-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 Em1au86jg/uKyfxs8AcgIntGI9hq5SIydcm3GDS6BGAHAvipzTg1P3juFZKmNbGu
 G1yXZ1wGk/pATmbUgc5TQA==

<SEC-DOCUMENT>0000900092-09-000321.txt : 20090626
<SEC-HEADER>0000900092-09-000321.hdr.sgml : 20090626
<ACCEPTANCE-DATETIME>20090626130052
ACCESSION NUMBER:		0000900092-09-000321
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20090430
FILED AS OF DATE:		20090626
DATE AS OF CHANGE:		20090626
EFFECTIVENESS DATE:		20090626

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BLACKROCK MUNIHOLDINGS NEW JERSEY INSURED FUND, INC.
		CENTRAL INDEX KEY:			0001053988
		IRS NUMBER:				223564106
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		N-Q
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-08621
		FILM NUMBER:		09911988

	BUSINESS ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809
		BUSINESS PHONE:		800-441-7762

	MAIL ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MUNIHOLDINGS NEW JERSEY INSURED FUND INC
		DATE OF NAME CHANGE:	19980129
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-Q
<SEQUENCE>1
<FILENAME>mujfinal.htm
<DESCRIPTION>BR MUNIHOLDINGS NEW JERSEY INSURED FUND, INC.
<TEXT>

<HTML>
<HEAD>
   <TITLE>mujfinal.htm - Generated by SEC Publisher for SEC Filing</TITLE>
</HEAD>

<BODY bgcolor="#ffffff">


<!--$$/page=-->
<A name="page_1"></A>

<P align="center">
<FONT face="ArialMT,Arial,Helvetica,sans-serif">UNITEDSTATES</FONT><BR>
<FONT face="ArialMT,Arial,Helvetica,sans-serif">SECURITIESANDEXCHANGECOMMISSION</FONT><BR>
<FONT face="ArialMT,Arial,Helvetica,sans-serif">Washington,D.C.20549</FONT><BR>
<BR>
<B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">FORM N-Q</FONT></B><BR>
<BR>
<B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED</FONT></B><BR>
<B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">MANAGEMENT INVESTMENT COMPANY</FONT></B></P>
<P align="left">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Investment Company Act file number 811-08621</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Name of Fund: BlackRock MuniHoldings New Jersey Insured Fund, Inc. (MUJ)</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Name and address of agent for service: Donald C. Burke, Chief Executive Officer, BlackRock</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">MuniHoldings New Jersey Insured Fund, Inc., 800 Scudders Mill Road, Plainsboro, NJ,</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">08536. Mailing address: P.O. Box 9011, Princeton, NJ, 08543-9011</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Registrant&#146;s telephone number, including area code: (800) 882-0052, Option 4</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Date of fiscal year end: 07/31/2009</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Date of reporting period: 04/30/2009</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Item 1 &#150; Schedule of Investments</FONT></P>

<HR noshade align="center" width="100%" size=2>



<!--$$/page=-->
<A name="page_2"></A>

<TABLE border=0 cellspacing=0>
<TR>
     <TD width=4%></TD>
     <TD width=15%></TD>
     <TD width=28%></TD>
     <TD width=10%></TD>
     <TD width=18%></TD>
     <TD width=2%></TD>
     <TD width=8%></TD>
     <TD width=11%></TD></TR>
<TR valign="bottom">
	<TD align=left nowrap colspan=5>
<B><FONT size=4 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">BlackRock MuniHoldings New Jersey Insured Fund, Inc.</FONT></B>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap colspan=3 style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Schedule of Investments April 30, 2009 (Unaudited)</FONT></B>&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right nowrap colspan=4 style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">(Percentages shown are based on Net Assets)</FONT></B>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=center nowrap>
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Par</FONT></B>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Municipal Bonds</FONT></B>&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">(000)</FONT></B>&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Value</FONT></B>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap colspan=2 style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">New Jersey - 144.8%</FONT></B>&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap colspan=2>
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Corporate - 0.8%</FONT></B>&nbsp;</TD>
	<TD align=left nowrap colspan=3>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">New Jersey EDA, Solid Waste Disposal Facilities Revenue Bonds</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left nowrap colspan=3 style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">(Waste Management Inc.), AMT, Series A, 5.30%, 6/01/15</FONT>&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">&#36;</FONT>&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">2,500</FONT>&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">&#36; 2,367,525</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap colspan=2>
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">County/City/Special</FONT></B>&nbsp;</TD>
	<TD align=left nowrap colspan=3>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Camden County, New Jersey, Improvement Authority, Lease</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap colspan=2>
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">District/School</FONT></B>&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Revenue Bonds, 5.50%, 9/01/10 (a)(b)</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,540</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,639,961</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap colspan=2>
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">District - 27.4%</FONT></B>&nbsp;</TD>
	<TD align=left nowrap colspan=3>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">East Orange, New Jersey, Board of Education, COP, 5.50%,</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">8/01/12 (b)</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">7,895</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">8,404,543</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=3>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Essex County, New Jersey, Improvement Authority, Lease Revenue</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Bonds (Correctional Facility Project), 6%,</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">10/01/10 (a)(c)</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">4,000</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">4,295,320</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=3>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Essex County, New Jersey, Improvement Authority Revenue Bonds,</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Series A, 5%, 10/01/13 (a)(c)</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">4,400</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">5,039,848</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=3>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Hopatcong, New Jersey, GO, Sewer Refunding Bonds, 4.50%,</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">8/01/33 (d)</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">2,690</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">2,595,097</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=3>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Hudson County, New Jersey, Improvement Authority, Parking</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=center colspan=8>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Revenue Bonds (Harrison Parking Facility Project), Series C, 5.375%,</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1/01/44 (e)</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">3,600</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">3,700,584</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=3>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Lafayette Yard, New Jersey, Community Development Revenue</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=3>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Bonds (Hotel/Conference Center Project-Trenton), 6%,</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">4/01/10 (a)(f)</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">5,250</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">5,544,630</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=3>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Middlesex County, New Jersey, COP, 5.25%, 6/15/23 (f)</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,550</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,552,247</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=3>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Middlesex County, New Jersey, COP, Refunding, 5.50%,</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">8/01/16 (f)</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,375</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,479,335</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=3>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Middlesex County, New Jersey, Improvement Authority Revenue</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=3>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Bonds (Senior Citizens Housing Project), AMT, 5.50%, 9/01/30 (d)</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">500</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">463,860</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=3>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Monmouth County, New Jersey, Improvement Authority,</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=3>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Governmental Loan Revenue Refunding Bonds, 5.35%,</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">695</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">745,916</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">12/01/10 (a)(d)</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=3>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Monmouth County, New Jersey, Improvement Authority,</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=3>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Governmental Loan Revenue Refunding Bonds, 5.375%,</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">12/01/10 (a)(d)</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">535</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">574,408</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=3>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Monmouth County, New Jersey, Improvement Authority,</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=3>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Governmental Loan Revenue Refunding Bonds, 5.35%,</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">12/01/17 (d)</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">845</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">882,636</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=3>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Monmouth County, New Jersey, Improvement Authority,</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=3>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Governmental Loan Revenue Refunding Bonds, 5.375%,</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">12/01/18 (d)</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">935</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">977,000</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=3>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Morristown, New Jersey, Parking Authority Revenue Bonds, 5%,</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">8/01/30 (f)</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,830</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,862,062</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=3>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Morristown, New Jersey, Parking Authority Revenue Bonds, 5%,</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">8/01/33 (f)</FONT>&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">3,000</FONT>&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">3,036,180</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD bgcolor="#c0c0c0" align=left nowrap colspan=2 style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Portfolio Abbreviations</FONT></B>&nbsp;</TD>
	<TD bgcolor="#c0c0c0" align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD bgcolor="#c0c0c0" align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD bgcolor="#c0c0c0" align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD bgcolor="#c0c0c0" align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD bgcolor="#c0c0c0" align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD bgcolor="#c0c0c0" align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap colspan=7>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">To simplify the listings of portfolio holdings in the Schedule of Investments, the names and descriptions of</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap colspan=4>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">many of the securities have been abbreviated according to the list below.</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">AMT</FONT></B>&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Alternative Minimum Tax (subject to)</FONT>&nbsp;</TD>
	<TD align=left nowrap>
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">EDA</FONT></B>&nbsp;</TD>
	<TD align=right nowrap colspan=3>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Economic Development Authority</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">CABS</FONT></B>&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Capital Appreciation Bonds</FONT>&nbsp;</TD>
	<TD align=left nowrap>
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">GO</FONT></B>&nbsp;</TD>
	<TD align=right nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">General Obligation Bonds</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">COP</FONT></B>&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Certificates of Participation</FONT>&nbsp;</TD>
	<TD align=left nowrap>
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">S/F</FONT></B>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Single-Family</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
</TABLE><BR>
<P align="center">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1</FONT></P>

<HR noshade align="center" width="100%" size=2>



<!--$$/page=-->
<A name="page_3"></A>

<TABLE border=0 cellspacing=0>
<TR>
     <TD width=18%></TD>
     <TD width=42%></TD>
     <TD width=16%></TD>
     <TD width=13%></TD>
     <TD width=9%></TD></TR>
<TR valign="bottom">
	<TD align=left nowrap colspan=3>
<B><FONT size=4 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">BlackRock MuniHoldings New Jersey Insured Fund, Inc.</FONT></B>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap colspan=2 style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Schedule of Investments April 30, 2009 (Unaudited)</FONT></B>&nbsp;</TD>
	<TD align=right nowrap colspan=3 style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">(Percentages shown are based on Net Assets)</FONT></B>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=center nowrap>
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Par</FONT></B>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Municipal Bonds</FONT></B>&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">(000)</FONT></B>&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Value</FONT></B>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=center colspan=5>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Newark, New Jersey, Housing Authority, Port Authority-Port Newark</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Marine Terminal, Additional Rent-Backed Revenue Refunding Bonds</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">(City of Newark Redevelopment Projects), 4.375%, 1/01/37 (f)</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">&#36; 620 &#36;</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">536,877</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">North Bergen Township, New Jersey, Board of Education, COP, 6%,</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">12/15/10 (a)(b)</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,000</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,095,230</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">North Bergen Township, New Jersey, Board of Education, COP,</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">6.25%, 12/15/10 (a)(b)</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">3,260</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">3,583,588</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Paterson, New Jersey, Public School District, COP, 6.125%,</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">11/01/09 (a)(f)</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,980</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">2,056,131</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Paterson, New Jersey, Public School District, COP, 6.25%,</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">11/01/09 (a)(f)</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">2,000</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">2,078,140</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Perth Amboy, New Jersey, GO (Convertible CABS), Refunding, 5%,</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">7/01/32 (b)(g)</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">4,605</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">3,811,006</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Perth Amboy, New Jersey, GO (Convertible CABS), Refunding, 5%,</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">7/01/33 (b)(g)</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,395</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,148,141</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Perth Amboy, New Jersey, GO (Convertible CABS), Refunding, 5%,</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">7/01/37 (b)(g)</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,470</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,196,021</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Salem County, New Jersey, Improvement Authority Revenue Bonds</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">(Finlaw State Office Building Project), 5.375%, 8/15/28 (b)</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">500</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">522,570</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">South Jersey Port Corporation of New Jersey, Revenue Refunding</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Bonds, 4.50%, 1/01/15</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">3,750</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">3,947,925</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">South Jersey Port Corporation of New Jersey, Revenue Refunding</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Bonds, 4.50%, 1/01/16</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,920</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">2,008,397</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Trenton, New Jersey, Parking Authority, Parking Revenue Bonds,</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">6.10%, 4/01/10 (a)(c)</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">8,650</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">9,091,323</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">West Deptford Township, New Jersey, GO, 5.625%, 9/01/10 (a)(c)</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">8,580</FONT>&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">9,151,171</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">83,020,147</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Education - 19.0%</FONT></B>&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">New Jersey EDA, Lease Revenue Bonds (University of Medicine and</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Dentistry-International Center for Public Health Project), 6%,</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">6/01/32 (d)</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">5,000</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">4,504,900</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">New Jersey State Educational Facilities Authority Revenue Bonds</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">(Montclair State University), Series A, 5%, 7/01/21 (d)</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,200</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,278,708</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">New Jersey State Educational Facilities Authority Revenue Bonds</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">(Montclair State University), Series A, 5%, 7/01/22 (d)</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">2,880</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">3,045,859</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">New Jersey State Educational Facilities Authority Revenue Bonds</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">(Rowan University), Series C, 5%, 7/01/14 (a)(f)</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">3,260</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">3,734,493</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">New Jersey State Educational Facilities Authority Revenue Bonds</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">(Rowan University), Series C, 5.125%, 7/01/14 (a)(f)</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">3,615</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">4,163,251</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">New Jersey State Educational Facilities Authority, Revenue</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Refunding Bonds (College of New Jersey), Series D, 5%,</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">7/01/35 (b)</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">9,540</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">9,757,703</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">New Jersey State Educational Facilities Authority, Revenue</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Refunding Bonds (Montclair State University), Series J, 4.25%,</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">7/01/30 (f)</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">3,775</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">3,317,734</FONT>&nbsp;</TD>
</TR>
</TABLE><BR>
<P align="center">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">2</FONT></P>

<HR noshade align="center" width="100%" size=2>


<!--$$/page=-->
<A name="page_4"></A>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="17%"></TD>
     <TD width="41%"></TD>
     <TD width="18%"></TD>
     <TD width="10%"></TD>
     <TD width="11%"></TD></TR>
<TR vAlign=bottom>
     <TD colSpan=3 noWrap align=left><B><FONT size=4 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">BlackRock MuniHoldings New Jersey Insured Fund, Inc.</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 noWrap align=left><B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Schedule of Investments April 30, 2009 (Unaudited)</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=3 noWrap align=right><B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">(Percentages shown are based on Net Assets)</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=center><B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Par</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Municipal Bonds</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center><B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">(000)</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Value</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD colSpan=2 noWrap align=left><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">New Jersey State Educational Facilities Authority, Revenue</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD colSpan=2 noWrap align=left><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Refunding Bonds (Montclair State University), Series L, 5%,</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">7/01/14 (a)(f)</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">$ 7,510</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">$ 8,603,080</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD colSpan=2 noWrap align=left><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">New Jersey State Educational Facilities Authority, Revenue</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD colSpan=2 noWrap align=left><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Refunding Bonds (Ramapo College), Series I, 4.25%,</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">7/01/31 (d)</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,250</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,093,538</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD colSpan=2 noWrap align=left><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">New Jersey State Educational Facilities Authority, Revenue</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD colSpan=2 noWrap align=left><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Refunding Bonds (Ramapo College), Series I, 4.25%,</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">7/01/36 (d)</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">900</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">764,802</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD colSpan=2 noWrap align=left><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">New Jersey State Educational Facilities Authority, Revenue</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD colSpan=2 noWrap align=left><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Refunding Bonds (Rowan University), Series C, 5.25%,</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">7/01/11 (a)(c)</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">790</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">868,874</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD colSpan=2 noWrap align=left><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">New Jersey State Educational Facilities Authority, Revenue</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD colSpan=2 noWrap align=left><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Refunding Bonds (Rowan University), Series C, 5.25%,</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">7/01/17 (c)(f)</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">2,135</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">2,286,841</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD colSpan=2 noWrap align=left><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">New Jersey State Educational Facilities Authority, Revenue</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD colSpan=2 noWrap align=left><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Refunding Bonds (Rowan University), Series C, 5.25%,</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">7/01/18 (c)(f)</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">2,535</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">2,709,712</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD colSpan=2 noWrap align=left><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">New Jersey State Educational Facilities Authority, Revenue</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD colSpan=2 noWrap align=left><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Refunding Bonds (Rowan University), Series C, 5.25%,</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">7/01/19 (c)(f)</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">2,370</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">2,474,256</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD colSpan=2 noWrap align=left><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">New Jersey State Educational Facilities Authority, Revenue</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD colSpan=2 noWrap align=left><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Refunding Bonds (Stevens Institute of Technology), Series A, 5%,</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">7/01/27</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">2,800</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">2,390,276</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD colSpan=2 noWrap align=left><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">New Jersey State Educational Facilities Authority, Revenue</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD colSpan=2 noWrap align=left><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Refunding Bonds (Stevens Institute of Technology), Series A, 5%,</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">7/01/34</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">900</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">706,842</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD colSpan=2 noWrap align=left><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">University of Medicine and Dentistry of New Jersey, COP, 5%,</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">6/15/29 (f)</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">2,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,761,580</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=5 align=center><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">University of Medicine and Dentistry of New Jersey, Revenue Bonds,</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Series A, 5.50%, 12/01/27 (d)</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">4,740</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">4,094,981</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">57,557,430</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Health - 10.7%</FONT></B>&nbsp;</TD>
     <TD colSpan=2 noWrap align=left><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">New Jersey Health Care Facilities Financing Authority, Department</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD colSpan=2 noWrap align=left><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">of Human Services Revenue Bonds (Greystone Park Psychiatric</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Hospital Project), 5%, 9/15/23 (d)</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">10,775</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">10,780,172</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD colSpan=2 noWrap align=left><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">New Jersey Health Care Facilities Financing Authority Revenue</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD colSpan=2 noWrap align=left><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Bonds (Society of the Valley Hospital), 5.375%, 7/01/25 (d)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">2,820</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">2,439,131</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD colSpan=2 noWrap align=left><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">New Jersey Health Care Facilities Financing Authority Revenue</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD colSpan=2 noWrap align=left><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Bonds (Somerset Medical Center), 5.50%, 7/01/33</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">2,135</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,107,488</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD colSpan=2 noWrap align=left><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">New Jersey Health Care Facilities Financing Authority Revenue</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD colSpan=2 noWrap align=left><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Bonds (South Jersey Hospital System), 6%, 7/01/12 (a)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">5,440</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">6,220,314</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD colSpan=2 noWrap align=left><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">New Jersey Health Care Facilities Financing Authority Revenue</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Bonds (Virtua Health), 5.50%, 7/01/38 (e)</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">981,400</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD colSpan=2 noWrap align=left><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">New Jersey Health Care Facilities Financing Authority, Revenue</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD colSpan=2 noWrap align=left><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Refunding Bonds (AHS Hospital Corporation), Series A,</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">6%, 7/01/13 (d)(h)</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">4,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">4,673,560</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=5 align=center><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">3</FONT></TD></TR></TABLE><BR>
<HR align=center SIZE=2 width="100%" noShade>


<!--$$/page=-->
<A name="page_5"></A>

<TABLE border=0 cellspacing=0>
<TR>
     <TD width=17%></TD>
     <TD width=32%></TD>
     <TD width=28%></TD>
     <TD width=10%></TD>
     <TD width=11%></TD></TR>
<TR valign="bottom">
	<TD align=left nowrap colspan=3>
<B><FONT size=4 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">BlackRock MuniHoldings New Jersey Insured Fund, Inc.</FONT></B>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap colspan=2 style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Schedule of Investments April 30, 2009 (Unaudited)</FONT></B>&nbsp;</TD>
	<TD align=right nowrap colspan=3 style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">(Percentages shown are based on Net Assets)</FONT></B>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=center nowrap>
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Par</FONT></B>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Municipal Bonds</FONT></B>&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">(000)</FONT></B>&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Value</FONT></B>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">New Jersey Health Care Facilities Financing Authority, Revenue</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Refunding Bonds (Atlantic City Medical Center), 5.75%, 7/01/12 (a)</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">&#36; 1,525</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">&#36; 1,709,723</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">New Jersey Health Care Facilities Financing Authority, Revenue</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Refunding Bonds (Atlantic City Medical Center), 6.25%, 7/01/12 (a)</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">530</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">602,329</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">New Jersey Health Care Facilities Financing Authority, Revenue</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Refunding Bonds (Atlantic City Medical Center), 6.25%, 7/01/17</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">925</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">968,355</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">New Jersey Health Care Facilities Financing Authority, Revenue</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Refunding Bonds (Atlantic City Medical Center), 5.75%, 7/01/25</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,975</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,980,490</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">New Jersey Health Care Facilities Financing Authority, Revenue</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=center colspan=5>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Refunding Bonds (Meridian Health System Obligation Group), 5.375%,</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">7/01/24 (b)</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,000</FONT>&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,000,310</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">32,463,272</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Housing - 6.8%</FONT></B>&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">New Jersey State Housing and Mortgage Finance Agency, Capital</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Fund Program Revenue Bonds, Series A, 4.70%, 11/01/25 (b)</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">10,840</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">10,527,266</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">New Jersey State Housing and Mortgage Finance Agency, Home</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Buyer Revenue Bonds, AMT, Series U, 5.60%, 10/01/12 (f)</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">700</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">704,354</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">New Jersey State Housing and Mortgage Finance Agency, Home</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Buyer Revenue Bonds, AMT, Series U, 5.65%, 10/01/13 (f)</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">2,075</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">2,088,197</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">New Jersey State Housing and Mortgage Finance Agency, Home</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Buyer Revenue Bonds, AMT, Series U, 5.75%, 4/01/18 (f)</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">2,325</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">2,333,393</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">New Jersey State Housing and Mortgage Finance Agency, Home</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Buyer Revenue Bonds, AMT, Series U, 5.85%, 4/01/29 (f)</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">610</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">610,506</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">New Jersey State Housing and Mortgage Finance Agency Revenue</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Bonds, Series AA, 6.50%, 10/01/38</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">3,370</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">3,581,872</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">New Jersey State Housing and Mortgage Finance Agency, S/F</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Housing Revenue Refunding Bonds, AMT, Series T, 4.70%, 10/01/37</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">800</FONT>&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">675,192</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">20,520,780</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">State - 52.1%</FONT></B>&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Garden State Preservation Trust of New Jersey, Capital</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Appreciation Revenue Bonds, Series B, 5.116%, 11/01/23 (b)(i)</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">9,000</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">4,597,920</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Garden State Preservation Trust of New Jersey, Capital</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Appreciation Revenue Bonds, Series B, 5.196%, 11/01/25 (b)(i)</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">10,000</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">4,483,800</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Garden State Preservation Trust of New Jersey, Open Space and</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Farmland Preservation Revenue Bonds, Series A, 5.80%,</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">11/01/21 (b)</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,960</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">2,227,795</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Garden State Preservation Trust of New Jersey, Open Space and</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Farmland Preservation Revenue Bonds, Series A, 5.80%, 11/01/23</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">2,730</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">3,064,671</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Garden State Preservation Trust of New Jersey, Open Space and</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Farmland Preservation, Revenue Refunding Bonds, Series C, 5.25%,</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">11/01/20 (b)</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">5,000</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">5,804,700</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Garden State Preservation Trust of New Jersey, Open Space and</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Farmland Preservation, Revenue Refunding Bonds, Series C, 5.25%,</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">11/01/21 (b)</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">7,705</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">8,901,818</FONT>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=center colspan=5>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">4</FONT></TD>
</TR>
</TABLE><BR>

<HR noshade align="center" width="100%" size=2>


<!--$$/page=-->
<A name="page_6"></A>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="60%"></TD>
     <TD width="16%"></TD>
     <TD width="10%"></TD>
     <TD width="11%"></TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 noWrap align=left><B><FONT size=4 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">BlackRock MuniHoldings New Jersey Insured Fund, Inc.</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Schedule of Investments April 30, 2009 (Unaudited)</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=3 noWrap align=right><B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">(Percentages shown are based on Net Assets)</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=center><B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Par</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Municipal Bonds</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center><B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">(000)</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Value</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 noWrap align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">New Jersey EDA, Cigarette Tax Revenue Bonds, 5.625%, 6/15/19</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">$ 2,700</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">$ 2,371,194</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 noWrap align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">New Jersey EDA, Cigarette Tax Revenue Bonds, 5.75%, 6/15/29 (j)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">2,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,476,940</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 noWrap align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">New Jersey EDA, Cigarette Tax Revenue Bonds, 5.50%, 6/15/31 (j)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">585</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">409,430</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 noWrap align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">New Jersey EDA, Cigarette Tax Revenue Bonds, 5.75%, 6/15/34 (j)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,180</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">839,664</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 noWrap align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">New Jersey EDA, Motor Vehicle Surcharge Revenue Bonds, Series A,</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">5.25%, 7/01/26 (f)</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">7,500</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">7,679,025</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 noWrap align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">New Jersey EDA, Motor Vehicle Surcharge Revenue Bonds, Series A,</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">5.25%, 7/01/33 (f)</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">11,105</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">11,074,017</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 noWrap align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">New Jersey EDA, Motor Vehicle Surcharge Revenue Bonds, Series A,</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">5%, 7/01/34 (f)</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">2,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,922,360</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 noWrap align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">New Jersey EDA, School Facilities Construction Revenue Bonds,</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Series L, 5%, 3/01/30 (b)</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">9,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">9,108,360</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 noWrap align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">New Jersey EDA, School Facilities Construction Revenue Bonds,</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Series O, 5.25%, 3/01/23</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">4,420</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">4,563,031</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 noWrap align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">New Jersey EDA, School Facilities Construction Revenue Bonds,</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Series U, 5%, 9/01/37 (d)</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">2,500</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">2,458,900</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 noWrap align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">New Jersey EDA, School Facilities Construction Revenue Bonds,</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Series Z, 6%, 12/15/34 (e)</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">2,800</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">3,088,400</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 noWrap align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">New Jersey EDA, School Facilities Construction, Revenue Refunding</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Bonds, Series N-1, 5.50%, 9/01/27 (c)(f)</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,069,460</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 noWrap align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">New Jersey EDA, State Lease Revenue Bonds (Liberty State Park</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Project), Series C, 5%, 3/01/22 (b)</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">2,670</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">2,812,258</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 noWrap align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">New Jersey EDA, State Lease Revenue Bonds (State Office Buildings</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Projects), 6%, 6/15/10 (a)(d)</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">3,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">3,183,510</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 noWrap align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">New Jersey EDA, State Lease Revenue Bonds (State Office Buildings</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Projects), 6.25%, 6/15/10 (a)(d)</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">4,620</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">4,915,541</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 noWrap align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">New Jersey Sports and Exposition Authority, Luxury Tax Revenue</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 noWrap align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Refunding Bonds (Convention Center), 5.50%, 3/01/21 (f)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">5,890</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">6,423,870</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 noWrap align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">New Jersey Sports and Exposition Authority, Luxury Tax Revenue</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 noWrap align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Refunding Bonds (Convention Center), 5.50%, 3/01/22 (f)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">3,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">3,246,930</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=4 align=center><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">New Jersey Sports and Exposition Authority, State Contract Revenue</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Bonds, Series A, 6%, 3/01/13 (f)</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">2,400</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">2,488,248</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 noWrap align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">New Jersey State, COP (Equipment Lease Purchase Agreement),</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Series A, 5.25%, 6/15/27</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,080</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,082,452</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=4 align=center><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">New Jersey State Educational Facilities Authority, Higher Education,</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Capital Improvement Revenue Bonds, Series A,</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">5.125%, 9/01/12 (a)(d)</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">5,500</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">6,173,035</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 noWrap align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">New Jersey State Educational Facilities Authority Revenue Bonds</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 noWrap align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">(Capital Improvement Fund), Series A, 5.75%, 9/01/10 (a)(b)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">9,420</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">10,048,314</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 noWrap align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">New Jersey State Transportation Trust Fund Authority,</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 noWrap align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Transportation System Revenue Bonds, CABS, Series C, 5.05%,</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">12/15/35 (d)(i)</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,400</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">268,464</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 noWrap align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">New Jersey State Transportation Trust Fund Authority,</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 noWrap align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Transportation System Revenue Bonds, Series A, 6%,</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">6/15/10 (a)</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">7,500</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">7,958,775</FONT>&nbsp;</TD></TR></TABLE><BR>
<P align=center><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">5</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>


<!--$$/page=-->
<A name="page_7"></A>

<TABLE border=0 cellspacing=0>
<TR>
     <TD width=20%></TD>
     <TD width=37%></TD>
     <TD width=18%></TD>
     <TD width=11%></TD>
     <TD width=11%></TD></TR>
<TR valign="bottom">
	<TD align=left nowrap colspan=3>
<B><FONT size=4 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">BlackRock MuniHoldings New Jersey Insured Fund, Inc.</FONT></B>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap colspan=2 style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Schedule of Investments April 30, 2009 (Unaudited)</FONT></B>&nbsp;</TD>
	<TD align=right nowrap colspan=3 style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">(Percentages shown are based on Net Assets)</FONT></B>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=center nowrap>
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Par</FONT></B>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Municipal Bonds</FONT></B>&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">(000)</FONT></B>&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Value</FONT></B>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">New Jersey State Transportation Trust Fund Authority,</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Transportation System Revenue Bonds, Series A, 5.625%,</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">12/15/28 (e)</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">&#36; 2,000</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">&#36; 2,111,660</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">New Jersey State Transportation Trust Fund Authority,</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Transportation System Revenue Bonds, Series C, 4.715%,</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">12/15/32 (b)(i)</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">4,050</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">948,875</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">New Jersey State Transportation Trust Fund Authority,</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Transportation System Revenue Bonds, Series C, 5.05%,</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">12/15/36 (d)(i)</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">5,500</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">983,345</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">New Jersey State Transportation Trust Fund Authority,</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Transportation System Revenue Bonds, Series D, 5%, 6/15/19 (b)</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">7,800</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">8,265,348</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">New Jersey State Transportation Trust Fund Authority,</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Transportation System Revenue Refunding Bonds, Series A, 5.25%,</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">12/15/20 (b)</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">10,750</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">11,762,650</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">New Jersey State Transportation Trust Fund Authority,</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Transportation System Revenue Refunding Bonds, Series B, 5.50%,</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">12/15/21 (f)</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">9,165</FONT>&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">10,006,622</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">157,821,382</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Tobacco - 1.9%</FONT></B>&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Tobacco Settlement Financing Corporation of New Jersey, Asset-</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Backed Revenue Bonds, 7%, 6/01/13 (a)</FONT>&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">4,755</FONT>&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">5,757,592</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Transportation - 22.4%</FONT></B>&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Delaware River Port Authority of Pennsylvania and New Jersey</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Revenue Bonds, 5.50%, 1/01/12 (b)</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">5,000</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">5,117,700</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Delaware River Port Authority of Pennsylvania and New Jersey</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Revenue Bonds, 5.625%, 1/01/13 (b)</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">6,000</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">6,145,740</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Delaware River Port Authority of Pennsylvania and New Jersey</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Revenue Bonds, 5.75%, 1/01/15 (b)</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">500</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">512,800</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Delaware River Port Authority of Pennsylvania and New Jersey</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Revenue Bonds, 6%, 1/01/18 (b)</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">4,865</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">5,004,188</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Delaware River Port Authority of Pennsylvania and New Jersey</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Revenue Bonds, 6%, 1/01/19 (b)</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">5,525</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">5,596,162</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Delaware River Port Authority of Pennsylvania and New Jersey</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Revenue Bonds (Port District Project), Series B, 5.625%,</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1/01/26 (b)</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">2,425</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">2,429,122</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">New Jersey State Transportation Trust Fund Authority,</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Transportation System Revenue Bonds, Series A, 5%, 12/15/32 (d)</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,425</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,429,874</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">New Jersey State Transportation Trust Fund Authority,</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Transportation System Revenue Bonds, Series C, 5.50%,</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">6/15/13 (a)</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,030</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,191,679</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">New Jersey State Turnpike Authority, Turnpike Revenue Bonds,</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Series B, 5.15%, 1/01/35 (d)(i)</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">7,615</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">5,439,318</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">New Jersey State Turnpike Authority, Turnpike Revenue Refunding</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Bonds, Series C, 6.50%, 1/01/16 (f)</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">910</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,099,953</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">New Jersey State Turnpike Authority, Turnpike Revenue Refunding</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Bonds, Series C, 6.50%, 1/01/16 (f)(h)</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">4,610</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">5,402,769</FONT>&nbsp;</TD>
</TR>
</TABLE><BR>
<P align="center">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">6</FONT></P>

<HR noshade align="center" width="100%" size=2>



<!--$$/page=-->
<A name="page_8"></A>

<TABLE border=0 cellspacing=0>
<TR>
     <TD width=18%></TD>
     <TD width=42%></TD>
     <TD width=16%></TD>
     <TD width=10%></TD>
     <TD width=11%></TD></TR>
<TR valign="bottom">
	<TD align=left nowrap colspan=3>
<B><FONT size=4 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">BlackRock MuniHoldings New Jersey Insured Fund, Inc.</FONT></B>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap colspan=2 style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Schedule of Investments April 30, 2009 (Unaudited)</FONT></B>&nbsp;</TD>
	<TD align=right nowrap colspan=3 style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">(Percentages shown are based on Net Assets)</FONT></B>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=center nowrap>
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Par</FONT></B>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Municipal Bonds</FONT></B>&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">(000)</FONT></B>&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Value</FONT></B>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Port Authority of New York and New Jersey, Consolidated Revenue</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Refunding Bonds, AMT, 152nd Series, 5.75%, 11/01/30</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">&#36; 5,175</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">&#36; 5,212,208</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Port Authority of New York and New Jersey, Consolidated Revenue</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Refunding Bonds, AMT, 152nd Series, 5.25%, 11/01/35</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">6,000</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">5,609,820</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Port Authority of New York and New Jersey, Special Obligation</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Revenue Bonds (JFK International Air Terminal LLC), AMT, Series 6,</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">6.25%, 12/01/11 (f)</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">13,500</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">13,715,190</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Port Authority of New York and New Jersey, Special Obligation</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Revenue Bonds (JFK International Air Terminal LLC), AMT, Series 6,</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">6.25%, 12/01/15 (f)</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,500</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,476,135</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Port Authority of New York and New Jersey, Special Obligation</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Revenue Bonds (JFK International Air Terminal LLC), AMT, Series 6,</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">5.75%, 12/01/25 (f)</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">3,000</FONT>&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">2,383,380</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">67,766,038</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Utilities - 3.7%</FONT></B>&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Atlantic Highlands, New Jersey, Highland Regional Sewer Authority,</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Sewer Revenue Refunding Bonds, 5.50%, 1/01/20 (c)(f)</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,875</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,951,031</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">New Jersey EDA, Water Facilities Revenue Bonds (New Jersey-</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">American Water Company, Inc. Project), AMT,</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Series A, 5.25%, 11/01/32 (d)</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">3,000</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">2,422,350</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">North Hudson Sewage Authority, New Jersey, Sewer Revenue</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Refunding Bonds, 5.125%, 8/01/20 (f)</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">4,335</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">4,616,428</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Rahway Valley Sewerage Authority, New Jersey, Sewer Revenue</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Bonds, CABS, Series A, 4.79%, 9/01/28 (f)(i)</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">6,600</FONT>&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">2,201,298</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">11,191,107</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Total Municipal Bonds in New Jersey</FONT></B>&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">438,465,273</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Puerto Rico - 9.2%</FONT></B>&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Health - 1.2%</FONT></B>&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Puerto Rico Industrial, Tourist, Educational, Medical and</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Environmental Control Facilities Revenue Bonds (Hospital Auxilio</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Mutuo Obligation Group), Series A, 6.25%, 7/01/24 (f)</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,780</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,765,190</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Puerto Rico Industrial, Tourist, Educational, Medical and</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Environmental Control Facilities Revenue Bonds (Hospital de la</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Concepcion), Series A, 6.50%, 11/15/20</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,750</FONT>&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,792,560</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">3,557,750</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Housing - 2.1%</FONT></B>&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Puerto Rico Housing Financing Authority, Capital Funding Program,</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Subordinate Revenue Refunding Bonds, 5.125%,</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">12/01/27</FONT>&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">6,285</FONT>&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">6,334,463</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">State - 0.9%</FONT></B>&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Puerto Rico Commonwealth Infrastructure Financing Authority,</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Special Tax and Capital Appreciation Revenue Bonds, Series A,</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">4.355%, 7/01/37 (d)(i)</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">4,000</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">488,560</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Puerto Rico Public Buildings Authority, Government Facilities</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Revenue Refunding Bonds, Series M-3, 6%, 7/01/27 (f)(k)</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">2,125</FONT>&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">2,099,351</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">2,587,911</FONT>&nbsp;</TD>
</TR>
</TABLE><BR>
<P align="center">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">7</FONT></P>

<HR noshade align="center" width="100%" size=2>



<!--$$/page=-->
<A name="page_9"></A>

<TABLE border=0 cellspacing=0>
<TR>
     <TD width=20%></TD>
     <TD width=37%></TD>
     <TD width=20%></TD>
     <TD width=12%></TD>
     <TD width=9%></TD></TR>
<TR valign="bottom">
	<TD align=left nowrap colspan=3>
<B><FONT size=4 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">BlackRock MuniHoldings New Jersey Insured Fund, Inc.</FONT></B>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap colspan=2 style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Schedule of Investments April 30, 2009 (Unaudited)</FONT></B>&nbsp;</TD>
	<TD align=right nowrap colspan=3 style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">(Percentages shown are based on Net Assets)</FONT></B>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=center nowrap>
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Par</FONT></B>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Municipal Bonds</FONT></B>&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">(000)</FONT></B>&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Value</FONT></B>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Transportation - 1.7%</FONT></B>&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Puerto Rico Commonwealth Highway and Transportation Authority,</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Highway Revenue Refunding Bonds, Series CC, 5.50%,</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">7/01/31 (e)</FONT>&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">&#36; 5,000 &#36;</FONT>&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">5,202,350</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Utilities - 3.3%</FONT></B>&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Puerto Rico Commonwealth Aqueduct and Sewer Authority, Senior</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Lien Revenue Bonds, Series A, 5.125%, 7/01/47 (e)</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">6,870</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">6,365,605</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Puerto Rico Electric Power Authority, Power Revenue Bonds,</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Series RR, 5%, 7/01/28 (l)</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">4,100</FONT>&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">3,714,354</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">10,079,959</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Total Municipal Bonds in Puerto Rico</FONT></B>&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">27,762,433</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Total Municipal Bonds - 154.0%</FONT></B>&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">466,227,706</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Municipal Bonds Transferred to</FONT></B>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">New Jersey - 5.2%</FONT></B>&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Tender Option Bond Trusts (m)</FONT></B>&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Housing - 1.7%</FONT></B>&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">New Jersey State Housing and Mortgage Finance Agency, Capital</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left nowrap colspan=2 style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Fund Program Revenue Bonds, Series A, 5%, 8/15/07 (c)</FONT>&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">4,790</FONT>&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">4,961,099</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">State - 3.5%</FONT></B>&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Garden State Preservation Trust of New Jersey, Open Space and</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left nowrap colspan=2 style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Farmland Preservation Revenue Bonds, Series A, 5.75%, 11/01/28 (c)</FONT>&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">9,160</FONT>&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">10,649,233</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Total Municipal Bonds Transferred to</FONT></B>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Tender Option Bond Trusts - 5.2%</FONT></B>&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">15,610,332</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Total Long-Term Investments</FONT></B>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">(Cost - &#36;477,166,095) - 159.2%</FONT></B>&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">481,838,038</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Short-Term Securities</FONT></B>&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Shares</FONT></B>&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Money Market Fund -</FONT></B>&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">CMA New Jersey Municipal Money Fund, 0.33% (n)(o)</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,610,909</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,610,909</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">0.5%</FONT></B>&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Total Short-Term Securities</FONT></B>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">(Cost - &#36;1,610,909) - 0.5%</FONT></B>&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,610,909</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Total Investments (Cost - &#36;478,777,004*) - 159.7%</FONT></B>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">483,448,947</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Other Assets Less Liabilities - 1.8%</FONT></B>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">5,299,695</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Liability for Trust Certificates,</FONT></B>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=center nowrap colspan=2>
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Including Interest Expense and Fees Payable - (3.1)%</FONT></B>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">(9,304,285)</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Preferred Shares, at Redemption Value - (58.4)%</FONT></B>&nbsp;</TD>
	<TD align=right nowrap colspan=2 style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">(176,718,022)</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Net Assets Applicable to Common Shares - 100.0%</FONT></B>&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">&#36;</FONT>&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">302,726,335</FONT>&nbsp;</TD>
</TR>
</TABLE><BR>
<P align="left">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">* The cost and unrealized appreciation (depreciation) of investments as of April 30, 2009, as</FONT><BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">computed for federal income tax purposes, were as follows:</FONT></P>
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=57%></TD>
     <TD width=19%></TD>
     <TD width=22%></TD></TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Aggregate cost</FONT>&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">&#36;</FONT>&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">471,163,404</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Gross unrealized appreciation</FONT>&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">&#36;</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">18,439,414</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Gross unrealized depreciation</FONT>&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">(15,418,871)</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Net unrealized appreciation</FONT>&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">&#36;</FONT>&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">3,020,543</FONT>&nbsp;</TD>
</TR>
</TABLE><BR>
<P align="left">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">(a) US government securities, held in escrow, are used to pay interest on this security as well as to retire the bond in full</FONT><BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">at the date indicated, typically at a premium to par.</FONT><BR>
<BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">(b) FSA Insured.</FONT><BR>
<BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">(c) FGIC Insured.</FONT><BR>
<BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">(d) AMBAC Insured.</FONT><BR>
<BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">(e) Assured Guaranty Insured.</FONT><BR>
<BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">(f) NPFGC Insured.</FONT></P>
<P align="left">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">8</FONT></P>

<HR noshade align="center" width="100%" size=2>



<!--$$/page=-->
<A name="page_10"></A>

<P align="left">
<B><FONT size=4 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">BlackRock MuniHoldings New Jersey Insured Fund, Inc.</FONT></B><BR>
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Schedule of Investments April 30, 2009 (Unaudited)</FONT></B></P>
<P align="left">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">(g) Represents a step-down bond that pays an initial coupon rate for the period and then a lower coupon rate for the</FONT><BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">following periods. Rate shown reflects the effective yield as of report date.</FONT><BR>
<BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">(h) Security is collateralized by Municipal or US Treasury Obligations.</FONT><BR>
<BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">(i) Represents a zero-coupon bond. Rate shown reflects the current yield as of report date.</FONT><BR>
<BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">(j) Radian Insured.</FONT><BR>
<BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">(k) Commonwealth Guaranteed.</FONT><BR>
<BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">(l) CIFG Insured.</FONT><BR>
<BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">(m) Securities represent bonds transferred to a tender option bond trust in exchange for which the Fund acquired</FONT><BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">residual interest certificates. These securities serve as collateral in a financing transaction.</FONT><BR>
<BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">(n) Represents the current yield as of report date.</FONT><BR>
<BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">(o) Investments in companies considered to be an affiliate of the Fund, for purposes of</FONT><BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Section 2(a)(3) of the Investment Company Act of 1940, were as follows:</FONT></P>
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=50%></TD>
     <TD width=23%></TD>
     <TD width=7%></TD>
     <TD width=18%></TD></TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Affiliate</FONT></B>&nbsp;</TD>
	<TD align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Net Activity</FONT></B>&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Income</FONT></B>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">CMA New Jersey Municipal Money Fund</FONT>&nbsp;</TD>
	<TD align=center nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">(8,139,997)</FONT>&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">&#36;</FONT>&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">60,603</FONT>&nbsp;</TD>
</TR>
</TABLE><BR>
<P align="left">
<FONT size=2 face="Wingdings,WingDings">&#159; </FONT><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Effective August 1, 2008, the Fund adopted Financial Accounting Standards Board Statement of Financial Accounting</FONT><BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Standards No. 157, "Fair Value Measurements" ("FAS 157"). FAS 157 clarifies the definition of fair value, establishes a</FONT><BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">framework for measuring fair values and requires additional disclosures about the use of fair value measurements.</FONT><BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Various inputs are used in determining the fair value of investments, which are as follows:</FONT><BR>
<BR>
<FONT size=2 face="Wingdings,WingDings">&#159; </FONT><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Level 1 - price quotations in active markets/exchanges for identical securities</FONT><BR>
<FONT size=2 face="Wingdings,WingDings">&#159; </FONT><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Level 2 - other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities</FONT><BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">in markets that are active, quoted prices for identical or similar assets in markets that are not active, inputs</FONT><BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves,</FONT><BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated</FONT><BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">inputs)</FONT><BR>
<BR>
<SUP><FONT size=2 face="Wingdings,WingDings">&#159; </FONT></SUP><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Level 3 - unobservable inputs based on the best information available in the circumstance, to the extent</FONT><BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">observable inputs are not available (including the Fund's own assumption used in determining the fair value</FONT><BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">of investments)</FONT><BR>
<BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with</FONT><BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">investing in those securities. For information about the Fund's policy regarding valuation of investments and other</FONT><BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">significant accounting policies, please refer to the Fund's most recent financial statements as contained in its semi-</FONT><BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">annual report.</FONT><BR>
<BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">The following table summarizes the inputs used as of April 30, 2009 in determining the fair valuation of the Fund's</FONT><BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">investments:</FONT></P>
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=31%></TD>
     <TD width=15%></TD>
     <TD width=52%></TD></TR>
<TR valign="bottom">
	<TD align=center nowrap>
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Valuation</FONT></B>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=center nowrap>
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Investments in</FONT></B>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Inputs</FONT></B>&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Securities</FONT></B>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Assets</FONT></B>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Level 1</FONT>&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">&#36;</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,610,909</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Level 2</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">481,838,038</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Level 3</FONT>&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">-</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Total</FONT></B>&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">&#36;</FONT>&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">483,448,947</FONT>&nbsp;</TD>
</TR>
</TABLE><BR>
<P align="left">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">9</FONT></P>

<HR noshade align="center" width="100%" size=2>



<!--$$/page=-->
<A name="page_11"></A>

<P align="left">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Item 2 &#150; Controls and Procedures</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">2(a) &#150; The registrant&#146;s principal executive and principal financial officers or persons performing</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">similar functions have concluded that the registrant&#146;s disclosure controls and procedures (as</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#147;1940 Act&#148;)) are effective as of a date within 90 days of the filing of this report based on the</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">and Rule 13(a)-15(b) under the Securities Exchange Act of 1934, as amended.</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">2(b) &#150; There were no changes in the registrant&#146;s internal control over financial reporting (as</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant&#146;s last fiscal</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">quarter that have materially affected, or are reasonably likely to materially affect, the</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">registrant&#146;s internal control over financial reporting.</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Item 3 &#150; Exhibits</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Certifications &#150; Attached hereto</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">the undersigned, thereunto duly authorized.</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">BlackRock MuniHoldings New Jersey Insured Fund, Inc.</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">By: </FONT><U><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">/s/ Donald C. Burke</FONT></U><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Donald C. Burke</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Chief Executive Officer of</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">BlackRock MuniHoldings New Jersey Insured Fund, Inc.</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Date: June 19, 2009</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Company Act of 1940, this report has been signed below by the following persons on behalf</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">of the registrant and in the capacities and on the dates indicated.</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">By: </FONT><U><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">/s/ Donald C. Burke</FONT></U><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Donald C. Burke</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Chief Executive Officer (principal executive officer) of</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">BlackRock MuniHoldings New Jersey Insured Fund, Inc.</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Date: June 19, 2009</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">By: </FONT><U><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">/s/ Neal J. Andrews</FONT></U><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Neal J. Andrews</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Chief Financial Officer (principal financial officer) of</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">BlackRock MuniHoldings New Jersey Insured Fund, Inc.</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Date: June 19, 2009</FONT></P>

<HR noshade align="center" width="100%" size=2>


</BODY>

</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>certsmuj.htm
<DESCRIPTION>CERTIFICATION
<TEXT>

<HTML>
<HEAD>
   <TITLE>certsmuj.htm - Generated by SEC Publisher for SEC Filing</TITLE>
</HEAD>

<BODY bgcolor="#ffffff">
 <!--$$/page=-->
<A name="page_1"></A>
<P align="left"> <B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">EX-99.CERT</FONT></B><BR>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF</FONT></B><BR>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">THE SARBANES-OXLEY ACT OF 2002</FONT></B><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">I, Donald C. Burke, Chief Executive Officer (principal executive officer) of BlackRock MuniHoldings New Jersey Insured</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Fund, Inc., certify that:</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">1. I have reviewed this report on Form N-Q of BlackRock MuniHoldings New Jersey Insured Fund, Inc.;</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">material fact necessary to make the statements made, in light of the circumstances under which such statements were made,</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">not misleading with respect to the period covered by this report;</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">the investments of the registrant as of the end of the fiscal quarter for which the report is filed;</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">designed under our supervision, to ensure that material information relating to the registrant, including its</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">which this report is being prepared;</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">b) designed such internal control over financial reporting, or caused such internal control over financial</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">financial reporting and the preparation of financial statements for external purposes in accordance with generally</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">accepted accounting principles;</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">days prior to the filing date of this report, based on such evaluation; and</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">d) disclosed in this report any change in the registrant's internal control over financial reporting that</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">materially affect, the registrant's internal control over financial reporting; and</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">of the registrant's board of directors (or persons performing the equivalent functions):</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">a) all significant deficiencies and material weaknesses in the design or operation of internal control over</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process,</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">summarize, and report financial information; and</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">b) any fraud, whether or not material, that involves management or other employees who have a significant</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">role in the registrant's internal control over financial reporting.</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Date: June 19, 2009</FONT><BR>
<BR>
<U><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">/s/ Donald C. Burke</FONT></U><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Donald C. Burke</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Chief Executive Officer (principal executive officer) of</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">BlackRock MuniHoldings New Jersey Insured Fund, Inc.</FONT></P>
<HR noshade align="center" width="100%" size=2>
<!--$$/page=-->
<A name="page_2"></A>
<P align="left"> <B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">EX-99.CERT</FONT></B><BR>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND</FONT></B><BR>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002</FONT></B><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">I, Neal J. Andrews, Chief Financial Officer (principal financial officer) of BlackRock MuniHoldings New</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Jersey Insured Fund, Inc., certify that:</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">1. I have reviewed this report on Form N-Q of BlackRock MuniHoldings New Jersey Insured Fund,</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Inc.;</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">2. Based on my knowledge, this report does not contain any untrue statement of a material fact or</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">omit to state a material fact necessary to make the statements made, in light of the circumstances under</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">which such statements were made, not misleading with respect to the period covered by this report;</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">3. Based on my knowledge, the schedules of investments included in this report fairly present in all</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">material respects the investments of the registrant as of the end of the fiscal quarter for which the report is</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">filed;</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Company Act of 1940) for the registrant and have:</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">a) designed such disclosure controls and procedures, or caused such disclosure controls and</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">procedures to be designed under our supervision, to ensure that material information relating to the</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">registrant, including its consolidated subsidiaries, is made known to us by others within those</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">entities, particularly during the period in which this report is being prepared;</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">b) designed such internal control over financial reporting, or caused such internal control</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">over financial reporting to be designed under our supervision, to provide reasonable assurance</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">regarding the reliability of financial reporting and the preparation of financial statements for</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">external purposes in accordance with generally accepted accounting principles;</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">c) evaluated the effectiveness of the registrant's disclosure controls and procedures and</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">presented in this report our conclusions about the effectiveness of the disclosure controls and</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">procedures, as of a date within 90 days prior to the filing date of this report, based on such</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">evaluation; and</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">d) disclosed in this report any change in the registrant's internal control over financial</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">reporting that occurred during the registrant's most recent fiscal quarter that has materially</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">affected, or is reasonably likely to materially affect, the registrant's internal control over financial</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">reporting; and</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">audit committee of the registrant's board of directors (or persons performing the equivalent functions):</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">a) all significant deficiencies and material weaknesses in the design or operation of internal</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">control over financial reporting which are reasonably likely to adversely affect the registrant's</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">ability to record, process, summarize, and report financial information; and</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">b) any fraud, whether or not material, that involves management or other employees who</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">have a significant role in the registrant's internal control over financial reporting.</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Date: June 19, 2009</FONT></P>
<HR noshade align="center" width="100%" size=2>
<!--$$/page=-->
<A name="page_3"></A>
<P align="left"> <U><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">/s/ Neal J. Andrews</FONT></U><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Neal J. Andrews</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Chief Financial Officer (principal financial officer) of</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">BlackRock MuniHoldings New Jersey Insured Fund, Inc.</FONT></P>
<HR noshade align="center" width="100%" size=2>
</BODY>

</HTML>

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
