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April 30, 2026 
2026 Quarterly Report
(Unaudited)
 
BlackRock MuniHoldings Fund, Inc. (MHD)
 
Not FDIC Insured • May Lose Value • No Bank Guarantee
Schedule of Investments (unaudited)
April 30, 2026
BlackRock MuniHoldings Fund, Inc. (MHD)
(Percentages shown are based on Net Assets)
 
Security
 
Par
(000)
Value
Municipal Bonds
Alabama — 5.3%
Black Belt Energy Gas District, RB(a)
 
Series A, 5.25%, 01/01/54
$
8,325
$ 8,849,830
Series A, 5.25%, 05/01/55
 
1,385
1,436,898
Series A, 5.25%, 05/01/56
 
10,065
10,228,102
Series B, 5.25%, 12/01/53
 
5,455
5,861,074
Series C, 5.50%, 10/01/54
 
10,000
10,777,414
Series F, 5.50%, 11/01/53
 
2,750
2,875,308
Black Belt Energy Gas District, Refunding RB, 4.00%,
06/01/51(a)
 
5,000
5,066,847
County of Jefferson AL Sewer Revenue, Refunding RB,
5.50%, 10/01/53
 
520
542,807
County of Jefferson Alabama Sewer Revenue,
Refunding RB, 5.25%, 10/01/49
 
10,395
10,748,064
Energy Southeast A Cooperative District, RB,
Series B-1, 5.75%, 04/01/54(a)
 
10,480
11,434,983
Lower Alabama Gas District, RB, Series A, 5.00%,
09/01/46
 
6,500
6,709,975
Mobile County Industrial Development Authority, RB
 
Series A, AMT, 5.00%, 06/01/54
 
4,720
4,574,148
Series B, AMT, 4.75%, 12/01/54
 
1,100
1,025,756
Southeast Alabama Gas Supply District, Refunding RB,
Series B, 5.00%, 06/01/49(a)
 
6,435
6,772,585
Southeast Energy Authority A Cooperative District,
RB(a)
 
Series A, 5.00%, 01/01/56
 
7,900
8,088,758
Series A-1, 5.50%, 01/01/53
 
5,195
5,522,902
Series A-2, 4.85%, 01/01/53
 
5,090
5,296,544
Series B, 5.00%, 01/01/54
 
5,350
5,642,063
Series B, 5.25%, 03/01/55
 
2,375
2,456,978
Series B-1, 5.00%, 05/01/53
 
4,510
4,664,112
 
 
118,575,148
Alaska — 0.3%
Municipality of Anchorage, RB, Series A, 4.50%,
02/01/60
 
7,020
6,234,544
Arizona — 3.9%
Arizona Industrial Development Authority, RB(b)
 
4.38%, 07/01/39
 
2,075
1,918,256
Series A, 5.00%, 07/01/49
 
1,975
1,805,251
Series A, 5.00%, 07/01/54
 
1,525
1,358,414
Arizona Industrial Development Authority, Refunding
RB(b)
 
5.50%, 07/01/52
 
130
122,080
Series A, 5.38%, 07/01/50
 
1,185
1,153,816
Series G, 5.00%, 07/01/47
 
435
409,297
City of Phoenix Civic Improvement Corp., ARB, Junior
Lien, 5.00%, 07/01/49
 
5,000
5,105,926
City of Phoenix Civic Improvement Corp., RB, Junior
Lien, 5.25%, 07/01/47
 
8,335
8,942,839
Glendale Industrial Development Authority, RB, 5.00%,
05/15/56
 
165
141,700
Industrial Development Authority of the City of Phoenix
Arizona, RB, Series A, 5.00%, 07/01/46(b)
 
7,345
6,969,727
Industrial Development Authority of the County of
Pima, RB(b)
 
5.00%, 07/01/34
 
400
400,269
5.00%, 07/01/49
 
350
323,309
Security
 
Par
(000)
Value
Arizona (continued)
Industrial Development Authority of the County of
Pima, Refunding RB, 5.00%, 06/15/49(b)
$
985
$ 876,271
Maricopa County & Phoenix Industrial Development
Authorities, RB, S/F Housing, Series A, (FHLMC,
FNMA, GNMA), 6.50%, 03/01/55
 
1,440
1,601,245
Maricopa County Industrial Development Authority, RB,
6.38%, 07/01/58(b)
 
620
605,268
Maricopa County Industrial Development Authority,
Refunding RB, 5.00%, 07/01/54(b)
 
640
586,828
Salt Verde Financial Corp., RB
 
5.00%, 12/01/32
 
17,135
18,368,429
5.00%, 12/01/37
 
13,885
14,715,515
Town of Queen Creek, COP, 5.50%, 10/01/65
 
19,940
21,120,524
 
 
86,524,964
Arkansas — 0.2%
Arkansas Development Finance Authority, RB, AMT,
Sustainability Bonds, 5.70%, 05/01/53
 
3,415
3,496,869
California — 6.7%
California Community Choice Financing Authority, RB(a)
 
Series B, Sustainability Bonds, 5.00%, 03/01/56
 
2,935
3,131,254
Series B-2, Sustainability Bonds, 3.54%, 02/01/52
 
1,500
1,434,491
California County Tobacco Securitization Agency,
Refunding RB, Series A, 5.00%, 06/01/36
 
300
294,540
California Educational Facilities Authority, RB,
Series U-7, 5.00%, 06/01/46
 
2,315
2,674,310
California Enterprise Development Authority, RB,
8.00%, 11/15/62(b)
 
3,470
3,062,416
California Health Facilities Financing Authority,
Refunding RB, Sustainability Bonds, 5.00%,
08/01/55
 
1,500
1,502,142
California Housing Finance Agency, RB, M/F Housing,
Class 3, 5.80%, 04/01/36(b)
 
3,270
3,242,872
California Infrastructure & Economic Development
Bank, RB, Series A, 1st Lien, (BAM), 5.00%,
01/01/28(c)
 
10,100
10,526,291
California Infrastructure & Economic Development
Bank, Refunding RB, Class B, AMT, Sustainability
Bonds, 12.00%, 01/01/65(a)(b)
 
6,645
3,854,100
California Municipal Finance Authority, ARB
 
AMT, Senior Lien, 5.00%, 12/31/43
 
800
810,453
AMT, Senior Lien, 4.00%, 12/31/47
 
780
691,135
California Municipal Finance Authority, RB, M/F
Housing
 
6.00%, 02/01/38(a)
 
3,700
3,668,907
Series A, 6.10%, 12/01/37
 
3,700
3,712,497
California Municipal Finance Authority, RB, S/F
Housing, Series 2025-1, Class A-1, 0.00%,
02/20/41(a)
 
1,329
1,238,741
California Public Finance Authority, RB, Series A,
6.38%, 06/01/59(b)
 
1,325
1,226,358
California School Finance Authority, Refunding RB,
Series A, 5.00%, 07/01/51(b)
 
1,700
1,643,916
City of Los Angeles Department of Airports, ARB
 
Series A, AMT, 05/15/42(d)
 
11,420
11,529,583
AMT, Sustainability Bonds, 5.00%, 05/15/47
 
4,420
4,528,173
City of Los Angeles Department of Airports, Refunding
ARB, Series A, AMT, Sustainability Bonds, 5.50%,
05/15/55
 
4,425
4,716,094
2
Schedule of Investments (unaudited)(continued)
April 30, 2026
BlackRock MuniHoldings Fund, Inc. (MHD)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
California (continued)
CSCDA Community Improvement Authority, RB, M/F
Housing, Sustainability Bonds, 5.00%, 09/01/37(b)
$
180
$ 183,328
Hartnell Community College District, GO
 
Series D, 7.00%, 08/01/34
 
1,650
1,738,560
Series C, Election 2008, 0.00%, 07/01/38(e)
 
2,000
1,301,573
Sustainability Bonds, 4.00%, 07/01/53
 
7,580
7,109,384
Indio Finance Authority, Refunding RB, Series A,
(NPFGC), 4.50%, 11/01/52
 
2,405
2,423,285
Mt San Antonio Community College District, Refunding
GO, CAB, Series A, Convertible, Election 2008,
6.25%, 08/01/43(f)
 
1,580
1,629,679
Norwalk-La Mirada Unified School District, Refunding
GO, Series E, Election 2002, (AGM), 0.00%,
08/01/38(e)
 
8,000
4,869,170
Palomar Community College District, GO
 
Series B, Convertible, 6.20%, 08/01/39
 
2,605
3,236,698
Series B, Election 2006, 0.00%, 08/01/30(e)
 
1,500
1,336,417
Pleasanton Unified School District, GO, Election 2022,
4.25%, 08/01/50
 
7,630
7,440,150
Riverside County Transportation Commission, RB,
CAB(e)
 
Series B, Senior Lien, 0.00%, 06/01/41
 
5,000
2,623,780
Series B, Senior Lien, 0.00%, 06/01/42
 
6,000
2,968,903
Series B, Senior Lien, 0.00%, 06/01/43
 
5,000
2,335,935
Sacramento Metropolitan Fire District, GO, Series A,
Election 2024, 4.00%, 08/01/55
 
2,940
2,697,593
San Diego Community College District, GO, Election
2002, 6.00%, 08/01/27(c)
 
2,800
2,928,073
San Diego County Regional Airport Authority, ARB
 
Series B, AMT, 5.00%, 07/01/47
 
1,515
1,516,332
Series B, AMT, Subordinate, 5.00%, 07/01/56
 
2,150
2,161,068
San Diego Unified School District, GO(e)(g)
 
Class A, 0.00%, 07/01/29
 
5,315
4,874,426
Series A, 0.00%, 07/01/29
 
685
628,219
San Diego Unified School District, Refunding GO,
CAB, Series R-1, 0.00%, 07/01/31(e)
 
1,400
1,206,998
San Francisco City & County Airport Comm-San
Francisco International Airport, Refunding ARB,
Series D, AMT, 5.25%, 05/01/55
 
11,105
11,522,760
San Marcos Unified School District, GO, CAB(e)
 
Series B, Election 2010, 0.00%, 08/01/33
 
3,000
2,376,155
Series B, Election 2010, 0.00%, 08/01/34
 
3,500
2,661,455
Series B, Election 2010, 0.00%, 08/01/36
 
4,000
2,789,164
Series B, Election 2010, 0.00%, 08/01/43
 
2,500
1,211,491
Tobacco Securitization Authority of Southern California,
Refunding RB, 5.00%, 06/01/48
 
1,000
1,007,078
Washington Township Health Care District, GO,
Series B, Election 2004, 5.50%, 08/01/40
 
2,690
2,708,771
Yosemite Community College District, GO, Series D,
Election 2004, 0.00%, 08/01/37(e)
 
10,000
6,758,724
 
 
149,733,442
Colorado — 1.0%
Centerra Metropolitan District No. 1, TA, 5.00%,
12/01/47(b)
 
250
249,980
City & County of Denver Colorado Airport System
Revenue, Refunding ARB
 
Series A, AMT, 5.00%, 12/01/48
 
1,800
1,803,289
Series A, AMT, 4.13%, 11/15/53
 
1,290
1,131,739
Series D, AMT, 5.75%, 11/15/45
 
3,310
3,590,527
Security
 
Par
(000)
Value
Colorado (continued)
City & County of Denver Colorado Pledged Excise Tax
Revenue, RB, CAB, Series A-2, 0.00%, 08/01/38(e)
$
915
$ 533,117
Colorado Educational & Cultural Facilities Authority,
RB, 5.50%, 07/01/40
 
2,510
2,511,367
Colorado Health Facilities Authority, RB
 
5.25%, 11/01/39
 
595
646,190
5.50%, 11/01/47
 
1,055
1,113,890
5.25%, 11/01/52
 
1,920
1,978,623
Colorado Health Facilities Authority, Refunding RB
 
Series A, 4.00%, 11/15/46
 
1,610
1,473,975
Series A, 4.00%, 08/01/49
 
1,950
1,675,730
Series A, 4.00%, 05/15/52
 
1,500
1,351,177
Series A, 5.00%, 05/15/52
 
3,000
3,062,238
Colorado Housing and Finance Authority, RB, M/F
Housing, Series A, Sustainability Bonds, (AGM),
4.48%, 03/01/44
 
315
314,441
Denver Convention Center Hotel Authority, Refunding
RB, Series A, 5.00%, 12/01/40
 
830
830,696
 
 
22,266,979
Connecticut — 0.2%
Connecticut State Health & Educational Facilities
Authority, RB, 4.25%, 07/15/53
 
1,695
1,561,519
State of Connecticut Special Tax Revenue, RB,
Series A-2, 5.00%, 07/01/43
 
1,420
1,552,787
Waterbury Housing Authority, RB, M/F Housing,
Series A, (AGM), 4.50%, 02/01/42
 
935
941,185
 
 
4,055,491
Delaware — 0.2%
County of Kent Delaware, RB
 
Series A, 5.00%, 07/01/40
 
1,100
1,104,581
Series A, 5.00%, 07/01/53
 
2,585
2,381,278
 
 
3,485,859
District of Columbia — 3.6%
District of Columbia Housing Finance Agency, RB, M/F
Housing, Series A, Sustainability Bonds, (PSF),
4.88%, 09/01/45
 
720
743,402
District of Columbia Income Tax Revenue, RB,
Series A, 5.00%, 07/01/47
 
2,050
2,137,658
District of Columbia Income Tax Revenue, Refunding
RB, Series A, 5.25%, 06/01/50
 
2,865
3,048,082
District of Columbia Tobacco Settlement Financing
Corp., Refunding RB, 6.75%, 05/15/40
 
31,045
32,037,515
District of Columbia, Refunding GO, Series A, 5.25%,
01/01/48
 
8,510
8,996,127
Metropolitan Washington Airports Authority Aviation
Revenue, Refunding ARB
 
Series A, AMT, 5.25%, 10/01/48
 
1,000
1,033,924
Series A, AMT, 5.25%, 10/01/49
 
1,190
1,232,379
Series A, AMT, 5.50%, 10/01/55
 
2,255
2,380,035
Metropolitan Washington Airports Authority Dulles Toll
Road Revenue, Refunding RB
 
Series B, 2nd Senior Lien, (AGM), 0.00%,
10/01/34(e)
 
10,170
7,483,815
Series B, 2nd Senior Lien, (PSF), 0.00%,
10/01/35(e)
 
13,485
9,485,651
Series B, Subordinate, 4.00%, 10/01/49
 
7,985
7,066,577
Schedule of Investments
3
Schedule of Investments (unaudited)(continued)
April 30, 2026
BlackRock MuniHoldings Fund, Inc. (MHD)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
District of Columbia (continued)
Washington Metropolitan Area Transit Authority
Dedicated Revenue, RB
 
Series A, 2nd Lien, Sustainability Bonds, 4.38%,
07/15/59
$
2,795
$ 2,654,759
Sustainability Bonds, 5.00%, 07/15/45
 
1,210
1,277,462
Series A, Sustainability Bonds, 4.13%, 07/15/47
 
1,285
1,228,960
 
 
80,806,346
Florida — 5.5%
Capital Trust Agency, Inc., RB(b)
 
5.00%, 01/01/55
 
305
261,402
Series A, 5.00%, 06/01/45
 
1,750
1,593,528
Series A, 5.50%, 06/01/57
 
655
587,747
Celebration Pointe Community Development District
No. 1, SAB(h)(i)
 
5.00%, 05/01/32
 
180
144,000
5.00%, 05/01/48
 
530
424,000
City of Fort Lauderdale Florida Water & Sewer
Revenue, RB
 
Series B, 5.50%, 09/01/48
 
2,920
3,190,854
Series B, 5.50%, 09/01/53
 
1,700
1,830,431
City of Gainesville Florida Utilities System Revenue,
Refunding RB, Series A, 5.00%, 10/01/29(c)
 
20
21,489
City of Miami Florida, RB, Series A, 5.00%, 03/01/48
 
1,800
1,872,896
City of Tampa Florida, RB, CAB, Series A, 0.00%,
09/01/45(e)
 
6,275
2,452,707
Collier County Health Facilities Authority, RB, 4.00%,
05/01/52
 
1,070
894,755
Collier County Industrial Development Authority, RB,
Series A, (AGM-CR), 5.00%, 10/01/54
 
3,500
3,542,021
County of Broward Florida Airport System Revenue,
ARB, Series A, AMT, 5.00%, 10/01/44
 
995
1,016,193
County of Broward Florida Tourist Development Tax
Revenue, Refunding RB, Convertible, 4.00%,
09/01/51
 
1,700
1,492,176
County of Broward Florida Water & Sewer Utility
Revenue, RB, Series A, 4.00%, 10/01/45
 
585
573,963
County of Lee Florida Airport Revenue, ARB
 
(GTD), 5.25%, 10/01/54
 
4,325
4,467,244
AMT, 5.25%, 10/01/49
 
2,050
2,125,304
County of Miami-Dade Florida Aviation Revenue,
Refunding ARB
 
Series A, AMT, 5.00%, 10/01/44
 
3,525
3,593,350
Series A, AMT, 5.50%, 10/01/55
 
2,840
2,981,845
County of Miami-Dade Florida Aviation Revenue,
Refunding RB, Series B, AMT, 5.00%, 10/01/40
 
3,120
3,157,499
County of Miami-Dade Seaport Department, Refunding
RB
 
Series A, AMT, 5.00%, 10/01/38
 
950
1,008,005
Series A, AMT, 5.25%, 10/01/52
 
1,245
1,266,196
County of Osceola Florida Transportation Revenue,
Refunding RB, CAB(e)
 
Series A-2, 0.00%, 10/01/46
 
260
91,557
Series A-2, 0.00%, 10/01/47
 
435
142,110
County of Pasco Florida, RB
 
(AGM), 5.00%, 09/01/48
 
5,085
5,180,196
(AGM), 5.75%, 09/01/54
 
1,455
1,561,467
Cypress Bluff Community Development District, SAB,
Series A, 3.80%, 05/01/50(b)
 
1,155
948,597
Escambia County Health Facilities Authority, Refunding
RB, 5.00%, 08/15/40
 
1,050
1,072,331
Security
 
Par
(000)
Value
Florida (continued)
Finley Woods Community Development District, SAB
 
4.00%, 05/01/40
$
265
$ 248,971
4.20%, 05/01/50
 
450
383,256
Florida Development Finance Corp., RB
 
Series A, 5.00%, 06/15/56
 
400
368,905
AMT, 5.00%, 05/01/29(b)
 
920
926,904
Florida Development Finance Corp., Refunding RB
 
5.00%, 09/15/40(b)
 
340
332,696
AMT, (PSF), 5.00%, 07/01/44
 
8,255
8,032,618
AMT, (PSF), 5.25%, 07/01/47
 
2,000
1,998,612
Florida Housing Finance Corp., RB, S/F Housing
 
Series 5, (BAM), 5.00%, 07/01/50
 
4,415
4,469,816
Series 5, (PSF), 5.05%, 01/01/56
 
2,840
2,872,551
Florida State Board of Governors, RB, Series A, (PSF),
4.25%, 10/01/53
 
7,000
6,491,140
Hillsborough County Industrial Development Authority,
Refunding RB
 
Series C, 4.13%, 11/15/51
 
7,050
6,444,657
Series C, 5.50%, 11/15/54
 
3,500
3,723,698
Lakewood Ranch Stewardship District, SAB
 
5.25%, 05/01/37
 
180
181,936
5.38%, 05/01/47
 
185
185,517
6.30%, 05/01/54
 
1,925
2,030,570
Lee County Industrial Development Authority, RB
 
Series B-2, 4.38%, 11/15/29
 
505
506,440
Series B-3, 4.13%, 11/15/29
 
525
525,526
Miami-Dade County Educational Facilities Authority,
RB, Series C, 5.25%, 11/15/49
 
3,940
4,159,043
Orange County Health Facilities Authority, RB
 
4.00%, 10/01/52
 
1,000
860,247
Series A, 5.00%, 10/01/53
 
5,075
5,178,072
Orange County Health Facilities Authority, Refunding
RB, Series A, 5.25%, 10/01/56
 
8,075
8,385,891
Osceola Chain Lakes Community Development
District, SAB
 
4.00%, 05/01/40
 
940
884,999
4.00%, 05/01/50
 
900
749,722
Palm Beach County Health Facilities Authority,
Refunding RB, 4.00%, 08/15/49
 
3,250
2,852,907
Preserve at South Branch Community Development
District, SAB, 4.00%, 11/01/50
 
500
431,801
Southern Groves Community Development District No.
5, Refunding SAB, 4.00%, 05/01/43
 
600
547,427
Stevens Plantation Community Development District,
SAB, Series A, 7.10%, 05/01/35(h)(i)
 
5,629
3,827,628
Tampa-Hillsborough County Expressway Authority, RB,
5.00%, 07/01/47
 
1,895
1,909,701
Trout Creek Community Development District, SAB
 
4.00%, 05/01/40
 
630
597,517
4.00%, 05/01/51
 
1,050
863,574
Two Lakes Community Development District, SAB,
5.00%, 05/01/55
 
1,540
1,507,692
University of Florida Department of Housing &
Residence Education Hsg Sys Rev, RB, Series A,
(PSF), 3.00%, 07/01/51
 
1,000
711,824
Village Community Development District No. 15, SAB,
5.25%, 05/01/54(b)
 
1,045
1,038,871
Volusia County Educational Facility Authority, RB,
5.25%, 06/01/49
 
260
263,171
Westside Community Development District, Refunding
SAB(b)
 
4.10%, 05/01/37
 
260
253,455
4
Schedule of Investments (unaudited)(continued)
April 30, 2026
BlackRock MuniHoldings Fund, Inc. (MHD)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Florida (continued)
Westside Community Development District, Refunding
SAB(b) (continued)
 
4.13%, 05/01/38
$
260
$ 251,220
Westside Community Development District, SAB,
4.00%, 05/01/50
 
815
682,837
 
 
123,175,275
Georgia — 2.5%
City of Atlanta Georgia Department of Aviation,
Refunding ARB, Series B, AMT, 5.00%, 07/01/52
 
1,520
1,531,796
County of DeKalb Georgia Water & Sewerage
Revenue, Refunding RB, 5.00%, 10/01/48
 
3,135
3,267,331
Dalton Whitfield County Joint Development Authority,
RB, 4.00%, 08/15/48
 
2,615
2,337,049
DeKalb County Housing Authority, Refunding RB,
4.13%, 12/01/34
 
1,820
1,813,966
East Point Business & Industrial Development
Authority, RB, Series A, 5.25%, 06/15/62(b)(h)(i)
 
1,410
846,000
Gainesville & Hall County Hospital Authority, RB,
Series A, 4.00%, 02/15/51
 
1,460
1,267,980
Georgia Housing & Finance Authority, RB, S/F Housing
 
Series C, 5.13%, 12/01/50
 
6,640
6,764,133
Series G, (GTD), 4.90%, 12/01/50
 
5,650
5,703,315
Main Street Natural Gas, Inc., RB(a)
 
Series A, 5.00%, 06/01/53
 
21,170
22,238,903
Series B, 5.00%, 12/01/52
 
5,000
5,206,836
Main Street Natural Gas, Inc., Refunding RB,
Series E-2, 4.14%, 12/01/53(a)
 
2,830
2,907,047
Municipal Electric Authority of Georgia, RB, Series A,
5.00%, 07/01/52
 
1,870
1,901,547
Municipal Electric Authority of Georgia, Refunding RB,
Series A, 4.00%, 01/01/51
 
520
453,582
 
 
56,239,485
Hawaii — 0.3%
State of Hawaii Airports System Revenue, ARB
 
Series B, 5.00%, 07/01/49
 
4,090
4,303,011
AMT, 5.25%, 08/01/26
 
2,475
2,480,131
 
 
6,783,142
Idaho — 0.6%
Idaho Health Facilities Authority, Refunding RB
 
(FHLMC, FNMA, GNMA), 4.38%, 03/01/53
 
2,220
2,178,388
Series A, 4.38%, 03/01/53
 
895
847,509
Idaho Housing & Finance Association, RB
 
(BAM), 5.50%, 05/01/52
 
1,250
1,270,157
(BAM-TCRS), 5.50%, 05/01/57
 
1,510
1,530,918
Series A, 5.00%, 08/15/48
 
2,015
2,111,805
Series A, 5.25%, 08/15/48
 
3,250
3,450,872
Power County Industrial Development Corp., RB,
6.45%, 08/01/32
 
2,000
2,006,968
 
 
13,396,617
Illinois — 6.7%
Chicago Board of Education, GO
 
Series A, 5.00%, 12/01/34
 
3,200
3,254,978
Series A, 5.00%, 12/01/40
 
1,730
1,709,964
Series A, 6.25%, 12/01/50
 
8,435
8,856,184
Series C, 5.25%, 12/01/35
 
1,845
1,837,431
Series D, 5.00%, 12/01/46
 
7,085
6,518,504
Chicago Board of Education, Refunding GO
 
Series B, 6.00%, 12/01/43
 
3,770
4,021,125
Series C, 5.00%, 12/01/34
 
475
475,988
Security
 
Par
(000)
Value
Illinois (continued)
Chicago Board of Education, Refunding
GO (continued)
 
Series G, 5.00%, 12/01/34
$
1,025
$ 1,027,131
Chicago O’Hare International Airport, ARB
 
Class A, AMT, Senior Lien, 4.50%, 01/01/48
 
4,000
3,848,582
Class A, AMT, Senior Lien, (BAM), 5.50%, 01/01/53
 
3,700
3,812,291
Series E, AMT, Senior Lien, 5.50%, 01/01/60
 
19,150
19,822,741
Series A, Senior Lien, 5.25%, 01/01/61
 
12,385
12,826,486
Series B, Senior Lien, 4.50%, 01/01/56
 
4,405
4,180,436
Series C, Senior Lien, 5.25%, 01/01/54
 
2,250
2,357,514
Chicago O’Hare International Airport, Refunding ARB
 
Series A, AMT, Senior Lien, 5.00%, 01/01/48
 
1,000
991,823
Series A, AMT, Senior Lien, 5.25%, 01/01/48
 
1,660
1,699,625
Series A, AMT, Senior Lien, 4.38%, 01/01/53
 
1,390
1,269,357
City of Chicago Illinois Wastewater Transmission
Revenue, RB
 
Series A, 2nd Lien, (AMBAC), 5.25%, 01/01/53
 
1,290
1,334,983
Series A, 2nd Lien, (BAM), 5.25%, 01/01/58
 
885
912,390
City of Chicago Illinois Waterworks Revenue, RB,
Series A, 2nd Lien, (BAM), 5.50%, 11/01/62
 
3,220
3,363,456
Illinois Finance Authority, Refunding RB
 
Series C, 4.00%, 02/15/27(c)
 
1,100
1,110,643
Series C, 4.00%, 02/15/41
 
15
14,734
Illinois Housing Development Authority, RB, S/F
Housing
 
Series G, Sustainability Bonds, (PSF), 4.85%,
10/01/42
 
515
535,606
Series G, Sustainability Bonds, (FNMA, GNMA),
6.25%, 10/01/52
 
2,500
2,686,462
Series N, Sustainability Bonds, (PSF), 6.25%,
04/01/54
 
1,540
1,671,781
Illinois Housing Development Authority, Refunding RB,
S/F Housing, Series H, Sustainability Bonds, (AGM),
4.65%, 10/01/43
 
1,795
1,832,314
Illinois State Toll Highway Authority, RB
 
Series A, 5.00%, 01/01/45
 
980
1,020,791
Series A, 4.00%, 01/01/46
 
395
372,932
Series B, 5.00%, 01/01/41
 
13,000
13,027,404
Metropolitan Pier & Exposition Authority, RB
 
5.00%, 06/15/57
 
5,195
5,128,284
Series A, 5.50%, 06/15/53
 
280
280,065
Metropolitan Pier & Exposition Authority, RB, CAB(e)
 
(BAM), 0.00%, 12/15/56
 
2,165
466,995
Series A, 0.00%, 12/15/56
 
3,020
632,258
Metropolitan Pier & Exposition Authority, Refunding
RB(e)
 
Series B, (FNMA), 0.00%, 06/15/44
 
12,445
5,606,769
Series B, (BAM), 0.00%, 06/15/47
 
22,775
8,358,268
State of Illinois, GO
 
5.50%, 05/01/39
 
2,635
2,797,448
Series B, 5.25%, 05/01/41
 
1,770
1,885,072
Series B, 5.25%, 05/01/43
 
1,115
1,176,389
Series B, 5.25%, 05/01/44
 
1,360
1,445,185
Series C, 5.50%, 04/01/51
 
10,495
10,973,950
Series D, 5.00%, 11/01/28
 
1,405
1,448,449
Series E, 5.00%, 09/01/43
 
755
794,877
Series F, 5.25%, 09/01/48
 
2,620
2,700,013
 
 
150,087,678
Indiana — 0.6%
City of Valparaiso Indiana, Refunding RB, AMT, 4.50%,
01/01/34(b)
 
365
372,474
Schedule of Investments
5
Schedule of Investments (unaudited)(continued)
April 30, 2026
BlackRock MuniHoldings Fund, Inc. (MHD)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Indiana (continued)
Indiana Finance Authority, RB
 
5.00%, 06/01/51
$
220
$ 187,624
5.00%, 06/01/56
 
190
158,120
Series A, 5.00%, 10/01/53
 
2,150
2,200,513
Indiana Finance Authority, Refunding RB
 
Class A, 5.50%, 10/01/50
 
665
704,619
Series C, 5.25%, 10/01/46
 
5,945
6,358,845
Series C, 5.25%, 10/01/47
 
2,055
2,184,245
Indianapolis Local Public Improvement Bond Bank,
Refunding ARB, Series B1, 5.25%, 01/01/55
 
990
1,028,197
 
 
13,194,637
Iowa — 0.2%
Iowa Finance Authority, RB, S/F Housing, Series A,
Sustainability Bonds, (Remove), 4.75%, 07/01/49
 
1,270
1,266,371
Iowa Finance Authority, Refunding RB, Series A,
5.13%, 05/15/59
 
850
797,724
University of Iowa Facilities Corp., RB
 
5.00%, 06/01/47
 
1,890
1,980,315
5.00%, 06/01/48
 
1,190
1,240,670
 
 
5,285,080
Kansas — 0.2%
City of Lenexa Kansas, Refunding RB, Series A,
5.00%, 05/15/43
 
400
400,513
University of Kansas Hospital Authority, Refunding RB,
5.50%, 03/01/54
 
2,820
3,007,179
 
 
3,407,692
Kentucky — 1.1%
City of Henderson Kentucky, RB, Series A, AMT,
4.70%, 01/01/52(b)
 
150
139,122
Kentucky Public Energy Authority, Refunding RB,
Series B, 5.00%, 01/01/55(a)
 
5,420
5,745,108
Kentucky Public Transportation Infrastructure Authority,
RB, CAB
 
Convertible, 6.45%, 07/01/34
 
500
572,898
Convertible, 6.60%, 07/01/39
 
830
941,946
Convertible, 6.75%, 07/01/43
 
5,750
6,458,016
Kentucky State Property & Building Commission, RB,
Series A, 5.50%, 11/01/42
 
875
987,717
Louisville and Jefferson County Metropolitan Sewer
District, Refunding RB, Series C, 5.00%, 05/15/49
 
2,000
2,073,188
University of Kentucky, RB, Class A, 5.00%, 04/01/55
 
8,020
8,158,237
 
 
25,076,232
Louisiana — 1.1%
Louisiana Public Facilities Authority, RB
 
5.25%, 10/01/53
 
1,330
1,309,613
AMT, 5.75%, 09/01/64
 
7,385
7,586,726
AMT, 5.00%, 09/01/66
 
1,395
1,334,806
Louisiana Stadium & Exposition District, Refunding RB
 
Series A, 5.00%, 07/01/48
 
3,910
4,009,502
Series A, 5.25%, 07/01/53
 
6,950
7,164,122
Parish of East Baton Rouge Capital Improvements
District, RB, 5.00%, 08/01/46
 
1,370
1,452,530
Port New Orleans Board of Commissioners, ARB,
Series E, AMT, 5.00%, 04/01/44
 
2,450
2,488,123
 
 
25,345,422
Maryland — 0.5%
City of Baltimore Maryland, Refunding RB, Series A,
4.50%, 09/01/33
 
135
135,608
Security
 
Par
(000)
Value
Maryland (continued)
Maryland Economic Development Corp., RB
 
Class B, AMT, Sustainability Bonds, 5.00%,
12/31/40
$
525
$ 541,061
Class B, AMT, Sustainability Bonds, 5.25%,
06/30/47
 
1,550
1,560,841
Class B, AMT, Sustainability Bonds, 5.25%,
06/30/55
 
2,530
2,517,886
Maryland Health & Higher Educational Facilities
Authority, Refunding RB, Series A, 5.25%, 08/15/54
 
4,810
4,967,761
Maryland Stadium Authority, RB, 5.00%, 06/01/54
 
1,480
1,526,649
 
 
11,249,806
Massachusetts — 2.6%
Commonwealth of Massachusetts Transportation Fund
Revenue, RB, Series B, 5.00%, 06/01/52
 
3,115
3,201,860
Commonwealth of Massachusetts, GOL
 
Series A, 5.00%, 01/01/49
 
3,000
3,133,043
Series D, 5.00%, 10/01/50
 
3,005
3,126,068
Series E, 5.00%, 11/01/49
 
1,210
1,256,646
Massachusetts Development Finance Agency, RB
 
5.00%, 10/01/48
 
2,800
2,571,025
Series A, 5.00%, 01/01/47
 
6,015
6,014,840
Massachusetts Development Finance Agency,
Refunding RB
 
5.00%, 04/15/40
 
400
397,393
5.00%, 07/01/47
 
1,815
1,837,252
(FHLMC, FNMA, GNMA), 5.50%, 07/01/50
 
7,510
8,140,459
5.50%, 07/01/55
 
5,660
6,000,200
(BAM), 5.50%, 07/01/55
 
4,500
4,826,696
(FHLMC, FNMA, GNMA), 5.50%, 07/01/55
 
4,010
4,303,565
Series A, 5.00%, 10/01/35
 
500
500,240
Series P, 5.45%, 05/15/59
 
2,010
2,151,190
Massachusetts Housing Finance Agency, Refunding
RB, Series A, AMT, 4.50%, 12/01/47
 
645
600,289
Massachusetts Port Authority, ARB, Series E, AMT,
5.00%, 07/01/46
 
8,565
8,771,846
 
 
56,832,612
Michigan — 1.4%
City of Detroit Michigan Water Supply System
Revenue, RB, Series B, 2nd Lien, (GTD), 6.25%,
07/01/36
 
10
10,027
Eastern Michigan University, RB, Series A, 4.00%,
03/01/28(c)
 
45
46,104
Lansing Community College, GOL, 5.00%, 05/01/44
 
5,070
5,230,532
Michigan Finance Authority, RB, Sustainability Bonds,
5.50%, 02/28/57
 
6,650
6,834,240
Michigan Finance Authority, Refunding RB
 
5.00%, 12/01/28(c)
 
45
47,653
4.00%, 09/01/46
 
550
476,052
4.00%, 11/15/46
 
1,300
1,163,703
5.00%, 12/01/48
 
1,955
1,982,440
Michigan State Building Authority, Refunding RB
 
Series I, 5.00%, 10/15/46
 
1,000
1,004,148
Series I, 4.00%, 10/15/52
 
1,265
1,136,417
Michigan Strategic Fund, RB
 
AMT, 5.00%, 12/31/43
 
6,490
6,543,120
AMT, 5.00%, 06/30/48
 
4,305
4,258,420
State of Michigan Trunk Line Revenue, RB, 5.25%,
11/15/49
 
1,145
1,212,900
 
 
29,945,756
6
Schedule of Investments (unaudited)(continued)
April 30, 2026
BlackRock MuniHoldings Fund, Inc. (MHD)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Minnesota — 0.9%
City of Spring Lake Park Minnesota, RB, 5.00%,
06/15/39
$
1,080
$ 1,065,710
Duluth Economic Development Authority, Refunding
RB
 
Series A, 4.25%, 02/15/48
 
9,485
8,524,058
Series A, 5.25%, 02/15/58
 
5,640
5,652,354
Minneapolis-St Paul Metropolitan Airports Commission,
ARB, Series B, AMT, Subordinate, 5.25%, 01/01/49
 
1,900
1,946,145
Minnesota Housing Finance Agency, RB, S/F Housing
 
Series M, Sustainability Bonds, (AGM), 5.10%,
07/01/42
 
1,455
1,545,335
Series M, Sustainability Bonds, (GNMA), 6.00%,
01/01/53
 
1,465
1,554,862
 
 
20,288,464
Mississippi — 0.4%
Mississippi Development Bank, RB, (AGM), 6.88%,
12/01/40
 
7,010
7,128,733
Mississippi Home Corp., RB, Series 2025-06FN,
Class PT, 4.55%, 04/01/42
 
495
498,629
Mississippi Home Corp., RB, S/F Housing, Series C,
(AGM), 4.80%, 12/01/49
 
1,970
1,988,946
 
 
9,616,308
Missouri — 1.5%
Health & Educational Facilities Authority of the State of
Missouri, Refunding RB
 
Series A, 4.00%, 04/01/45
 
1,365
1,288,074
Series A, 4.00%, 02/15/49
 
1,910
1,658,466
Series A, 4.25%, 04/01/55
 
17,125
16,140,576
Series A, Class P, 5.25%, 02/01/54
 
330
330,299
Series C, 4.00%, 11/15/49
 
3,455
3,090,195
Kansas City Industrial Development Authority, ARB
 
Class B, AMT, (NPFGC), 5.00%, 03/01/49
 
3,465
3,490,632
Class B, AMT, (AGM), 5.00%, 03/01/55
 
3,500
3,509,667
Kansas City Industrial Development Authority, RB, M/F
Housing, Sustainability Bonds, (BAM), 4.39%,
09/01/42
 
890
902,301
Missouri Housing Development Commission, RB, S/F
Housing
 
Series A, (AGM-CR), 4.60%, 11/01/49
 
175
173,146
Series C, (FNMA), 4.55%, 11/01/44
 
1,335
1,335,099
Series C, (AGM), 5.00%, 11/01/55
 
1,165
1,181,765
 
 
33,100,220
Montana — 0.0%
Montana Board of Housing, RB, S/F Housing,
Series B-2, 3.60%, 12/01/47
 
160
142,179
Nebraska — 0.1%
Omaha Public Power District, RB, Series A, 5.25%,
02/01/48
 
950
1,011,880
Nevada — 0.3%
City of Las Vegas Nevada Special Improvement District
No. 611, SAB, 4.13%, 06/01/50
 
1,065
912,530
City of Las Vegas Nevada Special Improvement District
No. 814, SAB
 
4.00%, 06/01/39
 
120
115,295
4.00%, 06/01/44
 
305
278,142
Security
 
Par
(000)
Value
Nevada (continued)
Las Vegas Valley Water District, GOL, Series A, 5.25%,
06/01/55
$
3,145
$ 3,326,152
Tahoe-Douglas Visitors Authority, RB
 
5.00%, 07/01/40
 
1,015
1,044,275
5.00%, 07/01/45
 
1,350
1,367,098
 
 
7,043,492
New Hampshire — 2.3%
New Hampshire Business Finance Authority, RB,
Series A, Sustainability Bonds, 5.50%, 06/01/55
 
19,395
20,065,018
New Hampshire Business Finance Authority, RB, M/F
Housing
 
1st Series, Class B, 5.75%, 04/28/42
 
5,130
5,274,607
1st Series, Subordinate, 5.13%, 01/28/43(a)
 
2,835
2,855,326
Series 2025, Subordinate, 5.15%, 09/28/37
 
8,050
8,036,344
Class A-1, Sustainability Bonds, 0.00%, 11/20/42(a)
 
10,377
10,111,182
Series 2, Sustainability Bonds, 4.25%, 07/20/41
 
3,728
3,719,775
Series 2, Class 3-A, Sustainability Bonds, 0.00%,
10/01/51(a)
 
1,330
1,297,930
 
 
51,360,182
New Jersey — 6.5%
Camden County Improvement Authority, RB,
Sustainability Bonds, 6.00%, 06/15/62
 
500
512,857
New Jersey Economic Development Authority, ARB,
Series B, AMT, 5.63%, 11/15/30
 
2,695
2,698,954
New Jersey Economic Development Authority, RB
 
5.00%, 06/15/34
 
1,000
1,063,368
5.00%, 06/15/36
 
1,270
1,341,622
5.00%, 06/15/43
 
2,435
2,510,157
Class A, 5.25%, 11/01/47
 
8,210
8,649,165
Series B, 4.50%, 06/15/40
 
1,270
1,284,941
Series EEE, 5.00%, 06/15/48
 
11,355
11,543,478
AMT, (AGM), 5.00%, 01/01/31
 
2,675
2,719,868
AMT, (AGM), 5.13%, 07/01/42
 
200
201,484
AMT, 5.38%, 01/01/43
 
8,725
8,734,783
New Jersey Economic Development Authority,
Refunding SAB
 
6.50%, 04/01/28
 
7,897
8,116,738
5.75%, 04/01/31
 
3,380
3,397,076
New Jersey Higher Education Student Assistance
Authority, RB, Series C, AMT, Subordinate, 4.25%,
12/01/50
 
1,810
1,548,938
New Jersey Higher Education Student Assistance
Authority, Refunding RB
 
Series 1-B, AMT, 4.50%, 12/01/45
 
1,525
1,540,388
Sub-Series C, AMT, 3.63%, 12/01/49
 
665
517,327
New Jersey Housing & Mortgage Finance Agency, RB,
S/F Housing, Series M, Sustainability Bonds, 5.10%,
10/01/50
 
3,670
3,744,127
New Jersey Transportation Trust Fund Authority, RB
 
5.00%, 12/15/32(c)
 
4,075
4,644,216
Series AA, 5.00%, 06/15/45
 
1,315
1,315,653
Series AA, 5.00%, 06/15/46
 
400
400,166
Series AA, 4.00%, 06/15/50
 
1,730
1,578,218
Series AA, 5.00%, 06/15/50
 
685
710,888
Series AA, 5.25%, 06/15/50
 
1,580
1,668,364
Series BB, 5.00%, 06/15/46
 
3,465
3,636,670
Series BB, 4.00%, 06/15/50
 
3,000
2,757,303
Schedule of Investments
7
Schedule of Investments (unaudited)(continued)
April 30, 2026
BlackRock MuniHoldings Fund, Inc. (MHD)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
New Jersey (continued)
New Jersey Transportation Trust Fund Authority,
RB (continued)
 
Series CC, 5.25%, 06/15/55
$
7,640
$ 8,000,793
New Jersey Transportation Trust Fund Authority, RB,
CAB(e)
 
Series A, 0.00%, 12/15/35
 
5,050
3,609,187
Series A, 0.00%, 12/15/38
 
5,845
3,639,814
New Jersey Transportation Trust Fund Authority,
Refunding RB, Series A, 4.25%, 06/15/40
 
7,330
7,387,511
New Jersey Turnpike Authority, RB, Series A, 5.25%,
01/01/55
 
10,040
10,718,003
South Jersey Port Corp., ARB, Series B, AMT, 5.00%,
01/01/42
 
4,000
4,043,333
Tobacco Settlement Financing Corp., Refunding RB
 
Series A, 5.00%, 06/01/46
 
7,165
7,098,392
Sub-Series B, 5.00%, 06/01/46
 
10,540
10,246,738
Series A, AMT, Intermediate Lien, 5.25%, 06/01/46
 
12,560
12,584,175
 
 
144,164,695
New Mexico — 0.0%
City of Santa Fe New Mexico, RB, Series A, 5.00%,
05/15/44
 
610
604,712
New York — 10.8%
Buffalo & Erie County Industrial Land Development
Corp., Refunding RB, Series A, 5.00%, 06/01/35
 
500
505,715
City of New York, GO
 
Series A, 5.00%, 08/01/46
 
2,265
2,364,003
Series C-1, 5.25%, 09/01/50
 
7,565
7,917,788
Series D, 4.00%, 04/01/50
 
1,190
1,088,694
Series G-1, 5.25%, 02/01/53
 
1,845
1,927,988
Empire State Development Corp., Refunding RB,
4.00%, 03/15/49
 
1,850
1,705,723
Erie Tobacco Asset Securitization Corp., Refunding
RB, Series A, 5.00%, 06/01/45
 
3,585
2,913,991
Metropolitan Transportation Authority, Refunding RB
 
Series C-1, 5.25%, 11/15/56
 
10
10,010
Series A, Sustainability Bonds, (PSF), 4.00%,
11/15/48
 
2,770
2,508,262
Series C-1, Sustainability Bonds, 5.00%, 11/15/26
 
65
65,812
Series C-1, Sustainability Bonds, 5.00%, 11/15/50
 
945
953,541
Series C-1, Sustainability Bonds, 5.25%, 11/15/55
 
3,720
3,776,246
Monroe County Industrial Development Corp.,
Refunding RB, Series A, 4.00%, 07/01/50
 
1,760
1,578,265
New York City Housing Development Corp., RB, M/F
Housing
 
Series A, Sustainability Bonds, (AGM), 4.70%,
08/01/54
 
2,565
2,537,754
Series A-1, Sustainability Bonds, 5.00%, 11/01/60
 
4,880
4,919,681
Series D, Sustainability Bonds, (FHLMC), 5.00%,
05/01/56
 
2,485
2,493,657
Series F, Sustainability Bonds, (AGM), 5.00%,
08/01/55
 
11,040
11,158,540
New York City Municipal Water Finance Authority, RB,
Series BB, 5.25%, 06/15/55
 
1,385
1,458,818
New York City Municipal Water Finance Authority,
Refunding RB
 
Series DD, 4.13%, 06/15/46
 
1,835
1,782,317
Series DD, 4.13%, 06/15/47
 
4,175
4,002,152
New York City Transitional Finance Authority Future
Tax Secured Revenue, RB
 
Series A-1, Subordinate, 4.00%, 08/01/48
 
3,560
3,288,782
Series A-1, Subordinate, 5.25%, 05/01/52
 
3,880
4,075,613
Security
 
Par
(000)
Value
New York (continued)
New York City Transitional Finance Authority Future
Tax Secured Revenue, RB (continued)
 
Series B, Subordinate, 5.00%, 05/01/46
$
1,520
$ 1,594,718
Series B-1, Subordinate, 4.00%, 08/01/48
 
2,500
2,284,658
Series E, Subordinate, 5.00%, 11/01/53
 
3,255
3,334,128
Series F-1, Subordinate, 4.00%, 02/01/51
 
13,955
12,746,338
Series G-1, Subordinate, 5.00%, 05/01/47
 
1,250
1,301,598
New York Counties Tobacco Trust II, RB, 5.75%,
06/01/43
 
700
713,706
New York Counties Tobacco Trust IV, Refunding RB
 
Series A, 5.00%, 06/01/38
 
1,345
1,248,631
Series A, 6.25%, 06/01/41(b)
 
8,939
8,777,663
New York Counties Tobacco Trust VI, Refunding RB
 
Series A-2B, 5.00%, 06/01/45
 
255
221,950
Series A-2B, 5.00%, 06/01/51
 
6,640
5,555,673
Series B, 5.00%, 06/01/41
 
550
550,328
New York Liberty Development Corp., Refunding RB
 
Class 2, 5.38%, 11/15/40(b)
 
4,280
4,282,792
Series A, Sustainability Bonds, (BAM), 3.00%,
11/15/51
 
5,835
4,250,084
Series A, Sustainability Bonds, 3.00%, 11/15/51
 
2,935
2,145,832
New York Power Authority, RB, Series A, Sustainability
Bonds, (FHLMC, FNMA, GNMA), 5.13%, 11/15/58
 
1,305
1,363,111
New York Power Authority, Refunding RB, Series A,
Sustainability Bonds, 4.00%, 11/15/55
 
1,160
1,038,776
New York State Dormitory Authority, RB
 
Series A, 5.00%, 03/15/44
 
1,610
1,648,221
Series A, 5.13%, 11/15/55
 
700
698,775
New York State Dormitory Authority, Refunding RB
 
Class A, 5.25%, 05/01/54
 
9,725
10,057,714
Series A, 4.00%, 03/15/54
 
6,385
5,733,262
New York State Thruway Authority, RB
 
Sustainability Bonds, 4.13%, 03/15/56
 
1,675
1,541,156
Sustainability Bonds, 4.13%, 03/15/57
 
2,415
2,214,774
New York Transportation Development Corp., ARB
 
AMT, 5.63%, 04/01/40
 
3,695
3,912,234
AMT, 5.00%, 12/01/40
 
2,250
2,351,548
Series A, AMT, 5.00%, 07/01/46
 
2,765
2,751,443
AMT, Sustainability Bonds, 6.00%, 06/30/55
 
7,645
8,088,720
AMT, Sustainability Bonds, 6.00%, 06/30/59
 
4,435
4,676,462
AMT, Sustainability Bonds, (FHLMC, FNMA,
GNMA), 6.00%, 06/30/60
 
7,200
7,690,806
New York Transportation Development Corp., RB
 
AMT, 5.00%, 10/01/35
 
4,630
4,835,398
AMT, 4.00%, 10/31/46
 
425
386,631
AMT, 4.00%, 04/30/53
 
605
525,155
AMT, Sustainability Bonds, (FHLMC, FNMA,
GNMA), 5.25%, 06/30/60
 
10,315
10,447,705
AMT, Sustainability Bonds, 5.38%, 06/30/60
 
5,350
5,431,987
AMT, Sustainability Bonds, 5.50%, 06/30/60
 
9,580
9,639,664
New York Transportation Development Corp.,
Refunding RB
 
Series A, AMT, Sustainability Bonds, (Q-SBLF),
5.25%, 12/31/54
 
3,430
3,470,581
Series A, AMT, Sustainability Bonds, 5.50%,
12/31/60
 
8,275
8,363,698
Port Authority of New York & New Jersey, ARB,
Series 218, AMT, 4.00%, 11/01/47
 
380
345,238
Port Authority of New York & New Jersey, Refunding
ARB
 
AMT, 5.00%, 01/15/52
 
3,000
3,063,281
8
Schedule of Investments (unaudited)(continued)
April 30, 2026
BlackRock MuniHoldings Fund, Inc. (MHD)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
New York (continued)
Port Authority of New York & New Jersey, Refunding
ARB (continued)
 
Series 223, AMT, 4.00%, 07/15/41
$
1,150
$ 1,116,953
Triborough Bridge & Tunnel Authority Sales Tax
Revenue, RB
 
Series A, 4.00%, 05/15/48
 
6,855
6,315,683
Series A, 5.25%, 05/15/52
 
1,900
1,991,986
Series A, 4.13%, 05/15/53
 
4,610
4,264,258
Series A, 4.25%, 05/15/58
 
7,415
7,027,023
Triborough Bridge & Tunnel Authority, RB, Series A-1,
4.00%, 11/15/54
 
745
665,777
Triborough Bridge & Tunnel Authority, Refunding RB
 
Series A-1, 5.00%, 05/15/51
 
230
236,200
Series C, 5.00%, 05/15/47
 
6,930
7,198,233
Westchester Tobacco Asset Securitization Corp.,
Refunding RB, Sub-Series C, 4.00%, 06/01/42
 
480
394,527
 
 
241,528,431
North Carolina — 0.4%
North Carolina Housing Finance Agency, RB, S/F
Housing
 
Series 54-A, (BAM-TCRS), 4.70%, 07/01/50
 
1,445
1,444,899
Sustainability Bonds, (FHLMC, FNMA, GNMA),
6.00%, 07/01/53
 
1,750
1,855,213
North Carolina Medical Care Commission, RB
 
5.13%, 10/01/56
 
790
793,056
5.25%, 11/01/56
 
4,670
4,691,332
Series A, 5.13%, 10/01/54
 
110
110,316
Red Oak Independent School District, RB, 5.00%,
02/01/49
 
460
499,700
 
 
9,394,516
North Dakota — 0.4%
City of Grand Forks North Dakota, RB, Series A,
(AGM), 5.00%, 12/01/48
 
880
894,955
County of Cass North Dakota, Refunding RB, Series B,
5.25%, 02/15/58
 
1,035
1,037,267
North Dakota Housing Finance Agency, RB, S/F
Housing
 
Series A, Sustainability Bonds, 4.70%, 07/01/49
 
270
268,224
Series C, Sustainability Bonds, 4.75%, 07/01/49
 
6,570
6,573,521
Series C, Sustainability Bonds, 6.25%, 01/01/55
 
535
593,268
 
 
9,367,235
Ohio — 1.4%
Buckeye Tobacco Settlement Financing Authority,
Refunding RB
 
Series A-2, Class 1, 4.00%, 06/01/48
 
1,525
1,323,520
Series B-2, Class 2, 5.00%, 06/01/55
 
13,060
10,358,159
Columbus Regional Airport Authority, Refunding ARB,
Series A, AMT, 5.50%, 01/01/55
 
6,175
6,468,343
Columbus-Franklin County Finance Authority, RB, M/F
Housing, (AGM), 4.82%, 11/01/43
 
2,135
2,230,870
County of Hamilton Ohio, RB, Series CC, 5.00%,
11/15/49
 
270
294,198
Ohio Housing Finance Agency, RB, S/F Housing,
Series B, Sustainability Bonds, (FHLMC, FNMA,
GNMA), 4.65%, 09/01/49
 
3,095
3,062,605
State of Ohio, RB, Series P3, AMT, 5.00%, 12/31/39
 
1,325
1,324,927
Security
 
Par
(000)
Value
Ohio (continued)
State of Ohio, Refunding RB, Series A, (BAM-TCRS),
4.00%, 01/15/50
$
4,525
$ 3,995,782
University of Cincinnati, Refunding RB, Series A,
5.00%, 06/01/44
 
1,390
1,422,826
 
 
30,481,230
Oklahoma — 0.5%
Creek County Educational Facilities Authority, RB,
(AMBAC), 4.13%, 09/01/48
 
890
840,836
Oklahoma Development Finance Authority, RB,
Series B, 5.50%, 08/15/52
 
4,455
4,442,481
Oklahoma Turnpike Authority, RB
 
5.50%, 01/01/53
 
4,015
4,236,420
Series A, (HUD SECT 8), 4.25%, 01/01/55
 
970
928,102
Tulsa County Industrial Authority, Refunding RB,
5.25%, 11/15/45
 
1,435
1,439,302
 
 
11,887,141
Oregon — 0.2%
Clackamas County School District No. 12 North
Clackamas, GO, CAB(e)
 
Series A, (HUD SECT 8), 0.00%, 06/15/27(c)
 
330
195,927
Series A, (AGM), 0.00%, 06/15/38
 
2,740
1,603,505
Port of Portland Oregon Airport Revenue, ARB,
Series 24B, AMT, 5.00%, 07/01/47
 
135
135,117
State of Oregon Housing & Community Services
Department, RB, M/F Housing, Series K1, (HUD
SECT 8), 4.33%, 11/01/43
 
2,290
2,254,887
 
 
4,189,436
Pennsylvania — 5.8%
Allegheny County Airport Authority, ARB
 
Series A, AMT, (FNMA), 5.50%, 01/01/48
 
535
561,962
Series A, AMT, (FNMA), 5.50%, 01/01/53
 
670
697,788
Series A, AMT, (FNMA), 4.00%, 01/01/56
 
1,670
1,437,398
Allegheny County Hospital Development Authority,
Refunding RB
 
Series A, 5.00%, 04/01/47
 
5,000
5,031,020
Series A, (FHLMC), 5.00%, 04/01/47
 
4,655
4,718,678
Chester County Health and Education Facilities
Authority, Refunding RB, Series A, 5.00%, 10/01/52
 
2,000
2,008,667
City of Philadelphia Pennsylvania Water & Wastewater
Revenue, RB
 
Series A, 5.00%, 10/01/47
 
2,225
2,248,715
Series C, (PSF), 5.25%, 09/01/54
 
5,165
5,433,163
City of Philadelphia Pennsylvania Water & Wastewater
Revenue, Refunding RB, Series B, (FHLMC, FNMA,
GNMA), 4.50%, 09/01/48
 
1,415
1,424,509
Geisinger Authority, Refunding RB
 
4.00%, 04/01/50
 
3,080
2,692,359
Series A-1, 5.00%, 02/15/45
 
4,725
4,753,728
Lancaster County Hospital Authority, RB, 5.00%,
11/01/51
 
2,490
2,509,324
Lancaster Industrial Development Authority, RB,
5.00%, 12/01/44
 
675
676,115
Montgomery County Higher Education and Health
Authority, Refunding RB
 
4.00%, 09/01/51
 
1,430
1,215,845
Class B, 5.00%, 05/01/57
 
2,500
2,486,141
5.00%, 09/01/48
 
1,100
1,105,027
Series B, (AGM), 4.00%, 05/01/52
 
2,115
1,870,194
Montgomery County Industrial Development Authority,
RB, Series C, 5.00%, 11/15/45
 
1,400
1,413,912
Schedule of Investments
9
Schedule of Investments (unaudited)(continued)
April 30, 2026
BlackRock MuniHoldings Fund, Inc. (MHD)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Pennsylvania (continued)
Pennsylvania Economic Development Financing
Authority, RB
 
5.00%, 06/30/42
$
390
$ 390,143
AMT, 5.50%, 06/30/38
 
785
851,371
AMT, 5.50%, 06/30/40
 
2,000
2,151,041
AMT, 5.50%, 06/30/43
 
515
546,131
AMT, 5.75%, 06/30/48
 
4,555
4,765,885
AMT, 5.25%, 06/30/53
 
3,330
3,341,065
Pennsylvania Economic Development Financing
Authority, Refunding RB
 
Series A, 4.50%, 12/15/51
 
7,745
7,294,399
Series A, 5.25%, 12/15/51
 
7,095
7,399,797
AMT, 5.50%, 11/01/44
 
2,385
2,386,441
Pennsylvania Higher Educational Facilities Authority,
RB
 
4.00%, 08/15/49
 
5,000
4,460,104
4.00%, 06/15/55
 
1,175
1,051,771
Pennsylvania Higher Educational Facilities Authority,
Refunding RB
 
5.50%, 08/15/55
 
4,390
4,705,557
Series B-1, (AGM), 4.25%, 11/01/48
 
3,450
3,229,051
Series B-1, (AGM), 4.25%, 11/01/51
 
4,635
4,245,379
Series B-1, (AGM), 5.00%, 11/01/51
 
5,950
6,062,761
Series B2, 4.38%, 11/01/54
 
1,865
1,700,247
Series B2, 5.50%, 11/01/54
 
2,280
2,361,818
Pennsylvania Housing Finance Agency, RB,
Series 2024-26FN, Class PT, 4.63%, 02/01/42
 
1,780
1,824,526
Pennsylvania Housing Finance Agency, RB, S/F
Housing
 
Series 143A, Sustainability Bonds, 5.45%, 04/01/51
 
3,300
3,410,573
Series 145A, Sustainability Bonds, 4.75%, 10/01/49
 
9,985
9,989,785
Pennsylvania Housing Finance Agency, Refunding RB,
S/F Housing
 
Series 142-A, Sustainability Bonds, 5.00%,
10/01/43
 
1,895
1,992,850
Series 142-A, Sustainability Bonds, 5.00%,
10/01/50
 
1,130
1,145,222
Pennsylvania Turnpike Commission, RB
 
Sub-Series B-1, 5.25%, 06/01/47
 
2,500
2,528,158
Series A, Subordinate, 4.00%, 12/01/50
 
1,075
967,719
Series B, Subordinate, 4.00%, 12/01/51
 
610
544,839
Philadelphia Authority for Industrial Development, RB
 
5.25%, 11/01/52
 
1,725
1,767,271
Series A, 4.00%, 07/01/49
 
3,000
2,749,122
Philadelphia Gas Works Co., Refunding RB, Series A,
5.25%, 08/01/49
 
2,420
2,540,740
Pittsburgh School District, GOL, (AGM), 3.00%,
09/01/41
 
1,165
991,462
School District of Philadelphia, GOL, Series A, (AGM),
5.50%, 09/01/48
 
400
424,783
 
 
130,104,556
Puerto Rico — 5.0%
Commonwealth of Puerto Rico, GO
 
Series A-1, Restructured, 5.63%, 07/01/29
 
6,720
7,073,158
Series A-1, Restructured, 5.75%, 07/01/31
 
7,656
8,275,296
Puerto Rico Sales Tax Financing Corp. Sales Tax
Revenue, RB
 
Series A-1, Restructured, 4.75%, 07/01/53
 
21,485
20,484,459
Series A-1, Restructured, 5.00%, 07/01/58
 
50,822
49,363,663
Series A-2, Restructured, 4.78%, 07/01/58
 
9,291
8,851,441
Security
 
Par
(000)
Value
Puerto Rico (continued)
Puerto Rico Sales Tax Financing Corp. Sales Tax
Revenue, RB (continued)
 
Series A-2, Restructured, 4.33%, 07/01/40
$
1,000
$ 988,671
Series B-1, Restructured, 4.75%, 07/01/53
 
391
372,791
Series B-2, Restructured, 4.78%, 07/01/58
 
1,485
1,414,744
Puerto Rico Sales Tax Financing Corp. Sales Tax
Revenue, RB, CAB, Series A-1, Restructured,
0.00%, 07/01/46(e)
 
39,635
14,127,638
 
 
110,951,861
Rhode Island — 0.3%
Rhode Island Health and Educational Building Corp.,
RB, 5.00%, 11/01/53
 
1,870
1,906,188
Rhode Island Housing & Mortgage Finance Corp., RB,
S/F Housing
 
Sustainability Bonds, (FNMA), 4.60%, 10/01/44
 
2,970
2,993,596
Series A, Sustainability Bonds, (FHLMC, FNMA,
GNMA), 4.45%, 10/01/44
 
1,550
1,554,487
 
 
6,454,271
South Carolina — 2.1%
Charleston County Airport District, ARB, Series A, AMT,
5.25%, 07/01/54
 
1,150
1,179,828
County of Berkeley South Carolina, SAB
 
4.25%, 11/01/40
 
315
301,292
4.38%, 11/01/49
 
470
415,096
Miami-Dade County Educational Facilities Authority,
RB, Series A, 5.50%, 11/01/54
 
2,285
2,403,217
Patriots Energy Group Financing Agency, RB,
Series A1, 5.25%, 10/01/54(a)
 
9,230
9,896,089
South Carolina Jobs-Economic Development Authority,
RB
 
5.00%, 01/01/55(b)
 
3,100
2,594,681
7.50%, 08/15/62(b)
 
895
800,784
Series A, 5.50%, 11/01/48
 
2,170
2,315,354
Series A, 5.50%, 11/01/49
 
8,100
8,618,000
Series A, 5.50%, 11/01/50
 
2,210
2,340,440
Series A, 4.50%, 11/01/54
 
3,310
3,188,438
South Carolina Jobs-Economic Development Authority,
Refunding RB, Series A, 4.25%, 05/01/48
 
1,385
1,272,816
South Carolina Public Service Authority, Refunding RB
 
Series A, (AGM), 5.00%, 12/01/55
 
1,110
1,134,271
Series B, 5.00%, 12/01/46
 
3,040
3,186,967
Series B, 5.00%, 12/01/51
 
675
686,896
Series B, (AGM), 5.00%, 12/01/54
 
900
925,296
South Carolina State Housing Finance & Development
Authority, RB, S/F Housing, Series B, (AGM),
5.00%, 07/01/50
 
4,895
4,952,433
South Carolina State Housing Finance & Development
Authority, Refunding RB, S/F Housing, Series A,
4.95%, 07/01/53
 
205
206,117
 
 
46,418,015
Tennessee — 2.5%
Knox County Health Educational & Housing Facility
Board, RB
 
Series A-1, (AGM), 5.50%, 07/01/54
 
490
514,818
Series A-1, (BAM), 5.50%, 07/01/59
 
430
448,474
Memphis-Shelby County Airport Authority, ARB,
Series A, AMT, 5.00%, 07/01/49
 
8,775
8,855,663
Metropolitan Government Nashville & Davidson County
Health & Educational Fcilities Board, RB
 
5.25%, 05/01/48
 
555
576,732
10
Schedule of Investments (unaudited)(continued)
April 30, 2026
BlackRock MuniHoldings Fund, Inc. (MHD)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Tennessee (continued)
Metropolitan Government Nashville & Davidson County
Health & Educational Fcilities Board, RB (continued)
 
Series A, 5.00%, 07/01/46
$
6,590
$ 6,614,036
Metropolitan Government Nashville & Davidson County
Health & Educational Fcilities Board, Refunding RB
 
4.00%, 10/01/49
 
675
553,841
4.00%, 10/01/54
 
3,235
2,908,329
5.25%, 10/01/58
 
5,395
5,096,405
Metropolitan Government Nashville & Davidson County
Sports Authority, RB
 
Series A, Senior Lien, (AGM), 5.25%, 07/01/48
 
1,020
1,079,852
Series B, Subordinate, (AGM), 5.25%, 07/01/48
 
2,900
3,064,356
Metropolitan Government of Nashville & Davidson
County TN Water & Sewer Revenue, Refunding RB,
5.25%, 07/01/55
 
5,835
6,175,550
Tennergy Corp., RB, Series A, 5.50%, 10/01/53(a)
 
4,705
4,999,801
Tennessee Energy Acquisition Corp., RB, Series A,
5.00%, 05/01/52(a)
 
2,560
2,713,705
Tennessee Energy Acquisition Corp., Refunding RB,
Series A-1, 5.00%, 05/01/53(a)
 
10,260
10,560,328
Tennessee Housing Development Agency, Refunding
RB, S/F Housing, Series 3A, Sustainability Bonds,
6.25%, 01/01/54
 
1,835
1,980,088
 
 
56,141,978
Texas — 13.4%
Alamo Heights Independent School District, GO, (BAM-
TCRS), 4.00%, 02/01/51
 
3,715
3,403,264
Arlington Higher Education Finance Corp., RB(b)(h)(i)
 
7.50%, 04/01/62
 
3,915
1,957,500
7.88%, 11/01/62
 
3,350
2,010,000
Aubrey Independent School District, GO, (BAM),
4.00%, 02/15/52
 
1,000
897,768
Bexar Management And Development Corp., RB, M/F
Housing, (BAM), 4.61%, 07/01/44
 
2,285
2,310,652
City of Austin Texas Airport System Revenue, ARB
 
Series A, 5.00%, 11/15/41
 
1,990
2,004,663
AMT, 5.25%, 11/15/47
 
2,500
2,590,030
City of Austin Texas Airport System Revenue,
Refunding ARB, Series B, 11/15/56(d)
 
13,925
14,298,080
City of Austin Texas Water & Wastewater System
Revenue, Refunding RB, 5.00%, 11/15/53
 
5,915
6,101,796
City of Corpus Christi Texas Utility System Revenue,
Refunding RB, 4.13%, 07/15/53
 
3,805
3,480,508
City of Galveston Texas Wharves & Terminal Revenue,
ARB
 
Series A, AMT, 1st Lien, 5.50%, 08/01/43
 
100
105,897
Series A, AMT, 1st Lien, 5.50%, 08/01/44
 
100
105,179
City of Houston Texas Airport System Revenue, ARB
 
Series B, AMT, 5.50%, 07/15/36
 
300
322,127
Series B, AMT, 5.50%, 07/15/37
 
780
834,190
Series B, AMT, 5.50%, 07/15/39
 
1,400
1,480,109
City of Houston Texas Airport System Revenue,
Refunding ARB, Series A, AMT, Subordinate Lien,
5.50%, 07/01/55
 
10,780
11,364,742
City of Houston Texas Airport System Revenue,
Refunding RB
 
AMT, 5.00%, 07/01/29
 
485
485,514
Sub-Series A, AMT, 4.00%, 07/01/46
 
1,390
1,253,770
Sub-Series A, AMT, 4.00%, 07/01/48
 
3,420
3,039,551
Security
 
Par
(000)
Value
Texas (continued)
City of Houston Texas Hotel Occupancy Tax & Special
Revenue, Refunding RB, Series C, 1st Lien, 5.50%,
09/01/58
$
10,000
$ 10,498,176
City of Houston Texas, GOL
 
Series A, 5.25%, 03/01/49
 
3,560
3,780,047
Series A, 4.13%, 03/01/51
 
1,775
1,628,974
City of Houston Texas, Refunding GOL
 
Series A, 5.25%, 03/01/42
 
470
512,304
Series A, 5.25%, 03/01/43
 
810
879,126
City of Hutto Texas, GOL, (FHLMC, FNMA, GNMA),
4.13%, 08/01/49
 
1,065
999,098
Clifton Higher Education Finance Corp., Refunding RB,
Series A, (PSF), 4.13%, 08/15/49
 
2,595
2,393,413
Conroe Independent School District, GO, (PSF),
4.00%, 02/15/50
 
7,445
6,842,213
Coppell Independent School District, Refunding GO,
(FNMA), 0.00%, 08/15/30(e)
 
10,030
8,730,912
County of Harris Texas Toll Road Revenue, Refunding
RB
 
Series A, 1st Lien, 4.00%, 08/15/49
 
4,970
4,519,080
Series A, 1st Lien, 4.00%, 08/15/54
 
7,365
6,483,505
County of Harris Texas, Refunding GOL, (AGM),
0.00%, 08/15/28(e)
 
10,915
10,180,590
Crowley Independent School District, GO, (AGM),
4.25%, 02/01/53
 
310
293,640
Dallas Fort Worth International Airport, Refunding ARB,
Series B, 5.00%, 11/01/47
 
1,625
1,691,397
Dallas Independent School District, Refunding GO
 
(AGM), 4.00%, 02/15/53
 
900
820,569
Series B, (AGM), 4.00%, 02/15/55
 
2,275
2,051,702
Del Valle Independent School District Texas, GO,
(GTD), 4.00%, 06/15/47
 
1,410
1,328,664
Eagle Mountain & Saginaw Independent School
District, GO, (FNMA), 4.00%, 08/15/54
 
1,305
1,171,498
EP Royal Estates PFC, RB, M/F Housing, 4.25%,
10/01/39
 
335
335,460
Fort Bend Independent School District, Refunding GO,
Series A, (PSF), 4.00%, 08/15/49
 
1,735
1,590,416
Grand Parkway Transportation Corp., RB, CAB,
Series B, Convertible, 5.80%, 10/01/46
 
2,365
2,474,841
Greenwood Independent School District, GO, (FNMA),
4.00%, 02/15/54
 
3,220
2,873,369
Harris County Cultural Education Facilities Finance
Corp., Refunding RB, Class A, 4.13%, 07/01/52
 
5,910
5,284,597
Harris County Municipal Utility District No. 534, GO
 
(PSF), 5.00%, 09/01/47
 
1,750
1,773,141
(AGM), 5.00%, 09/01/47
 
1,100
1,114,546
Harris County-Houston Sports Authority, Refunding
RB(e)
 
Series A, Senior Lien, 0.00%, 11/15/38
 
4,750
2,425,050
Series G, Senior Lien, (AGM), 0.00%, 11/15/41
 
10,690
4,551,652
Hidalgo County Regional Mobility Authority, RB, CAB(e)
 
Series A, 0.00%, 12/01/42
 
500
224,304
Series A, 0.00%, 12/01/43
 
1,000
420,739
Leander Independent School District, Refunding GO,
Series A, (AGM-CR), 5.00%, 08/15/50
 
5,750
6,001,517
Longview Independent School District, GO, (GTD),
4.00%, 02/15/49
 
3,615
3,335,159
Lower Colorado River Authority, Refunding RB,
(FHLMC, FNMA, GNMA), 5.00%, 05/15/49
 
3,055
3,149,154
Schedule of Investments
11
Schedule of Investments (unaudited)(continued)
April 30, 2026
BlackRock MuniHoldings Fund, Inc. (MHD)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Texas (continued)
Mesquite Housing Finance Corp., RB, M/F Housing,
Series A, Sustainability Bonds, (FHLMC, FNMA,
GNMA), 4.53%, 02/01/44
$
2,900
$ 2,912,248
Midland County Fresh Water Supply District No. 1, RB,
CAB, Series A, 0.00%, 09/15/27(c)(e)
 
40,420
21,680,026
Midland County Fresh Water Supply District No. 1,
Refunding RB, Series A, 0.00%, 09/15/27(c)(e)
 
2,340
1,453,175
New Hope Cultural Education Facilities Finance Corp.,
RB
 
Series A, 5.50%, 08/15/49
 
7,505
8,131,028
Series A, 5.00%, 08/15/50(b)
 
1,655
1,418,532
Series A, 5.00%, 08/15/51(b)
 
1,535
1,407,822
North Texas Tollway Authority, RB(c)
 
Series B, 0.00%, 09/01/31(e)
 
5,030
2,703,239
Series C, Convertible, 6.75%, 09/01/31
 
2,500
2,974,585
North Texas Tollway Authority, Refunding RB
 
4.25%, 01/01/49
 
1,995
1,837,626
Series B, 5.00%, 01/01/43
 
7,695
7,758,572
Northwest Independent School District, GO, (AGM),
5.25%, 02/15/55
 
6,405
6,726,589
Port Authority of Houston of Harris County Texas, ARB
 
5.00%, 10/01/51
 
3,360
3,442,437
1st Lien, 5.00%, 10/01/53
 
1,375
1,410,410
Prosper Independent School District, GO, (BAM-
TCRS), 4.00%, 02/15/54
 
2,860
2,593,337
San Antonio Housing Trust Public Facility Corp., RB,
Series 2024-11FN, Class PT, 4.45%, 04/01/43
 
405
403,329
Spring Branch Independent School District, GO,
(AGM), 4.00%, 02/01/48
 
1,275
1,195,826
Sunnyvale Independent School District, Refunding GO,
(AGM), 4.25%, 02/15/55
 
1,960
1,821,626
Tarrant County Cultural Education Facilities Finance
Corp., RB
 
5.00%, 11/15/51
 
2,900
2,982,535
Series A, 4.00%, 07/01/53
 
5,005
4,340,969
Tarrant County Cultural Education Facilities Finance
Corp., Refunding RB
 
5.00%, 11/15/40
 
2,500
2,500,754
5.00%, 10/01/49
 
610
607,378
Tarrant County Hospital District, GOL, 4.25%,
08/15/53
 
7,980
7,390,330
Tarrant Regional Water District, RB, 4.25%, 09/01/55
 
4,800
4,390,839
Texas City Industrial Development Corp., RB,
Series 2012, 4.13%, 12/01/45
 
935
839,024
Texas Department of Housing & Community Affairs,
RB, S/F Housing
 
Series A, (AGM), 5.13%, 01/01/54
 
540
558,472
Series A, (AGM), 5.75%, 03/01/54
 
4,360
4,723,725
Series C, (SAW), 5.00%, 09/01/48
 
3,650
3,716,419
Texas Municipal Gas Acquisition & Supply Corp. III,
Refunding RB, 5.00%, 12/15/32
 
2,935
3,146,805
Texas Municipal Gas Acquisition & Supply Corp. IV,
RB, Series B, 5.50%, 01/01/54(a)
 
2,500
2,731,612
Texas State University System, Refunding RB, 4.00%,
03/15/49
 
6,385
5,737,464
Texas Transportation Commission State Highway
249 System, RB, CAB(e)
 
0.00%, 08/01/35
 
270
183,448
0.00%, 08/01/36
 
145
93,493
0.00%, 08/01/37
 
195
118,983
0.00%, 08/01/38
 
200
115,332
0.00%, 08/01/39
 
1,000
545,262
Security
 
Par
(000)
Value
Texas (continued)
Texas Transportation Commission State Highway
249 System, RB, CAB(e) (continued)
 
0.00%, 08/01/40
$
500
$ 257,092
0.00%, 08/01/41
 
2,000
969,107
0.00%, 08/01/42
 
2,345
1,075,993
0.00%, 08/01/43
 
795
346,317
0.00%, 08/01/44
 
605
249,433
0.00%, 08/01/45
 
1,135
441,273
Texas Water Development Board, RB
 
4.45%, 10/15/36
 
675
719,323
4.75%, 10/15/55
 
4,960
4,967,043
Series A, 4.38%, 10/15/59
 
4,780
4,516,448
Thrall Independent School District, GO, (PSF), 5.25%,
02/15/48
 
3,525
3,698,733
Waller Consolidated Independent School District, GO,
Series A, (FHLMC, FNMA, GNMA), 4.00%,
02/15/53
 
1,700
1,535,367
Ysleta Independent School District, GO, (NPFGC),
4.25%, 08/15/56
 
6,330
5,877,190
 
 
297,650,763
Utah — 1.5%
Black Desert Public Infrastructure District, SAB, 5.63%,
12/01/53(b)
 
1,275
1,296,737
City of Salt Lake City Utah Airport Revenue, ARB
 
Series A, AMT, 5.00%, 07/01/43
 
1,790
1,818,230
Series A, AMT, 5.00%, 07/01/51
 
1,340
1,349,068
Series A, AMT, 5.50%, 07/01/55
 
9,875
10,403,150
County of Utah, RB
 
Series A, 3.00%, 05/15/50
 
1,840
1,353,328
Series B, 4.00%, 05/15/47
 
1,340
1,212,583
Downtown Revitalization Public Infrastructure District,
RB
 
Series A, 1st Lien, (AGM), 5.50%, 06/01/55
 
6,020
6,445,089
Series B, 2nd Lien, (Remove), 5.50%, 06/01/50
 
3,450
3,744,361
Series B, 2nd Lien, (FNMA), 5.50%, 06/01/55
 
2,135
2,285,758
Utah Charter School Finance Authority, RB, 5.00%,
06/15/39(b)
 
300
294,348
Utah Charter School Finance Authority, Refunding RB
 
5.00%, 06/15/40(b)
 
610
603,868
(GNMA), 4.00%, 04/15/42
 
400
368,650
5.00%, 06/15/55(b)
 
835
730,830
Utah Housing Corp., RB, S/F Housing, Series E,
(GNMA), 4.70%, 01/01/50
 
1,665
1,665,004
 
 
33,571,004
Vermont — 0.0%
Vermont Student Assistance Corp., RB, Series A, AMT,
4.13%, 06/15/30
 
275
270,145
Virginia — 1.3%
Ballston Quarter Community Development Authority,
TA, Series A-1, 5.50%, 03/01/46
 
601
594,423
Ballston Quarter Community Development Authority,
TA, CAB, Series A-2, 7.13%, 03/01/59(f)
 
1,441
1,336,572
Fairfax County Industrial Development Authority, RB,
4.13%, 05/15/54
 
7,375
6,814,697
Henrico County Economic Development Authority, RB
 
Class A, 5.00%, 10/01/47
 
4,580
4,596,430
Class A, 5.00%, 10/01/52
 
1,170
1,143,102
Henrico County Economic Development Authority,
Refunding RB, Series A, 5.00%, 11/01/48
 
4,145
4,225,105
12
Schedule of Investments (unaudited)(continued)
April 30, 2026
BlackRock MuniHoldings Fund, Inc. (MHD)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Virginia (continued)
Tobacco Settlement Financing Corp., Refunding RB,
Series B-1, 5.00%, 06/01/47
$
3,190
$ 2,668,744
Virginia Housing Development Authority, RB, M/F
Housing
 
Series A, 4.60%, 09/01/49
 
2,330
2,332,637
Series G, 5.05%, 11/01/47
 
1,825
1,868,430
Series G, 5.15%, 11/01/52
 
505
516,488
Virginia Housing Development Authority, RB, S/F
Housing
 
Series E-2, 4.40%, 10/01/44
 
465
467,061
Series E-2, 4.55%, 10/01/49
 
230
228,643
Virginia Small Business Financing Authority, RB, AMT,
5.00%, 12/31/56
 
2,490
2,407,097
 
 
29,199,429
Washington — 1.7%
County of King Washington Sewer Revenue,
Refunding RB, Series A, Junior Lien, 3.32%,
01/01/40(a)
 
615
611,704
Port of Seattle Washington, ARB
 
Series A, AMT, 5.00%, 05/01/43
 
10,975
11,024,587
Series B, AMT, Intermediate Lien, 5.50%, 10/01/50
 
2,525
2,697,020
Port of Seattle Washington, Refunding ARB, Series C,
AMT, Intermediate Lien, 5.00%, 08/01/46
 
5,645
5,787,896
Vancouver Housing Authority, RB, M/F Housing,
5.00%, 08/01/40
 
4,425
4,557,032
Washington Health Care Facilities Authority, Refunding
RB
 
Series A, 5.00%, 08/01/44
 
875
893,328
Series A, 5.50%, 09/01/55
 
4,365
4,593,367
Washington State Housing Finance Commission, RB,
M/F Housing
 
Series A-1, 0.00%, 11/20/41(a)
 
3,455
3,331,449
Series 2, Class 1, Sustainability Bonds, 4.22%,
03/01/50
 
1,324
1,290,548
Washington State Housing Finance Commission,
Refunding RB
 
5.00%, 01/01/43(b)
 
3,065
2,936,240
Series A, 5.00%, 07/01/48
 
205
202,915
 
 
37,926,086
West Virginia — 0.2%
City of Martinsburg West Virginia, RB, M/F Housing,
Series A-1, 4.63%, 12/01/43
 
570
567,503
West Virginia Hospital Finance Authority, RB, Class A,
4.38%, 06/01/53
 
3,000
2,817,509
 
 
3,385,012
Wisconsin — 2.0%
Public Finance Authority, RB
 
Class A, 5.00%, 06/15/51(b)
 
855
709,050
Class A, 5.00%, 06/15/56(b)
 
400
323,215
Series A, 5.00%, 07/01/55(b)
 
1,120
962,133
Series A-1, 4.50%, 01/01/35(b)
 
1,395
1,367,707
AMT, 5.75%, 06/30/60
 
2,655
2,719,642
AMT, 6.50%, 06/30/60
 
2,050
2,256,521
AMT, 5.75%, 12/31/65
 
5,990
6,122,813
AMT, 6.50%, 12/31/65
 
12,015
13,216,183
AMT, Sustainability Bonds, 4.00%, 09/30/51
 
5,615
4,693,920
AMT, Sustainability Bonds, 4.00%, 03/31/56
 
1,835
1,490,108
Public Finance Authority, Refunding RB
 
5.00%, 09/01/49(b)
 
710
665,599
5.25%, 11/15/55
 
475
481,301
Security
 
Par
(000)
Value
Wisconsin (continued)
Public Finance Authority, Refunding RB (continued)
 
Series B, AMT, 5.00%, 07/01/42
$
990
$ 990,249
Wisconsin Health & Educational Facilities Authority,
RB, Series A, 5.75%, 08/15/54
 
265
273,405
Wisconsin Health & Educational Facilities Authority,
Refunding RB, 4.00%, 12/01/51
 
3,280
2,863,990
Wisconsin Housing & Economic Development Authority
Home Ownership Revenue, RB, S/F Housing
 
Series A, Sustainability Bonds, (AGM), 4.85%,
09/01/43
 
1,150
1,184,267
Series A, Sustainability Bonds, (PSF), 4.75%,
09/01/50
 
2,535
2,545,128
Series C, Sustainability Bonds, (PSF), 4.75%,
03/01/51
 
695
697,542
 
 
43,562,773
Wyoming — 0.0%
University of Wyoming, RB, Series C, (GNMA), 4.00%,
06/01/51
 
855
766,089
Total Municipal Bonds — 106.2%
(Cost: $2,314,816,515)
2,365,781,179
Municipal Bonds Transferred to Tender Option Bond Trusts(j)
Alabama — 3.4%
Black Belt Energy Gas District, RB
 
Series B, 5.25%, 12/01/53
 
12,500
13,430,510
Series C, 5.50%, 10/01/54(k)
 
20,407
21,993,495
Series C-1, 5.25%, 02/01/53
 
25,895
27,130,323
Energy Southeast A Cooperative District, RB,
Series B-1, 5.75%, 04/01/54
 
12,450
13,584,498
 
 
76,138,826
California — 2.6%
California Community Choice Financing Authority, RB,
Series E-1, Sustainability Bonds, 5.00%, 02/01/54
 
10,000
10,560,981
City of Los Angeles Department of Airports, ARB
 
Series B, AMT, 5.00%, 05/15/46
 
8,800
8,801,127
Sub-Series A, AMT, 5.00%, 05/15/42
 
11,420
5,710,000
City of Los Angeles Department of Airports, Refunding
ARB, Series A, AMT, Sustainability Bonds, 5.25%,
05/15/50
 
16,742
17,602,227
San Diego County Regional Airport Authority, ARB,
Series B, AMT, 5.00%, 07/01/48
 
14,500
14,785,872
 
 
57,460,207
Colorado — 1.3%
City & County of Denver Colorado Airport System
Revenue, Refunding ARB
 
Series A, AMT, 5.00%, 12/01/43(k)
 
10,000
10,208,852
Series A, AMT, 5.50%, 11/15/53
 
17,783
18,529,558
 
 
28,738,410
District of Columbia — 3.8%
District of Columbia Income Tax Revenue, Refunding
RB
 
Series A, 5.00%, 06/01/50
 
10,320
10,787,928
Series A, 5.25%, 06/01/50
 
23,000
24,469,764
District of Columbia Water & Sewer Authority,
Refunding RB, Series B, 5.00%, 10/01/49
 
6,035
6,141,385
Metropolitan Washington Airports Authority Aviation
Revenue, Refunding ARB
 
Series A, 5.00%, 10/01/49
 
11,194
11,275,185
Schedule of Investments
13
Schedule of Investments (unaudited)(continued)
April 30, 2026
BlackRock MuniHoldings Fund, Inc. (MHD)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
District of Columbia (continued)
Metropolitan Washington Airports Authority Aviation
Revenue, Refunding ARB (continued)
 
Series A, AMT, 5.00%, 10/01/50
$
6,218
$ 6,330,333
Series A, AMT, 5.50%, 10/01/54
 
11,620
12,166,066
Series A, AMT, 5.50%, 10/01/55
 
4,160
4,390,664
Washington Metropolitan Area Transit Authority
Dedicated Revenue, RB, Series A, 2nd Lien, 5.50%,
07/15/60
 
9,280
9,912,149
 
 
85,473,474
Florida — 4.3%
City of Fort Lauderdale Florida Water & Sewer
Revenue, RB, Series B, 5.50%, 09/01/53
 
16,105
17,340,640
City of Melbourne Florida Water & Sewer Revenue,
RB, Series 2023-ZF, 5.00%, 11/15/50
 
6,910
7,168,904
City of Tallahassee, RB
 
Series 2025-ZF, 5.25%, 10/01/50
 
9,753
10,271,320
Series 2025-ZF, 5.25%, 10/01/55
 
7,420
7,767,085
County of Miami-Dade Florida Aviation Revenue,
Refunding ARB, Series A, AMT, 5.25%, 10/01/50
 
6,149
6,356,403
County of Miami-Dade Florida Transit System, RB,
5.00%, 07/01/51
 
10,510
10,746,863
Greater Orlando Aviation Authority, ARB
 
AMT, Subordinate, 5.25%, 10/01/51(k)
 
10,380
10,766,168
Series A, AMT, 5.00%, 10/01/42
 
13,280
13,461,478
JEA Water & Sewer System Revenue, Refunding RB,
Series A, 5.25%, 10/01/49
 
4,915
5,230,112
Tampa Bay Water, RB, Series A, 5.25%, 10/01/54(k)
 
6,672
7,089,112
 
 
96,198,085
Georgia — 3.0%
City of Atlanta Georgia Department of Aviation, ARB,
Series B-1, AMT, Sustainability Bonds, 5.50%,
07/01/55
 
5,340
5,655,611
County of DeKalb Georgia Water & Sewerage
Revenue, RB, Series A, 5.00%, 10/01/55
 
38,177
39,647,103
Georgia Housing & Finance Authority, RB, S/F
Housing, Series A, 4.65%, 12/01/50(k)
 
11,883
11,779,816
Main Street Natural Gas, Inc., RB, Series C, 5.00%,
09/01/53(k)
 
9,240
9,784,473
 
 
66,867,003
Illinois(k) — 1.4%
Chicago Transit Authority Sales Tax Receipts Fund,
Refunding RB, Series A, 5.00%, 12/01/49
 
21,102
21,586,737
Regional Transportation Authority, RB, Series A,
5.00%, 06/01/50
 
10,000
10,293,992
 
 
31,880,729
Indiana — 1.0%
Indiana Finance Authority, RB
 
Series A, 4.00%, 11/01/51
 
10,390
9,286,522
Series A, 5.00%, 10/01/53
 
12,775
13,075,142
 
 
22,361,664
Maryland — 0.8%
Maryland Stadium Authority, RB, 5.00%, 06/01/54
 
17,414
17,963,319
Massachusetts — 1.9%
Commonwealth of Massachusetts Transportation Fund
Revenue, RB, Series B, 5.00%, 06/01/52
 
10,000
10,278,844
Commonwealth of Massachusetts, GO, Series 2024,
5.00%, 12/01/51
 
8,800
9,175,731
Security
 
Par
(000)
Value
Massachusetts (continued)
Commonwealth of Massachusetts, GOL
 
Series A, 5.00%, 05/01/48
$
7,712
$ 8,049,956
Series A, 5.00%, 04/01/55
 
3,380
3,497,865
Series D, 5.00%, 10/01/51
 
10,000
10,377,813
 
 
41,380,209
Michigan — 1.6%
Michigan State Hospital Finance Authority, Refunding
RB, 5.00%, 11/15/47
 
10,000
10,115,094
Michigan State Housing Development Authority, RB,
M/F Housing
 
Series A, 4.05%, 10/01/48
 
2,339
2,096,957
Series A, 5.00%, 10/01/48
 
12,964
13,265,404
State of Michigan Trunk Line Revenue, RB, 5.00%,
11/15/46
 
10,000
10,552,682
 
 
36,030,137
Minnesota — 0.7%
Minneapolis-St. Paul Metropolitan Airports
Commission, ARB, AMT, Subordinate, 5.25%,
01/01/49
 
15,240
15,610,560
Missouri — 0.8%
Health & Educational Facilities Authority of the State of
Missouri, RB, 4.00%, 06/01/53(k)
 
5,000
4,345,357
Missouri Housing Development Commission, RB, S/F
Housing, Series E, 4.60%, 11/01/49
 
13,229
13,088,389
 
 
17,433,746
Nebraska — 0.9%
Central Plains Energy Project, RB, Series 1, 5.00%,
05/01/53
 
5,240
5,483,246
Nebraska Investment Finance Authority, RB, S/F
Housing, Series E, Sustainability Bonds, (AGM),
4.80%, 09/01/54
 
5,904
5,920,917
Omaha Public Power District, Refunding RB, Series B,
5.25%, 02/01/48
 
8,980
9,564,928
 
 
20,969,091
Nevada — 1.4%
County of Clark Nevada, GOL, Series A, 5.00%,
05/01/48
 
19,650
20,041,868
Las Vegas Valley Water District, GOL, Series A, 5.00%,
06/01/49
 
9,500
9,897,093
 
 
29,938,961
New Jersey — 1.8%
New Jersey Transportation Trust Fund Authority, RB,
Series AA, 5.00%, 06/15/55
 
24,240
24,923,471
New Jersey Turnpike Authority, RB
 
Series A, 5.00%, 01/01/48
 
10,000
10,209,378
Series B, 5.25%, 01/01/49
 
5,395
5,758,577
 
 
40,891,426
New York — 13.2%
City of New York, GO, Series B, 5.25%, 10/01/47
 
6,560
6,866,470
County of Nassau New York, GOL, Series A, 5.00%,
04/01/55(k)
 
11,235
11,649,449
Empire State Development Corp., RB, Series A,
5.00%, 03/15/50
 
8,000
8,293,219
Metropolitan Transportation Authority Dedicated Tax
Fund, Refunding RB, Series B-1, Sustainability
Bonds, 5.00%, 11/15/49
 
10,344
10,761,837
14
Schedule of Investments (unaudited)(continued)
April 30, 2026
BlackRock MuniHoldings Fund, Inc. (MHD)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
New York (continued)
New York City Housing Development Corp.,
Series 2025-ZF, 5.00%, 11/01/55
$
7,180
$ 7,257,028
New York City Housing Development Corp., RB, M/F
Housing, Series E-1, Sustainability Bonds, 4.70%,
11/01/48(k)
 
5,540
5,550,411
New York City Municipal Water Finance Authority, RB
 
Series AA, Subordinate, 5.00%, 06/15/51(k)
 
14,617
15,153,161
Series AA-1, 5.25%, 06/15/52
 
10,980
11,542,093
Series DD1, 5.00%, 06/15/48
 
10,000
10,156,433
Series GG, 5.00%, 06/15/48
 
10,000
10,312,972
New York City Municipal Water Finance Authority,
Refunding RB
 
Series DD, 5.25%, 06/15/46
 
10,000
10,726,656
Series DD, 5.00%, 06/15/47
 
9,705
10,170,721
New York City Transitional Finance Authority Future
Tax Secured Revenue, RB
 
Series C, 5.25%, 05/01/48
 
19,586
20,641,166
Series C-1, Subordinate, 5.00%, 05/01/50
 
4,737
4,872,831
Series D, 5.00%, 05/01/50(k)
 
10,000
10,288,054
Series D-1, 5.25%, 11/01/48
 
5,000
5,231,986
Series H-1, Subordinate, 5.00%, 11/01/50
 
3,060
3,152,371
New York City Transitional Finance Authority, RB,
Series 2025-ZF, 5.00%, 05/01/47
 
15,000
15,682,757
New York Power Authority, RB, Series A, Sustainability
Bonds, (AGM), 5.13%, 11/15/63
 
3,373
3,512,550
New York State Dormitory Authority, Refunding RB
 
Series A, 5.00%, 03/15/47(k)
 
10,370
10,894,655
Series A, 5.25%, 03/15/52(k)
 
5,000
5,248,065
Series A, 5.00%, 03/15/53(k)
 
14,017
14,429,792
Series C, 4.00%, 07/01/49
 
8,955
8,120,787
Series E, 5.00%, 03/15/46
 
8,820
9,036,300
New York Transportation Development Corp., RB, AMT,
Sustainability Bonds, (FHLMC, FNMA, GNMA),
5.13%, 06/30/60
 
10,000
10,045,339
Port Authority of New York & New Jersey, ARB,
Series 221, AMT, 4.00%, 07/15/55
 
2,820
2,477,428
Port Authority of New York & New Jersey, Refunding
ARB, AMT, 5.00%, 01/15/47(k)
 
8,640
8,926,232
Triborough Bridge & Tunnel Authority Sales Tax
Revenue, RB
 
Series A, 4.13%, 05/15/53
 
5,773
5,340,251
Series A, 4.25%, 05/15/58
 
8,263
7,830,981
Triborough Bridge & Tunnel Authority, RB, Series A,
5.50%, 11/15/57
 
5,339
5,637,409
Triborough Bridge & Tunnel Authority, Refunding RB
 
Series A-1, 5.00%, 05/15/51(k)
 
12,685
13,026,928
Series B-1, Sustainability Bonds, 5.25%, 05/15/54
 
7,056
7,415,472
Series C, 5.25%, 05/15/52(k)
 
4,340
4,536,064
 
 
294,787,868
Oklahoma — 0.4%
Oklahoma Turnpike Authority, RB, 5.50%, 01/01/53
 
8,126
8,574,501
Security
 
Par
(000)
Value
Oregon — 1.7%
Port of Portland Oregon Airport Revenue, Refunding
ARB
 
Series 29, AMT, Sustainability Bonds, 5.50%,
07/01/48
$
29,953
$ 31,652,092
Series 30A, AMT, Sustainability Bonds, 5.25%,
07/01/45
 
5,320
5,656,594
 
 
37,308,686
Pennsylvania — 2.1%
City of Philadelphia Pennsylvania Water & Wastewater
Revenue, Refunding RB, Series B, (FHLMC, FNMA,
GNMA), 5.50%, 09/01/53
 
2,831
3,022,521
Pennsylvania Housing Finance Agency, RB, S/F
Housing
 
Series 143A, Sustainability Bonds, 5.38%, 10/01/46
 
3,989
4,179,462
Series 143A, Sustainability Bonds, 6.25%, 10/01/53
 
9,496
10,272,077
Series 145A, Sustainability Bonds, 4.75%, 10/01/49
 
8,620
8,624,131
Series 147 A, Sustainability Bonds, 4.70%,
10/01/49(k)
 
6,750
6,709,207
Pennsylvania Turnpike Commission, Refunding RB,
Series B, 5.25%, 12/01/52
 
13,290
13,859,225
 
 
46,666,623
Rhode Island — 0.5%
Rhode Island Housing & Mortgage Finance Corp., RB,
S/F Housing, Series 82-A, Sustainability Bonds,
(AGM), 4.60%, 10/01/49
 
10,234
10,113,756
South Carolina — 2.6%
Patriots Energy Group Financing Agency, RB,
Series A1, 5.25%, 10/01/54
 
16,400
17,583,516
Patriots Energy Group Financing Agency, Refunding
RB, Series B-1, 5.25%, 02/01/54(k)
 
37,444
40,189,359
 
 
57,772,875
Tennessee — 1.1%
Tennessee Energy Acquisition Corp., RB, Series A,
5.00%, 05/01/52(k)
 
11,655
12,354,777
Tennessee State School Bond Authority, RB, Series A,
(SAW), 5.00%, 11/01/52
 
12,500
12,936,741
 
 
25,291,518
Texas — 5.8%
Austin Community College District, Refunding GOL,
5.25%, 08/01/55
 
11,740
12,341,100
City of Houston Texas Airport System Revenue,
Refunding ARB
 
Series A, AMT, Subordinate Lien, (AGM), 5.25%,
07/01/53
 
6,010
6,188,392
Series A, AMT, Subordinate Lien, 5.50%, 07/01/55
 
14,377
15,156,805
City of San Antonio Texas Electric & Gas Systems
Revenue, Refunding RB
 
Series A, 5.25%, 02/01/49
 
6,702
7,070,351
Series A, 5.50%, 02/01/50(k)
 
11,148
11,890,023
County of Bexar Texas, GOL, Series 2025-ZF, 5.00%,
06/15/49
 
9,840
10,235,013
Crowley Independent School District, GO, (AGM),
5.25%, 02/01/53
 
5,967
6,241,626
North Texas Municipal Water District, RB, Series 2025-
ZF, 5.00%, 06/01/50(k)
 
16,613
17,206,629
San Antonio Water System, Refunding RB, Series A,
Junior Lien, 5.25%, 05/15/48
 
3,660
3,883,929
Schedule of Investments
15
Schedule of Investments (unaudited)(continued)
April 30, 2026
BlackRock MuniHoldings Fund, Inc. (MHD)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Texas (continued)
Tarrant County Cultural Education Facilities Finance
Corp., RB, 5.00%, 11/15/51
$
4,041
$ 4,156,128
Terrell Independent School District, GO, (AGM), 5.25%,
08/01/55
 
12,920
13,673,886
Texas Water Development Board, RB
 
4.80%, 10/15/52
 
7,785
7,853,341
Series A, 5.25%, 10/15/51
 
11,775
12,414,324
 
 
128,311,547
Utah — 0.4%
City of Salt Lake City Utah Airport Revenue, ARB,
Series A, AMT, 5.50%, 07/01/53(k)
 
9,063
9,468,704
Washington — 1.8%
Port of Seattle Washington, Refunding ARB
 
Series B, AMT, Intermediate Lien, 5.25%, 07/01/49
 
6,240
6,503,185
Series C, AMT, 5.00%, 08/01/46
 
12,100
12,406,297
State of Washington, GO
 
Series 2024-A, 5.00%, 08/01/48
 
10,000
10,449,112
Series C, 5.00%, 02/01/47
 
10,000
10,404,955
 
 
39,763,549
Wisconsin — 0.4%
Wisconsin Housing & Economic Development Authority
Housing Revenue, RB, Series A, 4.45%, 05/01/57
 
5,000
4,840,411
Wisconsin Housing & Economic Development Authority
Housing Revenue, RB, M/F Housing, Series A,
4.10%, 11/01/43
 
4,000
3,872,328
 
 
8,712,739
Total Municipal Bonds Transferred to Tender Option Bond
Trusts — 60.7%
(Cost: $1,329,385,924)
1,352,108,213
 
 
 
 
Shares
 
Warrants
Construction & Engineering — 0.0%
Brightline West, (Expires 11/26/35, Strike Price USD
5.00)(i)(l)
 
55,264
96,712
Total Warrants — 0.0%
(Cost: $ — )
96,712
Total Long-Term Investments — 166.9%
(Cost: $3,644,202,439)
3,717,986,104
Security
 
 
Shares
Value
Short-Term Securities
Money Market Funds — 3.3%
BlackRock Liquidity Funds, MuniCash, Institutional
Shares, 3.31%(m)(n)
 
74,065,298
$    74,072,704
Total Short-Term Securities — 3.3%
(Cost: $74,072,704)
74,072,704
Total Investments — 170.2%
(Cost: $3,718,275,143)
3,792,058,808
Other Assets Less Liabilities — 0.9%
20,355,727
Liability for TOB Trust Certificates, Including Interest Expense and
Fees Payable — (38.9)%
(866,606,818
)
VMTP Shares at Liquidation Value, Net of Deferred Offering Costs —
(32.2)%
(717,800,000
)
Net Assets Applicable to Common Shares — 100.0%
$ 2,228,007,717
 
(a)
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.
(b)
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.
(c)
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.
(d)
When-issued security.
(e)
Zero-coupon bond.
(f)
Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step-
down bond) at regular intervals until maturity. Interest rate shown reflects the rate
currently in effect.
(g)
Security is collateralized by municipal bonds or U.S. Treasury obligations.
(h)
Issuer filed for bankruptcy and/or is in default.
(i)
Non-income producing security.
(j)
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.
(k)
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 December 1, 2027 to May 1, 2052, is $221,094,183.
(l)
Security is valued using significant unobservable inputs and is classified as Level 3 in the
fair value hierarchy.
(m)
Affiliate of the Fund.
(n)
Annualized 7-day yield as of period end.
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the period ended April 30, 2026 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: 
Affiliated Issuer
Value at
07/31/25
Purchases
at Cost
Proceeds
from Sales
Net
Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
04/30/26
Shares
Held at
04/30/26
Income
Capital Gain
Distributions
from
Underlying
Funds
BlackRock Liquidity Funds, MuniCash, Institutional
Shares
$ 14,829,555
$ 59,243,149
(a)
$ —
$ —
$ —
$ 74,072,704
74,065,298
$ 434,044
$ —
 
(a)
Represents net amount purchased (sold).
16
Schedule of Investments (unaudited)(continued)
April 30, 2026
BlackRock MuniHoldings Fund, Inc. (MHD)
 
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. 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 that the Fund has the ability to access for identical assets or liabilities;
• Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and
• Level 3 – Inputs that are unobservable and significant to the  entire fair value measurement for the asset or liability (including the 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 Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have 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 financial instruments categorized in the fair value hierarchy.  The breakdown of the Fund’s financial instruments 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
$ —
$ 2,365,781,179
$ —
$ 2,365,781,179
Municipal Bonds Transferred to Tender Option Bond Trusts
—
1,352,108,213
—
1,352,108,213
Warrants
—
—
96,712
96,712
Short-Term Securities 
Money Market Funds
74,072,704
—
—
74,072,704
 
$74,072,704
$3,717,889,392
$96,712
$3,792,058,808
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 fair value hierarchy as follows: 
 
Level 1
Level 2
Level 3
Total
Liabilities
TOB Trust Certificates
$—
$(860,129,710
)
$—
$(860,129,710
)
VMTP Shares at Liquidation Value
—
(717,800,000
)
—
(717,800,000
)
 
$—
$(1,577,929,710
)
$—
$(1,577,929,710
)
 
Portfolio Abbreviation 
AGM
 Assured Guaranty Municipal Corp.
AGM-CR
 AGM Insured Custodial Receipt
AMBAC
 AMBAC Assurance Corp.
AMT
 Alternative Minimum Tax
ARB
 Airport Revenue Bonds
BAM
 Build America Mutual Assurance Co.
BAM-TCRS
 Build America Mutual Assurance Co. - Transferable
Custodial Receipts
CAB
 Capital Appreciation Bonds
COP
 Certificates of Participation
CR
 Custodian Receipt
FHLMC
 Federal Home Loan Mortgage Corp.
Portfolio Abbreviation (continued)
FNMA
 Federal National Mortgage Association
GNMA
 Government National Mortgage Association
GO
 General Obligation Bonds
GOL
 General Obligation Ltd.
GTD
 Guaranteed
HUD SECT 8
 U.S. Department of Housing and Urban Development
Section 8
M/F
 Multi-Family
NPFGC
 National Public Finance Guarantee Corp.
PSF
 Permanent School Fund
Q-SBLF
 Qualified School Bond Loan Fund
RB
 Revenue Bonds
Schedule of Investments
17
Schedule of Investments (unaudited)(continued)
April 30, 2026
BlackRock MuniHoldings Fund, Inc. (MHD)
 
Portfolio Abbreviation (continued)
S/F
 Single-Family
SAB
 Special Assessment Bonds
SAW
 State Aid Withholding
ST
 Special Tax
TA
 Tax Allocation
18