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 811-21050
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: Donald C. Burke, Chief Executive Officer, BlackRock New Jersey Municipal Bond Trust, 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: 08/31/2008
Date of reporting period: 09/01/2008 – 11/30/2008
Item 1 – Schedule of Investments
| BlackRock New Jersey Municipal Bond Trust | |
| Schedule of Investments November 30, 2008 (Unaudited) | (Percentages shown are based on Net Assets) |
|
Par |
|||||||||||
| Municipal Bonds |
(000) |
Value |
|||||||||
| New Jersey - 129.1% | Garden State Preservation Trust of New Jersey, Capital Appreciation | ||||||||||
| Revenue Bonds, Series B, 5.24%, 11/01/27 (a)(b) | $ | 4,000 | $ | 1,299,520 | |||||||
| Middlesex County, New Jersey, Improvement Authority, Subordinate | |||||||||||
| Revenue Bonds (Heldrich Center Hotel/Conference Project), Series B, | |||||||||||
| 6.25%, 1/01/37 | 560 | 367,035 | |||||||||
| New Jersey EDA, Cigarette Tax Revenue Bonds, 5.75%, 6/15/34 (c) | 2,000 | 1,391,080 | |||||||||
| New Jersey EDA, EDR, Refunding (Kapkowski Road Landfill Reclamation | |||||||||||
| Improvement District Project), 6.50%, 4/01/28 | 2,250 | 1,797,345 | |||||||||
| New Jersey EDA, First Mortgage Revenue Bonds (Lions Gate Project), | |||||||||||
| Series A, 5.75%, 1/01/25 | 150 | 110,331 | |||||||||
| New Jersey EDA, First Mortgage Revenue Bonds (Lions Gate Project), | |||||||||||
| Series A, 5.875%, 1/01/37 | 265 | 179,447 | |||||||||
| New Jersey EDA, First Mortgage Revenue Refunding Bonds (Fellowship | |||||||||||
| Village), Series A, 5.50%, 1/01/25 | 2,000 | 1,491,620 | |||||||||
| New Jersey EDA, First Mortgage Revenue Refunding Bonds (The Winchester | |||||||||||
| Gardens at Ward Homestead Project), Series A, 5.80%, 11/01/31 | 2,500 | 1,869,225 | |||||||||
| New Jersey EDA, Retirement Community Revenue Refunding Bonds | |||||||||||
| (Seabrook Village, Inc.), 5.25%, 11/15/26 | 470 | 317,560 | |||||||||
| New Jersey EDA, Revenue Bonds (Newark Downtown District Management | |||||||||||
| Corporation), 5.125%, 6/15/37 | 250 | 171,370 | |||||||||
| New Jersey EDA, School Facilities Construction Revenue Bonds, Series U, | |||||||||||
| 5%, 9/01/37 (d) | 500 | 455,340 | |||||||||
| New Jersey EDA, Solid Waste Disposal Facilities Revenue Bonds (Waste | |||||||||||
| Management, Inc.), AMT, Series A, 5.30%, 6/01/15 (e) | 1,000 | 849,450 | |||||||||
| New Jersey EDA, Special Facility Revenue Bonds (Continental Airlines, Inc. | |||||||||||
| Project), AMT, 7%, 11/15/30 | 2,335 | 1,380,195 | |||||||||
| New Jersey Health Care Facilities Financing Authority, Health System | |||||||||||
| Revenue Bonds (Catholic Health East), Series A, 5.375%, 11/15/12 (f) | 2,000 | 2,220,880 | |||||||||
| New Jersey Health Care Facilities Financing Authority Revenue Bonds | |||||||||||
| (Kennedy Health System), 5.625%, 7/01/31 | 2,000 | 1,712,140 | |||||||||
| New Jersey Health Care Facilities Financing Authority Revenue Bonds | |||||||||||
| (Meridian Health), Series I, 5%, 7/01/38 (g) | 250 | 223,795 | |||||||||
| New Jersey Health Care Facilities Financing Authority Revenue Bonds | |||||||||||
| (South Jersey Hospital System), 6%, 7/01/12 (f) | 2,500 | 2,795,975 | |||||||||
| New Jersey Health Care Facilities Financing Authority, Revenue Refunding | |||||||||||
| Bonds (Atlantic City Medical Center), 5.75%, 7/01/25 | 1,110 | 1,024,042 | |||||||||
| New Jersey Health Care Facilities Financing Authority, Revenue Refunding | |||||||||||
| Bonds (Saint Barnabas Health Care System), Series B, 5.92%, 7/01/30 (b) | 500 | 79,835 | |||||||||
| 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 list below. | ||||||||
| AMT | Alternative Minimum Tax (subject to) | EDR | Economic Development Revenue Bonds | |||||
| CABS | Capital Appreciation Bonds | GO | General Obligation Bonds | |||||
| EDA | Economic Development Authority | S/F | Single-Family | |||||
1
| BlackRock New Jersey Municipal Bond Trust | ||||||
| Schedule of Investments November 30, 2008 (Unaudited) | (Percentages shown are based on Net Assets) | |||||
| Par | ||||||
| Municipal Bonds | (000) | Value | ||||
| New Jersey Health Care Facilities Financing Authority, Revenue Refunding | ||||||
| Bonds (Saint Barnabas Health Care System), Series B, 5.72%, 7/01/36 (b) | $ | 3,600 | $ | 344,340 | ||
| New Jersey Health Care Facilities Financing Authority, Revenue Refunding | ||||||
| Bonds (Saint Barnabas Health Care System), Series B, 5.79%, 7/01/37 (b) | 3,600 | 312,804 | ||||
| New Jersey Health Care Facilities Financing Authority, Revenue Refunding | ||||||
| Bonds (South Jersey Hospital System), 5%, 7/01/46 | 500 | 363,515 | ||||
| New Jersey State Educational Facilities Authority Revenue Bonds (Fairleigh | ||||||
| Dickinson University), Series D, 6%, 7/01/25 | 1,000 | 799,260 | ||||
| New Jersey State Educational Facilities Authority Revenue Bonds (Georgian | ||||||
| Court College Project), Series C, 6.50%, 7/01/13 (f) | 630 | 737,465 | ||||
| New Jersey State Educational Facilities Authority, Revenue Refunding | ||||||
| Bonds (College of New Jersey), Series D, 5%, 7/01/35 (a) | 1,010 | 925,342 | ||||
| New Jersey State Educational Facilities Authority, Revenue Refunding | ||||||
| Bonds (Fairleigh Dickinson University), Series C, 6%, 7/01/20 | 1,000 | 852,640 | ||||
| New Jersey State Educational Facilities Authority, Revenue Refunding | ||||||
| Bonds (Fairleigh Dickinson University), Series C, 5.50%, 7/01/23 | 500 | 386,285 | ||||
| New Jersey State Educational Facilities Authority, Revenue Refunding | ||||||
| Bonds (Georgian Court University), Series D, 5%, 7/01/33 | 150 | 118,251 | ||||
| New Jersey State Housing and Mortgage Finance Agency Revenue Bonds, | ||||||
| Series AA, 6.375%, 10/01/28 | 1,000 | 1,030,470 | ||||
| New Jersey State Housing and Mortgage Finance Agency Revenue Bonds, | ||||||
| Series AA, 6.50%, 10/01/38 | 450 | 459,121 | ||||
| New Jersey State Housing and Mortgage Finance Agency, S/F Housing | ||||||
| Revenue Refunding Bonds, AMT, Series T, 4.70%, 10/01/37 | 250 | 171,972 | ||||
| New Jersey State Transportation Trust Fund Authority, Transportation | ||||||
| System Revenue Bonds, Series A, 5.625%, 12/15/28 (f) | 200 | 199,160 | ||||
| New Jersey State Transportation Trust Fund Authority, Transportation | ||||||
| System Revenue Bonds, Series C, 4.666%, 12/15/32 (a)(b) | 1,250 | 281,263 | ||||
| Port Authority of New York and New Jersey, Consolidated Revenue Bonds, | ||||||
| AMT, 126th Series, 5.25%, 5/15/37 (h)(i) | 2,250 | 1,804,028 | ||||
| Port Authority of New York and New Jersey, Consolidated Revenue | ||||||
| Refunding Bonds, 125th Series, 5%, 4/15/32 (a) | 1,500 | 1,404,885 | ||||
| Port Authority of New York and New Jersey, Consolidated Revenue | ||||||
| Refunding Bonds, AMT, 152nd Series, 5.25%, 11/01/35 | 630 | 490,272 | ||||
| Port Authority of New York and New Jersey, Special Obligation Revenue | ||||||
| Bonds (Continental Airlines, Inc. - LaGuardia Project), AMT, 9.125%, | ||||||
| 12/01/15 | 120 | 120,162 | ||||
| Rahway Valley Sewerage Authority, New Jersey, Sewer Revenue Bonds, | ||||||
| CABS, Series A, 4.36%, 9/01/33 (b)(i) | 650 | 127,790 | ||||
| Salem County, New Jersey, Improvement Authority Revenue Bonds (Finlaw | ||||||
| State Office Building Project), 5.25%, 8/15/38 (a) | 100 | 95,648 | ||||
| Vineland, New Jersey, Electric Utility, GO, Refunding, AMT, 5.30%, | ||||||
| 5/15/29 (i) | 1,000 | 855,160 | ||||
2
| BlackRock New Jersey Municipal Bond Trust | |
| Schedule of Investments November 30, 2008 (Unaudited) | (Percentages shown are based on Net Assets) |
| Par | |||||||||
| Municipal Bonds | (000) | Value | |||||||
| Vineland, New Jersey, Electric Utility, GO, Refunding, AMT, 5.375%, | |||||||||
| 5/15/32 (i) | $ | 1,500 | $ | 1,266,510 | |||||
| 32,882,528 | |||||||||
| Multi-State - 8.6% | Charter Mac Equity Issuer Trust, 7.20%, 10/31/52 (j)(k) | 2,000 | 2,197,580 | ||||||
| Puerto Rico - 16.9% | Puerto Rico Commonwealth Highway and Transportation Authority, | ||||||||
| Highway Revenue Refunding Bonds, Series CC, 5.50%, 7/01/31 (g) | 1,000 | 933,840 | |||||||
| Puerto Rico Commonwealth Infrastructure Financing Authority, Special Tax | |||||||||
| and Capital Appreciation Revenue Bonds, Series A, 4.34%, | |||||||||
| 7/01/37 (b)(d) | 1,750 | 209,073 | |||||||
| Puerto Rico Commonwealth Infrastructure Financing Authority, Special Tax | |||||||||
| and Capital Appreciation Revenue Bonds, Series A, 4.51%, 7/01/43 (b)(d) | 1,000 | 76,720 | |||||||
| Puerto Rico Electric Power Authority, Power Revenue Bonds, Series II, | |||||||||
| 5.25%, 7/01/12 (f) | 1,750 | 1,945,633 | |||||||
| Puerto Rico Housing Financing Authority, Capital Funding Program, | |||||||||
| Subordinate Revenue Refunding Bonds, 5.125%, 12/01/27 | 265 | 244,847 | |||||||
| Puerto Rico Public Buildings Authority, Government Facilities Revenue | |||||||||
| Refunding Bonds, Series D, 5.25%, 7/01/27 | 615 | 500,143 | |||||||
| Puerto Rico Public Buildings Authority, Government Facilities Revenue | |||||||||
| Refunding Bonds, Series M-3, 6%, 7/01/27 (i)(l) | 425 | 385,237 | |||||||
| 4,295,493 | |||||||||
| Total Municipal Bonds - 154.6% | 39,375,601 | ||||||||
| Municipal Bonds Transferred to | |||||||||
| Tender Option Bond Trusts (m) | |||||||||
| New Jersey - 1.8% | Port Authority of New York and New Jersey, Consolidated Revenue | ||||||||
| Refunding Bonds, AMT, 152nd Series, 5.75%, 11/01/30 | 525 | 468,631 | |||||||
| Total Municipal Bonds Transferred to | |||||||||
| Tender Option Bond Trusts - 1.8% | 468,631 | ||||||||
| Total Long-Term Investments (Cost - $46,836,297) - 156.4% | 39,844,232 | ||||||||
| Short-Term Securities | Shares | ||||||||
| CMA New Jersey Municipal Money Fund, 1.06% (n)(o) | 4,737,486 | 4,737,486 | |||||||
| Total Short-Term Securities | |||||||||
| (Cost - $4,737,486) - 18.6% | 4,737,486 | ||||||||
| Total Investments (Cost - $51,573,783*) - 175.0% | 44,581,718 | ||||||||
| Other Assets Less Liabilities - 1.8% | 439,416 | ||||||||
| Liability for Trust Certificates, | |||||||||
| Including Interest Expense and Fees Payable - (1.4)% | (350,034 | ) | |||||||
| Preferred Shares, at Redemption Value - (75.4)% | (19,205,075 | ) | |||||||
| Net Assets Applicable to Common Shares - 100.0% | $ | 25,466,025 |
| * | The cost and unrealized appreciation (depreciation) of investments as of November 30, 2008, as computed for federal income tax purposes, were as follows: | |||||
| Aggregate cost | $ | 51,056,090 | ||||
| Gross unrealized appreciation | $ | 1,198,157 | ||||
| Gross unrealized depreciation | (8,022,529 | ) | ||||
| Net unrealized depreciation | (6,824,372 | ) | ||||
3
| BlackRock New Jersey Municipal Bond Trust | |
| Schedule of Investments November 30, 2008 (Unaudited) | |
| (a) | FSA Insured. |
| (b) | Represents a zero-coupon bond. Rate shown reflects the effective yield at the time of purchase. |
| (c) | Radian Insured. |
| (d) | AMBAC Insured. |
| (e) | Variable rate security. Rate shown is as of report date. Maturity shown is the final maturity date. |
| (f) | U.S. 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. |
| (g) | Assured Guaranty Insured. |
| (h) | FGIC Insured. |
| (i) | MBIA Insured. |
| (j) | 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. |
| (k) | 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. |
| (l) | Commonwealth Guaranteed. |
| (m) | 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. |
| (n) | Represents the current yield as of report date. |
| (o) | 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 | 3,909,279 | $ | 30,839 |
4
BlackRock New Jersey Municipal Bond Trust
Schedule of Investments November 30, 2008 (Unaudited)
| • | Effective September 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 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 annual report.
The following table summarizes the inputs used as of November 30, 2008 in determining the fair valuation of the Trust's investments:
| Valuation | Investments in | |||
| Inputs | Securities | |||
| Level 1 | $ | 4,737,486 | ||
| Level 2 | 39,844,232 | |||
| Level 3 | - | |||
| Total | $ | 44,581,718 |
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 13a-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/ Donald C. Burke | |
| Donald C. Burke | ||
| Chief Executive Officer of | ||
| BlackRock New Jersey Municipal Bond Trust | ||
| Date: January 20, 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 Municipal Bond Trust | ||
| Date: January 20, 2009 | ||
| By: | /s/ Neal J. Andrews | |
| Neal J. Andrews | ||
| Chief Financial Officer (principal financial officer) of | ||
| BlackRock New Jersey Municipal Bond Trust | ||
| Date: January 20, 2009 | ||