MHD -- Converted by SEC Publisher, created by BCL Technologies Inc., for SEC Filing

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-08081

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

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: Donald C. Burke, Chief Executive Officer, BlackRock
MuniHoldings Fund, Inc., 800 Scudders Mill Road, Plainsboro, NJ, 08536. Mailing address:
P.O. Box 9011, Princeton, NJ, 08543-9011

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

Date of fiscal year end: 04/30/2009

Date of reporting period: 05/01/2008 – 07/31/2008

Item 1 – Schedule of Investments

BlackRock MuniHoldings Fund, Inc.             
Schedule of Investments July 31, 2008 (Unaudited)    (Percentages shown are based on Net Assets) 
 
            Par     
State    Municipal Bonds        (000)    Value 
 
 
 
 
Alabama - 2.9%    Camden, Alabama, IDB, Exempt Facilities Revenue Bonds (Weyerhaeuser         
    Company), Series A, 6.125%, 12/01/24        $ 1,750   $  1,706,670 
    Jefferson County, Alabama, Limited Obligation School Warrants,         
    Series A, 5%, 1/01/24        4,550    4,159,564 
               
                5,866,234 
 
 
 
 
Alaska - 0.5%    Valdez, Alaska, Marine Terminal Revenue Refunding Bonds (BP Pipelines         
    Inc. Project), VRDN, Series C, 2.10%, 7/01/37 (a)        1,100    1,100,000 
 
 
 
 
Arizona - 6.1%    Maricopa County, Arizona, IDA, Education Revenue Bonds (Arizona Charter         
    Schools Project 1), Series A, 6.50%, 7/01/12        500    455,725 
Maricopa County, Arizona, IDA, Education Revenue Bonds (Arizona Charter
    Schools Project 1), Series A, 6.75%, 7/01/29        2,200    1,929,510 
Phoenix, Arizona, IDA, Airport Facility, Revenue Refunding Bonds (America
    West Airlines Inc. Project), AMT, 6.30%, 4/01/23        2,215    1,671,195 
    Pinal County, Arizona, COP, 5%, 12/01/29             
    Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds,    1,000    958,170 
    5%, 12/01/32        3,505    2,979,846 
    Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds,         
    5%, 12/01/37        4,905    4,079,194 
Show Low, Arizona, Improvement District Number 5, Special Assessment
    Bonds, 6.375%, 1/01/15        415    417,312 
               
                12,490,952 
 
 
 
 
California - 14.5%    Agua Caliente Band of Cahuilla Indians, California, Casino Revenue Bonds,         
    5.60%, 7/01/13        875    856,494 
California Pollution Control Financing Authority, PCR, Refunding (Pacific
    Gas & Electric), AMT, Series A, 5.35%, 12/01/16 (b)    6,810    6,821,168 
    California State, GO, Refunding, 5%, 6/01/32        2,455    2,404,599 
California State Public Works Board, Lease Revenue Bonds (Department of
    Corrections), Series C, 5.25%, 6/01/28        6,800    6,837,128 
    California Statewide Communities Development Authority,         
    Health Facility Revenue Bonds (Memorial Health Services),         
    Series A, 6%, 10/01/23        3,870    3,991,673 
    East Side Union High School District, California, Santa Clara County, GO         
    (Election of 2002), Series D, 5%, 8/01/21 (c)        2,000    2,063,120 
    Golden State Tobacco Securitization Corporation of California, Tobacco         
    Settlement Revenue Bonds, Series A-3, 7.875%, 6/01/13 (d)    1,165    1,385,872 
    Montebello, California, Unified School District, GO, 5.61%, 8/01/22 (e)(f)    2,405    1,126,718 
 
 
 
         Portfolio Abbreviations             
 
 
 

To simplify the listings of portfolio holdings in the Schedule of Investments, the names of many of the securities have been abbreviated according to the list below.

AMT    Alternative Minimum Tax (subject to)    HFA    Housing Finance Agency 
COP    Certificates of Participation    IDA    Industrial Development Authority 
EDA    Economic Development Authority    IDB    Industrial Development Board 
EDR    Economic Development Revenue Bonds    IDR    Industrial Development Revenue Bonds 
GO    General Obligation Bonds    PCR    Pollution Control Revenue Bonds 
HDA    Housing Development Authority    VRDN    Variable Rate Demand Notes 

1

BlackRock MuniHoldings Fund, Inc.             
Schedule of Investments July 31, 2008 (Unaudited)    (Percentages shown are based on Net Assets) 
 
            Par     
State    Municipal Bonds        (000)    Value 
 
 
 
 
    Montebello, California, Unified School District, GO, 5.61%, 8/01/23 (e)(f)    $ 2,455    $ 1,076,861 
    Oceanside, California, Unified School District, GO (Election of 2000),         
    Series C, 5.25%, 8/01/32 (b)        2,095    2,113,017 
    Sunnyvale, California, School District, GO (Election of 2004), Series A,         
    5%, 9/01/26 (g)        1,000    1,020,270 
               
                29,696,920 
 
 
 
 
Colorado - 2.0%    Colorado Health Facilities Authority, Revenue Refunding Bonds (Poudre         
    Valley Health Care), 5.20%, 3/01/31 (g)        500    503,995 
    Elk Valley, Colorado, Public Improvement Revenue Bonds (Public         
    Improvement Fee), Series A, 7.35%, 9/01/31        2,645    2,617,545 
    Plaza Metropolitan District Number 1, Colorado, Tax Allocation Revenue         
    Bonds (Public Improvement Fees), 8.125%, 12/01/25    1,000    1,002,370 
           
                4,123,910 
 
 
 
 
Connecticut - 2.5%    Connecticut State Development Authority, Airport Facility Revenue Bonds         
    (Learjet Inc. Project), AMT, 7.95%, 4/01/26        2,165    2,294,900 
    Connecticut State Development Authority, IDR (AFCO Cargo BDL-LLC         
    Project), AMT, 8%, 4/01/30        2,735    2,759,478 
               
                5,054,378 
 
 
 
 
Florida - 9.2%    Greater Orlando Aviation Authority, Florida, Airport Facilities Revenue         
    Bonds (JetBlue Airways Corp.), AMT, 6.50%, 11/15/36    2,095    1,433,357 
Hillsborough County, Florida, IDA, Hospital Revenue Bonds (H. Lee Moffitt
    Cancer Center Project), Series A, 5.25%, 7/01/37        3,190    2,970,528 
    Miami-Dade County, Florida, Aviation Revenue Refunding Bonds (Miami         
    International Airport), AMT, Series A, 5.25%, 10/01/38 (h)    1,795    1,716,433 
Miami-Dade County, Florida, Special Obligation Revenue Bonds, Sub-Series
    A, 5.24%, 10/01/37 (b)(e)        2,340    415,818 
    Midtown Miami, Florida, Community Development District, Special         
    Assessment Revenue Bonds, Series A, 6.25%, 5/01/37    2,250    2,024,145 
    Midtown Miami, Florida, Community Development District, Special         
    Assessment Revenue Bonds, Series B, 6.50%, 5/01/37    2,530    2,324,412 
    Orange County, Florida, Health Facilities Authority, Hospital Revenue         
    Bonds (Orlando Regional Healthcare), 6%, 12/01/12 (d)    3,225    3,591,650 
    Orange County, Florida, Health Facilities Authority, Hospital Revenue         
    Bonds (Orlando Regional Healthcare), VRDN, Series A-1, 2.50%,         
    10/01/41 (a)(g)        1,400    1,400,000 
    Orlando, Florida, Urban Community Development District, Capital         
    Improvement Special Assessment Bonds, Series A, 6.95%, 5/01/11 (d)    800    882,456 
    Palm Coast Park Community Development District, Florida, Special         
    Assessment Revenue Bonds, 5.70%, 5/01/37        710    560,027 
    Preserve at Wilderness Lake, Florida, Community Development District,         
    Capital Improvement Bonds, Series A, 5.90%, 5/01/34    1,580    1,394,176 
           
                18,713,002 
 
 
 
 
Georgia - 4.7%    Atlanta, Georgia, Tax Allocation Bonds (Atlantic Station Project),         
    7.90%, 12/01/11 (d)        1,750    2,048,550 

2

BlackRock MuniHoldings Fund, Inc.             
Schedule of Investments July 31, 2008 (Unaudited)    (Percentages shown are based on Net Assets) 
 
            Par     
State    Municipal Bonds        (000)    Value 
 
 
 
 
    Atlanta, Georgia, Tax Allocation Refunding Bonds (Atlantic Station         
    Project), 5.25%, 12/01/20 (h)        $ 1,000    $ 1,040,410 
    Atlanta, Georgia, Tax Allocation Refunding Bonds (Atlantic Station         
    Project), 5.25%, 12/01/21 (h)        2,000    2,064,040 
    Atlanta, Georgia, Tax Allocation Refunding Bonds (Atlantic Station         
    Project), 5.25%, 12/01/22 (h)        1,000    1,025,900 
    Main Street Natural Gas, Inc., Georgia, Gas Project Revenue Bonds,         
    Series A, 6.375%, 7/15/38        1,185    1,080,270 
Private Colleges and Universities Authority, Georgia, Revenue Refunding
    Bonds (Emory University Project), Series C, 5%, 9/01/38    2,260    2,268,791 
           
                9,527,961 
 
 
 
 
Illinois - 4.1%    Chicago, Illinois, Special Assessment Bonds (Lake Shore East),         
    6.75%, 12/01/32        1,200    1,200,456 
    Illinois HDA, Homeowner Mortgage Revenue Bonds, AMT,         
    Sub-Series C-2, 5.35%, 2/01/27        4,000    3,814,840 
Illinois State Finance Authority Revenue Bonds (Landing At Plymouth Place
    Project), Series A, 6%, 5/15/25        700    646,331 
    Illinois State Finance Authority Revenue Bonds (Monarch Landing, Inc.         
    Project), Series A, 7%, 12/01/37        1,010    972,236 
Illinois State Finance Authority, Revenue Refunding Bonds (Central DuPage
    Health System), VRDN, Series B, 2.20%, 11/01/38 (a)    1,800    1,800,000 
           
                8,433,863 
 
 
 
 
Indiana - 0.5%    Daviess County, Indiana, EDR (Daviess Community Hospital Project),         
    Refunding, VRDN, 2.35%, 1/01/29 (a)(i)        905    905,000 
 
 
 
 
Kentucky - 1.0%    Louisville and Jefferson Counties, Kentucky, Metropolitan Sewer District,         
    Sewer and Drain System Revenue Bonds, Series A, 5.50%,         
    5/15/34 (b)        2,000    2,055,720 
 
 
 
 
Louisiana - 6.1%    Louisiana Local Government Environmental Facilities and Community         
Development Authority Revenue Bonds (Westlake Chemical Corporation),
    6.75%, 11/01/32        3,500    3,397,660 
    Louisiana Public Facilities Authority, Hospital Revenue Bonds         
    (Franciscan Missionaries of Our Lady Health System, Inc.),         
    Series A, 5.25%, 8/15/36        4,115    3,890,156 
    Louisiana Public Facilities Authority Revenue Bonds (Black & Gold         
    Facilities Project), Series A, 5%, 7/01/39 (j)        3,815    3,348,807 
    New Orleans, Louisiana, Financing Authority Revenue Bonds (Xavier         
    University of Louisiana Project), 5.30%, 6/01/12 (b)(d)    1,750    1,895,110 
           
                12,531,733 
 
 
 
 
Maryland - 2.7%    Anne Arundel County, Maryland, Special Obligation Revenue Bonds         
    (Arundel Mills Project), 7.10%, 7/01/09 (d)        1,870    1,994,523 
    Maryland State Economic Development Corporation, Student Housing         
    Revenue Bonds (University of Maryland College Park Project),         
    6%, 6/01/13 (d)        760    858,808 
    Maryland State Energy Financing Administration, Limited Obligation         
    Revenue Bonds (Cogeneration-AES Warrior Run), AMT, 7.40%, 9/01/19    2,750    2,658,453 
           
                5,511,784 
 
 
 
 

3

BlackRock MuniHoldings Fund, Inc.             
Schedule of Investments July 31, 2008 (Unaudited)    (Percentages shown are based on Net Assets) 
 
            Par     
State    Municipal Bonds        (000)    Value 
 
 
 
 
Massachusetts - 1.2%    Massachusetts State, HFA, Housing Revenue Bonds, AMT, Series A,         
    5.25%, 12/01/48        $ 2,900     $2,497,393 
 
 
 
 
Michigan - 2.0%    Flint, Michigan, Hospital Building Authority, Revenue Refunding Bonds         
    (Hurley Medical Center), Series A, 6%, 7/01/20 (k)             
    Michigan State Strategic Fund, Limited Obligation Revenue Refunding    1,400    1,335,768 
Bonds (Detroit Edison Company Pollution Control Project), AMT, Series B,
    5.65%, 9/01/29        3,000    2,767,440 
               
                4,103,208 
 
 
 
 
Minnesota - 1.9%    Minneapolis, Minnesota, Community Development Agency,         
    Supported Development Revenue Refunding Bonds, Series G-3,         
    5.45%, 12/01/11 (d)        3,500    3,769,115 
 
 
 
 
Mississippi - 2.1%    Mississippi Business Finance Corporation, Mississippi, PCR, Refunding         
    (System Energy Resources Inc. Project), 5.90%, 5/01/22    2,500    2,404,200 
    Mississippi Development Bank, Special Obligation Revenue Refunding         
    Bonds (Gulfport Water and Sewer System Project), 5.25%, 7/01/17 (g)    1,000    1,095,790 
    Mississippi Development Bank, Special Obligation Revenue Refunding         
    Bonds (Gulfport Water and Sewer System Project), 5.25%, 7/01/19 (g)    810    874,751 
           
                4,374,741 
 
 
 
 
Missouri - 1.5%    Missouri Development Finance Board, Cultural Facilities Revenue Bonds         
    (Nelson Gallery Foundation), VRDN, Series A, 2.10%, 12/01/33 (a)    2,200    2,200,000 
    Missouri State Development Finance Board, Infrastructure Facilities         
    Revenue Refunding Bonds (Branson), Series A, 5.50%, 12/01/32    1,000    937,560 
           
                3,137,560 
 
 
 
 
New Jersey - 7.2%    New Jersey EDA, Cigarette Tax Revenue Bonds, 5.75%, 6/15/29    5,385    5,043,214 
    New Jersey EDA, Cigarette Tax Revenue Bonds, 5.75%, 6/15/34    2,280    2,093,610 
    New Jersey EDA, Retirement Community Revenue Bonds (Cedar Crest         
    Village Inc. Facility), Series A, 7.25%, 11/15/11 (d)    1,475    1,684,716 
New Jersey EDA, Retirement Community Revenue Bonds (Seabrook Village
    Inc.), Series A, 8.25%, 11/15/10 (d)        2,600    2,949,674 
New Jersey EDA, Special Facility Revenue Bonds (Continental Airlines Inc.
    Project), AMT, 6.625%, 9/15/12        1,000    909,650 
New Jersey EDA, Special Facility Revenue Bonds (Continental Airlines Inc.
    Project), AMT, 6.25%, 9/15/29        2,950    2,113,469 
               
                14,794,333 
 
 
 
 
New York - 11.7%    Dutchess County, New York, IDA, Civic Facility Revenue Refunding Bonds         
    (Saint Francis Hospital), Series A, 7.50%, 3/01/29        1,100    1,169,179 
    New York City, New York, City IDA, Civic Facility Revenue Bonds,         
    Series C, 6.80%, 6/01/28        535    553,757 
    New York City, New York, City IDA, Special Facility Revenue Bonds         
    (Continental Airlines Inc. Project), AMT, 8%, 11/01/12    725    689,932 
    New York City, New York, City IDA, Special Facility Revenue Bonds         
    (Continental Airlines Inc. Project), AMT, 8.375%, 11/01/16    725    673,054 
New York City, New York, City Transitional Finance Authority, Building Aid
    Revenue Refunding Bonds, Series S-1, 4.50%, 1/15/38    700    648,361 

4

BlackRock MuniHoldings Fund, Inc.             
Schedule of Investments July 31, 2008 (Unaudited)    (Percentages shown are based on Net Assets) 
 
            Par     
State    Municipal Bonds        (000)    Value 
 
 
 
 
New York City, New York, Sales Tax Asset Receivable Corporation Revenue
    Bonds, Series A, 5%, 10/15/20 (b)        $ 9,115    $ 9,488,897 
    Tobacco Settlement Financing Corporation of New York Revenue Bonds,         
    Series A-1, 5.50%, 6/01/18        3,150    3,291,151 
    Tobacco Settlement Financing Corporation of New York Revenue Bonds,         
    Series C-1, 5.50%, 6/01/17        3,500    3,610,705 
    Tobacco Settlement Financing Corporation of New York Revenue Bonds,         
    Series C-1, 5.50%, 6/01/22        1,400    1,447,824 
    Westchester County, New York, IDA, Continuing Care Retirement,         
    Mortgage Revenue Bonds (Kendal on Hudson Project), Series A,         
    6.50%, 1/01/13 (d)        2,080    2,387,320 
               
                23,960,180 
 
 
 
 
Ohio - 2.1%    American Municipal Power, Inc., Ohio, Revenue Refunding Bonds (Prairie         
    State Energy Campus Project), Series A, 5%, 2/15/38    2,455    2,338,584 
    Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco         
    Settlement Asset-Backed Bonds, Series A-2, 6.50%, 6/01/47    2,160    1,920,089 
           
                4,258,673 
 
 
 
 
Pennsylvania - 7.6%    Bucks County, Pennsylvania, IDA, Retirement Community Revenue Bonds         
    (Ann's Choice Inc.), Series A, 6.25%, 1/01/35        1,700    1,641,367 
    Lancaster County, Pennsylvania, Hospital Authority, Revenue Refunding         
    Bonds (Masonic Homes Project), VRDN, Series D, 2.10%, 7/01/34 (a)    1,300    1,300,000 
    Pennsylvania Economic Development Financing Authority, Exempt         
    Facilities Revenue Bonds (National Gypsum Company), AMT, Series B,         
    6.125%, 11/01/27        3,500    2,950,780 
Philadelphia, Pennsylvania, Authority for IDR, Commercial Development,
    7.75%, 12/01/17        725    725,515 
    Philadelphia, Pennsylvania, Authority for IDR, Refunding (Fox Chase         
    Cancer Center Project), VRDN, Series A, 2.10%, 7/01/31 (a)    350    350,000 
    Philadelphia, Pennsylvania, Authority for Industrial Development,         
    Senior Living Revenue Bonds (Arbor House Inc. Project), Series E,         
    6.10%, 7/01/33        1,105    1,070,314 
    Philadelphia, Pennsylvania, Authority for Industrial Development,         
    Senior Living Revenue Bonds (Saligman House Project), Series C,         
    6.10%, 7/01/33        1,245    1,205,919 
    Philadelphia, Pennsylvania, Hospitals and Higher Education Facilities         
Authority, Hospital Revenue Refunding Bonds (Children's Hospital Project),
    VRDN, Series A, 2.10%, 2/15/14 (a)        2,100    2,100,000 
    Sayre, Pennsylvania, Health Care Facilities Authority, Revenue Bonds         
    (Guthrie Healthcare System), Series B, 7.125%, 12/01/11 (d)    3,500    4,191,985 
           
                15,535,880 
 
 
 
 
Rhode Island - 1.6%    Rhode Island State Health and Educational Building Corporation,         
    Hospital Financing Revenue Bonds (Lifespan Obligation Group),         
    6.50%, 8/15/12 (d)        2,820    3,177,322 
 
 
 
 

5

BlackRock MuniHoldings Fund, Inc.             
Schedule of Investments July 31, 2008 (Unaudited)    (Percentages shown are based on Net Assets) 
 
            Par     
State    Municipal Bonds        (000)    Value 
 
 
 
 
South Carolina - 1.7%    Medical University Hospital Authority, South Carolina, Hospital Facilities         
    Revenue Refunding Bonds, Series A, 6.375%, 8/15/12 (d)    $ 3,020    $ 3,403,117 
 
 
 
South Dakota - 0.8%    South Dakota State Health and Educational Facilities Authority Revenue         
    Bonds (Sanford Health), 5%, 11/01/40        1,825    1,685,716 
 
 
 
 
Tennessee - 5.9%    Hardeman County, Tennessee, Correctional Facilities Corporation         
    Revenue Bonds, 7.75%, 8/01/17        3,750    3,756,900 
    Shelby County, Tennessee, Health, Educational and Housing Facility         
    Board, Hospital Revenue Refunding Bonds (Methodist Healthcare),         
    6.50%, 9/01/12 (d)        4,575    5,199,122 
    Tennessee Educational Loan Revenue Bonds (Educational Funding South         
    Inc.), AMT, Senior Series B, 6.20%, 12/01/21        3,160    3,170,428 
               
                12,126,450 
 
 
 
 
Texas - 13.1%    Brazos River, Texas, Harbor Navigation District, Brazoria County         
    Environmental Revenue Refunding Bonds (Dow Chemical Company         
    Project), AMT, Series A-7, 6.625%, 5/15/33        3,655    3,689,942 
    Houston, Texas, Health Facilities Development Corporation,         
    Retirement Facility Revenue Bonds (Buckingham Senior Living         
    Community), Series A, 7.125%, 2/15/14 (d)        1,800    2,154,348 
    Lower Colorado River Authority, Texas, PCR (Samsung Austin         
    Semiconductor), AMT, 6.375%, 4/01/27        3,000    2,962,950 
    Matagorda, Texas, Hospital District Revenue Bonds, 5%, 2/15/35 (l)    4,500    4,235,535 
North Texas Tollway Authority, System Revenue Refunding Bonds, Second
    Tier, Series F, 6.125%, 1/01/31        4,190    4,240,699 
    SA Energy Acquisition Public Facilities Corporation, Texas, Gas Supply         
    Revenue Bonds, 5.50%, 8/01/23        2,425    2,331,662 
    SA Energy Acquisition Public Facilities Corporation, Texas, Gas Supply         
    Revenue Bonds, 5.50%, 8/01/24        1,100    1,051,545 
    SA Energy Acquisition Public Facilities Corporation, Texas, Gas Supply         
    Revenue Bonds, 5.50%, 8/01/25        1,120    1,064,258 
    Texas State Department of Housing and Community Affairs, Residential         
    Mortgage Revenue Bonds, AMT, Series A, 5.70%, 1/01/33 (m)    2,250    2,282,468 
    Texas State Department of Housing and Community Affairs, Residential         
    Mortgage Revenue Refunding Bonds, AMT, Series B, 5.25%, 7/01/22 (m)    2,740    2,789,101 
           
                26,802,508 
 
 
 
 
Vermont - 1.2%    Vermont Educational and Health Buildings Financing Agency, Revenue         
    Bonds (Developmental and Mental Health), Series A, 6%, 6/15/17    2,370    2,431,525 
 
 
 
Virginia - 4.0%    Chesterfield County, Virginia, IDA, PCR (Virginia Electric and Power         
    Company), Series A, 5.875%, 6/01/17        1,150    1,210,847 
    Fairfax County, Virginia, EDA, Resource Recovery Revenue Refunding         
    Bonds, AMT, Series A, 6.10%, 2/01/11 (n)        3,000    3,135,840 
    Pocahontas Parkway Association, Virginia, Toll Road Revenue Bonds,         
    Senior Series B, 8.40%, 8/15/08 (d)(e)        1,800    535,929 

6

BlackRock MuniHoldings Fund, Inc.             
Schedule of Investments July 31, 2008 (Unaudited)    (Percentages shown are based on Net Assets) 
 
            Par     
State    Municipal Bonds        (000)           Value 
 
 
 
 
    Tobacco Settlement Financing Corporation of Virginia, Asset-Backed         
    Revenue Bonds, 5.625%, 6/01/15 (d)        $ 3,035    $ 3,369,275 
               
                8,251,891 
 
 
 
 
Washington - 0.6%    Seattle, Washington, Housing Authority Revenue Bonds (Replacement         
    Housing Project), 6.125%, 12/01/32        1,340    1,304,369 
 
 
 
 
Wisconsin - 1.3%    Wisconsin State Health and Educational Facilities Authority Revenue         
    Bonds (New Castle Place Project), Series A, 7%, 12/01/31    825    826,106 
    Wisconsin State Health and Educational Facilities Authority Revenue         
    Bonds (SynergyHealth Inc.), 6%, 11/15/32        1,755    1,743,715 
               
                2,569,821 
 
 
 
 
Puerto Rico - 0.5%    Puerto Rico Industrial, Medical and Environmental Pollution Control         
Facilities Financing Authority, Special Facilities Revenue Bonds (American
    Airlines Inc.), Series A, 6.45%, 12/01/25        2,060    958,600 
 
 
 
 
U.S. Virgin Islands -    Virgin Islands Government Refinery Facilities, Revenue Refunding Bonds         
1.7%    (Hovensa Coker Project), AMT, 6.50%, 7/01/21        3,460    3,491,382 
 
 
 
 
    Total Municipal Bonds - 126.5%            258,645,241 
 
 
 
 
    Municipal Bonds Transferred to Tender Option Bond Trusts (o)         
 
 
 
California - 6.7%    Sacramento County, California, Airport System Revenue Bonds, AMT,         
    Senior Series B, 5.25%, 7/01/39 (g)        2,114    2,023,962 
    San Jose, California, Airport Revenue Refunding Bonds, AMT, Series A,         
    5.50%, 3/01/32 (n)        5,210    5,068,913 
Sequoia, California, Unified High School District, GO, Refunding, Series B,
    5.50%, 7/01/35 (g)        3,494    3,663,111 
    Tustin, California, Unified School District, Senior Lien Special Tax Bonds         
    (Community Facilities District Number 97-1), Series A, 5%, 9/01/32 (g)    2,910    2,912,008 
           
                13,667,994 
 
 
 
 
Colorado - 3.4%    Colorado Health Facilities Authority Revenue Bonds (Catholic Health),         
    Series C-3, 5.10%, 10/01/41 (g)        2,580    2,555,039 
    Colorado Health Facilities Authority Revenue Bonds (Catholic Health),         
    Series C-7, 5%, 9/01/36 (g)        1,650    1,625,101 
    Colorado Health Facilities Authority, Revenue Refunding Bonds (Poudre         
    Valley Health Care), Series B, 5.25%, 3/01/36 (g)        1,004    1,006,820 
    Colorado Health Facilities Authority, Revenue Refunding Bonds (Poudre         
    Valley Health Care), Series C, 5.25%, 3/01/40 (g)        1,755    1,754,015 
               
                6,940,975 
 
 
 
 
Connecticut - 3.2%    Connecticut State Health and Educational Facilities Authority Revenue         
    Bonds (Yale University), Series T-1, 4.70%, 7/01/29    3,180    3,178,601 
    Connecticut State Health and Educational Facilities Authority Revenue         
    Bonds (Yale University), Series X-3, 4.85%, 7/01/37    3,269    3,276,371 
           
                6,454,972 
 
 
 
 
Maryland - 5.3%    Baltimore, Maryland, Convention Center Hotel Revenue Bonds, Senior         
    Series A, 5.25%, 9/01/39 (c)(p)        10,828    10,934,297 
 
 
 
 
Massachusetts - 2.5%    Massachusetts State School Building Authority, Dedicated Sales Tax         
    Revenue Bonds, Series A, 5%, 8/15/30 (g)        4,998    5,036,739 
 
 
 
 

7

BlackRock MuniHoldings Fund, Inc.             
Schedule of Investments July 31, 2008 (Unaudited)    (Percentages shown are based on Net Assets) 
 
            Par     
State    Municipal Bonds Transferred to Tender Option Bond Trusts (o)    (000)       Value 
 
 
 
New Jersey - 1.7%    New Jersey State Turnpike Authority, Turnpike Revenue Bonds, Series C,         
    5%, 1/01/30 (g)        $ 3,508     $3,540,368 
 
 
 
 
New York - 2.1%    New York City, New York, Sales Tax Asset Receivable Corporation Revenue         
    Bonds, Series A, 5.25%, 10/15/27 (n)        4,240    4,389,333 
 
 
 
 
Tennessee - 1.1%    Shelby County, Tennessee, Health, Educational and Housing Facility         
Board, Hospital Revenue Refunding Bonds (Saint Jude Children's Research
    Hospital), 5%, 7/01/31        2,249    2,239,472 
 
 
 
 
Texas - 6.1%    Harris County, Texas, Toll Road Revenue Refunding Bonds, Senior Lien,         
    Series A, 5.25%, 8/15/35 (g)        11,760    12,449,489 
 
 
 
 
Virginia - 8.4%    University of Virginia, Revenue Refunding Bonds, 5%, 6/01/40    3,750    3,819,787 
    Virginia State, HDA, Commonwealth Mortgage Revenue Bonds, Series H,         
    Sub-Series H-1, 5.35%, 7/01/31 (b)        2,370    2,387,799 
    Virginia State, HDA, Commonwealth Mortgage Revenue Bonds, Series H,         
    Sub-Series H-1, 5.375%, 7/01/36 (b)        10,940    10,962,865 
               
                17,170,451 
 
 
 
 
Washington - 0.9%    Central Puget Sound Regional Transportation Authority, Washington, Sales         
    and Use Tax Revenue Bonds, Series A, 5%, 11/01/32 (g)    1,860    1,881,836 
 
 
 
    Total Municipal Bonds Transferred to Tender Option Bond Trusts - 41.4%        84,705,926 
 
 
 
    Total Long-Term Investments (Cost - $348,179,590) - 167.9%        343,351,167 
 
 
 
    Short-Term Securities        Shares     
 
 
 
 
    Merrill Lynch Institutional Tax-Exempt Fund, 2.08% (q)(r)    8,893    8,893 
 
 
 
    Total Short-Term Securities (Cost - $8,893) - 0.0%        8,893 
 
 
 
    Total Investments (Cost - $348,188,483*) - 167.9%        343,360,060 
    Other Assets Less Liabilities - 1.9%            3,828,195 
    Liability for Trust Certificates, Including Interest Expense and         
    Fees Payable - (24.8)%        (50,691,799) 
    Preferred Stock, at Redemption Value - (45.0)%        (91,964,474) 
           
    Net Assets, Applicable to Common Stock - 100.0%    $ 204,531,982 
       

* The cost and unrealized appreciation (depreciation) of investments as of July 31, 2008, as computed for federal income tax purposes, were as follows:

Aggregate cost    $ 297,042,394 
   
Gross unrealized appreciation    $ 7,471,510 
Gross unrealized depreciation    (11,658,100) 
   
Net unrealized depreciation    $ (4,186,590) 
   

(a)      Variable rate security. Rate shown is as of report date. Maturity shown is the final maturity date.
 
(b)      MBIA Insured.
 
(c)      XL Capital Insured.
 
(d)      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.
 
(e)      Represents a zero coupon bond. Rate shown reflects the effective yield at the time of purchase.
 
(f)      FGIC Insured.
 
(g)      FSA Insured.
 

8

BlackRock MuniHoldings Fund, Inc.
Schedule of Investments July 31, 2008 (Unaudited)

(h)      Assured Guaranty Insured.
 
(i)      Radian Insured.
 
(j)      CIFG Insured.
 
(k)      ACA Insured.
 
(l)      FHA Insured.
 
(m)      FNMA/GNMA Collateralized.
 
(n)      AMBAC Insured.
 
(o)      Securities represents bonds transferred to a tender option bond trust in exchange for which the Fund acquired residual interest certificates. These securities serve as collateral in a financing transaction.
 
(p)      BHAC Insured.
 
(q)      Investments in companies considered to be an affiliate of the Fund, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, were as follows:
 
    Net     
       Affiliate    Activity    Income 
 
 
     Merrill Lynch Institutional Tax-Exempt Fund    (78)    $ 40 
 
 
(r) Represents the current yield as of report date.         

  		• Effective May 1, 2008, the Fund adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, "Fair Value Measurements" ("FAS 157"). FAS 157 clarifies the definition of fair value, establishes a framework for measuring fair values and requires additional disclosures about the use of fair value measurements. Various inputs are used in determining the fair value of investments, which are as follows:
     
     
  		• Level 1 - price quotations in active markets/exchanges for identical securities
     
     
  		• Level 2 - other observable inputs (including, but not limited to: quoted prices for 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 circumstance, to the extent observable inputs are not available (including the Fund's own assumption used in determining the fair value of investments)
     
      The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent financial statements as contained in its annual report.
     

    The following table summarizes the inputs used as of July 31, 2008 in determining the fair valuation of the Fund's investments:

    Valuation    Investments in 
    Inputs    Securities 
    		 
    Level 1    $ 8,893 
    Level 2    343,351,167 
    Level 3    - 
    		 
    Total    $ 343,360,060 
       

    9

    Item 2 – Controls and Procedures

    2(a) – The registrant’s principal executive and principal financial officers or persons performing
    similar functions have concluded that the registrant’s disclosure controls and procedures (as
    defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the
    “1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the
    evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act
    and Rule 13a-15(b) under the Securities Exchange Act of 1934, as amended.

    2(b) – There were no changes in the registrant’s internal control over financial reporting (as
    defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant’s last fiscal
    quarter that have materially affected, or are reasonably likely to materially affect, the
    registrant’s internal control over financial reporting.

    Item 3 – Exhibits

    Certifications – Attached hereto

    Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment
    Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by
    the undersigned, thereunto duly authorized.

    BlackRock MuniHoldings Fund, Inc.

    By: /s/ Donald C. Burke
    Donald C. Burke
    Chief Executive Officer of
    BlackRock MuniHoldings Fund, Inc.

    Date: September 19, 2008

    Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment
    Company Act of 1940, this report has been signed below by the following persons on behalf
    of the registrant and in the capacities and on the dates indicated.

    By: /s/ Donald C. Burke
    Donald C. Burke
    Chief Executive Officer (principal executive officer) of
    BlackRock MuniHoldings Fund, Inc.

    Date: September 19, 2008

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

    Date: September 19, 2008