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: 04/30/2014

Date of reporting period: 01/31/2014

Item 1 – Schedule of Investments

Schedule of Investments January 31, 2014 (Unaudited)

   

BlackRock MuniHoldings Fund, Inc. (MHD)

(Percentages shown are based on Net Assets)

 

 

Municipal Bonds   

Par  

(000)

     Value  

Alabama — 4.0%

     

County of Jefferson Alabama Sewer, Refunding RB:

   

Convertible CAB, Senior Lien, Series C (AGM), 0.00%, 10/01/38 (a)

    $ 420      $ 236,258   

Convertible CAB, Senior Lien, Series C (AGM), 0.00%, 10/01/42 (a)

      365        202,666   

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

      570        555,135   

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

      1,090        1,072,811   

Series D, 7.00%, 10/01/51

      1,545        1,618,341   

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

      1,000        986,430   

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

      4,550        4,453,085   
    

 

 

  
               9,124,726   

Alaska — 0.5%

     

Northern Tobacco Securitization Corp., Refunding RB, Tobacco Settlement, Asset-Backed, Series A, 5.00%, 6/01/46

      1,660        1,144,321   

Arizona — 3.7%

     

City of Phoenix Arizona IDA, Refunding RB, America West Airlines, Inc. Project, AMT, 6.30%, 4/01/23

      2,215        2,215,310   

City of Show Low Arizona, Special Assessment Bonds, Improvement District No. 5, 6.38%, 1/01/15

      40        40,586   

County of Maricopa Arizona IDA, RB, Arizona Charter Schools Project, Series A, 6.75%, 7/01/29

      1,800        1,612,746   

Salt Verde Financial Corp., RB, Senior:

   

5.00%, 12/01/32

      2,000        2,049,100   

5.00%, 12/01/37

      2,360        2,382,845   
    

 

 

  
        8,300,587   

California — 13.5%

     

California Health Facilities Financing Authority, RB:

   

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

      1,530        1,714,518   

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

      2,200        2,528,768   
Municipal Bonds   

Par  

(000)

     Value  

California (continued)

     

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

    $ 875      $ 920,605   

California Pollution Control Financing Authority, RB:

   

County of San Diego California Water Authority Desalination Project Pipeline, 5.00%, 11/21/45

      865        805,194   

Poseidon Resources (Channel Side) LP Desalination Project, AMT, 5.00%, 7/01/37 (b)

      710        644,453   

Poseidon Resources (Channel Side) LP Desalination Project, AMT, 5.00%, 11/21/45 (b)

      1,790        1,571,316   

California State Public Works Board, LRB Various Capital Projects:

   

Series I, 5.00%, 11/01/38

      550        571,472   

Sub-Series I-1, 6.38%, 11/01/34

      820        949,470   

California Statewide Communities Development Authority, RB, John Muir Health, Series A, 5.13%, 7/01/39

      1,510        1,551,208   

California Statewide Communities Development Authority, Refunding RB, Episcopal Communities & Services:

   

5.00%, 5/15/42

      130        122,493   

5.00%, 5/15/47

      250        233,747   

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

      555        598,123   

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

      255        275,925   

Montebello Unified School District, GO, CAB (NPFGC) (c):

   

0.00%, 8/01/22

      2,405        1,752,283   

0.00%, 8/01/23

      2,455        1,666,233   

San Diego Community College District California, GO, Election of 2006, 5.00%, 8/01/43

      750        797,812   

 

                
   BLACKROCK MUNIHOLDINGS FUND, INC.    JANUARY 31, 2014    1

Schedule of Investments (continued)

   

BlackRock MuniHoldings Fund, Inc. (MHD)

(Percentages shown are based on Net Assets)

 

 

Municipal Bonds   

Par  

(000)

     Value  

California (concluded)

     

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

    $ 3,475      $ 1,763,111   

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

      8,370        10,045,841   

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

      2,245        2,146,355   
    

 

 

  
               30,658,927   

Colorado — 3.1%

     

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

      1,455        1,419,309   

Colorado Health Facilities Authority, Refunding RB, Evangelical Lutheran Good Samaritan Society Project, 5.00%, 12/01/42

      1,230        1,175,696   

Colorado State Board of Governors, Refunding RB, State University System Enterprise, Series A, 5.00%, 3/01/43

      820        904,558   

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

      710        762,668   

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

      1,425        1,485,206   

University of Colorado, RB, Series A, 5.38%, 6/01/38

      1,250        1,393,200   
    

 

 

  
               7,140,637   

Connecticut — 1.6%

     

Connecticut State Health & Educational Facility Authority, RB, Ascension Health Senior Credit, Series A, 5.00%, 11/15/40

      955        994,833   

Connecticut State Health & Educational Facility Authority, Refunding RB, Wesleyan University, Series G, 5.00%, 7/01/35

      2,515        2,688,309   
    

 

 

  
               3,683,142   
Municipal Bonds   

Par  

(000)

     Value  

Delaware — 1.4%

     

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

    $ 790      $ 828,931   

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

      2,430        2,384,486   
    

 

 

  
               3,213,417   

District of Columbia — 3.3%

     

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

      1,520        1,547,315   

Metropolitan Washington Airports Authority, Refunding RB:

   

1st Senior Lien, Series A, 5.00%, 10/01/39

      505        517,731   

1st Senior Lien, Series A, 5.25%, 10/01/44

      1,470        1,509,719   

CAB, 2nd Senior Lien, Series B (AGC), 0.00%, 10/01/35 (c)

      13,485        3,890,692   
    

 

 

  
               7,465,457   

Florida — 8.4%

     

City of Clearwater Florida Water & Sewer Revenue, RB, Series A, 5.25%, 12/01/39

      2,375        2,517,832   

County of Broward Florida Water & Sewer Utility, Refunding RB, Series A, 5.25%, 10/01/34

      750        825,090   

County of Hillsborough Florida IDA, RB, National Gypsum Co., Series B, AMT, 7.13%, 4/01/30

      1,900        1,900,285   

County of Miami-Dade Florida, RB, CAB, Series A (NPFGC), 0.00%, 10/01/37 (c)

      2,340        621,644   

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

      2,620        2,735,280   

County of Tampa-Hillsborough Florida Expressway Authority, Refunding RB:

   

Series A, 5.00%, 7/01/37

      1,410        1,467,909   

Series B, 5.00%, 7/01/42

      880        904,306   

Mid-Bay Bridge Authority, RB, Springing Lien, Series A, 7.25%, 10/01/40

      2,095        2,320,233   

Midtown Miami Community Development District, Special Assessment Bonds, Series B, 6.50%, 5/01/37

      2,300        2,304,531   

 

                
2    BLACKROCK MUNIHOLDINGS FUND, INC.    JANUARY 31, 2014   

Schedule of Investments (continued)

   

BlackRock MuniHoldings Fund, Inc. (MHD)

(Percentages shown are based on Net Assets)

 

 

Municipal Bonds   

Par  

(000)

     Value  

Florida (concluded)

     

Palm Coast Park Community Development District, Special Assessment Bonds, 5.70%, 5/01/37

    $ 640      $ 406,381   

Preserve at Wilderness Lake Community Development District, Special Assessment Bonds, Series A, 5.90%, 5/01/14 (d)

      1,390        1,422,999   

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

      1,740        1,628,710   
    

 

 

  
               19,055,200   

Georgia — 1.4%

     

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

      585        607,101   

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

      2,410        2,523,849   
    

 

 

  
               3,130,950   

Hawaii — 0.5%

     

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

      945        1,027,952   

Illinois — 12.3%

     

City of Chicago Illinois, GARB, O’Hare International Airport 3rd Lien:

     

Series A, 5.75%, 1/01/39

      2,000        2,117,860   

Series C, 6.50%, 1/01/41

      4,055        4,620,064   

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

      3,160        3,159,874   

City of Chicago Illinois, Refunding RB, Sales Tax, Series A, 5.25%, 1/01/38

      570        591,267   

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

      900        912,294   

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

      730        751,666   

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

      1,000        1,005,560   

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

      560        601,306   
Municipal Bonds   

Par  

(000)

     Value  

Illinois (concluded)

     

Illinois Finance Authority, Refunding RB:

     

Ascension Health, Series A, 5.00%, 11/15/42

    $ 1,230      $ 1,252,952   

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

      1,115        1,200,219   

Illinois State Toll Highway Authority, RB, Series A, 5.00%, 1/01/38

      1,610        1,656,609   

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

     

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

      13,220        1,911,215   

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

      2,190        2,190,416   

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

      1,740        1,705,600   

Railsplitter Tobacco Settlement Authority, RB:

     

5.50%, 6/01/23

      315        352,526   

6.00%, 6/01/28

      800        887,360   

State of Illinois, GO, Series A, 5.00%, 4/01/38

      2,625        2,636,314   

State of Illinois, RB, Build Illinois, Series B, 5.25%, 6/15/34

      440        459,840   
    

 

 

  
               28,012,942   

Indiana — 4.9%

     

Carmel Redevelopment Authority, Refunding RB, Multipurpose, Series A:

     

4.00%, 8/01/35

      260        252,327   

4.00%, 2/01/38

      1,265        1,195,842   

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

     

6.75%, 1/01/34

      560        581,263   

7.00%, 1/01/44

      1,355        1,415,934   

Indiana Finance Authority, RB, Series A:

     

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

      2,275        2,423,922   

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

      310        292,005   

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

      1,030        959,775   

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

      585        605,171   

 

                
   BLACKROCK MUNIHOLDINGS FUND, INC.    JANUARY 31, 2014    3

Schedule of Investments (continued)

   

BlackRock MuniHoldings Fund, Inc. (MHD)

(Percentages shown are based on Net Assets)

 

 

Municipal Bonds   

Par  

(000)

     Value  

Indiana (concluded)

     

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

    $ 1,300      $ 1,388,907   

Indiana Municipal Power Agency, RB, Series B, 6.00%, 1/01/39

      775        853,701   

Indianapolis Local Public Improvement Bond Bank, RB, Series A:

   

5.00%, 1/15/36

      275        292,119   

5.00%, 1/15/40

      880        925,373   
    

 

 

  
               11,186,339   

Iowa — 1.6%

     

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

   

5.00%, 12/01/19

      665        657,020   

5.50%, 12/01/22

      1,630        1,571,353   

5.25%, 12/01/25

      320        297,027   

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

      1,085        1,140,563   
    

 

 

  
               3,665,963   

Kansas — 0.7%

     

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

      1,520        1,662,713   

Kentucky — 0.5%

     

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

      705        720,580   

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

      865        486,805   
    

 

 

  
               1,207,385   

Louisiana — 3.5%

     

East Baton Rouge Sewerage Commission, RB, Series A, 5.25%, 2/01/39

      570        610,533   
Municipal Bonds   

Par  

(000)

     Value  

Louisiana (concluded)

     

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

    $ 3,500      $ 3,733,835   

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

      430        441,627   

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

   

5.50%, 5/15/30

      700        715,414   

5.25%, 5/15/31

      600        602,292   

5.25%, 5/15/32

      765        766,209   

5.25%, 5/15/33

      830        829,435   

5.25%, 5/15/35

      350        348,418   
    

 

 

  
               8,047,763   

Maine — 0.1%

     

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

      210        216,722   

Maryland — 1.2%

     

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

      300        306,237   

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

      820        859,721   

Maryland Health & Higher Educational Facilities Authority, Refunding RB, Charlestown Community Project, 6.25%, 1/01/41

      1,520        1,614,361   
    

 

 

  
               2,780,319   

Massachusetts — 4.8%

     

Massachusetts Development Finance Agency, Refunding RB, Boston University, Series P, 5.45%, 5/15/59

      1,165        1,227,013   

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

      255        262,790   

Massachusetts HFA, RB, M/F Housing, Series A, AMT, 5.25%, 12/01/48

      2,900        2,902,755   

 

                
4    BLACKROCK MUNIHOLDINGS FUND, INC.    JANUARY 31, 2014   

Schedule of Investments (continued)

   

BlackRock MuniHoldings Fund, Inc. (MHD)

(Percentages shown are based on Net Assets)

 

 

Municipal Bonds   

Par  

(000)

     Value  

Massachusetts (concluded)

     

Massachusetts School Building Authority, RB:

   

Dedicated Sales Tax, Senior Series A, 5.00%, 5/15/43

    $ 980      $ 1,047,502   

Series A (AGM), 5.00%, 8/15/15 (d)

      645        692,104   

Series A (AGM), 5.00%, 8/15/15 (d)

      4,125        4,426,249   

Series A (AGM), 5.00%, 8/15/30

      230        243,099   
    

 

 

  
               10,801,512   

Michigan — 3.4%

     

City of Detroit Michigan Sewage Disposal System, Refunding RB, Senior Lien:

   

Series A, 5.00%, 7/01/32

      1,090        995,508   

Series A, 5.25%, 7/01/39

      3,085        2,846,869   

Series B (AGM), 7.50%, 7/01/33

      635        676,789   

Kalamazoo Hospital Finance Authority, Refunding RB, Bronson Methodist Hospital, 5.50%, 5/15/36

      955        988,224   

State of Michigan Hospital Finance Authority, Refunding RB, Henry Ford Health, 5.75%, 11/15/39

      2,105        2,168,403   
    

 

 

  
               7,675,793   

Minnesota — 1.1%

     

City of Minneapolis Minnesota, Refunding RB, Fairview Health Services, Series A, 6.75%, 11/15/32

      2,135        2,475,725   

Mississippi — 0.3%

     

University of Southern Mississippi, RB, Campus Facilities Improvements Project, 5.38%, 9/01/36

      675        719,617   

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        183,904   

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

      175        180,357   
    

 

 

  
               364,261   
Municipal Bonds   

Par  

(000)

     Value  

Nebraska — 0.3%

     

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

    $ 575      $ 588,127   

New Hampshire — 1.5%

     

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

      3,035        3,302,353   

New Jersey — 5.1%

     

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

   

5.13%, 9/15/23

      1,410        1,370,816   

5.25%, 9/15/29

      1,365        1,313,813   

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

      1,550        1,604,792   

New Jersey State Turnpike Authority, RB, Series A, 5.00%, 1/01/43

      1,925        1,998,573   

New Jersey Transportation Trust Fund Authority, RB, Transportation System:

   

Series A, 5.50%, 6/15/41

      1,575        1,674,823   

Series B, 5.25%, 6/15/36

      1,705        1,812,961   

Rutgers — The State University of New Jersey, Refunding RB, Series L:

   

5.00%, 5/01/38

      350        378,224   

5.00%, 5/01/43

      365        390,054   

Tobacco Settlement Financing Corp. New Jersey, Refunding RB, Series 1A, 4.50%, 6/01/23

      1,215        1,139,816   
    

 

 

  
               11,683,872   

New York — 7.3%

     

City of New York New York IDA, RB, British Airways PLC Project, AMT, 7.63%, 12/01/32

      1,500        1,507,245   

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

      1,560        1,642,976   

County of Dutchess New York IDA, Refunding RB, St. Francis Hospital, Series A, 7.50%, 3/01/29

      790        621,872   

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

      1,450        1,605,454   

 

                
   BLACKROCK MUNIHOLDINGS FUND, INC.    JANUARY 31, 2014    5

Schedule of Investments (continued)

   

BlackRock MuniHoldings Fund, Inc. (MHD)

(Percentages shown are based on Net Assets)

 

 

Municipal Bonds   

Par  

(000)

     Value  

New York (concluded)

     

Metropolitan Transportation Authority, Refunding RB, Dedicated Tax Fund, Series B, 5.00%, 11/15/34

    $ 1,740      $ 1,833,612   

New York Liberty Development Corp., Refunding RB, Liberty, 2nd Priority, Bank of America Tower at One Bryant Park Project, Class 3, 6.38%, 7/15/49

      850        909,084   

New York State Dormitory Authority, Refunding RB, General Purpose, Series A, 5.00%, 6/15/31

      1,235        1,355,437   

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

     

6.00%, 12/01/36

      900        975,843   

6.00%, 12/01/42

      875        947,135   

Sales Tax Asset Receivable Corp., Refunding RB, Series A (AMBAC), 5.25%, 10/15/27

      4,240        4,376,189   

Utility Debt Securitization Authority, Refunding RB, Restructuring, Series E, 5.00%, 12/15/41

      765        824,265   
    

 

 

  
        16,599,112   

North Carolina — 0.7%

     

North Carolina Medical Care Commission, RB, Health Care Facilities, Duke University Health System, Series A, 5.00%, 6/01/42

      970        1,032,633   

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

      415        440,182   
    

 

 

  
        1,472,815   

Ohio — 0.2%

     

County of Franklin Ohio, RB, Health Care Facilities Improvement, OPRS Communities, Series A, 6.13%, 7/01/40

      470        473,732   

Oklahoma — 0.4%

     

Oklahoma County Finance Authority, Refunding RB, Epworth Villa Project, Series A, 5.13%, 4/01/42

      975        913,078   
Municipal Bonds   

Par  

(000)

     Value  

Pennsylvania — 3.6%

     

City of Philadelphia Pennsylvania IDA, RB:

     

Arbor House, Inc. Project, Series E, 6.10%, 7/01/33

    $ 1,095      $ 1,098,307   

Commercial Development, AMT, 7.75%, 12/01/17

      725        726,805   

Saligman House Project, Section 8 Retirement Facilities, Series C (HUD), 6.10%, 7/01/33

      1,230        1,233,715   

Pennsylvania Economic Development Financing Authority, RB:

     

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

      2,520        2,760,786   

National Gypsum Co., Series B, AMT, 6.13%, 11/01/27

      2,500        2,457,375   
    

 

 

  
        8,276,988   

South Carolina — 1.1%

     

South Carolina State Ports Authority, RB, 5.25%, 7/01/40

      2,285        2,396,371   

Tennessee — 1.3%

     

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

      980        1,001,658   

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

      1,940        1,912,180   
    

 

 

  
        2,913,838   

Texas — 10.0%

     

Central Texas Regional Mobility Authority, Refunding RB:

     

Senior Lien, 6.25%, 1/01/46

      1,480        1,548,687   

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

      250        234,510   

Sub-Lien, 5.00%, 1/01/42

      220        197,470   

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

      1,500        1,579,455   

City of Dallas Texas Waterworks & Sewer System, Refunding RB, 5.00%, 10/01/35

      1,050        1,140,436   

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

      1,070        1,180,563   

County of Harris Texas Cultural Education Facilities Finance Corp., RB, 1st Mortgage, Brazos Presbyterian Home, Inc., Project, Series B, 7.00%, 1/01/48

      325        328,403   

 

                
6    BLACKROCK MUNIHOLDINGS FUND, INC.    JANUARY 31, 2014   

Schedule of Investments (continued)

   

BlackRock MuniHoldings Fund, Inc. (MHD)

(Percentages shown are based on Net Assets)

 

 

Municipal Bonds   

Par  

(000)

     Value  

Texas (concluded)

     

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

    $ 1,910      $ 2,459,793   

County of Matagorda Texas Navigation District No. 1, Refunding RB, AEP Texas Central Co. Project, Series 1, 4.00%, 6/01/30

      750        681,772   

Dallas-Fort Worth International Airport, Refunding ARB, Joint Improvement, Series E, AMT, 5.00%, 11/01/35

      1,255        1,264,199   

Fort Bend County Industrial Development Corp., RB, NRG Energy Project, Series B, 4.75%, 11/01/42

      295        262,037   

La Vernia Higher Education Finance Corp., RB, Kipp, Inc., Series A, 6.38%, 8/15/44

      450        482,972   

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

      1,400        361,144   

North Texas Tollway Authority, Refunding RB, 2nd Tier System, Series F, 6.13%, 1/01/31

      4,190        4,456,191   

San Antonio Energy Acquisition Public Facility Corp., RB, Gas Supply:

   

5.50%, 8/01/24

      1,100        1,232,319   

5.50%, 8/01/25

      1,120        1,248,475   

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

     

LBJ Infrastructure Group LLC, LBJ Freeway Managed Lanes Project, 7.00%, 6/30/40

      2,000        2,209,640   

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

      1,700        1,855,533   
    

 

 

  
        22,723,599   

Vermont — 0.2%

     

Vermont Educational & Health Buildings Financing Agency, RB, Developmental & Mental Health, Series A, 6.00%, 6/15/17

      460        467,595   
Municipal Bonds   

Par  

(000)

     Value  

Virginia — 2.7%

     

County of Fairfax Virginia EDA, Refunding RB, Goodwin House, Inc., 5.13%, 10/01/42

    $ 1,000      $ 1,006,730   

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

   

5.00%, 7/01/42

      625        520,275   

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

      970        794,546   

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

   

5.25%, 1/01/32

      550        549,973   

6.00%, 1/01/37

      3,180        3,322,814   
    

 

 

  
        6,194,338   

Washington — 0.8%

     

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

      1,625        1,730,982   

Wisconsin — 3.3%

     

State of Wisconsin, Refunding RB, Series A, 6.00%, 5/01/36

      4,980        5,599,263   

Wisconsin State Health & Educational Facilities Authority, RB, Ascension Health Senior Care Group, 5.00%, 11/15/33

      1,710        1,801,998   
    

 

 

  
        7,401,261   

Wyoming — 0.1%

     

Wyoming Municipal Power Agency, Inc., RB, Series A, 5.00%, 1/01/42

      210        212,913   
Total Municipal Bonds — 114.6%              260,113,344   
    
                  

Municipal Bonds Transferred to

Tender Option Bond (TOB) Trusts (e)

  

California — 9.8%

     

Bay Area Toll Authority, Refunding RB, San Francisco Bay Area, Series F-1, 5.63%, 4/01/44

      2,270        2,457,429   

California Educational Facilities Authority, RB, University of Southern California, Series B, 5.25%, 10/01/39 (f)

      1,845        2,018,559   

City & County of San Francisco California Public Utilities Commission, RB, Water, Series B, 5.00%, 11/01/39

      6,600        7,026,558   

 

                
   BLACKROCK MUNIHOLDINGS FUND, INC.    JANUARY 31, 2014    7

Schedule of Investments (continued)

   

BlackRock MuniHoldings Fund, Inc. (MHD)

(Percentages shown are based on Net Assets)

 

 

Municipal Bonds Transferred to

Tender Option Bond (TOB) Trusts (e)

   

Par  

(000)

     Value  

California (concluded)

     

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

    $ 4,122      $ 4,323,531   

Los Angeles Community College District California, GO, Election of 2001, Series A (AGM), 5.00%, 8/01/32

      1,620        1,735,765   

San Diego Community College District California, GO, Election of 2002, 5.25%, 8/01/33

      748        839,461   

Sequoia Union High School District California, GO, Refunding, Election of 2004, Series B (AGM), 5.50%, 7/01/35

      3,494        3,752,303   
    

 

 

  
               22,153,606   

Colorado — 2.6%

     

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

   

Series C-3, 5.10%, 10/01/41

      2,580        2,621,099   

Series C-7, 5.00%, 9/01/36

      1,650        1,677,011   

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

      1,490        1,652,521   
    

 

 

  
               5,950,631   

Connecticut — 3.0%

     

Connecticut State Health & Educational Facility Authority, RB, Yale University:

   

Series T-1, 4.70%, 7/01/29

      3,179        3,411,211   

Series X-3, 4.85%, 7/01/37

      3,262        3,483,145   
    

 

 

  
               6,894,356   

Florida — 1.8%

     

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

      3,939        4,160,684   

Georgia — 1.1%

     

Private Colleges & Universities Authority, Refunding RB, Emory University, Series C, 5.00%, 9/01/38

      2,259        2,394,867   

Massachusetts — 2.1%

     

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

      4,502        4,781,856   

Municipal Bonds Transferred to

Tender Option Bond (TOB) Trusts (e)

   

Par  

(000)

     Value  

New Hampshire — 0.7%

     

New Hampshire Health & Education Facilities Authority, RB, Dartmouth College, 5.25%, 6/01/39 (f)

    $ 1,409      $ 1,565,100   

New York — 6.7%

     

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        1,195,107   

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

      1,110        1,199,357   

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

      7,440        7,912,514   

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

      4,460        4,810,378   
    

 

 

  
               15,117,356   

North Carolina — 0.5%

     

North Carolina Capital Facilities Finance Agency, Refunding RB, Wake Forest University, 5.00%, 1/01/38

      1,080        1,141,560   

Ohio — 4.7%

     

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

      9,644        10,644,891   

Tennessee — 1.0%

     

County of Shelby Tennessee Health Educational & Housing Facilities Board, Refunding RB, St. Jude’s Children’s Research Hospital, 5.00%, 7/01/31

      2,250        2,381,085   

Texas — .1%

     

County of Harris Texas, RB, Senior Lien, Toll Road, Series A, 5.00%, 8/15/38 (f)

      4,624        5,052,163   

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

      2,350        2,492,269   

 

                
8    BLACKROCK MUNIHOLDINGS FUND, INC.    JANUARY 31, 2014   

Schedule of Investments (continued)

   

BlackRock MuniHoldings Fund, Inc. (MHD)

(Percentages shown are based on Net Assets)

 

 

Municipal Bonds Transferred to

Tender Option Bond (TOB) Trusts (e)

   

Par  

(000)

     Value  

Texas (concluded)

     

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

    $ 1,720      $ 1,803,833   

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

      2,040        2,185,224   
    

 

 

  
               11,533,488   

Utah — 1.1%

     

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

      2,518        2,599,436   

Virginia — 2.8%

     

University of Virginia, Refunding RB, General, 5.00%, 6/01/40

      3,749        4,085,292   

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

      2,095        2,165,929   
    

 

 

  
               6,251,221   

Washington — 0.9%

     

Central Puget Sound Regional Transit Authority, RB, Series A (AGM), 5.00%, 11/01/32

      1,860        1,988,672   

Wisconsin — 1.8%

     

Wisconsin Health & Educational Facilities Authority, Refunding RB, Froedtert & Community Health, Inc., Obligated Group,
Series C, 5.25%, 4/01/39 (f)

      3,959        4,103,225   
             Value  
Total Municipal Bonds Transferred to Tender Option Bond (TOB) Trusts — 45.6%            $ 103,662,034   

Total Long-Term Investments

(Cost — $347,597,950) — 160.2%

              363,775,378   
    
                  
Short-Term Securities    Shares         

FFI Institutional Tax-Exempt Fund, 0.03% (g)(h)

      6,410,454        6,410,454   

Total Short-Term Securities

(Cost — $6,410,454) — 2.8%

              6,410,454   

Total Investments

(Cost — $354,008,404*) — 163.0%

        370,185,832   

Other Assets Less Liabilities — 0.4%

        810,139   

Liability for TOB Trust Certificates, Including
Interest Expense and Fees Payable — (26.5%)

        (60,247,927 ) 

VMTP Shares, at Liquidation Value — (36.9%)

        (83,700,000 ) 
    

 

 

  

Net Assets Applicable to Common Shares — 100.0%

      $ 227,048,044   

 

  
*   As of January 31, 2014, gross unrealized appreciation and depreciation based on cost for federal income tax purposes were as follows:

 

Tax cost

   $ 294,176,485   
 

 

 

  

Gross unrealized appreciation

   $ 19,930,777   

Gross unrealized depreciation

     (4,159,503 ) 
 

 

 

  

Net unrealized appreciation

   $ 15,771,274   
 

 

 

  

 

Notes to Schedule of Investments

 

(a)   Represents a step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Rate shown is as of report date.

 

(b)   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.
(c)   Zero-coupon bond.

 

(d)   US 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.

 

(e)   Represent bonds transferred to a TOB. In exchange in which the Fund acquired residual interest certificates. These bonds serve as collateral in a financing transaction.

 

(f)   All or a portion of security is subject to a recourse agreement, which may require the Fund to pay the liquidity provider in the event there is a shortfall between the TOB trust certificates and proceeds received from the sale of the security contributed to the TOB trust. In the case of a shortfall, the aggregate maximum potential amount the Fund could ultimately be required to pay under the agreements, which expire from October 1, 2016 to February 15, 2031 is $11,666,423.

 

(g)   Investments in issuers considered to be an affiliate of the Fund during the period ended January 31, 2014, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

                
   BLACKROCK MUNIHOLDINGS FUND, INC.    JANUARY 31, 2014    9

Schedule of Investments (continued)

    BlackRock MuniHoldings Fund, Inc. (MHD)

 

 

Affiliate      Shares Held
at April 30,
2013		        Net
Activity		        Shares Held
at January 31,
2014		        Income  

FFI Institutional Tax-Exempt Fund

        1,244,129           5,166,325           6,410,454         $ 880   

 

(h)   Represents the current yield as of report date.

 

Portfolio Abbreviations

 

To simplify the listings of portfolio holdings in the Schedule of Investments, the names and descriptions of many of the securities have been abbreviated according to the following list:      AGC    Assured Guarantee Corp.
     AGM    Assured Guaranty Municipal Corp.
     AMBAC    American Municipal Bond Assurance 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
     HFA    Housing Finance Agency
     HUD    Department of Housing and Urban Development
     IDA    Industrial Development Authority
     LRB    Lease Revenue Bonds
     M/F    Multi-Family
     NPFGC    National Public Finance Guarantee Corp.
     RB    Revenue Bonds

 

Ÿ  

Financial futures contracts outstanding as of January 31, 2014 were as follows:

 

Contracts
Sold		     Issue   Exchange   Expiration   Notional
Value		     Unrealized
Depreciation		  
  (210 )    10-Year US Treasury Note   Chicago Board of Trade   March 2014   $ 26,407,500      $ (277,900 ) 

 

 

                
10    BLACKROCK MUNIHOLDINGS FUND, INC.    JANUARY 31, 2014   

Schedule of Investments (continued)

    BlackRock MuniHoldings Fund, Inc. (MHD)

 

 

Ÿ  

Fair Value Measurements — Various inputs are used in determining the fair value of investments and derivative financial instruments. These inputs to valuation techniques are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes as follows:

 

  Ÿ  

Level 1 — unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the Fund has the ability to access

 

  Ÿ  

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)

 

  Ÿ  

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.

Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the Fund’s policy, transfers between different levels of the fair value disclosure 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 investment and derivative financial instrument 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, please refer to the Fund’s most recent financial statements as contained in its semi-annual report.

The following tables summarize the Fund’s investments and derivative financial instruments categorized in the disclosure hierarchy as of January 31, 2014:

 

     Level 1        Level 2        Level 3        Total  

Assets:

                 
Investments:                 

Long-Term Investments 1

     —         $ 363,775,378           —         $ 363,775,378   

Short-Term Securities

   $ 6,410,454           —           —           6,410,454   
 

 

 

       

 

 

       

 

 

       

 

 

  

Total

   $ 6,410,454         $ 363,775,378           —         $ 370,185,832   
 

 

 

       

 

 

       

 

 

       

 

 

  

 

  1   

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

 

     Level 1        Level 2      Level 3        Total  
Derivative Financial Instruments 2                 

Liabilities:

                 

Interest rate contracts

   $ (277,900 )       —        —         $ (277,900 ) 

 

  2   

Derivative financial instruments are financial futures contracts, which are valued at the unrealized appreciation/depreciation on the instrument.

 

                
   BLACKROCK MUNIHOLDINGS FUND, INC.    JANUARY 31, 2014    11

Schedule of Investments (concluded)

    BlackRock MuniHoldings Fund, Inc. (MHD)

 

The carrying amount for certain of the Fund’s assets and/or liabilities approximates fair value for financial reporting purposes. As of January 31, 2014, such assets and/or liabilities are categorized within the disclosure hierarchy as follows:

 

     Level 1        Level 2        Level 3        Total  

Assets:

                 

Cash pledged for financial futures contracts

   $ 351,000           —           —         $ 351,000   

Liabilities:

                 

TOB Trust certificates

     —           (60,238,073 )              (60,238,073 ) 

VMTP Shares

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

 

 

       

 

 

       

 

 

       

 

 

  

Total

   $ 351,000         $ (143,938,073 )         —         $ (143,587,073 ) 
 

 

 

       

 

 

       

 

 

       

 

 

  

There were no transfers between levels during the period ended January 31, 2014.

 

                
12    BLACKROCK MUNIHOLDINGS FUND, INC.    JANUARY 31, 2014   

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: March 25, 2014   

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: March 25, 2014   
By:   

/s/ NEAL J. ANDREWS

   
   Neal J. Andrews   
   Chief Financial Officer (principal financial officer) of
   BlackRock MuniHoldings Fund, Inc.   
Date: March 25, 2014