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 811-8081
Name of Fund: MuniHoldings Fund, Inc.
Fund Address: P.O. Box 9011
Princeton, NJ 08543-9011
Name and address of agent for service: Robert C. Doll, Jr., Chief Executive
Officer, MuniHoldings Fund, Inc., 800 Scudders Mill Road, Plainsboro,
NJ, 08536. Mailing address: P.O. Box 9011, Princeton, NJ, 08543-9011
Registrant's telephone number, including area code: (609) 282-2800
Date of fiscal year end: 04/30/06
Date of reporting period: 05/01/05 - 07/31/05
Item 1 - Schedule of Investments
MuniHoldings Fund, Inc.
Schedule of Investments as of July 31, 2005 (in Thousands)
Face
State Amount Municipal Bonds Value
Alabama - 3.0% $ 1,750 Camden, Alabama, IDB, Exempt Facilities Revenue Bonds (Weyerhaeuser Company),
Series A, 6.125% due 12/01/2024 $ 1,945
4,550 Jefferson County, Alabama, Limited Obligation School Warrants, Series A,
5% due 1/01/2024 4,753
Arizona - 2.7% Maricopa County, Arizona, IDA, Education Revenue Bonds (Arizona Charter
Schools Project 1), Series A:
935 6.50% due 7/01/2012 941
2,300 6.75% due 7/01/2029 2,262
3,000 Phoenix, Arizona, IDA, Airport Facility, Revenue Refunding Bonds (America West
Airlines Inc. Project), AMT, 6.30% due 4/01/2023 2,266
675 Show Low, Arizona, Improvement District No. 5, Special Assessment Bonds, 6.375%
due 1/01/2015 704
Arkansas - 1.0% 2,000 University of Arkansas, University Construction Revenue Bonds (UAMS Campus),
Series B, 5% due 11/01/2023 (h) 2,134
California - 26.3% 875 Agua Caliente Band of Cahuilla Indians, California, Casino Revenue Bonds,
5.60% due 7/01/2013 890
2,965 California Infrastructure and Economic Development Bank, Insured Revenue Bonds
(Rand Corporation), Series A, 5.50% due 4/01/2032 (a) 3,258
3,405 California Pollution Control Financing Authority, PCR, Refunding, DRIVERS, AMT,
Series 878Z, 7.778% due 12/01/2009 (g)(h) 3,979
7,000 California State Department of Water Resources, Power Supply Revenue Bonds,
Series A, 5.25% due 5/01/2020 7,519
3,000 California State, GO, Refunding, 5.375% due 10/01/2027 3,228
6,800 California State Public Works Board, Lease Revenue Bonds (Department of
Corrections), Series C, 5.25% due 6/01/2028 7,219
2,500 California State, Various Purpose, GO, 5.50% due 4/01/2028 2,755
3,870 California Statewide Communities Development Authority, Health Facility Revenue
Bonds (Memorial Health Services), Series A, 6% due 10/01/2023 4,301
Portfolio Abbreviations
To simplify the listings of MuniHoldings Fund, Inc.'s portfolio holdings in
the Schedule of Investments, we have abbreviated the names of many of the
securities according to the list below.
AMT Alternative Minimum Tax (subject to)
DRIVERS Derivative Inverse Tax-Exempt Receipts
EDA Economic Development Authority
GO General Obligation Bonds
HDA Housing Development Authority
IDA Industrial Development Authority
IDB Industrial Development Board
IDR Industrial Development Revenue Bonds
PCR Pollution Control Revenue Bonds
VRDN Variable Rate Demand Notes
MuniHoldings Fund, Inc.
Schedule of Investments as of July 31, 2005 (concluded) (in Thousands)
Face
State Amount Municipal Bonds Value
California $ 2,000 East Side Union High School District, California, Santa Clara County, GO
Shares
Held Short-Term Securities
9 Merrill Lynch Institutional Tax-Exempt Fund (j) 9
Total Short-Term Securities (Cost - $9) - 0.0% 9
Total Investments (Cost - $319,042**) - 149.1% 338,316
Liabilities in Excess of Other Assets - (0.6%) (1,339)
Preferred Stock, at Redemption Value - (48.5%) (110,023)
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Net Assets Applicable to Common Stock - 100.0% $ 226,954
============
* Represents a zero coupon bond; the interest rate shown reflects the effective yield at
the time of purchase by the Fund.
** The cost and unrealized appreciation (depreciation) of investments as of July 31, 2005,
as computed for federal income tax purposes, were as follows:
(in Thousands)
Aggregate cost $ 319,042
==============
Gross unrealized appreciation $ 20,381
Gross unrealized depreciation (1,107)
--------------
Net unrealized appreciation $ 19,274
==============
(a) AMBAC Insured.
(b) FGIC Insured.
(c) Radian Insured.
(d) FNMA/GNMA Collateralized.
(e) XL Capital Insured.
(f) FSA Insured.
(g) The rate disclosed is that currently in effect. This rate changes periodically
and inversely based upon prevailing market rates.
(h) MBIA Insured.
(i) Prerefunded.
(j) Investments in companies considered to be an affiliate of the Fund, for purposes of
Section 2(a)(3) of the Investment Company Act of 1940, were as follows:
(in Thousands)
Net Dividend
Affiliate Activity Income
Merrill Lynch Institutional
Tax-Exempt Fund - -*
* Amount is less than $1,000.
(k) Security may have a maturity of more than one year at time of issuance, but has
variable rate and demand features that qualify it as a short-term security.
The rate disclosed is that currently in effect. This rate changes periodically
based upon prevailing market rates.
(l) ACA Insured.
Item 2 - Controls and Procedures
2(a) - The registrant's certifying officers have reasonably designed such
disclosure controls and procedures to ensure material information
relating to the registrant is made known to us by others particularly
during the period in which this report is being prepared. The
registrant's certifying officers have determined that the registrant's
disclosure controls and procedures are effective based on our
evaluation of these controls and procedures as of a date within 90
days prior to the filing date of this report.
2(b) - There were no changes in the registrant's internal control over
financial reporting (as defined in Rule 30a-3(d) under the Act
(17 CFR 270.30a-3(d)) that occurred during the last fiscal quarter
of the period covered by this report that has materially affected, or
is 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.
MuniHoldings Fund, Inc.
By: /s/ Robert C. Doll, Jr.
-----------------------
Robert C. Doll, Jr.,
Chief Executive Officer
MuniHoldings Fund, Inc.
Date: September 23, 2005
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/ Robert C. Doll, Jr.
-----------------------
Robert C. Doll, Jr.,
Chief Executive Officer
MuniHoldings Fund, Inc.
Date: September 23, 2005
By: /s/ Donald C. Burke
-----------------------
Donald C. Burke,
Chief Financial Officer
MuniHoldings Fund, Inc.
Date: September 23, 2005