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 811-6570
Name of Fund: MuniYield New Jersey Fund, Inc.
Fund Address: P.O. Box 9011
Princeton, NJ 08543-9011
Name and address of agent for service: Terry K. Glenn, President, MuniYield New
Jersey Fund, Inc., 800 Scudders Mill Road, Plainsboro, NJ 08536. Mailing
address: P.O. Box 9011, Princeton, NJ 08543-9011
Registrant's telephone number, including area code: (609) 282-2800
Date of fiscal year end: 11/30/2004
Date of reporting period: 06/01/04 - 08/31/04
Item 1 - Schedule of Investments
MuniYield New Jersey Fund, Inc.
Schedule of Investments as of August 31, 2004 (in Thousands)
S&P Moody's Face
Ratings Ratings Amount Municipal Bonds Value
===================================================================================================================================
New Jersey - 143.8%
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AA NR* $ 1,000 Burlington County, New Jersey, Bridge Commission Revenue Bonds $ 1,075
(Governmental Leasing Program), 5.25% due 8/15/2020
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AAA Aaa 6,925 Cape May County, New Jersey, Industrial Pollution Control Financing Authority 7,126
Revenue Bonds (Atlantic City Electric Company Project), AMT, Series A, 7.20%
due 11/01/2004(d)(g)
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AAA Aaa 1,500 Delaware River and Bay Authority Revenue Bonds, 5% due 1/01/2033(d) 1,533
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Delaware River Joint Toll Bridge Commission, Pennsylvania, Bridge Revenue
Refunding Bonds:
A- A2 2,010 5% due 7/01/2021 2,091
A- A2 3,645 5% due 7/01/2028 3,686
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NR* Aaa 3,930 Delaware River Port Authority of Pennsylvania and New Jersey Revenue Bonds, 4,976
RIB, Series 396, 10.373% due 1/01/2019(c)(e)
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NR* Aaa 2,620 Essex County, New Jersey, Improvement Authority Revenue Bonds, Series A, 5% 2,680
due 10/01/2028(b)
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Garden State Preservation Trust, New Jersey, Capital Appreciation Revenue Bonds,
Series B (c):
AAA Aaa 6,860 5.12%** due 11/01/2023 2,717
AAA Aaa 4,540 5.25%** due 11/01/2028 1,344
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Garden State Preservation Trust, New Jersey, Open Space and Farmland
Preservation Revenue Bonds, Series A (c):
AAA Aa3 4,300 5.80% due 11/01/2022 4,699
AAA Aa3 5,460 5.75% due 11/01/2028 6,156
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Gloucester County, New Jersey, Improvement Authority, Solid Waste Resource
Recovery Revenue Refunding Bonds (Waste Management Inc. Project):
BBB NR* 1,180 AMT, Series B, 7% due 12/01/2029 1,344
BBB NR* 2,000 Series A, 6.85% due 12/01/2029 2,287
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AAA Aaa 1,500 Hudson County, New Jersey, COP, Refunding, 6.25% due 12/01/2016(d) 1,839
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AAA Aaa 13,950 Hudson County, New Jersey, Improvement Authority, Facility Lease Revenue 14,901
Refunding Bonds (Hudson County Lease Project), 5.375% due 10/01/2024(b)
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Jackson Township, New Jersey, School District, GO (b):
AAA Aaa 3,090 5% due 4/15/2018 3,295
AAA Aaa 3,750 5% due 4/15/2019 3,979
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Portfolio
Abbreviations
To simplify the listings of MuniYield New Jersey Fund, Inc.'s portfolio holdings
in the Schedule of Investments, we have abbreviated the names of many of the
securities according to the list below.
AMT Alternative Minimum Tax (subject to)
COP Certificates of Participation
DRIVERS Derivative Inverse Tax-Exempt Receipts
EDA Economic Development Authority
EDR Economic Development Revenue Bonds
GO General Obligation Bonds
M/F Multi-Family
RIB Residual Interest Bonds
1
MuniYield New Jersey Fund, Inc.
Schedule of Investments as of August 31, 2004 (continued) (in Thousands)
S&P Moody's Face
Ratings Ratings Amount Municipal Bonds Value
===================================================================================================================================
New Jersey (continued)
===================================================================================================================================
Middlesex County, New Jersey, Improvement Authority, County-Guaranteed
Revenue Bonds (Golf Course Projects):
AAA Aa1 $ 1,455 5.25% due 6/01/2022 $ 1,566
AAA Aa1 3,050 5% due 6/01/2029 3,113
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BBB- Ba1 1,500 Middlesex County, New Jersey, Pollution Control Financing Authority Revenue 1,550
Refunding Bonds (Amerada Hess Corporation), 6.05% due 9/15/2034
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Monmouth County, New Jersey, Improvement Authority, Governmental Loan
Revenue Refunding Bonds (a):
AAA Aaa 2,235 5% due 12/01/2015 2,420
AAA Aaa 2,345 5% due 12/01/2016 2,539
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NR* Aaa 825 Morris County, New Jersey, Improvement Authority Revenue Bonds (Pooled 892
Program), 5% due 8/15/2017
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New Jersey EDA, EDR (Masonic Charity Foundation of New Jersey):
A+ NR* 600 5.25% due 6/01/2024 628
A+ NR* 685 5.25% due 6/01/2032 708
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BBB- NR* 1,500 New Jersey EDA, First Mortgage Revenue Bonds (Fellowship Village), Series C, 1,443
5.50% due 1/01/2028
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New Jersey EDA, First Mortgage Revenue Refunding Bonds, Series A:
BBB- NR* 1,250 (Fellowship Village), 5.50% due 1/01/2018 1,264
BBB- NR* 3,500 (Fellowship Village), 5.50% due 1/01/2025 3,383
NR* NR* 2,500 (The Winchester Gardens at Ward Homestead Project), 5.75% due 11/01/2024 2,509
NR* NR* 2,000 (The Winchester Gardens at Ward Homestead Project), 5.80% due 11/01/2031 1,990
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AAA Aaa 14,000 New Jersey EDA, Motor Vehicle Surcharge Revenue Bonds, Series A, 5.25% due 14,634
7/01/2033(d)
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NR* Aaa 5,575 New Jersey EDA, Natural Gas Facilities Revenue Refunding Bonds (NUI 5,839
Corporation), RIB, Series 371, 11.10% due 10/01/2022(a)(e)
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New Jersey EDA, Revenue Bonds:
A NR* 400 (Department of Human Services), 5% due 7/01/2011 439
A NR* 220 (Department of Human Services), 5% due 7/01/2012 241
NR* Aaa 3,850 (Saint Barnabas Project), Series A, 6.30%** due 7/01/2024(d) 1,449
A+ A1 2,095 (School Facilities Contruction), Series I, 5% due 9/01/2027 2,121
AAA Aaa 10,000 (Transportation Project), Sublease, Series A, 5.875% due 5/01/2009(c)(g) 11,402
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NR* Aaa 3,335 New Jersey EDA, Water Facilities Revenue Bonds, RIB, AMT, Series 417, 12.12% 3,524
due 11/01/2034(b)(e)
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AAA Aaa 1,850 New Jersey EDA, Water Facilities Revenue Refunding Bonds (American Water), 1,928
AMT, Series B, 5.125% due 4/01/2022(a)
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AAA Aaa 5,975 New Jersey Environmental Infrastucture Trust Revenue Bonds (Environmental 6,586
Infrastructure), Series A, 5.25% due 9/01/2017
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A A2 1,100 New Jersey Health Care Facilities Financing Authority, Health System Revenue 1,113
Bonds (Catholic Health East), Series A, 5.375% due 11/15/2033
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2
MuniYield New Jersey Fund, Inc.
Schedule of Investments as of August 31, 2004 (continued) (in Thousands)
S&P Moody's Face
Ratings Ratings Amount Municipal Bonds Value
===================================================================================================================================
New Jersey (continued)
===================================================================================================================================
New Jersey Health Care Facilities Financing Authority Revenue Bonds:
B+ NR* $ 2,345 (Pascack Valley Hospital Association), 6.625% due 7/01/2036 $ 2,163
AAA Aaa 4,000 (Robert Wood University), 5.70% due 7/01/2020(a) 4,458
NR* Baa2 1,875 (Somerset Medical Center), 5.50% due 7/01/2033 1,853
NR* Baa1 6,640 (South Jersey Hospital), 6% due 7/01/2026 6,976
AA Baa1 2,000 (Southern Ocean County Hospital), 5.125% due 7/01/2031(f) 2,027
NR* Baa1 4,200 (Southern Ocean County Hospital), Series A, 6.25% due 7/01/2023 4,246
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New Jersey Health Care Facilities Financing Authority, Revenue Refunding Bonds:
A A2 1,020 (Atlantic City Medical Center), 6.25% due 7/01/2017 1,154
A A2 2,185 (Atlantic City Medical Center), 5.75% due 7/01/2025 2,320
BBB Baa1 1,650 (Capital Health System Inc.), Series A, 5.75% due 7/01/2023 1,740
BBB+ NR* 5,500 (Holy Name Hospital), 6% due 7/01/2025 5,628
AAA Aaa 1,500 (Meridian Health System Obligation Group), 5.25% due 7/01/2019(c) 1,627
AAA Aaa 2,250 (Meridian Health System Obligation Group), 5.375% due 7/01/2024(c) 2,373
AAA Aaa 2,195 (Meridian Health System Obligation Group), 5.25% due 7/01/2029(c) 2,298
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AAA Aaa 4,150 New Jersey State Educational Facilities Authority, Higher Education, Capital 4,377
Improvement Revenue Bonds, Series A, 5.125% due 9/01/2022(a)
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New Jersey State Educational Facilities Authority Revenue Bonds:
NR* Baa3 985 (Bloomfield College), Series A, 6.85% due 7/01/2030 1,008
BBB+ Baa1 2,000 (Georgian Court College Project), Series C, 6.50% due 7/01/2033 2,204
AAA Aaa 1,730 (Rowan University), Series B, 5.25% due 7/01/2017(b) 1,893
AAA Aaa 1,620 (Rowan University), Series B, 5.25% due 7/01/2018(b) 1,773
AAA Aaa 2,165 (Rowan University), Series C, 5.125% due 7/01/2028(d) 2,248
AAA Aaa 1,955 (Rowan University), Series C, 5% due 7/01/2034(d) 1,999
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New Jersey State Educational Facilities Authority, Revenue Refunding Bonds:
AAA Aaa 5,305 (Montclair State University), Series L, 5% due 7/01/2034(d) 5,424
AAA Aaa 3,870 (Princeton Theological Seminary), 5% due 7/01/2026 4,012
AAA Aaa 3,725 (Princeton University), Series E, 5% due 7/01/2020 3,977
AA Baa1 1,000 (Rider University), 5% due 7/01/2017(f) 1,056
AA Aa3 1,255 (Rider University), Series A, 5.50% due 7/01/2023(f) 1,350
AA Aa3 1,450 (Rider University), Series A, 5.25% due 7/01/2034(f) 1,498
AAA Aaa 1,515 (William Paterson University), Series E, 5.25% due 7/01/2018(h) 1,644
AAA Aaa 1,595 (William Paterson University), Series E, 5.25% due 7/01/2019(h) 1,723
AAA Aaa 1,680 (William Paterson University), Series E, 5.25% due 7/01/2020(h) 1,807
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AAA Aaa 7,215 New Jersey State Higher Education Assistance Authority, Student Loan Revenue 7,571
Bonds, AMT, Series A, 5.30% due 6/01/2017(a)
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AAA A1 2,500 New Jersey State Highway Authority, Garden State Parkway General Revenue 2,866
Refunding Bonds, 5.625% due 1/01/2010(g)
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New Jersey State Housing and Mortgage Finance Agency, Home Buyer Revenue
Bonds, AMT (d):
AAA Aaa 5,350 Series CC, 5.80% due 10/01/2020 5,671
AAA Aaa 3,335 Series U, 5.60% due 10/01/2012 3,511
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AAA Aaa 1,795 New Jersey State Housing and Mortgage Finance Agency, M/F Housing Revenue 1,848
Refunding Bonds, Series A, 6.05% due 11/01/2020(a)
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New Jersey State Transit Corporation, COP:
AAA Aaa 3,650 6.50% due 4/01/2007(c)(g) 4,094
A- A2 3,620 (Federal Transit Administration Grants), Series B, 5.75% due 9/15/2014 4,076
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3
MuniYield New Jersey Fund, Inc.
Schedule of Investments as of August 31, 2004 (continued) (in Thousands)
S&P Moody's Face
Ratings Ratings Amount Municipal Bonds Value
===================================================================================================================================
New Jersey (concluded)
===================================================================================================================================
New Jersey State Transportation Trust Fund Authority, Transportation System
Revenue Bonds:
AAA Aaa $ 5,250 Series B, 5% due 6/15/2013(d) $ 5,721
A+ A1 7,400 Series C, 5.50% due 6/15/2019 8,204
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AAA Aaa 5,000 New Jersey State Turnpike Authority, Turnpike Revenue Refunding Bonds, Series 5,589
A, 5.75% due 1/01/2019(d)
AAA Aaa 1,840 Newark, New Jersey, Housing Authority, Port Authority-Port Newark Marine 1,867
Terminal Additional Rent-Backed Revenue Bonds (City of Newark Redevelopment
Projects), 5% due 1/01/2037(d)
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AA- A1 5,000 Port Authority of New York and New Jersey, Consolidated Revenue Bonds, 93rd 5,650
Series, 6.125% due 6/01/2094
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NR* Aaa 4,435 Port Authority of New York and New Jersey, Revenue Bonds, Trust Receipts, 5,114
AMT, Class R, Series 10, 10.096% due 1/15/2017(c)(e)
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AAA Aaa 5,300 Port Authority of New York and New Jersey, Revenue Refunding Bonds, 5,992
DRIVERS, AMT, Series 153, 8.868% due 9/15/2012(b)(e)
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AAA Aaa 2,000 Port Authority of New York and New Jersey, Special Obligation Revenue Bonds 2,191
(JFK International Air Terminal), AMT, Series 6, 5.75% due 12/01/2022(d)
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South Jersey Port Corporation of New Jersey Revenue Refunding Bonds:
A- NR* 4,280 4.75% due 1/01/2018 4,407
A- NR* 2,485 4.85% due 1/01/2019 2,564
A- NR* 2,000 5% due 1/01/2020 2,083
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Tobacco Settlement Financing Corporation of New Jersey Revenue Bonds:
BBB Baa3 5,510 6.75% due 6/01/2039 5,126
BBB Baa3 3,010 7% due 6/01/2041 2,901
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Union County, New Jersey, Utilities Authority, Senior Lease Revenue Refunding
Bonds (Ogden Martin System of Union), AMT, Series A (a)(e):
AAA Aaa 1,585 5.375% due 6/01/2017 1,660
AAA Aaa 1,175 5.375% due 6/01/2018 1,227
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University of Medicine and Dentistry, New Jersey, Revenue Bonds, Series A (a):
AAA Aaa 945 5.50% due 12/01/2018 1,054
AAA Aaa 1,900 5.50% due 12/01/2019 2,114
AAA Aaa 1,870 5.50% due 12/01/2020 2,074
AAA Aaa 1,435 5.50% due 12/01/2021 1,585
===================================================================================================================================
Puerto Rico - 9.1%
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Puerto Rico Electric Power Authority, Power Revenue Refunding Bonds, Series PP (b):
AAA Aaa 4,375 5% due 7/01/2024 4,607
AAA Aaa 2,500 5% due 7/01/2025 2,619
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NR* Baa3 1,900 Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control 2,032
Facilities Revenue Bonds (Cogeneration Facility-AES Puerto Rico Project), AMT,
6.625% due 6/01/2026
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NR* NR* 8,750 Puerto Rico Public Buildings Authority Revenue Bonds, DRIVERS, Series 211, 10,582
8.915% due 7/01/2021(d)(e)
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Virgin Islands - 2.7%
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BBB- Baa3 3,500 Virgin Islands Government Refinery Facilities Revenue Refunding Bonds 3,804
(Hovensa Coker Project), AMT, 6.50% due 7/01/2021
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4
MuniYield New Jersey Fund, Inc.
Schedule of Investments as of August 31, 2004 (concluded) (in Thousands)
S&P Moody's Face
Ratings Ratings Amount Municipal Bonds Value
===================================================================================================================================
Virgin Islands (concluded)
===================================================================================================================================
BBB- Baa3 $ 1,900 Virgin Islands Public Finance Authority, Refinery Facilities Revenue Bonds $ 1,996
(Hovensa Refinery), AMT, 5.875% due 7/01/2022
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Total Municipal Bonds (Cost - $318,084) - 155.6% 338,265
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Shares
Held Short-Term Securities
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2,127 CMA New Jersey Municipal Money Fund(i) 2,127
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Total Short-Term Securities (Cost - $2,127) - 1.0% 2,127
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Total Investments (Cost - $320,211+) - 156.6% 340,392
Liabilities in Excess of Other Assets - (1.8%) (3,960)
Preferred Stock, at Redemption Value - (54.8%) (119,023)
----------
Net Assets Applicable to Common Stock - 100.0% $ 217,409
==========
(a) AMBAC Insured.
(b) FGIC Insured.
(c) FSA Insured.
(d) MBIA Insured.
(e) The interest rate is subject to change periodically and inversely based
upon prevailing market rates. The interest rate shown is the rate in
effect at August 31, 2004.
(f) Radian Insured.
(g) Prerefunded.
(h) XL Capital Insured.
(i) Investments in companies considered to be an affiliate of the Fund (such
companies are defined as "Affiliated Companies" in Section 2(a)(3) of the
Investment Company Act of 1940) were as follows:
(in Thousands)
-------------------------------------------------------------------------
Net Dividend
Affiliate Activity Income
-------------------------------------------------------------------------
CMA New Jersey Municipal Money Fund (4,584) $13
-------------------------------------------------------------------------
* Not Rated.
** Represents a zero coupon bond; the interest rate shown reflects the
effective yield at the time of purchase by the Fund.
+ The cost and unrealized appreciation/depreciation of investments as of
August 31, 2004, as computed for federal income tax purposes were as
follows:
(in Thousands)
--------------
Aggregate cost $320,211
========
Gross unrealized appreciation $ 20,915
Gross unrealized depreciation (734)
--------
Net unrealized appreciation $ 20,181
========
Forward interest rate swaps outstanding as of August 31, 2004 were as follows: (in Thousands)
-----------------------------------------------------------------------------------------------------------
Notional Unrealized
Amount Depreciation
-----------------------------------------------------------------------------------------------------------
Receive a variable rate equal to 7-Day Bond Market Association
Municipal Swap Index Rate and pay a fixed rate of 4.099%
Broker, J.P. Morgan Chase Bank
Expires November 2018 $2,510 $ (73)
Receive a variable rate equal to 7-Day Bond Market Association
Municipal Swap Index Rate and pay a fixed rate of 4.366%
Broker, J.P. Morgan Chase Bank
Expires August 2026 $5,310 (183)
-----------------------------------------------------------------------------------------------------------
Total $ (256)
======
5
Item 2 - Controls and Procedures
2(a) - The registrant's certifying officers have reasonably designed such
disclosure controls and procedures to ensure material information
relating to the registrant is made known to us by others particularly
during the period in which this report is being prepared. The
registrant's certifying officers have determined that the registrant's
disclosure controls and procedures are effective based on our evaluation
of these controls and procedures as of a date within 90 days prior to the
filing date of this report.
2(b) - There were no changes in the registrant's internal control over financial
reporting (as defined in Rule 30a-3(d) under the Act (17 CFR
270.30a-3(d)) that occurred during the last fiscal quarter of the period
covered by this report that has materially affected, or is 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.
MuniYield New Jersey Fund, Inc.
By: /s/ Terry K. Glenn
----------------------
Terry K. Glenn,
President of
MuniYield New Jersey Fund, Inc.
Date: October 18, 2004
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/ Terry K. Glenn
----------------------
Terry K. Glenn,
President of
MuniYield New Jersey Fund, Inc.
Date: October 18, 2004
By: /s/ Donald C. Burke
----------------------
Donald C. Burke,
Chief Financial Officer of
MuniYield New Jersey Fund, Inc.
Date: October 18, 2004