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UNITEDSTATES
SECURITIESANDEXCHANGECOMMISSION
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: John M. Perlowski, Chief Executive Officer, BlackRock
Series Fund, Inc., 55 East 52nd Street, New York, NY 10055

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

Date of fiscal year end: 07/31/2011

Date of reporting period: 01/31/2011

Item 1 – Report to Stockholders



January 31, 2011

Semi-Annual Report (Unaudited)

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

BlackRock MuniYield Arizona Fund, Inc. (MZA)

BlackRock MuniYield California Fund, Inc. (MYC)

BlackRock MuniYield Investment Fund (MYF)

BlackRock MuniYield New Jersey Fund, Inc. (MYJ)

Not FDIC Insured • No Bank Guarantee • May Lose Value



Table of Contents

  Page 
Dear Shareholder  3 
Semi-Annual Report:   
Municipal Market Overview  4 
Fund Summaries  5 
The Benefits and Risks of Leveraging  10 
Derivative Financial Instruments  10 
Financial Statements:   
Schedules of Investments  11 
Statements of Assets and Liabilities  27 
Statements of Operations  28 
Statements of Changes in Net Assets  29 
Statements of Cash Flows  32 
Financial Highlights  33 
Notes to Financial Statements  38 
Officers and Directors  44 
Additional Information  45 

 

2 SEMI-ANNUAL REPORT JANUARY 31, 2011



Dear Shareholder

Economic data fluctuated widely throughout 2010, but as the year drew to a close, it became clear that cyclical stimulus had beaten out structural prob-

lems as economic data releases generally became more positive and financial markets showed signs of continuing improvement. The sovereign debt crises

and emerging market inflation that troubled the global economy in 2010 remain a challenge to global growth, but overall levels of uncertainty are gradually

declining as the United States and the world economy are progressing from a stimulus-driven recovery into a consumption-driven expansion.

In the United States, the corporate sector has been an important area of strength and consumer spending has shown improvement, although weakness in

the housing and labor markets continues to burden the economy. It is important to note that we are in the midst of the first global economic recovery that

is being led by emerging economies, and the United States has only just begun its transition to a self-sustaining expansion, suggesting that economic

improvements still have a way to go.

Global equity markets experienced uneven growth and high volatility over the course of 2010, but ended the year strong. Stocks continued their advance

through most of January until the political unrest in Egypt and widespread discord across the Middle East caused a sharp, but temporary decline at the end

of the period. US stocks outpaced most international markets over the 12-month period. Small cap stocks outperformed large caps as investors moved into

higher-risk assets.

Fixed income markets saw yields trend lower over most of 2010, until the fourth quarter brought an abrupt reversal in sentiment and risk tolerance that

drove yields sharply upward (pushing prices downward) through year end and into the New Year. However, on a 12-month basis, yields were lower overall

and fixed income markets performed well. Conversely, the tax-exempt municipal market was dealt an additional blow as it became evident that the Build

America Bond program would expire at the end of 2010. In addition, negative headlines regarding fiscal challenges faced by state and local governments

damaged investor confidence and sparked additional volatility in the municipal market. These conditions began to moderate as the period came to a close

and the market has shown signs of improvement in supply-and-demand technicals.

Cash investments, as represented by the 3-month Treasury bill, returned only a fraction over 0% for the 12-month period as short-term interest rates

remained low. Yields on money market securities remain near all-time lows.

Total Returns as of January 31, 2011  6-month  12-month 
US large cap equities (S&P 500 Index)  17.93%  22.19% 
US small cap equities (Russell 2000 Index)  20.75  31.36 
International equities (MSCI Europe, Australasia, Far East Index)  16.10  15.38 
3-month Treasury bill (BofA Merrill Lynch 3-Month Treasury Bill Index)  0.06  0.13 
US Treasury securities (BofA Merrill Lynch 10-Year US Treasury Index)  (2.25)  5.25 
US investment grade bonds (Barclays Capital US Aggregate Bond Index)  0.20  5.06 
Tax-exempt municipal bonds (Barclays Capital Municipal Bond Index)  (2.84)  1.10 
US high yield bonds (Barclays Capital US Corporate High Yield 2% Issuer Capped Index)  8.65  15.96 
Past performance is no guarantee of future results. Index performance shown for illustrative purposes only. You cannot invest directly in an index.   

 

While no one can peer into a crystal ball and eliminate the uncertainties presented by the economic landscape and financial markets, BlackRock can offer

investors the next best thing: partnership with the world’s largest asset management firm and a unique global perspective that allows us to identify trends

early and capitalize on market opportunities. For additional market perspective and investment insight, visit www.blackrock.com/shareholdermagazine,

where you’ll find the most recent issue of our award-winning Shareholder® magazine, as well as its quarterly companion newsletter, Shareholder

Perspectives. As always, we thank you for entrusting BlackRock with your investments, and we look forward to your continued partnership in the

months and years ahead.


THIS PAGE NOT PART OF YOUR FUND REPORT 3



Municipal Market Overview

As of January 31, 2011

The municipal market began the period with a strong tone as rates fell (and prices rose) along with those of US Treasuries. However, the cliché of the
“perfect storm” of negative events all conspired in the final months of 2010, leading to the worst quarterly performance for the municipal market since
the tightening cycle of 1994. Treasury yields lost their support as concerns about the US deficit raised questions over the willingness of foreign investors
to continue to purchase Treasury securities, at least at the previous historically low yields. Municipal valuations also suffered a quick and severe setback
as it became evident that the Build America Bond (“BAB”) program would expire at year-end. The program had opened the taxable market to municipal
issuers, which had successfully alleviated supply pressure in the traditional tax-exempt marketplace, bringing down yields in that space.


The financial media has been replete with interviews, articles and presentations advertising the stress experienced in municipal finance, resulting in a
loss of confidence among retail investors who buy individual bonds or mutual funds. From the middle of November through year-end, funds specializing in
tax-exempt bonds witnessed weekly outflows averaging over $2.5 billion. Long-term and high-yield funds saw the greatest redemptions, followed by state-
specific funds to a lesser but still significant degree. Demand usually is strong at the beginning of the new year against a backdrop of low new-issue supply,
but the mutual fund outflows continued in January, putting additional upward pressure on municipal yields. Political uncertainty surrounding the midterm
elections and the approach taken by the new Congress on issues such as income tax rates and alternative minimum tax (and the previously mentioned
BAB
non-extension) exacerbated the situation. All these conditions, combined with the seasonal illiquidity surrounding year-end holidays and dealers
closing
their fiscal books, sapped willing market participation from the trading community.

As demand for municipal securities from traditional retail investors was declining and trading desk liquidity was being curtailed, there was no comparable
reduction in supply. As it became evident that the BAB program would be retired, issuers rushed deals to market both in the taxable municipal space and,
to a lesser degree, in the traditional tax-exempt space. This imbalance in the supply/demand technicals provided the classic market action, leading to wider
quality spreads and higher bond yields. The municipal curve steepened as the issuance was concentrated in longer (greater than 20-year) maturities. Curve
steepening that began in October accelerated in November, spurred on by Treasury weakness, heavy supply and record outflows. As measured by Thomson
Municipal Market Data, AAA-rated municipals rose nearly 82 basis points (“bps”) for maturities 25 years and longer from July 31, 2010, to January 31,
2011. The spread between two-year and 30-year maturities widened from 360 bps to 406 bps over the period.

The fundamental picture for municipalities will be subject to scrutiny for months to come, as the challenges to state and local budgets are real and need
to be addressed with significant cuts to expenses and tax revenue increases. The debates around austerity measures needed to succeed in balancing these
budgets are not over whether action needs to be taken, but over degree, approach and political will to accomplish these needs. The attention shone upon
municipal finance has the potential to improve this market for the future if these efforts result in greater means toward disclosure and accuracy (and timeli-
ness) of reporting. Early tests to judge progress will come soon as California, Illinois and Puerto Rico need to take austerity measures and access financing
in the municipal market to address relatively immediate fiscal imbalances. BlackRock favors a more constructive outlook for the municipal market heading
into 2011 as the typical, and this year particularly atypical, weakness passes.

4 SEMI-ANNUAL REPORT JANUARY 31, 2011



Fund Summary as of January 31, 2011 BlackRock Muni New York Intermediate Duration Fund, Inc.

Fund Overview

BlackRock Muni New York Intermediate Duration Fund, Inc.’s (MNE) (the “Fund”) investment objective is to provide Common Shareholders with
high
current income exempt from federal income tax and New York State and New York City personal income taxes. The Fund seeks to achieve
its investment
objective by investing at least 80% of its assets in municipal obligations exempt from federal income tax (except that the interest
may be subject to the fed
eral alternative minimum tax) and New York State and New York City personal income taxes. Under normal market
conditions, the Fund invests at least 75%
of its assets in municipal obligations that are investment grade quality at the time of investment.
Under normal market conditions, the Fund invests at least
80% of its assets in municipal obligations with a duration of three to ten years.
The Fund may invest directly in such securities or synthetically through the
use of derivatives.

No assurance can be given that the Fund’s investment objective will be achieved.

Performance

For the six months ended January 31, 2011, the Fund returned (3.95)% based on market price and (3.72)% based on net asset value (“NAV”).
For the
same period, the closed-end Lipper Intermediate Municipal Debt Funds category posted an average return of (4.76)% based on market
price and (3.09)%
based on NAV. All returns reflect reinvestment of dividends. The Fund's discount to NAV, which widened during the period,
accounts for the difference
between performance based on price and performance based on NAV. The following discussion relates to performance
based on NAV. The Fund’s perform
ance was hindered by a below-average yield relative to its Lipper category. In addition, the Fund’s long duration
bias relative to intermediate fund parame
ters detracted significantly in the rising interest rate environment of the period. A generally negative
municipal market further hindered Fund performance, as
did the Fund’s low exposure to the pre-refunded sector that led the municipal market.
Similarly, the Fund’s exposure to the transportation sector detracted,
as it was one of the poorest performers. On the positive side, the Fund’s
holdings in corporate-backed municipals aided performance as non-traditional
investors identified the sector’s attractive investment opportunities
and subsequently drove up demand. Finally, the Fund benefited from exposure to the
housing sector, which was one of the market’s better
performers, and lack of exposure to the tobacco sector, which was the worst performer.


The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These
views are not intended to be a forecast of future events and are no guarantee of future results.

Fund Information

Symbol on New York Stock Exchange (“NYSE”)  MNE 
Initial Offering Date  August 1, 2003 
Yield on Closing Market Price as of January 31, 2011 ($12.66)1  5.78% 
Tax Equivalent Yield2  8.89% 
Current Monthly Distribution per Common Share3  $0.061 
Current Annualized Distribution per Common Share3  $0.732 
Leverage as of January 31, 20114  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 rate is not constant and is subject to change.
4 Represents Auction Market Preferred Shares (“Preferred Shares”) and tender option bond trusts (“TOBs”) 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. For a discussion of leveraging techniques utilized by the Fund, please see
The Benefits and Risks of Leveraging on page 10.

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

  1/31/11  7/31/10  Change  High  Low 
Market Price  $12.66  $13.54  (6.50)%  $14.26  $12.05 
Net Asset Value  $13.59  $14.50  (6.28)%  $15.03  $13.35 

 

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

Sector Allocations     
  1/31/11  7/31/10 
Health  15%  14% 
County/City/Special District/School District  15  16 
Transportation  15  14 
State  13  13 
Housing  12  13 
Corporate  11  9 
Education  10  10 
Utilities  8  10 
Tobacco  1  1 

 

Credit Quality Allocations5     
  1/31/11  7/31/10 
AAA/Aaa  7%  13% 
AA/Aa  37  29 
A  26  31 
BBB/Baa  18  13 
BB/Ba  5  5 
CCC/Caa  2  3 
Not Rated  5  66 

5 Using the higher of Standard & Poor’s (“S&P”) or Moody’s Investors Service
(“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, 2010, the market value of these securities
was $1,690,946 representing 2%, respectively, of the Fund’s long-term investments.

SEMI-ANNUAL REPORT JANUARY 31, 2011 5



Fund Summary as of January 31, 2011 BlackRock MuniYield Arizona Fund, Inc.

Fund Overview

BlackRock MuniYield Arizona Fund, Inc.’s (MZA) (the “Fund”) investment objective is 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.
The Fund seeks to achieve its invest
ment objective by investing at least 80% of its assets in municipal obligations exempt from federal
income taxes (except that the interest may be subject to
the federal alternative minimum tax) and Arizona income taxes. Under normal
market conditions, the Fund expects to invest at least 75% of its assets in
municipal obligations that are investment grade quality at the
time of investment. The Fund may invest directly in such securities or synthetically through the
use of derivatives.

No assurance can be given that the Fund’s investment objective will be achieved.

Performance

For the six months ended January 31, 2011, the Fund returned (8.45)% based on market price and (6.37)% based on NAV. For the same
period, the
closed-end Lipper Other States Municipal Debt Funds category posted an average return of (8.40)% based on market price and
(5.41)% based on NAV.
All returns reflect reinvestment of dividends. The Fund's discount to NAV, which widened during the period, accounts
for the difference between performance
based on price and performance based on NAV. The following discussion relates to performance
based on NAV. The Fund’s exposure to the housing sector
contributed to performance as this sector outperformed the general municipal
market. Additionally, the Fund’s exposure to shorter-duration bonds and pre
mium coupon bonds (6% or higher) benefited performance
in the rising interest rate environment of the period. Conversely, the Fund’s long duration stance
detracted from performance, again due
to the rising rate environment. In addition, the Fund’s exposure to longer maturity bonds detracted as the long end
of the yield curve
steepened during the period.


The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These
views are not intended to be a forecast of future events and are no guarantee of future results.

Fund Information

Symbol on NYSE Amex  MZA 
Initial Offering Date  October 29, 1993 
Yield on Closing Market Price as of January 31, 2011 ($12.13)1  6.88% 
Tax Equivalent Yield2  10.58% 
Current Monthly Distribution per Common Share3  $0.0695 
Current Annualized Distribution per Common Share3  $0.8340 
Leverage as of January 31, 20114  41% 

1 Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results
2 Tax equivalent yield assumes the maximum federal tax rate of 35%.
3 The distribution rate is not constant and is subject to change.
4 Represents Preferred Shares and TOBs 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. For a discussion of leveraging techniques utilized by the Fund, please see The Benefits and Risks of Leveraging on page 10.

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

  1/31/11  7/31/10  Change  High  Low 
Market Price  $12.13  $13.67  (11.27)%  $14.25  $11.50 
Net Asset Value  $12.46  $13.73  (9.25)%  $14.26  $12.05 

 

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

Sector Allocations     
  1/31/11  7/31/10 
County/City/Special District/School District  33%  37% 
Utilities  21  21 
State  14  14 
Health  10  8 
Education  10  9 
Transportation  7  5 
Housing  5  6 

 

Credit Quality Allocations5     
  1/31/11  7/31/10 
AAA/Aaa  18%  27% 
AA/Aa  39  31 
A  30  31 
BBB/Baa  11  8 
BB/Ba  1  1 
B  1  1 
Not Rated    1 
5 Using the higher of S&P’s or Moody’s ratings.     

 

6 SEMI-ANNUAL REPORT JANUARY 31, 2011



Fund Summary as of January 31, 2011 BlackRock MuniYield California Fund, Inc.

Fund Overview

BlackRock MuniYield California Fund, Inc.’s (MYC) (the “Fund”) investment objective is 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. The Fund seeks to
achieve its investment objective by investing at least 80% of its assets in municipal obligations exempt from federal income taxes (except that the interest
may be subject to the federal alternative minimum tax) and California income taxes. Under normal market conditions, the Fund invests primarily in long-
term municipal obligations that are investment grade quality at the time of investment. The Fund may invest directly in such securities or synthetically
through the use of derivatives.

No assurance can be given that the Fund’s investment objective will be achieved.

Performance

For the six months ended January 31, 2011, the Fund returned (8.75)% based on market price and (8.00)% based on NAV. For the same period, the
closed-end Lipper California Municipal Debt Funds category posted an average return of (9.24)% based on market price and (8.09)% based on NAV. All
returns reflect reinvestment of dividends. The Fund's discount to NAV, which widened during the period, accounts for the difference between performance
based on price and performance based on NAV. The following discussion relates to performance based on NAV. The Fund maintained a low average cash
reserve level, which benefited total return by delivering a competitive level of income accrual relative to the Lipper peer group. Increased exposure to tender
option bonds to take advantage of the historically steep municipal yield curve also benefited the income accrual. As a result, the Fund was able to increase
dividend payments twice over the period. In addition, the Fund’s holdings in corporate-backed municipals aided performance as non-traditional investors
identified the sector’s attractive investment opportunities and subsequently drove up demand. Conversely, a generally negative municipal market environ-
ment hindered Fund performance. Some widening of credit spreads, especially among California school districts and healthcare credits, detracted from
Fund performance, as did a relatively long duration posture given the rising interest rate environment of the period.

The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These
views are not intended to be a forecast of future events and are no guarantee of future results.

Fund Information

Symbol on NYSE  MYC 
Initial Offering Date  February 28, 1992 
Yield on Closing Market Price as of January 31, 2011 ($12.75)1  7.44% 
Tax Equivalent Yield2  11.45% 
Current Monthly Distribution per Common Share3  $0.079 
Current Annualized Distribution per Common Share3  $0.948 
Leverage as of January 31, 20114  44% 

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 rate is not constant and is subject to change.
4 Represents Preferred Shares and TOBs 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. For a discussion of leveraging techniques utilized by the Fund, please see The Benefits and Risks of Leveraging on page 10.

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

  1/31/11  7/31/10  Change  High  Low 
Market Price  $12.75  $14.44  (11.70)%  $15.00  $12.27 
Net Asset Value  $13.14  $14.76  (10.98)%  $15.41  $12.65 

 

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

Sector Allocations     
  1/31/11  7/31/10 
County/City/Special District/School District  42%  35% 
Utilities  25  26 
Education  10  14 
Health  9  8 
Corporate  5  7 
State  5  6 
Transportation  3  3 
Housing  1  1 

 

Credit Quality Allocations5     
  1/31/11  7/31/10 
AAA/Aaa  7%  27% 
AA/Aa  67  46 
A  20  24 
BBB/Baa  5  2 
Not Rated  1  16 

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, 2010, the market value of these securities
were $2,416,739, representing 1% of the Fund’s long-term investments.

SEMI-ANNUAL REPORT JANUARY 31, 2011 7



Fund Summary as of January 31, 2011 BlackRock MuniYield Investment Fund

Fund Overview

BlackRock MuniYield Investment Fund’s (MYF) (the “Fund”) investment objective is 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. The Fund
seeks to achieve its investment objective
by investing at least 80% of its assets in municipal obligations exempt from federal income
taxes (except that the interest may be subject to the federal alter
native minimum tax). Under normal market conditions, the Fund
primarily invests in municipal bonds that are investment grade quality at the time of invest
ment. The Fund may invest directly in
such securities or synthetically through the use of derivatives.


No assurance can be given that the Fund’s investment objective will be achieved.

Performance

For the six months ended January 31, 2011, the Fund returned (9.15)% based on market price and (8.44)% based on NAV. For the same
period, the
closed-end Lipper General Municipal Debt Funds (Leveraged) category posted an average return of (8.46)% based on market
price and (6.45)% based
on NAV. All returns reflect reinvestment of dividends. The Fund moved from a premium to NAV to a discount
by period end, which accounts for the difference
between performance based on market price and performance based on NAV. The
following discussion relates to performance based on NAV. The Fund’s
exposure to longer-duration and longer-maturity bonds detracted
from performance as the long end of the yield curve steepened during the period.
Additionally, the Fund’s holdings in the health care and
transportation sectors hindered performance as both sectors underperformed the general municipal
market. Conversely, the Fund’s
holdings in corporate-backed municipals aided performance as non-traditional investors identified the sector’s attractive
investment
opportunities and subsequently drove up demand. In addition, the Fund benefited from exposure to the housing sector, which was
one of the
market’s better performers. Finally, the Fund’s exposure to shorter-duration bonds and premium coupon bonds (6% or
higher) benefited performance in the
rising interest rate environment of the period.

The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These
views are not intended to be a forecast of future events and are no guarantee of future results.

Fund Information

Symbol on NYSE  MYF 
Initial Offering Date  February 28, 1992 
Yield on Closing Market Price as of January 31, 2011 ($12.62)1  7.37% 
Tax Equivalent Yield2  11.34% 
Current Monthly Distribution per Common Share3  $0.0775 
Current Annualized Distribution per Common Share3  $0.9300 
Leverage as of January 31, 20114  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 rate is not constant and is subject to change.
4 Represents Preferred Shares and TOBs 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. For a discussion of leveraging techniques utilized by the Fund, please see The Benefits and Risks of Leveraging on page 10.

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

  1/31/11  7/31/10  Change  High  Low 
Market Price  $12.62  $14.36  (12.12)%  $15.10  $11.73 
Net Asset Value  $12.63  $14.26  (11.43)%  $14.78  $12.16 

 

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

Sector Allocations     
  1/31/11  7/31/10 
County/City/Special District/School District  24%  22% 
Health  19  20 
Transportation  19  21 
Utilities  16  15 
State  7  7 
Education  6  7 
Housing  4  4 
Corporate  4  4 
Tobacco  1   

 

Credit Quality Allocations5     
  1/31/11  7/31/10 
AAA/Aaa  8%  16% 
AA/Aa  61  52 
A  23  26 
BBB/Baa  6  4 
Not Rated6  2  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 January 31, 2011 and July 31, 2010, the market
value of these securities were $583,256, representing 1% and $635,244, represent-
ing 1%, respectively, of the Fund’s long-term investments.

8 SEMI-ANNUAL REPORT JANUARY 31, 2011



Fund Summary as of January 31, 2011 BlackRock MuniYield New Jersey Fund, Inc.

Fund Overview

BlackRock MuniYield New Jersey Fund, Inc.’s (MYJ) (the “Fund”) investment objective is to provide shareholders with as high a level of
current income
exempt from federal income taxes and New Jersey personal income tax as is consistent with its investment policies and
prudent investment management.
The Fund seeks to achieve its investment objective by investing at least 80% of its assets in municipal
obligations exempt from federal income taxes (except
that the interest may subject to the federal alternative minimum tax) and New Jersey
personal income taxes. Under normal market conditions, the Fund invests
 primarily in long-term municipal obligations that are investment
grade quality at the time of investment. The Fund may invest directly in such
securities or synthetically through the use of derivatives.

No assurance can be given that the Fund’s investment objective will be achieved.

Performance

For the six months ended January 31, 2011, the Fund returned (9.81)% based on market price and (6.05)% based on NAV. For the same
period, the
closed-end Lipper New Jersey Municipal Debt Funds category posted an average return of (9.78)% based on market price and
(6.43)% based on NAV. All
returns reflect reinvestment of dividends. The Fund's discount to NAV, which widened during the period,
accounts for the difference between performance
based on price and performance based on NAV. The following discussion relates to
performance based on NAV. The Fund’s exposure to longer-duration
and longer-maturity bonds detracted from performance as the long
end of the yield curve steepened during the period. Conversely, the Fund’s holdings in
corporate-backed municipals aided performance
as non-traditional investors identified the sector’s attractive investment opportunities and subsequently
drove up demand. In addition, the
Fund benefited from exposure to the housing sector, which was one of the market’s better performers. Finally, the Fund’s
exposure to
shorter-duration bonds and premium coupon bonds (6% or higher) benefited performance in the rising interest rate environment of the period.


The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These
views are not intended to be a forecast of future events and are no guarantee of future results.

Fund Information

Symbol on NYSE  MYJ 
Initial Offering Date  May 1, 1992 
Yield on Closing Market Price as of January 31, 2011 ($13.30)1  6.54% 
Tax Equivalent Yield2  10.06% 
Current Monthly Distribution per Common Share3  $0.0725 
Current Annualized Distribution per Common Share3  $0.8700 
Leverage as of January 31, 20114  36% 

1 Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results.
2 Tax equivalent yield assumes the maximum federal tax rate of 35%.
3 The distribution rate is not constant and is subject to change.
4 Represents Preferred Shares and TOBs 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. For a discussion of leveraging techniques utilized by the Fund, please see The Benefits and Risks of Leveraging on page 10.

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

  1/31/11  7/31/10  Change  High  Low 
Market Price  $13.30  $15.19  (12.44)%  $15.97  $12.59 
Net Asset Value  $13.90  $15.24  (8.79)%  $15.75  $13.49 

 

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

Sector Allocations     
  1/31/11  7/31/10 
State  27%  26% 
County/City/Special District/School District  17  15 
Transportation  14  14 
Health  12  12 
Housing  12  12 
Education  11  12 
Utilities  4  4 
Corporate  3  3 
Tobacco    2 

 

Credit Quality Allocations5     
  1/31/11  7/31/10 
AAA/Aaa  7%  23% 
AA/Aa  52  32 
A  28  31 
BBB/Baa  10  9 
BB/Ba    2 
Not Rated6  3  3 

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 January 31, 2011 and July 31, 2010, the market
value of these securities were $3,322,685, representing 1% and $8,311,633, repre-
senting 3%, respectively, of the Fund's long-term investments.

SEMI-ANNUAL REPORT JANUARY 31, 2011 9



The Benefits and Risks of Leveraging

The Funds may utilize leverage to seek to enhance the yield and NAV of
their common shares of beneficial interest (“Common Shares”). However,
these objectives cannot be achieved in all interest rate environments.

To leverage, the Funds issue preferred shares (“Preferred Shares”), which
pay dividends at prevailing short-term interest rates, and invest the pro-
ceeds in long-term municipal bonds. In general, the concept of leveraging is
based on the premise that the financing cost of assets to be obtained from
leverage, which will be based on short-term interest rates, will normally be
lower than the income earned by each Fund on its longer-term portfolio
investments. To the extent that the total assets of each Fund (including the
assets obtained from leverage) are invested in higher-yielding portfolio
investments, each Fund’s holders of Common Shares (“Common
Shareholders”) will benefit from the incremental net income.

To illustrate these concepts, assume a Fund’s Common Shares capitalization
is $100 million and it issues 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 3% and long-
term interest rates are 6%, the yield curve has a strongly positive slope.
In this case, the Fund pays dividends on the $50 million of Preferred
Shares based on the lower short-term interest rates. At the same time,
the securities purchased by the Fund with assets received from the
Preferred Shares issuance earn income based on long-term interest rates.
In this case, the dividends paid to holders of Preferred Shares (“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 net income.

If short-term interest rates rise, narrowing the differential between short-term
and long-term interest rates, the incremental net income pickup on the
Common Shares will be reduced or eliminated completely. Furthermore, if
prevailing short-term interest rates rise above long-term interest rates of 6%,
the yield curve has a negative slope. In this case, the Fund pays interest
expense on the higher short-term interest rates whereas the Fund’s total
portfolio earns income based on lower long-term interest rates.

Furthermore, the value of the Funds’ portfolio investments generally varies
inversely with the direction of long-term interest rates, although other factors
can influence the value of portfolio investments. In contrast, the redemption
value of the Funds’ Preferred Shares does not fluctuate in relation to inter-
est rates. As a result, changes in interest rates can influence the Funds’
NAV positively or negatively in addition to the impact on Fund performance
from leverage from Preferred Shares discussed above.

The Funds may also leverage their assets through the use of TOBs, as
described in Note 1 of the Notes to Financial Statements. TOB investments
generally will provide the Funds with economic benefits in periods of
declining short-term interest rates, but expose the Funds to risks during
periods of rising short-term interest rates similar to those associated with
Preferred Shares issued by the Funds, as described above. Additionally,
fluctuations in the market value of municipal bonds deposited into the
TOB may adversely affect each Fund’s NAV per share.

The use of leverage may enhance opportunities for increased income to the
Funds and Common Shareholders, but as described above, it also creates
risks as short or long-term interest rates fluctuate. Leverage also will gener-
ally cause greater changes in the Funds’ NAVs, market prices and dividend
rates than comparable portfolios without leverage. If the income derived
from securities purchased with assets received from leverage exceeds the
cost of leverage, the Funds’ net income will be greater than if leverage had
not been used. Conversely, if the income from the securities purchased is
not sufficient to cover the cost of leverage, each Fund’s net income will be
less than if leverage had not been used, and therefore the amount available
for distribution to Common Shareholders will be reduced. Each Fund may
be required to sell portfolio securities at inopportune times or at distressed
values in order to comply with regulatory requirements applicable to the use
of leverage or as required by the terms of leverage instruments, which may
cause a Fund to incur losses. The use of leverage may limit each Fund’s
ability to invest in certain types of securities or use certain types of hedging
strategies, such as in the case of certain restrictions imposed by ratings
agencies that rate Preferred Shares issued by the Funds. Each Fund will
incur expenses in connection with the use of leverage, all of which are borne
by Common Shareholders and may reduce income to the Common Shares.

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. Under normal circumstances, each Fund
anticipates that the total economic leverage from Preferred Shares and/or
TOBs will not exceed 50% of its total managed assets at the time such
leverage is incurred. As of January 31, 2011, the Funds had economic
leverage from Preferred Shares and/or TOBs as a percentage of their total
managed assets as follows:

  Percent of 
  Leverage 
MNE  35% 
MZA  41% 
MYC  44% 
MYF  42% 
MYJ  36% 

 

Derivative Financial Instruments

The Funds may invest in various derivative instruments, including financial
futures contracts, as specified in Note 2 of the Notes to Financial
Statements, which may constitute forms of economic leverage. Such instru-
ments are used to obtain exposure to a market without owning or taking
physical custody of securities or to hedge market and/or interest rate risks.
Such derivative instruments involve risks, including the imperfect correlation
between the value of a derivative instrument and the underlying asset,
possible default of the counterparty to the transaction or illiquidity of the
derivative instrument. The Funds’ ability to successfully use a derivative
instrument depends on the investment advisor’s ability to accurately
predict pertinent market movements, which cannot be assured. The use
of derivative instruments may result in losses greater than if they had not
been used, may require a Fund to sell or purchase portfolio investments at
inopportune times or for distressed values, may limit the amount of appre-
ciation a Fund can realize on an investment, may result in lower dividends
paid to shareholders or may cause a Fund to hold an investment that it
might otherwise sell. The Funds’ investments in these instruments are
discussed in detail in the Notes to Financial Statements.

10 SEMI-ANNUAL REPORT JANUARY 31, 2011



Schedule of Investments January 31, 2011 (Unaudited) BlackRock Muni New York Intermediate Duration Fund, Inc. (MNE)
(Percentages shown are based on Net Assets)

    Par   
Municipal Bonds    (000)  Value 
New York — 119.3%       
Corporate — 14.4%       
Essex County Industrial Development Agency,       
Refunding RB, International Paper, Series A, AMT,       
5.20%, 12/01/23  $ 1,000  $ 942,510 
Jefferson County Industrial Development Agency New York,     
Refunding RB, Solid Waste, Series A, AMT,       
5.20%, 12/01/20    500  477,715 
New York City Industrial Development Agency, RB, AMT:     
1990 American Airlines Inc. Project, 5.40%, 7/01/20  1,500  1,214,385 
British Airways Plc Project, 7.63%, 12/01/32    1,000  1,001,980 
Continental Airlines Inc. Project, Mandatory Put Bonds,     
8.38%, 11/01/16    1,000  1,019,920 
New York City Industrial Development Agency, Refunding     
RB, Terminal One Group Association Project, AMT (a):     
5.50%, 1/01/18    1,000  1,048,570 
5.50%, 1/01/24    1,000  983,630 
New York State Energy Research & Development Authority,     
Refunding RB:       
Brooklyn Union Gas/Keyspan, Series A, AMT (FGIC),     
4.70%, 2/01/24    500  481,530 
Rochester Gas & Electric Corp., Series C (NPFGC),     
5.00%, 8/01/32 (a)    1,000  1,032,580 
      8,202,820 
County/City/Special District/School District — 20.9%     
Amherst Development Corp., RB, University at Buffalo       
Foundation Faculty-Student Housing Corp., Series A       
(AGM), 4.00%, 10/01/24    1,000  895,820 
City of New York New York, GO, Refunding, Series A,       
5.00%, 8/01/24    500  514,365 
City of New York New York, GO:       
Series J (NPFGC), 5.25%, 5/15/18    1,500  1,630,095 
Sub-Series F-1 (Syncora), 5.00%, 9/01/22    1,000  1,042,880 
Sub-Series I-1, 5.50%, 4/01/21    1,500  1,652,940 
Sub-Series I-1, 5.13%, 4/01/25    750  772,800 
New York City Industrial Development Agency, RB, Queens     
Baseball Stadium, PILOT (AMBAC), 5.00%, 1/01/31  1,500  1,269,840 
New York City Industrial Development Agency, Refunding     
RB, Terminal One Group Association Project, AMT,       
5.50%, 1/01/21 (a)    250  253,098 
New York City Transitional Finance Authority, RB:       
Fiscal 2007, Series S-1 (NPFGC), 5.00%, 7/15/24  500  512,240 
Fiscal 2009, Series S-3, 5.00%, 1/15/23    575  597,896 
New York Liberty Development Corp., Refunding RB,       
Second Priority, Bank of America Tower at One Bryant     
Park Project, 5.63%, 7/15/47    1,000  936,330 
New York State Dormitory Authority, RB, Interagency       
Council Pooled, Series A-1, 4.25%, 7/01/25    1,000  916,810 
United Nations Development Corp. New York, Refunding     
RB, Series A, 4.25%, 7/01/24    1,000  934,730 
      11,929,844 

 

    Par   
Municipal Bonds    (000)  Value 
New York (continued)       
Education — 14.5%       
Dutchess County Industrial Development Agency New York,     
Refunding RB, Bard College Civic Facility, Series A-1,     
5.00%, 8/01/22  $ 750  $ 754,627 
Nassau County Industrial Development Agency,       
Refunding RB, New York Institute of Technology Project,     
Series A, 5.00%, 3/01/21    1,000  1,004,740 
New York City Industrial Development Agency, RB,       
Lycee Francais de New York Project, Series A (ACA),       
5.50%, 6/01/15    500  521,860 
New York City Industrial Development Agency,       
Refunding RB, Polytechnic University Project (ACA),       
4.70%, 11/01/22    1,000  915,120 
New York State Dormitory Authority, RB:       
Convent of the Sacred Heart (AGM),       
4.00%, 11/01/18 (b)    880  865,559 
Convent of the Sacred Heart (AGM),       
5.00%, 11/01/21 (b)    120  120,708 
Master BOCES Program Lease (AGM),       
3.50%, 8/15/25    250  214,373 
Mount Sinai School of Medicine, 5.50%, 7/01/25  1,000  1,010,680 
Mount Sinai School of Medicine, Series A (NPFGC),     
5.15%, 7/01/24    250  244,800 
The New School, 5.25%, 7/01/24    750  752,730 
Schenectady County Industrial Development Agency,       
Refunding RB, Union College Project, 5.00%, 7/01/26  1,000  1,014,640 
Suffolk County Industrial Development Agency,       
Refunding RB, New York Institute of Technology Project,     
5.25%, 3/01/21    600  605,166 
Trust for Cultural Resources, RB, Museum of American       
Folk Art (ACA), 6.13%, 7/01/30    500  274,995 
      8,299,998 
Health — 22.9%       
Dutchess County Industrial Development Agency, RB:       
St. Francis Hospital, Series B, 7.25%, 3/01/19    355  346,001 
Vassar Brothers Medical Center (AGC),       
5.00%, 4/01/21    215  213,431 
Dutchess County Local Development Corp., Refunding       
RB, Health Quest System Inc., Series A (AGC),       
5.25%, 7/01/25    1,000  962,290 
Erie County Industrial Development Agency, RB, Episcopal     
Church Home, Series A, 5.88%, 2/01/18    905  904,747 
Genesee County Industrial Development Agency New York,     
Refunding RB, United Memorial Medical Center Project,     
4.75%, 12/01/14    280  270,654 
Monroe County Industrial Development Corp., RB, Unity     
Hospital of Rochester Project (FHA), 4.20%, 8/15/25  500  509,965 
New York City Industrial Development Agency, RB,       
PSCH Inc. Project, 6.20%, 7/01/20    1,415  1,297,060 

 

Portfolio Abbreviations         
To simplify the listings of portfolio holdings in the  BOCES  Board of Cooperative Educational Services  IDA  Industrial Development Authority 
Schedules of Investments, the names and descriptions of  CAB  Capital Appreciation Bonds  IDRB  Industrial Development Revenue Bonds 
many of the securities have been abbreviated according  CIFG  CDC IXIS Financial Guaranty  ISD  Independent School District 
to the following list:  COP  Certificates of Participation  LRB  Lease Revenue Bonds 
    EDA  Economic Development Authority  MRB  Mortgage Revenue Bonds 
ACA  ACA Financial Guaranty Corp.  ERB  Education Revenue Bonds  NPFGC  National Public Finance Guarantee Corp. 
AGC  Assured Guaranty Corp.  FGIC  Financial Guaranty Insurance Co.  PILOT  Payment in Lieu of Taxes 
AGM  Assured Guaranty Municipal Corp.  FHA  Federal Housing Administration  RB  Revenue Bonds 
AMBAC  American Municipal Bond Assurance Corp.  GO  General Obligation Bonds  S/F  Single-Family 
AMT  Alternative Minimum Tax (subject to)  HFA  Housing Finance Agency  SONYMA  State of New York Mortgage Agency 
    HRB  Housing Revenue Bonds     
See Notes to Financial Statements.         

 

SEMI-ANNUAL REPORT JANUARY 31, 2011 11



Schedule of Investments (continued) BlackRock Muni New York Intermediate Duration Fund, Inc. (MNE)
(Percentages shown are based on Net Assets)

    Par   
Municipal Bonds    (000)  Value 
New York (continued)       
Health (concluded)       
New York State Dormitory Authority, RB:       
NYU Hospital Center, Series A, 5.00%, 7/01/22  $ 1,000  $ 974,500 
NYU Hospital Center, Series B, 5.25%, 7/01/24    455  446,396 
New York State Association for Retarded Children, Inc.,     
Series A, 5.30%, 7/01/23    450  459,162 
North Shore-Long Island Jewish Health System,       
Series A, 5.25%, 5/01/25    780  767,871 
New York State Dormitory Authority, Refunding RB:       
Lenox Hill Hospital Obligation Group, 5.75%, 7/01/17  500  504,430 
Mount Sinai Hospital, Series A, 4.25%, 7/01/23    250  232,582 
North Shore-Long Island Jewish Health System,       
Series E, 5.00%, 5/01/22    650  651,384 
Saratoga County Industrial Development Agency New York,     
Refunding RB, The Saratoga Hospital Project, Series A     
(Radian), 4.38%, 12/01/13    365  378,180 
Suffolk County Industrial Development Agency       
New York, Refunding RB, Jeffersons Ferry Project,       
4.63%, 11/01/16    800  810,424 
Tompkins County Industrial Development Agency New York,     
Refunding RB, Continuing Care Retirement Community,     
Kendal at Ithaca Project,       
Series A-2:       
5.75%, 7/01/18    250  250,140 
6.00%, 7/01/24    1,000  999,880 
Westchester County Industrial Development Agency       
New York, MRB, Kendal on Hudson Project, Series A,       
6.38%, 1/01/24    1,000  939,840 
Westchester County Industrial Development Agency       
New York, RB, Special Needs Facilities Pooled Program,     
Series D-1, 6.80%, 7/0/19    515  496,099 
Yonkers Industrial Development Agency New York, RB,       
Sacred Heart Associations Project, Series A, AMT       
(SONYMA), 4.80%, 10/01/26    750  674,857 
      13,089,893 
Housing — 13.7%       
New York City Housing Development Corp., RB,       
Series H-2-A, AMT, 5.00%, 11/01/30    780  708,833 
New York Mortgage Agency, Refunding MRB, 44th Series,     
AMT, 4.00%, 10/01/21    500  472,765 
New York Mortgage Agency, Refunding RB, AMT:       
Homeowner Mortgage, Series 130, 4.75%, 10/01/30  2,500  2,287,425 
Series 133, 4.95%, 10/01/21    395  397,247 
Series 143, 4.85%, 10/01/27    500  460,995 
New York State Urban Development Corp., RB, Subordinate     
Lien, Corporate Purpose, Series A, 5.13%, 7/01/19    2,000  2,101,440 
Yonkers Economic Development Corp., Refunding RB,       
Riverview II (Freddie Mac), 4.50%, 5/01/25    1,500  1,416,795 
      7,845,500 
State — 11.4%       
New York State Dormitory Authority, ERB, Series F,       
5.00%, 3/15/30    1,290  1,286,775 
New York State Dormitory Authority, LRB, Municipal       
Health Facilities, Sub-Series 2-4, 5.00%, 1/15/27    600  585,174 
New York State Dormitory Authority, Refunding RB,       
Department of Health, Series A (CIFG), 5.00%, 7/01/25  1,500  1,517,700 
New York State Thruway Authority, Refunding RB,       
Series A-1, 5.00%, 4/01/22    1,000  1,056,750 
New York State Urban Development Corp., RB, State       
Personal Income Tax, State Facilities, Series A-1       
(NPFGC), 5.00%, 3/15/24    485  500,064 
New York State Urban Development Corp., Refunding RB,     
Service Contract, Series B, 5.00%, 1/01/21    1,500  1,586,520 
      6,532,983 

 

  Par   
Municipal Bonds  (000)  Value 
New York (concluded)     
Tobacco — 1.8%     
Tobacco Settlement Financing Corp. New York, RB,     
Asset-Backed, Series B-1C, 5.50%, 6/01/22  $ 1,000  $ 1,051,630 
Transportation — 12.9%     
Metropolitan Transportation Authority, RB (NPFGC):     
Series A, 5.00%, 11/15/24  2,000  2,026,220 
Series B, 5.25%, 11/15/19  860  932,378 
Metropolitan Transportation Authority, Refunding RB:     
Series A (NPFGC), 5.00%, 11/15/25  2,000  1,983,340 
Series B, 5.25%, 11/15/25  750  774,457 
Port Authority of New York & New Jersey, RB,     
JFK International Air Terminal, 5.00%, 12/01/20  1,000  966,310 
Port Authority of New York & New Jersey, Refunding RB,     
AMT, Consolidated:     
152nd Series, 5.00%, 11/01/23  500  492,185 
155th Series, 4.75%, 12/01/30  205  185,642 
    7,360,532 
Utilities — 6.8%     
Long Island Power Authority, Refunding RB:     
General, Series D (NPFGC), 5.00%, 9/01/25  3,000  3,002,760 
Series A, 5.50%, 4/01/24  875  909,029 
    3,911,789 
Total Municipal Bonds in New York    68,224,989 
Guam — 2.6%     
County/City/Special District/School District — 0.6%     
Territory of Guam, RB, Section 30, Series A,     
5.38%, 12/01/24  325  316,534 
State — 0.3%     
Territory of Guam, GO, Series A, 6.00%, 11/15/19  185  188,393 
Utilities — 1.7%     
Guam Government Waterworks Authority, Refunding RB,     
Water, 6.00%, 7/01/25  1,000  992,800 
Total Municipal Bonds in Guam    1,497,727 
Puerto Rico — 21.1%     
Education — 0.8%     
Puerto Rico Industrial Tourist Educational Medical     
& Environmental Control Facilities Financing Authority,     
RB, University Plaza Project, Series A (NPFGC),     
5.00%, 7/01/33  500  433,255 
Housing — 3.6%     
Puerto Rico Housing Finance Authority, Refunding RB,     
Subordinate, Capital Fund Modernization,     
5.13%, 12/01/27  2,070  2,057,166 
State — 5.5%     
Commonwealth of Puerto Rico, GO, Public Improvement,     
Series A, 5.25%, 7/01/16 (c)  615  723,677 
Commonwealth of Puerto Rico, GO, Refunding, Public     
Improvement, Series A (NPFGC), 5.50%, 7/01/21  1,000  1,005,860 
Puerto Rico Municipal Finance Agency, GO, Series A,     
5.25%, 8/01/25  1,000  941,890 
Puerto Rico Public Buildings Authority, Refunding RB,     
Government Facilities, Series M-3 (NPFGC),     
6.00%, 7/01/28  500  502,045 
    3,173,472 
Transportation — 9.6%     
Puerto Rico Highway & Transportation Authority, RB:     
Series Y (AGM), 6.25%, 7/01/21  3,000  3,227,520 
Subordinate (FGIC), 5.75%, 7/01/21  2,000  2,012,180 

 

See Notes to Financial Statements.

12 SEMI-ANNUAL REPORT JANUARY 31, 2011



Schedule of Investments (concluded) BlackRock Muni New York Intermediate Duration Fund, Inc. (MNE)
(Percentages shown are based on Net Assets)

  Par   
Municipal Bonds  (000)  Value 
Puerto Rico (concluded)     
Transportation (concluded)     
Puerto Rico Highway & Transportation Authority,     
Refunding RB, Series AA-1 (AGM), 4.95%, 7/01/26  $ 250  $ 242,385 
    5,482,085 
Utilities — 1.6%     
Puerto Rico Electric Power Authority, RB, Series CCC,     
4.25%, 7/01/23  1,000  907,450 
Total Municipal Bonds in Puerto Rico    12,053,428 
U.S. Virgin Islands — 3.3%     
Corporate — 1.6%     
United States Virgin Islands, Refunding RB, Senior     
Secured, Hovensa Coker Project, AMT, 6.50%, 7/01/21  500  496,350 
Virgin Islands Public Finance Authority, RB, Senior     
Secured, Hovensa Refinery, AMT, 4.70%, 7/01/22  500  422,120 
    918,470 
State — 1.7%     
Virgin Islands Public Finance Authority, RB, Senior Lien,     
Matching Fund Loan Note, Series A, 5.25%, 10/01/24  1,000  968,380 
Total Municipal Bonds in the U.S. Virgin Islands    1,886,850 
Total Municipal Bonds — 146.3%    83,662,994 
Municipal Bonds Transferred to     
Tender Option Bond Trusts (d)     
New York — 4.0%     
County/City/Special District/School District — 1.4%     
City of New York New York, GO, Sub-Series B-1,     
5.25%, 9/01/22  750  799,162 
Utilities — 2.6%     
New York City Municipal Water Finance Authority,     
Refunding RB, Series A, 4.75%, 6/15/30  1,500  1,455,720 
Total Municipal Bonds Transferred to     
Tender Option Bond Trusts — 4.0%    2,254,882 
Total Long-Term Investments     
(Cost — $87,213,729) — 150.3%    85,917,876 
Short-Term Securities  Shares   
BIF New York Municipal Money Fund 0.00% (e)(f)  746,617  746,617 
Total Short-Term Securities     
(Cost — $746,617) — 1.3%    746,617 
Total Investments (Cost — $87,960,346*) — 151.6%    86,664,493 
Other Assets Less Liabilities — 2.2%    1,266,090 
Liability for Trust Certificates, Including Interest     
Expense and Fees Payable — (2.0)%    (1,125,749) 
Preferred Shares, at Redemption Value — (51.8)%    (29,626,219) 
Net Assets Applicable to Common Shares — 100.0%    $ 57,178,615 


* The cost and unrealized appreciation (depreciation) of investments as of

January 31, 2011, as computed for federal income tax purposes, were as follows:

Aggregate cost  $ 86,684,926 
Gross unrealized appreciation  $ 1,398,213 
Gross unrealized depreciation  (2,543,646) 
Net unrealized depreciation  $ (1,145,433) 

 

(a) Variable rate security. Rate shown is as of report date.
(b) When-issued security. Unsettled when-issued transactions were as follows:

    Unrealized 
Counterparty  Value  Depreciation 
Wells Fargo Bank  $ 986,267  $(1,409) 


(c) US government securities, held in escrow, are used to pay interest on this security as

well as to retire the bond in full at the date indicated, typically at a premium to par.
(d) Securities represent bonds transferred to a TOB in exchange for which the Fund
acquired residual interest certificates. These securities serve as collateral in a
financing transaction. See Note 1 of the Notes to Financial Statements for details
of municipal bonds transferred to TOBs.
(e) Investments in companies considered to be an affiliate of the Fund during the
period, for purposes of Section 2(a)(3) of the Investment Company Act of 1940,
as amended, were as follows:

  Shares Held    Shares Held   
  at July 31,  Net  at January 31,   
Affiliate  2010  Activity  2011  Income 
BIF New York         
Municipal         
Money Fund  1,976,046  (1,229,429)  746,617  $ 42 


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

For Fund compliance purposes, the Fund’s sector classifications refer to any one
or more of the sector sub-classifications used by one or more widely recognized
market indexes or rating group indexes, and/or as defined by Fund management.
This definition may not apply for purposes of this report, which may combine such
sector sub-classifications for reporting ease.
Fair Value Measurements — Various inputs are used in determining the fair value of
investments, which are as follows:
Level 1 — price quotations in active markets/exchanges for identical assets
and liabilities
Level 2 — other observable inputs (including, but not limited to: quoted prices for
similar assets or liabilities in markets that are active, quoted prices for identical
or similar assets or liabilities in markets that are not active, inputs other than
quoted prices that are observable for the assets or liabilities (such as interest
rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and
default rates) or other market-corroborated inputs)
Level 3 — unobservable inputs based on the best information available in the
circumstances, to the extent observable inputs are not available (including the
Fund’s own assumptions used in determining the fair value of investments)
The inputs or methodologies 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 January 31, 2011 in deter-
mining the fair valuation of the Fund’s investments:

Valuation Inputs  Level 1  Level 2  Level 3  Total 
Assets:                   
Investments in         
Securities:         
Long-Term         
Investments1  $ 85,917,876    $ 85,917,876 
Short-Term         
Securities  $ 746,617      746,617 
Total  $ 746,617   $85,917,876    $ 86,664,493 
1 See above Schedule of Investments for values in each sector.   

 

See Notes to Financial Statements.

SEMI-ANNUAL REPORT JANUARY 31, 2011 13



Schedule of Investments January 31, 2011 (Unaudited) BlackRock MuniYield Arizona Fund, Inc. (MZA)
(Percentages shown are based on Net Assets)

  Par   
Municipal Bonds  (000)  Value 
Arizona — 136.3%     
County/City/Special District/School District — 53.4%     
City of Glendale Arizona, RB (NPFGC), 5.00%, 7/01/25 $  2,305  $ 2,326,944 
City of Tucson Arizona, COP:     
(AGC), 5.00%, 7/01/29  1,000  959,280 
Series A (NPFGC), 5.00%, 7/01/20  1,500  1,542,180 
County of Pinal Arizona, COP:     
5.00%, 12/01/26  1,250  1,176,837 
5.00%, 12/01/29  1,250  1,119,075 
Downtown Phoenix Hotel Corp., RB, Senior Series A     
(FGIC), 5.00%, 7/01/36  245  183,716 
Gila County Unified School District No. 10-Payson     
Arizona, GO, School Improvement Project of 2006,     
Series A (AMBAC), 5.25%, 7/01/27 (a)  500  499,430 
Gilbert Public Facilities Municipal Property Corp. Arizona,     
RB, 5.50%, 7/01/27  2,000  2,052,720 
Gladden Farms Community Facilities District, GO,     
5.50%, 7/15/31  750  609,060 
Greater Arizona Development Authority, RB, Santa Cruz     
County Jail, Series 2, 5.25%, 8/01/31  1,000  975,490 
Maricopa County Community College District Arizona, GO,     
Series C, 3.00%, 7/01/22  1,000  914,220 
Maricopa County Pollution Control Corp., Refunding RB,     
Southern California Edison Co., Series A,     
5.00%, 6/01/35  2,100  1,975,995 
Maricopa County Public Finance Corp., RB, Series A     
(AMBAC), 5.00%, 7/01/24  2,500  2,536,600 
Maricopa County Unified School District No. 11-Peoria     
Arizona, GO, School Improvement, 2nd Series (NPFGC),     
5.00%, 7/01/25  430  439,890 
Maricopa County Unified School District No. 89-Dysart     
Arizona, GO, School Improvement Project of 2006,     
Series C, 6.00%, 7/01/28  1,000  1,056,210 
Mohave County Unified School District No. 20 Kingman,     
GO, School Improvement Project of 2006, Series C     
(AGC), 5.00%, 7/01/26  1,000  1,007,470 
Phoenix Civic Improvement Corp., RB, Subordinate,     
Civic Plaza Expansion Project, Series A (NPFGC),     
5.00%, 7/01/35  3,325  3,111,402 
Queen Creek Improvement District No. 1, Special     
Assessment Bonds, 5.00%, 1/01/32  1,000  888,220 
Scottsdale Municipal Property Corp. Arizona,     
RB, Water & Sewer Development Project, Series A,     
5.00%, 7/01/24  1,500  1,568,445 
State of Arizona, RB, Series A (AGM), 5.00%, 7/01/29  2,000  1,893,880 
Vistancia Community Facilities District Arizona, GO:     
6.75%, 7/15/22  1,275  1,308,545 
5.75%, 7/15/24  750  766,793 
Yuma County Library District, GO (Syncora),     
5.00%, 7/01/26  1,465  1,457,162 
    30,369,564 
Education — 16.6%     
Arizona State University, RB, Series 2008-C:     
6.00%, 7/01/25  970  1,052,576 
6.00%, 7/01/26  745  801,165 
6.00%, 7/01/27  425  454,576 
6.00%, 7/01/28  400  426,556 
Glendale IDA, Refunding RB, Midwestern University,     
5.00%, 5/15/35  1,000  861,480 
Maricopa County IDA Arizona, RB, Arizona Charter     
Schools Project, Series A, 6.63%, 7/01/20  900  686,016 

 

    Par   
Municipal Bonds    (000)  Value 
Arizona (continued)       
Education (concluded)       
Pima County IDA, RB, Arizona Charter Schools Project,       
Series C:       
6.70%, 7/01/21  $ 715  $ 698,441 
6.75%, 7/01/31    985  904,959 
Pima County IDA, Refunding RB:       
Arizona Charter Schools Project, Series O,       
5.00%, 7/01/26    995  782,130 
Charter Schools II, Series A, 6.75%, 7/01/21    565  554,017 
University of Arizona, COP, Refunding, University of Arizona     
Projects, Series A (AMBAC), 5.13%, 6/01/29    905  874,148 
University of Arizona, COP, University of Arizona Projects,     
Series B (AMBAC), 5.00%, 6/01/28    1,400  1,344,980 
      9,441,044 
Health — 17.2%       
Arizona Health Facilities Authority, Refunding RB, Banner     
Health, Series D:       
6.00%, 1/01/30    1,500  1,505,820 
5.50%, 1/01/38    1,300  1,225,211 
Maricopa County IDA Arizona, Refunding RB:       
Catholic Healthcare West, Series A, 5.50%, 7/01/26  1,850  1,778,368 
Samaritan Health Services, Series A (NPFGC),       
7.00%, 12/01/16 (b)    1,000  1,191,700 
Scottsdale IDA, RB, Scottsdale Healthcare, Series C       
(AGC), 5.00%, 9/01/35    2,000  1,830,780 
University Medical Center Corp. Arizona, RB,       
6.50%, 7/01/39    500  511,990 
Yavapai County IDA Arizona, RB, Yavapai Regional Medical     
Center, Series A, 6.00%, 8/01/33    1,800  1,723,014 
      9,766,883 
Housing — 5.9%       
Maricopa County & Phoenix Industrial Development       
Authorities, Refunding RB, AMT (Ginnie Mae), S/F:       
Series A-1, 5.75%, 5/01/40    495  501,806 
Series A-2, 5.80%, 7/01/40    385  392,011 
Maricopa County IDA Arizona, RB, Series 3-B, AMT       
(Ginnie Mae), 5.25%, 8/01/38    747  764,735 
Phoenix & Pima County IDA, RB, Series 1A, AMT       
(Ginnie Mae), 5.65%, 7/01/39    301  313,842 
Phoenix & Pima County IDA, Refunding RB,       
Series 2007-1, AMT (Ginnie Mae), 5.25%, 8/01/38  662  666,743 
Phoenix IDA Arizona, Refunding RB, Series 2007-2,       
AMT (Ginnie Mae), 5.50%, 8/01/38    681  688,061 
      3,327,198 
State — 15.9%       
Arizona School Facilities Board, COP:       
5.13%, 9/01/21    1,000  1,013,620 
5.75%, 9/01/22    2,000  2,080,820 
Arizona Sports & Tourism Authority, RB, Baseball Training     
Facilities Project, 5.00%, 7/01/16    300  303,936 
Arizona State Transportation Board, RB, Series B,       
5.00%, 7/01/30    4,000  4,004,760 
Greater Arizona Development Authority, RB, Series B       
(NPFGC), 5.00%, 8/01/30    1,700  1,638,477 
      9,041,613 
Transportation — 6.0%       
Phoenix Civic Improvement Corp., RB:       
Junior Lien, Series A, 5.00%, 7/01/40    1,000  887,680 
Senior Lien, Series A, 5.00%, 7/01/33    1,000  943,360 
Senior Lien, Series B, AMT (NPFGC), 5.75%, 7/01/17  1,000  1,031,870 
Senior Lien, Series B, AMT (NPFGC), 5.25%, 7/01/32  600  552,894 
      3,415,804 

 

See Notes to Financial Statements.

14 SEMI-ANNUAL REPORT JANUARY 31, 2011



Schedule of Investments (continued) BlackRock MuniYield Arizona Fund, Inc. (MZA)
(Percentages shown are based on Net Assets)

    Par   
Municipal Bonds    (000)  Value 
Arizona (concluded)       
Utilities — 21.3%       
City of Mesa Arizona, RB (NPFGC), 5.00%, 7/01/23  $ 1,500  $ 1,576,530 
County of Pima Arizona, RB, System (AGM),       
5.00%, 7/01/25    1,000  1,010,060 
Gilbert Water Resource Municipal Property Corp., RB,       
Subordinate Lien (NPFGC), 5.00%, 10/01/29    900  877,545 
Phoenix Civic Improvement Corp., RB, Junior Lien       
(NPFGC), 5.50%, 7/01/20    2,500  2,636,175 
Phoenix Civic Improvement Corp., Refunding RB,       
Senior Lien, 5.50%, 7/01/22    2,000  2,194,860 
Pinal County IDA Arizona, RB, San Manuel Facility       
Project, AMT, 6.25%, 6/01/26    500  408,005 
Pima County IDA, RB, Tucson Electric Power Co., Series A,     
5.25%, 10/01/40    1,000  884,010 
Salt River Project Agricultural Improvement & Power       
District, RB, Series A, 5.00%, 1/01/24    1,000  1,046,330 
Salt River Project Agricultural Improvement & Power       
District, Refunding RB, Salt River Project, Series A,       
5.00%, 1/01/35    1,500  1,473,240 
      12,106,755 
Total Municipal Bonds in Arizona      77,468,861 
Guam — 1.7%       
Utilities — 1.7%       
Guam Government Waterworks Authority, Refunding RB,     
Water, 5.88%, 7/01/35    1,000  947,070 
Total Municipal Bonds in Guam      947,070 
Puerto Rico — 25.8%       
County/City/Special District/School District — 3.2%     
Puerto Rico Sales Tax Financing Corp., Refunding RB:       
CAB, Series A (NPFGC), 5.84%, 8/01/41 (c)    9,530  1,241,568 
First Sub-Series C, 6.00%, 8/01/39    600  598,374 
      1,839,942 
Housing — 2.4%       
Puerto Rico Housing Finance Authority, Refunding RB,       
Subordinate, Capital Fund Modernization,       
5.50%, 12/01/18    1,250  1,385,413 
State — 7.4%       
Commonwealth of Puerto Rico, GO, Series A,       
6.00%, 7/01/38    800  781,040 
Puerto Rico Public Buildings Authority, Refunding RB,       
Government Facilities:       
Series M-3 (NPFGC), 6.00%, 7/01/28    900  903,681 
Series N, 5.50%, 7/01/27    1,000  952,190 
Puerto Rico Sales Tax Financing Corp., RB,       
First Sub-Series A, 6.38%, 8/01/39    1,500  1,536,030 
      4,172,941 
Transportation — 5.9%       
Puerto Rico Highway & Transportation Authority,       
Refunding RB:       
Series AA (NPFGC), 5.50%, 7/01/18    1,000  1,037,270 
Series AA (NPFGC), 5.50%, 7/01/20    500  507,315 
Series CC, 5.50%, 7/01/31    790  739,408 
Series E (AGM), 5.50%, 7/01/22    1,000  1,052,390 
      3,336,383 

 

  Par   
Municipal Bonds  (000)  Value 
Puerto Rico (concluded)     
Utilities — 6.9%     
Puerto Rico Aqueduct & Sewer Authority, RB, Senior Lien,     
Series A (Radian), 6.00%, 7/01/44  $ 2,180  $ 2,023,585 
Puerto Rico Electric Power Authority, RB, Series WW:     
5.38%, 7/01/24  1,000  992,880 
5.50%, 7/01/38  1,000  925,520 
    3,941,985 
Total Municipal Bonds in Puerto Rico    14,676,664 
Total Municipal Bonds — 163.8%    93,092,595 
Municipal Bonds Transferred to     
Tender Option Bond Trusts (d)     
Arizona — 5.2%     
Utilities — 5.2%     
Phoenix Civic Improvement Corp., RB, Junior Lien,     
Series A, 5.00%, 7/01/34  3,000  2,979,420 
Total Municipal Bonds Transferred to     
Tender Option Bond Trusts — 5.2%    2,979,420 
Total Long-Term Investments     
(Cost — $99,532,388) — 169.0%    96,072,015 
Short-Term Securities  Shares   
BIF Arizona Municipal Money Fund, 0.00% (e)(f)  693,917  693,917 
Total Short-Term Securities     
(Cost — $693,917) — 1.2%    693,917 
Total Investments (Cost — $100,226,305*) — 170.2%    96,765,932 
Other Assets Less Liabilities — 0.7%    384,285 
Liability for Trust Certificates, Including Interest     
Expense and Fees Payable — (2.6)%    (1,500,356) 
Preferred Shares, at Redemption Value — (68.3)%    (38,802,467) 
Net Assets Applicable to Common Shares — 100.0%    $ 56,847,394 


* The cost and unrealized appreciation (depreciation) of investments as of

January 31, 2011, as computed for federal income tax purposes, were as follows:

Aggregate cost  $ 98,720,505 
Gross unrealized appreciation  $   1,022,253 
Gross unrealized depreciation  (4,476,826) 
Net unrealized depreciation  $ (3,454,573) 


(a) Represents a step-up bond that pays an initial coupon rate for the first period and

then a higher coupon rate for the following periods. Rate shown reflects the current
yield as of report date.
(b) Security is collateralized by Municipal or US Treasury obligations.
(c) Represents a zero-coupon bond. Rate shown reflects the current yield as of
report date.
(d) Securities represent bonds transferred to a TOB in exchange for which the Fund
acquired residual interest certificates. These securities serve as collateral in a
financing transaction. See Note 1 of the Notes to Financial Statements for details
of municipal bonds transferred to TOBs.

See Notes to Financial Statements.

SEMI-ANNUAL REPORT JANUARY 31, 2011 15



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

(e) Investments in companies considered to be an affiliate of the Fund during the
period, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as
amended, were as follows:

  Shares Held    Shares Held   
  at July 31,  Net  at January 31,   
Affiliate  2010  Activity  2011  Income 
BIF Arizona         
Municipal         
Money Fund  3,274,527  (2,580,610)  693,917   


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

For Fund compliance purposes, the Fund’s sector classifications refer to any one
or more of the sector sub-classifications used by one or more widely recognized
market indexes or rating group indexes, and/or as defined by Fund management.
This definition may not apply for purposes of this report, which may combine such
sector sub-classifications for reporting ease.

  Fair Value Measurements — Various inputs are used in determining the fair value of 
  investments and derivatives, which are as follows: 
    Level 1 — price quotations in active markets/exchanges for identical assets 
    and liabilities 
    Level 2 — other observable inputs (including, but not limited to: quoted prices for 
    similar assets or liabilities in markets that are active, quoted prices for identical 
    or similar assets or liabilities in markets that are not active, inputs other than 
    quoted prices that are observable for the assets or liabilities (such as interest 
    rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and 
    default rates) or other market-corroborated inputs) 
    Level 3 — unobservable inputs based on the best information available in the 
    circumstances, to the extent observable inputs are not available (including the 
    Fund’s own assumptions used in determining the fair value of investments) 
  The inputs or methodologies 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 January 31, 2011 in deter- 
  mining the fair valuation of the Fund’s investments: 

 

Valuation Inputs  Level 1  Level 2  Level 3  Total 
Assets:         
Investments in         
Securities:         
Long-Term         
Investments1  $ 96,072,015    $ 96,072,015 
Short-Term         
Securities  $ 693,917      693,917 
Total  $ 693,917 $ 96,072,015    $ 96,765,932 
1 See above Schedule of Investments for values in each sector.   

 

See Notes to Financial Statements.

16 SEMI-ANNUAL REPORT JANUARY 31, 2011



Schedule of Investments January 31, 2011 (Unaudited) BlackRock MuniYield California Fund, Inc. (MYC)
(Percentages shown are based on Net Assets)

    Par   
Municipal Bonds    (000)  Value 
California — 96.3%       
Corporate — 0.4%       
City of Chula Vista California, Refunding RB, San Diego     
Gas & Electric, Series A, 5.88%, 2/15/34  $ 975  $ 999,092 
County/City/Special District/School District — 38.1%     
Arcata Joint Powers Financing Authority California,       
Tax Allocation Bonds, Refunding, Community       
Development Project Loan, Series A (AMBAC),       
6.00%, 8/01/23    2,415  2,398,457 
Campbell Union High School District, GO, Election       
of 2006, Series C, 5.75%, 8/01/40    4,000  4,034,960 
City & County of San Francisco California, COP, Refunding,     
Series A:       
5.00%, 10/01/29    3,540  3,334,786 
5.00%, 10/01/30    6,700  6,254,182 
City of Los Angeles California, COP, Senior, Sonnenblick     
Del Rio West Los Angeles (AMBAC), 6.20%, 11/01/31  2,000  2,009,060 
El Dorado Union High School District, GO, Election       
of 2008, 5.00%, 8/01/35    5,000  5,015,000 
El Monte Union High School District California, GO,       
Election of 2002, Series C (AGM), 5.25%, 6/01/32  10,120  10,125,364 
Fontana Unified School District California, GO, Series A     
(AGM), 5.25%, 8/01/28    7,000  6,789,650 
Los Angeles Community College District California, GO,     
Election of 2003, Series F-1, 5.00%, 8/01/33    7,715  7,239,447 
Los Angeles Municipal Improvement Corp., RB, Real       
Property, Series E:       
5.75%, 9/01/34    1,000  1,008,020 
6.00%, 9/01/34    2,160  2,222,575 
Modesto Irrigation District, COP, Series B, 5.50%, 7/01/35  3,300  3,138,366 
Murrieta Valley Unified School District Public Financing     
Authority, Special Tax Bonds, Refunding, Series A (AGC),     
5.13%, 9/01/26    6,575  6,649,429 
Oak Grove School District California, GO, Election of 2008,     
Series A, 5.50%, 8/01/33    4,000  3,954,240 
Pico Rivera Public Financing Authority, RB:       
5.50%, 9/01/31    1,500  1,434,105 
5.75%, 9/01/39    6,025  5,788,157 
Pittsburg Redevelopment Agency, Tax Allocation Bonds,     
Refunding, Subordinate, Los Medanos Community       
Project, Series A, 6.50%, 9/01/28    2,750  2,753,053 
San Diego Regional Building Authority California, RB,       
County Operations Center & Annex, Series A:       
5.38%, 2/01/28    150  151,115 
5.38%, 2/01/36    4,700  4,546,357 
San Jose Evergreen Community College District California,     
GO, Refunding, CAB, Election of 2004, Series A       
(NPFGC), 5.12%, 9/01/23 (a)    10,005  4,920,559 
San Jose Unified School District Santa Clara County       
California, GO, Election of 2002, Series D,       
5.00%, 8/01/32    5,075  4,893,620 
Santa Ana Unified School District, GO, Election of 2008,     
Series A, 5.13%, 8/01/32    5,965  5,619,626 
Santa Clara County Financing Authority, Refunding LRB,     
Series L, 5.25%, 8/01/33    10,000  9,502,800 
Santa Cruz County Redevelopment Agency California,       
Tax Allocation Bonds, Live Oak/Soquel Community       
Improvement, Series A:       
7.00%, 9/01/36    600  630,720 
6.63%, 9/01/39    1,000  1,036,640 
Westminster Redevelopment Agency California,       
Tax Allocation Bonds, Subordinate, Commercial       
Redevelopment Project No. 1 (AGC), 6.25%, 11/01/39  1,250  1,338,212 
      106,788,500 

 

    Par   
Municipal Bonds    (000)  Value 
California (continued)       
Education — 6.8%       
California Educational Facilities Authority, RB, Pitzer       
College, 6.00%, 4/01/40  $ 2,500  $ 2,461,850 
California State Enterprise Development Authority,       
Refunding RB, The Thacher School Project,       
5.13%, 9/01/39    6,965  6,375,552 
California State University, RB, Systemwide, Series A,       
5.50%, 11/01/39    2,725  2,659,410 
San Francisco Community College District, GO, Election     
of 2005, Series D, 5.00%, 6/15/34    5,420  5,099,461 
University of California, RB, Limited Project, Series D       
(NPFGC), 5.00%, 5/15/32    2,500  2,439,025 
      19,035,298 
Health — 15.6%       
ABAG Finance Authority for Nonprofit Corps,       
Refunding RB, Sharp Healthcare:       
6.38%, 8/01/34    2,000  2,003,400 
Series A, 6.00%, 8/01/30 (b)    2,250  2,157,795 
California Health Facilities Financing Authority,       
Refunding RB:       
Catholic Healthcare West, Series A, 6.00%, 7/01/39  10,000  9,865,200 
Catholic Healthcare West, Series E, 5.63%, 7/01/25  6,000  6,013,620 
St. Joseph Health System, Series A, 5.50%, 7/01/29  2,100  2,075,955 
Sutter Health, Series B, 6.00%, 8/15/42 (b)    2,800  2,749,376 
California Infrastructure & Economic Development       
Bank, RB, Kaiser Hospital Assistance I-LLC, Series A,     
5.55%, 8/01/31    2,670  2,481,818 
California Statewide Communities Development Authority,     
RB, Health Facility, Memorial Health Services, Series A:     
5.50%, 10/01/33    3,015  3,010,869 
6.00%, 10/01/33    3,270  3,367,904 
California Statewide Communities Development Authority,     
Refunding RB:       
Catholic Healthcare West, Series D, 5.50%, 7/01/31  5,355  5,053,942 
Senior Living, Southern California, 6.25%, 11/15/19  500  516,090 
Senior Living, Southern California, 6.63%, 11/25/24  650  664,892 
Senior Living, Southern California, 7.00%, 11/15/29  500  512,105 
Senior Living, Southern California, 7.25%, 11/15/41  1,750  1,810,550 
City of Torrance California, Refunding RB, Torrance       
Memorial Medical Center, Series A, 6.00%, 6/01/22  1,310  1,337,379 
      43,620,895 
Housing — 1.2%       
California Rural Home Mortgage Finance Authority,       
RB, AMT:       
Mortgage-Backed Securities Program, Series B       
(Ginnie Mae), 6.15%, 6/01/20    15  15,126 
Sub-Series FH-1, 5.50%, 8/01/47    300  138,255 
Santa Clara County Housing Authority California, RB,       
John Burns Gardens Apartments Project, Series A, AMT,     
6.00%, 8/01/41    3,500  3,183,320 
      3,336,701 
State — 6.7%       
California State Public Works Board, RB:       
Department of Developmental Services, Porterville,     
Series C, 6.25%, 4/01/34    1,165  1,172,270 
Department of Education, Riverside Campus Project,     
Series B, 6.50%, 4/01/34    10,000  10,266,100 
Trustees of the California State University, Series D,     
6.00%, 4/01/27    215  217,885 
Various Capital Projects, Sub-Series I-1,       
6.38%, 11/01/34    1,850  1,882,005 
State of California, GO, Various Purpose, 6.50%, 4/01/33  5,000  5,287,850 
      18,826,110 

 

See Notes to Financial Statements.

SEMI-ANNUAL REPORT JANUARY 31, 2011 17



Schedule of Investments (continued) BlackRock MuniYield California Fund, Inc. (MYC)
(Percentages shown are based on Net Assets)

  Par   
Municipal Bonds  (000)  Value 
California (concluded)     
Transportation — 4.9%     
County of Orange California, RB, Series B,     
5.75%, 7/01/34  $ 3,000  $ 3,103,770 
County of Sacramento California, RB, Senior Series B,     
5.75%, 7/01/39  900  894,960 
San Francisco City & County Airports Commission, RB,     
Series E, 6.00%, 5/01/39  5,065  5,213,708 
San Francisco Port Commission California, RB, Series A,     
5.13%, 3/01/40  5,000  4,547,700 
    13,760,138 
Utilities — 22.6%     
California Infrastructure & Economic Development Bank,     
RB, California Independent System Operator, Series A,     
6.25%, 2/01/39  2,170  2,237,140 
California Statewide Communities Development Authority,     
RB, Pooled Financing Program, Series C, City of     
West Sacramento (AGM), 5.25%, 10/01/28  2,380  2,383,927 
City of Chula Vista California, Refunding RB, San Diego     
Gas & Electric, Series D, 5.88%, 1/01/34  2,500  2,561,775 
City of Los Angeles California, Refunding RB,     
Sub-Series A, 5.00%, 6/01/32  3,000  2,926,770 
Dublin-San Ramon Services District, Refunding RB,     
6.00%, 8/01/41  2,420  2,447,927 
Eastern Municipal Water District California, COP, Series H,     
5.00%, 7/01/35  8,400  7,775,292 
Los Angeles Department of Water & Power, RB:     
Power System, Series A-2, 5.25%, 7/01/32  2,500  2,487,150 
System, Sub-Series A-1 (AMBAC), 5.00%, 7/01/38  6,530  6,211,989 
Oxnard Financing Authority, RB, Redwood Trunk Sewer     
& Headworks, Series A (NPFGC), 5.25%, 6/01/34  4,205  4,067,412 
Sacramento Municipal Utility District, RB, Cosumnes     
Project (NPFGC), 5.13%, 7/01/29  18,500  18,206,775 
Sacramento Regional County Sanitation District,     
Refunding RB, County Sanitation District 1 (NPFGC),     
5.00%, 8/01/35  5,925  5,690,548 
San Diego Public Facilities Financing Authority,     
Refunding RB, Senior Series A, 5.38%, 5/15/34  3,910  3,923,919 
San Francisco City & County Public Utilities Commission,     
Refunding RB, Series A, 5.13%, 11/01/39  2,295  2,219,449 
    63,140,073 
Total Municipal Bonds in California    269,506,807 
Puerto Rico — 2.9%     
County/City/Special District/School District — 1.5%     
Puerto Rico Sales Tax Financing Corp., RB, First     
Sub-Series A, 6.50%, 8/01/44  4,000  4,139,720 
State — 1.4%     
Commonwealth of Puerto Rico, GO, Refunding, Public     
Improvement, Series B, 6.50%, 7/01/37  4,000  4,101,200 
Total Municipal Bonds in Puerto Rico    8,240,920 
Total Municipal Bonds — 99.2%    277,747,727 

 

Municipal Bonds Transferred to    Par   
Tender Option Bond Trusts (c)    (000)  Value 
California — 75.7%       
Corporate — 9.0%       
San Francisco Bay Area Rapid Transit District,       
Refunding RB, Series A (NPFGC), 5.00%, 7/01/30  $ 6,000  $ 5,999,760 
University of California, RB:       
Limited Project, Series B (AGM), 5.00%, 5/15/33  8,488  8,167,648 
Series L, 5.00%, 5/15/40    11,597  11,064,735 
      25,232,143 
County/City/Special District/School District — 34.8%     
City of Los Angeles California, Refunding RB, Series A,     
5.00%, 6/01/39    9,870  9,327,051 
Contra Costa Community College District California, GO,     
Election of 2002 (AGM), 5.00%, 8/01/30    10,215  9,702,660 
Fremont Unified School District Alameda County       
California, GO, Election of 2002, Series B (AGM),       
5.00%, 8/01/30    4,003  3,751,644 
Los Angeles Community College District California, GO:     
Election of 2001, Series E-1, 5.00%, 8/01/33    14,850  13,934,646 
Election of 2003, Series E (AGM), 5.00%, 8/01/31  10,002  9,461,545 
Election of 2008, Series A, 6.00%, 8/01/33    3,828  4,050,001 
Election of 2008, Series C, 5.25%, 8/01/39    9,680  9,160,862 
Orange County Sanitation District, COP (NPFGC),       
5.00%, 2/01/33    9,348  9,080,683 
San Diego Community College District California, GO,       
Election of 2002, 5.25%, 8/01/33    7,732  7,774,343 
San Francisco Bay Area Transit Financing Authority,       
Refunding RB, Series A (NPFGC), 5.00%, 7/01/34    5,439  5,349,797 
Sonoma County Junior College District, GO, Refunding,     
Election of 2002, Series B (AGM), 5.00%, 8/01/28  6,875  6,772,635 
Twin Rivers Unified School District, GO, Election of 2006     
(AGM), 5.00%, 8/01/29    9,390  8,911,861 
      97,277,728 
Education — 11.3%       
California Educational Facilities Authority, RB, University     
of Southern California, Series A, 5.25%, 10/01/39    13,845  13,948,145 
California State University, RB, Systemwide, Series A       
(AGM), 5.00%, 11/01/39    4,840  4,439,877 
Peralta Community College District, GO, Election of 2000,     
Series D (AGM), 5.00%, 8/01/30    1,995  1,948,856 
University of California, RB:       
Series L, 5.00%, 5/15/36    8,500  8,192,215 
Series O, 5.75%, 5/15/34    2,805  2,977,367 
      31,506,460 
Utilities — 20.6%       
Eastern Municipal Water District, COP, Series H,       
5.00%, 7/01/33    4,748  4,467,161 
Los Angeles Department of Water & Power, RB:       
Power System, Sub-Series A-1 (AMBAC),       
5.00%, 7/01/37    15,098  14,415,917 
System, Sub-Series A-2 (AGM), 5.00%, 7/01/35    7,250  6,953,692 
Metropolitan Water District of Southern California, RB:     
Series A, 5.00%, 7/01/37    20,000  19,912,000 
Series C, 5.00%, 7/01/35    7,145  7,134,703 
San Diego County Water Authority, COP, Series A (AGM),     
5.00%, 5/01/31    5,010  4,848,478 
      57,731,951 
Total Municipal Bonds Transferred to       
Tender Option Bond Trusts — 75.7%      211,748,282 
Total Long-Term Investments       
(Cost — $510,116,770) — 174.9%      489,496,009 

 

See Notes to Financial Statements.

18 SEMI-ANNUAL REPORT JANUARY 31, 2011



Schedule of Investments (concluded) BlackRock MuniYield California Fund, Inc. (MYC)
(Percentages shown are based on Net Assets)

Short-Term Securities  Shares  Value 
BIF California Municipal Money Fund, 0.04% (d)(e)  8,626,297  $ 8,626,297 
Total Short-Term Securities     
(Cost — $8,626,297) — 3.1%    8,626,297 
Total Investments (Cost — $518,743,067*) — 178.0%    498,122,306 
Other Assets Less Liabilities — 1.4%    3,820,357 
Liability for Trust Certificates, Including Interest     
Expense and Fees Payable — (41.5)%    (116,096,100) 
Preferred Shares, at Redemption Value — (37.9)%    (105,965,406) 
Net Assets Applicable to Common Shares — 100.0%    $279,881,157 


* The cost and unrealized appreciation (depreciation) of investments as of January 31,

2011, as computed for federal income tax purposes, were as follows:

Aggregate cost  $ 402,919,999 
Gross unrealized appreciation  $     1,987,455 
Gross unrealized depreciation  (22,777,651) 
Net unrealized depreciation  $ (20,790,196) 


(a) Represents a zero-coupon bond. Rate shown reflects the current yield as of

report date.
(b) When-issued security. Unsettled when-issued transactions were as follows:

    Unrealized 
    Appreciation 
Counterparty  Value  (Depreciation) 
Citigroup Global Markets, Inc.  $1,678,285  $(35,294) 
Morgan Stanley & Co.  $2,749,376  $  26,572 
TheMuniCenter, LLC  $   479,510  $(10,084) 


(c) Securities represent bonds transferred to a TOB in exchange for which the Fund

acquired residual interest certificates. These securities serve as collateral in a
financing transaction. See Note 1 of the Notes to Financial Statements for details
of municipal bonds transferred to TOBs.
(d) Investments in companies considered to be an affiliate of the Fund during the
period, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as
amended, were as follows:

  Shares Held    Shares Held   
  at July 31,  Net  at January 31,   
Affiliate  2010  Activity  2011  Income 
BIF California         
Municipal         
Money Fund  12,364,497  (3,738,200)  8,626,297  $ 1,608 


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

For Fund compliance purposes, the Fund’s sector classifications refer to any one
or more of the sector sub-classifications used by one or more widely recognized
market indexes or rating group indexes, and/or as defined by Fund management.
This definition may not apply for purposes of this report, which may combine such
sector sub-classifications for reporting ease.

Fair Value Measurements — Various inputs are used in determining the fair value of
investments and derivatives, which are as follows:
Level 1 — price quotations in active markets/exchanges for identical assets
and liabilities
Level 2 — other observable inputs (including, but not limited to: quoted prices for
similar assets or liabilities in markets that are active, quoted prices for identical
or similar assets or liabilities in markets that are not active, inputs other than
quoted prices that are observable for the assets or liabilities (such as interest
rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and
default rates) or other market-corroborated inputs)
Level 3 — unobservable inputs based on the best information available in the
circumstances, to the extent observable inputs are not available (including the
Fund’s own assumptions used in determining the fair value of investments)
The inputs or methodologies 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 January 31, 2011 in deter-
mining the fair valuation of the Fund’s investments:

Valuation Inputs  Level 1  Level 2  Level 3  Total 
Assets:                    
Investments in         
Securities:         
Long-Term         
Investments1    $ 489,496,009    $ 489,496,009 
Short-Term         
Securities  $ 8,626,297      8,626,297 
Total  $ 8,626,297  $ 489,496,009    $ 498,122,306 
1 See above Schedule of Investments for values in each sector.   

 

See Notes to Financial Statements.

SEMI-ANNUAL REPORT JANUARY 31, 2011 19



Schedule of Investments January 31, 2011 (Unaudited) BlackRock MuniYield Investment Fund (MYF)
(Percentages shown are based on Net Assets)

    Par   
Municipal Bonds    (000)  Value 
Alaska — 0.6%       
Alaska Municipal Bond Bank Authority, RB, Series 1,       
5.38%, 9/01/33  $ 1,000  $ 1,012,190 
Arizona — 0.7%       
Pima County IDA, Refunding IDRB, Tucson Electric Power,     
5.75%, 9/01/29    1,230  1,200,468 
California — 20.1%       
California Educational Facilities Authority, RB, University     
of Southern California, Series A, 5.25%, 10/01/38    2,740  2,762,139 
California Health Facilities Financing Authority,       
Refunding RB:       
Catholic Healthcare West, Series A, 6.00%, 7/01/39  710  700,429 
St. Joseph Health System, Series A, 5.75%, 7/01/39  2,700  2,651,643 
Sutter Health, Series B, 6.00%, 8/15/42 (a)    1,645  1,615,258 
California State Public Works Board, RB:       
Department of General Services, Buildings 8 & 9,     
Series A, 6.25%, 4/01/34    4,525  4,553,236 
Various Capital Projects, Sub-Series I-1,       
6.38%, 11/01/34    1,265  1,286,885 
Grossmont Union High School District, GO, Election       
of 2008, Series B, 4.75%, 8/01/45    4,925  4,100,407 
Los Angeles Department of Airports, Refunding RB,       
Senior, Los Angeles International Airport, Series A,       
5.00%, 5/15/35    5,420  5,010,953 
Los Angeles Department of Water & Power, RB, Power       
System, Sub-Series A-1, 5.25%, 7/01/38    3,600  3,553,452 
San Diego Regional Building Authority California,       
RB, County Operations Center & Annex, Series A,       
5.38%, 2/01/36    3,310  3,201,796 
San Francisco City & County Airports Commission,       
Refunding RB, Second Series A-3, Mandatory Put       
Bonds, AMT, 6.75%, 5/01/19 (b)    2,500  2,534,900 
State of California, GO, Various Purpose, 6.00%, 3/01/33  2,535  2,579,211 
      34,550,309 
Colorado — 2.3%       
City & County of Denver Colorado, Refunding RB,       
Series A, 5.25%, 11/15/36    4,050  3,916,390 
Delaware — 1.4%       
County of Sussex Delaware, RB, NRG Energy, Inc.,       
Indian River Project, 6.00%, 10/01/40    2,440  2,342,010 
District of Columbia — 1.2%       
District of Columbia Water & Sewer Authority, RB,       
Series A, 5.25%, 10/01/29    2,000  2,044,160 
Florida — 9.9%       
City of Jacksonville Florida, RB, Series B (NPFGC),       
5.13%, 10/01/32    1,500  1,447,575 
County of Miami-Dade Florida, RB, Miami International     
Airport, Series A, AMT (NPFGC), 6.00%, 10/01/29    3,275  3,297,336 
County of Osceola Florida, RB, Series A (NPFGC),       
5.50%, 10/01/27    1,510  1,516,312 
County of Sumter Florida, RB (AMBAC), 5.00%, 6/01/26  105  100,545 
Florida Housing Finance Corp., Refunding RB, Homeowner     
Mortgage, Series 4, AMT (AGM), 6.25%, 7/01/22    325  329,004 
Hillsborough County IDA, RB, AMT, National Gypsum Co.:     
Series A, 7.13%, 4/01/30    2,500  2,222,325 
Series B, 7.13%, 4/01/30    3,750  3,333,487 
Santa Rosa County School Board, COP, Refunding,       
Series 2 (NPFGC), 5.25%, 2/01/26    1,180  1,194,986 
South Lake County Hospital District, RB, South Lake       
Hospital Inc., 6.38%, 10/01/34    1,150  1,107,128 
Village Center Community Development District, RB,       
Series A (NPFGC):       
5.38%, 11/01/34    1,995  1,629,915 
5.13%, 11/01/36    1,000  778,560 
      16,957,173 

 

  Par   
Municipal Bonds  (000)  Value 
Georgia — 4.2%     
County of Fulton Georgia, RB (NPFGC), 5.25%, 1/01/35 $  1,000  $ 1,000,220 
Metropolitan Atlanta Rapid Transit Authority, RB,     
Third Series, 5.00%, 7/01/39  60  58,226 
Municipal Electric Authority of Georgia, Refunding RB,     
Project One, Sub-Series D, 6.00%, 1/01/23  5,600  6,076,728 
    7,135,174 
Illinois — 9.4%     
Chicago Park District, GO, Harbor Facilities, Series C,     
5.25%, 1/01/40  2,660  2,560,410 
County of Cook Illinois, GO, Refunding, Series A,     
5.25%, 11/15/33  3,345  3,195,010 
Illinois Finance Authority, Refunding RB:     
Central DuPage Health, Series B, 5.38%, 11/01/39  1,200  1,108,500 
Northwestern Memorial Hospital, Series A,     
6.00%, 8/15/39  4,160  4,251,769 
OSF Healthcare System, Series A, 6.00%, 5/15/39  1,975  1,802,721 
Railsplitter Tobacco Settlement Authority, RB:     
5.50%, 6/01/23  1,370  1,297,075 
6.00%, 6/01/28  390  372,193 
State of Illinois, RB, Build Illinois, Series B,     
5.25%, 6/15/34  1,700  1,591,353 
    16,179,031 
Indiana — 4.1%     
Indiana Finance Authority, Refunding RB, Trinity Health,     
Series B, 4.50%, 12/01/37  3,000  2,383,110 
Indiana Municipal Power Agency, RB, Series B,     
6.00%, 1/01/39  4,525  4,662,515 
    7,045,625 
Kansas — 1.9%     
Kansas Development Finance Authority, Refunding RB,     
Adventist Health, 5.50%, 11/15/29  3,250  3,251,950 
Kentucky — 4.3%     
Kentucky Economic Development Finance Authority,     
Refunding RB, Owensboro Medical Health System,     
Series A, 6.38%, 6/01/40  1,300  1,220,648 
Louisville & Jefferson County Metropolitan Government     
Parking Authority, RB, Series A, 5.75%, 12/01/34  3,200  3,313,952 
Louisville/Jefferson County Metropolitan Government,     
Refunding RB, Jewish Hospital & St. Mary’s HealthCare,     
6.13%, 2/01/37  2,955  2,806,216 
    7,340,816 
Louisiana — 0.8%     
Louisiana Local Government Environmental Facilities     
& Community Development Authority, RB, Westlake     
Chemical Corp., Series A-1, 6.50%, 11/01/35  1,420  1,405,857 
Massachusetts — 3.9%     
Massachusetts HFA, HRB, Series B, AMT, 5.50%, 6/01/41  2,535  2,319,221 
Massachusetts HFA, Refunding HRB, Series F, AMT,     
5.70%, 6/01/40  2,090  1,984,455 
Massachusetts HFA, Refunding RB, Series C, AMT,     
5.35%, 12/01/42  1,630  1,463,218 
Massachusetts State College Building Authority, RB,     
Series A, 5.50%, 5/01/39  1,000  1,023,870 
    6,790,764 
Michigan — 4.2%     
Kalamazoo Hospital Finance Authority, Refunding RB,     
Bronson Methodist Hospital, 5.50%, 5/15/36  3,945  3,655,792 
Michigan State Building Authority, Refunding RB,     
Facilities Program, Series I, 6.00%, 10/15/38  1,250  1,290,287 
Royal Oak Hospital Finance Authority Michigan,     
Refunding RB, William Beaumont Hospital,     
8.25%, 9/01/39  1,970  2,193,615 
    7,139,694 

 

See Notes to Financial Statements.

20 SEMI-ANNUAL REPORT JANUARY 31, 2011



Schedule of Investments (continued) BlackRock MuniYield Investment Fund (MYF)
(Percentages shown are based on Net Assets)

    Par   
Municipal Bonds    (000)  Value 
Nebraska — 0.3%       
Lancaster County Hospital Authority No. 1, RB, Immanuel     
Obligation Group, 5.63%, 1/01/40  $ 625  $ 583,256 
Nevada — 8.0%       
City of Las Vegas Nevada, GO, Limited Tax, Performing Arts     
Center, 6.00%, 4/01/34    2,850  2,974,859 
County of Clark Nevada, GO, Refunding, Transportation,     
Series A, 5.00%, 12/01/29    3,600  3,535,128 
County of Clark Nevada, RB:       
Motor Vehicle Fuel Tax, 5.00%, 7/01/28    1,300  1,255,943 
Series B, 5.75%, 7/01/42    6,055  5,976,648 
      13,742,578 
New Jersey — 2.9%       
New Jersey EDA, Refunding RB, New Jersey American       
Water Co., Inc. Project, Series A, AMT, 5.70%, 10/01/39  2,250  2,159,730 
New Jersey Transportation Trust Fund Authority, RB,       
Transportation System, Series A, 5.88%, 12/15/38  2,670  2,785,023 
      4,944,753 
New York — 4.4%       
City of Troy New York, Refunding RB, Rensselaer       
Polytechnic, Series A, 5.13%, 9/01/40    115  106,055 
New York City Municipal Water Finance Authority, RB,       
Second General Resolution, Series EE, 5.38%, 6/15/43  760  762,546 
New York City Transitional Finance Authority, RB,       
Fiscal 2009, Series S-3, 5.25%, 1/15/39    2,500  2,496,300 
New York Liberty Development Corp., Refunding RB,       
Second Priority, Bank of America Tower at One Bryant     
Park Project, 6.38%, 7/15/49    1,200  1,206,036 
Triborough Bridge & Tunnel Authority, RB, General,       
Series A-2, 5.38%, 11/15/38    3,030  3,061,421 
      7,632,358 
North Carolina — 2.6%       
North Carolina Medical Care Commission, RB, Novant       
Health Obligation, Series A, 4.75%, 11/01/43    5,420  4,407,165 
Pennsylvania — 3.8%       
Pennsylvania Economic Development Financing Authority,     
RB, American Water Co. Project, 6.20%, 4/01/39    1,075  1,103,960 
Pennsylvania Turnpike Commission, RB, Sub-Series B,       
5.25%, 6/01/39    5,650  5,347,273 
      6,451,233 
Puerto Rico — 0.6%       
Puerto Rico Sales Tax Financing Corp., RB, First       
Sub-Series A, 6.00%, 8/01/42    1,000  996,910 
Texas — 8.3%       
City of Houston Texas, RB, Senior Lien, Series A,       
5.50%, 7/01/39    1,170  1,172,761 
Conroe ISD Texas, GO, School Building, Series A,       
5.75%, 2/15/35    1,800  1,885,752 
Harris County Health Facilities Development Corp.,       
Refunding RB, Memorial Hermann Healthcare System,     
Series B, 7.25%, 12/01/35    800  859,096 
Lower Colorado River Authority, RB, 5.75%, 5/15/28    1,620  1,663,108 
North Texas Tollway Authority, RB, System, First Tier,       
Series K-1 (AGC), 5.75%, 1/01/38    1,250  1,249,925 
Tarrant County Cultural Education Facilities Finance Corp.,     
RB, Scott & White Healthcare, 6.00%, 8/15/45    3,795  3,789,384 
Texas Private Activity Bond Surface Transportation Corp.,     
RB, Senior Lien, NTE Mobility Partners LLC, North Tarrant     
Express Managed Lanes       
Project, 6.88%, 12/31/39    3,600  3,588,516 
      14,208,542 

 

    Par   
Municipal Bonds    (000)  Value 
Utah — 1.3%       
City of Riverton Utah, RB, IHC Health Services Inc.,       
5.00%, 8/15/41  $ 2,370  $ 2,169,474 
Virginia — 1.1%       
Virginia Public School Authority, RB, School Financing,     
6.50%, 12/01/35    1,700  1,845,112 
West Virginia — 1.1%       
West Virginia EDA, Refunding RB, Appalachian Power Co.,     
Amos Project, Series A, 5.38%, 12/01/38 (b)    2,165  1,942,525 
Total Municipal Bonds — 103.4%      177,235,517 
Municipal Bonds Transferred to       
Tender Option Bond Trusts (c)       
California — 22.1%       
Bay Area Toll Authority, Refunding RB, San Francisco       
Bay Area, Series F-1, 5.63%, 4/01/44    2,680  2,717,890 
California Educational Facilities Authority, RB, University     
of Southern California, Series A, 5.25%, 10/01/39    4,200  4,231,290 
Grossmont Union High School District, GO, Election       
of 2008, Series B, 5.00%, 8/01/40    6,000  5,435,220 
Los Angeles Community College District California, GO,     
Election of 2008:       
Series A, 6.00%, 8/01/33    7,697  8,142,300 
Series C, 5.25%, 8/01/39    5,250  4,968,442 
Los Angeles Unified School District California, GO,       
Series I, 5.00%, 1/01/34    790  724,430 
San Diego Public Facilities Financing Authority,       
Refunding RB, Series B, 5.50%, 8/01/39    8,412  8,480,415 
University of California, RB, Series O, 5.75%, 5/15/34  3,000  3,184,350 
      37,884,337 
Colorado — 1.2%       
Colorado Health Facilities Authority, Refunding RB,       
Catholic Healthcare, Series A, 5.50%, 7/01/34    2,149  2,099,528 
District of Columbia — 3.8%       
District of Columbia, RB, Series A, 5.50%, 12/01/30    2,805  2,938,630 
District of Columbia Water & Sewer Authority, RB,       
Series A, 5.50%, 10/01/39    3,507  3,617,848 
      6,556,478 
Florida — 5.2%       
City of Jacksonville Florida, RB, Better Jacksonville       
(NPFGC), 5.00%, 10/01/27    2,700  2,699,811 
Hillsborough County Aviation Authority, RB, Series A,       
AMT (AGC), 5.50%, 10/01/38    3,869  3,616,286 
Lee County Housing Finance Authority, RB,       
Multi-County Program, Series A-2, AMT (Ginnie Mae),     
6.00%, 9/01/40    1,620  1,695,314 
Manatee County Housing Finance Authority, RB, Series A,     
AMT (Ginnie Mae), 5.90%, 9/01/40    821  853,674 
      8,865,085 
Illinois — 4.4%       
Illinois Finance Authority, RB, University of Chicago,       
Series B, 6.25%, 7/01/38    5,300  5,809,171 
Illinois State Toll Highway Authority, RB, Series B,       
5.50%, 1/01/33    1,750  1,714,696 
      7,523,867 
Nevada — 6.5%       
Clark County Water Reclamation District, GO:       
Limited Tax, 6.00%, 7/01/38    5,000  5,351,150 
Series B, 5.50%, 7/01/29    5,668  5,825,496 
      11,176,646 

 

See Notes to Financial Statements.

SEMI-ANNUAL REPORT JANUARY 31, 2011 21



Schedule of Investments (concluded) BlackRock MuniYield Investment Fund (MYF)
(Percentages shown are based on Net Assets)

Municipal Bonds Transferred to  Par   
Tender Option Bond Trusts (c)  (000)  Value 
New Hampshire — 1.3%     
New Hampshire Health & Education Facilities Authority,     
Refunding RB, Dartmouth College, 5.25%, 6/01/39  $ 2,159  $ 2,202,574 
New Jersey — 3.6%     
New Jersey State Housing & Mortgage Finance Agency,     
RB, S/F Housing, Series CC, 5.25%, 10/01/29  2,291  2,247,752 
New Jersey Transportation Trust Fund Authority,     
RB, Transportation System, Series A (AGM),     
5.00%, 12/15/32  4,000  3,895,960 
    6,143,712 
New York — 4.8%     
New York City Municipal Water Finance Authority, RB,     
Series FF-2, 5.50%, 6/15/40  2,504  2,559,741 
New York State Dormitory Authority, ERB, Series B,     
5.25%, 3/15/38  5,700  5,714,592 
    8,274,333 
Ohio — 1.7%     
County of Allen Ohio, Refunding RB, Catholic Healthcare,   
Series A, 5.25%, 6/01/38  3,120  2,885,875 
South Carolina — 2.0%     
South Carolina State Public Service Authority, RB,     
Santee Cooper, Series A, 5.50%, 1/01/38  3,240  3,346,823 
Texas — 5.4%     
City of San Antonio Texas, Refunding RB, Series A,     
5.25%, 2/01/31  3,989  4,072,683 
Harris County Cultural Education Facilities Finance     
Corp., RB, Hospital, Texas Children’s Hospital Project,     
5.50%, 10/01/39  5,400  5,181,732 
    9,254,415 
Virginia — 1.0%     
Fairfax County IDA Virginia, Refunding RB, Health Care,     
Inova Health System, Series A, 5.50%, 5/15/35  1,749  1,746,274 
Wisconsin — 1.8%     
Wisconsin Health & Educational Facilities Authority,     
Refunding RB, Froedtert & Community Health Inc.,     
5.25%, 4/01/39  3,289  3,026,631 
Total Municipal Bonds Transferred to     
Tender Option Bond Trusts — 64.8%    110,986,578 
Total Long-Term Investments     
(Cost — $295,404,100) — 168.2%    288,222,095 
Short-Term Securities  Shares   
FFI Institutional Tax-Exempt Fund, 0.15% (d)(e)  3,287,063  3,287,063 
Total Short-Term Securities     
(Cost — $3,287,063) — 1.9%    3,287,063 
Total Investments (Cost — $298,691,163*) — 170.1%    291,509,158 
Other Assets Less Liabilities — 0.9%    1,607,323 
Liability for Trust Certificates, Including Interest     
Expense and Fees Payable — (36.3)%    (62,229,057) 
Preferred Shares, at Redemption Value — (34.7)%    (59,479,853) 
Net Assets Applicable to Common Shares — 100.0%    $171,407,571 


* The cost and unrealized appreciation (depreciation) of investments as of

January 31, 2011, as computed for federal income tax purposes, were as follows:

Aggregate cost  $ 237,262,370 
Gross unrealized appreciation  $ 3,666,788 
Gross unrealized depreciation  (11,594,500) 
Net unrealized depreciation  $ (7,927,712) 

 

(a) When-issued security. Unsettled when-issued transactions were as follows:

    Unrealized 
Counterparty  Value  Appreciation 
Morgan Stanley & Co.  $1,615,258  $ 15,611 


(b) Variable rate security. Rate shown is as of report date.

(c) Securities represent bonds transferred to a TOB in exchange for which the Fund
acquired residual interest certificates. These securities serve as collateral in a
financing transaction. See Note 1 of the Notes to Financial Statements for details
of municipal bonds transferred to TOBs.
(d) Investments in companies considered to be an affiliate of the Fund during the
period, for purposes of Section 2(a)(3) of the Investment Company Act of 1940,
as amended, were as follows:

  Shares Held    Shares Held   
  at July 31,  Net  at January 31,   
Affiliate  2010  Activity  2011  Income 
FFI Institutional         
Tax-Exempt Fund  7,411,011  (4,123,948)  3,287,063  $ 3,230 


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


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 assets
and liabilities
Level 2 — other observable inputs (including, but not limited to: quoted prices for
similar assets or liabilities in markets that are active, quoted prices for identical
or similar assets or liabilities in markets that are not active, inputs other than
quoted prices that are observable for the assets or liabilities (such as interest
rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and
default rates) or other market-corroborated inputs)
Level 3 — unobservable inputs based on the best information available in the
circumstances, to the extent observable inputs are not available (including the
Fund’s own assumptions used in determining the fair value of investments)
The inputs or methodologies 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 January 31, 2011 in deter-
mining the fair valuation of the Fund’s investments:

Valuation Inputs  Level 1  Level 2  Level 3    Total 
Assets:           
Investments in           
Securities:           
Long-Term           
Investments1    $ 288,222,095    $ 288,222,095 
Short-Term           
Securities  $ 3,287,063        3,287,063 
Total  $ 3,287,063  $ 288,222,095    $ 291,509,158 
1 See above Schedule of Investments for values in each state or   
political subdivision.         

 

See Notes to Financial Statements.

22 SEMI-ANNUAL REPORT JANUARY 31, 2011



Schedule of Investments January 31, 2011 (Unaudited) BlackRock MuniYield New Jersey Fund, Inc. (MYJ)
(Percentages shown are based on Net Assets)

    Par   
Municipal Bonds    (000)  Value 
New Jersey — 131.4%       
Corporate — 3.6%       
New Jersey EDA, Refunding RB, New Jersey       
American Water Co., Inc. Project, Series A, AMT,       
5.70%, 10/01/39  $ 2,925  $ 2,807,649 
Salem County Utilities Authority, Refunding RB,       
Atlantic City Electric, Series A, 4.88%, 6/01/29    4,550  4,243,739 
      7,051,388 
County/City/Special District/School District — 19.7%     
City of Margate City New Jersey, GO, Improvement:       
5.00%, 1/15/26    1,200  1,204,644 
5.00%, 1/15/27    845  840,386 
City of Perth Amboy New Jersey, GO, CAB (AGM) (a):       
5.16%, 7/01/33    1,575  1,379,873 
5.16%, 7/01/34    1,925  1,674,442 
County of Hudson New Jersey, COP, Refunding (NPFGC),     
6.25%, 12/01/16    1,500  1,716,375 
Essex County Improvement Authority, RB, Newark Project,     
Series A (AGM):       
5.00%, 11/01/20    375  366,379 
6.00%, 11/01/30    545  545,736 
Essex County Improvement Authority, Refunding RB,       
Project Consolidation (NPFGC):       
5.50%, 10/01/28    2,700  2,780,028 
5.50%, 10/01/29    5,085  5,198,141 
Hudson County Improvement Authority, RB,       
Harrison Parking Facility Project, Series C (AGC),       
5.38%, 1/01/44    4,800  4,825,872 
Middlesex County Improvement Authority, RB:       
Golf Course Projects, 5.25%, 6/01/22    1,455  1,575,168 
Senior, Heldrich Center Hotel, Series A,       
5.00%, 1/01/20    655  307,981 
Monmouth County Improvement Authority, RB,       
Governmental Loan (AMBAC):       
5.00%, 12/01/11 (b)    2,085  2,165,544 
5.00%, 12/01/15    1,215  1,231,731 
5.00%, 12/01/16    1,280  1,297,421 
Morristown Parking Authority, RB (NPFGC),       
4.50%, 8/01/37    585  519,538 
Newark Housing Authority, Refunding RB, Newark       
Redevelopment Project (NPFGC), 4.38%, 1/01/37    2,875  2,459,534 
Salem County Improvement Authority, RB, Finlaw Street     
Office Building (AGM), 5.38%, 8/15/28    50  48,589 
South Jersey Port Corp., Refunding RB:       
4.75%, 1/01/18    4,280  4,366,285 
4.85%, 1/01/19    2,485  2,526,276 
5.00%, 1/01/20    2,000  2,028,740 
      39,058,683 
Education — 16.6%       
New Jersey EDA, RB, School Facilities Construction:       
Series CC-2, 5.00%, 12/15/31    1,700  1,650,581 
Series CC-2, 5.00%, 12/15/32    1,300  1,249,768 
Series Y, 5.00%, 9/01/33    880  838,754 
New Jersey Educational Facilities Authority, RB:       
Georgian Court College Project, Series C,       
6.50%, 7/01/13 (b)    2,000  2,272,300 
Montclair State University, Series J, 5.25%, 7/01/38  1,140  1,107,692 
Rider University, Series A (Radian), 5.50%, 7/01/23  1,255  1,260,359 
Rider University, Series A (Radian), 5.25%, 7/01/34  1,450  1,252,104 
Rider University, Series C (Radian), 5.00%, 7/01/37  1,750  1,474,725 

 

  Par   
Municipal Bonds  (000)  Value 
New Jersey (continued)     
Education (concluded)     
New Jersey Educational Facilities Authority, Refunding RB:     
College of New Jersey, Series D (AGM),     
5.00%, 7/01/35  $ 6,115  $ 5,938,460 
Georgian Court University, Series D, 5.25%, 7/01/37  1,000  879,600 
New Jersey Institute of Technology, Series H,     
5.00%, 7/01/31  1,250  1,190,038 
Rider University (Radian), 5.00%, 7/01/17  1,000  1,014,520 
Rowan University, Series B (AGC), 5.00%, 7/01/24  1,800  1,858,446 
University of Medicine & Dentistry, Series B,     
7.13%, 12/01/23  1,300  1,447,199 
University of Medicine & Dentistry, Series B,     
7.50%, 12/01/32  1,625  1,758,803 
New Jersey Higher Education Assistance Authority,     
Refunding RB, Series 1A:     
5.00%, 12/01/25  1,035  977,889 
5.00%, 12/01/26  645  603,378 
5.25%, 12/01/32  900  836,235 
New Jersey State Higher Education Assistance Authority,     
RB, Series A, AMT (AMBAC), 5.30%, 6/01/17  3,170  3,172,916 
Rutgers-State University of New Jersey, Refunding RB,     
Series F, 5.00%, 5/01/39  2,000  1,961,280 
    32,745,047 
Health — 17.5%     
New Jersey EDA, RB:     
CAB, St. Barnabas Health, Series A (NPFGC),     
6.26%, 7/01/24 (c)  3,850  1,386,269 
Masonic Charity Foundation of New Jersey,     
5.25%, 6/01/24  1,425  1,370,708 
Masonic Charity Foundation of New Jersey,     
5.25%, 6/01/32  685  599,718 
New Jersey EDA, Refunding RB, First Mortgage,     
Winchester, Series A:     
5.75%, 11/01/24  2,500  2,394,425 
5.80%, 11/01/31  1,000  928,260 
New Jersey Health Care Facilities Financing Authority, RB:     
Children's Specialized Hospital, Series A,     
5.50%, 7/01/36  1,540  1,370,538 
Health System, Catholic Health East, Series A,     
5.38%, 11/15/12 (b)  1,100  1,191,971 
Hospital Asset Transformation Program, Series A,     
5.25%, 10/01/38  2,300  2,135,481 
Hunterdon Medical Center, Series A,     
5.13%, 7/01/35  1,950  1,712,314 
Meridian Health, Series I (AGC), 5.00%, 7/01/38  995  927,599 
Pascack Valley Hospital Association,     
6.63%, 7/01/36 (d)(e)  1,845  18 
Southern Ocean County Hospital (Radian),     
5.13%, 7/01/31  2,000  1,699,440 
Virtua Health (AGC), 5.50%, 7/01/38  2,500  2,521,650 
New Jersey Health Care Facilities Financing Authority,     
Refunding RB:     
Atlantic City Medical Center, 6.25%, 7/01/12 (b)  500  538,530 
Atlantic City Medical System, 6.25%, 7/01/17  520  538,663 
Atlantic City Medical System, 5.75%, 7/01/25  520  525,741 
CAB, St. Barnabas Health, Series B,     
5.89%, 7/01/30 (c)  2,000  445,140 
CAB, St. Barnabas Health, Series B,     
5.68%, 7/01/36 (c)  500  63,750 
CAB, St. Barnabas Health, Series B,     
5.17%, 7/01/37 (c)  13,250  1,538,192 

 

See Notes to Financial Statements.

SEMI-ANNUAL REPORT JANUARY 31, 2011 23



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

  Par   
Municipal Bonds  (000)  Value 
New Jersey (continued)     
Health (concluded)     
New Jersey Health Care Facilities Financing Authority,     
Refunding RB (concluded):     
Capital Health System Obligation Group, Series A,     
5.75%, 7/01/13 (b)  $ 1,650  $ 1,822,029 
Meridian Health System Obligation Group (AGM),     
5.38%, 7/01/24  2,250  2,250,315 
Meridian Health System Obligation Group (AGM),     
5.25%, 7/01/29  2,195  2,090,364 
Robert Wood Johnson, 5.00%, 7/01/31  1,425  1,329,896 
South Jersey Hospital, 5.00%, 7/01/36  385  339,651 
South Jersey Hospital, 5.00%, 7/01/46  1,650  1,404,348 
St. Barnabas Health Care System, Series A,     
5.00%, 7/01/29  4,155  3,467,680 
    34,592,690 
Housing — 17.3%     
New Jersey State Housing & Mortgage Finance     
Agency, RB:     
Capital Fund Program, Series A (AGM),     
4.70%, 11/01/25  6,950  6,809,749 
Home Buyer, Series CC, AMT (NPFGC),     
5.80%, 10/01/20  4,515  4,658,351 
S/F Housing, Series CC, 5.00%, 10/01/34  3,455  3,289,056 
S/F Housing, Series U, AMT, 4.95%, 10/01/32  700  647,381 
S/F Housing, Series U, AMT, 5.00%, 10/01/37  1,000  916,050 
S/F Housing, Series X, AMT, 4.85%, 4/01/16  3,605  3,645,160 
S/F Housing, Series X, AMT, 5.05%, 4/01/18  600  616,008 
Series A, 4.75%, 11/01/29  2,305  2,134,661 
Series A, AMT (FGIC), 4.90%, 11/01/35  1,365  1,227,640 
Series AA, 6.50%, 10/01/38  1,735  1,867,641 
New Jersey State Housing & Mortgage Finance     
Agency, Refunding RB, S/F Housing, Series T, AMT,     
4.65%, 10/01/32  4,945  4,445,209 
Newark Housing Authority, RB, South Ward Police     
Facility (AGC):     
5.75%, 12/01/30  1,115  1,129,528 
6.75%, 12/01/38  2,670  2,934,090 
    34,320,524 
State — 34.9%     
Garden State Preservation Trust, RB (AGM):     
CAB, Series B, 5.12%, 11/01/23 (c)  6,860  3,784,456 
CAB, Series B, 5.25%, 11/01/28 (c)  4,540  1,790,848 
Election of 2005, Series A, 5.80%, 11/01/22  4,300  4,855,861 
New Jersey EDA, RB:     
Department of Human Services, Pooled,     
5.00%, 7/01/12  220  231,231 
Motor Vehicle Surcharge, Series A (NPFGC),     
5.25%, 7/01/24  1,415  1,425,797 
Motor Vehicle Surcharge, Series A (NPFGC),     
5.25%, 7/01/25  2,000  1,995,900 
Motor Vehicle Surcharge, Series A (NPFGC),     
5.25%, 7/01/33  14,000  13,763,960 
School Facilities Construction, Series L (AGM),     
5.00%, 3/01/30  5,800  5,801,856 
School Facilities Construction, Series O,     
5.25%, 3/01/23  2,400  2,493,576 
School Facilities Construction, Series P,     
5.00%, 9/01/15  3,000  3,255,060 

 

  Par   
Municipal Bonds  (000)  Value 
New Jersey (concluded)     
State (concluded)     
New Jersey EDA, RB (concluded):     
School Facilities Construction, Series P,     
5.25%, 9/01/16  $ 2,710  $ 3,003,520 
School Facilities Construction, Series Z (AGC),     
5.50%, 12/15/34  3,665  3,785,212 
School Facilities Construction, Series Z (AGC),     
6.00%, 12/15/34  3,600  3,841,092 
New Jersey EDA, Refunding RB:     
New Jersey American Water Co., Inc. Project,     
Series B, AMT, 5.60%, 11/01/34  2,430  2,313,433 
School Facilities Construction, Series AA,     
5.50%, 12/15/29  3,300  3,386,559 
New Jersey Transportation Trust Fund Authority, RB,     
Transportation System:     
CAB, Series C (AMBAC), 5.05%, 12/15/35 (c)  4,140  761,967 
Series A (AGC), 5.63%, 12/15/28  1,250  1,318,550 
New Jersey Transportation Trust Fund Authority,     
Refunding RB, Transportation System:     
Series A, 5.50%, 12/15/21  3,525  3,779,470 
Series B (NPFGC), 5.50%, 12/15/21  5,865  6,262,588 
State of New Jersey, COP, Equipment Lease Purchase,     
Series A, 5.25%, 6/15/28  1,100  1,073,006 
    68,923,942 
Transportation — 16.8%     
New Jersey State Turnpike Authority, RB:     
Growth & Income Securities, Series B (AMBAC),     
5.22%, 1/01/15 (c)  4,870  3,682,450 
Series E, 5.25%, 1/01/40  5,475  5,434,485 
New Jersey Transportation Trust Fund Authority, RB,     
Transportation System:     
6.00%, 12/15/38  1,950  2,068,970 
Series A, 6.00%, 12/15/18 (b)  950  1,165,289 
Series A, 5.88%, 12/15/38  3,050  3,181,394 
Series A (AGC), 5.50%, 12/15/38  1,000  1,036,100 
New Jersey Transportation Trust Fund Authority,     
Refunding RB, Transportation System, Series B     
(AMBAC), 5.25%, 12/15/23  5,000  5,118,250 
Port Authority of New York & New Jersey, RB:     
Consolidated, 93rd Series, 6.13%, 6/01/94  5,000  5,609,750 
JFK International Air Terminal, 6.00%, 12/01/42  2,700  2,548,449 
Port Authority of New York & New Jersey, Refunding RB,     
Consolidated, 152nd Series, AMT, 5.75%, 11/01/30  3,300  3,384,117 
    33,229,254 
Utilities — 5.0%     
Cumberland County Improvement Authority, RB, Series A,     
5.00%, 7/01/11 (b)  1,210  1,231,707 
New Jersey EDA, Refunding RB, United Water of     
New Jersey Inc., Series B (AMBAC), 4.50%, 11/01/25  4,500  4,284,945 
Rahway Valley Sewerage Authority, RB, CAB, Series A     
(NPFGC), 4.87%, 9/01/31 (c)  6,000  1,576,500 
Union County Utilities Authority, Refunding RB, Senior     
Lease, Ogden Martin, Series A, AMT (AMBAC):     
5.38%, 6/01/17  1,585  1,586,062 
5.38%, 6/04/18  1,175  1,175,423 
    9,854,637 
Total Municipal Bonds in New Jersey    259,776,165 

 

See Notes to Financial Statements.

24 SEMI-ANNUAL REPORT JANUARY 31, 2011



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

    Par   
Municipal Bonds    (000)  Value 
Pennsylvania — 1.2%       
Transportation — 1.2%       
Delaware River Port Authority, RB:       
Port District Project, Series B (AGM),       
5.70%, 1/01/22  $ 1,000  $ 1,000,930 
Series D, 5.00%, 1/01/40    1,535  1,454,167 
Total Municipal Bonds in Pennsylvania      2,455,097 
Puerto Rico — 12.5%       
County/City/Special District/School District — 6.0%       
Puerto Rico Sales Tax Financing Corp., RB, First       
Sub-Series A, 6.00%, 8/01/42    4,000  3,987,640 
Puerto Rico Sales Tax Financing Corp., Refunding RB,       
First Sub-Series C:       
6.00%, 8/01/39    3,320  3,311,003 
(AGM), 5.13%, 8/01/42    5,000  4,650,350 
      11,948,993 
State — 4.0%       
Puerto Rico Highway & Transportation Authority,       
Refunding RB, Series CC (AGM), 5.50%, 7/01/30    2,000  2,002,260 
Puerto Rico Sales Tax Financing Corp., RB, First       
Sub-Series A, 5.75%, 8/01/37    6,000  5,840,940 
      7,843,200 
Transportation — 2.0%       
Puerto Rico Highway & Transportation Authority,       
Refunding RB:       
Series AA-1 (AGM), 4.95%, 7/01/26    1,000  969,540 
Series CC (AGC), 5.50%, 7/01/31    3,000  2,988,900 
      3,958,440 
Utilities — 0.5%       
Puerto Rico Electric Power Authority, RB, Series WW,       
5.50%, 7/01/38    1,000  925,520 
Total Municipal Bonds in Puerto Rico      24,676,153 
U.S. Virgin Islands — 1.8%       
Corporate — 1.8%       
United States Virgin Islands, Refunding RB, Senior       
Secured, Hovensa Coker Project, AMT, 6.50%, 7/01/21  3,500  3,474,450 
Total Municipal Bonds in the U.S. Virgin Islands      3,474,450 
Total Municipal Bonds — 146.9%      290,381,865 
Municipal Bonds Transferred to       
Tender Option Bond Trusts (f)       
New Jersey — 6.9%       
State — 3.0%       
Garden State Preservation Trust, RB, Election of 2005,       
Series A (AGM), 5.75%, 11/01/28    5,460  5,992,732 

 

Municipal Bonds Transferred to  Par   
Tender Option Bond Trusts (f)  (000)  Value 
New Jersey (concluded)     
Transportation — 3.9%     
New Jersey Transportation Trust Fund Authority,     
RB, Transportation System, Series A (AGM),     
5.00%, 12/15/32  $ 4,100  $ 3,993,359 
Port Authority of New York & New Jersey, Refunding RB,     
Consolidated, 152nd Series, AMT, 5.25%, 11/01/35  3,764  3,588,026 
    7,581,385 
Total Municipal Bonds Transferred to     
Tender Option Bond Trusts — 6.9%    13,574,117 
Total Long-Term Investments     
(Cost — $314,443,678) — 153.8%    303,955,982 
Short-Term Securities  Shares   
BIF New Jersey Municipal Money Fund,     
0.04% (g)(h)  2,599,838  2,599,838 
Total Short-Term Securities     
(Cost — $2,599,838) — 1.3%    2,599,838 
Total Investments (Cost — $317,043,516*) — 155.1%    306,555,820 
Other Assets Less Liabilities — 1.0%    1,950,091 
Liability for Trust Certificates, Including Interest     
Expense and Fees Payable — (4.4)%    (8,659,514) 
Preferred Shares, at Redemption Value — (51.7)%    (102,210,682) 
Net Assets Applicable to Common Shares — 100.0%    $197,635,715 


* The cost and unrealized appreciation (depreciation) of investments as of

January 31, 2011, as computed for federal income tax purposes, were as follows:

Aggregate cost  $ 308,460,390 
Gross unrealized appreciation  $     4,990,277 
Gross unrealized depreciation  (15,548,548) 
Net unrealized depreciation  $ (10,558,271) 


(a) Represents a step-up bond that pays an initial coupon rate for the first period and

then a higher coupon rate for the following periods. Rate shown reflects the current
yield as of report date.
(b) US government securities, held in escrow, are used to pay interest on this security as
well as to retire the bond in full at the date indicated, typically at a premium to par.
(c) Represents a zero-coupon bond. Rate shown reflects the current yield as of
report date.
(d) Issuer filed for bankruptcy and/or is in default of interest payments.
(e) Non-income producing security.
(f) Securities represent bonds transferred to a TOB in exchange for which the Fund
acquired residual interest certificates. These securities serve as collateral in a
financing transaction. See Note 1 of the Notes to Financial Statements for details
of municipal bonds transferred to TOBs.
(g) Investments in companies considered to be an affiliate of the Fund during the
period, for purposes of Section 2(a)(3) of the Investment Company Act of 1940,
as amended, were as follows:

  Shares Held    Shares Held   
  at July 31,  Net  at January 31,   
Affiliate  2010  Activity  2011  Income 
BIF New Jersey         
Municipal         
Money Fund  11,162,403  (8,562,565)  2,599,838  $ 1,346 


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

See Notes to Financial Statements.

SEMI-ANNUAL REPORT JANUARY 31, 2011 25



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

For Fund compliance purposes, the Fund’s sector classifications refer to any one
or more of the sector sub-classifications used by one or more widely recognized
market indexes or rating group indexes, and/or as defined by Fund management.
This definition may not apply for purposes of this report, which may combine such
sector sub-classifications for reporting ease.
Fair Value Measurements — Various inputs are used in determining the fair value of
investments, which are as follows:
Level 1 — price quotations in active markets/exchanges for identical assets
and liabilities
Level 2 — other observable inputs (including, but not limited to: quoted prices for
similar assets or liabilities in markets that are active, quoted prices for identical
or similar assets or liabilities in markets that are not active, inputs other than
quoted prices that are observable for the assets or liabilities (such as interest
rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and
default rates) or other market-corroborated inputs)
Level 3 — unobservable inputs based on the best information available in the
circumstances, to the extent observable inputs are not available (including the
Fund's own assumptions used in determining the fair value of investments)
The inputs or methodologies 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 January 31, 2011 in deter-
mining the fair valuation of the Fund's investments:

Valuation Inputs  Level 1  Level 2  Level 3  Total 
Assets:                   
Investments in         
Securities:         
Long-Term         
Investments1    $ 303,955,982    $ 303,955,982 
Short-Term         
Securities  $ 2,599,838      2,599,838 
Total  $ 2,599,838  $ 303,955,982    $ 306,555,820 
1 See above Schedule of Investments for values in each sector.   

 

See Notes to Financial Statements.

26 SEMI-ANNUAL REPORT JANUARY 31, 2011



Statements of Assets and Liabilities           
BlackRock
  Muni New York  BlackRock  BlackRock    BlackRock 
  Intermediate  MuniYield  MuniYield  BlackRock  MuniYield 
  Duration  Arizona  California  MuniYield  New Jersey 
  Fund, Inc.  Fund, Inc.  Fund, Inc.  Investment Fund  Fund, Inc. 
January 31, 2011 (Unaudited)  (MNE)  (MZA)  (MYC)  (MYF)  (MYJ) 
Assets           
Investments at value — unaffiliated1  $ 85,917,876  $ 96,072,015  $ 489,496,009  $ 288,222,095  $ 303,955,982 
Investments at value — affiliated2  746,617  693,917  8,626,297  3,287,063  2,599,838 
Investments sold receivable  2,555,516    13,966,875  212,142   
Interest receivable  931,947  749,010  7,304,664  4,195,978  3,139,448 
Prepaid expenses  10,664  3,878  18,177  10,731  11,690 
Other assets  8,605         
Total assets  90,171,225  97,518,820  519,412,022  295,928,009  309,706,958 
Accrued Liabilities           
Bank overdraft    3,003    772   
Investments purchased payable  1,942,628    15,530,213  1,599,647   
Income dividends payable — Common Shares  256,593  317,190  1,682,325  1,051,464  1,031,083 
Investment advisory fees payable  40,854  41,167  214,577  124,454  129,094 
Interest expense and fees payable  749  356  103,597  54,557  5,813 
Other affiliates payable  450  506  2,660  2,076  2,550 
Officer's and Directors' fees payable  117  120  875  365  521 
Other accrued expenses payable    6,617  38,709  32,750  37,799 
Total accrued liabilities  2,241,391  368,959  17,572,956  2,866,085  1,206,860 
Other Liabilities           
Trust certificates3  1,125,000  1,500,000  115,992,503  62,174,500  8,653,701 
Total Liabilities  3,366,391  1,868,959  133,565,459  65,040,585  9,860,561 
Preferred Shares at Redemption Value           
$25,000 per share liquidation preference, plus unpaid dividends4,5  29,626,219  38,802,467  105,965,406  59,479,853  102,210,682 
Net Assets Applicable to Common Shareholders  $ 57,178,615  $ 56,847,394  $ 279,881,157  $ 171,407,571  $ 197,635,715 
Net Assets Applicable to Common Shareholders Consist of           
Paid-in capital6,7  $ 59,630,112  $ 60,612,608  $ 301,598,405  $ 189,027,572  $ 204,776,150 
Undistributed net investment income  995,374  925,424  5,230,862  3,842,074  4,710,004 
Accumulated net realized loss  (2,151,018)  (1,230,265)  (6,327,349)  (14,280,070)  (1,362,743) 
Net unrealized appreciation/depreciation  (1,295,853)  (3,460,373)  (20,620,761)  (7,182,005)  (10,487,696) 
Net Assets Applicable to Common Shareholders  $ 57,178,615  $ 56,847,394  $ 279,881,157  $ 171,407,571  $ 197,635,715 
Net asset value per Common Share  $ 13.59  $ 12.46  $ 13.14  $ 12.63  $ 13.90 
1 Investments at cost — unaffiliated  $ 87,213,729  $ 99,532,388  $ 510,116,770  $ 295,404,100  $ 314,443,678 
2 Investments at cost — affiliated  $ 746,617  $ 693,917  $ 8,626,297  $ 3,287,063  $ 2,599,838 
3 Represents short-term floating rate certificates issued by TOBs.           
4 Preferred Shares outstanding:           
Par value $0.05 per share        2,379  3,349 
Par value $0.10 per share  1,185  1,552  4,238    739 
5 Preferred Shares authorized  1,240  1,612  7,000  1 million  4,760 
6 Common Shares outstanding, $0.10 par value  4,206,439  4,563,888  21,295,255  13,567,282  14,221,829 
7 Common Shares authorized  200 million  200 million  200 million  unlimited  200 million 

 

See Notes to Financial Statements.

SEMI-ANNUAL REPORT JANUARY 31, 2011 27



Statements of Operations           
BlackRock      
  Muni New York  BlackRock  BlackRock    BlackRock 
  Intermediate  MuniYield  MuniYield  BlackRock  MuniYield 
  Duration  Arizona  California  MuniYield  New Jersey 
  Fund, Inc.  Fund, Inc.  Fund, Inc.  Investment Fund  Fund, Inc. 
Six Months Ended January 31, 2011 (Unaudited)  (MNE)  (MZA)  (MYC)  (MYF)  (MYJ) 
Investment Income           
Interest  $ 2,203,253  $ 2,431,083  $ 12,473,171  $ 7,938,531  $ 7,615,472 
Income — affiliated  42    1,608  3,230  1,346 
Total income  2,203,295  2,431,083  12,474,779  7,941,761  7,616,818 
Expenses           
Investment advisory  252,052  255,887  1,348,127  783,281  812,443 
Professional  33,492  27,074  58,703  42,859  35,985 
Commissions for Preferred Shares  21,449  27,448  76,252  43,227  76,738 
Transfer agent  10,619  17,551  22,132  21,390  22,271 
Accounting services  8,146  8,588  31,536  20,409  27,107 
Printing  4,117  2,725  18,089  11,613  13,776 
Custodian  4,035  6,016  11,018  8,791  9,742 
Registration  3,584  971  4,510  4,536  4,703 
Officer and Directors  3,151  3,361  18,326  10,100  12,731 
Miscellaneous  23,184  19,608  39,504  29,578  35,085 
Total expenses excluding interest expense and fees  363,829  369,229  1,628,197  975,784  1,050,581 
Interest expense and fees1  4,687  6,355  492,370  268,237  32,397 
Total expenses  368,516  375,584  2,120,567  1,244,021  1,082,978 
Less fees waived by advisor  (1,215)  (1,495)  (10,989)  (908)  (10,925) 
Total expenses after fees waived  367,301  374,089  2,109,578  1,243,113  1,072,053 
Net investment income  1,835,994  2,056,994  10,365,201  6,698,648  6,544,765 
Realized and Unrealized Gain (Loss)           
Net realized gain (loss) from:           
Investments  100,778  111,009  331,381  1,208  1,351,958 
Financial futures contracts    (33,799)  (70,024)     
  100,778  77,210  261,357  1,208  1,351,958 
Net change in unrealized appreciation/depreciation on:           
Investments  (4,020,552)  (5,949,303)  (35,033,180)  (22,355,279)  (20,459,629) 
Financial futures contracts    25,901  53,571     
  (4,020,552)  (5,923,402)  (34,979,609)  (22,355,279)  (20,459,629) 
Total realized and unrealized loss  (3,919,774)  (5,846,192)  (34,718,252)  (22,354,071)  (19,107,671) 
Dividends and Distributions to Preferred Shareholders From           
Net investment income  (220,277)  (133,432)  (338,941)  (169,050)  (312,082) 
Net realized gain          (4,522) 
Total dividends and distributions to Preferred Shareholders  (220,277)  (133,432)  (338,941)  (169,050)  (316,604) 
Net Decrease in Net Assets Applicable to           
Common Shareholders Resulting from Operations  $ (2,304,057)  $ (3,922,630)  $ (24,691,992)  $ (15,824,473)  $ (12,879,510) 
1 Related to TOBs.           

 

See Notes to Financial Statements.

28 SEMI-ANNUAL REPORT JANUARY 31, 2011



Statements of Changes in Net Assets BlackRock Muni New York Intermediate Duration Fund, Inc. (MNE)

  Six Months   
  Ended   
  January 31,  Year Ended 
  2011  July 31, 
Increase (Decrease) in Net Assets Applicable to Common Shareholders:  (Unaudited)  2010 
Operations     
Net investment income  $ 1,835,994  $ 3,684,614 
Net realized gain  100,778  803,451 
Net change in unrealized appreciation/depreciation  (4,020,552)  5,138,910 
Dividends to Preferred Shareholders from net investment income  (220,277)  (436,446) 
Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations  (2,304,057)  9,190,529 
Dividends to Common Shareholders From     
Net investment income  (1,526,937)  (2,822,521) 
Net Assets Applicable to Common Shareholders     
Total increase (decrease) in net assets applicable to Common Shareholders  (3,830,994)  6,368,008 
Beginning of period  61,009,609  54,641,601 
End of period  $ 57,178,615  $ 61,009,609 
Undistributed net investment income  $ 995,374  $ 906,594 
 


BlackRock MuniYield Arizona Fund, Inc. (MZA) 
  Six Months   
  Ended   
  January 31,  Year Ended 
  2011  July 31, 
Increase (Decrease) in Net Assets Applicable to Common Shareholders:  (Unaudited)  2010 
Operations     
Net investment income  $ 2,056,994  $ 4,233,845 
Net realized gain (loss)  77,210  (247,167) 
Net change in unrealized appreciation/depreciation  (5,923,402)  6,055,148 
Dividends to Preferred Shareholders from net investment income  (133,432)  (263,509) 
Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations  (3,922,630)  9,778,317 
Dividends to Common Shareholders From     
Net investment income  (1,902,737)  (3,721,205) 
Capital Share Transactions     
Reinvestment of common dividends  54,635  112,033 
Net Assets Applicable to Common Shareholders     
Total increase (decrease) in net assets applicable to Common Shareholders  (5,770,732)  6,169,145 
Beginning of period  62,618,126  56,448,981 
End of period  $ 56,847,394  $ 62,618,126 
Undistributed net investment income  $ 925,424  $ 904,599 

 

See Notes to Financial Statements.

SEMI-ANNUAL REPORT JANUARY 31, 2011 29



Statements of Changes in Net Assets BlackRock MuniYield California Fund, Inc. (MYC)

  Six Months   
  Ended   
  January 31,  Year Ended 
  2011  July 31, 
Increase (Decrease) in Net Assets Applicable to Common Shareholders:  (Unaudited)  2010 
Operations     
Net investment income  $ 10,365,201  $ 19,959,389 
Net realized gain (loss)  261,357  (2,256,396) 
Net change in unrealized appreciation/depreciation  (34,979,609)  28,173,305 
Dividends to Preferred Shareholders from net investment income  (338,941)  (674,559) 
Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations  (24,691,992)  45,201,739 
Dividends to Common Shareholders From     
Net investment income  (9,753,227)  (17,680,853) 
Net Assets Applicable to Common Shareholders     
Total increase (decrease) in net assets applicable to Common Shareholders  (34,445,219)  27,520,886 
Beginning of period  314,326,376  286,805,490 
End of period  $279,881,157  $314,326,376 
Undistributed net investment income  $ 5,230,862  $ 4,957,829 



 
BlackRock MuniYield Investment Fund (MYF) 
  Six Months   
  Ended   
  January 31,  Year Ended 
  2011  July 31, 
Increase (Decrease) in Net Assets Applicable to Common Shareholders:  (Unaudited)  2010 
Operations     
Net investment income  $ 6,698,648  $ 12,956,609 
Net realized gain  1,208  2,525,799 
Net change in unrealized appreciation/depreciation  (22,355,279)  13,527,347 
Dividends to Preferred Shareholders from net investment income  (169,050)  (333,344) 
Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations  (15,824,473)  28,676,411 
Dividends to Common Shareholders From     
Net investment income  (6,172,435)  (11,015,894) 
Capital Share Transactions     
Reinvestment of common dividends  134,159   
Net Assets Applicable to Common Shareholders     
Total increase (decrease) in net assets applicable to Common Shareholders  (21,862,749)  17,660,517 
Beginning of period  193,270,320  175,609,803 
End of period  $171,407,571  $193,270,320 
Undistributed net investment income  $ 3,842,074  $ 3,484,911 

 

See Notes to Financial Statements.

30 SEMI-ANNUAL REPORT JANUARY 31, 2011



Statements of Changes in Net Assets BlackRock MuniYield New Jersey Fund, Inc. (MYJ)

  Six Months   
  Ended   
  January 31,  Year Ended 
  2011  July 31, 
Increase (Decrease) in Net Assets Applicable to Common Shareholders:  (Unaudited)  2010 
Operations     
Net investment income  $ 6,544,765  $ 14,162,374 
Net realized gain (loss)  1,351,958  (95,538) 
Net change in unrealized appreciation/depreciation  (20,459,629)  14,265,738 
Dividends and distributions to Preferred Shareholders from:     
Net investment income  (312,082)  (622,979) 
Net realized gain  (4,522)   
Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations  (12,879,510)  27,709,595 
Dividends and Distributions to Common Shareholders From     
Net investment income  (6,110,745)  (12,015,943) 
Net realized gain  (89,313)   
Decrease in net assets resulting from dividends and distributions to Common Shareholders  (6,200,058)  (12,015,943) 
Capital Share Transactions     
Reinvestment of common dividends  281,803   
Net Assets Applicable to Common Shareholders     
Total increase (decrease) in net assets applicable to Common Shareholders  (18,797,765)  15,693,652 
Beginning of period  216,433,480  200,739,828 
End of period  $197,635,715  $216,433,480 
Undistributed net investment income  $ 4,710,004  $ 4,588,066 

 

See Notes to Financial Statements.

SEMI-ANNUAL REPORT JANUARY 31, 2011 31



Statements of Cash Flows     
  BlackRock   
  MuniYield  BlackRock 
  California  MuniYield 
  Fund Inc.  Investment Fund 
Six Months Ended January 31, 2011 (Unaudited)  (MYC)  (MYF) 
Cash Provided by Operating Activities     
Net decrease in net assets resulting from operations, excluding dividends to Preferred Shareholders  $ (24,353,051)  $ (15,655,423) 
Adjustments to reconcile net decrease in net assets resulting from operations to net cash provided by operating activities:     
Increase in interest receivable  (834,771)  (370,452) 
Decrease in cash pledged as collateral for financial futures contracts  41,000   
Decrease in investment advisory fees payable  (15,084)  (10,557) 
Increase in interest expense and fees payable  34,396  11,123 
Increase (decrease) in other affiliates payable  (361)  138 
Decrease in other accrued expenses payable  (60,557)  (40,769) 
Decrease in margin variation payable  (17,969)   
Increase (decrease) in Officer’s and Directors’ fees payable  362  (64) 
Net realized and unrealized gain on investments  34,648,228  22,354,071 
Amortization of premium and accretion of discount on investments  698,558  148,288 
Proceeds from sales of long-term investments  90,850,277  52,327,308 
Purchases of long-term investments  (92,958,408)  (60,646,599) 
Net proceeds from sales of short-term securities  3,738,201  4,123,948 
Cash provided by operating activities  11,770,821  2,241,012 
Cash Used for Financing Activities     
Cash receipts from trust certificates  11,503,547  8,475,000 
Cash payments on trust certificates  (13,329,698)  (4,545,149) 
Cash dividends paid to Common Shareholders  (9,604,161)  (6,003,664) 
Cash dividends paid to Preferred Shareholders  (340,509)  (167,971) 
Increase in custodian bank payable    772 
Cash used for financing activities  (11,770,821)  (2,241,012) 
Cash     
Net change in cash     
Cash at beginning of period     
Cash at end of period     
Cash Flow Information     
Cash paid during the period for interest and fees  $ 457,974  $ 257,114 
Noncash Financing Activities     
Capital shares issues in reinvestment of dividends paid to Common Shareholders    $ 134,159 
A Statement of Cash Flows is presented when a Fund had a significant amount of borrowing during the period, based on the average borrowing outstanding in relation to average 
total assets.     

 

See Notes to Financial Statements.

32 SEMI-ANNUAL REPORT JANUARY 31, 2011



Financial Highlights        BlackRock Muni New York Intermediate Duration Fund, Inc. (MNE) 
             
  Six Months       Period       
  Ended     June 1,      
  January 31,  Year Ended July 31,   2008    Year Ended May 31, 
  2011      to July 31,       
  (Unaudited)  2010  2009  2008  2008  2007  2006 
Per Share Operating Performance                 
Net asset value, beginning of period  $ 14.50  $ 12.99  $ 13.51  $ 14.05  $ 14.91  $ 14.66  $ 15.05 
Net investment income1    0.44  0.88  0.87  0.14  0.91  0.90  0.87 
Net realized and unrealized gain (loss)    (0.94)  1.40  (0.55)  (0.53)  (0.86)  0.24  (0.37) 
Dividends to Preferred Shareholders                 
from net investment income    (0.05)  (0.10)  (0.20)  (0.04)  (0.27)  (0.25)  (0.20) 
Net increase (decrease) from investment operations    (0.55)  2.18  0.12  (0.43)  (0.22)  0.89  0.30 
Dividends to Common Shareholders                 
from net investment income    (0.36)  (0.67)  (0.64)  (0.11)  (0.64)  (0.64)  (0.69) 
Net asset value, end of period  $ 13.59  $ 14.50  $ 12.99  $ 13.51  $ 14.05  $ 14.91  $ 14.66 
Market price, end of period  $ 12.66  $ 13.54  $ 11.60  $ 12.12  $ 12.81  $ 13.93  $ 13.03 
Total Investment Return2                 
Based on net asset value    (3.72)%  3  17.67%  2.26%  (3.01)%3  (1.10)%  6.57%  2.52% 
Based on market price    (3.95)%3  23.05%  1.79%  (4.56)%3  (3.48)%  12.02%  2.03% 
Ratios to Average Net Assets Applicable to Common Shareholders               
Total expenses4    1.21%5  1.20%  1.33%  1.39%6  1.28%  1.31%  1.33% 
Total expenses after fees waived and paid indirectly4    1.21%5  1.12%  1.15%  1.15%6  1.04%  1.08%  1.10% 
Total expenses after fees waived and paid indirectly                 
and excluding interest expense and fees4,7    1.19%5  1.12%  1.11%  1.11%6  1.04%  1.08%  1.10% 
Net investment income4    6.04%5  6.30%  7.01%  6.36%6  6.31%  6.01%  5.89% 
Dividends to Preferred Shareholders    0.73%5  0.75%  1.59%  1.84%6  1.89%  1.66%  1.32% 
Net investment income to Common Shareholders    5.31%5  5.55%  5.42%  4.52%6  4.42%  4.35%  4.57% 
Supplemental Data                 
Net assets applicable to Common Shareholders,                 
end of period (000)  $ 57,179  $ 61,010  $ 54,642  $ 56,830  $ 59,101  $ 62,701  $ 61,672 
Preferred Shares outstanding at $25,000                 
liquidation preference, end of period (000)  $ 29,625  $ 29,625  $ 29,625  $ 29,625  $ 31,000  $ 31,000  $ 31,000 
Portfolio turnover    12%  27%  32%  2%  21%  29%  49% 
Asset coverage, end of period per $1,000  $ 2,9308  $ 3,0608  $ 2,8448  $ 2,9188  $ 2,9068  $ 3,0238  $ 2,989 

1 Based on average Common Shares outstanding.
2 Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Where applicable,
total investment returns exclude the effects of sales charges and include the reinvestment of dividends and distributions.
3 Aggregate total investment return.
4 Do not reflect the effect of dividends to Preferred Shareholders.
5 Annualized.
6 Annualized. Certain non-recurring expenses have been included in the ratio but not annualized. If these expenses were annualized, the ratio of the total expenses, total expenses after
fees waived and paid indirectly, total expenses after fees waived and fees paid indirectly and excluding interest expense and fees, net investment income and net investment income to
Common Shareholders would have been 1.79%, 1.55%, 1.50%, 5.96% and 4.12%, respectively.
7 Interest expense and fees relate to TOBs. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to TOBs.
8 Asset coverage per Preferred Share at $25,000 liquidation preference for the periods ended January 2011, July 2010, July 2009, July 2008, May 2008 and May 2007 are
$73,253, $76,492, $71,119, $72,970, $72,676 and $75,573, respectively.

See Notes to Financial Statements.

SEMI-ANNUAL REPORT JANUARY 31, 2011 33



Financial Highlights          BlackRock MuniYield Arizona Fund, Inc. (MZA) 
             
  Six Months       Period      
  Ended     November 1,       
  January 31,  Year Ended July 31,   2007    Year Ended October 31, 
  2011      to July 31,       
  (Unaudited)  2010  2009  2008  2007  2006  2005 
Per Share Operating Performance                 
Net asset value, beginning of period  $ 13.73  $ 12.40  $ 12.81  $ 13.96  $ 14.53  $ 14.39  $ 15.04 
Net investment income1    0.45  0.93  0.95  0.72  0.95  0.98  0.97 
Net realized and unrealized gain (loss)    (1.27)  1.28  (0.47)  (1.00)  (0.46)  0.36  (0.49) 
Dividends and distributions to Preferred Shareholders from:                 
Net investment income    (0.03)  (0.06)  (0.19)  (0.19)  (0.29)  (0.26)  (0.14) 
Net realized gain          (0.05)  (0.02)  (0.02)  (0.00)2 
Net increase (decrease) from investment operations    (0.85)  2.15  0.29  (0.52)  0.18  1.06  0.34 
Dividends and distributions to Common Shareholders from:                 
Net investment income    (0.42)  (0.82)  (0.70)  (0.51)  (0.69)  (0.80)  (0.92) 
Net realized gain          (0.12)  (0.06)  (0.12)  (0.02) 
Total dividends and distributions to Common Shareholders    (0.42)  (0.82)  (0.70)  (0.63)  (0.75)  (0.92)  (0.94) 
Capital charges with respect to issuance of Preferred Shares              0.003  (0.05) 
Net asset value, end of period  $ 12.46  $ 13.73  $ 12.40  $ 12.81  $ 13.96  $ 14.53  $ 14.39 
Market price, end of period  $ 12.13  $ 13.67  $ 12.85  $ 13.94  $ 13.66  $ 14.79  $ 16.03 
Total Investment Return4                 
Based on net asset value    (6.37)%5  17.75%  3.27%  (3.79)%5  1.29%  7.47%  1.91% 
Based on market price    (8.45)%5  13.13%  (1.66)%  6.99%5  (2.63)%  (1.80)%  13.07% 
Ratios to Average Net Assets Applicable to Common Shareholders               
Total expenses6    1.21%7  1.25%  1.46%  1.61%7  1.76%  1.71%  1.52% 
Total expenses after fees waived and paid indirectly6    1.21%7  1.24%  1.42%  1.59%7  1.75%  1.70%  1.51% 
Total expenses after fees waived and paid indirectly                 
and excluding interest expense and fees6,8    1.19%7  1.22%  1.36%  1.40%7  1.37%  1.33%  1.20% 
Net investment income6    6.64%7  6.99%  8.16%  7.19%7  6.65%  6.90%  6.54% 
Dividends to Preferred Shareholders    0.43%7  0.44%  1.61%  1.94%7  2.04%  1.83%  0.91% 
Net investment income to Common Shareholders    6.21%7  6.56%  6.55%  5.25%7  4.61%  5.07%  5.63% 
Supplemental Data                 
Net assets applicable to Common Shareholders,                 
end of period (000)  $ 56,847  $ 62,618  $ 56,449  $ 58,218  $ 63,228  $ 65,611  $ 64,630 
Preferred Shares outstanding at $25,000                 
liquidation preference, end of period (000)  $ 38,800  $ 38,800  $ 38,800  $ 40,300  $ 40,300  $ 40,300  $ 40,300 
Portfolio turnover    4%  25%  39%  13%  31%  31%  28% 
Asset coverage per Preferred Share at $25,000                 
liquidation preference, end of period  $ 61,630  $ 65,350  $ 61,375  $ 61,122  $ 64,232  $ 65,708  $ 65,098 


1
Based on average Common 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 the net asset value, may result in substantially different returns. Where applicable,
total investment returns exclude the effects of sales charges and include the reinvestment of dividends and distributions.
5 Aggregate total investment return.
6 Do not reflect the effect of dividends to Preferred Shareholders.
7 Annualized.
8 Interest expense and fees relate to TOBs. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to TOBs.

See Notes to Financial Statements.

34 SEMI-ANNUAL REPORT JANUARY 31, 2011



Financial Highlights BlackRock MuniYield California Fund, Inc. (MYC)

             
  Six Months      Period      
  Ended      November 1,       
  January 31,  Year Ended July 31,   2007    Year Ended October 31, 
  2011      to July 31,       
  (Unaudited)  2010  2009  2008  2007  2006  2005 
Per Share Operating Performance                 
Net asset value, beginning of period  $ 14.76  $ 13.47  $ 13.71  $ 14.60  $ 15.11  $ 14.73  $ 15.27 
Net investment income1    0.49  0.94  0.91  0.69  0.93  0.96  0.93 
Net realized and unrealized gain (loss)    (1.63)  1.21  (0.33)  (0.88)  (0.49)  0.37  (0.46) 
Dividends to Preferred Shareholders                 
from net investment income    (0.02)  (0.03)  (0.13)  (0.20)  (0.29)  (0.25)  (0.13) 
Net increase (decrease) from investment operations    (1.16)  2.12  0.45  (0.39)  0.15  1.08  0.34 
Dividends to Common Shareholders                 
from net investment income    (0.46)  (0.83)  (0.69)  (0.50)  (0.66)  (0.70)  (0.86) 
Capital charges with respect to issuance of Preferred Shares              0.002  (0.02) 
Net asset value, end of period  $ 13.14  $ 14.76  $ 13.47  $ 13.71  $ 14.60  $ 15.11  $ 14.73 
Market price, end of period  $ 12.75  $ 14.44  $ 12.44  $ 13.07  $ 13.25  $ 14.00  $ 13.37 
Total Investment Return3                 
Based on net asset value    (8.00)%4  16.59%  4.64%  (2.55)%4  1.36%  8.03%  2.59% 
Based on market price    (8.75)%4  23.51%  1.37%  2.37%4  (0.72)%  10.28%  (1.46)% 
Ratios to Average Net Assets Applicable to Common Shareholders               
Total expenses5    1.37%6  1.19%  1.49%  1.49%6  1.77%  1.52%  1.13% 
Total expenses after fees waived5    1.36%6  1.18%  1.47%  1.45%6  1.75%  1.51%  1.13% 
Total expenses after fees waived and excluding                 
interest expense and fees5,7    1.04%6  0.99%  1.08%  1.06%6  1.06%  1.06%  0.98% 
Net investment income5    6.68%6  6.53%  7.07%  6.24%6  6.29%  6.51%  6.16% 
Dividends to Preferred Shareholders    0.22%6  0.22%  0.99%  1.83%6  1.93%  1.70%  0.84% 
Net investment income to Common Shareholders    6.46%6  6.31%  6.08%  4.41%6  4.36%  4.81%  5.32% 
Supplemental Data                 
Net assets applicable to Common Shareholders,                 
end of period (000)  $ 279,881  $ 314,326  $ 286,805  $ 292,002  $ 310,934  $ 321,701  $ 313,708 
Preferred Shares outstanding at $25,000                 
liquidation preference, end of period (000)  $ 105,950  $ 105,950  $ 105,950  $ 126,500  $ 175,000  $ 175,000  $ 175,000 
Portfolio turnover    17%  41%  38%  30%  41%  39%  53% 
Asset coverage per Preferred Share at $25,000                 
liquidation preference, end of period  $ 91,044  $ 99,173  $ 92,679  $ 82,724  $ 69,452  $ 70,985  $ 69,818 

1 Based on average Common 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 the net asset value, may result in substantially different returns. Where applicable,
total investment returns exclude the effects of sales charges and include the reinvestment of dividends and distributions.
4 Aggregate total investment return.
5 Do not reflect the effect of dividends to Preferred Shareholders.
6 Annualized.
7 Interest expense and fees relate to TOBs. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to TOBs.

See Notes to Financial Statements.

SEMI-ANNUAL REPORT JANUARY 31, 2011 35



Financial Highlights BlackRock MuniYield Investment Fund (MYF)

           
  Six Months      Period       
  Ended      November 1,       
  January 31,  Year Ended July 31,   2007    Year Ended October 31, 
  2011      to July 31,       
  (Unaudited)  2010  2009  2008  2007  2006  2005 
Per Share Operating Performance                 
Net asset value, beginning of period  $ 14.26  $ 12.95  $ 13.59  $ 14.53  $ 15.11  $ 14.91  $ 15.27 
Net investment income1    0.49  0.96  0.96  0.73  0.99  0.99  0.98 
Net realized and unrealized gain (loss)    (1.66)  1.18  (0.77)  (0.94)  (0.57)  0.28  (0.26) 
Dividends to Preferred Shareholders                 
from net investment income    (0.01)  (0.02)  (0.13)  (0.21)  (0.30)  (0.26)  (0.14) 
Net increase (decrease) from investment operations    (1.18)  2.12  0.06  (0.42)  0.12  1.01  0.58 
Dividends to Common Shareholders                 
from net investment income    (0.45)  (0.81)  (0.70)  (0.52)  (0.70)  (0.81)  (0.92) 
Capital charges with respect to issuance of Preferred Shares              (0.00)2  (0.02) 
Net asset value, end of period  $ 12.63  $ 14.26  $ 12.95  $ 13.59  $ 14.53  $ 15.11  $ 14.91 
Market price, end of period  $ 12.62  $ 14.36  $ 11.72  $ 11.91  $ 12.86  $ 14.35  $ 14.93 
Total Investment Return3                 
Based on net asset value    (8.44)%4  17.12%  1.93%  (2.52)%4  1.21%  7.24%  3.98% 
Based on market price    (9.15)%4  30.32%  5.26%  (3.48)%4  (5.68)%  1.71%  11.34% 
Ratios to Average Net Assets Applicable to Common Shareholders               
Total expenses5    1.31%6  1.26%  1.35%  1.42%6  1.47%  1.44%  1.25% 
Total expenses after fees waived5    1.31%6  1.26%  1.34%  1.40%6  1.46%  1.42%  1.25% 
Total expenses after fees waived and excluding                 
interest expense and fees5,7    1.03%6  1.02%  1.12%  1.10%6  1.10%  1.09%  1.05% 
Net investment income5    7.06%6  6.92%  7.66%  6.77%6  6.72%  6.63%  6.46% 
Dividends to Preferred Shareholders    0.18%6  0.18%  1.09%  1.92%6  2.01%  1.75%  0.95% 
Net investment income to Common Shareholders    6.88%6  6.74%  6.57%  4.85%6  4.71%  4.88%  5.51% 
Supplemental Data                 
Net assets applicable to Common Shareholders,                 
end of period (000)  $ 171,408  $ 193,270  $ 175,610  $ 184,315  $ 197,014  $ 204,865  $ 202,042 
Preferred Shares outstanding at $25,000                 
liquidation preference, end of period (000)  $ 59,475  $ 59,475  $ 59,475  $ 90,825  $ 110,000  $ 110,000  $ 110,000 
Portfolio turnover    16%  41%  63%  22%  25%  46%  42% 
Asset coverage per Preferred Share at $25,000                 
liquidation preference, end of period  $ 97,052  $ 106,242  $ 98,819  $ 75,742  $ 69,790  $ 71,574  $ 70,920 

1 Based on average Common 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 the net asset value, may result in substantially different returns. Where applicable,
total investment returns exclude the effects of sales charges and include the reinvestment of dividends and distributions.
4 Aggregate total investment return.
5 Do not reflect the effect of dividends to Preferred Shareholders.
6 Annualized.
7 Interest expense and fees relate to TOBs. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to TOBs.

See Notes to Financial Statements.

36 SEMI-ANNUAL REPORT JANUARY 31, 2011



Financial Highlights BlackRock MuniYield New Jersey Fund, Inc. (MYJ)

             
  Six Months       Period      
  Ended     December 1,       
  January 31,  Year Ended July 31,   2007    Year Ended November 30, 
  2011      to July 31,       
  (Unaudited)  2010  2009  2008  2007  2006  2005 
Per Share Operating Performance                 
Net asset value, beginning of period  $ 15.24  $ 14.13  $ 14.36  $ 15.18  $ 15.90  $ 15.37  $ 15.25 
Net investment income1    0.46  1.00  0.98  0.62  1.01  1.00  1.01 
Net realized and unrealized gain (loss)    (1.34)  1.00  (0.34)  (0.79)  (0.74)  0.54  0.18 
Dividends to Preferred Shareholders                 
from net investment income    (0.02)  (0.04)  (0.15)  (0.18)  (0.29)  (0.25)  (0.16) 
Net increase (decrease) from investment operations    (0.90)  1.96  0.49  (0.35)  (0.02)  1.29  1.03 
Dividends to Common Shareholders from:                 
Net investment income    (0.43)  (0.85)  (0.72)  (0.47)  (0.70)  (0.76)  (0.91) 
Net realized gain    (0.01)             
Total dividends and distributions    (0.44)  (0.85)  (0.72)  (0.47)  (0.70)  (0.76)  (0.91) 
Capital charges with respect to issuance of Preferred Shares                (0.00)2 
Net asset value, end of period  $ 13.90  $ 15.24  $ 14.13  $ 14.36  $ 15.18  $ 15.90  $ 15.37 
Market price, end of period  $ 13.30  $ 15.19  $ 13.49  $ 13.52  $ 13.66  $ 15.47  $ 14.38 
Total Investment Return3                 
Based on net asset value    (6.05)%4  14.34%  4.50%  (2.17)%4  0.11%  8.83%  7.08% 
Based on market price    (9.81)%4  19.38%  5.96%  2.35%4  (7.41)%  13.17%  3.72% 
Ratios to Average Net Assets Applicable to Common Shareholders               
Total expenses5    1.01%6  1.01%  1.15%  1.22%6  1.28%  1.44%  1.39% 
Total expenses after fees waived5    1.00%6  1.00%  1.14%  1.20%6  1.27%  1.44%  1.39% 
Total expenses after fees waived and excluding                 
interest expense and fees5,7    0.97%6  0.98%  1.05%  1.13%6  1.10%  1.09%  1.09% 
Net investment income5    6.12%6  6.71%  7.21%  6.27%6  6.56%  6.50%  6.47% 
Dividends to Preferred Shareholders    0.30%6  0.30%  1.12%  1.85%6  1.85%  1.65%  1.05% 
Net investment income to Common Shareholders    5.82%6  6.41%  6.09%  4.42%6  4.71%  4.85%  5.42% 
Supplemental Data                 
Net assets applicable to Common Shareholders,                 
end of period (000)  $ 197,636  $ 216,433  $ 200,740  $ 204,022  $ 215,585  $ 225,855  $ 218,250 
Preferred Shares outstanding at $25,000                 
liquidation preference, end of period (000)  $ 102,200  $ 102,200  $ 102,200  $ 104,725  $ 119,000  $ 119,000  $ 119,000 
Portfolio turnover    9%  15%  21%  11%  18%  9%  32% 
Asset coverage per Preferred Share at $25,000                 
liquidation preference, end of period  $ 73,348  $ 77,946  $ 74,107  $ 73,709  $ 70,305  $ 72,452  $ 70,858 

 

1 Based on average Common 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 the net asset value, may result in substantially different returns. Where applicable,
total investment returns exclude the effects of sales charges and include the reinvestment of dividends and distributions.
4 Aggregate total investment return.
5 Do not reflect effect of dividends to Preferred Shareholders.
6 Annualized.
7 Interest expense and fees relate to TOBs. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to TOBs.

See Notes to Financial Statements.

SEMI-ANNUAL REPORT JANUARY 31, 2011 37



Notes to Financial Statements (Unaudited)

1. Organization and Significant Accounting Policies:

BlackRock Muni New York Intermediate Duration Fund, Inc. (“MNE”),
BlackRock MuniYield Arizona Fund, Inc. (“MZA”), BlackRock MuniYield
California Fund, Inc. (“MYC”), BlackRock MuniYield Investment Fund
(“MYF”) and BlackRock MuniYield New Jersey Fund, Inc. (“MYJ”) (collec-
tively, the “Funds” or individually as a “Fund”) are registered under the
Investment Company Act of 1940, as amended (the “1940 Act”), as non-
diversified, closed-end management investment companies. MNE, MZA,
MYC and MYJ are organized as Maryland corporations. MYF is organized
as a Massachusetts business trust. The Funds’ financial statements are
prepared in conformity with accounting principles generally accepted in
the United States of America (“US GAAP”), which may require management
to make estimates and assumptions that affect the reported amounts and
disclosures in the financial statements. Actual results could differ from
those estimates. The Boards of Directors and the Board of Trustees of the
Funds are referred to throughout this report as the “Board of Directors” or
the “Board.” The Funds determine, and make available for publication the
net asset value of their Common Shares on a daily basis.

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

Valuation: The Funds fair value their financial instruments at market value
using independent dealers or pricing services under policies approved by
the Board. Municipal investments (including commitments to purchase
such investments on a “when-issued” basis) are valued on the basis of
prices provided by dealers or pricing services. 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 transactions in comparable investments and infor-
mation with respect to various relationships between investments. Financial
futures contracts traded on exchanges are valued at their last sale price.
Short-term securities with remaining maturities of 60 days or less may be
valued at amortized cost, which approximates fair value. Investments in
open-end registered investment 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 or is not available, the investment will
be valued in accordance with a policy approved by the Board as reflecting
fair value (“Fair Value Assets”). When determining the price for Fair Value
Assets, the investment advisor and/or the sub-advisor seeks to determine
the price that each Fund might reasonably expect to receive from the
current sale of that asset in an arm’s-length transaction. Fair value det-
erminations 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 subsequently reported to the Board or a committee thereof.

Forward Commitments and When-Issued Delayed Delivery Securities: The
Funds may purchase securities on a when-issued basis and may purchase
or sell securities on a forward commitment basis. Settlement of such trans-
actions normally occurs within a month or more after the purchase or sale
commitment is made. The Funds may purchase securities under such con-
ditions with the intention of actually acquiring 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 Funds are not entitled to any of the interest earned
prior to settlement. When purchasing a security on a delayed delivery basis,
the Funds assume the rights and risks of ownership of the security, inc-
luding the risk of price and yield fluctuations. In the event of default by
the counterparty, the Funds’ maximum amount of loss is the unrealized
appreciation of unsettled when-issued transactions, which is shown on
the Schedules of Investments, if any.

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 for periodic interest payments. Zero-coupon bonds may experience
greater volatility in market value than similar maturity debt obligations
which provide for regular interest payments.

Municipal Bonds Transferred to Tender Option Bond Trusts: The Funds
leverage their assets through the use of 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 bonds.
Other funds managed by the investment advisor may also contribute
municipal bonds to a TOB into which a Fund has contributed bonds. 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 funds
that made the transfer. The TOB Residuals held by a Fund include the right
of a Fund (1) to cause the holders of a proportional share of the short-
term floating rate certificates to tender their certificates at par, including
during instances of a rise in short-term interest rates, and (2) to transfer,
within seven days, a corresponding share of the municipal bonds from the
TOB to a Fund. The TOB may also be terminated without the consent of a
Fund upon the occurrence of certain events as defined in the TOB agree-
ments. Such termination events may include the bankruptcy or default of
the municipal bond, a substantial downgrade in credit quality of the munic-
ipal bond, the inability of the TOB to obtain quarterly or annual renewal of
the liquidity support agreement, a substantial decline in market value of
the municipal bond or the inability to remarket the short-term floating rate
certificates to third party investors. During the six months ended January
31, 2011, no TOBs that the Funds participated in were terminated without
the consent of the Funds.

The cash received by the TOB from the sale of the short-term floating rate
certificates, less transaction expenses, is paid to a Fund, which typically
invests the cash in additional municipal bonds. Each Fund’s transfer of the
municipal bonds to a TOB is accounted for as a secured borrowing, there-
fore the municipal bonds deposited into a TOB are presented in the Funds’
Schedules of Investments and the proceeds from the issuance of the short-
term floating rate certificates are shown as trust certificates in the
Statements of Assets and Liabilities.

Interest income, including amortization and accretion of premiums and dis-
counts, from the underlying municipal bonds 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

38 SEMI-ANNUAL REPORT JANUARY 31, 2011



Notes to Financial Statements (continued)

to a TOB are shown as interest expense and fees in the Statements of
Operations. The short-term floating rate certificates have interest rates that
generally reset weekly and their holders have the option to tender certifi-
cates to the TOB for redemption at par at each reset date. At January 31,
2011, the aggregate value of the underlying municipal bonds transferred
to TOBs, the related liability for trust certificates and the range of interest
rates on the liability for trust certificates were as follows:

Underlying                     
Municipal                     
  Bonds  Liability for  Range of 
  Transferred  Trust  Interest 
  to TOBs  Certificates  Rates 
MNE  $   2,254,882  $    1,125,000  0.29% — 0.56% 
MZA  $   2,979,420  $    1,500,000  0.29% 
MYC  $211,748,282  $115,992,503  0.29% — 0.36% 
MYF  $110,986,578  $  62,174,500  0.29% — 0.44% 
MYJ  $  13,574,117  $    8,653,701  0.29% — 0.35% 

 

For the six months ended January 31, 2011, the Funds’ average trust
certificates outstanding and the daily weighted average interest rates,
including fees, were as follows:

  Average Trust  Daily Weighted 
  Certificates  Average 
  Outstanding  Interest Rate 
MNE  $   1,125,000  0.83% 
MZA  $   1,500,000  0.85% 
MYC  $122,251,769  0.80% 
MYF  $  63,847,695  0.84% 
MYJ  $    8,653,701  0.75% 

 

Should short-term interest rates rise, the Funds’ investments in TOBs may
adversely affect the Funds’ net investment income and distributions to
shareholders. Also, fluctuations in the market values of municipal bonds
deposited into the TOB may adversely affect the Funds’ net asset values
per share.

Segregation and Collateralization: In cases in which the 1940 Act and
the interpretive positions of the Securities and Exchange Commission
(“SEC”) require that the Funds either deliver collateral or segregate assets
in connection with certain investments (e.g., financial futures contracts),
the Funds will, consistent with SEC rules and/or certain interpretive letters
issued by the SEC, segregate collateral or designate on their books and
records cash or other liquid securities having a market value at least equal
to the amount that would otherwise be required to be physically segre-
gated. Furthermore, based on requirements and agreements with certain
exchanges and third party broker-dealers, each party has requirements
to deliver/deposit securities as collateral for certain investments.

Investment Transactions and Investment Income: For financial reporting
purposes, investment transactions are recorded on the dates the transac-
tions are entered into (the trade dates). Realized gains and losses on
investment transactions are determined on the identified cost basis.
Interest income, including amortization and accretion of premiums and
discounts on debt securities, is recognized on the accrual basis.

Dividends and Distributions: Dividends from net investment income are
declared and paid monthly. Distributions of capital gains are recorded on
the ex-dividend dates. The amount and timing of dividends and distributions

are determined in accordance with federal income tax regulations, which
may differ from US GAAP. Dividends and distributions to Preferred
Shareholders are accrued and determined as described in Note 6.

Income Taxes: It is each Fund’s policy to comply with the requirements of
the Internal Revenue Code of 1986, as amended, applicable to regulated
investment companies and to distribute substantially all of its taxable
income to its shareholders. Therefore, no federal income tax provision
is required.

Each Fund files US federal and various state and local tax returns. No
income tax returns are currently under examination. The statute of limita-
tions on each Fund’s US federal tax return remains open for each of the
four periods ended as follows:

  Year Ended  Period  Year Ended 
MNE  July 31, 2010,  June 1, 2008 to  May 31, 2007, 
  July 31, 2009  July 31, 2008  May 31, 2008 
MZA  July 31, 2010,  November 1, 2007 to   
  July 31, 2009  July 31, 2008  October 31, 2007 
MYC  July 31, 2010,  November 1, 2007 to   
  July 31, 2009  July 31, 2008  October 31, 2007 
MYF  July 31, 2010,  November 1, 2007 to   
  July 31, 2009  July 31, 2008  October 31, 2007 
MYJ  July 31, 2010,  December 1, 2007 to   
  July 31, 2009  July 31, 2008  November 30, 2007 

 

The statutes of limitations on each Fund’s state and local tax returns
may remain open for an additional year depending upon the jurisdiction.
Management does not believe there are any uncertain tax positions that
require recognition of a tax liability.

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 had been
invested in common shares of certain other 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 certain other
BlackRock Closed-End Funds.

The deferred compensation plan is not funded and obligations thereunder
represent general unsecured claims against the general assets of each
Fund. Each Fund may, however, elect to invest in common shares of certain
other BlackRock Closed-End Funds selected by the Independent Directors
in order to match its deferred compensation obligations. Investments to
cover each Fund’s deferred compensation liability, if any, are included in
other assets in the Statements of Assets and Liabilities. Dividends and dis-
tributions from the BlackRock Closed-End Fund investments under the plan
if any, are included in income — affiliated in the Statements of Operations.

Other: Expenses directly related to a Fund are charged to that Fund. Other
operating expenses shared by several funds are pro rated among those
funds on the basis of relative net assets or other appropriate methods.
The Funds have an arrangement with the custodians whereby fees may
be reduced by credits earned on uninvested cash balances, which if

SEMI-ANNUAL REPORT JANUARY 31, 2011 39



Notes to Financial Statements (continued)

applicable are shown as fees paid indirectly in the Statements of
Operations. The custodians impose fees on overdrawn cash balances,
which can be offset by accumulated credits earned or may result in
additional custody charges.

2. Derivative Financial Instruments:

The Funds engage in various portfolio investment strategies using derivative
contracts both to increase the returns of the Funds and to economically
hedge, or protect, their exposure to certain risks such as interest rate risk.
These contracts may be transacted on an exchange.

Losses may arise if the value of the contract decreases due to an unfavor-
able change in the market rates or values of the underlying instrument or if
the counterparty does not perform under the contract. Counterparty risk
related to exchange-traded financial futures contracts is deemed to be
minimal due to the protection against defaults provided by the exchange
on which these contracts trade.

Financial Futures Contracts: The Funds purchase or sell financial futures
contracts and options on financial futures contracts to gain exposure to,
or economically hedge against, changes in interest rates (interest rate
risk). Financial futures contracts are agreements between a Fund and the
counterparty to buy or sell a specific quantity of an underlying instrument
at a specified price and at a specified date. Depending on the terms of
the particular contract, futures contracts are settled either through physical
delivery of the underlying instrument on the settlement date or by payment
of a cash settlement amount on settlement date. Pursuant to the contract,
the Funds agree 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 variation and are recorded by the Funds
as unrealized gains or losses. When the contract is closed, the Funds
record 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. The use of financial futures transactions involves the risk of an
imperfect correlation in the movements in the price of financial futures
contracts, interest rates and the underlying assets.

Derivative Instruments Categorized by Risk Exposure:   
The Effect of Derivative Instruments in the Statements of Operations 
Six Months Ended January 31, 2011

  Net Realized Loss from 
  MZA  MYC 
Interest rate contracts:     
Financial futures contracts  $ (33,799) $ (70,024) 
  Net Change in Unrealized 
  Appreciation/Depreciation on 
  MZA  MYC 
Interest rate contracts:     
Financial futures contracts  $ 25,901  $ 53,571 

 

For the six months ended January 31, 2011, the average quarterly
balances of outstanding derivative financial instruments were as follows:

  MZA  MYC 
Financial futures contracts:     
Average number of contracts sold  6  13 
Average notional value of contracts sold  $ 746,801  $ 1,555,836 

 

3. Investment Advisory Agreement and Other Transactions
with Affiliates:

The PNC Financial Services Group, Inc. (“PNC”), Bank of America
Corporation (“BAC”) and Barclays Bank PLC (“Barclays”) are the largest
stockholders of BlackRock, Inc. (“BlackRock”). Due to the ownership
structure, PNC is an affiliate of the Funds for 1940 Act purposes, but
BAC and Barclays are not.

Each Fund entered into an Investment Advisory Agreement with BlackRock
Advisors, LLC (the “Manager”), the Funds’ investment advisor, an indirect,
wholly owned subsidiary of BlackRock, to provide investment advisory and
administration services. The Manager 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 services, each Fund pays the Manager a monthly fee at the
following annual rates of each Fund’s average daily net assets as follows:

MNE  0.55% 
MZA  0.50% 
MYC  0.50% 
MYF  0.50% 
MYJ  0.50% 

 

Average daily net assets are the average daily value of each Fund’s total
assets minus the sum of its accrued liabilities.

The Manager voluntarily agreed to waive its investment advisory fees by the
amount of investment advisory fees each Fund pays to the Manager indi-
rectly through its investment in affiliated money market funds, however the
Manager does not waive its investment advisory fees by the amount of
investment advisory fees paid through each Fund’s investment in other affil-
iated investment companies, if any. These amounts are shown as fees
waived by advisor in the Statements of Operations. For the six months
ended January 31, 2011, the amounts waived were as follows:

MNE  $ 1,215 
MZA  $ 1,495 
MYC  $10,989 
MYF  $ 908 
MYJ  $10,925 

 

The Manager entered into a sub-advisory agreement with BlackRock
Investment Management, LLC (“BIM”), an affiliate of the Manager. The
Manager pays BIM, for services it provides, a monthly fee that is a percent-
age of the investment advisory fees paid by each Fund to the Manager.

For the period August 1, 2010 through December 31, 2010, each Fund
reimbursed the Manager for certain accounting services, which are

40 SEMI-ANNUAL REPORT JANUARY 31, 2011



Notes to Financial Statements (continued)

included in accounting services in the Statements of Operations. The reim-
bursements were as follows:

MNE  $  362 
MZA  $  419 
MYC  $2,255 
MYF  $1,531 
MYJ  $3,084 

 

Effective January 1, 2011, the Funds no longer reimburse the Manager for
accounting services.

Certain officers and/or directors of the Funds are officers and/or directors
of BlackRock or its affiliates. The Funds reimburse the Manager for com-
pensation paid to the Funds’ Chief Compliance Officer.

4. Investments:

Purchases and sales of investments, excluding short-term securities, for the
six months ended January 31, 2011, were as follows:

  Purchases  Sales 
MNE  $10,883,480  $11,325,458 
MZA  $ 7,095,247  $ 3,746,712 
MYC  $87,514,346  $95,067,859 
MYF  $51,174,504  $48,883,654 
MYJ  $38,450,162  $28,860,863 

 

5. Concentration, Market and Credit Risk:

MNE, MZA, MYC and MYJ invest a substantial amount of their assets in
issuers located in a single state or limited number of states. Please see
the Schedules of Investments for concentrations in specific states.

Many municipalities insure repayment of their bonds, which may reduce
the potential for loss due to credit risk. 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.

In the normal course of business, the Funds invest in securities and
enter into transactions where risks exist due to fluctuations in the market
(market risk) or failure of the issuer of a security to meet all its obligations
(issuer credit risk). The value of securities held by the Funds may decline
in response to certain events, including those directly involving the issuers
whose securities are owned by the Funds; conditions affecting the general
economy; overall market changes; local, regional or global political, social
or economic instability; and currency and interest rate and price fluct-
uations. Similar to issuer credit risk, the Funds may be exposed to count-
erparty credit risk, or the risk that an entity with which the Funds have
unsettled or open transactions may fail to or be unable to perform on its
commitments. The Funds manage counterparty credit risk by entering into
transactions only with counterparties that they believe have the financial
resources to honor their obligations and by monitoring the financial stability
of those counterparties. Financial assets, which potentially expose the
Funds to market, issuer and counterparty credit risks, consist principally of
financial instruments and receivables due from counterparties. The extent
of the Funds’ exposure to market, issuer and counterparty credit risks with
respect to these financial assets is generally approximated by their value
recorded in the Funds’ Statements of Assets and Liabilities, less any
collateral held by the Funds.

As of January 31, 2011, MZA and MYC invest a significant portion of
their assets in the County/City/Special District/School District and Utilities
sectors. MYF invests a significant portion of its assets in securities in the
County/City/Special District/School District sector. MYJ invests a significant
portion of its assets in securities in the State sector. Changes in economic
conditions affecting the County/City/Special District/School District, State
and Utilities sectors would have a greater impact on the Funds, and could
affect the value, income and/or liquidity of positions in such securities.

6. Capital Share Transactions:

Each Fund, except for MYF, is authorized to issue 200 million shares (MYF
is authorized to issue an unlimited number of shares, par value $0.10 per
share) including Preferred Shares, all of which were initially classified as
Common Shares. Each Board is authorized, however, to reclassify any
unissued shares without approval of Common Shareholders.

Common Shares

For the periods shown, shares issued and outstanding increased by the
following amounts as a result of dividend reinvestment:

  Six Months Ended  Year Ended 
  January 31,  July 31, 
  2011  2010 
MZA  3,936  8,600 
MYF  9,258   
MYJ  18,587   

 

Shares issued and outstanding remained constant for MNE and MYC
for the six months ended January 31, 2011 and the year ended
July 31, 2010.

Preferred Shares

The Preferred Shares are redeemable at the option of each Fund, in whole
or in part, on any dividend payment date at their liquidation preference
per share plus any accumulated and unpaid dividends whether or not
declared. The Preferred Shares are also subject to mandatory redemption
at their liquidation preference plus any accumulated and unpaid dividends,
whether or not declared, if certain requirements relating to the composition
of the assets and liabilities of a Fund, as set forth in each Fund’s Articles
of Supplementary/ Statement of Preferences/Certificate of Designation
as applicable, (the “Governing Instrument”) are not satisfied.

From time to time in the future, each Fund may effect repurchases of its
Preferred Shares at prices below their liquidation preference as agreed
upon by the Fund and seller. Each Fund also may redeem its Preferred
Shares from time to time as provided in the applicable Governing
Instrument. Each Fund intends to effect such redemptions and/or repur-
chases to the extent necessary to maintain applicable asset coverage
requirements or for such other reasons as the Board may determine.

SEMI-ANNUAL REPORT JANUARY 31, 2011 41



Notes to Financial Statements (continued)

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 each 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 sub-classification as a closed-end investment company or change
its fundamental investment restrictions or (c) change its business so as to
cease to be an investment company.

The Funds had the following series of Preferred Shares outstanding,
effective yields and reset frequency as of January 31, 2011:

        Reset 
    Preferred  Effective Frequency 
  Series  Shares  Yield  Days 
MNE  F7  1,185  1.50%1  7 
MZA  A  499  0.44%2  7 
  B  668  0.41%2  7 
  C  385  1.50%1  7 
MYC  A  1,453  0.41%2  28 
  B  1,453  0.44%2  7 
  C  484  0.37%2  28 
  D  848  1.47%1  7 
MYF  A  1,189  0.44%2  7 
  B  865  0.44%2  7 
  C  325  1.50%1  7 
MYJ  A  2,061  0.44%2  7 
  B  1,288  0.44%2  7 
  C  739  1.47%1  7 

1 The maximum applicable rate on this series of Preferred Shares is the higher of
110% plus or times (i) the Telerate/BAA LIBOR or (ii) 90% of 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% 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.

Dividends on seven-day and 28-day Preferred Shares are cumulative at
a rate which is reset every seven or 28 days, respectively, based on the
results of an auction. If the Preferred Shares fail 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 shares are successfully auctioned. The
maximum applicable rate on the Preferred Shares is as footnoted in the
preceding table above. The low, high and average dividend rates on the

Preferred Shares for each Fund for the six months ended January 31,
2011 were as follows:

  Series  Low  High  Average 
MNE  F7  1.43%  1.56%  1.48% 
MZA  A  0.37%  0.50%  0.42% 
  B  0.37%  0.50%  0.42% 
  C  1.43%  1.56%  1.48% 
MYC  A  0.38%  0.50%  0.43% 
  B  0.37%  0.50%  0.42% 
  C  0.37%  0.46%  0.43% 
  D  1.43%  1.56%  1.49% 
MYF  A  0.37%  0.50%  0.42% 
  B  0.37%  0.50%  0.42% 
  C  1.43%  1.56%  1.48% 
MYJ  A  0.37%  0.50%  0.42% 
  B  0.37%  0.50%  0.42% 
  C  1.43%  1.56%  1.48% 

 

Since February 13, 2008, the Preferred Shares of the Funds 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 0.37% to 1.56%
for the six months ended January 31, 2011. A failed auction is not an
event of default for the Funds but it has a negative impact on the liquidity
of Preferred Shares. A failed auction occurs when there are more sellers of
a Fund’s auction rate Preferred Shares than buyers. A successful auction
for the Funds’ Preferred Shares may not occur for some time, if ever, and
even if liquidity does resume, Preferred Shareholders may not have the
ability to sell the Preferred Shares at their 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 Funds pay commissions of 0.15% on the aggregate principal amount
of all shares that fail to clear their auctions and 0.25% on the aggregate
principal amount of all shares that successfully clear their auctions.
Certain broker dealers have individually agreed to reduce commissions
for failed auctions.

Preferred Shares issued and outstanding remained constant for the six
months ended January 31, 2011 and the year ended July 31, 2010 for
all Funds.

During the period, MZA, MYC, MYF and MYJ entered into a Fee Agreement
(the “Agreement”) with a financial institution in relation to the potential
refinancing of Preferred Shares. Pursuant to the terms of the Agreement,
effective February 1, 2011 MZA, MYC, MYF and MYJ will pay a liquidity fee,
through the earlier of the date of the potential refinancing or July 1, 2011,
at an annual rate of 0.50% of the potential refinancing amounts.

42 SEMI-ANNUAL REPORT JANUARY 31, 2011



Notes to Financial Statements (concluded)

7. Capital Loss Carryforwards:

As of July 31, 2010, the Funds had capital loss carryforwards available to
offset future realized capital gains through the indicated expiration dates:

Expires July 31,  MNE  MZA  MYC 
2011      $ 178,107 
2012  $ 134,161     
2015  25,350     
2016  739,187  $ 318,483  393,490 
2017  501,235    169,064 
2018  840,312  870,092  4,870,067 
Total  $ 2,240,245  $ 1,188,575   $ 5,610,728 

 

Expires July 31,  MYF  MYJ 
2011     
2012  $ 1,266,217  $ 239,556 
2015     
2016  2,101,744  104,422 
2017    421,488 
2018  9,884,628  1,234,241 
Total  $ 13,252,589  $ 1,999,707   

 

Under the recently enacted Regulated Investment Company Modernization
Act of 2010, capital losses incurred by the Funds after July 31, 2011 will
not be subject to expiration. In addition, these losses must be utilized prior
to the losses incurred in pre-enactment taxable years.

8. Subsequent Events:

Management’s evaluation of the impact of all subsequent events on the
Funds’ financial statements was completed through the date the financial
statements were issued and the following items were noted:

Each Fund paid a net investment income dividend on March 1, 2011 to
Common Shareholders of record on February 15, 2011 as follows:

  Common Dividend 
  Per Share 
MNE  $0.0610 
MZA  $0.0695 
MYC  $0.0790 
MYF  $0.0775 
MYJ  $0.0725 

 

The dividends declared on Preferred Shares for the period February 1,
2011 to February 28, 2011 were as follows:

    Dividends 
  Series  Declared 
MNE  F7  $33,620 
MZA  A  $ 3,954 
  B  $ 5,365 
  C  $10,922 
MYC  A  $11,629 
  B  $11,513 
  C  $ 3,681 
  D  $24,089 
MYF  A  $ 9,421 
  B  $ 6,837 
  C  $ 9,211 
MYJ  A  $16,331 
  B  $10,258 
  C  $20,993 

 

SEMI-ANNUAL REPORT JANUARY 31, 2011 43



Officers and Directors

Richard E. Cavanagh, Chairman of the Board and Director
Karen P. Robards, Vice Chair of the Board, Chair of the Audit Committee
and Director
Richard S. Davis, Fund President1 and Director
Frank J. Fabozzi, Director and Member of the Audit Committee
Kathleen F. Feldstein, Director
James T. Flynn, Director and Member of the Audit Committee
Henry Gabbay, Director
Jerrold B. Harris, Director
R. Glenn Hubbard, Director
W. Carl Kester, Director and Member of the Audit Committee
Anne Ackerley, Fund President2 and Chief Executive Officer
Brendan Kyne, Vice President
Brian Schmidt, Vice President
Neal Andrews, Chief Financial Officer
Jay Fife, Treasurer
Brian Kindelan, Chief Compliance Officer
Ira Shapiro, Secretary
1 For MYF.
2 For MNE, MZA, MYC and MYJ.

Investment Advisor
BlackRock Advisors, LLC
Wilmington, DE 19809

Sub-Advisor
BlackRock Investment Management, LLC
Plainsboro, NJ 08536

Custodians
State Street Bank and Trust Company3
Boston, MA 02111

The Bank of New York Mellon4
New York, NY 10286

Transfer Agent
Common Shares
Computershare Trust Company, N.A.3
Providence, RI 02940

BNY Mellon Shareowner Services4
Jersey City, NJ 07310

Auction Agent
Preferred Shares
BNY Mellon Shareowner Services
Jersey City, NJ 07310

Accounting Agent
State Street Bank and Trust Company
Princeton, NJ 08540

Independent Registered Public Accounting Firm
Deloitte & Touche LLP
Princeton, NJ 08540

Legal Counsel
Skadden, Arps, Slate, Meagher & Flom LLP
New York, NY 10036

Address of the Funds
100 Bellevue Parkway
Wilmington, DE 19809
3 For MNE.
4 For MZA, MYC, MYF and MYJ.

Effective February 11, 2011, John M. Perlowski became President and
Chief Executive Officer of the Funds.

Effective November 10, 2010, Ira Shapiro became Secretary of the Funds.

44 SEMI-ANNUAL REPORT JANUARY 31, 2011



Additional Information

Proxy Results

The Annual Meeting of Shareholders was held on September 2, 2010 for shareholders of record on July 6, 2010, to elect director nominees for each
Fund. Due to a lack of quorum of Preferred Shares, action on the proposal regarding the preferred shares nominees' election for MNE, MZA and MYJ was
subsequently adjourned to October 5, 2010; and action on the proposal regarding preferred shares nominees’ election for MNE, MZA and MYJ was addi-
tionally adjourned to November 2, 2010. There were no broker non-votes with regard to any of the Funds.

  Richard E. Cavanagh    Richard S. Davis    Frank J. Fabozzi 
    Votes      Votes      Votes   
  Votes For  Withheld  Abstain  Votes For  Withheld  Abstain  Votes For  Withheld  Abstain 
MNE¹  3,504,891  441,106  0  3,576,393  369,604  0  128  0  0 
MZA¹  4,172,494  175,458  0  4,210,630  137,322  0  350  0  0 
MYC  18,009,777  441,738  0  18,011,127  440,388  0  2,473  60  0 
MYF  12,289,380  246,926  0  12,268,075  268,231  0  1,943  26  0 
MYJ¹  12,778,504  305,722  0  12,786,058  298,168  0  702  54  0 
  Kathleen F. Feldstein    James T. Flynn      Henry Gabbay 
    Votes      Votes      Votes   
  Votes For  Withheld  Abstain  Votes For  Withheld  Abstain  Votes For  Withheld  Abstain 
MNE  3,394,898  551,099  0  3,576,393  369,604  0  3,576,393  369,604  0 
MZA  4,193,967  153,985  0  4,172,494  175,458  0  4,172,494  175,458  0 
MYC  17,984,817  466,698  0  18,000,029  451,486  0  18,013,827  437,688  0 
MYF  12,268,354  267,952  0  12,265,475  270,831  0  12,287,040  249,266  0 
MYJ  12,785,432  298,794  0  12,862,779  221,447  0  12,808,309  275,917  0 
    Jerrold B. Harris    R. Glenn Hubbard    W. Carl Kester 
    Votes      Votes      Votes   
  Votes For  Withheld  Abstain  Votes For  Withheld  Abstain  Votes For  Withheld  Abstain 
MNE¹  3,504,891  441,106  0  3,447,586  498,411  0  128  0  0 
MZA¹  4,205,716  142,236  0  4,196,042  151,910  0  350  0  0 
MYC  17,995,777  455,738  0  18,083,313  368,202  0  2,473  60  0 
MYF  12,286,040  250,266  0  12,215,046  321,260  0  1,943  26  0 
MYJ¹  12,787,059  297,167  0  12,795,474  288,752  0  705  51  0 
    Karen P. Robards             
    Votes               
  Votes For  Withheld  Abstain             
MNE  3,571,569  374,428  0             
MZA  4,206,238  141,714  0             
MYC  17,986,805  464,710  0             
MYF  12,283,386  252,920  0             
MYJ  12,809,921  274,305  0             
1 Due to the lack of a quorum of Preferred Shares, MNE, MZA and MYJ were unable to act on the election of the two directors reserved for election solely by the Preferred   
Shareholders for the Funds. Accordingly, Frank J. Fabozzi and W. Carl Kester will remain in office and continue to serve as directors for the Funds.     

 

SEMI-ANNUAL REPORT JANUARY 31, 2011 45



Additional Information (continued)

Dividend Policy

The Funds’ dividend policy is to distribute all or a portion of their net
investment income to its shareholders on a monthly basis. In order to pro-
vide 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.

General Information

Electronic Delivery

Electronic copies of most financial reports are available on the Funds’ web-
sites or shareholders can sign up for e-mail notifications of quarterly state-
ments, 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.

Householding

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 is intended to reduce expenses and eliminate
duplicate mailings of shareholder documents. Mailings of your share-
holder 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
call (800) 441-7762.

Availability of Quarterly Schedule of Investments

Each Fund files its complete schedule of portfolio holdings with the
Securities and Exchange Commision (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. Each Fund’s Forms N-Q may also be obtained upon
request and without charge by calling (800) 441-7762.

Availability of Proxy Voting Policies and Procedures

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 (800) 441-7762;
(2) at http://www.blackrock.com; and (3) on the SEC’s website at
http://www.sec.gov.

Availability of Proxy Voting Record

Information 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
http://www.blackrock.com or by calling (800) 441-7762 and (2) on the
SEC’s website at http://www.sec.gov.

Availability of Fund Updates

BlackRock will update performance and certain other data for the Funds
on a monthly basis on its website in the “Closed-end Funds” section of
http://www.blackrock.com. Investors and others are advised to periodically
check the website for updated performance information and the release of
other material information about the Funds.

46 SEMI-ANNUAL REPORT JANUARY 31, 2011



Additional Information (concluded)

BlackRock Privacy Principles

BlackRock is committed to maintaining the privacy of its current and for-
mer 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 applica-
tions, forms or other documents; (ii) information about your transactions
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 pro-
cedures relating to the proper storage and disposal of such information.

SEMI-ANNUAL REPORT JANUARY 31, 2011 47



This report is transmitted to shareholders only. It is not a prospectus. 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 reduce the Common Shares’ yield. Statements and other information herein are as dated and are subject to change.




Item 2 – Code of Ethics – Not Applicable to this semi-annual report

Item 3 – Audit Committee Financial Expert – Not Applicable to this semi-annual report

Item 4 – Principal Accountant Fees and Services – Not Applicable to this semi-annual report

Item 5 – Audit Committee of Listed Registrants – Not Applicable to this semi-annual report

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 – Not Applicable to this semi-annual report

Item 8 – Portfolio Managers of Closed-End Management Investment Companies –
(a) Not Applicable to this semi-annual report
(b) As of the date of this filing, there have been no changes to any of the portfolio managers
identified in the most recent annual report on Form N-CSR

Item 9 – Purchases of Equity Securities by Closed-End Management Investment Company and
Affiliated Purchasers – Not Applicable

Item 10 – Submission of Matters to a Vote of Security Holders – There have been no material
changes to these procedures.

Item 11 – Controls and Procedures

(a) – The registrant’s principal executive and principal financial officers or persons
performing similar functions have concluded that the registrant’s disclosure controls and
procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as
amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this
report based on the evaluation of these controls and procedures required by Rule 30a-3(b)
under the 1940 Act and Rule 13a-15(b) under the Securities Exchange Act of 1934, as
amended.

(b) – There were no changes in the registrant’s internal control over financial reporting (as
defined in Rule 30a-3(d) under the 1940 Act) that occurred during the second fiscal quarter
of the period covered by this report that have materially affected, or are reasonably likely to
materially affect, the registrant’s internal control over financial reporting.

Item 12 – Exhibits attached hereto

(a)(1) – Code of Ethics – Not Applicable to this semi-annual report

(a)(2) – Certifications – Attached hereto

(a)(3) – Not Applicable

(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/ John M. Perlowski
John M. Perlowski
Chief Executive Officer (principal executive officer) of
BlackRock MuniYield California Fund, Inc.

Date: April 4, 2011

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment
Company Act of 1940, this report has been signed below by the following persons on behalf
of the registrant and in the capacities and on the dates indicated.

By: /S/ John M. Perlowski
John M. Perlowski
Chief Executive Officer (principal executive officer) of
BlackRock MuniYield California Fund, Inc.

Date: April 4, 2011

By: /S/ Neal J. Andrews
Neal J. Andrews
Chief Financial Officer (principal financial officer) of
BlackRock MuniYield California Fund, Inc.

Date: April 4, 2011