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: Robert C. Doll, Jr., Chief Executive
Officer, 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: 11/30/05
Date of reporting period: 12/01/04 - 2/28/05
Item 1 - Schedule of Investments
MuniYield New Jersey Fund, Inc.
Schedule of Investments as of February 28, 2005 (in Thousands)
Face
Amount Municipal Bonds Value
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New Jersey - 146.8%
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$ 1,000 Burlington County, New Jersey, Bridge Commission Revenue Bonds (Governmental Leasing
Program), 5.25% due 8/15/2020 $ 1,085
----------------------------------------------------------------------------------------------------------------
1,500 Delaware River and Bay Authority Revenue Bonds, 5% due 1/01/2033 (d)(j) 1,561
----------------------------------------------------------------------------------------------------------------
Delaware River Joint Toll Bridge Commission, Pennsylvania, Bridge Revenue Refunding
Bonds:
2,010 5% due 7/01/2021 2,112
3,645 5% due 7/01/2028 3,773
----------------------------------------------------------------------------------------------------------------
3,930 Delaware River Port Authority of Pennsylvania and New Jersey Revenue Bonds, RIB, Series
396, 9.843% due 1/01/2019 (c)(e) 4,876
----------------------------------------------------------------------------------------------------------------
2,620 Essex County, New Jersey, Improvement Authority Revenue Bonds, Series A, 5%
due 10/01/2028 (b) 2,739
----------------------------------------------------------------------------------------------------------------
Garden State Preservation Trust of New Jersey, Capital Appreciation Revenue Bonds,
Series B (c):
6,860 5.12%** due 11/01/2023 2,939
4,540 5.25%** due 11/01/2028 1,484
----------------------------------------------------------------------------------------------------------------
Garden State Preservation Trust of New Jersey, Open Space and Farmland Preservation
Revenue Bonds, Series A (c):
4,300 5.80% due 11/01/2022 4,833
5,460 5.75% due 11/01/2028 6,499
----------------------------------------------------------------------------------------------------------------
Gloucester County, New Jersey, Improvement Authority, Solid Waste Resource Recovery,
Revenue Refunding Bonds (Waste Management Inc. Project):
1,180 AMT, Series B, 7% due 12/01/2029 1,325
2,000 Series A, 6.85% due 12/01/2029 2,245
----------------------------------------------------------------------------------------------------------------
1,500 Hudson County, New Jersey, COP, Refunding, 6.25% due 12/01/2016 (d) 1,819
----------------------------------------------------------------------------------------------------------------
13,950 Hudson County, New Jersey, Improvement Authority, Facility Lease Revenue Refunding Bonds
(Hudson County Lease Project), 5.375% due 10/01/2024 (b) 15,032
----------------------------------------------------------------------------------------------------------------
Jackson Township, New Jersey, School District, GO (b):
3,090 5% due 4/15/2018 3,314
3,750 5% due 4/15/2019 4,021
----------------------------------------------------------------------------------------------------------------
Middlesex County, New Jersey, Improvement Authority, County-Guaranteed Revenue Bonds
(Golf Course Projects):
1,455 5.25% due 6/01/2022 1,584
3,050 5% due 6/01/2029 3,182
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
VRDN Variable Rate Demand Notes
MuniYield New Jersey Fund, Inc.
Schedule of Investments as of February 28, 2005 (in Thousands)
Face
Amount Municipal Bonds Value
-----------------------------------------------------------------------------------------------------------------------------------
New Jersey (continued)
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$ 1,500 Middlesex County, New Jersey, Pollution Control Financing Authority, Revenue Refunding
Bonds (Amerada Hess Corporation), 6.05% due 9/15/2034 $ 1,593
----------------------------------------------------------------------------------------------------------------
Monmouth County, New Jersey, Improvement Authority, Governmental Loan, Revenue Refunding
Bonds (a):
2,235 5% due 12/01/2015 2,415
2,345 5% due 12/01/2016 2,534
----------------------------------------------------------------------------------------------------------------
New Jersey EDA, Cigarette Tax Revenue Bonds:
1,720 5.625% due 6/15/2019 1,829
1,275 5.75% due 6/15/2029 1,355
370 5.50% due 6/15/2031 384
755 5.75% due 6/15/2034 800
----------------------------------------------------------------------------------------------------------------
New Jersey EDA, EDR (Masonic Charity Foundation of New Jersey):
600 5.25% due 6/01/2024 638
685 5.25% due 6/01/2032 726
----------------------------------------------------------------------------------------------------------------
1,500 New Jersey EDA, First Mortgage Revenue Bonds (Fellowship Village), Series C, 5.50%
due 1/01/2028 1,498
----------------------------------------------------------------------------------------------------------------
New Jersey EDA, First Mortgage, Revenue Refunding Bonds, Series A:
1,250 (Fellowship Village), 5.50% due 1/01/2018 1,269
3,500 (Fellowship Village), 5.50% due 1/01/2025 3,509
2,500 (The Winchester Gardens at Ward Homestead Project), 5.75% due 11/01/2024 2,604
2,000 (The Winchester Gardens at Ward Homestead Project), 5.80% due 11/01/2031 2,065
----------------------------------------------------------------------------------------------------------------
New Jersey EDA, Motor Vehicle Surcharge Revenue Bonds, Series A (d):
14,000 5.25% due 7/01/2033 15,058
2,870 5% due 7/01/2034 2,998
----------------------------------------------------------------------------------------------------------------
5,575 New Jersey EDA, Natural Gas Facilities, Revenue Refunding Bonds (NUI Corporation), RIB,
Series 371, 10.56% due 10/01/2022 (a)(e) 5,835
----------------------------------------------------------------------------------------------------------------
New Jersey EDA, Revenue Bonds:
400 (Department of Human Services), 5% due 7/01/2011 433
220 (Department of Human Services), 5% due 7/01/2012 237
3,850 (Saint Barnabas Project), Series A, 6.30%** due 7/01/2024 (d) 1,559
----------------------------------------------------------------------------------------------------------------
2,095 New Jersey EDA, School Facilities Construction Revenue Bonds, Series I, 5% due 9/01/2027 2,172
----------------------------------------------------------------------------------------------------------------
2,870 New Jersey EDA, School Facilities Construction, Revenue Refunding Bonds, Series K, 5.25%
due 12/15/2015 (b) 3,225
----------------------------------------------------------------------------------------------------------------
3,335 New Jersey EDA, Water Facilities Revenue Bonds, RIB, AMT, Series 417, 11.58%
due 11/01/2034 (b)(e) 3,492
----------------------------------------------------------------------------------------------------------------
2,650 New Jersey EDA, Water Facilities, Revenue Refunding Bonds (United Water of New Jersey
Inc. Project), VRDN, Series A, 1.74% due 11/01/2026 (a)(i) 2,650
----------------------------------------------------------------------------------------------------------------
5,975 New Jersey Environmental Infrastructure Trust Revenue Bonds (Environmental
Infrastructure), Series A, 5.25% due 9/01/2017 6,562
----------------------------------------------------------------------------------------------------------------
1,100 New Jersey Health Care Facilities Financing Authority, Health System Revenue Bonds
(Catholic Health East), Series A, 5.375% due 11/15/2033 1,139
----------------------------------------------------------------------------------------------------------------
MuniYield New Jersey Fund, Inc.
Schedule of Investments as of February 28, 2005 (in Thousands)
Face
Amount Municipal Bonds Value
-----------------------------------------------------------------------------------------------------------------------------------
New Jersey (continued)
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New Jersey Health Care Facilities Financing Authority Revenue Bonds:
$ 2,345 (Pascack Valley Hospital Association), 6.625% due 7/01/2036 $ 2,314
4,000 (Robert Wood University), 5.70% due 7/01/2020 (a) 4,419
1,875 (Somerset Medical Center), 5.50% due 7/01/2033 1,872
6,640 (South Jersey Hospital), 6% due 7/01/2026 7,113
2,000 (Southern Ocean County Hospital), 5.125% due 7/01/2031 (f) 2,072
4,200 (Southern Ocean County Hospital), Series A, 6.25% due 7/01/2023 4,224
----------------------------------------------------------------------------------------------------------------
New Jersey Health Care Facilities Financing Authority, Revenue Refunding Bonds:
1,020 (Atlantic City Medical Center), 6.25% due 7/01/2017 1,167
2,185 (Atlantic City Medical Center), 5.75% due 7/01/2025 2,350
1,650 (Capital Health System Inc.), Series A, 5.75% due 7/01/2023 1,767
5,500 (Holy Name Hospital), 6% due 7/01/2025 5,736
1,500 (Meridian Health System Obligation Group), 5.25% due 7/01/2019 (c) 1,628
2,250 (Meridian Health System Obligation Group), 5.375% due 7/01/2024 (c) 2,434
2,195 (Meridian Health System Obligation Group), 5.25% due 7/01/2029 (c) 2,339
1,415 (Saint Clare's Hospital Inc.), Series A, 4.25% due 7/01/2017 (f) 1,407
----------------------------------------------------------------------------------------------------------------
1,000 New Jersey Sports and Exposition Authority, State Contract, Revenue Refunding Bonds,
VRDN, Series B-1, 1.79% due 3/01/2021 (d)(i) 1,000
----------------------------------------------------------------------------------------------------------------
4,150 New Jersey State Educational Facilities Authority, Higher Education, Capital Improvement
Revenue Bonds, Series A, 5.125% due 9/01/2022 (a) 4,451
----------------------------------------------------------------------------------------------------------------
New Jersey State Educational Facilities Authority Revenue Bonds:
985 (Bloomfield College), Series A, 6.85% due 7/01/2030 1,007
2,000 (Georgian Court College Project), Series C, 6.50% due 7/01/2033 2,255
1,730 (Rowan University), Series B, 5.25% due 7/01/2017 (b) 1,887
1,620 (Rowan University), Series B, 5.25% due 7/01/2018 (b) 1,765
2,165 (Rowan University), Series C, 5.125% due 7/01/2028 (d) 2,298
1,955 (Rowan University), Series C, 5% due 7/01/2034 (d) 2,042
----------------------------------------------------------------------------------------------------------------
New Jersey State Educational Facilities Authority, Revenue Refunding Bonds:
5,305 (Montclair State University), Series L, 5% due 7/01/2034 (d) 5,542
3,870 (Princeton Theological Seminary), 5% due 7/01/2026 4,075
3,725 (Princeton University), Series E, 5% due 7/01/2020 3,976
1,000 (Rider University), 5% due 7/01/2017 (f) 1,053
1,255 (Rider University), Series A, 5.50% due 7/01/2023 (f) 1,367
1,450 (Rider University), Series A, 5.25% due 7/01/2034 (f) 1,538
1,515 (William Paterson University), Series E, 5.25% due 7/01/2018 (h) 1,660
1,595 (William Paterson University), Series E, 5.25% due 7/01/2019 (h) 1,747
1,680 (William Paterson University), Series E, 5.25% due 7/01/2020 (h) 1,834
----------------------------------------------------------------------------------------------------------------
4,605 New Jersey State, GO, Refunding, Series L, 5.25% due 7/15/2017 (a) 5,211
----------------------------------------------------------------------------------------------------------------
6,390 New Jersey State Higher Education Assistance Authority, Student Loan Revenue Bonds, AMT,
Series A, 5.30% due 6/01/2017 (a) 6,642
----------------------------------------------------------------------------------------------------------------
MuniYield New Jersey Fund, Inc.
Schedule of Investments as of February 28, 2005 (in Thousands)
Face
Amount Municipal Bonds Value
-----------------------------------------------------------------------------------------------------------------------------------
New Jersey (continued)
-----------------------------------------------------------------------------------------------------------------------------------
$ 2,500 New Jersey State Highway Authority, Garden State Parkway, General Revenue Refunding
Bonds, 5.625% due 1/01/2010 (g) $ 2,815
----------------------------------------------------------------------------------------------------------------
7,175 New Jersey State Housing and Mortgage Financing Agency, Capital Fund Program Revenue
Bonds, Series A, 4.70% due 11/01/2025 (c) 7,273
----------------------------------------------------------------------------------------------------------------
New Jersey State Housing and Mortgage Finance Agency, Home Buyer Revenue Bonds, AMT (d):
5,350 Series CC, 5.80% due 10/01/2020 5,673
3,335 Series U, 5.60% due 10/01/2012 3,476
----------------------------------------------------------------------------------------------------------------
1,795 New Jersey State Housing and Mortgage Finance Agency, M/F Housing Revenue Refunding
Bonds, Series A, 6.05% due 5/01/2005 (a) 1,836
----------------------------------------------------------------------------------------------------------------
New Jersey State Housing and Mortgage Financing Agency, M/F Revenue Bonds, Series D (b):
1,570 4.50% due 11/01/2019 1,568
1,650 4.60% due 11/01/2025 1,648
----------------------------------------------------------------------------------------------------------------
3,620 New Jersey State Transit Corporation, COP (Federal Transit Administration Grants),
Series B, 5.75% due 9/15/2014 4,037
----------------------------------------------------------------------------------------------------------------
New Jersey State Transportation Trust Fund Authority, Transportation System, Revenue
Refunding Bonds, Series B (d):
4,735 5.50% due 12/15/2015 5,402
5,865 5.50% due 12/15/2021 6,769
----------------------------------------------------------------------------------------------------------------
New Jersey State Turnpike Authority, Turnpike Revenue Bonds:
4,870 Series B, 5.14%** due 1/01/2035 (a) 3,031
4,900 VRDN, Series C-2, 1.84% due 1/01/2024 (c)(i) 4,900
----------------------------------------------------------------------------------------------------------------
5,000 New Jersey State Turnpike Authority, Turnpike Revenue Refunding Bonds, Series A, 5.75%
due 1/01/2010 (d)(g) 5,615
----------------------------------------------------------------------------------------------------------------
1,840 Newark, New Jersey, Housing Authority, Port Authority-Port Newark Marine Terminal
Additional Rent-Backed Revenue Bonds (City of Newark Redevelopment Projects), 5%
due 1/01/2037 (d) 1,909
----------------------------------------------------------------------------------------------------------------
5,000 Port Authority of New York and New Jersey, Consolidated Revenue Bonds, 93rd Series,
6.125% due 6/01/2094 5,960
----------------------------------------------------------------------------------------------------------------
4,435 Port Authority of New York and New Jersey, Revenue Bonds, Trust Receipts, AMT, Class R,
Series 10, 9.583% due 1/15/2017 (c)(e) 4,946
----------------------------------------------------------------------------------------------------------------
5,300 Port Authority of New York and New Jersey, Revenue Refunding Bonds, DRIVERS, AMT,
Series 153, 8.324% due 9/15/2012 (b)(e) 5,765
----------------------------------------------------------------------------------------------------------------
2,000 Port Authority of New York and New Jersey, Special Obligation Revenue Bonds (JFK
International Air Terminal), AMT, Series 6, 5.75% due 12/01/2022 (d) 2,162
----------------------------------------------------------------------------------------------------------------
Port Authority of New York and New Jersey, Special Obligation Revenue Refunding Bonds
(Versatile Structure Obligation), VRDN (i):
300 AMT, Series 4, 1.69% due 4/01/2024 300
150 Series 5, 1.76% due 8/01/2024 150
----------------------------------------------------------------------------------------------------------------
MuniYield New Jersey Fund, Inc.
Schedule of Investments as of February 28, 2005 (in Thousands)
Face
Amount Municipal Bonds Value
-----------------------------------------------------------------------------------------------------------------------------------
New Jersey (concluded)
-----------------------------------------------------------------------------------------------------------------------------------
South Jersey Port Corporation of New Jersey, Revenue Refunding Bonds:
$ 4,280 4.75% due 1/01/2018 $ 4,427
2,485 4.85% due 1/01/2019 2,580
2,000 5% due 1/01/2020 2,095
----------------------------------------------------------------------------------------------------------------
4,740 Tobacco Settlement Financing Corporation of New Jersey, Asset Backed, Revenue Refunding
Bonds, 5.75% due 6/01/2032 4,726
----------------------------------------------------------------------------------------------------------------
3,010 Tobacco Settlement Financing Corporation of New Jersey Revenue Bonds, 7% due 6/01/2041 3,230
----------------------------------------------------------------------------------------------------------------
Union County, New Jersey, Utilities Authority, Senior Lease Revenue Refunding Bonds
(Ogden Martin System of Union), AMT, Series A (a)(e):
1,585 5.375% due 6/01/2017 1,678
1,175 5.375% due 6/01/2018 1,244
----------------------------------------------------------------------------------------------------------------
University of Medicine and Dentistry, New Jersey, Revenue Bonds, Series A (a):
945 5.50% due 12/01/2018 1,060
1,900 5.50% due 12/01/2019 2,131
1,870 5.50% due 12/01/2020 2,090
1,435 5.50% due 12/01/2021 1,604
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Puerto Rico - 6.6%
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2,500 Puerto Rico Electric Power Authority, Power Revenue Refunding Bonds, Series PP, 5%
due 7/01/2025 (b) 2,657
----------------------------------------------------------------------------------------------------------------
1,900 Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control
Facilities Revenue Bonds (Cogeneration Facility-AES Puerto Rico Project), AMT,
6.625% due 6/01/2026 2,054
----------------------------------------------------------------------------------------------------------------
8,750 Puerto Rico Public Buildings Authority Revenue Bonds, DRIVERS, Series 211, 8.36%
due 7/01/2021 (d)(e) 10,060
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U.S. Virgin Islands - 2.6%
-----------------------------------------------------------------------------------------------------------------------------------
3,500 Virgin Islands Government Refinery Facilities, Revenue Refunding Bonds (Hovensa Coker
Project), AMT, 6.50% due 7/01/2021 3,831
----------------------------------------------------------------------------------------------------------------
1,900 Virgin Islands Public Finance Authority, Refinery Facilities Revenue Bonds (Hovensa
Refinery), AMT, 5.875% due 7/01/2022 2,018
----------------------------------------------------------------------------------------------------------------
Total Investments (Cost - $327,019*) - 156.0% 347,914
Liabilities in Excess of Other Assets - (2.6%) (5,842)
Preferred Stock, at Redemption Value - (53.4%) (119,019)
---------
Net Assets Applicable to Common Stock - 100.0% $ 223,053
=========
MuniYield New Jersey Fund, Inc.
Schedule of Investments as of February 28, 2005
* The cost and unrealized appreciation (depreciation) of investments as of
February 28, 2005, as computed for federal income tax purposes, were as
follows:
(in Thousands)
-------------------------------------------------------------------------
Aggregate cost $ 327,019
=========
Gross unrealized appreciation $ 21,399
Gross unrealized depreciation (504)
---------
Net unrealized appreciation $ 20,895
=========
** Represents a zero coupon bond; the interest rate shown reflects the
effective yield at the time of purchase by the Fund.
(a) AMBAC Insured.
(b) FGIC Insured.
(c) FSA Insured.
(d) MBIA Insured.
(e) The rate disclosed is that currently in effect. This rate changes
periodically and inversely based upon prevailing market rates.
(f) Radian Insured.
(g) Prerefunded.
(h) XL Capital Insured.
(i) Security has a maturity of more than one year, but has variable rate and
demand features, which qualify it as a short-term security. The rate
disclosed is that currently in effect. This rate changes periodically
based upon prevailing market rates.
(j) All or a portion of security held as collateral with open financial future
contracts.
Forward interest rate swaps outstanding as of February 28, 2005 were as
follows:
(in Thousands)
-------------------------------------------------------------------------
Notional Unrealized
Amount Appreciation
-------------------------------------------------------------------------
Receive a variable rate equal to
7-Day Bond Market Association
Municipal Swap Index Rate and pay
a fixed rate of 3.759%
Broker, JPMorgan Chase Bank
Expires November 2018 $ 2,510 $ 32
Receive a variable rate equal to
7-Day Bond Market Association
Municipal Swap Index Rate and pay
a fixed rate of 3.971%
Broker, JPMorgan Chase Bank
Expires August 2026 $ 5,310 90
-------------------------------------------------------------------------
Total $ 122
=====
MuniYield New Jersey Fund, Inc.
Schedule of Investments as of February 28, 2005
Financial futures contracts sold as of February 28, 2005 were as follows:
(in Thousands)
--------------------------------------------------------------------------
Number of Expiration Face Unrealized
Contracts Issue Date Value Appreciation
--------------------------------------------------------------------------
385 10-Year U.S. March
Treasury Future 2005 $ 43,161 $ 474
--------------------------------------------------------------------------
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)
--------------------------------------------------------------------------
Dividend
Affiliate Net Activity Income
--------------------------------------------------------------------------
CMA New Jersey Municipal Money Fund $ (9,631) $4
--------------------------------------------------------------------------
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/Robert C. Doll, Jr.
-----------------------
Robert C. Doll, Jr.
Chief Executive Officer
MuniYield New Jersey Fund, Inc.
Date: April 22, 2005
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/Robert C. Doll, Jr.
-----------------------
Robert C. Doll, Jr.
Chief Executive Officer
MuniYield New Jersey Fund, Inc.
Date: April 22, 2005
By: /s/ Donald C. Burke
-----------------------
Donald C. Burke
Chief Financial Officer
MuniYield New Jersey Fund, Inc.
Date: April 22, 2005