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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0000900092-08-000094.txt : 20080331
<SEC-HEADER>0000900092-08-000094.hdr.sgml : 20080331
<ACCEPTANCE-DATETIME>20080328175129
ACCESSION NUMBER:		0000900092-08-000094
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20080131
FILED AS OF DATE:		20080331
DATE AS OF CHANGE:		20080328
EFFECTIVENESS DATE:		20080331

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BLACKROCK MUNIHOLDINGS FUND INC
		CENTRAL INDEX KEY:			0001034665
		IRS NUMBER:				223508039
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		N-Q
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-08081
		FILM NUMBER:		08720919

	BUSINESS ADDRESS:	
		STREET 1:		800 SCUDDERS MILL ROAD
		CITY:			PLAINSBORO
		STATE:			NJ
		ZIP:			08536
		BUSINESS PHONE:		609-282-2116

	MAIL ADDRESS:	
		STREET 1:		800 SCUDDERS MILL ROAD
		CITY:			PLAINSBORO
		STATE:			NJ
		ZIP:			08536

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MUNIHOLDINGS FUND INC
		DATE OF NAME CHANGE:	19970226
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-Q
<SEQUENCE>1
<FILENAME>final.htm
<DESCRIPTION>MUNIHOLDINGS
<TEXT>

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   <TITLE>muniholdings -- Converted by SEC Publisher, created by BCL Technologies Inc., for SEC Filing</TITLE>
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<FONT face="ArialMT,Arial,Helvetica,sans-serif">UNITED STATES</FONT><BR>
<FONT face="ArialMT,Arial,Helvetica,sans-serif"> SECURITIES AND EXCHANGE COMMISSION </FONT><BR>
<FONT face="ArialMT,Arial,Helvetica,sans-serif">Washington, D.C. 20549</FONT><BR>
<BR>
<B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">FORM N-Q</FONT></B><BR>
<BR>
<B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED </FONT></B><BR>
<B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">MANAGEMENT INVESTMENT COMPANY</FONT></B></TD></TR></TABLE>
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<P align="left">
<TABLE><TR><TD nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Investment Company Act file number 811-08081</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Name of Fund: BlackRock MuniHoldings Fund, Inc. (MHD)</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Name and address of agent for service: Donald C. Burke, Chief Executive Officer, BlackRock </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">MuniHoldings Fund, Inc., 800 Scudders Mill Road, Plainsboro, NJ, 08536. Mailing address:</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">P.O. Box 9011, Princeton, NJ, 08543-9011</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Registrant&#146;s telephone number, including area code: (800) 882-0052, Option 4</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Date of fiscal year end: 04/30/2008</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Date of reporting period: 11/01/2007 &#150; 01/31/2008</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Item 1 &#150; Schedule of Investments</FONT></TD></TR></TABLE>
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<TABLE border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width=87% nowrap colspan=5>
<B><FONT size=5 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">BlackRock MuniHoldings Fund, Inc.</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=87% nowrap colspan=5>
<B><FONT face="Times New Roman,Bold,Arial,Helvetica,sans-serif">Schedule of Investments as of January 31, 2008 (Unaudited)</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">(in Thousands)</FONT></B>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">Face</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=57% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
 &nbsp;<B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">State</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">Amount</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=57% nowrap>
<B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">Municipal Bonds</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">Value</FONT></B>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
 &nbsp;<B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">Alabama - 2.9%</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">&#36; 1,750</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=57% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Camden, Alabama, IDB, Exempt Facilities Revenue Bonds (Weyerhaeuser Company),</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=11% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=57% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Series A, 6.125% due 12/01/2024</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">&#36; 1,809</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">4,550</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=57% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Jefferson County, Alabama, Limited Obligation School Warrants, Series A, 5% due 1/01/2024</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">4,727</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
 &nbsp;<B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">Arizona - 6.5%</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">900</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=57% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Maricopa County, Arizona, IDA, Education Revenue Bonds (Arizona Charter Schools Project 1),</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=11% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=57% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Series A, 6.50% due 7/01/2012</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">898</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">2,200</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=57% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Maricopa County, Arizona, IDA, Education Revenue Bonds (Arizona Charter Schools Project 1),</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=11% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=57% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Series A, 6.75% due 7/01/2029</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">2,077</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">2,215</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=57% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Phoenix, Arizona, IDA, Airport Facility, Revenue Refunding Bonds (America West Airlines Inc. Project),</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=11% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=57% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">AMT, 6.30% due 4/01/2023</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">2,117</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">1,000</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=57% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Pinal County, Arizona, COP, 5% due 12/01/2029</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">1,011</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">3,505</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=57% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, 5% due 12/01/2032</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">3,264</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">4,905</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=57% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, 5% due 12/01/2037</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">4,507</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">415</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=57% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Show Low, Arizona, Improvement District Number 5, Special Assessment Bonds, 6.375%</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=11% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=57% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">due 1/01/2015</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">422</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
 &nbsp;<B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">Arkansas - 1.0%</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">2,000</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=57% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">University of Arkansas, University Construction Revenue Bonds (UAMS Campus),</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=11% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=57% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Series B, 5% due 11/01/2023 (d)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">2,106</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
 &nbsp;<B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">California - 15.4%</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">875</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=57% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Agua Caliente Band of Cahuilla Indians, California, Casino Revenue Bonds, 5.60% due 7/01/2013</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">875</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">2,965</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=57% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">California Infrastructure and Economic Development Bank, Insured Revenue Bonds</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=11% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=57% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">(Rand Corporation), Series A, 5.50% due 4/01/2012 (a)(f)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">3,309</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">400</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=57% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">California State, GO, 5.50% due 4/01/2014 (f)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">460</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">2,455</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=57% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">California State, GO, Refunding, 5% due 6/01/2032</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">2,467</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">6,800</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=57% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">California State Public Works Board, Lease Revenue Bonds (Department of Corrections),</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=11% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=57% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Series C, 5.25% due 6/01/2028</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">6,874</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">3,870</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=57% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">California Statewide Communities Development Authority, Health Facility Revenue Bonds</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=11% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=57% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">(Memorial Health Services), Series A, 6% due 10/01/2023</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">4,140</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">2,000</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=57% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">East Side Union High School District, California, Santa Clara County, GO (Election of 2002), Series D,</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=11% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=57% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">5% due 8/01/2021 (g)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">2,143</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">1,165</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=57% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Golden State Tobacco Securitization Corporation of California, Tobacco Settlement Revenue Bonds,</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=11% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=57% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Series A-3, 7.875% due 6/01/2013 (f)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">1,445</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">2,405</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=57% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Montebello, California, Unified School District, GO, 5.61% due 8/01/2022 (b)(p)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">1,202</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">2,455</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=57% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Montebello, California, Unified School District, GO, 5.61% due 8/01/2023 (b)(p)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">1,152</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
</TABLE><BR>
<P align="left">
<B><FONT face="Times New Roman,Bold,Arial,Helvetica,sans-serif">Portfolio Abbreviations</FONT></B></P>
<P align="left">
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">To simplify the listings of BlackRock MuniHoldings Fund, Inc.'s portfolio holdings in the Schedule of Investments, we have abbreviated the names of many of the securities according to
the list below.</FONT></P>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width=8% nowrap>
<B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">AMT</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=37% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Alternative Minimum Tax (subject to)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=16% nowrap>
<B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">IDA</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=32% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Industrial Development Authority</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=8% nowrap>
<B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">COP</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=37% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Certificates of Participation</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=16% nowrap>
<B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">IDB</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=32% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Industrial Development Board</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=8% nowrap>
<B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">EDA</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=37% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Economic Development Authority</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=16% nowrap>
<B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">IDR</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=32% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Industrial Development Revenue Bonds</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=8% nowrap>
<B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">GO</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=37% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">General Obligation Bonds</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=16% nowrap>
<B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">PCR</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=32% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Pollution Control Revenue Bonds</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=8% nowrap>
<B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">HDA</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=37% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Housing Development Authority</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=16% nowrap>
<B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">VRDN</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=32% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Variable Rate Demand Notes</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=8% nowrap>
<B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">HFA</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=37% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Housing Finance Agency</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=16% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=32% nowrap>
&nbsp;
	</TD>
</TR>
</TABLE><BR>
<P align="left">
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">1</FONT></P>

<HR noshade align="center" width="100%" size=2>



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<A name="page_2"></A>

<TABLE border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width=88% nowrap colspan=5>
<B><FONT size=5 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">BlackRock MuniHoldings Fund, Inc.</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=8% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=88% nowrap colspan=5>
<B><FONT face="Times New Roman,Bold,Arial,Helvetica,sans-serif">Schedule of Investments as of January 31, 2008 (Unaudited)</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=8% nowrap>
<B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">(in Thousands)</FONT></B>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=6% nowrap>
<B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">Face</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=8% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
 &nbsp;<B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">State</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=6% nowrap>
<B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">Amount</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">Municipal Bonds</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=8% nowrap>
<B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">Value</FONT></B>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right width=28% nowrap colspan=3>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">&#36; 2,095</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Oceanside, California, Unified School District, GO (Election of 2000), Series C, 5.25% due 8/01/2032 (d)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=8% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">&#36; 2,184</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=6% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">3,490</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Sequoia, California, Unified High School District, GO, Refunding, Series B, 5.50% due 7/01/2035 (c)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=8% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">3,804</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=6% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">1,000</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Sunnyvale, California, School District, GO (Election of 2004), Series A, 5% due 9/01/2026 (c)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=8% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">1,052</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=6% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">2,915</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Tustin, California, Unified School District, Senior Lien Special Tax Bonds (Community Facilities District</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=8% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Number 97-1), Series A, 5% due 9/01/2032 (c)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=8% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">2,960</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
 &nbsp;<B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">Colorado - 1.7%</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=6% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">2,645</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Elk Valley, Colorado, Public Improvement Revenue Bonds (Public Improvement Fee), Series A,</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=8% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">7.35% due 9/01/2031</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=8% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">2,736</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=6% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">1,000</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Plaza Metropolitan District Number 1, Colorado, Tax Allocation Revenue Bonds (Public Improvement Fees),</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=8% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">8.125% due 12/01/2025</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=8% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">1,000</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
 &nbsp;<B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">Connecticut - 2.4%</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=6% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">2,165</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Connecticut State Development Authority, Airport Facility Revenue Bonds (Learjet Inc. Project), AMT,</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=8% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">7.95% due 4/01/2026</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=8% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">2,414</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=6% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">2,735</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Connecticut State Development Authority, IDR (AFCO Cargo BDL-LLC Project), AMT, 8% due 4/01/2030</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=8% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">2,876</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
 &nbsp;<B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">Florida - 7.6%</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=6% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">2,095</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Greater Orlando Aviation Authority, Florida, Airport Facilities Revenue Bonds (JetBlue Airways Corp.),</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=8% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">AMT, 6.50% due 11/15/2036</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=8% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">1,986</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=6% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">3,190</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Hillsborough County, Florida, IDA, Hospital Revenue Bonds (H. Lee Moffitt Cancer Center Project),</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=8% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Series A, 5.25% due 7/01/2037</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=8% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">3,152</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=6% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">2,340</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Miami-Dade County, Florida, Special Obligation Revenue Bonds, Sub-Series A, 5.24% due 10/01/2037 (d)(p)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=8% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">484</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=6% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">2,250</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Midtown Miami, Florida, Community Development District, Special Assessment Revenue Bonds,</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=8% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Series A, 6.25% due 5/01/2037</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=8% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">2,171</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=6% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">2,550</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Midtown Miami, Florida, Community Development District, Special Assessment Revenue Bonds,</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=8% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Series B, 6.50% due 5/01/2037</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=8% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">2,389</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=6% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">3,225</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Orange County, Florida, Health Facilities Authority, Hospital Revenue Bonds (Orlando Regional Healthcare),</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=8% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">6% due 12/01/2012 (f)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=8% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">3,687</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=6% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">800</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Orlando, Florida, Urban Community Development District, Capital Improvement Special Assessment Bonds,</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=8% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Series A, 6.95% due 5/01/2011 (f)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=8% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">897</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=6% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">725</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Palm Coast Park Community Development District, Florida, Special Assessment Revenue Bonds,</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=8% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">5.70% due 5/01/2038</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=8% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">616</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=6% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">1,615</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Preserve at Wilderness Lake, Florida, Community Development District, Capital Improvement Bonds,</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=8% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Series A, 5.90% due 5/01/2034</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=8% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">1,513</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
 &nbsp;<B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">Georgia - 2.9%</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=6% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">1,750</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Atlanta, Georgia, Tax Allocation Bonds (Atlantic Station Project), 7.90% due 12/01/2011 (f)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=8% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">2,106</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=6% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">1,000</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Atlanta, Georgia, Tax Allocation Refunding Bonds (Atlantic Station Project), 5.25% due 12/01/2020 (m)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=8% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">1,092</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=6% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">2,000</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Atlanta, Georgia, Tax Allocation Refunding Bonds (Atlantic Station Project), 5.25% due 12/01/2021 (m)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=8% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">2,166</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=6% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">1,000</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Atlanta, Georgia, Tax Allocation Refunding Bonds (Atlantic Station Project), 5.25% due 12/01/2022 (m)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=8% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">1,077</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
 &nbsp;<B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">Illinois - 3.5%</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=6% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">200</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Chicago, Illinois, Board of Education, GO, VRDN, Series C-1, 1.90% due 3/01/2031 (c)(i)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=8% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">200</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=6% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">1,200</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Chicago, Illinois, Special Assessment Bonds (Lake Shore East), 6.75% due 12/01/2032</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=8% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">1,244</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=6% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">4,000</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Illinois HDA, Homeowner Mortgage Revenue Bonds, AMT, Sub-Series C-2, 5.35% due 2/01/2027</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=8% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">4,048</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=6% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">700</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Illinois State Finance Authority Revenue Bonds (Landing At Plymouth Place Project), Series A,</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=8% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">6% due 5/15/2025</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=8% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">690</FONT>&nbsp;
	</TD>
</TR>
</TABLE><BR>
<P align="center">
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">2</FONT></P>

<HR noshade align="center" width="100%" size=2>



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<A name="page_3"></A>

<TABLE border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width=88% nowrap colspan=5>
<B><FONT size=5 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">BlackRock MuniHoldings Fund, Inc.</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=8% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=88% nowrap colspan=5>
<B><FONT face="Times New Roman,Bold,Arial,Helvetica,sans-serif">Schedule of Investments as of January 31, 2008 (Unaudited)</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=8% nowrap>
<B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">(in Thousands)</FONT></B>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=6% nowrap>
<B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">Face</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=8% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
 &nbsp;<B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">State</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=6% nowrap>
<B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">Amount</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">Municipal Bonds</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=8% nowrap>
<B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">Value</FONT></B>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right width=28% nowrap colspan=3>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">&#36; 1,010</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Illinois State Finance Authority Revenue Bonds (Monarch Landing, Inc. Project), Series A,</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=8% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">7% due 12/01/2037</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=8% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">&#36; 1,016</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=6% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">625</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Naperville, Illinois, IDR (General Motors Corporation), Refunding, VRDN, 6% due 12/01/2012 (i)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=8% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">625</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
 &nbsp;<B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">Indiana - 2.4%</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=6% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">7,645</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Allen County, Indiana, Redevelopment District Tax Increment Revenue Bonds</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=8% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">(General Motors Development Area), 7% due 5/15/2008 (f)(p)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=8% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">5,410</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
 &nbsp;<B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">Kentucky - 1.0%</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=6% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">2,000</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Louisville and Jefferson Counties, Kentucky, Metropolitan Sewer District, Sewer and Drain System Revenue</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=8% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Bonds, Series A, 5.50% due 5/15/2034 (d)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=8% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">2,127</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
 &nbsp;<B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">Louisiana - 7.6%</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=6% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">3,500</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Louisiana Local Government Environmental Facilities and Community Development Authority Revenue</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=8% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Bonds (Westlake Chemical Corporation), 6.75% due 11/01/2032</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=8% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">3,601</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=6% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">4,115</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Louisiana Public Facilities Authority, Hospital Revenue Bonds (Franciscan Missionaries of Our Lady Health</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=8% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">System, Inc.), Series A, 5.25% due 8/15/2036</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=8% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">4,140</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=6% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">3,815</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Louisiana Public Facilities Authority Revenue Bonds (Black &amp; Gold Facilities Project), Series A, 5% due</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=8% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">7/01/2039 (n)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=8% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">3,773</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=6% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">1,750</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">New Orleans, Louisiana, Financing Authority Revenue Bonds (Xavier University of Louisiana Project),</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=8% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">5.30% due 6/01/2026 (d)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=8% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">1,804</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=6% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">3,540</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">New Orleans, Louisiana, GO (Public Improvements), 5% due 10/01/2033 (d)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=8% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">3,430</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
 &nbsp;<B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">Maryland - 7.5%</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=6% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">1,870</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Anne Arundel County, Maryland, Special Obligation Revenue Bonds (Arundel Mills Project),</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=8% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">7.10% due 7/01/2009 (f)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=8% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">2,023</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=6% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">10,835</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Baltimore, Maryland, Convention Center Hotel Revenue Bonds, Senior Series A, 5.25%</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=8% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">due 9/01/2039 (g)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=8% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">10,864</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=6% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">760</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Maryland State Economic Development Corporation, Student Housing Revenue Bonds</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=8% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">(University of Maryland College Park Project), 6% due 6/01/2013 (f)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=8% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">883</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=6% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">2,750</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Maryland State Energy Financing Administration, Limited Obligation Revenue Bonds</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=8% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">(Cogeneration-AES Warrior Run), AMT, 7.40% due 9/01/2019</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=8% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">2,729</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
 &nbsp;<B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">Massachusetts - 3.6%</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=6% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">2,900</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Massachusetts State, HFA, Housing Revenue Bonds, AMT, Series A, 5.25% due 12/01/2048</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=8% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">2,847</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=6% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">5,000</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Massachusetts State School Building Authority, Dedicated Sales Tax Revenue Bonds, Series A, 5% due</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=8% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">8/15/2030 (c)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=8% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">5,194</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
 &nbsp;<B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">Michigan - 2.6%</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=6% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">1,400</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Flint, Michigan, Hospital Building Authority, Revenue Refunding Bonds (Hurley Medical Center),</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=8% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Series A, 6% due 7/01/2020 (e)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=8% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">1,407</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=6% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">3,000</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Michigan State Strategic Fund, Limited Obligation Revenue Refunding Bonds</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=8% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">(Detroit Edison Company Pollution Control Project), AMT, Series B, 5.65% due 9/01/2029</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=8% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">3,053</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=6% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">1,300</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Michigan State Strategic Fund, PCR (General Motors Corporation Project), VRDN, 7% due 12/01/2008 (i)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=8% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">1,300</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
 &nbsp;<B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">Minnesota - 1.8%</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=6% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">3,500</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Minneapolis, Minnesota, Community Development Agency, Supported Development Revenue Refunding</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=8% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Bonds, Series G-3, 5.45% due 12/01/2011 (f)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=8% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">3,872</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
 &nbsp;<B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">Mississippi - 5.6%</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=6% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">7,675</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Claiborne County, Mississippi, PCR, Refunding (System Energy Resources Inc. Project),</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=8% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">6.20% due 2/01/2026</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=8% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">7,728</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=6% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">2,500</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Mississippi Business Finance Corporation, Mississippi, PCR, Refunding (System Energy Resources Inc.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=8% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Project), 5.90% due 5/01/2022</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=8% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">2,513</FONT>&nbsp;
	</TD>
</TR>
</TABLE><BR>
<P align="center">
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">3</FONT></P>

<HR noshade align="center" width="100%" size=2>



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<TABLE border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width=87% nowrap colspan=5>
<B><FONT size=5 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">BlackRock MuniHoldings Fund, Inc.</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=87% nowrap colspan=5>
<B><FONT face="Times New Roman,Bold,Arial,Helvetica,sans-serif">Schedule of Investments as of January 31, 2008 (Unaudited)</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">(in Thousands)</FONT></B>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=6% nowrap>
<B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">Face</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=57% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
 &nbsp;<B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">State</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=6% nowrap>
<B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">Amount</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=57% nowrap>
<B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">Municipal Bonds</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">Value</FONT></B>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right width=28% nowrap colspan=3>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">&#36; 1,000</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=57% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Mississippi Development Bank, Special Obligation Revenue Refunding Bonds (Gulfport Water and Sewer</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=57% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">System Project), 5.25% due 7/01/2017 (c)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">&#36; 1,133</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=6% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">810</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=57% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Mississippi Development Bank, Special Obligation Revenue Refunding Bonds (Gulfport Water and Sewer</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=57% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">System Project), 5.25% due 7/01/2019 (c)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">906</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
 &nbsp;<B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">Missouri - 1.5%</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=6% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">1,915</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=57% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Fenton, Missouri, Tax Increment Revenue Refunding and Improvement Bonds (Gravois Bluffs),</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=57% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">7% due 10/01/2011 (f)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">2,220</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=6% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">1,000</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=57% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Missouri State Development Finance Board, Infrastructure Facilities Revenue Refunding Bonds (Branson),</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=57% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Series A, 5.50% due 12/01/2032</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">1,000</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
 &nbsp;<B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">New Jersey - 12.9%</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=6% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">5,385</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=57% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">New Jersey EDA, Cigarette Tax Revenue Bonds, 5.75% due 6/15/2029</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">5,357</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=6% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">2,280</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=57% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">New Jersey EDA, Cigarette Tax Revenue Bonds, 5.75% due 6/15/2034</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">2,268</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=6% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">1,475</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=57% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">New Jersey EDA, Retirement Community Revenue Bonds (Cedar Crest Village Inc. Facility), Series A,</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=57% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">7.25% due 11/15/2011 (f)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">1,731</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=6% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">2,600</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=57% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">New Jersey EDA, Retirement Community Revenue Bonds (Seabrook Village Inc.), Series A,</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=57% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">8.25% due 11/15/2010 (f)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">3,029</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=6% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">1,965</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=57% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">New Jersey EDA, School Facilities Construction Revenue Bonds, Series O, 5.125% due 3/01/2030</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">2,048</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=6% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">1,000</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=57% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">New Jersey EDA, Special Facility Revenue Bonds (Continental Airlines Inc. Project), AMT,</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=57% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">6.625% due 9/15/2012</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">995</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=6% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">2,950</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=57% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">New Jersey EDA, Special Facility Revenue Bonds (Continental Airlines Inc. Project), AMT,</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=57% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">6.25% due 9/15/2029</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">2,764</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=6% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">3,325</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=57% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">New Jersey Health Care Facilities Financing Authority Revenue Bonds (South Jersey Hospital),</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=57% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">6% due 7/01/2012 (f)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">3,769</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=6% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">3,500</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=57% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">New Jersey State Turnpike Authority, Turnpike Revenue Bonds, Series C, 5% due 1/01/2030 (c)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">3,637</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=6% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">2,315</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=57% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Tobacco Settlement Financing Corporation of New Jersey, Asset-Backed Revenue Bonds,</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=57% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">7% due 6/01/2013 (f)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">2,802</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
 &nbsp;<B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">New Mexico - 0.9%</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=6% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">2,000</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=57% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Farmington, New Mexico, PCR, Refunding (Public Service Company of New Mexico - San Juan Project),</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=57% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Series A, 6.30% due 12/01/2016</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">2,005</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
 &nbsp;<B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">New York - 12.7%</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=6% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">1,100</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=57% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Dutchess County, New York, IDA, Civic Facility Revenue Refunding Bonds (Saint Francis Hospital),</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=57% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Series A, 7.50% due 3/01/2029</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">1,171</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=6% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">535</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=57% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">New York City, New York, City IDA, Civic Facility Revenue Bonds, Series C, 6.80% due 6/01/2028</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">568</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=6% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">725</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=57% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">New York City, New York, City IDA, Special Facility Revenue Bonds (Continental Airlines Inc. Project),</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=57% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">AMT, 8% due 11/01/2012</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">754</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=6% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">725</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=57% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">New York City, New York, City IDA, Special Facility Revenue Bonds (Continental Airlines Inc. Project),</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=57% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">AMT, 8.375% due 11/01/2016</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">762</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=6% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">9,115</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=57% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">New York City, New York, Sales Tax Asset Receivable Corporation Revenue Bonds, Series A,</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=57% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">5% due 10/15/2020 (d)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">9,845</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=6% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">3,680</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=57% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">New York State Dormitory Authority Revenue Bonds (School Districts Financing Program), Series D,</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=57% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">5.25% due 10/01/2023 (d)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">3,913</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=6% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">3,150</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=57% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Tobacco Settlement Financing Corporation of New York Revenue Bonds, Series A-1,</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=57% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">5.50% due 6/01/2018</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">3,385</FONT>&nbsp;
	</TD>
</TR>
</TABLE><BR>
<P align="center">
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">4</FONT></P>

<HR noshade align="center" width="100%" size=2>



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<A name="page_5"></A>

<TABLE border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width=88% nowrap colspan=5>
<B><FONT size=5 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">BlackRock MuniHoldings Fund, Inc.</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=8% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=88% nowrap colspan=5>
<B><FONT face="Times New Roman,Bold,Arial,Helvetica,sans-serif">Schedule of Investments as of January 31, 2008 (Unaudited)</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=8% nowrap>
<B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">(in Thousands)</FONT></B>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=6% nowrap>
<B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">Face</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=8% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
 &nbsp;<B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">State</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=6% nowrap>
<B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">Amount</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">Municipal Bonds</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=8% nowrap>
<B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">Value</FONT></B>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right width=28% nowrap colspan=3>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">&#36; 3,500</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Tobacco Settlement Financing Corporation of New York Revenue Bonds, Series C-1,</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=8% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">5.50% due 6/01/2017</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=8% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">&#36; 3,714</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=6% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">1,400</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Tobacco Settlement Financing Corporation of New York Revenue Bonds, Series C-1,</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=8% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">5.50% due 6/01/2022</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=8% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">1,508</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=6% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">2,080</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Westchester County, New York, IDA, Continuing Care Retirement, Mortgage Revenue Bonds</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=8% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">(Kendal on Hudson Project), Series A, 6.50% due 1/01/2013 (f)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=8% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">2,408</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
 &nbsp;<B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">Pennsylvania - 5.7%</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=6% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">1,700</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Bucks County, Pennsylvania, IDA, Retirement Community Revenue Bonds (Ann's Choice Inc.),</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=8% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Series A, 6.25% due 1/01/2035</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=8% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">1,689</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=6% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">3,500</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=8% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">(National Gypsum Company), AMT, Series B, 6.125% due 11/01/2027</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=8% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">3,446</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=6% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">725</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Philadelphia, Pennsylvania, Authority for IDR, Commercial Development, 7.75% due 12/01/2017</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=8% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">726</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=6% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">1,105</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Philadelphia, Pennsylvania, Authority for Industrial Development, Senior Living Revenue Bonds</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=8% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">(Arbor House Inc. Project), Series E, 6.10% due 7/01/2033</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=8% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">1,130</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=6% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">1,245</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Philadelphia, Pennsylvania, Authority for Industrial Development, Senior Living Revenue Bonds</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=8% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">(Saligman House Project), Series C, 6.10% due 7/01/2033</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=8% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">1,273</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=6% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">3,500</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Sayre, Pennsylvania, Health Care Facilities Authority, Revenue Bonds (Guthrie Healthcare System), Series B,</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=8% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">7.125% due 12/01/2011 (f)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=8% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">4,307</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
 &nbsp;<B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">Rhode Island - 1.5%</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=6% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">2,820</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Rhode Island State Health and Educational Building Corporation, Hospital Financing Revenue Bonds</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=8% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">(Lifespan Obligation Group), 6.50% due 8/15/2012 (f)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=8% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">3,262</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
 &nbsp;<B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">South Carolina - 1.6%</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=6% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">3,020</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Medical University Hospital Authority, South Carolina, Hospital Facilities Revenue Refunding Bonds,</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=8% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Series A, 6.375% due 8/15/2012 (f)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=8% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">3,491</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
 &nbsp;<B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">South Dakota - 0.8%</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=6% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">1,825</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">South Dakota State Health and Educational Facilities Authority Revenue Bonds (Sanford Health),</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=8% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">5% due 11/01/2040</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=8% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">1,774</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
 &nbsp;<B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">Tennessee - 6.7%</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=6% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">4,030</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Hardeman County, Tennessee, Correctional Facilities Corporation Revenue Bonds, 7.75% due 8/01/2017</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=8% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">4,088</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=6% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">4,575</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Shelby County, Tennessee, Health, Educational and Housing Facility Board, Hospital Revenue Refunding</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=8% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Bonds (Methodist Healthcare), 6.50% due 9/01/2012 (f)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=8% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">5,329</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=6% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">2,250</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Shelby County, Tennessee, Health, Educational and Housing Facility Board, Hospital Revenue Refunding</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=8% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Bonds (Saint Jude Children's Research Hospital), 5% due 7/01/2031</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=8% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">2,296</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=6% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">3,160</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Tennessee Educational Loan Revenue Bonds (Educational Funding South Inc.), AMT, Senior</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=8% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Series B, 6.20% due 12/01/2021</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=8% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">3,171</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
 &nbsp;<B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">Texas - 14.7%</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=6% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">4,000</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Austin, Texas, Convention Center Revenue Bonds (Convention Enterprises Inc.), First Tier, Series A,</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=8% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">6.70% due 1/01/2011 (f)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=8% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">4,477</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=6% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">2,340</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Brazos River Authority, Texas, Revenue Refunding Bonds (Reliant Energy Inc. Project), Series B,</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=8% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">7.75% due 12/01/2018</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=8% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">2,393</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=6% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">3,655</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Brazos River, Texas, Harbor Navigation District, Brazoria County Environmental Revenue Refunding Bonds</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=8% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">(Dow Chemical Company Project), AMT, Series A-7, 6.625% due 5/15/2033</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=8% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">3,832</FONT>&nbsp;
	</TD>
</TR>
</TABLE><BR>
<P align="center">
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">5</FONT></P>

<HR noshade align="center" width="100%" size=2>



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<A name="page_6"></A>

<TABLE border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width=88% nowrap colspan=5>
<B><FONT size=5 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">BlackRock MuniHoldings Fund, Inc.</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=8% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=88% nowrap colspan=5>
<B><FONT face="Times New Roman,Bold,Arial,Helvetica,sans-serif">Schedule of Investments as of January 31, 2008 (Unaudited)</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=8% nowrap>
<B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">(in Thousands)</FONT></B>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=6% nowrap>
<B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">Face</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=8% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
 &nbsp;<B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">State</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=6% nowrap>
<B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">Amount</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">Municipal Bonds</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=8% nowrap>
<B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">Value</FONT></B>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right width=28% nowrap colspan=3>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">&#36; 1,800</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Houston, Texas, Health Facilities Development Corporation, Retirement Facility Revenue Bonds</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=8% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">(Buckingham Senior Living Community), Series A, 7.125% due 2/15/2014 (f)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=8% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">&#36; 2,229</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=6% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">3,000</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Lower Colorado River Authority, Texas, PCR (Samsung Austin Semiconductor), AMT,</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=8% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">6.375% due 4/01/2027</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=8% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">3,015</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=6% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">1,485</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Matagorda County, Texas, Navigation District Number 1, Revenue Refunding Bonds</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=8% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">(Reliant Energy Inc.), Series C, 8% due 5/01/2029</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=8% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">1,520</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=6% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">4,500</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Matagorda, Texas, Hospital District Revenue Bonds, 5% due 2/15/2035 (o)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=8% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">4,548</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=6% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">2,425</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">SA Energy Acquisition Public Facilities Corporation, Texas, Gas Supply Revenue Bonds,</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=8% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">5.50% due 8/01/2023</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=8% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">2,522</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=6% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">1,100</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">SA Energy Acquisition Public Facilities Corporation, Texas, Gas Supply Revenue Bonds,</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=8% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">5.50% due 8/01/2024</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=8% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">1,135</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=6% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">1,120</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">SA Energy Acquisition Public Facilities Corporation, Texas, Gas Supply Revenue Bonds,</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=8% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">5.50% due 8/01/2025</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=8% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">1,150</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=6% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">2,710</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Texas State Department of Housing and Community Affairs, Residential Mortgage Revenue Bonds, AMT,</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=8% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Series A, 5.70% due 1/01/2033 (j)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=8% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">2,775</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=6% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">2,740</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Texas State Department of Housing and Community Affairs, Residential Mortgage Revenue Refunding</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=8% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Bonds, AMT, Series B, 5.25% due 7/01/2022 (j)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=8% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">2,917</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
 &nbsp;<B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">Vermont - 1.1%</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=6% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">2,370</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Vermont Educational and Health Buildings Financing Agency, Revenue Bonds (Developmental and Mental</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=8% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Health), Series A, 6% due 6/15/2017</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=8% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">2,516</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
 &nbsp;<B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">Virginia - 3.9%</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=6% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">1,150</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Chesterfield County, Virginia, IDA, PCR (Virginia Electric and Power Company), Series A, 5.875%</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=8% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">due 6/01/2017</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=8% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">1,217</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=6% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">3,000</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Fairfax County, Virginia, EDA, Resource Recovery Revenue Refunding Bonds, AMT, Series A, 6.10% due</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=8% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">2/01/2011 (a)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=8% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">3,269</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=6% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">1,800</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Pocahontas Parkway Association, Virginia, Toll Road Revenue Bonds, Senior Series B, 8.40%</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=8% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">due 8/15/2008 (f)(p)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=8% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">530</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=6% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">3,035</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Tobacco Settlement Financing Corporation of Virginia, Asset-Backed Revenue Bonds, 5.625%</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=8% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">due 6/01/2015 (f)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=8% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">3,539</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
 &nbsp;<B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">Washington - 0.6%</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=6% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">1,340</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Seattle, Washington, Housing Authority Revenue Bonds (Replacement Housing Project),</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=8% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">6.125% due 12/01/2032</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=8% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">1,357</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
 &nbsp;<B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">Wisconsin - 1.2%</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=6% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">825</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Wisconsin State Health and Educational Facilities Authority Revenue Bonds (New Castle Place Project),</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=8% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Series A, 7% due 12/01/2031</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=8% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">841</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=6% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">1,755</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Wisconsin State Health and Educational Facilities Authority Revenue Bonds (SynergyHealth Inc.),</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=8% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">6% due 11/15/2032</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=8% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">1,771</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
 &nbsp;<B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">Puerto Rico - 1.9%</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=6% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">2,060</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Puerto Rico Industrial, Medical and Environmental Pollution Control Facilities Financing Authority, Special</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=8% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Facilities Revenue Bonds (American Airlines Inc.), Series A, 6.45% due 12/01/2025</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=8% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">1,980</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=6% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">19,235</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Refunding Bonds, Series A,</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=8% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">5.06% due 8/01/2047 (a)(p)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=8% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">2,269</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
</TABLE><BR>
<P align="center">
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">6</FONT></P>

<HR noshade align="center" width="100%" size=2>



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<A name="page_7"></A>

<TABLE border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width=88% nowrap colspan=5>
<B><FONT size=5 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">BlackRock MuniHoldings Fund, Inc.</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=8% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=88% nowrap colspan=5>
<B><FONT face="Times New Roman,Bold,Arial,Helvetica,sans-serif">Schedule of Investments as of January 31, 2008 (Unaudited)</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=8% nowrap>
<B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">(in Thousands)</FONT></B>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=17% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">Face</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=8% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=17% nowrap>
 &nbsp;<B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">State</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">Amount</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">Municipal Bonds</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=8% nowrap>
<B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">Value</FONT></B>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=17% nowrap>
 &nbsp;<B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">U.S. Virgin Islands - 1.6%</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">&#36; 3,460</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Virgin Islands Government Refinery Facilities, Revenue Refunding Bonds (Hovensa Coker Project), AMT,</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=8% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=17% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">6.50% due 7/01/2021</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=8% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">&#36; 3,613</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=17% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">Total Municipal Bonds (Cost - &#36;308,317) - 145.3%</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=8% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">320,977</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=17% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">Municipal Bonds Transferred to Tender Option Bond Trusts (h)</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=8% nowrap>
&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=17% nowrap>
 &nbsp;<B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">California - 5.7%</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">6,810</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">California Pollution Control Financing Authority, PCR, Refunding (Pacific Gas and Electric), AMT, Series</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=8% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=17% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">A, 5.35% due 12/01/2016 (d)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=8% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">7,224</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=17% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">5,210</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">San Jose, California, Airport Revenue Refunding Bonds, Series A, 5.50% due 3/01/2032 (a)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=8% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">5,410</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=17% nowrap>
 &nbsp;<B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">New York - 2.1%</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">4,240</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">New York City, New York, Sales Tax Asset Receivable Corporation Revenue Bonds, Series A, 5.25%</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=8% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=17% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">due 10/15/2027 (a)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=8% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">4,500</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=17% nowrap>
 &nbsp;<B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">Texas - 5.7%</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">11,760</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Harris County, Texas, Toll Road Revenue Refunding Bonds, Senior Lien, Series A 5.25%, due 8/15/2035 (c)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=8% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">12,599</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=17% nowrap>
 &nbsp;<B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">Virginia - 5.0%</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">10,940</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Virginia State, HDA, Commonwealth Mortgage Revenue Bonds, Series H, Sub-Series H-1, 5.375%</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=8% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=17% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">due 7/01/2036 (d)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=8% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">11,087</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=center width=98% colspan=7>
<B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">Total Municipal Bonds Transferred to Tender Option Bond Trusts</FONT></B>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=17% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">(Cost - &#36;40,755) - 18.5%</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=8% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">40,820</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=17% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">Shares</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=8% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=17% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">Held</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">Short-Term Securities</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=8% nowrap>
&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=17% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">9</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Merrill Lynch Institutional Tax-Exempt Fund, 2.47% (k)(l)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=8% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">9</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=17% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">Total Short-Term Securities (Cost - &#36;9) - 0.0%</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=8% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">9</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=17% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">Total Investments (Cost - &#36;349,081*) - 163.8%</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=8% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">361,806</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=17% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">Other Assets Less Liabilities - 1.7%</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=8% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">3,835</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=17% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">Liability for Trust Certificates, Including Interest Expense Payable - (8.9%)</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=8% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">(19,659)</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=17% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">Preferred Stock, at Redemption Value - (56.6%)</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=8% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">(125,048)</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
&nbsp;	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
&nbsp;	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
&nbsp;	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=17% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">Net Assets Applicable to Common Stock - 100.0%</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=8% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">&#36; 220,934</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
&nbsp;	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
&nbsp;	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
&nbsp;	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=2>
	</TD>
</TR>
</TABLE><BR>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">*</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=94% nowrap colspan=3>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">The cost and unrealized appreciation (depreciation) of investments as of January 31, 2008,</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=94% nowrap colspan=3>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">as computed for federal income tax purposes, were as follows:</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=34% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Aggregate cost</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=58% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">&#36; 329,767</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
&nbsp;	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
&nbsp;	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=2>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=34% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Gross unrealized appreciation</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=58% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">&#36; 16,164</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=34% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Gross unrealized depreciation</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=58% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">(3,605)</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
&nbsp;	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
&nbsp;	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=34% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Net unrealized appreciation</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=58% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">&#36; 12,559</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
&nbsp;	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
&nbsp;	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=2>
	</TD>
</TR>
</TABLE><BR>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
	<TD nowrap valign=top>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">(a)</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width=100%>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">AMBAC Insured.</FONT>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
	<TD nowrap valign=top>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">(b)</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width=100%>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">FGIC Insured.</FONT>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
	<TD nowrap valign=top>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">(c)</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width=100%>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">FSA Insured.</FONT>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
	<TD nowrap valign=top>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">(d)</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width=100%>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">MBIA Insured.</FONT>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
	<TD nowrap valign=top>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">(e)</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width=100%>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">ACA Insured.</FONT>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
	<TD nowrap valign=top>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">(f)</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width=100%>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Prerefunded.</FONT>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
	<TD nowrap valign=top>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">(g)</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width=100%>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">XL Capital Insured.</FONT>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
	<TD nowrap valign=top>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">(h)</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width=100%>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Securities represent underlying bonds transferred to a separate securitization trust established in a tender option bond transaction in which the Fund may have acquired the residual
interest certificates. These securities serve as collateral in a financing transaction.</FONT>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR></TABLE>
<P align="left">
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">7</FONT></P>

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<TABLE border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width=43% nowrap colspan=5>
<B><FONT size=5 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">BlackRock MuniHoldings Fund, Inc.</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=30% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=21% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=43% nowrap colspan=5>
<B><FONT face="Times New Roman,Bold,Arial,Helvetica,sans-serif">Schedule of Investments as of January 31, 2008 (Unaudited)</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=30% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=21% nowrap>
<B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">(in Thousands)</FONT></B>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=9>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
 &nbsp;<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">(i)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=38% nowrap colspan=3>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Variable rate security. Rate shown is interest rate as of the report date.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=30% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=21% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
 &nbsp;<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">(j)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=27% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">FNMA/GNMA Collateralized.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=30% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=21% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
 &nbsp;<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">(k)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=70% nowrap colspan=5>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Investments in companies considered to be an affiliate of the Fund, for purposes of</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=21% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=70% nowrap colspan=5>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Section 2(a)(3) of the Investment Company Act of 1940, were as follows:</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=21% nowrap>
&nbsp;
	</TD>
</TR>
<TR>
	<TD>
&nbsp;	</TD>
	<TD>&nbsp;
	</TD>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=27% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=9% nowrap>
<B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">Net</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=30% nowrap>
<B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">Dividend</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=21% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=27% nowrap>
<B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">Affiliate</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=9% nowrap>
<B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">Activity</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=30% nowrap>
<B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">Income</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=21% nowrap>
&nbsp;
	</TD>
</TR>
<TR>
	<TD>
&nbsp;	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=27% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Merrill Lynch Institutional</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=30% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=21% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=27% nowrap>
 &nbsp; &nbsp;<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Tax-Exempt Fund</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=9% nowrap>
<B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">-</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=30% nowrap>
<B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">-+</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=21% nowrap>
&nbsp;
	</TD>
</TR>
<TR>
	<TD>
&nbsp;	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=27% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">+ Amount is less than &#36;1,000.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=30% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=21% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
 &nbsp;<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">(l)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=27% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Represents the current yield as of January 31, 2008.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=30% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=21% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
 &nbsp;<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">(m)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=27% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Assured Guaranty Insured.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=30% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=21% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
 &nbsp;<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">(n)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=27% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">CIFG Insured.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=30% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=21% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
 &nbsp;<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">(o)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=27% nowrap>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">FHA Insured.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=30% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=21% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
 &nbsp;<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">(p)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=70% nowrap colspan=5>
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Represents a zero coupon bond; the interest rate shown reflects the effective yield at the time of purchase.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=21% nowrap>
&nbsp;
	</TD>
</TR>
</TABLE><BR>
<P align="center">
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">8</FONT></P>

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<TABLE><TR><TD nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Item 2 &#150; Controls and Procedures</FONT></TD></TR></TABLE>
</P>
<P align="left">
<TABLE><TR><TD nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">2(a) &#150; The registrant&#146;s principal executive and principal financial officers or persons performing </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">similar functions have concluded that the registrant&#146;s disclosure controls and procedures (as </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#147;1940 Act&#148;)) are effective as of a date within 90 days of the filing of this report based on the</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">and Rule 13a-15(b) under the Securities Exchange Act of 1934, as amended.</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">2(b) &#150; There were no changes in the registrant&#146;s internal control over financial reporting (as </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant&#146;s last fiscal </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">quarter that have materially affected, or are reasonably likely to materially affect, the </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">registrant&#146;s internal control over financial reporting.</FONT></TD></TR></TABLE>
</P>
<P align="left">
<TABLE><TR><TD nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Item 3 &#150; Exhibits</FONT></TD></TR></TABLE>
</P>
<P align="left">
<TABLE><TR><TD width=35>&nbsp;</TD><TD nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Certifications &#150; Attached hereto</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">the undersigned, thereunto duly authorized.</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">BlackRock MuniHoldings Fund, Inc.</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">By: </FONT><U><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">/s/ Donald C. Burke</FONT></U></TD></TR></TABLE>
</P>
<P align="left">
<TABLE><TR><TD width=72>&nbsp;</TD><TD nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Donald C. Burke</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Chief Executive Officer of</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">BlackRock MuniHoldings Fund, Inc.</FONT></TD></TR></TABLE>
</P>
<P align="left">
<TABLE><TR><TD width=41>&nbsp;</TD><TD nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Date: March 24, 2008</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Company Act of 1940, this report has been signed below by the following persons on behalf</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">of the registrant and in the capacities and on the dates indicated.</FONT></TD></TR></TABLE>
</P>
<P align="left">
<TABLE><TR><TD width=41>&nbsp;</TD><TD nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">By: </FONT><U><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">/s/ Donald C. Burke</FONT></U><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Donald C. Burke</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Chief Executive Officer (principal executive officer) of</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">BlackRock MuniHoldings Fund, Inc.</FONT></TD></TR></TABLE>
</P>
<P align="left">
<TABLE><TR><TD width=41>&nbsp;</TD><TD nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Date: March 24, 2008</FONT></TD></TR></TABLE>
</P>
<P align="left">
<TABLE><TR><TD width=41>&nbsp;</TD><TD nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">By: </FONT><U><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">/s/ Neal J. Andrews</FONT></U><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Neal J. Andrews</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Chief Financial Officer (principal financial officer) of</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">BlackRock MuniHoldings Fund, Inc.</FONT></TD></TR></TABLE>
</P>
<P align="left">
<TABLE><TR><TD nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Date: March 24, 2008</FONT></TD></TR></TABLE>
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<DESCRIPTION>CERTIFICATIONS
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<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">EX-99. CERT</FONT></B><BR>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF </FONT></B><BR>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">THE SARBANES-OXLEY ACT OF 2002</FONT></B><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">I, Donald C. Burke, Chief Executive Officer (principal executive officer) of BlackRock MuniHoldings Fund, Inc., certify </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">that:</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">1. I have reviewed this report on Form N-Q of BlackRock MuniHoldings Fund, Inc.;</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">material fact necessary to make the statements made, in light of the circumstances under which such statements were made, </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">not misleading with respect to the period covered by this report; </FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">the investments of the registrant as of the end of the fiscal quarter for which the report is filed;</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">4. The registrant&#146;s other certifying officer(s) and I are responsible for establishing and maintaining disclosure </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">designed under our supervision, to ensure that material information relating to the registrant, including its </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">which this report is being prepared;</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">b) designed such internal control over financial reporting, or caused such internal control over financial </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">financial reporting and the preparation of financial statements for external purposes in accordance with generally </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">accepted accounting principles;</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">c) evaluated the effectiveness of the registrant&#146;s disclosure controls and procedures and presented in this </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">days prior to the filing date of this report, based on such evaluation; and</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">d) disclosed in this report any change in the registrant&#146;s internal control over financial reporting that </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">occurred during the registrant&#146;s most recent fiscal quarter that has materially affected, or is reasonably likely to </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">materially affect, the registrant&#146;s internal control over financial reporting; and</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">5. The registrant&#146;s other certifying officer(s) and I have disclosed to the registrant&#146;s auditors and the audit committee </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">of the registrant&#146;s board of directors (or persons performing the equivalent functions):</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">a) all significant deficiencies and material weaknesses in the design or operation of internal control over </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">financial reporting which are reasonably likely to adversely affect the registrant&#146;s ability to record, process, </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">summarize, and report financial information; and</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">b) any fraud, whether or not material, that involves management or other employees who have a significant </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">role in the registrant&#146;s internal control over financial reporting.</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Date: March 24, 2008</FONT><BR>
<BR>
<U><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">/s/ Donald C. Burke</FONT></U><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Donald C. Burke</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Chief Executive Officer (principal executive officer) of </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">BlackRock MuniHoldings Fund, Inc.</FONT></TD></TR></TABLE>
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<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">EX-99. CERT</FONT></B><BR>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF </FONT></B><BR>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">THE SARBANES-OXLEY ACT OF 2002</FONT></B><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">I, Neal J. Andrews, Chief Financial Officer (principal financial officer) of BlackRock MuniHoldings Fund, Inc., certify </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">that:</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">1. I have reviewed this report on Form N-Q of BlackRock MuniHoldings Fund, Inc.;</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">material fact necessary to make the statements made, in light of the circumstances under which such statements were made, </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">not misleading with respect to the period covered by this report; </FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">the investments of the registrant as of the end of the fiscal quarter for which the report is filed;</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">4. The registrant&#146;s other certifying officer(s) and I are responsible for establishing and maintaining disclosure </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">designed under our supervision, to ensure that material information relating to the registrant, including its </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">which this report is being prepared;</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">b) designed such internal control over financial reporting, or caused such internal control over financial </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">financial reporting and the preparation of financial statements for external purposes in accordance with generally </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">accepted accounting principles;</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">c) evaluated the effectiveness of the registrant&#146;s disclosure controls and procedures and presented in this </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">days prior to the filing date of this report, based on such evaluation; and</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">d) disclosed in this report any change in the registrant&#146;s internal control over financial reporting that </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">occurred during the registrant&#146;s most recent fiscal quarter that has materially affected, or is reasonably likely to </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">materially affect, the registrant&#146;s internal control over financial reporting; and</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">5. The registrant&#146;s other certifying officer(s) and I have disclosed to the registrant&#146;s auditors and the audit committee </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">of the registrant&#146;s board of directors (or persons performing the equivalent functions):</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">a) all significant deficiencies and material weaknesses in the design or operation of internal control over </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">financial reporting which are reasonably likely to adversely affect the registrant&#146;s ability to record, process, </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">summarize, and report financial information; and</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">b) any fraud, whether or not material, that involves management or other employees who have a significant </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">role in the registrant&#146;s internal control over financial reporting.</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Date: March 24, 2008</FONT><BR>
<BR>
<I><FONT size=2 face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif">/s/</FONT></I><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif"> Neal J. Andrews</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Neal J. Andrews</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Chief Financial Officer (principal financial officer) of </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">BlackRock MuniHoldings Fund, Inc.</FONT></TD></TR></TABLE>
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