N-Q 1 d592649dnq.htm BLACKROCK MUNIHOLDINGS FUND, INC. BlackRock MuniHoldings Fund, Inc.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-08081

Name of Fund:  BlackRock MuniHoldings Fund, Inc. (MHD)

Fund Address:   100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service:  John M. Perlowski, Chief Executive Officer, BlackRock MuniHoldings Fund, Inc., 55 East 52nd Street, New York, NY 10055

Registrant’s telephone number, including area code:  (800) 882-0052, Option 4

Date of fiscal year end: 04/30/2014

Date of reporting period: 07/31/2013

Item 1 – Schedule of Investments

Schedule of Investments July 31, 2013 (Unaudited)

   

BlackRock MuniHoldings Fund, Inc. (MHD)

(Percentages shown are based on Net Assets)

 

Municipal Bonds   

Par  

(000)

     Value  

Alabama — 2.0%

  

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

    $ 4,550      $ 4,526,840   

Alaska — 0.5%

  

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

      1,660        1,208,779   

Arizona — 3.6%

     

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

      1,900        1,592,333   

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

      2,215        2,194,268   

Salt Verde Financial Corp., RB:

     

5.00%, 12/01/32

      2,000        1,944,300   

Senior, 5.00%, 12/01/37

      2,360        2,257,411   

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

      85        85,858   
               8,074,170   

California — 12.8%

     

California Health Facilities Financing Authority, RB:

     

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

      1,530        1,683,765   

Stanford Hospital Clinics, Series A, 5.00%, 8/15/51

      825        787,256   

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

      2,200        2,469,324   

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

      875        876,321   

California Pollution Control Financing Authority, RB:

     

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

      710        610,756   

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

      1,790        1,489,423   

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

      865        790,212   
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      $ 954,087   

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

      1,510        1,502,420   

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

     

5.00%, 5/15/42

      325        300,303   

5.00%, 5/15/47

      250        229,335   

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

      555        586,585   

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

     

4.38%, 8/01/22

      2,405        1,627,824   

4.74%, 8/01/23

      2,455        1,536,364   

San Diego Community College District, GO, Election of 2006, Series 2013, 5.00%, 8/01/43

      750        778,710   

San Diego Unified School District, GO, CAB, Series A, Election of 2008, 5.23%, 7/01/29 (b)

      3,475        1,527,819   

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

      8,370        9,795,411   

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

      745        715,595   
               28,261,510   

Colorado — 2.5%

     

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

      1,455        1,376,896   

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

      1,230        1,156,163   

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

      820        839,180   

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

      710        745,088   

 

                
   BLACKROCK MUNIHOLDINGS FUND, INC.    JULY 31, 2013    1

Schedule of Investments (continued)

   

BlackRock MuniHoldings Fund, Inc. (MHD)

(Percentages shown are based on Net Assets)

 

Municipal Bonds   

Par  

(000)

     Value  

Colorado (concluded)

  

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

    $ 1,250      $ 1,366,987   
    

 

 

  
               5,484,314   

Connecticut — 1.6%

  

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

      955        962,612   

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

      2,515        2,608,608   
    

 

 

  
               3,571,220   

Delaware — 1.4%

  

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

      790        815,019   

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

      2,430        2,327,770   
    

 

 

  
               3,142,789   

District of Columbia — 3.2%

  

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

      1,520        1,496,622   

Metropolitan Washington Airports Authority, Refunding RB:

     

CAB, Second Senior Lien, Series B (AGC), 5.95%, 10/01/35 (b)

      13,485        3,677,899   

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

      505        511,111   

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

      1,470        1,500,914   
    

 

 

  
               7,186,546   

Florida — 8.5%

  

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

      750        799,665   

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

      2,375        2,478,716   

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

      2,620        2,679,159   
Municipal Bonds   

Par  

(000)

     Value  

Florida (concluded)

     

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

    $ 1,900      $ 1,899,886   

Miami-Dade County Florida, RB, CAB, Series A (NPFGC), 5.80%, 10/01/37 (b)

      2,340        587,668   

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

      1,570        1,823,759   

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

      2,300        2,312,719   

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

      640        400,544   

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

      1,390        1,459,708   

Tampa-Hillsborough County Expressway Authority, Refunding RB:

     

Series A, 5.00%, 7/01/37

      960        962,016   

Series B, 5.00%, 7/01/42

      1,755        1,756,176   

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

      1,740        1,590,343   
    

 

 

  
               18,750,359   

Georgia — 1.4%

  

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

      585        594,343   

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

      2,410        2,470,105   
    

 

 

  
               3,064,448   

Hawaii — 0.4%

  

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

      945        1,003,410   

Illinois — 11.6%

  

Chicago Illinois Board of Education, GO, Series A, 5.50%, 12/01/39

      1,460        1,506,136   

Chicago Transit Authority, RB, Sales Tax Receipts Revenue, 5.25%, 12/01/40

      730        743,753   

 

                
2    BLACKROCK MUNIHOLDINGS FUND, INC.    JULY 31, 2013   

Schedule of Investments (continued)

   

BlackRock MuniHoldings Fund, Inc. (MHD)

(Percentages shown are based on Net Assets)

 

Municipal Bonds   

Par  

(000)

     Value  

Illinois (concluded)

     

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

     

Series A, 5.75%, 1/01/39

    $ 2,000      $ 2,080,600   

Series C, 6.50%, 1/01/41

      4,055        4,773,830   

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

      3,160        3,077,050   

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

      570        593,974   

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

      900        921,195   

Illinois Finance Authority, Refunding RB:

     

Ascension Health, Series A, 5.00%, 11/15/37

      675        675,405   

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

      1,230        1,209,471   

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

      1,115        1,159,243   

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

      1,610        1,629,223   

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

     

CAB, Series B (AGM), 6.19%, 6/15/47 (b)

      13,220        1,676,693   

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

      1,740        1,696,987   

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

      2,190        2,166,042   

Railsplitter Tobacco Settlement Authority, RB:

     

5.50%, 6/01/23

      315        350,167   

6.00%, 6/01/28

      800        872,912   

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

      440        459,958   
    

 

 

  
               25,592,639   

Indiana — 3.7%

  

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

     

4.00%, 8/01/35

      790        710,668   

4.00%, 2/01/38

      1,265        1,118,450   

Indiana Finance Authority, RB:

     

CWA Authority Project, First Lien, Series A, 5.25%, 10/01/38

      1,090        1,117,555   
Municipal Bonds   

Par  

(000)

     Value  

Indiana (concluded)

     

Indiana Finance Authority, RB (concluded):

     

Ohio River Bridges East End Crossing Project, Series A, AMT, 5.00%, 7/01/44

    $ 310      $ 277,379   

Ohio River Bridges East End Crossing Project, Series A, AMT, 5.00%, 7/01/48

      1,030        909,964   

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

      585        595,547   

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

      1,300        1,376,700   

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

      775        870,635   

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

     

5.00%, 1/15/36

      275        280,393   

5.00%, 1/15/40

      880        888,562   
    

 

 

  
               8,145,853   

Iowa — 1.8%

  

Iowa Finance Authority, Refunding RB, Iowa Fertilizer Co. Project:

     

5.00%, 12/01/19

      665        650,144   

5.50%, 12/01/22

      1,630        1,609,983   

5.25%, 12/01/25

      320        302,733   

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

      1,240        1,351,451   
    

 

 

  
               3,914,311   

Kansas — 0.8%

  

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

      1,520        1,673,186   

Louisiana — 4.6%

     

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

      570        602,849   

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

      3,500        3,674,895   

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

      430        432,537   

 

                
   BLACKROCK MUNIHOLDINGS FUND, INC.    JULY 31, 2013    3

Schedule of Investments (continued)

   

BlackRock MuniHoldings Fund, Inc. (MHD)

(Percentages shown are based on Net Assets)

 

Municipal Bonds    Par  
(000)		     Value  

Louisiana (concluded)

     

State of Louisiana Gasoline & Fuels Tax Revenue, RB, Second Lien, Series B, 5.00%, 5/01/45

    $ 2,270      $ 2,294,448   

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

     

5.50%, 5/15/30

      700        723,541   

5.25%, 5/15/31

      600        601,470   

5.25%, 5/15/32

      765        765,467   

5.25%, 5/15/33

      830        825,891   

5.25%, 5/15/35

      350        342,853   
    

 

 

  
               10,263,951   

Maine — 0.4%

  

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

      210        212,671   

Maine Turnpike Authority, RB, Series A, 5.00%, 7/01/42

      615        633,715   
    

 

 

  
               846,386   

Maryland — 2.5%

  

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

      300        320,829   

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

      580        605,126   

Maryland Health & Higher Educational Facilities Authority, RB, Ascension Health Alliance, Series B, 5.00%, 11/15/51

      2,910        2,909,767   

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

      1,520        1,595,179   
    

 

 

  
               5,430,901   

Massachusetts — 3.4%

  

Massachusetts Development Finance Agency, RB, Wellesley College, Series J, 5.00%, 7/01/42

      1,260        1,308,623   

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

      1,165        1,194,789   
Municipal Bonds    Par  
(000)		     Value  

Massachusetts (concluded)

  

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

    $ 1,255      $ 1,258,138   

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

      2,900        2,840,811   

Massachusetts School Building Authority, RB, Dedicated Sales Tax, Senior Series A, 5.00%, 5/15/43

      980        1,018,387   
    

 

 

  
               7,620,748   

Michigan — 3.4%

  

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

     

Series A, 5.00%, 7/01/32

      1,090        985,938   

Series A, 5.25%, 7/01/39

      940        858,173   

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

      635        681,939   

City of Detroit Michigan Water Supply System, RB, Senior Lien, Series A, 5.25%, 7/01/41

      2,145        1,957,913   

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

      955        973,861   

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

      2,105        2,163,961   
    

 

 

  
               7,621,785   

Minnesota — 1.1%

  

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

      2,135        2,461,249   

Mississippi — 0.3%

  

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

      675        706,833   

Missouri — 0.1%

  

Bi-State Development Agency of the Missouri-Illinois Metropolitan District, Refunding RB, Combination Lien, Series A, 5.00%, 10/01/44 (d)

      175        179,912   

 

                
4    BLACKROCK MUNIHOLDINGS FUND, INC.    JULY 31, 2013   

Schedule of Investments (continued)

   

BlackRock MuniHoldings Fund, Inc. (MHD)

(Percentages shown are based on Net Assets)

 

Municipal Bonds   

Par  

(000)

     Value  

Nebraska — 0.3%

  

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

    $ 575      $ 575,794   

New Hampshire — 1.5%

  

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

      3,035        3,285,327   

New Jersey — 5.4%

  

New Jersey EDA, RB, Continental Airlines, Inc. Project, AMT, 5.25%, 9/15/29

      1,365        1,280,165   

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

      1,550        1,551,566   

New Jersey State Turnpike Authority, RB, Series A:

     

5.00%, 1/01/38

      895        913,034   

5.00%, 1/01/43

      1,925        1,955,377   

New Jersey Transportation Trust Fund Authority, RB:

     

Series A, 5.50%, 6/15/41

      1,575        1,655,955   

Series B, 5.25%, 6/15/36

      1,705        1,770,557   

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

     

5.00%, 5/01/38

      350        363,384   

5.00%, 5/01/43

      365        376,052   

Tobacco Settlement Financing Corp. New Jersey, Refunding RB, Series 1A:

     

4.50%, 6/01/23

      1,215        1,129,695   

4.63%, 6/01/26

      1,000        861,920   
    

 

 

  
               11,857,705   

New York — 7.9%

  

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

      790        801,202   

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

      1,450        1,583,951   

Metropolitan Transportation Authority, Refunding RB:

     

Series B, 5.00%, 11/15/34

      1,740        1,768,954   

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

      840        857,262   
Municipal Bonds   

Par  

(000)

     Value  

New York (concluded)

  

New York City IDA, RB:

     

British Airways PLC Project, AMT, 7.63%, 12/01/32

    $ 1,500      $ 1,510,770   

Lycee Francais de New York Project, Series C, 6.80%, 6/01/28

      535        541,297   

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

      1,710        1,763,745   

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

      850        924,035   

New York State Thruway Authority, Refunding RB, Series I, 5.00%, 1/01/42

      1,235        1,255,303   

Port Authority of New York & New Jersey, ARB, Special Project, JFK International Air Terminal LLC Project, Series 8, 6.00%, 12/01/42

      875        967,654   

Port Authority of New York & New Jersey, RB, JFK International Air Terminal, 6.00%, 12/01/36

      900        998,280   

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

      4,240        4,433,471   
    

 

 

  
               17,405,924   

North Carolina — 0.4%

  

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

      970        978,720   

Oklahoma — 0.4%

  

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

      975        832,631   

Oregon — 0.1%

  

City of Tigard Washington County Oregon, Refunding RB, Water System, 5.00%, 8/01/37

      175        182,207   

Pennsylvania — 4.5%

  

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

      1,700        1,723,052   

 

                
   BLACKROCK MUNIHOLDINGS FUND, INC.    JULY 31, 2013    5

Schedule of Investments (continued)

   

BlackRock MuniHoldings Fund, Inc. (MHD)

(Percentages shown are based on Net Assets)

 

Municipal Bonds   

Par  

(000)

     Value  

Pennsylvania (concluded)

  

Pennsylvania Economic Development Financing Authority, RB:

     

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

    $ 2,520      $ 2,732,512   

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

      2,500        2,338,575   

Philadelphia Authority for Industrial Development, RB:

     

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

      1,105        1,105,320   

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

      725        725,515   

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

      1,245        1,245,361   
    

 

 

  
               9,870,335   

Puerto Rico — 1.5%

  

Puerto Rico Sales Tax Financing Corp., RB, CAB, Series A, 6.56%, 8/01/35 (b)

      4,000        966,840   

Puerto Rico Sales Tax Financing Corp., Refunding RB, CAB (b):

     

First Sub-Series C, 6.69%, 8/01/38

      2,975        574,145   

Series C, 6.54%, 8/01/39

      9,665        1,813,638   
    

 

 

  
               3,354,623   

South Carolina — 1.1%

  

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

      2,285        2,352,956   

Tennessee — 0.9%

  

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

      1,940        1,917,515   

Rutherford County Health & Educational Facilities Board, RB, Ascension Health, Series C, 5.00%, 11/15/47

      150        152,637   
    

 

 

  
               2,070,152   

Texas — 11.9%

  

Central Texas Regional Mobility Authority, Refunding RB:

     

Senior Lien, 6.25%, 1/01/46

      1,480        1,586,767   

Senior Lien, Series A, 5.00%, 1/01/33

      70        68,382   

Subordinate Lien, 5.00%, 1/01/33

      250        234,053   
Municipal Bonds   

Par  

(000)

     Value  

Texas (continued)

  

Central Texas Regional Mobility Authority, Refunding RB (concluded):

     

Refunding RB, Subordinate Lien, 5.00%, 1/01/42

    $ 220      $ 200,165   

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

      1,050        1,095,517   

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

      1,070        1,163,604   

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

      1,730        1,778,751   

Dallas/Fort Worth International Airport, Refunding RB, Series E, AMT, 5.00%, 11/01/35

      1,255        1,201,299   

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

      295        254,933   

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

      1,910        2,480,593   

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

      450        476,613   

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

      750        670,800   

North Texas Tollway Authority, RB, CAB, Special Project System, Series B, 5.98%, 9/01/37 (b)

      1,400        338,870   

North Texas Tollway Authority, Refunding RB, Toll, Second Tier, Series F, 6.13%, 1/01/31

      4,190        4,476,722   

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

     

5.50%, 8/01/24

      1,100        1,208,141   

5.50%, 8/01/25

      1,120        1,214,606   

Tarrant County Cultural Education Facilities Finance Corp., Refunding RB, Scott & White Healthcare, Series A, 5.00%, 8/15/43

      250        243,920   

Texas Municipal Gas Acquisition & Supply Corp. III, RB, 5.00%, 12/15/29

      1,320        1,283,964   

 

                
6    BLACKROCK MUNIHOLDINGS FUND, INC.    JULY 31, 2013   

Schedule of Investments (continued)

   

BlackRock MuniHoldings Fund, Inc. (MHD)

(Percentages shown are based on Net Assets)

 

Municipal Bonds   

Par  

(000)

     Value  

Texas (concluded)

     

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

     

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

    $ 2,000      $ 2,271,380   

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

      1,700        1,904,697   

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

      2,045        2,148,109   
    

 

 

  
               26,301,886   

Utah — 0.8%

     

County of Utah, RB, IHC Health Services, Inc., 5.00%, 5/15/43

      1,405        1,438,579   

University of Utah, RB, General, Series A, 5.00%, 8/01/43

      435        450,234   
    

 

 

  
               1,888,813   

Vermont — 0.2%

     

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

      460        466,629   

Virginia — 2.2%

     

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

      1,000        996,170   

Hanover County EDA, Refunding RB, Residential Care Facility, Covenant Woods, Series A:

     

5.00%, 7/01/42

      625        537,369   

5.00%, 7/01/47

      970        816,168   

Virginia Small Business Financing Authority, RB, Senior Lien AMT:

     

Elizabeth River Crossings OpCo LLC Project, 6.00%, 1/01/37

      2,030        2,045,204   

Elizabeth River Crossings Project, 5.25%, 1/01/32

      550        517,792   
    

 

 

  
               4,912,703   
Municipal Bonds   

Par  

(000)

     Value  

Washington — 0.8%

     

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

    $ 1,200      $ 1,175,280   

Washington Health Care Facilities Authority, Refunding RB, Providence Health & Services, Series A, 5.00%, 10/01/42

      705        692,211   
    

 

 

  
               1,867,491   

Wisconsin — 4.4%

     

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

      4,980        5,665,696   

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

      1,710        1,737,531   

WPPI Energy Wisconsin, Refunding RB, Power Supply System, Series A:

     

5.00%, 7/01/29

      260        271,567   

5.00%, 7/01/30

      330        342,533   

5.00%, 7/01/31

      720        743,861   

5.00%, 7/01/37

      870        874,020   
    

 

 

  
               9,635,208   

Wyoming — 0.1%

     

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

      210        211,676   
Total Municipal Bonds — 116.0%              256,782,919   
    
                  
Municipal Bonds Transferred to
Tender Option Bond (TOB) Trusts (e)		               

Arizona — 0.8%

     

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

      1,690        1,735,641   

California — 9.8%

     

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

      2,270        2,436,614   

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

      1,845        1,970,718   

 

                
   BLACKROCK MUNIHOLDINGS FUND, INC.    JULY 31, 2013    7

Schedule of Investments (continued)

   

BlackRock MuniHoldings Fund, Inc. (MHD)

(Percentages shown are based on Net Assets)

 

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

Par  

(000)

     Value  

California (concluded)

     

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

    $ 4,120      $ 4,181,254   

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

      1,620        1,686,858   

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

      748        827,553   

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

      6,600        6,716,028   

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

      3,494        3,745,103   
    

 

 

  
               21,564,128   

Colorado — 2.6%

     

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

     

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

      2,580        2,568,339   

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

      1,650        1,640,991   

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

      1,490        1,605,705   
    

 

 

  
               5,815,035   

Connecticut — 3.0%

     

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

     

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

      3,179        3,268,214   

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

      3,262        3,374,709   
    

 

 

  
               6,642,923   

Florida — 1.8%

     

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

      3,939        4,058,736   

Georgia — 1.1%

     

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

      2,259        2,304,738   
Municipal Bonds Transferred to
Tender Option Bond (TOB) Trusts (e)		   

Par  

(000)

     Value  

Illinois — 0.9%

     

City of Chicago Illinois, Refunding RB, Waterworks, Second Lien, 5.00%, 11/01/42

    $ 2,085      $ 2,053,329   

Massachusetts — 3.9%

     

Massachusetts School Building Authority, RB:

     

Senior Series B, 5.00%, 10/15/41

      3,150        3,261,227   

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

      644        678,092   

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

      4,350        4,583,882   
    

 

 

  
               8,523,201   

New Hampshire — 0.7%

     

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

      1,409        1,513,452   

New York — 6.8%

     

Hudson New York Yards Infrastructure Corp., RB, Senior Series A, 5.75%, 2/15/47 (f)

      1,110        1,178,393   

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

      1,110        1,208,526   

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

      7,440        7,730,341   

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

      4,460        4,828,976   
    

 

 

  
               14,946,236   

North Carolina — 0.5%

     

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

      1,080        1,123,027   

Ohio — 4.7%

     

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

      9,644        10,376,117   

 

                
8    BLACKROCK MUNIHOLDINGS FUND, INC.    JULY 31, 2013   

Schedule of Investments (continued)

   

BlackRock MuniHoldings Fund, Inc. (MHD)

(Percentages shown are based on Net Assets)

 

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

Par  

(000)

     Value  

Tennessee — 1.0%

     

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

    $ 2,250      $ 2,268,720   

Texas — 3.3%

     

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

      4,620        4,878,812   

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

      2,350        2,391,149   
    

 

 

  
               7,269,961   

Utah — 1.1%

     

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

      2,519        2,519,336   

Virginia — 2.7%

     

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

      3,749        3,942,967   

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

      2,094        2,104,983   
    

 

 

  
               6,047,950   

Washington — 0.9%

     

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

      1,860        1,939,289   

Wisconsin — 1.8%

     

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

    $ 3,959      $ 4,044,362   
Total Municipal Bonds Transferred to
Tender Option Bond (TOB) Trusts — 47.4%		         104,746,181   
Total Long-Term Investments
(Cost — $354,228,364) — 163.4%		         361,529,100   
    
                  
Short-Term Securities    Shares         

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

      1,153,486        1,153,486   
Total Short-Term Securities
(Cost — $1,153,486) — 0.5%		              1,153,486   
Total Investments (Cost — $355,381,850*) — 163.9%        362,682,586   
Other Assets Less Liabilities — 1.4%        3,264,498   

Liability for TOB Trust Certificates, Including Interest
Expense and Fees Payable — (27.5%)

   

     (60,926,504 ) 
VMTP Shares, at Liquidation Value — (37.8%)        (83,700,000 ) 
    

 

 

  
Net Assets Applicable to Common Shares — 100.0%      $ 221,320,580   
    

 

 

  
                  

 

*   As of July 31, 2013, gross unrealized appreciation and gross unrealized depreciation based on cost for federal income tax purposes were as follows:

 

Tax cost

   $ 294,878,150   
 

 

 

  

Gross unrealized appreciation

   $ 15,218,014   

Gross unrealized depreciation

     (8,323,431 ) 
 

 

 

  

Net unrealized appreciation

   $ 6,894,583   
 

 

 

  

 

Notes to Schedule of Investments

 

(a)   Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

 

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

 

(c)   US government securities, held in escrow, are used to pay interest on this security, as well as to retire the bond in full at the date indicated, typically at a premium to par.

 

                
   BLACKROCK MUNIHOLDINGS FUND, INC.    JULY 31, 2013    9

Schedule of Investments (continued)

   

BlackRock MuniHoldings Fund, Inc. (MHD)

 

 

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

 

Counterparty   Value     Unrealized
Depreciation		  

RBC Capital Markets

   $ 179,912      $ (2,258 ) 

 

(e)   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.

 

(f)   All or a portion of security is subject to a recourse agreement, which may require the Fund to pay the liquidity provider in the event there is a shortfall between the TOB trust certificates and proceeds received from the sale of the security contributed to the TOB trust. In the case of a shortfall, the aggregate maximum potential amount the Fund could ultimately be required to pay under the agreements, which expire from October 1, 2016 to February 15, 2031 is $10,507,954.

 

(g)   Investments in issuers considered to be an affiliate of the Fund during the period ended July 31, 2013, 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,
2013		        Net
Activity		        Shares Held
at July 31,
2013		        Income  

FFI Institutional Tax-Exempt Fund

        1,244,129           (90,643 )         1,153,486         $ 322   

 

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

 

Portfolio Abbreviations

 

To simplify the listings of portfolio holdings in the Schedule of Investments, the names and descriptions of many of the securities have been abbreviated according to the following list:      AGC    Assured Guarantee Corp.      
     AGM    Assured Guaranty Municipal Corp.      
     AMBAC    American Municipal Bond Assurance Corp.      
     AMT    Alternative Minimum Tax (subject to)      
     ARB    Airport Revenue Bonds      
     CAB    Capital Appreciation Bonds      
     COP    Certificates of Participation      
     EDA    Economic Development Authority      
     EDC    Economic Development Corp.      
     GARB    General Airport Revenue Bonds      
     GO    General Obligation Bonds      
     HFA    Housing Finance Agency      
     HUD    Department of Housing and Urban Development      
     IDA    Industrial Development Authority      
     M/F    Multi-Family      
     NPFGC    National Public Finance Guarantee Corp.      
     RB    Revenue Bonds      

 

                
10    BLACKROCK MUNIHOLDINGS FUND, INC.    JULY 31, 2013   

Schedule of Investments (concluded)

   

BlackRock MuniHoldings Fund, Inc. (MHD)

 

 

Ÿ  

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

 

Ÿ  

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

 

Ÿ  

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

 

Ÿ  

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

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the Fund’s policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for investments is based on the pricing transparency of the investment and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund’s policy regarding valuation of investments, please refer to the Fund’s most recent financial statements as contained in its annual report.

The following table summarizes the Fund’s investments categorized in the disclosure hierarchy as of July 31, 2013:

 

       Level 1        Level 2        Level 3      Total  

Assets:

                 
Investments:                 

Long-Term Investments1

     —         $ 361,529,100         —      $ 361,529,100   

Short-Term Securities

   $ 1,153,486           —         —        1,153,486   
 

 

 

  

Total

   $ 1,153,486         $ 361,529,100         —      $ 362,682,586   
 

 

 

  

 

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

      

          

 

Certain of the Fund’s liabilities are held at carrying amount, which approximates fair value for financial reporting purposes. As of July 31, 2013, such liabilities are categorized within the disclosure hierarchy as follows:

 

   

       Level 1        Level 2        Level 3      Total  

Liabilities:

                 

Bank overdraft

     —         $ (7,204 )       —      $ (7,204 ) 

TOB trust certificates

     —           (60,909,854 )       —        (60,909,854 ) 

VMTP Shares

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

 

 

  

Total

     —         $ (144,617,058 )       —      $ (144,617,058 ) 
 

 

 

  

There were no transfers between levels during the period ended July 31, 2013.

 

                
   BLACKROCK MUNIHOLDINGS FUND, INC.    JULY 31, 2013    11

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 24, 2013

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 24, 2013

 

 

By:  

   

/s/ Neal J. Andrews

  
    

Neal J. Andrews

  
    

Chief Financial Officer (principal financial officer) of

BlackRock MuniHoldings Fund, Inc.

Date: September 24, 2013