UNITEDSTATES
SECURITIESANDEXCHANGECOMMISSION
Washington,D.C.20549
FORM N-CSRS
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., 55 East 52nd Street, New York, NY 10055.
Registrant’s telephone number, including area code: (800) 882-0052, Option 4
Date of fiscal year end: 07/31/2010
Date of reporting period: 01/31/2010
Item 1 – Report to Stockholders
EQUITIES FIXED INCOME REAL ESTATE LIQUIDITY ALTERNATIVES BLACKROCK SOLUTIONS
Semi-Annual Report
JANUARY 31, 2010 I (UNAUDITED)
BlackRock Muni New York Intermediate Duration Fund, Inc. (MNE)
BlackRock MuniYield Arizona Fund, Inc. (MZA)
BlackRock MuniYield California Fund, Inc. (MYC)
BlackRock MuniYield Investment Fund (MYF)
BlackRock MuniYield New Jersey Fund, Inc. (MYJ)
NOT FDIC INSURED
MAY LOSE VALUE
NO BANK GUARANTEE
| Table of Contents | |
| Page | |
| Dear Shareholder | 3 |
| Semi-Annual Report: | |
| Fund Summaries | 4 |
| The Benefits and Risks of Leveraging | 9 |
| Derivative Financial Instruments | 9 |
| Financial Statements: | |
| Schedules of Investments | 10 |
| Statements of Assets and Liabilities | 26 |
| Statements of Operations | 27 |
| Statements of Changes in Net Assets | 28 |
| Statements of Cash Flows | 31 |
| Financial Highlights | 32 |
| Notes to Financial Statements | 37 |
| Officers and Directors | 43 |
| Additional Information | 44 |
2 SEMI-ANNUAL REPORT
JANUARY 31, 2010
Dear Shareholder
Over the past year, investors worldwide witnessed a seismic shift in market sentiment as guarded optimism replaced the fear and pessimism that had domi-
nated since late 2007. The single most important reason for this change was the swing from a severe economic recession to an emergent global recovery.
At the start of 2009, markets were reeling from the virtually unprecedented global financial and economic meltdown. The looming threat of further collapse in
global markets prompted stimulus packages and central bank interventions on an extraordinary scale. By period end, these actions had helped stabilize the
financial system, and the economic contraction abated.
After reaching a trough in March 2009, stocks galloped higher as the massive, coordinated global monetary and fiscal stimulus began to re-inflate world
economies. Sidelined cash poured into the markets, triggering a dramatic and steep upward rerating of stocks and other risk assets. Still, the rally has not
been without interruption, as mixed economic data, global challenges regarding sovereign credit risk and proposed fees and levies on banks had begun to
dampen investor conviction toward period end. The experience in international markets generally mirrored that seen in the United States; notably, emerging
markets firmly reclaimed their leadership status.
The easing of investor risk aversion was notable in the fixed income markets as well, where non-Treasury assets made a robust recovery. One of the major
themes over the past year was the reversal of the flight-to-quality trade. High yield finished the period as the strongest-performing fixed income sector in both
the taxable and tax-exempt space. Overall, the municipal market made a strong showing as technical conditions remained supportive of the asset class. The
Build America Bond program was deemed a success, adding $65 billion of taxable supply to the municipal marketplace in 2009 and $4 billion so far this
year. The program continues to alleviate tax-exempt supply pressure and attract the attention of a global audience. However, fundamental concerns are moving
to the fore in the municipal space, and bear close watching as the year progresses. At the same time, yields on money market securities declined throughout
the reporting period and remain near all-time lows, with the Federal Open Market Committee reiterating that economic circumstances are likely to necessitate
an accommodative interest rate stance for an “extended period.” Investor assets in money market funds declined from the peak registered in early 2009, but
remain well above pre-crisis levels.
All told, the rebound in sentiment and global market conditions resulted in positive 6- and 12-month returns for nearly every major benchmark index, with the
most dramatic improvement seen among risk assets.
| Total Returns as of January 31, 2010 | 6-month | 12-month |
| US equities (S&P 500 Index) | 9.87% | 33.14% |
| Small cap US equities (Russell 2000 Index) | 8.86 | 37.82 |
| International equities (MSCI Europe, Australasia, Far East Index) | 6.93 | 39.68 |
| 3-month Treasury bill (BofA Merrill Lynch 3-Month Treasury Bill Index) | 0.10 | 0.22 |
| US Treasury securities (BofA Merrill Lynch 10-Year US Treasury Index) | 0.62 | (3.31) |
| Taxable fixed income (Barclays Capital US Aggregate Bond Index) | 3.87 | 8.51 |
| Tax-exempt fixed income (Barclays Capital Municipal Bond Index) | 4.90 | 9.49 |
| High yield bonds (Barclays Capital US Corporate High Yield 2% Issuer Capped Index) | 15.90 | 50.80 |
Past performance is no guarantee of future results. Index performance shown for illustrative purposes only. You cannot invest directly in an index.
The market environment continues to improve, but questions about the strength and sustainability of the recovery abound. Through periods of market
uncertainty, BlackRock’s full resources are dedicated to the management of our clients’ assets. For additional market perspective and investment insight,
visit www.blackrock.com/shareholdermagazine, where you’ll find the most recent issue of our award-winning Shareholder® magazine, as well as its quarterly
companion newsletter, Shareholder Perspectives. As always, we thank you for entrusting BlackRock with your investments, and we look forward to your
continued partnership in the months and years ahead.
THIS PAGE NOT PART OF YOUR FUND REPORT
3
Fund Summary as of January 31, 2010
BlackRock Muni New York Intermediate Duration Fund, Inc.
Investment Objective
BlackRock Muni New York Intermediate Duration Fund, Inc. (MNE) (the “Fund”) seeks to provide shareholders with high current income exempt from fed-
eral income taxes and New York State and New York City personal income taxes by investing primarily in a portfolio of municipal obligations, the interest on
which, in the opinion of bond counsel to the issuer, is exempt from federal income taxes and New York State and New York City personal income taxes.
No assurance can be given that the Fund’s investment objective will be achieved.
Performance
For the six months ended January 31, 2010, the Fund returned 10.07% based on market price and 9.91% based on net asset value (“NAV”). For the same
period, the closed-end Lipper Intermediate Municipal Debt Funds category posted an average return of 8.93% based on market price and 8.00% on a NAV
basis. All returns reflect reinvestment of dividends. The Fund’s discount to NAV, which narrowed during the period, accounts for the difference between per-
formance based on price and performance based on NAV. During the six months, the Fund was positioned primarily on the long end of the yield curve,
within its intermediate duration mandate. This positioning, along with exposure to lower-investment-grade bonds, contributed to the Fund’s outperformance,
as the municipal market continued to recover throughout the reporting period. Exposure to housing, health and corporate-backed municipal credits further
aided returns, as credit spreads narrowed and some of the more depressed sectors showed the greatest improvement. On the other hand, the Fund’s
higher-coupon bonds with shorter call protection detracted from performance for the period, as their shorter duration and negative convexity caused them
to lag. A below-average accrual rate was a negative factor, as well.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These
views are not intended to be a forecast of future events and are no guarantee of future results.
| Fund Information | ||||||
| Symbol on New York Stock Exchange (“NYSE”) | MNE | |||||
| Initial Offering Date | August 1, 2003 | |||||
| Yield on Closing Market Price as of January 31, 2010 ($12.43)1 | 5.36% | |||||
| Tax Equivalent Yield2 | 8.25% | |||||
| Current Monthly Distribution per Common Share3 | $0.0555 | |||||
| Current Annualized Distribution per Common Share3 | $0.6660 | |||||
| Leverage as of January 31, 20104 | 34% | |||||
| 1 Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. | ||||||
| Past performance does not guarantee future results. | ||||||
| 2 Tax equivalent yield assumes the maximum federal tax rate of 35%. | ||||||
| 3 The distribution is not constant and is subject to change. | ||||||
| 4 Represents Auction Market Preferred Shares (“Preferred Shares”) and tender option bond trusts (“TOBs”) as a percentage of total managed assets, | ||||||
| which is the total assets of the Fund, including any assets attributable to Preferred Shares and TOBs, minus the sum of accrued liabilities. For a | ||||||
| discussion of leveraging techniques utilized by the Fund, please see The Benefits and Risks of Leveraging on page 9. | ||||||
| The table below summarizes the changes in the Fund’s market price and NAV per share: | ||||||
| 1/31/10 | 7/31/09 | Change | High | Low | ||
| Market Price | $12.43 | $11.60 | 7.16% | $12.88 | $11.54 | |
| Net Asset Value | $13.90 | $12.99 | 7.01% | $14.27 | $12.98 | |
The following charts show the sector and credit quality allocations of the Fund’s long-term investments:
| Sector Allocations | ||
| 1/31/10 | 7/31/09 | |
| Health | 18% | 18% |
| Transportation | 15 | 16 |
| State | 15 | 14 |
| County/City/Special District/ | ||
| School District | 14 | 17 |
| Housing | 11 | 11 |
| Corporate | 10 | 8 |
| Education | 9 | 8 |
| Utilities | 7 | 7 |
| Tobacco | 1 | 1 |
| Credit Quality Allocations5 | ||
| 1/31/10 | 7/31/09 | |
| AAA/Aaa | 7% | 9% |
| AA/Aa | 28 | 31 |
| A | 34 | 31 |
| BBB/Baa | 19 | 19 |
| BB/Ba | 5 | 4 |
| CCC/Caa | 2 | 2 |
| Not Rated6 | 5 | 4 |
5 Using the higher of Standard & Poor’s (“S&P”) or Moody’s Investors
Service (“Moody’s”) ratings.
6 The investment advisor has deemed certain of these non-rated
securities to be of investment grade quality. As of January 31, 2010
and July 31, 2009, the market value of these securities was
$1,690,608, representing 2% and $1,646,778, representing 2%,
respectively, of the Fund’s long-term investments.
4 SEMI-ANNUAL REPORT
JANUARY 31, 2010
Fund Summary as of January 31, 2010
BlackRock MuniYield Arizona Fund, Inc.
Investment Objective
BlackRock MuniYield Arizona Fund, Inc. (MZA) (the “Fund”) seeks to provide shareholders with as high a level of current income exempt from federal
and Arizona income taxes as is consistent with its investment policies and prudent investment management by investing primarily in a portfolio of long-term,
investment grade municipal obligations, the interest on which, in the opinion of bond counsel to the issuer, is exempt from federal and Arizona income taxes.
No assurance can be given that the Fund’s investment objective will be achieved.
Performance
For the six months ended January 31, 2010, the Fund returned 2.55% based on market price and 10.51% based on NAV. For the same period, the closed-
end Lipper Other States Municipal Debt Funds category posted an average return of 10.04% based on market price and 8.96% on a NAV basis. All returns
reflect reinvestment of dividends. The Fund moved from a premium to NAV to a discount by period end, which accounts for the difference between perform-
ance based on price and performance based on NAV. The primary contributors to relative performance were the Fund’s positive positioning with respect to
the market during a period in which yields generally declined, and its exposure to the long end of the yield curve, which outperformed as the yield curve
flattened. Exposure to lower-rated credits also aided results as yield spreads generally tightened during the period. Returns were hindered by the Fund’s
exposure to zero-coupon holdings, which generally underperformed the market as yield spreads in this sector widened.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These
views are not intended to be a forecast of future events and are no guarantee of future results.
| Fund Information | ||
| Symbol on NYSE Amex | MZA | |
| Initial Offering Date | October 29, 1993 | |
| Yield on Closing Market Price as of January 31, 2010 ($12.78)1 | 6.29% | |
| Tax Equivalent Yield2 | 9.68% | |
| Current Monthly Distribution per Common Share3 | $0.067 | |
| Current Annualized Distribution per Common Share3 | $0.804 | |
| Leverage as of January 31, 20104 | 40% |
1 Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price.
Past performance does not guarantee future results.
2 Tax equivalent yield assumes the maximum federal tax rate of 35%.
3 The Monthly Distribution per Share, declared on March 1, 2010, was increased to $0.0695. The Yield on Closing Market Price, Current Monthly
Distribution per Common Share and Current Annualized Distribution per Common Share do not reflect the new distribution rate. The new distribution
rate is not constant and is subject to further change in the future.
4 Represents Preferred Shares and TOBs as a percentage of total managed assets, which is the total assets of the Fund, including any assets attributa-
ble to Preferred Shares and TOBs, minus the sum of accrued liabilities. For a discussion of leveraging techniques utilized by the Fund, please see The
Benefits and Risks of Leveraging on page 9.
The table below summarizes the changes in the Fund’s market price and NAV per share:
| 1/31/10 | 7/31/09 | Change | High | Low | |
| Market Price | $12.78 | $12.85 | (0.54)% | $13.90 | $12.06 |
| Net Asset Value | $13.29 | $12.40 | 7.18% | $13.81 | $12.38 |
The following charts show the sector and credit quality allocations of the Fund’s long-term investments:
| Sector Allocations | ||
| 1/31/10 | 7/31/09 | |
| County/City/Special District/ | ||
| School District | 28% | 25% |
| Utilities | 20 | 19 |
| State | 16 | 17 |
| Health | 12 | 13 |
| Education | 12 | 12 |
| Housing | 7 | 8 |
| Transportation | 5 | 5 |
| Corporate | — | 1 |
| Credit Quality Allocations5 | ||
| 1/31/10 | 7/31/09 | |
| AAA/Aaa | 27% | 25% |
| AA/Aa | 21 | 22 |
| A | 29 | 29 |
| BBB/Baa | 17 | 19 |
| BB/Ba | 1 | 1 |
| B | 1 | 1 |
| Not Rated6 | 4 | 3 |
5 Using the higher of S&P’s or Moody’s ratings.
6 The investment advisor has deemed certain of these non-rated sec-
urities to be of investment grade quality. As of January 31, 2010 and
July 31, 2009, the market value of these securities was $2,515,180,
representing 3% and $1,515,561, representing 2%, respectively, of
the Fund's long-term investments.
SEMI-ANNUAL REPORT
JANUARY 31, 2010
5
Fund Summary as of January 31, 2010
BlackRock MuniYield California Fund, Inc.
Investment Objective
BlackRock MuniYield California Fund, Inc. (MYC) (the “Fund”) seeks to provide shareholders with as high a level of current income exempt from federal
and California income taxes as is consistent with its investment policies and prudent investment management by investing primarily in a portfolio of long-
term municipal obligations, the interest on which, in the opinion of bond counsel to the issuer, is exempt from federal and California income taxes.
No assurance can be given that the Fund’s investment objective will be achieved.
Performance
For the six months ended January 31, 2010, the Fund returned 5.73% based on market price and 8.98% based on NAV. For the same period, the closed-
end Lipper California Municipal Debt Funds category posted an average return of 9.46% based on market price and 11.46% on a NAV basis. All returns
reflect reinvestment of dividends. The Fund’s discount to NAV, which widened during the period, accounts for the difference between performance based on
price and performance based on NAV. The Fund maintains a relatively generous degree of income accrual, which was a positive contributor. In addition, the
tightening of credit quality spreads benefited the lower-rated sectors of the portfolio. Corporate-backed and health municipals were notable contributors. A
fully-invested posture was additive, yet a more neutral duration stance caused the Fund to underperform its Lipper group average as rates declined in the
second half of 2009. The decline in rates was partly due to supply pressure being relieved by the Build America Bond Program, which effectively shifted
supply to the taxable market. The Fund’s neutral duration position is a result of holding higher-quality securities, which tend to have shorter duration charac-
teristics. The Fund’s short-call, high-coupon holdings also were a detractor. While these bonds possess good defensive characteristics, they hindered total
return as interest rates fell dramatically.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These
views are not intended to be a forecast of future events and are no guarantee of future results.
| Fund Information | ||
| Symbol on NYSE | MYC | |
| Initial Offering Date | February 28, 1992 | |
| Yield on Closing Market Price as of January 31, 2010 ($12.75)1 | 6.35% | |
| Tax Equivalent Yield2 | 9.77% | |
| Current Monthly Distribution per Common Share3 | $0.0675 | |
| Current Annualized Distribution per Common Share3 | $0.8100 | |
| Leverage as of January 31, 20104 | 37% |
1 Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price.
Past performance does not guarantee future results.
2 Tax equivalent yield assumes the maximum federal tax rate of 35%.
3 The Monthly Distribution per Share, declared on March 1, 2010, was increased to $0.0700. The Yield on Closing Market Price, Current Monthly
Distribution per Common Share and Current Annualized Distribution per Common Share do not reflect the new distribution rate. The new distribution
rate is not constant and is subject to further change in the future.
4 Represents Preferred Shares and TOBs as a percentage of total managed assets, which is the total assets of the Fund, including any assets attributa-
ble to Preferred Shares and TOBs, minus the sum of accrued liabilities. For a discussion of leveraging techniques utilized by the Fund, please see The
Benefits and Risks of Leveraging on page 9.
The table below summarizes the changes in the Fund’s market price and NAV per share:
| 1/31/10 | 7/31/09 | Change | High | Low | |
| Market Price | $12.75 | $12.44 | 2.49% | $14.00 | $12.32 |
| Net Asset Value | $14.23 | $13.47 | 5.64% | $15.11 | $13.45 |
The following charts show the sector and credit quality allocations of the Fund’s long-term investments:
| Sector Allocations | ||
| 1/31/10 | 7/31/09 | |
| County/City/Special District/ | ||
| School District | 35% | 35% |
| Utilities | 26 | 28 |
| Education | 13 | 13 |
| Health | 11 | 9 |
| Corporate | 6 | 1 |
| State | 5 | 7 |
| Transportation | 3 | 6 |
| Housing | 1 | 1 |
| Credit Quality Allocations5 | ||
| 1/31/10 | 7/31/09 | |
| AAA/Aaa | 32% | 34% |
| AA/Aa | 40 | 30 |
| A | 22 | 34 |
| BBB/Baa | 5 | 1 |
| Not Rated6 | 1 | 1 |
5 Using the higher of S&P’s or Moody’s ratings.
6 The investment advisor has deemed certain of these non-rated
securities to be of investment grade quality. As of January 31,
2010 and July 31, 2009, the market value of these securities
was $2,520,958, representing 1% and $2,589,445, representing
1%, respectively, of the Fund’s long-term investments.
6 SEMI-ANNUAL REPORT
JANUARY 31, 2010
Fund Summary as of January 31, 2010
BlackRock MuniYield Investment Fund
Investment Objective
BlackRock MuniYield Investment Fund (MYF) (the “Fund”) seeks to provide shareholders with as high a level of current income exempt from federal income
taxes as is consistent with its investment policies and prudent investment management by investing primarily in a portfolio of long-term municipal obligations,
the interest on which, in the opinion of bond counsel to the issuer, is exempt from federal income taxes. The Fund also seeks to provide shareholders with the
opportunity to own shares the value of which is exempt from Florida intangible personal property taxes. The Fund may invest in municipal obligations regardless
of geographic location.
No assurance can be given that the Fund’s investment objective will be achieved.
Performance
For the six months ended January 31, 2010, the Fund returned 13.27% based on market price and 9.52% based on NAV. For the same period, the closed-
end Lipper General Municipal Debt Funds (Leveraged) category posted an average return of 13.14% based on market price and 12.60% on a NAV basis.
All returns reflect reinvestment of dividends. The Fund’s discount to NAV, which narrowed during the period, accounts for the difference between performance
based on price and performance based on NAV. The Fund held a higher concentration in health and housing bonds with maturities of 20 years and longer,
which benefited performance as the municipal yield curve flattened during the last six months. Meanwhile, we continued to restructure the Fund’s holdings
in line with its transition from a Florida fund to a national portfolio. The process is not yet complete, however, and the greater exposure to Florida holdings—
which underperformed the national market—detracted from recent performance.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These
views are not intended to be a forecast of future events and are no guarantee of future results.
| Fund Information | ||
| Symbol on NYSE | MYF | |
| Initial Offering Date | February 28, 1992 | |
| Yield on Closing Market Price as of January 31, 2010 ($12.88)1 | 6.10% | |
| Tax Equivalent Yield2 | 9.38% | |
| Current Monthly Distribution per Common Share3 | $0.0655 | |
| Current Annualized Distribution per Common Share3 | $0.7860 | |
| Leverage as of January 31, 20104 | 38% |
1 Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price.
Past performance does not guarantee future results.
2 Tax equivalent yield assumes the maximum federal tax rate of 35%.
3 The Monthly Distribution per Share, declared on March 1, 2010, was increased to $0.0705. The Yield on Closing Market Price, Current Monthly
Distribution per Common Share and Current Annualized Distribution per Common Share do not reflect the new distribution rate. The new distribution
rate is not constant and is subject to further change in the future.
4 Represents Preferred Shares and TOBs as a percentage of total managed assets, which is the total assets of the Fund, including any assets attributa-
ble to Preferred Shares and TOBs, minus the sum of accrued liabilities. For a discussion of leveraging techniques utilized by the Fund, please see The
Benefits and Risks of Leveraging on page 9.
The table below summarizes the changes in the Fund’s market price and NAV per share:
| 1/31/10 | 7/31/09 | Change | High | Low | |
| Market Price | $12.88 | $11.72 | 9.90% | $13.37 | $11.64 |
| Net Asset Value | $13.76 | $12.95 | 6.25% | $14.41 | $12.93 |
The following charts show the sector and credit quality allocations of the Fund’s long-term investments:
| Sector Allocations | ||
| 1/31/10 | 7/31/09 | |
| County/City/Special District/ | ||
| School District | 24% | 29% |
| Transportation | 18 | 16 |
| Utilities | 18 | 19 |
| Health | 16 | 17 |
| State | 8 | 9 |
| Education | 7 | 5 |
| Housing | 5 | 5 |
| Corporate | 4 | — |
| Credit Quality Allocations5 | ||
| 1/31/10 | 7/31/09 | |
| AAA/Aaa | 18% | 23% |
| AA/Aa | 47 | 39 |
| A | 29 | 34 |
| BBB/Baa | 4 | — |
| Not Rated6 | 2 | 4 |
5 Using the higher of S&P’s or Moody’s ratings.
6 The investment advisor has deemed certain of these non-rated sec-
urities to be of investment grade quality. As of January 31, 2010 and
July 31, 2009, the market value of these securities was $5,651,318,
representing 2% and $4,309,488, representing 2%, respectively, of
the Fund's long-term investments.
SEMI-ANNUAL REPORT
JANUARY 31, 2010
7
Fund Summary as of January 31, 2010
BlackRock MuniYield New Jersey Fund, Inc.
Investment Objective
BlackRock MuniYield New Jersey Fund, Inc. (MYJ) (the “Fund”) seeks to provide shareholders with as high a level of current income exempt from federal
and New Jersey income taxes as is consistent with its investment policies and prudent investment management by investing primarily in a portfolio of long-
term, investment grade municipal obligations, the interest on which, in the opinion of bond counsel to the issuer, is exempt from federal income tax and New
Jersey personal income taxes.
No assurance can be given that the Fund’s investment objective will be achieved.
Performance
For the six months ended January 31, 2010, the Fund returned 7.44% based on market price and 8.19% based on NAV. For the same period, the closed-
end Lipper New Jersey Municipal Debt Funds category posted an average return of 13.70% based on market price and 10.42% on a NAV basis. All returns
reflect reinvestment of dividends. The Fund’s discount to NAV, which widened during the period, accounts for the difference between performance based on
price and performance based on NAV. The Fund held overweight positions in health and housing bonds with maturities of 20 years and longer, which bene-
fited performance as the municipal yield curve flattened during the last six months. The Fund’s more concentrated position in Puerto Rico securities, and its
slight overweight in zero-coupon bonds, detracted from performance during the period.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These
views are not intended to be a forecast of future events and are no guarantee of future results.
| Fund Information | ||||||
| Symbol on NYSE | MYJ | |||||
| Initial Offering Date | May 1, 1992 | |||||
| Yield on Closing Market Price as of January 31, 2010 ($14.07)1 | 6.01% | |||||
| Tax Equivalent Yield2 | 9.25% | |||||
| Current Monthly Distribution per Common Share3 | $0.0705 | |||||
| Current Annualized Distribution per Common Share3 | $0.8460 | |||||
| Leverage as of January 31, 20104 | 34% | |||||
| 1 Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. | ||||||
| Past performance does not guarantee future results. | ||||||
| 2 Tax equivalent yield assumes the maximum federal tax rate of 35%. | ||||||
| 3 The distribution is not constant and is subject to change. | ||||||
| 4 Represents Preferred Shares and TOBs as a percentage of total managed assets, which is the total assets of the Fund, including any assets attributa- | ||||||
| ble to Preferred Shares and TOBs, minus the sum of accrued liabilities. For a discussion of leveraging techniques utilized by the Fund, please see The | ||||||
| Benefits and Risks of Leveraging on page 9. | ||||||
| The table below summarizes the changes in the Fund’s market price and NAV per share: | ||||||
| 1/31/10 | 7/31/09 | Change | High | Low | ||
| Market Price | $14.07 | $13.49 | 4.30% | $14.76 | $13.49 | |
| Net Asset Value | $14.84 | $14.13 | 5.02% | $15.47 | $14.11 | |
The following charts show the sector and credit quality allocations of the Fund’s long-term investments:
| Sector Allocations | ||
| 1/31/10 | 7/31/09 | |
| State | 28% | 28% |
| County/City/Special District/ | ||
| School District | 14 | 16 |
| Health | 14 | 13 |
| Transportation | 12 | 12 |
| Housing | 12 | 10 |
| Education | 11 | 11 |
| Utilities | 6 | 6 |
| Corporate | 2 | 3 |
| Tobacco | 1 | 1 |
| Credit Quality Allocations5 | ||
| 1/31/10 | 7/31/09 | |
| AAA/Aaa | 26% | 27% |
| AA/Aa | 28 | 27 |
| A | 32 | 31 |
| BBB/Baa | 8 | 11 |
| BB/Ba | 2 | — |
| Not Rated6 | 4 | 4 |
5 Using the higher of S&P’s or Moody’s ratings.
6 The investment advisor has deemed certain of these non-rated
securities to be of investment grade quality. As of January 31,
2010 and July 31, 2009, the market value of these securities was
$12,610,399, representing 4% and $9,156,088, representing
3%, respectively, of the Fund's long-term investments.
8 SEMI-ANNUAL REPORT
JANUARY 31, 2010
The Benefits and Risks of Leveraging
The Funds may utilize leverage to seek to enhance the yield and NAV of
their Common Shares. However, these objectives cannot be achieved in all
interest rate environments.
To leverage, the Funds issue Preferred Shares, which pay dividends at pre-
vailing short-term interest rates, and invest the proceeds in long-term
municipal bonds. In general, the concept of leveraging is based on the
premise that the cost of assets to be obtained from leverage will be based
on short-term interest rates, which normally will be lower than the income
earned by each Fund on its longer-term portfolio investments. To the extent
that the total assets of each Fund (including the assets obtained from
leverage) are invested in higher-yielding portfolio investments, each Fund’s
Common Shareholders will benefit from the incremental net income.
To illustrate these concepts, assume a Fund’s Common Shares capitalization
is $100 million and it issues Preferred Shares for an additional $50 million,
creating a total value of $150 million available for investment in long-term
municipal bonds. If prevailing short-term interest rates are 3% and long-
term interest rates are 6%, the yield curve has a strongly positive slope. In
this case, the Fund pays dividends on the $50 million of Preferred Shares
based on the lower short-term interest rates. At the same time, the securi-
ties purchased by the Fund with assets received from the Preferred Shares
issuance earn the income based on long-term interest rates. In this case,
the dividends paid to Preferred Shareholders are significantly lower than
the income earned on the Fund’s long-term investments, and therefore the
Common Shareholders are the beneficiaries of the incremental net income.
If short-term interest rates rise, narrowing the differential between short-term
and long-term interest rates, the incremental net income pickup on the
Common Shares will be reduced or eliminated completely. Furthermore, if
prevailing short-term interest rates rise above long-term interest rates of 6%,
the yield curve has a negative slope. In this case, the Fund pays dividends
on the higher short-term interest rates whereas the Fund’s total portfolio
earns income based on lower long-term interest rates.
Furthermore, the value of the Fund’s portfolio investments generally varies
inversely with the direction of long-term interest rates, although other factors
can influence the value of portfolio investments. In contrast, the redemp-
tion value of the Fund’s Preferred Shares does not fluctuate in relation to
interest rates. As a result, changes in interest rates can influence the Fund’s
NAV positively or negatively in addition to the impact on Fund performance
from leverage from Preferred Shares discussed above.
The Funds may also leverage their assets through the use of tender
option bond (“TOB”) programs, as described in Note 1 of the Notes to
Financial Statements. TOB investments generally will provide the Funds
with economic benefits in periods of declining short-term interest rates, but
expose the Funds to risks during periods of rising short-term interest rates
similar to those associated with Preferred Shares issued by the Funds, as
described above. Additionally, fluctuations in the market value of municipal
bonds deposited into the TOB trust may adversely affect each Fund’s NAV
per share.
The use of leverage may enhance opportunities for increased returns to the
Funds and Common Shareholders, but as described above, it also creates
risks as short- or long-term interest rates fluctuate. Leverage also will gen-
erally cause greater changes in the Funds’ NAV, market price and dividend
rate than a comparable portfolio without leverage. If the income derived
from securities purchased with assets received from leverage exceeds the
cost of leverage, the Funds’ net income will be greater than if leverage had
not been used. Conversely, if the income from the securities purchased is
not sufficient to cover the cost of leverage, the Funds’ net income will be
less than if leverage had not been used, and therefore the amount avail-
able for distribution to Common Shareholders will be reduced. Each Fund
may be required to sell portfolio securities at inopportune times or at dis-
tressed values in order to comply with regulatory requirements applicable
to the use of leverage or as required by the terms of leverage instruments,
which may cause a Fund to incur losses. The use of leverage may limit each
Fund’s ability to invest in certain types of securities or use certain types
of hedging strategies, such as in the case of certain restrictions imposed
by ratings agencies that rate preferred shares issued by the Funds. Each
Fund will incur expenses in connection with the use of leverage, all of
which are borne by Common Shareholders and may reduce income to
the Common Shares.
Under the Investment Company Act of 1940, the Funds are permitted to
issue Preferred Shares in an amount of up to 50% of its total managed
assets at the time of issuance. Under normal circumstances, each Fund
anticipates that the total economic leverage from Preferred Shares and/or
TOBs will not exceed 50% of its total managed assets at the time such
leverage is incurred. As of January 31, 2010, the Funds had economic
leverage from Preferred Shares and/or TOBs as a percentage of their total
managed assets as follows:
| Percent of | |
| Leverage | |
| MNE | 34% |
| MZA | 40% |
| MYC | 37% |
| MYF | 38% |
| MYJ | 34% |
Derivative Financial Instruments
The Funds may invest in various derivative instruments, including financial
futures contracts, as specified in Note 2 of the Notes to Financial
Statements, which constitute forms of economic leverage. Such instruments
are used to obtain exposure to a market without owning or taking physical
custody of securities or to hedge market and/or interest rate risks. Such
derivative instruments involve risks, including the imperfect correlation
between the value of a derivative instrument and the underlying asset,
possible default of the counterparty to the transaction or illiquidity of the
derivative instrument. Each Fund’s ability to successfully use a derivative
instrument depends on the investment advisor’s ability to accurately pre-
dict pertinent market movements, which cannot be assured. The use of
derivative instruments may result in losses greater than if they had not
been used, may require a Fund to sell or purchase portfolio securities at
inopportune times or for distressed values, may limit the amount of appre-
ciation a Fund can realize on an investment or may cause a Fund to hold a
security that it might otherwise sell. The Funds’ investments in these instru-
ments are discussed in detail in the Notes to Financial Statements.
SEMI-ANNUAL REPORT
JANUARY 31, 2010
9
Schedule of Investments January 31, 2010 (Unaudited)
BlackRock Muni New York Intermediate Duration Fund, Inc. (MNE)
(Percentages shown are based on Net Assets)
| Par | |||
| Municipal Bonds | (000) | Value | |
| New York — 121.7% | |||
| Corporate — 13.4% | |||
| Jefferson County Industrial Development Agency | |||
| New York, Refunding RB, Solid Waste, Series A, AMT, | |||
| 5.20%, 12/01/20 | $ 500 | $ 485,850 | |
| New York City Industrial Development Agency, RB, AMT: | |||
| 1990 American Airlines Inc. Project, 5.40%, 7/01/20 | 1,500 | 1,107,435 | |
| British Airways Plc Project, 7.63%, 12/01/32 | 1,000 | 913,200 | |
| Continental Airlines Inc. Project, 8.38%, 11/01/16 | 1,000 | 751,730 | |
| New York City Industrial Development Agency, Refunding | |||
| RB, Terminal One Group Association Project, AMT: | |||
| 5.50%, 1/01/18 | 1,000 | 1,026,340 | |
| 5.50%, 1/01/24 | 1,000 | 1,004,460 | |
| New York State Energy Research & Development | |||
| Authority, RB, Lilco Project, Series A (NPFGC), | |||
| 5.15%, 3/01/16 | 1,000 | 1,003,670 | |
| New York State Energy Research & Development Authority, | |||
| Refunding RB: | |||
| Brooklyn Union Gas/Keyspan, Series A, AMT (FGIC), | |||
| 4.70%, 2/01/24 | 500 | 492,440 | |
| Rochester Gas & Electric Corp., Series C (NPFGC), | |||
| 5.00%, 8/01/32 | 1,000 | 1,030,310 | |
| 7,815,435 | |||
| County/City/Special District/School District — 18.1% | |||
| City of New York New York, GO: | |||
| Series J, 5.50%, 6/01/21 (a) | 500 | 574,945 | |
| Series J (NPFGC), 5.25%, 5/15/18 | 1,500 | 1,634,250 | |
| Sub-Series F-1 (Syncora), 5.00%, 9/01/22 | 1,000 | 1,057,480 | |
| Sub-Series I-1, 5.50%, 4/01/21 | 1,500 | 1,694,595 | |
| Sub-Series I-1, 5.13%, 4/01/25 | 750 | 806,452 | |
| New York City Industrial Development Agency, RB, | |||
| Queens Baseball Stadium, PILOT (AMBAC), | |||
| 5.00%, 1/01/31 | 1,500 | 1,423,470 | |
| New York City Industrial Development Agency, | |||
| Refunding RB, New York Stock Exchange Project, | |||
| Series A, 4.25%, 5/01/24 | 500 | 497,330 | |
| New York City Transitional Finance Authority, RB: | |||
| Fiscal 2007, Series S-1 (NPFGC), 5.00%, 7/15/24 | 500 | 528,215 | |
| Fiscal 2009, Series S-3, 5.00%, 1/15/23 | 575 | 613,876 | |
| New York State Dormitory Authority, Refunding RB, | |||
| Consolidated Service Contract, Series A, | |||
| 4.00%, 7/01/25 | 750 | 723,983 | |
| United Nations Development Corp. New York, | |||
| Refunding RB, Series A, 4.25%, 7/01/24 | 1,000 | 999,970 | |
| 10,554,566 | |||
| Education — 12.4% | |||
| Dutchess County Industrial Development Agency | |||
| New York, Refunding RB, Bard College Civic Facility, | |||
| Series A-1, 5.00%, 8/01/22 | 750 | 756,533 | |
| New York City Industrial Development Agency, RB, | |||
| Lycee Francais de New York Project, Series A (ACA), | |||
| 5.50%, 6/01/15 | 500 | 531,395 | |
| Par | |||
| Municipal Bonds | (000) | Value | |
| New York (continued) | |||
| Education (concluded) | |||
| New York City Industrial Development Agency, | |||
| Refunding RB, Polytechnic University Project (ACA), | |||
| 4.70%, 11/01/22 | $ 1,000 | $ 893,400 | |
| New York State Dormitory Authority, Mount Sinai | |||
| School of Medicine, RB: | |||
| 5.50%, 7/01/25 | 1,000 | 1,042,510 | |
| Series A (NPFGC), 5.15%, 7/01/24 | 250 | 254,445 | |
| Schenectady County Industrial Development Agency, | |||
| Refunding RB, Union College Project, 5.00%, 7/01/26 | 1,000 | 1,049,180 | |
| St. Lawrence County Industrial Development Agency | |||
| New York, RB, St. Lawrence University, Series A, | |||
| 5.00%, 10/01/16 | 1,500 | 1,670,535 | |
| Trust for Cultural Resources, RB: | |||
| Carnegie Hall, Series A, 5.00%, 12/01/29 | 750 | 775,882 | |
| Museum of American Folk Art (ACA), | |||
| 6.13%, 7/01/30 | 500 | 275,015 | |
| 7,248,895 | |||
| Health — 27.3% | |||
| Dutchess County Industrial Development Agency | |||
| New York, RB, St. Francis Hospital, Series B, | |||
| 7.25%, 3/01/19 | 355 | 357,304 | |
| Erie County Industrial Development Agency, RB, | |||
| Episcopal Church Home, Series A, 5.88%, 2/01/18 | 1,690 | 1,690,608 | |
| Genesee County Industrial Development Agency | |||
| New York, Refunding RB, United Memorial Medical | |||
| Center Project, 4.75%, 12/01/14 | 335 | 333,978 | |
| New York City Industrial Development Agency, RB, | |||
| PSCH Inc. Project, 6.20%, 7/01/20 | 1,415 | 1,311,422 | |
| New York State Dormitory Authority, RB: | |||
| New York State Association for Retarded | |||
| Children, Inc., Series A, 5.30%, 7/01/23 | 450 | 470,174 | |
| North Shore-Long Island Jewish Health System, | |||
| 5.00%, 5/01/13 | 1,500 | 1,643,640 | |
| North Shore-Long Island Jewish Health System, | |||
| Series A, 5.25%, 5/01/25 | 780 | 787,714 | |
| NYU Hospital Center, Series B, 5.25%, 7/01/24 | 480 | 470,942 | |
| Winthrop S. Nassau University, 5.50%, 7/01/11 | 1,735 | 1,789,999 | |
| New York State Dormitory Authority, Refunding, RB: | |||
| Lenox Hill Hospital Obligation Group, | |||
| 5.75%, 7/01/17 | 1,305 | 1,287,148 | |
| North Shore-Long Island Jewish Health System, | |||
| Series E, 5.00%, 5/01/22 | 650 | 664,944 | |
| NYU Hospital Center, Series A, 5.00%, 7/01/16 | 1,130 | 1,173,946 | |
| Saratoga County Industrial Development Agency | |||
| New York, Refunding RB, The Saratoga Hospital Project, | |||
| Series A (Radian): | |||
| 4.38%, 12/01/13 | 365 | 375,651 | |
| 4.50%, 12/01/14 | 380 | 389,686 | |
| Suffolk County Industrial Development Agency | |||
| New York, Refunding RB, Jeffersons Ferry Project, | |||
| 4.63%, 11/01/16 | 800 | 785,936 | |
| Portfolio Abbreviations | |||||
| To simplify the listings of portfolio holdings in the | CAB | Capital Appreciation Bonds | HRB | Housing Revenue Bonds | |
| Schedules of Investments, the names and descriptions of | CIFG | CDC IXIS Financial Guaranty | IDA | Industrial Development Authority | |
| many of the securities have been abbreviated according | COP | Certificates of Participation | IDRB | Industrial Development Revenue Bonds | |
| to the following list: | EDA | Economic Development Authority | LRB | Lease Revenue Bonds | |
| ERB | Education Revenue Bonds | NPFGC | National Public Finance Guarantee Corp. | ||
| ACA | American Capital Access Corp. | FGIC | Financial Guaranty Insurance Co. | PILOT | Payment in Lieu of Taxes |
| AGC | Assured Guaranty Corp. | FSA | Financial Security Assurance Inc. | RB | Revenue Bonds |
| AGM | Assured Guaranty Municipal Corp. | GNMA | Government National Mortgage Association | S/F | Single-Family |
| AMBAC | American Municipal Bond Assurance Corp. | GO | General Obligation Bonds | SONYMA | State of New York Mortgage Agency |
| AMT | Alternative Minimum Tax (subject to) | HFA | Housing Finance Agency | ||
| See Notes to Financial Statements. | |||||
10 SEMI-ANNUAL REPORT
JANUARY 31, 2010
Schedule of Investments (continued)
BlackRock Muni New York Intermediate Duration Fund, Inc. (MNE)
(Percentages shown are based on Net Assets)
| Par | |||
| Municipal Bonds | (000) | Value | |
| New York (concluded) | |||
| Health (concluded) | |||
| Tompkins County Industrial Development Agency | |||
| New York, Refunding RB, Continuing Care Retirement | |||
| Community, Kendal at Ithaca Project, Series A-2: | |||
| 5.75%, 7/01/18 | $ 250 | $ 250,145 | |
| 6.00%, 7/01/24 | 1,000 | 1,000,260 | |
| Westchester County Industrial Development Agency | |||
| New York, RB, Special Needs Facilities Pooled Program, | |||
| Series D-1, 6.80%, 7/01/19 | 515 | 502,413 | |
| Yonkers Industrial Development Agency New York, RB, | |||
| Sacred Heart Associations Project, Series A, AMT | |||
| (SONYMA), 4.80%, 10/01/26 | 750 | 697,770 | |
| 15,983,680 | |||
| Housing — 13.0% | |||
| New York City Housing Development Corp., RB, The | |||
| Animal Medical Center, Series A, 5.50%, 12/01/33 | 1,615 | 1,617,745 | |
| New York Mortgage Agency, Refunding RB, AMT: | |||
| Homeowner Mortgage, Series 130, | |||
| 4.75%, 10/01/30 | 2,500 | 2,381,175 | |
| Series 133, 4.95%, 10/01/21 | 1,000 | 1,013,590 | |
| Series 143, 4.85%, 10/01/27 | 500 | 474,905 | |
| New York State Urban Development Corp., RB, | |||
| Subordinate Lien, Corporate Purpose, Series A, | |||
| 5.13%, 7/01/19 | 2,000 | 2,130,760 | |
| 7,618,175 | |||
| State — 15.1% | |||
| New York Municipal Bond Bank Agency, RB, Series C, | |||
| 5.25%, 12/01/18 | 2,000 | 2,132,300 | |
| New York State Dormitory Authority, ERB, Series F, | |||
| 5.00%, 3/15/30 | 1,290 | 1,337,098 | |
| New York State Dormitory Authority, LRB, Municipal | |||
| Health Facilities, Sub-Series 2-4, 5.00%, 1/15/27 | 600 | 622,722 | |
| New York State Dormitory Authority, Refunding RB, | |||
| Department of Health, Series A (CIFG), | |||
| 5.00%, 7/01/25 | 1,500 | 1,536,405 | |
| New York State Thruway Authority, Refunding RB, | |||
| Series A-1, 5.00%, 4/01/22 | 1,000 | 1,099,300 | |
| New York State Urban Development Corp., RB, State | |||
| Personal Income Tax, State Facilities, Series A-1 | |||
| (NPFGC), 5.00%, 3/15/24 | 485 | 510,647 | |
| New York State Urban Development Corp., Refunding RB, | |||
| Service Contract, Series B, 5.00%, 1/01/21 | 1,500 | 1,617,435 | |
| 8,855,907 | |||
| Tobacco — 1.8% | |||
| Tobacco Settlement Financing Corp. New York, RB, | |||
| Asset-Backed, Series B-1C, 5.50%, 6/01/22 | 1,000 | 1,059,410 | |
| Transportation — 11.9% | |||
| Metropolitan Transportation Authority, RB (NPFGC): | |||
| Series A, 5.00%, 11/15/24 | 2,000 | 2,075,640 | |
| Series B, 5.25%, 11/15/19 | 860 | 965,703 | |
| Metropolitan Transportation Authority, Refunding RB: | |||
| Series A (NPFGC), 5.00%, 11/15/25 | 3,000 | 3,090,420 | |
| Series B, 5.25%, 11/15/25 | 750 | 822,757 | |
| 6,954,520 | |||
| Utilities — 8.7% | |||
| Long Island Power Authority, Refunding RB: | |||
| General, Series D (NPFGC), 5.00%, 9/01/25 | 4,000 | 4,140,440 | |
| Series A, 5.50%, 4/01/24 | 875 | 954,529 | |
| 5,094,969 | |||
| Total Municipal Bonds in New York | 71,185,557 | ||
| Par | ||
| Municipal Bonds | (000) | Value |
| Guam — 4.3% | ||
| County/City/Special District/School District — 0.6% | ||
| Territory of Guam, RB, Section 30, Series A, | ||
| 5.38%, 12/01/24 | $ 325 | $ 325,345 |
| State — 0.3% | ||
| Territory of Guam, GO, Series A, 6.00%, 11/15/19 | 185 | 187,882 |
| Transportation — 1.7% | ||
| Guam International Airport Authority, Refunding RB, | ||
| General, Series C, AMT (NPFGC), 5.25%, 10/01/22 | 1,000 | 1,000,400 |
| Utilities — 1.7% | ||
| Guam Government Waterworks Authority, Refunding RB, | ||
| Water, 6.00%, 7/01/25 | 1,000 | 1,001,310 |
| Total Municipal Bonds in Guam | 2,514,937 | |
| Puerto Rico — 17.9% | ||
| Education — 0.8% | ||
| Puerto Rico Industrial Tourist Educational Medical | ||
| & Environmental Control Facilities Financing Authority, | ||
| RB, University Plaza Project, Series A (NPFGC), | ||
| 5.00%, 7/01/33 | 500 | 463,555 |
| Housing — 3.4% | ||
| Puerto Rico Housing Finance Authority, Refunding | ||
| RB, Subordinate, Capital Fund Modernization, | ||
| 5.13%, 12/01/27 | 2,000 | 2,001,980 |
| State — 4.5% | ||
| Commonwealth of Puerto Rico, GO, Public Improvement, | ||
| Series A, 5.25%, 7/01/30 (a) | 615 | 727,570 |
| Commonwealth of Puerto Rico, GO, Refunding, Public | ||
| Improvement, Series A-4 (AGM), 5.25%, 7/01/30 | 350 | 360,251 |
| Puerto Rico Municipal Finance Agency, GO, Series A, | ||
| 5.25%, 8/01/25 | 1,000 | 1,000,000 |
| Puerto Rico Public Buildings Authority, Refunding | ||
| RB, Government Facilities, Series M-3 (NPFGC), | ||
| 6.00%, 7/01/28 | 500 | 515,965 |
| 2,603,786 | ||
| Transportation — 9.2% | ||
| Puerto Rico Highway & Transportation Authority, RB: | ||
| Series Y (AGM), 6.25%, 7/01/21 | 3,000 | 3,330,150 |
| Subordinate (FGIC), 5.75%, 7/01/21 | 2,000 | 2,041,520 |
| 5,371,670 | ||
| Total Municipal Bonds in Puerto Rico | 10,440,991 | |
| U.S. Virgin Islands — 3.4% | ||
| Corporate — 1.7% | ||
| United States Virgin Islands, Refunding RB, | ||
| Senior Secured, Hovensa Coker Project, AMT, | ||
| 6.50%, 7/01/21 | 500 | 505,646 |
| Virgin Islands Public Finance Authority, RB, Senior | ||
| Secured, Hovensa Refinery, AMT, 4.70%, 7/01/22 | 500 | 446,490 |
| 952,136 | ||
| State — 1.7% | ||
| Virgin Islands Public Finance Authority, RB, | ||
| Senior Lien, Matching Fund Loan Note, Series A, | ||
| 5.25%, 10/01/24 | 1,000 | 1,005,680 |
| Total Municipal Bonds in the U.S. Virgin Islands | 1,957,816 | |
| Total Municipal Bonds — 147.3% | 86,099,301 |
See Notes to Financial Statements.
SEMI-ANNUAL REPORT
JANUARY 31, 2010
11
Schedule of Investments (concluded)
BlackRock Muni New York Intermediate Duration Fund, Inc. (MNE)
(Percentages shown are based on Net Assets)
| Municipal Bonds Transferred to | Par | |
| Tender Option Bond Trusts (b) | (000) | Value |
| New York — 1.4% | ||
| County/City/Special District/School District — 1.4% | ||
| City of New York, New York, GO, Sub-Series B-1, | ||
| 5.25%, 9/01/22 | $ 750 | $ 823,672 |
| Total Municipal Bonds Transferred to | ||
| Tender Option Bond Trusts — 1.4% | 823,672 | |
| Total Long-Term Investments | ||
| (Cost — $85,981,425) — 148.7% | 86,922,973 | |
| Short-Term Securities | Shares | |
| CMA New York Municipal Money Fund, 0.00% (c)(d) | 641,113 | 641,113 |
| Total Short-Term Securities | ||
| (Cost — $641,113) — 1.1% | 641,113 | |
| Total Investments (Cost — $86,622,538*) — 149.8% | 87,564,086 | |
| Other Assets Less Liabilities — 1.6% | 917,170 | |
| Liability for Trust Certificates, Including Interest | ||
| Expense and Fees Payable — (0.7)% | (376,191) | |
| Preferred Shares, at Redemption Value — (50.7)% | (29,632,983) | |
| Net Assets Applicable to Common Shares — 100.0% | $ 58,472,082 |
* The cost and unrealized appreciation (depreciation) of investments as of
January 31, 2010, as computed for federal income tax purposes, were as follows:
| Aggregate cost | $ 86,126,913 |
| Gross unrealized appreciation | $ 2,364,460 |
| Gross unrealized depreciation | (1,302,287) |
| Net unrealized appreciation | $ 1,062,173 |
(a) US government securities, held in escrow, are used to pay interest on this security
as well as to retire the bond in full at the date indicated, typically at a premium
to par.
(b) Securities represent bonds transferred to a tender option bond trust in exchange for
which the Fund acquired residual interest certificates. These securities serve as col-
lateral in a financing transaction. See Note 1 of the Notes to Financial Statements
for details of municipal bonds transferred to tender option bond trusts.
(c) Investments in companies considered to be an affiliate of the Fund, for purposes of
Section 2(a)(3) of the Investment Company Act of 1940, were as follows:
| Net | ||
| Affiliate | Activity | Income |
| CMA New York Municipal Money Fund | $(1,096,728) | $119 |
| (d) Represents the current yield as of report date. |
• Fair Value Measurements — Various inputs are used in determining the fair value of
investments, which are as follows:
• Level 1 — price quotations in active markets/exchanges for identical assets
and liabilities
• Level 2 — other observable inputs (including, but not limited to: quoted prices for
similar assets or liabilities in markets that are active, quoted prices for identical
or similar assets or liabilities in markets that are not active, inputs other than
quoted prices that are observable for the assets or liabilities (such as interest
rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and
default rates) or other market-corroborated inputs)
• Level 3 — unobservable inputs based on the best information available in the
circumstances, to the extent observable inputs are not available (including the
Fund’s own assumptions used in determining the fair value of investments)
The inputs or methodologies used for valuing securities are not necessarily an indi-
cation of the risk associated with investing in those securities. For information about
the Fund’s policy regarding valuation of investments and other significant accounting
policies, please refer to Note 1 of the Notes to Financial Statements.
The following table summarizes the inputs used as of January 31, 2010 in deter-
mining the fair valuation of the Fund’s investments:
| Valuation | Investments in |
| Inputs | Securities |
| Assets | |
| Level 1 — Short-Term Securities | $ 641,113 |
| Level 2 — Long-Term Investments1 | 86,922,973 |
| Level 3 | — |
| Total | $ 87,564,086 |
1 See above Schedule of Investments for values in each sector.
See Notes to Financial Statements.
12 SEMI-ANNUAL REPORT
JANUARY 31, 2010
Schedule of Investments January 31, 2010 (Unaudited)
BlackRock MuniYield Arizona Fund, Inc. (MZA)
(Percentages shown are based on Net Assets)
| Par | |||
| Municipal Bonds | (000) | Value | |
| Arizona — 133.9% | |||
| County/City/Special District/School District — 44.0% | |||
| City of Tucson Arizona, COP (AGC), 5.00%, 7/01/29 | $ 1,000 | $ 1,023,350 | |
| County of Pinal Arizona, COP: | |||
| 5.00%, 12/01/26 | 1,250 | 1,240,088 | |
| 5.00%, 12/01/29 | 1,250 | 1,226,788 | |
| Downtown Phoenix Hotel Corp., RB: | |||
| Senior Series A (FGIC), 5.00%, 7/01/36 | 915 | 753,484 | |
| Sub-Series B (NPFGC), 5.00%, 7/01/36 | 415 | 395,690 | |
| Gila County Unified School District No. 10-Payson | |||
| Arizona, GO, School Improvement Project of 2006, | |||
| Series A (AMBAC), 5.25%, 7/01/27 (a) | 1,000 | 1,024,640 | |
| Gilbert Public Facilities Municipal Property Corp. Arizona, | |||
| RB, 5.50%, 7/01/27 | 2,000 | 2,155,320 | |
| Gladden Farms Community Facilities District, GO, | |||
| 5.50%, 7/15/31 | 750 | 578,033 | |
| Greater Arizona Development Authority, RB, Santa Cruz | |||
| County Jail, Series 2, 5.25%, 8/01/31 | 1,000 | 1,036,070 | |
| Maricopa County Community College District, Arizona, | |||
| GO, Series C, 3.00%, 7/01/22 | 1,000 | 938,870 | |
| Maricopa County Elementary School District No. 3- | |||
| Tempe Elementary, Arizona, GO, Refunding (NPFGC), | |||
| 7.50%, 7/01/10 | 290 | 298,021 | |
| Maricopa County Unified School District No. 11-Peoria | |||
| Arizona, GO, School Improvement, 2nd Series (NPFGC), | |||
| 5.00%, 7/01/25 | 430 | 454,411 | |
| Maricopa County Unified School District No. 89-Dysart | |||
| Arizona, GO, School Improvement Project of 2006, | |||
| Series C, 6.00%, 7/01/28 | 1,000 | 1,109,320 | |
| Mohave County Unified School District No. 20 | |||
| Kingman, GO, School Improvement Project of 2006, | |||
| Series C (AGC): | |||
| 5.50%, 7/01/20 | 1,150 | 1,308,953 | |
| 5.00%, 7/01/26 | 1,000 | 1,063,290 | |
| Phoenix Civic Improvement Corp., RB, Subordinate, | |||
| Civic Plaza Expansion Project, Series A (NPFGC), | |||
| 5.00%, 7/01/35 | 3,325 | 3,335,839 | |
| Queen Creek Improvement District No. 1, Special | |||
| Assessment Bonds, 5.00%, 1/01/32 | 2,000 | 1,771,120 | |
| Scottsdale Municipal Property Corp. Arizona, RB, | |||
| Water & Sewer Development Project, Series A, | |||
| 5.00%, 7/01/24 | 1,500 | 1,637,700 | |
| Scottsdale Municipal Property Corp. Arizona, | |||
| Refunding RB, 5.00%, 7/01/26 | 1,570 | 1,767,741 | |
| Vistancia Community Facilities District Arizona, GO: | |||
| 6.75%, 7/15/22 | 1,275 | 1,299,161 | |
| 5.75%, 7/15/24 | 750 | 730,605 | |
| Yuma County Library District, GO (Syncora), | |||
| 5.00%, 7/01/26 | 1,465 | 1,515,411 | |
| 26,663,905 | |||
| Education — 19.8% | |||
| Arizona State University, RB, Series 2008-C: | |||
| 6.00%, 7/01/25 | 970 | 1,113,133 | |
| 6.00%, 7/01/26 | 350 | 399,623 | |
| 6.00%, 7/01/27 | 425 | 485,257 | |
| 6.00%, 7/01/28 | 300 | 341,154 | |
| Arizona Student Loan Acquisition Authority, Refunding RB, | |||
| Junior Lien, Sub-Series B-1, AMT, 6.15%, 5/01/29 | 3,285 | 3,295,446 | |
| Maricopa County IDA Arizona, RB, Arizona Charter | |||
| Schools Project, Series A, 6.63%, 7/01/20 | 900 | 689,616 | |
| Pima County IDA, RB, American Charter | |||
| Schools Foundation, Series A, 5.63%, 7/01/38 | 500 | 380,500 | |
| Par | ||
| Municipal Bonds | (000) | Value |
| Arizona (continued) | ||
| Education (concluded) | ||
| Pima County IDA, RB, Arizona Charter Schools Project, | ||
| Series C: | ||
| 6.70%, 7/01/21 | $ 725 | $ 696,710 |
| 6.75%, 7/01/31 | 985 | 904,319 |
| Pima County IDA, Refunding RB: | ||
| Arizona Charter Schools Project, Series O, | ||
| 5.00%, 7/01/26 | 1,000 | 778,730 |
| Charter Schools II, Series A, 6.75%, 7/01/21 | 575 | 554,823 |
| University of Arizona, COP, Refunding, University of | ||
| Arizona Projects, Series A (AMBAC), 5.13%, 6/01/29 | 905 | 916,340 |
| University of Arizona, COP, University of Arizona Projects, | ||
| Series B (AMBAC), 5.00%, 6/01/28 | 1,400 | 1,411,032 |
| 11,966,683 | ||
| Health — 19.2% | ||
| Arizona Health Facilities Authority, RB, Catholic | ||
| Healthcare West, Series A, 6.63%, 7/01/20 | 1,435 | 1,483,130 |
| Arizona Health Facilities Authority, Refunding RB, | ||
| Banner Health, Series D: | ||
| 6.00%, 1/01/30 | 1,500 | 1,537,785 |
| 5.50%, 1/01/38 | 1,300 | 1,315,743 |
| Maricopa County IDA Arizona, Refunding RB: | ||
| Catholic Healthcare West, Series A, | ||
| 5.50%, 7/01/26 | 1,850 | 1,874,513 |
| Samaritan Health Services, Series A (NPFGC), | ||
| 7.00%, 12/01/16 (b) | 1,000 | 1,224,690 |
| Scottsdale IDA Arizona, Refunding RB, Scottsdale | ||
| Healthcare, Series A, 5.25%, 9/01/30 | 900 | 845,019 |
| Tucson IDA, RB, Christian Care Project, Series A | ||
| (Radian), 6.13%, 7/01/24 (c) | 1,000 | 1,032,050 |
| University Medical Center Corp. Arizona, RB, | ||
| 6.50%, 7/01/39 | 500 | 528,820 |
| Yavapai County IDA Arizona, RB, Yavapai Regional | ||
| Medical Center, Series A, 6.00%, 8/01/33 | 1,800 | 1,803,924 |
| 11,645,674 | ||
| Housing — 10.6% | ||
| Maricopa County & Phoenix Industrial Development | ||
| Authorities, Refunding RB, AMT (GNMA): | ||
| S/F, Series A-1, 5.75%, 5/01/40 | 965 | 1,010,114 |
| S/F, Series A-2, 5.80%, 7/01/40 | 705 | 718,606 |
| Maricopa County IDA Arizona, RB, Series 3-B, AMT | ||
| (GNMA), 5.25%, 8/01/38 | 1,356 | 1,384,710 |
| Phoenix & Pima County IDA, RB, Series 1A, AMT | ||
| (GNMA), 5.65%, 7/01/39 | 580 | 604,772 |
| Phoenix & Pima County IDA, Refunding RB, | ||
| Series 2007-1, AMT (GNMA), 5.25%, 8/01/38 | 1,326 | 1,377,601 |
| Phoenix IDA Arizona, Refunding RB, Series 2007-2, | ||
| AMT (GNMA), 5.50%, 8/01/38 | 1,280 | 1,340,112 |
| 6,435,915 | ||
| State — 17.0% | ||
| Arizona School Facilities Board, COP: | ||
| 5.13%, 9/01/21 | 1,000 | 1,075,790 |
| 5.75%, 9/01/22 | 2,000 | 2,221,960 |
| Arizona Sports & Tourism Authority, RB, Baseball | ||
| Training Facilities Project, 5.00%, 7/01/16 | 1,000 | 1,017,880 |
| Arizona State Transportation Board, RB, Series B, | ||
| 5.00%, 7/01/30 | 4,000 | 4,268,760 |
| Greater Arizona Development Authority, RB, Series B | ||
| (NPFGC), 5.00%, 8/01/30 | 1,700 | 1,733,558 |
| 10,317,948 |
See Notes to Financial Statements.
SEMI-ANNUAL REPORT
JANUARY 31, 2010
13
Schedule of Investments (continued)
BlackRock MuniYield Arizona Fund, Inc. (MZA)
(Percentages shown are based on Net Assets)
| Par | |||
| Municipal Bonds | (000) | Value | |
| Arizona (concluded) | |||
| Transportation — 4.4% | |||
| Phoenix Civic Improvement Corp., RB, Senior Lien: | |||
| Series A, 5.00%, 7/01/33 | $ 1,000 | $ 1,008,170 | |
| Series B, AMT (NPFGC), 5.75%, 7/01/17 | 1,000 | 1,041,630 | |
| Series B, AMT (NPFGC), 5.25%, 7/01/32 | 600 | 592,188 | |
| 2,641,988 | |||
| Utilities — 18.9% | |||
| City of Mesa Arizona, RB (NPFGC), 5.00%, 7/01/23 | 1,500 | 1,647,195 | |
| Gilbert Water Resource Municipal Property Corp., RB, | |||
| Subordinate Lien (NPFGC), 5.00%, 10/01/29 | 900 | 925,929 | |
| Phoenix Civic Improvement Corp., RB: | |||
| Junior Lien (NPFGC), 5.50%, 7/01/20 | 2,500 | 2,708,000 | |
| Senior Lien, 5.50%, 7/01/22 | 2,000 | 2,263,820 | |
| Pinal County IDA Arizona, RB, San Manuel Facility | |||
| Project, AMT, 6.25%, 6/01/26 | 500 | 423,735 | |
| Salt River Project Agricultural Improvement & Power | |||
| District, RB, Series A, 5.00% 1/01/24 | 1,000 | 1,086,390 | |
| Salt River Project Agricultural Improvement & Power | |||
| District, Refunding RB, Salt River Project, Series A, | |||
| 5.00%, 1/01/35 | 1,500 | 1,540,125 | |
| Salt Verde Financial Corp., RB, Senior, 5.00%, 12/01/37 | 1,000 | 851,080 | |
| 11,446,274 | |||
| Total Municipal Bonds in Arizona | 81,118,387 | ||
| Guam — 1.6% | |||
| Utilities — 1.6% | |||
| Guam Government Waterworks Authority, Refunding RB, | |||
| Water, 5.88%, 7/01/35 | 1,000 | 970,060 | |
| Total Municipal Bonds in Guam | 970,060 | ||
| Puerto Rico — 19.6% | |||
| County/City/Special District/School District — 1.2% | |||
| Puerto Rico Sales Tax Financing Corp., Refunding RB, | |||
| CAB, Series A (NPFGC), 5.76%, 8/01/41 (d) | 5,000 | 743,200 | |
| State — 8.5% | |||
| Commonwealth of Puerto Rico, GO: | |||
| Public Improvement, Series A, 5.13%, 7/01/31 | 75 | 70,228 | |
| Series A, 6.00%, 7/01/38 | 800 | 812,624 | |
| Puerto Rico Public Buildings Authority, RB, Government | |||
| Facilities, Series I, 5.25% 7/01/33 | 800 | 745,920 | |
| Puerto Rico Public Buildings Authority, RB, | |||
| Government Facilities: | |||
| Series M-3 (NPFGC), 6.00%, 7/01/28 | 900 | 928,737 | |
| Series N, 5.50%, 7/01/27 | 1,000 | 998,840 | |
| Puerto Rico Sales Tax Financing Corp., RB, | |||
| 1st Sub-Series A, 6.38%, 8/01/39 | 1,500 | 1,596,150 | |
| 5,152,499 | |||
| Transportation — 2.9% | |||
| Puerto Rico Highway & Transportation Authority, | |||
| Refunding RB: | |||
| Series AA (NPFGC), 5.50%, 7/01/18 | 900 | 949,248 | |
| Series CC, 5.50%, 7/01/31 | 790 | 776,309 | |
| 1,725,557 | |||
| Par | ||
| Municipal Bonds | (000) | Value |
| Puerto Rico (concluded) | ||
| Utilities — 7.0% | ||
| Puerto Rico Aqueduct & Sewer Authority, RB, Senior Lien, | ||
| Series A (Radian), 6.00%, 7/01/44 | $ 2,180 | $ 2,202,825 |
| Puerto Rico Electric Power Authority, RB, Series WW | ||
| 5.38%, 7/01/24 | 1,000 | 1,032,420 |
| Puerto Rico Electric Power Authority, 5.50%, 7/01/38 | 1,000 | 1,007,990 |
| 4,243,235 | ||
| Total Municipal Bonds in Puerto Rico | 11,864,491 | |
| Total Municipal Bonds — 155.1% | 93,952,938 | |
| Municipal Bonds Transferred to | ||
| Tender Option Bond Trusts (e) | ||
| Arizona — 5.1% | ||
| Utilities — 5.1% | ||
| Phoenix Civic Improvement Corp., RB, Junior Lien, | ||
| Series A, 5.00%, 7/01/34 | 3,000 | 3,100,080 |
| Total Municipal Bonds Transferred to | ||
| Tender Option Bond Trusts — 5.1% | 3,100,080 | |
| Total Long-Term Investments | ||
| (Cost — $96,632,344) — 160.2% | 97,053,018 | |
| Short-Term Securities | Shares | |
| CMA Arizona Municipal Money Fund, 0.00% (f)(g) | 2,403,565 | 2,403,565 |
| Total Short-Term Securities | ||
| (Cost — $2,403,565) — 4.0% | 2,403,565 | |
| Total Investments (Cost – $99,035,909*) — 164.2% | 99,456,583 | |
| Other Assets Less Liabilities — 2.3% | 1,421,443 | |
| Liability for Trust Certificates, Including Interest | ||
| Expense and Fees Payable — (2.4)% | (1,500,000) | |
| Preferred Shares, at Redemption Value — (64.1)% | (38,803,971) | |
| Net Assets Applicable to Common Shares — 100.0% | $ 60,574,055 | |
* The cost and unrealized appreciation (depreciation) of investments as of
January 31, 2010, as computed for federal income tax purposes, were as follows:
| Aggregate cost | $ 97,566,060 |
| Gross unrealized appreciation | $ 2,641,352 |
| Gross unrealized depreciation | (2,250,829) |
| Net unrealized appreciation | $ 390,523 |
(a) Represents a step-up bond that pays an initial coupon rate for the first period and
then a higher coupon rate for the following periods. Rate shown is as of report date.
(b) Security is collateralized by Municipal or US Treasury Obligations.
(c) US government securities, held in escrow, are used to pay interest on this security,
as well as to retire the bond in full at the date indicated, typically at a premium
to par.
(d) Represents a zero-coupon bon. Rate shown reflects current yield as of report date.
See Notes to Financial Statements.
14 SEMI-ANNUAL REPORT
JANUARY 31, 2010
Schedule of Investments (concluded) BlackRock MuniYield Arizona Fund, Inc. (MZA)
(e) Securities represent bonds transferred to a tender option bond trust in exchange for
which the Fund acquired residual interest certificates. These securities serve as col-
lateral in a financing transaction. See Note 1 of the Notes to Financial Statements
for details of municipal bonds transferred to tender option bond trusts.
(f) Investments in companies considered to be an affiliate of the Fund, for purposes of
Section 2(a)(3) of the Investment Company Act of 1940, were as follows:
| Net | ||
| Affiliate | Activity | Income |
| CMA Arizona Municipal Money Fund | $(1,783,606) | — |
(g) Represents the current yield as of report date.
• Fair Value Measurements — Various inputs are used in determining the fair value of
investments, which are as follows:
• Level 1 — price quotations in active markets/exchanges for identical assets
and liabilities
• Level 2 — other observable inputs (including, but not limited to: quoted prices for
similar assets or liabilities in markets that are active, quoted prices for identical
or similar assets or liabilities in markets that are not active, inputs other than
quoted prices that are observable for the assets or liabilities (such as interest
rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and
default rates) or other market-corroborated inputs)
• Level 3 — unobservable inputs based on the best information available in the
circumstances, to the extent observable inputs are not available (including the
Fund’s own assumptions used in determining the fair value of investments)
The inputs or methodologies used for valuing securities are not necessarily an
indication of the risk associated with investing in those securities. For information
about the Fund’s policy regarding valuation of investments and other significant
accounting policies, please refer to Note 1 of the Notes to Financial Statements.
The following table summarizes the inputs used as of January 31, 2010 in deter-
mining the fair valuation of the Fund’s investments:
| Valuation | Investments in | |
| Inputs | Securities | |
| Assets | ||
| Level 1 — Short-Term Securities | $ 2,403,565 | |
| Level 2 — Long-Term Investments1 | 97,053,018 | |
| Level 3 | — | |
| Total | $ 99,456,583 | |
| 1 See above Schedule of Investments for values in each sector. | ||
See Notes to Financial Statements.
SEMI-ANNUAL REPORT
JANUARY 31, 2010
15
Schedule of Investments January 31, 2010 (Unaudited)
BlackRock MuniYield California Fund, Inc. (MYC)
(Percentages shown are based on Net Assets)
| Par | ||
| Municipal Bonds | (000) | Value |
| California — 108.8% | ||
| Corporate — 1.5% | ||
| California Pollution Control Financing Authority, RB, | ||
| Waste Management, Inc. Project, Series C, AMT, | ||
| 6.75%, 12/01/27 | $ 3,300 | $ 3,412,464 |
| City of Chula Vista California, Refunding RB, San Diego | ||
| Gas & Electric, Series A, 5.88%, 2/15/34 | 975 | 1,067,674 |
| 4,480,138 | ||
| County/City/Special District/School District — 38.9% | ||
| Arcata Joint Powers Financing Authority California, | ||
| Tax Allocation Bonds, Refunding, Community | ||
| Development Project Loan, Series A (AMBAC), | ||
| 6.00%, 8/01/23 | 2,520 | 2,520,958 |
| California State Department of Water Resources, | ||
| Refunding RB, Water System, Series AF, | ||
| 5.00%, 12/01/29 | 2,500 | 2,661,475 |
| City of Los Angeles California, COP, Senior, Sonnenblick | ||
| Del Rio West Los Angeles (AMBAC), 6.20%, 11/01/31 | 2,000 | 2,039,340 |
| City of Los Angeles California, Refunding RB, Series A, | ||
| 5.00%, 6/01/39 | 9,870 | 10,061,182 |
| El Monte Union High School District California, GO, | ||
| Election 2002, Series C (AGM), 5.25%, 6/01/32 | 10,120 | 10,310,863 |
| Fontana Unified School District California, GO, Series A | ||
| (AGM), 5.25%, 8/01/28 | 7,000 | 7,171,780 |
| Hayward Unified School District California, GO, | ||
| Election 2008, 5.25%, 8/01/29 | 5,395 | 5,526,260 |
| Los Angeles Municipal Improvement Corp., RB, | ||
| Real Property, Series E, 6.00%, 9/01/34 | 1,800 | 1,860,840 |
| Marin Community College District, GO, Election of 2004, | ||
| Series A (NPFGC), 5.00%, 8/01/28 | 5,885 | 6,053,076 |
| Modesto Irrigation District, COP, Series B, | ||
| 5.50%, 7/01/35 | 3,300 | 3,456,024 |
| Morgan Hill Unified School District California, GO, CAB | ||
| (FGIC), 5.06%, 8/01/26 (a)(b) | 7,570 | 3,738,747 |
| Murrieta Valley Unified School District Public Financing | ||
| Authority, Special Tax Bonds, Refunding, Series A | ||
| (AGC), 5.13%, 9/01/26 | 6,675 | 7,011,220 |
| Oak Grove School District California, GO, Election 2008, | ||
| Series A, 5.50%, 8/01/33 | 4,000 | 4,236,760 |
| Orange County Sanitation District, COP (NPFGC), | ||
| 5.00%, 2/01/33 | 5,250 | 5,356,417 |
| Pico Rivera Public Financing Authority, RB: | ||
| 5.50%, 9/01/31 | 1,500 | 1,530,165 |
| 5.75%, 9/01/39 | 4,365 | 4,448,502 |
| Pittsburg Redevelopment Agency, Tax Allocation Bonds, | ||
| Refunding, Subordinate, Los Medanos Community | ||
| Project, Series A, 6.50%, 9/01/28 | 2,500 | 2,729,925 |
| San Diego Regional Building Authority California, | ||
| RB, County Operations Center & Annex, Series A, | ||
| 5.38%, 2/01/36 | 3,200 | 3,314,304 |
| San Francisco Bay Area Transit Financing Authority, | ||
| Refunding RB, Series A (NPFGC), 5.00%, 7/01/34 | 5,430 | 5,475,938 |
| San Jose Evergreen Community College District | ||
| California, GO, Refunding, CAB, Election 2004, | ||
| Series A (NPFGC), 5.12%, 9/01/23 (b) | 10,005 | 4,925,862 |
| San Juan Unified School District California, GO, | ||
| Election of 2002 (NPFGC), 5.00%, 8/01/28 | 5,000 | 5,030,300 |
| Santa Cruz County Redevelopment Agency California, | ||
| Tax Allocation Bonds, Live Oak/Soquel Community | ||
| Improvement, Series A: | ||
| 6.63%, 9/01/29 | 1,000 | 1,072,890 |
| 7.00%, 9/01/36 | 500 | 539,045 |
| Twin Rivers Unified School District, GO, Election of 2006 | ||
| (AGM), 5.00%, 8/01/29 | 9,390 | 9,571,884 |
| Par | |||
| Municipal Bonds | (000) | Value | |
| California (continued) | |||
| County/City/Special District/School District (concluded) | |||
| Vacaville Unified School District California, GO, | |||
| Election 2001 (NPFGC), 5.00%, 8/01/30 | $ 4,745 | $ 4,763,078 | |
| Ventura Unified School District California, GO, 1997 | |||
| Election, Series H (AGM), 5.13%, 8/01/34 | 1,000 | 1,013,430 | |
| Westminster Redevelopment Agency California, | |||
| Tax Allocation Bonds, Subordinate, Commercial | |||
| Redevelopment Project No. 1 (AGC), 6.25%, 11/01/39 | 1,250 | 1,403,963 | |
| 117,824,228 | |||
| Education — 8.3% | |||
| California Educational Facilities Authority, RB, Pitzer | |||
| College, 6.00%, 4/01/40 | 2,500 | 2,596,175 | |
| California State Enterprise Development Authority, | |||
| Refunding RB, The Thacher School Project, | |||
| 5.13%, 9/01/39 | 6,965 | 6,935,190 | |
| California State University, RB, Systemwide, Series A: | |||
| 5.25%, 11/01/34 | 1,500 | 1,528,515 | |
| 5.50%, 11/01/39 | 2,725 | 2,781,816 | |
| University of California, RB: | |||
| Limited Project, Series D (NPFGC), 5.00%, 5/15/32 | 2,500 | 2,511,950 | |
| Series L, 5.00%, 5/15/36 | 8,500 | 8,708,080 | |
| 25,061,726 | |||
| Health — 17.5% | |||
| ABAG Finance Authority for Nonprofit Corps, | |||
| Refunding RB, Sharp Healthcare, 6.38%, 8/01/34 | 1,750 | 1,831,655 | |
| California Health Facilities Financing Authority, | |||
| Refunding RB: | |||
| Catholic Healthcare West, Series A, 6.00%, 7/01/39 | 10,000 | 10,430,500 | |
| Catholic Healthcare West, Series E, 5.63%, 7/01/25 | 6,000 | 6,210,360 | |
| Scripps Health, Series A, 5.00%, 11/15/36 (c) | 8,800 | 8,484,784 | |
| St. Joseph Health System, Series A, 5.50%, 7/01/29 | 2,000 | 2,063,700 | |
| California Statewide Communities Development | |||
| Authority, RB: | |||
| Health Facility, Memorial Health Services, Series A, | |||
| 6.00%, 10/01/23 | 3,270 | 3,389,780 | |
| Health Facility, Memorial Health Services, Series A, | |||
| 5.50%, 10/01/33 | 3,000 | 3,014,460 | |
| St. Joseph Health System, Series C (FGIC), | |||
| 5.75%, 7/01/47 | 7,525 | 7,692,281 | |
| California Statewide Communities Development | |||
| Authority, Refunding RB: | |||
| Catholic Healthcare West, Series D, 5.50%, 7/01/31 | 5,055 | 5,054,747 | |
| California Statewide Communities Development | |||
| Authority, Senior Living, Southern California: | |||
| 6.25%, 11/15/19 | 500 | 530,425 | |
| 6.63%, 11/15/24 | 650 | 680,173 | |
| 7.00%, 11/15/29 | 500 | 527,100 | |
| 7.25%, 11/15/41 | 1,750 | 1,855,473 | |
| City of Torrance California, Refunding RB, Torrance | |||
| Memorial Medical Center, Series A, 6.00%, 6/01/22 | 1,310 | 1,346,470 | |
| 53,111,908 | |||
| Housing — 1.2% | |||
| California Rural Home Mortgage Finance Authority, | |||
| RB, AMT: | |||
| Mortgage-Backed Securities Program, Series B | |||
| (GNMA), 6.15%, 6/01/20 | 25 | 25,483 | |
| Sub-Series FH-1, , 5.50%, 8/01/47 | 415 | 230,914 | |
| Santa Clara County Housing Authority California, RB, | |||
| John Burns Gardens Apartments Project, Series A, | |||
| AMT, 6.00%, 8/01/41 | 3,500 | 3,503,780 | |
| 3,760,177 | |||
See Notes to Financial Statements.
16 SEMI-ANNUAL REPORT
JANUARY 31, 2010
Schedule of Investments (continued)
BlackRock MuniYield California Fund, Inc. (MYC)
(Percentages shown are based on Net Assets)
| Par | ||
| Municipal Bonds | (000) | Value |
| California (concluded) | ||
| State — 6.1% | ||
| California State Public Works Board, RB: | ||
| Department of Developmental Services, Porterville, | ||
| Series C, 6.25%, 4/01/34 | $ 1,100 | $ 1,107,502 |
| Department of Education, Riverside Campus Project, | ||
| Series B, 6.50%, 4/01/34 | 10,000 | 10,248,500 |
| Various Capital Projects, Sub-Series I-1, | ||
| 6.38%, 11/01/34 | 1,850 | 1,880,655 |
| State of California, GO, Various Purpose, | ||
| 6.50%, 4/01/33 | 5,000 | 5,341,050 |
| 18,577,707 | ||
| Transportation — 4.7% | ||
| County of Orange California, RB, Series B, | ||
| 5.75%, 7/01/34 | 3,000 | 3,243,120 |
| County of Sacramento California, RB, Senior, Series B, | ||
| 5.75%, 7/01/39 | 900 | 957,978 |
| San Francisco City & County Airports Commission, RB, | ||
| Series E, 6.00%, 5/01/39 | 4,825 | 5,167,527 |
| San Francisco Port Commission California, RB, Series A, | ||
| 5.13%, 3/01/40 (c) | 5,000 | 4,861,550 |
| 14,230,175 | ||
| Utilities — 30.6% | ||
| California Infrastructure & Economic Development Bank, | ||
| RB, California Independent System Operator, Series A, | ||
| 6.25%, 2/01/39 | 2,170 | 2,264,438 |
| California State Department of Water Resources, | ||
| Refunding RB, Central Valley Project, Series AE, | ||
| 5.00%, 12/01/28 | 6,000 | 6,412,800 |
| California Statewide Communities Development | ||
| Authority, RB, Pooled Financing Program, Series C, | ||
| City of West Sacramento (AGM), 5.25%, 10/01/28 | 2,380 | 2,418,699 |
| City of Chula Vista California, Refunding RB, San Diego | ||
| Gas & Electric, Series D, 5.88%, 1/01/34 | 2,500 | 2,737,625 |
| Eastern Municipal Water District California, COP, | ||
| Series H, 5.00%, 7/01/35 | 7,540 | 7,560,283 |
| Los Angeles Department of Water & Power, RB: | ||
| Power System, Sub-Series A-1 (AMBAC), | ||
| 5.00%, 7/01/37 | 15,100 | 15,257,946 |
| Power System, Sub-Series A-2 (AGM), | ||
| 5.00%, 7/01/35 | 7,500 | 7,635,675 |
| Metropolitan Water District of Southern California, RB: | ||
| Series A, 5.00%, 7/01/32 | 1,240 | 1,292,216 |
| Series A (AGM), 5.00%, 7/01/30 | 1,000 | 1,033,990 |
| Series C, 5.00%, 7/01/35 | 7,085 | 7,292,378 |
| Metropolitan Water District of Southern California, | ||
| Refunding RB: | ||
| Series B, 5.00%, 7/01/35 | 2,625 | 2,701,834 |
| Series C, 5.00%, 7/01/31 | 1,750 | 1,832,968 |
| Oxnard Financing Authority, RB, Redwood Trunk Sewer | ||
| & Headworks, Series A (NPFGC), 5.25%, 6/01/34 | 4,160 | 4,172,480 |
| Sacramento Municipal Utility District, RB, Cosumnes | ||
| Project (NPFGC), 5.13%, 7/01/29 | 18,500 | 18,153,495 |
| Sacramento Regional County Sanitation District, | ||
| Refunding RB, County Sanitation District 1 (NPFGC), | ||
| 5.00%, 8/01/35 | 5,425 | 5,474,313 |
| San Diego Public Facilities Financing Authority, | ||
| Refunding RB, Senior Series A, 5.38%, 5/15/34 | 1,900 | 1,992,625 |
| San Francisco City & County Public Utilities Commission, | ||
| Refunding RB, Series A, 5.13%, 11/01/39 | 2,295 | 2,363,207 |
| Western Municipal Water District Facilities Authority, RB, | ||
| Series B, 5.00%, 10/01/39 | 2,000 | 2,010,540 |
| 92,607,512 | ||
| Total Municipal Bonds in California | 329,653,571 |
| Par | ||
| Municipal Bonds | (000) | Value |
| Puerto Rico — 3.3% | ||
| County/City/Special District/School District — 1.8% | ||
| Puerto Rico Sales Tax Financing Corp., RB, First | ||
| Sub-Series A, 6.50%, 8/01/44 | $ 5,000 | $ 5,335,800 |
| State — 1.5% | ||
| Commonwealth of Puerto Rico, GO, Refunding, Public | ||
| Improvement, Series B, 6.50%, 7/01/37 | 4,230 | 4,461,212 |
| Total Municipal Bonds in Puerto Rico | 9,797,012 | |
| Total Municipal Bonds — 112.1% | 339,450,583 | |
| Municipal Bonds Transferred to | ||
| Tender Option Bond Trusts (d) | ||
| California — 44.8% | ||
| Corporate — 8.7% | ||
| University of California, RB, Limited Project, Series B | ||
| (AGM), 5.00%, 5/15/33 | 8,488 | 8,503,979 |
| University of California, RB, Series L, 5.00%, 5/15/40 | 11,597 | 11,830,452 |
| San Francisco Bay Area Transit Financing Authority, | ||
| Refunding RB, Series A (NPFGC), 5.00%, 7/01/30 | 6,000 | 6,136,920 |
| 26,471,351 | ||
| County/City/Special District/School District — 14.5% | ||
| Contra Costa Community College District California, GO, | ||
| Election of 2002 (FSA), 5.00%, 8/01/30 | 10,215 | 10,400,207 |
| Fremont Unified School District, Alameda County, | ||
| California, GO, Election of 2002, Series B (AGM), | ||
| 5.00%, 8/01/30 | 4,003 | 4,089,906 |
| Los Angeles Community College District, California, GO, | ||
| 2008 Election, Series A, 6.00%, 8/01/33 | 3,828 | 4,246,729 |
| San Diego Community College District, California, GO, | ||
| Election of 2002, 5.25%, 8/01/33 | 7,732 | 7,906,928 |
| Santa Clara County Financing Authority, Refunding RB, | ||
| Lease, Series L, 5.25%, 5/15/36 | 10,001 | 10,319,310 |
| Sonoma County Junior College District, GO, Refunding, | ||
| Election of 2002, Series B (AGM), 5.00%, 8/01/28 | 6,875 | 7,105,143 |
| 44,068,223 | ||
| Education — 11.5% | ||
| California Educational Facilities Authority, RB, University | ||
| of Southern California, Series A, 5.25%, 10/01/18 | 13,845 | 14,613,398 |
| California State University, RB, Systemwide, Series A | ||
| (AGM), 5.00%, 11/01/39 | 4,840 | 4,780,516 |
| Los Angeles Community College District, California, GO, | ||
| 2003 Election, Series E (AGM), 5.00%, 8/01/31 | 10,002 | 10,145,687 |
| Peralta Community College District, California, GO, | ||
| Election of 2000, Series D (AGM), 5.00%, 8/01/30 | 1,995 | 2,038,292 |
| University of California, RB, Series O, 5.75%, 5/15/34 | 2,805 | 3,120,534 |
| 34,698,427 | ||
| Utilities — 10.1% | ||
| Eastern Municipal Water District, California, Water and | ||
| Sewer, COP, Series H, 5.00%, 7/01/33 | 4,748 | 4,789,971 |
| Metropolitan Water District of Southern California, RB, | ||
| Series A, 5.00%, 7/01/37 | 20,000 | 20,688,200 |
| San Diego County Water Authority, COP, Series A (AGM), | ||
| 5.00%, 5/01/31 | 5,010 | 5,097,574 |
| 30,575,745 | ||
| Total Municipal Bonds Transferred to | ||
| Tender Option Bond Trusts — 44.8% | 135,813,746 | |
| Total Long-Term Investments | ||
| (Cost — $471,504,220) — 156.9% | 475,264,329 |
See Notes to Financial Statements.
SEMI-ANNUAL REPORT
JANUARY 31, 2010
17
Schedule of Investments (concluded)
BlackRock MuniYield California Fund, Inc. (MYC)
(Percentages shown are based on Net Assets)
| Short-Term Securities | Shares | Value |
| CMA California Municipal Money | ||
| Fund, 0.04% (e)(f) | 10,038,152 | $ 10,038,152 |
| Total Short-Term Securities | ||
| (Cost — $10,038,152) — 3.3% | 10,038,152 | |
| Total Investments (Cost – $481,542,372*) — 160.2% | 485,302,481 | |
| Liabilities in Excess of Other Assets — (0.6)% | (1,972,839) | |
| Liability for Trust Certificates, Including Interest | ||
| Expense and Fees Payable — (24.6)% | (74,438,467) | |
| Preferred Shares, at Redemption Value — (35.0)% | (105,961,278) | |
| Net Assets Applicable to Common Shares — 100.0% | $302,929,897 | |
* The cost and unrealized appreciation (depreciation) of investments as of January 31,
2010, as computed for federal income tax purposes, were as follows:
| Aggregate cost | $ 407,491,842 |
| Gross unrealized appreciation | $ 7,730,477 |
| Gross unrealized depreciation | (4,299,203) |
| Net unrealized appreciation | $ 3,431,274 |
(a) Security is collateralized by Municipal or US Treasury Obligations.
(b) Represents a zero-coupon bond. Rate shown reflects the current yield as of
report date.
(c) When-issued security. Unsettled when-issued security transactions were as follows:
| Market | Unrealized | |
| Counterparty | Value | Depreciation |
| JPMorgan Chase Bank NA | $8,484,784 | $(123,816) |
| Jeffries & Co. | $4,861,550 | $ (44,200) |
(d) Securities represent bonds transferred to a tender option bond trust in exchange for
which the Fund acquired residual interest certificates. These securities serve as col-
lateral in a financing transaction. See Note 1 of the Notes to Financial Statements
for details of municipal bonds transferred to tender option bond trusts.
(e) Investments in companies considered to be an affiliate of the Fund, for purposes of
Section 2(a)(3) of the Investment Company Act of 1940, were as follows:
| Net | ||
| Affiliate | Activity | Income |
| CMA California Municipal Money Fund | $2,430,455 | $1,349 |
| (f) Represents the current yield as of report date. |
• Fair Value Measurements — Various inputs are used in determining the fair value of
investments, which are as follows:
• Level 1 — price quotations in active markets/exchanges for identical assets
and liabilities
• Level 2 — other observable inputs (including, but not limited to: quoted prices for
similar assets or liabilities in markets that are active, quoted prices for identical
or similar assets or liabilities in markets that are not active, inputs other than
quoted prices that are observable for the assets or liabilities (such as interest
rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and
default rates) or other market-corroborated inputs)
• Level 3 — unobservable inputs based on the best information available in the
circumstances, to the extent observable inputs are not available (including the
Fund’s own assumptions used in determining the fair value of investments)
The inputs or methodologies used for valuing securities are not necessarily an indi-
cation of the risk associated with investing in those securities. For information about
the Fund’s policy regarding valuation of investments and other significant accounting
policies, please refer to the Note 1 of the Notes to Financial Statements.
The following table summarizes the inputs used as of January 31, 2010 in deter-
mining the fair valuation of the Fund’s investments:
| Valuation | Investments in |
| Inputs | Securities |
| Assets | |
| Level 1 — Short-Term Securities | $ 10,038,152 |
| Level 2 — Long-Term Investments1 | 475,264,329 |
| Level 3 | — |
| Total | $ 485,302,481 |
1 See above Schedule of Investments for values in each sector.
See Notes to Financial Statements.
18 SEMI-ANNUAL REPORT
JANUARY 31, 2010
Schedule of Investments January 31, 2010 (Unaudited)
BlackRock MuniYield Investment Fund (MYF)
(Percentages shown are based on Net Assets)
| Par | |||
| Municipal Bonds | (000) | Value | |
| Arizona — 0.7% | |||
| Pima County IDA, Refunding IDRB, Tucson Electric Power, | |||
| 5.75%, 9/01/29 | $ 1,230 | $ 1,242,608 | |
| California — 10.9% | |||
| California Health Facilities Financing Authority, RB, | |||
| Cedars-Sinai Medical Center, 5.00%, 8/15/39 | 1,590 | 1,467,983 | |
| California Health Facilities Financing Authority, | |||
| Refunding RB, Series A: | |||
| Catholic Healthcare West, 6.00%, 7/01/39 | 710 | 740,566 | |
| St. Joseph Health System, 5.75%, 7/01/39 | 2,700 | 2,781,000 | |
| California State Public Works Board, RB: | |||
| Department of General Services, Buildings 8 & 9, | |||
| Series A, 6.25%, 4/01/34 | 4,525 | 4,555,861 | |
| Various Capital Projects, Sub-Series I-1, | |||
| 6.38%, 11/01/34 | 1,265 | 1,285,961 | |
| Los Angeles Department of Water & Power, RB, Power | |||
| System, Sub-Series A-1, 5.25%, 7/01/38 | 3,300 | 3,493,149 | |
| San Diego Regional Building Authority California, | |||
| RB, County Operations Center & Annex, Series A, | |||
| 5.38%, 2/01/36 | 3,310 | 3,428,233 | |
| San Francisco City & County Airports Commission, | |||
| Refunding RB, 2nd Series A-3, AMT, 6.75%, 5/01/19 | 2,500 | 2,636,475 | |
| 20,389,228 | |||
| Colorado — 2.2% | |||
| City & County of Denver Colorado, Refunding RB, | |||
| Series A, 5.25%, 11/15/36 | 4,050 | 4,117,919 | |
| District of Columbia — 1.1% | |||
| District of Columbia Water & Sewer Authority, RB, | |||
| Series A, 5.25%, 10/01/29 | 2,000 | 2,119,860 | |
| Florida — 31.5% | |||
| Broward County Educational Facilities Authority, RB, | |||
| Nova Southeastern University (AGC), 5.00%, 4/01/31 | 2,110 | 2,125,445 | |
| City of Jacksonville Florida, RB, Series B (NPFGC), | |||
| 5.13%, 10/01/32 | 1,500 | 1,504,155 | |
| City of Jacksonville Florida, Refunding RB (NPFGC), | |||
| 5.25%, 10/01/32 | 2,315 | 2,344,146 | |
| City of Miami Beach Florida, RB, Water and Sewer | |||
| (AMBAC), 5.75%, 9/01/25 | 3,000 | 3,072,540 | |
| City of Port St. Lucie Florida, RB (NPFGC), | |||
| 5.25%, 9/01/25 | 1,215 | 1,242,751 | |
| County of Hillsborough Florida, RB (AMBAC), | |||
| 5.40%, 5/01/30 (a) | 1,055 | 1,185,936 | |
| County of Miami-Dade Florida, RB, AMT, Series A: | |||
| (AGM), 5.00%, 10/01/33 | 2,560 | 2,473,651 | |
| Miami International Airport (AGM), 5.25%, 10/01/41 | 1,675 | 1,649,439 | |
| Miami International Airport (AGM), 5.50%, 10/01/41 | 2,930 | 2,959,945 | |
| Miami International Airport (NPFGC), | |||
| 6.00%, 10/01/29 | 3,275 | 3,321,276 | |
| County of Orange Florida, Refunding RB (AMBAC), | |||
| 5.00%, 10/01/29 | 1,750 | 1,794,152 | |
| County of Osceola Florida, RB, Series A (NPFGC), | |||
| 5.50%, 10/01/27 | 1,760 | 1,798,386 | |
| County of Sumter Florida, RB (AMBAC): | |||
| 5.00%, 6/01/26 | 2,190 | 2,247,247 | |
| 5.00%, 6/01/30 | 2,475 | 2,508,363 | |
| Duval County Housing Finance Authority, Refunding RB, | |||
| AMT (GNMA), 5.40%, 10/01/21 | 645 | 647,709 | |
| Florida Housing Finance Corp., Refunding RB, | |||
| Homeowner Mortgage, Series 4, AMT (AGM), | |||
| 6.25%, 7/01/22 | 350 | 364,315 | |
| Florida Municipal Loan Council, RB (NPFGC): | |||
| Series A-1, 5.13%, 7/01/34 | 1,580 | 1,570,141 | |
| Series B, 5.38%, 11/01/30 | 4,250 | 4,277,540 | |
| Hillsborough County Aviation Authority, Florida, | |||
| Refunding RB, Series C, AMT (AGC), 5.75%, 10/01/26 | 1,000 | 1,045,020 | |
| Par | |||
| Municipal Bonds | (000) | Value | |
| Florida (concluded) | |||
| Hillsborough County IDA, RB, AMT, National Gypsum Co.: | |||
| Series A, 7.13%, 4/01/30 | $ 2,500 | $ 1,925,075 | |
| Series B, 7.13%, 4/01/30 | 3,750 | 2,887,612 | |
| Lee County Housing Finance Authority, RB, Multi-County | |||
| Program, Series A-1, AMT (GNMA), 7.13%, 3/01/28 | 30 | 30,456 | |
| Manatee County Housing Finance Authority, | |||
| Refunding RB, S/F, Sub-Series 1, AMT (GNMA), | |||
| 6.25%, 11/01/28 | 85 | 86,776 | |
| Miami-Dade County Housing Finance Authority, Florida, | |||
| Refunding RB, Home Ownership Mortgage, Series A1, | |||
| AMT (GNMA), 6.30%, 10/01/20 | 365 | 372,742 | |
| Pinellas County Housing Finance Authority, Refunding RB, | |||
| Multi-County Program, Series A1, AMT (GNMA): | |||
| 6.30%, 9/01/20 | 240 | 245,090 | |
| 6.35%, 9/01/25 | 340 | 347,317 | |
| Polk County School Board, COP, Master Lease, Series A | |||
| (AGM), 5.50%, 1/01/25 | 4,385 | 4,507,473 | |
| Santa Rosa County School Board, COP, Refunding, | |||
| Series 2 (NPFGC), 5.25%, 2/01/26 | 1,180 | 1,233,065 | |
| South Lake County Hospital District, RB, South Lake | |||
| Hospital Inc., 6.38%, 10/01/34 | 1,150 | 1,152,288 | |
| Village Center Community Development District, | |||
| RB (NPFGC): | |||
| 5.13%, 10/01/28 | 4,960 | 4,596,829 | |
| Series A, 5.38%, 11/01/34 | 1,995 | 1,688,009 | |
| Series A, 5.13%, 11/01/36 | 1,000 | 804,080 | |
| Volusia County IDA, RB, Student Housing, Stetson | |||
| University Project, Series A (CIFG), 5.00%, 6/01/35 | 1,000 | 838,630 | |
| 58,847,599 | |||
| Georgia — 8.4% | |||
| City of Atlanta Georgia, RB, General, Subordinate Lien, | |||
| Series C (AGM), 5.00%, 1/01/33 | 3,270 | 3,278,862 | |
| County of Fulton, Georgia, RB (NPFGC), 5.25%, 1/01/35 | 1,000 | 1,022,690 | |
| Metropolitan Atlanta Rapid Transit Authority, RB, | |||
| 3rd Series, 5.00%, 7/01/39 | 4,815 | 4,983,092 | |
| Municipal Electric Authority of Georgia, Refunding RB, | |||
| Project One, Sub-Series D, 6.00%, 1/01/23 | 5,600 | 6,329,848 | |
| 15,614,492 | |||
| Illinois — 4.6% | |||
| Illinois Finance Authority, Refunding RB: | |||
| Central DuPage Health, Series B, 5.38%, 11/01/39 | 1,200 | 1,227,792 | |
| Northwestern Memorial Hospital, Series A, | |||
| 6.00%, 8/15/39 | 4,160 | 4,555,242 | |
| State of Illinois, RB, Build Illinois, Series B, | |||
| 5.25%, 6/15/34 | 2,700 | 2,782,512 | |
| 8,565,546 | |||
| Indiana — 2.6% | |||
| Indiana Municipal Power Agency, RB, Indiana Municipal | |||
| Power Agency, Series B, 6.00%, 1/01/39 | 4,525 | 4,823,831 | |
| Kansas — 1.8% | |||
| Kansas Development Finance Authority, Refunding RB, | |||
| Adventist Health, 5.50%, 11/15/29 | 3,250 | 3,415,490 | |
| Kentucky — 3.5% | |||
| Louisville & Jefferson County Metropolitan | |||
| Government, RB: | |||
| Parking Authority, Series A, 5.75%, 12/01/34 | 3,200 | 3,491,008 | |
| Refunding, Jewish Hospital & St. Mary’s HealthCare, | |||
| 6.13%, 2/01/37 | 2,955 | 3,046,309 | |
| 6,537,317 | |||
| Maine — 1.2% | |||
| Maine State Housing Authority, RB, Series C, AMT, | |||
| 5.45%, 11/15/23 | 2,285 | 2,288,039 | |
See Notes to Financial Statements.
SEMI-ANNUAL REPORT
JANUARY 31, 2010
19
Schedule of Investments (continued)
BlackRock MuniYield Investment Fund (MYF)
(Percentages shown are based on Net Assets)
| Par | |||
| Municipal Bonds | (000) | Value | |
| Massachusetts — 2.6% | |||
| Massachusetts HFA, Refunding HRB, Series F, AMT, | |||
| 5.70%, 6/01/40 | $ 2,110 | $ 2,117,069 | |
| Massachusetts Health & Educational Facilities Authority, | |||
| RB, Tufts University, 5.38%, 8/15/38 | 1,500 | 1,610,925 | |
| Massachusetts State College Building Authority, RB, | |||
| Series A, 5.50%, 5/01/39 | 1,000 | 1,044,140 | |
| 4,772,134 | |||
| Michigan — 2.3% | |||
| Michigan State Building Authority, Refunding RB, | |||
| Facilities Program, Series I, 6.00%, 10/15/38 | 1,250 | 1,338,200 | |
| Michigan State Hospital Finance Authority, Refunding RB, | |||
| Hospital, Henry Ford Health, 5.75%, 11/15/39 | 735 | 717,529 | |
| Royal Oak Hospital Finance Authority Michigan, | |||
| Refunding RB, William Beaumont Hospital, | |||
| 8.25%, 9/01/39 | 1,970 | 2,284,057 | |
| 4,339,786 | |||
| Nevada — 5.0% | |||
| City of Las Vegas Nevada, GO, Limited Tax, Performing | |||
| Arts Center, 6.00%, 4/01/34 | 2,850 | 3,127,732 | |
| County of Clark, Nevada, RB, Series B, | |||
| 5.75%, 7/01/42 (b) | 6,055 | 6,220,544 | |
| 9,348,276 | |||
| New Jersey — 2.8% | |||
| New Jersey EDA, Refunding RB, New Jersey American | |||
| Water Co., Series A, AMT, 5.70%, 10/01/39 | 2,250 | 2,215,912 | |
| New Jersey Transportation Trust Fund Authority, RB, | |||
| Transportation System, Series A, 5.88%, 12/15/38 | 2,670 | 2,899,460 | |
| 5,115,372 | |||
| New York — 7.3% | |||
| Long Island Power Authority, Refunding RB, Series A, | |||
| 5.50%, 4/01/24 | 1,600 | 1,745,424 | |
| New York City Transitional Finance Authority, RB, Fiscal | |||
| 2009, Series S-3, 5.25%, 1/15/39 | 2,500 | 2,607,000 | |
| New York State Dormitory Authority, ERB, Series B, | |||
| 5.25%, 3/15/38 | 5,700 | 6,003,696 | |
| Triborough Bridge & Tunnel Authority, RB, General, | |||
| Series A-2, 5.38%, 11/15/38 | 3,030 | 3,238,767 | |
| 13,594,887 | |||
| North Carolina — 1.7% | |||
| City of Charlotte North Carolina, Refunding RB, Series A, | |||
| 5.50%, 7/01/34 (b) | 350 | 370,482 | |
| North Carolina Eastern Municipal Power Agency, | |||
| Refunding RB, Series B, 5.00%, 1/01/26 | 885 | 910,639 | |
| North Carolina Medical Care Commission, RB, Duke | |||
| University Health System, Series A, 5.00%, 6/01/42 | 1,270 | 1,263,853 | |
| North Carolina Municipal Power Agency, No. 1 Catawba, | |||
| Refunding RB, Series A, 5.00%, 1/01/30 | 630 | 642,241 | |
| 3,187,215 | |||
| Ohio — 0.7% | |||
| Ohio Air Quality Development Authority, RB, Ohio Valley | |||
| Electric Corp., 5.63%, 10/01/19 | 1,215 | 1,247,258 | |
| Pennsylvania — 3.7% | |||
| Pennsylvania Economic Development Financing Authority, | |||
| RB, American Water Co. Project, 6.20%, 4/01/39 | 1,075 | 1,153,346 | |
| Pennsylvania Turnpike Commission, RB, Sub-Series B, | |||
| 5.25%, 6/01/39 | 5,650 | 5,699,381 | |
| 6,852,727 | |||
| Par | ||
| Municipal Bonds | (000) | Value |
| Puerto Rico — 0.9% | ||
| Puerto Rico Housing Finance Authority, Refunding | ||
| RB, Subordinate, Capital Fund Modernization, | ||
| 5.13%, 12/01/27 | $ 1,730 | $ 1,731,713 |
| Texas — 6.1% | ||
| City of Houston Texas, RB, Senior Lien, Series A, | ||
| 5.50%, 7/01/39 | 1,170 | 1,242,797 |
| Conroe ISD Texas, GO, School Building, Series A, | ||
| 5.75%, 2/15/35 | 1,800 | 1,934,082 |
| Harris County Health Facilities Development Corp., | ||
| Refunding RB, Memorial Hermann Healthcare | ||
| System, B, 7.25%, 12/01/35 | 800 | 896,288 |
| Lower Colorado River Authority, RB, 5.75%, 5/15/28 | 1,620 | 1,711,984 |
| North Texas Tollway Authority, RB, System, First Tier, | ||
| Series K-1 (AGC), 5.75%, 1/01/38 | 1,750 | 1,866,812 |
| Texas Private Activity Bond Surface Transportation Corp., | ||
| RB, Senior Lien, Note Mobility, 6.88%, 12/31/39 | 3,600 | 3,747,492 |
| 11,399,455 | ||
| Utah — 1.3% | ||
| City of Riverton Utah, RB, IHC Health Services, Inc., | ||
| 5.00%, 8/15/41 | 2,370 | 2,366,208 |
| Virginia — 1.9% | ||
| Virginia Public School Authority, RB, School Financing, | ||
| 6.50%, 12/01/35 | 1,700 | 1,948,251 |
| Virginia Small Business Financing Authority, Refunding | ||
| RB, Sentara Healthcare, 5.00%, 11/01/40 | 1,650 | 1,644,737 |
| 3,592,988 | ||
| Wyoming — 1.3% | ||
| County of Sweetwater Wyoming, Refunding RB, Idaho | ||
| Power Co. Project, 5.25%, 7/15/26 | 2,430 | 2,511,356 |
| Total Municipal Bonds — 106.1% | 198,021,304 | |
| Municipal Bonds Transferred to | ||
| Tender Option Bond Trusts (c) | ||
| California — 15.4% | ||
| Bay Area Toll Authority, Refunding RB, San Francisco | ||
| Bay Area, Series F-1, 5.63%, 4/01/44 | 2,680 | 2,842,778 |
| California Educational Facilities Authority, RB, University | ||
| of Southern California, Series A, 5.25%, 10/01/18 | 4,200 | 4,433,100 |
| Los Angeles Community College District California, GO, | ||
| 2008 Election, Series A, 6.00%, 8/01/33 | 7,697 | 8,537,810 |
| Los Angeles Unified School District California, GO, | ||
| Series I, 5.00%, 1/01/34 | 790 | 788,870 |
| San Diego Public Facilities Financing Authority, | ||
| Refunding RB, Series B, 5.50%, 8/01/39 | 8,415 | 8,853,758 |
| University of California, RB, Series O, 5.75%, 5/15/34 | 3,000 | 3,337,470 |
| 28,793,786 | ||
| Colorado — 1.2% | ||
| Colorado Health Facilities Authority, Refunding RB, | ||
| Catholic Healthcare, Series A, 5.50%, 7/01/34 | 2,149 | 2,265,680 |
| District of Columbia — 3.7% | ||
| District of Columbia, RB, Series A, 5.50%, 12/01/30 | 2,805 | 3,115,345 |
| District of Columbia Water & Sewer Authority, RB, | ||
| Series A, 5.50%, 10/01/39 | 3,507 | 3,743,998 |
| 6,859,343 | ||
| Florida — 11.7% | ||
| City of Jacksonville, Florida, RB, Better Jacksonville | ||
| (NPFGC), 5.00%, 10/01/27 | 2,700 | 2,760,642 |
| Hillsborough County Aviation Authority. Florida, RB, | ||
| Series A, AMT (AGC), 5.50%, 10/01/38 | 3,869 | 3,908,433 |
See Notes to Financial Statements.
20 SEMI-ANNUAL REPORT
JANUARY 31, 2010
Schedule of Investments (continued)
BlackRock MuniYield Investment Fund (MYF)
(Percentages shown are based on Net Assets)
| Municipal Bonds Transferred to | Par | ||
| Tender Option Bond Trusts (c) | (000) | Value | |
| Florida (concluded) | |||
| JEA, RB, Issue Three Series Two River Power Pike, | |||
| 5.00%, 10/01/37 | $ 2,100 | $ 2,105,166 | |
| Lee County Housing Finance Authority, RB, Multi-County | |||
| Program, Series A-2, AMT (GNMA), 6.00%, 9/01/40 | 2,250 | 2,433,668 | |
| Manatee County Housing Finance Authority, RB, Series A, | |||
| AMT (GNMA), 5.90%, 9/01/40 | 1,141 | 1,187,886 | |
| South Broward Hospital District. Florida, RB (NPFGC), | |||
| 5.63%, 5/01/32 (a) | 8,500 | 9,454,975 | |
| 21,850,770 | |||
| Illinois — 4.2% | |||
| Illinois Finance Authority, RB, University of Chicago, | |||
| Series B, 6.25%, 7/01/38 | 5,300 | 5,983,647 | |
| Illinois State Toll Highway Authority, RB, Series B, | |||
| 5.50%, 1/01/33 | 1,750 | 1,869,974 | |
| 7,853,621 | |||
| Nevada — 6.3% | |||
| Clark County Water Reclamation District, GO: | |||
| Limited Tax, 6.00%, 7/01/38 | 5,000 | 5,542,900 | |
| Clark County Water Reclamation District | |||
| Series B, 5.50%, 7/01/29 | 5,668 | 6,185,995 | |
| 11,728,895 | |||
| New Hampshire — 1.2% | |||
| New Hampshire Health & Education Facilities Authority, | |||
| Refunding RB, Dartmouth College, 5.25%, 6/01/39 | 2,159 | 2,318,695 | |
| New Jersey — 1.2% | |||
| New Jersey State Housing & Mortgage Finance Agency, | |||
| RB, S/F Housing, Series CC, 5.25%, 10/01/29 | 2,291 | 2,349,130 | |
| New York — 1.5% | |||
| New York City Municipal Water Finance Authority, RB, | |||
| Series FF-2, 5.50%, 6/15/40 | 2,504 | 2,740,226 | |
| South Carolina — 1.9% | |||
| South Carolina State Public Service Authority, RB, | |||
| Santee Cooper, Series A, 5.50%, 1/01/38 | 3,240 | 3,485,689 | |
| Texas — 5.3% | |||
| City of San Antonio, Texas, Refunding RB, Series A, | |||
| 5.25%, 2/01/31 | 3,989 | 4,319,226 | |
| Harris County Cultural Education Facilities Finance | |||
| Corporation, RB, Texas Childrens Hospital Project, | |||
| 5.50%, 10/01/39 | 5,400 | 5,542,128 | |
| 9,861,354 | |||
| Virginia — 1.0% | |||
| Fairfax County IDA Virginia, Refunding RB, Health Care, | |||
| Inova Health System, Series A, 5.50%, 5/15/35 | 1,749 | 1,819,634 | |
| Wisconsin — 1.8% | |||
| Wisconsin Health & Educational Facilities Authority, | |||
| Refunding RB, Froedtert & Community Health, Inc., | |||
| 5.25%, 4/01/39 | 3,289 | 3,288,980 | |
| Total Municipal Bonds Transferred to | |||
| Tender Option Bond Trusts — 56.4% | 105,215,803 | ||
| Total Long-Term Investments | |||
| (Cost — $294,106,115) — 162.5% | 303,237,107 | ||
| Short-Term Securities | Shares | Value |
| FFI Institutional Tax-Exempt Fund, 0.16% (d)(e) | 1,223,002 | $ 1,223,002 |
| Total Short-Term Securities | ||
| (Cost — $1,223,002) — 0.7% | 1,223,002 | |
| Total Investments (Cost — $295,329,117*) — 163.2% | 304,460,109 | |
| Liabilities in Excess of Other Assets — (1.3)% | (2,335,732) | |
| Liability for Trust Certificates, Including Interest | ||
| Expense and Fees Payable — (30.0)% | (56,066,743) | |
| Preferred Shares, at Redemption Value — (31.9)% | (59,478,235) | |
| Net Assets Applicable to Common Shares — 100.0% | $186,579,399 |
* The cost and unrealized appreciation (depreciation) of investments as of
January 31, 2010, as computed for federal income tax purposes, were as follows:
| Aggregate cost | $ 240,547,021 |
| Gross unrealized appreciation | $ 12,121,915 |
| Gross unrealized depreciation | (4,231,201) |
| Net unrealized appreciation | $ 7,890,714 |
(a) US government securities, held in escrow, are used to pay interest on this security,
as well as to retire the bond in full at the date indicated, typically at a premium
to par.
(b) When-issued security. Unsettled when-issued security transactions were as follows:
| Unrealized | ||
| Appreciation | ||
| Counterparty | Value | (Depreciation) |
| Citigroup NA | $6,220,544 | $ (18,528) |
| Merrill Lynch & Co. | $ 370,482 | $ 4,141 |
(c) Securities represent bonds transferred to a tender option bond trust in exchange for
which the Fund acquired residual interest certificates. These securities serve as col-
lateral in a financing transaction. See Note 1 of the Notes to Financial Statements
for details of municipal bonds transferred to tender option bond trusts.
(d) Investments in companies considered to be an affiliate of the Fund, for purposes of
Section 2(a)(3) of the Investment Company Act of 1940, were as follows:
| Net | ||
| Affiliate | Activity | Income |
| FII Institutional Tax-Exempt Fund | $(177,049) | $6,758 |
| (e) Represents the current yield as of report date. |
See Notes to Financial Statements.
SEMI-ANNUAL REPORT
JANUARY 31, 2010
21
Schedule of Investments (concluded)
BlackRock MuniYield Investment Fund (MYF)
(Percentages shown are based on Net Assets)
• Fair Value Measurements — Various inputs are used in determining the fair value of
investments, which are as follows:
• Level 1 — price quotations in active markets/exchanges for identical assets
and liabilities
• Level 2 — other observable inputs (including, but not limited to: quoted prices for
similar assets or liabilities in markets that are active, quoted prices for identical
or similar assets or liabilities in markets that are not active, inputs other than
quoted prices that are observable for the assets or liabilities (such as interest
rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and
default rates) or other market-corroborated inputs)
• Level 3 — unobservable inputs based on the best information available in the
circumstances, to the extent observable inputs are not available (including the
Fund’s own assumptions used in determining the fair value of investments)
The inputs or methodologies used for valuing securities are not necessarily an indi-
cation of the risk associated with investing in those securities. For information about
the Fund’s policy regarding valuation of investments and other significant accounting
policies, please refer to Note 1 of the Notes to Financial Statements.
The following table summarizes the inputs used as of January 31, 2010 in deter-
mining the fair valuation of the Fund’s investments:
| Valuation | Investments in |
| Inputs | Securities |
| Assets | |
| Level 1 — Short-Term Securities | $ 1,223,002 |
| Level 2 — Long-Term Investments1 | 303,237,107 |
| Level 3 | — |
| Total | $ 304,460,109 |
1 See above Schedule of Investments for values in each state or
political subdivision.
See Notes to Financial Statements.
22 SEMI-ANNUAL REPORT
JANUARY 31, 2010
Schedule of Investments January 31, 2010 (Unaudited)
BlackRock MuniYield New Jersey Fund, Inc. (MYJ)
(Percentages shown are based on Net Assets)
| Par | |||
| Municipal Bonds | (000) | Value | |
| New Jersey — 127.8% | |||
| Corporate — 1.4% | |||
| New Jersey EDA, Refunding RB, New Jersey American | |||
| Water Co., Series A, AMT, 5.70%, 10/01/39 | $ 2,925 | $ 2,880,686 | |
| County/City/Special District/School District — 19.6% | |||
| Burlington County Bridge Commission, RB, Governmental | |||
| Leasing Program, 5.25%, 8/15/20 (a) | 1,000 | 1,112,150 | |
| City of Perth Amboy New Jersey, GO, CAB (AGM) (b): | |||
| 5.64%, 7/01/33 | 1,575 | 1,419,280 | |
| 5.63%, 7/01/34 | 1,925 | 1,727,668 | |
| County of Hudson New Jersey, COP, Refunding (NPFGC), | |||
| 6.25%, 12/01/16 | 1,500 | 1,718,925 | |
| Essex County Improvement Authority, Refunding RB, | |||
| Project Consolidation (NPFGC), 5.50%, 10/01/29 | 5,085 | 5,708,218 | |
| Hudson County Improvement Authority, RB, | |||
| Harrison Parking Facility Project, Series C (AGC), | |||
| 5.38%, 1/01/44 | 4,800 | 5,055,168 | |
| Hudson County Improvement Authority, Refunding | |||
| RB, Hudson County Lease Project (NPFGC), | |||
| 5.38%, 10/01/24 | 4,500 | 4,535,460 | |
| Middlesex County Improvement Authority, RB: | |||
| Golf Course Projects, 5.25%, 6/01/22 | 1,455 | 1,602,508 | |
| Senior, Heldrich Center Hotel, Series A, | |||
| 5.00%, 1/01/20 | 655 | 366,806 | |
| Monmouth County Improvement Authority, RB, | |||
| Governmental Loan (AMBAC): | |||
| 5.00%, 12/01/15 | 1,215 | 1,255,945 | |
| 5.00%, 12/01/15 (a) | 1,020 | 1,101,947 | |
| 5.00%, 12/01/16 | 1,280 | 1,315,187 | |
| 5.00%, 12/01/16 (a) | 1,065 | 1,150,562 | |
| Morristown Parking Authority, RB (NPFGC), | |||
| 4.50%, 8/01/37 | 585 | 563,542 | |
| Newark Housing Authority, Refunding RB, Newark | |||
| Redevelopment Project (NPFGC), 4.38%, 1/01/37 | 2,875 | 2,652,964 | |
| Salem County Improvement Authority, RB, Finlaw Street | |||
| Office Building (AGM): | |||
| 5.38%, 8/15/28 | 500 | 542,690 | |
| 5.25%, 8/15/38 | 500 | 522,130 | |
| South Jersey Port Corp., Refunding RB: | |||
| 4.75%, 1/01/18 | 4,280 | 4,408,058 | |
| 4.85%, 1/01/19 | 2,485 | 2,551,598 | |
| 5.00%, 1/01/20 | 2,000 | 2,052,920 | |
| 41,363,726 | |||
| Education — 15.9% | |||
| New Jersey Educational Facilities Authority, RB: | |||
| Georgian Court College Project, Series C, | |||
| 6.50%, 7/01/33 (a) | 2,000 | 2,362,480 | |
| Montclair State University, Series J, 5.25%, 7/01/38 | 1,140 | 1,156,997 | |
| Rider University, Series A (Radian), 5.50%, 7/01/23 | 1,255 | 1,272,608 | |
| Rider University, Series A (Radian), 5.25%, 7/01/34 | 1,450 | 1,334,058 | |
| Rider University, Series C (Radian), 5.00%, 7/01/37 | 1,750 | 1,583,260 | |
| New Jersey Educational Facilities Authority, Refunding RB: | |||
| College of New Jersey, Series D (AGM), | |||
| 5.00%, 7/01/35 | 6,115 | 6,279,677 | |
| Georgian Court University, Series D, 5.25%, 7/01/37 | 1,000 | 952,540 | |
| Montclair State University, Series L (NPFGC), | |||
| 5.00%, 7/01/34 (a) | 5,305 | 6,123,561 | |
| Ramapo College, Series I (AMBAC), 4.25%, 7/01/31 | 750 | 703,170 | |
| Ramapo College, Series I (AMBAC), 4.25%, 7/01/36 | 810 | 731,981 | |
| Rider University (Radian), 5.00%, 7/01/17 | 1,000 | 1,015,450 | |
| Rowan University, Series B (AGC), 5.00%, 7/01/24 | 1,800 | 1,946,304 | |
| University of Medicine & Dentistry, Series B, | |||
| 7.13%, 12/01/23 | 1,300 | 1,473,888 | |
| University of Medicine & Dentistry, Series B, | |||
| 7.50%, 12/01/32 | 1,625 | 1,831,863 | |
| Par | ||
| Municipal Bonds | (000) | Value |
| New Jersey (continued) | ||
| Education (concluded) | ||
| New Jersey Higher Education Assistance Authority, | ||
| Refunding RB, Series 1A: | ||
| 5.00%, 12/01/25 | $ 1,035 | $ 1,048,579 |
| 5.00%, 12/01/26 | 490 | 492,994 |
| New Jersey State Higher Education Assistance Authority, | ||
| RB, Series A, AMT (AMBAC), 5.30%, 6/01/17 | 3,170 | 3,182,426 |
| 33,491,836 | ||
| Health — 19.6% | ||
| New Jersey EDA, RB: | ||
| CAB, St. Barnabas Health, Series A (NPFGC), | ||
| 6.25%, 7/01/24 (c) | 3,850 | 1,335,065 |
| Masonic Charity Foundation of New Jersey, | ||
| 5.25%, 6/01/24 | 1,425 | 1,439,421 |
| Masonic Charity Foundation of New Jersey, | ||
| 5.25%, 6/01/32 | 685 | 651,250 |
| New Jersey EDA, Refunding RB, First Mortgage, | ||
| Winchester, Series A: | ||
| 5.75%, 11/01/24 | 2,500 | 2,492,375 |
| 5.80%, 11/01/31 | 1,000 | 979,340 |
| New Jersey Health Care Facilities Financing Authority, RB: | ||
| Children’s Specialized Hospital, Series A, | ||
| 5.50%, 7/01/36 | 1,540 | 1,454,053 |
| Health System, Catholic Health East, Series A, | ||
| 5.38%, 11/15/33 (a) | 1,100 | 1,233,573 |
| Hospital Asset Transformation Program, Series A, | ||
| 5.25%, 10/01/38 | 1,300 | 1,313,429 |
| Hunterdon Medical Center, Series A, | ||
| 5.13%, 7/01/35 | 1,950 | 1,837,719 |
| Meridian Health, Series I (AGC), 5.00%, 7/01/38 | 1,000 | 993,950 |
| Pascack Valley Hospital Association, | ||
| 6.63%, 7/01/36 (d)(e) | 1,845 | 18 |
| Robert Wood University (AMBAC), 5.70%, 7/01/20 | 4,000 | 4,020,880 |
| Somerset Medical Center, 5.50%, 7/01/33 | 1,875 | 1,394,850 |
| Southern Ocean County Hospital (Radian), | ||
| 5.13%, 7/01/31 | 2,000 | 1,738,340 |
| Virtua Health (AGC), 5.50%, 7/01/38 | 2,500 | 2,608,175 |
| New Jersey Health Care Facilities Financing Authority, | ||
| Refunding RB: | ||
| Atlantic City Medical Center, 6.25%, 7/01/17 (a) | 500 | 559,970 |
| Atlantic City Medical Center, 5.75%, 7/01/25 (a) | 1,060 | 1,174,522 |
| Atlantic City Medical System, 6.25%, 7/01/17 | 520 | 547,841 |
| Atlantic City Medical System, 5.75%, 7/01/25 | 520 | 531,861 |
| CAB, St. Barnabas Health, Series B, | ||
| 5.90%, 7/01/30 (c) | 2,000 | 393,620 |
| CAB, St. Barnabas Health, Series B, | ||
| 5.69%, 7/01/36 (c) | 500 | 57,870 |
| CAB, St. Barnabas Health, Series B, | ||
| 5.18%, 7/01/37 (c) | 13,250 | 1,413,378 |
| Capital Health System Obligation Group, Series A, | ||
| 5.75%, 7/01/23 (a) | 1,650 | 1,871,809 |
| Meridian Health System Obligation Group (AGM), | ||
| 5.25%, 7/01/19 | 1,500 | 1,504,335 |
| Meridian Health System Obligation Group (AGM), | ||
| 5.38%, 7/01/24 | 2,250 | 2,255,445 |
| Meridian Health System Obligation Group (AGM), | ||
| 5.25%, 7/01/29 | 2,195 | 2,196,800 |
| South Jersey Hospital, 5.00%, 7/01/36 | 385 | 367,610 |
| South Jersey Hospital, 5.00%, 7/01/46 | 1,650 | 1,539,796 |
| St. Barnabas Health Care System, Series A, | ||
| 5.00%, 7/01/29 | 4,155 | 3,328,363 |
| 41,235,658 |
See Notes to Financial Statements.
SEMI-ANNUAL REPORT
JANUARY 31, 2010
23
Schedule of Investments (continued)
BlackRock MuniYield New Jersey Fund, Inc. (MYJ)
(Percentages shown are based on Net Assets)
| Par | ||
| Municipal Bonds | (000) | Value |
| New Jersey (continued) | ||
| Housing — 16.2% | ||
| New Jersey State Housing & Mortgage Finance | ||
| Agency, RB: | ||
| Capital Fund Program, Series A (AGM), | ||
| 4.70%, 11/01/25 | $ 6,950 | $ 7,001,013 |
| Home Buyer, Series CC, AMT (NPFGC), | ||
| 5.80%, 10/01/20 | 4,515 | 4,694,110 |
| S/F Housing, Series CC, 5.00%, 10/01/34 | 3,455 | 3,449,887 |
| S/F Housing, Series U, AMT, 4.95%, 10/01/32 | 700 | 679,525 |
| S/F Housing, Series X, AMT, 4.85%, 4/01/16 | 3,605 | 3,760,159 |
| Series A, 4.75%, 11/01/29 | 2,305 | 2,261,389 |
| Series A, AMT (FGIC), 4.90%, 11/01/35 | 1,365 | 1,277,736 |
| Series AA, 6.50%, 10/01/38 | 2,025 | 2,203,747 |
| New Jersey State Housing & Mortgage Finance | ||
| Agency, Refunding RB, S/F Housing, Series T, AMT, | ||
| 4.65%, 10/01/32 | 4,945 | 4,673,025 |
| Newark Housing Authority, RB, South Ward Police | ||
| Facility (AGC): | ||
| 5.75%, 12/01/30 | 1,115 | 1,192,704 |
| 6.75%, 12/01/38 | 2,670 | 2,996,274 |
| 34,189,569 | ||
| State — 34.6% | ||
| Garden State Preservation Trust, RB (AGM): | ||
| CAB, Series B, 5.12%, 11/01/23 (c) | 6,860 | 3,725,940 |
| CAB, Series B, 5.25%, 11/01/28 (c) | 4,540 | 1,834,569 |
| Election of 2005, Series A, 5.80%, 11/01/22 | 4,300 | 4,983,012 |
| New Jersey EDA, RB: | ||
| Department of Human Services, Pooled, | ||
| 5.00%, 7/01/12 | 220 | 237,208 |
| Motor Vehicle Surcharge, Series A (NPFGC), | ||
| 5.25%, 7/01/33 | 14,000 | 14,203,280 |
| School Facilities Construction, Series L (AGM), | ||
| 5.00%, 3/01/30 | 5,800 | 5,986,238 |
| School Facilities Construction, Series O, | ||
| 5.25%, 3/01/23 | 2,400 | 2,574,024 |
| School Facilities Construction, Series P, | ||
| 5.00%, 9/01/15 | 3,000 | 3,370,560 |
| School Facilities Construction, Series P, | ||
| 5.25%, 9/01/16 | 3,010 | 3,386,190 |
| School Facilities Construction, Series Z (AGC), | ||
| 5.50%, 12/15/34 | 3,665 | 3,940,315 |
| School Facilities Construction, Series Z (AGC), | ||
| 6.00%, 12/15/34 | 3,600 | 4,029,156 |
| New Jersey EDA, Refunding RB, School Facilities | ||
| Construction, Series AA, 5.50%, 12/15/29 | 3,300 | 3,571,029 |
| New Jersey State Transit Corp., COP, Subordinate, | ||
| Federal Transit Administration Grants, Series B, | ||
| 5.75%, 9/15/14 | 3,620 | 3,925,781 |
| New Jersey Transportation Trust Fund Authority, RB: | ||
| CAB, Transportation System, Series C (AMBAC), | ||
| 5.05%, 12/15/35 (c) | 4,140 | 835,742 |
| Transportation System, Series A, 6.00%, 12/15/38 | 2,900 | 3,181,938 |
| Transportation System, Series A (AGC), | ||
| 5.63%, 12/15/28 | 1,250 | 1,392,563 |
| New Jersey Transportation Trust Fund Authority, | ||
| Transportation System, Refunding RB: | ||
| Series A, 5.50%, 12/15/21 | 3,525 | 3,999,430 |
| Series B (NPFGC), 5.50%, 12/15/21 | 5,865 | 6,731,964 |
| State of New Jersey, COP, Equipment Lease Purchase, | ||
| Series A, 5.25%, 6/15/28 | 1,100 | 1,136,124 |
| 73,045,063 | ||
| Tobacco — 1.2% | ||
| Tobacco Settlement Financing Corp., New Jersey, | ||
| Refunding RB, Series 1A, 4.50%, 6/01/23 | 2,720 | 2,535,802 |
| Par | |||
| Municipal Bonds | (000) | Value | |
| New Jersey (concluded) | |||
| Transportation — 11.0% | |||
| New Jersey State Turnpike Authority, RB: | |||
| Growth & Income Securities, Series B (AMBAC), | |||
| 6.27%, 1/01/35 (c) | $ 4,870 | $ 3,824,752 | |
| Series E, 5.25%, 1/01/40 | 5,475 | 5,667,939 | |
| New Jersey Transportation Trust Fund Authority, RB, | |||
| Transportation System, Series A: | |||
| 5.88%, 12/15/38 | 3,050 | 3,312,117 | |
| (AGC), 5.50%, 12/15/38 | 1,000 | 1,073,980 | |
| Port Authority of New York & New Jersey, RB, | |||
| Consolidated, 93rd Series, 6.13%, 6/01/94 | 5,000 | 5,810,900 | |
| Port Authority of New York & New Jersey, Refunding RB, | |||
| Consolidated, 152nd Series, AMT, 5.75%, 11/01/30 | 3,300 | 3,486,021 | |
| 23,175,709 | |||
| Utilities — 8.3% | |||
| Cumberland County Improvement Authority, RB, Series A, | |||
| 5.00%, 1/01/30 | 1,210 | 1,187,506 | |
| New Jersey EDA, RB, AMT: | |||
| New Jersey American Water Co., Inc. Project, Series A | |||
| (FGIC), 6.88%, 11/01/34 | 6,670 | 6,672,935 | |
| Series A, American Water (AMBAC), | |||
| 5.25%, 11/01/32 | 685 | 641,770 | |
| New Jersey EDA, Refunding RB, United Water of | |||
| New Jersey Inc., Series B (AMBAC), 4.50%, 11/01/25 | 4,500 | 4,651,965 | |
| Rahway Valley Sewerage Authority, RB, CAB, Series A | |||
| (NPFGC), 4.87%, 9/01/31 (c) | 6,000 | 1,663,260 | |
| Union County Utilities Authority, Refunding RB, Senior | |||
| Lease, Ogden Martin, Series A, AMT (AMBAC): | |||
| 5.38%, 6/01/17 | 1,585 | 1,588,186 | |
| 5.38%, 6/01/18 | 1,175 | 1,176,292 | |
| 17,581,914 | |||
| Total Municipal Bonds in New Jersey | 269,499,963 | ||
| Pennsylvania — 3.7% | |||
| Transportation — 3.7% | |||
| Delaware River Port Authority Pennsylvania | |||
| & New Jersey, RB (AGM), 6.00%, 1/01/19 | 7,860 | 7,890,261 | |
| Total Municipal Bonds in Pennsylvania | 7,890,261 | ||
| Puerto Rico — 6.4% | |||
| Education — 0.5% | |||
| Puerto Rico Industrial Tourist Educational Medical | |||
| & Environmental Control Facilities Financing Authority, | |||
| RB, University Plaza Project, Series A (NPFGC), | |||
| 5.00%, 7/01/33 | 1,215 | 1,126,438 | |
| Housing — 1.0% | |||
| Puerto Rico Housing Finance Authority, Refunding RB, | |||
| Subordinate, Capital Fund Modernization, | |||
| 5.13%, 12/01/27 | 2,025 | 2,027,005 | |
| State — 2.9% | |||
| Puerto Rico Sales Tax Financing Corp., RB, | |||
| First Sub-Series A, 5.75%, 8/01/37 | 6,000 | 6,118,740 | |
| Transportation — 1.5% | |||
| Puerto Rico Highway & Transportation Authority, | |||
| Refunding RB, Series CC (AGC), 5.50%, 7/01/31 | 3,000 | 3,237,000 | |
| Utilities — 0.5% | |||
| Puerto Rico Electric Power Authority, RB, Series WW, | |||
| 5.50%, 7/01/38 | 1,000 | 1,007,990 | |
| Total Municipal Bonds in Puerto Rico | 13,517,173 | ||
See Notes to Financial Statements.
24 SEMI-ANNUAL REPORT
JANUARY 31, 2010
Schedule of Investments (concluded)
BlackRock MuniYield New Jersey Fund, Inc. (MYJ)
(Percentages shown are based on Net Assets)
| Par | ||
| Municipal Bonds | (000) | Value |
| U.S. Virgin Islands — 1.7% | ||
| Corporate — 1.7% | ||
| United States Virgin Islands, Refunding RB, | ||
| Senior Secured, Hovensa Coker Project, AMT, | ||
| 6.50%, 7/01/21 | $ 3,500 | $ 3,539,515 |
| Total Municipal Bonds in U.S. Virgin Islands | 3,539,515 | |
| Total Municipal Bonds – 139.6% | 294,446,912 | |
| Municipal Bonds Transferred to | ||
| Tender Option Bond Trusts (f) | ||
| New Jersey — 3.3% | ||
| State — 3.3% | ||
| Garden State Preservation Trust, RB, Election of 2005, | ||
| Series A (AGM), 5.75%, 11/01/28 | 5,460 | 6,870,045 |
| New York — 1.8% | ||
| Transportation — 1.8% | ||
| Port Authority of New York & New Jersey, 152nd Series, | ||
| AMT, 5.25%, 11/01/35 | 3,764 | 3,808,655 |
| Total Municipal Bonds Transferred to | ||
| Tender Option Bond Trusts — 5.1% | 10,678,700 | |
| Total Long-Term Investments | ||
| (Cost — $299,607,692) — 144.7% | 305,125,612 | |
| Short-Term Securities | Shares | |
| CMA New Jersey Municipal Money Fund, | ||
| 0.04% (g)(h) | 11,913,783 | 11,913,783 |
| Total Short-Term Securities | ||
| (Cost — $11,913,783) — 5.7% | 11,913,783 | |
| Total Investments (Cost — $311,521,475*) — 150.4% | 317,039,395 | |
| Other Assets Less Liabilities — 1.2% | 2,623,657 | |
| Liability for Trust Certificates, Including Interest | ||
| Expense and Fees Payable — (3.1)% | (6,609,020) | |
| Preferred Shares, at Redemption Value — (48.5)% | (102,207,702) | |
| Net Assets Applicable to Common Shares — 100.0% | $210,846,330 | |
* The cost and unrealized appreciation (depreciation) of investments as of
January 31, 2010, as computed for federal income tax purposes, were as follows:
| Aggregate cost | $ 304,943,725 |
| Gross unrealized appreciation | $ 13,594,821 |
| Gross unrealized depreciation | (8,102,852) |
| Net unrealized appreciation | $ 5,491,969 |
(a) US government securities, held in escrow, are used to pay interest on this security as
well as to retire the bond in full at the date indicated, typically at a premium
to par.
(b) Represents a step-up bond that pays an initial coupon rate for the first period and
then a higher coupon rate for the following periods. Rate shown is as of report date.
(c) Represents a zero-coupon bond. Rate shown reflects the current yield as of
report date.
(d) Issuer filed for bankruptcy and/or is in default of interest payments.
(e) Non-income producing security.
(f) Securities represent bonds transferred to a tender option bond trust in exchange for
which the Fund acquired residual interest certificates. These securities serve as col-
lateral in a financing transaction. See Note 1 of the Notes to Financial Statements
for details of municipal bonds transferred to tender option bond trusts.
(g) Investments in companies considered to be an affiliate of the Fund, for purposes of
Section 2(a)(3) of the Investment Company Act of 1940, were as follows:
| Net | ||
| Affiliate | Activity | Income |
| CMA New Jersey Municipal Money Fund | $8,732,267 | $1,031 |
(h) Represents the current yield as of report date.
• Fair Value Measurements — Various inputs are used in determining the fair value of
investments, which are as follows:
• Level 1 — price quotations in active markets/exchanges for identical assets
and liabilities
• Level 2 — other observable inputs (including, but not limited to: quoted prices for
similar assets or liabilities in markets that are active, quoted prices for identical
or similar assets or liabilities in markets that are not active, inputs other than
quoted prices that are observable for the assets or liabilities (such as interest
rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and
default rates) or other market-corroborated inputs)
• Level 3 — unobservable inputs based on the best information available in the
circumstances, to the extent observable inputs are not available (including the
Fund’s own assumptions used in determining the fair value of investments)
The inputs or methodologies used for valuing securities are not necessarily an indi-
cation of the risk associated with investing in those securities. For information about
the Fund’s policy regarding valuation of investments and other significant accounting
policies, please refer to Note 1 of the Notes to Financial Statements.
The following table summarizes the inputs used as of January 31, 2010 in deter-
mining the fair valuation of the Fund’s investments:
| Valuation | Investments in |
| Inputs | Securities |
| Assets | |
| Level 1 — Short-Term Securities | $ 11,913,783 |
| Level 2 — Long-Term Investments1 | 305,125,612 |
| Level 3 | — |
| Total | $ 317,039,395 |
| 1 See above Schedule of Investments for values in each sector. |
See Notes to Financial Statements.
SEMI-ANNUAL REPORT
JANUARY 31, 2010
25
| Statements of Assets and Liabilities | |||||
| BlackRock | |||||
| Muni New York | BlackRock | BlackRock | BlackRock | ||
| Intermediate | MuniYield | MuniYield | BlackRock | MuniYield | |
| Duration | Arizona | California | MuniYield | New Jersey | |
| Fund, Inc. | Fund, Inc. | Fund, Inc. | Investment Fund | Fund, Inc. | |
| January 31, 2010 (Unaudited) | (MNE) | (MZA) | (MYC) | (MYF) | (MYJ) |
| Assets | |||||
| Investments at value — unaffiliated1 | $ 86,922,973 | $ 97,053,018 | $ 475,264,329 | $ 303,237,107 | $ 305,125,612 |
| Investments at value — affiliated2 | 641,113 | 2,403,565 | 10,038,152 | 1,223,002 | 11,913,783 |
| Interest receivable | 985,275 | 737,680 | 6,332,612 | 4,196,647 | 2,861,494 |
| Investments sold receivable | 190,000 | 1,422,318 | 6,877,872 | 4,551,894 | 904,537 |
| Prepaid expenses | 13,324 | 20,276 | 39,833 | 27,338 | 28,541 |
| Other assets | 170 | — | — | — | — |
| Total assets | 88,752,855 | 101,636,857 | 498,552,798 | 313,235,988 | 320,833,967 |
| Liabilities | |||||
| Income dividends payable — Common Shares | 233,457 | 305,386 | 1,437,430 | 888,051 | 1,001,329 |
| Investment advisory fees payable | 37,388 | 42,571 | 204,488 | 128,263 | 132,731 |
| Interest expense and fees payable | 1,191 | 318 | 59,102 | 44,369 | 5,318 |
| Other affiliates payable | 568 | 652 | 3,160 | 1,936 | 2,032 |
| Officer’s and Directors’ fees payable | 186 | 91 | 461 | 280 | 315 |
| Investments purchased payable | — | 390,816 | 13,514,350 | 10,039,419 | — |
| Other accrued expenses payable | — | 18,997 | 63,267 | 53,662 | 34,509 |
| Total accrued liabilities | 272,790 | 758,831 | 15,282,258 | 11,155,980 | 1,176,234 |
| Other Liabilities | |||||
| Trust certificates3 | 375,000 | 1,500,000 | 74,379,365 | 56,022,374 | 6,603,701 |
| Total Liabilities | 647,790 | 2,258,831 | 89,661,623 | 67,178,354 | 7,779,935 |
| Preferred Shares at Redemption Value | |||||
| $25,000 per share liquidation preference, plus unpaid dividends4,5 | 29,632,983 | 38,803,971 | 105,961,278 | 59,478,235 | 102,207,702 |
| Net Assets Applicable to Common Shareholders | $ 58,472,082 | $ 60,574,055 | $ 302,929,897 | $ 186,579,399 | $ 210,846,330 |
| Net Assets Applicable to Common Shareholders Consist of | |||||
| Paid-in capital6,7 | $ 59,630,112 | $ 60,532,046 | $ 301,598,405 | $ 188,893,413 | $ 204,494,347 |
| Undistributed net investment income | 714,683 | 798,482 | 4,185,738 | 2,891,622 | 3,497,602 |
| Accumulated net realized loss | (2,814,261) | (1,177,147) | (6,614,355) | (14,336,628) | (2,663,539) |
| Net unrealized appreciation/depreciation | 941,548 | 420,674 | 3,760,109 | 9,130,992 | 5,517,920 |
| Net Assets Applicable to Common Shareholders | $ 58,472,082 | $ 60,574,055 | $ 302,929,897 | $ 186,579,399 | $ 210,846,330 |
| Net asset value per Common Share | $ 13.90 | $ 13.29 | $ 14.23 | $ 13.76 | $ 14.84 |
| 1 Investments at cost — unaffiliated | $ 85,981,425 | $ 96,632,344 | $ 471,504,220 | $ 294,106,115 | $ 299,607,692 |
| 2 Investments at cost — affiliated | $ 641,113 | $ 2,403,565 | $ 10,038,152 | $ 1,223,002 | $ 11,913,783 |
| 3 Represents short-term floating rate certificates issued by tender option | |||||
| bond trusts. | |||||
| 4 Preferred Shares outstanding: | |||||
| Par value $0.05 per share | — | — | — | 2,379 | 3,349 |
| Par value $0.10 per share | 1,185 | 1,552 | 4,238 | — | 739 |
| 5 Preferred Shares authorized | 1,240 | 1,612 | 7,000 | 1 million | 4,760 |
| 6 Common Shares outstanding, $0.10 par value | 4,206,439 | 4,558,007 | 21,295,255 | 13,558,024 | 14,203,242 |
| 7 Common Shares authorized | 200 million | 200 million | 200 million | unlimited | 200 million |
See Notes to Financial Statements.
26 SEMI-ANNUAL REPORT
JANUARY 31, 2010
| Statements of Operations | |||||
| BlackRock | |||||
| Muni New York | BlackRock | BlackRock | BlackRock | ||
| Intermediate | MuniYield | MuniYield | BlackRock | MuniYield | |
| Duration | Arizona | California | MuniYield | New Jersey | |
| Fund, Inc. | Fund, Inc. | Fund, Inc. | Investment Fund | Fund, Inc. | |
| Six Months Ended January 31, 2010 (Unaudited) | (MNE) | (MZA) | (MYC) | (MYF) | (MYJ) |
| Investment Income | |||||
| Interest | $ 2,164,239 | $ 2,519,521 | $ 11,646,728 | $ 7,562,990 | $ 7,812,891 |
| Income — affiliated | 119 | — | 1,349 | 6,758 | 1,031 |
| Total income | 2,164,358 | 2,519,521 | 11,648,077 | 7,569,748 | 7,813,922 |
| Expenses | |||||
| Investment advisory | 241,443 | 249,906 | 1,207,911 | 746,157 | 795,302 |
| Commissions for Preferred Shares | 22,481 | 26,877 | 78,710 | 45,470 | 74,805 |
| Professional | 21,925 | 20,796 | 33,984 | 28,892 | 24,453 |
| Transfer agent | 10,726 | 17,724 | 22,489 | 22,556 | 24,714 |
| Accounting services | 9,397 | 13,507 | 75,544 | 45,969 | 33,990 |
| Printing | 5,413 | 8,080 | 28,141 | 15,163 | 18,801 |
| Registration | 4,581 | 892 | 4,549 | 4,647 | 4,502 |
| Custodian | 4,174 | 3,829 | 11,598 | 8,274 | 8,631 |
| Officer and Directors | 3,412 | 3,626 | 18,305 | 11,399 | 12,137 |
| Miscellaneous | 24,282 | 24,454 | 39,867 | 31,814 | 40,913 |
| Total expenses excluding interest expense and fees | 347,834 | 369,691 | 1,521,098 | 960,341 | 1,038,248 |
| Interest expense and fees1 | 2,369 | 5,990 | 250,552 | 211,284 | 24,119 |
| Total expenses | 350,203 | 375,681 | 1,771,650 | 1,171,625 | 1,062,367 |
| Less fees waived by advisor | (22,798) | (2,619) | (11,467) | (3,608) | (9,010) |
| Total expenses after fees waived | 327,405 | 373,062 | 1,760,183 | 1,168,017 | 1,053,357 |
| Net investment income | 1,836,953 | 2,146,459 | 9,887,894 | 6,401,731 | 6,760,565 |
| Realized and Unrealized Gain (Loss) | |||||
| Net realized gain (loss) from: | |||||
| Investments | 255,112 | (158,070) | (2,290,857) | 2,467,693 | (148,161) |
| Financial futures contracts | 3,982 | 3,983 | 8,960 | 12,943 | 9,956 |
| 259,094 | (154,087) | (2,281,897) | 2,480,636 | (138,205) | |
| Net change in unrealized appreciation/depreciation on investments | 3,355,759 | 4,012,793 | 17,574,566 | 7,485,065 | 9,811,725 |
| Total realized and unrealized gain | 3,614,853 | 3,858,706 | 15,292,669 | 9,965,701 | 9,673,520 |
| Dividends to Preferred Shareholders From | |||||
| Net investment income | (220,581) | (134,826) | (351,252) | (171,218) | (319,612) |
| Net Increase in Net Assets Applicable to | |||||
| Common Shareholders Resulting from Operations | $ 5,231,225 | $ 5,870,339 | $ 24,829,311 | $ 16,196,214 | $ 16,114,473 |
| 1 Related to tender option bond trusts. | |||||
See Notes to Financial Statements.
SEMI-ANNUAL REPORT
JANUARY 31, 2010
27
| Statements of Changes in Net Assets | BlackRock Muni New York Intermediate Duration Fund, Inc. (MNE) | |
| Six Months | ||
| Ended | ||
| January 31, | Year Ended | |
| 2010 | July 31, | |
| Increase (Decrease) in Net Assets Applicable to Common Shareholders: | (Unaudited) | 2009 |
| Operations | ||
| Net investment income | $ 1,836,953 | $ 3,678,440 |
| Net realized gain (loss) | 259,094 | (2,160,349) |
| Net change in unrealized appreciation/depreciation | 3,355,759 | (174,373) |
| Dividends to Preferred Shareholders from net investment income | (220,581) | (835,785) |
| Net increase in net assets applicable to Common Shareholders resulting from operations | 5,231,225 | 507,933 |
| Dividends to Common Shareholders From | ||
| Net investment income | (1,400,744) | (2,696,327) |
| Net Assets Applicable to Common Shareholders | ||
| Total increase (decrease) in net assets applicable to Common Shareholders | 3,830,481 | (2,188,394) |
| Beginning of period | 54,641,601 | 56,829,995 |
| End of period | $ 58,472,082 | $ 54,641,601 |
| Undistributed net investment income | $ 714,683 | $ 499,055 |
| BlackRock MuniYield Arizona Fund, Inc. (MZA) | ||
| Six Months | ||
| Ended | ||
| January 31, | Year Ended | |
| 2010 | July 31, | |
| Increase (Decrease) in Net Assets Applicable to Common Shareholders: | (Unaudited) | 2009 |
| Operations | ||
| Net investment income | $ 2,146,459 | $ 4,330,049 |
| Net realized loss | (154,087) | (502,704) |
| Net change in unrealized appreciation/depreciation | 4,012,793 | (1,630,717) |
| Dividends to Preferred Shareholders from net investment income | (134,826) | (856,443) |
| Net increase in net assets applicable to Common Shareholders resulting from operations | 5,870,339 | 1,340,185 |
| Dividends to Common Shareholders From | ||
| Net investment income | (1,831,371) | (3,202,649) |
| Capital Share Transactions | ||
| Reinvestment of common dividends | 86,106 | 93,565 |
| Net Assets Applicable to Common Shareholders | ||
| Total increase (decrease) in net assets applicable to Common Shareholders | 4,125,074 | (1,768,899) |
| Beginning of period | 56,448,981 | 58,217,880 |
| End of period | $ 60,574,055 | $ 56,448,981 |
| Undistributed net investment income | $ 798,482 | $ 618,220 |
See Notes to Financial Statements.
28 SEMI-ANNUAL REPORT
JANUARY 31, 2010
| Statements of Changes in Net Assets | BlackRock MuniYield California Fund, Inc. (MYC) | |
| Six Months | ||
| Ended | ||
| January 31, | Year Ended | |
| 2010 | July 31, | |
| Increase (Decrease) in Net Assets Applicable to Common Shareholders: | (Unaudited) | 2009 |
| Operations | ||
| Net investment income | $ 9,887,894 | $ 19,437,721 |
| Net realized loss | (2,281,897) | (3,732,748) |
| Net change in unrealized appreciation/depreciation | 17,574,566 | (3,452,968) |
| Dividends to Preferred Shareholders from net investment income | (351,252) | (2,734,089) |
| Net increase in net assets applicable to Common Shareholders resulting from operations | 24,829,311 | 9,517,916 |
| Dividends to Common Shareholders From | ||
| Net investment income | (8,704,904) | (14,714,808) |
| Net Assets Applicable to Common Shareholders | ||
| Total increase (decrease) in net assets applicable to Common Shareholders | 16,124,407 | (5,196,892) |
| Beginning of period | 286,805,490 | 292,002,382 |
| End of period | $302,929,897 | $ 286,805,490 |
| Undistributed net investment income | $ 4,185,738 | $ 3,354,000 |
| BlackRock MuniYield Investment Fund (MYF) | ||
| Six Months | ||
| Ended | ||
| January 31, | Year Ended | |
| 2010 | July 31, | |
| Increase (Decrease) in Net Assets Applicable to Common Shareholders: | (Unaudited) | 2009 |
| Operations | ||
| Net investment income | $ 6,401,731 | $ 12,962,890 |
| Net realized gain (loss) | 2,480,636 | (12,407,592) |
| Net change in unrealized appreciation/depreciation | 7,485,065 | 2,135,373 |
| Dividends to Preferred Shareholders from net investment income | (171,218) | (1,840,008) |
| Net increase in net assets applicable to Common Shareholders resulting from operations | 16,196,214 | 850,663 |
| Dividends to Common Shareholders From | ||
| Net investment income | (5,226,618) | (9,555,926) |
| Net Assets Applicable to Common Shareholders | ||
| Total increase (decrease) in net assets applicable to Common Shareholders | 10,969,596 | (8,705,263) |
| Beginning of period | 175,609,803 | 184,315,066 |
| End of period | $186,579,399 | $ 175,609,803 |
| Undistributed net investment income | $ 2,891,622 | $ 1,887,727 |
See Notes to Financial Statements.
SEMI-ANNUAL REPORT
JANUARY 31, 2010
29
| Statements of Changes in Net Assets | BlackRock MuniYield New Jersey Fund, Inc. (MYJ) | |
| Six Months | ||
| Ended | ||
| January 31, | Year Ended | |
| 2010 | July 31, | |
| Increase (Decrease) in Net Assets Applicable to Common Shareholders: | (Unaudited) | 2009 |
| Operations | ||
| Net investment income | $ 6,760,565 | $ 13,853,962 |
| Net realized loss | (138,205) | (1,310,444) |
| Net change in unrealized appreciation/depreciation | 9,811,725 | (3,427,395) |
| Dividends to Preferred Shareholders from net investment income | (319,612) | (2,158,107) |
| Net increase in net assets applicable to Common Shareholders resulting from operations | 16,114,473 | 6,958,016 |
| Dividends to Common Shareholders From | ||
| Net investment income | (6,007,971) | (10,240,537) |
| Net Assets Applicable to Common Shareholders | ||
| Total increase (decrease) in net assets applicable to Common Shareholders | 10,106,502 | (3,282,521) |
| Beginning of period | 200,739,828 | 204,022,349 |
| End of period | $210,846,330 | $ 200,739,828 |
| Undistributed net investment income | $ 3,497,602 | $ 3,064,620 |
See Notes to Financial Statements.
30 SEMI-ANNUAL REPORT
JANUARY 31, 2010
| Statements of Cash Flows | ||
| BlackRock | ||
| MuniYield | BlackRock | |
| California | MuniYield | |
| Fund Inc. | Investment Fund | |
| Six Months Ended January 31, 2010 (Unaudited) | (MYC) | (MYF) |
| Cash Provided by (Used for) Operating Activities | ||
| Net increase in net assets resulting from operations, excluding dividends to Preferred Shareholders | $ 25,180,563 | $ 16,026,996 |
| Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used for) operating activities: | ||
| (Increase) decrease in interest receivable | 378,666 | (225,330) |
| Increase (decrease) in investment advisory fees payable | (2,074) | 703 |
| Decrease in interest expense and fees payable | (170,976) | (30,436) |
| Decrease in Officer’s and Directors’ fees payable | — | (109) |
| Increase in other affiliates payable | 395 | 154 |
| Decrease in other accrued expenses payable | (6,810) | (4,641) |
| Net realized and unrealized gain on investments | (15,126,478) | (10,089,091) |
| Amortization of premium and discount on investments | 261,003 | 218,830 |
| Proceeds from sales of long-term investments | 139,911,919 | 77,921,648 |
| Purchases of long-term investments | (139,016,014) | (86,125,766) |
| Net (purchases) sales of short-term securities | (2,430,456) | 2,177,048 |
| Net cash provided by (used for) operating activities | 8,979,738 | (129,994) |
| Cash Used for Financing Activities | ||
| Cash receipts from trust certificates | 1,643 | 10,814,794 |
| Cash payments for trust certificates | (4,998) | (5,590,000) |
| Cash dividends paid to Common Shareholders | (8,704,904) | (5,124,932) |
| Cash dividends paid to Preferred Shareholders | (358,000) | (172,725) |
| Cash used for financing activities | (9,066,259) | (72,863) |
| Cash | ||
| Net decrease in cash | (86,521) | (202,857) |
| Cash at beginning of period | 86,521 | 202,857 |
| Cash at end of period | — | — |
| Cash Flow Information | ||
| Cash paid during the period for interest | $ 421,528 | $ 241,720 |
A Statement of Cash Flows is presented when a Fund had a significant amount of borrowing during the period, based on the average borrowing outstanding in relation to average
total assets.
See Notes to Financial Statements.
SEMI-ANNUAL REPORT
JANUARY 31, 2010
31
| Financial Highlights | BlackRock Muni New York Intermediate Duration Fund, Inc. (MNE) | |||||||
| Six Months | Period | |||||||
| Ended | June 1, | |||||||
| January 31, | Year Ended | 2008 | ||||||
| 2010 | July 31, | to July 31, | Year Ended May 31, | |||||
| (Unaudited) | 2009 | 2008 | 2008 | 2007 | 2006 | 2005 | ||
| Per Share Operating Performance | ||||||||
| Net asset value, beginning of period | $ 12.99 | $ 13.51 | $ 14.05 | $ 14.91 | $ 14.66 | $ 15.05 | $ 14.45 | |
| Net investment income1 | 0.44 | 0.87 | 0.14 | 0.91 | 0.90 | 0.87 | 0.85 | |
| Net realized and unrealized gain (loss) | 0.85 | (0.55) | (0.53) | (0.86) | 0.24 | (0.37) | 0.58 | |
| Dividends to Preferred Shareholders | ||||||||
| from net investment income | (0.05) | (0.20) | (0.04) | (0.27) | (0.25) | (0.20) | (0.11) | |
| Net increase (decrease) from investment operations | 1.24 | 0.12 | (0.43) | (0.22) | 0.89 | 0.30 | 1.32 | |
| Dividends to Common Shareholders | ||||||||
| from net investment income | (0.33) | (0.64) | (0.11) | (0.64) | (0.64) | (0.69) | (0.72) | |
| Net asset value, end of period | $ 13.90 | $ 12.99 | $ 13.51 | $ 14.05 | $ 14.91 | $ 14.66 | $ 15.05 | |
| Market price, end of period | $ 12.43 | $ 11.60 | $ 12.12 | $ 12.81 | $ 13.93 | $ 13.03 | $ 13.44 | |
| Total Investment Return2 | ||||||||
| Based on net asset value | 9.91%3 | 2.26% | (3.01)%3 | (1.10)% | 6.57% | 2.52% | 9.99% | |
| Based on market price | 10.07%3 | 1.79% | (4.56)%3 | (3.48)% | 12.02% | 2.03% | 10.97% | |
| Ratios to Average Net Assets Applicable to Common Shareholders | ||||||||
| Total expenses4 | 1.22%5 | 1.33% | 1.39%6 | 1.28% | 1.31% | 1.33% | 1.38% | |
| Total expenses after fees waived and paid indirectly4 | 1.14%5 | 1.15% | 1.15%6 | 1.04% | 1.08% | 1.10% | 1.15% | |
| Total expenses after fees waived and paid indirectly and | ||||||||
| excluding interest expense and fees4,7 | 1.13%5 | 1.11% | 1.11%6 | 1.04% | 1.08% | 1.10% | 1.15% | |
| Net investment income4 | 6.37%5 | 7.01% | 6.36%6 | 6.31% | 6.01% | 5.89% | 5.75% | |
| Dividends to Preferred Shareholders | 0.76%5 | 1.59% | 1.84%6 | 1.89% | 1.66% | 1.32% | 0.77% | |
| Net investment income to Common Shareholders | 5.61%5 | 5.42% | 4.52%6 | 4.42% | 4.35% | 4.57% | 4.98% | |
| Supplemental Data | ||||||||
| Net assets applicable to Common Shareholders, | ||||||||
| end of period (000) | $ 58,472 | $ 54,642 | $ 56,830 | $ 59,101 | $ 62,701 | $ 61,672 | $ 63,290 | |
| Preferred Shares outstanding at $25,000 | ||||||||
| liquidation preference, end of period (000) | $ 29,625 | $ 29,625 | $ 29,625 | $ 31,000 | $ 31,000 | $ 31,000 | $ 31,000 | |
| Portfolio turnover | 8% | 32% | 2% | 21% | 29% | 49% | 17% | |
| Asset coverage, end of period per $1,000 | $ 2,9748 | $ 2,8448 | $ 2,9188 | $ 2,9068 | $ 3,0238 | $ 2,989 | $ 3,042 | |
1 Based on average shares outstanding.
2 Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Where applicable,
total investment returns exclude the effects of sales charges and include the reinvestment of dividends and distributions.
3 Aggregate total investment return.
4 Do not reflect the effect of dividends to Preferred Shareholders.
5 Annualized.
6 Annualized. Certain non-recurring expenses have been included in the ratio but not annualized. If these expenses were annualized, the ratio of the total expenses, total expenses after
fees waived and paid indirectly, total expenses after fees waived and fees paid indirectly and excluding interest expense and fees, net investment income and net investment income to
Common Shareholders would have been 1.79%, 1.55%, 1.50%, 5.96% and 4.12%, respectively.
7 Interest expense and fees relate to tender option bond trusts. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to tender option bond trusts.
8 Asset coverage per Preferred Share at $25,000 liquidation preference for the periods ended January 2010, July 2009, July 2008, May 2008 and May 2007 are $74,350,
$71,119, $72,970, $72,676 and $75,573, respectively.
See Notes to Financial Statements.
32 SEMI-ANNUAL REPORT
JANUARY 31, 2010
| Financial Highlights | BlackRock MuniYield Arizona Fund, Inc. (MZA) | |||||||
| Six Months | Period | |||||||
| Ended | November 1, | |||||||
| January 31, | Year Ended | 2007 | ||||||
| 2010 | July 31, | to July 31, | Year Ended October 31, | |||||
| (Unaudited) | 2009 | 2008 | 2007 | 2006 | 2005 | 2004 | ||
| Per Share Operating Performance | ||||||||
| Net asset value, beginning of period | $ 12.40 | $ 12.81 | $ 13.96 | $ 14.53 | $ 14.39 | $ 15.04 | $ 14.64 | |
| Net investment income1 | 0.47 | 0.95 | 0.72 | 0.95 | 0.98 | 0.97 | 0.98 | |
| Net realized and unrealized gain (loss) | 0.85 | (0.47) | (1.00) | (0.46) | 0.36 | (0.49) | 0.40 | |
| Dividends and distributions to Preferred Shareholders from: | ||||||||
| Net investment income | (0.03) | (0.19) | (0.19) | (0.29) | (0.26) | (0.14) | (0.06) | |
| Net realized gain | — | — | (0.05) | (0.02) | (0.02) | (0.00)2 | — | |
| Net increase (decrease) from investment operations | 1.29 | 0.29 | (0.52) | 0.18 | 1.06 | 0.34 | 1.32 | |
| Dividends and distributions to Common Shareholders from: | ||||||||
| Net investment income | (0.40) | (0.70) | (0.51) | (0.69) | (0.80) | (0.92) | (0.92) | |
| Net realized gain | — | — | (0.12) | (0.06) | (0.12) | (0.02) | — | |
| Total dividends and distributions to Common Shareholders | (0.40) | (0.70) | (0.63) | (0.75) | (0.92) | (0.94) | (0.92) | |
| Capital charges with respect to issuance of Preferred Shares | — | — | — | — | 0.003 | (0.05) | — | |
| Net asset value, end of period | $ 13.29 | $ 12.40 | $ 12.81 | $ 13.96 | $ 14.53 | $ 14.39 | $ 15.04 | |
| Market price, end of period | $ 12.78 | $ 12.85 | $ 13.94 | $ 13.66 | $ 14.79 | $ 16.03 | $ 15.10 | |
| Total Investment Return4 | ||||||||
| Based on net asset value | 10.51%5 | 3.27% | (3.79)%5 | 1.29% | 7.47% | 1.91% | 9.40% | |
| Based on market price | 2.55%5 | (1.66)% | 6.99%5 | (2.63)% | (1.80)% | 13.07% | 13.80% | |
| Ratios to Average Net Assets Applicable to Common Shareholders | ||||||||
| Total expenses6 | 1.26%7 | 1.46% | 1.61%7 | 1.76% | 1.71% | 1.52% | 1.40% | |
| Total expenses after fees waived and paid indirectly6 | 1.25%7 | 1.42% | 1.59%7 | 1.75% | 1.70% | 1.51% | 1.39% | |
| Total expenses after fees waived and paid indirectly and | ||||||||
| excluding interest expense and fees6,8 | 1.23%7 | 1.36% | 1.40%7 | 1.37% | 1.33% | 1.20% | 1.19% | |
| Net investment income6 | 7.18%7 | 8.16% | 7.19%7 | 6.65% | 6.90% | 6.54% | 6.65% | |
| Dividends to Preferred Shareholders | 0.45%7 | 1.61% | 1.94%7 | 2.04% | 1.83% | 0.91% | 0.42% | |
| Net investment income to Common Shareholders | 6.73%7 | 6.55% | 5.25%7 | 4.61% | 5.07% | 5.63% | 6.23% | |
| Supplemental Data | ||||||||
| Net assets applicable to Common Shareholders, | ||||||||
| end of period (000) | $ 60,574 | $ 56,449 | $ 58,218 | $ 63,228 | $ 65,611 | $ 64,630 | $ 67,217 | |
| Preferred Shares outstanding at $25,000 | ||||||||
| liquidation preference, end of period (000) | $ 38,800 | $ 38,800 | $ 40,300 | $ 40,300 | $ 40,300 | $ 40,300 | $ 30,300 | |
| Portfolio turnover | 6% | 39% | 13% | 31% | 31% | 28% | 21% | |
| Asset coverage per Preferred Share at $25,000 | ||||||||
| liquidation preference, end of period | $ 64,032 | $ 61,375 | $ 61,1229 | $ 64,2329 | $ 65,7089 | $ 65,0989 | $ 80,4649 | |
1 Based on average shares outstanding.
2 Amount is less than $(0.01) per share.
3 Amount is less than $0.01 per share.
4 Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Where applicable,
total investment returns exclude the effects of sales charges and include the reinvestment of dividends and distributions.
5 Aggregate total investment return.
6 Do not reflect the effect of dividends to Preferred Shareholders.
7 Annualized.
8 Interest expense and fees relate to tender option bond trusts. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to tender option bond trusts.
9 Amounts have been recalculated to conform with current period presentation.
See Notes to Financial Statements.
SEMI-ANNUAL REPORT
JANUARY 31, 2010
33
| Financial Highlights | BlackRock MuniYield California Fund, Inc. (MYC) | |||||||
| Six Months | Period | |||||||
| Ended | November 1, | |||||||
| January 31, | Year Ended | 2007 | ||||||
| 2010 | July 31, | to July 31, | Year Ended October 31, | |||||
| (Unaudited) | 2009 | 2008 | 2007 | 2006 | 2005 | 2004 | ||
| Per Share Operating Performance | ||||||||
| Net asset value, beginning of period | $ 13.47 | $ 13.71 | $ 14.60 | $ 15.11 | $ 14.73 | $ 15.27 | $ 15.17 | |
| Net investment income1 | 0.46 | 0.91 | 0.69 | 0.93 | 0.96 | 0.93 | 1.02 | |
| Net realized and unrealized gain (loss) | 0.73 | (0.33) | (0.88) | (0.49) | 0.37 | (0.46) | 0.12 | |
| Dividends to Preferred Shareholders | ||||||||
| from net investment income | (0.02) | (0.13) | (0.20) | (0.29) | (0.25) | (0.13) | (0.07) | |
| Net increase (decrease) from investment operations | 1.17 | 0.45 | (0.39) | 0.15 | 1.08 | 0.34 | 1.07 | |
| Dividends to Common Shareholders | ||||||||
| from net investment income | (0.41) | (0.69) | (0.50) | (0.66) | (0.70) | (0.86) | (0.97) | |
| Capital charges with respect to issuance | ||||||||
| of Preferred Shares | — | — | — | — | 0.002 | (0.02) | — | |
| Net asset value, end of period | $ 14.23 | $ 13.47 | $ 13.71 | $ 14.60 | $ 15.11 | $ 14.73 | $ 15.27 | |
| Market price, end of period | $ 12.75 | $ 12.44 | $ 13.07 | $ 13.25 | $ 14.00 | $ 13.37 | $ 14.43 | |
| Total Investment Return3 | ||||||||
| Based on net asset value | 8.98%4 | 4.64% | (2.55)%4 | 1.36% | 8.03% | 2.59% | 7.74% | |
| Based on market price | 5.73%4 | 1.37% | 2.37%4 | (0.72)% | 10.28% | (1.46)% | 9.16% | |
| Ratios to Average Net Assets Applicable to Common Shareholders | ||||||||
| Total expenses5 | 1.17%6 | 1.49% | 1.49%6 | 1.77% | 1.52% | 1.13% | 1.12% | |
| Total expenses after fees waived5 | 1.16%6 | 1.47% | 1.45%6 | 1.75% | 1.51% | 1.13% | 1.12% | |
| Total expenses after fees waived and | ||||||||
| excluding interest expense and fees5,7 | 1.00%6 | 1.08% | 1.06%6 | 1.06% | 1.06% | 0.98% | 0.96% | |
| Net investment income5 | 6.52%6 | 7.07% | 6.24%6 | 6.29% | 6.51% | 6.16% | 6.79% | |
| Dividends to Preferred Shareholders | 0.23%6 | 0.99% | 1.83%6 | 1.93% | 1.70% | 0.84% | 0.44% | |
| Net investment income to Common Shareholders | 6.29%6 | 6.08% | 4.41%6 | 4.36% | 4.81% | 5.32% | 6.35% | |
| Supplemental Data | ||||||||
| Net assets applicable to Common Shareholders, | ||||||||
| end of period (000) | $ 302,930 | $ 286,805 | $ 292,002 | $ 310,934 | $ 321,701 | $ 313,708 | $ 325,204 | |
| Preferred Shares outstanding at $25,000 | ||||||||
| liquidation preference, end of period (000) | $ 105,950 | $ 105,950 | $ 126,500 | $ 175,000 | $ 175,000 | $ 175,000 | $ 140,000 | |
| Portfolio turnover | 30% | 38% | 30% | 41% | 39% | 53% | 29% | |
| Asset coverage per Preferred Share at $25,000 | ||||||||
| liquidation preference, end of period | $ 96,482 | $ 92,679 | $ 82,7248 | $ 69,4528 | $ 70,9858 | $ 69,8188 | $ 83,0728 | |
1 Based on average shares outstanding.
2 Amount is less than $0.01 per share.
3 Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Where applicable,
total investment returns exclude the effects of sales charges and include the reinvestment of dividends and distributions.
4 Aggregate total investment return.
5 Do not reflect the effect of dividends to Preferred Shareholders.
6 Annualized.
7 Interest expense and fees relate to tender option bond trusts. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to tender option bond trusts.
8 Amounts have been recalculated to conform with current period presentation.
See Notes to Financial Statements.
34 SEMI-ANNUAL REPORT
JANUARY 31, 2010
| Financial Highlights | BlackRock MuniYield Investment Fund (MYF) | |||||||
| Six Months | Period | |||||||
| Ended | November 1, | |||||||
| January 31, | Year Ended | 2007 | ||||||
| 2010 | July 31, | to July 31, | Year Ended October 31, | |||||
| (Unaudited) | 2009 | 2008 | 2007 | 2006 | 2005 | 2004 | ||
| Per Share Operating Performance | ||||||||
| Net asset value, beginning of period | $ 12.95 | $ 13.59 | $ 14.53 | $ 15.11 | $ 14.91 | $ 15.27 | $ 14.97 | |
| Net investment income1 | 0.47 | 0.96 | 0.73 | 0.99 | 0.99 | 0.98 | 1.00 | |
| Net realized and unrealized gain (loss) | 0.74 | (0.77) | (0.94) | (0.57) | 0.28 | (0.26) | 0.29 | |
| Dividends to Preferred Shareholders | ||||||||
| from net investment income | (0.01) | (0.13) | (0.21) | (0.30) | (0.26) | (0.14) | (0.07) | |
| Net increase (decrease) from investment operations | 1.20 | 0.06 | (0.42) | 0.12 | 1.01 | 0.58 | 1.22 | |
| Dividends to Common Shareholders | ||||||||
| from net investment income | (0.39) | (0.70) | (0.52) | (0.70) | (0.81) | (0.92) | (0.92) | |
| Capital charges with respect to issuance of Preferred Shares | — | — | — | — | (0.00)2 | (0.02) | — | |
| Net asset value, end of period | $ 13.76 | $ 12.95 | $ 13.59 | $ 14.53 | $ 15.11 | $ 14.91 | $ 15.27 | |
| Market price, end of period | $ 12.88 | $ 11.72 | $ 11.91 | $ 12.86 | $ 14.35 | $ 14.93 | $ 14.28 | |
| Total Investment Return3 | ||||||||
| Based on net asset value | 9.52%4 | 1.93% | (2.52)%4 | 1.21% | 7.24% | 3.98% | 8.99% | |
| Based on market price | 13.27%4 | 5.26% | (3.48)%4 | (5.68)% | 1.71% | 11.34% | 10.57% | |
| Ratios to Average Net Assets Applicable to Common Shareholders | ||||||||
| Total expenses5 | 1.27%6 | 1.35% | 1.42%6 | 1.47% | 1.44% | 1.25% | 1.19% | |
| Total expenses after fees waived5 | 1.26%6 | 1.34% | 1.40%6 | 1.46% | 1.42% | 1.25% | 1.18% | |
| Total expenses after fees waived and | ||||||||
| excluding interest expense and fees5,7 | 1.04%6 | 1.12% | 1.10%6 | 1.10% | 1.09% | 1.05% | 1.03% | |
| Net investment income5 | 6.93%6 | 7.66% | 6.77%6 | 6.72% | 6.63% | 6.46% | 6.67% | |
| Dividends to Preferred Shareholders | 0.19%6 | 1.09% | 1.92%6 | 2.01% | 1.75% | 0.95% | 0.48% | |
| Net investment income to Common Shareholders | 6.74%6 | 6.57% | 4.85%6 | 4.71% | 4.88% | 5.51% | 6.19% | |
| Supplemental Data | ||||||||
| Net assets applicable to Common Shareholders, | ||||||||
| end of period (000) | $ 186,579 | $ 175,610 | $ 184,315 | $ 197,014 | $ 204,865 | $ 202,042 | $ 206,895 | |
| Preferred Shares outstanding at $25,000 | ||||||||
| liquidation preference, end of period (000) | $ 59,475 | $ 59,475 | $ 90,825 | $ 110,000 | $ 110,000 | $ 110,000 | $ 95,000 | |
| Portfolio turnover | 28% | 63% | 22% | 25% | 46% | 42% | 33% | |
| Asset coverage per Preferred Share at $25,000 | ||||||||
| liquidation preference, end of period | $ 103,429 | $ 98,819 | $ 75,7428 | $ 69,7908 | $ 71,5748 | $ 70,9208 | $ 79,4468 | |
1 Based on average shares outstanding.
2 Amount is less than $(0.01) per share.
3 Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Where applicable,
total investment returns exclude the effects of sales charges and include the reinvestment of dividends and distributions.
4 Aggregate total investment return.
5 Do not reflect the effect of dividends to Preferred Shareholders.
6 Annualized.
7 Interest expense and fees relate to tender option bond trusts. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to tender option
bond trusts.
8 Amounts have been recalculated to conform with current period presentation.
See Notes to Financial Statements.
SEMI-ANNUAL REPORT
JANUARY 31, 2010
35
| Financial Highlights | BlackRock MuniYield New Jersey Fund, Inc. (MYJ) | |||||||
| Six Months | Period | |||||||
| Ended | December 1, | |||||||
| January 31, | Year Ended | 2007 | ||||||
| 2010 | July 31, | to July 31, | Year Ended November 30, | |||||
| (Unaudited) | 2009 | 2008 | 2007 | 2006 | 2005 | 2004 | ||
| Per Share Operating Performance | ||||||||
| Net asset value, beginning of period | $ 14.13 | $ 14.36 | $ 15.18 | $ 15.90 | $ 15.37 | $ 15.25 | $ 15.39 | |
| Net investment income1 | 0.48 | 0.98 | 0.62 | 1.01 | 1.00 | 1.01 | 1.06 | |
| Net realized and unrealized gain (loss) | 0.67 | (0.34) | (0.79) | (0.74) | 0.54 | 0.18 | (0.14) | |
| Dividends to Preferred Shareholders | ||||||||
| from net investment income | (0.02) | (0.15) | (0.18) | (0.29) | (0.25) | (0.16) | (0.08) | |
| Net increase (decrease) from investment operations | 1.13 | 0.49 | (0.35) | (0.02) | 1.29 | 1.03 | 0.84 | |
| Dividends to Common Shareholders | ||||||||
| from net investment income | (0.42) | (0.72) | (0.47) | (0.70) | (0.76) | (0.91) | (0.96) | |
| Capital charges with respect to issuance of Preferred Shares | — | — | — | — | — | (0.00)2 | (0.02) | |
| Net asset value, end of period | $ 14.84 | $ 14.13 | $ 14.36 | $ 15.18 | $ 15.90 | $ 15.37 | $ 15.25 | |
| Market price, end of period | $ 14.07 | $ 13.49 | $ 13.52 | $ 13.66 | $ 15.47 | $ 14.38 | $ 14.73 | |
| Total Investment Return3 | ||||||||
| Based on net asset value | 8.19%4 | 4.50% | (2.17)%4 | 0.11% | 8.83% | 7.08% | 5.84% | |
| Based on market price | 7.44%4 | 5.96% | 2.35%4 | (7.41)% | 13.17% | 3.72% | 9.72% | |
| Ratios to Average Net Assets Applicable to Common Shareholders | ||||||||
| Total expenses5 | 1.01%6 | 1.15% | 1.22%6 | 1.28% | 1.44% | 1.39% | 1.25% | |
| Total expenses after fees waived5 | 1.01%6 | 1.14% | 1.20%6 | 1.27% | 1.44% | 1.39% | 1.24% | |
| Total expenses after fees waived and | ||||||||
| excluding interest expense and fees5,7 | 0.98%6 | 1.05% | 1.13%6 | 1.10% | 1.09% | 1.09% | 1.02% | |
| Net investment income5 | 6.45%6 | 7.21% | 6.27%6 | 6.56% | 6.50% | 6.47% | 6.94% | |
| Dividends to Preferred Shareholders | 0.30%6 | 1.12% | 1.85%6 | 1.85% | 1.65% | 1.05% | 0.50% | |
| Net investment income to Common Shareholders | 6.15%6 | 6.09% | 4.42%6 | 4.71% | 4.85% | 5.42% | 6.44% | |
| Supplemental Data | ||||||||
| Net assets applicable to Common Shareholders, | ||||||||
| end of period (000) | $ 210,846 | $ 200,740 | $ 204,022 | $ 215,585 | $ 225,855 | $ 218,250 | $ 216,618 | |
| Preferred Shares outstanding at $25,000 | ||||||||
| liquidation preference, end of period (000) | $ 102,200 | $ 102,200 | $ 104,725 | $ 119,000 | $ 119,000 | $ 119,000 | $ 119,000 | |
| Portfolio turnover | 5% | 21% | 11% | 18% | 9% | 32% | 14% | |
| Asset coverage per Preferred Share at $25,000 | ||||||||
| liquidation preference, end of period | $ 76,579 | $ 74,107 | $ 73,7098 | $ 70,3058 | $ 72,4528 | $ 70,8588 | $ 70,5148 | |
1 Based on average shares outstanding.
2 Amount is less than $(0.01) per share.
3 Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Where applicable,
total investment returns exclude the effects of sales charges and include the reinvestment of dividends and distributions.
4 Aggregate total investment return.
5 Do not reflect effect of dividends to Preferred Shareholders.
6 Annualized.
7 Interest expense and fees relate to tender option bond trusts. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to tender option
bond trusts.
8 Amounts have been recalculated to conform with current period presentation.
See Notes to Financial Statements.
36 SEMI-ANNUAL REPORT
JANUARY 31, 2010
Notes to Financial Statements (Unaudited)
1. Organization and Significant Accounting Policies:
BlackRock Muni New York Intermediate Duration Fund, Inc. (“MNE”),
BlackRock MuniYield Arizona Fund, Inc. (“MZA”), BlackRock MuniYield
California Fund, Inc. (“MYC”), BlackRock MuniYield Investment Fund
(“MYF”) and BlackRock MuniYield New Jersey Fund, Inc. (“MYJ”) (collec-
tively, the “Funds” or individually as the “Fund”) are registered under the
Investment Company Act of 1940, as amended (the “1940 Act”), as non-
diversified, closed-end management investment companies. MNE, MZA,
MYC and MYJ are organized as Maryland corporations. MYF is organized
as a Massachusetts business trust. The Funds’ financial statements are
prepared in conformity with accounting principles generally accepted in
the United States of America, which may require the use of management
accruals and estimates. Actual results may differ from these estimates. The
Boards of Directors and the Boards of Trustees of the Funds are referred to
throughout this report as the “Board of Directors” or the “Board”. The Funds
determine, and make available for publication the net asset value of their
Common Shares on a daily basis.
The following is a summary of significant accounting policies followed
by the Funds:
Valuation: The Funds’ policy is to fair value their financial instruments at
market value. Municipal investments (including commitments to purchase
such investments on a “when-issued” basis) are valued on the basis of
prices provided by dealers or pricing services selected under the super-
vision of each Fund’s Board. In determining the value of a particular
investment, pricing services may use certain information with respect to
transactions in such investments, quotations from dealers, pricing matrixes,
market transactions in comparable investments and information with
respect to various relationships between investments. Financial futures
contracts traded on exchanges are valued at their last sale price. Short-
term securities with remaining maturities of 60 days or less may be valued
at amortized cost, which approximates fair value. Investments in open-end
investment companies are valued at net asset value each business day.
In the event that application of these methods of valuation results in a
price for an investment which is deemed not to be representative of the
market value of such investment or is not available, the investment will be
valued by a method approved by each Fund’s Board as reflecting fair value.
When determining the price for such investments, the investment advisor
and/or the sub-advisor seeks to determine the price that each Fund might
reasonably expect to receive from the current sale of that asset in an
arm’s-length transaction. Fair value determinations shall be based upon all
available factors that the investment advisor and/or sub-advisor deems rel-
evant.
Forward Commitments and When-Issued Delayed Delivery Securities:
Each Fund may purchase securities on a when-issued basis and may pur-
chase or sell securities on a forward commitment basis. Settlement of such
transactions normally occurs within a month or more after the purchase or
sale commitment is made. The Funds may purchase securities under such
conditions with the intention of actually acquiring them, but may enter into
a separate agreement to sell the securities before the settlement date.
Since the value of securities purchased may fluctuate prior to settlement,
the Funds may be required to pay more at settlement than the security is
worth. In addition, the purchaser is not entitled to any of the interest
earned prior to settlement. When purchasing a security on a delayed
delivery basis, the Funds assume the rights and risks of ownership of the
security, including the risk of price and yield fluctuations. In the event of
default by the counterparty, the Funds’ maximum amount of loss is the
unrealized gain of the commitment, which is shown on the Schedules of
Investments, if any.
Municipal Bonds Transferred to Tender Option Bond Trusts: The Funds
leverage their assets through the use of tender option bond trusts (“TOBs”).
A TOB is established by a third party sponsor forming a special purpose
entity, into which one or more funds, or an agent on behalf of the funds,
transfers municipal bonds. Other funds managed by the investment advisor
may also contribute municipal bonds to a TOB into which a Fund has con-
tributed bonds. A TOB typically issues two classes of beneficial interests:
short-term floating rate certificates, which are sold to third party investors,
and residual certificates (“TOB Residuals”), which are generally issued to
the participating funds that made the transfer. The TOB Residuals held by
a Fund include the right of the Fund (1) to cause the holders of a propor-
tional share of the floating rate certificates to tender their certificates at
par, and (2) to transfer, within seven days, a corresponding share of the
municipal bonds from the TOB to the Funds. The TOB may also be termi-
nated without the consent of the Fund upon the occurrence of certain
events as defined in the TOB agreements. Such termination events may
include the bankruptcy or default of the municipal bond, a substantial
downgrade in credit quality of the municipal bond, the inability of the TOB
to obtain quarterly or annual renewal of the liquidity support agreement, a
substantial decline in market value of the municipal bond or the inability to
remarket the short-term floating rate certificates to third party investors.
The cash received by the TOB from the sale of the short-term floating rate
certificates, less transaction expenses, is paid to the Fund, which typically
invests the cash in additional municipal bonds. Each Fund’s transfer of the
municipal bonds to a TOB is accounted for as a secured borrowing, there-
fore the municipal bonds deposited into a TOB are presented in the Funds’
Schedules of Investments and the proceeds from the issuance of the short-
term floating rate certificates are shown as trust certificates in the
Statements of Assets and Liabilities.
Interest income from the underlying security is recorded by the Funds on
an accrual basis. Interest expense incurred on the secured borrowing and
other expenses related to remarketing, administration and trustee services
to a TOB are reported as expenses of the Funds. The floating rate certifi-
cates have interest rates that generally reset weekly and their holders have
the option to tender certificates to the TOB for redemption at par at each
reset date. At January 31, 2010, the aggregate value of the underlying
municipal bonds transferred to TOBs, the related liability for trust certifi-
cates and the range of interest rates on the liability for trust certificates
were as follows:
SEMI-ANNUAL REPORT
JANUARY 31, 2010
37
Notes to Financial Statements (continued)
| Underlying | |||
| Municipal | |||
| Bonds | Liability for | Range of | |
| Transferred | Trust | Interest | |
| to TOBs | Certificates | Rates | |
| MNE | $ 823,672 | $ 375,000 | 0.23% |
| MZA | $ 3,100,080 | $ 1,500,000 | 0.25% |
| MYC | $135,813,746 | $74,379,365 | 0.19% – 0.34% |
| MYF | $105,215,803 | $56,022,374 | 0.21% – 0.69% |
| MYJ | $ 10,678,700 | $ 6,603,701 | 0.32% |
For the six months ended January 31, 2010, the Funds’ average trust cer-
tificates outstanding and the daily weighted average interest rate, including
fees, were as follows:
| Average Trust | Daily Weighted | |
| Certificates | Average | |
| Outstanding | Interest Rate | |
| MNE | $ 624,643 | 0.38% |
| MZA | $ 1,500,000 | 0.40% |
| MYC | $74,376,250 | 0.68% |
| MYF | $54,502,606 | 0.78% |
| MYJ | $ 6,603,701 | 0.73% |
Should short-term interest rates rise, the Funds’ investments in TOBs may
adversely affect the Funds’ investment income and distributions to
Common Shareholders. Also, fluctuations in the market value of municipal
bonds deposited into the TOB may adversely affect the Funds’ net asset
value per share.
Zero-Coupon Bonds: Each Fund may invest in zero-coupon bonds, which
are normally issued at a significant discount from face value and do not
provide for periodic interest payments. Zero-coupon bonds may experience
greater volatility in market value than similar maturity debt obligations
which provide for regular interest payments.
Segregation and Collateralization: In cases in which the 1940 Act and the
interpretive positions of the Securities and Exchange Commission (“SEC”)
require that the Funds either deliver collateral or segregate assets in con-
nection with certain investments (e.g., financial futures contracts), each
Fund will, consistent with SEC rules and/or certain interpretive letters
issued by the SEC, segregate collateral or designate on its books and
records cash or other liquid securities having a market value at least equal
to the amount that would otherwise be required to be physically segre-
gated. Furthermore, based on requirements and agreements with certain
exchanges and third party broker-dealers, each party has requirements to
deliver/deposit securities as collateral for certain investments.
Investment Transactions and Investment Income: For financial reporting
purposes, investment transactions are recorded on the dates the transac-
tions are entered into (the trade dates). Realized gains and losses on
investment transactions are determined on the identified cost basis.
Interest income is recognized on the accrual basis. Each Fund amortizes
all premiums and discounts on debt securities.
Dividends and Distributions: Dividends from net investment income are
declared and paid monthly. Distributions of capital gains are recorded on
the ex-dividend dates. Dividends and distributions to Preferred Share-
holders are accrued and determined as described in Note 6.
Income Taxes: It is each Fund’s policy to comply with the requirements of
the Internal Revenue Code applicable to regulated investment companies
and to distribute substantially all of its taxable income to its shareholders.
Therefore, no federal income tax provision is required.
Each Fund files US federal and various state and local tax returns. No
income tax returns are currently under examination. The statute of limita-
tions on the Funds’ US federal tax returns remains open for each of the
four periods ended as follows:
| Year Ended | Period | Year Ended | Year Ended | |
| MNE | July 31, 2009 | June 1, 2008 to | May 31, 2008 | May 31, 2007 |
| July 31, 2008 | ||||
| MZA | July 31, 2009 | November 1, | October 31, | October 31, |
| 2008 to | 2007 | 2006 | ||
| July 31, 2008 | ||||
| MYC | July 31, 2009 | November 1, | October 31, | October 31, |
| 2008 to | 2007 | 2006 | ||
| July 31, 2008 | ||||
| MYF | July 31, 2009 | November 1, | October 31, | October 31, |
| 2008 to | 2007 | 2006 | ||
| July 31, 2008 | ||||
| MYJ | July 31, 2009 | December 1, | November 30, | November 30, |
| 2008 to | 2007 | 2006 | ||
| July 31, 2008 |
The statutes of limitations on the Funds’ state and local tax returns may
remain open for an additional year depending upon the jurisdiction.
Recent Accounting Standards: In June 2009, amended guidance was
issued by the Financial Accounting Standards Board (“FASB”) for transfers
of financial assets. This guidance is intended to improve the relevance, rep-
resentational faithfulness and comparability of the information that a
reporting entity provides in its financial statements about a transfer of
financial assets; the effects of a transfer on its financial position, financial
performance, and cash flows; and a transferor’s continuing involvement, if
any, in transferred financial assets. The amended guidance is effective for
financial statements for fiscal years and interim periods beginning after
November 15, 2009. Earlier application is prohibited. The recognition and
measurement provisions of this guidance must be applied to transfers
occurring on or after the effective date. Additionally, the enhanced disclo-
sure provisions of the amended guidance should be applied to transfers
that occurred both before and after the effective date of this guidance. The
impact of this guidance on the Funds’ financial statements and disclo-
sures, if any, is currently being assessed.
In January 2010, the FASB issued amended guidance to improve disclos-
ure about fair value measurements which will require additional disclosures
about transfers into and out of Levels 1 and 2 and separate disclosures
about purchases, sales, issuances and settlements in the reconciliation for
fair value measurements using significant unobservable inputs (Level 3). It
also clarifies existing disclosure requirements relating to the levels of disag-
gregation for fair value measurement and inputs and valuation techniques
used to measure fair value. The amended guidance is effective for financial
38 SEMI-ANNUAL REPORT
JANUARY 31, 2010
Notes to Financial Statements (continued)
statements for fiscal years and interim periods beginning after December
15, 2009 except for disclosures about purchases, sales, issuances and
settlements in the rollforward of activity in Level 3 fair value measurements,
which are effective for fiscal years beginning after December 15, 2010
and for interim periods within those fiscal years. The impact of this guid-
ance on the Funds’ financial statements and disclosures is currently
being assessed.
Deferred Compensation and BlackRock Closed-End Share Equivalent
Investment Plan: Under the deferred compensation plan approved by each
Fund’s Board, non-interested Directors (“Independent Directors”) may defer
a portion of their annual complex-wide compensation. Deferred amounts
earn an approximate return as though equivalent dollar amounts had been
invested in common shares of other certain BlackRock Closed-End Funds
selected by the Independent Directors. This has approximately the same
economic effect for the Independent Directors as if the Independent
Directors had invested the deferred amounts directly in other certain
BlackRock Closed-End Funds.
The deferred compensation plan is not funded and obligations there under
represent general unsecured claims against the general assets of each
Fund. Each Fund may, however, elect to invest in common shares of other
certain BlackRock Closed-End Funds selected by the Independent Directors
in order to match its deferred compensation obligations. Investments to
cover each Fund’s deferred compensation liability, if any, are included in
other assets in the Statements of Assets and Liabilities. Dividends and
distributions from the BlackRock Closed-End Funds investments under the
plan are included in income — affiliated in the Statements of Operations.
Other: Expenses directly related to a Fund are charged to that Fund. Other
operating expenses shared by several funds are pro rated among those
funds on the basis of relative net assets or other appropriate methods.
Each Fund has an arrangement with its custodian whereby fees may be
reduced by credits earned on uninvested cash balances, which if applica-
ble are shown as fees paid indirectly in the Statements of Operations. The
custodians impose fees on overdrawn cash balances, which can be offset
by accumulated credits earned or may result in additional custody charges.
2. Derivative Financial Instruments:
The Funds may engage in various portfolio investment strategies both to
increase the return of the Funds and to economically hedge, or protect,
exposure to certain risks such as interest rate risk. Losses may arise if the
value of the contract decreases due to an unfavorable change in the price
of the underlying instrument or if the counterparty does not perform under
the contract. To the extent amounts due to the Fund from its counterparties
are not fully collateralized contractually or otherwise, the Fund bears the
risk of loss from counterparty non-performance. See Note 1 “Segregation
and Collateralization” for information with respect to collateral practices.
Counterparty risk related to exchange-traded financial futures contracts is
minimal because of the protection against default provided by the
exchanges on which they trade.
Financial Futures Contracts: The Funds may purchase or sell financial
futures contracts and options on financial futures contracts to gain expo-
sure to, or economically hedge against, changes in interest rates (interest
rate risk). Financial futures contracts are contracts for delayed delivery of
securities at a specific future date and at a specific price or yield. Pursuant
to the contract, the Funds agree to receive from or pay to the broker an
amount of cash equal to the daily fluctuation in value of the contract. Such
receipts or payments are known as margin variation and are recognized by
the Funds as unrealized gains or losses. When the contract is closed, the
Funds record a realized gain or loss equal to the difference between the
value of the contract at the time it was opened and the value at the time it
was closed. The use of financial futures transactions involves the risk of an
imperfect correlation in the movements in the price of financial futures
contracts, interest rates and the underlying assets.
Derivative Instruments Catagorized by Risk Exposure:
The Effect of Derivative Instruments on the Statements of Operations
Six Months Ended January 31, 2010*
| Net Realized Gain from | |||||
| MNE | MZA | MYC | MYF | MYJ | |
| Interest rate contracts: | |||||
| Financial futures | |||||
| contracts | $ 3,982 | $ 3,983 $ | 8,960 | $ 12,943 | $ 9,956 |
* As of January 31, 2010, there were no financial futures contracts outstanding.
During the six months ended January 31, 2010, the Funds had limited activity
in these transactions.
3. Investment Advisory Agreement and Other Transactions
with Affiliates:
The PNC Financial Services Group, Inc. ("PNC"), Bank of America
Corporation ("BAC") and Barclays Bank PLC ("Barclays") are the largest
stockholders of BlackRock, Inc. ("BlackRock"). Due to the ownership
structure, PNC is an affiliate for 1940 Act purposes, but BAC and
Barclays are not.
Each Fund entered into an Investment Advisory Agreement with BlackRock
Advisors, LLC (the “Manager”), the Funds’ investment advisor, an indirect,
wholly owned subsidiary of BlackRock, to provide investment advisory and
administration services.
The Manager is responsible for the management of each Fund’s portfolio
and provides the necessary personnel, facilities, equipment and certain
other services necessary to the operations of each Fund. For such services,
each Fund pays the Manager a monthly fee of the Fund’s average daily net
assets at the following annual rates:
| MNE | 0.55% |
| MZA | 0.50% |
| MYC | 0.50% |
| MYF | 0.50% |
| MYJ | 0.50% |
The Manager has contractually agreed to waive a portion of its fee during
the first seven years of MNE’s operations ending July 2010 as follows:
|
Fee Waiver (As a Percentage of Average Daily Net Assets) | |
|
Year 7 through July 31, 2010 |
0.05% |
SEMI-ANNUAL REPORT
JANUARY 31, 2010
39
Notes to Financial Statements (continued)
The Manager has not agreed to waive any portion of its fee beyond
July 31, 2010.
Such waivers are included in fees waived by advisor on the Statements
of Operations:
| Fees Waived | |
| by Manager | |
| MNE | $21,949 |
The Manager has voluntarily agreed to waive its advisory fees by the
amount of investment advisory fees each Fund pays to the Manager indi-
rectly through its investment in affiliated money market funds, however the
Manager does not waive its advisory fees by the amount of investment
advisory fees through its investment in other affiliated investment comp-
anies. These amounts are included in fees waived by advisor in the
Statements of Operations. For the six months ended January 31, 2010
the amounts waived were as follows:
| Amount | |
| MNE | $ 849 |
| MZA | $ 2,619 |
| MYC | $11,467 |
| MYF | $ 3,608 |
| MYJ | $ 9,010 |
The Manager has entered into a separate sub-advisory agreement with
BlackRock Investment Management, LLC (“BIM”), an affiliate of the
Manager, under which the Manager pays BIM for services it provides,
a monthly fee that is a percentage of the investment advisory fee paid
by each Fund to the Manager.
For the six months ended January 31, 2010, the Funds reimbursed the
Manager for certain accounting services, which are included in accounting
services in the Statements of Operations.
| Reimbursement | |
| MNE | $ 862 |
| MZA | $ 973 |
| MYC | $4,921 |
| MYF | $3,047 |
| MYJ | $3,005 |
Certain officers and/or directors of the Funds are officers and/or directors
of BlackRock or its affiliates. The Funds reimburse the Manager for com-
pensation paid to the Funds’ Chief Compliance Officer.
4. Investments:
Purchases and sales of investments, excluding short-term securities, for the
six months ended January 31, 2010 were as follows:
| Purchases | Sales | |
| MNE | $ 6,783,692 | $ 7,192,170 |
| MZA | $ 7,308,181 | $ 5,999,430 |
| MYC | $152,206,427 | $141,851,887 |
| MYF | $ 93,320,573 | $ 81,329,267 |
| MYJ | $ 13,965,391 | $ 21,908,159 |
5. Concentration, Market and Credit Risk:
MNE, MZA, MYC and MYJ invest a substantial amount of their assets in
issuers located in a single state or limited number of states. Please see the
Schedules of Investments for concentrations in specific states.
Many municipalities insure repayment of their bonds, which may reduce
the potential for loss due to credit risk. The market value of these bonds
may fluctuate for other reasons, including market perception of the value
of such insurance, and there is no guarantee that the insurer will meet
its obligation.
In the normal course of business, the Funds invest in securities and enter
into transactions where risks exist due to fluctuations in the market (market
risk) or failure of the issuer of a security to meet all its obligations (credit
risk). The value of securities held by the Funds may decline in response to
certain events, including those directly involving the issuers whose securi-
ties are owned by the Funds; conditions affecting the general economy;
overall market changes; local, regional or global political, social or eco-
nomic instability; and currency and interest rate and price fluctuations.
Similar to credit risk, the Funds may be exposed to counterparty risk, or
the risk that an entity with which the Funds have unsettled or open trans-
actions may default. Financial assets, which potentially expose the Funds
to credit and counterparty risks, consist principally of investments and
cash due from counterparties. The extent of the Funds’ exposure to credit
and counterparty risks with respect to these financial assets is generally
approximated by their value recorded in the Funds’ Statements of Assets
and Liabilities, less any collateral held by the Funds.
6. Capital Share Transactions:
Each Fund is authorized to issue 200 million shares (MYF is authorized to
issue an unlimited amount of shares par value $0.10 per share) including
Preferred Shares, all of which were initially classified as Common Shares.
Each Fund’s Board is authorized, however, to reclassify any unissued shares
of Common Shares without approval of Common Shareholders.
Common Shares
Shares issued and outstanding for MZA for the six months ended January
31, 2010 and the year ended July 31, 2009 increased by 6,655 and
7,393, respectively, as a result of dividend reinvestment.
Shares issued and outstanding remained constant for MNE, MYC, MYF and
MYJ during the six months ended January 31, 2010 and the year ended
July 31, 2009.
Preferred Shares
The Preferred Shares are redeemable at the option of each Fund, in whole
or in part, on any dividend payment date at their liquidation preference
per share plus any accumulated and unpaid dividends whether or not
declared. The Preferred Shares are also subject to mandatory redemption
at their liquidation preference plus any accumulated and unpaid dividends,
whether or not declared, if certain requirements relating to the composition
40 SEMI-ANNUAL REPORT
JANUARY 31, 2010
Notes to Financial Statements (continued)
of the assets and liabilities of a Fund, as set forth in each Fund’s Articles
Supplementary/Statement of Preferences/Certificate of Designation (the
“Governing Instrument”) are not satisfied.
From time to time in the future, each Fund that has issued Preferred
Shares may effect repurchases of such shares at prices below their liquid-
ation preference as agreed upon by the Fund and seller. Each Fund also
may redeem such shares from time to time as provided in the applicable
Governing Instrument. Each Fund intends to effect such redemptions
and/or repurchases to the extent necessary to maintain applicable
asset coverage requirements or for such other reasons as the Board
may determine.
The holders of Preferred Shares have voting rights equal to the holders of
Common Shares (one vote per share) and will vote together with the hold-
ers of Common Shares (one vote per share) as a single class. However, the
holders of Preferred Shares, voting as a separate class, are also entitled to
elect two Directors for each Fund. In addition, the 1940 Act requires that
along with approval by shareholders that might otherwise be required, the
approval of the holders of a majority of any outstanding Preferred Shares,
voting separately as a class would be required to (a) adopt any plan of
reorganization that would adversely affect the Preferred Shares, (b) change
a Fund’s sub-classification as a closed-end investment company or change
its fundamental investment restrictions or (c) change its business so as to
cease to be an investment company.
The Funds had the following series of Preferred Shares outstanding,
effective yields and reset frequency at January 31, 2010:
| Reset | ||||
| Preferred | Effective Frequency | |||
| Series | Shares | Yield | Days | |
| MNE | F7 | 1,185 | 1.41%1 | 7 |
| MZA | A | 499 | 0.34%2 | 7 |
| B | 668 | 0.34%2 | 7 | |
| C | 385 | 1.41%2 | 7 | |
| MYC | A | 1,453 | 0.32%2 | 28 |
| B | 1,453 | 0.34%2 | 7 | |
| C | 484 | 0.26%2 | 28 | |
| D | 848 | 1.41%1 | 7 | |
| MYF | A | 1,189 | 0.34%2 | 7 |
| B | 865 | 0.32%2 | 7 | |
| C | 325 | 1.42%1 | 7 | |
| MYJ | A | 2,061 | 0.34%2 | 7 |
| B | 1,288 | 0.35%2 | 7 | |
| C | 739 | 1.41%1 | 7 | |
1 The maximum applicable rate on this series of Preferred Shares is the higher of
110% plus or times (i) the Telerate/BAA LIBOR or (ii) 90% of Kenny S&P 30-day
High Grade Index rate divided by 1.00 minus the marginal tax rate.
2 The maximum applicable rate on this series of Preferred Shares is the higher of
110% of the AA commercial paper rate or 110% of 90% of the Kenny S&P 30-day
High Grade Index rate divided by 1.00 minus the marginal tax rate.
Dividends on seven-day and 28-day Preferred Shares are cumulative at a
rate which is reset every seven or 28 days based on the results of an auc-
tion. If the Preferred Shares fail to clear the auction on an auction date, the
affected Fund is required to pay the maximum applicable rate on the
Preferred Shares to holders of such shares for successive dividend periods
until such time as the shares are successfully auctioned. The maximum
applicable rate on the Preferred Shares is footnoted as applicable on the
above chart. The low, high and average dividend rates on the Preferred
Shares for each Fund for the six months ended January 31, 2010 were
as follows:
| Series | Low | High | Average | |
| MNE | F7 | 1.32% | 1.63% | 1.49% |
| MZA | A | 0.26% | 0.55% | 0.43% |
| B | 0.24% | 0.43% | 0.58% | |
| C | 1.32% | 1.48% | 1.61% | |
| MYC | A | 0.32% | 0.50% | 0.45% |
| B | 0.26% | 0.55% | 0.43% | |
| C | 0.26% | 0.53% | 0.44% | |
| D | 1.32% | 1.63% | 1.49% | |
| MYF | A | 0.26% | 0.55% | 0.43% |
| B | 0.24% | 0.56% | 0.42% | |
| C | 1.34% | 1.60% | 1.50% | |
| MYJ | A | 0.26% | 0.55% | 0.43% |
| B | 0.26% | 0.55% | 0.44% | |
| C | 1.32% | 1.63% | 1.49% |
Since February 13, 2008, the Preferred Shares of each Fund failed to clear
any of their auctions. As a result, the Preferred Shares dividend rates were
reset to the maximum applicable rate, which ranged from 0.24% to 1.63%
for the six months ended January 31, 2010. A failed auction is not an
event of default for the Funds but it has a negative impact on the liquidity
of Preferred Shares. A failed auction occurs when there are more sellers
of a fund’s auction rate preferred shares than buyers. A successful auction
for each Fund’s Preferred Shares may not occur for some time, if ever, and
even if liquidity does resume, Preferred Shareholders may not have the
ability to sell the Preferred Shares at their liquidation preference.
The Funds may not declare dividends or make other distributions on
Common Shares or purchase any such shares if, at the time of the
declaration, distribution or purchase, asset coverage with respect to
the outstanding Preferred Shares is less than 200%.
The Funds pay commissions of 0.25% on the aggregate principal amount
of all shares that successfully clear their auctions and 0.15% on the
aggregate principal amount of all shares that fail to clear their auctions.
Certain broker dealers have individually agreed to reduce commissions
for failed auctions.
SEMI-ANNUAL REPORT
JANUARY 31, 2010
41
Notes to Financial Statements (concluded)
During the year ended July 31, 2009, MZA, MYC, MYF and MYJ announced
the following redemptions of Preferred Shares at a price of $25,000
per share plus any accrued and unpaid dividends through the redemp-
tion date:
| Redemption | Shares | Aggregate | ||
| Series | Date | Redeemed | Principal | |
| MZA | A | 7/09/09 | 19 | $ 475,000 |
| B | 7/14/09 | 26 | $ 650,000 | |
| C | 7/06/09 | 15 | $ 375,000 | |
| MYC | A | 7/09/09 | 282 | $ 7,050,000 |
| B | 7/02/09 | 282 | $ 7,050,000 | |
| C | 7/30/09 | 94 | $ 2,350,000 | |
| D | 7/07/09 | 164 | $ 4,100,000 | |
| MYF | A | 7/02/09 | 627 | $15,675,000 |
| B | 7/06/09 | 456 | $11,400,000 | |
| C | 7/08/09 | 171 | $ 4,275,000 | |
| MYJ | A | 7/09/09 | 51 | $ 1,275,000 |
| B | 7/08/09 | 32 | $ 800,000 | |
| C | 7/07/09 | 18 | $ 450,000 |
The Funds financed the Preferred Share redemptions with cash received
from TOB transactions.
Preferred Shares issued and outstanding remained constant during the six
months ended January 31, 2010 for all Funds.
7. Capital Loss Carryforwards:
As of July 31, 2009, the Funds had capital loss carryforwards available to
offset future realized capital gains through the indicated expiration dates:
| Expires July 31, | MNE | MZA | MYC | MYF | MYJ |
| 2011 | — | — | $ 178,107 | — | — |
| 2012 | $ 134,161 | — | — $1,266,217 | $ 239,556 | |
| 2015 | 25,350 | — | — | — | — |
| 2016 | 739,187 | $ 318,483 | 393,490 | 2,101,744 | 104,422 |
| 2017 | 501,235 | — | 169,064 | — | 421,488 |
| Total | $1,399,933 | $ 318,483 | $ 740,661 $3,367,961 | $ 765,466 | |
8. Subsequent Events:
Management’s evaluation of the impact of all subsequent events on the
Funds’ financial statements was completed through the date the financial
statements were issued and the following items were noted:
Each Fund paid a net investment income dividend on March 1, 2010 to
Common Shareholders of record on February 12, 2010 as follows:
| Common Dividend | |
| Per Share | |
| MNE | $0.0555 |
| MZA | $0.0670 |
| MYC | $0.0675 |
| MYF | $0.0655 |
| MYJ | $0.0705 |
The dividends declared on Preferred Shares for the period February 1,
2010 to February 28, 2010 were as follows:
| Dividends | ||
| Series | Declared | |
| MNE | F7 | $ 8,136 |
| MZA | A | $ 437 |
| B | $ 1,005 | |
| C | $ 2,643 | |
| MYC | A | $ 3,503 |
| B | $ 1,334 | |
| C | $ 1,545 | |
| D | $ 4,896 | |
| MYF | A | $ 7,240 |
| B | $ 5,241 | |
| C | $ 8,645 | |
| MYJ | A | $ 1,807 |
| B | $ 1,544 | |
| C | $ 4,349 |
The Funds' distribution rates declared on March 1, 2010 were as follows:
| Per Common | |
| Share Amount | |
| MZA | $0.0695 |
| MYC | $0.0700 |
| MYF | $0.0705 |
42 SEMI-ANNUAL REPORT
JANUARY 31, 2010
Officers and Directors
Richard E. Cavanagh, Chairman of the Board and Director
Karen P. Robards, Vice Chair of the Board, Chair of the Audit Committee
and Director
G. Nicholas Beckwith, III, Director
Richard S. Davis, Fund President1 and Director
Frank J. Fabozzi, Director and Member of the Audit Committee
Kathleen F. Feldstein, Director
James T. Flynn, Director and Member of the Audit Committee
Henry Gabbay, Director
Jerrold B. Harris, Director
R. Glenn Hubbard, Director
W. Carl Kester, Director and Member of the Audit Committee
Anne Ackerley, Fund President2 and Chief Executive Officer
Brendan Kyne, Vice President
Neal Andrews, Chief Financial Officer
Jay Fife, Treasurer
Brian Kindelan, Chief Compliance Officer
Howard Surloff, Secretary
1 For MYF.
2 For MNE, MZA, MYC and MYJ.
Investment Advisor
BlackRock Advisors, LLC
Wilmington, DE 19809
Sub-Advisor
BlackRock Investment Management, LLC
Plainsboro, NJ 08536
Custodians
State Street Bank and Trust Company3
Boston, MA 02111
The Bank of New York Mellon4
New York, NY 10286
Transfer Agent
Common Shares
Computershare Trust Company, N.A.3
Providence, RI 02940
BNY Mellon Shareowner Services4
Jersey City, NJ 07310
Auction Agent
Preferred Shares
BNY Mellon Shareowner Services
Jersey City, NJ 07310
Accounting Agent
State Street Bank and Trust Company
Princeton, NJ 08540
Independent Registered Public Accounting Firm
Deloitte & Touche LLP
Princeton, NJ 08540
Legal Counsel
Skadden, Arps, Slate, Meagher & Flom LLP
New York, NY 10036
Address of the Funds
100 Bellevue Parkway
Wilmington, DE 19809
3 For MNE.
4 For MZA, MYC, MYF and MYJ.
Effective January 1, 2010, Kent Dixon, a Director of the Funds, retired. The Funds’
Board wishes Mr. Dixon well in his retirement.
SEMI-ANNUAL REPORT
JANUARY 31, 2010
43
Additional Information
Proxy Results
The Annual Meeting of Shareholders was held on August 26, 2009 for shareholders of record on June 29, 2009 to elect director nominees of each Fund:
| G. Nicholas Beckwith, III | Richard E. Cavanagh | Richard S. Davis | ||||
| Votes | Votes | Votes | ||||
| Votes For | Withheld | Votes For | Withheld | Votes For | Withheld | |
| MNE | 3,722,842 | 146,423 | 3,720,353 | 148,912 | 3,725,136 | 144,129 |
| MZA | 4,252,134 | 141,955 | 4,254,274 | 139,815 | 4,256,514 | 137,575 |
| MYC | 18,341,026 | 657,582 | 18,345,926 | 652,682 | 18,345,076 | 653,532 |
| MYF | 11,507,930 | 1,071,073 | 11,515,542 | 1,063,461 | 11,518,110 | 1,060,893 |
| MYJ | 12,896,908 | 432,848 | 12,827,102 | 502,654 | 12,922,659 | 407,097 |
| Kent Dixon | Frank J. Fabozzi1 | Kathleen F. Feldstein | ||||
| Votes | Votes | Votes | ||||
| Votes For | Withheld | Votes For | Withheld | Votes For | Withheld | |
| MNE | 3,660,645 | 208,620 | 1,150 | — | 3,720,353 | 148,912 |
| MZA | 4,256,514 | 137,575 | 1,436 | 8 | 4,247,756 | 146,333 |
| MYC | 18,240,525 | 758,083 | 3,051 | 59 | 17,964,966 | 1,033,642 |
| MYF | 11,503,213 | 1,075,790 | 3,052 | — | 11,511,078 | 1,067,925 |
| MYJ | 12,813,516 | 516,240 | 3,235 | 10 | 12,836,981 | 492,775 |
| James T. Flynn | Henry Gabbay | Jerrold B. Harris | ||||
| Votes | Votes | Votes | ||||
| Votes For | Withheld | Votes For | Withheld | Votes For | Withheld | |
| MNE | 3,660,645 | 208,620 | 3,725,136 | 144,129 | 3,718,059 | 151,206 |
| MZA | 4,256,514 | 137,575 | 4,256,514 | 137,575 | 4,254,274 | 139,815 |
| MYC | 18,390,160 | 608,448 | 18,350,514 | 648,094 | 18,309,615 | 688,993 |
| MYF | 11,511,711 | 1,067,292 | 11,508,643 | 1,070,360 | 11,516,860 | 1,062,143 |
| MYJ | 12,922,990 | 406,766 | 12,911,186 | 418,570 | 12,922,737 | 407,019 |
| R. Glenn Hubbard | W. Carl Kester1 | Karen P. Robards | ||||
| Votes | Votes | Votes | ||||
| Votes For | Withheld | Votes For | Withheld | Votes For | Withheld | |
| MNE | 3,720,353 | 148,912 | 1,150 | — | 3,720,353 | 148,912 |
| MZA | 4,252,134 | 141,955 | 1,436 | 8 | 4,247,756 | 146,333 |
| MYC | 18,379,920 | 618,688 | 3,051 | 59 | 18,201,719 | 796,889 |
| MYF | 11,509,612 | 1,069,391 | 3,052 | — | 11,517,512 | 1,061,491 |
| MYJ | 12,833,395 | 496,361 | 3,219 | 26 | 12,842,888 | 486,868 |
| 1Voted on by holders of Preferred Shares only. | ||||||
44 SEMI-ANNUAL REPORT
JANUARY 31, 2010
Additional Information (continued)
Dividend Policy
The Funds’ dividend policy is to distribute all or a portion of their net
investment income to its shareholders on a monthly basis. In order to pro-
vide shareholders with a more stable level of dividend distributions, the
Funds may at times pay out less than the entire amount of net investment
income earned in any particular month and may at times in any particular
month pay out such accumulated but undistributed income in addition to
net investment income earned in that month. As a result, the dividends
paid by the Funds for any particular month may be more or less than the
amount of net investment income earned by the Funds during such month.
The Funds’ current accumulated but undistributed net investment income,
if any, is disclosed in the Statements of Assets and Liabilities, which com-
prises part of the financial information included in this report.
General Information
Electronic Delivery
Electronic copies of most financial reports are available on the Funds’ web-
sites or shareholders can sign up for e-mail notifications of quarterly state-
ments, annual and semi-annual reports by enrolling in the Funds’ electronic
delivery program.
Shareholders Who Hold Accounts with Investment Advisors, Banks
or Brokerages:
Please contact your financial advisor to enroll. Please note that not all
investment advisors, banks or brokerages may offer this service.
SEMI-ANNUAL REPORT
JANUARY 31, 2010
45
Additional Information (concluded)
General Information (concluded)
Householding
The Funds will mail only one copy of shareholder documents, including
annual and semi-annual reports and proxy statements, to shareholders
with multiple accounts at the same address. This practice is commonly
called “householding” and is intended to reduce expenses and eliminate
duplicate mailings of shareholder documents. Mailings of your share-
holder documents may be householded indefinitely unless you instruct
us otherwise. If you do not want the mailing of these documents to be
combined with those for other members of your household, please
call (800) 441-7762.
Availability of Quarterly Schedule of Investments
Each Fund files its complete schedule of portfolio holdings with the
Securities and Exchange Commision (SEC) for the first and third quarters of
each fiscal year on Form N-Q. The Funds’ Forms N-Q are available on the
SEC’s website at http://www.sec.gov and may also be reviewed and copied
at the SEC’s Public Reference Room in Washington, DC. Information on the
operation of the Public Reference Room may be obtained by calling
(202) 551-8090. Each Fund’s Forms N-Q may also be obtained upon
request and without charge by calling (800) 441-7762.
Availability of Proxy Voting Policies and Procedures
A description of the policies and procedures that the Funds use to
determine how to vote proxies relating to portfolio securities is available
(1) without charge, upon request, by calling (800) 441-7762; (2) at
www.blackrock.com; and (3) on the SEC’s website at http://www.sec.gov.
Availability of Proxy Voting Record
Information about how the Funds voted proxies relating to securities
held in the Funds’ portfolios during the most recent 12-month period
ended June 30 is available upon request and without charge (1) at
www.blackrock.com or by calling (800) 441-7762 and (2) on the SEC’s
website at http://www.sec.gov.
BlackRock Privacy Principles
BlackRock is committed to maintaining the privacy of its current and for-
mer fund investors and individual clients (collectively, “Clients”) and to
safeguarding their non-public personal information. The following infor-
mation is provided to help you understand what personal information
BlackRock collects, how we protect that information and why in certain
cases we share such information with select parties.
If you are located in a jurisdiction where specific laws, rules or regulations
require BlackRock to provide you with additional or different privacy-related
rights beyond what is set forth below, then BlackRock will comply with those
specific laws, rules or regulations.
BlackRock obtains or verifies personal non-public information from and
about you from different sources, including the following: (i) information we
receive from you or, if applicable, your financial intermediary, on applica-
tions, forms or other documents; (ii) information about your transactions
with us, our affiliates, or others; (iii) information we receive from a consumer
reporting agency; and (iv) from visits to our websites.
BlackRock does not sell or disclose to non-affiliated third parties any non-
public personal information about its Clients, except as permitted by law
or as is necessary to respond to regulatory requests or to service Client
accounts. These non-affiliated third parties are required to protect the
confidentiality and security of this information and to use it only for its
intended purpose.
We may share information with our affiliates to service your account or to
provide you with information about other BlackRock products or services
that may be of interest to you. In addition, BlackRock restricts access
to non-public personal information about its Clients to those BlackRock
employees with a legitimate business need for the information. BlackRock
maintains physical, electronic and procedural safeguards that are designed
to protect the non-public personal information of its Clients, including pro-
cedures relating to the proper storage and disposal of such information.
46 SEMI-ANNUAL REPORT
JANUARY 31, 2010
This report is transmitted to shareholders only. It is not a prospectus. Past performance results shown in this report should not be considered a representa-
tion of future performance. The Funds have leveraged their Common Shares which creates risks for Common Shareholders, including the likelihood of greater
volatility of net asset value and market price of the Common Shares, and the risk that fluctuations in the short-term dividend rates of the Preferred Shares,
currently set at the maximum reset rate as a result of failed auctions, may reduce the Common Shares’ yield. Statements and other information herein are
as dated and are subject to change.
Item 2 – Code of Ethics – Not Applicable to this semi-annual report
Item 3 – Audit Committee Financial Expert – Not Applicable to this semi-annual report
Item 4 – Principal Accountant Fees and Services – Not Applicable to this semi-annual report
Item 5 – Audit Committee of Listed Registrants – Not Applicable to this semi-annual report
Item 6 – Investments
(a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under
Item 1 of this form.
(b) Not Applicable due to no such divestments during the semi-annual period covered since the previous
Form N-CSR filing.
Item 7 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies –
Not Applicable to this semi-annual report
Item 8 – Portfolio Managers of Closed-End Management Investment Companies – Not Applicable to this semi-
annual report
Item 9 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated
Purchasers – Not Applicable
Item 10 – Submission of Matters to a Vote of Security Holders – The registrant’s Nominating and Governance
Committee will consider nominees to the board of directors recommended by shareholders when a vacancy
becomes available. Shareholders who wish to recommend a nominee should send nominations that include
biographical information and set forth the qualifications of the proposed nominee to the registrant’s
Secretary. There have been no material changes to these procedures.
Item 11 – Controls and Procedures
11(a) – The registrant’s principal executive and principal financial officers or persons performing similar functions
have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under
the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90
days of the filing of this report based on the evaluation of these controls and procedures required by Rule
30a-3(b) under the 1940 Act and Rule 13(a)-15(b) under the Securities Exchange Act of 1934, as amended.
11(b) – There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-
3(d) under the 1940 Act) that occurred during the second fiscal quarter of the period covered by this report
that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control
over financial reporting.
Item 12 – Exhibits attached hereto
12(a)(1) – Code of Ethics – Not Applicable to this semi-annual report
12(a)(2) – Certifications – Attached hereto
12(a)(3) – Not Applicable
12(b) – Certifications – Attached hereto
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of
1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.
BlackRock MuniYield New Jersey Fund, Inc.
By: /s/ Anne F. Ackerley
Anne F. Ackerley
Chief Executive Officer of
BlackRock MuniYield New Jersey Fund, Inc.
Date: March 19, 2010
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of
1940, this report has been signed below by the following persons on behalf of the registrant and in the
capacities and on the dates indicated.
By: /s/ Anne F. Ackerley
Anne F. Ackerley
Chief Executive Officer (principal executive officer) of
BlackRock MuniYield New Jersey Fund, Inc.
Date: March 19, 2010
By: /s/ Neal J. Andrews
Neal J. Andrews
Chief Financial Officer (principal financial officer) of
BlackRock MuniYield New Jersey Fund, Inc.
Date: March 19, 2010