BLACKROCK NEW JERSEY MUNICIPAL INCOME TRUST
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
Investment Company Act file number 811-10335
Name of Fund: BlackRock New Jersey Municipal Income Trust (BNJ)
Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809
Name and address of agent for service:
John M. Perlowski, Chief Executive Officer, BlackRock New Jersey
Municipal Income Trust, 55 East
52nd Street, New York, NY 10055
Registrant’s telephone number, including area code: (800) 882-0052, Option 4
Date of fiscal year end: 07/31/2013
Date of reporting period: 10/31/2012
Item 1 – Schedule of Investments
|
|
|
|
|
|
| Schedule of Investments October 31, 2012 (Unaudited) |
|
BlackRock New Jersey Municipal Income
Trust (BNJ) (Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
| |
|
Par
(000) |
|
|
Value |
|
| Municipal Bonds |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New Jersey — 123.2% |
|
|
|
|
|
|
|
|
| Corporate — 9.2% |
|
|
|
|
|
|
|
|
| Middlesex County Improvement Authority, RB, Subordinate, Heldrich Center Hotel, Series B, 6.25%, 1/01/37 (a)(b) |
|
$ |
1,790 |
|
|
$ |
133,623 |
|
| New Jersey EDA, RB, Continental Airlines Inc. Project, AMT (c): |
|
|
|
|
|
|
|
|
| 7.00%, 11/15/30 |
|
|
3,450 |
|
|
|
3,462,834 |
|
| 7.20%, 11/15/30 |
|
|
2,000 |
|
|
|
2,007,480 |
|
| New Jersey EDA, Refunding RB, AMT, New Jersey American Water Co., Inc. Project: |
|
|
|
|
|
|
|
|
| Series A, 5.70%, 10/01/39 |
|
|
1,500 |
|
|
|
1,680,780 |
|
| Series B, 5.60%, 11/01/34 |
|
|
1,275 |
|
|
|
1,453,895 |
|
| Salem County Pollution Control Financing Authority, Refunding RB, Atlantic City Electric, Series A, 4.88%, 6/01/29 |
|
|
2,400 |
|
|
|
2,664,840 |
|
| |
|
|
|
|
|
|
11,403,452 |
|
| County/City/Special District/School District — 14.7% |
|
| Bergen County New Jersey Improvement Authority, Refunding RB, Fair Lawn Community Center, Inc. Project, 5.00%, 9/15/34 |
|
|
785 |
|
|
|
939,771 |
|
| City of Margate City New Jersey, GO, Refunding, Improvement, 5.00%, 1/15/28 |
|
|
1,085 |
|
|
|
1,253,707 |
|
| City of Perth Amboy New Jersey, GO, Refunding, CAB (AGM): |
|
|
|
|
|
|
|
|
| 5.00%, 7/01/34 |
|
|
1,075 |
|
|
|
1,163,548 |
|
| 5.00%, 7/01/35 |
|
|
175 |
|
|
|
188,468 |
|
| Essex County Improvement Authority, Refunding RB, Project Consolidation (NPFGC): |
|
|
|
|
|
|
|
|
| 5.50%, 10/01/28 |
|
|
1,440 |
|
|
|
1,908,043 |
|
| 5.50%, 10/01/29 |
|
|
2,630 |
|
|
|
3,509,709 |
|
| Hudson County Improvement Authority, RB, Harrison Parking Facility Project, Series C (AGC): |
|
|
|
|
|
|
|
|
| 5.25%, 1/01/39 |
|
|
2,000 |
|
|
|
2,237,200 |
|
| 5.38%, 1/01/44 |
|
|
2,400 |
|
|
|
2,697,072 |
|
| Newark Housing Authority, Refunding RB, Newark Redevelopment Project (NPFGC), 4.38%, 1/01/37 |
|
|
2,600 |
|
|
|
2,606,240 |
|
| Union County Improvement Authority, RB, Guaranteed Lease-Family Court Building Project, 5.00%, 5/01/42 |
|
|
1,515 |
|
|
|
1,738,220 |
|
| |
|
|
|
|
|
|
18,241,978 |
|
| Education — 13.2% |
|
|
|
|
|
|
|
|
| New Jersey EDA, RB, School Facilities Construction, Series CC-2, 5.00%, 12/15/31 |
|
|
1,525 |
|
|
|
1,730,280 |
|
|
|
|
|
|
|
|
|
|
| |
|
Par
(000) |
|
|
Value |
|
| Municipal Bonds |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New Jersey (continued) |
|
|
|
|
|
|
|
|
| Education (concluded) |
|
|
|
|
|
|
|
|
| New Jersey Educational Facilities Authority, RB, Montclair State University, Series J, 5.25%, 7/01/38 |
|
$ |
580 |
|
|
$ |
640,198 |
|
| New Jersey Educational Facilities Authority, Refunding RB: College of New Jersey, Series D (AGM), 5.00%, 7/01/35 |
|
|
3,230 |
|
|
|
3,544,796 |
|
| Georgian Court University, Series D, 5.00%, 7/01/33 |
|
|
250 |
|
|
|
264,680 |
|
| Kean University, Series A, 5.50%, 9/01/36 |
|
|
2,060 |
|
|
|
2,360,904 |
|
| New Jersey Institute of Technology, Series H, 5.00%, 7/01/31 |
|
|
660 |
|
|
|
745,919 |
|
| Ramapo College, Series B, 5.00%, 7/01/42 |
|
|
265 |
|
|
|
301,074 |
|
| University of Medicine & Dentistry, Series B, 7.50%, 12/01/32 |
|
|
1,450 |
|
|
|
1,826,260 |
|
| New Jersey Higher Education Student Assistance Authority, Refunding RB: |
|
|
|
|
|
|
|
|
| Series 1, AMT, 5.75%, 12/01/29 |
|
|
2,055 |
|
|
|
2,377,409 |
|
| Series 1A, 5.00%, 12/01/25 |
|
|
535 |
|
|
|
588,554 |
|
| Series 1A, 5.00%, 12/01/26 |
|
|
350 |
|
|
|
384,363 |
|
| Series 1A, 5.25%, 12/01/32 |
|
|
500 |
|
|
|
554,460 |
|
| New Jersey Institute of Technology, RB, Series A, 5.00%, 7/01/42 |
|
|
970 |
|
|
|
1,108,080 |
|
| |
|
|
|
|
|
|
16,426,977 |
|
| Health — 17.1% |
|
|
|
|
|
|
|
|
| New Jersey EDA, RB: First Mortgage, Lions Gate Project, Series A, 5.75%, 1/01/25 |
|
|
500 |
|
|
|
506,700 |
|
| First Mortgage, Lions Gate Project, Series A, 5.88%, 1/01/37 |
|
|
855 |
|
|
|
860,267 |
|
| Masonic Charity Foundation Project, 5.50%, 6/01/31 |
|
|
875 |
|
|
|
884,783 |
|
| New Jersey EDA, Refunding RB: |
|
|
|
|
|
|
|
|
| First Mortgage, Winchester, Series A, 5.75%, 11/01/24 |
|
|
4,050 |
|
|
|
4,162,711 |
|
| Seabrook Village, Inc. Facility, 5.25%, 11/15/26 |
|
|
1,790 |
|
|
|
1,835,054 |
|
| New Jersey Health Care Facilities Financing Authority, RB (AGC): |
|
|
|
|
|
|
|
|
| Meridian Health, Series I, 5.00%, 7/01/38 |
|
|
740 |
|
|
|
794,605 |
|
| Virtua Health, 5.50%, 7/01/38 |
|
|
1,250 |
|
|
|
1,395,075 |
|
| New Jersey Health Care Facilities Financing Authority, Refunding RB: |
|
|
|
|
|
|
|
|
| AHS Hospital Corp., 6.00%, 7/01/37 |
|
|
900 |
|
|
|
1,121,796 |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
BLACKROCK NEW JERSEY MUNICIPAL INCOME TRUST |
|
OCTOBER 31, 2012 |
|
1 |
|
|
|
|
|
|
| Schedule of Investments (continued) |
|
BlackRock New Jersey Municipal Income
Trust (BNJ) (Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
| |
|
Par
(000) |
|
|
Value |
|
| Municipal Bonds |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New Jersey (continued) |
|
|
|
|
|
|
|
|
| Health (concluded) |
|
|
|
|
|
|
|
|
| New Jersey Health Care Facilities Financing Authority, Refunding RB (concluded): |
|
|
|
|
|
|
|
|
| AHS Hospital Corp., 6.00%, 7/01/41 |
|
$ |
1,045 |
|
|
$ |
1,294,347 |
|
| Barnabas Health, Series A, 5.63%, 7/01/32 |
|
|
580 |
|
|
|
657,505 |
|
| Barnabas Health, Series A, 5.63%, 7/01/37 |
|
|
1,605 |
|
|
|
1,803,089 |
|
| Kennedy Health System, 5.00%, 7/01/37 |
|
|
120 |
|
|
|
130,944 |
|
| Kennedy Health System, 5.00%, 7/01/42 |
|
|
500 |
|
|
|
546,445 |
|
| Meridian Health System Obligated Group Issue, 5.00%, 7/01/26 |
|
|
970 |
|
|
|
1,107,216 |
|
| Robert Wood Johnson, 5.00%, 7/01/31 |
|
|
500 |
|
|
|
551,150 |
|
| South Jersey Hospital, 5.00%, 7/01/46 |
|
|
1,650 |
|
|
|
1,709,021 |
|
| St. Barnabas Health Care System, Series A, 5.00%, 7/01/29 |
|
|
1,750 |
|
|
|
1,806,630 |
|
| |
|
|
|
|
|
|
21,167,338 |
|
| Housing — 10.9% |
|
|
|
|
|
|
|
|
| Middlesex County Improvement Authority, RB, AMT (Fannie Mae): |
|
|
|
|
|
|
|
|
| Administration Building Residential Project, 5.35%, 7/01/34 |
|
|
1,400 |
|
|
|
1,401,568 |
|
| New Brunswick Apartments Rental Housing, 5.30%, 8/01/35 |
|
|
4,335 |
|
|
|
4,339,899 |
|
| New Jersey State Housing & Mortgage Finance Agency, RB: |
|
|
|
|
|
|
|
|
| M/F, Series A, 4.55%, 11/01/43 |
|
|
1,540 |
|
|
|
1,589,372 |
|
| S/F Housing, Series CC, 5.00%, 10/01/34 |
|
|
1,445 |
|
|
|
1,560,802 |
|
| S/F Housing, Series X, AMT, 4.85%, 4/01/16 |
|
|
995 |
|
|
|
1,024,163 |
|
| Series A, 4.75%, 11/01/29 |
|
|
1,185 |
|
|
|
1,261,871 |
|
| Series AA, 6.38%, 10/01/28 |
|
|
1,055 |
|
|
|
1,142,998 |
|
| Series AA, 6.50%, 10/01/38 |
|
|
1,190 |
|
|
|
1,259,627 |
|
| |
|
|
|
|
|
|
13,580,300 |
|
| State — 28.2% |
|
|
|
|
|
|
|
|
| Garden State Preservation Trust, RB, CAB, Series B (AGM), 3.21%, 11/01/26 (d) |
|
|
6,000 |
|
|
|
3,841,740 |
|
| New Jersey EDA, RB: |
|
|
|
|
|
|
|
|
| Kapkowski Road Landfill Project, Series B, AMT, 6.50%, 4/01/31 |
|
|
5,000 |
|
|
|
5,929,150 |
|
|
|
|
|
|
|
|
|
|
| |
|
Par
(000) |
|
|
Value |
|
| Municipal Bonds |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New Jersey (continued) |
|
|
|
|
|
|
|
|
| State (concluded) |
|
|
|
|
|
|
|
|
| New Jersey EDA, RB (concluded): |
|
|
|
|
|
|
|
|
| Motor Vehicle Surcharge, Series A (NPFGC), 5.25%, 7/01/25 |
|
$ |
1,365 |
|
|
$ |
1,687,440 |
|
| School Facilities Construction, Series KK, 5.00%, 3/01/35 |
|
|
1,000 |
|
|
|
1,134,530 |
|
| School Facilities Construction, Series KK, 5.00%, 3/01/38 |
|
|
785 |
|
|
|
888,502 |
|
| School Facilities Construction, Series Z (AGC), 5.50%, 12/15/34 |
|
|
3,000 |
|
|
|
3,440,010 |
|
| New Jersey EDA, Refunding RB: |
|
|
|
|
|
|
|
|
| 5.00%, 6/15/26 |
|
|
810 |
|
|
|
912,157 |
|
| (AGM), 5.00%, 6/15/22 |
|
|
2,940 |
|
|
|
3,425,306 |
|
| Cigarette Tax, 5.00%, 6/15/29 |
|
|
1,000 |
|
|
|
1,112,970 |
|
| Kapkowski Road Landfill Project, 6.50%, 4/01/28 |
|
|
2,500 |
|
|
|
3,001,775 |
|
| School Facilities Construction, Series GG, 5.25%, 9/01/26 |
|
|
3,500 |
|
|
|
4,133,255 |
|
| New Jersey Health Care Facilities Financing Authority, RB, Hospital Asset Transformation Program, Series A, 5.25%, 10/01/38 |
|
|
2,350 |
|
|
|
2,570,618 |
|
| State of New Jersey, COP, Equipment Lease Purchase, Series A: |
|
|
|
|
|
|
|
|
| 5.25%, 6/15/27 |
|
|
2,000 |
|
|
|
2,268,500 |
|
| 5.25%, 6/15/28 |
|
|
600 |
|
|
|
678,204 |
|
| |
|
|
|
|
|
|
35,024,157 |
|
| Transportation — 27.2% |
|
|
|
|
|
|
|
|
| Delaware River Port Authority of Pennsylvania & New Jersey, RB, Series D, 5.00%, 1/01/40 |
|
|
800 |
|
|
|
894,800 |
|
| New Jersey State Turnpike Authority, RB: |
|
|
|
|
|
|
|
|
| Series A, 5.00%, 1/01/35 |
|
|
620 |
|
|
|
717,098 |
|
| Series E, 5.25%, 1/01/40 |
|
|
1,970 |
|
|
|
2,217,767 |
|
| New Jersey State Turnpike Authority, Series B, Refunding RB, 5.00%, 1/01/30 |
|
|
1,415 |
|
|
|
1,665,412 |
|
| New Jersey Transportation Trust Authority, RB, Transportation System: |
|
|
|
|
|
|
|
|
| CAB, Series C (AGM), 4.40%, 12/15/32 (d) |
|
|
4,000 |
|
|
|
1,667,200 |
|
| Series A, 6.00%, 6/15/35 |
|
|
4,135 |
|
|
|
5,103,004 |
|
| Series A, 5.88%, 12/15/38 |
|
|
1,770 |
|
|
|
2,060,138 |
|
| Series A, 6.00%, 12/15/38 |
|
|
945 |
|
|
|
1,108,797 |
|
| Series A, 5.50%, 6/15/41 |
|
|
1,000 |
|
|
|
1,169,610 |
|
| Series A (AGC), 5.50%, 12/15/38 |
|
|
1,000 |
|
|
|
1,138,240 |
|
| Series B, 5.25%, 6/15/36 |
|
|
2,500 |
|
|
|
2,889,525 |
|
| Series B, 5.00%, 6/15/42 |
|
|
1,320 |
|
|
|
1,488,208 |
|
| Port Authority of New York & New Jersey, RB, JFK International Air Terminal, Special Project, Series 6: |
|
|
|
|
|
|
|
|
| 6.00%, 12/01/42 |
|
|
1,430 |
|
|
|
1,668,796 |
|
| AMT (NPFGC), 5.75%, 12/01/22 |
|
|
6,000 |
|
|
|
6,001,980 |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
BLACKROCK NEW JERSEY MUNICIPAL INCOME TRUST |
|
OCTOBER 31, 2012 |
|
2 |
|
|
|
|
|
|
| Schedule of Investments (continued) |
|
BlackRock New Jersey Municipal Income
Trust (BNJ) (Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
| |
|
Par
(000) |
|
|
Value |
|
| Municipal Bonds |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New Jersey (concluded) |
|
|
|
|
|
|
|
|
| Transportation (concluded) |
|
|
|
|
|
|
|
|
| Port Authority of New York & New Jersey, Refunding RB, Consolidated 152nd Series, AMT, 5.75%, 11/01/30 |
|
$ |
1,750 |
|
|
$ |
2,064,212 |
|
| South Jersey Transportation Authority, Refunding RB, Series A: |
|
|
|
|
|
|
|
|
| 5.00%, 11/01/27 |
|
|
1,000 |
|
|
|
1,161,680 |
|
| 5.00%, 11/01/28 |
|
|
305 |
|
|
|
352,513 |
|
| 5.00%, 11/01/29 |
|
|
305 |
|
|
|
351,949 |
|
| |
|
|
|
|
|
|
33,720,929 |
|
| Utilities — 2.7% |
|
|
|
|
|
|
|
|
| Rahway Valley Sewerage Authority, RB, CAB, Series A (NPFGC), 4.50%, 9/01/33 (d) |
|
|
2,000 |
|
|
|
791,720 |
|
| Union County Utilities Authority, Refunding RB, New Jersey Solid Waste System, County Deficiency Agreement, Series A, 5.00%,
6/15/41 |
|
|
2,185 |
|
|
|
2,512,969 |
|
| |
|
|
|
|
|
|
3,304,689 |
|
| Total Municipal Bonds in New Jersey |
|
|
|
|
|
|
152,869,820 |
|
|
|
|
|
|
|
|
|
|
|
Puerto Rico — 13.4% |
|
|
|
|
|
|
|
|
| Housing — 3.5% |
|
|
|
|
|
|
|
|
| Puerto Rico Housing Finance Authority, RB, Mortgage-Backed Securities, Series B, AMT (Ginnie Mae), 5.30%, 12/01/28 |
|
|
2,160 |
|
|
|
2,162,722 |
|
| Puerto Rico Housing Finance Authority, Refunding RB, Mortgage-Backed Securities, Series A (Ginnie Mae), 5.20%, 12/01/33 |
|
|
2,160 |
|
|
|
2,163,283 |
|
| |
|
|
|
|
|
|
4,326,005 |
|
| State — 9.9% |
|
|
|
|
|
|
|
|
| Puerto Rico Public Buildings Authority, RB, CAB, Series D (AMBAC), 5.45%, 7/01/17 (e) |
|
|
3,665 |
|
|
|
4,408,665 |
|
| Puerto Rico Sales Tax Financing Corp., RB, First Sub-Series A: |
|
|
|
|
|
|
|
|
| 5.75%, 8/01/37 |
|
|
3,075 |
|
|
|
3,396,122 |
|
| 6.00%, 8/01/42 |
|
|
2,250 |
|
|
|
2,488,523 |
|
| Puerto Rico Sales Tax Financing Corp., Refunding RB, First Sub, Series C, 6.00%, 8/01/39 |
|
|
1,740 |
|
|
|
1,947,669 |
|
| |
|
|
|
|
|
|
12,240,979 |
|
| Total Municipal Bonds in Puerto Rico |
|
|
|
|
|
|
16,566,984 |
|
| Total Municipal Bonds – 136.6% |
|
|
|
|
|
|
169,436,804 |
|
|
|
|
|
|
|
|
|
|
| |
|
Par
(000) |
|
|
Value |
|
| Municipal Bonds Transferred to Tender Option Bond (TOB) Trusts (f) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New Jersey — 16.1% |
|
|
|
|
|
|
|
|
| Education — 4.2% |
|
|
|
|
|
|
|
|
| New Jersey EDA, RB, School Facilities Construction, Series Z (AGC), 6.00%, 12/15/34 |
|
$ |
3,000 |
|
|
$ |
3,531,030 |
|
| Rutgers State University of New Jersey, Refunding RB, Series F, 5.00%, 5/01/39 |
|
|
1,499 |
|
|
|
1,674,195 |
|
| |
|
|
|
|
|
|
5,205,225 |
|
| Transportation — 6.8% |
|
|
|
|
|
|
|
|
| New Jersey Transportation Trust Authority, RB, Transportation System, Series A (AGM), 5.00%, 12/15/32 |
|
|
2,000 |
|
|
|
2,308,980 |
|
| Port Authority of New York & New Jersey, RB, Consolidated, 152nd Series, AMT, 5.00%, 10/15/41 |
|
|
3,495 |
|
|
|
3,870,712 |
|
| Port Authority of New York & New Jersey, Refunding RB, 152nd Series, AMT, 5.25%, 11/01/35 |
|
|
2,039 |
|
|
|
2,254,006 |
|
| |
|
|
|
|
|
|
8,433,698 |
|
| Utilities — 5.1% |
|
|
|
|
|
|
|
|
| Union County Utilities Authority, Refunding RB, New Jersey Resource Recovery Facility, Covanta
Union, Inc., Series A, AMT, 5.25%, 12/01/31 |
|
|
5,710 |
|
|
|
6,377,956 |
|
| Total Municipal Bonds in New Jersey |
|
|
|
|
|
|
20,016,879 |
|
|
|
|
|
|
|
|
|
|
| Puerto Rico — 1.1% |
|
|
|
|
|
|
|
|
| State — 1.1% |
|
|
|
|
|
|
|
|
| Puerto Rico Sales Tax Financing Corp., Refunding RB, Senior Series C, 5.25%,
8/01/40 |
|
|
1,180 |
|
|
|
1,295,251 |
|
| Municipal Bonds Transferred to
Tender Option Bond (TOB) Trusts (f)–17.2% |
|
|
|
|
|
|
21,312,130 |
|
| Total Long-Term Investments
(Cost – $174,963,836) – 153.8% |
|
|
|
|
|
|
190,748,934 |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
BLACKROCK NEW JERSEY MUNICIPAL INCOME TRUST |
|
OCTOBER 31, 2012 |
|
3 |
|
|
|
|
|
|
| Schedule of Investments (continued) |
|
BlackRock New Jersey Municipal Income
Trust (BNJ) (Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
| |
|
Shares |
|
|
Value |
|
| Short-Term Securities |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| BIF New Jersey Municipal Money
Trust (g)(h) |
|
|
992,557 |
|
|
$ |
992,557 |
|
| Total Short-Term
Securities (Cost – $992,557) – 0.8% |
|
|
|
992,557 |
|
| Total Investments (Cost—$175,956,393*) – 154.6% |
|
|
|
191,741,491 |
|
| Other Assets Less Liabilities – 1.7% |
|
|
|
2,051,590 |
|
| Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable – (8.6)% |
|
|
|
(10,641,358 |
) |
| VMTP Shares, at Liquidation Value – (47.7)% |
|
|
|
(59,100,000 |
) |
| Net Assets Applicable to Common Shares – 100.0% |
|
|
$ |
124,051,723 |
|
| * |
As of October 31, 2012, gross unrealized appreciation and gross unrealized depreciation based on cost for federal income tax purposes were as follows:
|
|
|
|
|
|
| Tax cost |
|
$ |
165,336,978 |
|
| Gross unrealized appreciation |
|
$ |
17,398,885 |
|
| Gross unrealized depreciation |
|
|
(1,627,918 |
) |
| Net unrealized appreciation |
|
$ |
15,770,967 |
|
| (a) |
Issuer filed for bankruptcy and/or is in default of principal and/or interest payments. |
| (b) |
Non-income producing security. |
| (c) |
Variable rate security. Rate shown is as of report date. |
| (d) |
Represents a zero-coupon bond. Rate shown reflects the current yield as of report date. |
| (e) |
US 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.
|
| (f) |
Securities represent bonds transferred to a TOB in exchange for which the Trust acquired residual interest certificates. These securities serve as collateral in a financing
transaction. |
| (g) |
Investments in issuers considered to be an affiliate of the Trust during the period ended October 31, 2012, for purposes of Section 2(a)(3) of the Investment Company
Act of 1940, as amended, were as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
| Affiliate |
|
Shares
Held at
July 31,
2012 |
|
|
Net
Activity |
|
|
Shares
Held at
October 31,
2012 |
|
|
Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| BIF New Jersey Municipal Money Trust |
|
|
2,329,356 |
|
|
|
(1,336,799 |
) |
|
|
992,557 |
|
|
$ |
— |
|
| (h) |
Represents the current yield as of report date.
|
To simplify the listings of portfolio holdings in the Schedule of Investments, the names and descriptions of many of the securities
have been abbreviated according to the following list:
|
|
|
| AGC |
|
Assured Guaranty Corp. |
| AGM |
|
Assured Guaranty Municipal Corp. |
| AMBAC |
|
American Municipal Bond Assurance Corp. |
| AMT |
|
Alternative Minimum Tax (subject to) |
| CAB |
|
Capital Appreciation Bonds |
| COP |
|
Certificates of Participation |
| EDA |
|
Economic Development Authority |
| Fannie Mae |
|
Federal National Mortgage Obligation |
| Ginnie Mae |
|
Government National Mortgage Obligation |
| GO |
|
General Obligation Bonds |
| M/F |
|
Multi-Family |
| NPFGC |
|
National Public Finance Guarantee Corp. |
| RB |
|
Revenue Bonds |
| S/F |
|
Single-Family |
| • |
For Trust compliance purposes, the Trust’s sector classifications refer to any 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 Trust management. These definitions may not apply for purposes of this report, which may combine such sector sub-classifications for reporting ease.
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
BLACKROCK NEW JERSEY MUNICIPAL INCOME TRUST |
|
OCTOBER 31, 2012 |
|
4 |
|
|
|
|
|
|
| Schedule of Investments (concluded) |
|
BlackRock New Jersey Municipal Income
Trust (BNJ) |
| • |
Fair Value Measurements - Various inputs are used in determining the fair value of investments. These inputs to valuation techniques are categorized into a disclosure hierarchy
consisting of three broad levels for financial reporting purposes as follows: |
| |
• |
Level 1 — unadjusted price quotations in active markets/exchanges for identical assets and liabilities that the Trust has the ability to access |
| |
• |
Level 2 — other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or
similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and
default rates) or other market-corroborated inputs) |
| |
• |
Level 3 — unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Trust’s own
assumptions used in determining the fair value of investments) |
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 level in the fair value hierarchy within which the fair value measurement falls in
its entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety.
Changes in valuation
techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the Trust’s policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as
of the beginning of the reporting period. The categorization of a value determined for investments is based on the pricing transparency of the investment and is not necessarily an indication of the risks associated with investing in those
securities. For information about the Trust’s policy regarding valuation of investments and other significant accounting policies, please refer to the Trust’s most recent financial statements as contained in its annual report.
The following table summarizes the Trust’s investments categorized in the disclosure hierarchy as of
October 31, 2012:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
| Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Long-Term
Investments1 |
|
|
— |
|
|
$ |
190,748,934 |
|
|
|
— |
|
|
$ |
190,748,934 |
|
| Short-Term Securities |
|
$ |
992,557 |
|
|
|
— |
|
|
|
— |
|
|
|
992,557 |
|
| Total |
|
$ |
992,557 |
|
|
$ |
190,748,934 |
|
|
|
— |
|
|
$ |
191,741,491 |
|
| 1 |
See above Schedule of Investments for values in each sector. |
Certain of the Trust’s liabilities are held at carrying amount, which approximates fair value for financial reporting purposes. As of October 31, 2012, such liabilities are categorized within the
disclosure hierarchy as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
| Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Bank overdraft |
|
|
— |
|
|
$ |
(94,684 |
) |
|
|
— |
|
|
$ |
(94,684 |
) |
| TOB trust Certificates |
|
|
— |
|
|
|
(10,633,546 |
) |
|
|
— |
|
|
|
(10,633,546 |
) |
| VMTP Shares |
|
|
— |
|
|
|
(59,100,000 |
) |
|
|
— |
|
|
|
(59,100,000 |
) |
| Total |
|
|
— |
|
|
$ |
(69,828,230 |
) |
|
|
— |
|
|
$ |
(69,828,230 |
) |
There were no transfers between levels during the period ended October 31, 2012.
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
BLACKROCK NEW JERSEY MUNICIPAL INCOME TRUST |
|
OCTOBER 31, 2012 |
|
5 |
|
|
|
| Item 2 – |
|
Controls and Procedures |
|
|
| 2(a) – |
|
The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded
that the registrant’s disclosure
controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of
1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the evaluation
of these
controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) under the Securities
Exchange Act of 1934, as amended. |
|
|
| 2(b) – |
|
There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the
registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
|
|
| Item 3 – |
|
Exhibits |
|
|
| |
|
Certifications – Attached hereto |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940,
the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
BlackRock New Jersey
Municipal Income Trust
|
|
|
| By: |
|
/s/ John M. Perlowski |
|
|
John M. Perlowski |
|
|
Chief Executive Officer (principal executive officer) of |
|
|
BlackRock New Jersey Municipal Income Trust |
|
|
| Date: |
|
December 21, 2012 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report
has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
|
|
|
| By: |
|
/s/ John M. Perlowski |
|
|
John M. Perlowski |
|
|
Chief Executive Officer (principal executive officer) of |
|
|
BlackRock New Jersey Municipal Income Trust |
|
|
| Date: |
|
December 21, 2012 |
|
|
| By: |
|
/s/ Neal J. Andrews |
|
|
Neal J. Andrews |
|
|
Chief Financial Officer (principal financial officer) of |
|
|
BlackRock New Jersey Municipal Income Trust |
|
|
| Date: |
|
December 21, 2012 |