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: 05/01/2008 - 07/31/2008
Item 1 - Schedule of Investments
BlackRock MuniYield Fund, Inc.
Schedule of Investments July 31, 2008 (Unaudited)
(Percentages shown are based on Net Assets)
Par
State Municipal Bonds (000) Value
-----------------------------------------------------------------------------------------------------------------------------------
Alabama - 2.1% Jefferson County, Alabama, Limited Obligation School Warrants, Series A,
5.50%, 1/01/22 $ 5,250 $ 4,975,425
Tuscaloosa, Alabama, Special Care Facilities Financing Authority,
Residential Care Facility Revenue Bonds (Capstone Village, Inc. Project),
Series A, 5.625%, 8/01/25 2,200 1,900,448
Tuscaloosa, Alabama, Special Care Facilities Financing Authority,
Residential Care Facility Revenue Bonds (Capstone Village, Inc. Project),
Series A, 5.875%, 8/01/36 6,425 5,316,302
-------------
12,192,175
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Arizona - 12.9% Arizona State Transportation Board, Highway Revenue Bonds,
Sub-Series A, 5%, 7/01/21 5,825 6,014,312
Arizona State Transportation Board, Highway Revenue Bonds,
Sub-Series A, 5%, 7/01/22 7,030 7,239,986
Arizona State Transportation Board, Highway Revenue Bonds,
Sub-Series A, 5%, 7/01/23 5,240 5,407,523
Maricopa County, Arizona, IDA, Education Revenue Bonds (Arizona Charter
Schools Project 1), Series A, 6.75%, 7/01/29 3,300 2,894,265
Maricopa County, Arizona, IDA, M/F Housing Revenue Refunding Bonds
(CRS Pine Ridge Housing Corporation), Series A-1, 6%,
10/20/31 (b)(c) 5,000 5,103,400
Maricopa County, Arizona, IDA, M/F Housing Revenue Refunding Bonds
(CRS Pine Ridge Housing Corporation), Series A-1, 6.05%,
10/20/36 (b)(c) 5,000 5,039,350
Phoenix, Arizona, IDA, Airport Facility, Revenue Refunding Bonds
(America West Airlines Inc. Project), AMT, 6.25%,
6/01/19 3,000 2,362,410
Phoenix, Arizona, IDA, Airport Facility, Revenue Refunding Bonds (America
West Airlines Inc. Project), AMT, 6.30%,
4/01/23 5,090 3,840,354
Phoenix, Arizona, IDA, M/F Housing Revenue Bonds (Summit Apartments LLC
Project), 6.25%, 7/20/22 (c) 1,610 1,694,557
Portfolio Abbreviations
To simplify the listings of portfolio holdings in the Schedule of Investments,
the names of many of the securities have been abbreviated according to the list
below.
AMT IDRernative Minimum Tax (subject to)
COP Certificates of Participation
EDA M/Fnomic Development Authority
EDR PCRnomic Development Revenue Bonds
GO PILOTal Obligation Bonds
HDA S/Fsing Development Authority
HFA VRDNing 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 July 31, 2008 (Unaudited)
(Percentages shown are based on Net Assets)
Par
State Municipal Bonds (000) Value
-----------------------------------------------------------------------------------------------------------------------------------
Phoenix, Arizona, IDA, M/F Housing Revenue Bonds (Summit Apartments LLC
Project), 6.45%, 7/20/32 (c) $ 1,425 $ 1,475,132
Phoenix, Arizona, IDA, M/F Housing Revenue Bonds (Summit Apartments LLC
Project), 6.55%, 7/20/37 (c) 1,305 1,345,794
Pima County, Arizona, IDA, Education Revenue Refunding Bonds (Arizona
Charter Schools Project II), Series A, 6.75%,
7/01/11 (d) 570 631,098
Pima County, Arizona, IDA, Education Revenue Refunding Bonds (Arizona
Charter Schools Project II), Series A, 6.75%, 7/01/31 775 778,790
Pima County, Arizona, IDA, Revenue Bonds (Tucson Electric Power Company),
Series A, 6.375%, 9/01/29 3,000 3,005,100
Salt Verde Financial Corporation, Arizona, Senior Gas Revenue
Bonds, 5%, 12/01/32 10,020 8,518,703
Salt Verde Financial Corporation, Arizona, Senior Gas Revenue
Bonds, 5%, 12/01/37 11,525 9,584,651
Vistancia Community Facilities District, Arizona, GO, 5.50%,
7/15/20 3,000 2,913,000
Vistancia Community Facilities District, Arizona, GO, 5.75%,
7/15/24 2,125 2,064,501
Yavapai County, Arizona, IDA, Hospital Facility Revenue Bonds
(Yavapai Regional Medical Center), Series A, 6%, 8/01/33 5,900 5,862,240
-------------
75,775,166
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California - 10.3% California State, GO, 5%, 4/01/31 (e) 10 9,839
California State, GO, Refunding, 5%, 6/01/32 11,335 11,102,292
California State Public Works Board, Lease Revenue Bonds (Department of
Corrections), Series C, 5%, 6/01/25 2,000 1,995,360
California State Public Works Board, Lease Revenue Bonds (Department of
Mental Health - Coalinga State Hospital), Series A, 5.125%, 6/01/29 4,500 4,468,365
California State, Various Purpose, GO, 5.25%, 11/01/25 6,800 6,921,040
California State, Various Purpose, GO, 5.50%, 11/01/33 5,550 5,642,962
Golden State Tobacco Securitization Corporation of California, Tobacco
Settlement Revenue Bonds, Series A-3, 7.875%, 6/01/13 (d) 5,500 6,542,745
Golden State Tobacco Securitization Corporation of California, Tobacco
Settlement Revenue Bonds, Series A-4, 7.80%, 6/01/13 (d) 7,500 8,898,225
Golden State Tobacco Securitization Corporation of California, Tobacco
Settlement Revenue Refunding Bonds, Senior Series A-1, 5.125%, 6/01/47 3,090 2,271,737
Santa Clara, California, Subordinated Electric Revenue Bonds,
Series A, 5%, 7/01/22 (f) 5,145 5,261,689
BlackRock MuniYield Fund, Inc.
Schedule of Investments July 31, 2008 (Unaudited)
(Percentages shown are based on Net Assets)
Par
State Municipal Bonds (000) Value
-----------------------------------------------------------------------------------------------------------------------------------
University of California Revenue Bonds (Multiple Purpose Projects),
Series Q, 5%, 9/01/21 (g) $ 7,465 $ 7,659,986
-------------
60,774,240
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Colorado - 4.8% Colorado Educational and Cultural Facilities Authority, Revenue Refunding
Bonds (University of Denver Project), Series B, 5.25%,
3/01/16 (d)(h) 3,245 3,609,543
Colorado HFA, Revenue Refunding Bonds (S/F Program), AMT,
Series D-2, 6.90%, 4/01/29 230 240,683
Colorado Health Facilities Authority, Revenue Refunding Bonds (Poudre
Valley Health Care), 5.20%, 3/01/31 (g) 1,425 1,436,386
Denver, Colorado, City and County Airport Revenue Bonds, AMT, Series D,
7.75%, 11/15/13 (e) 7,080 7,666,720
Elk Valley, Colorado, Public Improvement Revenue Bonds (Public Improvement
Fee), Series A, 7.10%, 9/01/14 1,415 1,465,402
Elk Valley, Colorado, Public Improvement Revenue Bonds (Public Improvement
Fee), Series A, 7.35%, 9/01/31 5,065 5,012,425
Plaza Metropolitan District Number 1, Colorado, Tax Allocation Revenue
Bonds (Public Improvement Fees), 8%, 12/01/25 6,850 7,169,553
Plaza Metropolitan District Number 1, Colorado, Tax Allocation Revenue
Bonds (Public Improvement Fees), 8.125%, 12/01/25 1,885 1,889,467
-------------
28,490,179
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Connecticut - 0.0% Connecticut State Development Authority, IDR
(AFCO Cargo BDL-LLC Project), AMT, 7.35%, 4/01/10 250 249,790
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Florida - 7.4% Greater Orlando Aviation Authority, Florida, Airport Facilities Revenue
Bonds (JetBlue Airways Corp.), AMT, 6.50%, 11/15/36 2,500 1,710,450
Highlands County, Florida, Health Facilities Authority, Hospital Revenue
Bonds (Adventist Health System), Series C, 5.25%, 11/15/36 4,240 4,024,438
Hillsborough County, Florida, IDA, Exempt Facilities Revenue Bonds
(National Gypsum Company), AMT, Series A, 7.125%, 4/01/30 11,500 10,864,280
Hillsborough County, Florida, IDA, Exempt Facilities Revenue Bonds
(National Gypsum Company), AMT, Series B, 7.125%, 4/01/30 5,000 4,723,600
Hillsborough County, Florida, IDA, Hospital Revenue Bonds (Tampa
General Hospital Project), 5%, 10/01/36 2,870 2,578,609
Lee County, Florida, Revenue Bonds, 5%, 10/01/22 (e) 4,705 4,809,827
Miami-Dade County, Florida, Aviation Revenue Refunding Bonds (Miami
International Airport), AMT, Series A, 5.25%,
10/01/38 (i) 5,150 4,924,585
BlackRock MuniYield Fund, Inc.
Schedule of Investments July 31, 2008 (Unaudited)
(Percentages shown are based on Net Assets)
Par
State Municipal Bonds (000) Value
-----------------------------------------------------------------------------------------------------------------------------------
Midtown Miami, Florida, Community Development District, Special Assessment
Revenue Bonds, Series B, 6.50%, 5/01/37 $ 5,395 $ 4,956,602
Orange County, Florida, Health Facilities Authority, Health Care Revenue
Refunding Bonds (Orlando Lutheran Towers), 5.375%,
7/01/20 1,100 984,082
Santa Rosa Bay Bridge Authority, Florida, Revenue Bonds, 6.25%, 7/01/28 4,620 4,022,588
-------------
43,599,061
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Georgia - 2.5% Atlanta, Georgia, Tax Allocation Bonds (Atlantic Station Project),
7.90%, 12/01/11 (d) 4,600 5,384,760
Main Street Natural Gas, Inc., Georgia, Gas Project Revenue Bonds,
Series A, 6.375%, 7/15/38 3,445 3,140,531
Private Colleges and Universities Authority, Georgia, Revenue Refunding
Bonds (Emory University Project), Series C, 5%, 9/01/38 6,400 6,424,896
-------------
14,950,187
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Idaho - 1.7% Idaho Housing Agency, S/F Mortgage Revenue Refunding Bonds, AMT, Senior
Series C-2, 7.15%, 7/01/23 65 67,452
Power County, Idaho, Industrial Development Corporation, Solid Waste
Disposal Revenue Bonds (FMC Corporation Project),
AMT, 6.45%, 8/01/32 10,000 9,808,800
-------------
9,876,252
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Illinois - 1.7% Bolingbrook, Illinois, Special Services Area Number 1, Special Tax Bonds
(Forest City Project), 5.90%, 3/01/27 1,000 907,730
Illinois State Finance Authority Revenue Bonds (Friendship Village of
Schaumburg), Series A, 5.625%, 2/15/37 1,750 1,376,952
Illinois State Finance Authority Revenue Bonds (Landing At Plymouth Place
Project), Series A, 6%, 5/15/37 2,155 1,875,065
Illinois State Finance Authority Revenue Bonds (Monarch Landing, Inc.
Project), Series A, 7%, 12/01/37 1,445 1,390,971
Metropolitan Pier and Exposition Authority, Illinois, Dedicated State Tax
Revenue Bonds (McCormick Place Expansion), Series A, 5.50%,
6/15/23 (f) 4,000 4,220,760
-------------
9,771,478
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Indiana - 0.4% Daviess County, Indiana, EDR (Daviess Community Hospital Project),
Refunding, VRDN, 9%, 1/01/29 (j)(k) 2,630 2,630,000
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Kansas - 0.2% Lenexa, Kansas, Health Care Facility Revenue Bonds (Lakeview Village Inc.),
Series C, 6.875%, 5/15/12 (d) 1,250 1,432,138
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Kentucky - 0.6% Kentucky Economic Development Finance Authority, Health System Revenue
Refunding Bonds (Norton Healthcare, Inc.), Series A, 6.625%, 10/01/10 (d) 2,350 2,580,629
BlackRock MuniYield Fund, Inc.
Schedule of Investments July 31, 2008 (Unaudited)
(Percentages shown are based on Net Assets)
Par
State Municipal Bonds (000) Value
-----------------------------------------------------------------------------------------------------------------------------------
Kentucky Economic Development Finance Authority, Health System Revenue
Refunding Bonds (Norton Healthcare, Inc.), Series A, 6.625%, 10/01/28 $ 650 $ 678,854
-------------
3,259,483
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Louisiana - 7.7% Louisiana Local Government Environmental Facilities and Community
Development Authority Revenue Bonds (Westlake Chemical Corporation),
6.75%, 11/01/32 10,000 9,707,600
Louisiana Public Facilities Authority, Hospital Revenue Bonds (Franciscan
Missionaries of Our Lady Health System, Inc.), Series A, 5.25%, 8/15/36 6,750 6,381,180
Louisiana Public Facilities Authority, Revenue Refunding Bonds (Pennington
Medical Foundation Project), 5%, 7/01/31 1,000 895,730
Louisiana State Citizens Property Insurance Corporation, Assessment Revenue
Bonds, Series B, 5%, 6/01/20 (e) 10,000 9,728,600
Port New Orleans, Louisiana, IDR, Refunding (Continental Grain Company
Project), 6.50%, 1/01/17 19,000 18,679,470
-------------
45,392,580
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Maryland - 3.0% Baltimore, Maryland, Convention Center Hotel Revenue Bonds, Sub-Series B,
5.875%, 9/01/39 1,920 1,669,286
Maryland State Community Development Administration, Department of Housing
and Community Development, Residential Revenue Refunding Bonds, AMT,
Series A, 4.65%, 9/01/32 2,580 2,111,137
Maryland State Energy Financing Administration, Limited Obligation Revenue
Bonds (Cogeneration-AES Warrior Run), AMT, 7.40%, 9/01/19 3,000 2,900,130
Maryland State Health and Higher Educational Facilities Authority, Revenue
Refunding Bonds (Peninsula Regional Medical Center), 5%, 7/01/36 5,000 4,775,450
Maryland State Health and Higher Educational Facilities Authority, Revenue
Refunding Bonds (University of Maryland Medical System),
6%, 7/01/12 (d) 4,000 4,416,840
Maryland State Industrial Development Financing Authority, EDR (Our Lady
of Good Counsel School), Series A, 6%, 5/01/35 500 479,420
Prince Georges County, Maryland, Special Obligation Bonds (National Harbor
Project), 5.20%, 7/01/34 1,500 1,266,960
-------------
17,619,223
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Massachusetts - 2.8% Massachusetts State Development Finance Agency, Human Service Provider
Revenue Bonds (Seven Hills Foundation & Affiliates), 5%, 9/01/35 (k) 3,500 2,992,640
Massachusetts State Development Finance Agency, Revenue Refunding Bonds
(Western New England College), Series A, 5%, 9/01/33 (i) 2,750 2,684,578
BlackRock MuniYield Fund, Inc.
Schedule of Investments July 31, 2008 (Unaudited)
(Percentages shown are based on Net Assets)
Par
State Municipal Bonds (000) Value
-----------------------------------------------------------------------------------------------------------------------------------
Massachusetts State Special Obligation Dedicated Tax Revenue Bonds, 5.25%,
1/01/14 (d)(h) $ 10,000 $ 10,774,500
-------------
16,451,718
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Michigan - 1.6% Macomb County, Michigan, Hospital Finance Authority, Hospital Revenue
Bonds (Mount Clemens General Hospital), Series B, 5.875%, 11/15/13 6,060 6,749,022
Michigan State Hospital Finance Authority, Revenue Refunding Bonds (Henry
Ford Health System), Series A, 5.25%, 11/15/32 1,000 933,660
Michigan State Strategic Fund, PCR, Refunding (General Motors Corp.),
6.20%, 9/01/20 2,500 1,826,500
-------------
9,509,182
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Minnesota - 0.6% Eden Prairie, Minnesota, M/F Housing Revenue Bonds (Rolling Hills Project),
Series A, 6%, 8/20/21 (c) 420 451,807
Eden Prairie, Minnesota, M/F Housing Revenue Bonds (Rolling Hills Project),
Series A, 6.20%, 2/20/43 (c) 2,000 2,117,540
Minneapolis, Minnesota, M/F Housing Revenue Bonds (Gaar Scott Loft
Project), AMT, 5.95%, 5/01/30 920 932,871
-------------
3,502,218
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Missouri - 3.6% Missouri State Highways and Transportation Commission, First Lien State
Road Revenue Bonds, Series A, 5%, 5/01/20 5,000 5,291,450
Missouri State Highways and Transportation Commission, First Lien State
Road Revenue Bonds, Series A, 5%, 5/01/21 15,000 15,762,600
-------------
21,054,050
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Nebraska - 0.3% Lincoln, Nebraska, Sanitation and Sewer Revenue Bonds, 4.25%, 6/15/24 865 844,456
Lincoln, Nebraska, Sanitation and Sewer Revenue Bonds, 4.25%, 6/15/25 905 874,257
-------------
1,718,713
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New Hampshire - 0.6% New Hampshire Health and Education Facilities Authority, Revenue Refunding
Bonds (Elliot Hospital), Series B, 5.60%, 10/01/22 3,425 3,456,476
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New Jersey - 17.2% New Jersey EDA, Cigarette Tax Revenue Bonds, 5.50%, 6/15/24 11,435 10,798,185
New Jersey EDA, First Mortgage Revenue Bonds (Lions Gate Project),
Series A, 5.75%, 1/01/25 710 653,676
New Jersey EDA, First Mortgage Revenue Bonds (Lions Gate Project),
Series A, 5.875%, 1/01/37 230 202,464
New Jersey EDA, First Mortgage Revenue Bonds (The Presbyterian Home),
Series A, 6.375%, 11/01/31 3,000 2,839,350
New Jersey EDA, Motor Vehicle Surcharge Revenue Bonds, Series A,
5%, 7/01/29 (f) 20,000 19,668,000
New Jersey EDA, Retirement Community Revenue Bonds (Cedar Crest Village
Inc. Facility), Series A, 7.25%, 11/15/11 (d) 4,400 5,025,592
BlackRock MuniYield Fund, Inc.
Schedule of Investments July 31, 2008 (Unaudited)
(Percentages shown are based on Net Assets)
Par
State Municipal Bonds (000) Value
-----------------------------------------------------------------------------------------------------------------------------------
New Jersey EDA, School Facilities Construction Revenue Bonds, Series O,
5.25%, 3/01/23 $ 8,825 $ 9,167,587
New Jersey EDA, Special Facility Revenue Bonds (Continental Airlines Inc.
Project), AMT, 6.25%, 9/15/19 3,905 3,076,086
New Jersey EDA, Special Facility Revenue Bonds (Continental Airlines Inc.
Project), AMT, 6.25%, 9/15/29 14,000 10,030,020
New Jersey Health Care Facilities Financing Authority Revenue Bonds
(Pascack Valley Hospital Association), 6%, 7/01/13 1,335 924,888
New Jersey Health Care Facilities Financing Authority Revenue Bonds
(Pascack Valley Hospital Association), 6.625%, 7/01/36 1,835 1,271,288
New Jersey State Transportation Trust Fund Authority, Transportation
System Revenue Bonds, Series A, 5.50%, 12/15/21 3,975 4,349,962
New Jersey State Transportation Trust Fund Authority, Transportation
System Revenue Bonds, Series A, 5.50%, 12/15/22 6,600 7,197,432
New Jersey State Transportation Trust Fund Authority, Transportation
System Revenue Bonds, Series C, 5.05%, 12/15/35 (e)(l) 13,110 2,956,436
New Jersey State Transportation Trust Fund Authority, Transportation
System Revenue Bonds, Series D, 5%, 6/15/19 (g) 5,425 5,671,621
New Jersey State Transportation Trust Fund Authority, Transportation
System Revenue Bonds, Series D, 5%, 6/15/20 9,410 9,857,728
New Jersey State Transportation Trust Fund Authority, Transportation
System Revenue Bonds, Series D, 5%, 6/15/20 (g) 7,000 7,267,400
-------------
100,957,715
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New York - 10.7% Dutchess County, New York, IDA, Civic Facility Revenue Refunding Bonds
(Saint Francis Hospital), Series A, 7.50%, 3/01/29 2,200 2,338,358
Metropolitan Transportation Authority, New York, Transportation Revenue
Refunding Bonds, Series F, 5%, 11/15/35 11,000 10,790,340
New York City, New York, City IDA, PILOT Revenue Bonds
(Queens Baseball Stadium Project), 5%, 1/01/22 (e) 2,000 1,992,180
New York City, New York, City IDA, PILOT Revenue Bonds
(Queens Baseball Stadium Project), 5%, 1/01/23 (e) 2,175 2,150,705
New York City, New York, City IDA, Special Facility Revenue Bonds (British
Airways Plc Project), AMT, 7.625%, 12/01/32 1,250 1,026,025
BlackRock MuniYield Fund, Inc.
Schedule of Investments July 31, 2008 (Unaudited)
(Percentages shown are based on Net Assets)
Par
State Municipal Bonds (000) Value
-----------------------------------------------------------------------------------------------------------------------------------
New York City, New York, City Transitional Finance Authority, Building Aid
Revenue Refunding Bonds, Series S-1, 4.50%, 1/15/38 $ 1,970 $ 1,824,673
New York City, New York, GO, Refunding, Series A, 6.375%,
5/15/14 (h) 1,020 1,088,524
New York City, New York, GO, Refunding, Series A, 6.375%,
5/15/15 (h) 95 101,382
New York City, New York, GO, Series O, 5%, 6/01/33 2,500 2,499,825
New York State Dormitory Authority, Non-State Supported Debt, Revenue
Refunding Bonds (Mount Sinai Health), Series A, 6.75%, 7/01/10 (d) 3,145 3,429,748
New York State Dormitory Authority, Non-State Supported Debt, Revenue
Refunding Bonds (Mount Sinai-NYU Medical Center Health System),
Series A, 6.75%, 7/01/20 1,855 1,918,367
New York State Dormitory Authority, State Personal Income Tax Revenue Bonds
(Education), Series F, 5%, 3/15/35 5,000 5,047,400
Suffolk County, New York, IDA, IDR, Refunding (Nissequogue Cogeneration
Partners Facility), AMT, 5.50%, 1/01/23 2,500 2,153,025
Tobacco Settlement Financing Corporation of New York Revenue Bonds,
Series C-1, 5.50%, 6/01/21 9,400 9,741,690
Triborough Bridge and Tunnel Authority, New York, Subordinate Revenue
Bonds, 5.25%, 11/15/30 10,000 10,202,600
Westchester County, New York, IDA, Continuing Care Retirement, Mortgage
Revenue Bonds (Kendal on Hudson Project), Series A, 6.50%, 1/01/13 (d) 2,895 3,322,736
Westchester County, New York, IDA, Continuing Care Retirement, Mortgage
Revenue Bonds (Kendal on Hudson Project), Series A, 6.375%, 1/01/24 3,450 3,457,383
-------------
63,084,961
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North Carolina - 1.9% North Carolina Eastern Municipal Power Agency, Power System Revenue Bonds,
Series D, 6.75%, 1/01/26 4,750 4,944,798
North Carolina HFA, Home Ownership Revenue Bonds, AMT, Series 8-A,
6.20%, 7/01/16 145 146,193
North Carolina, HFA, S/F Revenue Bonds, Series II, 6.20%, 3/01/16 (b) 570 597,297
North Carolina Medical Care Commission, Health Care Facilities, First
Mortgage Revenue Bonds (Arbor Acres Community Project), 6.375%,
3/01/12 (d) 1,000 1,113,310
North Carolina Medical Care Commission, Health Care Facilities, First
Mortgage Revenue Bonds (Presbyterian Homes Project), 5.40%, 10/01/27 5,000 4,607,150
-------------
11,408,748
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BlackRock MuniYield Fund, Inc.
Schedule of Investments July 31, 2008 (Unaudited)
(Percentages shown are based on Net Assets)
Par
State Municipal Bonds (000) Value
-----------------------------------------------------------------------------------------------------------------------------------
Ohio - 5.6% American Municipal Power, Inc., Ohio, Revenue Refunding Bonds (Prairie
State Energy Campus Project), Series A, 5%, 2/15/38 $ 7,135 $ 6,796,658
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement
Asset-Backed Bonds, Series A-2, 6.50%, 6/01/47 7,460 6,631,418
Cincinnati, Ohio, City School District, GO (Classroom Construction and
Improvement), Refunding, 5.25%, 12/01/20 (h) 3,000 3,214,230
Hamilton County, Ohio, Sewer System Improvement Revenue Bonds (The
Metropolitan Sewer District of Greater Cincinnati), Series B, 5%,
12/01/28 (f) 5,065 5,107,951
Lucas County, Ohio, Health Care Facility Revenue Refunding and Improvement
Bonds (Sunset Retirement Communities), Series A, 6.625%, 8/15/30 2,175 2,221,545
Mason, Ohio, City School District, GO (School Improvement), 5%,
6/01/14 (d)(g) 5,000 5,448,850
Port of Greater Cincinnati Development Authority, Ohio, Special Assessment
Revenue Bonds (Cooperative Public Parking Infrastructure Project),
6.30%, 2/15/24 970 978,643
Toledo-Lucas County, Ohio, Port Authority Revenue Bonds (Saint Mary Woods
Project), Series A, 6%, 5/15/24 750 688,298
Toledo-Lucas County, Ohio, Port Authority Revenue Bonds (Saint Mary Woods
Project), Series A, 6%, 5/15/34 2,250 1,925,910
-------------
33,013,503
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Oregon - 1.5% Oregon State Department of Administrative Services, COP, Series A, 6%,
5/01/10 (d)(e) 4,405 4,730,662
Oregon State, GO, Refunding (Veterans Welfare), Series 80A, 5.70%, 10/01/32 2,380 2,408,060
Portland, Oregon, Housing Authority, Housing Revenue Bonds (Pine Square
and University Place), Series A, 5.875%, 1/01/22 1,610 1,591,533
-------------
8,730,255
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Pennsylvania - 5.1% Pennsylvania Economic Development Financing Authority, Exempt Facilities
Revenue Bonds (National Gypsum Company), AMT, Series A, 6.25%, 11/01/27 5,270 4,508,590
Pennsylvania HFA, S/F Mortgage Revenue Refunding Bonds, AMT, Series 97A,
4.60%, 10/01/27 2,450 2,067,188
Pennsylvania State Higher Educational Facilities Authority, Health Services
Revenue Refunding Bonds (Allegheny Delaware Valley Obligation), Series C,
5.875%, 11/15/16 (f) 16,270 16,199,876
Philadelphia, Pennsylvania, Authority for IDR, Commercial Development,
7.75%, 12/01/17 1,265 1,265,898
BlackRock MuniYield Fund, Inc.
Schedule of Investments July 31, 2008 (Unaudited)
(Percentages shown are based on Net Assets)
Par
State Municipal Bonds (000) Value
-----------------------------------------------------------------------------------------------------------------------------------
Sayre, Pennsylvania, Health Care Facilities Authority, Revenue Bonds
(Guthrie Healthcare System), Series B, 7.125%, 12/01/11 (d) $ 5,000 $ 5,988,550
-------------
30,030,102
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Rhode Island - 1.2% Central Falls, Rhode Island, Detention Facility Corporation, Detention
Facility, Revenue Refunding Bonds, 7.25%, 7/15/35 4,240 4,250,176
Woonsocket, Rhode Island, GO, 6%, 10/01/17 (h) 1,225 1,277,516
Woonsocket, Rhode Island, GO, 6%, 10/01/18 (h) 1,195 1,242,955
-------------
6,770,647
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South Dakota - 0.8% South Dakota State Health and Educational Facilities Authority Revenue
Bonds (Sanford Health), 5%, 11/01/40 5,210 4,812,373
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Tennessee - 0.6% Hardeman County, Tennessee, Correctional Facilities Corporation
Revenue Bonds, 7.75%, 8/01/17 3,775 3,781,946
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Texas - 15.5% Alliance Airport Authority, Inc., Texas, Special Facilities Revenue
Refunding Bonds (American Airlines Inc. Project), AMT,
5.75%, 12/01/29 3,500 1,576,295
Austin, Texas, Convention Center Revenue Bonds (Convention Enterprises
Inc.), First Tier, Series A, 6.70%, 1/01/11 (d) 10,000 10,882,900
Bexar County, Texas, Housing Finance Corporation, M/F Housing Revenue
Bonds (Water at Northern Hills Apartments), Series A, 5.80%, 8/01/21 (f) 1,300 1,201,629
Bexar County, Texas, Housing Finance Corporation, M/F Housing Revenue
Bonds (Water at Northern Hills Apartments), Series A, 6%, 8/01/31 (f) 2,460 2,214,369
Bexar County, Texas, Housing Finance Corporation, M/F Housing Revenue
Bonds (Water at Northern Hills Apartments), Series A, 6.05%, 8/01/36 (f) 1,000 892,990
Dallas-Fort Worth, Texas, International Airport Facility Improvement
Corporation, Revenue Refunding Bonds (American Airlines, Inc.),
AMT, 5.50%, 11/01/30 12,500 5,629,875
Gregg County, Texas, Health Facilities Development Corporation, Hospital
Revenue Bonds (Good Shepherd Medical Center Project), 6.375%,
10/01/10 (d)(k) 2,000 2,188,020
Gregg County, Texas, Health Facilities Development Corporation, Hospital
Revenue Bonds (Good Shepherd Medical Center Project), 6.875%,
10/01/10 (d)(k) 3,000 3,313,170
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%, 4/01/26 5,000 5,002,900
BlackRock MuniYield Fund, Inc.
Schedule of Investments July 31, 2008 (Unaudited)
(Percentages shown are based on Net Assets)
Par
State Municipal Bonds (000) Value
-----------------------------------------------------------------------------------------------------------------------------------
Gulf Coast, Texas, IDA, Solid Waste Disposal Revenue Bonds (Citgo Petroleum
Corporation Project), AMT, 7.50%, 5/01/25 $ 3,900 $ 4,048,629
Houston, Texas, Airport System, Special Facilities Revenue Bonds
(Continental Airlines), AMT, Series E, 7.375%, 7/01/22 3,500 2,955,575
Houston, Texas, Airport System, Special Facilities Revenue Bonds
(Continental Airlines), AMT, Series E, 7%, 7/01/29 3,000 2,341,350
Houston, Texas, Industrial Development Corporation Revenue Bonds
(Air Cargo), AMT, 6.375%, 1/01/23 1,595 1,515,681
Lower Colorado River Authority, Texas, PCR (Samsung Austin Semiconductor),
AMT, 6.375%, 4/01/27 4,830 4,770,350
Lower Colorado River Authority, Texas, PCR (Samsung Austin Semiconductor),
AMT, 6.95%, 4/01/30 3,330 3,410,120
North Texas Tollway Authority, System Revenue Refunding Bonds, Second Tier,
Series F, 6.125%, 1/01/31 12,140 12,286,894
San Antonio Energy Acquisition Public Facilities Corporation, Texas, Gas
Supply Revenue Bonds, 5.50%, 8/01/23 6,955 6,687,302
San Antonio Energy Acquisition Public Facilities Corporation, Texas, Gas
Supply Revenue Bonds, 5.50%, 8/01/25 6,365 6,048,214
Texas State Turnpike Authority, Central Texas Turnpike System Revenue
Bonds, First Tier, Series A, 5.50%, 8/15/39 (e) 6,500 6,596,005
Tyler, Texas, Waterworks and Sewer Revenue Bonds, 5.70%, 9/01/10 (d)(h) 7,020 7,503,116
-------------
91,065,384
-----------------------------------------------------------------------------------------------------------------------------------
Virginia - 2.0% James City County, Virginia, EDA, Residential Care Facility, First Mortgage
Revenue Refunding Bonds (Williamsburg Landing, Inc.), Series A,
5.35%, 9/01/26 1,500 1,373,865
James City County, Virginia, EDA, Residential Care Facility, First Mortgage
Revenue Refunding Bonds (Williamsburg Landing, Inc.), Series A,
5.50%, 9/01/34 2,000 1,759,280
Pocahontas Parkway Association, Virginia, Toll Road Revenue Bonds, Senior
Series B, 6.67%, 8/15/08 (d)(l) 24,800 7,454,136
Winchester, Virginia, IDA, Residential Care Facilities, Revenue Bonds
(Westminster-Canterbury), Series A, 5.20%, 1/01/27 1,000 910,460
-------------
11,497,741
-----------------------------------------------------------------------------------------------------------------------------------
Washington - 0.4% Vancouver, Washington, Housing Authority, Housing Revenue Bonds (Teal
Pointe Apartments Project), AMT, 6%, 9/01/22 945 946,635
BlackRock MuniYield Fund, Inc.
Schedule of Investments July 31, 2008 (Unaudited)
(Percentages shown are based on Net Assets)
Par
State Municipal Bonds (000) Value
-----------------------------------------------------------------------------------------------------------------------------------
Vancouver, Washington, Housing Authority, Housing Revenue Bonds (Teal
Pointe Apartments Project), AMT, 6.20%, 9/01/32 $ 1,250 $ 1,221,825
-------------
2,168,460
-----------------------------------------------------------------------------------------------------------------------------------
Wisconsin - 1.4% Milwaukee, Wisconsin, Revenue Bonds (Air Cargo), AMT, 6.50%, 1/01/25 685 656,655
Wisconsin State, GO, AMT, Series B, 6.20%, 11/01/26 (f) 415 421,217
Wisconsin State Health and Educational Facilities Authority, Revenue
Refunding Bonds (Franciscan Sisters Healthcare), 5%, 9/01/26 7,925 6,993,416
-------------
8,071,288
-----------------------------------------------------------------------------------------------------------------------------------
Wyoming - 0.7% Wyoming Community Development Authority, Housing Revenue Bonds, AMT,
Series 3, 4.75%, 12/01/37 5,315 4,291,012
-----------------------------------------------------------------------------------------------------------------------------------
Puerto Rico - 2.0% Puerto Rico Commonwealth Highway and Transportation Authority,
Transportation Revenue Refunding Bonds, Series N, 5.25%,
7/01/34 (i) 4,610 4,715,292
Puerto Rico Electric Power Authority, Power Revenue Refunding Bonds,
Series UU, 5%, 7/01/23 (g) 7,100 7,237,882
-------------
11,953,174
-----------------------------------------------------------------------------------------------------------------------------------
U.S. Virgin Virgin Islands Public Finance Authority, Refinery Facilities Revenue Bonds
Islands - 1.0% (Hovensa Refinery), AMT, 6.125%, 7/01/22 6,250 6,053,688
-----------------------------------------------------------------------------------------------------------------------------------
Total Municipal Bonds - 132.4% 779,395,306
-----------------------------------------------------------------------------------------------------------------------------------
Municipal Bonds Transferred to
Tender Option Bond Trusts (m)
-----------------------------------------------------------------------------------------------------------------------------------
Alabama - 0.8% Birmingham, Alabama, Special Care Facilities Financing Authority, Revenue
Refunding Bonds (Ascension Health Credit), Series C-2, 5%, 11/15/36 4,538 4,377,786
-----------------------------------------------------------------------------------------------------------------------------------
California - 1.0% Sacramento County, California, Airport System Revenue Bonds, AMT, Senior
Series B, 5.25%, 7/01/39 (g) 6,133 5,870,925
-----------------------------------------------------------------------------------------------------------------------------------
Colorado - 3.4% Colorado Health Facilities Authority Revenue Bonds (Catholic Health),
Series C-3, 5.10%, 10/01/41 (g) 7,484 7,412,582
Colorado Health Facilities Authority Revenue Bonds (Catholic Health),
Series C-7, 5%, 9/01/36 (g) 4,799 4,727,568
Colorado Health Facilities Authority, Revenue Refunding Bonds (Poudre
Valley Health Care), Series B, 5.25%, 3/01/36 (g) 2,848 2,855,160
Colorado Health Facilities Authority, Revenue Refunding Bonds (Poudre
Valley Health Care), Series C, 5.25%, 3/01/40 (g) 4,994 4,992,195
-------------
19,987,505
-----------------------------------------------------------------------------------------------------------------------------------
Connecticut - 3.1% Connecticut State Health and Educational Facilities Authority Revenue Bonds
(Yale University), Series X-3, 4.85%, 7/01/37 9,269 9,288,061
BlackRock MuniYield Fund, Inc.
Schedule of Investments July 31, 2008 (Unaudited)
(Percentages shown are based on Net Assets)
Municipal Bonds Transferred to Par
State Tender Option Bond Trusts (m) (000) Value
-----------------------------------------------------------------------------------------------------------------------------------
Connecticut State Health and Educational Facilities Authority Revenue
Bonds (Yale University), Series T-1, 4.70%, 7/01/29 $ 9,134 $ 9,130,981
-------------
18,419,042
-----------------------------------------------------------------------------------------------------------------------------------
Maryland - 1.0% Baltimore, Maryland, Convention Center Hotel Revenue Bonds, Senior
Series A, 5.25%, 9/01/39 (n)(o) 5,624 5,679,171
-----------------------------------------------------------------------------------------------------------------------------------
North Carolina - North Carolina Capital Facilities Finance Agency, Revenue Refunding Bonds
3.2% (Duke University Project), Series A, 5%, 10/01/41 18,900 19,075,392
-----------------------------------------------------------------------------------------------------------------------------------
South Carolina - Charleston Educational Excellence Financing Corporation, South Carolina,
3.0% Revenue Bonds (Charleston County School District), 5.25%, 12/01/28 (i) 7,795 7,936,791
Charleston Educational Excellence Financing Corporation, South Carolina,
Revenue Bonds (Charleston County School District), 5.25%, 12/01/29 (i) 6,920 7,020,409
Charleston Educational Excellence Financing Corporation, South Carolina,
Revenue Bonds (Charleston County School District), 5.25%, 12/01/30 (i) 2,510 2,540,271
-------------
17,497,471
-----------------------------------------------------------------------------------------------------------------------------------
Tennessee - 1.9% Shelby County, Tennessee, Health, Educational and Housing Facility Board,
Hospital Revenue Refunding Bonds (Saint Jude Children's Research
Hospital), 5%, 7/01/31 11,243 11,197,361
-----------------------------------------------------------------------------------------------------------------------------------
Virginia - 8.3% University of Virginia, Revenue Refunding Bonds, 5%, 6/01/40 10,605 10,802,359
Virginia State, HDA, Commonwealth Mortgage Revenue Bonds, Series H,
Sub-Series H-1, 5.35%, 7/01/31 (f) 6,720 6,770,467
Virginia State, HDA, Commonwealth Mortgage Revenue Bonds, Series H,
Sub-Series H-1, 5.375%, 7/01/36 (f) 30,930 30,994,644
-------------
48,567,470
-----------------------------------------------------------------------------------------------------------------------------------
Washington - 0.9% Central Puget Sound Regional Transportation Authority, Washington, Sales
and Use Tax Revenue Bonds, Series A, 5%, 11/01/32 (g) 5,380 5,443,161
-----------------------------------------------------------------------------------------------------------------------------------
Total Municipal Bonds Transferred to
Tender Option Bond Trusts - 26.6% 156,115,284
-----------------------------------------------------------------------------------------------------------------------------------
Total Long-Term Investments
(Cost - $958,714,928) - 159.0% 935,510,590
-----------------------------------------------------------------------------------------------------------------------------------
Short-Term Securities Shares
-----------------------------------------------------------------------------------------------------------------------------------
Merrill Lynch Institutional Tax-Exempt Fund, 2.08% (a)(p) 12,300,000 12,300,000
-----------------------------------------------------------------------------------------------------------------------------------
Total Short-Term Securities
(Cost - $12,300,000) - 2.1% 12,300,000
-----------------------------------------------------------------------------------------------------------------------------------
BlackRock MuniYield Fund, Inc.
Schedule of Investments July 31, 2008 (Unaudited)
(Percentages shown are based on Net Assets)
Value
-----------------------------------------------------------------------------------------------------------------------------------
Total Investments (Cost - $971,014,928*) - 161.1% $ 947,810,590
Other Assets Less Liabilities - 1.4% 8,180,540
Liability for Trust Certificates, Including Interest Expense and
Fees Payable - (16.3)% (95,759,233)
Preferred Stock, at Redemption Value - (46.2)% (271,686,686)
-------------
Net Assets Applicable to Common Stock - 100.0% $ 588,545,211
=============
* The cost and unrealized appreciation (depreciation) of investments as of
July 31, 2008, as computed for federal income tax purposes, were as
follows:
Aggregate cost $ 874,924,041
=============
Gross unrealized appreciation $ 18,766,742
Gross unrealized depreciation (41,423,274)
-------------
Net unrealized depreciation $ (22,656,532)
=============
(a) Represents the current yield as of report date.
(b) FHA Insured.
(c) GNMA Collateralized.
(d) 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.
(e) AMBAC Insured.
(f) MBIA Insured.
(g) FSA Insured.
(h) FGIC Insured.
(i) Assured Guaranty Insured.
(j) Variable rate security. Rate shown is as of report date. Maturity shown is
the final maturity date.
(k) Radian Insured.
(l) Represents a zero coupon bond. Rate shown reflects the effective yield at
the time of purchase.
(m) Securities represents 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.
(n) BHAC Insured.
(o) XL Capital Insured.
(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
Activity
Affiliate (000) Income
--------------------------------------------------------------------------
Merrill Lynch Institutional Tax-Exempt Fund 7,398,627 $ 232,292
--------------------------------------------------------------------------
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: September 19, 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: September 19, 2008
By: /s/ Neal J. Andrews
-------------------
Neal J. Andrews
Chief Financial Officer (principal financial officer) of
BlackRock MuniYield Fund, Inc.
Date: September 19, 2008