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: 07/31/2012

 

Date of reporting period: 04/30/2012

 

Item 1 – Schedule of Investments

 

 

 

 

 

Schedule of Investments April 30, 2012 (Unaudited)

BlackRock New Jersey Municipal Income Trust (BNJ)
 (Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

New Jersey — 118.4%

 

 

 

 

 

 

 

Corporate — 9.3%

 

 

 

 

 

 

 

New Jersey EDA, RB, Continental Airlines
Inc. Project (a):

 

 

 

 

 

 

 

7.00%, 11/15/30

 

$

3,450

 

$

3,462,937

 

7.20%, 11/15/30

 

 

2,000

 

 

2,007,500

 

New Jersey EDA, Refunding RB, AMT:

 

 

 

 

 

 

 

Series A, 5.70%, 10/01/39

 

 

1,500

 

 

1,647,315

 

Series B, 5.60%, 11/01/34

 

 

1,275

 

 

1,421,842

 

Salem County Utilities Authority,
Refunding RB, Atlantic City Electric,
Series A, 4.88%, 6/01/29

 

 

2,400

 

 

2,590,680

 

 

 

 

 

 

 

11,130,274

 

County/City/Special District/School District — 17.8%

 

 

 

 

 

 

 

City of Margate City New Jersey, GO,
Improvement, 5.00%, 1/15/28

 

 

1,085

 

 

1,220,072

 

City of Perth Amboy New Jersey, GO,
CAB (AGM) (b):

 

 

 

 

 

 

 

4.50%, 7/01/34

 

 

1,075

 

 

1,115,205

 

4.50%, 7/01/35

 

 

175

 

 

180,964

 

Essex County Improvement Authority,
RB, Newark Project, Series A (AGM),
6.00%, 11/01/30

 

 

1,090

 

 

1,237,412

 

Essex County Improvement Authority,
Refunding RB, Project Consolidation
(NPFGC):

 

 

 

 

 

 

 

5.50%, 10/01/28

 

 

1,440

 

 

1,811,808

 

5.50%, 10/01/29

 

 

2,630

 

 

3,315,562

 

Hudson County Improvement Authority,
RB, Harrison Parking Facility Project,
Series C (AGC):

 

 

 

 

 

 

 

5.25%, 1/01/39

 

 

2,000

 

 

2,192,780

 

5.38%, 1/01/44

 

 

2,400

 

 

2,645,976

 

Middlesex County Improvement
Authority, RB, Subordinate, Heldrich
Center Hotel, Series B, 6.25%,
1/01/37 (c)(d)

 

 

1,790

 

 

159,292

 

New Jersey EDA, Refunding RB:

 

 

 

 

 

 

 

Cigarette Tax, 5.00%,
6/15/29

 

 

1,000

 

 

1,069,640

 

School Facilities Construction,
Series GG, 5.25%, 9/01/26

 

 

3,500

 

 

4,004,840

 

Newark Housing Authority, Refunding
RB, Newark Redevelopment Project
(NPFGC), 4.38%, 1/01/37

 

 

2,600

 

 

2,320,188

 

 

 

 

 

 

 

21,273,739

 

Education — 13.1%

 

 

 

 

 

 

 

New Jersey EDA, RB, School Facilities
Construction, Series CC-2, 5.00%,
12/15/31

 

 

1,525

 

 

1,683,234

 

New Jersey Educational Facilities
Authority, RB:

 

 

 

 

 

 

 

Montclair State University,
Series J, 5.25%, 7/01/38

 

 

580

 

 

627,821

 

Refunding Kean University,
Series A, 5.50%, 9/01/36

 

 

2,060

 

 

2,285,055

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

New Jersey (continued)

 

 

 

 

 

 

 

Education (concluded)

 

 

 

 

 

 

 

New Jersey Educational Facilities
Authority, Refunding RB:

 

 

 

 

 

 

 

College of New Jersey, Series D
(AGM), 5.00%, 7/01/35

 

$

3,230

 

$

3,479,873

 

Georgian Court University,
Series D, 5.00%, 7/01/33

 

 

250

 

 

260,253

 

New Jersey Institute of
Technology, Series H,
5.00%, 7/01/31

 

 

660

 

 

719,981

 

University of Medicine &
Dentistry, Series B, 7.50%,
12/01/32

 

 

1,450

 

 

1,758,400

 

New Jersey Higher Education Student
Assistance Authority, RB, Series 1,
AMT, 5.75%, 12/01/29

 

 

2,055

 

 

2,269,994

 

New Jersey Higher Education Student
Assistance Authority, Refunding RB,
Series 1A:

 

 

 

 

 

 

 

5.00%, 12/01/25

 

 

535

 

 

578,158

 

5.00%, 12/01/26

 

 

350

 

 

376,324

 

5.25%, 12/01/32

 

 

500

 

 

540,530

 

New Jersey Institute of Technology, GO,
Series A, 5.00%, 7/01/42

 

 

970

 

 

1,069,958

 

 

 

 

 

 

 

15,649,581

 

Health — 21.5%

 

 

 

 

 

 

 

New Jersey EDA, RB:

 

 

 

 

 

 

 

First Mortgage, Lions Gate
Project, Series A, 5.75%,
1/01/25

 

 

500

 

 

492,890

 

First Mortgage, Lions Gate
Project, Series A, 5.88%,
1/01/37

 

 

855

 

 

813,823

 

Masonic Charity Foundation
Project, 5.50%, 6/01/31

 

 

875

 

 

889,245

 

New Jersey EDA, Refunding RB:

 

 

 

 

 

 

 

First Mortgage, Winchester,
Series A, 5.75%, 11/01/24

 

 

4,050

 

 

4,154,611

 

Seabrook Village Inc. Facility,
5.25%, 11/15/26

 

 

1,790

 

 

1,768,466

 

New Jersey Health Care Facilities
Financing Authority, RB:

 

 

 

 

 

 

 

AHS Hospital Corp., 6.00%,
7/01/37

 

 

900

 

 

1,061,199

 

AHS Hospital Corp., 6.00%,
7/01/41

 

 

1,045

 

 

1,223,298

 

Hospital Asset Transformation
Program, Series A, 5.25%,
10/01/38

 

 

2,350

 

 

2,513,419

 

Kennedy Health System,
5.63%, 7/01/31

 

 

2,030

 

 

2,033,694

 

Meridian Health, Series I (AGC),
5.00%, 7/01/38

 

 

750

 

 

787,260

 

Virtua Health (AGC), 5.50%,
7/01/38

 

 

1,250

 

 

1,360,925

 

 

 

 

 

 

 

 

 

 

BLACKROCK NEW JERSEY MUNICIPAL INCOME TRUST

APRIL 30, 2012

1


 

 

 

 

Schedule of Investments (continued)

BlackRock New Jersey Municipal Income Trust (BNJ)
(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

New Jersey (continued)

 

 

 

 

 

 

 

Health (concluded)

 

 

 

 

 

 

 

New Jersey Health Care Facilities
Financing Authority, Refunding RB:

 

 

 

 

 

 

 

Atlantic City Medical System,
5.75%, 7/01/25

 

$

1,255

 

$

1,260,773

 

Barnabas Health, Series A,
5.63%, 7/01/32

 

 

580

 

 

621,337

 

Barnabas Health, Series A,
5.63%, 7/01/37

 

 

1,605

 

 

1,696,068

 

Meridian Health System
Obligated Group Issue,
5.00%, 7/01/26

 

 

970

 

 

1,062,228

 

Robert Wood Johnson, 5.00%,
7/01/31

 

 

500

 

 

538,535

 

South Jersey Hospital, 5.00%,
7/01/46

 

 

1,650

 

 

1,680,888

 

St. Barnabas Health Care
System, Series A, 5.00%,
7/01/29

 

 

1,750

 

 

1,774,605

 

 

 

 

 

 

 

25,733,264

 

Housing — 10.9%

 

 

 

 

 

 

 

Middlesex County Improvement
Authority, RB, AMT (Fannie Mae):

 

 

 

 

 

 

 

Administration Building
Residential Project, 5.35%,
7/01/34

 

 

1,400

 

 

1,400,924

 

New Brunswick Apartments
Rental Housing, 5.30%,
8/01/35

 

 

4,345

 

 

4,354,255

 

New Jersey State Housing & Mortgage
Finance Agency, RB:

 

 

 

 

 

 

 

S/F Housing, Series CC,
5.00%, 10/01/34

 

 

1,735

 

 

1,818,610

 

S/F Housing, Series X, AMT,
4.85%, 4/01/16

 

 

1,310

 

 

1,355,326

 

Series A, 4.75%, 11/01/29

 

 

1,185

 

 

1,246,821

 

Series AA, 6.38%, 10/01/28

 

 

1,250

 

 

1,373,938

 

Series AA, 6.50%, 10/01/38

 

 

1,395

 

 

1,496,723

 

 

 

 

 

 

 

13,046,597

 

State — 20.4%

 

 

 

 

 

 

 

Garden State Preservation Trust, RB,
CAB, Series B (AGM), 5.22%,
11/01/26 (e)

 

 

6,000

 

 

3,612,060

 

New Jersey EDA, RB:

 

 

 

 

 

 

 

Kapkowski Road Landfill
Project, Series 1998B, AMT,
6.50%, 4/01/31

 

 

5,000

 

 

5,669,000

 

Motor Vehicle Surcharge, Series A
(NPFGC), 5.25%, 7/01/24

 

 

1,000

 

 

1,189,670

 

Motor Vehicle Surcharge, Series A
(NPFGC), 5.25%, 7/01/25

 

 

1,365

 

 

1,623,217

 

School Facilities Construction,
Series Z (AGC), 5.50%, 12/15/34

 

 

3,000

 

 

3,344,400

 

New Jersey EDA, Refunding RB:

 

 

 

 

 

 

 

5.00%, 6/15/26

 

 

810

 

 

875,594

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

New Jersey (concluded)

 

 

 

 

 

 

 

State (concluded)

 

 

 

 

 

 

 

New Jersey EDA, Refunding RB
(concluded):

 

 

 

 

 

 

 

School Facilities Construction,
Series AA, 5.50%, 12/15/29

 

$

2,000

 

$

2,248,880

 

New Jersey EDA, Special Assessment
Bonds, Refunding, Kapkowski Road
Landfill Project, 6.50%, 4/01/28

 

 

2,500

 

 

2,885,725

 

State of New Jersey, COP, Equipment
Lease Purchase, Series A:

 

 

 

 

 

 

 

5.25%, 6/15/27

 

 

2,000

 

 

2,227,080

 

5.25%, 6/15/28

 

 

600

 

 

663,690

 

 

 

 

 

 

 

24,339,316

 

Transportation — 22.8%

 

 

 

 

 

 

 

Delaware River Port Authority, RB,
Series D, 5.00%, 1/01/40

 

 

800

 

 

858,904

 

New Jersey State Turnpike Authority, RB,
Series E, 5.25%, 1/01/40

 

 

1,970

 

 

2,172,161

 

New Jersey Transportation Trust Fund
Authority, RB, Transportation System:

 

 

 

 

 

 

 

CAB, Series C (AGM), 4.86%,
12/15/32 (e)

 

 

4,000

 

 

1,457,000

 

Series A, 6.00%, 6/15/35

 

 

4,135

 

 

4,979,408

 

Series A, 5.88%, 12/15/38

 

 

1,770

 

 

2,017,694

 

Series A, 6.00%, 12/15/38

 

 

945

 

 

1,085,380

 

Series A, 5.50%, 6/15/41

 

 

1,000

 

 

1,139,940

 

Series A (AGC), 5.50%, 12/15/38

 

 

1,000

 

 

1,116,680

 

Series B, 5.25%, 6/15/36

 

 

2,500

 

 

2,793,550

 

Port Authority of New York & New Jersey,
RB, JFK International Air Terminal,
Special Project, Series 6:

 

 

 

 

 

 

 

6.00%, 12/01/42

 

 

1,430

 

 

1,584,955

 

AMT (NPFGC), 5.75%, 12/01/22

 

 

6,000

 

 

6,000,900

 

Port Authority of New York & New Jersey,
Refunding RB, Consolidated, 152nd
Series, 5.75%, 11/01/30

 

 

1,750

 

 

2,020,340

 

 

 

 

 

 

 

27,226,912

 

Utilities — 2.6%

 

 

 

 

 

 

 

Rahway Valley Sewerage Authority, RB,
CAB, Series A (NPFGC), 4.42%,
9/01/33 (e)

 

 

2,000

 

 

713,760

 

Union County Utilities Authority,
Refunding RB, New Jersey Solid
Waste System, County Deficiency
Agreement, Series A, 5.00%, 6/15/41

 

 

2,185

 

 

2,439,050

 

 

 

 

 

 

 

3,152,810

 

Total Municipal Bonds in New Jersey

 

 

 

 

 

141,552,493

 

 

 

 

 

 

 

 

 

Puerto Rico — 18.7%

 

 

 

 

 

 

 

Housing — 3.7%

 

 

 

 

 

 

 

Puerto Rico Housing Finance Authority,
RB, Mortgage-Backed Securities,
Series B, AMT (Ginnie Mae), 5.30%,
12/01/28

 

 

2,210

 

 

2,211,812

 

 

 

 

 

 

 

 

 

 

BLACKROCK NEW JERSEY MUNICIPAL INCOME TRUST

APRIL 30, 2012

2


 

 

 

 

Schedule of Investments (continued)

BlackRock New Jersey Municipal Income Trust (BNJ)
 (Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Puerto Rico (concluded)

 

 

 

 

 

 

 

Housing (concluded)

 

 

 

 

 

 

 

Puerto Rico Housing Finance Authority,
Refunding RB, Mortgage-Backed
Securities, Series A (Ginnie Mae),
5.20%, 12/01/33

 

$

2,210

 

$

2,212,166

 

 

 

 

 

 

 

4,423,978

 

State — 11.3%

 

 

 

 

 

 

 

Puerto Rico Public Buildings Authority,
RB, CAB, Series D (AMBAC) (b):

 

 

 

 

 

 

 

5.45%, 7/01/17 (f)

 

 

3,665

 

 

4,284,861

 

5.45%, 7/01/31

 

 

1,335

 

 

1,358,403

 

Puerto Rico Sales Tax Financing Corp.,
RB, First Sub-Series A:

 

 

 

 

 

 

 

5.75%, 8/01/37

 

 

3,075

 

 

3,400,489

 

6.00%, 8/01/42

 

 

2,250

 

 

2,538,270

 

Puerto Rico Sales Tax Financing Corp.,
Refunding RB, First Sub, Series C,
6.00%, 8/01/39

 

 

1,740

 

 

1,989,011

 

 

 

 

 

 

 

13,571,034

 

Transportation — 2.8%

 

 

 

 

 

 

 

Puerto Rico Highway & Transportation
Authority, Refunding RB:

 

 

 

 

 

 

 

Series AA-1 (AGM), 4.95%, 7/01/26

 

 

295

 

 

314,774

 

Series CC (AGC), 5.50%, 7/01/31

 

 

935

 

 

1,083,104

 

Series CC (AGM), 5.50%, 7/01/30

 

 

1,680

 

 

1,950,866

 

 

 

 

 

 

 

3,348,744

 

Utilities — 0.9%

 

 

 

 

 

 

 

Puerto Rico Electric Power Authority, RB,
Series WW, 5.50%, 7/01/38

 

 

1,000

 

 

1,028,320

 

Total Municipal Bonds in Puerto Rico

 

 

 

 

 

22,372,076

 

 

 

 

 

 

 

 

 

Total Municipal Bonds – 137.1%

 

 

 

 

 

163,924,569

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Municipal Bonds Transferred to Tender Option Bond (TOB) Trusts (g)

 

 

 

 

 

 

 

New Jersey — 16.2%

 

 

 

 

 

 

 

Education — 4.2%

 

 

 

 

 

 

 

New Jersey EDA, RB, School Facilities
Construction, Series Z (AGC), 6.00%,
12/15/34

 

 

3,000

 

 

3,439,920

 

State University of New Jersey,
Refunding RB, Series F, 5.00%,
5/01/39

 

 

1,499

 

 

1,637,855

 

 

 

 

 

 

 

5,077,775

 

Transportation — 6.8%

 

 

 

 

 

 

 

New Jersey Transportation Trust Fund
Authority, RB, Transportation System,
Series A (AGM), 5.00%, 12/15/32

 

 

2,000

 

 

2,215,700

 

Port Authority of New York & New Jersey,
Refunding RB, AMT:

 

 

 

 

 

 

 

152nd Series, 5.25%,
11/01/35

 

 

2,039

 

 

2,206,964

 

 

 

 

 

 

 

 

 

Municipal Bonds Transferred to Tender Option Bond (TOB) Trusts (g)

 

Par
(000)

 

Value

 

New Jersey (concluded)

 

 

 

 

 

 

 

Transportation (concluded)

 

 

 

 

 

 

 

Port Authority of New York & New Jersey,
Refunding RB, AMT (concluded):

 

 

 

 

 

 

 

169th Series, 5.00%,
10/15/41

 

$

3,495

 

$

3,720,323

 

 

 

 

 

 

 

8,142,987

 

Utilities — 5.2%

 

 

 

 

 

 

 

Union County Utilities Authority,
Refunding RB, New Jersey Resource
Recovery Facility, Covanta Union, Inc.,
Series A, AMT, 5.25%, 12/01/31

 

 

5,710

 

 

6,160,176

 

Total Municipal Bonds in New Jersey

 

 

 

 

 

19,380,938

 

 

 

 

 

 

 

 

 

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

 

 

1,291,156

 

Total Municipal Bonds in Puerto Rico

 

 

 

 

 

1,291,156

 

 

 

 

 

 

 

 

 

Total Municipal Bonds Transferred to Tender Option
Bond (TOB) Trusts – 17.3%

 

 

 

 

 

20,672,094

 

Total Long-Term Investments
(Cost – $172,772,746) – 154.4%

 

 

 

 

 

184,596,663

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Short-Term Securities

 

 

 

 

 

 

 

 

 

Shares

 

 

 

 

BIF New Jersey Municipal Money
Fund, 0.00% (h)(i)

 

 

41,305

 

 

41,305

 

Total Short-Term Securities
(Cost – $41,305) – 0.0%

 

 

 

 

 

41,305

 

Total Investments (Cost - $172,814,051*) – 154.4%

 

 

 

 

 

184,637,968

 

Other Assets Less Liabilities – 3.9%

 

 

 

 

 

4,651,894

 

Liability for TOB Trust Certificates, Including Interest
Expense and Fees Payable – (8.9)%

 

 

 

 

 

(10,639,145

)

AMPS, at Redemption Value – (49.4)%

 

 

 

 

 

(59,100,000

)

Net Assets Applicable to Common Shares – 100.0%

 

 

 

 

$

119,550,717

 

 

 

*

As of April 30, 2012, gross unrealized appreciation and gross unrealized depreciation based on cost for federal income tax purposes were as follows:


 

 

 

 

 

Tax cost

 

$

162,036,976

 

Gross unrealized appreciation

 

$

13,796,221

 

Gross unrealized depreciation

 

 

(1,828,776

)

Net unrealized appreciation

 

$

11,967,445

 

 

 

 

 

 

 

 

 

 

BLACKROCK NEW JERSEY MUNICIPAL INCOME TRUST

APRIL 30, 2012

3


 

 

 

 

Schedule of Investments (continued)

BlackRock New Jersey Municipal Income Trust (BNJ)

 

 

(a)

Variable rate security. Rate shown is as of report date.

 

 

(b)

Represents a step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Rate shown is as of report date.

 

 

(c)

Issuer filed for bankruptcy and/or is in default of interest payments.

 

 

(d)

Non-income producing security.

 

 

(e)

Represents a zero-coupon bond. Rate shown reflects the current yield as of report date.

 

 

(f)

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.

 

 

(g)

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.

 

 

(h)

Investments in companies considered to be an affiliate of the Trust during the period, 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, 2011

 

Net
Activity

 

Shares
Held at
April 30, 2012

 

Income

 

 

BIF New Jersey
Municipal
Money Fund

 

 

5,114,806

 

 

(5,073,501

)

 

41,305

 

$

133

 

 

 

(i)

Represents the current yield as of report date.

 

 

•

Financial futures contracts sold as of April 30, 2012 were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Contracts

 

Issue

 

Exchange

 

Expiration

 

Notional
Value

 

Unrealized
Depreciation

 

120

 

10-Year
US
Treasury
Note

 

Chicago
Board of
Trade

 

June
2012

 

$

15,873,750

 

$

(178,353

)

 

Portfolio Abbreviations

 

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 Association

Ginnie Mae

 

Government National Mortgage Association

GO

 

General Obligation Bonds

NPFGC

 

National Public Finance Guarantee Corp.

RB

 

Revenue Bonds

S/F

 

Single-Family

 

 

 

•

Fair Value Measurements - Various inputs are used in determining the fair value of investments and derivative financial instruments. These inputs 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

 

 

 

 

•

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 and derivative financial instruments)

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 and derivative financial instruments is based on the pricing transparency of the investment and derivative financial instrument 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 derivative financial instruments and other significant accounting policies, please refer to the Trust’s most recent financial statements as contained in its semi-annual report.

 

 

 

 

 

 

 

 

 

BLACKROCK NEW JERSEY MUNICIPAL INCOME TRUST

APRIL 30, 2012

4


 

 

 

 

Schedule of Investments (concluded)

BlackRock New Jersey Municipal Income Trust (BNJ)

The following tables summarize the inputs used as of April 30, 2012 in determining the fair valuation of the Trust’s investments and derivative financial instruments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Valuation Inputs

 

Level 1

 

Level 2

 

Level 3

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-Term
Investments1

 

 

—

 

$

184,596,663

 

 

—

 

$

184,596,663

 

Short-Term
Securities

 

$

41,305

 

 

—

 

 

—

 

 

41,305

 

Total

 

$

41,305

 

$

184,596,663

 

 

—

 

$

184,637,968

 

 

 

1

See above Schedule of Investments for values in each state or political subdivision.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Valuation Inputs

 

Level 1

 

Level 2

 

Level 3

 

Total

 

Derivative Financial Instruments2

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate
contracts

 

$

(178,353

)

 

—

 

 

—

 

$

(178,353

)

 

 

2

Derivative financial instruments are financial futures contracts, which are valued at the unrealized appreciation/depreciation on the instrument.

 

 

 

Certain of the Trust’s assets and liabilities are held at carrying amount which approximates fair value. Such assets and liabilities are categorized within the disclosure hierarchy as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Valuation Inputs

 

Level 1

 

Level 2

 

Level 3

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash

 

$

352,614

 

 

—

 

 

—

 

$

352,614

 

Cash pledged as
collateral for
financial futures
contracts

 

 

159,000

 

 

—

 

 

—

 

 

159,000

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

TOB trust
certificates

 

 

—

 

$

(10,633,546

)

 

—

 

 

(10,633,546

)

Total

 

$

511,614

 

$

(10,633,546

)

 

—

 

$

(10,121,932

)

There were no transfers between levels during the period ended April 30, 2012.

 

 

 

 

 

 

 

 

 

BLACKROCK NEW JERSEY MUNICIPAL INCOME TRUST

APRIL 30, 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: June 22, 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: June 22, 2012
   
  By: /s/ Neal J. Andrews  
    Neal J. Andrews
    Chief Financial Officer (principal financial officer) of
    BlackRock New Jersey Municipal Income Trust
     
  Date: June 22, 2012