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UNITEDSTATES
SECURITIESANDEXCHANGECOMMISSION
Washington,D.C.20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number 811-06570

Name of Fund: BlackRock MuniYield New Jersey Fund, Inc. (MYJ)

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

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

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

Date of fiscal year end: 07/31/2009

Date of reporting period: 07/31/2009

Item 1 – Report to Stockholders


EQUITIES FIXED INCOME REAL ESTATE LIQUIDITY ALTERNATIVES BLACKROCK SOLUTIONS

Annual Report

JULY 31, 2009

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

BlackRock MuniYield Arizona Fund, Inc. (MZA)

BlackRock MuniYield California Fund, Inc. (MYC)

BlackRock MuniYield Investment Fund (MYF)

BlackRock MuniYield New Jersey Fund, Inc. (MYJ)

NOT FDIC INSURED

MAY LOSE VALUE

NO BANK GUARANTEE

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

2 ANNUAL REPORT JULY 31, 2009

Dear Shareholder

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

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

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

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

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

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

manufacturing and housing.

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

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

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

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

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

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

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

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

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

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

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

to municipal bonds.

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

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

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

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

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


Announcement to Shareholders

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

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

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

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

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

THIS PAGE NOT PART OF YOUR FUND REPORT 3

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

Investment Objective

BlackRock Muni New York Intermediate Duration Fund, Inc. (MNE) (the “Fund”) seeks to provide shareholders with high current income exempt from fed-
eral income taxes and New York State and New York City personal income taxes by investing primarily in a portfolio of municipal obligations, the interest on
which, in the opinion of bond counsel to the issuer, is exempt from federal income taxes and New York State and New York City personal income taxes. No
assurance can be given that the Fund’s investment objective will be achieved.

Performance

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

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

Fund Information

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

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

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

4 ANNUAL REPORT JULY 31, 2009

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

Investment Objective

BlackRock MuniYield Arizona Fund, Inc. (MZA) (the “Fund”) seeks to provide shareholders with as high a level of current income exempt from federal
and Arizona income taxes as is consistent with its investment policies and prudent investment management by investing primarily in a portfolio of long-term,
investment grade municipal obligations, the interest on which, in the opinion of bond counsel to the issuers, is exempt from federal and Arizona income taxes.
No assurance can be given that the Fund’s investment objective will be achieved.

Performance

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

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

Fund Information

Symbol on NYSE Amex          MZA 
Initial Offering Date        October 29, 1993 
Yield on Closing Market Price as of July 31, 2009 ($12.85)1          6.26% 
Tax Equivalent Yield2          9.63% 
Current Monthly Distribution per Common Share3          $0.067 
Current Annualized Distribution per Common Share3          $0.804 
Leverage as of July 31, 20094          42% 
   1 Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price.   
       Past performance does not guarantee future results.           
   2 Tax equivalent yield assumes the maximum federal tax rate of 35%.           
   3 The distribution is not constant and is subject to change.           
   4 Represents Preferred Shares and TOBs as a percentage of total managed assets, which is the total assets of the Fund (including any assets attributa- 
       ble to Preferred Shares and TOBs) minus the sum of accrued liabilities. For a discussion of leveraging techniques utilized by the Fund, please see 
       The Benefits and Risks of Leveraging on page 9.           
The table below summarizes the changes in the Fund’s market price and NAV per share:       
  7/31/09  7/31/08  Change  High  Low 
Market Price  $12.85  $13.94  (7.82)%  $14.30  $7.28 
Net Asset Value  $12.40  $12.81  (3.20)%  $13.12  $9.60 
The following unaudited charts show the sector and credit quality allocations of the Fund’s long-term investments:   

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

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

ANNUAL REPORT JULY 31, 2009 5

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

Investment Objective

BlackRock MuniYield California Fund, Inc. (MYC) (the “Fund”) seeks to provide shareholders with as high a level of current income exempt from federal
and California income taxes as is consistent with its investment policies and prudent investment management by investing primarily in a portfolio of long-
term municipal obligations, the interest on which, in the opinion of bond counsel to the issuer, is exempt from federal and California income taxes. No
assurance can be given that the Fund’s investment objective will be achieved.

Performance

For the 12 months ended July 31, 2009, the Fund returned 1.37% based on market price and 4.64% based on NAV. For the same period, the closed-end
Lipper California Municipal Debt Funds category posted an average return of (3.92)% based on market price and (5.13)% on a NAV basis. All returns reflect
reinvestment of dividends. The Fund’s discount to NAV, which widened during the period, accounts for the difference between performance based on price and
performance based on NAV. The Fund’s duration positioning was neutral for most of the period. The majority of the Fund’s outperformance was derived from a
tightening in credit spreads. Along with extremely attractive borrowing costs, the portfolio accrual permitted an increase in dividends in June. Our strategy is to
pursue a balanced approach to returns, continue to bolster current yield and commit cash reserves when appropriate opportunities are uncovered. Credit fun-
damentals warrant monitoring in the current weak economic environment, especially in California, considering budgetary challenges. We are alert to improve
quality as opportunities arise.

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

Fund Information                 
  Symbol on NYSE              MYC 
  Initial Offering Date            February 28, 1992 
  Yield on Closing Market Price as of July 31, 2009 ($12.44)1          6.51% 
  Tax Equivalent Yield2              10.02% 
  Current Monthly Distribution per Common Share3            $0.0675 
  Current Annualized Distribution per Common Share3            $0.8100 
  Leverage as of July 31, 20094              39% 
     1 Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price.   
         Past performance does not guarantee future results.             
     2 Tax equivalent yield assumes the maximum federal tax rate of 35%.           
     3 The distribution is not constant and is subject to change.             
     4 Represents Preferred Shares and TOBs as a percentage of total managed assets, which is the total assets of the Fund (including any assets attributa- 
         ble to Preferred Shares and TOBs) minus the sum of accrued liabilities. For a discussion of leveraging techniques utilized by the Fund, please see The 
         Benefits and Risks of Leveraging on page 9.             
  The table below summarizes the changes in the Fund’s market price and NAV per share:       
        7/31/09  7/31/08  Change  High  Low 
  Market Price      $12.44  $13.07  (4.82)%  $13.41  $ 7.07 
  Net Asset Value      $13.47  $13.71  (1.75)%  $14.06  $10.31 
The following unaudited charts show the sector and credit quality allocations of the Fund’s long-term investments:
       Sector Allocations                   Credit Quality Allocations5     
    7/31/09  7/31/08        7/31/09  7/31/08 
  County/City/Special District/             AAA/Aaa        34%    43% 
  School District  35%  34%         AA/Aa      30  39 
  Utilities — Electric & Gas (combined)  28  20         A/A      34  14 
  Education  13  15         BBB/Baa      1  4 
  Health  9  15         Not Rated      16  — 
  State  7  4           5 Using the higher of S&P’s or Moody’s ratings.   
  Transportation  6  4           6 The investment advisor has deemed certain of these non-rated 
  Corporate  1  4               securities to be of investment grade quality. As of July 31, 2009, the 
  Housing  1  4               market value of these securities was $2,589,445 representing 1% of 
                     the Fund’s long-term investments.     

6 ANNUAL REPORT JULY 31, 2009

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

Investment Objective

BlackRock MuniYield Investment Fund (MYF) (the “Fund”) seeks to provide shareholders with as high a level of current income exempt from federal income
taxes as is consistent with its investment policies and prudent investment management by investing primarily in a portfolio of long-term municipal obligations,
the interest on which, in the opinion of bond counsel to the issuers, is exempt from federal income taxes. The Fund also seeks to provide shareholders with the
opportunity to own shares the value of which is exempt from Florida intangible personal property taxes. Effective September 16, 2008, BlackRock MuniYield
Florida Fund was renamed BlackRock MuniYield Investment Fund. No assurance can be given that the Fund’s investment objective will be achieved.

Performance

For the 12 months ended July 31, 2009, the Fund returned 5.26% based on market price and 1.93% based on NAV. For the same period, the closed-end
Lipper General Municipal Debt Funds (Leveraged) category posted an average return of 2.20% based on market price and (2.40)% on a NAV basis. All returns
reflect reinvestment of dividends. The Fund’s discount to NAV, which narrowed during the period, accounts for the difference between performance based on
price and performance based on NAV. Sector allocation played an important role in determining how the Fund performed during the reporting period. The
Fund’s significant overweight in pre-refunded bonds in the one- to five-year maturity range aided comparative results, as the yield curve steepened.
Overweight exposure to the education and transportation sectors also enhanced the Fund’s performance.

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

Fund Information

Symbol on NYSE          MYF 
Initial Offering Date        February 28, 1992 
Yield on Closing Market Price as of July 31, 2009 ($11.72)1          5.94% 
Tax Equivalent Yield2          9.14% 
Current Monthly Distribution per Common Share3          $0.058 
Current Annualized Distribution per Common Share3          $0.696 
Leverage as of July 31, 20094          39% 
   1 Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price.   
       Past performance does not guarantee future results.           
   2 Tax equivalent yield assumes the maximum federal tax rate of 35%.           
   3 The distribution is not constant and is subject to change.           
   4 Represents Preferred Shares and TOBs as a percentage of total managed assets, which is the total assets of the Fund (including any assets attributa- 
       ble to Preferred Shares and TOBs) minus the sum of accrued liabilities. For a discussion of leveraging techniques utilized by the Fund, please see The 
       Benefits and Risks of Leveraging on page 9.           
The table below summarizes the changes in the Fund’s market price and NAV per share:       
  7/31/09  7/31/08  Change  High  Low 
Market Price  $11.72  $11.91  (1.60)%  $12.17  $ 6.74 
Net Asset Value  $12.95  $13.59  (4.71)%  $13.87  $10.49 
The following unaudited charts show the sector and credit quality allocations of the Fund’s long-term investments:   

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

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

ANNUAL REPORT JULY 31, 2009 7

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

Investment Objective

BlackRock MuniYield New Jersey Fund, Inc. (MYJ) (the “Fund”) seeks to provide shareholders with as high a level of current income exempt from federal
and New Jersey income taxes as is consistent with its investment policies and prudent investment management by investing primarily in a portfolio of long-
term, investment grade municipal obligations, the interest on which, in the opinion of bond counsel to the issuer, is exempt from federal income tax and New
Jersey personal income taxes. No assurance can be given that the Fund’s investment objective will be achieved.

Performance

For the 12 months ended July 31, 2009, the Fund returned 5.96% based on market price and 4.50% based on NAV. For the same period, the closed-end
Lipper New Jersey Municipal Debt Funds category posted an average return of 4.58% based on market price and 1.31% on a NAV basis. All returns reflect
reinvestment of dividends. The Fund’s discount to NAV, which narrowed during the period, accounts for the difference between performance based on price
and performance based on NAV. Sector allocation played an important role in determining how the Fund performed during the reporting period. Enhancing the
performance of the Fund were its overweight positions in education, tax-backed and utility bonds. As the economic downturn continued, these essential serv-
ice sectors significantly outperformed all spread products.

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

Fund Information

Symbol on NYSE          MYJ 
Initial Offering Date          May 1, 1992 
Yield on Closing Market Price as of July 31, 2009 ($13.49)1          6.27% 
Tax Equivalent Yield2          9.65% 
Current Monthly Distribution per Common Share3          $0.0705 
Current Annualized Distribution per Common Share3          $0.8460 
Leverage as of July 31, 20094          35% 
   1 Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price.   
       Past performance does not guarantee future results.           
   2 Tax equivalent yield assumes the maximum federal tax rate of 35%.           
   3 The distribution is not constant and is subject to change.           
   4 Represents Preferred Shares and TOBs as a percentage of total managed assets, which is the total assets of the Fund (including any assets attributa- 
       ble to Preferred Shares and TOBs) minus the sum of accrued liabilities. For a discussion of leveraging techniques utilized by the Fund, please see The 
       Benefits and Risks of Leveraging on page 9.           
The table below summarizes the changes in the Fund’s market price and NAV per share:       
  7/31/09  7/31/08  Change  High  Low 
Market Price  $13.49  $13.52  (0.22)%  $14.00  $ 8.15 
Net Asset Value  $14.13  $14.36  (1.60)%  $14.68  $11.62 
The following unaudited charts show the sector and credit quality allocations of the Fund’s long-term investments:   

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

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

8 ANNUAL REPORT JULY 31, 2009

The Benefits and Risks of Leveraging

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

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

To illustrate these concepts, assume a Fund’s Common Shares capitalization
is $100 million and it issues Preferred Shares for an additional $50 million,
creating a total value of $150 million available for investment in long-term
municipal bonds. If prevailing short-term interest rates are 3% and long-
term interest rates are 6%, the yield curve has a strongly positive slope. In
this case, the Fund pays dividends on the $50 million of Preferred Shares
based on the lower short-term interest rates. At the same time, the securi-
ties purchased by the Fund with assets received from the Preferred Shares
issuance earn the income based on long-term interest rates. In this case,
the dividends paid to Preferred Shareholders are significantly lower than
the income earned on the Fund’s long-term investments, and therefore the
Common Shareholders are the beneficiaries of the incremental net income.

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

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

The Funds may also, from time to time, leverage their assets through the
use of tender option bond (“TOB”) programs, as described in Note 1 of the
Notes to Financial Statements. TOB investments generally will provide the

Funds with economic benefits in periods of declining short-term interest
rates, but expose the Funds to risks during periods of rising short-term
interest rates similar to those associated with Preferred Shares issued by
the Funds, as described above. Additionally, fluctuations in the market value
of municipal bonds deposited into the TOB trust may adversely affect the
Funds’ NAV per share.

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

Under the Investment Company Act of 1940, each Fund is permitted to
issue Preferred Shares in an amount of up to 50% of its total managed
assets at the time of issuance. Under normal circumstances, each Fund
anticipates that the total economic leverage from Preferred Shares and
TOBs will not exceed 50% of its total managed assets at the time such
leverage is incurred. As of July 31, 2009, the Funds had economic leverage
from Preferred Shares and TOBs as a percentage of their total managed
assets as follows:

  Percent of 
  Leverage 
BlackRock Muni New York Intermediate Duration Fund, Inc  36% 
BlackRock MuniYield Arizona Fund, Inc  42% 
BlackRock MuniYield California Fund, Inc  39% 
BlackRock MuniYield Investment Fund  39% 
BlackRock MuniYield New Jersey Fund, Inc  35% 

Derivative Financial Instruments

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

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

ANNUAL REPORT JULY 31, 2009 9

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

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

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

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

See Notes to Financial Statements.

10 ANNUAL REPORT JULY 31, 2009

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

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

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

See Notes to Financial Statements.

ANNUAL REPORT JULY 31, 2009 11

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

Municipal Bonds Transferred to  Par     
Tender Option Bond Trusts (c)  (000)    Value 
     New York — 3.4%       
County/City/Special District/School District — 3.4%       
Erie County Industrial Development Agency, RB, City Of       
 Buffalo Project (FSA), 5.75%, 5/01/24  $ 1,831  $ 1,849,450 
Total Municipal Bonds Transferred to       
Tender Option Bond Trusts — 3.4%      1,849,450 
Total Long-Term Investments       
(Cost — $86,195,098) — 153.3%      83,780,887 
Short-Term Securities  Shares     
CMA New York Municipal Money Fund, 0.04% (d)(e)  1,737,841    1,737,841 
Total Short-Term Securities       
(Cost — $1,737,841) — 3.2%      1,737,841 
Total Investments (Cost — $87,932,939*) — 156.5%      85,518,728 
Liabilities in Excess of Other Assets — (0.6)%      (323,864) 
Liability for Trust Certificates, Including Interest       
   Expense and Fees Payable — (1.7)%      (919,337) 
Preferred Shares, at Redemption Value — (54.2)%      (29,633,926) 
Net Assets Applicable to Common Shares — 100.0%    $ 54,641,601 
* The cost and unrealized appreciation (depreciation) of investments as of July 31, 
       2009, as computed for federal income tax purposes, were as follows:   
       Aggregate cost    $ 86,910,282 
       Gross unrealized appreciation    $ 1,202,849 
       Gross unrealized depreciation      (3,510,297) 
       Net unrealized depreciation    $ (2,307,448) 
(a) When-issued security.       
(b) US government securities, held in escrow, are used to pay interest on this security, 
       as well as to retire the bond in full at the date indicated, typically at a premium 
       to par.       
(c) Securities represent bonds transferred to a tender option bond trust in exchange for 
       which the Fund acquired residual interest certificates. These securities serve as col- 
       lateral in a financing transaction. See Note 1 of the Notes to Financial Statements 
       for details of municipal bonds transferred to tender option bond trusts. 
(d) Investments in companies considered to be an affiliate of the Fund, for purposes of 
       Section 2(a)(3) of the Investment Company Act of 1940, were as follows: 
     Net     
       Affiliate   Activity    Income 
       CMA New York Municipal Money Fund  $218,482    $19,036 
 (e) Represents the current yield as of report date.       

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

See Notes to Financial Statements.

12 ANNUAL REPORT JULY 31, 2009

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

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

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

See Notes to Financial Statements.

ANNUAL REPORT JULY 31, 2009 13

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

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

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

See Notes to Financial Statements.

14 ANNUAL REPORT JULY 31, 2009

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

(d) Securities represent bonds transferred to a tender option bond trust in exchange for 
  which the Fund acquired residual interest certificates. These securities serve as col- 
  lateral in a financing transaction. See Note 1 of the Notes to Financial Statements 
  for details of municipal bonds transferred to tender option bond trusts. 
(e) Investments in companies considered to be an affiliate of the Fund, for purposes of 
  Section 2(a)(3) of the Investment Company Act of 1940, were as follows: 
      Net   
  Affiliate  Activity  Income 
  CMA Arizona Municipal Money Fund  $1,013,825  $16,706 
(f) Represents the current yield as of report date.     
•  Effective August 1, 2008, the Fund adopted Financial Accounting Standards Board 
  Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” 
  (“FAS 157”). FAS 157 clarifies the definition of fair value, establishes a framework for 
  measuring fair values and requires additional disclosures about the use of fair value 
  measurements. Various inputs are used in determining the fair value of investments, 
  which are as follows:     
  •  Level 1 — price quotations in active markets/exchanges for identical securities 
  •  Level 2 — other observable inputs (including, but not limited to: quoted prices for 
    similar assets or liabilities in markets that are active, quoted prices for identical 
    or similar assets or liabilities in markets that are not active, inputs other than 
    quoted prices that are observable for the assets or liabilities (such as interest 
    rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and 
    default rates) or other market-corroborated inputs)   
  •  Level 3 — unobservable inputs based on the best information available in the 
    circumstances, to the extent observable inputs are not available (including the 
    Fund’s own assumptions used in determining the fair value of investments) 
  The inputs or methodology used for valuing securities are not necessarily an 
  indication of the risk associated with investing in those securities. For information 
  about the Fund’s policy regarding valuation of investments and other significant 
  accounting policies, please refer to Note 1 of the Notes to Financial Statements. 
  The following table summarizes the inputs used as of July 31, 2009 in determining 
  the fair valuation of the Fund’s investments:     
  Valuation    Investments in 
  Inputs    Securities 
        Assets 
  Level 1 — Short-Term Securities  $ 4,187,171 
  Level 2 — Long-Term Investments1    91,958,839 
  Level 3    — 
  Total  $ 96,146,010 
    1 See above Schedule of Investments for values in each sector.   

See Notes to Financial Statements.

ANNUAL REPORT JULY 31, 2009 15

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

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

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

See Notes to Financial Statements.

16 ANNUAL REPORT JULY 31, 2009

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

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

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

See Notes to Financial Statements.

ANNUAL REPORT JULY 31, 2009 17

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

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

(d) Investments in companies considered to be an affiliate of the Fund, for purposes of 
  Section 2(a)(3) of the Investment Company Act of 1940, were as follows: 
      Net   
  Affiliate  Activity  Income 
  CMA California Municipal Money Fund  $(6,805,560)  $91,856 
(e) Represents the current yield as of report date.     
•  Effective August 1, 2008, the Fund adopted Financial Accounting Standards Board 
  Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” 
  (“FAS 157”). FAS 157 clarifies the definition of fair value, establishes a framework for 
  measuring fair values and requires additional disclosures about the use of fair value 
  measurements. Various inputs are used in determining the fair value of investments, 
  which are as follows:     
  •  Level 1 — price quotations in active markets/exchanges for identical securities 
  •  Level 2 — other observable inputs (including, but not limited to: quoted prices for 
    similar assets or liabilities in markets that are active, quoted prices for identical 
    or similar assets or liabilities in markets that are not active, inputs other than 
    quoted prices that are observable for the assets or liabilities (such as interest 
    rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and 
    default rates) or other market-corroborated inputs)   
  •  Level 3 — unobservable inputs based on the best information available in the 
    circumstances, to the extent observable inputs are not available (including the 
    Fund’s own assumptions used in determining the fair value of investments) 
  The inputs or methodology used for valuing securities are not necessarily an indica- 
  tion of the risk associated with investing in those securities. For information about 
  the Fund’s policy regarding valuation of investments and other significant accounting 
  policies, please refer to Note 1 of the Notes to Financial Statements. 
  The following table summarizes the inputs used as of July 31, 2009 in determining 
  the fair valuation of the Fund’s investments:     
  Valuation    Investments in 
  Inputs    Securities 
        Assets 
  Level 1 — Short-Term Securities    $ 7,607,697 
  Level 2 — Long-Term Investments1    450,243,993 
  Level 3    — 
  Total    $ 457,851,690 
    1 See above Schedule of Investments for values in each sector. 

See Notes to Financial Statements.

18 ANNUAL REPORT JULY 31, 2009

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

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

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

See Notes to Financial Statements.

ANNUAL REPORT JULY 31, 2009 19

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

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

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

See Notes to Financial Statements.

20 ANNUAL REPORT JULY 31, 2009

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

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

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

See Notes to Financial Statements.

ANNUAL REPORT JULY 31, 2009 21

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

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

Municipal Bonds Transferred to  Par     
Tender Option Bond Trusts (c)  (000)    Value 
     Virginia — 1.0%       
Health — 1.0%       
Fairfax County IDA, Virginia, RB, Health Care, Inova       
 Health System, Series A, 5.50%, 5/15/35  $ 1,749  $ 1,779,087 
Municipal Bonds Transferred to       
Tender Option Bond Trusts in Virginia      1,779,087 
Total Municipal Bonds Transferred to       
Tender Option Bond Trusts — 54.2%      95,091,704 
Total Long-Term Investments       
(Cost — $277,685,993) — 159.1%    279,331,920 
Short-Term Securities       
     Pennsylvania — 1.1%       
City of Philadelphia Pennsylvania, GO, Multi-Mode, VRDN,     
 Refunding, Series B (FSA), 2.50%, 8/07/09 (d)  2,000    2,000,000 
  Shares     
     Money Market Funds— 0.8%       
FFI Institutional Tax-Exempt Fund, 0.42% (e)(f)  1,400,051    1,400,051 
Total Short-Term Securities       
(Cost — $3,400,051) — 1.9%      3,400,051 
Total Investments (Cost — $281,086,044*) — 161.0%  282,731,971 
Other Assets Less Liabilities — 1.9%      3,229,959 
Liability for Trust Certificates, Including Interest       
   Expense and Fees Payable — (29.0)%      (50,872,385) 
Preferred Shares, at Redemption Value — (33.9)%      (59,479,742) 
Net Assets Applicable to Common Shares — 100.0%  $175,609,803 
* The cost and unrealized appreciation (depreciation) of investments as of July 31, 
       2009, as computed for federal income tax purposes, were as follows:   
       Aggregate cost    $230,813,758 
       Gross unrealized appreciation    $ 8,907,018 
       Gross unrealized depreciation      (7,786,385) 
       Net unrealized appreciation    $ 1,120,633 
(a) US government securities, held in escrow, are used to pay interest on this security, 
       as well as to retire the bond in full at the date indicated, typically at a premium 
       to par.       
(b) When-issued security.       
(c) Securities represent bonds transferred to a tender option bond trust in exchange for 
       which the Fund acquired residual interest certificates. These securities serve as col- 
       lateral in a financing transaction. See Note 1 of the Notes to Financial Statements 
       for details of municipal bonds transferred to tender option bond trusts. 
(d) Security may have a maturity of more than one year at time of issuance, but has 
       variable rate and demand features that qualify it as a short-term security. The rate 
       shown is as of report date and maturity shown is the date the principal owed can 
       be recovered through demand.       
(e) Investments in companies considered to be an affiliate of the Fund, for purposes of 
       Section 2(a)(3) of the Investment Company Act of 1940, were as follows: 
  Net     
       Affiliate  Activity    Income 
       CMA Florida Municipal Money Fund  $(7,485,416)    $31,934 
       FFI Institutional Tax-Exempt Fund  $(1,400,051)    $13,750 
 (f) Represents the current yield as of report date.       

See Notes to Financial Statements.

22 ANNUAL REPORT JULY 31, 2009

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

•  Effective August 1, 2008, the Fund adopted Financial Accounting Standards Board 
  Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” 
  (“FAS 157”). FAS 157 clarifies the definition of fair value, establishes a framework for 
  measuring fair values and requires additional disclosures about the use of fair value 
  measurements. Various inputs are used in determining the fair value of investments, 
  which are as follows:     
  •  Level 1 — price quotations in active markets/exchanges for identical securities 
  •  Level 2 — other observable inputs (including, but not limited to: quoted prices for 
    similar assets or liabilities in markets that are active, quoted prices for identical 
    or similar assets or liabilities in markets that are not active, inputs other than 
    quoted prices that are observable for the assets or liabilities (such as interest 
    rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and 
    default rates) or other market-corroborated inputs)     
  •  Level 3 — unobservable inputs based on the best information available in the 
    circumstances, to the extent observable inputs are not available (including the 
    Fund’s own assumptions used in determining the fair value of investments) 
  The inputs or methodology used for valuing securities are not necessarily an indica- 
  tion of the risk associated with investing in those securities. For information about 
  the Fund’s policy regarding valuation of investments and other significant accounting 
  policies, please refer to Note 1 of the Notes to Financial Statements. 
  The following table summarizes the inputs used as of July 31, 2009 in determining 
  the fair valuation of the Fund’s investments:     
  Valuation    Investments in 
  Inputs    Securities 
        Assets 
  Level 1 — Short-Term Securities  $ 1,400,051 
  Level 2     
    Long-Term Investments1    279,331,920 
    Short-Term Securities    2,000,000 
  Total Level 2    281,331,920 
  Level 3    — 
  Total  $ 282,731,971 
     1 See above Schedule of Investments for values in each sector.   

See Notes to Financial Statements.

ANNUAL REPORT JULY 31, 2009 23

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

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

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

See Notes to Financial Statements.

24 ANNUAL REPORT JULY 31, 2009

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

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

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

See Notes to Financial Statements.

ANNUAL REPORT JULY 31, 2009 25

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

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

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

See Notes to Financial Statements.

26 ANNUAL REPORT JULY 31, 2009

Statements of Assets and Liabilities

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

See Notes to Financial Statements.

ANNUAL REPORT JULY 31, 2009 27

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

See Notes to Financial Statements.

28 ANNUAL REPORT JULY 31, 2009

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

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

See Notes to Financial Statements.

ANNUAL REPORT JULY 31, 2009 29

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

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

See Notes to Financial Statements.

30 ANNUAL REPORT JULY 31, 2009

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

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

See Notes to Financial Statements.

ANNUAL REPORT JULY 31, 2009 31

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

See Notes to Financial Statements.

32 ANNUAL REPORT JULY 31, 2009

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

See Notes to Financial Statements.

ANNUAL REPORT JULY 31, 2009 33

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

See Notes to Financial Statements.

34 ANNUAL REPORT JULY 31, 2009

Financial Highlights      BlackRock MuniYield California Fund, Inc. (MYC) 
    Period         
    November 1,         
  Year Ended  2007         
  July 31,  to July 31,    Year Ended October 31,   
  2009  2008  2007  2006  2005  2004 
     Per Share Operating Performance             
Net asset value, beginning of period  $ 13.71  $ 14.60  $ 15.11  $ 14.73  $ 15.27  $ 15.17 
Net investment income1  0.91  0.69  0.93  0.96  0.93  1.02 
Net realized and unrealized gain (loss)  (0.33)  (0.88)  (0.49)  0.37  (0.46)  0.12 
Dividends to Preferred Shareholders from net investment income  (0.13)  (0.20)  (0.29)  (0.25)  (0.13)  (0.07) 
Net increase (decrease) from investment operations  0.45  (0.39)  0.15  1.08  0.34  1.07 
Dividends to Common Shareholders from net investment income  (0.69)  (0.50)  (0.66)  (0.70)  (0.86)  (0.97) 
Capital changes with respect to issuance of Preferred Shares  —  —  —  0.002  (0.02)  — 
Net asset value, end of period  $ 13.47  $ 13.71  $ 14.60  $ 15.11  $ 14.73  $ 15.27 
Market price, end of period  $ 12.44  $ 13.07  $ 13.25  $ 14.00  $ 13.37  $ 14.43 
     Total Investment Return3             
Based on net asset value  4.64%  (2.55)%4  1.36%  8.03%  2.59%  7.74% 
Based on market price  1.37%  2.37%4  (0.72)%  10.28%  (1.46)%  9.16% 
     Ratios to Average Net Assets Applicable to Common Shares             
Total expenses5  1.49%  1.49%6  1.77%  1.52%  1.13%  1.12% 
Total expenses after fees waived5  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  1.08%  1.06%6  1.06%  1.06%  0.98%  0.96% 
Net investment income5  7.07%  6.24%6  6.29%  6.51%  6.16%  6.79% 
Dividends to Preferred Shareholders  0.99%  1.83%6  1.93%  1.70%  0.84%  0.44% 
Net investment income to Common Shareholders  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)  $ 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  $ 126,500  $ 175,000  $ 175,000  $ 175,000  $ 140,000 
Portfolio turnover  38%  30%  41%  39%  53%  29% 
Asset coverage per Preferred Share at $25,000 liquidation preference, end             
   of period  $ 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. Total investment 
       returns exclude the effects of sales charges.             
   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 year presentation.             

See Notes to Financial Statements.

ANNUAL REPORT JULY 31, 2009 35

Financial Highlights      BlackRock MuniYield Investment Fund (MYF) 
    Period         
    November 1,         
  Year Ended  2007         
  July 31,  to July 31,    Year Ended October 31,   
  2009  2008  2007  2006  2005  2004 
     Per Share Operating Performance             
Net asset value, beginning of period  $ 13.59  $ 14.53  $ 15.11  $ 14.91  $ 15.27  $ 14.97 
Net investment income1  0.96  0.73  0.99  0.99  0.98  1.00 
Net realized and unrealized gain (loss)  (0.77)  (0.94)  (0.57)  0.28  (0.26)  0.29 
Dividends to Preferred Shareholders from net investment income  (0.13)  (0.21)  (0.30)  (0.26)  (0.14)  (0.07) 
Net increase (decrease) from investment operations  0.06  (0.42)  0.12  1.01  0.58  1.22 
Dividends to Common Shareholders from net investment income  (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  $ 12.95  $ 13.59  $ 14.53  $ 15.11  $ 14.91  $ 15.27 
Market price, end of period  $ 11.72  $ 11.91  $ 12.86  $ 14.35  $ 14.93  $ 14.28 
     Total Investment Return3             
Based on net asset value  1.93%  (2.52)%4  1.21%  7.24%  3.98%  8.99% 
Based on market price  5.26%  (3.48)%4  (5.68)%  1.71%  11.34%  10.57% 
     Ratios to Average Net Assets Applicable to Common Shares             
Total expenses5  1.35%  1.42%6  1.47%  1.44%  1.25%  1.19% 
Total expenses after fees waived5  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  1.12%  1.10%6  1.10%  1.09%  1.05%  1.03% 
Net investment income5  7.66%  6.77%6  6.72%  6.63%  6.46%  6.67% 
Dividends to Preferred Shareholders  1.09%  1.92%6  2.01%  1.75%  0.95%  0.48% 
Net investment income to Common Shareholders  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)  $ 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  $ 90,825  $ 110,000  $ 110,000  $ 110,000  $ 95,000 
Portfolio turnover  63%  22%  25%  46%  42%  33% 
Asset coverage per Preferred Share at $25,000 liquidation preference, end             
   of period  $ 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. Total investment 
       returns exclude the effects of sales charges.             
   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 year presentation.             

See Notes to Financial Statements.

36 ANNUAL REPORT JULY 31, 2009

Financial Highlights      BlackRock MuniYield New Jersey Fund, Inc. (MYJ) 
    Period         
    December 1,         
  Year Ended  2007         
  July 31,  to July 31,    Year Ended November 30,   
  2009  2008  2007  2006  2005  2004 
     Per Share Operating Performance             
Net asset value, beginning of period  $ 14.36  $ 15.18  $ 15.90  $ 15.37  $ 15.25  $ 15.39 
Net investment income1  0.98  0.62  1.01  1.00  1.01  1.06 
Net realized and unrealized gain (loss)  (0.34)  (0.79)  (0.74)  0.54  0.18  (0.14) 
Dividends to Preferred Shareholders from net investment income  (0.15)  (0.18)  (0.29)  (0.25)  (0.16)  (0.08) 
Net increase (decrease) from investment operations  0.49  (0.35)  (0.02)  1.29  1.03  0.84 
Dividends to Common Shareholders from net investment income  (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  $ 14.13  $ 14.36  $ 15.18  $ 15.90  $ 15.37  $ 15.25 
Market price, end of period  $ 13.49  $ 13.52  $ 13.66  $ 15.47  $ 14.38  $ 14.73 
     Total Investment Return3             
Based on net asset value  4.50%  (2.17)%4  0.11%  8.83%  7.08%  5.84% 
Based on market price  5.96%  2.35%4  (7.41)%  13.17%  3.72%  9.72% 
     Ratios to Average Net Assets Applicable to Common Shares             
Total expenses5  1.15%  1.22%6  1.28%  1.44%  1.39%  1.25% 
Total expenses after fees waived5  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  1.05%  1.13%6  1.10%  1.09%  1.09%  1.02% 
Net investment income5  7.21%  6.27%6  6.56%  6.50%  6.47%  6.94% 
Dividends to Preferred Shareholders  1.12%  1.85%6  1.85%  1.65%  1.05%  0.50% 
Net investment income to Common Shareholders  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)  $ 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  $ 104,725  $ 119,000  $ 119,000  $ 119,000  $ 119,000 
Portfolio turnover  21%  11%  18%  9%  32%  14% 
Asset coverage per Preferred Share at $25,000 liquidation preference, end             
   of period  $ 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. Total investment 
       returns exclude the effects of sales charges.             
   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 year presentation.             

See Notes to Financial Statements.

ANNUAL REPORT JULY 31, 2009 37

Notes to Financial Statements

1. Organization and Significant Accounting Policies:

BlackRock Muni New York Intermediate Duration Fund, Inc. (“Muni New
York”), BlackRock MuniYield Arizona Fund, Inc. (“MuniYield Arizona”),
BlackRock MuniYield California Fund, Inc. (“MuniYield California”),
BlackRock MuniYield Investment Fund (formerly BlackRock MuniYield
Florida Fund) (“MuniYield Investment”) and BlackRock MuniYield New
Jersey Fund, Inc. (“MuniYield New Jersey”) (collectively, 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. Muni New York, MuniYield Arizona,
MuniYield California, and MuniYield New Jersey are organized as Maryland
corporations. MuniYield Investment is organized as a Massachusetts busi-
ness 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 Funds determine, and make
available for publication, the net asset values of their Common Shares on a
daily basis.

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

Valuation of Investments: Municipal investments (including 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
supervision of each Fund’s Board of Directors/Trustees (the “Board”). In
determining the value of a particular investment, pricing services may use
certain information with respect to transactions in such investments, quota-
tions 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 maturities less than 60 days
may be valued at amortized cost, which approximates fair value. Invest-
ments 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, the investment will be valued by a
method approved by each Fund’s Board as reflecting fair value (“Fair Value
Assets”). When determining the price for Fair Value Assets, the investment
advisor and/or the sub-advisor seeks to determine the price that each
Fund might reasonably expect to receive from the current sale of that asset
in an arm’s length transaction. Fair value determinations shall be based
upon all available factors that the investment advisor and/or sub-advisor
deems relevant. The pricing of all Fair Value Assets is subsequently reported
to the Board or a committee thereof.

Forward Commitments and When-Issued Delayed Delivery Securities: The
Funds may purchase securities on a when-issued basis and may purchase
or sell securities on a forward commitment basis. Settlement of such trans-
actions normally occurs within a month or more after the purchase or sale
commitment is made. The Funds may purchase securities under such

conditions only 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.

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 Fund. 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 securities is recorded by the Funds
on an accrual basis. Interest expense incurred on the secured borrowing
and other expenses related to remarketing, administration and trustee
services to a TOB are reported as expenses of the Funds. The floating
rate certificates have interest rates that generally reset weekly and their
holders have the option to tender certificates to the TOB for redemption
at par at each reset date. At July 31, 2009, the aggregate value of the
underlying municipal bonds transferred to TOBs, the related liability for
trust certificates and the range of interest rates on the liability for the
trust certificates were as follows:

38 ANNUAL REPORT JULY 31, 2009

Notes to Financial Statements (continued) 
  Underlying     
  Municipal     
  Bonds  Liability for  Range of 
  Transferred  Trust  Interest 
  to TOBs  Certificates  Rates 
Muni New York  $ 1,849,450       $ 915,894  1.49% 
MuniYield Arizona  $ 3,013,860       $ 1,500,000  0.27% 
      0.24% – 
MuniYield California  $131,357,179       $74,376,010  1.59% 
      0.22% – 
MuniYield Investment  $ 95,091,704       $50,797,580  2.24% 
      0.41% – 
MuniYield New Jersey  $ 10,149,784       $ 6,603,701  1.56% 
For the year ended July 31, 2009, the Funds’ average trust certificates out- 
standing and the daily weighted average interest rate were as follows: 
    Average Trust  Daily Weighted 
    Certificates  Average 
    Outstanding  Interest Rate 
Muni New York    $ 1,292,013  1.62% 
MuniYield Arizona    $ 1,253,379  2.38% 
MuniYield California    $ 65,362,281  1.63% 
MuniYield Investment    $ 23,631,071  1.57% 
MuniYield New Jersey    $ 9,097,710  1.92% 

Financial transactions executed through TOBs generally will underperform
the market for fixed rate municipal bonds when short-term interest rates
rise, but tend to outperform the market for fixed rate bonds when interest
rates decline or remain relatively stable. Should short-term interest rates
rise, the Funds’ investments in TOBs may adversely affect the Funds’ invest-
ment income and distributions to 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 each Fund either receive collateral or segregate
assets in connection with certain investments (e.g., financial futures con-
tracts) 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 seg-
regated. 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 (e.g., finan-
cial futures contracts). As part of these agreements, when the value of these
investments achieves a previously agreed upon value (minimum transfer
amount), each party may be required to deliver additional collateral.

Investment Transactions and Investment Income: For financial reporting
purposes, investment transactions are recorded on the dates the trans-
actions are entered into (the trade dates). Realized gains and losses on

security transactions are determined on the identified cost basis. Dividend
income is recorded on the ex-dividend dates. Interest income is recognized
on the accrual method. 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 Shareholders
are accrued and determined as described in Note 7.

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 the four peri-
ods ended as follows:

  Year Ended  Period  Year Ended  Year Ended 
Muni New York  July 31, 2009  June 1, 2008 to  May 31, 2008  May 31, 2007 
    July 31, 2008     
MuniYield Arizona  July 31, 2009  November 1,  October 31,  October 31, 
    2008 to  2007  2006 
    July 31, 2008     
MuniYield California  July 31, 2009  November 1,  October 31,  October 31, 
    2008 to  2007  2006 
    July 31, 2008     
MuniYield Investment  July 31, 2009  November 1,  October 31,  October 31, 
    2008 to  2007  2006 
    July 31, 2008     
MuniYield New Jersey  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 Pronouncement: In June 2009, Statement of Financial
Accounting Standards No. 166, “Accounting for Transfers of Financial Assets
— an amendment of FASB Statement No. 140” (“FAS 166”), was issued.
FAS 166 is intended to improve the relevance, representational 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. FAS 166 is effective for financial statements issued for fiscal years
and interim periods beginning after November 15, 2009. Earlier application
is prohibited. The recognition and measurement provisions of FAS 166 must
be applied to transfers occurring on or after the effective date. Additionally,
the disclosure provisions of FAS 166 should be applied to transfers that
occurred both before and after the effective date of FAS 166. The impact of
FAS 166 on the Funds’ financial statement disclosures, if any, is currently
being assessed.

Deferred Compensation and BlackRock Closed-End Share Equivalent
Investment Plan: Under the deferred compensation plan approved by each

ANNUAL REPORT JULY 31, 2009 39

Notes to Financial Statements (continued)

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 thereunder
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 their deferred compensation obligations.

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

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,
their exposure to interest rate movements and movements in the securities
markets. Losses may arise if the value of the contract decreases due to an
unfavorable change in the price of the underlying security or if the counter-
party does not perform under the contract. To the extent amounts due to
the Funds from their counterparties are not fully collateralized contractually
or otherwise, the Funds bear the risk of loss from counterparty non-per-
formance. See Note 1 “Segregation and Collateralization” for information
with respect to collateral practices.

The Funds are subject to interest rate risk in the normal course of pursuing
their investment objectives by investing in various derivative financial instru-
ments, as described below.

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 futures contracts,
interest rates and the underlying assets. Financial futures transactions
involve minimal counterparty risk since financial futures contracts are
guaranteed against default by the exchange on which they trade.
Counterparty risk is also minimized by the daily margin variation.

Derivatives Not Accounted for as Hedging Instruments under Financial 
Accounting Standards Board Statement of Financial Accounting Standards 
No. 133, “Accounting for Derivative Instruments and Hedging Activities”: 
MuniYield California
The Effect of Derivative Instruments on the Statement of Operations 
Year Ended July 31, 2009*
Net Realized Gain From Derivatives Recognized in Income
  Financial 
  Futures 
  Contracts 
Interest rate contracts  $ 117,870 
* As of July 31, 2009, there were no financial futures contracts outstanding. During 
the year ended July 31, 2009, the Fund had limited activity in these transactions. 

3. Investment Advisory Agreement and Other Transactions
with Affiliates:

The PNC Financial Services Group, Inc. (“PNC”) and Bank of America
Corporation (“BAC”) are the largest stockholders of BlackRock, Inc.
(“BlackRock”). BAC became a stockholder of BlackRock following its
acquisition of Merrill Lynch & Co. (“Merrill Lynch”) on January 1, 2009.
Prior to that date, both PNC and Merrill Lynch were considered affiliates
of the Funds under the 1940 Act. Subsequent to the acquisition, PNC
remains an affiliate, but due to the restructuring of Merrill Lynch’s owner-
ship interest of BlackRock, BAC is not deemed to be an affiliate under
the 1940 Act.

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,
Muni New York pays the Manager a monthly fee at an annual rate of
0.55%, and MuniYield Arizona, MuniYield California, MuniYield Investment
and MuniYield New Jersey pay 0.50% of each Fund’s average daily net
assets. Average daily net assets is the average daily value of each Fund’s
total assets minus the sum of its accrued liabilities.

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

  Fee Waiver 
  (As a Percentage 
  of Average Daily 
  Net Assets) 
Year 6 through July 31, 2009  0.10% 
Year 7 through July 31, 2010  0.05% 
The Manager has not agreed to waive any portion of its fee beyond 
July 31, 2010.   

40 ANNUAL REPORT JULY 31, 2009

Notes to Financial Statements (continued) 
Such waivers are included in fees waived by advisor on the Statements 
of Operations:     
  Fees Waived 
  by Manager 
Muni New York  $ 83,359 
The Manager has agreed to waive its advisory fees by the amount of invest- 
ment advisory fees each Fund pays to the Manager indirectly through its 
investment in affiliated money market funds, which are included in fees 
waived by advisor in the Statements of Operations. For the year ended July 
31, 2009, the amounts waived were as follows:     
    Amount 
Muni New York  $ 14,241 
MuniYield Arizona  $ 20,372 
MuniYield California  $ 49,215 
MuniYield Investment  $ 33,111 
MuniYield New Jersey  $ 20,530 
The Manager has entered into separate sub-advisory agreements with 
BlackRock Investment Management, LLC (“BIM”), an affiliate of the   
Manager, with respect to each Fund, under which the Manager pays BIM 
for services it provides, a monthly fee that is a percentage of the invest- 
ment advisory fee paid by each Fund to the Manager.     

For the year ended July 31, 2009, the Funds reimbursed the Manager for 
certain accounting services in the following amounts, which are included in 
accounting services in the Statements of Operations:   
    Amount 
Muni New York    $ 1,657 
MuniYield Arizona    $ 1,883 
MuniYield California    $ 8,525 
MuniYield Investment    $ 5,356 
MuniYield New Jersey    $ 6,066 
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 
year ended July 31, 2009 were as follows:     
  Purchases  Sales 
Muni New York  $ 25,784,627  $ 25,005,749 
MuniYield Arizona  $ 35,169,070  $ 40,066,728 
MuniYield California  $168,879,112  $182,666,168 
MuniYield Investment  $171,012,287  $179,675,387 
MuniYield New Jersey  $ 63,376,074  $ 73,947,752 

5. Income Tax Information:           
Reclassifications: Accounting principles generally accepted in the United States of America require that certain components of net assets be adjusted to 
reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or net asset values per share. The 
following permanent differences as of July 31, 2009 attributable to amortization methods on fixed income securities, the tax classification of distributions 
received from a regulated investment company, the reclassification of distributions, the book to tax difference on the sale of residual interests in tender 
option bond trusts and the expiration of capital loss carryforwards were reclassified to the following accounts:     
  Muni  MuniYield  MuniYield  MuniYield  MuniYield 
  New York  Arizona  California  Investment  New Jersey 
Paid-in capital  —  (60,084)  —  (921,907)  (136,101) 
Undistributed net investment income  (10,240)  (27,282)  (60,547)  (682,398)  (4,545) 
Accumulated net realized loss  10,240  87,366  60,547  1,604,305  140,646 
The tax character of distributions paid during the fiscal years ended October 31, 2007, November 30, 2007, May 31, 2008, the fiscal period ended 
July 31, 2008 and the fiscal year ended July 31, 2009 were as follows:         
  Muni  MuniYield  MuniYield  MuniYield  MuniYield 
  New York  Arizona  California  Investment  New Jersey 
Tax-exempt income           
     7/31/2009  $ 3,532,112  $ 4,059,092  $17,252,007  $11,207,252  $12,398,644 
     6/01/2008 – 7/31/2008  623,409  —  —  —  — 
     12/01/2007 – 7/31/2008  —  —  —  —  9,199,157 
     11/01/2007 – 7/31/2008  —  3,212,919  14,838,489  9,883,380  — 
     5/31/2008  3,824,832  —  —  —  — 
     11/30/2007  —  —  —  —  13,938,943 
     10/31/2007  —  4,427,574  20,213,375  13,543,476  — 
Ordinary income           
     7/31/2009  —  —  $ 196,890  $ 188,682  — 
     12/01/2007 – 7/31/2008  —  —  —  —  $ 111,960 
Long-term capital gains           
     11/01/2007 – 7/31/2008  —  $ 762,823  —  —  — 
     10/31/2007  —  387,602  —  —  — 

ANNUAL REPORT JULY 31, 2009 41

Notes to Financial Statements (continued)           
  Muni    MuniYield  MuniYield  MuniYield  MuniYield 
  New York    Arizona  California  Investment  New Jersey 
Total             
     7/31/2009  $ 3,532,112    $ 4,059,092  $17,448,897  $11,395,934  $12,398,644 
     6/01/2008 – 7/31/2008  623,409    —  —  —  — 
     12/01/2007 – 7/31/2008  —    —  —  —  9,311,117 
     11/01/2007 – 7/31/2008  —    3,975,742  14,838,489  9,883,380  — 
     5/31/2008  3,824,832    —  —  —  — 
     11/30/2007  —    —  —  —  13,938,943 
     10/31/2007  —    4,815,176  20,213,375  13,543,476  — 
As of July 31, 2009, the tax components of accumulated net losses were as follows:         
  Muni    MuniYield  MuniYield  MuniYield  MuniYield 
  New York    Arizona  California  Investment  New Jersey 
Undistributed tax-exempt income  $ 367,744    $ 695,355  $ 3,334,652  $ 1,734,273  $ 2,497,123 
Capital loss carryforwards  (1,399,933)    (318,483)  (740,661)  (3,367,961)  (765,466) 
Net unrealized losses*  (3,956,322)    (4,373,831)  (17,386,906)  (11,649,922)  (5,486,176) 
Total accumulated net losses  $ (4,988,511)    $(3,996,959)  $(14,792,915)  $(13,283,610)  $(3,754,519) 
* The differences between book-basis and tax-basis net unrealized losses is attributable primarily to the tax deferral of losses on wash sales, the tax deferral of losses on straddles, 
the difference between book and tax for premiums and discounts on fixed income securities, the deferral of post-October capital losses for tax purposes, and the tax treatment of 
       residual interests in tender option bond trusts.             
As of July 31, 2009, the Funds had capital loss carryforwards available to offset future realized capital gains through the indicated expiration dates: 
  Muni    MuniYield  MuniYield  MuniYield  MuniYield 
  New York    Arizona  California  Investment  New Jersey 
Expires July 31,             
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 

6. Concentration, Market and Credit Risk:

Each Fund invests a substantial amount of its 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 reduces
the risk of loss due to issuer default. The market value of these bonds
may fluctuate for other reasons, including market perception of the value
of such insurance, and there is no guarantee that the insurer will meet
its obligation.

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 transac-
tions 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 approximated by
their value recorded in the Funds’ Statements of Assets and Liabilities.

7. Capital Share Transactions:

Each Fund is authorized to issue 200 million shares (MuniYield Investment
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 Board is authorized, however, to reclassify any
unissued shares of Common Shares without approval of Common
Shareholders.

Common Shares

Shares issued and outstanding for MuniYield Arizona for the year ended
July 31, 2009, the period November 1, 2007 to July 31, 2008 and the
year ended October 31, 2007 increased by 7,393, 14,368 and 13,972,
respectively, as a result of dividend reinvestment.

Shares issued and outstanding remained constant for Muni New York for the
year ended July 31, 2009, the period ended July 31, 2008 and the year
ended May 31, 2008, for MuniYield California for the year ended July 31,
2009, the period ended July 31, 2008 and the year ended October 31,
2007, for MuniYield Investment for the period ended January 31, 2009,

42 ANNUAL REPORT JULY 31, 2009

Notes to Financial Statements (continued)

the period ended July 31, 2008 and the year ended October 31, 2007 and
for MuniYield New Jersey for the year ended July 31, 2009, the period
ended July 31, 2008 and the year ended November 30, 2007.

Preferred Shares

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

From time to time in the future, the Funds may affect repurchases of
Preferred Shares at prices below their liquidation preferences as agreed
upon by the Funds and seller. The Funds also may redeem such shares
from time to time as provided in the applicable Governing Instrument. The
Funds intend to affect 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,
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
the 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, effec- 
tive yields and reset frequency as of July 31, 2009:     
        Reset 
    Preferred  Effective Frequency 
  Series  Shares  Yield  Days 
Muni New York  F7  1,185  1.57%2  7 
MuniYield Arizona  A  499  0.58%1  7 
  B  668  0.52%1  7 
  C  385  1.57%2  7 
MuniYield California  A  1,453  0.38%1  28 
  B  1,453  0.58%1  7 
  C  484  0.58%1  28 
  D  848  1.57%2  7 
MuniYield Investment  A  1,189  0.58%1  7 
  B  865  0.58%1  7 
  C  325  1.63%2  7 
MuniYield New Jersey  A  2,061  0.58%1  7 
  B  1,288  0.58%1  7 
  C  739  1.57%2  7 
   1 The maximum applicable rate on this series of Preferred Shares is the higher 
       of 110% of the AA commercial paper rate or 110% of 90% of the Kenny S&P 
       30-day High Grade Index rate divided by 1.00 minus the marginal tax rate.   

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

Dividends on 7- or 28-day Preferred Shares are cumulative at a rate, which
is reset every 7 or 28 days, respectively, based on the results of an auc-
tion. If the Preferred Shares fail to clear the auction on an auction date, the
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 year ended July 31, 2009 were as follows:

  Series  Low  High  Average 
Muni New York  F7  1.42%  11.76%  2.98% 
MuniYield Arizona  A  0.38%  12.57%  1.91% 
  B  0.43%  10.21%  1.90% 
  C  1.42%  11.76%  2.82% 
MuniYield California   A  0.38%  8.65%  1.92% 
  B  0.38%  12.57%  1.85% 
  C  0.43%  12.57%  2.06% 
  D  1.49%  10.38%  2.79% 
MuniYield Investment  A  0.38%  12.57%  1.91% 
  B  0.35%  12.26%  1.88% 
  C  1.46%  11.42%  2.80% 
MuniYield New Jersey  A  0.38%  12.57%  1.85% 
  B  0.40%  11.35%  1.84% 
  C  1.49%  10.38%  2.79% 

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 0.35% to
12.57% for the year ended July 31, 2009. 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. It is impossible to predict
how long this imbalance will last. A successful auction for each Fund’s
Preferred Shares may not occur for some time, if ever, and even if liquidity
does resume, 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%.

Prior to December 22, 2008, the Funds paid commissions to certain
broker-dealers at the end of each auction at an annual rate of 0.25%, cal-
culated on the aggregated principal amount. As of December 22, 2008,
commissions paid to broker-dealers on Preferred Shares that experienced
a failed auction were reduced to 0.15% on the aggregate principal
amount. The Funds will pay commissions of 0.25% on the aggregate princi-
pal amount of all shares that successfully clear their auctions. Merrill
Lynch, Pierce, Fenner & Smith Incorporated, a wholly owned subsidiary of
Merrill Lynch, earned commissions for the period August 1, 2008 to

ANNUAL REPORT JULY 31, 2009 43

Notes to Financial Statements (concluded) 
December 31, 2008 (after which time Merrill Lynch was no longer consid- 
ered an affiliate) as follows:         
        Commissions 
Muni New York        $ 62,802 
MuniYield Arizona        $ 59,616 
MuniYield California        $116,901 
MuniYield Investment        $139,630 
MuniYield New Jersey        $139,715 
During the year ended July 31, 2009, certain Funds announced redemp- 
tions of Preferred Shares at a price of $25,000 per share plus any accrued 
and unpaid dividends through the redemption date:     
    Redemption  Shares  Aggregate 
  Series  Date  Redeemed  Principal 
MuniYield Arizona  A  7/09/09  19  $ 475,000 
  B  7/14/09  26  $ 650,000 
  C  7/06/09  15  $ 375,000 
MuniYield California  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 
MuniYield Investment  A  7/02/09  627  $15,675,000 
  B  7/06/09  456  $11,400,000 
  C  7/08/09  171  $ 4,275,000 
MuniYield New Jersey  A  7/09/09  51  $ 1,275,000 
  B  7/08/09  32  $ 800,000 
  C  7/07/09  18  $ 450,000 

During the period ended July 31, 2008, the following Funds announced 
redemptions of Preferred Shares at a price of $25,000 per share plus any 
accrued and unpaid dividends through the redemption date:   
    Redemption  Shares  Aggregate 
  Series  Date  Redeemed  Principal 
Muni New York  F7  6/23/08  55  $ 1,375,000 
MuniYield California  A  7/10/08  665  $16,625,000 
  B  6/19/08  665  $16,625,000 
  C  7/03/08  222  $ 5,550,000 
  D  6/24/08  388  $ 9,700,000 
MuniYield Investment  A  6/19/08  384  $ 9,600,000 
  B  6/27/08  279  $ 6,975,000 
  C  6/25/08  104  $ 2,600,000 
MuniYield New Jersey  A  6/26/08  288  $ 7,200,000 
  B  6/25/08  180  $ 4,500,000 
  C  6/24/08  103  $ 2,575,000 
The Funds financed the Preferred Share redemptions with cash received 
from TOB transactions.         
Shares issued and outstanding during the years ended July 31, 2009 and 
May 31, 2008 for Muni New York, October 31, 2007 for MuniYield Arizona, 
MuniYield California and MuniYield Investment and November 30, 2007 
for MuniYield New Jersey remained constant.     

8. Subsequent Events:           
Each Fund paid a net investment income dividend on September 1, 2009 to Common Shareholders of record on August 14, 2009 as follows:   
  Distribution         
  Per Share         
Muni New York  $0.0555         
MuniYield Arizona  $0.0670         
MuniYield California  $0.0675         
MuniYield Investment  $0.0580         
MuniYield New Jersey  $0.0705         
The dividends declared on Preferred Shares for the period August 1, 2009 to August 31, 2009 were as follows:     
  Muni  MuniYield  MuniYield  MuniYield  MuniYield 
  New York   Arizona  California  Investment  New Jersey 
Series A  —  $ 5,273  $14,158  $12,565  $23,207 
Series B  —  $ 7,019  $15,355  $ 8,781  $21,780 
Series C  —  $12,033  $ 5,463  $10,235  $13,727 
Series D  —  —  $26,630  —  — 
Series F7  $37,036  —  —  —  — 
Management’s evaluation of the impact of all subsequent events on the Funds’ financial statements was completed through September 28, 2009, the date 
the financial statements were issued.           

44 ANNUAL REPORT JULY 31, 2009

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Trustees of BlackRock MuniYield
Investment Fund and to the Shareholders and Board of Directors of
BlackRock Muni New York Intermediate Duration Fund, Inc., BlackRock
MuniYield Arizona Fund, Inc., BlackRock MuniYield California Fund, Inc.,
and BlackRock MuniYield New Jersey Fund, Inc. (collectively, the “Funds”):

We have audited the accompanying statement of assets and liabilities,
including the schedule of investments, of BlackRock Muni New York
Intermediate Duration Fund, Inc. as of July 31, 2009, and the related
statement of operations for the year then ended, the statements of
changes in net assets for the year then ended, the period June 1, 2008 to
July 31, 2008 and for the year ended May 31, 2008, and the financial
highlights for the year then ended, the period June 1, 2008 to July 31,
2008 and for each of the two years in the period ended May 31, 2008.
We have also audited the accompanying statements of assets and liabili-
ties, including the schedules of investments, of BlackRock MuniYield
Arizona Fund, Inc. and BlackRock MuniYield Investment Fund (formerly
BlackRock MuniYield Florida Fund) as of July 31, 2009, and the related
statements of operations for the year then ended, the statements of
changes in net assets for the year then ended, the period November 1,
2007 to July 31, 2008 and for the year ended October 31, 2007, and the
financial highlights for each of the respective periods presented. We have
also audited the accompanying statement of assets and liabilities, includ-
ing the schedule of investments, of BlackRock MuniYield California Fund,
Inc. as of July 31, 2009, and the related statements of operations and
cash flows for the year then ended, the statements of changes in net
assets for the year then ended, the period November 1, 2007 to July 31,
2008 and for the year ended October 31, 2007, and the financial high-
lights for each of the respective periods presented. We have also audited
the accompanying statement of assets and liabilities, including the sched-
ule of investments, of BlackRock MuniYield New Jersey Fund, Inc. as of
July 31, 2009, and the related statement of operations for the year then
ended, the statements of changes in net assets for the year then ended,
the period December 1, 2007 to July 31, 2008 and for the year ended
November 30, 2007, and the financial highlights for each of the respec-
tive periods presented. These financial statements and financial highlights
are the responsibility of the Funds’ management. Our responsibility is to
express an opinion on these financial statements and financial highlights
based on our audits. The financial highlights for each of the two years in
the period ended May 31, 2006 for BlackRock Muni New York
Intermediate Duration Fund, Inc. were audited by other auditors whose
report, dated July 14, 2006, expressed an unqualified opinion on those
financial highlights.

We conducted our audits in accordance with the standards of the Public
Company Accounting Oversight Board (United States). Those standards
require that we plan and perform the audit to obtain reasonable assur-
ance about whether the financial statements and financial highlights are
free of material misstatement. The Funds are not required to have, nor
were we engaged to perform, an audit of their internal control over finan-
cial reporting. Our audits included consideration of internal control over
financial reporting as a basis for designing audit procedures that are

appropriate in the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of the Funds’ internal control over financial
reporting. Accordingly, we express no such opinion. An audit also includes
examining, on a test basis, evidence supporting the amounts and disclo-
sures in the financial statements, assessing the accounting principles
used and significant estimates made by management, as well as evaluat-
ing the overall financial statement presentation. Our procedures included
confirmation of securities owned as of July 31, 2009, by correspondence
with the custodian and brokers; where replies were not received from bro-
kers, we performed other auditing procedures.We believe that our audits
provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred
to above present fairly, in all material respects, the financial position of
BlackRock Muni New York Intermediate Duration Fund, Inc. as of July 31,
2009, the results of its operations for the year then ended, the changes
in its net assets for the year then ended, the period June 1, 2008 to
July 31, 2008 and for the year ended May 31, 2008, and the financial
highlights for the year then ended, the period June 1, 2008 to July 31,
2008 and for each of the two years in the period ended May 31, 2008,
in conformity with accounting principles generally accepted in the United
States of America. Additionally, in our opinion, the financial statements
and financial highlights referred to above present fairly, in all material
respects, the financial position of BlackRock MuniYield Arizona Fund, Inc.
and of BlackRock MuniYield Investment Fund as of July 31, 2009, the
results of their operations for the year then ended, the changes in their
net assets for the year then ended, the period November 1, 2007 to
July 31, 2008 and for the year ended October 31, 2007, and the financial
highlights for each of the respective periods presented, in conformity with
accounting principles generally accepted in the United States of America.
Additionally, in our opinion, the financial statements and financial high-
lights referred to above present fairly, in all material respects, the financial
position of BlackRock MuniYield California Fund, Inc. as of July 31, 2009,
the results of its operations and its cash flows for the year then ended,
the changes in its net assets for the year then ended, the period
November 1, 2007 to July 31, 2008 and for the year ended October 31,
2007, and the financial highlights for each of the respective periods
presented, in conformity with accounting principles generally accepted in
the United States of America. Additionally, in our opinion, the financial
statements and financial highlights referred to above present fairly, in all
material respects, the financial position of BlackRock MuniYield New
Jersey Fund, Inc. as of July 31, 2009, the results of its operations for the
year then ended, the changes in its net assets for the year then ended,
the period December 1, 2007 to July 31, 2008 and for the year ended
November 30, 2007, and the financial highlights for each of the respec-
tive periods presented, in conformity with accounting principles generally
accepted in the United States of America.

Deloitte & Touche LLP
Princeton, New Jersey
September 28, 2009

ANNUAL REPORT JULY 31, 2009 45

Important Tax Information         
All of the net investment income distributions paid by BlackRock Muni New York Intermediate Duration Fund, Inc., BlackRock MuniYield Arizona Fund, Inc., 
and BlackRock MuniYield New Jersey Fund, Inc. during the taxable years ended July 31, 2009 qualify as tax-exempt interest dividends for federal income 
tax purposes.         
The following table summarizes the taxable per share distributions paid by BlackRock MuniYield California Fund, Inc. and BlackRock MuniYield Investment 
Fund during the taxable year ended July 31, 2009:         
  BlackRock MuniYield  BlackRock MuniYield 
  California Fund, Inc.  Investment Fund 
  Payable Date  Ordinary Income  Payable Date  Ordinary Income 
Common Shareholders  12/31/2008     $ 0.005990  12/31/2008     $ 0.008817 
Preferred Shareholders:         
     Series A  12/26/2008  $13.95  12/11/2008  $12.68 
  —  —  12/18/2008  $ 3.27 
     Series B  12/18/2008  $ 9.53  12/12/2008  $ 9.98 
  12/26/2008  $ 3.54  12/19/2008  $ 5.70 
     Series C  12/18/2008  $13.30  12/10/2008  $16.95 
  —  —  12/17/2008  $ 0.77 
     Series D  12/9/2008  $14.59  —  — 
All of the other net investment income distributions paid by the Funds qualify as tax-exempt interest dividends for federal income tax purposes. 

46 ANNUAL REPORT JULY 31, 2009

Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements

The Board of Directors (each, a “Board” and, collectively, the “Boards,”
the members of which are referred to as “Board Members”) of each of
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” and,
together with MNE, MZA, MYC and MYF, each a “Fund” and, collectively,
the “Funds”) met on April 14, 2009 and May 28 – 29, 2009 to consider
the approval of its respective Fund’s investment advisory agreement (each,
an “Advisory Agreement”) with BlackRock Advisors, LLC (the “Manager”),
the Fund’s investment advisor. Each Board also considered the approval of
the sub-advisory agreement (each, a “Sub-Advisory Agreement”) between
its respective Fund, the Manager and BlackRock Investment Management,
LLC (the “Sub-Advisor”). The Manager and the Sub-Advisor are referred to
herein as “BlackRock.” The Advisory Agreements and the Sub-Advisory
Agreements are referred to herein as the “Agreements.” Unless otherwise
indicated, references to actions taken by the “Board” or the “Boards” shall
mean each Board acting independently with respect to its respective Fund.

Activities and Composition of the Boards

Each Board consists of twelve individuals, ten of whom are not “interested
persons” as defined in the Investment Company Act of 1940, as amended
(the “1940 Act”) (the “Independent Board Members”). The Board Members
of each Fund are responsible for the oversight of the operations of such
Fund and perform the various duties imposed on the directors of invest-
ment companies by the 1940 Act. The Independent Board Members have
retained independent legal counsel to assist them in connection with their
duties. The Chairman of each Board is an Independent Board Member.
Each Board has established five standing committees: an Audit Committee,
a Governance and Nominating Committee, a Compliance Committee, a
Performance Oversight Committee and an Executive Committee, each of
which is composed of Independent Board Members (except for the
Executive Committee, which has one interested Board Member) and is
chaired by an Independent Board Member. In addition, each Board has
established an Ad Hoc Committee on Auction Market Preferred Shares.

The Agreements

Pursuant to the 1940 Act, each Board is required to consider the continua-
tion of the Agreements on an annual basis. In connection with this process,
each Board assessed, among other things, the nature, scope and quality of
the services provided to its respective Fund by the personnel of BlackRock
and its affiliates, including investment management, administrative serv-
ices, shareholder services, oversight of fund accounting and custody,
marketing services and assistance in meeting legal and regulatory
requirements.

Throughout the year, the Boards, acting directly and through their commit-
tees, considers at each of their meetings factors that are relevant to their
annual consideration of the renewal of the Agreements, including the
services and support provided by BlackRock to the Funds and their share-
holders. Among the matters the Boards considered were: (a) investment
performance for one-, three- and five-year periods, as applicable, against

peer funds, and applicable benchmarks, if any, as well as senior manage-
ment and portfolio managers’ analysis of the reasons for any underperfor-
mance against its peers; (b) fees, including advisory and other amounts
paid to BlackRock and its affiliates by the Funds for services such as call
center and fund accounting; (c) the Funds’ operating expenses; (d) the
resources devoted to, and compliance reports relating to, the Funds’ invest-
ment objectives, policies and restrictions; (e) the Funds’ compliance with
their Code of Ethics and compliance policies and procedures; (f) the
nature, cost and character of non-investment management services pro-
vided by BlackRock and its affiliates; (g) BlackRock’s and other service
providers’ internal controls; (h) BlackRock’s implementation of the proxy
voting policies approved by the Boards; (i) execution quality of portfolio
transactions; (j) BlackRock’s implementation of the Funds’ valuation and
liquidity procedures; and (k) periodic updates on BlackRock’s business.

Board Considerations in Approving the Agreements

The Approval Process: Prior to the April 14, 2009 meeting, each Board
requested and received materials specifically relating to the Agreements.
Each Board is engaged in an ongoing process with BlackRock to continu-
ously review the nature and scope of the information provided to better
assist their deliberations. The materials provided in connection with the
April meeting included (a) information independently compiled and
prepared by Lipper, Inc. (“Lipper”) on Fund fees and expenses, and the
investment performance of each Fund as compared with a peer group of
funds as determined by Lipper and a customized peer group selected by
BlackRock, as applicable (collectively, “Peers”); (b) information on the
profitability of the Agreements to BlackRock and a discussion of fall-out
benefits to BlackRock and its affiliates and significant shareholders;
(c) a general analysis provided by BlackRock concerning investment
advisory fees charged to other clients, such as institutional and open-end
funds, under similar investment mandates, as well as the performance of
such other clients; (d) the impact of economies of scale; (e) a summary
of aggregate amounts paid by each Fund to BlackRock; and (f) an internal
comparison of management fees classified by Lipper, if applicable.

At an in-person meeting held on April 14, 2009, each Board reviewed
materials relating to its consideration of the Agreements. As a result of the
discussions that occurred during the April 14, 2009 meeting, the Boards
presented BlackRock with questions and requests for additional informa-
tion and BlackRock responded to these requests with additional written
information in advance of the May 28 – 29, 2009 Board meeting.

At an in-person meeting held on May 28 – 29, 2009, each Fund’s Board,
including the Independent Board Members, unanimously approved the
continuation of the Advisory Agreement between the Manager and such
Fund and the Sub-Advisory Agreement between such Fund, the Manager
and the Sub-Advisor, each for a one-year term ending June 30, 2010. The
Boards considered all factors they believed relevant with respect to the
Funds, including, among other factors: (a) the nature, extent and quality of
the services provided by BlackRock; (b) the investment performance of the
Funds and BlackRock portfolio management; (c) the advisory fee and the
cost of the services and profits to be realized by BlackRock and certain

ANNUAL REPORT JULY 31, 2009 47

Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements (continued)

affiliates from the relationship with the Funds; (d) economies of scale; and
(e) other factors.

Each Board also considered other matters it deemed important to the
approval process, such as services related to the valuation and pricing of
its respective Fund’s portfolio holdings, direct and indirect benefits to
BlackRock and its affiliates from their relationship with such Fund and
advice from independent legal counsel with respect to the review process
and materials submitted for the Board’s review. The Boards noted the will-
ingness of BlackRock personnel to engage in open, candid discussions
with the Boards. The Boards did not identify any particular information as
controlling, and each Board Member may have attributed different weights
to the various items considered.

A. Nature, Extent and Quality of the Services: Each Board, including its
Independent Board Members, reviewed the nature, extent and quality of
services provided by BlackRock, including the investment advisory services
and the resulting performance of its respective Fund. Throughout the year,
each Board compared its respective Fund’s performance to the perform-
ance of a comparable group of closed-end funds, and the performance of
at least one relevant benchmark, if any. The Boards met with BlackRock’s
senior management personnel responsible for investment operations,
including the senior investment officers. Each Board also reviewed the
materials provided by its respective Fund’s portfolio management team dis-
cussing such Fund’s performance and such Fund’s investment objective,
strategies and outlook.

Each Board considered, among other factors, the number, education and
experience of BlackRock’s investment personnel generally and its respec-
tive Fund’s portfolio management team, investments by portfolio managers
in the funds they manage, BlackRock’s portfolio trading capabilities,
BlackRock’s use of technology, BlackRock’s commitment to compliance
and BlackRock’s approach to training and retaining portfolio managers
and other research, advisory and management personnel. Each Board
also reviewed a general description of BlackRock’s compensation structure
with respect to its respective Fund’s portfolio management team and
BlackRock’s ability to attract and retain high-quality talent.

In addition to advisory services, each Board considered the quality of the
administrative and non-investment advisory services provided to its respec-
tive Fund. BlackRock and its affiliates provide the Funds with certain
administrative and other services (in addition to any such services pro-
vided to the Funds by third parties) and officers and other personnel as
are necessary for the operations of the Funds. In addition to investment
advisory services, BlackRock and its affiliates provide the Funds with
other services, including (i) preparing disclosure documents, such as the
prospectus and the statement of additional information in connection
with the initial public offering and periodic shareholder reports; (ii) prepar-
ing communications with analysts to support secondary market trading of
the Funds; (iii) assisting with daily accounting and pricing; (iv) preparing
periodic filings with regulators and stock exchanges; (v) overseeing and
coordinating the activities of other service providers; (vi) organizing Board

meetings and preparing the materials for such Board meetings; (vii) provid-
ing legal and compliance support; and (viii) performing other administra-
tive functions necessary for the operation of the Funds, such as tax
reporting, fulfilling regulatory filing requirements, and call center services.
The Boards reviewed the structure and duties of BlackRock’s fund adminis-
tration, accounting, legal and compliance departments and considered
BlackRock’s policies and procedures for assuring compliance with applica-
ble laws and regulations.

B. The Investment Performance of the Funds and BlackRock: Each Board,
including its Independent Board Members, also reviewed and considered
the performance history of its respective Fund. In preparation for the April 14,
2009 meeting, the Boards were provided with reports, independently pre-
pared by Lipper, which included a comprehensive analysis of each Fund’s
performance. The Boards also reviewed a narrative and statistical analysis
of the Lipper data that was prepared by BlackRock, which analyzed various
factors that affect Lipper’s rankings. In connection with its review, each
Board received and reviewed information regarding the investment per-
formance of its respective Fund as compared to a representative group
of similar funds as determined by Lipper and to all funds in such Fund’s
applicable Lipper category and customized peer group selected by
BlackRock, as applicable. Each Board was provided with a description of
the methodology used by Lipper to select peer funds. Each Board regularly
reviews the performance of its respective Fund throughout the year.

The Board of MNE noted that MNE performed below the median of its
customized Lipper peer group composite in the three- and five-year periods
reported and MNE performed above the median of its customized Lipper
peer group composite in the one-year period reported. The Board and
BlackRock reviewed the reasons for MNE’s underperformance during these
periods compared with its Peers. The Board was informed that, among
other things, overweight positions in health care and housing credits along
with some poor performance in AMT and Puerto Rico credits negatively
impacted MNE’s performance.

The Board of MYC noted that MYC performed below the median of its cus-
tomized Lipper peer group composite in the three- and five-year periods
reported and MYC performed above the median of its customized Lipper
peer group composite in the one-year period reported. The Board and
BlackRock reviewed the reasons for MYC’s underperformance during these
periods compared with its Peers. The Board was informed that, among
other things, MYC did not have the ability to invest in non-investment grade
securities and, as credit spreads tightened in past years, this negatively
impacted MYC’s performance.

The Board of MYF noted that MYF performed below the median of its
customized Lipper peer group composite in the one-, three- and five-year
periods reported. The Board and BlackRock reviewed the reasons for MYF’s
underperformance during these periods compared with its Peers. The Board
was informed that, among other things, overweight positions in the hospital
and housing sectors and poor performance of some insured and AMT
bonds held by MYF negatively impacted MYF’s performance.

48 ANNUAL REPORT JULY 31, 2009

Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements (continued)

For MNE, MYC and MYF, the Board of each respective Fund and BlackRock
discussed BlackRock’s commitment to providing the resources necessary to
assist the portfolio managers and to improve each such Fund’s performance.

The Board of MZA noted that in general MZA performed better than its
Peers in that MZA’s performance was at or above the median of its cus-
tomized Lipper peer group composite in each of the one-, three- and five-
year periods reported.

The Board of MYJ noted that in general MYJ performed better than its Peers
in that MYJ’s performance was at or above the median of its Lipper per-
formance universe composite in each of the one-, three- and five-year
periods reported.

C. Consideration of the Advisory Fees and the Cost of the Services
and Profits to be Realized by BlackRock and its Affiliates from their
Relationship with the Funds: Each Board, including its Independent Board
Members, reviewed its respective Fund’s contractual advisory fee rates
compared with the other funds in its respective Lipper category. Each
Board also compared its respective Fund’s total expenses, as well as
actual management fees, to those of other comparable funds. Each Board
considered the services provided and the fees charged by BlackRock to
other types of clients with similar investment mandates, including sepa-
rately managed institutional accounts.

The Boards received and reviewed statements relating to BlackRock’s
financial condition and profitability with respect to the services it provided
the Funds. The Boards were also provided with a profitability analysis that
detailed the revenues earned and the expenses incurred by BlackRock
for services provided to the Funds. The Boards reviewed BlackRock’s prof-
itability with respect to the Funds and other funds the Boards currently
oversee for the year ended December 31, 2008 compared to available
aggregate profitability data provided for the year ended December 31,
2007. The Boards reviewed BlackRock’s profitability with respect to other
fund complexes managed by the Manager and/or its affiliates. The Boards
reviewed BlackRock’s assumptions and methodology of allocating expenses
in the profitability analysis, noting the inherent limitations in allocating
costs among various advisory products. The Boards recognized that prof-
itability may be affected by numerous factors including, among other
things, fee waivers by the Manager, the types of funds managed, expense
allocations and business mix, and therefore comparability of profitability
is somewhat limited.

The Boards noted that, in general, individual fund or product line profitabil-
ity of other advisors is not publicly available. Nevertheless, to the extent
such information is available, the Boards considered BlackRock’s overall
operating margin compared to the operating margin for leading investment
management firms whose operations include advising closed-end funds,
among other product types. The comparison indicated that operating mar-
gins for BlackRock with respect to its registered funds are consistent with
margins earned by similarly situated publicly traded competitors. In addi-
tion, the Boards considered, among other things, certain third-party data
comparing BlackRock’s operating margin with that of other publicly-traded

asset management firms, which concluded that larger asset bases do not,
in themselves, translate to higher profit margins.

In addition, the Boards considered the cost of the services provided to
the Funds by BlackRock, and BlackRock’s and its affiliates’ profits relating
to the management and distribution of the Funds and the other funds
advised by BlackRock and its affiliates. As part of their analysis, the Boards
reviewed BlackRock’s methodology in allocating its costs to the manage-
ment of the Funds. The Boards also considered whether BlackRock has the
financial resources necessary to attract and retain high quality investment
management personnel to perform its obligations under the Agreements
and to continue to provide the high quality of services that is expected by
the Boards.

Each Board noted that its respective Fund paid contractual management
fees, which do not take into account any expense reimbursement or fee
waivers, lower than or equal to the median contractual management fees
paid by such Fund’s Peers.

D. Economies of Scale: Each Board, including its Independent Board
Members, considered the extent to which economies of scale might be
realized as the assets of its respective Fund increase and whether there
should be changes in the advisory fee rate or structure in order to enable
such Fund to participate in these economies of scale, for example through
the use of breakpoints in the advisory fee based upon the assets of such
Fund. The Boards considered that the funds in the BlackRock fund complex
share some common resources and, as a result, an increase in the overall
size of the complex could permit each fund to incur lower expenses than
it would otherwise as a stand-alone entity. The Boards also considered
BlackRock’s overall operations and its efforts to expand the scale of, and
improve the quality of, its operations.

The Boards noted that most closed-end fund complexes do not have fund
level breakpoints because closed-end funds generally do not experience
substantial growth after the initial public offering and each fund is man-
aged independently consistent with its own investment objectives. The
Boards noted that only one closed-end fund in the Fund Complex has
breakpoints in its fee structure. Information provided by Lipper also
revealed that only one closed-end fund complex used a complex-level
breakpoint structure.

E. Other Factors: The Boards also took into account other ancillary or
“fall-out” benefits that BlackRock or its affiliates and significant sharehold-
ers may derive from their relationship with the Funds, both tangible and
intangible, such as BlackRock’s ability to leverage its investment profes-
sionals who manage other portfolios, an increase in BlackRock’s profile in
the investment advisory community, and the engagement of BlackRock’s
affiliates as service providers to the Funds, including for administrative
and distribution services. The Boards also noted that BlackRock may use
third-party research obtained by soft dollars generated by certain mutual
fund transactions to assist itself in managing all or a number of its other
client accounts.

ANNUAL REPORT JULY 31, 2009 49

Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements (concluded)

In connection with their consideration of the Agreements, the Boards also
received information regarding BlackRock’s brokerage and soft dollar prac-
tices. The Boards received reports from BlackRock, which included informa-
tion on brokerage commissions and trade execution practices throughout
the year.

Conclusion

Each Board, including its Independent Board Members, unanimously
approved the continuation of the Advisory Agreement between its respec-
tive Fund and the Manager for a one-year term ending June 30, 2010
and the Sub-Advisory Agreement between such Fund, the Manager and
Sub-Advisor for a one-year term ending June 30, 2010. Based upon its
evaluation of all these factors in their totality, each Board, including its
Independent Board Members, was satisfied that the terms of the Agreements

were fair and reasonable and in the best interest of its respective Fund and
its shareholders. In arriving at a decision to approve the Agreements, each
Board did not identify any single factor or group of factors as all-important
or controlling, but considered all factors together, and different Board
Members may have attributed different weights to the various factors con-
sidered. The Independent Board Members were also assisted by the advice
of independent legal counsel in making this determination. The contractual
fee arrangements for each Fund reflects the results of several years of
review by such Fund’s Board Members and predecessor Board Members,
and discussions between such Board Members (and predecessor Board
Members) and BlackRock. Certain aspects of the arrangements may be
the subject of more attention in some years than in others, and the Board
Members’ conclusions may be based in part on their consideration of these
arrangements in prior years.

50 ANNUAL REPORT JULY 31, 2009

Automatic Dividend Reinvestment Plan

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

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

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

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

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

Contact Information — All correspondence concerning the Plan, including
any questions about the Plan, should be directed to the Plan Agent at the
following addresses: Shareholders of BlackRock MuniYield Arizona Fund,
Inc., BlackRock MuniYield California Fund, Inc., BlackRock MuniYield
Investment Fund and BlackRock MuniYield New Jersey Fund, Inc. should
contact The BNY Mellon Shareowner Services, P.O. Box 358035, Pittsburgh,
PA 15252-8035, Telephone: (866) 216-0242 and shareholders of
BlackRock Muni New York Intermediate Duration Fund, Inc. should
contact Computershare Trust Company, N.A., P.O. Box 43078, Providence,
RI 02940-3078, Telephone: (800) 699-IBFM or overnight correspondence
should be directed to the Plan Agent at 250 Royall Street, Canton,
MA 02021.

ANNUAL REPORT JULY 31, 2009 51

Officers and Directors         
        Number of   
    Length of    BlackRock-   
  Position(s)  Time    Advised Funds   
Name, Address  Held with  Served as    and Portfolios  Public 
and Year of Birth  Funds  a Director2  Principal Occupation(s) During Past Five Years  Overseen  Directorships 
     Non-Interested Directors1         
Richard E. Cavanagh  Chairman  Since  Trustee, Aircraft Finance Trust since 1999; Director, The Guardian Life Insurance  104 Funds  Arch Chemical 
40 East 52nd Street  of the Board  2007  Company of America since 1998; Trustee, Educational Testing Service from 1997  101 Portfolios  (chemical and allied 
New York, NY 10022  and Director    to 2009 and Chairman from 2005 to 2009; Senior Advisor, The Fremont Group    products) 
1946      since 2008 and Director thereof since 1996; Adjunct Lecturer, Harvard University     
      since 2007; President and Chief Executive Officer of The Conference Board, Inc.     
      (global business research organization) from 1995 to 2007.     
Karen P. Robards  Vice Chair of  Since  Partner of Robards & Company, LLC (financial advisory firm) since 1987;  104 Funds  AtriCure, Inc. 
40 East 52nd Street  the Board,  2007  Co-founder and Director of the Cooke Center for Learning and Development,  101 Portfolios  (medical devices); 
New York, NY 10022  Chair of    (a not-for-profit organization) since 1987; Director of Enable Medical Corp.    Care Investment 
1950  the Audit    from 1996 to 2005.    Trust, Inc. (health 
  Committee        care real estate 
  and Director        investment trust) 
G. Nicholas Beckwith, III  Director  Since  Chairman and Chief Executive Officer, Arch Street Management, LLC (Beckwith  104 Funds  None 
40 East 52nd Street    2007  Family Foundation) and various Beckwith property companies since 2005;  101 Portfolios   
New York, NY 10022      Chairman of the Board of Directors, University of Pittsburgh Medical Center     
1945      since 2002; Board of Directors, Shady Side Hospital Foundation since 1977;     
      Board of Directors, Beckwith Institute for Innovation In Patient Care since 1991;     
      Member, Advisory Council on Biology and Medicine, Brown University since     
      2002; Trustee, Claude Worthington Benedum Foundation (charitable foundation)     
      since 1989; Board of Trustees, Chatham University since 1981; Board of Trustees,     
      University of Pittsburgh since 2002; Emeritus Trustee, Shady Side Academy since     
      1977; Chairman and Manager, Penn West Industrial Trucks LLC (sales, rental and     
      servicing of material handling equipment) from 2005 to 2007; Chairman, President     
      and Chief Executive Officer, Beckwith Machinery Company (sales, rental and servicing   
      of construction and equipment) from 1985 to 2005; Member of the Board of Directors,   
      National Retail Properties (REIT) from 2006 to 2007.     
Kent Dixon  Director and  Since  Consultant/Investor since 1988.  104 Funds  None 
40 East 52nd Street  Member of  2007    101 Portfolios   
New York, NY 10022  the Audit         
1937  Committee         
Frank J. Fabozzi  Director and  Since  Consultant/Editor of The Journal of Portfolio Management since 2006; Professor  104 Funds  None 
40 East 52nd Street  Member of  2007  in the Practice of Finance and Becton Fellow, Yale University, School of Manage-  101 Portfolios   
New York, NY 10022  the Audit    ment, since 2006; Adjunct Professor of Finance and Becton Fellow, Yale University     
1948  Committee    from 1994 to 2006.     
Kathleen F. Feldstein  Director  Since  President of Economics Studies, Inc. (private economic consulting firm) since  104 Funds  The McClatchy 
40 East 52nd Street    2007  1987; Chair, Board of Trustees, McLean Hospital from 2000 to 2008 and Trustee  101 Portfolios  Company 
New York, NY 10022      Emeritus thereof since 2008; Member of the Board of Partners Community    (publishing) 
1941      Healthcare, Inc. since 2005; Member of the Corporation of Partners HealthCare     
      since 1995; Trustee, Museum of Fine Arts, Boston since 1992; Member of the     
      Visiting Committee to the Harvard University Art Museum since 2003.     
James T. Flynn  Director and  Since  Chief Financial Officer of JP Morgan & Co., Inc. from 1990 to 1995.  104 Funds  None 
40 East 52nd Street  Member of  2007    101 Portfolios   
New York, NY 10022  the Audit         
1939  Committee         
Jerrold B. Harris  Director  Since  Trustee, Ursinus College since 2000; Director, Troemner LLC (scientific equipment)  104 Funds  BlackRock Kelso 
40 East 52nd Street    2007  since 2000.  101 Portfolios  Capital Corp. 
New York, NY 10022           
1942           

52 ANNUAL REPORT JULY 31, 2009

Officers and Directors (continued)     
        Number of   
    Length of    BlackRock-   
  Position(s)  Time    Advised Funds   
Name, Address  Held with  Served as    and Portfolios  Public 
and Year of Birth  Funds  a Director2   Principal Occupation(s) During Past Five Years  Overseen  Directorships 
     Non-Interested Directors1 (concluded)         
R. Glenn Hubbard  Director  Since   Dean, Columbia Business School since 2004; Columbia faculty member since  104 Funds  ADP (data and 
40 East 52nd Street    2007   1988; Co-Director, Columbia Business School’s Entrepreneurship Program  101 Portfolios  information services), 
New York, NY 10022       from 1997 to 2004; Visiting Professor, John F. Kennedy School of Government    KKR Financial 
1958       at Harvard University and the Harvard Business School since 1985 and at the    Corporation (finance), 
       University of Chicago since 1994; Chairman, U.S. Council of Economic Advisers    Metropolitan Life 
       under the President of the United States from 2001 to 2003.    Insurance Company 
          (insurance) 
W. Carl Kester  Director  Since   George Fisher Baker Jr. Professor of Business Administration, Harvard Business  104 Funds  None 
40 East 52nd Street    2007   School; Deputy Dean for Academic Affairs, since 2006; Unit Head, Finance,  101 Portfolios   
New York, NY 10022       Harvard Business School, from 2005 to 2006; Senior Associate Dean and     
1951       Chairman of the MBA Program of Harvard Business School, from 1999 to 2005;     
       Member of the faculty of Harvard Business School since 1981; Independent     
       Consultant since 1978.     
  1 Directors serve until their resignation, removal or death, or until December 31 of the year in which they turn 72.     
  2 Following the combination of Merrill Lynch Investment Managers, L.P. (“MLIM”) and BlackRock, Inc. (“BlackRock”) in September 2006, the various legacy 
     MLIM and legacy BlackRock Fund boards were realigned and consolidated into three new Fund boards in 2007. As a result, although the chart shows 
     directors as joining the Funds’ board in 2007, each director first became a member of the board of directors of other legacy MLIM or legacy BlackRock 
     Funds as follows: G. Nicholas Beckwith, III, 1999; Richard E. Cavanagh, 1994; Kent Dixon, 1988; Frank J. Fabozzi, 1988; Kathleen F. Feldstein, 2005; 
James T. Flynn, 1996; Jerrold B. Harris, 1999; R. Glenn Hubbard, 2004; W. Carl Kester, 1995 and Karen P. Robards, 1998.
     Interested Directors3           
Richard S. Davis  President4  Since  Managing Director, BlackRock, Inc. since 2005; Chief Executive Officer, State Street  173 Funds  None 
40 East 52nd Street  and Director  2007  Research & Management Company from 2000 to 2005; Chairman of the Board  283 Portfolios   
New York, NY 10022      of Trustees, State Street Research Mutual Funds from 2000 to 2005; Chairman,     
1945      SSR Realty from 2000 to 2004.     
Henry Gabbay  Director  Since  Consultant, BlackRock, Inc. from 2007 to 2008; Managing Director, BlackRock,  173 Funds  None 
40 East 52nd Street    2007  Inc. from 1989 to 2007; Chief Administrative Officer, BlackRock Advisors, LLC  283 Portfolios   
New York, NY 10022      from 1998 to 2007; President of BlackRock Funds and BlackRock Bond     
1947      Allocation Target Shares from 2005 to 2007; Treasurer of certain closed-end     
      funds in the BlackRock fund complex from 1989 to 2006.     
  3 Mr. Davis is an “interested person,” as defined in the Investment Company Act of 1940, of the Funds based on his position with BlackRock, Inc. and its 
     affiliates. Mr. Gabbay is an “interested person” of the Funds based on his former positions with BlackRock, Inc. and its affiliates as well as his ownership 
     of BlackRock, Inc. and PNC Securities. Directors serve until their resignation, removal or death, or until December 31 of the year in which they turn 72. 
  4 Fund President for BlackRock MuniYield Investment Fund.     

ANNUAL REPORT JULY 31, 2009 53

Officers and Directors (continued) 
  Position(s)     
Name, Address  Held with  Length of   
and Year of Birth  Funds  Time Served  Principal Occupation(s) During Past 5 Years 
     Fund Officers1       
Donald C. Burke  President2  Since  Managing Director of BlackRock, Inc. since 2006; Managing Director of Merrill Lynch Investment Managers, L.P. (“MLIM”) 
40 East 52nd Street  and Chief  2007  and Fund Asset Management L.P. (“FAM”) in 2006, First Vice President thereof from 1997 to 2005. Treasurer thereof 
New York, NY 10022  Executive    from 1999 to 2006 and Vice President thereof from 1990 to 1997. 
1960  Officer     
Anne F. Ackerley  Vice  Since  Managing Director of BlackRock, Inc. since 2000; Vice President of the BlackRock-advised funds from 2007 to 2009; 
40 East 52nd Street  President  2007  Chief Operating Officer of BlackRock’s Account Management Group (AMG) since 2009; Chief Operating Officer of 
New York, NY 10022      BlackRock’s U.S. Retail Group from 2006 to 2009; Head of BlackRock’s Mutual Fund Group from 2000 to 2006. 
1962       
Neal J. Andrews  Chief  Since  Managing Director of BlackRock, Inc. since 2006; Senior Vice President and Line of Business Head of Fund 
40 East 52nd Street  Financial  2007  Accounting and Administration at PNC Global Investment Servicing from 1992 to 2006. 
New York, NY 10022  Officer     
1966       
Jay M. Fife  Treasurer  Since  Managing Director of BlackRock, Inc. since 2007 and Director in 2006; Assistant Treasurer of the Merrill Lynch 
40 East 52nd Street    2007  Investment Managers, L.P. (“MLIM”) and Fund Asset Management, L.P. advised funds from 2005 to 2006; Director of 
New York, NY 10022      MLIM Fund Services Group from 2001 to 2006. 
1970       
Brian P. Kindelan  Chief  Since  Chief Compliance Officer of the BlackRock-advised funds since 2007; Managing Director and Senior Counsel 
40 East 52nd Street  Compliance  2007  of BlackRock, Inc. since 2005; Director and Senior Counsel of BlackRock Advisors, Inc. from 2001 to 2004. 
New York, NY 10022  Officer     
1959       
Howard B. Surloff  Secretary  Since  Managing Director of BlackRock, Inc. and General Counsel of U.S. Funds at BlackRock, Inc. since 2006; General 
40 East 52nd Street    2007  Counsel (U.S.) of Goldman Sachs Asset Management, L.P. from 1993 to 2006. 
New York, NY 10022       
1965       
  1 Officers of the Funds serve at the pleasure of the Board of Directors. 
  2 Fund President for all Funds except BlackRock MuniYield Investment Fund. 
  Further information about the Funds’ Officers and Directors is available in the Funds’ Statement of Additional Information, which can be obtained 
  without charge by calling (800) 441-7762 

Effective July 31, 2009, Donald C. Burke, President of BlackRock Muni New York Intermediate Duration Fund, Inc., BlackRock
MuniYield Arizona Fund, Inc., BlackRock MuniYield California Fund, Inc. and BlackRock MuniYield New Jersey Fund, Inc. and
Chief Executive Officer of the Funds retired. The Funds’ Boards of Directors wish Mr. Burke well in his retirement.

Effective August 1, 2009, Anne F. Ackerley became President of BlackRock Muni New York Intermediate Duration Fund, Inc.,
BlackRock MuniYield Arizona Fund, Inc., BlackRock MuniYield California Fund, Inc. and BlackRock MuniYield New Jersey Fund,
Inc. and Chief Executive Officer of the Funds, and Brendan Kyne became Vice President of the Funds.

54 ANNUAL REPORT JULY 31, 2009

Officers and Directors (concluded)       
Custodians  Transfer Agent  Auction Agent  Independent  Investment Advisor  Address of the Funds 
State Street Bank  Common Shares  Preferred Shares  Registered Public  BlackRock Advisors, LLC  100 Bellevue Parkway 
and Trust Company1  Computershare  BNY Mellon  Accounting Firm  Wilmington, DE 19809  Wilmington, DE 19809 
Boston, MA 02101  Trust Company, N.A.1  Shareowner Services  Deloitte & Touche LLP     
  Providence, RI 02940  Jersey City, NJ 07310  Princeton, NJ 08540     
The Bank of  BNY Mellon  Accounting Agent  Legal Counsel  Sub-Advisor   
New York Mellon2  Shareowner Services2  State Street Bank  Skadden, Arps, Slate,  BlackRock Investment   
New York, NY 10286  Jersey City, NJ 07310  and Trust Company  Meagher & Flom LLP  Management, LLC   
    Princeton, NJ 08540  New York, NY 10036  Plainsboro, NJ 08536   
1 For BlackRock Muni New York Intermediate Duration Fund, Inc.       
2 For BlackRock MuniYield Arizona Fund, Inc., BlackRock MuniYield California Fund, Inc., BlackRock MuniYield Investment Fund, Inc., and BlackRock MuniYield New Jersey Fund, Inc., 

ANNUAL REPORT JULY 31, 2009 55

Additional Information

General Information

The Funds do not make available copies of their Statements of Additional
Information because the Funds’ shares are not continuously offered, which
means that the Statement of Additional Information of each Fund has not
been updated after completion of the respective Fund’s offerings and the
information contained in each Fund’s Statement of Additional Information
may have become outdated.

Other than the revisions discussed in the Board Approvals on page 57,
there were no material changes in the Funds’ investment objectives or poli-
cies or to the Funds’ charters or by-laws that were not approved by their
shareholders or in the principal risk factors associated with investment in
the Funds. There have been no changes in the persons who are primarily
responsible for the day-to-day management for the Funds’ portfolios.

Quarterly performance, semi-annual and annual reports and other informa-
tion regarding the Funds may be found on BlackRock’s website, which can
be accessed at http://www.blackrock.com. This reference to BlackRock’s
website is intended to allow investors public access to information regard-
ing the Funds and does not, and is not intended to, incorporate BlackRock’s
website into this report.

Electronic Delivery

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

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

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

Householding

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

Availability of Quarterly Schedule of Investments

Each Fund files its complete schedule of portfolio holdings witht the SEC
for the first and third quarters of each fiscal year on Form N-Q. The Funds’
Forms N-Q are available on the SEC’s website at http://www.sec.gov and
may also be reviewed and copied at the SEC’s Public Reference Room
in Washington, DC. Information on the operation of the Public Reference
Room may be obtained by calling (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 toll-free (800) 441-7762;
(2) at www.blackrock.com; and (3) on the Securities and Exchange
Commission’s website at http://www.sec.gov.

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
Securities and Exchange Commission’s website at http://www.sec.gov.

56 ANNUAL REPORT JULY 31, 2009

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.

Fund Certification

Certain Funds are listed for trading on the New York Stock Exchange
(“NYSE”) and have filed with the NYSE their annual chief executive officer
certification regarding compliance with the NYSE’s listing standards. The

Funds filed with the SEC the certification of its chief executive officer and
chief financial officer required by section 302 of the Sarbanes-Oxley Act.

Board Approvals

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

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

investing a substantial portion of its assets in Florida municipal bonds until
the repositioning is complete.

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

Effective September 13, 2008, following approval by the Funds’ Board
and the applicable ratings agencies, the Board amended the terms of
the Funds’ Articles Supplementary in order to allow the Funds to enter
into TOB transactions, the proceeds of which were used to redeem a
portion of the Funds’ Preferred Shares. Accordingly, the definition of
Inverse Floaters was amended to incorporate the Funds’ permissible
ratio of floating rate instruments into inverse floating rate instruments.
Additionally, conforming changes and certain formula modifications con-
cerning inverse floaters were made to the definitions of Moody’s Discount
Factor and S&P Discount Factor, as applicable, to integrate the Funds’
investments in TOBs into applicable calculations.

ANNUAL REPORT JULY 31, 2009 57

Additional Information (concluded)

Section 19 Notices

The amounts and sources of distributions reported are only estimates and
are not being provided for tax reporting purposes. The actual amounts and
sources for tax reporting purposes will depend upon each Fund’s invest-
ment experience during the year and may be subject to changes based on

the tax regulations. Each Fund will send you a Form 1099-DIV each calen-
dar year that will tell you how to report these distributions for federal
income tax purposes.

    Total Fiscal Year-to-Date      Percentage of Fiscal Year-to-Date   
                                   Cumulative Distributions by Character         Cumulative Distributions by Character 
  Net  Net Realized    Total Per  Net  Net Realized    Total Per 
  Investment  Capital  Return of  Common  Investment  Capital  Return of  Common 
  Income  Gains  Capital  Share  Income  Gains  Capital  Share 
MuniYield California  $0.690990  —  —  $0.690990  100%  0%  0%  100% 
MuniYield Investment  $0.704817  —  —  $0.704817  100%  0%  0%  100% 

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 informa-
tion 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.

58 ANNUAL REPORT JULY 31, 2009


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 affect the yield to Common Shareholders. Statements and other information
herein are as dated and are subject to change.


Item 2 – Code of Ethics – The registrant (or the “Fund”) has adopted a code of ethics, as of the end
of the period covered by this report, applicable to the registrant’s principal executive officer,
principal financial officer and principal accounting officer, or persons performing similar
functions. During the period covered by this report, there have been no amendments to or
waivers granted under the code of ethics. A copy of the code of ethics is available without
charge at www.blackrock.com.

Item 3 – Audit Committee Financial Expert – The registrant’s board of directors or trustees, as
applicable (the “board of directors”) has determined that (i) the registrant has the following
audit committee financial experts serving on its audit committee and (ii) each audit
committee financial expert is independent:
Kent Dixon
Frank J. Fabozzi
James T. Flynn
W. Carl Kester
Karen P. Robards
Robert S. Salomon, Jr. (retired effective December 31, 2008)

The registrant’s board of directors has determined that W. Carl Kester and Karen P. Robards
qualify as financial experts pursuant to Item 3(c)(4) of Form N-CSR.

Prof. Kester has a thorough understanding of generally accepted accounting principles,
financial statements and internal control over financial reporting as well as audit committee
functions. Prof. Kester has been involved in providing valuation and other financial
consulting services to corporate clients since 1978. Prof. Kester’s financial consulting
services present a breadth and level of complexity of accounting issues that are generally
comparable to the breadth and complexity of issues that can reasonably be expected to be
raised by the registrant’s financial statements.

Ms. Robards has a thorough understanding of generally accepted accounting principles,
financial statements and internal control over financial reporting as well as audit committee
functions. Ms. Robards has been President of Robards & Company, a financial advisory
firm, since 1987. Ms. Robards was formerly an investment banker for more than 10 years
where she was responsible for evaluating and assessing the performance of companies based
on their financial results. Ms. Robards has over 30 years of experience analyzing financial
statements. She also is a member of the audit committee of one publicly held company and
a non-profit organization.

Under applicable securities laws, a person determined to be an audit committee financial
expert will not be deemed an “expert” for any purpose, including without limitation for the
purposes of Section 11 of the Securities Act of 1933, as a result of being designated or
identified as an audit committee financial expert. The designation or identification as an
audit committee financial expert does not impose on such person any duties, obligations, or
liabilities greater than the duties, obligations, and liabilities imposed on such person as a
member of the audit committee and board of directors in the absence of such designation or
identification.

Item 4 – Principal Accountant Fees and Services           
           (a) Audit Fees   (b) Audit-Related Fees1             (c) Tax Fees2       (d) All Other Fees3 
  Current  Previous  Current  Previous  Current  Previous  Current  Previous 
  Fiscal Year  Fiscal Year  Fiscal Year  Fiscal Year  Fiscal Year  Fiscal Year  Fiscal Year  Fiscal Year 
     Entity Name  End  End  End  End  End  End  End  End 
BlackRock                 
MuniYield New  $29,400  $28,500  $3,500  $3,500  $6,100  $6,100  $1,028  $1,049 
Jersey Fund, Inc.                 

1 The nature of the services include assurance and related services reasonably related to the performance of the audit of
financial statements not included in Audit Fees.
2 The nature of the services include tax compliance, tax advice and tax planning.
3 The nature of the services include a review of compliance procedures and attestation thereto.

(e)(1) Audit Committee Pre-Approval Policies and Procedures:
The registrant’s audit committee (the “Committee”) has adopted policies and
procedures with regard to the pre-approval of services. Audit, audit-related and tax
compliance services provided to the registrant on an annual basis require specific pre-
approval by the Committee. The Committee also must approve other non-audit services
provided to the registrant and those non-audit services provided to the registrant’s affiliated
service providers that relate directly to the operations and the financial reporting of the
registrant. Certain of these non-audit services that the Committee believes are a) consistent
with the SEC’s auditor independence rules and b) routine and recurring services that will
not impair the independence of the independent accountants may be approved by the
Committee without consideration on a specific case-by-case basis (“general pre-approval”).
The term of any general pre-approval is 12 months from the date of the pre-approval, unless
the Committee provides for a different period. Tax or other non-audit services provided to
the registrant which have a direct impact on the operation or financial reporting of the
registrant will only be deemed pre-approved provided that any individual project does not
exceed $10,000 attributable to the registrant or $50,000 for all of the registrants the
Committee oversees. For this purpose, multiple projects will be aggregated to determine if
they exceed the previously mentioned cost levels.
Any proposed services exceeding the pre-approved cost levels will require specific
pre-approval by the Committee, as will any other services not subject to general pre-
approval (e.g., unanticipated but permissible services). The Committee is informed of each
service approved subject to general pre-approval at the next regularly scheduled in-person
board meeting. At this meeting, an analysis of such services is presented to the Committee
for ratification. The Committee may delegate to one or more of its members the authority to
approve the provision of and fees for any specific engagement of permitted non-audit
services, including services exceeding pre-approved cost levels.

(e)(2) None of the services described in each of Items 4(b) through (d) were approved by
the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not Applicable

(g) Affiliates’ Aggregate Non-Audit Fees:

  Current Fiscal Year  Previous Fiscal Year 
               Entity Name  End  End 
BlackRock MuniYield New  $418,128  $415,649 
Jersey Fund, Inc.     

(h) The registrant’s audit committee has considered and determined that the provision of
non-audit services that were rendered to the registrant’s investment adviser (not including
any non-affiliated sub-adviser whose role is primarily portfolio management and is
subcontracted with or overseen by the registrant’s investment adviser), and any entity
controlling, controlled by, or under common control with the investment adviser that
provides ongoing services to the registrant that were not pre-approved pursuant to paragraph
(c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal
accountant’s independence.

Regulation S-X Rule 2-01(c)(7)(ii) – $407,500, 0%

Item 5 – Audit Committee of Listed Registrants – The following individuals are members of the
registrant’s separately-designated standing audit committee established in accordance with
Section 3(a)(58)(A) of the Securities Exchange Act of 1934 (15 U.S.C. 78c(a)(58)(A)):

Kent Dixon
Frank J. Fabozzi
James T. Flynn
W. Carl Kester
Karen P. Robards
Robert S. Salomon, Jr. (retired effective December 31, 2008)

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

Item 7 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management
Investment Companies – The board of directors has delegated the voting of proxies for the
Fund securities to the Fund’s investment adviser (“Investment Adviser”) pursuant to the
Investment Adviser’s proxy voting guidelines. Under these guidelines, the Investment
Adviser will vote proxies related to Fund securities in the best interests of the Fund and its
stockholders. From time to time, a vote may present a conflict between the interests of the
Fund’s stockholders, on the one hand, and those of the Investment Adviser, or any affiliated
person of the Fund or the Investment Adviser, on the other. In such event, provided that the
Investment Adviser’s Equity Investment Policy Oversight Committee, or a sub-committee
thereof (the “Oversight Committee”) is aware of the real or potential conflict or material
non-routine matter and if the Oversight Committee does not reasonably believe it is able to
follow its general voting guidelines (or if the particular proxy matter is not addressed in the
guidelines) and vote impartially, the Oversight Committee may retain an independent
fiduciary to advise the Oversight Committee on how to vote or to cast votes on behalf of the
Investment Adviser’s clients. If the Investment Adviser determines not to retain an
independent fiduciary, or does not desire to follow the advice of such independent fiduciary,
the Oversight Committee shall determine how to vote the proxy after consulting with the
Investment Adviser’s Portfolio Management Group and/or the Investment Adviser’s Legal
and Compliance Department and concluding that the vote cast is in its client’s best interest
notwithstanding the conflict. A copy of the Fund’s Proxy Voting Policy and Procedures are
attached as Exhibit 99.PROXYPOL. Information on how the Fund voted proxies relating to
portfolio securities during the most recent 12-month period ended June 30 is available

without charge, (i) at www.blackrock.com and (ii) on the SEC’s website at
http://www.sec.gov.

Item 8 – Portfolio Managers of Closed-End Management Investment Companies – as of July 31,
2009.

(a)(1) The registrant (or “Fund”) is managed by a team of investment professionals
comprised of Robert Sneeden, Director at BlackRock, Theodore R. Jaeckel, Jr., CFA,
Managing Director at BlackRock and Walter O’Connor, Managing Director at
BlackRock. Each is a member of BlackRock’s municipal tax-exempt management
group. Each is jointly responsible for the day-to-day management of the registrant’s
portfolio, which includes setting the registrant’s overall investment strategy,
overseeing the management of the registrant and/or selection of its investments.
Messrs. Sneeden, Jaeckel and O’Connor have been members of the registrant’s
portfolio management team since 2008, 2006 and 2006, respectively.

             Portfolio Manager  Biography         
             Theodore R. Jaeckel, Jr.  Managing Director at BlackRock, Inc. since 2006; Managing Director of 
    Merrill Lynch Investment Managers, L.P. (“MLIM”) from 2005 to 2006; 
    Director of MLIM from 1997 to 2005.     
             Walter O’Connor  Managing Director of BlackRock, Inc. since 2006; Managing Director of 
    MLIM from 2003 to 2006; Director of MLIM from 1998 to 2003.   
             Robert Sneeden    Director of BlackRock, Inc. since 2006; Vice President of MLIM from 
    1998 to 2006.         
             (a)(2) As of July 31, 2009:           
  (ii) Number of Other Accounts Managed  (iii) Number of Other Accounts and 
  and Assets by Account Type    Assets for Which Advisory Fee is 
          Performance-Based   
  Other  Other Pooled    Other  Other Pooled   
(i) Name of  Registered  Investment  Other  Registered  Investment  Other 
Portfolio Manager  Investment  Vehicles  Accounts  Investment  Vehicles  Accounts 
  Companies      Companies     
Walter O’Connor  76  0  0  0  0  0 
  $17.7 Billion  $0  $0  $0  $0  $0 
Theodore R. Jaeckel,  76  0  0  0  0  0 
  $17.7 Billion  $0  $0  $0  $0  $0 
Robert Sneeden  13  0  0  0  0  0 
  $1.64 Billion  $0  $0  $0  $0  $0 
           (iv) Potential Material Conflicts of Interest         

BlackRock and its affiliates (collectively, herein “BlackRock”) has built a professional
working environment, firm-wide compliance culture and compliance procedures and
systems designed to protect against potential incentives that may favor one account over
another. BlackRock has adopted policies and procedures that address the allocation of
investment opportunities, execution of portfolio transactions, personal trading by employees
and other potential conflicts of interest that are designed to ensure that all client accounts are
treated equitably over time. Nevertheless, BlackRock furnishes investment management and
advisory services to numerous clients in addition to the Fund, and BlackRock may,
consistent with applicable law, make investment recommendations to other clients or

accounts (including accounts which are hedge funds or have performance or higher fees
paid to BlackRock, or in which portfolio managers have a personal interest in the receipt of
such fees), which may be the same as or different from those made to the Fund. In addition,
BlackRock, its affiliates and significant shareholders and any officer, director, stockholder
or employee may or may not have an interest in the securities whose purchase and sale
BlackRock recommends to the Fund. BlackRock, or any of its affiliates or significant
shareholders, or any officer, director, stockholder, employee or any member of their
families may take different actions than those recommended to the Fund by BlackRock with
respect to the same securities. Moreover, BlackRock may refrain from rendering any advice
or services concerning securities of companies of which any of BlackRock’s (or its
affiliates’ or significant shareholders’) officers, directors or employees are directors or
officers, or companies as to which BlackRock or any of its affiliates or significant
shareholders or the officers, directors and employees of any of them has any substantial
economic interest or possesses material non-public information. Each portfolio manager
also may manage accounts whose investment strategies may at times be opposed to the
strategy utilized for a fund. In this connection, it should be noted that a portfolio manager
may currently manage certain accounts that are subject to performance fees. In addition, a
portfolio manager may assist in managing certain hedge funds and may be entitled to
receive a portion of any incentive fees earned on such funds and a portion of such incentive
fees may be voluntarily or involuntarily deferred. Additional portfolio managers may in the
future manage other such accounts or funds and may be entitled to receive incentive fees.

As a fiduciary, BlackRock owes a duty of loyalty to its clients and must treat each client
fairly. When BlackRock purchases or sells securities for more than one account, the trades
must be allocated in a manner consistent with its fiduciary duties. BlackRock attempts to
allocate investments in a fair and equitable manner among client accounts, with no account
receiving preferential treatment. To this end, BlackRock has adopted a policy that is
intended to ensure that investment opportunities are allocated fairly and equitably among
client accounts over time. This policy also seeks to achieve reasonable efficiency in client
transactions and provide BlackRock with sufficient flexibility to allocate investments in a
manner that is consistent with the particular investment discipline and client base.

(a)(3) As of July 31, 2009:

Portfolio Manager Compensation Overview

BlackRock’s financial arrangements with its portfolio managers, its competitive
compensation and its career path emphasis at all levels reflect the value senior management
places on key resources. Compensation may include a variety of components and may vary
from year to year based on a number of factors. The principal components of compensation
include a base salary, a performance-based discretionary bonus, participation in various
benefits programs and one or more of the incentive compensation programs established by
BlackRock such as its Long-Term Retention and Incentive Plan.

Base compensation. Generally, portfolio managers receive base compensation based on
their seniority and/or their position with the firm. Senior portfolio managers who perform
additional management functions within the portfolio management group or within
BlackRock may receive additional compensation for serving in these other capacities.

Discretionary Incentive Compensation

Discretionary incentive compensation is a function of several components: the performance
of BlackRock, Inc., the performance of the portfolio manager’s group within BlackRock,
the investment performance, including risk-adjusted returns, of the firm’s assets under
management or supervision by that portfolio manager relative to predetermined
benchmarks, and the individual’s seniority, role within the portfolio management team,
teamwork and contribution to the overall performance of these portfolios and BlackRock.
In most cases, including for the portfolio managers of the Fund, these benchmarks are the
same as the benchmark or benchmarks against which the performance of the Fund or other
accounts managed by the portfolio managers are measured. BlackRock’s Chief Investment
Officers determine the benchmarks against which the performance of funds and other
accounts managed by each portfolio manager is compared and the period of time over which
performance is evaluated. With respect to the portfolio managers, such benchmarks for the
Fund include a combination of market-based indices (e.g. Barclays Capital Municipal Bond
Index), certain customized indices and certain fund industry peer groups.

BlackRock’s Chief Investment Officers make a subjective determination with respect to the
portfolio managers’ compensation based on the performance of the funds and other accounts
managed by each portfolio manager relative to the various benchmarks noted above.
Performance is measured on both a pre-tax and after-tax basis over various time periods
including 1, 3, 5 and 10-year periods, as applicable.

Distribution of Discretionary Incentive Compensation
Discretionary incentive compensation is distributed to portfolio managers in a combination
of cash and BlackRock, Inc. restricted stock units which vest ratably over a number of
years. The BlackRock, Inc. restricted stock units, if properly vested, will be settled in
BlackRock, Inc. common stock. Typically, the cash bonus, when combined with base
salary, represents more than 60% of total compensation for the portfolio managers. Paying
a portion of annual bonuses in stock puts compensation earned by a portfolio manager for a
given year “at risk” based on BlackRock’s ability to sustain and improve its performance
over future periods.

Long-Term Retention and Incentive Plan (“LTIP”) — The LTIP is a long-term
incentive plan that seeks to reward certain key employees. Beginning in 2006, awards are
granted under the LTIP in the form of BlackRock, Inc. restricted stock units that, if properly
vested and subject to the attainment of certain performance goals, will be settled in
BlackRock, Inc. common stock. Messrs. O’Connor and Jaeckel have each received awards
under the LTIP.

Deferred Compensation Program — A portion of the compensation paid to
eligible BlackRock employees may be voluntarily deferred into an account that tracks the
performance of certain of the firm’s investment products. Each participant in the deferred
compensation program is permitted to allocate his deferred amounts among the various
investment options. Messrs. O’Connor, Jaeckel and Sneeden have each participated in the
deferred compensation program.

Other compensation benefits. In addition to base compensation and discretionary
incentive compensation, portfolio managers may be eligible to receive or participate in one
or more of the following:

Incentive Savings Plans — BlackRock, Inc. has created a variety of incentive savings plans
in which BlackRock employees are eligible to participate, including a 401(k) plan, the

BlackRock Retirement Savings Plan (RSP), and the BlackRock Employee Stock Purchase
Plan (ESPP). The employer contribution components of the RSP include a company match
equal to 50% of the first 6% of eligible pay contributed to the plan capped at $4,000 per
year, and a company retirement contribution equal to 3-5% of eligible compensation. The
RSP offers a range of investment options, including registered investment companies
managed by the firm. BlackRock contributions follow the investment direction set by
participants for their own contributions or, absent employee investment direction, are
invested into a balanced portfolio. The ESPP allows for investment in BlackRock common
stock at a 5% discount on the fair market value of the stock on the purchase date. Annual
participation in the ESPP is limited to the purchase of 1,000 shares or a dollar value of
$25,000. Each portfolio manager is eligible to participate in these plans.

(a)(4) Beneficial Ownership of Securities – July 31, 2009.

Portfolio Manager  Dollar Range of Equity Securities 
  Beneficially Owned 
Walter O’Connor  None 
Theodore R. Jaeckel, Jr.  None 
Robert Sneeden  None 

Item 9 – Purchases of Equity Securities by Closed-End Management Investment Company and
Affiliated Purchasers – Not Applicable due to no such purchases during the period covered
by this report.

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

Item 11 – Controls and Procedures

11(a) – The registrant’s principal executive and principal financial officers or persons performing
similar functions have concluded that the registrant’s disclosure controls and procedures (as
defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the
“1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the
evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act
and Rule 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 – See Item 2

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

12(a)(3) – Not Applicable

12(b) – Certifications – Attached hereto

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

BlackRock MuniYield New Jersey Fund, Inc.

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

Date: September 22, 2009

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 New Jersey Fund, Inc.

Date: September 22, 2009

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

Date: September 22, 2009