UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM N-Q

 

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

 

Investment Company Act file number 811-06414

 

Name of Fund: BlackRock MuniYield Fund, Inc. (MYD)

 

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

 

Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock MuniYield 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: 04/30/2013

 

Date of reporting period: 07/31/2012

 

Item 1 – Schedule of Investments

 

 

 

 

Schedule of Investments July 31, 2012 (Unaudited)

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

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Alabama — 0.7%

 

 

 

 

 

 

 

County of Jefferson Alabama, RB,
Series A, 5.50%, 1/01/22

 

$

5,250

 

$

5,267,798

 

Alaska — 1.0%

 

 

 

 

 

 

 

Northern Tobacco Securitization Corp.,

 

 

 

 

 

 

 

Refunding RB, Tobacco Settlement,

 

 

 

 

 

 

 

Asset-Backed, Series A:

 

 

 

 

 

 

 

4.63%, 6/01/23

 

 

2,320

 

 

2,313,017

 

5.00%, 6/01/46

 

 

6,450

 

 

5,059,573

 

 

 

 

 

 

 

7,372,590

 

Arizona — 5.1%

 

 

 

 

 

 

 

Maricopa County IDA Arizona, RB,

 

 

 

 

 

 

 

Arizona Charter Schools Project,

 

 

 

 

 

 

 

Series A, 6.75%, 7/01/29

 

 

3,300

 

 

2,313,828

 

Phoenix IDA Arizona, Refunding RB,

 

 

 

 

 

 

 

America West Airlines, Inc. Project, AMT:

 

 

 

 

 

 

 

6.25%, 6/01/19

 

 

3,000

 

 

2,735,400

 

6.30%, 4/01/23

 

 

5,090

 

 

4,487,802

 

Pima County IDA Arizona, ERB,

 

 

 

 

 

 

 

Unrefunded Balance, 6.75%,

 

 

 

 

 

 

 

7/01/31

 

 

455

 

 

456,242

 

Pima County IDA Arizona, RB, Tucson

 

 

 

 

 

 

 

Electric Power Co., Series A, 6.38%,

 

 

 

 

 

 

 

9/01/29

 

 

3,000

 

 

3,059,070

 

Salt Verde Financial Corp., RB, Senior:

 

 

 

 

 

 

 

5.00%, 12/01/32

 

 

7,365

 

 

7,661,662

 

5.00%, 12/01/37

 

 

14,190

 

 

14,729,930

 

Vistancia Community Facilities District

 

 

 

 

 

 

 

Arizona, GO, 5.75%, 7/15/24

 

 

2,125

 

 

2,266,100

 

 

 

 

 

 

 

37,710,034

 

California — 8.6%

 

 

 

 

 

 

 

California Health Facilities Financing

 

 

 

 

 

 

 

Authority, RB:

 

 

 

 

 

 

 

Stanford Hospital and Clinics,

 

 

 

 

 

 

 

Series A, 5.00%, 8/15/51

 

 

2,400

 

 

2,632,176

 

Sutter Health, Series B,

 

 

 

 

 

 

 

6.00%, 8/15/42

 

 

6,465

 

 

7,764,465

 

California Health Facilities Financing

 

 

 

 

 

 

 

Authority, Refunding RB:

 

 

 

 

 

 

 

Catholic Healthcare West,

 

 

 

 

 

 

 

Series A, 6.00%, 7/01/34

 

 

3,155

 

 

3,731,355

 

St. Joseph Health System,

 

 

 

 

 

 

 

Series A, 5.75%, 7/01/39

 

 

4,425

 

 

5,111,141

 

California State Public Works Board, RB,

 

 

 

 

 

 

 

Various Capital Projects,

 

 

 

 

 

 

 

Sub-Series I-1, 6.38%, 11/01/34

 

 

2,385

 

 

2,897,179

 

California Statewide Communities

 

 

 

 

 

 

 

Development Authority, RB:

 

 

 

 

 

 

 

John Muir Health, 5.13%,

 

 

 

 

 

 

 

7/01/39

 

 

4,375

 

 

4,699,756

 

Kaiser Permanente, Series A,

 

 

 

 

 

 

 

5.00%, 4/01/42

 

 

4,455

 

 

4,876,354

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

California (concluded)

 

 

 

 

 

 

 

City of Los Angeles Department of

 

 

 

 

 

 

 

Airports, Refunding RB, International

 

 

 

 

 

 

 

Airport, Series A, 5.25%, 5/15/39

 

$

1,605

 

$

1,808,434

 

State of California, GO:

 

 

 

 

 

 

 

(AMBAC), 5.00%, 4/01/31

 

 

10

 

 

10,424

 

Various Purpose, 6.00%,

 

 

 

 

 

 

 

3/01/33

 

 

5,085

 

 

6,263,906

 

Various Purpose, 6.50%,

 

 

 

 

 

 

 

4/01/33

 

 

14,075

 

 

17,580,519

 

State of California, GO, Refunding,

 

 

 

 

 

 

 

Various Purpose, 5.00%, 10/01/41

 

 

5,190

 

 

5,663,795

 

 

 

 

 

 

 

63,039,504

 

Colorado — 2.9%

 

 

 

 

 

 

 

City & County of Denver Colorado, RB,

 

 

 

 

 

 

 

Series D, AMT (AMBAC), 7.75%,

 

 

 

 

 

 

 

11/15/13

 

 

2,785

 

 

2,907,958

 

Colorado Health Facilities Authority,

 

 

 

 

 

 

 

Refunding RB, The Evangelical

 

 

 

 

 

 

 

Lutheran Good Samaritan Society

 

 

 

 

 

 

 

Project, 5.00%, 12/01/42

 

 

3,580

 

 

3,793,762

 

Colorado Housing & Finance Authority,

 

 

 

 

 

 

 

Refunding RB, S/F Program, Senior

 

 

 

 

 

 

 

Series D-2, AMT, 6.90%, 4/01/29

 

 

105

 

 

109,444

 

Plaza Metropolitan District No. 1

 

 

 

 

 

 

 

Colorado, Tax Allocation Bonds, Public

 

 

 

 

 

 

 

Improvement Fee, Tax Increment:

 

 

 

 

 

 

 

8.00%, 12/01/25

 

 

6,850

 

 

7,106,464

 

Subordinate, 8.13%,

 

 

 

 

 

 

 

12/01/25

 

 

1,885

 

 

1,884,811

 

University of Colorado, RB, Series A:

 

 

 

 

 

 

 

5.25%, 6/01/30

 

 

2,250

 

 

2,734,042

 

5.38%, 6/01/32

 

 

1,250

 

 

1,515,500

 

5.38%, 6/01/38

 

 

830

 

 

973,316

 

 

 

 

 

 

 

21,025,297

 

Connecticut — 3.3%

 

 

 

 

 

 

 

Connecticut State Health & Educational

 

 

 

 

 

 

 

Facility Authority, RB, Ascension

 

 

 

 

 

 

 

Health Senior Credit, 5.00%,

 

 

 

 

 

 

 

11/15/40

 

 

2,770

 

 

3,050,102

 

Connecticut State Health & Educational

 

 

 

 

 

 

 

Facility Authority, Refunding RB,

 

 

 

 

 

 

 

Wesleyan University:

 

 

 

 

 

 

 

5.00%, 7/01/35

 

 

2,225

 

 

2,534,787

 

5.00%, 7/01/39

 

 

5,000

 

 

5,647,250

 

State of Connecticut, GO, Refunding,

 

 

 

 

 

 

 

Series C:

 

 

 

 

 

 

 

5.00%, 6/01/23

 

 

6,390

 

 

8,062,774

 

5.00%, 6/01/24

 

 

4,065

 

 

5,081,901

 

 

 

 

 

 

 

24,376,814

 

Delaware — 1.6%

 

 

 

 

 

 

 

County of Sussex Delaware, RB, NRG

 

 

 

 

 

 

 

Energy, Inc., Indian River Project,

 

 

 

 

 

 

 

6.00%, 10/01/40

 

 

2,305

 

 

2,617,397

 

 

 

 

 
       

 

 

BLACKROCK MUNIYIELD FUND, INC.

JULY 31, 2012

1


 

 

 

 

Schedule of Investments (continued)

BlackRock MuniYield Fund, Inc. (MYD)

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Delaware (concluded)

 

 

 

 

 

 

 

Delaware State EDA, RB, Exempt
Facilities, Indian River Power, 5.38%,
10/01/45

 

$

8,275

 

$

8,957,522

 

 

 

 

 

 

 

11,574,919

 

District of Columbia — 2.9%

 

 

 

 

 

 

 

District of Columbia, Tax Allocation
Bonds, City Market of Street Project,
5.13%, 6/01/41

 

 

4,440

 

 

4,783,034

 

Metropolitan Washington Airports
Authority, Refunding RB:

 

 

 

 

 

 

 

CAB, Second Senior Lien,
Series B (AGC), 4.90%,
10/01/31 (a)

 

 

8,350

 

 

3,301,590

 

CAB, Second Senior Lien,
Series B (AGC), 4.96%,
10/01/32 (a)

 

 

15,000

 

 

5,584,500

 

CAB, Second Senior Lien,
Series B (AGC), 5.00%,
10/01/33 (a)

 

 

13,410

 

 

4,715,627

 

First Senior Lien, Series A,
5.25%, 10/01/44

 

 

2,425

 

 

2,685,348

 

 

 

 

 

 

 

21,070,099

 

Florida — 7.5%

 

 

 

 

 

 

 

Broward County Water & Sewer Utility
Revenue, Refunding RB, Series A,
5.25%, 10/01/34

 

 

2,155

 

 

2,573,221

 

Citizens Property Insurance Corp., RB,
Senior Secured, Series A-1, 5.00%,
6/01/21

 

 

3,450

 

 

3,980,058

 

City of Clearwater FL, RB, Water &
Sewer Revenue, Series A, 5.25%,
12/01/39

 

 

6,900

 

 

7,875,867

 

County of Miami-Dade Florida,
Refunding RB, Miami International
Airport, Series A-1, 5.38%, 10/01/41

 

 

7,530

 

 

8,553,628

 

Greater Orlando Aviation Authority
Florida, RB, Special Purpose, JetBlue
Airways Corp., AMT, 6.50%, 11/15/36

 

 

2,500

 

 

2,526,775

 

Hillsborough County IDA, RB, National
Gypsum Co., AMT:

 

 

 

 

 

 

 

Series A, 7.13%, 4/01/30

 

 

11,500

 

 

11,507,590

 

Series B, 7.13%, 4/01/30

 

 

5,000

 

 

5,001,500

 

Mid-Bay Bridge Authority, RB, Series A,
7.25%, 10/01/40

 

 

4,615

 

 

5,825,099

 

Midtown Miami Community
Development District, Special
Assessment Bonds, Series B, 6.50%,
5/01/37

 

 

5,080

 

 

5,216,805

 

Santa Rosa Bay Bridge Authority, RB,
6.25%, 7/01/28 (b)(c)

 

 

4,620

 

 

1,790,296

 

 

 

 

 

 

 

54,850,839

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Georgia — 1.3%

 

 

 

 

 

 

 

DeKalb Private Hospital Authority,
Refunding RB, Children’s Healthcare,
5.25%, 11/15/39

 

$

1,700

 

$

1,880,625

 

Metropolitan Atlanta Rapid Transit
Authority, RB, Third Series, 5.00%,
7/01/39

 

 

6,945

 

 

7,756,037

 

 

 

 

 

 

 

9,636,662

 

Hawaii — 0.4%

 

 

 

 

 

 

 

State of Hawaii, RB, Series A, 5.25%,
7/01/30

 

 

2,760

 

 

3,232,816

 

Idaho — 1.4%

 

 

 

 

 

 

 

Power County Industrial Development
Corp., RB, FMC Corp. Project, AMT,
6.45%, 8/01/32

 

 

10,000

 

 

10,016,600

 

Illinois — 11.2%

 

 

 

 

 

 

 

Bolingbrook Special Service Area No. 1,
Special Tax Bonds, Forest City Project,
5.90%, 3/01/27

 

 

1,000

 

 

914,900

 

Chicago Board of Education Illinois, GO,
Series A, 5.50%, 12/01/39

 

 

4,280

 

 

4,989,710

 

City of Chicago Illinois, GO, Project,
Series A:

 

 

 

 

 

 

 

5.00%, 1/01/33

 

 

1,625

 

 

1,832,967

 

5.00%, 1/01/34

 

 

7,585

 

 

8,490,801

 

City of Chicago Illinois, RB, O’Hare
International Airport, General Third
Lien, Series A, 5.63%, 1/01/35

 

 

4,200

 

 

4,929,246

 

City of Chicago Illinois, Refunding RB,
Series A, 5.25%, 1/01/38

 

 

1,660

 

 

1,905,647

 

City of Chicago Illinois O’Hare
International Airport, GARB, General
Third Lien:

 

 

 

 

 

 

 

Series A, 5.75%, 1/01/39

 

 

3,500

 

 

4,125,590

 

Series C, 6.50%, 1/01/41

 

 

11,920

 

 

14,633,946

 

City of Chicago Illinois Transit Authority,
RB, Sales Tax Receipts Revenue,
5.25%, 12/01/40

 

 

2,130

 

 

2,429,968

 

Illinois Finance Authority, RB, Navistar
International, Recovery Zone, 6.50%,
10/15/40

 

 

1,850

 

 

1,912,678

 

Illinois Finance Authority, Refunding RB:

 

 

 

 

 

 

 

Ascension Health, Series A,
5.00%, 11/15/37

 

 

1,970

 

 

2,194,245

 

Ascension Health, Series A,
5.00%, 11/15/42

 

 

3,575

 

 

3,958,061

 

Central Dupage Health,
Series B, 5.50%, 11/01/39

 

 

3,235

 

 

3,641,542

 

Metropolitan Pier & Exposition Authority,
Refunding RB, McCormick Place
Expansion Project,

 

 

 

 

 

 

 

CAB, Series B (AGM), 5.16%,
6/15/46 (a)

 

 

11,405

 

 

2,030,774

 

 

 

 

 

 

 

 

 

 

BLACKROCK MUNIYIELD FUND, INC.

JULY 31, 2012

2


 

 

 

 

Schedule of Investments (continued)

BlackRock MuniYield Fund, Inc. (MYD)

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Illinois (concluded)

 

 

 

 

 

 

 

Metropolitan Pier & Exposition Authority,
Refunding RB, McCormick Place
Expansion Project (concluded):

 

 

 

 

 

 

 

CAB, Series B (AGM), 5.19%,
6/15/47 (a)

 

$

27,225

 

$

4,560,187

 

Series B (AGM), 5.00%,
6/15/50

 

 

6,405

 

 

6,930,210

 

Series B-2, 5.00%, 6/15/50

 

 

5,085

 

 

5,500,190

 

Railsplitter Tobacco Settlement
Authority, RB:

 

 

 

 

 

 

 

5.50%, 6/01/23

 

 

2,730

 

 

3,185,692

 

6.00%, 6/01/28

 

 

2,335

 

 

2,717,263

 

State of Illinois, RB, Build Illinois,
Series B, 5.25%, 6/15/34

 

 

1,275

 

 

1,448,528

 

 

 

 

 

 

 

82,332,145

 

Indiana — 2.2%

 

 

 

 

 

 

 

Indiana Finance Authority, RB:

 

 

 

 

 

 

 

Sisters of St. Francis Health,
5.25%, 11/01/39

 

 

1,690

 

 

1,857,395

 

Waste Water Utility, First Lien,
CWA Authority, Series A,
5.25%, 10/01/38

 

 

3,200

 

 

3,703,680

 

Indiana Finance Authority, Refunding
RB, Parkview Health System, Series A,
5.75%, 5/01/31

 

 

6,645

 

 

7,652,914

 

Indiana Municipal Power Agency, RB,
Series B, 6.00%, 1/01/39

 

 

2,230

 

 

2,600,804

 

 

 

 

 

 

 

15,814,793

 

Iowa — 0.6%

 

 

 

 

 

 

 

Iowa Student Loan Liquidity Corp.,
Refunding RB, Senior Series A-1, AMT,
5.15%, 12/01/22

 

 

4,165

 

 

4,699,411

 

Kansas — 1.2%

 

 

 

 

 

 

 

Kansas Development Finance Authority,
Refunding RB:

 

 

 

 

 

 

 

Adventist Health, 5.75%,
11/15/38

 

 

4,380

 

 

5,134,937

 

Sisters of Leavenworth,
Series A, 5.00%, 1/01/40

 

 

3,365

 

 

3,671,450

 

 

 

 

 

 

 

8,806,387

 

Louisiana — 4.6%

 

 

 

 

 

 

 

East Baton Rouge Sewerage
Commission, RB, Series A, 5.25%,
2/01/39

 

 

1,610

 

 

1,808,336

 

Louisiana Local Government
Environmental Facilities & Community
Development Authority, RB, Westlake
Chemical Corp. Projects, 6.75%,
11/01/32

 

 

9,000

 

 

10,115,550

 

New Orleans Aviation Board, Refunding
ARB, Passenger Facility Charge,
Series A, 5.25%, 1/01/41

 

 

1,260

 

 

1,383,909

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Louisiana (concluded)

 

 

 

 

 

 

 

Port of New Orleans Louisiana,
Refunding RB, Continental Grain Co.
Project, 6.50%, 1/01/17

 

$

13,000

 

$

13,069,290

 

State of Louisiana Gasoline & Fuels Tax
Revenue, RB, Second Lien, Series B,
5.00%, 5/01/45

 

 

6,610

 

 

7,435,126

 

 

 

 

 

 

 

33,812,211

 

Maine — 0.7%

 

 

 

 

 

 

 

Maine Health & Higher Educational
Facilities Authority, RB, Series A,
5.00%, 7/01/39

 

 

3,140

 

 

3,408,941

 

Maine State Turnpike Authority, RB,
Series A, 5.00%, 7/01/42

 

 

1,790

 

 

2,058,607

 

 

 

 

 

 

 

5,467,548

 

Maryland — 0.7%

 

 

 

 

 

 

 

County of Prince George’s Maryland, SO,
National Harbor Project, 5.20%,
7/01/34

 

 

1,500

 

 

1,534,275

 

Maryland EDC, RB, Transportation
Facilities Project, Series A, 5.75%,
6/01/35

 

 

880

 

 

959,464

 

Maryland EDC, Refunding RB, CNX
Marine Terminals, Inc., 5.75%,
9/01/25

 

 

1,690

 

 

1,829,374

 

Maryland Industrial Development
Financing Authority, RB, Our Lady Of
Good Counsel School, Series A,
6.00%, 5/01/35

 

 

500

 

 

524,300

 

 

 

 

 

 

 

4,847,413

 

Massachusetts — 2.2%

 

 

 

 

 

 

 

Massachusetts Bay Transportation
Authority, Refunding RB,
Senior Series A-1, 5.25%, 7/01/29

 

 

3,250

 

 

4,317,008

 

Massachusetts Development Finance
Agency, RB, Wellesley College,
Series J, 5.00%, 7/01/42

 

 

3,680

 

 

4,300,301

 

Massachusetts Development Finance
Agency, Refunding RB, Seven Hills
Foundation & Affiliates (Radian),
5.00%, 9/01/35

 

 

3,500

 

 

3,374,490

 

Massachusetts Health & Educational
Facilities Authority, Refunding RB,
Partners Healthcare, Series J1,
5.00%, 7/01/39

 

 

3,640

 

 

3,968,073

 

 

 

 

 

 

 

15,959,872

 

Michigan — 4.0%

 

 

 

 

 

 

 

City of Detroit Michigan, RB, Senior Lien:

 

 

 

 

 

 

 

Series A, 5.25%, 7/01/41

 

 

6,250

 

 

6,558,125

 

Series B (AGM), 7.50%,
7/01/33

 

 

1,835

 

 

2,306,778

 

 

 

 

 

 

 

 

 

 

BLACKROCK MUNIYIELD FUND, INC.

JULY 31, 2012

3


 

 

 

Schedule of Investments (continued)

BlackRock MuniYield Fund, Inc. (MYD)

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Michigan (concluded)

 

 

 

 

 

 

 

Kalamazoo Hospital Finance Authority,
Refunding RB, Bronson Methodist
Hospital, 5.50%, 5/15/36

 

$

2,795

 

$

3,102,646

 

Michigan State Hospital Finance
Authority, Refunding RB, Hospital,
Henry Ford Health, 5.75%, 11/15/39

 

 

6,085

 

 

6,833,881

 

Royal Oak Hospital Finance Authority
Michigan, Refunding RB, William
Beaumont Hospital:

 

 

 

 

 

 

 

8.00%, 9/01/29

 

 

2,000

 

 

2,567,600

 

8.25%, 9/01/39

 

 

6,365

 

 

8,210,277

 

 

 

 

 

 

 

29,579,307

 

Minnesota — 2.8%

 

 

 

 

 

 

 

City of Eden Prairie Minnesota, RB,
Rolling Hills Project, Series A (Ginnie
Mae):

 

 

 

 

 

 

 

6.00%, 8/20/21

 

 

420

 

 

437,884

 

6.20%, 2/20/43

 

 

2,000

 

 

2,083,420

 

City of Minneapolis Minnesota, HRB,
Gaar Scott Loft Project, Mandatory Put
Bonds, AMT, 5.95%, 5/01/30 (d)

 

 

835

 

 

837,371

 

Tobacco Securitization Authority
Minnesota, Refunding RB, Tobacco
Settlement, Series B:

 

 

 

 

 

 

 

5.25%, 3/01/25

 

 

9,110

 

 

10,570,424

 

5.25%, 3/01/31

 

 

6,215

 

 

6,991,440

 

 

 

 

 

 

 

20,920,539

 

Mississippi — 0.0%

 

 

 

 

 

 

 

University of Southern Mississippi, RB,
Campus Facilities Improvements
Project, 5.38%, 9/01/36

 

 

280

 

 

318,699

 

 

 

 

 

 

 

 

 

Nebraska — 0.7%

 

 

 

 

 

 

 

Central Plains Energy Project Nebraska,
RB, Gas Project No. 3:

 

 

 

 

 

 

 

5.25%, 9/01/37

 

 

1,670

 

 

1,772,087

 

5.00%, 9/01/42

 

 

2,925

 

 

3,008,918

 

 

 

 

 

 

 

4,781,005

 

New Jersey — 5.5%

 

 

 

 

 

 

 

New Jersey EDA, RB:

 

 

 

 

 

 

 

Continental Airlines, Inc.
Project, AMT, 4.88%,
9/15/19

 

 

3,905

 

 

3,920,581

 

Continental Airlines, Inc.
Project, AMT, 5.25%,
9/15/29

 

 

11,000

 

 

11,043,890

 

First Mortgage, Lions Gate
Project, Series A, 5.75%,
1/01/25

 

 

710

 

 

718,648

 

First Mortgage, Lions Gate
Project, Series A, 5.88%,
1/01/37

 

 

230

 

 

230,962

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

New Jersey (concluded)

 

 

 

 

 

 

 

New Jersey EDA, RB (concluded):

 

 

 

 

 

 

 

First Mortgage, Presbyterian
Homes, Series A, 6.38%,
11/01/31

 

$

3,000

 

$

2,992,050

 

Kapkowski Road Landfill
Project, Series 1998B-MB,
AMT, 6.50%, 4/01/31

 

 

2,500

 

 

2,946,400

 

New Jersey EDA, Refunding RB:

 

 

 

 

 

 

 

5.00%, 6/15/23

 

 

945

 

 

1,079,984

 

5.00%, 6/15/25

 

 

1,035

 

 

1,160,121

 

New Jersey Health Care Facilities
Financing Authority, RB, Pascack
Valley Hospital Association (b)(c):

 

 

 

 

 

 

 

6.00%, 7/01/13

 

 

1,335

 

 

13

 

6.63%, 7/01/36

 

 

1,835

 

 

18

 

New Jersey Transportation Trust Fund
Authority, RB:

 

 

 

 

 

 

 

CAB, Series C (AMBAC),
4.77%, 12/15/35 (a)

 

 

13,110

 

 

4,354,224

 

Transportation System, Series
A, 5.50%, 6/15/41

 

 

3,630

 

 

4,242,817

 

Transportation System, Series
B, 5.25%, 6/15/36

 

 

4,990

 

 

5,749,528

 

Port Authority of New York & New Jersey,
RB, JFK International Air Terminal,
6.00%, 12/01/42

 

 

1,485

 

 

1,681,807

 

 

 

 

 

 

 

40,121,043

 

New York — 3.9%

 

 

 

 

 

 

 

Dutchess County Industrial
Development Agency New York,
Refunding RB, St. Francis Hospital,
Series A, 7.50%, 3/01/29

 

 

2,100

 

 

2,163,315

 

Metropolitan Transportation Authority,
RB, Series E, 5.00%, 11/15/42

 

 

1,095

 

 

1,230,791

 

Metropolitan Transportation Authority,
Refunding RB:

 

 

 

 

 

 

 

Series B, 5.00%, 11/15/34

 

 

4,910

 

 

5,541,573

 

Transportation, Series D,
5.25%, 11/15/40

 

 

2,465

 

 

2,786,165

 

New York City Industrial Development
Agency, RB, British Airways Plc
Project, AMT, 7.63%, 12/01/32

 

 

1,250

 

 

1,284,738

 

New York Liberty Development Corp.,
Refunding RB, Second Priority, Bank
of America Tower at One Bryant Park
Project, 6.38%, 7/15/49

 

 

2,480

 

 

2,828,812

 

New York State Thruway Authority, RB,
Series I, 5.00%, 1/01/42

 

 

3,590

 

 

4,046,361

 

Oneida County Industrial Development
Agency, RB, Hamilton College Civic
Facility, Series 2002, 5.00%,
9/15/26

 

 

1,990

 

 

2,277,177

 

 

 

 

 

 

 

 

 

 

BLACKROCK MUNIYIELD FUND, INC.

JULY 31, 2012

4


 

 

 

Schedule of Investments (continued)

BlackRock MuniYield Fund, Inc. (MYD)

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

New York (concluded)

 

 

 

 

 

 

 

Port Authority of New York & New Jersey,
RB, JFK International Air Terminal,
6.00%, 12/01/36

 

$

2,625

 

$

2,982,814

 

Westchester County Industrial
Development Agency New York, RB,
Kendal on Hudson Project, Series A,
6.38%, 1/01/24

 

 

3,450

 

 

3,471,631

 

 

 

 

 

 

 

28,613,377

 

North Carolina — 1.1%

 

 

 

 

 

 

 

North Carolina HFA, RB, Home
Ownership, Series 8A, AMT, 6.20%,
7/01/16

 

 

30

 

 

30,000

 

North Carolina Medical Care
Commission, RB, Duke University
Health System, Series A, 5.00%,
6/01/42

 

 

2,805

 

 

3,098,094

 

North Carolina Medical Care
Commission, Refunding RB, First
Mortgage, Presbyterian Homes,
5.40%, 10/01/27

 

 

5,000

 

 

5,121,200

 

 

 

 

 

 

 

8,249,294

 

Ohio — 0.9%

 

 

 

 

 

 

 

County of Hamilton Ohio, RB, Christ
Hospital Project, 5.00%, 6/01/42

 

 

3,705

 

 

3,874,652

 

County of Montgomery Ohio, Refunding
RB, Catholic Healthcare, Series A,
5.00%, 5/01/39

 

 

2,840

 

 

3,056,834

 

 

 

 

 

 

 

6,931,486

 

Oregon — 0.1%

 

 

 

 

 

 

 

City of Tigard Washington County
Oregon, Refunding RB, Water System,
5.00%, 8/01/37

 

 

510

 

 

591,819

 

Pennsylvania — 1.9%

 

 

 

 

 

 

 

Allegheny County Hospital Development
Authority, Refunding RB, Health
System, West Penn, Series A, 5.38%,
11/15/40

 

 

4,150

 

 

3,388,890

 

Pennsylvania Economic Development
Financing Authority, RB:

 

 

 

 

 

 

 

Aqua Pennsylvania, Inc.
Project, 5.00%, 11/15/40

 

 

3,805

 

 

4,244,325

 

National Gypsum Co., Series A,
AMT, 6.25%, 11/01/27

 

 

5,270

 

 

5,183,045

 

Philadelphia Authority for Industrial
Development, RB, Commercial
Development, AMT, 7.75%, 12/01/17

 

 

1,265

 

 

1,266,986

 

 

 

 

 

 

 

14,083,246

 

Puerto Rico — 3.4%

 

 

 

 

 

 

 

Puerto Rico Sales Tax Financing Corp.,
RB, First Sub-Series A, 6.50%,
8/01/44

 

 

10,120

 

 

12,080,547

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Puerto Rico (concluded)

 

 

 

 

 

 

 

Puerto Rico Sales Tax Financing Corp.,
Refunding RB, CAB (a):

 

 

 

 

 

 

 

CAB, Series C, 5.43%,
8/01/39

 

$

22,915

 

$

5,393,733

 

First Sub-Series C, 5.73%,
8/01/38

 

 

23,695

 

 

5,454,352

 

Series A (AMBAC), 5.66%,
8/01/47

 

 

14,900

 

 

2,112,522

 

 

 

 

 

 

 

25,041,154

 

Rhode Island — 0.5%

 

 

 

 

 

 

 

Central Falls Detention Facility Corp.,
Refunding RB, 7.25%, 7/15/35

 

 

4,240

 

 

3,648,011

 

South Carolina — 1.0%

 

 

 

 

 

 

 

South Carolina State Ports Authority, RB,
5.25%, 7/01/40

 

 

6,695

 

 

7,533,281

 

Tennessee — 0.4%

 

 

 

 

 

 

 

Hardeman County Correctional Facilities
Corp. Tennessee, RB, 7.75%,
8/01/17

 

 

2,470

 

 

2,470,593

 

Rutherford County Health & Educational
Facilities Board, RB, Ascension
Health, Series C, 5.00%, 11/15/47

 

 

430

 

 

484,386

 

 

 

 

 

 

 

2,954,979

 

Texas — 12.1%

 

 

 

 

 

 

 

Central Texas Regional Mobility
Authority, Refunding RB, Senior Lien,
6.25%, 1/01/46

 

 

4,365

 

 

5,060,825

 

City of Austin Texas, Refunding RB,
Water & Wastewater System:

 

 

 

 

 

 

 

5.00%, 10/01/35

 

 

3,060

 

 

3,528,976

 

5.00%, 11/15/37

 

 

1,275

 

 

1,488,180

 

City of Houston Texas, RB, Special
Facilities, Continental Airlines,
Series E, AMT:

 

 

 

 

 

 

 

7.38%, 7/01/22

 

 

3,500

 

 

3,515,015

 

7.00%, 7/01/29

 

 

3,000

 

 

3,012,810

 

City of Houston Texas, Refunding RB,
Senior Lien, Series A, 5.50%,
7/01/39

 

 

3,100

 

 

3,481,455

 

Gulf Coast IDA, RB, Citgo Petroleum
Corp. Project, Mandatory Put Bonds,
AMT, 7.50%, 5/01/25 (d)

 

 

3,900

 

 

3,918,213

 

Houston Industrial Development Corp.,
RB, Senior, Air Cargo, AMT, 6.38%,
1/01/23

 

 

1,485

 

 

1,485,921

 

La Vernia Higher Education Finance
Corp., RB, KIPP, Inc., Series A, 6.38%,
8/15/44

 

 

1,000

 

 

1,167,120

 

 

 

 

 

 

 

 

 

 

BLACKROCK MUNIYIELD FUND, INC.

JULY 31, 2012

5


 

 

 

 

Schedule of Investments (continued)

BlackRock MuniYield Fund, Inc. (MYD)

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Texas (concluded)

 

 

 

 

 

 

 

Matagorda County Navigation District
No. 1 Texas, Refunding RB, Central
Power & Light Co. Project, Series A,
6.30%, 11/01/29

 

$

4,320

 

$

5,017,809

 

North Texas Tollway Authority, RB, CAB,
Special Projects System, Series B,
5.39%, 9/01/37 (a)

 

 

4,110

 

 

1,083,889

 

North Texas Tollway Authority,
Refunding RB, Toll, Second Tier,
Series F, 6.13%, 1/01/31

 

 

12,140

 

 

13,425,262

 

San Antonio Energy Acquisition Public
Facility Corp., RB, Gas Supply, 5.50%,
8/01/25

 

 

6,365

 

 

7,113,524

 

Texas Private Activity Bond Surface
Transportation Corp., RB, Senior Lien:

 

 

 

 

 

 

 

LBJ Infrastructure Group LLC,
LBJ Freeway Managed
Lanes Project, 7.00%,
6/30/40

 

 

7,000

 

 

8,545,600

 

NTE Mobility Partners LLC,
North Tarrant Express
Managed Lanes Project,
6.88%, 12/31/39

 

 

6,655

 

 

7,990,392

 

Texas State Public Finance Authority,
Refunding ERB, KIPP, Inc., Series A
(ACA), 5.00%, 2/15/36

 

 

1,000

 

 

1,024,680

 

Texas State Turnpike Authority, RB, CAB
(AMBAC), 6.02%, 8/15/35 (a)

 

 

15,000

 

 

3,825,000

 

University of Texas System, Refunding RB:

 

 

 

 

 

 

 

Financing System, Series A,
5.00%, 8/15/22

 

 

5,000

 

 

6,481,500

 

Series B, 5.00%, 8/15/43

 

 

6,240

 

 

7,332,561

 

 

 

 

 

 

 

88,498,732

 

Virginia — 2.0%

 

 

 

 

 

 

 

James City County EDA, RB, First
Mortgage, Williamsburg Lodge,
Series A:

 

 

 

 

 

 

 

5.35%, 9/01/26

 

 

1,500

 

 

1,521,255

 

5.50%, 9/01/34

 

 

2,000

 

 

2,015,100

 

Virginia Small Business Financing
Authority, RB, Senior Lien, Elizabeth
River Crossings OPCP LLC Project,
AMT:

 

 

 

 

 

 

 

5.25%, 1/01/32

 

 

3,270

 

 

3,537,747

 

6.00%, 1/01/37

 

 

3,715

 

 

4,242,939

 

5.50%, 1/01/42

 

 

2,335

 

 

2,573,077

 

Winchester IDA Virginia, RB,
Westminster-Canterbury, Series A,
5.20%, 1/01/27

 

 

1,000

 

 

1,029,390

 

 

 

 

 

 

 

14,919,508

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Washington — 1.4%

 

 

 

 

 

 

 

Vancouver Housing Authority
Washington, HRB, Teal Pointe
Apartments Project, AMT:

 

 

 

 

 

 

 

6.00%, 9/01/22

 

$

945

 

$

945,085

 

6.20%, 9/01/32

 

 

1,250

 

 

1,249,888

 

Washington Health Care Facilities
Authority, RB, Swedish Health
Services, Series A, 6.75%,
5/15/21 (e)

 

 

4,045

 

 

5,641,804

 

Washington Health Care Facilities
Authority, Refunding RB, Providence
Health & Services, Series A, 5.00%,
10/01/42

 

 

2,055

 

 

2,292,476

 

 

 

 

 

 

 

10,129,253

 

Wisconsin — 3.3%

 

 

 

 

 

 

 

City of Milwaukee Wisconsin, RB, Senior,
Air Cargo, AMT, 6.50%, 1/01/25

 

 

595

 

 

595,387

 

State of Wisconsin, Refunding RB,
Series A, 6.00%, 5/01/36

 

 

14,300

 

 

17,771,897

 

Wisconsin Health & Educational
Facilities Authority, RB, Ascension
Health Senior Credit Group, 5.00%,
11/15/33

 

 

4,970

 

 

5,509,791

 

 

 

 

 

 

 

23,877,075

 

Wyoming — 1.1%

 

 

 

 

 

 

 

County of Sweetwater Wyoming,
Refunding RB, Idaho Power Co.
Project, 5.25%, 7/15/26

 

 

6,195

 

 

7,073,203

 

Wyoming Municipal Power Agency, RB,
Series A, 5.00%, 1/01/42

 

 

595

 

 

644,100

 

 

 

 

 

 

 

7,717,303

 

Total Municipal Bonds – 106.2%

 

 

 

 

 

779,422,863

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Municipal Bonds Transferred to
Tender Option Bond (TOB) Trusts (f)

 

 

 

 

 

 

 

Alabama — 0.7%

 

 

 

 

 

 

 

Alabama Special Care Facilities
Financing Authority-Birmingham,
Refunding RB, Ascension Health
Senior Credit, Series C-2, 5.00%,
11/15/36

 

 

4,538

 

 

4,808,793

 

Arizona — 0.7%

 

 

 

 

 

 

 

Salt River Project Agricultural
Improvement & Power District, RB,
Series A, 5.00%, 1/01/38

 

 

4,910

 

 

5,456,687

 

California — 8.3%

 

 

 

 

 

 

 

Bay Area Toll Authority, Refunding RB,
San Francisco Bay Area, Series F-1,
5.63%, 4/01/44

 

 

6,581

 

 

7,617,521

 

 

 

 

 

 

 

 

 

 

BLACKROCK MUNIYIELD FUND, INC.

JULY 31, 2012

6


 

 

 

 

Schedule of Investments (continued)

BlackRock MuniYield Fund, Inc. (MYD)

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Municipal Bonds Transferred to
Tender Option Bond (TOB) Trusts (f)

 

Par
(000)

 

Value

 

California (concluded)

 

 

 

 

 

 

 

California Educational Facilities
Authority, RB, University of Southern
California, Series B, 5.25%, 10/01/39

 

$

5,310

 

$

6,215,621

 

City of Los Angeles California
Department of Airports, Refunding RB,
Senior, Los Angeles International
Airport, Series A, 5.00%, 5/15/40

 

 

11,959

 

 

13,423,043

 

Los Angeles Community College District
California, GO, Election of 2001,
Series A (AGM), 5.00%, 8/01/32

 

 

4,650

 

 

5,242,131

 

San Diego Community College District
California, GO, Election of 2002,
5.25%, 8/01/33

 

 

2,154

 

 

2,525,877

 

San Francisco City & County Public
Utilities Commission, RB, Series B,
5.00%, 11/01/39

 

 

19,080

 

 

21,456,414

 

University of California, RB, Limited
Project, Series B, 4.75%, 5/15/13 (e)

 

 

4,429

 

 

4,630,874

 

 

 

 

 

 

 

61,111,481

 

Colorado — 2.5%

 

 

 

 

 

 

 

Colorado Health Facilities Authority, RB,
Catholic Health (AGM):

 

 

 

 

 

 

 

Series C-3, 5.10%, 10/01/41

 

 

7,490

 

 

7,999,770

 

Series C-7, 5.00%, 9/01/36

 

 

4,800

 

 

5,133,120

 

Colorado Health Facilities Authority,
Refunding RB, Catholic Health,
Series A, 5.50%, 7/01/34

 

 

4,299

 

 

4,913,758

 

 

 

 

 

 

 

18,046,648

 

Connecticut — 2.9%

 

 

 

 

 

 

 

Connecticut State Health & Educational
Facility Authority, RB, Yale University:

 

 

 

 

 

 

 

Series T-1, 4.70%, 7/01/29

 

 

9,130

 

 

10,421,164

 

Series X-3, 4.85%, 7/01/37

 

 

9,270

 

 

10,606,734

 

 

 

 

 

 

 

21,027,898

 

Florida — 1.8%

 

 

 

 

 

 

 

County of Miami-Dade Florida, RB,
Water & Sewer System, 5.00%,
10/01/34

 

 

11,448

 

 

12,883,551

 

Georgia — 1.0%

 

 

 

 

 

 

 

Private Colleges & Universities Authority,
Refunding RB, Emory University,
Series C, 5.00%, 9/01/38

 

 

6,398

 

 

7,097,123

 

Illinois — 0.9%

 

 

 

 

 

 

 

City of Chicago Illinois Waterworks,
Refunding RB, 5.00%, 11/01/42

 

 

6,037

 

 

6,872,818

 

Maryland — 1.3%

 

 

 

 

 

 

 

Maryland Health & Higher Educational
Facilities Authority, Refunding RB,
Ascension Health, Series B, 5.00%,
11/15/51

 

 

8,479

 

 

9,422,548

 

 

 

 

 

 

 

 

 

Municipal Bonds Transferred to
Tender Option Bond (TOB) Trusts (f)

 

Par
(000)

 

Value

 

Massachusetts — 1.4%

 

 

 

 

 

 

 

Massachusetts School Building
Authority, RB, Senior, Series B, 5.00%,
10/15/41

 

$

9,200

 

$

10,630,048

 

Michigan — 0.8%

 

 

 

 

 

 

 

Detroit Water and Sewerage
Department, Refunding RB, Senior
Lien, Senior A:

 

 

 

 

 

 

 

5.00%, 7/01/32

 

 

3,175

 

 

3,339,681

 

5.25%, 7/01/39

 

 

2,749

 

 

2,898,674

 

 

 

 

 

 

 

6,238,355

 

New Hampshire — 0.7%

 

 

 

 

 

 

 

New Hampshire Health & Education
Facilities Authority, RB, Dartmouth
College, 5.25%, 6/01/39

 

 

4,048

 

 

4,830,880

 

New York — 9.8%

 

 

 

 

 

 

 

Hudson New York Yards Infrastructure
Corp., RB, 5.75%, 2/15/47

 

 

3,260

 

 

3,820,624

 

New York City Municipal Water Finance
Authority, Refunding RB, Series FF-2,
5.50%, 6/15/40

 

 

3,194

 

 

3,762,664

 

New York City Transitional Finance
Authority, RB, Future Tax Secured
Revenue, Sub-Series E-1, 5.00%,
2/01/42

 

 

4,979

 

 

5,747,907

 

New York Liberty Development Corp.,
RB, 1 World Trade Center Port
Authority Construction, 5.25%,
12/15/43

 

 

21,630

 

 

24,949,124

 

New York Liberty Development Corp.,
Refunding RB, 4 World Trade Center
Project, 5.75%, 11/15/51

 

 

13,080

 

 

15,475,602

 

New York State Dormitory Authority,
ERB, Series F, 5.00%, 3/15/35

 

 

16,723

 

 

18,194,687

 

 

 

 

 

 

 

71,950,608

 

North Carolina — 3.4%

 

 

 

 

 

 

 

North Carolina Capital Facilities Finance
Agency, Refunding RB:

 

 

 

 

 

 

 

Duke University Project,
Series A, 5.00%, 10/01/41

 

 

18,897

 

 

21,117,301

 

Wake Forest University,
5.00%, 1/01/38

 

 

3,120

 

 

3,495,211

 

 

 

 

 

 

 

24,612,512

 

Ohio — 4.3%

 

 

 

 

 

 

 

State of Ohio, Refunding RB, Cleveland
Clinic Health, Series A, 5.50%,
1/01/39

 

 

27,896

 

 

31,314,848

 

 

 

 

 

 

 

 

 

 

BLACKROCK MUNIYIELD FUND, INC.

JULY 31, 2012

7


 

 

 

 

Schedule of Investments (continued)

BlackRock MuniYield Fund, Inc. (MYD)

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Municipal Bonds Transferred to
Tender Option Bond (TOB) Trusts (f)

 

Par
(000)

 

Value

 

South Carolina — 2.6%

 

 

 

 

 

 

 

Charleston Educational Excellence
Finance Corp., RB, Charleston County
School (AGC):

 

 

 

 

 

 

 

5.25%, 12/01/28

 

$

7,795

 

$

8,652,762

 

5.25%, 12/01/29

 

 

6,920

 

 

7,667,499

 

5.25%, 12/01/30

 

2,510

 

2,779,423

 

 

 

 

 

 

 

19,099,684

 

Tennessee — 1.7%

 

 

 

 

 

 

 

Shelby County Health Educational &
Housing Facilities Board, Refunding
RB, St. Jude’s Children’s Research
Hospital, 5.00%, 7/01/31

 

 

11,240

 

 

12,343,656

 

Texas — 1.1%

 

 

 

 

 

 

 

Harris County Texas Metropolitan
Transit Authority, Refunding RB,
Series A, 5.00%, 11/01/41

 

 

6,920

 

 

7,922,085

 

Utah — 1.1%

 

 

 

 

 

 

 

City of Riverton Utah Hospital, RB, IHC
Health Services, Inc., 5.00%, 8/15/41

 

 

7,303

 

 

7,981,321

 

Virginia — 3.5%

 

 

 

 

 

 

 

Fairfax County IDA Virginia, Refunding
RB, Health Care, Inova Health System,
Series A, 5.50%, 5/15/35

 

 

6,266

 

 

7,159,186

 

University of Virginia, Refunding RB,
General, 5.00%, 6/01/40

 

 

10,618

 

 

12,213,899

 

Virginia Small Business Financing
Authority, Refunding RB, Sentara
Healthcare, 5.00%, 11/01/40

 

6,075

 

6,705,754

 

 

 

 

 

 

 

26,078,839

 

Washington — 0.8%

 

 

 

 

 

 

 

Central Puget Sound Regional Transit
Authority, RB, Series A (AGM), 5.00%,
11/01/32

 

 

5,384

 

 

6,138,947

 

Wisconsin — 1.7%

 

 

 

 

 

 

 

Wisconsin Health & Educational
Facilities Authority, Refunding RB,
Froedtert & Community Health, Inc.,
5.25%, 4/01/39

 

 

11,458

 

 

12,711,816

 

Total Municipal Bonds Transferred to
Tender Option Bond (TOB) Trusts – 53.0%

 

 

 

 

 

388,581,146

 

Total Long-Term Investments
(Cost – $1,052,816,829) – 159.2%

 

 

 

 

 

1,168,004,009

 

 

 

 

 

 

 

 

 

 

Short-Term Securities

 

Shares

 

Value

 

FFI Institutional Tax-Exempt Fund,
0.01% (g)(h)

 

 

9,398,078

 

$

9,398,078

 

 

 

 

 

Par
(000)

 

 

 

 

Washington Health Care Facilities
Authority, RB, Multicare Health
System, Series D (Barclays Bank Plc
LOC), 0.16%, 8/01/12 (i)

 

$

800

 

 

800,000

 

Total Short-Term Securities
(Cost – $10,198,078) – 1.4%

 

 

 

 

 

10,198,078

 

Total Investments (Cost - $1,063,014,907*) – 160.6%

 

 

 

 

 

1,178,202,087

 

Other Assets Less Liabilities – 1.2%

 

 

 

 

 

8,806,320

 

Liability for TOB Trust Certificates, Including Interest
Expense and Fees Payable – (27.5)%

 

 

 

 

 

(201,914,140)

 

VRDP Shares, at Liquidation Value – (34.3)%

 

 

(251,400,000)

 

Net Assets Applicable to Common Shares – 100.0%

 

$

733,694,267

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

*

As of July 31, 2012, gross unrealized appreciation and gross unrealized depreciation based on cost for federal income tax purposes were as follows:

 

 

 

Tax cost

 

$

861,488,214

 

 

Gross unrealized appreciation

 

$

121,329,352

 

 

Gross unrealized depreciation

 

 

(6,432,570

)

 

Net unrealized appreciation

 

$

114,896,782

 

 

 

(a)

Represents a zero-coupon bond. Rate shown reflects the current yield as of report date.

 

(b)

Issuer filed for bankruptcy and/or is in default of principal and/or interest payments.

 

(c)

Non-income producing security.

 

(d)

Variable rate security. Rate shown is as of report date.

 

(e)

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.

 

(f)

Securities represent bonds transferred to a TOB in exchange for which the Fund acquired residual interest certificates. These securities serve as collateral in a financing transaction.

 

(g)

Investments in companies considered to be an affiliate of the Fund during the period, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Affiliate

 

Shares
Held at
April 30, 2012

 

Net
Activity

 

Shares
Held at
July 31, 2012

 

Income

 

FFI Institutional Tax-Exempt Fund

 

 

152,651

 

 

9,245,427

 

 

9,398,078

 

$

421

 

 

 

 

 

 

 

 

 

 

BLACKROCK MUNIYIELD FUND, INC.

JULY 31, 2012

8


 

 

 

 

Schedule of Investments (concluded)

BlackRock MuniYield Fund, Inc. (MYD)

 

 

(h)

Represents the current yield as of report date.

 

 

(i)

Variable rate security. Rate shown is as of report date and maturity shown is the date the principal owed can be recovered through demand.


 

Portfolio Abbreviations

To simplify the listings of portfolio holdings in the Schedule of Investments, the names and descriptions of many of the securities have been abbreviated according to the following list:

 

 

ACA

American Capital Access Corp.

AGC

Assured Guaranty Corp.

AGM

Assured Guaranty Municipal Corp.

AMBAC

American Municipal Bond Assurance Corp.

AMT

Alternative Minimum Tax (subject to)

ARB

Airport Revenue Bonds

CAB

Capital Appreciation Bonds

EDA

Economic Development Authority

EDC

Economic Development Corp.

ERB

Education Revenue Bonds

GARB

General Airport Revenue Bonds

Ginnie Mae

Government National Mortgage Association

GO

General Obligation Bonds

HFA

Housing Finance Agency

HRB

Housing Revenue Bonds

IDA

Industrial Development Authority

LOC

Letter of Credit

Radian

Radian Financial Guaranty

RB

Revenue Bonds

S/F

Single-Family

SO

Special Obligation


 

 

 

•

Fair Value Measurements - Various inputs are used in determining the fair value of investments. These inputs to valuation techniques are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes as follows:

 

 

 

 

•

Level 1 — unadjusted 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)

Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the Fund’s policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for investments is based on the pricing transparency of the investment and is not necessarily an indication of the risks 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 Fund’s most recent financial statements as contained in its annual report.

The following tables summarize the Fund’s investments categorized in the disclosure hierarchy as of July 31, 2012:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Level 1

 

Level 2

 

Level 3

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

Long Term Investments1

 

 

—

 

$

1,168,004,009

 

 

—

 

$

1,168,004,009

 

Short-Term Securities

 

$

9,398,078

 

 

800,000

 

 

—

 

 

10,198,078

 

Total

 

$

9,398,078

 

$

1,168,804,009

 

 

—

 

$

1,178,202,087

 

 

 

1

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

Certain of the Fund’s liabilities are held at carrying amount, which approximates fair value for financial reporting purposes. As of July 31, 2012, such liabilities are categorized within the disclosure hierarchy as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Level 1

 

Level 2

 

Level 3

 

Total

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

TOB trust certificates

 

 

—

 

$

(201,817,091

)

 

—

 

$

(201,817,091

)

VRDP shares

 

 

—

 

 

(251,400,000

)

 

—

 

 

(251,400,000

)

Total

 

 

—

 

$

(453,217,091

)

 

—

 

$

(453,217,091

)

There were no transfers between levels during the period ended July 31, 2012.

 

 

 

 

 

 

BLACKROCK MUNIYIELD FUND, INC.

JULY 31, 2012

9

Item 2 –

Controls and Procedures

 

 

2(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 13a-15(b) under the Securities Exchange Act of 1934, as amended.

 

 

2(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 registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

 

 

Item 3 –

Exhibits

 

 

 

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 Fund, Inc.

 

 
  By: /s/ John M. Perlowski  
    John M. Perlowski
    Chief Executive Officer (principal executive officer) of
    BlackRock MuniYield Fund, Inc.
   
  Date: September 25, 2012
   
  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/ John M. Perlowski  
    John M. Perlowski
    Chief Executive Officer (principal executive officer) of
    BlackRock MuniYield Fund, Inc.
   
  Date: September 25, 2012
   
  By: /s/ Neal J. Andrews  
    Neal J. Andrews
    Chief Financial Officer (principal financial officer) of
    BlackRock MuniYield Fund, Inc.
     
  Date: September 25, 2012