N-Q 1 d24214dnq.htm BLACKROCK MUNIHOLDINGS FUND, INC. 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: 04/30/2016

Date of reporting period: 07/31/2015

Item 1 – Schedule of Investments

Schedule of Investments July 31, 2015 (Unaudited)

   

BlackRock MuniHoldings Fund, Inc. (MHD)

(Percentages shown are based on Net Assets)

 

Municipal Bonds    Par  
(000)		     Value  

Alabama — 3.8%

     

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

    $ 4,550      $ 4,584,125   

County of Jefferson Alabama Sewer, Refunding RB:

     

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

      570        611,781   

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

      1,090        1,189,452   

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

      1,000        1,117,070   

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

      1,545        1,855,359   
    

 

 

  
        9,357,787   

Alaska — 0.5%

  

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

      1,660        1,265,999   

Arizona — 2.2%

     

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

      715        682,732   

Salt Verde Financial Corp., RB, Senior:

     

5.00%, 12/01/32

      2,000        2,205,920   

5.00%, 12/01/37

      2,360        2,588,330   
    

 

 

  
        5,476,982   

California — 12.3%

  

California Health Facilities Financing Authority, RB:

     

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

      1,530        1,748,805   

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

      2,200        2,608,188   

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

      875        981,759   

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

     

5.25%, 8/15/39

      105        114,207   

5.25%, 8/15/49

      265        286,730   
Municipal Bonds    Par  
(000)		     Value  

California (concluded)

     

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

    $ 1,025      $ 1,072,488   

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

      1,510        1,655,806   

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

      555        624,036   

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

      255        306,028   

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

      2,405        1,979,531   

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

      3,475        2,091,985   

Sequoia Union High School District, GO, Refunding, Election of 2004, Series B (AGM), 5.50%, 7/01/16 (c)

      3,490        3,656,648   

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

      8,370        9,929,917   

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

     

Series I, 5.00%, 11/01/38

      550        619,559   

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

      820        986,657   

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

      1,520        1,509,649   
    

 

 

  
        30,171,993   

Colorado — 2.3%

  

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

      1,455        1,544,148   

 

                
   BLACKROCK MUNIHOLDINGS FUND, INC.    JULY 31, 2015    1

Schedule of Investments (continued)

   

BlackRock MuniHoldings Fund, Inc. (MHD)

(Percentages shown are based on Net Assets)

 

Municipal Bonds    Par  
(000)		     Value  

Colorado (concluded)

     

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

    $ 115      $ 120,758   

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

      710        809,918   

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

      1,425        1,610,321   

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

      1,250        1,445,513   
    

 

 

  
        5,530,658   

Connecticut — 1.2%

     

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

      2,515        2,848,338   

Delaware — 1.4%

     

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

      790        899,344   

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

      2,430        2,628,361   
    

 

 

  
        3,527,705   

District of Columbia — 3.8%

     

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

      1,520        1,605,667   

Metropolitan Washington Airports Authority, Refunding RB, Dulles Toll Road:

     

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

      505        551,364   

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

      1,470        1,639,138   

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

      13,485        5,476,124   
    

 

 

  
                9,272,293   

Florida — 5.2%

     

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

      2,375        2,671,281   
Municipal Bonds    Par  
(000)		     Value  

Florida (concluded)

     

City of Miami Beach Florida Stormwater Revenue, RB, 4.00%, 9/01/45 (d)

    $ 310      $ 306,246   

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

      750        849,727   

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

      610        659,325   

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

      910        283,156   

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

      2,620        2,974,669   

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

      2,095        2,751,720   

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

      605        506,815   

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

      1,505        1,656,523   
    

 

 

  
                12,659,462   

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        420,246   

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

      585        654,825   

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

      2,410        2,694,067   
    

 

 

  
        3,769,138   

Hawaii — 0.4%

     

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

      945        1,068,956   

 

                
2    BLACKROCK MUNIHOLDINGS FUND, INC.    JULY 31, 2015   

Schedule of Investments (continued)

   

BlackRock MuniHoldings Fund, Inc. (MHD)

(Percentages shown are based on Net Assets)

 

Municipal Bonds    Par  
(000)		     Value  

Illinois — 16.5%

     

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

     

Series A, 5.75%, 1/01/39

    $ 2,000      $ 2,293,060   

Series C, 6.50%, 1/01/41

      4,055        4,871,839   

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

      1,720        1,596,676   

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

     

Project, 5.25%, 1/01/32

      2,195        2,119,953   

5.00%, 1/01/35

      2,000        1,847,800   

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

      570        595,513   

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

      900        903,789   

City of Chicago Illinois Board of Education, GO, Series A, 5.25%, 12/01/41

      2,200        1,922,536   

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

      730        768,047   

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

      1,000        1,033,170   

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

      560        639,016   

Illinois Finance Authority, Refunding RB, Central Dupage Health, Series B, 5.50%, 11/01/39

      1,115        1,272,226   

Illinois State Toll Highway Authority, RB:

     

Senior, Series C, 5.00%, 1/01/36

      1,870        2,071,174   

Senior, Series C, 5.00%, 1/01/37

      2,000        2,206,760   

Series A, 5.00%, 1/01/38

      1,610        1,768,714   

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

     

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

      13,220        2,663,698   

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

      3,070        3,181,165   

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

      1,740        1,779,115   

Railsplitter Tobacco Settlement Authority, RB:

     

5.50%, 6/01/23

      315        363,847   
Municipal Bonds    Par  
(000)		     Value  

Illinois (concluded)

     

Railsplitter Tobacco Settlement Authority, RB (concluded):

     

6.00%, 6/01/28

    $ 800      $ 941,528   

State of Illinois, GO:

     

5.00%, 2/01/39

      1,100        1,105,291   

Series A, 5.00%, 4/01/38

      2,625        2,639,779   

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

      440        488,990   

University of Illinois, RB, Auxiliary Facilities System, Series A:

     

5.00%, 4/01/39

      580        632,299   

5.00%, 4/01/44

      705        763,684   
    

 

 

  
               40,469,669   

Indiana — 4.2%

     

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

     

6.75%, 1/01/34

      560        674,442   

7.00%, 1/01/44

      1,355        1,640,864   

Indiana Finance Authority, RB, Series A:

     

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

      2,275        2,626,487   

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

      310        322,939   

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

      1,030        1,067,204   

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

      585        647,718   

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

      1,300        1,478,776   

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

      775        885,151   

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

      880        970,807   
    

 

 

  
               10,314,388   

Iowa — 2.2%

     

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

     

5.00%, 12/01/19

      665        702,559   

5.50%, 12/01/22

      1,630        1,724,638   

5.25%, 12/01/25

      320        347,690   

 

                
   BLACKROCK MUNIHOLDINGS FUND, INC.    JULY 31, 2015    3

Schedule of Investments (continued)

   

BlackRock MuniHoldings Fund, Inc. (MHD)

(Percentages shown are based on Net Assets)

 

Municipal Bonds    Par  
(000)		     Value  

Iowa (concluded)

     

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

    $ 910      $ 968,668   

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

      1,730        1,508,767   
    

 

 

  
               5,252,322   

Kansas — 0.7%

     

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

      1,520        1,733,621   

Kentucky — 0.6%

     

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

      705        770,509   

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

      865        602,109   
    

 

 

  
                       1,372,618   

Louisiana — 3.5%

     

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

      570        650,113   

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

      3,500        3,853,255   

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

      430        453,684   

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

     

5.50%, 5/15/30

      700        784,924   

5.25%, 5/15/31

      600        664,296   

5.25%, 5/15/32

      765        859,684   

5.25%, 5/15/33

      830        913,573   
Municipal Bonds    Par  
(000)		     Value  

Louisiana (concluded)

     

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

     

5.25%, 5/15/35

    $ 350      $ 386,677   
    

 

 

  
               8,566,206   

Maine — 0.1%

     

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

      210        229,171   

Maryland — 1.1%

     

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

      300        327,696   

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

      530        559,362   

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

      1,520        1,685,802   
    

 

 

  
                       2,572,860   

Massachusetts — 1.3%

     

Massachusetts Development Finance Agency, Refunding RB:

     

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

      1,165        1,355,175   

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

      1,575        1,608,689   

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

      255        284,343   
    

 

 

  
               3,248,207   

Michigan — 3.0%

     

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

      3,085        3,290,924   

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

      955        1,061,167   

 

                
4    BLACKROCK MUNIHOLDINGS FUND, INC.    JULY 31, 2015   

Schedule of Investments (continued)

   

BlackRock MuniHoldings Fund, Inc. (MHD)

(Percentages shown are based on Net Assets)

 

Municipal Bonds   Par  
(000)		     Value  

Michigan (concluded)

    

Michigan Finance Authority, Refunding RB, Detroit Water & Sewage Department Project, Senior Lien, Series C-1, 5.00%, 7/01/44

   $ 630      $ 652,686   

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

     2,105        2,380,587   
   

 

 

  
        7,385,364   

Minnesota — 1.0%

    

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

     2,135        2,458,837   

Mississippi — 0.3%

    

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

     675        759,746   

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        192,785   

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

     175        189,905   
   

 

 

  
              382,690   

Nebraska — 0.6%

    

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

     575        625,962   

County of Hall Nebraska School District No. 2, GO, Grand Island Public Schools, 5.00%, 12/15/39

     685        772,893   
   

 

 

  
                1,398,855   

New Hampshire — 1.4%

    

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

     3,035        3,485,606   
Municipal Bonds   Par  
(000)		     Value  

New Jersey — 6.1%

    

Casino Reinvestment Development Authority, Refunding RB:

    

5.25%, 11/01/39

   $ 735      $ 767,230   

5.25%, 11/01/44

     575        595,838   

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

    

4.88%, 9/15/19

     700        732,431   

5.13%, 9/15/23

     1,410        1,535,419   

5.25%, 9/15/29

     1,365        1,482,049   

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

     1,550        1,785,925   

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

     1,925        2,119,598   

New Jersey Transportation Trust Fund Authority, RB:

    

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

     2,505        2,557,054   

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

     1,575        1,660,003   

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

     1,705        1,788,187   
   

 

 

  
                15,023,734   

New York — 10.2%

    

City of New York New York Industrial Development Agency, ARB, British Airways PLC Project, AMT, 7.63%, 12/01/32

     1,500        1,522,545   

City of New York New York Transitional Finance Authority, RB:

    

Fiscal 2012, Sub-Series E-1, 5.00%, 2/01/42

     1,560        1,739,119   

Future Tax Secured Revenue, Fiscal 2015, Series B, Sub-Series B-1, 5.00%, 8/01/39

     1,090        1,228,746   

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

     1,300        1,331,200   

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

     3,510        3,427,304   

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

     245        266,930   

 

                
   BLACKROCK MUNIHOLDINGS FUND, INC.    JULY 31, 2015    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)

     

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

    $ 1,650      $ 1,526,646   

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

      1,450        1,629,931   

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

      1,715        1,962,629   

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

      1,740        1,971,002   

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        958,401   

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

      2,930        2,947,316   

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

      245        253,578   

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

      605        635,407   

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

     

6.00%, 12/01/36

      900        1,047,537   

6.00%, 12/01/42

      875        1,018,439   

Westchester Tobacco Asset Securitization, Refunding RB, 5.13%, 6/01/45

      1,700        1,603,848   
    

 

 

  
                25,070,578   

North Carolina — 0.6%

     

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

      970        1,080,677   
Municipal Bonds   

Par  

(000)

     Value  

North Carolina (concluded)

     

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

    $ 415      $ 475,627   
    

 

 

  
        1,556,304   

Ohio — 0.5%

     

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

      470        514,359   

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

      580        611,998   
    

 

 

  
        1,126,357   

Oklahoma — 0.3%

  

  

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

      975        826,966   

Pennsylvania — 3.2%

     

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

      885        926,975   

Pennsylvania Economic Development Financing Authority, RB:

     

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

      2,520        2,890,641   

Rapid Bridge Replacement Project, AMT, 5.00%, 6/30/42

      2,015        2,109,927   

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

      1,105        1,126,647   

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

      795        873,268   
    

 

 

  
                7,927,458   

Rhode Island — 0.8%

     

Tobacco Settlement Financing Corp., Refunding RB, Series B, 4.50%, 6/01/45

      1,900        1,863,178   

 

                
6    BLACKROCK MUNIHOLDINGS FUND, INC.    JULY 31, 2015   

Schedule of Investments (continued)

   

BlackRock MuniHoldings Fund, Inc. (MHD)

(Percentages shown are based on Net Assets)

 

Municipal Bonds   

Par  

(000)

     Value  

South Carolina — 2.3%

     

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

    $ 2,285      $ 2,536,418   

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

      2,790        3,127,367   
    

 

 

  
               5,663,785   

Tennessee — 1.8%

     

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

      980        1,064,466   

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

      1,010        1,009,808   

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

      2,250        2,329,583   
    

 

 

  
                4,403,857   

Texas — 8.6%

     

Central Texas Regional Mobility Authority, Refunding RB:

     

Senior Lien, 6.25%, 1/01/46

      1,480        1,703,998   

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

      250        269,308   

Central Texas Turnpike System, Refunding RB, Series C, 5.00%, 8/15/42

      425        454,635   

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

      440        479,895   

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

      1,500        1,670,100   

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

      1,050        1,199,289   

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

      1,070        1,187,968   

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

      325        382,190   
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 (c)

    $ 1,910      $ 2,294,884   

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

      450        539,037   

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

      1,400        498,092   

North Texas Tollway Authority, Refunding RB:

     

2nd Tier System, Series F, 6.13%, 1/01/16 (c)

      4,190        4,292,445   

Series A, 5.00%, 1/01/35

      830        908,203   

Series A, 5.00%, 1/01/38

      660        717,281   

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        2,383,780   

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

      1,700        1,992,043   
    

 

 

  
                20,973,148   

Vermont — 0.0%

     

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

      20        20,369   

Virginia — 2.8%

     

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

      1,000        1,039,300   

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

     

5.00%, 7/01/42

      625        639,269   

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

      970        990,205   

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

     

5.25%, 1/01/32

      550        597,570   

 

                
   BLACKROCK MUNIHOLDINGS FUND, INC.    JULY 31, 2015    7

Schedule of Investments (continued)

   

BlackRock MuniHoldings Fund, Inc. (MHD)

(Percentages shown are based on Net Assets)

 

Municipal Bonds   

Par  

(000)

     Value  

Virginia (concluded)

     

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

     

6.00%, 1/01/37

    $ 3,180      $ 3,632,005   
    

 

 

  
        6,898,349   

Washington — 1.0%

     

Port of Seattle Washington, RB, Series C, AMT, 5.00%, 4/01/40 (d)

      540        585,382   

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

      1,625        1,863,111   
    

 

 

  
        2,448,493   

Wisconsin — 3.1%

     

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

      4,980        5,773,712   

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

      1,710        1,883,514   
    

 

 

  
        7,657,226   

Wyoming — 0.1%

     

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

      210        223,761   
Total Municipal Bonds — 112.7%            276,263,034   
    
                  

Municipal Bonds Transferred to

Tender Option Bond Trusts (f)

               

California — 7.9%

     

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

      2,270        2,649,676   

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

      1,845        2,055,274   

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

      6,600        7,434,702   

Municipal Bonds Transferred to

Tender Option Bond Trusts (f)

   

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      $ 4,652,981   

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

      1,620        1,762,106   

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

      748        856,276   
    

 

 

  
            19,411,015   

Colorado — 2.5%

     

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

     

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

      2,580        2,722,287   

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

      1,650        1,741,773   

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

      1,490        1,685,920   
    

 

 

  
        6,149,980   

Connecticut — 2.8%

     

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

     

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

      3,179        3,387,560   

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

      3,262        3,477,472   
    

 

 

  
        6,865,032   

Florida — 1.8%

     

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

      3,939        4,472,633   

Georgia — 1.0%

     

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

      2,259        2,480,408   

Massachusetts — 2.1%

     

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

      4,502        5,077,836   

 

                
8    BLACKROCK MUNIHOLDINGS FUND, INC.    JULY 31, 2015   

Schedule of Investments (continued)

   

BlackRock MuniHoldings Fund, Inc. (MHD)

(Percentages shown are based on Net Assets)

 

Municipal Bonds Transferred to

Tender Option Bond Trusts (f)

   

Par  

(000)

     Value  

New Hampshire — 0.7%

     

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

    $ 1,409      $ 1,589,235   

New York — 6.6%

     

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        1,269,843   

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

      1,110        1,263,832   

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

      7,440        8,543,575   

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

      4,460        5,141,399   
    

 

 

  
                16,218,649   

North Carolina — 0.5%

     

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

      1,080        1,193,627   

Ohio — 4.4%

     

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

      9,644        10,889,070   

Texas — 4.9%

     

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

      1,720        1,897,246   

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

      4,624        5,141,629   

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

      2,350        2,651,176   

Municipal Bonds Transferred to

Tender Option Bond Trusts (f)

   

Par  

(000)

     Value  

Texas (concluded)

     

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

    $ 2,040      $ 2,308,671   
    

 

 

  
        11,998,722   

Utah — 1.1%

     

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

      2,518        2,741,707   

Virginia — 2.6%

     

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

      3,749        4,113,493   

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

      2,095        2,315,764   
    

 

 

  
        6,429,257   

Washington — 0.8%

     

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

      1,860        2,004,575   

Wisconsin — 1.8%

     

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

      3,959        4,288,573   

Total Municipal Bonds Transferred to

Tender Option Bond Trusts — 41.5%

  

  

     101,810,319   

Total Long-Term Investments

(Cost — $343,860,170) — 154.2%

  

  

             378,073,353   
    
   
Short-Term Securities    Shares         

FFI Institutional Tax-Exempt Fund, 0.01% (h)(i)

      5,765,069        5,765,069   

Total Short-Term Securities

(Cost — $5,765,069) — 2.3%

  

  

     5,765,069   

 

                
   BLACKROCK MUNIHOLDINGS FUND, INC.    JULY 31, 2015    9

Schedule of Investments (continued)

   

BlackRock MuniHoldings Fund, Inc. (MHD)

(Percentages shown are based on Net Assets)

 

      Value  

Total Investments

(Cost — $349,625,239*) — 156.5%

    $ 383,838,422   
Other Assets Less Liabilities — 0.8%      1,887,429   

Liability for TOB Trust Certificates, Including Interest
Expense and Fees Payable — (23.2)%

      (56,800,415 ) 
VMTP Shares, at Liquidation Value — (34.1)%      (83,700,000 ) 
  

 

 

  
Net Assets Applicable to Common Shares — 100.0%    $ 245,225,436   
  

 

 

  

 

Notes to Schedule of Investments

 

*   As of July 31, 2015, gross unrealized appreciation and depreciation based on cost for federal income tax purposes were as follows:

 

Tax cost

   $ 293,623,085   
 

 

 

  

Gross unrealized appreciation

   $ 35,408,869   

Gross unrealized depreciation

     (1,977,232 ) 
 

 

 

  

Net unrealized appreciation

   $ 33,431,637   
 

 

 

  

 

(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)   When-issued security. Unsettled when-issued transactions were as follows:

 

Counterparty   Value        Unrealized
Appreciation		  

Morgan Stanley & Co. LLC

   $ 585,382         $ 6,928   

Wells Fargo Securities, LLC

   $ 306,246         $ 4,204   

 

(e)   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.

 

(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, 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 agreement, which expire from October 1, 2016 to February 15, 2031, is $11,665,091.

 

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

 

(i)   During the period ended July 31, 2015, 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,
2015		        Net
Activity		       

Shares Held
at July 31,

2015

        Income  

FFI Institutional Tax-Exempt Fund

        1,340,347           4,424,722           5,765,069         $ 254   

 

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

 

                
10    BLACKROCK MUNIHOLDINGS FUND, INC.    JULY 31, 2015   

Schedule of Investments (continued)

    BlackRock MuniHoldings Fund, Inc. (MHD)

 

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

 

•  

Financial Futures Contracts

 

Contracts Short     Issue   Exchange   Expiration  

Notional

Value

    

Unrealized

Depreciation

  
  (133 )    10-Year U.S. Treasury Note   Chicago Board of Trade   September 2015   $ 16,949,188      $ (34,510 ) 

 

Fair Value Hierarchy as of July 31, 2015

 

•  

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 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. The significant unobservable inputs used by the Global Valuation Committee in determining the price for Fair Valued Investments are typically categorized as level 3.

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.

As of July 31, 2015, 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 Investments 1

     —         $ 378,073,353         —      $ 378,073,353   

Short-Term Securities

   $ 5,765,069           —         —        5,765,069   
 

 

 

       

 

 

       

 

     

 

 

  

Total

   $ 5,765,069         $ 378,073,353         —      $ 383,838,422   
 

 

 

       

 

 

       

 

     

 

 

  

1    See above Schedule of Investments for values in each state or political sub-division.

       

 

                
   BLACKROCK MUNIHOLDINGS FUND, INC.    JULY 31, 2015    11

Schedule of Investments (continued)

    BlackRock MuniHoldings Fund, Inc. (MHD)

 

     Level 1            Level 2                Level 3          Total  
Derivative Financial Instruments 2                 

Liabilities:

                 

Interest rate contracts

   $ (34,510 )         —         —      $ (34,510 ) 
 

 

 

       

 

 

       

 

     

 

 

  

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

 

The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial reporting purposes. As of July 31, 2015, 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

   $ 179,550           —         —      $ 179,550   

Liabilities:

                 

TOB Trust Certificates

     —         $ (56,783,700 )       —        (56,783,700 ) 

VMTP Shares

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

 

 

       

 

 

       

 

     

 

 

  

Total

   $ 179,550         $ (140,483,700 )       —      $ (140,304,150 ) 
 

 

 

       

 

 

       

 

     

 

 

  

During the period ended July 31, 2015, there were no transfers between levels.

 

                
12    BLACKROCK MUNIHOLDINGS FUND, INC.    JULY 31, 2015   

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 22, 2015

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 22, 2015
By:      /s/ Neal J. Andrews                            
     Neal J. Andrews
     Chief Financial Officer (principal financial officer) of
     BlackRock MuniHoldings Fund, Inc.
Date: September 22, 2015