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: 10/31/2013

 

Item 1 – Schedule of Investments

 
 
Schedule of Investments October 31, 2013 (Unaudited)

BlackRock MuniYield New Jersey Fund, Inc. (MYJ)

(Percentages shown are based on Net Assets)

 

   
Municipal Bonds Par
(000)		   Value  
   

New Jersey — 132.3%

Corporate  — 7.2%  
County of Salem New Jersey Pollution Control Financing Authority, Refunding RB, Atlantic City Electric, Series A, 4.88%, 6/01/29 $ 4,550 $ 4,701,560  
Middlesex County Improvement Authority, RB, Senior Heldrich Center Hotel, Series A, 5.00%, 1/01/20   655   471,273  
New Jersey EDA, Refunding RB:          
  New Jersey American Water Co., Inc. Project, Series A, AMT, 5.70%, 10/01/39   2,925   3,094,533  
  New Jersey American Water Co., Inc. Project, Series B, AMT, 5.60%, 11/01/34   2,430   2,582,021  
  United Water of New Jersey, Inc., Series B (AMBAC), 4.50%, 11/01/25   4,500   4,677,210  
   
    15,526,597  
 
County/City/Special District/School District  — 16.1%  
City of Margate New Jersey, GO, Refunding, Improvement:          
  5.00%, 1/15/26   1,200   1,315,800  
  5.00%, 1/15/27   845   912,727  
City of Perth Amboy New Jersey, GO, Refunding, CAB (AGM):          
  5.00%, 7/01/33   1,575   1,617,856  
  5.00%, 7/01/34   1,925   1,968,832  
County of Bergen New Jersey Improvement Authority, Refunding RB, Fair Lawn Community Center, Inc. Project, 5.00%, 9/15/34   1,470   1,585,645  
County of Hudson New Jersey, COP, Refunding, (NPFGC), 6.25%, 12/01/16   1,500   1,706,325  
County of Hudson New Jersey Improvement Authority, RB, Harrison Parking Facility Project, Series C (AGC), 5.38%, 1/01/44   4,800   5,004,864  
County of Union New Jersey Improvement Authority, LRB, Guaranteed Lease, Family Court Building Project, 5.00%, 5/01/42   2,835   2,938,251  
Municipal Bonds Par
(000)		   Value  

New Jersey (continued)

County/City/Special District/School District (concluded)  
County of Union New Jersey Utilities Authority, Refunding LRB, Resource Recovery Facility, Covanta Union, Inc., Series A, AMT, 5.25%, 12/01/31 $ 670 $ 692,693  
County of Union New Jersey Utilities Authority, Refunding RB, Solid Waste System, County Deficiency Agreement, Series A, 5.00%, 6/15/41   4,115   4,292,151  
Essex County Improvement Authority, Refunding RB, Project Consolidation (NPFGC):          
  5.50%, 10/01/28   2,700   3,174,930  
  5.50%, 10/01/29   5,085   5,917,567  
Gloucester County Improvement Authority, RB, County Guaranteed Loan—County Capital Program, 5.00%, 4/01/38   1,000   1,029,880  
Monmouth County Improvement Authority, Refunding RB, Government Loan (AMBAC):          
  5.00%, 12/01/15   5   5,013  
  5.00%, 12/01/16   5   5,012  
Newark Housing Authority, Refunding RB, Additional Newark Redevelopment Project (NPFGC), 4.38%, 1/01/37   2,875   2,470,890  
   
    34,638,436  
 
Education  — 19.6%  
New Jersey EDA, RB, MSU Student Housing Project Provide, 5.88%, 6/01/42   1,500   1,581,810  
New Jersey Educational Facilities Authority, RB, Montclair State University, Series J, 5.25%, 7/01/38   1,140   1,191,653  
New Jersey Educational Facilities Authority, Refunding RB:          
  College of New Jersey, Series D (AGM), 5.00%, 7/01/35   6,115   6,320,036  
  Georgian Court University, Series D, 5.25%, 7/01/37   1,000   1,003,890  
  Kean University, Series A, 5.50%, 9/01/36   4,500   4,773,330  
  New Jersey Institute of Technology, Series H, 5.00%, 7/01/31   1,250   1,304,600  
             
BLACKROCK MUNIYIELD NEW JERSEY FUND, INC.OCTOBER 31, 20131
 
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):          
  Ramapo College, Series B, 5.00%, 7/01/37 $ 155 $ 159,940  
  Ramapo College, Series B, 5.00%, 7/01/42   340   349,608  
  Rider University, Series A, 5.00%, 7/01/32   1,000   1,004,360  
  Rowan University, Series B (AGC), 5.00%, 7/01/24   1,800   1,979,604  
  Seton Hall University, Series D, 5.00%, 7/01/38   395   411,578  
  Seton Hall University, Series D, 5.00%, 7/01/43   255   261,072  
  University of Medicine & Dentistry, Series B, 7.13%, 6/01/19 (a)   1,300   1,692,691  
  University of Medicine & Dentistry, Series B, 7.50%, 6/01/19 (a)   1,625   2,148,413  
New Jersey Higher Education Student Assistance Authority, Refunding RB, Student Loan:          
  Series 1, AMT, 5.75%, 12/01/29   4,045   4,261,003  
  Series 1A, 5.00%, 12/01/25   965   1,018,123  
  Series 1A, 5.00%, 12/01/26   605   633,314  
  Series 1A, 5.25%, 12/01/32   900   933,597  
New Jersey Institute of Technology, RB, Series A, 5.00%, 7/01/42   4,320   4,454,568  
Rutgers - The State University of New Jersey, RB, Series F, 5.00%, 5/01/39   500   529,070  
Rutgers - The State University of New Jersey, Refunding RB, Series L, 5.00%, 5/01/43   5,870   6,169,018  
   
    42,181,278  
 
Health  — 15.4%  
New Jersey EDA, RB, Masonic Charity Foundation of New Jersey:          
  5.25%, 6/01/24   1,425   1,445,705  
  5.25%, 6/01/32   685   689,261  
New Jersey EDA, Refunding RB, First Mortgage, Winchester, Series A:          
  5.75%, 11/01/24   2,500   2,519,025  
  5.80%, 11/01/31   1,000   1,001,800  
             
Municipal Bonds Par
(000)		   Value  

New Jersey (continued)

Health (continued)  
New Jersey Health Care Facilities Financing Authority, RB:          
  Children's Specialized Hospital, Series A, 5.50%, 7/01/36 $ 1,540 $ 1,551,319  
  Hunterdon Medical Center, Series A, 5.13%, 7/01/35   1,950   1,956,844  
  Meridian Health System Obligated Group, Series I (AGC), 5.00%, 7/01/38   955   970,423  
  Robert Wood Johnson University Hospital, Series A, 5.50%, 7/01/43   1,420   1,476,005  
  Virtua Health, Series A (AGC), 5.50%, 7/01/38   2,500   2,580,750  
New Jersey Health Care Facilities Financing Authority, Refunding RB:          
  AHS Hospital Corp., 6.00%, 7/01/41   2,435   2,760,535  
  Kennedy Health System, 5.00%, 7/01/31   750   771,195  
  Meridian Health System Obligated Group, 5.00%, 7/01/23   500   559,000  
  Meridian Health System Obligated Group, 5.00%, 7/01/25   1,000   1,087,860  
  Meridian Health System Obligated Group, 5.00%, 7/01/26   830   889,619  
  Meridian Health System Obligated Group, 5.00%, 7/01/27   1,000   1,056,070  
  Robert Wood Johnson University Hospital, 5.00%, 7/01/31   1,000   1,021,200  
  South Jersey Hospital, 5.00%, 7/01/36   385   386,117  
  South Jersey Hospital, 5.00%, 7/01/46   1,650   1,639,374  
  St. Barnabas Health Care System, Series A, 5.00%, 7/01/25   210   223,028  
  St. Barnabas Health Care System, Series A, 5.00%, 7/01/29   4,155   4,183,711  
  St. Barnabas Health Care System, Series A, 5.63%, 7/01/32   1,090   1,137,088  
             
BLACKROCK MUNIYIELD NEW JERSEY FUND, INC.OCTOBER 31, 20132
 
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)

Health (concluded)  
New Jersey Health Care Facilities Financing Authority, Refunding RB  (concluded):          
  St. Barnabas Health Care System, Series A, 5.63%, 7/01/37 $ 3,030 $ 3,118,052  
   
    33,023,981  
 
Housing  — 8.2%  
New Jersey Housing & Mortgage Finance Agency, Refunding RB, S/F Housing, Series T, AMT, 4.65%, 10/01/32   4,305   4,252,823  
New Jersey Housing & Mortgage Finance Agency, RB:          
  M/F Housing, Series A, 4.75%, 11/01/29   2,305   2,341,073  
  M/F Housing, Series A, 4.55%, 11/01/43   2,880   2,588,314  
  M/F Housing, Series A, AMT (NPFGC), 4.90%, 11/01/35   1,365   1,316,911  
  S/F Housing, Series AA, 6.50%, 10/01/38   655   666,770  
  S/F Housing, Series CC, 5.00%, 10/01/34   2,065   2,107,105  
  S/F Housing, Series U, AMT, 4.95%, 10/01/32   440   442,350  
  S/F Housing, Series U, AMT, 5.00%, 10/01/37   580   580,157  
  S/F Housing, Series X, AMT, 4.85%, 4/01/16   1,090   1,114,972  
  S/F Housing, Series X, AMT, 5.05%, 4/01/18   295   320,432  
Newark Housing Authority, RB, South Ward Police Facility (AGC), 6.75%, 12/01/38   1,750   2,002,945  
   
    17,733,852  
 
State  — 33.0%  
Garden State Preservation Trust, RB (AGM):          
  CAB, Series B, 3.57%, 11/01/23 (b)   1,460   1,025,373  
  CAB, Series B, 4.30%, 11/01/28 (b)   4,540   2,398,300  
  Election of 2005, Series A, 5.80%, 11/01/15 (a)   2,500   2,766,875  
             
Municipal Bonds Par
(000)		   Value  

New Jersey (continued)

State (continued)  
New Jersey EDA, RB:          
  Motor Vehicle Surcharge, Series A (NPFGC), 5.25%, 7/01/25 $ 2,000 $ 2,301,760  
  Motor Vehicle Surcharge, Series A (NPFGC), 5.25%, 7/01/33   12,500   12,748,875  
  School Facilities Construction, Series CC-2, 5.00%, 12/15/31   1,700   1,789,879  
  School Facilities Construction, Series CC-2, 5.00%, 12/15/32   1,300   1,361,048  
  School Facilities Construction, Series KK, 5.00%, 3/01/35   1,500   1,544,160  
  School Facilities Construction, Series KK, 5.00%, 3/01/38   1,470   1,504,692  
  School Facilities Construction, Series L (AGM), 5.00%, 3/01/15 (a)   5,800   6,166,270  
  School Facilities Construction, Series P, 5.00%, 9/01/15   3,000   3,251,610  
  School Facilities Construction, Series P, 5.25%, 9/01/15 (a)   2,710   2,952,762  
  School Facilities Construction, Series Y, 5.00%, 9/01/33   880   901,164  
  School Facilities Construction, Series Z (AGC), 5.50%, 12/15/34   3,665   4,018,453  
New Jersey EDA, Refunding RB:          
  Cigarette Tax, 5.00%, 6/15/26   440   456,025  
  Cigarette Tax, 5.00%, 6/15/28   720   725,983  
  Cigarette Tax, 5.00%, 6/15/29   1,760   1,756,110  
  School Facilities Construction, Series AA, 5.50%, 12/15/29   3,000   3,271,710  
  School Facilities Construction, Series AA, 5.25%, 12/15/33   1,000   1,059,750  
  School Facilities Construction, Series GG, 5.25%, 9/01/26   7,000   7,758,870  
  School Facilities Construction, Series GG, 5.25%, 9/01/27   3,000   3,285,360  
New Jersey Health Care Facilities Financing Authority, RB, Hospital Asset Transformation Program, Series A, 5.25%, 10/01/38   2,300   2,338,709  
           
BLACKROCK MUNIYIELD NEW JERSEY FUND, INC.OCTOBER 31, 20133
 
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)

State (concluded)  
State of New Jersey, COP, Equipment Lease Purchase, Series A:          
  5.25%, 6/15/27 $ 4,200 $ 4,510,086  
  5.25%, 6/15/28   1,100   1,171,984  
   
    71,065,808  
 
Transportation  — 31.6%  
Delaware River Port Authority of Pennsylvania & New Jersey, RB, Series D, 5.00%, 1/01/40   1,535   1,582,508  
New Jersey State Turnpike Authority, RB:          
  Growth & Income Securities, Series B (AMBAC), 5.12%, 1/01/35 (c)   4,870   4,606,143  
  Series E, 5.25%, 1/01/40   2,525   2,650,442  
New Jersey State Turnpike Authority, Refunding RB:          
  Series A, 5.00%, 1/01/35   1,000   1,037,950  
  Series B, 5.00%, 1/01/30   2,660   2,834,975  
New Jersey Transportation Trust Fund Authority, RB:          
  CAB, Transportation System, Series C (AMBAC), 5.81%, 12/15/35 (b)   4,140   1,166,155  
  Transportation Program, Series AA, 5.25%, 6/15/33   5,935   6,317,392  
  Transportation Program, Series AA, 5.50%, 6/15/39   5,520   5,906,897  
  Transportation System, 6.00%, 12/15/38   1,950   2,197,377  
  Transportation System, Series A, 6.00%, 6/15/35   6,030   6,698,184  
  Transportation System, Series A, 5.88%, 12/15/38   3,650   4,078,912  
  Transportation System, Series A, 5.50%, 6/15/41   6,000   6,315,960  
  Transportation System, Series A (AGC), 5.63%, 12/15/28   1,250   1,422,488  
  Transportation System, Series A (AGC), 5.50%, 12/15/38   1,000   1,081,540  
Port Authority of New York & New Jersey, ARB:          
  Consolidated, 169th Series, AMT, 5.00%, 10/15/41   250   252,645  
  Consolidated, 93rd Series, 6.13%, 6/01/94   5,000   5,557,650  
  JFK International Air Terminal, Series 8, 6.00%, 12/01/42   2,700   2,895,831  
             
Municipal Bonds Par
(000)		   Value  

New Jersey (concluded)

Transportation (concluded)  
Port Authority of New York & New Jersey, Refunding ARB, Consolidated:          
  152nd Series, AMT, 5.75%, 11/01/30 $ 3,300 $ 3,609,540  
  152nd Series, AMT, 5.25%, 11/01/35   240   254,066  
  166th Series, 5.25%, 7/15/36   4,000   4,286,800  
  172nd Series, AMT, 5.00%, 10/01/34   1,500   1,539,315  
South Jersey Transportation Authority LLC, Refunding RB, Transportation System, Series A:          
  5.00%, 11/01/28   1,075   1,147,208  
  5.00%, 11/01/29   575   605,653  
   
    68,045,631  
 
Utility  — 1.2%  
Rahway Valley Sewerage Authority, RB, CAB, Series A (NPFGC), 5.04%, 9/01/31 (b)   6,000   2,469,540  
 
Total Municipal Bonds — 132.3%   284,685,123  
 
 
 
Municipal Bonds Transferred to Tender Option Bond (TOB) Trusts (d)  

New Jersey — 30.6%

County/City/Special District/School District  — 6.2%  
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   13,254,213  
 
Education  — 1.0%  
Rutgers - The State University of New Jersey, RB, Series F, 5.00%, 5/01/39   2,009   2,125,796  
 
State  — 7.6%  
Garden State Preservation Trust, RB, Election of 2005, Series A (AGM), 5.75%, 11/01/28   5,460   6,653,338  
New Jersey EDA, RB, School Facilities Construction (AGC):          
  6.00%, 12/15/34 (a)   1,185   1,333,587  
  6.00%, 12/15/34   2,415   2,719,473  
             
BLACKROCK MUNIYIELD NEW JERSEY FUND, INC.OCTOBER 31, 20134
 
Schedule of Investments (continued)

BlackRock MuniYield New Jersey Fund, Inc. (MYJ)

(Percentages shown are based on Net Assets)

 

Municipal Bonds Transferred to Tender Option Bond (TOB) Trusts (d) Par
(000)		   Value  

New Jersey (concluded)

State (concluded)  
New Jersey EDA, Refunding RB, 5.00%, 3/01/29 (e) $ 5,230 $ 5,595,665  
   
    16,302,063  
 
Transportation  — 15.8%  
New Jersey State Turnpike Authority, RB, Series A, 5.00%, 1/01/38 (e)   8,820   9,152,337  
New Jersey Transportation Trust Fund Authority, RB, Transportation System:          
  Series A (AMBAC), 5.00%, 12/15/32   4,100   4,300,162  
  Series B, 5.25%, 6/15/36 (e)   5,001   5,257,054  
Port Authority of New York & New Jersey, ARB, Consolidated, 169th Series, AMT, 5.00%, 10/15/41   11,250   11,369,025  
Port Authority of New York & New Jersey, Refunding ARB, Consolidated,152nd Series, AMT, 5.25%, 11/01/35   3,764   3,984,280  
   
    34,062,858  
 
       
Total Municipal Bonds Transferred to Tender Option Bond (TOB) Trusts — 30.6%   65,744,930  
 
Total Long-Term Investments
(Cost — $342,169,381) — 162.9%		   350,430,053  
 

 

Short-Term Securities — 0.9%
Shares		   Value  
   
BIF New Jersey Municipal Money Fund, 0.00% (f)(g)   2,018,473 $ 2,018,473  
 
Total Short-Term Securities
(Cost — $2,018,473) — 0.9%		   2,018,473  
 
Total Investments
(Cost — $344,187,854*) — 163.8%		   352,448,526  
Other Assets Less Liabilities — 2.1%   4,480,984  
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (18.4%)   (39,560,160 )
VRDP Shares, at Liquidation Value — (47.5%)   (102,200,000 )
Net Assets Applicable to Common Shares — 100.0% $ 215,169,350  
 
           
* As of October 31, 2013, gross unrealized appreciation and depreciation based on cost for federal income tax purposes were as follows:

 

Tax cost $ 305,126,271  
Gross unrealized appreciation $ 12,896,233  
Gross unrealized depreciation   (5,127,497 )
Net unrealized appreciation $ 7,768,736  

 

Notes to Schedule of Investments

(a) 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.
(b) Represents a zero-coupon bond. Rate shown reflects the current yield as of report date.
(c) 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 reflects the current yield as of report date.
(d) Represent bonds transferred to a TOB. In exchange the Fund acquired residual interest certificates. These bonds serve as collateral in a financing transaction.
(e) 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.
BLACKROCK MUNIYIELD NEW JERSEY FUND, INC.OCTOBER 31, 20135
 
Schedule of Investments (continued)

BlackRock MuniYield New Jersey Fund, Inc. (MYJ)

 

(f) Investments in issuers considered to be an affiliate of the Fund during the period ended October 31, 2013, 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
October 31, 2013		   Income  
 
  BIF New Jersey Municipal Money Fund   3,819,692   (1,801,219)   2,018,473   —  
                                           
 

 

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

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 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
NPFGC National Public Finance Guarantee Corp.
RB Revenue Bonds
S/F Single Family

•
Financial futures contracts as of October 31, 2013 were as follows:
   
Contracts
Sold		 Issue Exchange Expiration Notional
Value		   Unrealized
Depreciation		  
   
(132) 10-Year US Treasury Note Chicago Board of Trade December
2013		 $ 16,811,438    $ (10,456)  

 

• 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 Fund management. 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.OCTOBER 31, 20136
 
Schedule of Investments (concluded)

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 annual report.

The following tables summarize the Fund's investments and derivative financial instruments categorized in the disclosure hierarchy as of October 31, 2013:

 

 
  Level 1   Level 2   Level 3   Total  
 
Assets:    
Investments:  
  Long-Term Investments 1   — $ 350,430,053   — $ 350,430,053  
  Short-Term Securities $ 2,018,473   —   —   2,018,473  
Total $ 2,018,473 $ 350,430,053   — $ 352,448,526  
                                 
1    See above Schedule of Investments for values in each sector.
 
  Level 1   Level 2   Level 3   Total  
 
Derivative Financial Instruments 2  
Liabilities:  
Interest rate contracts $ (10,456)   —   — $ (10,456)  
                               
2    Derivative financial instruments are financial futures contracts, which are valued at the unrealized appreciation/depreciation on the instrument.
Certain of the Fund's assets and/or liabilities are held at carrying amount, which approximates fair value for financial reporting purposes. As of October 31, 2013, 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 $ 234,000   —   — $ 234,000  
Liabilities:    
  TOB trust certificates   — $ (39,553,519)   —   (39,553,519)  
  VRDP Shares   —   (102,200,000)   —   (102,200,000)  
   
 
Total $ 234,000 $ (141,753,519)   — $ (141,519,519)  
 
                                   
There were no transfers between levels during the period ended October 31, 2013.

 

BLACKROCK MUNIYIELD NEW JERSEY FUND, INC.OCTOBER 31, 20137
 

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 23, 2013
     
  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 23, 2013
     
  By: /s/ Neal J. Andrews
    Neal J. Andrews
    Chief Financial Officer (principal financial officer) of
    BlackRock MuniYield New Jersey Fund, Inc.
     
  Date: December 23, 2013