# EDGAR Filing Document

**Accession Number:** 0001051004
**File Stem:** 0001752724-25-157844
**Filing Date:** 2025-6
**Character Count:** 137810
**Document Hash:** c3d4e197b824019ef6ca7a088d76d2de
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-157844.hdr.sgml**: 20250626

**ACCESSION NUMBER**: 0001752724-25-157844

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250626

**DATE AS OF CHANGE**: 20250626

**PERIOD START**: 20250731

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BLACKROCK MUNIHOLDINGS CALIFORNIA QUALITY FUND, INC.
- **CENTRAL INDEX KEY:** 0001051004

**ORGANIZATION NAME:**
- **EIN:** 223559052
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08573
- **FILM NUMBER:** 251076912

**BUSINESS ADDRESS:**
- **STREET 1:** 100 BELLEVUE PARKWAY
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19809
- **BUSINESS PHONE:** 800-441-7762

**MAIL ADDRESS:**
- **STREET 1:** 100 BELLEVUE PARKWAY
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19809

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BLACKROCK MUNIHOLDINGS CALIFORNIA INSURED FUND, INC.
- **DATE OF NAME CHANGE:** 20070611

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MUNIHOLDINGS CALIFORNIA INSURED FUND
- **DATE OF NAME CHANGE:** 20000828

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MUNIHOLDINGS CALIFORNIA INSURED FUND II INC/
- **DATE OF NAME CHANGE:** 19980120

## Nport-Ex

April 30, 2025

2025 Quarterly Report <br>&nbsp;&nbsp;&nbsp;&nbsp;(Unaudited)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**BlackRock MuniHoldings California Quality Fund, Inc. (MUC)**<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Not FDIC Insured • May Lose Value • No Bank Guarantee**<br>

------

Schedule of Investments (unaudited)

April 30, 2025

**BlackRock MuniHoldings California Quality Fund, Inc. (MUC)** 

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

| | | |
|:---|:---|:---|
| *Security* | *Par* <br>*(000)*<br>| *Value* |
| **Municipal Bonds** | **Municipal Bonds** | **Municipal Bonds** |
| **California — 131.9%** | **California — 131.9%** |  |
| **Corporate**<sup>(a)</sup> **— 28.0%** | **Corporate**<sup>(a)</sup> **— 28.0%** |  |
| California Community Choice Financing Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; Sustainability Bonds, 5.00%, 07/01/53 | $45200 | &nbsp;&nbsp; $46847839 |
| &nbsp;&nbsp;&nbsp; Sustainability Bonds, 5.00%, 12/01/53 | 6670 | &nbsp;&nbsp; 6914960 |
| &nbsp;&nbsp;&nbsp; Sustainability Bonds, 5.25%, 01/01/54 | 6000 | &nbsp;&nbsp; 6228072 |
| &nbsp;&nbsp;&nbsp; Sustainability Bonds, 5.50%, 10/01/54 | 39775 | &nbsp;&nbsp; 42810296 |
| &nbsp;&nbsp;&nbsp; Series A, Sustainability Bonds, 5.00%, 01/01/56 | 15000 | &nbsp;&nbsp; 15417020 |
| &nbsp;&nbsp;&nbsp; Series B, Sustainability Bonds, 5.00%, 01/01/55 | 35400 | &nbsp;&nbsp; 36407430 |
| &nbsp;&nbsp;&nbsp; Series E, Sustainability Bonds, 5.00%, 02/01/55 | 5000 | &nbsp;&nbsp; 5249497 |
| &nbsp;&nbsp;&nbsp; Series E-1, Sustainability Bonds, 5.00%, 02/01/54 | 15480 | &nbsp;&nbsp; 16169350 |
| &nbsp;&nbsp;&nbsp; Series F, Sustainability Bonds, 5.00%, 02/01/55 | 25000 | &nbsp;&nbsp; 26423536 |
| &nbsp;&nbsp;&nbsp; Series G, Sustainability Bonds, 5.25%, 11/01/54 | 50000 | &nbsp;&nbsp; 52494805 |
| &nbsp;&nbsp;&nbsp; Series G, Sustainability Bonds, 5.00%, 11/01/55 | 27415 | &nbsp;&nbsp; 28168371 |
| &nbsp;&nbsp;&nbsp; California Municipal Finance Authority, RB, Series A, <br> AMT, 4.38%, 09/01/53<br>| 2935 | &nbsp;&nbsp; 2937225 |
| &nbsp;&nbsp;&nbsp; San Joaquin Valley Clean Energy Authority, RB, <br> Series A, Sustainability Bonds, 5.50%, 01/01/56<br>| 17810 | &nbsp;&nbsp; 19477615 |
|  |  | &nbsp;&nbsp; 305546016 |
| **County/City/Special District/School District — 27.1%** | **County/City/Special District/School District — 27.1%** |  |
| &nbsp;&nbsp;&nbsp; Anaheim City School District, GO, (AGM), 5.00%, <br> 08/01/51<br>| 5615 | &nbsp;&nbsp; 5775793 |
| &nbsp;&nbsp;&nbsp; Berkeley Unified School District, GO, Series F, Election <br> 2020, 5.00%, 08/01/54<br>| 10000 | &nbsp;&nbsp; 10433423 |
| &nbsp;&nbsp;&nbsp; California Municipal Finance Authority, ST, Series A, <br> 5.13%, 09/01/59<br>| 945 | &nbsp;&nbsp; 954994 |
| &nbsp;&nbsp;&nbsp; California Statewide Communities Development <br> Authority, SAB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series B, 5.00%, 09/02/52 | 1785 | &nbsp;&nbsp; 1693081 |
| &nbsp;&nbsp;&nbsp; Series C, 4.00%, 09/02/50 | 4985 | &nbsp;&nbsp; 4759581 |
| &nbsp;&nbsp;&nbsp; Chabot-Las Positas Community College District, GO, <br> Series C, Election 2016, 5.25%, 08/01/48<br>| 13355 | &nbsp;&nbsp; 14391856 |
| Chaffey Joint Union High School District, GO, CAB<sup>(b)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series H, Election 2012, 0.00%, 08/01/48 | 4000 | &nbsp;&nbsp; 1283056 |
| &nbsp;&nbsp;&nbsp; Series H, Election 2012, 0.00%, 08/01/49 | 3750 | &nbsp;&nbsp; 1176945 |
| &nbsp;&nbsp;&nbsp; City of Los Angeles California, COP, (AMBAC), 6.20%, <br> 11/01/31<br>| 1300 | &nbsp;&nbsp; 1302975 |
| &nbsp;&nbsp;&nbsp; City of Oakland California, GO, Series D, 5.25%, <br> 07/15/48<br>| 3215 | &nbsp;&nbsp; 3429637 |
| &nbsp;&nbsp;&nbsp; Clovis Unified School District, GO, Series C, Election <br> 2020, 4.00%, 08/01/48<br>| 7275 | &nbsp;&nbsp; 6729498 |
| &nbsp;&nbsp;&nbsp; Coachella Valley Unified School District, GO, Series F, <br> Election 2005, (BAM), 5.00%, 08/01/46<br>| 2990 | &nbsp;&nbsp; 3000269 |
| &nbsp;&nbsp;&nbsp; Dublin Unified School District, GO, Series B, Election <br> 2020, 4.25%, 08/01/53<br>| 5805 | &nbsp;&nbsp; 5486360 |
| &nbsp;&nbsp;&nbsp; El Rancho Unified School District, GO, Series D, <br> Election 2016, (BAM), 5.75%, 08/01/48<br>| 750 | &nbsp;&nbsp; 823874 |
| &nbsp;&nbsp;&nbsp; Fremont Union High School District, GO, Election <br> 2022, 4.00%, 08/01/48<br>| 5000 | &nbsp;&nbsp; 4800414 |
| &nbsp;&nbsp;&nbsp; Garden Grove Public Financing Authority, RB, <br> Series A, (BAM), 5.00%, 04/01/49<br>| 3625 | &nbsp;&nbsp; 3884399 |
| Indio Finance Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, (BAM), 5.25%, 11/01/47 | 2225 | &nbsp;&nbsp; 2352035 |
| &nbsp;&nbsp;&nbsp; Series A, (BAM), 5.25%, 11/01/52 | 7000 | &nbsp;&nbsp; 7317890 |
| &nbsp;&nbsp;&nbsp; Irvine Facilities Financing Authority, ST, Series A, <br> 5.00%, 09/01/43<br>| 1275 | &nbsp;&nbsp; 1346849 |
| &nbsp;&nbsp;&nbsp; Jurupa Unified School District, GO, Series A, Election <br> 2024, (BAM), 08/01/50<sup>(c)</sup><br>| 10000 | &nbsp;&nbsp; 10657208 |
| &nbsp;&nbsp;&nbsp; La Canada Unified School District, GO, Series A, <br> Election 2017, 5.00%, 08/01/47<br>| 6945 | &nbsp;&nbsp; 7087239 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **County/City/Special District/School District (continued)** | **County/City/Special District/School District (continued)** |  |
| &nbsp;&nbsp;&nbsp; La Mesa-Spring Valley School District, GO, Series B, <br> 4.00%, 08/01/51<br>| 625 | &nbsp;&nbsp; $571696 |
| Las Virgenes Unified School District, GO<sup>(c)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series B, Election 2022, 08/01/51 | 4500 | &nbsp;&nbsp; 4806942 |
| &nbsp;&nbsp;&nbsp; Series B, Election 2022, 08/01/54 | 10000 | &nbsp;&nbsp; 10434695 |
| &nbsp;&nbsp;&nbsp; Los Angeles Unified School District, GO, Series RYQ, <br> 4.00%, 07/01/44<br>| 10475 | &nbsp;&nbsp; 9914437 |
| &nbsp;&nbsp;&nbsp; Menifee Union School District, GO, Series B, (BAM), <br> 4.00%, 08/01/43<br>| 5370 | &nbsp;&nbsp; 5092213 |
| &nbsp;&nbsp;&nbsp; Modesto High School District, GO, Series B, <br> 08/01/50<sup>(c)</sup><br>| 4295 | &nbsp;&nbsp; 4574304 |
| &nbsp;&nbsp;&nbsp; Oak Grove School District, GO, Series A-1, 5.00%, <br> 08/01/52<br>| 5835 | &nbsp;&nbsp; 6002907 |
| &nbsp;&nbsp;&nbsp; Oakland Unified School District/Alameda County, GO, <br> Series A, (BAM), 4.00%, 08/01/46<br>| 14380 | &nbsp;&nbsp; 13513794 |
| &nbsp;&nbsp;&nbsp; Oxnard School District, GO, Series A, Election 2016, <br> (BAM), 5.00%, 08/01/45<br>| 2500 | &nbsp;&nbsp; 2527645 |
| &nbsp;&nbsp;&nbsp; Oxnard Union High School District, GO, Series B, <br> 5.00%, 08/01/45<br>| 6560 | &nbsp;&nbsp; 6682743 |
| Peralta Community College District, GO |  |  |
| &nbsp;&nbsp;&nbsp; Series B, 5.50%, 08/01/52 | 2500 | &nbsp;&nbsp; 2675086 |
| &nbsp;&nbsp;&nbsp; Series C-1, Election 2018, 5.00%, 08/01/50 | 4580 | &nbsp;&nbsp; 4799707 |
| &nbsp;&nbsp;&nbsp; Series C-1, Election 2018, 5.00%, 08/01/54 | 5510 | &nbsp;&nbsp; 5748234 |
| &nbsp;&nbsp;&nbsp; Ravenswood City School District, GO, Election 2022, <br> (BAM), 5.25%, 08/01/53<br>| 7570 | &nbsp;&nbsp; 7900104 |
| Redwood City School District, GO |  |  |
| &nbsp;&nbsp;&nbsp; Series C, 4.00%, 08/01/44 | 2800 | &nbsp;&nbsp; 2659265 |
| &nbsp;&nbsp;&nbsp; Series A, Election 2022, 5.00%, 08/01/52 | 6000 | &nbsp;&nbsp; 6218021 |
| &nbsp;&nbsp;&nbsp; San Diego Unified School District, GO, Series F-2, <br> Sustainability Bonds, 4.25%, 07/01/52<br>| 6270 | &nbsp;&nbsp; 5904356 |
| San Francisco Bay Area Rapid Transit District, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class D1, Election 2016, Sustainability Bonds, <br> 4.25%, 08/01/52<br>| 9500 | &nbsp;&nbsp; 9032094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D-1, Election 2016, Sustainability Bonds, <br> 4.00%, 08/01/47<br>| 9075 | &nbsp;&nbsp; 8460351 |
| &nbsp;&nbsp;&nbsp; San Leandro Unified School District, GO, Series B, <br> 5.25%, 08/01/48<br>| 26000 | &nbsp;&nbsp; 27310654 |
| &nbsp;&nbsp;&nbsp; San Mateo Joint Powers Financing Authority, RB, <br> Series A, 4.00%, 07/15/52<br>| 14270 | &nbsp;&nbsp; 12724206 |
| &nbsp;&nbsp;&nbsp; Santa Clara County Financing Authority, RB, Series A, <br> 4.00%, 04/01/43<br>| 6355 | &nbsp;&nbsp; 6005642 |
| &nbsp;&nbsp;&nbsp; Santa Clarita Community College District, GO, Election <br> 2016, 5.25%, 08/01/45<br>| 4000 | &nbsp;&nbsp; 4308918 |
| &nbsp;&nbsp;&nbsp; Santa Monica Community College District, GO, <br> Series B, 4.00%, 08/01/45<br>| 10000 | &nbsp;&nbsp; 9620692 |
| &nbsp;&nbsp;&nbsp; Santa Rosa High School District, GO, Series A, <br> Election 2022, 4.00%, 08/01/49<br>| 7050 | &nbsp;&nbsp; 6396692 |
| &nbsp;&nbsp;&nbsp; South Orange County Public Financing Authority, RB, <br> 5.00%, 06/01/52<br>| 5000 | &nbsp;&nbsp; 5136655 |
| &nbsp;&nbsp;&nbsp; Val Verde Unified School District, GO, Series C, <br> Election 2020, (AGM), 4.00%, 08/01/49<br>| 5000 | &nbsp;&nbsp; 4564606 |
| &nbsp;&nbsp;&nbsp; Washington Township Health Care District, GO, <br> Series B, Election 2004, 5.50%, 08/01/38<br>| 3250 | &nbsp;&nbsp; 3252253 |
|  |  | &nbsp;&nbsp; 295526288 |
| **Education — 11.5%** | **Education — 11.5%** |  |
| California Educational Facilities Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 10/01/53 | 10000 | &nbsp;&nbsp; 10060146 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 10/01/55 | 11420 | &nbsp;&nbsp; 11989916 |
| &nbsp;&nbsp;&nbsp; Series U-7, 5.00%, 06/01/46 | 7525 | &nbsp;&nbsp; 8159413 |
| California Enterprise Development Authority, RB<sup>(d)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.00%, 11/15/62 | 1760 | &nbsp;&nbsp; 1714517 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/50 | 600 | &nbsp;&nbsp; 550203 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**BlackRock MuniHoldings California Quality Fund, Inc. (MUC)** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Education (continued)** | **Education (continued)** |  |
| &nbsp;&nbsp;&nbsp; California Municipal Finance Authority, RB, 4.00%, <br> 10/01/51<br>| 1150 | &nbsp;&nbsp; $896841 |
| California Municipal Finance Authority, Refunding RB<sup>(d)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/39 | 290 | &nbsp;&nbsp; 242181 |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/48 | 350 | &nbsp;&nbsp; 264963 |
| California School Finance Authority, RB<sup>(d)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/52 | 1875 | &nbsp;&nbsp; 1817239 |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/61 | 2950 | &nbsp;&nbsp; 2720533 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/54 | 1150 | &nbsp;&nbsp; 1097977 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/01/58 | 6615 | &nbsp;&nbsp; 6025425 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/59 | 2565 | &nbsp;&nbsp; 2395925 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 08/01/59 | 2365 | &nbsp;&nbsp; 2195843 |
| &nbsp;&nbsp;&nbsp; Series B, 4.00%, 07/01/45 | 1005 | &nbsp;&nbsp; 841465 |
| California School Finance Authority, Refunding RB<sup>(d)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/36 | 755 | &nbsp;&nbsp; 756363 |
| &nbsp;&nbsp;&nbsp; Series A, 5.88%, 06/01/53 | 700 | &nbsp;&nbsp; 703817 |
| &nbsp;&nbsp;&nbsp; Sustainability Bonds, 5.50%, 08/01/43 | 420 | &nbsp;&nbsp; 431728 |
| &nbsp;&nbsp;&nbsp; Sustainability Bonds, 5.50%, 08/01/47 | 400 | &nbsp;&nbsp; 405561 |
| California State University, RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.50%, 11/01/49 | 15000 | &nbsp;&nbsp; 16345957 |
| &nbsp;&nbsp;&nbsp; Series A, 5.50%, 11/01/55 | 5000 | &nbsp;&nbsp; 5449805 |
| California State University, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/01/48 | 12395 | &nbsp;&nbsp; 12574525 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/01/50 | 9260 | &nbsp;&nbsp; 9394379 |
| University of California, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; Series BE, 4.00%, 05/15/47 | 9000 | &nbsp;&nbsp; 8301687 |
| &nbsp;&nbsp;&nbsp; Series BW, 5.00%, 05/15/54 | 12500 | &nbsp;&nbsp; 13001347 |
| &nbsp;&nbsp;&nbsp; Series O, 5.00%, 05/15/48 | 2990 | &nbsp;&nbsp; 3035152 |
| &nbsp;&nbsp;&nbsp; Series Q, 3.00%, 05/15/51 | 6000 | &nbsp;&nbsp; 4508218 |
|  |  | &nbsp;&nbsp; 125881126 |
| **Health — 4.9%** | **Health — 4.9%** |  |
| California Health Facilities Financing Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/37 | 2625 | &nbsp;&nbsp; 2680326 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/15/48 | 3000 | &nbsp;&nbsp; 3004111 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 12/01/54 | 1000 | &nbsp;&nbsp; 1015927 |
| &nbsp;&nbsp;&nbsp; California Health Facilities Financing Authority, <br> Refunding RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; (BAM-TCRS), 4.00%, 08/15/48 | 5005 | &nbsp;&nbsp; 4690768 |
| &nbsp;&nbsp;&nbsp; Series A, 4.00%, 03/01/43 | 545 | &nbsp;&nbsp; 458435 |
| &nbsp;&nbsp;&nbsp; Series A, 4.00%, 04/01/45 | 3570 | &nbsp;&nbsp; 3190328 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/15/48 | 17280 | &nbsp;&nbsp; 17302559 |
| &nbsp;&nbsp;&nbsp; California Municipal Finance Authority, Refunding RB, <br> Series A, 5.00%, 02/01/47<br>| 9250 | &nbsp;&nbsp; 9266441 |
| &nbsp;&nbsp;&nbsp; California Public Finance Authority, RB, Series A, <br> 6.38%, 06/01/59<sup>(d)</sup><br>| 8600 | &nbsp;&nbsp; 7776504 |
| &nbsp;&nbsp;&nbsp; California Statewide Communities Development <br> Authority, RB, Sustainability Bonds, 4.00%, <br> 08/01/45<br>| 5000 | &nbsp;&nbsp; 4235884 |
|  |  | &nbsp;&nbsp; 53621283 |
| **Housing — 6.8%** | **Housing — 6.8%** |  |
| California Housing Finance Agency, RB, M/F Housing |  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-1, Class A, 3.50%, 11/20/35 | 9371 | &nbsp;&nbsp; 8911677 |
| &nbsp;&nbsp;&nbsp; Series T, (FHLMC), 4.10%, 07/01/40 | 12000 | &nbsp;&nbsp; 11235086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2, Class A, Sustainability Bonds, <br> (FHLMC), 3.75%, 03/25/35<br>| 17592 | &nbsp;&nbsp; 17258220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series U, Sustainability Bonds, (FHLMC), 4.10%, <br> 09/01/40<br>| 10000 | &nbsp;&nbsp; 9315519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series V, Sustainability Bonds, (FNMA), 4.10%, <br> 09/01/40<br>| 10000 | &nbsp;&nbsp; 9315424 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Housing (continued)** | **Housing (continued)** |  |
| &nbsp;&nbsp;&nbsp; California Municipal Finance Authority, RB, M/F <br> Housing, Series A, (FNMA), 4.88%, 11/01/43<br>| 3100 | &nbsp;&nbsp; $3138566 |
| &nbsp;&nbsp;&nbsp; CSCDA Community Improvement Authority, RB, M/F <br> Housing<sup>(d)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 10/01/46 | 695 | &nbsp;&nbsp; 540237 |
| &nbsp;&nbsp;&nbsp; Series A, 3.00%, 09/01/56 | 1475 | &nbsp;&nbsp; 949684 |
| &nbsp;&nbsp;&nbsp; Mezzanine Lien, 4.00%, 05/01/57 | 5660 | &nbsp;&nbsp; 3974095 |
| &nbsp;&nbsp;&nbsp; Series A-2, Sustainability Bonds, 3.00%, 02/01/57 | 1625 | &nbsp;&nbsp; 1078296 |
| &nbsp;&nbsp;&nbsp; San Diego Housing Authority, Inc., RB, M/F Housing, <br> Series E, (FHLMC), 4.20%, 06/01/40<br>| 5805 | &nbsp;&nbsp; 5510223 |
| &nbsp;&nbsp;&nbsp; Santa Clara County Housing Authority, RB, M/F <br> Housing, Series A, 6.00%, 08/01/41<br>| 3500 | &nbsp;&nbsp; 3501173 |
|  |  | &nbsp;&nbsp; 74728200 |
| **State — 11.4%** | **State — 11.4%** |  |
| California State Public Works Board, RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 04/01/44 | 7500 | &nbsp;&nbsp; 7964920 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 04/01/45 | 8670 | &nbsp;&nbsp; 9176930 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 04/01/46 | 14300 | &nbsp;&nbsp; 15112410 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 04/01/50 | 14275 | &nbsp;&nbsp; 15005407 |
| &nbsp;&nbsp;&nbsp; Series B, 4.00%, 05/01/46 | 10075 | &nbsp;&nbsp; 9298238 |
| &nbsp;&nbsp;&nbsp; Series D, 5.00%, 11/01/47 | 18275 | &nbsp;&nbsp; 19022232 |
| &nbsp;&nbsp;&nbsp; California Statewide Communities Development <br> Authority, SAB, S/F Housing, 5.00%, 09/02/39<br>| 1060 | &nbsp;&nbsp; 1092504 |
| State of California, Refunding GO |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/45 | 5000 | &nbsp;&nbsp; 5259356 |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/47 | 10740 | &nbsp;&nbsp; 10780991 |
| &nbsp;&nbsp;&nbsp; 4.13%, 03/01/49 | 2000 | &nbsp;&nbsp; 1928005 |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/52 | 5000 | &nbsp;&nbsp; 5198583 |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/55 | 5000 | &nbsp;&nbsp; 5261753 |
| &nbsp;&nbsp;&nbsp; Series CX, 4.50%, 12/01/50 | 19425 | &nbsp;&nbsp; 19593850 |
|  |  | &nbsp;&nbsp; 124695179 |
| **Tobacco — 3.6%** | **Tobacco — 3.6%** |  |
| &nbsp;&nbsp;&nbsp; California County Tobacco Securitization Agency, <br> Refunding RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/50 | 4450 | &nbsp;&nbsp; 4149218 |
| &nbsp;&nbsp;&nbsp; Series A, 4.00%, 06/01/49 | 2755 | &nbsp;&nbsp; 2377930 |
| &nbsp;&nbsp;&nbsp; California County Tobacco Securitization Agency, <br> Refunding RB, CAB<sup>(b)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 06/01/55 | 7575 | &nbsp;&nbsp; 1690412 |
| &nbsp;&nbsp;&nbsp; Series B-2, Subordinate, 0.00%, 06/01/55 | 8895 | &nbsp;&nbsp; 1826311 |
| &nbsp;&nbsp;&nbsp; California Statewide Financing Authority, RB, Series L, <br> 0.00%, 06/01/55<sup>(b)(d)</sup><br>| 57200 | &nbsp;&nbsp; 3428374 |
| &nbsp;&nbsp;&nbsp; Golden State Tobacco Securitization Corp., Refunding <br> RB, Series B, 5.00%, 06/01/51<br>| 10370 | &nbsp;&nbsp; 10409365 |
| &nbsp;&nbsp;&nbsp; Golden State Tobacco Securitization Corp., Refunding <br> RB, CAB, Series B-2, Subordinate, 0.00%, <br> 06/01/66<sup>(b)</sup><br>| 14735 | &nbsp;&nbsp; 1569595 |
| &nbsp;&nbsp;&nbsp; Inland Empire Tobacco Securitization Corp., RB, <br> Series C-1, 0.00%, 06/01/36<sup>(b)</sup><br>| 2855 | &nbsp;&nbsp; 1269146 |
| &nbsp;&nbsp;&nbsp; Tobacco Securitization Authority of Southern California, <br> Refunding RB, 5.00%, 06/01/48<br>| 8250 | &nbsp;&nbsp; 8238971 |
| &nbsp;&nbsp;&nbsp; Tobacco Securitization Authority of Southern California, <br> Refunding RB, CAB, 0.00%, 06/01/54<sup>(b)</sup><br>| 22600 | &nbsp;&nbsp; 4727619 |
|  |  | &nbsp;&nbsp; 39686941 |
| **Transportation — 29.3%** | **Transportation — 29.3%** |  |
| &nbsp;&nbsp;&nbsp; Alameda Corridor Transportation Authority, Refunding <br> RB, Series B, Sub Lien, 5.00%, 10/01/37<br>| 3790 | &nbsp;&nbsp; 3825544 |
| &nbsp;&nbsp;&nbsp; Bay Area Toll Authority, Refunding RB, 4.00%, <br> 04/01/47<br>| 20000 | &nbsp;&nbsp; 18895499 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**BlackRock MuniHoldings California Quality Fund, Inc. (MUC)** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Transportation (continued)** | **Transportation (continued)** |  |
| &nbsp;&nbsp;&nbsp; Burbank-Glendale-Pasadena Airport Authority Brick <br> Campaign, ARB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series B, AMT, (AGM), 4.38%, 07/01/49 | 2400 | &nbsp;&nbsp; $2219572 |
| &nbsp;&nbsp;&nbsp; Series B, AMT, 5.25%, 07/01/49 | 5385 | &nbsp;&nbsp; 5487127 |
| &nbsp;&nbsp;&nbsp; California Infrastructure & Economic Development <br> Bank, Refunding RB, Series A, Class B, AMT, <br> Sustainability Bonds, 9.50%, 01/01/65<sup>(a)(d)</sup><br>| 44985 | &nbsp;&nbsp; 43266275 |
| &nbsp;&nbsp;&nbsp; California Municipal Finance Authority, ARB, AMT, <br> Senior Lien, 4.00%, 12/31/47<br>| 21415 | &nbsp;&nbsp; 18141602 |
| City of Los Angeles Department of Airports, ARB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 5.00%, 05/15/44 | 8525 | &nbsp;&nbsp; 8573211 |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 5.00%, 05/15/45 | 10000 | &nbsp;&nbsp; 10061709 |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 4.00%, 05/15/49 | 5000 | &nbsp;&nbsp; 4243211 |
| &nbsp;&nbsp;&nbsp; Series B, AMT, 5.00%, 05/15/41 | 8500 | &nbsp;&nbsp; 8506447 |
| &nbsp;&nbsp;&nbsp; Series B, AMT, 5.00%, 05/15/46 | 11280 | &nbsp;&nbsp; 11102751 |
| &nbsp;&nbsp;&nbsp; Series E, AMT, 5.00%, 05/15/44 | 7000 | &nbsp;&nbsp; 7126159 |
| &nbsp;&nbsp;&nbsp; City of Los Angeles Department of Airports, Refunding <br> ARB<br>|  |  |
| &nbsp;&nbsp;&nbsp; AMT, 5.50%, 05/15/47 | 2450 | &nbsp;&nbsp; 2550193 |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 5.00%, 05/15/45 | 1940 | &nbsp;&nbsp; 1971467 |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 5.00%, 05/15/46 | 7000 | &nbsp;&nbsp; 7019930 |
| &nbsp;&nbsp;&nbsp; AMT, Subordinate, 4.00%, 11/15/31<sup>(e)</sup> | 115 | &nbsp;&nbsp; 116373 |
| &nbsp;&nbsp;&nbsp; AMT, Subordinate, 5.00%, 05/15/46 | 5980 | &nbsp;&nbsp; 6036737 |
| &nbsp;&nbsp;&nbsp; County of Sacramento California Airport System <br> Revenue, Refunding RB, Series C, AMT, 5.00%, <br> 07/01/39<br>| 3000 | &nbsp;&nbsp; 3035869 |
| &nbsp;&nbsp;&nbsp; Foothill-Eastern Transportation Corridor Agency, <br> Refunding RB, Series B-2, 3.50%, 01/15/53<br>| 9000 | &nbsp;&nbsp; 7414153 |
| &nbsp;&nbsp;&nbsp; Norman Y Mineta San Jose International Airport SJC, <br> Refunding RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 5.00%, 03/01/33 | 2000 | &nbsp;&nbsp; 2083692 |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 5.00%, 03/01/41 | 11250 | &nbsp;&nbsp; 11268451 |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 5.00%, 03/01/47 | 15140 | &nbsp;&nbsp; 15118811 |
| San Diego County Regional Airport Authority, ARB |  |  |
| &nbsp;&nbsp;&nbsp; Series B, AMT, 5.00%, 07/01/47 | 6485 | &nbsp;&nbsp; 6397613 |
| &nbsp;&nbsp;&nbsp; Series B, AMT, 5.00%, 07/01/53 | 6000 | &nbsp;&nbsp; 6061907 |
| &nbsp;&nbsp;&nbsp; Series B, AMT, Subordinate, 5.00%, 07/01/51 | 10000 | &nbsp;&nbsp; 9966973 |
| &nbsp;&nbsp;&nbsp; Series B, AMT, Subordinate, 5.00%, 07/01/56 | 14855 | &nbsp;&nbsp; 14598224 |
| &nbsp;&nbsp;&nbsp; San Francisco City & County Airport Comm-San <br> Francisco International Airport, Refunding ARB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2, Class A, AMT, 5.25%, 05/01/49 | 4765 | &nbsp;&nbsp; 4871662 |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 5.00%, 05/01/47 | 14220 | &nbsp;&nbsp; 14154707 |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 5.25%, 05/01/55 | 17000 | &nbsp;&nbsp; 17311387 |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 5.50%, 05/01/55 | 5000 | &nbsp;&nbsp; 5208606 |
| &nbsp;&nbsp;&nbsp; Series B, AMT, 5.00%, 05/01/46 | 5870 | &nbsp;&nbsp; 5869407 |
| &nbsp;&nbsp;&nbsp; Series E, AMT, 5.00%, 05/01/45 | 2515 | &nbsp;&nbsp; 2530815 |
| &nbsp;&nbsp;&nbsp; Series E, AMT, 5.00%, 05/01/50 | 27195 | &nbsp;&nbsp; 27055716 |
| &nbsp;&nbsp;&nbsp; San Francisco City & County Airport Comm-San <br> Francisco International Airport, Refunding RB, <br> Series C, AMT, 5.75%, 05/01/48<br>| 6900 | &nbsp;&nbsp; 7287090 |
|  |  | &nbsp;&nbsp; 319378890 |
| **Utilities — 9.3%** | **Utilities — 9.3%** |  |
| &nbsp;&nbsp;&nbsp; California Infrastructure & Economic Development <br> Bank, RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.25%, 07/01/49 | 6000 | &nbsp;&nbsp; 6048214 |
| &nbsp;&nbsp;&nbsp; Series A, 5.25%, 07/01/54 | 3500 | &nbsp;&nbsp; 3509036 |
| &nbsp;&nbsp;&nbsp; Sustainability Bonds, 5.00%, 10/01/48 | 10000 | &nbsp;&nbsp; 10112868 |
| &nbsp;&nbsp;&nbsp; California Pollution Control Financing Authority, <br> Refunding RB, 5.00%, 07/01/39<sup>(d)</sup><br>| 1000 | &nbsp;&nbsp; 1016799 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Utilities (continued)** | **Utilities (continued)** |  |
| &nbsp;&nbsp;&nbsp; City of San Francisco California Public Utilities <br> Commission Water Revenue, RB, Series C, 4.00%, <br> 11/01/50<br>| 15000 | &nbsp;&nbsp; $13691890 |
| &nbsp;&nbsp;&nbsp; Contra Costa Water District, Refunding RB, Series V, <br> 5.00%, 10/01/44<br>| 1260 | &nbsp;&nbsp; 1313597 |
| &nbsp;&nbsp;&nbsp; East Bay Municipal Utility District Water System <br> Revenue, RB, Series A, Sustainability Bonds, <br> 5.00%, 06/01/49<br>| 3835 | &nbsp;&nbsp; 3951359 |
| Livermore Valley Water Financing Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/48 | 1795 | &nbsp;&nbsp; 1877551 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/53 | 2740 | &nbsp;&nbsp; 2846795 |
| &nbsp;&nbsp;&nbsp; Mountain House Public Financing Authority, RB, <br> Series A, Sustainability Bonds, (BAM), 4.00%, <br> 12/01/50<br>| 4500 | &nbsp;&nbsp; 4140017 |
| Sacramento Municipal Utility District, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; Series H, Sustainability Bonds, 5.00%, 08/15/50 | 3730 | &nbsp;&nbsp; 3863632 |
| &nbsp;&nbsp;&nbsp; Series K, Sustainability Bonds, 5.00%, 08/15/53 | 13000 | &nbsp;&nbsp; 13638362 |
| San Diego Public Facilities Financing Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 05/15/54 | 10175 | &nbsp;&nbsp; 10554647 |
| &nbsp;&nbsp;&nbsp; Series A, Subordinate, 5.00%, 05/15/52 | 6970 | &nbsp;&nbsp; 7193587 |
| &nbsp;&nbsp;&nbsp; San Francisco City & County Public Utilities <br> Commission Wastewater Revenue, Refunding RB, <br> Series C, Sustainability Bonds, 5.00%, 10/01/54<br>| 11865 | &nbsp;&nbsp; 12323391 |
| &nbsp;&nbsp;&nbsp; San Mateo Foster City Public Financing Authority, RB, <br> 5.00%, 08/01/49<br>| 4840 | &nbsp;&nbsp; 4947768 |
|  |  | &nbsp;&nbsp; 101029513 |
| **Total Municipal Bonds in California** | **Total Municipal Bonds in California** | &nbsp;&nbsp; 1440093436 |
| **New Hampshire — 0.9%** | **New Hampshire — 0.9%** |  |
| **Housing — 0.9%** | **Housing — 0.9%** |  |
| &nbsp;&nbsp;&nbsp; New Hampshire Business Finance Authority, RB, M/F <br> Housing, Series 2, Sustainability Bonds, 3.93%, <br> 07/20/39<sup>(a)</sup><br>| 9971 | &nbsp;&nbsp; 9497167 |
| **Puerto Rico — 4.5%** | **Puerto Rico — 4.5%** |  |
| **State — 4.5%** | **State — 4.5%** |  |
| &nbsp;&nbsp;&nbsp; Puerto Rico Sales Tax Financing Corp. Sales Tax <br> Revenue, RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A-1, Restructured, 4.75%, 07/01/53 | 13045 | &nbsp;&nbsp; 12021939 |
| &nbsp;&nbsp;&nbsp; Series A-1, Restructured, 5.00%, 07/01/58 | 16785 | &nbsp;&nbsp; 15950728 |
| &nbsp;&nbsp;&nbsp; Series A-2, Restructured, 4.78%, 07/01/58 | 2416 | &nbsp;&nbsp; 2207626 |
| &nbsp;&nbsp;&nbsp; Series A-2, Restructured, 4.33%, 07/01/40 | 1804 | &nbsp;&nbsp; 1691726 |
| &nbsp;&nbsp;&nbsp; Series B-1, Restructured, 4.75%, 07/01/53 | 1063 | &nbsp;&nbsp; 966803 |
| &nbsp;&nbsp;&nbsp; Series B-1, Restructured, 5.00%, 07/01/58 | 7714 | &nbsp;&nbsp; 7330588 |
| &nbsp;&nbsp;&nbsp; Series B-2, Restructured, 4.78%, 07/01/58 | 1535 | &nbsp;&nbsp; 1407311 |
| &nbsp;&nbsp;&nbsp; Puerto Rico Sales Tax Financing Corp. Sales Tax <br> Revenue, RB, CAB, Series A-1, Restructured, <br> 0.00%, 07/01/46<sup>(b)</sup><br>| 23743 | &nbsp;&nbsp; 7611597 |
| **Total Municipal Bonds in Puerto Rico** | **Total Municipal Bonds in Puerto Rico** | &nbsp;&nbsp; 49188318 |
| **Total Municipal Bonds — 137.3%** <br>**(Cost: $1,509,580,721)** | **Total Municipal Bonds — 137.3%** <br>**(Cost: $1,509,580,721)** | &nbsp;&nbsp; 1498778921 |
| **Municipal Bonds Transferred to Tender Option Bond Trusts**<sup>(f)</sup> | **Municipal Bonds Transferred to Tender Option Bond Trusts**<sup>(f)</sup> | **Municipal Bonds Transferred to Tender Option Bond Trusts**<sup>(f)</sup> |
| **California — 30.5%** | **California — 30.5%** | **California — 30.5%** |
| **County/City/Special District/School District — 7.0%** | **County/City/Special District/School District — 7.0%** |  |
| &nbsp;&nbsp;&nbsp; California Municipal Finance Authority, RB, 5.00%, <br> 06/01/48<br>| 15000 | &nbsp;&nbsp; 15182577 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**BlackRock MuniHoldings California Quality Fund, Inc. (MUC)** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **County/City/Special District/School District (continued)** | **County/City/Special District/School District (continued)** |  |
| &nbsp;&nbsp;&nbsp; Irvine Facilities Financing Authority, ST, Series A, <br> 5.00%, 09/01/48<br>| 20000 | &nbsp;&nbsp; $20786034 |
| &nbsp;&nbsp;&nbsp; Los Angeles County Facilities, Inc., RB, Series A, <br> 5.00%, 12/01/43<br>| 13345 | &nbsp;&nbsp; 13605129 |
| &nbsp;&nbsp;&nbsp; Los Angeles Unified School District, GO, Sustainability <br> Bonds, 5.25%, 07/01/48<br>| 25000 | &nbsp;&nbsp; 26680670 |
|  |  | &nbsp;&nbsp; 76254410 |
| **Education — 6.4%** | **Education — 6.4%** |  |
| &nbsp;&nbsp;&nbsp; University of California, RB, Series BK, 5.00%, <br> 05/15/52<br>| 56410 | &nbsp;&nbsp; 58218032 |
| &nbsp;&nbsp;&nbsp; University of California, Refunding RB, Series AZ, <br> 5.00%, 05/15/48<br>| 12000 | &nbsp;&nbsp; 12158701 |
|  |  | &nbsp;&nbsp; 70376733 |
| **State — 3.4%** | **State — 3.4%** |  |
| State of California, Refunding GO |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/47<sup>(g)</sup> | 10000 | &nbsp;&nbsp; 10435561 |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/55 | 25000 | &nbsp;&nbsp; 26308765 |
|  |  | &nbsp;&nbsp; 36744326 |
| **Transportation — 11.6%** | **Transportation — 11.6%** |  |
| &nbsp;&nbsp;&nbsp; City of Los Angeles Department of Airports, ARB, <br> 0.00%,<br>| 8975 | &nbsp;&nbsp; 8996197 |
| &nbsp;&nbsp;&nbsp; City of Los Angeles Department of Airports, Refunding <br> ARB<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, Sustainability Bonds, 5.50%, <br> 05/15/55<br>| 25000 | &nbsp;&nbsp; 26135317 |
| &nbsp;&nbsp;&nbsp; Series S, AMT, 5.00%, 05/15/51 | 19235 | &nbsp;&nbsp; 19275334 |
| &nbsp;&nbsp;&nbsp; San Diego County Regional Airport Authority, ARB, <br> AMT, Series B, 5.00%, 07/01/48<br>| 20795 | &nbsp;&nbsp; 20963918 |
| &nbsp;&nbsp;&nbsp; San Francisco City & County Airport Comm-San <br> Francisco International Airport, Refunding ARB<sup>(g)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 2nd Series, Class D, AMT, 5.00%, 05/01/28<sup>(e)</sup> | 20 | &nbsp;&nbsp; 30722919 |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 5.50%, 05/01/55 | 20000 | &nbsp;&nbsp; 20834422 |
|  |  | &nbsp;&nbsp; 126928107 |
| **Utilities — 2.1%** | **Utilities — 2.1%** |  |
| &nbsp;&nbsp;&nbsp; Central Valley Energy Authority, RB, 5.00%, <br> 12/01/55<sup>(a)(g)</sup><br>| 10000 | &nbsp;&nbsp; 10744755 |
| &nbsp;&nbsp;&nbsp; City of San Francisco California Public Utilities <br> Commission Water Revenue, RB, Series B, 5.00%, <br> 11/01/50<br>| 11690 | &nbsp;&nbsp; 11793111 |
|  |  | &nbsp;&nbsp; 22537866 |
| **Total Municipal Bonds in California** | **Total Municipal Bonds in California** | &nbsp;&nbsp; 332841442 |
| **Total Municipal Bonds Transferred to Tender Option Bond** <br>**Trusts — 30.5%** <br>**(Cost: $331,304,341)** | **Total Municipal Bonds Transferred to Tender Option Bond** <br>**Trusts — 30.5%** <br>**(Cost: $331,304,341)** | &nbsp;&nbsp; 332841442 |
| **Total Long-Term Investments — 167.8%** <br>**(Cost: $1,840,885,062)** | **Total Long-Term Investments — 167.8%** <br>**(Cost: $1,840,885,062)** | &nbsp;&nbsp; 1831620363 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | <br>*Shares*<br>| *Value* |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 1.3%** | **Money Market Funds — 1.3%** |  |
| &nbsp;&nbsp;&nbsp; BlackRock Liquidity Funds, MuniCash, Institutional <br> Shares, 3.05%<sup>(h)(i)</sup><br>| 14631929 | &nbsp;&nbsp; $14633392 |
| **Total Short-Term Securities — 1.3%** <br>**(Cost: $14,633,392)** | **Total Short-Term Securities — 1.3%** <br>**(Cost: $14,633,392)** | &nbsp;&nbsp; 14633392 |
| **Total Investments — 169.1%** <br>**(Cost: $1,855,518,454)** | **Total Investments — 169.1%** <br>**(Cost: $1,855,518,454)** | &nbsp;&nbsp; 1846253755 |
| **Liabilities in Excess of Other Assets — (0.9)%** | **Liabilities in Excess of Other Assets — (0.9)%** | &nbsp;&nbsp; (10011641)<br>|
| **Liability for TOB Trust Certificates, Including Interest Expense and** <br> **Fees Payable — (20.0)%** | **Liability for TOB Trust Certificates, Including Interest Expense and** <br> **Fees Payable — (20.0)%** | &nbsp;&nbsp; (217932359)<br>|
| **VRDP Shares at Liquidation Value, Net of Deferred Offering Costs —** <br> **(48.2)%** | **VRDP Shares at Liquidation Value, Net of Deferred Offering Costs —** <br> **(48.2)%** | &nbsp;&nbsp; (526400000)<br>|
| **Net Assets Applicable to Common Shares — 100.0%** | **Net Assets Applicable to Common Shares — 100.0%** | &nbsp;&nbsp; $1091909755 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> 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. 

<sup>(b)</sup> Zero-coupon bond.

<sup>(c)</sup> When-issued security.

<sup>(d)</sup> 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. 

<sup>(e)</sup> 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. 

<sup>(f)</sup> 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. 

<sup>(g)</sup> All or a portion of the security is subject to a recourse agreement. The aggregate maximum potential amount the Trust could ultimately be required to pay under the agreements, which expire between May 1, 2027 to December 1, 2032, is $49,806,954. 

<sup>(h)</sup> Affiliate of the Trust.

<sup>(i)</sup> Annualized 7-day yield as of period end.

For purposes of this report, industry and sector sub-classifications may differ from those utilized by the Trust for compliance purposes.

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**BlackRock MuniHoldings California Quality Fund, Inc. (MUC)** 

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Trust during the period ended April 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*07/31/24*<br>| *Purchases* <br>*at Cost*<br>| *Net* <br>*Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*04/30/25*<br>| *Shares* <br>*Held at* <br>*04/30/25*<br>| *Income* | *Capital Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| &nbsp;&nbsp;&nbsp; BlackRock Liquidity Funds, MuniCash, Institutional <br> Shares<br>| $57500237 | $—<br> $(42866845 )<sup>(a)</sup><br>| &nbsp;&nbsp; $— | $— | $14633392 | 14631929 | $1067237 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Represents net amount purchased (sold).

**Fair Value Hierarchy as of Period End**

Various inputs are used in determining the fair value of financial instruments at the measurement date. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 – Unadjusted price quotations in active markets/exchanges that the Trust has the ability to access for identical assets or liabilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 – Inputs that are unobservable and significant to the entire fair value measurement for the asset or liability (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 that may not have a secondary market and/or may have 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 |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1498778921 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1498778921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds Transferred to Tender Option Bond Trusts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 332841442 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 332841442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | &nbsp;&nbsp; 14633392 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14633392 |
|  | &nbsp;&nbsp; $14633392 | &nbsp;&nbsp;&nbsp;&nbsp; $1831620363 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1846253755 |

---

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 |  |  |  |  |
| &nbsp;&nbsp;&nbsp; TOB Trust Certificates | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(216019985)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(216019985)<br>|
| &nbsp;&nbsp;&nbsp; VRDP Shares at Liquidation Value | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (526400000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (526400000)<br>|
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(742419985)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(742419985)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Portfolio Abbreviation**  | **Portfolio Abbreviation**  |
| AGM | Assured Guaranty Municipal Corp. |
| AMBAC | AMBAC Assurance Corp. |

---

---

| | |
|:---|:---|
| **Portfolio Abbreviation (continued)** | **Portfolio Abbreviation (continued)** |
| AMT | Alternative Minimum Tax |
| ARB | Airport Revenue Bonds  |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**BlackRock MuniHoldings California Quality Fund, Inc. (MUC)** 

---

| | |
|:---|:---|
| **Portfolio Abbreviation (continued)** | **Portfolio Abbreviation (continued)** |
| BAM | Build America Mutual Assurance Co. |
| BAM-TCRS | &nbsp;&nbsp;&nbsp; Build America Mutual Assurance Co. - Transferable <br> Custodial Receipts<br>|
| CAB | Capital Appreciation Bonds |
| COP | Certificates of Participation |
| FHLMC | Federal Home Loan Mortgage Corp. |
| FNMA | Federal National Mortgage Association |
| GO | General Obligation Bonds |
| M/F | Multi-Family |
| RB | Revenue Bonds |
| S/F | Single-Family |
| SAB | Special Assessment Bonds |
| ST | Special Tax |

---

Schedule of Investments

------

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** BlackRock MuniHoldings California Quality Fund, Inc.

- **b. Investment Company Act file number:** 811-08573

- **c. CIK number of Registrant:** 0001051004

- **d. LEI of Registrant:** NKJSRCJXMS5PZYPXY795

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 100 Bellevue Parkway

  - **City:** Wilmington

  - **State:** DE

  - **Foreign country:** US

  - **Zip / Postal Code:** 19809

  - **Telephone number:** 800-441-7762

**Item A.2. Information about the Series.**

- **a. Name of Series:** BlackRock MuniHoldings California Quality Fund, Inc.

- **c. LEI of Series:** NKJSRCJXMS5PZYPXY795

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-07-31

- **b. Date as of which information is reported:** 2025-04-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $1867947468.38

**Total Liabilities:** $776039155.56

**Net Assets:** $1091908312.82

**Delayed Delivery Securities:** $25587500.00

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 304295.62000000 | **1-Year:** 57526.33000000 | **5-Year:** 470521.43000000 | **10-Year:** 408162.89000000 | **30-Year:** 350171.79000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** 20157.97000000 | **10-Year:** 31775.10000000 | **30-Year:** 143084.04000000

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 1.55%                | -2.60%               | -2.52%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $381732.09               | $12530908.50                               |
| Month 2  | $-402009.11              | $-34006688.67                              |
| Month 3  | $-9557393.01             | $-22200507.59                              |

**Designated Index Information**

- **Index Name:** Fund`s Designated Reference Portfolio is the Fund`s Securities Portfolio

- **Index Identifier:** Fund`s Designated Reference Portfolio is the Fund`s Securities Portfolio

### Schedule of Portfolio Investments

| Name                                                                         | Title                                                        | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Dublin Unified School District                                               | DUBLIN CA UNIF SCH DIST                                      | CUSIP: 26362VTG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5805000 | PA      | $5486359.66   | 0.50%             | 2053-08-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                       | CALIFORNIA ST STWD CMNTYS DEV AUTH STWD REVENUE              | CUSIP: 13078YUD5<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   1785000 | PA      | $1693080.78   | 0.16%             | 2052-09-02      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| El Rancho Unified School District                                            | EL RANCHO CA UNIF SCH DIST                                   | CUSIP: 283839F60<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $823874.24    | 0.08%             | 2048-08-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| San Leandro Unified School District                                          | SAN LEANDRO CA UNIF SCH DIST                                 | CUSIP: 798458WA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  26000000 | PA      | $27310654.02  | 2.50%             | 2048-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| La Mesa-Spring Valley School District                                        | LA MESA-SPRING VLY CA SCH DIST                               | CUSIP: 503678SF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    625000 | PA      | $571695.85    | 0.05%             | 2051-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                              | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE  | CUSIP: 13013JFR2<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |  25000000 | PA      | $26423536.25  | 2.42%             | 2055-02-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                       | PUERTO RICO SALES TAX FING CORP SALES TAX REVENUE            | CUSIP: 74529JQL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1063000 | PA      | $966803.58    | 0.09%             | 2053-07-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Airport Comm-San Francisco International Airport | SAN FRANCISCO CALIF CITY &CNTY ARPTS COMMN INTL ARPT REV     | CUSIP: 79766DRZ4<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |   2515000 | PA      | $2530814.87   | 0.23%             | 2045-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Norman Y Mineta San Jose International Airport SJC                           | SAN JOSE CA ARPT REVENUE                                     | CUSIP: 798136XD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2083692.16   | 0.19%             | 2033-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                          | CALIFORNIA ST                                                | CUSIP: 13063ELN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5261753.10   | 0.48%             | 2055-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                             | CALIFORNIA ST HLTH FACS FING AUTH REVENUE                    | CUSIP: 13033LS57<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |    545000 | PA      | $458434.60    | 0.04%             | 2043-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| San Diego County Regional Airport Authority                                  | SAN DIEGO CNTY CA REGL ARPT AUTH AIRPORT REVENUE             | CUSIP: 79739GNY8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  14855000 | PA      | $14598224.49  | 1.34%             | 2056-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Unified School District/CA                                       | LOS ANGELES CA UNIF SCH DIST                                 | CUSIP: 544647BX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10475000 | PA      | $9914436.66   | 0.91%             | 2044-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | CALIFORNIA ST MUNI FIN AUTH REVENUE                          | CUSIP: 13048VJF6<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    350000 | PA      | $264963.29    | 0.02%             | 2048-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California State University                                                  | CALIFORNIA ST UNIV REVENUE                                   | CUSIP: 13077DEY4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  12395000 | PA      | $12574524.72  | 1.15%             | 2048-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California State University                                                  | CALIFORNIA ST UNIV REVENUE                                   | CUSIP: 13077DEZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9260000 | PA      | $9394378.53   | 0.86%             | 2050-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Housing Finance Agency                                            | CALIFORNIA HSG FIN AGY LTD OBLIG MF HSG REVENUE              | CUSIP: 13034DAP9<br>LEI: 549300BOPCVLBA552Z14 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $9315519.00   | 0.85%             | 2040-09-01      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| University of California                                                     | UNIV OF CALIFORNIA CA REVENUES                               | CUSIP: 91412HHG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9000000 | PA      | $8301687.03   | 0.76%             | 2047-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                              | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE  | CUSIP: 13013JCB0<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |  45200000 | PA      | $46847838.32  | 4.29%             | 2053-07-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                   | LOS ANGELES CA DEPT OF ARPTS ARPT REVENUE                    | CUSIP: 544445WR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5059806.80   | 0.46%             | 2045-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Diego County Regional Airport Authority                                  | SAN DIEGO CNTY CA REGL ARPT AUTH AIRPORT REVENUE             | CUSIP: 79739GNX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $9966973.10   | 0.91%             | 2051-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Airport Comm-San Francisco International Airport | SAN FRANCISCO CALIF CITY &CNTY ARPTS COMMN INTL ARPT REV     | CUSIP: 79766DWA3<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20041.17     | 0.00%             | 2048-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California School Finance Authority                                          | CALIFORNIA ST SCH FIN AUTH CHRT SCH REVENUE                  | CUSIP: 13058TSB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $703816.86    | 0.06%             | 2053-06-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                   | LOS ANGELES CA DEPT OF ARPTS ARPT REVENUE                    | CUSIP: 544445CB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8500000 | PA      | $8506447.34   | 0.78%             | 2041-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                             | CALIFORNIA ST HLTH FACS FING AUTH REVENUE                    | CUSIP: 13032UNY0<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |  17280000 | PA      | $17302558.52  | 1.58%             | 2048-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California School Finance Authority                                          | CALIFORNIA SCH FIN AUTH SCH FAC REVENUE                      | CUSIP: 13059TCQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    755000 | PA      | $756362.63    | 0.07%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Las Virgenes Unified School District                                         | LAS VIRGENES CA UNIF SCH DIST                                | CUSIP: 518021ZN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4806942.21   | 0.44%             | 2051-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| East Bay Municipal Utility District Water System Revenue                     | EAST BAY CA MUNI UTILITY DIST WTR SYS REVENUE                | CUSIP: 271014J60<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3835000 | PA      | $3951359.35   | 0.36%             | 2049-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Norman Y Mineta San Jose International Airport SJC                           | SAN JOSE CA ARPT REVENUE                                     | CUSIP: 798136VU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  15140000 | PA      | $15118810.96  | 1.38%             | 2047-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Santa Monica Community College District                                      | SANTA MONICA CA CMNTY CLG DIST                               | CUSIP: 802385SH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $9620691.70   | 0.88%             | 2045-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                          | CALIFORNIA ST                                                | CUSIP: 13063ELL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1928005.06   | 0.18%             | 2049-03-01      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| Oxnard School District                                                       | OXNARD CA SCH DIST                                           | CUSIP: 692020M80<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2527645.10   | 0.23%             | 2045-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California County Tobacco Securitization Agency                              | CALIFORNIA CNTY CA TOBACCO SECURITIZATION AGY TOBACCO SETTLE | CUSIP: 13016NHB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7575000 | PA      | $1690412.46   | 0.15%             | 2055-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                              | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE  | CUSIP: 13013JDD5<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |  39775000 | PA      | $42810295.88  | 3.92%             | 2054-10-01      | Floating      | 5.50%                 | No            |                  2 | On Loan: No      |
| City of San Francisco CA Public Utilities Commission Water Revenue           | SAN FRANCISCO CITY & CNTY CA PUBLIC UTILITIES COMMISSION WTR | CUSIP: 79765R5L9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  11689997 | PA      | $11793110.55  | 1.08%             | 2050-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Coachella Valley Unified School District/CA                                  | COACHELLA VLY CA UNIF SCH DIST                               | CUSIP: 189849MA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2990000 | PA      | $3000269.45   | 0.27%             | 2046-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                              | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE  | CUSIP: 13013JFX9<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |  15000000 | PA      | $15417020.40  | 1.41%             | 2056-01-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| California County Tobacco Securitization Agency                              | CALIFORNIA CNTY CA TOBACCO SECURITIZATION AGY TOBACCO SETTLE | CUSIP: 13016NEZ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2755000 | PA      | $2377929.98   | 0.22%             | 2049-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                   | LOS ANGELES CA DEPT OF ARPTS ARPT REVENUE                    | CUSIP: 544445SX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7000000 | PA      | $7019929.98   | 0.64%             | 2046-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Central Valley Energy Authority                                              | CENTRL VLY CA ENERGY AUTH COMMODITY SPLY REVENUE             | CUSIP: 15569DAA0<br>LEI: 254900G5IPQ9MA3FRJ55 | Long             | DBT              | MUN               | US        |   9999998 | PA      | $10744755.23  | 0.98%             | 2055-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                       | PUERTO RICO SALES TAX FING CORP SALES TAX REVENUE            | CUSIP: 74529JRH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1804000 | PA      | $1691725.93   | 0.15%             | 2040-07-01      | Fixed         | 4.33%                 | No            |                  2 | On Loan: No      |
| Menifee Union School District                                                | MENIFEE CA UNION SCH DIST                                    | CUSIP: 586807HW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5370000 | PA      | $5092212.96   | 0.47%             | 2043-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                   | LOS ANGELES CA DEPT OF ARPTS ARPT REVENUE                    | CUSIP: 544445MX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7000000 | PA      | $7126159.39   | 0.65%             | 2044-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Diego County Regional Airport Authority                                  | SAN DIEGO CNTY CA REGL ARPT AUTH AIRPORT REVENUE             | CUSIP: 79739GRK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  20795000 | PA      | $20963917.61  | 1.92%             | 2048-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                              | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE  | CUSIP: 13013JBL9<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   6670000 | PA      | $6914959.89   | 0.63%             | 2053-12-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Anaheim City School District/CA                                              | ANAHEIM CA ELEM SCH DIST                                     | CUSIP: 032555RB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5615000 | PA      | $5775792.94   | 0.53%             | 2051-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                   | LOS ANGELES CA DEPT OF ARPTS ARPT REVENUE                    | CUSIP: 544445YG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1940000 | PA      | $1971466.97   | 0.18%             | 2045-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                     | NATIONAL FIN AUTH NH MUNI CTFS                               | CUSIP: 63607WBB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9970821 | PA      | $9497167.44   | 0.87%             | 2039-07-20      | Floating      | 3.93%                 | No            |                  2 | On Loan: No      |
| University of California                                                     | UNIV OF CALIFORNIA CA REVENUES                               | CUSIP: 91412HND1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  56409998 | PA      | $58218033.74  | 5.33%             | 2052-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                       | PUERTO RICO SALES TAX FING CORP SALES TAX REVENUE            | CUSIP: 74529JPW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  13045000 | PA      | $12021939.09  | 1.10%             | 2053-07-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| California School Finance Authority                                          | CALIFORNIA ST SCH FIN AUTH CHRT SCH REVENUE                  | CUSIP: 13058TKD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2365000 | PA      | $2195843.28   | 0.20%             | 2059-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                       | PUERTO RICO SALES TAX FING CORP SALES TAX REVENUE            | CUSIP: 74529JPX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  16785000 | PA      | $15950727.59  | 1.46%             | 2058-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                              | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE  | CUSIP: 13013JFS0<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |  27415000 | PA      | $28168370.78  | 2.58%             | 2055-11-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Financing Authority                                     | CALIFORNIA ST STWD FING AUTH TOBACCO SETTLEMENT              | CUSIP: 130923BP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  57200000 | PA      | $3428373.52   | 0.31%             | 2055-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Public Utilities Commission Wastewater Revenue   | SAN FRANCISCO CITY & CNTY CA PUBLIC UTILS COMMISSION WSTWTR  | CUSIP: 79768HKP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  11865000 | PA      | $12323390.99  | 1.13%             | 2054-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Livermore Valley Water Financing Authority                                   | LIVERMORE VLY CA WTR FING AUTH WTR REVENUE                   | CUSIP: 53833PBW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1795000 | PA      | $1877551.21   | 0.17%             | 2048-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California State Public Works Board                                          | CALIFORNIA ST PUBLIC WKS BRD LEASE REVENUE                   | CUSIP: 13068XKS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  18275000 | PA      | $19022232.04  | 1.74%             | 2047-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Val Verde Unified School District                                            | VAL VERDE CA UNIF SCH DIST                                   | CUSIP: 91882RKM3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4564606.10   | 0.42%             | 2049-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| University of California                                                     | UNIV OF CALIFORNIA CA REVENUES                               | CUSIP: 91412HKU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6000000 | PA      | $4508218.26   | 0.41%             | 2051-05-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                       | CALIFORNIA STWD CMNTYS DEV AUTH REVENUE                      | CUSIP: 13080SUG7<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4235884.50   | 0.39%             | 2045-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                   | LOS ANGELES CA DEPT OF ARPTS ARPT REVENUE                    | CUSIP: 544445CC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  11280000 | PA      | $11102750.82  | 1.02%             | 2046-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Diego Public Facilities Financing Authority                              | SAN DIEGO CA PUBLIC FACS FING AUTH SWR REVENUE               | CUSIP: 79730ALY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10175000 | PA      | $10554647.36  | 0.97%             | 2054-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                       | CALIFORNIA ST STWD CMNTYS DEV AUTH STWD REVENUE              | CUSIP: 13078YPW9<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   1060000 | PA      | $1092504.48   | 0.10%             | 2039-09-02      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Housing Finance Agency                                            | CALIFORNIA HSG FIN AGY LTD OBLIG MF HSG REVENUE              | CUSIP: 13034DAM6<br>LEI: 549300BOPCVLBA552Z14 | Long             | DBT              | MUN               | US        |  12000000 | PA      | $11235086.04  | 1.03%             | 2040-07-01      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| County of Sacramento CA Airport System Revenue                               | SACRAMENTO CNTY CA ARPT SYS REVENUE                          | CUSIP: 786107RY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3035869.44   | 0.28%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | CALIFORNIA ST MUNI FIN AUTH REVENUE                          | CUSIP: 13048TS20<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   9250000 | PA      | $9266441.14   | 0.85%             | 2047-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Redwood City School District                                                 | REDWOOD CITY CA SCH DIST                                     | CUSIP: 757889EC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2800000 | PA      | $2659264.92   | 0.24%             | 2044-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | CALIFORNIA ST MUNI FIN AUTH SOL WST DISP REVENUE             | CUSIP: 13048RAM9<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   2935000 | PA      | $2937224.67   | 0.27%             | 2053-09-01      | Floating      | 4.38%                 | No            |                  2 | On Loan: No      |
| City of San Francisco CA Public Utilities Commission Water Revenue           | SAN FRANCISCO CITY & CNTY CA PUBLIC UTILITIES COMMISSION WTR | CUSIP: 79765R5N5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  15000000 | PA      | $13691889.90  | 1.25%             | 2050-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California State University                                                  | CALIFORNIA ST UNIV REVENUE                                   | CUSIP: 13077DUS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  15000000 | PA      | $16345956.75  | 1.50%             | 2049-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| San Diego County Regional Airport Authority                                  | SAN DIEGO CNTY CA REGL ARPT AUTH AIRPORT REVENUE             | CUSIP: 79739GGP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6485000 | PA      | $6397613.39   | 0.59%             | 2047-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                             | CALIFORNIA ST HLTH FACS FING AUTH REVENUE                    | CUSIP: 13032UE38<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   5005000 | PA      | $4690767.78   | 0.43%             | 2048-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California State Public Works Board                                          | CALIFORNIA ST PUBLIC WKS BRD LEASE REVENUE                   | CUSIP: 13068XPU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8670000 | PA      | $9176929.61   | 0.84%             | 2045-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Airport Comm-San Francisco International Airport | SAN FRANCISCO CALIF CITY &CNTY ARPTS COMMN INTL ARPT REV     | CUSIP: 79766DVY2<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |   6900000 | PA      | $7287090.07   | 0.67%             | 2048-05-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| State of California                                                          | CALIFORNIA ST                                                | CUSIP: 13063DFS2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10740000 | PA      | $10780991.14  | 0.99%             | 2047-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                             | CALIFORNIA ST HLTH FACS FING AUTH REVENUE                    | CUSIP: 13032UMG0<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   2625000 | PA      | $2680326.02   | 0.25%             | 2037-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Las Virgenes Unified School District                                         | LAS VIRGENES CA UNIF SCH DIST                                | CUSIP: 518021ZR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10434695.40  | 0.96%             | 2054-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Housing Finance Agency                                            | CALIFORNIA HSG FIN AGY MUNI CTFS                             | CUSIP: 13033DAE5<br>LEI: 549300BOPCVLBA552Z14 | Long             | DBT              | MUN               | US        |   9370950 | PA      | $8911677.08   | 0.82%             | 2035-11-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Los Angeles Unified School District/CA                                       | LOS ANGELES CA UNIF SCH DIST                                 | CUSIP: 544647HB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  24999999 | PA      | $26680670.40  | 2.44%             | 2048-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                       | PUERTO RICO SALES TAX FING CORP SALES TAX REVENUE            | CUSIP: 74529JRL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2416000 | PA      | $2207626.26   | 0.20%             | 2058-07-01      | Fixed         | 4.78%                 | No            |                  2 | On Loan: No      |
| State of California                                                          | CALIFORNIA ST                                                | CUSIP: 13063DP44<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10435560.60  | 0.96%             | 2047-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Airport Comm-San Francisco International Airport | SAN FRANCISCO CALIF CITY &CNTY ARPTS COMMN INTL ARPT REV     | CUSIP: 79766DXP9<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |  17000000 | PA      | $17311386.96  | 1.59%             | 2055-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                   | LOS ANGELES CA DEPT OF ARPTS ARPT REVENUE                    | CUSIP: 544445F87<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4490000 | PA      | $4500604.30   | 0.41%             | 2052-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Livermore Valley Water Financing Authority                                   | LIVERMORE VLY CA WTR FING AUTH WTR REVENUE                   | CUSIP: 53833PBX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2740000 | PA      | $2846795.45   | 0.26%             | 2053-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Santa Clarita Community College District                                     | SANTA CLARITA CA CMNTY CLG DIST                              | CUSIP: 801686UL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4308917.84   | 0.39%             | 2045-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| State of California                                                          | CALIFORNIA ST                                                | CUSIP: 13063DS82<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5198582.85   | 0.48%             | 2052-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Airport Comm-San Francisco International Airport | SAN FRANCISCO CALIF CITY &CNTY ARPTS COMMN INTL ARPT REV     | CUSIP: 79766DGF0<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |   5870000 | PA      | $5869406.60   | 0.54%             | 2046-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                   | LOS ANGELES CA DEPT OF ARPTS ARPT REVENUE                    | CUSIP: 544445WS4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4243211.00   | 0.39%             | 2049-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California School Finance Authority                                          | CALIFORNIA ST SCH FIN AUTH CHRT SCH REVENUE                  | CUSIP: 13058THG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6615000 | PA      | $6025424.63   | 0.55%             | 2058-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ravenswood City School District/CA                                           | RAVENSWOOD CA CITY SCH DIST                                  | CUSIP: 754405JN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7570000 | PA      | $7900104.01   | 0.72%             | 2053-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                              | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE  | CUSIP: 13013JDB9<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |  15480000 | PA      | $16169349.63  | 1.48%             | 2054-02-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Peralta Community College District                                           | PERALTA CA CMNTY CLG DIST                                    | CUSIP: 713575YY8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4580000 | PA      | $4799707.00   | 0.44%             | 2050-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Airport Comm-San Francisco International Airport | SAN FRANCISCO CALIF CITY &CNTY ARPTS COMMN INTL ARPT REV     | CUSIP: 79766DSA8<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |  27195000 | PA      | $27055715.64  | 2.48%             | 2050-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Diego Housing Authority Inc                                              | SAN DIEGO CA HSG AUTH MF HSG REVENUE                         | CUSIP: 79728FLL3<br>LEI: 549300X9H1ODNOOT1Q87 | Long             | DBT              | MUN               | US        |   5805000 | PA      | $5510222.80   | 0.50%             | 2040-06-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| Irvine Facilities Financing Authority                                        | IRVINE CA FACS FING AUTH SPL TAX REVENUE                     | CUSIP: 46360WAU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  19999999 | PA      | $20786033.66  | 1.90%             | 2048-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CSCDA Community Improvement Authority                                        | CSCDA CMNTY IMPT AUTH CA ESSENTIAL HSG REVENUE               | CUSIP: 126292AY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1475000 | PA      | $949683.62    | 0.09%             | 2056-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Redwood City School District                                                 | REDWOOD CITY CA SCH DIST                                     | CUSIP: 757889FK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6218020.50   | 0.57%             | 2052-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Inland Empire Tobacco Securitization Corp                                    | INLAND EMPIRE CA TOBACCO SECURITIZATION AUTH TOB SETTLEMENT  | CUSIP: 45734TAD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2855000 | PA      | $1269146.08   | 0.12%             | 2036-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                             | CALIFORNIA ST HLTH FACS FING AUTH REVENUE                    | CUSIP: 13032URP5<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3004111.17   | 0.28%             | 2048-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tobacco Securitization Authority of Southern California                      | TOBACCO SECURITIZATION AUTH STHRN CA TOBACCO SETTLEMENT REVE | CUSIP: 888804CT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1965558.48   | 0.18%             | 2048-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                              | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE  | CUSIP: 13013JEA0<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |  35400000 | PA      | $36407430.19  | 3.33%             | 2055-01-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                       | PUERTO RICO SALES TAX FING CORP SALES TAX REVENUE            | CUSIP: 74529JQM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7714000 | PA      | $7330587.59   | 0.67%             | 2058-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Santa Rosa High School District                                              | SANTA ROSA CA HIGH SCH DIST                                  | CUSIP: 802615Q49<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7050000 | PA      | $6396692.22   | 0.59%             | 2049-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                   | LOS ANGELES CA DEPT OF ARPTS ARPT REVENUE                    | CUSIP: 544445S67<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5980000 | PA      | $6036736.80   | 0.55%             | 2046-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                   | LOS ANGELES CA DEPT OF ARPTS ARPT REVENUE                    | CUSIP: 544445ER6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8525000 | PA      | $8573210.67   | 0.79%             | 2044-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                   | LOS ANGELES CA DEPT OF ARPTS ARPT REVENUE                    | CUSIP: 544445F46<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2450000 | PA      | $2550193.14   | 0.23%             | 2047-05-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Oxnard Union High School District                                            | OXNARD CA UNION HIGH SCH DIST                                | CUSIP: 692039SA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6560000 | PA      | $6682742.72   | 0.61%             | 2045-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sacramento Municipal Utility District                                        | SACRAMENTO CA MUNI UTILITY DIST ELEC REVENUE                 | CUSIP: 786005H92<br>LEI: E3GSVR6ZOU1MX2V7HF33 | Long             | DBT              | MUN               | US        |  13000000 | PA      | $13638362.01  | 1.25%             | 2053-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California School Finance Authority                                          | CALIFORNIA SCH FIN AUTH SCH FAC REVENUE                      | CUSIP: 13059TGQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1005000 | PA      | $841465.21    | 0.08%             | 2045-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Pollution Control Financing Authority                             | CALIFORNIA ST POLL CONTROL FING AUTH WTR FURNISHING REVENUE  | CUSIP: 13054WAP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1016799.24   | 0.09%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Housing Finance Agency                                            | CALIFORNIA HSG FIN AGY MUNI CTFS                             | CUSIP: 13033DAG0<br>LEI: 549300BOPCVLBA552Z14 | Long             | DBT              | MUN               | US        |  17591957 | PA      | $17258220.01  | 1.58%             | 2035-03-25      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| California Infrastructure & Economic Development Bank                        | CALIFORNIA ST INFRASTRUCTURE & ECON DEV BANK REVENUE         | CUSIP: 13034AZC7<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10112867.70  | 0.93%             | 2048-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Airport Comm-San Francisco International Airport | SAN FRANCISCO CALIF CITY &CNTY ARPTS COMMN INTL ARPT REV     | CUSIP: 79766DRK7<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |  14220000 | PA      | $14154707.45  | 1.30%             | 2047-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of California                                                     | University of California                                     | CUSIP: 91412HBB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  12000000 | PA      | $12158701.16  | 1.11%             | 2048-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Norman Y Mineta San Jose International Airport SJC                           | SAN JOSE CA ARPT REVENUE                                     | CUSIP: 798136VS3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  11250000 | PA      | $11268451.01  | 1.03%             | 2041-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                              | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE  | CUSIP: 13013JDG8<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |  50000000 | PA      | $52494804.50  | 4.81%             | 2054-11-01      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| San Diego Unified School District/CA                                         | SAN DIEGO CA UNIF SCH DIST                                   | CUSIP: 797356FT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6270000 | PA      | $5904356.49   | 0.54%             | 2052-07-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Burbank-Glendale-Pasadena Airport Authority Brick Campaign                   | BURBANK GLENDALE PASADENA CA ARPT AUTH ARPT REVENUE          | CUSIP: 120827EE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2400000 | PA      | $2219571.89   | 0.20%             | 2049-07-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Clovis Unified School District                                               | CLOVIS CA UNIF SCH DIST                                      | CUSIP: 189342T32<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7275000 | PA      | $6729497.66   | 0.62%             | 2048-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Chaffey Joint Union High School District                                     | CHAFFEY CA JT UNION HIGH SCH DIST                            | CUSIP: 157411XC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3750000 | PA      | $1176944.81   | 0.11%             | 2049-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Santa Clara County Financing Authority                                       | SANTA CLARA CNTY CA FING AUTH                                | CUSIP: 801577MK0<br>LEI: 549300A73O1Q5POHAT69 | Long             | DBT              | MUN               | US        |   6355000 | PA      | $6005642.26   | 0.55%             | 2043-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Infrastructure & Economic Development Bank                        | CALIFORNIA ST INFRASTRUCTURE & ECON DEV BANK REVENUE         | CUSIP: 13034A5K2<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6048214.44   | 0.55%             | 2049-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| University of California                                                     | UNIV OF CALIFORNIA CA REVENUES                               | CUSIP: 91412HDB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2990000 | PA      | $3035152.26   | 0.28%             | 2048-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                          | CALIFORNIA ST                                                | CUSIP: 13063ELN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  25000000 | PA      | $26308765.44  | 2.41%             | 2055-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California School Finance Authority                                          | CALIFORNIA SCH FIN AUTH SCH FAC REVENUE                      | CUSIP: 13059TFV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1097976.96   | 0.10%             | 2054-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California School Finance Authority                                          | CALIFORNIA SCH FIN AUTH SCH FAC REVENUE                      | CUSIP: 13059TGP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2565000 | PA      | $2395925.49   | 0.22%             | 2059-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alameda Corridor Transportation Authority                                    | ALAMEDA CA CORRIDOR TRANSPRTN AUTH REVENUE                   | CUSIP: 010869HB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3790000 | PA      | $3825543.68   | 0.35%             | 2037-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles CA                                                       | LOS ANGELES CA COPS                                          | CUSIP: 544358WR1<br>LEI: 549300E7TO710PTXPJ65 | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1302974.97   | 0.12%             | 2031-11-01      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                   | LOS ANGELES CA DEPT OF ARPTS ARPT REVENUE                    | CUSIP: 544445Q69<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    115000 | PA      | $116373.11    | 0.01%             | 2041-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                       | CALIFORNIA ST STWD CMNTYS DEV AUTH STWD REVENUE              | CUSIP: 13078YRM9<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   4985000 | PA      | $4759580.79   | 0.44%             | 2050-09-02      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles County Facilities Inc                                            | LOS ANGELES CNTY CA FACS INC LEASE REVENUE                   | CUSIP: 54531FAS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  13344998 | PA      | $13605128.60  | 1.25%             | 2043-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sacramento Municipal Utility District                                        | SACRAMENTO CA MUNI UTILITY DIST ELEC REVENUE                 | CUSIP: 786005C97<br>LEI: E3GSVR6ZOU1MX2V7HF33 | Long             | DBT              | MUN               | US        |   3730000 | PA      | $3863631.95   | 0.35%             | 2050-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chabot-Las Positas Community College District                                | CHABOT-LAS POSITAS CA CMNTY CLG DIST                         | CUSIP: 15722TKU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  13355000 | PA      | $14391855.76  | 1.32%             | 2048-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| California Infrastructure & Economic Development Bank                        | CALIFORNIA ST INFRASTRUCTURE & ECON DEV BANK REVENUE         | CUSIP: 13034A5L0<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3509035.99   | 0.32%             | 2054-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | CALIFORNIA ST MUNI FIN AUTH REVENUE                          | CUSIP: 13048VCA4<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |  21415000 | PA      | $18141602.04  | 1.66%             | 2047-12-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| San Mateo Joint Powers Financing Authority                                   | SAN MATEO CNTY CA JT PWRS FING AUTH LEASE REVENUE            | CUSIP: 79904NGQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  14270000 | PA      | $12724205.96  | 1.17%             | 2052-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Educational Facilities Authority                                  | CALIFORNIA ST EDUCTNL FACS AUTH REVENUE                      | CUSIP: 130179RL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10060145.60  | 0.92%             | 2053-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Burbank-Glendale-Pasadena Airport Authority Brick Campaign                   | BURBANK GLENDALE PASADENA CA ARPT AUTH ARPT REVENUE          | CUSIP: 120827ED8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5385000 | PA      | $5487127.33   | 0.50%             | 2049-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | CALIFORNIA ST MUNI FIN AUTH SPL TAX REVENUE                  | CUSIP: 13051AHS0<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    945000 | PA      | $954994.48    | 0.09%             | 2059-09-01      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                   | LOS ANGELES CA DEPT OF ARPTS ARPT REVENUE                    | CUSIP: 544445SY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  19234998 | PA      | $19275333.54  | 1.77%             | 2051-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                       | PUERTO RICO SALES TAX FING CORP SALES TAX REVENUE            | CUSIP: 74529JRP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1535000 | PA      | $1407311.32   | 0.13%             | 2058-07-01      | Fixed         | 4.78%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Airport Comm-San Francisco International Airport | SAN FRANCISCO CALIF CITY &CNTY ARPTS COMMN INTL ARPT REV     | CUSIP: 79766DXQ7<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |  19999999 | PA      | $20834422.43  | 1.91%             | 2055-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CSCDA Community Improvement Authority                                        | CSCDA CMNTY IMPT AUTH CA ESSENTIAL HSG REVENUE               | CUSIP: 126292BN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5660000 | PA      | $3974094.97   | 0.36%             | 2057-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Educational Facilities Authority                                  | CALIFORNIA ST EDUCTNL FACS AUTH REVENUE                      | CUSIP: 130179GV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7525000 | PA      | $8159412.66   | 0.75%             | 2046-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | CALIFORNIA ST MUNI FIN AUTH REVENUE                          | CUSIP: 13048VWU8<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1150000 | PA      | $896841.28    | 0.08%             | 2051-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Santa Clara County Housing Authority                                         | SANTA CLARA CNTY CA HSG AUTH                                 | CUSIP: 801617DZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3501172.78   | 0.32%             | 2041-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | CALIFORNIA ST MUNI FIN AUTH MF HSG REVENUE                   | CUSIP: 130483HW3<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   3100000 | PA      | $3138566.48   | 0.29%             | 2043-11-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| San Mateo Foster City Public Financing Authority                             | SAN MATEO FOSTER CITY CA PUBLIC FING AUTH WSTWTR REVENUE     | CUSIP: 79905VAX9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4840000 | PA      | $4947767.49   | 0.45%             | 2049-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BlackRock Liquidity Funds                                                    | BlackRock Liquidity Funds: MuniCash, Institutional Shares    | CUSIP: 09248U841<br>LEI: 5493007YVNX55LTRQ706 | Long             | STIV             | RF                | US        |  15680286 | NS      | $15681853.82  | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| California Municipal Finance Authority                                       | CALIFORNIA ST MUNI FIN AUTH REVENUE                          | CUSIP: 13048VJE9<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    290000 | PA      | $242181.06    | 0.02%             | 2039-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Peralta Community College District                                           | PERALTA CA CMNTY CLG DIST                                    | CUSIP: 713575YZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5510000 | PA      | $5748234.16   | 0.53%             | 2054-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California State Public Works Board                                          | CALIFORNIA ST PUBLIC WKS BRD LEASE REVENUE                   | CUSIP: 13068XPW3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  14275000 | PA      | $15005406.64  | 1.37%             | 2050-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Golden State Tobacco Securitization Corp                                     | GOLDEN ST TOBACCO SECURITIZATION CORP CA TOBACCO SETTLEMENT  | CUSIP: 38122NB84<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  14735000 | PA      | $1569594.60   | 0.14%             | 2066-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                             | CALIFORNIA ST HLTH FACS FING AUTH REVENUE                    | CUSIP: 13032US82<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1015927.05   | 0.09%             | 2054-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Enterprise Development Authority                                  | CALIFORNIA ST ENTERPRISE DEV AUTH CHRT SCH REVENUE           | CUSIP: 13069AAB4<br>LEI: 549300544P6FSHU1HB46 | Long             | DBT              | MUN               | US        |    600000 | PA      | $550203.50    | 0.05%             | 2050-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Airport Comm-San Francisco International Airport | SAN FRANCISCO CALIF CITY &CNTY ARPTS COMMN INTL ARPT REV     | CUSIP: 79766DXQ7<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5208605.95   | 0.48%             | 2055-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Oakland Unified School District/Alameda County                               | OAKLAND CA UNIF SCH DIST ALAMEDA CNTY                        | CUSIP: 672325M38<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  14380000 | PA      | $13513793.52  | 1.24%             | 2046-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Washington Township Health Care District                                     | WASHINGTON TWP CA HLTH CARE DIST                             | CUSIP: 940642CD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3250000 | PA      | $3252253.16   | 0.30%             | 2038-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| California County Tobacco Securitization Agency                              | CALIFORNIA CNTY CA TOBACCO SECURITIZATION AGY TOBACCO SETTLE | CUSIP: 13016NGB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4450000 | PA      | $4149218.27   | 0.38%             | 2050-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                   | LOS ANGELES CA DEPT OF ARPTS                                 | CUSIP: 5444354M9<br>LEI: 549300E7TO710PTXPJ65 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5001902.00   | 0.46%             | 2045-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                       | PUERTO RICO SALES TAX FING CORP SALES TAX REVENUE            | CUSIP: 74529JQG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  23743000 | PA      | $7611596.71   | 0.70%             | 2046-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| California School Finance Authority                                          | CALIFORNIA ST SCH FIN AUTH CHRT SCH REVENUE                  | CUSIP: 13058TSG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $405561.43    | 0.04%             | 2047-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                   | LOS ANGELES CA DEPT OF ARPTS ARPT REVENUE                    | CUSIP: 544445C98<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4485000 | PA      | $4495592.49   | 0.41%             | 2052-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California State Public Works Board                                          | CALIFORNIA ST PUBLIC WKS BRD LEASE REVENUE                   | CUSIP: 13068XPT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7500000 | PA      | $7964919.68   | 0.73%             | 2044-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | CALIFORNIA ST MUNI FIN AUTH LEASE REVENUE                    | CUSIP: 13049UEZ8<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |  15000000 | PA      | $15182576.75  | 1.39%             | 2048-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Educational Facilities Authority                                  | CALIFORNIA ST EDUCTNL FACS AUTH REVENUE                      | CUSIP: 130179YE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  11420000 | PA      | $11989916.13  | 1.10%             | 2055-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Peralta Community College District                                           | PERALTA CA CMNTY CLG DIST                                    | CUSIP: 713575YD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2675086.40   | 0.24%             | 2052-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CSCDA Community Improvement Authority                                        | CSCDA CMNTY IMPT AUTH CA ESSENTIAL HSG REVENUE               | CUSIP: 126292BE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    695000 | PA      | $540237.25    | 0.05%             | 2046-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Tobacco Securitization Authority of Southern California                      | TOBACCO SECURITIZATION AUTH STHRN CA TOBACCO SETTLEMENT REVE | CUSIP: 888804CR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6250000 | PA      | $6273413.19   | 0.57%             | 2048-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indio Finance Authority                                                      | INDIO CA PUBLIC FING AUTH                                    | CUSIP: 45571LDR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7000000 | PA      | $7317889.81   | 0.67%             | 2052-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                             | CALIFORNIA ST HLTH FACS FING AUTH REVENUE                    | CUSIP: 13032UXE3<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   3570000 | PA      | $3190328.50   | 0.29%             | 2045-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Foothill-Eastern Transportation Corridor Agency                              | FOOTHILL ESTRN TRANSPRTN CORRIDOR AGY CA TOLL ROAD REVENUE   | CUSIP: 345105GU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9000000 | PA      | $7414153.02   | 0.68%             | 2053-01-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fremont Union High School District                                           | FREMONT CA UNION HIGH SCH DIST SANTA CLARA CNTY              | CUSIP: 357172L94<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4800413.50   | 0.44%             | 2048-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| San Diego Public Facilities Financing Authority                              | SAN DIEGO CA PUBLIC FACS FING AUTH SWR REVENUE               | CUSIP: 79730AKY3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6970000 | PA      | $7193586.45   | 0.66%             | 2052-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of California                                                     | UNIV OF CALIFORNIA CA REVENUES                               | CUSIP: 91412HTB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  12500000 | PA      | $13001346.63  | 1.19%             | 2054-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mountain House Public Financing Authority                                    | MOUNTAIN HOUSE CA PUBLIC FING AUTH UTILITY SYS REVENUE       | CUSIP: 62412PBP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4140017.15   | 0.38%             | 2050-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Berkeley Unified School District/CA                                          | BERKELEY CA UNIF SCH DIST                                    | CUSIP: 084154N90<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10433422.90  | 0.96%             | 2054-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California School Finance Authority                                          | CALIFORNIA ST SCH FIN AUTH CHRT SCH REVENUE                  | CUSIP: 13058TPW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2950000 | PA      | $2720533.01   | 0.25%             | 2061-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Francisco Bay Area Rapid Transit District                                | SAN FRANCISCO CA BAY AREA RAPID TRANSIT DIST                 | CUSIP: 797661C52<br>LEI: 549300Y3C3QUMLE3FY58 | Long             | DBT              | MUN               | US        |   9075000 | PA      | $8460350.70   | 0.77%             | 2047-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Garden Grove Public Financing Authority                                      | GARDEN GROVE CA PUBLIC FING AUTH LEASE REVENUE               | CUSIP: 36527RBP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3625000 | PA      | $3884398.84   | 0.36%             | 2049-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California School Finance Authority                                          | CALIFORNIA ST SCH FIN AUTH CHRT SCH REVENUE                  | CUSIP: 13058TPV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1875000 | PA      | $1817238.96   | 0.17%             | 2052-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Enterprise Development Authority                                  | CALIFORNIA ST ENTERPRISE DEV AUTH REVENUE                    | CUSIP: 13067RCZ4<br>LEI: 549300544P6FSHU1HB46 | Long             | DBT              | MUN               | US        |   1760000 | PA      | $1714517.04   | 0.16%             | 2062-11-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| South Orange County Public Financing Authority                               | SOUTH ORANGE CNTY CA PUBLIC FING AUTH LEASE REVENUE          | CUSIP: 839097CH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5136655.45   | 0.47%             | 2052-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Housing Finance Agency                                            | CALIFORNIA HSG FIN AGY LTD OBLIG MF HSG REVENUE              | CUSIP: 13034DAR5<br>LEI: 549300BOPCVLBA552Z14 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $9315423.60   | 0.85%             | 2040-09-01      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| Contra Costa Water District                                                  | CONTRA COSTA CA WTR DIST                                     | CUSIP: 212218TY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1260000 | PA      | $1313596.72   | 0.12%             | 2044-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oak Grove School District                                                    | OAK GROVE CA SCH DIST                                        | CUSIP: 6712055K4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5835000 | PA      | $6002907.14   | 0.55%             | 2052-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indio Finance Authority                                                      | INDIO CA PUBLIC FING AUTH                                    | CUSIP: 45571LDQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2225000 | PA      | $2352034.93   | 0.22%             | 2047-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Bay Area Toll Authority                                                      | BAY AREA CA TOLL AUTH TOLL BRIDGE REVENUE                    | CUSIP: 072024VQ2<br>LEI: 5493001FUZGUQMIP5D78 | Long             | DBT              | MUN               | US        |  20000000 | PA      | $18895498.60  | 1.73%             | 2047-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Irvine Facilities Financing Authority                                        | IRVINE CA FACS FING AUTH SPL TAX REVENUE                     | CUSIP: 46360WAT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1275000 | PA      | $1346849.49   | 0.12%             | 2043-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California County Tobacco Securitization Agency                              | CALIFORNIA CNTY CA TOBACCO SECURITIZATION AGY TOBACCO SETTLE | CUSIP: 13016NFC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8895000 | PA      | $1826310.55   | 0.17%             | 2055-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| La Canada Unified School District                                            | LA CANADA CA UNIF SCH DIST                                   | CUSIP: 502516PY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6945000 | PA      | $7087239.16   | 0.65%             | 2047-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California State University                                                  | CALIFORNIA ST UNIV REVENUE                                   | CUSIP: 13077DUT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5449805.05   | 0.50%             | 2055-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| California Infrastructure & Economic Development Bank                        | CALIFORNIA ST INFRASTRUCTURE & ECON DEV BANK REVENUE         | CUSIP: 13034A6B1<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |  44985000 | PA      | $43266274.75  | 3.96%             | 2065-01-01      | Floating      | 9.50%                 | No            |                  2 | On Loan: No      |
| San Diego County Regional Airport Authority                                  | SAN DIEGO CNTY CA REGL ARPT AUTH AIRPORT REVENUE             | CUSIP: 79739GRL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6061906.56   | 0.56%             | 2053-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Airport Comm-San Francisco International Airport | SAN FRANCISCO CALIF CITY &CNTY ARPTS COMMN INTL ARPT REV     | CUSIP: 79766DWD7<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |  30640000 | PA      | $30702877.85  | 2.81%             | 2048-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Joaquin Valley Clean Energy Authority                                    | SAN JOAQUIN VLY CLEAN ENERGY AUTH CA CLEAN ENERGY REVENUE    | CUSIP: 79811YAK4<br>LEI: 254900VA5DFN33OVGH87 | Long             | DBT              | MUN               | US        |  17810000 | PA      | $19477615.31  | 1.78%             | 2056-01-01      | Floating      | 5.50%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                              | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE  | CUSIP: 13013JCM6<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6228071.58   | 0.57%             | 2054-01-01      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| State of California                                                          | CALIFORNIA ST                                                | CUSIP: 13063EJZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  19425000 | PA      | $19593849.87  | 1.79%             | 2050-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| California State Public Works Board                                          | CALIFORNIA ST PUBLIC WKS BRD LEASE REVENUE                   | CUSIP: 13068XBT5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10075000 | PA      | $9298238.36   | 0.85%             | 2046-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Public Finance Authority                                          | CALIFORNIA PUBLIC FIN AUTH SENIOR LIVING REVENUE             | CUSIP: 13057GAQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8600000 | PA      | $7776503.65   | 0.71%             | 2059-06-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Airport Comm-San Francisco International Airport | SAN FRANCISCO CALIF CITY &CNTY ARPTS COMMN INTL ARPT REV     | CUSIP: 79766DWX3<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |   4765000 | PA      | $4871662.48   | 0.45%             | 2049-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| California School Finance Authority                                          | CALIFORNIA ST SCH FIN AUTH CHRT SCH REVENUE                  | CUSIP: 13058TSF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    420000 | PA      | $431727.97    | 0.04%             | 2043-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                              | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE  | CUSIP: 13013JEP7<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5249497.20   | 0.48%             | 2055-02-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| California State Public Works Board                                          | CALIFORNIA ST PUBLIC WKS BRD LEASE REVENUE                   | CUSIP: 13068XPV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  14300000 | PA      | $15112410.17  | 1.38%             | 2046-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CSCDA Community Improvement Authority                                        | CSCDA CMNTY IMPT AUTH CA ESSENTIAL HSG REVENUE               | CUSIP: 126292AW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1625000 | PA      | $1078296.46   | 0.10%             | 2057-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Jurupa Unified School District                                               | JURUPA CA UNIF SCH DIST                                      | CUSIP: 482124TY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10657208.30  | 0.98%             | 2050-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Chaffey Joint Union High School District                                     | CHAFFEY CA JT UNION HIGH SCH DIST                            | CUSIP: 157411XB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $1283056.32   | 0.12%             | 2048-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                          | CALIFORNIA ST                                                | CUSIP: 13063D4D7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5259355.95   | 0.48%             | 2045-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Oakland CA                                                           | OAKLAND CA                                                   | CUSIP: 672240YM4<br>LEI: 549300BRTTFKDQCGL048 | Long             | DBT              | MUN               | US        |   3215000 | PA      | $3429636.90   | 0.31%             | 2048-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                   | LOS ANGELES CA DEPT OF ARPTS ARPT REVENUE                    | CUSIP: 5444453D9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  25000000 | PA      | $26135316.88  | 2.39%             | 2055-05-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| San Francisco Bay Area Rapid Transit District                                | SAN FRANCISCO CA BAY AREA RAPID TRANSIT DIST                 | CUSIP: 797661C94<br>LEI: 549300Y3C3QUMLE3FY58 | Long             | DBT              | MUN               | US        |   9500000 | PA      | $9032093.56   | 0.83%             | 2052-08-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Tobacco Securitization Authority of Southern California                      | TOBACCO SECURITIZATION AUTH STHRN CA TOBACCO SETTLEMENT REVE | CUSIP: 888804CU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  22600000 | PA      | $4727619.19   | 0.43%             | 2054-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Golden State Tobacco Securitization Corp                                     | GOLDEN ST TOBACCO SECURITIZATION CORP CA TOBACCO SETTLEMENT  | CUSIP: 38122ND90<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10370000 | PA      | $10409364.62  | 0.95%             | 2051-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-05-30

**Name of Applicant:** BlackRock MuniHoldings California Quality Fund, Inc.

**Signature:** Chuck Pulsfort

**Name of Signer:** Chuck Pulsfort

**Title:** Assistant Treasurer