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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0000900092-10-000418.txt : 20100628
<SEC-HEADER>0000900092-10-000418.hdr.sgml : 20100628
<ACCEPTANCE-DATETIME>20100628133654
ACCESSION NUMBER:		0000900092-10-000418
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20100430
FILED AS OF DATE:		20100628
DATE AS OF CHANGE:		20100628
EFFECTIVENESS DATE:		20100628

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:		10919480

	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>muj.htm
<DESCRIPTION>MUJ
<TEXT>

<HTML>
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   <TITLE>muj.htm - Produced by Pellegrini and Associates, Inc.  |  134 Spring Street New York NY 10012  |  (212) 925-5151</TITLE>
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<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: Anne F. Ackerley, Chief Executive Officer, BlackRock</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">MuniHoldings New Jersey Insured Fund, Inc., 55 East 52</FONT><SUP><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">nd </FONT></SUP><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Street, New York, NY 10055.</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: 07/31/2010</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Date of reporting period: 04/30/2010</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Item 1 &#150; Schedule of Investments</FONT></P>

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<P align=left><FONT color=#000080 size=4 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Schedule of Investments </FONT><FONT color=#000080 size=2 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">April 30, 2010 (Unaudited)</FONT></P>
<P align=left><FONT color=#000080 size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">BlackRock MuniHoldings New Jersey Insured Fund, Inc. (MUJ)</FONT></P>
<P align=left><FONT color=#000080 size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">(Percentages shown are based on Net Assets)</FONT></P>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="51%"></TD>
     <TD width="6%"></TD>
     <TD width="13%"></TD>
     <TD width="28%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=center>&nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Par</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Municipal Bonds</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=center><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">(000)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=center><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Value</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#c0c0c0 align=left><FONT color=#000080 size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">New Jersey &#151; 135.7%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#c0c0c0 align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#c0c0c0 align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#c0c0c0 align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#000080 size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Corporate &#151; 1.6%</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">New Jersey EDA, RB, Disposal, Waste M</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left>&nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Management of New Jersey, Series A,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">AMT, 5.30%, 6/01/15</FONT>&nbsp;</TD>
     <TD colSpan=2 align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">$ 2,500</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">$ 2,695,550</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">New Jersey EDA, Refunding RB, New</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left>&nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Jersey American Water Co., Series A,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">AMT, 5.70%, 10/01/39</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">2,500</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">2,553,200</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">5,248,750</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=3 align=left><FONT color=#000080 size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">County/City/Special District/School District &#151; 21.3%</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Borough of Hopatcong New Jersey, GO,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Refunding, Sewer (AMBAC),</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">4.50%, 8/01/33</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">2,690</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">2,722,011</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Camden County Improvement Authority,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">RB (AGM), 5.50%, 9/01/16 (a)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">1,540</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">1,567,027</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">City of Perth Amboy New Jersey, GO,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">CAB (AGM) (b):</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">5.06%, 7/01/32</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">4,605</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">4,235,080</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">5.07%, 7/01/33</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">1,395</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">1,279,606</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">5.11%, 7/01/37</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">1,470</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">1,337,920</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">County of Middlesex New Jersey, COP</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">(NPFGC), 5.25%, 6/15/23</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">1,550</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">1,556,572</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">County of Middlesex New Jersey, COP,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left>&nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Refunding (NPFGC), 5.50%, 8/01/16</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">1,375</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">1,452,440</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">East Orange Board of Education, COP</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">(AGM), 5.50%, 8/01/12</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">6,715</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">7,065,859</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Essex County Improvement Authority,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">LRB, County Correctional Facility</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Project, Series A (FGIC), 5.00%,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">10/01/13 (a)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">4,400</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">4,960,076</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Essex County Improvement Authority,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">RB, County Correctional Facility</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left>&nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Project (FGIC), 6.00%, 10/01/10 (a)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">4,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">4,094,440</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Essex County Improvement Authority,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left>&nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Refunding RB, Project Consolidation</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">(NPFGC), 5.50%, 10/01/27</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">250</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">284,850</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Hudson County Improvement Authority,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left>&nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">RB, Harrison Parking Facility Project,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Series C (AGC), 5.38%, 1/01/44</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">3,600</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">3,839,796</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Hudson County Improvement Authority,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left>&nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Refunding RB, Hudson County Lease</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Project (NPFGC), 5.38%, 10/01/24</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">2,530</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">2,550,417</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Middlesex County Improvement</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left>&nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Authority, RB, Senior Citizens Housing</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Project, AMT (AMBAC), 5.50%,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">9/01/30</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">500</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">500,300</FONT>&nbsp;</TD></TR></TABLE><BR>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="51%"></TD>
     <TD width="6%"></TD>
     <TD width="21%"></TD>
     <TD width="21%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=center>&nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Par</FONT>&nbsp;</TD>
     <TD align=center>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Municipal Bonds</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=center><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">(000)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=center><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Value</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#c0c0c0 align=left><FONT color=#000080 size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">New Jersey (continued)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#c0c0c0 align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#c0c0c0 align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#c0c0c0 align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=3 align=left><FONT color=#000080 size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">County/City/Special District/School District (concluded)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Monmouth County Improvement</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Authority, Refunding RB,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Governmental Loan (AMBAC):</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">5.35%, 12/01/10 (a)</FONT>&nbsp;</TD>
     <TD colSpan=2 align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">$ 695&nbsp;</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif"><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">$</FONT>&nbsp;715,662</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">5.38%, 12/01/10 (a)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">535</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">550,980</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">5.35%, 12/01/17</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">845</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">863,784</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">5.38%, 12/01/18</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">935</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">955,907</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Morristown Parking Authority, RB</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">(NPFGC):</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">5.00%, 8/01/30</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">1,830</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">1,925,270</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">5.00%, 8/01/33</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">3,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">3,125,670</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">New Jersey State Transit Corp., COP,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Subordinate, Federal Transit</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Administration Grants, Series A</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">(AGM), 5.00%, 9/15/21</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">2,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">2,113,220</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Newark Housing Authority, Refunding</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">RB, Newark Redevelopment Project</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">(NPFGC), 4.38%, 1/01/37</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">620</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">586,446</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">North Bergen Township Board Of</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Education, COP (AGM) (a):</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">6.00%, 12/15/10</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">1,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">1,045,740</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">6.25%, 12/15/10</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">3,260</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">3,414,198</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Salem County Improvement Authority,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">RB, Finlaw Street Office Building</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">(AGM), 5.38%, 8/15/28</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">500</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">543,080</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">South Jersey Port Corp., Refunding RB:</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">4.50%, 1/01/15</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">3,750</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">3,914,700</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">4.50%, 1/01/16</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">1,920</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">1,985,798</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Township of West Deptford New Jersey,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">GO (FGIC), 5.63%, 9/01/10 (a)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">8,580</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">8,734,183</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">67,921,032</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#000080 size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Education &#151; 19.3%</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">New Jersey EDA, RB:</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">International Center For Public</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Health Project, University of</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Medicine and Dentistry (AMBAC),</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">6.00%, 6/01/32</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">5,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">4,999,750</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">School Facilities Construction,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Series Y, 5.00%, 9/01/33</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">3,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">3,092,610</FONT>&nbsp;</TD></TR></TABLE><BR>
<P align=left><FONT color=#000080 size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Portfolio Abbreviations</FONT><BR>
<BR>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">To simplify the listings of portfolio holdings in the Schedule of Investments, the names and descriptions of many of the securities have been abbreviated</FONT><BR>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">according to the following list:</FONT></P>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="7%"></TD>
     <TD width="43%"></TD>
     <TD width="17%"></TD>
     <TD width="31%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">AGC</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Assured Guaranty Corp.</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">EDA</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Economic Development Authority</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">AGM</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Assured Guaranty Municipal Corp.</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">GO</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">General Obligation Bonds</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">AMBAC</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">American Municipal Bond Assurance Corp.</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">FGIC</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Financial Guaranty Insurance Co.</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">AMT</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Alternative Minimum Tax (subject to)</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">FSA</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Financial Security Assurance Inc.</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">BHAC</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Berkshire Hathaway Assurance Corp.</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">LRB</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Lease Revenue Bonds</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">CAB</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Capital Appreciation Bonds</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">NPFGC</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">National Public Finance Guarantee Corp.</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">CIFG</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">CDC IXIS Financial Guaranty</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">RB</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Revenue Bonds</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">COP</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Certificates of Participation</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">S/F</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Single-Family</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">VRDN</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Variable Rate Demand Notes</FONT>&nbsp;</TD></TR></TABLE><BR>
<P align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">BLACKROCK MUNIHOLDINGS NEW JERSEY INSURED FUND, INC.</FONT></P>
<P align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">APRIL 30, 2010</FONT></P>
<P align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">1</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

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<A name="page_3"></A>
<P align=left><FONT color=#000080 size=4 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Schedule of Investments </FONT><FONT color=#000080 size=2 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">(continued)</FONT></P>
<P align=left><FONT color=#000080 size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">BlackRock MuniHoldings New Jersey Insured Fund, Inc. (MUJ)</FONT><BR>
<FONT color=#000080 size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">(Percentages shown are based on Net Assets)</FONT></P>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="50%"></TD>
     <TD width="6%"></TD>
     <TD width="13%"></TD>
     <TD width="28%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=center>&nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Par</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Municipal Bonds</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=center><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">(000)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=center><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Value</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#c0c0c0 align=left><FONT color=#000080 size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">New Jersey (continued)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#c0c0c0 align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#c0c0c0 align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#c0c0c0 align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#000080 size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Education (concluded)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">New Jersey Educational Facilities</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Authority, RB:</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Montclair State University, Series A</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">(AMBAC), 5.00%, 7/01/21</FONT>&nbsp;</TD>
     <TD colSpan=2 align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">$ 1,200</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">$ 1,263,624</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Montclair State University, Series A</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">(AMBAC), 5.00%, 7/01/22</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">2,880</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">3,027,082</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Richard Stockton College, Series F</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">(NPFGC), 5.00%, 7/01/31</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">2,625</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">2,656,762</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Rowan University, Series C (NPFGC),</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">5.00%, 7/01/14 (a)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">3,260</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">3,729,375</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Rowan University, Series C (NPFGC),</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">5.13%, 7/01/14 (a)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">3,615</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">4,153,707</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">New Jersey Educational Facilities</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Authority, Refunding RB:</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">College of New Jersey, Series D</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">(AGM), 5.00%, 7/01/35</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">9,540</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">9,875,713</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Montclair State University, Series J</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">(NPFGC), 4.25%, 7/01/30</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">3,775</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">3,560,618</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Ramapo College, Series I (AMBAC),</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">4.25%, 7/01/31</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">1,250</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">1,172,463</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Ramapo College, Series I (AMBAC),</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">4.25%, 7/01/36</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">900</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">824,868</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Rowan University, Series C (FGIC),</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">5.25%, 7/01/11 (a)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">790</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">841,547</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Rowan University, Series C (NPFGC),</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">5.25%, 7/01/17</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">2,135</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">2,247,493</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Rowan University, Series C (NPFGC),</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">5.25%, 7/01/18</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">2,535</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">2,665,527</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Rowan University, Series C (NPFGC),</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">5.25%, 7/01/19</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">2,370</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">2,489,187</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Stevens Institute of Technology,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Series A, 5.00%, 7/01/27</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">2,800</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">2,821,616</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Stevens Institute of Technology,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Series A, 5.00%, 7/01/34</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">900</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">876,537</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">William Paterson University,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Series C (AGC), 5.00%, 7/01/28</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">250</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">263,520</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">William Paterson University,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Series C (AGC), 4.75%, 7/01/34</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">4,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">4,022,640</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">University of Medicine &amp; Dentistry of</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">New Jersey, COP (NPFGC), 5.00%,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">6/15/29</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">2,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">1,932,960</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">University of Medicine &amp; Dentistry of</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">New Jersey, RB, Series A (AMBAC),</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">5.50%, 12/01/27</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">4,740</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">4,782,897</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">61,300,496</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#000080 size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Health &#151; 14.3%</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">New Jersey Health Care Facilities</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Financing Authority, RB:</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Greystone Park Psychiatric Hospital</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">(AMBAC), 5.00%, 9/15/23</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">10,775</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">11,029,182</FONT>&nbsp;</TD></TR></TABLE><BR>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="51%"></TD>
     <TD width="6%"></TD>
     <TD width="13%"></TD>
     <TD width="28%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=center>&nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Par</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Municipal Bonds</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=center><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">(000)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=center><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Value</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#c0c0c0 align=left><FONT color=#000080 size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">New Jersey (continued)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#c0c0c0 align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#c0c0c0 align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#c0c0c0 align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#000080 size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Health (concluded)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">New Jersey Health Care Facilities</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Financing Authority, RB (concluded):</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Meridian Health, Series I (AGC),</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">5.00%, 7/01/38</FONT>&nbsp;</TD>
     <TD colSpan=2 align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">$ 780</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">$ 787,761</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Meridian Health, Series II (AGC),</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">5.00%, 7/01/38</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">7,400</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">7,473,630</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Meridian Health, Series V (AGC),</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">5.00%, 7/01/38</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">3,960</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">3,999,402</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Society of The Valley Hospital</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">(AMBAC), 5.38%, 7/01/25</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">2,820</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">2,645,809</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">South Jersey Hospital, 6.00%,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">7/01/12 (a)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">5,440</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">6,039,651</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Virtua Health (AGC), 5.50%,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">7/01/38</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">1,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">1,060,500</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">New Jersey Health Care Facilities</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Financing Authority, Refunding RB:</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">AHS Hospital Corp., Series A</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">(AMBAC), 6.00%, 7/01/13 (c)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">4,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">4,577,760</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Atlantic City Medical Center, 5.75%,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">7/01/12 (a)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">1,525</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">1,673,474</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Atlantic City Medical Center, 6.25%,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">7/01/12 (a)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">530</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">587,256</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Atlantic City Medical System,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">6.25%, 7/01/17</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">925</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">972,693</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Atlantic City Medical System,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">5.75%, 7/01/25</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">1,975</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">2,018,786</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Hackensack University Medical</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Center (AGC), 5.13%, 1/01/27</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">1,500</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">1,555,215</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Meridian Health System Obligation</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Group (AGM), 5.38%, 7/01/24</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">1,000</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">1,001,110</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">45,422,229</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#000080 size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Housing &#151; 5.1%</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">New Jersey State Housing &amp; Mortgage</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Finance Agency, RB:</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Capital Fund Program, Series A</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">(AGM), 4.70%, 11/01/25</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">10,840</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">11,004,009</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Series AA, 6.50%, 10/01/38</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">2,720</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">2,968,173</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">New Jersey State Housing &amp; Mortgage</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Finance Agency, Refunding RB, S/F</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Housing, Series T, AMT, 4.70%,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">10/01/37</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">800</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">751,872</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Newark Housing Authority, RB, South</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Ward Police Facility (AGC):</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">5.75%, 12/01/30</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">850</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">910,749</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">6.75%, 12/01/38</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">500</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">569,235</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">16,204,038</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#000080 size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">State &#151; 49.2%</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Garden State Preservation Trust, RB</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">(AGM):</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">CAB, Series B, 5.11%, 11/01/23 (d)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">9,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">5,049,000</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">CAB, Series B, 5.20%, 11/01/25 (d)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">10,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">5,036,100</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Election of 2005, Series A, 5.80%,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">11/01/21</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">1,960</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">2,282,734</FONT>&nbsp;</TD></TR></TABLE><BR>
<P align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">2</FONT></P>
<P align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">BLACKROCK MUNIHOLDINGS NEW JERSEY INSURED FUND, INC.</FONT></P>
<P align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">APRIL 30, 2010</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

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<A name="page_4"></A>
<P align=left><FONT color=#000080 size=4 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Schedule of Investments </FONT><FONT color=#000080 size=2 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">(continued)</FONT></P>
<P align=left><FONT color=#000080 size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">BlackRock MuniHoldings New Jersey Insured Fund, Inc. (MUJ)</FONT><BR>
<FONT color=#000080 size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">(Percentages shown are based on Net Assets)</FONT></P>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="52%"></TD>
     <TD width="18%"></TD>
     <TD width="28%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=center><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Par</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Municipal Bonds</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=center><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">(000)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=center><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Value</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#c0c0c0 align=left><FONT color=#000080 size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">New Jersey (continued)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#c0c0c0 align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#c0c0c0 align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#000080 size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">State (continued)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Garden State Preservation Trust, RB</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">(concluded):</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Election of 2005, Series A, 5.80%,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">11/01/23</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">$ 2,730</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">$ 3,185,910</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Garden State Preservation Trust,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Refunding RB, Series C (AGM):</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">5.25%, 11/01/20</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">5,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">5,967,300</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">5.25%, 11/01/21</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">7,705</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">9,217,491</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">New Jersey EDA, RB:</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Cigarette Tax, 5.63%, 6/15/19</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">2,700</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">2,700,864</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Cigarette Tax (Radian), 5.75%,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">6/15/29</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">2,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">1,963,480</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Cigarette Tax (Radian), 5.50%,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">6/15/31</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">585</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">554,206</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Cigarette Tax (Radian), 5.75%,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">6/15/34</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">1,180</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">1,142,547</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Liberty State Park Project, Series C</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">(AGM), 5.00%, 3/01/22</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">2,670</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">2,859,730</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Motor Vehicle Surcharge, Series A</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">(NPFGC), 5.25%, 7/01/26</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">7,500</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">7,954,275</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Motor Vehicle Surcharge, Series A</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">(NPFGC), 5.25%, 7/01/33</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">11,105</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">11,303,668</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Motor Vehicle Surcharge, Series A</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">(NPFGC), 5.00%, 7/01/34</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">2,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">1,958,640</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">School Facilities Construction,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Series L (AGM), 5.00%, 3/01/30</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">9,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">9,311,670</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">School Facilities Construction,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Series O, 5.25%, 3/01/23</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">1,420</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">1,522,893</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">School Facilities Construction,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Series Z (AGC), 6.00%, 12/15/34</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">2,800</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">3,168,508</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">School Facilities, Series U (AMBAC),</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">5.00%, 9/01/37</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">2,500</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">2,550,600</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">State Office Buildings Projects</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">(AMBAC), 6.00%, 6/15/10 (a)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">3,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">3,021,330</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">State Office Buildings Projects</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">(AMBAC), 6.25%, 6/15/10 (a)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">4,620</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">4,654,327</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">New Jersey EDA, Refunding RB, School</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Facilities Construction, Series N-1</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">(NPFGC), 5.50%, 9/01/27</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">1,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">1,110,460</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">New Jersey Educational Facilities</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Authority, RB, Series A (a):</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Capital Improvement Fund (AGM),</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">5.75%, 9/01/10</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">9,420</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">9,593,234</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Higher Education Capital</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Improvement (AMBAC), 5.13%,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">9/01/12</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">5,500</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">6,045,600</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">New Jersey Sports &amp; Exposition</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Authority, RB, Series A (NPFGC),</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">6.00%, 3/01/13</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">2,400</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">2,410,392</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">New Jersey Sports &amp; Exposition</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Authority, Refunding RB (NPFGC):</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">5.50%, 3/01/21</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">5,890</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">6,647,690</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">5.50%, 3/01/22</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">3,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">3,386,070</FONT>&nbsp;</TD></TR></TABLE><BR>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="52%"></TD>
     <TD width="18%"></TD>
     <TD width="28%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=center><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Par</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Municipal Bonds</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=center><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">(000)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Value</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#c0c0c0 align=left><FONT color=#000080 size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">New Jersey (continued)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#c0c0c0 align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#c0c0c0 align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#000080 size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">State (concluded)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">New Jersey Transportation Trust Fund</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Authority, RB:</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">CAB, Transportation System, Series</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">C (AGM), 4.72%, 12/15/32 (d)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">$ 4,050</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">$ 1,159,799</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">CAB, Transportation System, Series</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">C (AMBAC), 5.05%, 12/15/35 (d)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">1,400</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">300,202</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">CAB, Transportation System, Series</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">C (AMBAC), 5.05%, 12/15/36 (d)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">5,500</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">1,104,895</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Transportation System, Series A,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">6.00%, 6/15/10 (a)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">5,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">5,035,550</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Transportation System, Series A</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">(AGC), 5.63%, 12/15/28</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">2,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">2,230,360</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Transportation System, Series D</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">(AGM), 5.00%, 6/15/19</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">7,800</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">8,354,502</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">New Jersey Transportation Trust Fund</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Authority, Refunding RB:</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Transportation System, Series A</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">(AGM), 5.25%, 12/15/20</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">10,750</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">12,103,747</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Transportation System, Series B</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">(NPFGC), 5.50%, 12/15/21</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">9,165</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">10,479,444</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">State of New Jersey, COP, Equipment</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Lease Purchase, Series A, 5.25%,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">6/15/27</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">1,080</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">1,131,775</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">156,498,993</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#000080 size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Tobacco &#151; 1.8%</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Tobacco Settlement Financing Corp.</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">New Jersey, RB, 7.00%, 6/01/13 (a)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">4,755</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">5,591,690</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#000080 size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Transportation &#151; 18.8%</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Delaware River Port Authority</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Pennsylvania &amp; New Jersey,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">RB (AGM):</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">5.50%, 1/01/12</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">5,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">5,018,350</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">5.63%, 1/01/13</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">6,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">6,022,740</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Delaware River Port Authority, RB, Port</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">District Project, Series B (AGM),</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">5.63%, 1/01/26</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">2,425</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">2,427,328</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">New Jersey State Turnpike Authority,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">RB, Growth &amp; Income Securities,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Series B (AMBAC), 6.34%,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">1/01/35 (d)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">7,615</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">6,102,966</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">New Jersey State Turnpike Authority,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Refunding RB:</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Series A (AGM), 5.25%, 1/01/29</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">2,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">2,261,400</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Series A (AGM), 5.25%, 1/01/30</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">4,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">4,523,640</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Series A (BHAC), 5.25%, 1/01/29</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">500</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">580,905</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Series C (NPFGC), 6.50%, 1/01/16</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">910</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">1,075,911</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Series C (NPFGC), 6.50%,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">1/01/16 (c)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">4,355</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">5,036,906</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Series C-2005 (NPFGC), 6.50%,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">1/01/16 (c)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">255</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">314,512</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">New Jersey Transportation Trust Fund</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Authority, RB:</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Transportation System, Series A</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">(AMBAC), 5.00%, 12/15/32</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">1,425</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">1,456,635</FONT>&nbsp;</TD></TR></TABLE><BR>
<P align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">BLACKROCK MUNIHOLDINGS NEW JERSEY INSURED FUND, INC.</FONT></P>
<P align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">APRIL 30, 2010</FONT></P>
<P align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">3</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

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<A name="page_5"></A>
<P align=left><FONT color=#000080 size=4 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Schedule of Investments </FONT><FONT color=#000080 size=2 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">(continued)</FONT></P>
<P align=left><FONT color=#000080 size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">BlackRock MuniHoldings New Jersey Insured Fund, Inc. (MUJ)</FONT></P>
<P align=left><FONT color=#000080 size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">(Percentages shown are based on Net Assets)</FONT></P>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="51%"></TD>
     <TD width="6%"></TD>
     <TD width="13%"></TD>
     <TD width="28%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=center>&nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Par</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Municipal Bonds</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=center><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">(000)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Value</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#c0c0c0 align=left><FONT color=#000080 size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">New Jersey (concluded)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#c0c0c0 align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#c0c0c0 align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#c0c0c0 align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#000080 size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Transportation (concluded)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">New Jersey Transportation Trust Fund</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Authority, RB (concluded):</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Transportation System, Series C,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">5.50%, 6/15/13 (a)</FONT>&nbsp;</TD>
     <TD colSpan=2 align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">$ 780</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">$ 885,058</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Port Authority of New York &amp; New</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Jersey, RB, Special Project, JFK</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">International Air Terminal, Series 6,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">AMT (NPFGC):</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">6.25%, 12/01/11</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">13,500</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">13,995,450</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">6.25%, 12/01/15</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">1,500</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">1,584,345</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">5.75%, 12/01/25</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">3,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">2,992,140</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Port Authority of New York &amp; New</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left>&nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Jersey, Refunding RB, Consolidated,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">152nd Series, AMT, 5.75%,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">11/01/30</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">5,175</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">5,526,848</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">59,805,134</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#000080 size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Utilities &#151; 4.3%</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Atlantic Highlands Highland Regional</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Sewage Authority, Refunding RB</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">(NPFGC), 5.50%, 1/01/20</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">1,875</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">1,941,113</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Essex County Utilities Authority,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left>&nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Refunding RB (AGC), 4.13%, 4/01/22</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">2,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">2,038,560</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">New Jersey EDA, RB, Series A, American</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Water, AMT (AMBAC), 5.25%,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">11/01/32</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">3,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">2,918,940</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">North Hudson Sewerage Authority,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Refunding RB, Series A (NPFGC),</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">5.13%, 8/01/20</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">4,335</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">4,494,311</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Rahway Valley Sewerage Authority, RB,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">CAB, Series A (NPFGC), 4.79%,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">9/01/28 (d)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">6,600</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">2,388,408</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">13,781,332</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Total Municipal Bonds in New Jersey</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">431,773,694</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#c0c0c0 align=left><FONT color=#000080 size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Puerto Rico &#151; 8.9%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#c0c0c0 align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#c0c0c0 align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#c0c0c0 align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#000080 size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Health &#151; 1.1%</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Puerto Rico Industrial Tourist</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left>&nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Educational Medical &amp; Environmental</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Control Facilities Financing</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Authority, RB, Series A:</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Hospital Auxilio Mutuo Obligation</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Group (NPFGC), 6.25%, 7/01/24</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">1,780</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">1,781,549</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Hospital De La Concepcion,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">6.50%, 11/15/20</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">1,750</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">1,800,435</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">3,581,984</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#000080 size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Housing &#151; 0.2%</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Puerto Rico Commonwealth</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left>&nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Infrastructure Financing Authority, RB,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">CAB, Series A (AMBAC), 4.36%,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">7/01/37 (d)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">4,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">635,320</FONT>&nbsp;</TD></TR></TABLE><BR>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="50%"></TD>
     <TD width="6%"></TD>
     <TD width="21%"></TD>
     <TD width="21%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=center>&nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Par</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Municipal Bonds</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=center><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">(000)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=center><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Value</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#c0c0c0 align=left><FONT color=#000080 size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Puerto Rico (concluded)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#c0c0c0 align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#c0c0c0 align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#c0c0c0 align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#000080 size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">State &#151; 2.7%</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Puerto Rico Housing Finance Authority,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left>&nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Refunding RB, Subordinate, Capital</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Fund Modernization,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">5.13%, 12/01/27</FONT>&nbsp;</TD>
     <TD colSpan=2 align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">$ 6,285&nbsp;</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif"><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">$</FONT>&nbsp;6,273,876</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Puerto Rico Public Buildings Authority,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left>&nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Refunding RB, Government Facilities,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left>&nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Series M-3 (NPFGC), 6.00%, 7/01/27</FONT>&nbsp;</TD>
     <TD align=right>&nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">2,125</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">2,245,487</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">8,519,363</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#000080 size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Transportation &#151; 1.7%</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Puerto Rico Highway &amp; Transportation</FONT>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Authority, Refunding RB, Series CC</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">(AGC), 5.50%, 7/01/31</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>&nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">5,000</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">5,440,700</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#000080 size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Utilities &#151; 3.2%</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Puerto Rico Aqueduct &amp; Sewer</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Authority, RB, Senior Lien, Series A</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">(AGC), 5.13%, 7/01/47</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">6,120</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">6,143,072</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Puerto Rico Electric Power Authority, RB,</FONT>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Series RR (CIFG), 5.00%, 7/01/28</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">4,100</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">4,123,821</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">10,266,893</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Total Municipal Bonds in Puerto Rico</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">28,444,260</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 3px double" colSpan=4 align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">&nbsp;Total Municipal Bonds &#150; 144.6%&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 460,217,954&nbsp;&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Municipal Bonds Transferred to Tender</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Option Bond Trusts (e)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#c0c0c0 align=left><FONT color=#000080 size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">New Jersey &#151; 7.1%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#c0c0c0 align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#c0c0c0 align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#c0c0c0 align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#000080 size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Housing &#151; 1.6%</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">New Jersey State Housing &amp; Mortgage</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Finance Agency, RB, Capital Fund</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Program, Series A (AGM),</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">5.00%, 5/01/27</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>&nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">4,790</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">5,158,926</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#000080 size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">State &#151; 3.6%</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Garden State Preservation Trust, RB,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Election of 2005, Series A (AGM),</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">5.75%, 11/01/28</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>&nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">9,160</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">11,282,555</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#000080 size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Transportation &#151; 1.9%</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Port Authority of New York &amp; New</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left>&nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Jersey, Refunding RB, Consolidated,</FONT>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">152nd Series, AMT, 5.25%,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">11/01/35</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>&nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">5,998</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">6,127,590</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Total Municipal Bonds Transferred to</FONT>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Tender Option Bond Trusts &#150; 7.1%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">22,569,071</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Total Long-Term Investments</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">(Cost &#150; $467,159,638) &#150; 151.7%</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">482,787,025</FONT>&nbsp;</TD></TR></TABLE><BR>
<P align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">4</FONT></P>
<P align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">BLACKROCK MUNIHOLDINGS NEW JERSEY INSURED FUND, INC.</FONT></P>
<P align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">APRIL 30, 2010</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>
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<P align=left><FONT color=#000080 size=4 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Schedule of Investments </FONT><FONT color=#000080 size=2 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">(concluded)</FONT></P>
<P align=left><FONT color=#000080 size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">BlackRock MuniHoldings New Jersey Insured Fund, Inc. (MUJ)</FONT></P>
<P align=left><FONT color=#000080 size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">(Percentages shown are based on Net Assets)</FONT></P>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="52%"></TD>
     <TD width="17%"></TD>
     <TD width="30%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=center><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Par</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Short-Term Securities</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=center><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">(000)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Value</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#c0c0c0 align=left><FONT color=#000080 size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Puerto Rico &#151; 1.6%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#c0c0c0 align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#c0c0c0 align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Commonwealth of Puerto Rico, GO,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Refunding, VRDN, Series B-4 (FSA),</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">0.32%, 5/07/10 (h)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">$ 5,000</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">$ 5,000,000</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=center><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Shares</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#c0c0c0 align=left><FONT color=#000080 size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Money Market Fund &#151; 3.3%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#c0c0c0 align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#c0c0c0 align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">CMA New Jersey Municipal Money Fund,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">0.04% (f)(g)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">10,646,108</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">10,646,108</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Total Short-Term Securities</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">(Cost &#150; $15,646,108) &#150; 4.9%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">15,646,108</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Total Investments</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">(Cost &#150; $482,805,746*) &#150; 156.6%</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">498,433,133</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Other Assets Less Liabilities &#150; 1.8%</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">5,877,492</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Liability for Trust Certificates, Including Interest</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Expense and Fees Payable &#150; (4.2)%</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">(13,281,823)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Preferred Shares, at Redemption Value &#150; (54.2)%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">(172,713,733)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Net Assets Applicable to Common Shares &#150; 100.0%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">$ 318,315,069</FONT>&nbsp;</TD></TR></TABLE><BR>
<P align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">* The cost and unrealized appreciation (depreciation) of investments as of</FONT></P>
<P align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">April 30, 2010, as computed for federal income tax purposes, were as</FONT></P>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="54%"></TD>
     <TD width="45%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Aggregate follows: cost</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">$ 469,542,816</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Gross unrealized appreciation</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">$ 18,544,429</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Gross unrealized depreciation</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">(2,917,042)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Net unrealized appreciation</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">$ 15,627,387</FONT>&nbsp;</TD></TR></TABLE><BR>
<P align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">(a) US government securities, held in escrow, are used to pay interest on this</FONT><BR>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">security as well as to retire the bond in full at the date indicated, typically</FONT><BR>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">at a premium to par.</FONT><BR>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">(b) Represents a step-up bond that pays an initial coupon rate for the first</FONT><BR>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">period and then a lower coupon rate for the following periods. Rate</FONT><BR>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">shown reflects the current yield.</FONT><BR>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">(c) Security is collateralized by Municipal or US Treasury obligations.</FONT><BR>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">(d) Represents a zero-coupon bond. Rate shown reflects the current yield as</FONT><BR>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">of report date.</FONT><BR>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">(e) Securities represent bonds transferred to a tender option bond trust in</FONT><BR>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">exchange for which the Fund acquired residual interest certificates.</FONT><BR>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">These securities serve as collateral in a financing transaction.</FONT><BR>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">(f) Investments in companies considered to be an affiliate of the Fund</FONT><BR>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">during the period, for purposes of Section 2(a)(3) of the Investment</FONT><BR>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Company Act of 1940, were as follows:</FONT></P>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="25%"></TD>
     <TD width="20%"></TD>
     <TD width="18%"></TD>
     <TD width="21%"></TD>
     <TD width="13%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=center><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Shares Held</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=center><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Shares Held</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=center><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">at July 31,</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Net</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">at April 30,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Affiliate</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">2009</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Activity</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">2010</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Income</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">CMA New Jersey</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Municipal</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Money Fund</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">3,311,943</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">7,334,165</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">10,646,108</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">$1,327</FONT>&nbsp;</TD></TR></TABLE><BR>
<P align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">(g) Represents the current yield as of report date.</FONT><BR>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">(h) Variable rate security. Rate shown is as of report date and maturity</FONT><BR>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">shown is the date the principal owed can be recovered through demand.</FONT></P>
<P align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">&#149; Fair Value Measurements - Various inputs are used in determining the fair</FONT><BR>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">value of investments, which are as follows:</FONT><BR>
<BR>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">&#149;Level 1 &#151; price quotations in active markets/exchanges for identical</FONT><BR>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">assets and liabilities</FONT><BR>
<BR>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">&#149;Level 2 &#151; other observable inputs (including, but not limited to: quoted</FONT><BR>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">prices for similar assets or liabilities in markets that are active, quoted</FONT><BR>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">prices for identical or similar assets or liabilities in markets that are not</FONT><BR>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">active, inputs other than quoted prices that are observable for the</FONT><BR>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">assets or liabilities (such as interest rates, yield curves, volatilities,</FONT><BR>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">prepayment speeds, loss severities, credit risks and default rates) or</FONT><BR>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">other market-corroborated inputs)</FONT></P>
<P align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">&#149;Level 3 &#151; unobservable inputs based on the best information available</FONT><BR>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">in the circumstances, to the extent observable inputs are not available</FONT><BR>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">(including the Fund's own assumptions used in determining the fair</FONT><BR>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">value of investments)</FONT><BR>
<BR>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">The inputs or methodologies used for valuing securities are not necessarily</FONT><BR>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">an indication of the risk associated with investing in those securities. For</FONT><BR>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">information about the Fund's policy regarding valuation of investments and</FONT><BR>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">other significant accounting policies, please refer to the Fund&#146;s most recent</FONT><BR>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">financial statements as contained in its semi-annual report.</FONT><BR>
<BR>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">The following table summarizes the inputs used as of April 30, 2010 in</FONT><BR>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">determining the fair valuation of the Fund's investments:</FONT></P>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="23%"></TD>
     <TD width="26%"></TD>
     <TD width="18%"></TD>
     <TD width="14%"></TD>
     <TD width="18%"></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=5 align=center><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Investments in Securities</FONT></TD></TR>
<TR>
     <TD colSpan=5>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Valuation Inputs</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Level 1</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Level 2</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Level 3</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Total</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Assets:</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Long-Term</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Investments</FONT><SUP><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">1</FONT></SUP>&nbsp;</TD>
     <TD colSpan=2 align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">&#151;&nbsp;&nbsp;&nbsp;&nbsp; $ 482,787,025</FONT>&nbsp;</TD>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">&#151;&nbsp;</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif"><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">$</FONT>&nbsp;482,787,025</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Short-Term</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Securities</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">$ 10,646,108</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">5,000,000</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">&#151;</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">15,646,108</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Total</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">$ 10,646,108&nbsp;&nbsp;&nbsp;$ 487,787,025</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">&#151;&nbsp;</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif"><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">$</FONT>&nbsp;498,433,133</FONT>&nbsp;</TD></TR></TABLE><BR>
<P align=left><SUP><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">1 </FONT></SUP><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">See above Schedule of Investments for values in each sector.</FONT></P>
<P align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">BLACKROCK MUNIHOLDINGS NEW JERSEY INSURED FUND, INC.</FONT></P>
<P align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">APRIL 30, 2010</FONT></P>
<P align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">5</FONT></P>
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<P align="left">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Item 2 &#150; Controls and Procedures</FONT></P>
<P align="left">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">2(a) &#150; The registrant's principal executive and principal financial officers or persons performing similar</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">functions have concluded that the registrant's disclosure controls and procedures (as defined in Rule</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">30a-3(c) under the Investment Company Act of 1940, as amended (the &#147;1940 Act&#148;)) are effective as</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">of a date within 90 days of the filing of this report based on the evaluation of these controls and</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13(a)-15(b) under the Securities</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">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's internal control over financial reporting (as defined in Rule</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">30a-3(d) under the 1940 Act) that occurred during the registrant's last fiscal quarter that have</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">materially affected, or are reasonably likely to materially affect, the registrant's internal control over</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">financial reporting.</FONT></P>
<P align="left">
<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></P>
<P align="left">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned,</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">thereunto duly authorized.</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">BlackRock MuniHoldings New Jersey Insured Fund, Inc.</FONT></P>
<P align="left">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">By: </FONT><U><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">/s/ Anne F. Ackerley</FONT></U><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Anne F. Ackerley</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></P>
<P align="left">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Date: June 28, 2010</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 Company</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Act of 1940, this report has been signed below by the following persons on behalf of the registrant</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">and in the capacities and on the dates indicated.</FONT></P>
<P align="left">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">By: </FONT><U><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">/s/ Anne F. Ackerley</FONT></U><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Anne F. Ackerley</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>
<P align="left">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Date: June 28, 2010</FONT></P>
<P align="left">
<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></P>
<P align="left">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Date: June 28, 2010</FONT></P>

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<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></P>
<P align="left"> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">I, Anne F. Ackerley, 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></P>
<P align="left"> <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></P>
<P align="left"> <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></P>
<P align="left"> <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></P>
<P align="left"> <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></P>
<P align="left"> <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></P>
<P align="left"> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Date: June </FONT><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">28, </FONT><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">2010</FONT><BR>
<BR>
<U><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">/s/ Anne F. Ackerley</FONT></U></P>
<P align="left"> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Anne F. Ackerley</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>
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<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></P>
<P align="left"> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">I, Neal J. Andrews, Chief Financial Officer (principal financial officer) of BlackRock MuniHoldings New Jersey Insured</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Fund, Inc., certify that:</FONT></P>
<P align="left"> <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></P>
<P align="left"> <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></P>
<P align="left"> <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></P>
<P align="left"> <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></P>
<P align="left"> <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></P>
<P align="left"> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Date: June </FONT><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">28, </FONT><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">2010</FONT><BR>
<BR>
<U><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">/s/ Neal J. Andrews</FONT></U></P>
<P align="left"> <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>
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