BlackRock MuniHoldings Fund (MHD) NPORT-P BlackRock MuniHoldings Fund, Inc. (Jan 2021 report)

Schedule of Investments (unaudited) January 31, 2021 BlackRock MuniHoldings Fund, Inc. (MHD) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Municipal Bonds
Alabama — 2.0%
County of Jefferson Alabama Sewer Revenue, Refunding RB
Series A, Senior Lien, (AGM), 5.00%, 10/01/44	$	570	$	640,213
Series A, Senior Lien, (AGM), 5.25%, 10/01/48		1,090		1,225,923
Series D, Sub Lien, 6.00%, 10/01/42		1,000		1,161,520
Series D, Sub Lien, 7.00%, 10/01/51		1,545		1,832,447
				4,860,103
Arizona — 3.1%
Glendale Industrial Development Authority, RB
5.00%, 05/15/41		65		73,635
5.00%, 05/15/56		260		292,570
Industrial Development Authority of the City of Phoenix, RB, Series A, 5.00%, 07/01/46(a)		1,230		1,304,932
Salt Verde Financial Corp., RB
5.00%, 12/01/32		2,000		2,701,100
5.00%, 12/01/37		2,360		3,430,048
				7,802,285
Arkansas — 1.0%
Arkansas Development Finance Authority, RB
5.00%, 12/01/47		385		480,688
AMT, 4.50%, 09/01/49(a)		1,810		1,994,493
				2,475,181
California — 7.2%
California Educational Facilities Authority, RB, Series V-1, 5.00%, 05/01/49		1,545		2,519,323
California Health Facilities Financing Authority, Refunding RB
Series A, 5.00%, 07/01/33		875		972,440
Series A, 4.00%, 04/01/45		280		325,702
California Municipal Finance Authority, RB, S/F Housing
Series A, 5.25%, 08/15/39		105		115,632
Series A, 5.25%, 08/15/49		265		284,610
California Municipal Finance Authority, Refunding RB, Series A, 5.00%, 02/01/42		165		191,885
California Pollution Control Financing Authority, RB, Series A, AMT, 5.00%, 11/21/45(a)		1,025		1,094,946
California State Public Works Board, RB, Series I, 5.00%, 11/01/38		550		619,476
City of Los Angeles Department of Airports, RB(b)
5.00%, 05/15/31		245		334,572
5.00%, 05/15/32		295		399,519
5.00%, 05/15/33		290		390,775
5.00%, 05/15/34		305		408,907
5.00%, 05/15/35		480		639,230
5.00%, 05/15/38		210		276,856
5.00%, 05/15/39		225		295,666
5.00%, 05/15/40		465		609,103
5.00%, 05/15/41		505		659,343
Golden State Tobacco Securitization Corp., Refunding RB, Series A-2, 5.00%, 06/01/47		1,950		2,028,312
Montebello Unified School District, GO, CAB, (NATL), 0.00%, 08/01/22(c)		2,405		2,382,201
San Diego Unified School District, GO, CAB(c) Series A, 0.00%, 07/01/29		3,080		2,830,458

Security	Par (000)		Value
California (continued)
San Diego Unified School District, GO, CAB(c) (continued)
Series A, 0.00%, 07/01/29(d)	$	395	$	357,736
Stockton Public Financing Authority, RB, Series A, 6.25%, 10/01/23(e)		255		296,499
				18,033,191
Colorado — 2.3%
Arapahoe County School District No.6 Littleton, GO, Series A, (SAW), 5.50%, 12/01/43		1,260		1,675,359
Colorado Educational & Cultural Facilities Authority, RB, (St Hgr Ed Intercept Prog), 5.50%, 07/01/40		1,455		1,460,325
Colorado Health Facilities Authority, Refunding RB, Series A, 4.00%, 08/01/44		1,285		1,473,715
State of Colorado, COP, Series O, 4.00%, 03/15/44		930		1,097,484
				5,706,883
Connecticut — 1.3%
State of Connecticut Special Tax Revenue, RB
Series A, 4.00%, 05/01/36		240		290,923
Series A, 4.00%, 05/01/39		150		180,128
State of Connecticut, GO, Series A, 4.00%, 01/15/38		2,260		2,718,735
				3,189,786
Delaware — 0.4%
Delaware Transportation Authority, RB, 5.00%, 06/01/55		840		972,199
District of Columbia — 6.4%
District of Columbia, Refunding RB
5.00%, 04/01/35		315		378,662
5.00%, 10/01/48		1,695		2,053,204
District of Columbia, TA, 5.13%, 06/01/41		1,520		1,544,016
Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Refunding RB
Series A, 5.00%, 10/01/53		1,475		1,531,168
Series B, Subordinate, 4.00%, 10/01/49		555		630,835
Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Refunding RB, CAB, Series B, 2nd Senior Lien, (AGC), 0.00%, 10/01/35(c)		13,485		9,860,771
				15,998,656
Florida — 3.9%
Capital Projects Finance Authority, Refunding RB
Series A-1, 5.00%, 10/01/32		140		163,561
Series A-1, 5.00%, 10/01/33		155		179,749
Series A-1, 5.00%, 10/01/34		155		178,830
Series A-1, 5.00%, 10/01/35		50		57,380
Collier County Health Facilities Authority, Refunding RB, Series A, 5.00%, 05/01/45		960		1,089,782
Florida Development Finance Corp., RB
Series A, 5.00%, 06/15/40		155		177,476
Series A, 5.00%, 06/15/50		520		589,129
Series A, 5.00%, 06/15/55		310		350,542
Miami-Dade County Florida Aviation Revenue, Refunding RB
Series A, 4.00%, 10/01/37		235		287,426
Series A, 4.00%, 10/01/38		235		285,222
Series A, 4.00%, 10/01/39		175		211,738
Mid-Bay Bridge Authority, RB, Series A, 7.25%, 10/01/21(e)		2,095		2,194,345

SCHEDULE   OF   INVESTMENTS 1

Schedule of Investments (unaudited) (continued) January 31, 2021 BlackRock MuniHoldings Fund, Inc. (MHD) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Florida (continued)
Sarasota County Florida Utility System Revenue RB
Series A, 5.00%, 10/01/45	$	310	$	410,428
Series A, 5.00%, 10/01/50		465		608,443
Village Community Development District No.10, SAB, 5.13%, 05/01/43		1,340		1,398,236
Volusia County Educational Facility Authority, Refunding RB, 5.00%, 10/15/49		1,265		1,544,299
				9,726,586
Georgia — 2.3%
Gainesville & Hall County Hospital Authority, Refunding RB, Series A, (GTD), 5.50%, 08/15/54		370		439,915
Georgia Housing & Finance Authority, RB, S/F Housing, Series B, 2.50%, 06/01/50		520		531,643
Main Street Natural Gas, Inc., RB
Series A, 5.00%, 05/15/35		360		502,952
Series A, 5.00%, 05/15/36		360		507,668
Series A, 5.00%, 05/15/37		400		570,360
Series A, 5.00%, 05/15/38		220		317,093
Series A, 5.00%, 05/15/49		725		1,126,781
Municipal Electric Authority of Georgia, RB, 4.00%, 01/01/49		1,135		1,295,398
Municipal Electric Authority of Georgia, Refunding RB, Sub-Series A, 4.00%, 01/01/49		440		502,621
				5,794,431
Idaho — 0.3%
Idaho Health Facilities Authority, RB, Series 2017, 5.00%, 12/01/46		540		650,187
Illinois — 11.4%
Chicago Board of Education, GO
Series C, 5.25%, 12/01/35		1,075		1,202,398
Series D, 5.00%, 12/01/46		1,405		1,557,292
Series H, 5.00%, 12/01/36		350		415,044
Chicago Board of Education, Refunding GO
Series C, 5.00%, 12/01/27		500		622,390
Series C, 5.00%, 12/01/30		605		737,749
Series F, 5.00%, 12/01/22		455		490,085
Series G, 5.00%, 12/01/34		315		376,362
Chicago O’Hare International Airport, Refunding RB, Series A, Senior Lien, 4.00%, 01/01/37		675		813,092
Chicago Transit Authority Sales Tax Receipts Fund, RB, 5.25%, 12/01/21(e)		730		761,054
City of Chicago Illinois Special Assessment Revenue, SAB, 6.75%, 12/01/32		862		864,491
City of Chicago Illinois Waterworks Revenue, Refunding RB, 2nd Lien, 5.00%, 11/01/42		1,000		1,068,050
Cook County Community College District No.508, GO, 5.50%, 12/01/38		560		626,332
Illinois State Toll Highway Authority, RB
Series A, 5.00%, 01/01/45		930		1,201,021
Series C, 5.00%, 01/01/37		2,000		2,346,560
Metropolitan Pier & Exposition Authority, RB, Series A, 5.00%, 06/15/57		630		734,826
Metropolitan Pier & Exposition Authority, Refunding RB, 4.00%, 06/15/50		970		1,072,480
Metropolitan Pier & Exposition Authority, Refunding RB, CAB(c)
Series B, (AGM), 0.00%, 06/15/43		3,765		1,943,681
Series B, (AGM), 0.00%, 06/15/47		13,220		5,847,206

Security	Par (000)		Value
Illinois (continued)
Railsplitter Tobacco Settlement Authority, RB, 6.00%, 06/01/21(e)	$	800	$	815,680
State of Illinois, GO
5.00%, 02/01/39		1,100		1,213,289
Series A, 5.00%, 04/01/38		2,625		2,831,509
University of Illinois, RB, Series A, 5.00%, 04/01/44		705		796,142
				28,336,733
Indiana — 2.9%
City of Valparaiso Indiana, RB
AMT, 6.75%, 01/01/34		560		614,650
AMT, 7.00%, 01/01/44		1,355		1,479,687
Indiana Finance Authority, RB
Series A, 1st Lien, 5.25%, 10/01/38		2,275		2,348,733
Series A, AMT, 5.00%, 07/01/44		310		332,943
Series A, AMT, 5.00%, 07/01/48		1,030		1,106,035
Series A, AMT, 5.25%, 01/01/51		290		312,936
Indianapolis Local Public Improvement Bond Bank, RB, Series A, 5.00%, 01/15/40		880		959,314
				7,154,298
Iowa — 1.5%
Iowa Finance Authority, Refunding RB
5.25%, 12/01/25		320		359,181
5.88%, 12/01/26		285		294,684
Series B, 5.25%, 12/01/50(f)		1,955		2,190,226
Iowa Tobacco Settlement Authority, Refunding RB, Series C, 5.63%, 06/01/46		980		991,887
				3,835,978
Kentucky — 0.7%
Kentucky Economic Development Finance Authority, RB, Series A, 5.25%, 01/01/23(e)		705		773,456
Kentucky Public Transportation Infrastructure Authority, RB, CAB, Series C, Convertible, 6.75%, 07/01/43(g)		865		1,021,219
				1,794,675
Louisiana — 1.3%
Tobacco Settlement Financing Corp., Refunding RB
Series A, 5.50%, 05/15/30		555		556,132
Series A, 5.25%, 05/15/31		600		607,002
Series A, 5.25%, 05/15/32		765		804,826
Series A, 5.25%, 05/15/33		830		873,168
Series A, 5.25%, 05/15/35		350		381,756
				3,222,884
Maryland — 0.2%
Maryland Health & Higher Educational Facilities Authority, RB, Series 2017, 5.00%, 12/01/46		305		372,612
Massachusetts — 1.4%
Massachusetts Development Finance Agency, Refunding RB, Series P, 5.45%, 05/15/59		1,165		1,532,593
Massachusetts Housing Finance Agency, RB, M/F Housing
Series C-1, 3.15%, 12/01/49		400		420,884
Series C-1, 3.25%, 12/01/54		1,475		1,557,939
				3,511,416
Michigan — 2.3%
City of Detroit Michigan Sewage Disposal System Revenue, Refunding RB, Series A, Senior Lien, 5.25%, 07/01/22(e)		3,085		3,308,416

2

Schedule of Investments (unaudited) (continued) January 31, 2021 BlackRock MuniHoldings Fund, Inc. (MHD) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Michigan (continued)
Michigan Finance Authority, Refunding RB, Series A, 4.00%, 12/01/49	$	590	$	699,427
Michigan State University, Refunding RB, Series B, 5.00%, 02/15/48		730		897,148
Michigan Strategic Fund, RB, AMT, 5.00%, 06/30/48		785		946,255
				5,851,246
Minnesota — 1.1%
Duluth Economic Development Authority, Refunding RB
Series A, 4.25%, 02/15/48		750		835,965
Series A, 5.25%, 02/15/53		1,500		1,779,975
				2,615,940
Missouri — 1.0%
Health & Educational Facilities Authority of the State of Missouri, RB, 4.00%, 06/01/53		2,075		2,422,666
Health & Educational Facilities Authority of the State of Missouri, Refunding RB, 5.50%, 05/01/43		175		185,684
				2,608,350
Nebraska — 0.3%
Central Plains Energy Project, RB, 5.25%, 09/01/37		575		618,758
New Hampshire(a) — 0.7%
New Hampshire Business Finance Authority, Refunding RB
Series B, 4.63%, 11/01/42		1,105		1,157,697
Series C, AMT, 4.88%, 11/01/42		575		605,826
				1,763,523
New Jersey — 14.3%
Casino Reinvestment Development Authority, Inc., Refunding RB
5.25%, 11/01/39		735		788,582
5.25%, 11/01/44		1,095		1,169,142
Hudson County Improvement Authority, RB, 4.00%, 10/01/46		1,195		1,417,999
New Jersey Economic Development Authority, RB
4.00%, 11/01/38		370		423,998
4.00%, 11/01/39		295		337,265
5.00%, 06/15/49		1,670		2,040,573
Series EEE, 5.00%, 06/15/48		2,705		3,245,567
AMT, 5.13%, 09/15/23		1,090		1,153,405
New Jersey Economic Development Authority, Refunding ARB, AMT, 5.00%, 10/01/47		1,060		1,224,417
New Jersey Economic Development Authority, Refunding SAB, 5.75%, 04/01/31		1,550		1,635,498
New Jersey Transportation Trust Fund Authority, RB
Series A, 5.50%, 06/15/21(e)		1,575		1,606,201
Series AA, 5.00%, 06/15/44		895		989,872
Series AA, 5.00%, 06/15/50		430		534,623
Series BB, 4.00%, 06/15/50		1,085		1,212,520
Series BB, 5.00%, 06/15/50		3,720		4,458,718
New Jersey Transportation Trust Fund Authority, RB, CAB, Series B, 5.25%, 06/15/36		1,705		1,736,253
New Jersey Turnpike Authority, RB
Series A, 5.00%, 07/01/22(e)		715		759,966
Series A, 4.00%, 01/01/42(b)		525		631,066
Series E, 5.00%, 01/01/45		1,875		2,175,037
State of New Jersey, GO Series A, 4.00%, 06/01/31		405		509,312

Security	Par (000)		Value
New Jersey (continued)
State of New Jersey, GO (continued)
Series A, 3.00%, 06/01/32	$	935	$	1,079,570
Tobacco Settlement Financing Corp., Refunding RB
Series A, 5.25%, 06/01/46		390		477,465
Sub-Series B, 5.00%, 06/01/46		5,150		6,130,508
				35,737,557
NewYork — 11.9%
City of New York, GO, Series C, 5.00%, 08/01/42		805		1,043,529
Erie Tobacco Asset Securitization Corp., Refunding RB, Series A, 5.00%, 06/01/45		1,405		1,417,715
Metropolitan Transportation Authority, RB, Series B, 5.25%, 11/15/38		1,715		1,930,404
Metropolitan Transportation Authority, Refunding RB
Series C-1, 4.75%, 11/15/45		1,145		1,384,969
Series C-1, 5.00%, 11/15/50		370		454,837
Series C-1, 5.25%, 11/15/55		550		686,906
Monroe County Industrial Development Corp., Refunding RB
4.00%, 12/01/46		375		424,234
Series A, 4.00%, 07/01/50		770		908,192
New York City Housing Development Corp., RB, M/F Housing, Series A, 3.00%, 11/01/55		765		792,662
New York City Transitional Finance Authority Future Tax Secured Revenue, RB
Series C, 4.00%, 05/01/45		780		930,587
Sub-Series C-1, 4.00%, 05/01/40		310		374,840
Sub-Series E-1, 5.00%, 02/01/42		310		324,688
New York Counties Tobacco Trust IV, Refunding RB
Series A, 5.00%, 06/01/38		1,415		1,415,226
Series A, 6.25%, 06/01/41(a)		1,300		1,321,008
New York Liberty Development Corp., Refunding RB(a)
Series 1, Class 1, 5.00%, 11/15/44		2,275		2,468,830
Series 2, Class 2, 5.15%, 11/15/34		245		268,748
Series 2, Class 2, 5.38%, 11/15/40		605		665,621
New York State Environmental Facilities Corp., RB, Series B, Subordinate, 5.00%, 06/15/48		1,305		1,639,850
New York State Urban Development Corp., RB
Series A, 4.00%, 03/15/49		5,700		6,729,192
Series A, 3.00%, 03/15/50		930		999,620
New York Transportation Development Corp., RB
AMT, 5.00%, 10/01/35		255		316,876
AMT, 5.00%, 10/01/40		730		900,864
Port Authority of New York & New Jersey Refunding RB, AMT, 4.00%, 07/15/61(b)		795		916,770
Triborough Bridge & Tunnel Authority, RB
Series A, 4.00%, 11/15/54		190		224,242
Series A, 5.00%, 11/15/54		610		782,782
Westchester County Healthcare Corp., RB, Series A, Senior Lien, 5.00%, 11/01/44		220		242,651
				29,565,843
North Carolina — 0.4%
North Carolina Medical Care Commission, Refunding RB, Series A, 7.75%, 03/01/21(e)		415		417,523
University of North Carolina at Chapel Hill, RB, 5.00%, 02/01/49		390		620,174
				1,037,697

SCHEDULE   OF   INVESTMENTS 3

Schedule of Investments (unaudited) (continued) January 31, 2021 BlackRock MuniHoldings Fund, Inc. (MHD) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
North Dakota — 0.3%
County of Cass North Dakota, Refunding RB, Series B, 5.25%, 02/15/58	$	695	$	844,745
Ohio — 3.3%
Buckeye Tobacco Settlement Financing Authority, Refunding RB
Series A-2, Class 1, 4.00%, 06/01/37		210		254,006
Series A-2, Class 1, 4.00%, 06/01/38		210		253,556
Series A-2, Class 1, 4.00%, 06/01/39		210		252,762
Series A-2, Class 1, 4.00%, 06/01/48		550		637,808
Series B-2, Class 2, 5.00%, 06/01/55		2,150		2,506,104
County of Franklin Ohio, RB
Series 2017, 5.00%, 12/01/46		290		353,626
Series A, 6.13%, 07/01/22(e)		30		32,558
Series A, 6.13%, 07/01/40		440		469,542
Series A, 4.00%, 12/01/49		365		429,488
County of Hamilton Ohio, Refunding RB
4.00%, 08/15/50		430		502,520
Series A, 3.75%, 08/15/50		755		853,731
County of Montgomery Ohio, Refunding RB, 3.00%, 08/01/51(b)		435		462,144
Ohio Air Quality Development Authority, RB, AMT, 5.00%, 07/01/49(a)		535		599,457
State of Ohio, RB, AMT, 5.00%, 06/30/53		580		648,254
				8,255,556
Oklahoma — 1.7%
Oklahoma Development Finance Authority, RB, Series B, 5.25%, 08/15/48		855		1,006,993
Oklahoma Turnpike Authority, RB
Series A, 4.00%, 01/01/48		1,500		1,709,745
Series C, 4.00%, 01/01/42		1,420		1,638,325
				4,355,063
Oregon — 1.5%
Medford Hospital Facilities Authority, Refunding RB, Series A, 4.00%, 08/15/50		1,210		1,427,619
Port of Portland Oregon Airport Revenue, Refunding ARB, Series 27-A, AMT, 5.00%, 07/01/45		1,290		1,623,581
Warm Springs Reservation Confederated Tribe, Refunding RB, Series B, 5.00%, 11/01/39(a)		650		773,578
				3,824,778
Pennsylvania — 4.3%
Hospitals & Higher Education Facilities Authority of Philadelphia, RB, Series A, 5.63%, 07/01/42		460		477,945
Lancaster Industrial Development Authority, RB, 5.00%, 12/01/49		950		1,061,017
Montgomery County Higher Education and Health Authority, Refunding RB
Series A, 5.00%, 09/01/43		905		1,085,403
Series A, 4.00%, 09/01/49		415		458,413
Pennsylvania Economic Development Financing Authority, RB, AMT, 5.00%, 06/30/42		2,015		2,319,063
Pennsylvania Economic Development Financing Authority, Refunding RB, AMT, 5.50%, 11/01/44		1,105		1,174,294
Pennsylvania Higher Educational Facilities Authority, RB, 4.00%, 08/15/49		1,680		1,951,438

Security	Par (000)		Value
Pennsylvania (continued)
Pennsylvania Turnpike Commission RB, 4.00%, 12/01/50	$	985	$	1,152,598
Pennsylvania Turnpike Commission, RB, Series A, 5.00%, 12/01/44		795		928,488
				10,608,659
Puerto Rico — 5.7%
Children’s Trust Fund, Refunding RB
5.50%, 05/15/39		475		487,431
5.63%, 05/15/43		500		506,075
Puerto Rico Commonwealth Aqueduct & Sewer Authority, RB
Series A, Senior Lien, 5.00%, 07/01/33		1,845		1,944,501
Series A, Senior Lien, 5.13%, 07/01/37		510		539,595
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB
Series A-1, Restructured, 4.75%, 07/01/53		3,308		3,702,280
Series A-1, Restructured, 5.00%, 07/01/58		4,568		5,187,695
Series A-2, Restructured, 4.33%, 07/01/40		62		68,533
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB(c)
Series A-1, Restructured, 0.00%, 07/01/46		4,955		1,567,019
Series A-1, Restructured, 0.00%, 07/01/51		1,442		327,637
				14,330,766
Rhode Island — 2.2%
Tobacco Settlement Financing Corp., Refunding RB
Series A, 5.00%, 06/01/35		580		673,647
Series B, 4.50%, 06/01/45		1,900		2,019,168
Series B, 5.00%, 06/01/50		2,605		2,816,578
				5,509,393
South Carolina — 3.3%
South Carolina Jobs-Economic Development Authority, Refunding RB, Series A, 5.00%, 05/01/48		2,245		2,655,925
South Carolina Public Service Authority, RB, Series A, 5.50%, 12/01/54		2,410		2,798,998
South Carolina Public Service Authority, Refunding RB
Series A, 5.00%, 12/01/50		1,035		1,208,041
Series E, 5.25%, 12/01/55		1,225		1,470,968
				8,133,932
Tennessee — 1.0%
Chattanooga Health Educational & Housing Facility Board, RB, Series A, 5.25%, 01/01/23(e)		980		1,075,246
Chattanooga Health Educational & Housing Facility Board, Refunding RB, Series A, 4.00%, 08/01/44		115		130,938
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, RB
Series A, 5.00%, 07/01/40		495		578,997
Series A, 5.25%, 10/01/58		705		825,294
				2,610,475
Texas — 5.5%
Central Texas Regional Mobility Authority, RB, Series E, Senior Lien, 4.00%, 01/01/50		1,555		1,794,641
Central Texas Regional Mobility Authority, Refunding RB, Sub Lien, 5.00%, 01/01/23(e)		250		273,160
City of Austin Texas Airport System Revenue, ARB, AMT, 5.00%, 11/15/39		440		505,534
City of Austin Texas Electric Utility Revenue, Refunding RB, Series A, 5.00%, 11/15/37		1,500		1,626,045

4

Schedule of Investments (unaudited) (continued) January 31, 2021 BlackRock MuniHoldings Fund, Inc. (MHD) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Texas (continued)
City of San Antonio Texas Electric & Gas Systems Revenue, Refunding RB, Series A, 5.00%, 02/01/48	$	850	$	1,076,270
Harris County Cultural Education Facilities Finance Corp., RB, Series B, 7.00%, 01/01/23(e)		325		367,263
North Texas Tollway Authority, RB, CAB, Series B, 0.00%, 09/01/31(c)(e)		1,400		768,488
San Antonio Water System, Refunding RB, Series A, Junior Lien, 5.00%, 05/15/48		945		1,192,439
Tarrant County Cultural Education Facilities Finance Corp., RB, Series B, 5.00%, 07/01/48		3,330		4,135,327
Texas Municipal Gas Acquisition & Supply Corp. III Refunding RB(b)
5.00%, 12/15/30		340		453,808
5.00%, 12/15/32		310		425,909
Texas Transportation Commission, RB, Series A, 5.00%, 08/01/57		845		994,523
				13,613,407
Utah — 1.0%
County of Utah UT, RB
Series A, 4.00%, 05/15/43		155		186,197
Series A, 3.00%, 05/15/50		710		762,611
Salt Lake City Corp. Airport Revenue, ARB
Series A, AMT, 5.00%, 07/01/47		665		788,537
Series A, AMT, 5.00%, 07/01/48		640		767,155
				2,504,500
Virginia — 1.4%
Hanover County Economic Development Authority, Refunding RB, Series A, 5.00%, 07/01/47		970		981,747
Virginia Small Business Financing Authority, RB
AMT, Senior Lien, 5.25%, 01/01/32		550		586,745
AMT, Senior Lien, 6.00%, 01/01/37		1,830		1,969,922
				3,538,414
Washington — 2.4%
Grant County Public Utility District No.2 Priest Rapids Hydroelectric Project, Refunding RB, Series A, 5.00%, 01/01/26(e)		1,555		1,913,801
Port of Seattle Washington, ARB
Series A, AMT, 5.00%, 05/01/43		1,085		1,291,855
Series C, AMT, 5.00%, 04/01/40		540		620,843
Washington Health Care Facilities Authority, RB, Series A, 5.75%, 01/01/23(e)		1,625		1,799,200
Washington Health Care Facilities Authority, Refunding RB, Series A, 4.00%, 08/01/44		250		282,885
				5,908,584
Wisconsin — 0.3%
Public Finance Authority, RB
Series A, 5.00%, 07/15/39(a)		100		107,210
Series A, 5.00%, 07/15/49(a)		245		257,765

Security	Par (000)		Value
Wisconsin (continued)
Public Finance Authority, RB (continued)
Series A, 5.00%, 07/15/54(a)	$	115	$	120,446
Series B, 5.00%, 06/01/49		320		354,896
				840,317
Total Municipal Bonds — 115.5% (Cost: $252,988,932)				288,115,587
Municipal Bonds Transferred to Tender Option Bond Trusts(h)
California — 2.2%
Bay Area Toll Authority, Refunding RB, 4.00%, 04/01/42(i)		2,257		2,626,507
Sacramento Area Flood Control Agency, Refunding SAB, 5.00%, 10/01/47		2,250		2,740,383
				5,366,890
Colorado — 2.0%
City & County of Denver Colorado Airport System Revenue, Refunding ARB, Series A, AMT, 5.25%, 12/01/48(i)		1,664		2,030,147
County of Adams Colorado, Refunding COP, 4.00%, 12/01/45		2,700		3,024,594
				5,054,741
District of Columbia — 0.6%
Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Refunding RB, Series B, Subordinate, (AGM), 4.00%, 10/01/53		1,299		1,493,294
Georgia — 1.7%
Dalton Whitfield County Joint Development Authority, RB, 4.00%, 08/15/48		2,622		3,004,575
Georgia Housing & Finance Authority, Refunding RB, Series A, 3.60%, 12/01/44		1,041		1,144,628
				4,149,203
Illinois — 0.5%
Illinois Finance Authority, Refunding RB
Series C, 4.00%, 02/15/27(e)		3		2,921
Series C, 4.00%, 02/15/41		1,031		1,164,690
				1,167,611
Massachusetts — 4.1%
Commonwealth of Massachusetts Transportation Fund Revenue, RB, Series A, 4.00%, 06/01/45		1,502		1,667,191
Massachusetts Development Finance Agency, Refunding RB, 5.00%, 07/01/47		3,359		3,987,279
Massachusetts School Building Authority, RB, Series B, 5.00%, 10/15/21(e)		4,502		4,656,524
				10,310,994
NewYork — 11.7%
Hudson Yards Infrastructure Corp., RB(i)
5.75%, 02/15/21(e)		257		257,949
5.75%, 02/15/47		158		158,682
New York Liberty Development Corp., ARB, 5.25%, 12/15/43		7,440		7,761,859

SCHEDULE   OF   INVESTMENTS 5

Schedule of Investments (unaudited) (continued) January 31, 2021 BlackRock MuniHoldings Fund, Inc. (MHD) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
NewYork (continued)
New York Liberty Development Corp., Refunding RB, 5.75%, 11/15/51(i)	$	4,460	$	4,640,570
New York Power Authority, Refunding RB, Series A, 4.00%, 11/15/60		948		1,118,042
New York State Dormitory Authority, Refunding RB, Series D, 4.00%, 02/15/47		4,317		5,056,441
New York State Thruway Authority, Refunding RB, Series B, Subordinate, 4.00%, 01/01/50		2,083		2,409,378
New York State Urban Development Corp., RB, Series A, 4.00%, 03/15/46		4,846		5,568,105
Port Authority of New York & New Jersey, Refunding ARB, 194th Series, 5.25%, 10/15/55		1,860		2,221,491
				29,192,517
North Carolina — 0.9%
North Carolina Capital Facilities Finance Agency, Refunding RB, Series B, 5.00%, 10/01/25(e)		1,830		2,223,157
Pennsylvania — 0.9%
Pennsylvania Turnpike Commission, RB, Sub-Series A, 5.50%, 12/01/42		1,695		2,112,106
Rhode Island — 0.5%
Narragansett Bay Commission, Refunding RB, Series A, 4.00%, 09/01/22(e)		1,140		1,210,292
Texas — 6.6%
Board of Regents of the University of Texas System, Refunding RB, Series B, 5.00%, 08/15/43		2,041		2,187,843
City of San Antonio Texas Electric & Gas Systems Revenue, RB, Junior Lien, 5.00%, 02/01/23(e)		1,720		1,886,169
Lower Colorado River Authority, Refunding, RB, 4.00%, 05/15/43		1,504		1,570,579
Metropolitan Transit Authority of Harris County Sales & Use Tax Revenue, Refunding RB, Series A, 5.00%, 11/01/21(e)		2,350		2,435,705
San Antonio Public Facilities Corp., Refunding RB, 4.00%, 09/15/42		2,295		2,413,032
Texas Water Development Board, RB, Series A, 4.00%, 10/15/49		5,020		6,045,084
				16,538,412
Virginia — 2.3%
Hampton Roads Transportation Accountability Commission, RB, Series A, Senior Lien, 4.00%, 07/01/60(i)		1,545		1,830,748
Virginia Small Business Financing Authority, Refunding RB, Series A, 4.00%, 12/01/49		3,460		3,979,900
				5,810,648
Wisconsin — 1.9%
Wisconsin Health & Educational Facilities Authority, Refunding RB
4.00%, 12/01/46		2,059		2,294,581
4.00%, 12/15/49(i)		2,140		2,500,440
				4,795,021
Total Municipal Bonds Transferred to Tender Option Bond Trusts — 35.9% (Cost: $82,855,596)				89,424,886
Total Long-Term Investments — 151.4% (Cost: $335,844,528)				377,540,473

Security	Shares		Value
Short-Term Securities
Money Market Funds — 5.0%
BlackRock Liquidity Funds, MuniCash, Institutional Class, 0.01%(j)(k)		12,466,444	$	12,468,937
Total Short-Term Securities — 5.0% (Cost: $12,468,937)				12,468,937
Total Investments — 156.4% (Cost: $348,313,465)				390,009,410
Liabilities in Excess of Other Assets — (1.8)%				(4,670,096	)
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (21.0)%				(52,300,650	)
VMTP Shares at Liquidation Value — (33.6)%				(83,700,000	)
Net Assets Applicable to Common Shares — 100.0%			$	249,338,664

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

^(b)  When-issued security.

^(c)  Zero-coupon bond.

^(d)  Security is collateralized by municipal bonds or U.S. Treasury obligations.

^(e)  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.

^(f)  Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available.

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

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

⁽ⁱ⁾  All or a portion of the security is subject to a recourse agreement. The aggregate maximum potential amount the Fund could ultimately be required to pay under the agreements, which expire between May 15, 2021 to February 15, 2047, is $7,653,808.

^(j)  Affiliate of the Fund.

^(k)  Annualized 7-day yield as of period end.

6

Schedule of Investments (unaudited) (continued) January 31, 2021 BlackRock MuniHoldings Fund, Inc. (MHD)     

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the period ended January 31, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 04/30/20		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 01/31/21		Shares Held at 01/31/21		Income		Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, MuniCash, Institutional Class	$	5,685,668	$	6,782,628	(a)	$	—	$	2,385	$	(1,744	)	$	12,468,937		12,466,444	$	358	$	—

^(a) Represents net amount purchased (sold).

Fair Value Hierarchy as of Period End

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

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

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

• Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the BlackRock Global Valuation Methodologies Committee’s (the “Global Valuation Committee’s”) assumptions used in determining the fair value of financial instruments).

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

The following table summarizes the Fund’s investments categorized in the disclosure hierarchy. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Municipal Bonds	$	—	$	288,115,587	$	—	$	288,115,587
Municipal Bonds Transferred to Tender Option Bond Trusts		—		89,424,886		—		89,424,886
Short-Term Securities
Money Market Funds		12,468,937		—		—		12,468,937
	$	12,468,937	$	377,540,473	$	—	$	390,009,410

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

	Level 1		Level 2			Level 3		Total
Liabilities
TOB Trust Certificates	$	—	$	(52,280,541	)	$	—	$	(52,280,541	)
VMTP Shares at Liquidation Value		—		(83,700,000	)		—		(83,700,000	)
	$	—	$	(135,980,541	)	$	—	$	(135,980,541	)

SCHEDULE   OF   INVESTMENTS 7

Schedule of Investments (unaudited) (continued) January 31, 2021 BlackRock MuniHoldings Fund, Inc. (MHD)     

Portfolio Abbreviation
AGC	Assured Guaranty Corp.
AGM	Assured Guaranty Municipal Corp.
AMT	Alternative Minimum Tax
ARB	Airport Revenue Bonds
CAB	Capital Appreciation Bonds
COP	Certificates of Participation
GO	General Obligation Bonds
GTD	GTD Guaranteed
M/F	Multi-Family
RB	Revenue Bond
S/F	Single-Family
SAB	Special Assessment Bonds
SAW	State Aid Withholding
TA	Tax Allocation

8