NPORT-EX 2 NPORT_LCQD_19123254_0423.htm BlackRock MuniHoldings Fund

Schedule of Investments (unaudited) 

April 30, 2023

   

BlackRock MuniHoldings Fund, Inc. (MHD)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  

Municipal Bonds

    

Alabama — 2.4%

    

Black Belt Energy Gas District, RB(a)

    

Series A, 4.00%, 12/01/52

   $ 6,035     $ 5,812,315  

Series F, 5.50%, 11/01/53

     1,115       1,182,751  

County of Jefferson Alabama Sewer Revenue, Refunding RB

    

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

     570       579,540  

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

     1,090       1,116,151  

Series D, Sub Lien, 6.00%, 10/01/42

     2,875       3,041,221  

Series D, Sub Lien, 7.00%, 10/01/51

     1,545       1,641,243  

Health Care Authority of the City of Huntsville, RB, Series B1, (AGM), 3.00%, 06/01/50

     865       644,794  

Opelika Utilities Board, Refunding RB, 4.00%, 06/01/41

     960       961,289  

Southeast Energy Authority A Cooperative District, RB, Series A-1, 5.50%, 01/01/53(a)

           1,890       2,040,021  
   

 

 

  
            17,019,325  
Arizona — 2.8%            

Arizona Industrial Development Authority, RB

    

4.38%, 07/01/39(b)

     575       507,096  

Series A, (BAM), 4.00%, 06/01/44

     425       416,438  

Series A, 5.00%, 07/01/49(b)

     550       495,202  

Series A, 5.00%, 07/01/54(b)

     425       376,732  

Arizona Industrial Development Authority, Refunding RB(b)

    

Series A, 5.50%, 07/01/52

     130       125,521  

Series G, 5.00%, 07/01/47

     435       393,323  

Glendale Industrial Development Authority, RB, 5.00%, 05/15/56

     640       541,846  

Industrial Development Authority of the City of Phoenix Arizona, RB,
Series A, 5.00%, 07/01/46(b)

    2,120       1,916,639  

Industrial Development Authority of the County of Pima, RB, 5.00%, 07/01/34(b)

     400       394,336  

Industrial Development Authority of the County of Pima, Refunding RB, 5.00%, 06/15/49(b)

     300       262,574  

Maricopa County Industrial Development Authority, RB, Series A, 4.00%, 01/01/44

     2,030       1,951,979  

Maricopa County Industrial Development Authority, Refunding RB

    

5.00%, 07/01/54(b)

     490       430,200  

Series A, 4.13%, 09/01/38

     775       779,367  

Maricopa County Pollution Control Corp., Refunding RB, Series B, 3.60%, 04/01/40

     1,400       1,227,194  

Salt Verde Financial Corp., RB

    

5.00%, 12/01/32

     3,500       3,716,685  

5.00%, 12/01/37

     6,645       6,911,498  
   

 

 

  
      20,446,630  
Arkansas — 1.1%            

Arkansas Development Finance Authority, RB(b)

    

Series A, AMT, 4.50%, 09/01/49

     380       339,855  

Series A, AMT, 4.75%, 09/01/49

     4,235       3,891,812  

City of Benton Arkansas, RB, (AGM),
4.00%, 06/01/39

     505       495,277  

City of Fort Smith Arkansas Water & Sewer Revenue, Refunding RB, Subordinate, 4.00%, 10/01/40

     840       821,677  
Security  

Par

(000)

     Value  

Arkansas (continued)

    

City of Little Rock Arkansas, RB, 4.00%, 07/01/41

   $ 1,835     $ 1,806,732  

Pulaski County Public Facilities Board, RB, 5.00%, 12/01/42

     465       471,741  
   

 

 

  
      7,827,094  
California — 11.0%            

Bay Area Toll Authority, Refunding RB, 4.00%, 04/01/47

     3,895       3,873,410  

California Enterprise Development Authority, RB, 8.00%, 11/15/62(b)

     1,025       1,016,429  

California Health Facilities Financing Authority, Refunding RB

    

Series A, 5.00%, 07/01/23(c)

           1,320             1,324,140  

Series A, 4.00%, 08/15/48

     4,675       4,537,083  

California Municipal Finance Authority, ARB, AMT, Senior Lien, 5.00%, 12/31/43

     800       809,784  

California Municipal Finance Authority, RB, S/F Housing

    

Series A, 5.25%, 08/15/39

     185       186,377  

Series A, 5.25%, 08/15/49

     460       462,795  

California Pollution Control Financing Authority, RB, Series A, AMT, 5.00%, 11/21/45(b)

     1,755       1,754,874  

California State Public Works Board, RB

    

Series F, 5.25%, 09/01/33

     1,230       1,239,348  

Series I, 5.50%, 11/01/30

     2,500       2,533,390  

Series I, 5.00%, 11/01/38

     955       965,321  

California Statewide Communities Development Authority, Refunding RB

    

4.00%, 03/01/42

     1,000       937,457  

4.00%, 03/01/48

     1,345       1,195,810  

Carlsbad Unified School District, GO, Series B, 6.00%, 05/01/34

     1,000       1,027,569  

City of Los Angeles Department of Airports, ARB, Series A, AMT, 4.00%, 05/15/42

     3,700       3,584,712  

City of Los Angeles Department of Airports, Refunding ARB

    

AMT, Subordinate, 5.00%, 05/15/46

     830       880,743  

Series D, AMT, Subordinate, 4.00%, 05/15/51

     1,755       1,648,945  

CMFA Special Finance Agency XII, RB, M/F Housing, Series A, 3.25%, 02/01/57(b)

     655       453,030  

CSCDA Community Improvement Authority, RB, M/F Housing(b)

    

4.00%, 10/01/56

     305       247,303  

4.00%, 12/01/56

     440       315,779  

Series A, 4.00%, 06/01/58

     1,860       1,451,386  

Senior Lien, 3.13%, 06/01/57

     1,595       1,096,803  

Series A, Senior Lien, 4.00%, 12/01/58

     845       653,916  

Glendale Community College District, GO, Series D, 7.00%, 08/01/34

     1,650       1,929,205  

Kern Community College District, GO, Series C, 5.50%, 11/01/23(c)

     2,445       2,473,528  

Norwalk-La Mirada Unified School District, Refunding GO, Series E, Election 2002, (AGC), 0.00%, 08/01/38(d)

     8,000       4,377,424  

Palomar Community College District, GO

    

Series B, Convertible, 6.20%, 08/01/39(e)

     2,605       2,784,646  

Series B, Election 2006, 0.00%, 08/01/30(d)

     1,500       1,224,952  

Regents of the University of California Medical Center Pooled Revenue, Refunding RB, Series J, 5.25%, 05/15/23(c)

     6,425       6,429,645  
 

 

 

1  

Schedule of Investments (unaudited) (continued)

April 30, 2023

   

BlackRock MuniHoldings Fund, Inc. (MHD)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  

California (continued)

    

Riverside County Redevelopment Successor Agency, Refunding TA, Series A, (BAM), 4.00%, 10/01/39

   $ 1,100     $ 1,103,264  

Sacramento Area Flood Control Agency, Refunding SAB

    

5.00%, 10/01/43

     2,770       2,894,387  

5.00%, 10/01/47

     8,385       8,715,268  

San Diego Community College District, GO, Election 2002, 6.00%, 08/01/27(c)

     2,800       3,211,799  

San Diego County Regional Airport Authority, ARB

    

Series B, AMT, 5.00%, 07/01/42

     1,515       1,570,255  

Series B, AMT, Subordinate, 5.00%, 07/01/51

     1,080       1,127,505  

San Diego Unified School District, GO(d)

    

Class A, 0.00%, 07/01/29

     2,930       2,492,903  

Class A, 0.00%, 07/01/29(f)

     2,385       1,977,182  

Series A, 0.00%, 07/01/29(f)

     685       567,870  

San Francisco City & County Airport Comm-San Francisco International Airport, Refunding ARB

    

Series A, AMT, 5.50%, 05/01/28

     1,085       1,086,689  

Series A, AMT, 5.25%, 05/01/33

     850       851,210  

Series A, AMT, 5.00%, 05/01/44

           1,090       1,091,876  

Stockton Public Financing Authority, RB, Series A, 6.25%, 10/01/23(c)

     440       445,772  

Washington Township Health Care District, GO, Series B, Election 2004, 5.50%, 08/01/40

     920       944,501  
   

 

 

  
            79,496,285  
Colorado — 5.0%            

Board of Governors of Colorado State University System, Refunding RB, Series C, 4.00%, 03/01/47

     5,650       5,576,318  

City & County of Denver Colorado Airport System Revenue, ARB

    

Series B, 5.25%, 11/15/32

     3,250       3,287,736  

Series A, AMT, 5.50%, 11/15/28

     1,000       1,009,891  

Series A, AMT, 5.50%, 11/15/30

     340       343,410  

Series A, AMT, 5.50%, 11/15/31

     405       409,090  

City & County of Denver Colorado Airport System Revenue, Refunding ARB

    

Series A, AMT, 5.25%, 12/01/43

     1,905       1,993,571  

Series A, AMT, 5.50%, 11/15/53

     4,755       5,190,791  

Series D, AMT, 5.75%, 11/15/45

     1,160       1,309,742  

City & County of Denver Colorado Pledged Excise Tax Revenue, RB, CAB(d)

    

Series A-2, 0.00%, 08/01/37

     1,490       824,824  

Series A-2, 0.00%, 08/01/38

     915       463,926  

Colorado Educational & Cultural Facilities Authority, RB

    

5.50%, 07/01/40

     2,510       2,513,805  

5.00%, 03/01/50(b)

     360       339,232  

Colorado Educational & Cultural Facilities Authority, Refunding RB, Class A, 5.00%, 10/01/59(b)

     1,690       1,494,448  

Colorado Health Facilities Authority, RB

    

5.50%, 11/01/47

     480       515,560  

5.25%, 11/01/52

     1,000       1,050,726  

Colorado Health Facilities Authority, Refunding RB

    

Series A, 4.00%, 08/01/44

     1,065       998,878  

Series A, 4.00%, 11/15/46

     1,610       1,525,844  

Series A, 4.00%, 08/01/49

     1,950       1,756,541  

Series A, 4.00%, 11/15/50

     1,480       1,379,690  
Security  

Par

(000)

     Value  

Colorado (continued)

    

Colorado Health Facilities Authority, Refunding RB (continued)

    

Series A, 5.00%, 05/15/52

   $ 3,210     $ 3,432,488  

Denver International Business Center Metropolitan District No. 1, GO, Series A, 4.00%, 12/01/48

     555       478,288  
   

 

 

  
            35,894,799  
Connecticut — 0.3%            

State of Connecticut, GO, Series A, 4.00%, 01/15/37

           1,985       2,045,370  
   

 

 

  
Delaware — 1.4%            

County of Kent Delaware, RB

    

Series A, 5.00%, 07/01/40

     330       319,338  

Series A, 5.00%, 07/01/48

     900       827,322  

Delaware State Health Facilities Authority, RB, 5.00%, 06/01/48

     2,180       2,250,457  

Delaware State Health Facilities Authority, Refunding RB, 4.00%, 10/01/49

     4,895       4,597,149  

Delaware Transportation Authority, RB, 5.00%, 06/01/55

     1,790       1,829,051  
   

 

 

  
      9,823,317  
District of Columbia — 3.5%            

District of Columbia, Refunding RB, 5.00%, 10/01/48

     1,695       1,731,898  

District of Columbia, TA, 5.13%, 06/01/41

     1,520       1,522,760  

Metropolitan Washington Airports Authority Aviation Revenue, Refunding ARB, Series A, AMT, 4.00%, 10/01/39

     1,060       1,049,203  

Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Refunding RB

    

Series B, 2nd Senior Lien, (AGC),
0.00%, 10/01/34(d)

     10,170       6,740,635  

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

     13,485       8,408,815  

Series B, Subordinate, 4.00%, 10/01/49

     2,000       1,877,702  

Washington Metropolitan Area Transit Authority Dedicated Revenue, RB

    

Series A, 5.00%, 07/15/45

     3,000       3,274,119  

Series A, 4.00%, 07/15/46

     875       865,396  
   

 

 

  
      25,470,528  
Florida — 8.5%            

Broward County Florida Water & Sewer Utility Revenue, RB, Series A, 4.00%, 10/01/45

     585       576,949  

Capital Trust Agency, Inc., RB

    

5.00%, 01/01/55(b)

     305       232,500  

Series A, 5.00%, 06/01/45(b)

     480       416,220  

Series A, 5.00%, 12/15/49

     160       152,869  

Series A, 5.00%, 12/15/54

     140       133,330  

Series A, 5.50%, 06/01/57(b)

     170       150,460  

Central Florida Expressway Authority, Refunding RB, Senior Lien, 5.00%, 07/01/48

     2,760       2,898,867  

City of South Miami Health Facilities Authority, Inc., Refunding RB, 5.00%, 08/15/42

     1,290       1,327,086  

City of Tampa Florida, RB, CAB(d)

    

Series A, 0.00%, 09/01/49

     285       74,909  

Series A, 0.00%, 09/01/53

     300       62,632  

Collier County Health Facilities Authority, Refunding RB, Series A, 5.00%, 05/01/45

     1,755       1,763,556  

County of Broward Florida Airport System Revenue, ARB

    

Series A, AMT, 5.00%, 10/01/45

     2,845       2,881,962  

Series A, AMT, 5.00%, 10/01/49

     1,000       1,032,285  
 

 

 

S C H E D U L E   O F   I N V E S T M E N T S   2

Schedule of Investments (unaudited) (continued)

April 30, 2023

   

BlackRock MuniHoldings Fund, Inc. (MHD)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  

Florida (continued)

    

County of Lee Florida Airport Revenue, ARB, Series B, AMT, 5.00%, 10/01/46

   $ 2,405     $ 2,510,151  

County of Miami-Dade Seaport Department, ARB(c)

    

Series A, 5.38%, 10/01/23

     1,015       1,023,757  

Series A, 6.00%, 10/01/23

     5,215       5,273,272  

Series B, AMT, 6.00%, 10/01/23

     4,750       4,794,218  

Series B, AMT, 6.25%, 10/01/23

     460       464,749  

County of Miami-Dade Seaport Department, Refunding RB

    

Series A, AMT, 5.00%, 10/01/47

         12,415             12,964,687  

Series A, AMT, 5.25%, 10/01/52

     1,285       1,366,486  

Series A-1, AMT, (AGM), 4.00%, 10/01/45

     2,180       2,049,972  

County of Osceola Florida Transportation Revenue, Refunding RB, CAB(d)

    

Series A-2, 0.00%, 10/01/41

     275       103,066  

Series A-2, 0.00%, 10/01/42

     370       125,987  

Series A-2, 0.00%, 10/01/46

     885       240,528  

Series A-2, 0.00%, 10/01/47

     1,040       265,821  

Series A-2, 0.00%, 10/01/48

     575       138,210  

Series A-2, 0.00%, 10/01/49

     355       80,228  

County of Pasco Florida, RB, (AGM),
5.75%, 09/01/54

     500       552,154  

Cypress Bluff Community Development District, SAB, Series A, 3.80%, 05/01/50(b)

     430       311,401  

Esplanade Lake Club Community Development District, SAB, Series A-1, 4.13%, 11/01/50

     615       501,840  

Florida Development Finance Corp., RB

    

6.50%, 06/30/57(b)

     925       914,868  

Series A, 5.00%, 06/15/56

     75       72,597  

AMT, 5.00%, 05/01/29(b)

     270       252,692  

Florida Development Finance Corp., Refunding RB, Series C, 5.00%, 09/15/50(b)

     270       217,615  

Hillsborough County Aviation Authority, ARB, AMT, 5.00%, 10/01/48

     1,730       1,762,514  

Hillsborough County Aviation Authority, Refunding RB, Sub-Series A, AMT, 5.50%, 10/01/23(c)

     1,735       1,747,627  

Lee County Housing Finance Authority, RB, S/F Housing, Series A-2, AMT, (FHLMC, FNMA, GNMA), 6.00%, 09/01/40

     20       20,024  

Miami-Dade County Educational Facilities Authority, Refunding RB, Series A, 5.00%, 04/01/40

     3,465       3,535,416  

Orange County Health Facilities Authority, RB, 4.00%, 10/01/52

     1,075       992,551  

Orange County Health Facilities Authority, Refunding RB, 5.00%, 08/01/41

     1,305       1,349,326  

Palm Beach County Health Facilities Authority, Refunding RB, 4.00%, 08/15/49

     1,185       1,088,093  

Reedy Creek Improvement District, GO, Series A, 5.25%, 06/01/23(c)

     1,785       1,787,774  

Southern Groves Community Development District No. 5, Refunding SAB, 4.00%, 05/01/43

     220       179,240  

Stevens Plantation Community Development District, SAB,
Series A, 7.10%, 05/01/35(g)(h)

     800       506,893  

Trout Creek Community Development District, SAB 4.00%, 05/01/40

     630       542,596  
Security  

Par

(000)

     Value  

Florida (continued)

    

Trout Creek Community Development District, SAB (continued)

    

4.00%, 05/01/51

   $ 1,050     $ 813,529  

Westside Community Development District, SAB, 4.00%, 05/01/50

     815       635,588  
   

 

 

  
      60,889,095  
Georgia — 4.3%            

Cobb County Kennestone Hospital Authority, RB, 4.00%, 04/01/52

     3,165       2,891,370  

Dalton Whitfield County Joint Development Authority, RB, 4.00%, 08/15/48

     2,615       2,386,925  

East Point Business & Industrial Development Authority, RB, Series A, 5.25%, 06/15/62(b)

     535       479,557  

Gainesville & Hall County Hospital Authority, RB, Series A, 4.00%, 02/15/51

     1,460       1,342,990  

Georgia Housing & Finance Authority, RB, S/F Housing

    

Series A, 3.95%, 12/01/43

     120       120,105  

Series A, 4.00%, 12/01/48

     170       169,641  

Georgia Housing & Finance Authority, Refunding RB, 3.70%, 06/01/49

     985       862,227  

Georgia Ports Authority, ARB, 4.00%, 07/01/52

     1,915       1,840,746  

Griffin-Spalding County Hospital Authority, RB, 4.00%, 04/01/42

           2,310       2,234,257  

Main Street Natural Gas, Inc., RB

    

Series A, 5.00%, 05/15/35

     360       380,391  

Series A, 5.00%, 05/15/36

     1,860       1,938,895  

Series A, 5.00%, 05/15/37

     400       411,145  

Series A, 5.00%, 05/15/38

     1,265       1,292,503  

Series A, 5.00%, 05/15/43

     330       330,507  

Series A, 5.00%, 05/15/49

     4,575       4,503,612  

Series A, 5.00%, 06/01/53(a)

     5,845       6,156,486  

Municipal Electric Authority of Georgia, RB

    

5.00%, 01/01/48

     835       843,513  

4.00%, 01/01/49

     1,135       1,000,331  

4.00%, 01/01/59

     1,335       1,197,829  

Series A, 5.00%, 01/01/59

     480       488,574  
   

 

 

  
            30,871,604  
Hawaii — 0.3%            

State of Hawaii Airports System Revenue, ARB, Series A, AMT, 5.00%, 07/01/45

     1,500       1,521,165  

State of Hawaii Airports System Revenue, COP

    

AMT, 5.25%, 08/01/25

     425       426,654  

AMT, 5.25%, 08/01/26

     460       461,826  
   

 

 

  
      2,409,645  
Idaho — 0.5%            

Idaho Health Facilities Authority, RB

    

4.00%, 12/01/43

     670       630,865  

Series 2017, 5.00%, 12/01/46

     540       550,684  

Series A, 5.00%, 03/01/39

     500       503,772  

Power County Industrial Development Corp., RB, AMT, 6.45%, 08/01/32

     2,000       2,002,668  
   

 

 

  
      3,687,989  
 

 

 

3  

Schedule of Investments (unaudited) (continued)

April 30, 2023

   

BlackRock MuniHoldings Fund, Inc. (MHD)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  

Illinois — 10.3%

    

Chicago Board of Education, GO

    

Series A, 5.00%, 12/01/34

   $ 1,760     $ 1,820,965  

Series A, 5.00%, 12/01/40

     1,410       1,420,973  

Series A, 5.00%, 12/01/42

     1,480       1,463,689  

Series C, 5.25%, 12/01/35

     2,655       2,682,309  

Series D, 5.00%, 12/01/46

     3,480       3,439,714  

Series H, 5.00%, 12/01/36

     585       591,393  

Chicago Board of Education, Refunding GO

    

Series C, 5.00%, 12/01/25

     1,120       1,139,961  

Series C, 5.00%, 12/01/27

     500       516,457  

Series C, 5.00%, 12/01/30

     605       623,166  

Series C, 5.00%, 12/01/34

     475       486,264  

Series D, 5.00%, 12/01/25

     435       442,753  

Series F, 5.00%, 12/01/23

     310       310,891  

Series F, 5.00%, 12/01/24

     340       343,180  

Series G, 5.00%, 12/01/34

     315       322,470  

Chicago Midway International Airport, Refunding ARB

    

Series B, 5.00%, 01/01/46

     1,670       1,713,552  

Series A, AMT, 2nd Lien, 5.00%, 01/01/41

           1,870             1,877,755  

Chicago O’Hare International Airport, ARB, Series D, AMT, Senior Lien, 5.00%, 01/01/42

     430       439,548  

Chicago O’Hare International Airport, Refunding ARB

    

Series A, AMT, Senior Lien, 4.38%, 01/01/53

     1,390       1,296,646  

Series B, Senior Lien, 5.00%, 01/01/53

     1,040       1,081,406  

Cook County Community College District No. 508, GO

    

5.50%, 12/01/38

     3,075       3,083,684  

5.25%, 12/01/43

     2,935       2,936,007  

Illinois Finance Authority, RB

    

Series A, 5.00%, 02/15/37

     820       829,348  

Series A, 5.00%, 02/15/47

     240       232,511  

Series A, 5.00%, 02/15/50

     130       123,987  

Illinois Finance Authority, Refunding RB

    

4.00%, 03/01/35

     1,290       1,265,771  

Series A, 4.00%, 07/15/47

     1,485       1,418,585  

Series C, 4.00%, 02/15/27(c)

     90       94,312  

Series C, 4.00%, 02/15/41

     1,945       1,918,387  

Series C, 5.00%, 02/15/41

     555       577,523  

Illinois State Toll Highway Authority, RB

    

Series A, 5.00%, 01/01/40

     3,805       3,916,749  

Series B, 5.00%, 01/01/40

     3,335       3,458,585  

Series C, 5.00%, 01/01/38

     2,250       2,324,918  

Metropolitan Pier & Exposition Authority, RB, Series A, 5.00%, 06/15/57

     2,370       2,377,252  

Metropolitan Pier & Exposition Authority, Refunding RB(d)

    

Series B, (AGM), 0.00%, 06/15/44

     3,765       1,391,427  

Series B, (AGM), 0.00%, 06/15/47

     22,775       7,035,903  

State of Illinois, GO

    

5.25%, 02/01/31

     1,485       1,499,355  

5.25%, 02/01/32

     2,365       2,388,487  

5.50%, 07/01/33

     3,000       3,010,896  

5.50%, 07/01/38

     695       697,682  

5.00%, 02/01/39

     1,910       1,916,817  

5.50%, 05/01/39

     795       870,347  

Series A, 5.00%, 04/01/38

     4,545       4,563,766  

Series B, 5.25%, 05/01/40

     1,770       1,927,215  

Series D, 5.00%, 11/01/28

     900       966,271  
Security  

Par

(000)

     Value  

Illinois (continued)

    

State of Illinois, Refunding GO, Series B, 5.00%, 10/01/27

   $ 90     $ 96,326  

University of Illinois, RB, Series A, 5.00%, 04/01/44

         1,225       1,236,829  
   

 

 

  
            74,172,032  
Indiana — 1.2%            

City of Valparaiso Indiana, RB

    

AMT, 6.75%, 01/01/34

     975       991,124  

AMT, 7.00%, 01/01/44

     2,355       2,388,950  

Indiana Finance Authority, RB(c)

    

Series A, AMT, 5.00%, 07/01/23

     2,870       2,876,118  

Series A, AMT, 5.25%, 07/01/23

     500       501,462  

Indianapolis Local Public Improvement Bond Bank, RB, Series A, 5.00%, 01/15/40

     1,520       1,521,231  
   

 

 

  
      8,278,885  
Iowa — 0.9%            

Iowa Finance Authority, RB, Series A,
5.00%, 05/15/48

     1,900       1,399,369  

Iowa Student Loan Liquidity Corp, Refunding RB, Series B, AMT, 3.00%, 12/01/39

     310       291,623  

PEFA, Inc., RB, 5.00%, 09/01/49(a)

     5,000       5,130,255  
   

 

 

  
      6,821,247  
Kansas — 0.1%            

Ellis County Unified School District No. 489 Hays, Refunding GO, Series B, (AGM), 4.00%, 09/01/52

     705       661,465  
   

 

 

  
Kentucky — 1.3%            

County of Boyle Kentucky, Refunding RB, 5.00%, 06/01/37

     2,500       2,594,887  

Fayette County School District Finance Corp., RB

    

(NGFGC), 5.00%, 06/01/44

     860       939,027  

(BAM-TCRS), 5.00%, 06/01/46

     760       824,635  

(BAM-TCRS), 5.00%, 06/01/47

     1,155       1,251,068  

Kentucky Public Transportation Infrastructure Authority, RB, CAB(e)

    

Series C, Convertible, 6.45%, 07/01/34

     500       586,093  

Series C, Convertible, 6.60%, 07/01/39

     830       946,091  

Series C, Convertible, 6.75%, 07/01/43

     1,770       2,018,586  
   

 

 

  
      9,160,387  
Louisiana — 1.5%            

City of Alexandria Louisiana Utilities Revenue, RB, 5.00%, 05/01/24(c)

     860       875,436  

City of Shreveport Louisiana Water & Sewer Revenue, RB, Series B, Junior Lien, (AGM), 4.00%, 12/01/49

     4,100       3,698,020  

Lafayette Parish School Board Sale Tax Revenue, RB, 4.00%, 04/01/53

     995       907,566  

Lake Charles Harbor & Terminal District, ARB, Series B, AMT, (AGM), 5.50%, 01/01/29

     1,500       1,520,218  

Louisiana Public Facilities Authority, Refunding RB, 5.00%, 05/15/47

     1,635       1,652,107  

State of Louisiana Gasoline & Fuels Tax Revenue, Refunding RB, Series A, 1st Lien, 4.00%, 05/01/25 .

     1,245       1,275,500  

Tobacco Settlement Financing Corp., Refunding RB, Series A, 5.25%, 05/15/35

     495       497,468  
   

 

 

  
      10,426,315  
Maryland — 2.0%            

Anne Arundel County Consolidated Special Taxing District, ST

    

5.13%, 07/01/36

     170       170,383  
 

 

 

S C H E D U L E   O F   I N V E S T M E N T S   4

Schedule of Investments (unaudited) (continued)

April 30, 2023

   

BlackRock MuniHoldings Fund, Inc. (MHD)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  

Maryland (continued)

    

Anne Arundel County Consolidated Special Taxing District, ST (continued)

    

5.25%, 07/01/44

   $ 170     $ 169,033  

City of Baltimore Maryland, RB, Series A, 5.00%, 07/01/46

     1,500       1,554,169  

Howard County Housing Commission, RB, M/F Housing, 5.00%, 12/01/42

     1,430       1,484,613  

Maryland Health & Higher Educational Facilities Authority, RB

    

Series 2017, 5.00%, 12/01/46

     305       313,717  

Series A, 5.00%, 05/15/42

     1,760       1,820,699  

Series B, 4.00%, 04/15/45

     795       770,555  

Series B, 4.00%, 04/15/50

     1,645       1,576,805  

Maryland Stadium Authority, RB

    

(NGFGC), 5.00%, 05/01/34

           2,700       2,985,125  

Series A, (NGFGC), 5.00%, 05/01/47

     3,225       3,386,453  
   

 

 

  
            14,231,552  
Massachusetts — 4.0%            

Commonwealth of Massachusetts Transportation Fund Revenue, RB

    

5.00%, 06/01/50

     1,975       2,158,683  

Series A, 4.00%, 06/01/45

     1,505       1,479,153  

Commonwealth of Massachusetts, GO

    

Series C, 5.00%, 10/01/47

     1,195       1,324,263  

Series C, 5.00%, 10/01/52

     1,240       1,359,495  

Massachusetts Development Finance Agency, RB

    

5.00%, 01/01/48

     1,115       1,118,295  

5.00%, 10/01/48

     830       773,871  

Series A, 5.25%, 01/01/42

     1,110       1,135,657  

Series A, 5.00%, 01/01/47

     5,005       5,020,901  

Massachusetts Development Finance Agency, Refunding RB

    

4.00%, 07/01/39

     1,140       1,063,032  

5.00%, 04/15/40

     400       402,016  

5.00%, 09/01/43

     750       764,345  

5.00%, 07/01/47

     3,355       3,447,377  

Series A, 5.00%, 10/01/35

     500       515,418  

Series A, 5.00%, 10/01/43

     750       757,594  

Series P, 5.45%, 05/15/59

     2,010       2,247,705  

Massachusetts Educational Financing Authority, RB

    

Series B, AMT, 2.63%, 07/01/36

     25       24,234  

AMT, Subordinate, 3.75%, 07/01/47

     1,865       1,505,777  

Massachusetts Educational Financing Authority, Refunding RB, Series B, AMT, 3.63%, 07/01/34

     30       30,039  

Massachusetts Housing Finance Agency, RB, M/F Housing

    

Series A, 3.80%, 12/01/43

     160       143,170  

Series A, 3.85%, 06/01/46

     205       179,232  

Series D-1, 2.55%, 12/01/50

     420       272,072  

Massachusetts Port Authority, ARB, Series E, AMT, 5.00%, 07/01/46

     3,100       3,256,869  
   

 

 

  
      28,979,198  
Michigan — 7.2%            

City of Detroit Michigan Water Supply System Revenue, RB, Series B, 2nd Lien, (AGM), 6.25%, 07/01/36

     5       5,013  
Security  

Par

(000)

     Value  

Michigan (continued)

    

Eastern Michigan University, RB, Series A, 4.00%, 03/01/47

   $ 1,170     $ 1,071,151  

Great Lakes Water Authority Sewage Disposal System Revenue, RB

    

Series B, 2nd Lien, 5.25%, 07/01/47

     1,490       1,593,327  

Series B, 2nd Lien, 5.50%, 07/01/52

     3,525       3,803,126  

Series A, Senior Lien, 5.25%, 07/01/52

     3,525       3,835,302  

Great Lakes Water Authority Water Supply System Revenue, RB

    

Series A, Senior Lien, 5.25%, 07/01/52

     3,525       3,827,738  

Series B, Senior Lien, 5.50%, 07/01/52

     3,525       3,839,546  

Michigan Finance Authority, RB

    

4.00%, 02/15/47

     4,815       4,566,320  

4.00%, 02/15/50

     3,140       2,923,362  

4.00%, 02/15/44

     3,785       3,654,898  

Series S, 5.00%, 11/01/44

     1,555       1,587,954  

Michigan Finance Authority, Refunding RB

    

5.00%, 11/15/41

     5,560       5,692,044  

4.00%, 11/15/46

     570       532,705  

Series A, 4.00%, 12/01/49

     4,100       3,795,899  

Michigan State Building Authority, Refunding RB

    

Series I, 5.00%, 10/15/45

     5,665       5,829,438  

Series I, 4.00%, 10/15/52

     710       681,765  

Michigan State Hospital Finance Authority, Refunding RB, 5.00%, 11/15/47

     215       224,588  

Michigan State Housing Development Authority, RB, M/F Housing

    

Series A, AMT, 3.80%, 10/01/38

     1,690       1,606,188  

Series A, AMT, 4.15%, 10/01/53

     865       756,517  

Michigan Strategic Fund, RB, AMT, 5.00%, 12/31/43

           1,795       1,819,092  
   

 

 

  
            51,645,973  
Minnesota — 1.4%            

City of Maple Grove Minnesota, Refunding RB, 4.00%, 05/01/37

     880       874,441  

City of Minneapolis Minnesota, Refunding RB, Series A, 5.00%, 11/15/49

     560       571,432  

City of Otsego Minnesota, Refunding RB, Series A, 5.00%, 09/01/44

     425       386,259  

City of Spring Lake Park Minnesota, RB, 5.00%, 06/15/39

     1,080       1,013,821  

Duluth Economic Development Authority, Refunding RB

    

Series A, 4.25%, 02/15/48

     3,800       3,665,617  

Series A, 5.25%, 02/15/53

     415       428,872  

Series A, 5.25%, 02/15/58

     1,605       1,654,469  

Housing & Redevelopment Authority of The City of St. Paul Minnesota, Refunding RB, Series A, 4.00%, 11/15/43

     575       531,671  

Minneapolis-St. Paul Metropolitan Airports Commission, Refunding RB, Sub Series D, AMT, 5.00%, 01/01/41

     290       298,306  

Minnesota Higher Education Facilities Authority, RB, Series 8-K, 4.00%, 03/01/43

     385       353,891  
   

 

 

  
      9,778,779  
Mississippi — 1.1%            

Mississippi Development Bank, RB, (AGM), 6.88%, 12/01/40

     3,595       3,650,079  
 

 

 

5  

Schedule of Investments (unaudited) (continued)

April 30, 2023

   

BlackRock MuniHoldings Fund, Inc. (MHD)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  

Mississippi (continued)

    

Mississippi State University Educational Building Corp., Refunding RB, 5.25%, 08/01/23(c)

   $ 2,000     $ 2,009,850  

State of Mississippi Gaming Tax Revenue, RB

    

Series A, 5.00%, 10/15/37

     330       347,948  

Series A, 4.00%, 10/15/38

     1,650       1,598,678  
   

 

 

  
      7,606,555  
Missouri — 1.1%            

Health & Educational Facilities Authority of the State of Missouri, RB

    

Series A, 5.00%, 10/01/23(c)

     500       503,592  

Series A, 5.00%, 06/01/42

     540       565,968  

Series C-2, 5.00%, 10/01/34

     1,000       1,006,921  

Health & Educational Facilities Authority of the State of Missouri, Refunding RB

    

5.50%, 05/01/43

     305       305,000  

Series A, 4.00%, 02/15/49

     1,910       1,763,192  

Kansas City Industrial Development Authority, ARB, Class B, AMT, 5.00%, 03/01/54

     3,530       3,615,641  
   

 

 

  
      7,760,314  
Montana — 0.0%            

Montana Board of Housing, RB, S/F Housing

    

Series B-2, 3.50%, 12/01/42

     60       58,842  

Series B-2, 3.60%, 12/01/47

     100       100,066  
   

 

 

  
      158,908  
Nebraska — 0.4%            

Douglas County Hospital Authority No. 3, Refunding RB, 5.00%, 11/01/45

     400       407,461  

Omaha Public Power District, RB, Series A, (AGM-CR), 4.00%, 02/01/51

     2,700       2,570,781  
   

 

 

  
      2,978,242  
Nevada — 1.4%            

Carson City Nevada, Refunding RB, 5.00%, 09/01/42 .

     650       657,257  

City of Reno Nevada, Refunding RB

    

Series A-1, (AGM), 4.00%, 06/01/43

     1,570       1,505,259  

Series A-1, (AGM), 4.00%, 06/01/46

     1,250       1,169,212  

County of Clark Department of Aviation, Refunding RB, Series A-2, Sub Lien, 4.25%, 07/01/36

     1,000       1,014,067  

County of Clark Nevada, GO, Series A, 5.00%, 05/01/48

     2,260       2,386,144  

Las Vegas Valley Water District, GO, Series A, 4.00%, 06/01/51

           2,690       2,605,658  

Tahoe-Douglas Visitors Authority, RB

    

5.00%, 07/01/40

     595       604,641  

5.00%, 07/01/45

     420       420,276  
   

 

 

  
            10,362,514  
New Hampshire — 0.5%            

New Hampshire Business Finance Authority, Refunding RB(b)

    

Series A, 3.63%, 07/01/43(a)

     130       96,986  

Series B, 4.63%, 11/01/42

     2,095       1,762,582  

Series B, AMT, 3.75%, 07/01/45(a)

     395       298,719  

Series C, AMT, 4.88%, 11/01/42

     1,140       990,572  

New Hampshire Housing Finance Authority, RB, M/F Housing, Series 1, 4.00%, 07/01/52

     800       695,856  
   

 

 

  
      3,844,715  
Security  

Par

(000)

     Value  

New Jersey — 9.3%

    

Casino Reinvestment Development Authority, Inc., Refunding RB

    

5.25%, 11/01/39

   $ 1,265     $ 1,282,700  

5.25%, 11/01/44

     1,885       1,900,005  

New Jersey Economic Development Authority, ARB

    

AMT, 5.13%, 09/15/23

     670       667,249  

Series B, AMT, 5.63%, 11/15/30

     660       667,691  

New Jersey Economic Development Authority, RB

    

5.00%, 12/15/28(c)

     60       67,816  

5.00%, 06/15/36

     460       499,767  

5.00%, 06/15/43

     100       105,379  

Class A, 5.25%, 11/01/47

     4,795       5,250,813  

Series A, 5.00%, 06/15/47

     2,500       2,598,917  

Series B, 4.50%, 06/15/40

           1,270       1,300,896  

Series EEE, 5.00%, 06/15/48

     4,275       4,468,384  

Series LLL, 5.00%, 06/15/34

     365       401,431  

Series UU, 5.00%, 06/15/24(c)

     80       81,680  

Series UU, 5.00%, 06/15/40

     345       352,247  

Series WW, 5.00%, 06/15/25(c)

     210       219,125  

AMT, (AGM), 5.00%, 01/01/31

     790       795,599  

AMT, (AGM), 5.13%, 07/01/42

     200       201,458  

AMT, 5.38%, 01/01/43

     3,000             3,006,744  

New Jersey Economic Development Authority, Refunding ARB, AMT, 5.00%, 10/01/47

     1,060       999,985  

New Jersey Economic Development Authority, Refunding SAB

    

6.50%, 04/01/28

     4,181       4,387,053  

5.75%, 04/01/31

     2,675       2,622,771  

New Jersey Health Care Facilities Financing Authority, Refunding RB, 5.00%, 10/01/37

     685       726,220  

New Jersey Higher Education Student Assistance Authority, Refunding RB

    

Series B, AMT, 4.00%, 12/01/41

     3,390       3,371,646  

Series C, AMT, Subordinate, 5.00%, 12/01/52

     3,425       3,538,131  

New Jersey Housing & Mortgage Finance Agency, Refunding RB, Series A, AMT, 3.80%, 10/01/32

     1,100       1,058,010  

New Jersey Transportation Trust Fund Authority, RB

    

Series AA, 4.13%, 06/15/39

     1,040       1,044,777  

Series AA, 5.50%, 06/15/39

     3,510       3,518,986  

Series AA, 5.00%, 06/15/45

     900       918,364  

Series AA, 5.00%, 06/15/46

     400       407,884  

Series S, 5.25%, 06/15/43

     2,810       2,997,930  

Series S, 5.00%, 06/15/46

     2,070       2,171,219  

New Jersey Transportation Trust Fund Authority, RB, CAB, Series A, 0.00%, 12/15/35(d)

     1,000       588,484  

New Jersey Turnpike Authority, RB, Series E, 5.00%, 01/01/45

     4,450       4,545,470  

South Jersey Port Corp., ARB, Series B, AMT, 5.00%, 01/01/35

     625       651,939  

Tobacco Settlement Financing Corp., Refunding RB

    

Series A, 5.00%, 06/01/35

     1,340       1,419,207  

Series A, 4.00%, 06/01/37

     500       490,626  

Series A, 5.25%, 06/01/46

     4,955       5,162,203  

Sub-Series B, 5.00%, 06/01/46

     2,100       2,083,402  
   

 

 

  
      66,572,208  
New Mexico — 0.0%            

City of Santa Fe New Mexico, RB, Series A, 5.00%, 05/15/44

     200       174,754  
   

 

 

  
 

 

 

S C H E D U L E   O F   I N V E S T M E N T S   6

Schedule of Investments (unaudited) (continued)

April 30, 2023

   

BlackRock MuniHoldings Fund, Inc. (MHD)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  

New York — 15.7%

    

City of New York, GO

    

Series A-1, 4.00%, 09/01/46

   $ 2,175     $ 2,114,520  

Series C, 5.00%, 08/01/43

     805       877,300  

Series D, 5.00%, 12/01/43

     2,620       2,803,861  

City of New York, Refunding GO, Series B, 4.00%, 08/01/32

     3,990       4,060,882  

Erie Tobacco Asset Securitization Corp., Refunding RB, Series A, 5.00%, 06/01/45

     3,585       3,274,854  

Metropolitan Transportation Authority, RB

    

Series A-1, 5.25%, 11/15/39

     1,000       1,008,486  

Series B, 5.25%, 11/15/38

     2,970       3,018,675  

Metropolitan Transportation Authority, Refunding RB

    

Series C-1, 4.75%, 11/15/45

     1,950       1,973,722  

Series C-1, 5.00%, 11/15/50

     370       379,496  

Series C-1, 5.25%, 11/15/55

     1,040       1,083,819  

Series C-1, 5.00%, 11/15/56

           2,670             2,702,926  

Series C-1, 5.25%, 11/15/56

     10       10,209  

New York City Housing Development Corp., RB, M/F Housing

    

Series I-1, 2.65%, 11/01/50

     3,205       2,143,318  

Series I-1, 2.70%, 11/01/55

     950       618,647  

New York City Municipal Water Finance Authority, Refunding RB

    

Series BB, 4.00%, 06/15/47

     3,660       3,598,980  

Series BB-1, 4.00%, 06/15/45

     855       849,688  

Series CC, 5.00%, 06/15/47

     4,180       4,189,568  

New York City Transitional Finance Authority Building Aid Revenue, RB, Series S-1, Subordinate, (SAW), 4.00%, 07/15/42

     1,015       1,015,062  

New York City Transitional Finance Authority Future Tax Secured Revenue, RB,
Series F-1, Subordinate, 4.00%, 02/01/51

     7,605       7,399,182  

New York Counties Tobacco Trust IV, Refunding RB

    

Series A, 5.00%, 06/01/38

     1,400       1,327,942  

Series A, 6.25%, 06/01/41(b)

     3,100       3,100,459  

New York Counties Tobacco Trust VI, Refunding RB,
Series A-2B, 5.00%, 06/01/45

     500       471,374  

New York Liberty Development Corp., Refunding RB 3.13%, 09/15/50

     5,005       3,843,234  

Class 2, 5.38%, 11/15/40(b)

     1,450       1,451,272  

Series 1, 5.00%, 11/15/44(b)

     4,920       4,746,742  

Series A, 2.88%, 11/15/46

     1,915       1,360,129  

Series A, (BAM-TCRS), 3.00%, 11/15/51

     4,565       3,202,037  

Series A, 3.00%, 11/15/51

     2,825       2,046,648  

New York Power Authority, Refunding RB, Series A, 4.00%, 11/15/55

     1,620       1,532,974  

New York State Dormitory Authority, RB, Series A, 4.00%, 03/15/47

     545       534,636  

New York State Urban Development Corp., RB

    

Series A, 4.00%, 03/15/45

     3,000       2,926,191  

Series A, 4.00%, 03/15/46

     4,850       4,689,804  

Series A, 4.00%, 03/15/49

     1,600       1,553,002  

New York State Urban Development Corp., Refunding RB

    

4.00%, 03/15/49

     1,850       1,774,661  

Series A, 4.00%, 03/15/44

     7,275       7,235,679  

New York Transportation Development Corp., RB, AMT, 5.00%, 10/01/35

     1,910       2,005,084  
Security  

Par

(000)

     Value  

New York (continued)

    

Port Authority of New York & New Jersey, Refunding ARB

    

194th Series, 5.25%, 10/15/55

   $ 3,210     $ 3,317,760  

AMT, 5.00%, 01/15/52

     5,645       5,930,112  

State of New York Mortgage Agency, Refunding RB, S/F Housing, Series 211, 3.75%, 10/01/43

     1,190       1,046,305  

Triborough Bridge & Tunnel Authority Sales Tax Revenue, RB, Series A, 4.13%, 05/15/53

     6,415       6,257,800  

Triborough Bridge & Tunnel Authority, RB

    

Series A, 5.00%, 11/15/49

     620       664,964  

Series A, 5.00%, 11/15/54

     2,310       2,461,314  

Triborough Bridge & Tunnel Authority, Refunding RB, Series A, 4.00%, 05/15/51

     5,000       4,931,195  

TSASC, Inc., Refunding RB, Series A,
5.00%, 06/01/41

     535       546,923  

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

     446       442,560  

Westchester Tobacco Asset Securitization Corp., Refunding RB, Sub-Series C, 4.00%, 06/01/42

     320       315,727  
   

 

 

  
            112,839,723  
North Carolina — 0.1%            

North Carolina Medical Care Commission, RB, 4.00%, 11/01/52

     400       388,032  
   

 

 

  

Ohio — 3.0%

    

Buckeye Tobacco Settlement Financing Authority, Refunding RB

    

Series A-2, 4.00%, 06/01/48

     610       539,218  

Series B-2, Class 2, 5.00%, 06/01/55

         11,825       11,018,760  

City of Dayton Ohio Airport Revenue, Refunding RB, Series A, AMT, (AGM), 4.00%, 12/01/32

     2,000       2,000,254  

County of Franklin Ohio, RB

    

Series 2017, 5.00%, 12/01/46

     290       298,536  

Series A, 4.00%, 12/01/44

     365       347,626  

County of Hamilton Ohio, RB, Series CC, 5.00%, 11/15/49

     550       612,432  

County of Hamilton Ohio, Refunding RB

    

4.00%, 08/15/50

     1,085       1,011,276  

Series A, 3.75%, 08/15/50

     755       668,002  

Northwest Local School District/Hamilton & Butler Counties, GO, 4.00%, 12/01/50

     1,135       1,091,506  

Ohio Air Quality Development Authority, RB, AMT, 5.00%, 07/01/49(b)

     1,135       1,044,975  

Ohio Housing Finance Agency, RB, S/F Housing, Series A, (FHLMC, FNMA, GNMA), 4.00%, 09/01/48

     50       51,451  

State of Ohio, RB, AMT, 5.00%, 06/30/53

     1,000       1,000,678  

State of Ohio, Refunding RB, Series A, 4.00%, 01/15/50

     2,250       2,029,201  
   

 

 

  
      21,713,915  
Oklahoma — 0.7%            

Oklahoma City Public Property Authority, Refunding RB, 5.00%, 10/01/39

     720       739,553  

Oklahoma Development Finance Authority, RB

    

Series B, 5.50%, 08/15/52

     1,460       1,357,848  

Series B, 5.50%, 08/15/57

     625       574,134  
 

 

 

7  

Schedule of Investments (unaudited) (continued)

April 30, 2023

   

BlackRock MuniHoldings Fund, Inc. (MHD)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  

Oklahoma (continued)

    

Oklahoma Turnpike Authority, RB, Series A, 4.00%, 01/01/48

   $ 1,780     $ 1,743,398  

Oklahoma Water Resources Board, RB,
4.00%, 04/01/48

     950       941,268  
   

 

 

  
      5,356,201  
Oregon — 1.6%            

Clackamas County School District No. 12 North Clackamas, GO, CAB, Series A, (GTD),
0.00%, 06/15/38(d)

     510       264,394  

Multnomah & Clackamas Counties School District No. 10JT Gresham-Barlow, GO, CAB, Series A, (GTD), 0.00%, 06/15/38(d)

     530       275,216  

Oregon Health & Science University, RB, Series A, 4.00%, 07/01/37

     675       680,768  

Oregon State Facilities Authority, Refunding RB, Series A, 5.00%, 04/01/45

     1,475       1,501,528  

Port of Portland Oregon Airport Revenue, Refunding ARB, 29th Series, AMT, 5.50%, 07/01/48

     8,120       8,964,253  

State of Oregon Housing & Community Services Department, RB, S/F Housing, Series C, 3.95%, 07/01/43

     115       112,942  
   

 

 

  
          11,799,101  
Pennsylvania — 7.0%            

Allegheny County Airport Authority, ARB, Series A, AMT, (AGM-CR), 4.00%, 01/01/56

       1,670       1,521,159  

Bristol Township School District, GO, (SAW), 5.25%, 06/01/23(c)

     2,500       2,503,917  

Commonwealth Financing Authority, RB

    

5.00%, 06/01/34

     750       808,982  

(AGM), 4.00%, 06/01/39

     1,365       1,345,646  

Commonwealth of Pennsylvania, GO, 1st Series, 4.00%, 03/01/36

     1,560       1,614,307  

Delaware River Port Authority, RB, 4.50%, 01/01/24(c)

     1,500       1,512,478  

Lancaster Industrial Development Authority, RB, 5.00%, 12/01/44

     780       800,891  

Montgomery County Higher Education and Health Authority, Refunding RB

    

4.00%, 09/01/51

     1,430       1,289,115  

Series A, 5.00%, 09/01/48

     980       1,003,376  

Series A, 4.00%, 09/01/49

     1,380       1,253,811  

Montgomery County Industrial Development Authority, RB, Series C, 5.00%, 11/15/45

     270       256,146  

Pennsylvania Economic Development Financing Authority, RB

    

Series A-1, 4.00%, 04/15/50

     470       429,385  

AMT, 5.00%, 12/31/38

     390       393,123  

AMT, 5.00%, 06/30/42

     2,455       2,461,447  

Pennsylvania Economic Development Financing Authority, Refunding RB, AMT, 5.50%, 11/01/44

     1,905       1,906,711  

Pennsylvania Higher Education Assistance Agency, RB, Series B, AMT, Subordinate, 3.00%, 06/01/47

     100       74,722  

Pennsylvania Housing Finance Agency, RB, S/F Housing, Series 125B, AMT, 3.65%, 10/01/42

     1,000       910,916  

Pennsylvania Housing Finance Agency, Refunding RB, S/F Housing

    

Series 2022, 4.25%, 10/01/52

     3,085       3,146,660  

Series 119, AMT, 3.50%, 10/01/36

     1,015       976,346  
Security  

Par

(000)

     Value  

Pennsylvania (continued)

    

Pennsylvania Turnpike Commission Oil Franchise Tax Revenue, Refunding RB

    

Series A, 4.00%, 12/01/51

   $ 10,205     $ 9,929,098  

Series B, 4.00%, 12/01/53

     1,435       1,343,915  

Pennsylvania Turnpike Commission, RB

    

Series A, 5.00%, 12/01/44

     1,380       1,402,570  

Sub-Series B-1, 5.25%, 06/01/47

     1,170       1,212,947  

Series A, Subordinate, 4.00%, 12/01/50

     1,075       1,009,812  

Series A, Subordinate, (BAM-TCRS),
4.00%, 12/01/50

     535       519,015  

Series B, Subordinate, 4.00%, 12/01/51

     610       572,063  

Pennsylvania Turnpike Commission, Refunding RB

    

Series B-2, (AGM), 5.00%, 06/01/35

     1,640       1,759,241  

Series C, 4.00%, 12/01/51

     1,555       1,476,493  

Pottsville Hospital Authority, Refunding RB, Series B, 5.00%, 07/01/45

     1,250       1,277,897  

Springfield School District/Delaware County, GO

    

(SAW), 5.00%, 03/01/40

     865       919,886  

(SAW), 5.00%, 03/01/43

     590       623,649  

Westmoreland County Municipal Authority, Refunding RB

    

(BAM), 5.00%, 08/15/36

     1,290       1,369,913  

(BAM), 5.00%, 08/15/38

     2,530       2,621,371  
   

 

 

  
          50,247,008  
Puerto Rico — 5.2%            

Commonwealth of Puerto Rico, GO

    

Series A1, Restructured, 5.63%, 07/01/29

     3,910       4,148,696  

Series A1, Restructured, 5.75%, 07/01/31

     3,524       3,796,800  

Puerto Rico Sales Tax Financing Corp Sales Tax Revenue, RB, Series A1, Restructured,
4.75%, 07/01/53

     9,243       8,677,707  

Puerto Rico Sales Tax Financing Corp Sales Tax Revenue, RB, CAB, Series A1, Restructured, 0.00%, 07/01/46(d)

     19,562       5,319,162  

Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB

    

Series A1, Restructured, 5.00%, 07/01/58

       11,123       10,696,578  

Series A-2, Restructured, 4.78%, 07/01/58

     2,097       1,942,273  

Series A-2, Restructured, 4.33%, 07/01/40

     2,508       2,329,656  

Series B-1, Restructured, 4.75%, 07/01/53

     425       397,341  

Series B-2, Restructured, 4.78%, 07/01/58

     412       382,341  
   

 

 

  
      37,690,554  
Rhode Island — 0.7%            

Rhode Island Health and Educational Building Corp., Refunding RB, Series A, 3.75%, 05/15/32

     1,155       1,180,180  

Rhode Island Housing & Mortgage Finance Corp., RB, M/F Housing, Series 3-B, 4.13%, 10/01/49

     295       262,797  

Rhode Island Student Loan Authority, RB, Series A, AMT, 3.63%, 12/01/37

     735       701,631  

Tobacco Settlement Financing Corp.,
Refunding RB

    

Series A, 5.00%, 06/01/35

     1,000       1,010,930  

Series A, 5.00%, 06/01/40

     2,050       2,054,713  
   

 

 

  
      5,210,251  
South Carolina — 4.1%            

Charleston County Airport District, ARB(c)

    

Series A, AMT, 5.50%, 07/01/23

     2,000       2,006,030  

Series A, AMT, 6.00%, 07/01/23

     1,695       1,701,138  

County of Berkeley South Carolina, SAB 4.25%, 11/01/40

     315       260,798  
 

 

 

S C H E D U L E   O F   I N V E S T M E N T S   8

Schedule of Investments (unaudited) (continued)

April 30, 2023

   

BlackRock MuniHoldings Fund, Inc. (MHD)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  

South Carolina (continued)

    

County of Berkeley South Carolina, SAB (continued)

    

4.38%, 11/01/49

   $ 470     $ 360,443  

South Carolina Jobs-Economic Development Authority, RB(b)

    

5.00%, 01/01/40

     485       456,578  

5.00%, 01/01/55

     845       719,550  

South Carolina Jobs-Economic Development Authority, Refunding RB

    

5.00%, 02/01/38

     2,875       2,924,904  

4.00%, 12/01/44

     2,015       1,966,156  

Series A, 5.00%, 05/01/43

     1,680       1,718,170  

Series A, 4.25%, 05/01/48

     1,445       1,336,775  

South Carolina Ports Authority, ARB

    

AMT, 5.25%, 07/01/25(c)

     555       575,047  

AMT, 5.00%, 07/01/55

     710       723,489  

Series B, AMT, 4.00%, 07/01/49

     1,745       1,592,672  

South Carolina Public Service Authority, RB

    

Series A, 5.50%, 12/01/54

     4,450       4,490,290  

Series E, 5.00%, 12/01/48

     440       440,918  

Series E, 5.50%, 12/01/53

       2,500       2,512,230  

South Carolina Public Service Authority, Refunding RB

    

Series A, 5.00%, 12/01/36

     175       180,044  

Series A, 5.00%, 12/01/50

     1,035       1,040,782  

Series E, 5.25%, 12/01/55

     4,685       4,755,045  
   

 

 

  
          29,761,059  
South Dakota — 0.1%            

City of Rapid City South Dakota Sales Tax Revenue, RB, 4.00%, 12/01/26(c)

     740       777,954  
   

 

 

  

Tennessee — 2.7%

    

Chattanooga-Hamilton County Hospital Authority, Refunding RB, Series A, 5.00%, 10/01/44

     875       875,673  

Greeneville Health & Educational Facilities Board, Refunding RB, Series A, 4.00%, 07/01/40

     375       358,005  

Memphis-Shelby County Airport Authority, ARB

    

Series A, AMT, 5.00%, 07/01/45

     3,515       3,660,124  

Series A, AMT, 5.00%, 07/01/49

     2,500       2,589,090  

Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Refunding RB

    

Series A, 4.00%, 10/01/49

     230       177,257  

Series A, 5.25%, 10/01/58

     1,865       1,821,633  

Tennessee Energy Acquisition Corp., Refunding RB, Series A-1, 5.00%, 05/01/53(a)

     9,665       10,007,247  
   

 

 

  
      19,489,029  
Texas — 8.4%            

Arlington Higher Education Finance Corp., RB(b)

    

7.50%, 04/01/62

     1,165       1,236,625  

7.88%, 11/01/62

     1,005       1,033,568  

City of Austin Texas Airport System Revenue, ARB

    

AMT, 5.00%, 11/15/39

     440       446,348  

Series B, AMT, 5.00%, 11/15/44

     1,290       1,338,621  

City of Houston Texas Airport System Revenue, ARB, Series A, AMT, 6.63%, 07/15/38

     225       225,054  

City of Houston Texas Airport System Revenue, Refunding ARB, AMT, 5.00%, 07/15/27

     130       132,176  
Security  

Par

(000)

     Value  

Texas (continued)

    

City of Houston Texas Airport System Revenue, Refunding RB

    

Series A, AMT, 5.00%, 07/01/27

   $ 125     $ 127,348  

Sub-Series A, AMT, 4.00%, 07/01/40

     1,525       1,469,623  

Sub-Series A, AMT, 4.00%, 07/01/46

     1,390       1,278,161  

Sub-Series A, AMT, 4.00%, 07/01/48

     3,420       3,103,937  

Cypress-Fairbanks Independent School District, GO, (PSF), 4.00%, 02/15/48

     630       619,049  

El Paso Independent School District, GO, (PSF), 4.00%, 08/15/43

     890       881,112  

Fort Worth Independent School District, GO, (PSF), 4.00%, 02/15/48

     1,370       1,348,288  

Gunter Independent School District, GO, (PSF), 4.00%, 02/15/53

     470       457,287  

Harris County Cultural Education Facilities Finance Corp., Refunding RB, 4.00%, 10/01/47

     655       626,464  

Harris County-Houston Sports Authority, Refunding RB, Series G, Senior Lien, (NPFGC), 0.00%, 11/15/41(d)

     11,690       4,154,649  

Howe Independent School District, GO, (PSF), 4.00%, 08/15/43

     1,090       1,091,527  

Leander Independent School District, Refunding GO, CAB, Series D, (PSF), 0.00%, 08/15/24(c)(d)

     370       213,251  

Lower Colorado River Authority, Refunding RB, 5.50%, 05/15/33

     2,240       2,244,081  

Midland County Fresh Water Supply District No. 1, RB, CAB, Series A, 0.00%, 09/15/27(c)(d)

       14,680           7,277,589  

New Hope Cultural Education Facilities Finance Corp., RB, Series A, 5.00%, 08/15/50(b)

     455       396,506  

North Texas Tollway Authority, RB, Series B, 0.00%, 09/01/31(c)(d)

     2,415       1,200,190  

North Texas Tollway Authority, Refunding RB

    

4.25%, 01/01/49

     3,165       3,115,879  

Series A, 5.00%, 01/01/48

     1,060       1,105,164  

San Antonio Public Facilities Corp., Refunding RB, Convertible, 4.00%, 09/15/42

     5,150       5,009,003  

San Antonio Water System, Refunding RB, Series A, Junior Lien, 5.00%, 05/15/48

     945       987,110  

Tarrant County Cultural Education Facilities Finance Corp., RB

    

Series A, 4.00%, 07/01/53

     6,695       6,098,000  

Series A, 5.00%, 07/01/53

     2,080       2,165,039  

Series B, 5.00%, 07/01/36

     1,500       1,607,888  

Series B, 5.00%, 07/01/48

     3,330       3,428,718  

Texas City Industrial Development Corp., RB, Series 2012, 4.13%, 12/01/45

     255       222,682  

Texas Department of Housing & Community Affairs, RB, S/F Housing

    

Series A, (GNMA COLL), 4.25%, 09/01/43

     135       134,626  

Series A, (GNMA COLL), 3.75%, 09/01/49

     850       824,531  

Texas Private Activity Bond Surface Transportation Corp., RB, AMT, 5.00%, 06/30/58

     2,080       2,081,764  

Texas Transportation Commission State Highway 249 System, RB, CAB(d)

    

0.00%, 08/01/35

     270       145,453  

0.00%, 08/01/36

     145       72,498  

0.00%, 08/01/37

     195       90,611  

0.00%, 08/01/38

     200       86,746  

0.00%, 08/01/39

     1,000       407,509  

0.00%, 08/01/43

     795       250,695  
 

 

 

9  

Schedule of Investments (unaudited) (continued)

April 30, 2023

   

BlackRock MuniHoldings Fund, Inc. (MHD)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  

Texas (continued)

    

Texas Transportation Commission State Highway 249 System, RB, CAB(d) (continued)

    

0.00%, 08/01/44

   $ 870     $ 256,352  

0.00%, 08/01/45

     1,135       312,114  

Texas Water Development Board, RB,
4.00%, 10/15/45

     1,195       1,185,974  
   

 

 

  
          60,489,810  
Utah — 0.7%            

City of Salt Lake City Utah Airport Revenue, ARB

    

Series A, AMT, 5.00%, 07/01/43

     530       546,128  

Series A, AMT, 5.00%, 07/01/47

     665       677,687  

Series A, AMT, 5.00%, 07/01/48

       2,205       2,250,399  

Utah Charter School Finance Authority, RB

    

5.00%, 10/15/48

     360       367,704  

Series A, 5.00%, 06/15/39(b)

     200       187,744  

Utah Charter School Finance Authority, Refunding RB

    

5.00%, 06/15/40(b)

     150       139,674  

4.00%, 04/15/42

     400       378,470  

5.00%, 06/15/55(b)

     385       335,449  
   

 

 

  
      4,883,255  
Vermont — 0.1%            

University of Vermont and State Agricultural College, Refunding RB, 4.00%, 10/01/37

     500       502,228  

Vermont Student Assistance Corp., RB, Series A, AMT, 4.13%, 06/15/30

     285       286,356  
   

 

 

  
      788,584  
Virginia — 2.8%            

Ballston Quarter Community Development Authority, TA, Series A, AMT, 5.38%, 03/01/36

     465       369,701  

Fairfax County Industrial Development Authority, Refunding RB, 4.00%, 05/15/42

     4,870       4,858,663  

Hampton Roads Transportation Accountability Commission, RB

    

Series A, 4.00%, 07/01/52

     4,055       3,898,043  

Series A, Senior Lien, 4.00%, 07/01/55

     5,405       5,187,179  

Roanoke Economic Development Authority, Refunding RB, 3.00%, 07/01/45

     2,530       1,992,681  

Virginia Beach Development Authority, Refunding RB

    

5.00%, 09/01/44

     585       552,349  

4.00%, 09/01/48

     375       296,462  

Virginia Housing Development Authority, RB, M/F Housing, Series B, 4.00%, 06/01/53

     385       358,806  

Virginia Small Business Financing Authority, RB, AMT, 5.00%, 12/31/52

     2,330       2,306,952  
   

 

 

  
      19,820,836  
Washington — 1.9%            

Port of Seattle Washington, ARB

    

Series A, AMT, 5.00%, 05/01/43

     1,470       1,512,343  

Series C, AMT, 5.00%, 04/01/40

     930       941,997  

Series C, AMT, Intermediate Lien, 5.00%, 05/01/37

     1,450       1,509,879  

Port of Seattle Washington, Refunding ARB, AMT, Intermediate Lien, 5.50%, 08/01/47

     1,760       1,917,312  
Security  

Par

(000)

     Value  

Washington (continued)

    

State of Washington, COP, Series B, 5.00%, 07/01/37

   $ 3,910     $ 4,220,153  

Washington State Convention Center Public Facilities District, RB, Class B, 3.00%, 07/01/58

     3,715       2,456,184  

Washington State Housing Finance Commission, Refunding RB(b)

    

5.00%, 01/01/38

     600       528,142  

5.00%, 01/01/43

     900       759,735  
   

 

 

  
      13,845,745  
West Virginia — 0.4%            

West Virginia Hospital Finance Authority, RB, Series A, 4.00%, 06/01/51

     2,910       2,603,597  
   

 

 

  

Wisconsin — 1.5%

    

Public Finance Authority, RB

    

Class A, 6.00%, 06/15/52

     385       367,953  

Class A, 6.13%, 06/15/57

     435       418,754  

Series A, 5.00%, 07/15/39(b)

     100       89,698  

Series A, 5.00%, 10/15/40(b)

     425       400,293  

Series A, 5.00%, 07/15/49(b)

     245       204,129  

Series A, 5.00%, 10/15/50(b)

     540       482,775  

Series A, 5.00%, 07/15/54(b)

     115       93,910  

Series A, 5.00%, 07/01/55(b)

     300       261,091  

Series A, 5.00%, 10/15/55(b)

     560       493,806  

Series A-1, 4.50%, 01/01/35(b)

     230       205,035  

Public Finance Authority, Refunding RB

    

5.00%, 09/01/49(b)

     165       128,779  

5.00%, 09/01/54(b)

     130       99,662  

Series A, 4.00%, 10/01/49

     2,000       1,843,622  

Series A, 5.00%, 11/15/49

     335       309,191  

AMT, 4.00%, 08/01/35

     280       249,161  

Wisconsin Health & Educational Facilities Authority, Refunding RB

    

5.00%, 04/01/44

     2,005       2,095,662  

4.00%, 12/01/46

       2,055       1,954,476  

Wisconsin Housing & Economic Development Authority Housing Revenue, RB, M/F Housing, Series A, 4.45%, 05/01/57

     575       537,816  

WPPI Energy, Refunding RB, Series A,
5.00%, 07/01/37

     665       677,714  
   

 

 

  
      10,913,527  
   

 

 

  

Total Municipal Bonds — 141.5%
(Cost: $1,019,823,515)

           1,018,113,905  
   

 

 

  

Municipal Bonds Transferred to Tender Option Bond Trusts(i)

 

Arizona — 0.1%

    

Maricopa County Industrial Development Authority, RB, Series A, 4.00%, 01/01/41

     915       894,839  
   

 

 

  

Colorado — 0.6%

    

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

     4,650       4,514,581  
   

 

 

  
 

 

 

S C H E D U L E   O F   I N V E S T M E N T S   10

Schedule of Investments (unaudited) (continued)

April 30, 2023

   

BlackRock MuniHoldings Fund, Inc. (MHD)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  

 

  

District of Columbia — 0.2%

    

District of Columbia Housing Finance Agency, RB, M/F Housing, Series B-2, 4.10%, 09/01/39

   $ 1,300     $ 1,268,388  
   

 

 

  

Florida — 0.5%

    

City of Tampa Florida, RB, Series A, 4.00%, 11/15/46

     1,930       1,743,176  

Escambia County Health Facilities Authority, Refunding RB, 4.00%, 08/15/45(j)

     1,771       1,578,859  
   

 

 

  
      3,322,035  
Georgia — 1.7%            

Main Street Natural Gas, Inc., RB, Series B, 5.00%, 12/01/52

       11,930           12,496,589  
   

 

 

  

Illinois — 0.1%

    

City of Chicago Illinois Waterworks Revenue, Refunding RB, 2nd Lien, (AGM), 5.25%, 11/01/33

     480       480,799  
   

 

 

  

Iowa — 0.2%

    

Iowa Finance Authority, Refunding RB, Series E, 4.00%, 08/15/46

     1,450       1,365,668  
   

 

 

  

Michigan — 0.3%

    

Michigan State Housing Development Authority, RB, M/F Housing, Series A, 4.05%, 10/01/48

     2,338       2,099,452  
   

 

 

  

Nebraska — 0.8%

    

Central Plains Energy Project, RB, Series 1, 5.00%, 05/01/53

     5,710       5,958,150  
   

 

 

  

New York — 0.4%

    

New York City Housing Development Corp., Refunding RB, Series A, 4.15%, 11/01/38

     2,907       2,826,729  
   

 

 

  

Pennsylvania(j) — 0.9%

    

Commonwealth of Pennsylvania, GO, 1st Series, 4.00%, 03/01/38

     3,650       3,727,676  

Northampton County General Purpose Authority, Refunding RB, 4.00%, 11/01/38

     2,596       2,589,766  
   

 

 

  
      6,317,442  
Rhode Island — 0.2%            

Rhode Island Health and Educational Building Corp., RB, Series A, 4.00%, 09/15/47

     1,980       1,829,468  
   

 

 

  

Texas — 0.9%

    

County of Hidalgo Texas, GO, Series A,
4.00%, 08/15/43

     2,297       2,275,502  

Tarrant County Cultural Education Facilities Finance Corp., RB, Series A, 5.00%, 11/15/38

     4,456       4,458,760  
   

 

 

  
      6,734,262  
West Virginia — 0.2%            

Morgantown Utility Board, Inc., RB, Series B, 4.00%, 12/01/48(j)

     1,511       1,433,373  
   

 

 

  

Wisconsin — 0.6%

    

Wisconsin Housing & Economic Development Authority Housing Revenue, RB, M/F Housing Series A, 4.10%, 11/01/43

     1,342       1,260,049  
Security  

Par

(000)

     Value  

 

  

Wisconsin (continued)

    

Wisconsin Housing & Economic Development Authority Housing Revenue, RB, M/F Housing (continued)

    

Series A, 4.30%, 11/01/53

   $ 1,395     $ 1,275,023  

Series A, 4.45%, 05/01/57

     1,678       1,575,062  
   

 

 

  
      4,110,134  
   

 

 

  

Total Municipal Bonds Transferred to Tender Option Bond Trusts — 7.7%
(Cost: $57,305,343)

 

     55,651,909  
   

 

 

  

Total Long-Term Investments — 149.2%
(Cost: $1,077,128,858)

       1,073,765,814  
   

 

 

  
    Shares        

 

  
Short-Term Securities            

Money Market Funds — 2.7%

    

BlackRock Liquidity Funds, MuniCash, Institutional Class, 3.27%(k)(l)

     19,426,703       19,424,761  
   

 

 

  

Total Short-Term Securities — 2.7%
(Cost: $19,424,335)

       19,424,761  
   

 

 

  

Total Investments — 151.9%
(Cost: $1,096,553,193)

       1,093,190,575  

Other Assets Less Liabilities — 1.1%

       8,130,068  

Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (4.7)%

 

     (33,730,394 ) 

VMTP Shares at Liquidation Value, Net of Deferred Offering Costs — (48.3)%

 

     (347,800,000 ) 
   

 

 

  

Net Assets Applicable to Common Shares — 100.0%

 

   $ 719,790,249  
   

 

 

  

 

(a) 

Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available.

(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) 

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) 

Zero-coupon bond.

(e) 

Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step-down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect.

(f) 

Security is collateralized by municipal bonds or U.S. Treasury obligations.

(g) 

Issuer filed for bankruptcy and/or is in default.

(h) 

Non-income producing security.

(i) 

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.

(j) 

All or a portion of the security is subject to a recourse agreement. The aggregate maximum potential amount the Fund could ultimately be required to pay under the agreements, which expire between March 1, 2026 to February 15, 2028, is $5,393,921.

(k) 

Affiliate of the Fund.

(l) 

Annualized 7-day yield as of period end.

 

 

For Fund compliance purposes, the Fund’s sector classifications refer to one or more of the sector sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such sector sub-classifications for reporting ease.

 

 

11  

Schedule of Investments (unaudited) (continued)

April 30, 2023

    BlackRock MuniHoldings Fund, Inc. (MHD)

 

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the period ended April 30, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

                   
Affiliated Issuer  

Value at

07/31/22

     

Purchases

at Cost

    

Proceeds

from Sales

     

Net

Realized

Gain (Loss)

     

Change in

Unrealized

Appreciation

(Depreciation)

    

Value at

04/30/23

     

Shares

Held at

04/30/23

      Income     

Capital Gain

Distributions

from

Underlying

Funds

  

BlackRock Liquidity Funds, MuniCash, Institutional Class

   $  2,928,146      $ 16,492,597 (a)    $ —      $ 4,430      $ (412 )    $  19,424,761        19,426,703      $  216,386      $ —  
         

 

 

     

 

 

    

 

 

        

 

 

     

 

 

  

 

  (a)

Represents net amount purchased (sold).

 

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

 

         
Description  

Number of

Contracts

     

Expiration

Date

     

Notional

Amount (000)

     

Value/

Unrealized

Appreciation

(Depreciation)

  

Short Contracts

           

10-Year U.S. Treasury Note

     135        06/21/23      $ 15,586      $ (490,182 ) 

U.S. Long Bond

     225        06/21/23        29,672        (1,136,293 ) 

5-Year U.S. Treasury Note

     140        06/30/23        15,393        (375,068 ) 
          

 

 

  
           $ (2,001,543 ) 
          

 

 

  

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

 

  •  

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

 

  •  

Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market–corroborated inputs); and

 

  •  

Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund’s policy regarding valuation of financial instruments, refer to its most recent financial statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

 

                                                                                                   
         
     Level 1      Level 2      Level 3      Total  

Assets

           

Investments

           

Long-Term Investments

           

Municipal Bonds

   $ —      $  1,018,113,905      $ —      $  1,018,113,905  

Municipal Bonds Transferred to Tender Option Bond Trusts

     —        55,651,909        —        55,651,909  

Short-Term Securities

           

Money Market Funds

     19,424,761        —        —        19,424,761  
 

 

 

     

 

 

     

 

 

     

 

 

  
  $ 19,424,761      $ 1,073,765,814      $ —      $ 1,093,190,575  
 

 

 

     

 

 

     

 

 

     

 

 

  

 

 

S C H E D U L E   O F   I N V E S T M E N T S   12

Schedule of Investments (unaudited) (continued)

April 30, 2023

    BlackRock MuniHoldings Fund, Inc. (MHD)

 

Fair Value Hierarchy as of Period End (continued)

 

                                                                                                   
         
     Level 1     Level 2      Level 3      Total  

Derivative Financial Instruments(a)

          

Liabilities

          

Interest Rate Contracts

   $ (2,001,543 )    $ —      $ —      $ (2,001,543 ) 
 

 

 

    

 

 

     

 

 

     

 

 

  

 

  (a)

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

 

The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial reporting purposes. As of period end, such assets and/or liabilities are categorized within the fair value hierarchy as follows:

 

                                                                                                   

 

  
    Level 1      Level 2     Level 3      Total  

 

  

Liabilities

          

TOB Trust Certificates

   $ —      $ (33,397,058 )    $ —      $ (33,397,058 ) 

VMTP Shares at Liquidation Value

     —        (347,800,000 )      —        (347,800,000 ) 
 

 

 

     

 

 

    

 

 

     

 

 

  
  $ —      $  (381,197,058 )    $ —      $  (381,197,058 ) 
 

 

 

     

 

 

    

 

 

     

 

 

  

 

Portfolio Abbreviation
AGC    Assured Guaranty Corp.
AGM    Assured Guaranty Municipal Corp.
AGM-CR    AGM Insured Custodial Receipt
AMT    Alternative Minimum Tax
ARB    Airport Revenue Bonds
BAM    Build America Mutual Assurance Co.
BAM-TCRS   

Build America Mutual Assurance Co.- Transferable
Custodial Receipts

CAB    Capital Appreciation Bonds
COP    Certificates of Participation
CR    Custodian Receipt
FHLMC    Federal Home Loan Mortgage Corp.
FNMA    Federal National Mortgage Association
GNMA    Government National Mortgage Association
GO    General Obligation Bonds
GTD    GTD Guaranteed
M/F    Multi-Family
NPFGC    National Public Finance Guarantee Corp.
PSF    Permanent School Fund
RB    Revenue Bond
S/F    Single-Family
SAB    Special Assessment Bonds
SAW    State Aid Withholding
ST    Special Tax
TA    Tax Allocation

 

 

13