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

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-08081

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

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

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

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

Date of fiscal year end: 04/30/2009

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

Item 1 – Schedule of Investments

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

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

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

1

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

2

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

3

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

4

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

5

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

6

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

7

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

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

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

(a)       Variable rate security. Rate shown is as of report date. Maturity shown is the final maturity date.
 
(b)       MBIA Insured.
 
(c)       XL Capital Insured.
 
(d)       U.S. government securities, held in escrow, are used to pay interest on this security, as well as to retire the bond in full at the date indicated, typically at a premium to par.
 
(e)       Represents a zero coupon bond. Rate shown reflects the effective yield at the time of purchase.
 
(f)       FGIC Insured.
 
(g)       FSA Insured.
 

8

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

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

    		• Effective May 1, 2008, the Fund adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, "Fair Value Measurements" ("FAS 157"). FAS 157 clarifies the definition of fair value, establishes a framework for measuring fair values and requires additional disclosures about the use of fair value measurements. Various inputs are used in determining the fair value of investments, which are as follows:
     
     
    		• Level 1 - price quotations in active markets/exchanges for identical securities
     
     
    		• Level 2 - other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, and default rates) or other market- corroborated inputs)
     
     
    		• Level 3 - unobservable inputs based on the best information available in the circumstance, to the extent observable inputs are not available (including the Fund's own assumption used in determining the fair value of investments)
     
      The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent financial statements as contained in its annual report.
     

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

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

    9

    Item 2 – Controls and Procedures

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

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

    Item 3 – Exhibits

    Certifications – Attached hereto

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

    BlackRock MuniHoldings Fund, Inc.

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

    Date: September 19, 2008

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

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

    Date: September 19, 2008

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

    Date: September 19, 2008

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