BlackRock MuniYield Fund, Inc.

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: 01/31/2013

Item 1    –    Schedule of Investments

Schedule of Investments January 31, 2013 (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, Limited Obligation School, Series A,

      

5.50%, 1/01/22

    $ 5,250       $ 5,260,868   
     

 

 

  

Alaska – 1.1%

      

Northern Tobacco Securitization Corp., Refunding RB, Tobacco Settlement, Asset-Backed, Series A:

      

4.63%, 6/01/23

      2,315         2,323,334   

5.00%, 6/01/46

      6,450         5,666,454   
     

 

 

  
        7,989,788   
     

 

 

  

Arizona – 5.4%

      

Maricopa County IDA Arizona, RB, Arizona Charter Schools Project, Series A,

      

6.75%, 7/01/29

      3,300         2,328,810   

Phoenix IDA Arizona, Refunding RB, America West Airlines, Inc. Project, AMT:

      

6.25%, 6/01/19

      3,000         2,796,120   

6.30%, 4/01/23

      5,090         4,812,086   

Pima County IDA, RB, Tucson Electric Power Co., Series A,

      

6.38%, 9/01/29

      3,000         3,009,270   

Pima County IDA Arizona, ERB, Unrefunded Balance,

      

6.75%, 7/01/31

      

Salt Verde Financial Corp., RB, Senior:

      455         456,688   

5.00%, 12/01/32

      7,365         8,533,236   

5.00%, 12/01/37

      14,190         16,288,134   

Vistancia Community Facilities District Arizona, GO,

      

5.75%, 7/15/24

      2,125         2,246,019   
     

 

 

  
        40,470,363   
     

 

 

  

California – 9.2%

      

California Health Facilities Financing Authority, RB:

      

St. Joseph Health System, Series A,

      

5.75%, 7/01/39

      4,425         5,099,680   

Stanford Hospital and Clinics, Series A,

      

5.00%, 8/15/51

      2,400         2,687,712   

Sutter Health, Series B,

      

6.00%, 8/15/42

      6,465         7,769,702   

California Health Facilities Financing Authority, Refunding RB, Catholic Healthcare West, Series A,

      

6.00%, 7/01/34

      3,155         3,740,032   

California Pollution Control Financing Authority, RB:

      

Poseidon Resources (Channel Side) LP Desalination, AMT,

      

5.00%, 7/01/37

      3,465         3,629,206   

Poseidon Resources (Channel Side) LP Desalination, AMT,

      

5.00%, 11/21/45

      3,855         4,007,504   

San Diego County Water Authority Desalination Project Pipeline,

      

5.00%, 11/21/45

      2,510         2,564,718   

California State Public Works Board, RB, Various Capital Projects, Sub-Series I-1,

      

6.38%, 11/01/34

      2,385         2,925,727   

California Statewide Communities Development Authority, RB:

      

John Muir Health,

      

5.13%, 7/01/39

      4,375         4,796,094   

Kaiser Permanente, Series A,

      

5.00%, 4/01/42

      3,835         4,304,979   

California Statewide Communities Development Authority, Refunding RB, Episcopal Communities & Services:

      

5.00%, 5/15/42

      845         921,616   

5.00%, 5/15/47

      735         796,857   

City of Los Angeles Department of Airports, Refunding RB, International Airport, Series A,

      

5.25%, 5/15/39

      1,605         1,821,322   

State of California, GO:

      

(AMBAC),

      

5.00%, 4/01/31

      10         10,423   

Various Purpose,

      

6.00%, 3/01/33

      5,085         6,323,248   

Various Purpose,

      

6.50%, 4/01/33

      14,075         17,500,855   
     

 

 

  
        68,899,675   
     

 

 

  

Colorado – 2.7%

      

City & County of Denver Colorado Airport System, ARB, Series D, AMT (AMBAC),

      

7.75%, 11/15/13

      1,435         1,515,130   

Colorado Health Facilities Authority, Refunding RB, Evangelical Lutheran Good Samaritan Society Project,

      

5.00%, 12/01/42

      3,580         3,847,713   

Colorado Housing & Finance Authority, Refunding RB, S/F Program, Senior Series D-2, AMT,

      

6.90%, 4/01/29

      100         102,854   

Plaza Metropolitan District No. 1 Colorado Tax Allocation Bonds, Public Improvement Fee, Tax Increment:

      

8.00%, 6/01/14(a)

      6,850         7,602,130   

Subordinate, 8.13%, 12/01/25

      1,870         1,870,037   

University of Colorado, RB, Series A:

      

5.25%, 6/01/30

      2,250         2,677,005   

5.38%, 6/01/32

      1,250         1,491,550   

5.38%, 6/01/38

      830         974,254   
     

 

 

  
        20,080,673   
     

 

 

  

 

 

    BLACKROCK MUNIYIELD FUND, INC.    JANUARY 31, 2013   1

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

 

Municipal Bonds

    Par (000)      Value  

Connecticut – 1.5%

      

Connecticut State Health & Educational Facility Authority, RB, Ascension Health Senior Credit,

      

5.00%, 11/15/40

    $ 2,770       $ 3,106,721   

Connecticut State Health & Educational Facility Authority, Refunding RB, Wesleyan University:

      

5.00%, 7/01/35

      2,225         2,533,163   

5.00%, 7/01/39

      5,000         5,621,500   
     

 

 

  
        11,261,384   
     

 

 

  

Delaware – 1.5%

      

County of Sussex Delaware, RB, NRG Energy, Inc., Indian River Project,

      

6.00%, 10/01/40

      2,305         2,606,471   

Delaware State EDA, RB, Exempt Facilities, Indian River Power,

      

5.38%, 10/01/45

      8,275         8,855,822   
     

 

 

  
        11,462,293   
     

 

 

  

District of Columbia – 3.0%

      

District of Columbia, Tax Allocation Bonds, City Market of Street Project,

      

5.13%, 6/01/41

      4,440         4,815,669   

Metropolitan Washington Airports Authority, Refunding RB:

      

CAB, Second Senior Lien, Series B (AGC),

      

4.56%, 10/01/31(b)

      8,350         3,598,850   

CAB, Second Senior Lien, Series B (AGC),

      

4.68%, 10/01/32(b)

      15,000         6,040,200   

CAB, Second Senior Lien, Series B (AGC),

      

4.74%, 10/01/33(b)

      13,410         5,094,861   

First Senior Lien, Series A,

      

5.25%, 10/01/44

      2,425         2,688,961   
     

 

 

  
        22,238,541   
     

 

 

  

Florida – 7.5%

      

Broward County Water & Sewer Utility Revenue, Refunding RB, Series A,

      

5.25%, 10/01/34

      2,155         2,494,606   

City of Clearwater Florida, RB, Water & Sewer Revenue, Series A,

      

5.25%, 12/01/39

      6,900         7,870,761   

County of Miami-Dade Florida, Refunding RB, Miami International Airport, Series A-1,

      

5.38%, 10/01/41

      7,530         8,583,146   

Greater Orlando Aviation Authority Florida, RB, Special Purpose, JetBlue Airways Corp., AMT,

      

6.50%, 11/15/36

      2,500         2,531,250   

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

      

Series A, 7.13%, 4/01/30

      7,500         7,507,575   

Series B, 7.13%, 4/01/30

      5,000         5,002,400   

Mid-Bay Bridge Authority, RB, Series A,

      

7.25%, 10/01/40

      4,615         5,898,847   

Midtown Miami Community Development District, Special Assessment Bonds, Series B,

      

6.50%, 5/01/37

      5,080         5,187,442   

Santa Rosa Bay Bridge Authority, RB,

      

6.25%, 7/01/28(c)(d)

      4,620         1,848,000   

Tampa-Hillsborough County Expressway Authority, Refunding RB:

      

Series A, 5.00%, 7/01/37

      2,800         3,165,568   

Series B, 5.00%, 7/01/42

      5,120         5,714,022   
     

 

 

  
        55,803,617   
     

 

 

  

Georgia – 1.3%

      

DeKalb Private Hospital Authority, Refunding RB, Children’s Healthcare,

      

5.25%, 11/15/39

      1,700         1,888,054   

Metropolitan Atlanta Rapid Transit Authority, RB, Third Series,

      

5.00%, 7/01/39

      6,945         7,996,612   
     

 

 

  
        9,884,666   
     

 

 

  

Hawaii – 0.4%

      

State of Hawaii Harbor System, RB, Series A,

      

5.25%, 7/01/30

      2,760         3,224,066   
     

 

 

  

Idaho – 1.3%

      

Power County Industrial Development Corp., RB, FMC Corp. Project, AMT,

      

6.45%, 8/01/32

      10,000         10,017,100   
     

 

 

  

Illinois – 11.1%

      

Bolingbrook Special Service Area No. 1, Special Tax Bonds, Forest City Project,

      

5.90%, 3/01/27

      1,000         928,590   

Chicago Illinois Board of Education, GO, Series A,

      

5.50%, 12/01/39

      4,280         5,003,363   

Chicago Illinois Transit Authority, RB, Sales Tax Receipts Revenue,

      

5.25%, 12/01/40

      2,130         2,438,892   

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

      

General Third Lien, Series A,

      

5.63%, 1/01/35

      4,200         4,942,518   

General Third Lien, Series A,

      

5.75%, 1/01/39

      3,500         4,122,405   

Third Lien, Series C,

      

6.50%, 1/01/41

      11,920         15,414,348   

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

      

5.00%, 1/01/33

      1,625         1,814,231   

5.00%, 1/01/34

      7,585         8,455,910   

City of Chicago Illinois, Sales Tax Revenue, Refunding RB, Series A,

      

5.25%, 1/01/38

      1,660         1,915,175   

 

2   BLACKROCK MUNIYIELD FUND, INC.    JANUARY 31, 2013    

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

 

Municipal Bonds

    Par
(000)		      Value  

Illinois (concluded)

      

Illinois Finance Authority, Refunding RB:

      

Ascension Health, Series A,

      

5.00%, 11/15/37

    $ 1,970       $ 2,239,713   

Ascension Health, Series A,

      

5.00%, 11/15/42

      3,575         4,035,210   

Central Dupage Health, Series B,

      

5.50%, 11/01/39

      3,235         3,672,792   

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

      

CAB, Series B (AGM),

      

4.89%, 6/15/46(b)

      11,405         2,274,499   

CAB, Series B (AGM),

      

4.91%, 6/15/47(b)

      27,225         5,138,991   

Series B (AGM),

      

5.00%, 6/15/50

      6,405         7,000,345   

Series B-2,

      

5.00%, 6/15/50

      5,085         5,555,922   

Railsplitter Tobacco Settlement Authority, RB:

      

5.50%, 6/01/23

      2,730         3,247,772   

6.00%, 6/01/28

      2,335         2,804,125   

State of Illinois, RB, Build Illinois, Series B,

      

5.25%, 6/15/34

      1,275         1,460,908   
     

 

 

  
        82,465,709   
     

 

 

  

Indiana – 3.6%

      

Carmel Redevelopment Authority, Refunding RB, Series A:

      

4.00%, 8/01/35

      2,305         2,431,821   

4.00%, 8/01/38

      3,700         3,869,756   

Indiana Finance Authority, RB:

      

Sisters of St. Francis Health,

      

5.25%, 11/01/39

      1,690         1,866,335   

Waste Water Utility, First Lien, CWA Authority, Series A,

      

5.25%, 10/01/38

      3,200         3,708,704   

Indiana Finance Authority, Refunding RB:

      

Community Health Network Project, Series A,

      

5.00%, 5/01/42

      3,840         4,227,955   

Parkview Health System, Series A,

      

5.75%, 5/01/31

      6,645         7,687,202   

Indiana Municipal Power Agency, RB, Series B,

      

6.00%, 1/01/39

      2,230         2,671,651   
     

 

 

  
        26,463,424   
     

 

 

  

Iowa – 1.0%

      

Iowa Finance Authority, RB, Alcoa, Inc. Project,

      

4.75%, 8/01/42

      2,350         2,387,741   

Iowa Student Loan Liquidity Corp., Refunding RB, Senior, Series A-1, AMT,

      

5.15%, 12/01/22

      4,165         4,790,750   
     

 

 

  
        7,178,491   
     

 

 

  

Kansas – 1.2%

      

Kansas Development Finance Authority, Refunding RB:

      

Adventist Health,

      

5.75%, 11/15/38

      4,380         5,138,134   

Sisters of Leavenworth, Series A,

      

5.00%, 1/01/40

      3,365         3,676,936   
     

 

 

  
        8,815,070   
     

 

 

  

Louisiana – 4.7%

      

East Baton Rouge Sewerage Commission, RB, Series A,

      

5.25%, 2/01/39

      1,610         1,854,301   

Louisiana Local Government Environmental Facilities & Community Development Authority, RB, Westlake Chemical Corp. Projects,

      

6.75%, 11/01/32

      9,000         10,231,200   

Louisiana Stadium & Exposition District, Refunding RB, Senior, Series A,

      

5.00%, 7/01/36

      710         811,608   

New Orleans Aviation Board, RB, Passenger Facility Charge, Series A,

      

5.25%, 1/01/41

      1,260         1,388,684   

Port of New Orleans Louisiana, Refunding RB, Continental Grain Co. Project,

      

6.50%, 1/01/17

      13,000         13,080,080   

State of Louisiana Gasoline & Fuels Tax Revenue, RB, Second Lien, Series B,

      

5.00%, 5/01/45

      6,610         7,475,514   
     

 

 

  
        34,841,387   
     

 

 

  

Maine – 0.7%

      

Maine Health & Higher Educational Facilities Authority, RB, Series A,

      3,140         3,419,806   

5.00%, 7/01/39

      

Maine State Turnpike Authority, RB, Series A,

      1,790         2,059,556   

5.00%, 7/01/42

      
     

 

 

  
        5,479,362   
     

 

 

  

Maryland – 0.7%

      

County of Prince George’s Maryland, SO, National Harbor Project,

      

5.20%, 7/01/34

      1,500         1,533,525   

Maryland EDC, RB, Transportation Facilities Project, Series A,

      

5.75%, 6/01/35

      880         1,004,599   

Maryland EDC, Refunding RB, CNX Marine Terminals, Inc.,

      1,690         1,887,612   

5.75%, 9/01/25

      

Maryland Industrial Development Financing Authority, RB, Our Lady Of Good Counsel School, Series A,

      

6.00%, 5/01/35

      500         522,485   
     

 

 

  
        4,948,221   
     

 

 

  

 

 

    BLACKROCK MUNIYIELD FUND, INC.    JANUARY 31, 2013   3

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

 

Municipal Bonds

    Par
(000)		      Value  

Massachusetts – 2.2%

      

Massachusetts Bay Transportation Authority, Refunding RB, Senior Series A-1,

      

5.25%, 7/01/29

    $ 3,250       $ 4,256,882   

Massachusetts Development Finance Agency, RB, Wellesley College, Series J,

      

5.00%, 7/01/42

      3,680         4,289,666   

Massachusetts Development Finance Agency, Refunding RB, Seven Hills Foundation & Affiliates (Radian),

      

5.00%, 9/01/35

      3,500         3,506,580   

Massachusetts Health & Educational Facilities Authority, Refunding RB, Partners Healthcare, Series J1,

      

5.00%, 7/01/39

      3,640         3,984,089   
     

 

 

  
        16,037,217   
     

 

 

  

Michigan – 4.0%

      

City of Detroit Michigan Sewage Disposal System, Refunding RB, Senior Lien, Series B (AGM),

      

7.50%, 7/01/33

      1,835         2,292,998   

City of Detroit Michigan Water Supply System, RB, Water Supply System, Senior Lien, Series A,

      

5.25%, 7/01/41

      6,250         6,757,062   

Kalamazoo Hospital Finance Authority, Refunding RB, Bronson Methodist Hospital,

      

5.50%, 5/15/36

      2,795         3,102,366   

Michigan State Hospital Finance Authority, Refunding RB, Hospital, Henry Ford Health,

      

5.75%, 11/15/39

      6,085         6,956,920   

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

      

8.00%, 9/01/29

      2,000         2,545,060   

8.25%, 9/01/39

      6,365         8,138,671   
     

 

 

  
        29,793,077   
     

 

 

  

Minnesota – 0.1%

      

City of Minneapolis Minnesota, HRB, Gaar Scott Loft Project, Mandatory Put Bonds, AMT,

      

5.95%, 5/01/30(e)

      825         827,607   
     

 

 

  

Mississippi – 0.0%

      

University of Southern Mississippi, RB, Campus Facilities Improvements Project,

      

5.38%, 9/01/36

      280         318,735   
     

 

 

  

Nebraska – 0.7%

      

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

      

5.25%, 9/01/37

      1,670         1,887,518   

5.00%, 9/01/42

      2,925         3,207,964   
     

 

 

  
        5,095,482   
     

 

 

  

New Jersey – 2.2%

      

New Jersey EDA, RB:

      

Continental Airlines, Inc. Project, AMT,

      

6.25%, 9/15/29

      975         993,593   

First Mortgage, Lions Gate Project, Series A,

      

5.75%, 1/01/25

      710         719,777   

First Mortgage, Lions Gate Project, Series A,

      

5.88%, 1/01/37

      230         231,681   

Kapkowski Road Landfill Project, Series 1998B-MB, AMT,

      

6.50%, 4/01/31

      2,500         2,967,600   

New Jersey EDA, Refunding RB,

      

5.00%, 6/15/25

      1,035         1,186,234   

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

      

6.00%, 7/01/13

      1,335         13   

6.63%, 7/01/36

      1,835         19   

New Jersey Transportation Trust Fund Authority, RB, Transportation System:

      

CAB, Series C (AMBAC),

      

4.57%, 12/15/35(b)

      13,110         4,664,014   

Series A,

      

5.50%, 6/15/41

      3,630         4,218,532   

Tobacco Settlement Financing Corp. New Jersey, Refunding RB, Senior, Series 1A,

      

4.63%, 6/01/26

      1,490         1,445,881   
     

 

 

  
        16,427,344   
     

 

 

  

New York – 4.1%

      

Dutchess County Industrial Development Agency New York, Refunding RB, St. Francis Hospital, Series A,

      

7.50%, 3/01/29

      2,000         2,052,260   

Metropolitan Transportation Authority, RB, Series E,

      

5.00%, 11/15/42

      1,095         1,238,817   

Metropolitan Transportation Authority, Refunding RB:

      

Series B,

      

5.00%, 11/15/34

      4,910         5,573,439   

Transportation, Series D,

      

5.25%, 11/15/40

      2,465         2,789,024   

New York City Industrial Development Agency, RB, British Airways Plc Project, AMT,

      

7.63%, 12/01/32

      1,250         1,281,363   

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         2,947,058   

New York State Thruway Authority, Refunding RB, Series I,

      

5.00%, 1/01/42

      3,590         4,043,238   

Oneida County Industrial Development Agency, RB, Hamilton College Civic Facility,

      

5.00%, 9/15/26

      1,990         2,259,764   

 

4   BLACKROCK MUNIYIELD FUND, INC.    JANUARY 31, 2013    

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       $ 3,120,548   

6.00%, 12/01/42

      1,485         1,765,338   

Westchester County Industrial Development Agency New York, RB, Kendal on Hudson Project, Series A,

      

6.38%, 1/01/24

      3,450         3,453,105   
     

 

 

  
        30,523,954   
     

 

 

  

North Carolina – 2.2%

      

North Carolina Capital Facilities Finance Agency, Refunding RB, Duke Energy Carolinas, Series B,

      

4.63%, 11/01/40

      7,350         7,906,689   

North Carolina Medical Care Commission, RB, Duke University Health System, Series A,

      

5.00%, 6/01/42

      2,805         3,120,338   

North Carolina Medical Care Commission, Refunding RB, First Mortgage, Presbyterian Homes,

      

5.40%, 10/01/27

      5,000         5,144,250   
     

 

 

  
        16,171,277   
     

 

 

  

Ohio – 1.0%

      

County of Hamilton Ohio, RB, Christ Hospital Project,

      

5.00%, 6/01/42

      3,705         4,003,030   

County of Montgomery Ohio, Refunding RB, Catholic Healthcare, Series A,

      

5.00%, 5/01/39

      2,840         3,068,847   
     

 

 

  
        7,071,877   
     

 

 

  

Oregon – 0.1%

      

City of Tigard Washington County Oregon, Refunding RB, Water System,

      

5.00%, 8/01/37

      510         592,401   
     

 

 

  

Pennsylvania – 2.5%

      

Allegheny County Hospital Development Authority, Refunding RB, Health System, West Penn, Series A,

      

5.38%, 11/15/40

      4,150         3,527,417   

Allentown Neighborhood Improvement Zone Development Authority, Refunding RB, Series A,

      

5.00%, 5/01/42

      5,250         5,622,907   

Pennsylvania Economic Development Financing Authority, RB:

      

Aqua Pennsylvania, Inc. Project,

      

5.00%, 11/15/40

      3,805         4,246,837   

National Gypsum Co., Series A, AMT,

      

6.25%, 11/01/27

      2,000         1,999,800   

Pennsylvania Higher Educational Facilities Authority, RB, Shippensburg University Student Services,

      

5.00%, 10/01/44

      1,890         2,052,824   

Philadelphia Authority for Industrial Development, RB, Commercial Development, AMT,

      

7.75%, 12/01/17

      1,265         1,266,948   
     

 

 

  
        18,716,733   
     

 

 

  

Puerto Rico – 4.5%

      

Puerto Rico Sales Tax Financing Corp., RB, First Sub-Series A,

      

6.50%, 8/01/44

      10,120         11,487,414   

Puerto Rico Sales Tax Financing Corp., Refunding RB:

      

CAB, First Sub-Series C,

      

5.95%, 8/01/38(b)

      23,695         5,312,893   

CAB, Series A (AMBAC),

      

5.67%, 8/01/47(b)

      14,900         2,164,970   

CAB, Series C,

      

5.57%, 8/01/39(b)

      22,915         5,343,778   

First Sub-Series C,

      

5.25%, 8/01/41

      9,000         9,490,050   
     

 

 

  
        33,799,105   
     

 

 

  

Rhode Island – 0.5%

      

Central Falls Detention Facility Corp., Refunding RB,

      

7.25%, 7/15/35

      4,240         3,672,773   
     

 

 

  

South Carolina – 1.0%

      

South Carolina State Ports Authority, RB,

      

5.25%, 7/01/40

      6,695         7,547,474   
     

 

 

  

South Dakota – 0.3%

      

South Dakota Health and Educational Facilities Authority, RB, Sanford, Series E,

      

5.00%, 11/01/42

      2,175         2,385,866   
     

 

 

  

Tennessee – 1.2%

      

Hardeman County Correctional Facilities Corp. Tennessee, RB,

      

7.75%, 8/01/17

      2,470         2,470,692   

Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Refunding RB, Vanderbilt University, Series D,

      

3.25%, 10/01/37

      6,520         6,289,648   

Rutherford County Health & Educational Facilities Board, RB, Ascension Health, Series C,

      

5.00%, 11/15/47

      430         487,108   
     

 

 

  
        9,247,448   
     

 

 

  

Texas – 13.1%

      

Central Texas Regional Mobility Authority, Refunding RB, Senior Lien,

      

6.25%, 1/01/46

      4,365         5,148,910   

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

      

5.00%, 11/15/37

      1,275         1,489,863   

 

    BLACKROCK MUNIYIELD FUND, INC.    JANUARY 31, 2013   5

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

 

Municipal Bonds

    Par
(000)		      Value  

Texas (continued)

      

City of Dallas Texas Waterworks & Sewer System, Refunding RB,

      

5.00%, 10/01/35

    $ 3,060       $ 3,526,038   

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

      

7.38%, 7/01/22

      3,500         3,514,840   

7.00%, 7/01/29

      3,000         3,012,630   

City of Houston Texas Airport System, Refunding RB, Senior Lien, Series A,

      

5.50%, 7/01/39

      3,100         3,587,041   

Dallas Fort Worth International Airport, Refunding RB, Series E, AMT,

      

5.00%, 11/01/35

      3,665         4,003,939   

Fort Bend County Industrial Development Corp., RB, NRG Energy Inc., Series B,

      

4.75%, 11/01/42

      2,995         3,079,579   

La Vernia Higher Education Finance Corp., RB, KIPP, Inc., Series A,

      

6.38%, 8/15/44

      1,000         1,171,180   

Matagorda County Navigation District No. 1 Texas, Refunding RB, Central Power & Light Co. Project, Series A,

      

6.30%, 11/01/29

      4,320         5,095,224   

North Texas Tollway Authority, RB, CAB, Special Projects System, Series B,

      

5.12%, 9/01/37(b)

      4,110         1,186,557   

North Texas Tollway Authority, Refunding RB, Toll, Second Tier, Series F,

      

6.13%, 1/01/31

      12,140         13,424,291   

San Antonio Energy Acquisition Public Facility Corp., RB, Gas Supply,

      

5.50%, 8/01/25

      6,365         7,498,479   

Texas Municipal Gas Acquisition & Supply Corp. III, RB, Gas Supply,

      

5.00%, 12/15/29

      3,845         4,195,549   

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         8,516,480   

NTE Mobility Partners LLC, North Tarrant Express Managed Lanes Project,

      

6.88%, 12/31/39

      6,655         7,960,711   

Texas State Public Finance Authority, Refunding ERB, KIPP, Inc., Series A (ACA),

      

5.00%, 2/15/36

      1,000         1,020,090   

Texas State Turnpike Authority, RB, CAB (AMBAC),

      

6.02%, 8/15/35(b)

      15,000         3,941,700   

Texas Transportation Commission, Refunding RB, Central Texas Turnpike System, First Tier, Series A,

      

5.00%, 8/15/41

      2,445         2,698,473   

University of Texas System, Refunding RB, Financing System:

      

Series A, 5.00%, 8/15/22

      5,000         6,353,900   

Series B, 5.00%, 8/15/43

      6,240         7,330,752   
     

 

 

  
        97,756,226   
     

 

 

  

Utah – 0.6%

      

County of Utah, RB, IHC Health Services Inc.,

      

5.00%, 5/15/43

      4,090         4,612,579   
     

 

 

  

Virginia – 2.0%

      

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

      

5.35%, 9/01/26

      1,500         1,522,380   

5.50%, 9/01/34

      2,000         2,018,560   

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

      

5.25%, 1/01/32

      3,270         3,582,612   

6.00%, 1/01/37

      3,715         4,271,061   

5.50%, 1/01/42

      2,335         2,550,007   

Winchester IDA Virginia, RB, Westminster-Canterbury, Series A,

      

5.20%, 1/01/27

      1,000         1,025,760   
     

 

 

  
        14,970,380   
     

 

 

  

Washington – 1.4%

      

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

      

6.00%, 9/01/22

      945         945,227   

6.20%, 9/01/32

      1,250         1,250,137   

Washington Health Care Facilities Authority, RB, Swedish Health Services, Series A,

      

6.75%, 5/15/21(a)

      4,045         5,690,830   

Washington Health Care Facilities Authority, Refunding RB, Providence Health & Services, Series A,

      

5.00%, 10/01/42

      2,055         2,311,238   
     

 

 

  
        10,197,432   
     

 

 

  

Wisconsin – 3.1%

      

State of Wisconsin, Refunding RB, Series A,

      

6.00%, 5/01/36

      14,300         17,469,452   

 

6   BLACKROCK MUNIYIELD FUND, INC.    JANUARY 31, 2013    

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

 

Municipal Bonds

    Par
(000)		      Value  

Wisconsin (concluded)

      

Wisconsin Health & Educational Facilities Authority, RB, Ascension Health Senior Credit Group,

      

5.00%, 11/15/33

    $ 4,970       $ 5,636,477   
     

 

 

  
        23,105,929   
     

 

 

  

Wyoming – 1.0%

      

County of Sweetwater Wyoming, Refunding RB, Idaho Power Co. Project,

      

5.25%, 7/15/26

      6,195         7,050,406   

Wyoming Municipal Power Agency, RB, Series A,

      

5.00%, 1/01/42

      595         645,283   
     

 

 

  
        7,695,689   
     

 

 

  

Total Municipal Bonds – 106.4%

         793,351,303   
     

 

 

  

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         4,888,107   
     

 

 

  

Arizona – 0.7%

      

Salt River Project Agricultural Improvement & Power District, RB, Series A,

      

5.00%, 1/01/38

      4,910         5,586,114   
     

 

 

  

California – 7.6%

      

Bay Area Toll Authority, Refunding RB, San Francisco Bay Area, Series F-1,

      

5.63%, 4/01/44

      6,581         7,639,104   

California Educational Facilities Authority, RB, University of Southern California, Series B,

      

5.25%, 10/01/39(g)

      5,310         6,217,638   

City of Los Angeles California Department of Airports, Refunding RB, Senior, Los Angeles International Airport, Series A,

      

5.00%, 5/15/40

      11,960         13,531,604   

Los Angeles Community College District California, GO, Election of 2001, Series A (AGM),

      

5.00%, 8/01/32

      4,650         5,317,694   

San Diego Community College District California, GO, Election of 2002,

      

5.25%, 8/01/33

      2,154         2,617,951   

San Francisco City & County Public Utilities Commission, RB, Series B,

      

5.00%, 11/01/39

      19,080         21,650,839   
     

 

 

  
        56,974,830   
     

 

 

  

Colorado – 2.4%

      

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

      

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

      7,490         8,168,444   

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

      4,800         5,168,304   

Colorado Health Facilities Authority, Refunding RB, Catholic Health, Series A,

      

5.50%, 7/01/34(g)

      4,299         4,921,972   
     

 

 

  
        18,258,720   
     

 

 

  

Connecticut – 2.8%

      

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

      

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

      9,130         10,265,681   

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

      9,266         10,469,349   
     

 

 

  
        20,735,030   
     

 

 

  

Florida – 1.7%

      

County of Miami-Dade Florida, RB, Water & Sewer System,

      

5.00%, 10/01/34

      11,448         12,955,400   
     

 

 

  

Georgia – 1.0%

      

Private Colleges & Universities Authority, Refunding RB, Emory University, Series C,

      

5.00%, 9/01/38

      6,398         7,283,043   
     

 

 

  

Illinois – 0.9%

      

City of Chicago Illinois Waterworks, Refunding RB, Second Lien,

      

5.00%, 11/01/42

      6,037         6,827,714   
     

 

 

  

Maryland – 1.3%

      

Maryland Health & Higher Educational Facilities Authority, RB, Ascension Health, Series B,

      

5.00%, 11/15/51

      8,480         9,489,120   
     

 

 

  

Massachusetts – 1.4%

      

Massachusetts School Building Authority, RB, Senior, Series B,

      

5.00%, 10/15/41

      9,200         10,607,784   
     

 

 

  

Michigan – 0.9%

      

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

      

5.00%, 7/01/32

      3,175         3,437,534   

5.25%, 7/01/39

      2,749         2,993,626   
     

 

 

  
        6,431,160   
     

 

 

  

New Hampshire – 0.6%

      

New Hampshire Health & Education Facilities Authority, RB, Dartmouth College,

      

5.25%, 6/01/39(g)

      4,048         4,764,312   
     

 

 

  

New Jersey – 0.8%

      

New Jersey Transportation Trust Fund Authority, RB, Series B,

      

5.25%, 6/15/36

      5,000         5,731,600   
     

 

 

  

 

 

    BLACKROCK MUNIYIELD FUND, INC.    JANUARY 31, 2013   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  

New York – 9.6%

      

Hudson New York Yards Infrastructure Corp., RB, Series A,

      

5.75%, 2/15/47

    $ 3,260       $ 3,889,850   

New York City Municipal Water Finance Authority, Refunding RB, Series FF-2,

      

5.50%, 6/15/40

      3,194         3,770,236   

New York City Transitional Finance Authority, RB, Future Tax Secured Revenue, Sub-Series E-1,

      

5.00%, 2/01/42

      4,979         5,721,215   

New York Liberty Development Corp., RB, 1 World Trade Center Port Authority Construction,

      

5.25%, 12/15/43

      21,629         24,885,841   

New York Liberty Development Corp., Refunding RB, 4 World Trade Center Project,

      

5.75%, 11/15/51

      13,080         15,517,850   

New York State Dormitory Authority, ERB, Series F,

      

5.00%, 3/15/35

      16,723         18,058,044   
     

 

 

  
        71,843,036   
     

 

 

  

North Carolina – 3.3%

      

North Carolina Capital Facilities Finance Agency, Refunding RB:

      

Duke University Project, Series A,

      

5.00%, 10/01/41

      18,897         21,058,711   

Wake Forest University,

      

5.00%, 1/01/38

      3,120         3,528,127   
     

 

 

  
        24,586,838   
     

 

 

  

Ohio – 4.4%

      

State of Ohio, Refunding RB, Cleveland Clinic Health, Series A,

      

5.50%, 1/01/39

      27,896         32,454,656   
     

 

 

  

South Carolina – 2.5%

      

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

      

5.25%, 12/01/28

      7,795         8,622,907   

5.25%, 12/01/29

      6,920         7,640,718   

5.25%, 12/01/30

      2,510         2,755,177   
     

 

 

  
        19,018,802   
     

 

 

  

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         12,324,660   
     

 

 

  

Texas – 1.1%

      

Harris County Texas Metropolitan Transit Authority, Refunding RB, Series A,

      

5.00%, 11/01/41

      6,920         7,926,237   
     

 

 

  

Utah – 1.1%

      

City of Riverton Utah Hospital, RB, IHC Health Services, Inc.,

      

5.00%, 8/15/41

      7,303         8,082,252   
     

 

 

  

Virginia – 3.5%

      

Fairfax County IDA Virginia, Refunding RB, Health Care, Inova Health System, Series A,

      

5.50%, 5/15/35

      6,266         7,219,253   

University of Virginia, Refunding RB, General,

      

5.00%, 6/01/40

      10,618         12,242,573   

Virginia Small Business Financing Authority, Refunding RB, Sentara Healthcare,

      

5.00%, 11/01/40

      6,075         6,719,104   
     

 

 

  
        26,180,930   
     

 

 

  

Washington – 0.8%

      

Central Puget Sound Regional Transit Authority, RB, Series A (AGM),

      

5.00%, 11/01/32

      5,384         6,103,944   
     

 

 

  

Wisconsin – 1.7%

      

Wisconsin Health & Educational Facilities Authority, Refunding RB, Froedtert & Community Health, Inc.,

      

5.25%, 4/01/39(g)

    $ 11,458       $ 12,734,851   
     

 

 

  

Total Municipal Bonds Transferred to Tender Option Bond (TOB) Trusts – 52.5%

         391,789,140   
     

 

 

  

Total Long-Term Investments
(Cost – $1,065,167,289) – 158.9%

         1,185,140,443   
     

 

 

  
     

Short-Term Securities

    Shares         

Money Market Funds – 1.2%

      

FFI Institutional Tax-Exempt Fund,

      

0.01%, (h)(i)

      9,170,829         9,170,829   
     Par
(000)		         

Washington – 0.1%

      

Washington Health Care Facilities Authority, RB, Multicare Health System, Series D (Barclays Bank Plc LOC),

      

0.11%, 2/01/13 (j)

      785         785,000   
     

 

 

  

Total Short-Term Securities
(Cost – $9,955,829) – 1.3%

         9,955,829   
     

 

 

  

 

8   BLACKROCK MUNIYIELD FUND, INC.    JANUARY 31, 2013    

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

 

     Value  

Total Investments (Cost – $1,075,123,118*) – 160.2%

    $ 1,195,096,272   

Other Assets Less Liabilities – 1.1%

      8,061,113   

Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable – (27.6)%

      (205,760,636 ) 

VRDP Shares, at Liquidation Value – (33.7)%

      (251,400,000 ) 
  

 

 

  

Net Assets Applicable to Common Shares – 100.0%

    $ 745,996,749   
  

 

 

  

 

* As of January 31, 2013, gross unrealized appreciation and gross unrealized depreciation based on cost for federal income tax purposes were as follows:

 

Tax cost

    $ 869,742,590   
  

 

 

  

Gross unrealized appreciation

    $ 126,003,607   

Gross unrealized depreciation

      (6,320,851 ) 
  

 

 

  

Net unrealized appreciation

    $ 119,682,756   
  

 

 

  

Notes to Schedule of Investments

 

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

 

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

 

(d) Non-income producing security.

 

(e) Variable rate security. Rate shown is as of report date.

 

(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) All or a portion of security is subject to a recourse agreement, which may require the Fund to pay the liquidity provider in the event there is a shortfall between the TOB trust certificates and proceeds received from the sale of the security contributed to the TOB trust. In the case of a shortfall, the aggregate maximum potential amount the Fund could ultimately be required to pay under the agreements is $14,114,352.

 

(h) Investments in issuers considered to be an affiliate of the Fund during the period ended January 31, 2013, 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
January 31, 2013		      Income  

FFI Institutional Tax-Exempt Fund

      152,651         9,018,178         9,170,829       $ 2,790   

 

(i) Represents the current yield as of report date.

 

(j) 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.   GARB   General Airport Revenue Bonds
  AGC   Assured Guaranty Corp.   GO   General Obligation Bonds
  AGM   Assured Guaranty Municipal Corp.   HRB   Housing Revenue Bonds
  AMBAC   American Municipal Bond Assurance Corp.   IDA   Industrial Development Authority
  AMT   Alternative Minimum Tax (subject to)   LOC   Letter of Credit
  ARB   Airport Revenue Bonds   Radian   Radian Financial Guaranty
  CAB   Capital Appreciation Bonds   RB   Revenue Bonds
  EDA   Economic Development Authority   S/F   Single-Family
  EDC   Economic Development Corp.   SO   Special Obligation
  ERB   Education Revenue Bonds    

 

    BLACKROCK MUNIYIELD FUND, INC.    JANUARY 31, 2013   9

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

 

•  

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 that the Fund has the ability to access

 

  •  

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 hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

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 semi-annual report.

The following table summarizes the Fund’s investments categorized in the disclosure hierarchy as of January 31, 2013:

 

      Level 1      Level 2      Level 3      Total  

Assets:

            

Investments:

            

Long-Term Investments1

      —       $ 1,185,140,443         —       $ 1,185,140,443   

Short-Term Securities

    $ 9,170,829         785,000         —         9,955,829   
  

 

 

     

 

 

     

 

 

     

 

 

  

Total

    $ 9,170,829       $ 1,185,925,443         —       $ 1,195,096,272   
  

 

 

     

 

 

     

 

 

     

 

 

  

 

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 January 31, 2013, such liabilities are categorized within the disclosure hierarchy as follows:

 

      Level 1      Level 2     Level 3      Total  

Liabilities:

           

Bank overdraft

      —       $ (72,734 )      —       $ (72,734 ) 

TOB trust certificates

      —         (205,670,926 )      —         (205,670,926 ) 

VRDP shares

      —         (251,400,000 )      —         (251,400,000 ) 
  

 

 

     

 

 

    

 

 

     

Total

      —       $ (457,143,660 )      —       $ (457,143,660 ) 
  

 

 

     

 

 

    

 

 

     

There were no transfers between levels during the period ended January 31, 2013.

 

10   BLACKROCK MUNIYIELD FUND, INC.    JANUARY 31, 2013    

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: March 26, 2013

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: March 26, 2013    
By:  

/s/ Neal J. Andrews

    
  Neal J. Andrews    
  Chief Financial Officer (principal financial officer) of BlackRock MuniYield Fund, Inc.
Date: March 26, 2013