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UNITEDSTATES
SECURITIESANDEXCHANGECOMMISSION
Washington,D.C.20549

FORM N-CSRS

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number 811-06499

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

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: Anne F. Ackerley, Chief Executive Officer, BlackRock
MuniYield California Fund, Inc., 55 East 52nd Street, New York, NY 10055.

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

Date of fiscal year end: 07/31/2010

Date of reporting period: 01/31/2010

Item 1 – Report to Stockholders



EQUITIES FIXED INCOME REAL ESTATE LIQUIDITY ALTERNATIVES BLACKROCK SOLUTIONS

Semi-Annual Report

JANUARY 31, 2010 I (UNAUDITED)

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

BlackRock MuniYield Arizona Fund, Inc. (MZA)

BlackRock MuniYield California Fund, Inc. (MYC)

BlackRock MuniYield Investment Fund (MYF)

BlackRock MuniYield New Jersey Fund, Inc. (MYJ)

NOT FDIC INSURED

MAY LOSE VALUE

NO BANK GUARANTEE


Table of Contents   
  Page 
Dear Shareholder  3 
Semi-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  26 
   Statements of Operations  27 
   Statements of Changes in Net Assets  28 
   Statements of Cash Flows  31 
Financial Highlights  32 
Notes to Financial Statements  37 
Officers and Directors  43 
Additional Information  44 

2 SEMI-ANNUAL REPORT

JANUARY 31, 2010


Dear Shareholder

Over the past year, investors worldwide witnessed a seismic shift in market sentiment as guarded optimism replaced the fear and pessimism that had domi-

nated since late 2007. The single most important reason for this change was the swing from a severe economic recession to an emergent global recovery.

At the start of 2009, markets were reeling from the virtually unprecedented global financial and economic meltdown. The looming threat of further collapse in

global markets prompted stimulus packages and central bank interventions on an extraordinary scale. By period end, these actions had helped stabilize the

financial system, and the economic contraction abated.

After reaching a trough in March 2009, stocks galloped higher as the massive, coordinated global monetary and fiscal stimulus began to re-inflate world

economies. Sidelined cash poured into the markets, triggering a dramatic and steep upward rerating of stocks and other risk assets. Still, the rally has not

been without interruption, as mixed economic data, global challenges regarding sovereign credit risk and proposed fees and levies on banks had begun to

dampen investor conviction toward period end. The experience in international markets generally mirrored that seen in the United States; notably, emerging

markets firmly reclaimed their leadership status.

The easing of investor risk aversion was notable in the fixed income markets as well, where non-Treasury assets made a robust recovery. One of the major

themes over the past year was the reversal of the flight-to-quality trade. High yield finished the period as the strongest-performing fixed income sector in both

the taxable and tax-exempt space. Overall, the municipal market made a strong showing as technical conditions remained supportive of the asset class. The

Build America Bond program was deemed a success, adding $65 billion of taxable supply to the municipal marketplace in 2009 and $4 billion so far this

year. The program continues to alleviate tax-exempt supply pressure and attract the attention of a global audience. However, fundamental concerns are moving

to the fore in the municipal space, and bear close watching as the year progresses. At the same time, yields on money market securities declined throughout

the reporting period and remain near all-time lows, with the Federal Open Market Committee reiterating that economic circumstances are likely to necessitate

an accommodative interest rate stance for an “extended period.” Investor assets in money market funds declined from the peak registered in early 2009, but

remain well above pre-crisis levels.

All told, the rebound in sentiment and global market conditions resulted in positive 6- and 12-month returns for nearly every major benchmark index, with the

most dramatic improvement seen among risk assets.

Total Returns as of January 31, 2010  6-month  12-month 
US equities (S&P 500 Index)   9.87%  33.14% 
Small cap US equities (Russell 2000 Index)   8.86  37.82 
International equities (MSCI Europe, Australasia, Far East Index)   6.93  39.68 
3-month Treasury bill (BofA Merrill Lynch 3-Month Treasury Bill Index)   0.10  0.22 
US Treasury securities (BofA Merrill Lynch 10-Year US Treasury Index)   0.62  (3.31) 
Taxable fixed income (Barclays Capital US Aggregate Bond Index)   3.87  8.51 
Tax-exempt fixed income (Barclays Capital Municipal Bond Index)   4.90  9.49 
High yield bonds (Barclays Capital US Corporate High Yield 2% Issuer Capped Index)  15.90  50.80 

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 continues to improve, but questions about the strength and sustainability of the recovery abound. Through periods of market

uncertainty, BlackRock’s full resources are dedicated to the management of our clients’ assets. For additional market perspective and investment insight,

visit www.blackrock.com/shareholdermagazine, where you’ll find the most recent issue of our award-winning Shareholder® magazine, as well as its quarterly

companion newsletter, Shareholder Perspectives. As always, we thank you for entrusting BlackRock with your investments, and we look forward to your

continued partnership in the months and years ahead.


THIS PAGE NOT PART OF YOUR FUND REPORT

3


Fund Summary as of January 31, 2010

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 six months ended January 31, 2010, the Fund returned 10.07% based on market price and 9.91% based on net asset value (“NAV”). For the same
period, the closed-end Lipper Intermediate Municipal Debt Funds category posted an average return of 8.93% based on market price and 8.00% 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 per-
formance based on price and performance based on NAV. During the six months, the Fund was positioned primarily on the long end of the yield curve,
within its intermediate duration mandate. This positioning, along with exposure to lower-investment-grade bonds, contributed to the Fund’s outperformance,
as the municipal market continued to recover throughout the reporting period. Exposure to housing, health and corporate-backed municipal credits further
aided returns, as credit spreads narrowed and some of the more depressed sectors showed the greatest improvement. On the other hand, the Fund’s
higher-coupon bonds with shorter call protection detracted from performance for the period, as their shorter duration and negative convexity caused them
to lag. A below-average accrual rate was a negative factor, as well.

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

Fund Information             
  Symbol on New York Stock Exchange (“NYSE”)          MNE 
  Initial Offering Date        August 1, 2003 
  Yield on Closing Market Price as of January 31, 2010 ($12.43)1          5.36% 
  Tax Equivalent Yield2          8.25% 
  Current Monthly Distribution per Common Share3          $0.0555 
  Current Annualized Distribution per Common Share3          $0.6660 
  Leverage as of January 31, 20104          34% 
     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:       
    1/31/10  7/31/09  Change  High  Low 
  Market Price  $12.43  $11.60  7.16%  $12.88  $11.54 
  Net Asset Value  $13.90  $12.99  7.01%  $14.27  $12.98 

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

     Sector Allocations     
  1/31/10  7/31/09 
Health       18%  18% 
Transportation  15  16 
State  15  14 
County/City/Special District/     
   School District  14  17 
Housing  11  11 
Corporate  10  8 
Education  9  8 
Utilities  7  7 
Tobacco  1  1 

     Credit Quality Allocations5     
  1/31/10  7/31/09 
AAA/Aaa  7%  9% 
AA/Aa  28  31 
A  34  31 
BBB/Baa  19  19 
BB/Ba  5  4 
CCC/Caa  2  2 
Not Rated6  5  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 January 31, 2010
and July 31, 2009, the market value of these securities was
$1,690,608, representing 2% and $1,646,778, representing 2%,
respectively, of the Fund’s long-term investments.

4 SEMI-ANNUAL REPORT

JANUARY 31, 2010


Fund Summary as of January 31, 2010

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 issuer, 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 six months ended January 31, 2010, the Fund returned 2.55% based on market price and 10.51% based on NAV. For the same period, the closed-
end Lipper Other States Municipal Debt Funds category posted an average return of 10.04% based on market price and 8.96% on a NAV basis. All returns
reflect reinvestment of dividends. The Fund moved from a premium to NAV to a discount by period end, which accounts for the difference between perform-
ance based on price and performance based on NAV. The primary contributors to relative performance were the Fund’s positive positioning with respect to
the market during a period in which yields generally declined, and its exposure to the long end of the yield curve, which outperformed as the yield curve
flattened. Exposure to lower-rated credits also aided results as yield spreads generally tightened during the period. Returns were hindered by the Fund’s
exposure to zero-coupon holdings, which generally underperformed the market as yield spreads in this sector widened.

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

Fund Information     
  Symbol on NYSE Amex  MZA 
  Initial Offering Date  October 29, 1993 
  Yield on Closing Market Price as of January 31, 2010 ($12.78)1  6.29% 
  Tax Equivalent Yield2  9.68% 
  Current Monthly Distribution per Common Share3  $0.067 
  Current Annualized Distribution per Common Share3  $0.804 
  Leverage as of January 31, 20104  40% 

1 Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price.
Past performance does not guarantee future results.
2 Tax equivalent yield assumes the maximum federal tax rate of 35%.
3 The Monthly Distribution per Share, declared on March 1, 2010, was increased to $0.0695. The Yield on Closing Market Price, Current Monthly
Distribution per Common Share and Current Annualized Distribution per Common Share do not reflect the new distribution rate. The new distribution
rate is not constant and is subject to further change in the future.
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:

  1/31/10  7/31/09  Change  High  Low 
Market Price  $12.78  $12.85  (0.54)%  $13.90  $12.06 
Net Asset Value  $13.29  $12.40  7.18%  $13.81  $12.38 

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

     Sector Allocations     
  1/31/10  7/31/09 
County/City/Special District/     
   School District     28%     25% 
Utilities  20  19 
State  16  17 
Health  12  13 
Education  12  12 
Housing  7  8 
Transportation  5  5 
Corporate    1 

     Credit Quality Allocations5     
  1/31/10  7/31/09 
AAA/Aaa   27%  25% 
AA/Aa  21  22 
A  29  29 
BBB/Baa  17  19 
BB/Ba  1  1 
B  1  1 
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 sec-
urities to be of investment grade quality. As of January 31, 2010 and
July 31, 2009, the market value of these securities was $2,515,180,
representing 3% and $1,515,561, representing 2%, respectively, of
the Fund's long-term investments.

SEMI-ANNUAL REPORT

JANUARY 31, 2010

5


Fund Summary as of January 31, 2010

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 six months ended January 31, 2010, the Fund returned 5.73% based on market price and 8.98% based on NAV. For the same period, the closed-
end Lipper California Municipal Debt Funds category posted an average return of 9.46% based on market price and 11.46% 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 maintains a relatively generous degree of income accrual, which was a positive contributor. In addition, the
tightening of credit quality spreads benefited the lower-rated sectors of the portfolio. Corporate-backed and health municipals were notable contributors. A
fully-invested posture was additive, yet a more neutral duration stance caused the Fund to underperform its Lipper group average as rates declined in the
second half of 2009. The decline in rates was partly due to supply pressure being relieved by the Build America Bond Program, which effectively shifted
supply to the taxable market. The Fund’s neutral duration position is a result of holding higher-quality securities, which tend to have shorter duration charac-
teristics. The Fund’s short-call, high-coupon holdings also were a detractor. While these bonds possess good defensive characteristics, they hindered total
return as interest rates fell dramatically.

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

Fund Information     
  Symbol on NYSE  MYC 
  Initial Offering Date  February 28, 1992 
  Yield on Closing Market Price as of January 31, 2010 ($12.75)1  6.35% 
  Tax Equivalent Yield2  9.77% 
  Current Monthly Distribution per Common Share3  $0.0675 
  Current Annualized Distribution per Common Share3  $0.8100 
  Leverage as of January 31, 20104  37% 

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 Monthly Distribution per Share, declared on March 1, 2010, was increased to $0.0700. The Yield on Closing Market Price, Current Monthly
Distribution per Common Share and Current Annualized Distribution per Common Share do not reflect the new distribution rate. The new distribution
rate is not constant and is subject to further change in the future.
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:

  1/31/10  7/31/09  Change  High  Low 
Market Price  $12.75  $12.44  2.49%  $14.00  $12.32 
Net Asset Value  $14.23  $13.47  5.64%  $15.11  $13.45 

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

     Sector Allocations     
  1/31/10  7/31/09 
County/City/Special District/     
   School District  35%  35% 
Utilities  26  28 
Education  13  13 
Health  11  9 
Corporate  6  1 
State  5  7 
Transportation  3  6 
Housing  1  1 

     Credit Quality Allocations5     
  1/31/10  7/31/09 
AAA/Aaa   32%  34% 
AA/Aa  40  30 
A  22  34 
BBB/Baa  5  1 
Not Rated6  1  1 

5 Using the higher of S&P’s or Moody’s ratings.
6 The investment advisor has deemed certain of these non-rated
securities to be of investment grade quality. As of January 31,
2010 and July 31, 2009, the market value of these securities
was $2,520,958, representing 1% and $2,589,445, representing
1%, respectively, of the Fund’s long-term investments.

6 SEMI-ANNUAL REPORT

JANUARY 31, 2010


Fund Summary as of January 31, 2010

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 issuer, 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. The Fund may invest in municipal obligations regardless
of geographic location.

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

Performance

For the six months ended January 31, 2010, the Fund returned 13.27% based on market price and 9.52% based on NAV. For the same period, the closed-
end Lipper General Municipal Debt Funds (Leveraged) category posted an average return of 13.14% based on market price and 12.60% 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. The Fund held a higher concentration in health and housing bonds with maturities of 20 years and longer,
which benefited performance as the municipal yield curve flattened during the last six months. Meanwhile, we continued to restructure the Fund’s holdings
in line with its transition from a Florida fund to a national portfolio. The process is not yet complete, however, and the greater exposure to Florida holdings—
which underperformed the national market—detracted from recent 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 January 31, 2010 ($12.88)1  6.10% 
  Tax Equivalent Yield2  9.38% 
  Current Monthly Distribution per Common Share3  $0.0655 
  Current Annualized Distribution per Common Share3  $0.7860 
  Leverage as of January 31, 20104  38% 

1 Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price.
Past performance does not guarantee future results.
2 Tax equivalent yield assumes the maximum federal tax rate of 35%.
3 The Monthly Distribution per Share, declared on March 1, 2010, was increased to $0.0705. The Yield on Closing Market Price, Current Monthly
Distribution per Common Share and Current Annualized Distribution per Common Share do not reflect the new distribution rate. The new distribution
rate is not constant and is subject to further change in the future.
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:

  1/31/10  7/31/09  Change  High  Low 
Market Price  $12.88  $11.72  9.90%  $13.37  $11.64 
Net Asset Value  $13.76  $12.95  6.25%  $14.41  $12.93 

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

     Sector Allocations     
  1/31/10  7/31/09 
County/City/Special District/     
   School District  24%  29% 
Transportation  18  16 
Utilities  18  19 
Health  16  17 
State  8  9 
Education  7  5 
Housing  5  5 
Corporate  4   

     Credit Quality Allocations5     
  1/31/10  7/31/09 
AAA/Aaa   18%  23% 
AA/Aa  47  39 
A  29  34 
BBB/Baa  4   
Not Rated6  2  4 

5 Using the higher of S&P’s or Moody’s ratings.
6 The investment advisor has deemed certain of these non-rated sec-
urities to be of investment grade quality. As of January 31, 2010 and
July 31, 2009, the market value of these securities was $5,651,318,
representing 2% and $4,309,488, representing 2%, respectively, of
the Fund's long-term investments.

SEMI-ANNUAL REPORT

JANUARY 31, 2010

7


Fund Summary as of January 31, 2010

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 six months ended January 31, 2010, the Fund returned 7.44% based on market price and 8.19% based on NAV. For the same period, the closed-
end Lipper New Jersey Municipal Debt Funds category posted an average return of 13.70% based on market price and 10.42% 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 held overweight positions in health and housing bonds with maturities of 20 years and longer, which bene-
fited performance as the municipal yield curve flattened during the last six months. The Fund’s more concentrated position in Puerto Rico securities, and its
slight overweight in zero-coupon bonds, detracted from performance during the period.

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

Fund Information             
  Symbol on NYSE          MYJ 
  Initial Offering Date          May 1, 1992 
  Yield on Closing Market Price as of January 31, 2010 ($14.07)1          6.01% 
  Tax Equivalent Yield2          9.25% 
  Current Monthly Distribution per Common Share3          $0.0705 
  Current Annualized Distribution per Common Share3          $0.8460 
  Leverage as of January 31, 20104          34% 
     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:       
    1/31/10  7/31/09  Change  High  Low 
  Market Price  $14.07  $13.49  4.30%  $14.76  $13.49 
  Net Asset Value  $14.84  $14.13  5.02%  $15.47  $14.11 

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

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

     Credit Quality Allocations5     
  1/31/10  7/31/09 
AAA/Aaa  26%     27% 
AA/Aa  28  27 
A  32  31 
BBB/Baa  8  11 
BB/Ba  2   
Not Rated6  4  4 

5 Using the higher of S&P’s or Moody’s ratings.
6 The investment advisor has deemed certain of these non-rated
securities to be of investment grade quality. As of January 31,
2010 and July 31, 2009, the market value of these securities was
$12,610,399, representing 4% and $9,156,088, representing
3%, respectively, of the Fund's long-term investments.

8 SEMI-ANNUAL REPORT

JANUARY 31, 2010


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 each Fund (including the assets obtained from
leverage) are invested in higher-yielding portfolio investments, each Fund’s
Common Shareholders will benefit from the incremental net income.

To illustrate these concepts, assume a Fund’s Common Shares capitalization
is $100 million and it issues Preferred Shares for an additional $50 million,
creating a total value of $150 million available for investment in long-term
municipal bonds. If prevailing short-term interest rates are 3% and long-
term interest rates are 6%, the yield curve has a strongly positive slope. In
this case, the Fund pays dividends on the $50 million of Preferred Shares
based on the lower short-term interest rates. At the same time, the 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.

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

Furthermore, the value of the 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 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 each Fund’s 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. Each Fund
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 a Fund to incur losses. The use of leverage may limit each
Fund’s ability to invest in certain types of securities or use certain types
of hedging strategies, such as in the case of certain restrictions imposed
by ratings agencies that rate preferred shares issued by the Funds. Each
Fund will incur expenses in connection with the use of leverage, all of
which are borne by Common Shareholders and may reduce income to
the Common Shares.

Under the Investment Company Act of 1940, the Funds are permitted to
issue Preferred Shares in an amount of up to 50% of its total managed
assets at the time of issuance. Under normal circumstances, each Fund
anticipates that the total economic leverage from Preferred Shares and/or
TOBs will not exceed 50% of its total managed assets at the time such
leverage is incurred. As of January 31, 2010, the Funds had economic
leverage from Preferred Shares and/or TOBs as a percentage of their total
managed assets as follows:

  Percent of 
  Leverage 
MNE  34% 
MZA  40% 
MYC  37% 
MYF  38% 
MYJ  34% 

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,
possible default of the counterparty to the transaction or illiquidity of the
derivative instrument. Each Fund’s 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.

SEMI-ANNUAL REPORT

JANUARY 31, 2010

9


Schedule of Investments January 31, 2010 (Unaudited)

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

    Par   
Municipal Bonds    (000)           Value 
     New York — 121.7%       
Corporate — 13.4%       
Jefferson County Industrial Development Agency       
 New York, Refunding RB, Solid Waste, Series A, AMT,       
 5.20%, 12/01/20  $ 500  $ 485,850 
New York City Industrial Development Agency, RB, AMT:     
     1990 American Airlines Inc. Project, 5.40%, 7/01/20  1,500  1,107,435 
     British Airways Plc Project, 7.63%, 12/01/32    1,000  913,200 
     Continental Airlines Inc. Project, 8.38%, 11/01/16  1,000  751,730 
New York City Industrial Development Agency, Refunding     
 RB, Terminal One Group Association Project, AMT:       
     5.50%, 1/01/18    1,000  1,026,340 
     5.50%, 1/01/24    1,000  1,004,460 
New York State Energy Research & Development       
 Authority, RB, Lilco Project, Series A (NPFGC),       
 5.15%, 3/01/16    1,000  1,003,670 
New York State Energy Research & Development Authority,     
 Refunding RB:       
     Brooklyn Union Gas/Keyspan, Series A, AMT (FGIC),     
     4.70%, 2/01/24    500  492,440 
     Rochester Gas & Electric Corp., Series C (NPFGC),     
     5.00%, 8/01/32    1,000  1,030,310 
      7,815,435 
County/City/Special District/School District — 18.1%     
City of New York New York, GO:       
     Series J, 5.50%, 6/01/21 (a)    500  574,945 
     Series J (NPFGC), 5.25%, 5/15/18    1,500  1,634,250 
     Sub-Series F-1 (Syncora), 5.00%, 9/01/22    1,000  1,057,480 
     Sub-Series I-1, 5.50%, 4/01/21    1,500  1,694,595 
     Sub-Series I-1, 5.13%, 4/01/25    750  806,452 
New York City Industrial Development Agency, RB,       
 Queens Baseball Stadium, PILOT (AMBAC),       
 5.00%, 1/01/31    1,500  1,423,470 
New York City Industrial Development Agency,       
 Refunding RB, New York Stock Exchange Project,       
 Series A, 4.25%, 5/01/24    500  497,330 
New York City Transitional Finance Authority, RB:       
     Fiscal 2007, Series S-1 (NPFGC), 5.00%, 7/15/24  500  528,215 
     Fiscal 2009, Series S-3, 5.00%, 1/15/23    575  613,876 
New York State Dormitory Authority, Refunding RB,       
 Consolidated Service Contract, Series A,       
 4.00%, 7/01/25    750  723,983 
United Nations Development Corp. New York,       
 Refunding RB, Series A, 4.25%, 7/01/24    1,000  999,970 
      10,554,566 
Education — 12.4%       
Dutchess County Industrial Development Agency       
 New York, Refunding RB, Bard College Civic Facility,       
 Series A-1, 5.00%, 8/01/22    750  756,533 
New York City Industrial Development Agency, RB,       
 Lycee Francais de New York Project, Series A (ACA),       
 5.50%, 6/01/15    500  531,395 

     Par   
Municipal Bonds    (000)  Value 
     New York (continued)       
Education (concluded)       
New York City Industrial Development Agency,       
 Refunding RB, Polytechnic University Project (ACA),       
 4.70%, 11/01/22  $ 1,000  $ 893,400 
New York State Dormitory Authority, Mount Sinai       
 School of Medicine, RB:       
     5.50%, 7/01/25    1,000  1,042,510 
     Series A (NPFGC), 5.15%, 7/01/24    250  254,445 
Schenectady County Industrial Development Agency,       
 Refunding RB, Union College Project, 5.00%, 7/01/26  1,000  1,049,180 
St. Lawrence County Industrial Development Agency       
 New York, RB, St. Lawrence University, Series A,       
 5.00%, 10/01/16    1,500  1,670,535 
Trust for Cultural Resources, RB:       
     Carnegie Hall, Series A, 5.00%, 12/01/29    750  775,882 
     Museum of American Folk Art (ACA),       
     6.13%, 7/01/30    500  275,015 
      7,248,895 
Health — 27.3%       
Dutchess County Industrial Development Agency       
 New York, RB, St. Francis Hospital, Series B,       
 7.25%, 3/01/19    355  357,304 
Erie County Industrial Development Agency, RB,       
 Episcopal Church Home, Series A, 5.88%, 2/01/18    1,690  1,690,608 
Genesee County Industrial Development Agency       
 New York, Refunding RB, United Memorial Medical       
 Center Project, 4.75%, 12/01/14    335  333,978 
New York City Industrial Development Agency, RB,       
 PSCH Inc. Project, 6.20%, 7/01/20    1,415  1,311,422 
New York State Dormitory Authority, RB:       
     New York State Association for Retarded       
     Children, Inc., Series A, 5.30%, 7/01/23    450  470,174 
     North Shore-Long Island Jewish Health System,       
     5.00%, 5/01/13    1,500  1,643,640 
     North Shore-Long Island Jewish Health System,       
     Series A, 5.25%, 5/01/25    780  787,714 
     NYU Hospital Center, Series B, 5.25%, 7/01/24    480  470,942 
     Winthrop S. Nassau University, 5.50%, 7/01/11    1,735  1,789,999 
New York State Dormitory Authority, Refunding, RB:       
     Lenox Hill Hospital Obligation Group,       
     5.75%, 7/01/17    1,305  1,287,148 
     North Shore-Long Island Jewish Health System,       
     Series E, 5.00%, 5/01/22    650  664,944 
     NYU Hospital Center, Series A, 5.00%, 7/01/16    1,130  1,173,946 
Saratoga County Industrial Development Agency       
 New York, Refunding RB, The Saratoga Hospital Project,     
 Series A (Radian):       
     4.38%, 12/01/13    365  375,651 
     4.50%, 12/01/14    380  389,686 
Suffolk County Industrial Development Agency       
 New York, Refunding RB, Jeffersons Ferry Project,       
 4.63%, 11/01/16    800  785,936 

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

10 SEMI-ANNUAL REPORT

JANUARY 31, 2010


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)       
Tompkins County Industrial Development Agency       
 New York, Refunding RB, Continuing Care Retirement       
 Community, Kendal at Ithaca Project, Series A-2:       
     5.75%, 7/01/18  $ 250  $ 250,145 
     6.00%, 7/01/24    1,000  1,000,260 
Westchester County Industrial Development Agency       
 New York, RB, Special Needs Facilities Pooled Program,     
 Series D-1, 6.80%, 7/01/19    515  502,413 
Yonkers Industrial Development Agency New York, RB,       
 Sacred Heart Associations Project, Series A, AMT       
 (SONYMA), 4.80%, 10/01/26    750  697,770 
      15,983,680 
Housing — 13.0%       
New York City Housing Development Corp., RB, The       
 Animal Medical Center, Series A, 5.50%, 12/01/33    1,615  1,617,745 
New York Mortgage Agency, Refunding RB, AMT:       
     Homeowner Mortgage, Series 130,       
     4.75%, 10/01/30    2,500  2,381,175 
     Series 133, 4.95%, 10/01/21    1,000  1,013,590 
     Series 143, 4.85%, 10/01/27    500  474,905 
New York State Urban Development Corp., RB,       
 Subordinate Lien, Corporate Purpose, Series A,       
 5.13%, 7/01/19    2,000  2,130,760 
      7,618,175 
State — 15.1%       
New York Municipal Bond Bank Agency, RB, Series C,       
 5.25%, 12/01/18    2,000  2,132,300 
New York State Dormitory Authority, ERB, Series F,       
 5.00%, 3/15/30    1,290  1,337,098 
New York State Dormitory Authority, LRB, Municipal       
 Health Facilities, Sub-Series 2-4, 5.00%, 1/15/27    600  622,722 
New York State Dormitory Authority, Refunding RB,       
 Department of Health, Series A (CIFG),       
 5.00%, 7/01/25    1,500  1,536,405 
New York State Thruway Authority, Refunding RB,       
 Series A-1, 5.00%, 4/01/22    1,000  1,099,300 
New York State Urban Development Corp., RB, State       
 Personal Income Tax, State Facilities, Series A-1       
 (NPFGC), 5.00%, 3/15/24    485  510,647 
New York State Urban Development Corp., Refunding RB,     
 Service Contract, Series B, 5.00%, 1/01/21    1,500  1,617,435 
      8,855,907 
Tobacco — 1.8%       
Tobacco Settlement Financing Corp. New York, RB,       
 Asset-Backed, Series B-1C, 5.50%, 6/01/22    1,000  1,059,410 
Transportation — 11.9%       
Metropolitan Transportation Authority, RB (NPFGC):       
     Series A, 5.00%, 11/15/24    2,000  2,075,640 
     Series B, 5.25%, 11/15/19    860  965,703 
Metropolitan Transportation Authority, Refunding RB:       
     Series A (NPFGC), 5.00%, 11/15/25    3,000  3,090,420 
     Series B, 5.25%, 11/15/25    750  822,757 
      6,954,520 
Utilities — 8.7%       
Long Island Power Authority, Refunding RB:       
     General, Series D (NPFGC), 5.00%, 9/01/25    4,000  4,140,440 
     Series A, 5.50%, 4/01/24    875  954,529 
      5,094,969 
Total Municipal Bonds in New York      71,185,557 

  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  $ 325,345 
State — 0.3%     
Territory of Guam, GO, Series A, 6.00%, 11/15/19  185  187,882 
Transportation — 1.7%     
Guam International Airport Authority, Refunding RB,     
 General, Series C, AMT (NPFGC), 5.25%, 10/01/22  1,000  1,000,400 
Utilities — 1.7%     
Guam Government Waterworks Authority, Refunding RB,     
 Water, 6.00%, 7/01/25  1,000  1,001,310 
Total Municipal Bonds in Guam    2,514,937 
     Puerto Rico — 17.9%     
Education — 0.8%     
Puerto Rico Industrial Tourist Educational Medical     
 & Environmental Control Facilities Financing Authority,     
 RB, University Plaza Project, Series A (NPFGC),     
 5.00%, 7/01/33  500  463,555 
Housing — 3.4%     
Puerto Rico Housing Finance Authority, Refunding     
 RB, Subordinate, Capital Fund Modernization,     
 5.13%, 12/01/27  2,000  2,001,980 
State — 4.5%     
Commonwealth of Puerto Rico, GO, Public Improvement,     
 Series A, 5.25%, 7/01/30 (a)  615  727,570 
Commonwealth of Puerto Rico, GO, Refunding, Public     
 Improvement, Series A-4 (AGM), 5.25%, 7/01/30  350  360,251 
Puerto Rico Municipal Finance Agency, GO, Series A,     
 5.25%, 8/01/25  1,000  1,000,000 
Puerto Rico Public Buildings Authority, Refunding     
 RB, Government Facilities, Series M-3 (NPFGC),     
 6.00%, 7/01/28  500  515,965 
    2,603,786 
Transportation — 9.2%     
Puerto Rico Highway & Transportation Authority, RB:     
     Series Y (AGM), 6.25%, 7/01/21  3,000  3,330,150 
     Subordinate (FGIC), 5.75%, 7/01/21  2,000  2,041,520 
    5,371,670 
Total Municipal Bonds in Puerto Rico    10,440,991 
     U.S. Virgin Islands — 3.4%     
Corporate — 1.7%     
United States Virgin Islands, Refunding RB,     
 Senior Secured, Hovensa Coker Project, AMT,     
 6.50%, 7/01/21  500  505,646 
Virgin Islands Public Finance Authority, RB, Senior     
 Secured, Hovensa Refinery, AMT, 4.70%, 7/01/22  500  446,490 
    952,136 
State — 1.7%     
Virgin Islands Public Finance Authority, RB,     
 Senior Lien, Matching Fund Loan Note, Series A,     
 5.25%, 10/01/24  1,000  1,005,680 
Total Municipal Bonds in the U.S. Virgin Islands    1,957,816 
Total Municipal Bonds — 147.3%    86,099,301 

See Notes to Financial Statements.

SEMI-ANNUAL REPORT

JANUARY 31, 2010

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 (b)  (000)           Value 
New York — 1.4%     
County/City/Special District/School District — 1.4%     
City of New York, New York, GO, Sub-Series B-1,     
 5.25%, 9/01/22  $ 750  $ 823,672 
Total Municipal Bonds Transferred to     
Tender Option Bond Trusts — 1.4%    823,672 
Total Long-Term Investments     
(Cost — $85,981,425) — 148.7%    86,922,973 
Short-Term Securities  Shares   
CMA New York Municipal Money Fund, 0.00% (c)(d)  641,113  641,113 
Total Short-Term Securities     
(Cost — $641,113) — 1.1%    641,113 
Total Investments (Cost — $86,622,538*) — 149.8%    87,564,086 
Other Assets Less Liabilities — 1.6%    917,170 
Liability for Trust Certificates, Including Interest     
   Expense and Fees Payable — (0.7)%    (376,191) 
Preferred Shares, at Redemption Value — (50.7)%    (29,632,983) 
Net Assets Applicable to Common Shares — 100.0%    $ 58,472,082 

* The cost and unrealized appreciation (depreciation) of investments as of
January 31, 2010, as computed for federal income tax purposes, were as follows:

Aggregate cost  $ 86,126,913 
Gross unrealized appreciation  $ 2,364,460 
Gross unrealized depreciation  (1,302,287) 
Net unrealized appreciation  $ 1,062,173 

(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) 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.
(c) 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  $(1,096,728)  $119 
(d) Represents the current yield as of report date.     

Fair Value Measurements — Various inputs are used in determining the fair value of
investments, which are as follows:
Level 1 — price quotations in active markets/exchanges for identical assets
and liabilities
Level 2 — other observable inputs (including, but not limited to: quoted prices for
similar assets or liabilities in markets that are active, quoted prices for identical
or similar assets or liabilities in markets that are not active, inputs other than
quoted prices that are observable for the assets or liabilities (such as interest
rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and
default rates) or other market-corroborated inputs)
Level 3 — unobservable inputs based on the best information available in the
circumstances, to the extent observable inputs are not available (including the
Fund’s own assumptions used in determining the fair value of investments)
The inputs or methodologies used for valuing securities are not necessarily an indi-
cation of the risk associated with investing in those securities. For information about
the Fund’s policy regarding valuation of investments and other significant accounting
policies, please refer to Note 1 of the Notes to Financial Statements.
The following table summarizes the inputs used as of January 31, 2010 in deter-
mining the fair valuation of the Fund’s investments:

Valuation  Investments in 
Inputs  Securities 
  Assets 
Level 1 — Short-Term Securities  $ 641,113 
Level 2 — Long-Term Investments1  86,922,973 
Level 3   
Total  $ 87,564,086 

1 See above Schedule of Investments for values in each sector.

See Notes to Financial Statements.

12 SEMI-ANNUAL REPORT

JANUARY 31, 2010


Schedule of Investments January 31, 2010 (Unaudited)

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

    Par   
Municipal Bonds    (000)  Value 
     Arizona — 133.9%       
County/City/Special District/School District — 44.0%     
City of Tucson Arizona, COP (AGC), 5.00%, 7/01/29  $ 1,000  $ 1,023,350 
County of Pinal Arizona, COP:       
     5.00%, 12/01/26    1,250  1,240,088 
     5.00%, 12/01/29    1,250  1,226,788 
Downtown Phoenix Hotel Corp., RB:       
     Senior Series A (FGIC), 5.00%, 7/01/36    915  753,484 
     Sub-Series B (NPFGC), 5.00%, 7/01/36    415  395,690 
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  1,024,640 
Gilbert Public Facilities Municipal Property Corp. Arizona,     
 RB, 5.50%, 7/01/27    2,000  2,155,320 
Gladden Farms Community Facilities District, GO,       
 5.50%, 7/15/31    750  578,033 
Greater Arizona Development Authority, RB, Santa Cruz     
 County Jail, Series 2, 5.25%, 8/01/31    1,000  1,036,070 
Maricopa County Community College District, Arizona,     
 GO, Series C, 3.00%, 7/01/22    1,000  938,870 
Maricopa County Elementary School District No. 3-       
 Tempe Elementary, Arizona, GO, Refunding (NPFGC),     
 7.50%, 7/01/10    290  298,021 
Maricopa County Unified School District No. 11-Peoria     
 Arizona, GO, School Improvement, 2nd Series (NPFGC),     
 5.00%, 7/01/25    430  454,411 
Maricopa County Unified School District No. 89-Dysart     
 Arizona, GO, School Improvement Project of 2006,       
 Series C, 6.00%, 7/01/28    1,000  1,109,320 
Mohave County Unified School District No. 20       
 Kingman, GO, School Improvement Project of 2006,     
 Series C (AGC):       
     5.50%, 7/01/20    1,150  1,308,953 
     5.00%, 7/01/26    1,000  1,063,290 
Phoenix Civic Improvement Corp., RB, Subordinate,       
 Civic Plaza Expansion Project, Series A (NPFGC),       
 5.00%, 7/01/35    3,325  3,335,839 
Queen Creek Improvement District No. 1, Special       
 Assessment Bonds, 5.00%, 1/01/32    2,000  1,771,120 
Scottsdale Municipal Property Corp. Arizona, RB,       
 Water & Sewer Development Project, Series A,       
 5.00%, 7/01/24    1,500  1,637,700 
Scottsdale Municipal Property Corp. Arizona,       
 Refunding RB, 5.00%, 7/01/26    1,570  1,767,741 
Vistancia Community Facilities District Arizona, GO:       
     6.75%, 7/15/22    1,275  1,299,161 
     5.75%, 7/15/24    750  730,605 
Yuma County Library District, GO (Syncora),       
 5.00%, 7/01/26    1,465  1,515,411 
      26,663,905 
Education — 19.8%       
Arizona State University, RB, Series 2008-C:       
     6.00%, 7/01/25    970  1,113,133 
     6.00%, 7/01/26    350  399,623 
     6.00%, 7/01/27    425  485,257 
     6.00%, 7/01/28    300  341,154 
Arizona Student Loan Acquisition Authority, Refunding RB,     
 Junior Lien, Sub-Series B-1, AMT, 6.15%, 5/01/29    3,285  3,295,446 
Maricopa County IDA Arizona, RB, Arizona Charter       
 Schools Project, Series A, 6.63%, 7/01/20    900  689,616 
Pima County IDA, RB, American Charter       
 Schools Foundation, Series A, 5.63%, 7/01/38    500  380,500 

  Par   
Municipal Bonds  (000)  Value 
     Arizona (continued)     
Education (concluded)     
Pima County IDA, RB, Arizona Charter Schools Project,     
 Series C:     
     6.70%, 7/01/21  $ 725  $ 696,710 
     6.75%, 7/01/31  985  904,319 
Pima County IDA, Refunding RB:     
     Arizona Charter Schools Project, Series O,     
     5.00%, 7/01/26  1,000  778,730 
     Charter Schools II, Series A, 6.75%, 7/01/21  575  554,823 
University of Arizona, COP, Refunding, University of     
 Arizona Projects, Series A (AMBAC), 5.13%, 6/01/29  905  916,340 
University of Arizona, COP, University of Arizona Projects,     
 Series B (AMBAC), 5.00%, 6/01/28  1,400  1,411,032 
    11,966,683 
Health — 19.2%     
Arizona Health Facilities Authority, RB, Catholic     
 Healthcare West, Series A, 6.63%, 7/01/20  1,435  1,483,130 
Arizona Health Facilities Authority, Refunding RB,     
 Banner Health, Series D:     
     6.00%, 1/01/30  1,500  1,537,785 
     5.50%, 1/01/38  1,300  1,315,743 
Maricopa County IDA Arizona, Refunding RB:     
     Catholic Healthcare West, Series A,     
     5.50%, 7/01/26  1,850  1,874,513 
     Samaritan Health Services, Series A (NPFGC),     
     7.00%, 12/01/16 (b)  1,000  1,224,690 
Scottsdale IDA Arizona, Refunding RB, Scottsdale     
 Healthcare, Series A, 5.25%, 9/01/30  900  845,019 
Tucson IDA, RB, Christian Care Project, Series A     
 (Radian), 6.13%, 7/01/24 (c)  1,000  1,032,050 
University Medical Center Corp. Arizona, RB,     
 6.50%, 7/01/39  500  528,820 
Yavapai County IDA Arizona, RB, Yavapai Regional     
 Medical Center, Series A, 6.00%, 8/01/33  1,800  1,803,924 
    11,645,674 
Housing — 10.6%     
Maricopa County & Phoenix Industrial Development     
 Authorities, Refunding RB, AMT (GNMA):     
     S/F, Series A-1, 5.75%, 5/01/40  965  1,010,114 
     S/F, Series A-2, 5.80%, 7/01/40  705  718,606 
Maricopa County IDA Arizona, RB, Series 3-B, AMT     
 (GNMA), 5.25%, 8/01/38  1,356  1,384,710 
Phoenix & Pima County IDA, RB, Series 1A, AMT     
 (GNMA), 5.65%, 7/01/39  580  604,772 
Phoenix & Pima County IDA, Refunding RB,     
 Series 2007-1, AMT (GNMA), 5.25%, 8/01/38  1,326  1,377,601 
Phoenix IDA Arizona, Refunding RB, Series 2007-2,     
 AMT (GNMA), 5.50%, 8/01/38  1,280  1,340,112 
    6,435,915 
State — 17.0%     
Arizona School Facilities Board, COP:     
     5.13%, 9/01/21  1,000  1,075,790 
     5.75%, 9/01/22  2,000  2,221,960 
Arizona Sports & Tourism Authority, RB, Baseball     
 Training Facilities Project, 5.00%, 7/01/16  1,000  1,017,880 
Arizona State Transportation Board, RB, Series B,     
 5.00%, 7/01/30  4,000  4,268,760 
Greater Arizona Development Authority, RB, Series B     
 (NPFGC), 5.00%, 8/01/30  1,700  1,733,558 
    10,317,948 

See Notes to Financial Statements.

SEMI-ANNUAL REPORT

JANUARY 31, 2010

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 — 4.4%       
Phoenix Civic Improvement Corp., RB, Senior Lien:       
     Series A, 5.00%, 7/01/33  $ 1,000  $ 1,008,170 
     Series B, AMT (NPFGC), 5.75%, 7/01/17    1,000  1,041,630 
     Series B, AMT (NPFGC), 5.25%, 7/01/32    600  592,188 
      2,641,988 
Utilities — 18.9%       
City of Mesa Arizona, RB (NPFGC), 5.00%, 7/01/23    1,500  1,647,195 
Gilbert Water Resource Municipal Property Corp., RB,       
 Subordinate Lien (NPFGC), 5.00%, 10/01/29    900  925,929 
Phoenix Civic Improvement Corp., RB:       
     Junior Lien (NPFGC), 5.50%, 7/01/20    2,500  2,708,000 
     Senior Lien, 5.50%, 7/01/22    2,000  2,263,820 
Pinal County IDA Arizona, RB, San Manuel Facility       
 Project, AMT, 6.25%, 6/01/26    500  423,735 
Salt River Project Agricultural Improvement & Power       
 District, RB, Series A, 5.00% 1/01/24    1,000  1,086,390 
Salt River Project Agricultural Improvement & Power       
 District, Refunding RB, Salt River Project, Series A,       
 5.00%, 1/01/35    1,500  1,540,125 
Salt Verde Financial Corp., RB, Senior, 5.00%, 12/01/37  1,000  851,080 
      11,446,274 
Total Municipal Bonds in Arizona      81,118,387 
     Guam — 1.6%       
Utilities — 1.6%       
Guam Government Waterworks Authority, Refunding RB,     
 Water, 5.88%, 7/01/35    1,000  970,060 
Total Municipal Bonds in Guam      970,060 
     Puerto Rico — 19.6%       
County/City/Special District/School District — 1.2%       
Puerto Rico Sales Tax Financing Corp., Refunding RB,       
 CAB, Series A (NPFGC), 5.76%, 8/01/41 (d)    5,000  743,200 
State — 8.5%       
Commonwealth of Puerto Rico, GO:       
     Public Improvement, Series A, 5.13%, 7/01/31    75  70,228 
     Series A, 6.00%, 7/01/38    800  812,624 
Puerto Rico Public Buildings Authority, RB, Government       
 Facilities, Series I, 5.25% 7/01/33    800  745,920 
Puerto Rico Public Buildings Authority, RB,       
 Government Facilities:       
     Series M-3 (NPFGC), 6.00%, 7/01/28    900  928,737 
     Series N, 5.50%, 7/01/27    1,000  998,840 
Puerto Rico Sales Tax Financing Corp., RB,       
 1st Sub-Series A, 6.38%, 8/01/39    1,500  1,596,150 
      5,152,499 
Transportation — 2.9%       
Puerto Rico Highway & Transportation Authority,       
 Refunding RB:       
     Series AA (NPFGC), 5.50%, 7/01/18    900  949,248 
     Series CC, 5.50%, 7/01/31    790  776,309 
      1,725,557 

  Par   
Municipal Bonds  (000)  Value 
Puerto Rico (concluded)     
Utilities — 7.0%     
Puerto Rico Aqueduct & Sewer Authority, RB, Senior Lien,   
 Series A (Radian), 6.00%, 7/01/44  $ 2,180  $ 2,202,825 
Puerto Rico Electric Power Authority, RB, Series WW     
 5.38%, 7/01/24  1,000  1,032,420 
Puerto Rico Electric Power Authority, 5.50%, 7/01/38  1,000  1,007,990 
    4,243,235 
Total Municipal Bonds in Puerto Rico    11,864,491 
Total Municipal Bonds — 155.1%    93,952,938 
Municipal Bonds Transferred to     
Tender Option Bond Trusts (e)     
     Arizona — 5.1%     
Utilities — 5.1%     
Phoenix Civic Improvement Corp., RB, Junior Lien,     
 Series A, 5.00%, 7/01/34  3,000  3,100,080 
Total Municipal Bonds Transferred to     
Tender Option Bond Trusts — 5.1%    3,100,080 
Total Long-Term Investments     
(Cost — $96,632,344) — 160.2%    97,053,018 
Short-Term Securities  Shares   
CMA Arizona Municipal Money Fund, 0.00% (f)(g)  2,403,565  2,403,565 
Total Short-Term Securities     
(Cost — $2,403,565) — 4.0%    2,403,565 
Total Investments (Cost – $99,035,909*) — 164.2%    99,456,583 
Other Assets Less Liabilities — 2.3%    1,421,443 
Liability for Trust Certificates, Including Interest     
   Expense and Fees Payable — (2.4)%    (1,500,000) 
Preferred Shares, at Redemption Value — (64.1)%    (38,803,971) 
Net Assets Applicable to Common Shares — 100.0%    $ 60,574,055 

* The cost and unrealized appreciation (depreciation) of investments as of
January 31, 2010, as computed for federal income tax purposes, were as follows:

Aggregate cost  $ 97,566,060 
Gross unrealized appreciation  $ 2,641,352 
Gross unrealized depreciation  (2,250,829) 
Net unrealized appreciation  $ 390,523 

(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.
(d) Represents a zero-coupon bon. Rate shown reflects current yield as of report date.

See Notes to Financial Statements.

14 SEMI-ANNUAL REPORT

JANUARY 31, 2010


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

(e) 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.
(f) 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  $(1,783,606)   

(g) Represents the current yield as of report date.
Fair Value Measurements — Various inputs are used in determining the fair value of
investments, which are as follows:
Level 1 — price quotations in active markets/exchanges for identical assets
and liabilities
Level 2 — other observable inputs (including, but not limited to: quoted prices for
similar assets or liabilities in markets that are active, quoted prices for identical
or similar assets or liabilities in markets that are not active, inputs other than
quoted prices that are observable for the assets or liabilities (such as interest
rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and
default rates) or other market-corroborated inputs)
Level 3 — unobservable inputs based on the best information available in the
circumstances, to the extent observable inputs are not available (including the
Fund’s own assumptions used in determining the fair value of investments)
The inputs or methodologies used for valuing securities are not necessarily an
indication of the risk associated with investing in those securities. For information
about the Fund’s policy regarding valuation of investments and other significant
accounting policies, please refer to Note 1 of the Notes to Financial Statements.
The following table summarizes the inputs used as of January 31, 2010 in deter-
mining the fair valuation of the Fund’s investments:

Valuation    Investments in 
Inputs    Securities 
    Assets 
Level 1 — Short-Term Securities  $ 2,403,565 
Level 2 — Long-Term Investments1    97,053,018 
Level 3     
Total  $ 99,456,583 
 1 See above Schedule of Investments for values in each sector.   

See Notes to Financial Statements.

SEMI-ANNUAL REPORT

JANUARY 31, 2010

15


Schedule of Investments January 31, 2010 (Unaudited)

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

  Par   
Municipal Bonds  (000)  Value 
     California — 108.8%     
Corporate — 1.5%     
California Pollution Control Financing Authority, RB,     
 Waste Management, Inc. Project, Series C, AMT,     
 6.75%, 12/01/27  $ 3,300  $ 3,412,464 
City of Chula Vista California, Refunding RB, San Diego     
 Gas & Electric, Series A, 5.88%, 2/15/34  975  1,067,674 
    4,480,138 
County/City/Special District/School District — 38.9%     
Arcata Joint Powers Financing Authority California,     
 Tax Allocation Bonds, Refunding, Community     
 Development Project Loan, Series A (AMBAC),     
 6.00%, 8/01/23  2,520  2,520,958 
California State Department of Water Resources,     
 Refunding RB, Water System, Series AF,     
 5.00%, 12/01/29  2,500  2,661,475 
City of Los Angeles California, COP, Senior, Sonnenblick     
 Del Rio West Los Angeles (AMBAC), 6.20%, 11/01/31  2,000  2,039,340 
City of Los Angeles California, Refunding RB, Series A,     
 5.00%, 6/01/39  9,870  10,061,182 
El Monte Union High School District California, GO,     
 Election 2002, Series C (AGM), 5.25%, 6/01/32  10,120  10,310,863 
Fontana Unified School District California, GO, Series A     
 (AGM), 5.25%, 8/01/28  7,000  7,171,780 
Hayward Unified School District California, GO,     
 Election 2008, 5.25%, 8/01/29  5,395  5,526,260 
Los Angeles Municipal Improvement Corp., RB,     
 Real Property, Series E, 6.00%, 9/01/34  1,800  1,860,840 
Marin Community College District, GO, Election of 2004,     
 Series A (NPFGC), 5.00%, 8/01/28  5,885  6,053,076 
Modesto Irrigation District, COP, Series B,     
 5.50%, 7/01/35  3,300  3,456,024 
Morgan Hill Unified School District California, GO, CAB     
 (FGIC), 5.06%, 8/01/26 (a)(b)  7,570  3,738,747 
Murrieta Valley Unified School District Public Financing     
 Authority, Special Tax Bonds, Refunding, Series A     
 (AGC), 5.13%, 9/01/26  6,675  7,011,220 
Oak Grove School District California, GO, Election 2008,     
 Series A, 5.50%, 8/01/33  4,000  4,236,760 
Orange County Sanitation District, COP (NPFGC),     
 5.00%, 2/01/33  5,250  5,356,417 
Pico Rivera Public Financing Authority, RB:     
     5.50%, 9/01/31  1,500  1,530,165 
     5.75%, 9/01/39  4,365  4,448,502 
Pittsburg Redevelopment Agency, Tax Allocation Bonds,     
 Refunding, Subordinate, Los Medanos Community     
 Project, Series A, 6.50%, 9/01/28  2,500  2,729,925 
San Diego Regional Building Authority California,     
 RB, County Operations Center & Annex, Series A,     
 5.38%, 2/01/36  3,200  3,314,304 
San Francisco Bay Area Transit Financing Authority,     
 Refunding RB, Series A (NPFGC), 5.00%, 7/01/34  5,430  5,475,938 
San Jose Evergreen Community College District     
 California, GO, Refunding, CAB, Election 2004,     
 Series A (NPFGC), 5.12%, 9/01/23 (b)  10,005  4,925,862 
San Juan Unified School District California, GO,     
 Election of 2002 (NPFGC), 5.00%, 8/01/28  5,000  5,030,300 
Santa Cruz County Redevelopment Agency California,     
 Tax Allocation Bonds, Live Oak/Soquel Community     
 Improvement, Series A:     
     6.63%, 9/01/29  1,000  1,072,890 
     7.00%, 9/01/36  500  539,045 
Twin Rivers Unified School District, GO, Election of 2006     
 (AGM), 5.00%, 8/01/29  9,390  9,571,884 

    Par   
Municipal Bonds    (000)  Value 
     California (continued)       
County/City/Special District/School District (concluded)     
Vacaville Unified School District California, GO,       
 Election 2001 (NPFGC), 5.00%, 8/01/30  $ 4,745  $ 4,763,078 
Ventura Unified School District California, GO, 1997       
 Election, Series H (AGM), 5.13%, 8/01/34    1,000  1,013,430 
Westminster Redevelopment Agency California,       
 Tax Allocation Bonds, Subordinate, Commercial       
 Redevelopment Project No. 1 (AGC), 6.25%, 11/01/39  1,250  1,403,963 
      117,824,228 
Education — 8.3%       
California Educational Facilities Authority, RB, Pitzer       
 College, 6.00%, 4/01/40    2,500  2,596,175 
California State Enterprise Development Authority,       
 Refunding RB, The Thacher School Project,       
 5.13%, 9/01/39    6,965  6,935,190 
California State University, RB, Systemwide, Series A:       
     5.25%, 11/01/34    1,500  1,528,515 
     5.50%, 11/01/39    2,725  2,781,816 
University of California, RB:       
     Limited Project, Series D (NPFGC), 5.00%, 5/15/32  2,500  2,511,950 
     Series L, 5.00%, 5/15/36    8,500  8,708,080 
      25,061,726 
Health — 17.5%       
ABAG Finance Authority for Nonprofit Corps,       
 Refunding RB, Sharp Healthcare, 6.38%, 8/01/34    1,750  1,831,655 
California Health Facilities Financing Authority,       
 Refunding RB:       
     Catholic Healthcare West, Series A, 6.00%, 7/01/39  10,000  10,430,500 
     Catholic Healthcare West, Series E, 5.63%, 7/01/25  6,000  6,210,360 
     Scripps Health, Series A, 5.00%, 11/15/36 (c)    8,800  8,484,784 
     St. Joseph Health System, Series A, 5.50%, 7/01/29  2,000  2,063,700 
California Statewide Communities Development       
 Authority, RB:       
     Health Facility, Memorial Health Services, Series A,     
     6.00%, 10/01/23    3,270  3,389,780 
     Health Facility, Memorial Health Services, Series A,     
     5.50%, 10/01/33    3,000  3,014,460 
     St. Joseph Health System, Series C (FGIC),       
     5.75%, 7/01/47    7,525  7,692,281 
California Statewide Communities Development       
 Authority, Refunding RB:       
     Catholic Healthcare West, Series D, 5.50%, 7/01/31  5,055  5,054,747 
California Statewide Communities Development       
 Authority, Senior Living, Southern California:       
     6.25%, 11/15/19    500  530,425 
     6.63%, 11/15/24    650  680,173 
     7.00%, 11/15/29    500  527,100 
     7.25%, 11/15/41    1,750  1,855,473 
City of Torrance California, Refunding RB, Torrance       
 Memorial Medical Center, Series A, 6.00%, 6/01/22  1,310  1,346,470 
      53,111,908 
Housing — 1.2%       
California Rural Home Mortgage Finance Authority,       
 RB, AMT:       
     Mortgage-Backed Securities Program, Series B       
     (GNMA), 6.15%, 6/01/20    25  25,483 
     Sub-Series FH-1, , 5.50%, 8/01/47    415  230,914 
Santa Clara County Housing Authority California, RB,       
 John Burns Gardens Apartments Project, Series A,       
 AMT, 6.00%, 8/01/41    3,500  3,503,780 
      3,760,177 

See Notes to Financial Statements.

16 SEMI-ANNUAL REPORT

JANUARY 31, 2010


Schedule of Investments (continued)

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

  Par   
Municipal Bonds  (000)  Value 
     California (concluded)     
State — 6.1%     
California State Public Works Board, RB:     
     Department of Developmental Services, Porterville,     
     Series C, 6.25%, 4/01/34  $ 1,100  $ 1,107,502 
     Department of Education, Riverside Campus Project,     
     Series B, 6.50%, 4/01/34  10,000  10,248,500 
     Various Capital Projects, Sub-Series I-1,     
     6.38%, 11/01/34  1,850  1,880,655 
State of California, GO, Various Purpose,     
 6.50%, 4/01/33  5,000  5,341,050 
    18,577,707 
Transportation — 4.7%     
County of Orange California, RB, Series B,     
 5.75%, 7/01/34  3,000  3,243,120 
County of Sacramento California, RB, Senior, Series B,     
 5.75%, 7/01/39  900  957,978 
San Francisco City & County Airports Commission, RB,     
 Series E, 6.00%, 5/01/39  4,825  5,167,527 
San Francisco Port Commission California, RB, Series A,     
 5.13%, 3/01/40 (c)  5,000  4,861,550 
    14,230,175 
Utilities — 30.6%     
California Infrastructure & Economic Development Bank,     
 RB, California Independent System Operator, Series A,     
 6.25%, 2/01/39  2,170  2,264,438 
California State Department of Water Resources,     
 Refunding RB, Central Valley Project, Series AE,     
 5.00%, 12/01/28  6,000  6,412,800 
California Statewide Communities Development     
 Authority, RB, Pooled Financing Program, Series C,     
 City of West Sacramento (AGM), 5.25%, 10/01/28  2,380  2,418,699 
City of Chula Vista California, Refunding RB, San Diego     
 Gas & Electric, Series D, 5.88%, 1/01/34  2,500  2,737,625 
Eastern Municipal Water District California, COP,     
 Series H, 5.00%, 7/01/35  7,540  7,560,283 
Los Angeles Department of Water & Power, RB:     
     Power System, Sub-Series A-1 (AMBAC),     
     5.00%, 7/01/37  15,100  15,257,946 
     Power System, Sub-Series A-2 (AGM),     
     5.00%, 7/01/35  7,500  7,635,675 
Metropolitan Water District of Southern California, RB:     
     Series A, 5.00%, 7/01/32  1,240  1,292,216 
     Series A (AGM), 5.00%, 7/01/30  1,000  1,033,990 
     Series C, 5.00%, 7/01/35  7,085  7,292,378 
Metropolitan Water District of Southern California,     
 Refunding RB:     
     Series B, 5.00%, 7/01/35  2,625  2,701,834 
     Series C, 5.00%, 7/01/31  1,750  1,832,968 
Oxnard Financing Authority, RB, Redwood Trunk Sewer     
 & Headworks, Series A (NPFGC), 5.25%, 6/01/34  4,160  4,172,480 
Sacramento Municipal Utility District, RB, Cosumnes     
 Project (NPFGC), 5.13%, 7/01/29  18,500  18,153,495 
Sacramento Regional County Sanitation District,     
 Refunding RB, County Sanitation District 1 (NPFGC),     
 5.00%, 8/01/35  5,425  5,474,313 
San Diego Public Facilities Financing Authority,     
 Refunding RB, Senior Series A, 5.38%, 5/15/34  1,900  1,992,625 
San Francisco City & County Public Utilities Commission,     
 Refunding RB, Series A, 5.13%, 11/01/39  2,295  2,363,207 
Western Municipal Water District Facilities Authority, RB,     
 Series B, 5.00%, 10/01/39  2,000  2,010,540 
    92,607,512 
Total Municipal Bonds in California    329,653,571 

  Par   
Municipal Bonds  (000)  Value 
Puerto Rico — 3.3%     
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  $ 5,335,800 
State — 1.5%     
Commonwealth of Puerto Rico, GO, Refunding, Public     
 Improvement, Series B, 6.50%, 7/01/37  4,230  4,461,212 
Total Municipal Bonds in Puerto Rico    9,797,012 
Total Municipal Bonds — 112.1%    339,450,583 
Municipal Bonds Transferred to     
Tender Option Bond Trusts (d)     
California — 44.8%     
Corporate — 8.7%     
University of California, RB, Limited Project, Series B     
 (AGM), 5.00%, 5/15/33  8,488  8,503,979 
University of California, RB, Series L, 5.00%, 5/15/40  11,597  11,830,452 
San Francisco Bay Area Transit Financing Authority,     
 Refunding RB, Series A (NPFGC), 5.00%, 7/01/30  6,000  6,136,920 
    26,471,351 
County/City/Special District/School District — 14.5%     
Contra Costa Community College District California, GO,     
 Election of 2002 (FSA), 5.00%, 8/01/30  10,215  10,400,207 
Fremont Unified School District, Alameda County,     
 California, GO, Election of 2002, Series B (AGM),     
 5.00%, 8/01/30  4,003  4,089,906 
Los Angeles Community College District, California, GO,     
 2008 Election, Series A, 6.00%, 8/01/33  3,828  4,246,729 
San Diego Community College District, California, GO,     
 Election of 2002, 5.25%, 8/01/33  7,732  7,906,928 
Santa Clara County Financing Authority, Refunding RB,     
 Lease, Series L, 5.25%, 5/15/36  10,001  10,319,310 
Sonoma County Junior College District, GO, Refunding,     
 Election of 2002, Series B (AGM), 5.00%, 8/01/28  6,875  7,105,143 
    44,068,223 
Education — 11.5%     
California Educational Facilities Authority, RB, University     
 of Southern California, Series A, 5.25%, 10/01/18  13,845  14,613,398 
California State University, RB, Systemwide, Series A     
 (AGM), 5.00%, 11/01/39  4,840  4,780,516 
Los Angeles Community College District, California, GO,     
 2003 Election, Series E (AGM), 5.00%, 8/01/31  10,002  10,145,687 
Peralta Community College District, California, GO,     
 Election of 2000, Series D (AGM), 5.00%, 8/01/30  1,995  2,038,292 
University of California, RB, Series O, 5.75%, 5/15/34  2,805  3,120,534 
    34,698,427 
Utilities — 10.1%     
Eastern Municipal Water District, California, Water and     
 Sewer, COP, Series H, 5.00%, 7/01/33  4,748  4,789,971 
Metropolitan Water District of Southern California, RB,     
 Series A, 5.00%, 7/01/37  20,000  20,688,200 
San Diego County Water Authority, COP, Series A (AGM),     
 5.00%, 5/01/31  5,010  5,097,574 
    30,575,745 
Total Municipal Bonds Transferred to     
Tender Option Bond Trusts — 44.8%    135,813,746 
Total Long-Term Investments     
(Cost — $471,504,220) — 156.9%    475,264,329 

See Notes to Financial Statements.

SEMI-ANNUAL REPORT

JANUARY 31, 2010

17


Schedule of Investments (concluded)

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

Short-Term Securities  Shares  Value 
CMA California Municipal Money     
 Fund, 0.04% (e)(f)  10,038,152  $ 10,038,152 
Total Short-Term Securities     
(Cost — $10,038,152) — 3.3%    10,038,152 
Total Investments (Cost – $481,542,372*) — 160.2%  485,302,481 
Liabilities in Excess of Other Assets — (0.6)%    (1,972,839) 
Liability for Trust Certificates, Including Interest     
   Expense and Fees Payable — (24.6)%    (74,438,467) 
Preferred Shares, at Redemption Value — (35.0)%    (105,961,278) 
Net Assets Applicable to Common Shares — 100.0%    $302,929,897 

* The cost and unrealized appreciation (depreciation) of investments as of January 31,
2010, as computed for federal income tax purposes, were as follows:

Aggregate cost  $ 407,491,842 
Gross unrealized appreciation  $ 7,730,477 
Gross unrealized depreciation  (4,299,203) 
Net unrealized appreciation  $ 3,431,274 

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

  Market  Unrealized 
Counterparty  Value  Depreciation 
JPMorgan Chase Bank NA  $8,484,784  $(123,816) 
Jeffries & Co.  $4,861,550  $ (44,200) 

(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 California Municipal Money Fund  $2,430,455  $1,349 
(f) Represents the current yield as of report date.     

Fair Value Measurements — Various inputs are used in determining the fair value of
investments, which are as follows:
Level 1 — price quotations in active markets/exchanges for identical assets
and liabilities
Level 2 — other observable inputs (including, but not limited to: quoted prices for
similar assets or liabilities in markets that are active, quoted prices for identical
or similar assets or liabilities in markets that are not active, inputs other than
quoted prices that are observable for the assets or liabilities (such as interest
rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and
default rates) or other market-corroborated inputs)
Level 3 — unobservable inputs based on the best information available in the
circumstances, to the extent observable inputs are not available (including the
Fund’s own assumptions used in determining the fair value of investments)
The inputs or methodologies used for valuing securities are not necessarily an indi-
cation 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 the Note 1 of the Notes to Financial Statements.
The following table summarizes the inputs used as of January 31, 2010 in deter-
mining the fair valuation of the Fund’s investments:

Valuation  Investments in 
Inputs  Securities 
  Assets 
Level 1 — Short-Term Securities  $ 10,038,152 
Level 2 — Long-Term Investments1  475,264,329 
Level 3   
Total  $ 485,302,481 

1 See above Schedule of Investments for values in each sector.

See Notes to Financial Statements.

18 SEMI-ANNUAL REPORT

JANUARY 31, 2010


Schedule of Investments January 31, 2010 (Unaudited)

BlackRock MuniYield Investment Fund (MYF)
(Percentages shown are based on Net Assets)

    Par   
Municipal Bonds    (000)  Value 
Arizona — 0.7%       
Pima County IDA, Refunding IDRB, Tucson Electric Power,     
 5.75%, 9/01/29  $ 1,230  $ 1,242,608 
California — 10.9%       
California Health Facilities Financing Authority, RB,       
 Cedars-Sinai Medical Center, 5.00%, 8/15/39    1,590  1,467,983 
California Health Facilities Financing Authority,       
 Refunding RB, Series A:       
     Catholic Healthcare West, 6.00%, 7/01/39    710  740,566 
     St. Joseph Health System, 5.75%, 7/01/39    2,700  2,781,000 
California State Public Works Board, RB:       
     Department of General Services, Buildings 8 & 9,     
     Series A, 6.25%, 4/01/34    4,525  4,555,861 
     Various Capital Projects, Sub-Series I-1,       
     6.38%, 11/01/34    1,265  1,285,961 
Los Angeles Department of Water & Power, RB, Power       
 System, Sub-Series A-1, 5.25%, 7/01/38    3,300  3,493,149 
San Diego Regional Building Authority California,       
 RB, County Operations Center & Annex, Series A,       
 5.38%, 2/01/36    3,310  3,428,233 
San Francisco City & County Airports Commission,       
 Refunding RB, 2nd Series A-3, AMT, 6.75%, 5/01/19  2,500  2,636,475 
      20,389,228 
Colorado — 2.2%       
City & County of Denver Colorado, Refunding RB,       
 Series A, 5.25%, 11/15/36    4,050  4,117,919 
District of Columbia — 1.1%       
District of Columbia Water & Sewer Authority, RB,       
 Series A, 5.25%, 10/01/29    2,000  2,119,860 
Florida — 31.5%       
Broward County Educational Facilities Authority, RB,       
 Nova Southeastern University (AGC), 5.00%, 4/01/31  2,110  2,125,445 
City of Jacksonville Florida, RB, Series B (NPFGC),       
 5.13%, 10/01/32    1,500  1,504,155 
City of Jacksonville Florida, Refunding RB (NPFGC),       
 5.25%, 10/01/32    2,315  2,344,146 
City of Miami Beach Florida, RB, Water and Sewer       
 (AMBAC), 5.75%, 9/01/25    3,000  3,072,540 
City of Port St. Lucie Florida, RB (NPFGC),       
 5.25%, 9/01/25    1,215  1,242,751 
County of Hillsborough Florida, RB (AMBAC),       
 5.40%, 5/01/30 (a)    1,055  1,185,936 
County of Miami-Dade Florida, RB, AMT, Series A:       
     (AGM), 5.00%, 10/01/33    2,560  2,473,651 
     Miami International Airport (AGM), 5.25%, 10/01/41  1,675  1,649,439 
     Miami International Airport (AGM), 5.50%, 10/01/41  2,930  2,959,945 
     Miami International Airport (NPFGC),       
     6.00%, 10/01/29    3,275  3,321,276 
County of Orange Florida, Refunding RB (AMBAC),       
 5.00%, 10/01/29    1,750  1,794,152 
County of Osceola Florida, RB, Series A (NPFGC),       
 5.50%, 10/01/27    1,760  1,798,386 
County of Sumter Florida, RB (AMBAC):       
     5.00%, 6/01/26    2,190  2,247,247 
     5.00%, 6/01/30    2,475  2,508,363 
Duval County Housing Finance Authority, Refunding RB,     
 AMT (GNMA), 5.40%, 10/01/21    645  647,709 
Florida Housing Finance Corp., Refunding RB,       
 Homeowner Mortgage, Series 4, AMT (AGM),       
 6.25%, 7/01/22    350  364,315 
Florida Municipal Loan Council, RB (NPFGC):       
     Series A-1, 5.13%, 7/01/34    1,580  1,570,141 
     Series B, 5.38%, 11/01/30    4,250  4,277,540 
Hillsborough County Aviation Authority, Florida,       
 Refunding RB, Series C, AMT (AGC), 5.75%, 10/01/26  1,000  1,045,020 

    Par   
Municipal Bonds    (000)  Value 
Florida (concluded)       
Hillsborough County IDA, RB, AMT, National Gypsum Co.:     
     Series A, 7.13%, 4/01/30  $ 2,500  $ 1,925,075 
     Series B, 7.13%, 4/01/30    3,750  2,887,612 
Lee County Housing Finance Authority, RB, Multi-County     
 Program, Series A-1, AMT (GNMA), 7.13%, 3/01/28  30  30,456 
Manatee County Housing Finance Authority,       
 Refunding RB, S/F, Sub-Series 1, AMT (GNMA),       
 6.25%, 11/01/28    85  86,776 
Miami-Dade County Housing Finance Authority, Florida,     
 Refunding RB, Home Ownership Mortgage, Series A1,     
 AMT (GNMA), 6.30%, 10/01/20    365  372,742 
Pinellas County Housing Finance Authority, Refunding RB,     
 Multi-County Program, Series A1, AMT (GNMA):       
     6.30%, 9/01/20    240  245,090 
     6.35%, 9/01/25    340  347,317 
Polk County School Board, COP, Master Lease, Series A     
 (AGM), 5.50%, 1/01/25    4,385  4,507,473 
Santa Rosa County School Board, COP, Refunding,       
 Series 2 (NPFGC), 5.25%, 2/01/26    1,180  1,233,065 
South Lake County Hospital District, RB, South Lake       
 Hospital Inc., 6.38%, 10/01/34    1,150  1,152,288 
Village Center Community Development District,       
 RB (NPFGC):       
     5.13%, 10/01/28    4,960  4,596,829 
     Series A, 5.38%, 11/01/34    1,995  1,688,009 
     Series A, 5.13%, 11/01/36    1,000  804,080 
Volusia County IDA, RB, Student Housing, Stetson       
 University Project, Series A (CIFG), 5.00%, 6/01/35  1,000  838,630 
      58,847,599 
Georgia — 8.4%       
City of Atlanta Georgia, RB, General, Subordinate Lien,     
 Series C (AGM), 5.00%, 1/01/33    3,270  3,278,862 
County of Fulton, Georgia, RB (NPFGC), 5.25%, 1/01/35  1,000  1,022,690 
Metropolitan Atlanta Rapid Transit Authority, RB,       
 3rd Series, 5.00%, 7/01/39    4,815  4,983,092 
Municipal Electric Authority of Georgia, Refunding RB,       
 Project One, Sub-Series D, 6.00%, 1/01/23    5,600  6,329,848 
      15,614,492 
Illinois — 4.6%       
Illinois Finance Authority, Refunding RB:       
Central DuPage Health, Series B, 5.38%, 11/01/39  1,200  1,227,792 
     Northwestern Memorial Hospital, Series A,       
     6.00%, 8/15/39    4,160  4,555,242 
State of Illinois, RB, Build Illinois, Series B,       
 5.25%, 6/15/34    2,700  2,782,512 
      8,565,546 
Indiana — 2.6%       
Indiana Municipal Power Agency, RB, Indiana Municipal     
 Power Agency, Series B, 6.00%, 1/01/39    4,525  4,823,831 
Kansas — 1.8%       
Kansas Development Finance Authority, Refunding RB,     
 Adventist Health, 5.50%, 11/15/29    3,250  3,415,490 
Kentucky — 3.5%       
Louisville & Jefferson County Metropolitan       
 Government, RB:       
     Parking Authority, Series A, 5.75%, 12/01/34    3,200  3,491,008 
Refunding, Jewish Hospital & St. Mary’s HealthCare,     
     6.13%, 2/01/37    2,955  3,046,309 
      6,537,317 
Maine — 1.2%       
Maine State Housing Authority, RB, Series C, AMT,       
 5.45%, 11/15/23    2,285  2,288,039 

See Notes to Financial Statements.

SEMI-ANNUAL REPORT

JANUARY 31, 2010

19


Schedule of Investments (continued)

BlackRock MuniYield Investment Fund (MYF)
(Percentages shown are based on Net Assets)

    Par   
Municipal Bonds    (000)  Value 
Massachusetts — 2.6%       
Massachusetts HFA, Refunding HRB, Series F, AMT,       
 5.70%, 6/01/40  $ 2,110  $ 2,117,069 
Massachusetts Health & Educational Facilities Authority,     
 RB, Tufts University, 5.38%, 8/15/38    1,500  1,610,925 
Massachusetts State College Building Authority, RB,       
 Series A, 5.50%, 5/01/39    1,000  1,044,140 
      4,772,134 
Michigan — 2.3%       
Michigan State Building Authority, Refunding RB,       
 Facilities Program, Series I, 6.00%, 10/15/38    1,250  1,338,200 
Michigan State Hospital Finance Authority, Refunding RB,     
 Hospital, Henry Ford Health, 5.75%, 11/15/39    735  717,529 
Royal Oak Hospital Finance Authority Michigan,       
 Refunding RB, William Beaumont Hospital,       
 8.25%, 9/01/39    1,970  2,284,057 
      4,339,786 
Nevada — 5.0%       
City of Las Vegas Nevada, GO, Limited Tax, Performing       
 Arts Center, 6.00%, 4/01/34    2,850  3,127,732 
County of Clark, Nevada, RB, Series B,       
 5.75%, 7/01/42 (b)    6,055  6,220,544 
      9,348,276 
New Jersey — 2.8%       
New Jersey EDA, Refunding RB, New Jersey American       
 Water Co., Series A, AMT, 5.70%, 10/01/39    2,250  2,215,912 
New Jersey Transportation Trust Fund Authority, RB,       
 Transportation System, Series A, 5.88%, 12/15/38    2,670  2,899,460 
      5,115,372 
New York — 7.3%       
Long Island Power Authority, Refunding RB, Series A,       
 5.50%, 4/01/24    1,600  1,745,424 
New York City Transitional Finance Authority, RB, Fiscal     
 2009, Series S-3, 5.25%, 1/15/39    2,500  2,607,000 
New York State Dormitory Authority, ERB, Series B,       
 5.25%, 3/15/38    5,700  6,003,696 
Triborough Bridge & Tunnel Authority, RB, General,       
 Series A-2, 5.38%, 11/15/38    3,030  3,238,767 
      13,594,887 
North Carolina — 1.7%       
City of Charlotte North Carolina, Refunding RB, Series A,     
 5.50%, 7/01/34 (b)    350  370,482 
North Carolina Eastern Municipal Power Agency,       
 Refunding RB, Series B, 5.00%, 1/01/26    885  910,639 
North Carolina Medical Care Commission, RB, Duke       
 University Health System, Series A, 5.00%, 6/01/42  1,270  1,263,853 
North Carolina Municipal Power Agency, No. 1 Catawba,     
 Refunding RB, Series A, 5.00%, 1/01/30    630  642,241 
      3,187,215 
Ohio — 0.7%       
Ohio Air Quality Development Authority, RB, Ohio Valley     
 Electric Corp., 5.63%, 10/01/19    1,215  1,247,258 
Pennsylvania — 3.7%       
Pennsylvania Economic Development Financing Authority,     
 RB, American Water Co. Project, 6.20%, 4/01/39    1,075  1,153,346 
Pennsylvania Turnpike Commission, RB, Sub-Series B,       
 5.25%, 6/01/39    5,650  5,699,381 
      6,852,727 

  Par   
Municipal Bonds  (000)  Value 
Puerto Rico — 0.9%     
Puerto Rico Housing Finance Authority, Refunding     
 RB, Subordinate, Capital Fund Modernization,     
 5.13%, 12/01/27  $ 1,730  $ 1,731,713 
Texas — 6.1%     
City of Houston Texas, RB, Senior Lien, Series A,     
 5.50%, 7/01/39  1,170  1,242,797 
Conroe ISD Texas, GO, School Building, Series A,     
 5.75%, 2/15/35  1,800  1,934,082 
Harris County Health Facilities Development Corp.,     
 Refunding RB, Memorial Hermann Healthcare     
 System, B, 7.25%, 12/01/35  800  896,288 
Lower Colorado River Authority, RB, 5.75%, 5/15/28  1,620  1,711,984 
North Texas Tollway Authority, RB, System, First Tier,     
 Series K-1 (AGC), 5.75%, 1/01/38  1,750  1,866,812 
Texas Private Activity Bond Surface Transportation Corp.,     
 RB, Senior Lien, Note Mobility, 6.88%, 12/31/39  3,600  3,747,492 
    11,399,455 
Utah — 1.3%     
City of Riverton Utah, RB, IHC Health Services, Inc.,     
 5.00%, 8/15/41  2,370  2,366,208 
Virginia — 1.9%     
Virginia Public School Authority, RB, School Financing,     
 6.50%, 12/01/35  1,700  1,948,251 
Virginia Small Business Financing Authority, Refunding     
 RB, Sentara Healthcare, 5.00%, 11/01/40  1,650  1,644,737 
    3,592,988 
Wyoming — 1.3%     
County of Sweetwater Wyoming, Refunding RB, Idaho     
 Power Co. Project, 5.25%, 7/15/26  2,430  2,511,356 
Total Municipal Bonds — 106.1%    198,021,304 
Municipal Bonds Transferred to     
Tender Option Bond Trusts (c)     
California — 15.4%     
Bay Area Toll Authority, Refunding RB, San Francisco     
 Bay Area, Series F-1, 5.63%, 4/01/44  2,680  2,842,778 
California Educational Facilities Authority, RB, University     
 of Southern California, Series A, 5.25%, 10/01/18  4,200  4,433,100 
Los Angeles Community College District California, GO,     
 2008 Election, Series A, 6.00%, 8/01/33  7,697  8,537,810 
Los Angeles Unified School District California, GO,     
 Series I, 5.00%, 1/01/34  790  788,870 
San Diego Public Facilities Financing Authority,     
 Refunding RB, Series B, 5.50%, 8/01/39  8,415  8,853,758 
University of California, RB, Series O, 5.75%, 5/15/34  3,000  3,337,470 
    28,793,786 
Colorado — 1.2%     
Colorado Health Facilities Authority, Refunding RB,     
 Catholic Healthcare, Series A, 5.50%, 7/01/34  2,149  2,265,680 
District of Columbia — 3.7%     
District of Columbia, RB, Series A, 5.50%, 12/01/30  2,805  3,115,345 
District of Columbia Water & Sewer Authority, RB,     
 Series A, 5.50%, 10/01/39  3,507  3,743,998 
    6,859,343 
Florida — 11.7%     
City of Jacksonville, Florida, RB, Better Jacksonville     
 (NPFGC), 5.00%, 10/01/27  2,700  2,760,642 
Hillsborough County Aviation Authority. Florida, RB,     
 Series A, AMT (AGC), 5.50%, 10/01/38  3,869  3,908,433 

See Notes to Financial Statements.

20 SEMI-ANNUAL REPORT

JANUARY 31, 2010


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 
Florida (concluded)       
JEA, RB, Issue Three Series Two River Power Pike,       
 5.00%, 10/01/37  $ 2,100  $ 2,105,166 
Lee County Housing Finance Authority, RB, Multi-County     
 Program, Series A-2, AMT (GNMA), 6.00%, 9/01/40  2,250  2,433,668 
Manatee County Housing Finance Authority, RB, Series A,     
 AMT (GNMA), 5.90%, 9/01/40    1,141  1,187,886 
South Broward Hospital District. Florida, RB (NPFGC),       
 5.63%, 5/01/32 (a)    8,500  9,454,975 
      21,850,770 
Illinois — 4.2%       
Illinois Finance Authority, RB, University of Chicago,       
 Series B, 6.25%, 7/01/38    5,300  5,983,647 
Illinois State Toll Highway Authority, RB, Series B,       
 5.50%, 1/01/33    1,750  1,869,974 
      7,853,621 
Nevada — 6.3%       
Clark County Water Reclamation District, GO:       
Limited Tax, 6.00%, 7/01/38    5,000  5,542,900 
Clark County Water Reclamation District       
Series B, 5.50%, 7/01/29    5,668  6,185,995 
      11,728,895 
New Hampshire — 1.2%       
New Hampshire Health & Education Facilities Authority,     
 Refunding RB, Dartmouth College, 5.25%, 6/01/39  2,159  2,318,695 
New Jersey — 1.2%       
New Jersey State Housing & Mortgage Finance Agency,     
 RB, S/F Housing, Series CC, 5.25%, 10/01/29    2,291  2,349,130 
New York — 1.5%       
New York City Municipal Water Finance Authority, RB,       
 Series FF-2, 5.50%, 6/15/40    2,504  2,740,226 
South Carolina — 1.9%       
South Carolina State Public Service Authority, RB,       
 Santee Cooper, Series A, 5.50%, 1/01/38    3,240  3,485,689 
Texas — 5.3%       
City of San Antonio, Texas, Refunding RB, Series A,       
 5.25%, 2/01/31    3,989  4,319,226 
Harris County Cultural Education Facilities Finance       
 Corporation, RB, Texas Childrens Hospital Project,       
 5.50%, 10/01/39    5,400  5,542,128 
      9,861,354 
Virginia — 1.0%       
Fairfax County IDA Virginia, Refunding RB, Health Care,     
 Inova Health System, Series A, 5.50%, 5/15/35    1,749  1,819,634 
Wisconsin — 1.8%       
Wisconsin Health & Educational Facilities Authority,       
 Refunding RB, Froedtert & Community Health, Inc.,       
 5.25%, 4/01/39    3,289  3,288,980 
Total Municipal Bonds Transferred to       
Tender Option Bond Trusts — 56.4%      105,215,803 
Total Long-Term Investments       
(Cost — $294,106,115) — 162.5%      303,237,107 

Short-Term Securities  Shares  Value 
FFI Institutional Tax-Exempt Fund, 0.16% (d)(e)  1,223,002  $ 1,223,002 
Total Short-Term Securities     
(Cost — $1,223,002) — 0.7%    1,223,002 
Total Investments (Cost — $295,329,117*) — 163.2%    304,460,109 
Liabilities in Excess of Other Assets — (1.3)%    (2,335,732) 
Liability for Trust Certificates, Including Interest     
   Expense and Fees Payable — (30.0)%    (56,066,743) 
Preferred Shares, at Redemption Value — (31.9)%    (59,478,235) 
Net Assets Applicable to Common Shares — 100.0%    $186,579,399 

* The cost and unrealized appreciation (depreciation) of investments as of
January 31, 2010, as computed for federal income tax purposes, were as follows:

Aggregate cost  $ 240,547,021 
Gross unrealized appreciation  $ 12,121,915 
Gross unrealized depreciation  (4,231,201) 
Net unrealized appreciation  $ 7,890,714 

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

    Unrealized 
    Appreciation 
Counterparty  Value  (Depreciation) 
Citigroup NA  $6,220,544     $ (18,528) 
Merrill Lynch & Co.  $ 370,482     $ 4,141 

(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 
     FII Institutional Tax-Exempt Fund  $(177,049)  $6,758 
(e) Represents the current yield as of report date.     

See Notes to Financial Statements.

SEMI-ANNUAL REPORT

JANUARY 31, 2010

21


Schedule of Investments (concluded)

BlackRock MuniYield Investment Fund (MYF)
(Percentages shown are based on Net Assets)

Fair Value Measurements — Various inputs are used in determining the fair value of
investments, which are as follows:
Level 1 — price quotations in active markets/exchanges for identical assets
and liabilities
Level 2 — other observable inputs (including, but not limited to: quoted prices for
similar assets or liabilities in markets that are active, quoted prices for identical
or similar assets or liabilities in markets that are not active, inputs other than
quoted prices that are observable for the assets or liabilities (such as interest
rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and
default rates) or other market-corroborated inputs)
Level 3 — unobservable inputs based on the best information available in the
circumstances, to the extent observable inputs are not available (including the
Fund’s own assumptions used in determining the fair value of investments)
The inputs or methodologies used for valuing securities are not necessarily an indi-
cation of the risk associated with investing in those securities. For information about
the Fund’s policy regarding valuation of investments and other significant accounting
policies, please refer to Note 1 of the Notes to Financial Statements.
The following table summarizes the inputs used as of January 31, 2010 in deter-
mining the fair valuation of the Fund’s investments:

Valuation  Investments in 
Inputs  Securities 
  Assets 
Level 1 — Short-Term Securities  $ 1,223,002 
Level 2 — Long-Term Investments1  303,237,107 
Level 3   
Total  $ 304,460,109 

1 See above Schedule of Investments for values in each state or
political subdivision.

See Notes to Financial Statements.

22 SEMI-ANNUAL REPORT

JANUARY 31, 2010


Schedule of Investments January 31, 2010 (Unaudited)

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

    Par   
Municipal Bonds    (000)  Value 
     New Jersey — 127.8%       
Corporate — 1.4%       
New Jersey EDA, Refunding RB, New Jersey American       
 Water Co., Series A, AMT, 5.70%, 10/01/39  $ 2,925  $ 2,880,686 
County/City/Special District/School District — 19.6%     
Burlington County Bridge Commission, RB, Governmental     
 Leasing Program, 5.25%, 8/15/20 (a)    1,000  1,112,150 
City of Perth Amboy New Jersey, GO, CAB (AGM) (b):       
     5.64%, 7/01/33    1,575  1,419,280 
     5.63%, 7/01/34    1,925  1,727,668 
County of Hudson New Jersey, COP, Refunding (NPFGC),     
 6.25%, 12/01/16    1,500  1,718,925 
Essex County Improvement Authority, Refunding RB,       
 Project Consolidation (NPFGC), 5.50%, 10/01/29    5,085  5,708,218 
Hudson County Improvement Authority, RB,       
 Harrison Parking Facility Project, Series C (AGC),       
 5.38%, 1/01/44    4,800  5,055,168 
Hudson County Improvement Authority, Refunding       
 RB, Hudson County Lease Project (NPFGC),       
 5.38%, 10/01/24    4,500  4,535,460 
Middlesex County Improvement Authority, RB:       
     Golf Course Projects, 5.25%, 6/01/22    1,455  1,602,508 
     Senior, Heldrich Center Hotel, Series A,       
     5.00%, 1/01/20    655  366,806 
Monmouth County Improvement Authority, RB,       
 Governmental Loan (AMBAC):       
     5.00%, 12/01/15    1,215  1,255,945 
     5.00%, 12/01/15 (a)    1,020  1,101,947 
     5.00%, 12/01/16    1,280  1,315,187 
     5.00%, 12/01/16 (a)    1,065  1,150,562 
Morristown Parking Authority, RB (NPFGC),       
 4.50%, 8/01/37    585  563,542 
Newark Housing Authority, Refunding RB, Newark       
 Redevelopment Project (NPFGC), 4.38%, 1/01/37    2,875  2,652,964 
Salem County Improvement Authority, RB, Finlaw Street     
 Office Building (AGM):       
     5.38%, 8/15/28    500  542,690 
     5.25%, 8/15/38    500  522,130 
South Jersey Port Corp., Refunding RB:       
     4.75%, 1/01/18    4,280  4,408,058 
     4.85%, 1/01/19    2,485  2,551,598 
     5.00%, 1/01/20    2,000  2,052,920 
      41,363,726 
Education — 15.9%       
New Jersey Educational Facilities Authority, RB:       
     Georgian Court College Project, Series C,       
     6.50%, 7/01/33 (a)    2,000  2,362,480 
     Montclair State University, Series J, 5.25%, 7/01/38  1,140  1,156,997 
     Rider University, Series A (Radian), 5.50%, 7/01/23  1,255  1,272,608 
     Rider University, Series A (Radian), 5.25%, 7/01/34  1,450  1,334,058 
     Rider University, Series C (Radian), 5.00%, 7/01/37  1,750  1,583,260 
New Jersey Educational Facilities Authority, Refunding RB:     
     College of New Jersey, Series D (AGM),       
     5.00%, 7/01/35    6,115  6,279,677 
     Georgian Court University, Series D, 5.25%, 7/01/37  1,000  952,540 
     Montclair State University, Series L (NPFGC),       
     5.00%, 7/01/34 (a)    5,305  6,123,561 
     Ramapo College, Series I (AMBAC), 4.25%, 7/01/31  750  703,170 
     Ramapo College, Series I (AMBAC), 4.25%, 7/01/36  810  731,981 
     Rider University (Radian), 5.00%, 7/01/17    1,000  1,015,450 
     Rowan University, Series B (AGC), 5.00%, 7/01/24  1,800  1,946,304 
     University of Medicine & Dentistry, Series B,       
     7.13%, 12/01/23    1,300  1,473,888 
     University of Medicine & Dentistry, Series B,       
     7.50%, 12/01/32    1,625  1,831,863 

  Par   
Municipal Bonds  (000)  Value 
     New Jersey (continued)     
Education (concluded)     
New Jersey Higher Education Assistance Authority,     
 Refunding RB, Series 1A:     
     5.00%, 12/01/25  $ 1,035  $ 1,048,579 
     5.00%, 12/01/26  490  492,994 
New Jersey State Higher Education Assistance Authority,     
 RB, Series A, AMT (AMBAC), 5.30%, 6/01/17  3,170  3,182,426 
    33,491,836 
Health — 19.6%     
New Jersey EDA, RB:     
     CAB, St. Barnabas Health, Series A (NPFGC),     
     6.25%, 7/01/24 (c)  3,850  1,335,065 
     Masonic Charity Foundation of New Jersey,     
     5.25%, 6/01/24  1,425  1,439,421 
     Masonic Charity Foundation of New Jersey,     
     5.25%, 6/01/32  685  651,250 
New Jersey EDA, Refunding RB, First Mortgage,     
 Winchester, Series A:     
     5.75%, 11/01/24  2,500  2,492,375 
     5.80%, 11/01/31  1,000  979,340 
New Jersey Health Care Facilities Financing Authority, RB:     
     Children’s Specialized Hospital, Series A,     
     5.50%, 7/01/36  1,540  1,454,053 
     Health System, Catholic Health East, Series A,     
     5.38%, 11/15/33 (a)  1,100  1,233,573 
     Hospital Asset Transformation Program, Series A,     
     5.25%, 10/01/38  1,300  1,313,429 
     Hunterdon Medical Center, Series A,     
     5.13%, 7/01/35  1,950  1,837,719 
     Meridian Health, Series I (AGC), 5.00%, 7/01/38  1,000  993,950 
     Pascack Valley Hospital Association,     
     6.63%, 7/01/36 (d)(e)  1,845  18 
     Robert Wood University (AMBAC), 5.70%, 7/01/20  4,000  4,020,880 
     Somerset Medical Center, 5.50%, 7/01/33  1,875  1,394,850 
     Southern Ocean County Hospital (Radian),     
     5.13%, 7/01/31  2,000  1,738,340 
     Virtua Health (AGC), 5.50%, 7/01/38  2,500  2,608,175 
New Jersey Health Care Facilities Financing Authority,     
 Refunding RB:     
     Atlantic City Medical Center, 6.25%, 7/01/17 (a)  500  559,970 
     Atlantic City Medical Center, 5.75%, 7/01/25 (a)  1,060  1,174,522 
     Atlantic City Medical System, 6.25%, 7/01/17  520  547,841 
     Atlantic City Medical System, 5.75%, 7/01/25  520  531,861 
     CAB, St. Barnabas Health, Series B,     
     5.90%, 7/01/30 (c)  2,000  393,620 
     CAB, St. Barnabas Health, Series B,     
     5.69%, 7/01/36 (c)  500  57,870 
     CAB, St. Barnabas Health, Series B,     
     5.18%, 7/01/37 (c)  13,250  1,413,378 
     Capital Health System Obligation Group, Series A,     
     5.75%, 7/01/23 (a)  1,650  1,871,809 
     Meridian Health System Obligation Group (AGM),     
     5.25%, 7/01/19  1,500  1,504,335 
     Meridian Health System Obligation Group (AGM),     
     5.38%, 7/01/24  2,250  2,255,445 
     Meridian Health System Obligation Group (AGM),     
     5.25%, 7/01/29  2,195  2,196,800 
     South Jersey Hospital, 5.00%, 7/01/36  385  367,610 
     South Jersey Hospital, 5.00%, 7/01/46  1,650  1,539,796 
     St. Barnabas Health Care System, Series A,     
     5.00%, 7/01/29  4,155  3,328,363 
    41,235,658 

See Notes to Financial Statements.

SEMI-ANNUAL REPORT

JANUARY 31, 2010

23


Schedule of Investments (continued)

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

  Par   
Municipal Bonds  (000)  Value 
     New Jersey (continued)     
Housing — 16.2%     
New Jersey State Housing & Mortgage Finance     
 Agency, RB:     
     Capital Fund Program, Series A (AGM),     
     4.70%, 11/01/25  $ 6,950  $ 7,001,013 
     Home Buyer, Series CC, AMT (NPFGC),     
     5.80%, 10/01/20  4,515  4,694,110 
     S/F Housing, Series CC, 5.00%, 10/01/34  3,455  3,449,887 
     S/F Housing, Series U, AMT, 4.95%, 10/01/32  700  679,525 
     S/F Housing, Series X, AMT, 4.85%, 4/01/16  3,605  3,760,159 
     Series A, 4.75%, 11/01/29  2,305  2,261,389 
     Series A, AMT (FGIC), 4.90%, 11/01/35  1,365  1,277,736 
     Series AA, 6.50%, 10/01/38  2,025  2,203,747 
New Jersey State Housing & Mortgage Finance     
 Agency, Refunding RB, S/F Housing, Series T, AMT,     
 4.65%, 10/01/32  4,945  4,673,025 
Newark Housing Authority, RB, South Ward Police     
 Facility (AGC):     
     5.75%, 12/01/30  1,115  1,192,704 
     6.75%, 12/01/38  2,670  2,996,274 
    34,189,569 
State — 34.6%     
Garden State Preservation Trust, RB (AGM):     
     CAB, Series B, 5.12%, 11/01/23 (c)  6,860  3,725,940 
     CAB, Series B, 5.25%, 11/01/28 (c)  4,540  1,834,569 
     Election of 2005, Series A, 5.80%, 11/01/22  4,300  4,983,012 
New Jersey EDA, RB:     
     Department of Human Services, Pooled,     
     5.00%, 7/01/12  220  237,208 
     Motor Vehicle Surcharge, Series A (NPFGC),     
     5.25%, 7/01/33  14,000  14,203,280 
     School Facilities Construction, Series L (AGM),     
     5.00%, 3/01/30  5,800  5,986,238 
     School Facilities Construction, Series O,     
     5.25%, 3/01/23  2,400  2,574,024 
     School Facilities Construction, Series P,     
     5.00%, 9/01/15  3,000  3,370,560 
     School Facilities Construction, Series P,     
     5.25%, 9/01/16  3,010  3,386,190 
     School Facilities Construction, Series Z (AGC),     
     5.50%, 12/15/34  3,665  3,940,315 
     School Facilities Construction, Series Z (AGC),     
     6.00%, 12/15/34  3,600  4,029,156 
New Jersey EDA, Refunding RB, School Facilities     
 Construction, Series AA, 5.50%, 12/15/29  3,300  3,571,029 
New Jersey State Transit Corp., COP, Subordinate,     
 Federal Transit Administration Grants, Series B,     
 5.75%, 9/15/14  3,620  3,925,781 
New Jersey Transportation Trust Fund Authority, RB:     
     CAB, Transportation System, Series C (AMBAC),     
     5.05%, 12/15/35 (c)  4,140  835,742 
     Transportation System, Series A, 6.00%, 12/15/38  2,900  3,181,938 
     Transportation System, Series A (AGC),     
     5.63%, 12/15/28  1,250  1,392,563 
New Jersey Transportation Trust Fund Authority,     
 Transportation System, Refunding RB:     
     Series A, 5.50%, 12/15/21  3,525  3,999,430 
     Series B (NPFGC), 5.50%, 12/15/21  5,865  6,731,964 
State of New Jersey, COP, Equipment Lease Purchase,     
 Series A, 5.25%, 6/15/28  1,100  1,136,124 
    73,045,063 
Tobacco — 1.2%     
Tobacco Settlement Financing Corp., New Jersey,     
 Refunding RB, Series 1A, 4.50%, 6/01/23  2,720  2,535,802 

    Par   
Municipal Bonds    (000)  Value 
     New Jersey (concluded)       
Transportation — 11.0%       
New Jersey State Turnpike Authority, RB:       
     Growth & Income Securities, Series B (AMBAC),       
     6.27%, 1/01/35 (c)  $ 4,870  $ 3,824,752 
     Series E, 5.25%, 1/01/40    5,475  5,667,939 
New Jersey Transportation Trust Fund Authority, RB,       
 Transportation System, Series A:       
     5.88%, 12/15/38    3,050  3,312,117 
     (AGC), 5.50%, 12/15/38    1,000  1,073,980 
Port Authority of New York & New Jersey, RB,       
 Consolidated, 93rd Series, 6.13%, 6/01/94    5,000  5,810,900 
Port Authority of New York & New Jersey, Refunding RB,     
 Consolidated, 152nd Series, AMT, 5.75%, 11/01/30  3,300  3,486,021 
      23,175,709 
Utilities — 8.3%       
Cumberland County Improvement Authority, RB, Series A,     
 5.00%, 1/01/30    1,210  1,187,506 
New Jersey EDA, RB, AMT:       
     New Jersey American Water Co., Inc. Project, Series A     
     (FGIC), 6.88%, 11/01/34    6,670  6,672,935 
     Series A, American Water (AMBAC),       
     5.25%, 11/01/32    685  641,770 
New Jersey EDA, Refunding RB, United Water of       
 New Jersey Inc., Series B (AMBAC), 4.50%, 11/01/25  4,500  4,651,965 
Rahway Valley Sewerage Authority, RB, CAB, Series A       
 (NPFGC), 4.87%, 9/01/31 (c)    6,000  1,663,260 
Union County Utilities Authority, Refunding RB, Senior       
 Lease, Ogden Martin, Series A, AMT (AMBAC):       
     5.38%, 6/01/17    1,585  1,588,186 
     5.38%, 6/01/18    1,175  1,176,292 
      17,581,914 
Total Municipal Bonds in New Jersey      269,499,963 
     Pennsylvania — 3.7%       
Transportation — 3.7%       
Delaware River Port Authority Pennsylvania       
 & New Jersey, RB (AGM), 6.00%, 1/01/19    7,860  7,890,261 
Total Municipal Bonds in Pennsylvania      7,890,261 
     Puerto Rico — 6.4%       
Education — 0.5%       
Puerto Rico Industrial Tourist Educational Medical       
 & Environmental Control Facilities Financing Authority,     
 RB, University Plaza Project, Series A (NPFGC),       
 5.00%, 7/01/33    1,215  1,126,438 
Housing — 1.0%       
Puerto Rico Housing Finance Authority, Refunding RB,       
 Subordinate, Capital Fund Modernization,       
 5.13%, 12/01/27    2,025  2,027,005 
State — 2.9%       
Puerto Rico Sales Tax Financing Corp., RB,       
 First Sub-Series A, 5.75%, 8/01/37    6,000  6,118,740 
Transportation — 1.5%       
Puerto Rico Highway & Transportation Authority,       
 Refunding RB, Series CC (AGC), 5.50%, 7/01/31    3,000  3,237,000 
Utilities — 0.5%       
Puerto Rico Electric Power Authority, RB, Series WW,       
 5.50%, 7/01/38    1,000  1,007,990 
Total Municipal Bonds in Puerto Rico      13,517,173 

See Notes to Financial Statements.

24 SEMI-ANNUAL REPORT

JANUARY 31, 2010


Schedule of Investments (concluded)

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

  Par   
Municipal Bonds  (000)  Value 
U.S. Virgin Islands — 1.7%     
Corporate — 1.7%     
United States Virgin Islands, Refunding RB,     
 Senior Secured, Hovensa Coker Project, AMT,     
 6.50%, 7/01/21  $ 3,500  $ 3,539,515 
Total Municipal Bonds in U.S. Virgin Islands    3,539,515 
Total Municipal Bonds – 139.6%    294,446,912 
Municipal Bonds Transferred to     
Tender Option Bond Trusts (f)     
New Jersey — 3.3%     
State — 3.3%     
Garden State Preservation Trust, RB, Election of 2005,     
 Series A (AGM), 5.75%, 11/01/28  5,460  6,870,045 
     New York — 1.8%     
Transportation — 1.8%     
Port Authority of New York & New Jersey, 152nd Series,     
 AMT, 5.25%, 11/01/35  3,764  3,808,655 
Total Municipal Bonds Transferred to     
Tender Option Bond Trusts — 5.1%    10,678,700 
Total Long-Term Investments     
(Cost — $299,607,692) — 144.7%    305,125,612 
Short-Term Securities  Shares   
CMA New Jersey Municipal Money Fund,     
 0.04% (g)(h)  11,913,783  11,913,783 
Total Short-Term Securities     
(Cost — $11,913,783) — 5.7%    11,913,783 
Total Investments (Cost — $311,521,475*) — 150.4%  317,039,395 
Other Assets Less Liabilities — 1.2%    2,623,657 
Liability for Trust Certificates, Including Interest     
   Expense and Fees Payable — (3.1)%    (6,609,020) 
Preferred Shares, at Redemption Value — (48.5)%    (102,207,702) 
Net Assets Applicable to Common Shares — 100.0%    $210,846,330 

* The cost and unrealized appreciation (depreciation) of investments as of
January 31, 2010, as computed for federal income tax purposes, were as follows:

Aggregate cost  $ 304,943,725 
Gross unrealized appreciation  $ 13,594,821 
Gross unrealized depreciation  (8,102,852) 
Net unrealized appreciation  $ 5,491,969 

(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 the current yield as of
report date.
(d) Issuer filed for bankruptcy and/or is in default of interest payments.
(e) Non-income producing security.
(f) Securities represent bonds transferred to a 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  $8,732,267  $1,031 

(h) Represents the current yield as of report date.
Fair Value Measurements — Various inputs are used in determining the fair value of
investments, which are as follows:
Level 1 — price quotations in active markets/exchanges for identical assets
and liabilities
Level 2 — other observable inputs (including, but not limited to: quoted prices for
similar assets or liabilities in markets that are active, quoted prices for identical
or similar assets or liabilities in markets that are not active, inputs other than
quoted prices that are observable for the assets or liabilities (such as interest
rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and
default rates) or other market-corroborated inputs)
Level 3 — unobservable inputs based on the best information available in the
circumstances, to the extent observable inputs are not available (including the
Fund’s own assumptions used in determining the fair value of investments)
The inputs or methodologies used for valuing securities are not necessarily an indi-
cation of the risk associated with investing in those securities. For information about
the Fund’s policy regarding valuation of investments and other significant accounting
policies, please refer to Note 1 of the Notes to Financial Statements.
The following table summarizes the inputs used as of January 31, 2010 in deter-
mining the fair valuation of the Fund’s investments:

Valuation  Investments in 
Inputs  Securities 
  Assets 
Level 1 — Short-Term Securities  $ 11,913,783 
Level 2 — Long-Term Investments1  305,125,612 
Level 3   
Total  $ 317,039,395 
     1 See above Schedule of Investments for values in each sector.   

See Notes to Financial Statements.

SEMI-ANNUAL REPORT

JANUARY 31, 2010

25


Statements of Assets and Liabilities           
BlackRock
  Muni New York  BlackRock  BlackRock    BlackRock 
  Intermediate  MuniYield  MuniYield  BlackRock  MuniYield 
  Duration  Arizona  California  MuniYield  New Jersey 
  Fund, Inc.  Fund, Inc.  Fund, Inc.  Investment Fund  Fund, Inc. 
January 31, 2010 (Unaudited)  (MNE)  (MZA)         (MYC)           (MYF)  (MYJ) 
     Assets           
Investments at value — unaffiliated1  $ 86,922,973  $ 97,053,018  $ 475,264,329  $ 303,237,107  $ 305,125,612 
Investments at value — affiliated2  641,113  2,403,565  10,038,152  1,223,002  11,913,783 
Interest receivable  985,275  737,680  6,332,612  4,196,647  2,861,494 
Investments sold receivable  190,000  1,422,318  6,877,872  4,551,894  904,537 
Prepaid expenses  13,324  20,276  39,833  27,338  28,541 
Other assets  170         
Total assets  88,752,855  101,636,857  498,552,798  313,235,988  320,833,967 
     Liabilities           
Income dividends payable — Common Shares  233,457  305,386  1,437,430  888,051  1,001,329 
Investment advisory fees payable  37,388  42,571  204,488  128,263  132,731 
Interest expense and fees payable  1,191  318  59,102  44,369  5,318 
Other affiliates payable  568  652  3,160  1,936  2,032 
Officer’s and Directors’ fees payable  186  91  461  280  315 
Investments purchased payable    390,816  13,514,350  10,039,419   
Other accrued expenses payable    18,997  63,267  53,662  34,509 
Total accrued liabilities  272,790  758,831  15,282,258  11,155,980  1,176,234 
     Other Liabilities           
Trust certificates3  375,000  1,500,000  74,379,365  56,022,374  6,603,701 
Total Liabilities  647,790  2,258,831  89,661,623  67,178,354  7,779,935 
     Preferred Shares at Redemption Value           
$25,000 per share liquidation preference, plus unpaid dividends4,5  29,632,983  38,803,971  105,961,278  59,478,235  102,207,702 
Net Assets Applicable to Common Shareholders  $ 58,472,082  $ 60,574,055  $ 302,929,897  $ 186,579,399  $ 210,846,330 
     Net Assets Applicable to Common Shareholders Consist of           
Paid-in capital6,7  $ 59,630,112  $ 60,532,046  $ 301,598,405  $ 188,893,413  $ 204,494,347 
Undistributed net investment income  714,683  798,482  4,185,738  2,891,622  3,497,602 
Accumulated net realized loss  (2,814,261)  (1,177,147)  (6,614,355)  (14,336,628)  (2,663,539) 
Net unrealized appreciation/depreciation  941,548  420,674  3,760,109  9,130,992  5,517,920 
Net Assets Applicable to Common Shareholders  $ 58,472,082  $ 60,574,055  $ 302,929,897  $ 186,579,399  $ 210,846,330 
Net asset value per Common Share  $ 13.90  $ 13.29  $ 14.23  $ 13.76  $ 14.84 
     1 Investments at cost — unaffiliated  $ 85,981,425  $ 96,632,344  $ 471,504,220  $ 294,106,115  $ 299,607,692 
     2 Investments at cost — affiliated  $ 641,113  $ 2,403,565  $ 10,038,152  $ 1,223,002  $ 11,913,783 
     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  4,558,007  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.

26 SEMI-ANNUAL REPORT

JANUARY 31, 2010


Statements of Operations           
BlackRock
  Muni New York  BlackRock  BlackRock    BlackRock 
  Intermediate  MuniYield  MuniYield  BlackRock  MuniYield 
  Duration  Arizona  California  MuniYield  New Jersey 
  Fund, Inc.  Fund, Inc.  Fund, Inc.  Investment Fund  Fund, Inc. 
Six Months Ended January 31, 2010 (Unaudited)  (MNE)  (MZA)         (MYC)         (MYF)   (MYJ) 
     Investment Income           
Interest  $ 2,164,239  $ 2,519,521  $ 11,646,728  $ 7,562,990  $ 7,812,891 
Income — affiliated  119    1,349  6,758  1,031 
Total income  2,164,358  2,519,521  11,648,077  7,569,748  7,813,922 
     Expenses           
Investment advisory  241,443  249,906  1,207,911  746,157  795,302 
Commissions for Preferred Shares  22,481  26,877  78,710  45,470  74,805 
Professional  21,925  20,796  33,984  28,892  24,453 
Transfer agent  10,726  17,724  22,489  22,556  24,714 
Accounting services  9,397  13,507  75,544  45,969  33,990 
Printing  5,413  8,080  28,141  15,163  18,801 
Registration  4,581  892  4,549  4,647  4,502 
Custodian  4,174  3,829  11,598  8,274  8,631 
Officer and Directors  3,412  3,626  18,305  11,399  12,137 
Miscellaneous  24,282  24,454  39,867  31,814  40,913 
Total expenses excluding interest expense and fees  347,834  369,691  1,521,098  960,341  1,038,248 
Interest expense and fees1  2,369  5,990  250,552  211,284  24,119 
Total expenses  350,203  375,681  1,771,650  1,171,625  1,062,367 
Less fees waived by advisor  (22,798)  (2,619)  (11,467)  (3,608)  (9,010) 
Total expenses after fees waived  327,405  373,062  1,760,183  1,168,017  1,053,357 
Net investment income  1,836,953  2,146,459  9,887,894  6,401,731  6,760,565 
     Realized and Unrealized Gain (Loss)           
Net realized gain (loss) from:           
   Investments  255,112  (158,070)  (2,290,857)  2,467,693  (148,161) 
   Financial futures contracts  3,982  3,983  8,960  12,943  9,956 
  259,094  (154,087)  (2,281,897)  2,480,636  (138,205) 
Net change in unrealized appreciation/depreciation on investments  3,355,759  4,012,793  17,574,566  7,485,065  9,811,725 
Total realized and unrealized gain  3,614,853  3,858,706  15,292,669  9,965,701  9,673,520 
     Dividends to Preferred Shareholders From           
Net investment income  (220,581)  (134,826)  (351,252)  (171,218)  (319,612) 
Net Increase in Net Assets Applicable to           
   Common Shareholders Resulting from Operations  $ 5,231,225  $ 5,870,339  $ 24,829,311  $ 16,196,214  $ 16,114,473 
   1 Related to tender option bond trusts.           

See Notes to Financial Statements.

SEMI-ANNUAL REPORT

JANUARY 31, 2010

27


Statements of Changes in Net Assets  BlackRock Muni New York Intermediate Duration Fund, Inc. (MNE) 
  Six Months   
  Ended      
  January 31,  Year Ended 
  2010      July 31, 
Increase (Decrease) in Net Assets Applicable to Common Shareholders:  (Unaudited)           2009 
     Operations     
Net investment income  $ 1,836,953  $ 3,678,440 
Net realized gain (loss)  259,094  (2,160,349) 
Net change in unrealized appreciation/depreciation  3,355,759  (174,373) 
Dividends to Preferred Shareholders from net investment income  (220,581)  (835,785) 
Net increase in net assets applicable to Common Shareholders resulting from operations  5,231,225  507,933 
     Dividends to Common Shareholders From     
Net investment income  (1,400,744)  (2,696,327) 
     Net Assets Applicable to Common Shareholders     
Total increase (decrease) in net assets applicable to Common Shareholders  3,830,481  (2,188,394) 
Beginning of period  54,641,601  56,829,995 
End of period  $ 58,472,082  $ 54,641,601 
Undistributed net investment income  $ 714,683  $ 499,055 
  BlackRock MuniYield Arizona Fund, Inc. (MZA) 
  Six Months   
  Ended       
  January 31,  Year Ended 
  2010      July 31, 
Increase (Decrease) in Net Assets Applicable to Common Shareholders:  (Unaudited)           2009 
     Operations     
Net investment income  $ 2,146,459  $ 4,330,049 
Net realized loss  (154,087)  (502,704) 
Net change in unrealized appreciation/depreciation  4,012,793  (1,630,717) 
Dividends to Preferred Shareholders from net investment income  (134,826)  (856,443) 
Net increase in net assets applicable to Common Shareholders resulting from operations  5,870,339  1,340,185 
     Dividends to Common Shareholders From     
Net investment income  (1,831,371)  (3,202,649) 
     Capital Share Transactions     
Reinvestment of common dividends  86,106  93,565 
     Net Assets Applicable to Common Shareholders     
Total increase (decrease) in net assets applicable to Common Shareholders  4,125,074  (1,768,899) 
Beginning of period  56,448,981  58,217,880 
End of period  $ 60,574,055  $ 56,448,981 
Undistributed net investment income  $ 798,482  $ 618,220 

See Notes to Financial Statements.

28 SEMI-ANNUAL REPORT

JANUARY 31, 2010


Statements of Changes in Net Assets  BlackRock MuniYield California Fund, Inc. (MYC) 
  Six Months   
  Ended      
  January 31,  Year Ended 
  2010       July 31, 
Increase (Decrease) in Net Assets Applicable to Common Shareholders:  (Unaudited)  2009 
     Operations     
Net investment income  $ 9,887,894  $ 19,437,721 
Net realized loss  (2,281,897)  (3,732,748) 
Net change in unrealized appreciation/depreciation  17,574,566  (3,452,968) 
Dividends to Preferred Shareholders from net investment income  (351,252)  (2,734,089) 
Net increase in net assets applicable to Common Shareholders resulting from operations  24,829,311  9,517,916 
     Dividends to Common Shareholders From     
Net investment income  (8,704,904)  (14,714,808) 
     Net Assets Applicable to Common Shareholders     
Total increase (decrease) in net assets applicable to Common Shareholders  16,124,407  (5,196,892) 
Beginning of period  286,805,490  292,002,382 
End of period  $302,929,897  $ 286,805,490 
Undistributed net investment income  $ 4,185,738  $ 3,354,000 
  BlackRock MuniYield Investment Fund (MYF) 
  Six Months   
  Ended      
  January 31,  Year Ended 
  2010          July 31, 
Increase (Decrease) in Net Assets Applicable to Common Shareholders:  (Unaudited)  2009 
     Operations     
Net investment income  $ 6,401,731  $ 12,962,890 
Net realized gain (loss)  2,480,636  (12,407,592) 
Net change in unrealized appreciation/depreciation  7,485,065  2,135,373 
Dividends to Preferred Shareholders from net investment income  (171,218)  (1,840,008) 
Net increase in net assets applicable to Common Shareholders resulting from operations  16,196,214  850,663 
     Dividends to Common Shareholders From     
Net investment income  (5,226,618)  (9,555,926) 
     Net Assets Applicable to Common Shareholders     
Total increase (decrease) in net assets applicable to Common Shareholders  10,969,596  (8,705,263) 
Beginning of period  175,609,803  184,315,066 
End of period  $186,579,399  $ 175,609,803 
Undistributed net investment income  $ 2,891,622  $ 1,887,727 

See Notes to Financial Statements.

SEMI-ANNUAL REPORT

JANUARY 31, 2010

29


Statements of Changes in Net Assets  BlackRock MuniYield New Jersey Fund, Inc. (MYJ) 
  Six Months   
  Ended      
  January 31,  Year Ended 
  2010           July 31, 
Increase (Decrease) in Net Assets Applicable to Common Shareholders:  (Unaudited)        2009 
     Operations     
Net investment income  $ 6,760,565  $ 13,853,962 
Net realized loss  (138,205)  (1,310,444) 
Net change in unrealized appreciation/depreciation  9,811,725  (3,427,395) 
Dividends to Preferred Shareholders from net investment income  (319,612)  (2,158,107) 
Net increase in net assets applicable to Common Shareholders resulting from operations  16,114,473  6,958,016 
     Dividends to Common Shareholders From     
Net investment income  (6,007,971)  (10,240,537) 
     Net Assets Applicable to Common Shareholders     
Total increase (decrease) in net assets applicable to Common Shareholders  10,106,502  (3,282,521) 
Beginning of period  200,739,828  204,022,349 
End of period  $210,846,330  $ 200,739,828 
Undistributed net investment income  $ 3,497,602  $ 3,064,620 

See Notes to Financial Statements.

30 SEMI-ANNUAL REPORT

JANUARY 31, 2010


Statements of Cash Flows     
  BlackRock   
  MuniYield  BlackRock 
  California  MuniYield 
  Fund Inc.  Investment Fund 
Six Months Ended January 31, 2010 (Unaudited)  (MYC)         (MYF) 
     Cash Provided by (Used for) Operating Activities     
Net increase in net assets resulting from operations, excluding dividends to Preferred Shareholders  $ 25,180,563  $ 16,026,996 
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used for) operating activities:     
   (Increase) decrease in interest receivable  378,666  (225,330) 
   Increase (decrease) in investment advisory fees payable  (2,074)  703 
   Decrease in interest expense and fees payable  (170,976)  (30,436) 
   Decrease in Officer’s and Directors’ fees payable    (109) 
   Increase in other affiliates payable  395  154 
   Decrease in other accrued expenses payable  (6,810)  (4,641) 
Net realized and unrealized gain on investments  (15,126,478)  (10,089,091) 
Amortization of premium and discount on investments  261,003  218,830 
Proceeds from sales of long-term investments  139,911,919  77,921,648 
Purchases of long-term investments  (139,016,014)  (86,125,766) 
Net (purchases) sales of short-term securities  (2,430,456)  2,177,048 
Net cash provided by (used for) operating activities  8,979,738  (129,994) 
     Cash Used for Financing Activities     
Cash receipts from trust certificates  1,643  10,814,794 
Cash payments for trust certificates  (4,998)  (5,590,000) 
Cash dividends paid to Common Shareholders  (8,704,904)  (5,124,932) 
Cash dividends paid to Preferred Shareholders  (358,000)  (172,725) 
Cash used for financing activities  (9,066,259)  (72,863) 
     Cash     
Net decrease in cash  (86,521)  (202,857) 
Cash at beginning of period  86,521  202,857 
Cash at end of period     
     Cash Flow Information     
Cash paid during the period for interest  $ 421,528  $ 241,720 

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.

SEMI-ANNUAL REPORT

JANUARY 31, 2010

31


Financial Highlights        BlackRock Muni New York Intermediate Duration Fund, Inc. (MNE) 
  Six Months    Period         
    Ended    June 1,         
  January 31,  Year Ended  2008         
    2010  July 31,  to July 31,    Year Ended May 31,   
  (Unaudited)  2009  2008  2008  2007  2006  2005 
     Per Share Operating Performance                 
Net asset value, beginning of period  $ 12.99  $ 13.51  $ 14.05  $ 14.91  $ 14.66  $ 15.05  $ 14.45 
Net investment income1    0.44  0.87  0.14  0.91  0.90  0.87  0.85 
Net realized and unrealized gain (loss)    0.85  (0.55)  (0.53)  (0.86)  0.24  (0.37)  0.58 
Dividends to Preferred Shareholders                 
   from net investment income    (0.05)  (0.20)  (0.04)  (0.27)  (0.25)  (0.20)  (0.11) 
Net increase (decrease) from investment operations    1.24  0.12  (0.43)  (0.22)  0.89  0.30  1.32 
Dividends to Common Shareholders                 
   from net investment income    (0.33)  (0.64)  (0.11)  (0.64)  (0.64)  (0.69)  (0.72) 
Net asset value, end of period  $ 13.90  $ 12.99  $ 13.51  $ 14.05  $ 14.91  $ 14.66  $ 15.05 
Market price, end of period  $ 12.43  $ 11.60  $ 12.12  $ 12.81  $ 13.93  $ 13.03  $ 13.44 
     Total Investment Return2                 
Based on net asset value    9.91%3  2.26%  (3.01)%3  (1.10)%  6.57%  2.52%  9.99% 
Based on market price  10.07%3  1.79%  (4.56)%3  (3.48)%  12.02%  2.03%  10.97% 
     Ratios to Average Net Assets Applicable to Common Shareholders               
Total expenses4    1.22%5  1.33%  1.39%6  1.28%  1.31%  1.33%  1.38% 
Total expenses after fees waived and paid indirectly4    1.14%5  1.15%  1.15%6  1.04%  1.08%  1.10%  1.15% 
Total expenses after fees waived and paid indirectly and                 
     excluding interest expense and fees4,7    1.13%5  1.11%  1.11%6  1.04%  1.08%  1.10%  1.15% 
Net investment income4    6.37%5  7.01%  6.36%6  6.31%  6.01%  5.89%  5.75% 
Dividends to Preferred Shareholders    0.76%5  1.59%  1.84%6  1.89%  1.66%  1.32%  0.77% 
Net investment income to Common Shareholders    5.61%5  5.42%  4.52%6  4.42%  4.35%  4.57%  4.98% 
     Supplemental Data                 
Net assets applicable to Common Shareholders,                 
   end of period (000)  $ 58,472  $ 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  $ 29,625  $ 31,000  $ 31,000  $ 31,000  $ 31,000 
Portfolio turnover    8%  32%  2%  21%  29%  49%  17% 
Asset coverage, end of period per $1,000  $ 2,9748  $ 2,8448  $ 2,9188  $ 2,9068  $ 3,0238  $ 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. Where applicable,
total investment returns exclude the effects of sales charges and include the reinvestment of dividends and distributions.
3 Aggregate total investment return.
4 Do not reflect the effect of dividends to Preferred Shareholders.
5 Annualized.
6 Annualized. Certain non-recurring expenses have been included in the ratio but not annualized. If these expenses were annualized, the ratio of the total expenses, total expenses after
fees waived and paid indirectly, total expenses after fees waived and fees paid indirectly and excluding interest expense and fees, net investment income and net investment income to
Common Shareholders would have been 1.79%, 1.55%, 1.50%, 5.96% and 4.12%, respectively.
7 Interest expense and fees relate to tender option bond trusts. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to tender option bond trusts.
8 Asset coverage per Preferred Share at $25,000 liquidation preference for the periods ended January 2010, July 2009, July 2008, May 2008 and May 2007 are $74,350,
$71,119, $72,970, $72,676 and $75,573, respectively.

See Notes to Financial Statements.

32 SEMI-ANNUAL REPORT

JANUARY 31, 2010


Financial Highlights          BlackRock MuniYield Arizona Fund, Inc. (MZA) 
  Six Months    Period         
    Ended    November 1,         
  January 31,  Year Ended  2007         
    2010  July 31,  to July 31,    Year Ended October 31,   
  (Unaudited)  2009  2008  2007  2006  2005  2004 
     Per Share Operating Performance                 
Net asset value, beginning of period  $ 12.40  $ 12.81  $ 13.96  $ 14.53  $ 14.39  $ 15.04  $ 14.64 
Net investment income1    0.47  0.95  0.72  0.95  0.98  0.97  0.98 
Net realized and unrealized gain (loss)    0.85  (0.47)  (1.00)  (0.46)  0.36  (0.49)  0.40 
Dividends and distributions to Preferred Shareholders from:                 
     Net investment income    (0.03)  (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    1.29  0.29  (0.52)  0.18  1.06  0.34  1.32 
Dividends and distributions to Common Shareholders from:                 
     Net investment income    (0.40)  (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    (0.40)  (0.70)  (0.63)  (0.75)  (0.92)  (0.94)  (0.92) 
Capital charges with respect to issuance of Preferred Shares            0.003  (0.05)   
Net asset value, end of period  $ 13.29  $ 12.40  $ 12.81  $ 13.96  $ 14.53  $ 14.39  $ 15.04 
Market price, end of period  $ 12.78  $ 12.85  $ 13.94  $ 13.66  $ 14.79  $ 16.03  $ 15.10 
     Total Investment Return4                 
Based on net asset value  10.51%5  3.27%  (3.79)%5  1.29%  7.47%  1.91%  9.40% 
Based on market price    2.55%5  (1.66)%  6.99%5  (2.63)%  (1.80)%  13.07%  13.80% 
     Ratios to Average Net Assets Applicable to Common Shareholders               
Total expenses6    1.26%7  1.46%  1.61%7  1.76%  1.71%  1.52%  1.40% 
Total expenses after fees waived and paid indirectly6    1.25%7  1.42%  1.59%7  1.75%  1.70%  1.51%  1.39% 
Total expenses after fees waived and paid indirectly and                 
     excluding interest expense and fees6,8    1.23%7  1.36%  1.40%7  1.37%  1.33%  1.20%  1.19% 
Net investment income6    7.18%7  8.16%  7.19%7  6.65%  6.90%  6.54%  6.65% 
Dividends to Preferred Shareholders    0.45%7  1.61%  1.94%7  2.04%  1.83%  0.91%  0.42% 
Net investment income to Common Shareholders    6.73%7  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)  $ 60,574  $ 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  $ 38,800  $ 40,300  $ 40,300  $ 40,300  $ 40,300  $ 30,300 
Portfolio turnover    6%  39%  13%  31%  31%  28%  21% 
Asset coverage per Preferred Share at $25,000                 
   liquidation preference, end of period  $ 64,032  $ 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. Where applicable,
total investment returns exclude the effects of sales charges and include the reinvestment of dividends and distributions.
5 Aggregate total investment return.
6 Do not reflect the effect of dividends to Preferred Shareholders.
7 Annualized.
8 Interest expense and fees relate to 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 period presentation.

See Notes to Financial Statements.

SEMI-ANNUAL REPORT

JANUARY 31, 2010

33


Financial Highlights          BlackRock MuniYield California Fund, Inc. (MYC) 
  Six Months    Period         
    Ended    November 1,         
  January 31,  Year Ended  2007         
    2010  July 31,  to July 31,    Year Ended October 31,   
  (Unaudited)  2009  2008  2007  2006  2005  2004 
     Per Share Operating Performance                 
Net asset value, beginning of period  $ 13.47  $ 13.71  $ 14.60  $ 15.11  $ 14.73  $ 15.27  $ 15.17 
Net investment income1    0.46  0.91  0.69  0.93  0.96  0.93  1.02 
Net realized and unrealized gain (loss)    0.73  (0.33)  (0.88)  (0.49)  0.37  (0.46)  0.12 
Dividends to Preferred Shareholders                 
   from net investment income    (0.02)  (0.13)  (0.20)  (0.29)  (0.25)  (0.13)  (0.07) 
Net increase (decrease) from investment operations    1.17  0.45  (0.39)  0.15  1.08  0.34  1.07 
Dividends to Common Shareholders                 
   from net investment income    (0.41)  (0.69)  (0.50)  (0.66)  (0.70)  (0.86)  (0.97) 
Capital charges with respect to issuance                 
   of Preferred Shares            0.002  (0.02)   
Net asset value, end of period  $ 14.23  $ 13.47  $ 13.71  $ 14.60  $ 15.11  $ 14.73  $ 15.27 
Market price, end of period  $ 12.75  $ 12.44  $ 13.07  $ 13.25  $ 14.00  $ 13.37  $ 14.43 
     Total Investment Return3                 
Based on net asset value    8.98%4  4.64%  (2.55)%4  1.36%  8.03%  2.59%  7.74% 
Based on market price    5.73%4  1.37%  2.37%4  (0.72)%  10.28%  (1.46)%  9.16% 
     Ratios to Average Net Assets Applicable to Common Shareholders               
Total expenses5    1.17%6  1.49%  1.49%6  1.77%  1.52%  1.13%  1.12% 
Total expenses after fees waived5    1.16%6  1.47%  1.45%6  1.75%  1.51%  1.13%  1.12% 
Total expenses after fees waived and                 
   excluding interest expense and fees5,7    1.00%6  1.08%  1.06%6  1.06%  1.06%  0.98%  0.96% 
Net investment income5    6.52%6  7.07%  6.24%6  6.29%  6.51%  6.16%  6.79% 
Dividends to Preferred Shareholders    0.23%6  0.99%  1.83%6  1.93%  1.70%  0.84%  0.44% 
Net investment income to Common Shareholders    6.29%6  6.08%  4.41%6  4.36%  4.81%  5.32%  6.35% 
     Supplemental Data                 
Net assets applicable to Common Shareholders,                 
   end of period (000)  $ 302,930  $ 286,805  $ 292,002  $ 310,934  $ 321,701  $ 313,708  $ 325,204 
Preferred Shares outstanding at $25,000                 
   liquidation preference, end of period (000)  $ 105,950  $ 105,950  $ 126,500  $ 175,000  $ 175,000  $ 175,000  $ 140,000 
Portfolio turnover    30%  38%  30%  41%  39%  53%  29% 
Asset coverage per Preferred Share at $25,000                 
   liquidation preference, end of period  $ 96,482  $ 92,679  $ 82,7248  $ 69,4528  $ 70,9858  $ 69,8188  $ 83,0728 

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

See Notes to Financial Statements.

34 SEMI-ANNUAL REPORT

JANUARY 31, 2010


Financial Highlights          BlackRock MuniYield Investment Fund (MYF) 
  Six Months    Period         
    Ended    November 1,         
  January 31,  Year Ended  2007         
    2010  July 31,  to July 31,    Year Ended October 31,   
  (Unaudited)  2009  2008  2007  2006  2005  2004 
     Per Share Operating Performance                 
Net asset value, beginning of period  $ 12.95  $ 13.59  $ 14.53  $ 15.11  $ 14.91  $ 15.27  $ 14.97 
Net investment income1    0.47  0.96  0.73  0.99  0.99  0.98  1.00 
Net realized and unrealized gain (loss)    0.74  (0.77)  (0.94)  (0.57)  0.28  (0.26)  0.29 
Dividends to Preferred Shareholders                 
   from net investment income    (0.01)  (0.13)  (0.21)  (0.30)  (0.26)  (0.14)  (0.07) 
Net increase (decrease) from investment operations    1.20  0.06  (0.42)  0.12  1.01  0.58  1.22 
Dividends to Common Shareholders                 
   from net investment income    (0.39)  (0.70)  (0.52)  (0.70)  (0.81)  (0.92)  (0.92) 
Capital charges with respect to issuance of Preferred Shares                     (0.00)2  (0.02)   
Net asset value, end of period  $ 13.76  $ 12.95  $ 13.59  $ 14.53  $ 15.11  $ 14.91  $ 15.27 
Market price, end of period  $ 12.88  $ 11.72  $ 11.91  $ 12.86  $ 14.35  $ 14.93  $ 14.28 
     Total Investment Return3                 
Based on net asset value    9.52%4  1.93%  (2.52)%4  1.21%  7.24%  3.98%  8.99% 
Based on market price  13.27%4  5.26%  (3.48)%4  (5.68)%  1.71%  11.34%  10.57% 
     Ratios to Average Net Assets Applicable to Common Shareholders               
Total expenses5    1.27%6  1.35%  1.42%6  1.47%  1.44%  1.25%  1.19% 
Total expenses after fees waived5    1.26%6  1.34%  1.40%6  1.46%  1.42%  1.25%  1.18% 
Total expenses after fees waived and                 
   excluding interest expense and fees5,7    1.04%6  1.12%  1.10%6  1.10%  1.09%  1.05%  1.03% 
Net investment income5    6.93%6  7.66%  6.77%6  6.72%  6.63%  6.46%  6.67% 
Dividends to Preferred Shareholders    0.19%6  1.09%  1.92%6  2.01%  1.75%  0.95%  0.48% 
Net investment income to Common Shareholders    6.74%6  6.57%  4.85%6  4.71%  4.88%  5.51%  6.19% 
     Supplemental Data                 
Net assets applicable to Common Shareholders,                 
   end of period (000)  $ 186,579  $ 175,610  $ 184,315  $ 197,014  $ 204,865  $ 202,042  $ 206,895 
Preferred Shares outstanding at $25,000                 
   liquidation preference, end of period (000)  $ 59,475  $ 59,475  $ 90,825  $ 110,000  $ 110,000  $ 110,000  $ 95,000 
Portfolio turnover    28%  63%  22%  25%  46%  42%  33% 
Asset coverage per Preferred Share at $25,000                 
   liquidation preference, end of period  $ 103,429  $ 98,819  $ 75,7428  $ 69,7908  $ 71,5748  $ 70,9208  $ 79,4468 

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

See Notes to Financial Statements.

SEMI-ANNUAL REPORT

JANUARY 31, 2010

35


Financial Highlights          BlackRock MuniYield New Jersey Fund, Inc. (MYJ) 
  Six Months    Period         
    Ended    December 1,         
  January 31,  Year Ended  2007         
    2010  July 31,  to July 31,    Year Ended November 30,   
  (Unaudited)  2009  2008  2007  2006  2005  2004 
     Per Share Operating Performance                 
Net asset value, beginning of period  $ 14.13  $ 14.36  $ 15.18  $ 15.90  $ 15.37  $ 15.25  $ 15.39 
Net investment income1    0.48  0.98  0.62  1.01  1.00  1.01  1.06 
Net realized and unrealized gain (loss)    0.67  (0.34)  (0.79)  (0.74)  0.54  0.18  (0.14) 
Dividends to Preferred Shareholders                 
   from net investment income    (0.02)  (0.15)  (0.18)  (0.29)  (0.25)  (0.16)  (0.08) 
Net increase (decrease) from investment operations    1.13  0.49  (0.35)  (0.02)  1.29  1.03  0.84 
Dividends to Common Shareholders                 
   from net investment income    (0.42)  (0.72)  (0.47)  (0.70)  (0.76)  (0.91)  (0.96) 
Capital charges with respect to issuance of Preferred Shares                       (0.00)2  (0.02) 
Net asset value, end of period  $ 14.84  $ 14.13  $ 14.36  $ 15.18  $ 15.90  $ 15.37  $ 15.25 
Market price, end of period  $ 14.07  $ 13.49  $ 13.52  $ 13.66  $ 15.47  $ 14.38  $ 14.73 
     Total Investment Return3                 
Based on net asset value    8.19%4  4.50%  (2.17)%4  0.11%  8.83%  7.08%  5.84% 
Based on market price    7.44%4  5.96%  2.35%4  (7.41)%  13.17%  3.72%  9.72% 
     Ratios to Average Net Assets Applicable to Common Shareholders               
Total expenses5    1.01%6  1.15%  1.22%6  1.28%  1.44%  1.39%  1.25% 
Total expenses after fees waived5    1.01%6  1.14%  1.20%6  1.27%  1.44%  1.39%  1.24% 
Total expenses after fees waived and                 
   excluding interest expense and fees5,7    0.98%6  1.05%  1.13%6  1.10%  1.09%  1.09%  1.02% 
Net investment income5    6.45%6  7.21%  6.27%6  6.56%  6.50%  6.47%  6.94% 
Dividends to Preferred Shareholders    0.30%6  1.12%  1.85%6  1.85%  1.65%  1.05%  0.50% 
Net investment income to Common Shareholders    6.15%6  6.09%  4.42%6  4.71%  4.85%  5.42%  6.44% 
     Supplemental Data                 
Net assets applicable to Common Shareholders,                 
   end of period (000)  $ 210,846  $ 200,740  $ 204,022  $ 215,585  $ 225,855  $ 218,250  $ 216,618 
Preferred Shares outstanding at $25,000                 
   liquidation preference, end of period (000)  $ 102,200  $ 102,200  $ 104,725  $ 119,000  $ 119,000  $ 119,000  $ 119,000 
Portfolio turnover    5%  21%  11%  18%  9%  32%  14% 
Asset coverage per Preferred Share at $25,000                 
   liquidation preference, end of period  $ 76,579  $ 74,107  $ 73,7098  $ 70,3058  $ 72,4528  $ 70,8588  $ 70,5148 

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

See Notes to Financial Statements.

36 SEMI-ANNUAL REPORT

JANUARY 31, 2010


Notes to Financial Statements (Unaudited)

1. Organization and Significant Accounting Policies:

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

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

Valuation: The Funds’ policy is to fair value their financial instruments at
market value. Municipal investments (including commitments to purchase
such investments on a “when-issued” basis) are valued on the basis of
prices provided by dealers or pricing services selected under the super-
vision of each Fund’s Board. In determining the value of a particular
investment, pricing services may use certain information with respect to
transactions in such investments, quotations from dealers, pricing matrixes,
market transactions in comparable investments and information with
respect to various relationships between investments. Financial futures
contracts traded on exchanges are valued at their last sale price. Short-
term securities with remaining maturities of 60 days or less may be valued
at amortized cost, which approximates fair value. Investments in open-end
investment companies are valued at net asset value each business day.

In the event that application of these methods of valuation results in a
price for an investment which is deemed not to be representative of the
market value of such investment or is not available, the investment will be
valued by a method approved by each Fund’s Board as reflecting fair value.
When determining the price for such investments, the investment advisor
and/or the sub-advisor seeks to determine the price that each Fund might
reasonably expect to receive from the current sale of that asset in an
arm’s-length transaction. Fair value determinations shall be based upon all
available factors that the investment advisor and/or sub-advisor deems rel-
evant.

Forward Commitments and When-Issued Delayed Delivery Securities:
Each Fund may purchase securities on a when-issued basis and may pur-
chase or sell securities on a forward commitment basis. Settlement of such
transactions normally occurs within a month or more after the purchase or
sale commitment is made. The Funds may purchase securities under such
conditions with the intention of actually acquiring them, but may enter into
a separate agreement to sell the securities before the settlement date.

Since the value of securities purchased may fluctuate prior to settlement,
the Funds may be required to pay more at settlement than the security is
worth. In addition, the purchaser is not entitled to any of the interest
earned prior to settlement. When purchasing a security on a delayed
delivery basis, the Funds assume the rights and risks of ownership of the
security, including the risk of price and yield fluctuations. In the event of
default by the counterparty, the Funds’ maximum amount of loss is the
unrealized gain of the commitment, which is shown on the Schedules of
Investments, if any.

Municipal Bonds Transferred to Tender Option Bond Trusts: The Funds
leverage their assets through the use of tender option bond trusts (“TOBs”).
A TOB is established by a third party sponsor forming a special purpose
entity, into which one or more funds, or an agent on behalf of the funds,
transfers municipal bonds. Other funds managed by the investment advisor
may also contribute municipal bonds to a TOB into which a Fund has con-
tributed bonds. A TOB typically issues two classes of beneficial interests:
short-term floating rate certificates, which are sold to third party investors,
and residual certificates (“TOB Residuals”), which are generally issued to
the participating funds that made the transfer. The TOB Residuals held by
a Fund include the right of the Fund (1) to cause the holders of a propor-
tional share of the floating rate certificates to tender their certificates at
par, and (2) to transfer, within seven days, a corresponding share of the
municipal bonds from the TOB to the Funds. The TOB may also be termi-
nated without the consent of the Fund upon the occurrence of certain
events as defined in the TOB agreements. Such termination events may
include the bankruptcy or default of the municipal bond, a substantial
downgrade in credit quality of the municipal bond, the inability of the TOB
to obtain quarterly or annual renewal of the liquidity support agreement, a
substantial decline in market value of the municipal bond or the inability to
remarket the short-term floating rate certificates to third party investors.

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

Interest income from the underlying security is recorded by the Funds on
an accrual basis. Interest expense incurred on the secured borrowing and
other expenses related to remarketing, administration and trustee services
to a TOB are reported as expenses of the Funds. The floating rate certifi-
cates have interest rates that generally reset weekly and their holders have
the option to tender certificates to the TOB for redemption at par at each
reset date. At January 31, 2010, the aggregate value of the underlying
municipal bonds transferred to TOBs, the related liability for trust certifi-
cates and the range of interest rates on the liability for trust certificates
were as follows:

SEMI-ANNUAL REPORT

JANUARY 31, 2010

37


Notes to Financial Statements (continued)

Underlying
Municipal
  Bonds  Liability for  Range of 
  Transferred  Trust  Interest 
  to TOBs  Certificates  Rates 
MNE  $ 823,672  $ 375,000  0.23% 
MZA  $ 3,100,080  $ 1,500,000  0.25% 
MYC  $135,813,746  $74,379,365  0.19% – 0.34% 
MYF  $105,215,803  $56,022,374  0.21% – 0.69% 
MYJ  $ 10,678,700  $ 6,603,701  0.32% 

For the six months ended January 31, 2010, the Funds’ average trust cer-
tificates outstanding and the daily weighted average interest rate, including
fees, were as follows:

  Average Trust  Daily Weighted 
  Certificates  Average 
  Outstanding  Interest Rate 
MNE  $ 624,643  0.38% 
MZA  $ 1,500,000  0.40% 
MYC  $74,376,250  0.68% 
MYF  $54,502,606  0.78% 
MYJ  $ 6,603,701  0.73% 

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

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

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

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

Dividends and Distributions: Dividends from net investment income are
declared and paid monthly. Distributions of capital gains are recorded on

the ex-dividend dates. Dividends and distributions to Preferred Share-
holders are accrued and determined as described in Note 6.

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

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

  Year Ended  Period  Year Ended  Year Ended 
MNE  July 31, 2009  June 1, 2008 to  May 31, 2008  May 31, 2007 
    July 31, 2008     
MZA  July 31, 2009  November 1,  October 31,  October 31, 
    2008 to  2007  2006 
    July 31, 2008     
MYC  July 31, 2009  November 1,  October 31,  October 31, 
    2008 to  2007  2006 
    July 31, 2008     
MYF  July 31, 2009  November 1,  October 31,  October 31, 
    2008 to  2007  2006 
    July 31, 2008     
MYJ  July 31, 2009  December 1,  November 30,  November 30, 
    2008 to  2007  2006 
    July 31, 2008     

The statutes of limitations on the Funds’ state and local tax returns may
remain open for an additional year depending upon the jurisdiction.

Recent Accounting Standards: In June 2009, amended guidance was
issued by the Financial Accounting Standards Board (“FASB”) for transfers
of financial assets. This guidance is intended to improve the relevance, rep-
resentational faithfulness and comparability of the information that a
reporting entity provides in its financial statements about a transfer of
financial assets; the effects of a transfer on its financial position, financial
performance, and cash flows; and a transferor’s continuing involvement, if
any, in transferred financial assets. The amended guidance is effective for
financial statements for fiscal years and interim periods beginning after
November 15, 2009. Earlier application is prohibited. The recognition and
measurement provisions of this guidance must be applied to transfers
occurring on or after the effective date. Additionally, the enhanced disclo-
sure provisions of the amended guidance should be applied to transfers
that occurred both before and after the effective date of this guidance. The
impact of this guidance on the Funds’ financial statements and disclo-
sures, if any, is currently being assessed.

In January 2010, the FASB issued amended guidance to improve disclos-
ure about fair value measurements which will require additional disclosures
about transfers into and out of Levels 1 and 2 and separate disclosures
about purchases, sales, issuances and settlements in the reconciliation for
fair value measurements using significant unobservable inputs (Level 3). It
also clarifies existing disclosure requirements relating to the levels of disag-
gregation for fair value measurement and inputs and valuation techniques
used to measure fair value. The amended guidance is effective for financial

38 SEMI-ANNUAL REPORT

JANUARY 31, 2010


Notes to Financial Statements (continued)

statements for fiscal years and interim periods beginning after December
15, 2009 except for disclosures about purchases, sales, issuances and
settlements in the rollforward of activity in Level 3 fair value measurements,
which are effective for fiscal years beginning after December 15, 2010
and for interim periods within those fiscal years. The impact of this guid-
ance on the Funds’ financial statements and disclosures is currently
being assessed.

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

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

Other: Expenses directly related to a Fund are charged to that Fund. Other
operating expenses shared by several funds are pro rated among those
funds on the basis of relative net assets or other appropriate methods.
Each Fund has an arrangement with its custodian whereby fees may be
reduced by credits earned on uninvested cash balances, which if applica-
ble are shown as fees paid indirectly in the Statements of Operations. The
custodians impose fees on overdrawn cash balances, which can be offset
by accumulated credits earned or may result in additional custody charges.

2. Derivative Financial Instruments:

The Funds may engage in various portfolio investment strategies both to
increase the return of the Funds and to economically hedge, or protect,
exposure to certain risks such as interest rate risk. Losses may arise if the
value of the contract decreases due to an unfavorable change in the price
of the underlying instrument or if the counterparty does not perform under
the contract. To the extent amounts due to the Fund from its counterparties
are not fully collateralized contractually or otherwise, the Fund bears the
risk of loss from counterparty non-performance. See Note 1 “Segregation
and Collateralization” for information with respect to collateral practices.
Counterparty risk related to exchange-traded financial futures contracts is
minimal because of the protection against default provided by the
exchanges on which they trade.

Financial Futures Contracts: The Funds may purchase or sell financial
futures contracts and options on financial futures contracts to gain expo-
sure to, or economically hedge against, changes in interest rates (interest

rate risk). Financial futures contracts are contracts for delayed delivery of
securities at a specific future date and at a specific price or yield. Pursuant
to the contract, the Funds agree to receive from or pay to the broker an
amount of cash equal to the daily fluctuation in value of the contract. Such
receipts or payments are known as margin variation and are recognized by
the Funds as unrealized gains or losses. When the contract is closed, the
Funds record a realized gain or loss equal to the difference between the
value of the contract at the time it was opened and the value at the time it
was closed. The use of financial futures transactions involves the risk of an
imperfect correlation in the movements in the price of financial futures
contracts, interest rates and the underlying assets.

Derivative Instruments Catagorized by Risk Exposure:

The Effect of Derivative Instruments on the Statements of Operations
Six Months Ended January 31, 2010*

    Net Realized Gain from   
  MNE     MZA  MYC  MYF  MYJ 
Interest rate contracts:           
Financial futures           
contracts  $ 3,982  $ 3,983 $   8,960  $ 12,943  $ 9,956 

* As of January 31, 2010, there were no financial futures contracts outstanding.
During the six months ended January 31, 2010, the Funds had limited activity
in these transactions.

3. Investment Advisory Agreement and Other Transactions
with Affiliates:

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

Each Fund entered into an Investment Advisory Agreement with BlackRock
Advisors, LLC (the “Manager”), the Funds’ investment advisor, an indirect,
wholly owned subsidiary of BlackRock, to provide investment advisory and
administration services.

The Manager is responsible for the management of each Fund’s portfolio
and provides the necessary personnel, facilities, equipment and certain
other services necessary to the operations of each Fund. For such services,
each Fund pays the Manager a monthly fee of the Fund’s average daily net
assets at the following annual rates:

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

The Manager has contractually agreed to waive a portion of its fee during
the first seven years of MNE’s operations ending July 2010 as follows:

 

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

Year 7 through July 31, 2010

0.05%


SEMI-ANNUAL REPORT

JANUARY 31, 2010

39


Notes to Financial Statements (continued)

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

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

  Fees Waived 
  by Manager 
MNE  $21,949 

The Manager has voluntarily agreed to waive its advisory fees by the
amount of investment advisory fees each Fund pays to the Manager indi-
rectly through its investment in affiliated money market funds, however the
Manager does not waive its advisory fees by the amount of investment
advisory fees through its investment in other affiliated investment comp-
anies. These amounts are included in fees waived by advisor in the
Statements of Operations. For the six months ended January 31, 2010
the amounts waived were as follows:

  Amount 
MNE  $ 849 
MZA  $ 2,619 
MYC  $11,467 
MYF  $ 3,608 
MYJ  $ 9,010 

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

For the six months ended January 31, 2010, the Funds reimbursed the
Manager for certain accounting services, which are included in accounting
services in the Statements of Operations.

  Reimbursement 
MNE  $ 862 
MZA  $ 973 
MYC  $4,921 
MYF  $3,047 
MYJ  $3,005 

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

4. Investments:

Purchases and sales of investments, excluding short-term securities, for the
six months ended January 31, 2010 were as follows:

  Purchases  Sales 
MNE  $ 6,783,692  $ 7,192,170 
MZA  $ 7,308,181  $ 5,999,430 
MYC  $152,206,427  $141,851,887 
MYF  $ 93,320,573  $ 81,329,267 
MYJ  $ 13,965,391  $ 21,908,159 

5. Concentration, Market and Credit Risk:

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

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

In the normal course of business, the Funds invest in securities and enter
into transactions where risks exist due to fluctuations in the market (market
risk) or failure of the issuer of a security to meet all its obligations (credit
risk). The value of securities held by the Funds may decline in response to
certain events, including those directly involving the issuers whose securi-
ties are owned by the Funds; conditions affecting the general economy;
overall market changes; local, regional or global political, social or eco-
nomic instability; and currency and interest rate and price fluctuations.
Similar to credit risk, the Funds may be exposed to counterparty risk, or
the risk that an entity with which the Funds have unsettled or open trans-
actions may default. Financial assets, which potentially expose the Funds
to credit and counterparty risks, consist principally of investments and
cash due from counterparties. The extent of the Funds’ exposure to credit
and counterparty risks with respect to these financial assets is generally
approximated by their value recorded in the Funds’ Statements of Assets
and Liabilities, less any collateral held by the Funds.

6. Capital Share Transactions:

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

Common Shares

Shares issued and outstanding for MZA for the six months ended January
31, 2010 and the year ended July 31, 2009 increased by 6,655 and
7,393, respectively, as a result of dividend reinvestment.

Shares issued and outstanding remained constant for MNE, MYC, MYF and
MYJ during the six months ended January 31, 2010 and the year ended
July 31, 2009.

Preferred Shares

The Preferred Shares are redeemable at the option of each Fund, in whole
or in part, on any dividend payment date at their liquidation preference
per share plus any accumulated and unpaid dividends whether or not
declared. The Preferred Shares are also subject to mandatory redemption
at their liquidation preference plus any accumulated and unpaid dividends,
whether or not declared, if certain requirements relating to the composition

40 SEMI-ANNUAL REPORT

JANUARY 31, 2010


Notes to Financial Statements (continued)

of the assets and liabilities of a Fund, as set forth in each Fund’s Articles
Supplementary/Statement of Preferences/Certificate of Designation (the
“Governing Instrument”) are not satisfied.

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

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

The Funds had the following series of Preferred Shares outstanding,
effective yields and reset frequency at January 31, 2010:

        Reset 
    Preferred  Effective  Frequency 
  Series  Shares  Yield  Days 
MNE  F7  1,185  1.41%1  7 
MZA     A  499  0.34%2  7 
     B  668  0.34%2  7 
  C  385  1.41%2  7 
MYC     A  1,453  0.32%2  28 
     B  1,453  0.34%2  7 
  C  484  0.26%2  28 
     D  848  1.41%1  7 
MYF     A  1,189  0.34%2  7 
     B  865  0.32%2  7 
  C  325  1.42%1  7 
MYJ     A  2,061  0.34%2  7 
     B  1,288  0.35%2  7 
  C  739  1.41%1  7 

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

Dividends on seven-day and 28-day Preferred Shares are cumulative at a
rate which is reset every seven or 28 days based on the results of an auc-
tion. If the Preferred Shares fail to clear the auction on an auction date, the
affected Fund is required to pay the maximum applicable rate on the
Preferred Shares to holders of such shares for successive dividend periods
until such time as the shares are successfully auctioned. The maximum
applicable rate on the Preferred Shares is footnoted as applicable on the
above chart. The low, high and average dividend rates on the Preferred
Shares for each Fund for the six months ended January 31, 2010 were
as follows:

  Series  Low  High  Average 
MNE  F7  1.32%  1.63%  1.49% 
MZA     A  0.26%  0.55%  0.43% 
     B  0.24%  0.43%  0.58% 
  C  1.32%  1.48%  1.61% 
MYC     A  0.32%  0.50%  0.45% 
     B  0.26%  0.55%  0.43% 
  C  0.26%  0.53%  0.44% 
     D  1.32%  1.63%  1.49% 
MYF     A  0.26%  0.55%  0.43% 
     B  0.24%  0.56%  0.42% 
  C  1.34%  1.60%  1.50% 
MYJ     A  0.26%  0.55%  0.43% 
     B  0.26%  0.55%  0.44% 
  C  1.32%  1.63%  1.49% 

Since February 13, 2008, the Preferred Shares of each Fund failed to clear
any of their auctions. As a result, the Preferred Shares dividend rates were
reset to the maximum applicable rate, which ranged from 0.24% to 1.63%
for the six months ended January 31, 2010. A failed auction is not an
event of default for the Funds but it has a negative impact on the liquidity
of Preferred Shares. A failed auction occurs when there are more sellers
of a fund’s auction rate preferred shares than buyers. A successful auction
for each Fund’s Preferred Shares may not occur for some time, if ever, and
even if liquidity does resume, Preferred Shareholders may not have the
ability to sell the Preferred Shares at their liquidation preference.

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

The Funds pay commissions of 0.25% on the aggregate principal amount
of all shares that successfully clear their auctions and 0.15% on the
aggregate principal amount of all shares that fail to clear their auctions.
Certain broker dealers have individually agreed to reduce commissions
for failed auctions.

SEMI-ANNUAL REPORT

JANUARY 31, 2010

41


Notes to Financial Statements (concluded)

During the year ended July 31, 2009, MZA, MYC, MYF and MYJ announced
the following redemptions of Preferred Shares at a price of $25,000
per share plus any accrued and unpaid dividends through the redemp-
tion date:

    Redemption  Shares  Aggregate 
  Series  Date  Redeemed  Principal 
MZA     A  7/09/09  19  $ 475,000 
     B  7/14/09  26  $ 650,000 
     C  7/06/09  15  $ 375,000 
MYC     A  7/09/09  282  $ 7,050,000 
     B  7/02/09  282  $ 7,050,000 
     C  7/30/09  94  $ 2,350,000 
     D  7/07/09  164  $ 4,100,000 
MYF     A  7/02/09  627  $15,675,000 
     B  7/06/09  456  $11,400,000 
     C  7/08/09  171  $ 4,275,000 
MYJ     A  7/09/09  51  $ 1,275,000 
     B  7/08/09  32  $ 800,000 
     C  7/07/09  18  $ 450,000 

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

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

7. Capital Loss Carryforwards:

As of July 31, 2009, the Funds had capital loss carryforwards available to
offset future realized capital gains through the indicated expiration dates:

Expires July 31,  MNE  MZA  MYC  MYF  MYJ 
2011      $ 178,107     
2012  $ 134,161    —  $1,266,217  $ 239,556 
2015  25,350         
2016  739,187  $ 318,483  393,490  2,101,744  104,422 
2017  501,235    169,064    421,488 
Total  $1,399,933  $ 318,483  $ 740,661 $3,367,961  $ 765,466 

8. Subsequent Events:

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

Each Fund paid a net investment income dividend on March 1, 2010 to
Common Shareholders of record on February 12, 2010 as follows:

  Common Dividend 
  Per Share 
MNE  $0.0555 
MZA  $0.0670 
MYC  $0.0675 
MYF  $0.0655 
MYJ  $0.0705 

The dividends declared on Preferred Shares for the period February 1,
2010 to February 28, 2010 were as follows:

    Dividends 
  Series  Declared 
MNE  F7  $ 8,136 
MZA     A  $ 437 
     B  $ 1,005 
  C  $ 2,643 
MYC     A  $ 3,503 
     B  $ 1,334 
  C  $ 1,545 
     D  $ 4,896 
MYF     A  $ 7,240 
     B  $ 5,241 
  C  $ 8,645 
MYJ     A  $ 1,807 
     B  $ 1,544 
  C  $ 4,349 

The Funds' distribution rates declared on March 1, 2010 were as follows:

  Per Common 
  Share Amount 
MZA  $0.0695 
MYC  $0.0700 
MYF  $0.0705 

42 SEMI-ANNUAL REPORT

JANUARY 31, 2010


Officers and Directors

Richard E. Cavanagh, Chairman of the Board and Director
Karen P. Robards, Vice Chair of the Board, Chair of the Audit Committee
and Director
G. Nicholas Beckwith, III, Director
Richard S. Davis, Fund President1 and Director
Frank J. Fabozzi, Director and Member of the Audit Committee
Kathleen F. Feldstein, Director
James T. Flynn, Director and Member of the Audit Committee
Henry Gabbay, Director
Jerrold B. Harris, Director
R. Glenn Hubbard, Director
W. Carl Kester, Director and Member of the Audit Committee
Anne Ackerley, Fund President2 and Chief Executive Officer
Brendan Kyne, Vice President
Neal Andrews, Chief Financial Officer
Jay Fife, Treasurer
Brian Kindelan, Chief Compliance Officer
Howard Surloff, Secretary

1 For MYF.
2 For MNE, MZA, MYC and MYJ.

Investment Advisor
BlackRock Advisors, LLC
Wilmington, DE 19809

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

Custodians
State Street Bank and Trust Company3
Boston, MA 02111

The Bank of New York Mellon4
New York, NY 10286

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

BNY Mellon Shareowner Services4
Jersey City, NJ 07310

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

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

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

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

Address of the Funds
100 Bellevue Parkway
Wilmington, DE 19809

3 For MNE.
4 For MZA, MYC, MYF and MYJ.

Effective January 1, 2010, Kent Dixon, a Director of the Funds, retired. The Funds’
Board wishes Mr. Dixon well in his retirement.

SEMI-ANNUAL REPORT

JANUARY 31, 2010

43


Additional Information

Proxy Results

The Annual Meeting of Shareholders was held on August 26, 2009 for shareholders of record on June 29, 2009 to elect director nominees of each Fund:

  G. Nicholas Beckwith, III  Richard E. Cavanagh  Richard S. Davis 
    Votes    Votes    Votes 
  Votes For  Withheld  Votes For  Withheld  Votes For  Withheld 
MNE  3,722,842  146,423  3,720,353  148,912  3,725,136  144,129 
MZA  4,252,134  141,955  4,254,274  139,815  4,256,514  137,575 
MYC  18,341,026  657,582  18,345,926  652,682  18,345,076  653,532 
MYF  11,507,930  1,071,073  11,515,542  1,063,461  11,518,110  1,060,893 
MYJ  12,896,908  432,848  12,827,102  502,654  12,922,659  407,097 
  Kent Dixon           Frank J. Fabozzi1  Kathleen F. Feldstein 
    Votes    Votes    Votes 
  Votes For  Withheld  Votes For  Withheld  Votes For  Withheld 
MNE  3,660,645  208,620  1,150    3,720,353  148,912 
MZA  4,256,514  137,575  1,436  8  4,247,756  146,333 
MYC  18,240,525  758,083  3,051  59  17,964,966  1,033,642 
MYF  11,503,213  1,075,790  3,052    11,511,078  1,067,925 
MYJ  12,813,516  516,240  3,235  10  12,836,981  492,775 
  James T. Flynn             Henry Gabbay  Jerrold B. Harris 
    Votes    Votes    Votes 
  Votes For  Withheld  Votes For  Withheld  Votes For  Withheld 
MNE  3,660,645  208,620  3,725,136  144,129  3,718,059  151,206 
MZA  4,256,514  137,575  4,256,514  137,575  4,254,274  139,815 
MYC  18,390,160  608,448  18,350,514  648,094  18,309,615  688,993 
MYF  11,511,711  1,067,292  11,508,643  1,070,360  11,516,860  1,062,143 
MYJ  12,922,990  406,766  12,911,186  418,570  12,922,737  407,019 
  R. Glenn Hubbard             W. Carl Kester1   Karen P. Robards 
    Votes    Votes    Votes 
  Votes For  Withheld  Votes For  Withheld  Votes For  Withheld 
MNE  3,720,353  148,912  1,150    3,720,353  148,912 
MZA  4,252,134  141,955  1,436  8  4,247,756  146,333 
MYC  18,379,920  618,688  3,051  59  18,201,719  796,889 
MYF  11,509,612  1,069,391  3,052    11,517,512  1,061,491 
MYJ  12,833,395  496,361  3,219  26  12,842,888  486,868 
     1Voted on by holders of Preferred Shares only.             

44 SEMI-ANNUAL REPORT

JANUARY 31, 2010


Additional Information (continued)

Dividend Policy

The Funds’ dividend policy is to distribute all or a portion of their net
investment income to its shareholders on a monthly basis. In order to pro-
vide shareholders with a more stable level of dividend distributions, the
Funds may at times pay out less than the entire amount of net investment
income earned in any particular month and may at times in any particular
month pay out such accumulated but undistributed income in addition to

net investment income earned in that month. As a result, the dividends
paid by the Funds for any particular month may be more or less than the
amount of net investment income earned by the Funds during such month.
The Funds’ current accumulated but undistributed net investment income,
if any, is disclosed in the Statements of Assets and Liabilities, which com-
prises part of the financial information included in this report.

General Information

Electronic Delivery

Electronic copies of most financial reports are available on the Funds’ web-
sites or shareholders can sign up for e-mail notifications of quarterly state-
ments, annual and semi-annual reports by enrolling in the Funds’ electronic
delivery program.

Shareholders Who Hold Accounts with Investment Advisors, Banks
or Brokerages:

Please contact your financial advisor to enroll. Please note that not all
investment advisors, banks or brokerages may offer this service.

SEMI-ANNUAL REPORT

JANUARY 31, 2010

45


Additional Information (concluded)

General Information (concluded)

Householding

The Funds will mail only one copy of shareholder documents, including
annual and semi-annual reports and proxy statements, to shareholders
with multiple accounts at the same address. This practice is commonly
called “householding” and is intended to reduce expenses and eliminate
duplicate mailings of shareholder documents. Mailings of your share-
holder documents may be householded indefinitely unless you instruct
us otherwise. If you do not want the mailing of these documents to be
combined with those for other members of your household, please
call (800) 441-7762.

Availability of Quarterly Schedule of Investments

Each Fund files its complete schedule of portfolio holdings with the
Securities and Exchange Commision (SEC) for the first and third quarters of
each fiscal year on Form N-Q. The Funds’ Forms N-Q are available on the
SEC’s website at http://www.sec.gov and may also be reviewed and copied
at the SEC’s Public Reference Room in Washington, DC. Information on the

operation of the Public Reference Room may be obtained by calling
(202) 551-8090. Each Fund’s Forms N-Q may also be obtained upon
request and without charge by calling (800) 441-7762.

Availability of Proxy Voting Policies and Procedures

A description of the policies and procedures that the Funds use to
determine how to vote proxies relating to portfolio securities is available
(1) without charge, upon request, by calling (800) 441-7762; (2) at
www.blackrock.com; and (3) on the SEC’s website at http://www.sec.gov.

Availability of Proxy Voting Record

Information about how the Funds voted proxies relating to securities
held in the Funds’ portfolios during the most recent 12-month period
ended June 30 is available upon request and without charge (1) at
www.blackrock.com or by calling (800) 441-7762 and (2) on the SEC’s
website at http://www.sec.gov.

BlackRock Privacy Principles

BlackRock is committed to maintaining the privacy of its current and for-
mer fund investors and individual clients (collectively, “Clients”) and to
safeguarding their non-public personal information. The following infor-
mation is provided to help you understand what personal information
BlackRock collects, how we protect that information and why in certain
cases we share such information with select parties.

If you are located in a jurisdiction where specific laws, rules or regulations
require BlackRock to provide you with additional or different privacy-related
rights beyond what is set forth below, then BlackRock will comply with those
specific laws, rules or regulations.

BlackRock obtains or verifies personal non-public information from and
about you from different sources, including the following: (i) information we
receive from you or, if applicable, your financial intermediary, on applica-
tions, forms or other documents; (ii) information about your transactions
with us, our affiliates, or others; (iii) information we receive from a consumer
reporting agency; and (iv) from visits to our websites.

BlackRock does not sell or disclose to non-affiliated third parties any non-
public personal information about its Clients, except as permitted by law
or as is necessary to respond to regulatory requests or to service Client
accounts. These non-affiliated third parties are required to protect the
confidentiality and security of this information and to use it only for its
intended purpose.

We may share information with our affiliates to service your account or to
provide you with information about other BlackRock products or services
that may be of interest to you. In addition, BlackRock restricts access
to non-public personal information about its Clients to those BlackRock
employees with a legitimate business need for the information. BlackRock
maintains physical, electronic and procedural safeguards that are designed
to protect the non-public personal information of its Clients, including pro-
cedures relating to the proper storage and disposal of such information.

46 SEMI-ANNUAL REPORT

JANUARY 31, 2010



This report is transmitted to shareholders only. It is not a prospectus. Past performance results shown in this report should not be considered a representa-
tion of future performance. The Funds have leveraged their Common Shares which creates risks for Common Shareholders, including the likelihood of greater
volatility of net asset value and market price of the Common Shares, and the risk that fluctuations in the short-term dividend rates of the Preferred Shares,
currently set at the maximum reset rate as a result of failed auctions, may reduce the Common Shares’ yield. Statements and other information herein are
as dated and are subject to change.



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

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

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

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

Item 6 – Investments
(a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under
Item 1 of this form.
(b) Not Applicable due to no such divestments during the semi-annual period covered since the previous
Form N-CSR filing.

Item 7 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies –
Not Applicable to this semi-annual report

Item 8 – Portfolio Managers of Closed-End Management Investment Companies – Not Applicable to this semi-
annual report

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

Item 10 – Submission of Matters to a Vote of Security Holders – The registrant’s Nominating and Governance
Committee will consider nominees to the board of directors recommended by shareholders when a vacancy
becomes available. Shareholders who wish to recommend a nominee should send nominations that include
biographical information and set forth the qualifications of the proposed nominee to the registrant’s
Secretary. There have been no material changes to these procedures.

Item 11 – Controls and Procedures

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

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

Item 12 – Exhibits attached hereto

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

12(a)(2) – Certifications – Attached hereto

12(a)(3) – Not Applicable

12(b) – Certifications – Attached hereto

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of
1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.


BlackRock MuniYield California Fund, Inc.

By: /s/ Anne F. Ackerley
Anne F. Ackerley
Chief Executive Officer of
BlackRock MuniYield California Fund, Inc.

Date: March 19, 2010

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

By: /s/ Anne F. Ackerley
Anne F. Ackerley
Chief Executive Officer (principal executive officer) of
BlackRock MuniYield California Fund, Inc.

Date: March 19, 2010

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

Date: March 19, 2010