BlackRock MuniHoldings California Quality Fund (MUC) NPORT-P BlackRock MuniHoldings California Quality Fund, Inc. (Apr 2021 report)

Schedule of Investments (unaudited) April 30, 2021   BlackRock MuniHoldings California Quality Fund, Inc. (MUC) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Municipal Bonds
California — 103.0%
Corporate — 0.3%
California Municipal Finance Authority, RB, Series A, AMT, 4.00%, 07/15/29	$	1,920	$	2,199,993
County/City/Special District/School District — 38.4%
California Municipal Finance Authority, RB, 5.00%, 06/01/43		2,000		2,470,100
California Statewide Communities Development Authority, SAB
Series B, 4.00%, 09/02/40		605		661,924
Series B, 4.00%, 09/02/50		735		795,292
Series C, 4.00%, 09/02/40		2,160		2,371,896
Series C, 4.00%, 09/02/50		1,550		1,675,348
California Statewide Communities Development Authority, SAB, S/F Housing
5.00%, 09/02/39		535		631,311
5.00%, 09/02/40		400		485,108
5.00%, 09/02/44		615		706,358
5.00%, 09/02/49		900		1,022,301
4.00%, 09/02/50		320		357,133
5.00%, 09/02/50		320		383,203
Series C, 5.00%, 09/02/44		130		149,312
Series C, 5.00%, 09/02/49		640		726,970
California Statewide Communities Development Authority, ST
4.00%, 09/01/41		295		326,432
4.00%, 09/01/51		565		619,816
Centinela Valley Union High School District, GO, Series A, 5.75%, 08/01/21(a)		9,120		9,244,032
Chabot-Las Positas Community College District, GO, Series A, 4.00%, 08/01/47		1,500		1,686,750
Chaffey Joint Union High School District, GO, CAB(b)
Series C, 0.00%, 08/01/32		250		186,688
Series C, 0.00%, 08/01/33		500		356,205
Series C, 0.00%, 08/01/34		510		346,907
Series C, 0.00%, 08/01/35		545		354,032
Series C, 0.00%, 08/01/36		500		309,970
Series C, 0.00%, 08/01/37		650		384,475
Series C, 0.00%, 08/01/38		625		352,963
Series C, 0.00%, 08/01/39		750		404,100
Series C, 0.00%, 08/01/40		1,855		953,989
Series C, 0.00%, 08/01/41		305		149,706
Series C, 0.00%, 02/01/42		350		167,661
ChiNo.Valley Unified School District, GO, Series B, 5.00%, 08/01/55		1,285		1,635,047
City of Dixon California, ST, 4.00%, 09/01/45		535		584,819
City of Roseville California, ST, 4.00%, 09/01/50		365		397,047
City of Sacramento California Transient Occupancy Tax Revenue, RB, Series A, 5.00%, 06/01/43		1,230		1,441,708
Coronado Community Development Agency Successor Agency, Refunding TA, Series A, 5.00%, 09/01/33		1,945		2,252,680
County of Santa Clara California, GO, Series B, 4.00%, 08/01/43		10,225		10,657,722
El Dorado Irrigation District, Refunding RB, Series A, (AGM), 5.25%, 03/01/24(a)		10,000		11,427,400
Elk Grove Unified School District, GO, 4.00%, 08/01/46		10,000		11,187,200

Security	Par (000)		Value
County/City/Special District/School District (continued)
Fremont Union High School District, Refunding GO, 4.00%, 08/01/40	$	2,500	$	2,772,450
Garden Grove Unified School District, GO, Series C, 5.25%, 08/01/23(a)		5,500		6,126,725
Gavilan Joint Community College District, GO(a)
Series D, 5.50%, 08/01/21		2,170		2,198,188
Series D, 5.75%, 08/01/21		8,400		8,514,240
Glendale Community College District, GO, Series A, 4.00%, 08/01/46		8,000		9,038,320
Grossmont Healthcare District, GO, Series B, 6.13%, 07/15/21(a)		2,000		2,023,700
Hayward Unified School District, GO, Series A, (BAM), 4.00%, 08/01/48		2,000		2,266,040
Kern Community College District, GO(a)
Series C, 5.25%, 11/01/23		5,715		6,431,261
Series C, 5.75%, 11/01/23		12,085		13,749,709
Los Alamitos Unified School District, Refunding GO, 5.25%, 08/01/23		3,700		4,121,615
Los Angeles County Facilities, Inc., RB, Series A, 5.00%, 12/01/51		18,270		22,275,515
Los Angeles County Metropolitan Transportation Authority, Refunding RB, Series A, 5.00%, 07/01/44		2,000		2,521,240
Los Angeles County Public Works Financing Authority, Refunding RB, Series D, 5.00%, 12/01/45		1,430		1,673,457
Mount San Jacinto Community College District, GO, Series A, 5.00%, 08/01/35		3,565		4,237,181
Natomas Unified School District, GO, (BAM), 4.00%, 08/01/42		5,000		5,593,950
Orange County Community Facilities District, ST
4.00%, 08/15/40		345		380,362
4.00%, 08/15/50		320		353,027
Rio Elementary School District, GO, Series A, (AGM), 5.25%, 08/15/25(a)		5,865		7,073,835
Riverside County Public Financing Authority, Refunding TA, Series A, (BAM), 4.00%, 10/01/40		4,045		4,635,449
San Benito High School District, GO, 4.00%, 08/01/48		5,000		5,662,600
San Bernardino County Transportation Authority, RB, Series A, 5.25%, 03/01/40		4,545		5,152,485
San Diego Unified School District, GO, Series B, 3.25%, 07/01/48		6,000		6,503,280
San Diego Unified School District, GO, CAB(b)
Series K-2, 0.00%, 07/01/38		2,755		1,597,046
Series K-2, 0.00%, 07/01/39		3,340		1,849,525
Series K-2, 0.00%, 07/01/40		4,285		2,268,136
San Jose Financing Authority, RB, 5.75%, 05/01/42		4,500		4,518,360
San Jose Financing Authority, Refunding RB, Series A, 5.00%, 06/01/23(a)		5,800		6,380,000
San Luis Obispo County Community College District, Refunding GO, Series B, 4.00%, 08/01/43		3,555		4,085,548
San Marcos Redevelopment Agency Successor Agency, Refunding TA
Series A, 5.00%, 10/01/32		1,700		2,021,691
Series A, 5.00%, 10/01/33		1,125		1,336,691
Santa Clara Unified School District, GO, 4.00%, 07/01/48		10,000		11,341,400
Santa Clarita Community College District, Refunding GO, 4.00%, 08/01/46		10,000		11,077,200
Washington Township Health Care District, GO, Series B, 5.50%, 08/01/38		1,625		1,843,741

1

Schedule of Investments (unaudited) (continued) April 30, 2021   BlackRock MuniHoldings California Quality Fund, Inc. (MUC) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
County/City/Special District/School District (continued)
West Contra Costa Unified School District, GO
Series A, (AGM), 5.25%, 08/01/21(a)	$	5,390	$	5,456,782
Series A, 5.50%, 08/01/39		2,500		2,776,575
Series B, 5.50%, 08/01/39		3,195		3,548,463
				251,269,392
Education — 10.1%
California Educational Facilities Authority, RB, Series V-1, 5.00%, 05/01/49		5,800		9,023,176
California Enterprise Development Authority RB, Series A, 5.00%, 08/01/57		600		696,456
California Enterprise Development Authority, RB, Series A, 5.00%, 08/01/50		650		760,175
California Municipal Finance Authority, RB
6.00%, 01/01/22(a)		2,750		2,856,150
Series A, 5.50%, 08/01/34(c)		250		268,133
Series A, 5.00%, 10/01/39(c)		285		321,950
Series A, 5.00%, 10/01/49(c)		480		532,680
Series A, 5.00%, 10/01/57(c)		940		1,032,693
California Municipal Finance Authority, Refunding RB
5.00%, 08/01/39		1,105		1,241,744
Series B, 5.00%, 01/01/42		1,750		2,044,000
California School Finance Authority, RB(c)
5.00%, 06/01/40		355		398,196
5.00%, 06/01/50		555		612,315
5.00%, 06/01/59		885		967,650
Series A, 5.00%, 07/01/49		850		1,027,854
Series A, 5.00%, 06/01/58		4,135		4,472,943
Series A, 5.00%, 07/01/59		1,380		1,509,610
Series B, 4.00%, 07/01/45		560		560,661
Hastings Campus Housing Finance Authority, RB
Series A, 5.00%, 07/01/45		785		901,392
Series A, 5.00%, 07/01/61		4,720		5,318,968
University of California, RB, Series M, 5.00%, 05/15/47		15,000		18,241,650
University of California, Refunding RB
Series AO, 5.00%, 05/15/40		5,430		6,379,273
Series AZ, 4.00%, 05/15/48		6,000		6,852,720
				66,020,389
Health — 13.9%
California Health Facilities Financing Authority Refunding RB, Series B, 5.00%, 11/15/26(a)		3,385		4,216,965
California Health Facilities Financing Authority, RB 4.00%, 11/15/47		825		925,419
Series A, 5.00%, 11/15/35		1,960		2,449,471
Series A, 5.25%, 11/01/41		8,000		8,192,560
Series A, 4.00%, 11/15/42		450		517,932
California Health Facilities Financing Authority, Refunding RB
Series A, 5.00%, 10/01/24(a)		4,745		5,510,653
Series A, 5.00%, 07/01/37		10,000		10,931,500
Series A, 5.00%, 10/01/38		6,225		7,099,363
Series B, 5.00%, 11/15/46		4,910		5,932,016
California Municipal Finance Authority, Refunding RB
Series A, 5.00%, 02/01/37		3,110		3,702,051
Series A, 5.00%, 11/01/39(c)		250		283,890
Series A, 5.00%, 02/01/42		5,250		6,197,310
Series A, 5.00%, 11/01/49(c)		280		313,614

Security	Par (000)		Value
Health (continued)
California Statewide Communities Development Authority, RB
4.00%, 08/01/45	$	2,500	$	2,619,600
4.00%, 07/01/48		2,220		2,454,388
California Statewide Communities Development Authority, Refunding RB
5.00%, 12/01/21(a)		6,235		6,409,518
4.00%, 04/01/42		3,005		3,302,735
4.00%, 04/01/47		2,655		2,885,693
5.00%, 04/01/47		2,995		3,489,175
Series A, 5.00%, 08/15/51		1,635		1,938,064
Series A, 5.00%, 12/01/53		1,000		1,212,430
Series A, 4.00%, 12/01/57		3,250		3,410,940
Series A, 5.00%, 12/01/57		1,750		2,128,613
Regents of the University of California Medical Center Pooled Revenue, Refunding RB, Series L, 5.00%, 05/15/47		4,000		4,719,640
				90,843,540
Housing — 5.4%
California Community Housing Agency, RB, M/F Housing(c)
Series A, 5.00%, 04/01/49		3,840		4,318,848
Series A, 4.00%, 02/01/56		4,615		4,906,560
California Housing Finance, RB, M/F Housing
Series 2, Class A, 4.00%, 03/20/33		4,046		4,741,376
Series 2021-1, Class A, 3.50%, 11/20/35		2,352		2,734,996
Series A, 4.25%, 01/15/35		937		1,131,181
CSCDA Community Improvement Authority, RB, M/F Housing(c)
4.00%, 08/01/56		1,905		2,042,998
Series A, 5.00%, 07/01/51		1,325		1,533,104
Series A-2, 4.00%, 09/01/56		2,700		2,888,244
Freddie Mac Multifamily ML Certificates, RB, M/F Housing, Class A, 3.35%, 11/25/33		9,672		10,836,911
				35,134,218
State — 1.6%
California State Public Works Board, RB, Series I, 5.50%, 11/01/33		2,015		2,270,240
California State Public Works Board, Refunding RB, Series C, 5.75%, 10/01/31		1,205		1,232,197
City of Roseville California, ST, 4.00%, 09/01/45		100		109,113
State of California, Refunding GO, 5.00%, 08/01/45		5,690		6,613,942
				10,225,492
Tobacco — 7.8%
California County Tobacco Securitization Agency, Refunding RB
4.00%, 06/01/49		320		369,037
Series A, 4.00%, 06/01/49		465		536,550
California County Tobacco Securitization Agency, Refunding RB, CAB(b)
0.00%, 06/01/55		3,185		775,197
Series B-2, Subordinate, 0.00%, 06/01/55		4,780		929,758
Golden State Tobacco Securitization Corp., Refunding RB
Series A, (AGM), 5.00%, 06/01/40		9,765		11,438,526
Series A-1, 5.00%, 06/01/31		7,560		9,312,332
Series A-1, 3.50%, 06/01/36		9,310		9,500,576
Series A-1, 5.00%, 06/01/47		11,350		11,732,495

SCHEDULE  OF   INVESTMENTS 2

Schedule of Investments (unaudited) (continued) April 30, 2021   BlackRock MuniHoldings California Quality Fund, Inc. (MUC) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Tobacco (continued)
Golden State Tobacco Securitization Corp., Refunding RB (continued)
Series A-2, 5.00%, 06/01/47	$	1,645	$	1,700,436
Tobacco Securitization Authority of Northern California, Refunding RB, Series B-1, 4.00%, 06/01/49		355		405,066
Tobacco Securitization Authority of Southern California, Refunding RB, 5.00%, 06/01/48		1,155		1,397,319
Tobacco Securitization Authority of Southern California, Refunding RB, CAB, 0.00%, 06/01/54(b)		13,750		2,608,237
				50,705,529
Transportation — 15.4%
Alameda Corridor Transportation Authority, Refunding RB, Series B, Sub Lien, 5.00%, 10/01/35		1,500		1,764,225
Bay Area Toll Authority, Refunding RB, 4.00%, 04/01/42		5,000		5,744,450
California Municipal Finance Authority, ARB, AMT, Senior Lien, 4.00%, 12/31/47		13,915		15,341,009
City of Los Angeles Department of Airports, ARB
Series A, AMT, 5.00%, 05/15/40		3,830		4,457,124
Series D, AMT, 5.00%, 05/15/35		2,000		2,336,000
Series D, AMT, 5.00%, 05/15/36		1,500		1,750,755
Sub-Series A, AMT, 5.00%, 05/15/47		6,725		8,001,674
City of Los Angeles Department of Airports, Refunding ARB, 5.00%, 05/15/43		7,000		8,975,120
County of Sacramento California Airport System Revenue, Refunding RB
Series A, 5.00%, 07/01/41		2,500		2,979,600
Sub-Series B, 5.00%, 07/01/41		1,250		1,487,063
Norman Y Mineta San Jose International Airport SJC, Refunding RB
Series A, AMT, 5.00%, 03/01/41		3,075		3,668,260
Series A, AMT, 5.00%, 03/01/47		11,770		13,774,784
Port of Los Angeles, Refunding ARB, Series A, AMT, 5.00%, 08/01/44		500		564,350
San Diego County Regional Airport Authority, Refunding ARB, Series A, 5.00%, 07/01/42		4,275		5,176,341
San Francisco City & County Airport Comm-San Francisco International Airport, Refunding ARB
Series A, AMT, 5.00%, 05/01/44		5,000		6,153,950
Series A, AMT, 5.00%, 05/01/47		5,000		5,933,700
Series B, AMT, 5.00%, 05/01/41		5,000		5,865,400
San Francisco City & County Airport Comm-San Francisco International Airport, Refunding RB, Series A, AMT, 5.00%, 05/01/29		6,435		6,726,312
				100,700,117
Utilities — 10.1%
City of Riverside California Electric Revenue, Refunding RB, Series A, 5.00%, 10/01/43		3,500
				4,409,930
City of San Francisco California Public Utilities Commission Water Revenue, RB, Series A, 5.00%, 11/01/39		5,245		6,149,395
East Bay Municipal Utility District Water System Revenue, RB
Series A, 4.00%, 06/01/45		4,585		5,283,158
Series A, 5.00%, 06/01/49		11,190		14,229,540

Security	Par (000)		Value
Utilities (continued)
Los Angeles Department of Water, RB, Series A, 5.00%, 07/01/42	$	8,825	$	10,824,480
San Diego Public Facilities Financing Authority, Refunding RB, Series A, Subordinate, 5.00%, 08/01/43		9,655		12,055,426
San Francisco City & County Public Utilities Commission Wastewater Revenue, Refunding RB, Series B, 4.00%, 10/01/42		3,000		3,152,370
San Juan Water District, Refunding RB, Series A, 5.25%, 02/01/33		7,325		7,602,618
San Mateo Foster City Public Financing Authority, RB, 4.00%, 08/01/44		2,000		2,360,400
				66,067,317
Total Municipal Bonds in California				673,165,987
Puerto Rico — 4.6%
State — 4.6%
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB
Series A-1, Restructured, 4.75%, 07/01/53		8,317		9,233,284
Series A-1, Restructured, 5.00%, 07/01/58		11,280		12,672,065
Series A-2, Restructured, 4.33%, 07/01/40		2,677		2,926,014
Series A-2, Restructured, 4.78%, 07/01/58		553		615,627
Series B-1, Restructured, 4.75%, 07/01/53		848		939,033
Series B-2, Restructured, 4.78%, 07/01/58		822		912,190
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB, Series A-1, Restructured, 0.00%, 07/01/46(b)		8,705		2,744,774
Total Municipal Bonds in Puerto Rico				30,042,987
Total Municipal Bonds — 107.6% (Cost: $638,397,602)				703,208,974
Municipal Bonds Transferred to Tender Option Bond Trusts(d)
California — 50.9%
County/City/Special District/School District — 23.2%
Foothill-De Anza Community College District, GO, Series C, 5.00%, 08/01/21(a)		40,000		40,472,000
Palomar Community College District, GO, Series C, 5.00%, 08/01/25(a)		15,140		18,104,412
Riverside County Public Financing Authority, RB, 5.25%, 11/01/45		10,000		11,871,596
Sacramento Area Flood Control Agency, Refunding SAB, Series A, 5.00%, 10/01/43		9,990		11,904,983
San Luis Obispo County Community College District, Refunding GO, Series A, 4.00%, 08/01/40		6,585		7,308,821
San Mateo County Community College District, GO, Series A, 5.00%, 09/01/25(a)		17,615		21,123,195
Southwestern Community College District, GO, Series D, 5.00%, 08/01/25(a)		10,820		12,938,556
Visalia Unified School District, COP, Series D, 4.00%, 05/01/48		8,493		8,492,658
West Valley-Mission Community College District, GO, Series B, 4.00%, 08/01/40		17,000		19,118,540
				151,334,761

3

Schedule of Investments (unaudited) (continued) April 30, 2021   BlackRock MuniHoldings California Quality Fund, Inc. (MUC) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Education — 3.7%
California State University, Refunding RB, Series A, 5.00%, 11/01/43	$	6,001	$	7,121,433
University of California, RB, Series AM, 5.25%, 05/15/44		10,210		11,679,765
University of California, Refunding RB, Series AF, 5.00%, 05/15/39		5,000		5,464,050
				24,265,248
Health — 15.8%
California Health Facilities Financing Authority, RB
5.00%, 11/15/49(e)		5,000		5,992,250
5.00%, 11/15/56		6,000		7,286,040
Series A, 5.00%, 08/15/23(a)		14,520		16,119,523
Series B, 5.00%, 08/15/55		4,500		5,346,720
California Health Facilities Financing Authority, Refunding RB
Series A, 5.00%, 08/15/25(a)		19,425		23,258,713
Series A, 4.00%, 10/01/47		4,997		5,556,513
Sub-Series A-2, 4.00%, 11/01/44		17,720		20,111,491
California Statewide Communities Development Authority, RB, Series A, 5.00%, 04/01/42		19,070		19,861,214
				103,532,464
Transportation — 5.7%
Bay Area Toll Authority, Refunding RB, 4.00%, 04/01/49(e)		10,005		11,269,132
City of Los Angeles Department of Airports, ARB
Series A, AMT, 5.00%, 05/15/40		5,500		6,400,570
Series B, AMT, 5.00%, 05/15/41		3,645		4,284,248
Series D, AMT, 5.00%, 05/15/41		13,331		15,502,897
				37,456,847
Utilities — 2.5%
City of Los Angeles California Wastewater System Revenue, RB, Series A, 5.00%, 06/01/44		13,790		16,092,378
Total Municipal Bonds in California				332,681,698
Total Municipal Bonds Transferred to Tender Option Bond Trusts — 50.9% (Cost: $307,067,872)				332,681,698
Total Long-Term Investments — 158.5% (Cost: $945,465,474)				1,035,890,672

Security	Shares		Value
Short-Term Securities
Money Market Funds — 2.9%
BlackRock Liquidity Funds California Money Fund, Institutional Class, 0.01%(f)(g)		19,238,494	$	19,250,037
Total Short-Term Securities — 2.9% (Cost: $19,242,272)				19,250,037
Total Investments — 161.4% (Cost: $964,707,746)				1,055,140,709
Other Assets Less Liabilities — 1.8%				11,157,259
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (24.3)%				(158,560,670	)
VMTP Shares at Liquidation Value — (38.9)%				(254,000,000	)
Net Assets Applicable to Common Shares — 100.0%			$	653,737,298

^(a)  U.S. Government securities held in escrow, are used to pay interest on this security as well as to retire the bond in full at the date indicated, typically at a premium to par.

^(b)  Zero-coupon bond.

^(c)  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.

^(d) 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.

^(e) 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 April 1, 2025 to May 15, 2025, is $10,754,131.

^(f) Affiliate of the Fund.

^(g)  Annualized 7-day yield as of period end.

For Fund compliance purposes, the Fund’s sector classifications refer to one or more of the sector sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such sector sub-classifications for reporting ease.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the period ended April 30, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 07/31/20		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 04/30/21		Shares Held at 04/30/21		Income		Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds California Money Fund, Institutional Class	$	1,871,730	$	17,367,755	(a)	$	—	$	2,710	$	7,842	$	19,250,037		19,238,494	$	1,886	$	—

^(a) Represents net amount purchased (sold).

SCHEDULE  OF   INVESTMENTS 4

Schedule of Investments (unaudited) (continued) April 30, 2021   BlackRock MuniHoldings California Quality Fund, Inc. (MUC)

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		173		06/21/21	$	22,858	$	368,816
U.S. Long Treasury Bond		64		06/21/21		10,068		265,408
							$	634,224

Fair Value Hierarchy as of Period End

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

• Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the 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); and

• 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 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 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 Fund’s policy regarding valuation of financial instruments, refer to its most recent financial statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Municipal Bonds	$	—	$	703,208,974	$	—	$	703,208,974
Municipal Bonds Transferred to Tender Option Bond Trusts		—		332,681,698		—		332,681,698
Short-Term Securities
Money Market Funds		19,250,037		—		—		19,250,037
	$	19,250,037	$	1,035,890,672	$	—	$	1,055,140,709
Derivative Financial Instruments(a)
Assets
Interest Rate Contracts	$	634,224	$	—	$	—	$	634,224

^(a) 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 reporting purposes. As of period end, such assets and/or liabilities are categorized within the fair value hierarchy as follows:

	Level 1		Level 2			Level 3		Total
Liabilities
TOB Trust Certificates	$	—	$	(158,512,208	)	$	—	$	(158,512,208	)
VMTP Shares at Liquidation Value		—		(254,000,000	)		—		(254,000,000	)
	$	—	$	(412,512,208	)	$	—	$	(412,512,208	)

5

Schedule of Investments (unaudited) (continued) April 30, 2021   BlackRock MuniHoldings California Quality Fund, Inc. (MUC)

Portfolio Abbreviation
AGM	Assured Guaranty Municipal Corp.
AMT	Alternative Minimum Tax
ARB	Airport Revenue Bonds
BAM	Build America Mutual Assurance Co.
CAB	Capital Appreciation Bonds
COP	Certificates of Participation
GO	General Obligation Bonds
M/F	Multi-Family
RB	Revenue Bond
S/F	Single-Family
SAB	Special Assessment Bonds
ST	Special Tax
TA	Tax Allocation

SCHEDULE  OF   INVESTMENTS 6