BLACKROCK MUNIHOLDINGS CALIFORNIA QUALITY FUND, INC.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
Investment
Company Act file number 811-08573
Name of Fund: BlackRock MuniHoldings California Quality Fund, Inc. (MUC)
Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809
Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock
MuniHoldings California Quality Fund, Inc., 55 East 52nd Street, New York, NY 10055
Registrant’s telephone number, including area code:
(800) 882-0052, Option 4
Date of fiscal year end: 07/31/2017
Date of reporting period: 10/31/2016
Item 1 – Schedule of Investments
|
|
|
| Schedule of Investments October 31, 2016 (Unaudited) |
|
BlackRock MuniHoldings California Quality Fund, Inc. (MUC)
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
| Municipal Bonds |
|
Par (000) |
|
|
Value |
|
| California —
105.3% |
|
| Corporate — 2.7% |
|
| California Pollution Control Financing Authority, Refunding RB, Waste Management, Inc., AMT: |
|
|
|
|
|
|
|
|
| Series A-1, 3.38%, 7/01/25 |
|
$ |
5,000 |
|
|
$ |
5,337,300 |
|
| Series B-1, 3.00%, 11/01/25 |
|
|
9,000 |
|
|
|
9,415,440 |
|
| City of Chula Vista California, Refunding RB, San Diego Gas & Electric, Series A, 5.88%, 2/15/34 |
|
|
2,435 |
|
|
|
2,708,962 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
17,461,702 |
|
| County/City/Special District/School District — 34.0% |
|
| Centinela Valley Union High School District, GO, Election of 2010, Series A, 5.75%, 8/01/21 (a) |
|
|
9,120 |
|
|
|
11,044,229 |
|
| Chabot-Las Positas Community College District, GO, Refunding, 4.00%, 8/01/35 |
|
|
5,000 |
|
|
|
5,486,300 |
|
| County of Kern California, COP, Capital Improvements Projects, Series A (AGC), 6.00%, 8/01/35 |
|
|
3,500 |
|
|
|
3,883,600 |
|
| County of Los Angeles Public Works Financing Authority, Refunding RB, Series D: |
|
|
|
|
|
|
|
|
| 4.00%, 12/01/40 |
|
|
1,000 |
|
|
|
1,074,850 |
|
| 5.00%, 12/01/45 |
|
|
1,430 |
|
|
|
1,684,511 |
|
| County of Orange California Sanitation District, COP, Series A, 5.00%, 2/01/19 (a) |
|
|
2,500 |
|
|
|
2,727,450 |
|
| County of Riverside California Public Financing Authority, RB, Capital Facilities Project, 5.25%, 11/01/45 |
|
|
10,000 |
|
|
|
11,928,400 |
|
| County of San Joaquin California Transportation Authority, Refunding RB, Limited Tax, Measure K, Series A,
6.00%, 3/01/36 |
|
|
2,665 |
|
|
|
3,196,481 |
|
| County of Ventura California Community College District, GO, Election of 2002, Series C, 5.50%, 8/01/18
(a) |
|
|
4,000 |
|
|
|
4,324,280 |
|
|
|
|
|
|
|
|
|
|
| Municipal Bonds |
|
Par (000) |
|
|
Value |
|
| California
(continued) |
|
| County/City/Special District/School District (continued) |
|
| Culver City Redevelopment Finance Authority California, Refunding, Tax Allocation Bonds, Series A (AGM),
5.60%, 11/01/25 |
|
$ |
3,750 |
|
|
$ |
3,765,225 |
|
| Denair CA Unified School District, GO, Election of 2007, 0.00%, 8/01/41 (b) |
|
|
4,260 |
|
|
|
1,602,356 |
|
| Fremont Union High School District, GO, Refunding, 4.00%, 8/01/40 |
|
|
2,500 |
|
|
|
2,704,000 |
|
| Garden Grove Unified School District, GO, Election of 2010, Series C, 5.25%, 8/01/40 |
|
|
5,500 |
|
|
|
6,588,670 |
|
| Gavilan Joint Community College District, GO, Election of 2004, Series D: |
|
|
|
|
|
|
|
|
| 5.50%, 8/01/31 |
|
|
2,170 |
|
|
|
2,541,092 |
|
| 5.75%, 8/01/35 |
|
|
8,400 |
|
|
|
9,910,824 |
|
| Golden Empire Schools Financing Authority, Refunding RB, Kern High School District Projects, 1.05%, 5/01/17 (c) |
|
|
5,000 |
|
|
|
4,999,100 |
|
| Grossmont California Healthcare District, GO, Election of 2006, Series B, 6.13%, 7/15/21 (a) |
|
|
2,000 |
|
|
|
2,461,200 |
|
| Imperial Irrigation District, Series A, Electric System Revenue, 5.13%, 11/01/18 (a) |
|
|
8,000 |
|
|
|
8,679,520 |
|
| Kern Community College District, GO, Safety Repair & Improvements, Series C: |
|
|
|
|
|
|
|
|
| 5.25%, 11/01/32 |
|
|
5,715 |
|
|
|
6,968,528 |
|
| 5.75%, 11/01/34 |
|
|
12,085 |
|
|
|
15,149,635 |
|
| Los Alamitos Unified School District, GO, Refunding, School Facilities Improvement, Series E,
5.25%, 8/01/39 |
|
|
3,700 |
|
|
|
4,434,968 |
|
| Los Rios Community College District, GO, Election of 2008, Series A, 5.00%, 8/01/35 |
|
|
11,000 |
|
|
|
12,422,520 |
|
| Mount San Jacinto Community College District, GO, Series A, 5.00%, 8/01/35 |
|
|
3,565 |
|
|
|
4,264,524 |
|
| Oxnard Union High School District, GO, Refunding, Election of 2004, Series A (AGM), 5.00%, 8/01/35 |
|
|
10,000 |
|
|
|
11,215,300 |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
BLACKROCK MUNIHOLDINGS CALIFORNIA QUALITY FUND, INC. |
|
OCTOBER 31, 2016 |
|
1 |
|
|
|
| Schedule of Investments (continued) |
|
BlackRock MuniHoldings California Quality Fund, Inc. (MUC) |
|
|
|
|
|
|
|
|
|
| Municipal Bonds |
|
Par (000) |
|
|
Value |
|
| California
(continued) |
|
| County/City/Special District/School District (continued) |
|
| Redlands Unified School District California, GO, Election of 2008 (AGM), 5.25%, 7/01/33 |
|
$ |
5,000 |
|
|
$ |
5,352,900 |
|
| Rio Elementary School District, GO, Series A, 5.25%, 8/01/40 |
|
|
5,865 |
|
|
|
6,948,031 |
|
| Riverside Community College District Foundation, GO, Election of 2004 (a): |
|
|
|
|
|
|
|
|
| Series C (AGM), 5.00%, 8/01/17 |
|
|
8,750 |
|
|
|
9,034,200 |
|
| Series C (NPFGC), 5.00%, 8/01/17 |
|
|
8,910 |
|
|
|
9,199,397 |
|
| San Diego Regional Building Authority, RB, County Operations Center & Annex, Series A,
5.50%, 2/01/19 (a) |
|
|
905 |
|
|
|
997,183 |
|
| San Diego Unified School District, GO, CAB, Series C (b): |
|
|
|
|
|
|
|
|
| 0.00%, 7/01/47 |
|
|
1,000 |
|
|
|
328,220 |
|
| Election of 2008, 0.00%, 7/01/42 |
|
|
3,605 |
|
|
|
1,435,475 |
|
| Election of 2008, 0.00%, 7/01/43 |
|
|
1,310 |
|
|
|
501,927 |
|
| Election of 2008, 0.00%, 7/01/45 |
|
|
1,575 |
|
|
|
558,416 |
|
| San Jose California Financing Authority, LRB, Convention Center Expansion & Renovation Project,
Series A: |
|
|
|
|
|
|
|
|
| 5.75%, 5/01/36 |
|
|
2,560 |
|
|
|
2,568,806 |
|
| 5.75%, 5/01/42 |
|
|
4,500 |
|
|
|
5,285,655 |
|
| San Jose California Financing Authority, Refunding LRB, Civic Center Project, Series A, 5.00%, 6/01/39 |
|
|
5,800 |
|
|
|
6,697,840 |
|
| San Marcos Redevelopment Agency Successor Agency, Refunding, Tax Allocation Bonds, Series A: |
|
|
|
|
|
|
|
|
| 5.00%, 10/01/32 |
|
|
1,700 |
|
|
|
2,037,773 |
|
| 5.00%, 10/01/33 |
|
|
1,125 |
|
|
|
1,341,585 |
|
| Snowline Joint Unified School District, COP, Refunding, Refining Project (AGC), 5.75%, 9/01/19 (a) |
|
|
5,635 |
|
|
|
6,388,118 |
|
| Sweetwater Union High School District, GO, Refunding, 4.00%, 8/01/42 |
|
|
5,000 |
|
|
|
5,371,800 |
|
|
|
|
|
|
|
|
|
|
| Municipal Bonds |
|
Par (000) |
|
|
Value |
|
| California
(continued) |
|
| County/City/Special District/School District (continued) |
|
| West Contra Costa California Unified School District, GO: |
|
|
|
|
|
|
|
|
| Election of 2010, Series A (AGM), 5.25%, 8/01/41 |
|
$ |
5,390 |
|
|
$ |
6,323,117 |
|
| Election of 2010, Series B, 5.50%, 8/01/39 |
|
|
3,195 |
|
|
|
3,886,430 |
|
| Election of 2012, Series A, 5.50%, 8/01/39 |
|
|
2,500 |
|
|
|
3,041,025 |
|
| Yuba Community College District, GO, Election of 2006, Series C, 0.00%, 8/01/38 (b) |
|
|
5,150 |
|
|
|
2,426,526 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
222,781,987 |
|
| Education — 2.5% |
|
| California Municipal Finance Authority, RB, Emerson College, 6.00%, 1/01/42 |
|
|
2,750 |
|
|
|
3,269,475 |
|
| University of California, Refunding RB: |
|
|
|
|
|
|
|
|
| Series AO, 5.00%, 5/15/40 |
|
|
5,430 |
|
|
|
6,426,676 |
|
| Series AR, 5.00%, 5/15/41 |
|
|
2,360 |
|
|
|
2,820,342 |
|
| Series AR, 5.00%, 5/15/46 |
|
|
3,600 |
|
|
|
4,282,164 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
16,798,657 |
|
| Health — 13.7% |
|
| ABAG Finance Authority for Nonprofit Corps., Refunding RB, Sharp Healthcare, Series B, 6.25%, 8/01/39 |
|
|
6,305 |
|
|
|
7,132,468 |
|
| California Health Facilities Financing Authority, RB: |
|
|
|
|
|
|
|
|
| Children’s Hospital, Series A, 5.25%, 11/01/41 |
|
|
8,000 |
|
|
|
9,100,560 |
|
| Providence Health Services, Series B, 5.50%, 10/01/39 |
|
|
4,130 |
|
|
|
4,604,702 |
|
| Sutter Health, Series A, 5.00%, 11/15/41 |
|
|
2,275 |
|
|
|
2,666,277 |
|
| Sutter Health, Series A, 5.25%, 11/15/46 |
|
|
7,500 |
|
|
|
7,513,200 |
|
| Sutter Health, Series B, 6.00%, 8/15/42 |
|
|
9,655 |
|
|
|
11,264,778 |
|
| California Health Facilities Financing Authority, Refunding RB, Series A: |
|
|
|
|
|
|
|
|
| Dignity Health, 6.00%, 7/01/34 |
|
|
3,700 |
|
|
|
4,142,853 |
|
| Providence Health and Services, 5.00%, 10/01/38 |
|
|
10,970 |
|
|
|
12,911,251 |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
| 2 |
|
BLACKROCK MUNIHOLDINGS CALIFORNIA QUALITY FUND, INC. |
|
OCTOBER 31, 2016 |
|
|
|
|
|
| Schedule of Investments (continued) |
|
BlackRock MuniHoldings California Quality Fund, Inc. (MUC) |
|
|
|
|
|
|
|
|
|
| Municipal Bonds |
|
Par (000) |
|
|
Value |
|
| California
(continued) |
|
| Health (continued) |
|
| California Health Facilities Financing Authority, Refunding RB, Series A (continued): |
|
|
|
|
|
|
|
|
| Providence St.Joseph Health, 4.00%, 10/01/47 |
|
$ |
5,330 |
|
|
$ |
5,597,193 |
|
| St. Joseph Health System, 5.00%, 7/01/37 |
|
|
10,000 |
|
|
|
11,493,000 |
|
| California Statewide Communities Development Authority, Refunding RB: |
|
|
|
|
|
|
|
|
| CHF Irvine LLC, 5.00%, 5/15/40 |
|
|
750 |
|
|
|
858,885 |
|
| John Muir Health, Series A, 4.00%, 8/15/51 |
|
|
3,375 |
|
|
|
3,487,354 |
|
| Trinity Health Credit Group Composite Issue, 5.00%, 12/01/41 |
|
|
6,235 |
|
|
|
7,134,711 |
|
| Washington Township Health Care District, GO, Election of 2004, Series B, 5.50%, 8/01/38 |
|
|
1,625 |
|
|
|
1,946,214 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
89,853,446 |
|
| State — 7.5% |
|
| State of California, GO: |
|
|
|
|
|
|
|
|
| Various Purposes, 6.00%, 3/01/33 |
|
|
5,000 |
|
|
|
5,803,550 |
|
| Various Purposes, 6.00%, 4/01/38 |
|
|
27,765 |
|
|
|
30,972,413 |
|
| Refunding, Veterans Bond, 4.00%, 12/01/40 |
|
|
4,000 |
|
|
|
4,311,960 |
|
| State of California Public Works Board, LRB: |
|
|
|
|
|
|
|
|
| Department of Education, Riverside Campus Project, Series B, 6.50%, 4/01/34 |
|
|
3,670 |
|
|
|
4,141,338 |
|
| Various Capital Projects, Series I, 5.50%, 11/01/33 |
|
|
2,015 |
|
|
|
2,451,510 |
|
| State of California Public Works Board, RB, California State Prisons, Series C, 5.75%, 10/01/31 |
|
|
1,205 |
|
|
|
1,443,674 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
49,124,445 |
|
| Transportation — 21.5% |
|
| Alameda Corridor Transportation Authority, Refunding RB, Series B: |
|
|
|
|
|
|
|
|
| 2nd Subordinate Lien, 5.00%, 10/01/36 |
|
|
2,035 |
|
|
|
2,370,429 |
|
| 2nd Subordinate Lien, 5.00%, 10/01/37 |
|
|
1,395 |
|
|
|
1,622,343 |
|
| 4.00%, 10/01/37 |
|
|
1,125 |
|
|
|
1,221,862 |
|
|
|
|
|
|
|
|
|
|
| Municipal Bonds |
|
Par (000) |
|
|
Value |
|
| California
(continued) |
|
| Transportation (continued) |
|
| City & County of San Francisco California Airports Commission, ARB, Series E, 6.00%, 5/01/39 |
|
$ |
9,650 |
|
|
$ |
10,818,904 |
|
| City & County of San Francisco California Airports Commission, Refunding ARB, AMT: |
|
|
|
|
|
|
|
|
| 2nd Series 34E (AGM), 5.75%, 5/01/22 |
|
|
4,950 |
|
|
|
5,283,580 |
|
| 2nd Series A, 5.00%, 5/01/29 |
|
|
6,435 |
|
|
|
7,479,465 |
|
| City & County of San Francisco California Airports Commission, Refunding RB, AMT (AGM): |
|
|
|
|
|
|
|
|
| 2nd Series 32, 5.75%, 5/01/18 (a) |
|
|
2,290 |
|
|
|
2,452,613 |
|
| Balance 2nd, 5.75%, 5/01/24 |
|
|
2,710 |
|
|
|
2,903,142 |
|
| City of Los Angeles California Department of Airports, ARB: |
|
|
|
|
|
|
|
|
| AMT, Senior Series A, 5.00%, 5/15/40 |
|
|
3,830 |
|
|
|
4,412,543 |
|
| AMT, Series D, 5.00%, 5/15/35 |
|
|
2,000 |
|
|
|
2,330,440 |
|
| AMT, Series D, 5.00%, 5/15/36 |
|
|
1,500 |
|
|
|
1,741,650 |
|
| Los Angeles International Airport, Senior Series D, 5.25%, 5/15/29 |
|
|
2,590 |
|
|
|
2,949,596 |
|
| City of Los Angeles California Department of Airports, Refunding ARB, Los Angeles International Airport,
Series A: |
|
|
|
|
|
|
|
|
| 5.25%, 5/15/39 |
|
|
5,845 |
|
|
|
6,430,611 |
|
| Senior, 5.00%, 5/15/40 |
|
|
5,000 |
|
|
|
5,624,750 |
|
| City of San Jose California, Refunding ARB, Series A-1, AMT: |
|
|
|
|
|
|
|
|
| 5.25%, 3/01/23 |
|
|
3,785 |
|
|
|
4,346,013 |
|
| 6.25%, 3/01/34 |
|
|
1,400 |
|
|
|
1,661,982 |
|
| City of San Jose California, Refunding RB, Series A (AMBAC), 5.00%, 3/01/37 |
|
|
8,000 |
|
|
|
8,096,800 |
|
| County of Orange California, ARB, Series B, 5.75%, 7/01/34 |
|
|
6,345 |
|
|
|
6,554,004 |
|
| County of Sacramento California, ARB: |
|
|
|
|
|
|
|
|
| Senior Series A (AGC), 5.50%, 7/01/41 |
|
|
8,200 |
|
|
|
8,791,302 |
|
| Senior Series B, 5.75%, 7/01/39 |
|
|
2,650 |
|
|
|
2,848,326 |
|
| Senior Series B, AMT (AGM), 5.75%, 7/01/28 |
|
|
13,275 |
|
|
|
14,296,113 |
|
| Senior Series B, AMT (AGM), 5.25%, 7/01/33 |
|
|
18,000 |
|
|
|
19,177,560 |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
BLACKROCK MUNIHOLDINGS CALIFORNIA QUALITY FUND, INC. |
|
OCTOBER 31, 2016 |
|
3 |
|
|
|
| Schedule of Investments (continued) |
|
BlackRock MuniHoldings California Quality Fund, Inc. (MUC) |
|
|
|
|
|
|
|
|
|
| Municipal Bonds |
|
Par (000) |
|
|
Value |
|
| California
(continued) |
|
| Transportation (continued) |
|
| County of Sacramento California, ARB (continued): |
|
|
|
|
|
| Senior Series B, AMT (AGM), 5.25%, 7/01/39 |
|
$ |
4,995 |
|
|
$ |
5,284,210 |
|
| County of San Bernardino California Transportation Authority, RB, Series A, 5.25%, 3/01/40 |
|
|
4,545 |
|
|
|
5,407,732 |
|
| Port of Los Angeles California Harbor Department, RB, Series B, 5.25%, 8/01/19 (a) |
|
|
5,530 |
|
|
|
6,172,531 |
|
| Port of Los Angeles California Harbor Department, Refunding RB, Series A, AMT, 5.00%, 8/01/44 |
|
|
500 |
|
|
|
572,390 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
140,850,891 |
|
| Utilities — 23.4% |
|
| Anaheim Public Financing Authority, RB, Electric System Distribution Facilities, Series A, 5.38%, 10/01/36 |
|
|
2,200 |
|
|
|
2,559,920 |
|
| City of Los Angeles California Department of Water & Power, RB, Series A: |
|
|
|
|
|
|
|
|
| 5.38%, 7/01/38 |
|
|
9,375 |
|
|
|
10,224,281 |
|
| 5.00%, 7/01/41 |
|
|
1,705 |
|
|
|
2,032,190 |
|
| City of Los Angeles California Department of Water & Power, Refunding RB, Series A: |
|
|
|
|
|
|
|
|
| 5.25%, 7/01/39 |
|
|
16,000 |
|
|
|
18,561,920 |
|
| 5.00%, 7/01/46 |
|
|
1,845 |
|
|
|
2,194,093 |
|
| City of Los Angeles California Wastewater System, Refunding RB, Sub-Series A, 5.00%, 6/01/28 |
|
|
2,000 |
|
|
|
2,261,940 |
|
| City of San Francisco California Public Utilities Commission Water Revenue, RB: |
|
|
|
|
|
|
|
|
| Series A, 5.00%, 11/01/39 |
|
|
5,245 |
|
|
|
6,164,501 |
|
| Series B, 5.00%, 11/01/19 (a) |
|
|
10,000 |
|
|
|
11,184,400 |
|
| County of Kern California Water Agency Improvement District No. 4, Refunding RB, Series A (AGM): |
|
|
|
|
|
|
|
|
| 4.00%, 5/01/35 |
|
|
1,460 |
|
|
|
1,591,254 |
|
| 4.00%, 5/01/36 |
|
|
1,430 |
|
|
|
1,553,609 |
|
| County of Los Angeles Sanitation Districts Financing Authority, Refunding RB, Series A,
4.00%, 10/01/42 (d) |
|
|
6,935 |
|
|
|
7,425,651 |
|
|
|
|
|
|
|
|
|
|
| Municipal Bonds |
|
Par (000) |
|
|
Value |
|
| California
(continued) |
|
| Utilities (continued) |
|
| County of Sacramento California Sanitation Districts Financing Authority, RB (NPFGC), 5.00%, 12/01/36 |
|
$ |
1,010 |
|
|
$ |
1,013,676 |
|
| Dublin-San Ramon Services District Water Revenue, Refunding RB, 6.00%, 8/01/41 |
|
|
4,000 |
|
|
|
4,712,400 |
|
| East Bay California Municipal Utility District Wastewater System Revenue, Refunding RB, Sub-Series A (AMBAC),
5.00%, 6/01/17 (a) |
|
|
17,015 |
|
|
|
17,445,139 |
|
| East Bay California Municipal Utility District Water System Revenue, Refunding RB (a): |
|
|
|
|
|
|
|
|
| Series A (NPFGC), 5.00%, 6/01/17 |
|
|
6,670 |
|
|
|
6,838,618 |
|
| Sub-Series A (AGM), 5.00%, 6/01/17 |
|
|
10,000 |
|
|
|
10,252,800 |
|
| Eastern Municipal Water District, COP, Series H, 5.00%, 7/01/18 (a) |
|
|
2,505 |
|
|
|
2,677,945 |
|
| El Dorado Irrigation District / El Dorado County Water Agency, Refunding RB, Series A (AGM),
5.25%, 3/01/39 |
|
|
10,000 |
|
|
|
11,809,800 |
|
| San Diego Public Facilities Financing Authority Sewer, Refunding RB, Senior Series A,
5.25%, 5/15/19 (a) |
|
|
11,600 |
|
|
|
12,258,351 |
|
| San Diego Public Facilities Financing Authority Water, Refunding RB, Series B, 5.50%, 8/01/19 (a) |
|
|
8,000 |
|
|
|
8,978,960 |
|
| San Juan Water District, Refunding RB, San Juan & Citrus Heights, 5.25%, 2/01/33 |
|
|
7,325 |
|
|
|
8,634,930 |
|
| Santa Clara Valley Water District, Refunding RB, Series A, 5.00%, 6/01/46 |
|
|
3,000 |
|
|
|
3,563,100 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
153,939,478 |
|
| Total Municipal Bonds — 105.3% |
|
|
|
690,810,606 |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
| 4 |
|
BLACKROCK MUNIHOLDINGS CALIFORNIA QUALITY FUND, INC. |
|
OCTOBER 31, 2016 |
|
|
|
|
|
| Schedule of Investments (continued) |
|
BlackRock MuniHoldings California Quality Fund, Inc. (MUC) |
|
|
|
|
|
|
|
|
|
| Municipal Bonds Transferred to Tender Option Bond Trusts (e) |
|
Par (000) |
|
|
Value |
|
| California —
59.0% |
|
| County/City/Special District/School District — 30.0% |
|
| County of Alameda California Joint Powers Authority, Refunding LRB (AGM), 5.00%, 12/01/17 (a) |
|
$ |
13,180 |
|
|
$ |
13,750,298 |
|
| County of San Luis Obispo Community College District, GO, Refunding, Election of 2014, Series A,
4.00%, 8/01/40 |
|
|
6,585 |
|
|
|
7,125,082 |
|
| County of San Mateo California Community College District, GO, Series A, 5.00%, 9/01/45 |
|
|
17,615 |
|
|
|
20,885,874 |
|
| Desert Community College District California, GO, Series C (AGM), 5.00%, 8/01/17 (a) |
|
|
16,530 |
|
|
|
17,065,737 |
|
| Foothill-De Anza Community College District, GO, Series C, 5.00%, 8/01/21 (a) |
|
|
40,000 |
|
|
|
47,179,200 |
|
| Los Angeles Community College District California, GO (a): |
|
|
|
|
|
|
|
|
| Election of 2001, Series A (NPFGC), 5.00%, 8/01/17 |
|
|
6,647 |
|
|
|
6,862,886 |
|
| Election of 2001, Series E-1, 5.00%, 8/01/18 |
|
|
11,770 |
|
|
|
12,615,792 |
|
| Election of 2003, Series F-1, 5.00%, 8/01/18 |
|
|
10,000 |
|
|
|
10,718,600 |
|
| Los Angeles Community College District California, GO, Refunding, Election of 2008, Series A, 6.00%, 8/01/19
(a) |
|
|
9,596 |
|
|
|
10,899,850 |
|
| Palomar California Community College District, GO, Election of 2006, Series C, 5.00%, 8/01/44 |
|
|
15,140 |
|
|
|
17,875,798 |
|
| Southwestern Community College District, GO, Election of 2008, Series D, 5.00%, 8/01/44 |
|
|
10,820 |
|
|
|
12,765,977 |
|
| West Valley-Mission Community College District, GO, Election of 2012, Series B, 4.00%, 8/01/40 |
|
|
17,000 |
|
|
|
18,697,620 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
196,442,714 |
|
| Education — 5.8% |
|
| University of California, RB: |
|
|
|
|
|
|
|
|
| Series AM, 5.25%, 5/15/44 |
|
|
10,210 |
|
|
|
12,182,368 |
|
| Series O, 5.75%, 5/15/19 (a) |
|
|
11,193 |
|
|
|
12,533,348 |
|
| University of California, Refunding RB: |
|
|
|
|
|
|
|
|
| Series A, 5.00%, 11/01/43 |
|
|
6,001 |
|
|
|
7,197,807 |
|
|
|
|
|
|
|
|
|
|
| Municipal Bonds Transferred to Tender Option Bond Trusts (e) |
|
Par (000) |
|
|
Value |
|
| California
(continued) |
|
| Education (continued) |
|
| University of California, Refunding RB (continued): |
|
|
|
|
|
|
|
|
| Series AF, 5.00%, 5/15/39 |
|
$ |
5,000 |
|
|
$ |
5,851,600 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
37,765,123 |
|
| Health — 11.9% |
|
| California Health Facilities Financing Authority, RB, Sutter Health, Series A, 5.00%, 8/15/52 |
|
|
14,520 |
|
|
|
16,519,985 |
|
| California Health Facilities Financing Authority, Refunding RB: |
|
|
|
|
|
|
|
|
| Lucile Salter Packard Childern’s Hospital, Series B, 5.00%, 8/15/55 |
|
|
4,500 |
|
|
|
5,195,925 |
|
| Sutter Health, Series A, 5.00%, 8/15/43 |
|
|
19,425 |
|
|
|
22,487,331 |
|
| California Statewide Communities Development Authority, RB, Kaiser Permanente, Series A, 5.00%, 4/01/42 |
|
|
19,070 |
|
|
|
21,688,311 |
|
| Regents of the University of California Medical Center Pooled Revenue, Refunding RB, Series L,
5.00%, 5/15/41 |
|
|
10,375 |
|
|
|
12,254,947 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
78,146,499 |
|
| Transportation — 3.3% |
|
| City of Los Angeles California Department of Airports, RB, Senior Revenue, Series A, AMT, 5.00%, 5/15/40 |
|
|
5,500 |
|
|
|
6,336,550 |
|
| City of Los Angeles California Department of Airports, Series D, AMT, 5.00%, 5/15/41 |
|
|
13,331 |
|
|
|
15,359,159 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
21,695,709 |
|
| Utilities — 8.0% |
|
| City of Los Angeles California Wastewater System, RB, Green Bonds, Series A, 5.00%, 6/01/44 |
|
|
13,790 |
|
|
|
16,332,738 |
|
| County of San Diego California Water Authority Financing Corp., COP, Refunding, Series A (AGM), 5.00%, 5/01/18
(a) |
|
|
16,740 |
|
|
|
17,786,250 |
|
| East Bay California Municipal Utility District Water System Revenue, RB, Series C, 5.00%, 6/01/44 |
|
|
11,000 |
|
|
|
13,106,390 |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
BLACKROCK MUNIHOLDINGS CALIFORNIA QUALITY FUND, INC. |
|
OCTOBER 31, 2016 |
|
5 |
|
|
|
| Schedule of Investments (continued) |
|
BlackRock MuniHoldings California Quality Fund, Inc. (MUC) |
|
|
|
|
|
|
|
|
|
| Municipal Bonds Transferred to Tender Option Bond Trusts (e) |
|
Par (000) |
|
|
Value |
|
| California
(continued) |
|
| Utilities (continued) |
|
| Rancho Water District Financing Authority, Refunding RB, Series A (AGM), 5.00%, 8/01/34 |
|
$ |
5,008 |
|
|
$ |
5,362,028 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
52,587,406 |
|
| Total Municipal Bonds Transferred to
Tender Option Bond Trusts — 59.0% |
|
|
|
386,637,451 |
|
| Total Long-Term Investments
(Cost — $1,005,581,574) — 164.3% |
|
|
|
1,077,448,057 |
|
|
|
|
|
|
|
|
|
|
| Short-Term Securities |
|
Shares |
|
|
Value |
|
| BlackRock Liquidity Funds, MuniCash, Institutional Class,
0.44% (f)(g) |
|
|
4,572,521 |
|
|
$ |
4,572,978 |
|
| Total Short-Term Securities
(Cost — $4,572,521) — 0.7% |
|
|
|
4,572,978 |
|
| Total Investments
(Cost — $1,010,154,095*) — 165.0% |
|
|
|
1,082,021,035 |
|
| Other Assets Less Liabilities — 0.6% |
|
|
|
4,112,263 |
|
| Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable —
(26.9)% |
|
|
|
(176,170,511 |
) |
| VMTP Shares, at Liquidation Value — (38.7)% |
|
|
|
(254,000,000 |
) |
|
|
|
|
|
|
|
|
|
| Net Assets Applicable to Common Shares — 100.0% |
|
|
$ |
655,962,787 |
|
|
|
|
|
|
|
|
|
|
| * |
As of period end, gross unrealized appreciation and depreciation based on cost for federal income tax purposes were as follows: |
|
|
|
|
|
| Tax cost |
|
$ |
834,660,511 |
|
|
|
|
|
|
| Gross unrealized appreciation |
|
$ |
73,439,091 |
|
| Gross unrealized depreciation |
|
|
(1,934,895 |
) |
|
|
|
|
|
| Net unrealized appreciation |
|
$ |
71,504,196 |
|
|
|
|
|
|
|
| Notes to Schedule of Investments |
| (a) |
|
U.S. Government securities, held in escrow, are used to pay interest on this security, as well as to retire the bond in full at the date indicated, typically at a premium
to par. |
| (c) |
|
Variable rate security. Rate as of period end. |
| (d) |
|
When-issued security. |
| (e) |
|
Represent bonds transferred to a TOB Trust in exchange of cash and residual certificates received by the Fund. These bonds serve as collateral in a secured borrowing.
|
| (f) |
|
During the period ended October 31, 2016, investments in issuers considered to be an affiliate of the Fund for purposes of Section 2(a)(3) of the Investment
Company Act of 1940, as amended, were as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Affiliate |
|
Shares Held
at July 31, 2016 |
|
|
Net
Activity |
|
|
Shares Held
at October 31, 2016 |
|
|
Value at
October 31,
2016 |
|
|
Income |
|
|
Realized
Gain |
|
| BlackRock Liquidity Funds, MuniCash, Institutional Class |
|
|
— |
|
|
|
4,572,521 |
|
|
|
4,572,521 |
|
|
$ |
4,572,978 |
|
|
$ |
4,315 |
|
|
$ |
12 |
|
| (g) |
|
Current yield as of period end. |
For Fund compliance
purposes, the Fund’s sector classifications refer to any 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 advisor. These definitions
may not apply for purposes of this report, which may combine such sector sub-classifications for reporting ease.
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
| 6 |
|
BLACKROCK MUNIHOLDINGS CALIFORNIA QUALITY FUND, INC. |
|
OCTOBER 31, 2016 |
|
|
|
|
|
| Schedule of Investments (continued) |
|
BlackRock MuniHoldings California Quality Fund, Inc. (MUC) |
|
|
|
|
|
|
|
|
|
| Derivative Financial Instruments Outstanding as of Period
End |
Futures Contracts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contracts
Short |
|
|
Issue |
|
|
Expiration |
|
|
Notional
Value |
|
|
Unrealized
Appreciation |
|
| |
(17 |
) |
|
|
5-Year U.S. Treasury Note |
|
|
|
December 2016 |
|
|
$ |
2,053,547 |
|
|
$ |
10,881 |
|
| |
(108 |
) |
|
|
10-Year U.S. Treasury Note |
|
|
|
December 2016 |
|
|
$ |
13,999,500 |
|
|
|
187,953 |
|
| |
(73 |
) |
|
|
Long U.S. Treasury Bond |
|
|
|
December 2016 |
|
|
$ |
11,878,469 |
|
|
|
414,315 |
|
| |
(23 |
) |
|
|
Ultra U.S. Treasury Bond |
|
|
|
December 2016 |
|
|
$ |
4,046,562 |
|
|
|
183,242 |
|
| |
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
796,391 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| AGC |
|
Assured Guarantee Corp. |
|
ARB |
|
Airport Revenue Bonds |
|
GO |
|
General Obligation Bonds |
| AGM |
|
Assured Guaranty Municipal Corp. |
|
CAB |
|
Capital Appreciation Bonds |
|
LRB |
|
Lease Revenue Bonds |
| AMBAC |
|
American Municipal Bond Assurance Corp. |
|
CHF |
|
Swiss Franc |
|
NPFGC |
|
National Public Finance Guarantee Corp. |
| AMT |
|
Alternative Minimum Tax (subject to) |
|
COP |
|
Certificates of Participation |
|
RB |
|
Revenue Bonds |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
BLACKROCK MUNIHOLDINGS CALIFORNIA QUALITY FUND, INC. |
|
OCTOBER 31, 2016 |
|
7 |
|
|
|
| Schedule of Investments (continued) |
|
BlackRock MuniHoldings California Quality Fund, Inc. (MUC) |
|
| Fair Value Hierarchy as of Period End |
Various inputs are used in determining the fair value of investments and derivative financial instruments. These inputs to valuation methodologies are
categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:
| |
• |
|
Level 1 — unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the Fund has the ability to access
|
| |
• |
|
Level 2 — other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted
prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss
severities, credit risks and default rates) or other market-corroborated inputs) |
| |
• |
|
Level 3 — unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available
(including the Fund’s own assumptions used in determining the fair value of investments and derivative financial instruments) |
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3
measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such
cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant
unobservable inputs used by the Global Valuation Committee in determining the price for Fair Valued Investments. Level 3 Investments include equity or debt issued by privately-held companies. There may not be a secondary market, and/or there are a
limited number of investors. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Global Valuation Committee in the absence of market information.
Changes in valuation methodologies may result in transfers into or out of an assigned level within the hierarchy. In accordance with the Fund’s policy,
transfers between different levels of the fair value hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for investments and derivative financial instruments is based on the
pricing transparency of the investments and derivative financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund’s policy regarding valuation of
investments and derivative financial instruments, refer to the Fund’s most recent financial statements as contained in its annual report.
The following tables summarize the Fund’s investments and derivative financial instruments categorized in the disclosure hierarchy:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
| Assets: |
|
| Investments: |
|
| Long Term Investments1 |
|
|
— |
|
|
$ |
1,077,448,057 |
|
|
|
— |
|
|
$ |
1,077,448,057 |
|
| Short Term Securities |
|
$ |
4,572,978 |
|
|
|
— |
|
|
|
— |
|
|
|
4,572,978 |
|
|
|
|
|
|
| Total |
|
$ |
4,572,978 |
|
|
$ |
1,077,448,057 |
|
|
|
|
|
|
$ |
1,082,021,035 |
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Derivative Financial Instruments2 |
|
| Assets: |
|
| Interest rate contracts |
|
$ |
796,391 |
|
|
|
— |
|
|
|
— |
|
|
$ |
796,391 |
|
|
1 See above
Schedule of Investments for values in each sector. 2 Derivative financial instruments are futures contracts which are valued at the unrealized appreciation (depreciation) on the instrument. |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
| 8 |
|
BLACKROCK MUNIHOLDINGS CALIFORNIA QUALITY FUND, INC. |
|
OCTOBER 31, 2016 |
|
|
|
|
|
| Schedule of Investments (concluded) |
|
BlackRock MuniHoldings California Quality Fund, Inc. (MUC) |
The Fund may hold assets and/or liabilities in which the fair value approximates
the carrying amount for financial reporting purposes. As of period end, such assets and/or liabilities are categorized within the disclosure hierarchy as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
| Assets: |
|
| Cash pledged for futures contracts |
|
$ |
539,500 |
|
|
|
— |
|
|
|
— |
|
|
$ |
539,500 |
|
| Liabilities: |
|
| Bank overdraft |
|
|
— |
|
|
$ |
(346,178 |
) |
|
|
— |
|
|
|
(346,178 |
) |
| TOB Trust Certificates |
|
|
— |
|
|
|
(175,856,328 |
) |
|
|
— |
|
|
|
(175,856,328 |
) |
| VMTP Shares at Liquidation Value |
|
|
— |
|
|
|
(254,000,000 |
) |
|
|
— |
|
|
|
(254,000,000 |
) |
|
|
|
|
|
| Total |
|
$ |
539,500 |
|
|
$ |
(430,202,506 |
) |
|
|
— |
|
|
$ |
(429,663,006 |
) |
|
|
|
|
|
During the period ended October 31, 2016, there were no transfers between levels.
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
BLACKROCK MUNIHOLDINGS CALIFORNIA QUALITY FUND, INC. |
|
OCTOBER 31, 2016 |
|
9 |
Item 2 – Controls and Procedures
| 2(a) – |
The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule
30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under
the 1940 Act and Rule 13a-15(b) under the Securities Exchange Act of 1934, as amended. |
| 2(b) – |
There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant’s last fiscal quarter that have
materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
Item 3 – Exhibits
Certifications
– Attached hereto
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the
registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
|
|
|
| BlackRock MuniHoldings California Quality Fund, Inc. |
|
|
| By: |
|
/s/ John M. Perlowski |
|
|
John M. Perlowski |
|
|
Chief Executive Officer (principal executive officer) of
BlackRock MuniHoldings California Quality Fund, Inc. |
Date: December 20, 2016
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following
persons on behalf of the registrant and in the capacities and on the dates indicated.
|
|
|
| By: |
|
/s/ John M. Perlowski |
|
|
John M. Perlowski |
|
|
Chief Executive Officer (principal executive officer) of
BlackRock MuniHoldings California Quality Fund, Inc. |
Date: December 20, 2016
|
|
|
| By: |
|
/s/ Neal J. Andrews |
|
|
Neal J. Andrews |
|
|
Chief Financial Officer (principal financial officer) of
BlackRock MuniHoldings California Quality Fund, Inc. |
Date: December 20, 2016