- --------------------------------------------------------------------------------
THE BLACKROCK NEW JERSEY INVESTMENT QUALITY MUNICIPAL TRUST INC.
ANNUAL REPORT TO SHAREHOLDERS
REPORT OF INVESTMENT ADVISER
- --------------------------------------------------------------------------------
November 30, 1998
Dear Shareholders:
Over the past twelve months, U.S. Treasury securities have experienced a
strong rally, as investors sought a safe haven from global market turmoil and
the Federal Reserve continued to cut interest rates. Other segments of the
fixed income market have lagged behind Treasuries, but still produced positive
returns since our last report. We anticipate that the Federal Reserve will
remain prepared to combat any signs of a credit crunch through interest rate
cuts, and given the unstable economic situation in Brazil, the Fed likely will
retain a loosening bias.
Despite previous worries of a second half slowdown in 1998, the U.S.
economy continues to expand rapidly. Third quarter GDP registered a 3.3%
annualized growth rate, supported by strong consumer spending. This momentum,
however, may not continue as briskly into the new year, based on weaker
corporate profits and a loosening of the labor markets. Already, major
corporations have warned of slower profit growth and announced major layoffs.
This report contains detailed market and portfolio strategy by your
Trust's managers in addition to the Trust's audited financial statements and a
detailed portfolio list of the portfolio's holdings. We thank you for your
continued investment in the Trust and look forward to serving your investment
needs in the future.
[GRAPHIC OMITTED]
Sincerely,
/s/ LAURENCE D. FINK /s/ RALPH L. SCHLOSSTEIN
- -------------------- ------------------------
Laurence D. Fink Ralph L. Schlosstein
Chairman President
1
<PAGE>
November 30, 1998
Dear Shareholder:
We are pleased to present the annual report for The BlackRock New Jersey
Investment Quality Municipal Trust Inc. ("the Trust") for the fiscal year ended
October 31, 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 this 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 past year:
------------------------------------------------
<TABLE>
<CAPTION>
10/31/98 10/31/97 CHANGE HIGH LOW
<S> <C> <C> <C> <C> <C>
STOCK PRICE $ 14.125 $ 12.875 9.71% $ 14.375 $ 12.625
NET ASSET VALUE (NAV) $ 14.95 $ 14.19 5.36% $ 15.108 $ 14.130
</TABLE>
THE FIXED INCOME MARKETS
The first half of the Trust's fiscal year was characterized by the
positive momentum and bull market trend that brought Treasury yields towards
historic lows. The low Treasury yields were due to budget surplus projections
as well as the Fed's decision to move from a tightening to a neutral policy.
The positive economic momentum throughout the first half of the fiscal year was
strengthened by unseasonably warm weather that led to increased consumer
spending and job gains, and a less than expected impact on trade from the Asian
financial crisis.
GDP growth measured at a very strong 5% for the first quarter of 1998;
however, signs of a slowdown became evident when economic data for April and
May began to lag.
The second half of the trust's fiscal year witnessed virtually
unparalleled market turbulence. During the second quarter of 1998, GDP growth
faltered to a 1.8% rate due to slower output and an increasing trade deficit
created by a strong U.S. dollar. Although consumers continued their spending
domestically, demand for U.S. goods abroad faltered, as the strong dollar and
weakness overseas, especially Asia, drove prices for U.S. goods higher relative
to foreign goods.
In the Trust's final quarter, U.S. GDP growth rebounded to a 3.3% pace;
however, the instability in global financial markets began to rattle investor
confidence. The devaluation of the Russian ruble and the fear of a possible
devaluation of the Brazilian currency caused a flight-to-quality to U.S.
Treasuries. Spread sectors widened dramatically as a result of the sell-off. In
addition, the global financial markets witnessed a credit crunch where even
higher-grade securities were affected. This dramatic shift of investor
sentiment culminated in the near collapse of a prominent hedge fund.
The Treasury market rally pushed Treasury yields to historic levels below
the 5% barrier. In response, to the financial fragility in the third quarter
1998 the Fed eased interest rates on September 29, 1998 by 25bps and again on
October 15, in an unusual between-meetings move. On November 17, the Fed eased
interest rates again by 25bps.
The municipal bond market, represented by the Lehman Municipal Bond Index,
posted a total return of 8.03% for the 12 month period ended October 31, 1998,
a taxable equivalent return of 11.52% for an individual in the 39.6% Federal
Tax income bracket, outperforming the domestic taxable investment grade market
(measured by the Lehman Aggregate Index), which returned 9.33%. Currently,
municipal securities are at their most attractive valuation versus Treasuries
in over a decade.
2
<PAGE>
The overwhelming factor that has driven municipals to this relationship has
been enormous new issuance supply. In the first three quarters of 1998, new
issue volume totaled $214 billion, a 37% increase over the same period last
year. However, the rapid decline in Treasury interest rates has actually begun
to reduce the pace of new issue volume, as savings associated with refunding
deals become increasingly negligible due to a technical factor called "negative
arbitrage". This reduction in supply when coupled with attractive valuations
versus Treasuries sets the municipal market up with the opportunity for
significant total return performance going forward.
New Jersey's currently sound financial operations reflect a strong, diversified
economy that continues to expand modestly. The State's population is also
growing slowly and in October 1998 the 4.5% unemployment was below the national
level and the lowest since 1980. Manufacturing employment continues to decrease
while the service sector, which accounts for 32% of the nonfarm payroll, is
increasing. Despite the shift from manufacturing to service work, New Jersey's
per capita personal income is amongst the highest and 128% of the national
average. The State ended FY1998 with a $1.1 billion operating surplus, fueled
by its strong economy and in spite of the cumulative 30% reduction in personal
income taxes. New Jersey's fiscal stability mirrors the healthy economy and
expenditure reductions will be necessary if the economy slows.
THE TRUST'S PORTFOLIO AND INVESTMENT STRATEGY
The Trust's portfolio is 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 at about 35% of total net assets
to enhance its income by borrowing at short term municipal rates and investing
the proceeds in longer maturity issues which 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. Over the past twelve months, the Federal Reserve
loosened monetary policy by lowering short term rates by 25bps in September,
October and again in November to 4.75%. Typically, short term municipal rates
(which determine the Trust's borrowing costs) are approximately 65% of Treasury
rates. Accordingly the Trust's cost of leverage decreased as a result of the
Fed's Action.
The main portfolio management theme in the Trust over the past year has
been to take advantage of narrowing credit spreads between higher and lower
rated bonds. Historically, lower rated bonds yield significantly more than
higher rated bonds to compensate the investor for taking on a higher
probability of default. Over the past year, this yield advantage has narrowed
to levels that we believe do not pay investors enough to purchase lower
credits. The Trust's holdings currently emphasize high credit non-callable and
callable premiums in the 10- to 15-year maturity range. Prevailing municipal
market conditions do not reward investors for extending beyond this maturity
range.
The following charts compare the Trust's current and October 31, 1997
asset composition and credit quality allocations:
SECTOR BREAKDOWN
<TABLE>
<S> <C> <C>
SECTOR OCTOBER 31, 1998 OCTOBER 31, 1997
Special Sales Tax 20% 21%
Transportation 20% 20%
Hospital 17% 17%
University 10% 10%
Power 7% 7%
Waste & Pollution Control 6% 5%
Housing 5% 5%
Lease Revenue 5% 5%
Sales Tax 5% 5%
Schools 5% 5%
</TABLE>
3
<PAGE>
<TABLE>
<S> <C> <C>
STANDARD & POOR'S/MOODY'S/FITCH'S
CREDIT RATING OCTOBER 31, 1998 OCTOBER 31, 1997
AAA/Aaa 70% 70%
AA/Aa 15% 15%
BBB/Baa 15% 15%
</TABLE>
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,
[GRAPHIC OMITTED][GRAPHIC OMITTED]
<TABLE>
<S> <C>
Robert Kapito Kevin Klingert
Vice Chairman and Portfolio Manager Managing Director and Portfolio Manager
BlackRock Financial Management, Inc. BlackRock Financial Management, Inc.
</TABLE>
<TABLE>
<S> <C>
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 10/31/98: $ 14.125
Net Asset Value as of 10/31/98: $ 14.95
Yield on Closing Stock Price as of 10/31/98 (14.125)1: 5.17%
Current Monthly Distribution per Share2: $ 0.0609
Current Annualized Distribution per Share2: $ 0.7308
</TABLE>
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>
- --------------------------------------------------------------------------------
THE BLACKROCK NEW JERSEY INVESTMENT QUALITY MUNICIPAL TRUST INC.
PORTFOLIO OF INVESTMENTS OCTOBER 31, 1998
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
RATING* AMOUNT
(UNAUDITED) (000)
============= ===========
<S> <C>
AAA $1,000
AAA 1,000
BBB- 500
BBB 1,570
AAA 1,000
AAA 1,000
AAA 1,000
AAA 1,000
AAA 1,000
AAA 1,000
AAA 1,000
AAA 1,000
AAA 1,000
AAA 1,000
AA 1,000
AA- 1,000
AA- 1,000
AAA 1,000
BBB+ 1,000
AAA 1,000
<CAPTION>
OPTION CALL
RATING* PROVISION\^ VALUE
(UNAUDITED) DESCRIPTION (UNAUDITED) (NOTE 1)
============= ============================================================================== ================ =============
<S> <C> <C> <C>
LONG-TERM INVESTMENTS-145.0%
NEW JERSEY-130.8%
AAA Essex Cnty. Util. Auth. Solid Waste Rev., Ser. A, 5.60%, 4/01/16, FSA ........ 4/06 at 102 $ 1,081,740
New Jersey Econ. Dev. Auth.,
AAA Mkt. Trans. Fac., Ser. A, 5.875%, 7/01/11, MBIA ............................. 7/04 at 102 1,103,410
BBB- Trigen-Trenton Proj., 6.20%, 12/01/10 ....................................... 12/03 at 102 525,590
New Jersey Hlth. Care Fac. Fin. Auth. Rev.,
BBB Englewood Hosp. & Med. Ctr., 6.50%, 7/01/09 ................................. 7/04 at 102 1,722,808
AAA Riverview Med. Ctr., 5.50%, 7/01/13, AMBAC .................................. 7/04 at 102 1,068,890
AAA St. Josephs Hosp. & Med. Ctr., 5.75%, 7/01/16, CONNIE LEE ................... 7/06 at 102 1,084,970
New Jersey Sports & Exposition Auth. Rev., Conv. Ctr. Luxury Tax, Ser. A,
AAA 5.50%, 7/01/22, MBIA ........................................................ 7/02 at 102 1,043,070
AAA 6.00%, 7/01/12, MBIA ........................................................ 7/02 at 102 1,080,760
New Jersey St. Ed. Fac. Auth. Rev.,
AAA Rowan College, Ser. E, 5,875%, 7/01/16, AMBAC ............................... 7/06 at 101 1,106,370
AAA Seton Hall Univ., 5.625%, 7/01/19, MBIA ..................................... 7/06 at 101 1,068,600
AAA New Jersey St. Hsg. & Mtge. Fin., Home Buyer, Ser. O, 6.35%,
10/01/27, MBIA .............................................................. 10/05 at 101.5 1,063,190
AAA New Jersey St. Tpke. Auth. Rev., Ser. C, 6.50%, 1/01/16, AMBAC ............... No Opt. Call 1,223,780
New Jersey St. Trans. Sys. Auth., Trust Fund, Ser. B, MBIA,
AAA 5.50%, 6/15/15 .............................................................. 6/05 at 102 1,071,670
AAA 5.75%, 6/15/14 .............................................................. 6/05 at 102 1,094,670
AA North Brunswick Twnshp. Brd. of Ed., 6.30%, 2/01/05\^\^ ...................... N/A 1,125,860
Port Authority of NY & N J,
AA- 5.75%, 12/15/20 ............................................................. 6/05 at 101 1,048,850
AA- Ser. 74, 6.75%, 8/01/26 ..................................................... 8/01 at 101 1,089,160
AAA South Jersey Trans. Auth., Trans. Sys. Rev., Ser. B, 6.00%, 11/01/12, MBIA. 11/02 at 102 1,089,020
-----------
19,692,408
-----------
PUERTO RICO-14.2%
BBB+ Puerto Rico Elec. Pwr. Auth. Rev., Ser. U, 6.00%, 7/01/14 .................... 7/04 at 102 1,083,190
AAA Puerto Rico Pub. Bldgs. Auth. Rev., Gov't Fac., Ser. A, 5.50%,
7/01/25 AMBAC ................................................................ 7/05 at 101.5 1,049,970
-----------
2,133,160
-----------
Total Long-Term Investments (cost $19,821,199)................................ 21,825,568
-----------
</TABLE>
See Notes to Financial Statements.
5
<PAGE>
<TABLE>
<CAPTION>
PRINCIPAL
RATING* AMOUNT VALUE
(UNAUDITED) (000) DESCRIPTION (NOTE 1)
============= ========== ========================================================================== ===============
<S> <C> <C> <C>
SHORT-TERM INVESTMENTS**-2.6%
A-1+ $400 Port Authority of NY & NJ, 3.30%, 11/02/98, FRDD (cost $400,000).......... $ 400,000
------------
TOTAL INVESTMENTS-147.6% (cost $20,221,199; Note 3)....................... 22,225,568
Other assets in excess of liabilities-2.2% ............................... 328,962
Liquidation value of preferred stock-(49.8)% ............................. (7,500,000)
------------
NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS-100% ........................ $ 15,054,530
============
</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.
<TABLE>
<S> <C>
THE FOLLOWING ABBREVIATIONS ARE USED IN PORTFOLIO DESCRIPTIONS:
AMBAC - American Municipal Bond Assurance Corporation FSA - Financial Security Assurance
CONNIE LEE- College Construction Loan Insurance Association MBIA - Municipal Bond Insurance Association
FRDD - Floating Rate Daily Demand
</TABLE>
See Notes to Financial Statements.
6
<PAGE>
- --------------------------------------------------------------------------------
THE BLACKROCK NEW JERSEY INVESTMENT
QUALITY MUNICIPAL TRUST INC.
STATEMENT OF ASSETS AND LIABILITIES
OCTOBER 31, 1998
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
ASSETS
Investments, at value (cost $20,221,199) (Note 1)..... $22,225,568
Interest receivable .................................. 378,600
-----------
22,604,168
-----------
LIABILITIES
Due to Custodian ..................................... 9,715
Advisory fee payable (Note 2) ........................ 6,732
Dividends payable-preferred stock .................... 2,671
Administration fee payable (Note 2) .................. 2,065
Accrued expenses and other liabilities ............... 28,455
-----------
49,638
-----------
NET INVESTMENT ASSETS ................................ $22,554,530
===========
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 ................. 132,341
Accumulated net realized loss ....................... (999,710)
Net unrealized appreciation ......................... 2,004,369
-----------
Net investment assets, October 31, 1998 .............. $22,554,530
===========
Net assets applicable to common shareholders ......... $15,054,530
===========
Net asset value per share:
($15,054,530 \d 1,007,093 shares of common
stock issued and outstanding) ....................... $ 14.95
===========
</TABLE>
- --------------------------------------------------------------------------------
THE BLACKROCK NEW JERSEY INVESTMENT
QUALITY MUNICIPAL TRUST INC.
STATEMENT OF OPERATIONS
FOR THE YEAR ENDED OCTOBER 31, 1998
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
NET INVESTMENT INCOME
Income
Interest and discount earned ............ $1,206,885
----------
Expenses
Investment advisory ..................... 77,765
Administration .......................... 22,218
Auction Agent ........................... 19,000
Directors ............................... 14,000
Reports to shareholders ................. 10,000
Audit ................................... 9,000
Transfer agent .......................... 9,000
Legal ................................... 6,000
Custodian ............................... 2,000
Miscellaneous ........................... 29,161
----------
Total expenses .......................... 198,144
----------
Net investment income ..................... 1,008,741
----------
UNREALIZED GAIN
ON INVESTMENTS (NOTE 3)
Net change in unrealized appreciation
on investments ........................... 708,586
----------
NET INCREASE IN NET INVESTMENT
ASSETS RESULTING FROM OPERATIONS ......... $1,717,327
==========
</TABLE>
See Notes to Financial Statements.
7
<PAGE>
- --------------------------------------------------------------------------------
THE BLACKROCK NEW JERSEY INVESTMENT QUALITY MUNICIPAL TRUST INC.
STATEMENTS OF CHANGES IN NET INVESTMENT ASSETS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FOR THE YEAR ENDED OCTOBER 31,
---------------------------------
1998 1997
INCREASE (DECREASE) IN NET INVESTMENT ASSETS --------------- ---------------
<S> <C> <C>
Operations:
Net investment income ....................................................... $ 1,008,741 $1,001,648
Net change in unrealized appreciation on investments ........................ 708,586 671,471
----------- -----------
Net increase in net investment assets resulting from operations ............. 1,717,327 1,673,119
Dividends and distributions:
To common shareholders from net investment income ........................... (710,922) (698,299)
To preferred shareholders from net investment income ........................ (246,029) (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 ........................................... (956,951) (953,064)
----------- -----------
Total increase ............................................................. 760,376 720,055
NET INVESTMENT ASSETS
Beginning of year ............................................................ 21,794,154 21,074,099
----------- -----------
End of year .................................................................. $22,554,530 $21,794,154
=========== ===========
</TABLE>
See Notes to Financial Statements.
8
<PAGE>
- --------------------------------------------------------------------------------
THE BLACKROCK NEW JERSEY INVESTMENT QUALITY MUNICIPAL TRUST INC.
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FOR THE YEAR ENDED OCTOBER
31,
----------------------------
1998 1997
PER SHARE OPERATING PERFORMANCE: ------------- --------------
<S> <C> <C>
Net asset value, beginning of year ................................ $ 14.19 $ 13.48
-------- ---------
Net investment income ............................................. 1.00 .99
Net realized and unrealized gain (loss) on investments ............ .71 .66
-------- ---------
Net increase (decrease) from investment operations ............... 1.71 1.65
-------- ---------
Dividends and distributions:
Dividends from net investment income to:
Common shareholders ............................................. (.71) (.69)
Preferred shareholders .......................................... (.24) (.25)
Distributions in excess of net realized gain on
investments to:
Common shareholders ............................................. -- **
Preferred shareholders .......................................... -- **
--------- -----------
Total dividends and distributions ................................. (.95) (.94)
--------- ----------
Capital charge with respect to issuance of common
and preferred stock .............................................. -- --
--------- ----------
Net asset value, end of year* ..................................... $ 14.95 $ 14.19
========= ==========
Per share market value, end of year* .............................. $ 14.125 $ 12.875
========= ==========
TOTAL INVESTMENT RETURN+ ......................................... 15.56% 14.77%
RATIOS TO AVERAGE NET ASSETS OF COMMON
SHAREHOLDERS++
Expenses .......................................................... 1.35% 1.48%
Net investment income before preferred stock dividends ............ 6.88% 7.28%
Preferred stock dividends ......................................... 1.68% 1.85%
Net investment income available to common shareholders ............ 5.20% 5.43%
SUPPLEMENTAL DATA:
Average net assets of common shareholders (in thousands) .......... $ 14,663 $ 13,761
Portfolio turnover rate ........................................... 0% 0%
Net assets of common shareholders, end of year (in thousands) ..... $ 15,055 $ 14,294
Asset coverage per share of preferred stock, end of year# ......... $ 75,191 $ 72,654
Preferred stock outstanding (in thousands) ........................ $ 7,500 $ 7,500
<CAPTION>
FOR THE YEAR ENDED OCTOBER 31,
-------------------------------------------
1996 1995 1994
PER SHARE OPERATING PERFORMANCE: -------------- ----------- ----------------
<S> <C> <C> <C>
Net asset value, beginning of year ................................ $ 13.46 $ 11.44 $ 14.54
--------- ------- ----------
Net investment income ............................................. .99 .99 .98
Net realized and unrealized gain (loss) on investments ............ .01 2.09 (3.11)
--------- ------- ----------
Net increase (decrease) from investment operations ............... 1.00 3.08 (2.13)
--------- ------- ----------
Dividends and distributions:
Dividends from net investment income to:
Common shareholders ............................................. (.71) (.77) (.77)
Preferred shareholders .......................................... (.26) (.29) (.19)
Distributions in excess of net realized gain on
investments to:
Common shareholders ............................................. (.01) -- --
Preferred shareholders .......................................... ** -- --
---------- ------- ----------
Total dividends and distributions ................................. (.98) ( 1.06) (.96)
---------- ------- ----------
Capital charge with respect to issuance of common
and preferred stock .............................................. -- -- (.01)
---------- ------- ----------
Net asset value, end of year* ..................................... $ 13.48 $ 13.46 $ 11.44
========== ======= ==========
Per share market value, end of year* .............................. $ 11.875 $ 11.75 $ 10.625
========== ======= ==========
TOTAL INVESTMENT RETURN+ ......................................... 6.26% 18.37% (22.07%)
RATIOS TO AVERAGE NET ASSETS OF COMMON
SHAREHOLDERS++
Expenses .......................................................... 1.57% 1.55% 1.35%
Net investment income before preferred stock dividends ............ 7.37% 7.89% 7.42%
Preferred stock dividends ......................................... 1.92% 2.28% 1.48%
Net investment income available to common shareholders ............ 5.45% 5.61% 5.94%
SUPPLEMENTAL DATA:
Average net assets of common shareholders (in thousands) .......... $ 13,408 $12,580 $ 13,253
Portfolio turnover rate ........................................... 85% 163% 88%
Net assets of common shareholders, end of year (in thousands) ..... $ 13,574 $13,556 $ 11,524
Asset coverage per share of preferred stock, end of year# ......... $ 70,252 $70,188 $ 126,828
Preferred stock outstanding (in thousands) ........................ $ 7,500 $ 7,500 $ 7,500
</TABLE>
- ----------
* 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.
# 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 year 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.
++ 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.
The information above represents the audited operating performance data for a
share of common stock outstanding, total investment return, ratios to average
net assets and other supplemental data for the years 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
- --------------------------------------------------------------------------------
NOTE 1.
ORGANIZATION & ACCOUNTING POLICIES
The BlackRock New Jersey Investment Quality Municipal Trust Inc. (the "Trust")
was organized in Maryland on April 12, 1993 as a non-diversified, 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 were deferred and have been
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
SECURITIES
There were no purchases or sales of investment securities, other than short-term
investments, for the year ended October 31, 1998.
The federal income tax basis of the Trust's investments at October 31,
1998 was $20,233,586 and, accordingly, net and gross unrealized appreciation
was $1,991,982.
For federal income tax purposes, the Trust had a capital loss carryforward
at October 31, 1998 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 October 31, 1998, the Adviser owned 7,093
shares. As of October 31, 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 3.00% to
3.75% during the year ended October 31, 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 October 31, 1998, the Board of Directors of the Trust declared a
dividend from undistributed earnings of $0.0609 per common share payable
November 30, 1998 to shareholders of record on November 16, 1998.
For the period November 1, 1998 through November 30, 1998, dividends
declared on Preferred Stock totalled $20,078 in aggregate for the outstanding
Preferred Stock.
11
<PAGE>
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THE BLACKROCK NEW JERSEY INVESTMENT QUALITY MUNICIPAL TRUST INC.
REPORT OF INDEPENDENT AUDITORS
- --------------------------------------------------------------------------------
To the Shareholders and Board of Directors of
The BlackRock New Jersey Investment Quality Municipal Trust Inc.:
We have audited the accompanying statement of assets and liabilities,
including the portfolio of investments, of The BlackRock New Jersey Investment
Quality Municipal Trust Inc. (the "Trust") as of October 31, 1998 and the
related statements of operations for the year then ended and of changes in net
investment assets for each of the two years in the period then ended and the
financial highlights for each of the five years in the period then ended. These
financial statements and financial highlights are the responsibility of the
Trust's management. Our responsibility is to express an opinion on these
financial statements and financial highlights based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards.Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements and financial
highlights are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. Our procedures included confirmation of securities owned at October
31, 1998, by correspondence with the custodian. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
In our opinion, such financial statements and financial highlights present
fairly, in all material respects, the financial position of The BlackRock New
Jersey Investment Quality Municipal Trust Inc. at October 31, 1998, and the
results of its operations, the changes in its net investment assets and its
financial highlights for the respective stated periods in conformity with
generally accepted accounting principles.
/s/ DELOITTE & TOUCHE LLP
- -------------------------
Deloitte & Touche LLP
New York, New York
December 11, 1998
12
<PAGE>
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THE BLACKROCK NEW JERSEY INVESTMENT QUALITY MUNICIPAL TRUST INC.
TAX INFORMATION
- --------------------------------------------------------------------------------
We are required by the Internal Revenue Code to advise you within 60 days
of the Trust's fiscal year end (October 31, 1998) as to the federal tax status
of dividends you received during such fiscal year. Accordingly, during the year
the Trust paid Federal tax-exempt dividends of $0.71 per share to common
shareholders and $820.10 per share to preferred shareholders.
- --------------------------------------------------------------------------------
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.
13
<PAGE>
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THE BLACKROCK NEW JERSEY INVESTMENT QUALITY MUNICIPAL INC.
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.
YEAR 2000 READINESS DISCLOSURE. The Trust is currently in the process of
evaluating its information technology infrastructure for Year 2000 compliance.
Substantially all of the Trust's information systems are supplied by the
Adviser. The Adviser has advised the Trust that it is currently evaluating
whether such systems are year 2000 compliant and that it expects to incure
costs of up to approximately five hundred thousand dollars to complete such
evaluation and to make any modifications to its systems as may be necessary to
achieve Year 2000 compliance. The Adviser has advised the Trust that it expects
to have fully tested its systems for Year 2000 compliance by December 31, 1998.
The Trust may be required to bear a portion of such cost incurred by the
Adviser in this regard. The Adviser has advised the Trust that it does not
anticipate any material disruption in the operations of the Trust as a result
of any failure by the Adviser to achieve Year 2000 compliance. There can be no
assurance that the costs will not exceed the amount referred to above or that
the Trust will not experience a disruption in operations.
The Adviser has advised the Trust that it is in the process of evaluating
the Year 2000 compliance of various suppliers of the Adviser and the Trust. The
Adviser has advised the Trust that it intends to communicate with such
suppliers to determine their Year 2000 compliance status and the extent to
which the Adviser or the Trust could be affected by any supplier's Year 2000
compliance issues. To date, however, the Adviser has not received responses
from all such suppliers with respect to their Year 2000 compliance, and there
can be no assurance that the systems of such suppliers, who are beyond the
Trust's control, will be Year 2000 compliant. In the event that any of the
Trust's significant suppliers do not successfully and timely achieve Year 2000
compliance, the Trust's business or operations could be adversely affected. The
Adviser has advised the Trust that it is in the process of preparing a
contingency plan for Year 2000 compliance by its suppliers. There can be no
assurance that such contingency plan will be successful in preventing a
disruption of the Trust's operations.
The Trust is designating this disclosure as its Year 2000 readiness
disclosure for all purposes under the Year 2000 Information and Readiness
Disclosure Act and the foregoing information shall constitute a Year 2000
statement for purposes of that Act.
14
<PAGE>
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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 State 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 $122
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 410, 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 State 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.
15
<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 Trust 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 State
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.
16
<PAGE>
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THE BLACKROCK NEW JERSEY INVESTMENT QUALITY MUNICIPAL TRUST INC.
GLOSSARY
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
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 auto-
matically 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.
</TABLE>
17
<PAGE>
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BLACKROCK FINANCIAL MANAGEMENT, INC.
SUMMARY OF CLOSED-END FUNDS
- --------------------------------------------------------------------------------
TAXABLE TRUSTS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
STOCK MATURITY
SYMBOL DATE
PERPETUAL TRUSTS ---------- ---------
<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>
TAX-EXEMPT TRUSTS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
STOCK MATURITY
SYMBOL DATE
PERPETUAL TRUSTS --------- ---------
<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.
18
<PAGE>
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BLACKROCK FINANCIAL MANAGEMENT, INC.
AN OVERVIEW
- --------------------------------------------------------------------------------
BlackRock Financial Management, Inc. ("BlackRock") is an SEC-registered
investment adviser. BlackRock and its affiliates currently manage over $122
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 $23
billion family of open-end equity and bond funds. Current institutional clients
number 410, 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 are 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
19
<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
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.
- --------------------------------------------------------------------------------
ANNUAL REPORT
OCTOBER 31, 1998
