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UNITEDSTATES
SECURITIESANDEXCHANGECOMMISSION
Washington,D.C.20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number 811-06499

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

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: Anne F. Ackerley, Chief Executive Officer, BlackRock
MuniYield California Fund, Inc., 40 East 52nd Street, New York, NY 10022.

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

Date of fiscal year end: 07/31/2009

Date of reporting period: 07/31/2009

Item 1 – Report to Stockholders


EQUITIES FIXED INCOME REAL ESTATE LIQUIDITY ALTERNATIVES BLACKROCK SOLUTIONS

Annual Report

JULY 31, 2009

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 
Dear Shareholder  3 
Annual Report:   
Fund Summaries  4 
The Benefits and Risks of Leveraging  9 
Derivative Financial Instruments  9 
Financial Statements:   
   Schedules of Investments  10 
   Statements of Assets and Liabilities  27 
   Statements of Operations  28 
   Statements of Changes in Net Assets  29 
   Statement of Cash Flows  32 
Financial Highlights  33 
Notes to Financial Statements  38 
Report of Independent Registered Public Accounting Firm  45 
Important Tax Information  46 
Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements  47 
Automatic Dividend Reinvestment Plan  51 
Officers and Directors  52 
Additional Information  56 

2 ANNUAL REPORT JULY 31, 2009

Dear Shareholder

The past 12 months reveal two distinct market backdrops — one of extreme investor pessimism and decided weakness, and another of cautious optimism

and nascent signs of recovery. The first half of the period was characterized by the former, as the global financial crisis erupted into the worst recession

in decades. Daily headlines recounted universal macroeconomic deterioration, financial sector casualties, volatile swings in global equity markets, and

unprecedented government intervention that included widespread (and globally coordinated) monetary and quantitative easing by central banks and large-

scale fiscal stimuli. Sentiment improved noticeably in March 2009, however, on the back of new program announcements by the US Treasury Department

and Federal Reserve, as well as generally stronger-than-expected economic data in a few key areas, including retail sales, business and consumer confidence,

manufacturing and housing.

In this environment, US equities contended with extraordinary volatility, posting steep declines through mid-March 2009 before going on a three-month

rally that largely negated year-to-date losses. Late in the period, investor enthusiasm waned and a correction ensued for several weeks, mostly as a result

of profit taking and portfolio rebalancing, as opposed to a change in the economic outlook. Equities rallied once again as the period drew to a close, result-

ing in positive year-to-date returns for all major indexes. The experience in international markets was similar to that in the United States, though performance

was generally more extreme both on the decline and on the upturn. Notably, emerging markets, which lagged most developed regions through the downturn,

reassumed leadership in 2009 as these areas of the globe have generally seen a stronger acceleration in economic recovery.

In fixed income markets, while the flight to quality remained a prevalent theme, relatively attractive yields and distressed valuations, alongside a more

favorable macro environment, eventually captured investor attention, leading to a sharp recovery in non-Treasury assets. This has been particularly evident

in the high yield sector, which has firmly outpaced all other taxable asset classes since the start of 2009. At the same time, the municipal bond market

enjoyed a strong return after the exceptional market volatility of 2008, buoyed by a combination of attractive valuations, robust retail investor demand and

a slowdown in forced selling. Direct aid to state and local governments via the American Recovery and Reinvestment Act of 2009 has also lent support

to municipal bonds.

Total Returns as of July 31, 2009  6-month  12-month 
US equities (S&P 500 Index)  21.18%  (19.96)% 
Small cap US equities (Russell 2000 Index)  26.61  (20.72) 
International equities (MSCI Europe, Australasia, Far East Index)  30.63  (22.60) 
US Treasury securities (Merrill Lynch 10-Year US Treasury Index)  (3.91)  7.58 
Taxable fixed income (Barclays Capital US Aggregate Bond Index)  4.47  7.85 
Tax-exempt fixed income (Barclays Capital Municipal Bond Index)  4.38  5.11 
High yield bonds (Barclays Capital US Corporate High Yield 2% Issuer Capped Index)  30.11  5.30 
       Past performance is no guarantee of future results. Index performance shown for illustrative purposes only. You cannot invest directly in an index.   

The market environment has clearly improved since the beginning of the year, but a great deal of uncertainty and risk remain. Through periods of market tur-

bulence, as ever, BlackRock’s full resources are dedicated to the management of our clients’ assets. For additional insight and timely “food for thought,” we

invite you to visit our award-winning Shareholder® magazine, now available exclusively online at www.blackrock.com/shareholdermagazine. We thank you

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


Announcement to Shareholders

On June 16, 2009, BlackRock, Inc. announced that it received written notice from Barclays PLC (“Barclays”) in which Barclays’ Board of Directors had

accepted BlackRock’s offer to acquire Barclays Global Investors (“BGI”). At a special meeting held on August 6, 2009, BlackRock’s proposed purchase of

BGI was approved by an overwhelming majority of Barclays’ voting shareholders, an important step toward closing the transaction. The combination of

BlackRock and BGI will bring together market leaders in active and index strategies to create the preeminent asset management firm. The transaction is

scheduled to be completed in the fourth quarter of 2009, subject to important fund shareholder and regulatory approvals.

THIS PAGE NOT PART OF YOUR FUND REPORT 3

Fund Summary as of July 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. No
assurance can be given that the Fund’s investment objective will be achieved.

Performance

For the 12 months ended July 31, 2009, the Fund returned 1.79% based on market price and 2.26% based on net asset value (“NAV”). For the same period,
the closed-end Lipper Intermediate Municipal Debt Funds category posted an average return of 6.93% based on market price and 2.06% 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. During the period, the Fund’s distribution rate improved to roughly average for the peer group. Total return
reflected a combination of the Fund’s underperformance in the volatile fixed income markets through 2008, and its outperformance during the remarkable
recovery in risk assets — and return of the municipal market to more normal demand metrics — through the first half of 2009. During the period, we identified
sectors and credits that we were comfortable holding despite underperformance in the short term; these included some high yield credits, in addition to
Puerto Rico and housing bonds. Each of these segments ultimately benefited the Fund, as they outperformed during the market’s recovery. We also actively
participated in the new-issue market. Where possible, we focused on both longer-dated maturities permitted by the Fund’s intermediate duration mandate,
as well as discount coupon bonds to benefit from the increased demand from the retail sector.

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

Fund Information

Symbol on New York Stock Exchange (“NYSE”)          MNE 
Initial Offering Date        August 1, 2003 
Yield on Closing Market Price as of July 31, 2009 ($11.60)1          5.74% 
Tax Equivalent Yield2          8.83% 
Current Monthly Distribution per Common Share3          $0.0555 
Current Annualized Distribution per Common Share3          $0.6660 
Leverage as of July 31, 20094          36% 
   1 Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price.   
       Past performance does not guarantee future results.           
   2 Tax equivalent yield assumes the maximum federal tax rate of 35%.           
   3 The distribution is not constant and is subject to change.           
   4 Represents Auction Market Preferred Shares (“Preferred Shares”) and tender option bond trusts (“TOBs”) as a percentage of total managed assets, 
         which is the total assets of the Fund (including any assets attributable to Preferred Shares and TOBs) minus the sum of accrued liabilities. For a 
       discussion of leveraging techniques utilized by the Fund, please see The Benefits and Risks of Leveraging on page 9.     
The table below summarizes the changes in the Fund’s market price and NAV per share:       
  7/31/09  7/31/08  Change  High  Low 
Market Price  $11.60  $12.12  (4.29)%  $12.33  $ 7.50 
Net Asset Value  $12.99  $13.51  (3.85)%  $13.88  $10.70 
The following unaudited charts show the sector and credit quality allocations of the Fund’s long-term investments:   

     Sector Allocations     
  7/31/09  7/31/08 
Health       18%  20% 
County/City/Special District/     
School District  17  20 
Transportation  16  9 
State  14  12 
Housing  11  12 
Education  8  9 
Corporate  8  7 
Utilities  7  9 
Tobacco  1  2 

     Credit Quality Allocations5     
  7/31/09  7/31/08 
AAA/Aaa  9%  6% 
AA/Aa  31  43 
A/A  31  21 
BBB/Baa  19  15 
BB/Ba  4  9 
CCC/Caa  2  2 
Not Rated6  4  4 
 5 Using the higher of Standard & Poor’s (“S&P”) or Moody’s Investors 
     Service (“Moody’s”) ratings.     
 6 The investment advisor has deemed certain of these non-rated 
     securities to be of investment grade quality. As of July 31, 2009 
     and 2008, the market value of these securities were $1,646,778 
     representing 2% and $1,927,760 representing 2%, respectively, of 
     the Fund’s long-term investments.     

4 ANNUAL REPORT JULY 31, 2009

Fund Summary as of July 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.
No assurance can be given that the Fund’s investment objective will be achieved.

Performance

For the 12 months ended July 31, 2009, the Fund returned (1.66)% based on market price and 3.27% based on NAV. For the same period, the closed-end
Lipper Other States Municipal Debt Funds category posted an average return of 4.52% based on market price and 3.12% on a NAV basis. All returns reflect
reinvestment of dividends. The Fund’s premium to NAV, which narrowed during the period, accounts for the difference between performance based on price and
performance based on NAV. The benefit of above average yield is reflected in the total return of the portfolio. This is a product of the yield of the securities held
within the portfolio. During the first half of the period, performance was hindered by above-average exposure to the longer end of the yield curve, where yields
rose. 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 during the first half of the period, as credit markets adjusted to higher perceived risks and an overall weaker economy.
Fortunately, during the second half of the period, both of these factors reversed course and benefited the Fund. The yield curve flattened and credit spreads gen-
erally narrowed. Throughout the period, we worked to upgrade credit quality, when practical, in an often very volatile and illiquid market.Additionally, we favored
moving in the curve opportunistically. During the 12 months, Fund management maintained high cash allocations in an effort to reduce volatility and ensure that
ample cash was available to take advantage of opportunities in the new-issue market. The Fund’s cash balance lowered portfolio duration, which was beneficial;
however, it also held the yield down slightly as the money was invested in lower-yielding short-term investments, a negative factor.

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

Fund Information

Symbol on NYSE Amex          MZA 
Initial Offering Date        October 29, 1993 
Yield on Closing Market Price as of July 31, 2009 ($12.85)1          6.26% 
Tax Equivalent Yield2          9.63% 
Current Monthly Distribution per Common Share3          $0.067 
Current Annualized Distribution per Common Share3          $0.804 
Leverage as of July 31, 20094          42% 
   1 Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price.   
       Past performance does not guarantee future results.           
   2 Tax equivalent yield assumes the maximum federal tax rate of 35%.           
   3 The distribution is not constant and is subject to change.           
   4 Represents Preferred Shares and TOBs as a percentage of total managed assets, which is the total assets of the Fund (including any assets attributa- 
       ble 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 NAV per share:       
  7/31/09  7/31/08  Change  High  Low 
Market Price  $12.85  $13.94  (7.82)%  $14.30  $7.28 
Net Asset Value  $12.40  $12.81  (3.20)%  $13.12  $9.60 
The following unaudited charts show the sector and credit quality allocations of the Fund’s long-term investments:   

     Sector Allocations     
  7/31/09  7/31/08 
County/City/Special District/     
School District       25%     22% 
Utilities  19  17 
State  17  9 
Health  13  15 
Education  12  23 
Housing  8  10 
Transportation  5  3 
Corporate  1  1 

     Credit Quality Allocations5     
  7/31/09  7/31/08 
AAA/Aaa       25%  11% 
AA/Aa  22  36 
A/A  29  27 
BBB/Baa  19  20 
BB/Ba  1  1 
B/B  1  1 
Not Rated6  3  4 
 5 Using the higher of S&P’s or Moody’s ratings.   
6 The investment advisor has deemed certain of these non-rated 
       securities to be of investment grade quality. As of July 31, 2009 
     and 2008, the market value of these securities were $1,515,561 
     representing 2% and $2,300,385 representing 2%, respectively, of 
     the Fund’s long-term investments.     

ANNUAL REPORT JULY 31, 2009 5

Fund Summary as of July 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 issuer, is exempt from federal and California income taxes. No
assurance can be given that the Fund’s investment objective will be achieved.

Performance

For the 12 months ended July 31, 2009, the Fund returned 1.37% based on market price and 4.64% based on NAV. For the same period, the closed-end
Lipper California Municipal Debt Funds category posted an average return of (3.92)% based on market price and (5.13)% 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. The Fund’s duration positioning was neutral for most of the period. The majority of the Fund’s outperformance was derived from a
tightening in credit spreads. Along with extremely attractive borrowing costs, the portfolio accrual permitted an increase in dividends in June. Our strategy is to
pursue a balanced approach to returns, continue to bolster current yield and commit cash reserves when appropriate opportunities are uncovered. Credit fun-
damentals warrant monitoring in the current weak economic environment, especially in California, considering budgetary challenges. We are alert to 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 NYSE              MYC 
  Initial Offering Date            February 28, 1992 
  Yield on Closing Market Price as of July 31, 2009 ($12.44)1          6.51% 
  Tax Equivalent Yield2              10.02% 
  Current Monthly Distribution per Common Share3            $0.0675 
  Current Annualized Distribution per Common Share3            $0.8100 
  Leverage as of July 31, 20094              39% 
     1 Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price.   
         Past performance does not guarantee future results.             
     2 Tax equivalent yield assumes the maximum federal tax rate of 35%.           
     3 The distribution is not constant and is subject to change.             
     4 Represents Preferred Shares and TOBs as a percentage of total managed assets, which is the total assets of the Fund (including any assets attributa- 
         ble 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 NAV per share:       
        7/31/09  7/31/08  Change  High  Low 
  Market Price      $12.44  $13.07  (4.82)%  $13.41  $ 7.07 
  Net Asset Value      $13.47  $13.71  (1.75)%  $14.06  $10.31 
The following unaudited charts show the sector and credit quality allocations of the Fund’s long-term investments:
       Sector Allocations                   Credit Quality Allocations5     
    7/31/09  7/31/08        7/31/09  7/31/08 
  County/City/Special District/             AAA/Aaa        34%    43% 
  School District  35%  34%         AA/Aa      30  39 
  Utilities — Electric & Gas (combined)  28  20         A/A      34  14 
  Education  13  15         BBB/Baa      1  4 
  Health  9  15         Not Rated      16  — 
  State  7  4           5 Using the higher of S&P’s or Moody’s ratings.   
  Transportation  6  4           6 The investment advisor has deemed certain of these non-rated 
  Corporate  1  4               securities to be of investment grade quality. As of July 31, 2009, the 
  Housing  1  4               market value of these securities was $2,589,445 representing 1% of 
                     the Fund’s long-term investments.     

6 ANNUAL REPORT JULY 31, 2009

Fund Summary as of July 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. The Fund also seeks to provide shareholders with the
opportunity to own shares the value of which is exempt from Florida intangible personal property taxes. Effective September 16, 2008, BlackRock MuniYield
Florida Fund was renamed BlackRock MuniYield Investment Fund. No assurance can be given that the Fund’s investment objective will be achieved.

Performance

For the 12 months ended July 31, 2009, the Fund returned 5.26% based on market price and 1.93% based on NAV. For the same period, the closed-end
Lipper General Municipal Debt Funds (Leveraged) category posted an average return of 2.20% based on market price and (2.40)% on a NAV basis. All returns
reflect reinvestment of dividends. The Fund’s discount to NAV, which narrowed 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.
Overweight exposure to 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 NYSE          MYF 
Initial Offering Date        February 28, 1992 
Yield on Closing Market Price as of July 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 July 31, 20094          39% 
   1 Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price.   
       Past performance does not guarantee future results.           
   2 Tax equivalent yield assumes the maximum federal tax rate of 35%.           
   3 The distribution is not constant and is subject to change.           
   4 Represents Preferred Shares and TOBs as a percentage of total managed assets, which is the total assets of the Fund (including any assets attributa- 
       ble 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 NAV per share:       
  7/31/09  7/31/08  Change  High  Low 
Market Price  $11.72  $11.91  (1.60)%  $12.17  $ 6.74 
Net Asset Value  $12.95  $13.59  (4.71)%  $13.87  $10.49 
The following unaudited charts show the sector and credit quality allocations of the Fund’s long-term investments:   

     Sector Allocations     
  7/31/09  7/31/08 
County/City/Special District/     
School District  29%  30% 
Utilities  19  10 
Health  17  19 
Transportation  16  24 
State  9  4 
Education  5  5 
Housing  5  4 
Corporate  —  4 

     Credit Quality Allocations5     
  7/31/09  7/31/08 
AAA/Aaa       23%  34% 
AA/Aa  39  34 
A/A  34  16 
BBB/Baa  —  8 
Not Rated6  4  8 
 5 Using the higher of S&P’s or Moody’s ratings.   
 6 The investment advisor has deemed certain of these non-rated securi- 
     ties to be of investment grade quality. As of July 31, 2009 and 2008, 
     the market value of these securities were $4,309,488 representing 
     2% and $13,599,832 representing 5%, respectively, of the Fund’s 
     long-term investments.     

ANNUAL REPORT JULY 31, 2009 7

Fund Summary as of July 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. No assurance can be given that the Fund’s investment objective will be achieved.

Performance

For the 12 months ended July 31, 2009, the Fund returned 5.96% based on market price and 4.50% based on NAV. For the same period, the closed-end
Lipper New Jersey Municipal Debt Funds category posted an average return of 4.58% based on market price and 1.31% on a NAV basis. All returns reflect
reinvestment of dividends. The Fund’s discount to NAV, which narrowed 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. Enhancing the
performance of the Fund were its overweight positions in education, tax-backed and utility bonds. As the economic downturn continued, these essential serv-
ice 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 NYSE          MYJ 
Initial Offering Date          May 1, 1992 
Yield on Closing Market Price as of July 31, 2009 ($13.49)1          6.27% 
Tax Equivalent Yield2          9.65% 
Current Monthly Distribution per Common Share3          $0.0705 
Current Annualized Distribution per Common Share3          $0.8460 
Leverage as of July 31, 20094          35% 
   1 Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price.   
       Past performance does not guarantee future results.           
   2 Tax equivalent yield assumes the maximum federal tax rate of 35%.           
   3 The distribution is not constant and is subject to change.           
   4 Represents Preferred Shares and TOBs as a percentage of total managed assets, which is the total assets of the Fund (including any assets attributa- 
       ble 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 NAV per share:       
  7/31/09  7/31/08  Change  High  Low 
Market Price  $13.49  $13.52  (0.22)%  $14.00  $ 8.15 
Net Asset Value  $14.13  $14.36  (1.60)%  $14.68  $11.62 
The following unaudited charts show the sector and credit quality allocations of the Fund’s long-term investments:   

     Sector Allocations     
  7/31/09  7/31/08 
State       28%  24% 
County/City/Special District/     
School District  16  14 
Health  13  18 
Transportation  12  11 
Education  11  14 
Housing  10  7 
Utilities  6  7 
Corporate  3  3 
Tobacco  1  2 

     Credit Quality Allocations5     
  7/31/09  7/31/08 
AAA/Aaa       27%     29% 
AA/Aa       27     38 
A/A       31     19 
BBB/Baa       11     11 
Not Rated6  4  3 
 5 Using the higher of S&P’s or Moody’s ratings.   
 6 The investment advisor has deemed certain of these non-rated 
     securities to be of investment grade quality. As of July 31, 2009 and 
     2008, the market value of these securities were $9,156,088 repre- 
     senting 3% and $11,259,091 representing 2%, respectively, of the 
     Fund’s long-term investments.     

8 ANNUAL REPORT JULY 31, 2009

The Benefits and Risks of Leveraging

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

To leverage, the Funds issue Preferred Shares, which pay dividends at pre-
vailing 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 investments. To the extent
that the total assets of the Fund (including the assets obtained from lever-
age) 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 capitalization
is $100 million and it issues Preferred Shares for an additional $50 million,
creating a total value of $150 million available for investment in long-term
municipal bonds. If prevailing short-term interest rates are 3% and long-
term interest rates are 6%, the yield curve has a strongly positive slope. In
this case, the Fund pays dividends on the $50 million of Preferred Shares
based on the lower short-term interest rates. At the same time, the securi-
ties purchased by the Fund with assets received from the Preferred Shares
issuance earn 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 net income.

Conversely, if prevailing short-term interest rates rise above long-term inter-
est 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 net income 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 redemp-
tion value of the Fund’s Preferred Shares does not fluctuate in relation to
interest rates. As a result, changes in interest rates can influence the Fund’s
NAV positively or negatively in addition to the impact on Fund performance
from leverage from Preferred Shares discussed above.

The Funds may also, from time to time, leverage their 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 provide the

Funds with economic benefits in periods of declining short-term interest
rates, but expose the Funds to risks during periods of rising short-term
interest rates similar to those associated with Preferred Shares issued by
the Funds, as described above. Additionally, fluctuations in the market value
of municipal bonds deposited into the TOB 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 gen-
erally cause greater changes in the 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 securities 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 therefore the amount avail-
able for distribution to Common Shareholders will be reduced. The Funds
may be required to sell portfolio securities at inopportune times or at dis-
tressed 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 Funds 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 connection 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, each Fund is 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 July 31, 2009, the 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  36% 
BlackRock MuniYield Arizona Fund, Inc  42% 
BlackRock MuniYield California Fund, Inc  39% 
BlackRock MuniYield Investment Fund  39% 
BlackRock MuniYield New Jersey Fund, Inc  35% 

Derivative Financial Instruments

The Funds may invest in various derivative instruments, including financial
futures contracts, as specified in Note 2 of the Notes to Financial
Statements, which constitute forms of economic leverage. Such instruments
are used to obtain exposure to a market without owning or taking physical
custody of securities or to hedge market and/or interest rate risks. Such
derivative instruments involve risks, including the imperfect correlation
between the value of a derivative instrument and the underlying asset, pos-
sible default of the counterparty to the transaction and illiquidity of the
derivative instrument. The Funds’ ability to successfully use a derivative

instrument depends on the investment advisor’s ability to accurately pre-
dict pertinent market movements, which cannot be assured. The use of
derivative instruments may result in losses greater than if they had not
been used, may require a Fund to sell or purchase portfolio securities at
inopportune times or for distressed values, may limit the amount of appre-
ciation a Fund can realize on an investment or may cause a Fund to hold a
security that it might otherwise sell. The Funds’ investments in these instru-
ments are discussed in detail in the Notes to Financial Statements.

ANNUAL REPORT JULY 31, 2009 9

Schedule of Investments July 31, 2009 BlackRock Muni New York Intermediate Duration Fund, Inc. (MNE)
(Percentages shown are based on Net Assets)

    Par   
Municipal Bonds    (000)           Value 
     New York — 124.4%       
Corporate — 10.0%       
New York City Industrial Development Agency, RB, AMT:     
     1990 American Airlines Inc. Project,       
     5.40%, 7/01/20  $ 1,500  $ 585,615 
     British Airways Plc Project, 7.63%, 12/01/32    1,000  770,760 
     Continental Airlines Inc., 8.38%, 11/01/16    1,000  701,510 
     Terminal One Group Association Project,       
     5.50%, 1/01/24    1,000  946,610 
New York State Energy Research & Development       
 Authority, 5.00%, 8/01/32 (a)    1,000  997,200 
New York State Energy Research & Development       
 Authority, RB, Series A:       
     Brooklyn Union Gas, Keyspan (FGIC), AMT,       
     4.70%, 2/01/24    500  457,765 
     Lilco Project (MBIA), 5.15%, 3/01/16    1,000  1,002,920 
      5,462,380 
County/City/Special District/School District — 22.0%     
City of New York New York, GO:       
     Series J, 5.50%, 6/01/21    290  302,972 
     Series J, 5.50%, 6/01/21 (b)    1,710  1,980,471 
     Series J (MBIA), 5.25%, 5/15/18    1,500  1,600,680 
     Sub-Series B-1, 5.25%, 9/01/22    750  800,175 
     Sub-Series F-1 (Syncora), 5.00%, 9/01/22    1,000  1,030,610 
     Sub-Series I-1, 5.50%, 4/01/21    1,500  1,651,395 
     Sub-Series I-1, 5.13%, 4/01/25    750  779,805 
New York City Industrial Development Agency, RB,       
 Queens Baseball Stadium, PILOT (AMBAC),       
 5.00%, 1/01/31    2,000  1,782,640 
New York City Industrial Development Agency,       
 Refunding, RB, NY Stock Exchange Project, Series A,     
 4.25%, 5/01/24    500  471,135 
New York City Transitional Finance Authority, RB:       
     Fiscal 2007, Series S-1 (MBIA), 5.00%, 7/15/24  1,000  1,015,460 
     Fiscal 2009, Series S-3, 5.00%, 1/15/23    575  591,531 
      12,006,874 
Education — 11.2%       
Dutchess County Industrial Development Agency,       
 New York, Refunding, RB, Bard College Civic Facilities,     
 Series A-1, 5.00%, 8/01/22    750  756,892 
New York City Industrial Development Agency, RB (ACA):     
     Lycee Francais De NY Project, Series A,       
     5.50%, 6/01/15    500  490,930 
     Polytechnic University Project, 4.70%, 11/01/22    1,000  843,210 
New York City Trust for Cultural Resources, RB, Museum     
 of American Folk Art (ACA), 6.13%, 7/01/30    500  373,820 
New York State Dormitory Authority, Non-State Supported     
 Debt, RB, 4.00%, 7/01/23    795  756,252 

     Par   
Municipal Bonds    (000)  Value 
     New York (continued)       
Education (concluded)       
New York State Dormitory Authority, RB, Insured,       
 Mount Sinai School of Medicine, Series A (MBIA),       
 5.15%, 7/01/24  $ 250  $ 253,325 
Saint Lawrence County Industrial Development Agency,     
 RB, Saint Lawrence University, Series A, Remarketed,     
 5.00%, 10/01/16    1,500  1,646,445 
Schenectady Industrial Development Agency, Refunding,     
 RB, Union College Project, 5.00%, 7/01/26    1,000  1,023,430 
      6,144,304 
Health — 28.2%       
Dutchess County Industrial Development Agency, RB,       
 Saint Francis Hospital, Series B, 7.25%, 3/01/19    385  365,519 
Erie County Industrial Development Agency, RB,       
 Episcopal Church Home, Series A, 5.88%, 2/01/18  1,850  1,646,777 
Genesee County Industrial Development Agency,       
 RB, United Memorial Medical Center Project,       
 4.75%, 12/01/14    390  360,446 
New York City Industrial Development Agency, RB,       
 PSCH Inc. Project, 6.20%, 7/01/20    1,415  1,180,294 
New York State Dormitory Authority, Non-State Supported     
 Debt, RB, 5.30%, 7/01/23    450  448,443 
New York State Dormitory Authority, RB:       
     Lenox Hill Hospital Obligation Group,       
     5.75%, 7/01/17    1,305  1,175,453 
     Mount Sinai Health, Series A, 6.50%, 7/01/15 (b)  330  348,998 
     Mount Sinai Health, Series A, 6.63%, 7/01/18    340  349,479 
     NYU Hospitals Center, Series A, 5.00%, 7/01/16    1,130  1,068,573 
     NYU Hospitals Center, Series B, 5.25%, 7/01/24    480  441,706 
     North Shore-Long Island Jewish Group,       
     5.00%, 5/01/13    1,500  1,614,090 
     Winthrop S Nassau University, 5.50%, 7/01/11    1,735  1,763,905 
Saratoga County Industrial Development Agency,       
 New York, RB, The Saratoga Hospital Project, Series B,     
 5.00%, 12/01/22    500  457,950 
Saratoga County Industrial Development Agency,       
 New York, Refunding, RB, The Saratoga Hospital       
 Project, Series A (Radian):       
     4.38%, 12/01/13    365  363,431 
     4.50%, 12/01/14    380  375,337 
     4.50%, 12/01/15    395  384,785 
Suffolk County Industrial Development Agency,       
 New York, Refunding, RB, Jeffersons Ferry Project,       
 4.63%, 11/01/16    800  731,616 
Tompkins County Industrial Development Agency, RB,       
 Care Community, Kendal at Ithaca, Series A-2:       
     5.75%, 7/01/18    250  250,050 
     6.00%, 7/01/24    1,000  978,750 

     Portfolio Abbreviations         
To simplify the listings of portfolio holdings in each Fund’s  ACA  American Capital Access Corp.  GNMA  Government National Mortgage Association 
Schedule of Investments, the names and descriptions of  AGC  Assured Guaranty Corp.  GO  General Obligation Bonds 
many of the securities have been abbreviated according  AMBAC  American Municipal Bond Assurance Corp.  HFA  Housing Finance Agency 
to the following list:  AMT  Alternative Minimum Tax (subject to)  IDA  Industrial Development Authority 
  CAB  Capital Appreciation Bonds  MBIA  Municipal Bond Investors Assurance 
  CIFG  CDC IXIS Financial Guaranty    (National Public Finance Guaranty Corp.) 
  COP  Certificates of Participation  PILOT  Payment in Lieu of Taxes 
  FGIC  Financial Guaranty Insurance Co.  RB  Revenue Bonds 
  FNMA  Federal National Mortgage Association  S/F  Single-Family 
  FSA  Financial Security Assurance Inc.  TAN  Tax Anticipation Notes 
      VRDN  Variable Rate Demand Notes 

See Notes to Financial Statements.

10 ANNUAL REPORT JULY 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 
     New York (concluded)       
Health (concluded)       
Westchester County Industrial Development Agency, RB,     
 Special Needs Facilities Pooled Program, Series D-1,     
 6.80%, 7/01/19  $ 515  $ 439,537 
Yonkers Industrial Development Agency, RB, Sacred Heart     
 Association Project, Series A, AMT, 4.80%, 10/01/26  750  693,668 
      15,438,807 
Housing — 13.6%       
New York City Housing Development Corp., RB, The       
 Animal Medical Center, Series A, 5.50%, 12/01/33  1,615  1,580,956 
New York State Mortgage Agency, RB, Homeowner       
 Mortgage, AMT:       
     Series 130, 4.75%, 10/01/30    2,500  2,261,225 
     Series 133, 4.95%, 10/01/21    1,000  997,220 
     Series 143, 4.85%, 10/01/27    500  455,955 
New York State Urban Development Corp., RB,       
 Subordinate Lien, Corp. Purpose, Series A,       
 5.13%, 7/01/19    2,000  2,112,720 
      7,408,076 
State — 16.0%       
New York Municipal Bond Bank Agency, RB, Series C,       
 5.25%, 12/01/18    2,000  2,161,260 
New York State Dormitory Authority, RB:       
     Education, Series F, 5.00%, 3/15/30    1,290  1,307,583 
     Municipal Health Facilities, Lease, Sub-Series 2-4,     
     5.00%, 1/15/27    600  604,098 
New York State Dormitory Authority, Refunding,       
 RB, Department of Health, Series A (CIFG),       
 5.00%, 7/01/25    1,500  1,519,080 
New York State Thruway Authority, RB, Series A-1,       
 5.00%, 4/01/22    1,000  1,066,080 
New York State Urban Development Corp., RB, State       
 Personal Income Tax, State Facilities, Series A-1       
 (MBIA), 5.00%, 3/15/24    485  501,868 
New York State Urban Development Corp., Refunding, RB,     
 Service Contract, Series B, 5.00%, 1/01/21    1,500  1,593,015 
      8,752,984 
Tobacco — 1.9%       
Tobacco Settlement Financing Corp., RB, Series B-1C,     
 5.50%, 6/01/22    1,000  1,032,970 
Transportation — 12.4%       
Metropolitan Transportation Authority, RB:       
     Series A (MBIA), 5.00%, 11/15/24    2,000  2,026,660 
     Series B, 5.25%, 11/15/25    750  792,067 
     Series B (MBIA), 5.25%, 11/15/19    860  923,812 
Metropolitan Transportation Authority, Refunding, RB,       
 Insured, Series A (MBIA), 5.00%, 11/15/25    3,000  3,020,550 
      6,763,089 
Utilities — 9.1%       
Long Island Power Authority, RB:       
     General, Series D (MBIA), 5.00%, 9/01/25    4,000  4,037,840 
     Series A, 5.50%, 4/01/24    875  926,030 
      4,963,870 
Total Municipal Bonds in New York      67,973,354 

    Par   
Municipal Bonds    (000)           Value 
     Guam — 4.3%       
County/City/Special District/School District — 0.6%     
Territory of Guam, RB, Section 30, Series A,       
 5.38%, 12/01/24  $ 325  $ 320,934 
State — 0.3%       
Territory of Guam, GO, Series A, 6.00%, 11/15/19    185  181,411 
Transportation — 1.7%       
Guam International Airport Authority, RB, General Purpose,     
 Series C (MBIA), AMT, 5.25%, 10/01/22    1,000  956,410 
Utilities — 1.7%       
Guam Government Waterworks Authority, RB, Water and     
 Wastewater System, 6.00%, 7/01/25    1,000  923,780 
Total Municipal Bonds in Guam      2,382,535 
     Puerto Rico — 17.9%       
Education — 0.8%       
Puerto Rico Industrial Tourist Educational Medical       
 & Environmental Control Facilities Financing Authority,     
 RB, University Plaza Project, Series A (MBIA),       
 5.00%, 7/01/33    500  428,435 
Housing — 3.7%       
Puerto Rico HFA, RB, Subordinate Revenue Funding,       
 Capital Fund Modernization, 5.13%, 12/01/27    2,000  2,002,200 
State — 3.9%       
Commonwealth of Puerto Rico, GO, Public Improvement,     
 Series A, 5.25%, 7/01/30 (b)    615  736,038 
Puerto Rico Municipal Finance Agency, GO, Series A,       
 5.25%, 8/01/25    1,000  898,830 
Puerto Rico Public Buildings Authority, Refunding,       
 RB, Government Facilities, Series M-3 (MBIA),       
 6.00%, 7/01/28    500  494,400 
      2,129,268 
Transportation — 9.5%       
Puerto Rico Highway & Transportation Authority, RB:       
     (FGIC), 5.75%, 7/01/21    2,000  1,952,760 
     Series Y (FSA), 6.25%, 7/01/21    3,000  3,258,390 
      5,211,150 
Total Municipal Bonds in Puerto Rico      9,771,053 
     U.S. Virgin Islands — 3.3%       
Corporate — 1.7%       
United States Virgin Islands, RB, Senior Secured,       
 Hovensa Coker Project, AMT, 6.50%, 7/01/21    500  494,260 
Virgin Islands Public Finance Authority, RB, Senior       
 Secured, Hovensa Refinery, AMT, 4.70%, 7/01/22    500  411,035 
      905,295 
State — 1.6%       
Virgin Islands Public Finance Authority, RB, Senior Lien,     
 Matching Fund Loan Note, Series A, 5.25%, 10/01/24  1,000  899,200 
Total Municipal Bonds in the U.S. Virgin Islands      1,804,495 
Total Municipal Bonds — 149.9%      81,931,437 

See Notes to Financial Statements.

ANNUAL REPORT JULY 31, 2009 11

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

Municipal Bonds Transferred to  Par     
Tender Option Bond Trusts (c)  (000)    Value 
     New York — 3.4%       
County/City/Special District/School District — 3.4%       
Erie County Industrial Development Agency, RB, City Of       
 Buffalo Project (FSA), 5.75%, 5/01/24  $ 1,831  $ 1,849,450 
Total Municipal Bonds Transferred to       
Tender Option Bond Trusts — 3.4%      1,849,450 
Total Long-Term Investments       
(Cost — $86,195,098) — 153.3%      83,780,887 
Short-Term Securities  Shares     
CMA New York Municipal Money Fund, 0.04% (d)(e)  1,737,841    1,737,841 
Total Short-Term Securities       
(Cost — $1,737,841) — 3.2%      1,737,841 
Total Investments (Cost — $87,932,939*) — 156.5%      85,518,728 
Liabilities in Excess of Other Assets — (0.6)%      (323,864) 
Liability for Trust Certificates, Including Interest       
   Expense and Fees Payable — (1.7)%      (919,337) 
Preferred Shares, at Redemption Value — (54.2)%      (29,633,926) 
Net Assets Applicable to Common Shares — 100.0%    $ 54,641,601 
* The cost and unrealized appreciation (depreciation) of investments as of July 31, 
       2009, as computed for federal income tax purposes, were as follows:   
       Aggregate cost    $ 86,910,282 
       Gross unrealized appreciation    $ 1,202,849 
       Gross unrealized depreciation      (3,510,297) 
       Net unrealized depreciation    $ (2,307,448) 
(a) When-issued security.       
(b) US government securities, held in escrow, are used to pay interest on this security, 
       as well as to retire the bond in full at the date indicated, typically at a premium 
       to par.       
(c) Securities represent bonds transferred to a tender option bond trust in exchange for 
       which the Fund acquired residual interest certificates. These securities serve as col- 
       lateral in a financing transaction. See Note 1 of the Notes to Financial Statements 
       for details of municipal bonds transferred to tender option bond trusts. 
(d) 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  $218,482    $19,036 
 (e) Represents the current yield as of report date.       

•  Financial Accounting Standards Board Statement of Financial Accounting Standards 
  No. 157, “Fair Value Measurements” clarifies the definition of fair value, establishes 
  a framework for measuring fair values and requires additional disclosures about the 
  use of fair value measurements. Various inputs are used in determining the fair 
  value of investments, which are as follows:     
  •  Level 1 — price quotations in active markets/exchanges for identical securities 
  •  Level 2 — other observable inputs (including, but not limited to: quoted prices for 
    similar assets or liabilities in markets that are active, quoted prices for identical 
    or similar assets or liabilities in markets that are not active, inputs other than 
    quoted prices that are observable for the assets or liabilities (such as interest 
    rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and 
    default rates) or other market-corroborated inputs)     
  •  Level 3 — unobservable inputs based on the best information available in the 
    circumstances, to the extent observable inputs are not available (including the 
    Fund’s own assumptions used in determining the fair value of investments) 
  The inputs or methodology used for valuing securities are not necessarily an indica- 
  tion of the risk associated with investing in those securities. For information about 
  the Fund’s policy regarding valuation of investments and other significant accounting 
  policies, please refer to Note 1 of the Notes to Financial Statements. 
  The following table summarizes the inputs used as of July 31, 2009 in determining 
  the fair valuation of the Fund’s investments:     
  Valuation    Investments in 
  Inputs    Securities 
        Assets 
  Level 1 — Short-Term Securities  $ 1,737,841 
  Level 2 — Long-Term Investments1    83,780,887 
  Level 3    — 
  Total  $ 85,518,728 
    1 See above Schedule of Investments for values in each sector.   

See Notes to Financial Statements.

12 ANNUAL REPORT JULY 31, 2009

Schedule of Investments July 31, 2009 BlackRock MuniYield Arizona Fund, Inc. (MZA)
(Percentages shown are based on Net Assets)

    Par   
Municipal Bonds    (000)  Value 
     Arizona — 136.6%       
Corporate — 1.5%       
Yavapai County IDA, Arizona, RB, Waste Management Inc.     
 Project, Series A, AMT, 4.90%, 3/01/28  $ 1,000  $ 846,930 
County/City/Special District/School District — 41.0%     
City of Tucson Arizona, COP (AGC), 5.00%, 7/01/29    1,000  981,410 
County of Pinal Arizona, COP:       
     5.00%, 12/01/26    1,250  1,175,312 
     5.00%, 12/01/29    1,250  1,156,687 
Downtown Phoenix Hotel Corp., RB:       
     Senior, Series A (FGIC), 5.00%, 7/01/36    1,300  921,713 
     Sub-Series B (MBIA), 5.00%, 7/01/36    715  638,402 
Gila County Unified School District No. 10-Payson,       
 Arizona, GO, School Improvement, Project of 2006,       
 Series A (AMBAC), 5.25%, 7/01/27 (a)    1,000  1,012,220 
Gilbert Public Facilities Municipal Property Corp., Arizona,     
 RB, 5.50%, 7/01/27    2,000  2,083,700 
Gladden Farms Community Facilities District, GO,       
 5.50%, 7/15/31    750  450,735 
Greater Arizona Development Authority, RB, Santa Cruz     
 County Jail, Series 2, 5.25%, 8/01/31    1,000  998,710 
Maricopa County Community College District, Arizona,     
 GO, Series C, 3.00%, 7/01/22    1,000  873,980 
Maricopa County Elementary School District No. 3-       
 Tempe Elementary, Arizona, GO, Refunding (MBIA),       
 7.50%, 7/01/10    290  306,051 
Maricopa County Unified School District, GO,       
 School Improvement:       
     No. 11 Peoria, Second Series (MBIA),       
     5.00%, 7/01/25    430  446,473 
     No. 89 Dysart, Project of 2006, Series C,       
     6.00%, 7/01/28    1,000  1,080,150 
     No. 090 Saddle Mountain, Series A, 5.00%, 7/01/14  50  51,626 
Mohave County Unified School District No. 20 Kingman,     
 GO, School Improvement, Project 2006, Series C,       
 (AGC), 5.00%, 7/01/26    1,000  1,042,040 
Phoenix Civic Improvement Corp., RB, Subordinate,       
 Civic Plaza Expansion Project, Series A (MBIA),       
 5.00%, 7/01/35    3,325  3,249,290 
Queen Creek Improvement District No. 1, Special       
 Assessment, 5.00%, 1/01/32    2,000  1,622,140 
Scottsdale Municipal Property Corp., Arizona, RB,       
 Water & Sewer Development Project, Series A,       
 5.00%, 7/01/24    1,500  1,627,920 
Vistancia Community Facilities District, Arizona, GO:       
     6.75%, 7/15/22    1,275  1,281,018 
     5.75%, 7/15/24    750  683,978 
Yuma County Library District, GO (Syncora),       
 5.00%, 7/01/26    1,465  1,471,593 
      23,155,148 
Education — 19.8%       
Arizona State Board of Regents, RB, Series 2008-C:       
     6.00%, 7/01/25    970  1,105,286 
     6.00%, 7/01/26    350  396,161 
     6.00%, 7/01/27    425  477,356 
     6.00%, 7/01/28    300  332,973 
Arizona Student Loan Acquisition Authority, Arizona,       
 Refunding, RB, Junior Sub-Series B-1, AMT,       
 6.15%, 5/01/29    3,285  3,098,576 
Maricopa County IDA, Arizona, RB, Arizona Charter       
 Schools Project 1, Series A, 6.63%, 7/01/20    900  678,816 

    Par   
Municipal Bonds    (000)  Value 
     Arizona (continued)       
Education (concluded)       
Pima County IDA, RB, American Charter Schools       
 Foundation, Series A, 5.63%, 7/01/38  $ 500  $ 335,640 
Pima County IDA, RB, Arizona Charter Schools Project:     
     Series C, 6.70%, 7/01/21    725  596,001 
     Series C, 6.75%, 7/01/31    985  737,410 
     Series O, 5.00%, 7/01/26    1,000  632,010 
Pima County IDA, RB, Charter Schools, II, Series A,       
 6.75%, 7/01/21    575  474,783 
University of Arizona, COP, University Arizona Projects       
 (AMBAC):       
     Series A, 5.13%, 6/01/29    905  912,448 
     Series B, 5.00%, 6/01/28    1,400  1,409,114 
      11,186,574 
Health — 21.5%       
Arizona Health Facilities Authority, Arizona, RB:       
     Banner Health, Series D, 6.00%, 1/01/30    1,500  1,528,125 
     Banner Health, Series D, 5.50%, 1/01/38    1,000  973,330 
     Catholic Healthcare West, Series A, 6.63%, 7/01/20  1,435  1,515,561 
Maricopa County IDA, Arizona, RB, Catholic Healthcare     
 West, Series A, 5.50%, 7/01/26    1,850  1,790,578 
Maricopa County IDA, Arizona, Refunding, RB, Samaritan     
 Health Services, Series A (MBIA), 7.00%, 12/01/16 (b)  1,000  1,234,370 
Mesa IDA, RB, Discovery Health System, Series A       
 (MBIA), 5.63%, 1/01/15 (c)    1,000  1,030,980 
Scottsdale IDA, Arizona, Refunding RB, Scottsdale       
 Healthcare, Series A, 5.25%, 9/01/30    900  829,899 
Tucson IDA, RB, Christian Care Project, Series A       
 (Radian), 6.13%, 7/01/24 (c)    1,000  1,055,880 
University Medical Center Corp., Arizona, RB,       
 6.50%, 7/01/39    500  502,865 
Yavapai County IDA, Arizona, RB, Yavapai Regional       
 Medical Center, Series A, 6.00%, 8/01/33    1,800  1,672,848 
      12,134,436 
Housing — 13.0%       
Maricopa County & Phoenix Industrial Development       
 Authorities, RB, S/F (GNMA), AMT:       
     Series A-1, 5.75%, 5/01/40    1,130  1,159,719 
     Series A-2, 5.80%, 7/01/40    845  867,714 
Maricopa County IDA, Arizona, RB, Series 3-B (GNMA),     
 AMT, 5.25%, 8/01/38    1,576  1,574,956 
Phoenix & Pima County IDA, RB (GNMA), AMT:       
     Series 1A, 5.65%, 7/01/39    719  734,340 
     Series 2007-1, 5.25%, 8/01/38    1,496  1,530,777 
Phoenix IDA, Arizona, RB, Series 2007-2 (GNMA), AMT,     
 5.50%, 8/01/38    1,465  1,500,620 
      7,368,126 
State — 17.8%       
Arizona School Facilities Board, COP:       
     5.13%, 9/01/21    1,000  1,047,890 
     5.75%, 9/01/22    2,000  2,167,100 
Arizona State Transportation Board, RB, Series B,       
 5.00%, 7/01/30    4,000  4,166,320 
Arizona Tourism & Sports Authority, RB, Baseball Training     
 Facilities Project, 5.00%, 7/01/16    1,000  974,870 
Greater Arizona Development Authority, Arizona, RB,       
 Series B (MBIA), 5.00%, 8/01/30    1,700  1,676,081 
      10,032,261 

See Notes to Financial Statements.

ANNUAL REPORT JULY 31, 2009 13

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

    Par   
Municipal Bonds    (000)  Value 
     Arizona (concluded)       
Transportation — 4.5%       
Phoenix Civic Improvement Corp., RB, Senior Lien:       
     Series A, 5.00%, 7/01/33  $ 1,000  $ 976,770 
     Series B (MBIA), AMT, 5.75%, 7/01/17    1,000  1,024,020 
     Series B (MBIA), AMT, 5.25%, 7/01/32    600  537,456 
      2,538,246 
Utilities — 17.5%       
Gilbert Water Resource Municipal Property Corp., RB,       
 Subordinate Lien (MBIA), 5.00%, 10/01/29    900  892,035 
Phoenix Civic Improvement Corp., RB:       
     Junior Lien (MBIA), 5.50%, 7/01/20    2,500  2,672,875 
     Senior Lien, 5.50%, 7/01/22    2,000  2,212,000 
Pinal County IDA, Arizona, RB, San Manuel Facilities       
 Project, AMT, 6.25%, 6/01/26    500  386,500 
Salt River Project Agricultural Improvement & Power       
 District, RB:       
     Salt River Project, Series A, 5.00%, 1/01/35    1,500  1,504,830 
     Series A, 5.00%, 1/01/24    1,000  1,068,620 
Salt Verde Financial Corp., RB, Senior, 5.00%, 12/01/37  1,500  1,141,230 
      9,878,090 
Total Municipal Bonds in Arizona      77,139,811 
     Guam — 1.6%       
Utilities — 1.6%       
Guam Government Waterworks Authority, RB, Water,       
 5.88%, 7/01/35    1,000  878,070 
     Puerto Rico — 19.4%       
State — 10.2%       
Commonwealth of Puerto Rico, GO:       
     Public Improvement, Series A, 5.125%, 7/01/31    75  65,000 
     Series A, 6.00%, 7/01/38    800  768,192 
Puerto Rico Public Buildings Authority, RB,       
 Government Facilities:       
     Series N, 5.50%, 7/01/27    1,000  912,750 
     Series I, 5.25%, 7/01/33    1,815  1,531,787 
     Series M-3 (MBIA), 6.00%, 7/01/28    900  889,920 
Puerto Rico Sales Tax Financing Corp., RB, First       
 Sub-Series A, 6.38%, 8/01/39    1,500  1,555,545 
      5,723,194 
Transportation — 2.9%       
Puerto Rico Highway & Transportation Authority, RB,       
 Series AA (MBIA), 5.50%, 7/01/18    900  919,026 
Puerto Rico Highway & Transportation Authority,       
 Refunding RB, Series CC, 5.50%, 7/01/31    790  719,761 
      1,638,787 

  Par     
Municipal Bonds  (000)    Value 
     Puerto Rico (concluded)       
Utilities — 6.3%       
Puerto Rico Aqueduct & Sewer Authority, RB, Senior Lien,     
 Series A (Radian), 6.00%, 7/01/44  $ 2,180  $ 2,102,828 
Puerto Rico Electric Power Authority, RB:       
     Series TT, 5.00%, 7/01/37  550    471,939 
     Series WW, 5.38%, 7/01/24  1,000    990,350 
      3,565,117 
Total Municipal Bonds in Puerto Rico      10,927,098 
Total Municipal Bonds — 157.6%      88,944,979 
Municipal Bonds Transferred to       
Tender Option Bond Trusts (d)       
     Arizona — 5.3%       
Utilities — 5.3%       
Phoenix Civic Improvement Corp., RB, Junior Lien,       
 Series A, 5.00%, 7/01/34  3,000    3,013,860 
Total Municipal Bonds Transferred to       
Tender Option Bond Trusts — 5.3%      3,013,860 
Total Long-Term Investments       
(Cost — $95,550,958) — 162.9%      91,958,839 
Short-Term Securities  Shares     
CMA Arizona Municipal Money Fund, 0.00% (e)(f)  4,187,171    4,187,171 
Total Short-Term Securities       
(Cost — $4,187,171) — 7.4%      4,187,171 
Total Investments (Cost — $99,738,129*) — 170.3%      96,146,010 
Other Assets Less Liabilities — 1.1%      608,474 
Liability for Trust Certificates, Including Interest       
   Expense and Fees Payable — (2.7)%      (1,500,390) 
Preferred Shares, at Redemption Value — (68.7)%      (38,805,113) 
Net Assets Applicable to Common Shares — 100.0%    $ 56,448,981 
   * The cost and unrealized appreciation (depreciation) of investments as of July 31, 
       2009, as computed for federal income tax purposes, were as follows:   
       Aggregate cost    $ 98,267,814 
       Gross unrealized appreciation    $ 1,711,399 
       Gross unrealized depreciation      (5,333,203) 
       Net unrealized depreciation    $ (3,621,804) 
(a) Represents a step-up bond that pays an initial coupon rate for the first period and 
then a higher coupon rate for the following periods. Rate shown is as of report date. 
(b) Security is collateralized by Municipal or US Treasury Obligations.   
 (c) US government securities, held in escrow, are used to pay interest on this security, 
       as well as to retire the bond in full at the date indicated, typically at a premium 
       to par.       

See Notes to Financial Statements.

14 ANNUAL REPORT JULY 31, 2009

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

(d) Securities represent bonds transferred to a tender option bond trust in exchange for 
  which the Fund acquired residual interest certificates. These securities serve as col- 
  lateral in a financing transaction. See Note 1 of the Notes to Financial Statements 
  for details of municipal bonds transferred to tender option bond trusts. 
(e) 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 Arizona Municipal Money Fund  $1,013,825  $16,706 
(f) Represents the current yield as of report date.     
•  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 framework for 
  measuring fair values and requires additional disclosures about the use of fair value 
  measurements. Various inputs are used in determining the fair value of investments, 
  which are as follows:     
  •  Level 1 — price quotations in active markets/exchanges for identical securities 
  •  Level 2 — other observable inputs (including, but not limited to: quoted prices for 
    similar assets or liabilities in markets that are active, quoted prices for identical 
    or similar assets or liabilities in markets that are not active, inputs other than 
    quoted prices that are observable for the assets or liabilities (such as interest 
    rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and 
    default rates) or other market-corroborated inputs)   
  •  Level 3 — unobservable inputs based on the best information available in the 
    circumstances, to the extent observable inputs are not available (including the 
    Fund’s own assumptions used in determining the fair value of investments) 
  The inputs or methodology used for valuing securities are not necessarily an 
  indication of the risk associated with investing in those securities. For information 
  about the Fund’s policy regarding valuation of investments and other significant 
  accounting policies, please refer to Note 1 of the Notes to Financial Statements. 
  The following table summarizes the inputs used as of July 31, 2009 in determining 
  the fair valuation of the Fund’s investments:     
  Valuation    Investments in 
  Inputs    Securities 
        Assets 
  Level 1 — Short-Term Securities  $ 4,187,171 
  Level 2 — Long-Term Investments1    91,958,839 
  Level 3    — 
  Total  $ 96,146,010 
    1 See above Schedule of Investments for values in each sector.   

See Notes to Financial Statements.

ANNUAL REPORT JULY 31, 2009 15

Schedule of Investments July 31, 2009 BlackRock MuniYield California Fund, Inc. (MYC)
(Percentages shown are based on Net Assets)

    Par   
Municipal Bonds    (000)  Value 
     California — 109.4%       
Corporate — 2.5%       
California Pollution Control Financing Authority, Waste       
     Management Inc. Project, RB, AMT:       
     Series A-2, 5.40%, 4/01/25  $ 3,000  $ 2,752,890 
     Series C, 6.75%, 12/01/27    3,300  3,395,634 
City of Chula Vista California, RB, San Diego Gas,       
 Series A, Remarketed, 5.88%, 2/15/34    975  988,357 
      7,136,881 
County/City/Special District/School District — 37.8%     
Arcata Joint Powers Financing Authority, California, TAN,     
 Community Development Project Loan, Series A       
 (AMBAC), 6.00%, 8/01/23    2,520  2,481,142 
Chino Basin Desalter Authority, Refunding RB, Series A     
 (AGC), 5.00%, 6/01/35    5,280  5,015,419 
City of Long Beach California, RB, Series A (MBIA), AMT,     
 5.25%, 5/15/23    2,000  1,972,840 
City of Los Angeles California, COP, Senior, Sonnenblick     
 Del Rio West Los Angeles (AMBAC), 6.20%, 11/01/31  2,000  2,031,580 
Cucamonga County Water District, California, COP       
 (MBIA), 5.13%, 9/01/35    3,750  3,444,600 
El Monte Union High School District, California, GO,       
 Election of 2002, Series C (FSA), 5.25%, 6/01/32    10,120  9,934,399 
Fontana Unified School District, California, GO, Series A     
 (FSA), 5.25%, 8/01/28    7,000  7,101,290 
Grant Joint Union High School District, California, GO,       
 Election of 2006, (FSA) 5.00%, 8/01/29    9,390  9,259,197 
La Quinta Financing Authority, TAN, Series A (AMBAC),     
 5.13%, 9/01/34    5,020  4,281,006 
Los Angeles County Metropolitan Transportation Authority,     
 RB, Proposition A First Tier Senior, Series A (AMBAC),     
 5.00%, 7/01/27    3,780  3,828,082 
Los Angeles Unified School District, California, GO,       
 Series D, 5.00%, 7/01/27    2,375  2,372,102 
Marin Community College District, GO, Election of 2004,     
 Series A (MBIA), 5.00%, 8/01/28    5,885  5,888,001 
Modesto Irrigation District, COP, Series B, 5.50%, 7/01/35  3,300  3,250,533 
Morgan Hill Unified School District, California, GO, CAB     
 (FGIC), 5.05%, 8/01/26 (a)(b)    7,570  3,396,735 
Mount Diablo Unified School District, California, GO,       
 Election of 2002 (MBIA), 5.00%, 6/01/28    2,000  1,917,420 
Murrieta Valley Unified School District Public Financing     
 Authority, Special Tax, Series A (AGC), 5.13%, 9/01/26  6,675  6,663,385 
Orange County Sanitation District, COP (MBIA),       
 5.00%, 2/01/33    5,250  5,067,090 
Pittsburg Redevelopment Agency, TAN, Refunding,       
 Subordinate, Los Medanos Community Project, Series A,     
 6.50%, 9/01/28    2,500  2,581,100 
San Diego Regional Building Authority, California,       
 RB, County Operations Center & Annex, Series A,       
 5.38%, 2/01/36    3,200  3,201,184 
San Francisco Bay Area Transit Financing Authority,       
 Refunding RB, Series A (MBIA), 5.00%, 7/01/34    5,430  5,293,816 
San Jose Evergreen Community College District,       
 California, GO, CAB, Election of 2004, Series A       
 (MBIA), 5.12%, 9/01/23 (b)    10,005  4,374,686 

    Par   
Municipal Bonds    (000)  Value 
     California (continued)       
County/City/Special District/School District (concluded)     
San Jose Unified School District, Santa Clara County       
 California, GO, Election of 2002, Series B (MBIA),       
 5.00%, 8/01/29  $ 1,855  $ 1,822,333 
San Juan Unified School District, California, GO, Election     
 of 2002 (MBIA), 5.00%, 8/01/28    5,000  4,951,600 
Santa Cruz County Redevelopment Agency, California,       
 TAN, Live Oak, Soquel Community Improvement,       
 Series A:       
     6.63%, 9/01/29    1,000  1,018,690 
     7.00%, 9/01/36    500  508,630 
Vacaville Unified School District, California, GO, Election     
 of 2001 (MBIA), 5.00%, 8/01/30    4,745  4,618,688 
Ventura Unified School District, California, GO, 1997       
 Election, Series H (FSA), 5.13%, 8/01/34    1,000  971,860 
Westminster Redevelopment Agency, California, TAN,       
 Subordinate, Commercial Redevelopment Project No. 1     
 (AGC), 6.25%, 11/01/39    1,250  1,298,250 
      108,545,658 
Education — 9.1%       
California Educational Facilities Authority, RB:       
     California Institute of Technology, 5.00%, 11/01/39  2,200  2,222,704 
     University of Southern California, Series A,       
     5.00%, 10/01/39    1,250  1,252,650 
California Infrastructure & Economic Development       
 Bank, RB, J David Gladstone Institute Project,       
 5.50%, 10/01/22    4,990  5,076,477 
California State University, RB, Systemwide, Series A,       
 5.50%, 11/01/39    2,725  2,725,763 
Oak Grove School District, California, GO, Election       
 of 2008, Series A, 5.50%, 8/01/33    4,000  4,058,400 
University of California, RB:       
     Limited Project, Series D (MBIA), 5.00%, 5/15/32  2,500  2,449,850 
     Series L, 5.00%, 5/15/36    8,500  8,327,280 
      26,113,124 
Health — 14.4%       
ABAG Finance Authority for Nonprofit Corps, RB,       
 Redwood Senior Homes & Services, 6.00%, 11/15/22  1,730  1,652,115 
California Health Facilities Financing Authority,       
 California, RB, Catholic Healthcare West, Series A,       
 6.00%, 7/01/39    10,000  9,675,900 
California Statewide Communities Development Authority,     
 COP, John Muir, Mount Diablo Health System (MBIA),     
 5.13%, 8/15/22    5,250  5,250,735 
California Statewide Communities Development       
 Authority, RB:       
     Catholic Healthcare West, Series D, 5.50%, 7/01/31  5,000  4,572,100 
     Daughters of Charity Health, Series A,       
     5.25%, 7/01/30    3,665  2,868,522 
     Health Facilities, Memorial Health Services, Series A,     
     6.00%, 10/01/23    3,270  3,339,651 
     Health Facilities, Memorial Health Services, Series A,     
     5.50%, 10/01/33    3,000  2,887,290 
     Kaiser Permanente, Series A, 5.00%, 4/01/31    3,500  3,164,840 
     Kaiser, Series C, Remarketed, 5.25%, 8/01/31    6,975  6,517,998 
City of Torrance California, RB, Torrance Memorial       
 Medical Center, Series A, 6.00%, 6/01/22    1,310  1,338,899 
      41,268,050 

See Notes to Financial Statements.

16 ANNUAL REPORT JULY 31, 2009

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

  Par   
Municipal Bonds  (000)  Value 
     California (continued)     
Housing — 1.3%     
California Rural Home Mortgage Finance Authority,     
 California, RB:     
     Mortgage, Backed Securities Program, Series B     
     (GNMA), AMT, 6.15%, 6/01/20  $ 25  $ 25,470 
     Sub-Series FH-1, AMT, 5.50%, 8/01/47  415  226,992 
Santa Clara County Housing Authority, California, RB,     
 John Burns Gardens Apartments Project, Series A, AMT,     
 6.00%, 8/01/41  3,500  3,537,765 
    3,790,227 
State — 8.9%     
California State Public Works Board, RB:     
     Department Corrections, Series C, 5.50%, 6/01/23  5,000  4,969,950 
     Department Development Services, Porterville,     
     Series C, 6.25%, 4/01/34  1,100  1,116,610 
     Department Education, Riverside Campus Project,     
     Series B, 6.50%, 4/01/34  10,000  10,564,500 
     Regents University California, Series E,     
     5.00%, 4/01/34  3,540  3,379,992 
State of California, GO:     
     5.50%, 4/01/30  5  5,016 
     Various Purpose, 6.50%, 4/01/33  5,000  5,405,600 
    25,441,668 
Transportation — 8.4%     
City of San Jose California, RB, Series D (MBIA),     
 5.00%, 3/01/28  4,615  4,327,901 
County of Orange California, RB, Series B,     
 5.75%, 7/01/34  3,000  3,048,810 
Port of Oakland, RB (MBIA), AMT:     
     Series L, 5.38%, 11/01/27  11,615  10,575,458 
     Series K, 5.75%, 11/01/29  1,615  1,508,733 
County of Sacremento California, RB, Senior, Series B,     
 5.75%, 7/01/39  900  873,099 
San Francisco City & County Airports Commission,     
 Refunding RB, 2nd Series A-3, AMT, 6.75%, 5/01/19  3,475  3,642,148 
    23,976,149 
Utilities — 27.0%     
Anaheim Public Financing Authority, California, RB,     
 Electric System Distribution Facilities, Series A (FSA),     
 5.00%, 10/01/31  9,000  8,892,450 
California Infrastructure and Economic Development     
 Bank, RB, California, Independent System Operator,     
 Series A, 6.25%, 2/01/39  2,170  2,207,975 
California State Department of Water Resources, RB,     
 Central Valley Project, Series AE, 5.00%, 12/01/28  6,000  6,220,740 
California Statewide Communities Development     
 Authority, RB, Pooled Financing Program, Series C     
 (FSA), 5.25%, 10/01/28  2,380  2,409,107 
Chino Basin Regional Financing Authority, California,     
 RB, Inland Empire Utility Agency, Series A (AMBAC),     
 5.00%, 11/01/33  2,015  1,943,508 
City of Los Angeles California, Refunding RB,     
 Sub-Series A (MBIA), 5.00%, 6/01/27  4,500  4,494,420 
Eastern Municipal Water District, California, COP,     
 Series H, 5.00%, 7/01/35  7,540  7,171,973 
Los Angeles County Sanitation District Financing     
 Authority, California, RB, Capital Projects, District     
 No. 14 Sub-Series B (MBIA), 5.00%, 10/01/30  2,550  2,412,835 
Los Angeles Department of Water & Power, RB, System,     
 Series A, 5.38%, 7/01/38  3,200  3,236,384 

  Par   
Municipal Bonds  (000)  Value 
     California (concluded)     
Utilities (concluded)     
Metropolitan Water District of Southern California,     
 Refunding RB, Series B, 5.00%, 7/01/35  $ 2,625  $ 2,637,075 
Metropolitan Water District of Southern California, RB:     
     Authorization, Series C, 5.00%, 7/01/35  4,085  4,103,791 
     Series A, 5.00%, 7/01/32  1,240  1,256,120 
     Series A (FSA), 5.00%, 7/01/30  1,000  1,019,440 
Oxnard Financing Authority, RB, Redwood Trunk Sewer     
 & Headworks, Series A (MBIA), 5.25%, 6/01/34  3,000  2,864,070 
Sacramento Municipal Utility District, RB, Cosumnes     
 Project (MBIA), 5.13%, 7/01/29  18,500  17,970,900 
Sacramento Regional County Sanitation District, RB,     
 County Sanitation District 1 (MBIA), 5.00%, 8/01/35  5,375  5,178,221 
San Diego Public Facilities Financing Authority, RB,     
 Senior, Series A, 5.38%, 5/15/34  1,900  1,907,866 
Stockton Public Financing Authority, California, RB,     
 Water System Capital Improvement Projects, Series A     
 (MBIA), 5.00%, 10/01/31  1,600  1,452,432 
    77,379,307 
Total Municipal Bonds in California    313,651,064 
     Puerto Rico — 1.8%     
County/City/Special District/School District — 1.8%     
Puerto Rico Sales Tax Financing Corp., RB, First     
 Sub-Series A, 6.50%, 8/01/44  5,000  5,235,750 
Total Municipal Bonds in Puerto Rico    5,235,750 
Total Municipal Bonds — 111.2%    318,886,814 
Municipal Bonds Transferred to     
Tender Option Bond Trusts (c)     
     California — 45.8%     
County/City/Special District/School District — 14.8%     
Contra Costa Community College District, California, GO,     
 Election 2002 (FSA), 5.00%, 8/01/30  10,210  10,053,481 
Fremont Unified School District, Alameda County,     
 California, GO, Election 2002, Series B (FSA),     
 5.00%, 8/01/30  4,003  3,941,601 
Los Angeles Community College District, California, GO,     
 Election 2003, Series E (FSA), 5.00%, 8/01/31  10,002  9,626,928 
Peralta Community College District, California, GO,     
 Election 2000, Series D (FSA), 5.00%, 8/01/30  1,995  1,964,417 
Sonoma County Junior College District, GO, Election     
 of 2002, Series B (FSA), 5.00%, 8/01/28  6,875  6,878,502 
Santa Clara County Financing Authority, Refunding RB,     
 Lease Series L, 5.25%, 5/15/36  10,001  9,943,322 
    42,408,251 
Education — 11.2%     
California State University, RB, Systemwide, Series A     
 (FSA), 5.00%, 11/01/39  4,840  4,635,994 
San Diego Community College District, California, GO,     
 Election of 2002, 5.25%, 8/01/33  7,732  7,858,925 
University of California, RB, Limited Project, Series B     
 (FSA), 5.00%, 5/15/33  8,490  8,315,785 
University of California, RB, Series L, 5.00%, 5/15/40  11,597  11,207,183 
    32,017,887 

See Notes to Financial Statements.

ANNUAL REPORT JULY 31, 2009 17

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

Municipal Bonds Transferred to  Par     
Tender Option Bond Trusts (c)  (000)    Value 
     California (concluded)       
Utilities — 16.3%       
California Educational Facilities Authority, RB, University       
 Southern California, Series A, 5.25%, 10/01/39  $ 13,845  $ 14,270,595 
Eastern Municipal Water District, California, COP,       
 Series H, 5.00%, 7/01/33  4,748    4,555,797 
Metropolitan Water District of Southern California, RB,       
 Series A, 5.00%, 7/01/37  20,000    20,038,000 
San Diego County Water Authority, COP, Series A (FSA),       
 5.00%, 5/01/31  5,010    4,957,195 
University of California, RB, Series O, 5.75%, 5/15/34  2,805    3,013,243 
      46,834,830 
State — 1.4%       
Los Angeles Community College District, California, GO,       
 2008 Election, Series A, 6.00%, 8/01/33  3,828    4,119,611 
Transportation — 2.1%       
San Francisco Bay Area Transit Financing Authority,       
 Refunding RB, Series A (MBIA), 5.00%, 7/01/30  6,000    5,976,600 
Total Municipal Bonds Transferred to       
Tender Option Bond Trusts — 45.8%    131,357,179 
Total Long-Term Investments       
(Cost — $464,058,450) — 157.0%    450,243,993 
Short-Term Securities  Shares     
CMA California Municipal Money       
 Fund, 0.04% (d)(e)  7,607,697    7,607,697 
Total Short-Term Securities       
(Cost — $7,607,697) — 2.6%      7,607,697 
Total Investments (Cost — $471,666,147*) — 159.6%    457,851,690 
Other Assets Less Liabilities — 3.3%      9,527,915 
Liability for Trust Certificates, Including Interest       
   Expense and Fees Payable — (26.0)%      (74,606,088) 
Preferred Shares, at Redemption Value — (36.9)%    (105,968,027) 
Net Assets Applicable to Common Shares — 100.0%    $286,805,490 
   * The cost and unrealized appreciation (depreciation) of investments as of July 31, 
       2009, as computed for federal income tax purposes, were as follows:   
       Aggregate cost    $397,366,785 
       Gross unrealized appreciation    $ 3,626,189 
       Gross unrealized depreciation      (17,517,294) 
       Net unrealized depreciation    $ (13,891,105) 
(a) Security is collateralized by Municipal or US Treasury Obligations.   
(b) Represents a zero-coupon bond. Rate shown reflects the current yield as of 
       report date.       
(c) Securities represent bonds transferred to a tender option bond trust in exchange for 
which the Fund acquired residual interest certificates. These securities serve as col- 
       lateral in a financing transaction. See Note 1 of the Notes to Financial Statements 
       for details of municipal bonds transferred to tender option bond trusts. 

(d) Investments in companies considered to be an affiliate of the Fund, for purposes of 
  Section 2(a)(3) of the Investment Company Act of 1940, were as follows: 
      Net   
  Affiliate  Activity  Income 
  CMA California Municipal Money Fund  $(6,805,560)  $91,856 
(e) Represents the current yield as of report date.     
•  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 framework for 
  measuring fair values and requires additional disclosures about the use of fair value 
  measurements. Various inputs are used in determining the fair value of investments, 
  which are as follows:     
  •  Level 1 — price quotations in active markets/exchanges for identical securities 
  •  Level 2 — other observable inputs (including, but not limited to: quoted prices for 
    similar assets or liabilities in markets that are active, quoted prices for identical 
    or similar assets or liabilities in markets that are not active, inputs other than 
    quoted prices that are observable for the assets or liabilities (such as interest 
    rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and 
    default rates) or other market-corroborated inputs)   
  •  Level 3 — unobservable inputs based on the best information available in the 
    circumstances, to the extent observable inputs are not available (including the 
    Fund’s own assumptions used in determining the fair value of investments) 
  The inputs or methodology used for valuing securities are not necessarily an indica- 
  tion of the risk associated with investing in those securities. For information about 
  the Fund’s policy regarding valuation of investments and other significant accounting 
  policies, please refer to Note 1 of the Notes to Financial Statements. 
  The following table summarizes the inputs used as of July 31, 2009 in determining 
  the fair valuation of the Fund’s investments:     
  Valuation    Investments in 
  Inputs    Securities 
        Assets 
  Level 1 — Short-Term Securities    $ 7,607,697 
  Level 2 — Long-Term Investments1    450,243,993 
  Level 3    — 
  Total    $ 457,851,690 
    1 See above Schedule of Investments for values in each sector. 

See Notes to Financial Statements.

18 ANNUAL REPORT JULY 31, 2009

Schedule of Investments July 31, 2009 BlackRock MuniYield Investment Fund (MYF)
(Percentages shown are based on Net Assets)

Municipal Bonds  (000)  Value 
     California — 11.2%     
County/City/Special District/School District — 1.9%     
San Diego Regional Building Authority, California, RB,     
 County Operations Center & Annex, Series A,     
 5.38%, 2/01/36  $ 3,310  $ 3,311,225 
Health — 0.4%     
California Health Facilities Financing Authority,     
 California, RB, Catholic Healthcare West, Series A,     
 6.00%, 7/01/39  710  686,989 
State — 2.6%     
California State Public Works Board, RB, Department     
 General Services, Buildings 8 & 9, Series A,     
 6.25%, 4/01/34  4,525  4,593,327 
Transportation — 1.5%     
San Francisco City & County Airports Commission,     
 Refunding RB, 2nd Series A-3, AMT, 6.75%, 5/01/19  2,500  2,620,250 
Utilities — 4.8%     
San Diego Public Facilities Financing Authority, RB,     
 Series B, 5.50%, 8/01/39  8,415  8,449,081 
Total Municipal Bonds in California    19,660,872 
     District of Columbia — 1.2%     
Utilities — 1.2%     
District of Columbia Water & Sewer Authority, RB,     
 Series A, 5.25%, 10/01/29  2,000  2,067,480 
Total Municipal Bonds in District of Columbia    2,067,480 
     Florida — 45.6%     
Corporate — 2.0%     
Hillsborough County IDA, RB, National Gypsum AMT:     
     Series A, 7.13%, 4/01/30  2,500  1,401,675 
     Series B, 7.13%, 4/01/30  3,750  2,102,512 
    3,504,187 
County/City/Special District/School District — 20.2%     
City of Jacksonville Florida, Refunding & Improvement,     
 RB (MBIA), 5.25%, 10/01/32  2,315  2,311,736 
City of Jacksonville Florida, RB, Series B (MBIA),     
 5.13%, 10/01/32  1,500  1,419,195 
County of Hillsborough Florida, RB (AMBAC), 5.40%,     
 11/01/12 (a)  1,055  1,203,059 
County of Lee Florida, RB (AMBAC), 5.25%, 10/01/23  1,125  1,132,493 
County of Orange Florida, Refunding RB (AMBAC),     
 5.00%, 10/01/29  1,750  1,749,878 
County of Osceola Florida, RB, Series A (MBIA),     
 5.50%, 10/01/27  1,760  1,779,184 
County of Palm Beach Florida, RB (MBIA),     
 7.20%, 6/01/15  3,390  4,085,526 
County of Sumter Florida, RB (AMBAC):     
     5.00%, 6/01/26  2,190  2,193,614 
     5.00%, 6/01/30  3,475  3,335,722 
Jacksonville Economic Development Commission, RB,     
 Metropolitan Parking Solutions Project (ACA), AMT:     
     5.50%, 10/01/30  2,140  1,642,728 
     5.88%, 6/01/31  1,205  1,161,295 
Santa Rosa County School Board, COP, Series 2     
 (MBIA), 5.25%, 2/01/26  1,180  1,202,750 
Village Center Community Development District     
 Recreational Revenue, RB, Series A (MBIA):     
     5.38%, 11/01/34  1,995  1,685,615 
     5.13%, 11/01/36  1,000  805,740 

    Par   
Municipal Bonds    (000)  Value 
     Florida (continued)       
County/City/Special District/School District (concluded)     
Village Center Community Development District Utility       
 Revenue, RB (MBIA), 5.13%, 10/01/28  $ 5,040  $ 4,654,591 
Volusia County School Board, COP, Master Lease       
 Program (FSA), 5.50%, 8/01/24    5,000  5,050,000 
      35,413,126 
Education — 1.9%       
Broward County Educational Facilities Authority, RB,       
 Educational Facilities, Nova Southeastern (AGC),       
 5.00%, 4/01/31    2,625  2,514,277 
Volusia County IDA, RB, Student Housing, Stetson       
 University Project, Series A (CIFG), 5.00%, 6/01/35  1,000  805,300 
      3,319,577 
Health — 4.3%       
Martin County Health Facilities Authority, RB, Martin       
 Memorial Medical Center, Series A (a):       
     5.75%, 11/15/12    1,350  1,560,695 
     5.88%, 11/15/12    3,535  4,100,918 
South Lake County Hospital District, RB, South Lake       
 Hospital Inc:       
     5.80%, 10/01/34    1,000  911,440 
     6.38%, 10/01/34    1,150  1,057,747 
      7,630,800 
Housing — 1.8%       
Broward County HFA, RB, Series E (FNMA), AMT,       
 5.90%, 10/01/39    960  968,429 
Duval County HFA, RB (GNMA), AMT, 5.40%, 10/01/21  645  640,685 
Florida Housing Finance Corp., RB, Homeowner Mortgage,     
 Series 4 (FSA), AMT, 6.25%, 7/01/22    360  371,765 
Lee County HFA, RB, Multi-County Program, Series A-1     
 (GNMA), AMT, 7.13%, 3/01/28    30  30,461 
Manatee County HFA, Refunding RB, Single Family,       
 Subordinate Series 1 (GNMA), AMT, 6.25%, 11/01/28  100  101,869 
Miami-Dade County HFA, Florida, RB, Home Ownership     
 Mortgage, Series A-1 (GNMA), AMT, 6.30%, 10/01/20  365  371,939 
Pinellas County HFA, RB, Multi-County Program,       
 Series A-1 (GNMA), AMT:       
     6.30%, 9/01/20    240  244,562 
     6.35%, 9/01/25    350  356,762 
      3,086,472 
State — 3.2%       
Florida Municipal Loan Council, RB (MBIA):       
     Series A-1, 5.13%, 7/01/34    1,580  1,460,220 
     Series B, 5.38%, 11/01/30    4,250  4,193,985 
      5,654,205 
Transportation — 9.8%       
County of Broward Florida, RB, Series I (AMBAC), AMT,     
 5.75%, 10/01/18    2,870  2,894,079 
County of Miami-Dade Florida, RB, Miami International     
 Airport, Series A (FSA), AMT:       
     6.00%, 10/01/29    3,275  3,267,074 
     5.25%, 10/01/41    1,800  1,554,048 
     5.50%, 10/01/41    3,800  3,411,906 
County of Miami-Dade Florida, RB, Series A (FSA), AMT,     
 5.00%, 10/01/33    3,740  3,197,962 
Hillsborough County Aviation Authority, Florida, RB,       
 Series C (AGC), AMT, 5.75%, 10/01/26    1,000  1,014,130 
Orlando & Orange County Expressway Authority, RB,       
 Series B (AMBAC), 5.00%, 7/01/30    1,950  1,917,630 
      17,256,829 

See Notes to Financial Statements.

ANNUAL REPORT JULY 31, 2009 19

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

  Par   
Municipal Bonds  (000)  Value 
     Florida (concluded)     
Utilities — 2.4%     
City of Miami Beach Florida, RB, Water And Sewer     
 Revenue (AMBAC), 5.75%, 9/01/25  $ 3,000  $ 3,068,640 
City of Port Saint Lucie Florida, RB (MBIA),     
 5.25%, 9/01/25  1,215  1,220,855 
    4,289,495 
Total Municipal Bonds in Florida    80,154,691 
     Georgia — 6.0%     
Transportation — 1.9%     
City of Atlanta Georgia, RB, General, Subordinate Lien,     
 Series C (FSA), 5.00%, 1/01/33  3,270  3,243,121 
Utilities — 4.1%     
County of Fulton Georgia, RB (MBIA), 5.25%, 1/01/35  1,000  1,003,470 
Municipal Electric Authority of Georgia, RB, General     
 Resolution Projects, Sub-Series D, 6.00%, 1/01/23  5,600  6,228,544 
    7,232,014 
Total Municipal Bonds in Georgia    10,475,135 
     Illinois — 3.0%     
Health — 3.0%     
Illinois Finance Authority, RB:     
     Northwestern Memorial Hospital, Series A,     
     6.00%, 8/15/39  4,160  4,299,235 
     Rush University Medical Center Obligation Group,     
     Series A, 7.25%, 11/01/30  850  905,845 
Total Municipal Bonds in Illinois    5,205,080 
     Indiana — 2.7%     
Utilities — 2.7%     
Indiana Municipal Power Agency, Indiana, RB, Indiana     
 Muni Power Agency Series B, 6.00%, 1/01/39  4,525  4,699,439 
Total Municipal Bonds in Indiana    4,699,439 
     Kansas — 1.8%     
Health — 1.8%     
Kansas Development Finance Authority, RB, Adventist     
 Health, 5.50%, 11/15/29  3,250  3,262,382 
Total Municipal Bonds in Kansas    3,262,382 
     Kentucky — 3.6%     
County/City/Special District/School District — 1.9%     
Louisville & Jefferson County Metropolitan Government     
 Parking Authority, RB, Series A, 5.75%, 12/01/34  3,200  3,364,672 
Health — 1.7%     
Louisville, Jefferson County Metropolitan Government,     
 RB, Jewish Hospital Saint Marys Healthcare,     
 6.13%, 2/01/37  2,955  2,945,248 
Total Municipal Bonds in Kentucky    6,309,920 

    Par   
Municipal Bonds    (000)  Value 
     Maine — 1.3%       
Housing — 1.3%       
Maine State Housing Authority, Maine, RB, Series C, AMT,     
 5.45%, 11/15/23  $ 2,285  $ 2,285,983 
Total Municipal Bonds in Maine      2,285,983 
     Massachusetts — 2.6%       
Education — 0.9%       
Massachusetts Health & Educational Facilities Authority,     
 RB, Tufts University, 5.38%, 8/15/38    1,500  1,564,860 
Housing — 1.1%       
Massachusetts HFA, Massachusetts, RB, Housing,       
 Series F, AMT, 5.70%, 6/01/40    2,125  2,035,729 
State — 0.6%       
Massachusetts State College Building Authority, RB,       
 Series A, 5.50%, 5/01/39    1,000  1,025,710 
Total Municipal Bonds in Massachusetts      4,626,299 
     Michigan — 2.0%       
Health — 1.3%       
Royal Oak Hospital Finance Authority, Michigan, RB,       
 William Beaumont Hospital, 8.25%, 9/01/39    1,970  2,222,298 
State — 0.7%       
Michigan State Building Authority, Refunding RB,       
 Facilities Program, Series I, 6.00%, 10/15/38    1,250  1,285,463 
Total Municipal Bonds in Michigan      3,507,761 
     Nevada — 1.7%       
County/City/Special District/School District — 1.7%       
City of Las Vegas Nevada, GO, Limited Tax, Performing       
 Arts Center, 6.00%, 4/01/34    2,850  3,005,553 
Total Municipal Bonds in Nevada      3,005,553 
     New Jersey — 1.6%       
Transportation — 1.6%       
New Jersey Transportation Trust Fund Authority,       
 New Jersey, RB, Transportation System, Series A,       
 5.88%, 12/15/38    2,670  2,828,598 
Total Municipal Bonds in New Jersey      2,828,598 
     New York — 7.5%       
County/City/Special District/School District — 1.4%       
New York City Transitional Finance Authority, RB, Fiscal       
 2009, Series S-3, 5.25%, 1/15/39    2,500  2,496,200 
State — 3.3%       
New York State Dormitory Authority, RB, Education,       
 Series B, 5.25%, 3/15/38    5,700  5,798,724 
Transportation — 1.8%       
Triborough Bridge & Tunnel Authority, New York, RB,       
 Series A-2, 5.38%, 11/15/38    3,030  3,131,566 

See Notes to Financial Statements.

20 ANNUAL REPORT JULY 31, 2009

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

    Par   
Municipal Bonds    (000)  Value 
     New York (concluded)       
Utilities — 1.0%       
Long Island Power Authority, RB, Series A,       
 5.50%, 4/01/24  $ 1,600  $ 1,693,312 
Total Municipal Bonds in New York      13,119,802 
     Pennsylvania — 3.7%       
Transportation — 3.1%       
Pennsylvania Turnpike Commission, RB, Sub-Series B,       
 5.25%, 6/01/39    5,650  5,458,070 
Utilities — 0.6%       
Pennsylvania Economic Development Financing Authority,     
 RB, Pennsylvania, American Water Co. Project,       
 6.20%, 4/01/39    1,075  1,118,473 
Total Municipal Bonds in Pennsylvania      6,576,543 
     Puerto Rico — 4.1%       
Housing — 1.7%       
Puerto Rico HFA, RB, Subordinate, Capital Fund       
 Modernization, 5.13%, 12/01/27    3,000  3,003,300 
State — 2.4%       
Puerto Rico Sales Tax Financing Corp., RB, First       
 Sub-Series A, 5.75%, 8/01/37    4,200  4,153,884 
Total Municipal Bonds in Puerto Rico      7,157,184 
     Texas — 4.2%       
County/City/Special District/School District — 1.1%       
Conroe ISD, Texas, GO, School Building, Series A,       
 5.75%, 2/15/35    1,800  1,889,028 
Health — 0.5%       
Harris County Health Facilities Development Corp.,       
 Refunding RB, Memorial Hermann Healthcare System,     
 Series B, 7.25%, 12/01/35    800  864,056 
Transportation — 1.7%       
Houston Texas Airport Systems Revenue, ARB, Refunding,     
 Senior Lien, Series A, 5.50%, 7/01/39 (b)    1,170  1,147,220 
North Texas Tollway Authority, Refunding RB, System,       
 First Tier, Series K-1 (AGC), 5.75%, 1/01/38    1,750  1,824,830 
      2,972,050 
Utilities — 0.9%       
Lower Colorado River Authority, Refunding RB,       
 5.75%, 5/15/28    1,620  1,672,067 
Total Municipal Bonds in Texas      7,397,201 
     Virginia — 1.1%       
State — 1.1%       
Virginia Public School Authority, Virginia, RB, School       
 Financing, 6.50%, 12/01/35    1,700  1,900,293 
Total Municipal Bonds in Virginia      1,900,293 
Total Municipal Bonds — 104.9%      184,240,216 

Municipal Bonds Transferred to  Par   
Tender Option Bond Trusts (c)  (000)  Value 
     California — 9.5%     
County/City/Special District/School District — 5.2%     
Los Angeles Community College District, California, GO,     
 2008 Election, Series A, 6.00%, 8/01/33  $ 7,697  $ 8,282,247 
Los Angeles Unified School District, California, GO,     
 Series I, 5.00%, 1/01/34  790  760,857 
    9,043,104 
Utilities — 4.3%     
California Educational Facilities Authority, RB, University     
 Southern California, Series A, 5.25%, 10/01/39  4,200  4,329,108 
University of California, RB, Series O, 5.75%, 5/15/34  3,000  3,222,720 
    7,551,828 
Municipal Bonds Transferred to     
Tender Option Bond Trusts in California    16,594,932 
     District of Columbia — 3.8%     
County/City/Special District/School District — 1.7%     
District of Columbia, RB, Series A, 5.50%, 12/01/30  2,805  3,015,375 
Utilities — 2.1%     
District of Columbia Water & Sewer Authority, RB,     
 Series A, 5.50%, 10/01/39  3,507  3,648,104 
Municipal Bonds Transferred to Tender Option     
Bond Trusts in District of Columbia    6,663,479 
     Florida — 19.0%     
County/City/Special District/School District — 4.1%     
City of Jacksonville, Florida, RB, Better Jacksonville     
 (MBIA), 5.00%, 10/01/27  2,700  2,730,159 
Polk County School Board, COP, Master Lease, Series A     
 (FSA), 5.50%, 1/01/25  4,380  4,474,039 
    7,204,198 
Health — 9.6%     
Miami-Dade County, Florida, Health Facilities Authority,     
 Hospital Revenue Refunding Bonds (Miami Children’s     
 Hospital), Series A (AMBAC), 5.63%, 8/15/17  6,600  7,267,986 
South Broward Hospital District, Florida, RB, Hospital     
 (MBIA), 5.63%, 5/01/12  8,500  9,559,440 
    16,827,426 
Housing — 2.1%     
Lee County HFA, RB, Multi-County Program, Series A-2     
 (GNMA), AMT, 6.00%, 9/01/40  2,400  2,580,048 
Manatee County HFA, RB, Series A (GNMA), AMT,     
 5.90%, 9/01/40  1,141  1,148,100 
    3,728,148 
Transportation — 2.0%     
Hillsborough County Aviation Authority, Florida, RB,     
 Series A (AGC), AMT, 5.50%, 10/01/38  3,869  3,505,218 
Utilities — 1.2%     
Jacksonville Electric Authority, RB, Issue Three,     
 Series Two, River Power Park, 5.00%, 10/01/37  2,100  2,014,152 
Municipal Bonds Transferred to     
Tender Option Bond Trusts in Florida    33,279,142 

See Notes to Financial Statements.

ANNUAL REPORT JULY 31, 2009 21

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

Municipal Bonds Transferred to  Par   
Tender Option Bond Trusts (c)  (000)  Value 
     Illinois — 4.4%     
Education — 3.4%     
Illinois Finance Authority, RB, University of Chicago,     
 Series B, 6.25%, 7/01/38  $ 5,300  $ 5,843,833 
Transportation — 1.0%     
Illinois State Toll Highway Authority, RB, Series B,     
 5.50%, 1/01/33  1,750  1,829,916 
Municipal Bonds Transferred to     
Tender Option Bond Trusts in Illinois    7,673,749 
     Nevada — 6.4%     
County/City/Special District/School District — 6.4%     
Clark County Water Reclamation District, GO:     
     Limited Tax, 6.00%, 7/01/38  5,000  5,330,000 
     Series B, 5.50%, 7/01/29  5,668  5,987,374 
Municipal Bonds Transferred to     
Tender Option Bond Trusts in Nevada    11,317,374 
     New Hampshire 1.3%     
Education — 1.3%     
New Hampshire Health & Education Facilities Authority,     
 RB, Dartmouth College, 5.25%, 6/01/39  2,159  2,249,727 
Municipal Bonds Transferred to     
Tender Option Bond Trusts in New Hampshire    2,249,727 
     New York — 1.5%     
Utilities — 1.5%     
New York City Municipal Water Finance Authority, RB,     
 Series FF-2, 5.50%, 6/15/40  2,504  2,631,684 
Municipal Bonds Transferred to     
Tender Option Bond Trusts in New York    2,631,684 
     South Carolina — 1.9%     
Utilities — 1.9%     
South Carolina State Public Service Authority, RB,     
 Santee Cooper Series A, 5.50%, 1/01/38  3,240  3,407,573 
Municipal Bonds Transferred to     
Tender Option Bond Trusts in South Carolina    3,407,573 
     Texas — 5.4%     
Health — 3.1%     
Harris County Cultural Education Facilities Finance     
 Corp., RB, Texas Children’s Hospital Project,     
 5.50%, 10/01/39  5,400  5,391,630 
Utilities — 2.3%     
City of San Antonio, Texas, Refunding RB, Series A,     
 5.25%, 2/01/31  3,989  4,103,327 
Municipal Bonds Transferred to     
Tender Option Bond Trusts in Texas    9,494,957 

Municipal Bonds Transferred to  Par     
Tender Option Bond Trusts (c)  (000)    Value 
     Virginia — 1.0%       
Health — 1.0%       
Fairfax County IDA, Virginia, RB, Health Care, Inova       
 Health System, Series A, 5.50%, 5/15/35  $ 1,749  $ 1,779,087 
Municipal Bonds Transferred to       
Tender Option Bond Trusts in Virginia      1,779,087 
Total Municipal Bonds Transferred to       
Tender Option Bond Trusts — 54.2%      95,091,704 
Total Long-Term Investments       
(Cost — $277,685,993) — 159.1%    279,331,920 
Short-Term Securities       
     Pennsylvania — 1.1%       
City of Philadelphia Pennsylvania, GO, Multi-Mode, VRDN,     
 Refunding, Series B (FSA), 2.50%, 8/07/09 (d)  2,000    2,000,000 
  Shares     
     Money Market Funds— 0.8%       
FFI Institutional Tax-Exempt Fund, 0.42% (e)(f)  1,400,051    1,400,051 
Total Short-Term Securities       
(Cost — $3,400,051) — 1.9%      3,400,051 
Total Investments (Cost — $281,086,044*) — 161.0%  282,731,971 
Other Assets Less Liabilities — 1.9%      3,229,959 
Liability for Trust Certificates, Including Interest       
   Expense and Fees Payable — (29.0)%      (50,872,385) 
Preferred Shares, at Redemption Value — (33.9)%      (59,479,742) 
Net Assets Applicable to Common Shares — 100.0%  $175,609,803 
* The cost and unrealized appreciation (depreciation) of investments as of July 31, 
       2009, as computed for federal income tax purposes, were as follows:   
       Aggregate cost    $230,813,758 
       Gross unrealized appreciation    $ 8,907,018 
       Gross unrealized depreciation      (7,786,385) 
       Net unrealized appreciation    $ 1,120,633 
(a) US government securities, held in escrow, are used to pay interest on this security, 
       as well as to retire the bond in full at the date indicated, typically at a premium 
       to par.       
(b) When-issued security.       
(c) Securities represent bonds transferred to a tender option bond trust in exchange for 
       which the Fund acquired residual interest certificates. These securities serve as col- 
       lateral in a financing transaction. See Note 1 of the Notes to Financial Statements 
       for details of municipal bonds transferred to tender option bond trusts. 
(d) 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. The rate 
       shown is as of report date and maturity shown is the date the principal owed can 
       be recovered through demand.       
(e) 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  $(7,485,416)    $31,934 
       FFI Institutional Tax-Exempt Fund  $(1,400,051)    $13,750 
 (f) Represents the current yield as of report date.       

See Notes to Financial Statements.

22 ANNUAL REPORT JULY 31, 2009

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

•  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 framework for 
  measuring fair values and requires additional disclosures about the use of fair value 
  measurements. Various inputs are used in determining the fair value of investments, 
  which are as follows:     
  •  Level 1 — price quotations in active markets/exchanges for identical securities 
  •  Level 2 — other observable inputs (including, but not limited to: quoted prices for 
    similar assets or liabilities in markets that are active, quoted prices for identical 
    or similar assets or liabilities in markets that are not active, inputs other than 
    quoted prices that are observable for the assets or liabilities (such as interest 
    rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and 
    default rates) or other market-corroborated inputs)     
  •  Level 3 — unobservable inputs based on the best information available in the 
    circumstances, to the extent observable inputs are not available (including the 
    Fund’s own assumptions used in determining the fair value of investments) 
  The inputs or methodology used for valuing securities are not necessarily an indica- 
  tion of the risk associated with investing in those securities. For information about 
  the Fund’s policy regarding valuation of investments and other significant accounting 
  policies, please refer to Note 1 of the Notes to Financial Statements. 
  The following table summarizes the inputs used as of July 31, 2009 in determining 
  the fair valuation of the Fund’s investments:     
  Valuation    Investments in 
  Inputs    Securities 
        Assets 
  Level 1 — Short-Term Securities  $ 1,400,051 
  Level 2     
    Long-Term Investments1    279,331,920 
    Short-Term Securities    2,000,000 
  Total Level 2    281,331,920 
  Level 3    — 
  Total  $ 282,731,971 
     1 See above Schedule of Investments for values in each sector.   

See Notes to Financial Statements.

ANNUAL REPORT JULY 31, 2009 23

Schedule of Investments July 31, 2009 BlackRock MuniYield New Jersey Fund, Inc. (MYJ)
(Percentages shown are based on Net Assets)

    Par   
Municipal Bonds    (000)  Value 
     New Jersey — 137.4%       
Corporate — 1.6%       
Gloucester County Improvement Authority, Refunding RB,     
 Waste Management Inc. Project:       
     Series A, 6.85%, 12/01/29  $ 2,000  $ 2,019,600 
     Series B, AMT, 7.00%, 12/01/29    1,180  1,190,950 
      3,210,550 
County/City/Special District/School District — 24.1%     
Burlington County Bridge Commission, RB, Governmental     
 Leasing Program, 5.25%, 8/15/12 (a)    1,000  1,129,460 
City of Perth Amboy New Jersey, GO, CAB (FSA) (b):       
     5.39%, 7/01/33    1,575  1,311,298 
     5.38%, 7/01/34    1,925  1,591,186 
County of Hudson New Jersey, COP, Refunding (MBIA),     
 6.25%, 12/01/16    1,500  1,669,440 
Essex County Improvement Authority, Refunding RB,       
 County Guaranteed, Project Consolidation (MBIA),       
 5.50%, 10/01/29    5,085  5,432,102 
Hudson County Improvement Authority, RB, County,       
 Guaranteed, Harrison Parking Facilities Project,       
 Series C (AGC), 5.38%, 1/01/44    4,800  4,918,080 
Hudson County Improvement Authority, Refunding       
 RB, Hudson County Lease Project (MBIA),       
 5.38%, 10/01/24    4,500  4,530,240 
Jackson Township School District, New Jersey, GO       
 (FGIC), 5.00%, 4/15/12 (a)    6,840  7,585,901 
Middlesex County Improvement Authority, RB, Senior,       
 Heldrich Center Hotel, Series A, 5.00%, 1/01/20    655  386,692 
Middlesex County Improvement Authority, Refunding       
 RB, County Guaranteed, Golf Course Projects,       
 5.25%, 6/01/22    1,455  1,568,592 
Monmouth County Improvement Authority, RB,       
 Governmental Loan (AMBAC):       
     5.00%, 12/01/11 (a)    2,085  2,289,205 
     5.00%, 12/01/15    1,215  1,258,473 
     5.00%, 12/01/16    1,280  1,315,648 
Morristown Parking Authority, RB, Guaranteed (MBIA),       
 4.50%, 8/01/37    585  548,712 
Newark Housing Authority, Refunding RB, Additional,       
 Newark Redevelopment Project (MBIA),       
 4.38%, 1/01/37    3,225  2,761,310 
Salem County Improvement Authority, RB, Finlaw State     
 Office Building (FSA):       
     5.38%, 8/15/28    500  528,190 
     5.25%, 8/15/38    500  511,835 
South Jersey Port Corp., Refunding RB:       
     4.75%, 1/01/18    4,280  4,436,776 
     4.85%, 1/01/19    2,485  2,567,800 
     5.00%, 1/01/20    2,000  2,065,800 
      48,406,740 
Education — 15.5%       
New Jersey Educational Facilities Authority, RB:       
     Georgian Court College Project, Series C,       
     6.50%, 7/01/13 (a)    2,000  2,391,620 
     Montclair State University, Series J, 5.25%, 7/01/38  1,140  1,110,178 
     Montclair State University, Series L (MBIA),       
     5.00%, 7/01/14 (a)    5,305  6,092,209 
     Rider University, (Radian), 5.00%, 7/01/17    1,000  988,390 
     Rider University, Series A (Radian), 5.50%, 7/01/23  1,255  1,252,515 
     Rider University, Series A (Radian), 5.25%, 7/01/34  1,450  1,250,030 
     Rider University, Series C (Radian), 5.00%, 7/01/37  1,750  1,466,727 

  Par   
Municipal Bonds  (000)  Value 
     New Jersey (continued)     
Education (concluded)     
New Jersey Educational Facilities Authority, Refunding RB:     
     College of New Jersey, Series D (FSA),     
     5.00%, 7/01/35  $ 6,115  $ 6,229,289 
     Georgian Court University, Series D, 5.25%, 7/01/37  1,000  875,780 
     Ramapo College, Series I (AMBAC), 4.25%, 7/01/31  750  644,422 
     Ramapo College, Series I (AMBAC), 4.25%, 7/01/36  810  665,763 
     Rowan University, Series B (AGC), 5.00%, 7/01/24  1,800  1,940,832 
     University Medical & Dentistry, Series B,     
     7.13%, 12/01/23  1,300  1,377,571 
     University Medical & Dentistry, Series B,     
     7.50%, 12/01/32  1,625  1,717,316 
New Jersey State Higher Education Assistance Authority,     
 RB, Series A (AMBAC), AMT, 5.30%, 6/01/17  3,170  3,182,553 
    31,185,195 
Health — 19.9%     
New Jersey EDA, RB, CAB, Saint Barnabas, Series A     
 (MBIA), 6.25%, 7/01/24 (c)  3,850  1,270,885 
New Jersey EDA, RB, Masonic Charity Foundation NJ:     
     5.25%, 6/01/24  1,425  1,435,559 
     5.25%, 6/01/32  685  644,188 
New Jersey EDA, Refunding RB First Mortgage,     
 Winchester, Series A:     
     5.75%, 11/01/24  2,500  2,297,350 
     5.80%, 11/01/31  2,000  1,765,820 
New Jersey Health Care Facilities Financing Authority, RB,     
 CAB, Saint Barnabas Health, Series B (c):     
     5.90%, 7/01/30  2,000  330,160 
     5.69%, 7/01/36  500  45,925 
     5.18%, 7/01/37  13,250  1,110,747 
New Jersey Health Care Facilities Financing Authority, RB:     
     Atlantic City Medical Center, 5.75%, 7/01/12 (a)  1,060  1,192,288 
     Atlantic City Medical Center, 6.25%, 7/01/12 (a)  500  569,525 
     Atlantic City Medical Center, 6.25%, 7/01/17  520  547,789 
     Atlantic City Medical Center, 5.75%, 7/01/25  520  526,079 
     Capital Health System Obligation Group, Series A,     
     5.75%, 7/01/13 (a)  1,650  1,899,430 
     Childrens Specialized Hospital, Series A,     
     5.50%, 7/01/36  1,540  1,239,700 
     Health System, Catholic Health East, Series A,     
     5.38%, 11/15/12 (a)  1,100  1,247,070 
     Hospital Asset Transformation Program, Series A,     
     5.25%, 10/01/38  1,000  1,002,090 
     Hunterdon Medical Center, Series A,     
     5.13%, 7/01/35  1,950  1,713,075 
     Meridian Health, Series I (AGC), 5.00%, 7/01/38  1,000  986,410 
     Meridian Health System Obligation Group (FSA),     
     5.25%, 7/01/19  1,500  1,506,720 
     Meridian Health System Obligation Group (FSA),     
     5.38%, 7/01/24  2,250  2,255,175 
     Meridian Health System Obligation Group (FSA),     
     5.25%, 7/01/29  2,195  2,131,564 
     Pascack Valley Hospital Association,     
     6.63%, 7/01/36 (d)(e)  1,845  47,232 
     Robert Wood University (AMBAC), 5.70%, 7/01/20  4,000  4,030,280 
     Saint Barnabas Health Care System, Series A,     
     5.00%, 7/01/29  4,155  3,235,706 
     Somerset Medical Center, 5.50%, 7/01/33  1,875  1,025,119 
     South Jersey Hospital, 5.00%, 7/01/36  385  338,061 
     South Jersey Hospital, 5.00%, 7/01/46  1,650  1,394,217 
     Southern Ocean County Hospital (Radian),     
     5.13%, 7/01/31  2,000  1,642,620 
     Virtua Health (AGC), 5.50%, 7/01/38  2,500  2,496,275 
    39,927,059 

See Notes to Financial Statements.

24 ANNUAL REPORT JULY 31, 2009

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

  Par   
Municipal Bonds  (000)  Value 
     New Jersey (continued)     
Housing — 15.0%     
New Jersey State Housing & Mortgage Finance     
 Agency, RB:     
     Capital Fund Program, Series A (FSA),     
     4.70%, 11/01/25  $ 6,950  $ 6,871,743 
     Home Buyer, Series CC (MBIA), AMT,     
     5.80%, 10/01/20  4,515  4,670,181 
     Home Buyer, Series U (MBIA), AMT,     
     5.60%, 10/01/12  2,515  2,521,187 
     S/F Housing, Series T, AMT, 4.65%, 10/01/32  4,945  4,304,969 
     S/F Housing, Series U, AMT, 4.95%, 10/01/32  700  647,276 
     S/F Housing, Series X, AMT, 4.85%, 4/01/16  3,605  3,710,014 
     Series A (FGIC), AMT, 4.90%, 11/01/35  1,365  1,215,928 
     Series AA, 6.50%, 10/01/38  2,160  2,297,700 
Newark Housing Authority, RB, South Ward Police     
 Facility (AGC):     
     5.75%, 12/01/30  1,115  1,125,280 
     6.75%, 12/01/38  2,670  2,851,961 
    30,216,239 
State — 36.5%     
Garden State Preservation Trust, RB (FSA):     
     2005 Series A, 5.80%, 11/01/22  4,300  4,876,071 
     CAB, Series B, 5.12%, 11/01/23 (c)  6,860  3,535,575 
     CAB, Series B, 5.25%, 11/01/28 (c)  4,540  1,693,148 
New Jersey EDA, RB, Cigarette Tax (Radian):     
     5.75%, 6/15/29  1,895  1,576,450 
     5.50%, 6/15/31  370  295,027 
     5.75%, 6/15/34  755  608,417 
New Jersey EDA, RB, Department of Human Services,     
 Pooled, 5.00%, 7/01/12  220  240,702 
New Jersey EDA, RB, Motor Vehicle Surcharge Revenue,     
 Series A (MBIA), 5.25%, 7/01/33  14,000  13,609,260 
New Jersey EDA, Refunding, RB, School Facilities     
 Construction, Series AA, 5.50%, 12/15/29  3,300  3,482,391 
New Jersey EDA, RB, School Facilities Construction:     
     Series L (FSA), 5.00%, 3/01/30  5,800  5,907,126 
     Series O, 5.25%, 3/01/23  2,400  2,498,712 
     Series P, 5.00%, 9/01/15  3,000  3,347,190 
     Series P, 5.25%, 9/01/16  3,115  3,465,375 
     Series Z (AGC), 5.50%, 12/15/34  3,665  3,843,339 
     Series Z (AGC), 6.00%, 12/15/34  3,600  3,923,604 
New Jersey State Transit Corp., COP, Subordinate,     
 Federal Transit Administration Grants, Series B,     
 5.75%, 9/15/14  3,620  3,864,857 
New Jersey Transportation Trust Fund Authority,     
 New Jersey, RB, Transportation System:     
     CAB, Series C (AMBAC), 6.05%, 12/15/35 (c)  4,140  713,405 
     Series A, 5.50%, 12/15/21  3,525  3,843,484 
     Series A, 6.00%, 12/15/38  2,900  3,099,027 
     Series A (AGC), 5.63%, 12/15/28  1,250  1,330,913 
     Series B (MBIA), 5.50%, 12/15/21  5,865  6,394,903 
State of New Jersey, COP, Equipment Lease Purchase,     
 Series A, 5.25%, 6/15/28  1,100  1,104,136 
    73,253,112 
Tobacco — 1.6%     
Tobacco Settlement Financing Corp., New Jersey, RB:     
     7.00%, 6/01/13 (a)  500  606,640 
     CAB, Series 1-B, 5.65%, 6/01/41 (c)  5,100  221,493 
     Series 1-A, 4.50%, 6/01/23  2,720  2,324,594 
    3,152,727 

    Par   
Municipal Bonds    (000)  Value 
     New Jersey (concluded)       
Transportation — 15.0%       
Delaware River Port Authority Pennsylvania & New Jersey,     
 RB (FSA), 6.00%, 1/01/19  $ 7,860  $ 7,925,081 
New Jersey State Turnpike Authority, RB:       
     Growth & Income Securities, Series B (AMBAC),       
     6.05%, 1/01/35 (b)    4,870  3,495,199 
     Series E, 5.25%, 1/01/40    5,475  5,486,826 
New Jersey Transportation Trust Fund Authority,       
 New Jersey, RB, Transportation System, Series A:       
     5.88%, 12/15/38    3,050  3,231,170 
     (AGC), 5.50%, 12/15/38    1,000  1,046,130 
Port Authority of New York & New Jersey, RB,       
 Consolidated:       
     Ninety, Third Series, 6.13%, 6/01/94    5,000  5,446,550 
     One Hundred Fifty, Second Series, AMT,       
     5.75%, 11/01/30    3,300  3,410,286 
      30,041,242 
Utilities — 8.2%       
New Jersey EDA, RB:       
     NJ American Water Co. Inc. Project, Series A (FGIC),     
     AMT, 6.88%, 11/01/34    6,670  6,671,134 
     Series A, New Jersey, American Water (AMBAC), AMT,     
     5.25%, 11/01/32    1,000  860,670 
     United Water NJ Inc., Series B, Remarketed       
     (AMBAC), 4.50%, 11/01/25    4,500  4,595,310 
Rahway Valley Sewerage Authority, RB, CAB, Series A       
 (MBIA), 4.87%, 9/01/31 (c)    6,000  1,643,040 
Union County Utilities Authority, RB, Senior Lease, Ogden     
 Martin, Series A (AMBAC), AMT:       
     5.38%, 6/01/17    1,585  1,576,283 
     5.38%, 6/01/18    1,175  1,146,624 
      16,493,061 
Total Municipal Bonds in New Jersey      275,885,925 
     Puerto Rico — 6.6%       
Education — 1.0%       
Puerto Rico Industrial Tourist Educational Medical       
 & Environmental Control Facilities Financing Authority,     
 RB, University Plaza Project, Series A (MBIA),       
 5.00%, 7/01/33    2,445  2,095,047 
Housing — 1.0%       
Puerto Rico HFA, RB, Subordinate, Capital Fund       
 Modernization, 5.13%, 12/01/27    2,025  2,027,228 
State — 3.0%       
Puerto Rico Sales Tax Financing Corp. RB, First       
 Sub-Series A, 5.75%, 8/01/37    6,000  5,934,120 
Transportation — 1.6%       
Puerto Rico Highway & Transportation Authority,       
 Refunding, RB, Series CC (AGC), 5.50%, 7/01/31    3,000  3,136,830 
Total Municipal Bonds in Puerto Rico      13,193,225 
     U.S. Virgin Islands — 2.6%       
Corporate — 2.6%       
United States Virgin Islands, RB, Senior Secured,       
 Hovensa Coker Project, AMT, 6.50%, 7/01/21    3,500  3,459,820 
Virgin Islands Public Finance Authority, RB, Senior       
 Secured, Hovensa Refinery, AMT, 5.88%, 7/01/22    1,900  1,775,113 
Total Municipal Bonds in the U.S. Virgin Islands      5,234,933 
Total Municipal Bonds — 146.6%      294,314,083 

See Notes to Financial Statements.

ANNUAL REPORT JULY 31, 2009 25

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

Municipal Bonds Transferred to    Par     
Tender Option Bond Trusts (f)    (000)    Value 
State — 3.2%         
Garden State Preservation Trust, RB, 2005 Series A       
 (FSA), 5.75%, 11/01/28    $ 5,460  $ 6,465,186 
Transportation — 1.9%         
Port Authority of New York & New Jersey, Refunding,       
 RB, Consolidated One Hundred Fifty Second, AMT,       
 5.25%, 11/01/35    3,764    3,684,598 
Total Municipal Bonds Transferred to         
Tender Option Bond Trusts — 5.1%        10,149,784 
Total Long-Term Investments         
(Cost — $308,757,672) — 151.7%      304,463,867 
Short-Term Securities    Shares     
CMA New Jersey Municipal Money Fund,         
 0.07% (g)(h)    3,181,516    3,181,516 
Total Short-Term Securities         
(Cost — $3,181,516) — 1.6%        3,181,516 
Total Investments (Cost — $311,939,188*) — 153.3%    307,645,383 
Other Assets Less Liabilities — 0.9%        1,925,911 
Liability for Trust Certificates, Including Interest       
   Expense and Fees Payable — (3.3)%        (6,620,872) 
Preferred Shares, at Redemption Value — (50.9)%    (102,210,594) 
Net Assets Applicable to Common Shares — 100.0%    $200,739,828 
   * The cost and unrealized appreciation (depreciation) of investments as of July 31, 
       2009, as computed for federal income tax purposes, were as follows:   
       Aggregate cost      $305,093,140 
       Gross unrealized appreciation      $ 10,755,374 
       Gross unrealized depreciation        (14,806,832) 
       Net unrealized depreciation      $ (4,051,458) 
(a) US government securities, held in escrow, are used to pay interest on this security, 
       as well as to retire the bond in full at the date indicated, typically at a premium 
       to par.         
(b) Represents a step-up bond that pays an initial coupon rate for the first period and 
then a higher coupon rate for the following periods. Rate shown is as of report date. 
(c) Represents a zero-coupon bond. Rate shown reflects current yield as of report date. 
(d) Issuer filed for bankruptcy and/or is in default of interest payments.   
 (e) Non-income producing security.         
(f) Securities represent bonds transferred to a tender option bond trust in exchange for 
which the Fund acquired residual interest certificates. These securities serve as col- 
       lateral in a financing transaction. See Note 1 of the Notes to Financial Statements 
       for details of municipal bonds transferred to tender option bond trusts. 
(g) Investments in companies considered to be an affiliate of the Fund, for purposes of 
       Section 2(a)(3) of the Investment Company Act of 1940, were as follows: 
     Net     
       Affiliate    Activity    Income 
       CMA New Jersey Municipal Money Fund  $(1,257,255)    $45,578 
(h) Represents the current yield as of report date.       

•  Financial Accounting Standards Board Statement of Financial Accounting Standards 
  No. 157, “Fair Value Measurements” clarifies the definition of fair value, establishes a 
  framework for measuring fair values and requires additional disclosures about the 
  use of fair value measurements. Various inputs are used in determining the fair value 
  of investments, which are as follows:   
  •  Level 1 — price quotations in active markets/exchanges for identical securities 
  •  Level 2 — other observable inputs (including, but not limited to: quoted prices for 
    similar assets or liabilities in markets that are active, quoted prices for identical 
    or similar assets or liabilities in markets that are not active, inputs other than 
    quoted prices that are observable for the assets or liabilities (such as interest 
    rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and 
    default rates) or other market-corroborated inputs)   
  •  Level 3 — unobservable inputs based on the best information available in the 
    circumstances, to the extent observable inputs are not available (including the 
    Fund’s own assumptions used in determining the fair value of investments) 
  The inputs or methodology used for valuing securities are not necessarily an indica- 
  tion of the risk associated with investing in those securities. For information about 
  the Fund’s policy regarding valuation of investments and other significant accounting 
  policies, please refer to Note 1 of the Notes to Financial Statements. 
  The following table summarizes the inputs used as of July 31, 2009 in determining 
  the fair valuation of the Fund’s investments:   
  Valuation  Investments in 
  Inputs  Securities 
      Assets 
  Level 1 — Short-Term Securities  $ 3,181,516 
  Level 2 — Long-Term Investments1  304,463,867 
  Level 3  — 
  Total  $ 307,645,383 
    1 See above Schedule of Investments for values in each sector.   

See Notes to Financial Statements.

26 ANNUAL REPORT JULY 31, 2009

Statements of Assets and Liabilities

BlackRock
  Muni New York  BlackRock  BlackRock    BlackRock 
  Intermediate  MuniYield  MuniYield  BlackRock  MuniYield 
  Duration  Arizona  California  MuniYield  New Jersey 
  Fund, Inc.  Fund, Inc.  Fund, Inc.  Investment Fund  Fund, Inc. 
July 31, 2009  (MNE)  (MZA)         (MYC)           (MYF)  (MYJ) 
     Assets           
Investments at value — unaffiliated1  $ 83,780,887  $ 91,958,839  $ 450,243,993  $ 281,331,920  $ 304,463,867 
Investments at value — affiliated2  1,737,841  4,187,171  7,607,697  1,400,051  3,181,516 
Cash  9,526  34,317  86,521  202,857  48,718 
Interest receivable  943,074  755,828  6,711,278  3,971,317  2,992,838 
Investments sold receivable  —  173,930  4,937,904  1,144,275  48,211 
Prepaid expenses  13,323  20,276  39,833  27,338  28,541 
Total assets  86,484,651  97,130,361  469,627,226  288,077,758  310,763,691 
     Liabilities           
Investments purchased payable  1,000,000  —  530,326  1,141,429  — 
Income dividends payable — Common Shares  233,457  304,941  1,437,430  786,365  1,001,329 
Investment advisory fees payable  34,290  42,042  206,562  127,560  137,716 
Interest expense and fees payable  3,443  390  230,078  74,805  17,171 
Other affiliates payable  555  640  2,765  1,782  2,087 
Officer’s and Directors’ fees payable  87  89  461  389  444 
Other accrued expenses payable  21,398  28,165  70,077  58,303  50,821 
Total accrued liabilities  1,293,230  376,267  2,477,699  2,190,633  1,209,568 
     Other Liabilities           
Trust certificates3  915,894  1,500,000  74,376,010  50,797,580  6,603,701 
Total Liabilities  2,209,124  1,876,267  76,853,709  52,988,213  7,813,269 
     Preferred Shares at Redemption Value           
$25,000 per share liquidation preference, plus unpaid dividends4,5  29,633,926  38,805,113  105,968,027  59,479,742  102,210,594 
Net Assets Applicable to Common Shareholders  $ 54,641,601  $ 56,448,981  $ 286,805,490  $ 175,609,803  $ 200,739,828 
     Net Assets Applicable to Common Shareholders Consist of           
Paid-in capital6,7  $ 59,630,112  $ 60,445,940  $ 301,598,405  $ 188,893,413  $ 204,494,347 
Undistributed net investment income  499,055  618,220  3,354,000  1,887,727  3,064,620 
Accumulated net realized loss  (3,073,355)  (1,023,060)  (4,332,458)  (16,817,264)  (2,525,334) 
Net unrealized appreciation/depreciation  (2,414,211)  (3,592,119)  (13,814,457)  1,645,927  (4,293,805) 
Net Assets Applicable to Common Shareholders  $ 54,641,601  $ 56,448,981  $ 286,805,490  $ 175,609,803  $ 200,739,828 
Net asset value per Common Share  $ 12.99  $ 12.40  $ 13.47  $ 12.95  $ 14.13 
     1 Investments at cost — unaffiliated  $ 86,195,098  $ 95,550,958  $ 464,058,450  $ 279,685,993  $ 308,757,672 
     2 Investments at cost — affiliated  $ 1,737,841  $ 4,187,171  $ 7,607,697  $ 1,400,051  $ 3,181,516 
     3 Represents short-term floating rate certificates issued by tender option           
         bond trusts.           
     4 Preferred Shares outstanding:           
         Par value $0.05 per share  —  —  —  2,379  3,349 
         Par value $0.10 per share  1,185  1,552  4,238  —  739 
     5 Preferred Shares authorized  1,240  1,612  7,000  1 million  4,760 
     6 Common Shares outstanding, $0.10 par value  4,206,439  4,551,352  21,295,255  13,558,024  14,203,242 
     7 Common Shares authorized  200 million  200 million  200 million  unlimited  200 million 

See Notes to Financial Statements.

ANNUAL REPORT JULY 31, 2009 27

Statements of Operations           
BlackRock
  Muni New York  BlackRock  BlackRock    BlackRock 
  Intermediate  MuniYield  MuniYield  BlackRock  MuniYield 
  Duration  Arizona  California       MuniYield  New Jersey 
  Fund, Inc.  Fund, Inc.  Fund, Inc.  Investment Fund  Fund, Inc. 
Year Ended July 31, 2009  (MNE)  (MZA)         (MYC)           (MYF)           (MYJ) 
     Investment Income           
Interest  $ 4,261,253  $ 5,067,757  $ 23,390,797  $ 15,176,230  $ 16,004,357 
Income — affiliated  19,036  16,706  91,856  45,684  45,578 
Total income  4,280,289  5,084,463  23,482,653  15,221,914  16,049,935 
     Expenses           
Investment advisory  459,757  473,849  2,332,558  1,408,638  1,532,026 
Commissions for Preferred Shares  57,153  77,044  239,025  170,922  197,678 
Professional  47,511  58,264  99,335  84,545  69,408 
Transfer agent  21,967  33,770  52,042  44,334  42,075 
Accounting services  19,023  32,528  139,441  74,464  72,832 
Printing  9,801  9,806  41,709  26,913  29,295 
Registration  9,018  1,802  9,166  9,583  9,166 
Custodian  7,013  8,112  22,052  18,007  19,280 
Officer and Directors  6,965  7,081  36,225  22,714  25,570 
Miscellaneous  40,139  42,556  53,815  60,078  43,773 
Total expenses excluding interest expense and fees  678,347  744,812  3,025,368  1,920,198  2,041,103 
Interest expense and fees1  21,102  29,974  1,068,779  371,937  175,400 
Total expenses  699,449  774,786  4,094,147  2,292,135  2,216,503 
Less fees waived by advisor  (97,600)  (20,372)  (49,215)  (33,111)  (20,530) 
Total expenses after fees waived  601,849  754,414  4,044,932  2,259,024  2,195,973 
Net investment income  3,678,440  4,330,049  19,437,721  12,962,890  13,853,962 
     Realized and Unrealized Gain (Loss)           
Net realized gain (loss) from:           
   Investments  (2,160,349)  (502,704)  (3,850,618)  (12,407,592)  (1,310,444) 
   Financial futures contracts  —  —  117,870  —  — 
  (2,160,349)  (502,704)  (3,732,748)  (12,407,592)  (1,310,444) 
Net change in unrealized appreciation/depreciation on investments  (174,373)  (1,630,717)  (3,452,968)  2,135,373  (3,427,395) 
Total realized and unrealized loss  (2,334,722)  (2,133,421)  (7,185,716)  (10,272,219)  (4,737,839) 
     Dividends to Preferred Shareholders From           
Net investment income  (835,785)  (856,443)  (2,734,089)  (1,840,008)  (2,158,107) 
Net Increase in Net Assets Applicable to Common Shareholders Resulting           
   from Operations  $ 507,933  $ 1,340,185  $ 9,517,916  $ 850,663  $ 6,958,016 
   1 Related to tender option bond trusts.           

See Notes to Financial Statements.

28 ANNUAL REPORT JULY 31, 2009

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

    Period   
       Year Ended  June 1, 2008  Year Ended 
           July 31,  to July 31,         May 31, 
Increase (Decrease) in Net Assets:  2009           2008           2008 
     Operations       
Net investment income  $ 3,678,440  $ 574,639  $ 3,842,387 
Net realized loss  (2,160,349)  (172,515)  (616,570) 
Net change in unrealized appreciation/depreciation  (174,373)  (2,049,285)  (3,001,803) 
Dividends to Preferred Shareholders from net investment income  (835,785)  (177,526)  (1,149,537) 
Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations  507,933  (1,824,687)  (925,523) 
     Dividends to Common Shareholders From       
Net investment income  (2,696,327)  (445,883)  (2,675,295) 
     Net Assets Applicable to Common Shareholders       
Total decrease in net assets applicable to Common Shareholders  (2,188,394)  (2,270,570)  (3,600,818) 
Beginning of period  56,829,995  59,100,565  62,701,383 
End of period  $ 54,641,601  $ 56,829,995  $ 59,100,565 
Undistributed net investment income  $ 499,055  $ 362,967  $ 411,737 
  BlackRock MuniYield Arizona Fund, Inc. (MZA) 
    Period   
       Year Ended  November 1, 2007  Year Ended 
           July 31,  to July 31,  October 31, 
Increase (Decrease) in Net Assets:  2009           2008           2007 
     Operations       
Net investment income  $ 4,330,049  $ 3,275,909  $ 4,276,021 
Net realized gain (loss)  (502,704)  (374,900)  813,164 
Net change in unrealized appreciation/depreciation  (1,630,717)  (4,126,989)  (2,857,872) 
Dividends and distributions to Preferred Shareholders from:       
Net investment income  (856,443)  (885,773)  (1,310,529) 
Net realized gain  —  (228,921)  (102,456) 
Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations  1,340,185  (2,340,674)  818,328 
     Dividends and Distributions to Common Shareholders From       
Net investment income  (3,202,649)  (2,327,146)  (3,117,045) 
Net realized gain  —  (533,902)  (285,146) 
Decrease in net assets resulting from dividends and distributions to Common Shareholders  (3,202,649)  (2,861,048)  (3,402,191) 
     Capital Share Transactions       
Reinvestment of common dividends  93,565  191,164  201,509 
     Net Assets Applicable to Common Shareholders       
Total decrease in net assets applicable to Common Shareholders  (1,768,899)  (5,010,558)  (2,382,354) 
Beginning of period  58,217,880  63,228,438  65,610,792 
End of period  $ 56,448,981  $ 58,217,880  $ 63,228,438 
Undistributed net investment income  $ 618,220  $ 374,545  $ 311,568 

See Notes to Financial Statements.

ANNUAL REPORT JULY 31, 2009 29

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

    Period   
       Year Ended  November 1, 2007  Year Ended 
           July 31,  to July 31,  October 31, 
Increase (Decrease) in Net Assets:  2009  2008  2007 
     Operations       
Net investment income  $ 19,437,721  $ 14,610,706  $ 19,905,518 
Net realized gain (loss)  (3,732,748)  952,926  347,077 
Net change in unrealized appreciation/depreciation  (3,452,968)  (19,656,431)  (10,806,382) 
Dividends to Preferred Shareholders from net investment income  (2,734,089)  (4,297,338)  (6,115,916) 
Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations  9,517,916  (8,390,137)  3,330,297 
     Dividends to Common Shareholders From       
Net investment income  (14,714,808)  (10,541,151)  (14,097,459) 
     Net Assets Applicable to Common Shareholders       
Total decrease in net assets applicable to Common Shareholders  (5,196,892)  (18,931,288)  (10,767,162) 
Beginning of period  292,002,382  310,933,670  321,700,832 
End of period  $ 286,805,490  $ 292,002,382  $ 310,933,670 
Undistributed net investment income  $ 3,354,000  $ 1,425,723  $ 1,349,213 
  BlackRock MuniYield Investment Fund (MYF) 
    Period   
       Year Ended  November 1, 2007  Year Ended 
           July 31,  to July 31,  October 31, 
Increase (Decrease) in Net Assets:  2009  2008  2007 
     Operations       
Net investment income  $ 12,962,890  $ 9,905,043  $ 13,472,485 
Net realized gain (loss)  (12,407,592)  (2,127,402)  365,993 
Net change in unrealized appreciation/depreciation  2,135,373  (10,593,132)  (8,146,519) 
Dividends to Preferred Shareholders from net investment income  (1,840,008)  (2,806,091)  (4,025,743) 
Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations  850,663  (5,621,582)  1,666,216 
     Dividends to Common Shareholders From       
Net investment income  (9,555,926)  (7,077,289)  (9,517,733) 
     Net Assets Applicable to Common Shareholders       
Total decrease in net assets applicable to Common Shareholders  (8,705,263)  (12,698,871)  (7,851,517) 
Beginning of period  184,315,066  197,013,937  204,865,454 
End of period  $ 175,609,803  $ 184,315,066  $ 197,013,937 
Undistributed net investment income  $ 1,887,727  $ 1,003,169  $ 975,376 

See Notes to Financial Statements.

30 ANNUAL REPORT JULY 31, 2009

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

    Period   
       Year Ended  December 1, 2007  Year Ended 
           July 31,  to July 31,  November 30, 
Increase (Decrease) in Net Assets:  2009  2008  2007 
     Operations       
Net investment income  $ 13,853,962  $ 8,848,451  $ 14,402,279 
Net realized gain (loss)  (1,310,444)  (292,267)  1,589,868 
Net change in unrealized appreciation/depreciation  (3,427,395)  (10,807,922)  (12,322,831) 
Dividends to Preferred Shareholders from net investment income  (2,158,107)  (2,640,535)  (4,053,487) 
Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations  6,958,016  (4,892,273)  (384,171) 
     Dividends to Common Shareholders From       
Net investment income  (10,240,537)  (6,670,582)  (9,885,456) 
     Net Assets Applicable to Common Shareholders       
Total decrease in net assets applicable to Common Shareholders  (3,282,521)  (11,562,855)  (10,269,627) 
Beginning of period  204,022,349  215,585,204  225,854,831 
End of period  $ 200,739,828  $ 204,022,349  $ 215,585,204 
Undistributed net investment income  $ 3,064,620  $ 1,613,847  $ 1,964,587 

See Notes to Financial Statements.

ANNUAL REPORT JULY 31, 2009 31

Statement of Cash Flows  BlackRock MuniYield California Fund, Inc. (MYC) 
Year Ended July 31, 2009   
     Cash Provided by Operating Activities   
Net increase in net assets resulting from operations, excluding dividends to Preferred Shareholders  $ 12,252,005 
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by operating activities:   
   Decrease in interest receivable  801,825 
   Increase in prepaid expenses  (22,033) 
   Decrease in investment advisory fees payable  (1,137) 
   Decrease in other affiliates payable  (1,657) 
   Decrease in other accrued expenses payable  (80,867) 
   Decrease in Officer’s and Directors’ fees payable  (428) 
   Decrease in interest expense and fees payable  (108,285) 
Net realized and unrealized loss on investments  7,303,586 
Amortization of premium and discount on investments  807,724 
Proceeds from sales of long-term investments  177,879,841 
Purchases of long-term investments  (168,348,786) 
Net proceeds from sales of short-term securities  16,805,560 
Net cash provided by operating activities  47,287,348 
     Cash Used for Financing Activities   
Payments on redemption of Preferred Shares  (20,550,000) 
Cash receipts from trust certificates  20,533,405 
Cash payments for trust certificates  (29,993,456) 
Cash dividends paid to Common Shareholders  (14,448,617) 
Cash dividends paid to Preferred Shareholders  (2,797,964) 
Cash used for financing activities  (47,256,632) 
     Cash   
Net increase in cash  30,716 
Cash at beginning of year  55,805 
Cash at end of year  $ 86,521 
     Cash Flow Information   
Cash paid during the year for interest  $ 1,177,064 
       A Statement of Cash Flows is presented when a Fund had a significant amount of borrowing during the period, based on the average borrowing outstanding in relation to average 
       total assets.   

See Notes to Financial Statements.

32 ANNUAL REPORT JULY 31, 2009

Financial Highlights    BlackRock Muni New York Intermediate Duration Fund, Inc. (MNE) 
    Period         
    June 1,         
  Year Ended  2008         
  July 31,  to July 31,    Year Ended May 31,   
  2009  2008  2008  2007  2006  2005 
     Per Share Operating Performance             
Net asset value, beginning of period  $ 13.51  $ 14.05  $ 14.91  $ 14.66  $ 15.05  $ 14.45 
Net investment income1  0.87  0.14  0.91  0.90  0.87  0.85 
Net realized and unrealized gain (loss)  (0.55)  (0.53)  (0.86)  0.24  (0.37)  0.58 
Dividends to Preferred Shareholders from net investment income  (0.20)  (0.04)  (0.27)  (0.25)  (0.20)  (0.11) 
Net increase (decrease) from investment operations  0.12  (0.43)  (0.22)  0.89  0.30  1.32 
Dividends to Common Shareholders from net investment income  (0.64)  (0.11)  (0.64)  (0.64)  (0.69)  (0.72) 
Net asset value, end of period  $ 12.99  $ 13.51  $ 14.05  $ 14.91  $ 14.66  $ 15.05 
Market price, end of period  $ 11.60  $ 12.12  $ 12.81  $ 13.93  $ 13.03  $ 13.44 
     Total Investment Return2             
Based on net asset value  2.26%  (3.01)%3  (1.10)%  6.57%  2.52%  9.99% 
Based on market price  1.79%  (4.56)%3  (3.48)%  12.02%  2.03%  10.97% 
     Ratios to Average Net Assets Applicable to Common Shares             
Total expenses4  1.33%  1.39%5  1.28%  1.31%  1.33%  1.38% 
Total expenses after fees waived and paid indirectly4  1.15%  1.15%5  1.04%  1.08%  1.10%  1.15% 
Total expenses after fees waived and fees paid indirectly and             
     excluding interest expense and fees4,6  1.11%  1.11%5  1.04%  1.08%  1.10%  1.15% 
Net investment income4  7.01%  6.36%5  6.31%  6.01%  5.89%  5.75% 
Dividends to Preferred Shareholders  1.59%  1.84%5  1.89%  1.66%  1.32%  0.77% 
Net investment income to Common Shareholders  5.42%  4.52%5  4.42%  4.35%  4.57%  4.98% 
     Supplemental Data             
Net assets applicable to Common Shareholders, end of period (000)  $ 54,642  $ 56,830  $ 59,101  $ 62,701  $ 61,672  $ 63,290 
Preferred Shares outstanding at $25,000 liquidation preference, end             
   of period (000)  $ 29,625  $ 29,625  $ 31,000  $ 31,000  $ 31,000  $ 31,000 
Portfolio turnover  32%  2%  21%  29%  49%  17% 
Asset coverage, end of period per $1,000  $ 2,8447  $ 2,9187  $ 2,9067  $ 3,0237  $ 2,989  $ 3,042 
   1 Based on average shares outstanding.             
   2 Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Total investment 
       returns exclude the effects of sales charges.             
   3 Aggregate total investment return.             
   4 Do not reflect the effect of dividends to Preferred Shareholders.             
   5 Annualized. Certain non-recurring expenses have been included in the ratio but not annualized. If these expenses were annualized, the ratio of the total expenses, total expenses after 
fees waived and paid indirectly, total expenses after fees waived and fees paid indirectly and excluding interest expense and fees, net investment income and net investment income to 
       Common Shareholders would have been 1.79%, 1.55%, 1.50%, 5.96% and 4.12%, respectively.           
   6 Interest expense and fees relate to tender option bond trusts. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to tender option bond trusts. 
   7 Asset coverage per Preferred Share at $25,000 liquidation preference for the periods ended July 2009, July 2008, May 2008 and May 2007 are $71,119, $72,970, $72,676 and 
       $75,573, respectively.             

See Notes to Financial Statements.

ANNUAL REPORT JULY 31, 2009 33

Financial Highlights      BlackRock MuniYield Arizona Fund, Inc. (MZA) 
    Period         
    November 1,         
  Year Ended  2007         
  July 31,  to July 31,    Year Ended October 31,   
  2009  2008  2007  2006  2005  2004 
     Per Share Operating Performance             
Net asset value, beginning of period  $ 12.81  $ 13.96  $ 14.53  $ 14.39  $ 15.04  $ 14.64 
Net investment income1  0.95  0.72  0.95  0.98  0.97  0.98 
Net realized and unrealized gain (loss)  (0.47)  (1.00)  (0.46)  0.36  (0.49)  0.40 
Dividends and distributions to Preferred Shareholders from:             
     Net investment income  (0.19)  (0.19)  (0.29)  (0.26)  (0.14)  (0.06) 
     Net realized gain  —  (0.05)  (0.02)  (0.02)           (0.00)2  — 
Net increase (decrease) from investment operations  0.29  (0.52)  0.18  1.06  0.34  1.32 
Dividends and distributions to Common Shareholders from:             
     Net investment income  (0.70)  (0.51)  (0.69)  (0.80)  (0.92)  (0.92) 
     Net realized gain  —  (0.12)  (0.06)  (0.12)  (0.02)  — 
Total dividends and distributions to Common Shareholders  (0.70)  (0.63)  (0.75)  (0.92)  (0.94)  (0.92) 
Capital changes with respect to issuance of Preferred Shares  —  —  —  0.003  (0.05)  — 
Net asset value, end of period  $ 12.40  $ 12.81  $ 13.96  $ 14.53  $ 14.39  $ 15.04 
Market price, end of period  $ 12.85  $ 13.94  $ 13.66  $ 14.79  $ 16.03  $ 15.10 
     Total Investment Return4             
Based on net asset value  3.27%  (3.79)%5  1.29%  7.47%  1.91%  9.40% 
Based on market price  (1.66)%  6.99%5  (2.63)%  (1.80)%  13.07%  13.80% 
     Ratios to Average Net Assets Applicable to Common Shares             
Total expenses6  1.46%  1.61%7  1.76%  1.71%  1.52%  1.40% 
Total expenses after fees waived and paid indirectly6  1.42%  1.59%7  1.75%  1.70%  1.51%  1.39% 
Total expenses after fees waived and fees paid indirectly and             
     excluding interest expense and fees6,8  1.36%  1.40%7  1.37%  1.33%  1.20%  1.19% 
Net investment income6  8.16%  7.19%7  6.65%  6.90%  6.54%  6.65% 
Dividends to Preferred Shareholders  1.61%  1.94%7  2.04%  1.83%  0.91%  0.42% 
Net investment income to Common Shareholders  6.55%  5.25%7  4.61%  5.07%  5.63%  6.23% 
     Supplemental Data             
Net assets applicable to Common Shareholders, end of period (000)  $ 56,449  $ 58,218  $ 63,228  $ 65,611  $ 64,630  $ 67,217 
Preferred Shares outstanding at $25,000 liquidation preference, end             
   of period (000)  $ 38,800  $ 40,300  $ 40,300  $ 40,300  $ 40,300  $ 30,300 
Portfolio turnover  39%  13%  31%  31%  28%  21% 
Asset coverage per Preferred Share at $25,000 liquidation preference, end             
   of period  $ 61,375  $ 61,1229  $ 64,2329  $ 65,7089  $ 65,0989  $ 80,4649 
   1 Based on average shares outstanding.             
   2 Amount is less than $(0.01) per share.             
   3 Amount is less than $0.01 per share.             
   4 Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Total investment 
       returns exclude the effects of sales charges.             
   5 Aggregate total investment return.             
   6 Do not reflect the effect of dividends to Preferred Shareholders.             
   7 Annualized.             
   8 Interest expense and fees relate to tender option bond trusts. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to tender option bond trusts. 
   9 Amounts have been recalculated to conform with current year presentation.             

See Notes to Financial Statements.

34 ANNUAL REPORT JULY 31, 2009

Financial Highlights      BlackRock MuniYield California Fund, Inc. (MYC) 
    Period         
    November 1,         
  Year Ended  2007         
  July 31,  to July 31,    Year Ended October 31,   
  2009  2008  2007