   

Series A, 5.00%, 07/01/48

     1,795       1,837,988  

Series A, 5.00%, 07/01/53

     2,740       2,789,428  

Los Angeles Department of Water & Power Water System Revenue, RB, Series C, 5.00%, 07/01/41

     2,810       2,949,716  

Los Angeles Department of Water & Power Water System Revenue, Refunding RB, Series D, 5.00%, 07/01/52

     6,155       6,310,696  

Los Angeles Department of Water & Power, RB, 5.00%, 07/01/51

         10,420       10,631,604  

Mountain House Public Financing Authority, RB, Series A, (BAM), 4.00%, 12/01/50

     4,500       3,717,511  

Sacramento County Sanitation Districts Financing Authority, Refunding RB,
Series A, 5.00%, 12/01/44

     1,000       991,135  

Sacramento Municipal Utility District, RB, Series H, 5.00%, 08/15/50

     3,730       3,798,664  

Sacramento Municipal Utility District, Refunding RB, Series K, 5.00%, 08/15/53

     13,000       13,297,810  

San Diego Public Facilities Financing Authority RB, Series A, 5.00%, 05/15/52

     6,970       7,147,294  

San Diego Public Facilities Financing Authority, Refunding RB

    

Series A, 4.00%, 08/01/52

     7,945       6,984,307  

Series A, AMT, 4.00%, 08/01/45

     5,925       5,396,858  

San Francisco City & County Public Utilities Commission Power Revenue, Refunding RB, Series B, 4.00%, 11/01/51

     3,500       3,023,654  

San Francisco City & County Public Utilities Commission Wastewater Revenue, Refunding RB, Series A, 4.00%, 10/01/51

     14,595       12,738,427  

San Mateo Foster City Public Financing Authority RB, 5.00%, 08/01/49

     4,840       4,939,674  

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

     5,000       4,497,791  

Southern California Public Power Authority, RB, 5.00%, 07/01/48

     20,570       21,164,923  
   

 

 

  
      185,863,054  
   

 

 

  

Total Municipal Bonds in California

         1,437,268,980  
Security  

Par

(000)

     Value  
Puerto Rico — 5.3%            
State — 5.3%            

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

    

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

   $     13,134     $ 11,079,283  

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

     16,591       14,378,316  

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

     2,416       2,022,819  

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

     5,766       4,979,013  

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

     1,583       1,338,063  

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

     8,899       7,723,075  

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

     7,022       6,061,665  

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

     1,535       1,283,453  

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

    26,291       6,498,831  
   

 

 

  

Total Municipal Bonds in Puerto Rico

       55,364,518  
   

 

 

  

Total Municipal Bonds — 143.0%
(Cost: $1,606,835,595)

         1,492,633,498  
   

 

 

  

Municipal Bonds Transferred to Tender Option Bond Trusts(f)

 

California — 15.6%            
Corporate — 5.0%            

Southern California Public Power Authority, RB

    

5.00%, 07/01/48

     25,000       25,723,047  

5.25%, 07/01/53

     25,000       26,162,177  
   

 

 

  
      51,885,224  
County/City/Special District/School District — 2.8%  

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

     15,000       15,131,746  

Los Angeles County Facilities, Inc., RB, 5.00%, 12/01/43

     13,345       13,635,049  
   

 

 

  
      28,766,795  
Education — 6.7%            

University of California, RB, Series BK, 5.00%, 05/15/52

     56,410       57,954,121  

University of California, Refunding RB, Series AZ, 5.00%, 05/15/48

     12,000       12,175,716  
   

 

 

  
      70,129,837  
Utilities — 1.1%            

City of San Francisco California Public Utilities Commission Water Revenue, RB, Series B, 5.00%, 11/01/50

     11,690       11,840,307  
   

 

 

  

Total Municipal Bonds in California

       162,622,163  
   

 

 

  

Total Municipal Bonds Transferred to Tender Option Bond Trusts — 15.6%
(Cost: $164,918,997)

 

     162,622,163  
   

 

 

  

Total Long-Term Investments — 158.6%
(Cost: $1,771,754,592)

       1,655,255,661  
   

 

 

  
 

 

 

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, 2023

   

BlackRock MuniHoldings California Quality Fund, Inc. (MUC)

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Short-Term Securities

    
Money Market Funds — 5.7%            

BlackRock Liquidity Funds California
Money Fund, Institutional Class,
2.92%(g)(h)

    59,641,907     $ 59,600,158  
   

 

 

  

Total Short-Term Securities — 5.7%
(Cost: $59,596,081)

       59,600,158  
   

 

 

  

Total Investments — 164.3%
(Cost: $1,831,350,673)

       1,714,855,819  

Liabilities in Excess of Other Assets — (4.4)%

 

     (45,332,677 ) 

Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (9.5)%

 

     (99,157,727 ) 

VMTP Shares at Liquidation Value, Net of Deferred Offering Costs — (50.4)%

 

     (526,400,000 ) 
   

 

 

  

Net Assets Applicable to Common
Shares — 100.0%

 

   $  1,043,965,415  
   

 

 

  

 

(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) 

When-issued security.

(c) 

Zero-coupon bond.

(d) 

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.

(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 Trust. These bonds serve as collateral in a secured borrowing.

(g) 

Affiliate of the Trust.

(h) 

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, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

 

  
Affiliated Issuer  

Value at

07/31/23

    

Purchases

at Cost

    

Proceeds

from Sales

    

Net

Realized

Gain (Loss)

    

Change in

Unrealized

Appreciation

(Depreciation)

    

Value at

10/31/23

    

Shares

Held at

10/31/23

     Income    

Capital Gain

Distributions

from

Underlying

Funds

  

 

  

BlackRock Liquidity Funds California Money Fund, Institutional Class

   $     61,896,344     $     —     $     (2,292,458)(a)     $     (563 )    $     (3,165 )    $     59,600,158       59,641,907     $     436,712     $ —  
       

 

 

    

 

 

    

 

 

      

 

 

    

 

 

  

 

  (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

      409        12/19/23      $ 43,367      $ 47,497  

U.S. Long Bond

      663        12/19/23        72,226        331,002  

5-Year U.S. Treasury Note

      291        12/29/23        30,394        13,422  
           

 

 

  
            $ 391,921  
           

 

 

  

 

 

  5

Schedule of Investments (unaudited) (continued)

October 31, 2023

   

BlackRock MuniHoldings California Quality Fund, Inc. (MUC)

 

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

    $ —        $ 1,492,633,498        $ —        $ 1,492,633,498  

Municipal Bonds Transferred to Tender Option Bond Trusts

      —          162,622,163          —          162,622,163  

Short-Term Securities

                  

Money Market Funds

      59,600,158          —          —          59,600,158  
  

 

 

       

 

 

       

 

 

       

 

 

  
   $ 59,600,158        $ 1,655,255,661        $ —        $ 1,714,855,819  
  

 

 

       

 

 

       

 

 

       

 

 

  

Derivative Financial Instruments(a)

                 

Assets

                  

Interest Rate Contracts

    $ 391,921        $ —        $                 —        $ 391,921  
  

 

 

       

 

 

       

 

 

       

 

 

  

 

  (a) 

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

 

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

    $ —        $ (98,954,992 )       $ —        $ (98,954,992 ) 

VMTP Shares at Liquidation Value

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

 

 

       

 

 

       

 

 

       

 

 

  
   $                 —        $ (625,354,992 )       $                 —        $ (625,354,992 ) 
  

 

 

       

 

 

       

 

 

       

 

 

  

 

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
BAB    Build America Bond
  
Portfolio Abbreviation (continued)
BAM    Build America Mutual Assurance Co.
BAM-TCRS    Build America Mutual Assurance Co.- Transferable Custodial Receipts
CAB    Capital Appreciation Bonds
COP    Certificates of Participation
CR    Custodian Receipt
FHLMC    Federal Home Loan Mortgage Corp.
 

 

 

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, 2023

   

BlackRock MuniHoldings California Quality Fund, Inc. (MUC)

 

Portfolio Abbreviation (continued)
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
 

 

 

  7
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