N-Q 1 i00193_rnj-nq.htm

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 811-07670

 

Name of Fund: BlackRock New Jersey Investment Quality Municipal Trust, Inc. (RNJ)

 

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

 

Name and address of agent for service: Donald C. Burke, Chief Executive Officer, BlackRock New Jersey Investment Quality Municipal Trust, Inc., 800 Scudders Mill Road, Plainsboro, NJ, 08536. Mailing address: P.O. Box 9011, Princeton, NJ, 08543-9011

 

Registrant’s telephone number, including area code: (800) 882-0052, Option 4

 

Date of fiscal year end: 07/31/2009

 

Date of reporting period: 04/30/2009

 

Item 1 – Schedule of Investments


 

 

BlackRock New Jersey Investment Quality Municipal Trust Inc.

 

Schedule of Investments April 30, 2009 (Unaudited)

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

 

 











 

 

Municipal Bonds

 

Par
(000)

 

Value

 











New Jersey - 144.5%

 

 

 

 

 

 

 

 

 











Corporate - 10.2%

 

New Jersey EDA, Solid Waste Disposal Facilities Revenue Bonds (Waste Management Inc.), AMT, Series A, 5.30%, 6/01/15

 

$

500

 

$

473,505

 

 

 

New Jersey EDA, Special Facility Revenue Bonds (Continental Airlines Inc. Project), AMT, 7%, 11/15/30

 

 

925

 

 

644,734

 

 

 

 

 

 

 

 




 

 

 

 

 

 

 

 

1,118,239

 











County/City/Special District/School District - 10.4%

 

Essex County, New Jersey, Improvement Authority, Project Consolidation Revenue Refunding Bonds, 5.50%, 10/01/29 (a)

 

 

260

 

 

270,397

 

 

 

Hudson County, New Jersey, Improvement Authority, Capital Appreciation Revenue Bonds, Series A-1, 4.49%, 12/15/32 (a)(b)

 

 

1,000

 

 

238,070

 

 

 

Hudson County, New Jersey, Improvement Authority, Parking Revenue Bonds (Harrison Parking Facility Project), Series C, 5.375%, 1/01/44 (c)

 

 

340

 

 

349,500

 

 

 

Middlesex County, New Jersey, Improvement Authority, Subordinate Revenue Bonds (Heldrich Center Hotel/Conference Project), Series B, 6.25%, 1/01/37

 

 

200

 

 

100,852

 

 

 

Perth Amboy, New Jersey, GO (Convertible CABS), Refunding, 4.859%, 7/01/34 (d)(e)

 

 

100

 

 

81,972

 

 

 

Salem County, New Jersey, Improvement Authority Revenue Bonds (Finlaw State Office Building Project), 5.25%, 8/15/38 (d)

 

 

100

 

 

102,628

 

 

 

 

 

 

 

 




 

 

 

 

 

 

 

 

1,143,419

 











Education - 11.2%

 

New Jersey State Educational Facilities Authority Revenue Bonds (Montclair State University), Series J, 5.25%, 7/01/38

 

 

100

 

 

101,226

 

 

 

New Jersey State Educational Facilities Authority, Revenue Refunding Bonds (College of New Jersey), Series D, 5%, 7/01/35 (d)

 

 

380

 

 

388,672

 

 

 

New Jersey State Educational Facilities Authority, Revenue Refunding Bonds (Georgian Court University), Series D, 5%, 7/01/33

 

 

100

 

 

79,176

 

 

 

New Jersey State Educational Facilities Authority, Revenue Refunding Bonds (Ramapo College), Series I, 4.25%, 7/01/31 (f)

 

 

250

 

 

218,707

 

 

 

New Jersey State Educational Facilities Authority, Revenue Refunding Bonds (Rowan University), Series B, 5%, 7/01/24 (c)

 

 

255

 

 

272,179

 

 

 

New Jersey State Educational Facilities Authority, Revenue Refunding Bonds (University of Medicine and Dentistry), Series B, 7.50%, 12/01/32

 

 

175

 

 

178,327

 

 

 

 

 

 

 

 




 

 

 

 

 

 

 

 

1,238,287

 












 


Portfolio Abbreviations


To simplify the listing of portfolio holdings in the Schedule of Investments, the names and descriptions of many of the securities have been abbreviated according to the list below.

 

 

AMT

Alternative Minimum Tax (subject to)

CABS

Capital Appreciation Bonds

COP

Certificates of Participation

EDA

Economic Development Authority

EDR

Economic Development Revenue Bonds

GO

General Obligation Bonds

S/F

Single-Family

1


 

 

BlackRock New Jersey Investment Quality Municipal Trust Inc.

 

Schedule of Investments April 30, 2009 (Unaudited)

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

 

 











 

 

Municipal Bonds

 

Par
(000)

 

Value

 











Health - 27.0%

 

Burlington County, New Jersey, Bridge Commission, EDR, Refunding (The Evergreens Project), 5.625%, 1/01/38

 

$

150

 

$

89,862

 

 

 

New Jersey EDA, First Mortgage Revenue Bonds (Lions Gate Project), Series A, 5.75%, 1/01/25

 

 

60

 

 

46,321

 

 

 

New Jersey EDA, First Mortgage Revenue Bonds (Lions Gate Project), Series A, 5.875%, 1/01/37

 

 

110

 

 

76,754

 

 

 

New Jersey EDA, First Mortgage Revenue Refunding Bonds (The Winchester Gardens at Ward Homestead Project), Series A, 5.80%, 11/01/31

 

 

1,000

 

 

782,410

 

 

 

New Jersey EDA, Retirement Community Revenue Refunding Bonds (Seabrook Village, Inc.), 5.25%, 11/15/26

 

 

140

 

 

94,856

 

 

 

New Jersey Health Care Facilities Financing Authority Revenue Bonds (Hackensack University Medical Center), 6%, 1/01/25

 

 

1,000

 

 

1,002,260

 

 

 

New Jersey Health Care Facilities Financing Authority Revenue Bonds (Hospital Asset Transformation Program), Series A, 5.25%, 10/01/38

 

 

250

 

 

246,670

 

 

 

New Jersey Health Care Facilities Financing Authority Revenue Bonds (Meridian Health), Series I, 5%, 7/01/38 (c)

 

 

100

 

 

98,037

 

 

 

New Jersey Health Care Facilities Financing Authority Revenue Bonds (Virtua Health), 5.50%, 7/01/38 (c)

 

 

150

 

 

147,210

 

 

 

New Jersey Health Care Facilities Financing Authority, Revenue Refunding Bonds (Saint Barnabas Health Care System), Series A, 5%, 7/01/29

 

 

250

 

 

184,477

 

 

 

New Jersey Health Care Facilities Financing Authority, Revenue Refunding Bonds (Saint Barnabas Health Care System), Series B, 5.902%, 7/01/30 (b)

 

 

500

 

 

70,660

 

 

 

New Jersey Health Care Facilities Financing Authority, Revenue Refunding Bonds (Saint Barnabas Health Care System), Series B, 5.697%, 7/01/36 (b)

 

 

840

 

 

66,091

 

 

 

New Jersey Health Care Facilities Financing Authority, Revenue Refunding Bonds (Saint Barnabas Health Care System), Series B, 5.762%, 7/01/37 (b)

 

 

900

 

 

64,485

 

 

 

 

 

 

 

 




 

 

 

 

 

 

 

 

2,970,093

 











Housing - 9.0%

 

New Jersey State Housing and Mortgage Finance Agency Revenue Bonds, Series AA, 6.375%, 10/01/28

 

 

250

 

 

269,617

 

 

 

New Jersey State Housing and Mortgage Finance Agency Revenue Bonds, Series AA, 6.50%, 10/01/38

 

 

200

 

 

212,574

 

 

 

New Jersey State Housing and Mortgage Finance Agency, S/F Housing Revenue Bonds, AMT, Series X, 4.85%, 4/01/16

 

 

500

 

 

512,425

 

 

 

 

 

 

 

 




 

 

 

 

 

 

 

 

994,616

 











State - 29.5%

 

New Jersey EDA, Cigarette Tax Revenue Bonds, 5.75%, 6/15/34 (g)

 

 

1,000

 

 

711,580

 

 

 

New Jersey EDA, Revenue Bonds (Newark Downtown District Management Corporation), 5.125%, 6/15/37

 

 

100

 

 

69,597

 

 

 

New Jersey EDA, School Facilities Construction Revenue Bonds, Series U, 5%, 9/01/37 (f)

 

 

300

 

 

295,068

 

2


 

 

BlackRock New Jersey Investment Quality Municipal Trust Inc.

 

Schedule of Investments April 30, 2009 (Unaudited)

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

 

 











 

 

Municipal Bonds

 

 

Par
(000)

 

 

Value

 











 

 

New Jersey EDA, School Facilities Construction Revenue Bonds, Series Z, 5.50%, 12/15/34 (c)

 

$

500

 

$

532,290

 

 

 

New Jersey EDA, School Facilities Construction Revenue Bonds, Series Z, 6%, 12/15/34 (c)

 

 

300

 

 

330,900

 

 

 

New Jersey EDA, Transportation Project Sublease Revenue Bonds, Series A, 5.75%, 5/01/10 (d)

 

 

900

 

 

944,037

 

 

 

New Jersey State, COP (Equipment Lease Purchase Agreement), Series A, 5.25%, 6/15/28

 

 

100

 

 

100,227

 

 

 

New Jersey State Transportation Trust Fund Authority, Transportation System Revenue Bonds, Series A, 5.625%, 12/15/28 (c)

 

 

100

 

 

105,583

 

 

 

New Jersey State Transportation Trust Fund Authority, Transportation System Revenue Bonds, Series A, 6%, 12/15/38

 

 

150

 

 

162,173

 

 

 

 

 

 

 

 




 

 

 

 

 

 

 

 

3,251,455

 











Tobacco - 1.3%

 

Tobacco Settlement Financing Corporation of New Jersey, Asset-Backed Revenue Refunding Bonds, Series 1A, 4.50%, 6/01/23

 

 

165

 

 

138,618

 











Transportation - 34.8%

 

Delaware River Port Authority of Pennsylvania and New Jersey Revenue Bonds, 5.75%, 1/01/26 (d)

 

 

1,000

 

 

1,005,910

 

 

 

New Jersey State Transportation Trust Fund Authority, Transportation System Revenue Bonds, Series C, 5.50%, 6/15/13 (h)

 

 

500

 

 

578,485

 

 

 

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

 

 

175

 

 

175,910

 

 

 

New Jersey State Turnpike Authority, Turnpike Revenue Refunding Bonds, Series C, 6.50%, 1/01/16 (f)

 

 

160

 

 

193,398

 

 

 

New Jersey State Turnpike Authority, Turnpike Revenue Refunding Bonds, Series C, 6.50%, 1/01/16 (f)(i)

 

 

55

 

 

69,321

 

 

 

New Jersey State Turnpike Authority, Turnpike Revenue Refunding Bonds, Series C, 6.50%, 1/01/16 (f)(i)

 

 

785

 

 

921,001

 

 

 

Port Authority of New York and New Jersey, Consolidated Revenue Refunding Bonds, AMT, 152nd Series, 5.75%, 11/01/30

 

 

250

 

 

251,798

 

 

 

Port Authority of New York and New Jersey, Consolidated Revenue Refunding Bonds, AMT, 152nd Series, 5.25%, 11/01/35

 

 

240

 

 

224,393

 

 

 

South Jersey Transportation Authority, New Jersey, Transportation System Revenue Bonds, Series A, 4.50%, 11/01/35 (a)(j)

 

 

490

 

 

409,047

 

 

 

 

 

 

 

 




 

 

 

 

 

 

 

 

3,829,263

 











Utilities - 11.1%

 

New Jersey EDA, Water Facilities Revenue Bonds (New Jersey-American Water Company, Inc. Project), AMT, Series A, 5.25%, 11/01/32 (f)

 

 

250

 

 

201,863

 

 

 

Passaic Valley, New Jersey, Sewer Commissioner’s Revenue Refunding Bonds (Sewer System), Series E, 5.75%, 12/01/21 (f)

 

 

1,000

 

 

1,016,980

 

 

 

 

 

 

 

 




 

 

 

 

 

 

 

 

1,218,843

 











 

 

Total Municipal Bonds in New Jersey

 

 

 

 

 

15,902,833

 











Multi-State - 9.1%

 

 

 

 

 

 

 

 

 











Housing - 9.1%

 

Charter Mac Equity Issuer Trust, 6.625%, 6/30/49 (k)(l)

 

 

1,000

 

 

1,004,830

 











3


 

 

BlackRock New Jersey Investment Quality Municipal Trust Inc.

 

Schedule of Investments April 30, 2009 (Unaudited)

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

 

 











 

 

Municipal Bonds

 

 

Par
(000)

 

 

Value

 











Puerto Rico - 10.9%

 

 

 

 

 

 

 

 

 











Education - 3.8%

 

Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Revenue Bonds (Ana G. Mendez University System Project), 5%, 3/01/26

 

$

600

 

$

415,356

 











Housing - 0.9%

 

Puerto Rico Housing Financing Authority, Capital Funding Program, Subordinate Revenue Refunding Bonds, 5.125%, 12/01/27

 

 

100

 

 

100,787

 











State - 6.2%

 

Puerto Rico Commonwealth Infrastructure Financing Authority, Special Tax and Capital Appreciation Revenue Bonds, Series A, 4.355%, 7/01/37 (f)

 

 

795

 

 

97,101

 

 

 

Puerto Rico Commonwealth, Public Improvement, GO, Series A, 5.25%, 7/01/16 (h)

 

 

310

 

 

369,889

 

 

 

Puerto Rico Public Buildings Authority, Government Facilities Revenue Refunding Bonds, Series M-3, 6%, 7/01/27 (a)(m)

 

 

215

 

 

212,405

 

 

 

 

 

 

 

 




 

 

 

 

 

 

 

 

679,395

 











 

 

Total Municipal Bonds in Puerto Rico

 

 

 

 

 

1,195,538

 











 

 

Total Long-Term Investments
(Cost - $19,823,797) - 164.5%

 

 

 

 

 

18,103,201

 











 

 

Short-Term Securities

 

 

Shares

 

 

 

 











Money Market Fund - 0.2%

 

CMA New Jersey Municipal Money Fund, 0.80% (n)(o)

 

 

19,516

 

 

19,516

 











 

 

Total Short-Term Securities
(Cost - $19,516) - 0.2%

 

 

 

 

 

19,516

 











 

 

Total Investments (Cost - $19,843,313*) - 164.7%

 

 

 

 

 

18,122,717

 

 

 

Liabilities in Excess of Other Assets - (0.4)%

 

 

 

 

 

(42,059

)

 

 

Preferred Shares, at Redemption Value - (64.3)%

 

 

 

 

 

(7,075,307

)

 

 

 

 

 

 

 




 

 

Net Assets Applicable to Common Shares - 100.0%

 

 

 

 

$

11,005,351

 

 

 

 

 

 

 

 





 

 

*

The cost and unrealized appreciation (depreciation) of investments as of April 30, 2009, as computed for federal income tax purposes, were as follows:


 

 

 

 

 

Aggregate cost

 

$

19,798,195

 

 

 




Gross unrealized appreciation

 

$

530,280

 

Gross unrealized depreciation

 

 

(2,205,758

)

 

 




Net unrealized depreciation

 

$

(1,675,478

)

 

 





 

 

(a)

NPFGC Insured.

 

 

(b)

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

 

 

(c)

Assured Guaranty Insured.

 

 

(d)

FSA Insured.

 

 

(e)

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

 

 

(f)

AMBAC Insured.

 

 

(g)

Radian Insured.

 

 

(h)

US government securities, held in escrow, are used to pay interest on this security as well as to retire the bond in full at the date indicated, typically at a premium to par.

 

 

(i)

Security is collateralized by Municipal or US Treasury Obligations.

 

 

(j)

FGIC Insured.

4


 

BlackRock New Jersey Investment Quality Municipal Trust Inc.

 

Schedule of Investments April 30, 2009 (Unaudited)

 

 



 

 

(k)

Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional investors.

 

 

(l)

Security represents a beneficial interest in a trust. The collateral deposited into the trust is federally tax-exempt revenue bonds issued by various state or local governments, or their respective agencies or authorities. The security is subject to remarketing prior to its stated maturity, and is subject to mandatory redemption at maturity.

 

 

(m)

Commonwealth Guaranteed.

 

 

(n)

Investments in companies considered to be an affiliate of the Trust, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, were as follows:


 

 

 

 

 

 







Affiliate

 

Net
Activity

 

Income

 







CMA New Jersey Municipal Money Fund

 

 

(396,815

)

$

6,275

 










 

 

 

(o)

Represents the current yield as of report date.

 

 

Effective August 1, 2008, the Trust adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (“FAS 157”). FAS 157 clarifies the definition of fair value, establishes a framework for measuring fair values and requires additional disclosures about the use of fair value measurements. Various inputs are used in determining the fair value of investments, which are as follows:

 

 

 

Level 1 - price quotations in active markets/exchanges for identical securities

 

 

 

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 in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs)

 

 

 

 

Level 3 - unobservable inputs based on the best information available in the circumstance, to the extent observable inputs are not available (including the Trust’s own assumption used in determining the fair value of investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Trust’s policy regarding valuation of investments and other significant accounting policies, please refer to the Trust’s most recent financial statements as contained in its semi-annual report.

The following table summarizes the inputs used as of April 30, 2009 in determining the fair valuation of the Trust’s investments:

 

 

 

 

 






Valuation
Inputs

 

Investments in
Securities

 





 

 

Assets

 

 

 



Level 1

 

$

19,516

 

Level 2

 

 

18,103,201

 

Level 3

 

 

 






Total

 

$

18,122,717

 

 

 




5


Item 2 – Controls and Procedures
   

2(a) –

The registrant’s principal executive and principal financial officers or persons performing similar functions have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13(a)-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 Investment Quality Municipal Trust, Inc.
   
 

By:

/s/ Donald C. Burke  
    Donald C. Burke
    Chief Executive Officer of
    BlackRock New Jersey Investment Quality Municipal Trust, Inc.
   
  Date: June 19, 2009
   
  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/ Donald C. Burke  
    Donald C. Burke
    Chief Executive Officer (principal executive officer) of
    BlackRock New Jersey Investment Quality Municipal Trust, Inc.
   
  Date: June 19, 2009
   
 

By:

/s/ Neal J. Andrews  
    Neal J. Andrews
    Chief Financial Officer (principal financial officer) of
    BlackRock New Jersey Investment Quality Municipal Trust, Inc.
   
  Date: June 19, 2009