NPORT-EX 1 NPORT_11107315152753650.htm BlackRock MuniHoldings Fund

Schedule of Investments  (unaudited) 

July 31, 2019

   

BlackRock MuniHoldings Fund, Inc. (MHD)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  

Municipal Bonds — 113.7%

    

Alabama — 2.1%

    

County of Jefferson Alabama Sewer, Refunding RB, :

    

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

   $ 570     $ 640,082  

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

     1,090       1,229,149  

Sub-Lien, Series D, 6.00%, 10/01/42

     1,000       1,180,780  

Sub-Lien, Series D, 7.00%, 10/01/51

     1,545       1,871,335  
   

 

 

  
    4,921,346  
Arizona — 2.9%            

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

     1,230       1,310,085  

Salt Verde Financial Corp., RB, Senior:

    

5.00%, 12/01/32

     2,000       2,547,100  

5.00%, 12/01/37

     2,360       3,090,963  
   

 

 

  
    6,948,148  
Arkansas — 0.8%            

Arkansas Development Finance Authority, RB, Big River Steel Project, AMT, 4.50%, 09/01/49(a)

     1,810       1,884,282  
   

 

 

  
California — 7.1%            

California Educational Facilities Authority, RB, Stanford University, Series V-1, 5.00%, 05/01/49

     1,545       2,291,219  

California Health Facilities Financing Authority, RB, Sutter Health, Series B, 6.00%, 08/15/20(b)

     2,200       2,314,092  

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

     875       991,760  

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

    

5.25%, 08/15/39

     105       117,912  

5.25%, 08/15/49

     265       293,795  

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

     165       190,016  

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

     1,025       1,096,176  
Security   Par
(000)		     Value  
California (continued)            

California Statewide Communities Development Authority, RB, Loma Linda University Medical Center, Series A, 5.00%, 12/01/46(a)

   $ 330     $ 364,587  

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

     255       299,684  

Golden State Tobacco Securitization Corp., Refunding RB, Series A-1, 5.00%, 06/01/47

     1,950       1,971,918  

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

     2,405       2,284,173  

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

     3,475       2,815,827  

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

    

Series I, 5.00%, 11/01/38

     550       624,145  

Sub-Series I-1, 6.38%, 11/01/19(b)

     820       830,734  

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

     540       540,589  
   

 

 

  
    17,026,627  
Colorado — 2.2%            

Arapahoe County School District No. 6 Littleton, GO, Series A, 5.50%, 12/01/43

     1,260       1,625,892  

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

     1,455       1,498,024  

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

     710       733,075  

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

     1,425       1,456,022  
   

 

 

  
    5,313,013  
Delaware — 1.8%            

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

     790       824,997  

Delaware Transportation Authority, RB, U.S. 301 Project, 5.00%, 06/01/55

     840       953,047  
 

 

 

     1  

Schedule of Investments  (unaudited) (continued)

July 31, 2019

   

BlackRock MuniHoldings Fund, Inc. (MHD)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Delaware (continued)            

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

   $ 2,430     $ 2,499,717  
   

 

 

  
    4,277,761  
District of Columbia — 6.7%            

District of Columbia, Refunding RB, :

    

Georgetown University, 5.00%, 04/01/35

     315       379,273  

Georgetown University Issue, 5.00%, 04/01/42

     260       306,987  

The Catholic University of America Issue, 5.00%, 10/01/48

     1,695       1,965,488  

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

     1,520       1,601,320  

Metropolitan Washington Airports Authority, Refunding ARB, :

    

Dulles Metrorail And Capital Improvement Projects, Series A, 5.00%, 10/01/53

     1,475       1,573,014  

Dulles Toll Road, CAB, 2nd Senior Lien, Series B (AGC), 0.00%, 10/01/35(c)

     13,485       8,142,647  

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

    

5.00%, 10/01/39

     505       508,192  

5.25%, 10/01/44

     1,470       1,479,893  
   

 

 

  
    15,956,814  
Florida — 4.2%            

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

     2,375       2,407,537  

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

     960       1,086,528  

County of Miami-Dade Florida Aviation, Refunding ARB, Miami International Airport, Series A-1, 5.38%, 10/01/20(b)

     2,620       2,749,638  

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

     2,095       2,367,895  
Security   Par
(000)		     Value  
Florida (continued)            

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

   $ 1,390     $ 1,491,831  
   

 

 

  
    10,103,429  
Georgia — 2.7%            

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

     2,615       2,802,234  

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

     370       429,022  

DeKalb Georgia Private Hospital Authority, Refunding RB, Children’s Healthcare, 5.25%, 11/15/19(b)

     585       590,967  

Main Street Natural Gas, Inc., RB, Series A:

    

5.00%, 05/15/35

     360       463,507  

5.00%, 05/15/36

     360       466,575  

5.00%, 05/15/37

     400       522,544  

5.00%, 05/15/38

     220       288,994  

5.00%, 05/15/49

     725       978,931  
   

 

 

  
    6,542,774  
Hawaii — 0.4%            

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

     945       978,727  
   

 

 

  
Idaho — 0.3%            

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

     540       640,364  
   

 

 

  
Illinois — 14.6%            

Chicago Board of Education, GO, Series H, Series C, Series D, :

    

Dedicated Revenues, 5.00%, 12/01/36

     350       387,587  

Project, 5.25%, 12/01/35

     1,075       1,167,579  

Chicago Board of Education, GO, Refunding, :

    

Dedicated Revenues, 5.00%, 12/01/30

     605       686,252  

Dedicated Revenues, Series F, 5.00%, 12/01/22

     455       489,498  

Dedicated Revenues, Series G, 5.00%, 12/01/34

     315       351,320  

5.00%, 12/01/27

     500       580,420  

Chicago Board of Education, GO:

    

5.00%, 12/01/46

     390       430,591  
 

 

 

2   

Schedule of Investments  (unaudited) (continued)

July 31, 2019

   

BlackRock MuniHoldings Fund, Inc. (MHD)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Illinois (continued)            

5.00%, 12/01/46

   $ 1,015     $ 1,067,069  

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

     876       877,953  

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

    

Series A, 5.75%, 01/01/21(b)

     1,680       1,788,914  

Series A, 5.75%, 01/01/39

     320       337,165  

Series C, 6.50%, 01/01/21(b)

     4,055       4,359,530  

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

     730       777,779  

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

     1,000       1,073,210  

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

     560       610,137  

Illinois Finance Authority, Refunding RB, Central Dupage Health, Series B, 5.50%, 11/01/19(b)

     1,115       1,127,042  

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

    

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

     13,220       4,593,950  

Series B (AGM), 5.00%, 06/15/50

     3,070       3,158,508  

Series B-2, 5.00%, 06/15/50

     1,850       1,877,213  

Railsplitter Tobacco Settlement Authority, RB(b):

    

5.50%, 06/01/21

     315       339,816  

6.00%, 06/01/21

     800       870,248  

State of Illinois, GO, 5.00%, 02/01/39

     1,100       1,169,707  

State of Illinois, GO, Refunding, Series B, 5.00%, 10/01/29

     930       1,058,656  

State of Illinois, GO, Series A, 5.00%, 04/01/38

     2,625       2,768,089  

State of Illinois Toll Highway Authority, RB, Series C, 5.00%, 01/01/37

     2,000       2,290,720  

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

     705       791,384  
   

 

 

  
    35,030,337  
Indiana — 3.3%            

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

    

6.75%, 01/01/34

     560       649,426  

7.00%, 01/01/44

     1,355       1,559,442  
Security   Par
(000)		     Value  
Indiana (continued)            

Indiana Finance Authority, RB, Series A, :

    

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

   $ 2,275     $ 2,434,660  

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

     310       337,017  

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

     1,030       1,115,851  

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

     290       316,842  

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

     585       590,797  

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

     880       969,478  
   

 

 

  
    7,973,513  
Iowa — 1.6%            

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

    

Series B, 5.25%, 12/01/50(d)

     1,955       2,144,752  

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

     320       350,583  

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

     285       299,090  

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

     95       97,835  

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

     980       980,147  
   

 

 

  
    3,872,407  
Kansas — 0.6%            

Kansas Development Finance Authority, Refunding RB, Adventist Health System/Sunbelt Obligated Group, Series C(b):

    

5.75%, 11/15/19

     35       35,454  

5.75%, 11/15/19

     1,485       1,504,335  
   

 

 

  
    1,539,789  
Kentucky — 0.7%            

Kentucky Economic Development Finance Authority, RB, Catholic Health Initiatives, Series A, 5.25%, 01/01/23(b)

     705       800,986  
 

 

 

     3  

Schedule of Investments  (unaudited) (continued)

July 31, 2019

   

BlackRock MuniHoldings Fund, Inc. (MHD)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Kentucky (continued)            

Kentucky Public Transportation Infrastructure Authority, RB, Downtown Crossing Project, Convertible CAB, 1st Tier, Series C, 6.75%, 07/01/43(e)

   $ 865     $ 912,004  
   

 

 

  
      1,712,990  
Louisiana — 1.6%            

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

     430       436,291  

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

    

5.50%, 05/15/30

     700       719,068  

5.25%, 05/15/31

     600       633,144  

5.25%, 05/15/32

     765       828,243  

5.25%, 05/15/33

     830       897,678  

5.25%, 05/15/35

     350       385,493  
   

 

 

  
      3,899,917  
Maine — 0.1%            

Maine Health & Higher Educational Facilities Authority, RB, Series A, 5.00%, 07/01/39

     145       145,251  
   

 

 

  
Maryland — 1.1%            

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

     530       545,635  

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

     305       360,757  

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

     1,520       1,629,242  
   

 

 

  
      2,535,634  
Massachusetts — 0.6%            

Massachusetts Development Finance Agency, Refunding RB, Boston University, Series P, 5.45%, 05/15/59

     1,165       1,494,450  
   

 

 

  
Michigan — 3.8%            

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

     3,085       3,374,774  
Security   Par
(000)		     Value  
Michigan (continued)            

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

    

5.50%, 05/15/20(b)

   $ 530     $ 548,126  

5.50%, 05/15/36

     425       436,131  

Michigan Finance Authority, Refunding RB, Detroit Water & Sewage Department Project, Senior Lien,
Series C-1, 5.00%, 07/01/44

     630       681,446  

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

     2,105       2,132,849  

Michigan State University, Refunding RB, Board of Trustees, Series B, 5.00%, 02/15/48

     730       885,760  

Michigan Strategic Fund, RB, I-75 Improvement Projects, AMT, 5.00%, 06/30/48

     785       914,023  
   

 

 

  
      8,973,109  
Minnesota — 1.1%            

Duluth Economic Development Authority, Refunding RB, Essentia Health Obligated Group, Series A:

    

4.25%, 02/15/48

     750       814,778  

5.25%, 02/15/53

     1,500       1,774,920  
   

 

 

  
      2,589,698  
Mississippi — 0.3%            

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

     675       677,282  
   

 

 

  
Missouri — 0.2%            

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

     175       191,104  
 

 

 

4   

Schedule of Investments  (unaudited) (continued)

July 31, 2019

   

BlackRock MuniHoldings Fund, Inc. (MHD)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Missouri (continued)            

State of Missouri Health & Educational Facilities Authority, Refunding RB, St. Louis College of Pharmacy Project, 5.50%, 05/01/43

   $ 175     $ 188,734  
   

 

 

  
      379,838  
Nebraska — 0.3%  

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

     575       633,230  
   

 

 

  
New Hampshire — 2.0%  

New Hampshire Business Finance Authority, Refunding RB, Resource Recovery, Covanta Project,(a):

    

Series B, 4.63%, 11/01/42

     1,105       1,133,023  

Series C, AMT, 4.88%, 11/01/42

     575       591,008  

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

     3,035       3,035,000  
   

 

 

  
      4,759,031  
New Jersey — 10.5%  

Casino Reinvestment Development Authority, Refunding RB:

    

5.25%, 11/01/39

     735       801,473  

5.25%, 11/01/44

     1,095       1,194,119  

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

     775       786,013  

New Jersey EDA, ARB, Continental Airlines, Inc. Project, 5.13%, 09/15/23

     1,410       1,533,305  

New Jersey EDA, RB, :

    

Continental Airlines, Inc. Project, AMT, 5.25%, 09/15/29

     1,365       1,500,626  

Series EEE, 5.00%, 06/15/48

     2,705       3,045,343  

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

     1,060       1,177,088  

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

     1,550       1,806,587  

New Jersey State Turnpike Authority, RB, :

    

Series A, 5.00%, 01/01/43

     715       773,666  

Series E, 5.00%, 01/01/45

     1,875       2,152,031  

New Jersey Transportation Trust Fund Authority, RB, :

    

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

     315       342,792  

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

     580       626,098  
Security   Par
(000)		     Value  
New Jersey (continued)            

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

   $ 1,575     $ 1,657,546  

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

     1,705       1,795,195  

Tobacco Settlement Financing Corp., Refunding RB, Series A, 5.25%, 06/01/46

     390       444,830  

Tobacco Settlement Financing Corp. New Jersey, Refunding RB, Sub-Series B, 5.00%, 06/01/46

     5,150       5,574,824  
   

 

 

  
      25,211,536  
New York — 6.9%  

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

     310       333,414  

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

     1,300       1,328,444  

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

     265       265,013  

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

     229       247,840  

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

     1,405       1,405,436  

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

     1,715       1,971,101  

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

     1,740       1,759,940  

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

     1,415       1,415,113  

New York Liberty Development Corp., Refunding RB, :

    

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

     850       864,909  

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

     2,275       2,495,015  

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

     245       271,926  
 

 

 

     5  

Schedule of Investments  (unaudited) (continued)

July 31, 2019

   

BlackRock MuniHoldings Fund, Inc. (MHD)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
New York (continued)  

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

   $ 605     $ 677,479  

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

    

6.00%, 12/01/36

     900       946,719  

6.00%, 12/01/42

     875       917,709  

State of New York Environmental Facilities Corp., RB, Subordinated SRF Bonds, Series B, 5.00%, 06/15/48

     1,305       1,603,284  
   

 

 

  
      16,503,342  
North Carolina — 0.2%  

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

     415       458,098  
   

 

 

  
North Dakota — 0.3%  

County of Cass North Dakota, Refunding RB, Essentia Health Obligated Group, Series B, 5.25%, 02/15/58

     695       804,157  
   

 

 

  
Ohio — 1.9%  

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

     2,570       2,526,182  

County of Franklin Ohio, RB, :

    

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

     470       517,432  

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

     290       338,665  

Ohio Air Quality Development Authority, RB, AMG Vanadium Project, AMT, 5.00%, 07/01/49(a)

     535       574,515  

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

     580       636,405  
   

 

 

  
    4,593,199  
   

 

 

  
Oklahoma — 1.7%  

City of Oklahoma Turnpike Authority, RB, Series A, 4.00%, 01/01/48

     1,500       1,598,625  
Security   Par
(000)		     Value  
Oklahoma (continued)  

Oklahoma Development Finance Authority, RB, OU Medicine Project, Series B, 5.25%, 08/15/48

   $ 855     $ 993,835  

Oklahoma Turnpike Authority, RB, 2nd Series C, 4.00%, 01/01/42

     1,420       1,520,493  
   

 

 

  
    4,112,953  
Pennsylvania — 3.1%  

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

     460       494,988  

County of Montgomery Higher Education & Health Authority, Refunding RB, Thomas Jefferson University, Series A:

    

4.00%, 09/01/49

     415       447,619  

5.00%, 09/01/43

     905       1,076,199  

Lancaster IDA, RB, Willow Valley Communities Project, 5.00%, 12/01/49(f)

     950       1,084,368  

Pennsylvania Economic Development Financing Authority, RB, AMT, 5.00%, 06/30/42

     2,015       2,259,822  

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

     1,105       1,179,267  

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

     795       907,516  
   

 

 

  
    7,449,779  
Puerto Rico — 5.2%  

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

    

5.50%, 05/15/39

     475       482,970  

5.63%, 05/15/43

     500       508,385  

Commonwealth of Puerto Rico Aqueduct & Sewer Authority, RB, Senior Lien, Series A:

    

5.00%, 07/01/33

     1,845       1,857,970  

5.13%, 07/01/37

     510       515,095  

Commonwealth of Puerto Rico Aqueduct & Sewer Authority, Refunding RB, Senior Lien, Series A:

    

6.00%, 07/01/38

     530       535,655  

6.00%, 07/01/44

     960       969,600  
 

 

 

6   

Schedule of Investments  (unaudited) (continued)

July 31, 2019

   

BlackRock MuniHoldings Fund, Inc. (MHD)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Puerto Rico (continued)  

Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, Restructured, :

    

Series A-1, 4.50%, 07/01/34

   $ 20     $ 20,628  

Series A-1, 4.75%, 07/01/53

     1,146       1,116,915  

Series A-1, 5.00%, 07/01/58

     4,386       4,376,833  

Series A-2, 5.00%, 07/01/58

     2,162       2,075,066  
   

 

 

  
      12,459,117  
Rhode Island — 2.2%  

Tobacco Settlement Financing Corp., Refunding RB, :

    

Series A, 5.00%, 06/01/35

     580       643,713  

Series B, 4.50%, 06/01/45

     1,900       1,944,878  

Series B, 5.00%, 06/01/50

     2,605       2,725,221  
   

 

 

  
      5,313,812  
South Carolina — 4.8%  

South Carolina Jobs EDA, Refunding RB, Prisma Health Obligated Group, Series A, 5.00%, 05/01/48

     2,245       2,649,055  

State of South Carolina Ports Authority, ARB:

    

5.25%, 07/01/20(b)

     2,285       2,371,327  

AMT, 5.25%, 07/01/55

     925       1,055,388  

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

     2,410       2,717,468  

State of South Carolina Public Service Authority, Refunding RB, :

    

Series A, 5.00%, 12/01/50

     1,035       1,175,698  

Series E, 5.25%, 12/01/55

     1,225       1,405,112  
   

 

 

  
      11,374,048  
Tennessee — 1.1%  

City of Chattanooga Health Educational & Housing Facility Board, RB, Catholic Health Initiatives, Series A, 5.25%, 01/01/23(b)

     980       1,113,368  

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

     495       572,502  
Security   Par
(000)		     Value  
Tennessee (continued)  

County of Nashville & Davidson Metropolitan Government Health & Educational Facilities Board, Refunding RB, Lipscomb University Project, Series A, 5.25%, 10/01/58

   $ 705     $ 836,758  
   

 

 

  
      2,522,628  
Texas — 7.3%  

Central Texas Regional Mobility Authority, Refunding RB, :

    

Senior Lien, 6.25%, 01/01/21(b)

     1,480       1,582,623  

Sub-Lien, 5.00%, 01/01/33

     250       275,823  

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

     440       504,944  

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

     1,500       1,657,905  

City of San Antonio Texas Electric & Gas Systems Revenue, Refunding RB, Series A, 5.00%, 02/01/48

     850       1,025,712  

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

     325       387,731  

County of Tarrant Texas Cultural Education Facilities Finance Corp., RB, Christus Health, Series B, 5.00%, 07/01/48

     3,330       3,886,343  

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

     450       450,837  

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

     1,400       678,188  

San Antonio Water System, Refunding RB, Junior Lien, Series A, 5.00%, 05/15/48

     1,825       2,193,869  

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

    

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

     2,000       2,097,000  

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

     1,700       1,734,102  
 

 

 

     7  

Schedule of Investments  (unaudited) (continued)

July 31, 2019

   

BlackRock MuniHoldings Fund, Inc. (MHD)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Texas (continued)  

Texas Transportation Commission, RB, First Tier Toll Revenue, 5.00%, 08/01/57

   $ 845     $ 979,093  
   

 

 

  
      17,454,170  
Utah — 0.6%  

City of Salt Lake Corp. Airport Revenue, ARB, Series A, AMT:

    

5.00%, 07/01/48

     640       750,125  

5.00%, 07/01/47

     665       772,956  
   

 

 

  
      1,523,081  
Virginia — 1.8%  

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

    

5.00%, 07/01/42

     625       651,687  

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

     970       1,009,421  

Virginia Small Business Financing Authority, RB, Senior Lien, Elizabeth River Crossings OpCo LLC Project, AMT:

    

5.25%, 01/01/32

     550       598,175  

6.00%, 01/01/37

     1,830       2,021,967  
   

 

 

  
      4,281,250  
Washington — 2.3%  

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

     1,555       1,823,004  

Port of Seattle Washington, ARB, Series A, AMT, 5.00%, 05/01/43

     1,085       1,272,347  

Port of Seattle Washington, RB, Intermediate Lien, Series C, AMT, 5.00%, 04/01/40

     540       611,680  

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

     1,625       1,836,396  
   

 

 

  
      5,543,427  
Wisconsin — 0.7%  

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

     1,710       1,727,288  
   

 

 

  

Total Municipal Bonds — 113.7%
(Cost — $246,628,147)

 

     272,141,646  
   

 

 

  
Security   Par
(000)		     Value  

Municipal Bonds Transferred to Tender Option Bond Trusts(g)

 

California — 7.0%  

Bay Area Toll Authority, Refunding RB, San Francisco Bay Area Toll Bridge, 4.00%, 04/01/42(h)

   $ 2,257     $ 2,445,141  

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

     6,600       6,665,934  

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

     4,121       4,231,880  

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

     2,250       2,693,161  

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

     748       747,996  
   

 

 

  
      16,784,112  
Colorado — 2.7%  

City & County of Denver Colorado Airport System Revenue, Refunding ARB, Subordinate System, Series A, AMT, 5.25%, 12/01/48(h)

     1,664       2,004,734  

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

     1,490       1,492,622  

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

     2,700       2,886,408  
   

 

 

  
      6,383,764  
Florida — 1.7%  

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

     3,939       4,116,498  
   

 

 

  
Illinois — 0.5%  

Illinois Finance Authority, Refunding RB, Presence Health Network, Series C:

    

4.00%, 02/15/27(b)

     3       2,832  
 

 

 

8   

Schedule of Investments  (unaudited) (continued)

July 31, 2019

   

BlackRock MuniHoldings Fund, Inc. (MHD)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Illinois (continued)  

4.00%, 02/15/41

   $ 1,032     $ 1,129,235  
   

 

 

  
      1,132,067  
Massachusetts — 4.4%  

Commonwealth of Massachusetts Transportation Fund Revenue, RB, Rail Enhancement Program, Series A, 4.00%, 06/01/45

     1,502       1,614,806  

Massachusetts Development Finance Agency, Refunding RB, Partners Healthcare System, 5.00%, 07/01/47

     3,359       3,961,346  

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

     4,502       4,854,231  
   

 

 

  
      10,430,383  
New York — 9.0%  

Hudson Yards Infrastructure Corp., RB, Senior-Fiscal 2012(h):

    

5.75%, 02/15/21(b)

     687       732,681  

5.75%, 02/15/47

     423       450,723  

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

     7,440       8,090,700  

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

     4,460       4,868,980  

Port Authority of New York & New Jersey, Refunding ARB, Series194th, 5.25%, 10/15/55

     1,860       2,206,667  
Security   Par
(000)		     Value  
New York (continued)  

State of New York Urban Development Corp., RB, State Personal Income Tax, General Purpose, Series A, 4.00%, 03/15/46

   $ 4,846     $ 5,309,022  
   

 

 

  
      21,658,773  
North Carolina — 0.9%  

North Carolina Capital Facilities Finance Agency, Refunding RB, Duke University Project, Series B, 5.00%, 10/01/55

     1,830       2,131,913  
   

 

 

  
Pennsylvania — 0.8%  

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

     1,695       2,021,101  
   

 

 

  
Rhode Island — 0.5%  

Narragansett Bay Commission, Refunding RB, Wastewater System, Series A, 4.00%, 09/01/43

     1,140       1,182,488  
   

 

 

  
Texas — 5.3%  

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

     1,720       1,888,610  

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

    

5.00%, 08/15/19(b)

     1,139       1,141,000  

5.00%, 08/15/38

     871       872,766  

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

     2,350       2,511,539  

Lower Colorado River Authority, Refunding RB, LCRA Transmission Services Corporation Project, 4.00%, 05/15/43

     1,504       1,562,760  

San Antonio Public Facilities Corp., Refunding RB, Convention Center Refinancing And Expansion Project, 4.00%, 09/15/42

     2,295       2,392,583  

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

     2,041       2,231,029  
   

 

 

  
      12,600,287  
Utah — 1.0%  

City of Riverton Utah, RB, IHC Health Services, Inc., 5.00%, 08/15/19(b)

     2,519       2,522,827  
   

 

 

  
 

 

 

     9  

Schedule of Investments  (unaudited) (continued)

July 31, 2019

   

BlackRock MuniHoldings Fund, Inc. (MHD)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Virginia — 0.9%            

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

   $ 2,095     $ 2,142,288  
   

 

 

  
Wisconsin — 0.9%            

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

     2,059       2,200,108  
   

 

 

  

Total Municipal Bonds Transferred to Tender Option Bond Trusts — 35.6%
(Cost — $81,147,740)

 

     85,306,609  
   

 

 

  

Total Long-Term Investments — 149.3%
(Cost — $327,775,887)

 

     357,448,255  
   

 

 

  
Security       
Shares		     Value  

Short-Term Securities — 5.8%

 

BlackRock Liquidity Funds, MuniCash, Institutional Class, 1.27%(i)(j)

     13,773,053     $ 13,775,808  
   

 

 

  

Total Short-Term Securities — 5.8%
(Cost — $13,775,096)

 

     13,775,808  
   

 

 

  

Total Investments — 155.1%
(Cost — $341,550,983)

 

     371,224,063  

Other Assets Less Liabilities — 0.8%

 

     2,030,568  

Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (20.9)%

 

     (50,148,655 ) 

VMTP Shares, at Liquidation Value, Net of Deferred Offering Costs — (35.0)%

 

     (83,700,000 ) 
   

 

 

  

Net Assets Applicable to Common Shares — 100.0%

 

   $ 239,405,976  
   

 

 

  
 

 

(a) 

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

(b) 

U.S. Government securities held in escrow, are used to pay interest on this security as well as to retire the bond in full at the date indicated, typically at a premium to par.

(c) 

Zero-coupon bond.

(d) 

Variable or floating rate security, which interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of period end.

(e) 

Step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Rate as of period end.

(f) 

When-issued security.

(g)

Represent bonds transferred to a TOB Trust in exchange of cash and residual certificates received by the Fund. These bonds serve as collateral in a secured borrowing.

(h) 

All or a portion of security is subject to a recourse agreement. The aggregate maximum potential amount the Fund could ultimately be required to pay under the agreements, which expires between November 15, 2019 to July 1, 2034 is $8,187,205.

(i) 

Annualized 7-day yield as of period end.

(j) 

During the period ended July 31, 2019, investments in issuers considered to be an affiliate/affiliates of the Fund for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliate    Shares
Held at
04/30/19		      Net
Activity		      Shares
Held at
07/31/19		      Value at
07/31/19		      Income      Net
Realized
Gain (Loss) (a)		      Change in
Unrealized
Appreciation
(Depreciation)		  

BlackRock Liquidity Funds, MuniCash, Institutional Class

      6,880,499        6,892,554        13,773,053      $ 13,775,808      $ 36,931      $ 1      $ 1,397  
           

 

 

     

 

 

     

 

 

     

 

 

  

 

  (a)

Includes net capital gain distributions, if applicable.

 

 

Portfolio Abbreviations
AGC    Assured Guarantee Corp.
AGM    Assured Guaranty Municipal Corp.
AMT    Alternative Minimum Tax (subject to)
ARB    Airport Revenue Bonds
CAB    Capital Appreciation Bonds
COP    Certificates of Participation
EDA    Economic Development Authority
EDC    Economic Development Corp.

 

 

10   

Schedule of Investments  (unaudited) (continued)

July 31, 2019

   

BlackRock MuniHoldings Fund, Inc. (MHD)

 

 

Portfolio Abbreviations (continued)
GARB    General Airport Revenue Bonds
GO    General Obligation Bonds
GTD    Guaranteed
IDA    Industrial Development Authority
LRB    Lease Revenue Bonds
NPFGC    National Public Finance Guarantee Corp.
RB    Revenue Bonds
S/F    Single-Family
SRF    State Revolving Fund

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

 

Description    Number of
Contracts		        Expiration
Date		        Notional
Amount (000)		        Value/
Unrealized
Appreciation
(Depreciation)		  
Short Contracts                                  

5-Year U.S. Treasury Note

      17          09/30/19        $ 1,998        $ (5,680 ) 

10-Year U.S. Treasury Note

      7          09/19/19          892          (5,089 ) 

Long U.S. Treasury Bond

      95          09/19/19          14,781          (261,690 ) 
                 

 

 

  
          $ (272,459 ) 
                 

 

 

  

Fair Value Hierarchy as of Period End

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

 

  •  

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

 

  •  

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

 

  •  

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

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are a limited number of investors. The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investments and derivative financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund’s policy regarding valuation of investments and derivative financial instruments, refer to the Fund’s most recent financial statements as contained in its annual report.

 

 

     11  

Schedule of Investments  (unaudited) (continued)

July 31, 2019

   

BlackRock MuniHoldings Fund, Inc. (MHD)

 

Fair Value Hierarchy as of Period End (continued)

The following tables summarize the Fund’s investments and derivative financial instruments categorized in the disclosure hierarchy:

 

      Level 1        Level 2        Level 3        Total  

Assets:

                  

Investments:

                  

Long-Term Investments(a)

    $ —        $ 357,448,255        $             —        $ 357,448,255  

Short-Term Securities

      13,775,808          —          —          13,775,808  
  

 

 

       

 

 

       

 

 

       

 

 

  
   $ 13,775,808        $ 357,448,255        $          $ 371,224,063  
  

 

 

       

 

 

       

 

 

       

 

 

  

Derivative Financial Instruments(b)

                  

Liabilities:

                  

Interest rate contracts

    $ (272,459 )       $ —        $ —        $ (272,459 ) 
  

 

 

       

 

 

       

 

 

       

 

 

  

 

  (a)

See above Schedule of Investments for values in each sector.

 
  (b)

Derivative financial instruments are futures contracts which are valued at the unrealized appreciation (depreciation) on the instrument are shown at value.

 

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

 

      Level 1        Level 2        Level 3        Total  

Liabilities:

 

TOB Trust Certificates

    $             —        $ (49,972,861 )       $             —        $ (49,972,861 ) 

VRDP Shares at Liquidation Value

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

 

 

       

 

 

       

 

 

       

 

 

  
   $ —        $ (133,672,861 )       $ —        $ (133,672,861 ) 
  

 

 

       

 

 

       

 

 

       

 

 

  

 

 

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