BLACKROCK MUNIYIELD NEW JERSEY FUND, INC.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-06570

Name of Fund:  BlackRock MuniYield New Jersey Fund, Inc. (MYJ)

Fund Address:   100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service:  John M. Perlowski, Chief Executive Officer, BlackRock MuniYield

            New Jersey Fund, Inc., 55 East 52nd Street, New York, NY 10055

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

Date of fiscal year end: 07/31/2016

Date of reporting period: 10/31/2015

Item 1 – Schedule of Investments

Schedule of Investments October 31, 2015 (Unaudited)

  

BlackRock MuniYield New Jersey Fund, Inc. (MYJ)

(Percentages shown are based on Net Assets)

 

Municipal Bonds   

Par  

(000)

     Value  

New Jersey — 129.3%

                 

Corporate — 10.8%

     

County of Salem New Jersey Pollution Control Financing Authority, Refunding RB, Atlantic City Electric,
Series A, 4.88%, 6/01/29

    $ 4,550      $ 5,022,836   

Middlesex County Improvement Authority, RB, Senior Heldrich Center Hotel, Series A, 5.00%, 1/01/20

      655        599,318   

New Jersey EDA, RB, Continental Airlines, Inc.
Project, AMT:

     

Series A, 5.63%, 11/15/30

      1,730        1,920,646   

Series B, 5.63%, 11/15/30

      485        538,447   

New Jersey EDA, Refunding RB:

     

New Jersey American Water Co., Inc. Project, Series A, AMT, 5.70%, 10/01/39

      7,900        8,955,914   

New Jersey American Water Co., Inc. Project, Series B, AMT, 5.60%, 11/01/34

      2,430        2,733,143   

United Water of New Jersey, Inc.,
Series B (AMBAC), 4.50%, 11/01/25

      4,500        4,845,780   
    

 

 

  
               24,616,084   

County/City/Special District/School District — 20.1%

  

  

Casino Reinvestment Development Authority,
Refunding RB:

     

5.25%, 11/01/39

      2,280        2,299,517   

5.25%, 11/01/44

      6,500        6,523,140   

City of Margate New Jersey, GO, Refunding, Improvement:

     

5.00%, 1/15/26

      1,200        1,341,612   

5.00%, 1/15/27

      845        937,840   

City of Perth Amboy New Jersey, GO, CAB, Refunding (AGM), 5.00%, 7/01/33

      755        780,255   

County of Essex New Jersey Improvement Authority, RB, AMT, 5.25%, 7/01/45 (a)

      3,765        3,840,225   

County of Essex New Jersey Improvement Authority, Refunding RB, Project Consolidation (NPFGC):

     

5.50%, 10/01/28

      2,700        3,477,168   
Municipal Bonds   

Par  

(000)

     Value  

New Jersey (continued)

                 

County/City/Special District/School District (continued)

  

County of Essex New Jersey Improvement Authority, Refunding RB, Project Consolidation (NPFGC) (continued):

     

5.50%, 10/01/29

    $ 5,085      $ 6,569,871   

County of Gloucester New Jersey Improvement Authority, RB, County Guaranteed Loan — County Capital Program, 5.00%, 4/01/38

      1,000        1,077,340   

County of Hudson New Jersey, COP, Refunding, (NPFGC), 6.25%, 12/01/16

      1,500        1,581,270   

County of Hudson New Jersey Improvement Authority, RB, Harrison Parking Facility Project, Series C (AGC),
5.38%, 1/01/44

      4,800        5,282,544   

County of Mercer Improvement Authority, RB, Courthouse Annex Project, 5.00%, 9/01/40

      1,470        1,666,495   

County of Middlesex New Jersey, Refunding, COPS, Civic Square IV Redevelopment, 5.00%, 10/15/31

      1,400        1,689,646   

County of Union New Jersey Improvement Authority, LRB, Guaranteed Lease, Family Court Building Project,
5.00%, 5/01/42

      1,650        1,827,193   

County of Union New Jersey Utilities Authority, Refunding RB, Series A:

     

Resources Recovery Facility, Covanta Union, Inc., AMT, 5.25%, 12/01/31

      670        730,300   

Solid Waste System, County Deficiency Agreement, 5.00%, 6/15/41

      4,115        4,549,132   

Monmouth County Improvement Authority, Refunding RB, Government Loan (AMBAC):

     

5.00%, 12/01/15

      5        5,018   

5.00%, 12/01/16

      5        5,017   
 

 

                
   BLACKROCK MUNIYIELD NEW JERSEY FUND, INC.    OCTOBER 31, 2015    1

Schedule of Investments (continued)

   

BlackRock MuniYield New Jersey Fund, Inc. (MYJ)

 

Municipal Bonds   

Par  

(000)

     Value  

New Jersey (continued)

                 

County/City/Special District/School District (continued)

  

Monroe Township Board of Education Middlesex County, GO, Refunding, 5.00%, 3/01/38

    $ 1,625      $ 1,839,760   
    

 

 

  
               46,023,343   

Education — 28.0%

     

New Jersey EDA, RB:

     

Leap Academy Charter School, Series A,
6.20%, 10/01/44

      235        237,388   

Leap Academy Charter School, Series A,
6.30%, 10/01/49

      375        378,773   

MSU Student Housing Project Provide,
5.75%, 6/01/31

      1,000        1,113,350   

MSU Student Housing Project Provide,
5.88%, 6/01/42

      1,500        1,659,390   

The Team Academy Charter School Project, 6.00%, 10/01/33

      2,835        3,200,091   

New Jersey EDA, Refunding RB, Series A, Greater Brunswick Charter School, Inc. Project (a):

     

5.88%, 8/01/44

      780        799,757   

6.00%, 8/01/49

      555        568,026   

New Jersey Educational Facilities Authority, RB:

     

Higher Educational Capital Improvement Fund, Series A, 5.00%, 9/01/32

      3,925        4,046,322   

Montclair State University, Series J,
5.25%, 7/01/38

      1,140        1,242,817   

New Jersey Educational Facilities Authority, Refunding RB:

     

College of New Jersey, Series D,
5.00%, 7/01/18 (b)

      1,485        1,647,296   

College of New Jersey, Series D, 5.00%, 7/01/35

      4,630        5,032,717   

Georgian Court University, Series D,
5.25%, 7/01/37

      1,000        1,049,530   

Kean University, Series A, 5.50%, 9/01/36

      4,500        5,071,545   

Montclaire State University, Series A,
5.00%, 7/01/44

      6,790        7,470,969   

New Jersey Institute of Technology, Series H, 5.00%, 7/01/31

      1,250        1,400,063   

Ramapo College, Series B, 5.00%, 7/01/42

      340        367,880   

Rider University, Series A, 5.00%, 7/01/32

      1,000        1,064,840   

Rowan University, Series B (AGC),
5.00%, 7/01/24

      1,800        1,977,228   

Seton Hall University, Series D, 5.00%, 7/01/38

      395        433,141   
Municipal Bonds   

Par  

(000)

     Value  

New Jersey (continued)

                 

Education (continued)

     

New Jersey Educational Facilities Authority, Refunding RB (continued):

     

University of Medicine & Dentistry, Series B, 7.13%, 6/01/19 (b)

    $ 1,300      $ 1,571,505   

University of Medicine & Dentistry, Series B, 7.50%, 6/01/19 (b)

      1,625        1,985,717   

New Jersey Higher Education Student Assistance Authority, Refunding RB:

     

Series 1, AMT, 5.75%, 12/01/29

      4,045        4,458,318   

Series 1A, 5.00%, 12/01/25

      765        807,144   

Series 1A, 5.00%, 12/01/26

      480        505,382   

Series 1A, 5.25%, 12/01/32

      900        967,257   

New Jersey Institute of Technology, RB, Series A:

     

5.00%, 7/01/40

      1,500        1,663,665   

5.00%, 7/01/42

      3,040        3,331,718   

5.00%, 7/01/45

      2,935        3,210,156   

Rutgers — The State University of New Jersey, Refunding RB, Series L, 5.00%, 5/01/43

      5,870        6,536,656   
    

 

 

  
               63,798,641   

Health — 8.9%

     

County of Camden New Jersey Improvement Authority, Refunding RB, 5.00%, 2/15/34

      590        630,391   

New Jersey EDA, Refunding RB, Lions Gate Project:

     

5.00%, 1/01/34

      500        508,690   

5.25%, 1/01/44

      315        321,584   

New Jersey Health Care Facilities Financing Authority, RB:

     

Meridian Health System Obligated Group,
Series I (AGC), 5.00%, 7/01/38

      935        988,258   

Robert Wood Johnson University Hospital,
Series A, 5.50%, 7/01/43

      1,420        1,629,052   

Virtua Health, Series A (AGC), 5.50%, 7/01/38

      2,500        2,754,850   

New Jersey Health Care Facilities Financing Authority, Refunding RB:

     

AHS Hospital Corp., 6.00%, 7/01/41

      2,435        2,875,735   
 

 

                
2    BLACKROCK MUNIYIELD NEW JERSEY FUND, INC.    OCTOBER 31, 2015   

Schedule of Investments (continued)

   

BlackRock MuniYield New Jersey Fund, Inc. (MYJ)

 

Municipal Bonds   

Par  

(000)

     Value  

New Jersey (continued)

                 

Health (continued)

     

New Jersey Health Care Facilities Financing Authority, Refunding RB (continued):

     

Robert Wood Johnson University Hospital,
5.00%, 7/01/31

    $ 1,000      $ 1,102,540   

South Jersey Hospital, 5.00%, 7/01/36

      385        391,672   

St. Barnabas Health Care System, Series A,
5.00%, 7/01/29

      4,140        4,255,258   

St. Barnabas Health Care System, Series A,
5.63%, 7/01/32

      1,090        1,258,372   

St. Barnabas Health Care System, Series A,
5.63%, 7/01/37

      3,030        3,460,351   
    

 

 

  
               20,176,753   

Housing — 3.1%

     

New Jersey Housing & Mortgage Finance Agency, RB:

     

M/F Housing, Series A, 4.75%, 11/01/29

      2,305        2,424,952   

S/F Housing, Series AA, 6.50%, 10/01/38

      185        191,830   

S/F Housing, Series CC, 5.00%, 10/01/34

      1,700        1,769,768   

S/F Housing, Series U, AMT, 4.95%, 10/01/32

      260        264,446   

S/F Housing, Series U, AMT, 5.00%, 10/01/37

      265        268,644   

Newark Housing Authority, RB, South Ward Police Facility (AGC), 6.75%, 12/01/38

      1,750        2,057,423   
    

 

 

  
               6,977,063   

State — 17.0%

     

Garden State Preservation Trust, RB, CAB,
Series B (AGM) (c):

     

0.00%, 11/01/23

      1,460        1,208,617   

0.00%, 11/01/28

      4,540        3,087,745   

New Jersey EDA, RB:

     

Motor Vehicle Surcharge, Series A (NPFGC),
5.25%, 7/01/25

      2,000        2,317,880   

Motor Vehicle Surcharge, Series A (NPFGC),
5.25%, 7/01/33

      9,090        9,207,352   
Municipal Bonds   

Par  

(000)

     Value  

New Jersey (continued)

                 

State (continued)

     

New Jersey EDA, RB (continued):

     

School Facilities Construction (AGC),
5.50%, 12/15/18 (b)

    $ 2,345      $ 2,672,432   

School Facilities Construction (AGC),
5.50%, 12/15/34

      1,320        1,452,739   

School Facilities Construction, Series CC-2, 5.00%, 12/15/31

      1,125        1,148,670   

School Facilities Construction, Series Y,
5.00%, 9/01/18 (b)

      880        980,434   

New Jersey EDA, Refunding RB:

     

5.25%, 6/15/19 (b)

      265        304,276   

5.25%, 12/15/33

      735        758,167   

Cigarette Tax, 5.00%, 6/15/26

      440        468,626   

Cigarette Tax, 5.00%, 6/15/28

      720        756,533   

Cigarette Tax, 5.00%, 6/15/29

      1,760        1,841,647   

School Facilities Construction, Series AA,
5.50%, 12/15/29

      3,000        3,157,560   

School Facilities Construction, Series GG,
5.25%, 9/01/27

      3,000        3,164,160   

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

      2,300        2,397,727   

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

      1,100        1,152,734   

State of New Jersey, GO, Various Purposes,
5.00%, 6/01/28

      2,425        2,756,910   
    

 

 

  
               38,834,209   

Transportation — 40.0%

     

Delaware River Port Authority of Pennsylvania &
New Jersey, RB:

     

5.00%, 1/01/40

      2,620        2,922,636   

Series D, 5.00%, 1/01/40

      1,535        1,707,227   

New Jersey EDA, RB, The Goethals Bridge Replacement Project, AMT:

     

5.38%, 1/01/43

      9,420        10,043,981   

Private Activity Bond (AGM), 5.00%, 1/01/31

      1,000        1,101,250   
 

 

                
   BLACKROCK MUNIYIELD NEW JERSEY FUND, INC.    OCTOBER 31, 2015    3

Schedule of Investments (continued)

   

BlackRock MuniYield New Jersey Fund, Inc. (MYJ)

 

Municipal Bonds   

Par  

(000)

     Value  

New Jersey (continued)

                 

Transportation (continued)

     

New Jersey State Turnpike Authority, RB:

     

Growth & Income Securities, Series B (AMBAC), 5.15%, 1/01/35 (d)

    $ 4,870      $ 5,079,848   

Series A, 5.00%, 1/01/38

      10,750        11,876,170   

Series A, 5.00%, 1/01/43

      610        671,982   

Series E, 5.25%, 1/01/40

      2,525        2,774,091   

New Jersey State Turnpike Authority, Refunding RB, Series A, 5.00%, 1/01/35

      1,000        1,105,310   

New Jersey Transportation Trust Fund Authority, RB:

     

CAB, Transportation System, Series C (AMBAC), 0.00%, 12/15/35 (c)

      4,140        1,368,063   

Transportation Program, Series AA,
5.00%, 6/15/38

      5,935        6,042,898   

Transportation System, 6.00%, 12/15/38

      1,950        2,136,011   

Transportation System, Series A,
6.00%, 6/15/35

      6,030        6,657,361   

Transportation System, Series A,
5.88%, 12/15/38

      3,650        3,939,153   

Transportation System, Series A,
5.50%, 6/15/41

      5,500        5,834,840   

Transportation System, Series A (AGC),
5.63%, 12/15/28

      1,250        1,419,350   

Transportation System, Series A (AGC),
5.50%, 12/15/38

      1,000        1,092,310   

Transportation System, Series AA,
5.50%, 6/15/39

      5,520        5,876,316   

Port Authority of New York & New Jersey, ARB:

     

Consolidated, 93rd Series, 6.13%, 6/01/94

      5,000        6,102,850   

JFK International Air Terminal, Series 8,
6.00%, 12/01/42

      2,700        3,129,759   

169th Series, 5.00%, 10/01/41

      250        271,125   

Port Authority of New York & New Jersey, Refunding ARB, Consolidated:

     

152nd Series, AMT, 5.75%, 11/01/30

      3,300        3,649,008   

152nd Series, AMT, 5.25%, 11/01/35

      240        260,158   

166th Series, 5.25%, 7/15/36

      4,000        4,564,880   
Municipal Bonds   

Par  

(000)

     Value  

New Jersey (continued)

                 

Transportation (continued)

     

Port Authority of New York & New Jersey, Refunding ARB, Consolidated (continued):

     

172nd Series, AMT, 5.00%, 10/01/34

    $ 1,500      $ 1,661,955   
    

 

 

  
               91,288,532   

Utilities — 1.5%

     

Rahway Valley Sewerage Authority, RB, CAB,
Series A (NPFGC), 0.00%, 9/01/31 (c)

      6,000        3,367,920   
Total Municipal Bonds — 129.4%        295,082,545   
    
                  
Municipal Bonds Transferred to
Tender Option Bond Trusts (e)		        

New Jersey — 29.9%

                 

County/City/Special District/School District — 6.1%

  

  

County of Union New Jersey Utilities Authority, Refunding LRB, Resource Recovery Facility, Covanta Union, Inc., Series A, AMT,
5.25%, 12/01/31

      12,820        13,973,800   

Education — 1.0%

     

Rutgers — The State University of New Jersey, RB, Series F, 5.00%, 5/01/39

      2,009        2,235,006   

State — 7.2%

     

Garden State Preservation Trust, RB, Election of 2005, Series A (AGM), 5.75%, 11/01/28

      5,460        6,807,910   

New Jersey EDA, RB, School Facilities Construction (AGC):

     

6.00%, 12/15/18 (b)

      1,185        1,385,698   

6.00%, 12/15/34

      2,415        2,723,378   

New Jersey EDA, Refunding RB, 5.00%, 3/01/29 (f)

      5,230        5,430,903   
    

 

 

  
               16,347,889   

Transportation — 15.6%

     

New Jersey State Turnpike Authority, RB, Series A, 5.00%, 1/01/38 (f)

      8,820        9,743,983   

New Jersey Transportation Trust Fund Authority, RB, Transportation System:

     

Series A (AMBAC), 5.00%, 12/15/32

      4,100        4,294,135   

Series B, 5.25%, 6/15/36 (f)

      5,001        5,185,441   
 

 

                
4    BLACKROCK MUNIYIELD NEW JERSEY FUND, INC.    OCTOBER 31, 2015   

Schedule of Investments (continued)

   

BlackRock MuniYield New Jersey Fund, Inc. (MYJ)

 

Municipal Bonds Transferred to
Tender Option Bond Trusts (e)		   

Par  

(000)

     Value  

New Jersey (continued)

                 

Transportation (continued)

     

Port Authority of New York & New Jersey, RB, Consolidated, 169th Series, AMT, 5.00%, 10/15/41

    $ 11,250      $ 12,200,625   

Port Authority of New York & New Jersey, Refunding RB, Consolidated, 152nd Series, AMT,
5.25%, 11/01/35

      3,764        4,079,811   
    

 

 

  
               35,503,995   
Total Municipal Bonds Transferred to
Tender Option Bond Trusts — 29.9%		         68,060,690   
Total Long-Term Investments
(Cost — $340,154,959) — 159.3%		         363,143,235   
Short-Term Securities    Shares     Value  

BIF New Jersey Municipal Money Fund,
0.01% (g)(h)

      2,110,678      $ 2,110,678   
Total Short-Term Securities
(Cost — $2,110,678) — 0.9%		         2,110,678   
Total Investments
(Cost — $342,265,637*) — 160.2%		         365,253,913   
Other Assets Less Liabilities — 1.9%        4,554,806   

Liability for TOB Trust Certificates, Including Interest
Expense and Fees Payable — (17.3)%

   

     (39,572,305 ) 
VRDP Shares, at Liquidation Value — (44.8)%        (102,200,000 ) 
    

 

 

  
Net Assets Applicable to Common Shares — 100.0%      $ 228,036,414   
    

 

 

  

 

*   As of period end, gross unrealized appreciation and depreciation based on cost for federal income tax purposes were as follows:

 

Tax cost

   $ 303,381,719   
 

 

 

  

Gross unrealized appreciation

   $ 24,553,709   

Gross unrealized depreciation

     (2,235,034 ) 
 

 

 

  

Net unrealized appreciation

   $ 22,318,675   
 

 

 

  
 
Notes to Schedule of Investments

 

(a)   Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

 

(b)   U.S. Government securities, held in escrow, are used to pay interest on this security, as well as to retire the bond in full at the date indicated, typically at a premium to par.

 

(c)   Zero-coupon bond.

 

(d)   Represents a step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Rate shown is as of period end.

 

(e)   Represent bonds transferred to a TOB Trust in exchange of cash and residual certificates received by the Fund. These bonds serve as collateral in a secured borrowing.

 

(f)   All or a portion of security is subject to a recourse agreement, which may require the Fund to pay the liquidity provider in the event there is a shortfall between the TOB Trust Certificates and proceeds received from the sale of the security contributed to the TOB Trust or in the event of a default on the security. In the case of a shortfall or default, the aggregate maximum potential amount the Fund could ultimately be required to pay under the agreements which expire between June 15, 2019 to September 1, 2020 is $14,350,925.

 

(g)   During the period ended October 31, 2015, investments in issuers considered to be an affiliate of the Fund for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliate      Shares Held
at July 31,
2015		       

Net

Activity

        Shares Held
at October 31,
2015		        Income  

BIF New Jersey Municipal Money Fund

        3,887,295           (1,776,617 )         2,110,678         $ 39   

 

(h)   Represents the current yield as of period end.

 

                
   BLACKROCK MUNIYIELD NEW JERSEY FUND, INC.    OCTOBER 31, 2015    5

Schedule of Investments (continued)

   

BlackRock MuniYield New Jersey Fund, Inc. (MYJ)

 

For Fund compliance purposes, the Fund’s sector classifications refer to any one or more of the sector sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment advisor. These definitions may not apply for purposes of this report, which may combine such sector sub-classifications for reporting ease.

 

Portfolio Abbreviations

 

AGC    Assured Guarantee Corp.      CAB    Capital Appreciation Bonds    M/F    Multi-Family
AGM    Assured Guaranty Municipal Corp.      COP    Certificates of Participation    NPFGC    National Public Finance Guarantee Corp.
AMBAC    American Municipal Bond Assurance Corp.      EDA    Economic Development Authority    OTC    Over-the-Counter
AMT    Alternative Minimum Tax (subject to)      GO    General Obligation Bonds    RB    Revenue Bonds
ARB    Airport Revenue Bonds      LRB    Lease Revenue Bonds    S/F    Single-Family

 

Derivative Financial Instruments Outstanding as of Period End

 

Financial Futures Contracts

 

  
Contracts
Short		     Issue   Expiration   Notional Value     Unrealized
Appreciation		  
  (14)      5-Year U.S. Treasury Note   December 2015   $ 1,676,828      $ 19,476   
  (25)      10-Year U.S. Treasury Note   December 2015   $ 3,192,188        52,579   
  (11)      Long U.S. Treasury Bond   December 2015   $ 1,720,812        35,525   
  (2)      U.S. Ultra Bond   December 2015   $ 319,500        5,216   
  Total            $ 112,796   
       

 

 

  

 

                
6    BLACKROCK MUNIYIELD NEW JERSEY FUND, INC.    OCTOBER 31, 2015   

Schedule of Investments (continued)

   

BlackRock MuniYield New Jersey Fund, Inc. (MYJ)

 

 

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of investments and derivative financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

 

  •  

Level 1 — unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the Fund has the ability to access

 

  •  

Level 2 — other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs)

 

  •  

Level 3 — unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund’s own assumptions used in determining the fair value of investments and derivative financial instruments)

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The significant unobservable inputs used by the Global Valuation Committee in determining the price for Fair Valued Investments are typically categorized as Level 3.

Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. In accordance with the Fund’s policy, transfers between different levels of the fair value hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for investments [and derivative financial instruments] is based on the pricing transparency of the investments and derivative financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund’s policy regarding valuation of investments and derivative financial instruments, refer to the Fund’s most recent financial statements as contained in its annual report.

The following tables summarize the Fund’s investments and derivative financial instruments categorized in the disclosure hierarchy:

 

     Level 1        Level 2        Level 3      Total  

Assets:

                 
Investments:                 

Long-Term Investments1

     —         $ 363,143,235         —      $ 363,143,235   

Short-Term Investments

   $ 2,110,678           —         —        2,110,678   
 

 

 

  

Total

   $ 2,110,678         $ 363,143,235         —      $ 365,253,913   
 

 

 

  

1    See above Schedule of Investments for values in each sector.

       

     Level 1        Level 2        Level 3      Total  
Derivative Financial Instruments1             

Assets:

                 

Interest rate contracts

   $ 112,796           —         —      $ 112,796   

1    Derivative financial instruments are financial futures contracts, which are valued at the unrealized appreciation (depreciation) on the instrument.

       

 

 

                
   BLACKROCK MUNIYIELD NEW JERSEY FUND, INC.    OCTOBER 31, 2015    7

Schedule of Investments (concluded)

   

BlackRock MuniYield New Jersey Fund, Inc. (MYJ)

 

The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial reporting purposes. As of period end, such assets and/or liabilities are categorized within the disclosure hierarchy as follows:

 

     Level 1        Level 2        Level 3      Total  

Assets:

                 

Cash pledged for financial futures contracts

   $ 92,150           —         —      $ 92,150   

Liabilities:

                 

TOB Trust Certificates

     —         $ (39,553,519 )       —        (39,553,519 ) 

VRDP Shares

     —           (102,200,000 )       —        (102,200,000 ) 
 

 

 

  

Total

   $ 92,150         $ (141,753,519 )       —      $ (141,661,369 ) 
 

 

 

  

During the period ended October 31, 2015, there were no transfers between levels.

 

                
8    BLACKROCK MUNIYIELD NEW JERSEY FUND, INC.    OCTOBER 31, 2015   

Item 2 –

   Controls and Procedures
2(a) –   The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) under the Securities Exchange Act of 1934, as amended.

2(b) –

   There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 3 –   Exhibits

Certifications – Attached hereto

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

  BlackRock MuniYield New Jersey Fund, Inc.
  By:   /s/ John M. Perlowski                        
    John M. Perlowski
    Chief Executive Officer (principal executive officer) of BlackRock MuniYield New Jersey Fund, Inc.
  Date:   December 22, 2015

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

  By:   /s/ John M. Perlowski                        
    John M. Perlowski
    Chief Executive Officer (principal executive officer) of BlackRock MuniYield New Jersey Fund, Inc.
  Date:   December 22, 2015
  By:   /s/ Neal J. Andrews                        
    Neal J. Andrews
    Chief Financial Officer (principal financial officer) of BlackRock MuniYield New Jersey Fund, Inc.
  Date:   December 22, 2015