-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, QI+bXAry5Q39HVQ4o8kssj2NcMMElLBxmciscX3iXapIDfKUxAyhjtxiTXiNuQ7t LB6ayhv4awssbyJ7p92E4w== 0000930413-00-000634.txt : 20000403 0000930413-00-000634.hdr.sgml : 20000403 ACCESSION NUMBER: 0000930413-00-000634 CONFORMED SUBMISSION TYPE: DEF 14A PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20000518 FILED AS OF DATE: 20000331 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BLACKROCK NEW JERSEY INVESTMENT QUALITY MUNICIPAL TRUST INC CENTRAL INDEX KEY: 0000902731 STANDARD INDUSTRIAL CLASSIFICATION: UNKNOWN SIC - 0000 [0000] IRS NUMBER: 133710958 STATE OF INCORPORATION: MD FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: SEC FILE NUMBER: 811-07670 FILM NUMBER: 590417 BUSINESS ADDRESS: STREET 1: 100 MULBERRY ST CITY: NEWARK STATE: NJ ZIP: 07102 BUSINESS PHONE: 2122141250 MAIL ADDRESS: STREET 1: ONE SEAPORT PLAZA STREET 2: ONE SEAPORT PLAZA CITY: NEW YORK STATE: NY ZIP: 10292 DEF 14A 1 DEFINITIVE 14A SCHEDULE 14A (Rule 14a-101) INFORMATION REQUIRED IN PROXY STATEMENT SCHEDULE 14A INFORMATION Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 Filed by the registrant |X| Filed by a party other than the registrant |_| Check the appropriate box: |_| Preliminary proxy statement |X| Definitive proxy statement |_| Definitive additional materials |_| Soliciting material pursuant to Rule 14a-11(c) or Rule 14a-12 The BlackRock New Jersey Investment Quality Municipal Trust Inc. - -------------------------------------------------------------------------------- (Name of Registrant as Specified in Its Charter) Not Applicable - -------------------------------------------------------------------------------- (Name of Person(s) Filing Proxy Statement) Payment of filing fee (Check the appropriate box): |X| No fee required. |_| Fee computed on table below per Exchange Act Rules 14a-(i)(4) and 0-11. (1) Title of each class of securities to which transaction applies: Common Stock, par value $0.01 per share and Auction Rate Municipal Preferred Stock, liquidation preference $25,000 per share. - -------------------------------------------------------------------------------- (2) Aggregate number of securities to which transactions applies: 1,007,093 shares of Common Stock, par value $0.01 per share and 300 shares of Auction Rate Municipal Preferred Stock, liquidation preference $25,000 per share. - -------------------------------------------------------------------------------- (3) Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11: N/A - -------------------------------------------------------------------------------- (4) Proposed maximum aggregate value of transaction: N/A - -------------------------------------------------------------------------------- (5) Total fee paid: N/A - -------------------------------------------------------------------------------- |_| Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the form or schedule and the date of its filing. (1) Amount previously paid: - -------------------------------------------------------------------------------- (2) Form, schedule or registration statement no.: - -------------------------------------------------------------------------------- (3) Filing party: - -------------------------------------------------------------------------------- (4) Date filed: - -------------------------------------------------------------------------------- [GRAPHIC OMITTED] THE BLACKROCK INVESTMENT QUALITY MUNICIPAL TRUST INC. ("BKN") THE BLACKROCK INSURED MUNICIPAL 2008 TERM TRUST INC. ("BRM") THE BLACKROCK CALIFORNIA INSURED MUNICIPAL 2008 TERM TRUST INC. ("BFC") THE BLACKROCK FLORIDA INSURED MUNICIPAL 2008 TERM TRUST ("BRF") THE BLACKROCK NEW YORK INSURED MUNICIPAL 2008 TERM TRUST INC. ("BLN") THE BLACKROCK BROAD INVESTMENT GRADE 2009 TERM TRUST INC. ("BCT") 800 SCUDDERS MILL ROAD PLAINSBORO, NEW JERSEY 08536 THE BLACKROCK INCOME TRUST INC. ("BKT") THE BLACKROCK HIGH YIELD TRUST ("BHY") THE BLACKROCK TARGET TERM TRUST INC. ("BTT") THE BLACKROCK INVESTMENT QUALITY TERM TRUST INC. ("BQT") THE BLACKROCK ADVANTAGE TERM TRUST INC. ("BAT") THE BLACKROCK MUNICIPAL TARGET TERM TRUST INC. ("BMN") THE BLACKROCK CALIFORNIA INVESTMENT QUALITY MUNICIPAL TRUST INC. ("RAA") THE BLACKROCK FLORIDA INVESTMENT QUALITY MUNICIPAL TRUST ("RFA") THE BLACKROCK NEW JERSEY INVESTMENT QUALITY MUNICIPAL TRUST INC. ("RNJ") THE BLACKROCK NEW YORK INVESTMENT QUALITY MUNICIPAL TRUST INC. ("RNY") GATEWAY CENTER THREE 100 MULBERRY STREET NEWARK, NEW JERSEY 07102 THE BLACKROCK INSURED MUNICIPAL TERM TRUST INC. ("BMT") THE BLACKROCK 2001 TERM TRUST INC. ("BTM"-PREVIOUSLY "BLK") 1285 AVENUE OF THE AMERICAS NEW YORK, NEW YORK 10019 THE BLACKROCK STRATEGIC TERM TRUST INC. ("BGT") TWO WORLD TRADE CENTER NEW YORK, NEW YORK 10048 THE BLACKROCK PENNSYLVANIA STRATEGIC MUNICIPAL TRUST ("BPS") THE BLACKROCK STRATEGIC MUNICIPAL TRUST ("BSD") 400 BELLEVUE PARKWAY WILMINGTON, DE 19809 ---------------- NOTICE OF JOINT ANNUAL MEETING OF STOCKHOLDERS ---------------- TO BE HELD ON MAY 18, 2000 To the Stockholders of BKN, BRM, BFC, BRF, BLN, BCT, BKT, BHY, BTT, BQT, BAT, BMN, RAA, RFA, RNJ, RNY, BMT, BTM, BGT, BPS and BSD (collectively, the "Trusts"): The Joint Annual Meeting of Stockholders of the Trusts will be held at One Seaport Plaza, New York, New York on May 18, 2000 at 10:00 a.m. (New York Time) for the following purposes: 1. With respect to BHY, BKN, BRM, BFC, BRF, BLN, BTT and BTM, to elect two Directors (Trustees for BRF) and with respect to BCT, BKT, BQT, BAT, BMN, RAA, RFA, RNJ, RNY, BMT and BGT, to elect three Directors (Trustees for RFA) and each to hold office for the term indicated until his successor shall have been elected and qualified; with respect to BPS and BSD to elect eight Trustees, each to hold office for the term indicated and until his successor shall have been elected and qualified; 2. To consider and act upon the ratification of the selection of Deloitte & Touche LLP as independent auditors of each of the Trusts for the fiscal year ending June 30, 2000 with respect to BTM, for the fiscal year ending October 31, 2000 with respect to BKN, BCT, RAA, RFA, RNJ, RNY, BHY and BKT for the fiscal year ending December 31, 2000 with respect to BRM, BLN, BFC, BRF, BTT, BAT, BGT, BMN, BQT, BPS, BSD and BMT; 3. To transact such other business as may properly come before the meeting or any adjournments thereof. THE BOARD OF DIRECTORS OR TRUSTEES (THE "BOARD") OF EACH TRUST RECOMMENDS THAT YOU VOTE "FOR" PROPOSALS ONE AND TWO. We encourage you to contact BlackRock at (800) 227-7BFM (7236) if you have any questions. The stock transfer books will not be closed, but in lieu thereof, the respective Board of Directors or Trustees have fixed the close of business on February 29, 2000 as the record date for the determination of stockholders entitled to notice of, and to vote at, the meeting. By order of the respective Board of Directors or Trustees Karen H. Sabath, Secretary New York, New York March 31, 2000 - -------------------------------------------------------------------------------- IT IS IMPORTANT THAT YOUR SHARES BE REPRESENTED AT THE MEETING IN PERSON OR BY PROXY; IF YOU DO NOT EXPECT TO ATTEND THE MEETING, PLEASE COMPLETE, DATE, SIGN AND RETURN THE APPROPRIATE ENCLOSED PROXY OR PROXIES IN THE ACCOMPANYING ENVELOPE PROVIDED FOR YOUR CONVENIENCE, WHICH REQUIRES NO POSTAGE IF MAILED IN THE UNITED STATES. - -------------------------------------------------------------------------------- THE BLACKROCK INVESTMENT QUALITY MUNICIPAL TRUST INC. THE BLACKROCK INSURED MUNICIPAL 2008 TERM TRUST INC. THE BLACKROCK CALIFORNIA INSURED MUNICIPAL 2008 TERM TRUST INC. THE BLACKROCK FLORIDA INSURED MUNICIPAL 2008 TERM TRUST THE BLACKROCK NEW YORK INSURED MUNICIPAL 2008 TERM TRUST INC. THE BLACKROCK BROAD INVESTMENT GRADE 2009 TERM TRUST INC. 800 SCUDDERS MILL ROAD PLAINSBORO, NEW JERSEY 08536 THE BLACKROCK INCOME TRUST INC. THE BLACKROCK HIGH YIELD TRUST THE BLACKROCK TARGET TERM TRUST INC. THE BLACKROCK INVESTMENT QUALITY TERM TRUST INC. THE BLACKROCK ADVANTAGE TERM TRUST INC. THE BLACKROCK MUNICIPAL TARGET TERM TRUST INC. THE BLACKROCK CALIFORNIA INVESTMENT QUALITY MUNICIPAL TRUST INC. THE BLACKROCK FLORIDA INVESTMENT QUALITY MUNICIPAL TRUST THE BLACKROCK NEW JERSEY INVESTMENT QUALITY MUNICIPAL TRUST INC. THE BLACKROCK NEW YORK INVESTMENT QUALITY MUNICIPAL TRUST INC. GATEWAY CENTER THREE 100 MULBERRY STREET NEWARK, NEW JERSEY 07102 THE BLACKROCK INSURED MUNICIPAL TERM TRUST INC. THE BLACKROCK 2001 TERM TRUST INC. 1285 AVENUE OF THE AMERICAS NEW YORK, NEW YORK 10019 THE BLACKROCK STRATEGIC TERM TRUST INC. TWO WORLD TRADE CENTER NEW YORK, NEW YORK 10048 THE BLACKROCK PENNSYLVANIA STRATEGIC MUNICIPAL TRUST THE BLACKROCK STRATEGIC MUNICIPAL TRUST 400 BELLEVUE PARKWAY WILMINGTON, DE 19809 ---------------- JOINT PROXY STATEMENT ---------------- FOR THE ANNUAL MEETING OF STOCKHOLDERS TO BE HELD ON MAY 18, 2000 1 INTRODUCTION This joint proxy statement is furnished in connection with the solicitation by the respective Board of Directors or Trustees, as the case may be (the "Board"), of each of the Trusts of proxies to be voted at the Joint Annual Meeting of Stockholders or Shareholders, as the case may be, (the "Meeting") of the Trusts to be held at One Seaport Plaza, New York, New York, on May 18, 2000 at 10:00 a.m. (New York Time), and at any adjournments thereof, for the purposes set forth in the accompanying Notice of Joint Annual Meeting of Stockholders. Any such adjournment will require the affirmative vote of a majority of the shares present in person or by proxy to be voted at the Meeting. The persons named as proxies will vote in favor of any such adjournment those proxies which instruct them to vote in favor of any of the proposals. Conversely, they will vote against any such adjournment any proxies which instruct them to vote against the proposals. As used in the Notice of Joint Annual Meeting of Stockholders and as used herein, the term "Directors" shall include Trustees and the term "Stockholders" shall include Shareholders where the use of the terms "Trustees" or "Shareholders" would otherwise be appropriate. The Meeting is scheduled as a joint meeting of the respective stockholders of the Trusts because the stockholders of all the Trusts are expected to consider and vote on similar matters. The Board of each Trust has determined that the use of a joint Proxy Statement for the Meeting is in the best interest of each Trust's stockholders. In the event that any stockholder present at the Meeting objects to the holding of a joint meeting and moves for an adjournment of his Trust's meeting to a time immediately after the Meeting so that his Trust's meeting may be held separately, the persons named as proxies will vote in favor of such adjournment. Stockholders of each Trust will vote separately on each of the Proposals relating to their Trust, and an unfavorable vote on a Proposal by the stockholders of one Trust will not affect the implementation of such a Proposal by another Trust if the Proposal is approved by the stockholders of that Trust. The cost of soliciting proxies will be borne by each of the Trusts in proportion to the amount of proxies solicited on behalf of each Trust. In addition, certain officers, directors and employees of each of the Trusts, Dean Witter InterCapital Inc., Prudential Investments Fund Management LLC, Princeton Administrators L.P. (formerly Middlesex Administrators L.P.,), Mitchell Hutchins Asset Management Inc., BlackRock Advisors, Inc., (the "Advisor") (none of whom will receive additional compensation therefor) may solicit proxies by telephone or mail. In addition, certain of the Trusts may employ Georgeson Shareholder Communications Inc. pursuant to its standard contract as proxy solicitor, the cost of which will be borne proportionately by each of the Trusts and is estimated to be approximately $3,500 per Trust. The Advisor is located at 400 Bellevue Parkway, Wilmington, Delaware 19809. All properly executed proxies received prior to the Meeting will be voted at the Meeting in accordance with the instructions marked thereon or otherwise as provided therein. Abstentions will be counted as present but not voting with respect to those proposals from which a stockholder abstains. Broker non-votes will be treated as shares that are present for purposes of determining whether a quorum is present and may be voted on Proposals 1 and 2. Unless instructions to the contrary are marked, shares represented by all properly executed proxies will be voted "FOR" Proposals one and two. Any proxy may be revoked at any time prior to the exercise thereof by submitting another proxy bearing a later date or by giving written notice to the Secretary of the applicable Trusts at the applicable address indicated above or by voting in person at the Meeting. Some proposals require more votes than others to be approved. With respect to each of the Trusts an affirmative vote of a simple majority of the shares present and voting at the meeting at which a quorum is 2 present is necessary to ratify the selection of independent auditors. The affirmative vote of a plurality of the shares present at the meeting at which a quorum is present is necessary to elect the Director nominees. The Board of each Trust knows of no business other than that specifically mentioned in the Notice of Meeting which will be presented for consideration at the Meeting. If any other matters are properly presented, it is the intention of the persons named in the enclosed proxy to vote thereon in accordance with their best judgment. The Board of each Trust has fixed the close of business on February 29, 2000, as the record date for the determination of stockholders of each Trust entitled to notice of and to vote at the Meeting or any adjournment thereof. Stockholders of each Trust on that date will be entitled to one vote on each matter to be voted on by that Trust for each share held and a fractional vote with respect to fractional shares with no cumulative voting rights. The holders of any Trust's Auction Rate Municipal Preferred Stock will have equal voting rights with the holders of that Trust's common stock (i.e., one vote per share), and will vote together with the holders of common stock as a single class on the proposals to elect Directors and ratify the independent accountants, except that the holders of Auction Rate Municipal Preferred Stock of each Trust which is electing Class I or II directors at this meeting, voting separately as a class, will elect two Directors. The two Directors that have been designated as representing the holders of each respective Trust's Auction Rate Municipal Preferred Stock are Richard E. Cavanagh and Frank J. Fabozzi (see "Proposal No. 1-Election of Directors," below). Pursuant to the rules promulgated by the Securities and Exchange Commission the following table sets forth the proposal to be voted on by each Trust with auditors to be voted on by all Trusts. VOTE ON DIRECTORS FUND OF CLASS NUMBER --------------------------------- BRM I BFC I BRF I BLN I BKN I BCT III BMN II BHY I BTT I BAT III RAA III RFA III RNJ III RNY III BKT II BMT II BGT III BQT II BTM I BPS All BSD All 3 At the close of business on February 29, 2000, BRM had outstanding 27,207,093 shares of Common Stock, par value $0.01 per share and 8,240 shares of Auction Rate Municipal Preferred Stock, liquidation preference $25,000 per share, BLN had outstanding 11,257,093 shares of Common Stock, par value $0.01 per share and 3,420 shares of Auction Rate Municipal Preferred Stock, liquidation preference $25,000 per share, BFC had outstanding 10,407,093 shares of Common Stock, par value $0.01 per share and 3,120 shares of Auction Rate Municipal Preferred Stock, liquidation preference $25,000 per share, BRF had outstanding 8,707,093 common shares of beneficial interest, par value $0.01 per share and 2,640 Auction Rate Municipal Preferred Shares of beneficial interest, liquidation preference $25,000 per share, BKN had outstanding 16,707,093 shares of Common Stock, par value $0.01 per share and 5,200 shares of Auction Rate Municipal Preferred Stock, liquidation preference $25,000 per share, BCT had outstanding 2,957,093 shares of Common Stock, par value $0.01 per share, BMN had outstanding 45,410,639 shares of Common Stock, par value $0.01 per share and 9,000 shares of Auction Rate Municipal Preferred Stock, liquidation preference $25,000 per share, BHY had outstanding 6,306,667 common shares of beneficial interest, par value $0.01 per share, BTT had outstanding 95,460,639 shares of Common Stock, par value $0.01 per share, BAT had outstanding 9,510,667 shares of Common Stock, par value $0.01 per share, RAA had outstanding 1,007,093 shares of Common Stock, par value $0.01 per share and 300 shares of Auction Rate Municipal Preferred Stock, liquidation preference $25,000 per share, RFA had outstanding 1,127,093 common shares of beneficial interest, par value $0.01 per share and 340 Auction Rate Municipal Preferred Shares of beneficial interest, liquidation preference $25,000 per share, RNJ had outstanding 1,007,093 shares of Common Stock, par value $0.01 per share and 300 shares of Auction Rate Municipal Preferred Stock, liquidation preference $25,000 per share, RNY had outstanding 1,307,093 shares of Common Stock, par value $0.01 per share and 392 shares of Auction Rate Municipal Preferred Stock, liquidation preference $25,000 per share, BMT had outstanding 25,885,639 shares of Common Stock, par value $0.01 per share and 5,200 shares of Auction Rate Municipal Preferred Stock, liquidation preference $25,000 per share, BKT had outstanding 62,849,878 shares of Common Stock, par value $0.01 per share, BGT had outstanding 57,510,639 shares of Common Stock, par value $0.01 per share, BQT had outstanding 36,810,640 shares of Common Stock, par value $0.01 per share, BTM had outstanding 142,010,583 shares of Common Stock, par value $0.01 per share, BPS had outstanding 2,015,492 common shares of beneficial interest, par value $.001 per share and 700 shares of Auction Rate Municipal Preferred shares of beneficial interest, liquidation preference $25,000 per share and BSD had outstanding 7,241,931 common shares of beneficial interest, par value $.001 per share and 2,480 shares of Auction Rate Municipal Preferred shares of beneficial interest, liquidation preference $25,000 per share. For each Trust, the class or classes of stock listed above are the only authorized class or classes of stock. The principal executive offices of BRM, BLN, BFC, BRF, BCT and BKN are located at 800 Scudders Mill Road, Plainsboro, New Jersey 08536, the principal executive offices of BMN, BHY, BTT, BAT, RAA, RFA, RNJ, RNY, BKT and BQT are located at Gateway Center Three, 100 Mulberry Street, Newark, New Jersey 07102, the principal executive offices of BGT are located at Two World Trade Center, New York, New York 10048, the principal executive offices of BMT and BTM are located at 1285 Avenue of the Americas, New York, New York 10019 and the principal executive offices of BPS and BSD are located at 400 Bellevue Parkway, Wilmington, DE 19809. The enclosed proxy or proxies and this proxy statement are first being sent to the Trusts' stockholders on or about March 31, 2000. Each Trust will furnish, without charge, a copy of such Trust's most recent Annual Report and the most recent Semi-Annual Report succeeding the Annual Report, if any, to any stockholder upon request, provided such Annual or Semi-Annual Report is not enclosed herein. Requests should be directed to 400 Bellevue Parkway, Wilmington, DE 19809 (telephone number (800) 227-7BFM(7236)). 4 As of February 29, 2000, to the knowledge of each Trust, no person beneficially owned more than 5% of any Trust, except that 5,533,200 of the outstanding common shares of BTT (or 5.8% of the outstanding common shares) are held by Credit Suisse First Boston, which is located at Uetlibergstrasse 231, P.O. Box 900, CH-8045 Zurich, Switzerland, 17,967,200 of the outstanding common shares of BTM (or 12.7% of the outstanding common shares) are held by The Progressive Corporation, which is located at 6300 Wilson Mills Road, Mayfield Village, OH 44143, 242,400 of the outstanding common shares of RAA (or 24.07% of the outstanding common shares) are jointly held by M.H. Whittier Corporation, James E. Greene, Arlo G. Sorensen, Michael J. Casey and Whittier Trust Company, all of whom are located at 1600 Huntington Drive, South Pasadena, California 91030, 178,300 of the outstanding common shares of BCT (or 6.03% of the outstanding common shares) and 945,472 of the outstanding common shares of BAT (or 9.94% of the outstanding common shares) are held by Karpus Management, Inc. which is located at 14 Tobey Village Office Park, Pittsford, New York 14534, 3,526,800 of the outstanding common shares of BGT (or 6.1% of the outstanding common shares) and 11,254,600 of the outstanding common shares of BTM (or 7.9% of the outstanding common shares) are held by the Federal Home Loan Mortgage Corporation which is located at 8200 Jones Branch Drive, Mclean, Virginia 22102, 13,291,500 of the outstanding common shares of BTM (or 9.4% of the outstanding common shares) are held by Tattersall Advisory Group, Inc. which is located at 6802 Paragon Place, Suite 200, Richmond, Virginia 23230-1655 and 8,034,880 of the outstanding common shares of BGT (or 14.0% of the outstanding common shares) are held by First Union Corporation (formerly Tattersall Advisory Group, Inc.), which is located at One First Union Center, Charlotte, North Carolina 28288-0137. PROPOSAL NO. 1. ELECTION OF DIRECTORS With respect to BHY, BKN, BRM, BFC, BRF, BLN, BTT and BTM at the Meeting, Class I Directors will be elected to serve for a term of three years and until their successors are elected and qualify. With respect to BKT, BQT, BMN and BMT and at the Meeting, Class II Directors will be elected to serve for a term of three years and until their successors are elected and qualify. With respect to BCT, BAT, RAA, RFA, RNJ, RNY and BGT, at the Meeting, Class III Directors will be elected to serve for a term of three years and until their successors are elected and qualify. There are only two or three nominees with respect to each of the Trusts because each Trust's Board is classified into three classes and only one class is being elected at the Meeting. The other classes will be elected at subsequent annual meetings of stockholders. With respect to BPS and BSD, at the Meeting, eight Directors will be elected to serve for varying terms of one, two or three years as indicated below by Classes I, II or III, respectively, and until their successors are elected and qualified. In addition, with respect to BTM, BAT, BCT and BGT, respectively, nominees elected as Directors of BTM, BAT, BCT and BGT, respectively, will be appointed by BTM, BAT, BCT and BGT, respectively, to serve as Directors of their respective wholly-owned subsidiaries, BLK Subsidiary Inc. ("BTMS"), BAT Subsidiary Inc. ("BATS"), BCT Subsidiary Inc. ("BCTS") and BGT Subsidiary Inc. ("BGTS"), each of which has identical investment objectives and policies to BTM, BAT, BCT and BGT, respectively. For each of the Trusts, the affirmative vote of a plurality of the shares present at the Meeting at which a quorum is present is required to elect the nominees representing the common stock and for each Trust with a class of Auction Rate Municipal Preferred Stock, the affirmative vote of a plurality of the Auction Rate Municipal Preferred Stock shares of each Trust electing Class I or II directors at this meeting present at the Meeting is required to elect any nominees 5 representing the Auction Rate Municipal Preferred Stock. It is the intention of the persons named in the enclosed proxy to vote in favor of the election of the persons listed below. The Board of Directors of each Trust recommends that you vote "FOR" the nominees. The respective Boards of Directors of the Trusts know of no reason why any of the nominees listed below will be unable to serve, but in the event of any such unavailability, the proxies received will be voted for such substitute nominees as the respective Boards of Directors may recommend. Certain information concerning the nominees for each of the Trusts is set forth below. All of the nominees are currently Directors of each of the Trusts, including BTMS, BATS, BCTS and BGTS, and have served in such capacity since each of the Trusts commenced their respective operations except that Richard E. Cavanagh has served as Director since his appointment by the Boards (of BKN, BRM, BFC, BRF, BLN, BCT, BKT, BTT, BQT, BAT, BMN, RAA, RFA, RNJ, RNY, BMT, BTM and BGT) on August 11, 1994 to fill a vacancy and, with respect to BKT, BQT, BTT, BAT, BGT, BMN and BMT, James Clayburn LaForce, Jr. has served as Director since his election at the Trusts' annual meeting of stockholders on June 19, 1992 and Walter F. Mondale, who was previously a Director of BKN, BRM, BFC, BLN, BCT, BKT, BTT, BQT, BAT, BMN, BMT, BTM, BGT and Trustee of BRF from inception to August 12, 1993, has served as Director since his election at the Trusts' annual meeting of stockholders on April 15, 1997. Each of the directors also serves as a director of The BlackRock North American Government Income Trust Inc. ("BNA"), a closed-end registered investment company advised by the Advisor. In addition, Mr. Fink serves as a director of Anthracite Capital, Inc. and he serves on the Board of Advisory Directors for Magnetite Asset Investors L.L.C. Except as indicated, each individual has held the office shown or other offices in the same company for the last five years. The "interested" Directors (as defined by Section 2(a)(19) of the Investment Company Act of 1940) are indicated by an asterisk(*). Unless specified otherwise below, the business address of the Directors and officers of each of the Trusts and the Advisor is 345 Park Avenue, New York, New York 10154 and 400 Bellevue Parkway, Wilmington, Delaware 19809, respectively. TRUST % OF SHARES SHARES PRINCIPAL OCCUPATIONS OR OWNED OUT NAME AND AGE EMPLOYMENT IN PAST 5 YEARS (*) STANDING - -------------------- ----------------------------------- ------ -------- Andrew F. Brimmer President of Brimmer & Company, BKT 110 (1) 4400 MacArthur Blvd Inc., a Washington, D.C.-based BTT 10 N.W. Suite 302 economic and financial consulting BAT 10 Washington, DC 20007 firm. Director of CarrAmerica BGT 10 Age: 73 Realty Corporation and Borg-Warner BMN 10 Class III (**) Automotive. Formerly member of the BMT 10 Board of Governors of the Federal BRM 10 Reserve System. Formerly Director BKN 10 of AirBorne Express, BankAmerica BCT 20 Corporation (Bank of America), Bell BQT 10 South Corporation, College BTM 10 Retirement Equities Fund (Trustee), BSD 25 Commodity Exchange, Inc. (Public BHY 200 Governor), Connecticut Mutual Life Insurance Company. E.I. dupont de Nemours & Company, Equitable Life Assurance Society of the United States, Gannett Company (publishing), MNC Financial Corporation (American Security Bank), NMC Capital Management, Navistar International Corporation (truck manufacturing), and UAL Corporation (United Airlines). 6 TRUST % OF SHARES SHARES PRINCIPAL OCCUPATIONS OR OWNED OUT NAME AND AGE EMPLOYMENT IN PAST 5 YEARS (*) STANDING - -------------------- ----------------------------------- ------ -------- Richard E. Cavanagh President and Chief Executive BKN 500 (1) 845 Third Avenue Officer of The Conference Board, BKT 500 New York, NY 10022 Inc., a leading global business BTT 100 Age: 53 membership organization, from BAT 100 Class I (**) 1995-present. Former Executive Dean BGT 100 of the John F. Kennedy School of BMN 100 Government at Harvard University BMT 100 from 1988-1995. Acting Director, BRM 100 Harvard Center for Business and BLN 100 Government (1991-1993). Formerly RNY 100 Partner (principal) of McKinsey & BCT 100 Company, Inc. (1980-1988). Former BQT 100 Executive Director of Federal Cash BTM 100 Management, White House Office of BSD 500 Management and Budget (1977-1979). BHY 200 Co-author, THE WINNING PERFORMANCE (best selling management book published in 13 national editions.) Trustee, Wesleyan University, Drucker Foundation, Airplanes Group, Aircraft Finance Trust (AFT) and Educational Testing Service (ETS). Director, Arch Chemicals (chemicals), Fremont Group (investments) and The Guardian Life Insurance Company of America (insurance). Kent Dixon Consultant/Investor. Former BKT 24,000 (1) 9495 Blind Pass Road President and Chief Executive BTT 1,000 Unit #602 Officer of Empire Federal Savings BAT 100 St. Petersburg, Bank of America and Banc PLUS FL 33706 Savings Association, former BGT 100 Age: 62 Chairman of the Board, President BMN 100 Class III (**) and Chief Executive Officer of BMT 100 Northeast Savings. Former Director BRM 100 of ISFA (the owner of INVEST, a BRF 100 national securities brokerage BKN 100 service designed for banks and RFA 100 thrift institutions). BCT 100 BQT 100 BTM 100 BSD 100 BHY 5,000 7 TRUST % OF SHARES SHARES PRINCIPAL OCCUPATIONS OR OWNED OUT NAME AND AGE EMPLOYMENT IN PAST 5 YEARS (*) STANDING - -------------------- ----------------------------------- ------ -------- Frank J. Fabozzi Consultant. Editor of THE JOURNAL BKT 10 (1) 858 Tower View Circle OF PORTFOLIO MANAGEMENT and BTT 10 New Hope, PA 18938 Adjunct Professor of Finance at BAT 10 Age: 51 the School of Management at Yale BGT 10 Class II (**) University. Director, Guardian BMN 10 Mutual Funds Group. Author and BMT 10 editor of several books on fixed BRM 10 income portfolio management. BKN 10 Visiting Professor of Finance and BCT 10 Accounting at the Sloan School of BQT 10 Management, Massachusetts BTM 10 Institute of Technology from 1986 BSD 100 to August 1992. BPS 100 BHY 10 Laurence D. Fink* Chairman and Chief Executive BKT 16,680 (1) Age: 47 Officer of BlackRock Financial BTT 15,777 Class III (**) Management, Inc., BlackRock BAT 10 Advisors, Inc. and BlackRock, BGT 10 Inc. Formerly, a Managing BMN 10 Director of The First Boston BMT 10 Corporation, member of its BRM 10 Management Committee, co-head of RNJ 10 its Taxable Fixed Income Division BCT 10 and head of its Mortgage and Real BQT 10 Estate Products Group. Currently, BTM 10 Chairman of the Board and BKN 10 Director of each of BlackRock's BSD 10 Trusts, and Anthracite Capital, BHY 1,000 Inc. Trustee of New York University Medical Center, Dwight-Englewood School, National Outdoor Leadership School and Phoenix House. A Director of VIMRx Pharmaceuticals, Inc. and Innovir Laboratories, Inc. 8 TRUST % OF SHARES SHARES PRINCIPAL OCCUPATIONS OR OWNED OUT NAME AND AGE EMPLOYMENT IN PAST 5 YEARS (*) STANDING - ---------------------- --------------------------------- ------ -------- James Clayburn Dean Emeritus of The John E. BKT 10 (1) LaForce, Jr. Anderson Graduate School of BTT 10 P.O. Box 1595 Management, University of BAT 10 Pauma Valley, CA 92061 California since July 1, 1993. BGT 10 Age: 71 Director, Eli Lilly and Company BMN 10 Class I (**) (pharmaceuticals), Jacobs BMT 10 Engineering Group, Inc., Rockwell BRM 10 International Corporation, Payden BFC 3,410 & Rygel Investment Trust (mutual BKN 10 fund), Provident Investment RAA 10 Counsel Funds (investment BCT 10 companies), Timken Company BQT 10 (roller bearing and steel) and BTM 10 Motor Cargo Industries BSD 750 (transportation). Acting Dean of BHY 100 The School of Business, Hong Kong University of Science and Technology 1990-1993. From 1978 to September 1993, Dean of The John E. Anderson Graduate School of Management, University of California. Walter F. Mondale Partner, Dorsey & Whitney, a law BKT 20 (1) 220 South Sixth Street firm (December 1996-present, BTT 20 Minneapolis, MN 55402 September 1987-August 1993). BAT 20 Age: 71 Formerly, U.S. Ambassador to BGT 20 Class II (**) Japan (1993-1996). Formerly Vice BMN 20 President of the United States, BMT 20 U.S. Senator and Attorney General BQT 20 of the State of Minnesota. 1984 BTM 20 Democratic Nominee for President BRM 20 of the United States. BKN 20 BCT 20 BSD 20 BHY 300 9 TRUST % OF SHARES SHARES PRINCIPAL OCCUPATIONS OR OWNED OUT NAME AND AGE EMPLOYMENT IN PAST 5 YEARS (*) STANDING - ---------------------- --------------------------------- ------ -------- Ralph L. Schlosstein* President of BlackRock Financial BKT 6,000 (1) Age: 49 Management, Inc., BlackRock BTT 1,000 Class II (**) Advisors, Inc. and BlackRock, BAT 100 Inc. Formerly, a Managing BGT 100 Director of Lehman Brothers, Inc. BMN 100 and co-head of its Mortgage and BMT 100 Savings Institutional Group. BRM 100 Currently, President of each of BLN 100 the closed-end funds in which BKN 100 BlackRock Advisors, Inc. acts as RNY 100 investment advisor. Trustee of BCT 100 Denison University and New BQT 100 Visions for Public Education in BTM 100 New York City. A Director of the BSD 100 Pulte Corporation and a member of BHY 1,000 the Visting Board of Overseers of the John F. Kennedy School of Government at Harvard University. - ---- (1) Less than 1%. (*) If the Trust is not listed the Director does not own any shares of the Trust. (**) Only Class I Directors are being elected by BHY, BKN, BRM, BFC, BRF, BLN, BTT and BTM, only Class II Directors are being elected by BKT, BQT, BMN and BMT and only Class III Directors are being elected by BCT, BAT, RAA, RFA, RNJ, RNY and BGT. All three classes are being elected by BPS and BSD. Thus, with respect to only BPS and BSD, Class I directors will be elected to serve until the 2001 annual meeting with the position then becoming one for subsequent three year terms, Class II directors will be elected until the 2002 annual meeting with the position then becoming one for subsequent three year terms and Class III directors will be elected for three year terms as of the meeting. All Directors and officers as a group owned less than 1% of the shares of each of the Trusts as of February 29, 2000. Each Trust has an executive committee composed of Messrs. Fink and Schlosstein. None of the Trusts has a compensation or nominating committee of the Board of Directors, or committees performing similar functions. Each of the Trusts has an audit committee composed of all the Directors who are not interested persons of such Trust or the Advisor (the "Independent Directors") which is charged with recommending a firm of independent accountants to its respective Trust and reviewing accounting matters with the accountants. With respect to BTM, there were two meetings of the audit committee held between July 1, 1998 and June 30, 1999. With respect to BKT, BCT, BKN, RAA, RNJ, RNY and RFA, there were two meetings of the audit committee held between November 1, 1998 and October 31, 1999. With respect to BHY, there was one meeting of the audit committee held between the Trust's date of incorporation and October 31, 1999. With respect to BNN, BTT, BAT, BGT, BRM, BLN, BFC, BRF, BMN, BQT and BMT, there was one meeting of the audit committee held between January 1, 1999 and December 31, 1999. With respect to each of the Trusts, all members attended at least 75% of the meetings. Four meetings of the Board of Directors of BTM were held between July 1, 1998 and June 30, 1999. Four meetings of the Boards of Directors of BKT, BKN, RFA, RNJ, RNY, BCT and RAA were held between 10 November 1, 1998 and October 31, 1999. Five meetings of the Trustees of BHY were held between the Trust's date of declaration and October 31, 1999. Six meetings of the Boards of Directors of BRM, BLN, BFC, BRF, BMN and BMT were held between January 1, 1999 and December 31, 1999. Four meetings of the Boards of Directors of BAT, BTT, BGT and BQT were held between January 1, 1999 and December 31, 1999. Two meetings of the Trustees of BPS and BSD were held between the Trust's date of declaration and December 31, 1999. With respect to each of the Trusts, all Directors attended at least 75% of the meetings. In addition to Messrs. Fink and Schlosstein, all the following executive officers except Messrs. Amero, Schaney, and Klingert, hold the same position with each of the Trusts. With respect to Mr. Amero, of the Trusts, he is an officer of BTM, BQT, BCT, BTT, BAT, BGT, BHY and BKT only. With respect to Mr. Klingert, of the Trusts, he is an officer of BRM, BLN, BFC, BRF, BKN, BMN, RAA, RFA, RNJ, RNY, BPS, BSD and BMT only. With respect to Mr. Schaney, of the Trust, he is an officer of BHY only. OTHER PRINCIPAL OCCUPATIONS NAME AND AGE TITLE IN PAST 5 YEARS - -------------------- ---------------- ------------------------------------------ Scott Amero Vice President Managing Director of BlackRock Financial Age: 36 Management, Inc. From 1985 to 1990, Vice President at The First Boston Corporation in the Fixed Income Research Department. Keith T. Anderson Vice President Managing Director of BlackRock Advisors, Age: 40 Inc. since February 1998. Managing Director of BlackRock Financial Management, Inc. since January 1991. Director of BlackRock Financial Management, Inc. from April 1988 to January 1991. From February 1987 to April 1988, Vice President at The First Boston Corporation in the Fixed Income Research Department. Previously Vice President and Senior Portfolio Manager at Criterion Investment Management Company (now Nicholas-Applegate). Henry Gabbay Treasurer Managing Director of BlackRock Advisors, Age: 52 Inc. since February 1998. Managing Director of BlackRock Financial Management, Inc. since January 1990. Director of BlackRock Financial Management, Inc. from February 1989 to January 1990. From September 1984 to February 1989, Vice President at The First Boston Corporation. Michael C. Huebsch Vice President Managing Director of BlackRock Financial Age: 41 Management, Inc. since January 1991. Director of BlackRock Financial Management, Inc. from January 1989 to January 1991. From July 1985 to January 1989, Vice President at The First Boston Corporation in the Fixed Income Research Department. 11 OTHER PRINCIPAL OCCUPATIONS NAME AND AGE TITLE IN PAST 5 YEARS - -------------------- ---------------- ------------------------------------------ Robert S. Kapito Vice President Vice Chairman of BlackRock Advisors, Inc. Age: 43 since February 1998. Vice Chairman of BlackRock Financial Management, Inc. since March 1988. From December 1985 to March 1988, Vice President at The First Boston Corporation in the Mortgage Products Group. Kevin Klingert Vice President Managing Director of BlackRock Advisors, Age: 37 Inc. since February 1998. Managing Director of BlackRock Financial Management, Inc. since January 1996. Director of BlackRock Financial Management, Inc. from January 1994 to January 1996. Vice President of BlackRock Financial Management, Inc. from October 1991 to January 1994. From March 1985 to October 1991, Assistant Vice President at Merrill Lynch, Pierce, Fenner & Smith in the Unit Investment Trust Department. James Kong Assistant Managing Director of BlackRock Financial Age: 39 Treasurer Management, Inc. since January 1996. Director of BlackRock Financial Management, Inc. from January 1993 to January 1996. Vice President and Associate of BlackRock Financial Management, Inc. from January 1991 and April 1989 to January 1993 and January 1991, respectively. From April 1987 to April 1989, Assistant Vice President at The First Boston Corporation in the CMO/ABO Administration Department. Previously affiliated with Deloitte, Haskins & Sells (now Deloitte & Touche LLP). Karen H. Sabath Secretary Managing Director of BlackRock Advisors, Age: 34 Inc. since February 1998. Managing Director of BlackRock Financial Management, Inc. since January 1993. Vice President and Associate of BlackRock Financial Management, Inc. from January 1989 and August 1988 to January 1993 and January 1989, respectively. From June 1986 to July 1988, Associate at The First Boston Corporation in the Mortgage Finance Department. 12 OTHER PRINCIPAL OCCUPATIONS NAME AND AGE TITLE IN PAST 5 YEARS - -------------------- ---------------- ------------------------------------------ Dennis Schaney Vice President Managing Director of BlackRock Financial Age: 43 Management, Inc. and Head of the High Yield Team since February 1998. From June 1989 to February 1998, Managing Director at Merrill Lynch in the Global Fixed Income Research and Economics Department. Richard Shea, Esq. Vice President/ Effective January 2000 Managing Director Age: 40 Tax of BlackRock Financial Management, Inc. Director of BlackRock Financial Management, Inc. from January 1996 to January 2000. Vice President of BlackRock Financial Management, Inc. from February 1993 to January 1996. From December 1988 to February 1993, Associate Vice President and Tax Counsel at Prudential Securities, Inc. From August 1984 to December 1988, Senior Tax Specialist at Laventhol & Horwath. REMUNERATION The following table sets forth certain information regarding the compensation of the Fund's directors and officers. TOTAL COMPENSATION AGGREGATE FROM THE FUND COMPLEX COMPENSATION PAID TO DIRECTORS NAME OF PERSON AND POSITION FROM THE TRUSTS AND OFFICERS* - ---------------------------------------------------------------------------- Andrew R. Brimmer $148,000 $160,000(23) Richard E. Cavanagh $148,000 $160,000(23) Kent Dixon $148,000 $160,000(23) Frank J. Fabozzi $148,000 $160,000(23) James Claybourne LaForce, Jr. $148,000 $160,000(23) Walter F. Mondale $148,000 $160,000(23) - ---------- * Represents the total compensation paid to such persons during the calendar year ended December 31, 1999 by investment companies (including the BNA Trust) from which such person receives compensation that is considered part of the same fund complex as the Fund because they have common investment advisers. The number in parentheses represents the number of such investment companies. The attendance fees of each Independent Director of the Trusts are reduced proportionately, based on each respective Trust's net assets, so that the aggregate per meeting fee for all meetings of the boards of directors of the Trusts held on a single day does not exceed $20,000 for any Director. The $6,000 per annum fee for serving on each Board is also reduced proportionately, based on each respective Trust's net assets. For BTM, fees of $73,500 were accrued by the Trust between July 1, 1998 and June 30, 1999. For BTT, BAT, BGT, BRM, BLN, BFC, BRF, BMN, BQT, BPS, BSD and BMT fees of $84,000, $25,000, $87,000, $82,500, $46,500, $44,000, $36,000, $84,000, $84,000, $4,500, $5,500 and $73,000, respectively, were accrued by each Trust from January 1, 1999 to December 31, 1999 or commencement of operations to December 31, 1999 for BPS and BSD. For BHY, BCT, RAA, RFA, RNJ, RNY, BKN and BKT fees of $35,000, $14,000, 13 $14,000, $14,000, $14,000, $14,000, $58,500 and $84,000, respectively, were accrued from November 1, 1998 to October 31, 1999 or commencement of operations to October 31, 1999 for BHY. None of the Directors received any pension or retirement benefits. None of the officers of the Trusts received any compensation, including pension or retirement benefits, from the Trusts for such period. Messrs. Fink, Schlosstein, Amero, Anderson, Huebsch, Kapito, Gabbay, Klingert, Kong, Schaney, Shea and Ms. Sabath, officers and/or Directors of the Trusts, are also affiliated with the Advisor. They receive compensation from the Advisor or one of its affiliates although under the terms of the investment advisory agreements some portion of their compensation could be reimbursable by a particular Trust to the extent such person's working time is devoted to that particular Trust's operations. THE BOARD OF DIRECTORS OF EACH TRUST RECOMMENDS THAT YOU VOTE "FOR" THE NOMINEES. THE AFFIRMATIVE VOTE OF A PLURALITY OF THE SHARES PRESENT IS NECESSARY TO ELECT THE DIRECTOR NOMINEES. PROPOSAL NO. 2. RATIFICATION OF SELECTION OF INDEPENDENT AUDITORS Deloitte & Touche LLP ("D&T") has been selected as the independent auditors by a majority of each of the Trusts' Board of Directors, including a majority of the Independent Directors, by vote cast in person subject to ratification by the stockholders at the Meeting to audit the accounts of each of the Trusts for and during each Trust's fiscal year ending in 2000. In addition, with respect to BTM, BAT, BCT and BGT ratification of the selection of D&T as independent auditors for these Trusts will cause these Trusts to ratify the selection of D&T as the independent auditors of their wholly-owned subsidiaries BTMS, BATS, BCTS and BGTS respectively. None of the Trusts knows of any direct or indirect financial interest of D&T in the Trusts. Representatives of D&T will attend the Meeting, will have the opportunity to make a statement if they desire to do so and will be available to answer questions. The affirmative vote of a simple majority of shares present and voting at the meeting at which a quorum is present is required to ratify the selection of D&T. THE BOARD OF DIRECTORS OF EACH TRUST RECOMMENDS THAT YOU VOTE "FOR" THE RATIFICATION OF THE SELECTION OF INDEPENDENT AUDITORS. AN AFFIRMATIVE VOTE OF A SIMPLE MAJORITY OF THE SHARES AT THE MEETING AT WHICH A QUORUM IS PRESENT AND VOTING IS NECESSARY TO RATIFY THE SELECTION OF INDEPENDENT AUDITORS. ADDITIONAL INFORMATION INVESTMENT ADVISOR BlackRock was formed in 1988 to provide investment advisory services for individual and institutional investors. The Trusts have investment advisory agreements with BlackRock Advisors, Inc. BlackRock Advisors, Inc. is a wholly-owned subsidiary of BlackRock, Inc. In February 1995, BlackRock was acquired by PNC Bank, N.A. and became a wholly-owned subsidiary of PNC Asset Management Group. In January 1998, 20% of BlackRock was purchased by the managing directors of BlackRock such that PNC Asset Management Group owned 80% of BlackRock. In early 1998, the five investment management firms that comprised the PNC Asset Management Group consolidated under BlackRock, resulting in a $100 billion money management firm offering established investment expertise in domestic and international equity, global fixed income, cash management as well as risk management technology. On October 1, 1999 14 BlackRock, Inc. completed an initial public offering of 9 million shares of Class A common stock at $14 per share. Subsequent to the initial public offering, approximately 14% of BlackRock, Inc. is publicly owned, approximately 70% is owned by PNC Bank and approximately 16% is owned by BlackRock employees. BlackRock, Inc. is one of the largest publicly traded investment management firms in the country with assets under management of approximately $165 billion as of December 31, 1999. The executive officers of the Advisor are: NAME POSITION - --------------------------- ------------------------------------------------- Laurence D. Fink Director, Chairman and Chief Executive Officer Ralph L. Schlosstein Director and President Robert S. Kapito Director and Vice Chairman Robert P. Connolly Managing Director, General Counsel and Secretary Henry Gabbay Managing Director Messrs. Fink and Schlosstein are officers and Directors, and Messrs. Gabbay and Kapito are officers of the Trusts. FINANCIAL STATEMENTS Each Trust will furnish, without charge, a copy of such Trust's most recent Annual Report and the most recent Semi-Annual Report succeeding the Annual Report, if any, to any stockholder upon request, provided such Annual or Semi-Annual Report is not enclosed herein. Requests should be directed to 400 Bellevue Parkway, Wilmington, DE 19809 (telephone number (800) 227-7BFM(7236)). DEADLINE FOR STOCKHOLDER PROPOSALS Stockholder proposals intended to be presented at the 2001 Annual Meeting of the Stockholders of each of the Trusts must be received by December 2, 2000 to be included in the proxy statement and the form of proxy relating to that meeting as the Trust expects that the 2001 Annual Meeting will be held in May of 2001. OTHER MATTERS The management knows of no other matters which are to be brought before the Meeting. However, if any other matters not now known or determined properly come before the Meeting, it is the intention of the persons named in the enclosed form of proxy to vote such proxy in accordance with their judgment on such matters. All proxies received will be voted in favor of all the proposals, unless otherwise directed therein. Very truly yours, LAURENCE D. FINK Chairman and Chief Executive Officer RALPH L. SCHLOSSTEIN President March 31, 2000 15 PROXY THE BLACKROCK NEW JERSEY INVESTMENT QUALITY MUNICIPAL TRUST INC. COMMON STOCK THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS The undersigned hereby appoints Karen H. Sabath, Robert S. Kapito and Henry Gabbay as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side hereof, all the shares of common stock of The BlackRock New Jersey Investment Quality Municipal Trust Inc. (the "Trust") held of record by the undersigned on February 29, 2000 at the Annual Meeting of Stockholders of the Trust to be held on May 18, 2000 or at any adjournments thereof. THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED HEREIN BY THE UNDERSIGNED STOCKHOLDER. IF NO DIRECTION IS MADE, THIS PROXY WILL BE VOTED FOR PROPOSALS 1 AND 2. - -------------------------------------------------------------------------------- PLEASE MARK BOXES IN BLUE OR BLACK INK. SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE. - -------------------------------------------------------------------------------- HAS YOUR ADDRESS CHANGED? DO YOU HAVE ANY COMMENTS? - --------------------------------------- --------------------------------------- - --------------------------------------- --------------------------------------- - --------------------------------------- --------------------------------------- ---- | | [X] PLEASE MARK VOTES AS IN THIS EXAMPLE - -------------------------------------------------------------------------------- THE BLACKROCK NEW JERSEY INVESTMENT QUALITY MUNICIPAL TRUST INC. - -------------------------------------------------------------------------------- COMMON STOCK ------------------------------------ Please be sure to sign and date this Proxy. | Date - -------------------------------------------------------------------------------- - ---Stockholder sign here-----------------------Co-owner sign here--------------- 1. Election of Directors. FOR ALL WITH- NOMINEES HOLD ANDREW F. BRIMMER [_] [_] KENT DIXON LAURENCE D. FINK Instruction: To withhold authority to vote "For" any individual nominee, mark the "For All Except" box and strike a line through the nominee's name in the list above. 2. To consider and act upon the ratification of the FOR AGAINST ABSTAIN selection of Deloitte & Touche LLP as auditors [_] [_] [_] of the Trust for the Trust's fiscal year ending October 31, 2000. 3. To transact such other business as may properly FOR AGAINST ABSTAIN come before the meeting or any adjournments [_] [_] [_] thereof. Mark box at right if an address change or comment has been [_] noted on the reverse side of this card. PROXY THE BLACKROCK NEW JERSEY INVESTMENT QUALITY MUNICIPAL TRUST INC. PREFERRED SHARES THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS The undersigned hereby appoints Karen H. Sabath, Robert S. Kapito and Henry Gabbay as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side hereof, all the shares of preferred stock of The BlackRock New Jersey Investment Quality Municipal Trust Inc. (the "Trust") held of record by the undersigned on February 29, 2000 at the Annual Meeting of Stockholders of the Trust to be held on May 18, 2000 or at any adjournments thereof. THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED HEREIN BY THE UNDERSIGNED STOCKHOLDER. IF NO DIRECTION IS MADE, THIS PROXY WILL BE VOTED FOR PROPOSALS 1 AND 2. - -------------------------------------------------------------------------------- PLEASE MARK BOXES IN BLUE OR BLACK INK. SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE. - -------------------------------------------------------------------------------- HAS YOUR ADDRESS CHANGED? DO YOU HAVE ANY COMMENTS? - --------------------------------------- --------------------------------------- - --------------------------------------- --------------------------------------- - --------------------------------------- --------------------------------------- ---- | | [X] PLEASE MARK VOTES AS IN THIS EXAMPLE - -------------------------------------------------------------------------------- THE BLACKROCK NEW JERSEY INVESTMENT QUALITY MUNICIPAL TRUST INC. - -------------------------------------------------------------------------------- PREFERRED SHARES ------------------------------------ Please be sure to sign and date this Proxy. | Date - -------------------------------------------------------------------------------- - ---Stockholder sign here-----------------------Co-owner sign here--------------- 1. Election of Directors. FOR ALL WITH- FOR ALL NOMINEES HOLD EXCEPT ANDREW F. BRIMMER [_] [_] [_] KENT DIXON LAURENCE D. FINK Instruction: To withhold authority to vote "For" any individual nominee, mark the "For All Except" box and strike a line through the nominee's name in the list above. 2. To consider and act upon the ratification of the FOR AGAINST ABSTAIN selection of Deloitte & Touche LLP as auditors [_] [_] [_] of the Trust for the Trust's fiscal year ending October 31, 2000. 3. To transact such other business as may properly FOR AGAINST ABSTAIN come before the meeting or any adjournments [_] [_] [_] thereof. Mark box at right if an address change or comment has been noted on the reverse side of this card. [_] -----END PRIVACY-ENHANCED MESSAGE-----