UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM N-Q

 

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

 

Investment Company Act file number 811-08081

 

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

 

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

 

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

 

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

 

Date of fiscal year end: 04/30/2012

 

Date of reporting period: 01/31/2012

 

Item 1 – Schedule of Investments

 

 

 

 

Schedule of Investments January 31, 2012 (Unaudited)

BlackRock MuniHoldings Fund, Inc. (MHD)

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Alabama — 1.7%

 

 

 

 

 

 

 

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

 

$

4,550

 

$

4,141,365

 

Alaska — 0.5%

 

 

 

 

 

 

 

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

 

 

1,660

 

 

1,221,876

 

Arizona — 3.3%

 

 

 

 

 

 

 

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

 

 

2,200

 

 

1,509,398

 

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

 

 

2,215

 

 

1,928,955

 

Salt Verde Financial Corp., RB, Senior:

 

 

 

 

 

 

 

5.00%, 12/01/32

 

 

2,000

 

 

1,992,180

 

5.00%, 12/01/37

 

 

2,360

 

 

2,342,914

 

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

 

 

155

 

 

156,179

 

 

 

 

 

 

 

7,929,626

 

Arkansas — 0.5%

 

 

 

 

 

 

 

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

 

 

1,155

 

 

1,158,650

 

California — 13.1%

 

 

 

 

 

 

 

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

 

 

255

 

 

251,807

 

California Health Facilities Financing
Authority, Refunding RB:

 

 

 

 

 

 

 

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

 

 

1,530

 

 

1,677,691

 

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

 

 

2,200

 

 

2,534,488

 

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

 

 

820

 

 

946,550

 

California Statewide Communities
Development Authority, RB:

 

 

 

 

 

 

 

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

 

 

2,500

 

 

2,598,125

 

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

 

 

1,510

 

 

1,575,670

 

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

 

 

555

 

 

617,732

 

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

 

 

4,115

 

 

4,549,338

 

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

 

 

 

 

 

 

 

5.65%, 8/01/22

 

 

2,405

 

 

1,505,386

 

5.63%, 8/01/23

 

 

2,455

 

 

1,449,113

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

California (concluded)

 

 

 

 

 

 

 

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

 

$

3,475

 

$

1,536,749

 

State of California, GO, Various Purpose:

 

 

 

 

 

 

 

6.50%, 4/01/33

 

 

8,370

 

 

10,294,598

 

5.00%, 10/01/41

 

 

2,015

 

 

2,181,842

 

 

 

 

 

 

 

31,719,089

 

Colorado — 1.9%

 

 

 

 

 

 

 

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

 

 

1,455

 

 

1,484,376

 

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

 

 

1,000

 

 

971,930

 

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

 

 

710

 

 

799,460

 

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

 

 

1,250

 

 

1,437,863

 

 

 

 

 

 

 

4,693,629

 

Connecticut — 2.3%

 

 

 

 

 

 

 

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

 

 

2,700

 

 

1,621,161

 

Connecticut State Health & Educational
Facility Authority, RB:

 

 

 

 

 

 

 

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

 

 

955

 

 

1,026,253

 

Wesleyan University, 5.00%,
7/01/35

 

 

2,515

 

 

2,834,782

 

 

 

 

 

 

 

5,482,196

 

Delaware — 1.4%

 

 

 

 

 

 

 

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

 

 

790

 

 

819,025

 

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

 

 

2,430

 

 

2,454,105

 

 

 

 

 

 

 

3,273,130

 

District of Columbia — 3.1%

 

 

 

 

 

 

 

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

 

 

1,520

 

 

1,592,367

 

Metropolitan Washington Airports
Authority, RB:

 

 

 

 

 

 

 

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

 

 

13,485

 

 

3,857,385

 

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

 

 

505

 

 

547,748

 

 

 

 

 

 

 

 

 

 

BLACKROCK MUNIHOLDINGS FUND, INC.

JANUARY 31, 2012

1


 

 

 

 

Schedule of Investments (continued)

BlackRock MuniHoldings Fund, Inc. (MHD)

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

District of Columbia (concluded)

 

 

 

 

 

 

 

Metropolitan Washington Airports
Authority, RB (concluded):

 

 

 

 

 

 

 

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

 

$

1,470

 

$

1,596,273

 

 

 

 

 

 

 

7,593,773

 

Florida — 6.9%

 

 

 

 

 

 

 

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

 

 

2,375

 

 

2,667,885

 

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

 

 

750

 

 

840,660

 

County of Miami-Dade Florida, RB, CAB,
Sub-Series A (NPFGC), 5.24%,
10/01/37 (b)

 

 

2,340

 

 

516,742

 

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

 

 

2,620

 

 

2,895,650

 

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

 

 

2,095

 

 

2,087,060

 

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

 

 

1,900

 

 

1,767,380

 

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

 

 

1,570

 

 

1,677,749

 

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

 

 

2,400

 

 

2,430,648

 

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

 

 

665

 

 

427,529

 

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

 

 

1,495

 

 

1,418,650

 

 

 

 

 

 

 

16,729,953

 

Georgia — 1.3%

 

 

 

 

 

 

 

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

 

 

585

 

 

631,864

 

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

 

 

2,410

 

 

2,622,924

 

 

 

 

 

 

 

3,254,788

 

Guam — 0.7%

 

 

 

 

 

 

 

Territory of Guam, GO, Series A:

 

 

 

 

 

 

 

6.00%, 11/15/19

 

 

440

 

 

484,141

 

6.75%, 11/15/29

 

 

630

 

 

670,660

 

7.00%, 11/15/39

 

 

430

 

 

455,430

 

 

 

 

 

 

 

1,610,231

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Hawaii — 0.4%

 

 

 

 

 

 

 

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

 

$

945

 

$

1,053,694

 

Illinois — 9.9%

 

 

 

 

 

 

 

Chicago Board of Education Illinois, GO,
Series A:

 

 

 

 

 

 

 

5.50%, 12/01/39

 

 

1,460

 

 

1,654,297

 

5.00%, 12/01/41

 

 

485

 

 

519,236

 

City of Chicago Illinois, RB, Series A,
5.25%, 1/01/38

 

 

570

 

 

642,766

 

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

 

 

 

 

 

 

 

Series A, 5.75%, 1/01/39

 

 

2,000

 

 

2,282,800

 

Series C, 6.50%, 1/01/41

 

 

4,055

 

 

4,900,224

 

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

 

 

1,000

 

 

1,033,130

 

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

 

 

730

 

 

814,235

 

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

 

 

1,115

 

 

1,219,219

 

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

 

 

2,525

 

 

2,536,868

 

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

 

 

 

 

 

 

 

CAB, Series B-1 (AGM), 6.25%,
6/15/47 (b)

 

 

13,220

 

 

1,919,808

 

Series B-1 (AGM), 5.00%,
6/15/50

 

 

2,190

 

 

2,252,481

 

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

 

 

1,740

 

 

1,789,033

 

Railsplitter Tobacco Settlement
Authority, RB:

 

 

 

 

 

 

 

5.50%, 6/01/23

 

 

930

 

 

1,061,056

 

6.00%, 6/01/28

 

 

800

 

 

897,056

 

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

 

 

440

 

 

487,225

 

 

 

 

 

 

 

24,009,434

 

Indiana — 2.2%

 

 

 

 

 

 

 

Indiana Finance Authority, RB:

 

 

 

 

 

 

 

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

 

 

1,090

 

 

1,218,685

 

Parkview Health System,
Series A, 5.75%, 5/01/31

 

 

2,300

 

 

2,555,576

 

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

 

 

585

 

 

628,442

 

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

 

 

775

 

 

883,888

 

 

 

 

 

 

 

5,286,591

 

 

 

 

 

 

 

 

 

 

BLACKROCK MUNIHOLDINGS FUND, INC.

JANUARY 31, 2012

2


 

 

 

 

Schedule of Investments (continued)

BlackRock MuniHoldings Fund, Inc. (MHD)

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Iowa — 0.6%

 

 

 

 

 

 

 

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

 

$

1,435

 

$

1,539,023

 

Kansas — 1.2%

 

 

 

 

 

 

 

Kansas Development Finance Authority,
Refunding RB:

 

 

 

 

 

 

 

Adventist Health, 5.75%,
11/15/38

 

 

1,520

 

 

1,741,266

 

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

 

 

1,155

 

 

1,231,057

 

 

 

 

 

 

 

2,972,323

 

Kentucky — 0.3%

 

 

 

 

 

 

 

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

 

 

700

 

 

772,912

 

Louisiana — 2.0%

 

 

 

 

 

 

 

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

 

 

570

 

 

633,698

 

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

 

 

3,500

 

 

3,778,915

 

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

 

 

430

 

 

462,224

 

 

 

 

 

 

 

4,874,837

 

Maine — 0.1%

 

 

 

 

 

 

 

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

 

 

210

 

 

223,079

 

Maryland — 1.1%

 

 

 

 

 

 

 

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

 

 

300

 

 

309,483

 

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

 

 

580

 

 

601,182

 

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

 

 

1,520

 

 

1,675,967

 

 

 

 

 

 

 

2,586,632

 

Massachusetts — 2.3%

 

 

 

 

 

 

 

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

 

 

1,165

 

 

1,350,643

 

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

 

 

1,255

 

 

1,338,131

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Massachusetts (concluded)

 

 

 

 

 

 

 

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

 

$

2,900

 

$

2,907,772

 

 

 

 

 

 

 

5,596,546

 

Michigan — 2.2%

 

 

 

 

 

 

 

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

 

 

635

 

 

801,529

 

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

 

 

1,150

 

 

1,156,267

 

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

 

 

955

 

 

1,029,299

 

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

 

 

2,105

 

 

2,270,369

 

 

 

 

 

 

 

5,257,464

 

Minnesota — 3.1%

 

 

 

 

 

 

 

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

 

 

2,135

 

 

2,496,093

 

Tobacco Securitization Authority
Minnesota, Refunding RB:

 

 

 

 

 

 

 

5.25%, 3/01/25

 

 

3,110

 

 

3,514,766

 

5.25%, 3/01/31

 

 

1,310

 

 

1,420,957

 

 

 

 

 

 

 

7,431,816

 

Mississippi — 0.7%

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

5.25%, 7/01/17

 

 

350

 

 

400,393

 

5.25%, 7/01/19

 

 

435

 

 

488,275

 

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

 

 

675

 

 

758,160

 

 

 

 

 

 

 

1,646,828

 

Nebraska — 0.9%

 

 

 

 

 

 

 

City of Omaha, RB, Nebraska Sanitary
Sewerage System, 4.25%, 11/15/38

 

 

2,130

 

 

2,246,873

 

New Hampshire — 1.4%

 

 

 

 

 

 

 

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

 

 

3,035

 

 

3,471,463

 

New Jersey — 7.7%

 

 

 

 

 

 

 

New Jersey EDA, RB:

 

 

 

 

 

 

 

Cigarette Tax, 5.75%,
6/15/29

 

 

5,385

 

 

5,627,002

 

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

 

 

1,000

 

 

1,017,760

 

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

 

 

2,950

 

 

2,937,285

 

 

 

 

 

 

 

 

 

 

BLACKROCK MUNIHOLDINGS FUND, INC.

JANUARY 31, 2012

3


 

 

 

 

Schedule of Investments (continued)

BlackRock MuniHoldings Fund, Inc. (MHD)

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

New Jersey (concluded)

 

 

 

 

 

 

 

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

 

$

3,500

 

$

3,773,280

 

New Jersey Transportation Trust Fund
Authority, RB, Transportation System:

 

 

 

 

 

 

 

Series A, 5.50%, 6/15/41

 

 

1,575

 

 

1,807,139

 

Series B, 5.25%, 6/15/36

 

 

1,705

 

 

1,918,381

 

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

 

 

1,740

 

 

1,630,885

 

 

 

 

 

 

 

18,711,732

 

New York — 4.6%

 

 

 

 

 

 

 

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

 

 

890

 

 

900,155

 

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

 

 

1,450

 

 

1,666,035

 

Metropolitan Transportation Authority,
Refunding RB:

 

 

 

 

 

 

 

Series B, 5.00%, 11/15/34

 

 

1,740

 

 

1,925,258

 

Series D, 5.25%, 11/15/40

 

 

840

 

 

931,560

 

New York City Industrial Development
Agency, RB:

 

 

 

 

 

 

 

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

 

 

1,500

 

 

1,500,900

 

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

 

 

725

 

 

733,192

 

Series C, 6.80%, 6/01/28

 

 

535

 

 

554,314

 

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

 

 

850

 

 

920,125

 

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

 

 

 

 

 

 

 

6.00%, 12/01/36

 

 

900

 

 

974,250

 

6.00%, 12/01/42

 

 

875

 

 

943,924

 

 

 

 

 

 

 

11,049,713

 

North Carolina — 0.4%

 

 

 

 

 

 

 

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

 

 

970

 

 

1,031,071

 

Pennsylvania — 4.9%

 

 

 

 

 

 

 

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

 

 

1,510

 

 

1,231,465

 

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

 

 

1,700

 

 

1,676,472

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Pennsylvania (concluded)

 

 

 

 

 

 

 

Pennsylvania Economic Development
Financing Authority, RB:

 

 

 

 

 

 

 

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

 

$

2,520

 

$

2,927,031

 

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

 

 

3,500

 

 

3,064,915

 

Philadelphia Authority for Industrial
Development, RB:

 

 

 

 

 

 

 

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

 

 

1,105

 

 

1,114,735

 

Commercial Development,
AMT, 7.75%, 12/01/17 (c)

 

 

725

 

 

725,848

 

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

 

 

1,245

 

 

1,255,969

 

 

 

 

 

 

 

11,996,435

 

Puerto Rico — 3.5%

 

 

 

 

 

 

 

Puerto Rico Sales Tax Financing Corp.,
RB:

 

 

 

 

 

 

 

CAB, First Sub-Series C,
6.53%, 8/01/38 (b)

 

 

2,975

 

 

681,364

 

CAB, Senior Series C, 6.25%,
8/01/39 (b)

 

 

9,665

 

 

2,250,689

 

CAB, Series A, 6.26%,
8/01/35 (b)

 

 

4,000

 

 

1,112,560

 

First Sub-Series A, 6.50%,
8/01/44

 

 

3,860

 

 

4,548,392

 

 

 

 

 

 

 

8,593,005

 

South Carolina — 1.5%

 

 

 

 

 

 

 

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

 

 

2,285

 

 

2,523,417

 

South Carolina State Public Service
Authority, Refunding RB, 5.00%,
12/01/36

 

 

1,065

 

 

1,205,420

 

 

 

 

 

 

 

3,728,837

 

Tennessee — 2.2%

 

 

 

 

 

 

 

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

 

 

2,685

 

 

2,690,799

 

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

 

 

2,685

 

 

2,684,866

 

 

 

 

 

 

 

5,375,665

 

Texas — 9.9%

 

 

 

 

 

 

 

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

 

 

3,655

 

 

3,708,071

 

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

 

 

1,480

 

 

1,584,236

 

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

 

 

1,050

 

 

1,197,137

 

 

 

 

 

 

 

 

 

 

BLACKROCK MUNIHOLDINGS FUND, INC.

JANUARY 31, 2012

4


 

 

 

 

Schedule of Investments (continued)

BlackRock MuniHoldings Fund, Inc. (MHD)

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Texas (concluded)

 

 

 

 

 

 

 

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

 

$

1,070

 

$

1,180,371

 

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

 

 

1,910

 

 

2,272,785

 

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

 

 

450

 

 

490,518

 

North Texas Tollway Authority, RB, CAB,
Special Projects System, Series B,
7.55%, 9/01/37 (b)

 

 

1,400

 

 

326,900

 

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

 

 

4,190

 

 

4,616,584

 

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

 

 

 

 

 

 

 

5.50%, 8/01/24

 

 

1,100

 

 

1,211,045

 

5.50%, 8/01/25

 

 

1,120

 

 

1,227,643

 

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

 

 

 

 

 

 

 

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

 

 

2,990

 

 

3,368,115

 

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

 

 

1,700

 

 

1,890,927

 

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

 

 

875

 

 

876,995

 

 

 

 

 

 

 

23,951,327

 

US Virgin Islands — 1.4%

 

 

 

 

 

 

 

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

 

 

3,460

 

 

3,460,035

 

Utah — 1.1%

 

 

 

 

 

 

 

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

 

 

2,525

 

 

2,718,541

 

Vermont — 1.0%

 

 

 

 

 

 

 

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

 

 

2,370

 

 

2,393,605

 

Washington — 1.2%

 

 

 

 

 

 

 

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

 

 

1,225

 

 

1,225,809

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Washington (concluded)

 

 

 

 

 

 

 

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

 

$

1,375

 

$

1,613,356

 

 

 

 

 

 

 

2,839,165

 

Wisconsin — 4.2%

 

 

 

 

 

 

 

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

 

 

4,980

 

 

5,918,132

 

Wisconsin Health & Educational
Facilities Authority, RB:

 

 

 

 

 

 

 

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

 

 

1,710

 

 

1,855,538

 

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

 

 

825

 

 

598,199

 

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

 

 

1,755

 

 

1,812,073

 

 

 

 

 

 

 

10,183,942

 

Wyoming — 0.1%

 

 

 

 

 

 

 

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

 

 

210

 

 

223,616

 

Total Municipal Bonds – 108.8%

 

 

 

 

 

264,034,510

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

Arizona — 0.8%

 

 

 

 

 

 

 

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

 

 

1,690

 

 

1,850,595

 

California — 8.3%

 

 

 

 

 

 

 

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

 

 

2,270

 

 

2,569,091

 

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

 

 

1,845

 

 

2,069,186

 

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

 

 

1,620

 

 

1,771,972

 

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

 

 

748

 

 

858,453

 

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

 

 

6,600

 

 

7,290,162

 

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

 

 

3,494

 

 

3,807,838

 

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

 

 

1,670

 

 

1,712,083

 

 

 

 

 

 

 

20,078,785

 

 

 

 

 

 

 

 

 

 

BLACKROCK MUNIHOLDINGS FUND, INC.

JANUARY 31, 2012

5


 

 

 

 

Schedule of Investments (continued)

BlackRock MuniHoldings Fund, Inc. (MHD)

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

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

 

Par
(000)

 

Value

 

Colorado — 2.5%

 

 

 

 

 

 

 

Colorado Health Facilities Authority, RB
(AGM):

 

 

 

 

 

 

 

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

 

$

2,580

 

$

2,714,908

 

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

 

 

1,650

 

 

1,738,490

 

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

 

 

1,490

 

 

1,648,885

 

 

 

 

 

 

 

6,102,283

 

Connecticut — 3.1%

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

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

 

 

3,180

 

 

3,678,910

 

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

 

 

3,270

 

 

3,738,133

 

 

 

 

 

 

 

7,417,043

 

Florida — 1.8%

 

 

 

 

 

 

 

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

 

 

3,939

 

 

4,377,651

 

Georgia — 1.0%

 

 

 

 

 

 

 

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

 

 

2,259

 

 

2,473,650

 

Massachusetts — 3.8%

 

 

 

 

 

 

 

Massachusetts School Building
Authority, Sales Tax RB:

 

 

 

 

 

 

 

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

 

 

3,150

 

 

3,571,880

 

Series A (AGM), 5.00%, 8/15/30

 

 

4,994

 

 

5,576,010

 

 

 

 

 

 

 

9,147,890

 

New Hampshire — 0.7%

 

 

 

 

 

 

 

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

 

 

1,409

 

 

1,612,687

 

New York — 10.3%

 

 

 

 

 

 

 

Hudson Yards Infrastructure Corp., RB,
5.75%, 2/15/47

 

 

1,110

 

 

1,254,205

 

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

 

 

1,110

 

 

1,277,702

 

New York Liberty Development Corp.,
RB:

 

 

 

 

 

 

 

1 World Trade Center Port
Authority Construction,
5.25%, 12/15/43

 

 

7,440

 

 

8,452,063

 

4 World Trade Center Project,
5.75%, 11/15/51

 

 

4,460

 

 

5,075,168

 

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

 

 

4,034

 

 

4,378,716

 

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

 

 

4,240

 

 

4,679,353

 

 

 

 

 

 

 

25,117,207

 

 

 

 

 

 

 

 

 

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

 

Par
(000)

 

Value

 

North Carolina — 0.5%

 

 

 

 

 

 

 

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

 

$

1,080

 

$

1,187,082

 

Ohio — 4.4%

 

 

 

 

 

 

 

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

 

 

9,644

 

 

10,558,472

 

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

 

 

2,403,090

 

Texas — 3.2%

 

 

 

 

 

 

 

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

 

 

4,620

 

 

5,082,092

 

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

 

 

2,350

 

 

2,655,524

 

 

 

 

 

 

 

7,737,616

 

Virginia — 2.6%

 

 

 

 

 

 

 

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

 

 

3,749

 

 

4,169,430

 

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

 

 

2,094

 

 

2,247,843

 

 

 

 

 

 

 

6,417,273

 

Washington — 0.8%

 

 

 

 

 

 

 

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

 

 

1,860

 

 

2,061,919

 

Wisconsin — 1.7%

 

 

 

 

 

 

 

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

 

 

3,959

 

 

4,213,870

 

Total Municipal Bonds Transferred to Tender Option
Bond (TOB) Trusts – 46.5%

 

 

 

 

 

112,757,113

 

Total Long-Term Investments
(Cost – $347,183,041) – 155.3%

 

 

 

 

 

376,791,623

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Short-Term Securities

 

 

Shares

 

 

 

 

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

 

 

2,909,027

 

 

2,909,027

 

 

 

 

 

 

 

 

 

 

 

Par
(000)

 

 

 

 

Michigan Finance Authority, RB, SAN,
Detroit Schools, 6.45%, 2/20/12

 

$

2,255

 

 

2,255,000

 

 

 

 

 

 

 

 

 

 

BLACKROCK MUNIHOLDINGS FUND, INC.

JANUARY 31, 2012

6


 

 

 

 

Schedule of Investments (continued)

BlackRock MuniHoldings Fund, Inc. (MHD)

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

Value

 

Total Short-Term Securities
(Cost – $5,164,027) – 2.1%

 

$

5,164,027

 

Total Investments (Cost - $352,347,068*) 157.4%

 

 

381,955,650

 

Other Assets Less Liabilities – 1.3%

 

 

3,219,134

 

Liability for TOB Trust Certificates, Including Interest
Expense and Fees Payable – (24.2)%

 

 

(58,807,860

)

AMPS, at Redemption Value – (34.5)%

 

 

(83,700,000

)

Net Assets Applicable to Common Shares – 100.0%

 

$

242,666,924

 

 

 


*


As of January 31, 2012, gross unrealized appreciation and gross unrealized depreciation based on cost for federal income tax purposes were as follows:


Tax Cost

 

$

292,677,613

 

Gross unrealized appreciation

 

$

32,823,724

 

Gross unrealized depreciation

 

 

(2,334,463

)

Net unrealized appreciation

 

$

30,489,261

 

 

 

(a)

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

 

 

(b)

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

 

 

(c)

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

 

 

(d)

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

 

 

(e)

Investments in companies considered to be an affiliate of the Fund during the period, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Affiliate

 

Shares
Held at
April 30,
2011

 

Net
Activity

 

Shares
Held at
January 31,
2012

 

Income

 

FFI Institutional Tax-Exempt Fund

 

 

6,564,515

 

 

(3,655,488

)

 

2,909,027

 

$

1,573

 

 

 

(f)

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:


ACA

American Capital Access Corp.

AGC

Assured Guaranty Corp.

AGM

Assured Guaranty Municipal Corp.

AMBAC

American Municipal Bond Assurance Corp.

AMT

Alternative Minimum Tax (subject to)

CAB

Capital Appreciation Bonds

COP

Certificates of Participation

EDA

Economic Development Authority

 

 

 

 

Portfolio Abbreviations (concluded)

 

 

EDC

Economic Development Corp.

ERB

Education Revenue Bonds

GO

General Obligation Bonds

HDA

Housing Development Authority

HFA

Housing Finance Agency

HRB

Housing Revenue Bonds

IDA

Industrial Development Authority

M/F

Multi-Family

NPFGC

National Public Finance Guarantee Corp.

RB

Revenue Bonds

SAN

State Aid Notes

 

 

 

 

•

Financial futures contracts sold as of January 31, 2012 were as follows:


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Contracts

 

Issue

 

Exchange

 

Expiration

 

Notional
Value

 

Unrealized
Depreciation

 

53

 

10-Year US
Treasury
Note

 

Chicago
Board of
Trade

 

March
2012

 

$

7,009,250

 

$

(92,851

)

 

 

 

•

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

 

 

 

•

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

 

 

 

 

•

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

 

 

 

 

•

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

 

 

 

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investment and derivative financial instrument and does not necessarily correspond to the Fund’s perceived risk of investing in those securities. For information about the Fund’s policy regarding valuation of investments and derivative financial instruments and other significant accounting policies, please refer to the Fund’s most recent financial statements as contained in its semi-annual report.


 

 

 

 

 

 

 

 

 

BLACKROCK MUNIHOLDINGS FUND, INC.

JANUARY 31, 2012

7


 

 

 

 

Schedule of Investments (concluded)

BlackRock MuniHoldings Fund, Inc. (MHD)

The following tables summarize the inputs used as of January 31, 2012 in determining the fair valuation of the Fund’s investments and derivative financial instruments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Valuation Inputs

 

Level 1

 

Level 2

 

Level 3

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-Term Investments1

 

 

—

 

$

376,791,623

 

 

—

 

$

376,791,623

 

Short-Term Securities

 

$

2,909,027

 

 

2,255,000

 

 

—

 

 

5,164,027

 

Total

 

$

2,909,027

 

$

379,046,623

 

 

—

 

$

381,955,650

 

1

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Valuation Inputs

 

Level 1

 

Level 2

 

Level 3

 

Total

 

Derivative Financial Instruments2:

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate contracts

 

$

(92,851

)

 

—

 

 

—

 

$

(92,851

)

 

 

2

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


 

 

 

 

 

 

 

 

 

BLACKROCK MUNIHOLDINGS FUND, INC.

JANUARY 31, 2012

8

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 23, 2012
   
  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 23, 2012
   
  By: /s/ Neal J. Andrews  
    Neal J. Andrews
    Chief Financial Officer (principal financial officer) of
    BlackRock MuniHoldings Fund, Inc.
     
  Date: March 23, 2012