UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
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: 07/31/2013
Date of reporting period: 07/31/2013
Item 1 – Report to Stockholders
ANNUAL REPORT |
Not FDIC Insured • May Lose Value • No Bank Guarantee |
Table of Contents
Page
|
||||||
Dear Shareholder |
3 | |||||
Annual Report: |
||||||
Municipal Market Overview |
4 | |||||
The
Benefits and Risks of Leveraging |
5 | |||||
Derivative Financial Instruments |
5 | |||||
Fund Summaries |
6 | |||||
Financial Statements: |
||||||
Schedules of Investments |
16 | |||||
Statements of Assets and Liabilities |
35 | |||||
Statements of Operations |
36 | |||||
Statements of Changes in Net Assets |
37 | |||||
Statements of Cash Flows |
40 | |||||
Financial Highlights |
41 | |||||
Notes to Financial Statements |
46 | |||||
Report of Independent Registered Public Accounting Firm |
55 | |||||
Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements |
56 | |||||
Automatic Dividend Reinvestment Plans |
60 | |||||
Officers and Directors |
61 | |||||
Additional Information |
64 |
2 | ANNUAL REPORT | JULY 31, 2013 |
Dear Shareholder |
Sincerely,
Rob Kapito
President, BlackRock Advisors, LLC
“
|
Despite the swings in the markets in the second quarter, most risk asset classes generated positive returns for the 6- and 12-month periods ended July 31, 2013.” |
Rob Kapito
President, BlackRock Advisors, LLC
6-month | 12-month | |||||||||
US
large cap equities (S&P 500® Index) |
13.73 | % | 25.00 | % | ||||||
US
small cap equities (Russell 2000® Index) |
16.66 | 34.76 | ||||||||
International equities (MSCI Europe, Australasia, Far East Index) |
4.11 | 23.48 | ||||||||
Emerging market equities (MSCI Emerging Markets Index) |
(9.87 | ) | 1.95 | |||||||
3-month Treasury bill (BofA Merrill Lynch 3-Month US Treasury Bill Index) |
0.05 | 0.11 | ||||||||
US
Treasury securities (BofA Merrill Lynch 10-Year US Treasury Index) |
(3.71 | ) | (6.50 | ) | ||||||
US
investment grade bonds (Barclays US Aggregate Bond Index) |
(1.62 | ) | (1.91 | ) | ||||||
Tax-exempt municipal bonds (S&P Municipal Bond Index) |
(4.11 | ) | (1.99 | ) | ||||||
US
high yield bonds (Barclays US Corporate High Yield 2% Issuer Capped Index) |
1.97 | 9.49 |
THIS PAGE NOT PART OF YOUR FUND REPORT | 3 |
Municipal Market Overview |
For the Reporting Period Ended July 31, 2013
S&P Municipal Bond Index |
4 | ANNUAL REPORT | JULY 31, 2013 |
The Benefits and Risks of Leveraging | |
|
Percent of Economic Leverage |
|||||
MNE |
36 | % | ||||
MZA |
40 | % | ||||
MYC |
41 | % | ||||
MYF
|
43 | % | ||||
MYJ |
40 | % |
ANNUAL REPORT | JULY 31, 2013 | 5 |
Fund Summary as of July 31, 2013 | BlackRock Muni New York
Intermediate Duration Fund, Inc. |
Fund Overview
Performance
• |
For the 12-month period ended July 31, 2013, the Fund returned (13.18)% based on market price and (4.38)% based on NAV. For the same period, the closed-end Lipper Intermediate Municipal Debt Funds category posted an average return of (9.02)% based on market price and (2.67)% based on NAV. All returns reflect reinvestment of dividends. The Fund’s discount to NAV, which widened during the period, accounts for the difference between performance based on price and performance based on NAV. The following discussion relates to performance based on NAV. |
• |
The Fund’s long duration posture (sensitivity to interest rate movements) was detrimental to performance as rates increased over the period. (Bond prices fall when yields rise.) The Fund’s holdings were more concentrated on the long end of the yield curve (within the Fund’s intermediate duration mandate), which hurt returns as the yield curve steepened (rates on longer-dated bonds rose more than rates on shorter-dated bonds). The Fund’s exposure to Puerto Rico credits hurt performance as the credit quality of the island’s municipal issuers has deteriorated and the bonds have underperformed. The Fund’s fully invested posture contributed to its longer duration and consequently negatively impacted performance. Additionally, leverage on the Fund’s assets achieved through the use of tender option bonds amplified the negative effect of rising rates on the Fund’s holdings. |
The views expressed reflect the opinions of
BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not
intended to be a forecast of future events and are no guarantee of future results. |
Fund Information
Symbol on New York Stock Exchange (“NYSE”) |
MNE |
|||||
Initial Offering Date |
August 1, 2003 |
|||||
Yield on Closing Market Price as of July 31, 2013 ($13.06)1 |
5.74% |
|||||
Tax
Equivalent Yield2 |
11.64% |
|||||
Current Monthly Distribution per Common Share3 |
$0.0625 |
|||||
Current Annualized Distribution per Common Share3 |
$0.7500 |
|||||
Economic Leverage as of July 31, 20134 |
36% |
1 | Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results. |
2 | Tax equivalent yield assumes the maximum marginal federal and state tax rate of 50.67%, which includes the 3.8% Medicare tax. Actual tax rates will vary based on income, exemptions and deductions. Lower taxes will result in lower tax equivalent yields. |
3 | The distribution rate is not constant and is subject to change. |
4 | Represents VRDP Shares and TOBs as a percentage of total managed assets, which is the total assets of the Fund, including any assets attributable to VRDP Shares and TOBs, minus the sum of accrued liabilities. For a discussion of leveraging techniques utilized by the Fund, please see The Benefits and Risks of Leveraging on page 5. |
6 | ANNUAL REPORT | JULY 31, 2013 |
BlackRock Muni New York
Intermediate Duration Fund, Inc. |
Market Price and Net Asset Value Per Share Summary
|
7/31/13 |
|
7/31/12 |
|
Change |
|
High |
|
Low |
|||||||||||||
Market Price |
$ | 13.06 | $ | 15.80 | (17.34 | )% | $ | 16.53 | $ | 12.93 | ||||||||||||
Net Asset Value |
$ | 14.54 | $ | 15.97 | (8.95 | )% | $ | 16.36 | $ | 14.32 | ||||||||||||
Market
Price and Net Asset Value History
For the Past Five Years |
Overview of the Fund’s Long-Term Investments
Sector Allocation |
|
7/31/13 |
|
7/31/12 |
||||||
Transportation |
20 | % | 17 | % | ||||||
County/City/Special District/School District |
17 | 17 | ||||||||
State |
13 | 14 | ||||||||
Health |
13 | 14 | ||||||||
Education |
12 | 10 | ||||||||
Utilities |
12 | 13 | ||||||||
Corporate |
7 | 7 | ||||||||
Housing |
6 | 7 | ||||||||
Tobacco |
— | 1 |
Credit Quality
Allocation1 |
|
7/31/13 |
|
7/31/12 |
||||||
AAA/Aaa |
6 | % | 6 | % | ||||||
AA/Aa |
47 | 48 | ||||||||
A
|
32 | 29 | ||||||||
BBB/Baa |
8 | 9 | ||||||||
BB/Ba |
3 | 2 | ||||||||
B
|
— | 1 | ||||||||
Not Rated2 |
4 | 5 |
1 | Using the higher of Standard & Poor’s (“S&P’s”) or Moody’s Investors Service (“Moody’s”) ratings. |
2 | The investment advisor has deemed certain of these non-rated securities to be of investment grade quality. As of July 31, 2013 and July 31, 2012, the market value of these securities was $530,726, representing 1%, and $1,922,828, representing 2%, respectively, of the Fund’s long-term investments. |
Call/Maturity
Schedule3 |
||||||||
Calendar Year Ended December 31, |
||||||||
2013 |
4 | % | ||||||
2014 |
1 | |||||||
2015 |
8 | |||||||
2016 |
10 | |||||||
2017 |
5 |
3 | Scheduled maturity dates and/or bonds that are subject to potential calls by issuers over the next five years. |
ANNUAL REPORT | JULY 31, 2013 | 7 |
Fund Summary as of July 31, 2013 | BlackRock MuniYield
Arizona Fund, Inc. |
Fund Overview
Performance
• |
For the 12-month period ended July 31, 2013, the Fund returned (9.69)% based on market price and (5.08)% based on NAV. For the same period, the closed-end Lipper Other States Municipal Debt Funds category posted an average return of (14.04)% based on market price and (6.25)% based on NAV. All returns reflect reinvestment of dividends. The Fund moved from a premium to NAV to a discount by period end, which accounts for the difference between performance based on price and performance based on NAV. The following discussion relates to performance based on NAV. |
• |
The Fund’s duration exposure (sensitivity to interest rate movements) detracted from performance as tax-exempt municipal rates increased significantly during the period. (Bond prices fall when yields rise.) Exposure to the long end of the yield curve hurt returns as rates increased more in the long end than in the short end of the curve. The Fund’s credit exposure had a net negative impact on results as spreads generally widened during the period. Specifically, spreads widened on the Fund’s holdings of Puerto Rico Sales Tax Revenue Bonds. (Interest rates on lower quality bonds increased more than on higher quality municipal bonds.) Leverage on the Fund’s assets achieved through the use of tender option bonds amplified the negative effect of rising rates on the Fund’s holdings. |
• |
Contributing positively to performance was the Fund’s income generated from coupon payments on its fully invested portfolio of tax-exempt municipal bonds. The Fund’s short position in US Treasury futures as a strategy for hedging interest rate risk enhanced results. |
The views expressed reflect the opinions of
BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not
intended to be a forecast of future events and are no guarantee of future results. |
Fund Information
Symbol on NYSE MKT |
MZA |
|||||
Initial Offering Date |
October 29, 1993 |
|||||
Yield on Closing Market Price as of July 31, 2013 ($13.33)1 |
6.26% |
|||||
Tax
Equivalent Yield2 |
11.59% |
|||||
Current Monthly Distribution per Common Share3 |
$0.0695 |
|||||
Current Annualized Distribution per Common Share3 |
$0.8340 |
|||||
Economic Leverage as of July 31, 20134 |
40% |
1 | Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results. |
2 | Tax equivalent yield assumes the maximum marginal federal and state tax rate of 45.97%, which includes the 3.8% Medicare tax. Actual tax rates will vary based on income, exemptions and deductions. Lower taxes will result in lower tax equivalent yields. |
3 | The distribution rate is not constant and is subject to change. |
4 | Represents VRDP Shares and TOBs as a percentage of total managed assets, which is the total assets of the Fund, including any assets attributable to VRDP Shares and TOBs, minus the sum of accrued liabilities. For a discussion of leveraging techniques utilized by the Fund, please see The Benefits and Risks of Leveraging on page 5. |
8 | ANNUAL REPORT | JULY 31, 2013 |
BlackRock MuniYield
Arizona Fund, Inc. |
Market Price and Net Asset Value Per Share Summary
|
7/31/13 |
|
7/31/12 |
|
Change |
|
High |
|
Low |
|||||||||||||
Market Price |
$ | 13.33 | $ | 15.61 | (14.61 | )% | $ | 16.79 | $ | 12.86 | ||||||||||||
Net Asset Value |
$ | 13.57 | $ | 15.12 | (10.25 | )% | $ | 15.62 | $ | 13.45 | ||||||||||||
Market
Price and Net Asset Value
History For the Past Five
Years |
Overview of the Fund’s Long-Term Investments
Sector Allocation |
|
7/31/13 |
|
7/31/12 |
||||||
County/City/Special District/School District |
29 | % | 27 | % | ||||||
Utilities |
20 | 19 | ||||||||
State |
17 | 21 | ||||||||
Education |
12 | 9 | ||||||||
Health |
11 | 12 | ||||||||
Corporate |
8 | 6 | ||||||||
Transportation |
2 | 4 | ||||||||
Housing |
1 | 2 |
Credit Quality
Allocation1 |
|
7/31/13 |
|
7/31/12 |
||||||
AAA/Aaa |
13 | % | 14 | % | ||||||
AA/Aa |
41 | 42 | ||||||||
A
|
34 | 30 | ||||||||
BBB/Baa |
8 | 11 | ||||||||
B |
1 | — | 2 | |||||||
Not Rated3 |
3 | 3 |
1 | Using the higher of S&P’s or Moody’s ratings. |
2 | Includes a less than 1% investment. |
3 | The investment advisor has deemed certain of these non-rated securities to be of investment grade quality. As of July 31, 2013 and July 31, 2012, the market value of these securities was $1,120,100 and $1,172,270, each representing 1%, respectively, of the Fund’s long-term investments. |
Call/Maturity
Schedule4 |
||||||||
Calendar Year Ended December 31, |
||||||||
2013 |
3 | % | ||||||
2014 |
5 | |||||||
2015 |
7 | |||||||
2016 |
6 | |||||||
2017 |
3 |
4 | Scheduled maturity dates and/or bonds that are subject to potential calls by issuers over the next five years. |
ANNUAL REPORT | JULY 31, 2013 | 9 |
Fund Summary as of July 31, 2013 | BlackRock MuniYield
California Fund, Inc. |
Fund Overview
Performance
• |
For the 12-month period ended July 31, 2013, the Fund returned (14.68)% based on market price and (6.61)% based on NAV. For the same period, the closed-end Lipper California Municipal Debt Funds category posted an average return of (12.17)% based on market price and (4.63)% based on NAV. All returns reflect reinvestment of dividends. The Fund moved from a premium to NAV to a discount by period end, which accounts for the difference between performance based on price and performance based on NAV. The following discussion relates to performance based on NAV. |
• |
The Fund posted a negative return as bond prices broadly declined in the rising interest rate environment. The Fund’s exposure to bonds with longer maturities, which tend to have higher durations (greater sensitivity to interest rate movements), particularly hurt performance during the period. Additionally, leverage on the Fund’s assets achieved through the use of tender option bonds amplified the negative effect of rising rates on the Fund’s holdings. As rates rose rather significantly in the latter part of the period, pushing bond prices down indiscriminately, California school districts and the education and utilities sectors were especially exposed to price depreciation. To a degree, this represented an unwinding of the positive performance in these segments when rates fell in prior periods. |
• |
While the Fund’s cash reserves were generally maintained at a minimal level, to the extent reserves were held, the cash holdings provided liquidity to the Fund and held their value as interest rates rose during the period. Additionally, the Fund’s use of derivatives to hedge against interest rate risk helped performance. Specifically, short positions in US Treasury financial futures enhanced results as rates increased during the period. |
The views expressed reflect the opinions of
BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not
intended to be a forecast of future events and are no guarantee of future results. |
Fund Information
Symbol on NYSE |
MYC |
|||||
Initial Offering Date |
February 28, 1992 |
|||||
Yield on Closing Market Price as of July 31, 2013 ($13.94)1 |
6.80% |
|||||
Tax
Equivalent Yield2 |
13.86% |
|||||
Current Monthly Distribution per Common Share3 |
$0.079 | |||||
Current Annualized Distribution per Common Share3 | $0.948 | |||||
Economic Leverage as of July 31, 20134 |
41% |
1 | Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results. |
2 | Tax equivalent yield assumes the maximum marginal federal and state tax rate of 50.93%, which includes the 3.8% Medicare tax. Actual tax rates will vary based on income, exemptions and deductions. Lower taxes will result in lower tax equivalent yields. |
3 | The distribution rate is not constant and is subject to change. |
4 | Represents VRDP Shares and TOBs as a percentage of total managed assets, which is the total assets of the Fund, including any assets attributable to VRDP Shares and TOBs, minus the sum of accrued liabilities. For a discussion of leveraging techniques utilized by the Fund, please see The Benefits and Risks of Leveraging on page 5. |
10 | ANNUAL REPORT | JULY 31, 2013 |
BlackRock MuniYield
California Fund, Inc. |
Market Price and Net Asset Value Per Share Summary
|
7/31/13 |
|
7/31/12 |
|
Change |
|
High |
|
Low |
|||||||||||||
Market Price |
$ | 13.94 | $ | 17.31 | (19.47 | )% | $ | 17.90 | $ | 13.84 | ||||||||||||
Net Asset Value |
$ | 14.96 | $ | 16.97 | (11.84 | )% | $ | 17.67 | $ | 14.79 | ||||||||||||
Market
Price and Net Asset Value
History For the Past Five
Years |
|||
Overview of the Fund’s Long-Term Investments
Credit Quality
Allocation1 |
|
7/31/13 |
|
7/31/12 |
||||||
AAA/Aaa |
10 | % | 7 | % | ||||||
AA/Aa |
67 | 69 | ||||||||
A
|
22 | 23 | ||||||||
BBB/Baa |
1 | 1 |
1 | Using the higher of S&P’s or Moody’s ratings. |
Sector Allocation |
|
7/31/13 |
|
7/31/12 |
||||||
County/City/Special District/School District |
41 | % | 41 | % | ||||||
Utilities |
22 | 18 | ||||||||
Health |
11 | 14 | ||||||||
Education |
10 | 12 | ||||||||
State |
8 | 8 | ||||||||
Transportation |
6 | 6 | ||||||||
Corporate |
1 | — | 2 | |||||||
Housing |
1 | 1 |
2 | Includes a less than 1% investment. |
Call/Maturity
Schedule3 |
||||||||
Calendar Year Ended December 31, |
||||||||
2013 |
1 | % | ||||||
2014 |
— | |||||||
2015 |
5 | |||||||
2016 |
11 | |||||||
2017 |
7 |
3 | Scheduled maturity dates and/or bonds that are subject to potential calls by issuers over the next five years. |
ANNUAL REPORT | JULY 31, 2013 | 11 |
Fund Summary as of July 31, 2013 | BlackRock MuniYield
Investment Fund |
Fund Overview
Performance
• |
For the 12-month period ended July 31, 2013, the Fund returned (12.94)% based on market price and (7.14)% based on NAV. For the same period, the closed-end Lipper General & Insured Municipal Debt Funds (Leveraged) category posted an average return of (14.54)% based on market price and (5.78)% based on NAV. All returns reflect reinvestment of dividends. The Fund moved from a premium to NAV to a discount by period end, which accounts for the difference between performance based on price and performance based on NAV. The following discussion relates to performance based on NAV. |
• |
The Fund’s longer duration holdings (those with greater sensitivity to interest rate movements) hindered results as the yield curve began to steepen in 2013 (rates on longer-dated bonds rose more than rates on shorter-dated securities). This especially impacted the Fund’s holdings in the water and sewer, utilities, transportation and education sectors. Leverage on the Fund’s assets achieved through the use of tender option bonds amplified the negative effect of rising rates on the Fund’s holdings. The Fund’s holdings of Puerto Rico sales tax bonds had a negative impact on performance as the continued decline of Puerto Rico’s economy and concerns about credit rating agency downgrades resulted in falling prices across Puerto Rico securities. |
• |
Contributing positively to the Fund’s performance was its use of derivatives to hedge against interest rate risk. Specifically, short positions in US Treasury financial futures enhanced results as interest rates increased during the period. Additionally, the Fund’s holdings in pre-refunded bonds with terms of up to five years added to returns as investors seeking protection amid interest rate volatility moved down the yield curve. |
The views expressed reflect the opinions of
BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not
intended to be a forecast of future events and are no guarantee of future results. |
Fund Information
Symbol on NYSE |
MYF |
|||||
Initial Offering Date |
February 28, 1992 |
|||||
Yield on Closing Market Price as of July 31, 2013 ($13.55)1 |
7.00% |
|||||
Tax
Equivalent Yield2 |
12.37% |
|||||
Current Monthly Distribution per Common Share3 |
$0.079 |
|||||
Current Annualized Distribution per Common Share3 |
$0.948 |
|||||
Economic Leverage as of July 31, 20134 |
43% |
1 | Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results. |
2 | Tax equivalent yield assumes the maximum marginal federal tax rate of 43.4%, which includes the 3.8% Medicare tax. Actual tax rates will vary based on income, exemptions and deductions. Lower taxes will result in lower tax equivalent yields. |
3 | The distribution rate is not constant and is subject to change. |
4 | Represents VRDP Shares and TOBs as a percentage of total managed assets, which is the total assets of the Fund, including any assets attributable to VRDP Shares and TOBs, minus the sum of accrued liabilities. For a discussion of leveraging techniques utilized by the Fund, please see The Benefits and Risks of Leveraging on page 5. |
12 | ANNUAL REPORT | JULY 31, 2013 |
BlackRock MuniYield
Investment Fund |
Market Price and Net Asset Value Per Share Summary
|
7/31/13 |
|
7/31/12 |
|
Change |
|
High |
|
Low |
|||||||||||||
Market Price |
$ | 13.55 | $ | 16.52 | (17.98 | )% | $ | 18.13 | $ | 13.42 | ||||||||||||
Net Asset Value |
$ | 14.26 | $ | 16.30 | (12.52 | )% | $ | 17.12 | $ | 14.12 | ||||||||||||
Market
Price and Net Asset Value
History For the Past Five
Years |
Overview of the Fund’s Long-Term Investments
Sector Allocation |
|
7/31/13 |
|
7/31/12 |
||||||
County/City/Special Disctrict/School District |
21 | % | 20 | % | ||||||
Transportation |
21 | 20 | ||||||||
Utilities |
20 | 16 | ||||||||
Health |
14 | 17 | ||||||||
Education |
9 | 9 | ||||||||
State |
7 | 11 | ||||||||
Corporate |
4 | 3 | ||||||||
Housing |
3 | 3 | ||||||||
Tobacco |
1 | 1 |
Credit Quality
Allocation1 |
|
7/31/13 |
|
7/31/12 |
||||||
AAA/Aaa |
9 | % | 14 | % | ||||||
AA/Aa |
60 | 60 | ||||||||
A |
25 | 19 | ||||||||
BBB/Baa |
5 | 6 | ||||||||
Not Rated |
1 | 1 |
1 | Using the higher of S&P’s or Moody’s ratings. |
Call/Maturity
Schedule2 |
||||||||
Calendar Year Ended December 31, |
||||||||
2013 |
2 | % | ||||||
2014 |
— | |||||||
2015 |
— | |||||||
2016 |
1 | |||||||
2017 |
2 |
2 | Scheduled maturity dates and/or bonds that are subject to potential calls by issuers over the next five years. |
ANNUAL REPORT | JULY 31, 2013 | 13 |
Fund Summary as of July 31, 2013 | BlackRock MuniYield New
Jersey Fund, Inc. |
Fund Overview
Performance
• |
For the 12-month period ended July 31, 2013, the Fund returned (14.66)% based on market price and (6.51)% based on NAV. For the same period, the closed-end Lipper New Jersey Municipal Debt Funds category posted an average return of (16.01)% based on market price and (5.78)% based on NAV. All returns reflect reinvestment of dividends. The Fund moved from a premium to NAV to a discount by period end, which accounts for the difference between performance based on price and performance based on NAV. The following discussion relates to performance based on NAV. |
• |
The Fund’s longer duration holdings (those with greater sensitivity to interest rate movements) hindered results as the yield curve began to steepen in 2013 (rates on longer-dated bonds rose more than rates on shorter-dated securities). This especially impacted the Fund’s holdings in the water and sewer, utilities, transportation and education sectors. Leverage on the Fund’s assets achieved through the use of tender option bonds amplified the negative effect of rising rates on the Fund’s holdings. The Fund’s holdings of Puerto Rico Sales Tax Revenue Bonds had a negative impact on performance as the continued decline of Puerto Rico’s economy and concerns about credit rating agency downgrades resulted in falling prices across Puerto Rico securities. |
• |
Contributing positively to the Fund’s performance was its use of derivatives to hedge against interest rate risk. Specifically, short positions in US Treasury financial futures enhanced results as interest rates increased during the period. Additionally, the Fund’s holdings in pre-refunded bonds with terms of up to six years added to returns as investors seeking protection amid interest rate volatility moved down the yield curve. |
The views expressed reflect the opinions of
BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not
intended to be a forecast of future events and are no guarantee of future results. |
Fund Information
Symbol on NYSE |
MYJ |
|||||
Initial Offering Date |
May 1,1992 |
|||||
Yield on Closing Market Price as of July 31, 2013 ($13.74)1 |
6.46% |
|||||
Tax
Equivalent Yield2 |
12.54% |
|||||
Current Monthly Distribution per Common Share3 |
$0.074 |
|||||
Current Annualized Distribution per Common Share3 |
$0.888 |
|||||
Economic Leverage as of July 31, 20134 |
40% |
1 | Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results. |
2 | Tax equivalent yield assumes the maximum marginal federal and state tax rate of 48.48%, which includes the 3.8% Medicare tax. Actual tax rates will vary based on income, exemptions and deductions. Lower taxes will result in lower tax equivalent yields. |
3 | The distribution rate is not constant and is subject to change. |
4 | Represents VRDP Shares and TOBs as a percentage of total managed assets, which is the total assets of the Fund, including any assets attributable to VRDP Shares and TOBs, minus the sum of accrued liabilities. For a discussion of leveraging techniques utilized by the Fund, please see The Benefits and Risks of Leveraging on page 5. |
14 | ANNUAL REPORT | JULY 31, 2013 |
BlackRock MuniYield New
Jersey Fund, Inc. |
Market Price and Net Asset Value Per Share Summary
|
7/31/13 |
|
7/31/12 |
|
Change |
|
High |
|
Low |
|||||||||||||
Market Price |
$ | 13.74 | $ | 17.07 | (19.51 | )% | $ | 18.23 | $ | 13.54 | ||||||||||||
Net Asset Value |
$ | 14.92 | $ | 16.92 | (11.82 | )% | $ | 17.57 | $ | 14.75 | ||||||||||||
Market
Price and Net Asset Value
History For the Past Five
Years |
|||
Overview of the Fund’s Long-Term Investments
Sector Allocation |
|
7/31/13 |
|
7/31/12 |
||||||
State |
27 | % | 35 | % | ||||||
Transportation |
26 | 16 | ||||||||
Education |
14 | 14 | ||||||||
County/City/Special District/School District |
14 | 10 | ||||||||
Health |
9 | 9 | ||||||||
Housing |
5 | 6 | ||||||||
Corporate |
4 | 3 | ||||||||
Utilities |
1 | 7 |
Credit Quality
Allocation1 |
|
7/31/13 |
|
7/31/12 |
||||||
AAA/Aaa |
4 | % | 5 | % | ||||||
AA/Aa |
36 | 39 | ||||||||
A
|
52 | 48 | ||||||||
BBB/Baa |
7 | 7 | ||||||||
Not Rated2 |
1 | 1 |
1 | Using the higher of S&P’s or Moody’s ratings. |
2 | The investment advisor has deemed certain of these non-rated securities to be of investment grade quality. As of July 31, 2013 and July 31, 2012, the market value of these securities was $3,519,770 and $3,600,470, each representing 1%, respectively, of the Fund’s long-term investments. |
Call/Maturity
Schedule3 |
||||||||
Calendar Year Ended December 31, |
||||||||
2013 |
1 | % | ||||||
2014 |
5 | |||||||
2015 |
5 | |||||||
2016 |
2 | |||||||
2017 |
9 |
3 | Scheduled maturity dates and/or bonds that are subject to potential calls by issuers over the next five years. |
ANNUAL REPORT | JULY 31, 2013 | 15 |
Schedule of Investments July 31, 2013 | BlackRock Muni New York
Intermediate Duration Fund, Inc. (MNE) (Percentages shown are based on Net Assets) |
Municipal Bonds |
Par (000) |
Value |
|||||||||
New York — 128.6% |
|||||||||||
Corporate — 11.5% |
|||||||||||
Essex County Industrial Development Agency, Refunding RB, Series A, AMT, 5.20%, 12/01/23 |
$ | 1,000 | $ | 1,029,780 | |||||||
Jefferson County Industrial Development Agency, Refunding RB, Solid Waste, Series A, AMT, 5.20%, 12/01/20 |
500 | 498,700 | |||||||||
New
York City Industrial Development Agency, RB, British Airways PLC Project, AMT, 7.63%, 12/01/32 |
1,000 | 1,007,180 | |||||||||
New
York City Industrial Development Agency, Refunding RB, Terminal One Group Association Project, AMT (a): |
|||||||||||
5.50%, 1/01/18 |
1,000 | 1,092,320 | |||||||||
5.50%, 1/01/21 |
250 | 270,600 | |||||||||
5.50%, 1/01/24 |
1,000 | 1,077,480 | |||||||||
New
York State Energy Research & Development Authority, Refunding RB (NPFGC): |
|||||||||||
Brooklyn Union Gas/Keyspan, Series A, AMT, 4.70%, 2/01/24 |
500 | 509,290 | |||||||||
Rochester Gas & Electric Corp., Series C, 5.00%, 8/01/32 (a) |
1,000 | 1,088,020 | |||||||||
Niagara Area Development Corp., Refunding RB, Covanta Energy Project, Series B, 4.00%, 11/01/24 |
500 | 458,960 | |||||||||
7,032,330 | |||||||||||
County/City/Special District/School District — 18.8% |
|||||||||||
Amherst Development Corp., Refunding RB, University at Buffalo Foundation Faculty-Student Housing Corp., Series A (AGM), 4.00%,
10/01/24 |
1,000 | 1,014,440 | |||||||||
City of New York, New York, GO: |
|||||||||||
Sub-Series A-1, 5.00%, 8/01/33 (b) |
700 | 729,085 | |||||||||
Sub-Series G-1, 5.00%, 4/01/29 |
750 | 799,342 | |||||||||
Sub-Series I-1, 5.13%, 4/01/25 |
750 | 839,160 | |||||||||
City of New York, New York, GO, Refunding: |
|||||||||||
Series E, 5.00%, 8/01/27 |
600 | 647,118 | |||||||||
Series E, 5.00%, 8/01/30 |
500 | 531,070 | |||||||||
Series J, 5.00%, 8/01/23 |
2,000 | 2,317,780 | |||||||||
Hudson New York Yards Infrastructure Corp., RB, Series A, 5.75%, 2/15/47 |
1,000 | 1,061,710 | |||||||||
New
York City Industrial Development Agency, RB, PILOT, Queens Baseball Stadium (AMBAC), 5.00%, 1/01/31 |
1,500 | 1,383,375 | |||||||||
New
York City Industrial Development Agency, Refunding RB, Transportation Infrastructure Properties LLC, Series A, AMT, 5.00%, 7/01/22 |
500 | 503,555 | |||||||||
New
York Convention Center Development Corp., RB, Hotel Unit Fee Secured (AMBAC), 5.00%, 11/15/35 |
120 | 120,094 | |||||||||
New
York Liberty Development Corp., Refunding RB, 4 World Trade Center Project, 5.00%, 11/15/31 |
1,000 | 1,023,780 | |||||||||
United Nations Development Corp., Refunding RB, Series A, 4.25%, 7/01/24 |
500 | 518,250 | |||||||||
11,488,759 | |||||||||||
Municipal Bonds |
Par (000) |
Value |
|||||||||
New York (continued) |
|||||||||||
Education — 18.6% |
|||||||||||
Build NYC Resource Corp., RB: |
|||||||||||
3.88%, 4/15/23 |
$ | 505 | $ | 468,140 | |||||||
5.00%, 4/01/33 |
750 | 723,555 | |||||||||
Madison County Capital Resource Corp., Refunding RB, Colgate University Project, Series A, 5.00%, 7/01/33 |
650 | 672,061 | |||||||||
Nassau County Industrial Development Agency, Refunding RB, New York Institute of Technology Project, Series A, 5.00%, 3/01/21 |
1,000 | 1,088,670 | |||||||||
New
York State Dormitory Authority, RB: |
|||||||||||
Convent of the Sacred Heart (AGM), 4.00%, 11/01/18 |
880 | 972,426 | |||||||||
Convent of the Sacred Heart (AGM), 5.00%, 11/01/21 |
120 | 133,321 | |||||||||
Fordham University, Series A, 5.25%, 7/01/25 |
500 | 552,580 | |||||||||
Mount Sinai School of Medicine, 5.50%, 7/01/25 |
1,000 | 1,085,170 | |||||||||
Mount Sinai School of Medicine, Series A (NPFGC), 5.15%, 7/01/24 |
570 | 613,058 | |||||||||
New
York State Dormitory Authority, Refunding RB: |
|||||||||||
Pace University, Series A, 5.00%, 5/01/24 |
850 | 908,591 | |||||||||
Teachers College, Series A, 5.00%, 7/01/31 |
375 | 388,631 | |||||||||
The Culinary Institute of America, 5.00%, 7/01/28 |
500 | 506,080 | |||||||||
Third General Resolution, State University Educational Facilities Issue, Series E, 5.00%, 5/15/27 |
570 | 615,041 | |||||||||
Schenectady County Capital Resource Corp., Refunding RB, Union College, 5.00%, 7/01/32 |
940 | 981,896 | |||||||||
Schenectady County Industrial Development Agency, Refunding RB, Union College Project, 5.00%, 7/01/26 |
1,000 | 1,063,690 | |||||||||
Suffolk County Industrial Development Agency, Refunding RB, New York Institute of Technology Project, 5.25%, 3/01/21 |
600 | 616,194 | |||||||||
11,389,104 | |||||||||||
Health — 20.0% |
|||||||||||
Dutchess County Industrial Development Agency, RB, Vassar Brothers Medical Center (AGC), 5.00%, 4/01/21 |
215 | 242,210 | |||||||||
Dutchess County Local Development Corp., Refunding RB, Health Quest System, Inc., Series A (AGM), 5.25%, 7/01/25 |
1,000 | 1,081,140 | |||||||||
Erie County Industrial Development Agency, RB, Episcopal Church Home, Series A, 5.88%, 2/01/18 |
530 | 530,726 | |||||||||
Genesee County Industrial Development Agency, Refunding RB, United Memorial Medical Center Project, 4.75%, 12/01/14 |
150 | 150,158 | |||||||||
New
York City Industrial Development Agency, RB, PSCH, Inc. Project, 6.20%, 7/01/20 |
1,415 | 1,371,616 |
Portfolio Abbreviations
To simplify the listings of portfolio holdings in the Schedules of Investments, the names and descriptions of many of the securities have been abbreviated according to the following list: |
AGC | Assured Guaranty Corp. | GO | General Obligation Bonds | |||
AGM | Assured Guaranty Municipal Corp. | HFA | Housing Finance Agency | ||||
AMBAC | American Municipal Bond Assurance Corp. | HRB | Housing Revenue Bonds | ||||
AMT | Alternative Minimum Tax (subject to) | IDA | Industrial Development Authority | ||||
ARB | Airport Revenue Bonds | IDB | Industrial Development Board | ||||
BARB | Building Aid Revenue Bonds | IDRB | Industrial Development Revenue Bonds | ||||
BHAC | Berkshire Hathaway Assurance Corp. | ISD | Independent School District | ||||
CAB | Capital Appreciation Bonds | LRB | Lease Revenue Bonds | ||||
CIFG | CDC IXIS Financial Guaranty | M/F | Multi-Family | ||||
COP | Certificates of Participation | NPFGC | National Public Finance Guarantee Corp. | ||||
EDA | Economic Development Authority | PILOT | Payment in Lieu of Taxes | ||||
ERB | Education Revenue Bonds | RB | Revenue Bonds | ||||
Fanie Mae | Federal National Mortgage Association | S/F | Single-Family | ||||
GARB | General Airport Revenue Bonds | SONYMA | State of New York Mortgage Agency | ||||
Ginnie Mae | Government National Mortgage Association | Syncora | Syncora Guarantee |
16 | ANNUAL REPORT | JULY 31, 2013 |
Schedule of Investments (continued) | BlackRock Muni New York
Intermediate Duration Fund, Inc. (MNE) (Percentages shown are based on Net Assets) |
Municipal Bonds |
Par (000) |
Value |
|||||||||
New York (continued) |
|||||||||||
Health (concluded) |
|||||||||||
New
York State Dormitory Authority, RB: |
|||||||||||
New York State Association for Retarded Children, Inc., Series A, 5.30%, 7/01/23 |
$ | 450 | $ | 487,809 | |||||||
New York University Hospitals Center, Series A, 5.00%, 7/01/22 |
1,000 | 1,098,190 | |||||||||
New York University Hospitals Center, Series B, 5.25%, 7/01/24 |
380 | 402,561 | |||||||||
North Shore-Long Island Jewish Obligated Group, Series A, 5.25%, 5/01/25 |
780 | 787,160 | |||||||||
New
York State Dormitory Authority, Refunding RB: |
|||||||||||
Mount Sinai Hospital Health System, Series A, 4.25%, 7/01/23 |
250 | 258,240 | |||||||||
North Shore-Long Island Jewish Obligated Group, Series A, 5.00%, 5/01/32 |
500 | 505,080 | |||||||||
North Shore-Long Island Jewish Obligated Group, Series E, 5.00%, 5/01/22 |
650 | 704,470 | |||||||||
Suffolk County Industrial Development Agency, Refunding RB, Jefferson’s Ferry Project, 4.63%, 11/01/16 |
800 | 865,552 | |||||||||
Westchester County Healthcare Corp. New York, Refunding RB, Senior Lien: |
|||||||||||
Remarketing, Series A, 5.00%, 11/01/24 |
910 | 970,051 | |||||||||
Remarketing, Series A, 5.00%, 11/01/30 |
250 | 254,890 | |||||||||
Series B, 6.00%, 11/01/30 |
240 | 262,195 | |||||||||
Westchester County IDA, RB, Special Needs Facilities Pooled Program, Series D-1, 6.80%, 7/01/19 |
515 | 515,809 | |||||||||
Westchester County Local Development Corp., Refunding RB, Kendal On Hudson Project: |
|||||||||||
3.00%, 1/01/18 |
500 | 511,230 | |||||||||
4.00%, 1/01/23 |
480 | 473,126 | |||||||||
Yonkers Industrial Development Agency, RB, Sacred Heart Association Project, Series A, AMT (SONYMA), 4.80%, 10/01/26 |
750 | 753,338 | |||||||||
12,225,551 | |||||||||||
Housing — 6.8% |
|||||||||||
New
York City Housing Development Corp., RB, Series H-2-A, AMT, 5.00%, 11/01/30 |
780 | 785,709 | |||||||||
New
York Mortgage Agency, Refunding RB, AMT: |
|||||||||||
Homeowner Mortgage, Series 130, 4.75%, 10/01/30 |
2,500 | 2,507,400 | |||||||||
Series 133, 4.95%, 10/01/21 |
395 | 402,379 | |||||||||
Series 143, 4.85%, 10/01/27 |
500 | 506,025 | |||||||||
4,201,513 | |||||||||||
State — 19.3% |
|||||||||||
Buffalo & Erie County Industrial Land Development Corp., Refunding RB, Buffalo State College Foundation Housing, 6.00%,
10/01/31 |
1,000 | 1,103,780 | |||||||||
City of New York New York, GO: |
|||||||||||
Refunding, Series H, 5.00%, 8/01/25 |
1,000 | 1,122,510 | |||||||||
Sub-Series F-1, 5.00%, 3/01/29 |
250 | 267,880 | |||||||||
Long Beach City School District, GO, 4.00%, 5/01/24 |
500 | 521,935 | |||||||||
Metropolitan Transportation Authority, Refunding RB, Series B, 5.25%, 11/15/25 |
750 | 851,602 | |||||||||
New
York City Transitional Finance Authority, BARB, Fiscal 2009, Series S-3, 5.00%, 1/15/23 |
575 | 649,733 | |||||||||
New
York State Dormitory Authority, RB: |
|||||||||||
Haverstraw King’s Daughters Public Library, 5.00%, 7/01/26 |
1,015 | 1,095,063 | |||||||||
Municipal Health Facilities Improvement Program, 5.00%, 1/15/27 |
600 | 637,506 | |||||||||
Series D, 5.00%, 3/15/31 |
500 | 519,640 | |||||||||
Series F, 5.00%, 3/15/30 |
1,290 | 1,339,665 | |||||||||
New
York State Dormitory Authority, Refunding RB, Department of Health of the State of New York, Series A (CIFG), 5.00%, 7/01/25 |
1,500 | 1,600,590 | |||||||||
Municipal Bonds |
Par (000) |
Value |
|||||||||
New York (concluded) |
|||||||||||
State (concluded) |
|||||||||||
New
York State Thruway Authority, RB, Transportation, Series A, 5.00%, 3/15/32 |
$ | 250 | $ | 263,258 | |||||||
New
York State Thruway Authority, Refunding RB, Series A-1, 5.00%, 4/01/22 |
1,000 | 1,147,510 | |||||||||
New
York State Urban Development Corp., RB, State Personal Income Tax, Series A, 3.50%, 3/15/28 |
750 | 700,065 | |||||||||
11,820,737 | |||||||||||
Transportation — 20.9% |
|||||||||||
Metropolitan Transportation Authority, RB: |
|||||||||||
Series A (NPFGC), 5.00%, 11/15/16 (c) |
990 | 1,125,996 | |||||||||
Series A (NPFGC), 5.00%, 11/15/24 |
1,010 | 1,125,332 | |||||||||
Series B (NPFGC), 5.25%, 11/15/19 |
860 | 1,008,230 | |||||||||
Sub-Series B-1, 5.00%, 11/15/24 |
460 | 511,745 | |||||||||
Sub-Series B-4, 5.00%, 11/15/24 |
300 | 333,747 | |||||||||
Transportation, Series A, 5.00%, 11/15/27 |
1,000 | 1,059,220 | |||||||||
Metropolitan Transportation Authority, Refunding RB: |
|||||||||||
Series D, 4.00%, 11/15/32 |
250 | 232,235 | |||||||||
Series F, 5.00%, 11/15/30 |
500 | 520,320 | |||||||||
Port Authority of New York & New Jersey, RB, LLC Project, JFK International Air Terminal Special Project, 5.00%, 12/01/20 |
1,000 | 1,085,450 | |||||||||
Port Authority of New York & New Jersey, Refunding RB, Consolidated, AMT: |
|||||||||||
138th, 4.75%, 12/01/30 |
205 | 205,613 | |||||||||
152nd, 5.00%, 11/01/23 |
500 | 537,315 | |||||||||
152nd, 5.00%, 11/01/24 |
1,000 | 1,067,210 | |||||||||
Triborough Bridge & Tunnel Authority, Refunding RB, Series A: |
|||||||||||
5.00%, 11/15/22 |
1,025 | 1,178,330 | |||||||||
5.00%, 11/15/24 |
2,000 | 2,257,580 | |||||||||
5.00%, 1/01/27 |
500 | 545,495 | |||||||||
12,793,818 | |||||||||||
Utilities — 12.7% |
|||||||||||
Long Island Power Authority, Refunding RB: |
|||||||||||
Series A, 5.50%, 4/01/24 |
500 | 563,535 | |||||||||
Series D (NPFGC), 5.00%, 9/01/25 |
2,000 | 2,133,380 | |||||||||
New
York City Municipal Water Finance Authority, Refunding RB: |
|||||||||||
Series DD, 5.00%, 6/15/32 |
500 | 519,445 | |||||||||
Series EE, 5.00%, 6/15/34 |
3,000 | 3,135,360 | |||||||||
New
York State Environmental Facilities Corp., Refunding RB, NYC Municipal Water, 5.00%, 6/15/31 |
1,000 | 1,068,310 | |||||||||
Suffolk County Water Authority, Refunding RB, 3.00%, 6/01/25 |
400 | 377,776 | |||||||||
7,797,806 | |||||||||||
Total Municipal Bonds in New York |
78,749,618 | ||||||||||
Puerto Rico — 9.1% |
|||||||||||
Housing — 2.6% |
|||||||||||
Puerto Rico Housing Finance Authority, Refunding RB, Subordinate, Capital Fund Modernization, 5.13%,
12/01/27 |
1,570 | 1,617,603 | |||||||||
State — 0.8% |
|||||||||||
Puerto Rico Public Buildings Authority, Refunding RB, Government Facilities, Series M-3 (NPFGC), 6.00%,
7/01/28 |
500 | 486,065 | |||||||||
Transportation — 5.7% |
|||||||||||
Puerto Rico Highway & Transportation Authority, RB, Series Y (AGM), 6.25%, 7/01/21 |
3,000 | 3,454,200 | |||||||||
Total Municipal Bonds in Puerto Rico |
5,557,868 | ||||||||||
Total Municipal Bonds — 137.7% |
84,307,486 |
ANNUAL REPORT | JULY 31, 2013 | 17 |
Schedule of Investments (continued) | BlackRock Muni New York
Intermediate Duration Fund, Inc. (MNE) (Percentages shown are based on Net Assets) |
Municipal Bonds Transferred to Tender Option Bond Trusts (d) |
Par (000) |
Value |
|||||||||
New York — 17.3% |
|||||||||||
County/City/Special District/School District — 7.1% |
|||||||||||
City of New York, New York, GO: |
|||||||||||
Sub-Series B-1, 5.25%, 9/01/22 |
$ | 750 | $ | 859,358 | |||||||
Sub-Series I-1, 5.50%, 4/01/21 |
1,499 | 1,753,638 | |||||||||
New
York State Urban Development Corp., Refunding RB, Service Contracts, Series B, 5.00%, 1/01/21 |
1,499 | 1,697,453 | |||||||||
4,310,449 | |||||||||||
Transportation — 5.0% |
|||||||||||
Port Authority of New York & New Jersey, RB, Consolidated, 169th Series, AMT: |
|||||||||||
5.00%, 10/15/21 |
2,000 | 2,260,040 | |||||||||
5.00%, 10/15/26 |
750 | 805,778 | |||||||||
3,065,818 | |||||||||||
Utilities — 5.2% |
|||||||||||
New
York City Municipal Water Finance Authority, Refunding RB: |
|||||||||||
Second General Resolution, Series HH, 5.00%, 6/15/32 |
1,560 | 1,640,714 | |||||||||
Series A, 4.75%, 6/15/30 |
1,500 | 1,549,320 | |||||||||
3,190,034 | |||||||||||
Total Municipal Bonds Transferred to Tender Option Bond Trusts — 17.3% |
10,566,301 | ||||||||||
Total Long-Term Investments (Cost — $92,917,319) — 155.0% |
94,873,787 | ||||||||||
Short-Term Securities | Shares |
Value | ||||||||
BIF New York Municipal Money Fund, 0.00% (e)(f) |
802,542 | $ | 802,542 | |||||||
Total Short-Term Securities (Cost — $802,542) — 1.3% |
802,542 | |||||||||
Total Investments (Cost — $93,719,861) — 156.3% |
95,676,329 | |||||||||
Other Assets Less Liabilities — 1.1% |
677,815 | |||||||||
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (9.0%) |
(5,539,696 | ) | ||||||||
VRDP Shares, at Liquidation Value — (48.4%) |
(29,600,000 | ) | ||||||||
Net Assets Applicable to Common Shares — 100.0% |
$ | 61,214,448 |
Notes to Schedule of Investments
(a) | Variable rate security. Rate shown is as of report date. |
|||||
(b) | When-issued security. Unsettled when-issued transactions were as follows: |
Counterparty |
|
Value |
|
Unrealized Appreciation |
||||||
JPMorgan Chase & Co. |
$ | 729,085 | $ | 8,624 |
(c) | 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. |
|||||
(d) | Securities represent bonds transferred to a TOB in exchange for which the Fund acquired residual interest certificates. These
securities serve as collateral in a financing transaction. See Note 3 of the Notes to Financial Statements for details of municipal bonds transferred
to TOBs. |
|||||
(e) | Investments in issuers considered to be an affiliate of the Fund during the year, for purposes of Section 2(a)(3) of the 1940 Act,
were as follows: |
Affiliate |
|
Shares Held at July 31, 2012 |
|
Net Activity |
|
Shares Held at July 31, 2013 |
|
Income |
||||||||||
BIF New York Municipal Money Fund |
480,082 | 322,460 | 802,542 | $ | 37 |
(f) | Represents the current yield as of report date. |
|||||
• | 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. |
|||||
• | Fair Value Measurements — Various inputs are used in determining the fair value of investments. These inputs to valuation
techniques are categorized into a disclosure hierarchy consisting of three broad levels for financial statement 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) |
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. |
18 | ANNUAL REPORT | JULY 31, 2013 |
Schedule of Investments (concluded) | BlackRock Muni New York
Intermediate Duration Fund, Inc. (MNE) |
Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the Fund’s policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for investments is based on the pricing transparency of the investment and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund’s policy regarding valuation of investments, please refer to Note 2 of the Notes to Financial Statements.
The following table summarizes the Fund’s investments categorized in the disclosure hierarchy as of July 31, 2013:
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
|||||||||||
Assets: |
||||||||||||||||||
Investments: |
||||||||||||||||||
Long-Term Investments 1 |
— | $ | 94,873,787 | — | $ | 94,873,787 | ||||||||||||
Short-Term Securities |
$ | 802,542 | — | — | 802,542 | |||||||||||||
Total |
$ | 802,542 | $ | 94,873,787 | — | $ | 95,676,329 |
1 | See above Schedule of Investments for values in each sector or political subdivision. |
Certain of the Fund’s liabilities are held at carrying amount, which approximates fair value for financial statement purposes. As of July 31, 2013, such liabilities are categorized within the disclosure hierarchy as follows:
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
|||||||||||
Liabilities: |
||||||||||||||||||
TOB trust certificates |
— | $ | (5,537,752 | ) | — | $ | (5,537,752 | ) | ||||||||||
VRDP Shares |
— | (29,600,000 | ) | — | (29,600,000 | ) | ||||||||||||
Total |
— | $ | (35,137,752 | ) | — | $ | (35,137,752 | ) |
There were no transfers between levels during the year ended July 31, 2013.
ANNUAL REPORT | JULY 31, 2013 | 19 |
Schedule of Investments July 31, 2013 | BlackRock MuniYield
Arizona Fund, Inc. (MZA) (Percentages shown are based on Net Assets) |
Municipal Bonds | Par (000) |
Value |
|||||||||
Arizona — 145.4% |
|||||||||||
Corporate — 13.2% |
|||||||||||
Maricopa County Pollution Control Corp., Refunding RB, Southern California Edison Co., Series A, 5.00%, 6/01/35 |
$ | 4,350 | $ | 4,427,778 | |||||||
Pima County IDA, RB, Tucson Electric Power Co. Project, Series A, 5.25%, 10/01/40 |
1,000 | 962,150 | |||||||||
Pima County IDA, Refunding IDRB, Tucson Electric Power Co. Project, Series B, 5.75%, 9/01/29 |
500 | 511,960 | |||||||||
Pinal County IDA Arizona, Refunding RB, Tucson Electric Power Co. Project, Series A, 4.00%, 9/01/29 |
1,000 | 886,280 | |||||||||
Salt Verde Financial Corp., RB, Natural Gas Utility Improvements, Senior, 5.00%, 12/01/37 |
1,500 | 1,434,795 | |||||||||
8,222,963 | |||||||||||
County/City/Special District/School District — 47.2% |
|||||||||||
City of Glendale Arizona, RB (NPFGC), 5.00%, 7/01/25 |
1,000 | 1,076,320 | |||||||||
City of Tucson Arizona, COP (AGC), 5.00%, 7/01/29 |
1,000 | 1,035,660 | |||||||||
County of Pinal Arizona, COP: |
|||||||||||
5.00%, 12/01/26 |
1,250 | 1,321,937 | |||||||||
5.00%, 12/01/29 |
1,250 | 1,298,137 | |||||||||
Gilbert Public Facilities Municipal Property Corp., RB, 5.50%, 7/01/27 |
2,000 | 2,146,800 | |||||||||
Gladden Farms Community Facilities District, GO, 5.50%, 7/15/31 |
750 | 713,843 | |||||||||
Glendale Municipal Property Corp., Refunding RB, Sub-Series C, 5.00%, 7/01/38 |
2,000 | 2,016,360 | |||||||||
Greater Arizona Development Authority, RB, Santa Cruz County Jail, Series 2, 5.25%, 8/01/31 |
1,155 | 1,183,020 | |||||||||
Marana Municipal Property Corp., RB, Series A, 5.00%, 7/01/28 |
2,500 | 2,634,650 | |||||||||
Maricopa County Community College District, GO, Series C, 3.00%, 7/01/22 |
1,000 | 1,010,290 | |||||||||
Maricopa County Public Finance Corp., RB, Series A (AMBAC), 5.00%, 7/01/24 |
1,000 | 1,097,490 | |||||||||
Maricopa County Unified School District No. 89-Dysart, GO, School Improvement Project of 2006, Series C, 6.00%, 7/01/28 |
1,000 | 1,135,180 | |||||||||
Mohave County Unified School District No. 20 Kingman, GO, School Improvement Project of 2006, Series C (AGC), 5.00%, 7/01/26 |
1,000 | 1,118,310 | |||||||||
Phoenix Civic Improvement Corp., RB, Subordinate, Civic Plaza Expansion Project, Series A (NPFGC), 5.00%, 7/01/35 |
3,325 | 3,342,523 | |||||||||
Phoenix Mesa Airport Authority, RB, Mesa Project, AMT, 5.00%, 7/01/38 |
3,600 | 3,375,792 | |||||||||
Scottsdale Municipal Property Corp., RB, Water & Sewer Development Project, Series A, 5.00%, 7/01/24 |
1,500 | 1,688,880 | |||||||||
Vistancia Community Facilities District, GO: |
|||||||||||
6.75%, 7/15/22 |
1,275 | 1,277,894 | |||||||||
5.75%, 7/15/24 |
750 | 770,303 | |||||||||
Yuma County Library District, GO (Syncora), 5.00%, 7/01/26 |
1,000 | 1,058,610 | |||||||||
29,301,999 | |||||||||||
Education — 19.4% |
|||||||||||
Arizona Board of Regents, Refunding, COP, University of Arizona, Series C, 5.00%, 6/01/31 |
2,000 | 2,055,940 | |||||||||
Arizona State University, RB, Series 2008-C: |
|||||||||||
6.00%, 7/01/25 |
970 | 1,133,183 | |||||||||
6.00%, 7/01/26 |
745 | 867,694 | |||||||||
6.00%, 7/01/27 |
425 | 484,955 | |||||||||
6.00%, 7/01/28 |
400 | 455,248 | |||||||||
Florence Town, Inc., IDA, ERB, Legacy Traditional School Project, Queen Creek and Casa Grande Campuses, 6.00%, 7/01/43 |
500 | 444,465 | |||||||||
Maricopa County IDA, RB, Arizona Charter School Project, Series A, 6.63%, 7/01/20 |
550 | 497,106 | |||||||||
Municipal Bonds | Par (000) |
Value |
|||||||||
Arizona (continued) |
|||||||||||
Education (concluded) |
|||||||||||
Northern Arizona University, RB, Stimulus Plan for Economic and Educational Development, 5.00%, 8/01/38 |
$ | 3,000 | $ | 3,025,860 | |||||||
Phoenix IDA, ERB, Great Hearts Academies Project, 6.30%, 7/01/42 |
500 | 492,510 | |||||||||
Pima County IDA, RB, Arizona Charter Schools Project, Series C: |
|||||||||||
6.70%, 7/01/21 |
20 | 20,046 | |||||||||
6.75%, 7/01/31 |
45 | 44,286 | |||||||||
Pima County IDA, Refunding RB, Arizona Charter Schools Project, Series O, 5.00%, 7/01/26 |
985 | 985,226 | |||||||||
Sun
Devil Energy Center LLC, Refunding RB, Arizona State University, 5.00%, 7/01/30 |
1,500 | 1,567,965 | |||||||||
12,074,484 | |||||||||||
Health — 19.3% |
|||||||||||
Arizona Health Facilities Authority, RB, Catholic Healthcare West, Series B-2 (AGM), 5.00%, 3/01/41 |
500 | 491,165 | |||||||||
Arizona Health Facilities Authority, Refunding RB: |
|||||||||||
Banner Health, Series D, 5.50%, 1/01/38 |
2,300 | 2,393,909 | |||||||||
Phoenix Children’s Hospital, Series A, 5.00%, 2/01/42 |
1,000 | 919,050 | |||||||||
Maricopa County IDA, Refunding RB, Series A: |
|||||||||||
Catholic Healthcare West, 6.00%, 7/01/39 |
170 | 180,033 | |||||||||
Catholic Helathcare West, 5.50%, 7/01/26 |
1,850 | 1,919,690 | |||||||||
Samaritan Health Services (NPFGC), 7.00%, 12/01/16 (a) |
1,000 | 1,120,100 | |||||||||
Tempe Arizona IDA, Refunding RB, Friendship Village of Tempe, Series A, 6.25%, 12/01/42 |
500 | 502,040 | |||||||||
University Medical Center Corp., RB, 6.50%, 7/01/39 |
500 | 538,245 | |||||||||
University Medical Center Corp., Refunding RB, 6.00%, 7/01/39 |
1,000 | 1,055,970 | |||||||||
Yavapai County IDA, RB, Yavapai Regional Medical Center, Series A, 6.00%, 8/01/33 |
1,800 | 1,805,130 | |||||||||
Yavapai County IDA, Refunding RB, Northern Arizona Healthcare System, 5.25%, 10/01/26 |
1,000 | 1,087,030 | |||||||||
12,012,362 | |||||||||||
Housing — 1.0% |
|||||||||||
Maricopa County & Phoenix IDA, Refunding RB, S/F, AMT (Fannie Mae): |
|||||||||||
Series A-1, 5.75%, 5/01/40 |
75 | 80,530 | |||||||||
Series A-2, 5.80%, 7/01/40 |
90 | 92,724 | |||||||||
Maricopa County IDA, RB, Series 3-B, AMT (Ginnie Mae), 5.25%, 8/01/38 |
186 | 194,967 | |||||||||
Phoenix & Pima County IDA, RB, Series 1A, AMT (Fannie Mae), 5.65%, 7/01/39 |
48 | 50,950 | |||||||||
Phoenix & Pima County IDA, Refunding RB, AMT (Fannie Mae), 5.25%, 8/01/38 |
74 | 74,311 | |||||||||
Phoenix IDA, Refunding RB, Series 2007-2, AMT (Fannie Mae), 5.50%, 12/01/38 |
100 | 106,039 | |||||||||
599,521 | |||||||||||
State — 20.4% |
|||||||||||
Arizona Department of Transportation State Highway Fund Revenue, RB, Series B, 5.00%, 7/01/30 |
4,000 | 4,289,040 | |||||||||
Arizona School Facilities Board, COP: |
|||||||||||
5.13%, 9/01/21 |
1,000 | 1,107,580 | |||||||||
5.75%, 9/01/22 |
2,000 | 2,256,120 | |||||||||
Arizona Sports & Tourism Authority, Refunding RB, Multipurpose Stadium Facility Project, Series A, 5.00%, 7/01/36 |
3,000 | 3,010,590 | |||||||||
State of Arizona, RB, Lottery Revenue, Series A (AGM), 5.00%, 7/01/29 |
1,930 | 2,014,882 | |||||||||
12,678,212 |
20 | ANNUAL REPORT | JULY 31, 2013 |
Schedule of Investments (continued) | BlackRock MuniYield
Arizona Fund, Inc. (MZA) (Percentages shown are based on Net Assets) |
Municipal Bonds | Par (000) |
Value | |||||||||
Arizona (concluded) |
|||||||||||
Transportation — 4.4% |
|||||||||||
Phoenix Civic Improvement Corp., RB, Senior Lien AMT, Series A, 5.00%, 7/01/33 |
$ | 1,000 | $ | 1,034,540 | |||||||
Phoenix Civic Improvement Corp., Refunding RB: |
|||||||||||
AMT, 5.00%, 7/01/32 |
700 | 705,964 | |||||||||
Junior Lien, Series A, 5.00%, 7/01/40 |
1,000 | 1,005,180 | |||||||||
2,745,684 | |||||||||||
Utilities — 20.5% |
|||||||||||
Gilbert Water Resource Municipal Property Corp., RB, Subordinate Lien (NPFGC), 5.00%, 10/01/29 |
900 | 930,285 | |||||||||
Greater Arizona Development Authority, RB, Series B (NPFGC): |
|||||||||||
5.00%, 8/01/30 |
1,600 | 1,663,392 | |||||||||
5.00%, 8/01/35 |
1,000 | 1,002,070 | |||||||||
Phoenix Civic Improvement Corp., Refunding RB, Senior Lien, 5.50%, 7/01/22 |
2,000 | 2,344,020 | |||||||||
Pima County Arizona Sewer System RB, Series B, 5.00%, 7/01/26 |
1,000 | 1,076,760 | |||||||||
Pinal County Electric District No. 3, Refunding RB, 5.25%, 7/01/36 |
2,500 | 2,566,650 | |||||||||
Pinal County IDA Arizona, RB, San Manuel Facility Project, AMT, 6.25%, 6/01/26 |
500 | 463,580 | |||||||||
Salt River Project Agricultural Improvement & Power District, RB, Series A, 5.00%, 1/01/24 |
1,000 | 1,117,920 | |||||||||
Salt River Project Agricultural Improvement & Power District, Refunding RB, Series A, 5.00%, 1/01/35 |
1,500 | 1,558,215 | |||||||||
12,722,892 | |||||||||||
Total Municipal Bonds in Arizona |
90,358,117 | ||||||||||
Guam — 1.5% |
|||||||||||
State — 1.5% |
|||||||||||
Territory of Guam, RB, Government of Guam Business Privilege Tax: |
|||||||||||
Series A, 5.13%, 1/01/42 |
800 | 809,504 | |||||||||
Series B-1, 5.00%, 1/01/37 |
145 | 144,400 | |||||||||
Total Municipal Bonds in Guam |
953,904 | ||||||||||
Municipal Bonds | Par (000) |
Value | |||||||||
Puerto Rico — 5.8% |
|||||||||||
State — 5.8% |
|||||||||||
Puerto Rico Public Buildings Authority, Refunding RB, Government Facilities, Series M-3 (NPFGC), 6.00%, 7/01/28 |
$ | 700 | $ | 680,491 | |||||||
Puerto Rico Sales Tax Financing Corp., RB, First Sub-Series A, 6.38%, 8/01/39 |
1,375 | 1,400,657 | |||||||||
Puerto Rico Sales Tax Financing Corp., Refunding RB, CAB, Series A (NPFGC), 6.60%, 8/01/41
(b) |
9,530 | 1,545,766 | |||||||||
Total Municipal Bonds in Puerto Rico |
3,626,914 | ||||||||||
Total Municipal Bonds — 152.7% |
94,938,935 | ||||||||||
Municipal Bonds Transferred to Tender Option Bond Trusts (c) |
|||||||||||
Arizona — 11.2% |
|||||||||||
Utilities — 11.2% |
|||||||||||
City of Mesa Arizona, RB, 5.00%, 7/01/35 |
3,000 | 3,117,090 | |||||||||
Phoenix Arizona Civic Improvement Corp., RB, 5.00%, 7/01/34 |
3,000 | 3,139,350 | |||||||||
Salt River Project Agricultural Improvement & Power District, RB, Series A, 5.00%,
1/01/38 |
660 | 677,873 | |||||||||
Total Municipal Bonds Transferred to Tender Option Bond Trusts — 11.2% |
6,934,313 | ||||||||||
Total Long-Term Investments (Cost — $100,484,674) — 163.9% |
101,873,248 | ||||||||||
Short-Term Securities |
Shares | ||||||||||
FFI Institutional Tax-Exempt Fund, 0.03% (d)(e) |
210,260 | 210,260 | |||||||||
Total Short-Term Securities (Cost — $210,260) — 0.3% |
210,260 | ||||||||||
Total Investments (Cost — $100,694,934) — 164.2% |
102,083,508 | ||||||||||
Other Assets Less Liabilities — 1.2% |
713,591 | ||||||||||
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (5.4%) |
(3,330,407 | ) | |||||||||
VRDP Shares, at Liquidation Value — (60.0%) |
(37,300,000 | ) | |||||||||
Net Assets Applicable to Common Shares — 100.0% |
$ | 62,166,692 |
Notes to Schedule of Investments
(a) | Security is collateralized by municipal or US Treasury obligations. |
|||||
(b) | Represents a zero-coupon bond. Rate shown reflects the current yield as of report date. |
|||||
(c) | Securities represent bonds transferred to a TOB in exchange for which the Fund acquired residual interest certificates. These securities serve as
collateral in a financing transaction. See Note 3 of the Notes to Financial Statements for details of municipal bonds transferred to
TOBs. |
|||||
(d) | Investments in issuers considered to be an affiliate of the Fund during the year, for purposes of Section 2(a)(3) of the 1940 Act, as amended,
were as follows: |
Affiliate |
|
Shares Held at July 31, 2012 |
|
Net Activity |
|
Shares Held at July 31, 2013 |
|
Income |
||||||||||
FFI Institutional Tax-Exempt Fund |
1,351,621 | (1,141,362 | ) | 210,260 | $ | 123 |
(e) | Represents the current yield as of report date. |
|||||
• | 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. |
ANNUAL REPORT | JULY 31, 2013 | 21 |
Schedule of Investments (concluded) | BlackRock MuniYield
Arizona Fund, Inc. (MZA) |
• | Fair Value Measurements — Various inputs are used in determining the fair value of investments. These inputs to valuation
techniques are categorized into a disclosure hierarchy consisting of three broad levels for financial statement 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) |
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 is based on the pricing transparency of the investment and
is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund’s policy regarding
valuation of investments, please refer to Note 2 of the Notes to Financial Statements. |
||||||
The following table summarizes the Fund’s investments categorized in the disclosure hierarchy as of July 31,
2013: |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
|||||||||||
Assets: |
||||||||||||||||||
Investments: |
||||||||||||||||||
Long-Term Investments 1 |
— | $ | 101,873,248 | — | $ | 101,873,248 | ||||||||||||
Short-Term Securities |
$ | 210,260 | — | — | 210,260 | |||||||||||||
Total |
$ | 210,260 | $ | 101,873,248 | — | $ | 102,083,508 |
1 | See above Schedule of Investments for values in each sector or political subdivision. | |
Certain of the Fund’s liabilities are held at carrying amount, which approximates fair value for financial statement purposes. As of July 31, 2013, such liabilities are categorized within the disclosure hierarchy as follows:
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
|||||||||||
Liabilities: |
||||||||||||||||||
Bank overdraft |
— | $ | (2,391 | ) | — | $ | (2,391 | ) | ||||||||||
TOB trust certificates |
— | (3,330,000 | ) | — | (3,330,000 | ) | ||||||||||||
VRDP Shares |
— | (37,300,000 | ) | — | (37,300,000 | ) | ||||||||||||
Total |
— | $ | (40,632,391 | ) | — | $ | (40,632,391 | ) | ||||||||||
There were no transfers between levels during the year ended July 31, 2013.
22 | ANNUAL REPORT | JULY 31, 2013 |
Schedule of Investments July 31, 2013 | BlackRock MuniYield
California Fund, Inc. (MYC) (Percentages shown are based on Net Assets) |
Municipal Bonds | Par (000) |
Value |
|||||||||
California — 96.0% |
|||||||||||
Corporate — 1.7% |
|||||||||||
City of Chula Vista California, Refunding RB, San Diego Gas & Electric: |
|||||||||||
Series A, 5.88%, 2/15/34 |
$ | 975 | $ | 1,082,386 | |||||||
Series D, 5.88%, 1/01/34 |
4,000 | 4,438,960 | |||||||||
5,521,346 | |||||||||||
County/City/Special District/School District — 37.6% |
|||||||||||
Campbell Union High School District, GO, Election of 2006, Series C, 5.75%, 8/01/40 |
4,000 | 4,341,800 | |||||||||
Chaffey Joint Union High School District, GO, Election of 2012, Series A: |
|||||||||||
5.00%, 8/01/33 |
4,365 | 4,582,246 | |||||||||
5.00%, 8/01/37 |
6,420 | 6,697,216 | |||||||||
City of Los Angeles California, COP, Senior, Sonnenblick Del Rio West Los Angeles (AMBAC), 6.20%, 11/01/31 |
2,000 | 2,006,980 | |||||||||
City of San Jose California Hotel Tax, RB, Convention Center Expansion & Renovation Project: |
|||||||||||
6.50%, 5/01/36 |
1,520 | 1,715,867 | |||||||||
6.50%, 5/01/42 |
1,860 | 2,095,792 | |||||||||
El
Monte Union High School District, GO, Election of 2002, Series C, 5.25%, 6/01/32 |
9,620 | 10,176,613 | |||||||||
Grossmont Healthcare District, GO, Election of 2006, Series B, 6.13%, 7/15/40 |
2,000 | 2,249,780 | |||||||||
Los
Angeles Community College District California, GO, Election of 2008, Series C, 5.25%, 8/01/39 |
7,185 | 7,618,112 | |||||||||
Los
Angeles Municipal Improvement Corp., RB, Real Property, Series E: |
|||||||||||
5.75%, 9/01/34 |
1,215 | 1,337,885 | |||||||||
6.00%, 9/01/34 |
2,475 | 2,808,878 | |||||||||
Los
Rios Community College District, GO, Election of 2002, Series D, 5.38%, 8/01/34 |
4,315 | 4,623,177 | |||||||||
Mount San Antonio Community College District, GO, Refunding, Election of 2008, Series 2013A, 5.00%, 8/01/34 (a) |
4,500 | 4,628,430 | |||||||||
Oak
Grove School District California, GO, Election of 2008, Series A, 5.50%, 8/01/33 |
4,000 | 4,439,600 | |||||||||
Ohlone Community College District, GO, Election of 2010, Series A, 5.25%, 8/01/41 |
7,135 | 7,550,114 | |||||||||
Pico Rivera Public Financing Authority, RB, 5.75%, 9/01/39 |
6,035 | 6,425,706 | |||||||||
San
Diego Community College District California, GO, Election of 2006, 5.00%, 8/01/43 |
2,145 | 2,227,111 | |||||||||
San
Diego Regional Building Authority California, RB, County Operations Center & Annex, Series A, 5.38%, 2/01/36 |
4,100 | 4,422,219 | |||||||||
San
Jose Financing Authority, Refunding LRB, Civic Center Project, Series A, 5.00%, 6/01/39 |
9,340 | 9,360,922 | |||||||||
Santa Ana Unified School District, GO, Election of 2008, Series A, 5.13%, 8/01/33 |
6,105 | 6,318,431 | |||||||||
Santa Clara County Financing Authority, Refunding LRB, Series L, 5.25%, 5/15/36 |
16,000 | 16,944,000 | |||||||||
Westminster Redevelopment Agency California, Tax Allocation Bonds, Subordinate, Commercial Redevelopment Project No. 1 (AGC), 6.25%,
11/01/39 |
1,250 | 1,371,125 | |||||||||
William S. Hart Union High School District, GO, CAB, Refunding, Series B (AGM) (b): |
|||||||||||
5.82%, 8/01/34 |
10,850 | 3,252,504 | |||||||||
5.84%, 8/01/35 |
9,525 | 2,684,526 | |||||||||
119,879,034 | |||||||||||
Municipal Bonds | Par (000) |
Value |
|||||||||
California (continued) |
|||||||||||
Education — 2.2% |
|||||||||||
California Educational Facilities Authority, Refunding RB: |
|||||||||||
Pitzer College, 6.00%, 4/01/40 |
$ | 2,500 | $ | 2,716,750 | |||||||
San Francisco University, 6.13%, 10/01/36 |
1,560 | 1,740,851 | |||||||||
California Municipal Finance Authority, RB, Emerson College, 6.00%, 1/01/42 |
2,500 | 2,725,475 | |||||||||
7,183,076 | |||||||||||
Health — 16.4% |
|||||||||||
ABAG Finance Authority for Nonprofit Corps, Refunding RB, Sharp Healthcare: |
|||||||||||
6.38%, 8/01/34 |
2,000 | 2,087,020 | |||||||||
Series A, 6.00%, 8/01/30 |
2,270 | 2,512,708 | |||||||||
California Health Facilities Financing Authority, RB: |
|||||||||||
Children’s Hospital, Series A, 5.25%, 11/01/41 |
11,190 | 11,248,524 | |||||||||
Sutter Health, Series B, 6.00%, 8/15/42 |
7,530 | 8,451,823 | |||||||||
California Health Facilities Financing Authority, Refunding RB: |
|||||||||||
Catholic Healthcare West, Series A, 6.00%, 7/01/39 |
10,000 | 11,328,200 | |||||||||
Providence Health, 6.50%, 10/01/38 |
3,625 | 4,153,597 | |||||||||
California Statewide Communities Development Authority, RB: |
|||||||||||
Kaiser Permanente, Series B, 5.25%, 3/01/45 |
2,000 | 2,000,380 | |||||||||
Sutter Health, Series A, 6.00%, 8/15/42 |
7,995 | 8,973,748 | |||||||||
California Statewide Communities Development Authority, Refunding RB, Trinity Health Credit Group Composite Issue, 5.00%,
12/01/41 |
1,770 | 1,748,725 | |||||||||
52,504,725 | |||||||||||
Housing — 1.1% |
|||||||||||
Santa Clara County Housing Authority, RB, John Burns Gardens Apartments Project, Series A, AMT, 6.00%,
8/01/41 |
3,500 | 3,500,490 | |||||||||
State — 13.6% |
|||||||||||
California State Public Works Board, RB: |
|||||||||||
Department of Developmental Services, Poterville, Series C, 6.25%, 4/01/34 |
1,465 | 1,676,854 | |||||||||
Department of Education, Riverside Campus Project, Series B, 6.50%, 4/01/34 |
10,000 | 11,573,900 | |||||||||
Trustees of the California State University, Series D, 6.00%, 4/01/27 |
215 | 247,044 | |||||||||
Various Capital Projects, Sub-Series I-1, 6.38%, 11/01/34 |
4,400 | 5,119,488 | |||||||||
State of California, GO, Various Purpose: |
|||||||||||
5.00%, 9/01/36 |
4,080 | 4,175,553 | |||||||||
6.00%, 4/01/38 |
15,000 | 16,780,800 | |||||||||
6.00%, 11/01/39 |
3,280 | 3,705,121 | |||||||||
43,278,760 | |||||||||||
Transportation — 8.3% |
|||||||||||
City of San Jose California, RB, Series A-1, AMT (AGM): |
|||||||||||
5.50%, 3/01/30 |
1,000 | 1,044,010 | |||||||||
5.75%, 3/01/34 |
1,000 | 1,055,840 | |||||||||
City of San Jose California, Refunding ARB, Series A-1, AMT, 6.25%, 3/01/34 |
1,400 | 1,532,356 | |||||||||
County of Orange California, ARB, Series B, 5.75%, 7/01/34 |
3,000 | 3,294,510 | |||||||||
County of Sacramento California, ARB: |
|||||||||||
Senior Series B, 5.75%, 7/01/39 |
900 | 997,794 | |||||||||
Subordinate PFC/Grant, Sub-Series D, 6.00%, 7/01/35 |
3,000 | 3,352,500 | |||||||||
San
Francisco City & County Airports Commission, RB, Series E, 6.00%, 5/01/39 |
5,065 | 5,762,400 | |||||||||
San
Francisco City & County Airports Commission, Refunding RB, Second Series A, AMT, 5.25%, 5/01/33 |
1,440 | 1,478,578 |
ANNUAL REPORT | JULY 31, 2013 | 23 |
Schedule of Investments (continued) | BlackRock MuniYield
California Fund, Inc. (MYC) (Percentages shown are based on Net Assets) |
Municipal Bonds | Par (000) |
Value | |||||||||
California (concluded) |
|||||||||||
Transportation (concluded) |
|||||||||||
San
Francisco Port Commission California, RB, Series A, 5.13%, 3/01/40 |
$ | 5,050 | $ | 5,121,558 | |||||||
San
Joaquin County Transportation Authority, Refunding RB, Limited Tax, Measure K, Series A, 6.00%, 3/01/36 |
2,440 | 2,727,651 | |||||||||
26,367,197 | |||||||||||
Utilities — 15.1% |
|||||||||||
City of Los Angeles California Wastewater System, Refunding RB, Sub-Series A: |
|||||||||||
5.00%, 6/01/32 |
3,000 | 3,119,100 | |||||||||
5.00%, 6/01/35 |
8,000 | 8,385,840 | |||||||||
City of Petaluma California Wastewater, Refunding RB, 6.00%, 5/01/36 |
2,645 | 2,962,532 | |||||||||
City of Sacramento California, RB, Water Revenue, 5.00%, 9/01/42 |
2,000 | 2,039,620 | |||||||||
Dublin-San Ramon Services District, Refunding RB, 6.00%, 8/01/41 |
2,420 | 2,719,354 | |||||||||
Eastern Municipal Water District, COP, Series H, 5.00%, 7/01/35 |
8,420 | 8,577,538 | |||||||||
Los
Angeles Department of Water & Power, RB, Power System, Sub-Series A-1, 5.25%, 7/01/38 |
3,000 | 3,127,920 | |||||||||
Los
Angeles Department of Water & Power, Refunding RB, Series A, 5.25%, 7/01/39 |
4,000 | 4,228,560 | |||||||||
Oceanside Public Financing Authority, Refunding RB, Series A (a): |
|||||||||||
5.25%, 5/01/30 |
1,245 | 1,334,204 | |||||||||
5.25%, 5/01/33 |
2,810 | 2,972,390 | |||||||||
San
Diego Public Facilities Financing Authority, Refunding RB, Senior Series A: |
|||||||||||
5.25%, 5/15/34 |
2,000 | 2,114,700 | |||||||||
5.38%, 5/15/34 |
3,910 | 4,198,011 | |||||||||
San
Francisco City & County California Public Utilities Commission, Refunding RB, Series A, 5.13%, 11/01/39 |
2,295 | 2,366,466 | |||||||||
48,146,235 | |||||||||||
Total Municipal Bonds — 96.0% |
306,380,863 | ||||||||||
Municipal Bonds Transferred to Tender Option Bond Trusts (c) |
|||||||||||
California — 72.3% |
|||||||||||
County/City/Special District/School District — 31.1% |
|||||||||||
City of Los Angeles California, Refunding RB, Series A, 5.00%, 6/01/39 |
9,870 | 10,013,115 | |||||||||
El
Dorado Union High School District, GO, Election of 2008, 5.00%, 8/01/35 |
5,000 | 5,124,550 | |||||||||
Los
Angeles Community College District California, GO: |
|||||||||||
Election of 2001, Series E-1, 5.00%, 8/01/33 |
14,850 | 15,403,905 | |||||||||
Election of 2003, Series E (AGM), 5.00%, 8/01/31 |
10,002 | 10,576,102 | |||||||||
Election of 2008, Series C, 5.25%, 8/01/39 (d) |
9,680 | 10,263,559 | |||||||||
Los
Angeles Community College District California, GO, Refunding, Election of 2008, Series A, 6.00%, 8/01/33 |
3,828 | 4,432,082 | |||||||||
San
Diego Community College District California, GO, Election of 2002, 5.25%, 8/01/33 |
7,732 | 8,556,901 | |||||||||
San
Francisco Bay Area Rapid Transit District, Refunding RB, Series A (NPFGC): |
|||||||||||
5.00%, 7/01/30 |
6,000 | 6,284,700 | |||||||||
5.00%, 7/01/34 |
5,439 | 5,631,969 | |||||||||
Municipal Bonds Transferred to Tender Option Bond Trusts (c) |
Par (000) |
Value |
|||||||||
California (concluded) |
|||||||||||
County/City/Special District/School District (concluded) |
|||||||||||
San
Marcos Unified School District, GO, Election of 2010, Series A, 5.00%, 8/01/38 |
$ | 15,520 | $ | 15,837,850 | |||||||
Sonoma County Junior College District, GO, Election of 2002, Series B (AGM), 5.00%, 8/01/28 |
6,875 | 7,249,756 | |||||||||
99,374,489 | |||||||||||
Education — 14.7% |
|||||||||||
California Educational Facilities Authority, RB, University of Southern California, Series B, 5.25%, 10/01/39 (d) |
13,845 | 14,788,398 | |||||||||
Peralta Community College District, GO, Election of 2000, Series D (AGM), 5.00%, 8/01/30 |
1,995 | 2,040,386 | |||||||||
University of California, RB: |
|||||||||||
Series L, 5.00%, 5/15/36 |
8,500 | 8,829,460 | |||||||||
Series L, 5.00%, 5/15/40 |
11,597 | 11,820,475 | |||||||||
Series O, 5.75%, 5/15/34 |
2,805 | 3,174,101 | |||||||||
University of California, Refunding RB, Limited Project, Series G, 5.00%, 5/15/37 |
6,160 | 6,367,842 | |||||||||
47,020,662 | |||||||||||
Health — 3.1% |
|||||||||||
California Health Facilities FInancing Authority, RB, Sutter Health, Series A (BHAC), 5.00%,
11/15/42 |
10,002 | 9,985,995 | |||||||||
Transportation — 1.6% |
|||||||||||
City of Los Angeles California Department of Airports, Refunding RB, Los Angeles International Airport,
Senior Series A, 5.00%, 5/15/40 |
4,999 | 5,073,535 | |||||||||
Utilities — 21.8% |
|||||||||||
City of Los Angeles California Wastewater System, Refunding RB, Series A, 5.00%, 6/01/34 |
7,500 | 7,898,475 | |||||||||
Eastern Municipal Water District, COP, Series H, 5.00%, 7/01/33 |
4,748 | 4,862,551 | |||||||||
Los
Angeles Department of Water & Power, RB, Power System: |
|||||||||||
Sub-Series A-1 (AMBAC), 5.00%, 7/01/37 |
15,098 | 15,611,384 | |||||||||
Sub-Series A-2 (AGM), 5.00%, 7/01/35 |
7,250 | 7,585,965 | |||||||||
Metropolitan Water District of Southern California, RB: |
|||||||||||
Series A, 5.00%, 7/01/37 |
20,000 | 20,885,000 | |||||||||
Series C, 5.00%, 7/01/35 |
7,145 | 7,426,065 | |||||||||
San
Diego County Water Authority, COP, Series A (AGM), 5.00%, 5/01/31 |
5,010 | 5,176,984 | |||||||||
69,446,424 | |||||||||||
Total Municipal Bonds Transferred to Tender Option Bond Trusts — 72.3% |
230,901,105 | ||||||||||
Total Long-Term Investments (Cost — $521,728,543) — 168.3% |
537,281,968 | ||||||||||
Short-Term Securities |
Shares | ||||||||||
BIF California Municipal Money Fund, 0.04% (e)(f) |
4,979,601 | 4,979,601 | |||||||||
Total Short-Term Securities (Cost — $4,979,601) — 1.6% |
4,979,601 | ||||||||||
Total Investments (Cost — $526,708,144) — 169.9% |
542,261,569 | ||||||||||
Liabilities in Excess of Other Assets — (0.1%) |
(392,502 | ) | |||||||||
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (36.6%) |
(116,824,861 | ) | |||||||||
VRDP Shares, at Liquidation Value — (33.2%) |
(105,900,000 | ) | |||||||||
Net Assets Applicable to Common Shares — 100.0% |
$ | 319,144,206 |
24 | ANNUAL REPORT | JULY 31, 2013 |
Schedule of Investments (concluded) | BlackRock MuniYield
California Fund, Inc. (MYC) |
Notes to Schedule of Investments
(a) | When-issued security. Unsettled when-issued transactions were as follows: |
Counterparty |
|
Value |
|
Unrealized Depreciation |
||||||
Royal Bank of Canada |
$ | 4,628,430 | $ | (54,810 | ) | |||||
Stifel Nicolaus & Co. |
$ | 4,306,594 | $ | (84,151 | ) |
(b) | Represents a zero-coupon bond. Rate shown reflects the current yield as of report date. |
|||||
(c) | Securities represent bonds transferred to a TOB in exchange for which the Fund acquired residual interest certificates. These
securities serve as collateral in a financing transaction. See Note 3 of the Notes to Financial Statements for details of municipal bonds transferred
to TOBs. |
|||||
(d) | 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
10/01/16 to 8/01/18, is $14,704,685. |
|||||
(e) | Investments in issuers considered to be an affiliate of the Fund during the year, for purposes of Section 2(a)(3) of the 1940 Act, as
amended, were as follows: |
Affiliate |
|
Shares Held at July 31, 2012 |
|
Net Activity |
|
Shares Held at July 31, 2013 |
|
Income |
||||||||||
BIF California Municipal Money Fund |
3,043,312 | 1,936,289 | 4,979,601 | $ | 12 |
(f) | Represents the current yield as of report date. |
|||||
• | 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. |
|||||
• | Fair Value Measurements — Various inputs are used in determining the fair value of investments. These inputs to valuation
techniques are categorized into a disclosure hierarchy consisting of three broad levels for financial statement 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) |
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 is based on the pricing transparency of the investment and
is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund’s policy regarding
valuation of investments, please refer to Note 2 of the Notes to Financial Statements. |
||||||
The following table summarizes the Fund’s investments categorized in the disclosure hierarchy as of July 31,
2013: |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
|||||||||||
Assets: |
||||||||||||||||||
Investments: |
||||||||||||||||||
Long-Term Investments 1 |
— | $ | 537,281,968 | — | $ | 537,281,968 | ||||||||||||
Short-Term Securities |
$ | 4,979,601 | — | — | 4,979,601 | |||||||||||||
Total |
$ | 4,979,601 | $ | 537,281,968 | — | $ | 542,261,569 |
1 | See above Schedule of Investments for values in each sector. |
Certain of the Fund’s liabilities are held at carrying amount, which approximates fair value for financial statement purposes. As of July 31, 2013, such liabilities are categorized within the disclosure hierarchy as follows:
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
|||||||||||
Liabilities: |
||||||||||||||||||
Bank overdraft |
— | $ | (7,947 | ) | — | $ | (7,947 | ) | ||||||||||
TOB trust certificates |
— | (116,774,796 | ) | — | (116,774,796 | ) | ||||||||||||
VRDP Shares |
— | (105,900,000 | ) | — | (105,900,000 | ) | ||||||||||||
Total |
— | $ | (222,682,743 | ) | — | $ | (222,682,743 | ) |
There were no transfers between levels during the year ended July 31, 2013.
ANNUAL REPORT | JULY 31, 2013 | 25 |
Schedule of Investments July 31, 2013 | BlackRock MuniYield
Investment Fund (MYF) (Percentages shown are based on Net Assets) |
Municipal Bonds | Par (000) |
Value | |||||||||
Alabama — 2.1% |
|||||||||||
Alabama Incentives Financing Authority, RB, Series A, 5.00%, 9/01/42 |
$ | 1,950 | $ | 1,958,405 | |||||||
Birmingham Water Works Board, RB, Series B, 5.00%, 1/01/38 |
550 | 554,499 | |||||||||
Courtland IDB, Refunding RB, International Paper Co. Projects, Series A, AMT, 5.20%, 6/01/25 |
1,000 | 1,015,640 | |||||||||
Selma IDB, RB, International Paper Co. Project, Series A, 5.38%, 12/01/35 |
545 | 545,501 | |||||||||
4,074,045 | |||||||||||
Alaska — 0.8% |
|||||||||||
Alaska Municipal Bond Bank Authority, RB, Series 1, 5.75%, 9/01/33 |
1,000 | 1,108,170 | |||||||||
Northern Tobacco Securitization Corp., Refunding RB, Tobacco Settlement, Asset-Backed, Series A, 5.00%, 6/01/46 |
690 | 502,444 | |||||||||
1,610,614 | |||||||||||
California — 10.9% |
|||||||||||
California Educational Facilities Authority, RB, University of Southern California, Series A, 5.25%, 10/01/38 |
2,740 | 2,914,675 | |||||||||
California Health Facilities Financing Authority, RB, Sutter Health, Series B, 6.00%, 8/15/42 |
1,645 | 1,846,381 | |||||||||
California Health Facilities Financing Authority, Refunding RB, Catholic Healthcare West, Series A, 6.00%, 7/01/39 |
710 | 804,302 | |||||||||
City of San Jose California, Refunding ARB, Series A-1, AMT, 5.50%, 3/01/30 |
1,500 | 1,571,850 | |||||||||
Grossmont Union High School District, GO, Election of 2008, Series B, 4.75%, 8/01/45 |
2,230 | 2,208,257 | |||||||||
Los
Angeles Department of Water & Power, RB, Power System, Sub-Series A-1, 5.25%, 7/01/38 |
3,600 | 3,753,504 | |||||||||
Sacramento Municipal Utility District, RB, Series A, 5.00%, 8/15/37 |
1,695 | 1,731,205 | |||||||||
San
Diego Regional Building Authority California, RB, County Operations Center & Annex, Series A, 5.38%, 2/01/36 |
1,310 | 1,412,953 | |||||||||
San
Francisco City & County Airports Commission, Refunding RB, Second Series A, AMT: |
|||||||||||
5.50%, 5/01/28 |
1,065 | 1,135,237 | |||||||||
5.25%, 5/01/33 |
830 | 852,236 | |||||||||
State of California, GO, Various Purposes, 6.00%, 3/01/33 |
2,535 | 2,891,877 | |||||||||
21,122,477 | |||||||||||
Colorado — 1.6% |
|||||||||||
City & County of Denver Colorado, ARB, Airport System, Series A, AMT: |
|||||||||||
5.50%, 11/15/28 |
1,000 | 1,046,310 | |||||||||
5.50%, 11/15/30 |
330 | 340,973 | |||||||||
5.50%, 11/15/31 |
400 | 411,684 | |||||||||
Regional Transportation District, RB, Fastracks Project, Series A, 5.00%, 11/01/37 |
1,265 | 1,312,336 | |||||||||
3,111,303 | |||||||||||
Florida — 8.2% |
|||||||||||
County of Escambia Florida, Refunding RB, International Paper Co., Series B, AMT, 5.00%, 8/01/26 |
600 | 591,768 | |||||||||
County of Lee Florida, Refunding RB, Series A, AMT, 5.38%, 10/01/32 |
2,000 | 2,024,680 | |||||||||
County of Miami-Dade Florida, Refunding RB, Water & Sewer System, Series B, 5.25%, 10/01/29 (a) |
2,795 | 2,978,436 | |||||||||
County of Miami-Dade Florida Aviation, Refunding RB, Series A, AMT, 5.00%, 10/01/31 |
2,440 | 2,394,152 | |||||||||
County of Osceola Florida School Board, COP, Refunding, Series A, 5.00%, 6/01/28 |
675 | 699,367 | |||||||||
Hillsborough County IDA, RB, National Gypsum Co., AMT: |
|||||||||||
Series A, 7.13%, 4/01/30 |
2,500 | 2,499,875 | |||||||||
Series B, 7.13%, 4/01/30 |
2,290 | 2,289,863 | |||||||||
Municipal Bonds | Par (000) |
Value | |||||||||
Florida (concluded) |
|||||||||||
Jacksonville Florida Port Authority, Refunding RB, AMT, 5.00%, 11/01/38 |
$ | 225 | $ | 219,004 | |||||||
JEA
Florida Electric System, Refunding RB, Sub-Series C, 5.00%, 10/01/37 |
1,790 | 1,825,496 | |||||||||
Manatee County Housing Finance Authority, RB, Series A, AMT (Fannie Mae), 5.90%, 9/01/40 |
380 | 392,293 | |||||||||
15,914,934 | |||||||||||
Georgia — 0.5% |
|||||||||||
Municipal Electric Authority of Georgia, Refunding RB, Project One, Sub-Series D, 6.00%,
1/01/23 |
880 | 1,034,748 | |||||||||
Illinois — 13.9% |
|||||||||||
Chicago Illinois Board of Education, GO, Series A, 5.50%, 12/01/39 |
1,815 | 1,872,354 | |||||||||
Chicago Illinois Transit Authority, RB, Sales Tax Receipts Revenue, 5.25%, 12/01/36 |
615 | 629,539 | |||||||||
City of Chicago Illinois, GARB, O’Hare International Airport, Third Lien, Series C, 6.50%, 1/01/41 |
6,065 | 7,140,142 | |||||||||
City of Chicago Illinois, Refunding RB: |
|||||||||||
Sales Tax Revenue, Series A, 5.25%, 1/01/38 |
765 | 797,176 | |||||||||
Second Lien, Water Project, 5.00%, 11/01/42 |
1,545 | 1,521,531 | |||||||||
Illinois Finance Authority, RB: |
|||||||||||
Carle Foundation, Series A, 6.00%, 8/15/41 |
4,000 | 4,339,120 | |||||||||
University of Chicago, Series B, 5.50%, 7/01/37 |
1,000 | 1,072,170 | |||||||||
Illinois Finance Authority, Refunding RB: |
|||||||||||
Central DuPage Health, Series B, 5.38%, 11/01/39 |
1,200 | 1,224,444 | |||||||||
Northwestern Memorial Hospital, Series A, 6.00%, 8/15/39 |
4,160 | 4,657,369 | |||||||||
Northwestern Memorial Healthcare, 5.00%, 8/15/37 |
450 | 457,848 | |||||||||
Railsplitter Tobacco Settlement Authority, RB: |
|||||||||||
5.50%, 6/01/23 |
1,370 | 1,522,947 | |||||||||
6.00%, 6/01/28 |
390 | 425,545 | |||||||||
State of Illinois, GO: |
|||||||||||
5.50%, 7/01/33 |
1,000 | 1,012,910 | |||||||||
5.50%, 7/01/38 |
415 | 418,449 | |||||||||
27,091,544 | |||||||||||
Indiana — 4.7% |
|||||||||||
Indiana Finance Authority, RB, Private Activity Bonds, Ohio River Bridges East End Crossing Project, Series A, AMT, 5.00%,
7/01/44 |
555 | 496,597 | |||||||||
Indiana Municipal Power Agency, RB, Series B, 6.00%, 1/01/39 |
4,525 | 5,083,385 | |||||||||
Indianapolis Local Public Improvement Bond Bank, RB, Series F, 5.25%, 2/01/36 |
3,360 | 3,527,631 | |||||||||
9,107,613 | |||||||||||
Kansas — 1.8% |
|||||||||||
Kansas Development Finance Authority, Refunding RB, Adventist Health System/Sunbelt Obligated Group, Series
C, 5.50%, 11/15/29 |
3,275 | 3,517,317 | |||||||||
Kentucky — 1.4% |
|||||||||||
Kentucky Economic Development Finance Authority, RB, Owensboro Medical Health System, Series A, 6.38%, 6/01/40 |
1,300 | 1,375,309 | |||||||||
Louisville & Jefferson County Metropolitan Government Parking Authority, RB, Series A, 5.75%, 12/01/34 |
1,200 | 1,367,040 | |||||||||
2,742,349 | |||||||||||
Louisiana — 2.4% |
|||||||||||
Louisiana Local Government Environmental Facilities & Community Development Authority, RB, Westlake Chemical Corp. Project, Series A-1, 6.50%,
11/01/35 |
1,420 | 1,498,597 | |||||||||
Terrebonne Levee & Conservation District, RB, Sales Tax, 5.00%, 7/01/38 |
730 | 721,766 |
26 | ANNUAL REPORT | JULY 31, 2013 |
Schedule of Investments (continued) | BlackRock MuniYield
Investment Fund (MYF) (Percentages shown are based on Net Assets) |
Municipal Bonds | Par (000) |
Value | ||||||||
Louisiana (concluded) |
||||||||||
Tobacco Settlement Financing Corp., Refunding RB, Series A: |
||||||||||
5.50%, 5/15/28 |
$ | 1,120 | $ | 1,184,478 | ||||||
5.50%, 5/15/29 |
1,195 | 1,254,595 | ||||||||
4,659,436 | ||||||||||
Maine — 1.5% |
||||||||||
Maine Health & Higher Educational Facilities Authority, RB, Maine General Medical Center, 7.50%,
7/01/32 |
2,500 | 2,985,550 | ||||||||
Massachusetts — 4.0% |
||||||||||
Massachusetts HFA, Refunding HRB, AMT: |
||||||||||
Series B, 5.50%, 6/01/41 |
3,000 | 3,075,240 | ||||||||
Series C, 5.35%, 12/01/42 |
1,630 | 1,665,078 | ||||||||
Series F, 5.70%, 6/01/40 |
1,995 | 2,054,810 | ||||||||
Massachusetts School Building Authority, RB, Dedicated Sales Tax Revenue, Senior Series A, 5.00%, 5/15/43 |
955 | 992,407 | ||||||||
7,787,535 | ||||||||||
Michigan — 2.9% |
||||||||||
Lansing Board of Water & Light Utilities System, RB, Series A, 5.50%, 7/01/41 |
1,805 | 1,926,495 | ||||||||
Michigan State Building Authority, Refunding RB, Series I, 6.00%, 10/15/38 |
1,250 | 1,408,900 | ||||||||
Royal Oak Hospital Finance Authority, Refunding RB, William Beaumont Hospital, 8.25%, 9/01/39 |
1,970 | 2,378,420 | ||||||||
5,713,815 | ||||||||||
Mississippi — 3.7% |
||||||||||
Mississippi Development Bank, RB, Jackson Water & Sewer System Project (AGM), 6.88%, 12/01/40 |
1,220 | 1,420,983 | ||||||||
Mississippi Development Bank, Refunding RB, Series A: |
||||||||||
Jackson Mississippi Water & Sewer System (AGM), 5.00%, 9/01/30 |
3,010 | 3,141,627 | ||||||||
Jackson Public School District Project, 5.00%, 4/01/28 |
1,500 | 1,533,375 | ||||||||
University of Southern Mississippi, Refunding RB, S.M. Educational Building Corp., Residence Hall Construction Project: |
||||||||||
5.00%, 3/01/33 |
410 | 425,478 | ||||||||
5.00%, 3/01/38 |
560 | 572,387 | ||||||||
7,093,850 | ||||||||||
Missouri — 0.2% |
||||||||||
The Bi-State Development Agency of the Missouri-Illinois Metropolitan District, Refunding RB, Combined Lien,
Series A, 5.00%, 10/01/28 (a) |
445 | 470,245 | ||||||||
Nevada — 3.5% |
||||||||||
City of Las Vegas Nevada, GO, Limited Tax, Performing Arts Center, 6.00%, 4/01/34 |
2,850 | 3,095,641 | ||||||||
County of Clark Nevada, RB, Series B, 5.75%, 7/01/42 |
3,375 | 3,666,904 | ||||||||
6,762,545 | ||||||||||
New Jersey — 3.9% |
||||||||||
New
Jersey EDA, Refunding RB, New Jersey American Water Co., Inc. Project, Series A, AMT, 5.70%, 10/01/39 |
2,250 | 2,366,617 | ||||||||
New
Jersey Transportation Trust Fund Authority, RB, Transportation System, Series A, 5.88%, 12/15/38 |
2,670 | 2,981,055 | ||||||||
Rutgers State University of New Jersey, Refunding RB: |
||||||||||
Series J, 5.00%, 5/01/32 |
1,250 | 1,324,113 | ||||||||
Series L, 5.00%, 5/01/32 |
775 | 820,950 | ||||||||
7,492,735 | ||||||||||
New York — 2.1% |
||||||||||
New
York City Municipal Water Finance Authority, Refunding RB, Second General Resolution, Fiscal 2012, Series BB, 5.25%, 6/15/44 |
2,610 | 2,722,961 | ||||||||
Municipal Bonds | Par (000) |
Value | ||||||||
New York (concluded) |
||||||||||
New
York Liberty Development Corp., Refunding RB, Second Priority, Bank of America Tower at One Bryant Park Project, 6.38%, 7/15/49 |
$ | 1,200 | $ | 1,304,520 | ||||||
4,027,481 | ||||||||||
Ohio — 1.0% |
||||||||||
Ohio Higher Educational Facility Commission, Refunding RB, Kenyon College Project, 5.00%, 7/01/37 |
280 | 280,857 | ||||||||
Ohio State Turnpike Commission, RB, Junior Lien Infrastructure Projects, Series A-1 (a): |
||||||||||
5.25%, 2/15/30 |
750 | 792,030 | ||||||||
5.25%, 2/15/31 |
750 | 788,467 | ||||||||
1,861,354 | ||||||||||
Pennsylvania — 3.6% |
||||||||||
Pennsylvania Economic Development Financing Authority, RB, American Water Co. Project, 6.20%, 4/01/39 |
1,075 | 1,165,655 | ||||||||
Pennsylvania Turnpike Commission, RB, Sub-Series A: |
||||||||||
5.63%, 12/01/31 |
2,455 | 2,625,720 | ||||||||
6.00%, 12/01/41 |
3,000 | 3,273,780 | ||||||||
7,065,155 | ||||||||||
Puerto Rico — 1.4% |
||||||||||
Puerto Rico Sales Tax Financing Corp., RB, First Sub-Series A, 6.00%, 8/01/42 |
1,000 | 998,630 | ||||||||
Puerto Rico Sales Tax Financing Corp., Refunding RB, Senior Series C, 5.25%, 8/01/40 |
1,750 | 1,676,973 | ||||||||
2,675,603 | ||||||||||
Texas — 10.8% |
||||||||||
Central Texas Regional Mobility Authority, Refunding RB, Senior Lien: |
||||||||||
5.75%, 1/01/31 |
1,000 | 1,060,570 | ||||||||
6.00%, 1/01/41 |
2,600 | 2,756,052 | ||||||||
Series A, 5.00%, 1/01/33 |
425 | 415,174 | ||||||||
City of Beaumont Texas, GO, Certificates of Obligation, 5.25%, 3/01/37 (a) |
1,555 | 1,637,493 | ||||||||
City of Brownsville Texas Utilities System, Refunding RB, Series A, 5.00%, 9/01/29 |
1,230 | 1,286,924 | ||||||||
Conroe ISD Texas, GO, School Building, Series A, 5.75%, 2/15/35 |
1,800 | 2,006,442 | ||||||||
Dallas-Fort Worth International Airport, ARB, Series H, AMT, 5.00%, 11/01/42 |
2,900 | 2,738,267 | ||||||||
Dallas-Fort Worth International Airport, RB, Joint Improvement, Series D, AMT, 5.00%, 11/01/38 |
900 | 855,378 | ||||||||
Lower Colorado River Authority, Refunding RB, Series A, 5.00%, 5/15/29 |
1,000 | 1,044,020 | ||||||||
North Texas Tollway Authority, Refunding RB, First Tier, Series K-1 (AGC), 5.75%, 1/01/38 |
1,000 | 1,058,470 | ||||||||
Tarrant County Cultural Education Facilities Finance Corp., RB, Scott & White Healthcare, 6.00%, 8/15/45 |
3,795 | 4,208,617 | ||||||||
Texas Private Activity Bond Surface Transportation Corp., RB, Senior Lien, NTE Mobility Partners LLC, North Tarrant Express Managed Lanes Project,
6.88%, 12/31/39 |
1,700 | 1,904,697 | ||||||||
20,972,104 | ||||||||||
Virginia — 2.1% |
||||||||||
Lexington IDA, RB, Washington & Lee University, 5.00%, 1/01/43 |
560 | 580,210 | ||||||||
Virginia Public School Authority, RB, School Financing, 6.50%, 12/01/18 (b) |
800 | 1,007,336 | ||||||||
Virginia Small Business Financing Authority, RB, Senior Lien, Elizabeth River Crossings OPCO, LLC Project, AMT, 6.00%, 1/01/37 |
2,440 | 2,458,276 | ||||||||
4,045,822 |
ANNUAL REPORT | JULY 31, 2013 | 27 |
Schedule of Investments (continued) | BlackRock MuniYield
Investment Fund (MYF) (Percentages shown are based on Net Assets) |
Municipal Bonds | Par (000) |
Value | |||||||||
Washington — 0.9% |
|||||||||||
Spokane Public Facilities District, RB, Hotel/Motel & Sales/Use Tax, Series A, 5.00%,
12/01/38 |
$ | 1,830 | $ | 1,816,879 | |||||||
Wisconsin — 1.8% |
|||||||||||
Wisconsin Health & Educational Facilities Authority, Refunding RB, Froedtert & Community Health,
Inc., Series C, 5.25%, 4/01/39 |
3,470 | 3,544,709 | |||||||||
Total Municipal Bonds — 91.7% |
178,301,762 | ||||||||||
Municipal Bonds Transferred to Tender Option Bond Trusts (c) |
|||||||||||
California — 21.7% |
|||||||||||
Bay
Area Toll Authority, Refunding RB, San Francisco Bay Area, Series F-1, 5.63%, 4/01/44 |
2,680 | 2,876,707 | |||||||||
California Educational Facilities Authority, RB, University of Southern California, Series B, 5.25%, 10/01/39 (d) |
4,200 | 4,486,188 | |||||||||
Grossmont Union High School District, GO, Election of 2008, Series B, 5.00%, 8/01/40 |
6,000 | 6,149,460 | |||||||||
Los
Angeles Community College District California, GO, Election of 2008, Series C, 5.25%, 8/01/39 (d) |
5,250 | 5,566,496 | |||||||||
Los
Angeles Community College District California, GO, Refunding, Election of 2008, Series A, 6.00%, 8/01/33 |
7,697 | 8,910,452 | |||||||||
Los
Angeles Unified School District California, GO, Series I, 5.00%, 1/01/34 |
790 | 804,188 | |||||||||
San
Diego Public Facilities Financing Authority, Refunding RB, Series B, 5.50%, 8/01/39 |
8,412 | 9,033,337 | |||||||||
University of California, RB, Series O, 5.75%, 5/15/34 |
3,000 | 3,394,760 | |||||||||
University of California, Refunding RB, Limited Project, Series G, 5.00%, 5/15/37 |
1,000 | 1,033,740 | |||||||||
42,255,328 | |||||||||||
Colorado — 1.2% |
|||||||||||
Colorado Health Facilities Authority, Refunding RB, Catholic Healthcare, Series A, 5.50%, 7/01/34
(d) |
2,149 | 2,316,957 | |||||||||
District of Columbia — 3.6% |
|||||||||||
District of Columbia, RB, Series A, 5.50%, 12/01/30 (d) |
2,805 | 3,143,610 | |||||||||
District of Columbia Water & Sewer Authority, Refunding RB, Series A, 5.50%, 10/01/39 |
3,507 | 3,767,000 | |||||||||
6,910,610 | |||||||||||
Florida — 3.1% |
|||||||||||
County of Miami-Dade Florida, Refunding RB, Transit System, Sales Surtax, 5.00%, 7/01/42 |
980 | 991,211 | |||||||||
Hillsborough County Aviation Authority, RB, Series A, AMT (AGC), 5.50%, 10/01/38 |
3,869 | 4,086,647 | |||||||||
Lee
County Housing Finance Authority, RB, Multi-County Program, Series A-2, AMT (Ginnie Mae), 6.00%, 9/01/40 |
840 | 878,791 | |||||||||
5,956,649 | |||||||||||
Illinois — 4.8% |
|||||||||||
Illinois Finance Authority, RB, University of Chicago, Series B, 6.25%, 7/01/38 |
5,300 | 5,880,933 | |||||||||
Illinois State Toll Highway Authority, RB: |
|||||||||||
Series A, 5.00%, 1/01/38 |
1,479 | 1,496,570 | |||||||||
Series B, 5.50%, 1/01/33 |
1,750 | 1,884,761 | |||||||||
9,262,264 | |||||||||||
Massachusetts — 1.6% |
|||||||||||
Massachusetts School Building Authority, RB, Dedicated Sales Tax Revenue, Senior Series B, 5.00%,
10/15/41 |
2,950 | 3,054,165 | |||||||||
Nevada — 9.5% |
|||||||||||
Clark County Water Reclamation District, GO: |
|||||||||||
Limited Tax, 6.00%, 7/01/38 |
5,000 | 5,660,050 | |||||||||
Series B, 5.50%, 7/01/29 |
5,668 | 6,432,299 | |||||||||
Municipal Bonds Transferred to Tender Option Bond Trusts (c) |
Par (000) |
Value | ||||||||
Nevada (concluded) |
||||||||||
Las
Vegas Valley Water District, GO, Refunding, Series C, 5.00%, 6/01/28 |
$ | 6,070 | $ | 6,440,877 | ||||||
18,533,226 | ||||||||||
New Hampshire — 1.2% |
||||||||||
New Hampshire Health & Education Facilities Authority, RB, Dartmouth College, 5.25%, 6/01/39
(d) |
2,159 | 2,318,479 | ||||||||
New Jersey — 3.9% |
||||||||||
New
Jersey State Housing & Mortgage Finance Agency, RB, S/F Housing, Series CC, 5.25%, 10/01/29 |
2,251 | 2,346,639 | ||||||||
New
Jersey Transportation Trust Fund Authority, RB, Transportation System: |
||||||||||
Series A (AGM), 5.00%, 12/15/32 |
4,000 | 4,157,960 | ||||||||
Series B, 5.25%, 6/15/36 (d) |
1,000 | 1,038,681 | ||||||||
7,543,280 | ||||||||||
New York — 14.7% |
||||||||||
Hudson New York Yards Infrastructure Corp., RB, Fiscal 2012, Senior Series A, 5.75%, 2/15/47 (d) |
1,290 | 1,369,484 | ||||||||
New
York City Municipal Water Finance Authority, Refunding RB: |
||||||||||
Second General Resolution, Fiscal 2012, Series BB, 5.25%, 6/15/44 |
4,408 | 4,598,998 | ||||||||
Series FF, 5.00%, 6/15/45 |
3,859 | 3,958,689 | ||||||||
Series FF-2, 5.50%, 6/15/40 |
2,504 | 2,727,350 | ||||||||
New
York City Transitional Finance Authority, BARB, Fiscal 2009, Series S-3, 5.25%, 1/15/39 |
2,499 | 2,601,481 | ||||||||
New
York Liberty Development Corp., RB, 1 World Trade Center Port Authority Construction, 5.25%, 12/15/43 |
4,365 | 4,535,341 | ||||||||
New
York Liberty Development Corp., Refunding RB, 4 World Trade Center Project, 5.75%, 11/15/51 (d) |
2,560 | 2,771,789 | ||||||||
New
York State Dormitory Authority, ERB, Series B, 5.25%, 3/15/38 |
5,700 | 5,958,894 | ||||||||
28,522,026 | ||||||||||
Ohio — 1.6% |
||||||||||
County of Allen Ohio, Refunding RB, Catholic Healthcare, Series A, 5.25%, 6/01/38 |
3,120 | 3,182,556 | ||||||||
South Carolina — 1.8% |
||||||||||
South Carolina State Public Service Authority, Refunding RB, Santee Cooper, Series A, 5.50%, 1/01/38
(d) |
3,240 | 3,476,358 | ||||||||
Texas — 8.7% |
||||||||||
City of San Antonio Texas, Refunding RB, Electric & Gas Systems, Series A, 5.25%, 2/01/31 (d) |
3,989 | 4,410,331 | ||||||||
Harris County Cultural Education Facilities Finance Corp., RB, Texas Children’s Hospital Project, 5.50%, 10/01/39 |
5,400 | 5,841,018 | ||||||||
North Texas Tollway Authority, RB, Special Project System, Series A, 5.50%, 9/01/41 |
3,480 | 3,725,653 | ||||||||
Waco Educational Finance Corp., Refunding RB, Baylor University, 5.00%, 3/01/43 |
3,000 | 3,035,370 | ||||||||
17,012,372 | ||||||||||
Utah — 1.0% |
||||||||||
City of Riverton Utah Hospital, RB, IHC Health Services, Inc., 5.00%, 8/15/41 |
1,995 | 1,994,475 | ||||||||
Virginia — 0.9% |
||||||||||
County of Fairfax Virginia IDA, Refunding RB, Inova Health System, Series A, 5.50%,
5/15/35 |
1,749 | 1,852,438 | ||||||||
Washington — 1.5% |
||||||||||
University of Washington, Refunding RB, Series A, 5.00%, 7/01/41 |
2,744 | 2,842,173 | ||||||||
Total Municipal Bonds Transferred to Tender Option Bond Trusts — 80.8% |
157,033,356 | |||||||||
Total Long-Term Investments (Cost — $323,573,007) — 172.5% |
335,335,118 |
28 | ANNUAL REPORT | JULY 31, 2013 |
Schedule of Investments (continued) | BlackRock MuniYield
Investment Fund (MYF) (Percentages shown are based on Net Assets) |
Short-Term Securities |
Shares | Value | ||||||||
FFI Institutional Tax-Exempt Fund, 0.03% (e)(f) |
7,703,960 | $ | 7,703,960 | |||||||
Total Short-Term Securities (Cost — $7,703,960) — 4.0% |
7,703,960 | |||||||||
Total Investments (Cost — $331,276,967) — 176.5% |
343,039,078 | |||||||||
Liabilities in Excess of Other Assets — (2.1%) |
(4,255,455 | ) | ||||||||
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (43.8%) |
(85,066,808 | ) | ||||||||
VRDP Shares, at Liquidation Value — (30.6%) |
(59,400,000 | ) | ||||||||
Net Assets Applicable to Common Shares — 100.0% |
$ | 194,316,815 |
Notes to Schedule of Investments
(a) | When-issued security. Unsettled when-issued transactions were as follows: |
Counterparty |
|
Value |
|
Unrealized Appreciation (Depreciation) |
||||||
Citigroup Global Markets |
$ | 1,580,497 | $ | 2,010 | ||||||
Morgan Stanley Co. |
$ | 2,978,436 | $ | (35,552 | ) | |||||
Royal Bank of Canada |
$ | 470,245 | $ | (5,380 | ) | |||||
Wells Fargo |
$ | 1,637,493 | $ | 6,578 |
(b) | 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. |
|||||
(c) | Securities represent bonds transferred to a TOB in exchange for which the Fund acquired residual interest certificates. These
securities serve as collateral in a financing transaction. See Note 3 of the Notes to Financial Statements for details of municipal bonds transferred
to TOBs. |
|||||
(d) | 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
10/1/16 to 11/15/19 is $18,095,736. |
|||||
(e) | Investments in issuers considered to be an affiliate of the Fund during the year July 31, 2013, for purposes of Section 2(a)(3) of
the 1940 Act, as amended, were as follows: |
Affiliate |
|
Shares Held at July 31, 2012 |
|
Net Activity |
|
Shares Held at July 31, 2013 |
|
Income |
||||||||||
FFI Institutional Tax-Exempt Fund |
176,582 | 7,527,378 | 7,703,960 | $ | 520 |
(f) | Represents the current yield as of report date. |
|||||
• | 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. |
|||||
• | Fair Value Measurements — Various inputs are used in determining the fair value of investments. These inputs to valuation
techniques are categorized into a disclosure hierarchy consisting of three broad levels for financial statement 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) |
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 is based on the pricing transparency of the investment and
is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund’s policy regarding
valuation of investments, please refer to Note 2 of the Notes to Financial Statements. |
ANNUAL REPORT | JULY 31, 2013 | 29 |
Schedule of Investments (concluded) | BlackRock MuniYield
Investment Fund (MYF) |
The following table summarizes the Fund’s investments categorized in the disclosure hierarchy as of July 31, 2013:
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
|||||||||||
Assets: |
||||||||||||||||||
Investments: |
||||||||||||||||||
Long-Term Investments 1 |
— | $ | 335,335,118 | — | $ | 335,335,118 | ||||||||||||
Short-Term Securities |
$ | 7,703,960 | — | — | 7,703,960 | |||||||||||||
Total |
$ | 7,703,960 | $ | 335,335,118 | — | $ | 343,039,078 |
1 | See above Schedule of Investments for values in each state or political subdivision. |
Certain of the Fund’s liabilities are held at carrying amount, which approximates fair value for financial statement purposes. As of July 31, 2013, such liabilities are categorized within the disclosure hierarchy as follows:
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
|||||||||||
Liabilities: |
||||||||||||||||||
Bank overdraft |
— | $ | (6,147 | ) | — | $ | (6,147 | ) | ||||||||||
TOB trust certificates |
— | (85,029,096 | ) | — | (85,029,096 | ) | ||||||||||||
VRDP Shares |
— | (59,400,000 | ) | — | (59,400,000 | ) | ||||||||||||
Total |
— | $ | (144,435,243 | ) | — | $ | (144,435,243 | ) |
There were no transfers between levels during the year ended July 31, 2013.
30 | ANNUAL REPORT | JULY 31, 2013 |
Schedule of Investments July 31, 2013 | BlackRock MuniYield New
Jersey Fund, Inc. (MYJ) (Percentages shown are based on Net Assets) |
Municipal Bonds | Par (000) |
Value |
|||||||||
New Jersey — 128.1% |
|||||||||||
Corporate — 7.2% |
|||||||||||
Middlesex County Improvement Authority, RB, Senior Heldrich Center Hotel, Series A, 5.00%, 1/01/20 |
$ | 655 | $ | 470,015 | |||||||
New
Jersey EDA, Refunding RB: |
|||||||||||
New Jersey American Water Co., Inc. Project, Series A, AMT, 5.70%, 10/01/39 |
2,925 | 3,076,603 | |||||||||
New Jersey American Water Co., Inc. Project, Series B, AMT, 5.60%, 11/01/34 |
2,430 | 2,560,807 | |||||||||
United Water of New Jersey, Inc., Series B (AMBAC), 4.50%, 11/01/25 |
4,500 | 4,630,230 | |||||||||
Salem County Pollution Control Financing Authority, Refunding RB, Atlantic City Electric, Series A, 4.88%, 6/01/29 |
4,550 | 4,638,543 | |||||||||
15,376,198 | |||||||||||
County/City/Special District/School District — 16.0% |
|||||||||||
Bergen County New Jersey Improvement Authority, Refunding RB, Fair Lawn Community Center, Inc. Project, 5.00%, 9/15/34 |
1,470 | 1,561,728 | |||||||||
City of Margate City New Jersey, GO, Refunding, Improvement: |
|||||||||||
5.00%, 1/15/26 |
1,200 | 1,290,072 | |||||||||
5.00%, 1/15/27 |
845 | 896,714 | |||||||||
City of Perth Amboy New Jersey, GO, Refunding CAB (AGM): |
|||||||||||
5.00%, 7/01/34 |
1,925 | 1,955,685 | |||||||||
5.00%, 7/01/33 |
1,575 | 1,607,461 | |||||||||
County of Hudson New Jersey, COP, Refunding (NPFGC), 6.25%, 12/01/16 |
1,500 | 1,707,810 | |||||||||
Essex County Improvement Authority, Refunding RB, Project Consolidation (NPFGC): |
|||||||||||
5.50%, 10/01/28 |
2,700 | 3,080,808 | |||||||||
5.50%, 10/01/29 |
5,085 | 5,758,559 | |||||||||
Gloucester County Improvement Authority, RB, County Guaranteed Loan—County Capital Program, 5.00%, 4/01/38 |
1,000 | 1,024,160 | |||||||||
Hudson County Improvement Authority, RB, Harrison Parking Facility Project, Series C (AGC), 5.38%, 1/01/44 |
4,800 | 4,971,696 | |||||||||
Monmouth County Improvement Authority, Refunding RB, Government Loan (AMBAC): |
|||||||||||
5.00%, 12/01/15 |
5 | 5,012 | |||||||||
5.00%, 12/01/16 |
5 | 5,011 | |||||||||
Newark Housing Authority, Refunding RB, Newark Redevelopment Project (NPFGC), 4.38%, 1/01/37 |
2,875 | 2,479,026 | |||||||||
Union County Improvement Authority, RB, Guaranteed Lease, Family Court Building Project, 5.00%, 5/01/42 |
2,835 | 2,903,409 | |||||||||
Union County Utilities Authority, Refunding RB, Series A: |
|||||||||||
Covanta Union, AMT, 5.25%, 12/01/31 |
670 | 682,167 | |||||||||
New Jersey Solid Waste System, County Deficiency Agreement, 5.00%, 6/15/41 |
4,115 | 4,255,445 | |||||||||
34,184,763 | |||||||||||
Education — 21.9% |
|||||||||||
New
Jersey EDA, RB: |
|||||||||||
MSU Student Housing Project Provide, 5.88%, 6/01/42 |
1,500 | 1,571,085 | |||||||||
School Facilities Construction, Series CC-2, 5.00%, 12/15/31 |
1,700 | 1,768,017 | |||||||||
New
Jersey EDA, Refunding RB, School Facilities Construction, Series GG, 5.25%, 9/01/27 |
3,000 | 3,224,160 | |||||||||
New
Jersey Educational Facilities Authority, RB, Montclair State University, Series J, 5.25%, 7/01/38 |
1,140 | 1,181,952 | |||||||||
New
Jersey Educational Facilities Authority, Refunding RB: |
|||||||||||
College of New Jersey, Series D (AGM), 5.00%, 7/01/35 |
6,115 | 6,157,132 | |||||||||
Municipal Bonds | Par (000) |
Value |
|||||||||
New Jersey (continued) |
|||||||||||
Education (concluded) |
|||||||||||
New
Jersey Educational Facilities Authority, Refunding RB (concluded): |
|||||||||||
Georgian Court University, Series D, 5.25%, 7/01/37 |
$ | 1,000 | $ | 994,560 | |||||||
Kean University, Series A, 5.50%, 9/01/36 |
4,500 | 4,739,400 | |||||||||
New Jersey Institute of Technology, Series H, 5.00%, 7/01/31 |
1,250 | 1,288,250 | |||||||||
Ramapo College, Series B, 5.00%, 7/01/37 |
155 | 158,123 | |||||||||
Ramapo College, Series B, 5.00%, 7/01/42 |
340 | 345,858 | |||||||||
Rider University, Series A, 5.00%, 7/01/32 |
1,000 | 980,780 | |||||||||
Rowan University, Series B (AGC), 5.00%, 7/01/24 |
1,800 | 1,948,788 | |||||||||
Seton Hall University, Series D, 5.00%, 7/01/38 |
395 | 407,134 | |||||||||
Seton Hall University, Series D, 5.00%, 7/01/43 |
255 | 261,610 | |||||||||
University of Medicine & Dentistry, Series B, 7.13%, 6/01/19 (a) |
1,300 | 1,689,649 | |||||||||
University of Medicine & Dentistry, Series B, 7.50%, 6/01/19 (a) |
1,625 | 2,145,747 | |||||||||
New
Jersey Higher Education Student Assistance Authority, Refunding RB: |
|||||||||||
Series 1, AMT, 5.75%, 12/01/29 |
4,045 | 4,226,944 | |||||||||
Series 1A, 5.00%, 12/01/25 |
965 | 1,002,452 | |||||||||
Series 1A, 5.00%, 12/01/26 |
605 | 623,350 | |||||||||
Series 1A, 5.25%, 12/01/32 |
900 | 923,310 | |||||||||
New
Jersey Institute of Technology, RB, Series A, 5.00%, 7/01/42 |
4,320 | 4,400,741 | |||||||||
Rutgers — The State University of New Jersey, RB, Series F, 5.00%, 5/01/39 |
500 | 519,940 | |||||||||
Rutgers — The State University of New Jersey, Refunding RB, Series L, 5.00%, 5/01/43 |
5,870 | 6,047,744 | |||||||||
46,606,726 | |||||||||||
Health — 14.7% |
|||||||||||
New
Jersey EDA, RB, Masonic Charity Foundation of New Jersey: |
|||||||||||
5.25%, 6/01/24 |
1,425 | 1,442,299 | |||||||||
5.25%, 6/01/32 |
685 | 687,918 | |||||||||
New
Jersey EDA, Refunding RB, First Mortgage, Winchester, Series A: |
|||||||||||
5.75%, 11/01/24 |
2,500 | 2,518,250 | |||||||||
5.80%, 11/01/31 |
1,000 | 1,001,520 | |||||||||
New
Jersey Health Care Facilities Financing Authority, RB: |
|||||||||||
Children’s Specialized Hospital, Series A, 5.50%, 7/01/36 |
1,540 | 1,550,765 | |||||||||
Hunterdon Medical Center, Series A, 5.13%, 7/01/35 |
1,950 | 1,950,175 | |||||||||
Meridian Health, Series I (AGC), 5.00%, 7/01/38 |
955 | 960,749 | |||||||||
Virtua Health (AGC), 5.50%, 7/01/38 |
2,500 | 2,563,225 | |||||||||
New
Jersey Health Care Facilities Financing Authority, Refunding RB: |
|||||||||||
AHS Hospital Corp., 6.00%, 7/01/41 |
2,435 | 2,736,234 | |||||||||
Barnabas Health, Series A, 5.00%, 7/01/25 |
210 | 217,323 | |||||||||
Barnabas Health, Series A, 5.63%, 7/01/32 |
1,090 | 1,119,692 | |||||||||
Barnabas Health, Series A, 5.63%, 7/01/37 |
3,030 | 3,088,933 | |||||||||
Kennedy Health System, 5.00%, 7/01/31 |
750 | 762,923 | |||||||||
Meridian Health System, 5.00%, 7/01/23 |
500 | 540,095 | |||||||||
Meridian Health System, 5.00%, 7/01/27 |
1,000 | 1,028,950 | |||||||||
Meridian Health System Obligation, 5.00%, 7/01/25 |
1,000 | 1,053,630 | |||||||||
Meridian Health System Obligation, 5.00%, 7/01/26 |
830 | 863,897 | |||||||||
Robert Wood Johnson, 5.00%, 7/01/31 |
1,000 | 1,013,100 | |||||||||
South Jersey Hospital, 5.00%, 7/01/36 |
385 | 382,386 | |||||||||
South Jersey Hospital, 5.00%, 7/01/46 |
1,650 | 1,613,436 | |||||||||
St. Barnabas Health Care System, Series A, 5.00%, 7/01/29 |
4,155 | 4,109,918 | |||||||||
31,205,418 |
ANNUAL REPORT | JULY 31, 2013 | 31 |
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 — 8.8% |
|||||||||||
New
Jersey Housing & Mortgage Finance Agency, RB: |
|||||||||||
M/F Housing, Series A, 4.55%, 11/01/43 |
$ | 2,880 | $ | 2,591,942 | |||||||
S/F Housing, Series AA, 6.50%, 10/01/38 |
815 | 838,073 | |||||||||
S/F Housing, Series CC, 5.00%, 10/01/34 |
2,215 | 2,266,388 | |||||||||
S/F Housing, Series U, AMT, 4.95%, 10/01/32 |
555 | 559,679 | |||||||||
S/F Housing, Series U, AMT, 5.00%, 10/01/37 |
765 | 767,808 | |||||||||
S/F Housing, Series X, AMT, 4.85%, 4/01/16 |
1,090 | 1,117,021 | |||||||||
S/F Housing, Series X, AMT, 5.05%, 4/01/18 |
295 | 320,500 | |||||||||
Series A, 4.75%, 11/01/29 |
2,305 | 2,330,931 | |||||||||
Series A, AMT (NPFGC), 4.90%, 11/01/35 |
1,365 | 1,327,053 | |||||||||
New
Jersey Housing & Mortgage Finance Agency, Refunding RB, S/F Housing, Series T, AMT, 4.65%, 10/01/32 |
4,505 | 4,522,569 | |||||||||
Newark Housing Authority, RB, South Ward Police Facility (AGC), 6.75%, 12/01/38 |
1,750 | 1,995,263 | |||||||||
18,637,227 | |||||||||||
State — 30.9% |
|||||||||||
Garden State Preservation Trust, RB (AGM): |
|||||||||||
CAB, Series B, 3.73%, 11/01/23 (b) |
1,860 | 1,272,835 | |||||||||
CAB, Series B, 4.42%, 11/01/28 (b) |
4,540 | 2,330,836 | |||||||||
Election of 2005, Series A, 5.80%, 11/01/15 (a) |
2,500 | 2,790,250 | |||||||||
New
Jersey EDA, RB: |
|||||||||||
Motor Vehicle Surcharge, Series A (NPFGC), 5.25%, 7/01/33 |
12,500 | 12,857,750 | |||||||||
Motor Vehicle Surcharge, Series A (NPFGC), 5.25%, 7/01/25 |
2,000 | 2,252,320 | |||||||||
School Facilities Construction, Series CC-2, 5.00%, 12/15/32 |
1,300 | 1,347,320 | |||||||||
School Facilities Construction, Series KK, 5.00%, 3/01/35 |
1,500 | 1,518,510 | |||||||||
School Facilities Construction, Series KK, 5.00%, 3/01/38 |
1,470 | 1,488,140 | |||||||||
School Facilities Construction, Series L (AGM), 5.00%, 3/01/15 (a) |
5,800 | 6,214,294 | |||||||||
School Facilities Construction, Series P, 5.00%, 9/01/15 |
3,000 | 3,272,640 | |||||||||
School Facilities Construction, Series P, 5.25%, 9/01/15 (a) |
2,710 | 2,980,404 | |||||||||
School Facilities Construction, Series Y, 5.00%, 9/01/33 |
880 | 897,917 | |||||||||
School Facilities Construction, Series Z (AGC), 5.50%, 12/15/34 |
3,665 | 3,954,058 | |||||||||
New
Jersey EDA, Refunding RB: |
|||||||||||
Cigarette Tax, 5.00%, 6/15/26 |
440 | 445,584 | |||||||||
Cigarette Tax, 5.00%, 6/15/28 |
720 | 711,778 | |||||||||
Cigarette Tax, 5.00%, 6/15/29 |
1,760 | 1,712,902 | |||||||||
School Facilities Construction, Series AA, 5.50%, 12/15/29 |
3,000 | 3,207,390 | |||||||||
School Facilities Construction, Series AA, 5.25%, 12/15/33 |
1,000 | 1,045,620 | |||||||||
School Facilities Construction, Series GG, 5.25%, 9/01/26 |
7,000 | 7,597,380 | |||||||||
New
Jersey Health Care Facilities Financing Authority, RB, Hospital Asset Transformation Program, Series A, 5.25%, 10/01/38 |
2,300 | 2,328,865 | |||||||||
State of New Jersey, COP, Equipment Lease Purchase, Series A: |
|||||||||||
5.25%, 6/15/27 |
4,200 | 4,449,816 | |||||||||
5.25%, 6/15/28 |
1,100 | 1,157,750 | |||||||||
65,834,359 | |||||||||||
Municipal Bonds | Par (000) |
Value | |||||||||
New Jersey (concluded) |
|||||||||||
Transportation — 27.5% |
|||||||||||
Delaware River Port Authority of Pennsylvania & New Jersey, RB, Series D, 5.00%, 1/01/40 |
$ | 1,535 | $ | 1,570,428 | |||||||
New
Jersey State Turnpike Authority, RB: |
|||||||||||
Growth & Income Securities, Series B (AMBAC), 0.00%, 1/01/35 (c) |
4,870 | 4,490,091 | |||||||||
Series E, 5.25%, 1/01/40 |
2,525 | 2,589,413 | |||||||||
New
Jersey State Turnpike Authority, Refunding RB: |
|||||||||||
Series A, 5.00%, 1/01/35 |
1,000 | 1,022,710 | |||||||||
Series B, 5.00%, 1/01/30 |
2,660 | 2,773,529 | |||||||||
New
Jersey Transportation Trust Fund Authority, RB, Transportation System: |
|||||||||||
6.00%, 12/15/38 |
1,950 | 2,193,087 | |||||||||
CAB, Series C (AMBAC), 5.88%, 12/15/35 (b) |
4,140 | 1,132,207 | |||||||||
Series A, 6.00%, 6/15/35 |
6,030 | 6,632,035 | |||||||||
Series A, 5.88%, 12/15/38 |
3,650 | 4,075,225 | |||||||||
Series A, 5.50%, 6/15/41 |
6,000 | 6,308,400 | |||||||||
Series A (AGC), 5.63%, 12/15/28 |
1,250 | 1,414,950 | |||||||||
Series A (AGC), 5.50%, 12/15/38 |
1,000 | 1,072,870 | |||||||||
Series B, 5.00%, 6/15/42 |
7,340 | 7,425,291 | |||||||||
Port Authority of New York & New Jersey, RB: |
|||||||||||
Consolidated, 169th Series, AMT, 5.00%, 10/15/41 |
250 | 252,025 | |||||||||
Consolidated, 93rd Series, 6.13%, 6/01/94 |
5,000 | 5,536,350 | |||||||||
JFK International Air Terminal, Series 8, 6.00%, 12/01/42 |
2,700 | 2,985,903 | |||||||||
Port Authority of New York & New Jersey, Refunding RB, Consolidated AMT: |
|||||||||||
152nd Series, 5.75%, 11/01/30 |
3,300 | 3,597,033 | |||||||||
152nd Series, 5.25%, 11/01/35 |
240 | 247,190 | |||||||||
172nd Series, 5.00%, 10/01/34 |
1,500 | 1,530,570 | |||||||||
South Jersey Transportation Authority, Refunding RB, Series A: |
|||||||||||
5.00%, 11/01/28 |
1,075 | 1,127,675 | |||||||||
5.00%, 11/01/29 |
575 | 599,173 | |||||||||
58,576,155 | |||||||||||
Utilities — 1.1% |
|||||||||||
Rahway Valley Sewerage Authority, RB, CAB, Series A (NPFGC), 5.09%, 9/01/31 (b) |
6,000 | 2,417,760 | |||||||||
Total Municipal Bonds in New Jersey |
272,838,606 | ||||||||||
Puerto Rico — 5.6% |
|||||||||||
State — 5.6% |
|||||||||||
Puerto Rico Sales Tax Financing Corp., RB, First Sub-Series A: |
|||||||||||
5.75%, 8/01/37 |
6,000 | 5,870,160 | |||||||||
6.00%, 8/01/42 |
4,000 | 3,994,520 | |||||||||
Puerto Rico Sales Tax Financing Corp., Refunding RB, Senior Series C, 5.25%, 8/01/40 |
2,220 | 2,127,359 | |||||||||
Total Municipal Bonds in Puerto Rico |
11,992,039 | ||||||||||
Total Municipal Bonds — 133.7% |
284,830,645 | ||||||||||
Municipal Bonds Transferred to Tender Option Bond Trusts (d) |
|||||||||||
New Jersey — 30.4% |
|||||||||||
County/City/Special District/School District — 6.1% |
|||||||||||
Union County Utilities Authority, Refunding LRB, Covanta Union, Series A, AMT, 5.25%,
12/01/31 |
12,820 | 13,052,811 | |||||||||
Education — 1.0% |
|||||||||||
Rutgers State University of New Jersey, Refunding RB, Series F, 5.00%, 5/01/39 |
2,009 | 2,089,114 |
32 | ANNUAL REPORT | JULY 31, 2013 |
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 Trusts (d) |
Par (000) |
Value | |||||||||
New Jersey (continued) |
|||||||||||
State — 7.5% |
|||||||||||
Garden State Preservation Trust, RB, Election of 2005, Series A (AGM), 5.75%, 11/01/28 |
$ | 5,460 | $ | 6,510,941 | |||||||
New
Jersey EDA, RB, School Facilities Construction (AGC): |
|||||||||||
6.00%, 12/15/18 (a) |
1,185 | 1,332,794 | |||||||||
6.00%, 12/15/34 |
2,415 | 2,717,854 | |||||||||
New
Jersey EDA, Refunding RB, 5.00%, 3/01/29 (e) |
5,232 | 5,429,124 | |||||||||
15,990,713 | |||||||||||
Transportation — 15.8% |
|||||||||||
New
Jersey State Turnpike Authority, RB, Series A, 5.00%, 1/01/38 (e) |
8,820 | 8,997,723 | |||||||||
New
Jersey Transportation Trust Fund Authority, RB, Transportation System: |
|||||||||||
Series A (AGM), 5.00%, 12/15/32 |
4,100 | 4,261,909 | |||||||||
Series B, 5.25%, 6/15/36 (e) |
5,001 | 5,193,404 | |||||||||
Port Authority of New York & New Jersey, RB, Consolidated, 169th Series, AMT, 5.00%, 10/15/41 |
11,250 | 11,341,125 | |||||||||
Municipal Bonds Transferred to Tender Option Bond Trusts (d) |
Par (000) |
Value | |||||||||
New Jersey (concluded) |
|||||||||||
Transportation (concluded) |
|||||||||||
Port Authority of New York & New Jersey, Refunding RB, 152nd Series, Consolidated, AMT, 5.25%, 11/01/35 |
$ | 3,764 | $ | 3,876,450 | |||||||
33,670,611 | |||||||||||
Total Municipal Bonds Transferred to Tender Option Bond Trusts — 30.4% |
64,803,249 | ||||||||||
Total Long-Term Investments (Cost — $345,895,956) — 164.1% |
349,633,894 | ||||||||||
Short-Term Securities |
Shares | ||||||||||
BIF New Jersey Municipal Money Fund, 0.00% (f)(g) |
3,819,692 | 3,819,692 | |||||||||
Total Short-Term Securities (Cost — $3,819,692) — 1.8% |
3,819,692 | ||||||||||
Total Investments (Cost — $349,715,648) — 165.9% |
353,453,586 | ||||||||||
Other Assets Less Liabilities — 0.7% |
1,414,635 | ||||||||||
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (18.6%) |
(39,569,586 | ) | |||||||||
VRDP Shares, at Liquidation Value — (48.0%) |
(102,200,000 | ) | |||||||||
Net Assets Applicable to Common Shares — 100.0% |
$ | 213,098,635 |
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 is as of report date. |
|||||
(d) | Securities represent bonds transferred to a TOB in exchange for which the Fund acquired residual interest certificates. These securities serve as
collateral in a financing transaction. See Note 3 of the Notes to Financial Statements for details of municipal bonds transferred to
TOBs. |
|||||
(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 $14,348,772. |
|||||
(f) | Investments in issuers considered to be an affiliate of the Fund during the year July 31, 2013, for purposes of Section 2(a)(3) of the 1940 Act,
were as follows: |
Affiliate |
|
Shares Held at July 31, 2012 |
|
Net Activity |
|
Shares Held at July 31, 2013 |
|
Income |
||||||||||
BIF New Jersey Municipal Money Fund |
1,495,608 | 2,324,084 | 3,819,692 | — |
(g) | Represents the current yield as of report date. |
|||||
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’s management. These definitions may not apply
for purposes of this report, which may combine such sector sub-classifications for reporting ease. |
||||||
• | Fair Value Measurements — Various inputs are used in determining the fair value of investments. These inputs to valuation
techniques are categorized into a disclosure hierarchy consisting of three broad levels for financial statement 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) |
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 is based on the pricing transparency of the investment and
is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund’s policy regarding
valuation of investments, please refer to Note 2 of the Notes to Financial Statements. |
ANNUAL REPORT | JULY 31, 2013 | 33 |
Schedule of Investments (concluded) | BlackRock MuniYield New
Jersey Fund, Inc. (MYJ) |
The following table summarizes the Fund’s investments categorized in the disclosure hierarchy as of July 31, 2013:
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
|||||||||||
Assets: |
||||||||||||||||||
Investments: |
||||||||||||||||||
Long-Term Investments 1 |
— | $ | 349,633,894 | — | $ | 349,633,894 | ||||||||||||
Short-Term Securities |
$ | 3,819,692 | — | — | 3,819,692 | |||||||||||||
Total |
$ | 3,819,692 | $ | 349,633,894 | — | $ | 353,453,586 |
Certain of the Fund’s liabilities are held at carrying amount, which approximates fair value for financial statement purposes. As of July 31, 2013, such liabilities are categorized within the disclosure hierarchy as follows:
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
|||||||||||
Liabilities: |
||||||||||||||||||
Bank overdraft |
— | $ | (6,115 | ) | — | $ | (6,115 | ) | ||||||||||
TOB trust certificates |
— | (39,555,492 | ) | — | (39,555,492 | ) | ||||||||||||
VRDP Shares |
— | (102,200,000 | ) | — | (102,200,000 | ) | ||||||||||||
Total |
— | $ | (141,761,607 | ) | — | $ | (141,761,607 | ) |
There were no transfers between levels during the year ended July 31, 2013.
34 | ANNUAL REPORT | JULY 31, 2013 |
Statements of Assets and Liabilities |
July 31, 2013 |
BlackRock Muni New York Intermediate Duration Fund, Inc. (MNE) |
BlackRock MuniYield Arizona Fund, Inc. (MZA) |
BlackRock MuniYield California Fund, Inc. (MYC) |
BlackRock MuniYield Investment Fund (MYF) |
BlackRock MuniYield New Jersey Fund, Inc. (MYJ) |
||||||||||||||||||
Assets |
|||||||||||||||||||||||
Investments at value — unaffiliated1 |
$ | 94,873,787 | $ | 101,873,248 | $ | 537,281,968 | $ | 335,335,118 | $ | 349,633,894 | |||||||||||||
Investments at value — affiliated2 |
802,542 | 210,260 | 4,979,601 | 7,703,960 | 3,819,692 | ||||||||||||||||||
Interest receivable |
955,700 | 775,015 | 7,467,993 | 4,232,020 | 3,570,238 | ||||||||||||||||||
Investments sold receivable |
1,556,553 | 178,973 | 3,076,110 | 2,809,281 | — | ||||||||||||||||||
Deferred offering costs |
157,505 | 179,666 | 243,473 | 201,196 | 249,885 | ||||||||||||||||||
Prepaid expenses |
39,277 | 1,117 | 5,746 | 3,636 | 3,729 | ||||||||||||||||||
Total assets |
98,385,364 | 103,218,279 | 553,054,891 | 350,285,211 | 357,277,438 | ||||||||||||||||||
Accrued Liabilities |
|||||||||||||||||||||||
Investments purchased payable |
1,033,566 | — | 9,146,324 | 8,155,106 | — | ||||||||||||||||||
Income dividends payable |
263,115 | 318,362 | 1,685,317 | 1,076,307 | 1,057,052 | ||||||||||||||||||
TOB trust payable |
665,000 | — | — | 2,030,000 | 1,110,000 | ||||||||||||||||||
Investment advisory fees payable |
45,452 | 44,040 | 234,269 | 146,419 | 151,913 | ||||||||||||||||||
Interest expense and fees payable |
1,944 | 407 | 50,065 | 37,712 | 14,094 | ||||||||||||||||||
Officer’s and Directors’ fees payable |
944 | 979 | 5,130 | 3,179 | 3,410 | ||||||||||||||||||
Bank overdraft |
— | 2,391 | 7,947 | 6,147 | 6,115 | ||||||||||||||||||
Other accrued expenses payable |
23,143 | 55,408 | 106,837 | 84,430 | 80,727 | ||||||||||||||||||
Total accrued liabilities |
2,033,164 | 421,587 | 11,235,889 | 11,539,300 | 2,423,311 | ||||||||||||||||||
Other Liabilities |
|||||||||||||||||||||||
TOB trust certificates |
5,537,752 | 3,330,000 | 116,774,796 | 85,029,096 | 39,555,492 | ||||||||||||||||||
VRDP Shares, at liquidation value of $100,000 per share3,4,5 |
29,600,000 | 37,300,000 | 105,900,000 | 59,400,000 | 102,200,000 | ||||||||||||||||||
Total other liabilities |
35,137,752 | 40,630,000 | 222,674,796 | 144,429,096 | 141,755,492 | ||||||||||||||||||
Total liabilities |
37,170,916 | 41,051,587 | 233,910,685 | 155,968,396 | 144,178,803 | ||||||||||||||||||
Net Assets Applicable to Common Shareholders |
$ | 61,214,448 | $ | 62,166,692 | $ | 319,144,206 | $ | 194,316,815 | $ | 213,098,635 | |||||||||||||
Net Assets Applicable to Common Shareholders Consist
of |
|||||||||||||||||||||||
Paid-in capital6,7 |
$ | 59,619,114 | $ | 60,760,018 | $ | 302,001,440 | $ | 189,742,464 | $ | 205,588,973 | |||||||||||||
Undistributed net investment income |
795,824 | 878,921 | 4,038,794 | 3,757,218 | 4,468,086 | ||||||||||||||||||
Accumulated net realized loss |
(1,156,958 | ) | (860,821 | ) | (2,449,453 | ) | (10,944,978 | ) | (696,362 | ) | |||||||||||||
Net unrealized appreciation/depreciation |
1,956,468 | 1,388,574 | 15,553,425 | 11,762,111 | 3,737,938 | ||||||||||||||||||
Net Assets Applicable to Common Shareholders |
$ | 61,214,448 | $ | 62,166,692 | $ | 319,144,206 | $ | 194,316,815 | $ | 213,098,635 | |||||||||||||
Net asset value per Common Share |
$ | 14.54 | $ | 13.57 | $ | 14.96 | $ | 14.26 | $ | 14.92 | |||||||||||||
1 Investments at cost — unaffiliated |
$ | 92,917,319 | $ | 100,484,674 | $ | 521,728,543 | $ | 323,573,007 | $ | 345,895,956 | |||||||||||||
2 Investments at cost — affiliated |
$ | 802,542 | $ | 210,260 | $ | 4,979,601 | $ | 7,703,960 | $ | 3,819,692 | |||||||||||||
3 Preferred Shares outstanding, par value $0.10 per share |
296 | 373 | 1,059 | — | 1,022 | ||||||||||||||||||
4 Preferred Shares outstanding, par value $0.05 per share |
— | — | — | 594 | — | ||||||||||||||||||
5 Preferred Shares authorized, including Auction Market Preferred Shares (“AMPS”) |
1,536 | 1,985 | 8,059 | 1,000,594 | 5,782 | ||||||||||||||||||
6 Common Shares outstanding |
4,209,844 | 4,580,755 | 21,333,129 | 13,624,137 | 14,284,482 | ||||||||||||||||||
7 Common Shares authorized |
200 million | 200 million | 200 million | unlimited | 200 million |
ANNUAL REPORT | JULY 31, 2013 | 35 |
Statements of Operations |
Year Ended July 31,
2013 |
BlackRock Muni New York Intermediate Duration Fund, Inc. (MNE) |
BlackRock MuniYield Arizona Fund, Inc. (MZA) |
BlackRock MuniYield California Fund, Inc. (MYC) |
BlackRock MuniYield Investment Fund (MYF) |
BlackRock MuniYield New Jersey Fund, Inc. (MYJ) |
||||||||||||||||||
Investment Income |
|||||||||||||||||||||||
Interest |
$ | 4,236,419 | $ | 4,935,422 | $ | 24,563,527 | $ | 16,269,445 | $ | 16,198,077 | |||||||||||||
Income — affiliated |
37 | 123 | 12 | 520 | — | ||||||||||||||||||
Total income |
4,236,456 | 4,935,545 | 24,563,539 | 16,269,965 | 16,198,077 | ||||||||||||||||||
Expenses |
|||||||||||||||||||||||
Investment advisory |
562,529 | 546,320 | 2,907,474 | 1,834,940 | 1,865,613 | ||||||||||||||||||
Liquidity fees |
265,048 | — | — | — | — | ||||||||||||||||||
Professional |
74,041 | 50,968 | 138,131 | 115,909 | 114,457 | ||||||||||||||||||
Remarketing fees on Preferred Shares |
30,010 | — | — | — | — | ||||||||||||||||||
Accounting services |
21,354 | 21,721 | 86,938 | 60,935 | 60,779 | ||||||||||||||||||
Transfer agent |
18,145 | 20,217 | 30,373 | 28,558 | 28,911 | ||||||||||||||||||
Custodian |
9,213 | 8,899 | 28,603 | 18,915 | 21,121 | ||||||||||||||||||
Printing |
8,687 | 8,804 | 10,846 | 10,015 | 10,090 | ||||||||||||||||||
Officer and Directors |
5,890 | 6,116 | 32,511 | 20,035 | 21,173 | ||||||||||||||||||
Registration |
5,532 | 1,227 | 5,586 | 5,579 | 5,533 | ||||||||||||||||||
Miscellaneous |
46,923 | 40,845 | 61,121 | 43,473 | 58,833 | ||||||||||||||||||
Total expenses excluding interest expense, fees and amortization of offering costs |
1,047,372 | 705,117 | 3,301,583 | 2,138,359 | 2,186,510 | ||||||||||||||||||
Interest expense, fees and amortization of offering costs1 |
139,640 | 432,064 | 1,925,166 | 1,285,465 | 1,339,828 | ||||||||||||||||||
Total expenses |
1,187,012 | 1,137,181 | 5,226,749 | 3,423,824 | 3,526,338 | ||||||||||||||||||
Less fees waived by Manager |
(1,104 | ) | (349 | ) | (6,059 | ) | (1,172 | ) | (5,055 | ) | |||||||||||||
Total expenses after fees waived |
1,185,908 | 1,136,832 | 5,220,690 | 3,422,652 | 3,521,283 | ||||||||||||||||||
Net investment income |
3,050,548 | 3,798,713 | 19,342,849 | 12,847,313 | 12,676,794 | ||||||||||||||||||
Realized and Unrealized Gain (Loss) |
|||||||||||||||||||||||
Net realized gain (loss) from: |
|||||||||||||||||||||||
Investments |
793,787 | 223,425 | (801,819 | ) | (252,822 | ) | 11,405 | ||||||||||||||||
Financial futures contracts |
59,654 | 32,872 | 535,022 | 761,196 | 828,513 | ||||||||||||||||||
853,441 | 256,297 | (266,797 | ) | 508,374 | 839,918 | ||||||||||||||||||
Net change in unrealized appreciation/depreciation on investments |
(6,746,189 | ) | (7,336,879 | ) | (41,706,382 | ) | (28,251,097 | ) | (28,435,795 | ) | |||||||||||||
Total realized and unrealized loss |
(5,892,748 | ) | (7,080,582 | ) | (41,973,179 | ) | (27,742,723 | ) | (27,595,877 | ) | |||||||||||||
Distributions to VRDP Shareholders from net realized gain |
— | — | — | — | (43,759 | ) | |||||||||||||||||
Net Decrease in Net Assets Applicable to Common Shareholders Resulting from Operations |
$ | (2,842,200 | ) | $ | (3,281,869 | ) | $ | (22,630,330 | ) | $ | (14,895,410 | ) | $ | (14,962,842 | ) |
1 | Related to TOBs and/or VRDP Shares. |
36 | ANNUAL REPORT | JULY 31, 2013 |
Statements of Changes in Net Assets | BlackRock Muni New York
Intermediate Duration Fund, Inc. (MNE) |
Year Ended July 31, |
|
||||||||||
Increase (Decrease) in Net Assets
Applicable to Common Shareholders: |
2013 | 2012 | |||||||||
Operations |
|||||||||||
Net investment income |
$ | 3,050,548 | $ | 3,111,996 | |||||||
Net realized gain |
853,441 | 126,657 | |||||||||
Net change in unrealized appreciation/depreciation |
(6,746,189 | ) | 6,079,939 | ||||||||
Dividends to AMPS shareholders from net investment income |
— | (68,450 | ) | ||||||||
Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations |
(2,842,200 | ) | 9,250,142 | ||||||||
Dividends to Common Shareholders From1 |
|||||||||||
Net investment income |
(3,156,624 | ) | (3,110,662 | ) | |||||||
Capital Share Transactions |
|||||||||||
Reinvestment of common dividends |
54,512 | — | |||||||||
Net Assets Applicable to Common Shareholders |
|||||||||||
Total increase (decrease) in net assets applicable to Common Shareholders |
(5,944,312 | ) | 6,139,480 | ||||||||
Beginning of year |
67,158,760 | 61,019,280 | |||||||||
End of year |
$ | 61,214,448 | $ | 67,158,760 | |||||||
Undistributed net investment income |
$ | 795,824 | $ | 879,509 |
Year Ended July 31, |
|
||||||||||
Increase (Decrease) in Net Assets
Applicable to Common Shareholders: |
2013 | 2012 | |||||||||
Operations |
|||||||||||
Net investment income |
$ | 3,798,713 | $ | 3,683,450 | |||||||
Net realized gain |
256,297 | 778,352 | |||||||||
Net change in unrealized appreciation/depreciation |
(7,336,879 | ) | 7,268,040 | ||||||||
Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations |
(3,281,869 | ) | 11,729,842 | ||||||||
Dividends to Common Shareholders From1 |
|||||||||||
Net investment income |
(3,816,654 | ) | (3,806,859 | ) | |||||||
Capital Share Transactions |
|||||||||||
Reinvestment of common dividends |
194,255 | 61,778 | |||||||||
Net Assets Applicable to Common Shareholders |
|||||||||||
Total increase (decrease) in net assets applicable to Common Shareholders |
(6,904,268 | ) | 7,984,761 | ||||||||
Beginning of year |
69,070,960 | 61,086,199 | |||||||||
End of year |
$ | 62,166,692 | $ | 69,070,960 | |||||||
Undistributed net investment income |
$ | 878,921 | $ | 891,309 |
1 | Dividends are determined in accordance with federal income tax regulations. |
ANNUAL REPORT | JULY 31, 2013 | 37 |
Statements of Changes in Net Assets | BlackRock MuniYield
California Fund, Inc. (MYC) |
Year Ended July 31, |
|
||||||||||
Increase (Decrease) in Net Assets
Applicable to Common Shareholders: |
2013 | 2012 | |||||||||
Operations |
|||||||||||
Net investment income |
$ | 19,342,849 | $ | 20,005,315 | |||||||
Net realized gain (loss) |
(266,797 | ) | 6,412,710 | ||||||||
Net change in unrealized appreciation/depreciation |
(41,706,382 | ) | 48,830,780 | ||||||||
Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations |
(22,630,330 | ) | 75,248,805 | ||||||||
Dividends to Common Shareholders From1 |
|||||||||||
Net investment income |
(20,214,466 | ) | (20,187,902 | ) | |||||||
Capital Share Transactions |
|||||||||||
Reinvestment of common dividends |
648,309 | — | |||||||||
Net Assets Applicable to Common Shareholders |
|||||||||||
Total increase (decrease) in net assets applicable to Common Shareholders |
(42,196,487 | ) | 55,060,903 | ||||||||
Beginning of year |
361,340,693 | 306,279,790 | |||||||||
End of year |
$ | 319,144,206 | $ | 361,340,693 | |||||||
Undistributed net investment income |
$ | 4,038,794 | $ | 4,900,807 |
Year Ended July 31, |
|
||||||||||
Increase (Decrease) in Net Assets
Applicable to Common Shareholders: |
2013 | 2012 | |||||||||
Operations |
|||||||||||
Net investment income |
$ | 12,847,313 | $ | 12,618,649 | |||||||
Net realized gain |
508,374 | 3,366,670 | |||||||||
Net change in unrealized appreciation/depreciation |
(28,251,097 | ) | 32,015,417 | ||||||||
Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations |
(14,895,410 | ) | 48,000,736 | ||||||||
Dividends to Common Shareholders From1 |
|||||||||||
Net investment income |
(12,908,151 | ) | (12,738,803 | ) | |||||||
Capital Share Transactions |
|||||||||||
Reinvestment of common dividends |
342,807 | 388,311 | |||||||||
Net Assets Applicable to Common Shareholders |
|||||||||||
Total increase (decrease) in net assets applicable to Common Shareholders |
(27,460,754 | ) | 35,650,244 | ||||||||
Beginning of year |
221,777,569 | 186,127,325 | |||||||||
End of year |
$ | 194,316,815 | $ | 221,777,569 | |||||||
Undistributed net investment income |
$ | 3,757,218 | $ | 3,803,497 |
1 | Dividends are determined in accordance with federal income tax regulations. |
38 | ANNUAL REPORT | JULY 31, 2013 |
Statements of Changes in Net Assets | BlackRock MuniYield New
Jersey Fund, Inc. (MYJ) |
Year Ended July 31, |
|
||||||||||
Increase (Decrease) in Net Assets
Applicable to Common Shareholders: |
2013 | 2012 | |||||||||
Operations |
|||||||||||
Net investment income |
$ | 12,676,794 | $ | 12,296,804 | |||||||
Net realized gain |
839,918 | 809,303 | |||||||||
Net change in unrealized appreciation/depreciation |
(28,435,795 | ) | 29,093,368 | ||||||||
Distributions to VRDP Shareholders from net realized gain |
(43,759 | ) | — | ||||||||
Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations |
(14,962,842 | ) | 42,199,475 | ||||||||
Dividends and Distributions to Common Shareholders
From1 |
|||||||||||
Net investment income |
(12,730,155 | ) | (12,674,633 | ) | |||||||
Net realized gain |
(918,415 | ) | — | ||||||||
Decrease in net assets resulting from dividends and distributions to Common Shareholders |
(13,648,570 | ) | (12,674,633 | ) | |||||||
Capital Share Transactions |
|||||||||||
Reinvestment of common dividends and distributions |
950,740 | 113,352 | |||||||||
Net Assets Applicable to Common Shareholders |
|||||||||||
Total increase (decrease) in net assets applicable to Common Shareholders |
(27,660,672 | ) | 29,638,194 | ||||||||
Beginning of year |
240,759,307 | 211,121,113 | |||||||||
End of year |
$ | 213,098,635 | $ | 240,759,307 | |||||||
Undistributed net investment income |
$ | 4,468,086 | $ | 4,512,450 |
1 | Dividends and distributions are determined in accordance with federal income tax regulations. |
ANNUAL REPORT | JULY 31, 2013 | 39 |
Statements of Cash Flows | |
Year Ended July 31,
2013 |
BlackRock Muni New York Intermediate Duration Fund, Inc. (MNE) |
BlackRock MuniYield Arizona Fund, Inc. (MZA) |
BlackRock MuniYield California Fund, Inc. (MYC) |
BlackRock MuniYield Investment Fund, Inc. (MYF) |
BlackRock MuniYield New Jersey Fund, Inc. (MYJ) |
||||||||||||||||||
Cash Provided by (Used for) Operating Activities |
|||||||||||||||||||||||
Net decrease in net assets resulting from operations, excluding distributions to VRDP Shareholders |
$ | (2,842,200 | ) | $ | (3,281,869 | ) | $ | (22,630,330 | ) | $ | (14,895,410 | ) | $ | (14,919,083 | ) | ||||||||
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used for) operating activities: |
|||||||||||||||||||||||
(Increase) decrease in interest receivable |
(13,095 | ) | (17,704 | ) | 469,561 | 112,409 | (144,659 | ) | |||||||||||||||
(Increase) decrease in prepaid expenses |
(37,843 | ) | 492 | 2,254 | 1,303 | 1,444 | |||||||||||||||||
Decrease in investment advisory fees payable |
(2,039 | ) | (2,128 | ) | (13,696 | ) | (6,960 | ) | (2,795 | ) | |||||||||||||
Increase (decrease) in interest expense and fees payable |
(636 | ) | (41 | ) | (12,774 | ) | (5,023 | ) | 2,413 | ||||||||||||||
Increase (decrease) in other accrued expenses payable |
(25,164 | ) | (10,632 | ) | 49,535 | 32,628 | 41,939 | ||||||||||||||||
Decrease in Officer’s and Directors’ fees payable |
(511 | ) | (495 | ) | (2,071 | ) | (1,184 | ) | (1,689 | ) | |||||||||||||
Net realized and unrealized loss on investments |
5,952,402 | 7,113,454 | 42,508,201 | 28,503,919 | 28,424,390 | ||||||||||||||||||
Amortization of premium and accretion of discount on investments |
359,252 | 123,827 | 1,924,537 | 1,106,400 | 587,256 | ||||||||||||||||||
Amortization of deferred offering costs |
22,399 | 45,794 | 2,011 | 6,353 | 8,098 | ||||||||||||||||||
Proceeds from sales of long-term investments |
21,347,049 | 16,622,681 | 157,591,672 | 122,311,395 | 26,017,806 | ||||||||||||||||||
Purchases of long-term investments |
(21,329,608 | ) | (18,115,615 | ) | (158,316,288 | ) | (118,897,657 | ) | (38,812,485 | ) | |||||||||||||
Net proceeds from sales (purchases) of short-term securities |
(322,460 | ) | 1,141,361 | (1,936,289 | ) | (7,527,378 | ) | (2,324,084 | ) | ||||||||||||||
Cash provided by (used for) operating activities |
3,107,546 | 3,619,125 | 19,636,323 | 10,740,795 | (1,121,449 | ) | |||||||||||||||||
Cash Provided by (Used for) Financing Activities |
|||||||||||||||||||||||
Cash receipts from TOB trust certificates |
— | — | 15,500,250 | 2,849,170 | 13,852,796 | ||||||||||||||||||
Cash payments for TOB trust certificates |
(5,647 | ) | — | (15,581,355 | ) | (1,674,017 | ) | — | |||||||||||||||
Cash dividends paid to Common Shareholders |
(3,101,899 | ) | (3,621,516 | ) | (19,563,165 | ) | (12,563,725 | ) | (12,693,703 | ) | |||||||||||||
Cash distributions paid to VRDP Shareholders |
— | — | — | — | (43,759 | ) | |||||||||||||||||
Increase in bank overdraft |
— | 2,391 | 7,947 | 6,147 | 6,115 | ||||||||||||||||||
Cash provided by (used for) financing activities |
(3,107,546 | ) | (3,619,125 | ) | (19,636,323 | ) | (11,382,425 | ) | 1,121,449 | ||||||||||||||
Cash |
|||||||||||||||||||||||
Net decrease in cash |
— | — | — | $ | (641,630 | ) | — | ||||||||||||||||
Cash at beginning of period |
— | — | — | 641,630 | — | ||||||||||||||||||
Cash at end of period |
— | — | — | — | — | ||||||||||||||||||
Cash Flow Information |
|||||||||||||||||||||||
Cash paid during the period for interest and fees |
$ | 117,877 | $ | 386,311 | $ | 1,935,929 | $ | 1,284,135 | $ | 1,373,076 | |||||||||||||
Non-cash Financing Activities |
|||||||||||||||||||||||
Capital shares issued in reinvestment of dividends paid to Common Shareholders |
$ | 54,512 | $ | 194,255 | $ | 648,309 | $ | 342,807 | $ | 950,740 |
40 | ANNUAL REPORT | JULY 31, 2013 |
Financial Highlights | BlackRock Muni New York
Intermediate Duration Fund, Inc. (MNE) |
Year Ended July 31, |
|
||||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | |||||||||||||||||||
Per Share Operating Performance |
|||||||||||||||||||||||
Net asset value, beginning of year |
$ | 15.97 | $ | 14.51 | $ | 14.50 | $ | 12.99 | $ | 13.51 | |||||||||||||
Net investment income1 |
0.72 | 0.74 | 0.87 | 0.88 | 0.87 | ||||||||||||||||||
Net realized and unrealized gain (loss) |
(1.40 | ) | 1.48 | (0.03 | ) | 1.40 | (0.55 | ) | |||||||||||||||
Dividends to AMPS shareholders from net investment income |
— | (0.02 | ) | (0.10 | ) | (0.10 | ) | (0.20 | ) | ||||||||||||||
Net increase (decrease) from investment operations |
(0.68 | ) | 2.20 | 0.74 | 2.18 | 0.12 | |||||||||||||||||
Dividends to Common Shareholders from net investment income2 |
(0.75 | ) | (0.74 | ) | (0.73 | ) | (0.67 | ) | (0.64 | ) | |||||||||||||
Net asset value, end of year |
$ | 14.54 | $ | 15.97 | $ | 14.51 | $ | 14.50 | $ | 12.99 | |||||||||||||
Market price, end of year |
$ | 13.06 | $ | 15.80 | $ | 12.98 | $ | 13.54 | $ | 11.60 | |||||||||||||
Total Investment Return Applicable to Common
Shareholders3 |
|||||||||||||||||||||||
Based on net asset value |
(4.38 | )% | 15.73 | % | 5.71 | % | 17.67 | % | 2.26 | % | |||||||||||||
Based on market price |
(13.18 | )% | 28.00 | % | 1.26 | % | 23.05 | % | 1.79 | % | |||||||||||||
Ratios to Average Net Assets Applicable to Common
Shareholders |
|||||||||||||||||||||||
Total expenses |
1.79 | % | 1.82 | %4 | 1.2 | 3%4 | 1.20 | %4 | 1.33 | %4 | |||||||||||||
Total expenses after fees waived and paid indirectly |
1.78 | % | 1.81 | %4 | 1.2 | 2%4 | 1.12 | %4 | 1.15 | %4 | |||||||||||||
Total expenses after fees waived and paid indirectly and excluding interest expense, fees and amortization of offering
costs5 |
1.57 | %6 | 1.57 | %4,6 | 1.21 | %4 | 1.12 | %4 | 1.11 | %4 | |||||||||||||
Net investment income |
4.59 | % | 4.86 | %4 | 6.16 | %4 | 6.30 | %4 | 7.01 | %4 | |||||||||||||
Dividends to AMPS shareholders |
— | 0.11 | % | 0.71 | % | 0.75 | % | 1.59 | % | ||||||||||||||
Net investment income to Common Shareholders |
4.59 | % | 4.75 | % | 5.45 | % | 5.55 | % | 5.42 | % | |||||||||||||
Supplemental Data |
|||||||||||||||||||||||
Net assets applicable to Common Shareholders, end of year (000) |
$ | 61,214 | $ | 67,159 | $ | 61,019 | $ | 61,010 | $ | 54,642 | |||||||||||||
AMPS outstanding at $25,000 liquidation preference, end of year (000) |
— | — | $ | 29,632 | $ | 29,625 | $ | 29,625 | |||||||||||||||
VRDP Shares outstanding at $100,000 liquidation value, end of year (000) |
$ | 29,600 | $ | 29,600 | — | — | — | ||||||||||||||||
Portfolio turnover |
21 | % | 27 | % | 23 | % | 27 | % | 32 | % | |||||||||||||
Asset coverage per AMPS at $25,000 liquidation preference, end of year |
— | — | $ | 76,499 | $ | 76,492 | $ | 71,119 | |||||||||||||||
Asset coverage per VRDP Shares at $100,000 liquidation value, end of year |
$ | 306,806 | $ | 326,888 | — | — | — |
1 | Based on average Common Shares outstanding. |
2 | Dividends are determined in accordance with federal income tax regulations. |
3 | Total investment returns based on market price, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Where applicable, total investment returns exclude the effects of any sales charges and assume the reinvestment of dividends and distributions. |
4 | Do not reflect the effect of dividends to AMPS shareholders. |
5 | Interest expense, fees and amortization of offering costs relate to TOBs and/or VRDP Shares. See Note 3 and Note 9 of the Notes to Financial Statements for details of municipal bonds transferred to TOBs and VRDP Shares, respectively. |
6 | For the years ended July 31, 2013 and July 31, 2012, the total expense ratio after fees waived and paid indirectly and excluding interest expense, fees, amortization of offering costs, liquidity and remarketing fees was 1.13% and 1.18%, respectively. |
ANNUAL REPORT | JULY 31, 2013 | 41 |
Financial Highlights | BlackRock MuniYield
Arizona Fund, Inc. (MZA) |
Year Ended July 31, |
|
||||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | |||||||||||||||||||
Per Share Operating Performance |
|||||||||||||||||||||||
Net asset value, beginning of year |
$ | 15.12 | $ | 13.38 | $ | 13.73 | $ | 12.40 | $ | 12.81 | |||||||||||||
Net investment income1 |
0.83 | 0.80 | 0.87 | 0.93 | 0.95 | ||||||||||||||||||
Net realized and unrealized gain (loss) |
(1.55 | ) | 1.77 | (0.33 | ) | 1.28 | (0.47 | ) | |||||||||||||||
Dividends to AMPS shareholders from net investment income |
— | — | (0.06 | ) | (0.06 | ) | (0.19 | ) | |||||||||||||||
Net increase (decrease) from investment operations |
(0.72 | ) | 2.57 | 0.48 | 2.15 | 0.29 | |||||||||||||||||
Dividends to Common Shareholders from net investment income2 |
(0.83 | ) | (0.83 | ) | (0.83 | ) | (0.82 | ) | (0.70 | ) | |||||||||||||
Net asset value, end of year |
$ | 13.57 | $ | 15.12 | $ | 13.38 | $ | 13.73 | $ | 12.40 | |||||||||||||
Market price, end of year |
$ | 13.33 | $ | 15.61 | $ | 12.83 | $ | 13.67 | $ | 12.85 | |||||||||||||
Total Investment Return Applicable to Common
Shareholders3 |
|||||||||||||||||||||||
Based on net asset value |
(5.08 | )% | 19.86 | % | 3.92 | % | 17.75 | % | 3.27 | % | |||||||||||||
Based on market price |
(9.69 | )% | 29.05 | % | 0.09 | % | 13.13 | % | (1.66 | )% | |||||||||||||
Ratios to Average Net Assets Applicable to Common
Shareholders |
|||||||||||||||||||||||
Total expenses |
1.66 | % | 1.96 | % | 1.52 | %4 | 1.25 | %4 | 1.46 | %4 | |||||||||||||
Total expenses after fees waived and paid indirectly |
1.66 | % | 1.96 | % | 1.52 | %4 | 1.24 | %4 | 1.42 | %4 | |||||||||||||
Total expenses after fees waived and paid indirectly and excluding interest expense, fees and amortization of offering
costs5 |
1.03 | % | 1.58 | %6 | 1.43 | %4 | 1.22 | %4 | 1.36 | %4 | |||||||||||||
Net investment income |
5.53 | % | 5.62 | % | 6.62 | %4 | 6.99 | %4 | 8.16 | %4 | |||||||||||||
Dividends to AMPS shareholders |
— | — | 0.36 | % | 0.44 | % | 1.61 | % | |||||||||||||||
Net investment income to Common Shareholders |
5.53 | % | 5.62 | % | 6.26 | % | 6.56 | % | 6.55 | % | |||||||||||||
Supplemental Data |
|||||||||||||||||||||||
Net assets applicable to Common Shareholders, end of year (000) |
$ | 62,167 | $ | 69,071 | $ | 61,086 | $ | 62,618 | $ | 56,449 | |||||||||||||
AMPS outstanding at $25,000 liquidation preference, end of year (000) |
— | — | — | $ | 38,800 | $ | 38,800 | ||||||||||||||||
VRDP Shares outstanding at $100,000 liquidation value, end of year (000) |
$ | 37,300 | $ | 37,300 | $ | 37,300 | — | — | |||||||||||||||
Portfolio turnover |
16 | % | 26 | % | 16 | % | 25 | % | 39 | % | |||||||||||||
Asset coverage per AMPS at $25,000 liquidation preference, end of year |
— | — | — | $ | 65,350 | $ | 61,375 | ||||||||||||||||
Asset coverage per VRDP Shares at $100,000 liquidation value, end of year |
$ | 266,667 | $ | 285,177 | $ | 263,770 | — | — |
1 | Based on average Common Shares outstanding. |
2 | Dividends are determined in accordance with federal income tax regulations. |
3 | Total investment returns based on market price, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Where applicable, total investment returns exclude the effects of any sales charges and assume the reinvestment of dividends and distributions. |
4 | Do not reflect the effect of dividends to AMPS shareholders. |
5 | Interest expense, fees and amortization of offering costs relate to TOBs and/or VRDP Shares. See Note 3 and Note 9 of the Notes to Financial Statements for details of municipal bonds transferred to TOBs and VRDP Shares, respectively. |
6 | For the year ended July 31, 2012, the total expense ratio after fees waived and paid indirectly and excluding interest expense, fees, amortization of offering costs, liquidity and remarketing fees was 1.14%. |
42 | ANNUAL REPORT | JULY 31, 2013 |
Financial Highlights | BlackRock MuniYield
California Fund, Inc. (MYC) |
Year Ended July 31, |
|
||||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | |||||||||||||||||||
Per Share Operating Performance |
|||||||||||||||||||||||
Net asset value, beginning of year |
$ | 16.97 | $ | 14.38 | $ | 14.76 | $ | 13.47 | $ | 13.71 | |||||||||||||
Net investment income1 |
0.91 | 0.94 | 0.95 | 0.94 | 0.91 | ||||||||||||||||||
Net realized and unrealized gain (loss) |
(1.97 | ) | 2.60 | (0.37 | ) | 1.21 | (0.33 | ) | |||||||||||||||
Dividends to AMPS shareholders from net investment income |
— | — | (0.03 | ) | (0.03 | ) | (0.13 | ) | |||||||||||||||
Net increase (decrease) from investment operations |
(1.06 | ) | 3.54 | 0.55 | 2.12 | 0.45 | |||||||||||||||||
Dividends to Common Shareholders from net investment income2 |
(0.95 | ) | (0.95 | ) | (0.93 | ) | (0.83 | ) | (0.69 | ) | |||||||||||||
Net asset value, end of year |
$ | 14.96 | $ | 16.97 | $ | 14.38 | $ | 14.76 | $ | 13.47 | |||||||||||||
Market price, end of year |
$ | 13.94 | $ | 17.31 | $ | 13.29 | $ | 14.44 | $ | 12.44 | |||||||||||||
Total Investment Return Applicable to Common
Shareholders3 |
|||||||||||||||||||||||
Based on net asset value |
(6.61 | )% | 25.45 | % | 4.28 | % | 16.59 | % | 4.64 | % | |||||||||||||
Based on market price |
(14.68 | )% | 38.46 | % | (1.49 | )% | 23.51 | % | 1.37 | % | |||||||||||||
Ratios to Average Net Assets Applicable to Common
Shareholders |
|||||||||||||||||||||||
Total expenses |
1.46 | % | 1.64 | % | 1.49 | %4 | 1.19 | %4 | 1.49 | %4 | |||||||||||||
Total expenses after fees waived |
1.45 | % | 1.64 | % | 1.49 | %4 | 1.18 | %4 | 1.47 | %4 | |||||||||||||
Total expenses after fees waived and excluding interest expense, fees, and amortization of offering costs5 |
0.92 | % | 1.21 | %6 | 1.16 | %4 | 0.99 | %4 | 1.08 | %4 | |||||||||||||
Net investment income |
5.39 | % | 5.96 | % | 6.76 | %4 | 6.53 | %4 | 7.07 | %4 | |||||||||||||
Dividends to AMPS shareholders |
— | — | 0.18 | % | 0.22 | % | 0.99 | % | |||||||||||||||
Net investment income to Common Shareholders |
5.39 | % | 5.96 | % | 6.58 | % | 6.31 | % | 6.08 | % | |||||||||||||
Supplemental Data |
|||||||||||||||||||||||
Net assets applicable to Common Shareholders, end of year (000) |
$ | 319,144 | $ | 361,341 | $ | 306,280 | $ | 314,326 | $ | 286,805 | |||||||||||||
AMPS outstanding at $25,000 liquidation preference, end of year (000) |
— | — | — | $ | 105,950 | $ | 105,950 | ||||||||||||||||
VRDP Shares outstanding at $100,000 liquidation value, end of year (000) |
$ | 105,900 | $ | 105,900 | $ | 105,900 | — | — | |||||||||||||||
Portfolio turnover |
27 | % | 48 | % | 33 | % | 41 | % | 38 | % | |||||||||||||
Asset coverage per AMPS at $25,000 liquidation preference, end of year |
— | — | — | $ | 99,173 | $ | 92,679 | ||||||||||||||||
Asset coverage per VRDP Shares at $100,000 liquidation value, end of year |
$ | 401,364 | $ | 441,209 | $ | 389,216 | — | — |
1 | Based on average Common Shares outstanding. |
2 | Dividends are determined in accordance with federal income tax regulations. |
3 | Total investment returns based on market price, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Where applicable, total investment returns exclude the effects of any sales charges and assume the reinvestment of dividends and distributions. |
4 | Do not reflect the effect of dividends to AMPS shareholders. |
5 | Interest expense, fees and amortization of offering costs relate to TOBs and/or VRDP Shares. See Note 3 and Note 9 of the Notes to Financial Statements for details of municipal bonds transferred to TOBs and VRDP Shares, respectively. |
6 | For the year ended July 31, 2012, the total expense ratio after fees waived and excluding interest expense, fees, amortization of offering costs, liquidity and remarketing fees was 0.97%. |
ANNUAL REPORT | JULY 31, 2013 | 43 |
Financial Highlights | BlackRock MuniYield
Investment Fund (MYF) |
Year Ended July 31, |
|
||||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | |||||||||||||||||||
Per Share Operating Performance |
|||||||||||||||||||||||
Net asset value, beginning of year |
$ | 16.30 | $ | 13.71 | $ | 14.26 | $ | 12.95 | $ | 13.59 | |||||||||||||
Net investment income1 |
0.94 | 0.93 | 0.97 | 0.96 | 0.96 | ||||||||||||||||||
Net realized and unrealized gain (loss) |
(2.03 | ) | 2.60 | (0.58 | ) | 1.18 | (0.77 | ) | |||||||||||||||
Dividends to AMPS shareholders from net investment income |
— | — | (0.02 | ) | (0.02 | ) | (0.13 | ) | |||||||||||||||
Net increase (decrease) from investment operations |
(1.09 | ) | 3.53 | 0.37 | 2.12 | 0.06 | |||||||||||||||||
Dividends to Common Shareholders from net investment income2 |
(0.95 | ) | (0.94 | ) | (0.92 | ) | (0.81 | ) | (0.70 | ) | |||||||||||||
Net asset value, end of year |
$ | 14.26 | $ | 16.30 | $ | 13.71 | $ | 14.26 | $ | 12.95 | |||||||||||||
Market price, end of year |
$ | 13.55 | $ | 16.52 | $ | 13.08 | $ | 14.36 | $ | 11.72 | |||||||||||||
Total Investment Return Applicable to Common
Shareholders3 |
|||||||||||||||||||||||
Based on net asset value |
(7.14 | )% | 26.55 | % | 2.97 | % | 17.12 | % | 1.93 | % | |||||||||||||
Based on market price |
(12.94 | )% | 34.44 | % | (2.45 | )% | 30.32 | % | 5.26 | % | |||||||||||||
Ratios to Average Net Assets Applicable to Common
Shareholders |
|||||||||||||||||||||||
Total expenses |
1.55 | % | 1.66 | % | 1.45 | %4 | 1.26 | %4 | 1.35 | %4 | |||||||||||||
Total expenses after fees waived |
1.55 | % | 1.66 | % | 1.45 | %4 | 1.26 | %4 | 1.34 | %4 | |||||||||||||
Total expenses after fees waived and excluding interest expense, fees and amortization of offering costs5 |
0.97 | % | 1.22 | %6 | 1.14 | %4 | 1.02 | %4 | 1.12 | %4 | |||||||||||||
Net investment income |
5.82 | % | 6.19 | % | 7.22 | %4 | 6.92 | %4 | 7.66 | %4 | |||||||||||||
Dividends to AMPS shareholders |
— | — | 0.15 | % | 0.18 | % | 1.09 | % | |||||||||||||||
Net investment income to Common Shareholders |
5.82 | % | 6.19 | % | 7.07 | % | 6.74 | % | 6.57 | % | |||||||||||||
Supplemental Data |
|||||||||||||||||||||||
Net assets applicable, end of year (000) |
$ | 194,317 | $ | 221,778 | $ | 186,127 | $ | 193,270 | $ | 175,610 | |||||||||||||
AMPS outstanding at $25,000 liquidation preference, end of year (000) |
— | — | — | $ | 59,475 | $ | 59,475 | ||||||||||||||||
VRDP Shares outstanding at $100,000 liquidation value, end of year (000) |
$ | 59,400 | $ | 59,400 | $ | 59,400 | — | — | |||||||||||||||
Portfolio turnover |
33 | % | 34 | % | 27 | % | 41 | % | 63 | % | |||||||||||||
Asset coverage per AMPS at $25,000 liquidation preference, end of year |
— | — | — | $ | 106,242 | $ | 98,819 | ||||||||||||||||
Asset coverage per VRDP Shares at $100,000 liquidation value, end of year |
$ | 427,133 | $ | 473,363 | $ | 413,346 | — | — |
1 | Based on average Common Shares outstanding. |
2 | Dividends are determined in accordance with federal income tax regulations. |
3 | Total investment returns based on market price, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Where applicable, total investment returns exclude the effects of any sales charges and assume the reinvestment of dividends and distributions. |
4 | Do not reflect the effect of dividends to AMPS shareholders. |
5 | Interest expense, fees and amortization of offering costs relate to TOBs and/or VRDP Shares. See Note 3 and Note 9 of the Notes to Financial Statements for details of municipal bonds transferred to TOBs and VRDP Shares, respectively. |
6 | For the year ended July 31, 2012, the total expense ratio after fees waived and excluding interest expense, fees, amortization of offering costs, liquidity and remarketing fees was 0.99%. |
44 | ANNUAL REPORT | JULY 31, 2013 |
Financial Highlights | BlackRock MuniYield New
Jersey Fund, Inc. (MYJ) |
Year Ended July 31, |
|
||||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | |||||||||||||||||||
Per Share Operating Performance |
|||||||||||||||||||||||
Net asset value, beginning of year |
$ | 16.92 | $ | 14.84 | $ | 15.24 | $ | 14.13 | $ | 14.36 | |||||||||||||
Net investment income1 |
0.89 | 0.86 | 0.92 | 1.00 | 0.98 | ||||||||||||||||||
Net realized and unrealized gain (loss) |
(1.94 | ) | 2.11 | (0.41 | ) | 1.00 | (0.34 | ) | |||||||||||||||
Distributions to VRDP Shareholders from net realized gain |
(0.00 | )2 | — | — | — | — | |||||||||||||||||
Dividends to AMPS shareholders from net investment income |
— | — | (0.03 | ) | (0.04 | ) | (0.15 | ) | |||||||||||||||
Net increase (decrease) from investment operations |
(1.05 | ) | 2.97 | 0.48 | 1.96 | 0.49 | |||||||||||||||||
Dividends and distributions to Common Shareholders from:3 |
|||||||||||||||||||||||
Net investment income |
(0.89 | ) | (0.89 | ) | (0.88 | ) | (0.85 | ) | (0.72 | ) | |||||||||||||
Net realized gain |
(0.06 | ) | — | — | — | — | |||||||||||||||||
Total dividends and distributions |
(0.95 | ) | (0.89 | ) | (0.88 | ) | (0.85 | ) | (0.72 | ) | |||||||||||||
Net asset value, end of year |
$ | 14.92 | $ | 16.92 | $ | 14.84 | $ | 15.24 | $ | 14.13 | |||||||||||||
Market price, end of year |
$ | 13.74 | $ | 17.07 | $ | 13.53 | $ | 15.19 | $ | 13.49 | |||||||||||||
Total Investment Return Applicable to Common
Shareholders4 |
|||||||||||||||||||||||
Based on net asset value |
(6.51 | )% | 20.72 | % | 3.55 | % | 14.34 | % | 4.50 | % | |||||||||||||
Based on market price |
(14.66 | )% | 33.59 | % | (5.28 | )% | 19.38 | % | 5.96 | % | |||||||||||||
Ratios to Average Net Assets Applicable to Common
Shareholders |
|||||||||||||||||||||||
Total expenses |
1.48 | % | 1.61 | % | 1.26 | %5 | 1.01 | %5 | 1.15 | %5 | |||||||||||||
Total expenses after fees waived |
1.48 | % | 1.60 | % | 1.25 | %5 | 1.00 | %5 | 1.14 | %5 | |||||||||||||
Total expenses after fees waived and excluding interest expense, fees and amortization of offering costs6 |
0.92 | % | 1.28 | %7 | 1.14 | %5 | 0.98 | %5 | 1.05 | %5 | |||||||||||||
Net investment income |
5.32 | % | 5.41 | % | 6.26 | %5 | 6.71 | %5 | 7.21 | %5 | |||||||||||||
Dividends to AMPS shareholders |
— | — | 0.23 | % | 0.30 | % | 1.12 | % | |||||||||||||||
Net investment income to Common Shareholders |
5.32 | % | 5.41 | % | 6.03 | % | 6.41 | % | 6.09 | % | |||||||||||||
Supplemental Data |
|||||||||||||||||||||||
Net assets applicable to Common Shareholders, end of year (000) |
$ | 213,099 | $ | 240,759 | $ | 211,121 | $ | 216,433 | $ | 200,740 | |||||||||||||
AMPS outstanding at $25,000 liquidation preference, end of year (000) |
— | — | — | $ | 102,200 | $ | 102,200 | ||||||||||||||||
VRDP Shares outstanding at $100,000 liquidation value, end of year (000) |
$ | 102,200 | $ | 102,200 | $ | 102,200 | — | — | |||||||||||||||
Portfolio turnover |
7 | % | 23 | % | 18 | % | 15 | % | 21 | % | |||||||||||||
Asset coverage per AMPS at $25,000 liquidation preference, end of year |
— | — | — | $ | 77,946 | $ | 74,107 | ||||||||||||||||
Asset coverage per VRDP Shares at $100,000 liquidation value, end of year |
$ | 308,511 | $ | 335,577 | $ | 306,576 | — | — |
1 | Based on average Common Shares outstanding. |
2 | Amount is greater than $(0.00) per share. |
3 | Dividends and distributions are determined in accordance with federal income tax regulations. |
4 | Total investment returns based on market price, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Where applicable, total investment returns exclude the effects of any sales charges and assume the reinvestment of dividends and distributions. |
5 | Do not reflect the effect of dividends to AMPS shareholders. |
6 | Interest expense, fees and amortization of offering costs relate to TOBs and/or VRDP Shares. See Note 3 and Note 9 of the Notes to Financial Statements for details of municipal bonds transferred to TOBs and VRDP Shares, respectively. |
7 | For the year ended July 31, 2012, the total expense ratio after fees waived and excluding interest expense, fees, amortization of offering costs, liquidity and remarketing fees was 0.93%. |
ANNUAL REPORT | JULY 31, 2013 | 45 |
Notes to Financial Statements |
46 | ANNUAL REPORT | JULY 31, 2013 |
Notes to Financial Statements (continued) |
ANNUAL REPORT | JULY 31, 2013 | 47 |
Notes to Financial Statements (continued) |
|
Underlying Municipal Bonds Transferred to TOBs |
|
Liability for TOB Trust Certificates |
|
Range of Interest Rates |
|||||||||
MNE
|
$ | 10,566,301 | $ | 5,537,752 | 0.06% – 0.11% |
|||||||||
MZA
|
$ | 6,934,313 | $ | 3,330,000 | 0.06% – 0.07% |
|||||||||
MYC
|
$ | 230,901,105 | $ | 116,774,796 | 0.06% – 0.19% |
|||||||||
MYF
|
$ | 157,033,356 | $ | 85,029,096 | 0.06% – 0.34% |
|||||||||
MYJ |
$ | 64,803,249 | $ | 39,555,492 | 0.06% – 0.31% |
|
Average TOB Trust Certificates Outstanding |
|
Daily Weighted Average Interest Rate |
|||||||
MNE |
$ | 6,206,561 | 0.67 | % | ||||||
MZA |
$ | 3,330,000 | 0.68 | % | ||||||
MYC |
$ | 116,416,075 | 0.66 | % | ||||||
MYF |
$ | 87,038,223 | 0.73 | % | ||||||
MYJ |
$ | 32,948,271 | 0.75 | % |
48 | ANNUAL REPORT | JULY 31, 2013 |
Notes to Financial Statements (continued) |
The Effect of Derivative
Financial Instruments in the Statements of Operations Year Ended July 31, 2013 |
|||||||||||||||||||||||
Net Realized Gain (Loss) From |
|||||||||||||||||||||||
|
MNE |
|
MZA |
|
MYC |
|
MYF |
|
MYJ |
||||||||||||||
Interest rate contracts: |
|||||||||||||||||||||||
Financial futures contracts |
$ | 59,654 | $ | 32,872 | $ | 535,022 | $ | 761,196 | $ | 828,513 | |||||||||||||
Options1 |
(21,815 | ) | — | — | — | — | |||||||||||||||||
Total |
$ | 37,839 | $ | 32,872 | $ | 535,022 | $ | 761,196 | $ | 828,513 |
1 | Options purchased are included in the net realized gain (loss) from investments. |
|
MNE |
|
MZA |
|
MYC |
|
MYF |
|
MYJ |
|||||||||||||
Financial future contracts: |
||||||||||||||||||||||
Average number of contracts sold |
12 | 5 | 75 | 52 | 56 | |||||||||||||||||
Average notional value of contracts sold |
$ | 1,592,000 | $ | 666,797 | $ | 9,950,000 | $ | 6,901,348 | $ | 7,501,465 | ||||||||||||
Options: |
||||||||||||||||||||||
Average number of contracts purchased |
35 | 2 | — | — | — | — | ||||||||||||||||
Average notional value of contracts purchased |
$ | 5,391 | 2 | — | — | — | — |
2 | Actual contract amount shown due to limited activity. |
ANNUAL REPORT | JULY 31, 2013 | 49 |
Notes to Financial Statements (continued) |
MNE
|
0.55 | % | ||||
MZA
|
0.50 | % | ||||
MYC
|
0.50 | % | ||||
MYF
|
0.50 | % | ||||
MYJ
|
0.50 | % |
|
Purchases |
|
Sales |
|||||||
MYC
|
$ | 325,391 | $ | 4,423,911 | ||||||
MYF |
— | $ | 1,171,724 |
|
Purchases |
|
Sales |
|||||||
MNE
|
$ | 21,077,271 | $ | 22,903,602 | ||||||
MZA
|
$ | 18,115,615 | $ | 16,701,692 | ||||||
MYC
|
$ | 153,774,388 | $ | 152,706,457 | ||||||
MYF
|
$ | 120,268,975 | $ | 118,874,719 | ||||||
MYJ |
$ | 38,812,485 | $ | 26,017,806 |
|
MNE |
|
MZA |
|
MYC |
|
MYF |
|
MYJ |
|||||||||||||
Paid-in Capital |
$ | (22,400 | ) | $ | (5,562 | ) | $ | (7,952 | ) | $ | (7,220 | ) | $ | (8,997 | ) | |||||||
Undistributed net investment income |
$ | 22,391 | $ | 5,553 | $ | 9,604 | $ | 14,559 | $ | 8,997 | ||||||||||||
Accumulated net realized loss |
$ | 9 | $ | 9 | $ | (1,652 | ) | $ | (7,339 | ) | — |
|
|
MNE |
|
MZA |
|
MYC |
|
MYF |
|
MYJ |
||||||||||||||||
Tax-exempt income1 |
7/31/13 | $ | 3,230,525 | $ | 4,218,308 | $ | 21,361,362 | $ | 13,550,755 | $ | 13,747,730 | |||||||||||||||
7/31/12 | 3,263,872 | 3,952,445 | 20,582,409 | 12,970,647 | 12,871,675 | |||||||||||||||||||||
Ordinary income2 |
7/31/13 | 2,002 | 2,305 | — | 697 | 64,566 | ||||||||||||||||||||
7/31/12 | — | — | — | — | 201,855 | |||||||||||||||||||||
Long-term capital gain3 |
7/31/13 | — | — | — | — | 962,174 | ||||||||||||||||||||
Total |
7/31/13 | $ | 3,232,527 | $ | 4,220,613 | $ | 21,361,362 | $ | 13,551,452 | $ | 14,774,470 | |||||||||||||||
7/31/12 | $ | 3,263,872 | $ | 3,952,445 | $ | 20,582,409 | $ | 12,970,647 | $ | 13,073,530 |
1 | The Funds designate these amounts paid during the fiscal year ended July 31, 2013, as exempt-interest dividends. |
2 | Ordinary income consists primarily of taxable income recognized from market discount. Additionally, all ordinary income distributions are comprised of interest related dividends for non-US residents and are eligible for exemption from US withholding tax for nonresident aliens and foreign corporations. |
3 | The Fund designates the amount paid during the fiscal year ended July 31, 2013, as capital gain dividends. |
50 | ANNUAL REPORT | JULY 31, 2013 |
Notes to Financial Statements (continued) |
|
MNE |
|
MZA |
|
MYC |
|
MYF |
|
MYJ |
|||||||||||||
Undistributed tax-exempt income |
$ | 702,741 | $ | 889,888 | $ | 4,186,115 | $ | 3,185,090 | $ | 4,060,795 | ||||||||||||
Undistributed ordinary income |
4,402 | 326 | — | 117 | 137,279 | |||||||||||||||||
Undistributed long-term capital gains |
— | — | — | — | 403,623 | |||||||||||||||||
Capital loss carryforwards |
(750,672 | ) | (884,995 | ) | (758,242 | ) | (7,205,475 | ) | — | |||||||||||||
Net unrealized gains1 |
1,638,863 | 1,401,455 | 15,515,106 | 10,819,162 | 2,907,965 | |||||||||||||||||
Qualified late-year losses2 |
— | — | (1,800,213 | ) | (2,224,543 | ) | — | |||||||||||||||
Total |
$ | 1,595,334 | $ | 1,406,674 | $ | 17,142,766 | $ | 4,574,351 | $ | 7,509,662 |
1 | The difference between book-basis and tax-basis net unrealized gains was attributable primarily to the tax deferral of losses on wash sales, amortization and accretion methods of premiums and discounts on fixed income securities, the deferral of compensation to directors and the treatment of residual interests in tender options bond trusts. |
2 | The Funds have elected to defer certain qualified late-year losses and recognize such losses in the year ending July 31, 2014. |
Expires July 31, |
|
MNE |
|
MZA |
|
MYC |
|
MYF |
||||||||||
2018 |
$ | 750,672 | $ | 816,347 | $ | 758,242 | $ | 7,205,475 | ||||||||||
2019 |
— | 68,648 | — | — | ||||||||||||||
Total |
$ | 750,672 | $ | 884,995 | $ | 758,242 | $ | 7,205,475 |
MNE
|
$ 849,155 |
|||||||||
MZA
|
$ 256,306 |
|||||||||
MYC
|
$ 1,542,851 |
|||||||||
MYF |
$ 2,828,295 |
|
MNE |
|
MZA |
|
MYC |
|
MYF |
|
MYJ |
|||||||||||||
Tax cost |
$ | 88,499,714 | $ | 97,352,053 | $ | 409,971,668 | $ | 247,190,822 | $ | 310,986,695 | ||||||||||||
Gross unrealized appreciation |
$ | 3,700,994 | $ | 3,462,781 | $ | 21,577,940 | $ | 16,413,356 | $ | 10,865,336 | ||||||||||||
Gross unrealized depreciation |
(2,062,131 | ) | (2,061,326 | ) | (6,062,835 | ) | (5,594,196 | ) | (7,953,937 | ) | ||||||||||||
Net unrealized appreciation |
$ | 1,638,863 | $ | 1,401,455 | $ | 15,515,105 | $ | 10,819,160 | $ | 2,911,399 |
ANNUAL REPORT | JULY 31, 2013 | 51 |
Notes to Financial Statements (continued) |
|
Year Ended July 31, 2013 |
|
Year Ended July 31, 2012 |
|||||||
MNE
|
3,405 | — | ||||||||
MZA
|
12,706 | 4,161 | ||||||||
MYC
|
37,874 | — | ||||||||
MYF
|
20,747 | 25,531 | ||||||||
MYJ |
55,771 | 6,882 |
|
Issue Date |
|
Shares Issued |
|
Aggregate Principal |
|
Maturity Date |
|||||||||||
MNE
|
9/15/11 | 296 | $ | 29,600,000 | 10/01/41 | |||||||||||||
MZA
|
5/19/11 | 373 | $ | 37,300,000 | 6/01/41 | |||||||||||||
MYC
|
5/19/11 | 1,059 | $ | 105,900,000 | 6/01/41 | |||||||||||||
MYF
|
5/19/11 | 594 | $ | 59,400,000 | 6/01/41 | |||||||||||||
MYJ |
4/21/11 | 1,022 | $ | 102,200,000 | 5/01/41 |
52 | ANNUAL REPORT | JULY 31, 2013 |
Notes to Financial Statements (continued) |
|
Rating |
|||||
MNE
|
Aa2 | |||||
MZA
|
Aa2 | |||||
MYC
|
Aa2 | |||||
MYF
|
Aa1 | |||||
MYJ |
Aa2 |
MNE
|
0.26 | % | ||||
MZA
|
1.08 | % | ||||
MYC
|
1.08 | % | ||||
MYF
|
1.08 | % | ||||
MYJ |
1.08 | % |
ANNUAL REPORT | JULY 31, 2013 | 53 |
Notes to Financial Statements (concluded) |
|
Series |
|
Redemption Date |
|
Shares Redeemed |
|
Aggregate Principal |
|||||||||||
MNE |
F7 | 10/03/11 | 1,185 | $ | 29,625,000 |
|
Common Dividend Per Share |
|||||
MNE
|
$ | 0.0625 | ||||
MZA
|
$ | 0.0695 | ||||
MYC
|
$ | 0.0790 | ||||
MYF
|
$ | 0.0790 | ||||
MYJ
|
$ | 0.0740 |
|
Series |
|
Dividends Declared |
|||||||
MNE
|
W-7 | $ | 4,168 | |||||||
MZA
|
W-7 | $ | 33,917 | |||||||
MYC
|
W-7 | $ | 96,296 | |||||||
MYF
|
W-7 | $ | 54,013 | |||||||
MYJ |
W-7 | $ | 92,932 |
54 | ANNUAL REPORT | JULY 31, 2013 |
Report of Independent Registered Public Accounting Firm |
ANNUAL REPORT | JULY 31, 2013 | 55 |
Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements |
1 | Lipper ranks funds in quartiles, ranging from first to fourth, where first is the most desirable quartile position and fourth is the least desirable. |
56 | ANNUAL REPORT | JULY 31, 2013 |
Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements (continued) |
ANNUAL REPORT | JULY 31, 2013 | 57 |
Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements (continued) |
58 | ANNUAL REPORT | JULY 31, 2013 |
Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements (concluded) |
ANNUAL REPORT | JULY 31, 2013 | 59 |
Automatic Dividend Reinvestment Plans |
60 | ANNUAL REPORT | JULY 31, 2013 |
Officers and Directors |
Name, Address and Year of Birth |
Position(s) Held with Funds |
Length of Time Served as a Director2 |
Principal Occupation(s) During Past Five Years | Number of BlackRock- Advised Registered Investment Companies (“RICs”) Consisting of Investment Portfolios (“Portfolios”) Overseen |
Public Directorships |
||||||||||||||||||
Independent Directors1 |
|||||||||||||||||||||||
Richard E. Cavanagh 55 East 52nd Street New York, NY 10055 1946 |
Chairman of the Board and Director |
Since 2007 |
Trustee, Aircraft Finance Trust from 1999 to 2009; Director,
The
Guardian
Life
Insurance
Company
of
America
since
1998;
Director,
Arch
Chemical
(chemical
and
allied
products)
from
1999
to
2011;
Trustee,
Educational
Testing
Service
from
1997
to
2009
and
Chairman
thereof
from
2005
to
2009;
Senior
Advisor,
The
Fremont
Group
since
2008
and
Director
thereof
since
1996;
Faculty
Member/Adjunct
Lecturer,
Harvard
University
since
2007;
President
and
Chief
Executive
Officer,
The
Conference
Board,
Inc.
(global
business
research
organization)
from
1995
to
2007. |
94 RICs consisting of 90 Portfolios |
None |
||||||||||||||||||
Karen P. Robards 55 East 52nd Street New York, NY 10055 1950 |
Vice Chairperson of the Board, Chairperson of the Audit
Committee and Director |
Since 2007 |
Partner of Robards & Company, LLC (financial advisory
firm)
since
1987;
Co-founder
and
Director
of
the
Cooke
Center
for
Learning
and
Development
(a
not-for-profit
organization)
since
1987;
Director
of
Care
Investment
Trust,
Inc.
(health
care
real
estate
investment
trust)
from
2007
to
2010;
Investment
Banker
at
Morgan
Stanley
from
1976
to
1987. |
94 RICs consisting of 90 Portfolios |
AtriCure, Inc. (medical devices); Greenhill & Co., Inc. |
||||||||||||||||||
Michael J. Castellano 55 East 52nd Street New York, NY 10055 1946 |
Director and Member of the Audit Committee |
Since 2011 |
Chief Financial Officer of Lazard Group LLC from 2001
to
2011;
Chief
Financial
Officer
of
Lazard
Ltd
from
2004
to
2011;
Director,
Support
Our
Aging
Religious
(non-profit)
since
2009;
Director,
National
Advisory
Board
of
Church
Management
at
Villanova
University
since
2010;
Trustee,
Domestic
Church
Media
Foundation
since
2012. |
94 RICs consisting of 90 Portfolios |
None |
||||||||||||||||||
Frank J. Fabozzi 55 East 52nd Street New York, NY 10055 1948 |
Director and Member of the Audit Committee |
Since 2007 |
Editor of and Consultant for The Journal of Portfolio
Management
since
2006;
Professor
of
Finance,
EDHEC
Business
School
since
2011;
Professor
in
the
Practice
of
Finance
and
Becton
Fellow,
Yale
University
School
of
Management
from
2006
to
2011;
Adjunct
Professor
of
Finance
and
Becton
Fellow,
Yale
University
from
1994
to
2006. |
94 RICs consisting of 90 Portfolios |
None |
||||||||||||||||||
Kathleen F. Feldstein 55 East 52nd Street New York, NY 10055 1941 |
Director |
Since 2007 |
President of Economics Studies, Inc. (private economic
consulting
firm)
since
1987;
Chair,
Board
of
Trustees,
McLean
Hospital
from
2000
to
2008
and
Trustee
Emeritus
thereof
since
2008;
Member
of
the
Board
of
Partners
Community
Healthcare,
Inc.
from
2005
to
2009;
Member
of
the
Corporation
of
Partners
HealthCare
since
1995;
Trustee,
Museum
of
Fine
Arts,
Boston
since
1992;
Member
of
the
Visiting
Committee
to
the
Harvard
University
Art
Museum
since
2003;
Director,
Catholic
Charities
of
Boston
since
2009. |
94 RICs consisting of 90 Portfolios |
The McClatchy Company (publishing) |
||||||||||||||||||
James T. Flynn 55 East 52nd Street New York, NY 10055 1939 |
Director and Member of the Audit Committee |
Since 2007 |
Chief Financial Officer of JPMorgan & Co., Inc. from
1990
to
1995. |
94 RICs consisting of 90 Portfolios |
None |
||||||||||||||||||
Jerrold B. Harris 55 East 52nd Street New York, NY 10055 1942 |
Director |
Since 2007 |
Trustee, Ursinus College since 2000; Director, Troemner
LLC
(scientific
equipment)
since
2000;
Director
of
Delta
Waterfowl
Foundation
from
2010
to
2012;
President
and
Chief
Executive
Officer,
VWR
Scientific
Products
Corporation
from
1990
to
1999. |
94 RICs consisting of 90 Portfolios |
BlackRock Kelso Capital Corp. (business develop- ment company) |
||||||||||||||||||
R. Glenn Hubbard 55 East 52nd Street New York, NY 10055 1958 |
Director |
Since 2007 |
Dean, Columbia Business School since 2004; Faculty member,
Columbia
Business
School
since
1988. |
94 RICs consisting of 90 Portfolios |
ADP (data and information services); KKR Financial Corporation
(finance);
Metropolitan
Life
Insurance
Company
(insurance) |
ANNUAL REPORT | JULY 31, 2013 | 61 |
Officers and Directors (continued) |
Name, Address and Year of Birth |
Position(s) Held with Funds |
Length of Time Served as a Director2 |
Principal Occupation(s) During Past Five Years | Number of BlackRock- Advised Registered Investment Companies (“RICs”) Consisting of Investment Portfolios (“Portfolios”) Overseen |
Public Directorships | ||||||||||||||||||
Independent
Directors1 (concluded) |
|||||||||||||||||||||||
W. Carl Kester 55 East 52nd Street New York, NY 10055 1951 |
Director and Member of the Audit Committee |
Since 2007 |
George Fisher Baker Jr. Professor of Business Administration,
Harvard Business School since 2008; Deputy Dean
for Academic Affairs from 2006 to 2010; Chairman
of the Finance Unit from 2005 to 2006; Senior Associate
Dean and Chairman of the MBA Program from 1999 to
2005; Member of the faculty of Harvard Business
School since 1981. |
94 RICs consisting of 90 Portfolios |
None |
||||||||||||||||||
1 Directors
serve until their resignation,
removal or death, or
until December 31 of
the year in which they
turn 72. In 2011, 2012,
and 2013, the Board of
Directors unanimously
approved extending the
mandatory retirement
age for James T. Flynn
and in 2013, the Board
unanimously approved
extending the retirement
age for Kathleen F. Feldstein,
in each case, by one
additional year, which
the Board believed would
be in the best interest
of shareholders. Mr.
Flynn can serve until
December 31 of the year
in which he turns 75
and Ms. Feldstein can
serve until December
31 of the year in which
she turns 73. Mr. Flynn
and Ms. Feldstein turn
75 and 73, respectively,
in 2014. |
|||||||||||||||||||||||
2 Date
shown is the earliest
date a person has served
for the Funds covered
by this annual report.
Following the combination
of Merrill Lynch Investment
Managers, L.P. (“MLIM”)
and BlackRock, Inc. (“BlackRock”)
in September 2006, the
various legacy MLIM and
legacy BlackRock fund
boards were realigned
and consolidated into
three new fund boards
in 2007. As a result,
although the chart shows
certain Directors as
joining the Funds’
board in 2007, those
Directors first became
members of the boards
of other legacy MLIM
or legacy BlackRock funds
as follows: Richard E.
Cavanagh, 1994; Frank
J. Fabozzi, 1988; Kathleen
F. Feldstein, 2005; James
T. Flynn, 1996; Jerrold
B. Harris, 1999; R. Glenn
Hubbard, 2004; W. Carl
Kester, 1995; and Karen
P. Robards, 1998. |
|||||||||||||||||||||||
Interested
Directors3 |
|||||||||||||||||||||||
Paul L. Audet 55 East 52nd Street New York, NY 10055 1953 |
Director |
Since 2011 |
Senior Managing Director of BlackRock and Head of U.S.
Mutual Funds since 2011; Chair of the U.S. Mutual
Funds Committee reporting to the Global Executive
Committee since 2011; Head of BlackRock’s Real
Estate business from 2008 to 2011; Member of BlackRock’s
Global Operating and Corporate Risk Management Committees
and of the BlackRock Alternative Investors Executive
Committee and Investment Committee for the Private
Equity Fund of Funds business since 2008; Head of
BlackRock’s Global Cash Management business
from 2005 to 2010; Acting Chief Financial Officer
of BlackRock from 2007 to 2008; Chief Financial
Officer of BlackRock from 1998 to 2005. |
155 RICs consisting of 282 Portfolios |
None |
||||||||||||||||||
Henry Gabbay 55 East 52nd Street New York, NY 10055 1947 |
Director |
Since 2007 |
Consultant, BlackRock from 2007 to 2008; Managing Director,
BlackRock from 1989 to 2007; Chief Administrative
Officer, BlackRock Advisors, LLC from 1998 to 2007;
President of BlackRock Funds and BlackRock Bond
Allocation Target Shares from 2005 to 2007; Treasurer
of certain closed-end funds in the BlackRock fund
complex from 1989 to 2006. |
155 RICs consisting of 282 Portfolios |
None |
||||||||||||||||||
3 Mr.
Audet is an “interested
person,” as defined
in the 1940 Act, of the
Funds based on his position
with BlackRock and its
affiliates as well as
his ownership of BlackRock
securities. Mr. Gabbay
is an “interested
person” of the Funds
based on his former positions
with BlackRock and its
affiliates as well as
his ownership of BlackRock
and The PNC Financial
Services Group, Inc.
securities. Mr. Audet
and Mr. Gabbay are also
Directors of two complexes
of BlackRock registered
open-end funds, the BlackRock
Equity-Liquidity Complex
and the BlackRock Equity-Bond
Complex. Directors serve
until their resignation,
removal or death, or
until December 31 of
the year in which they
turn 72. The maximum
age limitation may be
waived as to any Director
by action of a majority
of the Directors upon
finding a good cause
thereof. |
62 | ANNUAL REPORT | JULY 31, 2013 |
Officers and Directors (concluded) |
Name, Address and Year of Birth |
Position(s) Held with Funds |
Length of Time Served |
Principal Occupation(s) During Past Five Years | ||||||||||||
Officers1 |
|||||||||||||||
John M. Perlowski 55 East 52nd Street New York, NY 10055 1964 |
President and Chief Executive Officer |
Since 2011 |
Managing Director of BlackRock since 2009; Global Head
of
BlackRock
Fund
Services
since
2009;
Managing
Director
and
Chief
Operating
Officer
of
the
Global
Product
Group
at
Goldman
Sachs
Asset
Management,
L.P.
from
2003
to
2009;
Treasurer
of
Goldman
Sachs
Mutual
Funds
from
2003
to
2009
and
Senior
Vice
President
thereof
from
2007
to
2009;
Director
of
Goldman
Sachs
Offshore
Funds
from
2002
to
2009;
Director
of
Family
Resource
Network
(charitable
foundation)
since
2009. |
||||||||||||
Anne Ackerley 55 East 52nd Street New York, NY 10055 1962 |
Vice President |
Since 20072 |
Managing Director of BlackRock since 2000; Chief Marketing
Officer
of
BlackRock
since
2012;
President
and
Chief
Executive
Officer
of
the
BlackRock-advised
funds
from
2009
to
2011;
Vice
President
of
the
BlackRock-advised
funds
from
2007
to
2009;
Chief
Operating
Officer
of
BlackRock’s
Global
Client
Group
from
2009
to
2012;
Chief
Operating
Officer
of
BlackRock’s
U.S.
Retail
Group
from
2006
to
2009;
Head
of
BlackRock’s
Mutual
Fund
Group
from
2000
to
2006. |
||||||||||||
Brendan Kyne 55 East 52nd Street New York, NY 10055 1977 |
Vice President |
Since 2009 |
Managing Director of BlackRock since 2010; Director of
BlackRock
from
2008
to
2009;
Head
of
Product
Development
and
Management
for
BlackRock’s
U.S.
Retail
Group
since
2009
and
Co-head
thereof
from
2007
to
2009;
Vice
President
of
BlackRock
from
2005
to
2008. |
||||||||||||
Robert W. Crothers 55 East 52nd Street New York, NY 10055 1981 |
Vice President |
Since 2012 |
Director of BlackRock since 2011; Vice President of BlackRock
from
2008
to
2010;
Associate
of
BlackRock
from
2006
to
2007. |
||||||||||||
Neal Andrews 55 East 52nd Street New York, NY 10055 1966 |
Chief Financial Officer |
Since 2007 |
Managing Director of BlackRock since 2006; Senior Vice
President
and
Line
of
Business
Head
of
Fund
Accounting
and
Administration
at
PNC
Global
Investment
Servicing
(U.S.)
Inc.
from
1992
to
2006. |
||||||||||||
Jay Fife 55 East 52nd Street New York, NY 10055 1970 |
Treasurer |
Since 2007 |
Managing Director of BlackRock since 2007; Director of
BlackRock
in
2006;
Assistant
Treasurer
of
the
MLIM
and
Fund
Asset
Management,
L.P.
advised
funds
from
2005
to
2006;
Director
of
MLIM
Fund
Services
Group
from
2001
to
2006. |
||||||||||||
Brian Kindelan 55 East 52nd Street New York, NY 10055 1959 |
Chief Compliance Officer and Anti-Money Laundering Officer |
Since 2007 |
Chief Compliance Officer of the BlackRock-advised funds
since
2007;
Managing
Director
and
Senior
Counsel
of
BlackRock
since
2005. |
||||||||||||
Janey Ahn 55 East 52nd Street New York, NY 10055 1975 |
Secretary |
Since 2012 |
Director of BlackRock since 2009; Vice President of BlackRock
from
2008
to
2009;
Assistant
Secretary
of
the
Funds
from
2008
to
2012;
Associate
at
Willkie
Farr
&
Gallagher
LLP
from
2006
to
2008. |
||||||||||||
1 Officers of the Funds serve at the pleasure of the Boards. |
|||||||||||||||
2 Ms.
Ackerley
was
President
and
Chief
Executive
Officer
from
2009
to
2011. |
Investment Advisor BlackRock Advisors, LLC Wilmington, DE 19809 Sub-Advisor BlackRock Investment Management, LLC Princeton, NJ 08540 Custodians State Street Bank and Trust Company3 Boston, MA 02110 The Bank of New York Mellon4 New York, NY 10286 |
Transfer Agent Common Shares Computershare Trust Company, N.A. Canton, MA 02021 VRDP Tender and Paying Agent The Bank of New York Mellon New York, NY 10289 VRDP Remarketing Agent Barclays Capital, Inc.3 New York, NY 10019 Citigroup Global Markets Inc.4 New York, NY 10179 |
VRDP Liquidity Providers Barclays Bank PLC3 New York, NY 10019 Citibank, N.A.4 New York, NY 10179 Accounting Agent State Street Bank and Trust Company Boston, MA 02110 Independent Registered Public Accounting Firm Deloitte & Touche LLP Boston, MA 02116 |
Legal Counsel Skadden, Arps, Slate, Meagher & Flom LLP New York, NY 10036 Address of the Funds 100 Bellevue Parkway Wilmington, DE 19809 |
3 | For MNE. |
4 | For MZA, MYC, MYF and MYJ. |
ANNUAL REPORT | JULY 31, 2013 | 63 |
Additional Information |
Proxy Results
Paul L. Audet |
Michael J. Castellano |
Richard E. Cavanagh |
||||||||||||||||||||||||||||||||||||||
|
Votes For |
|
Votes Withheld |
|
Abstain |
|
Votes For |
|
Votes Withheld |
|
Abstain |
|
Votes For |
|
Votes Withheld |
|
Abstain |
|||||||||||||||||||||||
MNE |
3,487,925 | 108,114 | 0 | 3,487,925 | 108,114 | 0 | 3,463,513 | 132,526 | 0 | |||||||||||||||||||||||||||||||
MZA |
4,133,418 | 77,630 | 0 | 4,133,661 | 77,387 | 0 | 4,126,051 | 84,997 | 0 | |||||||||||||||||||||||||||||||
MYC |
17,195,742 | 496,972 | 0 | 17,131,529 | 561,185 | 0 | 17,193,169 | 499,545 | 0 | |||||||||||||||||||||||||||||||
MYF |
11,498,829 | 495,843 | 0 | 11,523,997 | 470,675 | 0 | 11,523,281 | 471,391 | 0 | |||||||||||||||||||||||||||||||
MYJ |
12,530,253 | 191,133 | 0 | 12,517,735 | 203,651 | 0 | 12,515,405 | 205,981 | 0 | |||||||||||||||||||||||||||||||
Frank J. Fabozzi1 |
Kathleen F. Feldstein |
James T. Flynn |
||||||||||||||||||||||||||||||||||||||
|
Votes For |
|
Votes Withheld |
|
Abstain |
|
Votes For |
|
Votes Withheld |
|
Abstain |
|
Votes For |
|
Votes Withheld |
|
Abstain |
|||||||||||||||||||||||
MNE |
296 | 0 | 0 | 3,345,399 | 250,640 | 0 | 3,369,566 | 226,473 | 0 | |||||||||||||||||||||||||||||||
MZA |
373 | 0 | 0 | 4,035,963 | 175,085 | 0 | 4,097,265 | 113,783 | 0 | |||||||||||||||||||||||||||||||
MYC |
1,059 | 0 | 0 | 17,142,995 | 549,719 | 0 | 17,176,686 | 516,028 | 0 | |||||||||||||||||||||||||||||||
MYF |
594 | 0 | 0 | 11,495,059 | 499,613 | 0 | 11,483,088 | 511,584 | 0 | |||||||||||||||||||||||||||||||
MYJ |
1,022 | 0 | 0 | 12,478,158 | 243,228 | 0 | 12,500,594 | 220,792 | 0 | |||||||||||||||||||||||||||||||
Henry Gabbay |
Jerrold B. Harris |
R. Glenn Hubbard |
||||||||||||||||||||||||||||||||||||||
|
Votes For |
|
Votes Withheld |
|
Abstain |
|
Votes For |
|
Votes Withheld |
|
Abstain |
|
Votes For |
|
Votes Withheld |
|
Abstain |
|||||||||||||||||||||||
MNE |
3,487,925 | 108,114 | 0 | 3,378,988 | 217,051 | 0 | 3,463,513 | 132,526 | 0 | |||||||||||||||||||||||||||||||
MZA |
4,131,320 | 79,728 | 0 | 4,129,595 | 81,453 | 0 | 4,132,236 | 78,812 | 0 | |||||||||||||||||||||||||||||||
MYC |
17,170,462 | 522,252 | 0 | 17,126,077 | 566,637 | 0 | 17,200,057 | 492,657 | 0 | |||||||||||||||||||||||||||||||
MYF |
11,515,642 | 479,030 | 0 | 11,479,768 | 514,904 | 0 | 11,496,414 | 498,258 | 0 | |||||||||||||||||||||||||||||||
MYJ |
12,521,497 | 199,889 | 0 | 12,534,015 | 187,371 | 0 | 12,494,061 | 227,325 | 0 | |||||||||||||||||||||||||||||||
W. Carl Kester1 |
Karen P. Robards |
|||||||||||||||||||||||||||||||||||||||
|
Votes For |
|
Votes Withheld |
|
Abstain |
|
Votes For |
|
Votes Withheld |
|
Abstain |
|||||||||||||||||||||||||||||
MNE |
296 | 0 | 0 | 3,487,312 | 108,727 | 0 | ||||||||||||||||||||||||||||||||||
MZA |
373 | 0 | 0 | 4,073,051 | 137,997 | 0 | ||||||||||||||||||||||||||||||||||
MYC |
1,059 | 0 | 0 | 17,144,925 | 547,789 | 0 | ||||||||||||||||||||||||||||||||||
MYF |
594 | 0 | 0 | 11,499,953 | 494,719 | 0 | ||||||||||||||||||||||||||||||||||
MYJ |
1,022 | 0 | 0 | 12,535,520 | 185,866 | 0 |
64 | ANNUAL REPORT | JULY 31, 2013 |
Additional Information (continued) |
Fund Certification
Regulation Regarding Derivatives
Dividend Policy
ANNUAL REPORT | JULY 31, 2013 | 65 |
Additional Information (continued) |
General Information
66 | ANNUAL REPORT | JULY 31, 2013 |
Additional Information (concluded) |
General Information (concluded)
BlackRock Privacy Principles
ANNUAL REPORT | JULY 31, 2013 | 67 |
MY5-7/13-AR |
|
Item 2 – Code of Ethics – The registrant (or the “Fund”) has adopted a code of ethics, as of the end of the period covered by this report, applicable to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. During the period covered by this report, there have been no amendments to or waivers granted under the code of ethics. A copy of the code of ethics is available without charge at www.blackrock.com.
Item 3 – Audit Committee
Financial Expert – The registrant’s board of directors (the “board of directors”), has determined that
(i) the registrant has the following audit committee financial experts serving on its audit committee and (ii) each audit committee
financial expert is independent:
Michael Castellano
Frank J. Fabozzi
James T. Flynn
W. Carl Kester
Karen P. Robards
The registrant’s board of directors has determined that W. Carl Kester and Karen P. Robards qualify as financial experts pursuant to Item 3(c)(4) of Form N-CSR.
Prof. Kester has a thorough
understanding of generally accepted accounting principles, financial statements and internal control over financial reporting as
well as audit committee functions. Prof. Kester has been involved in providing valuation and other financial consulting services
to corporate clients since 1978. Prof. Kester’s financial consulting services present a breadth and level of complexity of
accounting issues that are generally comparable to the breadth and complexity of issues that can reasonably be expected to be raised
by the registrant’s financial statements.
Ms. Robards has a thorough understanding of generally accepted accounting principles, financial statements
and internal control over financial reporting as well as audit committee functions. Ms. Robards has been President of Robards &
Company, a financial advisory firm, since 1987. Ms. Robards was formerly an investment banker for more than 10 years where she
was responsible for evaluating and assessing the performance of companies based on their financial results. Ms. Robards has over
30 years of experience analyzing financial statements. She also is a member of the audit committee of one publicly held company
and a non-profit organization.
Under applicable securities laws, a person determined to be an audit committee financial expert will
not be deemed an “expert” for any purpose, including without limitation for the purposes of Section 11 of the Securities
Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification
as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities greater than the
duties, obligations, and liabilities imposed on such person as a member of the audit committee and board of directors in the absence
of such designation or identification. The designation or identification of a person as an audit committee financial expert does
not affect the duties, obligations, or liability of any other member of the audit committee or board of directors.
2 |
Item 4 – Principal Accountant Fees and Services
The following table presents fees billed by Deloitte & Touche LLP (“D&T”) in each of the last two fiscal years for the services rendered to the Fund:
(a) Audit Fees | (b) Audit-Related Fees1 | (c) Tax Fees2 | (d) All Other Fees3 | |||||
Entity Name | Current Fiscal Year End | Previous Fiscal Year End | Current Fiscal Year End | Previous Fiscal Year End | Current Fiscal Year End | Previous Fiscal Year End | Current Fiscal Year End | Previous Fiscal Year End |
BlackRock MuniYield New Jersey Fund, Inc. | $31,263 | $31,000 | $0 | $0 | $13,100 | $12,600 | $0 | $0 |
The following table presents fees billed by D&T that were required to be approved by the registrant’s audit committee (the “Committee”) for services that relate directly to the operations or financial reporting of the Fund and that are rendered on behalf of BlackRock Advisors, LLC (“Investment Adviser” or “BlackRock”) and entities controlling, controlled by, or under common control with BlackRock (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Fund (“Fund Service Providers”):
Current Fiscal Year End | Previous Fiscal Year End | |
(b) Audit-Related Fees1 | $0 | $0 |
(c) Tax Fees2 | $0 | $0 |
(d) All Other Fees3 | $2,865,000 | $2,970,000 |
1 The nature of the services includes assurance and related services reasonably related to the performance of the audit of financial statements not included in Audit Fees.
2 The nature of the services includes tax compliance, tax advice and tax planning.
3 Aggregate fees borne by
BlackRock in connection with the review of compliance procedures and attestation thereto performed by D&T with respect to all
of the registered closed-end funds and some of the registered open-end funds advised by BlackRock.
(e)(1) Audit Committee Pre-Approval Policies and Procedures:
The Committee has adopted policies and procedures with regard to the pre-approval of services. Audit, audit-related and tax compliance services provided to the registrant on an annual basis require specific pre-approval by the Committee. The Committee also must approve other non-audit services provided to the registrant and those non-audit services provided to the Investment Adviser and Fund Service Providers that relate directly to the operations and the financial reporting of the registrant. Certain of these non-audit services that the Committee believes are (a) consistent with the SEC’s auditor independence rules and (b) routine and recurring services that will not impair the independence of the independent accountants may be approved by the Committee without consideration on a specific case-by-case basis (“general pre-approval”). The term of any general pre-approval is 12 months from the date of the pre-approval, unless the Committee provides for a different period. Tax or other non-audit services provided to the registrant which have a direct impact on the operations or financial reporting of the registrant will only be deemed pre-approved provided that any individual project does not exceed $10,000 attributable to the registrant or $50,000 per project. For this purpose, multiple projects will be aggregated to determine if they exceed the previously mentioned cost levels.
Any proposed services exceeding the pre-approved cost levels will require specific pre-approval by the Committee, as will any other services not subject to general pre-approval (e.g.,
3 |
unanticipated but permissible services). The Committee is informed of
each service approved subject to general pre-approval at the next regularly scheduled in-person board meeting. At this meeting,
an analysis of such services is presented to the Committee for ratification. The Committee may delegate to the Committee Chairman
the authority to approve the provision of and fees for any specific engagement of permitted non-audit services, including services
exceeding pre-approved cost levels. (e)(2) None of the services described in each of Items 4(b) through (d) were approved by the Committee pursuant to the de minimis exception in paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X. (f) Not Applicable (g) The aggregate non-audit fees paid to the accountant for services rendered by the accountant to the registrant, the Investment Adviser and the Fund Service Providers were: |
Entity Name | Current Fiscal Year End | Previous Fiscal Year End |
BlackRock MuniYield New Jersey Fund, Inc. | $13,100 | $12,600 |
Additionally, SSAE 16 Review (Formerly, SAS No. 70) fees for the current and previous fiscal years of $2,865,000 and $2,970,000, respectively, were billed by D&T to the Investment Adviser. |
(h) The Committee has considered and determined that the provision of non-audit services that were rendered to the Investment Adviser, and the Fund Service Providers that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence. |
Item 5 – Audit Committee of Listed Registrants
(a) | The following individuals are members of the registrant’s separately-designated standing
audit committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934 (15 U.S.C. 78c(a)(58)(A)): Michael Castellano |
Frank J. Fabozzi
James T. Flynn
W. Carl Kester
Karen P. Robards
(b) | Not Applicable |
Item 6 – Investments
(a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1 of this
Form.
4 |
(b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.
Item 7 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – The board of directors has delegated the voting of proxies for the Fund’s portfolio securities to the Investment Adviser pursuant to the Investment Adviser’s proxy voting guidelines. Under these guidelines, the Investment Adviser will vote proxies related to Fund securities in the best interests of the Fund and its stockholders. From time to time, a vote may present a conflict between the interests of the Fund’s stockholders, on the one hand, and those of the Investment Adviser, or any affiliated person of the Fund or the Investment Adviser, on the other. In such event, provided that the Investment Adviser’s Equity Investment Policy Oversight Committee, or a sub-committee thereof (the “Oversight Committee”) is aware of the real or potential conflict or material non-routine matter and if the Oversight Committee does not reasonably believe it is able to follow its general voting guidelines (or if the particular proxy matter is not addressed in the guidelines) and vote impartially, the Oversight Committee may retain an independent fiduciary to advise the Oversight Committee on how to vote or to cast votes on behalf of the Investment Adviser’s clients. If the Investment Adviser determines not to retain an independent fiduciary, or does not desire to follow the advice of such independent fiduciary, the Oversight Committee shall determine how to vote the proxy after consulting with the Investment Adviser’s Portfolio Management Group and/or the Investment Adviser’s Legal and Compliance Department and concluding that the vote cast is in its client’s best interest notwithstanding the conflict. A copy of the Fund’s Proxy Voting Policy and Procedures are attached as Exhibit 99.PROXYPOL. Information on how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge, (i) at www.blackrock.com and (ii) on the SEC’s website at http://www.sec.gov.
Item 8 – Portfolio Managers of Closed-End Management Investment Companies – as of July 31, 2013.
(a)(1) | The registrant is managed by a team of investment professionals comprised of Robert Sneeden, Director at BlackRock, Theodore R. Jaeckel, Jr., CFA, Managing Director at BlackRock, and Walter O’Connor, Managing Director at BlackRock. Each is a member of BlackRock’s municipal tax-exempt management group. Each is jointly responsible for the day-to-day management of the registrant’s portfolio, which includes setting the registrant’s overall investment strategy, overseeing the management of the registrant and/or selection of its investments. Messrs. Sneeden, Jaeckel and O’Connor have been members of the registrant’s portfolio management team since 2008, 2006 and 2006, respectively. |
Portfolio Manager | Biography |
Theodore R. Jaeckel, Jr. | Managing Director at BlackRock since 2006; Managing Director of MLIM from 2005 to 2006; Director of MLIM from 1997 to 2005. |
Walter O’Connor | Managing Director of BlackRock since 2006; Managing Director of MLIM from 2003 to 2006; Director of MLIM from 1998 to 2003. |
Robert Sneeden | Director of BlackRock since 2006; Vice President of Merrill Lynch Investment Managers, L.P. (“MLIM”) from 1998 to 2006. |
5 |
(a)(2) | As of July 31, 2013: |
(ii) Number of Other Accounts Managed and Assets by Account Type |
(iii) Number of Other Accounts and Assets for Which Advisory Fee is Performance-Based | |||||
(i) Name of Portfolio Manager |
Other Registered Investment Companies |
Other Pooled Investment Vehicles |
Other Accounts |
Other Registered Investment Companies |
Other Pooled Investment Vehicles |
Other Accounts |
Theodore R. Jaeckel, Jr. | 63 | 0 | 0 | 0 | 0 | 0 |
$23.68 Billion | $0 | $0 | $0 | $0 | $0 | |
Walter O’Connor | 63 | 0 | 0 | 0 | 0 | 0 |
$23.68 Billion | $0 | $0 | $0 | $0 | $0 | |
Robert Sneeden | 11 | 0 | 0 | 0 | 0 | 0 |
$1.74 Billion | $0 | $0 | $0 | $0 | $0 |
(iv) | Potential Material Conflicts of Interest |
BlackRock has built a professional working environment, firm-wide compliance culture and compliance procedures and systems designed to protect against potential incentives that may favor one account over another. BlackRock has adopted policies and procedures that address the allocation of investment opportunities, execution of portfolio transactions, personal trading by employees and other potential conflicts of interest that are designed to ensure that all client accounts are treated equitably over time. Nevertheless, BlackRock furnishes investment management and advisory services to numerous clients in addition to the Fund, and BlackRock may, consistent with applicable law, make investment recommendations to other clients or accounts (including accounts which are hedge funds or have performance or higher fees paid to BlackRock, or in which portfolio managers have a personal interest in the receipt of such fees), which may be the same as or different from those made to the Fund. In addition, BlackRock, Inc., its affiliates and significant shareholders and any officer, director, shareholder or employee may or may not have an interest in the securities whose purchase and sale BlackRock recommends to the Fund. BlackRock, Inc., or any of its affiliates or significant shareholders, or any officer, director, shareholder, employee or any member of their families may take different actions than those recommended to the Fund by BlackRock with respect to the same securities. Moreover, BlackRock may refrain from rendering any advice or services concerning securities of companies of which any of BlackRock, Inc.’s (or its affiliates’ or significant shareholders’) officers, directors or employees are directors or officers, or companies as to which BlackRock, Inc. or any of its affiliates or significant shareholders or the officers, directors and employees of any of them has any substantial economic interest or possesses material non-public information. Certain portfolio managers also may manage accounts whose investment strategies may at times be opposed to the strategy utilized for a fund. It should also be noted that a portfolio manager may be managing certain hedge fund and/or long only accounts, or may be part of a team managing certain hedge fund and/or long only accounts, subject to incentive fees. Such portfolio managers may therefore be entitled to receive a portion of any incentive fees earned on such accounts. Currently, the portfolio managers of the Fund are not entitled to receive a portion of incentive fees of other accounts.
As a fiduciary, BlackRock owes a duty of loyalty to its clients and must treat each client fairly. When BlackRock purchases or sells securities for more than one account, the trades must be allocated in a manner consistent with its fiduciary duties. BlackRock attempts to allocate investments in a fair and equitable manner among client accounts, with no account
6 |
receiving preferential treatment. To this end, BlackRock, Inc. has adopted policies that are intended to ensure reasonable efficiency in client transactions and provide BlackRock with sufficient flexibility to allocate investments in a manner that is consistent with the particular investment discipline and client base, as appropriate.
(a)(3) | As of July 31, 2013: |
Portfolio Manager Compensation Overview
BlackRock’s financial arrangements with its portfolio managers, its competitive compensation and its career path emphasis at all levels reflect the value senior management places on key resources. Compensation may include a variety of components and may vary from year to year based on a number of factors. The principal components of compensation include a base salary, a performance-based discretionary bonus, participation in various benefits programs and one or more of the incentive compensation programs established by BlackRock.
Base Compensation.
Generally, portfolio managers receive base compensation based on their position with BlackRock, Inc.
Discretionary Incentive Compensation.
Discretionary incentive compensation is a function of several components: the performance of BlackRock, Inc., the performance of the portfolio manager’s group within BlackRock, the investment performance, including risk-adjusted returns, of the firm’s assets under management or supervision by that portfolio manager relative to predetermined benchmarks, and the individual’s performance and contribution to the overall performance of these portfolios and BlackRock. In most cases, these benchmarks are the same as the benchmark or benchmarks against which the performance of the Fund or other accounts managed by the portfolio managers are measured. Among other things, BlackRock’s Chief Investment Officers make a subjective determination with respect to each portfolio manager’s compensation based on the performance of the funds and other accounts managed by each portfolio manager relative to the various benchmarks. Performance of fixed income funds is measured on a pre-tax and/or after-tax basis over various time periods including 1-, 3- and 5- year periods, as applicable. With respect to these portfolio managers, such benchmarks for the Fund and other accounts are:
Portfolio Manager | Benchmark |
Theodore R. Jaeckel, Jr. | A combination of peer based fund classifications or subsets thereof (e.g., Lipper Intermediate Debt Funds classification, Lipper NJ Municipal Debt Funds classification, Lipper Closed-End General Bond Fund classification, subset of Lipper Closed-End High Quality/Insured Muni Debt Leveraged Fund classification, subset of Lipper Closed-End Other Single State High Quality/Insured Muni Fund classification). |
Walter O’Connor
|
A combination of market-based indices (e.g., Barclays Capital Muni Bond Index, Standard & Poor's Municipal Bond Index), certain customized indices and certain fund industry peer groups. |
Robert Sneeden | A combination of peer based fund classifications or subsets thereof (e.g., a subset of Lipper High Quality/Insured Muni Debt Leveraged Fund classification, a subset of Lipper Closed-End General & Ins. Muni Debt (Leveraged) Fund classification, a subset of Lipper Closed-End Other States Municipal Debt Funds, a subset of Lipper Closed-End New Jersey Municipal Debt Funds). |
7 |
Distribution of Discretionary Incentive Compensation
Discretionary incentive compensation is distributed to portfolio managers in a combination of cash and BlackRock, Inc. restricted stock units which vest ratably over a number of years. For some portfolio managers, discretionary incentive compensation is also distributed in deferred cash awards that notionally track the returns of select BlackRock investment products they manage and that vest ratably over a number of years. The BlackRock, Inc. restricted stock units, upon vesting, will be settled in BlackRock, Inc. common stock. Typically, the cash portion of the discretionary incentive compensation, when combined with base salary, represents more than 60% of total compensation for the portfolio managers. Paying a portion of discretionary incentive compensation in BlackRock stock puts compensation earned by a portfolio manager for a given year “at risk” based on BlackRock’s ability to sustain and improve its performance over future periods. Providing a portion of discretionary incentive compensation in deferred cash awards that notionally track the BlackRock investment products they manage provides direct alignment with investment product results.
Long-Term Incentive Plan Awards — From time to time long-term incentive equity awards are granted to certain key employees to aid in retention, align their interests with long-term shareholder interests and motivate performance. Equity awards are generally granted in the form of BlackRock, Inc. restricted stock units that, once vested, settle in BlackRock, Inc. common stock. Messrs. Jaeckel and O’Connor have unvested long-term incentive awards.
Deferred Compensation Program — A portion of the compensation paid to eligible United States-based BlackRock employees may be voluntarily deferred at their election for defined periods of time into an account that tracks the performance of certain of the firm’s investment products. Any portfolio manager who is either a managing director or director at BlackRock is eligible to participate in the deferred compensation program.
Other Compensation Benefits. In addition to base compensation and discretionary incentive compensation, portfolio managers may be eligible to receive or participate in one or more of the following:
Incentive Savings Plans — BlackRock, Inc. has created a variety of incentive savings plans in which BlackRock, Inc. employees are eligible to participate, including a 401(k) plan, the BlackRock Retirement Savings Plan (RSP), and the BlackRock Employee Stock Purchase Plan (ESPP). The employer contribution components of the RSP include a company match equal to 50% of the first 8% of eligible pay contributed to the plan capped at $5,000 per year, and a company retirement contribution equal to 3-5% of eligible compensation up to the Internal Revenue Service limit ($255,000 for 2013). The RSP offers a range of investment options, including registered investment companies and collective investment funds managed by the firm. BlackRock, Inc. contributions follow the investment direction set by participants for their own
8 |
contributions or, absent participant investment direction, are invested into a target date fund that corresponds to, or is closest to, the year in which the participant attains age 65. The ESPP allows for investment in BlackRock, Inc. common stock at a 5% discount on the fair market value of the stock on the purchase date. Annual participation in the ESPP is limited to the purchase of 1,000 shares of common stock or a dollar value of $25,000 based on its fair market value on the Purchase Date. All of the eligible portfolio managers are eligible to participate in these plans.
(a)(4) | Beneficial Ownership of Securities – As of July 31, 2013. |
Portfolio Manager | Dollar Range of Equity Securities of the Fund Beneficially Owned |
Theodore R. Jaeckel, Jr. | None |
Walter O’Connor | None |
Robert Sneeden | None |
(b) Not Applicable |
Item 9 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable due to no such purchases during the period covered by this report.
Item 10 – Submission of Matters to a Vote of Security Holders – There have been no material changes to these procedures.
Item 11 – Controls and Procedures
(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.
(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 second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12 – Exhibits attached hereto
(a)(1) – Code of Ethics – See Item 2 |
(a)(2) – Certifications – Attached hereto |
(a)(3) – Not Applicable
(b) – Certifications – Attached hereto
9 |
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: October 2, 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: October 2, 2013
By: | /s/ Neal J. Andrews | |
Neal J. Andrews | ||
Chief Financial Officer (principal financial officer) of | ||
BlackRock MuniYield New Jersey Fund, Inc. |
Date: October 2, 2013
10 |