January SARs -- Converted by SEC Publisher, created by BCL Technologies Inc., for SEC Filing

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSRS

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT
COMPANIES

  Investment Company Act file number 811-06499

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

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: Donald C. Burke, Chief Executive Officer, BlackRock MuniYield
California Fund, Inc., 800 Scudders Mill Road, Plainsboro, NJ, 08536. Mailing address: P.O. Box 9011,
Princeton, NJ, 08543-9011

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

Date of fiscal year end: 07/31/2009

Date of reporting period: 08/01/2008 – 01/31/2009

Item 1 – Report to Stockholders


EQUITIES FIXED INCOME REAL ESTATE LIQUIDITY ALTERNATIVES BLACKROCK SOLUTIONS

Semi-Annual Report

JANUARY 31, 2009 | (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 
A Letter to Shareholders    3 
Semi-Annual Report:     
Fund Summaries    4 
The Benefits and Risks of Leveraging    9 
Financial Statements:     
   Schedules of Investments    10 
   Statements of Assets and Liabilities    30 
   Statements of Operations    32 
   Statements of Changes in Net Assets    34 
Financial Highlights    37 
Notes to Financial Statements    42 
Officers and Directors or Trustees    48 
Additional Information    48 

2 SEMI-ANNUAL REPORT

JANUARY 31, 2009


A Letter to Shareholders

Dear Shareholder

The present time may well be remembered as one of the most tumultuous periods in financial market history. Over the past year, the bursting of the

housing bubble and the resultant credit crisis swelled into an all-out global financial market meltdown that featured the collapse of storied financial

firms, volatile swings in the world’s financial markets and monumental government responses, including the nearly $800 billion economic stimulus

plan signed into law just after period end.

The US economy appeared relatively resilient through the first few months of 2008, when rising food and energy prices fueled inflation fears. Mid-

summer ushered in dramatic changes — inflationary pressure subsided amid a plunge in commodity prices, while economic pressures intensified in

the midst of a rapid deterioration in consumer spending, employment and other key indicators. By year’s end, the National Bureau of Economic

Research affirmed that the United States was in a recession, which officially began in December 2007. The Federal Reserve Board (the “Fed”), after

slashing interest rates aggressively early in the period, resumed that rate-cutting campaign in the fall, with the final reduction in December 2008 bring-

ing the target federal funds rate to a record low range of between zero and 0.25% . Importantly, the central bank pledged that future policy moves to

revive the global economy and financial markets would comprise primarily nontraditional and quantitative easing measures, such as capital injections,

lending programs and government guarantees.

Against this backdrop, US equity markets experienced intense volatility, with the sentiment turning decisively negative toward period end. Declines were

significant and broad-based, with little divergence among large- and small-cap stocks. Non-US stocks posted stronger results early on, but quickly lost

ground as the credit crisis revealed itself to be global in scope and as the worldwide economic slowdown gathered pace. Overall, aggressive monetary

and fiscal policy, combined with the defensiveness of the US, helped domestic equities notch better performance than their non-US counterparts.

In fixed income markets, risk aversion remained the popular theme, leading the Treasury sector to top all other asset classes. The high yield market

was particularly hard hit in this environment, as economic turmoil, combined with frozen credit markets and substantial technical pressures, took a

heavy toll. Meanwhile, the municipal bond market was challenged by a dearth of market participants, lack of liquidity, difficult funding environment and

backlog of new-issue supply, which sent prices lower and yields well above Treasuries. By period end, however, some positive momentum had returned

to the municipal space.

In all, an investor flight to safety prevailed, as evidenced in the six- and 12-month returns of the major benchmark indexes:     
Total Returns as of January 31, 2009    6-month    12-month 
US equities (S&P 500 Index)    (33.95)%    (38.63)% 
Small cap US equities (Russell 2000 Index)    (37.38)    (36.84) 
International equities (MSCI Europe, Australasia, Far East Index)    (40.75)    (43.74) 
US Treasury securities (Merrill Lynch 10-Year US Treasury Index)    11.96    10.64 
Taxable fixed income (Barclays Capital US Aggregate Bond Index*)    3.23    2.59 
Tax-exempt fixed income (Barclays Capital Municipal Bond Index*)    0.70    (0.16) 
High yield bonds (Barclays Capital US Corporate High Yield 2% Issuer Capped Index*)    (19.07)    (19.72) 

* Formerly a Lehman Brothers index.
Past performance is no guarantee of future results. Index performance shown for illustrative purposes only. You cannot invest directly in an index.

Through periods of market turbulence, as ever, BlackRock’s full resources are dedicated to the management of our clients’ assets. For our most

current views on the economy and financial markets, we invite you to visit www.blackrock.com/funds. We thank you for entrusting BlackRock with

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


THIS PAGE NOT PART OF YOUR FUND REPORT

3


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

Investment Objective

BlackRock Muni New York Intermediate Duration Fund, Inc. (MNE) (the “Fund”) seeks to provide shareholders with high current income exempt from fed-
eral income taxes and New York State and New York City personal income taxes by investing primarily in a portfolio of municipal obligations, the interest
on which, in the opinion of bond counsel to the issuer, is exempt from federal income taxes and New York State and New York City personal income taxes.

Performance

For the six months ended January 31, 2009, the Fund returned (13.41)% based on market price and (6.67)% based on net asset value (“NAV”). For
the same period, the closed-end Lipper Intermediate Municipal Debt Funds category posted an average return of (6.71)% on a market price basis and
(4.53)% on a NAV basis. All returns reflect reinvestment of dividends. The Fund’s discount to NAV, which widened during the period, accounts for the dif-
ference between performance based on price and performance based on NAV. Fund performance was positively influenced by its average distribution
rate. Negative impacts on performance came from overweights in corporate credits, housing bonds and healthcare bonds, and from an underweight in
tax-backed bonds. The Fund’s overweight in bonds with maturities greater than 15 years detracted overall, but benefited performance toward the end of
the period. Fortunately, management avoided selling these holdings when values were distressed, which would have locked in their underperformance.

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    MNE 
    Initial Offering Date    August 1, 2003 
    Yield on Closing Market Price as of January 31, 2009 ($10.17)1    6.25% 
    Tax Equivalent Yield2    9.62% 
    Current Monthly Distribution per Common Share3    $0.053 
    Current Annualized Distribution per Common Share3    $0.636 
    Leverage as of January 31, 20094    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 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 net asset value per share:

    1/31/09    7/31/08    Change    High    Low 
Market Price    $10.17    $12.12    (16.09)%    $12.33    $ 7.50 
Net Asset Value    $12.22    $13.51    (9.55)%    $13.88    $10.70 

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

Sector Allocations         
    1/31/09    7/31/08 
State    19%    18% 
County/City/Special District/         
   School District    16    13 
IDA/PCR/Resource Recovery    15    16 
Housing    11    12 
Transportation    10    11 
Hospitals/Healthcare    10    9 
Education    9    10 
Utilities — Electric & Gas    7    9 
Utilities — Water & Sewer    1    1 
Tobacco    1    1 
Lease Obligations    1     

 
 

     Credit Quality Allocations5         
    1/31/09    7/31/08 
AAA/Aaa    13%       6% 
AA/Aa    41    43 
A/A    17    21 
BBB/Baa    17    15 
BB/Ba    6    9 
CCC/Caa    2    2 
Not Rated6    4    4 

5 Using the higher of Standard & Poor’s (“S&P”) or Moody’s
Investors Service (“Moody’s”) ratings.
6 The investment advisor has deemed certain of these non-rated
securities to be of investment grade quality. As of January 31,
2009 and July 31, 2008, the market value of these securities was
$1,557,256 representing 2% and $1,927,760 representing 2%,
respectively, of the Fund’s long-term investments.

4 SEMI-ANNUAL REPORT

JANUARY 31, 2009


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

Investment Objective

BlackRock MuniYield Arizona Fund, Inc. (MZA) (the “Fund”) seeks to provide shareholders with as high a level of current income exempt from federal and
Arizona income taxes as is consistent with its investment policies and prudent investment management by investing primarily in a portfolio of long-term,
investment grade municipal obligations, the interest on which, in the opinion of bond counsel to the issuers, is exempt from federal and Arizona income taxes.

Performance

For the six months ended January 31, 2009, the Fund returned (25.75)% based on market price and (9.52)% based on NAV. For the same period, the
closed-end Lipper Other States Municipal Debt Funds category posted an average return of (7.88)% on a market price basis and (5.61)% 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 differ-
ence between performance based on price and performance based on NAV. The Fund benefited from its above-average yield, but performance was
hindered by above-average exposure to the longer end of the yield curve, where yields rose. The Fund’s above-average exposure to lower-rated credits
and other spread sectors, such as housing bonds, also hurt performance. The spread between high-grade and lower-rated credits generally widened, as
credit markets adjusted to higher perceived risks and an overall weaker economy. Fund management worked to upgrade credit quality when practical
during this very volatile and illiquid performance 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 American Stock Exchange    MZA 
    Initial Offering Date    October 29, 1993 
    Yield on Closing Market Price as of January 31, 2009 ($10.02)1    6.83% 
    Tax Equivalent Yield2    10.51% 
    Current Monthly Distribution per Common Share3    $0.057 
    Current Annualized Distribution per Common Share3    $0.684 
    Leverage as of January 31, 20094    44% 

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
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 net asset value per share:

    1/31/09    7/31/08    Change    High    Low 
Market Price    $10.02    $13.94    (28.12)%    $14.30    $7.28 
Net Asset Value    $11.22    $12.81    (12.41)%    $13.12    $9.60 

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

     Sector Allocations         
    1/31/09    7/31/08 
County/City/Special District/         
   School District    31%    28% 
Education    14    22 
Hospitals/Healthcare    13    15 
Utilities — Water & Sewer    11    8 
Housing    12    10 
Utilities — Electric & Gas    9    7 
State    5    4 
Transportation    3    3 
IDA/PCR/Resource Recovery    1    2 
Utilities — Irrigation, Resource         
   Recovery, Solid Waste & Other    1    1 

     Credit Quality Allocations5         
    1/31/09    7/31/08 
AAA/Aaa    21%    11% 
AA/Aa    32    36 
A/A    24    27 
BBB/Baa    19    20 
BB/Ba    1    1 
B/B    1    1 
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
securities to be of investment grade quality. As of January 31,
2009 and July 31, 2008, the market value of these securities
was $864,063 representing 1% and $2,300,385 representing
2%, respectively, of the Fund’s long-term investments.

SEMI-ANNUAL REPORT

JANUARY 31, 2009

5


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

Investment Objective

BlackRock MuniYield California Fund, Inc. (MYC) (the “Fund”) seeks to provide shareholders with as high a level of current income exempt from federal
and California income taxes as is consistent with its investment policies and prudent investment management by investing primarily in a portfolio of long-
term municipal obligations, the interest on which, in the opinion of bond counsel to the issuers, is exempt from federal and California income taxes.

Performance

For the six months ended January 31, 2009, the Fund returned (15.81)% based on market price and (4.00)% based on NAV. For the same period,
the closed-end Lipper California Municipal Debt Funds category posted an average return of (18.01)% on a market price basis and (11.97)% 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. A neutral duration posture and a relatively high cash equivalent reserve pro-
vided some cushion to the Fund’s NAV, limiting the volatility stemming from rising tax-exempt long-term investment rates. The Fund also benefited
from a marginal degree of credit spread tightening. Management’s strategy is to pursue a balanced approach to returns by improving current yield
and committing cash reserves opportunistically. Credit fundamentals warrant close monitoring in the current weak economic environment, and
management will improve quality as opportunities arise.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions.
These views are not intended to be a forecast of future events and are no guarantee of future results.

Fund Information                         
    Symbol on New York Stock Exchange                    MYC 
    Initial Offering Date                February 28, 1992 
    Yield on Closing Market Price as of January 31, 2009 ($10.66)1                6.19% 
    Tax Equivalent Yield2                    9.52% 
    Current Monthly Distribution per Common Share3                    $0.055 
    Current Annualized Distribution per Common Share3                    $0.660 
    Leverage as of January 31, 20094                    41% 
   
 
 
 
 
 
 
       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 
           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 net asset value per share:
 
        1/31/09    7/31/08    Change    High    Low 
    Market Price    $10.66    $13.07    (18.44)%    $13.41    $ 7.07 
    Net Asset Value    $12.75    $13.71    (7.00)%    $14.06    $10.31 

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

     Sector Allocations                 Credit Quality Allocations5         
 
    1/31/09    7/31/08        1/31/09    7/31/08 
County/City/Special District/            AAA/Aaa       37%     43% 
   School District    39%    36%    AA/Aa       44    39 
Education    15    17    A/A       14    14 
Utilities — Electric & Gas    10    8    BBB/Baa    5    4 
Utilities — Water & Sewer    10    7             
Hospitals/Healthcare    8    11             
Transportation    6    6       5 Using the higher of S&P’s or Moody’s ratings.         
Utilities — Irrigation, Resource                     
   Recovery, Solid Waste & Other    4    3             
State    3    5             
IDA/PCR/Resource Recovery    2    2             
Lease Obligations    2    3             
Housing    1    2             

6 SEMI-ANNUAL REPORT

JANUARY 31, 2009


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

Investment Objective

BlackRock MuniYield Investment Fund (MYF) (the “Fund”) seeks to provide shareholders with as high a level of current income exempt from federal
income taxes as is consistent with its investment policies and prudent investment management by investing primarily in a portfolio of long-term municipal
obligations, the interest on which, in the opinion of bond counsel to the issuers, is exempt from federal income taxes and which enables shares of the
Fund to be exempt from Florida intangible personal property taxes.

Effective September 16, 2008, BlackRock MuniYield Florida Fund was renamed BlackRock MuniYield Investment Fund.

Performance

For the six months ended January 31, 2009, the Fund returned (9.77)% based on market price and (8.03)% based on NAV. For the same period, the
closed-end Lipper General Municipal Debt Funds (Leveraged) category posted an average return of (12.07)% on a market price basis and (12.78)% 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. Sector allocation played an important role in determining how the Fund performed during
the reporting period. The Fund’s significant overweight in pre-refunded bonds in the one- to five-year maturity range aided comparative results, as the yield
curve steepened and short- and intermediate-maturity issues outperformed. Overweighted holdings in the education and transportation sectors also
enhanced the Fund’s performance.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions.
These views are not intended to be a forecast of future events and are no guarantee of future results.

Fund Information         
    Symbol on New York Stock Exchange    MYF 
    Initial Offering Date    February 28, 1992 
    Yield on Closing Market Price as of January 31, 2009 ($10.37)1    6.71% 
    Tax Equivalent Yield2    10.32% 
    Current Monthly Distribution per Common Share3    $0.058 
    Current Annualized Distribution per Common Share3    $0.696 
    Leverage as of January 31, 20094    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 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
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 net asset value per share:

    1/31/09    7/31/08    Change    High    Low 
Market Price    $10.37    $11.91    (12.93)%    $12.17    $ 6.74 
Net Asset Value    $12.06    $13.59    (11.26)%    $13.87    $10.49 

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

     Sector Allocations                 Credit Quality Allocations5         
    1/31/09    7/31/08        1/31/09    7/31/08 
Transportation    26%    24%    AAA/Aaa    27%    34% 
County/City/Special District/            AA/Aa    35    34 
   School District    17    16    A/A    28    16 
Hospitals/Healthcare    16    20    BBB/Baa    6    8 
Education    10    7    Not Rated6    4    8 
IDA/PCR/Resource Recovery    10    11             
             5 Using the higher of S&P’s or Moody’s ratings.     
Utilities — Electric & Gas    6    2             
Housing    4    4     6 The investment advisor has deemed certain of these non-rated 
Utilities — Water & Sewer    3    5         securities to be of investment grade quality. As of January 31, 
Lease Obligations/Certificates                 2009 and July 31, 2008, the market value of these securities was 
                 $4,162,015 representing 2% and $13,599,832 representing 5%, 
   of Participation    3    3             
                 respectively, of the Fund’s long-term investments.     
Special Tax    2    2             
Utilities — Irrigation, Resource                     
   Recovery, Solid Waste & Other    2    4             
State    1    2             

SEMI-ANNUAL REPORT

JANUARY 31, 2009

7


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

Investment Objective

BlackRock MuniYield New Jersey Fund, Inc. (MYJ) (the “Fund”) seeks to provide shareholders with as high a level of current income exempt from
federal and New Jersey income taxes as is consistent with its investment policies and prudent investment management by investing primarily in a
portfolio of long-term, investment grade municipal obligations, the interest on which, in the opinion of bond counsel to the issuer, is exempt from
federal income tax and New Jersey personal income taxes.

Performance

For the six months ended January 31, 2009, the Fund returned (10.64)% based on market price and (4.59)% based on NAV. For the same period,
the closed-end Lipper New Jersey Municipal Debt Funds category posted an average return of (11.15)% on a market price basis and (9.23)% 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. Sector allocation played an important role in determining how the Fund per-
formed during the reporting period. Enhancing the performance of the Fund were its overweighted holdings in education, tax-backed and utility bonds.
As the economic downturn continued, these essential service sectors significantly outperformed all spread products.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions.
These views are not intended to be a forecast of future events and are no guarantee of future results.

Fund Information                         
 
    Symbol on New York Stock Exchange                    MYJ 
    Initial Offering Date                    May 1, 1992 
    Yield on Closing Market Price as of January 31, 2009 ($11.72)1                5.94% 
    Tax Equivalent Yield2                    9.14% 
    Current Monthly Distribution per Common Share3                    $0.058 
    Current Annualized Distribution per Common Share3                    $0.696 
    Leverage as of January 31, 20094                    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 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 
           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 net asset value per share:
 
        1/31/09    7/31/08    Change    High    Low 
    Market Price    $11.72    $13.52    (13.31)%    $14.00    $ 8.15 
    Net Asset Value    $13.29    $14.36    (7.45)%    $14.68    $11.62 

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

     Sector Allocations                 Credit Quality Allocations5         
 
    1/31/09    7/31/08        1/31/09    7/31/08 
Transportation    20%    19%    AAA/Aaa    27%    29% 
IDA/PCR/Resource Recovery    18    19    AA/Aa    34    38 
Education    14    14    A/A    28    19 
Hospitals/Healthcare    13    14    BBB/Baa    8    11 
Housing    10    9    Not Rated6    3    3 
State    9    8             
             5 Using the higher of S&P’s or Moody’s ratings.     
County/City/Special District/                     
             6 The investment advisor has deemed certain of these non-rated 
   School District    8    9             
                 securities to be of investment grade quality. As of January 31, 
Utilities — Water & Sewer    4    4         2009 and July 31, 2008, the market value of these securities was 
Utilities — Electric & Gas    2    2         $5,664,698 representing 2% and $11,259,091 representing 2%, 
Lease Obligations/Certificates                 respectively, of the Fund's long-term investments.     
   of Participation    2    1             
Escrowed Bond        1             

8 SEMI-ANNUAL REPORT

JANUARY 31, 2009


The Benefits and Risks of Leveraging

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

To leverage, certain Funds issue Preferred Shares, which pay dividends at
prevailing 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 invest-
ments. To the extent that the total assets of the Fund (including the
assets obtained from leverage) are invested in higher-yielding portfolio
investments, the Fund’s Common Shareholders will benefit from the
incremental yield.

To illustrate these concepts, assume a Fund’s Common Shares capital-
ization is $100 million and it issues Preferred Shares for an additional
$50 million, creating a total value of $150 million available for invest-
ment 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 Fund’s total portfolio of $150 million earns 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 yield.

Conversely, 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. If short-term interest rates rise, narrowing the differential between
short-term and long-term interest rates, the incremental yield pickup on
the Common Shares will be reduced or eliminated completely.

Furthermore, the value of the Fund’s portfolio investments generally varies
inversely with the direction of long-term interest rates, although other
factors can influence the value of portfolio investments. In contrast, the
redemption value of the Fund’s Preferred Shares does not fluctuate in
relation to interest rates. As a result, changes in interest rates can influ-
ence the Fund’s NAV positively or negatively in addition to the impact on
Fund performance from leverage from Preferred Shares discussed above.
Certain Funds may also, from time to time, leverage its 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 pro-
vide 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, fluctua-
tions in the market value of municipal bonds deposited into the TOB trust
may adversely affect the Funds’ NAV per share.

The use of leverage may enhance opportunities for increased returns to
the Funds and Common Shareholders, but as described above, it also
creates risks as short- or long-term interest rates fluctuate. Leverage also
will generally cause greater changes in a 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 securi-
ties 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 there-
fore the amount available for distribution to shareholders will be
reduced. The Funds may be required to sell portfolio securities at in-
opportune times or below fair market values in order to comply with
regulatory requirements applicable to the use of leverage or as required
by the terms of leverage instruments, which may cause the Fund to incur
losses. The use of leverage may limit the Funds’ ability to invest in certain
types of securities or use certain types of hedging strategies, such as
in the case of certain restrictions imposed by ratings agencies that rate
preferred shares issued by a Fund. The Funds will incur expenses in con-
nection with the use of leverage, all of which are borne by the holders of
the Common Shares and may reduce returns on the Common Shares.

Under the Investment Company Act of 1940, 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
TOBs will not exceed 50% of its total managed assets at the time such
leverage is incurred. As of January 31, 2009, the following Funds had
economic leverage from Preferred Shares and TOBs as a percentage of
their total managed assets as follows:

    Percent of 
    Leverage 
BlackRock Muni New York Intermediate Duration Fund, Inc    38% 
BlackRock MuniYield Arizona Fund, Inc    44% 
BlackRock MuniYield California Fund, Inc    41% 
BlackRock MuniYield Investment Fund    40% 
BlackRock MuniYield New Jersey Fund, Inc    37% 

SEMI-ANNUAL REPORT

JANUARY 31, 2009

9


Schedule of Investments January 31, 2009 (Unaudited) BlackRock Muni New York Intermediate Duration Fund, Inc. (MNE) 
                    (Percentages shown are based on Net Assets) 
    Par                    Par     
Municipal Bonds    (000)             Value    Municipal Bonds            (000)     Value 
     New York — 124.3%                 New York (continued)                 
County/City/Special District/School District — 19.3%            Hospitals/Healthcare — 14.1%             
New York City, New York, City Transitional Finance            Dutchess County, New York, IDA, Civic Facility         
 Authority, Building Aid Revenue Bonds, Series S-1,             Revenue Bonds (Saint Francis Hospital), Series B,         
 5%, 7/15/24 (c)(d)    $ 1,000    $ 1,012,350     7.25%, 3/01/19        $ 410    $ 370,439 
New York City, New York, GO:            Genesee County, New York, IDA Civic Facility Revenue         
     Series A-1, 4.75%, 8/15/25    1,000    944,940     Refunding Bonds (United Memorial Medical Center         
     Series J, 5.25%, 5/15/18 (d)    1,500    1,606,995     Project), 4.75%, 12/01/14        390    342,705 
     Series J, 5.50%, 6/01/13 (e)    2,710    3,185,442    New York State Dormitory Authority, Non-State         
     Series J, 5.50%, 6/01/21    290    302,195     Supported Debt, Revenue Refunding Bonds:         
     Sub-Series F-1, 5%, 9/01/22 (f)    1,000    1,011,700         (Mount Sinai-NYU Medical Center Health System),         
New York City, New York, City Transitional Finance                 Series A, 6.50%, 7/01/10 (e)        330    360,202 
 Authority, Building Aid Revenue Bonds, Series S-1,                 (Mount Sinai-NYU Medical Center Health System),         
 5%, 1/15/23    575    587,615         Series A, 6.625%, 7/01/18        340    347,762 
New York City, New York, Trust for Cultural Resources                 (New York University Hospital Center), Series A,         
 Revenue Bonds (Museum of American Folk Art),                 5%, 7/01/16            1,130    868,529 
 6.125%, 7/01/30 (a)    500    356,815    New York State Dormitory Authority Revenue Bonds         
New York State Dormitory Authority, Non-State             (North Shore-Long Island Jewish Health System)         
 Supported Debt Revenue Bonds (New York University             5%, 5/01/13            1,500    1,611,675 
 Hospitals Center), Series B, 5.25%, 7/01/24    500    328,250    New York State Dormitory Authority, Revenue Refunding         
New York State Dormitory Authority, Non-State             Bonds (Lenox Hill Hospital Obligation Group),         
 Supported Debt, Lease Revenue Bonds (Municipal             5.75%, 7/01/17            1,305    1,118,881 
 Health Facilities Improvement Program),            Saratoga County, New York, IDA, Civic Facility Revenue         
 Sub-Series 2-4, 5%, 1/15/27    600    583,356     Bonds (The Saratoga Hospital Project) Series B,         
        9,919,658     5%, 12/01/22            500    437,165 
            Saratoga County, New York, IDA, Civic Facility Revenue         
Education — 10.0%             Refunding Bonds (The Saratoga Hospital Project),         
Albany, New York, IDA, Civic Facility Revenue Refunding             Series A (g):                 
 Bonds (Albany College of Pharmacy Project),                 4.375%, 12/01/13            365    358,233 
 Series A, 5.25%, 12/01/19    760    625,716         4.50%, 12/01/14            380    370,929 
Cattaraugus County, New York, IDA, Civic Facility                 4.50%, 12/01/15            395    379,457 
 Revenue Bonds (Saint Bonaventure University            Suffolk County, New York, IDA, Continuing Care and         
 Project), Series A:             Retirement, Revenue Refunding Bonds (Jeffersons         
     4.90%, 5/01/16    695    614,317     Ferry Project), 4.625%, 11/01/16        800    668,824 
     5%, 5/01/23    500    367,560                     
New York City, New York, IDA, Civic Facility Revenue                            7,234,801 
 Refunding Bonds (Polytechnic University),            Housing — 12.3%                 
 4.70%, 11/01/22 (a)    1,000    785,410    New York City, New York, City Housing Development         
New York State Dormitory Authority Revenue Bonds             Corporation, M/F Housing Revenue Bonds, AMT,         
 (Winthrop S. Nassau University), 5.50%, 7/01/11    1,735    1,766,317     Series J-2, 4.75%, 11/01/27        1,000    851,310 
Schenectady, New York, IDA, Civic Facility Revenue            New York City, New York, City Housing Development         
 Refunding Bonds (Union College Project),             Corporation, Presidential Revenue Bonds (The Animal         
 5%, 7/01/26    1,000    983,970     Medical Center), Series A, 5.50%, 12/01/33    1,615    1,537,254 
        5,143,290    New York State Mortgage Agency, Homeowner Mortgage         
             Revenue Bonds, AMT:                 
                 Series 130, 4.75%, 10/01/30        2,500    2,082,550 
                 Series 143, 4.85%, 10/01/27        500    437,435 
            New York State Mortgage Agency, Homeowner Mortgage         
             Revenue Refunding Bonds, AMT:             
                 Series 133, 4.95%, 10/01/21        1,000    985,140 
                 Series 140, 4.65%, 10/01/26        500    432,440 
                            6,326,129 
 
     Portfolio Abbreviations                             
 
To simplify the listings of portfolio holdings in each       AMT     Alternative Minimum Tax (subject to)    IDA     Industrial Development Authority     
Fund’s Schedule of Investments, the names and    CABS     Capital Appreciation Bonds    IDR     Industrial Development Revenue Bonds 
descriptions of many of the securities have been       COP     Certificates of Participation    M/F     Multi Family         
abbreviated according to the list on the right.       EDA     Economic Development Authority    PCR     Pollution Control Revenue Bonds     
       EDR     Economic Development Revenue Bonds    PILOT     Payment in lieu of taxes     
       GO     General Obligation Bonds    S/F     Single-Family         
     HFA     Housing Finance Agency    VRDN     Variable Rate Demand Notes     
  See Notes to Financial Statements.                   

10 SEMI-ANNUAL REPORT

JANUARY 31, 2009


Schedule of Investments (continued)    BlackRock Muni New York Intermediate Duration Fund, Inc. (MNE) 
            (Percentages shown are based on Net Assets) 
    Par                Par     
Municipal Bonds    (000)    Value    Municipal Bonds        (000)    Value 
 
     New York (continued)                 New York (concluded)             
IDA/PCR/Resource Recovery — 19.8%            State (concluded)             
Dutchess County, New York, IDA, Civic Facility Revenue            New York State Urban Development Corporation,             
 Refunding Bonds (Bard College), Series A-1,             Personal Income Tax Revenue Bonds, Series A-1,             
 5%, 8/01/22    $ 750     $ 734,153     5%, 3/15/24 (c)(d)    $ 485     $ 493,875 
Erie County, New York, IDA, Life Care Community            New York State Urban Development Corporation,             
 Revenue Bonds (Episcopal Church Home), Series A,             Service Contract Revenue Refunding Bonds,             
 5.875%, 2/01/18    1,850    1,557,256     Series B, 5%, 1/01/21        1,500    1,559,355 
New York City, New York, City IDA, Civic Facility Revenue                        13,657,155 
 Bonds (PSCH Inc. Project), 6.20%, 7/01/20    1,415    1,142,414                 
New York City, New York, City IDA, PILOT Revenue            Tobacco — 2.0%             
 Bonds (Queens Baseball Stadium Project),            Tobacco Settlement Financing Corporation of New             
 5%, 1/01/31 (h)    2,000    1,627,880     York Revenue Bonds, Series C-1, 5.50%, 6/01/22    1,000    1,018,030 
New York City, New York, City IDA, Special Facility            Transportation — 8.7%             
 Revenue Bonds:            Metropolitan Transportation Authority, New York,             
     (1990 American Airlines Inc. Project),             Revenue Bonds, Series B, 5.25%, 11/15/19 (d)        860    972,187 
     AMT, 5.40%, 7/01/20    1,500    600,870    Metropolitan Transportation Authority, New             
     (British Airways Plc Project), AMT,             York, Revenue Refunding Bonds, Series A,             
     7.625%, 12/01/32    1,000    673,150     5%, 11/15/25 (c)(d)        3,500    3,487,925 
     (Continental Airlines Inc. Project), AMT,                        4,460,112 
     8.375%, 11/01/16    1,000    730,110                 
            Utilities — Electric & Gas — 10.8%             
New York City, New York, City IDA, Special Facility                         
            Long Island Power Authority, New York, Electric             
 Revenue Refunding Bonds (Terminal One Group                         
             System Revenue Refunding Bonds, Series D,             
 Association Project), AMT, 5.50%, 1/01/24    1,000    850,890                 
             5%, 9/01/25 (d)        4,000    3,885,680 
Tompkins County, New York, IDA, Care Community                         
            New York State Energy Research and Development             
 Revenue Refunding Bonds (Kendal at Ithaca),                         
             Authority, Gas Facilities Revenue Refunding Bonds             
 Series A-2:                         
             (Brooklyn Union Gas Company/Keyspan), AMT,             
     5.75%, 7/01/18    250    250,022                 
             Series A, 4.70%, 2/01/24 (c)        2,000    1,702,040 
     6%, 7/01/24    1,000    936,920                 
Westchester County, New York, IDA, Civic Facility                        5,587,720 
 Revenue Bonds (Special Needs Facilities Pooled            Utilities — Irrigation, Resource Recovery, Solid Waste         
 Program), Series D-1, 6.80%, 7/01/19    515    426,451    & Other — 0.8%             
Yonkers, New York, IDA, Revenue Bonds (Sacred            Long Island Power Authority, New York, Electric System         
 Heart Associates, LP Project), AMT, Series A,             Revenue Refunding Bonds, Series A, 5.50%, 4/01/24    375    386,160 
 4.80%, 10/01/26    750    644,655    Total Municipal Bonds in New York            63,907,826 
        10,174,771                 
State — 26.5%                 Guam — 3.4%             
New York City, New York, GO, Series D1,                         
 5.125%, 12/01/23    1,500    1,525,155    Transportation — 1.8%             
New York City, New York, IDA, Civic Facility Revenue            A.B. Won Guam International Airport Authority,             
 Bonds (Lycee Francais de New York Project),             General Revenue Refunding Bonds, AMT, Series C,             
 Series A, 5.50%, 6/01/15 (a)    500    480,125     5.25%, 10/01/22 (d)        1,000    899,960 
           
 
 
 
New York State Dormitory Authority, Revenue Refunding            Utilities — Water & Sewer — 1.6%             
 Bonds (State University Educational Facilities),            Guam Government Waterworks Authority, Water and             
 Series A, 5.50%, 5/15/13    1,000    1,103,470     Wastewater System, Revenue Refunding Bonds,             
New York State Dormitory Authority, State Personal             6%, 7/01/25        1,000    811,050 
 Income Tax Revenue Bonds (Education), Series F,            Total Municipal Bonds in Guam            1,711,010 
 5%, 3/15/30    1,790    1,753,305                 
New York State Dormitory Authority, Supported Debt                         
 Revenue Refunding Bonds (Department of Health),                 Puerto Rico — 12.4%             
 Series A, 5%, 7/01/25 (b)    1,500    1,430,430    County/City/Special District/School District — 1.7%         
New York State Municipal Bond Bank Agency,            Puerto Rico Municipal Finance Agency, GO, Series A,             
 Special School Purpose Revenue Bonds, Series C,             5.25%, 8/01/25        1,000    878,290 
 5.25%, 12/01/18    2,000    2,164,680                 
New York State Thruway Authority, Second General            Housing — 3.8%             
            Puerto Rico Housing Financing Authority, Capital             
 Highway and Bridge Trust Fund Revenue Bonds,                         
             Funding Program, Subordinate Revenue Refunding             
 Series A, 5%, 4/01/22 (h)    1,000    1,036,180                 
             Bonds, 5.125%, 12/01/27        2,000    1,963,140 
New York State Urban Development Corporation                         
 Revenue Bonds, Subordinate Lien, Corporation                         
 Purpose, Series A, 5.125%, 7/01/19    2,000    2,110,580                 
 
See Notes to Financial Statements.                         

SEMI-ANNUAL REPORT

JANUARY 31, 2009

11


  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 
 
Puerto Rico (concluded)             
IDA/PCR/Resource Recovery — 0.8%             
Puerto Rico Industrial, Tourist, Educational, Medical             
 and Environmental Control Facilities Revenue             
 Bonds (University Plaza Project), Series A,             
 5%, 7/01/33 (d)    $ 500    $ 403,585 
Lease Obligations — 0.9%             
Puerto Rico Public Buildings Authority, Government             
 Facilities Revenue Refunding Bonds, Series M-3,             
 6%, 7/01/28 (d)(i)        500    467,910 
State — 1.5%             
Puerto Rico Commonwealth, Public Improvement, GO,         
 Series A, 5.25%, 7/01/16 (e)        615    748,855 
Transportation — 3.7%             
Puerto Rico Commonwealth Highway and Transportation         
 Authority, Subordinate Transportation Revenue Bonds,         
 5.75%, 7/01/21 (c)        2,000    1,922,720 
Total Municipal Bonds in Puerto Rico            6,384,500 
 
U.S. Virgin Islands — 2.9%             
County/City/Special District/School District — 2.2%         
Virgin Islands Public Finance Authority, Refinery             
 Facilities Revenue Bonds (Hovensa Refinery), AMT,         
 4.70%, 7/01/22        500    311,180 
Virgin Islands Public Finance Authority, Senior Lien             
 Revenue Bonds (Matching Fund Loan Note), Series A,         
 5.25%, 10/01/24        1,000    825,830 
            1,137,010 
IDA/PCR/Resource Recovery — 0.7%             
Virgin Islands Government Refinery Facilities, Revenue         
 Refunding Bonds (Hovensa Coker Project), AMT,             
 6.50%, 7/01/21        500    384,675 
Total Municipal Bonds in the U.S. Virgin Islands            1,521,685 
Total Municipal Bonds — 143.0%            73,525,021 
Municipal Bonds Transferred to             
Tender Option Bond Trusts (j)             
Education — 3.7%             
Erie County, New York, IDA, School Facility Revenue             
 Bonds (City of Buffalo Project), 5.75%, 5/01/24 (k)    1,839    1,888,836 
Total Municipal Bonds Transferred to             
Tender Option Bond Trusts — 3.7%            1,888,836 
Total Long-Term Investments             
(Cost — $81,231,290) — 146.7%            75,413,857 

Short-Term Securities        Shares    Value 
Money Market Funds — 11.9             
CMA New York Municipal Money Fund, 0.11% (l)(m)     6,136,489    $ 6,136,489 
Total Short-Term Securities             
(Cost — $6,136,489) — 11.9%            6,136,489 
Total Investments (Cost — $(87,367,779*) — 158.6%    81,550,346 
Other Assets Less Liabilities — 1.7%            894,801 
Preferred Shares, at Redemption Value — (57.6)%        (29,634,630) 
Liability for Trust Certificates, Including Interest         
   Expense and Fees Payable — (2.7)%            (1,387,032) 
Net Assets Applicable to Common Shares — 100.0%    $ 51,423,485 
 
          * The cost and unrealized appreciation (depreciation) of investments as of 
    January 31, 2009, as computed for federal income tax purposes, were 
    as follows:             
    Aggregate cost            $ 85,899,079 
    Gross unrealized appreciation            $ 1,087,367 
    Gross unrealized depreciation            (6,815,201) 
    Net unrealized depreciation            $ (5,727,834) 
               
(a)    ACA Insured.             
(b)    CIFG Insured.             
(c)    FGIC Insured.             
(d)    MBIA Insured.             
(e)    U.S. 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)    XL Capital Insured.             
(g)    Radian Insured.             
(h)    AMBAC Insured.             
(i)    Commonwealth Guaranteed.             
(j)    Securities represent bonds transferred to a tender option bond trust in 
    exchange for which the Fund acquired residual interest certificates. These 
    securities serve as collateral in a financing transaction. See Note 1 of the 
    Notes to Financial Statements for details of municipal bonds transferred to 
    tender option bond trusts.             
(k)    FSA Insured.             
(l)    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    4,617,130    $17,055 
(m) Represents the current yield as of report date.         

See Notes to Financial Statements.

12 SEMI-ANNUAL REPORT JANUARY 31, 2009


Schedule of Investments (concluded) BlackRock Muni New York Intermediate Duration Fund, Inc. (MNE)

Effective August 1, 2008, the Fund adopted Financial Accounting Standards Board
Statement of Financial Accounting Standards No. 157, “Fair Value Measurements”
(“FAS 157”). FAS 157 clarifies the definition of fair value, establishes a frame-
work for measuring fair values and requires additional disclosures about the use
of fair value measurements. Various inputs are used in determining the fair value
of investments, which are as follows:
Level 1 — price quotations in active markets/exchanges for identical
securities
Level 2 — other observable inputs (including, but not limited to: quoted prices
for similar assets or liabilities in markets that are 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
circumstance, to the extent observable inputs are not available (including the
Fund's own assumption used in determining the fair value of investments)
The inputs or methodology used for valuing securities are not necessarily an
indication of the risk associated with investing in those securities. For information
about the Fund’s policy regarding valuation of investments and other significant
accounting policies, please refer to Note 1 of the Notes to Financial Statements.
The following table summarizes the inputs used as of January 31, 2009 in deter-
mining the fair valuation of the Fund’s investments:

Valuation    Investments in 
Inputs    Securities 
    Assets 
Level 1    $ 6,136,489 
Level 2    75,413,857 
Level 3     
Total    $ 81,550,346 

  See Notes to Financial Statements.

SEMI-ANNUAL REPORT

JANUARY 31, 2009

13


Schedule of Investments January 31, 2009 (Unaudited)    BlackRock MuniYield Arizona Fund, Inc. (MZA) 
                (Percentages shown are based on Net Assets) 
    Par                Par     
Municipal Bonds    (000)       Value    Municipal Bonds        (000)    Value 
 
     Arizona — 141.7%                 Arizona (continued)         
County/City/Special District/School District — 44.2%            Education (concluded)             
Arizona School Facilities Board, COP, 5.75%, 9/01/22    $ 2,000    $ 2,166,900    Pima County, Arizona, IDA, Education Revenue Bonds:         
Downtown Phoenix Hotel Corporation, Arizona, Revenue                 (American Charter Schools Foundation), Series A,         
 Bonds (c):                 5.625%, 7/01/38    $ 500    $ 320,490 
     Senior Series A, 5%, 7/01/36    1,500    934,395         (Arizona Charter Schools Project), Series C,         
     Sub-Series B, 5%, 7/01/36 (d)    1,500    1,066,305         6.70%, 7/01/21        730    633,041 
Gila County, Arizona, Unified School District Number 10                 (Arizona Charter Schools Project), Series C,         
 (Payson), GO (School Improvement Project of 2006),                 6.75%, 7/01/31        985    750,383 
 Series A, 1%, 7/01/27 (a)(b)    1,000    942,720    Pima County, Arizona, IDA, Education Revenue         
Gladden Farms Community Facilities District, Arizona,             Refunding Bonds:             
 GO, 5.50%, 7/15/31    750    431,595         (Arizona Charter Schools Project), Series O,         
Greater Arizona Development Authority, Infrastructure                 5%, 7/01/26        1,000    650,740 
 Revenue Bonds (Santa Cruz County Jail), Series 2,                 (Arizona Charter Schools Project II), Series A,         
 5.25%, 8/01/31    1,000    951,850         6.75%, 7/01/21        575    500,854 
Greater Arizona Development Authority, Infrastructure            University of Arizona, COP, Refunding, Series A,         
 Revenue Bonds, Series B, 5%, 8/01/30 (d)    1,800    1,691,640     5.125%, 6/01/29 (a)    1,105    1,105,685 
Maricopa County, Arizona, School District            University of Arizona, COP, Series B, 5%, 6/01/28 (a)    1,750    1,737,033 
 Number 3, GO, Refunding (Tempe Elementary),                        12,015,378 
 7.50%, 7/01/10 (c)(d)    500    539,695                 
Maricopa County, Arizona, School District            Hospitals/Healthcare — 22.0%         
 Number 11, GO (Peoria Unified), Second Series,            Arizona Health Facilities Authority Revenue Bonds:         
 5%, 7/01/25 (c)(d)    630    638,952         (Banner Health), Series D, 5.50%, 1/01/38    1,000    874,970 
Maricopa County, Arizona, School District Number 89,                 (Catholic Healthcare West), Series A,         
 School Improvement, GO (Dysart Unified), Series C,                 6.625%, 7/01/20        1,435    1,552,570 
 6%, 7/01/28    1,000    1,046,800    Arizona Health Facilities Authority, Revenue Refunding         
Maricopa County, Arizona, School District Number 90,             Bonds (Banner Health), Series D, 6%, 1/01/30    1,500    1,459,875 
 School Improvement, GO (Saddle Mountain Unified),            Maricopa County, Arizona, IDA, Health Facilities Revenue         
 Series A, 5%, 7/01/14    150    156,744     Refunding Bonds (Catholic Healthcare West Project),         
Phoenix, Arizona, Civic Improvement Corporation, Excise             Series A, 5.50%, 7/01/26    1,850    1,665,795 
 Tax Revenue Bonds (Civic Plaza Expansion Project),            Maricopa County, Arizona, IDA, Hospital Facility Revenue         
 Sub-Series A, 5%, 7/01/35 (c)(d)    3,325    3,206,796     Refunding Bonds (Samaritan Health Services),         
Pima County, Arizona, Unified School District Number 1             Series A, 7%, 12/01/16 (d)(f)    1,000    1,275,140 
 (Tucson), GO, Refunding, 7.50%, 7/01/09 (c)(d)    2,050    2,101,209    Mesa, Arizona, IDA Revenue Bonds (Discovery Health         
Pinal County, Arizona, COP:             Systems), Series A, 5.625%, 1/01/10 (d)(g)    1,000    1,053,080 
     5%, 12/01/26    1,250    1,102,912    Scottsdale, Arizona, IDA, Hospital Revenue Refunding         
     5%, 12/01/29    1,250    1,053,837     Bonds (Scottsdale Healthcare), Series A,         
Queen Creek Improvement District Number 001,             5.25%, 9/01/30        1,000    823,860 
 Arizona, Special Assessment Bonds, 5%, 1/01/32    2,000    1,205,580    Tucson, Arizona, IDA, Senior Living Facilities Revenue         
Vistancia Community Facilities District, Arizona, GO,             Bonds (Christian Care Tucson Inc. Project), Series A,         
 5.75%, 7/15/24    750    612,668     6.125%, 7/01/10 (g)(k)    1,000    1,086,080 
Vistancia Community Facilities District, Arizona, GO,            Yavapai County, Arizona, IDA, Hospital Facility Revenue         
 6.75%, 7/15/22    1,275    1,180,561     Bonds (Yavapai Regional Medical Center), Series A,         
Yuma County, Arizona, Library District, GO,             6%, 8/01/33        1,900    1,434,139 
 5%, 7/01/26 (e)    1,565    1,532,871                11,225,509 
        22,564,030    Housing — 19.7%             
Education — 23.7%            Maricopa County and Phoenix, Arizona, IDA,         
Arizona Board of Regents Revenue Bonds (Arizona             S/F Mortgage Revenue Bonds, AMT, Series A-2,         
 State University System), Series C:             5.80%, 7/01/40 (h)(i)(j)    985    972,766 
     6%, 7/01/25    620    687,971    Maricopa County and Phoenix, Arizona, IDA,         
     6%, 7/01/26    350    385,553     S/F Mortgage Revenue Refunding Bonds, AMT,         
     6%, 7/01/27    425    464,950     Series A-1, 5.75%, 5/01/40 (h)(i)(j)    1,380    1,358,099 
     6%, 7/01/28    300    326,061    Maricopa County, Arizona, IDA, S/F Mortgage Revenue         
Arizona Student Loan Acquisition Authority, Student             Bonds, AMT, Series 3-B, 5.25%, 8/01/38 (h)(i)(j)    1,757    1,629,285 
 Loan Revenue Refunding Bonds, AMT:            Phoenix and Pima County, Arizona, IDA,         
     Junior Subordinated Series B-1, 6.15%, 5/01/29    3,285    2,987,313     S/F Mortgage Revenue Bonds, AMT, Series 1A,         
     Senior-Series A-1, 5.90%, 5/01/24    850    790,916     5.65%, 7/01/39 (i)(j)    844    815,578 
Maricopa County, Arizona, IDA, Education Revenue                         
 Bonds (Arizona Charter Schools Project 1), Series A,                         
 6.625%, 7/01/20    900    674,388                 
 
See Notes to Financial Statements.                         

  14 SEMI-ANNUAL REPORT JANUARY 31, 2009


Schedule of Investments (continued)    BlackRock MuniYield Arizona Fund, Inc. (MZA) 
                (Percentages shown are based on Net Assets) 
        Par                Par     
Municipal Bonds        (000)    Value    Municipal Bonds        (000)       Value 
 
Arizona (continued)                     Arizona (concluded)             
Housing (concluded)                Utilities — Water & Sewer (concluded)             
Phoenix and Pima County, Arizona, IDA, S/F Mortgage            Surprise Municipal Property Corporation, Arizona,             
 Revenue Refunding Bonds, AMT, Series 2007-1,                 Wastewater Development Impact Fee Revenue Bonds,         
 5.25%, 8/01/38 (h)(i)(j)    $ 1,775    $ 1,678,153     4.90%, 4/01/32    $ 1,250    $ 864,063 
Phoenix, Arizona, IDA, S/F Mortgage Revenue Bonds,                        6,723,588 
 AMT, Series 2007-2, 5.50%, 8/01/38 (h)(i)(j)        1,801    1,789,780                 
Tucson and Pima County, Arizona, IDA, S/F Mortgage                Total Municipal Bonds in Arizona            72,308,476 
 Revenue Refunding Bonds, AMT, Series B,                             
 5.35%, 6/01/47 (h)(i)(j)        1,000    929,250         Guam — 1.5%             
Tucson, Arizona, IDA, Joint S/F Mortgage                             
 Revenue Refunding Bonds, AMT, Series A-1,                Utilities — Water & Sewer — 1.5%             
 5.10%, 7/01/38 (h)(i)(j)        980    892,143    Guam Government Waterworks Authority, Water and             
            10,065,054     Wastewater System, Revenue Refunding Bonds,             
                 5.875%, 7/01/35        1,000    750,310 
IDA/PCR/Resource Recovery — 0.7%                             
Pinal County, Arizona, IDA, Wastewater Revenue Bonds            Total Municipal Bonds in Guam            750,310 
 (San Manuel Facilities Project), AMT, 6.25%, 6/01/26    500    369,860                 
State — 5.7%                     Puerto Rico — 20.5%             
Arizona State Transportation Board, Highway Revenue                         
 Bonds, Series B, 5%, 7/01/30        2,000    2,005,880    County/City/Special District/School District — 6.6%         
Arizona Tourism and Sports Authority, Tax Revenue Bonds            Puerto Rico Public Buildings Authority, Government             
 (Baseball Training Facilities Project), 5%, 7/01/16    1,000    940,770     Facilities Revenue Bonds, Series I,             
                 5.25%, 7/01/33 (l)        1,965    1,637,002 
            2,946,650    Puerto Rico Public Buildings Authority, Government             
Transportation — 2.8%                 Facilities Revenue Refunding Bonds (l):             
Phoenix, Arizona, Civic Improvement Corporation,                     Series M-3, 6%, 7/01/28 (d)        900    842,238 
 Senior Lien Airport Revenue Bonds, AMT:                     Series N, 5.50%, 7/01/27        1,000    890,500 
     Series A, 5%, 7/01/33        1,000    935,760                3,369,740 
     Series B, 5.25%, 7/01/32 (c)(d)        600    491,160                 
                State — 2.8%             
            1,426,920    Puerto Rico Commonwealth, GO, Series A, 6%, 7/01/38    900    822,654 
Utilities — Electric & Gas — 8.4%                Puerto Rico Commonwealth, Public Improvement, GO,         
Salt River Project, Arizona, Agriculture Improvement                 Series A, 5.125%, 7/01/31        750    617,640 
 and Power District, Electric System Revenue Bonds,                        1,440,294 
 Series A, 5%, 1/01/24        1,000    1,041,590                 
Salt River Project, Arizona, Agriculture Improvement and            Transportation — 1.7%             
 Power District, Electric System Revenue Refunding                Puerto Rico Commonwealth Highway and Transportation         
 Bonds, Series A, 5%, 1/01/35        1,500    1,476,375     Authority, Highway Revenue Refunding Bonds,             
Salt Verde Financial Corporation, Arizona, Senior Gas             Series CC, 5.50%, 7/01/31        1,000    859,640 
 Revenue Bonds, 5%, 12/01/37        2,750    1,784,392    Utilities — Electric & Gas — 5.8%             
            4,302,357    Puerto Rico Electric Power Authority, Power             
                 Revenue Bonds:             
Utilities — Irrigation, Resource Recovery, Solid Waste                 Series TT, 5%, 7/01/37        1,000    778,940 
& Other — 1.3%                     Series WW, 5.375%, 7/01/24        1,000    896,800 
Yavapai County, Arizona, IDA, Solid Waste Disposal                Puerto Rico Industrial, Tourist, Educational, Medical             
 Revenue Bonds (Waste Management Inc. Project),                 and Environmental Control Facilities Revenue Bonds         
 AMT, Series A-1, 4.90%, 3/01/28        1,000    669,130     (Cogeneration Facility-AES Puerto Rico Project), AMT,         
Utilities — Water & Sewer — 13.2%                 6.625%, 6/01/26        1,500    1,283,325 
Gilbert, Arizona, Water Resource Municipal Property                            2,959,065 
 Corporation, Water System Development Fee                             
 and Utility Revenue Bonds, Subordinated Lien,                Utilities — Water & Sewer — 3.6%             
 5%, 10/01/29 (d)        1,000    948,090    Puerto Rico Commonwealth Aqueduct and Sewer             
Phoenix, Arizona, Civic Improvement Corporation,                 Authority, Senior Lien Revenue Bonds, Series A,             
 Wastewater System Revenue Refunding Bonds,                 6%, 7/01/44 (k)        2,180    1,868,173 
 Senior Lien, 5.50%, 7/01/22        2,000    2,199,660    Total Municipal Bonds in Puerto Rico            10,496,912 
Phoenix, Arizona, Civic Improvement Corporation, Water            Total Long-Term Investments             
 System Revenue Refunding Bonds, Junior Lien,                (Cost — $93,284,999) — 163.7%            83,555,698 
 5.50%, 7/01/20 (c)(d)        2,500    2,711,775                 

See Notes to Financial Statements.

SEMI-ANNUAL REPORT JANUARY 31, 2009 15


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

Short-Term Securities    Shares         
Money Market Funds — 13.9%             
CMA Arizona Municipal Money Fund, 0.04% (m)(n)    7,086,121    $ 7,086,121 
Total Short-Term Securities             
(Cost — $7,086,121) — 13.9%            7,086,121 
Total Investments (Cost — $100,371,120*) — 177.6%        90,641,819 
Other Assets Less Liabilities — 1.4%            695,216 
Preferred Shares, at Redemption Value — (79.0)%            (40,306,177) 
Net Assets Applicable to Common Shares — 100.0%        $ 51,030,858 
       
   * The cost and unrealized appreciation (depreciation) of investments as of 
    January 31, 2009, as computed for federal income tax purposes, were 
    as follows:             
    Aggregate cost        $ 100,315,771 
    Gross unrealized appreciation        $ 1,410,878 
    Gross unrealized depreciation            (11,084,830) 
    Net unrealized depreciation        $ (9,673,952) 
           
(a)    AMBAC Insured.             
(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 reflects the 
    effective yield as of report date.             
(c)    FGIC Insured.             
(d)    MBIA Insured.             
(e)    XL Capital Insured.             
(f)    Security is collateralized by Municipal or U.S. Treasury Obligations.     
(g)    U.S. 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.             
(h)    FHLMC Collateralized.             
(i)    FNMA Collateralized.             
(j)    GNMA Collateralized.             
(k)    Radian Insured.             
(l)    Commonwealth Guaranteed.             
(m)     Represents the current yield as of report date.             

(n)    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, 
    were as follows:         
 
        Net     
    Affiliate    Activity    Income 
    CMA Arizona Municipal Money Fund    3,912,775    $15,840 

Effective August 1, 2008, the Fund adopted Financial Accounting Standards Board
Statement of Financial Accounting Standards No. 157, “Fair Value Measurements”
(“FAS 157”). FAS 157 clarifies the definition of fair value, establishes a frame-
work for measuring fair values and requires additional disclosures about the use
of fair value measurements. Various inputs are used in determining the fair value
of investments, which are as follows:
Level 1 — price quotations in active markets/exchanges for identical securities
Level 2 — other observable inputs (including, but not limited to: quoted prices
for similar assets or liabilities in markets that are 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
circumstance, to the extent observable inputs are not available (including the
Fund’s own assumption used in determining the fair value of investments)
The inputs or methodology used for valuing securities are not necessarily an in-
dication 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, 2009 in deter-
mining the fair valuation of the Fund’s investments:

Valuation    Investments in 
Inputs    Securities 
    Assets 
Level 1    $ 7,086,121 
Level 2    83,555,698 
Level 3     
Total    $ 90,641,819 

See Notes to Financial Statements.

16 SEMI-ANNUAL REPORT JANUARY 31, 2009


Schedule of Investments January 31, 2009 (Unaudited)    BlackRock MuniYield California Fund, Inc. (MYC) 
                (Percentages shown are based on Net Assets) 
    Par                Par     
Municipal Bonds    (000)    Value    Municipal Bonds    (000)    Value 
California — 113.6%                California (continued)         
County/City/Special District/School District — 44.3%            County/City/Special District/School District (concluded)     
Arcata, California, Joint Powers Financing Authority, Tax            Santa Clarita, California, Community College District,         
 Allocation Revenue Refunding Bonds (Community             GO (Election 2001), 5%, 8/01/28 (d)    $ 2,170    $ 2,172,387 
 Development Project Loan), Series A, 6%, 8/01/23 (f)      $ 2,630    $ 2,629,947    Santa Cruz County, California, Redevelopment Agency,         
California Statewide Communities Development             Tax Allocation Bonds (Live Oak/Soquel Community         
 Authority, COP (John Muir/Mount Diablo Health             Improvement Project Area), Series A (o):         
 System), 5.125%, 8/15/22 (b)    5,250    5,181,802        6.625%, 9/01/29    1,000    999,810 
Chino Basin, California, Desalter Authority, Revenue                7%, 9/01/36    500    504,045 
 Refunding Bonds, Series A, 5%, 6/01/35 (a)    5,280    4,866,418    Sequoia, California, Union High School District, GO,         
Cucamonga, California, County Water District, COP,             Refunding, 5%, 7/01/28 (d)    2,500    2,490,675 
 5.125%, 9/01/35 (b)(e)    3,750    3,245,287    Shasta-Tehama-Trinity Joint Community College         
El Monte, California, Unified School District, GO             District, California, GO (Election of 2002), Series B,         
 (Election of 2002), Series C, 5.25%, 6/01/32 (d)    10,120    9,906,063     5.25%, 8/01/24 (d)    1,675    1,748,600 
Fontana Unified School District, California, GO, Series A,            Vacaville, California, Unified School District, GO         
 5.25%, 8/01/28 (d)    7,000    7,073,220     (Election of 2001), 5%, 8/01/30 (b)    4,745    4,459,351 
Grant Joint Union High School District, California, GO            Ventura, California, Unified School District, GO (Election         
 (Election of 2006), 5%, 8/01/29 (d)    9,390    9,259,667     of 1997), Series H, 5.125%, 8/01/34 (d)    1,000    978,410 
La Quinta, California, Financing Authority, Local Agency                        120,299,105 
 Revenue Bonds, Series A, 5.125%, 9/01/34 (f)    6,020    5,126,512                 
Long Beach, California, Harbor Revenue Bonds, AMT,            Education — 5.7%         
 Series A, 5.25%, 5/15/23 (e)    5,195    4,794,102    California Infrastructure and Economic Development         
Los Angeles, California, COP (Sonnenblick Del Rio West             Bank Revenue Bonds (J. David Gladstone Institute         
 Los Angeles), 6.20%, 11/01/31 (f)    2,000    2,020,380     Project), 5.50%, 10/01/22    4,990    5,029,072 
Los Angeles County, California, Metropolitan            University of California Revenue Bonds:         
 Transportation Authority, Sales Tax Revenue Refunding                Series D, 5%, 5/15/32 (b)(e)    2,500    2,377,675 
 Bonds, Proposition A, First Tier Senior-Series A,                Series L, 5%, 5/15/36    8,500    8,128,890 
 5%, 7/01/27 (f)    3,780    3,790,130                15,535,637 
Marin, California, Community College District, GO            Hospitals/Healthcare — 12.2%         
 (Election of 2004), Series A, 5%, 8/01/28 (b)    5,885    5,848,748    ABAG Finance Authority for Nonprofit Corporations,         
Morgan Hill, California, Unified School District, GO,             California, Revenue Refunding Bonds (Redwood         
 5.047%, 8/01/26 (c)(e)(g)    7,570    3,403,396     Senior Homes and Services), 6%, 11/15/22    1,730    1,564,145 
Mount Diablo, California, Unified School District, GO            California Health Facilities Financing Authority Revenue         
 (Election of 2002), 5%, 6/01/28 (b)    2,000    1,918,480     Bonds (Sutter Health), Series A, 5.25%, 11/15/46    10,000    8,454,700 
Murrieta Valley, California, Unified School District, Public            California Statewide Communities Development         
 Financing Authority, Special Tax Revenue Bonds,             Authority, Health Facility Revenue Bonds (Memorial         
 Series A, 5.125%, 9/01/26 (a)    6,675    6,294,325     Health Services), Series A:         
Oakland, California, Alameda County Unified School                6%, 10/01/23    3,270    3,309,273 
 District, GO (Election of 2000), 5%, 8/01/27 (b)    6,240    5,193,864        5.50%, 10/01/33    3,000    2,626,770 
Pittsburg, California, Redevelopment Agency, Tax            California Statewide Communities Development         
 Allocation Refunding Bonds (Los Medanos Community             Authority Revenue Bonds (Catholic Healthcare West),         
 Development Project), Series A, 6.50%, 9/01/28    2,500    2,469,850     Series D, 5.50%, 7/01/31    5,000    4,397,800 
Rancho Cucamonga, California, Redevelopment            California Statewide Communities Development         
 Agency, Tax Allocation Refunding Bonds (Rancho             Authority Revenue Bonds (Daughters of Charity         
 Redevelopment Project), 5.25%, 9/01/20 (d)    4,315    4,422,443     National Health System), Series A, 5.25%, 7/01/30    3,665    2,361,872 
San Bernardino, California, Joint Powers Financing            California Statewide Communities Development         
 Authority, Lease Revenue Bonds (Department of             Authority, Revenue Refunding Bonds (Kaiser Hospital         
 Transportation Lease), Series A, 5.50%, 12/01/20 (b)    3,000    3,002,670     Asset Management, Inc.), Series C, 5.25%, 8/01/31    6,975    6,003,103 
San Francisco, California, Bay Area Rapid Transit            California Statewide Communities Development         
 District, Sales Tax Revenue Refunding Bonds,             Authority, Revenue Refunding Bonds (Kaiser         
 Series A, 5%, 7/01/34 (b)    5,430    5,211,008     Permanente), Series A, 5%, 4/01/31    3,500    2,912,665 
San Jose, California, Unified School District, Santa            Torrance, California, Hospital Revenue Refunding         
 Clara County, GO (Election of 2002), Series B,             Bonds (Torrance Memorial Medical Center), Series A,         
 5%, 8/01/29 (b)(e)    1,855    1,826,934     6%, 6/01/22    1,310    1,328,013 
San Jose-Evergreen, California, Community College                         
 District, Capital Appreciation, GO (Election of 2004),                        32,958,341 
 Refunding, Series A, 5.117%, 9/01/23 (b)(c)    10,005    4,665,031    Housing — 2.0%         
San Juan, California, Unified School District, GO            California Rural Home Mortgage Finance Authority,         
 (Election of 2002), 5%, 8/01/28 (b)    5,000    4,795,550     S/F Mortgage Revenue Bonds (Mortgage-Backed         
             Securities Program), AMT:         
                Series A, 5.40%, 12/01/36 (h)(i)(j)    1,840    1,719,443 
                Series B, 6.15%, 6/01/20 (i)(j)    25    25,590 
              Sub-Series FH-1, 5.50%, 8/01/47    415    370,960 
  See Notes to Financial Statements.   
 
 
           

SEMI-ANNUAL REPORT JANUARY 31, 2009 17


Schedule of Investments (continued)    BlackRock MuniYield California Fund, Inc. (MYC) 
                (Percentages shown are based on Net Assets) 
        Par                Par     
Municipal Bonds        (000)    Value    Municipal Bonds        (000)    Value 
 
     California (continued)                     California (continued)             
Housing (concluded)                Utilities — Irrigation, Resource Recovery, Solid Waste         
Santa Clara County, California, Housing Authority,                & Other — (concluded)             
 M/F Housing Revenue Bonds (John Burns Gardens            California Pollution Control Financing Authority, Solid             
 Apartments Project), AMT, Series A, 6%, 8/01/41    $ 3,500    $ 3,383,660     Waste Disposal Revenue Bonds (Waste Management,         
            5,499,653     Inc. Project), AMT, Series C, 6.75%, 12/01/27    $ 3,300    $ 3,278,913 
                California State Public Works Board, Lease Revenue             
IDA/PCR/Resource Recovery — 2.7%                 Bonds (Department of Corrections), Series C,             
California Pollution Control Financing Authority, Solid                 5.50%, 6/01/23        5,000    5,034,600 
 Waste Disposal Revenue Bonds (Waste Management,            Chino Basin, California, Regional Financing Authority,         
 Inc. Project), AMT:                 Revenue Refunding Bonds (Inland Empire Utility             
     Series A-2, 5.40%, 4/01/25        3,000    2,281,020     Agency), Series A, 5%, 11/01/33 (f)        2,015    1,843,886 
     Series C, 5.125%, 11/01/23        4,500    3,365,190    Los Angeles County, California, Sanitation Districts             
California Pollution Control Financing Authority, Solid                 Financing Authority, Revenue Refunding Bonds             
 Waste Disposal Revenue Refunding Bonds (Republic             (Capital Projects — District Number 14), Sub-Series B,         
 Services, Inc. Project), AMT, Series C, 5.25%, 6/01/23    2,000    1,656,040     5%, 10/01/30 (b)(e)        2,550    2,240,022 
            7,302,250    South Bayside, California, Waste Management Authority,         
State — 5.3%                 Waste System Revenue Bonds, 5.75%, 3/01/20 (f)    2,265    2,316,325 
California State Department of Water Resources, Power                        16,949,400 
 Supply Revenue Refunding Bonds, Sub-Series F-5,            Utilities — Water & Sewer — 12.9%             
 5%, 5/01/22        11,475    11,943,295    California State Department of Water Resources, Water         
California State, GO, 5.50%, 4/01/30        5    4,981     System Revenue Refunding Bonds (Central Valley             
California State, GO, Refunding (Veterans), AMT,                 Project), Series AE, 5%, 12/01/28        6,000    6,066,540 
 Series BJ, 5.70%, 12/01/32        2,785    2,387,831    California State Enterprise Authority, Sewer Facility             
            14,336,107     Revenue Bonds (Anheuser-Busch Project), AMT,             
Transportation — 6.6%                 5.30%, 9/01/47        2,500    1,679,100 
Port of Oakland, California, Revenue Refunding Bonds,            California Statewide Communities Development             
 AMT, Series L, 5.375%, 11/01/27 (b)(e)        11,615    9,841,622     Authority, Water Revenue Bonds (Pooled Financing             
San Francisco, California, City and County Airport                 Program), Series C, 5.25%, 10/01/28 (d)        2,380    2,383,713 
 Commission, International Airport Revenue Refunding            Los Angeles, California, Department of Water and             
 Bonds, AMT, Second Series, 6.75%, 5/01/19        3,475    3,627,830     Power, Waterworks Revenue Bonds, Series A,             
San Jose, California, Airport Revenue Bonds, Series D,             5.375%, 7/01/38        3,200    3,213,280 
 5%, 3/01/28 (b)        4,615    4,428,416    Los Angeles, California, Wastewater System Revenue             
                 Refunding Bonds, Sub-Series A, 5%, 6/01/27 (b)        4,500    4,373,415 
            17,897,868    Metropolitan Water District of Southern California,             
Utilities — Electric & Gas — 15.7%                 Waterworks Revenue Bonds Series A:             
Anaheim, California, Public Financing Authority, Electric                 5%, 7/01/30 (d)        1,000    999,960 
 System Distribution Facilities Revenue Bonds,                5%, 7/01/32        1,240    1,231,494 
 Series A, 5%, 10/01/31 (d)        9,000    8,622,630    Metropolitan Water District of Southern California,             
Chula Vista, California, IDR (San Diego Gas and Electric             Waterworks Revenue Refunding Bonds, Series B,             
 Company), AMT, Series D, 5%, 12/01/27 (f)        1,000    807,590     5%, 7/01/35        2,625    2,579,535 
Eastern Municipal Water District, California, Water and            Modesto, California, Irrigation District, COP, Series B,             
 Sewer, COP, Series H:                 5.50%, 7/01/35        3,300    3,041,577 
     5%, 7/01/33        4,750    4,493,737    Oxnard, California, Financing Authority, Wastewater             
     5%, 7/01/35        7,540    7,097,628     Revenue Bonds (Redwood Trunk Sewer and             
Orange County, California, Sanitation District, COP,                 Headworks Projects), Series A, 5.25%, 6/01/34 (b)(e)    3,000    2,831,430 
 5%, 2/01/33 (b)(e)        5,250    5,030,603    Sacramento County, California, Sanitation District             
Sacramento, California, Municipal Utility District                 Financing Authority, Revenue Refunding             
 Financing Authority Revenue Bonds (Consumers                 Bonds (County Sanitation District Number 1),             
 Project), 5.125%, 7/01/29 (b)        18,500    16,567,860     5%, 8/01/35 (b)        5,375    5,132,104 
            42,620,048    Stockton, California, Public Financing Authority, Water         
                 Revenue Bonds (Water System Capital Improvement         
Utilities — Irrigation, Resource Recovery, Solid Waste             Projects), Series A, 5%, 10/01/31 (b)        1,600    1,491,056 
& Other — 6.2%                             
California Pollution Control Financing Authority, Solid                            35,023,204 
 Waste Disposal Revenue Bonds (Republic Services,            Total Municipal Bonds in California — 113.6%            308,421,613 
 Inc. Project), AMT, Series B, 5.25%, 6/01/23        2,700    2,235,654                 

See Notes to Financial Statements.

18 SEMI-ANNUAL REPORT JANUARY 31, 2009


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

    Par     
Municipal Bonds    (000)    Value 
U.S. Virgin Islands — 0.9%         
IDA/PCR/Resource Recovery — 0.9%         
Virgin Islands Government Refinery Facilities, Revenue         
 Refunding Bonds (Hovensa Coker Project), AMT,         
 6.50%, 7/01/21    $ 3,000    $ 2,308,050 
Total Municipal Bonds in the U.S. Virgin Islands        2,308,050 
Total Municipal Bonds — 114.5%        310,729,663 
Municipal Bonds Transferred to         
Tender Option Bond Trusts (k)         
California — 42.1%         
County/City/Special District/School District — 16.4%         
Metropolitan Water District of Southern California,         
 Waterworks Revenue Bonds, Series A, 5%, 7/01/37    20,000    19,612,400 
Palomar Pomerado Health Care District, California, GO         
 (Election of 2004), Series A, 5.125%, 8/01/37 (b)    18,490    18,150,154 
Sonoma County, California, Junior College District,         
 GO (Election 2002), Refunding, Series B,         
 5%, 8/01/28 (d)    6,875    6,882,555 
        44,645,109 
Education — 18.2%         
California State University, Systemwide Revenue Bonds,         
 Series A, 5%, 11/01/39 (d)    4,840    4,564,556 
Contra Costa County, California, Community College         
 District, GO (Election of 2002), 5%, 8/01/30 (d)    10,210    10,038,268 
Fremont, California, Unified School District, Alameda         
 County, GO (Election of 2002), Series B,         
 5%, 8/01/30 (d)    4,003    3,915,248 
Los Angeles, California, Community College District, GO         
 (Election of 2003), Series E, 5%, 8/01/31 (d)    10,002    9,724,977 
Peralta, California, Community College District, GO         
 (Election of 2000), Series D, 5%, 8/01/30 (d)    1,995    1,961,444 
University of California, Limited Project Revenue Bonds,         
 Series B, 5%, 5/15/33 (d)    8,490    8,177,313 
University of California Revenue Bonds, Series L,         
 5%, 5/15/40    11,600    11,002,484 
        49,384,290 
Lease Obligations — 3.5%         
Santa Clara County, California, Financing Authority,         
 Lease Revenue Refunding Bonds, Series L,         
 5.25%, 5/15/36    10,001    9,643,472 
Transportation — 2.2%         
San Francisco, California, Bay Area Rapid Transit         
 District, Sales Tax Revenue Refunding Bonds,         
 Series A, 5%, 7/01/30 (b)    6,000    5,853,360 
Utilities — Water & Sewer — 1.8%         
San Diego County, California, Water Authority, Water         
 Revenue Bonds, COP, Series A, 5%, 5/01/31 (d)    5,010    4,865,512 
Total Municipal Bonds Transferred to Tender Option         
Bond Trusts — 42.1%        114,391,743 
Total Long-Term Investments         
(Cost — $456,547,762) — 156.6%        425,121,406 

        Par     
Short-Term Securities    (000)    Value 
    California — 7.4%         
California HFA, Home Mortgage Revenue Bonds, VRDN,     
 AMT, Series P, 8.50%, 2/04/09 (b)(l)    $ 10,000    $ 10,000,000 
Los Angeles County, California, Metropolitan         
 Transportation Authority, Sales Tax Revenue Refunding     
 Bonds, Proposition C, VRDN, Second Senior Series A,     
 6%, 2/05/09 (b)(l)    10,000    10,000,000 
            20,000,000 
        Shares     
    Money Market Funds — 5.7%         
CMA California Municipal Money         
 Fund, 0.18% (m)(n)    15,502,136    15,502,136 
Total Short-Term Securities         
(Cost — $35,502,136) — 13.1%        35,502,136 
Total Investments (Cost — $492,049,898*) — 169.7%    460,623,542 
Other Assets Less Liabilities — 0.3%        957,202 
Liability for Trust Certificates, Including Interest         
   Expense and Fees Payable — (23.4)%        (63,581,781) 
Preferred Shares, at Redemption Value — (46.6)%        (126,523,718) 
Net Assets Applicable to Common Shares — 100.0%        $271,475,245 
 
       * The cost and unrealized appreciation (depreciation) of investments as of 
    January 31, 2009, as computed for federal income tax purposes, were 
    as follows:         
    Aggregate cost        $428,471,139 
    Gross unrealized appreciation        $ 2,331,653 
    Gross unrealized depreciation        (33,269,913) 
    Net unrealized depreciation        $ (30,938,260) 
           
(a)    Assured Guaranty Insured.         
(b)    MBIA Insured.         
(c)    Represents a zero-coupon bond. Rate shown reflects the effective yield as of 
    report date.         
(d)    FSA Insured.         
(e)    FGIC Insured.         
(f)    AMBAC Insured.         
(g)    Security is collateralized by Municipal or U.S. Treasury Obligations. 
(h)    FHLMC Collateralized.         
(i)    FNMA Collateralized.         
(j)    GNMA Collateralized.         
(k)    Securities represent bonds transferred to a tender option bond trust in 
    exchange for which the Fund acquired residual interest certificates. These 
    securities serve as collateral in a financing transaction. See Note 1 of the 
    Notes to Financial Statements for details of municipal bonds transferred to 
    tender option bond trusts.         
(l)    Security may have a maturity of more than one year at time of issuance but has 
    variable rate and demand features that qualify it as a short-term security. Rate 
    shown is as of report date. This rate changes periodically based upon prevailing 
    market rates.         
(m)     Represents the current yield as of report date.         

  See Notes to Financial Statements.

SEMI-ANNUAL REPORT JANUARY 31, 2009 19


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

(n)    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, 
    were as follows:         
 
        Net     
    Affiliate    Activity    Income 
    CMA California Municipal Money Fund    1,088,879    $85,214 
 
(o)    When issued security.         

Effective August 1, 2008, the Fund adopted Financial Accounting Standards Board
Statement of Financial Accounting Standards No. 157, “Fair Value Measurements”
(“FAS 157”). FAS 157 clarifies the definition of fair value, establishes a frame-
work for measuring fair values and requires additional disclosures about the use
of fair value measurements. Various inputs are used in determining the fair value
of investments, which are as follows:
Level 1 — price quotations in active markets/exchanges for identical securities
Level 2 — other observable inputs (including, but not limited to: quoted prices
for similar assets or liabilities in markets that are 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
circumstance, to the extent observable inputs are not available (including the
Fund’s own assumption used in determining the fair value of investments)
The inputs or methodology used for valuing securities are not necessarily an in-
dication 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, 2009 in deter-
mining the fair valuation of the Fund’s investments:

Valuation    Investments in 
Inputs    Securities 
    Assets 
Level 1    $ 15,502,136 
Level 2    445,121,406 
Level 3     
Total    $ 460,623,542 

See Notes to Financial Statements.

20 SEMI-ANNUAL REPORT JANUARY 31, 2009


Schedule of Investments January 31, 2009 (Unaudited)    BlackRock MuniYield Investment Fund (MYF) 
                    (Percentages shown are based on Net Assets) 
        Par                    Par     
Municipal Bonds        (000)    Value    Municipal Bonds            (000)    Value 
 
     California — 1.6%                     Florida (continued)                 
Transportation — 1.6%                Education (concluded)                 
San Francisco, California, City and County Airport                Orange County, Florida, Educational Facilities Authority,         
 Commission, International Airport Revenue Refunding             Educational Facilities Revenue Bonds (Rollins College         
 Bonds, AMT, Second Series, 6.75%, 5/01/19    $ 2,500   $2,609,950     Project), 5.25%, 12/01/32 (a)    $ 1,500    $1,433,355 
Total Municipal Bonds in California            2,609,950    University of Central Florida Athletics Association Inc.,         
                 COP, Series A, 5.25%, 10/01/34 (d)(e)        3,235    2,437,314 
                University of Central Florida, COP (UCF Convocation             
     District of Columbia — 2.1%                 Center), Series A, 5%, 10/01/35 (d)(e)        4,050    2,571,912 
 
Utilities — Water & Sewer — 2.1%                                9,811,246 
District of Columbia, Water and Sewer Authority, Public            Hospitals/Healthcare — 11.8%             
 Utility Revenue Refunding Bonds, Senior Lien,                Citrus County, Florida, Hospital Board Revenue             
 Series A, 5.50%, 10/01/39 (s)        3,500    3,502,310     Refunding Bonds (Citrus Memorial Hospital):             
Total Municipal Bonds in the District of Columbia            3,502,310         6.25%, 8/15/23            2,150    1,802,323 
                     6.375%, 8/15/32            2,850    2,190,795 
                Jacksonville, Florida, Health Facilities Authority, Hospital         
     Florida — 109.6%                 Revenue Bonds (Baptist Medical Center Project),             
                 5%, 8/15/37 (c)            3,145    2,756,435 
County/City/Special District/School District — 20.6%            Lee County, Florida, IDA, Health Care Facilities, Revenue         
Alachua County, Florida, School Board, COP,                 Refunding Bonds (Shell Point/Alliance Obligor Group),         
 5.25%, 7/01/29 (a)        2,100    1,893,066     5%, 11/15/32            1,380    749,795 
Broward County, Florida, School Board, COP, Series A,            Lee Memorial Health System, Florida, Hospital Revenue         
 5.25%, 7/01/33 (c)        3,300    3,117,807     Bonds, Series A, 5%, 4/01/32 (a)        3,000    2,199,540 
Florida Municipal Loan Council Revenue Bonds,                Martin County, Florida, Health Facilities Authority,             
 Series B, 5.375%, 11/01/30 (d)        4,250    3,973,240     Hospital Revenue Bonds (Martin Memorial Medical         
Hillsborough County, Florida, School Board, COP,                 Center), Series A (f):                 
 5%, 7/01/29 (d)        1,500    1,382,685         5.75%, 11/15/12            1,350    1,570,712 
Jacksonville, Florida, Excise Taxes Revenue Bonds,                     5.875%, 11/15/12            3,535    4,129,127 
 Series B, 5.125%, 10/01/32 (d)(e)        1,500    1,317,945    Miami-Dade County, Florida, Health Facilities Authority,         
Lee County, Florida, Capital Revenue Bonds,                 Hospital Revenue Refunding Bonds DRIVERS             
 5.25%, 10/01/23 (a)        1,125    1,158,491     Series 208,10.387%, 8/15/17(a)(r)        3    3,073 
Miami-Dade County, Florida, School Board, COP,                Orange County, Florida, Health Facilities Authority,             
 Refunding, Series B, 5.25%, 5/01/30 (b)        2,250    2,166,165     Hospital Revenue Refunding Bonds (Orlando             
Miami-Dade County, Florida, School Board, COP,                 Regional Healthcare), Series B, 5.25%, 12/01/29 (c)    2,300    2,129,639 
 Series B, 5%, 11/01/31 (a)        2,500    2,180,450    South Lake County, Florida, Hospital District Revenue         
Palm Beach County, Florida, Criminal Justice Facilities             Bonds (South Lake Hospital Inc.):             
 Revenue Bonds, 7.20%, 6/01/15 (d)(e)        3,390    4,241,839         5.80%, 10/01/34            1,000    800,780 
Palm Beach County, Florida, School Board, COP,                     6.375%, 10/01/34            1,150    925,382 
 Series A, 5%, 8/01/31 (c)        2,200    2,027,014                     
Saint Johns County, Florida, Sales Tax Revenue                                19,257,601 
 Bonds (a):                Housing — 2.8%                 
     Series A, 5.25%, 10/01/34        1,200    1,142,604    Broward County, Florida, HFA, S/F Mortgage             
     Series B, 5.25%, 10/01/32        1,015    972,878     Revenue Refunding Bonds, AMT, Series E,             
Santa Rosa County, Florida, School Board, COP,                 5.90%, 10/01/39 (g)(h)(i)        1,000    1,009,790 
 Refunding, Series 2 (d)(e):                Duval County, Florida, HFA, S/F Mortgage Revenue             
     5.25%, 2/01/26        1,180    1,109,212     Refunding Bonds, AMT (g)(i):             
     5.25%, 2/01/31        1,820    1,611,901         5.40%, 10/01/21            645    639,124 
Sumter County, Florida, Capital Improvement Revenue                 5.85%, 10/01/27 (d)        1,410    1,414,864 
 Bonds (a):                Florida Housing Finance Corporation, Homeowner             
     5%, 6/01/26        2,190    2,154,938     Mortgage Revenue Refunding Bonds, AMT, Series 4,         
     5%, 6/01/30        3,500    3,289,895     6.25%, 7/01/22 (c)            380    392,559 
            33,740,130    Lee County, Florida, HFA, S/F Mortgage Revenue             
                 Bonds (Multi-County Program), AMT, Series A-1,             
Education — 6.0%                 7.125%, 3/01/28 (g)(i)        30    30,431 
Broward County, Florida, Educational Facilities Authority            Leon County, Florida, HFA, S/F Mortgage Revenue             
 Revenue Bonds (Nova Southeastern University):                 Bonds (Multi-County Program), AMT, Series B,             
     5%, 4/01/31 (b)        2,750    2,591,655     7.30%, 1/01/28 (g)(h)            15    15,501 
     Series B, 5.625%, 4/01/34        1,000    777,010    Manatee County, Florida, HFA, S/F Mortgage             
                 Revenue Refunding Bonds, AMT, Sub-Series 1,             
                 6.25%, 11/01/28 (g)            105    106,738 

See Notes to Financial Statements.

SEMI-ANNUAL REPORT JANUARY 31, 2009 21


Schedule of Investments (continued)    BlackRock MuniYield Investment Fund (MYF) 
                (Percentages shown are based on Net Assets) 
        Par            Par     
Municipal Bonds        (000)    Value    Municipal Bonds    (000)    Value 
 
     Florida (continued)                     Florida (continued)         
Housing (concluded)                Special Tax — 2.8%         
Miami-Dade County, Florida, HFA, Home Ownership                Jacksonville, Florida, Guaranteed Entitlement         
 Mortgage Revenue Refunding Bonds, AMT, Series A-1,             Revenue Refunding and Improvement Bonds,         
 6.30%, 10/01/20 (g)(i)    $ 365    $371,158     5.25%, 10/01/32 (d)(e)    $ 2,315    $ 2,247,657 
Pinellas County, Florida, HFA, S/F Housing Revenue                Saint Johns County, Florida, Sales Tax Revenue Bonds,         
 Refunding Bonds (Multi-County Program), AMT,                 Series A, 5.25%, 10/01/32 (a)    2,400    2,300,400 
 Series A-1 (g)(i):                        4,548,057 
     6.30%, 9/01/20        255    259,302             
     6.35%, 9/01/25        380    386,532    State — 1.6%         
                Florida Municipal Loan Council Revenue Bonds,         
            4,625,999     Series A-1, 5.125%, 7/01/34 (d)    1,580    1,387,730 
IDA/PCR/Resource Recovery — 15.7%                Hillsborough County, Florida, Court Facilities Revenue         
Arbor Greene Community Development District, Florida,             Bonds, 5.40%, 11/01/12 (a)(f)    1,055    1,210,401 
 Special Assessment Revenue Refunding Bonds,                        2,598,131 
 5%, 5/01/19        1,410    1,253,349             
Beacon Tradeport Community Development District,                Transportation — 36.0%         
 Florida, Special Assessment Revenue Refunding                Broward County, Florida, Airport System Revenue         
 Bonds (Commercial Project), Series A,                 Bonds, AMT, Series I, 5.75%, 10/01/18 (a)    2,870    2,906,592 
 5.625%, 5/01/32 (j)        2,000    1,505,180    Hillsborough County, Florida, Aviation Authority Revenue         
Escambia County, Florida, Environmental Improvement             Bonds, AMT, Series A, 5.50%, 10/01/38 (b)    3,865    3,283,433 
 Revenue Refunding Bonds (International Paper                Hillsborough County, Florida, Aviation Authority,         
 Company Projects), AMT, Series A, 5%, 8/01/26        3,925    2,272,653     Revenue Refunding Bonds, AMT, Series C,         
Hillsborough County, Florida, IDA, Exempt Facilities                 5.75%, 10/01/26 (b)    1,000    942,790 
 Revenue Bonds (National Gypsum Company), AMT:            Jacksonville, Florida, Port Authority Revenue Bonds,         
     Series A, 7.125%, 4/01/30        2,500    1,363,550     AMT, 6%, 11/01/38 (b)    3,920    3,581,665 
     Series B, 7.125%, 4/01/30        3,750    2,045,325    Miami-Dade County, Florida, Aviation Revenue Bonds,         
Hillsborough County, Florida, IDA, PCR, Refunding                 AMT, Series A, 5%, 10/01/33 (c)    3,875    3,100,659 
 (Tampa Electric Company Project), Series A,                Miami-Dade County, Florida, Aviation Revenue         
 5.65%, 5/15/18        1,450    1,473,011     Bonds (Miami International Airport), AMT, Series A,         
Jacksonville, Florida, Economic Development                 6%, 10/01/29 (d)(e)    4,300    3,969,846 
 Commission, IDR (Metropolitan Parking Solutions                Miami-Dade County, Florida, Aviation Revenue         
 Project), AMT (k):                 Refunding Bonds (Miami International Airport), AMT,         
     5.50%, 10/01/30        1,140    808,089     Series A (c):         
     5.875%, 6/01/31        2,800    2,182,460         5.25%, 10/01/41    1,800    1,454,922 
Miami-Dade County, Florida, Solid Waste System                     5.50%, 10/01/41    3,900    3,280,875 
 Revenue Bonds, 5.25%, 10/01/30 (d)        2,800    2,718,688    Miami-Dade County, Florida, Expressway Authority, Toll         
Orange County, Florida, Tourist Development, Tax                 System Revenue Bonds (e):         
 Revenue Refunding Bonds, 5%, 10/01/29 (a)        3,500    3,111,010         6.375%, 7/01/10 (f)    16,000    17,383,360 
Orlando, Florida, Senior Tourist Development Tax                     Series B, 5%, 7/01/33 (d)    4,050    3,708,423 
 Revenue Bonds (6th Cent Contract Payments),                Orlando-Orange County Expressway Authority, Florida,         
 Series A, 5.25%, 11/01/38 (b)        2,000    1,866,160     Expressway Revenue Bonds, Series B (a):         
Osceola County, Florida, Tourist Development Tax                     5%, 7/01/30    3,000    2,819,640 
 Revenue Bonds, Series A, 5.50%, 10/01/27 (d)(e)    1,760    1,707,922         5%, 7/01/35    8,085    7,316,682 
Village Center Community Development District, Florida,            Palm Beach County, Florida, Airport System Revenue         
 Recreational Revenue Bonds, Series A (d):                 Bonds, AMT, Series A, 5%, 10/01/34 (d)    5,000    3,873,950 
     5.375%, 11/01/34        1,995    1,724,877    Port Everglades Authority, Florida, Port Revenue Bonds,         
     5.125%, 11/01/36        1,000    824,200     7.125%, 11/01/16 (m)    1,020    1,228,417 
Volusia County, Florida, IDA, Student Housing Revenue                    58,851,254 
 Bonds (Stetson University Project), Series A,                Utilities — Electric & Gas — 3.1%         
 5%, 6/01/35 (l)        1,000    753,140    Collier County, Florida, IDA, IDR, Refunding (Southern         
            25,609,614     States Utilities), AMT, 6.50%, 10/01/25    460    370,360 
Lease Obligations/Certificates of Participation — 3.2%            Fort Myers, Florida, Utility System Revenue Refunding         
Volusia County, Florida, School Board, COP (Master                 Bonds, 5%, 10/01/31 (d)    2,750    2,562,752 
 Lease Program), 5.50%, 8/01/24 (c)        5,000    5,157,300    Port St. Lucie, Florida, Utility Revenue Bonds,         
                 5.25%, 9/01/25 (d)    1,215    1,219,605 
                Saint Johns County, Florida, Ponte Vedra Utility System         
                 Revenue Bonds, 5%, 10/01/35 (c)    1,000    917,340 
                        5,070,057 

See Notes to Financial Statements.

22 SEMI-ANNUAL REPORT JANUARY 31, 2009


Schedule of Investments (continued)    BlackRock MuniYield Investment Fund (MYF) 
                (Percentages shown are based on Net Assets) 
        Par                Par     
Municipal Bonds        (000)    Value    Municipal Bonds        (000)    Value 
     Florida (concluded)                     Michigan — 2.0%             
Utilities — Irrigation, Resource Recovery, Solid Waste            Hospitals/Healthcare — 1.2%             
& Other — 2.7%                Royal Oak, Michigan, Hospital Finance Authority,             
Village Center Community Development District, Florida,             Hospital Revenue Refunding Bonds (William             
 Utility Revenue Bonds, 5.125%, 10/01/28 (d)    $ 5,040    $ 4,523,602     Beaumont Hospital), 8.25%, 9/01/39    $ 1,970   $  2,012,867 
Utilities — Water & Sewer — 3.3%                Lease Obligations — 0.8%             
Florida State Governmental Utility Authority,                Michigan State Building Authority, Revenue Refunding         
 Utility Revenue Bonds (Lehigh Utility System),                 Bonds (Facilities Program), Series I, 6%, 10/15/38    1,250    1,284,100 
 5.125%, 10/01/33 (a)        1,000    931,760    Total Municipal Bonds in Michigan            3,296,967 
Miami Beach, Florida, Water and Sewer Revenue Bonds,                         
 5.75%, 9/01/25 (a)        3,000    3,097,290                 
Seminole County, Florida, Water and Sewer Revenue                     Nevada — 3.2%             
 Bonds, 5%, 10/01/31        1,400    1,332,450                 
                County/City/Special District/School District — 3.2%         
            5,361,500    Clark County, Nevada, Water Reclamation District,             
Total Municipal Bonds in Florida            179,154,491     Limited Tax, GO, 6%, 7/01/38        5,000    5,298,500 
                Total Municipal Bonds in Nevada            5,298,500 
     Georgia — 5.6%                             
Transportation — 1.9%                     New York — 1.9%             
Atlanta, Georgia, Airport Passenger Facility Charge and            Education — 0.9%             
 Subordinate Lien General Revenue Refunding Bonds,            New York City, New York, City Transitional Finance             
 Series C, 5%, 1/01/33 (c)        3,270    3,120,692     Authority, Building Aid Revenue Bonds, Series S-3,             
Utilities — Electric & Gas — 3.7%                 5.25%, 1/15/39        1,500    1,430,400 
Municipal Electric Authority of Georgia, Revenue                Utilities — Irrigation, Resource Recovery, Solid Waste         
 Refunding Bonds (General Resolution Projects),                & Other — 1.0%             
 Sub-Series D, 6%, 1/01/23        5,600    6,051,304    Long Island Power Authority, New York, Electric System         
Total Municipal Bonds in Georgia            9,171,996     Revenue Refunding Bonds, Series A, 5.50%, 4/01/24    1,600    1,647,616 
                Total Municipal Bonds in New York            3,078,016 
     Illinois — 3.0%                             
Hospitals/Healthcare — 1.9%                     Oklahoma — 1.0%             
Illinois State Finance Authority Revenue Bonds (Rush            Housing — 1.0%             
 University Medical Center Obligated Group Project),            Tulsa County, Oklahoma, Home Finance Authority,             
 Series A (s):                 S/F Mortgage Revenue Refunding Bonds, AMT,             
     7.25%, 11/01/30        850    851,624     Series C, 5.25%, 12/01/38 (k)        1,913    1,578,761 
     7.25%, 11/01/38        2,300    2,258,370                 
                Total Municipal Bonds in Oklahoma            1,578,761 
            3,109,994                 
Transportation — 1.1%                             
Illinois State Toll Highway Authority Revenue Bonds,                     South Carolina — 2.0%             
 Series B, 5.50%, 1/01/33        1,750    1,778,263    Utilities — Electric & Gas — 2.0%             
Total Municipal Bonds in Illinois            4,888,257    South Carolina State Public Service Authority, Revenue         
                 Refunding Bonds, Series A, 5.50%, 1/01/38        3,250    3,322,150 
 
     Massachusetts — 1.5%                Total Municipal Bonds in South Carolina            3,322,150 
Education — 1.5%                             
Massachusetts State College Building Authority, Project                 Texas — 1.6%             
 Revenue Bonds, Series A, 5.50%, 5/01/39        1,000    974,040    Hospitals/Healthcare — 0.5%             
Massachusetts State Health and Educational                Harris County, Texas, Health Facilities Development             
 Facilities Authority Revenue Bonds (Tufts University),             Corporation, Hospital Revenue Refunding Bonds             
 5.375%, 8/15/38        1,500    1,520,640     (Memorial Hermann Healthcare System), Series B,         
Total Municipal Bonds in Massachusetts            2,494,680     7.25%, 12/01/35        800    835,320 

See Notes to Financial Statements.

SEMI-ANNUAL REPORT JANUARY 31, 2009 23


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

        Par     
Municipal Bonds        (000)    Value 
     Texas (concluded)             
Transportation — 1.1%             
North Texas Tollway Authority, System Revenue Refunding         
 Bonds, First Tier, Series K-1, 5.75%, 1/01/38 (b)    $ 1,750    $ 1,787,048 
Total Municipal Bonds in Texas            2,622,368 
     Virginia — 1.2%             
Education — 1.2%             
Virginia State Public School Authority, Special             
 Obligation School Financing Bonds (Fluvanna County),         
 6.50%, 12/01/35        1,700    1,876,613 
Total Municipal Bonds in Virginia            1,876,613 
     Puerto Rico — 0.9%             
Lease Obligations — 0.9%             
Puerto Rico Public Buildings Authority, Government             
 Facilities Revenue Refunding Bonds, Series I,             
 5%, 7/01/36 (n)        1,760    1,392,160 
Total Municipal Bonds in Puerto Rico            1,392,160 
Total Municipal Bonds — 137.2%            224,287,219 
Municipal Bonds Transferred to             
Tender Option Bond Trusts (o)             
 
     Florida — 18.5%             
County/City/Special District/School District — 2.5%         
Jacksonville, Florida, Sales Tax Revenue Bonds,             
 5%, 10/01/27 (d)        2,700    2,680,398 
Manatee County, Florida, HFA, Homeowner Revenue             
 Bonds, AMT, Series A, 5.9, 9/01/40 (g)(h)(i)        1,391    1,376,969 
            4,057,367 
Education — 2.7%             
Polk County, Florida, School Board COP, Master Lease,         
 Series A, 5.5, 1/01/10 (c)        4,397    4,443,910 
Hospitals/Healthcare — 10.5%             
Miami-Dade County, Florida, Health Facilities Authority,         
 Hospital Revenue Refunding Bonds (Miami Children’s         
 Hospital), Series A, 5.625%, 8/15/17 (a)        6,595    7,350,193 
South Broward, Florida, Hospital District, Hospital             
 Revenue Bonds, 5.625%, 5/01/32 (d)        8,500    9,736,665 
            17,086,858 
Housing — 1.6%             
Lee County, Florida, HFA, S/F Mortgage Revenue             
 Bonds (Multi-County Program), AMT, Series A-2,             
 6%, 9/01/40 (g)(h)(i)        2,505    2,676,267 
Utilities — Electric & Gas — 1.2%             
Jacksonville Electric Authority, Florida, Saint John’s River         
 Power Park System Revenue Bonds, Issue Three,             
 Series 2, 5%, 10/01/37        2,100    1,926,624 
            30,191,026 

Municipal Bonds Transferred to    Par     
Tender Option Bond Trusts (o)    (000)    Value 
    Illinois — 3.5%         
Education — 3.5%         
Illinois Finance Authority, Revenue Bonds (University of     
 Chicago), Series B, 6.25, 7/01/38    $ 5,300    $ 5,693,684 
Total Municipal Bonds Transferred to Tender Option     
Bond Trusts — 22.0%        35,884,710 
Total Long-Term Investments         
(Cost — $277,049,748) — 159.2%        260,171,929 
Short-Term Securities         
    Pennsylvania — 1.2%         
Philadelphia, Pennsylvania, GO, Refunding, Series B,     
 3.75%, 2/05/09 (r)    2,000    2,000,000 
        Shares     
    Money Market — 8.1%         
CMA Florida Municipal Money Fund, 0.11% (p)(q)    13,315,907    13,315,907 
Total Short-Term Securities         
(Cost — $15,315,907) — 9.3%        15,315,907 
Total Investments (Cost — $292,365,655*) — 168.5%    275,487,836 
Liabilities in Excess of Other Assets — (1.7)%        (2,835,208) 
Liability for Trust Certificates, Including Interest         
   Expense and Fees Payable — (11.2)%        (18,369,886) 
Preferred Shares, at Redemption Value — (55.6)%    (90,833,654) 
Net Assets Applicable to Common Shares — 100.0%    $163,449,088 
   
*    The cost and unrealized appreciation (depreciation) of investments as of 
    January 1, 2009, as computed for federal income tax purposes, were as follows: 
    Aggregate cost        $274,946,327 
    Gross unrealized appreciation        $ 8,244,161 
    Gross unrealized depreciation        (25,962,939) 
    Net unrealized depreciation        $ (17,718,778) 
           
(a)    AMBAC Insured.         
(b)    Assured Guaranty Insured.         
(c)    FSA Insured.         
(d)    MBIA Insured.         
(e)    FGIC Insured.         
(f)    U.S. 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.         
(g)    GNMA Collateralized.         
(h)    FHLMC Collateralized.         
(i)    FNMA Collateralized.         
(j)    Radian Insured.         
(k)    ACA Insured.         

  See Notes to Financial Statements.

24 SEMI-ANNUAL REPORT JANUARY 31, 2009


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

(l) CIFG Insured.
(m) Security is collateralized by Municipal or U.S. Treasury Obligations.
(n) Commonwealth Guaranteed.
(o) Securities represent bonds transferred to a tender option bond trust in
exchange for which the Fund acquired residual interest certificates. These
securities serve as collateral in a financing transaction. See Note 1 of the
Notes to Financial Statements for details of municipal bonds transferred to
tender option bond trusts.
(p) Investments in companies considered to be an affiliate of the Fund for purposes
of Section 2(a)(3) of the Investment Company Act of 1940, were as follows:

    Net     
Affiliate    Activity    Income 
CMA Florida Municipal Money Fund    5,830,491    $30,250 

(q) Represents the current yield as of report date.
(r) Security may have a maturity of more than one year at time of issuance but has
variable rate and demand features that qualify it as a short-term security. Rate
shown is as of report date. This rate changes periodically based upon prevailing
market rates.
(s) When issued.
Effective August 1, 2008, the Fund adopted Financial Accounting Standards Board
Statement of Financial Accounting Standards No. 157, “Fair Value Measurements”
(“FAS 157”). FAS 157 clarifies the definition of fair value, establishes a frame-
work for measuring fair values and requires additional disclosures about the use
of fair value measurements. Various inputs are used in determining the fair value
of investments, which are as follows:
Level 1 — price quotations in active markets/exchanges for identical securities
Level 2 — other observable inputs (including, but not limited to: quoted prices
for similar assets or liabilities in markets that are 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
circumstance, to the extent observable inputs are not available (including the
Fund’s own assumption used in determining the fair value of investments)
The inputs or methodology used for valuing securities are not necessarily an in-
dication 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, 2009 in deter-
mining the fair valuation of the Fund’s investments:

Valuation    Investments in 
Inputs    Securities 
    Assets 
Level 1    $ 13,315,907 
Level 2    $ 262,171,929 
Level 3     
Total    $ 275,487,836 

  See Notes to Financial Statements.

SEMI-ANNUAL REPORT JANUARY 31, 2009 25


Schedule of Investments January 31, 2009 (Unaudited)    BlackRock MuniYield New Jersey Fund, Inc. (MYJ) 
                    (Percentages shown are based on Net Assets) 
        Par                    Par     
Municipal Bonds        (000)    Value    Municipal Bonds        (000)    Value 
     New Jersey — 139.2%                    New Jersey (continued)             
County/City/Special District/School District — 11.4%            Education (concluded)             
Burlington County, New Jersey, Bridge Commission                University of Medicine and Dentistry of New Jersey,             
 Revenue Bonds (Governmental Leasing Program),                 Revenue Bonds, Series A (e):             
 5.25%, 8/15/12 (a)    $ 1,000    $ 1,137,030        5.50%, 12/01/18    $ 945    $955,886 
Essex County, New Jersey, Improvement Authority                    5.50%, 12/01/19        1,900    1,909,215 
 Revenue Bonds, Series A, 5%, 10/01/13 (a)(g)        2,620    3,031,995        5.50%, 12/01/20        1,870    1,846,980 
Hudson County, New Jersey, COP, Refunding,                    5.50%, 12/01/21        1,435    1,385,579 
 6.25%, 12/01/16 (c)        1,500    1,691,895                    39,872,770 
Jackson Township, New Jersey, School District, GO,                                 
 5%, 4/15/12 (a)(g)        6,840    7,642,947    Hospitals/Healthcare — 19.9%             
Middlesex County, New Jersey, Improvement Authority,            New Jersey EDA, Revenue Bonds (Saint Barnabas             
 County-Guaranteed Revenue Bonds (Golf Course                 Project), Series A, 6.246%, 7/01/24 (c)(h)        3,850    1,365,826 
 Projects), 5.25%, 6/01/22        1,455    1,543,682    New Jersey Health Care Facilities Financing Authority,         
Middlesex County, New Jersey, Improvement Authority,             Health System Revenue Bonds (Catholic Health East),         
 Senior Revenue Bonds (Heldrich Center Hotel/                 Series A, 5.375%, 11/15/12 (a)        1,100    1,264,857 
 Conference Project), Series A, 5%, 1/01/20        655    418,434    New Jersey Health Care Facilities Financing Authority             
Monmouth County, New Jersey, Improvement Authority,             Revenue Bonds:             
 Governmental Loan Revenue Refunding Bonds (e):                (Children’s Specialized Hospital), Series A,             
     5%, 12/01/11 (a)        2,085    2,308,324        5.50%, 7/01/36        1,540    1,173,680 
     5%, 12/01/15        1,215    1,298,446        (Hunterdon Medical Center), Series A,             
     5%, 12/01/16        1,280    1,351,693        5.125%, 7/01/35        1,950    1,567,780 
Salem County, New Jersey, Improvement Authority                    (Meridian Health), Series I, 5%, 7/01/38 (f)        1,000    946,960 
 Revenue Bonds (Finlaw State Office Building                    (Pascack Valley Hospital Association),             
 Project) (d):                    6.625%, 7/01/36 (m)(n)        1,845    62,176 
     5.375%, 8/15/28        500    516,050        (Robert Wood University), 5.70%, 7/01/20 (e)        4,000    4,027,920 
     5.25%, 8/15/38        500    500,670        (Somerset Medical Center), 5.50%, 7/01/33        1,875    945,619 
                    (South Jersey Hospital System), 6%, 7/01/12 (a)    6,640    7,639,453 
            21,441,166                     
                    (Southern Ocean County Hospital),             
Education — 21.1%                    5.125%, 7/01/31 (b)        2,000    1,516,240 
New Jersey State Educational Facilities Authority                New Jersey Health Care Facilities Financing Authority,         
 Revenue Bonds:                 Revenue Refunding Bonds:             
     (Georgian Court College Project), Series C,                    (Atlantic City Medical Center), 5.75%, 7/01/12 (a)    1,060    1,198,616 
     6.50%, 7/01/13 (a)        2,000    2,427,940        (Atlantic City Medical Center), 6.25%, 7/01/12 (a)    500    573,640 
     (Montclair State University), Series J,                    (Atlantic City Medical Center), 6.25%, 7/01/17        520    538,689 
     5.25%, 7/01/38        1,140    1,070,255        (Atlantic City Medical Center), 5.75%, 7/01/25        1,125    1,098,113 
     (Rider University), Series C, 5%, 7/01/37 (b)        1,750    1,257,498        (Capital Health System Inc.), Series A,             
     (Rowan University), Series C, 5%, 7/01/14 (a)(c)    1,955    2,283,225        5.75%, 7/01/23        1,650    1,536,661 
     (Rowan University), Series C,                    (Meridian Health System Obligation Group),             
     5.125%, 7/01/14 (a)(c)        2,165    2,542,424        5.25%, 7/01/19 (d)        1,500    1,512,060 
New Jersey State Educational Facilities Authority,                    (Meridian Health System Obligation Group),             
 Revenue Refunding Bonds:                    5.375%, 7/01/24 (d)        2,250    2,201,467 
     (College of New Jersey), Series D, 5%, 7/01/35 (d)    6,115    5,991,783        (Meridian Health System Obligation Group),             
     (Georgian Court University), Series D,                    5.25%, 7/01/29 (d)        2,195    1,985,816 
     5.25%, 7/01/37        1,000    829,920        (Saint Barnabas Health Care System), Series A,             
     (Montclair State University), Series L,                    5%, 7/01/29        4,155    3,102,206 
     5%, 7/01/14 (a)(c)        5,305    6,195,656        (Saint Barnabas Health Care System), Series B,             
     (Ramapo College), Series I, 4.25%, 7/01/31 (e)    750    619,328        5.903%, 7/01/30 (h)        2,000    250,400 
     (Ramapo College), Series I, 4.25%, 7/01/36 (e)    810    644,630        (Saint Barnabas Health Care System), Series B,             
     (Rider University), 5%, 7/01/17 (b)        1,000    938,370        5.699%, 7/01/36 (h)        500    33,110 
     (Rider University), Series A, 5.50%, 7/01/23 (b)    1,255    1,110,688        (Saint Barnabas Health Care System), Series B,             
     (Rider University), Series A, 5.25%, 7/01/34 (b)    1,450    1,103,102        5.175%, 7/01/37 (h)        13,250    792,615 
     (Rowan University), Series B, 5%, 7/01/24 (f)        1,800    1,875,438        (South Jersey Hospital System), 5%, 7/01/36        1,385    1,039,747 
     (Stevens Institute of Technology), Series A,                    (South Jersey Hospital System), 5%, 7/01/46        1,650    1,188,578 
     5%, 7/01/27        2,200    1,682,582                     
                                37,562,229 
New Jersey State Higher Education Assistance Authority,                             
 Student Loan Revenue Bonds, AMT, Series A,                Housing — 11.4%             
 5.30%, 6/01/17 (e)        3,170    3,202,271    New Jersey State Housing and Mortgage Finance             
                 Agency Revenue Bonds, Series AA, 6.50%, 10/01/38    2,160    2,278,670 
                New Jersey State Housing and Mortgage Finance Agency,         
                 Home Buyer Revenue Bonds, AMT (c):             
                    Series CC, 5.80%, 10/01/20        4,515    4,632,164 
                    Series U, 5.60%, 10/01/12        2,515    2,536,805 

  See Notes to Financial Statements.

26 SEMI-ANNUAL REPORT JANUARY 31, 2009


Schedule of Investments (continued)    BlackRock MuniYield New Jersey Fund, Inc. (MYJ) 
 
            (Percentages shown are based on Net Assets) 
 
    Par                Par     
 
Municipal Bonds    (000)    Value    Municipal Bonds        (000)    Value 
     New Jersey (continued)                 New Jersey (continued)             
Housing (concluded)            State (concluded)             
New Jersey State Housing and Mortgage Finance            Garden State Preservation Trust of New Jersey, Open             
 Agency, M/F Revenue Bonds, AMT, Series A,             Space and Farmland Preservation Revenue Bonds,         
 4.90%, 11/01/35 (g)    $ 1,500    $ 1,213,470     Series A, 5.80%, 11/01/22 (d)    $ 4,300   $ 4,825,933 
New Jersey State Housing and Mortgage Finance            Perth Amboy, New Jersey, GO (Convertible CABS),             
 Agency, S/F Housing Revenue Bonds, AMT:             Refunding (d)(i):             
     Series T, 4.65%, 10/01/32    4,945    3,958,126         5.22%, 7/01/33        1,575    1,198,496 
     Series U, 4.95%, 10/01/32    700    590,548         5.215%, 7/01/34        1,925    1,454,684 
     Series X, 4.85%, 4/01/16    3,605    3,826,239    Tobacco Settlement Financing Corporation of New Jersey,         
Newark, New Jersey, Housing Authority, Port Authority-             Asset-Backed Revenue Bonds:             
 Port Newark Marine Terminal, Additional Rent-Backed                 7%, 6/01/13 (a)        3,010    3,666,993 
 Revenue Refunding Bonds (City of Newark                 5.75%, 6/01/32        1,820    1,983,600 
 Redevelopment Projects), 4.375%, 1/01/37 (c)    3,225    2,540,591                 
            Tobacco Settlement Financing Corporation of New             
        21,576,613     Jersey, Asset-Backed Revenue Refunding Bonds:             
IDA/PCR/Resource Recovery — 24.4%                 Series 1A, 5%, 6/01/41        2,500    1,304,300 
Gloucester County, New Jersey, Improvement Authority,                 Series 1B, 5.649%, 6/01/41 (h)        5,100    162,843 
 Solid Waste Resource Recovery, Revenue Refunding                        19,529,708 
 Bonds (Waste Management Inc. Project):                         
            Transportation — 30.1%             
     Series A, 6.85%, 12/01/29    2,000    2,006,660                 
            Delaware River Port Authority of Pennsylvania and New         
     Series B, AMT, 7%, 12/01/29    1,180    1,182,112                 
             Jersey Revenue Bonds, 6%, 1/01/19 (d)        7,860    8,015,942 
New Jersey EDA, Cigarette Tax Revenue Bonds:                         
            Hudson County, New Jersey, Improvement Authority,             
     5.625%, 6/15/19    1,720    1,460,314                 
             Parking Revenue Bonds (Harrison Parking Facility             
     5.75%, 6/15/29 (b)    1,895    1,410,240                 
             Project), Series C, 5.375%, 1/01/44 (f)        4,800    4,761,600 
     5.50%, 6/15/31 (b)    370    262,774                 
            Morristown, New Jersey, Parking Authority Revenue             
     5.75%, 6/15/34 (b)    755    543,819                 
             Bonds, 4.50%, 8/01/37 (c)        585    504,598 
New Jersey EDA, EDR (Masonic Charity Foundation of                         
            New Jersey State Transit Corporation, COP             
 New Jersey):                         
             (Federal Transit Administration Grants), Series B,             
     5.25%, 6/01/24    1,425    1,372,588                 
             5.75%, 9/15/14        3,620    3,902,541 
     5.25%, 6/01/32    685    605,225                 
            New Jersey State Transportation Trust Fund Authority,             
New Jersey EDA, First Mortgage Revenue Refunding                         
             Transportation System Revenue Bonds:             
 Bonds (The Winchester Gardens at Ward Homestead                         
                 Series A, 5.50%, 12/15/21        3,525    3,886,066 
 Project), Series A:                         
                 Series A, 5.625%, 12/15/28 (f)        1,250    1,298,375 
     5.75%, 11/01/24    2,500    2,045,325                 
                 Series A, 6%, 12/15/38        2,900    2,993,525 
     5.80%, 11/01/31    2,000    1,496,880                 
                 Series C, 5.049%, 12/15/35 (e)(h)        4,140    702,931 
New Jersey EDA, Motor Vehicle Surcharge Revenue                         
            New Jersey State Transportation Trust Fund Authority,             
 Bonds, Series A, 5.25%, 7/01/33 (c)    14,000    13,104,280                 
             Transportation System Revenue Refunding Bonds,             
New Jersey EDA, Revenue Bonds (Department of                         
             Series B, 5.50%, 12/15/21 (c)        5,865    6,447,570 
 Human Services), 5%, 7/01/12    220    239,499                 
            New Jersey State Turnpike Authority, Turnpike Revenue         
New Jersey EDA, School Facilities Construction                         
             Bonds, Series B, 5.926%, 1/01/35 (e)(h)        4,870    3,183,909 
 Revenue Bonds:                         
            Port Authority of New York and New Jersey, Consolidated         
     Series L, 5%, 3/01/30 (d)    5,800    5,537,898                 
             Revenue Bonds, 93rd Series, 6.125%, 6/01/94        5,000    5,407,000 
     Series O, 5.25%, 3/01/23    2,400    2,447,424                 
            Port Authority of New York and New Jersey, Consolidated         
     Series P, 5%, 9/01/15    3,000    3,357,990                 
             Revenue Refunding Bonds, AMT, 152nd Series:             
     Series P, 5.25%, 9/01/16    3,115    3,489,454                 
                 5.75%, 11/01/30        3,300    3,161,532 
     Series U, 5%, 9/01/37 (e)    2,000    1,767,720                 
                 5.25%, 11/01/35        3,765    3,278,336 
     Series Z, 6%, 12/15/34 (f)    3,600    3,757,788                 
            South Jersey Port Corporation of New Jersey, Revenue         
        46,087,990     Refunding Bonds:             
 
Lease Obligations — 2.4%                 4.75%, 1/01/18        4,280    4,501,490 
Hudson County, New Jersey, Improvement Authority,                 4.85%, 1/01/19        2,485    2,599,385 
 Facility Lease Revenue Refunding Bonds (Hudson                 5%, 1/01/20        2,000    2,079,920 
 County Lease Project), 5.375%, 10/01/24 (c)(g)    4,500    4,515,660                56,724,720 
State — 10.4%            Utilities — Electric & Gas — 1.5%             
Garden State Preservation Trust of New Jersey, Capital            Union County, New Jersey, Utilities Authority, Senior             
 Appreciation Revenue Bonds, Series B (d)(h):             Lease Revenue Refunding Bonds (Ogden Martin             
     5.114%, 11/01/23    6,860    3,390,212     System of Union, Inc.), AMT, Series A (e):             
     5.246%, 11/01/28    4,540    1,542,647         5.375%, 6/01/17        1,585    1,588,804 
                 5.375%, 6/01/18        1,175    1,175,541 
                        2,764,345 

  See Notes to Financial Statements.

SEMI-ANNUAL REPORT JANUARY 31, 2009 27


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 (concluded)             
Utilities — Water & Sewer — 6.6%             
New Jersey EDA, Water Facilities Revenue Bonds             
 (New Jersey-American Water Company, Inc. Project),         
 AMT, Series A:             
     5.25%, 11/01/32 (e)    $ 1,000    $ 795,750 
     6.875%, 11/01/34 (g)        6,670    5,664,698 
New Jersey EDA, Water Facilities Revenue Refunding             
 Bonds (United Water of New Jersey, Inc.), Series B,         
 4.50%, 11/01/25 (e)        4,500    4,417,650 
Rahway Valley Sewerage Authority, New Jersey,             
 Sewer Revenue Bonds, CABS, Series A,             
 4.869%, 9/01/31 (c)(h)        6,000    1,510,860 
            12,388,958 
Total Municipal Bonds in New Jersey            262,464,159 
     Puerto Rico — 7.2%             
County/City/Special District/School District — 2.0%         
Puerto Rico Municipal Finance Agency, GO, Series A,             
 5%, 8/01/21 (d)        3,750    3,798,563 
Housing — 0.6%             
Puerto Rico Housing Financing Authority, Capital             
 Funding Program, Subordinate Revenue Refunding             
 Bonds, 5.125%, 12/01/27        1,100    1,079,727 
IDA/PCR/Resource Recovery — 1.9%             
Puerto Rico Industrial, Tourist, Educational, Medical and         
 Environmental Control Facilities Revenue Bonds:             
     (Cogeneration Facility-AES Puerto Rico Project),             
     AMT, 6.625%, 6/01/26        1,900    1,625,545 
     (University Plaza Project), Series A, 5%, 7/01/33 (c)    2,500    2,017,925 
            3,643,470 
Transportation — 1.6%             
Puerto Rico Commonwealth Highway and Transportation         
 Authority, Highway Revenue Refunding Bonds,             
 Series CC, 5.50%, 7/01/31 (f)        3,000    3,026,880 
Utilities — Electric & Gas — 1.1%             
Puerto Rico Electric Power Authority, Power Revenue             
 Bonds, Series WW, 5.50%, 7/01/38        2,525    2,120,773 
Total Municipal Bonds in Puerto Rico            13,669,413 
     U.S. Virgin Islands — 2.1%             
IDA/PCR/Resource Recovery — 2.1%             
Virgin Islands Government Refinery Facilities, Revenue         
 Refunding Bonds (Hovensa Coker Project), AMT,             
 6.50%, 7/01/21        3,500    2,692,725 
Virgin Islands Public Finance Authority, Refinery             
 Facilities Revenue Bonds (Hovensa Refinery), AMT,             
 5.875%, 7/01/22        1,900    1,336,365 
Total Municipal Bonds in the U.S. Virgin Islands            4,029,090 
Total Municipal Bonds — 148.5%            280,162,662 

Municipal Bonds Transferred to    Par     
Tender Option Bond Trusts    (000)    Value 
    New Jersey — 6.9%         
Housing —3.6%         
New Jersey State Housing and Mortgage Finance         
 Agency, Capital Fund Program Revenue Bonds,         
 Series A, 4.70%, 11/01/25 (d)    $ 7,175     $ 6,874,149 
State — 3.3%         
Garden State Preservation Trust of New Jersey, Open         
 Space and Farmland Preservation Revenue Bonds,         
 Series A, 5.75%, 11/01/28 (d)    5,460    6,184,487 
Total Municipal Bonds Transferred to Tender Option         
Bond Trusts — 6.9%        13,058,636 
Total Long-Term Investments         
(Cost — $308,868,774) — 155.4%        293,221,298 
Short-Term Securities    Shares     
Money Market Funds — 3.2%         
CMA New Jersey Municipal Money         
 Fund, 0.22% (k)(l)    5,980,217    5,980,217 
Total Short-Term Securities         
(Cost — $5,980,217) — 3.2%        5,980,217 
Total Investments (Cost — $314,848,991*) — 158.6%    299,201,515 
Other Assets Less Liabilities — 1.0%        1,943,316 
Liability for Trust Certificates, Including Interest         
   Expense and Fees Payable — (4.1)%        (7,700,038) 
Preferred Shares, at Redemption Value — (55.5)%    (104,737,894) 
Net Assets Applicable to Common Shares — 100.0%    $188,706,899 
 
   * The cost and unrealized appreciation (depreciation) of investments as of 
    January 31, 2009, as computed for federal income tax purposes, were as follows: 
    Aggregate cost    $307,536,449 
    Gross unrealized appreciation    $ 10,337,029 
    Gross unrealized depreciation        (26,316,963) 
    Net unrealized depreciation    $ (15,979,934) 
 
(a)    U.S. 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)    Radian Insured.         
(c)    MBIA Insured.         
(d)    FSA Insured.         
(e)    AMBAC Insured.         
(f)    Assured Guaranty Insured.         
(g)    FGIC Insured.         
(h)    Represents a zero coupon bond. Rate shown reflects the effective yield as of 
    report date.         
(i)    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 reflects the 
    effective yield as of report date.         
(j)    Securities represent bonds transferred to a tender option bond trust in 
    exchange for which the Fund acquired residual interest certificates. These 
    securities serve as collateral in a financing transaction. See Note 1 of the 
    Notes to Financial Statements for details of municipal bonds transferred to 
    tender option bond trusts.         

  See Notes to Financial Statements.

28 SEMI-ANNUAL REPORT JANUARY 31, 2009


Schedule of Investments (concluded) BlackRock MuniYield New Jersey Fund, Inc. (MYJ)

(k)    Represents the current yield as of report date.         
(l)    Investments in companies considered to be an affiliate of the Fund, for purposes 
    of Section 2(a)(3) of the Investment Company Act of 1940, were as follows: 
   
        Net     
    Affiliate    Activity    Income 
    CMA New Jersey Municipal Money Fund    1,541,446    $42,893 
   
 
 
(m)      Non-income producing security.         
(n)    Issuer filed for bankruptcy and/or is in default of interest payments.     

Effective August 1, 2008, the Fund adopted Financial Accounting Standards Board
Statement of Financial Accounting Standards No. 157, “Fair Value Measurements”
(“FAS 157”). FAS 157 clarifies the definition of fair value, establishes a frame-
work for measuring fair values and requires additional disclosures about the use
of fair value measurements. Various inputs are used in determining the fair value
of investments, which are as follows:
Level 1 — price quotations in active markets/exchanges for identical
securities
Level 2 — other observable inputs (including, but not limited to: quoted prices
for similar assets or liabilities in markets that are 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
circumstance, to the extent observable inputs are not available (including the
Fund’s own assumption used in determining the fair value of investments)
The inputs or methodology used for valuing securities are not necessarily an
indication of the risk associated with investing in those securities. For information
about the Fund’s policy regarding valuation of investments and other significant
accounting policies, please refer to Note 1 of the Notes to Financial Statements.
The following table summarizes the inputs used as of January 31, 2009 in deter-
mining the fair valuation of the Fund’s investments:

Valuation    Investments in 
Inputs    Securities 
    Assets 
Level 1    $ 5,980,217 
Level 2    293,221,298 
Level 3     
Total    $ 299,201,515 

See Notes to Financial Statements.

SEMI-ANNUAL REPORT JANUARY 31, 2009 29


Statements of Assets and Liabilities             
 
    BlackRock         
    Muni New York    BlackRock    BlackRock 
    Intermediate    MuniYield    MuniYield 
    Duration    Arizona    California 
    Fund, Inc.    Fund, Inc.    Fund, Inc. 
January 31, 2009 (Unaudited)    (MNE)    (MZA)    (MYC) 
     Assets             
Investments at value — unaffiliated1    $ 75,413,857    $ 83,555,698    $ 445,121,406 
Investments at value — affiliated2    6,136,489    7,086,121    15,502,136 
Cash    64,388    23,824    12,800 
Investments sold receivable    150,000    242,599     
Interest receivable    940,686    748,137    7,047,802 
Prepaid expenses    6,905    3,595    17,800 
Total assets    82,712,325    91,659,974    467,701,944 
 
     Accrued Liabilities             
Investments purchased payable            4,660,272 
Interest expense and fees payable    7,931        491,119 
Income dividends payable — Common Shares    222,942    259,322    1,171,239 
Officer’s and Directors’ payable    80    110    457 
Investment advisory fees payable    29,298    36,480    194,797 
Other affiliates payable    484    477    2,387 
Other liabilities    580    143     
Other accrued expenses payable    13,794    26,407    92,048 
Total accrued liabilities    275,109    322,939    6,612,319 
 
     Other Liabilities             
Trust certificates3    1,379,101        63,090,662 
Total Liabilities    1,654,210    322,939    69,702,981 
 
     Preferred Shares at Redemption Value             
$0.10 par value per share at $25,000 per share liquidation preference plus unpaid dividends4    29,634,630    40,306,177    126,523,718 
Net Assets Applicable to Common Shareholders    $ 51,423,485    $ 51,030,858    $ 271,475,245 
 
     Net Assets Applicable to Common Shareholders Consist of             
Par value $0.10 per share5,6    $ 420,644    $ 454,950    $ 2,129,526 
Paid-in capital in excess of par    59,209,468    60,027,636    299,468,879 
Undistributed net investment income    278,077    321,140    1,600,852 
Accumulated net realized loss    (2,667,271)    (43,567)    (297,656) 
Net unrealized appreciation/depreciation    (5,817,433)    (9,729,301)    (31,426,356) 
Net Assets Applicable to Common Shareholders    $ 51,423,485    $ 51,030,858    $ 271,475,245 
Net asset value of Common Shares    $ 12.22    $ 11.22    $ 12.75 
     1 Investments at cost — unaffiliated    $ 81,231,290    $ 93,284,999    $ 476,547,762 
     2 Investments at cost — affiliated    $ 6,136,489    $ 7,086,121    $ 15,502,136 
     3 Represents short-term floating rate certificates issued by tender option bond trusts.             
     4 Preferred Shares outstanding:             
             Series A Shares        518    1,735 
             Series B Shares        694    1,735 
             Series C Shares        400    578 
             Series D Shares            1,012 
             Series F7 Shares    1,185         
     5 Common Shares issued and outstanding    4,206,439    4,549,497    21,295,255 
     6 Common Shares authorized    200,000,000    200,000,000    200,000,000 
 
See Notes to Financial Statements.             

30 SEMI-ANNUAL REPORT

JANUARY 31, 2009


Statements of Assets and Liabilities (concluded)         
 
        BlackRock 
    BlackRock    MuniYield 
    MuniYield    New Jersey 
    Investment Fund    Fund, Inc. 
January 31, 2009 (Unaudited)    (MYF)    (MYJ) 
 
     Assets         
Investments at value — unaffiliated1    $ 262,171,929    $ 293,221,298 
Investments at value — affiliated2    13,315,907    5,980,217 
Cash    10,059    83,064 
Investments sold receivable    719,367     
Interest receivable    3,850,839    2,863,125 
Other assets    192    445 
Prepaid expenses    10,859    9,060 
Total assets    280,079,152    302,157,209 
 
     Accrued Liabilities         
Investments purchased payable    6,472,342     
Interest expense and fees payable    109,599    55,038 
Income dividends payable — Common Shares    786,365    823,788 
Officer’s and Directors’/Trustees’ payable    83    92 
Investment advisory fees payable    111,545    125,600 
Other affiliates payable    1,311    1,768 
Other accrued expenses payable    54,878    61,130 
Total accrued liabilities    7,536,123    1,067,416 
 
     Other Liabilities         
Trust certificates3    18,260,287    7,645,000 
Total Liabilities    25,796,410    8,712,416 
 
     Preferred Shares at Redemption Value         
$25,000 per share liquidation preference plus unpaid dividends4    90,833,654    104,737,894 
Net Assets Applicable to Common Shareholders    $ 163,449,088    $ 188,706,899 
 
     Net Assets Applicable to Common Shareholders Consist of         
Par value $0.10 per share5,6    $ 1,355,802    $ 1,420,324 
Paid-in capital in excess of par    188,459,518    203,210,124 
Undistributed net investment income    465,531    1,686,987 
Accumulated net realized loss    (9,953,944)    (1,963,060) 
Net unrealized appreciation/depreciation    (16,877,819)    (15,647,476) 
Net Assets Applicable to Common Shareholders    $ 163,449,088    $ 188,706,899 
Net asset value per share of Common Shares    $ 12.06    $ 13.29 
     1 Investments at cost — unaffiliated    $ 279,049,748    $ 308,868,774 
     2 Investments at cost — affiliated    $ 13,315,907    $ 5,980,217 
     3 Represents short-term floating rate certificates issued by tender option bond trusts.         
     4 Preferred Shares outstanding:         
             Series A Shares, par value $0.05 per share    1,816    2,112 
             Series B Shares, par value $0.05 per share    1,321    1,320 
             Series C Shares, par value $0.05 per share    496     
             Series C Shares, par value $0.10 per share        757 
     5 Common Shares issued and outstanding    13,558,024    14,203,242 
     6 Common Shares authorized    unlimited    200,000,000 

See Notes to Financial Statements.

SEMI-ANNUAL REPORT

JANUARY 31, 2009

31


Statements of Operations             
 
    BlackRock         
    Muni New York    BlackRock    BlackRock 
    Intermediate    MuniYield    MuniYield 
    Duration    Arizona    California 
    Fund    Fund, Inc.    Fund, Inc. 
January 31, 2009 (Unaudited)    (MNE)    (MZA)             (MYC) 
     Investment Income             
Interest    $ 2,145,740    $ 2,577,164    $ 11,884,242 
Income — affiliated    17,055    15,840    85,214 
Total income    2,162,795    2,593,004    11,969,456 
 
     Expenses             
Investment advisory    230,239    238,975    1,177,893 
Commissions for Preferred Shares    37,740    43,426    133,268 
Professional    26,917    34,418    58,551 
Transfer agent    12,236    19,401    27,229 
Accounting services    9,459    17,821    72,840 
Registration    6,268    1,009    4,875 
Printing    5,850    6,364    26,428 
Custodian    4,208    4,916    12,610 
Officer and Directors    3,288    3,730    18,450 
Miscellaneous    20,212    25,294    41,036 
   
 
 
Total expenses excluding interest expense and fees    356,417    395,354    1,573,180 
Interest expense and fees1    16,492    28,842    888,243 
Total expenses    372,909    424,196    2,461,423 
Less fees waived by advisor    (50,487)    (9,534)    (27,397) 
Total expenses after waiver    322,422    414,662    2,434,026 
Net investment income    1,840,373    2,178,342    9,535,430 
 
     Realized and Unrealized Gain (Loss)             
Net realized gain (loss) from investments    (1,744,025)    564,155    362,601 
Net change in unrealized appreciation/depreciation on investments    (3,577,595)    (7,767,899)    (21,064,867) 
Total realized and unrealized loss    (5,321,620)    (7,203,744)    (20,702,266) 
 
     Dividends to Preferred Shareholders From             
Net investment income    (587,615)    (676,140)    (2,205,308) 
Net Decrease in Net Assets Applicable to Common Shareholders Resulting from Operations    $ (4,068,862)    $ (5,701,542)    $ (13,372,144) 
 
   1 Related to tender option bond trusts.             

See Notes to Financial Statements.

32 SEMI-ANNUAL REPORT

JANUARY 31, 2009


Statements of Operations (concluded)         
 
        BlackRock 
    BlackRock    MuniYield 
    MuniYield    New Jersey 
    Investment Fund    Fund, Inc. 
January 31, 2009 (Unaudited)             (MYF)             (MYJ) 
     Investment Income         
Interest    $ 7,035,144    $ 7,954,145 
Income — affiliated    30,250    42,893 
Total income    7,065,394    7,997,038 
 
     Expenses         
Investment advisory    705,895    771,720 
Commissions for Preferred Shares    100,038    118,498 
Professional    44,515    43,964 
Accounting services    39,191    45,150 
Transfer agent    25,688    26,424 
Printing    17,708    19,949 
Officer and Directors/Trustees    11,986    14,101 
Custodian    9,592    11,638 
Registration    5,268    5,226 
Miscellaneous    34,944    31,138 
Total expenses excluding interest expense and fees    994,825    1,087,808 
Interest expense and fees1    286,555    182,869 
Total expenses    1,281,380    1,270,677 
Less fees waived by advisor    (15,446)    (13,463) 
Total expenses after waiver    1,265,934    1,257,214 
Net investment income    5,799,460    6,739,824 
 
     Realized and Unrealized Gain (Loss)         
Net realized loss from investments    (3,939,967)    (607,524) 
Net change in unrealized appreciation/depreciation on investments    (16,388,373)    (14,781,066) 
Total realized and unrealized loss    (20,328,340)    (15,388,590) 
 
     Dividends to Preferred Shareholders From         
Net investment income    (1,499,365)    (1,723,955) 
Net Decrease in Net Assets Applicable to Common Shareholders Resulting from Operations    $ (16,028,245)    $ (10,372,721) 
 
   1 Related to tender option bond trusts.         

See Notes to Financial Statements.

SEMI-ANNUAL REPORT

JANUARY 31, 2009

33


Statements of Changes in Net Assets    BlackRock Muni New York Intermediate Duration Fund, Inc. (MNE) 
 
        Six Months         
        Ended    Period     
        January 31,    June 1, 2008    Year Ended 
        2009    to July 31,           May 31, 
Increase (Decrease) in Net Assets:        (Unaudited)             2008             2008 
     Operations                 
Net investment income        $ 1,840,373    $ 574,639    $ 3,842,387 
Net realized loss        (1,744,025)    (172,515)    (616,570) 
Net change in unrealized appreciation/depreciation        (3,577,595)    (2,049,285)    (3,001,803) 
Dividends to Preferred Shareholders from net investment income        (587,615)    (177,526)    (1,149,537) 
Net decrease in net assets applicable to Common Shareholders resulting from operations        (4,068,862)    (1,824,687)    (925,523) 
 
     Dividends to Common Shareholders From                 
Net investment income        (1,337,648)    (445,883)    (2,675,295) 
 
     Net Assets Applicable to Common Shareholders                 
Total decrease in net assets applicable to Common Shares        (5,406,510)    (2,270,570)    (3,600,818) 
Beginning of period        56,829,995    59,100,565    62,701,383 
End of period        $ 51,423,485    $ 56,829,995    $ 59,100,565 
End of period undistributed net investment income        $ 278,077    $ 362,967    $ 411,737 
 
 
        BlackRock MunYield Arizona Fund, Inc. (MZA) 
 
        Six Months         
        Ended    Period     
        January 31,    November 1,    Year Ended 
        2009    2007 to July 31,    October 31, 
Increase (Decrease) in Net Assets:        (Unaudited)             2008             2007 
     Operations                 
Net investment income        $ 2,178,342    $ 3,275,909    $ 4,276,021 
Net realized gain (loss)        564,155    (374,900)    813,164 
Net change in unrealized appreciation/depreciation        (7,767,899)    (4,126,989)    (2,857,872) 
Dividends and distributions to Preferred Shareholders from:                 
   Net investment income        (676,140)    (885,773)    (1,310,529) 
   Net realized gain            (228,921)    (102,456) 
Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations    (5,701,542)    (2,340,674)    818,328 
 
     Dividends and Distributions to Common Shareholders From                 
Net investment income        (1,555,607)    (2,327,146)    (3,117,045) 
Net realized gain            (533,902)    (285,146) 
Decrease in net assets resulting from dividends and distributions to Common Shareholders        (1,555,607)    (2,861,048)    (3,402,191) 
 
     Capital Share Transactions                 
Reinvestment of common dividends        70,127    191,164    201,509 
 
     Net Assets Applicable to Common Shareholders                 
Total decrease in net assets applicable to Common Shares        (7,187,022)    (5,010,558)    (2,382,354) 
Beginning of period        58,217,880    63,228,438    65,610,792 
End of period        $ 51,030,858    $ 58,217,880    $ 63,228,438 
End of period undistributed net investment income        $ 321,140    $ 374,545    $ 311,568 
See Notes to Financial Statements.                 

34 SEMI-ANNUAL REPORT

JANUARY 31, 2009


Statements of Changes in Net Assets    BlackRock MuniYield California Fund, Inc. (MYC) 
 
    Six Months         
    Ended    Period     
    January 31,    November 1,    Year Ended 
    2009    2007 to July 31,    October 31, 
Increase (Decrease) in Net Assets:    (Unaudited)    2008    2007 
     Operations             
Net investment income    $ 9,535,430    $ 14,610,706    $ 19,905,518 
Net realized gain    362,601    952,926    347,077 
Net change in unrealized appreciation/depreciation    (21,064,867)    (19,656,431)    (10,806,382) 
Dividends to Preferred Shareholders from net investment income    (2,205,308)    (4,297,338)    (6,115,916) 
Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations    (13,372,144)    (8,390,137)    3,330,297 
 
     Dividends to Common Shareholders From             
Net investment income    (7,154,993)    (10,541,151)    (14,097,459) 
 
     Net Assets Applicable to Common Shareholders             
Total decrease in net assets applicable to Common Shares    (20,527,137)    (18,931,288)    (10,767,162) 
Beginning of period    292,002,382    310,933,670    321,700,832 
End of period    $ 271,475,245    $ 292,002,382    $ 310,933,670 
End of period undistributed net investment income    $ 1,600,852    $ 1,425,723    $ 1,349,213 
 
 
    BlackRock MunYield Investment Fund (MYF) 
 
    Six Months         
    Ended    Period     
    January 31,    November 1,    Year Ended 
    2009    2007 to July 31,    October 31, 
Increase (Decrease) in Net Assets:    (Unaudited)    2008    2007 
     Operations             
Net investment income    $ 5,799,460    $ 9,905,043    $ 13,472,485 
Net realized gain (loss)    (3,939,967)    (2,127,402)    365,993 
Net change in unrealized appreciation/depreciation    (16,388,373)    (10,593,132)    (8,146,519) 
Dividends to Preferred Shareholders from net investment income    (1,499,365)    (2,806,091)    (4,025,743) 
Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations    (16,028,245)    (5,621,582)    1,666,216 
 
     Dividends to Common Shareholders From             
Net investment income    (4,837,733)    (7,077,289)    (9,517,733) 
 
     Net Assets Applicable to Common Shareholders             
Total decrease in net assets applicable to Common Shares    (20,865,978)    (12,698,871)    (7,851,517) 
Beginning of period    184,315,066    197,013,937    204,865,454 
End of period    $ 163,449,088    $ 184,315,066    $ 197,013,937 
End of period undistributed net investment income    $ 465,531    $ 1,003,169    $ 975,376 

See Notes to Financial Statements.

SEMI-ANNUAL REPORT

JANUARY 31, 2009

35


Statements of Changes in Net Assets    BlackRock MunYield New Jersey Fund, Inc. (MYJ) 
 
    Six Months         
    Ended    Period     
    January 31,    December 1,    Year Ended 
    2009    2007 to July 31,    November 30, 
Increase (Decrease) in Net Assets:    (Unaudited)    2008    2007 
     Operations             
Net investment income    $ 6,739,824    $ 8,848,451    $ 14,402,279 
Net realized gain (loss)    (607,524)    (292,267)    1,589,868 
Net change in unrealized appreciation/depreciation    (14,781,066)    (10,807,922)    (12,322,831) 
Dividends to Preferred Shareholders from net investment income    (1,723,955)    (2,640,535)    (4,053,487) 
Net decrease in net assets applicable to Common Shareholders resulting from operations    (10,372,721)    (4,892,273)    (384,171) 
 
     Dividends to Common Shareholders From             
Net investment income    (4,942,729)    (6,670,582)    (9,885,456) 
 
     Net Assets Applicable to Common Shareholders             
Total decrease in net assets applicable to Common Shares    (15,315,450)    (11,562,855)    (10,269,627) 
Beginning of period    204,022,349    215,585,204    225,854,831 
End of period    $ 188,706,899    $ 204,022,349    $ 215,585,204 
End of period undistributed net investment income    $ 1,686,987    $ 1,613,847    $ 1,964,587 

See Notes to Financial Statements.

36 SEMI-ANNUAL REPORT

JANUARY 31, 2009


Statement of Cash Flows    BlackRock MunYield California Fund, Inc. (MYC) 
 
Six Months Ended January 31, 2009 (Unaudited)         
 
     Cash Provided by Operating Activities         
Net decrease in net assets resulting from operations excluding dividends to Preferred Shareholders    $ (11,166,836) 
Adjustments to reconcile net decrease in net assets resulting from operations to net cash provided by operating activities:     
Decrease in interest receivable        465,301 
 Increase in other liabilities        78,491 
Net realized and unrealized loss        20,702,266 
Amortization of premium and discount on investments        517,976 
Proceeds from sales of long-term securities        79,761,119 
Purchases of long-term securities        (49,148,559) 
Net Purchases of short-term investments        (11,088,879) 
Cash provided by operating activities        30,120,879 
 
     Cash Used for Financing Activities         
Cash receipts from trust certificates        1,436,248 
Cash payments for trust certificates        (22,181,647) 
Cash dividends paid to Common Shareholders        (7,154,993) 
Cash dividends paid to Preferred Shareholders        (2,263,492) 
Cash used for financing activities        (30,163,884) 
 
     Cash         
Net decrease in cash        (43,005) 
Cash at beginning of period        55,805 
Cash at end of period    $ 12,800 
 
     Cash Flow Information         
Cash paid for interest    $ 735,487 

  See Notes to Financial Statements.

SEMI-ANNUAL REPORT JANUARY 31, 2009 37


Financial Highlights                BlackRock Muni New York Intermediate Duration Fund, Inc. (MNE) 
 
       Six Months                        Period 
        Ended           Period                    August 1, 20031 
                    Year Ended May 31,         
    January 31, 2009    June 1, 2008                    to May 31, 
    (Unaudited)    to July 31, 2008         2008         2007           2006    2005    2004 
     Per Share Operating Performance                                 
Net asset value, beginning of period       $ 13.51    $ 14.05    $ 14.91    $ 14.66    $ 15.05    $ 14.45    $ 14.33 
Net investment income        0.442    0.142    0.912    0.902    0.872    0.852    0.68 
Net realized and unrealized gain (loss)        (1.27)    (0.53)    (0.86)    0.24    (0.37)    0.58    0.19 
Dividends to Preferred Shareholders                                 
     from net investment income        (0.14)    (0.04)    (0.27)    (0.25)    (0.20)    (0.11)    (0.06) 
Net increase (decrease) from investment operations .        (0.97)    (0.43)    (0.22)    0.89    0.30    1.32    0.81 
Dividends to Common Shareholders                                 
   from net investment income        (0.32)    (0.11)    (0.64)    (0.64)    (0.69)    (0.72)    (0.54) 
Capital changes with respect to issuance                                 
   of Common Shares                                (0.03) 
Capital changes with respect to issuance                                 
   of Preferred Shares                                (0.12) 
Net asset value, end of period       $ 12.22    $ 13.51    $ 14.05    $ 14.91    $ 14.66    $ 15.05    $ 14.45 
Market price, end of period       $ 10.17    $ 12.12    $ 12.81    $ 13.93    $ 13.03    $ 13.44    $ 12.79 
 
     Total Investment Return3                                 
Based on net asset value        (6.67)%4    (3.01)%4    (1.10)%    6.57%    2.52%    9.99%    4.71%4 
Based on market price        (13.41)%4    (4.56)%4    (3.48)%    12.02%    2.03%    10.97%    (11.46)%4 
 
     Ratios Based on Average Net Assets Applicable to Common Shares                         
Total expenses after waiver and fees paid indirectly and                             
   excluding interest expense and fees5,6        1.17%7    1.11%8    1.04%    1.08%    1.10%    1.15%    0.81%7 
Total expenses after waiver and fees paid indirectly6        1.23%7    1.15%8    1.04%    1.08%    1.10%    1.15%    0.81%7 
Total expenses6        1.43%7    1.39%8    1.28%    1.31%    1.33%    1.38%    1.19%7 
Net investment income6        7.04%7    6.36%8    6.31%    6.01%    5.89%    5.75%    5.40%7 
Dividends to Preferred Shareholders        2.25%7    1.84%8    1.89%    1.66%    1.32%    0.77%    0.45%7 
Net investment income to Common Shareholders        4.79%7    4.52%8    4.42%    4.35%    4.57%    4.98%    4.95%7 
 
     Supplemental Data                                 
Net assets applicable to Common Shares,                                 
   end of period (000)       $ 51,423    $ 56,830    $ 59,101    $ 62,701    $ 61,672    $ 63,290    $ 60,778 
Preferred Shares outstanding at liquidation                                 
   preference, end of period (000)       $ 29,625    $ 29,625    $ 31,000    $ 31,000    $ 31,000    $ 31,000    $ 31,000 
Portfolio turnover        10%    2%    21%    29%    49%    17%    21% 
Asset coverage per Preferred Share       $ 68,403    $ 72,9709    $ 72,6769    $ 75,5739    $ 74,7409    $ 76,0409    $ 74,0209 

1 Commencement of operations.
2 Based on average shares outstanding.
3 Total investment returns based on market value, which can be significantly greater
or lesser than net asset value, may result in substantially different returns. Total
investment returns exclude the effects of sales charges.
4 Aggregate total investment return.
5 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.

6 Do not reflect the effect of dividends to Preferred Shareholders.
7 Annualized.
8 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
after waiver and fees paid indirectly and excluding interest expense and fees,
total expenses after waiver and fees paid indirectly, total expenses after waiver
and before fees paid indirectly, total expenses, net investment income and net
investment income available to Common Shareholders would have been 1.50%,
1.55%, 1.55%, 1.79%, 5.96% and 4.12%, respectively.
9 Amounts have been recalculated to conform with current period presentation.

  See Notes to Financial Statements.

38 SEMI-ANNUAL REPORT JANUARY 31, 2009


Financial Highlights                BlackRock MuniYield Arizona Fund, Inc. (MZA) 
 
    Six Months           Period                         
    Ended    November 1,                         
    January 31, 2009    2007 to July 31,        Year Ended October 31,         
    (Unaudited)           2008         2007         2006         2005        2004    2003 
     Per Share Operating Performance                                 
Net asset value, beginning of period    $ 12.81    $ 13.96    $ 14.53    $ 14.39    $ 15.04    $ 14.64    $ 14.53 
Net investment income1    0.48    0.72    0.95    0.98    0.97        0.98    1.00 
Net realized and unrealized gain (loss)    (1.58)    (1.00)    (0.46)    0.36    (0.49)        0.40    0.05 
Dividends and distributions to Preferred                                 
   Shareholders from:                                 
     Net investment income    (0.15)    (0.19)    (0.29)    (0.26)    (0.14)        (0.06)    (0.06) 
     Net realized gain        (0.05)    (0.02)    (0.02)             (0.00)2             
Net increase (decrease) from investment operations    (1.25)    (0.52)    0.18    1.06    0.34        1.32    0.99 
Dividends and distributions to Common                                 
   Shareholders from:                                 
     Net investment income    (0.34)    (0.51)    (0.69)    (0.80)    (0.92)        (0.92)    (0.88) 
     Net realized gain        (0.12)    (0.06)    (0.12)    (0.02)             
Total dividends and distributions to Common                                 
   Shareholders    (0.34)    (0.63)    (0.75)    (0.92)    (0.94)        (0.92)    (0.88) 
Capital changes with respect to issuance                                 
   of Preferred Shares                0.003    (0.05)             
Net asset value, end of period    $ 11.22    $ 12.81    $ 13.96    $ 14.53    $ 14.39    $ 15.04    $ 14.64 
Market price per share, end of period    $ 10.02    $ 13.94    $ 13.66    $ 14.79    $ 16.03    $ 15.10    $ 14.13 
 
     Total Investment Return4                                 
Based on net asset value    (9.52)%5    (3.79)%5    1.29%    7.47%    1.91%        9.40%    7.19% 
Based on market price    (25.75)%5    6.99%5    (2.63)%    (1.80)%    13.07%        13.80%    13.45% 
 
     Ratios Based on Average Net Assets Applicable to Common Shares                             
Total expenses after waiver and excluding interest                                 
   expense and fees6,7    1.47%8    1.40%8    1.37%    1.33%    1.20%        1.19%    1.18% 
Total expenses after waiver7    1.58%8    1.59%8    1.75%    1.70%    1.51%        1.39%    1.37% 
Total expenses7    1.62%8    1.61%8    1.76%    1.71%    1.52%        1.40%    1.38% 
Net investment income7    8.30%8    7.19%8    6.65%    6.90%    6.54%        6.65%    6.79% 
Dividends to Preferred Shareholders    2.58%8    1.94%8    2.04%    1.83%    0.91%        0.42%    0.42% 
Net investment income to Common Shareholders    5.72%8    5.25%8    4.61%    5.07%    5.63%        6.23%    6.37% 
 
     Supplemental Data                                 
Net assets applicable to Common Shareholders,                                 
   end of period (000)    $ 51,031    $ 58,218    $ 63,228    $ 65,611    $ 64,630    $ 67,217    $ 65,234 
Preferred Shares outstanding at liquidation preference,                                 
   end of period (000)    $ 40,300    $ 40,300    $ 40,300    $ 40,300    $ 40,300    $ 30,300    $ 30,300 
Portfolio turnover    20%    13%    31%    31%    28%        21%    24% 
Asset coverage per Preferred Share, end of period    $ 56,661    $ 61,1229    $ 64,2329    $ 65,7089    $ 65,0989    $ 80,4649    $ 78,8259 

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 net asset value, may result in substantially different returns.
Total investment returns exclude the effects of sales charges.
5 Aggregate total investment return.

6 Interest expense and fees relate to tender option bond trusts. See Note 1 of the
Notes to Financial Statements for details of municipal bonds transferred to
tender option bond trusts.
7 Do not reflect the effect of dividends to Preferred Shareholders.
8 Annualized.
9 Amounts have been recalculated to conform with current period presentation.

  See Notes to Financial Statements.

SEMI-ANNUAL REPORT JANUARY 31, 2009 39


Financial Highlights                BlackRock MuniYield California Fund, Inc. (MYC) 
 
    Six Months    Period                     
    Ended    November 1,                     
    January 31, 2009    2007 to July 31,        Year Ended October 31,     
    (Unaudited)           2008         2007         2006         2005    2004    2003 
     Per Share Operating Performance                             
Net asset value, beginning of period    $ 13.71    $ 14.60    $ 15.11    $ 14.73    $ 15.27    $ 15.17    $ 15.14 
Net investment income1    0.45    0.69    0.93    0.96    0.93    1.02    1.06 
Net realized and unrealized gain (loss)    (0.97)    (0.88)    (0.49)    0.37    (0.46)    0.12    0.04 
Dividends and distributions to Preferred                             
   Shareholders from:                             
     Net investment income    (0.10)    (0.20)    (0.29)    (0.25)    (0.13)    (0.07)    (0.10) 
     Net realized gain                                     (0.00)2 
Net increase (decrease) from investment                             
   operations    (0.62)    (0.39)    0.15    1.08    0.34    1.07    1.00 
Dividends and distributions to Common                             
   Shareholders from:                             
     Net investment income    (0.34)    (0.50)    (0.66)    (0.70)    (0.86)    (0.97)    (0.97) 
     Net realized gain                                     (0.00)2 
Total dividends and distributions to                             
   Common Shareholders    (0.34)    (0.50)    (0.66)    (0.70)    (0.86)    (0.97)    (0.97) 
Capital changes with respect to issuance                             
   of Preferred Shares                0.003    (0.02)         
Net asset value, end of period    $ 12.75    $ 13.71    $ 14.60    $ 15.11    $ 14.73    $ 15.27    $ 15.17 
Market price per share, end of period    $ 10.66    $ 13.07    $ 13.25    $ 14.00    $ 13.37    $ 14.43    $ 14.15 
 
     Total Investment Return4                             
Based on net asset value    (4.00)%5    (2.55)%5    1.36%    8.03%    2.59%    7.74%    7.14% 
Based on market price    (15.81)%5    2.37%5    (0.72)%    10.28%    (1.46)%    9.16%    4.64% 
 
Ratios Based on Average Net Assets Applicable to Common Stock                         
Total expenses after waiver and excluding interest                             
   expense and fees6,7    1.15%8    1.06%8    1.06%    1.06%    0.98%    0.96%    0.95% 
Total expenses after waiver7    1.80%8    1.45%8    1.75%    1.51%    1.13%    1.12%    1.16% 
Total expenses7    1.82%8    1.49%8    1.77%    1.52%    1.13%    1.12%    1.17% 
Net investment income7    7.07%8    6.24%8    6.29%    6.51%    6.16%    6.79%    6.93% 
Dividends to Preferred Shareholders    1.58%8    1.83%8    1.93%    1.70%    0.84%    0.44%    0.63% 
Net investment income to Common Shareholders    5.49%8    4.41%8    4.36%    4.81%    5.32%    6.35%    6.30% 
 
     Supplemental Data                             

 
 
 
 
 
 
 
Net assets applicable to Common Shareholders,                             
   end of period (000)    $ 271,475    $ 292,002    $ 310,934    $ 321,701    $ 313,708    $ 325,204    $ 323,155 
Preferred Shares outstanding at liquidation preference,                             
   end of period (000)    $ 126,500    $ 126,500    $ 175,000    $ 175,000    $ 175,000    $ 140,000    $ 140,000 
Portfolio turnover    14%    30%    41%    39%    53%    29%    18% 
Asset coverage per Preferred Share, end of period    $ 78,656    $ 82,7249    $ 69,4529    $ 70,9859    $ 69,8189    $ 81,8759    $ 82,7069 

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 net asset value, may result in substantially different returns.
Total investment returns exclude the effects of sales charges.
5 Aggregate total investment return.

6 Interest expense and fees relate to tender option bond trusts. See Note 1 of the
Notes to Financial Statements for details of municipal bonds transferred to
tender option bond trusts.
7 Do not reflect the effect of dividends to Preferred Shareholders.
8 Annualized.
9 Amounts have been recalculated to conform with current period presentation.

  See Notes to Financial Statements.

40 SEMI-ANNUAL REPORT JANUARY 31, 2009


Financial Highlights                BlackRock MuniYield Investment Fund (MYF) 
 
    Six Months          Period                     
    Ended    November 1,                     
    January 31, 2009    2007 to July 31,        Year Ended October 31,     
    (Unaudited)           2008         2007         2006         2005    2004    2003 
     Per Share Operating Performance                             
Net asset value, beginning of period    $ 13.59    $ 14.53    $ 15.11    $ 14.91    $ 15.27    $ 14.97    $ 14.97 
Net investment income1    0.43    0.73    0.99    0.99    0.98    1.00    1.06 
Net realized and unrealized gain (loss)    (1.49)    (0.94)    (0.57)    0.28    (0.26)    0.29    (0.07) 
Dividends to Preferred Shareholders from                             
   net investment income    (0.11)    (0.21)    (0.30)    (0.26)    (0.14)    (0.07)    (0.07) 
Net increase (decrease) from investment                             
   operations    (1.17)    (0.42)    0.12    1.01    0.58    1.22    0.92 
Dividends to Common Shareholders from                             
   net investment income    (0.36)    (0.52)    (0.70)    (0.81)    (0.92)    (0.92)    (0.92) 
Capital changes with respect to issuance                             
   of Preferred Shares                         (0.00)2    (0.02)         
Net asset value, end of period    $ 12.06    $ 13.59    $ 14.53    $ 15.11    $ 14.91    $ 15.27    $ 14.97 
Market price per share, end of period    $ 10.37    $ 11.91    $ 12.86    $ 14.35    $ 14.93    $ 14.28    $ 13.80 
 
     Total Investment Return3                             
Based on net asset value    (8.03)%4    (2.52)%4    1.21%    7.24%    3.98%    8.99%    6.76% 
Based on market price    (9.77)%4    (3.48)%4    (5.68)%    1.71%    11.34%    10.57%    10.44% 
 
     Ratios Based on Average Net Assets Applicable to Common Shares                         
Total expenses after waiver and excluding interest                             
   expense and fees5,6    1.16%7    1.10%7    1.10%    1.09%    1.05%    1.03%    1.04% 
Total expenses after waiver6    1.50%7    1.40%7    1.46%    1.42%    1.25%    1.18%    1.18% 
Total expenses6    1.52%7    1.42%7    1.47%    1.44%    1.25%    1.19%    1.19% 
Net investment income6    6.89%7    6.77%7    6.72%    6.63%    6.46%    6.67%    7.01% 
Dividends to Preferred Shareholders    1.71%7    1.92%7    2.01%    1.75%    0.95%    0.48%    0.45% 
Net investment income to Common Shareholders    5.18%7    4.85%7    4.71%    4.88%    5.51%    6.19%    6.56% 
 
     Supplemental Data                             
Net assets applicable to Common Shareholders,                             
   end of period (000)    $ 163,449    $ 184,315    $ 197,014    $ 204,865    $ 202,042    $ 206,895    $ 202,890 
Preferred Shares outstanding at liquidation preference,                             
   end of period (000)    $ 90,825    $ 90,825    $ 110,000    $ 110,000    $ 110,000    $ 95,000    $ 95,000 
Portfolio turnover    16%    22%    25%    46%    42%    33%    35% 
Asset coverage per Preferred Share, end of period    $ 69,992    $ 75,7428    $ 69,7908    $ 71,5748    $ 70,9208    $ 79,4468    $ 78,3928 

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 net asset value, may result in substantially different returns.
  Total investment returns exclude the effects of sales charges.
4 Aggregate total investment return.
5 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.
6 Do not reflect the effect of dividends to Preferred Shareholders.
7 Annualized.
8 Amounts have been recalculated to conform with current period presentation.

  See Notes to Financial Statements.

SEMI-ANNUAL REPORT JANUARY 31, 2009 41


Financial Highlights                BlackRock MuniYield New Jersey Fund, Inc. (MYJ) 
 
    Six Months    Period                     
    Ended    December 1,                     
    January 31, 2009    2007 to July 31,        Year Ended November 30,     
    (Unaudited)           2008         2007         2006         2005    2004    2003 
     Per Share Operating Performance                             
Net asset value, beginning of period    $ 14.36    $ 15.18    $ 15.90    $ 15.37    $ 15.25    $ 15.39    $ 14.84 
Net investment income1    0.47    0.62    1.01    1.00    1.01    1.06    1.05 
Net realized and unrealized gain (loss)    (1.07)    (0.79)    (0.74)    0.54    0.18    (0.14)    0.52 
Dividends to Preferred Shareholders from                             
   net investment income    (0.12)    (0.18)    (0.29)    (0.25)    (0.16)    (0.08)    (0.06) 
Net increase (decrease) from investment                             
   operations    (0.72)    (0.35)    (0.02)    1.29    1.03    0.84    1.51 
Dividends to Common Shareholders from                             
   net investment income    (0.35)    (0.47)    (0.70)    (0.76)    (0.91)    (0.96)    (0.96) 
Capital changes with respect to issuance                             
   of Preferred Shares                             (0.00)2    (0.02)     
Net asset value, end of period    $ 13.29    $ 14.36    $ 15.18    $ 15.90    $ 15.37    $ 15.25    $ 15.39 
Market price per share, end of period    $ 11.72    $ 13.52    $ 13.66    $ 15.47    $ 14.38    $ 14.73    $ 14.34 
 
     Total Investment Return3                             
Based on net asset value    (4.59)%4    (2.17)%4    0.11%    8.83%    7.08%    5.84%    10.81% 
Based on market price    (10.64)%4    2.35%4    (7.41)%    13.17%    3.72%    9.72%    8.90% 
 
     Ratios Based on Average Net Assets Applicable to Common Shares                         
Total expenses after waiver and excluding                             
   interest expense and fees5,6    1.13%7    1.13%7    1.10%    1.09%    1.09%    1.02%    1.02% 
Total expenses after waiver6    1.32%7    1.20%7    1.27%    1.44%    1.39%    1.24%    1.21% 
Total expenses6    1.34%7    1.22%7    1.28%    1.44%    1.39%    1.25%    1.22% 
Net investment income6    7.10%7    6.27%7    6.56%    6.50%    6.47%    6.94%    6.94% 
Dividends to Preferred Shareholders    1.82%7    1.85%7    1.85%    1.65%    1.05%    0.50%    0.40% 
Net investment income to Common Shareholders    5.28%7    4.42%7    4.71%    4.85%    5.42%    6.44%    6.54% 
 
     Supplemental Data                             
Net assets applicable to Common Shareholders,                             
   end of period (000)    $ 188,707    $ 204,022    $ 215,585    $ 225,855    $ 218,250    $ 216,618    $ 218,642 
Preferred Shares outstanding at liquidation preference,                             
   end of period (000)    $ 104,725    $ 104,725    $ 119,000    $ 119,000    $ 119,000    $ 119,000    $ 97,500 
Portfolio turnover    7%    11%    18%    9%    32%    14%    26% 
Asset coverage per Preferred Share, end of period    $ 70,051    $ 73,7098    $ 70,3058    $ 72,4528    $ 70,8588    $ 70,5148    $ 81,0628 

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 net asset value, may result in substantially different returns.
  Total investment returns exclude the effects of sales charges.
4 Aggregate total investment return.
5 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.
6 Do not reflect effect of dividends to Preferred Shareholders.
7 Annualized.
8 Amounts have been recalculated to conform with current period presentation.

See Notes to Financial Statements.

42 SEMI-ANNUAL REPORT JANUARY 31, 2009


Notes to Financial Statements (Unaudited)

1. Organization and Significant Accounting Policies:

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

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

Valuation of Investments: Municipal investments (including commitments
to purchase such investments on a “when-issued” basis) are valued on
the basis of prices provided by dealers or pricing services selected under
the supervision of each Fund’s Board of Directors/Trustees (the “Board”).
In determining the value of a particular investment, pricing services may
use certain information with respect to transactions in such investments,
quotations from bond dealers, pricing matrixes, market transactions in
comparable investments and information with respect to various relation-
ships between investments. Short-term securities with maturities less
than 60 days are 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, the investment will be valued by
a method approved by each Fund’s Board as reflecting fair value (“Fair
Value Assets”). When determining the price for Fair Value Assets, the
investment advisor and/or sub-advisor seeks to determine the price that
each Fund might reasonably expect to receive from the current sale of
that asset in an arm’s length transaction. Fair value determinations shall
be based upon all available factors that the investment advisor and/or
sub-advisor deems relevant. The pricing of all Fair Value Assets is subse-
quently reported to the Board or a committee thereof.

Forward Commitments and When-issued Delayed Delivery Securities:
The Funds may purchase securities on a when-issued basis and may
purchase or sell securities on a forward commitment basis. Settlement
of such transactions normally occurs within a month or more after the
purchase or sale commitment is made. The Funds may purchase securi-
ties under such conditions only with the intention of actually acquiring
them, but may enter into a separate agreement to sell the securities
before the settlement date. Since the value of securities purchased may
fluctuate prior to settlement, the Funds may be required to pay more at
settlement than the security is worth. In addition, the purchaser is not
entitled to any of the interest earned prior to settlement. When purchas-
ing 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.

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 the Trust has contributed 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 the Funds include the
right of the Funds (1) to cause the holders of a proportional share
of the floating rate certificates to tender their certificates at par, and
(2) to transfer, within seven days, a corresponding share of the munici-
pal bonds from the TOB to the Funds. The TOB may also be terminated
without the consent of the Funds upon the occurrence of certain events
as defined in the TOB agreements. Such termination events may include
the bankruptcy or default of the municipal bonds, a substantial down
grade in credit quality of the municipal bonds, 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 bonds 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. The Funds’
transfer of the municipal bonds to a TOB is accounted for as a secured
borrowing, therefore the municipal bonds deposited into a TOB are pre-
sented in the Fund’s Schedule of Investments and the proceeds from
the issuance of the short-term floating rate certificates are shown on the
Statements of Assets and Liabilities as trust certificates.

SEMI-ANNUAL REPORT JANUARY 31, 2009 43


Notes to Financial Statements (continued)

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 certificates have interest rates that generally reset weekly and their
holders have the option to tender certificates to the TOB for redemption
at par at each reset date. At January 31, 2009, the aggregate value of
the underlying municipal securities transferred to TOBs, the related liabil-
ity for trust certificates and the range of interest rates on the liability for
trust certificates were as follows:

            Underlying 
            Municipal 
    Liability for    Range of    Securities 
    Trust    Interest    Transferred 
    Certificates    Rates    to TOBs 
Muni New York    $ 1,379,101    2.275%    $ 1,888,836 
        1.852% –     
MuniYield California    $63,090,662    2.945%    $114,391,743 
        0.540% –     
MuniYield Investment    $18,260,287    3.174%    $ 35,884,710 
        2.412% –     
MuniYield New Jersey    $ 7,645,000    3.351%    $ 13,058,636 

Financial transactions executed through TOBs generally will underperform
the market for fixed rate municipal bonds when interest rates rise, but
tend to outperform the market for fixed rate bonds when interest rates
decline or remain relatively stable. Should short-term interest rates rise,
the Trusts’ investment in TOBs may adversely affect the Funds’ investment
income and distributions to shareholders. Also, fluctuations in the
market value of municipal bonds deposited into the TOB may adversely
affect the Funds’ net asset value per share.

Zero-Coupon Bonds: The Funds 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 experi-
ence greater volatility in market value than similar maturity debt obliga-
tions which provide for regular interest payments.

Investment Transactions and Investment Income: Investment trans-
actions are recorded on the dates the transactions are entered into
(the trade dates). Realized gains and losses on security transactions
are determined on the identified cost basis. Dividend income is
recorded on the ex-dividend dates. Interest income is recognized on
the accrual method. Each Fund amortizes all premiums and discounts
on debt securities.

Dividends and Distributions: Dividends from net investment income
are declared and paid monthly. Distributions of capital gains are record-
ed on the ex-dividend dates. Dividends and distributions to
holders of Preferred Shares are accrued and determined as described
in Note 5.

Income Taxes: It is each Fund’s policy to comply with the requirements
of the Internal Revenue Code applicable to regulated investment compa-
nies and to distribute substantially all of its taxable income to its share-
holders. 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
limitations on the Funds’ US federal tax returns remains open for the
four years ended December 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 Pronouncements: In March 2008, Statement of
Financial Accounting Standards No. 161, “Disclosures about Derivative
Instruments and Hedging Activities — an amendment of FASB Statement
No. 133” (“FAS 161”), was issued. FAS 161 is intended to improve
financial reporting for derivative instruments by requiring enhanced
disclosure that enables investors to understand how and why an entity
uses derivatives, how derivatives are accounted for, and how derivative
instruments affect an entity’s results of operations and financial position.
FAS 161 is effective for financial statements issued for fiscal years
and interim periods beginning after November 15, 2008.The impact
on the Funds’ financial statement disclosures, if any, is currently
being assessed.

Deferred Compensation and BlackRock Closed-End Share Equivalent
Investment Plan: Under the deferred compensation plan approved
by each of the Funds’ Board, non-interested Directors/Trustees
(“Independent Trustees”) 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 Trustees. This has approximately the same economic
effect for the Independent Trustees as if the Independent Trustees
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 Trustees in order to match its deferred compensation
obligations. Investments to cover each Fund’s deferred compensation
liability are included in other assets on the Statements of Assets and
Liabilities. Dividends and distributions from the BlackRock Closed-End
Fund investments under the plan are included in income — affiliated on
the Statements of Operations.

Other: Expenses directly related to each 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 appro-
priate methods.

44 SEMI-ANNUAL REPORT JANUARY 31, 2009


Notes to Financial Statements (continued)

2. Investment Advisory Agreement and Other Transactions
with Affiliates:

Each Fund entered into an Investment Advisory Agreement with
BlackRock Advisors, LLC (the “Advisor”), an indirect, wholly owned
subsidiary of BlackRock, Inc., to provide investment advisory and
administration services. As of January 31, 2009, The PNC Financial
Services Group, Inc. (“PNC”) and Bank of America Corporation (“BAC”)
are the largest stockholders of BlackRock, Inc. (“BlackRock”). BAC
became a stockholder of BlackRock following its acquisition of Merrill
Lynch & Co., Inc. (“Merrill Lynch”) on January 1, 2009. Prior to that
date, both PNC and Merrill Lynch were considered affiliates of the Funds
under the 1940 Act. Subsequent to the acquisition, PNC remains an
affiliate, but due to the restructuring of Merrill Lynch’s ownership interest
of BlackRock, BAC is not deemed to be an affiliate under the 1940 Act.

The Advisor is responsible for the management of each Fund’s portfolio
and provides the necessary personnel, facilities, equipment and certain
other services necessary to the operations of each Fund. For such
services, Muni New York pays the Advisor a monthly fee at an annual
rate of 0.55%, and MuniYield Arizona, MuniYield California, MuniYield
Investment and MuniYield New Jersey pay 0.50% of each Fund’s average
daily net assets. Average daily net assets is the average daily value of
each Fund’s total assets minus the sum of its accrued liabilities.

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

    Fee Waiver 
    (As a Percentage 
    of Average Daily 
    Net Assets) 
Years 1 through 5    0.15% 
Year 6    0.10% 
Year 7    0.05% 
Year 8 and thereafter    0.00% 

The Advisor 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 Advisor 
Muni New York    $41,862 

The Advisor has agreed to waive its advisory fees by the amount of
investment advisory fees each Fund pays to the Advisor indirectly
through its investment in affiliated money market funds for a portion of
the period. This amount is shown on the Statements of Operations as
fees waived by advisor. For the six months ended January 31, 2009, the
amounts were as follows:

    Amount 
Muni New York    $ 8,625 
MuniYield Arizona    $ 9,534 
MuniYield California    $ 27,397 
MuniYield Investment    $ 15,446 
MuniYield New Jersey    $ 13,463 

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

For the six months ended January 31, 2009, the Funds reimbursed the
Advisor for certain accounting services in the following amounts, which
are included in accounting services in the Statements of Operations:

    Amount 
Muni New York    $ 739 
MuniYield Arizona    $ 859 
MuniYield California    $3,981 
MuniYield Investment    $2,395 
MuniYield New Jersey    $3,179 

Pursuant to the terms of the custody agreement, custodian fees may
be reduced by amounts calculated on uninvested cash balances.

Certain officers and/or directors/trustees of the Funds are officers
and/or directors of BlackRock, Inc. or its affiliates. The Funds
reimburse the Advisor for compensation paid to the Funds’ Chief
Compliance Officer.

3. Investments:

Purchases and sales of investments, excluding short-term securities, for
the year ended January 31, 2009 were as follows:

    Purchases    Sales 
Muni New York    $7,366,840    $12,082,981 
MuniYield Arizona    $17,720,604    $26,050,883 
MuniYield California    $53,808,831    $79,609,143 
MuniYield Investment    $44,691,680    $64,930,676 
MuniYield New Jersey    $19,699,485    $31,643,424 

4. Concentration, Market and Credit Risk:

Each Fund invests a substantial amount of its assets in issuers located
in a single state or limited number of states. Please see each Fund’s
Schedule of Investments for concentrations in specific states.

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

SEMI-ANNUAL REPORT JANUARY 31, 2009 45


Notes to Financial Statements (continued)

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 obliga-
tions (credit risk). The value of securities held by the Funds may decline
in response to certain events, including those directly involving the
issuers whose securities are owned by the Funds; conditions affecting
the general economy; overall market changes; local, regional or global
political, social or economic 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 transactions may default. Financial assets, which
potentially expose the Funds to credit and counterparty risks, consist
principally of investments and cash due from counterparties. The extent
of the Funds’ exposure to credit and counterparty risks with respect to
these financial assets is approximated by their value recorded in each
Fund’s Statements of Assets and Liabilities.

5. Capital Share Transactions:

Each Fund is authorized to issue 200,000,000 (MuniYield Investment
is authorized to issue an unlimited amount) of shares, including
Preferred Shares, par value $0.10 per share, all of which were initially
classified as Common Shares. Each Board is authorized, however, to
reclassify any unissued shares of Common Shares without approval of
Common Shareholders.

Common Shares

Muni New York

Shares issued and outstanding for the six months ended January 31,
2009, the period June 1, 2008 to July 31, 2008 and the year ended
May 31, 2008 remained constant.

MuniYield Arizona

Shares issued and outstanding for the six months ended January 31,
2009, the period November 1, 2007 to July 31, 2008 and the year
ended October 31, 2007 increased by 5,538, 14,368 and 13,972,
respectively, as a result of dividend reinvestment.

MuniYield California

Shares issued and outstanding for the six months ended January 31,
2009, the period November 1, 2007 to July 31, 2008 and the year
ended October 31, 2007 remained constant.

MuniYield Investment

Shares issued and outstanding for the six months ended January 31,
2009, the period November 1, 2007 to July 31, 2008 and the year
ended October 31, 2007 remained constant.

MuniYield New Jersey

Shares issued and outstanding for the six months ended January 31,
2009, the period December 1, 2007 to July 31, 2008 and the year
ended November 30, 2007 remained constant.

Preferred Shares

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

The holders of Preferred Shares have voting rights equal to the holders
of Common Shares (one vote per share) and will vote together with
holders 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/Trustees for each Fund. In addi-
tion, 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 subclassification as a
closed-end investment company or change its fundamental investment
restrictions or (c) change its business so as to cease to be an invest-
ment company.

The Funds had the following series of Preferred Shares outstanding and
effective yields at January 31, 2009:

    Muni    MuniYield    MuniYield 
    New York    Arizona    California 
Series A        0.746%1    0.655%1 
Series B        0.655%1    0.746%1 
Series C        1.695%2    0.640%1 
Series D            1.695%2 
Series F7    1.695%2         
 
        MuniYield    MuniYield 
        Investment    New Jersey 
Series A1        0.746%    1.751% 
Series B1        0.716%    0.746% 
Series C2        1.765%    0.640% 

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

All series of the Funds had a reset frequency of seven days except
MuniYield California’s Series A and Series C, which have a reset fre-
quency of 28 days. Dividends on seven-day Preferred Shares are cumu-
lative at a rate that is reset every seven days based on the results of
an auction. Dividends on 28 day Preferred Shares are cumulative at
a rate that is reset every 28 days based on the results of an auction.

46 SEMI-ANNUAL REPORT JANUARY 31, 2009


Notes to Financial Statements (continued)

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 each successive dividend
period until such time as the shares are successfully auctioned. The
maximum applicable rate on the Preferred Shares is footnoted as appli-
cable on the above chart. During the six months ended January 31,
2009, the Preferred Shares of the Funds were not successfully auctioned.
The low, high and average dividend rates on the Preferred Shares of each
Fund for the six months ended January 31, 2009 were as follows:

Muni New York             
    Low    High    Average 
Series F7    1.64%    11.76%    4.192% 
 
MuniYield Arizona             
    Low    High    Average 
Series A    0.64%    12.57%    3.12% 
Series B    0.59%    10.21%    3.10% 
Series C    1.64%    11.76%    3.91% 
 
MuniYield California             
    Low    High    Average 
Series A    0.655%    8.651%    3.219% 
Series B    0.640%    12.565%    3.113% 
Series C    0.640%    12.565%    3.837% 
Series D    1.640%    10.377%    3.914% 
 
MuniYield Investment             
    Low    High    Average 
Series A    0.640%    12.565%    3.266% 
Series B    0.594%    12.261%    3.099% 
Series C    1.640%    11.415%    3.889% 
 
MuniYield New Jersey             
    Low    High    Average 
Series A    0.64%    12.565%    3.08% 
Series B    0.594%    11.347%    3.06% 
Series C    1.640%    10.377%    3.91% 

For the six months ended January 31, 2009, the Preferred Shares of
each Fund failed to clear any auctions. As a result, the Preferred Shares
dividend rates were reset to the maximum applicable rate, which ranged
from 0.594% to 12.565% . A failed auction is not an event of default for
the Funds but has a negative impact on the liquidity of Preferred Shares.
A failed auction occurs when there are more sellers of a fund’s auction
rate preferred shares than buyers. It is impossible to predict how long
this imbalance will last. A successful auction for each Fund’s Preferred
Shares may not occur for some time, if ever, and even if liquidity does
resume, Preferred Shares may not have the ability to sell the Preferred
Shares at its liquidation preference.

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

Prior to December 22, 2008, the Fund paid commissions to certain
broker-dealers at the end of each auction at an annual rate of 0.25%,
calculated on the aggregated principal amount. As of December 22,
2008, commissions paid to broker-dealers on preferred shares that
experienced a failed auction were reduced to 0.15% on the aggregate
principal amount. The Funds will continue to pay commissions of 0.25%
on the aggregate principal amount of all shares that successfully clear
their auctions. Merrill Lynch, Pierce, Fenner & Smith Incorporated
(“MLPF&S”), a wholly owned subsidiary of Merrill Lynch, earned com-
missions for the period August 1, 2008 through December 31, 2008
as follows:

    Commissions 
Muni New York    $ 62,802 
MuniYield Arizona    $ 59,616 
MuniYield California    $ 116,901 
MuniYield Investment    $ 139,630 
MuniYield New Jersey    $ 139,715 

Subsequent to that date, neither MLPF&S or Merrill Lynch are consid-
ered affiliates of the Funds.

On June 4, 2008 and June 17, 2008, the following Funds announced
redemptions of Preferred Shares at a price of $25,000 per share plus
any accrued and unpaid dividends through the redemption date.

    Redemption    Shares    Aggregate 
Muni New York    Date    Redeemed    Principal 
Series F7    6/23/08    55    $ 1,375,000 
 
    Redemption    Shares    Aggregate 
MuniYield California    Date    Redeemed    Principal 
Series A    7/10/08    665    $16,625,000 
Series B    6/19/08    665    $16,625,000 
Series C    7/03/08    222    $ 5,550,000 
Series D    6/24/08    388    $ 9,700,000 
 
    Redemption    Shares    Aggregate 
MuniYield Investment    Date    Redeemed    Principal 
Series A    6/19/08    384    $ 9,600,000 
Series B    6/27/08    279    $ 6,975,000 
Series C    6/25/08    104    $ 2,600,000 
 
    Redemption    Shares    Aggregate 
MuniYield New Jersey    Date    Redeemed    Principal 
Series A    6/26/08    288    $ 7,200,000 
Series B    6/25/08    180    $ 4,500,000 
Series C    6/24/08    103    $ 2,275,000 

SEMI-ANNUAL REPORT JANUARY 31, 2009 47


Notes to Financial Statements (concluded)

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

Shares issued and outstanding during the six months ended January 31,
2009, years ended May 31, 2007 and May 31, 2006 for Muni New York,
October 31, 2007 and October 31, 2006 for MuniYield Arizona, Muni-
Yield California and MuniYield Investment and November 30, 2007 and
November 30, 2006 for MuniYield New Jersey remained constant.

6. Capital Loss Carryforward:

As of July 31, 2008, the Funds had capital loss carryforwards avail-
able to offset future realized capital gains through the indicated year
of expiration:

    Muni         
    New York         
Expires    Intermediate    MuniYield    MuniYield 
July 31,    Duration    Arizona    California 
2011            $178,107 
2012    $ 134,161         
2015    $ 25,350         
2016    $ 739,187    $433,955    $393,490 
Total    $ 898,698    $433,955    $571,597 
 
        MuniYield    MuniYield 
        Investment    New Jersey 
2012        $1,474,937    $239,556 
2016        $2,101,744    $104,422 
Total        $3,576,681    $343,978 

7. Subsequent Events:

Each Fund paid a net investment income dividend to holders of its
Common Shares on March 2, 2009 to shareholders of record on
February 13, 2009. The amount of the net investment income dividend
per share was as follows:

    Distribution 
       Per Share 
Muni New York    $0.053000 
MuniYield Arizona    $0.057000 
MuniYield California    $0.055000 
MuniYield Investment    $0.058000 
MuniYield New Jersey    $0.058000 

The dividends declared on Preferred Shares for the period August 1,
2008 to January 31, 2009 were as follows:

    Muni    MuniYield    MuniYield 
    New York    Arizona    California 
Series A        $ 7,621    $24,576 
Series B        $ 9,802    $25,526 
Series C        $13,621    $ 7,527 
Series D            $34,367 
Series F7    $40,351         
 
        MuniYield    MuniYield 
        Investment    New Jersey 
Series A        $26,718    $31,073 
Series B        $19,389    $18,657 
Series C        $16,839    $25,708 

48 SEMI-ANNUAL REPORT JANUARY 31, 2009


Officers and Directors/Trustees

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

For All Funds:

Accounting Agent Legal Counsel
State Street Bank and Skadden, Arps, Slate, Meagher & Flom LLP
Trust Company New York, NY 10036
Princeton, NJ 08540

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

BlackRock Muni New York Intermediate Duration Fund, Inc.:
Custodian Auction Agent
State Street Bank and Preferred Shares
Trust Company BNY Mellon Shareowner Services
Boston, MA 02101 Jersey City, NJ 07310

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

BlackRock MuniYield Arizona Fund, Inc.,
BlackRock MuniYield California Fund, Inc.,
BlackRock MuniYield Investment Fund and
BlackRock MuniYield New Jersey Fund, Inc.:

Custodian Transfer Agent and Auction Agent
The Bank of New York Mellon Common and Preferred Shares
New York, NY 10286 BNY Mellon Shareowner Services
Jersey City, NJ 07310

Effective January 1, 2009, Robert S. Salomon, Jr. retired as
Director/Trustee of the Funds. The Board wishes Mr. Salomon well
in his retirement.

Additional Information

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
provide 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 comprises part of the
financial information included in this report.

General Information

The Funds will mail only one copy of shareholder documents, including
annual and semi-annual reports and proxy statements, to shareholders
with multiple accounts at the same address. This practice is commonly
called “householding” and it is intended to reduce expenses and elimi-
nate duplicate mailings of shareholder documents. Mailings of your
shareholder 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
contact the Funds at (800) 441-7762.

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

SEMI-ANNUAL REPORT JANUARY 31, 2009 49


Additional Information (continued)                     
 
     Proxy Results                         
The Annual Meeting of Shareholders was held on September 12, 2008 for shareholders of record on July 14, 2008 to elect director/trustee 
nominees of each Fund/Trust:                         
 
Approved the Directors/Trustees as follows:                         
       G. Nicholas Beckwith, III    Kent Dixon    R. Glenn Hubbard 
         Votes        Votes        Votes 
    Votes For    Withheld    Votes For    Withheld    Votes For    Withheld 
BlackRock MuniYield New York Intermediate                         
   Duration Fund, Inc.    3,241,653     755,399    3,241,653    755,399    3,241,653    755,399 
BlackRock MuniYield Arizona Fund, Inc.    4,264,400       86,696    4,265,400    85,696    4,263,372    87,724 
BlackRock MuniYield California Fund, Inc.    18,768,758     516,396    18,743,520    541,634    18,768,463    516,691 
BlackRock MuniYield Investment Fund    11,811,537     731,227    11,797,481    745,283    11,812,956    729,808 
BlackRock MuniYield New Jersey Fund, Inc.    13,310,823     212,005    13,305,225    217,603    13,309,815    213,013 
 
    W. Carl Kester    Robert S. Salomon, Jr.    Richard S. Davis 
         Votes        Votes        Votes 
    Votes For    Withheld    Votes For    Withheld    Votes For    Withheld 
BlackRock MuniYield New York Intermediate                         
   Duration Fund, Inc.    7891             3741    3,241,653    755,399    3,241,653    755,399 
BlackRock MuniYield Arizona Fund, Inc.    8801             2781    4,264,700    86,396    4,265,400    85,696 
BlackRock MuniYield California Fund, Inc.    3,6631             3501    18,760,765    524,389    18,781,196    503,958 
BlackRock MuniYield Investment Fund    2,7931             6591    11,810,287    732,477    11,812,972    729,792 
BlackRock MuniYield New Jersey Fund, Inc.    3,5801             4231    13,305,095    217,733    13,305,195    217,633 
 
               Frank J. Fabozzi    James T. Flynn    Karen    P. Robards 
         Votes        Votes        Votes 
    Votes For    Withheld    Votes For    Withheld    Votes For    Withheld 
BlackRock MuniYield New York Intermediate                         
   Duration Fund, Inc.    7891             3741    3,241,653    755,399    3,241,653    755,399 
BlackRock MuniYield Arizona Fund, Inc.    8801             2781    4,265,400    85,696    4,264,400    86,696 
BlackRock MuniYield California Fund, Inc.    3,6631             3501    18,775,216    509,938    18,760,801    524,353 
BlackRock MuniYield Investment Fund    2,7931             6591    11,809,106    733,658    11,812,956    729,808 
BlackRock MuniYield New Jersey Fund, Inc.    3,5801             4231    13,307,373    215,455    13,310,257    212,571 
 
    Richard E. Cavanagh    Kathleen F. Feldstein    Henry Gabbay 
         Votes        Votes        Votes 
    Votes For    Withheld    Votes For    Withheld    Votes For    Withheld 
BlackRock MuniYield New York Intermediate                         
   Duration Fund, Inc.    3,241,653     755,399    3,241,653    755,399    3,241,653    755,399 
BlackRock MuniYield Arizona Fund, Inc.    4,265,400       85,696    4,264,400    86,696    4,265,400    85,696 
BlackRock MuniYield California Fund, Inc.    18,776,201     508,953    18,763,913    521,241    18,779,772    505,382 
BlackRock MuniYield Investment Fund    11,812,956     729,808    11,811,356    731,408    11,812,959    729,805 
BlackRock MuniYield New Jersey Fund, Inc.    13,310,823     212,005    13,308,751    214,077    13,308,736    214,092 
 
             Jerrold B. Harris                 
         Votes                 
    Votes For    Withheld                 
BlackRock MuniYield New York Intermediate                         
   Duration Fund, Inc.    3,241,653     755,399                 
BlackRock MuniYield Arizona Fund, Inc.    4,265,400       85,696                 
BlackRock MuniYield California Fund, Inc.    18,763,315     521,839                 
BlackRock MuniYield Investment Fund    11,811,956     730,808                 
BlackRock MuniYield New Jersey Fund, Inc.    13,308,796     214,032                 
 
   1 Voted on by holders of Preferred Shares only.                         

50 SEMI-ANNUAL REPORT JANUARY 31, 2009


Additional Information (concluded)

Availability of Quarterly Schedule of Investments

The Funds file their complete schedule of portfolio holdings with
the SEC for the first and third quarters of each fiscal year on
Form N-Q. The Funds’ Forms N-Q are available on the SEC’s website
at http://www.sec.gov and may also be reviewed and copied at the

SEC’s Public Reference Room in Washington, DC. Information on the
operation of the Public Reference Room may be obtained by calling
(800) SEC-0330. The Funds’ Forms N-Q may also be obtained upon
request and without charge by calling (800) 441-7762.

Electronic Delivery

Electronic copies of most financial reports are available on the Funds’
websites or shareholders can sign up for e-mail notifications of quarterly
statements, 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.

Board Approvals

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

Under current market conditions, the Advisor anticipates that it will
gradually reposition the Fund’s portfolio over time and that during such
period the Fund may continue to hold a substantial portion of its assets
in Florida municipal bonds. At this time, it is uncertain how long the

repositioning may take, and the Fund will continue to be subject to
risks associated with investing a substantial portion of its assets in
Florida municipal bonds until the repositioning is complete.

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

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

Section 19 Notices

The amounts and sources of distributions reported are only estimates and on the tax regulations. Each Fund will send you a Form 1099-DIV each
are not being provided for tax reporting purposes. The actual amounts and calendar year that will tell you how to report these distributions for federal
sources for tax reporting purposes will depend upon each Fund’s invest- income tax purposes.
ment experience during the year and may be subject to changes based

        Total Fiscal Year-to-Date            Percentage of Fiscal Year-to-Date     
    Cumulative Distributions by Character    Cumulative Distributions by Character 
 
    Net    Net Realized        Total Per    Net    Net Realized        Total Per 
    Investment    Capital    Return of    Common    Investment    Capital    Return of    Common 
    Income    Gains    Capital    Share    Income    Gains    Capital    Share 
BlackRock MuniYield California Fund, Inc    $ 0.336            $ 0.336    98%    2%    0%    100% 

SEMI-ANNUAL REPORT JANUARY 31, 2009 51


 

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

A description of the policies and procedures that the Funds use
to determine how to vote proxies relating to portfolio securities
is available (1) without charge, upon request, by calling toll-free
(800) 441-7762; (2) at www.blackrock.com; and (3) on the Securities
and Exchange Commission’s website at http://www.sec.gov. Infor-
mation about how the Funds voted proxies relating to securities held
in the Funds’ portfolios during the most recent 12-month period
ended June 30 is available upon request and without charge (1) at
www.blackrock.com or by calling (800) 441-7762 and (2) on the
Securities and Exchange Commission’s website at http://www.sec.gov.

BlackRock Muni New York Intermediate Duration Fund, Inc.

BlackRock MuniYield Arizona Fund, Inc.

BlackRock MuniYield California Fund, Inc.

BlackRock MuniYield Investment Fund

BlackRock MuniYield New Jersey Fund, Inc.

100 Bellevue Parkway

Wilmington, DE 19809

#MY5-SAR-1/09


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

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

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

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

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

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

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

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

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

Item 11 – Controls and Procedures

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

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

Item 12 – Exhibits attached hereto

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

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

12(a)(3) – Not Applicable

12(b) – Certifications – Attached hereto

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


BlackRock MuniYield California Fund, Inc.

By: /s/ Donald C. Burke
Donald C. Burke
Chief Executive Officer of
BlackRock MuniYield California Fund, Inc.

Date: March 25, 2009

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

By: /s/ Donald C. Burke
Donald C. Burke
Chief Executive Officer (principal executive officer) of
BlackRock MuniYield California Fund, Inc.

Date: March 25, 2009

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

Date: March 25, 2009