UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
Investment Company Act file number 811-06414
Name of Fund: BlackRock MuniYield Fund, Inc. (MYD)
Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809
Name and address of agent for service: Donald C. Burke, Chief Executive
Officer, BlackRock MuniYield 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: 10/31/2008
Date of reporting period: 11/01/2007 - 01/31/2008
Item 1 - Schedule of Investments
BlackRock MuniYield Fund, Inc.
Schedule of Investments as of January 31, 2008 (Unaudited) (in Thousands)
Face
State Amount Municipal Bonds Value
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Alabama - 3.4% $ 4,540 Birmingham, Alabama, Special Care Facilities Financing Authority, Revenue
Refunding Bonds (Ascension Health Credit), Series C-2, 5% due 11/15/2036 $ 4,581
3,300 Birmingham, Alabama, Special Care Facilities Financing Authority, Revenue
Refunding Bonds (Ascension Health Credit), Series C-2, 5% due 11/15/2039 3,327
5,250 Jefferson County, Alabama, Limited Obligation School Warrants, Series A, 5.50%
due 1/01/2022 5,667
2,200 Tuscaloosa, Alabama, Special Care Facilities Financing Authority, Residential
Care Facility Revenue Bonds (Capstone Village, Inc. Project), Series A, 5.625%
due 8/01/2025 2,032
6,425 Tuscaloosa, Alabama, Special Care Facilities Financing Authority, Residential
Care Facility Revenue Bonds (Capstone Village, Inc. Project), Series A, 5.875%
due 8/01/2036 6,003
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Arizona - 12.2% 5,825 Arizona State Transportation Board, Highway Revenue Bonds, Sub-Series A, 5%
due 7/01/2021 6,280
7,030 Arizona State Transportation Board, Highway Revenue Bonds, Sub-Series A, 5%
due 7/01/2022 7,531
5,240 Arizona State Transportation Board, Highway Revenue Bonds, Sub-Series A, 5%
due 7/01/2023 5,537
3,300 Maricopa County, Arizona, IDA, Education Revenue Bonds (Arizona Charter Schools
Project 1), Series A, 6.75% due 7/01/2029 3,115
5,000 Maricopa County, Arizona, IDA, M/F Housing Revenue Refunding Bonds (CRS Pine
Ridge Housing Corporation), Series A-1, 6% due 10/20/2031 (e)(g) 5,210
5,000 Maricopa County, Arizona, IDA, M/F Housing Revenue Refunding Bonds (CRS Pine
Ridge Housing Corporation), Series A-1, 6.05% due 10/20/2036 (e)(g) 5,168
3,000 Phoenix, Arizona, IDA, Airport Facility, Revenue Refunding Bonds (America West
Airlines Inc. Project), AMT, 6.25% due 6/01/2019 2,877
5,090 Phoenix, Arizona, IDA, Airport Facility, Revenue Refunding Bonds (America West
Airlines Inc. Project), AMT, 6.30% due 4/01/2023 4,865
1,610 Phoenix, Arizona, IDA, M/F Housing Revenue Bonds (Summit Apartments LLC
Project), 6.25% due 7/20/2022 (g) 1,734
1,425 Phoenix, Arizona, IDA, M/F Housing Revenue Bonds (Summit Apartments LLC
Project), 6.45% due 7/20/2032 (g) 1,508
1,305 Phoenix, Arizona, IDA, M/F Housing Revenue Bonds (Summit Apartments LLC
Project), 6.55% due 7/20/2037 (g) 1,384
570 Pima County, Arizona, IDA, Education Revenue Refunding Bonds (Arizona Charter
Schools Project II), Series A, 6.75% due 7/01/2011 (l) 646
775 Pima County, Arizona, IDA, Education Revenue Refunding Bonds (Arizona Charter
Schools Project II), Series A, 6.75% due 7/01/2031 794
10,020 Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, 5%
due 12/01/2032 9,333
11,525 Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, 5%
due 12/01/2037 10,589
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Portfolio Abbreviations
To simplify the listings of BlackRock MuniYield Fund, Inc.'s portfolio holdings
in the Schedule of Investments, we have abbreviated the names of many of the
securities according to the list below.
AMT Alternative Minimum Tax (subject to)
COP Certificates of Participation
EDA Economic Development Authority
EDR Economic Development Revenue Bonds
GO General Obligation Bonds
HDA Housing Development Authority
HFA Housing Finance Agency
IDA Industrial Development Authority
IDR Industrial Development Revenue Bonds
M/F Multi-Family
PCR Pollution Control Revenue Bonds
PILOT Payment in Lieu of Taxes
S/F Single-Family
VRDN Variable Rate Demand Notes
BlackRock MuniYield Fund, Inc.
Schedule of Investments as of January 31, 2008 (Unaudited) (in Thousands)
Face
State Amount Municipal Bonds Value
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$ 3,000 Vistancia Community Facilities District, Arizona, GO, 5.50% due 7/15/2020 $ 3,126
2,125 Vistancia Community Facilities District, Arizona, GO, 5.75% due 7/15/2024 2,208
5,900 Yavapai County, Arizona, IDA, Hospital Facility Revenue Bonds (Yavapai Regional
Medical Center), Series A, 6% due 8/01/2033 6,086
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Arkansas - 0.6% 2,000 University of Arkansas, University Construction Revenue Bonds (UAMS Campus),
Series B, 5% due 11/01/2020 (i) 2,118
1,600 University of Arkansas, University Construction Revenue Bonds (UAMS Campus),
Series B, 5% due 11/01/2027 (i) 1,659
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California - 11.6% 2,000 California State Public Works Board, Lease Revenue Bonds (Department of
Corrections), Series C, 5% due 6/01/2025 2,009
4,500 California State Public Works Board, Lease Revenue Bonds (Department of
Mental Health - Coalinga State Hospital), Series A, 5.125% due 6/01/2029 4,497
10 California State, GO, 5% due 4/01/2031 (a) 10
11,335 California State, GO, Refunding, 5% due 6/01/2032 11,391
6,800 California State, Various Purpose, GO, 5.25% due 11/01/2025 7,097
5,550 California State, Various Purpose, GO, 5.50% due 11/01/2033 5,858
5,500 Golden State Tobacco Securitization Corporation of California, Tobacco
Settlement Revenue Bonds, Series A-3, 7.875% due 6/01/2013 (l) 6,821
7,500 Golden State Tobacco Securitization Corporation of California, Tobacco
Settlement Revenue Bonds, Series A-4, 7.80% due 6/01/2013 (l) 9,275
5,965 Golden State Tobacco Securitization Corporation of California, Tobacco
Settlement Revenue Refunding Bonds, Senior Series A-1, 5.125% due 6/01/2047 5,156
7,570 Los Angeles, California, Unified School District, GO, Series A, 5%
due 7/01/2013 (f)(l) 8,470
5,145 Santa Clara, California, Subordinated Electric Revenue Bonds, Series A, 5%
due 7/01/2022 (i) 5,388
7,465 University of California Revenue Bonds (Multiple Purpose Projects), Series Q, 5%
due 9/01/2021 (f) 7,986
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Colorado - 4.4% 3,245 Colorado Educational and Cultural Facilities Authority, Revenue Refunding Bonds
(University of Denver Project), Series B, 5.25% due 3/01/2016 (d)(l) 3,730
260 Colorado HFA, Revenue Refunding Bonds (S/F Program), AMT, Series D-2, 6.90%
due 4/01/2029 272
7,080 Denver, Colorado, City and County Airport Revenue Bonds, AMT, Series D, 7.75%
due 11/15/2013 (a) 8,025
1,415 Elk Valley, Colorado, Public Improvement Revenue Bonds (Public Improvement Fee),
Series A, 7.10% due 9/01/2014 1,501
5,065 Elk Valley, Colorado, Public Improvement Revenue Bonds (Public Improvement Fee),
Series A, 7.35% due 9/01/2031 5,238
6,850 Plaza Metropolitan District Number 1, Colorado, Tax Allocation Revenue Bonds
(Public Improvement Fees), 8% due 12/01/2025 7,311
1,885 Plaza Metropolitan District Number 1, Colorado, Tax Allocation Revenue Bonds
(Public Improvement Fees), 8.125% due 12/01/2025 1,885
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Connecticut - 0.1% 350 Connecticut State Development Authority, IDR (AFCO Cargo BDL-LLC Project), AMT,
7.35% due 4/01/2010 357
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Delaware - 0.3% 2,000 New Castle County, Delaware, PCR (General Motors Corporation Project), VRDN,
7% due 10/01/2008 (p) 2,000
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Florida - 6.5% 2,500 Greater Orlando Aviation Authority, Florida, Airport Facilities Revenue Bonds
(JetBlue Airways Corp.), AMT, 6.50% due 11/15/2036 2,369
4,240 Highlands County, Florida, Health Facilities Authority, Hospital Revenue Bonds
(Adventist Health System), Series C, 5.25% due 11/15/2036 4,281
11,500 Hillsborough County, Florida, IDA, Exempt Facilities Revenue Bonds (National
Gypsum Company), AMT, Series A, 7.125% due 4/01/2030 11,807
BlackRock MuniYield Fund, Inc.
Schedule of Investments as of January 31, 2008 (Unaudited) (in Thousands)
Face
State Amount Municipal Bonds Value
-----------------------------------------------------------------------------------------------------------------------------------
$ 5,000 Hillsborough County, Florida, IDA, Exempt Facilities Revenue Bonds (National
Gypsum Company), AMT, Series B, 7.125% due 4/01/2030 $ 5,133
2,870 Hillsborough County, Florida, IDA, Hospital Revenue Bonds (Tampa General
Hospital Project), 5% due 10/01/2036 2,748
4,705 Lee County, Florida, Revenue Bonds, 5% due 10/01/2022 (a) 4,906
5,450 Midtown Miami, Florida, Community Development District, Special Assessment
Revenue Bonds, Series B, 6.50% due 5/01/2037 5,106
1,100 Orange County, Florida, Health Facilities Authority, Health Care Revenue
Refunding Bonds (Orlando Lutheran Towers), 5.375% due 7/01/2020 1,034
4,620 Santa Rosa Bay Bridge Authority, Florida, Revenue Bonds, 6.25% due 7/01/2028 4,324
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Georgia - 1.5% 4,600 Atlanta, Georgia, Tax Allocation Bonds (Atlantic Station Project), 7.90%
due 12/01/2011 (l) 5,536
2,285 Brunswick and Glynn County, Georgia, Development Authority, First Mortgage
Revenue Bonds (Coastal Community Retirement Corporation Project), Series A,
7.125% due 1/01/2025 (j)(k) 1,577
3,595 Brunswick and Glynn County, Georgia, Development Authority, First Mortgage
Revenue Bonds (Coastal Community Retirement Corporation Project), Series A,
7.25% due 1/01/2035 (j)(k) 2,481
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Idaho - 1.6% 90 Idaho Housing Agency, S/F Mortgage Revenue Refunding Bonds, AMT, Senior Series
C-2, 7.15% due 7/01/2023 93
10,000 Power County, Idaho, Industrial Development Corporation, Solid Waste Disposal
Revenue Bonds (FMC Corporation Project), AMT, 6.45% due 8/01/2032 10,224
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Illinois - 3.8% 1,000 Bolingbrook, Illinois, Special Services Area Number 1, Special Tax Bonds (Forest
City Project), 5.90% due 3/01/2027 1,021
13,200 Chicago, Illinois, O'Hare International Airport Revenue Bonds, Third Lien, AMT,
Series B-2, 6% due 1/01/2029 (h) 13,937
1,750 Illinois State Finance Authority Revenue Bonds (Friendship Village of
Schaumburg), Series A, 5.625% due 2/15/2037 1,568
2,155 Illinois State Finance Authority Revenue Bonds (Landing At Plymouth Place
Project), Series A, 6% due 5/15/2037 2,065
1,445 Illinois State Finance Authority Revenue Bonds (Monarch Landing, Inc. Project),
Series A, 7% due 12/01/2037 1,453
4,000 Metropolitan Pier and Exposition Authority, Illinois, Dedicated State Tax
Revenue Bonds (McCormick Place Expansion), Series A, 5.50% due 6/15/2023 (i) 4,299
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Indiana - 0.5% 2,850 Indiana Municipal Power Agency, Power Supply System Revenue Bonds, Series A, 5%
due 1/01/2029 (d) 2,873
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Kansas - 0.2% 1,250 Lenexa, Kansas, Health Care Facility Revenue Bonds (Lakeview Village Inc.),
Series C, 6.875% due 5/15/2012 (l) 1,469
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Kentucky - 0.5% 2,350 Kentucky Economic Development Finance Authority, Health System Revenue Refunding
Bonds (Norton Healthcare, Inc.), Series A, 6.625% due 10/01/2010 (l) 2,626
650 Kentucky Economic Development Finance Authority, Health System Revenue Refunding
Bonds (Norton Healthcare, Inc.), Series A, 6.625% due 10/01/2028 691
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Louisiana - 7.4% 10,000 Louisiana Local Government Environmental Facilities and Community Development
Authority Revenue Bonds (Westlake Chemical Corporation), 6.75% due 11/01/2032 10,290
6,750 Louisiana Public Facilities Authority, Hospital Revenue Bonds (Franciscan
Missionaries of Our Lady Health System, Inc.), Series A, 5.25% due 8/15/2036 6,792
1,000 Louisiana Public Facilities Authority, Revenue Refunding Bonds (Pennington
Medical Foundation Project), 5% due 7/01/2031 976
10,000 Louisiana State Citizens Property Insurance Corporation, Assessment Revenue
Bonds, Series B, 5% due 6/01/2020 (a) 10,239
19,000 Port New Orleans, Louisiana, IDR, Refunding (Continental Grain Company Project),
6.50% due 1/01/2017 19,073
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BlackRock MuniYield Fund, Inc.
Schedule of Investments as of January 31, 2008 (Unaudited) (in Thousands)
Face
State Amount Municipal Bonds Value
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Maryland - 4.5% $ 5,615 Baltimore, Maryland, Convention Center Hotel Revenue Bonds, Senior Series A,
5.25% due 9/01/2039 (h) $ 5,630
1,920 Baltimore, Maryland, Convention Center Hotel Revenue Bonds, Sub-Series B, 5.875%
due 9/01/2039 1,868
3,150 Baltimore, Maryland, Wastewater Project Revenue Bonds, Series D, 5%
due 7/01/2037 (a) 3,248
2,580 Maryland State Community Development Administration, Department of Housing and
Community Development, Residential Revenue Refunding Bonds, AMT, Series A, 4.65%
due 9/01/2032 2,394
3,000 Maryland State Energy Financing Administration, Limited Obligation Revenue Bonds
(Cogeneration-AES Warrior Run), AMT, 7.40% due 9/01/2019 2,977
6,375 Maryland State Health and Higher Educational Facilities Authority, Revenue
Refunding Bonds (Peninsula Regional Medical Center), 5% due 7/01/2036 6,280
4,000 Maryland State Health and Higher Educational Facilities Authority, Revenue
Refunding Bonds (University of Maryland Medical System), 6% due 7/01/2012 (l) 4,555
500 Maryland State Industrial Development Financing Authority, EDR (Our Lady of Good
Counsel School), Series A, 6% due 5/01/2035 497
1,500 Prince Georges County, Maryland, Special Obligation Bonds (National Harbor
Project), 5.20% due 7/01/2034 1,311
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Massachusetts - 3.0% 1,410 Massachusetts State College Building Authority, Project Revenue Bonds, Series A,
5% due 5/01/2031 (a) 1,454
3,500 Massachusetts State Development Finance Agency, Human Service Provider Revenue
Bonds (Seven Hills Foundation & Affiliates), 5% due 9/01/2035 (m) 3,378
2,750 Massachusetts State Development Finance Agency, Revenue Refunding Bonds
(Western New England College), Series A, 5% due 9/01/2033 (b) 2,797
10,000 Massachusetts State Special Obligation Dedicated Tax Revenue Bonds, 5.25%
due 1/01/2014 (d)(l) 11,263
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Michigan - 1.5% 6,060 Macomb County, Michigan, Hospital Finance Authority, Hospital Revenue Bonds
(Mount Clemens General Hospital), Series B, 5.875% due 11/15/2034 5,953
1,000 Michigan State Hospital Finance Authority, Revenue Refunding Bonds (Henry Ford
Health System), Series A, 5.25% due 11/15/2032 1,004
2,500 Michigan State Strategic Fund, PCR, Refunding (General Motors Corp.), 6.20%
due 9/01/2020 2,360
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Minnesota - 1.3% 420 Eden Prairie, Minnesota, M/F Housing Revenue Bonds (Rolling Hills Project),
Series A, 6% due 8/20/2021 (g) 457
2,000 Eden Prairie, Minnesota, M/F Housing Revenue Bonds (Rolling Hills Project),
Series A, 6.20% due 2/20/2043 (g) 2,144
925 Minneapolis, Minnesota, M/F Housing Revenue Bonds (Gaar Scott Loft Project),
AMT, 5.95% due 5/01/2030 952
4,500 Minnesota State Municipal Power Agency, Electric Revenue Bonds,
5% due 10/01/2030 4,577
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Mississippi - 0.7% 4,800 Mississippi Business Finance Corporation Revenue Bonds (Northrop Grumman Ship
System), 4.55% due 12/01/2028 4,426
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Missouri - 3.9% 2,690 Fenton, Missouri, Tax Increment Revenue Refunding and Improvement Bonds (Gravois
Bluffs), 7% due 10/01/2011 (l) 3,119
5,000 Missouri State Highways and Transportation Commission, First Lien State Road
Revenue Bonds, Series A, 5% due 5/01/2020 5,472
15,000 Missouri State Highways and Transportation Commission, First Lien State Road
Revenue Bonds, Series A, 5% due 5/01/2021 16,294
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Nebraska - 0.3% 865 Lincoln, Nebraska, Sanitation and Sewer Revenue Bonds, 4.25% due 6/15/2024 869
905 Lincoln, Nebraska, Sanitation and Sewer Revenue Bonds, 4.25% due 6/15/2025 904
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New Hampshire - 0.6% 3,425 New Hampshire Health and Education Facilities Authority, Revenue Refunding Bonds
(Elliot Hospital), Series B, 5.60% due 10/01/2022 3,594
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BlackRock MuniYield Fund, Inc.
Schedule of Investments as of January 31, 2008 (Unaudited) (in Thousands)
Face
State Amount Municipal Bonds Value
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New Jersey - 16.9% $ 11,435 New Jersey EDA, Cigarette Tax Revenue Bonds, 5.50% due 6/15/2024 $ 11,301
710 New Jersey EDA, First Mortgage Revenue Bonds (Lions Gate Project), Series A,
5.75% due 1/01/2025 691
230 New Jersey EDA, First Mortgage Revenue Bonds (Lions Gate Project), Series A,
5.875% due 1/01/2037 218
3,000 New Jersey EDA, First Mortgage Revenue Bonds (The Presbyterian Home), Series A,
6.375% due 11/01/2031 3,022
20,000 New Jersey EDA, Motor Vehicle Surcharge Revenue Bonds, Series A, 5%
due 7/01/2029 (i) 20,675
4,400 New Jersey EDA, Retirement Community Revenue Bonds (Cedar Crest Village Inc.
Facility), Series A, 7.25% due 11/15/2011 (l) 5,163
8,825 New Jersey EDA, School Facilities Construction Revenue Bonds, Series O,
5.25% due 3/01/2023 9,562
3,905 New Jersey EDA, Special Facility Revenue Bonds (Continental Airlines Inc.
Project), AMT, 6.25% due 9/15/2019 3,773
14,000 New Jersey EDA, Special Facility Revenue Bonds (Continental Airlines Inc.
Project), AMT, 6.25% due 9/15/2029 13,118
1,335 New Jersey Health Care Facilities Financing Authority Revenue Bonds (Pascack
Valley Hospital Association), 6% due 7/01/2013 720
1,835 New Jersey Health Care Facilities Financing Authority Revenue Bonds (Pascack
Valley Hospital Association), 6.625% due 7/01/2036 990
3,975 New Jersey State Transportation Trust Fund Authority, Transportation System
Revenue Bonds, Series A, 5.50% due 12/15/2021 4,596
6,600 New Jersey State Transportation Trust Fund Authority, Transportation System
Revenue Bonds, Series A, 5.50% due 12/15/2022 7,637
13,110 New Jersey State Transportation Trust Fund Authority, Transportation System
Revenue Bonds, Series C, 5.05% due 12/15/2035 (a)(n) 3,126
5,425 New Jersey State Transportation Trust Fund Authority, Transportation System
Revenue Bonds, Series D, 5% due 6/15/2019 (f) 5,906
9,410 New Jersey State Transportation Trust Fund Authority, Transportation System
Revenue Bonds, Series D, 5% due 6/15/2020 10,045
7,000 New Jersey State Transportation Trust Fund Authority, Transportation System
Revenue Bonds, Series D, 5% due 6/15/2020 (f) 7,564
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New York - 12.5% 2,200 Dutchess County, New York, IDA, Civic Facility Revenue Refunding Bonds (Saint
Francis Hospital), Series A, 7.50% due 3/01/2029 2,342
2,150 Erie County, New York, IDA, Revenue Bonds (Orchard Park CCRC, Inc. Project),
Series A, 6% due 11/15/2026 2,021
11,000 Metropolitan Transportation Authority, New York, Transportation Revenue
Refunding Bonds, Series F, 5% due 11/15/2035 11,198
2,000 New York City, New York, City IDA, PILOT Revenue Bonds (Queens Baseball Stadium
Project), 5% due 1/01/2022 (a) 2,089
2,175 New York City, New York, City IDA, PILOT Revenue Bonds (Queens Baseball Stadium
Project), 5% due 1/01/2023 (a) 2,257
1,250 New York City, New York, City IDA, Special Facility Revenue Bonds (British
Airways Plc Project), AMT, 7.625% due 12/01/2032 1,312
2,500 New York City, New York, GO, Series O, 5% due 6/01/2033 2,557
6,500 New York Liberty Development Corporation Revenue Bonds (Goldman Sachs
Headquarters), 5.25% due 10/01/2035 6,822
3,145 New York State Dormitory Authority, Non-State Supported Debt, Revenue Refunding
Bonds (Mount Sinai Health), Series A, 6.75% due 7/01/2010 (l) 3,501
1,855 New York State Dormitory Authority, Non-State Supported Debt, Revenue Refunding
Bonds (Mount Sinai-NYU Medical Center Health System), Series A, 6.75%
due 7/01/2020 1,960
5,000 New York State Dormitory Authority, State Personal Income Tax Revenue Bonds
(Education), Series F, 5% due 3/15/2035 5,178
BlackRock MuniYield Fund, Inc.
Schedule of Investments as of January 31, 2008 (Unaudited) (in Thousands)
Face
State Amount Municipal Bonds Value
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$ 8,360 New York State Dormitory Authority, Supported Debt Revenue Refunding Bonds
(Department of Health), Series A, 5% due 7/01/2023 (c) $ 8,769
2,500 Suffolk County, New York, IDA, IDR, Refunding (Nissequogue Cogeneration Partners
Facility), AMT, 5.50% due 1/01/2023 2,297
9,400 Tobacco Settlement Financing Corporation of New York Revenue Bonds, Series C-1,
5.50% due 6/01/2021 10,150
10,000 Triborough Bridge and Tunnel Authority, New York, Subordinate Revenue Bonds,
5.25% due 11/15/2030 10,471
2,895 Westchester County, New York, IDA, Continuing Care Retirement, Mortgage Revenue
Bonds (Kendal on Hudson Project), Series A, 6.50% due 1/01/2013 (l) 3,352
3,450 Westchester County, New York, IDA, Continuing Care Retirement, Mortgage Revenue
Bonds (Kendal on Hudson Project), Series A, 6.375% due 1/01/2024 3,550
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North Carolina - 1.9% 4,750 North Carolina Eastern Municipal Power Agency, Power System Revenue Bonds,
Series D, 6.75% due 1/01/2026 5,013
145 North Carolina HFA, Home Ownership Revenue Bonds, AMT, Series 8-A, 6.20%
due 7/01/2016 148
615 North Carolina, HFA, S/F Revenue Bonds, Series II, 6.20% due 3/01/2016 (e) 655
1,000 North Carolina Medical Care Commission, Health Care Facilities, First Mortgage
Revenue Bonds (Arbor Acres Community Project), 6.375% due 3/01/2012 (l) 1,139
5,000 North Carolina Medical Care Commission, Health Care Facilities, First Mortgage
Revenue Bonds (Presbyterian Homes Project), 5.40% due 10/01/2027 4,901
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Ohio - 4.4% 7,835 Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement
Asset-Backed Bonds, Series A-2, 6.50% due 6/01/2047 8,043
3,000 Cincinnati, Ohio, City School District, GO (Classroom Construction and
Improvement), Refunding, 5.25% due 12/01/2020 (d) 3,393
5,065 Hamilton County, Ohio, Sewer System Improvement Revenue Bonds (The Metropolitan
Sewer District of Greater Cincinnati), Series B, 5% due 12/01/2028 (i) 5,261
2,175 Lucas County, Ohio, Health Care Facility Revenue Refunding and Improvement Bonds
(Sunset Retirement Communities), Series A, 6.625% due 8/15/2030 2,261
5,000 Mason, Ohio, City School District, GO (School Improvement), 5%
due 6/01/2014 (f)(l) 5,604
970 Port of Greater Cincinnati Development Authority, Ohio, Special Assessment
Revenue Bonds (Cooperative Public Parking Infrastructure Project), 6.30%
due 2/15/2024 999
750 Toledo-Lucas County, Ohio, Port Authority Revenue Bonds (Saint Mary Woods
Project), Series A, 6% due 5/15/2024 712
2,250 Toledo-Lucas County, Ohio, Port Authority Revenue Bonds (Saint Mary Woods
Project), Series A, 6% due 5/15/2034 2,108
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Oregon - 1.4% 4,405 Oregon State Department of Administrative Services, COP, Series A, 6%
due 5/01/2010 (a)(l) 4,800
2,475 Oregon State, GO, Refunding (Veterans Welfare), Series 80A, 5.70% due 10/01/2032 2,508
1,830 Portland, Oregon, Housing Authority, Housing Revenue Bonds (Pine Square and
University Place), Series A, 5.875% due 1/01/2022 1,877
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Pennsylvania - 4.9% 5,270 Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue
Bonds (National Gypsum Company), AMT, Series A, 6.25% due 11/01/2027 5,263
2,450 Pennsylvania HFA, S/F Mortgage Revenue Refunding Bonds, AMT, Series 97A, 4.60%
due 10/01/2027 2,331
16,270 Pennsylvania State Higher Educational Facilities Authority, Health Services
Revenue Refunding Bonds (Allegheny Delaware Valley Obligation), Series C, 5.875%
due 11/15/2016 (i) 16,269
BlackRock MuniYield Fund, Inc.
Schedule of Investments as of January 31, 2008 (Unaudited) (in Thousands)
Face
State Amount Municipal Bonds Value
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$ 1,265 Philadelphia, Pennsylvania, Authority for IDR, Commercial Development, 7.75%
due 12/01/2017 $ 1,267
5,000 Sayre, Pennsylvania, Health Care Facilities Authority, Revenue Bonds (Guthrie
Healthcare System), Series B, 7.125% due 12/01/2011 (l) 6,152
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Rhode Island - 1.1% 4,240 Central Falls, Rhode Island, Detention Facility Corporation, Detention
Facility, Revenue Refunding Bonds, 7.25% due 7/15/2035 4,523
1,225 Woonsocket, Rhode Island, GO, 6% due 10/01/2017 (d) 1,337
1,195 Woonsocket, Rhode Island, GO, 6% due 10/01/2018 (d) 1,295
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South Dakota - 0.8% 5,210 South Dakota State Health and Educational Facilities Authority Revenue Bonds
(Sanford Health), 5% due 11/01/2040 5,064
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Tennessee - 2.4% 4,065 Hardeman County, Tennessee, Correctional Facilities Corporation Revenue Bonds,
7.75% due 8/01/2017 4,124
11,250 Shelby County, Tennessee, Health, Educational and Housing Facility Board,
Hospital Revenue Refunding Bonds (Saint Jude Children's Research Hospital),
5% due 7/01/2031 11,482
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Texas - 15.6% 16,000 Alliance Airport Authority, Inc., Texas, Special Facilities Revenue Refunding
Bonds (American Airlines Inc. Project), AMT, 5.75% due 12/01/2029 13,146
5,000 Austin, Texas, Convention Center Revenue Bonds (Convention Enterprises Inc.),
First Tier, Series A, 6.70% due 1/01/2011 (l) 5,596
5,000 Austin, Texas, Convention Center Revenue Bonds (Convention Enterprises Inc.),
First Tier, Series A, 6.70% due 1/01/2011 (l) 5,596
1,300 Bexar County, Texas, Housing Finance Corporation, M/F Housing Revenue Bonds
(Water at Northern Hills Apartments), Series A, 5.80% due 8/01/2021 (i) 1,341
2,460 Bexar County, Texas, Housing Finance Corporation, M/F Housing Revenue Bonds
(Water at Northern Hills Apartments), Series A, 6% due 8/01/2031 (i) 2,542
1,000 Bexar County, Texas, Housing Finance Corporation, M/F Housing Revenue Bonds
(Water at Northern Hills Apartments), Series A, 6.05% due 8/01/2036 (i) 1,034
3,755 Brazos River Authority, Texas, Revenue Refunding Bonds (Reliant Energy Inc.
Project), Series B, 7.75% due 12/01/2018 3,841
2,000 Gregg County, Texas, Health Facilities Development Corporation, Hospital Revenue
Bonds (Good Shepherd Medical Center Project), 6.375% due 10/01/2010 (l)(m) 2,224
3,000 Gregg County, Texas, Health Facilities Development Corporation, Hospital Revenue
Bonds (Good Shepherd Medical Center Project), 6.875% due 10/01/2010 (l)(m) 3,374
5,000 Guadalupe-Blanco River Authority, Texas, Sewage and Solid Waste Disposal
Facility Revenue Bonds (E. I. du Pont de Nemours and Company Project), AMT,
6.40% due 4/01/2026 5,015
3,900 Gulf Coast, Texas, IDA, Solid Waste Disposal Revenue Bonds (Citgo Petroleum
Corporation Project), AMT, 7.50% due 5/01/2025 4,161
3,500 Houston, Texas, Airport System, Special Facilities Revenue Bonds (Continental
Airlines), AMT, Series E, 7.375% due 7/01/2022 3,608
3,000 Houston, Texas, Airport System, Special Facilities Revenue Bonds (Continental
Airlines), AMT, Series E, 7% due 7/01/2029 3,063
1,595 Houston, Texas, Industrial Development Corporation Revenue Bonds (Air Cargo),
AMT, 6.375% due 1/01/2023 1,626
4,830 Lower Colorado River Authority, Texas, PCR (Samsung Austin Semiconductor), AMT,
6.375% due 4/01/2027 4,854
BlackRock MuniYield Fund, Inc.
Schedule of Investments as of January 31, 2008 (Unaudited) (in Thousands)
Face
State Amount Municipal Bonds Value
-----------------------------------------------------------------------------------------------------------------------------------
$ 3,330 Lower Colorado River Authority, Texas, PCR (Samsung Austin Semiconductor), AMT,
6.95% due 4/01/2030 $ 3,459
7,030 Matagorda County, Texas, Navigation District Number 1, Revenue Refunding Bonds
(Reliant Energy Inc.), Series C, 8% due 5/01/2029 7,194
6,955 SA Energy Acquisition Public Facilities Corporation, Texas, Gas Supply Revenue
Bonds, 5.50% due 8/01/2023 7,234
6,365 SA Energy Acquisition Public Facilities Corporation, Texas, Gas Supply Revenue
Bonds, 5.50% due 8/01/2025 6,534
6,500 Texas State Turnpike Authority, Central Texas Turnpike System Revenue Bonds,
First Tier, Series A, 5.50% due 8/15/2039 (a) 6,649
7,020 Tyler, Texas, Waterworks and Sewer Revenue Bonds, 5.70% due 9/01/2010 (d)(l) 7,607
-----------------------------------------------------------------------------------------------------------------------------------
Virginia - 1.8% 1,500 James City County, Virginia, EDA, Residential Care Facility, First Mortgage
Revenue Refunding Bonds (Williamsburg Landing, Inc.), Series A,
5.35% due 9/01/2026 1,452
2,000 James City County, Virginia, EDA, Residential Care Facility, First Mortgage
Revenue Refunding Bonds (Williamsburg Landing, Inc.), Series A,
5.50% due 9/01/2034 1,906
24,800 Pocahontas Parkway Association, Virginia, Toll Road Revenue Bonds, Senior
Series B, 6.67% due 8/15/2008 (l)(n) 7,374
1,000 Winchester, Virginia, IDA, Residential Care Facilities, Revenue Bonds
(Westminster-Canterbury), Series A, 5.20% due 1/01/2027 947
-----------------------------------------------------------------------------------------------------------------------------------
Washington - 0.3% 945 Vancouver, Washington, Housing Authority, Housing Revenue Bonds (Teal Pointe
Apartments Project), AMT, 6% due 9/01/2022 965
1,250 Vancouver, Washington, Housing Authority, Housing Revenue Bonds (Teal Pointe
Apartments Project), AMT, 6.20% due 9/01/2032 1,267
-----------------------------------------------------------------------------------------------------------------------------------
Wisconsin - 1.4% 685 Milwaukee, Wisconsin, Revenue Bonds (Air Cargo), AMT, 6.50% due 1/01/2025 702
700 Wisconsin State, GO, AMT, Series B, 6.20% due 11/01/2026 (i) 711
7,925 Wisconsin State Health and Educational Facilities Authority, Revenue Refunding
Bonds (Franciscan Sisters Healthcare), 5% due 9/01/2026 7,423
-----------------------------------------------------------------------------------------------------------------------------------
Wyoming - 0.8% 5,315 Wyoming Community Development Authority, Housing Revenue Bonds, AMT, Series 3,
4.75% due 12/01/2037 4,947
-----------------------------------------------------------------------------------------------------------------------------------
Puerto Rico - 3.5% 7,755 Puerto Rico Commonwealth Highway and Transportation Authority, Transportation
Revenue Refunding Bonds, Series N, 5.25% due 7/01/2034 (b) 8,521
7,100 Puerto Rico Electric Power Authority, Power Revenue Refunding Bonds, Series UU,
5% due 7/01/2023 (f) 7,481
55,160 Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Refunding Bonds,
Series A, 5.06% due 8/01/2047 (a)(n) 6,507
-----------------------------------------------------------------------------------------------------------------------------------
U.S. Virgin Islands - 1.0% 6,250 Virgin Islands Public Finance Authority, Refinery Facilities Revenue Bonds
(Hovensa Refinery), AMT, 6.125% due 7/01/2022 6,358
-----------------------------------------------------------------------------------------------------------------------------------
Total Municipal Bonds (Cost - $880,856) - 141.2% 901,144
-----------------------------------------------------------------------------------------------------------------------------------
Municipal Bonds Transferred to Tender Option Bond Trusts (q)
-----------------------------------------------------------------------------------------------------------------------------------
New York - 3.4% 10,000 New York City, New York, GO, Refunding, Series A, 6.375% due 5/15/2014 (d) 10,893
10,000 New York City, New York, GO, Refunding, Series A, 6.375% due 5/15/2015 (d) 10,893
-----------------------------------------------------------------------------------------------------------------------------------
South Carolina - 2.8% 7,795 Charleston Educational Excellence Financing Corporation, South Carolina,
Revenue Bonds (Charleston County School District), 5.25% due 12/01/2028 (b) 8,219
6,920 Charleston Educational Excellence Financing Corporation, South Carolina,
Revenue Bonds (Charleston County School District), 5.25% due 12/01/2029 (b) 7,292
2,510 Charleston Educational Excellence Financing Corporation, South Carolina,
Revenue Bonds (Charleston County School District), 5.25% due 12/01/2030 (b) 2,640
-----------------------------------------------------------------------------------------------------------------------------------
Virginia - 4.9% 30,930 Virginia State, HDA, Commonwealth Mortgage Revenue Bonds, Series H,
Sub-Series H-1, 5.375% due 7/01/2036 (i) 31,347
-----------------------------------------------------------------------------------------------------------------------------------
BlackRock MuniYield Fund, Inc.
Schedule of Investments as of January 31, 2008 (Unaudited) (in Thousands)
Face
State Amount Municipal Bonds Value
-----------------------------------------------------------------------------------------------------------------------------------
Puerto Rico - 6.0% $ 30,000 Puerto Rico Commonwealth Highway and Transportation Authority,
Transportation Revenue Bonds, Series B, 5.875% due 7/01/2035 (i) $ 32,783
5,000 Puerto Rico Electric Power Authority, Power Revenue Bonds, Series HH, 5.75%
due 7/01/2010 (f)(l) 5,440
-----------------------------------------------------------------------------------------------------------------------------------
Total Municipal Bonds Transferred to Tender Option Bond Trusts
(Cost - $107,024) - 17.2% 109,507
-----------------------------------------------------------------------------------------------------------------------------------
Shares
Held Short-Term Securities
-----------------------------------------------------------------------------------------------------------------------------------
14,300 Merrill Lynch Institutional Tax-Exempt Fund, 2.47% (o)(r) 14,300
-----------------------------------------------------------------------------------------------------------------------------------
Total Short-Term Securities (Cost - $14,300) - 2.2% 14,300
-----------------------------------------------------------------------------------------------------------------------------------
Total Investments (Cost - $1,002,180*) - 160.6% 1,024,951
Other Assets Less Liabilities - 1.3% 8,314
Liability for Trust Certificates, Including Interest Expense Payable - (8.1%) (51,786)
Preferred Stock, at Redemption Value - (53.8%) (343,268)
----------
Net Assets Applicable to Common Stock - 100.0% $ 638,211
==========
* The cost and unrealized appreciation (depreciation) of investments as of
January 31, 2008, as computed for federal income tax purposes, were as
follows:
Aggregate cost $ 951,861
=========
Gross unrealized appreciation $ 39,797
Gross unrealized depreciation (18,284)
---------
Net unrealized appreciation $ 21,513
=========
(a) AMBAC Insured.
(b) Assured Guaranty Insured.
(c) CIFG Insured.
(d) FGIC Insured.
(e) FHA Insured.
(f) FSA Insured.
(g) GNMA Collateralized.
BlackRock MuniYield Fund, Inc.
Schedule of Investments as of January 31, 2008 (Unaudited) (in Thousands)
(h) XL Capital Insured.
(i) MBIA Insured.
(j) Non-income producing security.
(k) Non-income producing security; issuer filed for bankruptcy or is in
default of interest payments.
(l) Prerefunded.
(m) Radian Insured.
(n) Represents a zero coupon bond; the interest rate shown reflects the
effective yield at the time of purchase.
(o) Represents the current yield as of January 31, 2008.
(p) Variable rate security. Rate shown is interest rate as of report date.
(q) Securities represent underlying bonds transferred to a separate
securitization trust established in a tender option bond transaction in
which the Fund may have acquired the residual interest certificates. These
securities serve as collateral in a financing transaction.
(r) 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 Dividend
Affiliate Activity Income
--------------------------------------------------------------------------
Merrill Lynch Institutional Tax-Exempt Fund (9,399) $ 61
--------------------------------------------------------------------------
o Financial futures contracts sold as of January 31, 2008 were as follows:
--------------------------------------------------------------------------
Number of Unrealized
Contracts Issue Expiration Date Face Value Depreciation
--------------------------------------------------------------------------
500 10-Year U.S.
Treasury Bonds March 2008 $ 56,366 $ (1,993)
--------------------------------------------------------------------------
Item 2 - Controls and Procedures
2(a) - The registrant's principal executive and principal financial
officers or persons performing similar functions have concluded that
the registrant's disclosure controls and procedures (as defined in
Rule 30a-3(c) under the Investment Company Act of 1940, as amended
(the "1940 Act")) are effective as of a date within 90 days of the
filing of this report based on the evaluation of these controls and
procedures required by Rule 30a-3(b) under the 1940 Act and Rule
13a-15(b) under the Securities Exchange Act of 1934, as amended.
2(b) - There were no changes in the registrant's internal control over
financial reporting (as defined in Rule 30a-3(d) under the 1940 Act)
that occurred during the registrant's last fiscal quarter that have
materially affected, or are reasonably likely to materially affect,
the registrant's internal control over financial reporting.
Item 3 - Exhibits
Certifications - Attached hereto
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
BlackRock MuniYield Fund, Inc.
By: /s/ Donald C. Burke
--------------------------------
Donald C. Burke
Chief Executive Officer of
BlackRock MuniYield Fund, Inc.
Date: March 24, 2008
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 Fund, Inc.
Date: March 24, 2008
By: /s/ Neal J. Andrews
--------------------------------
Neal J. Andrews
Chief Financial Officer (principal financial officer) of
BlackRock MuniYield Fund, Inc.
Date: March 24, 2008