April 30, 2026 
2026 Quarterly Report
(Unaudited)
 
BlackRock MuniHoldings New Jersey Quality Fund, Inc. (MUJ)
 
Not FDIC Insured • May Lose Value • No Bank Guarantee
Schedule of Investments (unaudited)
April 30, 2026
BlackRock MuniHoldings New Jersey Quality Fund, Inc. (MUJ)
(Percentages shown are based on Net Assets)
 
Security
 
Par
(000)
Value
Municipal Bonds
California — 0.2%
Transportation — 0.2%
California Infrastructure & Economic Development
Bank, Refunding RB, Class B, AMT, Sustainability
Bonds, 12.00%, 01/01/65(a)(b)
$
2,360
$ 1,368,800
New Jersey — 138.8%
Corporate — 8.5%
New Jersey Economic Development Authority, ARB
 
Series A, AMT, 5.63%, 11/15/30
 
1,730
1,732,538
Series B, AMT, 5.63%, 11/15/30
 
6,900
6,910,122
New Jersey Economic Development Authority, RB
 
AMT, 4.00%, 08/01/59
 
1,000
853,812
AMT, 5.00%, 08/01/59
 
4,440
4,478,912
New Jersey Economic Development Authority,
Refunding RB
 
3.38%, 04/01/38
 
4,040
3,867,188
3.50%, 04/01/42
 
3,030
2,793,760
AMT, 3.00%, 08/01/41
 
19,020
16,336,042
AMT, 3.00%, 08/01/43
 
23,960
19,697,298
 
 
56,669,672
County/City/Special District/School District — 13.0%
Casino Reinvestment Development Authority, Inc., RB
 
Series B, (PSF), 5.00%, 11/01/43
 
680
726,570
Series B, (AGM), 5.00%, 11/01/44
 
755
799,918
Casino Reinvestment Development Authority, Inc.,
Refunding RB
 
Series A, (GNMA), 5.00%, 11/01/41
 
1,000
1,082,685
Series A, (GNMA), 5.00%, 11/01/42
 
395
424,936
City of Bayonne New Jersey, Refunding GO, (GNMA),
5.00%, 07/01/26(c)
 
2,425
2,434,420
City of Newark New Jersey, GOL, (FHLMC, FNMA,
GNMA), 4.50%, 03/15/36
 
3,165
3,172,441
Clifton Board of Education, GO
 
2.00%, 08/15/41
 
6,150
4,445,013
2.25%, 08/15/46
 
6,150
4,056,075
County of Essex New Jersey, GO, Series B, 3.00%,
09/01/46
 
1,700
1,362,274
County of Middlesex New Jersey, Refunding COP,
5.00%, 10/15/31
 
2,840
3,071,275
Essex County Improvement Authority, Refunding RB
 
(HUD SECT 8), 5.50%, 10/01/27
 
250
260,507
(FHLMC, FNMA, GNMA), 5.50%, 10/01/29
 
8,505
9,345,385
Ewing Township Board of Education, GO
 
4.00%, 07/15/38
 
2,660
2,671,732
4.00%, 07/15/39
 
2,320
2,328,523
Hopewell Valley Regional School District, GO, 4.00%,
02/01/44
 
3,155
3,170,638
Hudson County Improvement Authority, RB
 
5.00%, 05/01/46
 
4,000
4,002,981
Series A-1, (Remove), 0.00%, 12/15/32(d)
 
1,000
784,638
New Jersey Economic Development Authority, RB
 
Series A, (NPFGC GTD), 5.25%, 07/01/26(e)
 
1,415
1,420,623
Series B, 6.50%, 04/01/31
 
2,555
2,563,466
New Jersey Economic Development Authority,
Refunding SAB, 6.50%, 04/01/28
 
1,832
1,883,004
Security
 
Par
(000)
Value
County/City/Special District/School District (continued)
Newark Board of Education, Refunding GO,
Sustainability Bonds, (HUD SECT 8), 3.00%,
07/15/42
$
1,500
$ 1,252,145
Union County Improvement Authority, Refunding RB,
5.00%, 03/01/34
 
810
885,840
Union County Utilities Authority, Refunding RB,
Series A, AMT, (AGM), 5.25%, 12/01/31
 
34,835
34,897,575
 
 
87,042,664
Education — 21.6%
Atlantic County Improvement Authority, RB, Series A,
(PSF), 4.00%, 07/01/46
 
2,250
2,161,103
Camden County Improvement Authority, RB,
Sustainability Bonds, 6.00%, 06/15/52
 
780
803,688
Gloucester County Improvement Authority, RB
 
(AGM), 5.00%, 07/01/49
 
6,400
6,626,453
(AGM), 5.00%, 07/01/54
 
7,450
7,663,916
Gloucester County Improvement Authority, Refunding
RB
 
5.00%, 07/01/43
 
1,725
1,887,442
5.00%, 07/01/44
 
725
786,554
Middlesex County Improvement Authority, RB, 5.00%,
08/15/53
 
11,140
11,601,799
New Jersey Economic Development Authority, RB
 
Series A, 5.00%, 07/01/27(b)
 
140
140,508
Series A, 5.13%, 11/01/29(b)
 
120
121,139
Series A, 5.00%, 01/01/35
 
2,000
2,002,856
Series A, 5.25%, 07/01/37(b)
 
1,030
1,030,104
Series A, 5.00%, 07/01/38
 
350
351,558
Series A, 6.25%, 11/01/38(b)
 
440
452,935
Series A, 5.38%, 07/01/47(b)
 
1,685
1,554,956
Series A, 5.00%, 12/01/48
 
4,475
4,484,467
Series A, 5.00%, 06/15/49(b)
 
1,700
1,623,948
Series A, 5.00%, 01/01/50
 
1,235
1,150,294
Series A, 6.50%, 11/01/52(b)
 
2,490
2,544,134
Series A, 5.25%, 11/01/54(b)
 
4,040
3,489,108
New Jersey Economic Development Authority,
Refunding RB
 
(Remove), 5.00%, 06/01/37
 
6,270
6,368,497
(NPFGC GTD), 5.00%, 06/01/42
 
810
819,300
Series A, 4.25%, 09/01/27(b)
 
110
110,374
Series A, 5.63%, 08/01/34(b)
 
580
580,181
Series A, 5.00%, 09/01/37(b)
 
805
810,420
Series A, 5.88%, 08/01/44(b)
 
1,070
1,070,276
Series A, 6.00%, 08/01/49(b)
 
555
555,063
Series A, 5.13%, 09/01/52(b)
 
3,200
3,074,987
New Jersey Educational Facilities Authority, RB
 
Series B, 5.25%, 03/01/54
 
30,470
32,426,079
Series C, (AGM), 3.25%, 07/01/49
 
1,060
860,815
New Jersey Educational Facilities Authority, Refunding
RB
 
Series A, 4.00%, 07/01/47
 
2,100
1,903,197
Series D, 5.00%, 07/01/38
 
1,000
1,000,512
Series D, 5.00%, 07/01/43
 
600
600,055
New Jersey Higher Education Student Assistance
Authority, RB
 
Series B, AMT, 4.00%, 12/01/44
 
1,360
1,314,933
Series B, AMT, 4.25%, 12/01/45
 
3,845
3,831,520
Sub-Series C, AMT, 4.00%, 12/01/48
 
3,210
2,759,233
2
Schedule of Investments (unaudited)(continued)
April 30, 2026
BlackRock MuniHoldings New Jersey Quality Fund, Inc. (MUJ)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Education (continued)
New Jersey Higher Education Student Assistance
Authority, RB (continued)
 
Series C, AMT, Subordinate, 5.00%, 12/01/53
$
985
$ 935,142
Series C, AMT, Subordinate, 5.25%, 12/01/54
 
1,825
1,824,302
New Jersey Higher Education Student Assistance
Authority, Refunding RB
 
Series 1-B, AMT, 4.50%, 12/01/45
 
5,550
5,606,001
Series B, AMT, 3.00%, 12/01/32
 
4,635
4,531,341
Series B, AMT, 4.00%, 12/01/41
 
2,270
2,242,606
Sub-Series C, AMT, 3.63%, 12/01/49
 
1,925
1,497,527
Series C, AMT, Subordinate, 5.00%, 12/01/52
 
18,705
18,196,705
Passaic County Improvement Authority, RB
 
Series A, 5.00%, 01/01/55
 
700
660,699
Series A, 5.00%, 01/01/60
 
500
459,489
 
 
144,516,216
Health — 12.0%
Middlesex County Improvement Authority, RB,
(Remove), 5.50%, 09/01/30
 
335
335,716
New Jersey Economic Development Authority,
Refunding RB
 
5.00%, 01/01/34
 
1,230
1,259,735
5.00%, 01/01/39
 
1,980
2,008,489
5.00%, 01/01/49
 
5,500
5,312,827
New Jersey Health Care Facilities Financing Authority,
RB
 
5.00%, 07/01/42
 
2,000
2,024,757
2.38%, 07/01/46
 
3,735
2,489,200
4.00%, 07/01/47
 
5,555
5,154,180
3.00%, 07/01/49
 
3,650
2,756,627
3.00%, 07/01/51
 
18,100
13,423,825
4.00%, 07/01/51
 
10,000
9,292,031
New Jersey Health Care Facilities Financing Authority,
Refunding RB
 
5.00%, 07/01/28
 
2,820
2,840,867
5.00%, 07/01/29
 
715
720,268
5.00%, 07/01/34
 
2,190
2,196,868
4.00%, 07/01/41
 
3,000
2,950,843
Series A, 4.00%, 07/01/43
 
3,500
3,481,061
Series A, 5.00%, 07/01/43
 
8,600
8,611,762
Series A, 5.25%, 07/01/49
 
1,840
1,962,717
Series A, 4.13%, 07/01/54
 
4,120
3,829,541
Series A, 5.25%, 07/01/54
 
8,910
9,354,271
 
 
80,005,585
Housing — 6.5%
New Jersey Housing & Mortgage Finance Agency, RB
 
5.25%, 12/20/65
 
2,053
2,211,413
Series A, (NPFGC), 5.00%, 05/01/27
 
425
426,816
New Jersey Housing & Mortgage Finance Agency, RB,
M/F Housing
 
Series A, (AGM), 4.55%, 05/01/41
 
1,560
1,604,758
Series D-1, (NPFGC), 5.05%, 09/01/67
 
1,525
1,546,349
Series A, Sustainability Bonds, (AGM), 4.50%,
05/01/50
 
470
464,769
Series A, Sustainability Bonds, 4.90%, 11/01/50
 
4,580
4,632,584
Series A, Sustainability Bonds, 4.95%, 11/01/55
 
2,170
2,186,779
Series D-1, Sustainability Bonds, (BAM), 5.10%,
11/01/45
 
4,010
4,163,277
Series D-1, Sustainability Bonds, (BAM), 5.20%,
11/01/55
 
6,000
6,143,643
Security
 
Par
(000)
Value
Housing (continued)
New Jersey Housing & Mortgage Finance Agency, RB,
M/F Housing (continued)
 
Series E-1, Sustainability Bonds, (AGM), 4.50%,
05/01/50
$
750
$ 747,067
New Jersey Housing & Mortgage Finance Agency, RB,
S/F Housing
 
Series H, Sustainability Bonds, 2.15%, 10/01/41
 
2,995
2,286,772
Series K, Sustainability Bonds, 4.70%, 10/01/50
 
2,180
2,180,536
New Jersey Housing & Mortgage Finance Agency,
Refunding RB, M/F Housing
 
Series A, (Remove), 2.45%, 11/01/45
 
860
608,940
Series A, 4.00%, 11/01/48
 
675
628,841
Series A, (NPFGC GTD), 2.55%, 11/01/50
 
780
529,019
Series A, 4.10%, 11/01/53
 
400
356,426
Series D, AMT, 4.25%, 11/01/37
 
2,940
2,940,061
Series D, AMT, 4.35%, 11/01/42
 
1,000
977,037
Series A, Sustainability Bonds, (AMBAC), 2.65%,
11/01/46
 
1,150
825,404
Series A, Sustainability Bonds, (AGM), 2.70%,
11/01/51
 
1,150
783,051
New Jersey Housing & Mortgage Finance Agency,
Refunding RB, S/F Housing, Series A, 3.75%,
10/01/35
 
5,295
5,295,634
Newark Housing Authority, RB, M/F Housing, Series A,
5.00%, 12/01/30
 
2,000
2,003,436
 
 
43,542,612
State — 44.7%
Garden State Preservation Trust, RB
 
Series A, (AGM), 5.75%, 11/01/28
 
11,365
11,893,838
Series B, (PSF), 0.00%, 11/01/26(d)
 
6,000
5,903,175
Series B, (AGM), 0.00%, 11/01/27(d)
 
4,000
3,811,761
Series B, (BAM SAW), 0.00%, 11/01/28(d)
 
4,540
4,186,235
New Jersey Economic Development Authority, RB
 
5.00%, 06/15/43
 
10,690
11,019,949
4.00%, 11/01/44
 
4,715
4,525,245
4.00%, 06/15/49
 
5,310
4,908,116
5.00%, 06/15/49
 
2,700
2,749,826
Class A, 5.25%, 11/01/47
 
11,300
11,904,454
Class A, 5.00%, 11/01/52
 
6,000
6,144,197
Series A, (Remove), 5.25%, 07/01/26
 
6,085
6,105,497
Series A, 5.00%, 06/15/42
 
2,000
2,044,073
Series B, 5.00%, 06/15/35
 
3,750
3,929,241
Series B, 5.00%, 06/15/43
 
3,470
3,577,102
Series EEE, 5.00%, 06/15/48
 
2,850
2,897,306
New Jersey Economic Development Authority,
Refunding RB
 
4.00%, 07/01/46
 
5,025
4,903,196
Series N-1, (Remove), 5.50%, 09/01/27
 
1,000
1,034,966
Sub-Series A, 4.00%, 07/01/32
 
5,000
5,020,886
Sub-Series A, 5.00%, 07/01/33
 
5,050
5,126,219
Sub-Series A, 4.00%, 07/01/34
 
9,420
9,438,935
New Jersey Educational Facilities Authority, RB,
Series A, 5.25%, 09/01/53
 
4,545
4,771,018
New Jersey Transportation Trust Fund Authority, RB
 
5.00%, 06/15/42
 
785
840,283
5.25%, 06/15/46
 
385
407,761
4.50%, 06/15/49
 
2,985
2,954,677
Series AA, 5.25%, 06/15/34
 
1,305
1,306,812
Series AA, 4.00%, 06/15/36
 
2,565
2,593,726
Series AA, 5.25%, 06/15/41
 
5,000
5,004,804
Series AA, 4.00%, 06/15/45
 
13,625
12,954,243
Schedule of Investments
3
Schedule of Investments (unaudited)(continued)
April 30, 2026
BlackRock MuniHoldings New Jersey Quality Fund, Inc. (MUJ)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
State (continued)
New Jersey Transportation Trust Fund Authority,
RB (continued)
 
Series AA, 5.00%, 06/15/45
$
5,000
$ 5,184,825
Series AA, 4.00%, 06/15/50
 
10,535
9,610,708
Series AA, 5.00%, 06/15/50
 
1,000
1,037,793
Series AA, 5.25%, 06/15/50
 
4,445
4,693,592
Series AA, 5.00%, 06/15/55
 
3,500
3,598,686
Series BB, 4.00%, 06/15/44
 
5,100
4,925,108
Series BB, 4.00%, 06/15/50
 
9,100
8,363,819
Series BB, 5.25%, 06/15/50
 
19,575
20,569,259
Series C, (NPFGC), 0.00%, 12/15/32(d)
 
14,050
11,388,912
Series C, (AGM), 0.00%, 12/15/35(d)
 
8,300
5,931,931
Series C, (AGM), 0.00%, 12/15/36(d)
 
7,210
4,928,150
Series CC, 5.25%, 06/15/55
 
15,190
15,907,336
Series S, 5.00%, 06/15/33
 
2,450
2,570,185
Series S, Class BB, 5.00%, 06/15/36
 
3,750
4,077,940
Series S, Class BB, 4.00%, 06/15/37
 
1,550
1,559,931
Series S, Class BB, 4.00%, 06/15/40
 
6,000
5,922,565
Series S, Class BB, 4.00%, 06/15/50
 
8,290
7,562,674
New Jersey Transportation Trust Fund Authority, RB,
CAB, Series A, 0.00%, 12/15/35(d)
 
6,000
4,288,143
New Jersey Transportation Trust Fund Authority,
Refunding RB
 
4.00%, 12/15/39
 
3,630
3,595,691
Series A, 4.00%, 06/15/36
 
3,695
3,740,460
Series A, 5.25%, 06/15/41
 
4,000
4,388,246
South Jersey Port Corp., ARB
 
Series A, 5.00%, 01/01/49
 
4,150
4,166,869
Series B, AMT, 5.00%, 01/01/42
 
12,870
13,009,423
State of New Jersey, GO, 5.00%, 06/01/38
 
5,085
5,455,234
 
 
298,435,021
Tobacco — 6.3%
Tobacco Settlement Financing Corp., Refunding RB
 
Series A, 5.00%, 06/01/35
 
4,695
4,843,442
Series A, 5.00%, 06/01/46
 
7,465
7,395,603
Sub-Series B, 5.00%, 06/01/46
 
24,040
23,371,118
Series A, AMT, Intermediate Lien, 5.25%, 06/01/46
 
6,500
6,512,511
 
 
42,122,674
Transportation — 20.4%
New Jersey Economic Development Authority, ARB,
AMT, 6.38%, 01/01/35(b)
 
2,795
2,931,443
New Jersey Economic Development Authority, RB
 
AMT, (AGM), 5.00%, 01/01/31
 
1,000
1,016,773
AMT, 5.13%, 01/01/34
 
2,290
2,293,996
AMT, 5.38%, 01/01/43
 
23,510
23,536,362
AMT, 5.63%, 01/01/52
 
1,000
1,000,789
New Jersey Economic Development Authority,
Refunding ARB
 
AMT, 5.00%, 10/01/37
 
8,200
8,308,413
AMT, 5.00%, 10/01/47
 
7,015
7,019,272
New Jersey Transportation Trust Fund Authority, RB
 
4.50%, 12/15/28(c)
 
1,615
1,698,824
Series A, 5.00%, 06/15/30
 
4,250
4,261,134
New Jersey Turnpike Authority, RB
 
Series A, 5.00%, 01/01/34
 
2,500
2,532,859
Series A, 4.00%, 01/01/42
 
4,000
3,995,794
Series A, 5.25%, 01/01/50
 
19,685
21,172,881
Series A, 4.00%, 01/01/51
 
11,790
11,198,793
Security
 
Par
(000)
Value
Transportation (continued)
New Jersey Turnpike Authority, RB (continued)
 
Series B, 5.25%, 01/01/52
$
11,705
$ 12,330,910
New Jersey Turnpike Authority, Refunding RB
 
Series A, (HUD SECT 8), 5.25%, 01/01/29
 
4,000
4,287,440
Series A, (FHLMC, FNMA, GNMA), 5.25%,
01/01/29
 
500
535,930
Series A, (HUD SECT 8), 5.25%, 01/01/30
 
4,000
4,378,917
Series A, 4.00%, 01/01/39
 
7,175
7,295,736
Series C, 5.00%, 01/01/45
 
3,500
3,759,604
South Jersey Transportation Authority, RB
 
5.25%, 11/01/52
 
6,000
6,224,323
(BAM), 5.25%, 11/01/52
 
700
729,365
Series A, (SAW), 4.00%, 11/01/50
 
4,260
3,923,626
Series A, Subordinate, (BHAC-CR AGM), 4.00%,
11/01/50
 
2,000
1,842,078
 
 
136,275,262
Utilities — 5.8%
Passaic Valley Sewerage Commission, Refunding RB
 
Series J, (HUD SECT 8), 3.00%, 12/01/40
 
2,060
1,786,338
Series J, (HUD SECT 8), 3.00%, 12/01/41
 
2,110
1,801,727
Series J, (HUD SECT 8), 3.00%, 12/01/42
 
2,155
1,811,603
Series J, (FNMA), 3.00%, 12/01/43
 
2,205
1,817,824
Series J, (GNMA), 3.00%, 12/01/44
 
2,255
1,818,721
Series J, (AGM), 3.00%, 12/01/45
 
2,305
1,814,310
Rahway Valley Sewerage Authority, RB(d)
 
Series A, (AGM), 0.00%, 09/01/26
 
4,100
4,057,633
Series A, (AMBAC), 0.00%, 09/01/28
 
6,600
6,148,869
Series A, (AMBAC), 0.00%, 09/01/29
 
9,650
8,704,078
Series A, (AGM), 0.00%, 09/01/31
 
6,000
5,038,070
Series A, (AGM), 0.00%, 09/01/33
 
5,000
3,874,074
 
 
38,673,247
Total Municipal Bonds in New Jersey
927,282,953
New York — 9.4%
County/City/Special District/School District — 0.5%
New York City Transitional Finance Authority Future
Tax Secured Revenue, RB, Series E, Subordinate,
5.00%, 11/01/53
 
3,500
3,585,083
State — 1.2%
New York State Dormitory Authority, Refunding RB,
Series A, 5.00%, 03/15/50
 
8,030
8,355,579
Transportation — 7.7%
Port Authority of New York & New Jersey, ARB
 
Series 93, 6.13%, 06/01/94
 
6,000
6,009,921
AMT, 5.00%, 11/01/30
 
2,000
2,135,588
AMT, 5.00%, 11/01/33
 
1,030
1,092,008
AMT, 4.00%, 11/01/37
 
1,715
1,699,619
AMT, 4.00%, 09/01/38
 
1,085
1,066,393
Series 218, AMT, 5.00%, 11/01/32
 
3,105
3,302,013
Series 218, AMT, 4.00%, 11/01/47
 
835
758,615
Series 221, AMT, 4.00%, 07/15/40
 
1,500
1,462,949
Series 221, AMT, 4.00%, 07/15/45
 
1,975
1,852,732
Series 221, AMT, 4.00%, 07/15/50
 
4,415
3,933,592
Port Authority of New York & New Jersey, Refunding
ARB
 
AMT, 5.00%, 01/15/52
 
11,395
11,635,364
Series 206, AMT, 5.00%, 11/15/47
 
1,500
1,512,872
Series 223, AMT, 4.00%, 07/15/41
 
2,530
2,457,297
4
Schedule of Investments (unaudited)(continued)
April 30, 2026
BlackRock MuniHoldings New Jersey Quality Fund, Inc. (MUJ)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Transportation (continued)
Port Authority of New York & New Jersey, Refunding
ARB (continued)
 
Series 238, AMT, 5.00%, 07/15/39
$
1,670
$ 1,811,410
Port Authority of New York & New Jersey, Refunding
RB, Series 242, AMT, 5.00%, 12/01/53
 
10,205
10,435,310
 
 
51,165,683
Total Municipal Bonds in New York
63,106,345
Pennsylvania — 0.4%
Transportation — 0.4%
Delaware River Joint Toll Bridge Commission, RB,
5.00%, 07/01/42
 
2,460
2,496,329
Puerto Rico — 4.4%
State — 4.4%
Puerto Rico Sales Tax Financing Corp. Sales Tax
Revenue, RB
 
Series A-1, Restructured, 4.75%, 07/01/53
 
1,336
1,273,783
Series A-1, Restructured, 5.00%, 07/01/58
 
18,536
18,004,109
Series A-2, Restructured, 4.78%, 07/01/58
 
2,906
2,768,517
Series A-2, Restructured, 4.33%, 07/01/40
 
2,264
2,238,351
Series B-1, Restructured, 4.75%, 07/01/53
 
333
317,492
Series B-2, Restructured, 4.78%, 07/01/58
 
618
588,762
Puerto Rico Sales Tax Financing Corp. Sales Tax
Revenue, RB, CAB, Series A-1, Restructured,
0.00%, 07/01/46(d)
 
11,521
4,106,586
Total Municipal Bonds in Puerto Rico
29,297,600
Wisconsin — 1.2%
Education — 0.1%
Public Finance Authority, RB, 5.00%, 07/01/55(b)
 
785
715,315
Transportation — 1.1%
Public Finance Authority, RB
 
Series A, AMT, Senior Lien, 5.50%, 07/01/44
 
3,600
3,718,853
Series A, AMT, Senior Lien, 5.75%, 07/01/49
 
3,500
3,623,505
 
 
7,342,358
Total Municipal Bonds in Wisconsin
8,057,673
Total Municipal Bonds — 154.4%
(Cost: $1,036,923,213)
1,031,609,700
Municipal Bonds Transferred to Tender Option Bond Trusts(f)
New Jersey — 2.9%
Housing — 1.2%
New Jersey Housing & Mortgage Finance Agency, RB,
S/F Housing, Sustainability Bonds, Series M, 5.05%,
10/01/45
 
7,816
8,053,558
Utilities — 1.7%
Union County Utilities Authority, Refunding RB,
Series A, 5.00%, 06/15/41
 
11,685
11,691,199
Total Municipal Bonds in New Jersey
19,744,757
Total Municipal Bonds Transferred to Tender Option Bond
Trusts — 2.9%
(Cost: $19,501,829)
19,744,757
 
Security
 
 
Shares
Value
Warrants
Construction & Engineering — 0.0%
Brightline West, (Expires 11/26/35, Strike Price USD
5.00)(g)(h)
 
19,644
$        34,377
Total Warrants — 0.0%
(Cost: $  — )
34,377
Total Long-Term Investments — 157.3%
(Cost: $1,056,425,042)
1,051,388,834
Short-Term Securities
Money Market Funds — 4.8%
BlackRock Liquidity Funds, MuniCash, Institutional
Shares, 3.31%(i)(j)
 
31,901,667
31,904,857
Total Short-Term Securities — 4.8%
(Cost: $31,904,707)
31,904,857
Total Investments — 162.1%
(Cost: $1,088,329,749)
1,083,293,691
Other Assets Less Liabilities — 2.0%
13,309,147
Liability for TOB Trust Certificates, Including Interest Expense and
Fees Payable — (1.8)%
(11,774,178
)
VRDP Shares at Liquidation Value, Net of Deferred Offering Costs —
(62.3)%
(416,508,140
)
Net Assets Applicable to Common Shares — 100.0%
$   668,320,520
 
(a)
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.
(b)
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.
(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 is collateralized by municipal bonds or U.S. Treasury obligations.
(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)
Security is valued using significant unobservable inputs and is classified as Level 3 in the
fair value hierarchy.
(h)
Non-income producing security.
(i)
Affiliate of the Fund.
(j)
Annualized 7-day yield as of period end.
For purposes of this report, industry and sector sub-classifications may differ from those utilized by the Fund for compliance purposes. 
Schedule of Investments
5
Schedule of Investments (unaudited)(continued)
April 30, 2026
BlackRock MuniHoldings New Jersey Quality Fund, Inc. (MUJ)
 
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the period ended April 30, 2026 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: 
Affiliated Issuer
Value at
07/31/25
Purchases
at Cost
Proceeds
from Sales
Net
Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
04/30/26
Shares
Held at
04/30/26
Income
Capital Gain
Distributions
from
Underlying
Funds
BlackRock Liquidity Funds, MuniCash, Institutional Shares
$ 22,323,845
$ 9,581,012
(a)
$ —
$ —
$ —
$ 31,904,857
31,901,667
$ 363,552
$ —
 
(a)
Represents net amount purchased (sold).
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. 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 that the Fund has the ability to access for identical assets or liabilities;
• Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and
• Level 3 – Inputs that are unobservable and significant to the  entire fair value measurement for the asset or liability (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments).
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy.  In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have 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
$ —
$ 1,031,609,700
$ —
$ 1,031,609,700
Municipal Bonds Transferred to Tender Option Bond Trusts
—
19,744,757
—
19,744,757
Warrants
—
—
34,377
34,377
Short-Term Securities 
Money Market Funds
31,904,857
—
—
31,904,857
 
$31,904,857
$1,051,354,457
$34,377
$1,083,293,691
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
$—
$(11,706,105
)
$—
$(11,706,105
)
VRDP Shares at Liquidation Value
—
(417,100,000
)
—
(417,100,000
)
 
$—
$(428,806,105
)
$—
$(428,806,105
)
 
Portfolio Abbreviation 
AGM
 Assured Guaranty Municipal Corp.
AMBAC
 AMBAC Assurance Corp.
Portfolio Abbreviation (continued)
AMT
 Alternative Minimum Tax
ARB
 Airport Revenue Bonds
6
Schedule of Investments (unaudited)(continued)
April 30, 2026
BlackRock MuniHoldings New Jersey Quality Fund, Inc. (MUJ)
 
Portfolio Abbreviation (continued)
BAM
 Build America Mutual Assurance Co.
BHAC-CR
 Berkshire Hathaway Assurance Corp. - Custodian Receipt
CAB
 Capital Appreciation Bonds
COP
 Certificates of Participation
FHLMC
 Federal Home Loan Mortgage Corp.
FNMA
 Federal National Mortgage Association
GNMA
 Government National Mortgage Association
GO
 General Obligation Bonds
GOL
 General Obligation Ltd.
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.
PSF
 Permanent School Fund
RB
 Revenue Bonds
S/F
 Single-Family
SAB
 Special Assessment Bonds
SAW
 State Aid Withholding
Schedule of Investments
7