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

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