- --------------------------------------------------------------------------------
THE BLACKROCK NEW JERSEY INVESTMENT QUALITY MUNICIPAL TRUST INC.
SEMI-ANNUAL REPORT TO SHAREHOLDERS
REPORT OF INVESTMENT ADVISER
- --------------------------------------------------------------------------------
May 31, 1998
Dear Shareholder:
Domestic bonds provided investors with modest total returns during the
past six months, as interest rates generally fell. Supporting the bond market
was favorable inflation news and the belief that the Federal Reserve is unlikely
to raise short-term interest rates in the immediate future.
U.S. economic growth has remained relatively robust, spurred by lower
interest rates and strong consumer demand. However, the economic weakness of
Asia looms large. While the fallout from the Asian fiscal crisis probably has
yet to materialize in the U.S., we expect a "slowdown" in Asia's economies to
slow U.S. growth in 1998. While we expect that interest rates will be fairly
stable in the near-term, our longer-term outlook for the bond market remains
optimistic, based on the fundamentally favorable backdrop of low inflation, a
currently high level of real yields, and declining Treasury borrowing.
As you may know, the five investment management firms that comprised the
PNC Asset Management Group have consolidated under BlackRock, resulting in a
$118 billion money management firm. We look forward to using our global
investment management expertise to present exciting investment opportunities to
closed-end fund shareholders in the future.
This report contains comments from your Trust's managers regarding the
markets and portfolio in addition to the Trust's financial statements and a
detailed portfolio listing. We thank you for your continued investment in the
Trust.
/s/Laurence D. Fink /s/Ralph L. Schlosstein
- -------------------- ------------------------
Laurence D. Fink Ralph L. Schlosstein
Chairman President
1
<PAGE>
May 31, 1998
Dear Shareholder:
We are pleased to present the semi-annual report for The BlackRock New
Jersey Investment Quality Municipal Trust Inc. ("the Trust") for the six months
ended April 30, 1998. We would like to take this opportunity to review the
Trust's stock price and net asset value (NAV) performance, summarize market
developments and discuss recent portfolio management activity.
The Trust is a non-diversified, actively managed closed-end bond fund
whose shares are traded on the American Stock Exchange under the symbol "RNJ".
The Trust's investment objective is to provide high current income that is
exempt from regular federal and New Jersey state income taxes consistent with
the preservation of capital. The Trust seeks to achieve its objective by
investing in investment grade (rated "AAA" to "BBB" by a major rating agency or
of equivalent quality) municipal debt securities issued by local municipalities
throughout New Jersey.
The table below summarizes the performance of the Trust's stock price and
net asset value (the market value of its bonds per share) over the six months:
================================================================================
4/30/98 10/31/97 CHANGE HIGH LOW
================================================================================
STOCK PRICE $13.5625 $12.875 5.34% $13.875 $12.625
- --------------------------------------------------------------------------------
NET ASSET VALUE (NAV) $14.35 $14.19 1.13% $14.68 $14.13
================================================================================
Additionally, on June 1, 1998, the Trust's Board of Directors announced an
increase in the Trust's monthly dividend effective with the July 31, 1998
payment. The new dividend rate was increased from $0.0578 to $0.0609 monthly, or
from $0.6936 to $0.7308 annually.
THE FIXED INCOME MARKETS
The first four months of 1998 have witnessed continued rapid expansion of
the U.S. economy. GDP growth is estimated at an annual rate of 4.2%, far
exceeding the historical non-inflationary level of 2%. Despite the strong
economic growth, inflation stayed surprisingly subdued. After rising only 1.7%
in 1997, inflation inched higher at a 0.2% annual rate for the first quarter of
1998. One explanation for the absence of inflation in the U.S. economy stems
from the aftermath of the Asian crisis. U.S. exports to Asia have slowed, while
the strength of the dollar caused cheaper Asian imports to flood the U.S. market
and exert downward price pressure on domestic goods.
The Treasury market rallied during the fourth quarter of 1997 and into
1998 before giving back some gains during the past few months. For the
semi-annual period, the yield of the 10-year Treasury security fell from 5.83%
on October 31, 1997 to 5.67% on April 30, 1998. The strong performance of the
Treasury market was in response to moderating economic growth, low inflation and
a "flight to quality" from investors seeking a safe haven in U.S. Treasury
securities. Continued expectations that the Asian crisis will slow economic
growth and force the Fed to leave the Federal funds rate unchanged provided
additional support to the bond market. With Treasury supply waning due to
surplus in the federal budget and increased foreign demand for Treasuries due to
their U.S. government backing and relatively attractive yields, we anticipate a
positive environment for Treasuries for the balance of 1998.
Municipal bonds underperformed the taxable domestic bond market during the
past six months, returning 2.77% (as measured by the LEHMAN MUNICIPAL INDEX)
versus the LEHMAN AGGREGATE INDEX'S 3.58% on a pre-tax basis. The main forces
behind municipal bond underperformance were increased municipal bond supply
(fueled by the lowest municipal interest
2
<PAGE>
rates since the 1960s) and retail investors focus on the equity markets. We
believe that municipals are attractively valued versus Treasuries and our
outlook for municipal securities is favorable. The robust economy continues to
strengthen the credit quality of most issuers, and we expect that the attractive
taxable equivalent yields offered by municipal securities should bring investors
back into the market.
New Jersey's currently sound financial operations reflect a strong,
diversified economy that is growing modestly. The State's population is also
growing slowly, while unemployment in New Jersey continues to decline to 6.2% in
1997 and wealth levels remained significantly higher than the national average.
1997 witnessed a significant increase in the supply of outstanding New Jersey
debt, as the State sold $2.5 billion of bonds in a new pension fund issue. The
overall health of the New Jersey economy could result in an anticipated $1
billion operating reserve for fiscal year 1998. The Governor expects to fund the
proposed 5.4% budget increase for fiscal year 1999 with revenues derived from
continued economic expansion.
THE TRUST'S PORTFOLIO AND INVESTMENT STRATEGY
The Trust's portfolio is actively managed to diversify exposure to various
sectors, issuers, revenue sources and security types. BlackRock's investment
strategy emphasizes a relative value approach, which allows the Trust to
capitalize upon changing market conditions by rotating municipal sectors,
credits and coupons.
Additionally, the Trust employs leverage to enhance its income by
borrowing at short-term municipal rates and investing the proceeds in longer
maturity issues that have higher yields. The degree to which the Trust can
benefit from its use of leverage may affect its ability to pay high monthly
income. At the end of the semi-annual period, the Trust's leverage amount was
34% of total assets. During the past six months, the Trust's borrowing costs
have remained favorable.
Within the municipal market, we find the best relative value on the yield
curve to be in the 14 to 17 year sector of the yield curve, which we believe
offers the most attractive taxable equivalent yields for the least amount of
incremental duration. Additionally, the Trust has been emphasizing higher rated
credits (AA- and AAA-rated issues) over lower rated credits (BBB and A) to take
advantage of historically narrow credit spreads between higher and lower rated
bonds.
The following charts compare the Trust's current and October 31, 1997
asset composition and credit quality allocations:
SECTOR BREAKDOWN
================================================================================
SECTOR APRIL 30, 1998 OCTOBER 31, 1997
- --------------------------------------------------------------------------------
Special Sales Tax 21% 21%
- --------------------------------------------------------------------------------
Transportation 20% 20%
- --------------------------------------------------------------------------------
Hospital 17% 17%
- --------------------------------------------------------------------------------
University 10% 10%
- --------------------------------------------------------------------------------
Power 7% 7%
- --------------------------------------------------------------------------------
Housing 5% 5%
- --------------------------------------------------------------------------------
Lease Revenue 5% 5%
- --------------------------------------------------------------------------------
Sales Tax 5% 5%
- --------------------------------------------------------------------------------
Schools 5% 5%
- --------------------------------------------------------------------------------
Waste & Pollution Control 5% 5%
================================================================================
3
<PAGE>
================================================================================
STANDARD & POOR'S/MOODY'S/FITCH'S
CREDIT RATING APRIL 30, 1998 OCTOBER 31, 1997
- --------------------------------------------------------------------------------
AAA/Aaa 69% 70%
- --------------------------------------------------------------------------------
AA/Aa 15% 15%
- --------------------------------------------------------------------------------
A/A 1% --
- --------------------------------------------------------------------------------
BBB/Baa 15% 15%
================================================================================
We look forward to continuing to manage the Trust to benefit from the
opportunities available to investors in the investment grade municipal market.
We thank you for your investment and continued interest in The BlackRock New
Jersey Investment Quality Municipal Trust Inc. Please feel free to call our
marketing center at (800) 227-7BFM (7236) if you have any specific questions
which were not addressed in this report.
Sincerely,
/s/Robert Kapito /s/Kevin Klingert
- ----------------- --------------------
Robert Kapito Kevin Klingert
Vice Chairman and Portfolio Manager Managing Director and Portfolio Manager
BlackRock Financial Management, Inc. BlackRock Financial Management, Inc.
================================================================================
THE BLACKROCK NEW JERSEY INVESTMENT QUALITY MUNICIPAL TRUST INC.
- --------------------------------------------------------------------------------
Symbol on American Stock Exchange: RNJ
- --------------------------------------------------------------------------------
Initial Offering Date: May 28, 1993
- --------------------------------------------------------------------------------
Closing Stock Price as of 4/30/98: $13.5625
- --------------------------------------------------------------------------------
Net Asset Value as of 4/30/98: $14.35
- --------------------------------------------------------------------------------
Yield on Closing Stock Price as of 4/30/98 (13.5625)1: 5.11%
- --------------------------------------------------------------------------------
Current Monthly Distribution per Share2: $0.0578
- --------------------------------------------------------------------------------
Current Annualized Distribution per Share2: $0.6936
================================================================================
1Yield on Closing Stock Price is calculated by annualizing the current monthly
distribution per share and dividing it by the closing stock price per share.
2The distribution is not constant and is subject to change.
4
<PAGE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
THE BLACKROCK NEW JERSEY INVESTMENT QUALITY MUNICIPAL TRUST INC.
PORTFOLIO OF INVESTMENTS APRIL 30, 1998 (UNAUDITED)
- --------------------------------------------------------------------------------
PRINCIPAL
AMOUNT OPTION CALL VALUE
RATING* (000) DESCRIPTION PROVISIONS+ (NOTE 1)
- ---------------------------------------------------------------------------------------------------------------------------
LONG-TERM INVESTMENTS--147.0%
NEW JERSEY--132.4%
<S> <C> <C> <C>
AAA $1,000 Essex County Util. Auth. Solid Waste Rev.,
Ser. A, 5.60%, 4/01/16, FSA .................................. 4/06 at 102 $ 1,027,790
New Jersey Econ. Dev. Auth.,
AAA 1,000 Mkt. Trans. Fac., Ser. A, 5.875%, 7/01/11, MBIA .............. 7/04 at 102 1,079,790
BBB- 500 Trigen-Trenton Proj., 6.20%, 12/01/10 ........................ 12/03 at 102 524,265
New Jersey Hlth. Care Fac. Fin. Auth. Rev.,
BBB 1,570 Englewood Hosp. & Med. Ctr., 6.50%, 7/01/09 .................. 7/04 at 102 1,702,320
AAA 1,000 Riverview Med. Ctr., 5.50%, 7/01/13, AMBAC ................... 7/04 at 102 1,029,800
AAA 1,000 St. Josephs Hosp. & Med. Ctr., 5.75%, 7/01/16, CONNIE LEE .... 7/06 at 102 1,035,250
New Jersey Sports & Exposition Auth. Rev., Conv. Ctr.
Luxury Tax, Ser. A,
AAA 1,000 5.50%, 7/01/22, MBIA ......................................... 7/02 at 102 1,008,010
AAA 1,000 6.00%, 7/01/12, MBIA ......................................... 7/02 at 102 1,059,040
New Jersey St. Ed. Fac. Auth. Rev.,
AAA 1,000 Rowan College, Ser. E, 5.875%, 7/01/16, AMBAC ................ 7/06 at 101 1,061,990
AAA 1,000 Seton Hall Univ., 5.625%, 7/01/19, MBIA ...................... 7/06 at 101 1,027,900
AAA 1,000 New Jersey St. Hsg. & Mtge. Fin., Home Buyer,
Ser. O, 6.35%, 10/01/27, MBIA ................................ 10/05 at 101.5 1,063,640
AAA 1,000 New Jersey St. Tpke. Auth. Rev., Ser. C, 6.50%, 1/01/16, AMBAC . No Opt. Call 1,177,110
New Jersey St. Trans. Sys. Auth., Trust Fund, Ser. B, MBIA,
AAA 1,000 5.50%, 6/15/15 ............................................... 6/05 at 102 1,022,420
AAA 1,000 5.75%, 6/15/14 ............................................... 6/05 at 102 1,047,070
AA 1,000 North Brunswick Twnshp. Brd. of Ed., 6.30%, 2/01/05++ N/A 1,100,500
Port Authority of NY & NJ,
A1 1,000 5.75%, 12/15/20 .............................................. 6/05 at 101 1,030,870
A1 1,000 Ser. 74, 6.75%, 8/01/26 ...................................... 8/01 at 101 1,070,360
AAA 1,000 South Jersey Trans. Auth., Trans. Sys. Rev.,
Ser. B, 6.00%, 11/01/12, MBIA ................................ 11/02 at 102 1,065,360
----------
19,133,485
----------
PUERTO RICO--14.6%
BBB+ 1,000 Puerto Rico Elec. Pwr. Auth. Rev., Ser. U, 6.00%, 7/01/14 ...... 7/04 at 102 1,078,580
AAA 1,000 Puerto Rico Pub. Bldgs. Auth. Rev., Gov't Fac.,
Ser. A, 5.50%, 7/01/25, AMBAC ................................ 7/05 at 101.5 1,023,970
----------
2,102,550
----------
Total Long-Term Investments (cost $19,821,331) 21,236,035
----------
</TABLE>
See Notes to Financial Statements.
5
<PAGE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------
PRINCIPAL
AMOUNT VALUE
RATING* (000) DESCRIPTION (NOTE 1)
- ---------------------------------------------------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS**--2.1%
<S> <C> <C>
A-1+ $ 200 New Jersey Econ. Dev. Auth. Water Facs. Rev.,
4.00%, 5/01/98, FRDD ........................................................ $ 200,000
A-1 100 Port Authority of NY & NJ, 4.00%, 5/01/98, FRDD ............................... 100,000
-----------
Total Short-Term Investments (cost $300,000) .................................. 300,000
-----------
Total Investments--149.1% (cost $20,121,331) .................................. 21,536,035
Other assets in excess of liabilities--2.8% ................................... 411,334
Liquidation value of preferred stock--(51.9)% ................................. (7,500,000)
-----------
NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS--100% ............................ $14,447,369
===========
</TABLE>
- -----------------
* Rating: Using the higher of Standard & Poor's, Moody's or Fitch's rating.
** For purposes of amortized cost valuation, the maturity date of these
instruments is considered to be the later of the next date on which the
security can be redeemed at par or the next date on which the rate of
interest is adjusted.
+ Option call provisions: date (month/year) and prices of the earliest call or
redemption. There may be other call
provisions at varying prices at later dates.
++ This bond is prerefunded. See glossary for definition.
================================================================================
THE FOLLOWING ABBREVIATIONS ARE USED IN PORTFOLIO DESCRIPTIONS:
AMBAC -- American Municipal Bond Assurance Corporation
CONNIE LEE -- College Construction Loan Insurance Association
FRDD -- Floating Rate Daily Demand
FSA -- Financial Security Assurance
MBIA -- Municipal Bond Insurance Association
================================================================================
See Notes to Financial Statements.
6
<PAGE>
- --------------------------------------------------------------------------------
THE BLACKROCK NEW JERSEY INVESTMENT
QUALITY MUNICIPAL TRUST INC.
STATEMENT OF ASSETS AND LIABILITIES
APRIL 30, 1998 (UNAUDITED)
- --------------------------------------------------------------------------------
ASSETS
Investments, at value (cost $20,121,331) (Note 1) ............. $21,536,035
Cash .......................................................... 66,199
Interest receivable ........................................... 377,304
-----------
21,979,538
-----------
LIABILITIES
Advisory fee payable (Note 2) ................................. 6,382
Administration fee payable (Note 2) ........................... 1,823
Dividends payable-preferred stock ............................. 1,438
Accrued expenses .............................................. 22,526
-----------
32,169
-----------
NET INVESTMENT ASSETS ......................................... $21,947,369
===========
Net investment assets were comprised of:
Common stock:
Par value (Note 4) ........................................ $ 10,071
Paid-in capital in excess of par .......................... 13,907,459
Preferred stock (Note 4) .................................... 7,500,000
-----------
21,417,530
Undistributed net investment income ......................... 114,845
Accumulated net realized loss ............................... (999,710)
Net unrealized appreciation ................................. 1,414,704
-----------
Net investment assets, April 30, 1998 ....................... $21,947,369
===========
Net assets applicable to common shareholders ................ $14,447,369
===========
Net asset value per share:
($14,447,369 /1,007,093 shares of common
stock issued and outstanding) ............................... $14.35
======
- --------------------------------------------------------------------------------
THE BLACKROCK NEW JERSEY INVESTMENT
QUALITY MUNICIPAL TRUST INC.
STATEMENT OF OPERATIONS
SIX MONTHS ENDED APRIL 30, 1998 (UNAUDITED)
- --------------------------------------------------------------------------------
NET INVESTMENT INCOME
Income
Interest and discount earned ................................. $ 602,510
----------
Expenses
Investment advisory .......................................... 38,395
Administration ............................................... 10,970
Auction Agent ................................................ 9,500
Reports to shareholders ...................................... 7,000
Directors .................................................... 6,500
Audit ........................................................ 5,000
Transfer agent ............................................... 4,000
Legal ........................................................` 3,000
Custodian .................................................... 1,000
Miscellaneous ................................................ 11,425
----------
Total expenses ............................................... 96,790
----------
Net investment income .......................................... 505,720
----------
UNREALIZED GAIN
ON INVESTMENTS (NOTE 3)
Net change in unrealized appreciation
on investments ............................................... 118,921
----------
NET INCREASE IN NET INVESTMENT
ASSETS RESULTING FROM OPERATIONS ............................... $ 624,641
==========
See Notes to Financial Statements.
7
<PAGE>
- --------------------------------------------------------------------------------
THE BLACKROCK NEW JERSEY INVESTMENT QUALITY MUNICIPAL TRUST INC.
STATEMENTS OF CHANGES IN NET INVESTMENT ASSETS (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
INCREASE (DECREASE) IN NET INVESTMENT ASSETS
SIX MONTHS YEAR
ENDED ENDED
APRIL 30, OCTOBER 31,
1998 1997
----------- -----------
<S> <C> <C>
Operations:
Net investment income .......................................................... $ 505,720 $ 1,001,648
Net change in unrealized appreciation on investments ........................... 118,921 671,471
----------- ------------
Net increase in net investment assets resulting from operations ................ 624,641 1,673,119
Dividends and distributions:
To common shareholders from net investment income .............................. (349,219) (698,299)
To preferred shareholders from net investment income ........................... (122,207) (254,564)
To common shareholders in excess of net realized gain on investments ........... -- (151)
To preferred shareholders in excess of net realized gain on investments ........ -- (50)
----------- -----------
Total dividends and distributions .............................................. (471,426) (953,064)
----------- -----------
Total increase ............................................................... 153,215 720,055
NET INVESTMENT ASSETS
Beginning of period ............................................................... 21,794,154 21,074,099
----------- -----------
End of period ..................................................................... $21,947,369 $21,794,154
=========== ===========
</TABLE>
See Notes to Financial Statements.
8
<PAGE>
- --------------------------------------------------------------------------------
THE BLACKROCK NEW JERSEY INVESTMENT QUALITY MUNICIPAL TRUST INC.
FINANCIAL HIGHLIGHTS (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FOR THE PERIOD
SIX MONTHS FOR THE YEAR ENDED OCTOBER 31, JUNE 4, 1993*
PER SHARE OPERATING PERFORMANCE: ENDED ----------------------------------------- THROUGH
APRIL 30, 1998 1997 1996 1995 1994 OCTOBER 31, 1993
-------------- ----- ----- ----- ----- ----------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period .............. $ 14.19 $ 13.48 $ 13.46 $ 11.44 $ 14.54 $ 14.10
-------- ------- ------- ------- ------- -------
Net investment income .......................... .50 .99 .99 .99 .98 .31
Net realized and unrealized gain (loss) on
investments .................................. .13 .66 .01 2.09 (3.11) .65
-------- ------- -------- -------- -------- --------
Net increase (decrease) from investment operations. .63 1.65 1.00 3.08 (2.13) .96
-------- ------- -------- -------- -------- --------
Dividends and distributions:
Dividends from net investment income to:
Common shareholders .......................... (.35) (.69) (.71) (.77) (.77) (.19)
Preferred shareholders ....................... (.12) (.25) (.26) (.29) (.19) (.04)
Distributions in excess of net realized gain on
investments to:
Common shareholders .......................... -- *** (.01) -- -- --
Preferred shareholders ....................... -- *** *** -- -- --
-------- ------- -------- -------- -------- --------
Total dividends and distributions ................. (.47) (.94) (.98) (1.06) (.96) (.23)
-------- ------- -------- -------- -------- --------
Capital charge with respect to issuance of common
and preferred stock ............................. -- -- -- -- (.01) (.29)
-------- -------- -------- -------- -------- --------
Net asset value, end of period** .................. $ 14.35 $ 14.19 $ 13.48 $ 13.46 $ 11.44 $ 14.54#
======== ======== ======== ======== ======== ========
Per share market value, end of period** ........... $13.5625 $ 12.875 $ 11.875 $ 11.75 $ 10.625 $ 14.00
======== ======== ======== ======== ======== ========
TOTAL INVESTMENT RETURN+ .......................... 8.10% 14.77% 6.26% 18.37% (22.07)% .64%
RATIOS TO AVERAGE NET ASSETS OF COMMON
SHAREHOLDERS++
Expenses .......................................... 1.34%+++ 1.48% 1.57% 1.55% 1.35% 1.07%+++
Net investment income before preferred
stock dividends ................................. 7.00%+++ 7.28% 7.37% 7.89% 7.42% 5.22%+++
Preferred stock dividends ......................... 1.69%+++ 1.85% 1.92% 2.28% 1.48% 0.74%+++
Net investment income available to common
shareholders .................................... 5.31%+++ 5.43% 5.45% 5.61% 5.94% 4.48%+++
SUPPLEMENTAL DATA:
Average net assets of common shareholders
(in thousands) .................................. $14,561 $13,761 $13,408 $ 12,580 $13,253 $ 14,431
Portfolio turnover rate ........................... 0% 0% 85% 163% 88% 7%
Net assets of common shareholders, end of
period (in thousands) .......................... $14,447 $14,294 $13,574 $ 13,556 $ 11,524 $ 14,646
Asset coverage per share of preferred stock,
end of period## ................................ $73,163 $72,654 $70,252 $ 70,188 $126,828 $147,641
Preferred stock outstanding (in thousands) ........ $ 7,500 $ 7,500 $ 7,500 $ 7,500 $ 7,500 $ 7,500
</TABLE>
- --------------
* Commencement of investment operations.
** Net asset value and market value are published in THE WALL STREET JOURNAL
each Monday.
*** Actual amount paid to common shareholders for the year ended October 31,
1997 was $0.00015 per share, and the actual amount paid to preferred
shareholders was $0.00005 per common share. Actual amount paid to preferred
shareholders for the year ended October 31, 1996 was $0.0029 per common
share.
# Net asset value immediately after the closing of the first public offering
was $14.01. ## A stock split occurred on July 24, 1995 (Note 4).
+ Total investment return is calculated assuming a purchase of common stock at
the current market value on the first day and a sale at the current market
price on the last day of each period reported. Dividends and distributions
are assumed for purposes of this calculation to be reinvested at prices
obtained under the Trust's dividend reinvestment plan. This calculation does
not reflect brokerage commissions. Total investment returns for periods of
less than one year are not annualized.
++ Ratios are calculated on the basis of income, expenses and preferred stock
dividends applicable to both the common and preferred shares relative to the
average net assets of common shareholders.
+++ Annualized.
The information above represents the unaudited operating performance data for a
share of common stock outstanding, total investment return, ratios to average
net assets and other supplemental data for the periods indicated. This
information has been determined based upon financial information provided in the
financial statements and market value data for the Trust's common shares.
See Notes to Financial Statements.
9
<PAGE>
- --------------------------------------------------------------------------------
THE BLACKROCK NEW JERSEY INVESTMENT
QUALITY MUNICIPAL TRUST INC.
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
- --------------------------------------------------------------------------------
NOTE 1. ACCOUNTING The BlackRock New Jersey Investment Quality Municipal
POLICIES Trust Inc. (the "Trust") was organized in Maryland
on April 12, 1993 as a non-diversified, closed-end
closed-end management investment company. The Trust's investment objective is to
provide high current income exempt from regular federal and New Jersey state
income tax consistent with the preservation of capital. The ability of issuers
of debt securities held by the Trust to meet their obligations may be affected
by economic developments in the state, a specific industry or region. No
assurance can be given that the Trust's investment objective will be achieved.
The following is a summary of significant accounting policies followed by the
Trust.
SECURITIES VALUATION: Municipal securities (including commitments to purchase
such securities on a "when-issued" basis) are valued on the basis of prices
provided by a pricing service which uses information with respect to
transactions in bonds, quotations from bond dealers, market transactions in
comparable securities and various relationships between securities in
determining values. Any securities or other assets for which such current market
quotations are not readily available are valued at fair value as determined in
good faith under procedures established by and under the general supervision and
responsibility of the Trust's Board of Directors.
Short-term securities which mature in more than 60 days are valued at current
market quotations. Short-term securities which mature in 60 days or less are
valued at amortized cost if their term to maturity from date of purchase is 60
days or less, or by amortizing their value on the 61st day prior to maturity, if
their original term to maturity from date of purchase exceeded 60 days.
SECURITIES TRANSACTIONS AND INVESTMENT INCOME: Securities transactions are
recorded on the trade date. Realized and unrealized gains and losses are
calculated on the identified cost basis. Interest income is recorded on the
accrual basis and the Trust accretes original issue discounts or amortizes
premium on securities purchased using the interest method.
FEDERAL INCOME TAXES: For federal income tax purposes, the Trust is treated as a
separate taxpaying entity. It is the intent of the Trust to continue to meet the
requirements of the Internal Revenue Code applicable to regulated investment
companies and to distribute all of its net income to shareholders. For this
reason and because substantially all of the Trust's gross income consists of
tax-exempt interest, no federal income tax provision is required.
DIVIDENDS AND DISTRIBUTIONS: The Trust declares and pays dividends and
distributions to common shareholders monthly from net investment income, net
realized short-term capital gains and other sources, if necessary. Net long-term
capital gains, if any, in excess of loss carryforwards may be distributed
annually. Dividends and distributions are recorded on the ex-dividend date.
Dividends and distributions to preferred shareholders are accrued and determined
as described in Note 4.
DEFERRED ORGANIZATION EXPENSES: A total of $16,000 was incurred in connection
with the organization of the Trust. These costs have been deferred and are being
amortized ratably over a period of sixty months from the date the Trust
commenced investment operations.
ESTIMATES: The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the financial
statements and the reported amounts of revenues and expenses during the
reporting period. Actual results could differ from those estimates.
NOTE 2. AGREEMENTS The Trust has an Investment Advisory agreement with
BlackRock Financial Management,Inc., (the "Adviser"),
a wholly-owned corporate subsidiary of BlackRock Advisors, Inc., which is an
indirect majority- owned subsidiary of PNC Bank, N.A. and an Administration
Agreement with Prudential Investments Fund Management LLC ("PIFM"), an indirect,
wholly-owned subsidiary of The Prudential Insurance Company of America.
The investment fee paid to the Adviser is computed weekly and payable monthly
at an annual rate of 0.35% of the Trust's average weekly net investment assets.
The administration fee paid to PIFM is also computed weekly and payable monthly
at an annual rate of 0.10% of the Trust's average weekly net investment assets.
Pursuant to the agreements, the Adviser provides continuous supervision of
the investment portfolio and pays the compensation of officers of the Trust who
are affiliated persons of the Adviser. PIFM pays occupancy and certain clerical
and accounting costs of the Trust. The Trust bears all other costs and expenses.
10
<PAGE>
NOTE 3. PORTFOLIO There were no purchases and sales of investment sales
SECURITIES of investment securities, other than short-term
investments, for the six months ended April 30, 1998.
The federal income tax basis of the Trust's investments at April 30, 1998 was
$20,133,718 and, accordingly, net and gross unrealized appreciation was
$1,402,317.
For federal income tax purposes, the Trust had a capital loss carryforward at
October 31, 1997 of approximately $987,000 of which $10,000 will expire in 2001,
$690,000 will expire in 2002, $280,000 will expire in 2003 and $7,000 will
expire in 2004. Accordingly, no capital gains distribution is expected to be
paid to shareholders until net gains have been realized in excess of such
amount.
NOTE 4. CAPITAL There are 200 million shares of $.01 par value common
stock authorized. Of the 1,007,093 shares outstanding
at April 30, 1998, the Adviser owned 7,093 shares. As of April 30, 1998, there
were 300 shares of Preferred Stock Series T7 outstanding.
The Trust may classify or reclassify any unissued shares of common stock into
one or more series of preferred stock. On July 29, 1993 the Trust reclassified
150 shares of common stock and issued a series of Auction Market Preferred Stock
("Preferred Stock") Series T7. The Preferred Stock had a liquidation value of
$50,000 per share plus any accumulated but unpaid dividends. On May 16, 1995
shareholders approved a proposal to split each share of the Trust's Auction Rate
Municipal Preferred Stock into two shares and simultaneously reduce each share's
liquidation preference from $50,000 to $25,000 plus any accumulated but unpaid
dividends. The stock split occurred on July 24, 1995.
Dividends on Series T7 are cumulative at a rate which is reset every 7 days
based on the results of an auction. Dividend rates ranged from 3.10% to 3.75%
during the six months ended April 30, 1998.
The Trust may not declare dividends or make other distributions on shares of
common stock or purchase any such shares if, at the time of the declaration,
distribution, or purchase, asset coverage with respect to the outstanding
Preferred Stock would be less than 200%.
The Preferred Stock is redeemable at the option of the Trust, in whole or in
part, on any dividend payment date at $25,000 per share plus any accumulated or
unpaid dividends whether or not declared. The Preferred Stock is also subject to
mandatory redemption at $25,000 per share plus any accumulated or unpaid
dividends, whether or not declared if certain requirements relating to the
composition of the assets and liabilities of the Trust as set forth in the
Articles of Incorporation are not satisfied.
The holders of Preferred Stock have voting rights equal to the holders of
common stock (one vote per share) and will vote together with holders of shares
of common stock as a single class. However, holders of Preferred Stock are also
entitled to elect two of the Trust's directors. In addition, the Investment
Company Act of 1940 requires that along with approval by stockholders that might
otherwise be required, the approval of the holders of a majority of any
outstanding preferred shares, voting separately as a class would be required to
(a) adopt any plan of reorganization that would adversely affect the preferred
shares and (b) take any action requiring a vote of security holders, including,
among other things, changes in the Trust's subclassification as a closed-end
investment company or changes in its fundamental investment restrictions.
NOTE 5. DIVIDENDS Subsequent to April 30, 1998, the Board of Directors
of the Trust declared a dividend from undistributed
earnings of $0.0578 per common share payable May 29, 1998 to shareholders of
record on May 15, 1998.
For the period May 1, 1998 through May 31, 1998, dividends declared on
Preferred Stock totalled $22,674 in aggregate for the outstanding Preferred
Stock.
11
<PAGE>
- --------------------------------------------------------------------------------
THE BLACKROCK NEW JERSEY INVESTMENT QUALITY MUNICIPAL TRUST INC.
DIVIDEND REINVESTMENT PLAN
- --------------------------------------------------------------------------------
Pursuant to the Trust's Dividend Reinvestment Plan (the "Plan"),
shareholders will automatically have all distributions of dividends and capital
gains reinvested by State Street Bank and Trust Company (the "Plan Agent") in
Trust shares pursuant to the Plan unless an election is made to receive such
amounts in cash. The Plan Agent will affect purchases of shares under the Plan
in the open market. Shareholders who elect not to participate in the Plan will
receive all distributions in cash paid by check in United States dollars mailed
directly to the shareholders of record (or if the shares are held in street or
other nominee name, then to the nominee) by the transfer agent, as dividend
disbursing agent.
The Plan Agent serves as agent for the shareholders in administering the
Plan. After the Trust declares a dividend or determines to make a capital gain
distribution, the Plan Agent will, as agent for the participants, receive the
cash payment and use it to buy Trust shares in the open market, on the American
Stock Exchange or elsewhere, for the participants' accounts. The Trust will not
issue any new shares in connection with the Plan.
Participants in the Plan may withdraw from the Plan upon written notice to
the Plan Agent and will receive certificates for whole Trust shares and a cash
payment for any fraction of a Trust share.
The Plan Agent's fees for the handling of the reinvestment of dividends
and distributions will be paid by the Trust. However, each participant will pay
a pro rata share of brokerage commissions incurred with respect to the Plan
Agent's open market purchases in connection with the reinvestment of dividends
and distributions. The automatic reinvestment of dividends and distributions
will not relieve participants of any federal, state or local income taxes that
may be payable on such dividends or distributions.
Experience under the Plan may indicate that changes are desirable.
Accordingly, the Trust reserves the right to amend or terminate the Plan as
applied to any dividend or distribution paid subsequent to written notice of the
change sent to all shareholders of the Trust at least 90 days before the record
date for the dividend or distribution. The Plan also may be amended by the Plan
Agent upon at least 90 days' written notice to all shareholders of the Trust.
The Plan may be terminated by the Plan Agent or the Trust upon at least 30 days
written notice to all shareholders of the Trust. All correspondence concerning
the Plan should be directed to the Plan Agent at (800) 699-1BFM. The addresses
are on the front of this report.
- --------------------------------------------------------------------------------
ADDITIONAL INFORMATION
- --------------------------------------------------------------------------------
There have been no material changes in the Trust's investment objectives
or policies that have not been approved by the shareholders or to its charter or
by-laws or in the principal risk factors associated with investment in the
Trust. There have been no changes in the persons who are primarily responsible
for the day-to-day management of the Trust's portfolio.
The Annual Meeting of Trust Shareholders was held May 6, 1998 to vote on
the following matters:
(1) To elect two Directors as follows:
<TABLE>
<CAPTION>
DIRECTOR CLASS TERM EXPIRING
------- ----- ----- -------
<S> <C> <C> <C>
James Grosfeld ............................................. I 3 years 2000
James Clayburn La Force, Jr. ............................... I 3 years 2000
</TABLE>
Directors whose term of office continues beyond this meeting are Andrew
F.Brimmer, Kent Dixon, Laurence D. Fink, Walter F. Mondale, Richard E.
Cavanagh, Frank J. Fabozzi, and Ralph L. Schlosstein.
(2) To ratify the selection of Deloitte & Touche LLP as independent public
accountants of the Trust for the fiscal year ending October 31, 1998.
Shareholders elected the two Directors and ratified the selection of
Deloitte & Touche LLP. The results of the voting was as follows:
<TABLE>
<CAPTION>
VOTES FOR VOTES AGAINST ABSTENTIONS
-------- ----------- ----------
<S> <C> <C> <C>
James Grosfeld ............................................. 879,449 0 9,471
James Clayburn La Force, Jr. ............................... 879,449 0 9,471
Ratification of Deloitte &Touche LLP ....................... 879,644 2,772 6,505
</TABLE>
12
<PAGE>
- --------------------------------------------------------------------------------
THE BLACKROCK NEW JERSEY INVESTMENT QUALITY MUNICIPAL TRUST INC.
INVESTMENT SUMMARY
- --------------------------------------------------------------------------------
THE TRUST'S INVESTMENT OBJECTIVE
The BlackRock New Jersey Investment Quality Municipal Trust's investment
objective is to provide high current income exempt from regular Federal income
tax and New Jersey gross income tax consistent with the preservation of capital.
WHO MANAGES THE TRUST?
BlackRock Financial Management, Inc. ("BlackRock") is an SEC-registered
investment adviser. BlackRock and its affiliates currently manage over $118
billion on behalf of taxable and tax-exempt clients worldwide. Strategies
include fixed income, equity and cash and may incorporate both domestic and
international securities. Domestic fixed income strategies utilize the
government, mortgage, corporate and municipal bond sectors. BlackRock manages
twenty-one closed-end funds that are traded on either the New York or American
stock exchanges, and a $23 billion family of open-end equity and bond funds.
Current institutional clients number 334, domiciled in the United States and
overseas.
WHAT CAN THE TRUST INVEST IN?
Under normal conditions, the Trust expects to continue to manage its assets so
that at least 80% of its investments are rated at least investment grade ("BBB"
by Standard & Poor's and "Baa" by Moody's Investor Services) and up to 20% of
its assets may instead be deemed to be of equivalent credit quality by the
Adviser. The Trust intends to invest substantially all of the assets in a
portfolio of investment grade New Jersey Municipal Obligations, which include
debt obligations issued by or on behalf of New Jersey, its political
subdivisions, agencies and instrumentalities and by other qualifying issuers
that pay interest which, in the opinion of the bond counsel of the issuer, is
exempt from regular Federal income tax and New Jersey gross income tax. New
Jersey Municipal Obligations are issued to obtain funds for various public
functions, including the construction of public facilities, the refinancing of
outstanding obligations, the obtaining of funds for general operating expenses
and for loans to other public institutions and facilities.
WHAT IS THE ADVISER'S INVESTMENT STRATEGY?
The Adviser will manage the assets of the Trust in accordance with the Trust's
investment objective and policies to seek to achieve its objective by investing
in investment grade New Jersey Municipal Obligations. The Adviser actively
manages the assets in relation to market conditions and interest rate changes.
Depending on yield and portfolio allocation considerations, the Adviser may
choose to invest a portion of the Trust's assets in securities which pay
interest that is subject to AMT (alternative minimum tax). The Trust intends to
emphasize investments in New Jersey Municipal Obligations with long-term
maturities and expects to maintain an average portfolio maturity of 15-20 years,
but the average maturity may be shortened or lengthened from time to time
depending on market conditions.
Under current market conditions the use of leverage increases the income earned
by the Trust. The Trust employs leverage primarily through the issuance of
preferred stock. Preferred stockholders will receive dividends based on
short-term rates in exchange for allowing the Trust to borrow additional assets.
These assets will be invested in longer-term assets which typically offer higher
interest rates and the difference between the cost of the dividends paid to
preferred stockholders and the interest earned on the longer-term securities
will provide higher income levels for common stockholders in most interest rate
environments. The Trust issued preferred stock to leverage the portfolio at
approximately 35% of total assets. See "Leverage Considerations in the Trust"
below.
HOW ARE THE TRUST'S SHARES PURCHASED AND SOLD? DOES THE TRUST PAY DIVIDENDS
REGULARLY?
The Trust's shares are traded on the American Stock Exchange which provides
investors with liquidity on a daily basis. Orders to buy or sell shares of the
Trust must be placed through a registered broker or financial advisor. The Trust
pays monthly dividends which are typically paid on the last business day of the
month. For shares held in the shareholder's name, dividends may be reinvested in
additional shares of the fund through the Trust's transfer agent, State Street
Bank and Trust Company. Investors who wish to hold shares in a brokerage account
should check with their financial advisor to determine whether their brokerage
firm offers dividend reinvestment services.
13
<PAGE>
LEVERAGE CONSIDERATIONS IN THE TRUST
Leverage increases the duration (or price sensitivity of the net assets with
respect to changes in interest rates) of the Trust, which can improve the
performance of the fund in a declining rate environment, but can cause net
assets to decline faster in a rapidly rising interest rate environment. The
Trust may reduce, or unwind, the amount of leverage employed should BlackRock
consider that reduction to be in the best interests of the Trust. BlackRock's
portfolio managers continuously monitor and regularly review the Trust's use of
leverage and maintain the ability to unwind the leverage if that course is
chosen.
SPECIAL CONSIDERATIONS AND RISK FACTORS RELEVANT TO THE TRUST
THE TRUST IS INTENDED TO BE A LONG-TERM INVESTMENT AND IS NOT A SHORT-TERM
TRADING VEHICLE.
INVESTMENT OBJECTIVE. Although the objective of the Trust is to provide high
current income exempt from regular Federal income tax and New Jersey gross
income tax consistent with the preservation of capital, there can be no
assurance that this objective will be achieved.
DIVIDEND CONSIDERATIONS. The income and dividends paid by the Trust are likely
to vary over time as fixed income market conditions change. Future dividends may
be higher or lower than the dividend the Trust is currently paying.
LEVERAGE. The Trust utilizes leverage through preferred stock, which involves
special risks. The Trust's net asset value and market value may be more volatile
due to its use of leverage.
MARKET PRICE OF SHARES. The shares of closed-end investment companies such as
the Trust trade on the American Stock Exchange (AMEX symbol: RNJ) and as such
are subject to supply and demand influences. As a result, shares may trade at a
discount or a premium to their net asset value.
INVESTMENT GRADE MUNICIPAL OBLIGATIONS. The value of municipal debt securities
generally varies inversely with changes in prevailing market interest rates.
Depending on the amount of call protection that the securities in the Trust
have, the Trust may be subject to certain reinvestment risks in environments of
declining interest rates.
ILLIQUID SECURITIES. The Trust may invest in securities that are illiquid,
although under current market conditions the Trust expects to do so to only a
limited extent. These securities involve special risks.
ANTITAKEOVER PROVISIONS. Certain antitakeover provisions will make a change in
the Trust's business or management more difficult without the approval of the
Trust's Board of Directors and may have the effect of depriving shareholders of
an opportunity to sell their shares at a premium above the prevailing market
price.
14
<PAGE>
- --------------------------------------------------------------------------------
THE BLACKROCK NEW JERSEY INVESTMENT QUALITY MUNICIPAL TRUST INC.
GLOSSARY
- --------------------------------------------------------------------------------
CLOSED-END FUND: Investment vehicle which initially offers a fixed
number of shares and trades on a stock exchange. The
fund invests in a portfolio of securities in accordance
with its stated investment objectives and policies.
DISCOUNT: When a fund's net asset value is greater than its stock
price the fund is said to be trading at a discount.
DIVIDEND: Income generated by securities in a portfolio and
distributed to shareholders after the deduction of
expenses. This Trust declares and pays dividends to
common shareholders on a monthly basis.
DIVIDEND REINVESTMENT: Shareholders may have all dividends and distributions
of capital gains automatically reinvested into
additional shares of the Trust.
MARKET PRICE: Price per share of a security trading in the secondary
market. For a closed-end fund, this is the price at
which one share of the fund trades on the stock
exchange. If you were to buy or sell shares, you would
pay or receive the market price.
NET ASSET VALUE (NAV): Net asset value is the total market value of all
securities and other assets held by the Trust, plus
income accrued on its investments, minus any
liabilities including accrued expenses, divided by the
total number of outstanding shares. It is the
underlying value of a single share on a given day. Net
asset value for the Trust is calculated weekly and
published in BARRON'S on Saturday and THE NEW YORK
TIMES or THE WALL STREET JOURNAL each Monday.
PREMIUM: When a fund's stock price is greater than its net asset
value, the fund is said to be trading at a premium.
PREREFUNDED BONDS: These securities are collateralized by U.S. Government
securities which are held in escrow and are used to pay
principal and interest on the tax exempt issue and
retire the bond in full at the date indicated,
typically at a premium to par.
15
<PAGE>
- --------------------------------------------------------------------------------
BLACKROCK INC.
SUMMARY OF CLOSED-END FUNDS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
TAXABLE TRUSTS
- ---------------------------------------------------------------------------------------------------------------------------
STOCK MATURITY
PERPETUAL TRUSTS SYMBOL DATE
------- ------
<S> <C> <C>
The BlackRock Income Trust Inc. BKT N/A
The BlackRock North American Government Income Trust Inc. BNA N/A
TERM TRUSTS
The BlackRock 1998 Term Trust Inc. BBT 12/98
The BlackRock 1999 Term Trust Inc. BNN 12/99
The BlackRock Target Term Trust Inc. BTT 12/00
The BlackRock 2001 Term Trust Inc. BLK 06/01
The BlackRock Strategic Term Trust Inc. BGT 12/02
The BlackRock Investment Quality Term Trust Inc. BQT 12/04
The BlackRock Advantage Term Trust Inc. BAT 12/05
The BlackRock Broad Investment Grade 2009 Term Trust Inc. BCT 12/09
</TABLE>
<TABLE>
<CAPTION>
TAX-EXEMPT TRUSTS
- ---------------------------------------------------------------------------------------------------------------------------
STOCK MATURITY
PERPETUAL TRUSTS SYMBOL DATE
------- ------
<S> <C> <C>
The BlackRock Investment Quality Municipal Trust Inc. BKN N/A
The BlackRock California Investment Quality Municipal Trust Inc. RAA N/A
The BlackRock Florida Investment Quality Municipal Trust RFA N/A
The BlackRock New Jersey Investment Quality Municipal Trust Inc. RNJ N/A
The BlackRock New York Investment Quality Municipal Trust Inc. RNY N/A
TERM TRUSTS
The BlackRock Municipal Target Term Trust Inc. BMN 12/06
The BlackRock Insured Municipal 2008 Term Trust Inc. BRM 12/08
The BlackRock California Insured Municipal 2008 Term Trust Inc. BFC 12/08
The BlackRock Florida Insured Municipal 2008 Term Trust BRF 12/08
The BlackRock New York Insured Municipal 2008 Term Trust Inc. BLN 12/08
The BlackRock Insured Municipal Term Trust Inc. BMT 12/10
</TABLE>
IF YOU WOULD LIKE FURTHER INFORMATION
PLEASE CALL BLACKROCK AT (800) 227-7BFM (7236)
OR CONSULT WITH YOUR FINANCIAL ADVISOR.
16
<PAGE>
- --------------------------------------------------------------------------------
BLACKROCK FINANCIAL MANAGEMENT, INC.
AN OVERVIEW
- --------------------------------------------------------------------------------
BlackRock Financial Management, Inc. ("BlackRock") is an SEC-registered
investment adviser. BlackRock and its affiliates currently manage over $118
billion on behalf of taxable and tax-exempt clients worldwide. Strategies
include fixed income, equity and cash and may incorporate both domestic and
international securities. BlackRock manages twenty-one closed-end funds that are
traded on either the New York or American stock exchanges, and a number of
open-end mutual funds. Current institutional clients number 334, domiciled in
the United States and overseas.
BlackRock's fixed income product was introduced in 1988 by a team of
highly seasoned fixed income professionals. These professionals had extensive
experience creating, analyzing and trading a variety of fixed income
instruments, including the most complex structured securities. In fact, several
individuals at BlackRock were responsible for developing many of the major
innovations in the mortgage-backed and asset-backed securities markets,
including the creation of the first CMO, the floating rate CMO, the
senior/subordinated pass-through and the multi-class asset-backed security.
BlackRock is unique among asset management and advisory firms in the
emphasis it places on the development of proprietary analytical capabilities.
Over one quarter of the firm's professionals is dedicated to the design,
maintenance and use of these systems, which are not otherwise available to
investors. BlackRock's proprietary analytical tools are used for evaluating, and
designing fixed income investment strategies for client portfolios. Securities
purchased include mortgages, corporate bonds, municipal bonds and a variety of
hedging instruments.
BlackRock has developed investment products that respond to investors'
needs and has been responsible for several major innovations in closed-end
funds. In fact, BlackRock introduced the first closed-end mortgage fund, the
first taxable and tax-exempt closed-end funds to offer a finite term, the first
closed-end fund to achieve a AAA rating by Standard & Poor's, and the first
closed-end fund to invest primarily in North American Government securities.
Currently, BlackRock's closed-end funds have dividend reinvestment plans, which
are designed to provide ongoing demand for the stock in the secondary market.
BlackRock manages a wide range of investment vehicles, each having specific
investment objectives and policies.
In view of our continued desire to provide a high level of service to all
our shareholders, BlackRock maintains a toll-free number for your questions. The
number is (800) 227-7BFM (7236). We encourage you to call us with any questions
that you may have about your BlackRock funds and we thank you for the continued
trust that you place in our abilities.
IF YOU WOULD LIKE FURTHER INFORMATION
PLEASE DO NOT HESITATE TO CALL BLACKROCK AT (800) 227-7BFM
17
<PAGE>
Blackrock
DIRECTORS
Laurence D. Fink, CHAIRMAN
Andrew F. Brimmer
Richard E. Cavanagh
Kent Dixon
Frank J. Fabozzi
James Grosfeld
James Clayburn La Force, Jr.
Walter F. Mondale
Ralph L. Schlosstein
OFFICERS
Ralph L. Schlosstein, PRESIDENT
Keith T. Anderson, VICE PRESIDENT
Michael C. Huebsch, VICE PRESIDENT
Robert S. Kapito, VICE PRESIDENT
Kevin Klingert, VICE PRESIDENT
Richard M. Shea, VICE PRESIDENT/TAX
Henry Gabbay, TREASURER
James Kong, ASSISTANT TREASURER
Karen H. Sabath, SECRETARY
INVESTMENT ADVISER
BlackRock Financial Management, Inc.
345 Park Avenue
New York, NY 10154
(800) 227-7BFM
ADMINISTRATOR
Prudential Investments Fund Management LLC
Gateway Center Three
100 Mulberry Street
Newark, NJ 07102-4077
CUSTODIAN AND TRANSFER AGENT
State Street Bank and Trust Company
One Heritage Drive
North Quincy, MA 02171
(800) 699-1BFM
AUCTION AGENT
Bankers Trust Company
4 Albany Street
New York, NY 10006
INDEPENDENT AUDITORS
Deloitte & Touche LLP
Two World Financial Center
New York, NY 10281-1434
LEGAL COUNSEL
Skadden, Arps, Slate, Meagher & Flom LLP
919 Third Avenue
New York, NY 10022
The accompanying financial statements as of April 30, 1998 were not audited
and accordingly, no opinion is expressed on them.
This report is for shareholder information. This is not a prospectus intended
for use in the purchase or sale of any securities.
THE BLACKROCK NEW JERSEY INVESTMENT
QUALITY MUNICIPAL TRUST INC.
c/o Prudential Investments Fund Management LLC
Gateway Center Three
100 Mulberry Street
Newark, NJ 07102-4077
(800) 227-7BFM
[LOGO]Printed on recycled paper 09247C-10-7
09247C-20-6
The Blackrock
New Jersey
Investment Quality
Municipal Trust Inc.
=====================
Semi-annual Report
April 30, 1998
