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: 07/31/2014

 

Date of reporting period: 04/30/2014

 

Item 1 – Schedule of Investments

 
 
Schedule of Investments April 30, 2014 (Unaudited) BlackRock MuniYield New Jersey Fund, Inc. (MYJ)
  (Percentages shown are based on Net Assets)

 

Municipal Bonds Par
(000)		   Value  

New Jersey — 130.2%

Corporate — 10.4%  
County of Salem New Jersey Pollution Control Financing Authority, Refunding RB, Atlantic City Electric, Series A, 4.88%, 6/01/29 $ 4,550 $ 4,836,468  
Middlesex County Improvement Authority, RB, Senior Heldrich Center Hotel, Series A, 5.00%, 1/01/20   655   489,364  
New Jersey EDA, RB, Continental Airlines, Inc. Project, AMT:          
  Series A, 5.63%, 11/15/30   1,730   1,777,956  
  Series B, 5.63%, 11/15/30   485   498,444  
New Jersey EDA, Refunding RB:          
  New Jersey American Water Co., Inc. Project, Series A, AMT, 5.70%, 10/01/39   7,900   8,557,043  
  New Jersey American Water Co., Inc. Project, Series B, AMT, 5.60%, 11/01/34   2,430   2,654,410  
  United Water of New Jersey, Inc., Series B (AMBAC), 4.50%, 11/01/25   4,500   4,836,870  
   
    23,650,555  
 
County/City/Special District/School District — 13.9%  
City of Margate New Jersey, GO, Refunding, Improvement:          
  5.00%, 1/15/26   1,200   1,334,508  
  5.00%, 1/15/27   845   933,328  
City of Perth Amboy New Jersey, GO, Refunding, CAB (AGM):          
  5.00%, 7/01/33   1,575   1,640,898  
  5.00%, 7/01/34   1,925   1,997,341  
County of Essex New Jersey Improvement Authority, Refunding RB, Project Consolidation (NPFGC):          
  5.50%, 10/01/28   2,700   3,328,911  
  5.50%, 10/01/29   5,085   6,247,685  
County of Gloucester New Jersey Improvement Authority, RB, County Guaranteed Loan—County Capital Program, 5.00%, 4/01/38   1,000   1,049,230  
County of Hudson New Jersey, COP, Refunding (NPFGC), 6.25%, 12/01/16   1,500   1,680,780  
County of Hudson New Jersey Improvement Authority, RB, Harrison Parking Facility Project, Series C (AGC), 5.38%, 1/01/44   4,800   5,111,952  
           
Municipal Bonds Par
(000)		   Value  

New Jersey (continued)

County/City/Special District/School District (concluded)  
County of Union New Jersey Improvement Authority, LRB, Guaranteed Lease, Family Court Building Project, 5.00%, 5/01/42 $ 1,650 $ 1,808,186  
County of Union New Jersey Utilities Authority, Refunding LRB, Resource Recovery Facility, Covanta Union, Inc., Series A, AMT, 5.25%, 12/01/31   670   717,972  
County of Union New Jersey Utilities Authority, Refunding RB, Solid Waste System, County Deficiency Agreement, Series A, 5.00%, 6/15/41   4,115   4,433,830  
Monmouth County Improvement Authority, Refunding RB, Government Loan (AMBAC):          
  5.00%, 12/01/15   5   5,017  
  5.00%, 12/01/16   5   5,016  
New Jersey EDA, RB, The Goethals Bridge Replacement Project, Private Bond, AMT, 5.00%, 1/01/31   1,000   1,067,900  
   
    31,362,554  
 
Education — 25.7%  
New Jersey EDA, RB:          
  MSU Student Housing Project Provide, 5.75%, 6/01/31   1,000   1,085,240  
  MSU Student Housing Project Provide, 5.88%, 6/01/42   1,500   1,622,760  
  The Team Academy Charter School Project, 6.00%, 10/01/33   2,835   3,004,250  
New Jersey Educational Facilities Authority, RB:          
  Higher Educational Capital Improvement Fund, Series A, 5.00%, 9/01/32   3,925   4,320,797  
  Montclair State University, Series J, 5.25%, 7/01/38   1,140   1,254,410  
New Jersey Educational Facilities Authority, Refunding RB:          
  College of New Jersey, Series D (AGM), 5.00%, 7/01/35   6,115   6,625,480  
  Georgian Court University, Series D, 5.25%, 7/01/37   1,000   1,022,450  
  Kean University, Series A, 5.50%, 9/01/36   4,500   5,047,830  
  Montclaire State University, Series A, 5.00%, 7/01/44   6,790   7,387,927  
             

 

     
  BlackRock MuniYield New Jersey Fund, Inc. April 30, 2014 1
           
 
 
Schedule of Investments (continued) BlackRock MuniYield New Jersey Fund, Inc. (MYJ)
  (Percentages shown are based on Net Assets)

 

Municipal Bonds Par
(000)		   Value  
 

New Jersey (continued)

Education (concluded)  
New Jersey Educational Facilities Authority, Refunding RB (concluded):          
  New Jersey Institute of Technology, Series H, 5.00%, 7/01/31 $ 1,250 $ 1,358,575  
  Ramapo College, Series B, 5.00%, 7/01/42   340   363,722  
  Rider University, Series A, 5.00%, 7/01/32   1,000   1,047,140  
  Rowan University, Series B (AGC), 5.00%, 7/01/24   1,800   2,021,814  
  Seton Hall University, Series D, 5.00%, 7/01/38   395   425,210  
  University of Medicine & Dentistry, Series B, 7.13%, 6/01/19 (a)   1,300   1,670,630  
  University of Medicine & Dentistry, Series B, 7.50%, 6/01/19 (a)   1,625   2,118,171  
New Jersey Higher Education Student Assistance Authority, Refunding RB:          
  Series 1, AMT, 5.75%, 12/01/29   4,045   4,432,026  
  Series 1A, 5.00%, 12/01/25   875   918,418  
  Series 1A, 5.00%, 12/01/26   555   582,539  
  Series 1A, 5.25%, 12/01/32   900   966,501  
New Jersey Institute of Technology, RB, Series A, 5.00%, 7/01/42   4,320   4,621,406  
Rutgers - The State University of New Jersey, Refunding RB, Series L, 5.00%, 5/01/43   5,870   6,426,241  
   
    58,323,537  
 
Health — 13.3%  
New Jersey EDA, RB, Masonic Charity Foundation of New Jersey:          
  5.25%, 6/01/24   1,425   1,446,218  
  5.25%, 6/01/32   685   691,953  
New Jersey EDA, Refunding RB, First Mortgage, Winchester, Series A:          
  5.75%, 11/01/24   2,500   2,513,875  
  5.80%, 11/01/31   1,000   1,004,190  
New Jersey Health Care Facilities Financing Authority, RB:          
  Children's Specialized Hospital, Series A, 5.50%, 7/01/36   1,540   1,560,405  
             
Municipal Bonds Par
(000)		   Value  
 

New Jersey (continued)

Health (concluded)  
New Jersey Health Care Facilities Financing Authority, RB (concluded):          
  Hunterdon Medical Center, Series A, 5.13%, 7/01/35 $ 1,950 $ 1,983,676  
  Meridian Health System Obligated Group, Series I (AGC), 5.00%, 7/01/38   955   997,631  
  Robert Wood Johnson University Hospital, Series A, 5.50%, 7/01/43   1,420   1,552,415  
  Virtua Health, Series A (AGC), 5.50%, 7/01/38   2,500   2,661,400  
New Jersey Health Care Facilities Financing Authority, Refunding RB:          
  AHS Hospital Corp., 6.00%, 7/01/41   2,435   2,816,224  
  Kennedy Health System, 5.00%, 7/01/31   750   806,115  
  Meridian Health System Obligated Group, 5.00%, 7/01/25   1,000   1,114,760  
  Meridian Health System Obligated Group, 5.00%, 7/01/26   830   914,668  
  Robert Wood Johnson University Hospital, 5.00%, 7/01/31   1,000   1,054,370  
  South Jersey Hospital, 5.00%, 7/01/36   385   390,663  
  St. Barnabas Health Care System, Series A, 5.00%, 7/01/29   4,155   4,247,366  
  St. Barnabas Health Care System, Series A, 5.63%, 7/01/32   1,090   1,182,421  
  St. Barnabas Health Care System, Series A, 5.63%, 7/01/37   3,030   3,255,917  
   
    30,194,267  
 
Housing — 3.7%  
New Jersey Housing & Mortgage Finance Agency, RB:          
  M/F Housing, Series A, 4.75%, 11/01/29   2,305   2,402,340  
  S/F Housing, Series AA, 6.50%, 10/01/38   560   565,370  
  S/F Housing, Series CC, 5.00%, 10/01/34   1,945   2,031,008  
             

 

     
  BlackRock MuniYield New Jersey Fund, Inc. April 30, 2014 2
           
 
 
Schedule of Investments (continued) BlackRock MuniYield New Jersey Fund, Inc. (MYJ)
  (Percentages shown are based on Net Assets)

 

Municipal Bonds Par
(000)		   Value  

New Jersey (continued)

Housing (concluded)  
New Jersey Housing & Mortgage Finance Agency, RB (concluded):          
  S/F Housing, Series U, AMT, 4.95%, 10/01/32 $ 440 $ 447,511  
  S/F Housing, Series U, AMT, 5.00%, 10/01/37   580   588,950  
  S/F Housing, Series X, AMT, 5.05%, 4/01/18   295   318,576  
Newark Housing Authority, RB, South Ward Police Facility (AGC), 6.75%, 12/01/38   1,750   2,038,663  
   
    8,392,418  
 
State — 29.9%  
Garden State Preservation Trust, RB (AGM):          
  CAB, Series B, 0.00%, 11/01/23 (b)   1,460   1,112,418  
  CAB, Series B, 0.00%, 11/01/28 (b)   4,540   2,780,296  
  Election of 2005, Series A, 5.80%, 11/01/15 (a)   2,500   2,709,025  
New Jersey EDA, RB:          
  Motor Vehicle Surcharge, Series A (NPFGC), 5.25%, 7/01/25   2,000   2,354,660  
  Motor Vehicle Surcharge, Series A (NPFGC), 5.25%, 7/01/33   11,500   11,589,470  
  School Facilities Construction, Series CC-2, 5.00%, 12/15/31   1,700   1,844,296  
  School Facilities Construction, Series CC-2, 5.00%, 12/15/32   1,300   1,405,131  
  School Facilities Construction, Series L (AGM), 5.00%, 3/01/15 (a)   5,800   6,034,610  
  School Facilities Construction, Series P, 5.00%, 9/01/15 (c)   3,000   3,190,770  
  School Facilities Construction, Series P, 5.25%, 9/01/15 (a)   2,710   2,892,248  
  School Facilities Construction, Series Y, 5.00%, 9/01/33   880   955,434  
  School Facilities Construction, Series Z (AGC), 5.50%, 12/15/34   3,665   4,152,445  
             
Municipal Bonds Par
(000)		   Value  
 

New Jersey (continued)

State (concluded)  
New Jersey EDA, Refunding RB:          
  Cigarette Tax, 5.00%, 6/15/26 $ 440 $ 474,654  
  Cigarette Tax, 5.00%, 6/15/28   720   768,463  
  Cigarette Tax, 5.00%, 6/15/29   1,760   1,863,453  
  School Facilities Construction, Series AA, 5.50%, 12/15/29   3,000   3,314,700  
  School Facilities Construction, Series AA, 5.25%, 12/15/33   1,000   1,080,920  
  School Facilities Construction, Series GG, 5.25%, 9/01/27   3,000   3,380,670  
New Jersey Health Care Facilities Financing Authority, RB, Hospital Asset Transformation Program, Series A, 5.25%, 10/01/38   2,300   2,405,846  
New Jersey Transportation Trust Fund Authority, RB, Transportation System:          
  Series A, 5.50%, 6/15/41   5,500   6,046,150  
  Series AA, 5.50%, 6/15/39   5,520   6,160,982  
State of New Jersey, COP, Equipment Lease Purchase, Series A, 5.25%, 6/15/28   1,100   1,204,676  
   
    67,721,317  
 
Transportation — 32.1%  
Delaware River Port Authority of Pennsylvania & New Jersey, RB:          
  5.00%, 1/01/40   2,620   2,823,889  
  Series D, 5.00%, 1/01/40   1,535   1,619,256  
New Jersey EDA, RB, Private Activity Bond, The Goethals Bridge Replacement Project, AMT, 5.38%, 1/01/43   8,420   8,863,650  
New Jersey State Turnpike Authority, RB:          
  Growth & Income Securities, Series B (AMBAC), 0.00%, 1/01/35 (d)   4,870   4,787,648  
  Series A, 5.00%, 1/01/38   7,000   7,498,470  
  Series E, 5.25%, 1/01/40   2,525   2,758,537  
New Jersey State Turnpike Authority, Refunding RB, Series A, 5.00%, 1/01/35   1,000   1,075,690  
New Jersey Transportation Trust Fund Authority, RB:          
  CAB, Transportation System, Series C (AMBAC), 0.00%, 12/15/35 (b)   4,140   1,416,956  
             

 

     
  BlackRock MuniYield New Jersey Fund, Inc. April 30, 2014 3
           
 
 
Schedule of Investments (continued) BlackRock MuniYield New Jersey Fund, Inc. (MYJ)
  (Percentages shown are based on Net Assets)

 

Municipal Bonds Par
(000)		   Value  

New Jersey (concluded)

Transportation (concluded)  
New Jersey Transportation Trust Fund Authority, RB (concluded):          
  Transportation Program, Series AA, 5.25%, 6/15/33 $ 5,935 $ 6,583,458  
  Transportation System, 6.00%, 12/15/38   1,950   2,289,047  
  Transportation System, Series A, 6.00%, 6/15/35   6,030   7,162,675  
  Transportation System, Series A, 5.88%, 12/15/38   3,650   4,241,811  
  Transportation System, Series A (AGC), 5.63%, 12/15/28   1,250   1,464,175  
  Transportation System, Series A (AGC), 5.50%, 12/15/38   1,000   1,147,620  
Port Authority of New York & New Jersey, ARB:          
  Consolidated, 169th Series, AMT, 5.00%, 10/15/41   250   263,120  
  Consolidated, 93rd Series, 6.13%, 6/01/94   5,000   5,780,100  
  JFK International Air Terminal, Series 8, 6.00%, 12/01/42   2,700   2,964,789  
Port Authority of New York & New Jersey, Refunding ARB, Consolidated:          
  152nd Series, AMT, 5.75%, 11/01/30   3,300   3,671,481  
  152nd Series, AMT, 5.25%, 11/01/35   240   259,097  
  166th Series, 5.25%, 7/15/36   4,000   4,460,640  
  172nd Series, AMT, 5.00%, 10/01/34   1,500   1,609,335  
   
    72,741,444  
 
Utilities — 1.2%  
Rahway Valley Sewerage Authority, RB, CAB, Series A (NPFGC), 0.00%, 9/01/31 (b)   6,000   2,792,640  
 
Total Municipal Bonds — 130.2%   295,178,732  
 
         

Municipal Bonds Transferred to

Tender Option Bond (TOB) Trusts (e)

 Par
(000)		   Value  
 

New Jersey — 30.0%

County/City/Special District/School District — 6.0%  
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 $ 13,737,912  
 
Education — 1.0%  
Rutgers - The State University of New Jersey, RB, Series F, 5.00%, 5/01/39   2,009   2,200,347  
 
State — 7.4%  
Garden State Preservation Trust, RB, Election of 2005, Series A (AGM), 5.75%, 11/01/28   5,460   6,942,117  
New Jersey EDA, RB, School Facilities Construction (AGC):          
  6.00%, 12/15/18 (a)   1,185   1,367,251  
  6.00%, 12/15/34   2,415   2,788,121  
New Jersey EDA, Refunding RB, 5.00%, 3/01/29 (f)   5,230   5,771,247  
   
    16,868,736  
 
Transportation — 15.6%  
New Jersey State Turnpike Authority, RB, Series A, 5.00%, 1/01/38 (f)   8,820   9,448,072  
New Jersey Transportation Trust Fund Authority, RB, Transportation System:          
  Series A (AMBAC), 5.00%, 12/15/32   4,100   4,516,683  
  Series B, 5.25%, 6/15/36 (f)   5,001   5,427,004  
Port Authority of New York & New Jersey, RB, Consolidated, 169th Series, AMT, 5.00%, 10/15/41   11,250   11,840,400  
Port Authority of New York & New Jersey, Refunding RB, Consolidated, 152nd Series, AMT, 5.25%, 11/01/35   3,764   4,063,169  
   
    35,295,328  
 

Total Municipal Bonds Transferred to

Tender Option Bond (TOB) Trusts — 30.0%

   68,102,323  
 
Total Long-Term Investments
(Cost — $342,002,681) — 160.2%		   363,281,055  
 
             

 

     
  BlackRock MuniYield New Jersey Fund, Inc. April 30, 2014 4
           
 
 
Schedule of Investments (continued) BlackRock MuniYield New Jersey Fund, Inc. (MYJ)
  (Percentages shown are based on Net Assets)

 

Short-Term Securities  
Shares		   Value  
BIF New Jersey Municipal Money Fund, 0.00% (g)(h)   355,534 $ 355,534  
Total Short-Term Securities
(Cost — $355,534) — 0.2%		       355,534  
Total Investments
(Cost — $342,358,215*) — 160.4%		       363,636,589  
Other Assets Less Liabilities — 2.2%       4,767,099  
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (17.5%)       (39,567,089 )
VRDP Shares, at Liquidation Value — (45.1%)       (102,200,000 )
Net Assets Applicable to Common Shares — 100.0%     $ 226,636,599  

 

* As of April 30, 2014, gross unrealized appreciation and depreciation based on cost for federal income tax purposes were as follows:

         

Tax cost     $ 303,631,235  
Gross unrealized appreciation     $ 21,993,907  
Gross unrealized depreciation       (1,542,072 )
Net unrealized appreciation     $ 20,451,835  
           

 

Notes to Schedule of Investments

(a) 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.
(b) Zero-coupon bond.
(c) Security is collateralized by municipal or U.S. Treasury obligations.
(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 report date.
(e) Represent bonds transferred to a TOB. In exchange for which the Fund acquired residual interest certificates. These bonds serve as collateral in a financing transaction.
(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. In the case of a shortfall, the aggregate maximum potential amount the Fund could ultimately be required to pay under the agreements, which expire from June 15, 2019 to September 1, 2020 is $14,346,748.
(g) Investments in issuers considered to be an affiliate of the Fund during the period ended April 30, 2014, 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, 2013		   Net
Activity		   Shares
Held at
April 30, 2014		   Income  
 
  BIF New Jersey Municipal Money Fund   3,819,692   (3,464,158)   355,534 $ 3  
 
                                           

 

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

 

     
  BlackRock MuniYield New Jersey Fund, Inc. April 30, 2014 5
           
 
 
Schedule of Investments (continued) BlackRock MuniYield New Jersey Fund, Inc. (MYJ)

 

Portfolio Abbreviations

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

 


•
Financial futures contracts outstanding as of April 30, 2014 were as follows:

 

 
Contracts
Sold		 Issue Exchange Expiration Notional
Value		   Unrealized
Depreciation		  
 
(201) 10-Year U.S. Treasury Note Chicago Board of Trade June
2014		 $ 25,008,797 $ (23,021)  
 
                 

 

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.

 

     
  BlackRock MuniYield New Jersey Fund, Inc. April 30, 2014 6
           
 
 
Schedule of Investments (continued) BlackRock MuniYield New Jersey Fund, Inc. (MYJ)

 

• Fair Value Measurements - Various inputs are used in determining the fair value of investments and derivative financial instruments. 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 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.

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 and derivative financial instruments is based on the pricing transparency of the investment and derivative financial instrument 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, please refer to the Fund's most recent financial statements as contained in its semi-annual report.

The following tables summarize the Fund's investments and derivative financial instruments categorized in the disclosure hierarchy as of April 30, 2014:

 

 
  Level 1   Level 2   Level 3   Total  
 
Assets:    
Investments:  
  Long-Term Investments 1   — $ 363,281,055   — $ 363,281,055  
  Short-Term Securities $ 355,534   —   —   355,534  
     
Total $ 355,534 $ 363,281,055   — $ 363,636,589  
                                 

 

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

 

     
  BlackRock MuniYield New Jersey Fund, Inc. April 30, 2014 7
           
 
 
Schedule of Investments (concluded) BlackRock MuniYield New Jersey Fund, Inc. (MYJ)

 

 
  Level 1   Level 2   Level 3   Total  
 
Derivative Financial Instruments 2  
Liabilities:  
Interest rate contracts $ (23,021)   —   — $ (23,021)  
 
                               

 

2 Derivative financial instruments are financial futures contracts, which are valued at the unrealized appreciation/depreciation on the instrument.

 

The carrying amount for certain of the Fund's assets and/or liabilities approximates fair value for financial reporting purposes. As of April 30, 2014, 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 $ 308,000   —   — $ 308,000  
Liabilities:    
  TOB trust certificates   — $ (39,553,519)   —   (39,553,519 )
  VRDP Shares   —   (102,200,000)   —   (102,200,000 )
   
     
Total $ 308,000 $ (141,753,519)   — $ (141,445,519 )
     
                                   


There were no transfers between levels during the period ended April 30, 2014.

 

 

     
  BlackRock MuniYield New Jersey Fund, Inc. April 30, 2014 8
           
 
 
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: June 23, 2014
     
  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: June 23, 2014
     
  By: /s/ Neal J. Andrews
    Neal J. Andrews
    Chief Financial Officer (principal financial officer) of
    BlackRock MuniYield New Jersey Fund, Inc.
     
  Date: June 23, 2014