Book of 5 -- Converted by SEC Publisher, created by BCL Technologies Inc., for SEC Filing

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 811-06499

Name of Fund: BlackRock MuniYield California Fund, Inc. (MYC)

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: Donald C. Burke, Chief Executive Officer, BlackRock
MuniYield California Fund, Inc., 800 Scudders Mill Road, Plainsboro, NJ, 08536. Mailing
address: P.O. Box 9011, Princeton, NJ, 08543-9011

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

Date of fiscal year end: 07/31/2008

Date of reporting period: 11/01/2007 – 07/31/2008

Item 1 – Report to Stockholders



EQUITIES FIXED INCOME REAL ESTATE LIQUIDITY ALTERNATIVES BLACKROCK SOLUTIONS

Annual Report

JULY 31, 2008

BlackRock Muni New York Intermediate Duration Fund, Inc. (MNE)

BlackRock MuniYield Arizona Fund, Inc. (MZA)

BlackRock MuniYield California Fund, Inc. (MYC)

BlackRock MuniYield Florida Fund (MYF)

BlackRock MuniYield New Jersey Fund, Inc. (MYJ)

NOT FDIC INSURED
MAY LOSE VALUE
NO BANK GUARANTEE


Table of Contents     

 
 
    Page 

 
 
A Letter to Shareholders    3 
Annual Report:     
Fund Summaries    4 
The Benefits and Risks of Leveraging    9 
Swap Agreements    9 
Financial Statements:     
       Schedules of Investments    10 
       Statements of Assets and Liabilities    28 
       Statements of Operations    30 
       Statements of Changes in Net Assets    33 
Financial Highlights    38 
Notes to Financial Statements    43 
Report of Independent Registered Public Accounting Firm    52 
Important Tax Information    53 
Disclosure of Investment Advisory Agreement and Subadvisory Agreement    54 
Automatic Dividend Reinvestment Plan    58 
Officers and Directors or Trustees    59 
Additional Information    62 

2 ANNUAL REPORT

JULY 31, 2008


A Letter to Shareholders

Dear Shareholder

For more than a year, investors have been besieged by a weak housing market, the bursting of the credit bubble that has

troubled the financial sector, and surging food and oil prices, which have stoked inflation concerns. Healthy nonfinancial

corporate profits and robust exporting activity remained among the few bright spots, helping the economy to grow at a

modest, but still positive, pace.

The Federal Reserve Board (the “Fed”) has been aggressive in its attempts to stimulate economic growth and stabilize

financial markets. In addition to slashing the target federal funds rate 325 basis points (3.25%) between September

2007 and April 2008, the central bank introduced the new Term Securities Lending Facility, granted broker-dealers access

to the discount window and used its own balance sheet to help negotiate the sale of Bear Stearns. However, the end of

the period saw a pause in Fed action; the central bank held the target rate steady at 2.0% as it attempted to balance

weak growth and inflationary pressures.

The Fed’s bold response to the financial crisis helped mitigate credit stress and investor anxiety, albeit temporarily.

U.S. equity markets sank sharply over the reporting period, notwithstanding a brief rally in the spring and another in

mid-summer, and international markets followed suit.

Treasury securities also traded in a volatile fashion, but generally rallied (yields fell as prices correspondingly rose), as

the broader flight-to-quality theme persisted. The yield on 10-year Treasury issues, which fell to 3.34% in March, climbed

to the 4.20% range in mid-June as investors temporarily shifted out of Treasury issues in favor of riskier assets (such as

stocks and other high-quality fixed income sectors), then reversed course and declined to 3.99% by period-end when

credit fears re-emerged. Meanwhile, tax-exempt issues underperformed their taxable counterparts, as problems among

municipal bond insurers and the failure in the market for auction rate securities continued to pressure the group.

Overall, the major benchmark indexes generated results that reflected heightened risk aversion:

Total Returns as of July 31, 2008    6-month    12-month 

 
 
U.S. equities (S&P 500 Index)    (7.08)%    (11.09)% 

 
 
Small cap U.S. equities (Russell 2000 Index)    0.86    (6.71) 

 
 
International equities (MSCI Europe, Australasia, Far East Index)    (5.04)    (12.19) 

 
 
Fixed income (Lehman Brothers U.S. Aggregate Index)    (0.63)    6.15 

 
 
Tax-exempt fixed income (Lehman Brothers Municipal Bond Index)    (0.85)    2.83 

 
 
High yield bonds (Lehman Brothers U.S. Corporate High Yield 2% Issuer Capped Index)    (0.80)    0.52 

 
 

  Past performance is no guarantee of future results. Index performance shown for illustrative purposes only. You cannot invest directly
in an index.

Shortly before this shareholder report mailing, the investment landscape was dramatically altered as the ongoing

credit crisis intensified, resulting in a widespread breakdown in the financial services sector and unprecedented govern-

ment intervention. Through periods of market turbulence, as ever, BlackRock's full resources are dedicated to the

management of our clients’ assets. For our most current views on the economy and financial markets, we invite you

to visit www.blackrock.com/funds. As always, we thank you for entrusting BlackRock with your investment assets, and

we look forward to continuing to serve you in the months and years ahead.


THIS PAGE NOT PART OF YOUR FUND REPORT

3


Fund Summary as of July 31, 2008

BlackRock Muni New York Intermediate Duration Fund, Inc.

Investment Objective

BlackRock Muni New York Intermediate Duration Fund, Inc. (MNE) (the “Fund”) seeks to provide shareholders with high current income exempt from fed-
eral income taxes and New York State and New York City personal income taxes by investing primarily in a portfolio of municipal obligations, the interest
on which, in the opinion of bond counsel to the issuer, is exempt from federal income taxes and New York State and New York City personal income taxes.

Performance

For the 12 months ended July 31, 2008, the Fund returned (5.61)% based on market price and (3.58)% based on net asset value (“NAV”). For the same
period, the closed-end Lipper Intermediate Municipal Debt Funds category posted an average return of 0.55% on a NAV basis. All returns reflect reinvest-
ment of dividends. Detracting from the Fund’s yearly performance was its below-average distribution rate. Our desire to improve income to the Fund led
to significantly more investments in longer-dated issues, which proved more volatile as risk spreads increased and the municipal yield curve steepened.

In addition, the Fund’s lower-quality holdings hampered results due to credit spread widening and the lack of liquidity. Looking ahead, we believe the
Fund is well positioned to benefit from a recovering high yield market, a reversion to historical valuations versus U.S. Treasury issues and a continued
slowing economy.

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    MNE 
Initital Offering Date    August 1, 2003 
Yield on Closing Market Price as of July 31, 2008 ($12.12)1    5.25% 
Tax Equivalent Yield2    8.08% 
Current Monthly Distribution per Common Share3    $0.053 
Current Annualized Distribution per Common Share3    $0.636 
Leverage as of July 31, 20084    35% 

 

 

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 federal tax rate of 35%.
3 The distribution is not constant and is subject to change.
4 As a percentage of total managed assets, which is the total assets of the Fund (including any assets attributable to Auction Market Preferred
Shares (“Preferred Shares”) and tender option bond trusts (“TOBs”)) minus the sum of accrued liabilities.

The table below summarizes the changes in the Fund’s market price and net asset value per share:

    7/31/08    5/31/08    Change    High    Low 

 
 
 
 
 
Market Price    $12.12    $12.81    (5.39)%    $12.81    $11.86 
Net Asset Value    $13.51    $14.05    (3.84)%    $14.11    $13.47 

 
 
 
 
 

The following unaudited charts show the portfolio composition and credit quality allocations of the Fund’s long-term investments:

     Portfolio Composition         

 
 
Sector    7/31/08    5/31/08 

 
 
City/County/State       23%    25% 
Hospital    18    17 
Education    17    16 
Housing    13    13 
Transportation    12    12 
Power    10    9 
Industrial & Pollution Control    3    4 
Tobacco    2    2 
Water & Sewer    2    2 

 
 

     Credit Quality Allocations5         

 
 
Credit Rating    7/31/08    5/31/08 

 
 
AAA/Aaa    6%    20% 
AA/Aa    43    29 
A/A    21    17 
BBB/Baa    15    20 
BB/Ba    9    7 
CCC/Caa    2    2 
Not Rated    46    5 

 
 

  5 Using the higher of Standard & Poor’s (S&P’s) or Moody’s
Investors Service (Moody’s) ratings.
6 The investment advisor has deemed certain of these non-rated
securities to be investment grade quality. As of July 31, 2008,
the market value of these securities was $1,927,760 represent-
ing 2% of the Fund's long-term investments.

4 ANNUAL REPORT

JULY 31, 2008


Fund Summary as of July 31, 2008

BlackRock MuniYield Arizona Fund, Inc.

Investment Objective

BlackRock MuniYield Arizona Fund, Inc. (MZA) (the “Fund”) seeks to provide shareholders with as high a level of current income exempt from federal and
Arizona income taxes as is consistent with its investment policies and prudent investment management by investing primarily in a portfolio of long-term,
investment grade municipal obligations the interest on which, in the opinion of bond counsel to the issuers, is exempt from federal and Arizona income taxes.

Performance

For the 12 months ended July 31, 2008, the Fund returned 7.31% based on market price and (3.14)% based on NAV. For the same period, the closed-end
Lipper Other States Municipal Debt Funds category posted an average return of (1.16)% on a NAV basis. All returns reflect reinvestment of dividends. The
Fund benefited from its above-average yield, but performance was negatively impacted by two factors: above-average exposure to the longer end of the yield
curve, which underperformed as rates increased at the longer end of the yield curve more than in the shorter end; and, above-average exposure to lower-rated
credits and other spread sectors (e.g., housing), which underperformed amid dramatic credit spread widening over the annual 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 American Stock Exchange    MZA 
    Initital Offering Date    October 29, 1993 
    Yield on Closing Market Price as of July 31, 2008 ($13.94)1    4.91% 
    Tax Equivalent Yield2    7.55% 
    Current Monthly Distribution per Common Share3    $0.057 
    Current Annualized Distribution per Common Share3    $0.684 
    Leverage as of July 31, 20084    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 federal tax rate of 35%.
3 The distribution is not constant and is subject to change.
4 As a percentage of total managed assets, which is the total assets of the Fund (including any assets attributable to Preferred Shares and
TOBs) minus the sum of accrued liabilities.

The table below summarizes the changes in the Fund’s market price and net asset value per share:

    7/31/08    10/31/07    Change    High    Low 

 
 
 
 
 
Market Price    $13.94    $13.66    2.05%    $15.65    $12.27 
Net Asset Value    $12.81    $13.96    (8.24)%    $14.01    $12.41 

 
 
 
 
 

The following unaudited charts show the portfolio composition and credit quality allocations of the Fund’s long-term investments:

     Portfolio Composition         

 
 
Sector    7/31/08    10/31/07 

 
 
Education    25%    29% 
City, County & State    19    21 
Hospital    12    13 
Housing    11    10 
Lease Revenue    9    7 
Power    8    6 
Water & Sewer    7    4 
Tax Revenue    3    3 
Transportation    3    3 
Industrial & Pollution Control    3    4 

 
 

     Credit Quality Allocations5         

 
 
Credit Rating    7/31/08    10/31/07 

 
 
AAA/Aaa    11%    49% 
AA/Aa    36    9 
A/A    27    17 
BBB/Baa    20    19 
BB/Ba    1    2 
B/B    1     
Not Rated6    4    4 

 
 

5 Using the higher of S&P’s or Moody’s ratings.
6 The investment advisor has deemed certain of these non-rated
securities to be of investment grade quality. As of July 31, 2008
and October 31, 2007, the market value of these securities was
$2,300,385 representing 2% and $1,004,490 representing 1%,
respectively, of the Fund's long-term investments.

ANNUAL REPORT

JULY 31, 2008

5


Fund Summary as of July 31, 2008

BlackRock MuniYield California Fund, Inc.

Investment Objective

BlackRock MuniYield California Fund, Inc. (MYC) (the “Fund”) seeks to provide shareholders with as high a level of current income exempt from federal
and California income taxes as is consistent with its investment policies and prudent investment management by investing primarily in a portfolio of long-
term municipal obligations the interest on which, in the opinion of bond counsel to the issuers, is exempt from federal and California income taxes.

Performance

For the 12 months ended July 31, 2008, the Fund returned 3.26% based on market price and (1.74)% based on NAV. For the same period, the
closed-end Lipper California Municipal Debt Funds category posted an average return of (2.54)% on a NAV basis. All returns reflect reinvestment of
dividends. A neutral duration posture and a relatively higher cash equivalent reserve position versus its Lipper peers provided the Fund’s NAV some
cushion against volatility from widening credit spreads and rising long-term investment rates. Management’s strategy is to balance total return by
opportunistically improving current yield. Higher absolute rates could be in the offering should credit-related concerns and higher issuance weigh on
the market next year. Management would expect to use an improvement in valuation to extend duration.


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    MYC 
Initital Offering Date    February 28, 1992 
Yield on Closing Market Price as of July 31, 2008 ($13.07)1    5.05% 
Tax Equivalent Yield2    7.77% 
Current Monthly Distribution per Common Share3    $0.055 
Current Annualized Distribution per Common Share3    $0.660 
Leverage as of July 31, 20084    42% 

 

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 federal tax rate of 35%.
3 The distribution is not constant and is subject to change.
4 As a percentage of total managed assets, which is the total assets of the Fund (including any assets attributable to Preferred Shares and
TOBs) minus the sum of accrued liabilities.

The table below summarizes the changes in the Fund’s market price and net asset value per share:

    7/31/08    10/31/07    Change    High    Low 

 
 
 
 
 
Market Price    $13.07    $13.25    (1.36)%    $14.00    $12.33 
Net Asset Value    $13.71    $14.60    (6.10)%    $14.85    $13.18 

 
 
 
 
 

The following unaudited charts show the portfolio composition and credit quality allocations of the Fund’s long-term investments:

     Portfolio Composition                 Credit Quality Allocations5         

 
 
 
 
 
Sector    7/31/08    10/31/07    Credit Rating    7/31/08    10/31/07 

 
 
 
 
 
City, County & State    23%    18%    AAA/Aaa       43%    79% 
Education    18    15    AA/Aa    39    3 
Lease Revenue    12    12    A/A    14    12 
Water & Sewer    11    12    BBB/Baa    4    6 
Hospital    9    9    5 Using the higher of S&P’s or Moody’s ratings.     
Tax Revenue    8    11             
Power    7    8             
Transportation    4    6             
Housing    4    2             
Industrial & Pollution Control    2    4             
Resource Recovery    2    2             
Tobacco        1             

 
 
           

6 ANNUAL REPORT

JULY 31, 2008


Fund Summary as of July 31, 2008

BlackRock MuniYield Florida Fund

Investment Objective

BlackRock MuniYield Florida Fund (MYF) (the “Fund”) seeks to provide shareholders with as high a level of current income exempt from federal income
taxes as is consistent with its investment policies and prudent investment management by investing primarily in a portfolio of long-term municipal obliga-
tions the interest on which, in the opinion of bond counsel to the issuers, is exempt from federal income taxes and which enables shares of the Fund to be
exempt from Florida intangible personal property taxes.

Performance

For the 12 months ended July 31, 2008, the Fund returned (5.00)% based on market price and (1.70)% based on NAV. For the same period, the closed-
end Lipper Florida Municipal Debt Funds category posted an average return of (1.84)% on a NAV basis. All returns reflect reinvestment of dividends. The
Fund’s significant overweight in pre-refunded bonds in the one- to five-year maturity range aided comparative results, as the yield curve steepened and
short- and intermediate-maturity issues outperformed the rest of the market. Conversely, problems within the monoline insurance industry had a negative
impact on the entire insured municipal market and accordingly, detracted from the Fund’s performance, as well as that of its peers. Exposure to uninsured
hospital bonds and single-family housing bonds also hampered results as these two sectors underperformed over the annual 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 New York Stock Exchange    MYF 
Initital Offering Date    February 28, 1992 
Yield on Closing Market Price as of July 31, 2008 ($11.91)1    5.84% 
Tax Equivalent Yield2    8.98% 
Current Monthly Distribution per Common Share3    $0.058 
Current Annualized Distribution per Common Share3    $0.696 
Leverage as of July 31, 20084    39% 

 

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 federal tax rate of 35%.
3 The distribution is not constant and is subject to change.
4 As a percentage of total managed assets, which is the total assets of the Fund (including any assets attributable to Preferred Shares and
TOBs) minus the sum of accrued liabilities.

The table below summarizes the changes in the Fund’s market price and net asset value per share:

    7/31/08    10/31/07    Change    High    Low 

 
 
 
 
 
Market Price    $11.91    $12.86    (7.39)%    $13.40    $11.86 
Net Asset Value    $13.59    $14.53    (6.47)%    $14.79    $13.26 

 
 
 
 
 

The following unaudited charts show the portfolio composition and credit quality allocations of the Fund’s long-term investments:

     Portfolio Composition         

 
 
Sector    7/31/08    10/31/07 

 
 
Transportation    24%    21% 
Hospital    21    19 
Lease Revenue    14    15 
Water & Sewer    11    10 
City, County & State    11    11 
Tax Revenue    5    8 
Education    5    7 
Housing    4    5 
Industrial & Pollution Control    4    2 
Power    1    2 

 
 

     Credit Quality Allocations5         

 
 
Credit Rating    7/31/08    10/31/07 

 
 
AAA/Aaa    34%    80% 
AA/Aa    34    2 
A/A    16    7 
BBB/Baa    8    9 
Not Rated6    8    2 

 
 

5 Using the higher of S&P’s or Moody’s ratings.
6 The investment advisor has deemed certain of these non-rated
securities to be of investment grade quality. As of July 31, 2008
and October 31, 2007, the market value of these securities was
$13,599,832 representing 5% and $7,574,838 representing
2%, respectively, of the Fund's long-term investments.

ANNUAL REPORT

JULY 31, 2008

7


Fund Summary as of July 31, 2008

BlackRock MuniYield New Jersey Fund, Inc.

Investment Objective

BlackRock MuniYield New Jersey Fund, Inc. (MYJ) (the “Fund”) seeks to provide shareholders with as high a level of current income exempt from
federal and New Jersey income taxes as is consistent with its investment policies and prudent investment management by investing primarily in a
portfolio of long-term, investment grade municipal obligations the interest on which, in the opinion of bond counsel to the issuer, is exempt from federal
income tax and New Jersey personal income taxes.

Performance

For the 12 months ended July 31, 2008, the Fund returned (1.02)% based on market price and (0.81)% based on NAV. For the same period, the closed-
end Lipper New Jersey Municipal Debt Funds category posted an average return of (3.42)% on a NAV basis. All returns reflect reinvestment of dividends.
The Fund’s short duration position benefited performance during a period of rising tax-exempt bond yields. An underweight position in municipal issues
subject to the alternative minimum tax (AMT) also enhanced results, as these issues significantly underperformed over the last year.

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    MYJ 
Initital Offering Date    May 1, 1992 
Yield on Closing Market Price as of July 31, 2008 ($13.52)1    5.15% 
Tax Equivalent Yield2    7.92% 
Current Monthly Distribution per Common Share3    $0.058 
Current Annualized Distribution per Common Share3    $0.696 
Leverage as of July 31, 20084    38% 

 

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 federal tax rate of 35%.
3 The distribution is not constant and is subject to change.
4 As a percentage of total managed assets, which is the total assets of the Fund (including any assets attributable to Preferred Shares
and TOBs) minus the sum of accrued liabilities.

The table below summarizes the changes in the Fund’s market price and net asset value per share:

    7/31/08    11/30/07    Change    High    Low 

 
 
 
 
 
Market Price    $13.52    $13.66    (1.02)%    $14.83    $12.97 
Net Asset Value    $14.36    $15.18    (5.40)%    $15.54    $13.88 

 
 
 
 
 

The following unaudited charts show the portfolio composition and credit quality allocations of the Fund’s long-term investments:

     Portfolio Composition         

 
 
 
Sector    7/31/08    11/30/07 

 
 
Education    20%    18% 
Hospital    19    17 
Transportation    18    17 
City, County & State    12    13 
Industrial & Pollution Control    7    7 
Lease Revenue    6    6 
Housing    5    6 
Water & Sewer    4    7 
Tax Revenue    4    4 
Power    3    2 
Tobacco    2    3 

 
 

     Credit Quality Allocations5         

 
 
 
Credit Rating    7/31/08    11/31/07 

 
 
AAA/Aaa       29%     60% 
AA/Aa    38    12 
A/A    19    12 
BBB/Baa    11    14 
BB/Ba        1 
Not Rated    36    1 

 
 

5 Using the higher of S&P ’s or Moody’s ratings.
6 The investment advisor has deemed certain of these non-rated
securities to be of investment grade quality. As of July 31, 2008,
the market value of these securities was $11,259,091 repre-
senting 2% of the Fund's long-term investments.

8 ANNUAL REPORT

JULY 31, 2008


The Benefits and Risks of Leveraging

BlackRock Muni New York Intermediate Duration Fund, Inc., BlackRock
MuniYield Arizona Fund, Inc., BlackRock MuniYield California Fund,
Inc., BlackRock MuniYield Florida Fund and BlackRock MuniYield New
Jersey Fund, Inc. (each a “Fund” and, collectively, the “Funds”) utilize
leverage to seek to enhance the yield and NAV of their Common
Shares. However, these objectives cannot be achieved in all interest
rate environments.

To leverage, the Funds issue Preferred Shares, which pay dividends at
prevailing short-term interest rates, and invest the proceeds in long-term
municipal bonds. The interest earned on these investments is paid to
Common Shareholders in the form of dividends, and the value of these
portfolio holdings is reflected in the per share net asset value of the
Funds’ Common Shares. However, in order to benefit Common Share-
holders, the yield curve must be positively sloped; that is, short-term
interest rates must be lower than long-term interest rates. At the same
time, a period of generally declining interest rates will benefit Common
Shareholders. If either of these conditions change, then the risks of
leveraging will begin to outweigh the benefits.

To illustrate these concepts, assume a fund’s Common Shares capital-
ization of $100 million and the issuance of Preferred Shares for an
additional $50 million, creating a total value of $150 million available
for investment in long-term municipal bonds. If prevailing short-term
interest rates are approximately 3% and long-term interest rates are
approximately 6%, the yield curve has a strongly positive slope. The fund
pays dividends on the $50 million of Preferred Shares based on the
lower short-term interest rates. At the same time, the fund’s total portfo-
lio of $150 million earns the income based on long-term interest rates.

In this case, the dividends paid to Preferred Shareholders are significantly
lower than the income earned on the fund’s long-term investments,
and therefore the Common Shareholders are the beneficiaries of the
incremental yield. However, if short-term interest rates rise, narrowing
the differential between short-term and long-term interest rates, the
incremental yield pickup on the Common Shares will be reduced or
eliminated completely. At the same time, the market value of the fund’s
Common Shares (that is, its price as listed on the New York Stock
Exchange or the American Stock Exchange) may, as a result, decline.
Furthermore, if long-term interest rates rise, the Common Shares’ NAV

will reflect the full decline in the price of the portfolio’s investments,
since the value of the fund’s Preferred Shares does not fluctuate. In
addition to the decline in NAV, the market value of the fund’s Common
Shares may also decline.

In addition, the Funds may from time to time leverage their assets
through the use of tender option bond (“TOB”) programs. In a typical
TOB program, the Fund transfers one or more municipal bonds to a
TOB trust, which issues short-term variable rate securities to third-party
investors and a residual interest to the Fund. The cash received by the
TOB trust from the issuance of the short-term securities (less transaction
expenses) is paid to the Fund, which invests the cash in additional port-
folio securities. The distribution rate on the short-term securities is reset
periodically (typically every seven days) through a remarketing of the
short-term securities. Any income earned on the bonds in the TOB trust,
net of expenses incurred by the TOB trust, that is not paid to the holders
of the short-term securities is paid to the Fund. In connection with man-
aging the Funds’ assets, the Funds’ investment advisor may at any time
retrieve the bonds out of the TOB trust typically within seven days. TOB
investments generally will provide a Fund with economic benefits in
periods of declining short-term interest rates, but expose the Fund to
risks during periods of rising short-term interest rates similar to those
associated with Preferred Shares issued by the Fund, as described
above. Additionally, fluctuations in the market value of municipal
securities deposited into the TOB trust may adversely affect the Funds’
NAVs per share. (See Note 1 of the Notes to Financial Statements for
details of municipal bonds transferred to TOB trusts.)

Under the Investment Company Act of 1940, the Funds are permitted
to issue Preferred Shares in an amount of up to 50% of their total
managed assets at the time of issuance. Each Fund also anticipates
that its total economic leverage from Preferred Shares and TOBs will
not exceed 50% of its total managed assets. As of July 31, 2008,
BlackRock Muni New York Intermediate Duration Fund, Inc., BlackRock
MuniYield Arizona Fund, Inc., BlackRock MuniYield California Fund,
Inc., BlackRock MuniYield Florida Fund, and BlackRock MuniYield New
Jersey Fund, Inc. had leverage from Preferred Shares and TOBs of 35%,
43%, 42%, 39% and 38% of their total managed assets, respectively.

Swap Agreements

The Funds may invest in swap agreements, which are over-the-counter
contracts in which one party agrees to make periodic payments based
on the change in market value of a specified bond, basket of bonds, or
index in return for periodic payments based on a fixed or variable inter-
est rate or the change in market value of a different bond, basket of
bonds or index. Swap agreements may be used to obtain exposure to a

bond or market without owning or taking physical custody of securities.
Swap agreements involve the risk that the party with whom each Fund
has entered into a swap will default on its obligation to pay the Fund
and the risk that the Fund will not be able to meet its obligation to pay
the other party to the agreement.

ANNUAL REPORT

JULY 31, 2008

9


Schedule of Investments July 31, 2008 BlackRock Muni New York Intermediate Duration Fund, Inc.

(Percentages shown are based on Net Assets)

        Par     
Municipal Bonds        (000)             Value 

 
 
 
 
     New York — 128.1%             

 
 
 
 
Albany, New York, IDA, Civic Facility Revenue             
 Refunding Bonds (Albany College of Pharmacy             
 Project), Series A, 5.25%, 12/01/19    $ 760    $ 745,324 

 
 
Cattaraugus County, New York, IDA, Civic Facility             
 Revenue Bonds (Saint Bonaventure University             
 Project), Series A:             
     4.90%, 5/01/16        695    685,089 
     5%, 5/01/23        500    463,000 

 
 
 
Dutchess County, New York, IDA, Civic Facility             
 Revenue Bonds (Saint Francis Hospital):             
     Series A-1, 5%, 8/01/22        750    759,765 
     Series B, 7.25%, 3/01/19        410    431,062 

 
 
 
Erie County, New York, IDA, Life Care Community             
 Revenue Bonds (Episcopal Church Home), Series A,         
 5.875%, 2/01/18        2,000    1,927,760 

 
 
 
Genesee County, New York, IDA, Civic Facility Revenue         
 Refunding Bonds (United Memorial Medical Center         
 Project), 4.75%, 12/01/14        445    411,367 

 
 
 
Long Island Power Authority, New York, Electric             
 System Revenue Refunding Bonds, Series D,             
 5%, 9/01/25 (a)        5,000    5,006,350 

 
 
 
Metropolitan Transportation Authority, New York,             
 Revenue Refunding Bonds, Series A,             
 5%, 11/15/25 (b)        3,500    3,455,865 

 
 
 
Metropolitan Transportation Authority, New York,             
 Transportation Revenue Refunding Bonds, Series F,         
 5%, 11/15/35        500    490,470 

 
 
 
New York City, New York, City Housing Development             
 Corporation, M/F Housing Revenue Bonds, AMT:             
     Series B-1, 5.05%, 11/01/22        750    722,632 
     Series J-2, 4.75%, 11/01/27        1,000    872,600 

 
 
 
New York City, New York, City Housing Development             
 Corporation, Presidential Revenue Bonds (The             
 Animal Medical Center), Series A, 5.50%, 12/01/33    1,615    1,629,277 

 
 
New York City, New York, City IDA, Civic Facility Revenue         
 Bonds (PSCH Inc. Project), 6.20%, 7/01/20        1,415    1,377,446 

 
 
 
New York City, New York, City IDA, PILOT Revenue Bonds:         
     (Queens Baseball Stadium Project),             
     5%, 1/01/31 (c)        2,000    1,929,380 
     (Yankee Stadium Project), 5%, 3/01/31 (b)        1,000    965,830 

 
 
 

        Par     
Municipal Bonds        (000)           Value 

 
 
 
 
     New York (continued)             

 
 
 
 
New York City, New York, City IDA, Special Facility             
 Revenue Bonds AMT:             
     (1990 American Airlines Inc. Project),             
     5.40%, 7/01/20    $ 1,500    $ 675,525 
     (British Airways Plc Project),             
     7.625%, 12/01/32        1,000    820,820 
     (Continental Airlines Inc. Project),             
     8.375%, 11/01/16        1,000    928,350 
New York City, New York City IDA, Special             
 Facility Revenue Refunding Bonds,             
 (Terminal One Group Association Project),             
 5.50%, 1/01/24        1,000    981,620 

 
 
 
New York City, New York, City Transitional Finance             
 Authority, Building Aid Revenue Bonds, Series S-1,         
 5%, 7/15/24 (b)        1,000    1,017,220 

 
 
 
New York City, New York, City Transitional Finance             
 Authority, Building Aid Revenue Refunding Bonds,             
 Series S-1, 5%, 1/15/34        1,000    999,690 

 
 
 
New York City, New York, GO:             
     Series D1, 5.125%, 12/01/23        1,500    1,555,665 
     Series J, 5.50%, 6/01/13 (d)        2,710    3,025,119 
     Series J, 5.25%, 5/15/18 (a)        1,500    1,603,140 
     Series J, 5.50%, 6/01/21        290    303,427 
     Sub-Series F-1, 5%, 9/01/22 (e)        1,000    1,021,480 
     Sub-Series F-1, 5%, 9/01/26        1,775    1,801,359 

 
 
 
New York City, New York, IDA, Civic Facility Revenue             
 Bonds (Lycee Francais de New York Project),             
 Series A, 5.50%, 6/01/15 (f)        500    500,530 

 
 
 
New York City, New York, IDA, Civic Facility Revenue             
 Refunding Bonds (Polytechnic University),             
 4.70%, 11/01/22 (f)        1,000    880,580 

 
 
 
New York City, New York, Trust for Cultural Resources             
 Revenue Bonds (Museum of American Folk Art),             
 6.125%, 7/01/30 (f)        500    467,720 

 
 
 
New York State Dormitory Authority, Non-State             
 Supported Debt, Lease Revenue Bonds (Municipal         
 Health Facilities Improvement Program),             
 Sub-Series 2-4, 5%, 1/15/27        600    598,554 

 
 
 
New York State Dormitory Authority, Non-State             
 Supported Debt Revenue Bonds (New York University         
 Hospitals Center), Series B, 5.25%, 7/01/24        500    483,230 

 
 
 
New York State Dormitory Authority, Non-State             
 Supported Debt Revenue Bonds (Saint Johns             
 University), Series A, 5%, 7/01/27 (a)        850    841,763 

 
 
 

     Portfolio Abbreviations                 

 
 
 
 
 
To simplify the listings of portfolio holdings in each    AMT    Alternative Minimum Tax (subject to)    IDA    Industrial Development Authority 
Fund’s Schedule of Investments, the names of many    CABS    Capital Appreciation Bonds    IDR    Industrial Development Revenue Bonds 
of the securities have been abbreviated according to    COP    Certificates of Participation    M/F    Multi Family 
the list on the right.    DRIVERS    Derivative Inverse Tax-Exempt Receipts    PCR    Pollution Control Revenue Bonds 
    EDA    Economic Development Authority    PILOT    Payment in lieu of taxes 
    EDR    Economic Development Revenue Bonds    S/F    Single-Family 
    GO    General Obligation Bonds    VRDN    Variable Rate Demand Notes 
    HFA    Housing Finance Agency         
 
See Notes to Financial Statements.                 
   
 
 
 

10 ANNUAL REPORT

JULY 31, 2008


Schedule of Investments (continued) BlackRock Muni New York Intermediate Duration Fund, Inc.

(Percentages shown are based on Net Assets)

        Par     
Municipal Bonds        (000)    Value 

 
 
 
 
     New York (continued)             

 
 
 
 
New York State Dormitory Authority, Non-State             
 Supported Debt, Revenue Refunding Bonds:             
     (Mount Sinai-NYU Medical Center Health System),         
     Series A, 6.50%, 7/01/10 (d)    $ 330    $ 358,340 
     (Mount Sinai-NYU Medical Center Health System),         
     Series A, 6.625%, 7/01/10 (d)        660    718,219 
     (Mount Sinai-NYU Medical Center Health System),         
     Series A, 6.625%, 7/01/18        340    351,730 
     (New York University Hospital Center), Series A,         
     5%, 7/01/16        1,130    1,102,564 

 
 
 
New York State Dormitory Authority, Revenue             
 Refunding Bonds:             
     (Lenox Hill Hospital Obligation Group),             
     5.75%, 7/01/17        1,305    1,314,683 
     (State University Educational Facilities),             
     Series A, 5.50%, 5/15/13        1,000    1,077,880 

 
 
 
New York State Dormitory Authority, State Personal             
 Income Tax Revenue Bonds (Education), Series F,         
 5%, 3/15/30        1,790    1,814,058 

 
 
 
New York State Dormitory Authority Revenue Bonds:         
     (North Shore — Long Island Jewish Health             
     System), 5%, 5/01/13        1,500    1,594,230 
     (Winthrop S. Nassau University), 5.50%, 7/01/11    1,735    1,810,282 

 
 
New York State Dormitory Authority, Supported Debt         
 Revenue Refunding Bonds (Department of Health),         
 Series A, 5%, 7/01/25 (g)        1,500    1,517,415 

 
 
 
New York State Energy Research and Development         
 Authority, Gas Facilities Revenue Refunding Bonds         
 (Brooklyn Union Gas Company/Keyspan), AMT,             
 Series A, 4.70%, 2/01/24 (b)        2,000    1,834,160 

 
 
 
New York State, HFA, M/F Housing Revenue Bonds             
 (Kensico Terrace Apartments), AMT, Series A,             
 4.75%, 8/15/26        1,185    1,043,298 

 
 
 
New York State Mortgage Agency Homeowner             
 Mortgage Revenue Bonds, AMT:             
     Series 130, 4.75%, 10/01/30        2,500    2,114,025 
     Series 143, 4.85%, 10/01/27        500    442,060 

 
 
 
New York State Municipal Bond Bank Agency,             
 Special School Purpose Revenue Bonds, Series C,         
 5.25%, 12/01/18        2,000    2,115,080 

 
 
 
New York State Mortgage Agency, Homeowner             
 Mortgage Revenue Refunding Bonds, AMT:             
     Series 133, 4.95%, 10/01/21        1,000    949,770 
     Series 137, 4.70%, 10/01/31        1,000    828,760 
     Series 140, 4.65%, 10/01/26        500    431,570 

 
 
 
New York State Thruway Authority, Second General             
 Highway and Bridge Trust Fund Revenue Bonds,             
 Series A, 5%, 4/01/22 (c)        1,000    1,035,990 

 
 
 
New York State Urban Development Corporation             
 Revenue Bonds, Subordinate Lien, Corporation             
 Purpose, Series A, 5.125%, 7/01/19        2,000    2,090,620 

 
 
 
Saratoga County, New York, IDA, Civic Facility             
 Revenue Bonds (The Saratoga Hospital Project)             
 Series B, 5%, 12/01/22        500    476,825 

 
 
 

        Par     
Municipal Bonds        (000)             Value 

 
 
 
 
     New York (concluded)             

 
 
 
 
Saratoga County, New York, IDA, Civic Facility             
 Revenue Refunding Bonds (The Saratoga Hospital             
 Project), Series A (h):             
     4.375%, 12/01/13    $ 365    $ 362,616 
     4.50%, 12/01/14        380    377,192 
     4.50%, 12/01/15        395    387,795 

 
 
 
Schenectady, New York, IDA, Civic Facility Revenue             
 Refunding Bonds (Union College Project),             
 5%, 7/01/26        1,000    1,020,930 

 
 
 
Suffolk County, New York, IDA, Continuing Care and             
 Retirement, Revenue Refunding Bonds (Jeffersons             
 Ferry Project), 4.625%, 11/01/16        800    768,624 

 
 
 
Tobacco Settlement Financing Corporation of New             
 York Revenue Bonds, Series C-1, 5.50%, 6/01/22        1,000    1,034,160 

 
 
 
Tompkins County, New York, IDA, Care Community             
 Revenue Refunding Bonds (Kendal at Ithaca),             
 Series A-2:             
     5.75%, 7/01/18        250    250,100 
     6%, 7/01/24        1,000    1,000,310 

 
 
 
Triborough Bridge and Tunnel Authority, New York,             
 Revenue Bonds, Series A, 5%, 11/15/31        1,000    1,010,750 

 
 
 
Westchester County, New York, IDA, Civic Facility             
 Revenue Bonds (Special Needs Facilities Pooled             
 Program), Series D-1, 6.80%, 7/01/19        515    503,927 

 
 
 
Yonkers, New York, IDA, Revenue Bonds (Sacred             
 Heart Associates, LP Project), AMT, Series A,             
 4.80%, 10/01/26        750    692,872 
           
            72,809,844 

 
 
 
 
 
     Guam — 3.4%             

 
 
 
 
A.B. Won Guam International Airport Authority,             
 General Revenue Refunding Bonds, AMT, Series C,             
 5.25%, 10/01/22 (a)        1,000    962,220 

 
 
 
Guam Government Waterworks Authority, Water and             
 Wastewater System, Revenue Refunding Bonds,             
 6%, 7/01/25        1,000    984,710 
           
            1,946,930 

 
 
 
 
     Puerto Rico — 12.3%             

 
 
 
 
Children’s Trust Fund Project of Puerto Rico,             
 Tobacco Settlement Revenue Refunding Bonds,             
 5.375%, 5/15/33        950    873,810 

 
 
 
Puerto Rico Commonwealth Aqueduct and Sewer             
 Authority, Senior Lien Revenue Bonds, Series A,             
 5%, 7/01/25 (i)        500    503,870 

 
 
 
Puerto Rico Commonwealth Highway and             
 Transportation Authority, Subordinate             
 Transportation Revenue Bonds, 5.75%, 7/01/21 (b)    2,000    2,055,800 

 
 
Puerto Rico Commonwealth, Public Improvement,             
 GO, Series A:             
     5.25%, 7/01/16 (d)        615    690,645 
     5.25%, 7/01/30        385    378,586 

 
 
 

See Notes to Financial Statements.

ANNUAL REPORT

JULY 31, 2008

11


Schedule of Investments (concluded) BlackRock Muni New York Intermediate Duration Fund, Inc.

(Percentages shown are based on Net Assets)

        Par     
Municipal Bonds        (000)    Value 

 
 
 
     Puerto Rico (concluded)             

 
 
 
Puerto Rico Electric Power Authority, Power Revenue         
 Bonds, Series WW, 5.50%, 7/01/38    $ 1,000    $ 1,019,090 

 
 
Puerto Rico Industrial, Tourist, Educational, Medical         
 and Environmental Control Facilities Revenue Bonds         
 (University Plaza Project), Series A, 5%, 7/01/33 (a)    500    484,740 

 
 
Puerto Rico Municipal Finance Agency, GO, Series A,         
 5.25%, 8/01/25        1,000    990,030 
           
            6,996,571 

 
 
 
 
     U.S. Virgin Islands — 3.3%             

 
 
 
Virgin Islands Government Refinery Facilities, Revenue         
 Refunding Bonds (Hovensa Coker Project), AMT,             
 6.50%, 7/01/21        500    504,535 

 
 
 
Virgin Islands Public Finance Authority, Refinery             
 Facilities Revenue Bonds (Hovensa Refinery),             
 AMT, 4.70%, 7/01/22        500    414,580 

 
 
 
Virgin Islands Public Finance Authority, Senior Lien             
 Revenue Bonds (Matching Fund Loan Note),             
 Series A, 5.25%, 10/01/24        1,000    966,100 
           
            1,885,215 

 
 
 
Total Municipal Bonds — 147.1%            83,638,560 

 
 
 
Municipal Bonds Transferred to             
Tender Option Bond Trusts (j)             

 
 
 
     New York — 3.4%             

 
 
 
Erie County, New York, IDA, School Facility Revenue         
 Bonds (City of Buffalo Project), 5.75%, 5/01/24 (k)    1,839    1,910,254 

 
 
Total Municipal Bonds Transferred to Tender Option         
Bond Trusts — 3.4%            1,910,254 

 
 
 
Total Long-Term Investments (Cost — $87,788,652) — 150.5%    85,548,814 

 
 
Short-Term Securities        Shares     

 
 
 
CMA New York Municipal Money Fund, 1.61% (l)(m)    1,519,359    1,519,359 

 
 
Total Short-Term Securities             
(Cost — $1,519,359) — 2.7%            1,519,359 

 
 
 
Total Investments (Cost — $89,308,011*) — 153.2%        87,068,173 
Other Assets Less Liabilities — 1.4%            780,311 
Liability for Trust Certificates, Including             
   Interest Expense and Fees Payable — (2.4)%            (1,379,353) 
Preferred Shares, at Redemption Value — (52.2)%        (29,639,136) 
       
Net Assets Applicable to Common Shares — 100.0%        $ 56,829,995 
   
 

  * The cost and unrealized appreciation (depreciation) of investments as of July 31,
2008, as computed for federal income tax purposes, were as follows:

(a) MBIA Insured.
(b) FGIC Insured.
(c) AMBAC Insured.
(d) U.S. government securities, held in escrow, are used to pay interest on this
security as well as to retire the bond in full at the date indicated, typically at a
premium to par.
(e) XL Capital Insured.
(f) ACA Insured.
(g) CIFG Insured.
(h) Radian Insured.
(i) Assured Guaranty Insured.
(j) Securities represent bonds transferred to a tender option bond trust in
exchange for which the Fund acquired residual interest certificates. These
securities serve as collateral in a financing transaction. See Note 1 of the
Notes to Financial Statements for details of municipal bonds transferred to
tender option bond trusts.
(k) FSA Insured.
(l) Investments in companies considered to be an affiliate of the Fund, for purposes
of Section 2(a)(3) of the Investment Company Act of 1940, were as follows:

    Net     
Affiliate    Activity    Income 
 
CMA New York Municipal Money Fund    (796,536)    $18,503 

 
 

(m) Represents the current yield as of report date.
Effective June 1,2008,the Fund adopted Financial Accounting Standards
Board Statement of Financial Accounting Standards No. 157, “Fair Value
Measurements” (“FAS 157”). FAS 157 clarifies the definition of fair value, estab-
lishes a framework for measuring fair values and requires additional disclosures
about the use of fair value measurements. Various inputs are used in determining
the fair value of investments, which are as follows:
Level 1 — price quotations in active markets/exchanges for identical
securities
Level 2 — other observable inputs (including,but not limited to: quoted prices
for similar assets or liabilities in markets that are not active, inputs other than
quoted prices that are observable for the assets or liabilities (such as interest
rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks,
and default rates) or other market-corroborated inputs
Level 3 — unobservable inputs based on the best information available in the
circumstance, to the extent observable inputs are not available (including the
Fund's own assumption used in determining the fair value of investments)

The inputs or methodology used for valuing securities are not necessarily
an indication of the risk associated with investing in those securities. For
information about the Fund’s policy regarding valuation of investments and
other significant accounting policies, please refer to Note 1 of the Notes to
Financial Statements.

The following table summarizes the inputs used as of July 31, 2008 in deter-
mining the fair valuation of the Fund’s investments:

Aggregate cost    $ 87,851,715 
   
Gross unrealized appreciation    $ 876,244 
Gross unrealized depreciation    (3,038,887) 
   
Net unrealized depreciation    $ (2,162,643) 
   

Valuation    Investments in 
Inputs    Securities 

 
Level 1    $ 1,519,359 
Level 2    85,548,814 
Level 3     

 
Total    $87,068,173 
   

See Notes to Financial Statements.

12 ANNUAL REPORT

JULY 31, 2008


Schedule of Investments July 31, 2008 BlackRock MuniYield Arizona Fund, Inc.

(Percentages shown are based on Net Assets)

    Par     
Municipal Bonds    (000)    Value 

 
 
 
     Arizona — 129.4%         

 
 
 
Arizona Educational Loan Marketing Corporation,         
 Educational Loan Revenue Refunding Bonds, AMT,         
 Junior Sub-Series, 6.30%, 12/01/08    $ 1,000    $ 1,005,600 

 
 
Arizona Health Facilities Authority Revenue Bonds,         
 Series A:         
     (Banner Health System), 5%, 1/01/25    1,000    997,740 
     (Catholic Healthcare West), 6.625%, 7/01/20    1,435    1,561,294 

 
 
Arizona Student Loan Acquisition Authority, Student         
 Loan Revenue Refunding Bonds, AMT:         
     Junior Subordinated Series B-1, 6.15%, 5/01/29    3,285    3,154,618 
     Senior-Series A-1, 5.90%, 5/01/24    1,000    1,014,450 

 
 
Arizona Tourism and Sports Authority, Tax Revenue         
 Bonds (Baseball Training Facilities Project),         
 5%, 7/01/16    1,000    996,730 

 
 
Downtown Phoenix Hotel Corporation, Arizona,         
 Revenue Bonds (a):         
     Senior Series A, 5%, 7/01/36    1,500    1,250,310 
     Sub-Series B, 5%, 7/01/36    1,500    1,385,520 

 
 
Gila County, Arizona, Unified School District         
 Number 10 (Payson), GO (School Improvement         
 Project of 2006), Series A, 1%, 7/01/27 (b)(c)    1,000    979,220 

 
 
Gilbert, Arizona, Water Resource Municipal Property         
 Corporation, Water System Development Fee and         
 Utility Revenue Bonds, Subordinated Lien,         
 5%, 10/01/29 (d)    1,000    984,530 

 
 
Gladden Farms Community Facilities District, Arizona,         
 GO, 5.50%, 7/15/31    750    640,567 

 
 
Greater Arizona Development Authority, Infrastructure         
 Revenue Bonds, Series B, 5%, 8/01/30 (d)    2,000    1,965,940 

 
 
Maricopa County and Phoenix, Arizona, IDA,         
 S/F Mortgage Revenue Refunding Bonds, AMT,         
 Series A-1, 5.75%, 5/01/40 (e)(f)    1,490    1,474,668 

 
 
Maricopa County, Arizona, IDA, Education Revenue         
 Bonds (Arizona Charter Schools Project 1),         
 Series A, 6.625%, 7/01/20    900    803,124 

 
 
Maricopa County, Arizona, IDA, Health Facilities         
 Revenue Refunding Bonds (Catholic Healthcare         
 West Project), Series A, 5.50%, 7/01/26    2,000    1,966,360 

 
 
Maricopa County, Arizona, IDA, Hospital Facility         
 Revenue Refunding Bonds (Samaritan Health         
 Services), Series A, 7%, 12/01/16 (d)(g)    2,400    2,883,672 

 
 
Maricopa County, Arizona, IDA, S/F Mortgage Revenue         
 Bonds, AMT, Series 3-B, 5.25%, 8/01/38 (e)(f)    1,879    1,766,079 

 
 
Maricopa County, Arizona, Peoria Unified School         
 District Number 11, GO, Second Series,         
 5%, 7/01/25 (a)    1,000    1,006,930 

 
 
Maricopa County, Arizona, Tempe Elementary         
 Unified School District Number 3, GO, Refunding,         
 7.50%, 7/01/10 (a)    500    544,675 

 
 
Maricopa County, Arizona, Unified School District         
 Number 090, School Improvement, GO (Saddle         
 Mountain), Series A, 5%, 7/01/14    1,000    1,030,770 

 
 

    Par     
Municipal Bonds    (000)             Value 

 
 
 
     Arizona (continued)         

 
 
 
Mesa, Arizona, IDA Revenue Bonds (Discovery Health         
 Systems), Series A, 5.625%, 1/01/10 (d)(h)    $ 1,000    $ 1,055,600 

 
 
Phoenix and Pima County, Arizona, IDA, S/F Mortgage         
 Revenue Bonds, AMT, Series 1A, 5.65%, 7/01/39 (f)    971    940,418 

 
 
Phoenix and Pima County, Arizona, IDA, S/F Mortgage         
 Revenue Refunding Bonds, AMT, Series 2007-1,         
 5.25%, 8/01/38 (e)(f)    1,931    1,901,854 

 
 
Phoenix, Arizona, Civic Improvement Corporation,         
 Excise Tax Revenue Bonds (Civic Plaza Expansion         
 Project), Sub-Series A, 5%, 7/01/35 (a)    3,325    3,262,157 

 
 
Phoenix, Arizona, Civic Improvement Corporation,         
 Senior Lien Airport Revenue Bonds, AMT, Series A,         
 5%, 7/01/33    1,000    985,940 

 
 
Phoenix, Arizona, Civic Improvement Corporation,         
 Senior Lien Airport Revenue Bonds, AMT, Series B,         
 5.25%, 7/01/32 (a)    600    555,378 

 
 
Phoenix, Arizona, Civic Improvement Corporation,         
 Water System Revenue Refunding Bonds, Junior         
 Lien, 5.50%, 7/01/20 (a)    2,500    2,641,100 

 
 
Phoenix, Arizona, IDA, S/F Mortgage Revenue Bonds,         
 AMT, Series 2007-2, 5.50%, 8/01/38 (e)(f)    1,909    1,897,265 

 
 
Pima County, Arizona, IDA, Education Revenue Bonds:         
     (American Charter Schools Foundation),         
     Series A, 5.625%, 7/01/38    500    439,920 
     (Arizona Charter Schools Project), Series C,         
     6.70%, 7/01/21    735    745,047 
     (Arizona Charter Schools Project), Series C,         
     6.75%, 7/01/31    985    989,817 

 
 
Pima County, Arizona, IDA, Education Revenue         
 Refunding Bonds:         
     (Arizona Charter Schools Project), Series O,         
     5%, 7/01/26    1,000    840,670 
     (Arizona Charter Schools Project II), Series A,         
     6.75%, 7/01/21    575    583,585 

 
 
Pima County, Arizona, Unified School District Number 1         
 (Tucson), GO, Refunding, 7.50%, 7/01/09 (a)    3,050    3,196,857 

 
 
Pima County, Arizona, Unified School District Number 1         
 (Tucson), GO, Series C, 5%, 7/01/27 (a)    1,000    981,960 

 
 
Pinal County, Arizona, COP:         
     5%, 12/01/26    1,250    1,213,400 
     5%, 12/01/29    1,250    1,197,713 

 
 
Pinal County, Arizona, IDA, Wastewater Revenue         
 Bonds (San Manuel Facilities Project), AMT,         
 6.25%, 6/01/26    500    483,790 

 
 
Queen Creek Improvement District Number 001,         
 Arizona, Special Assessment Bonds, 5%, 1/01/32    2,000    1,775,300 

 
 
Salt River Project, Arizona, Agriculture Improvement         
 and Power District, Electric System Revenue Bonds,         
 Series A, 5%, 1/01/24    1,000    1,042,680 

 
 
Salt River Project, Arizona, Agriculture Improvement         
 and Power District, Electric System Revenue         
 Refunding Bonds, Series A, 5%, 1/01/35    1,500    1,517,535 

 
 

See Notes to Financial Statements.

ANNUAL REPORT

JULY 31, 2008

13


Schedule of Investments (continued) BlackRock MuniYield Arizona Fund, Inc.

(Percentages shown are based on Net Assets)

    Par     
Municipal Bonds    (000)    Value 

 
 
 
     Arizona (concluded)         

 
 
 
Salt Verde Financial Corporation, Arizona, Senior Gas         
 Revenue Bonds, 5%, 12/01/37    $ 2,750    $ 2,287,010 

 
 
Scottsdale, Arizona, IDA, Hospital Revenue Bonds         
 (Scottsdale Healthcare), 5.80%, 12/01/11 (h)    2,250    2,478,735 

 
 
Scottsdale, Arizona, IDA, Hospital Revenue         
 Refunding Bonds (Scottsdale Healthcare),         
 Series A, 5.25%, 9/01/30    1,000    958,350 

 
 
Surprise Municipal Property Corporation, Arizona,         
 Wastewater Development Impact Fee Revenue         
 Bonds, 4.90%, 4/01/32    1,500    1,294,785 

 
 
Tucson and Pima County, Arizona, IDA, S/F Mortgage         
 Revenue Refunding Bonds, AMT, Series B,         
 5.35%, 6/01/47 (e)(f)    1,000    923,720 

 
 
Tucson, Arizona, IDA, Joint S/F Mortgage         
 Revenue Refunding Bonds, AMT, Series A-1,         
 5.10%, 7/01/38 (e)(f)    995    973,777 

 
 
Tucson, Arizona, IDA, Senior Living Facilities         
 Revenue Bonds (Christian Care Tucson Inc.         
 Project), Series A, 6.125%, 7/01/10 (h)(i)    1,000    1,080,670 

 
 
University of Arizona, COP, Refunding, Series A,         
 5.125%, 6/01/29 (b)    1,105    1,114,061 

 
 
University of Arizona, COP, Series B, 5%, 6/01/28 (b)    2,000    2,008,380 

 
 
Vistancia Community Facilities District, Arizona, GO:         
     6.75%, 7/15/22    1,275    1,312,243 
     5.75%, 7/15/24    750    728,648 

 
 
Yavapai County, Arizona, IDA, Hospital Facility         
 Revenue Bonds (Yavapai Regional Medical         
 Center), Series A, 6%, 8/01/33    2,000    1,987,200 

 
 
Yavapai County, Arizona, IDA, Solid Waste Disposal         
 Revenue Bonds (Waste Management Inc. Project),         
 AMT, Series A-1, 4.90%, 3/01/28    1,000    784,520 

 
 
Yuma County, Arizona, Library District, GO,         
 5%, 7/01/26 (j)    1,775    1,744,009 
       
        75,336,891 

 
 
 
 
     Guam — 1.7%         

 
 
 
Guam Government Waterworks Authority, Water and         
 Wastewater System, Revenue Refunding Bonds,         
 5.875%, 7/01/35    1,000    952,510 

 
 
 
 
     Puerto Rico — 23.0%         

 
 
 
Puerto Rico Commonwealth Aqueduct and Sewer         
 Authority, Senior Lien Revenue Bonds, Series A,         
 6%, 7/01/44 (i)    2,280    2,380,297 

 
 
Puerto Rico Commonwealth Highway and         
 Transportation Authority, Highway Revenue         
 Refunding Bonds, Series CC, 5.50%, 7/01/31    1,000    1,011,690 

 
 

        Par     
Municipal Bonds        (000)    Value 

 
 
 
 
     Puerto Rico (concluded)             

 
 
 
 
Puerto Rico Commonwealth Highway and             
 Transportation Authority, Transportation Revenue             
 Bonds, Series G, 5%, 7/01/33    $ 560    $ 530,958 

 
 
Puerto Rico Commonwealth, Public Improvement, GO:             
     5.75%, 7/01/10 (d)(h)        1,000    1,061,400 
     Series A, 5.125%, 7/01/31        2,000    1,935,740 

 
 
 
Puerto Rico Electric Power Authority, Power Revenue             
 Bonds:             
     Series TT, 5%, 7/01/37        1,000    962,980 
     Series WW, 5.375%, 7/01/24        1,000    1,017,260 

 
 
 
Puerto Rico Industrial, Tourist, Educational, Medical             
 and Environmental Control Facilities Revenue             
 Bonds (Cogeneration Facility-AES Puerto Rico             
 Project), AMT, 6.625%, 6/01/26        1,500    1,523,940 

 
 
 
Puerto Rico Public Buildings Authority, Government             
 Facilities Revenue Bonds, Series I (k):             
     5.25%, 7/01/14 (h)        35    37,916 
     5.25%, 7/01/33        1,965    1,930,082 

 
 
 
Puerto Rico Public Buildings Authority, Government             
 Facilities Revenue Refunding Bonds, Series N,             
 5.50%, 7/01/27 (k)        1,000    1,010,480 
           
            13,402,743 

 
 
 
Total Municipal Bonds — 154.1%            89,692,144 

 
 
 
 
Municipal Bonds Transferred to             
Tender Option Bond Trusts (l)             

 
 
 
 
     Arizona — 16.2%             

 
 
 
 
Arizona State University Revenue Bonds,             
 5.50%, 7/01/12 (a)(h)        8,670    9,495,297 

 
 
 
Total Municipal Bonds Transferred to Tender Option             
Bond Trusts — 16.2%            9,495,297 

 
 
 
Total Long-Term Investments             
(Cost — $101,148,843) — 170.3%            99,187,441 

 
 
 
 
 
 
 
Short-Term Securities        Shares     

 
 
 
CMA Arizona Municipal Money Fund, 1.61% (m)(n)    3,173,346    3,173,346 

 
 
Total Short-Term Securities             
(Cost — $3,173,346) — 5.5%            3,173,346 

 
 
 
Total Investments (Cost — $104,322,189*) — 175.8%        102,360,787 
Other Assets Less Liabilities — 0.9%            512,492 
Liability for Trust Certificates, Including Interest             
   Expense and Fees Payable — (7.5)%            (4,344,310) 
Preferred Shares, at Redemption Value — (69.2)%            (40,311,089) 
           
Net Assets Applicable to Common Shares — 100.0%            $ 58,217,880 
           

See Notes to Financial Statements.

14 ANNUAL REPORT

JULY 31, 2008


Schedule of Investments (concluded) BlackRock MuniYield Arizona Fund, Inc.

* The cost and unrealized appreciation (depreciation) of investments as of
July 31, 2008, as computed for federal income tax purposes, were as follows:

Aggregate cost    $ 100,208,644 
   
Gross unrealized appreciation    $ 1,745,998 
Gross unrealized depreciation    (3,928,855) 
   
Net unrealized depreciation    $ (2,182,857) 
   

(a) FGIC Insured.
(b) AMBAC Insured.
(c) Represents a step bond.
(d) MBIA Insured.
(e) FHLMC Collateralized.
(f) FNMA/GNMA Collateralized.
(g) Security is collateralized by Municipal or U.S. Treasury Obligations.
(h) U.S. government securities, held in escrow, are used to pay interest on this
security as well as to retire the bond in full at the date indicated, typically at a
premium to par.
(i) Radian Insured.
(j) XL Capital Insured.
(k) Commonwealth Guaranteed.
(l) Securities represent bonds transferred to a tender option bond trust in
exchange for which the Fund acquired residual interest certificates. These
securities serve as collateral in a financing transaction. See Note 1 of the
Notes to Financial Statements for details of municipal bonds transferred to
tender option bond trusts.
(m) Investments in companies considered to be an affiliate of the Fund, for purposes
of Section 2(a)(3) of the Investment Company Act of 1940, were as follows:

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

    Net     
Affiliate    Activity    Income 

 
 
 
CMA Arizona Municipal Money Fund    2,522,068    $23,820 

 
 

  See Notes to Financial Statements.

ANNUAL REPORT

JULY 31, 2008

15


Schedule of Investments July 31, 2008 BlackRock MuniYield California Fund, Inc.

(Percentages shown are based on Net Assets)

    Par     
Municipal Bonds    (000)    Value 

 
 
 
     California — 115.3%         

 
 
 
ABAG Finance Authority for Nonprofit Corporations,         
 California, Revenue Refunding Bonds (Redwood         
 Senior Homes and Services), 6%, 11/15/22    $ 1,730    $ 1,766,088 

 
 
Arcata, California, Joint Powers Financing Authority,         
 Tax Allocation Revenue Refunding Bonds         
 (Community Development Project Loan), Series A,         
 6%, 8/01/23 (a)    2,630    2,635,760 

 
 
California HFA, Home Mortgage Revenue Bonds,         
 VRDN, AMT, Series P, 7%, 2/01/27 (b)(c)    10,000    10,000,000 

 
 
California Health Facilities Financing Authority         
 Revenue Bonds:         
     (Kaiser Permanente), Series A,         
     5.50%, 6/01/22 (d)(e)    10,000    10,219,600 
     (Sutter Health), Series A, 5.25%, 11/15/46    10,000    9,668,100 

 
 
California Infrastructure and Economic Development         
 Bank Revenue Bonds (J. David Gladstone Institute         
 Project), 5.50%, 10/01/22    4,990    5,097,485 

 
 
California Pollution Control Financing Authority, Solid         
 Waste Disposal Revenue Bonds, AMT:         
     (Republic Services Inc. Project), Series B,         
     5.25%, 6/01/23    2,700    2,489,427 
     (Waste Management Inc. Project), Series A-2,         
     5.40%, 4/01/25    3,000    2,608,980 

 
 
California Pollution Control Financing Authority, Solid         
 Waste Disposal Revenue Refunding Bonds, AMT:         
     (Republic Services Inc. Project), Series C,         
     5.25%, 6/01/23    2,000    1,844,020 
     (Waste Management Inc. Project), Series B,         
     5%, 7/01/27    4,500    3,650,940 

 
 
California Rural Home Mortgage Finance Authority,         
 S/F Mortgage Revenue Bonds (Mortgage-Backed         
 Securities Program), AMT:         
     Series A, 5.40%, 12/01/36 (f)(g)    1,855    1,812,094 
     Series B, 6.15%, 6/01/20 (g)    30    30,814 
     Sub-Series FH-1, 5.50%, 8/01/47    415    379,364 

 
 
California State Department of Water Resources,         
 Water System Revenue Refunding Bonds (Central         
 Valley Project), Series AE, 5%, 12/01/28    6,000    6,159,060 

 
 
California State Enterprise Authority, Sewer Facility         
 Revenue Bonds (Anheuser-Busch Project), AMT,         
 5.30%, 9/01/47    2,500    2,205,325 

 
 
California State, GO:         
     5.125%, 4/01/25    5,000    5,049,800 
     5.50%, 4/01/30    5    5,107 

 
 
California State, GO, Refunding, 5.75%, 5/01/30    450    469,571 

 
 

    Par     
Municipal Bonds    (000)    Value 

 
 
 
     California (continued)         

 
 
 
California State, GO, Refunding (Veterans), AMT,         
 Series BJ, 5.70%, 12/01/32    $ 2,785    $ 2,784,749 

 
 
California State Public Works Board, Lease Revenue         
 Bonds:         
     (California State University), Series C,         
     5.40%, 10/01/22 (c)    2,000    2,043,040 
     (Department of Corrections), Series C,         
     5.50%, 6/01/23    5,000    5,184,050 
     (Department of Health Services), Series A,         
     5.75%, 11/01/09 (c)(h)    4,000    4,233,520 

 
 
California State, Various Purpose, GO,         
 5.50%, 11/01/33    6,850    6,964,737 

 
 
California Statewide Communities Development         
 Authority, COP (John Muir/Mount Diablo Health         
 System), 5.125%, 8/15/22 (c)    5,250    5,372,115 

 
 
California Statewide Communities Development         
 Authority, Health Facility Revenue Bonds (Memorial         
 Health Services), Series A:         
     6%, 10/01/23    3,270    3,372,809 
     5.50%, 10/01/33    3,000    2,955,540 

 
 
California Statewide Communities Development         
 Authority Revenue Bonds:         
     (Catholic Healthcare West), Series D,         
     5.50%, 7/01/31    5,000    4,866,450 
     (Daughters of Charity National Health System),         
     Series A, 5.25%, 7/01/30    3,665    3,378,140 

 
 
California Statewide Communities Development         
 Authority, Revenue Refunding Bonds:         
     (Kaiser Hospital Asset Management, Inc.),         
     Series C, 5.25%, 8/01/31    6,975    6,749,010 
     (Kaiser Permanente), Series A, 5%, 4/01/31    3,500    3,274,565 

 
 
California Statewide Communities Development         
 Authority, Water Revenue Bonds (Pooled Financing         
 Program), Series C, 5.25%, 10/01/28 (e)    2,380    2,426,148 

 
 
Chino Basin, California, Desalter Authority, Revenue         
 Refunding Bonds, Series A, 5%, 6/01/35 (i)    5,280    5,165,160 

 
 
Chino Basin, California, Regional Financing Authority,         
 Revenue Refunding Bonds (Inland Empire Utility         
 Agency), Series A, 5%, 11/01/33 (a)    2,015    1,953,039 

 
 
Chula Vista, California, IDR (San Diego Gas and         
 Electric Company), AMT, Series D, 5%, 12/01/27 (a)    1,500    1,363,110 

 
 
Cucamonga, California, County Water District, COP,         
 5.125%, 9/01/35 (j)    3,750    3,656,025 

 
 
El Monte, California, Unified School District, GO         
 (Election of 2002), Series C, 5.25%, 6/01/32 (e)    10,120    10,416,921 

 
 

See Notes to Financial Statements.

16 ANNUAL REPORT

JULY 31, 2008


Schedule of Investments (continued) BlackRock MuniYield California Fund, Inc.

(Percentages shown are based on Net Assets)

    Par     
Municipal Bonds    (000)    Value 

 
 
 
     California (continued)         

 
 
 
Etiwanda School District, California, Public Financing         
 Authority, Local Agency Revenue Refunding Bonds,         
 5%, 9/15/32 (i)    $ 2,200    $ 2,113,496 

 
 
Fontana Unified School District, California, GO,         
 Series A, 5.25%, 8/01/28 (e)    7,000    7,191,870 

 
 
La Quinta, California, Financing Authority,         
 Local Agency Revenue Bonds, Series A,         
 5.125%, 9/01/34 (a)    6,020    5,938,730 

 
 
Long Beach, California, Harbor Revenue Bonds, AMT,         
 Series A, 5.25%, 5/15/23 (j)    5,195    5,133,595 

 
 
Los Angeles, California, COP (Sonnenblick Del Rio         
 West Los Angeles), 6.20%, 11/01/31 (a)    2,000    2,120,800 

 
 
Los Angeles, California, Wastewater System Revenue         
 Refunding Bonds, Sub-Series A, 5%, 6/01/27 (c)    4,500    4,488,795 

 
 
Los Angeles County, California, Metropolitan         
 Transportation Authority, Sales Tax Revenue         
 Refunding Bonds, Proposition A, First Tier         
 Senior-Series A, 5%, 7/01/27 (a)    3,780    3,826,116 

 
 
Los Angeles County, California, Public Works         
 Financing Authority, Lease Revenue Bonds         
 (Multiple Capital Facilities Project VI), Series A,         
 5.625%, 5/01/10 (a)(h)    5,000    5,300,200 

 
 
Los Angeles County, California, Sanitation Districts         
 Financing Authority, Revenue Refunding Bonds         
 (Capital Projects - District Number 14),         
 Sub-Series B, 5%, 10/01/30 (j)    2,550    2,447,541 

 
 
Marin, California, Community College District, GO         
 (Election of 2004), Series A, 5%, 8/01/28 (c)    5,885    5,895,358 

 
 
Metropolitan Water District of Southern California,         
 Waterworks Revenue Bonds, Series A:         
     5%, 7/01/30 (e)    1,000    1,015,730 
     5%, 7/01/32    1,240    1,260,472 

 
 
Metropolitan Water District of Southern California,         
 Waterworks Revenue Refunding Bonds, Series B,         
 5%, 7/01/35    2,625    2,655,686 

 
 
Morgan Hill, California, Unified School District, GO,         
 5%, 8/01/26 (d)(j)(k)    7,570    3,047,076 

 
 
Mount Diablo, California, Unified School District, GO         
 (Election of 2002), 5%, 6/01/28 (c)    2,000    2,002,160 

 
 
Murrieta Valley, California, Unified School District,         
 Public Financing Authority, Special Tax Revenue         
 Bonds, Series A, 5.125%, 9/01/26 (i)    6,675    6,631,946 

 
 
Oakland, California, Alameda County Unified School         
 District, GO (Election of 2000), 5%, 8/01/27 (c)    6,240    6,061,162 

 
 

    Par     
Municipal Bonds    (000)    Value 

 
 
 
     California (continued)         

 
 
 
Orange County, California, Sanitation District, COP,         
 5%, 2/01/33 (j)    $ 5,250    $ 5,162,587 

 
 
Oxnard, California, Financing Authority, Wastewater         
 Revenue Bonds (Redwood Trunk Sewer and         
 Headworks Projects), Series A, 5.25%, 6/01/34 (j)    3,000    3,010,230 

 
 
Palm Springs, California, Financing Authority, Lease         
 Revenue Refunding Bonds (Convention Center         
 Project), Series A, 5.50%, 11/01/35 (c)    1,000    1,023,200 

 
 
Pleasant Valley, California, School District, Ventura         
 County, GO, Series C, 5.75%, 8/01/25 (c)(d)    1,750    1,808,362 

 
 
Port of Oakland, California, Revenue Refunding Bonds,         
 AMT, Series L, 5.375%, 11/01/27 (c)(j)    11,615    11,130,306 

 
 
Rancho Cucamonga, California, Redevelopment         
 Agency, Tax Allocation Refunding Bonds (Rancho         
 Redevelopment Project), 5.25%, 9/01/20 (e)    4,315    4,471,635 

 
 
Sacramento, California, Municipal Utility District,         
 Electric Revenue Refunding Bonds, Series L,         
 5.125%, 7/01/22 (c)    5,000    5,011,550 

 
 
Sacramento, California, Municipal Utility District         
 Financing Authority Revenue Bonds (Consumers         
 Project), 5.125%, 7/01/29 (c)    18,500    17,305,270 

 
 
Sacramento County, California, Sanitation District         
 Financing Authority, Revenue Refunding Bonds:         
     (County Sanitation District Number 1),         
     5%, 8/01/35 (c)    5,375    5,327,807 
     Series A, 5.60%, 12/01/17    3,455    3,464,156 

 
 
San Bernardino, California, City Unified         
 School District, GO, Refunding, Series A,         
 5.875%, 8/01/09 (h)(j)    8,000    8,416,080 

 
 
San Bernardino, California, Joint Powers         
 Financing Authority, Lease Revenue Bonds         
 (Department of Transportation Lease), Series A,         
 5.50%, 12/01/20 (c)    3,000    3,006,930 

 
 
San Jose, California, Airport Revenue Bonds,         
 Series D, 5%, 3/01/28 (c)    4,615    4,507,794 

 
 
San Jose, California, Unified School District, Santa         
 Clara County, GO (Election of 2002), Series B,         
 5%, 8/01/29 (j)    1,855    1,840,698 

 
 
San Jose-Evergreen, California, Community College         
 District, Capital Appreciation, GO (Election of         
 2004), Refunding, Series A, 5.12%, 9/01/23 (c)(k)    10,005    4,492,145 

 
 
San Juan, California, Unified School District, GO         
 (Election of 2002), 5%, 8/01/28 (c)    5,000    4,956,350 

 
 

See Notes to Financial Statements.

ANNUAL REPORT

JULY 31, 2008

17


Schedule of Investments (continued) BlackRock MuniYield California Fund, Inc.

(Percentages shown are based on Net Assets)

    Par     
Municipal Bonds    (000)    Value 

 
 
 
     California (concluded)         

 
 
 
Santa Clara, California, Unified School District, GO,         
 5.50%, 7/01/21 (j)    $ 2,020    $ 2,126,212 

 
 
Santa Clarita, California, Community College         
 District, GO (Election 2001), 5%, 8/01/28 (e)    2,170    2,203,288 

 
 
Santa Clara County, California, Housing Authority,         
 M/F Housing Revenue Bonds (John Burns         
 Gardens Apartments Project), AMT, Series A,         
 6%, 8/01/41    3,500    3,494,995 

 
 
Santa Monica, California, Redevelopment Agency,         
 Tax Allocation Bonds (Earthquake Recovery         
 Redevelopment Project), 6%, 7/01/09 (a)(h)    4,000    4,201,160 

 
 
Sequoia, California, Union High School District,         
 GO, Refunding, 5%, 7/01/28 (e)    2,500    2,550,650 

 
 
Shasta-Tehama-Trinity Joint Community College         
 District, California, GO (Election of 2002),         
 Series B, 5.25%, 8/01/24 (e)    1,675    1,756,321 

 
 
South Bayside, California, Waste Management         
 Authority, Waste System Revenue Bonds,         
 5.75%, 3/01/20 (a)    2,265    2,347,627 

 
 
Southern California HFA, S/F Mortgage Revenue         
 Bonds, AMT, Series A, 5.80%, 12/01/49 (f)(g)    2,980    2,953,567 

 
 
Stockton, California, Public Financing Authority,         
 Water Revenue Bonds (Water System         
 Capital Improvement Projects), Series A,         
 5%, 10/01/31 (c)    1,600    1,574,016 

 
 
Taft, California, Public Financing Authority, Lease         
 Revenue Bonds (Community Correctional Facility),         
 Series A, 6.05%, 1/01/17 (c)    3,235    3,480,051 

 
 
Torrance, California, Hospital Revenue Refunding         
 Bonds (Torrance Memorial Medical Center),         
 Series A, 6%, 6/01/22    1,310    1,359,872 

 
 
University of California Revenue Bonds, Series L,         
 5%, 5/15/36    8,500    8,565,535 

 
 
Vacaville, California, Unified School District, GO         
 (Election of 2001), 5%, 8/01/30 (c)    4,745    4,627,561 

 
 
Ventura, California, Unified School District, GO         
 (Election of 1997), Series H, 5.125%, 8/01/34 (e)    1,000    1,004,350 
       
        336,561,701 

 
 
 
 
U.S. Virgin Islands — 1.0%         

 
 
 
Virgin Islands Government Refinery Facilities,         
 Revenue Refunding Bonds (Hovensa Coker Project),         
 AMT, 6.50%, 7/01/21    3,000    3,027,210 

 
 
Total Municipal Bonds — 116.3%        339,588,911 

 
 

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

 
 
 
 
California — 48.8%             

 
 
 
 
Anaheim, California, Public Financing Authority,             
 Electric System Distribution Facilities Revenue Bonds,         
 Series A, 5%, 10/01/31 (e)    $ 9,000    $ 9,022,860 

 
 
California State University, Systemwide Revenue             
 Bonds, Series A, 5%, 11/01/39 (e)        4,843    4,858,210 

 
 
 
Contra Costa County, California, Community College         
 District, GO (Election of 2002), 5%, 8/01/30 (e)    10,210    10,331,295 

 
 
Fremont, California, Unified School District,             
 Alameda County, GO (Election of 2002), Series B,         
 5%, 8/01/30 (e)        4,003    4,045,411 

 
 
 
Grant Joint Union High School District, California, GO         
 (Election of 2006), 5%, 8/01/29 (e)        9,390    9,491,788 

 
 
 
Los Angeles, California, Community College District,         
GO (Election of 2003), Series E, 5%, 8/01/31 (e)    9,998    10,129,858 

 
 
Metropolitan Water District of Southern California,             
 Waterworks Revenue Bonds, Series A, 5%, 7/01/37    20,000    20,228,800 

 
 
Palomar Pomerado Health Care District, California,         
 GO (Election of 2004), Series A, 5.125%, 8/01/37 (c)    18,493    18,645,876 

 
 
Peralta, California, Community College District, GO         
 (Election of 2000), Series D, 5%, 8/01/30 (e)        1,995    2,016,127 

 
 
 
San Diego County, California, Water Authority, Water         
 Revenue Bonds, COP, Series A, 5%, 5/01/31 (e)    5,008    5,018,337 

 
 
San Francisco, California, Bay Area Rapid Transit             
 District, Sales Tax Revenue Refunding Bonds,             
 Series A (c):             
5%, 7/01/30        6,000    6,027,600 
5%, 7/01/34        5,430    5,425,873 

 
 
 
Santa Clara County, California, Financing Authority,         
 Lease Revenue Refunding Bonds, Series L,             
 5.25%, 5/15/36        10,001    10,130,215 

 
 
 
Sonoma County, California, Junior College District, GO         
 (Election 2002), Refunding, Series B, 5%, 8/01/28 (e)    6,875    6,980,539 

 
 
University of California, Limited Project Revenue             
 Bonds, Series B, 5%, 5/15/33 (e)        8,490    8,535,931 

 
 
 
University of California Revenue Bonds, Series L,             
 5%, 5/15/40        11,600    11,664,728 

 
 
 
Total Municipal Bonds Transferred to Tender Option         
Bond Trusts — 48.8%            142,553,448 

 
 
 
Total Long-Term Investments             
(Cost — $492,503,848) — 165.1%            482,142,359 

 
 
 
 
 
 
Short-Term Securities        Shares     

 
 
 
CMA California Municipal Money Fund,             
 1.68% (m)(n)    14,413,257    14,413,257 

 
 
Total Short-Term Securities             
(Cost — $14,413,257) — 5.0%            14,413,257 

 
 
 
Total Investments (Cost — $506,917,105*) — 170.1%        496,555,616 
Other Assets Less Liabilities — 2.1%            6,203,092 
Liability for Trust Certificates, Including Interest             
   Expense and Fees Payable — (28.8)%            (84,174,424) 
Preferred Shares, at Redemption Value — (43.4)%        (126,581,902) 
       
Net Assets Applicable to Common Shares — 100.0%        $292,002,382 
       

See Notes to Financial Statements.

18 ANNUAL REPORT

JULY 31, 2008


Schedule of Investments (concluded) BlackRock MuniYield California Fund, Inc.

  * The cost and unrealized appreciation (depreciation) of investments as of July 31,
2008, as computed for federal income tax purposes, were as follows:

Aggregate cost    $ 422,503,345 
   
Gross unrealized appreciation    $ 3,989,899 
Gross unrealized depreciation    (13,773,689) 
   
Net unrealized depreciation    $ (9,783,790) 
   

(a) AMBAC Insured.
(b) Variable rate security. Rate shown is as of report date. Maturity shown is the
final maturity date.
(c) MBIA Insured.
(d) Security is collateralized by Municipal or U.S. Treasury Obligations.
(e) FSA Insured.
(f) FHLMC Collateralized.
(g) FNMA/GNMA Collateralized.
(h) U.S. government securities, held in escrow, are used to pay interest on this
security as well as to retire the bond in full at the date indicated, typically at a
premium to par.
(i) Assured Guaranty Insured.
(j) FGIC Insured.
(k) Represents a zero-coupon bond. Rate shown is the effective yield at time
of purchase.
(l) Securities represent bonds transferred to tender option bond trust in
exchange for which the Fund acquired residual interest certificates. These
securities serve as collateral in a financing transaction. See Note 1 of the
Notes to Financial Statements for details of municipal bonds transferred to
tender option bond trusts.
(m) Investments in companies considered to be an affiliate of the Fund, for purposes
of Section 2(a)(3) of the Investment Company Act of 1940, were as follows:

    Net     
Affiliate    Activity    Income 

 
 
 
CMA California Municipal Money Fund    6,568,445    $427,620 

 
 

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

  See Notes to Financial Statements.

ANNUAL REPORT

JULY 31, 2008

19


Schedule of Investments July 31, 2008 BlackRock MuniYield Florida Fund

(Percentages shown are based on Net Assets)

    Par     
Municipal Bonds    (000)    Value 

 
 
 
     Florida — 131.8%         

 
 
 
Alachua County, Florida, School Board, COP,         
 5.25%, 7/01/29 (a)    $ 2,100    $ 2,071,062 

 
 
Arbor Greene Community Development District,         
 Florida, Special Assessment Revenue Refunding         
 Bonds, 5%, 5/01/19    1,410    1,354,333 

 
 
Beacon Tradeport Community Development District,         
 Florida, Special Assessment Revenue Refunding         
 Bonds (Commercial Project), Series A,         
 5.625%, 5/01/32 (b)    2,000    1,893,400 

 
 
Brevard County, Florida, Health Facilities Authority,         
 Healthcare Facilities Revenue Bonds (Health         
 First Inc. Project), 5%, 4/01/36    3,000    2,697,630 

 
 
Broward County, Florida, Airport System Revenue         
 Bonds, AMT, Series I, 5.75%, 10/01/18 (a)    2,870    2,914,485 

 
 
Broward County, Florida, Educational Facilities         
 Authority Revenue Bonds (Nova Southeastern         
 University):         
     5%, 4/01/31 (c)    2,750    2,662,852 
     Series B, 5.625%, 4/01/34    1,000    963,780 

 
 
Broward County, Florida, HFA, S/F Mortgage         
 Revenue Refunding Bonds, AMT, Series E,         
 5.90%, 10/01/39 (d)(e)    1,470    1,470,073 

 
 
Broward County, Florida, School Board, COP, Series A,         
 5.25%, 7/01/33 (f)    3,300    3,277,164 

 
 
Citrus County, Florida, Hospital Board Revenue         
 Refunding Bonds (Citrus Memorial Hospital):         
     6.25%, 8/15/23    2,150    2,187,926 
     6.375%, 8/15/32    2,850    2,881,008 

 
 
Collier County, Florida, IDA, IDR, Refunding (Southern         
 States Utilities), AMT, 6.50%, 10/01/25    460    458,252 

 
 
Duval County, Florida, HFA, S/F Mortgage Revenue         
 Refunding Bonds, AMT (e):         
     5.40%, 10/01/21    645    647,238 
     5.85%, 10/01/27 (g)    1,430    1,480,651 

 
 
Escambia County, Florida, Environmental Improvement         
 Revenue Refunding Bonds (International Paper         
 Company Projects), AMT, Series A, 5%, 8/01/26    4,000    3,198,840 

 
 
Florida Housing Finance Corporation, Homeowner         
 Mortgage Revenue Bonds, AMT, Series 1,         
 6%, 7/01/39 (d)(e)    840    828,324 

 
 
Florida Housing Finance Corporation, Homeowner         
 Mortgage Revenue Refunding Bonds, AMT, Series 4,         
 6.25%, 7/01/22 (f)    395    412,649 

 
 
Florida Municipal Loan Council Revenue Bonds (g):         
     Series A-1, 5.125%, 7/01/34    1,580    1,528,239 
     Series B, 5.375%, 11/01/30    4,250    4,241,415 

 
 
Florida State Board of Education, GO (Public         
 Education Capital Outlay), Series J, 5%, 6/01/31    2,500    2,514,900 

 
 
Florida State Governmental Utility Authority,         
 Utility Revenue Bonds (Lehigh Utility System),         
 5.125%, 10/01/33 (a)    1,000    997,820 

 
 
Fort Myers, Florida, Utility System Revenue Refunding         
 Bonds, 5%, 10/01/31 (g)    2,750    2,705,340 

 
 

    Par     
Municipal Bonds    (000)    Value 

 
 
 
     Florida (continued)         

 
 
 
Halifax Hospital Medical Center, Florida, Hospital         
 Revenue Refunding and Improvement Bonds,         
 Series A, 5.25%, 6/01/26    $ 4,500    $ 4,203,135 

 
 
Hillsborough County, Florida, Aviation Authority,         
 Revenue Refunding Bonds, AMT, Series C,         
 5.75%, 10/01/26 (c)    1,000    1,023,880 

 
 
Hillsborough County, Florida, Court Facilities         
 Revenue Bonds, 5.40%, 11/01/12 (a)(h)    1,055    1,157,483 

 
 
Hillsborough County, Florida, IDA, Exempt Facilities         
 Revenue Bonds (National Gypsum Company), AMT:         
     Series A, 7.125%, 4/01/30    2,500    2,361,800 
     Series B, 7.125%, 4/01/30    3,750    3,542,700 

 
 
Hillsborough County, Florida, IDA, Hospital Revenue         
 Bonds (H. Lee Moffitt Cancer Center Project),         
 Series C, 5.50%, 7/01/32    1,000    980,400 

 
 
Hillsborough County, Florida, IDA, PCR, Refunding         
 (Tampa Electric Company Project), Series A,         
 5.65%, 5/15/18    1,450    1,440,401 

 
 
Hillsborough County, Florida, School Board, COP,         
 5%, 7/01/29 (g)    1,500    1,469,445 

 
 
Jacksonville, Florida, Economic Development         
 Commission, Health Care Facilities Revenue         
 Bonds (Mayo Clinic-Jacksonville), Series A,         
 5.50%, 11/15/36 (g)    1,000    1,012,230 

 
 
Jacksonville, Florida, Economic Development         
 Commission, IDR (Metropolitan Parking Solutions         
 Project), AMT (j):         
     5.50%, 10/01/30    1,140    1,034,254 
     5.875%, 6/01/31    2,800    2,806,524 

 
 
Jacksonville, Florida, Excise Taxes Revenue Bonds,         
 Series B, 5.125%, 10/01/32 (k)    1,500    1,474,380 

 
 
Jacksonville, Florida, Guaranteed Entitlement         
 Revenue Refunding and Improvement Bonds,         
 5.25%, 10/01/32 (k)    2,315    2,326,853 

 
 
Jacksonville, Florida, HFA, Homeowner Mortgage         
 Revenue Refunding Bonds, AMT, Series A-1,         
 5.625%, 10/01/39 (d)(e)    1,000    981,930 

 
 
Jacksonville, Florida, Port Authority Revenue Bonds,         
 AMT, 6%, 11/01/38 (c)    3,920    3,987,071 

 
 
Lakeland, Florida, Hospital System Revenue Bonds         
 (Lakeland Regional Health System), Series A,         
 5.50%, 11/15/09 (g)(h)    3,500    3,685,220 

 
 
Lee County, Florida, Capital Revenue Bonds,         
 5.25%, 10/01/23 (a)    1,375    1,415,604 

 
 
Lee County, Florida, HFA, S/F Mortgage Revenue         
 Bonds (Multi-County Program), AMT, Series A-1,         
 7.125%, 3/01/28 (e)    30    30,498 

 
 
Lee County, Florida, IDA, Health Care Facilities,         
 Revenue Refunding Bonds (Shell Point/Alliance         
 Obligor Group), 5%, 11/15/32    1,380    1,117,262 

 
 

See Notes to Financial Statements.

20 ANNUAL REPORT

JULY 31, 2008


Schedule of Investments (continued) BlackRock MuniYield Florida Fund

(Percentages shown are based on Net Assets)

    Par     
Municipal Bonds    (000)    Value 

 
 
 
     Florida (continued)         

 
 
 
Lee Memorial Health System, Florida, Hospital         
 Revenue Bonds, Series A, 5%, 4/01/32 (a)    $ 3,000    $ 2,894,880 

 
 
Leon County, Florida, HFA, S/F Mortgage Revenue         
 Bonds (Multi-County Program), AMT, Series B,         
 7.30%, 1/01/28 (d)(m)    65    67,520 

 
 
Manatee County, Florida, HFA, S/F Mortgage         
 Revenue Refunding Bonds, AMT, Sub-Series 1,         
 6.25%, 11/01/28 (m)    115    116,569 

 
 
Martin County, Florida, Health Facilities Authority,         
 Hospital Revenue Bonds (Martin Memorial Medical         
 Center) Series A (h):         
     5.75%, 11/15/12    1,350    1,500,660 
     5.875%, 11/15/12    3,535    3,947,075 

 
 
Miami Beach, Florida, Water and Sewer Revenue         
 Bonds, 5.75%, 9/01/25 (a)    3,000    3,146,220 

 
 
Miami, Florida, Special Obligation Revenue Bonds         
 (Street and Sidewalk Improvement Program),         
 5%, 1/01/37 (g)    2,000    1,895,460 

 
 
Miami-Dade County, Florida, Aviation Revenue Bonds,         
 AMT, Series A:         
     5%, 10/01/33 (f)    1,440    1,309,608 
     (Miami International Airport), 6%, 10/01/29 (k)    4,300    4,304,257 

 
 
Miami-Dade County, Florida, Aviation Revenue         
 Bonds, DRIVERS, AMT, Series A,         
 7.182%, 10/01/11 (f)(n)    10    8,305 

 
 
Miami-Dade County, Florida, Aviation Revenue         
 Refunding Bonds (Miami International Airport), AMT:         
     Series A 5.25%, 10/01/41 (f)    1,800    1,713,168 
     Series A 5.50%, 10/01/41 (f)    3,900    3,858,582 
     Series B, 5%, 10/01/19 (c)(o)    6,315    6,117,593 

 
 
Miami-Dade County, Florida, Educational Facilities         
 Authority Revenue Bonds (University of Miami),         
 Series A, 5.75%, 4/01/10 (a)(h)    1,750    1,869,122 

 
 
Miami-Dade County, Florida, Expressway Authority,         
 Toll System Revenue Bonds (k):         
     6.375%, 7/01/10 (h)    16,000    17,327,360 
     Series B, 5%, 7/01/33    4,050    3,915,459 

 
 
Miami-Dade County, Florida, HFA, Home Ownership         
 Mortgage Revenue Bonds, AMT, Series A,         
 5.55%, 10/01/49 (d)(e)    1,800    1,757,466 

 
 
Miami-Dade County, Florida, HFA, Home Ownership         
 Mortgage Revenue Refunding Bonds, AMT,         
 Series A-1, 6.30%, 10/01/20 (e)    385    389,420 

 
 
Miami-Dade County, Florida, Health Facilities Authority,         
 Hospital Revenue Refunding Bonds, DRIVERS,         
 Series 208, 8.327%, 8/15/17 (a)(n)    3    2,952 

 
 
Miami-Dade County, Florida, School Board, COP,         
 Refunding, Series B (c):         
     5.25%, 5/01/25    1,000    1,014,400 
     5.25%, 5/01/28    2,720    2,730,064 
     5.25%, 5/01/30    2,250    2,261,745 

 
 

    Par     
Municipal Bonds    (000)    Value 

 
 
 
     Florida (continued)         

 
 
 
Miami-Dade County, Florida, School Board, COP:         
     Series A, 5.50%, 10/01/09 (f)(h)    $ 3,200    $ 3,336,000 
     Series B, 5%, 11/01/31 (a)    2,500    2,409,925 

 
 
Miami-Dade County, Florida, Solid Waste System         
 Revenue Bonds, 5.25%, 10/01/30 (g)    2,800    2,767,268 

 
 
Orange County, Florida, Educational Facilities Authority,         
 Educational Facilities Revenue Bonds (Rollins         
 College Project), 5.25%, 12/01/32 (a)    1,500    1,500,990 

 
 
Orange County, Florida, Health Facilities Authority,         
 Hospital Revenue Bonds (Orlando Regional         
 Healthcare):         
     6%, 12/01/12 (h)    5,140    5,724,367 
     Series B, 5.25%, 12/01/29 (f)    2,300    2,327,163 

 
 
Orange County, Florida, Tourist Development, Tax         
 Revenue Refunding Bonds, 5%, 10/01/29 (a)    3,500    3,406,165 

 
 
Orlando and Orange County, Florida, Expressway         
 Authority Revenue Bonds, Series B (a):         
     5%, 7/01/30    3,000    2,937,300 
     5%, 7/01/35    8,085    7,897,590 

 
 
Orlando, Florida, Utilities Commission, Water and         
 Electric Revenue Refunding Bonds, Series C:         
     5.25%, 10/01/12 (h)    860    937,340 
     5.25%, 10/01/23    140    147,186 

 
 
Osceola County, Florida, Tourist Development Tax         
 Revenue Bonds, Series A, 5.50%, 10/01/27 (k)    1,760    1,772,866 

 
 
Palm Beach County, Florida, Airport System Revenue         
 Bonds, AMT, Series A, 5%, 10/01/34 (g)    5,000    4,482,950 

 
 
Palm Beach County, Florida, Criminal Justice         
 Facilities Revenue Bonds, 7.20%, 6/01/15 (k)    3,390    4,095,154 

 
 
Palm Beach County, Florida, School Board, COP,         
 Series A, 6.25%, 8/01/10 (h)(k)    6,000    6,498,300 

 
 
Pinellas County, Florida, HFA, S/F Housing Revenue         
 Refunding Bonds (Multi-County Program), AMT,         
 Series A-1 (e):         
     6.30%, 9/01/20    270    273,588 
     6.35%, 9/01/25    405    410,471 

 
 
Port Everglades Authority, Florida, Port Revenue         
 Bonds, 7.125%, 11/01/16 (p)    1,105    1,276,794 

 
 
Port St. Lucie, Florida, Utility Revenue Bonds,         
 5.25%, 9/01/25 (g)    1,215    1,220,589 

 
 
Saint Johns County, Florida, Ponte Vedra Utility         
 System Revenue Bonds, 5%, 10/01/35 (f)    1,000    999,930 

 
 
Saint Johns County, Florida, Sales Tax Revenue         
 Bonds (a):         
     Series A, 5.25%, 10/01/32    2,400    2,396,568 
     Series A, 5.25%, 10/01/34    1,200    1,195,176 
     Series B, 5.25%, 10/01/32    1,015    1,013,548 

 
 
Santa Rosa County, Florida, School Board, COP,         
 Refunding, Series 2 (k):         
     5.25%, 2/01/26    1,180    1,182,903 
     5.25%, 2/01/31    1,820    1,808,115 

 
 

See Notes to Financial Statements.

ANNUAL REPORT

JULY 31, 2008

21


Schedule of Investments (continued) BlackRock MuniYield Florida Fund

(Percentages shown are based on Net Assets)

        Par     
Municipal Bonds        (000)    Value 

 
 
 
 
     Florida (concluded)             

 
 
 
 
Seminole County, Florida, Water and Sewer Revenue         
 Bonds, 5%, 10/01/31    $ 5,000    $ 5,033,000 

 
 
South Lake County, Florida, Hospital District Revenue         
 Bonds (South Lake Hospital Inc.):             
     5.80%, 10/01/34        1,000    1,004,180 
     6.375%, 10/01/34        1,150    1,157,648 

 
 
 
Sumter County, Florida, Capital Improvement Revenue         
 Bonds (a):             
     5%, 6/01/26        2,190    2,189,847 
     5%, 6/01/30        3,500    3,426,920 

 
 
 
Tampa Bay, Florida, Water Utility System Revenue             
 Bonds, 5.75%, 10/01/11 (h)(k)        5,000    5,456,500 

 
 
 
University of Central Florida Athletics Association Inc.,         
 COP, Series A, 5.25%, 10/01/34 (k)        3,235    2,862,134 

 
 
 
University of Central Florida, COP (UCF Convocation         
 Center), Series A, 5%, 10/01/35 (k)        4,400    3,982,308 

 
 
 
Village Center Community Development District,             
 Florida, Recreational Revenue Bonds, Series A (g):         
     5.375%, 11/01/34        1,995    2,030,391 
     5.125%, 11/01/36        1,000    1,002,020 

 
 
 
Village Center Community Development             
 District, Florida, Utility Revenue Bonds,             
 5.125%, 10/01/28 (g)        5,040    5,096,700 

 
 
 
Volusia County, Florida, IDA, Student Housing Revenue         
 Bonds (Stetson University Project), Series A,             
 5%, 6/01/35 (q)        1,000    850,890 

 
 
 
Volusia County, Florida, School Board, COP (Master         
 Lease Program), 5.50%, 8/01/24 (f)        5,000    5,221,950 
           
            242,919,070 

 
 
 
 
     New Jersey — 0.7%             

 
 
 
 
Tobacco Settlement Financing Corporation of             
 New Jersey, Asset-Backed Revenue Bonds,             
 7%, 6/01/13 (h)        1,000    1,172,630 

 
 
 
 
     Puerto Rico — 4.4%             

 
 
 
 
Puerto Rico Commonwealth Aqueduct and Sewer         
 Authority, Senior Lien Revenue Bonds, Series A,         
 6%, 7/01/44        4,200    4,388,034 

 
 
 
Puerto Rico Public Buildings Authority, Government         
 Facilities Revenue Refunding Bonds, Series I,             
 5%, 7/01/36 (r)        2,000    1,887,980 

 
 
 
Puerto Rico Public Finance Corporation,             
 Commonwealth Appropriation Revenue Bonds,             
 Series E, 5.70%, 2/01/10 (h)        1,715    1,800,030 
           
            8,076,044 

 
 
 
Total Municipal Bonds — 136.9%            252,167,744 

 
 
 

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

 
 
 
     Georgia — 1.8%         

 
 
 
Atlanta, Georgia, Airport Passenger Facility Charge         
 and Subordinate Lien General Revenue Refunding         
 Bonds, Series C, 5%, 1/01/33 (f)    $ 3,270    $ 3,265,291 

 
 
 
Florida — 23.4%         

 
 
 
Hillsborough County, Florida, Aviation Authority         
 Revenue Bonds, AMT, Series A, 5.5, 10/01/38 (c)    3,928    3,891,932 

 
 
Jacksonville Electric Authority, Florida, Saint John’s         
 River Power Park System Revenue Bonds, Issue         
 Three, Series 2, 5%, 10/01/37    2,098    2,091,612 

 
 
Jacksonville, Florida, Health Facilities Authority,         
 Hospital Revenue Bonds (Baptist Medical Center         
 Project), 5%, 8/15/37 (f)    3,150    3,088,449 

 
 
Jacksonville, Florida, Sales Tax Revenue Bonds,         
 5%, 10/01/27 (g)    2,698    2,730,167 

 
 
Lee County, Florida, HFA, S/F Mortgage Revenue         
 Bonds (Multi-County Program), AMT, Series A-2,         
 6, 9/01/40 (d)(e)    2,505    2,565,396 

 
 
Manatee County, Florida, HFA, Homeowner Revenue         
 Bonds, AMT, Series A, 5.9, 9/01/40 (d)(e)    1,395    1,367,839 

 
 
Miami-Dade County, Florida, Aviation Revenue Bonds,         
 AMT, Series A, 5%, 10/01/33 (f)    2,435    2,193,020 

 
 
Miami-Dade County, Florida, Health Facilities         
 Authority, Hospital Revenue Refunding Bonds         
 (Miami Children’s Hospital), Series A,         
 5.625%, 8/15/17 (a)    6,595    7,190,594 

 
 
Orlando, Florida, Senior Tourist Development Tax         
 Revenue Bonds (6th Cent Contract Payments),         
 Series A, 5.25%, 11/01/38 (c)    2,000    1,972,960 

 
 
Palm Beach County, Florida, School Board, COP,         
 Series A, 5%, 8/01/31 (f)    2,190    2,178,152 

 
 
Polk County, Florida, School Board COP, Master         
 Lease, Series A, 5.5, 1/01/25 (f)    4,397    4,560,994 

 
 
South Broward, Florida, Hospital District, Hospital         
 Revenue Bonds, 5.625%, 5/01/32 (g)    8,500    9,365,555 
       
        43,196,670 

 
 
Total Municipal Bonds Transferred to Tender Option         
Bond Trusts — 25.2%        46,461,961 

 
 
Total Long-Term Investments         
(Cost — $299,119,151) — 162.1%        298,629,705 

 
 
 
 
 
 
Short-Term Securities    Shares     

 
 
CMA Florida Municipal Money Fund, 1.75% (i)(l)    7,485,416    7,485,416 

 
 
Total Short-Term Securities         
(Cost — $7,485,416) — 4.0%        7,485,416 

 
 
Total Investments (Cost — $306,604,567*) — 166.1%    306,115,121 
Liabilities in Excess of Other Assets — (1.6)%        (2,884,229) 
Liability for Trust Certificates, Including Interest         
   Expense and Fees Payable — (15.2)%        (28,060,991) 
Preferred Shares, at Redemption Value — (49.3)%        (90,854,835) 
       
Net Assets Applicable to Common Shares — 100.0%        $184,315,066 
       

See Notes to Financial Statements.

22 ANNUAL REPORT

JULY 31, 2008


Schedule of Investments (concluded) BlackRock MuniYield Florida Fund

* The cost and unrealized appreciation (depreciation) of investments as of
July 31, 2008, as computed for federal income tax purposes, were as follows:

Aggregate cost    $ 280,198,839 
   
Gross unrealized appreciation    $ 6,073,549 
Gross unrealized depreciation    (8,084,676) 
   
Net unrealized depreciation    $ (2,011,127) 
   

(a) AMBAC Insured.
(b) Radian Insured.
(c) Assured Guaranty Insured.
(d) FHLMC Collateralized.
(e) FNMA/GNMA Collateralized.
(f) FSA Insured.
(g) MBIA Insured.
(h) U.S. government securities, held in escrow, are used to pay interest on this
security as well as to retire the bond in full at the date indicated, typically at a
premium to par.
(i) Represents the current yield as of report date.
(j) ACA Insured.
(k) FGIC Insured.
(l) Investments in companies considered to be an affiliate of the Fund, for purposes
of Section 2(a)(3) of the Investment Company Act of 1940, were as follows:

    Net     
Affiliate    Activity    Income 

 
 
 
CMA Florida Municipal Money Fund    1,407,535    $147,117 

 
 

(m) GNMA Collateralized.
(n) Variable rate security. Rate shown is as of report date. Maturity shown is the
final maturity date.
(o) XL Capital Insured.
(p) Security is collateralized by Municipal or U.S. Treasury Obligations.
(q) CIFG Insured.
(r) Commonwealth Guaranteed.
(s) Securities represent bonds transferred to a tender option bond trust in
exchange for which the Fund acquired residual interest certificates. These
securities serve as collateral in a financing transaction. See Note 1 of the
Notes to Financial Statements for details of municipal bonds transferred to
tender option bond trusts.

  See Notes to Financial Statements.

ANNUAL REPORT

JULY 31, 2008

23


Schedule of Investments July 31, 2008 BlackRock MuniYield New Jersey Fund, Inc.

(Percentages shown are based on Net Assets)

    Par     
Municipal Bonds    (000)    Value 

 
 
 
     New Jersey — 133.5%         

 
 
 
Burlington County, New Jersey, Bridge Commission         
 Revenue Bonds (Governmental Leasing Program),         
 5.25%, 8/15/12 (a)    $ 1,000    $ 1,089,540 

 
 
Delaware River and Bay Authority Revenue Bonds,         
 5%, 1/01/33 (b)    1,500    1,475,010 

 
 
Delaware River Joint Toll Bridge Commission of         
 New Jersey and Pennsylvania, Bridge Revenue         
 Refunding Bonds, 5%, 7/01/21    2,010    2,044,934 

 
 
Delaware River Port Authority of Pennsylvania and         
 New Jersey Revenue Bonds, 6%, 1/01/19 (c)    7,860    8,176,601 

 
 
Essex County, New Jersey, Improvement Authority         
 Revenue Bonds, Series A, 5%, 10/01/13 (a)(d)    2,620    2,853,259 

 
 
Garden State Preservation Trust of New Jersey, Capital         
 Appreciation Revenue Bonds, Series B (c)(e):         
     5.12%, 11/01/23    6,860    3,201,631 
     5.25%, 11/01/28    4,540    1,586,503 

 
 
Garden State Preservation Trust of New Jersey, Open         
 Space and Farmland Preservation Revenue Bonds,         
 Series A, 5.80%, 11/01/22 (c)    4,300    4,772,699 

 
 
Gloucester County, New Jersey, Improvement         
 Authority, Solid Waste Resource Recovery, Revenue         
 Refunding Bonds (Waste Management Inc. Project):         
     Series A, 6.85%, 12/01/29    2,000    2,064,380 
     Series B, AMT, 7%, 12/01/29    1,180    1,220,250 

 
 
Hudson County, New Jersey, COP, Refunding,         
 6.25%, 12/01/16 (b)    1,500    1,724,925 

 
 
Hudson County, New Jersey, Improvement Authority,         
 Facility Lease Revenue Refunding Bonds (Hudson         
 County Lease Project), 5.375%, 10/01/24 (d)    4,500    4,513,320 

 
 
Jackson Township, New Jersey, School District, GO,         
 5%, 4/15/12 (a)(d)    6,840    7,352,657 

 
 
Middlesex County, New Jersey, Improvement Authority,         
 County-Guaranteed Revenue Bonds (Golf Course         
 Projects):         
     5.25%, 6/01/22    1,455    1,528,056 
     5%, 6/01/29    3,050    3,108,468 

 
 
Middlesex County, New Jersey, Improvement Authority,         
 Senior Revenue Bonds (Heldrich Center Hotel/         
 Conference Project), Series A, 5%, 1/01/20    655    583,042 

 
 
Middlesex County, New Jersey, Pollution Control         
 Financing Authority, Revenue Refunding Bonds         
 (Amerada Hess Corporation), 6.05%, 9/15/34    1,500    1,501,395 

 
 
Monmouth County, New Jersey, Improvement Authority,         
 Governmental Loan Revenue Refunding Bonds (f):         
     5%, 12/01/11 (a)    2,085    2,234,953 
     5%, 12/01/15    1,215    1,269,165 
     5%, 12/01/16    1,280    1,337,062 

 
 

    Par     
Municipal Bonds    (000)    Value 

 
 
 
     New Jersey (continued)         

 
 
 
Morristown, New Jersey, Parking Authority Revenue         
 Bonds, 4.50%, 8/01/37 (b)    $ 585    $ 532,976 

 
 
New Jersey EDA, Cigarette Tax Revenue Bonds:         
     5.625%, 6/15/19    1,720    1,682,298 
     5.75%, 6/15/29 (g)    2,000    2,060,000 
     5.75%, 6/15/29 (h)    1,895    1,852,097 
     5.50%, 6/15/31 (h)    370    358,741 
     5.75%, 6/15/34 (h)    755    736,102 

 
 
New Jersey EDA, EDR (Masonic Charity Foundation of         
 New Jersey):         
     5.25%, 6/01/24    1,425    1,417,319 
     5.25%, 6/01/32    685    659,717 

 
 
New Jersey EDA, First Mortgage Revenue         
 Bonds (Fellowship Village Project), Series C,         
 5.50%, 1/01/28    1,500    1,396,710 

 
 
New Jersey EDA, First Mortgage Revenue Refunding         
 Bonds:         
     (Fellowship Village), Series A, 5.50%, 1/01/18    1,250    1,236,388 
     (Fellowship Village), Series A, 5.50%, 1/01/25    3,500    3,297,735 
     (The Winchester Gardens at Ward Homestead         
     Project), Series A, 5.75%, 11/01/24    2,500    2,427,850 
     (The Winchester Gardens at Ward Homestead         
     Project), Series A, 5.80%, 11/01/31    2,000    1,903,840 

 
 
New Jersey EDA, Motor Vehicle Surcharge Revenue         
 Bonds, Series A, 5.25%, 7/01/33 (b)    14,000    14,191,100 

 
 
New Jersey EDA, Revenue Bonds:         
     (Department of Human Services), 5%, 7/01/12    220    233,380 
     (Saint Barnabas Project), Series A,         
     6.30%, 7/01/24 (b)(e)    3,850    1,656,347 

 
 
New Jersey EDA, School Facilities Construction         
 Revenue Bonds:         
     Series O, 5.25%, 3/01/23    2,400    2,493,168 
     Series P, 5%, 9/01/15    3,000    3,249,930 
     Series P, 5.25%, 9/01/16    3,115    3,392,484 
     Series U, 5%, 9/01/37 (f)    2,000    2,007,160 

 
 
New Jersey EDA, Water Facilities Revenue Bonds         
 (New Jersey-American Water Company, Inc. Project),         
 AMT, Series A:         
     5.25%, 11/01/32 (f)    1,000    907,080 
     6.875%, 11/01/34 (d)    6,670    6,745,771 

 
 
New Jersey EDA, Water Facilities Revenue Refunding         
 Bonds (United Water of New Jersey, Inc.), Series B,         
 4.50%, 11/01/25 (f)    4,500    4,347,675 

 
 
New Jersey Health Care Facilities Financing Authority,         
 Health System Revenue Bonds (Catholic Health         
 East), Series A, 5.375%, 11/15/12 (a)    1,100    1,206,447 

 
 

See Notes to Financial Statements.

24 ANNUAL REPORT

JULY 31, 2008


Schedule of Investments (continued) BlackRock MuniYield New Jersey Fund, Inc.

(Percentages shown are based on Net Assets)

    Par     
Municipal Bonds    (000)    Value 

 
 
 
     New Jersey (continued)         

 
 
 
New Jersey Health Care Facilities Financing Authority         
 Revenue Bonds:         
     (Children’s Specialized Hospital), Series A,         
     5.50%, 7/01/36    $ 1,540    $ 1,395,779 
     (Hunterdon Medical Center), Series A,         
     5.125%, 7/01/35    1,950    1,845,207 
     (Meridian Health), Series I, 5%, 7/01/38 (g)    1,000    993,810 
     (Pascack Valley Hospital Association),         
     6.625%, 7/01/36    1,845    1,278,216 
     (Robert Wood University), 5.70%, 7/01/20 (f)    4,000    4,101,960 
     (Somerset Medical Center), 5.50%, 7/01/33    1,875    1,511,813 
     (South Jersey Hospital System), 6%, 7/01/12 (a)    6,640    7,350,015 
     (Southern Ocean County Hospital),         
     5.125%, 7/01/31 (h)    2,000    1,767,620 

 
 
New Jersey Health Care Facilities Financing Authority,         
Revenue Refunding Bonds:         
     (Atlantic City Medical Center),         
     5.75%, 7/01/12 (a)    1,060    1,163,647 
     (Atlantic City Medical Center),         
     6.25%, 7/01/12 (a)    500    560,400 
     (Atlantic City Medical Center), 6.25%, 7/01/17    520    557,721 
     (Atlantic City Medical Center), 5.75%, 7/01/25    1,125    1,147,016 
     (Capital Health System Inc.), Series A,         
     5.75%, 7/01/23    1,650    1,660,412 
     (Hackensack University Medical Center),         
     5.25%, 1/01/36 (g)    1,000    1,017,800 
     (Meridian Health System Obligation Group),         
     5.25%, 7/01/19 (c)    1,500    1,547,055 
     (Meridian Health System Obligation Group),         
     5.375%, 7/01/24 (c)    2,250    2,313,180 
     (Meridian Health System Obligation Group),         
     5.25%, 7/01/29 (c)    2,195    2,203,626 
     (Saint Barnabas Health Care System), Series A,         
     5%, 7/01/29    4,155    3,720,262 
     (Saint Barnabas Health Care System), Series B,         
     5.92%, 7/01/30 (e)    2,000    425,640 
     (Saint Barnabas Health Care System), Series B,         
     5.72%, 7/01/36 (e)    1,500    203,775 
     (Saint Barnabas Health Care System), Series B,         
     5.18%, 7/01/37 (e)    13,250    1,657,177 
     (South Jersey Hospital System), 5%, 7/01/36    1,385    1,290,446 
     (South Jersey Hospital System), 5%, 7/01/46    1,650    1,494,669 

 
 
New Jersey State Educational Facilities Authority         
Revenue Bonds, Series C:         
     (Georgian Court College Project),         
     6.50%, 7/01/13 (a)    2,000    2,309,800 
     (Rider University), 5%, 7/01/37 (h)    1,750    1,537,025 
     (Rowan University), 5%, 7/01/14 (a)(b)    1,955    2,137,753 
     (Rowan University), 5.125%, 7/01/14 (a)(b)    2,165    2,381,846 

 
 

    Par     
Municipal Bonds    (000)    Value 

 
 
 
     New Jersey (continued)         

 
 
 
New Jersey State Educational Facilities Authority,         
 Revenue Refunding Bonds:         
     (Gregorian Court University), Series D,         
     5.25%, 7/01/37    $ 1,000    $ 940,580 
     (Montclair State University), Series L,         
     5%, 7/01/14 (a)(b)    5,305    5,800,911 
     (Princeton University), Series A, 5%, 7/01/30    2,600    2,656,290 
     (Ramapo College), Series I, 4.25%, 7/01/31 (f)    750    657,030 
     (Ramapo College), Series I, 4.25%, 7/01/36 (f)    810    697,289 
     (Rider University), 5%, 7/01/17 (h)    1,000    991,450 
     (Rider University), Series A, 5.25%, 7/01/34 (h)    1,450    1,334,580 
     (Rider University), Series A, 5.50%, 7/01/23 (h)    1,255    1,255,565 
     (Rowan University), Series B, 5%, 7/01/24 (g)    1,800    1,864,008 
     (Rowan University), Series B, 5%, 7/01/27 (g)    1,250    1,280,400 
     (Stevens Institute of Technology), Series A,         
     5%, 7/01/27    2,200    2,062,962 

 
 
New Jersey State Higher Education Assistance         
 Authority, Student Loan Revenue Bonds, AMT,         
 Series A, 5.30%, 6/01/17 (f)    3,170    3,203,475 

 
 
New Jersey State Highway Authority, Garden State         
 Parkway General Revenue Refunding Bonds,         
 5.625%, 1/01/10 (a)    2,500    2,647,675 

 
 
New Jersey State Housing and Mortgage Finance         
 Agency, Home Buyer Revenue Bonds, AMT (b):         
     Series CC, 5.80%, 10/01/20    4,515    4,618,890 
     Series U, 5.60%, 10/01/12    2,550    2,588,480 

 
 
New Jersey State Housing and Mortgage Finance         
 Agency, M/F Revenue Bonds, AMT, Series A,         
 4.90%, 11/01/35 (d)    1,500    1,256,955 

 
 
New Jersey State Housing and Mortgage Finance         
 Agency, S/F Housing Revenue Bonds, AMT:         
     Series U, 4.95%, 10/01/32    700    602,812 
     Series X, 4.85%, 4/01/16    3,605    3,585,857 
     Series T, 4.65%, 10/01/32    4,945    4,073,493 

 
 
New Jersey State Transit Corporation, COP         
 (Federal Transit Administration Grants), Series B,         
 5.75%, 9/15/14    3,620    3,870,866 

 
 
New Jersey State Transportation Trust Fund Authority,         
 Transportation System Revenue Bonds:         
     Series A, 5.50%, 12/15/21    3,525    3,857,513 
     Series C, 5.05%, 12/15/35 (e)(f)    4,140    933,611 
     Series D, 5%, 6/15/20    4,555    4,771,727 

 
 
New Jersey State Transportation Trust Fund Authority,         
 Transportation System Revenue Refunding Bonds,         
 Series B, 5.50%, 12/15/21 (b)    5,865    6,436,779 

 
 
New Jersey State Turnpike Authority, Turnpike Revenue         
 Bonds, Series B, 5.15%, 1/01/35 (e)(f)    4,870    3,501,140 

 
 

See Notes to Financial Statements.

ANNUAL REPORT

JULY 31, 2008

25


Schedule of Investments (continued) BlackRock MuniYield New Jersey Fund, Inc.

(Percentages shown are based on Net Assets)

    Par     
Municipal Bonds    (000)    Value 

 
 
 
     New Jersey (concluded)         

 
 
 
Newark, New Jersey, Housing Authority, Port Authority-         
 Port Newark Marine Terminal, Additional Rent-         
 Backed Revenue Refunding Bonds (City of Newark         
 Redevelopment Projects), 4.375%, 1/01/37 (b)    $ 3,225    $ 2,916,303 

 
 
Perth Amboy, New Jersey, GO (Convertible CABS),         
 Refunding (c)(i):         
     4.739%, 7/01/33    1,575    1,287,200 
     4.744%, 7/01/34    1,925    1,570,300 

 
 
Port Authority of New York and New Jersey,         
 Consolidated Revenue Bonds, 93rd Series,         
 6.125%, 6/01/94    5,000    5,604,000 

 
 
Port Authority of New York and New Jersey,         
 Consolidated Revenue Refunding Bonds, AMT, One         
 Hundred Fifty-Second Series, 5.25%, 11/01/35    3,765    3,748,472 

 
 
Rahway Valley Sewerage Authority, New Jersey,         
 Sewer Revenue Bonds, CABS, Series A,         
 4.87%, 9/01/31 (b)(e)    6,000    1,699,140 

 
 
Salem County, New Jersey, Improvement Authority         
 Revenue Bonds (Finlaw State Office Building         
 Project) (c):         
     5.375%, 8/15/28    500    528,005 
     5.25%, 8/15/38    500    514,855 

 
 
South Jersey Port Corporation of New Jersey, Revenue         
 Refunding Bonds:         
     4.75%, 1/01/18    4,280    4,360,036 
     4.85%, 1/01/19    2,485    2,528,960 
     5%, 1/01/20    2,000    2,040,380 

 
 
Tobacco Settlement Financing Corporation of         
 New Jersey, Asset-Backed Revenue Bonds         
     7%, 6/01/13 (a)    3,010    3,529,616 
     5.75%, 6/01/32    1,820    1,947,200 

 
 
Tobacco Settlement Financing Corporation of         
 New Jersey, Asset-Backed Revenue Refunding Bonds:         
     Series 1A, 5%, 6/01/41    2,500    1,786,900 
     Series 1B, 5.65%, 6/01/41 (e)    5,100    374,952 

 
 
Union County, New Jersey, Utilities Authority, Senior         
 Lease Revenue Refunding Bonds (Ogden Martin         
 System of Union, Inc.), AMT, Series A (f):         
     5.375%, 6/01/17    1,585    1,589,501 
     5.375%, 6/01/18    1,175    1,176,516 

 
 
University of Medicine and Dentistry of New Jersey,         
 Revenue Bonds, Series A (f):         
     5.50%, 12/01/18    945    995,444 
     5.50%, 12/01/19    1,900    2,001,422 
     5.50%, 12/01/20    1,870    1,953,402 
     5.50%, 12/01/21    1,435    1,489,932 
       
        272,336,709 

 
 

    Par     
Municipal Bonds    (000)    Value 

 
 
 
     Puerto Rico — 6.9%         

 
 
 
Puerto Rico Commonwealth Highway and         
 Transportation Authority, Highway Revenue         
 Refunding Bonds, Series CC, 5.50%, 7/01/31 (g)    $ 3,000    $ 3,177,720 

 
 
Puerto Rico Electric Power Authority, Power Revenue         
 Bonds, Series WW, 5.50%, 7/01/38    2,525    2,573,202 

 
 
Puerto Rico Industrial, Tourist, Educational, Medical         
 and Environmental Control Facilities Revenue Bonds:         
     (Cogeneration Facility-AES Puerto Rico Project),         
     AMT, 6.625%, 6/01/26    1,900    1,930,324 
     (University Plaza Project), Series A,         
     5%, 7/01/33 (b)    2,500    2,423,700 

 
 
Puerto Rico Municipal Finance Agency, GO, Series A,         
 5%, 8/01/21 (c)    3,750    3,877,463 
       
        13,982,409 

 
 
 
     U.S. Virgin Islands — 2.6%         

 
 
 
Virgin Islands Government Refinery Facilities,         
 Revenue Refunding Bonds (Hovensa Coker         
 Project), AMT, 6.50%, 7/01/21    3,500    3,531,745 

 
 
Virgin Islands Public Finance Authority, Refinery         
 Facilities Revenue Bonds (Hovensa Refinery), AMT,         
 5.875%, 7/01/22    1,900    1,793,847 
       
        5,325,592 

 
 
Total Municipal Bonds — 143.0%        291,644,710 

 
 
 
 
Municipal Bonds Transferred to         
Tender Option Bond Trusts (j)         

 
 
 
     New Jersey — 14.1%         

 
 
 
Garden State Preservation Trust of New Jersey, Open         
 Space and Farmland Preservation Revenue Bonds,         
 Series A, 5.75%, 11/01/28 (c)    5,460    6,234,173 

 
 
New Jersey EDA, School Facilities Construction         
 Revenue Bonds,Series L, 5%, 3/01/30 (c)    5,805    5,869,610 

 
 
New Jersey State Housing and Mortgage Finance         
 Agency, Capital Fund Program Revenue Bonds,         
 Series A, 4.70%, 11/01/25 (c)    7,175    7,087,753 

 
 
New Jersey State Educational Facilities Authority,         
 Revenue Refunding Bonds (College of New Jersey),         
 Series D, 5%, 7/01/35 (c)    6,120    6,172,142 

 
 
Port Authority of New York and New Jersey,         
 Consolidated Revenue Refunding Bonds, AMT,         
 152nd Series, 5.75%, 11/01/30    3,300    3,447,411 

 
 
Total Municipal Bonds Transferred to Tender Option         
Bond Trusts — 14.1%        28,811,089 

 
 
Total Long-Term Investments         
(Cost — $321,322,209) — 157.1%        320,455,799 

 
 

See Notes to Financial Statements.

26 ANNUAL REPORT

JULY 31, 2008


Schedule of Investments (concluded) BlackRock MuniYield New Jersey Fund, Inc.

(Percentages shown are based on Net Assets)

Short-Term Securities    Shares    Value 

 
 
 
CMA New Jersey Municipal Money Fund, 1.75% (k)(l)    4,438,771    $ 4,438,771 

 
 
Total Short-Term Securities         
(Cost — $4,438,771) — 2.2%        4,438,771 

 
 
Total Investments (Cost — $325,760,980*) — 159.3%    324,894,570 
Other Assets Less Liabilities — 0.8%        1,724,731 
Liability for Trust Certificates, Including Interest         
   Expense and Fees Payable — (8.8)%        (17,853,895) 
Preferred Shares, at Redemption Value — (51.3)%        (104,743,057) 
       
Net Assets Applicable to Common Shares — 100.0%        $204,022,349 
   
 

* The cost and unrealized appreciation (depreciation) of investments as of July 31,
2008, as computed for federal income tax purposes, were as follows:

Aggregate cost    $308,361,646 
   
Gross unrealized appreciation    $ 8,507,842 
Gross unrealized depreciation    (9,769,918) 
   
Net unrealized depreciation    $ (1,262,076) 
   

(a) U.S. government securities, held in escrow, are used to pay interest on this
security as well as to retire the bond in full at the date indicated, typically at a
premium to par.
(b) MBIA Insured.
(c) FSA Insured.
(d) FGIC Insured.
(e) Represents a zero-coupon bond. Rate shown reflects the effective yield at the
time of purchase.
(f) AMBAC Insured.
(g) Assured Guaranty Insured.
(h) Radian Insured.
(i) Represents a step bond. Rate shown reflects effective yield at the time
of purchase.
(j) Securities represent bonds transferred to a tender option bond trust in
exchange for which the Fund acquired residual interest certificates. These
securities serve as collateral in a financing transaction. See Note 1 of the
Notes to Financial Statements for details of municipal bonds transferred to
tender option bond trusts.
(k) Investments in companies considered to be an affiliate of the Fund, for purposes
of Section 2(a)(3) of the Investment Company Act of 1940, were as follows:

    Net     
Affiliate    Activity    Income 

 
 
 
CMA New Jersey Municipal Money Fund    2,026,233    $175,954 

 
 

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

Effective December 1,2007,the Fund adopted Financial Accounting Standards
Board Statement of Financial Accounting Standards No. 157, "Fair Value
Measurements" ("FAS 157"). FAS 157 clarifies the definition of fair value, estab-
lishes a framework for measuring fair values and requires additional disclosures
about the use of fair value measurements. Various inputs are used in determining
the fair value of investments, which are as follows:
Level 1 — price quotations in active markets/exchanges for identical
securities
Level 2 — other observable inputs (including,but not limited to: quoted prices
for similar assets or liabilities in markets that are not active, inputs other than
quoted prices that are observable for the assets or liabilities (such as interest
rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks,
and default rates) or other market-corroborated inputs)
Level 3 — unobservable inputs based on the best information available in the
circumstance, to the extent observable inputs are not available (including the
Fund’s own assumption used in determining the fair value of investments)

The inputs or methodology used for valuing securities are not necessarily an
indication of the risk associated with investing in those securities. For information
about the Fund’s policy regarding valuation of investments and other significant
accounting policies, please refer to Note 1 of the Notes to Financial Statements.

The following table summarizes the inputs used as of July 31, 2008 in determin-
ing the fair valuation of the Fund’s investments:

Valuation    Investments in 
Inputs    Securities 

 
Level 1    $ 4,438,771 
Level 2    320,455,799 
Level 3     

 
Total    $ 324,894,570 
   

See Notes to Financial Statements.

ANNUAL REPORT JULY 31, 2008 27


Statements of Assets and Liabilities             
 
    BlackRock         
    Muni New York    BlackRock    BlackRock 
    Intermediate    MuniYield    MuniYield 
    Duration    Arizona    California 
July 31, 2008    Fund, Inc.    Fund, Inc.    Fund, Inc. 

 
 
 
     Assets             

 
 
 
Investments at value — unaffiliated1    $ 85,548,814    $ 99,187,441    $ 482,142,359 
Investments at value — affiliated2    1,519,359    3,173,346    14,413,257 
Cash    53,775    50,359    55,805 
Investments sold receivable        100,807    151,577 
Interest receivable    1,017,230    726,776    7,513,103 
Prepaid expenses    6,905    3,594    17,800 
   
 
 
Total assets    88,146,083    103,242,323    504,293,901 

 
 
 
 
     Accrued Liabilities             

 
 
 
Interest expense and fees payable    252    9,310    338,363 
Income dividends payable — Common Shareholders    222,941    259,006    1,171,239 
Officer’s and Directors’ payable    140    156    889 
Investment advisory fee payable    29,573    41,248    207,699 
Other affiliates payable    839    932    4,422 
Other accrued expenses payable    44,106    67,702    150,944 
   
 
 
Total accrued liabilities    297,851    378,354    1,873,556 

 
 
 
 
     Other Liabilities             

 
 
 
Trust certificates3    1,379,101    4,335,000    83,836,061 
   
 
 
Total Liabilities    1,676,952    4,713,354    85,709,617 

 
 
 
 
     Preferred Shares at Redemption Value             

 
 
 
Preferred Shares, at par value $0.10 per share, at $25,000 per share liquidation preference4,5    29,639,136    40,311,089    126,581,902 

 
 
 
 
     Net Assets Applicable to Common Shares             

 
 
 
Net assets applicable to Common Shares    $ 56,829,995    $ 58,217,880    $ 292,002,382 

 
 
 
 
     Net Assets Applicable to Common Shareholders Consist of             

 
 
 
Common Shares, par value $0.10 per share6    $ 420,644    $ 454,396    $ 2,129,526 
Paid-in capital in excess of par    59,209,468    59,958,063    299,468,879 
Undistributed net investment income    362,967    374,545    1,425,723 
Accumulated net realized loss    (923,246)    (607,722)    (660,257) 
Net unrealized appreciation/depreciation    (2,239,838)    (1,961,402)    (10,361,489) 
   
 
 
Net Assets Applicable to Common Shareholders    $ 56,829,995    $ 58,217,880    $ 292,002,382 
   
 
 
Net asset value per share of Common Shares    $ 13.51    $ 12.81    $ 13.71 
   
 
 
     1 Investments at cost — unaffiliated    $ 87,788,652    $ 101,148,843    $ 492,503,848 
   
 
 
     2 Investments at cost — affiliated    $ 1,519,359    $ 3,173,346    $ 14,413,257 
   
 
 
     3 Represents short-term floating rate certificates issued by tender option bond trusts.             
     4 Preferred Shares issued and outstanding:             
             Series A Shares        518    1,735 
   
 
 
             Series B Shares        694    1,735 
   
 
 
             Series C Shares        400    578 
   
 
 
             Series D Shares            1,012 
   
 
 
             Series F7 Shares    1,185         
   
 
 
     5 Preferred Shares authorized    1,240    1,612    7,000 
   
 
 
     6 Common Shares issued and outstanding    4,206,439    4,543,959    21,295,255 
   
 
 

See Notes to Financial Statements.

28 ANNUAL REPORT

JULY 31, 2008


Statements of Assets and Liabilities (concluded)         
 
        BlackRock 
    BlackRock    MuniYield 
    MuniYield    New Jersey 
July 31, 2008    Florida Fund    Fund, Inc. 

 
 
     Assets         

 
 
Investments at value — unaffiliated1    $ 298,629,705    $ 320,455,799 
Investments at value — affiliated2    7,485,416    4,438,771 
Cash    89,938    8,418 
Investments sold receivable    1,042,813     
Interest receivable    4,249,340    2,818,860 
Prepaid expenses    10,859    9,061 
   
 
Total assets    311,508,071    327,730,909 

 
 
 
     Accrued Liabilities         

 
 
Investments purchased payable    7,152,351     
Interest expense and fees payable    133,582    58,895 
Income dividends payable — Common Shareholders    786,365    823,788 
Officer’s and Directors’/Trustees’ payable    466    509 
Investment advisory fees payable    127,502    137,423 
Other affiliates payable    2,794    3,058 
Other liabilities    94,898     
Other accrued expenses payable    112,803    146,830 
   
 
Total accrued liabilities    8,410,761    1,170,503 

 
 
 
     Other Liabilities         

 
 
Trust certificates3    27,927,409    17,795,000 
   
 
Total Liabilities    36,338,170    18,965,503 

 
 
 
     Preferred Shares at Redemption Value         

 
 
Preferred Shares, at $25,000 per share liquidation preference4,5    90,854,835    104,743,057 

 
 
 
     Net Assets Applicable to Common Shares         

 
 
Net Assets Applicable to Common Shares    $ 184,315,066    $ 204,022,349 

 
 
 
     Net Assets Applicable to Common Shareholders Consist of         

 
 
Common Shares, par value $0.10 per share6    $ 1,355,802    $ 1,420,324 
Paid-in capital in excess of par    188,459,518    203,210,124 
Undistributed net investment income    1,003,169    1,613,847 
Accumulated net realized loss    (6,013,977)    (1,355,536) 
Net unrealized appreciation/depreciation    (489,446)    (866,410) 
   
 
Net Assets Applicable to Common Shareholders    $ 184,315,066    $ 204,022,349 
   
 
Net asset value per share of Common Shareholders    $ 13.59    $ 14.36 
   
 
     1 Investments at cost — unaffiliated    $ 299,119,151    $ 321,322,209 
   
 
     2 Investments at cost — affiliated    $ 7,485,416    $ 4,438,771 
   
 
     3 Represents short-term floating rate certificates issued by tender option bond trusts.         
     4 Preferred Shares issued and outstanding:         
             Series A Shares, par value $0.05 per share    1,816    2,112 
   
 
             Series B Shares, par value $0.05 per share    1,321    1,320 
   
 
             Series C Shares, par value $0.05 per share    496     
   
 
             Series C Shares, par value $0.10 per share        757 
   
 
     5 Preferred Shares authorized    4,400    4,760 
   
 
     6 Common Shares issued and outstanding    13,558,024    14,203,242 
   
 

See Notes to Financial Statements.

ANNUAL REPORT

JULY 31, 2008

29


Statements of Operations                 
 
    BlackRock Muni New York                 BlackRock MuniYield 
    Intermediate Duration Fund, Inc.                     Arizona Fund, Inc. 
   
 
    Period June 1,         Year Ended    Period November 1,    Year Ended 
    2008 to July 31,           May 31,    2007 to July 31,    October 31, 
             2008             2008               2008         2007 

 
 
 
 
 
     Investment Income                 

 
 
 
 
 
Interest    $ 705,474    $ 4,437,402    $ 3,977,828    $ 5,372,019 
Income from affiliates    18,503    37,017    23,820    32,669 
   
 
 
 
Total income    723,977    4,474,419    4,001,648    5,404,688 

 
 
 
 
 
     Expenses                 

 
 
 
 
 
Investment advisory    80,360    505,047    377,939    523,125 
Commissions for Preferred Shares    13,213    78,591    77,283    102,236 
Accounting services    2,971    26,041    46,524    65,409 
Transfer agent    4,201    20,142    21,168    46,315 
Professional    50,431    63,768    62,525    75,364 
Registration    1,469    13,107    1,799    1,079 
Printing    2,135    4,782    9,032    6,422 
Custodian    1,137    8,383    4,274    9,771 
Officer and Directors/Trustees    1,004    11,716    4,746    13,956 
Miscellaneous    11,222    44,425    36,375    45,417 
   
 
 
 
Total expenses excluding interest expense and fees    168,143    776,002    641,665    889,094 
Interest expense and fees1    4,248    534    90,236    244,785 
   
 
 
 
Total expenses    172,391    776,536    731,901    1,133,879 
Less fees waived by advisor    (23,053)    (144,307)    (6,162)    (5,212) 
Less fees paid indirectly        (197)         
   
 
 
 
Total expenses after waiver and fees paid indirectly    149,338    632,032    725,739    1,128,667 
   
 
 
 
Net investment income    574,639    3,842,387    3,275,909    4,276,021 

 
 
 
 
 
     Realized and Unrealized Gain (Loss)                 

 
 
 
 
 
Net realized gain (loss) from:                 
   Investments    (102,615)    (491,915)    (305,500)    857,597 
   Swaps    (69,900)    (124,655)    (69,400)    (44,433) 
   
 
 
 
    (172,515)    (616,570)    (374,900)    813,164 
   
 
 
 
Net change in unrealized appreciation/depreciation on:                 
   Investments    (2,123,475)    (2,925,792)    (4,119,222)    (2,879,937) 
   Swaps    74,190    (76,011)    (7,767)    22,065 
   
 
 
 
    (2,049,285)    (3,001,803)    (4,126,989)    (2,857,872) 
   
 
 
 
Total realized and unrealized loss    (2,221,800)    (3,618,373)    (4,501,889)    (2,044,708) 

 
 
 
 
 
     Dividends and Distributions to Preferred Shareholders From                 

 
 
 
 
 
Net investment income    (177,526)    (1,149,537)    (885,773)    (1,310,529) 
Net realized gain            (228,921)    (102,456) 
   
 
 
 
Total dividends and distributions to Preferred Shares    (177,526)    (1,149,537)    (1,114,694)    (1,412,985) 
   
 
 
 
Net Increase (decrease) in Net Assets Applicable to Common Shareholders                 
   Resulting from Operations    $ (1,824,687)    $ (925,523)    $ (2,340,674)    $ 818,328 
   
 
 
 
 
   1 Related to tender option bond trusts.                 

See Notes to Financial Statements.

30 ANNUAL REPORT

JULY 31, 2008


Statements of Operations                 
 
                   BlackRock MuniYield                 BlackRock MuniYield 
                   California Fund, Inc.    Florida Fund 
   
 
    Period November 1,         Year Ended    Period November 1,    Year Ended 
    2007 to July 31,    October 31,    2007 to July 31,    October 31, 
    2008             2007               2008         2007 

 
 
 
 
     Investment Income                 

 
 
 
 
Interest    $ 17,585,882    $ 25,098,876    $ 11,798,587    $ 16,269,310 
Income from affiliates    427,620    351,958    147,117    129,498 
   
 
 
 
Total income    18,013,502    25,450,834    11,945,704    16,398,808 

 
 
 
 
 
     Expenses                 

 
 
 
 
Investment advisory    1,818,777    2,456,767    1,139,416    1,552,619 
Commissions for Preferred Shares    325,169    443,224    206,242    279,818 
Accounting services    112,114    162,793    75,721    118,326 
Transfer agent    34,153    68,407    22,250    60,441 
Professional    127,834    83,693    95,621    82,833 
Registration    8,811    9,436    8,811    9,436 
Printing    26,639    33,031    17,230    21,655 
Custodian    19,502    26,014    13,666    18,672 
Officer and Directors/Trustees    23,552    23,917    14,822    19,267 
Miscellaneous    74,008    85,940    55,561    68,438 
   
 
 
 
Total expenses excluding interest expense and fees    2,570,559    3,393,222    1,649,340    2,231,505 
Interest expense and fees1    914,597    2,197,543    424,711    715,979 
   
 
 
 
Total expenses    3,485,156    5,590,765    2,074,051    2,947,484 
Less fees waived by advisor    (82,360)    (45,449)    (33,390)    (21,161) 
   
 
 
 
Total expenses after waiver    3,402,796    5,545,316    2,040,661    2,926,323 
   
 
 
 
Net investment income    14,610,706    19,905,518    9,905,043    13,472,485 

 
 
 
 
 
     Realized and Unrealized Gain (Loss)                 

 
 
 
 
Net realized gain (loss) from:                 
   Investments    761,178    347,077    (1,691,741)    614,604 
   Futures and swaps    191,748        (435,661)    (248,611) 
   
 
 
 
    952,926    347,077    (2,127,402)    365,993 
   
 
 
 
Net change in unrealized appreciation/depreciation on:                 
   Investments    (19,656,431)    (10,806,382)    (10,745,608)    (8,425,318) 
   Swaps            152,476    278,799 
   
 
 
 
    (19,656,431)    (10,806,382)    (10,593,132)    (8,146,519) 
   
 
 
 
Total realized and unrealized loss    (18,703,505)    (10,459,305)    (12,720,534)    (7,780,526) 

 
 
 
 
 
     Dividends to Preferred Shareholders From                 

 
 
 
 
Net investment income    (4,297,338)    (6,115,916)    (2,806,091)    (4,025,743) 
   
 
 
 
Net Increase (decrease) in Net Assets Applicable to Common Shareholders                 
   Resulting from Operations    $ (8,390,137)    $ 3,330,297    $ (5,621,582)    $ 1,666,216 
   
 
 
 
   1 Related to tender option bond trusts.                 

See Notes to Financial Statements.

ANNUAL REPORT

JULY 31, 2008

31


Statements of Operations         
 
                 BlackRock MuniYield 
                 New Jersey Fund, Inc. 
   
    Period December 1,     Year Ended 
    2007 to July 31,    November 30, 
               2008    2007 

 
 
     Investment Income         

 
 
Interest    $ 10,365,716    $ 17,061,867 
Income from affiliates    175,954    140,447 
   
 
Total income    10,541,670    17,202,314 

 
 
 
     Expenses         

 
 
Investment advisory    1,091,896    1,696,520 
Commissions for Preferred Shares    199,064    301,920 
Accounting services    69,113    125,176 
Transfer agent    20,768    63,256 
Professional    109,754    82,528 
Registration    8,811    9,436 
Printing    37,005    45,941 
Custodian    10,767    19,702 
Officer and Directors’    12,848    19,884 
Miscellaneous    67,525    79,512 
   
 
Total expenses excluding interest expense and fees    1,627,551    2,443,875 
Interest expense and fees1    98,927    376,090 
   
 
Total expenses    1,726,478    2,819,965 
Less fees waived by advisor    (33,259)    (19,930) 
   
 
Total expenses after waiver    1,693,219    2,800,035 
   
 
Net investment income    8,848,451    14,402,279 

 
 
 
     Realized and Unrealized Gain (Loss)         

 
 
Net realized gain (loss) from:         
Investments    (245,454)    1,589,868 
Swaps    (46,813)     
   
 
    (292,267)    1,589,868 
   
 
Net change in unrealized appreciation/depreciation on investments    (10,807,922)    (12,322,831) 
   
 
Total realized and unrealized loss    (11,100,189)    (10,732,963) 

 
 
 
     Dividends to Preferred Shareholders From         

 
 
Net investment income    (2,640,535)    (4,053,487) 
   
 
Net Decrease in Net Assets Applicable to Common Shareholders Resulting from Operations    $ (4,892,273)    $ (384,171) 
   
 
   1 Related to tender option bond trusts.         

See Notes to Financial Statements.

32 ANNUAL REPORT

JULY 31, 2008


Statements of Changes in Net Assets    BlackRock Muni New York Intermediate Duration Fund, Inc. 
 
    Period         
    June 1, 2008    Year Ended May 31, 
Increase (Decrease) in Net Assets:                         to July 31, 2008           2008           2007 

 
 
 
     Operations             

 
 
 
Net investment income    $ 574,639    $ 3,842,387    $ 3,787,022 
Net realized gain (loss)    (172,515)    (616,570)    147,462 
Net change in unrealized appreciation/depreciation    (2,049,285)    (3,001,803)    842,327 
Dividends to Preferred Shareholders from net investment income    (177,526)    (1,149,537)    (1,046,683) 
   
 
 
Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations    (1,824,687)    (925,523)    3,730,128 

 
 
 
 
     Dividends to Common Shareholders From             

 
 
 
Net investment income    (445,883)    (2,675,295)    (2,700,534) 

 
 
 
 
     Net Assets Applicable to Common Shareholders             

 
 
 
Total increase (decrease) in net assets applicable to Common Shares    (2,270,570)    (3,600,818)    1,029,594 
Beginning of period    59,100,565    62,701,383    61,671,789 
   
 
 
End of period    $ 56,829,995    $ 59,100,565    $ 62,701,383 
   
 
 
End of period undistributed net investment income    $ 362,967    $ 411,737    $ 394,182 
   
 
 

See Notes to Financial Statements.

ANNUAL REPORT

JULY 31, 2008

33


Statements of Changes in Net Assets    BlackRock MunYield Arizona Fund, Inc. 
 
             Period         
    November 1, 2007           Year Ended October 31, 
Increase (Decrease) in Net Assets:    to July 31, 2008           2007           2006 

 
 
 
     Operations             

 
 
 
Net investment income    $ 3,275,909    $ 4,276,021    $ 4,436,717 
Net realized gain (loss)    (374,900)    813,164    426,255 
Net change in unrealized appreciation/depreciation    (4,126,989)    (2,857,872)    1,122,350 
Dividends and distributions to Preferred Shareholders from:             
   Net investment income    (885,773)    (1,310,529)    (1,175,501) 
Net realized gain    (228,921)    (102,456)    (84,465) 
   
 
 
Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations    (2,340,674)    818,328    4,725,356 

 
 
 
 
     Dividends and Distributions to Common Shareholders From             

 
 
 
Net investment income    (2,327,146)    (3,117,045)    (3,599,489) 
Net realized gain    (533,902)    (285,146)    (523,554) 
   
 
 
Net decrease in net assets resulting from dividends and distributions to Common Shareholders    (2,861,048)    (3,402,191)    (4,123,043) 

 
 
 
 
     Capital Share Transactions             

 
 
 
Reinvestment of common dividends    191,164    201,509    335,820 
Capital changes with respect to issuance of Preferred Shares            42,343 
   
 
 
Net increase in net assets resulting from capital share transactions    191,164    201,509    378,163 

 
 
 
 
     Net Assets Applicable to Common Shareholders             

 
 
 
Total increase (decrease) in net assets applicable to Common Shares    (5,010,558)    (2,382,354)    980,476 
Beginning of period    63,228,438    65,610,792    64,630,316 
   
 
 
End of period    $ 58,217,880    $ 63,228,438    $ 65,610,792 
   
 
 
End of period undistributed net investment income    $ 374,545    $ 311,568    $ 463,121 
   
 
 

See Notes to Financial Statements.

34 ANNUAL REPORT

JULY 31, 2008


Statements of Changes in Net Assets    BlackRock MuniYield California Fund, Inc. 
 
             Period         
    November 1, 2007           Year Ended October 31, 
Increase (Decrease) in Net Assets:    to July 31, 2008           2007           2006 

 
 
 
     Operations             

 
 
 
Net investment income    $ 14,610,706    $ 19,905,518    $ 20,510,282 
Net realized gain    952,926    347,077    3,468,346 
Net change in unrealized appreciation/depreciation    (19,656,431)    (10,806,382)    4,191,570 
Dividends to Preferred Shareholders from net investment income    (4,297,338)    (6,115,916)    (5,371,492) 
   
 
 
Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations    (8,390,137)    3,330,297    22,798,706 

 
 
 
 
     Dividends to Common Shareholders From             

 
 
 
Net investment income    (10,541,151)    (14,097,459)    (14,821,497) 

 
 
 
 
     Capital Share Transactions             

 
 
 
Capital changes with respect to issuance of Preferred Shares            15,461 

 
 
 
 
     Net Assets Applicable to Common Shareholders             

 
 
 
Total increase (decrease) in net assets applicable to Common Shares    (18,931,288)    (10,767,162)    7,992,670 
Beginning of period    310,933,670    321,700,832    313,708,162 
   
 
 
End of period    $ 292,002,382    $ 310,933,670    $ 321,700,832 
   
 
 
End of period undistributed net investment income    $ 1,425,723    $ 1,349,213    $ 1,657,437 
   
 
 

See Notes to Financial Statements.

ANNUAL REPORT

JULY 31, 2008

35


Statements of Changes in Net Assets    BlackRock MunYield Florida Fund 
 
             Period         
    November 1, 2007           Year Ended October 31, 
Increase (Decrease) in Net Assets:    to July 31, 2008           2007           2006 

 
 
 
     Operations             

 
 
 
Net investment income    $ 9,905,043    $ 13,472,485    $ 13,366,198 
Net realized gain (loss)    (2,127,402)    365,993    1,571,029 
Net change in unrealized appreciation/depreciation    (10,593,132)    (8,146,519)    2,303,608 
Dividends to Preferred Shareholders from net investment income    (2,806,091)    (4,025,743)    (3,537,371) 
   
 
 
Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations    (5,621,582)    1,666,216    13,703,464 

 
 
 
 
     Dividends to Common Shareholders From             

 
 
 
Net investment income    (7,077,289)    (9,517,733)    (10,968,155) 

 
 
 
 
     Capital Share Transactions             

 
 
 
Reinvestment of common dividends            91,289 
Capital changes with respect to issuance of Preferred Shares            (3,184) 
   
 
 
Net increase in net assets resulting from capital shares transactions            88,105 

 
 
 
 
     Net Assets Applicable to Common Shareholders             

 
 
 
Total increase (decrease) in net assets applicable to Common Shares    (12,698,871)    (7,851,517)    2,823,414 
Beginning of period    197,013,937    204,865,454    202,042,040 
   
 
 
End of period    $ 184,315,066    $ 197,013,937    $ 204,865,454 
   
 
 
End of period undistributed net investment income    $ 1,003,169    $ 975,376    $ 1,046,367 
   
 
 

See Notes to Financial Statements.

36 ANNUAL REPORT

JULY 31, 2008


Statements of Changes in Net Assets    BlackRock MunYield New Jersey Fund, Inc. 
 
             Period         
    December 1, 2007    Year Ended November 30, 
Increase (Decrease) in Net Assets:     to July 31, 2008           2007           2006 

 
 
 
     Operations             

 
 
 
Net investment income    $ 8,848,451    $ 14,402,279    $ 14,265,484 
Net realized gain (loss)    (292,267)    1,589,868    1,517,835 
Net change in unrealized appreciation/depreciation    (10,807,922)    (12,322,831)    6,246,899 
Dividends to Preferred Shareholders from net investment income    (2,640,535)    (4,053,487)    (3,617,009) 
   
 
 
Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations    (4,892,273)    (384,171)    18,413,209 

 
 
 
 
     Dividends to Common Shareholders From             

 
 
 
Net investment income    (6,670,582)    (9,885,456)    (10,808,667) 

 
 
 
 
     Net Assets Applicable to Common Shareholders             

 
 
 
Total increase (decrease) in net assets applicable to Common Shares    (11,562,855)    (10,269,627)    7,604,542 
Beginning of period    215,585,204    225,854,831    218,250,289 
   
 
 
End of period    $ 204,022,349    $ 215,585,204    $ 225,854,831 
   
 
 
End of period undistributed net investment income    $ 1,613,847    $ 1,964,587    $ 1,613,177 
   
 
 

See Notes to Financial Statements.

ANNUAL REPORT

JULY 31, 2008

37


Financial Highlights                     BlackRock Muni New York Intermediate Duration Fund, Inc. 
 
                           
                                 Period 
       Period            Year Ended May 31,          August 1, 20031 
    June 1, 2008                        to May 31, 
    to July 31, 2008    2008    2007    2006    2005             2004 

 
 
 
 
 
 
     Per Share Operating Performance                             

 
 
 
 
 
 
 
Net asset value, beginning of period    $ 14.05    $ 14.91    $ 14.66    $ 15.05    $ 14.45    $ 14.33 
   
 
 
 
 
 
Net investment income    0.142        0.912    0.902    0.872    0.852    0.68 
Net realized and unrealized gain (loss)    (0.53)        (0.86)    0.24    (0.37)    0.58    0.19 
Dividends to Preferred Shareholders from net investment income    (0.04)        (0.27)    (0.25)    (0.20)    (0.11)    (0.06) 
   
 
 
 
 
 
 
Net increase (decrease) from investment operations    (0.43)        (0.22)    0.89    0.30    1.32    0.81 
   
 
 
 
 
 
 
Dividends to Common Shareholders from net investment income    (0.11)        (0.64)    (0.64)    (0.69)    (0.72)    (0.54) 
   
 
 
 
 
 
 
Capital changes with respect to issuance of Common Shares                            (0.03) 
   
 
 
 
 
 
 
Capital changes with respect to issuance of Preferred Shares                            (0.12) 
   
 
 
 
 
 
 
Net asset value, end of period    $ 13.51    $ 14.05    $ 14.91    $ 14.66    $ 15.05    $ 14.45 
   
 
 
 
 
 
Market price, end of period    $ 12.12    $ 12.81    $ 13.93    $ 13.03    $ 13.44    $ 12.79 

 
 
 
 
 
 
 
     Total Investment Return3                             

 
 
 
 
 
 
 
Based on net asset value    (3.01)%4        (1.10)%    6.57%    2.52%    9.99%    4.71%4 
   
 
 
 
 
 
 
Based on market price    (4.56)%4        (3.48)%    12.02%    2.03%    10.97%    (11.46)%4 

 
 
 
 
 
 
 
 
     Ratios to Average Net Assets Applicable to Common Shares                             

 
 
 
 
 
 
 
Total expenses after waiver and fees paid indirectly and                             
excluding interest expense and fees5,6    1.11%7        1.04%    1.08%    1.10%    1.15%    0.81%7 
   
 
 
 
 
 
 
Total expenses after waiver and fees paid indirectly6    1.15%7        1.04%    1.08%    1.10%    1.15%    0.81%7 
   
 
 
 
 
 
 
Total expenses after waiver and before fees paid indirectly6    1.15%7        1.04%    1.08%    1.10%    1.15%    0.81%7 
   
 
 
 
 
 
 
Total expenses6    1.39%7        1.28%    1.31%    1.33%    1.38%    1.19%7 
   
 
 
 
 
 
 
Net investment income6    6.36%7        6.31%    6.01%    5.89%    5.75%    5.40%7 
   
 
 
 
 
 
 
Dividends to Preferred Shareholders    1.84%7        1.89%    1.66%    1.32%    0.77%    0.45%7 
   
 
 
 
 
 
 
Net investment income to Common Shareholders    4.52%7        4.42%    4.35%    4.57%    4.98%    4.95%7 

 
 
 
 
 
 
 
 
     Supplemental Data                             

 
 
 
 
 
 
 
Net assets applicable to Common Shares, end of period (000)    $ 56,830    $ 59,101    $ 62,701    $ 61,672    $ 63,290    $ 60,778 
   
 
 
 
 
 
Preferred Shares outstanding at liquidation preference, end of period (000)    $ 29,625    $ 31,000    $ 31,000    $ 31,000    $ 31,000    $ 31,000 
   
 
 
 
 
 
Portfolio turnover    2%        21%    29%    49%    17%    21% 
   
 
 
 
 
 
 
Asset coverage end of period per $1,000    $ 2,918    $ 2,906    $ 3,023    $ 2,989    $ 3,042    $ 2,961 
   
 
 
 
 
 

1      Commencement of operations.
 
2      Based on average shares outstanding.
 
3      Total investment returns based on market value, which can be significantly greater or lesser than net asset value, may result in substantially different returns. Total investment returns exclude the effects of sales charges.
 
4      Aggregate total investment return.
 
5      Interest expense and fees relate to tender option bond trusts. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to tender option bond trusts.
 
6      Do not reflect the effect of dividends to Preferred Shareholders.
 
7      Annualized. Certain non-recurring expenses have been included in the ratio but not annualized. If these expenses were annualized, the ratio of total expenses after waiver and fees paid indirectly and excluding interest expense and fees, total expenses after waiver and fees paid indirectly, total expenses after waiver and before fees paid indirectly, total expenses, net investment income and net investment income available to Common Shareholders would have been 1.50%, 1.55%, 1.55%, 1.79%, 5.96%, and 4.12%, respectively.
 

See Notes to Financial Statements.

38 ANNUAL REPORT

JULY 31, 2008


Financial Highlights                    BlackRock MuniYield Arizona Fund, Inc. 
 
    Period                             
    November 1, 2007        Year Ended October 31,         
    to July 31, 2008    2007    2006           2005        2004    2003 

 
 
 
 
 
 
 
     Per Share Operating Performance                                 

 
 
 
 
 
 
 
 
Net asset value, beginning of period    $ 13.96    $ 14.53    $ 14.39    $ 15.04    $ 14.64    $ 14.53 
   
 
 
 
 
 
Net investment income1    0.72        0.95    0.98    0.97        0.98    1.00 
Net realized and unrealized gain (loss)    (1.00)        (0.46)    0.36    (0.49)        0.40    0.05 
Dividends and distributions to Preferred Shareholders from:                                 
     Net investment income    (0.19)        (0.29)    (0.26)    (0.14)        (0.06)    (0.06) 
     Net realized gain    (0.05)        (0.02)    (0.02)    2             
   
 
 
 
 
 
 
 
Net increase (decrease) from investment operations    (0.52)        0.18    1.06    0.34        1.32    0.99 
   
 
 
 
 
 
 
 
Dividends and distributions to Common Shareholders from:                                 
     Net investment income    (0.51)        (0.69)    (0.80)    (0.92)        (0.92)    (0.88) 
     Net realized gain    (0.12)        (0.06)    (0.12)    (0.02)             
   
 
 
 
 
 
 
 
Total dividends and distributions to Common Shareholders    (0.63)        (0.75)    (0.92)    (0.94)        (0.92)    (0.88) 
   
 
 
 
 
 
 
 
Capital changes with respect to issuance of Preferred Shares                3    (0.05)             
   
 
 
 
 
 
 
 
Net asset value, end of period    $ 12.81    $ 13.96    $ 14.53    $ 14.39    $ 15.04    $ 14.64 
   
 
 
 
 
 
Market price, end of period    $ 13.94    $ 13.66    $ 14.79    $ 16.03    $ 15.10    $ 14.13 

 
 
 
 
 
 
 
     Total Investment Return4                                 

 
 
 
 
 
 
 
 
Based on net asset value    (3.79)%5        1.29%    7.47%    1.91%        9.40%    7.19% 
   
 
 
 
 
 
 
 
Based on market price    6.99%5        (2.63)%    (1.80)%    13.07%        13.80%    13.45% 

 
 
 
 
 
 
 
 
 
     Ratios to Average Net Assets Applicable to Common Shares                                 

 
 
 
 
 
 
 
 
Total expenses after waiver and excluding interest expense and fees6,7    1.40%8        1.37%    1.33%    1.20%        1.19%    1.18% 
   
 
 
 
 
 
 
 
Total expenses after waiver7    1.59%8        1.75%    1.70%    1.51%        1.39%    1.37% 
   
 
 
 
 
 
 
 
Total expenses7    1.61%8        1.76%    1.71%    1.52%        1.40%    1.38% 
   
 
 
 
 
 
 
 
Net investment income7    7.19%8        6.65%    6.90%    6.54%        6.65%    6.79% 
   
 
 
 
 
 
 
 
Dividends to Preferred Shareholders    1.94%8        2.04%    1.83%    0.91%        0.42%    0.42% 
   
 
 
 
 
 
 
 
Net investment income to Common Shareholders    5.25%8        4.61%    5.07%    5.63%        6.23%    6.37% 

 
 
 
 
 
 
 
 
 
     Supplemental Data                                 

 
 
 
 
 
 
 
 
Net assets applicable to Common Shares, end of period (000)    $ 58,218    $ 63,228    $ 65,611    $ 64,630    $ 67,217    $ 65,234 
   
 
 
 
 
 
Preferred Shares outstanding at liquidation preference, end of period (000)    $ 40,300    $ 40,300    $ 40,300    $ 40,300    $ 30,300    $ 30,300 
   
 
 
 
 
 
Portfolio turnover    13%        31%    31%    28%        21%    24% 
   
 
 
 
 
 
 
 
Asset coverage end of period per $1,000    $ 2,445    $ 2,569    $ 2,628    $ 2,604    $ 3,218    $ 3,153 
   
 
 
 
 
 

1      Based on average shares outstanding.
 
2      Amount is less than $(0.01) per share.
 
3      Amount is less than $0.01 per share.
 
4      Total investment returns based on market value, which can be significantly greater or lesser than net asset value, may result in substantially different returns. Total investment returns exclude the effects of sales charges.
 
5      Aggregate total investment return.
 
6      Interest expense and fees relate to tender option bond trusts. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to tender option bond trusts.
 
7      Do not reflect the effect of dividends to Preferred Shareholders.
 
8      Annualized.
 

See Notes to Financial Statements.

ANNUAL REPORT

JULY 31, 2008

39


Financial Highlights                        BlackRock MuniYield California Fund, Inc. 
 
    Period                         
    November 1, 2007        Year Ended October 31,     
    to July 31, 2008    2007    2006             2005           2004    2003 
     Per Share Operating Performance                                 

 
 
 
 
 
 
 
 
Net asset value, beginning of period    $ 14.60    $ 15.11    $ 14.73    $ 15.27    $ 15.17    $ 15.14 
   
 
 
 
 
 
Net investment income1        0.69        0.93    0.96    0.93    1.02    1.06 
Net realized and unrealized gain (loss)        (0.88)        (0.49)    0.37    (0.46)    0.12    0.04 
Dividends and distributions to Preferred Shareholders from:                                 
     Net investment income        (0.20)        (0.29)    (0.25)    (0.13)    (0.07)    (0.10) 
     Net realized gain                                2 
   
 
 
 
 
 
 
 
Net increase (decrease) from investment operations        (0.39)        0.15    1.08    0.34    1.07    1.00 
   
 
 
 
 
 
 
 
Dividends and distributions to Common Shareholders from:                                 
     Net investment income        (0.50)        (0.66)    (0.70)    (0.86)    (0.97)    (0.97) 
     Net realized gain                                2 
   
 
 
 
 
 
 
 
Total dividends and distributions to Common Shareholders        (0.50)        (0.66)    (0.70)    (0.86)    (0.97)    (0.97) 
   
 
 
 
 
 
 
 
Capital changes with respect to issuance of Preferred Shares                    3    (0.02)         
   
 
 
 
 
 
 
 
Net asset value, end of period    $ 13.71    $ 14.60    $ 15.11    $ 14.73    $ 15.27    $ 15.17 
   
 
 
 
 
 
Market price, end of period    $ 13.07    $ 13.25    $ 14.00    $ 13.37    $ 14.43    $ 14.15 

 
 
 
 
 
 
 
     Total Investment Return4                                 

 
 
 
 
 
 
 
 
Based on net asset value        (2.55)%5        1.36%    8.03%    2.59%    7.74%    7.14% 
   
 
 
 
 
 
 
 
Based on market price        2.37%5        (0.72)%    10.28%    (1.46)%    9.16%    4.64% 

 
 
 
 
 
 
 
 
 
     Ratios to Average Net Assets Applicable to Common Shares                                 

 
 
 
 
 
 
 
 
Total expenses after waiver and excluding interest expense and fees6,7        1.06%8        1.06%    1.06%    0.98%    0.96%    0.95% 
   
 
 
 
 
 
 
 
Total expenses after waiver7        1.45%8        1.75%    1.51%    1.13%    1.12%    1.16% 
   
 
 
 
 
 
 
 
Total expenses7        1.49%8        1.77%    1.52%    1.13%    1.12%    1.17% 
   
 
 
 
 
 
 
 
Net investment income7        6.24%8        6.29%    6.51%    6.16%    6.79%    6.93% 
   
 
 
 
 
 
 
 
Dividends to Preferred Shareholders        1.83%8        1.93%    1.70%    0.84%    0.44%    0.63% 
   
 
 
 
 
 
 
 
Net investment income to Common Shareholders        4.41%8        4.36%    4.81%    5.32%    6.35%    6.30% 

 
 
 
 
 
 
 
 
 
     Supplemental Data                                 

 
 
 
 
 
 
 
 
Net assets applicable to Common Shares, end of period (000)     $ 292,002    $ 310,934    $ 321,701    $ 313,708    $ 325,204    $ 323,155 
   
 
 
 
 
 
Preferred Shares outstanding at liquidation preference, end of period (000) $    126,500    $ 175,000    $ 175,000    $ 175,000    $ 140,000    $ 140,000 

 
 
 
 
 
 
Portfolio turnover        30%        41%    39%    53%    29%    18% 
   
 
 
 
 
 
 
 
Asset coverage end of period per $1,000     $ 3,308    $ 2,777    $ 2,838    $ 2,793    $ 3,323    $ 3,308 
   
 
 
 
 
 

1      Based on average shares outstanding.
 
2      Amount is less than $(0.01) per share.
 
3      Amount is less than $0.01 per share.
 
4      Total investment returns based on market value, which can be significantly greater or lesser than net asset value, may result in substantially different returns. Total investment returns exclude the effects of sales charges.
 
5      Aggregate total investment return.
 
6      Interest expense and fees relate to tender option bond trusts. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to tender option bond trusts.
 
7      Do not reflect the effect of dividends to Preferred Shareholders.
 
8      Annualized.
 

See Notes to Financial Statements.

40 ANNUAL REPORT

JULY 31, 2008


Financial Highlights                                     BlackRock MuniYield Florida Fund 
 
        Period                         
    November 1, 2007        Year Ended October 31,     
    to July 31, 2008    2007    2006           2005    2004    2003 

 
 
 
 
 
 
     Per Share Operating Performance                                 

 
 
 
 
 
 
 
 
Net asset value, beginning of period    $ 14.53    $ 15.11    $ 14.91    $ 15.27    $ 14.97    $ 14.97 
   
 
 
 
 
 
Net investment income1        0.73        0.99    0.99    0.98    1.00    1.06 
Net realized and unrealized gain (loss)        (0.94)        (0.57)    0.28    (0.26)    0.29    (0.07) 
Dividends to Preferred Shareholders from net investment income        (0.21)        (0.30)    (0.26)    (0.14)    (0.07)    (0.07) 
   
 
 
 
 
 
 
 
Net increase (decrease) from investment operations        (0.42)        0.12    1.01    0.58    1.22    0.92 
   
 
 
 
 
 
 
 
Dividends to Common Shareholders from net investment income        (0.52)        (0.70)    (0.81)    (0.92)    (0.92)    (0.92) 
   
 
 
 
 
 
 
 
Capital changes with respect to issuance of Preferred Shares                    2    (0.02)         
   
 
 
 
 
 
 
 
Net asset value, end of period    $ 13.59    $ 14.53    $ 15.11    $ 14.91    $ 15.27    $ 14.97 
   
 
 
 
 
 
Market price, end of period    $ 11.91    $ 12.86    $ 14.35    $ 14.93    $ 14.28    $ 13.80 

 
 
 
 
 
 
 
     Total Investment Return3                                 

 
 
 
 
 
 
 
 
Based on net asset value        (2.52)%4        1.21%    7.24%    3.98%    8.99%    6.76% 
   
 
 
 
 
 
 
 
Based on market price        (3.48)%4        (5.68)%    1.71%    11.34%    10.57%    10.44% 

 
 
 
 
 
 
 
 
 
     Ratios to Average Net Assets Applicable to Common Shares                                 

 
 
 
 
 
 
 
 
Total expenses after waiver and excluding interest expense and fees5,6        1.10%7        1.10%    1.09%    1.05%    1.03%    1.04% 
   
 
 
 
 
 
 
 
Total expenses after waiver6        1.40%7        1.46%    1.42%    1.25%    1.18%    1.18% 
   
 
 
 
 
 
 
 
Total expenses6        1.42%7        1.47%    1.44%    1.25%    1.19%    1.19% 
   
 
 
 
 
 
 
 
Net investment income6        6.77%7        6.72%    6.63%    6.46%    6.67%    7.01% 
   
 
 
 
 
 
 
 
Dividends to Preferred Shareholders        1.92%7        2.01%    1.75%    0.95%    0.48%    0.45% 
   
 
 
 
 
 
 
 
Net investment income to Common Shareholders        4.85%7        4.71%    4.88%    5.51%    6.19%    6.56% 

 
 
 
 
 
 
 
 
 
     Supplemental Data                                 

 
 
 
 
 
 
 
 
Net assets applicable to Common Shares, end of period (000)     $ 184,315    $ 197,014    $ 204,865    $ 202,042    $ 206,895    $ 202,890 
   
 
 
 
 
 
Preferred Shares outstanding at liquidation preference, end of period (000) $    90,825    $ 110,000    $ 110,000    $ 110,000    $ 95,000    $ 95,000 

 
 
 
 
 
 
Portfolio turnover        22%        25%    46%    42%    33%    35% 
   
 
 
 
 
 
 
 
Asset coverage end of period per $1,000     $ 3,029    $ 2,791    $ 2,862    $ 2,837    $ 3,178    $ 3,136 
   
 
 
 
 
 

1      Based on average shares outstanding.
 
2      Amount is less than $(0.01) per share.
 
3      Total investment returns based on market value, which can be significantly greater or lesser than net asset value, may result in substantially different returns. Total investment returns exclude the effects of sales charges.
 
4      Aggregate total investment return.
 
5      Interest expense and fees relate to tender option bond trusts. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to tender option bond trusts.
 
6      Do not reflect the effect of dividends to Preferred Shareholders.
 
7      Annualized.
 

See Notes to Financial Statements.

ANNUAL REPORT

JULY 31, 2008

41


Financial Highlights                BlackRock MuniYield New Jersey Fund, Inc. 
 
    Period                         
    December 1, 2007        Year Ended November 30,     
    to July 31, 2008    2007    2006           2005           2004    2003 

 
 
 
 
 
 
     Per Share Operating Performance                             

 
 
 
 
 
 
 
Net asset value, beginning of period    $ 15.18    $ 15.90    $ 15.37    $ 15.25    $ 15.39    $ 14.84 
   
 
 
 
 
 
Net investment income1    0.62        1.01    1.00    1.01    1.06    1.05 
Net realized and unrealized gain (loss)    (0.79)        (0.74)    0.54    0.18    (0.14)    0.52 
Dividends to Preferred Shareholders from net investment income    (0.18)        (0.28)    (0.25)    (0.16)    (0.08)    (0.06) 
   
 
 
 
 
 
 
Net increase (decrease) from investment operations    (0.35)        (0.02)    1.29    1.03    0.84    1.51 
   
 
 
 
 
 
 
Dividends to Common Shareholders from net investment income    (0.47)        (0.70)    (0.76)    (0.91)    (0.96)    (0.96) 
   
 
 
 
 
 
 
Capital changes with respect to issuance of Preferred Shares                    2    (0.02)     
   
 
 
 
 
 
 
Net asset value, end of period    $ 14.36    $ 15.18    $ 15.90    $ 15.37    $ 15.25    $ 15.39 
   
 
 
 
 
 
Market price, end of period    $ 13.52    $ 13.66    $ 15.47    $ 14.38    $ 14.73    $ 14.34 

 
 
 
 
 
 
 
     Total Investment Return2                             

 
 
 
 
 
 
 
Based on net asset value    (2.17)%3        0.11%    8.83%    7.08%    5.84%    10.81% 
   
 
 
 
 
 
 
Based on market price    2.35%3        (7.41)%    13.17%    3.72%    9.72%    8.90% 

 
 
 
 
 
 
 
 
     Ratios to Average Net Assets Applicable to Common Shares                             

 
 
 
 
 
 
 
Total expenses after waiver and excluding interest expense and fees4,5    1.13%6        1.10%    1.09%    1.09%    1.02%    1.02% 
   
 
 
 
 
 
 
Total expenses after waiver5    1.20%6        1.27%    1.44%    1.39%    1.24%    1.21% 
   
 
 
 
 
 
 
Total expenses5    1.22%6        1.28%    1.44%    1.39%    1.25%    1.22% 
   
 
 
 
 
 
 
Net investment income5    6.27%6        6.56%    6.50%    6.47%    6.94%    6.94% 
   
 
 
 
 
 
 
Dividends to Preferred Shareholders    1.85%6        1.85%    1.65%    1.05%    0.50%    0.40% 
   
 
 
 
 
 
 
Net investment income to Common Shareholders    4.42%6        4.71%    4.85%    5.42%    6.44%    6.54% 

 
 
 
 
 
 
 
 
     Supplemental Data                             

 
 
 
 
 
 
 
Net assets applicable to Common Shares, end of period (000)    $ 204,022    $ 215,585    $ 225,855    $ 218,250    $ 216,618    $ 218,642 
   
 
 
 
 
 
Preferred Shares outstanding at liquidation preference, end of period (000)    $ 104,725    $ 119,000    $ 119,000    $ 119,000    $ 119,000    $ 97,500 
   
 
 
 
 
 
Portfolio turnover    11%        18%    9%    32%    14%    26% 
   
 
 
 
 
 
 
Asset coverage end of period per $1,000    $ 2,948    $ 2,812    $ 2,898    $ 2,834    $ 2,820    $ 3,242 
   
 
 
 
 
 

1      Based on average shares outstanding.
 
2      Total investment returns based on market value, which can be significantly greater or lesser than net asset value, may result in substantially different returns. Total investment returns exclude the effects of sales charges.
 
3      Aggregate total investment return.
 
4      Interest expense and fees relate to tender option bond trusts. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to tender option bond trusts.
 
5      Do not reflect effect of dividends to Preferred Shareholders.
 
6      Annualized.
 

See Notes to Financial Statements.

42 ANNUAL REPORT

JULY 31, 2008


Notes to Financial Statements

1. Significant Accounting Policies:

BlackRock Muni New York Intermediate Duration Fund, Inc., BlackRock
MuniYield Arizona Fund, Inc., BlackRock MuniYield California Fund, Inc.,
BlackRock MuniYield Florida Fund and BlackRock MuniYield New Jersey
Fund, Inc. (the “Funds” or individually as the “Fund”), are registered
under the Investment Company Act of 1940, as amended (the “1940
Act”), as non-diversified, closed-end management investment compa-
nies. The Funds’ financial statements are prepared in conformity with
accounting principles generally accepted in the United States of
America, which may require the use of management accruals and
estimates. Actual results may differ from these estimates. The Funds
recently changed their fiscal year end to July 31. The Funds determine,
and make available for publication, the net asset values of their
Common Shares on a daily basis.

The following is a summary of significant accounting policies followed by
the Funds:

Valuation of Investments: Municipal investments (including commit-
ments to purchase such investments on a “when-issued” basis) are
valued on the basis of prices provided by dealers or pricing services
selected under the supervision of the Fund’s Board of Directors (the
“Board”). In determining the value of a particular investment, pricing
services may use certain information with respect to transactions in such
investments, quotations from dealers, pricing matrixes, market transac-
tions in comparable investments and various relationships between
investments. Financial futures contracts traded on exchanges are valued
at their last sale price. Swaps are valued by quoted fair values received
daily by each Fund’s pricing service or through brokers. Short-term
securities are valued at amortized cost. Investments in open-end invest-
ment companies are valued at net asset value each business day.

In the event that application of these methods of valuation results in
a price for an investment which is deemed not to be representative of
the market value of such investment, the investment will be valued by
a method approved by the Board as reflecting fair value (“Fair Value
Assets”). When determining the price for Fair Value Assets, the invest-
ment advisor and/or sub-advisor seeks to determine the price that the
Funds might reasonably expect to receive from the current sale of that
asset in an arm’s-length transaction. Fair value determinations shall
be based upon all available factors that the investment advisor and/or
sub-advisor deems relevant. The pricing of all Fair Value Assets is subse-
quently reported to the Board or a committee thereof.

Derivative Financial Instruments: The Funds may engage in various
portfolio investment strategies both to increase the return of the Funds
and to hedge, or protect, their exposure to interest rate movements and
movements in the securities markets. Losses may arise if the value of the
contract decreases due to an unfavorable change in the price of the
underlying security or if the counterparty does not perform under
the contract.

Financial futures contracts — Each Fund may purchase or sell finan-
cial futures contracts and options on such futures contracts. Futures
contracts are contracts for delayed delivery of securities at a specific
future date and at a specific price or yield. Upon entering into a con-
tract, the Fund deposits, and maintains as collateral, such initial mar-
gin as required by the exchange on which the transaction is effected.
Pursuant to the contract, the Fund agrees to receive from, or pay to,
the broker an amount of cash equal to the daily fluctuation in value
of the contract. Such receipts or payments are known as margin vari-
ation and are recorded by the Fund as unrealized gains or losses.
When the contract is closed, the Fund records a realized gain or loss
equal to the difference between the value of the contract at the time
it was opened and the value at the time it was closed.

Forward interest rate swaps — Each Fund may enter into forward
interest rate swaps. In a forward interest rate swap, the Fund and
the counterparty agree to make periodic net payments on a specified
notional contract amount, commencing on a specified future effective
date, unless terminated earlier. Changes in the value of the forward
interest rate swap are recognized as unrealized gains and losses.
When the agreement is closed, the Fund records a realized gain or
loss in an amount equal to the value of the agreement. The Funds
generally intend to close each forward interest rate swap before
the effective date specified in the agreement and therefore avoid
entering into the interest rate swap underlying each forward interest
rate swap.

Forward Commitments and When-issued Delayed Delivery Securities:
The Funds may purchase securities on a when-issued basis and may pur-
chase or sell securities on a forward commitment basis. Settlement of
such transactions normally occurs within a month or more after the pur-
chase or sale commitment is made. The Funds may purchase securities
under such conditions only with the intention of actually buying them,
but may enter into a separate agreement to sell the securities before the
settlement date. Since the value of securities purchased may fluctuate
prior to settlement, the Funds may be required to pay more at settlement
than the security is worth. In addition, the purchaser is not entitled to any
of the interest earned prior to settlement. Upon making a commitment to
purchase a security on a when-issued basis, the Funds will hold liquid
assets worth at least the equivalent of the amount due.

Municipal Bonds Transferred to Tender Option Bond Trusts: The Funds
leverage their assets through the use of tender option bond trusts
(“TOBs”). A TOB is established by a third party sponsor forming a special
purpose entity, into which one or more funds, or an agent on behalf of
the funds, transfers municipal securities. Other funds managed by the
investment advisor may also contribute municipal securities to a TOB
into which each Fund has contributed securities. A TOB typically issues
two classes of beneficial interests: short-term floating rate certificates,
which are sold to third party investors, and residual certificates (“TOB
Residuals”), which are generally issued to the participating fund that

ANNUAL REPORT

JULY 31, 2008

43


Notes to Financial Statements (continued)

made the transfer. The TOB Residuals held by a Fund include the right of
the Fund (1) to cause the holders of a proportional share of the floating
rate certificates to tender their certificates at par, and (2) to transfer,
within seven days, a corresponding share of the municipal securities
from the TOB to the Fund. The cash received by the TOB from the sale of
the short-term floating rate certificates, less transaction expenses, is
paid to the Fund, which typically invest the cash in additional municipal
securities. Each Fund’s transfer of the municipal securities to a TOB is
accounted for as a secured borrowing, therefore the municipal securities
deposited into a TOB are presented in the Funds’ Schedules of
Investments and the proceeds from the transaction are reported as
a liability of the Funds.

Interest income from the underlying securities is recorded by the Funds
on an accrual basis. Interest expense incurred on the secured borrowing
and other expenses related to remarketing, administration and trustee
services to a TOB are reported as expenses of the Funds. The floating
rate certificates have interest rates that generally reset weekly and their
holders have the option to tender certificates to the TOB for redemption
at par at each reset date. As of July 31, 2008, the aggregate value of
the underlying municipal securities transferred to TOBs, the related liabil-
ity for trust certificates and the range of interest rates were as follows:

Underlying
Municipal
    Securities    Liability for    Range of 
    Transferred    Trust    Interest 
    to TOBs    Certificates    Rates 

 
 
 
BlackRock Muni             
   New York Intermediate             
   Duration Fund, Inc    $ 1,910,254    $ 1,379,101    1.778% 

 
 
 
BlackRock MuniYield             
   Arizona Fund, Inc    $ 9,495,297    $ 4,335,000    2.494% 

 
 
 
Blackrock MuniYield            1.683% – 
   California Fund, Inc    $142,553,448    $83,836,061    2.552% 

 
 
 
BlackRock MuniYield            1.761% – 
   Florida Fund    $ 46,461,961    $27,927,409    2.545% 

 
 
 
BlackRock MuniYield             
   New Jersey            1.739% – 
   Fund, Inc    $ 28,811,089    $17,795,000    2.084% 

 
 
 

Financial transactions executed through TOBs generally will underperform
the market for fixed rate municipal bonds in a rising interest rate environ-
ment, but tend to outperform the market for fixed rate bonds when inter-
est rates decline or remain relatively stable. Should short-term interest
rates rise, each Fund’s investment in TOBs likely will adversely affect each
Fund’s investment income and dividends to Common Shareholders.
Fluctuations in the market value of municipal securities deposited into
the TOB may adversely affect each Fund’s net asset values per share.

Zero-Coupon Bonds: The Funds may invest in zero-coupon bonds, which
are normally issued at a significant discount from face value and do not
provide periodic interest payments. Zero-coupon bonds may experience
greater volatility in market value than similar maturity debt obligations
which provide regular interest payments.

Segregation: In cases in which the 1940 Act and the interpretive posi-
tions of the Securities and Exchange Commission (“SEC”) require that
the Funds segregate assets in connection with certain investments
(e.g., futures and swaps) or certain borrowings, each Fund will, con-
sistent with certain interpretive letters issued by the SEC, designate
on its books and records cash or other liquid debt securities having a
market value at least equal to the amount that would otherwise be
required to be physically segregated.

Investment Transactions and Investment Income: Investment trans-
actions are recorded on the dates the transactions are entered into
(the trade dates). Realized gains and losses on security transactions
are determined on the identified cost basis. Dividend income is
recorded on the ex-dividend dates. Interest income is recognized on
the accrual method. The Funds amortize all premiums and discounts
on debt securities.

Dividends and Distributions: Dividends from net investment income
are declared and paid monthly. Distributions of capital gains are record-
ed on the ex-dividend dates. Dividends and distributions to Preferred
Shareholders are accrued and determined as described in Note 4.

Income Taxes: It is each Fund’s policy to comply with the requirements
of the Internal Revenue Code applicable to regulated investment compa-
nies and to distribute substantially all of its taxable income to its share-
holders. Therefore, no federal income tax provision is required.

Effective April 30, 2008, BlackRock MuniYield Arizona Fund, Inc.,
BlackRock MuniYield California Fund, Inc. and BlackRock MuniYield
Florida Fund implemented Financial Accounting Standards Board
(“FASB”) Interpretation No. 48, “Accounting for Uncertainty in Income
Taxes — an interpretation of FASB Statement No. 109” (“FIN 48”).
Effective November 30, 2007 and May 30, 2008, BlackRock MuniYield
New York Intermediate Duration Fund, Inc. and BlackRock MuniYield New
Jersey Fund, Inc., respectively, implemented FIN 48. FIN 48 prescribes
the minimum recognition threshold a tax position must meet in connec-
tion with accounting for uncertainties in income tax positions taken or
expected to be taken by an entity, including investment companies,
before being measured and recognized in the financial statements. The
investment advisor has evaluated the application of FIN 48 to each
Fund, and has determined that the adoption of FIN 48 does not have
a material impact on each Fund’s financial statements. The Funds file
U.S. federal and various state and local tax returns. No income tax
returns are currently under examination. The statute of limitations on
the Funds’ U.S. federal tax returns remains open as follows: years
ended May 31, 2005 through May 31, 2007 for BlackRock New York
Intermediate Duration Fund; years ended October 31, 2005 through
October 31, 2007 for BlackRock MuniYield Arizona Fund, Inc., BlackRock
MuniYield California Fund, Inc. and BlackRock MuniYield Florida Fund
and years ended November 30, 2005 through November, 30 2007 for
BlackRock MuniYield New Jersey Fund, Inc. The statutes of limitations

44 ANNUAL REPORT

JULY 31, 2008


Notes to Financial Statements (continued)

on each Fund’s state and local tax returns may remain open for an
additional year depending upon the jurisdiction.

Recent Accounting Pronouncements: In September 2006, Statement
of Financial Accounting Standards No. 157, “Fair Value Measurements”
(“FAS 157”), was issued and is effective for fiscal years beginning after
November 15, 2007. Effective June 1, 2008 and December 1, 2007,
BlackRock Muni New York Intermediate Duration Fund, Inc. and
BlackRock MuniYield New Jersey Fund, Inc., respectively adopted FAS
157. FAS 157 defines fair value, establishes a framework for measuring
fair value and expands disclosures about fair value measurements. The
impact on the other Fund’s financial statement disclosures, if any, is cur-
rently being assessed.

In addition, in February 2007, Statement of Financial Accounting
Standards No. 159, “The Fair Value Option for Financial Assets and
Financial Liabilities” (“FAS 159”), was issued and is effective for fiscal
years beginning after November 15, 2007. FAS 159 permits entities to
choose to measure many financial instruments and certain other items
at fair value that are not currently required to be measured at fair value.
FAS 159 also establishes presentation and disclosure requirements
designed to facilitate comparisons between entities that choose different
measurement attributes for similar types of assets and liabilities. The
impact on each Fund’s financial statement disclosures, if any, is currently
being assessed.

In March 2008, Statement of Financial Accounting Standards No. 161,
“Disclosures about Derivative Instruments and Hedging Activities — an
amendment of FASB Statement No. 133” (“FAS 161”), was issued and
is effective for fiscal years beginning after November 15, 2008. FAS 161
is intended to improve financial reporting for derivative instruments by
requiring enhanced disclosure that enables investors to understand how
and why an entity uses derivatives, how derivatives are accounted for,
and how derivative instruments affect an entity’s results of operations
and financial position. The impact on each Fund’s financial statement
disclosures, if any, is currently being assessed.

Deferred Compensation and BlackRock Closed-End Share Equivalent
Investment Plan: Under the deferred compensation plan approved by
each Fund’s Board, non-interested Directors (“Independent Directors”)
may defer a portion of their annual complex-wide compensation.
Deferred amounts earn an approximate return as though equivalent
dollar amounts have been invested in common shares of other certain
BlackRock Closed-End Funds selected by the Independent Directors.
This has approximately the same economic effect for the Independent
Directors as if the Independent Directors had invested the deferred
amounts directly in other certain BlackRock Closed-End Funds.

The deferred compensation plan is not funded and obligations thereun-
der represent general unsecured claims against the general assets of
each Fund. Each Fund may, however elect to invest in common stock of
other certain BlackRock Closed-End Funds selected by the Independent
Directors in order to match its deferred compensation obligations.

Other: Expenses directly related to each Fund are charged to that
Fund. Other operating expenses shared by several funds are prorated
among those funds on the basis of relative net assets or other appro-
priate methods.

2. Investment Advisory Agreement and Other Transactions
with Affiliates:

Each Fund has entered into an Investment Advisory Agreement with
BlackRock Advisors, LLC (the “Advisor”), an indirect, wholly owned sub-
sidiary of BlackRock, Inc., to provide investment advisory and adminis-
tration services. Merrill Lynch & Co., Inc. (“Merrill Lynch”) and The PNC
Financial Services Group, Inc. are principal owners of BlackRock, Inc.

The Advisor is responsible for the management of each Fund’s portfolio
and provides the necessary personnel, facilities, equipment and certain
other services necessary to the operations of each Fund. For such serv-
ices, BlackRock Muni New York Intermediate Duration Fund, Inc. pays
a monthly fee at an annual rate of 0.55% and BlackRock MuniYield
Arizona Fund, Inc., MuniYield California Fund, Inc., MuniYield Florida
Fund and MuniYield New Jersey Fund, Inc. pay 0.50% of each Fund’s
average daily net assets. Average daily net assets is the average daily
value of the Funds’ total assets minus the sum of its accrued liabilities.

The Advisor has contractually agreed to waive a portion of its fee during
the first seven years of BlackRock Muni New York Intermediate Duration
Fund, Inc.’s operations ending July 31, 2010, as follows:

 

Fee Waiver (As a Percentage of Average Daily Net Assets)

Years 1 through 5 Year 6 Year 7 Year 8 and thereafter

0.15% 0.10% 0.05% 0.00%


The Advisor has not agreed to waive any portion of its fee beyond
July 31, 2010.

Such waivers are included in fees waived by advisor on the Statements
of Operations:

    Period     
    June 1, 2008 to    Year Ended 
    July 31, 2008    May 31, 2008 

 
 
BlackRock Muni New York Intermediate         
   Duration Fund, Inc    $21,888    $137,740 

 
 

The Advisor has agreed to waive its advisory fees by the amount of
investment advisory fees each Fund pays to the Advisor indirectly
through its investment in affiliated money market funds. These amounts
are included in fees waived by advisor on the Statements of Operations.

ANNUAL REPORT

JULY 31, 2008

45


Notes to Financial Statements (continued)

    Period     
    June 1, 2008 to    Year Ended 
    July 31, 2008    May 31, 2008 

 
 
BlackRock Muni New York Intermediate         
   Duration Fund, Inc    $ 1,165    $6,567 

 
 
 
 
    Period     
    November 1,    Year Ended 
    2007 to    October 31, 
    July 31, 2008    2007 

 
 
BlackRock MuniYield Arizona Fund, Inc    $ 6,162    $ 5,212 
BlackRock MuniYield California Fund, Inc    $82,360    $45,449 
BlackRock MuniYield Florida Fund    $33,390    $21,161 

 
 
 
 
    Period     
    December 1,    Year Ended 
    2007 to    November 30, 
    July 31, 2008    2007 

 
 
BlackRock MuniYield New Jersey Fund, Inc.    $33,259    $19,930 

 
 

The Advisor has entered into separate sub-advisory agreements with
BlackRock Investment Management, LLC (“BIM”), an affiliate of the
Advisor, with respect to each Fund, under which the Advisor pays BIM
for services it provides, a monthly fee that is a percentage of the invest-
ment advisory fee paid by each Fund to the Advisor.

For the period November 1, 2007 to July 31, 2008 for BlackRock
MuniYield Arizona Fund, Inc., BlackRock MuniYield California Fund,
Inc. and BlackRock MuniYield Florida Fund, June 1, 2008 to July 31,
2008 for BlackRock Muni New York Intermediate Duration Fund, Inc.
and December 1, 2007 to July 31, 2008 for BlackRock MuniYield New
Jersey Fund, Inc. and the year ended October 31, 2007 for BlackRock
MuniYield Arizona Fund, Inc., BlackRock MuniYield California Fund, Inc.
and BlackRock MuniYield Florida Fund, May 31, 2008 for BlackRock
MuniYield New York Intermediate Duration Fund, Inc. and November 30,
2007 for BlackRock MuniYield New Jersey Fund, Inc., the Funds reim-
bursed the Advisor for certain accounting services, which are included
in accounting services on the Statements of Operations. The reimburse-
ments were as follows:

    Period Ended    Prior 
    July 31, 2008    Year Ended 

 
 
BlackRock Muni New York Intermediate         
   Duration Fund, Inc    $ 184    $1,643 
BlackRock MuniYield Arizona Fund, Inc    $1,254    $1,954 
BlackRock MuniYield California Fund, Inc    $5,963    $9,162 
BlackRock MuniYield Florida Fund    $3,752    $5,795 
BlackRock MuniYield New Jersey Fund, Inc    $3,614    $6,277 

 
 

Pursuant to the terms of the custody agreement, custodian fees may be
reduced by amounts calculated on uninvested cash balances, which are
shown on the Statements of Operations as fees paid indirectly.

Certain officers and/or directors of the Funds are officers and/or direc-
tors of BlackRock, Inc. or its affiliates. The Funds reimburse the Advisor
for compensation paid to the Funds’ Chief Compliance Officer.

3. Investments:

Purchases and sales of investments, excluding short-term securities, for
the period November 1, 2007 to July 31, 2008 for BlackRock MuniYield
Arizona Fund, Inc., BlackRock MuniYield California Fund, Inc. and
BlackRock MuniYield Florida Fund, the period December 1, 2007 to
July 31, 2008 for BlackRock MuniYield New Jersey Fund, Inc. and the
period June 1, 2008 to July 31, 2008 for BlackRock MuniYield New
York Intermediate Duration Fund, Inc., were as follows:

    Total    Total 
    Purchases    Sales 

 
 
BlackRock Muni New York Intermediate         
   Duration Fund, Inc    $ 2,647,242    $ 1,494,273 
BlackRock MuniYield Arizona         
   Fund, Inc    $ 13,343,547    $ 15,845,482 
BlackRock MuniYield California         
   Fund, Inc    $145,350,889    $186,620,997 
BlackRock MuniYield Florida Fund    $ 66,363,857    $ 86,548,160 
BlackRock MuniYield New Jersey         
   Fund, Inc    $ 33,256,324    $ 33,887,765 

 
 
 
4. Capital Share Transactions:         

Each Fund is authorized to issue 200,000,000 shares, including
Preferred Shares, par value $0.10 per share, all of which were initially
classified as Common Shares. Each Board is authorized, however, to
reclassify any unissued shares of Common Shares without approval of
the holders of Common Shares.

Common Shares

BlackRock Muni New York Intermediate Duration Fund, Inc.

Shares issued and outstanding for the period June 1, 2008 to
July 31, 2008 and the years ended May 31, 2008 and May 31, 2007,
remained constant.

BlackRock MuniYield Arizona Fund, Inc.

Shares issued and outstanding for the period November 1, 2007 to
July 31, 2008 and the years ended October 31, 2007 and October 31,
2006 increased by 14,368, 13,972 and 22,850 respectively, as a result
of dividend reinvestment.

BlackRock MuniYield California Fund, Inc.

Shares issued and outstanding for the period November 1, 2007 to
July 31, 2008 and the years ended October 31, 2007 and October 31,
2006 remained constant.

46 ANNUAL REPORT

JULY 31, 2008


Notes to Financial Statements (continued)

BlackRock MuniYield Florida Fund

Shares issued and outstanding for the period November 1, 2007 to
July 31, 2008 and the year ended October 31, 2007 remained constant
and for the year ended October 31, 2006 increased by 6,144 as a
result of dividend reinvestments.

BlackRock MuniYield New Jersey Fund, Inc.

Shares issued and outstanding for the period December 1, 2007 to July
31, 2008 and the years ended November 30, 2007 and November 30,
2006 remained constant.

Preferred Shares

Preferred Shares of the Funds have a liquidation preference of $25,000
per share, plus accrued and unpaid dividends, that entitles their holders
to receive cash dividends at varying annualized rates for each dividend
period. The yields in effect at July 31, 2008 were as follows:

    BlackRock         
    Muni New York    BlackRock    BlackRock 
    Intermediate    MuniYield    MuniYield 
    Duration    Arizona    California 
    Fund, Inc.    Fund, Inc.    Fund, Inc. 

 
 
 
Series A        3.427%1    2.579%1 
Series B        3.579%1    3.427%1 
Series C        4.354%2    3.427%1 
Series D            4.354%2 
Series F7    4.354%2         

 
 
 
 
 
 
            BlackRock 
        BlackRock    MuniYield 
        MuniYield    New Jersey 
        Florida Fund    Fund, Inc. 

 
 
 
Series A1        3.336%    3.427% 
Series B1        3.579%    3.503% 
Series C2        4.285%    4.354% 

 
 
 

  1 The maximum applicable rate on this series of Preferred Shares is the higher
of 110% of the AA commercial paper rate or 110% of 90% of the Kenny S&P
30-day High Grade Index rate divided by 1.00 minus the marginal tax rate.
2 The maximum applicable rate on this series of Preferred Shares is the higher
of 110% plus or times (i) the Telerate/BBA LIBOR or (ii) 90% of the Kenny S&P
30-day High Grade Index rate divided by 1.00 minus the marginal tax rate.

Each Fund pays commissions to certain broker-dealers at the end of
each auction at an annual rate of 0.25%, calculated on the aggregate
principal amount. For the period November 1, 2007 to July 31, 2008
and the year ended October 31, 2007, for BlackRock MuniYield Arizona
Fund, Inc., BlackRock MuniYield California Fund, Inc. and BlackRock
MuniYield Florida Fund, December 1, 2007 to July 31, 2008 and the
year ended November 30, 2007 for BlackRock MuniYield New Jersey
Fund, Inc., June 1, 2008 to July 31, 2008 and the year ended May 31,
2008 for BlackRock Muni New York Intermediate Duration Fund, Inc.,
Merrill Lynch, Pierce, Fenner & Smith Incorporated, a wholly owned sub-
sidiary of Merrill Lynch, earned commissions as follows:

    Period Ended    Prior 
    July 31, 2008    Year Ended 

 
 
BlackRock Muni New York Intermediate         
   Duration Fund, Inc    $ 11,793    $ 69,992 
BlackRock MuniYield Arizona Fund, Inc    $ 46,725    $ 55,729 
BlackRock MuniYield California Fund, Inc    $109,867    $145,469 
BlackRock MuniYield Florida Fund    $126,641    $146,733 
BlackRock MuniYield New Jersey Fund, Inc    $109,066    $170,928 

 
 

On June 4, 2008 and June 17, 2008, the following Funds announced
redemptions of Preferred Shares at a price of $25,000 per share plus
any accrued and unpaid dividends through the redemption date:

BlackRock Muni New York    Redemption    Shares    Aggregate 
Intermediate Duration Fund, Inc.    Date    Redeemed    Principal 

 
 
 
Series F7    6/23/08    55    $1,375,000 

 
 
 
 
 
 
BlackRock    Redemption    Shares    Aggregate 
MuniYield California Fund, Inc.    Date    Redeemed    Principal 

 
 
 
Series A    7/10/08    665    $16,625,000 
Series B    6/19/08    665    $16,625,000 
Series C    7/03/08    222    $ 5,550,000 
Series D    6/24/08    388    $ 9,700,000 

 
 
 
 
 
 
BlackRock    Redemption    Shares    Aggregate 
MuniYield Florida Fund    Date    Redeemed    Principal 

 
 
 
Series A    6/19/08    384    $ 9,600,000 
Series B    6/27/08    279    $ 6,975,000 
Series C    6/25/08    104    $ 2,600,000 

 
 
 
 
 
 
BlackRock MuniYield    Redemption    Shares    Aggregate 
New Jersey Fund, Inc.    Date    Redeemed    Principal 

 
 
 
Series A    6/26/08    288    $ 7,200,000 
Series B    6/25/08    180    $ 4,500,000 
Series C    6/24/08    103    $ 2,575,000 

 
 
 

The Funds financed the Preferred Share redemptions with cash received
from TOB transactions.

Shares issued and outstanding during the years ended May 31, 2007
and May 31, 2006 for BlackRock Muni New York Intermediate Duration
Fund, Inc., October 31, 2007 and October 31, 2006 for BlackRock
MuniYield Arizona Fund, Inc., BlackRock MuniYield California Fund, Inc.
and BlackRock MuniYield Florida Fund, and November 30, 2007 and
November 30, 2006 for BlackRock MuniYield New Jersey Fund, Inc.
remained constant.

Dividends on seven-day Preferred Shares are cumulative at a rate, which
is reset every seven days based on the results of an auction. Dividends
on 28 day Preferred Shares are cumulative at a rate which is reset every
28 days based on the results of an auction. If the Preferred Shares fail

ANNUAL REPORT

JULY 31, 2008

47


Notes to Financial Statements (continued)

to clear the auction on an auction date, each Fund is required to pay
the maximum applicable rate on the Preferred Shares to holders of such
shares for successive dividend periods until such time as the stock is
successfully auctioned. The maximum applicable rate on the Preferred
Shares is as footnoted as applicable on the above chart. For the period
ended July 31, 2008, the Preferred Shares of each Fund were success-
fully auctioned at each auction date until February 13, 2008. The low,
high and average dividend rates on the Preferred Shares for each Fund
for the period November 1, 2007 to July 31, 2008 for BlackRock
MuniYield Arizona Fund, Inc., BlackRock MuniYield California Fund, Inc.
and BlackRock MuniYield Florida Fund, June 1, 2008 to July 31, 2008
for BlackRock Muni New York Intermediate Duration Fund, Inc., and
December 1, 2007 to July 31, 2008 for BlackRock MuniYield New
Jersey Fund, Inc. were as follows:

BlackRock Muni New York Intermediate Duration Fund, Inc.     

 
    Low    High    Average 

 
 
 
Series F7    3.398%    4.354%    3.626% 

 
 
 
 
BlackRock MuniYield Arizona Fund, Inc.         

 
 
    Low    High    Average 

 
 
 
Series A    2.48%    4.33%    3.22% 
Series B    2.48%    4.51%    3.27% 
Series C    2.59%    5.20%    3.80% 

 
 
 
 
BlackRock MuniYield California Fund, Inc.         

 
 
    Low    High    Average 

 
 
 
Series A    2.579%    4.50%    3.31% 
Series B    2.48%    4.356%    3.29% 
Series C    2.54%    3.990%    3.133% 
Series D    2.90%    5.198%    3.79% 

 
 
 
 
BlackRock MuniYield Florida Fund             

 
 
 
    Low    High    Average 

 
 
 
Series A    2.48%    4.60%    3.41% 
Series B    2.46%    4.60%    3.39% 
Series C    3.00%    5.06%    3.88% 

 
 
 
 
BlackRock MuniYield New Jersey Fund, Inc.         

 
 
    Low    High    Average 

 
 
 
Series A    2.480%    4.356%    3.279% 
Series B    2.535%    4.356%    3.271% 
Series C    2.800%    5.198%    3.824% 

 
 
 

Since February 13, 2008, the Preferred Shares of each Fund failed to
clear any of their auctions. As a result, the Preferred Shares dividend
rates were reset to the maximum applicable rate, which ranged from
2.480% to 5.198% . A failed auction is not an event of default for the
Fund but has a negative impact on the liquidity of the Preferred Shares.
A failed auction occurs when there are more sellers of a fund’s auction

rate Preferred Shares than buyers. It is impossible to predict how long
this imbalance will last. A successful auction for each Fund’s Preferred
Shares may not occur for some time, if ever, and even if liquidity does
resume, holders of Preferred Shares may not have the ability to sell the
Preferred Shares at liquidation preference.

The Funds may not declare dividends or make other distributions on
Common Shares or purchase any such shares if, at the time of the
declaration, distribution or purchase, asset coverage with respect to
the outstanding Preferred Shares is less than 200%.

The Preferred Shares are redeemable at the option of each Fund, in
whole or in part, on any dividend payment date at $25,000 per share
plus any accumulated unpaid dividends whether or not declared. The
Preferred Shares are also subject to mandatory redemption at $25,000
per share plus any accumulated or unpaid dividends, whether or not
declared, if certain requirements relating to the composition of the
assets and liabilities of each Fund, as set forth in each Fund’s Articles
Supplementary or Certificate of Designation, are not satisfied.

The holders of Preferred Shares have voting rights equal to the holders
of Common Shares (one vote per share) and will vote together with
holders of Common Shares (one vote per share) as a single class.
However, the holders of Preferred Shares, voting as a separate class,
are also entitled to elect two Directors for a Fund. In addition, the
1940 Act requires that along with approval by shareholders that might
otherwise be required, the approval of the holders of a majority of any
outstanding Preferred Shares, voting separately as a class, would be
required to (a) adopt any plan of reorganization that would adversely
affect the Preferred Shares (b) change a Fund’s subclassification as a
closed-end investment company or change its fundamental investment
restrictions or (c) change its business so as to cease to be an invest-
ment company.

5. Income Tax Information:

Reclassifications: Accounting principles generally accepted in the United
States of America require that certain components of net assets be
adjusted to reflect permanent differences between financial and tax
reporting. These reclassifications have no effect on net assets or on net
asset values per share.

During the current year, $13 has been reclassified in BlackRock
MuniYield Arizona Fund, Inc. between undistributed net investment
income and accumulated net realized loss as a result of permanent
differences attributable to the reclassification of distributions.

During the current year, $304,293 has been reclassified in BlackRock
MuniYield California Fund, Inc. between accumulated net realized loss
and undistributed net investment income as a result of permanent differ-
ences attributable to amortization methods on fixed income securities.

48 ANNUAL REPORT

JULY 31, 2008


  Notes to Financial Statements (continued)

During the current year, $6,070,481 has been reclassified in BlackRock
MuniYield Florida Fund between paid-in capital in excess of par and
accumulated net realized losses, and $6,130 has been reclassified
between net accumulated net realized losses and undistributed net
investment income as a result of permanent differences attributable to
the expiration of capital loss carryforwards and amortization methods
on fixed income securities.

During the current year, $750,005 has been reclassified in BlackRock
MuniYield New Jersey Fund, Inc. between paid-in capital in excess of par
and accumulated net realized loss and $111,926 has been reclassified
between accumulated net realized loss and undistributed net investment
income as a result of permanent differences attributable to expiration of
capital loss carryforwards and the reclassification of distributions.

BlackRock Muni New York Intermediate Duration Fund, Inc.

The tax character of distributions paid during the period June 1, 2008 to
July 31, 2008 and the years ended May 31, 2008 and May 31, 2007
was as follows:

    5/31/2008–         
    7/31/2008    5/31/2008    5/31/2007 
   
 
 
Distributions paid from:             
Tax-exempt income    $ 623,409    $3,824,832    $3,747,217 
   
 
 
Total distributions    $ 623,409    $3,824,832    $3,747,217 
   
 
 

  As of July 31, 2008, the components of accumulated loss on a tax
basis were as follows:

Undistributed tax-exempt net income    $ 261,224 
Undistributed long-term net capital gains     
   
Total undistributed net earnings    261,224 
Capital loss carryforward    (898,698)* 
Net unrealized loss    (2,162,643)** 
   
Total accumulated net loss    $ (2,800,117) 
   

* On July 31, 2008, the Fund had a capital loss carryforward of $898,698, of which
$134,161 expires in 2012, $25,350 expires in 2015, and $739,187 expires in
2016. This amount will be available to offset future realized capital gains.
** The difference between book-basis and tax-basis net unrealized losses is attribu-
table primarily to the difference between book and tax amortization methods for
premiums and discounts on fixed income securities and the difference between
book and tax treatment of residual interests in tender option bond trusts.

BlackRock MuniYield Arizona Fund, Inc.

The tax character of distributions paid during the period November 1,
2007 to July 31, 2008 and the years ended October 31, 2007 and
October 31, 2006 was as follows:

    11/01/07–         
    7/31/2008    10/31/2007    10/31/2006 
   
 
 
Distributions paid from:             
   Tax-exempt income    $ 3,212,919    $4,427,574    $4,774,990 
   Net long-term capital gains    762,823    387,602    608,019 
   
 
 
Total distributions    $ 3,975,742    $4,815,176    $5,383,009 
   
 
 

As of July 31, 2008, the components of accumulated loss on a tax
basis were as follows:

Undistributed tax-exempt net income    $ 475,853 
Undistributed long-term net capital gains     
   
Total undistributed net earnings    475,853 
Capital loss carryforward    (433,955)* 
Net unrealized loss    (2,236,477)** 
   
Total accumulated net loss    $ (2,194,579) 
   

* On July 31, 2008, the Fund had a capital loss carryforward of $433,955 all of
which expires in 2016. This amount will be available to offset future realized
capital gains.
** The difference between book-basis and tax-basis net unrealized losses is attribu-
table primarily to the tax deferral of losses on straddles, the difference between
book and tax amortization methods for premiums and discounts on fixed income
securities and the difference between book and tax treatment of residual interests
in tender option bond trusts.

BlackRock MuniYield California Fund, Inc.

The tax character of distributions paid during the period November 1, 2007 to July 31, 2008

and the years ended October 31, 2007 and October 31, 2006 was as follows:

    11/01/07–         
    7/31/2008    10/31/2007    10/31/2006 
   
 
 
Distributions paid from:             
Tax-exempt income    $ 14,838,489    $20,213,375    $20,192,989 
   
 
 
Total distributions    $ 14,838,489    $20,213,375    $20,192,989 
   
 
 

As of July 31, 2008, the components of accumulated loss on a tax
basis were as follows:

Undistributed tax-exempt net income    $ 1,351,173 
Undistributed ordinary income    196,850 
   
Total undistributed net earnings    1,548,023 
Capital loss carryforward    (889,828)* 
Net unrealized loss    (10,254,218)** 
   
Total accumulated net loss    $ (9,596,023) 
   

* On July 31, 2008, the Fund had a capital loss carryforward of $889,828, of which
$217,588 expires in 2011 and $672,240 expires in 2016. This amount will be
available to offset future realized capital gains.
** The difference between book-basis and tax-basis net unrealized losses is attribu-
table primarily to the tax deferral of losses on straddles, the difference between
book and tax amortization methods for premiums and discounts on fixed income
securities and the difference between book and tax treatment of residual interests
in tender option bond trusts.

ANNUAL REPORT

JULY 31, 2008

49


Notes to Financial Statements (continued)

BlackRock MuniYield Florida Fund

The tax character of distributions paid during the period November 1,
2007 to July 31, 2008 and the years ended October 31, 2007 and
October 31, 2006 was as follows:

    11/01/07–         
    7/31/2008    10/31/2007    10/31/2006 
   
 
 
Distributions paid from:             
Tax-exempt income    $ 9,883,380    $13,543,476    $14,505,526 
   
 
 
Total distributions    $ 9,883,380    $13,543,476    $14,505,526 
   
 
 

As of July 31, 2008, the components of accumulated loss on a tax
basis were as follows:

Undistributed tax-exempt net income    $ 481,704 
Undistributed ordinary income    177,990 
   
Total undistributed net earnings    659,694 
Capital loss carryforward    (3,619,511)* 
Net unrealized loss    (2,540,437)** 
   
Total accumulated net loss    $ (5,500,254) 
   

* On July 31, 2008, the Fund had a capital loss carryforward of $3,619,511, of
which $1,474,937 expires in 2012 and $2,144,574 expires in 2016. This amount
will be available to offset future realized capital gains.
** The difference between book-basis and tax-basis net unrealized losses is attribu-
table primarily to the tax deferral of losses on wash sales, the tax deferral of
losses on straddles, the difference between book and tax amortization methods
for premiums and discounts on fixed income securities and the difference between
book and tax treatment of residual interests in tender option bond trusts.

BlackRock MuniYield New Jersey Fund, Inc.

The tax character of distributions paid during the period December 1,
2007 to July 31, 2008 and the years ended November 31, 2007 and
November 31, 2006 was as follows:

    12/01/07–         
    7/31/2008    11/30/2007    11/30/2006 
   
 
 
Distributions paid from:             
   Tax-exempt income    $ 9,199,157    $13,938,943    $14,425,676 
   Ordinary income    $ 111,960         
   
 
 
Total distributions    $ 9,311,117    $13,938,943    $14,425,676 
   
 
 

As of July 31, 2008, the components of accumulated loss on a tax
basis were as follows:

Undistributed tax-exempt net income    $ 1,233,606 
Undistributed long-term net capital gains     
   
Total undistributed net earnings    1,233,606 
Capital loss carryforward               (239,556)* 
Net unrealized loss           (1,602,149)** 
   
Total accumulated net loss    $ (608,099) 
   

* On July 31, 2008, the Fund had a capital loss carryforward of $239,556, all of
which expires in 2012. This amount will be available to offset future realized
capital gains.
** The difference between book-basis and tax-basis net unrealized losses is attribu-
table primarily to the tax deferral of losses on straddles, the difference between
book and tax amortization methods for premiums and discounts on fixed income
securities and the difference between book and tax treatment of residual interests
in tender option bond trusts.

6. Concentration Risk:

Each Fund’s investments are concentrated in certain states, which may
be affected by adverse financial, social, environmental, economic,
regulatory and political factors.

Many municipalities insure repayment of their bonds, which reduces the
risk of loss due to issuer default. The market value of these bonds may
fluctuate for other reasons, including market perception of the value of
such insurance, and there is no guarantee that the insurer will meet its
obligation.

7. Subsequent Events:

Each Fund paid a net investment income dividend to holders of its
Common Shares on September 2, 2008 to shareholders of record on
August 15, 2008. The amount of the net investment income dividend
per share was as follows:

    Distribution 
       Per Share 

 
BlackRock Muni New York Intermediate Duration Fund, Inc    $0.053000 
BlackRock MuniYield Arizona Fund, Inc    $0.057000 
BlackRock MuniYield California Fund, Inc    $0.055000 
BlackRock MuniYield Florida Fund    $0.058000 
BlackRock MuniYield New Jersey Fund, Inc    $0.058000 

 

50 ANNUAL REPORT

JULY 31, 2008


Notes to Financial Statements (concluded)

The dividends declared on Preferred Shares for the period
August 1, 2008 to August 31, 2008 were as follows:

BlackRock
    Muni New York    BlackRock    BlackRock 
    Intermediate    MuniYield    MuniYield 
    Duration    Arizona    California 
    Fund, Inc.    Fund, Inc.    Fund, Inc. 

 
 
 
Series A        $26,889    $94,265 
Series B        $46,998    $90,064 
Series C        $35,096    $30,726 
Series D            $88,874 
Series F7    $103,972         

 
 
 
 
            BlackRock 
        BlackRock    MuniYield 
        MuniYield    New Jersey 
        Florida Fund    Fund, Inc. 

 
 
 
Series A        $94,269    $109,634 
Series B        $67,913    $ 69,445 
Series C        $34,238    $ 66,480 

 
 
 

  On September 12, 2008, the Board of Directors of BlackRock MuniYield
Florida Fund voted unanimously to change a non-fundamental invest-
ment policy of the Fund, and to rename the Fund “BlackRock MuniYield
Investment Fund.” The Fund’s previous non-fundamental investment
policy required the Fund, under normal market conditions, to invest at
least 80% of its assets in Florida municipal bonds and 100% in munici-
pal bonds rated investment grade at time of investment. Due to the
repeal of the Florida Intangible Personal Property Tax as of January
2007, the Board has approved an amended policy allowing the Fund
flexibility to invest in municipal obligations regardless of geographic
location. The Fund’s new investment policy is, under normal market
conditions, to invest 100% of its assets in municipal bonds rated invest-
ment grade at time of investment. The approved changes will not alter
the Fund’s investment objective.

Under current market conditions, the Advisor anticipates that it will
gradually reposition the Fund’s portfolio over time and that during such
period the Fund may continue to hold a substantial portion of its assets
in Florida municipal bonds. At this time, it is uncertain how long the
repositioning may take, and the Fund will continue to be subject to
risks associated with investing a substantial portion of its assets in
Florida municipal bonds until the repositioning is complete.

The Advisor and the Board believe the amended policy will allow the
Advisor to better manage the Fund’s portfolio in the best interests of
Fund shareholders and to better meet the Fund’s investment objective.

On September 15, 2008, Bank of America Corporation announced that
it has agreed to acquire Merrill Lynch, one of the principal owners of
BlackRock, Inc. The purchase has been approved by the directors of
both companies. Subject to shareholder and regulatory approvals, the
transaction is expected to close in the first quarter of 2009.

ANNUAL REPORT

JULY 31, 2008

51


Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Directors or Trustees
of BlackRock Muni New York Intermediate Duration Fund,
Inc., BlackRock MuniYield Arizona Fund, Inc., BlackRock
MuniYield California Fund, Inc., BlackRock MuniYield
Florida Fund and BlackRock MuniYield New Jersey
Fund, Inc.:

We have audited the accompanying statement of assets and liabilities,
including the schedule of investments, of BlackRock Muni New York
Intermediate Duration Fund, Inc. as of July 31, 2008, and the related
statements of operations for the period June 1, 2008 to July 31, 2008
and for the year ended May 31, 2007, the statements of changes in
net assets for the period June 1, 2008 to July 31, 2008 and for each
of the two years in the period ended May 31, 2008, and the financial
highlights for the period June 1, 2008 to July 31, 2008 and for each of
the two years in the period ended May 31, 2008. We have also audited
the accompanying statements of assets and liabilities, including the
schedules of investments, of BlackRock MuniYield Arizona Fund, Inc.,
BlackRock MuniYield California Fund, Inc. and BlackRock MuniYield
Florida Fund as of July 31, 2008, and the related statements of opera-
tions for the period November 1, 2007 to July 31, 2008 and for the
year ended October 31, 2007, the statements of changes in net assets
for the period November 1, 2007 to July 31, 2008 and for each of the
two years in the period ended October 31, 2007, and the financial high-
lights for each of the respective periods presented. We have also audited
the accompanying statement of assets and liabilities, including the
schedule of investments, of BlackRock MuniYield New Jersey Fund, Inc.
as of July 31, 2008, and the related statements of operations for the
period December 1, 2007 to July 31, 2008 and for the year ended
November 30, 2007, the statements of changes in net assets for the
period December 1, 2007 to July 31, 2008 and for the two years in
the period ended November 30, 2007, and the financial highlights for
each of the respective periods presented. BlackRock Muni New York
Intermediate Duration Fund, Inc., BlackRock MuniYield Arizona Fund,
Inc., BlackRock MuniYield California Fund, Inc., BlackRock MuniYield
Florida Fund and BlackRock MuniYield New Jersey Fund, Inc. are col-
lectively referred to as the “Funds”. These financial statements and
financial highlights are the responsibility of the Funds’ management.
Our responsibility is to express an opinion on these financial statements
and financial highlights based on our audits. The financial highlights for
each of the two years in the period ended May 31, 2006 and for the
period August 1, 2003 (Commencement of Operations) to May 31,
2004 for BlackRock Muni New York Intermediate Duration Fund, Inc.
were audited by other auditors whose report, dated July 14, 2006,
expressed an unqualified opinion on those financial highlights.

We conducted our audits in accordance with the standards of the Public
Company Accounting Oversight Board (United States). Those standards
require that we plan and perform the audit to obtain reasonable assur-
ance about whether the financial statements and financial highlights are

free of material misstatement. The Funds are not required to have, nor
were we engaged to perform, an audit of their internal control over finan-
cial reporting. Our audits included consideration of internal control over
financial reporting as a basis for designing audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing
an opinion on the effectiveness of the Funds’ internal control over finan-
cial reporting. Accordingly, we express no such opinion. An audit also
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements, assessing the accounting
principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation. Our pro-
cedures included confirmation of securities owned as of July 31, 2008,
by correspondence with the custodian and brokers; where replies were
not received from brokers, we performed other auditing procedures. We
believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred
to above present fairly, in all material respects, the financial position of
BlackRock Muni New York Intermediate Duration Fund, Inc. as of July 31,
2008, and the results of its operations for the period June 1, 2008 to
July 31, 2008 and for the year ended May 31, 2008, the changes in its
net assets for the period June 1, 2008 to July 31, 2008 and for each
of the two years in the period ended May 31, 2008, and the financial
highlights for the period June 1, 2008 to July 31, 2008 and each of the
two years in the period ended May 31, 2008, in conformity with account-
ing principles generally accepted in the United States of America.
Additionally, in our opinion, the financial statements and financial
highlights referred to above present fairly, in all material respects, the
financial position of BlackRock MuniYield Arizona Fund, Inc., BlackRock
MuniYield California Fund, Inc., and BlackRock MuniYield Florida Fund
as of July 31, 2008, and the results of its operations for the period
November 1, 2007 to July 31, 2008 and for the year ended October 31,
2007, the changes in its net assets for the period November 1, 2007 to
July 31, 2008 and for each of the two years in the period ended October
31, 2007, and the financial highlights for each of the respective periods
presented, in conformity with accounting principles generally accepted in
the United States of America. Additionally, in our opinion, the financial
statements and financial highlights referred to above present fairly, in
all material respects, the financial position of BlackRock MuniYield New
Jersey Fund, Inc. as of July 31, 2008, the results of its operations for
the period December 1, 2007 to July 31, 2008 and for the year ended
November 30, 2007, the changes in its net assets for the period
December 1, 2007 to July 31, 2008 and for each of the two years in
the period ended November 30, 2007, and the financial highlights for
each of the respective periods presented, in conformity with accounting
principles generally accepted in the United States of America.

Deloitte & Touche LLP
Princeton, New Jersey
September 25, 2008

52 ANNUAL REPORT

JULY 31, 2008


Important Tax Information

All of the net investment income distributions paid by BlackRock Muni New York Intermediate Duration Fund, Inc., BlackRock MuniYield Arizona Fund,
Inc., BlackRock MuniYield California Fund, Inc. and BlackRock MuniYield Florida Fund during the taxable period ended July 31, 2008 qualify as
tax-exempt interest dividends for federal income tax purposes.

The following table summarizes the taxable per share distributions paid by BlackRock MuniYield Arizona Fund, Inc. during the period:

    Payable    Long-Term 
    Date    Capital Gains 

 
 
Common Shareholders    12/31/2007    $0.11780 

 
 
Preferred Shareholders:         

 
 
     Series A    11/15/2007    $26.16 
    11/23/2007    $28.99 
    11/29/2007    $26.16 
    12/06/2007    $33.70 
    12/13/2007    $26.20 

 
 
     Series B    11/13/2007    $26.16 
    11/20/2007    $25.37 
    11/27/2007    $26.16 
    12/04/2007    $26.96 
    12/18/2007    $33.70 
    12/26/2007    $ 3.86 

 
 
     Series C    11/13/2007    $29.90 
    11/19/2007    $21.75 
    11/26/2007    $25.37 
    12/03/2007    $32.91 
    12/17/2007    $32.51 
    12/24/2007    $ 0.26 

 
 

The following table summarizes the taxable per share distributions paid by BlackRock MuniYield New Jersey Fund, Inc. during the year:

    Payable    Ordinary 
    Date    Income 

 
 
Common Shareholders    12/31/2007    $0.005652 

 
 
Preferred Shareholders         
     Series A    12/13/2007    $ 2.30 
     Series B    12/19/2007    $10.74 
     Series C    12/18/2007    $11.69 

 
 

All other net investment income distributions paid by the Fund during the taxable year ended July 31, 2008 qualify as tax-exempt interest dividends
for federal income tax purposes.

ANNUAL REPORT

JULY 31, 2008

53


Disclosure of Investment Advisory Agreement and Subadvisory Agreement

The Board of Directors (collectively, the “Board,” the members of
which are referred to as “Directors”) of the BlackRock Muni New York
Intermediate Duration Fund, Inc. (“MNE”), BlackRock MuniYield Arizona
Fund, Inc. (“MZA”), BlackRock MuniYield California Fund, Inc. (“MYC”),
BlackRock MuniYield Florida Fund (“MYF”) and BlackRock MuniYield
New Jersey Fund, Inc. (“MYJ,” and together with MNE, MZA, MYC, MYF,
(the “Funds”) met in April and May 2008 to consider approving the
continuation of each Fund’s investment advisory agreement (each, an
“Advisory Agreement”) with BlackRock Advisors, LLC (the “Advisor”), each
Fund’s investment adviser. The Board also considered the approval of
each Fund’s subadvisory agreement (each, a “Subadvisory Agreement”
and, together with the “Advisory Agreement,” the “Agreements”) between
the Advisor and BlackRock Investment Management, LLC (the “Sub-
advisor”). The Advisor and the Subadvisor are collectively referred to
herein as the “Advisors” and, together with BlackRock, Inc., “BlackRock.”

Disclosure regarding MNE’s Investment Advisory Agreement and Sub-
advisory Agreement can be found in its annual report dated May 31,
2008 and disclosure regarding MYJ’s Investment Advisory Agreement and
Subadvisory Agreement can be found in its semi-annual report dated
May 31, 2008, both of which are incorporated herein by reference.

Activities and Composition of the Board

The Board of each Fund consists of thirteen individuals, eleven of whom
are not “interested persons” of the Funds as defined in the Investment
Company Act of 1940 (the “1940 Act”) (the “Independent Directors”).
The Directors are responsible for the oversight of the operations of the
Funds and perform the various duties imposed on the directors of invest-
ment companies by the 1940 Act. The Independent Directors have
retained independent legal counsel to assist them in connection with
their duties. The Chairman of the Board is an Independent Director. The
Board has established four standing committees: an Audit Committee, a
Governance and Nominating Committee, a Compliance Committee and
a Performance Oversight Committee.

Advisory Agreement and Subadvisory Agreement

Upon the consummation of the combination of BlackRock, Inc.’s invest-
ment management business with Merrill Lynch & Co., Inc.’s investment
management business, including Merrill Lynch Investment Managers, L. .,
and certain affiliates, each Fund entered into an Advisory Agreement and
a Subadvisory Agreement, each with an initial two-year term. Consistent
with the 1940 Act, after the Advisory Agreement’s and Subadvisory
Agreement’s respective initial two-year term, the Board is required to
consider the continuation of each Fund’s Advisory Agreement and
Subadvisory Agreement on an annual basis. In connection with this
process, the Board assessed, among other things, the nature, scope
and quality of the services provided to each Fund by the personnel
of BlackRock and its affiliates, including investment advisory services,

administrative services, secondary market support services, oversight of
fund accounting and custody, and assistance in meeting legal and regu-
latory requirements. The Board also received and assessed information
regarding the services provided to each Fund by certain unaffiliated
service providers.

Throughout the year, the Board also considered a range of information in
connection with its oversight of the services provided by BlackRock and
its affiliates. Among the matters the Board considered were: (a) invest-
ment performance for one-, three- and five-year periods, as applicable,
against peer funds, as well as senior management and portfolio man-
agers’ analysis of the reasons for underperformance, if applicable;
(b) fees, including advisory, administration and other fees paid to
BlackRock and its affiliates by each Fund, as applicable; (c) Fund oper-
ating expenses paid to third parties; (d) the resources devoted to and
compliance reports relating to each Fund’s investment objective, policies
and restrictions; (e) each Fund’s compliance with its Code of Ethics and
compliance policies and procedures; (f) the nature, cost and character
of non-investment management services provided by BlackRock and its
affiliates; (g) BlackRock’s and other service providers’ internal controls;
(h) BlackRock’s implementation of the proxy voting guidelines approved
by the Board; (i) execution quality; (j) valuation and liquidity procedures;
and (k) reviews of BlackRock’s business, including BlackRock’s response
to the increasing scale of its business.

Board Considerations in Approving the Advisory
Agreement and Subadvisory Agreement

To assist the Board in its evaluation of the Agreements, the Directors
received information from BlackRock in advance of the April 22, 2008
meeting which detailed, among other things, the organization, business
lines and capabilities of the Advisors, including: (a) the responsibilities
of various departments and key personnel and biographical information
relating to key personnel; (b) financial statements for BlackRock; (c) the
advisory and/or administrative fees paid by each Fund to the Advisors,
including comparisons, compiled by Lipper Inc. (“Lipper”), an independ-
ent third party, with the management fees, which include advisory and
administration fees, of funds with similar investment objectives (“Peers”);
(d) the profitability of BlackRock and certain industry profitability analy-
ses for advisers to registered investment companies; (e) the expenses
of BlackRock in providing various services; (f) non-investment advisory
reimbursements, if applicable, and “fallout” benefits to BlackRock; (g)
economies of scale, if any, generated through the Advisors’ management
of all of the BlackRock closed-end funds (the “Fund Complex”); (h) the
expenses of each Fund, including comparisons of each such Fund’s
expense ratios (both before and after any fee waivers) with the expense
ratios of its Peers; (i) an internal comparison of management fees clas-
sified by Lipper, if applicable; and (j) each Fund’s performance for the
past one-, three- and five-year periods, as applicable, as well as each
Fund’s performance compared to its Peers.

54 ANNUAL REPORT

JULY 31, 2008


Disclosure of Investment Advisory Agreement and Subadvisory Agreement (continued)

The Board also considered other matters it deemed important to
the approval process, where applicable, such as payments made to
BlackRock or its affiliates relating to the distribution of Fund shares,
services related to the valuation and pricing of Fund portfolio holdings,
and direct and indirect benefits to BlackRock and its affiliates from their
relationship with the Funds.

In addition to the foregoing materials, independent legal counsel to the
Independent Directors provided a legal memorandum outlining, among
other things, the duties of the Board under the 1940 Act, as well as the
general principles of relevant law in reviewing and approving advisory
contracts, the requirements of the 1940 Act in such matters, an advis-
er’s fiduciary duty with respect to advisory agreements and compensa-
tion, and the standards used by courts in determining whether invest-
ment company boards of directors have fulfilled their duties and the
factors to be considered by boards in voting on advisory agreements.

The Independent Directors reviewed this information and discussed it
with independent legal counsel prior to the meeting on April 22, 2008.
At the Board meeting on April 22, 2008, BlackRock made a presenta-
tion to and responded to questions from the Board. Following the meet-
ing on April 22, 2008, the Board presented BlackRock with questions
and requests for additional information. BlackRock responded to these
requests with additional written materials provided to the Directors prior
to the meetings on May 29 and 30, 2008. At the Board meetings on
May 29 and 30, 2008, BlackRock responded to further questions from
the Board. In connection with BlackRock’s presentations, the Board con-
sidered each Agreement and, in consultation with independent legal
counsel, reviewed the factors set out in judicial decisions and Securities
and Exchange Commission (“SEC”) statements relating to the renewal
of the Agreements.

Matters Considered by the Board

In connection with its deliberations with respect to the Agreements, the
Board considered all factors it believed relevant with respect to each
Fund, including the following: the nature, extent and quality of the ser-
vices provided by the Advisors; the investment performance of each
Fund; the costs of the services to be provided and profits to be realized
by the Advisors and their affiliates from their relationship with the Funds;
the extent to which economies of scale would be realized as the Fund
Complex grows; and whether BlackRock realizes other benefits from its
relationship with the Funds.

A. Nature, Extent and Quality of the Services: In evaluating the nature,
extent and quality of the Advisors’ services, the Board reviewed informa-
tion concerning the types of services that the Advisors provide and are
expected to provide to each Fund, narrative and statistical information
concerning each Fund’s performance record and how such performance
compares to each Fund’s Peers, information describing BlackRock’s
organization and its various departments, the experience and responsi-
bilities of key personnel and available resources. The Board noted the

willingness of the personnel of BlackRock to engage in open, candid dis-
cussions with the Board. The Board further considered the quality of the
Advisors’ investment process in making portfolio management decisions.

In addition to advisory services, the Directors considered the quality of
the administrative and non-investment advisory services provided to the
Funds. The Advisors and their affiliates provided each Fund with such
administrative and other services, as applicable (in addition to any such
services provided by others for the Funds), and officers and other
personnel as are necessary for the operations of the respective Fund.
In addition to investment management services, the Advisors and their
affiliates provided each Fund with services such as: preparing share-
holder reports and communications, including annual and semi-annual
financial statements and the Funds’ websites; communications with ana-
lysts to support secondary market trading; assisting with daily account-
ing and pricing; preparing periodic filings with regulators and stock
exchanges; overseeing and coordinating the activities of other service
providers; administering and organizing Board meetings and preparing
the Board materials for such meetings; providing legal and compliance
support (such as helping to prepare proxy statements and responding
to regulatory inquiries); and performing other Fund administrative tasks
necessary for the operation of the respective Fund (such as tax reporting
and fulfilling regulatory filing requirements). The Board considered the
Advisors’ policies and procedures for assuring compliance with appli-
cable laws and regulations.

B. The Investment Performance of the Funds and BlackRock: As previ-
ously noted, the Board received performance information regarding each
Fund and its Peers. Among other things, the Board received materials
reflecting each Fund’s historic performance and each Fund’s perform-
ance compared to its Peers. More specifically, each Fund’s one-, three-
and five-year total returns (as applicable) were evaluated relative to its
Peers (including the Peers’ median performance).

The Board reviewed a narrative and statistical analysis of the Lipper
data that was prepared by BlackRock, which analyzed various factors
that affect Lipper rankings.

The Board noted that MYC performed below the median of its respective
Peers in at least two of the one-, three- and five-year periods reported.
The Board then discussed with representatives of BlackRock the reasons
for MYC’s underperformance during these periods compared with its
Peers. The Board noted that the underperformance of MYC was largely
due to its defensive duration stance in a period of significantly declining
interest rates, its inability to invest in non-investment grade securities
and its underweight position with respect to tobacco investments.

For MYC, the Board concluded that BlackRock was committed to provid-
ing the resources necessary to assist the portfolio managers and to con-
tinue improving the Fund’s performance. Based on its review, the Board
generally was satisfied with BlackRock’s efforts to manage the Fund.

ANNUAL REPORT

JULY 31, 2008

55


Disclosure of Investment Advisory Agreement and Subadvisory Agreement (continued)

The Board noted that, although MZA and MYF underperformed their
respective Peers in at least two of the one-, three- and five-year periods
reported, MZA and MYF outperformed their respective Peers in a sub-
set of the Lipper universe in at least two of such periods based on a
customized performance comparison provided by BlackRock which
gives a greater significance to current distributions, providing a more
accurate comparison.

After considering this information, the Boards concluded that the per-
formance of each Fund, in light of and after considering the other facts
and circumstances applicable to each Fund, supports a conclusion that
each Fund’s Agreements should be renewed.

C. Consideration of the Advisory Fees and the Cost of the Services
and Profits to be Realized by BlackRock and its Affiliates from their
Relationship with the Funds: In evaluating the management fees and
expenses that each Fund is expected to bear, the Board considered
each Fund’s current management fee structure and each Fund’s expense
ratios in absolute terms as well as relative to the fees and expense
ratios of its applicable Peers. The Board, among other things, reviewed
comparisons of each Fund’s gross management fees before and after
any applicable reimbursements and fee waivers and total expense ratios
before and after any applicable waivers with those of applicable Peers.
The Board also reviewed a narrative analysis of the Peer rankings pre-
pared by Lipper and summarized by BlackRock at the request of the
Board. This summary placed the Peer rankings into context by analyzing
various factors that affect these comparisons.

The Board noted that each of MYC, MZA and MYF paid contractual
management fees lower than or equal to the median contractual fees
paid by their respective Peers. This comparison was made without giving
effect to any expense reimbursements or fee waivers.

The Board also compared the management fees charged and services
provided by the Advisors to closed-end funds in general versus other
types of clients (such as open-end investment companies and separate-
ly managed institutional accounts) in similar investment categories. The
Board noted certain differences in services provided and costs incurred
by the Advisor with respect to closed-end funds compared to these other
types of clients and the reasons for such differences.

In connection with the Board’s consideration of the fees and expense
information, the Board reviewed the considerable investment manage-
ment experience of the Advisors and considered the high level of invest-
ment management, administrative and other services provided by the
Advisors. In light of these factors and the other facts and circumstances
applicable to each Fund, the Board concluded that the fees paid and
level of expenses incurred by each Fund under its Agreements support
a conclusion that each Fund’s Agreements should be renewed.

D. Profitability of BlackRock: The Board also considered BlackRock’s
profitability in conjunction with its review of fees. The Board reviewed
BlackRock’s profitability with respect to the Fund Complex and other
fund complexes managed by the Advisors. In reviewing profitability, the
Board recognized that one of the most difficult issues in determining
profitability is establishing a method of allocating expenses. The Board
also reviewed BlackRock’s assumptions and methodology of allocating
expenses, noting the inherent limitations in allocating costs among
various advisory products. The Board also recognized that individual
fund or product line profitability of other advisors is generally not
publicly available.

The Board recognized that profitability may be affected by numerous
factors including, among other things, the types of funds managed,
expense allocations and business mix, and therefore comparability of
profitability is somewhat limited. Nevertheless, to the extent available,
the Board considered BlackRock’s operating margin compared to the
operating margin estimated by BlackRock for a leading investment
management firm whose operations consist primarily of advising closed-
end funds. The comparison indicated that BlackRock’s operating margin
was approximately the same as the operating margin of such firm.

In evaluating the reasonableness of the Advisors’ compensation, the
Board also considered any other revenues paid to the Advisors, including
partial reimbursements paid to the Advisors for certain non-investment
advisory services, if applicable. The Board noted that these payments
were less than the Advisors’ costs for providing these services. The Board
also considered indirect benefits (such as soft dollar arrangements)
that the Advisors and their affiliates are expected to receive, which are
attributable to their management of the Fund.

The Board concluded that BlackRock’s profitability, in light of all the
other facts and circumstances applicable to each Fund, supports a
conclusion that each Fund’s Agreements should be renewed.

E. Economies of Scale: In reviewing each Fund’s fees and expenses,
the Board examined the potential benefits of economies of scale, and
whether any economies of scale should be reflected in the Fund’s fee
structure, for example through the use of breakpoints for the Fund or the
Fund Complex. In this regard, the Board reviewed information provided
by BlackRock, noting that most closed-end fund complexes do not have
fund-level breakpoints because closed-end funds generally do not expe-
rience substantial growth after their initial public offering and each fund
is managed independently consistent with its own investment objectives.
The Board noted that only three closed-end funds in the Fund Complex
have breakpoints in their fee structures. Information provided by Lipper
also revealed that only one closed-end fund complex used a complex-
level breakpoint structure. The Board found, based on its review of
comparable funds, that each Fund’s management fee is appropriate
in light of the scale of the respective Fund.

56 ANNUAL REPORT

JULY 31, 2008


Disclosure of Investment Advisory Agreement and Subadvisory Agreement (concluded)

F. Other Factors: In evaluating fees, the Board also considered indirect
benefits or profits the Advisors or their affiliates may receive as a result
of their relationships with the Funds (“fall-out benefits”). The Directors,
including the Independent Directors, considered the intangible benefits
that accrue to the Advisors and their affiliates by virtue of their relation-
ships with the Funds, including potential benefits accruing to the
Advisors and their affiliates as a result of participating in offerings of
the Funds’ shares, potentially stronger relationships with members of the
broker-dealer community, increased name recognition of the Advisors
and their affiliates, enhanced sales of other investment funds and prod-
ucts sponsored by the Advisors and their affiliates and increased assets
under management which may increase the benefits realized by the
Advisors from soft dollar arrangements with broker-dealers. The Board
also considered the unquantifiable nature of these potential benefits.

Conclusion with Respect to the Agreements

In reviewing the Agreements, the Directors did not identify any single
factor discussed above as all-important or controlling and different
Directors may have attributed different weights to the various factors
considered. The Directors, including the Independent Directors, unani-
mously determined that each of the factors described above, in light of
all the other factors and all of the facts and circumstances applicable
to each respective Fund, was acceptable for each Fund and supported
the Directors’ conclusion that the terms of each Agreement were fair
and reasonable, that each Fund’s fees are reasonable in light of the
services provided to the respective Fund and that each Agreement
should be approved.

ANNUAL REPORT

JULY 31, 2008

57


Automatic Dividend Reinvestment Plan

How the Plan Works — The Funds offer a Dividend Reinvestment Plan
(the “Plan”) under which income and capital gains dividends paid by a
Fund are automatically reinvested in additional Common Shares of the
Fund. The Plan is administered on behalf of the shareholders by The BNY
Mellon Shareowner Services for BlackRock MuniYield Arizona Fund, Inc.,
BlackRock MuniYield California Fund, Inc., BlackRock MuniYield Florida
Fund and BlackRock MuniYield New Jersey Fund, Inc. and Computershare
Trust Company, N.A. for BlackRock Muni New York Intermediate Duration
Fund, Inc. (individually, the “Plan Agent” or together, the “Plan Agents”).
Under the Plan, whenever a Fund declares a dividend, participants in the
Plan will receive the equivalent in shares of Common Shares of the Fund.
The Plan Agents will acquire the shares for the participant’s account
either (i) through receipt of additional unissued but authorized shares
of the Funds (“newly issued shares”) or (ii) by purchase of outstanding
Common Shares on the open market on the New York Stock Exchange
or American Stock Exchange, as applicable or elsewhere. If, on the divi-
dend payment date, the Fund’s net asset value per share is equal to or
less than the market price per share plus estimated brokerage commis-
sions (a condition often referred to as a “market premium”), the Plan
Agents will invest the dividend amount in newly issued shares. If the
Fund’s net asset value per share is greater than the market price per
share (a condition often referred to as a “market discount”), the Plan
Agents will invest the dividend amount by purchasing on the open mar-
ket additional shares. If the Plan Agents are unable to invest the full
dividend amount in open market purchases, or if the market discount
shifts to a market premium during the purchase period, the Plan Agents
will invest any uninvested portion in newly issued shares. The shares
acquired are credited to each shareholder’s account. The amount credited
is determined by dividing the dollar amount of the dividend by either (i)
when the shares are newly issued, the net asset value per share on the
date the shares are issued or (ii) when shares are purchased in the open
market, the average purchase price per share.

Participation in the Plan — Participation in the Plan is automatic, that
is, a shareholder is automatically enrolled in the Plan when he or she
purchases Common Shares of the Funds unless the shareholder specifi-
cally elects not to participate in the Plan. Shareholders who elect not to
participate will receive all dividend distributions in cash. Shareholders
who do not wish to participate in the Plan must advise their Plan Agent
in writing (at the address set forth below) that they elect not to partici-
pate in the Plan. Participation in the Plan is completely voluntary and
may be terminated or resumed at any time without penalty by writing to
the Plan Agent.

Benefits of the Plan — The Plan provides an easy, convenient way for
shareholders to make additional, regular investments in the Funds. The
Plan promotes a long-term strategy of investing at a lower cost. All shares
acquired pursuant to the Plan receive voting rights. In addition, if the
market price plus commissions of a Fund’s shares is above the net asset
value, participants in the Plan will receive shares of the Funds for less
than they could otherwise purchase them and with a cash value greater
than the value of any cash distribution they would have received.
However, there may not be enough shares available in the market to
make distributions in shares at prices below the net asset value. Also,
since the Funds do not redeem shares, the price on resale may be more
or less than the net asset value.

Plan Fees — There are no enrollment fees or brokerage fees for
participating in the Plan. The Plan Agents’ service fees for handling the
reinvestment of distributions are paid for by the Funds. However, broker-
age commissions may be incurred when the Funds purchase shares
on the open market and shareholders will pay a pro rata share of any
such commissions.

Tax Implications — The automatic reinvestment of dividends and distri-
butions will not relieve participants of any federal, state or local income
tax that may be payable (or required to be withheld) on such dividends.
Therefore, income and capital gains may still be realized even though
shareholders do not receive cash. If, when the Funds’ shares are trading
at a market premium, the Funds issue shares pursuant to the Plan that
have a greater fair market value than the amount of cash reinvested, it
is possible that all or a portion of the discount from the market value
(which may not exceed 5% of the fair market value of the Funds’ shares)
could be viewed as a taxable distribution. If the discount is viewed as
a taxable distribution, it is also possible that the taxable character of
this discount would be allocable to all the shareholders, including
shareholders who do not participate in the Plan. Thus, shareholders who
do not participate in the Plan might be required to report as ordinary
income a portion of their distributions equal to their allocable share of
the discount.

Contact Information — All correspondence concerning the Plan, including
any questions about the Plan, should be directed to the Plan Agent at
The BNY Mellon Shareowner Services, .O. Box 385035, Pittsburgh, PA,
15252-8055 Telephone: (800) 432-8224 for BlackRock MuniYield
Arizona Fund, Inc., BlackRock MuniYield California Fund, Inc., BlackRock
MuniYield Florida Fund and BlackRock MuniYield New Jersey Fund, Inc.
and Computershare Trust Company, N.A., .O. Box 43010, Providence, RI
02940-3010, Telephone: (800) 426-5523 for BlackRock Muni New York
Intermediate Duration Fund, Inc.

58 ANNUAL REPORT

JULY 31, 2008


Officers and Directors or Trustees         
 
        Length of        Number of     
        Time        BlackRock-     
    Position(s)    Served as        Advised Funds     
Name, Address    Held with    a Director        and Portfolios    Public 
and Year of Birth    Funds    or Trustee2    Principal Occupation(s) During Past 5 Years    Overseen    Directorships 

 
 
 
 
 
 
     Non-Interested Directors or Trustees1                 

 
 
 
 
 
Richard E. Cavanagh    Chairman    Since    Trustee, Aircraft Finance Trust since 1999; Director, The Guardian Life    113 Funds    Arch Chemical 
40 East 52nd Street    of the Board    2007    Insurance Company of America since 1998; Trustee, Educational    110 Portfolios    (chemical and allied 
New York, NY 10022    and Director        Testing Service since 1997; Director, The Fremont Group since 1996;        products) 
1946    or Trustee        Formerly President and Chief Executive Officer of The Conference Board,         
            Inc. (global business research organization) from 1995 to 2007.         

 
 
 
 
 
 
Karen . Robards    Vice Chair of    Since    Partner of Robards & Company, LLC, (financial advisory firm) since    112 Funds    AtriCure, Inc. 
40 East 52nd Street    the Board,    2007    1987; Co-founder and Director of the Cooke Center for Learning and    109 Portfolios    (medical devices); 
New York, NY 10022    Chair of        Development, (a not-for-profit organization) since 1987; Formerly        Care Investment 
1950    the Audit        Director of Enable Medical Corp. from 1996 to 2005; Formerly an        Trust, Inc. (health 
    Committee        investment banker at Morgan Stanley from 1976 to 1987.        care REIT) 
    and Director                 
    or Trustee                 

 
 
 
 
 
 
G. Nicholas Beckwith, III    Director    Since    Chairman and Chief Executive Officer, Arch Street Management, LLC    112 Funds    None 
40 East 52nd Street    or Trustee    2007    (Beckwith Family Foundation) and various Beckwith property companies 109 Portfolios     
New York, NY 10022            since 2005; Chairman of the Board of Directors, University of Pittsburgh         
1945            Medical Center since 2002; Board of Directors, Shady Side Hospital         
            Foundation since 1977; Board of Directors, Beckwith Institute for         
            Innovation In Patient Care since 1991; Member, Advisory Council on         
            Biology and Medicine, Brown University since 2002; Trustee, Claude         
            Worthington Benedum Foundation (charitable foundation) since 1989;         
            Board of Trustees, Chatham University since 1981; Board of Trustees,         
            University of Pittsburgh since 2002; Emeritus Trustee, Shady Side         
            Academy since 1977; Formerly Chairman and Manager, Penn West         
            Industrial Trucks LLC (sales, rental and servicing of material handling         
            equipment) from 2005 to 2007; Formerly Chairman, President and         
            Chief Executive Officer, Beckwith Machinery Company (sales, rental         
            and servicing of construction and equipment) from 1985 to 2005;         
            Formerly Board of Directors, National Retail Properties (REIT) from         
            2006 to 2007.         

 
 
 
 
 
 
Kent Dixon    Director or    Since    Consultant/Investor since 1988.    113 Funds    None 
40 East 52nd Street    Trustee and    2007        110 Portfolios     
New York, NY 10022    Member of                 
1937    the Audit                 
    Committee                 

 
 
 
 
 
 
Frank J. Fabozzi    Director or    Since    Consultant/Editor of The Journal of Portfolio Management since 2006;    113 Funds    None 
40 East 52nd Street    Trustee and    2007    Professor in the Practice of Finance and Becton Fellow, Yale University,    110 Portfolios     
New York, NY 10022    Member of        School of Management, since 2006; Formerly Adjunct Professor of         
1948    the Audit        Finance and Becton Fellow, Yale University from 1994 to 2006.         
    Committee                 

 
 
 
 
 
 
Kathleen F. Feldstein    Director    Since    President of Economics Studies, Inc. (private economic consulting firm)    113 Funds    The McClatchy 
40 East 52nd Street    or Trustee    2007    since 1987; Chair, Board of Trustees, McLean Hospital from 2000    110 Portfolios    Company 
New York, NY 10022            to 2008 and Trustee Emeritus thereof since 2008; Member of the        (newspaper 
1941            Corporation of Partners Community Healthcare, Inc. since 2005;        publishing) 
            Member of the Corporation of Partners HealthCare since 1995;         
            Member of the Corporation of Sherrill House (healthcare) since 1990;         
            Trustee, Museum of Fine Arts, Boston since 1992; Member of the         
            Visiting Committee to the Harvard University Art Museum since 2003;         
            Trustee, The Committee for Economic Development (research organi-         
            zation) since 1990; Member of the Advisory Board to the International         
School of Business, Brandeis University since 2002.

ANNUAL REPORT

JULY 31, 2008

59


Officers and Directors or Trustees (continued)         
 
        Length of        Number of     
        Time        BlackRock-     
    Position(s)    Served as        Advised Funds     
Name, Address    Held with    a Director        and Portfolios    Public 
and Year of Birth    Funds    or Trustee2    Principal Occupation(s) During Past 5 Years    Overseen    Directorships 

 
 
 
 
 
 
     Non-Interested Directors or Trustees1 (concluded)             

 
 
 
 
James T. Flynn    Director or    Since    Formerly Chief Financial Officer of JP Morgan & Co., Inc. from 1990    112 Funds    None 
40 East 52nd Street    Trustee and    2007    to 1995.    109 Portfolios     
New York, NY 10022    Member of                 
1939    the Audit                 
    Committee                 

 
 
 
 
 
 
Jerrold B. Harris    Director    Since    Trustee, Ursinus College since 2000; Director, Troemner LLC (scientific    112 Funds    BlackRock-Kelso 
40 East 52nd Street    or Trustee    2007    equipment) since 2000.    109 Portfolios    Capital Corp. 
New York, NY 10022                     
1942                     

 
 
 
 
 
R. Glenn Hubbard    Director    Since    Dean of Columbia Business School since 2004; Columbia faculty    113 Funds    ADP (data and 
40 East 52nd Street    or Trustee    2007    member since 1988; Formerly Co-Director of Columbia Business    110 Portfolios    information services), 
New York, NY 10022            School's Entrepreneurship Program from 1997 to 2004; Visiting        KKR Financial 
1958            Professor at the John F. Kennedy School of Government at Harvard        Corporation (finance), 
            University and the Harvard Business School since 1985 and at the        Duke Realty (real 
            University of Chicago since 1994; Formerly Chairman of the U.S.        estate), Metropolitan 
            Council of Economic Advisers under the President of the United        Life Insurance Com- 
            States from 2001 to 2003.        pany (insurance), 
                    Information Services 
                    Group (media/ 
                    technology) 

 
 
 
 
 
 
W. Carl Kester    Director or    Since    Mizuho Financial Group Professor of Finance, Harvard Business    112 Funds    None 
40 East 52nd Street    Trustee and    2007    School. Deputy Dean for Academic Affairs since 2006; Unit Head,    109 Portfolios     
New York, NY 10022    Member of        Finance, Harvard Business School, from 2005 to 2006; Senior         
1951    the Audit        Associate Dean and Chairman of the MBA Program of Harvard         
    Committee        Business School, from 1999 to 2005; Member of the faculty of         
            Harvard Business School since 1981; Independent Consultant         
            since 1978.         

 
 
 
 
 
 
Robert S. Salomon, Jr.    Director or    Since    Formerly Principal of STI Management LLC (investment adviser) from    112 Funds    None 
40 East 52nd Street    Trustee and    2002    1994 to 2005.    109 Portfolios     
New York, NY 10022    Member of    Except (MNE)             
1936    the Audit    2007             
    Committee                 
   
 
 
 
 
 
    1 Directors or Trustees serve until their resignation, removal or death, or until December 31 of the year in which they turn 72.     
    2 Following the combination of Merrill Lynch Investment Managers, LP (“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 Fund’s board in 2007, each director first became a member of the board of directors 
       of other legacy MLIM or legacy BlackRock Funds as follows: G. Nicholas Beckwith, III since 1999; Richard E. Cavanagh since 1994; Kent Dixon 
       since 1988; Frank J. Fabozzi since 1988; Kathleen F. Feldstein since 2005; James T. Flynn since 1996; Jerrold B. Harris since 1999; R. Glenn 
       Hubbard since 2004; W. Carl Kester since 1998; Karen . Robards since 1998 and Robert S. Salomon, Jr. since 1996.     

 
 
     Interested Directors or Trustees3                 

 
 
 
 
 
Richard S. Davis    Fund    Since    Managing Director, BlackRock, Inc. since 2005; Formerly Chief    185 Funds    None 
40 East 52nd Street    President    2007    Executive Officer, State Street Research & Management Company    295 Portfolios     
New York, NY 10022    (MYF) and        from 2000 to 2005; Formerly Chairman of the Board of Trustees,         
1945    Director or        State Street Research Mutual Funds from 2000 to 2005; Formerly         
    Trustee        Chairman, SSR Realty from 2000 to 2004.         

 
 
 
 
 
 
Henry Gabbay    Director    Since    Consultant, BlackRock, Inc. since 2007; Formerly Managing Director,    184 Funds    None 
40 East 52nd Street    or Trustee    2007    BlackRock, Inc. from 1989 to 2007; Formerly Chief Administrative    294 Portfolios     
New York, NY 10022            Officer, BlackRock Advisors, LLC from 1998 to 2007; Formerly President         
1947            of BlackRock Funds and BlackRock Bond Allocation Target Shares from         
            2005 to 2007; Formerly Treasurer of certain closed-end funds in the         
            BlackRock fund complex from 1989 to 2006.         
   
 
     
 

3      Messrs. Davis and Gabbay are both “interested persons,” as defined in the Investment Company Act of 1940, of the Funds based on their positions with BlackRock, Inc. and its affiliates. Directors or Trustees serve until their resignation, removal or death, or until December 31 of the year in which they turn 72.
 

60 ANNUAL REPORT

JULY 31, 2008


Officers and Directors or Trustees (concluded)     
 
    Position(s)                 
Name, Address    Held with    Length of             
and Year of Birth    Funds    Time Served Principal Occupation(s) During Past 5 Years     

 
 
 
 
Fund Officers1                         

 
 
 
 
 
 
Donald C. Burke    Fund    Since 2007           Managing Director of BlackRock, Inc. since 2006; Formerly Managing Director of Merrill Lynch Investment 
40 East 52nd Street    President               Managers, LP (“MLIM”) and Fund Asset Management, LP (“FAM”) in 2006; First Vice President thereof from 
New York, NY 10022    except (MYF)               1997 to 2005; Treasurer thereof from 1999 to 2006 and Vice President thereof from 1990 to 1997. 
1960    and Chief                 
    Executive                 
    Officer                 

 
 
 
 
 
Anne F. Ackerley    Vice    Since 2007           Managing Director of BlackRock, Inc. since 2000; Chief Operating Officer of BlackRock’s U.S. Retail Group since 
40 East 52nd Street    President               2006; Head of BlackRock’s Mutual Fund Group from 2000 to 2006; Merrill Lynch & Co., Inc. from 1984 to 1986 
New York, NY 10022                       and from 1988 to 2000, most recently as First Vice President and Operating Officer of the Mergers and 
1962                       Acquisitions Group.     

 
 
 
 
 
Neal J. Andrews    Chief    Since 2007           Managing Director of BlackRock, Inc. since 2006; Formerly Senior Vice President and Line of Business Head of 
40 East 52nd Street    Financial               Fund Accounting and Administration at PNC Global Investment Servicing (U.S.) Inc. (formerly PFPC Inc.) from 
New York, NY 10022    Officer               1992 to 2006.     
1966                         

 
 
 
 
 
 
Jay M. Fife    Treasurer    Since 2007           Managing Director of BlackRock, Inc. since 2007 and Director in 2006; Formerly Assistant Treasurer of the 
40 East 52nd Street                       MLIM/FAM advised funds from 2005 to 2006; Director of MLIM Fund Services Group from 2001 to 2006. 
New York, NY 10022                         
1970                         

 
 
 
 
 
 
Brian P. Kindelan    Chief    Since 2007           Chief Compliance Officer of the BlackRock-advised Funds since 2007; Anti-Money Laundering Officer of the 
40 East 52nd Street    Compliance               BlackRock-advised Funds since 2007; Managing Director and Senior Counsel of BlackRock, Inc. since 2005; 
New York, NY 10022    Officer of               Director and Senior Counsel ofBlackRock Advisors, Inc. from 2001 to 2004 and Vice President and Senior Counsel 
1959    the Funds               thereof from 1998 to 2000; Formerly Senior Counsel of The PNC Bank Corp. from 1995 to 1998. 

 
 
 
Howard Surloff    Secretary    Since 2007           Managing Director of BlackRock, Inc. and General Counsel of U.S. Funds at BlackRock, Inc. since 2006; Formerly 
40 East 52nd Street                       General Counsel (U.S.) of Goldman Sachs Asset Management, L from 1993 to 2006. 
New York, NY 10022                         
1965                         
   
 
 
 
 
 
    1 Officers of the Funds serve at the pleasure of the Board of Directors or Trustees.     

 
 
For All Funds:                         
Accounting Agent                Independent Registered Public       Legal Counsel 
State Street Bank and                Accounting Firm        Skadden, Arps, Slate, Meagher & Flom LLP 
Trust Company                Deloitte & Touche LLP    New York, NY 10036 
Princeton, NJ 08540                Princeton, NJ 08540     
 
BlackRock MuniYield Arizona Fund, Inc.,                                     BlackRock Muni New York Intermediate Duration Fund, Inc.: 
BlackRock MuniYield California Fund, Inc.,                                     Custodian     
BlackRock MuniYield Florida Fund and                                     State Street Bank and 
BlackRock MuniYield New Jersey Fund, Inc.:                                     Trust Company     
Custodian        Transfer Agents                                     Boston, MA 02101     
The Bank of New York Mellon    Common and Preferred Shares                                 Transfer Agents     
New York, NY 10286        BNY Mellon Shareowner Services                                 Common Shares    Preferred Shares 
        Jersey City, NJ 07310                                 Computershare Trust    BNY Mellon Shareowner Services 
                                                 Company, N.A.                     Jersey City, NJ 07310 
                                                 Providence, RI 02940 

ANNUAL REPORT

JULY 31, 2008

61


Additional Information

Dividend Policy

The Funds’ dividend policy is to distribute all or a portion of their net invest-
ment income to their shareholders on a monthly basis. In order to provide
shareholders with a more stable level of dividend distributions, the Funds
may at times pay out less than the entire amount of net investment income
earned in any particular month and may at times in any particular month
pay out such accumulated but undistributed income in addition to net

investment income earned in that month. As a result, the dividends paid
by the Funds for any particular month may be more or less than the
amount of net investment income earned by the Funds during such month.
The Funds’ current accumulated but undistributed net investment income,
if any, is disclosed in the Statements of Assets and Liabilities, which com-
prises part of the financial information included in this report.

Fund Certification

The Funds are listed for trading on the New York Stock Exchange (“NYSE”)
and have filed with the NYSE their annual chief executive officer certifica-
tion regarding compliance with the NYSE’s listing standards. Each Fund

filed with the SEC the certification of their chief executive officer and
chief financial officer required by section 302 of the Sabanes-Oxley Act.

Availability of Quarterly Schedule of Investments

The Funds file their complete schedule of portfolio holdings with the SEC
for the first and third quarters of each fiscal year on Form N-Q. The Funds’
Forms N-Q are available on the SEC’s website at http://www.sec.gov and
may also be reviewed and copied at the SEC’s Public Reference Room

in Washington, DC. Information on the operation of the Public Reference
Room may be obtained by calling (800) SEC-0330. The Funds’ Forms
N-Q may also be obtained upon request and without charge by calling
(800) 441-7762.

Electronic Delivery

Electronic copies of most financial reports are available on the Funds’
websites or shareholders can sign up for e-mail notifications of quarterly
statements, annual and semi-annual reports by enrolling in the Funds’
electronic delivery program.

Shareholders Who Hold Accounts with Investment Advisors, Banks
or Brokerages:

Please contact your financial advisor to enroll. Please note that not all
investment advisors, banks or brokerages may offer this service.

General Information

The Funds do not make available copies of their Statements of Additional
Information because the Funds’ shares are not continuously offered,
which means that the Statements of Additional Information of the Funds
have not been updated after completion of the Funds’ offering and the
information contained in the Funds’ Statements of Additional Information
may have become outdated.

During the period, there were no material changes in the Funds’ invest-
ment objectives or policies or to the Funds’ charters or by-laws that were
not approved by the shareholders or in the principal risk factors associ-
ated with investment in the Funds. There have been no changes in the
persons who are primarily responsible for the day-to-day management of
the Funds’ portfolios.

The Funds will mail only one copy of shareholder documents, including
annual and semi-annual reports and proxy statements, to shareholders
with multiple accounts at the same address. This practice is commonly
called “householding” and it is intended to reduce expenses and elimi-
nate duplicate mailings of shareholder documents. Mailings of your
shareholder documents may be householded indefinitely unless you
instruct us otherwise. If you do not want the mailing of these documents
to be combined with those for other members of your household, please
contact the Funds at (800) 441-7762.

Quarterly performance, semi-annual and annual reports and other
information regarding the Funds may be found on BlackRock’s website,
which can be accessed at http://www.blackrock.com. This reference
to BlackRock’s website is intended to allow investors public access to
information regarding the Funds and does not, and is not intended to,
incorporate BlackRock’s website into this report.

62 ANNUAL REPORT

JULY 31, 2008


Additional Information (concluded)

Deposit Securities

Effective May 30, 2008, following approval by the Funds’ Boards and the
applicable ratings agencies, the definition of “Deposit Securities” in the
Funds’ Articles Supplementary or Certificate Designation was amended as
follows in order to facilitate the redemption of the Funds’ Preferred Shares.
The following phrase was added to the definition of “Deposit Securities”
found in the Funds’ Articles Supplementary or Certificate Designation:

; provided, however, that solely in connection with any redemption of
Preferred Shares, the term Deposit Securities shall include (i) any
committed financing pursuant to a credit agreement, reverse repur-
chase agreement facility or similar credit arrangement, in each case

  which makes available to the Corporation, no later than the day pre-
ceding the applicable redemption date, cash in an amount not less
than the aggregate amount due to Holders by reason of the redemp-
tion of their shares of Preferred Shares on such redemption date; and
(ii) cash amounts due and payable to the Corporation out of a sale
of its securities if such cash amount is not less than the aggregate
amount due to Holders by reason of the redemption of their shares of
Preferred Shares on such redemption date and such sale will be set-
tled not later than the day preceding the applicable redemption date.

  BlackRock Privacy Principles

BlackRock is committed to maintaining the privacy of its current and
former fund investors and individual clients (collectively, “Clients”) and to
safeguarding their non-public personal information. The following infor-
mation is provided to help you understand what personal information
BlackRock collects, how we protect that information and why in certain
cases we share such information with select parties.

If you are located in a jurisdiction where specific laws, rules or regulations
require BlackRock to provide you with additional or different privacy-
related rights beyond what is set forth below, then BlackRock will comply
with those specific laws, rules or regulations.

BlackRock obtains or verifies personal non-public information from and
about you from different sources, including the following: (i) information
we receive from you or, if applicable, your financial intermediary, on appli-
cations, forms or other documents; (ii) information about your transac-
tions with us, our affiliates, or others; (iii) information we receive from a
consumer reporting agency; and (iv) from visits to our websites.

  BlackRock does not sell or disclose to non-affiliated third parties any non-
public personal information about its Clients, except as permitted by law
or as is necessary to respond to regulatory requests or to service Client
accounts. These non-affiliated third parties are required to protect the
confidentiality and security of this information and to use it only for its
intended purpose.

We may share information with our affiliates to service your account or to
provide you with information about other BlackRock products or services
that may be of interest to you. In addition, BlackRock restricts access to
non-public personal information about its Clients to those BlackRock
employees with a legitimate business need for the information. BlackRock
maintains physical, electronic and procedural safeguards that are
designed to protect the non-public personal information of its Clients,
including procedures relating to the proper storage and disposal of
such information.

  Proxy Voting Policy

The Boards of the Funds have delegated the voting of proxies for Fund
securities to the Advisor pursuant to the Advisor ’s proxy voting guidelines.
Under these guidelines, the Advisor will vote proxies related to Fund secu-
rities in the best interests of each Fund and its stockholders. From time to
time, a vote may present a conflict between the interests of the Funds’
stockholders, on the one hand, and those of the Advisor, or any affiliated
person of the Funds or the Advisor on the other. In such event, provided
that the Advisor’s Equity Investment Policy Oversight Committee, or a sub-
committee thereof (the “Committee”) is aware of the real or potential
conflict or material non-routine matter and if the 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 Committee may retain an independent fiduciary to advise
the Committee on how to vote or to cast votes on behalf of the Advisor’s
clients. If the Advisor determines not to retain an independent fiduciary, or
does not desire to follow the advice of such independent fiduciary, the
Committee shall determine how to vote the proxy after consulting with the
Advisor’s Portfolio Management Group and/or the Advisor’s Legal and
Compliance Department and concluding that the vote is in its client’s
best interest notwithstanding the conflict.

ANNUAL REPORT

JULY 31, 2008

63



This report is transmitted to shareholders only. It is not a prospec-
tus. Past performance results shown in this report should not be
considered a representation of future performance. The Funds have
leveraged their Common Shares which creates risks for Common
Shareholders, including the likelihood of greater volatility of net asset
value and market price of the Common Shares, and the risk that
fluctuations in the short-term dividend rates of the Preferred Shares,
currently set at the maximum reset rate as a result of failed auctions,
may affect the yield to Common Shareholders. Statements and other
information herein are as dated and are subject to change.

A description of the policies and procedures that the Funds use
to determine how to vote proxies relating to portfolio securities
is available (1) without charge, upon request, by calling toll-free
(800) 441-7762; (2) at www.blackrock.com; and (3) on the Securities
and Exchange Commission’s website at http://www.sec.gov. Infor-
mation about how the Funds voted proxies relating to securities held
in the Funds’ portfolios during the most recent 12-month period
ended June 30 is available upon request and without charge (1) at
www.blackrock.com or by calling (800) 441-7762 and (2) on the
Securities and Exchange Commission’s website at http://www.sec.gov.

BlackRock Muni New York Intermediate Duration Fund, Inc.

BlackRock MuniYield Arizona Fund, Inc.

BlackRock MuniYield California Fund, Inc.

BlackRock MuniYield Florida Fund

BlackRock MuniYield New Jersey Fund, Inc.

100 Bellevue Parkway

Wilmington, DE 19809

#MY5-7/08


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 and principal accounting officer, 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 or trustees, as
applicable (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:
Kent Dixon (term began effective November 1, 2007)
Frank J. Fabozzi (term began effective November 1, 2007)
James T. Flynn (term began effective November 1, 2007)
Joe Grills (term ended effective November 1, 2007)
W. Carl Kester (term began effective November 1, 2007)
Karen P. Robards (term began effective November 1, 2007)
Robert S. Salomon, Jr.

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.


  Item 4 – Principal Accountant Fees and Services

             (a) Audit Fees     (b) Audit-Related Fees1               (c) Tax Fees2         (d) All Other Fees3 

 
 
 
 
    Current    Previous    Current    Previous    Current    Previous    Current    Previous 
    Fiscal Year    Fiscal Year    Fiscal Year    Fiscal Year    Fiscal Year    Fiscal Year    Fiscal Year    Fiscal Year 
Entity Name    End    End    End    End    End    End    End    End 

 
 
 
 
 
 
 
 
 
BlackRock                                 
MuniYield    $29,500    $52,850    $3,500    $3,500    $6,100    $6,100    $1,049    $1,042 
California Fund, Inc.                                 

 
 
 
 
 
 
 
 

1 The nature of the services include 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 include tax compliance, tax advice and tax planning.
3 The nature of the services include a review of compliance procedures and attestation thereto.

(e)(1) Audit Committee Pre-Approval Policies and Procedures:
The registrant’s audit committee (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 registrant’s affiliated
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 operation 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 for all of the registrants the
Committee oversees. 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., 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 one or more of its members 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 audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not Applicable

(g) Affiliates’ Aggregate Non-Audit Fees:

    Current Fiscal Year    Previous Fiscal Year 
               Entity Name    End    End 

 
 
 
 
BlackRock MuniYield    $298,149    $295,142 
California Fund, Inc.         

 
 


(h) The registrant’s audit committee has considered and determined that the provision of
non-audit services that were rendered to the registrant’s investment adviser (not including
any non-affiliated sub-adviser whose role is primarily portfolio management and is
subcontracted with or overseen by the registrant’s investment adviser), and any entity
controlling, controlled by, or under common control with the investment adviser that
provides ongoing services to the registrant 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.

Regulation S-X Rule 2-01(c)(7)(ii) – $287,500, 0%

Item 5 – Audit Committee of Listed Registrants – 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)):

James H. Bodurtha (term ended effective November 1, 2007)
Kent Dixon (term began effective November 1, 2007)
Frank J. Fabozzi (term began effective November 1, 2007)
James T. Flynn (term began effective November 1, 2007)
Kenneth A. Froot (term ended effective November 1, 2007)
Joe Grills (term ended effective November 1, 2007)
W. Carl Kester (term began effective November 1, 2007)
Herbert I. London (term ended effective November 1, 2007)
Roberta Cooper Ramo (term ended effective November 1, 2007)
Karen P. Robards (term began effective November 1, 2007)
Robert S. Salomon, Jr.

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.
(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 of the Fund has delegated the voting of
proxies for the Fund 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
“Committee”) is aware of the real or potential conflict or material non-routine matter and if
the 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
Committee may retain an independent fiduciary to advise the 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 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,
2008.

(a)(1) BlackRock MuniYield California Fund, Inc. is managed by a team of investment
professionals comprised of Theodore R. Jaeckel and Walter O’Connor. Each is a member of
BlackRock’s municipal tax-exempt management group. Each is jointly responsible for the
day-to-day management of the Fund’s portfolio, which includes setting the Fund’s overall
investment strategy, overseeing the management of the Fund and/or selection of its
investments. Mr. Jaeckel has been a member of the Fund’s management team since 2006
and Mr. O’Connor has been a member of the Fund’s management team since 1992.

Mr. Jaeckel joined BlackRock in 2006. Prior to joining BlackRock, he was a Managing
Director (Municipal Tax-Exempt Fund Management) of Merrill Lynch Investment
Managers, L.P. (“MLIM”) from 2005 to 2006 and a Director of MLIM from 1997 to 2005.
He has been a portfolio manager with BlackRock or MLIM since 1992.

Mr. O’Connor joined BlackRock in 2006. Prior to joining BlackRock, he was a Managing
Director (Municipal Tax-Exempt Fund Management) of MLIM from 2003 to 2006 and was
a Director of MLIM from 1997 to 2002. He has been a portfolio manager with BlackRock or
MLIM since 1991.

(a)(2) As of July 31, 2008:

    Number of Other Accounts Managed    Number of Other Accounts and 
    and Assets by Account Type        Assets for Which Advisory Fee is 
                    Performance-Based     

 
 
 
 
 
 
    Other    Other Pooled        Other    Other Pooled     
Name of    Registered    Investment    Other    Registered    Investment    Other 
Portfolio Manager    Investment    Vehicles    Accounts    Investment    Vehicles    Accounts 
    Companies            Companies         

 
 
 
 
 
 
Theodore R. Jaeckel, Jr.    81    0    0    0    0    0 

 
 
 
 
 
 
    $19.2 Billion    $0    $0    $0    $0    $0 

 
 
 
 
 
 
Walter O’Connor    81    0    0    0    0    0 

 
 
 
 
 
 
    $19.2 Billion    $0    $0    $0    $0    $0 

 
 
 
 
 
 

  (iv) Potential Material Conflicts of Interest

BlackRock, Inc. and its affiliates (collectively, herein “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 for the Fund. In
addition, BlackRock, its affiliates and any officer, director, stockholder or employee may or
may not have an interest in the securities whose purchase and sale BlackRock recommends
to the Fund. BlackRock, or any of its affiliates, or any officer, director, stockholder,
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’s (or its affiliates’) officers, directors or employees
are directors or officers, or companies as to which BlackRock or any of its affiliates or the
officers, directors or employees of any of them has any substantial economic interest or
possesses material non-public information. Each portfolio manager also may manage
accounts whose investment strategies may at times be opposed to the strategy utilized for a
fund. In this regard, it should be noted that a portfolio manager may currently manage
certain accounts that are subject to performance fees. In addition, a portfolio manager may
assist in managing certain hedge funds and may be entitled to receive a portion of any
incentive fees earned on such funds and a portion of such incentive fees may be voluntarily
or involuntarily deferred. Additional portfolio managers may in the future manage other
such accounts or funds and may be entitled to receive incentive fees.

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
receiving preferential treatment. To this end, BlackRock has adopted a policy that is
intended to ensure that investment opportunities are allocated fairly and equitably among
client accounts over time. This policy also seeks to achieve 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.

(a)(3) As of July 31, 2008:

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 such as its Long-Term Retention and Incentive Plan.

Base compensation. Generally, portfolio managers receive base compensation based on
their seniority and/or their position with the firm. Senior portfolio managers who perform
additional management functions within the portfolio management group or within
BlackRock may receive additional compensation for serving in these other capacities.

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 seniority, role within the portfolio management team,
teamwork and contribution to the overall performance of these portfolios and BlackRock.
In most cases, including for the portfolio managers of the Fund, 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. BlackRock’s Chief Investment
Officers determine the benchmarks against which the performance of funds and other
accounts managed by each portfolio manager is compared and the period of time over which
performance is evaluated. With respect to the portfolio managers, such benchmarks for the
Fund include a combination of market-based indices (e.g. Lehman Brothers Municipal Bond
Index), certain customized indices and certain fund industry peer groups.

BlackRock’s Chief Investment Officers make a subjective determination with respect to the
portfolio managers’ compensation based on the performance of the funds and other accounts
managed by each portfolio manager relative to the various benchmarks noted above.
Performance is measured on both a pre-tax and after-tax basis over various time periods
including 1, 3, 5 and 10-year periods, as applicable.

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. The BlackRock, Inc. restricted stock units, if properly vested, will be settled in
BlackRock, Inc. common stock. Typically, the cash bonus, when combined with base
salary, represents more than 60% of total compensation for the portfolio managers. Paying
a portion of annual bonuses in 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.

Long-Term Retention and Incentive Plan (“LTIP”) — The LTIP is a long-term
incentive plan that seeks to reward certain key employees. Beginning in 2006, awards are
granted under the LTIP in the form of BlackRock, Inc. restricted stock units that, if properly
vested and subject to the attainment of certain performance goals, will be settled in
BlackRock, Inc. common stock. Each portfolio manager has received awards under the
LTIP.

Deferred Compensation Program — A portion of the compensation paid to eligible
BlackRock employees may be voluntarily deferred into an account that tracks the
performance of certain of the firm’s investment products. Each participant in the deferred
compensation program is permitted to allocate his deferred amounts among the various
investment options. Each portfolio manager has participated 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 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 6% of eligible pay contributed to the plan capped
at $4,000 per year, and a company retirement contribution equal to 3% of eligible
compensation, plus an additional contribution of 2% for any year in which BlackRock has
positive net operating income. The RSP offers a range of investment options, including
registered investment companies managed by the firm. BlackRock contributions follow the
investment direction set by participants for their own contributions or, absent employee
investment direction, are invested into a balanced portfolio. The ESPP allows for
investment in BlackRock 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 or a dollar value of $25,000. Each portfolio manager is eligible to participate
in these plans.

(a)(4) Beneficial Ownership of Securities. As of July 31, 2008, neither of Messrs. Jaeckel
or O’Connor beneficially owned any stock issued by the Fund.

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 – The registrant’s Nominating and
Governance Committee will consider nominees to the board of directors recommended by
shareholders when a vacancy becomes available. Shareholders who wish to recommend a
nominee should send nominations that include biographical information and set forth the
qualifications of the proposed nominee to the registrant’s Secretary. There have been no
material changes to these procedures.

Item 11 – Controls and Procedures

11(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.

11(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

12(a)(1) – Code of Ethics – See Item 2

12(a)(2) – Certifications – Attached hereto

12(a)(3) – Not Applicable

12(b) – Certifications – Attached hereto


Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment
Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by
the undersigned, thereunto duly authorized.

BlackRock MuniYield California Fund, Inc.

By: /s/ Donald C. Burke
Donald C. Burke
Chief Executive Officer of
BlackRock MuniYield California Fund, Inc.

Date: September 19, 2008

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment
Company Act of 1940, this report has been signed below by the following persons on behalf
of the registrant and in the capacities and on the dates indicated.

By: /s/ Donald C. Burke
Donald C. Burke
Chief Executive Officer (principal executive officer) of
BlackRock MuniYield California Fund, Inc.

Date: September 19, 2008

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

Date: September 19, 2008