January NQ -- 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: 11/01/2008 – 01/31/2009

Item 1 – Schedule of Investments

BlackRock MuniHoldings Fund, Inc.             
Schedule of Investments January 31, 2009 (Unaudited)    (Percentages shown are based on Net Assets) 
 
            Par     
State    Municipal Bonds        (000)    Value 
Alabama - 2.8%    Camden, Alabama, IDB, Exempt Facilities Revenue Bonds         
    (Weyerhaeuser Company), Series A, 6.125%, 12/01/13 (a)    $ 1,750     $ 2,087,890 
    Jefferson County, Alabama, Limited Obligation School Warrants,         
    Series A, 5%, 1/01/24        4,550    2,916,823 
                5,004,713 
Arizona - 5.6%    Maricopa County, Arizona, IDA, Education Revenue Bonds (Arizona         
    Charter Schools Project 1), Series A, 6.50%, 7/01/12    500    446,815 
    Maricopa County, Arizona, IDA, Education Revenue Bonds (Arizona         
    Charter Schools Project 1), Series A, 6.75%, 7/01/29    2,200    1,456,730 
    Phoenix, Arizona, IDA, Airport Facility, Revenue Refunding Bonds         
    (America West Airlines, Inc. Project), AMT, 6.30%, 4/01/23    2,215    1,293,006 
    Pinal County, Arizona, COP, 5%, 12/01/29        1,000    843,070 
    Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds,         
    5%, 12/01/32        3,505    2,338,221 
    Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds,         
    5%, 12/01/37        4,905    3,182,707 
    Show Low, Arizona, Improvement District Number 5, Special         
    Assessment Bonds, 6.375%, 1/01/15        365    341,830 
                9,902,379 
California - 15.0%    Agua Caliente Band of Cahuilla Indians, California, Casino Revenue         
    Bonds, 5.60%, 7/01/13        875    782,451 
    California Pollution Control Financing Authority, PCR, Refunding         
    (Pacific Gas & Electric), AMT, Series A, 5.35%, 12/01/16 (b)    6,810    6,384,035 
    California State, GO, Refunding, 5%, 6/01/32        2,455    2,245,171 
    California State Public Works Board, Lease Revenue Bonds         
    (Department of Corrections), Series C, 5.25%, 6/01/28    3,145    2,921,076 
    California Statewide Communities Development Authority, Health         
    Facility Revenue Bonds (Memorial Health Services), Series A,         
    6%, 10/01/23        3,870    3,916,479 
    East Side Union High School District, California, Santa Clara County,         
    GO (Election of 2002), Series D, 5%, 8/01/21 (c)        2,000    2,074,660 
    Golden State Tobacco Securitization Corporation of         
    California, Tobacco Settlement Revenue Bonds, Series A-3,         
    7.875%, 6/01/13 (a)        1,165    1,441,035 
    Montebello, California, Unified School District, GO,         
    5.61%, 8/01/22 (b)(d)(e)        2,405    1,186,435 
 
 
 
 
Portfolio Abbreviations                 

To simplify the listings of portfolio holdings in the Schedule of Investments, the names and descriptions of many of the
securities have been abbreviated according to the 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    S/F    Single-Family 
HFA    Housing Finance Agency         

1

BlackRock MuniHoldings Fund, Inc.             
Schedule of Investments January 31, 2009 (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 (b)(d)(e)        $ 2,455    $ 1,118,130 
    San Jose, California, Airport Revenue Refunding Bonds, AMT, Series         
    A, 5.50%, 3/01/32 (f)        5,210    4,437,097 
                26,506,569 
Colorado - 3.9%    Colorado Health Facilities Authority, Revenue Refunding Bonds         
    (Poudre Valley Health Care), 5.20%, 3/01/31 (g)        500    441,355 
    Colorado Health Facilities Authority, Revenue Refunding Bonds         
    (Poudre Valley Health Care), Series B, 5.25%, 3/01/36 (g)    1,000    867,820 
    Colorado Health Facilities Authority, Revenue Refunding Bonds         
    (Poudre Valley Health Care), Series C, 5.25%, 3/01/40 (g)    1,750    1,499,172 
    Elk Valley, Colorado, Public Improvement Revenue Bonds (Public         
    Improvement Fee), Series A, 7.35%, 9/01/31        2,645    2,013,718 
    Plaza Metropolitan District Number 1, Colorado, Tax Allocation         
    Revenue Bonds (Public Improvement Fees), 8.125%, 12/01/25    1,000    818,680 
    University of Colorado, Enterprise System Revenue Bonds, Series A,         
    5.375%, 6/01/38        1,250    1,266,225 
                6,906,970 
Connecticut - 2.4%    Connecticut State Development Authority, Airport Facility Revenue         
    Bonds (Learjet, Inc. Project), AMT, 7.95%, 4/01/26    2,165    1,843,606 
    Connecticut State Development Authority, IDR (AFCO Cargo BDL-LLC         
    Project), AMT, 8%, 4/01/30        2,735    2,303,636 
                4,147,242 
Florida - 8.2%    Greater Orlando Aviation Authority, Florida, Airport Facilities         
    Revenue Bonds (JetBlue Airways Corp.), AMT, 6.50%, 11/15/36    2,095    1,224,402 
    Hillsborough County, Florida, IDA, Hospital Revenue Bonds (H. Lee         
    Moffitt Cancer Center Project), Series A, 5.25%, 7/01/37    3,190    2,410,747 
    Miami-Dade County, Florida, Aviation Revenue Refunding Bonds         
    (Miami International Airport), AMT, Series A, 5.25%, 10/01/38 (h)    1,795    1,467,233 
    Miami-Dade County, Florida, Special Obligation Revenue Bonds,         
    Sub-Series A, 5.24%, 10/01/37 (b)(e)        2,340    303,568 
    Midtown Miami, Florida, Community Development District, Special         
    Assessment Revenue Bonds, Series A, 6.25%, 5/01/37    2,250    1,404,270 
    Midtown Miami, Florida, Community Development District, Special         
    Assessment Revenue Bonds, Series B, 6.50%, 5/01/37    2,530    1,636,404 
    Orange County, Florida, Health Facilities Authority, Hospital Revenue         
    Bonds (Orlando Regional Healthcare), 6%, 12/01/12 (a)    3,225    3,757,415 
    Orlando, Florida, Urban Community Development District,         
    Capital Improvement Special Assessment Bonds, Series A,         
    6.95%, 5/01/11 (a)        800    893,008 
    Palm Coast Park Community Development District, Florida, Special         
    Assessment Revenue Bonds, 5.70%, 5/01/37        710    375,150 
    Preserve at Wilderness Lake, Florida, Community Development         
    District, Capital Improvement Bonds, Series A, 5.90%, 5/01/34    1,580    1,019,432 
                14,491,629 

2

BlackRock MuniHoldings Fund, Inc.             
Schedule of Investments January 31, 2009 (Unaudited)    (Percentages shown are based on Net Assets) 
 
            Par     
State    Municipal Bonds        (000)    Value 
Georgia - 3.7%    Atlanta, Georgia, Tax Allocation Refunding Bonds (Atlantic Station         
    Project), 5.25%, 12/01/20 (h)        $ 1,000    $ 1,044,260 
    Atlanta, Georgia, Tax Allocation Refunding Bonds (Atlantic Station         
    Project), 5.25%, 12/01/21 (h)        2,000    2,047,420 
    Atlanta, Georgia, Tax Allocation Refunding Bonds (Atlantic Station         
    Project), 5.25%, 12/01/22 (h)        1,000    1,008,860 
    Main Street Natural Gas, Inc., Georgia, Gas Project Revenue Bonds,         
    Series A, 6.375%, 7/15/38 (i)(j)        1,185    234,026 
    Private Colleges and Universities Authority, Georgia, Revenue         
    Refunding Bonds (Emory University Project), Series C, 5%, 9/01/38    2,260    2,228,970 
                6,563,536 
Illinois - 3.3%    Chicago, Illinois, Special Assessment Bonds (Lake Shore East),         
    6.75%, 12/01/32        1,200    801,828 
    Illinois HDA, Homeowner Mortgage Revenue Bonds, AMT,         
    Sub-Series C-2, 5.35%, 2/01/27        4,000    3,758,000 
    Illinois State Finance Authority Revenue Bonds (Landing At Plymouth         
    Place Project), Series A, 6%, 5/15/25        700    490,371 
    Illinois State Finance Authority Revenue Bonds (Monarch Landing,         
    Inc. Project), Series A, 7%, 12/01/37        1,010    674,670 
                5,724,869 
Kentucky - 1.1%    Louisville and Jefferson Counties, Kentucky, Metropolitan Sewer         
    District, Sewer and Drain System Revenue Bonds, Series A,         
    5.50%, 5/15/34 (b)        2,000    2,001,480 
Louisiana - 5.8%    Louisiana Local Government Environmental Facilities and Community         
    Development Authority Revenue Bonds (Westlake Chemical         
    Corporation), 6.75%, 11/01/32        3,500    2,430,820 
    Louisiana Public Facilities Authority, Hospital Revenue Bonds         
    (Franciscan Missionaries of Our Lady Health System, Inc.),         
    Series A, 5.25%, 8/15/36        4,115    3,199,577 
    Louisiana Public Facilities Authority Revenue Bonds (Black & Gold         
    Facilities Project), Series A, 5%, 7/01/39 (k)        3,815    2,673,399 
    New Orleans, Louisiana, Financing Authority Revenue Bonds (Xavier         
    University of Louisiana Project), 5.30%, 6/01/12 (a)(b)    1,750    1,963,133 
                10,266,929 
Maryland - 3.5%    Anne Arundel County, Maryland, Special Obligation Revenue Bonds         
    (Arundel Mills Project), 7.10%, 7/01/09 (a)        1,870    1,950,840 
    Baltimore, Maryland, Convention Center Hotel Revenue Bonds,         
    Senior Series A, 5.25%, 9/01/39 (c)(l)        1,385    1,385,789 
    Maryland State Economic Development Corporation, Student         
    Housing Revenue Bonds (University of Maryland College Park         
    Project), 6%, 6/01/13 (a)        760    904,446 
    Maryland State Energy Financing Administration, Limited         
    Obligation Revenue Bonds (Cogeneration-AES Warrior Run),         
    AMT, 7.40%, 9/01/19        2,750    1,949,200 
                6,190,275 

3

BlackRock MuniHoldings Fund, Inc.             
Schedule of Investments January 31, 2009 (Unaudited)    (Percentages shown are based on Net Assets) 
 
            Par     
State    Municipal Bonds        (000)    Value 
Massachusetts - 1.4%    Massachusetts State, HFA, Housing Revenue Bonds, AMT, Series A,         
    5.25%, 12/01/48        $ 2,900    $ 2,439,016 
Michigan - 2.0%    Flint, Michigan, Hospital Building Authority, Revenue Refunding         
    Bonds (Hurley Medical Center), Series A, 6%, 7/01/20 (m)    1,400    1,093,078 
    Michigan State Strategic Fund, Limited Obligation Revenue Refunding         
    Bonds (Detroit Edison Company Pollution Control Project), AMT,         
    Series B, 5.65%, 9/01/29        3,000    2,507,340 
                3,600,418 
Minnesota - 3.4%    Minneapolis, Minnesota, Community Development Agency,         
    Supported Development Revenue Refunding Bonds, Series G-3,         
    5.45%, 12/01/11 (a)        3,500    3,892,735 
    Minneapolis, Minnesota, Health Care System Revenue Refunding         
    Bonds (Fairview Health Services), Series A, 6.75%, 11/15/32    2,135    2,160,620 
                6,053,355 
Mississippi - 2.3%    Mississippi Business Finance Corporation, Mississippi, PCR, Refunding         
    (System Energy Resources, Inc. Project), 5.90%, 5/01/22    2,500    2,031,425 
    Mississippi Development Bank, Special Obligation Revenue         
    Refunding Bonds (Gulfport Water and Sewer System Project),         
    5.25%, 7/01/17 (g)        1,000    1,143,830 
    Mississippi Development Bank, Special Obligation Revenue         
    Refunding Bonds (Gulfport Water and Sewer System Project),         
    5.25%, 7/01/19 (g)        810    901,579 
                4,076,834 
Missouri - 0.4%    Missouri State Development Finance Board, Infrastructure Facilities         
    Revenue Refunding Bonds (Branson), Series A, 5.50%, 12/01/32    1,000    772,060 
New Jersey - 9.3%    New Jersey EDA, Cigarette Tax Revenue Bonds, 5.75%, 6/15/29    5,385    4,007,463 
    New Jersey EDA, Cigarette Tax Revenue Bonds, 5.75%, 6/15/34    2,280    1,642,261 
    New Jersey EDA, Retirement Community Revenue Bonds (Cedar Crest         
    Village Inc. Facility), Series A, 7.25%, 11/15/11 (a)    1,475    1,692,504 
    New Jersey EDA, Retirement Community Revenue Bonds (Seabrook         
    Village, Inc.), Series A, 8.25%, 11/15/10 (a)        2,600    2,947,568 
    New Jersey EDA, Special Facility Revenue Bonds (Continental         
    Airlines, Inc. Project), AMT, 6.625%, 9/15/12        1,000    825,220 
    New Jersey EDA, Special Facility Revenue Bonds (Continental         
    Airlines, Inc. Project), AMT, 6.25%, 9/15/29        2,950    1,843,691 
    New Jersey State Turnpike Authority, Turnpike Revenue Bonds,         
    Series C, 5%, 1/01/30 (g)        3,500    3,459,575 
                16,418,282 
New York - 12.8%    Dutchess County, New York, IDA, Civic Facility Revenue Refunding         
    Bonds (Saint Francis Hospital), Series A, 7.50%, 3/01/29    1,100    981,563 
    Long Island Power Authority, New York, Electric System Revenue         
    Refunding Bonds, Series A, 5.75%, 4/01/39        1,450    1,437,559 
    New York City, New York, City IDA, Civic Facility Revenue Bonds,         
    Series C, 6.80%, 6/01/28        535    502,194 

4

BlackRock MuniHoldings Fund, Inc.             
Schedule of Investments January 31, 2009 (Unaudited)    (Percentages shown are based on Net Assets) 
 
            Par     
State    Municipal Bonds        (000)    Value 
 
 
 
 
    New York City, New York, City IDA, Special Facility Revenue Bonds         
    (Continental Airlines, Inc. Project), AMT, 8%, 11/01/12    $ 725 $    625,247 
    New York City, New York, City IDA, Special Facility Revenue Bonds         
    (Continental Airlines, Inc. Project), AMT, 8.375%, 11/01/16    725    529,330 
    New York City, New York, City Transitional Finance Authority,         
    Building Aid Revenue Refunding Bonds, Series S-1, 4.50%, 1/15/38    700    586,761 
    New York City, New York, Sales Tax Asset Receivable Corporation         
    Revenue Bonds, Series A, 5%, 10/15/20 (b)        6,615    7,195,929 
    Tobacco Settlement Financing Corporation of New York Revenue         
    Bonds, Series A-1, 5.50%, 6/01/18        3,150    3,251,304 
    Tobacco Settlement Financing Corporation of New York Revenue         
    Bonds, Series C-1, 5.50%, 6/01/17        3,500    3,596,110 
    Tobacco Settlement Financing Corporation of New York Revenue         
    Bonds, Series C-1, 5.50%, 6/01/22        1,400    1,425,242 
    Westchester County, New York, IDA, Continuing Care Retirement,         
    Mortgage Revenue Bonds (Kendal on Hudson Project), Series A,         
    6.50%, 1/01/13 (a)        2,080    2,496,395 
               
                22,627,634 
 
 
 
 
Ohio - 2.0%    American Municipal Power, Inc., Ohio, Revenue Refunding Bonds         
    (Prairie State Energy Campus Project), Series A, 5%, 2/15/38    2,455    2,235,007 
    Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco         
    Settlement Asset-Backed Bonds, Series A-2, 6.50%, 6/01/47    2,160    1,341,338 
           
                3,576,345 
 
 
 
 
Oklahoma - 0.6%    Tulsa County, Oklahoma, Home Finance Authority, S/F Mortgage         
    Revenue Refunding Bonds, AMT, Series C, 5.25%, 12/01/38 (n)    1,200    990,336 
 
 
 
Pennsylvania - 5.4%    Bucks County, Pennsylvania, IDA, Retirement Community Revenue         
    Bonds (Ann's Choice, Inc.), Series A, 6.25%, 1/01/35    1,700    1,071,493 
    Pennsylvania Economic Development Financing Authority, Exempt         
    Facilities Revenue Bonds (National Gypsum Company), AMT,         
    Series B, 6.125%, 11/01/27        3,500    1,847,230 
    Philadelphia, Pennsylvania, Authority for IDR, Commercial         
    Development, 7.75%, 12/01/17        725    613,676 
    Philadelphia, Pennsylvania, Authority for Industrial Development,         
    Senior Living Revenue Bonds (Arbor House, Inc. Project), Series E,         
    6.10%, 7/01/33        1,105    773,964 
    Philadelphia, Pennsylvania, Authority for Industrial Development,         
    Senior Living Revenue Bonds (Saligman House Project), Series C,         
    6.10%, 7/01/33        1,245    872,023 
    Sayre, Pennsylvania, Health Care Facilities Authority, Revenue Bonds         
    (Guthrie Healthcare System), Series B, 7.125%, 12/01/11 (a)    3,500    4,304,650 
           
                9,483,036 
 
 
 
 
Rhode Island - 1.9%    Rhode Island State Health and Educational Building Corporation,         
    Hospital Financing Revenue Bonds (Lifespan Obligation Group),         
    6.50%, 8/15/12 (a)        2,820    3,271,708 
 
 
 
 

5

BlackRock MuniHoldings Fund, Inc.             
Schedule of Investments January 31, 2009 (Unaudited)    (Percentages shown are based on Net Assets) 
 
            Par     
State    Municipal Bonds        (000)    Value 
South Carolina - 2.0%    Medical University Hospital Authority, South Carolina, Hospital         
    Facilities Revenue Refunding Bonds, Series A, 6.375%, 8/15/12 (a)    $ 3,020    $ 3,533,913 
South Dakota - 0.9%    South Dakota State Health and Educational Facilities Authority         
    Revenue Bonds (Sanford Health), 5%, 11/01/40                   1,825    1,532,325 
Tennessee - 4.9%    Hardeman County, Tennessee, Correctional Facilities Corporation         
    Revenue Bonds, 7.75%, 8/01/17                   3,750    3,373,987 
    Shelby County, Tennessee, Health, Educational and Housing Facility         
    Board, Hospital Revenue Refunding Bonds (Methodist Healthcare),         
    6.50%, 9/01/12 (a)                   1,845    2,158,816 
    Tennessee Educational Loan Revenue Bonds (Educational Funding         
    South, Inc.), AMT, Senior Series B, 6.20%, 12/01/21               3,160    3,159,810 
                8,692,613 
Texas - 13.9%    Brazos River Authority, Texas, PCR, Refunding (TXU Energy Company         
    Project), AMT, Series C, 5.75%, 5/01/36                   2,660    1,750,280 
    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    2,718,552 
    Harris County, Texas, Health Facilities Development Corporation,         
    Hospital Revenue Refunding Bonds (Memorial Hermann Healthcare         
    System), Series B, 7.25%, 12/01/35                   1,910    1,994,327 
    Lower Colorado River Authority, Texas, PCR (Samsung Austin         
    Semiconductor), AMT, 6.375%, 4/01/27                   3,000    2,359,320 
    Matagorda, Texas, Hospital District Revenue Bonds,         
    5%, 2/15/35 (o)                   4,500    3,879,045 
    North Texas Tollway Authority, System Revenue Refunding Bonds,         
    Second Tier, Series F, 6.125%, 1/01/31                   4,190    4,012,176 
    San Antonio Energy Acquisition Public Facilities Corporation, Texas,         
    Gas Supply Revenue Bonds, 5.50%, 8/01/23                   2,425    1,848,335 
    San Antonio Energy Acquisition Public Facilities Corporation, Texas,         
    Gas Supply Revenue Bonds, 5.50%, 8/01/24                   1,100    832,447 
    San Antonio Energy Acquisition Public Facilities Corporation, Texas,         
    Gas Supply Revenue Bonds, 5.50%, 8/01/25                   1,120    838,286 
    Texas State Department of Housing and Community Affairs,         
    Residential Mortgage Revenue Bonds, AMT, Series A,         
    5.70%, 1/01/33 (n)(p)                   1,745    1,765,591 
    Texas State Department of Housing and Community Affairs,         
    Residential Mortgage Revenue Refunding Bonds, AMT, Series B,         
    5.25%, 7/01/22 (n)(p)                   2,565    2,514,085 
                24,512,444 
Vermont - 1.3%    Vermont Educational and Health Buildings Financing Agency,         
    Revenue Bonds (Developmental and Mental Health), Series A,         
    6%, 6/15/17                   2,370    2,324,069 
Virginia - 9.5%    Chesterfield County, Virginia, IDA, PCR (Virginia Electric and Power         
    Company), Series A, 5.875%, 6/01/17                   1,150    1,203,245 

6

BlackRock MuniHoldings Fund, Inc.             
Schedule of Investments January 31, 2009 (Unaudited)    (Percentages shown are based on Net Assets) 
 
            Par     
State    Municipal Bonds        (000)    Value 
    Fairfax County, Virginia, EDA, Resource Recovery Revenue Refunding         
    Bonds, AMT, Series A, 6.10%, 2/01/11 (f)        $ 3,000    $ 3,153,300 
    Tobacco Settlement Financing Corporation of Virginia, Asset-Backed         
    Revenue Bonds, 5.625%, 6/01/15 (a)        1,290    1,512,035 
    Virginia State, HDA, Commonwealth Mortgage Revenue Bonds,         
    Series H, Sub-Series H-1, 5.375%, 7/01/36 (b)        10,940    10,808,064 
                16,676,644 
Washington - 0.6%    Seattle, Washington, Housing Authority Revenue Bonds (Replacement         
    Housing Project), 6.125%, 12/01/32        1,325    1,010,949 
Wisconsin - 1.3%    Wisconsin State Health and Educational Facilities Authority Revenue         
    Bonds (New Castle Place Project), Series A, 7%, 12/01/31    825    607,456 
    Wisconsin State Health and Educational Facilities Authority Revenue         
    Bonds (SynergyHealth, Inc.), 6%, 11/15/32        1,755    1,635,239 
                2,242,695 
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    938,206 
U.S. Virgin Islands - 1.5%    Virgin Islands Government Refinery Facilities, Revenue Refunding         
    Bonds (Hovensa Coker Project), AMT, 6.50%, 7/01/21    3,460    2,661,951 
    Total Municipal Bonds - 133.2%            235,141,424 
    Municipal Bonds Transferred to Tender Option Bond Trusts (q)         
California - 3.5%    Sequoia, California, Unified High School District, GO, Refunding,         
    Series B, 5.50%, 7/01/35 (g)        3,494    3,540,855 
    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    2,693,554 
                6,234,409 
Colorado - 2.1%    Colorado Health Facilities Authority Revenue Bonds (Catholic         
    Health), Series C-3, 5.10%, 10/01/41 (g)        2,580    2,225,947 
    Colorado Health Facilities Authority Revenue Bonds (Catholic         
    Health), Series C-7, 5%, 9/01/36 (g)        1,650    1,426,771 
                3,652,718 
Connecticut - 3.6%    Connecticut State Health and Educational Facilities Authority         
    Revenue Bonds (Yale University), Series T-1, 4.70%, 7/01/29    3,180    3,184,261 
    Connecticut State Health and Educational Facilities Authority         
    Revenue Bonds (Yale University), Series X-3, 4.85%, 7/01/37    3,270    3,215,358 
                6,399,619 
Massachusetts - 2.8%    Massachusetts State School Building Authority, Dedicated Sales         
    Tax Revenue Bonds, Series A, 5%, 8/15/30 (g)        4,994    5,004,932 
New York - 2.5%    New York City, New York, Sales Tax Asset Receivable Corporation         
    Revenue Bonds, Series A, 5.25%, 10/15/27 (f)        4,240    4,357,406 
Tennessee - 1.2%    Shelby County, Tennessee, Health, Educational and Housing         
    Facility Board, Hospital Revenue Refunding Bonds (Saint Jude         
    Children's Research Hospital), 5%, 7/01/31        2,250    2,070,630 

7

BlackRock MuniHoldings Fund, Inc.             
Schedule of Investments January 31, 2009 (Unaudited)    (Percentages shown are based on Net Assets) 
 
            Par     
State    Municipal Bonds Transferred to Tender Option Bond Trusts (q)    (000)       Value 
Texas - 7.1%    Harris County, Texas, Toll Road Revenue Refunding Bonds,         
    Senior Lien, Series A, 5.25%, 8/15/35 (g)        $ 11,760     $ 12,562,267 
Virginia - 3.5%    University of Virginia, Revenue Refunding Bonds, 5%, 6/01/40    3,750    3,758,063 
    Virginia State, HDA, Commonwealth Mortgage Revenue Bonds,         
    Series H, Sub-Series H-1, 5.35%, 7/01/31 (b)        2,370    2,370,427 
                6,128,490 
Washington - 1.0%    Central Puget Sound Regional Transportation Authority,         
    Washington, Sales and Use Tax Revenue Bonds, Series A,         
    5%, 11/01/32 (g)        1,860    1,821,496 
    Total Municipal Bonds Transferred to Tender Option Bond         
    Trusts - 27.3%            48,231,967 
    Total Long-Term Investments (Cost - $314,956,267) - 160.5%        283,373,391 
    Short-Term Securities        Shares     
Money Market Fund -    Merrill Lynch Institutional Tax-Exempt Fund, 0.60% (r)(s)    7,108,893    7,108,893 
4.0%                 
    Total Short-Term Securities (Cost - $7,108,893) - 4.0%        7,108,893 
    Total Investments (Cost - $322,065,160*) - 164.5%        290,482,284 
    Other Assets Less Liabilities - 2.5%            4,365,161 
    Liability for Trust Certificates, Including Interest Expense and         
    Fees Payable - (14.9)%            (26,368,783) 
    Preferred Shares, at Redemption Value - (52.1)%        (91,939,584) 
    Net Assets Applicable to Common Shares - 100.0%    $ 176,539,078 

* The cost and unrealized appreciation (depreciation) of investments as of January 31, 2009,
as computed for federal income tax purposes, were as follows:

Aggregate cost    $ 294,079,979 
Gross unrealized appreciation    $ 7,880,632 
Gross unrealized depreciation    (37,751,283) 
Net unrealized depreciation    $ (29,870,651) 

(a)      US 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.
(b)      MBIA Insured.
(c)      XL Capital Insured.
(d)      FGIC Insured.
(e)      Represents a zero-coupon bond. Rate shown reflects the effective yield as of report date.
(f)      AMBAC Insured.
(g)      FSA Insured.
(h)      Assured Guaranty Insured.
(i)      Non-income producing security.
(j)      Issuer filed for bankruptcy and/or is in default of interest payments.
(k)      CIFG Insured.
(l)      BHAC Insured.
(m)      ACA Insured.
(n)      GNMA Collateralized.
(o)      FHA Insured.

8

BlackRock MuniHoldings Fund, Inc.
Schedule of Investments January 31, 2009 (Unaudited)

  (p) FNMA Collateralized.
(q) Securities represent 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.
(r) 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:

       Affiliate    Net Activity     Income 
     Merrill Lynch Institutional Tax-Exempt Fund    7,099,922    $ 22,995 
(s) 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 semi-annual report.
     

    The following table summarizes the inputs used as of January 31, 2009 in determining the fair valuation
    of the Fund's investments:

    Valuation    Investments in 
    Inputs    Securities 
        Assets 
    Level 1    $ 7,108,893 
    Level 2    283,373,391 
    Level 3    - 
    Total    $ 290,482,284 

    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 13(a)-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 25, 2009

    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 25, 2009

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

    Date: March 25, 2009