N-Q 1 d592850dnq.htm BLACKROCK MUNIYIELD FUND, INC. BlackRock MuniYield Fund, Inc.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-06414

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

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock MuniYield Fund, Inc.,

55 East 52nd Street, New York, NY 10055

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

Date of fiscal year end: 04/30/2014

Date of reporting period: 07/31/2013

Item 1 – Schedule of Investments

Schedule of Investments July 31, 2013 (Unaudited)

   

BlackRock MuniYield Fund, Inc. (MYD)

(Percentages shown are based on Net Assets)

 

Municipal Bonds   

Par 

(000)

     Value  

Alabama — 0.8%

     

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

    $ 5,250      $ 5,234,355   

Alaska — 1.0%

     

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

     

4.63%, 6/01/23

      2,050        1,858,345   

5.00%, 6/01/46

      6,450        4,696,761   
    

 

 

  
               6,555,106   

Arizona — 5.2%

     

Maricopa County IDA Arizona, RB, Arizona Charter Schools Project, Series A, 6.75%, 7/01/29

      2,900        2,430,403   

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

     

6.25%, 6/01/19

      3,000        2,999,760   

6.30%, 4/01/23

      5,090        5,042,357   

Salt Verde Financial Corp., RB, Senior:

     

5.00%, 12/01/32

      7,365        7,159,885   

5.00%, 12/01/37

      14,190        13,573,161   

Vistancia Community Facilities District Arizona, GO, 5.75%, 7/15/24

      2,125        2,182,524   
    

 

 

  
               33,388,090   

California — 10.3%

     

California Health Facilities Financing Authority, RB:

     

St. Joseph Health System,
Series A, 5.75%, 7/01/39

      4,425        4,869,713   

Stanford Hospital Clinics,
Series A, 5.00%, 8/15/51

      2,400        2,290,200   

Sutter Health, Series B, 6.00%, 8/15/42

      6,465        7,256,445   

California Health Facilities Financing Authority, Refunding RB, Series A:

     

Catholic Healthcare West, 6.00%, 7/01/34

      3,155        3,574,047   

St. Joseph Health System, 5.00%, 7/01/33

      2,560        2,563,866   

California Pollution Control Financing Authority, RB:

     

Poseidon Resources (Channel Side) LP Desalination, AMT, 5.00%, 7/01/37 (a)

      3,465        2,980,662   

California Pollution Control Financing Authority, RB (concluded):

     

Poseidon Resources (Channel Side) LP Desalination, AMT,
5.00%, 11/21/45 (a)

      3,855        3,207,668   

San Diego County Water Authority Desalination Project Pipeline,
5.00%, 11/21/45

      2,510        2,292,985   

California State Public Works Board, RB, Various Capital Projects, Sub-Series I-1,
6.38%, 11/01/34

      2,385        2,774,995   

California Statewide Communities Development Authority, RB, John Muir Health, Series A, 5.13%, 7/01/39

      4,375        4,353,038   

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

     

5.00%, 5/15/42

      845        780,788   

5.00%, 5/15/47

      735        674,245   

City of Los Angeles Department of Airports, Refunding RB, International Airport, Series A, 5.25%, 5/15/39

      1,605        1,696,341   

San Diego Community College District, GO, Election of 2006, 5.00%, 8/01/43

      2,190        2,273,833   

State of California, GO:

     

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

      10        10,188   

Various Purpose, 6.00%, 3/01/33

      5,085        5,800,866   

Various Purpose, 6.50%, 4/01/33

      14,075        16,471,973   

Tobacco Securitization Authority of Southern California, Refunding RB, Tobacco Settlement Revenue, Asset-Backed, Senior Series A-1, 4.75%, 6/01/25

      2,175        2,089,153   
    

 

 

  
               65,961,006   

Colorado — 3.0%

     

City & County of Denver Colorado Airport System, ARB, Series D, AMT (AMBAC), 7.75%, 11/15/13

      1,435        1,464,030   

Colorado Health Facilities Authority, Refunding RB, Evangelical Lutheran Good Samaritan Society Project, 5.00%, 12/01/42

      3,580        3,365,092   

 

 

 

                
   BLACKROCK MUNIYIELD FUND, INC.    JULY 31, 2013    1

Schedule of Investments (continued)

   

BlackRock MuniYield Fund, Inc. (MYD)

(Percentages shown are based on Net Assets)

 

Municipal Bonds   

Par 

(000)

     Value  

Colorado (concluded)

     

Colorado Housing & Finance Authority, Refunding RB, S/F Program, Senior Series D-2, AMT, 6.90%, 4/01/29

    $ 85      $ 86,113   

Colorado State Board of Governors, Refunding RB, State University Enterprise System, Series A, 5.00%, 3/01/43

      2,405        2,461,253   

Plaza Metropolitan District No. 1 Colorado, Tax Allocation Bonds, Public Improvement Fee, Tax Increment, 8.00%, 6/01/14 (b)

      6,850        7,356,968   

University of Colorado, RB, Series A:

     

5.25%, 6/01/30

      2,250        2,498,535   

5.38%, 6/01/32

      1,250        1,384,475   

5.38%, 6/01/38

      830        907,680   
    

 

 

  
               19,524,146   

Connecticut — 1.6%

     

Connecticut State Health & Educational Facility Authority, RB, Ascension Health Senior Credit, 5.00%, 11/15/40

      2,770        2,792,077   

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

     

5.00%, 7/01/35

      2,225        2,307,814   

5.00%, 7/01/39

      5,000        5,150,000   
    

 

 

  
               10,249,891   

Delaware — 1.6%

     

County of Sussex Delaware, RB, NRG Energy, Inc., Indian River Project, 6.00%, 10/01/40

      2,305        2,377,999   

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

      8,275        7,926,871   
    

 

 

  
               10,304,870   

District of Columbia — 3.0%

     

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

      4,440        4,371,713   

Metropolitan Washington Airports Authority, Refunding RB:

     

CAB, Second Senior Lien, Series B (AGC), 5.70%, 10/01/31 (c)

      8,350        3,007,921   

Metropolitan Washington Airports Authority, Refunding RB (concluded):

     

CAB, Second Senior Lien, Series B (AGC), 5.81%, 10/01/32 (c)

      15,000        5,004,450   

CAB, Second Senior Lien, Series B (AGC), 5.84%, 10/01/33 (c)

      13,410        4,200,682   

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

      2,425        2,475,998   
    

 

 

  
               19,060,764   

Florida — 7.8%

     

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

      2,155        2,297,704   

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

      6,900        7,201,323   

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

      7,530        7,700,027   

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

     

Series A, 7.13%, 4/01/30

      7,500        7,499,625   

Series B, 7.13%, 4/01/30

      5,000        4,999,700   

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

      4,615        5,360,923   

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

      4,980        5,007,539   

Santa Rosa Bay Bridge Authority, RB,
6.25%, 7/01/28 (d)(e)

      4,309        1,723,450   

Tampa-Hillsborough County Expressway Authority, Refunding RB:

     

Series A, 5.00%, 7/01/37

      2,800        2,805,880   

Series B, 5.00%, 7/01/42

      5,120        5,123,430   
    

 

 

  
               49,719,601   

Georgia — 1.4%

     

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

      1,700        1,727,149   

 

                
2    BLACKROCK MUNIYIELD FUND, INC.    JULY 31, 2013   

Schedule of Investments (continued)

   

BlackRock MuniYield Fund, Inc. (MYD)

(Percentages shown are based on Net Assets)

 

Municipal Bonds   

Par 

(000)

     Value  

Georgia (concluded)

     

Metropolitan Atlanta Rapid Transit Authority, RB, Sales Tax Revenue, Third Indenture, Series A, 5.00%, 7/01/39

    $ 6,945      $ 7,118,208   
    

 

 

  
               8,845,357   

Hawaii — 0.5%

     

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

      2,760        2,930,596   

Idaho — 1.6%

     

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

      10,000        10,008,500   

Illinois — 12.0%

     

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

      1,000        850,670   

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

      4,280        4,415,248   

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

      2,130        2,170,129   

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

     

Series A, 5.63%, 1/01/35

      4,200        4,392,570   

Series A, 5.75%, 1/01/39

      3,500        3,641,050   

Series C, 6.50%, 1/01/41

      11,920        14,033,058   

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

     

5.00%, 1/01/33

      1,625        1,589,380   

5.00%, 1/01/34

      7,585        7,385,894   

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

      1,660        1,729,820   

Illinois Finance Authority, Refunding RB:

     

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

      1,970        1,971,182   

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

      3,575        3,515,333   

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

      3,235        3,363,365   

Illinois State Toll Highway Authority, RB, Series A, 5.00%, 1/01/38

      4,720        4,776,357   

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

     

CAB, Series B (AGM), 6.18%, 6/15/46 (c)

      11,405        1,542,298   

CAB, Series B (AGM), 6.19%, 6/15/47 (c)

      27,225        3,452,947   

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

      6,405        6,334,929   

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

      5,085        4,959,299   

Railsplitter Tobacco Settlement Authority, RB:

     

5.50%, 6/01/23

      2,730        3,034,777   

6.00%, 6/01/28

      2,335        2,547,812   

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

      1,275        1,332,834   
    

 

 

  
               77,038,952   

Indiana — 4.8%

     

Carmel Redevelopment Authority, Refunding RB, Multipurpose, Series A:

     

4.00%, 8/01/35

      2,305        2,073,532   

4.00%, 2/01/38

      3,700        3,271,355   

Indiana Finance Authority, RB:

     

First Lien, CWA Authority Project, Series A, 5.25%, 10/01/38

      3,200        3,280,896   

Private Activity Bonds, Ohio River Bridges East End Crossing Project, Series A, AMT, 5.00%, 7/01/48

      3,015        2,663,632   

Private Activity, Ohio River Bridges East End Crossing Project, Series A, AMT,
5.00%, 7/01/44

      910        814,241   

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

      1,690        1,720,471   

Indiana Finance Authority, Refunding RB, Series A:

     

Community Health Network Project,
5.00%, 5/01/42

      3,840        3,665,203   

Parkview Health System, 5.75%, 5/01/31

      6,645        7,037,055   

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

      2,230        2,505,182   

Indianapolis Local Public Improvement Bond Bank, RB, Series A:

     

5.00%, 1/15/36

      805        820,786   

 

                
   BLACKROCK MUNIYIELD FUND, INC.    JULY 31, 2013    3

Schedule of Investments (continued)

   

BlackRock MuniYield Fund, Inc. (MYD)

(Percentages shown are based on Net Assets)

 

Municipal Bonds   

Par 

(000)

     Value  

Indiana (concluded)

     

Indianapolis Local Public Improvement Bond Bank, RB, Series A (concluded):

     

5.00%, 1/15/40

    $ 2,580      $ 2,605,103   
    

 

 

  
               30,457,456   

Iowa — 2.0%

     

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

4.75%, 8/01/42

      1,830        1,483,233   

Iowa Finance Authority, Refunding RB, Iowa Fertilizer Co. Project:

     

5.00%, 12/01/19

      1,950        1,906,437   

5.50%, 12/01/22

      4,765        4,706,486   

5.25%, 12/01/25

      940        889,278   

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

      3,805        4,146,993   
    

 

 

  
               13,132,427   

Kansas — 0.7%

     

Kansas Development Finance Authority, Refunding RB, Adventist Health, 5.75%, 11/15/38

      4,380        4,821,416   

Louisiana — 4.5%

     

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

      1,610        1,702,784   

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

      9,000        9,449,730   

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

      1,260        1,267,434   

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

      6,610        6,681,190   

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

     

5.50%, 5/15/30

      2,055        2,124,110   

5.25%, 5/15/31

      1,750        1,754,288   

5.25%, 5/15/32

      2,240        2,241,366   

5.25%, 5/15/33

      2,430        2,417,971   

5.25%, 5/15/35

      1,025        1,004,070   
    

 

 

  
               28,642,943   

Maine — 0.8%

     

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

      3,140        3,179,941   

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

      1,790        1,844,470   
    

 

 

  
               5,024,411   

Maryland — 2.1%

     

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

      1,500        1,473,855   

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

      880        941,098   

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

      1,690        1,763,211   

Maryland Health & Higher Educational Facilities Authority, RB, Ascension Health Alliance, Series B, 5.00%, 11/15/51 (f)

      8,470        8,469,323   

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

      500        509,070   
    

 

 

  
               13,156,557   

Massachusetts — 2.7%

     

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

      3,250        3,611,042   

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

      3,680        3,822,011   

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

      3,500        3,028,480   

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

      3,640        3,649,100   

Massachusetts School Building Authority, RB, Dedicated Sales Tax Revenue, Senior Series A, 5.00%, 5/15/43

      2,880        2,992,810   
    

 

 

  
               17,103,443   

 

                
4    BLACKROCK MUNIYIELD FUND, INC.    JULY 31, 2013   

Schedule of Investments (continued)   

BlackRock MuniYield Fund, Inc. (MYD)

(Percentages shown are based on Net Assets)

 

Municipal Bonds   

Par 

(000)

     Value  

Michigan — 5.0%

     

City of Detroit Michigan, Refunding RB, Sewage Disposal System Revenue, Senior Lien, Series B (AGM), 7.50%, 7/01/33

    $ 1,835      $ 1,970,643   

City of Detroit Michigan Sewage Disposal System, Refunding RB, Senior Lien, Series A:

     

5.00%, 7/01/32

      3,175        2,871,883   

5.25%, 7/01/39

      2,745        2,506,048   

City of Detroit Michigan Water Supply System, RB, Senior Lien, Series A, 5.25%, 7/01/41

      6,250        5,704,875   

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

      2,795        2,850,201   

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

      6,085        6,255,441   

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

     

8.00%, 9/01/29

      2,000        2,400,920   

8.25%, 9/01/39

      6,365        7,684,592   
    

 

 

  
               32,244,603   

Minnesota — 0.1%

     

City of Minneapolis Minnesota, HRB, Gaar Scott Loft Project, AMT, 5.95%, 5/01/30 (g)

      815        817,502   

Mississippi — 0.0%

     

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

      280        293,205   

Missouri — 0.1%

     

Bi-State Development Agency of the Missouri-Illinois Metropolitan District, Refunding RB, Combination Lien, Series A, 5.00%, 10/01/44 (f)

      510        524,316   

Nebraska — 0.4%

     

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

     

5.25%, 9/01/37

      1,670        1,672,305   

5.00%, 9/01/42

      925        886,677   
    

 

 

  
               2,558,982   

New Jersey — 3.8%

     

New Jersey EDA, RB:

     

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

      975        914,404   

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

      710        704,980   

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

      230        214,774   

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

      2,500        2,694,475   

New Jersey State Turnpike Authority, RB, Series A:

     

5.00%, 1/01/38

      1,355        1,382,303   

5.00%, 1/01/43

      1,835        1,863,956   

New Jersey Transportation Trust Fund Authority, RB:

     

CAB, Transportation System, Series C (AMBAC), 5.88%, 12/15/35 (c)

      8,110        2,217,923   

Series A, 5.50%, 6/15/41

      3,630        3,816,582   

Series B, 5.25%, 6/15/36

      4,990        5,181,866   

Port Authority of New York & New Jersey, RB, Special Project, JFK International Air Terminal LLC Project, Series 8, AMT (NPFGC), 6.00%, 12/01/42

      1,485        1,642,247   

Rutgers The State University of New Jersey, Refunding RB, Series L, 5.00%, 5/01/38

      1,025        1,064,196   

Rutgers The State University of New Jersey, Refunding RB, Series L, 5.00%, 5/01/43

      1,065        1,097,248   

Tobacco Settlement Financing Corp. New Jersey, Refunding RB, Series 1A, 4.63%, 6/01/26

      1,490        1,284,261   
    

 

 

  
               24,079,215   

New York — 5.4%

     

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

      2,000        2,028,360   

Metropolitan Transportation Authority, Refunding RB:

     

Series B, 5.00%, 11/15/34

      4,910        4,991,702   

Series D, 5.25%, 11/15/40

      2,465        2,515,656   

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

      1,250        1,258,975   

 

                
   BLACKROCK MUNIYIELD FUND, INC.    JULY 31, 2013    5

Schedule of Investments (continued)

   

BlackRock MuniYield Fund, Inc. (MYD)

(Percentages shown are based on Net Assets)

 

Municipal Bonds   

Par 

(000)

     Value  

New York (concluded)

     

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

    $ 4,985      $ 5,141,678   

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

      2,480        2,696,008   

New York State Dormitory Authority, RB, Series F:

     

5.00%, 3/15/15 (b)

      75        80,611   

5.00%, 3/15/35

      6,755        6,925,969   

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

      3,590        3,649,020   

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

      1,990        2,107,768   

Port Authority of New York & New Jersey, RB, Special Project, JFK International Air Terminal LLC Project, Series 8, 6.00%, 12/01/36

      2,625        2,911,650   
    

 

 

  
               34,307,397   

North Carolina — 2.3%

     

North Carolina Capital Facilities Finance Agency, Refunding RB, Duke Energy Carolinas Project, Series B, 4.63%, 11/01/40

      7,350        7,111,713   

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

      2,805        2,830,217   

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

      5,000        4,994,700   
    

 

 

  
               14,936,630   

Ohio — 0.9%

     

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

      3,205        3,072,633   

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

      2,840        2,795,327   
    

 

 

  
               5,867,960   

Oregon — 0.1%

     

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

      510        531,002   

Pennsylvania — 2.1%

     

Allentown Neighborhood Improvement Zone Development Authority, Refunding RB,
Series A, 5.00%, 5/01/42

      5,250        4,865,438   

Pennsylvania Economic Development Financing Authority, RB:

     

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

      3,805        3,814,893   

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

      2,000        1,893,380   

Pennsylvania Higher Educational Facilities Authority, RB, Shippensburg University Student Services, 5.00%, 10/01/44

      1,890        1,736,305   

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

      1,265        1,265,898   
    

 

 

  
               13,575,914   

Puerto Rico — 2.9%

     

Puerto Rico Sales Tax Financing Corp., Refunding RB:

     

CAB, First Sub-Series C, 6.69%, 8/01/38 (c)

      23,695        4,572,898   

CAB, Series A (AMBAC),
6.76%, 8/01/47 (c)

      14,900        1,553,921   

CAB, Series C, 6.54%, 8/01/39 (c)

      22,915        4,300,000   

First Sub-Series C, 5.25%, 8/01/41

      9,000        8,078,760   
    

 

 

  
               18,505,579   

Rhode Island — 0.5%

     

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

      4,190        3,266,482   

South Carolina — 1.1%

     

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

      6,695        6,894,109   

Tennessee — 1.2%

     

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

      2,030        2,006,472   

 

                
6    BLACKROCK MUNIYIELD FUND, INC.    JULY 31, 2013   

Schedule of Investments (continued)

   

BlackRock MuniYield Fund, Inc. (MYD)

(Percentages shown are based on Net Assets)

 

Municipal Bonds   

Par 

(000)

     Value  

Tennessee (concluded)

     

Metropolitan Government Nashville & Davidson County Health & Educational Facility, Refunding RB, Vanderbilt University, Series D, 3.25%, 10/01/37

    $ 6,520      $ 5,294,827   

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

      430        437,559   
    

 

 

  
               7,738,858   

Texas — 13.8%

     

Central Texas Regional Mobility Authority, Refunding RB:

     

Senior Lien, 6.25%, 1/01/46

      4,365        4,679,891   

Senior Lien, Series A, 5.00%, 1/01/33

      205        200,260   

Sub-Lien, 5.00%, 1/01/33

      725        678,752   

Sub-Lien, 5.00%, 1/01/42

      645        586,847   

City of Dallas Texas Waterworks & Sewer System, Refunding RB, 5.00%, 10/01/35

      3,060        3,192,651   

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

     

7.38%, 7/01/22

      3,500        3,500,035   

7.00%, 7/01/29

      3,000        3,000,870   

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

      3,100        3,371,188   

City of San Antonio Texas, RB, Electric & Gas Systems, Junior Lien, 5.00%, 2/01/43

      5,070        5,212,873   

Dallas/Fort Worth International Airport, Refunding RB, Series E, AMT, 5.00%, 11/01/35

      3,665        3,508,175   

Fort Bend County Industrial Development Corp., RB, NRG Energy, Inc. Project, Series B, 4.75%, 11/01/42

      2,995        2,588,219   

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

      1,000        1,059,140   

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

      4,320        4,750,618   

North Texas Tollway Authority, RB, CAB, Special Project System, Series B, 5.98%, 9/01/37 (c)

      4,110        994,825   

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

      12,140        12,970,740   

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

      6,365        6,902,652   

Tarrant County Cultural Education Facilities Finance Corp., Refunding RB, Scott & White Healthcare Project, Series A, 5.00%, 8/15/43

      730        712,246   

Texas Municipal Gas Acquisition & Supply Corp. III, RB, Gas Supply, 5.00%, 12/15/29

      1,955        1,901,628   

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

     

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

      7,000        7,949,830   

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

      6,655        7,456,329   

Texas State Turnpike Authority, RB, CAB (AMBAC), 6.07%, 8/15/35 (c)

      15,000        4,012,500   

Texas Transportation Commission, Refunding RB, Central Texas Turnpike System, First Tier,
Series A, 5.00%, 8/15/41

      2,445        2,341,919   

University of Texas System, Refunding RB, Financing System, Series B, 5.00%, 8/15/43

      6,240        6,554,621   
    

 

 

  
               88,126,809   

Utah — 0.9%

     

County of Utah, RB, IHC Health Services, Inc.,
5.00%, 5/15/43

      4,090        4,187,751   

University of Utah, RB, General, Series A,
5.00%, 8/01/43

      1,280        1,324,826   
    

 

 

  
               5,512,577   

Virginia — 2.1%

     

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

     

5.35%, 9/01/26

      1,500        1,446,885   

5.50%, 9/01/34

      2,000        1,843,020   

 

                
   BLACKROCK MUNIYIELD FUND, INC.    JULY 31, 2013    7

Schedule of Investments (continued)

   

BlackRock MuniYield Fund, Inc. (MYD)

(Percentages shown are based on Net Assets)

 

Municipal Bonds   

Par 

(000)

     Value  

Virginia (concluded)

     

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

     

5.25%, 1/01/32

    $ 3,270      $ 3,078,509   

6.00%, 1/01/37

      5,905        5,949,228   

Winchester Industrial Development Authority, RB, Westminster-Canterbury, Series A,
5.20%, 1/01/27

      1,000        1,002,250   
    

 

 

  
               13,319,892   

Washington — 0.6%

     

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

     

6.00%, 9/01/22

      945        930,674   

6.20%, 9/01/32

      1,250        1,143,025   

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

      2,055        2,017,722   
    

 

 

  
               4,091,421   

Wisconsin — 4.3%

     

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

      14,300        16,268,967   

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

      4,970        5,050,017   

WPPI Energy, Refunding RB, Power Supply System, Series A:

     

5.00%, 7/01/29

      765        799,035   

5.00%, 7/01/30

      970        1,006,840   

5.00%, 7/01/31

      2,105        2,174,760   

5.00%, 7/01/37

      2,560        2,571,827   
    

 

 

  
               27,871,446   

Wyoming — 1.1%

     

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

      6,195        6,603,994   

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

      595        599,748   
    

 

 

  
               7,203,742   
Total Municipal Bonds — 116.1%              743,427,528   

 

Municipal Bonds Transferred to

Tender Option Bond (TOB) Trusts (h)

               

Alabama — 0.7%

     

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

      4,538        4,540,524   

Arizona — 0.8%

     

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

      4,910        5,042,602   

California — 8.1%

     

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

      6,581        7,062,959   

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

      5,310        5,671,823   

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

      11,960        12,137,815   

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

      4,650        4,841,906   

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

      2,154        2,383,353   

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

      19,080        19,415,427   
    

 

 

  
               51,513,283   

Colorado — 2.6%

     

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

     

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

      7,490        7,456,145   

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

      4,800        4,773,792   

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

      4,299        4,633,915   
    

 

 

  
               16,863,852   

Connecticut — 3.0%

     

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

     

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

      9,117        9,372,994   

 

                
8    BLACKROCK MUNIYIELD FUND, INC.    JULY 31, 2013   

Schedule of Investments (continued)

   

BlackRock MuniYield Fund, Inc. (MYD)

(Percentages shown are based on Net Assets)

 

Municipal Bonds Transferred to

Tender Option Bond (TOB) Trusts (h)

   

Par 

(000)

     Value  

Connecticut (concluded)

     

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

     

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

    $ 9,266      $ 9,585,829   
    

 

 

  
               18,958,823   

Florida — 1.8%

     

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

      11,448        11,795,057   

Georgia — 1.0%

     

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

      6,398        6,526,691   

Illinois — 0.9%

     

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

      6,030        5,938,404   

Massachusetts — 1.5%

     

Massachusetts School Building Authority, RB, Dedicated Sales Tax Revenue, Senior Series B, 5.00%, 10/15/41

      9,200        9,524,852   

New Hampshire — 0.7%

     

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

      4,048        4,347,149   

New York — 6.8%

     

Hudson New York Yards Infrastructure Corp., RB, Fiscal 2012, Senior Series A, 5.75%, 2/15/47 (i)

      3,260        3,460,867   

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

      3,194        3,478,597   

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

      21,629        22,474,096   

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

      13,080        14,162,108   
    

 

 

  
               43,575,668   

North Carolina — 3.5%

     

North Carolina Capital Facilities Finance Agency, Refunding RB:

     

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

      18,897        19,125,430   

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

      3,120        3,244,301   
    

 

 

  
               22,369,731   

Ohio — 4.7%

     

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

      27,896        30,014,894   

South Carolina — 3.0%

     

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

     

5.25%, 12/1/15

      7,795        8,641,537   

5.25%, 12/1/15

      6,920        7,671,512   

5.25%, 12/1/15

      2,510        2,782,586   
    

 

 

  
               19,095,635   

Tennessee — 1.8%

     

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

      11,240        11,333,517   

Texas — 1.1%

     

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

      6,920        7,041,169   

Utah — 1.1%

     

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

      7,303        7,303,076   

Virginia — 3.7%

     

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

      6,266        6,637,021   

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

      10,618        11,166,484   

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

      6,075        6,105,496   
    

 

 

  
               23,909,001   

 

                
   BLACKROCK MUNIYIELD FUND, INC.    JULY 31, 2013    9

Schedule of Investments (continued)

   

BlackRock MuniYield Fund, Inc. (MYD)

(Percentages shown are based on Net Assets)

 

Municipal Bonds Transferred to

Tender Option Bond (TOB) Trusts (h)

   

Par 

(000)

     Value  

Washington — 0.9%

     

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

    $ 5,384      $ 5,614,555   

Wisconsin — 1.8%

     

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

      11,458        11,704,138   

Total Municipal Bonds Transferred to

Tender Option Bond (TOB) Trusts — 49.5%

  

  

     317,012,621   

Total Long-Term Investments

(Cost — $1,047,844,503) — 165.6%

  

  

     1,060,440,149   

    

Short-Term Securities

    Shares         

FFI Institutional Tax-Exempt Fund, 0.03% (j)(k)

      7,713,862        7,713,862   

Total Short-Term Securities

(Cost — $7,713,862) — 1.2%

  

  

     7,713,862   

Total Investments (Cost — $1,055,558,365*) — 166.8%

  

     1,068,154,011   
Other Assets Less Liabilities — 0.4%        2,407,367   

Liability for TOB Trust Certificates, Including Interest
Expense and Fees Payable — (27.9%)

   

     (178,936,831 ) 

VRDP Shares, at Liquidation Value — (39.3%)

  

     (251,400,000 ) 
    

 

 

  

Net Assets Applicable to Common Shares — 100.0%

  

   $ 640,224,547   
    

 

 

  

 

 

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

 

Tax cost

   $ 878,758,581   
 

 

 

  

Gross unrealized appreciation

   $ 41,282,318   

Gross unrealized depreciation

     (30,777,663 ) 
 

 

 

  

Net unrealized appreciation

   $ 10,504,655   
 

 

 

  

 

 

Notes to Schedule of Investments

 

(a)   Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

 

(b)   US government securities, held in escrow, are used to pay interest on this security, as well as to retire the bond in full at the date indicated, typically at a premium to par.

 

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

 

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

 

(e)   Non-income producing security.

 

(f)   When-issued security. Unsettled when-issued transactions were as follows:

 

Counterparty   Value     Unrealized
Appreciation		  

Royal Bank of Canada

   $ 8,993,639      $  93,198   

 

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

 

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

 

(i)   All or a portion of security is subject to a recourse agreement, which may require the Fund to pay the liquidity provider in the event there is a shortfall between the TOB trust certificates and proceeds received from the sale of the security contributed to the TOB trust. In the case of a shortfall, the aggregate maximum potential amount the Fund could ultimately be required to pay under the agreements, which expire from October 1, 2016 to November 15, 2019 is $23,449,980.

 

                
10    BLACKROCK MUNIYIELD FUND, INC.    JULY 31, 2013   

Schedule of Investments (continued)

    BlackRock MuniYield Fund, Inc. (MYD)

 

(j)   Investments in issuers considered to be an affiliate of the Fund during the period ended July 31, 2013, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliate  

Shares Held
at April 30,

2013

    

Net

Activity

     Shares Held
at July 31,
2013		     Income  

FFI Institutional Tax-Exempt Fund

     6,265,241        1,448,621        7,713,862      $ 889   

 

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

 

Portfolio Abbreviations

 

To simplify the listings of portfolio holdings in the Schedule of Investments, the names and descriptions of many of the securities have been abbreviated according to the following list:      AGC    Assured Guarantee Corp.      
     AGM    Assured Guaranty Municipal Corp.      
     AMBAC    American Municipal Bond Assurance Corp.      
     AMT    Alternative Minimum Tax (subject to)      
     ARB    Airport Revenue Bonds      
     CAB    Capital Appreciation Bonds      
     EDA    Economic Development Authority      
     EDC    Economic Development Corp.      
     GARB    General Airport Revenue Bonds      
     GO    General Obligation Bonds      
     HRB    Housing Revenue Bonds      
     IDA    Industrial Development Authority      
     NPFGC    National Public Finance Guarantee Corp.      
     Radian    Radian Guaranty, Inc.      
     RB    Revenue Bonds      
     S/F    Single-Family      
     SO    Special Obligation      

 

                
   BLACKROCK MUNIYIELD FUND, INC.    JULY 31, 2013    11

Schedule of Investments (concluded)

    BlackRock MuniYield Fund, Inc. (MYD)

 

Ÿ  

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

 

Ÿ  

Level 1 — unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the Fund has the ability to access

 

Ÿ  

Level 2 — other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs)

 

Ÿ  

Level 3 — unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund’s own assumptions used in determining the fair value of investments)

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

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

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

 

     Level 1     Level 2     Level 3     Total  

Assets:

        

Investments:

        

Long-Term Investments 1

     —      $ 1,060,440,149        —      $ 1,060,440,149   

Short-Term Securities

   $ 7,713,862        —        —        7,713,862   
 

 

 

    

 

 

    

 

 

    

 

 

  

Total

   $ 7,713,862      $ 1,060,440,149        —      $ 1,068,154,011   
 

 

 

    

 

 

    

 

 

    

 

 

  

 

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

      

  

Certain of the Fund’s liabilities are held at carrying amount, which approximates fair value for financial reporting purposes. As of July 31, 2013, such liabilities are categorized within the disclosure hierarchy as follows:

 

   

     Level 1     Level 2     Level 3     Total  

Liabilities:

        

Bank overdraft

     —      $ (14,135 )      —      $ (14,135 ) 

TOB trust certificates

     —        (178,890,775 )      —        (178,890,775 ) 

VRDP Shares

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

 

 

    

 

 

    

 

 

    

 

 

  

Total

     —      $ (430,304,910 )      —      $ (430,304,910 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  

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

 

                
12    BLACKROCK MUNIYIELD FUND, INC.    JULY 31, 2013   

Item 2 – Controls and Procedures

 

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

 

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

Item 3 – Exhibits

Certifications – Attached hereto

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

BlackRock MuniYield Fund, Inc.

 

By:  

/s/ John M. Perlowski

  John M. Perlowski
 

Chief Executive Officer (principal executive officer) of

BlackRock MuniYield Fund, Inc.

Date: September 24, 2013

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

 

By:  

/s/ John M. Perlowski

  John M. Perlowski
  Chief Executive Officer (principal executive officer) of
  BlackRock MuniYield Fund, Inc.

Date: September 24, 2013

 

By:  

/s/ Neal J. Andrews

  Neal J. Andrews
  Chief Financial Officer (principal financial officer) of
  BlackRock MuniYield Fund, Inc.

Date: September 24, 2013