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: 04/30/2012

 

Date of reporting period: 07/31/2011

 

Item 1 – Schedule of Investments

 

 

 

 

 

 

Schedule of Investments July 31, 2011 (Unaudited)

BlackRock MuniHoldings Fund, Inc. (MHD)

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Alabama — 1.9%

 

 

 

 

 

 

 

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

 

$

4,550

 

$

4,007,777

 

Alaska — 0.5%

 

 

 

 

 

 

 

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

 

 

1,660

 

 

1,095,583

 

Arizona — 4.5%

 

 

 

 

 

 

 

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

 

 

2,200

 

 

1,469,446

 

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

 

 

2,215

 

 

1,883,104

 

Pima County IDA, Refunding IDRB,
Tucson Electric Power, 5.75%,
9/01/29

 

 

770

 

 

779,325

 

Salt River Project Agricultural
Improvement & Power District, RB,
Series A, 5.00%, 1/01/38

 

 

1,370

 

 

1,400,893

 

Salt Verde Financial Corp., RB, Senior:

 

 

 

 

 

 

 

5.00%, 12/01/32

 

 

2,000

 

 

1,809,960

 

5.00%, 12/01/37

 

 

2,360

 

 

2,112,342

 

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

 

 

260

 

 

261,331

 

 

 

 

 

 

 

9,716,401

 

Arkansas — 0.5%

 

 

 

 

 

 

 

County of Little River Arkansas,
Refunding RB, Georgia-Pacific Corp.
Project, AMT, 5.60%, 10/01/26

 

 

1,155

 

 

1,118,225

 

California — 16.9%

 

 

 

 

 

 

 

Agua Caliente Band of Cahuilla Indians,
RB, 5.60%, 7/01/13 (a)

 

 

255

 

 

250,048

 

California Health Facilities Financing
Authority, Refunding RB:

 

 

 

 

 

 

 

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

 

 

1,530

 

 

1,547,365

 

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

 

 

2,200

 

 

2,343,616

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

California (concluded)

 

 

 

 

 

 

 

California State Public Works Board, RB,
Various Capital Projects, Sub-
Series I-1, 6.38%, 11/01/34

 

$

820

 

$

870,643

 

California Statewide Communities
Development Authority, RB:

 

 

 

 

 

 

 

Health Facility, Memorial
Health Services, Series A,
6.00%, 10/01/23

 

 

3,870

 

 

4,012,803

 

John Muir Health, 5.13%,
7/01/39

 

 

1,510

 

 

1,446,203

 

Los Angeles Department of Airports, RB,
Series A, 5.25%, 5/15/39

 

 

555

 

 

571,406

 

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

 

 

4,115

 

 

4,173,186

 

Montebello Unified School District
California, GO, CAB (NPFGC) (b):

 

 

 

 

 

 

 

5.64%, 8/01/22

 

 

2,405

 

 

1,253,270

 

5.62%, 8/01/23

 

 

2,455

 

 

1,163,817

 

San Diego Unified School District
California, GO, CAB, Election of 2008,
Series A, 6.06%, 7/01/29 (b)

 

 

3,475

 

 

1,204,505

 

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

 

 

6,600

 

 

6,684,150

 

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

 

 

8,370

 

 

9,370,382

 

University of California, RB, Limited
Project, Series B, 4.75%, 5/15/38

 

 

1,665

 

 

1,575,606

 

 

 

 

 

 

 

36,467,000

 

Colorado — 2.7%

 

 

 

 

 

 

 

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

 

 

1,455

 

 

1,333,304

 

Colorado Health Facilities Authority,
Refunding RB, Sisters of Leavenworth,
Series A, 5.00%, 1/01/40

 

 

1,525

 

 

1,475,514

 

 

 

Portfolio Abbreviations

 

To simplify the listings of portfolio holdings in the Schedule of Investments, the names and descriptions of many of the securities have been abbreviated according to the following list:


 

 

ACA

ACA Financial Guaranty Corp.

AGC

Assured Guaranty Corp.

AGM

Assured Guaranty Municipal Corp.

AMBAC

American Municipal Bond Assurance Corp.

AMT

Alternative Minimum Tax (subject to)

CAB

Capital Appreciation Bonds

COP

Certificates of Participation

EDA

Economic Development Authority

EDC

Economic Development Corp.

ERB

Education Revenue Bonds

FHA

Federal Housing Administration

GO

General Obligation Bonds

HDA

Housing Development Authority

HFA

Housing Finance Agency

HRB

Housing Revenue Bonds

HUD

US Department of Housing and Urban Development

IDA

Industrial Development Authority

IDRB

Industrial Development Revenue Bonds

M/F

Multi-Family

NPFGC

National Public Finance Guarantee Corp.

RB

Revenue Bonds

SAN

State Aid Notes

 

 

 

 

 

 

 

 

 

BLACKROCK MUNIHOLDINGS FUND, INC.

JULY 31, 2011

1


 

 

 

 

Schedule of Investments (continued)

BlackRock MuniHoldings Fund, Inc. (MHD)

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Colorado (concluded)

 

 

 

 

 

 

 

Plaza Metropolitan District No. 1
Colorado, Tax Allocation Bonds, Tax
Increment, Subordinate Public
Improvement Fee, Tax Increment,
8.13%, 12/01/25

 

$

1,000

 

$

917,280

 

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

 

 

710

 

 

738,556

 

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

 

 

1,250

 

 

1,307,212

 

 

 

 

 

 

 

5,771,866

 

Connecticut — 2.5%

 

 

 

 

 

 

 

Connecticut State Development
Authority, RB, AFCO, Cargo BDL LLC
Project, AMT, 8.00%, 4/01/30

 

 

2,700

 

 

1,799,334

 

Connecticut State Health & Educational
Facility Authority, RB:

 

 

 

 

 

 

 

Ascension Health Senior
Credit, 5.00%, 11/15/40

 

 

955

 

 

963,967

 

Wesleyan University, 5.00%,
7/01/35

 

 

2,515

 

 

2,610,218

 

 

 

 

 

 

 

5,373,519

 

Delaware — 1.5%

 

 

 

 

 

 

 

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

 

 

790

 

 

796,123

 

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

 

 

2,830

 

 

2,552,575

 

 

 

 

 

 

 

3,348,698

 

District of Columbia — 2.3%

 

 

 

 

 

 

 

Metropolitan Washington Airports
Authority, RB:

 

 

 

 

 

 

 

CAB, Second Senior Lien, Series B
(AGC), 7.10%, 10/01/35 (b)

 

 

13,485

 

 

2,941,078

 

First Senior Lien, Series A,
5.00%, 10/01/39

 

 

505

 

 

505,975

 

First Senior Lien, Series A,
5.25%, 10/01/44

 

 

1,470

 

 

1,477,644

 

 

 

 

 

 

 

4,924,697

 

Florida — 8.5%

 

 

 

 

 

 

 

City of Clearwater Florida, RB, Series A,
5.25%, 12/01/39

 

 

1,195

 

 

1,228,209

 

County of Broward Florida, RB, Series A,
5.25%, 10/01/34

 

 

750

 

 

787,860

 

County of Miami-Dade Florida, RB:

 

 

 

 

 

 

 

CAB, Sub-Series A (NPFGC), 5.24%,
10/01/37 (b)

 

 

2,340

 

 

381,467

 

Water & Sewer System,
5.00%, 10/01/34

 

 

3,935

 

 

4,001,344

 

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

 

 

2,620

 

 

2,635,825

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Florida (concluded)

 

 

 

 

 

 

 

Greater Orlando Aviation Authority
Florida, RB, Special Purpose, JetBlue
Airways Corp., AMT, 6.50%, 11/15/36

 

$

2,095

 

$

1,998,714

 

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

 

 

1,900

 

 

1,727,822

 

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

 

 

1,570

 

 

1,598,684

 

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

 

 

2,400

 

 

2,376,024

 

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

 

 

665

 

 

396,885

 

Preserve at Wilderness Lake Community
Development District, Special
Assessment Bonds, Series A, 5.90%,
5/01/34

 

 

1,495

 

 

1,304,387

 

 

 

 

 

 

 

18,437,221

 

Georgia — 1.9%

 

 

 

 

 

 

 

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

 

 

585

 

 

593,594

 

Metropolitan Atlanta Rapid Transit
Authority, RB, Third Series, 5.00%,
7/01/39

 

 

2,410

 

 

2,406,288

 

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

 

 

1,045

 

 

1,073,184

 

 

 

 

 

 

 

4,073,066

 

Guam — 0.7%

 

 

 

 

 

 

 

Territory of Guam, GO, Series A:

 

 

 

 

 

 

 

6.00%, 11/15/19

 

 

440

 

 

437,034

 

6.75%, 11/15/29

 

 

630

 

 

641,107

 

7.00%, 11/15/39

 

 

430

 

 

443,618

 

 

 

 

 

 

 

1,521,759

 

Hawaii — 0.4%

 

 

 

 

 

 

 

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

 

 

945

 

 

977,612

 

Illinois — 8.6%

 

 

 

 

 

 

 

City of Chicago Illinois, RB, O’Hare
International Airport, General, Third
Lien, Series A, 5.75%, 1/01/39

 

 

2,000

 

 

2,087,080

 

City of Chicago Illinois, Refunding RB,
General, Third Lien, Series C, 6.50%,
1/01/41

 

 

4,055

 

 

4,462,568

 

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

 

 

1,200

 

 

1,193,952

 

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

 

 

1,115

 

 

1,131,145

 

Illinois HDA, RB, Homeowner Mortgage,
Sub-Series C2, AMT, 5.35%, 2/01/27

 

 

2,605

 

 

2,612,555

 

 

 

 

 

 

 

 

 

 

BLACKROCK MUNIHOLDINGS FUND, INC.

JULY 31, 2011

2


 

 

 

 

Schedule of Investments (continued)

BlackRock MuniHoldings Fund, Inc. (MHD)

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Illinois (concluded)

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

CAB, Series B, 6.25%,
6/15/47 (b)

 

$

13,220

 

$

1,346,060

 

Series B, 5.00%, 6/15/50

 

 

2,190

 

 

2,011,647

 

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

 

 

1,740

 

 

1,598,294

 

Railsplitter Tobacco Settlement
Authority, RB:

 

 

 

 

 

 

 

5.50%, 6/01/23

 

 

930

 

 

963,527

 

6.00%, 6/01/28

 

 

800

 

 

823,880

 

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

 

 

440

 

 

446,490

 

 

 

 

 

 

 

18,677,198

 

Indiana — 1.8%

 

 

 

 

 

 

 

Indiana Finance Authority, RB, Sisters of
St. Francis Health, 5.25%, 11/01/39

 

 

585

 

 

587,673

 

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

 

 

2,300

 

 

2,382,662

 

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

 

 

775

 

 

822,531

 

 

 

 

 

 

 

3,792,866

 

Kansas — 1.3%

 

 

 

 

 

 

 

Kansas Development Finance Authority,
Refunding RB:

 

 

 

 

 

 

 

Adventist Health, 5.75%,
11/15/38

 

 

1,520

 

 

1,614,513

 

Sisters of Leavenworth, Series A,
5.00%, 1/01/40

 

 

1,155

 

 

1,165,222

 

 

 

 

 

 

 

2,779,735

 

Kentucky — 0.7%

 

 

 

 

 

 

 

Kentucky Economic Development
Finance Authority, Refunding RB,
Owensboro Medical Health System,
Series A, 6.38%, 6/01/40

 

 

700

 

 

713,412

 

Louisville & Jefferson County
Metropolitan Sewer District Kentucky,
RB, Series A (NPFGC), 5.50%,
5/15/34

 

 

700

 

 

714,105

 

 

 

 

 

 

 

1,427,517

 

Louisiana — 2.2%

 

 

 

 

 

 

 

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

 

 

570

 

 

588,177

 

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

 

 

3,500

 

 

3,655,190

 

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

 

 

430

 

 

429,983

 

 

 

 

 

 

 

4,673,350

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Maine — 0.1%

 

 

 

 

 

 

 

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

 

$

210

 

$

210,672

 

Maryland — 1.4%

 

 

 

 

 

 

 

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

 

 

300

 

 

293,991

 

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

 

 

580

 

 

572,263

 

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

 

 

1,520

 

 

1,555,735

 

Maryland State Energy Financing
Administration, RB, Cogeneration, AES
Warrior Run, AMT, 7.40%, 9/01/19

 

 

535

 

 

536,134

 

 

 

 

 

 

 

2,958,123

 

Massachusetts — 2.3%

 

 

 

 

 

 

 

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

 

 

1,165

 

 

1,134,407

 

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

 

 

2,900

 

 

2,657,705

 

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

 

 

1,255

 

 

1,259,016

 

 

 

 

 

 

 

5,051,128

 

Michigan — 2.3%

 

 

 

 

 

 

 

City of Detroit Michigan, RB, Senior Lien,
Series B (AGM), 7.50%, 7/01/33

 

 

635

 

 

748,684

 

Flint Hospital Building Authority
Michigan, Refunding RB, Hurley
Medical Center (ACA), 6.00%,
7/01/20

 

 

1,150

 

 

1,143,663

 

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

 

 

955

 

 

952,355

 

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

 

 

2,105

 

 

2,093,149

 

 

 

 

 

 

 

4,937,851

 

Minnesota — 1.1%

 

 

 

 

 

 

 

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

 

 

2,135

 

 

2,321,407

 

Mississippi — 0.7%

 

 

 

 

 

 

 

Mississippi Development Bank Special
Obligation, Refunding RB, Gulfport
Water & Sewer System Project (AGM):

 

 

 

 

 

 

 

5.25%, 7/01/17

 

 

350

 

 

395,329

 

5.25%, 7/01/19

 

 

435

 

 

477,586

 

 

 

 

 

 

 

 

 

 

BLACKROCK MUNIHOLDINGS FUND, INC.

JULY 31, 2011

3


 

 

 

 

 

Schedule of Investments (continued)

BlackRock MuniHoldings Fund, Inc. (MHD)

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Mississippi (concluded)

 

 

 

 

 

 

 

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

 

$

675

 

$

702,574

 

 

 

 

 

 

 

1,575,489

 

New Hampshire — 1.5%

 

 

 

 

 

 

 

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

 

 

3,035

 

 

3,249,726

 

New Jersey — 7.4%

 

 

 

 

 

 

 

New Jersey EDA, RB:

 

 

 

 

 

 

 

Cigarette Tax, 5.75%,
6/15/29

 

 

5,385

 

 

5,337,127

 

Continental Airlines Inc.
Project, 6.25%, 9/15/29

 

 

2,950

 

 

2,816,041

 

Continental Airlines Inc.
Project, AMT, 6.63%, 9/15/12

 

 

1,000

 

 

1,012,220

 

New Jersey State Turnpike Authority, RB,
Series C (AGM), 5.00%, 1/01/30

 

 

3,500

 

 

3,569,265

 

New Jersey Transportation Trust Fund
Authority, RB, Transportation System,
Series A, 5.50%, 6/15/41

 

 

1,575

 

 

1,644,442

 

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

 

 

1,740

 

 

1,577,240

 

 

 

 

 

 

 

15,956,335

 

New York — 5.1%

 

 

 

 

 

 

 

Dutchess County Industrial
Development Agency New York,
Refunding RB, St. Francis Hospital,
Series A, 7.50%, 3/01/29

 

 

1,000

 

 

978,260

 

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

 

 

1,450

 

 

1,556,662

 

Metropolitan Transportation Authority,
Refunding RB:

 

 

 

 

 

 

 

Series B, 5.00%, 11/15/34

 

 

1,740

 

 

1,785,014

 

Transportation, Series D,
5.25%, 11/15/40

 

 

840

 

 

850,408

 

New York City Industrial Development
Agency, RB:

 

 

 

 

 

 

 

British Airways Plc Project,
7.63%, 12/01/32

 

 

1,500

 

 

1,518,120

 

Continental Airlines Inc.
Project, AMT, 8.00%,
11/01/12

 

 

300

 

 

305,838

 

Continental Airlines Inc.
Project, Mandatory Put Bonds,
AMT, 8.38%, 11/01/16 (c)

 

 

725

 

 

745,996

 

Series C, 6.80%, 6/01/28

 

 

535

 

 

552,917

 

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

 

 

850

 

 

874,285

 

Port Authority of New York & New Jersey,
RB, JFK International Air Terminal:

 

 

 

 

 

 

 

6.00%, 12/01/36

 

 

900

 

 

914,445

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

New York (concluded)

 

 

 

 

 

 

 

Port Authority of New York & New Jersey,
RB, JFK International Air Terminal
(concluded):

 

 

 

 

 

 

 

6.00%, 12/01/42

 

$

875

 

$

885,202

 

 

 

 

 

 

 

10,967,147

 

North Carolina — 0.4%

 

 

 

 

 

 

 

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

 

 

970

 

 

978,070

 

Pennsylvania — 5.5%

 

 

 

 

 

 

 

Allegheny County Hospital Development
Authority, Refunding RB, Health
System, West Penn, Series A, 5.38%,
11/15/40

 

 

1,510

 

 

1,269,698

 

Bucks County IDA, RB, Ann’s Choice Inc.
Facility, Series A, 6.25%, 1/01/35

 

 

1,700

 

 

1,525,410

 

Montgomery County Higher Education &
Health Authority, Refunding RB,
Abington Memorial Hospital, Series A,
5.13%, 6/01/33

 

 

645

 

 

629,636

 

Pennsylvania Economic Development
Financing Authority, RB:

 

 

 

 

 

 

 

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

 

 

2,520

 

 

2,697,282

 

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

 

 

3,500

 

 

2,889,040

 

Philadelphia Authority for Industrial
Development, RB:

 

 

 

 

 

 

 

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

 

 

1,105

 

 

1,053,662

 

Commercial Development,
7.75%, 12/01/17

 

 

725

 

 

725,544

 

Saligman House Project, Series C,
HUD, 6.10%, 7/01/33

 

 

1,245

 

 

1,187,157

 

 

 

 

 

 

 

11,977,429

 

Puerto Rico — 2.7%

 

 

 

 

 

 

 

Puerto Rico Industrial Medical &
Environmental Pollution Control
Facilities Financing Authority, RB,
Special Facilities, American Airlines,
Series A, 6.45%, 12/01/25

 

 

1,205

 

 

1,069,703

 

Puerto Rico Sales Tax Financing Corp.,
RB, First Sub-Series A, 6.50%,
8/01/44

 

 

3,860

 

 

4,172,081

 

Puerto Rico Sales Tax Financing Corp.,
Refunding RB, CAB, First Sub-Series C,
6.52%, 8/01/38 (b)

 

 

2,975

 

 

490,161

 

 

 

 

 

 

 

5,731,945

 

South Carolina — 1.1%

 

 

 

 

 

 

 

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

 

 

2,285

 

 

2,325,627

 

 

 

 

 

 

 

 

 

 

BLACKROCK MUNIHOLDINGS FUND, INC.

JULY 31, 2011

4


 

 

 

 

 

Schedule of Investments (continued)

BlackRock MuniHoldings Fund, Inc. (MHD)

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Tennessee — 2.5%

 

 

 

 

 

 

 

Educational Funding of the South Inc.,
RB, Senior, Sub-Series B, AMT, 6.20%,
12/01/21

 

$

2,685

 

$

2,688,517

 

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

 

 

2,685

 

 

2,684,517

 

 

 

 

 

 

 

5,373,034

 

Texas — 13.4%

 

 

 

 

 

 

 

Brazos River Authority, Refunding RB,
TXU Electric Co. Project, Series C,
Mandatory Put Bonds, AMT, 5.75%,
5/01/36 (c)

 

 

1,000

 

 

984,290

 

Brazos River Harbor Navigation District,
Refunding RB, Dow Chemical Co.
Project, Series A7, AMT, 6.63%,
5/15/33

 

 

3,655

 

 

3,722,435

 

Central Texas Regional Mobility
Authority, RB, Senior Lien, 6.25%,
1/01/46

 

 

1,480

 

 

1,474,716

 

City of Dallas Texas, Refunding RB,
5.00%, 10/01/35

 

 

1,050

 

 

1,105,167

 

City of Houston Texas, RB, Senior Lien,
Series A, 5.50%, 7/01/39

 

 

1,070

 

 

1,105,353

 

City of Houston Texas, Refunding RB,
Sub-Lien, Series A, AMT:

 

 

 

 

 

 

 

5.00%, 7/01/22

 

 

1,120

 

 

1,161,653

 

5.00%, 7/01/24

 

 

1,000

 

 

1,011,660

 

Harris County Health Facilities
Development Corp., Refunding RB,
Memorial Hermann Healthcare
System, Series B, 7.25%, 12/01/35

 

 

1,910

 

 

2,115,478

 

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

 

 

820

 

 

841,468

 

Matagorda County Hospital District
Texas, RB (FHA), 5.00%, 2/15/35

 

 

1,675

 

 

1,636,441

 

North Texas Tollway Authority, RB:

 

 

 

 

 

 

 

CAB, Special Projects System,
Series B, 7.55%, 9/01/37 (b)

 

 

1,400

 

 

251,202

 

Toll, Second Tier, Series F,
6.13%, 1/01/31

 

 

4,190

 

 

4,326,133

 

Sabine River Authority Texas, Refunding
RB, TXU Electric Co. Project, Series B,
Mandatory Put Bonds, AMT, 5.75%,
5/01/30 (c)

 

 

250

 

 

245,468

 

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

 

 

 

 

 

 

 

5.50%, 8/01/24

 

 

1,100

 

 

1,133,011

 

5.50%, 8/01/25

 

 

1,120

 

 

1,153,130

 

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

 

 

 

 

 

 

 

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

 

 

2,990

 

 

3,179,147

 

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

 

 

2,695

 

 

2,839,829

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Texas (concluded)

 

 

 

 

 

 

 

Texas State Public Finance Authority,
Refunding ERB, KIPP Inc., Series A
(ACA), 5.00%, 2/15/36

 

$

875

 

$

762,300

 

 

 

 

 

 

 

29,048,881

 

US Virgin Islands — 1.6%

 

 

 

 

 

 

 

United States Virgin Islands, Refunding
RB, Senior Secured, Hovensa Coker
Project, AMT, 6.50%, 7/01/21

 

 

3,460

 

 

3,419,795

 

Utah — 1.2%

 

 

 

 

 

 

 

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

 

 

2,525

 

 

2,526,591

 

Vermont — 1.1%

 

 

 

 

 

 

 

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

 

 

2,370

 

 

2,355,946

 

Virginia — 0.7%

 

 

 

 

 

 

 

Virginia HDA, RB, Sub-Series H-1
(NPFGC), 5.35%, 7/01/31

 

 

1,565

 

 

1,565,579

 

Washington — 1.2%

 

 

 

 

 

 

 

Seattle Housing Authority Washington,
HRB, Replacement Housing Projects,
6.13%, 12/01/32

 

 

1,255

 

 

1,172,208

 

Washington Health Care Facilities
Authority, RB, Swedish Health
Services, Series A, 6.75%, 11/15/41

 

 

1,375

 

 

1,471,415

 

 

 

 

 

 

 

2,643,623

 

Wisconsin — 4.4%

 

 

 

 

 

 

 

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

 

 

4,980

 

 

5,423,270

 

Wisconsin Health & Educational
Facilities Authority, RB:

 

 

 

 

 

 

 

Ascension Health Senior Credit
Group, 5.00%, 11/15/33

 

 

1,710

 

 

1,726,057

 

New Castle Place Project,
Series A, 7.00%, 12/01/31

 

 

825

 

 

652,319

 

SynergyHealth Inc., 6.00%,
11/15/32

 

 

1,755

 

 

1,783,080

 

 

 

 

 

 

 

9,584,726

 

Wyoming — 0.1%

 

 

 

 

 

 

 

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

 

 

210

 

 

211,806

 

Total Municipal Bonds – 117.2%

 

 

 

 

 

253,155,020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BLACKROCK MUNIHOLDINGS FUND, INC.

JULY 31, 2011

5


 

 

 

 

 

Schedule of Investments (continued)

BlackRock MuniHoldings Fund, Inc. (MHD)

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Municipal Bonds Transferred to Tender
Option Bond (TOB) Trusts (d)

 

Par
(000)

 

Value

 

California — 4.8%

 

 

 

 

 

 

 

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

 

$

2,270

 

$

2,392,235

 

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

 

 

1,845

 

 

1,932,361

 

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

 

 

1,620

 

 

1,660,500

 

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

 

 

748

 

 

787,723

 

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

 

 

3,494

 

 

3,612,678

 

 

 

 

 

 

 

10,385,497

 

Colorado — 2.6%

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

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

 

 

2,580

 

 

2,564,081

 

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

 

 

1,650

 

 

1,640,579

 

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

 

 

1,490

 

 

1,536,793

 

 

 

 

 

 

 

5,741,453

 

Connecticut — 3.1%

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

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

 

 

3,180

 

 

3,347,650

 

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

 

 

3,270

 

 

3,326,080

 

 

 

 

 

 

 

6,673,730

 

Georgia — 1.1%

 

 

 

 

 

 

 

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

 

 

2,259

 

 

2,320,196

 

Massachusetts — 2.4%

 

 

 

 

 

 

 

Massachusetts School Building
Authority, RB, Series A (AGM), 5.00%,
8/15/30

 

 

4,994

 

 

5,190,046

 

New Hampshire — 0.7%

 

 

 

 

 

 

 

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

 

 

1,409

 

 

1,492,739

 

New York — 4.6%

 

 

 

 

 

 

 

New York City Municipal Water Finance
Authority, RB, Series FF-2, 5.50%,
6/15/40

 

 

1,110

 

 

1,187,126

 

New York State Dormitory Authority,
ERB, Series F, 5.00%, 3/15/35

 

 

4,034

 

 

4,111,841

 

 

 

 

 

 

 

 

 

Municipal Bonds Transferred to Tender
Option Bond (TOB) Trusts (d)

 

Par
(000)

 

Value

 

New York (concluded)

 

 

 

 

 

 

 

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

 

$

4,240

 

$

4,558,598

 

 

 

 

 

 

 

9,857,565

 

North Carolina — 0.5%

 

 

 

 

 

 

 

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

 

 

1,080

 

 

1,110,974

 

Ohio — 4.6%

 

 

 

 

 

 

 

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

 

 

9,650

 

 

9,988,039

 

Tennessee — 1.1%

 

 

 

 

 

 

 

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

 

 

2,250

 

 

2,307,083

 

Texas — 2.2%

 

 

 

 

 

 

 

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

 

 

4,620

 

 

4,714,941

 

Virginia — 7.8%

 

 

 

 

 

 

 

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

 

 

3,750

 

 

3,892,650

 

Virginia HDA, RB, Sub-Series H-1
(NPFGC), 5.38%, 7/01/36

 

 

10,940

 

 

10,945,908

 

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

 

 

2,094

 

 

2,128,419

 

 

 

 

 

 

 

16,966,977

 

Washington — 0.9%

 

 

 

 

 

 

 

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

 

 

1,860

 

 

1,925,098

 

Wisconsin — 1.8%

 

 

 

 

 

 

 

Wisconsin Health & Educational
Facilities Authority, Refunding RB,
Froedtert & Community Health Inc.,
5.25%, 4/01/39

 

 

3,959

 

 

3,973,696

 

Total Municipal Bonds Transferred to
Tender Option Bond (TOB) Trusts – 38.2%

 

 

 

 

 

82,648,034

 

Total Long-Term Investments
(Cost – $331,562,427) – 155.4%

 

 

 

 

 

335,803,054

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Short-Term Securities

 

Shares

 

 

 

 

FFI Institutional Tax-Exempt Fund,
0.01% (e)(f)

 

 

3,505,213

 

 

3,505,213

 

 

 

 

 

 

 

 

 

 

BLACKROCK MUNIHOLDINGS FUND, INC.

JULY 31, 2011

6


 

 

 

 

 

Schedule of Investments (concluded)

BlackRock MuniHoldings Fund, Inc. (MHD)

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Short-Term Securities

 

Par
(000)

 

Value

 

Michigan Finance Authority, RB, SAN,
Detroit Schools, Series A-1,
6.45%, 2/20/12

 

$

2,255

 

$

2,293,673

 

Total Short-Term Securities
(Cost – $5,760,213) – 2.7%

 

 

 

 

 

5,798,886

 

Total Investments
(Cost – $337,322,640*) – 158.1%

 

 

 

 

 

341,601,940

 

Other Assets Less Liabilities – 0.7%

 

 

 

 

 

1,671,104

 

Liability for TOB Trust Certificates, Including Interest
Expense, and Fees Payable – (20.1)%

 

 

 

 

 

(43,502,089

)

AMPS, at Redemption Value – (38.7)%

 

 

 

 

 

(83,703,059

)

Net Assets Applicable to Common Shares – 100.0%

 

 

 

 

$

216,067,896

 

 

 

 

*

The cost and unrealized appreciation (depreciation) of investments as of July 31, 2011, as computed for federal income tax purposes, were as follows:


 

 

 

 

 

Aggregate cost

 

$

293,432,994

 

Gross unrealized appreciation

 

$

10,541,693

 

Gross unrealized depreciation

 

 

(5,860,120

)

Net unrealized appreciation

 

$

4,681,573

 

 

 

(a)

Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional investors.

 

 

(b)

Represents a zero-coupon bond. Rate shown reflects the current yield as of report date.

 

 

(c)

Variable rate security. Rate shown is as of report date.

 

 

(d)

Securities represent bonds transferred to a TOB in exchange for which the Fund acquired residual interest certificates. These securities serve as collateral in a financing transaction.

 

 

(e)

Investments in companies considered to be an affiliate of the Fund during the period, 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, 2011

 

Net
Activity

 

Shares
Held at
July 31, 2011

 

Income

 

FFI Institutional Tax-Exempt Fund

 

 

6,564,515

 

 

(3,059,302

)

 

3,505,213

 

$

1,130

 

 

 

(f)

Represents the current yield as of report date.

 

 

•

Financial futures contracts sold as of July 31, 2011 were as follows:


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Contracts

 

Issue

 

Exchange

 

Expiration

 

Notional
Value

 

Unrealized
Depreciation

 

77

 

 

10-Year
US Treasury
Note

 

 

Chicago
Board
of Trade

 

 

September
2011

 

$

9,441,377

 

$

(236,560

)

 

 

 

•

Fair Value Measurements - Various inputs are used in determining the fair value of investments and derivative financial instruments. These inputs are categorized in three broad levels for financial reporting purposes as follows:

 

 

 

•

Level 1 — price quotations in active markets/exchanges for identical assets and liabilities

 

 

 

 

•

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

 

 

 

 

•

Level 3 — unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund’s own assumptions used in determining the fair value of investments and derivative financial instruments)

The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investment and derivative financial instrument and does not necessarily correspond to the Fund’s perceived risk of investing in those securities. For information about the Fund’s policy regarding valuation of investments and derivative financial instruments and other significant accounting policies, please refer to the Fund’s most recent financial statements as contained in its annual report.

The following tables summarize the inputs used as of July 31, 2011 in determining the fair valuation of the Fund’s investments and derivative financial instruments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Valuation Inputs

 

Level 1

 

Level 2

 

Level 3

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-Term Investments1

 

 

—

 

$

335,803,054

 

 

—

 

$

335,803,054

 

Short-Term Securities

 

$

3,505,213

 

 

2,293,673

 

 

—

 

 

5,798,886

 

Total

 

$

3,505,213

 

$

338,096,727

 

 

—

 

$

341,601,940

 

 

 

1

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Valuation Inputs

 

Level 1

 

Level 2

 

Level 3

 

Total

 

Derivative Financial Instruments2

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate contracts

 

$

(236,560

)

 

—

 

 

—

 

$

(236,560

)

 

 

2

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


 

 

 

 

 

 

 

 

 

BLACKROCK MUNIHOLDINGS FUND, INC.

JULY 31, 2011

7

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 26, 2011 

 

 

 

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 26, 2011 

 

 

 

 By: /s/ Neal J. Andrews

 

 

 

Neal J. Andrews 

 

 

Chief Financial Officer (principal financial officer) of 

 

 

BlackRock MuniHoldings Fund, Inc. 

 

 

 

 

Date: September 26, 2011