BLACKROCK MUNIHOLDINGS FUND, INC.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number: 811-08081

Name of Fund: BlackRock MuniHoldings Fund, Inc. (MHD)

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock
MuniHoldings Fund, Inc., 55 East 52nd Street, New York, NY 10055

Registrant’s telephone number, including area code: (800) 882-0052, Option 4

Date of fiscal year end: 04/30/2018

Date of reporting period: 07/31/2017

Item 1 – Schedule of Investments

Schedule of Investments July 31, 2017 (Unaudited)

   

BlackRock MuniHoldings Fund, Inc. (MHD)

(Percentages shown are based on Net Assets)

 

Municipal Bonds    Par
(000)		     Value  
Alabama — 3.9%  

County of Jefferson Alabama, RB, Limited Obligation School, Series A, 5.00%, 1/01/24

    $ 4,550     $ 4,557,462  

County of Jefferson Alabama Sewer, Refunding RB:

     

Senior Lien, Series A (AGM), 5.00%, 10/01/44

      570       640,834  

Senior Lien, Series A (AGM), 5.25%, 10/01/48

      1,090       1,241,325  

Sub-Lien, Series D, 6.00%, 10/01/42

      1,000       1,175,860  

Sub-Lien, Series D, 7.00%, 10/01/51

      1,545       1,902,899  
    

 

 

  
        9,518,380  
Arizona — 2.7%  

City of Phoenix Arizona IDA, RB, Legacy Traditional Schools Projects, Series A, 5.00%, 7/01/46 (a)

      1,230       1,255,006  

Salt Verde Financial Corp., RB, Senior:

     

5.00%, 12/01/32

      2,000       2,374,540  

5.00%, 12/01/37

      2,360       2,841,015  
    

 

 

  
        6,470,561  
California — 10.9%  

California Health Facilities Financing Authority, RB:

     

St. Joseph Health System, Series A, 5.75%, 7/01/39

      1,530       1,659,667  

Sutter Health, Series B, 6.00%, 8/15/42

      2,200       2,502,874  

California Health Facilities Financing Authority, Refunding RB, St. Joseph Health System, Series A, 5.00%, 7/01/33

      875       999,766  

California Municipal Finance Authority, RB, Senior, Caritas Affordable Housing, Inc. Projects, S/F Housing, Series A:

     

5.25%, 8/15/39

      105       116,237  

5.25%, 8/15/49

      265       291,452  

California Municipal Finance Authority, Refunding RB, Community Medical Centers, Series A, 5.00%, 2/01/42

      165       185,995  

California Pollution Control Financing Authority, RB, Poseidon Resources (Channel Side) LP Desalination Project, AMT, 5.00%, 11/21/45 (a)

      1,025       1,094,013  
Municipal Bonds    Par
(000)		     Value  
California (continued)  

California Statewide Communities Development Authority, RB, Series A:

     

John Muir Health, 5.13%, 7/01/39

    $ 1,510     $ 1,619,264  

Loma Linda University Medical Center, 5.00%, 12/01/46 (a)

      460       495,696  

City of Los Angeles California Department of Airports, Refunding ARB, Los Angeles International Airport, Series A, 5.25%, 5/15/39

      555       595,460  

City of Stockton California Public Financing Authority, RB, Delta Water Supply Project, Series A, 6.25%, 10/01/38

      255       310,911  

Montebello Unified School District, GO, CAB (NPFGC), 0.00%, 8/01/22 (b)

      2,405       2,206,371  

San Diego Unified School District California, GO, CAB, Election of 2008, Series A, 0.00%, 7/01/29 (b)

      3,475       2,427,009  

State of California, GO, Various Purposes, 6.50%, 4/01/33

      8,370       9,160,463  

State of California Public Works Board, LRB, Various Capital Projects:

     

Series I, 5.00%, 11/01/38

      550       625,669  

Sub-Series I-1, 6.38%, 11/01/19 (c)

      820       919,368  

Tobacco Securitization Authority of Southern California, Refunding RB, Tobacco Settlement, Asset-Backed, Senior Series A-1, 4.75%, 6/01/25

      1,250       1,258,825  
    

 

 

  
        26,469,040  
Colorado — 2.2%  

Colorado Educational & Cultural Facilities Authority, RB, Charter School, Colorado Springs, 5.50%, 7/01/40

      1,455       1,525,495  

Colorado High Performance Transportation Enterprise, RB, C-470 Express Lanes, 5.00%, 12/31/47

      160       176,763  

Regional Transportation District, COP, Refunding, Series A, 5.38%, 6/01/31

      710       779,218  
 

 

     
                
   BLACKROCK MUNIHOLDINGS FUND, INC.    JULY 31, 2017    1

Schedule of Investments (continued)

   

BlackRock MuniHoldings Fund, Inc. (MHD)

 

Municipal Bonds    Par
(000)		     Value  
Colorado (continued)  

Regional Transportation District, RB, Denver Transit Partners Eagle P3 Project, 6.00%, 1/15/34

    $ 1,425     $ 1,573,214  

University of Colorado, RB, Series A, 5.38%, 6/01/19 (c)

      1,250       1,349,000  
    

 

 

  
        5,403,690  
Delaware — 1.8%  

County of Sussex Delaware, RB, NRG Energy, Inc., Indian River Power LLC Project, 6.00%, 10/01/40

      790       850,672  

Delaware Transportation Authority, RB, U.S. 301 Project, 5.00%, 6/01/55

      840       938,439  

State of Delaware EDA, RB, Exempt Facilities, Indian River Power LLC Project, 5.38%, 10/01/45

      2,430       2,529,776  
    

 

 

  
        4,318,887  
District of Columbia — 4.7%  

District of Columbia, Refunding RB, Georgetown University:

     

5.00%, 4/01/35

      315       372,443  

Issue, 5.00%, 4/01/42

      365       426,849  

District of Columbia, Tax Allocation Bonds, City Market at O Street Project, 5.13%, 6/01/41

      1,520       1,690,392  

Metropolitan Washington Airports Authority, Refunding ARB, Dulles Toll Road, CAB, 2nd Senior Lien, Series B (AGC), 0.00%, 10/01/35 (b)

      13,485       6,833,389  

Metropolitan Washington Airports Authority, Refunding RB, Dulles Toll Road, 1st Senior Lien, Series A:

     

5.00%, 10/01/39

      505       540,123  

5.25%, 10/01/44

      1,470       1,577,501  
    

 

 

  
        11,440,697  
Florida — 4.8%  

City of Clearwater Florida Water & Sewer Revenue, RB, Series A, 5.25%, 12/01/19 (c)

      2,375       2,608,249  

County of Broward Florida Water & Sewer Utility, Refunding RB, Series A, 5.25%, 10/01/18 (c)

      750       787,815  

County of Collier Florida Health Facilities Authority, Refunding RB, Series A, 5.00%, 5/01/45

      960       1,067,981  
Municipal Bonds    Par
(000)		     Value  
Florida (continued)  

County of Miami-Dade Florida Aviation, Refunding ARB, Miami International Airport, Series A-1, 5.38%, 10/01/41

    $ 2,620     $ 2,890,567  

Mid-Bay Florida Bridge Authority, RB, Springing Lien, Series A, 7.25%, 10/01/21 (c)

      2,095       2,599,874  

Village Community Development District No.10, Special Assessment Bonds, 5.13%, 5/01/43

      1,445       1,561,308  
    

 

 

  
        11,515,794  
Georgia — 1.5%  

County of Gainesville Georgia & Hall Hospital Authority, Refunding RB, Northeast Georgia Health System, Inc. Project, Series A, 5.50%, 8/15/54

      370       436,345  

DeKalb Georgia Private Hospital Authority, Refunding RB, Children’s Healthcare, 5.25%, 11/15/39

      585       634,854  

Metropolitan Atlanta Rapid Transit Authority, RB, Sales Tax, 3rd Indenture, Series A, 5.00%, 7/01/39

      2,410       2,576,820  
    

 

 

  
        3,648,019  
Hawaii — 0.4%  

State of Hawaii Harbor System, RB, Series A, 5.25%, 7/01/30

      945       1,032,847  
Idaho — 0.3%  

Idaho Health Facilities Authority, RB, Trinity Health Credit Group, Series A, 5.00%, 12/01/46

      540       617,506  
Illinois — 15.6%  

City of Chicago Illinois, GO, Project, 5.00%, 1/01/34

      1,265       1,268,428  

City of Chicago Illinois, GO, Refunding, Project, Series A:

     

5.25%, 1/01/32

      2,195       2,244,036  

5.00%, 1/01/35

      2,000       2,005,360  

City of Chicago Illinois, Special Assessment Bonds, Lake Shore East, 6.75%, 12/01/32

      885       885,142  

City of Chicago Illinois O’Hare International Airport, ARB, 3rd Lien, Series A:

     

5.75%, 1/01/21 (c)

      1,680       1,940,014  

5.75%, 1/01/39

      320       362,950  
 

 

     
                
2    BLACKROCK MUNIHOLDINGS FUND, INC.    JULY 31, 2017   

Schedule of Investments (continued)

   

BlackRock MuniHoldings Fund, Inc. (MHD)

 

Municipal Bonds    Par
(000)		     Value  
Illinois (continued)  

City of Chicago Illinois O’Hare International Airport, GARB, 3rd Lien, Series C, 6.50%, 1/01/21 (c)

    $ 4,055     $ 4,784,251  

City of Chicago Illinois Transit Authority, RB, Sales Tax Receipts, 5.25%, 12/01/40

      730       786,392  

City of Chicago Illinois Waterworks, Refunding RB, 2nd Lien Project, 5.00%, 11/01/42

      1,000       1,057,060  

County of Cook Illinois Community College District No. 508, GO, City College of Chicago, 5.50%, 12/01/38

      560       600,723  

Illinois Finance Authority, Refunding RB:

     

Central Dupage Health, Series B, 5.50%, 11/01/39

      1,115       1,218,227  

Presence Health Network, Series C, 4.00%, 2/15/41

      1,035       963,171  

Illinois State Toll Highway Authority, RB, Senior:

     

Series A, 5.00%, 1/01/38

      415       464,788  

Series C, 5.00%, 1/01/36

      1,870       2,116,990  

Series C, 5.00%, 1/01/37

      2,000       2,264,160  

Metropolitan Pier & Exposition Authority, Refunding RB, McCormick Place Expansion Project:

     

CAB, Series B (AGM), 0.00%, 6/15/47 (b)

      13,220       3,478,314  

Series B (AGM), 5.00%, 6/15/50

      3,070       3,164,986  

Series B-2, 5.00%, 6/15/50

      1,740       1,745,899  

Railsplitter Tobacco Settlement Authority, RB:

     

5.50%, 6/01/23

      315       358,930  

6.00%, 6/01/28

      800       911,480  

State of Illinois, GO:

     

5.00%, 2/01/39

      1,100       1,126,961  

Series A, 5.00%, 4/01/38

      2,625       2,684,587  

State of Illinois, RB, Build Illinois, Series B, 5.25%, 6/15/19 (c)

      440       474,712  

University of Illinois, RB, Auxiliary Facilities System, Series A, 5.00%, 4/01/44

      705       767,801  
    

 

 

  
        37,675,362  
Indiana — 4.3%  

City of Valparaiso Indiana, RB, Exempt Facilities, Pratt Paper LLC Project, AMT:

     

6.75%, 1/01/34

      560       665,717  

7.00%, 1/01/44

      1,355       1,625,824  
Municipal Bonds    Par
(000)		     Value  
Indiana (continued)  

Indiana Finance Authority, RB, Series A:

     

CWA Authority Project, 1st Lien, 5.25%, 10/01/38

    $ 2,275     $ 2,595,775  

Private Activity Bond, Ohio River Bridges East End Crossing Project, AMT, 5.00%, 7/01/44

      310       331,653  

Private Activity Bond, Ohio River Bridges East End Crossing Project, AMT, 5.00%, 7/01/48

      1,030       1,105,633  

Private Activity Bond, Ohio River Bridges East End Crossing Project, AMT, 5.25%, 1/01/51

      290       314,000  

Sisters of St. Francis Health Services, 5.25%, 11/01/39

      585       629,963  

Indiana Finance Authority, Refunding RB, Parkview Health System, Series A, 5.75%, 5/01/31

      1,300       1,392,469  

Indiana Municipal Power Agency, RB, Series B, 6.00%, 1/01/19 (c)

      775       829,940  

Indianapolis Local Public Improvement Bond Bank, RB, Series A, 5.00%, 1/15/40

      880       995,852  
    

 

 

  
        10,486,826  
Iowa — 1.8%  

Iowa Finance Authority, Refunding RB, Midwestern Disaster Area, Iowa Fertilizer Co. Project:

     

5.00%, 12/01/19

      330       337,036  

5.50%, 12/01/22

      1,630       1,665,729  

5.25%, 12/01/25

      320       341,338  

5.88%, 12/01/26 (a)

      285       297,477  

Iowa Student Loan Liquidity Corp., Refunding RB, Student Loan, Senior Series A-1, AMT, 5.15%, 12/01/22

      655       694,254  

Iowa Tobacco Settlement Authority, Refunding RB, Asset-Backed, Series C, 5.63%, 6/01/46

      980       963,311  
    

 

 

  
        4,299,145  
Kansas — 0.7%  

Kansas Development Finance Authority, Refunding RB, Adventist Health, Series C, 5.75%, 11/15/38

      1,520       1,660,813  
 

 

     
                
   BLACKROCK MUNIHOLDINGS FUND, INC.    JULY 31, 2017    3

Schedule of Investments (continued)

   

BlackRock MuniHoldings Fund, Inc. (MHD)

 

Municipal Bonds    Par
(000)		     Value  
Kentucky — 0.6%  

Kentucky Economic Development Finance Authority, RB, Catholic Health Initiatives, Series A, 5.25%, 1/01/45

    $ 705     $ 757,452  

Kentucky Public Transportation Infrastructure Authority, RB, Downtown Crossing Project, Convertible CAB, 1st Tier, Series C, 0.00%, 7/01/43 (d)

      865       747,715  
    

 

 

  
        1,505,167  
Louisiana — 3.3%  

East Baton Rouge Sewerage Commission, RB, Series A, 5.25%, 2/01/19 (c)

      570       606,993  

Louisiana Local Government Environmental Facilities & Community Development Authority, RB, Westlake Chemical Corp. Project, 6.75%, 11/01/32

      3,500       3,539,305  

New Orleans Aviation Board, RB, Passenger Facility Charge, Series A, 5.25%, 1/01/41

      430       458,182  

Tobacco Settlement Financing Corp., Refunding RB, Asset-Backed, Series A:

     

5.50%, 5/15/30

      700       738,759  

5.25%, 5/15/31

      600       636,966  

5.25%, 5/15/32

      765       822,016  

5.25%, 5/15/33

      830       888,042  

5.25%, 5/15/35

      350       377,034  
    

 

 

  
        8,067,297  
Maine — 0.1%  

Maine Health & Higher Educational Facilities Authority, RB, Series A, 5.00%, 7/01/39

      210       223,096  
Maryland — 1.2%  

Maryland EDC, RB, Transportation Facilities Project, Series A, 5.75%, 6/01/35

      300       321,939  

Maryland EDC, Refunding RB, CNX Marine Terminals, Inc., 5.75%, 9/01/25

      530       535,909  

Maryland Health & Higher Educational Facilities Authority, RB, Trinity Health Credit Group, Series 2017, 5.00%, 12/01/46

      305       351,546  
Municipal Bonds    Par
(000)		     Value  
Maryland (continued)  

Maryland Health & Higher Educational Facilities Authority, Refunding RB, Charlestown Community Project, 6.25%, 1/01/21 (c)

    $ 1,520     $ 1,776,181  
    

 

 

  
        2,985,575  
Massachusetts — 2.1%  

Commonwealth of Massachusetts, GO, Series E, 3.00%, 4/01/44

      2,035       1,851,545  

Massachusetts Development Finance Agency, Refunding RB:

     

Boston University, Series P, 5.45%, 5/15/59

      1,165       1,411,025  

Covanta Energy Project, Series C, AMT, 5.25%, 11/01/42 (a)

      1,575       1,578,402  

Massachusetts Health & Educational Facilities Authority, Refunding RB, Partners Healthcare System, Series J1, 5.00%, 7/01/39

      255       270,376  
    

 

 

  
        5,111,348  
Michigan — 3.5%  

City of Detroit Michigan Sewage Disposal System, Refunding RB, Senior Lien, Series A, 5.25%, 7/01/39

      3,085       3,428,360  

Kalamazoo Hospital Finance Authority, Refunding RB, Bronson Methodist Hospital:

     

5.50%, 5/15/20 (c)

      530       593,324  

5.50%, 5/15/36

      425       464,899  

Michigan Finance Authority, Refunding RB:

     

Detroit Water & Sewage Department Project, Senior Lien, Series C-1, 5.00%, 7/01/44

      630       684,779  

Henry Ford Health System, 4.00%, 11/15/46

      1,040       1,050,421  

Michigan State Hospital Finance Authority, Refunding RB, Henry Ford Health System, 5.75%, 11/15/19 (c)

      2,105       2,328,762  
    

 

 

  
        8,550,545  
Minnesota — 0.9%  

City of Minneapolis Minnesota, Refunding RB, Fairview Health Services, Series A, 6.75%, 11/15/18 (c)

      2,135       2,292,926  
 

 

     
                
4    BLACKROCK MUNIHOLDINGS FUND, INC.    JULY 31, 2017   

Schedule of Investments (continued)

   

BlackRock MuniHoldings Fund, Inc. (MHD)

 

Municipal Bonds    Par
(000)		     Value  
Mississippi — 0.3%  

University of Southern Mississippi, RB, Campus Facilities Improvements Project, 5.38%, 9/01/19 (c)

    $ 675     $ 735,338  
Missouri — 0.2%  

Bi-State Development Agency of the Missouri-Illinois Metropolitan District, Refunding RB, Combined Lien, Series A, 5.00%, 10/01/44

      175       198,390  

State of Missouri Health & Educational Facilities Authority, Refunding RB, St. Louis College of Pharmacy Project, 5.50%, 5/01/43

      175       191,930  
    

 

 

  
        390,320  
Nebraska — 1.0%  

Central Plains Energy Project Nebraska, RB, Gas Project No. 3, 5.25%, 9/01/37

      575       632,431  

County of Sarpy Nebraska Hospital Authority No. 1, Refunding RB, Nebraska Medicine, 4.00%, 5/15/51

      1,755       1,796,752  
    

 

 

  
        2,429,183  
New Hampshire — 1.4%  

New Hampshire Health & Education Facilities Authority, Refunding RB, Dartmouth-Hitchcock, 6.00%, 8/01/38

      3,035       3,322,688  
New Jersey — 6.6%  

Casino Reinvestment Development Authority, Refunding RB:

     

5.25%, 11/01/39

      735       754,544  

5.25%, 11/01/44

      1,095       1,116,725  

County of Essex New Jersey Improvement Authority, RB, AMT, 5.25%, 7/01/45 (a)

      775       779,534  

New Jersey EDA, RB, Continental Airlines, Inc. Project, AMT:

     

5.13%, 9/15/23

      1,410       1,525,028  

5.25%, 9/15/29

      1,365       1,485,720  

New Jersey EDA, Refunding, Special Assessment Bonds, Kapkowski Road Landfill Project, 5.75%, 4/01/31

      1,550       1,737,472  

New Jersey State Turnpike Authority, RB:

     

Series A, 5.00%, 1/01/43

      1,925       2,161,505  

Series E, 5.00%, 1/01/45

      1,875       2,127,994  
Municipal Bonds    Par
(000)		     Value  
New Jersey (continued)  

New Jersey Transportation Trust Fund Authority, RB:

     

Transportation Program, Series AA, 5.00%, 6/15/44

    $ 315     $ 326,655  

Transportation Program, Series AA, 5.00%, 6/15/44

      580       599,018  

Transportation System, Series A, 5.50%, 6/15/41

      1,575       1,634,850  

Transportation System, Series B, 5.25%, 6/15/36

      1,705       1,770,745  
    

 

 

  
        16,019,790  
New York — 7.6%  

City of New York New York Transitional Finance Authority Future Tax Secured, RB, Fiscal 2012, Sub-Series E-1, 5.00%, 2/01/42

      310       348,127  

Counties of New York Tobacco Trust IV, Refunding RB, Settlement Pass-Through Turbo, Series A, 6.25%, 6/01/41 (a)

      1,300       1,336,894  

County of Dutchess New York Industrial Development Agency, Refunding RB, Bard College Civic Facility, Series A-1, 5.00%, 8/01/46

      1,800       1,521,522  

County of Westchester New York Healthcare Corp., RB, Senior Lien, Series A, 5.00%, 11/01/44

      237       254,500  

Erie Tobacco Asset Securitization Corp., Refunding RB, Asset-Backed, Series A, 5.00%, 6/01/45

      1,405       1,375,748  

Hudson Yards Infrastructure Corp., Refunding RB, 2nd Indenture, Series A, 5.00%, 2/15/39

      680       797,627  

Long Island Power Authority, Refunding RB, Electric System, Series A, 5.75%, 4/01/39

      1,450       1,547,179  

Metropolitan Transportation Authority, RB, Series B, 5.25%, 11/15/38

      1,715       2,015,931  

Metropolitan Transportation Authority, Refunding RB, Dedicated Tax Fund, Series B,
5.00%, 11/15/19 (c)

      1,740       1,900,306  

Metropolitan Transportation Authority Hudson Rail Yards Trust Obligations, Refunding RB, Series A, 5.00%, 11/15/56

      765       865,513  
 

 

     
                
   BLACKROCK MUNIHOLDINGS FUND, INC.    JULY 31, 2017    5

Schedule of Investments (continued)

   

BlackRock MuniHoldings Fund, Inc. (MHD)

 

Municipal Bonds    Par
(000)		     Value  
New York (continued)  

New York Liberty Development Corp., Refunding RB:

     

2nd Priority, Bank of America Tower at One Bryant Park Project, Class 3, 6.38%, 7/15/49

    $ 850     $ 921,086  

3 World Trade Center Project, Class 1, 5.00%, 11/15/44 (a)

      2,275       2,463,825  

3 World Trade Center Project, Class 2, 5.15%, 11/15/34 (a)

      245       269,142  

3 World Trade Center Project, Class 2, 5.38%, 11/15/40 (a)

      605       671,229  

Port Authority of New York & New Jersey, ARB, Special Project, JFK International Air Terminal LLC Project, Series 8:

     

6.00%, 12/01/36

      900       1,011,258  

6.00%, 12/01/42

      875       980,971  
    

 

 

  
        18,280,858  
North Carolina — 0.6%  

North Carolina Medical Care Commission, RB, Health Care Facilities, Duke University Health System, Series A, 5.00%, 6/01/19 (c)

      970       1,041,315  

North Carolina Medical Care Commission, Refunding RB, 1st Mortgage, Retirement Facilities Whitestone Project, Series A, 7.75%, 3/01/41

      415       457,064  
    

 

 

  
        1,498,379  
Ohio — 0.6%  

County of Franklin Ohio, RB:

     

Health Care Facilities Improvement, OPRS Communities Obligation Group, Series A, 6.13%, 7/01/40

      470       521,235  

Trinity Health Credit Group, Series 2017, 5.00%, 12/01/46

      290       328,236  
Municipal Bonds    Par
(000)		     Value  
Ohio (continued)  

State of Ohio, RB, Portsmouth Bypass Project, AMT, 5.00%, 6/30/53

    $ 580     $ 630,025  
    

 

 

  
        1,479,496  
Pennsylvania — 3.1%  

City of Philadelphia Pennsylvania Hospitals & Higher Education Facilities Authority, RB, Temple University Health System, Series A, 5.63%, 7/01/42

      460       494,449  

Pennsylvania Economic Development Financing Authority, RB:

     

American Water Co. Project, 6.20%, 4/01/39

      2,520       2,714,393  

Pennsylvania Bridge Finco LP, AMT, 5.00%, 6/30/42

      2,015       2,238,222  

Pennsylvania Economic Development Financing Authority, Refunding RB, National Gypsum Co., AMT, 5.50%, 11/01/44

      1,105       1,185,698  

Pennsylvania Turnpike Commission, RB, Series A, 5.00%, 12/01/44

      795       890,050  
    

 

 

  
        7,522,812  
Puerto Rico — 1.1%  

Children’s Trust Fund, Refunding RB, Tobacco Settlement Asset-Backed Bonds:

     

5.50%, 5/15/39

      1,345       1,333,971  

5.63%, 5/15/43

      1,280       1,255,974  
    

 

 

  
        2,589,945  
Rhode Island — 2.2%  

Tobacco Settlement Financing Corp., Refunding RB:

     

Series A, 5.00%, 6/01/35

      580       632,078  

Series B, 4.50%, 6/01/45

      1,900       1,912,369  

Series B, 5.00%, 6/01/50

      2,605       2,674,450  
    

 

 

  
        5,218,897  
South Carolina — 3.6%  

State of South Carolina Ports Authority, RB:

     

5.25%, 7/01/40

      2,285       2,492,661  

AMT, 5.25%, 7/01/55

      925       1,039,866  

State of South Carolina Public Service Authority, RB, Santee Cooper, Series A, 5.50%, 12/01/54

      2,385       2,698,437  
 

 

     
                
6    BLACKROCK MUNIHOLDINGS FUND, INC.    JULY 31, 2017   

Schedule of Investments (continued)

   

BlackRock MuniHoldings Fund, Inc. (MHD)

 

Municipal Bonds    Par
(000)		     Value  
South Carolina (continued)  

State of South Carolina Public Service Authority, Refunding RB, Series E, 5.25%, 12/01/55

    $ 2,260     $ 2,527,245  
    

 

 

  
        8,758,209  
Tennessee — 0.9%  

City of Chattanooga Health Educational & Housing Facility Board, RB, Catholic Health Initiatives, Series A, 5.25%, 1/01/45

      980       1,035,674  

County of Hardeman Tennessee Correctional Facilities Corp., RB, 7.75%, 8/01/17

      525       525,000  

Metropolitan Government of Nashville & Davidson County Health & Educational Facilities Board, RB, Vanderbilt University Medical Center, Series A, 5.00%, 7/01/40

      495       559,533  
    

 

 

  
        2,120,207  
Texas — 5.6%  

Central Texas Regional Mobility Authority, Refunding RB:

     

Senior Lien, 6.25%, 1/01/21 (c)

      1,480       1,730,534  

Sub-Lien, 5.00%, 1/01/33

      250       272,340  

City of Austin Texas Airport System, ARB, Revenue, AMT, 5.00%, 11/15/39

      440       493,231  

City of Austin Texas Electric Utility Revenue, Refunding RB, Series A, 5.00%, 11/15/37

      1,500       1,671,270  

City of Dallas Texas Waterworks & Sewer System Revenue, Refunding RB, 5.00%, 10/01/20 (c)

      485       543,782  

City of Houston Texas Airport System, Refunding ARB, Senior Lien, Series A, 5.50%, 7/01/39

      1,070       1,112,458  

County of Harris Texas Cultural Education Facilities Finance Corp., RB, 1st Mortgage, Brazos Presbyterian Homes, Inc. Project, Series B, 7.00%, 1/01/23 (c)

      325       419,026  

County of Harris Texas Health Facilities Development Corp., Refunding RB, Memorial Hermann Healthcare System, Series B, 7.25%, 12/01/18 (c)

      1,910       2,069,943  
Municipal Bonds    Par
(000)		     Value  
Texas (continued)  

La Vernia Higher Education Finance Corp., RB, Kipp, Inc., Series A, 6.38%, 8/15/19 (c)

    $ 450     $ 497,804  

North Texas Tollway Authority, RB, CAB, Special Project System, Series B, 0.00%, 9/01/37 (b)

      1,400       555,982  

Texas Private Activity Bond Surface Transportation Corp., RB, Senior Lien:

     

LBJ Infrastructure Group LLC, 7.00%, 6/30/40

      2,000       2,274,040  

NTE Mobility Partners LLC, North Tarrant Express Managed Lanes Project, 6.88%, 12/31/39

      1,700       1,902,283  
    

 

 

  
        13,542,693  
Utah — 0.3%  

Salt Lake City Corp. Airport Revenue, ARB, Series A, AMT, 5.00%, 7/01/47

      665       761,146  
Virginia — 1.8%  

County of Hanover Virginia EDA, Refunding RB, Covenant Woods, Series A:

     

5.00%, 7/01/42

      625       634,219  

Residential Care Facility, 5.00%, 7/01/47

      970       982,183  

Virginia Small Business Financing Authority, RB, Senior Lien, Elizabeth River Crossings OpCo LLC Project, AMT:

     

5.25%, 1/01/32

      550       609,614  

6.00%, 1/01/37

      1,830       2,073,811  
    

 

 

  
        4,299,827  
Washington — 3.7%  

Central Puget Sound Regional Transit Authority, RB, Series A (AGM), 5.00%, 11/01/17 (c)

      1,340       1,354,003  

Grant County Public Utility District No. 2, Refunding RB, Series A, 5.00%, 1/01/43

      1,555       1,769,901  

Port of Seattle Washington, RB, Series C, AMT:

     

5.00%, 4/01/40

      540       603,250  

5.00%, 5/01/42 (e)

      1,085       1,244,636  

State of Washington, GO, Series D, 5.00%, 2/01/42

      1,890       2,219,238  
 

 

     
                
   BLACKROCK MUNIHOLDINGS FUND, INC.    JULY 31, 2017    7

Schedule of Investments (continued)

   

BlackRock MuniHoldings Fund, Inc. (MHD)

 

Municipal Bonds    Par
(000)		     Value  
Washington (continued)  

Washington Health Care Facilities Authority, RB, Catholic Health Initiatives, Series A, 5.75%, 1/01/45

    $ 1,625     $ 1,788,768  
    

 

 

  
        8,979,796  
Wisconsin — 3.6%  

State of Wisconsin, Refunding RB, Series A, 6.00%, 5/01/19 (c)

      4,980       5,415,650  

State of Wisconsin Health & Educational Facilities Authority, RB, Ascension Health Senior Credit Group, Series E, 5.00%, 11/15/33

      1,710       1,844,577  

Wisconsin Health & Educational Facilities Authority, Refunding RB, Medical College of Wisconsin, Inc., 4.00%, 12/01/46

      1,305       1,345,703  
    

 

 

  
        8,605,930  
Wyoming — 0.1%  

Wyoming Municipal Power Agency, Inc., RB, Series A, 5.00%, 1/01/19 (c)

      210       222,031  
Total Municipal Bonds — 111.6%       270,071,066  
    
                  
Municipal Bonds Transferred to
Tender Option Bond Trusts (f)		               
Alabama — 0.5%  

Auburn University, Refunding RB, Series A, 4.00%, 6/01/41

      1,220       1,287,808  
California — 8.8%  

Bay Area Toll Authority, Refunding RB, San Francisco Bay Area, Series F-1, 5.63%, 4/01/19 (c)

      2,270       2,447,690  

California Educational Facilities Authority, RB, University of Southern California, Series B, 5.25%, 10/01/18 (c)(g)

      1,845       1,939,021  

City & County of San Francisco California Public Utilities Commission, RB, Water Revenue, Series B, 5.00%, 11/01/19 (c)

      6,600       7,196,640  

City of Los Angeles California Department of Airports, Refunding ARB, Los Angeles International Airport, Senior Series A, 5.00%, 5/15/40

      4,121       4,533,580  
Municipal Bonds Transferred to
Tender Option Bond Trusts (f)		    Par
(000)		     Value  
California (continued)  

Los Angeles Community College District California, GO, Election of 2001, Series A (AGM), 5.00%, 8/01/17 (c)

    $ 1,620     $ 1,620,000  

Sacramento Area Flood Control Agency, Refunding, Consolidated Capital Assessment District No.2, Series A, 5.00%, 10/01/47

      2,250       2,619,252  

San Diego Community College District California, GO, Election of 2002, 5.25%, 8/01/19 (c)

      748       811,913  
    

 

 

  
        21,168,096  
Colorado — 3.6%  

Colorado Health Facilities Authority, RB, Catholic Health (AGM) (c):

     

Series C-3, 5.10%, 4/29/18

      2,580       2,660,986  

Series C-7, 5.00%, 5/01/18

      1,650       1,700,935  

Colorado Health Facilities Authority, Refunding RB, Catholic Health Initiatives, Series A,
5.50%, 7/01/34 (g)

      1,490       1,547,924  

County of Adams Colorado, COP, Refunding, 4.00%, 12/01/45

      2,700       2,804,679  
    

 

 

  
        8,714,524  
Florida — 1.8%  

County of Miami-Dade Florida, RB, Water & Sewer System, 5.00%, 10/01/34

      3,939       4,363,838  
Georgia — 1.0%  

Private Colleges & Universities Authority, Refunding RB, Emory University, Series C, 5.00%, 9/01/18 (c)

      2,259       2,359,667  
Massachusetts — 2.1%  

Massachusetts School Building Authority, RB, Senior, Series B, 5.00%, 10/15/41

      4,502       5,095,821  
New Hampshire — 0.6%  

New Hampshire Health & Education Facilities Authority, RB, Dartmouth College, 5.25%, 6/01/19 (c)(g)

      1,410       1,519,667  
 

 

     
                
8    BLACKROCK MUNIHOLDINGS FUND, INC.    JULY 31, 2017   

Schedule of Investments (continued)

   

BlackRock MuniHoldings Fund, Inc. (MHD)

 

Municipal Bonds Transferred to
Tender Option Bond Trusts (f)		    Par
(000)		     Value  
New York — 9.1%  

City of New York New York Municipal Water Finance Authority, Refunding RB, Water & Sewer System, 2nd General Resolution, Series FF-2, 5.50%, 6/15/40

    $ 1,110     $ 1,197,579  

Hudson Yards Infrastructure Corp., RB, Fiscal 2012, Series A, 5.75%, 2/15/47 (g)

      1,110       1,282,813  

Metropolitan Transportation Authority, Refunding RB, Series C-1, 5.25%, 11/15/56

      3,240       3,772,098  

New York Liberty Development Corp., RB, 1 World Trade Center Port Authority Consolidated Bonds, 5.25%, 12/15/43

      7,440       8,433,726  

New York Liberty Development Corp., Refunding RB, 4 World Trade Center Project, 5.75%, 11/15/51 (g)

      4,460       5,148,220  

Port Authority of New York & New Jersey, Refunding ARB, 194th Series, 5.25%, 10/15/55

      1,860       2,163,626  
    

 

 

  
        21,998,062  
North Carolina — 1.3%  

North Carolina Capital Facilities Finance Agency, Refunding RB:

     

Duke University Project, Series B, 5.00%, 10/01/55

      1,830       2,091,855  

Wake Forest University, 5.00%, 1/01/19 (c)

      1,080       1,141,549  
    

 

 

  
        3,233,404  
Ohio — 4.2%  

State of Ohio, Refunding RB, Cleveland Clinic Health System Obligated Group, Series A, 5.50%, 1/01/39

      9,644       10,210,062  
Pennsylvania — 0.8%  

Pennsylvania Turnpike Commission, RB, Sub-Series A, 5.50%, 12/01/42

      1,695       2,008,829  
Texas — 6.1%  

City of San Antonio Texas Public Service Board, RB, Electric & Gas Systems, Junior Lien, 5.00%, 2/01/43

      1,720       1,953,885  

County of Harris Texas, RB, Toll Road, Senior Lien, Series A:

     

5.00%, 8/15/19 (c)(g)

      2,620       2,809,999  

5.00%, 8/15/38

      2,004       2,149,406  
Municipal Bonds Transferred to
Tender Option Bond Trusts (f)		    Par
(000)		     Value  
Texas (continued)  

County of Harris Texas Metropolitan Transit Authority, Refunding RB, Series A, 5.00%, 11/01/41

    $ 2,350     $ 2,642,434  

University of Texas, Refunding RB, Financing System, Series B, 5.00%, 8/15/43

      2,041       2,314,971  

University of Texas, Permanent University Fund, Refunding RB, Series B, 4.00%, 7/01/41

      2,720       2,929,168  
    

 

 

  
        14,799,863  
Utah — 1.1%  

City of Riverton Utah, RB, IHC Health Services, Inc., 5.00%, 8/15/41

      2,519       2,677,884  
Virginia — 2.6%  

University of Virginia, Refunding RB, GO, 5.00%, 6/01/18 (c)

      3,749       3,877,817  

Virginia Small Business Financing Authority, Refunding RB, Sentara Healthcare, 5.00%, 11/01/40

      2,095       2,262,992  
    

 

 

  
        6,140,809  
Wisconsin — 1.8%  

Wisconsin Health & Educational Facilities Authority, Refunding RB, Froedtert & Community Health, Inc., Obligated Group, Series C, 5.25%, 4/01/19 (c)(g)

      3,959       4,238,142  
Total Municipal Bonds Transferred to Tender Option
Bond Trusts — 45.4%		       109,816,476  
Total Long-Term Investments
(Cost — $349,611,564) — 157.0%		       379,887,542  
    
                  
Short-Term Securities    Shares         

BlackRock Liquidity Funds, MuniCash, Institutional Class, 0.64% (h)(i)

      7,153,275       7,156,136  
Total Short-Term Securities
(Cost — $7,155,528) — 2.9%		       7,156,136  
 

 

     
                
   BLACKROCK MUNIHOLDINGS FUND, INC.    JULY 31, 2017    9

Schedule of Investments (continued)

   

BlackRock MuniHoldings Fund, Inc. (MHD)

 

             Value  

Total Investments (Cost — $356,767,092*) — 159.9%

      $ 387,043,678  

Other Assets Less Liabilities — 0.5%

        1,053,612  

Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (25.8)%

        (62,342,854 ) 

VMTP Shares at Liquidation Value — (34.6)%

        (83,700,000 ) 
    

 

 

  

Net Assets Applicable to Common Shares — 100.0%

      $ 242,054,436  
    

 

 

  
  *   As of July 31, 2017, gross unrealized appreciation and depreciation based on cost for U.S. federal income tax purposes were as follows:

 

Tax cost

   $ 294,867,480  
 

 

 

  

Gross unrealized appreciation

   $ 31,226,834  

Gross unrealized depreciation

     (1,283,934 ) 
 

 

 

  

Net unrealized appreciation

   $ 29,942,900  
 

 

 

  
 
Notes to Schedule of Investments

 

(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)   Zero-coupon bond.

 

(c)   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.

 

(d)   Step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Rate as of period end.

 

(e)   When-issued security.

 

(f)   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.

 

(g)   All or a portion of security is subject to a recourse agreement. The aggregate maximum potential amount the Fund could ultimately be required to pay under the agreements, which expires between May 7, 2018 to February 15, 2031, is $11,675,108.

 

(h)   During the period ended July 31, 2017, investments in issuers considered to be an affiliate 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
April 30,
2017		     Net
Activity		     Shares Held
at July 31,
2017		     Value at
July 31,
2017		     Income     Net Realized
Gain		     Change in
Unrealized
Appreciation
(Depreciation)		  

BlackRock Liquidity Funds, MuniCash, Institutional Class

     575,572       6,577,703       7,153,275     $ 7,156,136     $ 4,364     $ 387     $ 551  

 

(i)   Current yield as of period end.

 

Derivative Financial Instruments Outstanding as of Period End

 

Futures Contracts  
Description   Number of
Contracts		        Expiration
Date		      Notional
Amount
(000)		            Unrealized
Appreciation
(Depreciation)		  

Short Contracts

 

5-Year U.S. Treasury Note

     (19 )       September 2017      $ 2,245       $ (202 ) 

10-Year U.S. Treasury Note

     (38 )       September 2017      $ 4,784         995  

Long U.S. Treasury Bond

     (37 )       September 2017      $ 5,660         (15,083 ) 

Ultra U.S. Treasury Bond

     (16 )       September 2017      $ 2,632         (21,732 ) 
               

 

 

  

Total

 

     $ (36,022 ) 
               

 

 

  

 

     
                
10    BLACKROCK MUNIHOLDINGS FUND, INC.    JULY 31, 2017   

Schedule of Investments (continued)

   

BlackRock MuniHoldings Fund, Inc. (MHD)

 

 

Portfolio Abbreviations

 

AGC    Assured Guarantee Corp.
AGM    Assured Guaranty Municipal Corp.
AMT    Alternative Minimum Tax (subject to)
ARB    Airport Revenue Bonds
CAB    Capital Appreciation Bonds
COP    Certificates of Participation
EDA    Economic Development Authority
EDC    Economic Development Corp.
GARB    General Airport Revenue Bonds
GO    General Obligation Bonds
IDA    Industrial Development Authority
LRB    Lease Revenue Bonds
NPFGC    National Public Finance Guarantee Corp.
RB    Revenue Bonds
S/F    Single-Family

 

     
                
   BLACKROCK MUNIHOLDINGS FUND, INC.    JULY 31, 2017    11

Schedule of Investments (continued)

   

BlackRock MuniHoldings Fund, Inc. (MHD)

 

 

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 Fund’s own 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 BlackRock Global Valuation Methodologies Committee (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. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Global Valuation Committee in the absence of market information.

Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. In accordance with the Fund’s policy, transfers between different levels of the fair value hierarchy are deemed to have occurred as of the beginning of the reporting period. 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 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 Investments1

     —        $ 379,887,542          —     $ 379,887,542  

Short-Term Securities

  $ 7,156,136          —          —       7,156,136  
 

 

 

  

Total

   $ 7,156,136        $ 379,887,542          —     $ 387,043,678  
 

 

 

  
             
Derivative Financial Instruments2  

Assets:

 

Interest rate contracts

  $ 995          —          —     $ 995  

Liabilities:

 

Interest rate contracts

    (37,017 )         —          —       (37,017 ) 
 

 

 

  

Total

   $ (36,022 )         —          —     $ (36,022 ) 
 

 

 

  

1    See above Schedule of Investments for values in each state or political subdivision.

     

2    Derivative financial instruments are futures contracts which are valued at the unrealized appreciation (depreciation) on the instrument.

     

 

     
                
12    BLACKROCK MUNIHOLDINGS FUND, INC.    JULY 31, 2017   

Schedule of Investments (concluded)

   

BlackRock MuniHoldings Fund, Inc. (MHD)

 

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 disclosure hierarchy as follows:

 

     Level 1        Level 2        Level 3     Total  

Liabilities:

             

TOB Trust Certificates

    —        $ (62,233,298 )         —     $ (62,233,298 ) 

VMTP Shares at Liquidation Value

    —          (83,700,000 )         —       (83,700,000 ) 
 

 

 

  

Total

    —        $ (145,933,298 )         —     $ (145,933,298 ) 
 

 

 

  

During the period ended July 31, 2017, there were no transfers between levels.

 

     
                
   BLACKROCK MUNIHOLDINGS FUND, INC.    JULY 31, 2017    13

Item 2 – Controls and Procedures

 

2(a) – The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) under the Securities Exchange Act of 1934, as amended.

 

2(b) – There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 3 – Exhibits

Certifications – Attached hereto

  Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
  BlackRock MuniHoldings Fund, Inc.
  By:    /s/ John M. Perlowski                      
     John M. Perlowski
    

Chief Executive Officer (principal executive officer) of

BlackRock MuniHoldings Fund, Inc.

  Date:    September 25, 2017
  Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
  By:    /s/ John M. Perlowski                      
     John M. Perlowski
    

Chief Executive Officer (principal executive officer) of

BlackRock MuniHoldings Fund, Inc.

  Date:    September 25, 2017
  By:    /s/ Neal J. Andrews                          
     Neal J. Andrews
    

Chief Financial Officer (principal financial officer) of

BlackRock MuniHoldings Fund, Inc.

  Date:    September 25, 2017