UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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)
BlackRock New Jersey Municipal Income Trust
Registrant's telephone number, including area code:_888-825-2257__________________
Date of fiscal year end: October 31, 2005Date of reporting period:__January 31, 2005_________________________________
Item 1. Schedule of Investments.
The registrant’s unaudited schedule of investments as of the close of the reporting period pursuant to Rule 30b1-5 under the Investment Company Act of 1940 is as follows:
PORTFOLIO OF INVESTMENTS (unaudited)
JANUARY
31, 2005
BlackRock New Jersey Municipal Income Trust (BNJ)
| Principal | ||||||
| Amount | Option Call | |||||
| Rating1 | (000) | Provisions2 | Value | |||
| LONG-TERM INVESTMENTS—152.5% | ||||||
| Multi-State—13.4% | ||||||
| Charter Mac Equity Issuer Trust, | ||||||
| A3 | $ 7,000 | 3 | Ser. A-2, 6.30%, 6/30/49 | 06/09 @ 100 | $ 7,509,950 | |
| Baa1 | 2,500 | 3 | Ser. B-1, 6.80%, 11/30/50 | 11/10 @ 100 | 2,749,900 | |
| MuniMae TE Bond Subsidiary, LLC, | ||||||
| A3 | 3,000 | 3 | Ser. A-1, 6.30%, 6/30/49 | 06/09 @ 100 | 3,197,550 | |
| Baa1 | 2,000 | 3 | Ser. B-1, 6.80%, 6/30/50 | 11/10 @ 100 | 2,197,500 | |
| New Jersey—111.3% | 15,654,900 | |||||
| Cherry Hill Twnshp., GO, | ||||||
| AA- | 4,065 | 5.00%, 7/15/22 | 07/11 @ 100 | 4,303,494 | ||
| AA- | 4,275 | 5.00%, 7/15/23 | 07/11 @ 100 | 4,503,413 | ||
| AAA | 12,600 | Garden St. Presvtn. Trust, Open Space & Farmland Presvtn. Proj., | ||||
| Zero Coupon, 11/01/26, FSA | No Opt. Call | 4,578,714 | ||||
| Middlesex Cnty. Impvt. Auth., | ||||||
| AAA | 1,400 | Admin. Bldg. Res. Proj., 5.35%, 7/01/34 | 07/11 @ 100 | 1,480,752 | ||
| AAA | 4,470 | New Brunswick Apts. Rental Hsg. Proj., 5.30%, 8/01/35 | 08/12 @ 100 | 4,603,608 | ||
| BBB- | 2,500 | Middlesex Cnty. Poll. Ctrl. Auth. Rev., Amerada Hess Proj., 6.05%, 9/15/34 | 09/14 @ 100 | 2,662,550 | ||
| New Jersey Econ. Dev. Auth., | ||||||
| BBB | 5,000 | Cigarette Tax Rev., 5.75%, 6/15/34 | 06/14 @ 100 | 5,267,350 | ||
| B | 3,450 | Continental Airlines, Inc. Proj., 7.00%, 11/15/30 | 11/10 @ 101 | 2,976,557 | ||
| B | 2,000 | Continental Airlines, Inc. Proj., 7.20%, 11/15/30 | 11/10 @ 101 | 1,767,900 | ||
| BBB- | 2,630 | First Mtg. Fellowship Vlg. Proj., Ser. C., 5.50%, 1/01/18 | 01/09 @ 102 | 2,663,007 | ||
| BBB- | 4,050 | First Mtg. Winchester Proj., Ser. A, 5.75%, 11/01/24 | 11/14 @ 100 | 4,230,184 | ||
| Baa3 | 2,500 | Kapkowski Road Landfill Proj., 6.50%, 4/01/28 | No Opt. Call | 2,920,700 | ||
| Baa3 | 5,000 | Kapkowski Road Landfill Proj., 6.50%, 4/01/31 | No Opt. Call | 5,780,850 | ||
| A+ | 2,000 | Masonic Charity Fndtn. Proj., 5.50%, 6/01/31 | 06/11 @ 102 | 2,171,460 | ||
| BBB | 2,000 | Sld. Wst. Rev., Disp. Wst. Mgmt. Proj., Ser. A, 5.30%, 6/01/15 | No Opt. Call | 2,109,420 | ||
| Aaa | 1,950 | Victoria Hlth. Proj., Ser. A, 5.20%, 12/20/36 | 12/11 @ 103 | 2,083,497 | ||
| New Jersey Edl. Facs. Auth., | ||||||
| BBB- | 1,000 | Fairleigh Dickinson Univ. Proj., Ser. C, 5.50%, 7/01/23 | 07/14 @ 100 | 1,055,560 | ||
| BBB- | 2,000 | Fairleigh Dickinson Univ. Proj., Ser. C, 6.00%, 7/01/20 | 07/14 @ 100 | 2,194,220 | ||
| BBB- | 3,000 | Fairleigh Dickinson Univ. Proj., Ser. D, 6.00%, 7/01/25 | 07/13 @ 100 | 3,259,560 | ||
| BBB+ | 2,120 | Georgian Court Coll. Proj., Ser. C, 6.50%, 7/01/33 | 07/13 @ 100 | 2,387,205 | ||
| New Jersey Hlth. Care Fac. Fin. Auth., | ||||||
| A | 4,500 | Atlantic City Med. Ctr. Proj., 5.75%, 7/01/25 | 07/12 @ 100 | 4,798,395 | ||
| A+ | 3,000 | Catholic Hlth. East Proj., Ser. A, 5.375%, 11/15/33 | 11/12 @ 100 | 3,126,540 | ||
| A2 | 10,000 | 4 | Kennedy Hlth. Sys. Proj., 5.625%, 7/01/31 | 07/11 @ 100 | 10,620,100 | |
| Baa1 | 1,960 | So. Jersey Hosp. Proj., 6.00%, 7/01/26 | 07/12 @ 100 | 2,087,537 | ||
| Baa1 | 5,500 | So. Jersey Hosp. Proj., 6.00%, 7/01/32 | 07/12 @ 100 | 5,840,340 | ||
| BBB+ | 1,540 | So. Ocean Cnty. Hosp. Proj., Ser. A, 6.25%, 7/01/23 | 03/05 @ 101 | 1,560,066 | ||
| Aaa | 1,950 | Newark Hlth. Care Fac., New Cmty. Urban Renewal Proj., Ser. A, 5.20%, 6/01/30 | 06/12 @ 102 | 2,085,116 | ||
| AAA | 8,000 | Port Auth. of NY & NJ, Spec. Oblig., JFK Intl. Air Term. 6 Proj., 5.75%, 12/01/22, MBIA | 12/07 @ 102 | 8,684,080 | ||
| BBB | 18,000 | Tobacco Settlement Fin. Corp., 6.125%, 6/01/42 | 06/12 @ 100 | 17,153,280 | ||
| Trenton Pkg. Auth., FGIC, | ||||||
| AAA | 5,465 | 5.00%, 4/01/25 | 04/11 @ 100 | 5,742,239 | ||
| AAA | 1,500 | 5.00%, 4/01/30 | 04/11 @ 100 | 1,556,220 | ||
| AAA | 1,000 | Univ. Medicine & Dentistry, COP, 5.00%, 6/15/36, MBIA | 06/14 @ 100 | 1,047,170 | ||
| Vineland, GO, MBIA, | ||||||
| AAA | 1,500 | 5.30%, 5/15/30 | 05/10 @ 101 | 1,585,740 | ||
| AAA | 1,500 | 5.375%, 5/15/31 | 05/10 @ 101 | 1,589,550 | ||
| 130,476,374 | ||||||
| Puerto Rico—27.8% | ||||||
| Puerto Rico Hsg. Fin. Corp., Home Mtg. Rev., | ||||||
| AAA | 2,735 | Ser. A, 5.20%, 12/01/33 | 06/11 @ 100 | 2,802,309 | ||
| AAA | 2,735 | Ser. B, 5.30%, 12/01/28 | 06/11 @ 100 | 2,792,216 | ||
| A | 3,800 | Puerto Rico Hwy. & Transp. Auth., Ser. D, 5.25%, 7/01/38 | 07/12 @ 100 | 3,992,432 | ||
| Puerto Rico Pub. Bldgs. Auth., Ser. D, | ||||||
| AAA | 5,000 | Zero Coupon, 7/01/31, AMBAC | 07/17 @ 100 | 3,768,550 | ||
| A- | 4,765 | 5 | Gov't Facs., 5.25%, 7/01/36 | N/A | 5,341,374 | |
| A- | 1,735 | Gov't Facs., 5.25%, 7/01/36 | 07/12 @ 100 | 1,826,209 | ||
| Puerto Rico Pub. Fin. Corp., Ser. E, | ||||||
| Aaa | 4,000 | 5 | 5.70%, 2/01/10 | N/A | 4,517,280 | |
| Aaa | 7,040 | 5 | 5.75%, 2/01/07 | N/A | 7,496,614 | |
| 32,536,984 | ||||||
| Total Long-Term Investments (cost $168,066,731) | 178,668,258 | |||||
1
BlackRock New Jersey Municipal Income Trust (BNJ) (continued)
| Shares | Option Call | |||||
| Rating1 | (000) | Provisions2 | Value | |||
| Money Market Fund—0.6% | ||||||
| 750 | AIM Tax Free Investment Co. Cash Reserve Portfolio, (cost $750,000) | N/A | $ 750,000 | |||
| Total Investments—153.1% (cost $168,816,731) | $179,418,258 | |||||
| Other assets in excess of liabilities—1.3% | 1,573,098 | |||||
| Preferred shares at redemption value, including dividends payable—(54.4)% | (63,812,585 | ) | ||||
| Net Assets Applicable to Common Shareholders—100% | $ 117,178,771 | |||||
|
|
|||
| 1 | Using the higher of Standard & Poor’s, Moody’s Investors Service or Fitch’s rating. | ||
| 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 | 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 January 31, 2005, the Trust held 13.4% of its net assets, with a current market value of $15,654,900, in securities restricted as to resale. | ||
| 4 | Entire or partial principal amount pledged as collateral for financial futures contracts. | ||
| 5 | This bond is prerefunded. U.S. government securities, held in escrow, are used to pay interest on this security, as well as retire the bond in full at the date indicated, typically at a premium to par. | ||
| KEY TO ABBREVIATIONS | |||||
| AMBAC | — | American Municipal Bond Assurance Corp. | FSA | — | Financial Security Assurance |
| COP | — | Certificate of Participation | GO | — | General Obligation |
| FGIC | — | Financial Guaranty Insurance Co. | MBIA | — | Municipal Bond Insurance Assoc. |
2
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.Separate certifications of the registrant’s principal executive and financial officers pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 are attached as EX-99.CERT.
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: April 1, 2005
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: April 1, 2005
By: /s/ Henry Gabbay
Name: Henry Gabbay
Title: Principal Financial Officer
Date: April 1, 2005