UNITEDSTATES
SECURITIESANDEXCHANGECOMMISSION
Washington,D.C.20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
Investment Company Act file number 811-21050
Name of Fund: BlackRock New Jersey Municipal Bond Trust (BLJ)
Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809
Name and address of agent for service: Anne F. Ackerley, Chief Executive Officer, BlackRock New
Jersey Municipal Bond Trust, 55 East 52nd Street, New York, NY 10055.
Registrant’s telephone number, including area code: (800) 882-0052, Option 4
Date of fiscal year end: 08/31/2010
Date of reporting period: 05/31/2010
Item 1 – Schedule of Investments
Schedule of Investments May 31, 2010 (Unaudited)
BlackRock New Jersey Municipal Bond Trust (BLJ)
(Percentages shown are based on Net Assets)
| Par | |||
| Municipal Bonds | (000) | Value | |
| New Jersey — 129.7% | |||
| Corporate — 14.1% | |||
| New Jersey EDA, RB, AMT: | |||
| Continental Airlines, Inc. Project, | |||
| 7.00%, 11/15/30 | $ 2,335 | $ 2,326,617 | |
| Disposal, Waste Management of | |||
| New Jersey, Series A, Mandatory | |||
| Put Bonds, 5.30%, 6/01/15 | 1,000 | 1,080,360 | |
| New Jersey EDA, Refunding RB, New | |||
| Jersey American Water Co., Series A, | |||
| AMT, 5.70%, 10/01/39 | 475 | 488,538 | |
| Port Authority of New York & New Jersey, | |||
| RB, Continental Airlines, Inc. and | |||
| Eastern Air Lines, Inc. Project, | |||
| LaGuardia, AMT, 9.13%, 12/01/15 | 110 | 110,170 | |
| Salem County Utilities Authority, | |||
| Refunding RB, Atlantic City Electric, | |||
| Series A, 4.88%, 6/01/29 | 750 | 763,680 | |
| 4,769,365 | |||
| County/City/Special District/School District — 13.2% | |||
| City of Vineland New Jersey, GO, | |||
| Refunding, Electric Utilities, AMT | |||
| (NPFGC): | |||
| 5.30%, 5/15/29 | 1,000 | 1,001,280 | |
| 5.38%, 5/15/32 | 1,500 | 1,502,130 | |
| Essex County Improvement Authority, | |||
| Refunding RB, Project Consolidation | |||
| (NPFGC), 5.50%, 10/01/29 | 790 | 907,947 | |
| Hudson County Improvement Authority, | |||
| RB, Harrison Parking Facility Project, | |||
| Series C (AGC), 5.38%, 1/01/44 | 800 | 856,456 | |
| Middlesex County Improvement | |||
| Authority, RB, Subordinate, Heldrich | |||
| Center Hotel, Series B, 6.25%, | |||
| 1/01/37 | 560 | 103,549 | |
| Salem County Improvement Authority, | |||
| RB, Finlaw Street Office Building | |||
| (AGM), 5.25%, 8/15/38 | 100 | 100,051 | |
| 4,471,413 | |||
| Education — 15.9% | |||
| New Jersey EDA, RB, School Facilities | |||
| Construction: | |||
| Series CC-2, 5.00%, 12/15/31 | 500 | 530,815 | |
| Series S, 5.00%, 9/01/36 | 280 | 289,394 | |
| New Jersey Educational Facilities | |||
| Authority, RB: | |||
| Georgian Court College Project, | |||
| Series C, 6.50%, 7/01/13 (a) | 630 | 735,853 | |
| Montclair State University, Series J, | |||
| 5.25%, 7/01/38 | 180 | 188,069 | |
| Par | |||
| Municipal Bonds | (000) | Value | |
| New Jersey (continued) | |||
| Education (concluded) | |||
| New Jersey Educational Facilities | |||
| Authority, Refunding RB: | |||
| College of New Jersey, Series D | |||
| (AGM), 5.00%, 7/01/35 | $ 1,010 | $ 1,050,844 | |
| Farleigh Dickinson University, | |||
| Series C, 6.00%, 7/01/20 | 1,000 | 1,027,610 | |
| Georgian Court University, Series D, | |||
| 5.00%, 7/01/33 | 150 | 144,620 | |
| University of Medicine & Dentistry, | |||
| Series B, 7.50%, 12/01/32 | 450 | 518,445 | |
| New Jersey Higher Education Assistance | |||
| Authority, Refunding RB, Series 1A: | |||
| 5.00%, 12/01/25 | 165 | 170,679 | |
| 5.00%, 12/01/26 | 125 | 128,621 | |
| 5.13%, 12/01/27 | 300 | 309,918 | |
| 5.25%, 12/01/32 | 300 | 306,759 | |
| 5,401,627 | |||
| Health — 28.0% | |||
| New Jersey EDA, RB, First Mortgage, | |||
| Lions Gate Project, Series A: | |||
| 5.75%, 1/01/25 | 150 | 133,269 | |
| 5.88%, 1/01/37 | 265 | 222,285 | |
| New Jersey EDA, Refunding RB: | |||
| First Mortgage, Winchester, | |||
| Series A, 5.80%, 11/01/31 | 1,000 | 995,090 | |
| Seabrook Village, Inc. Facility, | |||
| 5.25%, 11/15/26 | 470 | 403,899 | |
| New Jersey Health Care Facilities | |||
| Financing Authority, RB: | |||
| Health System, Catholic Health | |||
| East, Series A, 5.38%, 11/15/12 (a) | 2,000 | 2,217,340 | |
| Hospital Asset Transformation | |||
| Program, Series A, 5.25%, | |||
| 10/01/38 | 500 | 505,345 | |
| Meridian Health, Series I (AGC), | |||
| 5.00%, 7/01/38 | 250 | 253,645 | |
| South Jersey Hospital, 6.00%, | |||
| 7/01/12 (a) | 1,500 | 1,663,455 | |
| Virtua Health (AGC), 5.50%, | |||
| 7/01/38 | 400 | 426,180 | |
| New Jersey Health Care Facilities | |||
| Financing Authority, Refunding RB: | |||
| Atlantic City Medical System, | |||
| 5.75%, 7/01/25 | 1,110 | 1,135,130 | |
| CAB, St. Barnabas Health, Series B, | |||
| 5.90%, 7/01/30 (b) | 500 | 110,640 | |
| CAB, St. Barnabas Health, Series B, | |||
| 5.69%, 7/01/36 (b) | 3,600 | 481,608 | |
Portfolio Abbreviations
To simplify the listings of portfolio holdings in the Schedule of Investments, the names and descriptions of many of the securities have been abbreviated
according to the following list:
| AGC | Assured Guaranty Corp. | EDA | Economic Development Authority |
| AGM | Assured Guaranty Municipal Corp. | GO | General Obligation Bonds |
| AMBAC | American Municipal Bond Assurance Corp. | NPFGC | National Public Finance Guarantee Corp. |
| AMT | Alternative Minimum Tax (subject to) | RB | Revenue Bonds |
| CAB | Capital Appreciation Bonds | S/F | Single- Family |
| COP | Certificates of Participation |
BLACKROCK NEW JERSEY MUNICIPAL BOND TRUST
MAY 31, 2010
1
|
Schedule of Investments (continued) BlackRock New Jersey Municipal Bond Trust (BLJ)
|
|||
| Par | |||
| Municipal Bonds | (000) | Value | |
| New Jersey (continued) | |||
| Health (concluded) | |||
| New Jersey Health Care Facilities | |||
| Financing Authority, Refunding RB | |||
| (concluded): | |||
| CAB, St. Barnabas Health, Series B, | |||
| 5.75%, 7/01/37 (b) | $ 3,600 | $ 444,708 | |
| South Jersey Hospital, 5.00%, | |||
| 7/01/46 | 500 | 480,460 | |
| 9,473,054 | |||
| Housing — 9.8% | |||
| New Jersey State Housing & Mortgage | |||
| Finance Agency, RB: | |||
| S/F Housing, Series CC, 5.00%, | |||
| 10/01/34 | 560 | 565,947 | |
| Series A, 4.75%, 11/01/29 | 370 | 369,985 | |
| Series AA, 6.38%, 10/01/28 | 980 | 1,086,065 | |
| Series AA, 6.50%, 10/01/38 | 365 | 399,595 | |
| New Jersey State Housing & Mortgage | |||
| Finance Agency, Refunding RB, S/F | |||
| Housing, Series T, AMT, 4.70%, | |||
| 10/01/37 | 250 | 237,515 | |
| Newark Housing Authority, RB, South | |||
| Ward Police Facility (AGC): | |||
| 5.75%, 12/01/30 | 180 | 194,933 | |
| 6.75%, 12/01/38 | 405 | 463,061 | |
| 3,317,101 | |||
| State — 28.7% | |||
| Garden State Preservation Trust, RB, | |||
| CAB, Series B (AGM), 5.24%, | |||
| 11/01/27 (b) | 4,000 | 1,818,320 | |
| New Jersey EDA, RB: | |||
| Motor Vehicle Surcharge, Series A | |||
| (NPFGC), 5.25%, 7/01/24 | 500 | 538,255 | |
| Motor Vehicle Surcharge, Series A | |||
| (NPFGC), 5.25%, 7/01/25 | 500 | 535,625 | |
| Newark Downtown District | |||
| Management Corp., 5.13%, | |||
| 6/15/37 | 250 | 215,250 | |
| School Facilities Construction, | |||
| Series Z (AGC), 5.50%, 12/15/34 | 1,000 | 1,098,860 | |
| School Facilities Construction, | |||
| Series Z (AGC), 6.00%, 12/15/34 | 1,000 | 1,136,810 | |
| New Jersey EDA, Refunding RB, School | |||
| Facilities Construction, Series AA, | |||
| 5.50%, 12/15/29 | 500 | 553,650 | |
| New Jersey EDA, Special Assessment | |||
| Bonds, Refunding, Kapkowski Road | |||
| Landfill Project, 6.50%, 4/01/28 | 2,250 | 2,465,685 | |
| New Jersey Transportation Trust Fund | |||
| Authority, RB, Transportation System: | |||
| CAB, Series C (AGM), 4.84%, | |||
| 12/15/32 (b) | 1,250 | 359,500 | |
| Series A, 6.00%, 12/15/38 | 500 | 558,730 | |
| Par | ||
| Municipal Bonds | (000) | Value |
| New Jersey (concluded) | ||
| State (concluded) | ||
| New Jersey Transportation Trust Fund | ||
| Authority, RB, Transportation System | ||
| (concluded): | ||
| Series A (AGC), 5.63%, 12/15/28 $ | 200 | $ 224,250 |
| State of New Jersey, COP, Equipment | ||
| Lease Purchase, Series A, 5.25%, | ||
| 6/15/28 | 200 | 210,436 |
| 9,715,371 | ||
| Tobacco — 1.3% | ||
| Tobacco Settlement Financing Corp. | ||
| New Jersey, Refunding RB, Series 1A, | ||
| 4.50%, 6/01/23 480 448,522 | ||
| Transportation — 17.6% | ||
| New Jersey State Turnpike Authority, RB, | ||
| Series E, 5.25%, 1/01/40 | 1,000 | 1,053,640 |
| New Jersey Transportation Trust Fund | ||
| Authority, RB, Transportation System, | ||
| Series A, 5.88%, 12/15/38 | 460 | 507,891 |
| Port Authority of New York & New Jersey, | ||
| RB, Consolidated: | ||
| 125th Series (AGM), 5.00%, | ||
| 4/15/32 | 1,500 | 1,538,220 |
| 126th Series, AMT (NPFGC), 5.25%, | ||
| 5/15/37 | 2,250 | 2,275,582 |
| Port Authority of New York & New Jersey, | ||
| Refunding RB, Consolidated, 152nd | ||
| Series, AMT, 5.75%, 11/01/30 | 525 | 570,770 |
| 5,946,103 | ||
| Utilities — 1.1% | ||
| Cumberland County Improvement | ||
| Authority, RB, Series A, 5.00%, | ||
| 1/01/30 | 195 | 194,990 |
| Rahway Valley Sewerage Authority, RB, | ||
| CAB, Series A (NPFGC), 4.40%, | ||
| 9/01/33 (b) | 650 | 171,633 |
| 366,623 | ||
| Total Municipal Bonds in New Jersey 43,909,179 | ||
| Multi-State — 6.5% | ||
| Housing — 6.5% | ||
| Centerline Equity Issuer Trust, 7.20%, | ||
| 11/15/52 (c)(d) | 2,000 | 2,190,600 |
| Total Municipal Bonds in Multi-State | 2,190,600 | |
| Puerto Rico — 13.1% | ||
| Housing — 2.1% | ||
| Puerto Rico Housing Finance Authority, | ||
| Refunding RB, Subordinate, Capital | ||
| Fund Modernization, 5.13%, | ||
| 12/01/27 | 715 | 720,634 |
2 BLACKROCK NEW JERSEY MUNICIPAL BOND TRUST
MAY 31, 2010
|
Schedule of Investments (continued) BlackRock New Jersey Municipal Bond Trust (BLJ)
|
|||
| Par | |||
| Municipal Bonds | (000) | Value | |
| Puerto Rico (concluded) | |||
| State — 5.5% | |||
| Puerto Rico Commonwealth | |||
| Infrastructure Financing Authority, RB, | |||
| CAB, Series A (AMBAC) (b): | |||
| 4.36%, 7/01/37 | $ 1,750 | $ 277,953 | |
| 4.53%, 7/01/43 | 1,000 | 102,550 | |
| Puerto Rico Public Buildings Authority, | |||
| Refunding RB, Government Facilities, | |||
| Series M-3 (NPFGC), 6.00%, 7/01/27 | 425 | 455,311 | |
| Puerto Rico Sales Tax Financing Corp., | |||
| RB, First Sub-Series A, 5.75%, | |||
| 8/01/37 | 970 | 1,031,740 | |
| 1,867,554 | |||
| Transportation — 3.2% | |||
| Puerto Rico Highway & Transportation | |||
| Authority, Refunding RB, Series CC | |||
| (AGC), 5.50%, 7/01/31 1,000 1,093,560 | |||
| Utilities — 2.3% | |||
| Puerto Rico Electric Power Authority, RB, | |||
| Series WW, 5.50%, 7/01/38 750 768,653 | |||
| Total Municipal Bonds in Puerto Rico 4,450,401 | |||
| Total Municipal Bonds – 149.3% 50,550,180 | |||
| Municipal Bonds Transferred to Tender | |||
| Option Bond Trusts (e) | |||
| New Jersey — 1.9% | |||
| Transportation — 1.9% | |||
| Port Authority of New York & New Jersey, | |||
| Refunding RB, Consolidated, 152nd | |||
| Series, AMT, 5.25%, 11/01/35 630 645,760 | |||
| Total Municipal Bonds Transferred to | |||
| Tender Option Bond Trusts – 1.9% 645,760 | |||
| Total Long-Term Investments | |||
| (Cost – $50,525,416) – 151.2% 51,195,940 | |||
| Short-Term Securities Shares | |||
| CMA New Jersey Municipal Money | |||
| Fund, 0.04% (f)(g) 1,425,472 1,425,472 | |||
| Total Short-Term Securities | |||
| (Cost – $1,425,472) – 4.2% | 1,425,472 | ||
| Value | |
| Total Investments | |
| (Cost – $51,950,888*) – 155.4% | $ 52,621,412 |
| Other Assets Less Liabilities – 1.3% | 430,696 |
| Liability for Trust Certificates, Including Interest | |
| Expense and Fees Payable – (1.2)% | (419,877) |
| Preferred Shares, at Redemption Value – (55.5)% | (18,776,645) |
| Net Assets Applicable to Common Shares – 100.0% | $ 33,855,586 |
* The cost and unrealized appreciation (depreciation) of investments as of
May 31, 2010, as computed for federal income tax purposes, were as
| Aggregate follows: cost | $ 51,609,581 |
| Gross unrealized appreciation | $ 2,550,813 |
| Gross unrealized depreciation | (1,958,765) |
| Net unrealized appreciation | $ 592,048 |
(a) 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.
(b) Represents a zero-coupon bond. Rate shown reflects the current yield as
of report date.
(c) 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.
(d) 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.
(e) Securities represent bonds transferred to a tender option bond trust in
exchange for which the Trust acquired residual interest certificates.
These securities serve as collateral in a financing transaction.
(f) Investments in companies considered to be an affiliate of the Trust
during the period, for purposes of Section 2(a)(3) of the Investment
Company Act of 1940, as amended, were as follows:
| Shares Held | Shares Held | ||||
| at August | at May 31, | ||||
| Affiliate | 31, 2009 | Net Activity | 2010 | Income | |
| CMA New Jersey | |||||
| Municipal | |||||
| Money Fund | 650,601 | 774,871 | 1,425,472 | $253 | |
| (g) Represents the current yield as of report date. | |||||
BLACKROCK NEW JERSEY MUNICIPAL BOND TRUST
MAY 31, 2010
3
Schedule of Investments (concluded)
BlackRock New Jersey Municipal Bond Trust (BLJ)
• 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
assets and liabilities
• Level 2 — other observable inputs (including, but not limited to: quoted
prices for similar assets or liabilities in markets that are active, quoted
prices for identical or similar assets or liabilities in markets that are not
active, inputs other than quoted prices that are observable for the assets
or liabilities (such as interest rates, yield curves, volatilities, prepayment
speeds, loss severities, credit risks and default rates) or other market-
corroborated inputs)
• Level 3 — unobservable inputs based on the best information available
in the circumstances, to the extent observable inputs are not available
(including the Trust's own assumptions used in determining the fair
value of investments)
The inputs or methodologies 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 May 31, 2010 in
determining the fair valuation of the Trust's investments:
| Investments in Securities | ||||
|
| ||||
| Valuation Inputs | Level 1 | Level 2 | Level 3 | Total |
| Assets: | ||||
| Long-Term | ||||
| Investments1 | — | $ 51,195,940 | — | $ 51,195,940 |
| Short-Term | ||||
| Securities | $ 1,425,472 | — | — | 1,425,472 |
| Total | $ 1,425,472 | $ 51,195,940 | — | $ 52,621,412 |
1 See above Schedule of Investments for values in each sector.
4 BLACKROCK NEW JERSEY MUNICIPAL BOND TRUST
MAY 31, 2010
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 Municipal Bond Trust
By: /s/ Anne F. Ackerley
Anne F. Ackerley
Chief Executive Officer of
BlackRock New Jersey Municipal Bond Trust
Date: July 23, 2010
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/ Anne F. Ackerley
Anne F. Ackerley
Chief Executive Officer (principal executive officer) of
BlackRock New Jersey Municipal Bond Trust
Date: July 23, 2010
By: /s/ Neal J. Andrews
Neal J. Andrews
Chief Financial Officer (principal financial officer) of
BlackRock New Jersey Municipal Bond Trust
Date: July 23, 2010