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: 07/31/2018
Date of reporting period: 10/31/2017
Item 1 – Schedule of Investments
|
|
|
| Schedule of Investments (unaudited)
October 31, 2017 |
|
BlackRock New Jersey Municipal Income Trust (BNJ)
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
| |
|
Par
(000) |
|
|
Value |
|
| Municipal Bonds |
|
|
| New Jersey — 131.2% |
|
| Corporate — 12.4% |
|
| County of Middlesex New Jersey Improvement Authority, RB, Heldrich Center Hotel, Sub-Series B, 6.25%, 01/01/37(a)(b) |
|
$ |
1,790 |
|
|
$ |
18,795 |
|
| County of Salem New Jersey Pollution Control Financing Authority, Refunding RB, Atlantic City Electric,
Series A, 4.88%, 06/01/29 |
|
|
2,400 |
|
|
|
2,541,240 |
|
| New Jersey EDA, RB: |
|
|
|
|
|
|
|
|
| Continental Airlines, Inc. Project, Series B, AMT, 5.63%, 11/15/30 |
|
|
5,160 |
|
|
|
5,864,082 |
|
| Motor Vehicle Surcharge, Series A, 5.25%, 7/01/25 |
|
|
1,220 |
|
|
|
1,424,826 |
|
| Motor Vehicle Surcharge, Series A,
5.25%, 7/01/25(c) |
|
|
145 |
|
|
|
180,424 |
|
| New Jersey EDA, Refunding RB: |
|
|
|
|
|
|
|
|
| Duke Farms Foundation Project, 4.00%, 7/01/46 |
|
|
740 |
|
|
|
788,492 |
|
| New Jersey American Water Co., Inc. Project, Series A, AMT, 5.70%, 10/01/39 |
|
|
1,500 |
|
|
|
1,605,435 |
|
| New Jersey American Water Co., Inc. Project, Series B, AMT, 5.60%, 11/01/34 |
|
|
1,275 |
|
|
|
1,376,860 |
|
| Sub Series A, 5.00%, 7/01/33 |
|
|
125 |
|
|
|
136,925 |
|
| Teaneck Community Charter School Project, Series A,
5.00%, 9/01/37(d) |
|
|
230 |
|
|
|
229,984 |
|
| Teaneck Community Charter School Project, Series A,
5.13%, 9/01/52(d) |
|
|
550 |
|
|
|
539,016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
14,706,079 |
|
| County/City/Special District/School District — 27.7% |
|
| Casino Reinvestment Development Authority, Refunding RB, 5.25%, 11/01/44 |
|
|
5,530 |
|
|
|
5,769,836 |
|
| City of Bayonne New Jersey, GO, Refunding, Qualified General Improvement, (BAM): |
|
|
|
|
|
|
|
|
| 5.00%, 7/01/33 |
|
|
490 |
|
|
|
559,041 |
|
| 5.00%, 7/01/35 |
|
|
755 |
|
|
|
855,868 |
|
| City of Margate New Jersey, GO, Refunding, Improvement, 5.00%, 01/15/21(e) |
|
|
1,085 |
|
|
|
1,211,598 |
|
| County of Essex New Jersey Improvement Authority, RB, AMT, 5.25%, 07/01/45(d) |
|
|
1,990 |
|
|
|
1,999,651 |
|
|
|
|
|
|
|
|
|
|
| |
|
Par
(000) |
|
|
Value |
|
| County/City/Special District/School District (continued) |
|
| County of Essex New Jersey Improvement Authority, Refunding RB, Project Consolidation (NPFGC): |
|
|
|
|
|
|
|
|
| 5.50%, 10/01/28 |
|
$ |
1,440 |
|
|
$ |
1,856,736 |
|
| 5.50%, 10/01/29 |
|
|
2,630 |
|
|
|
3,416,449 |
|
| County of Hudson New Jersey Improvement Authority, RB, Harrison Parking Facility Project, Series C
(AGC): |
|
|
|
|
|
|
|
|
| 5.25%, 1/01/39 |
|
|
2,000 |
|
|
|
2,086,880 |
|
| 5.38%, 1/01/44 |
|
|
2,400 |
|
|
|
2,499,744 |
|
| County of Mercer New Jersey Improvement Authority, RB, Courthouse Annex Project,
5.00%, 09/01/40 |
|
|
775 |
|
|
|
876,649 |
|
| County of Middlesex New Jersey, COP, Refunding, Civic Square IV Redevelopment, 5.00%, 10/15/31 |
|
|
1,000 |
|
|
|
1,215,200 |
|
| County of Union New Jersey Improvement Authority, LRB, Guaranteed Lease, Family Court Building
Project,
5.00%, 05/01/42 |
|
|
740 |
|
|
|
829,947 |
|
| Monroe Township Board of Education Middlesex County, GO, Refunding, 5.00%, 03/01/38 |
|
|
860 |
|
|
|
974,208 |
|
| New Jersey EDA, RB, Kapkowski Road Landfill Project, Series B, AMT, 6.50%, 04/01/31 |
|
|
5,000 |
|
|
|
5,766,150 |
|
| New Jersey EDA, Refunding RB, Special Assessment, Kapkowski Road Landfill Project, 6.50%, 04/01/28 |
|
|
2,500 |
|
|
|
2,956,525 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
32,874,482 |
|
| Education — 21.6% |
|
|
|
|
|
|
| County of Atlantic New Jersey Improvement Authority, RB, Stockton University Atlantic City, Series A (AGM),
4.00%, 07/01/46 |
|
|
150 |
|
|
|
156,242 |
|
| New Jersey EDA, RB: |
|
|
|
|
|
|
|
|
| Hatikvah International Academy Charter School Project, Series A, 5.00%, 7/01/27(d) |
|
|
115 |
|
|
|
118,097 |
|
| Hatikvah International Academy Charter School Project, Series A, 5.25%, 7/01/37(d) |
|
|
310 |
|
|
|
304,386 |
|
|
|
|
|
|
| SCHEDULE OF INVESTMENTS |
|
|
1 |
|
|
|
|
|
Schedule of Investments (unaudited) (continued)
October 31, 2017 |
|
BlackRock New Jersey Municipal Income Trust (BNJ)
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
| |
|
Par
(000) |
|
|
Value |
|
| Education (continued) |
|
|
|
|
|
|
| New Jersey EDA, RB: (continued) |
|
|
|
|
|
|
| Hatikvah International Academy Charter School Project, Series A, 5.38%, 7/01/47(d) |
|
$ |
540 |
|
|
$ |
526,284 |
|
| MSU Student Housing Project Provide, 5.88%, 6/01/42 |
|
|
1,500 |
|
|
|
1,615,965 |
|
| School Facilities Construction (AGC),
5.50%, 12/15/18(e) |
|
|
1,045 |
|
|
|
1,096,247 |
|
| School Facilities Construction (AGC), 5.50%, 12/15/34 |
|
|
20 |
|
|
|
20,814 |
|
| Team Academy Charter School Project, 6.00%, 10/01/33 |
|
|
1,490 |
|
|
|
1,683,134 |
|
| New Jersey EDA, Refunding RB, Greater Brunswick Charter School, Inc. Project, Series A(d): |
|
|
|
|
|
|
|
|
| 5.63%, 8/01/34 |
|
|
415 |
|
|
|
425,603 |
|
| 5.88%, 8/01/44 |
|
|
290 |
|
|
|
297,180 |
|
| New Jersey Educational Facilities Authority, RB, Higher Educational Capital Improvement Fund, Series A,
5.00%, 09/01/32 |
|
|
1,000 |
|
|
|
1,078,410 |
|
| New Jersey Educational Facilities Authority, Refunding RB: |
|
|
|
|
|
|
|
|
| City of New Jersey University Issue, Series D, 4.00%, 7/01/34 |
|
|
355 |
|
|
|
367,886 |
|
| College of New Jersey, Series D (AGM),
5.00%, 7/01/18(e) |
|
|
2,000 |
|
|
|
2,052,640 |
|
| Georgian Court University, Series D, 5.00%, 7/01/33 |
|
|
250 |
|
|
|
250,367 |
|
| Kean University, Series A, 5.50%, 9/01/36 |
|
|
2,060 |
|
|
|
2,198,123 |
|
| Montclair State University, Series A, 5.00%, 7/01/44 |
|
|
4,570 |
|
|
|
5,083,165 |
|
| New Jersey Institute of Technology, Series H, 5.00%, 7/01/31 |
|
|
660 |
|
|
|
711,810 |
|
| Ramapo College, Series B, 5.00%, 7/01/42 |
|
|
265 |
|
|
|
288,619 |
|
| Stevens Institute of Technology, Series A, 5.00%, 7/01/42 |
|
|
270 |
|
|
|
306,507 |
|
| Stevens Institute of Technology, Series A, 4.00%, 7/01/47 |
|
|
400 |
|
|
|
413,940 |
|
| University of Medicine & Dentistry, Series B, 7.50%, 6/01/19(e) |
|
|
1,000 |
|
|
|
1,098,500 |
|
|
|
|
|
|
|
|
|
|
| |
|
Par
(000) |
|
|
Value |
|
| Education (continued) |
|
|
|
|
|
|
| New Jersey Higher Education Student Assistance Authority, Refunding RB: |
|
|
|
|
|
|
|
|
| Series 1, AMT, 5.75%, 12/01/29 |
|
$ |
1,290 |
|
|
$ |
1,407,119 |
|
| Series 1A, 5.00%, 12/01/25 |
|
|
305 |
|
|
|
324,328 |
|
| Series 1A, 5.00%, 12/01/26 |
|
|
200 |
|
|
|
212,426 |
|
| Series 1A, 5.25%, 12/01/32 |
|
|
500 |
|
|
|
528,740 |
|
| New Jersey Institute of Technology, RB, Series A: |
|
|
|
|
|
|
|
|
| 5.00%, 7/01/40 |
|
|
1,000 |
|
|
|
1,141,870 |
|
| 5.00%, 7/01/42 |
|
|
345 |
|
|
|
381,615 |
|
| 5.00%, 7/01/45 |
|
|
1,345 |
|
|
|
1,527,907 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
25,617,924 |
|
| Health — 9.3% |
|
|
|
|
|
|
| New Jersey Health Care Facilities Financing Authority, RB: |
|
|
|
|
|
|
|
|
| Inspira Health Obligated Group, 5.00%, 7/01/42 |
|
|
580 |
|
|
|
655,864 |
|
| Meridian Health System Obligated Group, Series I (AGC), 5.00%, 7/01/18(e) |
|
|
700 |
|
|
|
718,186 |
|
| Robert Wood Johnson University Hospital, Series A, 5.50%, 7/01/43 |
|
|
750 |
|
|
|
860,678 |
|
| Virtua Health, Series A (AGC), 5.50%, 7/01/38 |
|
|
1,250 |
|
|
|
1,333,587 |
|
| New Jersey Health Care Facilities Financing Authority, Refunding RB: |
|
|
|
|
|
|
|
|
| AHS Hospital Corp., 6.00%, 7/01/21(e) |
|
|
1,045 |
|
|
|
1,220,978 |
|
| AHS Hospital Corp., 6.00%, 7/01/21(e) |
|
|
900 |
|
|
|
1,051,560 |
|
| Princeton Healthcare System, 5.00%, 7/01/39 |
|
|
835 |
|
|
|
931,843 |
|
| RWJ Barnabas Health Obligated Group, Series A, 4.00%, 7/01/43 |
|
|
465 |
|
|
|
482,605 |
|
| RWJ Barnabas Health Obligated Group, Series A, 5.00%, 7/01/43 |
|
|
1,145 |
|
|
|
1,288,045 |
|
| St. Barnabas Health Care System, Series A,
5.63%, 7/01/21(e) |
|
|
580 |
|
|
|
668,781 |
|
|
|
|
| 2 |
|
2017 BLACKROCK QUARTERLY REPORT TO SHAREHOLDERS |
|
|
|
|
Schedule of Investments (unaudited) (continued)
October 31, 2017 |
|
BlackRock New Jersey Municipal Income Trust (BNJ)
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
| |
|
Par
(000) |
|
|
Value |
|
| Health (continued) |
|
|
|
|
|
|
New Jersey Health Care Facilities Financing Authority,
Refunding RB (continued): |
|
| St. Barnabas Health Care System, Series A,
5.63%, 7/01/21(e) |
|
$ |
1,605 |
|
|
$ |
1,850,677 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11,062,804 |
|
| Housing — 3.9% |
|
| New Jersey Housing & Mortgage Finance Agency, RB: |
|
|
|
|
|
|
|
|
| M/F Housing, Series A, 4.75%, 11/01/29 |
|
|
1,185 |
|
|
|
1,225,918 |
|
| S/F Housing, Series CC, 5.00%, 10/01/34 |
|
|
715 |
|
|
|
742,256 |
|
| New Jersey Housing & Mortgage Finance Agency, Refunding RB, Series D, AMT,
4.25%, 11/01/37 |
|
|
395 |
|
|
|
400,490 |
|
| Newark Housing Authority, RB, M/F Housing, Series A, 5.00%, 12/01/30 |
|
|
2,000 |
|
|
|
2,275,540 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,644,204 |
|
| State — 9.6% |
|
| Garden State Preservation Trust, RB, CAB, Series B (AGM), 0.00%, 11/01/26(f) |
|
|
6,000 |
|
|
|
4,696,920 |
|
| New Jersey EDA, Refunding RB, Cigarette Tax: |
|
|
|
|
|
|
|
|
| 5.00%, 6/15/26 |
|
|
810 |
|
|
|
877,189 |
|
| (AGM), 5.00%, 6/15/22 |
|
|
2,940 |
|
|
|
3,299,650 |
|
| New Jersey Health Care Facilities Financing Authority, RB, Hospitall Asset Transformation Program, Series A,
5.25%, 10/01/38 |
|
|
1,825 |
|
|
|
1,881,119 |
|
| State of New Jersey, COP, Equipment Lease Purchase, Series A, 5.25%, 06/15/19(e) |
|
|
600 |
|
|
|
638,946 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11,393,824 |
|
| Tobacco — 1.7% |
|
| Tobacco Settlement Financing Corp., Series 1A, 5.00%, 06/01/41 |
|
|
2,150 |
|
|
|
2,060,990 |
|
|
|
|
|
|
|
|
|
|
| Transportation — 44.0% |
|
|
|
|
|
|
| Delaware River Port Authority of Pennsylvania & New Jersey, RB: |
|
|
|
|
|
|
|
|
| 5.00%, 1/01/40 |
|
|
1,380 |
|
|
|
1,568,301 |
|
| Series D, 5.00%, 1/01/40 |
|
|
800 |
|
|
|
857,432 |
|
|
|
|
|
|
|
|
|
|
| |
|
Par
(000) |
|
|
Value |
|
| Transportation (continued) |
|
|
|
|
|
|
| New Jersey EDA, RB, Goethals Bridge Replacement Project, AMT, Private Activity Bond,
5.38%, 01/01/43 |
|
$ |
5,000 |
|
|
$ |
5,565,300 |
|
| New Jersey State Turnpike Authority, RB: |
|
|
|
|
|
|
|
|
| Series A, 5.00%, 1/01/35 |
|
|
310 |
|
|
|
360,961 |
|
| Series A, 5.00%, 1/01/38 |
|
|
4,075 |
|
|
|
4,589,591 |
|
| Series A, 5.00%, 1/01/43 |
|
|
500 |
|
|
|
557,955 |
|
| Series E, 5.25%, 1/01/19(e) |
|
|
1,970 |
|
|
|
2,064,028 |
|
| New Jersey Transportation Trust Fund Authority, RB: |
|
|
|
|
|
|
|
|
| CAB, Transportation System, Series C (AGM),
0.00%, 12/15/32(f) |
|
|
4,000 |
|
|
|
2,240,640 |
|
| Federal Highway Reimbursement Revenue Notes, Series A, 5.00%, 6/15/30 |
|
|
625 |
|
|
|
698,156 |
|
| Federal Highway Reimbursement Revenue Notes, Series A-2, 5.00%, 6/15/30 |
|
|
2,535 |
|
|
|
2,588,970 |
|
| Transportation Program, Series AA, 5.00%, 6/15/38 |
|
|
2,850 |
|
|
|
3,050,099 |
|
| Transportation Program, Series AA, 5.25%, 6/15/41 |
|
|
1,560 |
|
|
|
1,700,821 |
|
| Transportation System,
6.00%, 12/15/38 |
|
|
945 |
|
|
|
989,954 |
|
| Transportation System, Series A, 6.00%, 6/15/35 |
|
|
4,135 |
|
|
|
4,619,043 |
|
| Transportation System, Series A, 5.88%, 12/15/38 |
|
|
1,770 |
|
|
|
1,850,747 |
|
| Transportation System, Series A, 5.50%, 6/15/41 |
|
|
2,000 |
|
|
|
2,151,000 |
|
| Transportation System, Series A (AGC), 5.50%, 12/15/38 |
|
|
1,000 |
|
|
|
1,044,340 |
|
| Transportation System, Series AA, 5.50%, 6/15/39 |
|
|
2,260 |
|
|
|
2,456,236 |
|
| Port Authority of New York & New Jersey, RB, JFK International Air Terminal, Special
Project: |
|
|
|
|
|
|
|
|
| Series 6, AMT (NPFGC), 5.75%, 12/01/22 |
|
|
6,000 |
|
|
|
6,275,820 |
|
| Series 8, 6.00%, 12/01/42 |
|
|
1,430 |
|
|
|
1,585,327 |
|
| Port Authority of New York & New Jersey,
Refunding ARB, Consolidated: |
|
| 152nd Series, AMT, 5.75%, 11/01/30 |
|
|
1,000 |
|
|
|
1,023,200 |
|
|
|
|
|
|
| SCHEDULE OF INVESTMENTS |
|
|
3 |
|
|
|
|
|
Schedule of Investments (unaudited) (continued)
October 31, 2017 |
|
BlackRock New Jersey Municipal Income Trust (BNJ)
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
| |
|
Par
(000) |
|
|
Value |
|
| Transportation (continued) |
|
|
|
|
|
|
| Port Authority of New York & New Jersey, Refunding ARB, Consolidated (continued): |
|
|
|
|
|
|
|
|
| 166th Series, 5.25%, 7/15/36 |
|
$ |
4,000 |
|
|
$ |
4,471,240 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
52,309,161 |
|
| Utilities — 1.0% |
|
|
|
|
|
|
| Rahway Valley Sewerage Authority, RB, CAB, Series A (NPFGC), 0.00%, 09/01/33(f) |
|
|
2,000 |
|
|
|
1,189,400 |
|
|
|
|
|
|
|
|
|
|
| Total Municipal Bonds in New Jersey |
|
|
|
|
|
|
155,858,868 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Puerto Rico — 1.1% |
|
|
|
|
|
|
| Tobacco — 1.1% |
|
|
|
|
|
|
| Children’s Trust Fund, Refunding RB, Tobacco Settlement Asset-Backed Bonds: |
|
|
|
|
|
|
|
|
| 5.50%, 5/15/39 |
|
|
670 |
|
|
|
657,552 |
|
| 5.63%, 5/15/43 |
|
|
640 |
|
|
|
627,046 |
|
|
|
|
|
|
|
|
|
|
| Total Municipal Bonds in Puerto Rico |
|
|
|
|
|
|
1,284,598 |
|
|
|
|
|
|
|
|
|
|
| Total Municipal Bonds — 132.3% |
|
|
|
|
|
|
157,143,466 |
|
|
|
|
|
|
|
|
|
|
|
| Municipal Bonds Transferred to Tender Option Bond Trusts (g) |
|
|
|
|
| New Jersey — 32.3% |
|
|
|
|
|
|
| County/City/Special District/School District — 9.5% |
|
|
|
|
| County of Hudson New Jersey Improvement Authority, RB, Hudson County Vocational-Techincal Schools Project,
5.25%, 05/01/51 |
|
|
780 |
|
|
|
899,397 |
|
| County of Union New Jersey Utilities Authority, Refunding RB, Series A: |
|
|
|
|
|
|
|
|
| Resources Recovery Facility, Covanta Union, Inc., AMT, 5.25%, 12/01/31 |
|
|
5,710 |
|
|
|
6,327,108 |
|
| Solid Waste System, County Deficiency Agreement, 5.00%, 6/15/41 |
|
|
2,180 |
|
|
|
2,415,233 |
|
|
|
|
|
|
|
|
|
|
| |
|
Par
(000) |
|
|
Value |
|
| County/City/Special District/School District (continued) |
|
| New Jersey Health Care Facilities Financing Authority, RB, Inspire Health Obligated Group, 4.00%,
07/01/47 |
|
$ |
1,569 |
|
|
$ |
1,593,700 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11,235,438 |
|
| Education — 4.3% |
|
|
|
|
|
|
| Rutgers - The State University of New Jersey, Refunding RB: |
|
|
|
|
|
|
|
|
| Series F, 5.00%, 5/01/19(e) |
|
|
1,501 |
|
|
|
1,586,660 |
|
| Series L, 5.00%, 5/01/43 |
|
|
3,140 |
|
|
|
3,547,022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,133,682 |
|
| Housing — 2.2% |
|
|
|
|
|
|
| New Jersey Transportation Trust Fund Authority, RB, Transportation System, Series B,
5.25%, 06/15/36(h) |
|
|
2,501 |
|
|
|
2,658,196 |
|
|
|
|
|
|
|
|
|
|
| State — 5.2% |
|
|
|
|
|
|
| New Jersey EDA, RB, School Facilities Construction
(AGC)(e): |
|
|
|
|
|
|
|
|
| 6.00%, 12/15/18 |
|
|
2,958 |
|
|
|
3,119,772 |
|
| 6.00%, 12/15/18 |
|
|
42 |
|
|
|
44,148 |
|
| New Jersey EDA, Refunding RB, School Facilities Construction, Series NN, 5.00%, 03/01/29(h) |
|
|
2,787 |
|
|
|
3,014,069 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,177,989 |
|
| Transportation — 11.1% |
|
|
|
|
|
|
| New Jersey State Turnpike Authority, RB, Series A, 5.00%, 01/01/38(h) |
|
|
4,700 |
|
|
|
5,274,598 |
|
| New Jersey Transportation Trust Fund Authority, RB, Transportation System, Series A, AMBAC (AGM),
5.00%, 12/15/32 |
|
|
2,000 |
|
|
|
2,008,890 |
|
| Port Authority of New York & New Jersey, ARB, Consolidated, 169th Series, 5.00%, 10/15/41 |
|
|
3,497 |
|
|
|
3,875,876 |
|
|
|
|
| 4 |
|
2017 BLACKROCK QUARTERLY REPORT TO SHAREHOLDERS |
|
|
|
|
Schedule of Investments (unaudited) (continued)
October 31, 2017 |
|
BlackRock New Jersey Municipal Income Trust (BNJ)
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
| |
|
Par
(000) |
|
|
Value |
|
| Transportation (continued) |
|
|
|
|
|
|
| Port Authority of New York & New Jersey, Refunding ARB, Consolidated, 152nd Series, AMT, 5.25%,
11/01/35 |
|
$ |
2,039 |
|
|
$ |
2,076,887 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13,236,251 |
|
|
|
|
|
|
|
|
|
|
| Total Municipal Bonds Transferred to Tender Option Bond Trusts — 32.3% |
|
|
|
|
|
|
38,441,556 |
|
|
|
|
|
|
|
|
|
|
| Total Long-Term Investments
(Cost — $183,928,506) — 164.6% |
|
|
|
|
|
|
195,585,022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Shares |
|
|
Value |
|
| Short-Term Securities |
|
| BlackRock Liquidity Funds, |
|
|
|
|
|
|
|
|
| MuniCash, Institutional Class,
0.74%(i)(j) |
|
|
1,375,724 |
|
|
$ |
1,376,137 |
|
|
|
|
|
|
|
|
|
|
| Total Short-Term Securities
(Cost — $1,376,137) — 1.2% |
|
|
|
|
|
|
1,376,137 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Investments
(Cost — $185,304,643) — 165.8% |
|
|
|
|
|
|
196,961,159 |
|
| Other Assets Less Liabilities — 1.9% |
|
|
|
|
|
|
2,329,095 |
|
| Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable —
(18.0)% |
|
|
|
|
|
|
(21,376,363 |
) |
| VMTP Shares at Liquidation
Value — (49.7)% |
|
|
|
|
|
|
(59,100,000 |
) |
|
|
|
|
|
|
|
|
|
| Net Assets Applicable to Common
Shares — 100.0% |
|
|
|
|
|
$ |
118,813,891 |
|
|
|
|
|
|
|
|
|
|
Notes
to Schedule of Investments
| (a) |
Issuer filed for bankruptcy and/or is in default. |
| (b) |
Non-income producing security. |
| (c) |
Security is collateralized by municipal bonds or U.S. Treasury obligations. |
| (d) |
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.
|
| (e) |
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. |
| (g) |
Represent bonds transferred to a TOB Trust in exchange of cash and residual certificates received by the Trust. These bonds serve as collateral in a secured borrowing. |
| (h) |
All or a portion of security is subject to a recourse agreement. The aggregate maximum potential amount the Trust could ultimately be required to pay under the agreements, which expires between June 15, 2019 to
September 1, 2020, is $7,519,842. |
| (i) |
Annualized 7-day yield as of period end. |
| (j) |
During the period ended October 31, 2017, investments in issuers considered to be an affiliate of the Trust 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, 2017 |
|
|
Net
Activity |
|
|
Shares
Held at
October 31, 2017 |
|
|
Value at
October 31, 2017 |
|
|
Income |
|
|
Net
Realized
Gain (Loss)(a) |
|
|
Change in
Unrealized
Appreciation
(Depreciation) |
|
| BlackRock Liquidity Funds, MuniCash, Institutional Class |
|
|
3,411,106 |
|
|
|
(2,035,382 |
) |
|
|
1,375,724 |
|
|
$ |
1,376,137 |
|
|
$ |
241 |
|
|
$ |
93 |
|
|
$ |
(93 |
) |
| (a) |
Includes net capital gain distributions. if applicable. |
For Trust
compliance purposes, the Trust’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.
|
|
|
|
|
| SCHEDULE OF INVESTMENTS |
|
|
5 |
|
|
|
|
|
Schedule of Investments (unaudited) (continued)
October 31, 2017 |
|
BlackRock New Jersey Municipal Income Trust (BNJ)
(Percentages shown are based on Net Assets) |
Futures Contracts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Description |
|
Number of
Contracts |
|
|
Expiration
Date |
|
|
Notional
Amount(000) |
|
|
Value/
Unrealized
Appreciation
(Depreciation) |
|
| Short Contracts |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 5-Year U.S. Treasury Note |
|
|
(21 |
) |
|
|
December 2017 |
|
|
$ |
2,461 |
|
|
$ |
24,209 |
|
| 10-Year U.S. Treasury Note |
|
|
(25 |
) |
|
|
December 2017 |
|
|
|
3,123 |
|
|
|
47,495 |
|
| Long U.S. Treasury Bond |
|
|
(20 |
) |
|
|
December 2017 |
|
|
|
3,049 |
|
|
|
59,461 |
|
| Ultra Long U.S. Treasury Bond |
|
|
(4 |
) |
|
|
December 2017 |
|
|
|
659 |
|
|
|
13,286 |
|
| Total |
|
|
$ |
144,451 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Portfolio Abbreviations |
|
|
| AGC |
|
Assured Guarantee Corp. |
| AGM |
|
Assured Guaranty Municipal Corp. |
| AMBAC |
|
American Municipal Bond Assurance Corp. |
| AMT |
|
Alternative Minimum Tax (subject to) |
| ARB |
|
Airport Revenue Bonds |
| BAM |
|
Build America Mutual Assurance Co. |
| CAB |
|
Capital Appreciation Bonds |
| COP |
|
Certificates of Participation |
| EDA |
|
Economic Development Authority |
| GO |
|
General Obligation Bonds |
| LRB |
|
Lease Revenue Bonds |
| M/F |
|
Multi-Family |
| NPFGC |
|
National Public Finance Guarantee Corp. |
| OTC |
|
Over-the-Counter |
| RB |
|
Revenue Bonds |
| S/F |
|
Single-Family |
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of investments and derivative 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 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 |
|
|
|
| 6 |
|
2017 BLACKROCK QUARTERLY REPORT TO SHAREHOLDERS |
|
|
|
|
Schedule of Investments (unaudited) (continued)
October 31, 2017 |
|
BlackRock New Jersey Municipal Income Trust (BNJ)
(Percentages shown are based on Net Assets) |
| • |
|
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) |
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 BlackRock Global
Valuation Methodologies Committee (the “Global Valuation Committee”) in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by private companies. There may not be a secondary market, and/or
there are a limited number of investors. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Global Valuation Committee in the absence of market information.
Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy.
In accordance with the Trust’s policy, transfers between different levels of the fair value 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 investments and derivative financial instruments 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, refer to the Trust’s most recent financial statements as contained in its semi-annual report.
The following tables summarize the Trust’s investments and derivative financial instruments categorized in the
disclosure hierarchy:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
| Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Long Term Investments(a) |
|
|
— |
|
|
$ |
195,585,022 |
|
|
|
— |
|
|
$ |
195,585,022 |
|
| Short-Term Securities: |
|
$ |
1,376,137 |
|
|
|
— |
|
|
|
— |
|
|
|
1,376,137 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total |
|
$ |
1,376,137 |
|
|
$ |
195,585,022 |
|
|
|
— |
|
|
$ |
196,961,159 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Derivative Financial Instruments (b) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest rate contracts |
|
$ |
144,451 |
|
|
|
— |
|
|
|
— |
|
|
$ |
144,451 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (a) |
See above Schedule of Investments for values in each sector. |
| (b) |
Derivative financial instruments are futures contracts which are valued at the unrealized appreciation (depreciation) on the instrument. |
The Trust 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 disclosure hierarchy as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
| Liabilities: |
|
| TOB Trust Certificates |
|
|
— |
|
|
$ |
(21,333,497 |
) |
|
|
— |
|
|
$ |
(21,333,497 |
) |
| VMTP Shares at Liquidation Value |
|
|
— |
|
|
|
(59,100,000 |
) |
|
|
— |
|
|
|
(59,100,000 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total |
|
|
— |
|
|
$ |
(80,433,497 |
) |
|
|
— |
|
|
$ |
(80,433,497 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
During the period ended October 31, 2017, there were no transfers between levels.
|
|
|
|
|
| SCHEDULE OF INVESTMENTS |
|
|
7 |
|
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, 2017 |
|
|
|
|
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, 2017 |
|
|
|
|
|
By: |
|
/s/ Neal J. Andrews |
|
|
|
|
Neal J. Andrews |
|
|
|
|
Chief Financial Officer (principal financial officer) of |
|
|
|
|
BlackRock New Jersey Municipal Income Trust |
|
|
|
|
Date: December 21, 2017 |