| | |
Schedule of Investments (unaudited) January 31, 2020 | | BlackRock MuniHoldings Quality Fund, Inc. (MUS) (Percentages shown are based on Net Assets) |
| | | | | | | | |
Security | | Par (000) | | | Value | |
|
Municipal Bonds — 131.8% | |
|
Alabama — 0.3% | |
City of Selma Alabama IDB, RB, Gulf Opportunity Zone, International Paper Co. Project, Series A, 5.38%, 12/01/35 | | $ | 565 | | | $ | 599,748 | |
| | | | | | | | |
|
Arizona — 2.7% | |
Arizona IDA, RB: | | | | | | | | |
Leman Academy of Excellence-East Tucson And Central Tucson Projects, Series A, 5.00%, 07/01/39(a) | | | 270 | | | | 284,124 | |
Leman Academy of Excellence-East Tucson And Central Tucson Projects, Series A, 5.00%, 07/01/49(a) | | | 310 | | | | 322,168 | |
Leman Academy of Excellence-East Tucson And Central Tucson Projects, Series A, 5.00%, 07/01/54(a) | | | 240 | | | | 248,966 | |
Odyssey Preparatory Academy Project, 4.38%, 07/01/39(a) | | | 325 | | | | 329,361 | |
S/F Housing, NCCU PropertiesLLC-North Carolina Central University Project, Series A (BAM), 4.00%, 06/01/44 | | | 425 | | | | 469,302 | |
City of Phoenix Civic Improvement Corp., ARB, Junior Lien Airport Revenue Bonds, Series B, AMT, 3.25%, 07/01/49 | | | 670 | | | | 699,895 | |
County of Maricopa Arizona IDA, Refunding RB, Legacy Traditional Schools Project(a): | | | | | | | | |
5.00%, 07/01/39 | | | 115 | | | | 131,643 | |
5.00%, 07/01/49 | | | 165 | | | | 184,845 | |
5.00%, 07/01/54 | | | 100 | | | | 111,514 | |
County of Pima Arizona IDA, Refunding RB, American Leadership Academy Project, 5.00%, 06/15/52(a) | | | 260 | | | | 276,338 | |
Salt Verde Financial Corp., RB, Senior, 5.00%, 12/01/37 | | | 1,410 | | | | 1,946,745 | |
| | | | | | | | |
| | | | | | | 5,004,901 | |
|
California — 16.5% | |
California Health Facilities Financing Authority, RB, Sutter Health, Series B, 6.00%, 08/15/20(b) | | | 1,730 | | | | 1,777,177 | |
California Municipal Finance Authority, ARB, Senior Lien, Linxs APM Project, AMT, 5.00%, 12/31/43 | | | 800 | | | | 959,216 | |
| | | | | | | | |
Security | | Par (000) | | | Value | |
|
California (continued) | |
City & County of San Francisco California Airports Commission, Refunding ARB, AMT, Series A: | | | | | | | | |
2nd, 5.50%, 05/01/28 | | $ | 1,085 | | | $ | 1,237,996 | |
2nd, 5.25%, 05/01/33 | | | 850 | | | | 959,285 | |
5.00%, 05/01/44 | | | 1,090 | | | | 1,244,976 | |
City of San Jose California, Refunding ARB, Norman Y Mineta San Jose International Airport SJC, SeriesA-1, AMT: | | | | | | | | |
5.50%, 03/01/30 | | | 2,400 | | | | 2,512,008 | |
5.75%, 03/01/34 | | | 2,180 | | | | 2,285,774 | |
City of Sunnyvale California, Refunding RB, 5.25%, 04/01/20(b) | | | 1,605 | | | | 1,616,652 | |
County of Riverside Public Financing Authority, RB, Capital Facilities Project, 5.25%, 11/01/40 | | | 2,500 | | | | 3,045,050 | |
Kern Community College District, GO, Safety, Repair & Improvement, Series C, 5.50%, 11/01/23(b) | | | 1,420 | | | | 1,662,337 | |
Los Angeles Community College District California, GO, Election of 2008, Series C, 5.25%, 08/01/20(b) | | | 1,000 | | | | 1,021,620 | |
Redondo Beach Unified School District, GO, Election of 2008, Series E, 5.50%, 08/01/21(b) | | | 1,335 | | | | 1,426,941 | |
Regents of the University of California Medical Center Pooled Revenue, Refunding RB, Series J: | | | | | | | | |
5.25%, 05/15/23(b) | | | 3,170 | | | | 3,620,394 | |
5.25%, 05/15/38 | | | 900 | | | | 1,017,072 | |
State of California Public Works Board, LRB, Various Capital Projects, Series I: | | | | | | | | |
5.50%, 11/01/30 | | | 1,500 | | | | 1,753,125 | |
5.50%, 11/01/31 | | | 2,465 | | | | 2,878,282 | |
State of California Public Works Board, RB, Department of Corrections & Rehabilitation, Series F, 5.25%, 09/01/33 | | | 725 | | | | 834,004 | |
Township of Washington California Health Care District, GO, Election of 2004, Series B, 5.50%, 08/01/40 | | | 540 | | | | 635,931 | |
| | | | | | | | |
| | | | | | | 30,487,840 | |
|
Colorado — 1.5% | |
City & County of Denver Colorado Airport System Revenue, ARB, Series A, AMT: | | | | | | | | |
5.50%, 11/15/28 | | | 1,000 | | | | 1,157,250 | |
5.50%, 11/15/30 | | | 340 | | | | 392,571 | |
5.50%, 11/15/31 | | | 405 | | | | 467,062 | |
| | |
Schedule of Investments (unaudited) (continued) January 31, 2020 | | BlackRock MuniHoldings Quality Fund, Inc. (MUS) (Percentages shown are based on Net Assets) |
| | | | | | | | |
Security | | Par (000) | | | Value | |
|
Colorado (continued) | |
Colorado Educational & Cultural Facilities Authority, Refunding RB, Rocky Mountain Classical Academy Project, 5.00%, 10/01/59(a) | | $ | 615 | | | $ | 678,419 | |
| | | | | | | | |
| | | | | | | 2,695,302 | |
|
Connecticut — 1.0% | |
State of Connecticut, GO, Series A, 5.00%, 04/15/38 | | | 985 | | | | 1,214,249 | |
State of Connecticut Health & Educational Facility Authority, Refunding RB, Sacred Heart University Issue, SeriesI-1, 5.00%, 07/01/42 | | | 590 | | | | 708,979 | |
| | | | | | | | |
| | | | | | | 1,923,228 | |
|
Delaware — 0.5% | |
State of Delaware Health Facilities Authority, RB, Beebe Medical Center Project, 5.00%, 06/01/43 | | | 820 | | | | 982,286 | |
| | | | | | | | |
| | |
Florida — 14.9% | | | | | | |
Central Florida Expressway Authority, Refunding RB, Senior Lien, 5.00%, 07/01/48 | | | 2,760 | | | | 3,378,820 | |
County of Broward Florida Airport System Revenue, ARB, Series A, AMT, 5.00%, 10/01/45 | | | 2,845 | | | | 3,291,324 | |
County of Hillsborough Florida Aviation Authority, Refunding ARB, Tampa International Airport, Series A, AMT, 5.50%, 10/01/29 | | | 1,735 | | | | 1,995,753 | |
County of Lee Florida, Refunding ARB, Series A, AMT, 5.38%, 10/01/32 | | | 1,500 | | | | 1,590,975 | |
County of Lee Florida HFA, RB, S/F Housing, Multi-County Program, SeriesA-2, AMT (Ginnie Mae, Fannie Mae & Freddie Mac), 6.00%, 09/01/40 | | | 65 | | | | 66,520 | |
County of Miami-Dade Florida, RB, Seaport Department: | | | | | | | | |
Series A, 5.38%, 10/01/33 | | | 1,015 | | | | 1,165,717 | |
Series A, 6.00%, 10/01/38 | | | 1,000 | | | | 1,163,160 | |
Series B, AMT, 6.25%, 10/01/38 | | | 460 | | | | 534,801 | |
Series B, AMT, 6.00%, 10/01/42 | | | 615 | | | | 711,961 | |
County of Miami-Dade Florida Aviation, Refunding ARB, Series A, AMT, 5.00%, 10/01/22(b) | | | 2,900 | | | | 3,196,670 | |
County of Miami-Dade Florida Educational Facilities Authority, RB, University of Miami, Series A, 5.00%, 04/01/40 | | | 3,465 | | | | 3,995,249 | |
Reedy Creek Florida Improvement District, GO, Series A, 5.25%, 06/01/32 | | | 1,040 | | | | 1,181,055 | |
| | | | | | | | |
Security | | Par (000) | | | Value | |
| | |
Florida (continued) | | | | | | |
Southern Groves Community Development District No. 5, Refunding, Special Assessment Bonds, 4.00%, 05/01/43 | | $ | 220 | | | $ | 226,087 | |
Tohopekaliga Water Authority, Refunding RB, Series A, 5.25%, 10/01/21(b) | | | 3,995 | | | | 4,271,574 | |
Westside Community Development District, Special Assessment Bonds, Windsor Parcel, 4.00%, 05/01/50 | | | 815 | | | | 830,901 | |
| | | | | | | | |
| | | | | | | 27,600,567 | |
|
Georgia — 1.3% | |
County of Fulton Development Authority, RB, Georgia Institute of Technology, 4.00%, 06/15/49 | | | 470 | | | | 543,672 | |
Main Street Natural Gas, Inc., RB, Series A, 5.00%, 05/15/49 | | | 555 | | | | 799,533 | |
Municipal Electric Authority of Georgia, RB, Plant Vogtle Units 3 & 4 Project, 5.00%, 01/01/48 | | | 835 | | | | 985,417 | |
| | | | | | | | |
| | | | | | | 2,328,622 | |
|
Hawaii — 1.5% | |
State of Hawaii Airports System, ARB, Series A, AMT, 5.00%, 07/01/45 | | | 1,500 | | | | 1,727,880 | |
State of Hawaii Airports System, COP, AMT: | | | | | | | | |
5.25%, 08/01/25 | | | 425 | | | | 481,721 | |
5.25%, 08/01/26 | | | 460 | | | | 520,821 | |
| | | | | | | | |
| | | | | | | 2,730,422 | |
|
Illinois — 13.9% | |
City of Chicago Illinois Midway International Airport, Refunding GARB, 2nd Lien, Series A, AMT, 5.00%, 01/01/41 | | | 1,000 | | | | 1,118,340 | |
City of Chicago Illinois O’Hare International Airport, GARB: | | | | | | | | |
3rd Lien, Series A, 5.75%, 01/01/21(b) | | | 960 | | | | 1,002,067 | |
3rd Lien, Series A, 5.75%, 01/01/39 | | | 185 | | | | 192,428 | |
3rd Lien, Series C, 6.50%, 01/01/21(b) | | | 5,225 | | | | 5,489,333 | |
Senior Lien, Series D, AMT, 5.00%, 01/01/42 | | | 430 | | | | 507,387 | |
City of Chicago Illinois Transit Authority, RB, Sales Tax Receipts: | | | | | | | | |
5.25%, 12/01/36 | | | 1,000 | | | | 1,069,550 | |
5.25%, 12/01/40 | | | 1,790 | | | | 1,905,562 | |
City of Chicago Illinois Wastewater Transmission, RB, 2nd Lien, 5.00%, 01/01/42 | | | 2,050 | | | | 2,167,936 | |
| | |
Schedule of Investments (unaudited) (continued) January 31, 2020 | | BlackRock MuniHoldings Quality Fund, Inc. (MUS) (Percentages shown are based on Net Assets) |
| | | | | | | | |
Security | | Par (000) | | | Value | |
|
Illinois (continued) | |
County of Cook Illinois Community College District No. 508, GO, City College of Chicago: | | | | | | | | |
5.50%, 12/01/38 | | $ | 1,250 | | | $ | 1,398,687 | |
5.25%, 12/01/43 | | | 1,505 | | | | 1,650,308 | |
Illinois Finance Authority, Refunding RB, Presence Health Network, Series C, 5.00%, 02/15/41 | | | 555 | | | | 666,311 | |
Metropolitan Pier & Exposition Authority, Refunding RB, McCormick Place Expansion Project(c): | | | | | | | | |
4.00%, 06/15/50 | | | 615 | | | | 677,054 | |
5.00%, 06/15/50 | | | 640 | | | | 766,573 | |
Railsplitter Tobacco Settlement Authority, RB(b): | | | | | | | | |
5.50%, 06/01/21 | | | 1,405 | | | | 1,489,946 | |
6.00%, 06/01/21 | | | 400 | | | | 426,820 | |
State of Illinois, GO: | | | | | | | | |
5.25%, 02/01/31 | | | 875 | | | | 982,992 | |
5.25%, 02/01/32 | | | 1,355 | | | | 1,520,825 | |
5.50%, 07/01/33 | | | 2,000 | | | | 2,236,200 | |
5.50%, 07/01/38 | | | 425 | | | | 473,340 | |
| | | | | | | | |
| | | | | | | 25,741,659 | |
|
Indiana — 2.1% | |
Indianapolis Local Public Improvement Bond Bank, RB, Series F, 5.25%, 02/01/36 | | | 3,055 | | | | 3,175,031 | |
State of Indiana Finance Authority, RB, Private Activity Bond, Ohio River Bridges, Series A, AMT, 5.00%, 07/01/40 | | | 565 | | | | 623,223 | |
| | | | | | | | |
| | | | | | | 3,798,254 | |
|
Iowa — 0.7% | |
State of Iowa Finance Authority, RB, Lifespace Communities, Series A, 5.00%, 05/15/48 | | | 1,100 | | | | 1,231,527 | |
| | | | | | | | |
|
Louisiana — 1.5% | |
Lake Charles Louisiana Harbor & Terminal District, RB, Series B, AMT (AGM), 5.50%, 01/01/29 | | | 1,500 | | | | 1,735,545 | |
Tobacco Settlement Financing Corp., Refunding RB, Asset-Backed, Series A, 5.50%, 05/15/29 | | | 980 | | | | 981,960 | |
| | | | | | | | |
| | | | | | | 2,717,505 | |
|
Maryland — 2.8% | |
County of Howard Maryland Housing Commission, RB, M/F Housing, Woodfield Oxford Square Apartments, 5.00%, 12/01/42 | | | 1,430 | | | | 1,700,885 | |
| | | | | | | | |
Security | | Par (000) | | | Value | |
|
Maryland (continued) | |
Maryland Stadium Authority, RB, Construction and Revitalization Program, 5.00%, 05/01/34 | | $ | 2,700 | | | $ | 3,396,465 | |
| | | | | | | | |
| | | | | | | 5,097,350 | |
|
Massachusetts — 1.9% | |
Massachusetts Development Finance Agency, RB: | | | | | | | | |
Emerson College Issue, Series A, 5.00%, 01/01/47 | | | 245 | | | | 285,008 | |
Emerson College Issue, Series A, 5.25%, 01/01/42 | | | 545 | | | | 648,681 | |
UMass Dartmouth Student Housing Project, 5.00%, 10/01/43 | | | 1,325 | | | | 1,578,287 | |
Massachusetts Development Finance Agency, Refunding RB, Emerson College, Series A, 5.00%, 01/01/40 | | | 435 | | | | 516,336 | |
Massachusetts HFA, Refunding RB, Series C, AMT, 5.35%, 12/01/42 | | | 410 | | | | 413,756 | |
| | | | | | | | |
| | | | | | | 3,442,068 | |
|
Michigan — 0.3% | |
Michigan Strategic Fund, RB,I-75 Improvement Projects, AMT, 5.00%, 06/30/48 | | | 520 | | | | 625,685 | |
| | | | | | | | |
|
Minnesota — 0.3% | |
County of St. Paul Minnesota Housing & Redevelopment Authority, Refunding RB, Fairview Health Services, Series A, 4.00%, 11/15/43 | | | 575 | | | | 641,585 | |
| | | | | | | | |
|
Mississippi — 3.5% | |
Mississippi Development Bank, RB, Jackson Water & Sewer System Project (AGM), 6.88%, 12/01/40 | | | 2,595 | | | | 3,092,124 | |
Mississippi State University Educational Building Corp., Refunding RB, Mississippi State University Improvement Project, 5.25%, 08/01/23(b) | | | 1,000 | | | | 1,149,420 | |
State of Mississippi, RB, Series A: | | | | | | | | |
5.00%, 10/15/37 | | | 330 | | | | 411,365 | |
4.00%, 10/15/38 | | | 1,650 | | | | 1,872,172 | |
| | | | | | | | |
| | | | | | | 6,525,081 | |
|
Montana — 0.1% | |
Montana State Board of Housing, RB, S/F Housing, SeriesB-2: | | | | | | | | |
3.50%, 12/01/42 | | | 100 | | | | 105,727 | |
3.60%, 12/01/47 | | | 155 | | | | 165,177 | |
| | | | | | | | |
| | | | | | | 270,904 | |
| | |
Schedule of Investments (unaudited) (continued) January 31, 2020 | | BlackRock MuniHoldings Quality Fund, Inc. (MUS) (Percentages shown are based on Net Assets) |
| | | | | | | | |
Security | | Par (000) | | | Value | |
|
Nevada — 4.9% | |
City of Carson City Nevada, Refunding RB, Carson Tahoe Regional Healthcare Project, 5.00%, 09/01/42 | | $ | 650 | | | $ | 772,148 | |
City of Reno Nevada, Refunding RB, SeriesA-1 (AGM): | | | | | | | | |
4.00%, 06/01/43 | | | 1,570 | | | | 1,719,181 | |
4.00%, 06/01/46 | | | 1,250 | | | | 1,362,750 | |
County of Clark Nevada, GO, Stadium Improvement, Series A: | | | | | | | | |
5.00%, 06/01/36 | | | 1,205 | | | | 1,514,625 | |
5.00%, 06/01/37 | | | 3,000 | | | | 3,764,640 | |
| | | | | | | | |
| | | | | | | 9,133,344 | |
|
New Jersey — 10.4% | |
New Jersey EDA, RB: | | | | | | | | |
Goethals Bridge Replacement Project, AMT, Private Activity Bond, 5.38%, 01/01/43 | | | 3,000 | | | | 3,402,000 | |
Private Activity Bond, Goethals Bridge Replacement Project, AMT (AGM), 5.00%, 01/01/31 | | | 790 | | | | 890,322 | |
State Government Buildings Project, Series A, 5.00%, 06/15/47 | | | 2,500 | | | | 2,894,100 | |
New Jersey Housing & Mortgage Finance Agency, Refunding RB, S/F Housing, Series BB, AMT, 3.80%, 10/01/32 | | | 1,375 | | | | 1,471,539 | |
New Jersey Transportation Trust Fund Authority, RB: | | | | | | | | |
Transportation Program Bonds, Series S, 5.25%, 06/15/43 | | | 1,740 | | | | 2,097,796 | |
Series BB, 4.00%, 06/15/50 | | | 1,245 | | | | 1,336,009 | |
Transportation System, Series AA, 5.50%, 06/15/39 | | | 1,890 | | | | 2,103,268 | |
Transportation System, Series B, 5.25%, 06/15/36 | | | 1,000 | | | | 1,047,320 | |
New Jersey Transportation Trust Fund Authority, Refunding RB, Transportation System, Series A, 5.00%, 12/15/32 | | | 1,600 | | | | 1,951,008 | |
Tobacco Settlement Financing Corp., Refunding RB: | | | | | | | | |
Series A, 5.25%, 06/01/46 | | | 1,390 | | | | 1,653,085 | |
Sub-Series B, 5.00%, 06/01/46 | | | 305 | | | | 350,607 | |
| | | | | | | | |
| | | | | | | 19,197,054 | |
| | | | | | | | |
Security | | Par (000) | | | Value | |
|
New Mexico — 0.1% | |
City of Santa Fe New Mexico, RB, EL Castillo Retirement Residences Project, Series A, 5.00%, 05/15/44 | | $ | 100 | | | $ | 112,156 | |
| | | | | | | | |
|
New York — 3.6% | |
Hudson Yards Infrastructure Corp., RB, Senior, Fiscal 2012: | | | | | | | | |
5.75%, 02/15/21(b) | | | 1,555 | | | | 1,633,465 | |
5.75%, 02/15/47 | | | 955 | | | | 997,555 | |
New York City Water & Sewer System, RB, 2nd General Resolution: | | | | | | | | |
5.38%, 12/15/20(b) | | | 865 | | | | 898,130 | |
5.38%, 06/15/43 | | | 440 | | | | 455,774 | |
Port Authority of New York & New Jersey, Refunding ARB, Consolidated, 166th Series, 5.25%, 07/15/36 | | | 2,000 | | | | 2,080,260 | |
TSASC, Inc., Refunding RB, Series A, 5.00%, 06/01/41 | | | 535 | | | | 610,970 | |
| | | | | | | | |
| | | | | | | 6,676,154 | |
|
North Carolina — 0.1% | |
University of North Carolina at Chapel Hill, RB, University of North Carolina Hospital at Chapal Hills, 5.00%, 02/01/49 | | | 160 | | | | 244,338 | |
| | | | | | | | |
|
Ohio — 2.0% | |
Buckeye Tobacco Settlement Financing Authority, RB, Asset-Backed, Senior Turbo Term, SeriesA-2, 5.88%, 06/01/47 | | | 1,445 | | | | 1,451,387 | |
State of Ohio Turnpike Commission, RB, Junior Lien, Infrastructure Projects, SeriesA-1, 5.25%, 02/15/31 | | | 2,000 | | | | 2,249,720 | |
| | | | | | | | |
| | | | | | | 3,701,107 | |
|
Oregon — 0.4% | |
State of Oregon Health & Science University, RB, Series A, 5.00%, 07/01/42 | | | 600 | | | | 730,410 | |
| | | | | | | | |
|
Pennsylvania — 8.6% | |
Altoona Area School District, GO, (BAM), 5.00%, 12/01/36 | | | 110 | | | | 129,185 | |
| | |
Schedule of Investments (unaudited) (continued) January 31, 2020 | | BlackRock MuniHoldings Quality Fund, Inc. (MUS) (Percentages shown are based on Net Assets) |
| | | | | | | | |
Security | | Par (000) | | | Value | |
|
Pennsylvania (continued) | |
County of Delaware Springfield School District, GO: | | | | | | | | |
5.00%, 03/01/40 | | $ | 865 | | | $ | 1,069,469 | |
5.00%, 03/01/43 | | | 590 | | | | 726,957 | |
County of Montgomery Higher Education & Health Authority, Refunding RB, Thomas Jefferson University, Series A, 5.00%, 09/01/48 | | | 980 | | | | 1,182,782 | |
County of Westmoreland Pennsylvania Municipal Authority, Refunding RB, (BAM), 5.00%, 08/15/36 | | | 1,290 | | | | 1,586,248 | |
Pennsylvania Housing Finance Agency, RB, S/F Housing, Series 125B, 3.65%, 10/01/42 | | | 1,000 | | | | 1,056,750 | |
Pennsylvania Turnpike Commission, Refunding RB, 2nd Series, Subordinate, Special Motor License Fund, 5.00%, 12/01/41 | | | 1,250 | | | | 1,523,125 | |
Pennsylvania Turnpike Commission, RB: | | | | | | | | |
Sub-SeriesB-1, 5.25%, 06/01/47 | | | 1,170 | | | | 1,411,371 | |
Subordinate, Series A, 5.00%, 12/01/44 | | | 2,975 | | | | 3,666,241 | |
Swarthmore Borough Authority, RB, Swarthmore College, 5.00%, 09/15/48 | | | 1,900 | | | | 2,353,435 | |
Township of Bristol Pennsylvania School District, GO, 5.25%, 06/01/37 | | | 1,000 | | | | 1,111,130 | |
| | | | | | | | |
| | | | | | | 15,816,693 | |
|
Puerto Rico — 3.7% | |
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, Restructured: | | | | | | | | |
CAB, SeriesA-1, 0.00%, 07/01/46(d) | | | 183 | | | | 53,450 | |
SeriesA-1, 4.75%, 07/01/53 | | | 937 | | | | 1,036,744 | |
SeriesA-1, 5.00%, 07/01/58 | | | 1,249 | | | | 1,402,777 | |
SeriesA-2, 4.78%, 07/01/58 | | | 3,437 | | | | 3,800,772 | |
SeriesB-1, 4.75%, 07/01/53 | | | 238 | | | | 263,102 | |
SeriesB-2, 4.78%, 07/01/58 | | | 231 | | | | 254,650 | |
| | | | | | | | |
| | | | | | | 6,811,495 | |
|
South Carolina — 6.0% | |
County of Berkeley South Carolina, Special Assessment Bonds, Nexton Improvement District Assessment: | | | | | | | | |
4.25%, 11/01/40 | | | 175 | | | | 180,194 | |
4.38%, 11/01/49 | | | 265 | | | | 271,654 | |
County of Charleston South Carolina, RB, Special Source, 5.25%, 12/01/38 | | | 2,180 | | | | 2,504,624 | |
County of Charleston South Carolina Airport District, ARB, Series A, AMT: | | | | | | | | |
5.50%, 07/01/38 | | | 1,000 | | | | 1,129,790 | |
| | | | | | | | |
Security | | Par (000) | | | Value | |
|
South Carolina (continued) | |
6.00%, 07/01/38 | | $ | 1,695 | | | $ | 1,943,012 | |
5.50%, 07/01/41 | | | 1,000 | | | | 1,126,300 | |
South Carolina Jobs-Economic Development Authority, RB, Hilton Head Christian Academy, 5.00%, 01/01/40(a) | | | 485 | | | | 519,227 | |
State of South Carolina Jobs EDA, Refunding RB, Prisma Health Obligated Group, Series A, 5.00%, 05/01/43 | | | 800 | | | | 956,312 | |
State of South Carolina Ports Authority, RB, AMT, 5.25%, 07/01/25(b) | | | 1,095 | | | | 1,330,425 | |
State of South Carolina Public Service Authority, RB, Series E, 5.50%, 12/01/53 | | | 1,000 | | | | 1,128,770 | |
| | | | | | | | |
| | | | | | | 11,090,308 | |
|
Tennessee — 1.6% | |
Metropolitan Nashville Airport Authority, ARB, Series B, AMT, 5.00%, 07/01/40 | | | 2,500 | | | | 2,906,000 | |
| | | | | | | | |
|
Texas — 9.5% | |
City of Beaumont Texas, GO, Certificates of Obligation, 5.25%, 03/01/37 | | | 1,360 | | | | 1,521,745 | |
City of Houston Texas Airport System Revenue, Refunding RB,Sub-Series D, 5.00%, 07/01/37 | | | 1,175 | | | | 1,472,545 | |
County of Tarrant Texas Cultural Education Facilities Finance Corp., RB, Christus Health, Series B, 5.00%, 07/01/35 | | | 1,500 | | | | 1,870,275 | |
Dallas-Fort Worth Texas International Airport, ARB, Joint Improvement, AMT: | | | | | | | | |
Series A, 5.00%, 11/01/20(b) | | | 2,965 | | | | 3,049,176 | |
Series H, 5.00%, 11/01/37 | | | 2,200 | | | | 2,316,468 | |
Lower Colorado River Authority, Refunding RB, 5.50%, 05/15/33 | | | 1,240 | | | | 1,411,914 | |
North Texas Tollway Authority, RB, Special Projects, Series A, 5.50%, 09/01/21(b) | | | 3,150 | | | | 3,375,792 | |
North Texas Tollway Authority, Refunding RB, 1st Tier, Series A, 5.00%, 01/01/48 | | | 1,060 | | | | 1,283,522 | |
Red River Texas Education Financing Corp., RB, Texas Christian University Project, 5.25%, 03/15/23(b) | | | 620 | | | | 701,629 | |
| | |
Schedule of Investments (unaudited) (continued) January 31, 2020 | | BlackRock MuniHoldings Quality Fund, Inc. (MUS) (Percentages shown are based on Net Assets) |
| | | | | | | | |
Security | | Par (000) | | | Value | |
|
Texas (continued) | |
Texas Private Activity Bond Surface Transportation Corp., RB, Segment 3C Project, AMT, 5.00%, 06/30/58 | | $ | 385 | | | $ | 458,408 | |
| | | | | | | | |
| | | | | | | 17,461,474 | |
| |
Utah — 0.1% | | | | |
Utah Charter School Finance Authority, RB, Wallace Stegner Academy Project, Series A, 5.00%, 06/15/39(a) | | | 100 | | | | 108,489 | |
| | | | | | | | |
|
Vermont — 1.0% | |
University of Vermont & State Agricultural College, Refunding RB, 5.00%, 10/01/43 | | | 1,470 | | | | 1,791,210 | |
| | | | | | | | |
| |
Virginia — 1.8% | | | | |
City of Lexington Virginia IDA, RB, Washington & Lee University, 5.00%, 01/01/22(b) | | | 570 | | | | 614,608 | |
Virginia Small Business Financing Authority, RB, Transform 66 P3 Project, AMT, 5.00%, 12/31/49 | | | 2,330 | | | | 2,723,164 | |
| | | | | | | | |
| | | | | | | 3,337,772 | |
| |
Washington — 9.4% | | | | |
City of Seattle Washington Municipal Light & Power, Refunding RB, Series A, 5.25%, 02/01/21(b) | | | 1,375 | | | | 1,434,332 | |
Port of Seattle Washington, ARB, AMT: | | | | | | | | |
Intermediate Lien, Series C, 5.00%, 05/01/37 | | | 1,450 | | | | 1,753,978 | |
Series A, 5.00%, 05/01/43 | | | 385 | | | | 459,432 | |
State of Washington, COP, Series B: | | | | | | | | |
5.00%, 07/01/36 | | | 1,000 | | | | 1,247,420 | |
5.00%, 07/01/37 | | | 3,910 | | | | 4,867,598 | |
5.00%, 07/01/38 | | | 650 | | | | 807,040 | |
State of Washington, GO: | | | | | | | | |
Series C, 5.00%, 02/01/36 | | | 4,300 | | | | 5,403,079 | |
Various Purposes, Series B, 5.25%, 02/01/21(b) | | | 1,075 | | | | 1,121,386 | |
Washington State Housing Finance Commission, RB, Transforming Age Project, Series A, 5.00%, 01/01/55(a) | | | 280 | | | | 307,661 | |
| | | | | | | | |
| | | | | | | 17,401,926 | |
| |
Wisconsin — 1.1% | | | | |
Public Finance Authority, Refunding RB: | | | | | | | | |
Penick Village Obligation Group, 5.00%, 09/01/49(a) | | | 165 | | | | 180,606 | |
The Evergreens Obligated Group, 5.00%, 11/15/49 | | | 335 | | | | 390,593 | |
| | | | | | | | |
Security | | Par (000) | | | Value | |
| |
Wisconsin (continued) | | | | |
Wisconsin Health & Educational Facilities Authority, Refunding RB, Milwaukee Regional Medical Center Thermal Service, 5.00%, 04/01/44 | | $ | 1,205 | | | $ | 1,477,607 | |
| | | | | | | | |
| | | | | | | 2,048,806 | |
| |
Wyoming — 0.2% | | | | |
State of Wyoming Municipal Power Agency, Inc., Refunding RB, Series A (BAM), 5.00%, 01/01/42 | | | 330 | | | | 393,881 | |
| | | | | | | | |
| |
Total Municipal Bonds — 131.8% (Cost — $222,912,846) | | | | 243,407,151 | |
| | | | | | | | |
|
Municipal Bonds Transferred to Tender Option Bond Trusts(e) — 30.8% | |
|
California — 2.9% | |
Sacramento Area Flood Control Agency, Refunding, Consolidated Capital Assessment District No. 2 Bonds, 5.00%, 10/01/47 | | | 4,500 | | | | 5,435,187 | |
| | | | | | | | |
|
Colorado — 1.9% | |
City & County of Denver Colorado Airport System Revenue, Refunding ARB,Sub-System, Series A, AMT, 5.25%, 12/01/43(a)(f) | | | 1,901 | | | | 2,362,270 | |
Colorado Health Facilities Authority, Refunding RB, Commonspirit Health, Series A, 4.00%, 08/01/49(f) | | | 1,005 | | | | 1,115,208 | |
| | | | | | | | |
| | | | | | | 3,477,478 | |
|
Connecticut — 1.1% | |
State of Connecticut Health & Educational Facility Authority, Refunding RB, Trinity Health Credit Group, 5.00%, 12/01/45 | | | 1,771 | | | | 2,091,405 | |
| | | | | | | | |
|
Illinois — 0.3% | |
City of Chicago Illionis Waterworks, Refunding RB, 2017 2nd Lien, Water Revenue Project (AGM), 5.25%, 11/01/33 | | | 480 | | | | 480,266 | |
| | | | | | | | |
|
Louisiana — 3.8% | |
City of Shreveport Louisiana Water & Sewer Revenue, RB, Junior Lien, Series B (AGM): | | | | | | | | |
4.00%, 12/01/44 | | | 2,043 | | | | 2,300,496 | |
4.00%, 12/01/49 | | | 4,105 | | | | 4,621,610 | |
| | | | | | | | |
| | | | | | | 6,922,106 | |
| | |
Schedule of Investments (unaudited) (continued) January 31, 2020 | | BlackRock MuniHoldings Quality Fund, Inc. (MUS) (Percentages shown are based on Net Assets) |
| | | | | | | | |
Security | | Par (000) | | | Value | |
|
Maryland — 4.2% | |
City of Baltimore Maryland, RB, Wastewater Project, Series A, 5.00%, 07/01/46 | | $ | 1,499 | | | $ | 1,807,391 | |
Maryland Stadium Authority, RB, Construction and Revitalization Program, 5.00%, 05/01/47 | | | 4,894 | | | | 5,971,355 | |
| | | | | | | | |
| | | | | | | 7,778,746 | |
|
Michigan — 4.4% | |
Michigan Finance Authority, RB(f): | | | | | | | | |
Mclaren Health Care, Series A, 4.00%, 02/15/44 | | | 1,912 | | | | 2,170,744 | |
Multi Model- McLaren Health Care, 4.00%, 02/15/47 | | | 2,138 | | | | 2,428,167 | |
State of Michigan Building Authority, Refunding RB, Facilities Program, Series I, 5.00%, 10/15/45 | | | 3,020 | | | | 3,585,253 | |
| | | | | | | | |
| | | | | | | 8,184,164 | |
|
New York — 4.2% | |
New York Liberty Development Corp., ARB, 1 World Trade Center Port Authority Consolidated Bonds, 5.25%, 12/15/43 | | | 4,530 | | | | 4,893,531 | |
New York Liberty Development Corp., Refunding RB, 4 World Trade Center Project, 5.75%, 11/15/51(f) | | | 2,660 | | | | 2,876,654 | |
| | | | | | | | |
| | | | | | | 7,770,185 | |
|
Pennsylvania — 6.5% | |
Commonwealth of Pennsylvania, GO, 1st Series, 4.00%, 03/01/38(f) | | | 3,650 | | | | 4,181,038 | |
| | | | | | | | |
| | | | | | | | |
Security | | Par (000) | | | Value | |
|
Pennsylvania (continued) | |
County of Lehigh Pennsylvania, Refunding RB, Lehigh Valley Health Network, 4.00%, 07/01/49(a)(f) | | $ | 2,996 | | | $ | 3,363,175 | |
County of Northampton General Purpose Authority, Refunding RB, Lafayette College, 4.00%, 11/01/38(f) | | | 2,596 | | | | 2,987,432 | |
County of Westmoreland Pennsylvania Municipal Authority, Refunding RB, (BAM), 5.00%, 08/15/38 | | | 1,184 | | | | 1,397,179 | |
| | | | | | | | |
| | | | | | | 11,928,824 | |
|
Virginia — 1.5% | |
County of Fairfax Virginia EDA, RB, Metrorail Parking System Project, 5.00%, 04/01/47(f) | | | 2,320 | | | | 2,809,358 | |
| | | | | | | | |
| |
Total Municipal Bonds Transferred to Tender Option Bond Trusts — 30.8% (Cost — $52,471,522) | | | | 56,877,719 | |
| | | | | | | | |
| |
Total Long-Term Investments — 162.6% (Cost — $275,384,368) | | | | 300,284,870 | |
| | | | | | | | |
| | |
| | Shares | | | | |
|
Short-Term Securities — 0.0% | |
BlackRock Liquidity Funds, MuniCash, Institutional Class, 0.81%(g)(h) | | | 68,361 | | | | 68,374 | |
| | | | | | | | |
| |
Total Short-Term Securities — 0.0% (Cost — $68,374) | | | | 68,374 | |
| | | | | | | | |
| |
Total Investments — 162.6% (Cost — $275,452,742) | | | | 300,353,244 | |
| |
Other Assets Less Liabilities — 0.5% | | | | 968,452 | |
| |
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (16.0)% | | | | (29,629,222 | ) |
| |
VMTP Shares at Liquidation Value — (47.1)% | | | | (87,000,000 | ) |
| | | | | | | | |
| |
Net Assets Applicable to Common Shares — 100.0% | | | $ | 184,692,474 | |
| | | | | | | | |
(a) | 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. |
(b) | U.S. Government securities held in escrow, are used to pay interest on this security as well as to retire the bond in full at the date indicated, typically at a premium to par. |
(c) | When-issued security. |
(e) | Represent bonds transferred to a TOB Trust in exchange of cash and residual certificates received by the Fund. These bonds serve as collateral in a secured borrowing. |
(f) | All or a portion of the security is subject to a recourse agreement. The aggregate maximum potential amount the Fund could ultimately be required to pay under the agreements, which expire between May 15, 2021 to August 1, 2027, is $12,178,379. |
(g) | Annualized7-day yield as of period end. |
| | |
Schedule of Investments (unaudited) (continued) January 31, 2020 | | BlackRock MuniHoldings Quality Fund, Inc. (MUS) |
(h) | During the period ended January 31, 2020, investments in issuers considered to be an affiliate/affiliates of the Fund for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Affiliate | | Shares Held at 04/30/19 | | | Net Activity | | | Shares Held at 01/31/20 | | | Value at 01/31/20 | | | Income | | | Net Realized Gain (Loss) (a) | | | Change in Unrealized Appreciation (Depreciation) | |
BlackRock Liquidity Funds, MuniCash, Institutional Class | | | 2,454,984 | | | | (2,386,623 | ) | | | 68,361 | | | $ | 68,374 | | | $ | 26,650 | | | $ | 665 | | | $ | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (a) | Includes net capital gain distributions, if applicable. | |
Portfolio Abbreviations
AGM — Assured Guaranty Municipal Corp.
AMT — Alternative Minimum Tax (subject to)
ARB — Airport Revenue Bonds
COP — Certificates of Participation
EDA — Economic Development Authority
GARB — General Airport Revenue Bonds
GO — General Obligation Bonds
HFA — Housing Finance Agency
IDA — Industrial Development Authority
IDB — Industrial Development Board
LRB — Lease Revenue Bonds
M/F — Multi-Family
RB — Revenue Bonds
S/F — Single-Family
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
| | | | | | | | | | | | | | | | |
Description | | Number of Contracts | | | Expiration Date | | | Notional Amount (000) | | | Value/ Unrealized Appreciation (Depreciation) | |
Short Contracts | | | | | | | | | | | | | | | | |
10-Year U.S. Treasury Note | | | 37 | | | | 03/20/20 | | | $ | 4,871 | | | $ | (59,521 | ) |
Long U.S. Treasury Bond | | | 60 | | | | 03/20/20 | | | | 9,812 | | | | (237,269 | ) |
5-Year U.S. Treasury Note | | | 19 | | | | 03/31/20 | | | | 2,286 | | | | (22,346 | ) |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | $ | (319,136 | ) |
| | | | | | | | | | | | | | | | |
| | |
Schedule of Investments (unaudited) (continued) January 31, 2020 | | BlackRock MuniHoldings Quality Fund, Inc. (MUS) |
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of investments and derivative financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:
| • | | Level 1 — Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the Fund has the ability to access |
| • | | Level 2 — Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs) |
| • | | Level 3 — Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the BlackRock Global Valuation Methodologies Committee’s (the “Global Valuation Committee’s”) assumptions used in determining the fair value of investments and derivative financial instruments) |
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Global Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are a limited number of investors. The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investments and derivative financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund’s policy regarding valuation of investments and derivative financial instruments, refer to the Fund’s most recent financial statements as contained in its semi-annual report.
The following tables summarize the Fund’s investments and derivative financial instruments categorized in the disclosure hierarchy:
| | | | | | | | | | | | | | | | |
| | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Assets: | | | | | | | | | | | | | | | | |
Investments: | | | | | | | | | | | | | | | | |
Long-Term Investments(a) | | $ | — | | | $ | 300,284,870 | | | $ | — | | | $ | 300,284,870 | |
Short-Term Securities | | | 68,374 | | | | — | | | | — | | | | 68,374 | |
| | | | | | | | | | | | | | | | |
| | $ | 68,374 | | | $ | 300,284,870 | | | $ | — | | | $ | 300,353,244 | |
| | | | | | | | | | | | | | | | |
Derivative Financial Instruments(b) | | | | | | | | | | | | | | | | |
Liabilities: | | | | | | | | | | | | | | | | |
Interest Rate Contracts | | $ | (319,136 | ) | | $ | — | | | $ | — | | | $ | (319,136 | ) |
| | | | | | | | | | | | | | | | |
| (a) | See above Schedule of Investments for values in each state or political subdivision. | |
| (b) | Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. | |
The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial statement purposes. As of period end, such assets and/or liabilities are categorized within the disclosure hierarchy as follows:
| | | | | | | | | | | | | | | | |
| | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Liabilities: | | | | | | | | | | | | | | | | |
TOB Trust Certificates | | $ | — | | | $ | (29,537,864 | ) | | $ | — | | | $ | (29,537,864 | ) |
VMTP Shares at Liquidation Value | | | — | | | | (87,000,000 | ) | | | — | | | | (87,000,000 | ) |
| | | | | | | | | | | | | | | | |
| | $ | — | | | $ | (116,537,864 | ) | | $ | — | | | $ | (116,537,864 | ) |
| | | | | | | | | | | | | | | | |