* Verb (past tense/past participle): This is the most common usage. It means "to keep or maintain something in a particular position or state." For example: "She held the baby in her arms."
* Adjective: This is less common but possible. It means "kept or maintained in a particular position or state." For example: "The meeting was a held event."
To figure out which part of speech "held" is in a specific sentence, look at how it's used in the sentence.