Regulatory Filings • Jun 27, 2011
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Download Source FileN-Q 1 mucfinal.htm BR MUNIHOLDINGS CALIFORNIA QUALITY FUND, INC. mucfinal.htm - Generated by SEC Publisher for SEC Filing $$/page=
UNITEDSTATES SECURITIESANDEXCHANGECOMMISSION 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 52 nd Street, New York, NY 10055 Registrants telephone number, including area code: (800) 882-0052, Option 4 Date of fiscal year end: 07/31/2011 Date of reporting period: 04/30/2011 Item 1 Schedule of Investments
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BlackRock MuniHoldings California Quality Fund, Inc. (MUC) Schedule of Investments April 30, 2011 (Unaudited) (Percentages shown are based on Net Assets)
| Municipal Bonds | (000) | Value |
|---|---|---|
| California — 116.2% | ||
| Corporate — 0.5% | ||
| City of Chula Vista California, Refunding | ||
| RB, San Diego Gas & Electric, | ||
| Series A, 5.88%, 2/15/34 | $ 2,435 | $ 2,535,760 |
| County/City/Special District/School District — 48.2% | ||
| Alameda County Joint Powers Authority, | ||
| Refunding RB, Lease (AGM), 5.00%, | ||
| 12/01/34 | 13,180 | 12,736,625 |
| Bonita Unified School District California, | ||
| GO, Election of 2004, Series B | ||
| (NPFGC), 5.00%, 8/01/29 | 8,350 | 8,453,206 |
| Central Unified School District, GO, | ||
| Election of 2008, Series A (AGC), | ||
| 5.63%, 8/01/33 | 2,600 | 2,641,782 |
| City of Garden Grove California, COP, | ||
| Series A, Financing Project (AMBAC), | ||
| 5.50%, 3/01/26 | 4,040 | 4,166,008 |
| City of Lodi California, COP, Refunding, | ||
| Series A (AGM), 5.00%, 10/01/32 | 2,080 | 2,042,352 |
| City of Redding California, COP, | ||
| Refunding, Series A (AGM), 5.00%, | ||
| 6/01/30 | 5,735 | 5,692,905 |
| Colton Joint Unified School District, GO, | ||
| Series A (NPFGC), 5.38%, 8/01/26 | 2,500 | 2,541,150 |
| Corona Department of Water & Power, | ||
| COP (NPFGC), 5.00%, 9/01/29 | 5,910 | 5,610,186 |
| County of Kern California, COP, Capital | ||
| Improvements Projects, Series A | ||
| (AGC), 6.00%, 8/01/35 | 3,500 | 3,715,495 |
| Covina-Valley Unified School District | ||
| California, GO, Refunding, Series A | ||
| (AGM), 5.50%, 8/01/26 | 2,395 | 2,496,907 |
| Culver City Redevelopment Finance | ||
| Authority California, Tax Allocation | ||
| Bonds, Refunding, Series A (AGM), | ||
| 5.60%, 11/01/25 | 3,750 | 3,796,387 |
| Fullerton Joint Union High School District | ||
| California, GO, Election of 2002, | ||
| Series B (NPFGC), 5.00%, 8/01/29 | 6,685 | 6,779,058 |
| Grossmont Healthcare District, GO, | ||
| Election of 2006, Series B, 6.13%, | ||
| 7/15/40 | 2,000 | 2,102,060 |
| Jurupa Public Financing Authority, RB, | ||
| Superior Lien, Series A (AGM): | ||
| 5.00%, 9/01/30 | 4,000 | 3,850,960 |
| Municipal Bonds | (000) | Value |
|---|---|---|
| California (continued) | ||
| County/City/Special District/School | ||
| District (continued) | ||
| Jurupa Public Financing Authority, RB, | ||
| Superior Lien, Series A (AGM) | ||
| (concluded): | ||
| 5.00%, 9/01/33 | $ 2,000 | $ 1,862,420 |
| 5.00%, 9/01/39 | 4,230 | 3,783,185 |
| Los Angeles Community Redevelopment | ||
| Agency California, RB, Bunker Hill | ||
| Project, Series A (AGM), 5.00%, | ||
| 12/01/27 | 10,000 | 10,176,900 |
| Los Angeles County Metropolitan | ||
| Transportation Authority, Refunding | ||
| RB, Proposition A, First Tier, Senior | ||
| Series A (AMBAC), 5.00%, 7/01/35 | 9,000 | 9,059,940 |
| Los Gatos Union School District | ||
| California, GO, Election of 2001, | ||
| Series B (AGM), 5.00%, 8/01/30 | 2,735 | 2,780,866 |
| Los Rios Community College District, GO, | ||
| Election of 2008, Series A, 5.00%, | ||
| 8/01/35 | 11,000 | 10,683,090 |
| Marin Community College District, GO, | ||
| Election of 2004, Series A (NPFGC), | ||
| 5.00%, 8/01/28 | 5,760 | 5,807,866 |
| Orange County Sanitation District, COP, | ||
| Series A, 5.00%, 2/01/35 | 2,500 | 2,525,425 |
| Oxnard Union High School District, GO, | ||
| Refunding, Election of 2004, Series A | ||
| (AGM), 5.00%, 8/01/35 | 10,000 | 9,631,900 |
| Peralta Community College District, GO, | ||
| Election of 2000, Series D (AGM), | ||
| 5.00%, 8/01/35 | 15,490 | 14,596,537 |
| Port of Oakland, Refunding RB, | ||
| Series M, AMT (NPFGC), 5.38%, | ||
| 11/01/27 | 24,465 | 23,121,627 |
| Redlands Unified School District | ||
| California, GO, Election of 2008 | ||
| (AGM), 5.25%, 7/01/33 | 5,000 | 5,020,350 |
| Redwoods Community College District, | ||
| GO, Election of 2004 (NPFGC), 5.00%, | ||
| 8/01/31 | 4,630 | 4,548,651 |
| Riverside Unified School District | ||
| California, GO, Election of 2001, | ||
| Series B (NPFGC), 5.00%, 8/01/30 | 10,735 | 10,694,744 |
| Saddleback Valley Unified School District | ||
| California, GO (AGM), 5.00%, 8/01/29 | 4,115 | 4,131,830 |
| Portfolio Abbreviations | |||
|---|---|---|---|
| To simplify the listings of portfolio holdings in the Schedule of Investments, the names and descriptions of many of the securities have been abbreviated | |||
| according to the following list: | |||
| AGC | Assured Guaranty Corp. | CAB | Capital Appreciation Bonds |
| AGM | Assured Guaranty Municipal Corp. | COP | Certificates of Participation |
| AMBAC | American Municipal Bond Assurance Corp. | GO | General Obligation Bonds |
| AMT | Alternative Minimum Tax (subject to) | NPFGC | National Public Finance Guarantee Corp. |
| BHAC | Berkshire Hathaway Assurance Corp. | RB | Revenue Bonds |
BLACKROCK MUNIHOLDINGS CALIFORNIA QUALITY FUND, INC. APRIL 30, 2011 1
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BlackRock MuniHoldings California Quality Fund, Inc. (MUC) Schedule of Investments (continued) (Percentages shown are based on Net Assets)
| Municipal Bonds | (000) | Value |
|---|---|---|
| California (continued) | ||
| County/City/Special District/School | ||
| District (concluded) | ||
| San Bernardino Community College | ||
| District, GO, Election of 2002, | ||
| Series A, 6.25%, 8/01/33 | $ 310 | $ 339,425 |
| San Diego Community College District | ||
| California, GO, Election of 2002 | ||
| (AGM), 5.00%, 5/01/30 | 7,000 | 7,020,090 |
| San Diego Regional Building Authority, | ||
| RB, County Operations Center & | ||
| Annex, Series A, 5.50%, 2/01/29 | 830 | 863,374 |
| San Francisco Community College | ||
| District California, GO, Election of | ||
| 2001, Series C (AGM), 5.00%, | ||
| 6/15/31 | 4,195 | 4,207,921 |
| San Jose Evergreen Community College | ||
| District California, GO, Refunding, CAB, | ||
| Election of 2004, Series A (NPFGC), | ||
| 5.17%, 9/01/24 (a) | 10,410 | 4,906,129 |
| San Jose Financing Authority, RB, | ||
| Convention Center Expansion & | ||
| Renovation Project: | ||
| 5.75%, 5/01/36 | 2,560 | 2,565,504 |
| 5.75%, 5/01/42 | 4,500 | 4,500,000 |
| San Mateo County Transportation | ||
| District California, Refunding RB, | ||
| Series A (NPFGC), 5.00%, 6/01/29 | 5,650 | 5,752,095 |
| Santa Clara Redevelopment Agency | ||
| California, Tax Allocation Bonds, | ||
| Bayshore North Project, Series A | ||
| (AMBAC), 5.50%, 6/01/23 | 10,000 | 10,003,100 |
| Snowline Joint Unified School District, | ||
| COP, Refunding, Refining Project | ||
| (AGC), 5.75%, 9/01/38 | 5,635 | 5,955,293 |
| Vista Unified School District California, | ||
| GO, Series A (AGM), 5.25%, 8/01/25 | 10,000 | 10,265,900 |
| Walnut Valley Unified School District | ||
| California, GO, Election of 2007, | ||
| Measure S, Series A (AGM), 5.00%, | ||
| 2/01/33 | 2,000 | 1,958,300 |
| Walnut Valley Unified School District, | ||
| GO, Election of 2007, Measure S, | ||
| Series A (AGM), 5.00%, 8/01/30 | 1,000 | 990,170 |
| West Contra Costa Unified School | ||
| District California, GO (AGM): | ||
| Election of 2002, Series B, 5.00%, | ||
| 8/01/32 | 6,690 | 6,672,138 |
| Election of 2005, Series A, 5.00%, | ||
| 8/01/26 | 2,595 | 2,650,611 |
| West Contra Costa Unified School | ||
| District, GO, Election of 2005, Series A | ||
| (AGM), 5.00%, 8/01/35 | 12,000 | 11,622,120 |
| Westminster Redevelopment Agency | ||
| California, Tax Allocation Bonds, | ||
| Subordinate, Commercial | ||
| Redevelopment Project No. 1 (AGC), | ||
| 6.25%, 11/01/39 | 4,300 | 4,680,163 |
| 270,002,745 | ||
| Education — 11.5% | ||
| Anaheim City School District California, | ||
| GO, Election of 2010 (AGM), 6.25%, | ||
| 8/01/40 | 3,750 | 3,952,800 |
| Municipal Bonds | (000) | Value |
|---|---|---|
| California (continued) | ||
| Education (concluded) | ||
| California State Public Works Board, RB, | ||
| University of California, Institute | ||
| Project, Series C (AMBAC), 5.00%, | ||
| 4/01/30 | $ 5,025 | $ 4,952,288 |
| California State University, Refunding | ||
| RB, Systemwide, Series C (NPFGC), | ||
| 5.00%, 11/01/35 | 10,000 | 9,143,200 |
| Gavilan Joint Community College District, | ||
| GO, Election of 2004, Series D (b): | ||
| 5.50%, 8/01/31 | 2,170 | 2,245,473 |
| 5.75%, 8/01/35 | 7,150 | 7,372,865 |
| Riverside Community College District, | ||
| GO, Election of 2004, Series C (AGM), | ||
| 5.00%, 8/01/32 | 8,750 | 8,659,000 |
| San Diego Community College District, | ||
| GO, Election of 2006 (AGM), 5.00%, | ||
| 8/01/30 | 8,685 | 8,721,390 |
| University of California, RB: | ||
| Limited Project, Series D (AGM), | ||
| 5.00%, 5/15/37 | 5,950 | 5,772,869 |
| Series L, 5.00%, 5/15/36 | 2,995 | 2,915,662 |
| University of California, Refunding RB, | ||
| General, Series A (AMBAC), 5.00%, | ||
| 5/15/27 | 10,500 | 10,617,600 |
| 64,353,147 | ||
| Health — 5.2% | ||
| ABAG Finance Authority for Nonprofit | ||
| Corps, Refunding RB, Sharp | ||
| Healthcare: | ||
| 6.25%, 8/01/39 | 5,000 | 4,986,250 |
| Series A, 6.00%, 8/01/30 | 2,250 | 2,229,480 |
| California Health Facilities Financing | ||
| Authority, Refunding RB: | ||
| Catholic Healthcare West, Series A, | ||
| 6.00%, 7/01/34 | 3,700 | 3,732,893 |
| Sutter Health, Series B, 6.00%, | ||
| 8/15/42 | 7,155 | 7,255,957 |
| California Statewide Communities | ||
| Development Authority, RB, Health | ||
| Facility, Memorial Health Services, | ||
| Series A, 6.00%, 10/01/23 | 4,915 | 5,045,444 |
| California Statewide Communities | ||
| Development Authority, Refunding RB, | ||
| Kaiser Permanente, Series A (BHAC), | ||
| 5.00%, 4/01/31 | 4,400 | 4,312,836 |
| City of Newport Beach California, RB, | ||
| Hoag Memorial Hospital Presbyterian, | ||
| 6.00%, 12/01/40 | 1,820 | 1,868,667 |
| 29,431,527 | ||
| State — 2.0% | ||
| California Community College Financing | ||
| Authority, RB, Grossmont-Palomar- | ||
| Shasta, Series A (NPFGC), 5.63%, | ||
| 4/01/26 | 2,180 | 2,188,916 |
| California State Public Works Board, RB, | ||
| Department of Education, Riverside | ||
| Campus Project, Series B, 6.50%, | ||
| 4/01/34 | 3,670 | 3,819,296 |
2 BLACKROCK MUNIHOLDINGS CALIFORNIA QUALITY FUND, INC. APRIL 30, 2011
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BlackRock MuniHoldings California Quality Fund, Inc. (MUC) Schedule of Investments (continued) (Percentages shown are based on Net Assets)
| Municipal Bonds | (000) | Value |
|---|---|---|
| California (continued) | ||
| State (concluded) | ||
| California State University, Refunding | ||
| RB, Systemwide, Series C (NPFGC), | ||
| 5.00%, 11/01/28 | $ 5,000 | $ 4,976,900 |
| 10,985,112 | ||
| Transportation — 17.2% | ||
| City of Fresno California, RB, Series B, | ||
| AMT (AGM), 5.50%, 7/01/20 | 4,455 | 4,557,866 |
| City of San Jose California, RB, Series D | ||
| (NPFGC), 5.00%, 3/01/28 | 7,500 | 7,250,850 |
| County of Orange California, RB, | ||
| Series B, 5.75%, 7/01/34 | 6,345 | 6,652,859 |
| County of Sacramento California, RB, | ||
| Senior Series B: | ||
| 5.75%, 7/01/39 | 2,650 | 2,671,412 |
| AMT (AGM), 5.75%, 7/01/28 | 13,170 | 13,661,768 |
| AMT (AGM), 5.25%, 7/01/33 | 19,525 | 18,829,715 |
| Los Angeles Harbor Department, RB, | ||
| Series B, 5.25%, 8/01/34 | 5,530 | 5,577,447 |
| Port of Oakland, RB, Series K, AMT | ||
| (NPFGC), 5.75%, 11/01/29 | 19,660 | 19,200,743 |
| San Francisco City & County Airports | ||
| Commission, RB, Series E, 6.00%, | ||
| 5/01/39 | 9,650 | 10,111,656 |
| San Francisco City & County Airports | ||
| Commission, Refunding RB, Second | ||
| Series 34E, AMT (AGM), 5.75%, | ||
| 5/01/24 | 5,000 | 5,275,800 |
| San Joaquin County Transportation | ||
| Authority, RB, Limited Tax, Measure K, | ||
| Series A, 6.00%, 3/01/36 | 2,400 | 2,531,088 |
| 96,321,204 | ||
| Utilities — 31.6% | ||
| City of Escondido California, COP, | ||
| Refunding, Series A (NPFGC), 5.75%, | ||
| 9/01/24 | 465 | 471,017 |
| City of Glendale California, RB (AGC), | ||
| 5.00%, 2/01/31 | 5,030 | 5,064,003 |
| City of Los Angeles California, Refunding | ||
| RB, Sub-Series A: | ||
| 5.00%, 6/01/28 | 2,000 | 2,064,800 |
| 5.00%, 6/01/32 | 3,000 | 3,028,230 |
| City of Santa Clara California, RB, Sub- | ||
| Series A (NPFGC), 5.00%, 7/01/28 | 6,050 | 6,056,957 |
| Dublin-San Ramon Services District, | ||
| Refunding RB, 6.00%, 8/01/41 | 4,000 | 4,128,920 |
| East Bay Municipal Utility District, | ||
| Refunding RB, Sub-Series A (AMBAC), | ||
| 5.00%, 6/01/33 | 6,545 | 6,675,442 |
| East Valley Water District Financing | ||
| Authority, Refunding RB, 5.00%, | ||
| 10/01/40 | 4,070 | 3,930,033 |
| Eastern Municipal Water District, COP, | ||
| Series H, 5.00%, 7/01/33 | 2,500 | 2,447,350 |
| Los Angeles County Sanitation Districts | ||
| Financing Authority, Refunding RB, | ||
| Capital Project 14 (BHAC), 5.00%, | ||
| 10/01/34 | 7,915 | 7,927,110 |
| Metropolitan Water District of Southern | ||
| California, RB, Series B-1 (NPFGC), | ||
| 5.00%, 10/01/33 | 9,000 | 9,069,030 |
| Municipal Bonds | (000) | Value |
|---|---|---|
| California (concluded) | ||
| Utilities (concluded) | ||
| Oxnard Financing Authority, RB (NPFGC): | ||
| Project, 5.00%, 6/01/31 | $ 10,000 | $ 9,679,400 |
| Redwood Trunk Sewer & | ||
| Headworks, Series A, 5.25%, | ||
| 6/01/34 | 13,000 | 13,036,010 |
| Sacramento City Financing Authority | ||
| California, Refunding RB (NPFGC), | ||
| 5.00%, 12/01/29 | 8,775 | 8,536,495 |
| Sacramento Municipal Utility District, RB | ||
| (NPFGC): | ||
| Cosumnes Project, 5.13%, 7/01/29 | 36,760 | 36,782,056 |
| Series R, 5.00%, 8/15/33 | 22,150 | 21,201,315 |
| San Diego Public Facilities Financing | ||
| Authority, Refunding RB, Senior | ||
| Series A, 5.25%, 5/15/34 | 1,000 | 1,006,490 |
| San Francisco City & County Public | ||
| Utilities Commission, RB: | ||
| Series A (NPFGC), 5.00%, 11/01/32 | 15,000 | 15,051,600 |
| Series B, 5.00%, 11/01/30 | 14,000 | 14,520,240 |
| Turlock Public Financing Authority | ||
| California, RB, Series A (NPFGC), | ||
| 5.00%, 9/15/33 | 6,655 | 6,645,750 |
| 177,322,248 | ||
| Total Municipal Bonds – 116.2% | 650,951,743 | |
| Municipal Bonds Transferred to Tender | ||
| Option Bond Trusts (c) | ||
| California — 56.3% | ||
| Corporate — 7.3% | ||
| San Francisco Bay Area Rapid Transit | ||
| District, Refunding RB, Series A | ||
| (NPFGC), 5.00%, 7/01/30 | 23,100 | 23,559,921 |
| University of California, RB, Limited | ||
| Project, Series B (AGM), 5.00%, | ||
| 5/15/33 | 17,397 | 17,190,095 |
| 40,750,016 | ||
| County/City/Special District/School District — 22.3% | ||
| Contra Costa Community College District | ||
| California, GO, Election of 2002 | ||
| (NPFGC), 5.00%, 8/01/28 | 7,800 | 7,874,022 |
| Desert Community College District | ||
| California, GO, Series C (AGM), 5.00%, | ||
| 8/01/37 | 16,530 | 15,897,893 |
| Los Angeles Community College District | ||
| California, GO: | ||
| Election of 2001, Series A (NPFGC), | ||
| 5.00%, 8/01/32 | 6,647 | 6,578,300 |
| Election of 2003, Series E (AGM), | ||
| 5.00%, 8/01/31 | 11,216 | 11,215,194 |
| Election of 2008, Series A, 6.00%, | ||
| 8/01/33 | 9,596 | 10,358,510 |
| Ohlone Community College District, GO, | ||
| Ohlone, Series B (AGM), 5.00%, | ||
| 8/01/30 | 16,518 | 16,567,131 |
BLACKROCK MUNIHOLDINGS CALIFORNIA QUALITY FUND, INC. APRIL 30, 2011 3
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BlackRock MuniHoldings California Quality Fund, Inc. (MUC) Schedule of Investments (continued) (Percentages shown are based on Net Assets)
| Municipal Bonds Transferred to Tender — Option Bond Trusts (c) | (000) | Value |
|---|---|---|
| California (continued) | ||
| County/City/Special District/School | ||
| District (concluded) | ||
| Poway Unified School District, GO, | ||
| Election of 2002, Improvement | ||
| District 02, Series 1-B (AGM), 5.00%, | ||
| 8/01/30 | $ 10,000 | $ 9,962,500 |
| San Bernardino Community College | ||
| District California, GO, Election of | ||
| 2002, Series C (AGM), 5.00%, | ||
| 8/01/31 | 17,770 | 17,348,496 |
| San Diego Community College District | ||
| California, GO, Election of 2002 | ||
| (AGM), 5.00%, 5/01/30 | 12,549 | 12,584,931 |
| San Francisco Bay Area Transit | ||
| Financing Authority, Refunding RB, | ||
| Series A (NPFGC), 5.00%, 7/01/34 | 2,499 | 2,517,834 |
| San Jose Financing Authority, Refunding | ||
| RB, Civic Center Project, Series B | ||
| (AMBAC), 5.00%, 6/01/32 | 14,800 | 14,203,264 |
| 125,108,075 | ||
| Education — 6.8% | ||
| Chaffey Community College District, GO, | ||
| Election of 2002, Series B (NPFGC), | ||
| 5.00%, 6/01/30 | 9,905 | 9,926,316 |
| Riverside Community College District, | ||
| GO, Election of 2004, Series C | ||
| (NPFGC), 5.00%, 8/01/32 | 8,910 | 8,749,086 |
| University of California, RB: | ||
| Limited Project, Series D (AGM), | ||
| 5.00%, 5/15/41 | 8,000 | 7,710,800 |
| Series O, 5.75%, 5/15/34 | 11,190 | 11,907,615 |
| 38,293,817 | ||
| Utilities — 18.1% | ||
| City of Napa California, RB (AMBAC), | ||
| 5.00%, 5/01/35 | 9,100 | 9,024,561 |
| East Bay Municipal Utility District, RB, | ||
| Sub-Series A (NPFGC), 5.00%, | ||
| 6/01/35 | 12,070 | 12,002,529 |
| East Bay Municipal Utility District, | ||
| Refunding RB, Sub-Series A (AMBAC), | ||
| 5.00%, 6/01/37 | 14,510 | 14,630,578 |
| Los Angeles Department of Water & | ||
| Power, RB (AGM): | ||
| Power System, Sub-Series A-1, | ||
| 5.00%, 7/01/31 | 4,993 | 5,037,058 |
| System, Sub-Series A-2, 5.00%, | ||
| 7/01/35 | 7,500 | 7,502,850 |
| Metropolitan Water District of Southern | ||
| California, RB, Series A (AGM), 5.00%, | ||
| 7/01/35 | 12,870 | 12,965,366 |
| Municipal Bonds Transferred to Tender | Par | |
|---|---|---|
| Option Bond Trusts (c) | (000) | Value |
| California (concluded) | ||
| Utilities (concluded) | ||
| Rancho Water District Financing | ||
| Authority, Refunding RB, Series A | ||
| (AGM), 5.00%, 8/01/34 | $ 5,008 | $ 4,967,014 |
| Sacramento Regional County Sanitation | ||
| District, RB, Sacramento Regional | ||
| County Sanitation (NPFGC), 5.00%, | ||
| 12/01/36 | 4,500 | 4,501,800 |
| San Diego County Water Authority, COP, | ||
| Refunding: | ||
| Series 2002-A (NPFGC), 5.00%, | ||
| 5/01/32 | 10,000 | 10,011,300 |
| Series 2008-A (AGM), 5.00%, | ||
| 5/01/33 | 16,740 | 16,759,586 |
| San Diego County Water Authority, COP, | ||
| Series A (AGM), 5.00%, 5/01/31 | 4,000 | 4,017,280 |
| 101,419,922 | ||
| Transportation — 1.8% | ||
| San Mateo County Transportation | ||
| Authority, Refunding RB, Series A | ||
| (NPFGC), 5.00%, 6/01/32 | 10,000 | 10,005,000 |
| Total Municipal Bonds Transferred to | ||
| Tender Option Bond Trusts – 56.3% | 315,576,830 | |
| Total Long-Term Investments | ||
| (Cost – $983,515,043) – 172.5% | 966,528,573 | |
| Short-Term Securities | Shares | |
| BIF California Municipal Money Fund, | ||
| 0.04% (d)(e) | 13,523,765 | 13,523,765 |
| Total Short-Term Securities | ||
| (Cost – $13,523,765) – 2.4% | 13,523,765 | |
| Total Investments | ||
| (Cost – $997,038,808*) – 174.9% | 980,052,338 | |
| Other Assets Less Liabilities – 0.6% | 3,494,715 | |
| Liability for Trust Certificates, Including Interest | ||
| Expense and Fees Payable – (30.2)% | (169,106,377) | |
| Preferred Shares, at Redemption Value – (45.3)% | (254,016,240) | |
| Net Assets Applicable to Common Shares – 100.0% | $ 560,424,436 |
| Aggregate cost | $ 827,795,993 |
|---|---|
| Gross unrealized appreciation | $ 6,241,922 |
| Gross unrealized depreciation | (22,928,733) |
| Net unrealized depreciation | $ (16,686,811) |
4 BLACKROCK MUNIHOLDINGS CALIFORNIA QUALITY FUND, INC. APRIL 30, 2011
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BlackRock MuniHoldings California Quality Fund, Inc. (MUC) Schedule of Investments (continued) (a) Represents a zero-coupon bond. Rate shown reflects the current yield as of report date. (b) When-issued security. Unsettled when-issued transactions were as follows:
| Counterparty | Value | Unrealized — Appreciation |
|---|---|---|
| Piper Jaffray | $ 9,618,338 | $ 4,823 |
(c) Securities represent bonds transferred to a tender option bond trust in exchange for which the Fund acquired residual interest certificates. These securities serve as collateral in a financing transaction. (d) Investments in companies considered to be an affiliate of the Fund during the period, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| Shares — Held at | Shares — Held at | |||
|---|---|---|---|---|
| July 31, | Net | April 30, | ||
| Affiliate | 2010 | Activity | 2011 | Income |
| BIF California | ||||
| Municipal | ||||
| Money Fund | 71,270,966 | (57,747,201) | 13,523,765 | $4,770 |
(e) Represents the current yield as of report date. • 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 ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine sector sub -classifications for reporting ease.
| • | |||||
|---|---|---|---|---|---|
| Notional | Unrealized | ||||
| Contracts | Issue | Exchange | Expiration | Value | Depreciation |
| 200 | 10-Year U.S. Treasury Note | Chicago Board of Trade | June 2011 | $ 23,702,745 | $ (525,380) |
BLACKROCK MUNIHOLDINGS CALIFORNIA QUALITY FUND, INC. APRIL 30, 2011 5
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BlackRock MuniHoldings California Quality Fund, Inc. (MUC) Schedule of Investments (concluded)
•Fair Value Measurements - Various inputs are used in determining the fair value of investments and derivative financial instruments. These inputs are summarized in three broad level for financial reporting purposes as follows: •Level 1 — price quotations in active markets/exchanges for identical assets and liabilities •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 inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Fund's policy regarding valuation of investments and derivative financial instruments and other significant accounting policies, please refer to the Fund’s most recent financial statements as contained in its semi-annual report. The following tables summarize the inputs used as of April 30, 2011 in determining the fair valuation of the Fund's investments and derivative financial instruments:
| Valuation Inputs | Level 1 | Level 2 | Level 3 | Total |
|---|---|---|---|---|
| Assets: | ||||
| Investments: | ||||
| Long-Term | ||||
| Investments 1 | — $966,528,573 | — | $ 966,528,573 | |
| Short-Term | ||||
| Securities | $ 13,523,765 | — | — | 13,523,765 |
| Total | $ 13,523,765 $966,528,573 | — | $ 980,052,338 | |
| 1 See above Schedule of Investments for values in each sector. |
| Valuation Inputs | Level 1 | Level 2 | Level 3 | Total |
|---|---|---|---|---|
| Derivative Financial Instruments 2 | ||||
| Liabilities: | ||||
| Interest rate contracts | $ (525,380) | --- | --- | $ (525,380) |
| 2 Derivative financial instruments are financial futures contracts, which are valued at the unrealized | ||||
| appreciation/depreciation on the instrument. |
6 BLACKROCK MUNIHOLDINGS CALIFORNIA QUALITY FUND, INC. APRIL 30, 2011
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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 31940 Act3)) areeffective 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 of BlackRock MuniHoldings California Quality Fund, Inc. Date: June 24, 2011 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: June 24, 2011 By: /S/ Neal J. Andrews Neal J. Andrews Chief Financial Officer (principal financial officer) of BlackRock MuniHoldings California Quality Fund, Inc. Date: June 24, 2011
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