NPORT-EX 2 NPORT_LCQH_22793033_1021.htm BlackRock MuniHoldings New Jersey Quality Fund

Schedule of Investments  (unaudited) 

October 31, 2021

   

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

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  

 

  

Municipal Bonds

    
Guam — 0.2%            
Utilities — 0.2%            

Guam Government Waterworks Authority, RB, Series A, 5.00%, 01/01/50

   $ 1,015     $ 1,197,982  
   

 

 

  
New Jersey — 121.3%  

Corporate — 1.5%

    

New Jersey Economic Development Authority, RB(a)

    

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

     535       626,154  

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

     1,415       1,709,116  

New Jersey Economic Development Authority, Refunding RB

    

3.38%, 04/01/38

     2,230       2,299,619  

3.50%, 04/01/42

     1,675       1,719,736  

Series A, AMT, 2.20%, 10/01/39(b)

     850       888,985  
   

 

 

  
      7,243,610  

County/City/Special District/School District — 10.2%

    

Casino Reinvestment Development Authority, Inc., Refunding RB

    

5.25%, 11/01/39

         11,130           12,313,152  

5.25%, 11/01/44

     3,755       4,089,800  

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

     3,720       4,458,409  

County of Essex New Jersey, GO, Series B, (SCH BD RES FD), 3.00%, 09/01/46

     1,700       1,769,392  

County of Mercer New Jersey, Refunding GO, 2.38%, 02/15/30

     1,640       1,734,774  

Essex County Improvement Authority, RB, (GTD), 4.00%, 11/01/49

     575       639,304  

Essex County Improvement Authority, Refunding RB (NPFGC GTD), 5.50%, 10/01/27

     250       315,818  

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

     4,840       6,270,099  

Ewing Township Board of Education, GO (SCH BD RES FD), 4.00%, 07/15/38

     1,470       1,703,129  

(SCH BD RES FD), 4.00%, 07/15/39

     1,330       1,539,420  

Gloucester County Improvement Authority, RB (BAM), 4.00%, 07/01/46

     465       536,586  

(BAM), 4.00%, 07/01/51

     645       743,239  

Hudson County Improvement Authority, RB, 4.00%, 10/01/51

     2,800       3,194,285  

Hudson County Improvement Authority, RB, CAB, Series A-1, (NPFGC GTD), 0.00%, 12/15/32(d)

     1,000       791,437  

New Jersey Economic Development Authority, RB 5.00%, 06/15/23(c)

     3,065       3,299,102  

Series KK, 5.00%, 09/01/22(c)

     325       337,900  

Series QQQ, 4.00%, 06/15/50

     2,070       2,327,251  

Township of Irvington New Jersey, Refunding GO, Series A, (AGM, SAW), 5.00%, 07/15/33

     1,175       1,305,961  

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

     650       652,489  
   

 

 

  
      48,021,547  

Education — 18.8%

    

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

     1,300       1,412,492  

Clifton Board Of Education GO (AGM), 2.25%, 08/15/45

     3,425       3,243,328  

(AGM), 2.25%, 08/15/46

     3,425       3,219,418  
Security  

Par

(000)

      Value  

 

  
Education (continued)             

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

   $ 1,985      $ 2,253,727  

Series A, 5.00%, 07/01/31

     1,950        2,242,369  

Series A, 5.00%, 07/01/32

     1,775        2,038,903  

Series A, 5.00%, 07/01/33

     2,250        2,581,655  

Series A, 5.00%, 07/01/34

     1,200        1,375,571  

New Jersey Economic Development Authority, RB Series A, 5.00%, 01/01/35

     2,000        2,102,574  

Series A, 5.00%, 07/01/38

     190        223,604  

Series A, 5.00%, 07/01/47

     795        845,548  

Series A, 5.00%, 01/01/48

     2,000        2,079,138  

Series A, 5.00%, 07/01/50

     495        573,102  

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

     2,235        2,361,514  

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

     460        538,263  

New Jersey Economic Development Authority, Refunding RB

     

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

     3,990        4,740,268  

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

     810        953,815  

New Jersey Educational Facilities Authority, RB Series A, 5.00%, 07/01/45

     1,345        1,633,735  

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

     585        620,585  

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

     495        563,681  

New Jersey Educational Facilities Authority, Refunding RB

     

Series A, (BAM), 5.00%, 07/01/28

     1,135        1,340,623  

Series A, 5.00%, 07/01/39

         15,555            17,216,258  

Series A, 5.00%, 07/01/44

     3,540        3,904,043  

Series A, 4.00%, 07/01/47

     1,145        1,244,607  

Series D, 5.00%, 07/01/38

     500        533,283  

Series D, 5.00%, 07/01/43

     600        638,015  

New Jersey Higher Education Student Assistance Authority, RB

     

Series 1A, AMT, 4.00%, 12/01/28.

     385        397,123  

Series 1A, AMT, 4.50%, 12/01/28

     1,015        1,052,398  

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

     255        262,991  

Series 1A, AMT, 4.50%, 12/01/29

     1,280        1,326,968  

Series 1A, AMT, 4.63%, 12/01/30

     1,255        1,302,542  

Series 1A, AMT, 4.00%, 12/01/31

     410        422,721  

Series 1A, AMT, 4.13%, 12/01/35

     250        255,758  

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

     2,185        2,312,276  

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

     790        838,676  

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

     690        727,312  

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

     1,760        1,902,148  

New Jersey Higher Education Student Assistance Authority, Refunding RB

     

1st Series, AMT, 5.50%, 12/01/26

     585        586,987  

Series 1, AMT, 5.38%, 12/01/24

     485        486,602  

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

     3,435        3,568,099  

New Jersey Institute of Technology, RB, Series A, 5.00%, 07/01/45

     7,500        8,548,650  

Newark Board of Education Refunding GO

     

(BAM SCH BD RES FD), 3.00%, 07/15/38

     700        744,643  

(BAM SCH BD RES FD), 3.00%, 07/15/41

     1,500        1,589,405  

Newark Board of Education, Refunding GO (BAM SCH BD RES FD), 3.00%, 07/15/39

     120        127,622  

Sustainability Bonds, (BAM), 3.00%, 07/15/42

     485        512,866  

Rutgers The State University of New Jersey, Refunding RB, Series L, 5.00%, 05/01/23(c)

     1,565        1,675,791  
    

 

 

  
       89,121,697  
 

 

1

Schedule of Investments  (unaudited) (continued)

October 31, 2021

   

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

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

      Value  

 

  
Health — 8.3%             

Camden County Improvement Authority, Refunding RB, 5.00%, 02/15/33

   $ 2,000      $ 2,182,043  

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

     475        476,710  

New Jersey Economic Development Authority, Refunding RB

     

5.00%, 01/01/34

     675        773,605  

5.00%, 01/01/39

     675        762,240  

New Jersey Health Care Facilities Financing Authority RB

     

2.38%, 07/01/46

     1,495        1,423,089  

3.00%, 07/01/51

     760        792,396  

New Jersey Health Care Facilities Financing Authority, RB

     

5.00%, 07/01/42

     2,270        2,664,873  

4.00%, 07/01/44

     2,175        2,437,124  

Series A, 5.50%, 07/01/43

     7,105        7,664,377  

New Jersey Health Care Facilities Financing Authority, Refunding RB

     

5.00%, 07/01/25

     1,000        1,031,429  

5.00%, 07/01/26

         3,720        3,836,652  

5.00%, 07/01/28

     3,000        3,298,872  

5.00%, 07/01/29

     715        785,863  

5.00%, 07/01/34

     1,330        1,575,022  

5.00%, 07/01/39

     1,825        2,143,218  

4.00%, 07/01/41

     1,600        1,791,277  

Series A, 4.00%, 07/01/43

     1,865        2,063,214  

Series A, 5.00%, 07/01/43

     3,080        3,633,633  
    

 

 

  
       39,335,637  
Housing — 5.9%             

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

     2,260        2,266,170  

New Jersey Housing & Mortgage Finance Agency, RB, M/F Housing, Series A, 4.55%, 11/01/43

     4,710        4,714,691  

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

     

Series H, 2.15%, 10/01/41

     1,710        1,615,411  

Series H, 2.30%, 10/01/46

     1,285        1,194,111  

Series H, 2.40%, 04/01/52

     1,285        1,191,448  

New Jersey Housing & Mortgage Finance Agency, Refunding RB

     

Series 2, AMT, 4.60%, 11/01/38

     3,120        3,190,808  

Series 2, AMT, 4.75%, 11/01/46

     3,795        3,861,970  

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

     

Series A, (HUD SECT 8), 2.45%, 11/01/45

     475        460,450  

Series A, 4.00%, 11/01/48

     370        398,202  

Series A, (HUD SECT 8), 2.55%, 11/01/50

     430        413,815  

Series A, 4.10%, 11/01/53

     220        235,810  

Series A, (HUD SECT 8), 2.63%, 11/01/56

     430        413,585  

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

     490        526,915  

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

     1,000            1,067,901  

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

     

Series A, 3.75%, 10/01/35

     3,420        3,777,647  
Security  

Par

(000)

      Value  

 

  
Housing (continued)             

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

     

Series E, 2.25%, 10/01/40

   $ 1,500      $ 1,496,655  

Series E, 2.40%, 10/01/45

     1,155        1,157,222  
    

 

 

  
       27,982,811  
State — 33.9%             

Garden State Preservation Trust, RB, CAB(d) Series B, (AGM), 0.00%, 11/01/23

     15,725        15,492,899  

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

     10,000        9,550,040  

Garden State Preservation Trust, Refunding RB, Series C, (AGM), 5.25%, 11/01/21

     7,705        7,706,996  

New Jersey Economic Development Authority, RB 4.00%, 06/15/49

     2,930        3,273,217  

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

     1,785        1,997,028  

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

     4,465        5,174,399  

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

     7,415        8,833,378  

Series B, 5.00%, 06/15/43

     1,235        1,483,967  

Series EEE, 5.00%, 06/15/43

     5,395        6,507,627  

Series WW, 5.25%, 06/15/33

     380        436,322  

Series WW, 5.00%, 06/15/34

     5,500        6,259,962  

Series WW, 5.00%, 06/15/36

     3,115        3,539,210  

Series WW, 5.25%, 06/15/40

     7,915        8,982,330  

New Jersey Economic Development Authority, Refunding RB

     

5.00%, 06/15/24

     5,000        5,126,690  

5.00%, 06/15/26

     1,250        1,281,566  

5.00%, 06/15/28

     2,430        2,480,969  

5.00%, 06/15/29

     3,195        3,275,102  

4.00%, 07/01/46

     2,770        3,100,550  

Series N-1, (AMBAC), 5.50%, 09/01/26

     800        967,473  

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

     1,000        1,240,407  

Series NN, 5.00%, 03/01/29

     5,000        5,296,745  

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

     5,000        5,557,500  

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

     3,875        4,559,170  

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

     7,300        8,061,923  

New Jersey Educational Facilities Authority, RB Series A, 4.00%, 09/01/28

     9,705            10,592,018  

Series A, 5.00%, 09/01/33

     5,370        5,982,255  

New Jersey Sports & Exposition Authority, Refunding RB, (NPFGC), 5.50%, 03/01/22(a)

     4,200        4,273,823  

South Jersey Port Corp., ARB Series B, AMT, 5.00%, 01/01/42

     3,000        3,467,295  

Series B, AMT, 5.00%, 01/01/48

     1,500        1,710,558  

State of New Jersey, GO 2.00%, 06/01/32

     1,900        1,864,366  

2.00%, 06/01/37

     3,225        3,050,460  

Series A, 4.00%, 06/01/32

     7,755        9,496,998  
    

 

 

  
       160,623,243  
Tobacco — 5.5%             

Tobacco Settlement Financing Corp., Refunding RB Series A, 5.00%, 06/01/46

     3,000        3,530,430  

Series A, 5.25%, 06/01/46

     1,960        2,346,038  

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

         17,315        19,929,911  
    

 

 

  
       25,806,379  
 

 

 

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

   2

Schedule of Investments  (unaudited) (continued)

October 31, 2021

   

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

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

      Value  

 

  
Transportation — 30.0%             

New Brunswick Parking Authority, Refunding RB, Series B, (AGM MUN GOVT GTD), 3.00%, 09/01/39

   $ 2,500      $ 2,607,077  

New Jersey Economic Development Authority, RB AMT, 5.13%, 01/01/34

     2,290        2,493,755  

AMT, 5.38%, 01/01/43

     7,730        8,479,107  

New Jersey Transportation Trust Fund Authority Refunding RB, Series A, 4.00%, 06/15/36

     2,655        3,084,295  

New Jersey Transportation Trust Fund Authority, RB Series A, (NPFGC), 5.75%, 06/15/24

     1,205        1,367,050  

Series A, 5.00%, 06/15/30

     2,250        2,632,291  

Series A, 5.00%, 06/15/42

     5,000        5,136,670  

Series AA, 5.00%, 06/15/33

     3,000        3,088,851  

Series AA, 5.25%, 06/15/33

     5,690        6,108,073  

Series AA, 5.25%, 06/15/34

     1,305        1,496,864  

Series AA, 5.00%, 06/15/38

     2,340        2,578,191  

Series AA, 4.00%, 06/15/50

     6,300        7,019,567  

Series B, 5.00%, 06/15/33

     1,340        1,638,122  

Series BB, 4.00%, 06/15/50

     3,325        3,696,033  

Series D, 5.00%, 06/15/32

     3,300        3,712,728  

New Jersey Transportation Trust Fund Authority, RB, CAB(d)

     

Series A, 0.00%, 12/15/35

     6,000        4,272,762  

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

     8,800        6,926,709  

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

     4,160        3,025,119  

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

     7,210        5,051,578  

New Jersey Transportation Trust Fund Authority, Refunding RB

     

4.00%, 12/15/39

     165        186,592  

Series A, 5.00%, 06/15/26

     400        472,156  

Series A, 5.00%, 06/15/31

         7,480        8,827,947  

Series A, 5.00%, 06/15/32

     750        969,040  

Series A, 5.00%, 12/15/32

     4,285        5,244,510  

Series A, 4.00%, 06/15/34

     1,950        2,305,413  

Series A, 4.00%, 06/15/35

     2,950        3,445,382  

Series A, 5.00%, 12/15/35

     1,095        1,331,487  

New Jersey Turnpike Authority, RB Series A1, 5.00%, 01/01/35

     1,440        1,721,497  

Series E, 5.00%, 01/01/45

     8,000        8,964,256  

New Jersey Turnpike Authority, Refunding RB Series A, (AGM), 5.25%, 01/01/29

     4,000        5,142,516  

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

     500        642,814  

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

     4,000        5,242,452  

Series B, 5.00%, 01/01/34

     2,300        2,793,557  

Series B, 5.00%, 01/01/40

     5,740        6,906,236  

Series G, 5.00%, 01/01/36

     5,000        6,045,060  

Series G, 4.00%, 01/01/43

     3,320        3,720,428  

South Jersey Transportation Authority, RB, Series A, 5.00%, 11/01/45

     2,865        3,479,903  
    

 

 

  
           141,856,088  
Utilities — 7.2%             

Essex County Utilities Authority, Refunding RB, (AGC GTD), 4.13%, 04/01/22

     2,000        2,004,562  

New Jersey Infrastructure Bank, RB
2.00%, 09/01/42

     1,320        1,275,290  

2.00%, 09/01/43

     915        883,014  

2.25%, 09/01/50

     2,245        2,195,419  
Security  

Par

(000)

      Value  

 

  
Utilities (continued)             

Passaic Valley Sewerage Commission, Refunding RB
Series J, (AGM), 3.00%, 12/01/40

   $ 1,140      $ 1,214,615  

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

     1,170        1,245,869  

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

     1,190        1,264,802  

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

     1,220        1,293,987  

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

     1,250        1,323,066  

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

     1,275        1,347,813  

Rahway Valley Sewerage Authority, RB, CAB(d) Series A, (NPFGC), 0.00%, 09/01/26

     4,100        3,877,112  

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

     6,600        5,937,070  

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

     9,650        8,422,790  

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

     2,350        1,817,084  
    

 

 

  
       34,102,493  
    

 

 

  

Total Municipal Bonds in New Jersey

 

      574,093,505  
New York — 6.5%             
Transportation — 6.5%             

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

     1,000        1,138,862  

Consolidated, 218th Series, AMT, 4.00%, 11/01/34

     1,640        1,914,449  

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

     2,485        2,793,143  

Consolidated, 221st Series, AMT, 4.00%, 07/15/45

     2,165        2,465,355  

Port Authority of New York & New Jersey, Refunding ARB

     

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

     3,110        3,705,266  

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

     3,475        4,119,067  

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

     4,005        4,362,234  

Series 223, AMT, 4.00%, 07/15/51

     2,960        3,380,956  

Port Authority of New York & New Jersey, Refunding RB Consolidated, 200th Series, 5.00%, 09/01/36

     3,090        3,884,736  

Consolidated, 212th Series, 4.00%, 09/01/37

     2,460        2,874,790  
    

 

 

  

Total Municipal Bonds in New York

 

      30,638,858  
Pennsylvania — 2.7%             
Transportation — 2.7%             

Delaware River Port Authority, RB 5.00%, 01/01/29

     2,000        2,199,934  

5.00%, 01/01/37

     8,830        9,668,312  

Delaware River Port Authority, Refunding RB, 5.00%, 01/01/27

     785        826,823  
    

 

 

  

Total Municipal Bonds in Pennsylvania

 

      12,695,069  
    

 

 

  
Puerto Rico — 4.7%             
State — 4.7%             

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

     

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

     583        648,469  

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

     3,462        3,908,459  

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

         11,732            12,865,311  

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

     878        978,276  

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

     638        707,278  

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

     618        688,060  

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

     7,564        2,463,610  
    

 

 

  

Total Municipal Bonds in Puerto Rico

 

      22,259,463  
    

 

 

  

Total Municipal Bonds — 135.4%
(Cost: $587,653,816)

 

      640,884,877  
    

 

 

  
 

 

3

Schedule of Investments  (unaudited) (continued)

October 31, 2021

   

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

    (Percentages shown are based on Net Assets)

 

Security  

Par

(000)

      Value  

 

  

Municipal Bonds Transferred to Tender Option Bond Trusts(f)

 

New Jersey — 23.2%             
County/City/Special District/School District — 6.1%  

Hudson County Improvement Authority, RB, 5.25%, 05/01/51

   $ 3,120      $ 3,648,181  

Union County Utilities Authority, Refunding RB

     

Series A, 5.00%, 06/15/41

     7,574        7,598,739  

Series A, AMT, 5.25%, 12/01/31

         17,300        17,366,268  
    

 

 

  
       28,613,188  
Education — 7.3%             

New Jersey Economic Development Authority, Refunding RB

     

AMT, 3.00%, 08/01/41

     9,749        9,814,763  

AMT, 3.00%, 08/01/43(g)

     14,021        14,115,614  

Rutgers The State University of New Jersey, Refunding RB, Series L, 5.00%, 05/01/23

     10,000        10,707,935  
    

 

 

  
       34,638,312  
Health — 3.1%             

New Jersey Health Care Facilities Financing Authority, RB

     

4.00%, 07/01/47

     6,133        6,695,600  

4.00%, 07/01/51

     7,006        8,063,381  
    

 

 

  
       14,758,981  
State — 4.7%             

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

     12,460        15,125,971  

New Jersey Economic Development Authority, Refunding RB, Series NN, 5.00%, 03/01/29(g)

     6,698        7,095,703  
    

 

 

  
       22,221,674  
Transportation — 2.0%             

New Jersey Turnpike Authority, RB, Series A, 5.00%, 07/01/22(g)

     9,300        9,595,668  
    

 

 

  

Total Municipal Bonds in New Jersey

        109,827,823  
    

 

 

  

Total Municipal Bonds Transferred to Tender Option Bond Trusts — 23.2%
(Cost: $105,717,684)

 

      109,827,823  
    

 

 

  

Total Long-Term Investments — 158.6%
(Cost: $693,371,500)

            750,712,700  
    

 

 

  
Security  

Par

(000)

      Value  

 

  

Short-Term Securities

     
Commercial Paper — 1.1%             

Port Authority of New York & New Jersey, Refunding ARB, 0.13%, 03/03/22

   $ 5,100      $ 5,099,829  
    

 

 

  
       5,099,829  
    

 

 

  
     Shares          
Money Market Funds — 1.6%             

BlackRock Liquidity Funds, MuniCash, Institutional Class, 0.01%(h)(i)

         7,641,711        7,642,475  
    

 

 

  

Total Short-Term Securities — 2.7%
(Cost: $12,742,475)

        12,742,304  
    

 

 

  

Total Investments — 161.3%
(Cost: $706,113,975)

        763,455,004  
Other Assets Less Liabilities — 1.6%          7,668,857  

Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (12.9)%

 

      (61,217,843 ) 

VRDP Shares at Liquidation Value, Net of Deferred Offering Costs — (50.0)%

 

      (236,690,800 ) 
 

Net Assets Applicable to Common Shares — 100.0%

 

    $     473,215,218  
    

 

 

  

 

(a) 

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

(b)

Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available.

(c) 

U.S. Government securities held in escrow, are used to pay interest on this security as well as to retire the bond in full at the date indicated, typically at a premium to par.

(d) 

Zero-coupon bond.

(e) 

Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

(f) 

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

(g) 

All or a portion of the security is subject to a recourse agreement. The aggregate maximum potential amount the Fund could ultimately be required to pay under the agreements, which expire between January 1, 2022 to February 1, 2037, is $24,100,690.

(h) 

Affiliate of the Fund.

(i) 

Annualized 7-day yield as of period end.

 

 

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the period ended October 31, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

                   
Affiliated Issuer   Value at
07/31/21		      Purchases
at Cost		      Proceeds
from Sales		     Net
Realized
Gain (Loss)		     Change in
Unrealized
Appreciation
(Depreciation)		      Value at
10/31/21		      Shares
Held at
10/31/21		      Income      Capital Gain
Distributions
from
Underlying
Funds		  

BlackRock Liquidity Funds, MuniCash, Institutional Class

   $ 22,337,405      $ —      $ (14,694,710 )(a)    $ (220 )    $ —      $ 7,642,475        7,641,711      $ 96      $ —  
         

 

 

    

 

 

     

 

 

        

 

 

     

 

 

  

 

  (a)

Represents net amount purchased (sold).

 

 

 

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

   4

Schedule of Investments  (unaudited) (continued)

October 31, 2021

   

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

 

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

 

         
Description   Number of
Contracts		      Expiration
Date		      Notional
Amount (000)		      Value/
Unrealized
Appreciation
(Depreciation)		  

Short Contracts

           

10-Year U.S. Treasury Note

     58        12/21/21      $ 7,578      $ 132,075  

U.S. Long Bond

     27        12/21/21        4,342        42,400  

5-Year U.S. Treasury Note

     53        12/31/21        6,450        86,539  
          

 

 

  
           $ 261,014  
          

 

 

  

Fair Value Hierarchy as of Period End

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

 

  •  

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

 

  •  

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

 

  •  

Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the BlackRock Global Valuation Methodologies Committee’s (the “Global Valuation Committee’s”) assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Global Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund’s policy regarding valuation of financial instruments, refer to its most recent financial statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

 

 

  
    Level 1      Level 2      Level 3      Total  

 

  

Assets

           

Investments

           

Long-Term Investments

           

Municipal Bonds

   $ —      $ 640,884,877      $         —      $ 640,884,877  

Municipal Bonds Transferred to Tender Option Bond Trusts

     —        109,827,823        —        109,827,823  

Short-Term Securities

           

Commercial Paper

     —        5,099,829        —        5,099,829  

Money Market Funds

     7,642,475        —        —        7,642,475  
 

 

 

     

 

 

     

 

 

     

 

 

  
  $ 7,642,475      $ 755,812,529      $ —      $ 763,455,004  
 

 

 

     

 

 

     

 

 

     

 

 

  

Derivative Financial Instruments(a)

           

Assets

           

Interest Rate Contracts

   $ 261,014      $ —      $ —      $ 261,014  
 

 

 

     

 

 

     

 

 

     

 

 

  

 

  (a) 

Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

 

 

 

5  

    

Schedule of Investments  (unaudited) (continued)

October 31, 2021

   

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

 

The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial reporting purposes. As of period end, such assets and/or liabilities are categorized within the fair value hierarchy as follows:

 

 

  
    Level 1      Level 2     Level 3      Total  

 

  

Liabilities

          

TOB Trust Certificates

   $         —      $ (61,205,500 )    $         —      $ (61,205,500 ) 

VRDP Shares at Liquidation Value

     —        (237,100,000 )      —        (237,100,000 ) 
 

 

 

     

 

 

    

 

 

     

 

 

  
  $ —      $ (298,305,500)     $ —      $ (298,305,500)  
 

 

 

     

 

 

    

 

 

     

 

 

  

 

Portfolio Abbreviation
AGC   Assured Guaranty Corp.
AGM   Assured Guaranty Municipal Corp.
AMBAC   AMBAC Assurance Corp.
AMT   Alternative Minimum Tax
ARB   Airport Revenue Bonds
BAM   Build America Mutual Assurance Co.
BHAC-CR   Berkshire Hathaway Assurance Corp. - Custodian Receipt
CAB   Capital Appreciation Bonds
CR   Custodian Receipt
GO   General Obligation Bonds
GTD   GTD Guaranteed
HUD SECT 8   U.S. Department of Housing and Urban Development
  Section 8
M/F   Multi-Family
NPFGC   National Public Finance Guarantee Corp.
RB   Revenue Bond
S/F   Single-Family
SAW   State Aid Withholding
SCH BD RES FD   School Board Resolution Fund

 

 

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

   6