Schedule of Investments (unaudited)

October 31, 2023

   

BlackRock MuniHoldings New Jersey Quality Fund, Inc. (MUJ)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  

 

  

Municipal Bonds

    
New Jersey — 136.0%            
Corporate — 7.5%            

New Jersey Economic Development Authority, ARB

    

Series A, AMT, 5.63%, 11/15/30

   $        1,730     $ 1,732,724  

Series B, AMT, 5.63%, 11/15/30

     6,900       6,874,190  

New Jersey Economic Development Authority, RB

    

Series A, (NPFGC), 5.25%, 07/01/25(a)

    950       970,188  

Series A, (NPFGC), 5.25%, 07/01/26(a)

    1,415       1,464,758  

AMT, 4.00%, 08/01/59

     1,000       720,923  

New Jersey Economic Development Authority, Refunding RB

    

3.38%, 04/01/38

     4,040       3,263,000  

3.50%, 04/01/42

     3,030       2,332,184  

AMT, 3.00%, 08/01/41

     19,020       13,358,858  

AMT, 3.00%, 08/01/43

     23,960       16,358,232  
   

 

 

  
      47,075,057  
County/City/Special District/School District — 15.4%            

City of Bayonne New Jersey, Refunding GO, (BAM SAW), 5.00%, 07/01/26(b)

    2,425       2,503,049  

Clifton Board of Education, GO, (AGM), 2.25%, 08/15/46

     6,150       3,284,010  

Clifton Board Of Education, GO, (AGM), 2.00%, 08/15/41

     6,150       3,600,415  

County of Essex New Jersey, GO, Series B, 3.00%, 09/01/46

     1,700       1,193,622  

County of Middlesex New Jersey, Refunding COP, 5.00%, 10/15/31

     2,840       3,077,439  

Essex County Improvement Authority, Refunding RB

    

(NPFGC GTD), 5.50%, 10/01/27

     250       266,335  

(NPFGC GTD), 5.50%, 10/01/28

     9,380       10,137,329  

(NPFGC GTD), 5.50%, 10/01/29

     8,505       9,302,978  

Ewing Township Board of Education, GO
4.00%, 07/15/38

     2,660       2,468,477  

4.00%, 07/15/39

     2,320       2,167,672  

Hudson County Improvement Authority, RB
5.00%, 05/01/46

     5,655       5,670,162  

Series A-1, (NPFGC GTD), 0.00%, 12/15/32(c)

    1,000       675,994  

Mercer County Improvement Authority, RB, 5.00%, 09/01/40

     2,480       2,503,438  

Middlesex County Improvement Authority, RB, Series B, 6.25%, 01/01/37(d)(e)

    2,350       29,023  

Monroe Township Board of Education/Middlesex County, Refunding GO, 5.00%, 03/01/25(b)

    2,750       2,791,182  

New Jersey Economic Development Authority, RB, Series B, AMT, 6.50%, 04/01/31

     3,690       3,660,264  

New Jersey Economic Development Authority, Refunding SAB, 6.50%, 04/01/28

     3,548       3,575,681  

Newark Board of Education, Refunding GO, Sustainability Bonds, (BAM), 3.00%, 07/15/42

     1,500       1,064,184  

Township of Irvington New Jersey, Refunding GO, Series A, (AGM), 5.00%, 07/15/24(b)

    1,175       1,183,995  

Union County Utilities Authority, Refunding RB, Series A, AMT, (GTD), 5.25%, 12/01/31

     37,810       37,843,693  
   

 

 

  
      96,998,942  
Education — 22.7%            

Atlantic County Improvement Authority, RB, Series A, (AGM), 4.00%, 07/01/46

     2,250       1,890,382  
Security  

Par

(000)

      Value  

 

  
Education (continued)  

Camden County Improvement Authority, RB, 6.00%, 06/15/52

   $ 780      $ 801,154  

Gloucester County Improvement Authority, RB, 5.00%, 07/01/44

            1,985        1,964,902  

Middlesex County Improvement Authority, RB, 5.00%, 08/15/53

     3,125        3,135,650  

New Jersey Economic Development Authority, RB
6.00%, 10/01/33

     4,440        4,444,839  

5.00%, 01/01/50

     1,235        1,035,241  

Series A, 5.00%, 07/01/27(f)

    275        264,506  

Series A, 5.13%, 11/01/29(f)

    145        135,169  

Series A, 5.00%, 01/01/35

     2,000        1,794,830  

Series A, 5.25%, 07/01/37(f)

    1,030        874,601  

Series A, 5.00%, 07/01/38

     350        328,695  

Series A, 6.25%, 11/01/38(f)

    440        408,785  

Series A, 5.38%, 07/01/47(f)

    1,685        1,340,974  

Series A, 5.00%, 12/01/48

     4,475        4,159,338  

Series A, 5.00%, 06/15/49(f)

    970        791,257  

Series A, 5.00%, 07/01/50

     905        798,704  

Series A, 6.50%, 11/01/52(f)

    2,490        2,256,526  

Series A, 5.00%, 06/15/54(f)

    730        579,276  

Series A, 5.25%, 11/01/54(f)

    4,040        3,077,181  

Series WW, 5.00%, 06/15/25(b)

    8,615        8,773,629  

Series WW, 5.25%, 06/15/25(b)

    8,755        8,951,202  

New Jersey Economic Development Authority, Refunding RB

     

(AGM), 5.00%, 06/01/37

     6,270        6,300,348  

(AGM), 5.00%, 06/01/42

     810        798,037  

Series A, 4.25%, 09/01/27(f)

    160        152,606  

Series A, 5.63%, 08/01/34(f)

    630        597,495  

Series A, 5.00%, 09/01/37(f)

    805        699,254  

Series A, 5.88%, 08/01/44(f)

    1,070        980,706  

Series A, 6.00%, 08/01/49(f)

    555        510,805  

Series A, 5.13%, 09/01/52(f)

    1,700        1,363,786  

New Jersey Educational Facilities Authority, RB
5.25%, 09/01/53

     2,445        2,455,880  

Series C, (AGM), 3.25%, 07/01/49

     1,060        681,335  

Series C, (AGM), 4.00%, 07/01/50

     895        703,997  

New Jersey Educational Facilities Authority, Refunding RB

     

Series A, 5.00%, 07/01/39

     15,555        15,565,490  

Series A, 5.00%, 07/01/44

     14,500        14,229,826  

Series A, 4.00%, 07/01/47

     2,100        1,644,147  

Series D, 5.00%, 07/01/38

     1,000        972,484  

Series D, 5.00%, 07/01/43

     600        566,936  

New Jersey Higher Education Student Assistance Authority, RB

     

Series 1A-1, AMT, 4.00%, 12/01/29

     930        909,991  

Series 1A-1, AMT, 4.25%, 12/01/32

     335        331,162  

Series 1A-1, AMT, 4.50%, 12/01/36

     295        292,161  

Series B, AMT, 4.00%, 12/01/44

     1,575        1,305,490  

Sub-Series C, AMT, 4.00%, 12/01/48

     3,210        2,431,772  

Series C, AMT, Subordinate, 5.00%, 12/01/53

     985        828,333  

New Jersey Higher Education Student Assistance Authority, Refunding RB

     

Series B, AMT, 4.00%, 12/01/41

     3,265        2,964,373  

Series B, Class B, AMT, 3.00%, 12/01/32

     4,635        4,229,709  

Sub-Series C, AMT, 3.63%, 12/01/49

     1,925        1,334,511  
 

 

1

Schedule of Investments (unaudited) (continued)

October 31, 2023

   

BlackRock MuniHoldings New Jersey Quality Fund, Inc. (MUJ)

(Percentages shown are based on Net Assets)

 

Security   Par (000)     Value  

 

  
Education (continued)  

New Jersey Higher Education Student Assistance Authority, Refunding RB (continued) Series C, AMT, Subordinate, 5.00%, 12/01/52

   $         18,705     $ 17,331,386  

New Jersey Institute of Technology, RB

    

Series A, 5.00%, 07/01/45

     12,000       12,001,291  

Series A, AMT, 5.00%, 07/01/40

     3,000       3,014,256  
   

 

 

  
      143,004,408  
Health — 9.7%            

Camden County Improvement Authority, Refunding RB, 5.00%, 02/15/24(b)

    2,590       2,595,478  

Middlesex County Improvement Authority, RB, AMT, (AMBAC), 5.50%, 09/01/30

     415       415,174  

New Jersey Economic Development Authority, Refunding RB
5.00%, 01/01/34

     1,230       1,088,957  

5.00%, 01/01/39

     1,980       1,596,090  

5.00%, 01/01/49

     1,500       1,083,428  

New Jersey Health Care Facilities Financing Authority, RB
5.00%, 07/01/42

     2,000       1,927,333  

2.38%, 07/01/46

     3,735       2,182,311  

4.00%, 07/01/47

     5,555       4,493,082  

3.00%, 07/01/51

     14,850       9,589,045  

4.00%, 07/01/51

     10,000       8,184,815  

Series A, 5.50%, 07/01/43

     5,505       5,506,941  

Series B, 3.75%, 07/01/43(g)

    10,450       10,450,000  

New Jersey Health Care Facilities Financing Authority, Refunding RB
5.00%, 01/01/24(b)

    180       180,192  

5.00%, 07/01/28

     2,820       2,824,273  

5.00%, 07/01/29

     715       716,127  

5.00%, 07/01/34

     2,190       2,228,241  

4.00%, 07/01/41

     3,000       2,672,616  

Series A, 4.00%, 07/01/43

     3,500       3,022,155  
   

 

 

  
      60,756,258  
Housing — 2.8%            

New Jersey Housing & Mortgage Finance Agency, RB, Series A, (AGM), 5.00%, 05/01/27

     1,570       1,563,790  

New Jersey Housing & Mortgage Finance Agency, RB, S/F Housing, Series H, 2.15%, 10/01/41

     2,995       1,882,531  

New Jersey Housing & Mortgage Finance Agency, Refunding RB, M/F Housing

    

Series A, 2.45%, 11/01/45

     860       503,557  

Series A, 2.65%, 11/01/46

     1,150       689,588  

Series A, 4.00%, 11/01/48

     675       511,868  

Series A, 2.55%, 11/01/50

     780       427,455  

Series A, 2.70%, 11/01/51

     1,150       646,870  

Series A, 4.10%, 11/01/53

     400       306,822  

Series A, 2.63%, 11/01/56

     780       406,078  

Series A, 2.75%, 11/01/56

     1,150       621,310  

Series D, AMT, 4.25%, 11/01/37

     1,750       1,482,192  

Series D, AMT, 4.35%, 11/01/42

     1,000       809,327  

New Jersey Housing & Mortgage Finance Agency, Refunding RB, S/F Housing

    

Series A, 3.75%, 10/01/35

     5,295       4,626,528  
Security   Par (000)     Value  

 

  
Housing (continued)  

New Jersey Housing & Mortgage Finance Agency, Refunding RB, S/F Housing (continued)

    

Series E, 2.40%, 10/01/45

   $         1,885     $ 1,238,402  

Newark Housing Authority, RB, M/F Housing, Series A, AMT, 5.00%, 12/01/30

     2,000       2,000,533  
   

 

 

  
      17,716,851  
State — 26.2%            

Casino Reinvestment Development Authority, Inc., Refunding RB
5.25%, 11/01/39

     13,410       12,962,144  

5.25%, 11/01/44

     15,755       14,667,038  

Garden State Preservation Trust, RB(c)

   

Series B, (AGM), 0.00%, 11/01/23

     17,185       17,185,000  

Series B, (AGM), 0.00%, 11/01/25

     10,000       9,208,434  

Series B, (AGM), 0.00%, 11/01/26

     6,000       5,302,861  

Series B, (AGM), 0.00%, 11/01/27

     4,000       3,386,354  

Series B, (AGM), 0.00%, 11/01/28

     4,540       3,679,621  

New Jersey Economic Development Authority, RB
5.00%, 12/15/28(b)

    6,305       6,707,436  

5.00%, 06/15/43

     10,690       10,535,325  

4.00%, 06/15/49

     5,310       4,432,988  

Series A, (NPFGC), 5.25%, 07/01/24

     1,785       1,790,563  

Series A, (NPFGC), 5.25%, 07/01/25

     7,915       7,988,837  

Series A, (NPFGC), 5.25%, 07/01/26

     6,085       6,201,892  

Series A, 5.00%, 06/15/42

     2,000       1,991,383  

Series B, 5.00%, 06/15/35

     3,750       3,846,049  

Series B, 5.00%, 06/15/43

     3,470       3,440,241  

New Jersey Economic Development Authority, Refunding RB
4.00%, 07/01/46

     5,025       4,471,005  

Series N-1, (NPFGC), 5.50%, 09/01/27

     1,000       1,050,359  

Sub-Series A, 4.00%, 07/01/32

     5,000       4,688,201  

Sub-Series A, 5.00%, 07/01/33

     5,050       5,101,498  

Sub-Series A, 4.00%, 07/01/34

     8,570       7,936,238  

New Jersey Educational Facilities Authority, RB

    

Series A, 4.00%, 09/01/28

     9,705       9,558,542  

Series A, 5.00%, 09/01/32

     4,000       4,029,084  

Series A, 5.00%, 09/01/33

     5,370       5,410,399  

State of New Jersey, GO
2.00%, 06/01/37

     5,825       3,875,939  

5.00%, 06/01/38

     5,085       5,213,039  
   

 

 

  
      164,660,470  
Tobacco — 7.8%            

Tobacco Settlement Financing Corp., Refunding RB

    

Series A, 5.00%, 06/01/46

     10,000       9,425,452  

Series A, 5.25%, 06/01/46

     6,500       6,389,822  

Sub-Series B, 5.00%, 06/01/46

     35,420       32,891,571  
   

 

 

  
      48,706,845  
Transportation — 38.6%            

New Jersey Economic Development Authority, RB
4.00%, 11/01/44

     4,715       3,981,616  

Class A, 5.25%, 11/01/47

     7,800       7,905,577  

AMT, (AGM), 5.00%, 01/01/31

     1,000       988,912  

AMT, 5.13%, 01/01/34

     2,290       2,241,656  

AMT, 5.38%, 01/01/43

     23,510       22,762,664  

New Jersey Economic Development Authority, Refunding ARB, AMT, 5.00%, 10/01/47

     6,200       5,650,177  
 

 

S C H E D U L E   O F   I N V E S T M E N T S

   2

Schedule of Investments (unaudited) (continued)

October 31, 2023

   

BlackRock MuniHoldings New Jersey Quality Fund, Inc. (MUJ)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  

 

  
Transportation (continued)  

New Jersey Transportation Trust Fund Authority, RB
5.00%, 06/15/42

   $ 785     $ 783,292  

5.25%, 06/15/46

     790       798,993  

4.50%, 06/15/49

     4,600       4,128,537  

Class BB, 5.00%, 06/15/36

     3,750       3,864,377  

Class BB, 4.00%, 06/15/37

     1,550       1,433,644  

Class BB, 4.00%, 06/15/40

     6,000       5,340,466  

Class BB, 4.00%, 06/15/50

     8,290       6,773,840  

Series A, (NPFGC), 5.75%, 06/15/24

     1,205       1,216,951  

Series A, 5.00%, 06/15/30

     4,250       4,321,690  

Series AA, 5.25%, 06/15/34

     1,305       1,327,117  

Series AA, 4.00%, 06/15/36

     2,565       2,414,920  

Series AA, 5.00%, 06/15/38

     11,830       11,742,070  

Series AA, 5.25%, 06/15/41

     5,000       5,005,868  

Series AA, 4.00%, 06/15/45

     10,980       9,255,081  

Series AA, 5.00%, 06/15/45

     5,000       4,952,940  

Series AA, 4.00%, 06/15/50

     13,535       11,126,359  

Series B, 5.00%, 06/15/33

     2,450       2,531,467  

Series BB, 4.00%, 06/15/44

     5,100       4,332,079  

Series BB, 4.00%, 06/15/50

     10,100       8,252,809  

Series C, (AGM), 0.00%, 12/15/32(c)

    14,050       9,233,967  

Series C, (AMBAC), 0.00%, 12/15/35(c)

    8,300       4,559,972  

Series C, (AMBAC), 0.00%, 12/15/36(c)

    7,210       3,713,473  

Series D, 5.00%, 06/15/32

     3,300       3,333,555  

New Jersey Transportation Trust Fund Authority, RB, CAB, Series A, 0.00%, 12/15/35(c)

    6,000       3,296,365  

New Jersey Transportation Trust Fund Authority, Refunding RB
4.00%, 12/15/39

     4,795       4,313,415  

Series A, 5.00%, 06/15/31

     12,270       12,501,837  

Series A, 4.00%, 06/15/35

     1,605       1,528,158  

Series A, 5.00%, 12/15/35

     2,000       2,040,490  

Series A, 4.00%, 06/15/36

     3,695       3,444,302  

Series A, 5.00%, 12/15/36

     500       506,774  

Series A, 5.25%, 06/15/41

     4,000       4,129,081  

Series AA, 4.25%, 06/15/44

     6,170       5,434,685  

New Jersey Turnpike Authority, RB

    

Series A, 5.00%, 01/01/34

     2,500       2,551,608  

Series A, 4.00%, 01/01/42

     4,000       3,557,597  

Series E, 5.00%, 01/01/45

     8,720       8,641,330  

New Jersey Turnpike Authority, Refunding RB

    

Series A, (AGM), 5.25%, 01/01/29

     4,000       4,273,718  

Series A, (BHAC-CR AGM), 5.25%, 01/01/29

     500       534,137  

Series A, (AGM), 5.25%, 01/01/30

     4,000       4,314,449  

Series A, 4.00%, 01/01/39

     7,175       6,501,643  

South Jersey Port Corp., ARB

    

Series A, 5.00%, 01/01/49

     4,150       3,969,314  

Series B, AMT, 5.00%, 01/01/42

     12,870       12,066,921  

South Jersey Transportation Authority, RB

    

Series A, (AGM-CR), 4.00%, 11/01/50

     4,260       3,537,751  

Series A, Subordinate, (BAM), 4.00%, 11/01/50

     2,000       1,670,243  
   

 

 

  
      242,787,887  
Utilities — 5.3%            

Passaic Valley Sewerage Commission, Refunding RB

    

Series J, (AGM), 3.00%, 12/01/40

     2,060       1,487,199  

Series J, (AGM), 3.00%, 12/01/41

     2,110       1,491,508  

Series J, (AGM), 3.00%, 12/01/42

     2,155       1,491,751  

Series J, (AGM), 3.00%, 12/01/43

     2,205       1,498,972  
Security   Par
(000)		     Value  

 

  
Utilities (continued)  

Passaic Valley Sewerage Commission, Refunding RB (continued)

    

Series J, (AGM), 3.00%, 12/01/44

   $ 2,255     $ 1,503,344  

Series J, (AGM), 3.00%, 12/01/45

     2,305       1,507,235  

Rahway Valley Sewerage Authority, RB(c)

   

Series A, (NPFGC), 0.00%, 09/01/26

     4,100       3,673,364  

Series A, (NPFGC), 0.00%, 09/01/28

     6,600       5,447,994  

Series A, (NPFGC), 0.00%, 09/01/29

     9,650       7,629,212  

Series A, (NPFGC), 0.00%, 09/01/31

     6,000       4,341,289  

Series A, (NPFGC), 0.00%, 09/01/33

     5,000       3,284,796  
   

 

 

  
      33,356,664  
   

 

 

  

Total Municipal Bonds in New Jersey

       855,063,382  
New York — 7.3%  
Transportation — 7.3%  

Port Authority of New York & New Jersey, ARB
93rd Series, 6.13%, 06/01/94

     6,000       6,064,622  

AMT, 5.00%, 11/01/30

     2,000       2,055,706  

AMT, 5.00%, 11/01/33

     1,030       1,048,239  

AMT, 4.00%, 11/01/37

     1,715       1,521,501  

AMT, 4.00%, 09/01/38

     1,085       958,255  

206th Series, AMT, 5.00%, 11/15/42

     4,475       4,358,195  

206th Series, AMT, 5.00%, 11/15/47

     6,500       6,131,654  

218th Series, AMT, 5.00%, 11/01/32

     3,105       3,169,718  

218th Series, AMT, 4.00%, 11/01/47

     835       668,847  

221st Series, AMT, 4.00%, 07/15/40

     1,500       1,319,516  

221th Series, AMT, 4.00%, 07/15/50

     4,415       3,568,652  

Port Authority of New York & New Jersey, Refunding ARB

    

AMT, 5.00%, 01/15/47

     2,720       2,654,803  

AMT, 5.00%, 01/15/52

     5,000       4,707,102  

223rd Series, AMT, 4.00%, 07/15/41

     2,530       2,151,643  

238th Series, AMT, 5.00%, 07/15/39

     1,670       1,665,982  

Series 178th, AMT, 5.00%, 12/01/33

     4,005       4,004,167  
   

 

 

  

Total Municipal Bonds in New York

       46,048,602  
Pennsylvania — 2.5%  
Transportation — 2.5%  

Delaware River Joint Toll Bridge Commission, RB, 5.00%, 07/01/42

     2,460       2,470,331  

Delaware River Port Authority, RB
5.00%, 01/01/24(b)

    2,000       2,002,488  

5.00%, 01/01/37

     7,330       7,335,791  

5.00%, 01/01/40

     4,000       4,001,591  
   

 

 

  

Total Municipal Bonds in Pennsylvania

       15,810,201  
Puerto Rico — 4.9%  
State — 4.9%  

Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB

    

Series A-1, Restructured, 4.75%, 07/01/53

     2,878       2,427,758  

Series A-1, Restructured, 5.00%, 07/01/58

     12,646       10,959,447  

Series A-2, Restructured, 4.78%, 07/01/58

     2,906       2,433,076  

Series A-2, Restructured, 4.33%, 07/01/40

     12,863       11,107,362  

Series B-1, Restructured, 4.75%, 07/01/53

     638       539,282  
 

 

3

Schedule of Investments (unaudited) (continued)

October 31, 2023

   

BlackRock MuniHoldings New Jersey Quality Fund, Inc. (MUJ)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  

 

  
State (continued)  

Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB (continued) Series B-2, Restructured, 4.78%, 07/01/58

   $ 618     $ 516,726  

Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB, Series A-1, Restructured, 0.00%, 07/01/46(c)

    11,852       2,929,677  
   

 

 

  

Total Municipal Bonds in Puerto Rico

       30,913,328  
   

 

 

  

Total Municipal Bonds — 150.7%

    

(Cost: $1,021,905,339)

       947,835,513  
   

 

 

  

Municipal Bonds Transferred to Tender Option Bond Trusts(h)

 

New Jersey — 4.9%  
County/City/Special District/School District — 1.9%  

Union County Utilities Authority, Refunding RB, Series A, 5.00%, 06/15/41

     11,685       11,689,054  
   

 

 

  
State — 3.0%  

Garden State Preservation Trust, RB, Series A, 5.75%, 11/01/28

     17,920       18,845,106  
   

 

 

  

Total Municipal Bonds in New Jersey

       30,534,160  
   

 

 

  

Total Municipal Bonds Transferred to Tender Option Bond Trusts — 4.9%

 

  

(Cost: $30,010,161)

       30,534,160  
   

 

 

  
Total Long-Term Investments — 155.6%  

(Cost: $1,051,915,500)

       978,369,673  
   

 

 

  
    Shares        

 

  

Short-Term Securities

    
Money Market Funds — 11.7%  

BlackRock Liquidity Funds, MuniCash, Institutional Class, 3.82%(i)(j)

    73,399,165       73,399,165  
   

 

 

  

Total Short-Term Securities — 11.7%

    

(Cost: $73,391,650)

       73,399,165  
   

 

 

  

Total Investments — 167.3%

    

(Cost: $1,125,307,150)

       1,051,768,838  

Other Assets Less Liabilities — 2.0%

       12,847,217  

Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (3.1)%

 

     (19,468,165 ) 

VRDP Shares at Liquidation Value, Net of Deferred Offering Costs — (66.2)%

 

     (416,367,650 ) 
   

 

 

  

Net Assets Applicable to Common Shares — 100.0%

 

   $     628,780,240  
   

 

 

  

 

(a) 

Security is collateralized by municipal bonds or U.S. Treasury obligations.

(b) 

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.

(c) 

Zero-coupon bond.

(d) 

Issuer filed for bankruptcy and/or is in default.

(e) 

Non-income producing security.

(f) 

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.

(g) 

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.

(h) 

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

(i) 

Affiliate of the Fund.

(j) 

Annualized 7-day yield as of period end.

 

 

For Fund compliance purposes, the Fund’s sector classifications refer to one or more of the sector sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such sector sub-classifications for reporting ease.

 

 

S C H E D U L E   O F   I N V E S T M E N T S

   4

Schedule of Investments (unaudited) (continued)

October 31, 2023

   

BlackRock MuniHoldings New Jersey Quality Fund, Inc. (MUJ)

 

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the period ended October 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

                   
Affiliated Issuer   Value at
07/31/23		      Purchases
at Cost		      Proceeds
from Sales		     Net
Realized
Gain (Loss)		      Change in
Unrealized
Appreciation
(Depreciation)		     Value at
10/31/23		      Shares
Held at
10/31/23		      Income      Capital Gain
Distributions
from
Underlying
Funds		  

BlackRock Liquidity Funds, MuniCash, Institutional Class

   $  104,186,840      $ —      $  (30,788,657 )(a)    $ 1,159      $ (177 )    $  73,399,165        73,399,165      $  747,040      $ —  
         

 

 

     

 

 

    

 

 

        

 

 

     

 

 

  

 

  (a) 

Represents net amount purchased (sold).

 

Fair Value Hierarchy as of Period End

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

 

  •  

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

 

  •  

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

 

  •  

Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the 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. There may not be a secondary market, and/or there are a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund’s policy regarding valuation of financial instruments, refer to its most recent financial statements.

The following table summarizes the Fund’s 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

   $ —        $ 947,835,513        $ —        $ 947,835,513  

Municipal Bonds Transferred to Tender Option Bond Trusts

     —          30,534,160          —          30,534,160  

Short-Term Securities

                 

Money Market Funds

     73,399,165          —          —          73,399,165  
 

 

 

       

 

 

       

 

 

       

 

 

  
  $     73,399,165        $   978,369,673        $                 —        $  1,051,768,838  
 

 

 

       

 

 

       

 

 

       

 

 

  

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

   $ —        $ (19,284,999 )       $ —        $ (19,284,999 ) 

VRDP Shares at Liquidation Value

     —          (417,100,000 )         —          (417,100,000 ) 
 

 

 

       

 

 

       

 

 

       

 

 

  
  $                 —        $  (436,384,999)        $                 —        $  (436,384,999 ) 
 

 

 

       

 

 

       

 

 

       

 

 

  

 

5

Schedule of Investments (unaudited) (continued)

October 31, 2023

   

BlackRock MuniHoldings New Jersey Quality Fund, Inc. (MUJ)

 

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.

BHAC-CR  

Berkshire Hathaway Assurance Corp. - Custodian Receipt

CAB  

Capital Appreciation Bonds

COP  

Certificates of Participation

GO  

General Obligation Bonds

GTD  

GTD Guaranteed

M/F  

Multi-Family

NPFGC  

National Public Finance Guarantee Corp.

RB  

Revenue Bond

S/F  

Single-Family

SAB  

Special Assessment Bonds

SAW  

State Aid Withholding

 

S C H E D U L E   O F   I N V E S T M E N T S

   6
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