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

Schedule of Investments  (unaudited)  October 31, 2021 BlackRock MuniHoldings California Quality Fund, Inc. (MUC) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Municipal Bonds
California — 109.9%
Commercial Mortgage-Backed Securities — 0.7%
California Housing Finance, RB, M/F Housing, Series 2, Class A, 4.00%, 03/20/33	$	4,013	$	4,678,493
Corporate — 0.4%
California Municipal Finance Authority, RB, Series A, AMT, 4.00%, 07/15/29		1,920		2,140,562
County/City/Special District/School District — 36.4%
California Municipal Finance Authority, RB, 5.00%, 06/01/43		2,000		2,431,742
California Statewide Communities Development Authority, SAB
Series B, 4.00%, 09/02/40		605		674,911
Series B, 4.00%, 09/02/50		735		813,610
Series C, 4.00%, 09/02/40		2,160		2,409,599
Series C, 4.00%, 09/02/50		1,550		1,715,777
California Statewide Communities Development Authority, SAB, S/F Housing
5.00%, 09/02/39		535		651,527
5.00%, 09/02/40		400		481,414
5.00%, 09/02/44		615		739,176
5.00%, 09/02/49		900		1,060,973
4.00%, 09/02/50		320		347,686
5.00%, 09/02/50		320		379,335
Series C, 5.00%, 09/02/44		130		156,249
Series C, 5.00%, 09/02/49		640		754,470
California Statewide Communities Development Authority, ST
4.00%, 09/01/41		295		329,801
4.00%, 09/01/51		565		624,643
Chabot-Las Positas Community College District, GO, Series A, 4.00%, 08/01/47		1,500		1,694,881
Chaffey Joint Union High School District, GO, CAB(a)
Series C, 0.00%, 08/01/32		250		186,639
Series C, 0.00%, 08/01/33		500		356,773
Series C, 0.00%, 08/01/34		510		348,000
Series C, 0.00%, 08/01/35		545		355,557
Series C, 0.00%, 08/01/36		500		311,729
Series C, 0.00%, 08/01/37		650		386,868
Series C, 0.00%, 08/01/38		625		355,617
Series C, 0.00%, 08/01/39		750		407,929
Series C, 0.00%, 08/01/40		1,855		963,780
Series C, 0.00%, 08/01/41		305		151,608
Series C, 0.00%, 02/01/42		350		169,974
ChiNo.Valley Unified School District, GO,
Series B, 5.00%, 08/01/55		1,285		1,596,601
City of Dixon California, ST, 4.00%, 09/01/45		535		603,146
City of Roseville California, ST, 4.00%, 09/01/50		365		402,226
City of Sacramento California Transient Occupancy Tax Revenue, RB, Series A, 5.00%, 06/01/43		1,230		1,450,073
Coronado Community Development Agency Successor Agency, Refunding TA, Series A, 5.00%, 09/01/33		1,785		2,055,060
County of Santa Clara California, GO, Series B, 4.00%, 08/01/43		10,225		10,477,251
El Dorado Irrigation District, Refunding RB, Series A, (AGM), 5.25%, 03/01/24(b)		10,000		11,146,480
Elk Grove Unified School District, GO, 4.00%, 08/01/46		10,000		11,104,860

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	$	2,723,330
Garden Grove Unified School District, GO, Series C, 5.25%, 08/01/23(b)		5,500		5,978,390
Glendale Community College District, GO, Series A, 4.00%, 08/01/46		8,000		9,116,312
Hayward Unified School District, GO, Series A, (BAM), 4.00%, 08/01/48		2,000		2,244,306
Kern Community College District, GO(b)
Series C, 5.25%, 11/01/23		5,715		6,277,127
Series C, 5.75%, 11/01/23		12,085		13,393,902
Los Alamitos Unified School District, Refunding GO, 5.25%, 08/01/23		3,700		4,021,826
Los Angeles County Facilities, Inc., RB, Series A, 5.00%, 12/01/51		18,270		22,324,606
Los Angeles County Metropolitan Transportation Authority, RB, 5.00%, 06/01/28		315		398,595
Los Angeles County Metropolitan Transportation Authority, Refunding RB, Series A, 5.00%, 07/01/44		2,000		2,480,746
Los Angeles County Public Works Financing Authority, Refunding RB, Series D, 5.00%, 12/01/45		1,430		1,642,052
Mount San Jacinto Community College District, GO
Series A, 5.00%, 08/01/35		3,565		4,123,290
Series C, 2.38%, 08/01/51		6,115		5,983,485
Natomas Unified School District, GO, (BAM), 4.00%, 08/01/42		5,000		5,526,055
Orange County Community Facilities District, ST
4.00%, 08/15/40		345		396,222
4.00%, 08/15/50		320		363,402
Rio Elementary School District, GO, Series A, (AGM), 5.25%, 08/15/25(b)		5,865		6,898,900
Riverside County Public Financing Authority, Refunding TA, Series A, (BAM), 4.00%, 10/01/40		4,045		4,566,287
San Benito High School District, GO, 4.00%, 08/01/48		5,000		5,651,825
San Bernardino County Transportation Authority, RB, Series A, 5.25%, 03/01/40		4,545		5,031,315
San Diego Unified School District, GO, Series B, 3.25%, 07/01/48		6,000		6,410,484
San Diego Unified School District, GO, CAB(a)
Series K-2, 0.00%, 07/01/38		2,755		1,605,848
Series K-2, 0.00%, 07/01/39		3,340		1,863,363
Series K-2, 0.00%, 07/01/40		4,285		2,287,380
San Jose Financing Authority, RB, 5.75%, 05/01/42		4,500		4,517,937
San Jose Financing Authority, Refunding RB, Series A, 5.00%, 06/01/23(b)		5,800		6,230,517
San Luis Obispo County Community College District, Refunding GO, Series B, 4.00%, 08/01/43		3,555		4,104,486
San Marcos Redevelopment Agency Successor Agency, Refunding TA
Series A, 5.00%, 10/01/32		1,700		1,969,402
Series A, 5.00%, 10/01/33		1,125		1,302,551
Santa Clara Unified School District, GO, 4.00%, 07/01/48		10,000		11,156,520
Santa Clarita Community College District, Refunding GO, 4.00%, 08/01/46		10,000		11,182,940
South San Francisco Public Facilities Financing Authority, RB, 4.00%, 06/01/46		4,890		5,694,879
Washington Township Health Care District, GO, Series B, 5.50%, 08/01/38		1,625		1,834,537

1

Schedule of Investments  (unaudited) (continued) October 31, 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(b)
Series A, 5.50%, 08/01/23	$	2,500	$	2,728,337
Series B, 5.50%, 08/01/23		3,195		3,486,815
				233,613,934
Education — 10.5%
California Educational Facilities Authority, RB, Series V-1, 5.00%, 05/01/49		5,800		8,845,719
California Enterprise Development Authority, RB
Series A, 5.00%, 08/01/50		650		787,048
Series A, 5.00%, 08/01/57		600		721,864
California Enterprise Development Authority, Refunding RB(c)
4.00%, 06/01/51		625		690,080
4.00%, 06/01/61		345		377,385
California Municipal Finance Authority, RB
6.00%, 01/01/22(b)		2,750		2,776,713
Series A, 5.50%, 08/01/34(c)		250		267,305
Series A, 5.00%, 10/01/39(c)		285		318,098
Series A, 5.00%, 10/01/49(c)		480		528,481
Series A, 5.00%, 10/01/57(c)		940		1,030,634
California Municipal Finance Authority, Refunding RB
5.00%, 08/01/39		1,105		1,237,980
Series B, 5.00%, 01/01/42		1,750		2,060,747
California School Finance Authority, RB(c)
5.00%, 06/01/40		355		393,509
5.00%, 06/01/50		555		607,954
5.00%, 06/01/59		885		965,477
Series A, 5.00%, 07/01/49		850		1,004,633
Series A, 5.00%, 06/01/58		4,135		4,476,338
Series A, 5.00%, 07/01/59		1,380		1,550,073
Series A, 4.00%, 06/01/61		850		873,938
Series B, 4.00%, 07/01/45		560		560,388
Hastings Campus Housing Finance Authority, RB
Series A, 5.00%, 07/01/45		785		933,398
Series A, 5.00%, 07/01/61		4,720		5,482,837
University of California, RB, Series M, 5.00%, 05/15/47		15,000		17,976,675
University of California, Refunding RB
Series AO, 5.00%, 05/15/40		5,430		6,205,518
Series AZ, 4.00%, 05/15/48		6,000		6,788,406
				67,461,198
Health — 14.0%
California Health Facilities Financing Authority, RB
4.00%, 11/15/47		825		920,184
Series A, 5.00%, 11/15/35		1,960		2,415,573
Series A, 5.25%, 11/01/41		8,000		8,000,000
Series A, 4.00%, 11/15/42		450		516,282
California Health Facilities Financing Authority, Refunding RB
Series A, 5.00%, 10/01/24(b)		4,745		5,381,191
Series A, 5.00%, 07/01/37		10,000		10,730,850
Series A, 5.00%, 10/01/38		6,225		6,976,071
Series B, 5.00%, 11/15/26(b)		3,385		4,104,827
Series B, 5.00%, 11/15/46		4,910		5,857,173
California Municipal Finance Authority, Refunding RB
Series A, 5.00%, 02/01/37		3,110		3,682,539
Series A, 5.00%, 11/01/39(c)		250		283,182
Series A, 5.00%, 02/01/42		5,250		6,176,756

Security	Par (000)		Value
Health (continued)
California Municipal Finance Authority, Refunding RB (continued)
Series A, 5.00%, 11/01/49(c)	$	280	$	312,912
California Statewide Communities Development Authority, RB
4.00%, 08/01/45		2,500		2,571,073
4.00%, 07/01/48		2,220		2,420,510
California Statewide Communities Development Authority, Refunding RB
5.00%, 12/01/21(b)		6,235		6,259,329
4.00%, 04/01/42		3,005		3,339,000
4.00%, 04/01/47		2,655		2,878,211
5.00%, 04/01/47		2,995		3,490,232
Series A, 5.00%, 08/15/51		1,635		1,929,275
Series A, 5.00%, 12/01/53		1,000		1,211,834
Series A, 4.00%, 12/01/57		3,250		3,392,262
Series A, 5.00%, 12/01/57		1,750		2,125,940
Regents of the University of California Medical Center Pooled Revenue, Refunding RB, Series L, 5.00%, 05/15/47		4,000		4,648,384
				89,623,590
Housing — 9.7%
California Community Housing Agency, RB, M/F Housing(c)
4.00%, 08/01/46		255		266,574
4.00%, 02/01/50		455		471,886
4.00%, 08/01/51		2,320		2,386,308
3.00%, 02/01/57		1,520		1,473,588
Series A, 5.00%, 04/01/49		3,840		4,309,509
Series A, 4.00%, 02/01/56		4,615		4,943,619
Series A-1, 4.00%, 08/01/50		480		496,200
Series A-1, 3.00%, 02/01/57		955		878,942
California Housing Finance, RB, M/F Housing
Class A, (FHLMC), 3.75%, 03/25/35		7,942		9,396,387
Series 2021-1, Class A, 3.50%, 11/20/35		2,336		2,701,420
Series A, 4.25%, 01/15/35		930		1,125,427
CMFA Special Finance Agency VII, RB(c)
4.00%, 08/01/47		1,420		1,488,119
3.00%, 08/01/56		1,560		1,425,806
CSCDA Community Improvement Authority, RB, M/F Housing(c)
4.00%, 10/01/46		2,180		2,260,128
2.65%, 12/01/46		1,825		1,695,221
4.00%, 07/01/56		1,490		1,545,288
3.13%, 08/01/56		605		556,187
4.00%, 08/01/56		1,905		1,982,040
3.00%, 12/01/56		1,500		1,389,133
3.25%, 04/01/57		755		720,695
4.00%, 04/01/57		2,025		2,089,832
4.00%, 05/01/57(d)		2,335		2,380,194
Series A, 2.45%, 02/01/47		775		728,488
Series A, 5.00%, 07/01/51		1,325		1,503,265
Series A-2, 4.00%, 09/01/56		2,700		2,827,011
Series B, 4.00%, 02/01/57		605		629,277
Freddie Mac Multifamily ML Certificates, RB, M/F Housing, Series CA, Class A, 3.35%, 11/25/33		9,596		10,516,605
				62,187,149

SCHEDULE  OF   INVESTMENTS 2

Schedule of Investments  (unaudited) (continued) October 31, 2021 BlackRock MuniHoldings California Quality Fund, Inc. (MUC) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
State — 3.4%
California State Public Works Board, RB, Series I, 5.50%, 11/01/33	$	2,015	$	2,217,576
California State Public Works Board, Refunding RB, Series C, 5.75%, 10/01/31		1,205		1,206,969
City of Roseville California, ST, 4.00%, 09/01/45		100		110,559
State of California, Refunding GO
4.00%, 10/01/41		10,075		11,961,251
5.00%, 08/01/45		5,690		6,508,245
				22,004,600
Tobacco — 7.4%
California County Tobacco Securitization Agency, Refunding RB
4.00%, 06/01/49		320		363,301
Series A, 4.00%, 06/01/49		465		534,671
California County Tobacco Securitization Agency, Refunding RB, CAB(a)
0.00%, 06/01/55		3,185		797,839
Series B-2, Subordinate, 0.00%, 06/01/55		4,780		955,221
Golden State Tobacco Securitization Corp., Refunding RB
Series A, (AGM-CR SAP), 5.00%, 06/01/40		9,765		11,148,359
Series A-1, 5.00%, 06/01/31		7,560		9,238,237
Series A-1, 3.50%, 06/01/36		6,930		7,051,434
Series A-1, 5.00%, 06/01/47		11,350		11,626,406
Series A-2, 5.00%, 06/01/47		1,645		1,685,061
Tobacco Securitization Authority of Southern California, Refunding RB, 5.00%, 06/01/48		1,130		1,364,586
Tobacco Securitization Authority of Southern California, Refunding RB, CAB, 0.00%, 06/01/54(a)		13,750		2,690,655
				47,455,770
Transportation — 17.3%
Alameda Corridor Transportation Authority, Refunding RB, Series B, Sub Lien, 5.00%, 10/01/35		1,500		1,758,637
Bay Area Toll Authority, Refunding RB, 4.00%, 04/01/42		5,000		5,620,125
California Municipal Finance Authority, ARB, AMT, Senior Lien, 4.00%, 12/31/47		13,915		15,283,151
City of Los Angeles Department of Airports, ARB
Series A, AMT, 5.00%, 05/15/40		3,830		4,338,214
Series C, AMT, 5.00%, 05/15/45		5,000		6,185,760
Series D, AMT, 5.00%, 05/15/35		2,000		2,277,468
Series D, AMT, 5.00%, 05/15/36		1,500		1,706,241
Sub-Series A, AMT, 5.00%, 05/15/47		6,725		7,896,549
City of Los Angeles Department of Airports, Refunding ARB, 5.00%, 05/15/43		7,000		8,791,706
County of Sacramento California Airport System Revenue, Refunding RB
Series A, 5.00%, 07/01/41		2,500		2,924,332
Sub-Series B, 5.00%, 07/01/41		1,250		1,471,620
Norman Y Mineta San Jose International Airport SJC, Refunding RB
Series A, AMT, 5.00%, 03/01/41		3,075		3,625,708
Series A, AMT, 5.00%, 03/01/47		11,770		13,699,421
Port of Los Angeles, Refunding ARB, Series A, AMT, 5.00%, 08/01/44		500		554,891
Riverside County Transportation Commission, Refunding RB
4.00%, 06/01/46		1,235		1,417,082
4.00%, 06/01/47		380		428,908

Security	Par (000)		Value
Transportation (continued)
Riverside County Transportation Commission, Refunding RB (continued)
3.00%, 06/01/49	$	3,180	$	3,246,786
San Diego County Regional Airport Authority, Refunding ARB, Series A, 5.00%, 07/01/42		4,275		5,113,956
San Francisco City & County Airport Comm-San Francisco International Airport, Refunding ARB
Series A, AMT, 5.00%, 05/01/29		6,435		6,579,228
Series A, AMT, 5.00%, 05/01/44		5,000		6,060,345
Series A, AMT, 5.00%, 05/01/47		5,000		5,844,060
San Francisco City & County Airport Comm-San Francisco International Airport, Refunding RB, Series B, AMT, 5.00%, 05/01/41		5,000		5,809,890
				110,634,078
Utilities — 10.1%
City of Riverside California Electric Revenue, Refunding RB, Series A, 5.00%, 10/01/43		3,500		4,363,790
City of San Francisco California Public Utilities Commission Water Revenue, RB, Series A, 5.00%, 11/01/39		5,245		6,018,879
East Bay Municipal Utility District Water System Revenue, RB
Series A, 4.00%, 06/01/45		4,585		5,228,661
Series A, 5.00%, 06/01/49		11,190		14,053,812
Los Angeles Department of Water, RB, Series A, 5.00%, 07/01/42		8,825		10,566,481
San Diego Public Facilities Financing Authority,
Refunding RB, Series A, Subordinate, 5.00%, 08/01/43		9,655		11,815,731
San Francisco City & County Public Utilities Commission Wastewater Revenue, Refunding RB, Series B, 4.00%, 10/01/42		3,000		3,096,327
San Juan Water District, Refunding RB, Series A, 5.25%, 02/01/33		7,325		7,415,998
San Mateo Foster City Public Financing Authority, RB, 4.00%, 08/01/44		2,000		2,340,558
				64,900,237
Total Municipal Bonds in California				704,699,611
Puerto Rico — 4.7%
State — 4.7%
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB
Series A-1, Restructured, 4.75%, 07/01/53		8,317		9,250,966
Series A-1, Restructured, 5.00%, 07/01/58		11,280		12,734,669
Series A-2, Restructured, 4.33%, 07/01/40		2,677		2,935,598
Series A-2, Restructured, 4.78%, 07/01/58		553		616,158
Series B-1, Restructured, 4.75%, 07/01/53		848		940,081
Series B-2, Restructured, 4.78%, 07/01/58		822		915,186
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB, Series A-1, Restructured, 0.00%, 07/01/46(a)		8,705		2,835,236
Total Municipal Bonds in Puerto Rico				30,227,894
Total Municipal Bonds — 114.6% (Cost: $677,186,307)				734,927,505

3

Schedule of Investments  (unaudited) (continued) October 31, 2021 BlackRock MuniHoldings California Quality Fund, Inc. (MUC) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Municipal Bonds Transferred to Tender Option Bond Trusts(e)
California — 43.4%
County/City/Special District/School District — 15.7%
Palomar Community College District, GO, Series C, 5.00%, 08/01/25(b)	$	15,140	$	17,672,082
Riverside County Public Financing Authority, RB, 5.25%, 11/01/25(b)		10,000		11,865,403
Sacramento Area Flood Control Agency, Refunding SAB, Series A, 5.00%, 10/01/43		9,990		11,777,917
San Luis Obispo County Community College District, Refunding GO, Series A, 4.00%, 08/01/40		6,585		7,293,921
San Mateo County Community College District, GO, Series A, 5.00%, 09/01/25(b)		17,615		20,616,679
Southwestern Community College District, GO, Series D, 5.00%, 08/01/25(b)		10,820		12,629,585
West Valley-Mission Community College District, GO, Series B, 4.00%, 08/01/40		17,000		18,770,940
				100,626,527
Education — 3.7%
California State University, Refunding RB, Series A, 5.00%, 11/01/43		6,001		6,937,233
University of California, RB, Series AM, 5.25%, 05/15/44		10,210		11,375,450
University of California, Refunding RB, Series AF, 5.00%, 05/15/39		5,000		5,336,545
				23,649,228
Health — 15.8%
California Health Facilities Financing Authority, RB
5.00%, 11/15/49(f)		5,000		5,901,171
5.00%, 11/15/56		6,000		7,138,494
Series A, 5.00%, 08/15/23(b)		14,520		15,746,243
Series B, 5.00%, 08/15/55		4,500		5,230,706
California Health Facilities Financing Authority, Refunding RB
Series A, 5.00%, 08/15/25(b)		19,425		22,702,572
Series A, 4.00%, 10/01/47		4,997		5,506,461
Sub-Series A-2, 4.00%, 11/01/44		17,720		20,006,766
California Statewide Communities Development Authority, RB, Series A, 5.00%, 04/01/42		19,070		19,449,093
				101,681,506
Transportation — 5.7%
Bay Area Toll Authority, Refunding RB, 4.00%, 04/01/49(f)		10,005		11,097,066
City of Los Angeles Department of Airports, ARB
Series A, AMT, 5.00%, 05/15/40		5,500		6,229,812
Series B, AMT, 5.00%, 05/15/41		3,645		4,254,101
Series D, AMT, 5.00%, 05/15/41		13,332		15,086,761
				36,667,740

Security	Par (000)		Value
Utilities — 2.5%
City of Los Angeles California Wastewater System Revenue, RB, Series A, 5.00%, 06/01/44	$	13,790	$	15,743,347
Total Municipal Bonds in California				278,368,348
Total Municipal Bonds Transferred to Tender Option Bond Trusts — 43.4% (Cost: $257,022,576)				278,368,348
Total Long-Term Investments — 158.0% (Cost: $934,208,883)				1,013,295,853
	Shares
Short-Term Securities
Money Market Funds — 1.0%
BlackRock Liquidity Funds California Money Fund, Institutional Class, 0.01%(g)(h)		6,857,451		6,861,565
Total Short-Term Securities — 1.0% (Cost: $6,857,451)				6,861,565
Total Investments — 159.0% (Cost: $941,066,334)				1,020,157,418
Other Assets Less Liabilities — 1.2%				7,414,624
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (20.6)%				(132,164,140	)
VMTP Shares at Liquidation Value — (39.6)%				(254,000,000	)
Net Assets Applicable to Common Shares — 100.0%			$	641,407,902

^(a)  Zero-coupon bond.

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

^(g)  Affiliate of the Fund.

^(h)  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.

SCHEDULE  OF   INVESTMENTS 4

Schedule of Investments  (unaudited) (continued) October 31, 2021 BlackRock MuniHoldings California Quality Fund, Inc. (MUC)

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the period ended October 31, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 07/31/21		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 10/31/21		Shares Held at 10/31/21		Income		Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds California Money Fund, Institutional Class	$	19,391,202	$	—	$	(12,529,637	)(a)	$	3,651	$	(3,651	)	$	6,861,565		6,857,451	$	444	$	—

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

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		140		12/21/21	$	18,292	$	199,856
U.S. Long Bond		89		12/21/21		14,312		60,321
5-Year U.S. Treasury Note		157		12/31/21		19,106		150,191
							$	410,368

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	$	—	$	734,927,505	$	—	$	734,927,505
Municipal Bonds Transferred to Tender Option Bond Trusts		—		278,368,348		—		278,368,348

5

Schedule of Investments  (unaudited) (continued) October 31, 2021 BlackRock MuniHoldings California Quality Fund, Inc. (MUC)

Fair Value Hierarchy as of Period End (continued)

	Level 1		Level 2		Level 3		Total
Short-Term Securities
Money Market Funds	$	6,861,565	$	—	$	—	$	6,861,565
	$	6,861,565	$	1,013,295,853	$	—	$	1,020,157,418
Derivative Financial Instruments(a)
Assets
Interest Rate Contracts	$	410,368	$	—	$	—	$	410,368

^(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	$	—	$	(132,144,550	)	$	—	$	(132,144,550	)
VMTP Shares at Liquidation Value		—		(254,000,000	)		—		(254,000,000	)
	$	—	$	(386,144,550)		$	—	$	(386,144,550)

Portfolio Abbreviation
AGM	Assured Guaranty Municipal Corp.
AGM-CR	AGM Insured Custodial Receipt
AMT	Alternative Minimum Tax
ARB	Airport Revenue Bonds
BAM	Build America Mutual Assurance Co.
CAB	Capital Appreciation Bonds
CR	Custodian Receipt
FHLMC	Federal Home Loan Mortgage Corp.
GO	General Obligation Bonds
M/F	Multi-Family
RB	Revenue Bond
S/F	Single-Family
SAB	Special Assessment Bonds
SAP	Subject to Appropriations
ST	Special Tax
TA	Tax Allocation

SCHEDULE  OF   INVESTMENTS 6