NPORT-EX 2 NPORT_LCQD_84508720_0425.htm EDGAR HTML
April 30, 2025 
2025 Quarterly Report
(Unaudited)
 
BlackRock MuniHoldings Fund, Inc. (MHD)
 
Not FDIC Insured • May Lose Value • No Bank Guarantee
Schedule of Investments (unaudited)
April 30, 2025
BlackRock MuniHoldings Fund, Inc. (MHD)
(Percentages shown are based on Net Assets)

 
Security
 
Par
(000)
Value
Municipal Bonds
Alabama — 5.9%
Black Belt Energy Gas District, RB(a)
 
Series A, 5.25%, 01/01/54
$
2,450
$ 2,576,300
Series A, 5.25%, 05/01/55
 
1,275
1,352,449
Series F, 5.50%, 11/01/53
 
1,115
1,166,341
Black Belt Energy Gas District, Refunding RB, 4.00%,
06/01/51(a)
 
9,590
9,478,510
County of Jefferson Alabama Sewer Revenue,
Refunding RB, 5.25%, 10/01/49
 
4,715
4,740,465
Southeast Alabama Gas Supply District, Refunding RB,
Series B, 5.00%, 06/01/49(a)
 
2,825
2,934,941
Southeast Energy Authority A Cooperative District, RB(a)
 
Series A, 5.00%, 01/01/56
 
4,895
5,014,509
Series A-1, 5.50%, 01/01/53
 
1,890
2,002,810
Series B, 5.00%, 01/01/54
 
4,595
4,773,432
Series B-1, 5.00%, 05/01/53
 
4,510
4,627,393
 
 
38,667,150
Arizona — 2.5%
Arizona Industrial Development Authority, RB(b)
 
4.38%, 07/01/39
 
575
508,004
Series A, 5.00%, 07/01/49
 
550
479,479
Series A, 5.00%, 07/01/54
 
425
359,346
Arizona Industrial Development Authority, Refunding
RB(b)
 
5.50%, 07/01/52
 
130
119,692
Series G, 5.00%, 07/01/47
 
435
409,911
City of Phoenix Civic Improvement Corp., RB, Junior
Lien, 5.25%, 07/01/47
 
2,425
2,568,520
Glendale Industrial Development Authority, RB, 5.00%,
05/15/56
 
65
58,572
Industrial Development Authority of the City of Phoenix
Arizona, RB, Series A, 5.00%, 07/01/46(b)
 
2,120
1,979,260
Industrial Development Authority of the County of Pima,
RB, 5.00%, 07/01/34(b)
 
400
398,443
Industrial Development Authority of the County of Pima,
Refunding RB, 5.00%, 06/15/49(b)
 
300
280,193
Salt Verde Financial Corp., RB
 
5.00%, 12/01/32
 
3,500
3,670,022
5.00%, 12/01/37
 
5,235
5,439,556
 
 
16,270,998
Arkansas — 1.3%
Arkansas Development Finance Authority, RB
 
AMT, 4.75%, 09/01/49(b)
 
4,235
3,863,715
AMT, Sustainability Bonds, 5.70%, 05/01/53
 
1,170
1,177,231
City of Benton Arkansas Sales & Use Tax, RB, (AGM),
4.00%, 06/01/39
 
505
476,845
City of Springdale Arkansas Sales & Use Tax Revenue,
RB, Series B, (BAM), 4.13%, 08/01/47
 
3,085
2,882,347
 
 
8,400,138
California — 4.7%
California Enterprise Development Authority, RB, 8.00%,
11/15/62(b)
 
1,025
998,511
California Infrastructure & Economic Development Bank,
Refunding RB, Series A, Class B, AMT, Sustainability
Bonds, 9.50%, 01/01/65(a)(b)
 
3,200
3,077,739
California Municipal Finance Authority, ARB, AMT,
Senior Lien, 5.00%, 12/31/43
 
800
790,425
California Pollution Control Financing Authority, RB,
AMT, 5.00%, 11/21/45(b)
 
1,755
1,721,556
Security
 
Par
(000)
Value
California (continued)
City of Los Angeles Department of Airports, Refunding
ARB, AMT, Subordinate, 5.00%, 05/15/46
$
830
$ 837,875
Hartnell Community College District, GO, Series D,
7.00%, 08/01/34(c)
 
1,650
1,770,433
Norwalk-La Mirada Unified School District, Refunding
GO, Series E, Election 2002, (AGC), 0.00%,
08/01/38(d)
 
8,000
4,500,231
Palomar Community College District, GO
 
Series B, Convertible, 6.20%, 08/01/39(c)
 
2,605
3,049,023
Series B, Election 2006, 0.00%, 08/01/30(d)
 
1,500
1,248,485
San Diego Community College District, GO, Election
2002, 6.00%, 08/01/27(c)(e)
 
2,800
2,981,130
San Diego County Regional Airport Authority, ARB
 
Series B, AMT, 5.00%, 07/01/47
 
1,515
1,494,585
Series B, AMT, Subordinate, 5.00%, 07/01/56
 
2,150
2,112,836
San Diego Unified School District, GO(d)(f)
 
Class A, 0.00%, 07/01/29
 
5,315
4,575,714
Series A, 0.00%, 07/01/29
 
685
589,558
Washington Township Health Care District, GO,
Series B, Election 2004, 5.50%, 08/01/40
 
920
921,879
 
 
30,669,980
Colorado — 1.7%
City & County of Denver Colorado Airport System
Revenue, Refunding ARB, Series D, AMT, 5.75%,
11/15/45
 
1,160
1,235,532
City & County of Denver Colorado Pledged Excise Tax
Revenue, RB, CAB(d)
 
Series A-2, 0.00%, 08/01/37
 
1,490
819,606
Series A-2, 0.00%, 08/01/38
 
915
476,427
Colorado Educational & Cultural Facilities Authority, RB,
5.50%, 07/01/40
 
2,510
2,512,474
Colorado Health Facilities Authority, RB
 
5.50%, 11/01/47
 
480
498,882
5.25%, 11/01/52
 
1,000
1,027,090
Colorado Health Facilities Authority, Refunding RB
 
Series A, 4.00%, 11/15/46
 
1,610
1,406,740
Series A, 4.00%, 08/01/49
 
1,950
1,675,305
Series A, 4.00%, 05/15/52
 
1,500
1,338,276
 
 
10,990,332
Connecticut — 0.1%
Connecticut State Health & Educational Facilities
Authority, RB
 
5.25%, 07/15/48
 
390
403,944
4.25%, 07/15/53
 
525
468,815
 
 
872,759
Delaware — 0.5%
County of Kent Delaware, RB
 
Series A, 5.00%, 07/01/40
 
330
325,171
Series A, 5.00%, 07/01/53
 
775
727,387
Delaware State Health Facilities Authority, RB, 5.00%,
06/01/48
 
2,180
2,095,139
 
 
3,147,697
District of Columbia — 4.3%
District of Columbia Income Tax Revenue, RB, Series A,
5.25%, 05/01/48
 
1,205
1,269,971
District of Columbia, Refunding GO, Series A, 5.25%,
01/01/48
 
2,285
2,397,186
District of Columbia, Refunding RB, 5.00%, 10/01/48
 
1,695
1,609,285
District of Columbia, TA, 5.13%, 06/01/41
 
1,195
1,196,209
2
Schedule of Investments (unaudited)(continued)
April 30, 2025
BlackRock MuniHoldings Fund, Inc. (MHD)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
District of Columbia (continued)
Metropolitan Washington Airports Authority Aviation
Revenue, Refunding ARB, Series A, AMT, 5.25%,
10/01/49
$
1,190
$ 1,209,614
Metropolitan Washington Airports Authority Dulles Toll
Road Revenue, Refunding RB
 
Series B, 2nd Senior Lien, (AGC), 0.00%, 10/01/34(d)
 
10,170
6,904,434
Series B, 2nd Senior Lien, (AGC), 0.00%, 10/01/35(d)
 
13,485
8,711,121
Series B, Subordinate, 4.00%, 10/01/49
 
2,000
1,722,862
Washington Metropolitan Area Transit Authority
Dedicated Revenue, RB
 
Series A, 2nd Lien, Sustainability Bonds, 4.38%,
07/15/59
 
2,690
2,504,967
Series A, Sustainability Bonds, 4.00%, 07/15/46
 
875
781,498
 
 
28,307,147
Florida — 7.3%
Capital Trust Agency, Inc., RB(b)
 
5.00%, 01/01/55
 
305
271,243
Series A, 5.00%, 06/01/45
 
480
397,363
Series A, 5.50%, 06/01/57
 
170
140,897
City of Gainesville Florida Utilities System Revenue,
Refunding RB
 
Series A, 5.00%, 10/01/29(e)
 
20
21,564
Series A, 5.00%, 10/01/47
 
4,095
4,128,453
City of South Miami Health Facilities Authority, Inc.,
Refunding RB, 5.00%, 08/15/42
 
1,290
1,297,069
City of Tampa Florida, RB, Series B, 5.00%, 07/01/50
 
2,685
2,691,244
Collier County Industrial Development Authority, RB,
(AGM), 5.00%, 10/01/54
 
3,500
3,522,016
County of Broward Florida Airport System Revenue,
ARB, Series A, AMT, 5.00%, 10/01/49
 
1,000
1,001,739
County of Broward Florida Water & Sewer Utility
Revenue, RB, Series A, 4.00%, 10/01/45
 
585
540,308
County of Miami-Dade Florida Aviation Revenue,
Refunding ARB
 
Series A, AMT, 5.00%, 10/01/44
 
3,525
3,543,286
Series A, AMT, 5.50%, 10/01/55
 
1,490
1,542,718
County of Miami-Dade Florida Aviation Revenue,
Refunding RB, Series B, AMT, 5.00%, 10/01/40
 
3,120
3,121,185
County of Miami-Dade Seaport Department, Refunding
RB, Series A, AMT, 5.25%, 10/01/52
 
1,245
1,261,473
County of Osceola Florida Transportation Revenue,
Refunding RB, CAB(d)
 
Series A-2, 0.00%, 10/01/46
 
260
86,938
Series A-2, 0.00%, 10/01/47
 
435
128,940
County of Pasco Florida, RB, (AGM), 5.75%, 09/01/54
 
500
530,836
Cypress Bluff Community Development District, SAB,
Series A, 3.80%, 05/01/50(b)
 
430
329,783
Florida Development Finance Corp., RB
 
6.50%, 06/30/57(b)(g)(h)
 
526
139,639
Series A, 5.00%, 06/15/56
 
75
68,375
AMT, 5.00%, 05/01/29(b)
 
270
272,724
Florida Development Finance Corp., Refunding RB
 
AMT, (AGM), 5.00%, 07/01/44
 
6,495
6,406,236
AMT, (AGM), 5.25%, 07/01/47
 
1,600
1,606,575
Hillsborough County Aviation Authority, ARB, Class A,
AMT, 5.00%, 10/01/48
 
1,730
1,706,631
Hillsborough County Industrial Development Authority,
Refunding RB, Series C, 4.13%, 11/15/51
 
1,400
1,267,138
Lakewood Ranch Stewardship District, SAB, 6.30%,
05/01/54
 
570
590,290
Security
 
Par
(000)
Value
Florida (continued)
Orange County Health Facilities Authority, RB
 
5.00%, 10/01/47
$
1,500
$ 1,498,365
Series A, 5.00%, 10/01/53
 
1,075
1,092,752
Orange County Health Facilities Authority, Refunding RB
 
Series A, 4.50%, 10/01/56
 
3,310
3,143,850
Series A, 5.25%, 10/01/56
 
1,205
1,232,634
Palm Beach County Health Facilities Authority,
Refunding RB, 4.00%, 08/15/49
 
1,185
992,732
Southern Groves Community Development District No.
5, Refunding SAB, 4.00%, 05/01/43
 
220
184,134
Stevens Plantation Community Development District,
SAB, Series A, 7.10%, 05/01/35(g)(h)
 
800
458,158
Trout Creek Community Development District, SAB
 
4.00%, 05/01/40
 
630
552,474
4.00%, 05/01/51
 
1,050
827,788
Village Community Development District No. 15, SAB,
5.25%, 05/01/54(b)
 
590
590,702
Westside Community Development District, SAB,
4.00%, 05/01/50
 
815
622,492
 
 
47,810,744
Georgia — 2.6%
City of Atlanta Georgia Department of Aviation,
Refunding ARB, Series B, AMT, 5.00%, 07/01/52
 
1,520
1,521,811
County of DeKalb Georgia Water & Sewerage Revenue,
Refunding RB, 5.00%, 10/01/48
 
3,135
3,244,011
Dalton Whitfield County Joint Development Authority,
RB, 4.00%, 08/15/48
 
2,615
2,320,720
East Point Business & Industrial Development Authority,
RB, Series A, 5.25%, 06/15/62(b)
 
535
361,125
Gainesville & Hall County Hospital Authority, RB,
Series A, 4.00%, 02/15/51
 
1,460
1,236,974
Main Street Natural Gas, Inc., RB, Series A, 5.00%,
06/01/53(a)
 
7,815
8,070,655
Municipal Electric Authority of Georgia, RB, Series A,
5.00%, 01/01/59
 
480
478,180
 
 
17,233,476
Hawaii — 1.1%
State of Hawaii Airports System Revenue, ARB
 
Series B, 5.00%, 07/01/49
 
4,090
4,199,650
Series A, AMT, 5.50%, 07/01/54
 
1,745
1,810,657
State of Hawaii Airports System Revenue, COP
 
AMT, 5.25%, 08/01/25
 
425
425,289
AMT, 5.25%, 08/01/26
 
460
460,852
 
 
6,896,448
Idaho — 0.4%
Idaho Housing & Finance Association, RB, S/F Housing,
Series A, (FHLMC, FNMA, GNMA), 4.60%, 01/01/49
 
820
793,836
Power County Industrial Development Corp., RB,
6.45%, 08/01/32
 
2,000
2,003,784
 
 
2,797,620
Illinois — 8.6%
Chicago Board of Education, GO
 
Series A, 5.00%, 12/01/34
 
1,760
1,761,010
Series A, 5.00%, 12/01/40
 
1,410
1,373,935
Series A, 5.00%, 12/01/42
 
1,480
1,425,964
Series C, 5.25%, 12/01/35
 
2,655
2,655,245
Series D, 5.00%, 12/01/46
 
3,480
3,292,822
Series H, 5.00%, 12/01/36
 
585
552,194
Chicago Board of Education, Refunding GO
 
Series C, 5.00%, 12/01/27
 
500
506,303
Schedule of Investments
3
Schedule of Investments (unaudited)(continued)
April 30, 2025
BlackRock MuniHoldings Fund, Inc. (MHD)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Illinois (continued)
Chicago Board of Education, Refunding GO (continued)
 
Series C, 5.00%, 12/01/34
$
475
$ 475,120
Series G, 5.00%, 12/01/34
 
315
314,964
Chicago Midway International Airport, Refunding ARB,
Series B, 5.00%, 01/01/46
 
2,240
2,240,317
Chicago O’Hare International Airport, ARB
 
Series D, AMT, Senior Lien, 5.00%, 01/01/47
 
2,480
2,434,013
Senior Lien, 4.50%, 01/01/56
 
6,720
6,338,977
Chicago O’Hare International Airport, Refunding ARB
 
Series A, AMT, Senior Lien, 5.25%, 01/01/48
 
1,660
1,703,397
Series A, AMT, Senior Lien, 4.38%, 01/01/53
 
1,390
1,242,494
City of Chicago Illinois Wastewater Transmission
Revenue, RB, Series A, 2nd Lien, (AGM), 5.25%,
01/01/58
 
885
917,342
City of Chicago Illinois Waterworks Revenue, RB,
Series A, 2nd Lien, (AGM), 5.25%, 11/01/53
 
1,445
1,494,032
Illinois Finance Authority, Refunding RB
 
4.00%, 02/15/27(e)
 
60
60,852
4.00%, 02/15/41
 
1,885
1,734,563
Series A, 4.00%, 07/15/47
 
1,485
1,323,115
Illinois State Toll Highway Authority, RB
 
Series A, 5.00%, 01/01/40
 
5,625
5,626,693
Series B, 5.00%, 01/01/40
 
2,250
2,253,714
Metropolitan Pier & Exposition Authority, RB, 5.00%,
06/15/57
 
2,370
2,249,325
Metropolitan Pier & Exposition Authority, Refunding
RB(d)
 
Series B, (AGM), 0.00%, 06/15/44
 
3,765
1,468,236
Series B, (AGM), 0.00%, 06/15/47
 
22,775
7,373,858
State of Illinois, GO
 
5.50%, 05/01/39
 
795
836,418
Series B, 5.25%, 05/01/41
 
1,770
1,841,255
Series B, 5.25%, 05/01/48
 
1,805
1,832,795
Series D, 5.00%, 11/01/28
 
900
927,304
 
 
56,256,257
Indiana — 1.4%
City of Valparaiso Indiana, Refunding RB, AMT, 4.50%,
01/01/34(b)
 
405
414,413
Indiana Finance Authority, RB, Series A, 5.00%,
10/01/53
 
2,150
2,192,059
Indiana Housing & Community Development Authority,
RB, S/F Housing, Series A-1, Sustainability Bonds,
(FHLMC, FNMA, GNMA), 4.65%, 07/01/49
 
2,475
2,409,493
Indianapolis Local Public Improvement Bond Bank, RB,
Series F1, Subordinate, (BAM), 5.00%, 03/01/53
 
3,950
4,019,656
 
 
9,035,621
Kansas — 0.3%
Wyandotte County Unified School District No.
500 Kansas City, GO, (BAM), 5.00%, 09/01/50
 
2,130
2,170,675
Kentucky — 1.8%
Fayette County School District Finance Corp., RB
 
5.00%, 06/01/44
 
860
886,293
(BAM-TCRS), 5.00%, 06/01/46
 
760
776,920
(BAM-TCRS), 5.00%, 06/01/47
 
1,155
1,177,661
Kentucky Economic Development Finance Authority,
Refunding RB, Series A, 5.00%, 08/01/44
 
735
721,242
Kentucky Public Energy Authority, Refunding RB,
Series B, 5.00%, 01/01/55(a)
 
4,430
4,635,091
Security
 
Par
(000)
Value
Kentucky (continued)
Kentucky Public Transportation Infrastructure Authority,
RB, CAB(c)
 
Convertible, 6.45%, 07/01/34
$
500
$ 571,510
Convertible, 6.60%, 07/01/39
 
830
947,717
Convertible, 6.75%, 07/01/43
 
1,770
2,005,698
 
 
11,722,132
Louisiana — 1.7%
Louisiana Public Facilities Authority, RB
 
5.25%, 10/01/53
 
4,140
4,117,021
AMT, 5.50%, 09/01/59
 
3,235
3,305,771
Louisiana Stadium & Exposition District, Refunding RB,
Series A, 5.25%, 07/01/53
 
3,520
3,608,047
 
 
11,030,839
Maryland — 0.5%
Maryland Health & Higher Educational Facilities
Authority, RB
 
Series B, 4.00%, 04/15/50
 
1,645
1,424,373
Series C, 5.00%, 05/15/45
 
2,125
2,093,792
 
 
3,518,165
Massachusetts — 2.6%
Commonwealth of Massachusetts, GO
 
Series C, 5.00%, 10/01/47
 
1,195
1,234,576
Series C, 5.00%, 10/01/52
 
1,240
1,271,212
Massachusetts Development Finance Agency, RB
 
5.00%, 10/01/48
 
830
721,879
Series A, 5.25%, 01/01/42
 
1,110
1,112,782
Series A, 5.00%, 01/01/47
 
5,005
4,752,630
Massachusetts Development Finance Agency,
Refunding RB
 
5.00%, 04/15/40
 
400
383,730
Series A, 5.00%, 10/01/35
 
500
487,520
Series P, 5.45%, 05/15/59
 
2,010
2,146,048
Massachusetts Port Authority, ARB, Series E, AMT,
5.00%, 07/01/46
 
3,100
3,111,350
Massachusetts Port Authority, Refunding ARB, Series A,
AMT, 5.00%, 07/01/47
 
1,500
1,504,709
 
 
16,726,436
Michigan — 3.0%
City of Detroit Michigan Water Supply System Revenue,
RB, Series B, 2nd Lien, (AGM), 6.25%, 07/01/36
 
5
5,008
City of Lansing Michigan, Refunding GO, Series B,
(AGM), 4.13%, 06/01/48
 
1,360
1,231,733
Eastern Michigan University, RB, Series A, 4.00%,
03/01/28(e)
 
45
46,057
Great Lakes Water Authority Sewage Disposal System
Revenue, RB, Series B, 2nd Lien, 5.25%, 07/01/47
 
1,490
1,562,744
Great Lakes Water Authority Water Supply System
Revenue, RB, Series A, Senior Lien, 5.25%,
07/01/52
 
3,525
3,663,506
Michigan Finance Authority, RB
 
4.00%, 02/15/47
 
4,815
4,289,921
4.00%, 02/15/50
 
3,140
2,768,628
Sustainability Bonds, 5.50%, 02/28/57
 
355
371,980
Michigan State Building Authority, Refunding RB,
Series I, 4.00%, 10/15/52
 
710
610,459
Michigan State Housing Development Authority, RB, S/F
Housing, Series D, Sustainability Bonds, 4.45%,
12/01/49
 
1,085
1,012,453
4
Schedule of Investments (unaudited)(continued)
April 30, 2025
BlackRock MuniHoldings Fund, Inc. (MHD)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Michigan (continued)
Michigan Strategic Fund, RB, AMT, 5.00%, 12/31/43
$
1,795
$ 1,794,997
State of Michigan Trunk Line Revenue, RB, 5.00%,
11/15/46
 
1,980
2,059,491
 
 
19,416,977
Minnesota — 1.8%
City of Spring Lake Park New Mexico, RB, 5.00%,
06/15/39
 
1,080
1,019,343
Duluth Economic Development Authority, Refunding RB
 
Series A, 4.25%, 02/15/48
 
3,800
3,376,964
Series A, 5.25%, 02/15/53
 
415
416,111
Series A, 5.25%, 02/15/58
 
1,605
1,605,442
Minneapolis-St. Paul Metropolitan Airports Commission,
ARB, AMT, 5.25%, 01/01/49
 
3,305
3,368,435
Minnesota Agricultural & Economic Development Board,
RB, 5.25%, 01/01/54
 
1,660
1,704,643
 
 
11,490,938
Mississippi — 1.0%
Mississippi Development Bank, RB, (AGM), 6.88%,
12/01/40
 
3,595
3,649,270
Mississippi Home Corp., RB, S/F Housing, Series C,
(FHLMC, FNMA, GNMA), 4.80%, 12/01/49
 
2,970
2,953,189
 
 
6,602,459
Missouri — 1.0%
Health & Educational Facilities Authority of the State of
Missouri, Refunding RB, Series A, 4.00%, 02/15/49
 
1,910
1,648,001
Kansas City Industrial Development Authority, ARB
 
AMT, (AGM), 5.00%, 03/01/49
 
1,755
1,740,899
AMT, (AGM), 5.00%, 03/01/55
 
1,775
1,760,363
Missouri Housing Development Commission, RB, S/F
Housing, Series C, (FHLMC, FNMA, GNMA), 4.55%,
11/01/44
 
1,335
1,337,490
 
 
6,486,753
Nebraska — 1.5%
Omaha Public Power District, Refunding RB, Series B,
02/01/48(i)
 
8,975
9,452,380
Nevada — 0.1%
Tahoe-Douglas Visitors Authority, RB
 
5.00%, 07/01/40
 
310
313,898
5.00%, 07/01/45
 
420
421,422
 
 
735,320
New Hampshire — 0.5%
New Hampshire Business Finance Authority,
Series 2025-1, Class A1, 4.17%, 01/20/41(a)
 
1,014
963,026
New Hampshire Business Finance Authority, RB, M/F
Housing
 
Class B, 5.75%, 04/28/42
 
1,285
1,295,037
Series 2, Sustainability Bonds, 4.25%, 07/20/41
 
963
917,231
 
 
3,175,294
New Jersey — 7.5%
New Jersey Economic Development Authority, ARB,
Series B, AMT, 5.63%, 11/15/30
 
660
660,252
New Jersey Economic Development Authority, RB
 
5.00%, 12/15/28(e)
 
60
63,918
5.00%, 06/15/34
 
365
382,922
5.00%, 06/15/36
 
460
479,435
5.00%, 06/15/43
 
100
101,335
Class A, 5.25%, 11/01/47
 
4,795
4,948,580
Series B, 4.50%, 06/15/40
 
1,270
1,259,576
Security
 
Par
(000)
Value
New Jersey (continued)
New Jersey Economic Development Authority,
RB (continued)
 
Series EEE, 5.00%, 06/15/48
$
4,275
$ 4,298,059
AMT, (AGM), 5.00%, 01/01/31
 
790
793,565
AMT, (AGM), 5.13%, 07/01/42
 
200
200,012
AMT, 5.38%, 01/01/43
 
3,000
3,000,978
New Jersey Economic Development Authority,
Refunding SAB
 
6.50%, 04/01/28
 
2,803
2,866,707
5.75%, 04/01/31
 
2,675
2,736,336
New Jersey Higher Education Student Assistance
Authority, Refunding RB
 
Series B, AMT, 4.00%, 12/01/41
 
2,650
2,562,618
Series C, AMT, Subordinate, 5.00%, 12/01/52
 
3,425
3,249,014
New Jersey Housing & Mortgage Finance Agency, RB,
S/F Housing, Series K, Sustainability Bonds, 4.55%,
10/01/44
 
810
786,752
New Jersey Transportation Trust Fund Authority, RB
 
5.00%, 12/15/28(e)
 
725
772,340
5.00%, 12/15/32(e)
 
4,075
4,546,668
5.00%, 06/15/46
 
1,345
1,352,701
Series AA, 5.00%, 06/15/45
 
900
887,950
Series AA, 5.00%, 06/15/46
 
400
393,027
Series S, 4.13%, 06/15/39
 
1,040
988,551
Series S, 5.25%, 06/15/43
 
2,810
2,876,313
New Jersey Transportation Trust Fund Authority, RB,
CAB, Series A, 0.00%, 12/15/35(d)
 
1,000
646,419
New Jersey Transportation Trust Fund Authority,
Refunding RB, Series A, 5.25%, 06/15/42
 
575
606,096
Tobacco Settlement Financing Corp., Refunding RB
 
Series A, 5.00%, 06/01/46
 
2,995
2,976,195
Series A, 5.25%, 06/01/46
 
4,430
4,449,263
 
 
48,885,582
New Mexico — 0.0%
City of Santa Fe New Mexico, RB, Series A, 5.00%,
05/15/44
 
200
190,288
New York — 13.2%
City of New York, GO
 
Series A, 5.00%, 08/01/46
 
2,265
2,347,929
Series A-1, 4.00%, 09/01/46
 
2,175
1,978,509
Series C-1, 5.25%, 09/01/50
 
5,000
5,260,570
Series -G-1, 5.25%, 02/01/53
 
550
579,917
Empire State Development Corp., RB
 
Series A, 4.00%, 03/15/45
 
3,000
2,779,802
Series A, 4.00%, 03/15/49
 
1,600
1,433,896
Empire State Development Corp., Refunding RB,
4.00%, 03/15/49
 
1,850
1,651,946
Erie Tobacco Asset Securitization Corp., Refunding RB,
Series A, 5.00%, 06/01/45
 
3,585
3,209,999
Metropolitan Transportation Authority, Refunding RB
 
Series C-1, 5.00%, 11/15/56
 
2,670
2,591,900
Series C-1, 5.25%, 11/15/56
 
10
10,014
Series A, Sustainability Bonds, (BAM), 4.00%,
11/15/48
 
2,770
2,426,558
Series C-1, Sustainability Bonds, 4.75%, 11/15/45
 
1,950
1,941,557
Series C-1, Sustainability Bonds, 5.00%, 11/15/50
 
370
371,677
Series C-1, Sustainability Bonds, 5.25%, 11/15/55
 
1,040
1,057,678
New York City Housing Development Corp., RB, M/F
Housing
 
Series A, Sustainability Bonds, (FHLMC, FNMA,
GNMA), 4.70%, 08/01/54
 
2,565
2,479,053
Schedule of Investments
5
Schedule of Investments (unaudited)(continued)
April 30, 2025
BlackRock MuniHoldings Fund, Inc. (MHD)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
New York (continued)
New York City Housing Development Corp., RB, M/F
Housing (continued)
 
Series E-1, Sustainability Bonds, 4.85%, 11/01/53
$
2,165
$ 2,146,769
New York City Transitional Finance Authority Future Tax
Secured Revenue, RB, Series F-1, Subordinate,
4.00%, 02/01/51
 
5,500
4,833,009
New York Counties Tobacco Trust IV, Refunding RB
 
Series A, 5.00%, 06/01/38
 
1,360
1,234,984
Series A, 6.25%, 06/01/41(b)
 
2,900
2,899,944
New York Counties Tobacco Trust VI, Refunding RB
 
Series A-2B, 5.00%, 06/01/45
 
255
227,706
Series A-2B, 5.00%, 06/01/51
 
245
216,525
New York Liberty Development Corp., Refunding RB
 
Class 1, 5.00%, 11/15/44(b)
 
3,920
3,895,643
Class 2, 5.38%, 11/15/40(b)
 
1,450
1,449,945
Series A, Sustainability Bonds, (BAM-TCRS), 3.00%,
11/15/51
 
4,565
3,030,746
Series A, Sustainability Bonds, 3.00%, 11/15/51
 
1,685
1,157,288
New York Power Authority, RB, Series A, Sustainability
Bonds, (AGM), 5.13%, 11/15/58
 
1,305
1,334,969
New York Power Authority, Refunding RB, Series A,
Sustainability Bonds, 4.00%, 11/15/55
 
1,160
1,027,717
New York State Dormitory Authority, Refunding RB,
Series A, 4.00%, 03/15/54
 
1,895
1,671,419
New York Transportation Development Corp., ARB,
AMT, 5.63%, 04/01/40
 
1,265
1,310,762
New York Transportation Development Corp., RB
 
AMT, 5.00%, 10/01/35
 
1,910
1,936,684
AMT, Sustainability Bonds, (AGM), 5.00%, 06/30/49
 
3,880
3,847,716
AMT, Sustainability Bonds, 5.50%, 06/30/54
 
1,985
2,014,565
AMT, Sustainability Bonds, 6.00%, 06/30/54
 
1,935
2,025,732
AMT, Sustainability Bonds, 5.50%, 06/30/60
 
5,070
5,111,727
New York Transportation Development Corp., Refunding
RB, Series A, AMT, Sustainability Bonds, 5.50%,
12/31/60
 
3,275
3,306,860
Port Authority of New York & New Jersey, Refunding
ARB, AMT, 5.00%, 01/15/47
 
4,860
4,889,332
Triborough Bridge & Tunnel Authority Sales Tax
Revenue, RB, Series A, 4.25%, 05/15/58
 
6,415
5,873,916
TSASC, Inc., Refunding RB, Series A, 5.00%, 06/01/41
 
535
537,972
Westchester Tobacco Asset Securitization Corp.,
Refunding RB, Sub-Series C, 4.00%, 06/01/42
 
290
253,368
 
 
86,356,303
North Carolina — 0.3%
North Carolina Housing Finance Agency, RB, S/F
Housing, Series 54-A, (FHLMC, FNMA, GNMA),
4.70%, 07/01/50
 
1,445
1,420,258
University of North Carolina at Chapel Hill, RB, 5.00%,
02/01/49
 
460
493,617
 
 
1,913,875
North Dakota — 0.4%
North Dakota Housing Finance Agency, RB, S/F
Housing, Series C, Sustainability Bonds, 4.75%,
07/01/49
 
2,585
2,543,895
Ohio — 1.8%
Buckeye Tobacco Settlement Financing Authority,
Refunding RB
 
Series A-2, Class 1, 4.00%, 06/01/48
 
610
513,288
Series B-2, Class 2, 5.00%, 06/01/55
 
3,680
3,168,194
Security
 
Par
(000)
Value
Ohio (continued)
Columbus Regional Airport Authority, Refunding ARB,
AMT, 5.50%, 01/01/55
$
1,745
$ 1,812,706
County of Franklin Ohio, RB
 
Series A, 4.00%, 12/01/44
 
365
325,635
Series A, 5.00%, 12/01/47
 
290
290,674
County of Hamilton Ohio, RB, Series CC, 5.00%,
11/15/49
 
550
567,760
Ohio Housing Finance Agency, RB, S/F Housing,
Series B, Sustainability Bonds, (FHLMC, FNMA,
GNMA), 4.65%, 09/01/49
 
3,175
3,110,582
State of Ohio, Refunding RB, Series A, 4.00%, 01/15/50
 
2,250
1,876,263
 
 
11,665,102
Oklahoma — 0.8%
Creek County Educational Facilities Authority, RB,
(BAM), 4.13%, 09/01/48
 
890
806,927
Oklahoma Development Finance Authority, RB,
Series B, 5.50%, 08/15/52
 
1,080
1,081,324
Oklahoma Water Resources Board, RB, (OK CERF),
4.00%, 04/01/48
 
950
866,538
University of Oklahoma, RB, Series A, (BAM), 5.00%,
07/01/54
 
2,660
2,703,654
 
 
5,458,443
Oregon — 0.0%
Clackamas County School District No. 12 North
Clackamas, GO, CAB, Series A, (GTD), 0.00%,
06/15/38(d)
 
510
268,996
Pennsylvania — 5.0%
Allegheny County Airport Authority, ARB, Series A, AMT,
(AGM-CR), 4.00%, 01/01/56
 
1,670
1,374,821
Allegheny County Hospital Development Authority,
Refunding RB, Series A, 5.00%, 04/01/47
 
2,130
2,095,045
Montgomery County Higher Education and Health
Authority, Refunding RB, 4.00%, 09/01/51
 
1,430
1,173,818
Montgomery County Industrial Development Authority,
RB, Series C, 5.00%, 11/15/45
 
605
600,615
Pennsylvania Economic Development Financing
Authority, RB
 
5.00%, 06/30/42
 
390
384,105
AMT, 5.50%, 06/30/40
 
2,000
2,076,196
AMT, 5.75%, 06/30/48
 
3,150
3,239,653
Pennsylvania Economic Development Financing
Authority, Refunding RB, AMT, 5.50%, 11/01/44
 
1,905
1,892,871
Pennsylvania Higher Educational Facilities Authority,
Refunding RB, Series B2, 5.50%, 11/01/54
 
2,280
2,359,648
Pennsylvania Housing Finance Agency, RB, S/F
Housing, Series 145A, Sustainability Bonds, 4.75%,
10/01/49
 
5,595
5,590,662
Pennsylvania Housing Finance Agency, Refunding RB,
S/F Housing, Series 142-A, Sustainability Bonds,
5.00%, 10/01/50
 
1,130
1,137,419
Pennsylvania Turnpike Commission Oil Franchise Tax
Revenue, Refunding RB
 
Series A, 4.00%, 12/01/51
 
9,445
8,339,496
Series B, 4.00%, 12/01/53
 
1,435
1,223,060
Pennsylvania Turnpike Commission, RB
 
Series A, Subordinate, 4.00%, 12/01/50
 
1,075
945,530
Series B, Subordinate, 4.00%, 12/01/51
 
610
534,062
 
 
32,967,001
6
Schedule of Investments (unaudited)(continued)
April 30, 2025
BlackRock MuniHoldings Fund, Inc. (MHD)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Puerto Rico — 5.4%
Commonwealth of Puerto Rico, GO
 
Series A-1, Restructured, 5.63%, 07/01/29
$
3,910
$ 4,031,574
Series A-1, Restructured, 5.75%, 07/01/31
 
3,524
3,709,229
Puerto Rico Sales Tax Financing Corp. Sales Tax
Revenue, RB
 
Series A-1, Restructured, 4.75%, 07/01/53
 
9,216
8,493,230
Series A-1, Restructured, 5.00%, 07/01/58
 
11,123
10,570,149
Series A-2, Restructured, 4.78%, 07/01/58
 
2,097
1,916,139
Series B-2, Restructured, 4.78%, 07/01/58
 
412
377,728
Puerto Rico Sales Tax Financing Corp. Sales Tax
Revenue, RB, CAB, Series A-1, Restructured, 0.00%,
07/01/46(d)
 
18,719
6,000,989
 
 
35,099,038
Rhode Island — 0.7%
Rhode Island Housing & Mortgage Finance Corp., RB,
S/F Housing
 
Sustainability Bonds, (GNMA), 4.60%, 10/01/44
 
2,970
2,922,856
Series A, Sustainability Bonds, (GNMA), 4.45%,
10/01/44
 
1,550
1,490,785
 
 
4,413,641
South Carolina — 2.5%
Charleston County Airport District, ARB, Series A, AMT,
5.25%, 07/01/54
 
1,150
1,176,029
County of Berkeley Indiana, SAB
 
4.25%, 11/01/40
 
315
279,348
4.38%, 11/01/49
 
470
393,292
Patriots Energy Group Financing Agency, RB, Series A1,
5.25%, 10/01/54(a)
 
1,575
1,670,913
South Carolina Jobs-Economic Development Authority,
RB
 
5.00%, 01/01/55(b)
 
845
703,637
Series A, 5.50%, 11/01/50
 
2,755
2,940,887
Series A, 5.50%, 11/01/54
 
980
1,031,820
South Carolina Jobs-Economic Development Authority,
Refunding RB
 
4.00%, 12/01/44
 
2,015
1,758,659
Series A, 5.00%, 05/01/43
 
1,680
1,696,477
Series A, 4.25%, 05/01/48
 
1,385
1,254,171
South Carolina Public Service Authority, RB, Series A,
5.50%, 12/01/54
 
965
1,011,412
South Carolina Public Service Authority, Refunding RB
 
Series A, 5.25%, 12/01/50
 
1,015
1,037,655
Series A, 5.00%, 12/01/55
 
990
995,572
South Carolina State Housing Finance & Development
Authority, Refunding RB, S/F Housing, Series A,
4.95%, 07/01/53
 
205
211,929
 
 
16,161,801
South Dakota — 0.8%
South Dakota Health & Educational Facilities Authority,
Refunding RB, 5.00%, 07/01/46
 
5,205
5,109,242
Tennessee — 2.9%
Knox County Health Educational & Housing Facility
Board, RB, Series A-1, (BAM), 5.50%, 07/01/59
 
430
456,597
Memphis-Shelby County Airport Authority, ARB
 
Series A, AMT, 5.00%, 07/01/45
 
3,515
3,507,321
Series A, AMT, 5.00%, 07/01/49
 
11,275
11,145,214
Security
 
Par
(000)
Value
Tennessee (continued)
Metropolitan Government Nashville & Davidson County
Health & Educational cilities Board, RB, 5.25%,
05/01/48
$
555
$ 556,381
Metropolitan Government Nashville & Davidson County
Health & Educational cilities Board, Refunding RB,
4.00%, 10/01/49
 
230
183,343
Metropolitan Government Nashville & Davidson County
Health & Educational Facs Board, Refunding RB,
5.25%, 10/01/58
 
2,930
2,906,638
 
 
18,755,494
Texas — 11.1%
Arlington Higher Education Finance Corp., RB(b)
 
7.50%, 04/01/62
 
1,165
1,119,023
7.88%, 11/01/62
 
1,005
1,018,423
City of Austin Texas Airport System Revenue, ARB
 
AMT, 5.25%, 11/15/47
 
2,500
2,536,448
Series B, AMT, 5.00%, 11/15/44
 
1,290
1,294,175
City of Galveston Texas Wharves & Terminal Revenue,
ARB
 
Series A, AMT, 1st Lien, 5.50%, 08/01/43
 
100
105,064
Series A, AMT, 1st Lien, 5.50%, 08/01/44
 
100
104,564
City of Garland Texas Electric Utility System Revenue,
Refunding RB, (AGM), 4.25%, 03/01/48
 
275
256,958
City of Houston Texas Airport System Revenue, ARB,
Series B, AMT, 5.50%, 07/15/39
 
800
801,037
City of Houston Texas Airport System Revenue,
Refunding RB
 
Sub-Series A, AMT, 4.00%, 07/01/40
 
1,525
1,397,753
Sub-Series A, AMT, 4.00%, 07/01/46
 
1,390
1,169,579
Sub-Series A, AMT, 4.00%, 07/01/48
 
3,420
2,823,595
City of San Antonio Texas Electric & Gas Systems
Revenue, Refunding RB, Series A, 5.50%, 02/01/50
 
6,755
7,248,720
County of Harris Texas Toll Road Revenue, Refunding
RB, Series A, 1st Lien, 4.00%, 08/15/49
 
7,370
6,533,883
Dallas Fort Worth International Airport, Refunding RB,
Series B, 4.00%, 11/01/45
 
3,165
2,842,870
Fort Bend Independent School District, Refunding GO,
Series A, (PSF), 4.00%, 08/15/49
 
990
902,377
Gunter Independent School District, GO, (PSF), 4.00%,
02/15/53
 
470
409,314
Harris County Cultural Education Facilities Finance
Corp., Refunding RB, 4.00%, 10/01/47
 
655
582,188
Harris County Flood Control District, Refunding GOL,
Series A, Sustainability Bonds, 4.00%, 09/15/48
 
1,340
1,197,115
Harris County-Houston Sports Authority, Refunding RB,
Series G, Senior Lien, (NPFGC), 0.00%, 11/15/41(d)
 
10,690
4,168,738
Hutto Independent School District, GO, (PSF), 5.00%,
08/01/48
 
155
160,451
Midland County Fresh Water Supply District No. 1, RB,
CAB, Series A, 0.00%, 09/15/27(d)(e)
 
14,680
7,575,905
New Braunfels Independent School District, GO, (PSF),
4.00%, 02/01/52
 
970
859,041
New Caney Independent School District, GO, (PSF),
4.00%, 02/15/49
 
2,470
2,201,066
New Hope Cultural Education Facilities Finance Corp.,
RB, Series A, 5.00%, 08/15/50(b)
 
455
353,158
North Texas Tollway Authority, RB, Series B, 0.00%,
09/01/31(d)(e)
 
2,415
1,207,868
Schedule of Investments
7
Schedule of Investments (unaudited)(continued)
April 30, 2025
BlackRock MuniHoldings Fund, Inc. (MHD)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Texas (continued)
North Texas Tollway Authority, Refunding RB, 4.25%,
01/01/49
$
2,235
$ 2,002,218
Permanent University Fund - Texas A&M University
System, Refunding RB, Series A, 5.00%, 07/01/54
 
1,770
1,837,294
Port Authority of Houston of Harris County Texas, ARB,
1st Lien, 5.00%, 10/01/53
 
1,375
1,411,551
Spring Branch Independent School District, GO, (PSF),
4.00%, 02/01/48
 
1,275
1,152,280
Tarrant County Cultural Education Facilities Finance
Corp., RB
 
Series A, 4.00%, 07/01/53
 
6,695
5,913,095
Series B, 5.00%, 07/01/48
 
2,000
2,004,096
Tarrant County Cultural Education Facilities Finance
Corp., Refunding RB, 5.00%, 10/01/49
 
285
279,860
Texas City Industrial Development Corp., RB,
Series 2012, 4.13%, 12/01/45
 
255
221,055
Texas Transportation Commission State Highway
249 System, RB, CAB(d)
 
0.00%, 08/01/35
 
270
173,038
0.00%, 08/01/36
 
145
88,331
0.00%, 08/01/37
 
195
112,365
0.00%, 08/01/38
 
200
109,007
0.00%, 08/01/39
 
1,000
515,039
0.00%, 08/01/43
 
795
318,019
0.00%, 08/01/44
 
605
226,314
0.00%, 08/01/45
 
1,135
396,573
Texas Water Development Board, RB, Series A, 4.38%,
10/15/59
 
4,780
4,507,738
University of Houston, Refunding RB, Series A, 5.00%,
02/15/56
 
1,640
1,652,854
Waxahachie Independent School District, GO, (PSF),
4.00%, 02/15/49
 
1,100
1,003,613
 
 
72,793,653
Utah — 1.2%
Black Desert Public Infrastructure District, SAB, 5.63%,
12/01/53(b)
 
375
364,956
City of Salt Lake City Utah Airport Revenue, ARB
 
Series A, AMT, 5.00%, 07/01/48
 
3,410
3,366,577
Series A, AMT, 5.00%, 07/01/51
 
1,340
1,331,593
Utah Charter School Finance Authority, RB, 5.00%,
06/15/39(b)
 
200
188,767
Utah Charter School Finance Authority, Refunding RB
 
5.00%, 06/15/40(b)
 
150
143,347
(UT), 4.00%, 04/15/42
 
400
361,396
5.00%, 06/15/55(b)
 
385
342,514
Utah Housing Corp., RB, S/F Housing, Series E,
(FHLMC, FNMA, GNMA), 4.70%, 01/01/50
 
1,850
1,818,071
 
 
7,917,221
Vermont — 0.0%
Vermont Student Assistance Corp., RB, Series A, AMT,
4.13%, 06/15/30
 
275
275,025
Virginia — 0.8%
Ballston Quarter Community Development Authority, TA,
Series A-1, 5.50%, 03/01/46
 
185
191,514
Ballston Quarter Community Development Authority, TA,
CAB, Series A-2, 7.13%, 03/01/59(c)
 
444
368,976
Security
 
Par
(000)
Value
Virginia (continued)
Henrico County Economic Development Authority, RB,
11/01/48(i)
$
1,815
$ 1,819,374
Virginia Housing Development Authority, RB, S/F
Housing, Series E-2, 4.40%, 10/01/44
 
365
351,219
Virginia Small Business Financing Authority, RB, AMT,
5.00%, 12/31/52
 
2,330
2,226,583
 
 
4,957,666
Washington — 1.0%
Port of Seattle Washington, Refunding ARB, Series C,
AMT, Intermediate Lien, 5.00%, 08/01/46
 
5,645
5,609,981
Washington State Housing Finance Commission,
Refunding RB, 5.00%, 01/01/43(b)
 
900
833,545
 
 
6,443,526
Wisconsin — 0.5%
Public Finance Authority, RB
 
Series A, 5.00%, 07/01/55(b)
 
300
252,393
Series A-1, 4.50%, 01/01/35(b)
 
205
198,362
Series A, AMT, Senior Lien, 5.75%, 07/01/49
 
2,655
2,732,355
Public Finance Authority, Refunding RB, 5.00%,
09/01/49(b)
 
305
278,264
 
 
3,461,374
Total Municipal Bonds — 114.1%
(Cost: $746,013,919)
745,521,901
Municipal Bonds Transferred to Tender Option Bond Trusts(j)
Alabama(a) — 6.1%
Black Belt Energy Gas District, RB
 
Series C, 5.50%, 10/01/54(k)
 
10,407
11,116,997
Series C-1, 5.25%, 02/01/53
 
14,173
14,798,356
Energy Southeast A Cooperative District, RB,
Series B-1, 5.75%, 04/01/54
 
12,450
13,578,934
 
 
39,494,287
Arizona — 1.8%
Salt River Project Agricultural Improvement & Power
District, RB, Series B, 5.00%, 01/01/48
 
11,390
11,859,963
Colorado — 1.6%
City & County of Denver Colorado Airport System
Revenue, Refunding ARB, Series A, AMT, 5.50%,
11/15/53
 
10,098
10,526,802
District of Columbia — 3.3%
District of Columbia Housing Finance Agency, RB, M/F
Housing, Series B-2, 4.10%, 09/01/39
 
1,300
1,254,223
Metropolitan Washington Airports Authority Aviation
Revenue, Refunding ARB, Series A, AMT, 5.25%,
10/01/49
 
8,958
9,105,621
Metropolitan Washington Airports Authority Aviation
Revenue, Refunding RB, Series A, 5.00%, 10/01/49
 
11,194
10,971,501
 
 
21,331,345
8
Schedule of Investments (unaudited)(continued)
April 30, 2025
BlackRock MuniHoldings Fund, Inc. (MHD)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Florida — 3.3%
City of Fort Lauderdale Florida Water & Sewer Revenue,
RB, Series B, 5.50%, 09/01/53
$
9,060
$ 9,697,554
Greater Orlando Aviation Authority, ARB, AMT, 5.25%,
10/01/51
 
11,945
12,111,828
 
 
21,809,382
Georgia — 3.3%
Georgia Housing & Finance Authority, RB, S/F Housing,
Series A, 4.65%, 12/01/50
 
11,883
11,720,392
Main Street Natural Gas, Inc., RB, Series C, 5.00%,
09/01/53(a)(k)
 
9,240
9,639,356
 
 
21,359,748
Illinois — 1.6%
Chicago Transit Authority Sales Tax Receipts Fund,
Refunding RB, Series A, 5.00%, 12/01/49(k)
 
10,158
10,306,230
Massachusetts — 1.2%
Commonwealth of Massachusetts, GOL, Series D,
5.00%, 10/01/52
 
7,706
7,936,332
Michigan — 0.3%
Michigan State Housing Development Authority, RB,
Series A, 4.05%, 10/01/48
 
2,338
2,132,106
Missouri — 0.9%
Missouri Housing Development Commission, RB,
Series E, (FHLMC, FNMA, GNMA), 4.60%, 11/01/49
 
6,360
6,118,736
Nebraska — 2.4%
Nebraska Investment Finance Authority, RB, S/F
Housing, Series E, Sustainability Bonds, (FHLMC,
FNMA, GNMA), 4.80%, 09/01/54
 
5,922
5,904,038
Omaha Public Power District, Refunding RB, Series B,
5.25%, 02/01/48
 
8,980
9,457,619
 
 
15,361,657
New York — 6.3%
Metropolitan Transportation Authority Dedicated Tax
Fund, Refunding RB, Series B-1, Sustainability
Bonds, 5.00%, 11/15/49
 
10,344
10,699,984
New York City Municipal Water Finance Authority, RB
 
Series AA, Class 1, Subordinate, 5.25%, 06/15/53
 
7,720
8,174,411
Series AA-1, 5.25%, 06/15/52
 
10,980
11,496,777
New York City Transitional Finance Authority, RB,
Series C, 5.25%, 05/01/48
 
10,077
10,651,680
 
 
41,022,852
Oklahoma — 1.3%
Oklahoma Turnpike Authority, RB, 5.50%, 01/01/53
 
8,126
8,617,420
Oregon — 0.9%
Port of Portland Oregon Airport Revenue, Refunding
ARB, Series 29, AMT, Sustainability Bonds, 5.50%,
07/01/48
 
5,620
5,869,773
Pennsylvania — 1.3%
Pennsylvania Turnpike Commission, Refunding RB,
Series B, 5.25%, 12/01/52
 
8,295
8,666,786
Rhode Island — 1.5%
Rhode Island Housing & Mortgage Finance Corp., RB,
S/F Housing, Series 82-A, Sustainability Bonds,
(GNMA), 4.60%, 10/01/49
 
10,234
9,863,022
Security
 
Par
(000)
Value
South Carolina — 2.0%
Patriots Energy Group Financing Agency, Refunding RB,
Series B-1, 5.25%, 02/01/54(a)(k)
$
12,597
$ 13,307,018
Tennessee — 1.9%
Tennessee Energy Acquisition Corp., RB, Series A,
5.00%, 05/01/52(a)(k)
 
11,655
12,128,777
Texas — 7.3%
City of Houston Texas Airport System Revenue,
Refunding ARB, Series A, AMT, Subordinate Lien,
(AGM), 5.25%, 07/01/48
 
6,450
6,616,248
City of San Antonio Texas Electric & Gas Systems
Revenue, Refunding RB, Series A, 5.50%, 02/01/50
 
4,400
4,721,594
Crowley Independent School District, GO, 5.25%,
02/01/53
 
5,967
6,200,628
Denton Independent School District, GO, (PSF-GTD),
5.00%, 08/15/48
 
9,840
10,186,879
Tarrant County Cultural Education Facilities Finance
Corp., RB, 5.00%, 11/15/51
 
4,041
4,121,207
Texas Water Development Board, RB, 4.80%, 10/15/52
 
7,785
15,629,810
 
 
47,476,366
Wisconsin — 0.9%
Wisconsin Housing & Economic Development Authority
Housing Revenue, RB
 
Series A, 4.10%, 11/01/43
 
1,342
2,770,982
Series A, 4.45%, 05/01/57
 
1,678
3,138,990
 
 
5,909,972
Total Municipal Bonds Transferred to Tender Option Bond
Trusts — 49.2%
(Cost: $322,307,670)
321,098,574
Total Long-Term Investments — 163.3%
(Cost: $1,068,321,589)
1,066,620,475
 
 
 
 
Shares
 
Short-Term Securities
Money Market Funds — 0.7%
BlackRock Liquidity Funds, MuniCash, Institutional
Shares, 3.05%(l)(m)
 
4,846,810
4,847,295
Total Short-Term Securities — 0.7%
(Cost: $4,847,295)
4,847,295
Total Investments — 164.0%
(Cost: $1,073,168,884)
1,071,467,770
Liabilities in Excess of Other Assets — (0.5)%
(3,325,838
)
Liability for TOB Trust Certificates, Including Interest Expense and
Fees Payable — (30.7)%
(200,772,429
)
VMTP Shares at Liquidation Value, Net of Deferred Offering Costs —
(32.8)%
(214,000,000
)
Net Assets Applicable to Common Shares — 100.0%
$   653,369,503
 
(a)
Variable rate security. Interest rate resets periodically. The rate shown is the effective
interest rate as of period end. Security description also includes the reference rate and
spread if published and available.
(b)
Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933,
as amended. These securities may be resold in transactions exempt from registration to
qualified institutional investors.
(c)
Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step-
down bond) at regular intervals until maturity. Interest rate shown reflects the rate
currently in effect.
Schedule of Investments
9
Schedule of Investments (unaudited)(continued)
April 30, 2025
BlackRock MuniHoldings Fund, Inc. (MHD)
 
(d)
Zero-coupon bond.
(e)
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.
(f)
Security is collateralized by municipal bonds or U.S. Treasury obligations.
(g)
Issuer filed for bankruptcy and/or is in default.
(h)
Non-income producing security.
(i)
When-issued security.
(j)
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.
(k)
All or a portion of the security is subject to a recourse agreement. The aggregate
maximum potential amount the Fund could ultimately be required to pay under the
agreements, which expire between February 1, 2029 to May 1, 2052, is $45,712,472.
(l)
Affiliate of the Fund.
(m)
Annualized 7-day yield as of period end.
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the period ended April 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: 
Affiliated Issuer
Value at
07/31/24
Purchases
at Cost
Proceeds
from Sales
Net
Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
04/30/25
Shares
Held at
04/30/25
Income
Capital Gain
Distributions
from
Underlying
Funds
BlackRock Liquidity Funds, MuniCash, Institutional Shares
$ 3,674,238
$ 1,173,057
(a)
$ —
$ —
$ —
$ 4,847,295
4,846,810
$ 166,069
$ —
 
(a)
Represents net amount purchased (sold).
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. 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 that the Fund has the ability to access for identical assets or liabilities;
• Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and
• Level 3 – Inputs that are unobservable and significant to the  entire fair value measurement for the asset or liability (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments).
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy.  In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund’s policy regarding valuation of financial instruments, refer to its most recent financial statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy.  The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above. 
 
Level 1
Level 2
Level 3
Total
Assets
Investments 
Long-Term Investments 
Municipal Bonds
$ —
$ 745,521,901
$ —
$ 745,521,901
Municipal Bonds Transferred to Tender Option Bond Trusts
—
321,098,574
—
321,098,574
Short-Term Securities 
Money Market Funds
4,847,295
—
—
4,847,295
 
$4,847,295
$1,066,620,475
$—
$1,071,467,770
10
Schedule of Investments (unaudited)(continued)
April 30, 2025
BlackRock MuniHoldings Fund, Inc. (MHD)
 
The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial reporting purposes. As of period end, such assets and/or liabilities are categorized within the fair value hierarchy as follows: 
 
Level 1
Level 2
Level 3
Total
Liabilities
TOB Trust Certificates
$—
$(199,257,979
)
$—
$(199,257,979
)
VMTP Shares at Liquidation Value
—
(214,000,000
)
—
(214,000,000
)
 
$—
$(413,257,979
)
$—
$(413,257,979
)
 
Portfolio Abbreviation 
AGC
 Assured Guaranty Corp.
AGM
 Assured Guaranty Municipal Corp.
AGM-CR
 AGM Insured Custodial Receipt
AMT
 Alternative Minimum Tax
ARB
 Airport Revenue Bonds
BAM
 Build America Mutual Assurance Co.
BAM-TCRS
 Build America Mutual Assurance Co. - Transferable
Custodial Receipts
CAB
 Capital Appreciation Bonds
COP
 Certificates of Participation
CR
 Custodian Receipt
FHLMC
 Federal Home Loan Mortgage Corp.
FNMA
 Federal National Mortgage Association
GNMA
 Government National Mortgage Association
GO
 General Obligation Bonds
GOL
 General Obligation Ltd.
GTD
 GTD Guaranteed
M/F
 Multi-Family
NPFGC
 National Public Finance Guarantee Corp.
PSF
 Permanent School Fund
PSF-GTD
 Permanent School Fund Guaranteed
RB
 Revenue Bonds
S/F
 Single-Family
SAB
 Special Assessment Bonds
TA
 Tax Allocation
UT
 Unlimited Tax
Schedule of Investments
11