N-Q 1 d495432dnq.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: 04/30/2018

Date of reporting period: 01/31/2018

 

Item 1 – Schedule of Investments

 

Schedule of Investments  (unaudited) 

January 31, 2018

   

BlackRock MuniHoldings Fund, Inc. (MHD)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  

Municipal Bonds — 114.6%

 

Alabama — 2.1%        

County of Jefferson Alabama Sewer, Refunding RB:

    

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

   $ 570     $ 626,949  

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

     1,090       1,212,254  

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

     1,000       1,159,950  

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

     1,545       1,884,019  
   

 

 

  
      4,883,172  
Arizona — 2.7%            

City of Phoenix Arizona IDA, RB, Legacy Traditional Schools Projects, Series A, 5.00%, 07/01/46(a)

     1,230       1,267,417  

Salt Verde Financial Corp., RB, Senior:

    

5.00%, 12/01/32

     2,000       2,354,860  

5.00%, 12/01/37

     2,360       2,810,429  
   

 

 

  
      6,432,706  
California — 12.5%        

California Health Facilities Financing Authority, RB:

    

St. Joseph Health System, Series A, 5.75%, 07/01/39

     1,530       1,615,297  

Sutter Health, Series B, 6.00%, 08/15/42

     2,200       2,417,118  

California Health Facilities Financing Authority, Refunding RB, St. Joseph Health System, Series A, 5.00%, 07/01/33

     875       988,890  

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

    

5.25%, 08/15/39

     105       114,804  

5.25%, 08/15/49

     265       287,814  

California Municipal Finance Authority, Refunding RB, Community Medical Centers, Series A, 5.00%, 02/01/42

     165       183,155  

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

     3,200       3,451,680  

California Statewide Communities Development Authority, RB, Series A:

    

John Muir Health, 5.13%, 07/01/19(b)

     1,510       1,587,357  
Security   Par
(000)		     Value  
California (continued)        

California Statewide Communities Development Authority, RB, Series A (continued):

    

Loma Linda University Medical Center, 5.00%, 12/01/46(a)

   $ 330     $ 351,711  

City of Los Angeles California Department of Airports, Refunding ARB, Los Angeles International Airport, Series A, 5.25%, 05/15/39

     555       580,819  

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

     255       305,498  

Golden State Tobacco Securitization Corp., Refunding RB, Asset-Backed, Senior Series A-1, 5.75%, 06/01/47

     1,650       1,665,708  

Montebello Unified School District,
GO, CAB (NPFGC), 0.00%, 08/01/22(c)

     2,405       2,150,743  

San Diego Unified School District California, GO, CAB, Election of 2008, Series A,
0.00%, 07/01/29(c)

     3,475       2,397,090  

State of California, GO, Various Purposes, 6.50%, 04/01/33

     8,370       8,838,804  

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

    

Series I, 5.00%, 11/01/38

     550       620,653  

Sub-Series I-1, 6.38%, 11/01/19(b)

     820       890,298  

Tobacco Securitization Authority of Southern California, Refunding RB, Tobacco Settlement, Asset-Backed, Senior Series A-1, 4.75%, 06/01/25

     1,250       1,250,800  
   

 

 

  
      29,698,239  
Colorado — 2.2%            

Colorado Educational & Cultural Facilities Authority, RB, Charter School, Colorado Springs, 5.50%, 07/01/40

     1,455       1,517,973  

Regional Transportation District, COP, Refunding, Series A, 5.38%, 06/01/31

     710       762,426  

Regional Transportation District, RB, Denver Transit Partners Eagle P3 Project, 6.00%, 01/15/34

     1,425       1,553,948  

University of Colorado, RB, Series A, 5.38%, 06/01/19(b)

     1,250       1,313,713  
   

 

 

  
      5,148,060  
Delaware — 1.8%            

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

     790       834,161  

Delaware Transportation Authority, RB,

U.S. 301 Project, 5.00%, 06/01/55

     840       934,584  
 

 

 

     1  

Schedule of Investments  (unaudited) (continued)

January 31, 2018

   

BlackRock MuniHoldings Fund, Inc. (MHD)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Delaware (continued)  

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

   $ 2,430     $ 2,529,727  
   

 

 

  
      4,298,472  
District of Columbia — 4.7%  

District of Columbia, Refunding RB, Georgetown University:

    

5.00%, 04/01/35

     315       360,250  

Issue, 5.00%, 04/01/42

     365       413,092  

District of Columbia, Tax Allocation Bonds, City Market at O Street Project, 5.13%, 06/01/41

     1,520       1,648,212  

Metropolitan Washington Airports Authority, Refunding ARB, Dulles Toll Road, CAB, 2nd Senior Lien, Series B (AGC), 0.00%, 10/01/35(c)

     13,485       6,780,932  

Metropolitan Washington Airports Authority, Refunding RB, Dulles Toll Road, 1st Senior Lien, Series A:

    

5.00%, 10/01/39

     505       528,473  

5.25%, 10/01/44

     1,470       1,542,324  
   

 

 

  
      11,273,283  
Florida — 4.8%  

City of Clearwater Florida Water & Sewer Revenue, RB, Series A,
5.25%, 12/01/19(b)

     2,375       2,532,937  

Country of Broward Florida Airport System Revenue, ARB, AMT, 5.00%, 10/01/47

     215       242,746  

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

     750       769,305  

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

     960       1,066,349  

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

     2,620       2,845,346  

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

     2,095       2,491,437  

Village Community Development District No.10, Special Assessment Bonds, 5.13%, 05/01/43

     1,420       1,579,565  
   

 

 

  
      11,527,685  
Georgia — 1.6%  

County of Dalton Whitfield Joint Development Authority, RB, Hamilton Health Care System, 4.00%, 08/15/48

     2,645       2,702,079  
Security   Par
(000)		     Value  
Georgia (continued)  

County of Gainesville Georgia & Hall Hospital Authority, Refunding RB, Northeast Georgia Health System, Inc. Project, Series A, 5.50%, 08/15/54

   $ 370     $ 429,374  

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

     585       619,983  
   

 

 

  
      3,751,436  
Hawaii — 0.4%  

State of Hawaii Harbor System, RB, Series A, 5.25%, 07/01/30

     945       1,015,157  
   

 

 

  
Idaho — 0.3%  

Idaho Health Facilities Authority, RB, Trinity Health Credit Group, Series A, 5.00%, 12/01/46

     540       609,941  
   

 

 

  
Illinois — 16.7%  

Chicago Board of Education, GO, Dedicated Revenues:

    

Series H, 5.00%, 12/01/36

     350       358,999  

Refunding Series C, 5.00%, 12/01/30

     605       632,207  

Refunding Series F, 5.00%, 12/01/22

     455       483,196  

Refunding Series G, 5.00%, 12/01/34

     315       324,604  

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

     1,220       1,257,503  

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

    

5.25%, 01/01/32

     2,195       2,340,528  

5.00%, 01/01/35

     2,000       2,084,020  

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

     881       886,224  

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

    

Series A, 5.75%, 01/01/21(b)

     1,680       1,875,653  

Series A, 5.75%, 01/01/39

     320       352,554  

Series C, 6.50%, 01/01/21(b)

     4,055       4,613,455  

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

     730       794,510  

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

     1,000       1,073,630  

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

     560       596,971  
 

 

 

2

   

Schedule of Investments  (unaudited) (continued)

January 31, 2018

   

BlackRock MuniHoldings Fund, Inc. (MHD)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Illinois (continued)  

Illinois Finance Authority, Refunding RB:

    

Central Dupage Health, Series B, 5.50%, 11/01/19(b)

   $ 1,115     $ 1,190,798  

Presence Health Network, Series C, 4.00%, 02/15/41

     1,035       1,031,305  

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

    

CAB, Series B (AGM), 0.00%, 06/15/47(c)

     13,220       3,639,995  

Series B (AGM), 5.00%, 06/15/50

     3,070       3,228,750  

Series B-2, 5.00%, 06/15/50

     1,740       1,784,822  

Railsplitter Tobacco Settlement Authority, RB(b):

    

5.50%, 06/01/21

     315       353,484  

6.00%, 06/01/21

     800       910,632  

State of Illinois, GO:

    

5.00%, 02/01/39

     1,100       1,138,566  

Series A, 5.00%, 04/01/38

     2,625       2,709,131  

State of Illinois, RB, Build Illinois,
Series B, 5.25%, 06/15/19(b)

     440       462,334  

State of Illinois Toll Highway Authority, RB:

    

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

     1,870       2,094,475  

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

     2,000       2,236,120  

Series A, 5.00%, 01/01/38

     415       461,874  

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

     705       770,910  
   

 

 

  
      39,687,250  
Indiana — 4.3%  

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

    

6.75%, 01/01/34

     560       661,360  

7.00%, 01/01/44

     1,355       1,607,111  

Indiana Finance Authority, RB, Series A:

    

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

     2,275       2,522,975  

Private Activity Bond, Ohio River Bridges East End Crossing Project, AMT, 5.00%, 07/01/44

     310       332,587  

Private Activity Bond, Ohio River Bridges East End Crossing Project, AMT, 5.00%, 07/01/48

     1,030       1,101,894  

Private Activity Bond, Ohio River Bridges East End Crossing Project, AMT, 5.25%, 01/01/51

     290       313,041  

Sisters of St. Francis Health Services, 5.25%, 11/01/19(b)

     585       622,785  
Security   Par
(000)		     Value  
Indiana (continued)  

Indiana Finance Authority, Refunding RB, Parkview Health System, Series A:

    

5.75%, 05/01/19(b)

   $ 1,065     $ 1,119,059  

5.75%, 05/01/31

     235       246,351  

Indiana Municipal Power Agency, RB,
Series B, 6.00%, 01/01/19(b)

     775       807,395  

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

     880       985,362  
   

 

 

  
      10,319,920  
Iowa — 1.8%  

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

    

Series B, 5.25%, 12/01/50(d)

     1,955       1,955,000  

Midwestern Disaster Area,
5.50%, 12/01/22

     5       5,087  

Midwestern Disaster Area,
5.25%, 12/01/25

     320       338,214  

Midwestern Disaster Area,
5.88%, 12/01/26(a)

     285       300,909  

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

     575       600,093  

Iowa Tobacco Settlement Authority, Refunding RB, Asset-Backed, Series C, 5.63%, 06/01/46

     980       980,000  
   

 

 

  
      4,179,303  
Kansas — 0.7%  

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

     1,520       1,618,359  
   

 

 

  
Kentucky — 0.7%  

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

     705       755,401  

Kentucky Public Transportation Infrastructure Authority, RB, Downtown Crossing Project, Convertible CAB, 1st Tier, Series C, 0.00%, 07/01/43(e)

     865       798,118  
   

 

 

  
      1,553,519  
Louisiana — 1.9%  

East Baton Rouge Sewerage Commission, RB, Series A, 5.25%, 02/01/19(b)

     570       591,426  
 

 

 

     3  

Schedule of Investments  (unaudited) (continued)

January 31, 2018

   

BlackRock MuniHoldings Fund, Inc. (MHD)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Louisiana (continued)  

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

   $ 430     $ 454,192  

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

    

5.50%, 05/15/30

     700       752,500  

5.25%, 05/15/31

     600       649,350  

5.25%, 05/15/32

     765       836,291  

5.25%, 05/15/33

     830       900,027  

5.25%, 05/15/35

     350       380,716  
   

 

 

  
      4,564,502  
Maine — 0.1%  

Maine Health & Higher Educational Facilities Authority, RB, Series A:

    

5.00%, 07/01/19(b)

     65       68,123  

5.00%, 07/01/39

     145       150,639  
   

 

 

  
      218,762  
Maryland — 1.2%  

Maryland EDC, RB, Transportation Facilities Project, Series A, 5.75%, 06/01/20(b)

     300       328,146  

Maryland EDC, Refunding RB, CNX Marine Terminals, Inc., 5.75%, 09/01/25

     530       556,622  

Maryland Health & Higher Educational Facilities Authority, RB, Trinity Health Credit Group, Series 2017, 5.00%, 12/01/46

     305       346,129  

Maryland Health & Higher Educational Facilities Authority, Refunding RB, Charlestown Community Project, 6.25%, 01/01/21(b)

     1,520       1,713,922  
   

 

 

  
      2,944,819  
Massachusetts — 2.0%  

Commonwealth of Massachusetts, GO, Series E, 3.00%, 04/01/44

     1,860       1,634,791  

Massachusetts Development Finance Agency, Refunding RB:

    

Boston University, Series P, 5.45%, 05/15/59

     1,165       1,392,571  

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

     1,575       1,576,134  
Security   Par
(000)		     Value  
Massachusetts (continued)  

Massachusetts Health & Educational Facilities Authority, Refunding RB, Partners Healthcare System, Series J1, 5.00%, 07/01/19(b)

   $ 255     $ 267,437  
   

 

 

  
      4,870,933  
Michigan — 3.5%  

City of Detroit Michigan Sewage Disposal System, Refunding RB, Senior Lien, Series A, 5.25%, 07/01/39

     3,085       3,353,919  

Kalamazoo Hospital Finance Authority, Refunding RB, Bronson Methodist Hospital:

    

5.50%, 05/15/20(b)

     530       574,584  

5.50%, 05/15/36

     425       451,970  

Michigan Finance Authority, Refunding RB:

    

Detroit Water & Sewage Department Project, Senior Lien, Series C-1, 5.00%, 07/01/44

     630       687,702  

Henry Ford Health System, 4.00%, 11/15/46

     1,040       1,042,246  

Michigan State Hospital Finance Authority, Refunding RB, Henry Ford Health System, 5.75%, 11/15/19(b)

     2,105       2,258,539  
   

 

 

  
      8,368,960  
Minnesota — 0.9%  

City of Minneapolis Minnesota, Refunding RB, Fairview Health Services, Series A, 6.75%, 11/15/18(b)

     2,135       2,223,923  
   

 

 

  
Mississippi — 0.3%  

University of Southern Mississippi, RB, Campus Facilities Improvements Project, 5.38%, 09/01/19(b)

     675       714,933  
   

 

 

  
Missouri — 1.1%  

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

     175       195,860  

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

    

Mercy Health, Series C, 5.00%, 11/15/47

     1,905       2,145,011  
 

 

 

4

   

Schedule of Investments  (unaudited) (continued)

January 31, 2018

   

BlackRock MuniHoldings Fund, Inc. (MHD)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Missouri (continued)  

State of Missouri Health & Educational Facilities Authority, Refunding RB (continued):

    

St. Louis College of Pharmacy Project, 5.50%, 05/01/43

   $ 175     $ 189,453  
   

 

 

  
      2,530,324  
Nebraska — 0.3%  

Central Plains Energy Project Nebraska, RB, Gas Project No. 3, 5.25%, 09/01/37

     575       646,202  
   

 

 

  
New Hampshire — 1.4%  

New Hampshire Health & Education Facilities Authority, Refunding RB, Dartmouth-Hitchcock, 6.00%, 08/01/19(b)

     3,035       3,233,641  
   

 

 

  
New Jersey — 7.3%  

Casino Reinvestment Development Authority, Refunding RB:

    

5.25%, 11/01/39

     735       782,451  

5.25%, 11/01/44

     1,095       1,160,558  

County of Essex New Jersey Improvement Authority, RB, AMT, 5.25%, 07/01/45(a)

     775       778,449  

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

    

5.13%, 09/15/23

     1,410       1,560,715  

5.25%, 09/15/29

     1,365       1,493,187  

New Jersey EDA, Refunding ARB, Port Network Container Terminal LLC Project, AMT, 5.00%, 10/01/47

     1,060       1,144,217  

New Jersey EDA, Refunding, Special Assessment Bonds, Kapkowski Road Landfill Project, 5.75%, 04/01/31

     1,550       1,735,039  

New Jersey State Turnpike Authority, RB:

    

Series A, 5.00%, 07/01/22(b)

     1,210       1,373,011  

Series A, 5.00%, 01/01/43

     715       788,302  

Series E, 5.00%, 01/01/45

     1,875       2,095,125  

New Jersey Transportation Trust Fund Authority, RB:

    

Transportation Program, Series AA, 5.00%, 06/15/44

     315       331,818  

Transportation Program, Series AA, 5.00%, 06/15/44

     580       606,895  

Transportation System, Series A, 5.50%, 06/15/41

     1,575       1,671,658  
Security   Par
(000)		     Value  
New Jersey (continued)  

New Jersey Transportation Trust Fund Authority, RB (continued):

    

Transportation System, Series B, 5.25%, 06/15/36

   $ 1,705     $ 1,800,650  
   

 

 

  
      17,322,075  
New York — 8.2%  

City of New York New York Transitional Finance Authority Future Tax Secured, RB, Fiscal 2012, Sub-Series E-1, 5.00%, 02/01/42

     310       341,167  

Counties of New York Tobacco Trust IV, Refunding RB, Settlement Pass-Through Turbo, Series A, 6.25%, 06/01/41(a)

     1,300       1,343,017  

County of Dutchess New York Industrial Development Agency, Refunding RB, Bard College Civic Facility, Series A-1, 5.00%, 08/01/46

     1,800       1,557,846  

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

     233       250,273  

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

     1,405       1,356,204  

Hudson Yards Infrastructure Corp., Refunding RB, Series A, 5.00%, 02/15/39

     680       781,714  

Long Island Power Authority, Refunding RB, Electric System, Series A, 5.75%, 04/01/19(b)

     1,450       1,521,848  

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

     1,715       1,975,852  

Metropolitan Transportation Authority, Refunding RB, Dedicated Tax Fund, Series B, 5.00%, 11/15/19(b)

     1,740       1,848,158  

Metropolitan Transportation Authority Hudson Rail Yards Trust Obligations, Refunding RB, Series A, 5.00%, 11/15/56

     765       855,591  

New York Counties Tobacco Trust IV, Refunding RB, Tobacco Settlement Pass-Through Bonds,
Series A, 5.00%, 06/01/38

     1,415       1,384,861  

New York Liberty Development Corp., Refunding RB:

    

2nd Priority, Bank of America Tower at One Bryant Park Project, Class 3, 6.38%, 07/15/49

     850       910,869  

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

     2,275       2,443,873  
 

 

 

     5  

Schedule of Investments  (unaudited) (continued)

January 31, 2018

   

BlackRock MuniHoldings Fund, Inc. (MHD)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
New York (continued)  

New York Liberty Development Corp., Refunding RB (continued):

    

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

   $ 245     $ 268,598  

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

     605       663,770  

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

    

6.00%, 12/01/36

     900       995,418  

6.00%, 12/01/42

     875       966,490  
   

 

 

  
      19,465,549  
North Carolina — 0.6%  

North Carolina Medical Care Commission, RB, Health Care Facilities, Duke University Health System, Series A, 5.00%, 06/01/19(b)

     970       1,014,009  

North Carolina Medical Care Commission, Refunding RB, 1st Mortgage, Retirement Facilities Whitestone Project, Series A, 7.75%, 03/01/21(b)

     415       490,036  
   

 

 

  
      1,504,045  
Ohio — 1.7%  

Buckeye Tobacco Settlement Financing Authority, RB, Asset-Backed, Senior Turbo Term,
Series A-2, 5.88%, 06/01/47

     2,570       2,486,449  

County of Franklin Ohio, RB:

    

Health Care Facilities Improvement, OPRS Communities Obligation Group, Series A, 6.13%, 07/01/40

     470       520,036  

Trinity Health Credit Group, Series 2017, 5.00%, 12/01/46

     290       327,561  

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

     580       636,341  
   

 

 

  
      3,970,387  
Pennsylvania — 3.3%  

City of Philadelphia Pennsylvania Airport Revenue, Refunding ARB, AMT, Series B, 5.00%, 07/01/47

     330       369,679  

City of Philadelphia Pennsylvania Hospitals & Higher Education Facilities Authority, RB, Temple University Health System, Series A, 5.63%, 07/01/42

     460       502,674  
Security
  Par
(000)		     Value  
Pennsylvania (continued)  

Pennsylvania Economic Development Financing Authority, RB:

    

American Water Co. Project, 6.20%, 04/01/39

   $ 2,520     $ 2,644,967  

AMT, 5.00%, 06/30/42

     2,015       2,233,527  

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

     1,105       1,168,604  

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

     795       891,465  
   

 

 

  
      7,810,916  
Puerto Rico — 1.0%  

Children’s Trust Fund, Refunding RB, Tobacco Settlement Asset-Backed Bonds:

    

5.50%, 05/15/39

     1,345       1,237,386  

5.63%, 05/15/43

     1,280       1,169,882  
   

 

 

  
      2,407,268  
Rhode Island — 2.2%  

Tobacco Settlement Financing Corp., Refunding RB:

    

Series A, 5.00%, 06/01/35

     580       631,104  

Series B, 4.50%, 06/01/45

     1,900       1,925,954  

Series B, 5.00%, 06/01/50

     2,605       2,716,806  
   

 

 

  
      5,273,864  
South Carolina — 3.6%  

State of South Carolina Ports Authority, ARB:

    

5.25%, 07/01/40

     2,285       2,452,399  

AMT, 5.25%, 07/01/55

     925       1,026,685  

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

     2,385       2,659,371  

State of South Carolina Public Service Authority, Refunding RB, Series E, 5.25%, 12/01/55

     2,260       2,523,810  
   

 

 

  
      8,662,265  
Tennessee — 0.7%  

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

     980       1,050,060  
 

 

 

6

   

Schedule of Investments  (unaudited) (continued)

January 31, 2018

   

BlackRock MuniHoldings Fund, Inc. (MHD)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Tennessee (continued)  

County of Nashville & Davidson Metropolitan Government Health & Educational Facilities Board, RB, Vanderbilt University Medical Center,
Series A, 5.00%, 07/01/40

   $ 495     $ 547,747  
   

 

 

  
      1,597,807  
Texas — 7.0%  

Central Texas Regional Mobility Authority, Refunding RB:

    

Senior Lien, 6.25%, 01/01/21(b)

     1,480       1,668,818  

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

     250       272,323  

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

     440       486,253  

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

     1,500       1,676,010  

City of Dallas Texas Waterworks & Sewer System Revenue, Refunding RB, 5.00%, 10/01/20(b)

     485       526,104  

City of Houston Texas Airport System, Refunding ARB, Senior Lien, Series A, 5.50%, 07/01/39

     1,070       1,087,077  

County of Harris Texas Cultural Education Facilities Finance Corp., RB, 1st Mortgage, Brazos Presbyterian Homes, Inc. Project, Series B, 7.00%, 01/01/23(b)

     325       401,027  

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

     1,910       2,000,916  

Dallas/Fort Worth International Airport, Refunding ARB, AMT, Series E, 5.00%, 11/01/32

     3,065       3,283,994  

La Vernia Higher Education Finance Corp., RB, Kipp, Inc., Series A, 6.38%, 08/15/19(b)

     450       482,760  

North Texas Tollway Authority, RB, CAB, Special Project System, Series B, 0.00%, 09/01/31(b)(c)

     1,400       598,948  

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

    

LBJ Infrastructure Group LLC, 7.00%, 06/30/40

     2,000       2,220,680  
Security   Par
(000)		     Value  
Texas (continued)  

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

    

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

   $ 1,700     $ 1,849,107  
   

 

 

  
      16,554,017  
Utah — 0.3%  

Salt Lake City Corp. Airport Revenue, ARB, Series A, AMT, 5.00%, 07/01/47

     665       748,943  
   

 

 

  
Virginia — 2.4%  

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

    

5.00%, 07/01/42

     625       646,456  

Residential Care Facility, 5.00%, 07/01/47

     970       1,000,933  

Hampton Roads Transportation Accountability Commission, RB, Transportation Fund, Senior Lien, Series A, 5.50%, 07/01/57

     810       956,926  

Virginia Small Business Financing Authority, RB, AMT:

    

Senior Lien, Elizabeth River Crossings OpCo LLC Project, 5.25%, 01/01/32

     550       606,529  

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

     1,830       2,065,832  

Transform 66 P3 Project, 5.00%, 12/31/52

     305       336,516  
   

 

 

  
      5,613,192  
Washington — 2.7%  

Grant County Public Utility District No. 2, Refunding RB, Series A, 5.00%, 01/01/43

     1,555       1,745,814  

Port of Seattle Washington, RB, Intermediate Lien, Series C, AMT:

    

5.00%, 04/01/40

     540       599,605  

5.00%, 05/01/42

     1,085       1,230,911  

State of Washington, GO, Series D, 5.00%, 02/01/42

     835       960,150  

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

     1,625       1,790,230  
   

 

 

  
      6,326,710  
Wisconsin — 3.5%  

State of Wisconsin, Refunding RB, Series A, 6.00%, 05/01/19(b)

     4,980       5,260,872  
 

 

 

     7  

Schedule of Investments  (unaudited) (continued)

January 31, 2018

   

BlackRock MuniHoldings Fund, Inc. (MHD)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Wisconsin (continued)  

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

   $ 1,710     $ 1,790,593  

Wisconsin Health & Educational Facilities Authority, Refunding RB, Medical College of Wisconsin, Inc., 4.00%, 12/01/46

     1,305       1,336,920  
   

 

 

  
      8,388,385  
Wyoming — 0.1%  

Wyoming Municipal Power Agency, Inc., RB, Series A, 5.00%, 01/01/19(b)

     210       216,781  
   

 

 

  

Total Municipal Bonds — 114.6%
(Cost — $251,096,343)

       272,175,705  
   

 

 

  

Municipal Bonds Transferred to Tender Option Bond Trusts(f)

 

Alabama — 0.5%  

Auburn University, Refunding RB, Series A, 4.00%, 06/01/41

     1,220       1,271,771  
   

 

 

  
California — 9.0%  

Bay Area Toll Authority, Refunding RB, San Francisco Bay Area:

    

Toll Bridge, 4.00%, 04/01/42(g)

     2,257       2,371,698  

Series F-1, 5.63%, 04/01/19(b)

     2,271       2,381,917  

California Educational Facilities Authority, RB, University of Southern California, Series B, 5.25%, 10/01/18(b)(g)

     1,845       1,892,478  

City & County of San Francisco California Public Utilities Commission, RB, Water Revenue,
Series B, 5.00%, 11/01/19(b)

     6,600       7,002,336  

City of Los Angeles California Department of Airports, Refunding ARB, Los Angeles International Airport, Senior Series A, 5.00%, 05/15/40

     4,121       4,411,851  

Sacramento Area Flood Control Agency, Refunding, Consolidated Capital Assessment District No. 2 Bonds, 5.00%, 10/01/47

     2,250       2,582,651  
Security   Par
(000)		     Value  
California (continued)  

San Diego California Community College District, GO, Election of 2002, 5.25%, 08/01/19(b)

   $ 748     $ 789,836  
   

 

 

  
      21,432,767  
Colorado — 3.6%  

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

    

Series C-3 (AGM), 5.10%, 04/29/18

     2,580       2,602,717  

Series C-7 (AGM), 5.00%, 05/01/18

     1,650       1,664,132  

Colorado Health Facilities Authority, Refunding RB, Catholic Health Initiatives, Series A,
5.50%, 07/01/34(g)

     1,490       1,549,675  

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

     2,700       2,790,963  
   

 

 

  
      8,607,487  
Florida — 1.8%  
Utilities — 1.8%  

County of Miami-Dade Florida, RB, Water & Sewer System, 5.00%, 10/01/20(b)

     3,939       4,280,664  
   

 

 

  
Georgia — 1.0%  

Private Colleges & Universities Authority, Refunding RB, Emory University, Series C, 5.00%, 09/01/18(b)

     2,259       2,305,732  
   

 

 

  
Massachusetts — 2.1%  

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

     4,502       4,934,496  
   

 

 

  
New Hampshire — 0.6%  

New Hampshire Health & Education Facilities Authority, RB, Dartmouth College,
5.25%, 06/01/19(b)(g)

     1,410       1,478,735  
   

 

 

  
New York — 9.1%  

City of New York New York Municipal Water Finance Authority, Refunding RB, Water & Sewer System, 2nd General Resolution, Series FF-2, 5.50%, 06/15/40

     1,110       1,167,997  

Hudson Yards Infrastructure Corp., RB, Fiscal 2012, Series A, 5.75%, 02/15/47(g)

     1,110       1,216,718  

Metropolitan Transportation Authority, Refunding RB, Series C-1, 5.25%, 11/15/56

     3,240       3,718,055  
 

 

 

8

   

Schedule of Investments  (unaudited) (continued)

January 31, 2018

   

BlackRock MuniHoldings Fund, Inc. (MHD)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
New York (continued)  

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

   $ 7,440     $ 8,268,409  

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

     4,460       5,024,188  

Port Authority of New York & New Jersey, Refunding ARB, 194th Series, 5.25%, 10/15/55

     1,860       2,131,913  
   

 

 

  
      21,527,280  
North Carolina — 1.3%  

North Carolina Capital Facilities Finance Agency, Refunding RB:

    

Duke University Project, Series B, 5.00%, 10/01/55

     1,830       2,045,135  

Wake Forest University, 5.00%, 01/01/19(b)

     1,080       1,113,944  
   

 

 

  
      3,159,079  
Ohio — 4.2%  

State of Ohio, Refunding RB, Cleveland Clinic Health System Obligated Group, Series A, 5.50%, 01/01/19(b)

     9,644       9,990,767  
   

 

 

  
Pennsylvania — 0.8%  

Pennsylvania Turnpike Commission, RB, Sub-Series A, 5.50%, 12/01/42

     1,695       1,963,200  
   

 

 

  
Texas — 6.1%  

City of San Antonio Texas Electric and Gas Systems, RB, Junior Lien, 5.00%, 02/01/43

     1,720       1,909,927  

County of Harris Texas, RB, Toll Road,
Senior Lien, Series A(g):

    

5.00%, 08/15/19(b)

     2,620       2,741,166  

5.00%, 08/15/38

     2,004       2,096,755  

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

     2,350       2,592,015  

Permanent University Fund — University of Texas System, Refunding RB, Series B, 4.00%, 07/01/41

     2,720       2,881,398  
Security   Shares/Par
(000)		     Value  
Texas (continued)  

University of Texas, Refunding RB, Financing System, Series B, 5.00%, 08/15/43

   $ 2,041     $ 2,282,134  
   

 

 

  
      14,503,395  
Utah — 1.1%  

City of Riverton Utah, RB, IHC Health Services, Inc., 5.00%, 08/15/41

     2,519       2,631,121  
   

 

 

  
Virginia — 2.5%  

University of Virginia, Refunding RB, General,
5.00%, 06/01/18(b)

     3,749       3,793,993  

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

     2,095       2,222,530  
   

 

 

  
      6,016,523  
Wisconsin — 1.8%  

Wisconsin Health & Educational Facilities Authority, Refunding RB, Froedtert & Community Health, Inc., Obligated Group, Series C, 5.25%, 04/01/19(b)(g)

     3,959       4,128,648  
   

 

 

  

Total Municipal Bonds Transferred to Tender Option Bond Trusts — 45.5%
(Cost — $103,919,005)

 

     108,231,665  
   

 

 

  

Total Long-Term Investments — 160.1%
(Cost — $355,015,348)

 

     380,407,370  
   

 

 

  

Short-Term Securities — 0.7%

 

BlackRock Liquidity Funds, MuniCash, Institutional Class,
    0.95%(h)(i)

     1,669,643       1,669,810  
   

 

 

  

Total Short-Term Securities — 0.7%
(Cost — $1,669,679)

 

     1,669,810  
   

 

 

  

Total Investments — 160.8%
(Cost — $356,685,027)

 

     382,077,180  

Other Assets Less Liabilities — 1.0%

 

     2,511,215  

Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (26.6)%

 

     (63,306,187 ) 

VMTP Shares, at Liquidation Value — (35.2)%

 

     (83,700,000 ) 
   

 

 

  

Net Assets Applicable to Common
Shares — 100.0%

 

   $ 237,582,208  
   

 

 

  
 
(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)  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.
(c)  Zero-coupon  bond.

 

 

     9  

Schedule of Investments  (unaudited) (continued)

January 31, 2018

   

BlackRock MuniHoldings Fund, Inc. (MHD)

 

 

(d) Variable or floating rate security, which interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of period end.
(e)  Step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Rate as of period end.
(f) Represent bonds transferred to a TOB Trust in exchange of cash and residual certificates received by the Fund. These bonds serve as collateral in a secured borrowing.
(g)  All or a portion of security is subject to a recourse agreement. The aggregate maximum potential amount the Fund could ultimately be required to pay under the agreements, which expire between May 7, 2018 to February 15, 2031, is $13,416,511.
(h)  Annualized 7-day yield as of period end.
(i)  During the period ended January 31, 2018, investments in issuers considered to be an affiliate of the Fund for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliate    Shares
Held at
04/30/17		      Net
Activity		      Shares
Held at
01/31/18		      Value at
01/31/18		      Income     

Net

Realized
Gain (Loss) (a)

      Change in
Unrealized
Appreciation
(Depreciation)		  

BlackRock Liquidity Funds, MuniCash, Institutional Class

      575,572        1,094,071        1,669,643      $ 1,669,810      $ 22,354      $ 531      $ 74  
           

 

 

     

 

 

     

 

 

     

 

 

  

 

  (a)  Includes net capital gain distributions, if applicable.  

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

      15          03/20/18        $ 1,824        $ 43,581  

Long U.S. Treasury Bond

      79          03/20/18          11,677          397,678  

5-Year U.S. Treasury Note

      32          03/29/18          3,671          57,202  
                 

 

 

  
        $ 498,461  
                 

 

 

  
                 

 

Portfolio Abbreviations
AGC    Assured Guarantee Corp.
AGM    Assured Guaranty Municipal Corp.
AMT    Alternative Minimum Tax (subject to)
ARB    Airport Revenue Bonds
CAB    Capital Appreciation Bonds
COP    Certificates of Participation
EDA    Economic Development Authority
EDC    Economic Development Corp.
GARB    General Airport Revenue Bonds
GO    General Obligation Bonds
IDA    Industrial Development Authority
LRB    Lease Revenue Bonds
NPFGC    National Public Finance Guarantee Corp.
RB    Revenue Bonds
S/F    Single-Family

 

 

10   

Schedule of Investments  (unaudited) (continued)

January 31, 2018

  

BlackRock MuniHoldings Fund, Inc. (MHD)

 

 

Fair Value Hierarchy as of Period End

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

 

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

 

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

 

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

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the BlackRock Global Valuation Methodologies Committee (the “Global 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. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Global Valuation Committee in the absence of market information.

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. For information about the Fund’s policy regarding valuation of investments and derivative financial instruments, refer to the Fund’s most recent financial statements as contained in its semi-annual report.

As of January 31, 2018, the following tables summarize the Fund’s investments and derivative financial instruments categorized in the disclosure hierarchy:

 

      Level 1       

Level 2

       Level 3        Total  

Assets:

 

Investments:

 

Long-Term Investments(a)

    $ —        $ 380,407,370        $ —        $ 380,407,370  

Short-Term Securities

     1,669,810          —          —          1,669,810  
  

 

 

       

 

 

       

 

 

       

 

 

  
   $ 1,669,810        $ 380,407,370        $ —        $ 382,077,180  
  

 

 

       

 

 

       

 

 

       

 

 

  

Derivative Financial Instruments(b)

 

Assets:

 

Interest rate contracts

   $ 498,461        $ —        $ —        $ 498,461  
  

 

 

       

 

 

       

 

 

       

 

 

  

 

  (a)  See above Schedule of Investments for values in each state or political subdivision.  
  (b)  Derivative financial instruments are futures contracts, which are valued at the unrealized appreciation (depreciation) on the instrument.  

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

 

      Level 1        Level 2        Level 3        Total  

Liabilities:

 

TOB Trust Certificates

   $ —        $ (63,115,775 )       $ —        $ (63,115,775 ) 

VMTP Shares at Liquidation Value

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

 

 

       

 

 

       

 

 

       

 

 

  
   $ —        $ (146,815,775 )       $ —        $ (146,815,775 ) 
  

 

 

       

 

 

       

 

 

       

 

 

  

During the period ended January 31, 2018, there were no transfers between levels.

 

 

     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: March 21, 2018

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: March 21, 2018

By:    

   /s/ Neal J. Andrews                               
  Neal J. Andrews
  Chief Financial Officer (principal financial officer) of
  BlackRock MuniHoldings Fund, Inc.

Date: March 21, 2018