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
 
 
BlackRock New Jersey Municipal Income Trust
(Exact name of registrant as specified in charter)
 
100 Bellevue Parkway, Wilmington, DE 19809
(Address of principal executive offices)  (Zip code)
 
Robert S. Kapito, President
BlackRock New Jersey Municipal Income Trust
40 East 52nd Street, New York, NY 10022
(Name and address of agent for service)


Registrant's telephone number, including area code: 888-825-2257
 
   
Date of fiscal year end:  October 31, 2004 
 
   
Date of reporting period: July 31, 2004 
 


Item 1. Schedule of Investments

The Trust's schedule of investments pursuant to Rule 30b1-5 under the Investment Company Act of 1940 is as follows:

PORTFOLIO OF INVESTMENTS (unaudited)
JULY 31, 2004

BlackRock New Jersey Municipal Income Trust (BNJ)
   
Principal
Amount
Option Call
 
   
Rating1
(000)
Description
Provisions2
Value
  
          LONG-TERM INVESTMENTS—152.2%        
            New Jersey—106.8%        
            Cherry Hill Twnshp., GO,        
    AA+   $ 4,065       5.00%, 7/15/22   07/11 @ 100   $ 4,172,601  
    AA+   4,275       5.00%, 7/15/23   07/11 @ 100   4,357,507  
    AAA   12,600   Garden St. Presvtn. Trust, Open Space & Farmland Presvtn., Zero Coupon,   No Opt. Call   3,852,954  
            New Jersey Municipal Income Trust11/01/26, FSA Middlesex Cnty. Impvt.
    Auth.,		        
    AAA   1,400       Admin. Bldg. Res. Proj., 5.35%, 7/01/34   07/11 @ 100   1,424,052  
    AAA   4,470       New Brunswick Apts. Rental Hsg., 5.30%, 8/01/35   08/12 @ 100   4,522,210  
    BBB-   2,500   Middlesex Cnty. Poll. Ctrl. Auth., Amerada Hess, 6.05%, 9/15/34   09/14 @ 100   2,556,250  
            New Jersey Econ. Dev. Auth.,        
    B   3,450       Continental Airlines Inc. Proj., 7.00%, 11/15/30   11/10 @ 101   2,665,746  
    B   2,000       Continental Airlines Inc. Proj., 7.20%, 11/15/30   11/10 @ 101   1,599,080  
    BBB-   2,630       First Mtg. Fellowship Vlg. Proj., Ser. C., 5.50%, 1/01/18   01/09 @ 102   2,574,428  
    BBB-   4,050       First Mtg. Winchester Proj., Ser. A, 5.75%, 11/01/24   11/14 @ 100   3,917,079  
    Baa3   2,500       Kapkowski Road Landfill Proj., 6.50%, 4/01/28   No Opt. Call   2,783,000  
    Baa3   5,000       Kapkowski Road Landfill Proj., 6.50%, 4/01/31   No Opt. Call   5,493,250  
    A+   2,000       Masonic Charity Fndtn. Proj., 5.50%, 6/01/31   06/11 @ 102   2,073,780  
    BBB   2,000       Sld. Wst. Rev., Disp. Wst. Mgmt., Ser. A, 5.30%, 6/01/15   No Opt. Call   2,027,000  
    Aaa   1,960       Victoria Hlth., Ser. A, 5.20%, 12/20/36   12/11 @ 103   2,001,630  
            New Jersey Edl. Facs. Auth.,        
    BBB-   1,000       Fairleigh Dickinson Univ., Ser. C, 5.50%, 7/01/23   07/14 @ 100   1,005,530  
    BBB-   2,000       Fairleigh Dickinson Univ., Ser. C, 6.00%, 7/01/20   07/14 @ 100   2,110,540  
    BBB-   3,000       Fairleigh Dickinson Univ., Ser. D, 6.00%, 7/01/25   07/13 @ 100   3,098,460  
    BBB+   2,120       Georgian Court Coll. Proj., Ser. C, 6.50%, 7/01/33   07/13 @ 100   2,278,852  
            New Jersey Hlth. Care Fac. Fin. Auth.,        
    A   4,500       Atlantic City Med. Ctr., 5.75%, 7/01/25   07/12 @ 100   4,638,240  
    A+   3,000       Catholic Hlth. East, Ser. A, 5.375%, 11/15/33   11/12 @ 100   3,010,920  
    A3   10,000 3     Kennedy Hlth. Sys., 5.625%, 7/01/31   07/11 @ 100   10,155,600  
    Baa1   1,960       So. Jersey Hosp., 6.00%, 7/01/26   07/12 @ 100   2,018,329  
    Baa1   5,500       So. Jersey Hosp., 6.00%, 7/01/32   07/12 @ 100   5,642,395  
    Baa1   1,540       So. Ocean Cnty. Hosp., Ser. A, 6.25%, 7/01/23   08/04 @ 101   1,559,697  
    Aaa   1,960   Newark Hlth. Care Fac., New Cmty. Urban Renewal Proj., Ser. A, 5.20%,          
                6/01/30   06/12 @ 102   2,007,452  
    AAA   8,000   Port Auth. of NY & NJ, Spec. Oblig., JFK Intl. Air Term. 6, 5.75%,          
                12/01/22, MBIA   12/07 @ 102   8,681,360  
    BBB   18,000   Tobacco Settlement Fin. Corp., 6.125%, 6/01/42   06/12 @ 100   14,449,860  
            Trenton Pkg. Auth., FGIC,        
    AAA   5,465       5.00%, 4/01/25   04/11 @ 100   5,531,891  
    AAA   2,000       5.00%, 4/01/30   04/11 @ 100   2,005,240  
            Vineland, GO, MBIA,        
    AAA   1,500       5.30%, 5/15/30   05/10 @ 101   1,534,875  
    AAA   1,500       5.375%, 5/15/31   05/10 @ 101   1,539,570  
                   
 
                    117,289,378  
                   
 
            Delaware—9.4%        
            Charter Mac Equity Issuer Trust,        
    A3   7,000 3,4     Ser. A-2, 6.30%, 6/30/49   06/09 @ 100   7,574,350  
    Baa1   2,500 3,4     Ser. B-1, 6.80%, 11/30/50   11/10 @ 100   2,751,075  
                   
 
                    10,325,425  
                   
 
            Maryland—4.9%        
            MuniMae TE Bond Subsidiary, LLC,        
    NR   3,000 3,4,5     Ser. A, 6.30%, 6/30/49   06/09 @ 100   3,210,660  
    NR   2,000 3,4,5     Ser. B, 6.80%, 6/30/50   11/10 @ 100   2,146,480  
                   
 
                    5,357,140  
                   
 

BlackRock New Jersey Municipal Income Trust (BNJ) (continued)

   
Principal
 
   
Amount
Option Call
 
   
Rating1
(000)
Description
Provisions2
Value
  
          Puerto Rico—31.1%        
            Puerto Rico Hsg. Fin. Corp., Home Mtg. Rev.,        
    AAA   2,855       Ser. A, 5.20%, 12/01/33   06/11 @ 100   2,880,238  
    AAA   2,855       Ser. B, 5.30%, 12/01/28   06/11 @ 100   2,871,017  
    A   5,800   Puerto Rico Hwy. & Transp. Auth., Ser. D, 5.25%, 7/01/38   07/12 @ 100   5,833,524  
            Puerto Rico Pub. Bldgs. Auth., Ser. D,        
    AAA   5,000       Zero Coupon, 7/01/31, AMBAC   07/17 @ 100   3,437,600  
    A-   4,765 6     Gov’t Facs., 5.25%, 7/01/12   N/A   5,322,600  
    A-   1,735       Gov’t Facs., 5.25%, 7/01/36   07/12 @ 100   1,750,633  
            Puerto Rico Pub. Fin. Corp., Ser. E,        
    BBB+   4,000 6     5.70%, 2/01/10   N/A   4,499,960  
    BBB+   7,040 6     5.75%, 2/01/07   N/A   7,633,824  
                   
 
                    34,229,396  
                   
 
            Total Long-Term Investments (cost $164,741,483)       167,201,339  
                   
 
       
          
        Shares         
        (000)                
       
 		              
            MONEY MARKET FUND—4.6%       
        5,050   AIM Tax Free Investment Co. Cash Reserve Portfolio, (cost $5,050,000)   N/A   5,050,000  
                   
 
            Total Investments—156.8% (cost $169,791,483)       172,251,339  
            Other assets in excess of liabilities—1.3%       1,400,837  
            Preferred shares at redemption value, including dividends payable—(58.1)%       (63,803,668)  
                   
 
            Net Assets Applicable to Common Shareholders—100%      
$
 109,848,508  
                   
 
   
1   Using the higher of Standard & Poor’s, Moody’s Investors Service or Fitch Ratings ratings.  
2   Date (month/year) and price of the earliest call or redemption. There may be other call provisions at varying prices at later dates.  
3   Entire or partial principal amount pledged as collateral for financial futures contracts.  
4   Security is not registered under the Securities Act of 1933. These securities may be resold in transactions in accordance with Rule 144A under that Act, to qualified institutional buyers. As of July 31, 2004, the Trust held 14.3% of its net assets, with a current market value of $15,682,565, in securities restricted as to resale.  
5   Security is deemed to be of investment grade quality by the investment advisor.  
6   This bond is prerefunded. 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. 
 
 

KEY TO ABBREVIATIONS

AMBAC  —  American Municipal Bond Assurance Corporation FSA    —  Financial Security Assurance
COP  —  Certificate of Participation GO   —  General Obligation
FGIC  —  Financial Guaranty Insurance Company   MBIA    —  Municipal Bond Insurance Association

Item 2. Controls and Procedures

(a) The registrant's principal executive officer and principal financial officer have evaluated the registrant's disclosure controls and procedures within 90 days of this filing and have concluded that the registrant’s disclosure controls and procedures are effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-Q was recorded, processed, summarized, and reported timely.

(b) The registrant's principal executive officer and principal financial officer are aware of no changes in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

Item 3. Exhibits.

(a) Separate certifications of Principal Executive and Financial Officers pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

SIGNATURES

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.

(Registrant) BlackRock New Jersey Municipal Income Trust
 
 

 

By: /s/ Henry Gabbay  
 
 
Name: Henry Gabbay  
Title: Treasurer  
Date: September 28, 2004  

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/ Robert S. Kapito  
 
 
Name: Robert S. Kapito  
Title: Principal Executive Officer  
Date: September 28, 2004  

 

By: /s/ Henry Gabbay  
 
 
Name: Henry Gabbay  
Title: Principal Financial Officer  
Date: September 28, 2004