Edgar Filing: BLACKROCK MUNIYIELD CALIFORNIA FUND, INC

January SARs -- Converted by SEC Publisher, created by BCL Technologies Inc., for SEC Filing

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSRS

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT
COMPANIES

Investment Company Act file number 811-06499

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

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

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

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

Date of fiscal year end: 07/31/2009

Date of reporting period: 08/01/2008 – 01/31/2009

Item 1 – Report to Stockholders

EQUITIES FIXED INCOME REAL ESTATE LIQUIDITY ALTERNATIVES BLACKROCK SOLUTIONS

Semi-Annual Report

JANUARY 31, 2009 | (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

MAY LOSE VALUE

NO BANK GUARANTEE

Table of Contents

		Page
A Letter to Shareholders		3
Semi-Annual Report:
Fund Summaries		4
The Benefits and Risks of Leveraging		9
Financial Statements:
Schedules of Investments		10
Statements of Assets and Liabilities		30
Statements of Operations		32
Statements of Changes in Net Assets		34
Financial Highlights		37
Notes to Financial Statements		42
Officers and Directors or Trustees		48
Additional Information		48

2 SEMI-ANNUAL REPORT

JANUARY 31, 2009

A Letter to Shareholders

Dear Shareholder

The present time may well be remembered as one of the most tumultuous periods in financial market history. Over the past year, the bursting of the

housing bubble and the resultant credit crisis swelled into an all-out global financial market meltdown that featured the collapse of storied financial

firms, volatile swings in the world’s financial markets and monumental government responses, including the nearly $800 billion economic stimulus

plan signed into law just after period end.

The US economy appeared relatively resilient through the first few months of 2008, when rising food and energy prices fueled inflation fears. Mid-

summer ushered in dramatic changes — inflationary pressure subsided amid a plunge in commodity prices, while economic pressures intensified in

the midst of a rapid deterioration in consumer spending, employment and other key indicators. By year’s end, the National Bureau of Economic

Research affirmed that the United States was in a recession, which officially began in December 2007. The Federal Reserve Board (the “Fed”), after

slashing interest rates aggressively early in the period, resumed that rate-cutting campaign in the fall, with the final reduction in December 2008 bring-

ing the target federal funds rate to a record low range of between zero and 0.25% . Importantly, the central bank pledged that future policy moves to

revive the global economy and financial markets would comprise primarily nontraditional and quantitative easing measures, such as capital injections,

lending programs and government guarantees.

Against this backdrop, US equity markets experienced intense volatility, with the sentiment turning decisively negative toward period end. Declines were

significant and broad-based, with little divergence among large- and small-cap stocks. Non-US stocks posted stronger results early on, but quickly lost

ground as the credit crisis revealed itself to be global in scope and as the worldwide economic slowdown gathered pace. Overall, aggressive monetary

and fiscal policy, combined with the defensiveness of the US, helped domestic equities notch better performance than their non-US counterparts.

In fixed income markets, risk aversion remained the popular theme, leading the Treasury sector to top all other asset classes. The high yield market

was particularly hard hit in this environment, as economic turmoil, combined with frozen credit markets and substantial technical pressures, took a

heavy toll. Meanwhile, the municipal bond market was challenged by a dearth of market participants, lack of liquidity, difficult funding environment and

backlog of new-issue supply, which sent prices lower and yields well above Treasuries. By period end, however, some positive momentum had returned

to the municipal space.

In all, an investor flight to safety prevailed, as evidenced in the six- and 12-month returns of the major benchmark indexes:
Total Returns as of January 31, 2009	6-month	12-month
US equities (S&P 500 Index)	(33.95)%	(38.63)%
Small cap US equities (Russell 2000 Index)	(37.38)	(36.84)
International equities (MSCI Europe, Australasia, Far East Index)	(40.75)	(43.74)
US Treasury securities (Merrill Lynch 10-Year US Treasury Index)	11.96	10.64
Taxable fixed income (Barclays Capital US Aggregate Bond Index*)	3.23	2.59
Tax-exempt fixed income (Barclays Capital Municipal Bond Index*)	0.70	(0.16)
High yield bonds (Barclays Capital US Corporate High Yield 2% Issuer Capped Index*)	(19.07)	(19.72)

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

Through periods of market turbulence, as ever, BlackRock’s full resources are dedicated to the management of our clients’ assets. For our most

current views on the economy and financial markets, we invite you to visit www.blackrock.com/funds. We thank you for entrusting BlackRock with

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

THIS PAGE NOT PART OF YOUR FUND REPORT

Fund Summary as of January 31, 2009 BlackRock Muni New York Intermediate Duration Fund, Inc.

Investment Objective

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

Performance

For the six months ended January 31, 2009, the Fund returned (13.41)% based on market price and (6.67)% based on net asset value (“NAV”). For
the same period, the closed-end Lipper Intermediate Municipal Debt Funds category posted an average return of (6.71)% on a market price basis and
(4.53)% on a NAV basis. All returns reflect reinvestment of dividends. The Fund’s discount to NAV, which widened during the period, accounts for the dif-
ference between performance based on price and performance based on NAV. Fund performance was positively influenced by its average distribution
rate. Negative impacts on performance came from overweights in corporate credits, housing bonds and healthcare bonds, and from an underweight in
tax-backed bonds. The Fund’s overweight in bonds with maturities greater than 15 years detracted overall, but benefited performance toward the end of
the period. Fortunately, management avoided selling these holdings when values were distressed, which would have locked in their underperformance.

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

Fund Information
	Symbol on New York Stock Exchange	MNE
	Initial Offering Date	August 1, 2003
	Yield on Closing Market Price as of January 31, 2009 ($10.17)¹	6.25%
	Tax Equivalent Yield²	9.62%
	Current Monthly Distribution per Common Share³	$0.053
	Current Annualized Distribution per Common Share³	$0.636
	Leverage as of January 31, 2009⁴	38%

	¹Yield 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.
	²Tax equivalent yield assumes the maximum federal tax rate of 35%.
	³The distribution is not constant and is subject to change.

⁴Represents 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 9.

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

	1/31/09	7/31/08	Change	High	Low
Market Price	$10.17	$12.12	(16.09)%	$12.33	$ 7.50
Net Asset Value	$12.22	$13.51	(9.55)%	$13.88	$10.70

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

Sector Allocations
	1/31/09	7/31/08
State	19%	18%
County/City/Special District/
School District	16	13
IDA/PCR/Resource Recovery	15	16
Housing	11	12
Transportation	10	11
Hospitals/Healthcare	10	9
Education	9	10
Utilities — Electric & Gas	7	9
Utilities — Water & Sewer	1	1
Tobacco	1	1
Lease Obligations	1	—

Credit Quality Allocations⁵
	1/31/09	7/31/08
AAA/Aaa	13%	6%
AA/Aa	41	43
A/A	17	21
BBB/Baa	17	15
BB/Ba	6	9
CCC/Caa	2	2
Not Rated⁶	4	4

⁵Using the higher of Standard & Poor’s (“S&P”) or Moody’s
Investors Service (“Moody’s”) ratings.
⁶The investment advisor has deemed certain of these non-rated
securities to be of investment grade quality. As of January 31,
2009 and July 31, 2008, the market value of these securities was
$1,557,256 representing 2% and $1,927,760 representing 2%,
respectively, of the Fund’s long-term investments.

4 SEMI-ANNUAL REPORT

JANUARY 31, 2009

Fund Summary as of January 31, 2009 BlackRock MuniYield Arizona Fund, Inc.

Investment Objective

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

Performance

For the six months ended January 31, 2009, the Fund returned (25.75)% based on market price and (9.52)% based on NAV. For the same period, the
closed-end Lipper Other States Municipal Debt Funds category posted an average return of (7.88)% on a market price basis and (5.61)% on a NAV
basis. All returns reflect reinvestment of dividends. The Fund moved from a premium to NAV to a discount by period-end, which accounts for the differ-
ence between performance based on price and performance based on NAV. The Fund benefited from its above-average yield, but performance was
hindered by above-average exposure to the longer end of the yield curve, where yields rose. The Fund’s above-average exposure to lower-rated credits
and other spread sectors, such as housing bonds, also hurt performance. The spread between high-grade and lower-rated credits generally widened, as
credit markets adjusted to higher perceived risks and an overall weaker economy. Fund management worked to upgrade credit quality when practical
during this very volatile and illiquid performance period.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions.
These views are not intended to be a forecast of future events and are no guarantee of future results.

Fund Information

	Symbol on American Stock Exchange	MZA
	Initial Offering Date	October 29, 1993
	Yield on Closing Market Price as of January 31, 2009 ($10.02)¹	6.83%
	Tax Equivalent Yield²	10.51%
	Current Monthly Distribution per Common Share³	$0.057
	Current Annualized Distribution per Common Share³	$0.684
	Leverage as of January 31, 2009⁴	44%

¹Yield 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.
²Tax equivalent yield assumes the maximum federal tax rate of 35%.
³The distribution is not constant and is subject to change.
⁴Represents 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 9.

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

	1/31/09	7/31/08	Change	High	Low
Market Price	$10.02	$13.94	(28.12)%	$14.30	$7.28
Net Asset Value	$11.22	$12.81	(12.41)%	$13.12	$9.60

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

Sector Allocations
	1/31/09	7/31/08
County/City/Special District/
School District	31%	28%
Education	14	22
Hospitals/Healthcare	13	15
Utilities — Water & Sewer	11	8
Housing	12	10
Utilities — Electric & Gas	9	7
State	5	4
Transportation	3	3
IDA/PCR/Resource Recovery	1	2
Utilities — Irrigation, Resource
Recovery, Solid Waste & Other	1	1

Credit Quality Allocations⁵
	1/31/09	7/31/08
AAA/Aaa	21%	11%
AA/Aa	32	36
A/A	24	27
BBB/Baa	19	20
BB/Ba	1	1
B/B	1	1
Not Rated⁶	2	4

⁵Using the higher of S&P’s or Moody’s ratings.
⁶The investment advisor has deemed certain of these non-rated
securities to be of investment grade quality. As of January 31,
2009 and July 31, 2008, the market value of these securities
was $864,063 representing 1% and $2,300,385 representing
2%, respectively, of the Fund’s long-term investments.

SEMI-ANNUAL REPORT

JANUARY 31, 2009

Fund Summary as of January 31, 2009 BlackRock MuniYield California Fund, Inc.

Investment Objective

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

Performance

For the six months ended January 31, 2009, the Fund returned (15.81)% based on market price and (4.00)% based on NAV. For the same period,
the closed-end Lipper California Municipal Debt Funds category posted an average return of (18.01)% on a market price basis and (11.97)% on a
NAV basis. 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. A neutral duration posture and a relatively high cash equivalent reserve pro-
vided some cushion to the Fund’s NAV, limiting the volatility stemming from rising tax-exempt long-term investment rates. The Fund also benefited
from a marginal degree of credit spread tightening. Management’s strategy is to pursue a balanced approach to returns by improving current yield
and committing cash reserves opportunistically. Credit fundamentals warrant close monitoring in the current weak economic environment, and
management will improve quality as opportunities arise.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions.
These views are not intended to be a forecast of future events and are no guarantee of future results.

Fund Information

Symbol on New York Stock Exchange

MYC

Initial Offering Date

February 28, 1992

Yield on Closing Market Price as of January 31, 2009 ($10.66)¹

6.19%

Tax Equivalent Yield²

9.52%

Current Monthly Distribution per Common Share³

$0.055

Current Annualized Distribution per Common Share³

$0.660

Leverage as of January 31, 2009⁴

41%

¹Yield 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.

²Tax equivalent yield assumes the maximum federal tax rate of 35%.

³The distribution is not constant and is subject to change.

⁴Represents 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 9.

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

1/31/09

7/31/08

Change

High

Low

Market Price

$10.66

$13.07

(18.44)%

$13.41

$ 7.07

Net Asset Value

$12.75

$13.71

(7.00)%

$14.06

$10.31

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

Sector Allocations			Credit Quality Allocations⁵

	1/31/09	7/31/08		1/31/09	7/31/08
County/City/Special District/			AAA/Aaa	37%	43%
School District	39%	36%	AA/Aa	44	39
Education	15	17	A/A	14	14
Utilities — Electric & Gas	10	8	BBB/Baa	5	4
Utilities — Water & Sewer	10	7
Hospitals/Healthcare	8	11
Transportation	6	6	⁵Using the higher of S&P’s or Moody’s ratings.
Utilities — Irrigation, Resource
Recovery, Solid Waste & Other	4	3
State	3	5
IDA/PCR/Resource Recovery	2	2
Lease Obligations	2	3
Housing	1	2

6 SEMI-ANNUAL REPORT

JANUARY 31, 2009

Fund Summary as of January 31, 2009 BlackRock MuniYield Investment Fund

Investment Objective

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

Effective September 16, 2008, BlackRock MuniYield Florida Fund was renamed BlackRock MuniYield Investment Fund.

Performance

For the six months ended January 31, 2009, the Fund returned (9.77)% based on market price and (8.03)% based on NAV. For the same period, the
closed-end Lipper General Municipal Debt Funds (Leveraged) category posted an average return of (12.07)% on a market price basis and (12.78)% on a
NAV basis. 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. Sector allocation played an important role in determining how the Fund performed during
the reporting period. The Fund’s significant overweight in pre-refunded bonds in the one- to five-year maturity range aided comparative results, as the yield
curve steepened and short- and intermediate-maturity issues outperformed. Overweighted holdings in the education and transportation sectors also
enhanced the Fund’s performance.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions.
These views are not intended to be a forecast of future events and are no guarantee of future results.

Fund Information
	Symbol on New York Stock Exchange	MYF
	Initial Offering Date	February 28, 1992
	Yield on Closing Market Price as of January 31, 2009 ($10.37)¹	6.71%
	Tax Equivalent Yield²	10.32%
	Current Monthly Distribution per Common Share³	$0.058
	Current Annualized Distribution per Common Share³	$0.696
	Leverage as of January 31, 2009⁴	40%

	1/31/09	7/31/08	Change	High	Low
Market Price	$10.37	$11.91	(12.93)%	$12.17	$ 6.74
Net Asset Value	$12.06	$13.59	(11.26)%	$13.87	$10.49

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

Sector Allocations			Credit Quality Allocations⁵
	1/31/09	7/31/08		1/31/09	7/31/08
Transportation	26%	24%	AAA/Aaa	27%	34%
County/City/Special District/			AA/Aa	35	34
School District	17	16	A/A	28	16
Hospitals/Healthcare	16	20	BBB/Baa	6	8
Education	10	7	Not Rated⁶	4	8
IDA/PCR/Resource Recovery	10	11
			⁵Using the higher of S&P’s or Moody’s ratings.
Utilities — Electric & Gas	6	2
Housing	4	4	⁶The investment advisor has deemed certain of these non-rated
Utilities — Water & Sewer	3	5	securities to be of investment grade quality. As of January 31,
Lease Obligations/Certificates			2009 and July 31, 2008, the market value of these securities was
			$4,162,015 representing 2% and $13,599,832 representing 5%,
of Participation	3	3
			respectively, of the Fund’s long-term investments.
Special Tax	2	2
Utilities — Irrigation, Resource
Recovery, Solid Waste & Other	2	4
State	1	2

SEMI-ANNUAL REPORT

JANUARY 31, 2009

Fund Summary as of January 31, 2009 BlackRock MuniYield New Jersey Fund, Inc.

Investment Objective

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

Performance

For the six months ended January 31, 2009, the Fund returned (10.64)% based on market price and (4.59)% based on NAV. For the same period,
the closed-end Lipper New Jersey Municipal Debt Funds category posted an average return of (11.15)% on a market price basis and (9.23)% on a
NAV basis. 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. Sector allocation played an important role in determining how the Fund per-
formed during the reporting period. Enhancing the performance of the Fund were its overweighted holdings in education, tax-backed and utility bonds.
As the economic downturn continued, these essential service sectors significantly outperformed all spread products.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions.
These views are not intended to be a forecast of future events and are no guarantee of future results.

Fund Information

Symbol on New York Stock Exchange

MYJ

Initial Offering Date

May 1, 1992

Yield on Closing Market Price as of January 31, 2009 ($11.72)¹

5.94%

Tax Equivalent Yield²

9.14%

Current Monthly Distribution per Common Share³

$0.058

Current Annualized Distribution per Common Share³

$0.696

Leverage as of January 31, 2009⁴

37%

¹Yield 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.

²Tax equivalent yield assumes the maximum federal tax rate of 35%.

³The distribution is not constant and is subject to change.

⁴Represents 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 9.

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

1/31/09

7/31/08

Change

High

Low

Market Price

$11.72

$13.52

(13.31)%

$14.00

$ 8.15

Net Asset Value

$13.29

$14.36

(7.45)%

$14.68

$11.62

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

Sector Allocations			Credit Quality Allocations⁵

	1/31/09	7/31/08		1/31/09	7/31/08
Transportation	20%	19%	AAA/Aaa	27%	29%
IDA/PCR/Resource Recovery	18	19	AA/Aa	34	38
Education	14	14	A/A	28	19
Hospitals/Healthcare	13	14	BBB/Baa	8	11
Housing	10	9	Not Rated⁶	3	3
State	9	8
			⁵Using the higher of S&P’s or Moody’s ratings.
County/City/Special District/
			⁶The investment advisor has deemed certain of these non-rated
School District	8	9
			securities to be of investment grade quality. As of January 31,
Utilities — Water & Sewer	4	4	2009 and July 31, 2008, the market value of these securities was
Utilities — Electric & Gas	2	2	$5,664,698 representing 2% and $11,259,091 representing 2%,
Lease Obligations/Certificates			respectively, of the Fund's long-term investments.
of Participation	2	1
Escrowed Bond	—	1

8 SEMI-ANNUAL REPORT

JANUARY 31, 2009

The Benefits and Risks of Leveraging

The Funds may utilize leverage to seek to enhance the yield and NAV of
its Common Shares. However, these objectives cannot be achieved in all
interest rate environments.

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

To illustrate these concepts, assume a Fund’s Common Shares capital-
ization is $100 million and it issues Preferred Shares for an additional
$50 million, creating a total value of $150 million available for invest-
ment 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 Fund’s total portfolio of $150 million earns the
income based on long-term interest rates. In this case, the dividends
paid to Preferred Shareholders are significantly lower than the income
earned on the Fund’s long-term investments, and therefore the Common
Shareholders are the beneficiaries of the incremental yield.

Conversely, 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 dividends on the higher short-term interest rates whereas
the Fund’s total portfolio earns income based on lower long-term interest
rates. If short-term interest rates rise, narrowing the differential between
short-term and long-term interest rates, the incremental yield pickup on
the Common Shares will be reduced or eliminated completely.

Furthermore, the value of the Fund’s 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 Fund’s Preferred Shares does not fluctuate in
relation to interest rates. As a result, changes in interest rates can influ-
ence the Fund’s NAV positively or negatively in addition to the impact on
Fund performance from leverage from Preferred Shares discussed above.
Certain Funds may also, from time to time, leverage its assets through
the use of tender option bond (“TOB”) programs, as described in Note 1
of the Notes to Financial Statements. TOB investments generally will pro-
vide 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, fluctua-
tions in the market value of municipal bonds deposited into the TOB trust
may adversely affect the Funds’ NAV per share.

The use of leverage may enhance opportunities for increased returns 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 generally cause greater changes in a Funds’ NAV, market price and
dividend rate than a comparable portfolio 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 securi-
ties purchased is not sufficient to cover the cost of leverage, the Funds’
net income will be less than if leverage had not been used, and there-
fore the amount available for distribution to shareholders will be
reduced. The Funds may be required to sell portfolio securities at in-
opportune times or below fair market 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 the Fund to incur
losses. The use of leverage may limit the Funds’ 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 a Fund. The Funds will incur expenses in con-
nection with the use of leverage, all of which are borne by the holders of
the Common Shares and may reduce returns on 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 its total managed
assets at the time of issuance. Under normal circumstances, each Fund
anticipates that the total economic leverage from Preferred Shares and
TOBs will not exceed 50% of its total managed assets at the time such
leverage is incurred. As of January 31, 2009, the following Funds had
economic leverage from Preferred Shares and TOBs as a percentage of
their total managed assets as follows:

		Percent of
		Leverage
BlackRock Muni New York Intermediate Duration Fund, Inc		38%
BlackRock MuniYield Arizona Fund, Inc		44%
BlackRock MuniYield California Fund, Inc		41%
BlackRock MuniYield Investment Fund		40%
BlackRock MuniYield New Jersey Fund, Inc		37%

SEMI-ANNUAL REPORT

JANUARY 31, 2009

Schedule of Investments January 31, 2009 (Unaudited) BlackRock Muni New York Intermediate Duration Fund, Inc. (MNE)

(Percentages shown are based on Net Assets)

Par

Municipal Bonds

(000)

Value

Municipal Bonds

(000)

Value

New York — 124.3%

New York (continued)

County/City/Special District/School District — 19.3%

Hospitals/Healthcare — 14.1%

New York City, New York, City Transitional Finance

Dutchess County, New York, IDA, Civic Facility

Authority, Building Aid Revenue Bonds, Series S-1,

Revenue Bonds (Saint Francis Hospital), Series B,

5%, 7/15/24 (c)(d)

$ 1,000

$ 1,012,350

7.25%, 3/01/19

$ 410

$ 370,439

New York City, New York, GO:

Genesee County, New York, IDA Civic Facility Revenue

Series A-1, 4.75%, 8/15/25

1,000

944,940

Refunding Bonds (United Memorial Medical Center

Series J, 5.25%, 5/15/18 (d)

1,500

1,606,995

Project), 4.75%, 12/01/14

390

342,705

Series J, 5.50%, 6/01/13 (e)

2,710

3,185,442

New York State Dormitory Authority, Non-State

Series J, 5.50%, 6/01/21

290

302,195

Supported Debt, Revenue Refunding Bonds:

Sub-Series F-1, 5%, 9/01/22 (f)

1,000

1,011,700

(Mount Sinai-NYU Medical Center Health System),

New York City, New York, City Transitional Finance

Series A, 6.50%, 7/01/10 (e)

330

360,202

Authority, Building Aid Revenue Bonds, Series S-1,

(Mount Sinai-NYU Medical Center Health System),

5%, 1/15/23

575

587,615

Series A, 6.625%, 7/01/18

340

347,762

New York City, New York, Trust for Cultural Resources

(New York University Hospital Center), Series A,

Revenue Bonds (Museum of American Folk Art),

5%, 7/01/16

1,130

868,529

6.125%, 7/01/30 (a)

500

356,815

New York State Dormitory Authority Revenue Bonds

New York State Dormitory Authority, Non-State

(North Shore-Long Island Jewish Health System)

Supported Debt Revenue Bonds (New York University

5%, 5/01/13

1,500

1,611,675

Hospitals Center), Series B, 5.25%, 7/01/24

500

328,250

New York State Dormitory Authority, Revenue Refunding

New York State Dormitory Authority, Non-State

Bonds (Lenox Hill Hospital Obligation Group),

Supported Debt, Lease Revenue Bonds (Municipal

5.75%, 7/01/17

1,305

1,118,881

Health Facilities Improvement Program),

Saratoga County, New York, IDA, Civic Facility Revenue

Sub-Series 2-4, 5%, 1/15/27

600

583,356

Bonds (The Saratoga Hospital Project) Series B,

9,919,658

5%, 12/01/22

500

437,165

Saratoga County, New York, IDA, Civic Facility Revenue

Education — 10.0%

Refunding Bonds (The Saratoga Hospital Project),

Albany, New York, IDA, Civic Facility Revenue Refunding

Series A (g):

Bonds (Albany College of Pharmacy Project),

4.375%, 12/01/13

365

358,233

Series A, 5.25%, 12/01/19

760

625,716

4.50%, 12/01/14

380

370,929

Cattaraugus County, New York, IDA, Civic Facility

4.50%, 12/01/15

395

379,457

Revenue Bonds (Saint Bonaventure University

Suffolk County, New York, IDA, Continuing Care and

Project), Series A:

Retirement, Revenue Refunding Bonds (Jeffersons

4.90%, 5/01/16

695

614,317

Ferry Project), 4.625%, 11/01/16

800

668,824

5%, 5/01/23

500

367,560

New York City, New York, IDA, Civic Facility Revenue

7,234,801

Refunding Bonds (Polytechnic University),

Housing — 12.3%

4.70%, 11/01/22 (a)

1,000

785,410

New York City, New York, City Housing Development

New York State Dormitory Authority Revenue Bonds

Corporation, M/F Housing Revenue Bonds, AMT,

(Winthrop S. Nassau University), 5.50%, 7/01/11

1,735

1,766,317

Series J-2, 4.75%, 11/01/27

1,000

851,310

Schenectady, New York, IDA, Civic Facility Revenue

New York City, New York, City Housing Development

Refunding Bonds (Union College Project),

Corporation, Presidential Revenue Bonds (The Animal

5%, 7/01/26

1,000

983,970

Medical Center), Series A, 5.50%, 12/01/33

1,615

1,537,254

5,143,290

New York State Mortgage Agency, Homeowner Mortgage

Revenue Bonds, AMT:

Series 130, 4.75%, 10/01/30

2,500

2,082,550

Series 143, 4.85%, 10/01/27

500

437,435

New York State Mortgage Agency, Homeowner Mortgage

Revenue Refunding Bonds, AMT:

Series 133, 4.95%, 10/01/21

1,000

985,140

Series 140, 4.65%, 10/01/26

500

432,440

6,326,129

Portfolio Abbreviations

To simplify the listings of portfolio holdings in each

AMT

Alternative Minimum Tax (subject to)

IDA

Industrial Development Authority

Fund’s Schedule of Investments, the names and

CABS

Capital Appreciation Bonds

IDR

Industrial Development Revenue Bonds

descriptions of many of the securities have been

COP

Certificates of Participation

M/F

Multi Family

abbreviated according to the list on the right.

EDA

Economic Development Authority

PCR

Pollution Control Revenue Bonds

EDR

Economic Development Revenue Bonds

PILOT

Payment in lieu of taxes

General Obligation Bonds

S/F

Single-Family

HFA

Housing Finance Agency

VRDN

Variable Rate Demand Notes

See Notes to Financial Statements.

10 SEMI-ANNUAL REPORT

JANUARY 31, 2009

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

Municipal Bonds

(000)

Value

New York (continued)

New York (concluded)

IDA/PCR/Resource Recovery — 19.8%

State (concluded)

Dutchess County, New York, IDA, Civic Facility Revenue

New York State Urban Development Corporation,

Refunding Bonds (Bard College), Series A-1,

Personal Income Tax Revenue Bonds, Series A-1,

5%, 8/01/22

$ 750

$ 734,153

5%, 3/15/24 (c)(d)

$ 485

$ 493,875

Erie County, New York, IDA, Life Care Community

New York State Urban Development Corporation,

Revenue Bonds (Episcopal Church Home), Series A,

Service Contract Revenue Refunding Bonds,

5.875%, 2/01/18

1,850

1,557,256

Series B, 5%, 1/01/21

1,500

1,559,355

New York City, New York, City IDA, Civic Facility Revenue

13,657,155

Bonds (PSCH Inc. Project), 6.20%, 7/01/20

1,415

1,142,414

New York City, New York, City IDA, PILOT Revenue

Tobacco — 2.0%

Bonds (Queens Baseball Stadium Project),

Tobacco Settlement Financing Corporation of New

5%, 1/01/31 (h)

2,000

1,627,880

York Revenue Bonds, Series C-1, 5.50%, 6/01/22

1,000

1,018,030

New York City, New York, City IDA, Special Facility

Transportation — 8.7%

Revenue Bonds:

Metropolitan Transportation Authority, New York,

(1990 American Airlines Inc. Project),

Revenue Bonds, Series B, 5.25%, 11/15/19 (d)

860

972,187

AMT, 5.40%, 7/01/20

1,500

600,870

Metropolitan Transportation Authority, New

(British Airways Plc Project), AMT,

York, Revenue Refunding Bonds, Series A,

7.625%, 12/01/32

1,000

673,150

5%, 11/15/25 (c)(d)

3,500

3,487,925

(Continental Airlines Inc. Project), AMT,

4,460,112

8.375%, 11/01/16

1,000

730,110

Utilities — Electric & Gas — 10.8%

New York City, New York, City IDA, Special Facility

Long Island Power Authority, New York, Electric

Revenue Refunding Bonds (Terminal One Group

System Revenue Refunding Bonds, Series D,

Association Project), AMT, 5.50%, 1/01/24

1,000

850,890

5%, 9/01/25 (d)

4,000

3,885,680

Tompkins County, New York, IDA, Care Community

New York State Energy Research and Development

Revenue Refunding Bonds (Kendal at Ithaca),

Authority, Gas Facilities Revenue Refunding Bonds

Series A-2:

(Brooklyn Union Gas Company/Keyspan), AMT,

5.75%, 7/01/18

250

250,022

Series A, 4.70%, 2/01/24 (c)

2,000

1,702,040

6%, 7/01/24

1,000

936,920

Westchester County, New York, IDA, Civic Facility

5,587,720

Revenue Bonds (Special Needs Facilities Pooled

Utilities — Irrigation, Resource Recovery, Solid Waste

Program), Series D-1, 6.80%, 7/01/19

515

426,451

& Other — 0.8%

Yonkers, New York, IDA, Revenue Bonds (Sacred

Long Island Power Authority, New York, Electric System

Heart Associates, LP Project), AMT, Series A,

Revenue Refunding Bonds, Series A, 5.50%, 4/01/24

375

386,160

4.80%, 10/01/26

750

644,655

Total Municipal Bonds in New York

63,907,826

10,174,771

State — 26.5%

Guam — 3.4%

New York City, New York, GO, Series D1,

5.125%, 12/01/23

1,500

1,525,155

Transportation — 1.8%

New York City, New York, IDA, Civic Facility Revenue

A.B. Won Guam International Airport Authority,

Bonds (Lycee Francais de New York Project),

General Revenue Refunding Bonds, AMT, Series C,

Series A, 5.50%, 6/01/15 (a)

500

480,125

5.25%, 10/01/22 (d)

1,000

899,960

New York State Dormitory Authority, Revenue Refunding

Utilities — Water & Sewer — 1.6%

Bonds (State University Educational Facilities),

Guam Government Waterworks Authority, Water and

Series A, 5.50%, 5/15/13

1,000

1,103,470

Wastewater System, Revenue Refunding Bonds,

New York State Dormitory Authority, State Personal

6%, 7/01/25

1,000

811,050

Income Tax Revenue Bonds (Education), Series F,

Total Municipal Bonds in Guam

1,711,010

5%, 3/15/30

1,790

1,753,305

New York State Dormitory Authority, Supported Debt

Revenue Refunding Bonds (Department of Health),

Puerto Rico — 12.4%

Series A, 5%, 7/01/25 (b)

1,500

1,430,430

County/City/Special District/School District — 1.7%

New York State Municipal Bond Bank Agency,

Puerto Rico Municipal Finance Agency, GO, Series A,

Special School Purpose Revenue Bonds, Series C,

5.25%, 8/01/25

1,000

878,290

5.25%, 12/01/18

2,000

2,164,680

New York State Thruway Authority, Second General

Housing — 3.8%

Puerto Rico Housing Financing Authority, Capital

Highway and Bridge Trust Fund Revenue Bonds,

Funding Program, Subordinate Revenue Refunding

Series A, 5%, 4/01/22 (h)

1,000

1,036,180

Bonds, 5.125%, 12/01/27

2,000

1,963,140

New York State Urban Development Corporation

Revenue Bonds, Subordinate Lien, Corporation

Purpose, Series A, 5.125%, 7/01/19

2,000

2,110,580

See Notes to Financial Statements.

SEMI-ANNUAL REPORT

JANUARY 31, 2009

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

Puerto Rico (concluded)
IDA/PCR/Resource Recovery — 0.8%
Puerto Rico Industrial, Tourist, Educational, Medical
and Environmental Control Facilities Revenue
Bonds (University Plaza Project), Series A,
5%, 7/01/33 (d)	$ 500		$ 403,585
Lease Obligations — 0.9%
Puerto Rico Public Buildings Authority, Government
Facilities Revenue Refunding Bonds, Series M-3,
6%, 7/01/28 (d)(i)		500	467,910
State — 1.5%
Puerto Rico Commonwealth, Public Improvement, GO,
Series A, 5.25%, 7/01/16 (e)		615	748,855
Transportation — 3.7%
Puerto Rico Commonwealth Highway and Transportation
Authority, Subordinate Transportation Revenue Bonds,
5.75%, 7/01/21 (c)		2,000	1,922,720
Total Municipal Bonds in Puerto Rico			6,384,500

U.S. Virgin Islands — 2.9%
County/City/Special District/School District — 2.2%
Virgin Islands Public Finance Authority, Refinery
Facilities Revenue Bonds (Hovensa Refinery), AMT,
4.70%, 7/01/22		500	311,180
Virgin Islands Public Finance Authority, Senior Lien
Revenue Bonds (Matching Fund Loan Note), Series A,
5.25%, 10/01/24		1,000	825,830
			1,137,010
IDA/PCR/Resource Recovery — 0.7%
Virgin Islands Government Refinery Facilities, Revenue
Refunding Bonds (Hovensa Coker Project), AMT,
6.50%, 7/01/21		500	384,675
Total Municipal Bonds in the U.S. Virgin Islands			1,521,685
Total Municipal Bonds — 143.0%			73,525,021
Municipal Bonds Transferred to
Tender Option Bond Trusts (j)
Education — 3.7%
Erie County, New York, IDA, School Facility Revenue
Bonds (City of Buffalo Project), 5.75%, 5/01/24 (k)		1,839	1,888,836
Total Municipal Bonds Transferred to
Tender Option Bond Trusts — 3.7%			1,888,836
Total Long-Term Investments
(Cost — $81,231,290) — 146.7%			75,413,857

Short-Term Securities			Shares	Value
Money Market Funds — 11.9
CMA New York Municipal Money Fund, 0.11% (l)(m)			6,136,489	$ 6,136,489
Total Short-Term Securities
(Cost — $6,136,489) — 11.9%				6,136,489
*Total Investments (Cost — $(87,367,779) — 158.6%**				81,550,346
Other Assets Less Liabilities — 1.7%				894,801
Preferred Shares, at Redemption Value — (57.6)%				(29,634,630)
Liability for Trust Certificates, Including Interest
Expense and Fees Payable — (2.7)%				(1,387,032)
Net Assets Applicable to Common Shares — 100.0%				$ 51,423,485

* The cost and unrealized appreciation (depreciation) of investments as of
	January 31, 2009, as computed for federal income tax purposes, were
	as follows:
	Aggregate cost			$ 85,899,079
	Gross unrealized appreciation			$ 1,087,367
	Gross unrealized depreciation			(6,815,201)
	Net unrealized depreciation			$ (5,727,834)

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

			Net
	Affiliate		Activity	Income
	CMA New York Municipal Money Fund	4,617,130		$17,055
(m) Represents the current yield as of report date.

See Notes to Financial Statements.

12 SEMI-ANNUAL REPORT JANUARY 31, 2009

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

•Effective August 1, 2008, the Fund adopted Financial Accounting Standards Board
Statement of Financial Accounting Standards No. 157, “Fair Value Measurements”
(“FAS 157”). FAS 157 clarifies the definition of fair value, establishes a frame-
work for measuring fair values and requires additional disclosures about the use
of fair value measurements. Various inputs are used in determining the fair value
of investments, which are as follows:
•Level 1 — price quotations in active markets/exchanges for identical
securities
•Level 2 — other observable inputs (including, but not limited to: quoted prices
for similar assets or liabilities in markets that are not active, inputs other than
quoted prices that are observable for the assets or liabilities (such as interest
rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks,
and default rates) or other market-corroborated inputs
•Level 3 — unobservable inputs based on the best information available in the
circumstance, to the extent observable inputs are not available (including the
Fund's own assumption used in determining the fair value of investments)
The inputs or methodology used for valuing securities are not necessarily an
indication of the risk associated with investing in those securities. For information
about the Fund’s policy regarding valuation of investments and other significant
accounting policies, please refer to Note 1 of the Notes to Financial Statements.
The following table summarizes the inputs used as of January 31, 2009 in deter-
mining the fair valuation of the Fund’s investments:

Valuation		Investments in
Inputs		Securities
		Assets
Level 1		$ 6,136,489
Level 2		75,413,857
Level 3		—
Total		$ 81,550,346

See Notes to Financial Statements.

SEMI-ANNUAL REPORT

JANUARY 31, 2009

Schedule of Investments January 31, 2009 (Unaudited)				BlackRock MuniYield Arizona Fund, Inc. (MZA)
				(Percentages shown are based on Net Assets)
	Par				Par
Municipal Bonds	(000)	Value	Municipal Bonds		(000)	Value

Arizona — 141.7%			Arizona (continued)
County/City/Special District/School District — 44.2%			Education (concluded)
Arizona School Facilities Board, COP, 5.75%, 9/01/22	$ 2,000	$ 2,166,900	Pima County, Arizona, IDA, Education Revenue Bonds:
Downtown Phoenix Hotel Corporation, Arizona, Revenue			(American Charter Schools Foundation), Series A,
Bonds (c):			5.625%, 7/01/38	$ 500		$ 320,490
Senior Series A, 5%, 7/01/36	1,500	934,395	(Arizona Charter Schools Project), Series C,
Sub-Series B, 5%, 7/01/36 (d)	1,500	1,066,305	6.70%, 7/01/21		730	633,041
Gila County, Arizona, Unified School District Number 10			(Arizona Charter Schools Project), Series C,
(Payson), GO (School Improvement Project of 2006),			6.75%, 7/01/31		985	750,383
Series A, 1%, 7/01/27 (a)(b)	1,000	942,720	Pima County, Arizona, IDA, Education Revenue
Gladden Farms Community Facilities District, Arizona,			Refunding Bonds:
GO, 5.50%, 7/15/31	750	431,595	(Arizona Charter Schools Project), Series O,
Greater Arizona Development Authority, Infrastructure			5%, 7/01/26		1,000	650,740
Revenue Bonds (Santa Cruz County Jail), Series 2,			(Arizona Charter Schools Project II), Series A,
5.25%, 8/01/31	1,000	951,850	6.75%, 7/01/21		575	500,854
Greater Arizona Development Authority, Infrastructure			University of Arizona, COP, Refunding, Series A,
Revenue Bonds, Series B, 5%, 8/01/30 (d)	1,800	1,691,640	5.125%, 6/01/29 (a)		1,105	1,105,685
Maricopa County, Arizona, School District			University of Arizona, COP, Series B, 5%, 6/01/28 (a)		1,750	1,737,033
Number 3, GO, Refunding (Tempe Elementary),						12,015,378
7.50%, 7/01/10 (c)(d)	500	539,695
Maricopa County, Arizona, School District			Hospitals/Healthcare — 22.0%
Number 11, GO (Peoria Unified), Second Series,			Arizona Health Facilities Authority Revenue Bonds:
5%, 7/01/25 (c)(d)	630	638,952	(Banner Health), Series D, 5.50%, 1/01/38		1,000	874,970
Maricopa County, Arizona, School District Number 89,			(Catholic Healthcare West), Series A,
School Improvement, GO (Dysart Unified), Series C,			6.625%, 7/01/20		1,435	1,552,570
6%, 7/01/28	1,000	1,046,800	Arizona Health Facilities Authority, Revenue Refunding
Maricopa County, Arizona, School District Number 90,			Bonds (Banner Health), Series D, 6%, 1/01/30		1,500	1,459,875
School Improvement, GO (Saddle Mountain Unified),			Maricopa County, Arizona, IDA, Health Facilities Revenue
Series A, 5%, 7/01/14	150	156,744	Refunding Bonds (Catholic Healthcare West Project),
Phoenix, Arizona, Civic Improvement Corporation, Excise			Series A, 5.50%, 7/01/26		1,850	1,665,795
Tax Revenue Bonds (Civic Plaza Expansion Project),			Maricopa County, Arizona, IDA, Hospital Facility Revenue
Sub-Series A, 5%, 7/01/35 (c)(d)	3,325	3,206,796	Refunding Bonds (Samaritan Health Services),
Pima County, Arizona, Unified School District Number 1			Series A, 7%, 12/01/16 (d)(f)		1,000	1,275,140
(Tucson), GO, Refunding, 7.50%, 7/01/09 (c)(d)	2,050	2,101,209	Mesa, Arizona, IDA Revenue Bonds (Discovery Health
Pinal County, Arizona, COP:			Systems), Series A, 5.625%, 1/01/10 (d)(g)		1,000	1,053,080
5%, 12/01/26	1,250	1,102,912	Scottsdale, Arizona, IDA, Hospital Revenue Refunding
5%, 12/01/29	1,250	1,053,837	Bonds (Scottsdale Healthcare), Series A,
Queen Creek Improvement District Number 001,			5.25%, 9/01/30		1,000	823,860
Arizona, Special Assessment Bonds, 5%, 1/01/32	2,000	1,205,580	Tucson, Arizona, IDA, Senior Living Facilities Revenue
Vistancia Community Facilities District, Arizona, GO,			Bonds (Christian Care Tucson Inc. Project), Series A,
5.75%, 7/15/24	750	612,668	6.125%, 7/01/10 (g)(k)		1,000	1,086,080
Vistancia Community Facilities District, Arizona, GO,			Yavapai County, Arizona, IDA, Hospital Facility Revenue
6.75%, 7/15/22	1,275	1,180,561	Bonds (Yavapai Regional Medical Center), Series A,
Yuma County, Arizona, Library District, GO,			6%, 8/01/33		1,900	1,434,139
5%, 7/01/26 (e)	1,565	1,532,871				11,225,509
		22,564,030	Housing — 19.7%
Education — 23.7%			Maricopa County and Phoenix, Arizona, IDA,
Arizona Board of Regents Revenue Bonds (Arizona			S/F Mortgage Revenue Bonds, AMT, Series A-2,
State University System), Series C:			5.80%, 7/01/40 (h)(i)(j)		985	972,766
6%, 7/01/25	620	687,971	Maricopa County and Phoenix, Arizona, IDA,
6%, 7/01/26	350	385,553	S/F Mortgage Revenue Refunding Bonds, AMT,
6%, 7/01/27	425	464,950	Series A-1, 5.75%, 5/01/40 (h)(i)(j)		1,380	1,358,099
6%, 7/01/28	300	326,061	Maricopa County, Arizona, IDA, S/F Mortgage Revenue
Arizona Student Loan Acquisition Authority, Student			Bonds, AMT, Series 3-B, 5.25%, 8/01/38 (h)(i)(j)		1,757	1,629,285
Loan Revenue Refunding Bonds, AMT:			Phoenix and Pima County, Arizona, IDA,
Junior Subordinated Series B-1, 6.15%, 5/01/29	3,285	2,987,313	S/F Mortgage Revenue Bonds, AMT, Series 1A,
Senior-Series A-1, 5.90%, 5/01/24	850	790,916	5.65%, 7/01/39 (i)(j)		844	815,578
Maricopa County, Arizona, IDA, Education Revenue
Bonds (Arizona Charter Schools Project 1), Series A,
6.625%, 7/01/20	900	674,388

See Notes to Financial Statements.

14 SEMI-ANNUAL REPORT JANUARY 31, 2009

Schedule of Investments (continued)

BlackRock MuniYield Arizona Fund, Inc. (MZA)

(Percentages shown are based on Net Assets)

Par

Municipal Bonds

(000)

Value

Municipal Bonds

(000)

Value

Arizona (continued)

Arizona (concluded)

Housing (concluded)

Utilities — Water & Sewer (concluded)

Phoenix and Pima County, Arizona, IDA, S/F Mortgage

Surprise Municipal Property Corporation, Arizona,

Revenue Refunding Bonds, AMT, Series 2007-1,

Wastewater Development Impact Fee Revenue Bonds,

5.25%, 8/01/38 (h)(i)(j)

$ 1,775

$ 1,678,153

4.90%, 4/01/32

$ 1,250

$ 864,063

Phoenix, Arizona, IDA, S/F Mortgage Revenue Bonds,

6,723,588

AMT, Series 2007-2, 5.50%, 8/01/38 (h)(i)(j)

1,801

1,789,780

Tucson and Pima County, Arizona, IDA, S/F Mortgage

Total Municipal Bonds in Arizona

72,308,476

Revenue Refunding Bonds, AMT, Series B,

5.35%, 6/01/47 (h)(i)(j)

1,000

929,250

Guam — 1.5%

Tucson, Arizona, IDA, Joint S/F Mortgage

Revenue Refunding Bonds, AMT, Series A-1,

Utilities — Water & Sewer — 1.5%

5.10%, 7/01/38 (h)(i)(j)

980

892,143

Guam Government Waterworks Authority, Water and

10,065,054

Wastewater System, Revenue Refunding Bonds,

5.875%, 7/01/35

1,000

750,310

IDA/PCR/Resource Recovery — 0.7%

Pinal County, Arizona, IDA, Wastewater Revenue Bonds

Total Municipal Bonds in Guam

750,310

(San Manuel Facilities Project), AMT, 6.25%, 6/01/26

500

369,860

State — 5.7%

Puerto Rico — 20.5%

Arizona State Transportation Board, Highway Revenue

Bonds, Series B, 5%, 7/01/30

2,000

2,005,880

County/City/Special District/School District — 6.6%

Arizona Tourism and Sports Authority, Tax Revenue Bonds

Puerto Rico Public Buildings Authority, Government

(Baseball Training Facilities Project), 5%, 7/01/16

1,000

940,770

Facilities Revenue Bonds, Series I,

5.25%, 7/01/33 (l)

1,965

1,637,002

2,946,650

Puerto Rico Public Buildings Authority, Government

Transportation — 2.8%

Facilities Revenue Refunding Bonds (l):

Phoenix, Arizona, Civic Improvement Corporation,

Series M-3, 6%, 7/01/28 (d)

900

842,238

Senior Lien Airport Revenue Bonds, AMT:

Series N, 5.50%, 7/01/27

1,000

890,500

Series A, 5%, 7/01/33

1,000

935,760

3,369,740

Series B, 5.25%, 7/01/32 (c)(d)

600

491,160

State — 2.8%

1,426,920

Puerto Rico Commonwealth, GO, Series A, 6%, 7/01/38

900

822,654

Utilities — Electric & Gas — 8.4%

Puerto Rico Commonwealth, Public Improvement, GO,

Salt River Project, Arizona, Agriculture Improvement

Series A, 5.125%, 7/01/31

750

617,640

and Power District, Electric System Revenue Bonds,

1,440,294

Series A, 5%, 1/01/24

1,000

1,041,590

Salt River Project, Arizona, Agriculture Improvement and

Transportation — 1.7%

Power District, Electric System Revenue Refunding

Puerto Rico Commonwealth Highway and Transportation

Bonds, Series A, 5%, 1/01/35

1,500

1,476,375

Authority, Highway Revenue Refunding Bonds,

Salt Verde Financial Corporation, Arizona, Senior Gas

Series CC, 5.50%, 7/01/31

1,000

859,640

Revenue Bonds, 5%, 12/01/37

2,750

1,784,392

Utilities — Electric & Gas — 5.8%

4,302,357

Puerto Rico Electric Power Authority, Power

Revenue Bonds:

Utilities — Irrigation, Resource Recovery, Solid Waste

Series TT, 5%, 7/01/37

1,000

778,940

& Other — 1.3%

Series WW, 5.375%, 7/01/24

1,000

896,800

Yavapai County, Arizona, IDA, Solid Waste Disposal

Puerto Rico Industrial, Tourist, Educational, Medical

Revenue Bonds (Waste Management Inc. Project),

and Environmental Control Facilities Revenue Bonds

AMT, Series A-1, 4.90%, 3/01/28

1,000

669,130

(Cogeneration Facility-AES Puerto Rico Project), AMT,

Utilities — Water & Sewer — 13.2%

6.625%, 6/01/26

1,500

1,283,325

Gilbert, Arizona, Water Resource Municipal Property

2,959,065

Corporation, Water System Development Fee

and Utility Revenue Bonds, Subordinated Lien,

Utilities — Water & Sewer — 3.6%

5%, 10/01/29 (d)

1,000

948,090

Puerto Rico Commonwealth Aqueduct and Sewer

Phoenix, Arizona, Civic Improvement Corporation,

Authority, Senior Lien Revenue Bonds, Series A,

Wastewater System Revenue Refunding Bonds,

6%, 7/01/44 (k)

2,180

1,868,173

Senior Lien, 5.50%, 7/01/22

2,000

2,199,660

Total Municipal Bonds in Puerto Rico

10,496,912

Phoenix, Arizona, Civic Improvement Corporation, Water

Total Long-Term Investments

System Revenue Refunding Bonds, Junior Lien,

(Cost — $93,284,999) — 163.7%

83,555,698

5.50%, 7/01/20 (c)(d)

2,500

2,711,775

See Notes to Financial Statements.

SEMI-ANNUAL REPORT JANUARY 31, 2009 15

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

Short-Term Securities		Shares
Money Market Funds — 13.9%
CMA Arizona Municipal Money Fund, 0.04% (m)(n)		7,086,121	$ 7,086,121
Total Short-Term Securities
(Cost — $7,086,121) — 13.9%				7,086,121
*Total Investments (Cost — $100,371,120) — 177.6%**				90,641,819
Other Assets Less Liabilities — 1.4%				695,216
Preferred Shares, at Redemption Value — (79.0)%				(40,306,177)
Net Assets Applicable to Common Shares — 100.0%			$ 51,030,858

* The cost and unrealized appreciation (depreciation) of investments as of
	January 31, 2009, as computed for federal income tax purposes, were
	as follows:
	Aggregate cost		$ 100,315,771
	Gross unrealized appreciation		$ 1,410,878
	Gross unrealized depreciation			(11,084,830)
	Net unrealized depreciation		$ (9,673,952)

(a)	AMBAC Insured.
(b)	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
	effective yield as of report date.
(c)	FGIC Insured.
(d)	MBIA Insured.
(e)	XL Capital Insured.
(f)	Security is collateralized by Municipal or U.S. Treasury Obligations.
(g)	U.S. government securities, held in escrow, are used to pay interest on this
	security, as well as to retire the bond in full at the date indicated, typically at a
	premium to par.
(h)	FHLMC Collateralized.
(i)	FNMA Collateralized.
(j)	GNMA Collateralized.
(k)	Radian Insured.
(l)	Commonwealth Guaranteed.
(m) Represents the current yield as of report date.

(n)	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,
	were as follows:

		Net
	Affiliate	Activity	Income
	CMA Arizona Municipal Money Fund	3,912,775	$15,840

•Effective August 1, 2008, the Fund adopted Financial Accounting Standards Board
Statement of Financial Accounting Standards No. 157, “Fair Value Measurements”
(“FAS 157”). FAS 157 clarifies the definition of fair value, establishes a frame-
work for measuring fair values and requires additional disclosures about the use
of fair value measurements. Various inputs are used in determining the fair value
of investments, which are as follows:
•Level 1 — price quotations in active markets/exchanges for identical securities
•Level 2 — other observable inputs (including, but not limited to: quoted prices
for similar assets or liabilities in markets that are not active, inputs other than
quoted prices that are observable for the assets or liabilities (such as interest
rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks,
and default rates) or other market-corroborated inputs)
•Level 3 — unobservable inputs based on the best information available in the
circumstance, to the extent observable inputs are not available (including the
Fund’s own assumption used in determining the fair value of investments)
The inputs or methodology used for valuing securities are not necessarily an in-
dication 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, 2009 in deter-
mining the fair valuation of the Fund’s investments:

Valuation		Investments in
Inputs		Securities
		Assets
Level 1		$ 7,086,121
Level 2		83,555,698
Level 3		—
Total		$ 90,641,819

See Notes to Financial Statements.

16 SEMI-ANNUAL REPORT JANUARY 31, 2009

Schedule of Investments January 31, 2009 (Unaudited)				BlackRock MuniYield California Fund, Inc. (MYC)
				(Percentages shown are based on Net Assets)
	Par				Par
Municipal Bonds	(000)	Value	Municipal Bonds		(000)	Value
California — 113.6%				California (continued)
County/City/Special District/School District — 44.3%			County/City/Special District/School District (concluded)
Arcata, California, Joint Powers Financing Authority, Tax			Santa Clarita, California, Community College District,
Allocation Revenue Refunding Bonds (Community			GO (Election 2001), 5%, 8/01/28 (d)		$ 2,170	$ 2,172,387
Development Project Loan), Series A, 6%, 8/01/23 (f)	$ 2,630	$ 2,629,947	Santa Cruz County, California, Redevelopment Agency,
California Statewide Communities Development			Tax Allocation Bonds (Live Oak/Soquel Community
Authority, COP (John Muir/Mount Diablo Health			Improvement Project Area), Series A (o):
System), 5.125%, 8/15/22 (b)	5,250	5,181,802		6.625%, 9/01/29	1,000	999,810
Chino Basin, California, Desalter Authority, Revenue				7%, 9/01/36	500	504,045
Refunding Bonds, Series A, 5%, 6/01/35 (a)	5,280	4,866,418	Sequoia, California, Union High School District, GO,
Cucamonga, California, County Water District, COP,			Refunding, 5%, 7/01/28 (d)		2,500	2,490,675
5.125%, 9/01/35 (b)(e)	3,750	3,245,287	Shasta-Tehama-Trinity Joint Community College
El Monte, California, Unified School District, GO			District, California, GO (Election of 2002), Series B,
(Election of 2002), Series C, 5.25%, 6/01/32 (d)	10,120	9,906,063	5.25%, 8/01/24 (d)		1,675	1,748,600
Fontana Unified School District, California, GO, Series A,			Vacaville, California, Unified School District, GO
5.25%, 8/01/28 (d)	7,000	7,073,220	(Election of 2001), 5%, 8/01/30 (b)		4,745	4,459,351
Grant Joint Union High School District, California, GO			Ventura, California, Unified School District, GO (Election
(Election of 2006), 5%, 8/01/29 (d)	9,390	9,259,667	of 1997), Series H, 5.125%, 8/01/34 (d)		1,000	978,410
La Quinta, California, Financing Authority, Local Agency						120,299,105
Revenue Bonds, Series A, 5.125%, 9/01/34 (f)	6,020	5,126,512
Long Beach, California, Harbor Revenue Bonds, AMT,			Education — 5.7%
Series A, 5.25%, 5/15/23 (e)	5,195	4,794,102	California Infrastructure and Economic Development
Los Angeles, California, COP (Sonnenblick Del Rio West			Bank Revenue Bonds (J. David Gladstone Institute
Los Angeles), 6.20%, 11/01/31 (f)	2,000	2,020,380	Project), 5.50%, 10/01/22		4,990	5,029,072
Los Angeles County, California, Metropolitan			University of California Revenue Bonds:
Transportation Authority, Sales Tax Revenue Refunding				Series D, 5%, 5/15/32 (b)(e)	2,500	2,377,675
Bonds, Proposition A, First Tier Senior-Series A,				Series L, 5%, 5/15/36	8,500	8,128,890
5%, 7/01/27 (f)	3,780	3,790,130				15,535,637
Marin, California, Community College District, GO			Hospitals/Healthcare — 12.2%
(Election of 2004), Series A, 5%, 8/01/28 (b)	5,885	5,848,748	ABAG Finance Authority for Nonprofit Corporations,
Morgan Hill, California, Unified School District, GO,			California, Revenue Refunding Bonds (Redwood
5.047%, 8/01/26 (c)(e)(g)	7,570	3,403,396	Senior Homes and Services), 6%, 11/15/22		1,730	1,564,145
Mount Diablo, California, Unified School District, GO			California Health Facilities Financing Authority Revenue
(Election of 2002), 5%, 6/01/28 (b)	2,000	1,918,480	Bonds (Sutter Health), Series A, 5.25%, 11/15/46		10,000	8,454,700
Murrieta Valley, California, Unified School District, Public			California Statewide Communities Development
Financing Authority, Special Tax Revenue Bonds,			Authority, Health Facility Revenue Bonds (Memorial
Series A, 5.125%, 9/01/26 (a)	6,675	6,294,325	Health Services), Series A:
Oakland, California, Alameda County Unified School				6%, 10/01/23	3,270	3,309,273
District, GO (Election of 2000), 5%, 8/01/27 (b)	6,240	5,193,864		5.50%, 10/01/33	3,000	2,626,770
Pittsburg, California, Redevelopment Agency, Tax			California Statewide Communities Development
Allocation Refunding Bonds (Los Medanos Community			Authority Revenue Bonds (Catholic Healthcare West),
Development Project), Series A, 6.50%, 9/01/28	2,500	2,469,850	Series D, 5.50%, 7/01/31		5,000	4,397,800
Rancho Cucamonga, California, Redevelopment			California Statewide Communities Development
Agency, Tax Allocation Refunding Bonds (Rancho			Authority Revenue Bonds (Daughters of Charity
Redevelopment Project), 5.25%, 9/01/20 (d)	4,315	4,422,443	National Health System), Series A, 5.25%, 7/01/30		3,665	2,361,872
San Bernardino, California, Joint Powers Financing			California Statewide Communities Development
Authority, Lease Revenue Bonds (Department of			Authority, Revenue Refunding Bonds (Kaiser Hospital
Transportation Lease), Series A, 5.50%, 12/01/20 (b)	3,000	3,002,670	Asset Management, Inc.), Series C, 5.25%, 8/01/31		6,975	6,003,103
San Francisco, California, Bay Area Rapid Transit			California Statewide Communities Development
District, Sales Tax Revenue Refunding Bonds,			Authority, Revenue Refunding Bonds (Kaiser
Series A, 5%, 7/01/34 (b)	5,430	5,211,008	Permanente), Series A, 5%, 4/01/31		3,500	2,912,665
San Jose, California, Unified School District, Santa			Torrance, California, Hospital Revenue Refunding
Clara County, GO (Election of 2002), Series B,			Bonds (Torrance Memorial Medical Center), Series A,
5%, 8/01/29 (b)(e)	1,855	1,826,934	6%, 6/01/22		1,310	1,328,013
San Jose-Evergreen, California, Community College
District, Capital Appreciation, GO (Election of 2004),						32,958,341
Refunding, Series A, 5.117%, 9/01/23 (b)(c)	10,005	4,665,031	Housing — 2.0%
San Juan, California, Unified School District, GO			California Rural Home Mortgage Finance Authority,
(Election of 2002), 5%, 8/01/28 (b)	5,000	4,795,550	S/F Mortgage Revenue Bonds (Mortgage-Backed
			Securities Program), AMT:
				Series A, 5.40%, 12/01/36 (h)(i)(j)	1,840	1,719,443
				Series B, 6.15%, 6/01/20 (i)(j)	25	25,590
				Sub-Series FH-1, 5.50%, 8/01/47	415	370,960
See Notes to Financial Statements.

SEMI-ANNUAL REPORT JANUARY 31, 2009 17

Schedule of Investments (continued)				BlackRock MuniYield California Fund, Inc. (MYC)
				(Percentages shown are based on Net Assets)
		Par				Par
Municipal Bonds		(000)	Value	Municipal Bonds		(000)	Value

California (continued)				California (continued)
Housing (concluded)				Utilities — Irrigation, Resource Recovery, Solid Waste
Santa Clara County, California, Housing Authority,				& Other — (concluded)
M/F Housing Revenue Bonds (John Burns Gardens				California Pollution Control Financing Authority, Solid
Apartments Project), AMT, Series A, 6%, 8/01/41	$ 3,500		$ 3,383,660	Waste Disposal Revenue Bonds (Waste Management,
			5,499,653	Inc. Project), AMT, Series C, 6.75%, 12/01/27	$ 3,300		$ 3,278,913
				California State Public Works Board, Lease Revenue
IDA/PCR/Resource Recovery — 2.7%				Bonds (Department of Corrections), Series C,
California Pollution Control Financing Authority, Solid				5.50%, 6/01/23		5,000	5,034,600
Waste Disposal Revenue Bonds (Waste Management,				Chino Basin, California, Regional Financing Authority,
Inc. Project), AMT:				Revenue Refunding Bonds (Inland Empire Utility
Series A-2, 5.40%, 4/01/25		3,000	2,281,020	Agency), Series A, 5%, 11/01/33 (f)		2,015	1,843,886
Series C, 5.125%, 11/01/23		4,500	3,365,190	Los Angeles County, California, Sanitation Districts
California Pollution Control Financing Authority, Solid				Financing Authority, Revenue Refunding Bonds
Waste Disposal Revenue Refunding Bonds (Republic				(Capital Projects — District Number 14), Sub-Series B,
Services, Inc. Project), AMT, Series C, 5.25%, 6/01/23		2,000	1,656,040	5%, 10/01/30 (b)(e)		2,550	2,240,022
			7,302,250	South Bayside, California, Waste Management Authority,
State — 5.3%				Waste System Revenue Bonds, 5.75%, 3/01/20 (f)		2,265	2,316,325
California State Department of Water Resources, Power							16,949,400
Supply Revenue Refunding Bonds, Sub-Series F-5,				Utilities — Water & Sewer — 12.9%
5%, 5/01/22		11,475	11,943,295	California State Department of Water Resources, Water
California State, GO, 5.50%, 4/01/30		5	4,981	System Revenue Refunding Bonds (Central Valley
California State, GO, Refunding (Veterans), AMT,				Project), Series AE, 5%, 12/01/28		6,000	6,066,540
Series BJ, 5.70%, 12/01/32		2,785	2,387,831	California State Enterprise Authority, Sewer Facility
			14,336,107	Revenue Bonds (Anheuser-Busch Project), AMT,
Transportation — 6.6%				5.30%, 9/01/47		2,500	1,679,100
Port of Oakland, California, Revenue Refunding Bonds,				California Statewide Communities Development
AMT, Series L, 5.375%, 11/01/27 (b)(e)		11,615	9,841,622	Authority, Water Revenue Bonds (Pooled Financing
San Francisco, California, City and County Airport				Program), Series C, 5.25%, 10/01/28 (d)		2,380	2,383,713
Commission, International Airport Revenue Refunding				Los Angeles, California, Department of Water and
Bonds, AMT, Second Series, 6.75%, 5/01/19		3,475	3,627,830	Power, Waterworks Revenue Bonds, Series A,
San Jose, California, Airport Revenue Bonds, Series D,				5.375%, 7/01/38		3,200	3,213,280
5%, 3/01/28 (b)		4,615	4,428,416	Los Angeles, California, Wastewater System Revenue
				Refunding Bonds, Sub-Series A, 5%, 6/01/27 (b)		4,500	4,373,415
			17,897,868	Metropolitan Water District of Southern California,
Utilities — Electric & Gas — 15.7%				Waterworks Revenue Bonds Series A:
Anaheim, California, Public Financing Authority, Electric				5%, 7/01/30 (d)		1,000	999,960
System Distribution Facilities Revenue Bonds,				5%, 7/01/32		1,240	1,231,494
Series A, 5%, 10/01/31 (d)		9,000	8,622,630	Metropolitan Water District of Southern California,
Chula Vista, California, IDR (San Diego Gas and Electric				Waterworks Revenue Refunding Bonds, Series B,
Company), AMT, Series D, 5%, 12/01/27 (f)		1,000	807,590	5%, 7/01/35		2,625	2,579,535
Eastern Municipal Water District, California, Water and				Modesto, California, Irrigation District, COP, Series B,
Sewer, COP, Series H:				5.50%, 7/01/35		3,300	3,041,577
5%, 7/01/33		4,750	4,493,737	Oxnard, California, Financing Authority, Wastewater
5%, 7/01/35		7,540	7,097,628	Revenue Bonds (Redwood Trunk Sewer and
Orange County, California, Sanitation District, COP,				Headworks Projects), Series A, 5.25%, 6/01/34 (b)(e)		3,000	2,831,430
5%, 2/01/33 (b)(e)		5,250	5,030,603	Sacramento County, California, Sanitation District
Sacramento, California, Municipal Utility District				Financing Authority, Revenue Refunding
Financing Authority Revenue Bonds (Consumers				Bonds (County Sanitation District Number 1),
Project), 5.125%, 7/01/29 (b)		18,500	16,567,860	5%, 8/01/35 (b)		5,375	5,132,104
			42,620,048	Stockton, California, Public Financing Authority, Water
				Revenue Bonds (Water System Capital Improvement
Utilities — Irrigation, Resource Recovery, Solid Waste				Projects), Series A, 5%, 10/01/31 (b)		1,600	1,491,056
& Other — 6.2%
California Pollution Control Financing Authority, Solid							35,023,204
Waste Disposal Revenue Bonds (Republic Services,				Total Municipal Bonds in California — 113.6%			308,421,613
Inc. Project), AMT, Series B, 5.25%, 6/01/23		2,700	2,235,654

See Notes to Financial Statements.

18 SEMI-ANNUAL REPORT JANUARY 31, 2009

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

	Par
Municipal Bonds	(000)	Value
U.S. Virgin Islands — 0.9%
IDA/PCR/Resource Recovery — 0.9%
Virgin Islands Government Refinery Facilities, Revenue
Refunding Bonds (Hovensa Coker Project), AMT,
6.50%, 7/01/21	$ 3,000	$ 2,308,050
Total Municipal Bonds in the U.S. Virgin Islands		2,308,050
Total Municipal Bonds — 114.5%		310,729,663
Municipal Bonds Transferred to
Tender Option Bond Trusts (k)
California — 42.1%
County/City/Special District/School District — 16.4%
Metropolitan Water District of Southern California,
Waterworks Revenue Bonds, Series A, 5%, 7/01/37	20,000	19,612,400
Palomar Pomerado Health Care District, California, GO
(Election of 2004), Series A, 5.125%, 8/01/37 (b)	18,490	18,150,154
Sonoma County, California, Junior College District,
GO (Election 2002), Refunding, Series B,
5%, 8/01/28 (d)	6,875	6,882,555
		44,645,109
Education — 18.2%
California State University, Systemwide Revenue Bonds,
Series A, 5%, 11/01/39 (d)	4,840	4,564,556
Contra Costa County, California, Community College
District, GO (Election of 2002), 5%, 8/01/30 (d)	10,210	10,038,268
Fremont, California, Unified School District, Alameda
County, GO (Election of 2002), Series B,
5%, 8/01/30 (d)	4,003	3,915,248
Los Angeles, California, Community College District, GO
(Election of 2003), Series E, 5%, 8/01/31 (d)	10,002	9,724,977
Peralta, California, Community College District, GO
(Election of 2000), Series D, 5%, 8/01/30 (d)	1,995	1,961,444
University of California, Limited Project Revenue Bonds,
Series B, 5%, 5/15/33 (d)	8,490	8,177,313
University of California Revenue Bonds, Series L,
5%, 5/15/40	11,600	11,002,484
		49,384,290
Lease Obligations — 3.5%
Santa Clara County, California, Financing Authority,
Lease Revenue Refunding Bonds, Series L,
5.25%, 5/15/36	10,001	9,643,472
Transportation — 2.2%
San Francisco, California, Bay Area Rapid Transit
District, Sales Tax Revenue Refunding Bonds,
Series A, 5%, 7/01/30 (b)	6,000	5,853,360
Utilities — Water & Sewer — 1.8%
San Diego County, California, Water Authority, Water
Revenue Bonds, COP, Series A, 5%, 5/01/31 (d)	5,010	4,865,512
Total Municipal Bonds Transferred to Tender Option
Bond Trusts — 42.1%		114,391,743
Total Long-Term Investments
(Cost — $456,547,762) — 156.6%		425,121,406

		Par
Short-Term Securities		(000)	Value
	California — 7.4%
California HFA, Home Mortgage Revenue Bonds, VRDN,
AMT, Series P, 8.50%, 2/04/09 (b)(l)		$ 10,000	$ 10,000,000
Los Angeles County, California, Metropolitan
Transportation Authority, Sales Tax Revenue Refunding
Bonds, Proposition C, VRDN, Second Senior Series A,
6%, 2/05/09 (b)(l)		10,000	10,000,000
			20,000,000
		Shares
	Money Market Funds — 5.7%
CMA California Municipal Money
Fund, 0.18% (m)(n)		15,502,136	15,502,136
Total Short-Term Securities
(Cost — $35,502,136) — 13.1%			35,502,136
*Total Investments (Cost — $492,049,898) — 169.7%**			460,623,542
Other Assets Less Liabilities — 0.3%			957,202
Liability for Trust Certificates, Including Interest
Expense and Fees Payable — (23.4)%			(63,581,781)
Preferred Shares, at Redemption Value — (46.6)%			(126,523,718)
Net Assets Applicable to Common Shares — 100.0%			$271,475,245

* The cost and unrealized appreciation (depreciation) of investments as of
	January 31, 2009, as computed for federal income tax purposes, were
	as follows:
	Aggregate cost		$428,471,139
	Gross unrealized appreciation		$ 2,331,653
	Gross unrealized depreciation		(33,269,913)
	Net unrealized depreciation		$ (30,938,260)

(a)	Assured Guaranty Insured.
(b)	MBIA Insured.
(c)	Represents a zero-coupon bond. Rate shown reflects the effective yield as of
	report date.
(d)	FSA Insured.
(e)	FGIC Insured.
(f)	AMBAC Insured.
(g)	Security is collateralized by Municipal or U.S. Treasury Obligations.
(h)	FHLMC Collateralized.
(i)	FNMA Collateralized.
(j)	GNMA Collateralized.
(k)	Securities represent bonds transferred to a tender option bond trust in
	exchange for which the Fund acquired residual interest certificates. These
	securities serve as collateral in a financing transaction. See Note 1 of the
	Notes to Financial Statements for details of municipal bonds transferred to
	tender option bond trusts.
(l)	Security may have a maturity of more than one year at time of issuance but has
	variable rate and demand features that qualify it as a short-term security. Rate
	shown is as of report date. This rate changes periodically based upon prevailing
	market rates.
(m) Represents the current yield as of report date.

See Notes to Financial Statements.

SEMI-ANNUAL REPORT JANUARY 31, 2009 19

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

(n)	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,
	were as follows:

		Net
	Affiliate	Activity	Income
	CMA California Municipal Money Fund	1,088,879	$85,214

(o)	When issued security.

•Effective August 1, 2008, the Fund adopted Financial Accounting Standards Board
Statement of Financial Accounting Standards No. 157, “Fair Value Measurements”
(“FAS 157”). FAS 157 clarifies the definition of fair value, establishes a frame-
work for measuring fair values and requires additional disclosures about the use
of fair value measurements. Various inputs are used in determining the fair value
of investments, which are as follows:
•Level 1 — price quotations in active markets/exchanges for identical securities
•Level 2 — other observable inputs (including, but not limited to: quoted prices
for similar assets or liabilities in markets that are not active, inputs other than
quoted prices that are observable for the assets or liabilities (such as interest
rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks,
and default rates) or other market-corroborated inputs)
•Level 3 — unobservable inputs based on the best information available in the
circumstance, to the extent observable inputs are not available (including the
Fund’s own assumption used in determining the fair value of investments)
The inputs or methodology used for valuing securities are not necessarily an in-
dication 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, 2009 in deter-
mining the fair valuation of the Fund’s investments:

Valuation		Investments in
Inputs		Securities
		Assets
Level 1		$ 15,502,136
Level 2		445,121,406
Level 3		—
Total		$ 460,623,542

See Notes to Financial Statements.

20 SEMI-ANNUAL REPORT JANUARY 31, 2009

Schedule of Investments January 31, 2009 (Unaudited)					BlackRock MuniYield Investment Fund (MYF)
					(Percentages shown are based on Net Assets)
		Par					Par
Municipal Bonds		(000)	Value	Municipal Bonds			(000)	Value

California — 1.6%				Florida (continued)
Transportation — 1.6%				Education (concluded)
San Francisco, California, City and County Airport				Orange County, Florida, Educational Facilities Authority,
Commission, International Airport Revenue Refunding				Educational Facilities Revenue Bonds (Rollins College
Bonds, AMT, Second Series, 6.75%, 5/01/19	$ 2,500		$2,609,950	Project), 5.25%, 12/01/32 (a)		$ 1,500		$1,433,355
Total Municipal Bonds in California			2,609,950	University of Central Florida Athletics Association Inc.,
				COP, Series A, 5.25%, 10/01/34 (d)(e)			3,235	2,437,314
				University of Central Florida, COP (UCF Convocation
District of Columbia — 2.1%				Center), Series A, 5%, 10/01/35 (d)(e)			4,050	2,571,912

Utilities — Water & Sewer — 2.1%								9,811,246
District of Columbia, Water and Sewer Authority, Public				Hospitals/Healthcare — 11.8%
Utility Revenue Refunding Bonds, Senior Lien,				Citrus County, Florida, Hospital Board Revenue
Series A, 5.50%, 10/01/39 (s)		3,500	3,502,310	Refunding Bonds (Citrus Memorial Hospital):
Total Municipal Bonds in the District of Columbia			3,502,310	6.25%, 8/15/23			2,150	1,802,323
				6.375%, 8/15/32			2,850	2,190,795
				Jacksonville, Florida, Health Facilities Authority, Hospital
Florida — 109.6%				Revenue Bonds (Baptist Medical Center Project),
				5%, 8/15/37 (c)			3,145	2,756,435
County/City/Special District/School District — 20.6%				Lee County, Florida, IDA, Health Care Facilities, Revenue
Alachua County, Florida, School Board, COP,				Refunding Bonds (Shell Point/Alliance Obligor Group),
5.25%, 7/01/29 (a)		2,100	1,893,066	5%, 11/15/32			1,380	749,795
Broward County, Florida, School Board, COP, Series A,				Lee Memorial Health System, Florida, Hospital Revenue
5.25%, 7/01/33 (c)		3,300	3,117,807	Bonds, Series A, 5%, 4/01/32 (a)			3,000	2,199,540
Florida Municipal Loan Council Revenue Bonds,				Martin County, Florida, Health Facilities Authority,
Series B, 5.375%, 11/01/30 (d)		4,250	3,973,240	Hospital Revenue Bonds (Martin Memorial Medical
Hillsborough County, Florida, School Board, COP,				Center), Series A (f):
5%, 7/01/29 (d)		1,500	1,382,685	5.75%, 11/15/12			1,350	1,570,712
Jacksonville, Florida, Excise Taxes Revenue Bonds,				5.875%, 11/15/12			3,535	4,129,127
Series B, 5.125%, 10/01/32 (d)(e)		1,500	1,317,945	Miami-Dade County, Florida, Health Facilities Authority,
Lee County, Florida, Capital Revenue Bonds,				Hospital Revenue Refunding Bonds DRIVERS
5.25%, 10/01/23 (a)		1,125	1,158,491	Series 208,10.387%, 8/15/17(a)(r)			3	3,073
Miami-Dade County, Florida, School Board, COP,				Orange County, Florida, Health Facilities Authority,
Refunding, Series B, 5.25%, 5/01/30 (b)		2,250	2,166,165	Hospital Revenue Refunding Bonds (Orlando
Miami-Dade County, Florida, School Board, COP,				Regional Healthcare), Series B, 5.25%, 12/01/29 (c)			2,300	2,129,639
Series B, 5%, 11/01/31 (a)		2,500	2,180,450	South Lake County, Florida, Hospital District Revenue
Palm Beach County, Florida, Criminal Justice Facilities				Bonds (South Lake Hospital Inc.):
Revenue Bonds, 7.20%, 6/01/15 (d)(e)		3,390	4,241,839	5.80%, 10/01/34			1,000	800,780
Palm Beach County, Florida, School Board, COP,				6.375%, 10/01/34			1,150	925,382
Series A, 5%, 8/01/31 (c)		2,200	2,027,014
Saint Johns County, Florida, Sales Tax Revenue								19,257,601
Bonds (a):				Housing — 2.8%
Series A, 5.25%, 10/01/34		1,200	1,142,604	Broward County, Florida, HFA, S/F Mortgage
Series B, 5.25%, 10/01/32		1,015	972,878	Revenue Refunding Bonds, AMT, Series E,
Santa Rosa County, Florida, School Board, COP,				5.90%, 10/01/39 (g)(h)(i)			1,000	1,009,790
Refunding, Series 2 (d)(e):				Duval County, Florida, HFA, S/F Mortgage Revenue
5.25%, 2/01/26		1,180	1,109,212	Refunding Bonds, AMT (g)(i):
5.25%, 2/01/31		1,820	1,611,901	5.40%, 10/01/21			645	639,124
Sumter County, Florida, Capital Improvement Revenue				5.85%, 10/01/27 (d)			1,410	1,414,864
Bonds (a):				Florida Housing Finance Corporation, Homeowner
5%, 6/01/26		2,190	2,154,938	Mortgage Revenue Refunding Bonds, AMT, Series 4,
5%, 6/01/30		3,500	3,289,895	6.25%, 7/01/22 (c)			380	392,559
			33,740,130	Lee County, Florida, HFA, S/F Mortgage Revenue
				Bonds (Multi-County Program), AMT, Series A-1,
Education — 6.0%				7.125%, 3/01/28 (g)(i)			30	30,431
Broward County, Florida, Educational Facilities Authority				Leon County, Florida, HFA, S/F Mortgage Revenue
Revenue Bonds (Nova Southeastern University):				Bonds (Multi-County Program), AMT, Series B,
5%, 4/01/31 (b)		2,750	2,591,655	7.30%, 1/01/28 (g)(h)			15	15,501
Series B, 5.625%, 4/01/34		1,000	777,010	Manatee County, Florida, HFA, S/F Mortgage
				Revenue Refunding Bonds, AMT, Sub-Series 1,
				6.25%, 11/01/28 (g)			105	106,738

See Notes to Financial Statements.

SEMI-ANNUAL REPORT JANUARY 31, 2009 21

Schedule of Investments (continued)				BlackRock MuniYield Investment Fund (MYF)
				(Percentages shown are based on Net Assets)
		Par			Par
Municipal Bonds		(000)	Value	Municipal Bonds	(000)	Value

Florida (continued)				Florida (continued)
Housing (concluded)				Special Tax — 2.8%
Miami-Dade County, Florida, HFA, Home Ownership				Jacksonville, Florida, Guaranteed Entitlement
Mortgage Revenue Refunding Bonds, AMT, Series A-1,				Revenue Refunding and Improvement Bonds,
6.30%, 10/01/20 (g)(i)	$ 365		$371,158	5.25%, 10/01/32 (d)(e)	$ 2,315	$ 2,247,657
Pinellas County, Florida, HFA, S/F Housing Revenue				Saint Johns County, Florida, Sales Tax Revenue Bonds,
Refunding Bonds (Multi-County Program), AMT,				Series A, 5.25%, 10/01/32 (a)	2,400	2,300,400
Series A-1 (g)(i):						4,548,057
6.30%, 9/01/20		255	259,302
6.35%, 9/01/25		380	386,532	State — 1.6%
				Florida Municipal Loan Council Revenue Bonds,
			4,625,999	Series A-1, 5.125%, 7/01/34 (d)	1,580	1,387,730
IDA/PCR/Resource Recovery — 15.7%				Hillsborough County, Florida, Court Facilities Revenue
Arbor Greene Community Development District, Florida,				Bonds, 5.40%, 11/01/12 (a)(f)	1,055	1,210,401
Special Assessment Revenue Refunding Bonds,						2,598,131
5%, 5/01/19		1,410	1,253,349
Beacon Tradeport Community Development District,				Transportation — 36.0%
Florida, Special Assessment Revenue Refunding				Broward County, Florida, Airport System Revenue
Bonds (Commercial Project), Series A,				Bonds, AMT, Series I, 5.75%, 10/01/18 (a)	2,870	2,906,592
5.625%, 5/01/32 (j)		2,000	1,505,180	Hillsborough County, Florida, Aviation Authority Revenue
Escambia County, Florida, Environmental Improvement				Bonds, AMT, Series A, 5.50%, 10/01/38 (b)	3,865	3,283,433
Revenue Refunding Bonds (International Paper				Hillsborough County, Florida, Aviation Authority,
Company Projects), AMT, Series A, 5%, 8/01/26		3,925	2,272,653	Revenue Refunding Bonds, AMT, Series C,
Hillsborough County, Florida, IDA, Exempt Facilities				5.75%, 10/01/26 (b)	1,000	942,790
Revenue Bonds (National Gypsum Company), AMT:				Jacksonville, Florida, Port Authority Revenue Bonds,
Series A, 7.125%, 4/01/30		2,500	1,363,550	AMT, 6%, 11/01/38 (b)	3,920	3,581,665
Series B, 7.125%, 4/01/30		3,750	2,045,325	Miami-Dade County, Florida, Aviation Revenue Bonds,
Hillsborough County, Florida, IDA, PCR, Refunding				AMT, Series A, 5%, 10/01/33 (c)	3,875	3,100,659
(Tampa Electric Company Project), Series A,				Miami-Dade County, Florida, Aviation Revenue
5.65%, 5/15/18		1,450	1,473,011	Bonds (Miami International Airport), AMT, Series A,
Jacksonville, Florida, Economic Development				6%, 10/01/29 (d)(e)	4,300	3,969,846
Commission, IDR (Metropolitan Parking Solutions				Miami-Dade County, Florida, Aviation Revenue
Project), AMT (k):				Refunding Bonds (Miami International Airport), AMT,
5.50%, 10/01/30		1,140	808,089	Series A (c):
5.875%, 6/01/31		2,800	2,182,460	5.25%, 10/01/41	1,800	1,454,922
Miami-Dade County, Florida, Solid Waste System				5.50%, 10/01/41	3,900	3,280,875
Revenue Bonds, 5.25%, 10/01/30 (d)		2,800	2,718,688	Miami-Dade County, Florida, Expressway Authority, Toll
Orange County, Florida, Tourist Development, Tax				System Revenue Bonds (e):
Revenue Refunding Bonds, 5%, 10/01/29 (a)		3,500	3,111,010	6.375%, 7/01/10 (f)	16,000	17,383,360
Orlando, Florida, Senior Tourist Development Tax				Series B, 5%, 7/01/33 (d)	4,050	3,708,423
Revenue Bonds (6th Cent Contract Payments),				Orlando-Orange County Expressway Authority, Florida,
Series A, 5.25%, 11/01/38 (b)		2,000	1,866,160	Expressway Revenue Bonds, Series B (a):
Osceola County, Florida, Tourist Development Tax				5%, 7/01/30	3,000	2,819,640
Revenue Bonds, Series A, 5.50%, 10/01/27 (d)(e)		1,760	1,707,922	5%, 7/01/35	8,085	7,316,682
Village Center Community Development District, Florida,				Palm Beach County, Florida, Airport System Revenue
Recreational Revenue Bonds, Series A (d):				Bonds, AMT, Series A, 5%, 10/01/34 (d)	5,000	3,873,950
5.375%, 11/01/34		1,995	1,724,877	Port Everglades Authority, Florida, Port Revenue Bonds,
5.125%, 11/01/36		1,000	824,200	7.125%, 11/01/16 (m)	1,020	1,228,417
Volusia County, Florida, IDA, Student Housing Revenue						58,851,254
Bonds (Stetson University Project), Series A,				Utilities — Electric & Gas — 3.1%
5%, 6/01/35 (l)		1,000	753,140	Collier County, Florida, IDA, IDR, Refunding (Southern
			25,609,614	States Utilities), AMT, 6.50%, 10/01/25	460	370,360
Lease Obligations/Certificates of Participation — 3.2%				Fort Myers, Florida, Utility System Revenue Refunding
Volusia County, Florida, School Board, COP (Master				Bonds, 5%, 10/01/31 (d)	2,750	2,562,752
Lease Program), 5.50%, 8/01/24 (c)		5,000	5,157,300	Port St. Lucie, Florida, Utility Revenue Bonds,
				5.25%, 9/01/25 (d)	1,215	1,219,605
				Saint Johns County, Florida, Ponte Vedra Utility System
				Revenue Bonds, 5%, 10/01/35 (c)	1,000	917,340
						5,070,057

See Notes to Financial Statements.

22 SEMI-ANNUAL REPORT JANUARY 31, 2009

Schedule of Investments (continued)

BlackRock MuniYield Investment Fund (MYF)

(Percentages shown are based on Net Assets)

Par

Municipal Bonds

(000)

Value

Municipal Bonds

(000)

Value

Florida (concluded)

Michigan — 2.0%

Utilities — Irrigation, Resource Recovery, Solid Waste

Hospitals/Healthcare — 1.2%

& Other — 2.7%

Royal Oak, Michigan, Hospital Finance Authority,

Village Center Community Development District, Florida,

Hospital Revenue Refunding Bonds (William

Utility Revenue Bonds, 5.125%, 10/01/28 (d)

$ 5,040

$ 4,523,602

Beaumont Hospital), 8.25%, 9/01/39

$ 1,970

$ 2,012,867

Utilities — Water & Sewer — 3.3%

Lease Obligations — 0.8%

Florida State Governmental Utility Authority,

Michigan State Building Authority, Revenue Refunding

Utility Revenue Bonds (Lehigh Utility System),

Bonds (Facilities Program), Series I, 6%, 10/15/38

1,250

1,284,100

5.125%, 10/01/33 (a)

1,000

931,760

Total Municipal Bonds in Michigan

3,296,967

Miami Beach, Florida, Water and Sewer Revenue Bonds,

5.75%, 9/01/25 (a)

3,000

3,097,290

Seminole County, Florida, Water and Sewer Revenue

Nevada — 3.2%

Bonds, 5%, 10/01/31

1,400

1,332,450

County/City/Special District/School District — 3.2%

5,361,500

Clark County, Nevada, Water Reclamation District,

Total Municipal Bonds in Florida

179,154,491

Limited Tax, GO, 6%, 7/01/38

5,000

5,298,500

Total Municipal Bonds in Nevada

5,298,500

Georgia — 5.6%

Transportation — 1.9%

New York — 1.9%

Atlanta, Georgia, Airport Passenger Facility Charge and

Education — 0.9%

Subordinate Lien General Revenue Refunding Bonds,

New York City, New York, City Transitional Finance

Series C, 5%, 1/01/33 (c)

3,270

3,120,692

Authority, Building Aid Revenue Bonds, Series S-3,

Utilities — Electric & Gas — 3.7%

5.25%, 1/15/39

1,500

1,430,400

Municipal Electric Authority of Georgia, Revenue

Utilities — Irrigation, Resource Recovery, Solid Waste

Refunding Bonds (General Resolution Projects),

& Other — 1.0%

Sub-Series D, 6%, 1/01/23

5,600

6,051,304

Long Island Power Authority, New York, Electric System

Total Municipal Bonds in Georgia

9,171,996

Revenue Refunding Bonds, Series A, 5.50%, 4/01/24

1,600

1,647,616

Total Municipal Bonds in New York

3,078,016

Illinois — 3.0%

Hospitals/Healthcare — 1.9%

Oklahoma — 1.0%

Illinois State Finance Authority Revenue Bonds (Rush

Housing — 1.0%

University Medical Center Obligated Group Project),

Tulsa County, Oklahoma, Home Finance Authority,

Series A (s):

S/F Mortgage Revenue Refunding Bonds, AMT,

7.25%, 11/01/30

850

851,624

Series C, 5.25%, 12/01/38 (k)

1,913

1,578,761

7.25%, 11/01/38

2,300

2,258,370

Total Municipal Bonds in Oklahoma

1,578,761

3,109,994

Transportation — 1.1%

Illinois State Toll Highway Authority Revenue Bonds,

South Carolina — 2.0%

Series B, 5.50%, 1/01/33

1,750

1,778,263

Utilities — Electric & Gas — 2.0%

Total Municipal Bonds in Illinois

4,888,257

South Carolina State Public Service Authority, Revenue

Refunding Bonds, Series A, 5.50%, 1/01/38

3,250

3,322,150

Massachusetts — 1.5%

Total Municipal Bonds in South Carolina

3,322,150

Education — 1.5%

Massachusetts State College Building Authority, Project

Texas — 1.6%

Revenue Bonds, Series A, 5.50%, 5/01/39

1,000

974,040

Hospitals/Healthcare — 0.5%

Massachusetts State Health and Educational

Harris County, Texas, Health Facilities Development

Facilities Authority Revenue Bonds (Tufts University),

Corporation, Hospital Revenue Refunding Bonds

5.375%, 8/15/38

1,500

1,520,640

(Memorial Hermann Healthcare System), Series B,

Total Municipal Bonds in Massachusetts

2,494,680

7.25%, 12/01/35

800

835,320

See Notes to Financial Statements.

SEMI-ANNUAL REPORT JANUARY 31, 2009 23

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

		Par
Municipal Bonds		(000)	Value
Texas (concluded)
Transportation — 1.1%
North Texas Tollway Authority, System Revenue Refunding
Bonds, First Tier, Series K-1, 5.75%, 1/01/38 (b)	$ 1,750		$ 1,787,048
Total Municipal Bonds in Texas			2,622,368
Virginia — 1.2%
Education — 1.2%
Virginia State Public School Authority, Special
Obligation School Financing Bonds (Fluvanna County),
6.50%, 12/01/35		1,700	1,876,613
Total Municipal Bonds in Virginia			1,876,613
Puerto Rico — 0.9%
Lease Obligations — 0.9%
Puerto Rico Public Buildings Authority, Government
Facilities Revenue Refunding Bonds, Series I,
5%, 7/01/36 (n)		1,760	1,392,160
Total Municipal Bonds in Puerto Rico			1,392,160
Total Municipal Bonds — 137.2%			224,287,219
Municipal Bonds Transferred to
Tender Option Bond Trusts (o)

Florida — 18.5%
County/City/Special District/School District — 2.5%
Jacksonville, Florida, Sales Tax Revenue Bonds,
5%, 10/01/27 (d)		2,700	2,680,398
Manatee County, Florida, HFA, Homeowner Revenue
Bonds, AMT, Series A, 5.9, 9/01/40 (g)(h)(i)		1,391	1,376,969
			4,057,367
Education — 2.7%
Polk County, Florida, School Board COP, Master Lease,
Series A, 5.5, 1/01/10 (c)		4,397	4,443,910
Hospitals/Healthcare — 10.5%
Miami-Dade County, Florida, Health Facilities Authority,
Hospital Revenue Refunding Bonds (Miami Children’s
Hospital), Series A, 5.625%, 8/15/17 (a)		6,595	7,350,193
South Broward, Florida, Hospital District, Hospital
Revenue Bonds, 5.625%, 5/01/32 (d)		8,500	9,736,665
			17,086,858
Housing — 1.6%
Lee County, Florida, HFA, S/F Mortgage Revenue
Bonds (Multi-County Program), AMT, Series A-2,
6%, 9/01/40 (g)(h)(i)		2,505	2,676,267
Utilities — Electric & Gas — 1.2%
Jacksonville Electric Authority, Florida, Saint John’s River
Power Park System Revenue Bonds, Issue Three,
Series 2, 5%, 10/01/37		2,100	1,926,624
			30,191,026

Municipal Bonds Transferred to		Par
Tender Option Bond Trusts (o)		(000)	Value
	Illinois — 3.5%
Education — 3.5%
Illinois Finance Authority, Revenue Bonds (University of
Chicago), Series B, 6.25, 7/01/38		$ 5,300	$ 5,693,684
Total Municipal Bonds Transferred to Tender Option
Bond Trusts — 22.0%			35,884,710
Total Long-Term Investments
(Cost — $277,049,748) — 159.2%			260,171,929
Short-Term Securities
	Pennsylvania — 1.2%
Philadelphia, Pennsylvania, GO, Refunding, Series B,
3.75%, 2/05/09 (r)		2,000	2,000,000
		Shares
	Money Market — 8.1%
CMA Florida Municipal Money Fund, 0.11% (p)(q)		13,315,907	13,315,907
Total Short-Term Securities
(Cost — $15,315,907) — 9.3%			15,315,907
*Total Investments (Cost — $292,365,655) — 168.5%**			275,487,836
Liabilities in Excess of Other Assets — (1.7)%			(2,835,208)
Liability for Trust Certificates, Including Interest
Expense and Fees Payable — (11.2)%			(18,369,886)
Preferred Shares, at Redemption Value — (55.6)%			(90,833,654)
Net Assets Applicable to Common Shares — 100.0%			$163,449,088

*	The cost and unrealized appreciation (depreciation) of investments as of
	January 1, 2009, as computed for federal income tax purposes, were as follows:
	Aggregate cost		$274,946,327
	Gross unrealized appreciation		$ 8,244,161
	Gross unrealized depreciation		(25,962,939)
	Net unrealized depreciation		$ (17,718,778)

(a)	AMBAC Insured.
(b)	Assured Guaranty Insured.
(c)	FSA Insured.
(d)	MBIA Insured.
(e)	FGIC Insured.
(f)	U.S. government securities, held in escrow, are used to pay interest on this
	security, as well as to retire the bond in full at the date indicated, typically at a
	premium to par.
(g)	GNMA Collateralized.
(h)	FHLMC Collateralized.
(i)	FNMA Collateralized.
(j)	Radian Insured.
(k)	ACA Insured.

See Notes to Financial Statements.

24 SEMI-ANNUAL REPORT JANUARY 31, 2009

Schedule of Investments (concluded) BlackRock MuniYield Investment Fund (MYF)

(l) CIFG Insured.
(m) Security is collateralized by Municipal or U.S. Treasury Obligations.
(n) Commonwealth Guaranteed.
(o) Securities represent bonds transferred to a tender option bond trust in
exchange for which the Fund acquired residual interest certificates. These
securities serve as collateral in a financing transaction. See Note 1 of the
Notes to Financial Statements for details of municipal bonds transferred to
tender option bond trusts.
(p) Investments in companies considered to be an affiliate of the Fund for purposes
of Section 2(a)(3) of the Investment Company Act of 1940, were as follows:

	Net
Affiliate	Activity	Income
CMA Florida Municipal Money Fund	5,830,491	$30,250

(q) Represents the current yield as of report date.
(r) Security may have a maturity of more than one year at time of issuance but has
variable rate and demand features that qualify it as a short-term security. Rate
shown is as of report date. This rate changes periodically based upon prevailing
market rates.
(s) When issued.
•Effective August 1, 2008, the Fund adopted Financial Accounting Standards Board
Statement of Financial Accounting Standards No. 157, “Fair Value Measurements”
(“FAS 157”). FAS 157 clarifies the definition of fair value, establishes a frame-
work for measuring fair values and requires additional disclosures about the use
of fair value measurements. Various inputs are used in determining the fair value
of investments, which are as follows:
•Level 1 — price quotations in active markets/exchanges for identical securities
•Level 2 — other observable inputs (including, but not limited to: quoted prices
for similar assets or liabilities in markets that are not active, inputs other than
quoted prices that are observable for the assets or liabilities (such as interest
rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks,
and default rates) or other market-corroborated inputs)
•Level 3 — unobservable inputs based on the best information available in the
circumstance, to the extent observable inputs are not available (including the
Fund’s own assumption used in determining the fair value of investments)
The inputs or methodology used for valuing securities are not necessarily an in-
dication 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, 2009 in deter-
mining the fair valuation of the Fund’s investments:

Valuation		Investments in
Inputs		Securities
		Assets
Level 1		$ 13,315,907
Level 2		$ 262,171,929
Level 3		—
Total		$ 275,487,836

See Notes to Financial Statements.

SEMI-ANNUAL REPORT JANUARY 31, 2009 25

Schedule of Investments January 31, 2009 (Unaudited)					BlackRock MuniYield New Jersey Fund, Inc. (MYJ)
					(Percentages shown are based on Net Assets)
		Par					Par
Municipal Bonds		(000)	Value	Municipal Bonds			(000)	Value
New Jersey — 139.2%					New Jersey (continued)
County/City/Special District/School District — 11.4%				Education (concluded)
Burlington County, New Jersey, Bridge Commission				University of Medicine and Dentistry of New Jersey,
Revenue Bonds (Governmental Leasing Program),				Revenue Bonds, Series A (e):
5.25%, 8/15/12 (a)	$ 1,000		$ 1,137,030		5.50%, 12/01/18	$ 945		$955,886
Essex County, New Jersey, Improvement Authority					5.50%, 12/01/19		1,900	1,909,215
Revenue Bonds, Series A, 5%, 10/01/13 (a)(g)		2,620	3,031,995		5.50%, 12/01/20		1,870	1,846,980
Hudson County, New Jersey, COP, Refunding,					5.50%, 12/01/21		1,435	1,385,579
6.25%, 12/01/16 (c)		1,500	1,691,895					39,872,770
Jackson Township, New Jersey, School District, GO,
5%, 4/15/12 (a)(g)		6,840	7,642,947	Hospitals/Healthcare — 19.9%
Middlesex County, New Jersey, Improvement Authority,				New Jersey EDA, Revenue Bonds (Saint Barnabas
County-Guaranteed Revenue Bonds (Golf Course				Project), Series A, 6.246%, 7/01/24 (c)(h)			3,850	1,365,826
Projects), 5.25%, 6/01/22		1,455	1,543,682	New Jersey Health Care Facilities Financing Authority,
Middlesex County, New Jersey, Improvement Authority,				Health System Revenue Bonds (Catholic Health East),
Senior Revenue Bonds (Heldrich Center Hotel/				Series A, 5.375%, 11/15/12 (a)			1,100	1,264,857
Conference Project), Series A, 5%, 1/01/20		655	418,434	New Jersey Health Care Facilities Financing Authority
Monmouth County, New Jersey, Improvement Authority,				Revenue Bonds:
Governmental Loan Revenue Refunding Bonds (e):					(Children’s Specialized Hospital), Series A,
5%, 12/01/11 (a)		2,085	2,308,324		5.50%, 7/01/36		1,540	1,173,680
5%, 12/01/15		1,215	1,298,446		(Hunterdon Medical Center), Series A,
5%, 12/01/16		1,280	1,351,693		5.125%, 7/01/35		1,950	1,567,780
Salem County, New Jersey, Improvement Authority					(Meridian Health), Series I, 5%, 7/01/38 (f)		1,000	946,960
Revenue Bonds (Finlaw State Office Building					(Pascack Valley Hospital Association),
Project) (d):					6.625%, 7/01/36 (m)(n)		1,845	62,176
5.375%, 8/15/28		500	516,050		(Robert Wood University), 5.70%, 7/01/20 (e)		4,000	4,027,920
5.25%, 8/15/38		500	500,670		(Somerset Medical Center), 5.50%, 7/01/33		1,875	945,619
					(South Jersey Hospital System), 6%, 7/01/12 (a)		6,640	7,639,453
			21,441,166
					(Southern Ocean County Hospital),
Education — 21.1%					5.125%, 7/01/31 (b)		2,000	1,516,240
New Jersey State Educational Facilities Authority				New Jersey Health Care Facilities Financing Authority,
Revenue Bonds:				Revenue Refunding Bonds:
(Georgian Court College Project), Series C,					(Atlantic City Medical Center), 5.75%, 7/01/12 (a)		1,060	1,198,616
6.50%, 7/01/13 (a)		2,000	2,427,940		(Atlantic City Medical Center), 6.25%, 7/01/12 (a)		500	573,640
(Montclair State University), Series J,					(Atlantic City Medical Center), 6.25%, 7/01/17		520	538,689
5.25%, 7/01/38		1,140	1,070,255		(Atlantic City Medical Center), 5.75%, 7/01/25		1,125	1,098,113
(Rider University), Series C, 5%, 7/01/37 (b)		1,750	1,257,498		(Capital Health System Inc.), Series A,
(Rowan University), Series C, 5%, 7/01/14 (a)(c)		1,955	2,283,225		5.75%, 7/01/23		1,650	1,536,661
(Rowan University), Series C,					(Meridian Health System Obligation Group),
5.125%, 7/01/14 (a)(c)		2,165	2,542,424		5.25%, 7/01/19 (d)		1,500	1,512,060
New Jersey State Educational Facilities Authority,					(Meridian Health System Obligation Group),
Revenue Refunding Bonds:					5.375%, 7/01/24 (d)		2,250	2,201,467
(College of New Jersey), Series D, 5%, 7/01/35 (d)		6,115	5,991,783		(Meridian Health System Obligation Group),
(Georgian Court University), Series D,					5.25%, 7/01/29 (d)		2,195	1,985,816
5.25%, 7/01/37		1,000	829,920		(Saint Barnabas Health Care System), Series A,
(Montclair State University), Series L,					5%, 7/01/29		4,155	3,102,206
5%, 7/01/14 (a)(c)		5,305	6,195,656		(Saint Barnabas Health Care System), Series B,
(Ramapo College), Series I, 4.25%, 7/01/31 (e)		750	619,328		5.903%, 7/01/30 (h)		2,000	250,400
(Ramapo College), Series I, 4.25%, 7/01/36 (e)		810	644,630		(Saint Barnabas Health Care System), Series B,
(Rider University), 5%, 7/01/17 (b)		1,000	938,370		5.699%, 7/01/36 (h)		500	33,110
(Rider University), Series A, 5.50%, 7/01/23 (b)		1,255	1,110,688		(Saint Barnabas Health Care System), Series B,
(Rider University), Series A, 5.25%, 7/01/34 (b)		1,450	1,103,102		5.175%, 7/01/37 (h)		13,250	792,615
(Rowan University), Series B, 5%, 7/01/24 (f)		1,800	1,875,438		(South Jersey Hospital System), 5%, 7/01/36		1,385	1,039,747
(Stevens Institute of Technology), Series A,					(South Jersey Hospital System), 5%, 7/01/46		1,650	1,188,578
5%, 7/01/27		2,200	1,682,582
								37,562,229
New Jersey State Higher Education Assistance Authority,
Student Loan Revenue Bonds, AMT, Series A,				Housing — 11.4%
5.30%, 6/01/17 (e)		3,170	3,202,271	New Jersey State Housing and Mortgage Finance
				Agency Revenue Bonds, Series AA, 6.50%, 10/01/38			2,160	2,278,670
				New Jersey State Housing and Mortgage Finance Agency,
				Home Buyer Revenue Bonds, AMT (c):
					Series CC, 5.80%, 10/01/20		4,515	4,632,164
					Series U, 5.60%, 10/01/12		2,515	2,536,805

See Notes to Financial Statements.

26 SEMI-ANNUAL REPORT JANUARY 31, 2009

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

			(Percentages shown are based on Net Assets)

	Par				Par

Municipal Bonds	(000)	Value	Municipal Bonds		(000)	Value
New Jersey (continued)			New Jersey (continued)
Housing (concluded)			State (concluded)
New Jersey State Housing and Mortgage Finance			Garden State Preservation Trust of New Jersey, Open
Agency, M/F Revenue Bonds, AMT, Series A,			Space and Farmland Preservation Revenue Bonds,
4.90%, 11/01/35 (g)	$ 1,500	$ 1,213,470	Series A, 5.80%, 11/01/22 (d)	$ 4,300		$ 4,825,933
New Jersey State Housing and Mortgage Finance			Perth Amboy, New Jersey, GO (Convertible CABS),
Agency, S/F Housing Revenue Bonds, AMT:			Refunding (d)(i):
Series T, 4.65%, 10/01/32	4,945	3,958,126	5.22%, 7/01/33		1,575	1,198,496
Series U, 4.95%, 10/01/32	700	590,548	5.215%, 7/01/34		1,925	1,454,684
Series X, 4.85%, 4/01/16	3,605	3,826,239	Tobacco Settlement Financing Corporation of New Jersey,
Newark, New Jersey, Housing Authority, Port Authority-			Asset-Backed Revenue Bonds:
Port Newark Marine Terminal, Additional Rent-Backed			7%, 6/01/13 (a)		3,010	3,666,993
Revenue Refunding Bonds (City of Newark			5.75%, 6/01/32		1,820	1,983,600
Redevelopment Projects), 4.375%, 1/01/37 (c)	3,225	2,540,591
			Tobacco Settlement Financing Corporation of New
		21,576,613	Jersey, Asset-Backed Revenue Refunding Bonds:
IDA/PCR/Resource Recovery — 24.4%			Series 1A, 5%, 6/01/41		2,500	1,304,300
Gloucester County, New Jersey, Improvement Authority,			Series 1B, 5.649%, 6/01/41 (h)		5,100	162,843
Solid Waste Resource Recovery, Revenue Refunding						19,529,708
Bonds (Waste Management Inc. Project):
			Transportation — 30.1%
Series A, 6.85%, 12/01/29	2,000	2,006,660
			Delaware River Port Authority of Pennsylvania and New
Series B, AMT, 7%, 12/01/29	1,180	1,182,112
			Jersey Revenue Bonds, 6%, 1/01/19 (d)		7,860	8,015,942
New Jersey EDA, Cigarette Tax Revenue Bonds:
			Hudson County, New Jersey, Improvement Authority,
5.625%, 6/15/19	1,720	1,460,314
			Parking Revenue Bonds (Harrison Parking Facility
5.75%, 6/15/29 (b)	1,895	1,410,240
			Project), Series C, 5.375%, 1/01/44 (f)		4,800	4,761,600
5.50%, 6/15/31 (b)	370	262,774
			Morristown, New Jersey, Parking Authority Revenue
5.75%, 6/15/34 (b)	755	543,819