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: Donald C. Burke, Chief Executive
Officer, BlackRock 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: (800) 882-0052, Option 4
Date of fiscal year end: 11/30/2008
Date of reporting period: 12/01/2007 - 02/29/2008
Item 1 - Schedule of Investments
BlackRock MuniYield New Jersey Fund, Inc.
Schedule of Investments as of February 29, 2008 (Unaudited)
(Percentages shown are based on Net Assets)
Par
(000) Municipal Bonds Value
-----------------------------------------------------------------------------------------------------------------------------------
New Jersey - 142.4% $ 1,000 Burlington County, New Jersey, Bridge Commission Revenue Bonds
(Governmental Leasing Program), 5.25% due 8/15/2012 (a) $ 1,073,310
----------------------------------------------------------------------------------------------------------
1,500 Delaware River and Bay Authority Revenue Bonds, 5% due 1/01/2033 (b) 1,418,355
----------------------------------------------------------------------------------------------------------
2,010 Delaware River Joint Toll Bridge Commission of New Jersey and Pennsylvania,
Bridge Revenue Refunding Bonds, 5% due 7/01/2021 1,988,674
----------------------------------------------------------------------------------------------------------
3,645 Delaware River Joint Toll Bridge Commission of New Jersey and Pennsylvania,
Bridge Revenue Refunding Bonds, 5% due 7/01/2028 3,385,367
----------------------------------------------------------------------------------------------------------
7,860 Delaware River Port Authority of Pennsylvania and New Jersey Revenue Bonds,
6% due 1/01/2019 (c) 8,197,980
----------------------------------------------------------------------------------------------------------
2,620 Essex County, New Jersey, Improvement Authority Revenue Bonds, Series A,
5% due 10/01/2013 (a)(d) 2,819,906
----------------------------------------------------------------------------------------------------------
6,860 Garden State Preservation Trust of New Jersey, Capital Appreciation Revenue Bonds,
Series B, 5.12% due 11/01/2023 (c)(e) 2,922,154
----------------------------------------------------------------------------------------------------------
4,540 Garden State Preservation Trust of New Jersey, Capital Appreciation Revenue Bonds,
Series B, 5.25% due 11/01/2028 (c)(e) 1,406,401
----------------------------------------------------------------------------------------------------------
4,300 Garden State Preservation Trust of New Jersey, Open Space and Farmland Preservation
Revenue Bonds, Series A, 5.80% due 11/01/2022 (c) 4,575,845
----------------------------------------------------------------------------------------------------------
5,460 Garden State Preservation Trust of New Jersey, Open Space and Farmland Preservation
Revenue Bonds, Series A, 5.75% due 11/01/2028 (c) 5,968,708
----------------------------------------------------------------------------------------------------------
1,180 Gloucester County, New Jersey, Improvement Authority, Solid Waste Resource
Recovery, Revenue Refunding Bonds (Waste Management Inc. Project), AMT, Series B,
7% due 12/01/2029 1,234,032
----------------------------------------------------------------------------------------------------------
2,000 Gloucester County, New Jersey, Improvement Authority, Solid Waste Resource
Recovery, Revenue Refunding Bonds (Waste Management Inc. Project), Series A,
6.85% due 12/01/2029 2,095,200
----------------------------------------------------------------------------------------------------------
1,500 Hudson County, New Jersey, COP, Refunding, 6.25% due 12/01/2016 (b) 1,726,065
----------------------------------------------------------------------------------------------------------
4,500 Hudson County, New Jersey, Improvement Authority, Facility Lease Revenue Refunding
Bonds (Hudson County Lease Project), 5.375% due 10/01/2024 (d) 4,519,710
----------------------------------------------------------------------------------------------------------
6,840 Jackson Township, New Jersey, School District, GO, 5% due 4/15/2012 (a)(d) 7,243,834
Portfolio Abbreviations
To simplify the listings of BlackRock 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)
CABS Capital Appreciation Bonds
COP Certificates of Participation
EDA Economic Development Authority
EDR Economic Development Revenue Bonds
GO General Obligation Bonds
M/F Multi-Family
S/F Single-Family
BlackRock MuniYield New Jersey Fund, Inc.
Schedule of Investments as of February 29, 2008 (Unaudited)
(Percentages shown are based on Net Assets)
Par
(000) Municipal Bonds Value
-----------------------------------------------------------------------------------------------------------------------------------
$ 1,455 Middlesex County, New Jersey, Improvement Authority, County-Guaranteed Revenue
Bonds (Golf Course Projects), 5.25% due 6/01/2022 $ 1,482,820
----------------------------------------------------------------------------------------------------------
3,050 Middlesex County, New Jersey, Improvement Authority, County-Guaranteed Revenue
Bonds (Golf Course Projects), 5% due 6/01/2029 3,014,345
----------------------------------------------------------------------------------------------------------
970 Middlesex County, New Jersey, Improvement Authority, Senior Revenue Bonds
(Heldrich Center Hotel/Conference Project), Series A, 5% due 1/01/2020 861,341
----------------------------------------------------------------------------------------------------------
1,500 Middlesex County, New Jersey, Pollution Control Financing Authority, Revenue
Refunding Bonds (Amerada Hess Corporation), 6.05% due 9/15/2034 1,445,355
----------------------------------------------------------------------------------------------------------
2,085 Monmouth County, New Jersey, Improvement Authority, Governmental Loan Revenue
Refunding Bonds, 5% due 12/01/2011 (a)(f) 2,220,525
----------------------------------------------------------------------------------------------------------
1,215 Monmouth County, New Jersey, Improvement Authority, Governmental Loan Revenue
Refunding Bonds, 5% due 12/01/2015 (f) 1,266,079
----------------------------------------------------------------------------------------------------------
1,280 Monmouth County, New Jersey, Improvement Authority, Governmental Loan Revenue
Refunding Bonds, 5% due 12/01/2016 (f) 1,333,811
----------------------------------------------------------------------------------------------------------
585 Morristown, New Jersey, Parking Authority Revenue Bonds, 4.50% due 8/01/2037 (b) 513,887
----------------------------------------------------------------------------------------------------------
500 Mount Holly, New Jersey, Municipal Utilities Authority, Sewer Revenue Bonds,
Series C, 4.50% due 12/01/2037 (b) 436,630
----------------------------------------------------------------------------------------------------------
1,720 New Jersey EDA, Cigarette Tax Revenue Bonds, 5.625% due 6/15/2019 1,712,036
----------------------------------------------------------------------------------------------------------
1,895 New Jersey EDA, Cigarette Tax Revenue Bonds, 5.75% due 6/15/2029 1,771,408
----------------------------------------------------------------------------------------------------------
2,000 New Jersey EDA, Cigarette Tax Revenue Bonds, 5.75% due 6/15/2029 (g) 2,074,520
----------------------------------------------------------------------------------------------------------
370 New Jersey EDA, Cigarette Tax Revenue Bonds, 5.50% due 6/15/2031 331,568
----------------------------------------------------------------------------------------------------------
755 New Jersey EDA, Cigarette Tax Revenue Bonds, 5.75% due 6/15/2034 692,871
----------------------------------------------------------------------------------------------------------
1,425 New Jersey EDA, EDR (Masonic Charity Foundation of New Jersey), 5.25% due 6/01/2024 1,425,727
----------------------------------------------------------------------------------------------------------
685 New Jersey EDA, EDR (Masonic Charity Foundation of New Jersey), 5.25% due 6/01/2032 663,046
----------------------------------------------------------------------------------------------------------
1,500 New Jersey EDA, First Mortgage Revenue Bonds (Fellowship Village Project),
Series C, 5.50% due 1/01/2028 1,366,605
----------------------------------------------------------------------------------------------------------
1,250 New Jersey EDA, First Mortgage Revenue Refunding Bonds (Fellowship Village),
Series A, 5.50% due 1/01/2018 1,229,425
----------------------------------------------------------------------------------------------------------
3,500 New Jersey EDA, First Mortgage Revenue Refunding Bonds (Fellowship Village),
Series A, 5.50% due 1/01/2025 3,245,865
----------------------------------------------------------------------------------------------------------
2,500 New Jersey EDA, First Mortgage Revenue Refunding Bonds (The Winchester Gardens
at Ward Homestead Project), Series A, 5.75% due 11/01/2024 2,396,375
----------------------------------------------------------------------------------------------------------
BlackRock MuniYield New Jersey Fund, Inc.
Schedule of Investments as of February 29, 2008 (Unaudited)
(Percentages shown are based on Net Assets)
Par
(000) Municipal Bonds Value
-----------------------------------------------------------------------------------------------------------------------------------
$ 2,000 New Jersey EDA, First Mortgage Revenue Refunding Bonds (The Winchester Gardens
at Ward Homestead Project), Series A, 5.80% due 11/01/2031 $ 1,852,200
----------------------------------------------------------------------------------------------------------
14,000 New Jersey EDA, Motor Vehicle Surcharge Revenue Bonds, Series A,
5.25% due 7/01/2033 (b) 13,504,960
----------------------------------------------------------------------------------------------------------
220 New Jersey EDA, Revenue Bonds (Department of Human Services), 5% due 7/01/2012 232,714
----------------------------------------------------------------------------------------------------------
3,850 New Jersey EDA, Revenue Bonds (Saint Barnabas Project), Series A,
6.3% due 7/01/2024 (b)(e) 1,500,730
----------------------------------------------------------------------------------------------------------
5,800 New Jersey EDA, School Facilities Construction Revenue Bonds, Series L,
5% due 3/01/2030 (c) 5,560,982
----------------------------------------------------------------------------------------------------------
3,400 New Jersey EDA, School Facilities Construction Revenue Bonds, Series O,
5.25% due 3/01/2023 3,459,738
----------------------------------------------------------------------------------------------------------
3,000 New Jersey EDA, School Facilities Construction Revenue Bonds, Series P,
5% due 9/01/2015 3,198,870
----------------------------------------------------------------------------------------------------------
3,115 New Jersey EDA, School Facilities Construction Revenue Bonds, Series P,
5.25% due 9/01/2016 3,339,654
----------------------------------------------------------------------------------------------------------
2,000 New Jersey EDA, School Facilities Construction Revenue Bonds, Series U,
5% due 9/01/2037 (f) 1,899,540
----------------------------------------------------------------------------------------------------------
1,000 New Jersey EDA, Water Facilities Revenue Bonds (New Jersey-American Water
Company, Inc. Project), AMT, Series A, 5.25% due 11/01/2032 (f) 939,440
----------------------------------------------------------------------------------------------------------
6,670 New Jersey EDA, Water Facilities Revenue Bonds (New Jersey-American Water
Company, Inc. Project), AMT, Series A, 6.875% due 11/01/2034 (d) 6,775,119
----------------------------------------------------------------------------------------------------------
8,000 New Jersey EDA, Water Facilities Revenue Refunding Bonds (United Water of
New Jersey, Inc.), Series B, 4.50% due 11/01/2025 (f) 7,357,280
----------------------------------------------------------------------------------------------------------
3,000 New Jersey Environmental Infrastructure Trust Revenue Bonds (Environmental
Infrastructure), Series A, 5.25% due 9/01/2010 (a) 3,196,140
----------------------------------------------------------------------------------------------------------
1,100 New Jersey Health Care Facilities Financing Authority, Health System Revenue
Bonds (Catholic Health East), Series A, 5.375% due 11/15/2012 (a) 1,189,452
----------------------------------------------------------------------------------------------------------
1,540 New Jersey Health Care Facilities Financing Authority Revenue Bonds
(Children's Specialized Hospital), Series A, 5.50% due 7/01/2036 1,334,487
----------------------------------------------------------------------------------------------------------
1,950 New Jersey Health Care Facilities Financing Authority Revenue Bonds
(Hunterdon Medical Center), Series A, 5.125% due 7/01/2035 1,815,840
----------------------------------------------------------------------------------------------------------
1,845 New Jersey Health Care Facilities Financing Authority Revenue Bonds
(Pascack Valley Hospital Association), 6.625% due 7/01/2036 995,377
----------------------------------------------------------------------------------------------------------
500 New Jersey Health Care Facilities Financing Authority Revenue Bonds
(RWJ Healthcare Corporation), Series B, 5% due 7/01/2025 (h) 474,395
----------------------------------------------------------------------------------------------------------
4,000 New Jersey Health Care Facilities Financing Authority Revenue Bonds
(Robert Wood University), 5.70% due 7/01/2020 (f) 4,165,760
----------------------------------------------------------------------------------------------------------
1,875 New Jersey Health Care Facilities Financing Authority Revenue Bonds
(Somerset Medical Center), 5.50% due 7/01/2033 1,515,075
----------------------------------------------------------------------------------------------------------
BlackRock MuniYield New Jersey Fund, Inc.
Schedule of Investments as of February 29, 2008 (Unaudited)
(Percentages shown are based on Net Assets)
Par
(000) Municipal Bonds Value
-----------------------------------------------------------------------------------------------------------------------------------
$ 6,640 New Jersey Health Care Facilities Financing Authority Revenue Bonds
(South Jersey Hospital), 6% due 7/01/2012 (a) $ 7,271,730
----------------------------------------------------------------------------------------------------------
2,000 New Jersey Health Care Facilities Financing Authority Revenue Bonds
(Southern Ocean County Hospital), 5.125% due 7/01/2031 (h) 1,811,800
----------------------------------------------------------------------------------------------------------
1,060 New Jersey Health Care Facilities Financing Authority, Revenue Refunding Bonds
(Atlantic City Medical Center), 5.75% due 7/01/2012 (a) 1,150,291
----------------------------------------------------------------------------------------------------------
500 New Jersey Health Care Facilities Financing Authority, Revenue Refunding Bonds
(Atlantic City Medical Center), 6.25% due 7/01/2012 (a) 554,665
----------------------------------------------------------------------------------------------------------
520 New Jersey Health Care Facilities Financing Authority, Revenue Refunding Bonds
(Atlantic City Medical Center), 6.25% due 7/01/2017 554,627
----------------------------------------------------------------------------------------------------------
1,125 New Jersey Health Care Facilities Financing Authority, Revenue Refunding Bonds
(Atlantic City Medical Center), 5.75% due 7/01/2025 1,133,044
----------------------------------------------------------------------------------------------------------
1,650 New Jersey Health Care Facilities Financing Authority, Revenue Refunding Bonds
(Capital Health System Inc.), Series A, 5.75% due 7/01/2023 1,634,935
----------------------------------------------------------------------------------------------------------
1,500 New Jersey Health Care Facilities Financing Authority, Revenue Refunding Bonds
(Meridian Health System Obligation Group), 5.25% due 7/01/2019 (c) 1,544,700
----------------------------------------------------------------------------------------------------------
2,250 New Jersey Health Care Facilities Financing Authority, Revenue Refunding Bonds
(Meridian Health System Obligation Group), 5.375% due 7/01/2024 (c) 2,259,877
----------------------------------------------------------------------------------------------------------
2,195 New Jersey Health Care Facilities Financing Authority, Revenue Refunding Bonds
(Meridian Health System Obligation Group), 5.25% due 7/01/2029 (c) 2,172,611
----------------------------------------------------------------------------------------------------------
4,155 New Jersey Health Care Facilities Financing Authority, Revenue Refunding Bonds
(Saint Barnabas Health Care System), Series A, 5% due 7/01/2029 3,635,667
----------------------------------------------------------------------------------------------------------
2,000 New Jersey Health Care Facilities Financing Authority, Revenue Refunding Bonds
(Saint Barnabas Health Care System), Series B, 5.92% due 7/01/2030 (e) 416,360
----------------------------------------------------------------------------------------------------------
1,500 New Jersey Health Care Facilities Financing Authority, Revenue Refunding Bonds
(Saint Barnabas Health Care System), Series B, 5.72% due 7/01/2036 (e) 207,120
----------------------------------------------------------------------------------------------------------
13,250 New Jersey Health Care Facilities Financing Authority, Revenue Refunding Bonds
(Saint Barnabas Health Care System), Series B, 5.18% due 7/01/2037 (e) 1,706,070
----------------------------------------------------------------------------------------------------------
1,385 New Jersey Health Care Facilities Financing Authority, Revenue Refunding Bonds
(South Jersey Hospital System), 5% due 7/01/2036 1,219,451
----------------------------------------------------------------------------------------------------------
1,650 New Jersey Health Care Facilities Financing Authority, Revenue Refunding Bonds
(South Jersey Hospital System), 5% due 7/01/2046 1,414,033
----------------------------------------------------------------------------------------------------------
BlackRock MuniYield New Jersey Fund, Inc.
Schedule of Investments as of February 29, 2008 (Unaudited)
(Percentages shown are based on Net Assets)
Par
(000) Municipal Bonds Value
-----------------------------------------------------------------------------------------------------------------------------------
$ 2,000 New Jersey State Educational Facilities Authority Revenue Bonds
(Georgian Court College Project), Series C, 6.50% due 7/01/2013 (a) $ 2,290,800
----------------------------------------------------------------------------------------------------------
1,100 New Jersey State Educational Facilities Authority Revenue Bonds
(Kean University), Series D, 5% due 7/01/2032 (d) 1,037,872
----------------------------------------------------------------------------------------------------------
1,750 New Jersey State Educational Facilities Authority Revenue Bonds
(Rider University), Series C, 5% due 7/01/2037 (h) 1,586,637
----------------------------------------------------------------------------------------------------------
1,955 New Jersey State Educational Facilities Authority Revenue Bonds
(Rowan University), Series C, 5% due 7/01/2014 (a)(b) 2,104,206
----------------------------------------------------------------------------------------------------------
2,165 New Jersey State Educational Facilities Authority Revenue Bonds
(Rowan University), Series C, 5.125% due 7/01/2014 (a)(b) 2,345,431
----------------------------------------------------------------------------------------------------------
1,000 New Jersey State Educational Facilities Authority, Revenue Refunding Bonds
(Gregorian Court University), Series D, 5.25% due 7/01/2037 882,000
----------------------------------------------------------------------------------------------------------
5,305 New Jersey State Educational Facilities Authority, Revenue Refunding Bonds
(Montclair State University), Series L, 5% due 7/01/2014 (a)(b) 5,709,878
----------------------------------------------------------------------------------------------------------
2,600 New Jersey State Educational Facilities Authority, Revenue Refunding Bonds
(Princeton University), Series A, 5% due 7/01/2030 2,575,664
----------------------------------------------------------------------------------------------------------
750 New Jersey State Educational Facilities Authority, Revenue Refunding Bonds
(Ramapo College), Series I, 4.25% due 7/01/2031 (f) 642,600
----------------------------------------------------------------------------------------------------------
810 New Jersey State Educational Facilities Authority, Revenue Refunding Bonds
(Ramapo College), Series I, 4.25% due 7/01/2036 (f) 684,142
----------------------------------------------------------------------------------------------------------
1,000 New Jersey State Educational Facilities Authority, Revenue Refunding Bonds
(Rider University), 5% due 7/01/2017 (h) 994,040
----------------------------------------------------------------------------------------------------------
1,255 New Jersey State Educational Facilities Authority, Revenue Refunding Bonds
(Rider University), Series A, 5.50% due 7/01/2023 (h) 1,243,366
----------------------------------------------------------------------------------------------------------
1,450 New Jersey State Educational Facilities Authority, Revenue Refunding Bonds
(Rider University), Series A, 5.25% due 7/01/2034 (h) 1,321,080
----------------------------------------------------------------------------------------------------------
1,300 New Jersey State Educational Facilities Authority, Revenue Refunding Bonds
(Rowan University), Series B, 4.25% due 7/01/2034 (d) 1,076,491
----------------------------------------------------------------------------------------------------------
2,200 New Jersey State Educational Facilities Authority, Revenue Refunding Bonds
(Stevens Institute of Technology), Series A, 5% due 7/01/2027 1,969,726
----------------------------------------------------------------------------------------------------------
3,170 New Jersey State Higher Education Assistance Authority, Student Loan Revenue
Bonds, AMT, Series A, 5.30% due 6/01/2017 (f) 3,199,037
----------------------------------------------------------------------------------------------------------
2,500 New Jersey State Highway Authority, Garden State Parkway General Revenue
Refunding Bonds, 5.625% due 1/01/2010 (a) 2,647,525
----------------------------------------------------------------------------------------------------------
4,515 New Jersey State Housing and Mortgage Finance Agency, Home Buyer Revenue Bonds,
AMT, Series CC, 5.80% due 10/01/2020 (b) 4,631,216
----------------------------------------------------------------------------------------------------------
2,600 New Jersey State Housing and Mortgage Finance Agency, Home Buyer Revenue Bonds,
AMT, Series U, 5.60% due 10/01/2012 (b) 2,641,834
----------------------------------------------------------------------------------------------------------
1,500 New Jersey State Housing and Mortgage Finance Agency, M/F Revenue Bonds, AMT,
Series A, 4.90% due 11/01/2035 (d) 1,282,020
----------------------------------------------------------------------------------------------------------
700 New Jersey State Housing and Mortgage Finance Agency, S/F Housing Revenue
Bonds, AMT, Series U, 4.95% due 10/01/2032 624,204
----------------------------------------------------------------------------------------------------------
4,945 New Jersey State Housing and Mortgage Finance Agency, S/F Housing Revenue
Refunding Bonds, AMT, Series T, 4.65% due 10/01/2032 4,216,156
----------------------------------------------------------------------------------------------------------
BlackRock MuniYield New Jersey Fund, Inc.
Schedule of Investments as of February 29, 2008 (Unaudited)
(Percentages shown are based on Net Assets)
Par
(000) Municipal Bonds Value
-----------------------------------------------------------------------------------------------------------------------------------
$ 3,620 New Jersey State Transit Corporation, COP (Federal Transit Administration Grants),
Series B, 5.75% due 9/15/2014 $ 3,832,965
----------------------------------------------------------------------------------------------------------
3,525 New Jersey State Transportation Trust Fund Authority, Transportation System
Revenue Bonds, Series A, 5.50% due 12/15/2021 3,724,092
----------------------------------------------------------------------------------------------------------
4,140 New Jersey State Transportation Trust Fund Authority, Transportation System
Revenue Bonds, Series C, 5.05% due 12/15/2035 (e)(f) 800,552
----------------------------------------------------------------------------------------------------------
4,555 New Jersey State Transportation Trust Fund Authority, Transportation System
Revenue Bonds, Series D, 5% due 6/15/2020 4,650,928
----------------------------------------------------------------------------------------------------------
5,865 New Jersey State Transportation Trust Fund Authority, Transportation System
Revenue Refunding Bonds, Series B, 5.50% due 12/15/2021 (b) 6,220,419
----------------------------------------------------------------------------------------------------------
4,870 New Jersey State Turnpike Authority, Turnpike Revenue Bonds, Series B,
5.15% due 1/01/2035 (e)(f) 3,158,682
----------------------------------------------------------------------------------------------------------
3,750 Newark, New Jersey, Housing Authority, Port Authority-Port Newark Marine
Terminal, Additional Rent-Backed Revenue Refunding Bonds (City of Newark
Redevelopment Projects), 4.375% due 1/01/2037 (b) 3,181,387
----------------------------------------------------------------------------------------------------------
1,575 Perth Amboy, New Jersey, GO (Convertible CABS), Refunding, 4.739%
due 7/01/2033 (c)(e) 1,169,658
----------------------------------------------------------------------------------------------------------
1,925 Perth Amboy, New Jersey, GO (Convertible CABS), Refunding, 4.744%
due 7/01/2034 (c)(e) 1,427,291
----------------------------------------------------------------------------------------------------------
5,000 Port Authority of New York and New Jersey, Consolidated Revenue Bonds,
93rd Series, 6.125% due 6/01/2094 5,371,600
----------------------------------------------------------------------------------------------------------
6,000 Rahway Valley Sewerage Authority, New Jersey, Sewer Revenue Bonds, CABS,
Series A, 4.87% due 9/01/2031 (b)(e) 1,478,100
----------------------------------------------------------------------------------------------------------
500 Salem County, New Jersey, Improvement Authority Revenue Bonds (Finlaw State
Office Building Project), 5.375% due 8/15/2028 (c) 508,705
----------------------------------------------------------------------------------------------------------
500 Salem County, New Jersey, Improvement Authority Revenue Bonds (Finlaw State
Office Building Project), 5.25% due 8/15/2038 (c) 496,230
----------------------------------------------------------------------------------------------------------
4,280 South Jersey Port Corporation of New Jersey, Revenue Refunding Bonds,
4.75% due 1/01/2018 4,296,264
----------------------------------------------------------------------------------------------------------
2,485 South Jersey Port Corporation of New Jersey, Revenue Refunding Bonds,
4.85% due 1/01/2019 2,487,808
----------------------------------------------------------------------------------------------------------
2,000 South Jersey Port Corporation of New Jersey, Revenue Refunding Bonds,
5% due 1/01/2020 2,003,280
----------------------------------------------------------------------------------------------------------
3,010 Tobacco Settlement Financing Corporation of New Jersey, Asset-Backed Revenue
Bonds, 7% due 6/01/2013 (a) 3,508,697
----------------------------------------------------------------------------------------------------------
1,925 Tobacco Settlement Financing Corporation of New Jersey, Asset-Backed Revenue
Bonds, 5.75% due 6/01/2032 2,078,827
----------------------------------------------------------------------------------------------------------
2,500 Tobacco Settlement Financing Corporation of New Jersey, Asset-Backed Revenue
Refunding Bonds, Series 1A, 5% due 6/01/2041 1,991,575
----------------------------------------------------------------------------------------------------------
5,100 Tobacco Settlement Financing Corporation of New Jersey, Asset-Backed Revenue
Refunding Bonds, Series 1B, 5.65% due 6/01/2041(e) 462,468
----------------------------------------------------------------------------------------------------------
BlackRock MuniYield New Jersey Fund, Inc.
Schedule of Investments as of February 29, 2008 (Unaudited)
(Percentages shown are based on Net Assets)
Par
(000) Municipal Bonds Value
-----------------------------------------------------------------------------------------------------------------------------------
$ 1,585 Union County, New Jersey, Utilities Authority, Senior Lease Revenue Refunding
Bonds (Ogden Martin System of Union, Inc.), AMT, Series A, 5.375%
due 6/01/2017 (f) $ 1,598,805
----------------------------------------------------------------------------------------------------------
1,175 Union County, New Jersey, Utilities Authority, Senior Lease Revenue Refunding
Bonds (Ogden Martin System of Union, Inc.), AMT, Series A, 5.375%
due 6/01/2018 (f) 1,180,758
----------------------------------------------------------------------------------------------------------
945 University of Medicine and Dentistry of New Jersey, Revenue Bonds, Series A,
5.50% due 12/01/2018 (f) 983,065
----------------------------------------------------------------------------------------------------------
1,900 University of Medicine and Dentistry of New Jersey, Revenue Bonds, Series A,
5.50% due 12/01/2019 (f) 1,949,495
----------------------------------------------------------------------------------------------------------
1,870 University of Medicine and Dentistry of New Jersey, Revenue Bonds, Series A,
5.50% due 12/01/2020 (f) 1,904,240
----------------------------------------------------------------------------------------------------------
1,435 University of Medicine and Dentistry of New Jersey, Revenue Bonds, Series A,
5.50% due 12/01/2021 (f) 1,457,027
----------------------------------------------------------------------------------------------------------
280,683,357
-----------------------------------------------------------------------------------------------------------------------------------
Puerto Rico - 6.8% 1,730 Puerto Rico Commonwealth Highway and Transportation Authority, Transportation
Revenue Refunding Bonds, Series K, 5% due 7/01/2015 (a) 1,869,836
----------------------------------------------------------------------------------------------------------
2,750 Puerto Rico Electric Power Authority, Power Revenue Bonds, Series TT,
5% due 7/01/2032 2,508,165
----------------------------------------------------------------------------------------------------------
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 1,951,338
----------------------------------------------------------------------------------------------------------
3,500 Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control
Facilities Revenue Bonds (University Plaza Project), Series A,
5% due 7/01/2033 (b) 3,257,520
----------------------------------------------------------------------------------------------------------
3,750 Puerto Rico Municipal Finance Agency, GO, Series A, 5% due 8/01/2021 (c) 3,798,563
----------------------------------------------------------------------------------------------------------
13,385,422
-----------------------------------------------------------------------------------------------------------------------------------
U.S. 3,500 Virgin Islands Government Refinery Facilities, Revenue Refunding Bonds
Virgin Islands - 2.7% (Hovensa Coker Project), AMT, 6.50% due 7/01/2021 3,526,985
----------------------------------------------------------------------------------------------------------
1,900 Virgin Islands Public Finance Authority, Refinery Facilities Revenue Bonds
(Hovensa Refinery), AMT, 5.875% due 7/01/2022 1,826,033
----------------------------------------------------------------------------------------------------------
5,353,018
-----------------------------------------------------------------------------------------------------------------------------------
Total Municipal Bonds (Cost - $306,766,332) - 151.9% 299,421,797
-----------------------------------------------------------------------------------------------------------------------------------
Municipal Bonds Transferred to Tender Option Bond Trusts (i)
-----------------------------------------------------------------------------------------------------------------------------------
New Jersey - 3.4% 7,175 New Jersey State Housing and Mortgage Finance Agency Revenue Bonds,
Capital Fund Program, Series A, 4.70% due 11/01/2025 (c) 6,791,754
-----------------------------------------------------------------------------------------------------------------------------------
Total Municipal Bonds Transferred to Tender Option Bond Trusts
(Cost - $7,385,628) - 3.4% 6,791,754
-----------------------------------------------------------------------------------------------------------------------------------
BlackRock MuniYield New Jersey Fund, Inc.
Schedule of Investments as of February 29, 2008 (Unaudited)
(Percentages shown are based on Net Assets)
Shares
(000) Short-Term Securities Value
-----------------------------------------------------------------------------------------------------------------------------------
7,029 CMA New Jersey Municipal Money Fund, 2.19% (j)(k) $ 7,029,222
-----------------------------------------------------------------------------------------------------------------------------------
Total Short-Term Securities (Cost - $7,029,222) - 3.6% 7,029,222
-----------------------------------------------------------------------------------------------------------------------------------
Total Investments (Cost - $321,181,182*) - 158.9% 313,242,773
Other Assets Less Liabilities - 3.3% 6,536,511
Liability for Trust Certificates - (1.8%) (3,550,000)
Preferred Stock, at Redemption Value - (60.4%) (119,067,584)
-------------
Net Assets Applicable to Common Stock - 100.0% $ 197,161,700
=============
* The cost and unrealized appreciation (depreciation) of investments as of
February 29, 2008, as computed for federal income tax purposes, were as
follows:
Aggregate cost $ 317,413,421
=============
Gross unrealized appreciation $ 6,980,344
Gross unrealized depreciation (14,700,992)
-------------
Net unrealized depreciation $ (7,720,648)
=============
(a) Prerefunded.
(b) MBIA Insured.
(c) FSA Insured.
(d) FGIC Insured.
(e) Represents a zero coupon or step bond; the interest rate shown reflects
the effective yield at the time of purchase.
(f) AMBAC Insured.
(g) Assured Guaranty Insured.
(h) Radian Insured.
(i) Securities represent underlying bonds transferred to a separate
securitization trust established in a tender option bond transaction in
which the Fund may have acquired the residual interest certificates. These
securities serve as collateral in a financing transaction.
(j) Investments in companies considered to be an affiliate of the Fund, for
purposes of Section 2(a)(3) of the Investment Company Act of 1940, were as
follows:
--------------------------------------------------------------------------
Affiliate Net Activity Dividend Income
--------------------------------------------------------------------------
CMA New Jersey Municipal Money Fund 4,616 $52,669
--------------------------------------------------------------------------
(k) Represents the current yield as of February 29, 2008.
o Forward interest rate swaps outstanding as of February 29, 2008 were as
follows:
--------------------------------------------------------------------------
Notional Unrealized
Amount (000) Depreciation
--------------------------------------------------------------------------
Pay a fixed rate of 3.984% and receive
a floating rate based on 1-week (SIFMA)
Municipal Swap Index rate
Broker, JPMorgan Chase
Expires June 2028 $ 1,400 $ (27,940)
--------------------------------------------------------------------------
BlackRock MuniYield New Jersey Fund, Inc.
Effective December 1, 2007, the BlackRock MuniYield New Jersey Fund, Inc. (the
"Fund") adopted FASB Statement of Financial Accounting Standards No. 157, "Fair
Value Measurements" ("FAS 157"). FAS 157 clarifies the definition of fair value,
establishes a framework for measuring fair values and requires additional
disclosures about the use of fair value measurements.
FAS 157 establishes a hierarchy that classifies these inputs into the three
broad levels listed below:
o Level 1 - price quotations in active markets/exchanges for identical
securities
o Level 2 -other observable inputs (including, but not limited to: quoted
prices for 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)
o Level 3 - unobservable inputs based on the best information available in
the circumstance, to the extent observable inputs are not available
(including the Fund's own assumptions used in determining the fair value
of investments)
The inputs or methodology used for valuing securities are not necessarily an
indication of the risk associated with investing in those securities.
The following table summarizes the inputs used as of February 29, 2008 in
determining the fair valuation of the Fund's investments:
--------------------------------------------------------------------------------
Investments in Other Financial
Valuation Inputs Securities Instruments*
--------------------------------------------------------------------------------
Level 1 $ 0 $ 0
Level 2 313,242,773 (27,940)
Level 3 0 0
--------------------------------------------------------------------------------
Total $313,242,773 $ (27,940)
================================================================================
*Other financial instruments are derivative instruments not reflected in the
Schedule of Investments, such as futures, forwards and swap contracts, which are
valued at the unrealized appreciation/depreciation on the investment.
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/ Donald C. Burke
--------------------------------
Donald C. Burke
Chief Executive Officer of
BlackRock MuniYield New Jersey Fund, Inc.
Date: April 23, 2008
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/ Donald C. Burke
--------------------------------
Donald C. Burke
Chief Executive Officer (principal executive officer) of
BlackRock MuniYield New Jersey Fund, Inc.
Date: April 23, 2008
By: /s/ Neal J. Andrews
--------------------------------
Neal J. Andrews
Chief Financial Officer (principal financial officer) of
BlackRock MuniYield New Jersey Fund, Inc.
Date: April 23, 2008