| Schedule of Investments (unaudited) April 30, 2019 |
BlackRock MuniHoldings New Jersey Quality Fund, Inc. (MUJ) (Percentages shown are based on Net Assets) |
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| Schedule of Investments (unaudited) (continued) April 30, 2019 |
BlackRock MuniHoldings New Jersey Quality Fund, Inc. (MUJ) (Percentages shown are based on Net Assets) |
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| Schedule of Investments (unaudited) (continued) April 30, 2019 |
BlackRock MuniHoldings New Jersey Quality Fund, Inc. (MUJ) (Percentages shown are based on Net Assets) |
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| Schedule of Investments (unaudited) (continued) April 30, 2019 |
BlackRock MuniHoldings New Jersey Quality Fund, Inc. (MUJ) (Percentages shown are based on Net Assets) |
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| Schedule of Investments (unaudited) (continued) April 30, 2019 |
BlackRock MuniHoldings New Jersey Quality Fund, Inc. (MUJ) (Percentages shown are based on Net Assets) |
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| Schedule of Investments (unaudited) (continued) April 30, 2019 |
BlackRock MuniHoldings New Jersey Quality Fund, Inc. (MUJ) (Percentages shown are based on Net Assets) |
| (a) | 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. |
| (b) | Zero-coupon bond. |
| (c) | Security is collateralized by municipal bonds or U.S. Treasury obligations. |
| (d) | 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. |
| (e) | 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 June 15, 2019 to September 01, 2020, is $13,916,017. |
During the period ended April 30, 2019, investments in issuers considered to be an affiliate/affiliates of the Fund for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| Affiliate | Shares Held at 07/31/18 |
Net Activity |
Shares Held at 04/30/19 |
Value at 04/30/19 |
Income | Net Realized Gain (Loss) (a) |
Change in Unrealized Appreciation (Depreciation) |
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| BlackRock Liquidity Funds, MuniCash, Institutional Class* |
1,217,685 | (1,217,685 | ) | — | $ | — | $ | 31,360 | $ | 453 | $ | — | ||||||||||||||||
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| * | No longer held by the fund as of period end. |
| (a) | Includes net capital gain distributions, if applicable. |
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.
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| Schedule of Investments (unaudited) (continued) April 30, 2019 |
BlackRock MuniHoldings New Jersey Quality Fund, Inc. (MUJ) |
| Portfolio Abbreviations | ||
| AGC | Assured Guarantee Corp. | |
| AGM | Assured Guaranty Municipal Corp. | |
| AMBAC | American Municipal Bond Assurance Corp. | |
| AMT | Alternative Minimum Tax (subject to) | |
| ARB | Airport Revenue Bonds | |
| BAM | Build America Mutual Assurance Co. | |
| BHAC | Berkshire Hathaway Assurance Corp. | |
| CAB | Capital Appreciation Bonds | |
| COP | Certificates of Participation | |
| EDA | Economic Development Authority | |
| GO | General Obligation Bonds | |
| LRB | Lease Revenue Bonds | |
| M/F | Multi-Family | |
| NPFGC | National Public Finance Guarantee Corp. | |
| RB | Revenue Bonds | |
| S/F | Single-Family | |
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
| Description | Number of Contracts |
Expiration Date |
Notional Amount (000) |
Value/ Unrealized Appreciation (Depreciation) |
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| Short Contracts: |
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| 10-Year U.S. Treasury Note |
138 | 06/19/19 | $ | 17,067 | $ | (65,810 | ) | |||||||||
| Long U.S. Treasury Bond |
161 | 06/19/19 | 23,742 | (104,931 | ) | |||||||||||
| 5-Year U.S. Treasury Note |
46 | 06/28/19 | 5,319 | (28,520 | ) | |||||||||||
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| $ | (199,261 | ) | ||||||||||||||
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| Schedule of Investments (unaudited) (continued) April 30, 2019 |
BlackRock MuniHoldings New Jersey Quality Fund, Inc. (MUJ) |
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of investments and derivative 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) |
| • | Level 3 — Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund’s own assumptions used in determining the fair value of investments and derivative 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 BlackRock Global Valuation Methodologies Committee (the “Global 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 investments and derivative financial instruments is based on the pricing transparency of the investments and derivative 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 investments and derivative financial instruments, refer to the Fund’s most recent financial statements as contained in its semi-annual report.
The following tables summarize the Fund’s investments and derivative financial instruments categorized in the disclosure hierarchy:
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| Assets: |
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| Investments: |
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| Long-Term Investments(a) |
$ | — | $ | 760,351,584 | $ | — | $ | 760,351,584 | ||||||||
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| Derivative Financial Instruments(b) |
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| Liabilities: |
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| Interest rate contracts |
$ | (199,261 | ) | $ | — | $ | — | $ | (199,261 | ) | ||||||
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| (a) | See above Schedule of Investments for values in each sector. |
| (b) | Derivative financial instruments are futures contracts which are valued at the unrealized appreciation (depreciation) on the instrument. |
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 disclosure hierarchy as follows:
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| Liabilities: |
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| TOB Trust Certificates |
$ | — | $ | (62,747,370 | ) | $ | — | $ | (62,747,370 | ) | ||||||
| VRDP Shares at Liquidation Value |
— | (237,100,000 | ) | — | (237,100,000 | ) | ||||||||||
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| $ | — | $ | (299,847,370 | ) | $ | — | $ | (299,847,370 | ) | |||||||
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