muniholdings -- 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: 04/30/2008

Date of reporting period: 11/01/2007 – 01/31/2008

Item 1 – Schedule of Investments

BlackRock MuniHoldings Fund, Inc.     
Schedule of Investments as of January 31, 2008 (Unaudited)    (in Thousands) 
 
    Face         
 State    Amount    Municipal Bonds    Value 
 
 
 
 Alabama - 2.9%    $ 1,750    Camden, Alabama, IDB, Exempt Facilities Revenue Bonds (Weyerhaeuser Company),     
        Series A, 6.125% due 12/01/2024    $ 1,809 
    4,550    Jefferson County, Alabama, Limited Obligation School Warrants, Series A, 5% due 1/01/2024    4,727 
 
 
 
 Arizona - 6.5%    900    Maricopa County, Arizona, IDA, Education Revenue Bonds (Arizona Charter Schools Project 1),     
        Series A, 6.50% due 7/01/2012    898 
    2,200    Maricopa County, Arizona, IDA, Education Revenue Bonds (Arizona Charter Schools Project 1),     
        Series A, 6.75% due 7/01/2029    2,077 
    2,215    Phoenix, Arizona, IDA, Airport Facility, Revenue Refunding Bonds (America West Airlines Inc. Project),     
        AMT, 6.30% due 4/01/2023    2,117 
    1,000    Pinal County, Arizona, COP, 5% due 12/01/2029    1,011 
    3,505    Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, 5% due 12/01/2032    3,264 
    4,905    Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, 5% due 12/01/2037    4,507 
    415    Show Low, Arizona, Improvement District Number 5, Special Assessment Bonds, 6.375%     
        due 1/01/2015    422 
 
 
 
 Arkansas - 1.0%    2,000    University of Arkansas, University Construction Revenue Bonds (UAMS Campus),     
        Series B, 5% due 11/01/2023 (d)    2,106 
 
 
 
 California - 15.4%    875    Agua Caliente Band of Cahuilla Indians, California, Casino Revenue Bonds, 5.60% due 7/01/2013    875 
    2,965    California Infrastructure and Economic Development Bank, Insured Revenue Bonds     
        (Rand Corporation), Series A, 5.50% due 4/01/2012 (a)(f)    3,309 
    400    California State, GO, 5.50% due 4/01/2014 (f)    460 
    2,455    California State, GO, Refunding, 5% due 6/01/2032    2,467 
    6,800    California State Public Works Board, Lease Revenue Bonds (Department of Corrections),     
        Series C, 5.25% due 6/01/2028    6,874 
    3,870    California Statewide Communities Development Authority, Health Facility Revenue Bonds     
        (Memorial Health Services), Series A, 6% due 10/01/2023    4,140 
    2,000    East Side Union High School District, California, Santa Clara County, GO (Election of 2002), Series D,     
        5% due 8/01/2021 (g)    2,143 
    1,165    Golden State Tobacco Securitization Corporation of California, Tobacco Settlement Revenue Bonds,     
        Series A-3, 7.875% due 6/01/2013 (f)    1,445 
    2,405    Montebello, California, Unified School District, GO, 5.61% due 8/01/2022 (b)(p)    1,202 
    2,455    Montebello, California, Unified School District, GO, 5.61% due 8/01/2023 (b)(p)    1,152 
 
 
 

Portfolio Abbreviations

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.

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

1

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

2

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

3

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

4

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

5

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

6

BlackRock MuniHoldings Fund, Inc.     
Schedule of Investments as of January 31, 2008 (Unaudited)    (in Thousands) 
 
    Face         
 State    Amount    Municipal Bonds    Value 
 
 
 
 U.S. Virgin Islands - 1.6%    $ 3,460    Virgin Islands Government Refinery Facilities, Revenue Refunding Bonds (Hovensa Coker Project), AMT,     
        6.50% due 7/01/2021    $ 3,613 
 
 
 
        Total Municipal Bonds (Cost - $308,317) - 145.3%    320,977 
 
 
 
        Municipal Bonds Transferred to Tender Option Bond Trusts (h)     
 
 
 
 California - 5.7%    6,810    California Pollution Control Financing Authority, PCR, Refunding (Pacific Gas and Electric), AMT, Series     
        A, 5.35% due 12/01/2016 (d)    7,224 
    5,210    San Jose, California, Airport Revenue Refunding Bonds, Series A, 5.50% due 3/01/2032 (a)    5,410 
 
 
 
 New York - 2.1%    4,240    New York City, New York, Sales Tax Asset Receivable Corporation Revenue Bonds, Series A, 5.25%     
        due 10/15/2027 (a)    4,500 
 
 
 
 Texas - 5.7%    11,760    Harris County, Texas, Toll Road Revenue Refunding Bonds, Senior Lien, Series A 5.25%, due 8/15/2035 (c)    12,599 
 
 
 
 Virginia - 5.0%    10,940    Virginia State, HDA, Commonwealth Mortgage Revenue Bonds, Series H, Sub-Series H-1, 5.375%     
        due 7/01/2036 (d)    11,087 
 
 
 
Total Municipal Bonds Transferred to Tender Option Bond Trusts
        (Cost - $40,755) - 18.5%    40,820 
 
 
 
    Shares         
    Held    Short-Term Securities     
 
 
 
    9    Merrill Lynch Institutional Tax-Exempt Fund, 2.47% (k)(l)    9 
 
 
 
        Total Short-Term Securities (Cost - $9) - 0.0%    9 
 
 
 
        Total Investments (Cost - $349,081*) - 163.8%    361,806 
        Other Assets Less Liabilities - 1.7%    3,835 
        Liability for Trust Certificates, Including Interest Expense Payable - (8.9%)    (19,659) 
        Preferred Stock, at Redemption Value - (56.6%)    (125,048) 
           
        Net Assets Applicable to Common Stock - 100.0%    $ 220,934 
           

*    The cost and unrealized appreciation (depreciation) of investments as of January 31, 2008, 
    as computed for federal income tax purposes, were as follows: 
    Aggregate cost    $ 329,767 
       
    Gross unrealized appreciation    $ 16,164 
    Gross unrealized depreciation    (3,605) 
       
    Net unrealized appreciation    $ 12,559 
       

(a)      AMBAC Insured.
 
(b)      FGIC Insured.
 
(c)      FSA Insured.
 
(d)      MBIA Insured.
 
(e)      ACA Insured.
 
(f)      Prerefunded.
 
(g)      XL Capital Insured.
 
(h)      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.
 

7

BlackRock MuniHoldings Fund, Inc.         
Schedule of Investments as of January 31, 2008 (Unaudited)        (in Thousands) 
 
 
 
 (i)    Variable rate security. Rate shown is interest rate as of the report date.         
 (j)    FNMA/GNMA Collateralized.             
 (k)    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    Dividend     
    Affiliate    Activity    Income     
   
 
 
   
    Merrill Lynch Institutional             
       Tax-Exempt Fund    -    -+     
   
 
 
   
    + Amount is less than $1,000.             
 (l)    Represents the current yield as of January 31, 2008.             
 (m)    Assured Guaranty Insured.             
 (n)    CIFG Insured.             
 (o)    FHA Insured.             
 (p)    Represents a zero coupon bond; the interest rate shown reflects the effective yield at the time of purchase.     

8

Item 2 – Controls and Procedures

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

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

Item 3 – Exhibits

  Certifications – Attached hereto

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

BlackRock MuniHoldings Fund, Inc.

By: /s/ Donald C. Burke

  Donald C. Burke
Chief Executive Officer of
BlackRock MuniHoldings Fund, Inc.

  Date: March 24, 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: March 24, 2008

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

Date: March 24, 2008