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 52^nd Street, New York, NY 10055

 

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

 

Date of fiscal year end: 07/31/2013

 

Date of reporting period: 10/31/2012

 

Item 1 – Schedule of Investments

Schedule of Investments October 31, 2012 (Unaudited)

BlackRock MuniYield New Jersey Fund, Inc. (MYJ) (Percentages shown are based on Net Assets)

					Par (000)							Value
Municipal Bonds
New Jersey — 123.8%
Corporate — 4.8%
Middlesex County Improvement Authority, RB, Senior Heldrich Center Hotel, Series A, 5.00%, 1/01/20			$		655				$					422,036
New Jersey EDA, Refunding RB, New Jersey American Water Co., Inc. Project, AMT:
	Series A, 5.70%, 10/01/39		2,925											3,277,521
	Series B, 5.60%, 11/01/34		2,430											2,770,953
Salem County Pollution Control Financing Authority, Refunding RB, Atlantic City Electric, Series A, 4.88%, 6/01/29					4,550									5,052,093
														11,522,603
County/City/Special District/School District — 15.5%
Bergen County Improvement Authority, Refunding RB, Fair Lawn Community Center, Inc. Project, 5.00%, 9/15/34					1,470							1,759,825
City of Margate City New Jersey, GO, Refunding, Improvement, New Jersey:
	5.00%, 1/15/26		1,200											1,401,768
	5.00%, 1/15/27		845											979,735
City of Perth Amboy New Jersey, GO, CAB, Refunding (AGM):
	5.00%, 7/01/33		1,575											1,714,734
	5.00%, 7/01/34		1,925											2,083,562
County of Hudson New Jersey, COP, Refunding (NPFGC), 6.25%, 12/01/16					1,500							1,731,525
Essex County Improvement Authority, Refunding RB, Project Consolidation (NPFGC):
	5.50%, 10/01/28		2,700											3,577,581
	5.50%, 10/01/29		5,085											6,785,882
Garden State Preservation Trust, RB, CAB, Series B (AGM), 3.41%, 11/01/28 (a)					4,540							2,643,052
Gloucester County Improvement Authority, RB, County Guaranteed Loan - County Capital Program, 5.00%, 4/01/38					1,000							1,099,800
Hudson County Improvement Authority, RB, Harrison Parking Facility Project, Series C (AGC), 5.38%, 1/01/44					4,800							5,394,144
Monmouth County Improvement Authority, Refunding RB, Government Loan (AMBAC):
	5.00%, 12/01/15		5											5,012
	5.00%, 12/01/16		5											5,012
Newark Housing Authority, RB, South Ward Police Facility (AGC), 6.75%, 12/01/38					1,750							2,202,182
Newark Housing Authority, Refunding RB, Redevelopment Project (NPFGC), 4.38%, 1/01/37					2,875							2,881,900
					Par (000)							Value
Municipal Bonds
New Jersey (continued)
County/City/Special District/School District (concluded)
Union County Improvement Authority, RB, Guaranteed Lease-Family Court Building Project, 5.00%, 5/01/42			$		2,835				$			3,252,709
														37,518,423
Education — 17.7%
New Jersey EDA, RB, School Facilities Construction, Series CC-2:
	5.00%, 12/15/31		1,700											1,928,837
	5.00%, 12/15/32		1,300											1,467,427
New Jersey EDA, Refunding RB, Series GG, 5.25%, 9/01/27					3,000							3,518,460
New Jersey Educational Facilities Authority, RB, Montclair State University, Series J, 5.25%, 7/01/38					1,140							1,258,321
New Jersey Educational Facilities Authority, Refunding RB:
	College of New Jersey, Series D (AGM), 5.00%, 7/01/35				6,115									6,710,968
	Georgian Court University, Series D, 5.25%, 7/01/37		1,000											1,061,860
	Kean University, Series A, 5.50%, 9/01/36		4,500											5,157,315
	New Jersey Institute of Technology, Series H, 5.00%, 7/01/31		1,250											1,412,725
	Ramapo College, Series B, 5.00%, 7/01/37		155											175,417
	Ramapo College, Series B, 5.00%, 7/01/42		340											386,284
	Rider University, Series A, 5.00%, 7/01/32		1,000											1,104,170
	Rowan University, Series B (AGC), 5.00%, 7/01/24				1,800									2,025,702
	University of Medicine & Dentistry, Series B, 7.13%, 12/01/23		1,300											1,670,357
	University of Medicine & Dentistry, Series B, 7.50%, 12/01/32		1,625											2,046,671
New Jersey Higher Education Student Assistance Authority, Refunding RB:
	Series 1A, 5.00%, 12/01/25		1,035											1,138,603
	Series 1A, 5.00%, 12/01/26		645											708,326
	Series 1A, 5.25%, 12/01/32		900											998,028
	Series A, AMT, 5.75%, 12/01/29		4,045											4,679,620
New Jersey Institute of Technology, RB, Series A, 5.00%, 7/01/42					4,320							4,934,952
Rutgers - The State University of New Jersey, Refunding RB, Series F, 5.00%, 5/01/39					500							558,345
														42,942,388

Schedule of Investments (continued)

BlackRock MuniYield New Jersey Fund, Inc. (MYJ) (Percentages shown are based on Net Assets)

 

			Par (000)					Value
Municipal Bonds
New Jersey (continued)
Health — 13.8%
New Jersey EDA, RB, Masonic Charity Foundation of New Jersey:
	5.25%, 6/01/24	$	1,425			$			1,466,567
	5.25%, 6/01/32		685						703,653
New Jersey EDA, Refunding RB, First Mortgage, Winchester, Series A:
	5.75%, 11/01/24		2,500						2,569,575
	5.80%, 11/01/31		1,000						1,027,180
New Jersey Health Care Facilities Financing Authority, RB:
	Childrens Specialized Hospital, Series A, 5.50%, 7/01/36		1,540						1,584,429
	Hunterdon Medical Center, Series A, 5.13%, 7/01/35		1,950						2,024,022
	Meridian Health, Series I (AGC), 5.00%, 7/01/38			970					1,041,576
	Pascack Valley Hospital Association, 6.63%, 7/01/36 (b)(c)		1,845						18
	Virtua Health (AGC), 5.50%, 7/01/38			2,500					2,790,150
New Jersey Health Care Facilities Financing Authority, Refunding RB:
	AHS Hospital Corp., 6.00%, 7/01/41		2,435						3,016,015
	Barnabas Health, Series A, 5.63%, 7/01/32		1,090						1,235,657
	Barnabas Health, Series A, 5.63%, 7/01/37		3,030						3,403,963
	Kennedy Health System, 5.00%, 7/01/31		750						826,673
	Kennedy Health System, 5.00%, 7/01/37		415						452,848
	Meridian Health System, 5.00%, 7/01/23		500						585,650
	Meridian Health System, 5.00%, 7/01/25		1,000						1,151,300
	Meridian Health System, 5.00%, 7/01/26		830						947,412
	Meridian Health System, 5.00%, 7/01/27		1,000						1,136,580
	Robert Wood Johnson, 5.00%, 7/01/31		1,000						1,102,300
	South Jersey Hospital, 5.00%, 7/01/36		385						400,119
	South Jersey Hospital, 5.00%, 7/01/46		1,650						1,709,020
	St. Barnabas Health Care System, Series A, 5.00%, 7/01/29		4,155						4,289,456
									33,464,163
			Par (000)					Value
Municipal Bonds
New Jersey (continued)
Housing — 8.3%
New Jersey State Housing & Mortgage Finance Agency, RB:
	M/F Housing, Series A, 4.55%, 11/01/43	$	2,880			$			2,972,333
	S/F Housing, Series CC, 5.00%, 10/01/34		2,830						3,056,796
	S/F Housing, Series U, AMT, 4.95%, 10/01/32		660						691,601
	S/F Housing, Series U, AMT, 5.00%, 10/01/37		920						956,405
	S/F Housing, Series X, AMT, 4.85%, 4/01/16		2,050						2,110,086
	S/F Housing, Series X, AMT, 5.05%, 4/01/18		420						463,222
	Series A, 4.75%, 11/01/29		2,305						2,454,525
	Series A, 6.50%, 10/01/38		990						1,047,925
	Series A, AMT (NPFGC), 4.90%, 11/01/35			1,365					1,376,575
New Jersey State Housing & Mortgage Finance Agency, Refunding RB, S/F Housing, Series T, AMT, 4.65%, 10/01/32				4,765				4,941,543
									20,071,011
State — 27.2%
Garden State Preservation Trust, RB (AGM):
	CAB, Series B, 2.86%, 11/01/23 (a)		1,860						1,361,204
	Election of 2005, Series A, 5.80%, 11/01/15 (d)(e)		2,500						2,898,100
New Jersey EDA, RB:
	Motor Vehicle Surcharge, Series A (NPFGC), 5.25%, 7/01/25			2,000					2,472,440
	Motor Vehicle Surcharge, Series A (NPFGC), 5.25%, 7/01/33			12,500					13,311,250
	School Facilities Construction, Series KK, 5.00%, 3/01/35		1,500						1,701,795
	School Facilities Construction, Series KK, 5.00%, 3/01/38		1,470						1,663,820
	School Facilities Construction, Series L (AGM), 5.00%, 3/01/30			5,800					6,244,222
	School Facilities Construction, Series P, 5.00%, 9/01/15		3,000						3,354,930
	School Facilities Construction, Series P, 5.25%, 9/01/16		2,710						3,036,853
	School Facilities Construction, Series Z (AGC), 5.50%, 12/15/34			3,665					4,202,546
	Series Y, 5.00%, 9/01/33		880						969,549
New Jersey EDA, Refunding RB:
	5.00%, 6/15/26		440						495,493
	5.00%, 6/15/28		720						806,306
	5.00%, 6/15/29		1,760						1,958,827
	School Facilities, Series GG, 5.25%, 9/01/26		7,000						8,266,510

Schedule of Investments (continued)

BlackRock MuniYield New Jersey Fund, Inc. (MYJ) (Percentages shown are based on Net Assets)

				Par (000)								Value
Municipal Bonds
New Jersey (continued)
State (concluded)
New Jersey EDA, Refunding RB (concluded):
	School Facilities Construction, Series AA, 5.50%, 12/15/29		$		3,000				$					3,516,090
	School Facilities Construction, Series AA, 5.25%, 12/15/33			1,000									1,131,620
New Jersey Health Care Facilities Financing Authority, RB, Hospital Asset Transformation Program, Series A, 5.25%, 10/01/38						2,300						2,515,924
State of New Jersey, COP, Equipment Lease Purchase, Series A:
	5.25%, 6/15/27			4,200									4,763,850
	5.25%, 6/15/28			1,100									1,243,374
													65,914,703
Transportation — 31.1%
Delaware River Port Authority Pennsylvania & New Jersey, RB, Series D, 5.00%, 1/01/40						1,535						1,716,897
New Jersey State Turnpike Authority, RB:
	Growth & Income Securities, Series B (AMBAC), 4.79%, 1/01/15 (f)					4,870							4,595,868
	Series A, 5.00%, 1/01/35			1,160									1,341,668
	Series E, 5.25%, 1/01/40			2,525									2,842,569
New Jersey State Turnpike Authority, Refunding RB, Series B, 5.00%, 1/01/30						2,660						3,130,740
New Jersey Transportation Trust Fund Authority, RB, Transportation System:
	CAB, Series A (AGC), 5.63%, 12/15/28					1,250							1,505,050
	CAB, Series C (AMBAC), 4.69%, 12/15/35 (a)					4,140							1,418,612
	Series A, 6.00%, 6/15/35			6,030									7,441,623
	Series A, 5.88%, 12/15/38			3,650									4,248,308
	Series A, 6.00%, 12/15/38			1,950									2,287,993
	Series A, 5.50%, 6/15/41			5,000									5,848,050
	Series A (AGC), 5.50%, 12/15/38					1,000							1,138,240
	Series B, 5.25%, 6/15/36			5,000									5,779,050
	Series B, 5.00%, 6/15/42			7,340									8,275,336
Port Authority of New York & New Jersey, RB:
	Consolidated, 169th Series, AMT, 5.00%, 10/15/41			250									276,875
	Consolidated, 93rd Series, 6.13%, 6/01/94			5,000									6,235,500
	JFK International Air Terminal, 6.00%, 12/01/42			2,700									3,150,873
							Par (000)					Value
Municipal Bonds
New Jersey (concluded)
Transportation (concluded)
Port Authority of New York & New Jersey, Refunding RB, AMT:
	Consolidated, 152nd Series, 5.75%, 11/01/30	$		3,300					$				3,892,515
	Consolidated, 152nd Series, 5.25%, 11/01/35			240									265,270
	Consolidated, 172nd Series, 5.00%, 10/01/34			1,500									1,701,015
South Jersey Port Corp., Refunding RB (e):
	4.75%, 1/01/13			4,280									4,311,758
	5.00%, 1/01/13			2,000									2,015,680
South Jersey Transportation Authority, Refunding RB, Series A:
	5.00%, 11/01/28				1,075									1,242,463
	5.00%, 11/01/29			575									663,510
													75,325,463
Utilities — 5.4%
New Jersey EDA, Refunding RB, United Water of New Jersey, Inc., Series B (AMBAC), 4.50%, 11/01/25						4,500						4,894,605
Rahway Valley Sewerage Authority, RB, CAB, Series A (NPFGC), 4.40%, 9/01/31 (a)						6,000						2,642,820
Union County Utilities Authority, Refunding RB, Series A:
	County Deficiency Agreement, 5.00%, 6/15/41			4,115									4,732,661
	Covanta Union, AMT, 5.25%, 12/01/31			670									748,377
													13,018,463
Total Municipal Bonds in New Jersey																299,777,217
Puerto Rico — 6.1%
State — 6.1%
Puerto Rico Sales Tax Financing Corp., RB, First Sub-Series A:
	5.75%, 8/01/37			6,000									6,626,580
	6.00%, 8/01/42			4,000									4,424,040
Puerto Rico Sales Tax Financing Corp., Refunding RB, First Sub-Series C, 6.00%, 8/01/39						3,320						3,716,242
Total Municipal Bonds in Puerto Rico																14,766,862
Total Municipal Bonds – 129.9%												314,544,079

 

Schedule of Investments (continued)

BlackRock MuniYield New Jersey Fund, Inc. (MYJ) (Percentages shown are based on Net Assets)

			Par (000)				Value
Municipal Bonds Transferred to Tender Option Bond (TOB) Trusts (g)
New Jersey — 20.4%
Education — 2.7%
New Jersey EDA, RB, School Facilities Construction, Series Z (AGC), 6.00%, 12/15/34		$	3,600		$		4,237,236
Rutgers - The State University of New Jersey, Refunding RB, Series F, 5.00%, 5/01/39			2,009				2,243,421
								6,480,657
State — 3.0%
Garden State Preservation Trust, RB, Election of 2005, Series A (AGM), 5.75%, 11/01/28			5,460				7,289,646
Transportation — 8.8%
New Jersey Transportation Trust Fund Authority, RB, Transportation System, Series A (AGM), 5.00%, 12/15/32			4,100				4,733,409
Port Authority of New York & New Jersey, RB, Consolidated, 169th Series, AMT, 5.00%, 10/15/41			11,250				12,459,375
Port Authority of New York & New Jersey, Refunding RB, Consolidated, 152nd Series, AMT, 5.25%, 11/01/35			3,764				4,159,967
								21,352,751
Utilities — 5.9%
Union County Utilities Authority, Refunding RB, Covanta Union, Series A, AMT, 5.25%, 12/01/31			12,820				14,319,684
Total Municipal Bonds in New Jersey										49,442,738
Puerto Rico — 1.0%
State — 1.0%
Puerto Rico Sales Tax Financing Corp., Refunding RB, Series C, 5.25%, 8/01/40			2,220				2,436,827
Total Municipal Bonds Transferred to Tender Option Bond (TOB) Trusts — 21.4%							51,879,565
Total Long-Term Investments (Cost — $333,785,539) — 151.3%							366,423,644

				Shares				Value
Short-Term Securities
BIF New Jersey Municipal Money Fund, 0.00% (h)(i)		801,590			$		801,590
Total Short-Term Securities (Cost – $801,590) – 0.3%								801,590

 

 

 

Total Investments (Cost - $334,587,129*) – 151.6%		367,225,234
Other Assets Less Liabilities – 1.7%		3,986,875
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable – (11.1)%		(26,830,545)
VRDP Shares, at Liquidation Value – (42.2)%		(102,200,000)
Net Assets Applicable to Common Shares – 100.0%	$	242,181,564

 

*	As of October 31, 2012, gross unrealized appreciation and gross unrealized depreciation based on cost for federal income tax purposes were as follows:

 

	Tax cost	$	308,268,347
	Gross unrealized appreciation	$	33,466,499
	Gross unrealized depreciation		(1,322,308)
	Net unrealized appreciation	$	32,144,191

 

(a)	Represents a zero-coupon bond. Rate shown reflects the current yield as of report date.
(b)	Issuer filed for bankruptcy and/or is in default of principal and/or interest payments.
(c)	Non-income producing security.
(d)	US 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.
(e)	Security is collateralized by Municipal or US Treasury obligations.
(f)	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 report date.
(g)	Securities represent bonds transferred to a TOB in exchange for which the Fund acquired residual interest certificates. These securities serve as collateral in a financing transaction.
(h)	Investments in issuers considered to be an affiliate of the Fund during the period ended October 31, 2012, 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, 2012		Net Activity			Shares Held at October 31, 2012		Income
	BIF New Jersey Municipal Money Fund		1,495,608			(694,018)		801,590		—

 

(i)	Represents the current yield as of report date.

Schedule of Investments (concluded)

BlackRock MuniYield New Jersey Fund, Inc. (MYJ)

 

 

Portfolio Abbreviations
To simplify the listings of portfolio holdings in the Schedule of Investments, the names and descriptions of many of the securities have been abbreviated according to the following list:
AGC			Assured Guaranty Corp.
AGM			Assured Guaranty Municipal Corp.
AMBAC			American Municipal Bond Assurance Corp.
AMT			Alternative Minimum Tax (subject to)
CAB			Capital Appreciation Bonds
COP			Certificates of Participation
EDA			Economic Development Authority
GO			General Obligation Bonds
M/F			Multi-Family
NPFGC			National Public Finance Guarantee Corp.
RB			Revenue Bonds
S/F			Single-Family
•	Fair Value Measurements - Various inputs are used in determining the fair value of investments. These inputs to valuation techniques are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes as follows:
	•	Level 1 — unadjusted price quotations in active markets/exchanges for identical assets and 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)
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 level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the Fund's policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for investments is based on the pricing transparency of the investment 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 other significant accounting policies, please refer to the Fund's most recent financial statements as contained in its annual report.
The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of October 31, 2012:

 

		Level 1		Level 2		Level 3		Total
Assets:
Investments:
	Long-Term Investments1		—	$	366,423,644		—	$	366,423,644
	Short-Term Securities	$	801,590		—		—		801,590
Total		$	801,590	$	366,423,644		—	$	367,225,234

 

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

 

Certain of the Fund’s liabilities are held at carrying amount, which approximates fair value for financial reporting purposes.  As of October 31, 2012, such liabilities are categorized within the disclosure hierarchy as follows:

 

		Level 1		Level 2		Level 3		Total
Liabilities:
	TOB trust certificates		—	$	(26,812,696)		—	$	(26,812,696)
	VRDP Shares		—	(102,200,000)			—	(102,200,000)
Total			—	$	(129,012,696)		—	$	(129,012,696)

 

There were no transfers between levels during the period ended October 31, 2012.

 

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 21, 2012

 

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 21, 2012

 

By:	/s/ Neal J. Andrews
	Neal J. Andrews
	Chief Financial Officer (principal financial officer) of
	BlackRock MuniYield New Jersey Fund, Inc.

 

Date: December 21, 2012