UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-06499
Name of Fund: BlackRock MuniYield California Fund, Inc. (MYC)
Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809
Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock MuniYield California 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: 07/31/2013
Date of reporting period: 01/31/2013
Item 1 – Report to Stockholders
SEMI-ANNUAL REPORT (UNAUDITED) | ![]() |
Not FDIC Insured May Lose Value No Bank Guarantee |
Table of Contents
Page | ||||||
Dear Shareholder |
3 | |||||
Semi-Annual Report: |
||||||
The
Benefits and Risks of Leveraging |
4 | |||||
Derivative Financial Instruments |
4 | |||||
Municipal Market Overview |
5 | |||||
Fund Summaries |
6 | |||||
Financial Statements: |
||||||
Schedules of Investments |
16 | |||||
Statements of Assets and Liabilities |
34 | |||||
Statements of Operations |
35 | |||||
Statements of Changes in Net Assets |
36 | |||||
Statements of Cash Flows |
39 | |||||
Financial Highlights |
40 | |||||
Notes to Financial Statements |
45 | |||||
Officers and Directors |
54 | |||||
Additional Information |
55 |
2 | SEMI-ANNUAL REPORT | JANUARY 31, 2013 |
Dear Shareholder |
![]() | ||
Despite a number of headwinds, higher-risk asset classes boasted strong returns as investors sought meaningful yields in the ongoing low-interest-rate environment. |
Total Returns as of January 31, 2013
6-month
12-month
9.91
%
16.78
%
15.51
15.47
18.61
17.25
13.11
7.64
0.07
0.11
(2.90
)
1.28
(0.29
)
2.59
2.21
5.50
7.37
13.87
THIS PAGE NOT PART OF YOUR FUND REPORT | 3 |
The Benefits and Risks of Leveraging | |
|
Percent of Economic Leverage |
|||||||
MNE |
35 | % | ||||||
MZA |
37 | % | ||||||
MYC |
37 | % | ||||||
MYF
|
40 | % | ||||||
MYJ |
36 | % |
4 | SEMI-ANNUAL REPORT | JANUARY 31, 2013 |
Municipal Market Overview |
|
For the Reporting Period Ended January 31, 2013
SEMI-ANNUAL REPORT | JANUARY 31, 2013 | 5 |
Fund Summary as of January 31, 2013 |
BlackRock Muni New York
Intermediate Duration Fund, Inc. |
Fund Overview
Performance
Fund Information
Symbol on New York Stock Exchange (NYSE) |
MNE |
|||||
Initial Offering Date |
August 1, 2003 |
|||||
Yield on Closing Market Price as of January 31, 2013 ($15.85)1 |
4.73% |
|||||
Tax
Equivalent Yield2 |
8.36% |
|||||
Current Monthly Distribution per Common Share3 |
$0.0625 |
|||||
Current Annualized Distribution per Common Share3 |
$0.7500 |
|||||
Economic Leverage as of January 31, 20134 |
35% |
1 | Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results. |
2 | Tax equivalent yield assumes the maximum marginal federal tax rate of 43.4%, which includes the 3.8% Medicare tax. Actual tax rates will vary based on income, exemptions and deductions. Lower taxes will result in lower tax equivalent yields. |
3 | The distribution rate is not constant and is subject to change. |
4 | Represents VRDP Shares and TOBs as a percentage of total managed assets, which is the total assets of the Fund, including any assets attributable to VRDP Shares and TOBs, minus the sum of accrued liabilities. For a discussion of leveraging techniques utilized by the Fund, please see The Benefits and Risks of Leveraging on page 4. |
6 | SEMI-ANNUAL REPORT | JANUARY 31, 2013 |
BlackRock Muni New York
Intermediate Duration Fund, Inc. |
Market Price and Net Asset Value
|
1/31/13 |
|
7/31/12 |
|
Change |
|
High |
|
Low |
|||||||||||||
Market Price |
$ | 15.85 | $ | 15.80 | 0.32 | % | $ | 16.53 | $ | 15.04 | ||||||||||||
Net Asset Value |
$ | 15.95 | $ | 15.97 | (0.13 | )% | $ | 16.36 | $ | 15.72 |
Sector Allocation
|
1/31/13 |
|
7/31/12 | |||||||
Transportation |
22 | % | 17 | % | ||||||
County/City/Special District/School District |
15 | 17 | ||||||||
Health |
13 | 14 | ||||||||
Utilities |
13 | 13 | ||||||||
Education |
11 | 10 | ||||||||
State |
11 | 14 | ||||||||
Corporate |
8 | 7 | ||||||||
Housing |
7 | 7 | ||||||||
Tobacco |
| 1 |
Credit Quality Allocation1
|
1/31/13 | |
7/31/12 | |||||||
AAA/Aaa |
5 | % | 6 | % | ||||||
AA/Aa |
47 | 48 | ||||||||
A
|
30 | 29 | ||||||||
BBB/Baa |
8 | 9 | ||||||||
BB/Ba |
3 | 2 | ||||||||
B
|
1 | 1 | ||||||||
Not Rated2 |
6 | 5 |
1 | Using the higher of Standard & Poors (S&Ps) or Moodys Investors Service (Moodys) ratings. |
2 | The investment advisor has deemed certain of these non-rated securities to be of investment grade quality. As of January 31, 2013 and July 31, 2012, the market value of these securities was $530,970, representing 1%, and $1,922,828, representing 2%, respectively, of the Funds long-term investments. |
Call/Maturity Structure3
Calendar Year Ended December 31, |
||||||
2013 |
7 | % | ||||
2014 |
1 | |||||
2015 |
8 | |||||
2016 |
11 | |||||
2017 |
5 |
3 | Scheduled maturity dates and/or bonds that are subject to potential calls by issuers over the next five years. |
SEMI-ANNUAL REPORT | JANUARY 31, 2013 | 7 |
Fund Summary as of January 31, 2013 | BlackRock MuniYield
Arizona Fund, Inc. |
Fund Overview
Performance
Fund Information
Symbol on NYSE MKT |
MZA |
|||||
Initial Offering Date |
October 29, 1993 |
|||||
Yield on Closing Market Price as of January 31, 2013 ($16.48)1 |
5.06% |
|||||
Tax
Equivalent Yield2 |
8.94% |
|||||
Current Monthly Distribution per Common Share3 |
$0.0695 |
|||||
Current Annualized Distribution per Common Share3 |
$0.8340 |
|||||
Economic Leverage as of January 31, 20134 |
37% |
1 | Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results. |
2 | Tax equivalent yield assumes the maximum marginal federal tax rate of 43.4%, which includes the 3.8% Medicare tax. Actual tax rates will vary based on income, exemptions and deductions. Lower taxes will result in lower tax equivalent yields. |
3 | The distribution rate is not constant and is subject to change. |
4 | Represents VRDP Shares and TOBs as a percentage of total managed assets, which is the total assets of the Fund, including any assets attributable to VRDP Shares and TOBs, minus the sum of accrued liabilities. For a discussion of leveraging techniques utilized by the Fund, please see The Benefits and Risks of Leveraging on page 4. |
8 | SEMI-ANNUAL REPORT | JANUARY 31, 2013 |
BlackRock MuniYield
Arizona Fund, Inc. |
Market Price and Net Asset Value
|
1/31/13 |
|
7/31/12 |
|
Change |
|
High |
|
Low |
|||||||||||||
Market Price |
$ | 16.48 | $ | 15.61 | 5.57 | % | $ | 16.55 | $ | 14.87 | ||||||||||||
Net Asset Value |
$ | 15.26 | $ | 15.12 | 0.93 | % | $ | 15.62 | $ | 14.91 |
Sector Allocation
|
1/31/13 | |
|
7/31/12 | |
|||||
County/City/Special District/School District |
30 | % | 27 | % | ||||||
State |
21 | 21 | ||||||||
Utilities |
17 | 19 | ||||||||
Health |
12 | 12 | ||||||||
Education |
9 | 9 | ||||||||
Corporate |
6 | 6 | ||||||||
Transportation |
4 | 4 | ||||||||
Housing |
1 | 2 |
Credit Quality Allocation1
|
1/31/13 | |
|
7/31/12 | |
|||||
AAA/Aaa |
13 | % | 14 | % | ||||||
AA/Aa |
47 | 42 | ||||||||
A
|
27 | 30 | ||||||||
BBB/Baa |
10 | 11 | ||||||||
B
|
1 | | ||||||||
Not Rated2 |
2 | 3 |
1 | Using the higher of S&Ps or Moodys ratings. |
2 | The investment advisor has deemed certain of these non-rated securities to be of investment grade quality. As of January 31, 2013 and July 31, 2012, the market value of these securities was $1,145,610 and $1,172,270, each representing 1%, respectively, of the Funds long-term investments. |
Call/Maturity Structure3
Calendar Year Ended December 31, |
||||||
2013 |
8 | % | ||||
2014 |
4 | |||||
2015 |
7 | |||||
2016 |
5 | |||||
2017 |
4 |
3 | Scheduled maturity dates and/or bonds that are subject to potential calls by issuers over the next five years. |
SEMI-ANNUAL REPORT | JANUARY 31, 2013 | 9 |
Fund Summary as of January 31, 2013 | BlackRock MuniYield
California Fund, Inc. |
Fund Overview
Performance
Fund Information
Symbol on NYSE |
MYC |
|||||
Initial Offering Date |
February 28, 1992 |
|||||
Yield on Closing Market Price as of January 31, 2013 ($17.27)1 |
5.49% |
|||||
Tax
Equivalent Yield2 |
9.70% |
|||||
Current Monthly Distribution per Common Share3 |
$0.079 |
|||||
Current Annualized Distribution per Common Share3 |
$0.948 |
|||||
Economic Leverage as of January 31, 20134 |
37% |
1 | Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results. |
2 | Tax equivalent yield assumes the maximum marginal federal tax rate of 43.4%, which includes the 3.8% Medicare tax. Actual tax rates will vary based on income, exemptions and deductions. Lower taxes will result in lower tax equivalent yields. |
3 | The distribution rate is not constant and is subject to change. |
4 | Represents VRDP Shares and TOBs as a percentage of total managed assets, which is the total assets of the Fund, including any assets attributable to VRDP Shares and TOBs, minus the sum of accrued liabilities. For a discussion of leveraging techniques utilized by the Fund, please see The Benefits and Risks of Leveraging on page 4. |
10 | SEMI-ANNUAL REPORT | JANUARY 31, 2013 |
BlackRock MuniYield
California Fund, Inc. |
Market Price and Net Asset Value
|
1/31/13 |
|
7/31/12 |
|
Change |
|
High |
|
Low |
|||||||||||||
Market Price |
$ | 17.27 | $ | 17.31 | (0.23 | )% | $ | 17.90 | $ | 16.46 | ||||||||||||
Net Asset Value |
$ | 17.22 | $ | 16.97 | 1.47 | % | $ | 17.67 | $ | 16.70 |
Sector Allocation
|
1/31/13 | |
|
7/31/12 | |
|||||
County/City/Special District/School District |
40 | % | 41 | % | ||||||
Utilities |
19 | 18 | ||||||||
Health |
12 | 14 | ||||||||
Education |
11 | 12 | ||||||||
State |
8 | 8 | ||||||||
Transportation |
8 | 6 | ||||||||
Corporate |
1 | | 2 | |||||||
Housing |
1 | 1 |
2 | Includes a less than 1% investment. |
Credit Quality Allocation1
|
1/31/13 | |
|
7/31/12 | |
|||||
AAA/Aaa |
11 | % | 7 | % | ||||||
AA/Aa |
62 | 69 | ||||||||
A
|
26 | 23 | ||||||||
BBB/Baa |
1 | 1 |
1 | Using the higher of S&Ps or Moodys ratings. |
Call/Maturity Structure3
Calendar Year Ended December 31, |
||||||
2013 |
3 | % | ||||
2014 |
| |||||
2015 |
5 | |||||
2016 |
11 | |||||
2017 |
8 |
3 | Scheduled maturity dates and/or bonds that are subject to potential calls by issuers over the next five years. |
SEMI-ANNUAL REPORT | JANUARY 31, 2013 | 11 |
Fund Summary as of January 31, 2013 | BlackRock MuniYield
Investment Fund |
Fund Overview
Performance
Fund Information
Symbol on NYSE |
MYF |
|||||
Initial Offering Date |
February 28, 1992 |
|||||
Yield on Closing Market Price as of January 31, 2013 ($17.18)1 |
5.52% |
|||||
Tax
Equivalent Yield2 |
9.75% |
|||||
Current Monthly Distribution per Common Share3 |
$0.079 |
|||||
Current Annualized Distribution per Common Share3 |
$0.948 |
|||||
Economic Leverage as of January 31, 20134 |
40% |
1 | Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results. |
2 | Tax equivalent yield assumes the maximum marginal federal tax rate of 43.4%, which includes the 3.8% Medicare tax. Actual tax rates will vary based on income, exemptions and deductions. Lower taxes will result in lower tax equivalent yields. |
3 | The distribution rate is not constant and is subject to change. |
4 | Represents VRDP Shares and TOBs as a percentage of total managed assets, which is the total assets of the Fund, including any assets attributable to VRDP Shares and TOBs, minus the sum of accrued liabilities. For a discussion of leveraging techniques utilized by the Fund, please see The Benefits and Risks of Leveraging on page 4. |
12 | SEMI-ANNUAL REPORT | JANUARY 31, 2013 |
BlackRock MuniYield
Investment Fund |
Market Price and Net Asset Value
|
1/31/13 |
|
7/31/12 |
|
Change |
|
High |
|
Low |
|||||||||||||
Market Price |
$ | 17.18 | $ | 16.52 | 4.00 | % | $ | 18.13 | $ | 15.90 | ||||||||||||
Net Asset Value |
$ | 16.51 | $ | 16.30 | 1.29 | % | $ | 17.12 | $ | 16.05 |
Sector Allocation
|
1/31/13 | |
|
7/31/12 | |
|||||
Transportation |
21 | % | 20 | % | ||||||
Utilities |
18 | 16 | ||||||||
County/City/Special Disctrict/School District |
17 | 20 | ||||||||
Health |
16 | 17 | ||||||||
Education |
11 | 9 | ||||||||
State |
10 | 11 | ||||||||
Corporate |
3 | 3 | ||||||||
Housing |
3 | 3 | ||||||||
Tobacco |
1 | 1 |
Credit Quality Allocation1
|
1/31/13 |
|
7/31/12 |
|||||||
AAA/Aaa |
14 | % | 14 | % | ||||||
AA/Aa |
57 | 60 | ||||||||
A |
23 | 19 | ||||||||
BBB/Baa |
5 | 6 | ||||||||
Not Rated |
1 | 1 |
1 | Using the higher of S&Ps or Moodys ratings. |
Call/Maturity Structure2
Calendar Year Ended December 31, |
||||||
2013 |
1 | % | ||||
2014 |
| |||||
2015 |
| |||||
2016 |
1 | |||||
2017 |
2 |
2 | Scheduled maturity dates and/or bonds that are subject to potential calls by issuers over the next five years. |
SEMI-ANNUAL REPORT | JANUARY 31, 2013 | 13 |
Fund Summary as of January 31, 2013 | BlackRock MuniYield New
Jersey Fund, Inc. |
Fund Overview
Performance
Fund Information
Symbol on NYSE |
MYJ |
|||||
Initial Offering Date |
May 1,1992 |
|||||
Yield on Closing Market Price as of January 31, 2013 ($17.08)1 |
5.20% |
|||||
Tax
Equivalent Yield2 |
9.19% |
|||||
Current Monthly Distribution per Common Share3 |
$0.074 |
|||||
Current Annualized Distribution per Common Share3 |
$0.888 |
|||||
Economic Leverage as of January 31, 20134 |
36% |
1 | Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results. |
2 | Tax equivalent yield assumes the maximum marginal federal tax rate of 43.4%, which includes the 3.8% Medicare tax. Actual tax rates will vary based on income, exemptions and deductions. Lower taxes will result in lower tax equivalent yields. |
3 | The distribution rate is not constant and is subject to change. |
4 | Represents VRDP Shares and TOBs as a percentage of total managed assets, which is the total assets of the Fund, including any assets attributable to VRDP Shares and TOBs, minus the sum of accrued liabilities. For a discussion of leveraging techniques utilized by the Fund, please see The Benefits and Risks of Leveraging on page 4. |
14 | SEMI-ANNUAL REPORT | JANUARY 31, 2013 |
BlackRock MuniYield New
Jersey Fund, Inc. |
Market Price and Net Asset Value
|
1/31/13 |
|
7/31/12 |
|
Change |
|
High |
|
Low |
|||||||||||||
Market Price |
$ | 17.08 | $ | 17.07 | 0.06 | % | $ | 18.23 | $ | 16.28 | ||||||||||||
Net Asset Value |
$ | 16.96 | $ | 16.92 | 0.24 | % | $ | 17.57 | $ | 16.67 |
Sector Allocation
|
1/31/13 | |
|
7/31/12 | |
|||||
State |
27 | % | 35 | % | ||||||
Transportation |
25 | 16 | ||||||||
Education |
13 | 14 | ||||||||
County/City/Special District/School District |
11 | 10 | ||||||||
Health |
9 | 9 | ||||||||
Utilities |
7 | 7 | ||||||||
Housing |
5 | 6 | ||||||||
Corporate |
3 | 3 |
Credit Quality Allocation1
|
1/31/13 |
|
7/31/12 |
|||||||
AAA/Aaa |
4 | % | 5 | % | ||||||
AA/Aa |
37 | 39 | ||||||||
A
|
50 | 48 | ||||||||
BBB/Baa |
8 | 7 | ||||||||
Not Rated2 |
1 | 1 |
1 | Using the higher of S&Ps or Moodys ratings. |
2 | The investment advisor has deemed certain of these non-rated securities to be of investment grade quality. As of January 31, 2013 and July 31, 2012, the market value of these securities was $3,587,430 and $3,600,470, each representing 1%, respectively, of the Funds long-term investments. |
Call/Maturity Structure3
Calendar Year Ended December 31, |
||||||
2013 |
| |||||
2014 |
5 | % | ||||
2015 |
5 | |||||
2016 |
2 | |||||
2017 |
8 |
3 | Scheduled maturity dates and/or bonds that are subject to potential calls by issuers over the next five years. |
SEMI-ANNUAL REPORT | JANUARY 31, 2013 | 15 |
Schedule of Investments January 31, 2013 (Unaudited) | BlackRock Muni New York
Intermediate Duration Fund, Inc. (MNE) (Percentages shown are based on Net Assets) |
Municipal Bonds |
Par (000) |
Value |
|||||||||
New York 123.3% |
|||||||||||
Corporate 11.7% |
|||||||||||
Essex County IDA, Refunding RB, International Paper, Series A, AMT, 5.20%, 12/01/23 |
$ | 1,000 | $ | 1,033,220 | |||||||
Jefferson County IDA, Refunding RB, Solid Waste, Series A, AMT, 5.20%, 12/01/20 |
500 | 514,280 | |||||||||
New
York City IDA, RB, AMT: |
|||||||||||
British Airways Plc Project, 7.63%, 12/01/32 |
1,000 | 1,025,090 | |||||||||
Continental Airlines, Inc. Project, 8.38%, 11/01/16 |
1,000 | 1,005,000 | |||||||||
New
York City IDA, Refunding RB, Terminal One Group Association Project, AMT (a): |
|||||||||||
5.50%, 1/01/18 |
1,000 | 1,093,010 | |||||||||
5.50%, 1/01/24 |
1,000 | 1,066,980 | |||||||||
New
York State Energy Research & Development Authority, Refunding RB (NPFGC): |
|||||||||||
Brooklyn Union Gas/Keyspan, Series A, AMT, 4.70%, 2/01/24 |
500 | 527,110 | |||||||||
Rochester Gas & Electric Corp., Series C, 5.00%, 8/01/32 (a) |
1,000 | 1,093,900 | |||||||||
Niagara Area Development Corp., Refunding RB, Solid Waste Disposal Facility, Covanta Energy Project, Series B, 4.00%, 11/01/24 |
500 | 513,035 | |||||||||
7,871,625 | |||||||||||
County/City/Special District/School District 16.1% |
|||||||||||
Amherst Development Corp., Refunding RB, University at Buffalo Foundation Faculty-Student Housing Corp., Series A (AGM), 4.00%,
10/01/24 |
1,000 | 1,075,810 | |||||||||
City of New York, New York, GO: |
|||||||||||
Sub-Series G-1, 5.00%, 4/01/28 |
750 | 896,618 | |||||||||
Sub-Series I-1, 5.13%, 4/01/25 |
750 | 899,423 | |||||||||
City of New York, New York, GO, Refunding, Series E, 5.00%, 8/01/27 |
600 | 712,212 | |||||||||
Hudson New York Yards Infrastructure Corp., RB, Series A, 5.75%, 2/15/47 |
1,000 | 1,193,310 | |||||||||
New
York City IDA, RB, PILOT, Queens Baseball Stadium (AMBAC), 5.00%, 1/01/31 |
1,500 | 1,522,830 | |||||||||
New
York City IDA, Refunding RB, AMT: |
|||||||||||
Terminal One Group Association Project, 5.50%, 1/01/21 (a) |
250 | 269,210 | |||||||||
Transportation Infrastructure Properties LLC, Series A, 5.00%, 7/01/22 |
500 | 540,525 | |||||||||
New
York City Transitional Finance Authority, RB, Fiscal 2009, Series S-3, 5.00%, 1/15/23 |
575 | 671,640 | |||||||||
New
York Convention Center Development Corp., RB, Hotel Unit Fee Secured (AMBAC), 5.00%, 11/15/35 |
120 | 131,120 |
Municipal Bonds |
Par (000) |
Value |
|||||||||
New York (continued) |
|||||||||||
County/City/Special District/School District (concluded) |
|||||||||||
New
York Liberty Development Corp., Refunding RB: |
|||||||||||
4 World Trade Center Project, 5.00%, 11/15/31 |
$ | 1,000 | $ | 1,146,810 | |||||||
Second Priority, Bank of America Tower at One Bryant Park Project, 5.63%, 7/15/47 |
1,000 | 1,154,850 | |||||||||
United Nations Development Corp. New York, Refunding RB, Series A, 4.25%, 7/01/24 |
500 | 550,635 | |||||||||
10,764,993 | |||||||||||
Education 16.8% |
|||||||||||
Nassau County IDA, Refunding RB, New York Institute of Technology Project, Series A, 5.00%, 3/01/21 |
1,000 | 1,149,930 | |||||||||
New
York State Dormitory Authority, RB: |
|||||||||||
Convent of the Sacred Heart (AGM), 4.00%, 11/01/18 |
880 | 1,000,023 | |||||||||
Convent of the Sacred Heart (AGM), 5.00%, 11/01/21 |
120 | 140,479 | |||||||||
Fordham University, Series A, 5.25%, 7/01/25 |
500 | 599,780 | |||||||||
Haverstraw Kings Daughters Public Library, 5.00%, 7/01/26 |
1,015 | 1,195,964 | |||||||||
Mount Sinai School of Medicine, 5.50%, 7/01/25 |
1,000 | 1,152,160 | |||||||||
Mount Sinai School of Medicine, Series A (NPFGC), 5.15%, 7/01/24 |
570 | 662,169 | |||||||||
State Personal Income Tax, Series D, 5.00%, 3/15/31 |
500 | 563,370 | |||||||||
New
York State Dormitory Authority, Refunding RB: |
|||||||||||
NYU, Series A, 5.00%, 7/01/37 |
600 | 694,590 | |||||||||
Saint Johns University, Series A, 5.00%, 7/01/27 |
220 | 261,017 | |||||||||
Teachers College, Series A, 5.00%, 7/01/31 |
375 | 439,140 | |||||||||
The Culinary Institute of America, 5.00%, 7/01/28 |
500 | 565,710 | |||||||||
Schenectady County Capital Resource Corp., Refunding RB, Union College, 5.00%, 7/01/32 |
940 | 1,099,932 | |||||||||
Schenectady County IDA, Refunding RB, Union College Project, 5.00%, 7/01/26 |
1,000 | 1,115,600 | |||||||||
Suffolk County IDA, Refunding RB, New York Institute of Technology Project, 5.25%, 3/01/21 |
600 | 629,670 | |||||||||
11,269,534 | |||||||||||
Health 19.0% |
|||||||||||
Dutchess County IDA, RB, Vassar Brothers Medical Center (AGC), 5.00%, 4/01/21 |
215 | 255,465 | |||||||||
Dutchess County Local Development Corp., Refunding RB, Health Quest System, Inc., Series A (AGM), 5.25%, 7/01/25 |
1,000 | 1,151,110 | |||||||||
Erie County IDA, RB, Episcopal Church Home, Series A, 5.88%, 2/01/18 |
530 | 530,970 |
Portfolio Abbreviations
To simplify the listings of portfolio holdings in the Schedules of Investments, the names and descriptions of many of the securities have been abbreviated according to the following list: | ||||||
AGC | Assured Guaranty
Corp. |
GO | General
Obligation Bonds |
|||
AGM
|
Assured Guaranty Municipal Corp.
|
HFA
|
Housing Finance Agency
|
|||
AMBAC
|
American Municipal Bond Assurance Corp.
|
HRB
|
Housing Revenue Bonds
|
|||
AMT
|
Alternative Minimum Tax (subject to)
|
IDA
|
Industrial Development Authority
|
|||
ARB
|
Airport Revenue Bonds
|
IDB
|
Industrial Development Board
|
|||
BARB
|
Building Aid Revenue Bonds
|
IDRB
|
Industrial Development Revenue Bonds
|
|||
BHAC
|
Berkshire Hathaway Assurance Corp.
|
ISD
|
Independent School District
|
|||
CAB
|
Capital Appreciation Bonds
|
LRB
|
Lease Revenue Bonds
|
|||
CIFG
|
CDC IXIS Financial Guaranty
|
M/F
|
Multi-Family
|
|||
COP
|
Certificates of Participation
|
NPFGC
|
National Public Finance Guarantee Corp.
|
|||
EDA
|
Economic Development Authority
|
PILOT
|
Payment in Lieu of Taxes
|
|||
EDC
|
Economic Development Corp.
|
PSF-GTD
|
Permanent School Fund Guaranteed
|
|||
ERB
|
Education Revenue Bonds
|
RB
|
Revenue Bonds
|
|||
Freddie Mac
|
Federal Home Loan Mortgage Corporation
|
S/F
|
Single-Family
|
|||
GARB
|
General Airport Revenue Bonds
|
SONYMA
|
State of New York Mortgage Agency
|
|||
Ginnie Mae
|
Government National Mortgage Association
|
Syncora
|
Syncora Guarantee
|
16 | SEMI-ANNUAL REPORT | JANUARY 31, 2013 |
Schedule of Investments (continued) | BlackRock Muni New York
Intermediate Duration Fund, Inc. (MNE) (Percentages shown are based on Net Assets) |
Municipal Bonds |
Par (000) |
Value |
|||||||||
New York (continued) |
|||||||||||
Health (concluded) |
|||||||||||
Genesee County IDA New York, Refunding RB, United Memorial Medical Center Project, 4.75%, 12/01/14 |
$ | 150 | $ | 150,191 | |||||||
New
York City IDA, RB, PSCH, Inc. Project, 6.20%, 7/01/20 |
1,415 | 1,421,438 | |||||||||
New
York State Dormitory Authority, RB: |
|||||||||||
New York State Association for Retarded Children, Inc., Series A, 5.30%, 7/01/23 |
450 | 517,212 | |||||||||
North Shore-Long Island Jewish Health System, Series A, 5.25%, 5/01/25 |
780 | 802,823 | |||||||||
NYU Hospitals Center, Series A, 5.00%, 7/01/22 |
1,000 | 1,150,010 | |||||||||
NYU Hospitals Center, Series B, 5.25%, 7/01/24 |
405 | 443,738 | |||||||||
New
York State Dormitory Authority, Refunding RB: |
|||||||||||
Mount Sinai Hospital, Series A, 4.25%, 7/01/23 |
250 | 273,508 | |||||||||
North Shore-Long Island Jewish Health System, Series A, 5.00%, 5/01/32 |
500 | 562,850 | |||||||||
North Shore-Long Island Jewish Health System, Series E, 5.00%, 5/01/22 |
650 | 741,442 | |||||||||
Suffolk County IDA New York, Refunding RB, Jeffersons Ferry Project, 4.63%, 11/01/16 |
800 | 849,544 | |||||||||
Westchester County Healthcare Corp. New York, Refunding RB, Senior Lien: |
|||||||||||
5.00%, 11/01/30 |
250 | 277,245 | |||||||||
Series A, 5.00%, 11/01/24 |
910 | 1,030,984 | |||||||||
Series B, 6.00%, 11/01/30 |
240 | 286,514 | |||||||||
Westchester County IDA New York, RB: |
|||||||||||
Kendal on Hudson Project, Series A, 6.38%, 1/01/24 |
1,000 | 1,000,900 | |||||||||
Special Needs Facilities Pooled Program, Series D-1, 6.80%, 7/01/19 |
515 | 522,050 | |||||||||
Yonkers IDA New York, RB, Sacred Heart Associations Project, Series A, AMT (SONYMA), 4.80%, 10/01/26 |
750 | 789,315 | |||||||||
12,757,309 | |||||||||||
Housing 8.8% |
|||||||||||
New
York City Housing Development Corp., RB, Series H-2-A, AMT, 5.00%, 11/01/30 |
780 | 816,847 | |||||||||
New
York Mortgage Agency, Refunding RB, AMT: |
|||||||||||
Homeowner Mortgage, Series 130, 4.75%, 10/01/30 |
2,500 | 2,551,450 | |||||||||
Series 133, 4.95%, 10/01/21 |
395 | 411,002 | |||||||||
Series 143, 4.85%, 10/01/27 |
500 | 521,205 | |||||||||
Yonkers EDC, Refunding RB, Riverview II (Freddie Mac), 4.50%, 5/01/25 |
1,500 | 1,629,270 | |||||||||
5,929,774 | |||||||||||
State 15.8% |
|||||||||||
Buffalo & Erie County Industrial Land Development Corp., Refunding RB, Buffalo State College Foundation Housing, 6.00%,
10/01/31 |
1,000 | 1,220,680 | |||||||||
Metropolitan Transportation Authority, Refunding RB, Series D, 4.00%, 11/15/32 |
1,000 | 1,047,440 | |||||||||
New
York State Dormitory Authority, ERB, Series F, 5.00%, 3/15/30 |
1,290 | 1,394,155 | |||||||||
New
York State Dormitory Authority, LRB, Municipal Health Facilities, Sub- Series 2-4, 5.00%, 1/15/27 |
600 | 683,814 | |||||||||
New
York State Dormitory Authority, RB, School Districts Financing Program, Series C, 5.00%, 10/01/26 |
1,360 | 1,617,257 | |||||||||
New
York State Dormitory Authority, Refunding RB, Department of Health, Series A (CIFG), 5.00%, 7/01/25 |
1,500 | 1,630,665 | |||||||||
New
York State Thruway Authority, Refunding RB, Series A-1, 5.00%, 4/01/22 |
1,000 | 1,191,950 | |||||||||
New
York State Urban Development Corp., RB, State Personal Income Tax, Series A, 3.50%, 3/15/28 |
750 | 801,960 | |||||||||
Tobacco Settlement Financing Corp. New York, RB, Asset-Backed Series B-1C, 5.50%, 6/01/22 |
1,000 | 1,016,420 | |||||||||
10,604,341 | |||||||||||
Municipal Bonds |
Par (000) |
Value |
|||||||||
New York (concluded) |
|||||||||||
Transportation 23.0% |
|||||||||||
Metropolitan Transportation Authority, RB: |
|||||||||||
Series A (NPFGC), 5.00%, 11/15/24 |
$ | 2,000 | $ | 2,283,440 | |||||||
Series B (NPFGC), 5.25%, 11/15/19 |
860 | 1,055,934 | |||||||||
Sub-Series B-1, 5.00%, 11/15/24 |
460 | 560,147 | |||||||||
Sub-Series B-4, 5.00%, 11/15/24 |
300 | 365,313 | |||||||||
Transportation, Series A, 5.00%, 11/15/27 |
1,000 | 1,174,820 | |||||||||
Metropolitan Transportation Authority, Refunding RB: |
|||||||||||
Series B, 5.25%, 11/15/25 |
750 | 904,785 | |||||||||
Series F, 5.00%, 11/15/30 |
500 | 584,260 | |||||||||
Series F (AGM), 4.00%, 11/15/30 |
500 | 543,450 | |||||||||
Port Authority of New York & New Jersey, RB, JFK International Air Terminal, 5.00%, 12/01/20 |
1,000 | 1,150,710 | |||||||||
Port Authority of New York & New Jersey, Refunding RB, AMT: |
|||||||||||
152nd, 5.00%, 11/01/23 |
500 | 561,725 | |||||||||
Consolidated, 138th, 4.75%, 12/01/30 |
205 | 213,323 | |||||||||
Consolidated, 152nd, 5.00%, 11/01/24 |
1,000 | 1,116,870 | |||||||||
Triborough Bridge & Tunnel Authority, Refunding RB, MTA Bridges and Tunnels, Series A: |
|||||||||||
5.00%, 11/15/22 |
1,025 | 1,270,969 | |||||||||
5.00%, 11/15/24 |
2,000 | 2,448,820 | |||||||||
5.00%, 1/01/27 |
1,000 | 1,198,690 | |||||||||
15,433,256 | |||||||||||
Utilities 12.1% |
|||||||||||
Long Island Power Authority, Refunding RB: |
|||||||||||
Series A, 5.50%, 4/01/24 |
500 | 595,695 | |||||||||
Series D (NPFGC), 5.00%, 9/01/25 |
2,000 | 2,228,980 | |||||||||
New
York City Municipal Water Finance Authority, Refunding RB: |
|||||||||||
Series DD, 5.00%, 6/15/32 |
500 | 575,045 | |||||||||
Series EE, 5.00%, 6/15/34 |
3,000 | 3,527,130 | |||||||||
New
York State Environmental Facilities Corp., Refunding RB, NYC Municipal Water, 5.00%, 6/15/31 |
1,000 | 1,188,600 | |||||||||
8,115,450 | |||||||||||
Total Municipal Bonds in New York |
82,746,282 | ||||||||||
Puerto Rico 8.6% |
|||||||||||
Housing 2.5% |
|||||||||||
Puerto Rico Housing Finance Authority, Refunding RB, Subordinate, Capital Fund Modernization, 5.13%,
12/01/27 |
1,570 | 1,685,662 | |||||||||
State 0.8% |
|||||||||||
Puerto Rico Public Buildings Authority, Refunding RB, Government Facilities, Series M-3 (NPFGC), 6.00%, 7/01/28 |
500 | 525,380 | |||||||||
Transportation 5.3% |
|||||||||||
Puerto Rico Highway & Transportation Authority, RB, Series Y (AGM), 6.25%, 7/01/21 |
3,000 | 3,592,260 | |||||||||
Total Municipal Bonds in Puerto Rico |
5,803,302 | ||||||||||
Total Municipal Bonds 131.9% |
88,549,584 | ||||||||||
Municipal Bonds Transferred to Tender Option Bond Trusts (b) |
|||||||||||
New York 18.4% |
|||||||||||
County/City/Special District/School District 6.7% |
|||||||||||
City of New York, New York, GO: |
|||||||||||
Sub-Series B-1, 5.25%, 9/01/22 |
750 | 905,625 | |||||||||
Sub-Series I-1, 5.50%, 4/01/21 |
1,499 | 1,859,293 |
SEMI-ANNUAL REPORT | JANUARY 31, 2013 | 17 |
Schedule of Investments (continued) | BlackRock Muni New York
Intermediate Duration Fund, Inc. (MNE) (Percentages shown are based on Net Assets) |
Municipal Bonds Transferred to Tender Option Bond Trusts (b) |
Par (000) |
Value |
|||||||||
New York (concluded) |
|||||||||||
County/City/Special District/School District (concluded) |
|||||||||||
New
York State Urban Development Corp., Refunding RB, Service Contract, Series B, 5.00%, 1/01/21 |
$ | 1,499 | $ | 1,755,439 | |||||||
4,520,357 | |||||||||||
Transportation 4.9% |
|||||||||||
Port Authority of New York & New Jersey, RB, Consolidated, Series 169, AMT: |
|||||||||||
5.00%, 10/15/21 |
2,000 | 2,425,700 | |||||||||
5.00%, 10/15/26 |
750 | 875,400 | |||||||||
3,301,100 | |||||||||||
Utilities 6.8% |
|||||||||||
New
York City Municipal Water Finance Authority, Refunding RB: |
|||||||||||
Second General Resolution, Series HH, 5.00%, 6/15/32 |
1,560 | 1,820,847 | |||||||||
Series A, 4.75%, 6/15/30 |
1,500 | 1,679,190 | |||||||||
Suffolk County Water Authority, Refunding RB, 3.00%, 6/01/25 |
1,006 | 1,043,077 | |||||||||
4,543,114 | |||||||||||
Total Municipal Bonds Transferred to Tender Option Bond Trusts 18.4% |
12,364,571 | ||||||||||
Total Long-Term Investments (Cost $92,783,515) 150.3% |
100,914,155 |
Short-Term
Securities |
Shares |
Value | ||||||||
BIF New York Municipal Money Fund, 0.00% (c)(d) |
2,282,246 | $ | 2,282,246 | |||||||
Total Short-Term Securities (Cost $2,282,246) 3.4% |
2,282,246 | |||||||||
Total Investments (Cost$95,065,761) 153.7% |
103,196,401 | |||||||||
Liabilities in Excess of Other Assets (0.4)% |
(247,911 | ) | ||||||||
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable (9.2)% |
(6,210,833 | ) | ||||||||
VRDP Shares, at Liquidation Value (44.1)% |
(29,600,000 | ) | ||||||||
Net Assets Applicable to Common Shares 100.0% |
$ | 67,137,657 |
Notes to Schedule of Investments
(a) | Variable rate security. Rate shown is as of report date. |
|||||
(b) | 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. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to
TOBs. |
|||||
(c) | Represents the current yield as of report date. |
|||||
(d) | Investments in issuers considered to be an affiliate of the Fund during the six months ended January 31, 2013, for purposes of Section 2(a)(3) of
the 1940 Act, were as follows: |
Affiliate |
|
Shares Held at July 31, 2012 |
|
Net Activity |
|
Shares Held at January 31, 2013 |
|
Income |
||||||||||
BIF New York Municipal Money Fund |
480,082 | 1,802,164 | 2,282,246 | $ | 23 |
| Financial futures contracts as of January 31, 2013 were as follows: |
Contracts Sold |
|
Issue |
|
Exchange |
|
Expiration |
|
Notional Value |
|
Unrealized Depreciation |
||||||||||||
(16) |
10-Year US Treasury Note |
Chicago Board of Trade |
March 2013 |
$ | 2,100,500 | $ | (775 | ) |
| For
Fund compliance purposes, the Funds sector classifications refer to any one or more of the sector sub-classifications used by one or more widely
recognized market indexes or ratings group indexes, and/or as defined by Fund management. These definitions may not apply for purposes of this report,
which may combine such sector sub-classifications for reporting ease. |
|||||
| Fair
Value Measurements Various inputs are used in determining the fair value of investments and derivative financial instruments. These inputs to
valuation techniques are categorized into a disclosure hierarchy consisting of three broad levels for financial statement purposes as
follows: |
| Level 1 unadjusted price quotations in active markets/exchanges for identical assets and liabilities that the Fund has the
ability to access |
|||||
| Level 2 other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets
that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are
observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and
default rates) or other market-corroborated inputs) |
|||||
| Level 3 unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are
not available (including the Funds own assumptions used in determining the fair value of investments and derivative financial
instruments) |
The
hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the
lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for
instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases,
for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the
lowest level input that is significant to the fair value measurement in its entirety. |
18 | SEMI-ANNUAL REPORT | JANUARY 31, 2013 |
Schedule of Investments (concluded) | BlackRock Muni New York
Intermediate Duration Fund, Inc. (MNE) |
Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the
Funds 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 and derivative financial instruments is based on the pricing transparency of
the investment and derivative financial instrument and is not necessarily an indication of the risks associated with investing in those securities. For
information about the Funds policy regarding valuation of investments and derivative financial instruments and other significant accounting
policies, please refer to Note 1 of the Notes to Financial Statements. |
||||||
The
following tables summarize the Funds investments and derivative financial instruments categorized in the disclosure hierarchy as of January 31,
2013: |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
||||||||||||
Assets: |
|||||||||||||||||||
Investments: |
|||||||||||||||||||
Long-Term Investments1 |
| $ | 100,914,155 | | $ | 100,914,155 | |||||||||||||
Short-Term Securities |
$ | 2,282,246 | | | 2,282,246 | ||||||||||||||
Total |
$ | 2,282,246 | $ | 100,914,155 | | $ | 103,196,401 | ||||||||||||
1 | See above Schedule of Investments for values in each sector or political subdivision. |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
|||||||||||
Derivative Financial Instruments2 |
||||||||||||||||||
Liabilities: |
||||||||||||||||||
Financial futures contracts |
|
$ | (775 | ) | |
$ | (775 | ) | ||||||||||
2 | Derivative financial instruments are financial futures contracts, which are valued at the unrealized appreciation/depreciation on the instrument. |
Certain of the Funds liabilities are held at carrying amount, which approximates fair value for financial statement purposes. As of January
31, 2013, such liabilities are categorized within the disclosure hierarchy as follows: |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
|||||||||||
Liabilities: |
||||||||||||||||||
Bank overdraft |
| $ | (4,719 | ) | | $ | (4,719 | ) | ||||||||||
TOB trust certificates |
| (6,208,399 | ) | | (6,208,399 | ) | ||||||||||||
VRDP Shares |
| (29,600,000 | ) | | (29,600,000 | ) | ||||||||||||
Total |
| $ | (35,813,118 | ) | | $ | (35,813,118 | ) | ||||||||||
There were no transfers between levels during the six months ended January 31, 2013. |
SEMI-ANNUAL REPORT | JANUARY 31, 2013 | 19 |
Schedule of Investments January 31, 2013 (Unaudited) | BlackRock MuniYield
Arizona Fund, Inc. (MZA) (Percentages shown are based on Net Assets) |
Municipal Bonds |
Par (000) |
Value |
|||||||||
Arizona 134.4% |
|||||||||||
Corporate 9.3% |
|||||||||||
Maricopa County Pollution Control Corp., Refunding RB, Southern California Edison Co., Series A, 5.00%, 6/01/35 |
$ | 4,350 | $ | 4,851,990 | |||||||
Pima County IDA, RB, Tucson Electric Power, Series A, 5.25%, 10/01/40 |
1,000 | 1,092,130 | |||||||||
Pima County IDA, Refunding IDRB, Tucson Electric Power, 5.75%, 9/01/29 |
500 | 529,220 | |||||||||
6,473,340 | |||||||||||
County/City/Special District/School District 45.6% |
|||||||||||
City of Glendale Arizona, RB (NPFGC), 5.00%, 7/01/25 |
1,000 | 1,139,410 | |||||||||
City of Tucson Arizona, COP (AGC), 5.00%, 7/01/29 |
1,000 | 1,123,370 | |||||||||
County of Pinal Arizona, COP: |
|||||||||||
5.00%, 12/01/26 |
1,250 | 1,341,700 | |||||||||
5.00%, 12/01/29 |
1,250 | 1,334,300 | |||||||||
Gilbert Public Facilities Municipal Property Corp. Arizona, RB, 5.50%, 7/01/27 |
2,000 | 2,315,100 | |||||||||
Gladden Farms Community Facilities District, GO, 5.50%, 7/15/31 |
750 | 771,083 | |||||||||
Glendale Municipal Property Corp., Refunding RB, Sub-Series C: |
|||||||||||
4.00%, 7/01/38 |
500 | 503,820 | |||||||||
5.00%, 7/01/38 |
2,000 | 2,224,660 | |||||||||
Greater Arizona Development Authority, RB, Santa Cruz County Jail, Series 2, 5.25%, 8/01/31 |
1,155 | 1,263,789 | |||||||||
Marana Municipal Property Corp., RB, Series A, 5.00%, 7/01/28 |
2,500 | 2,860,125 | |||||||||
Maricopa County Community College District Arizona, GO, Series C, 3.00%, 7/01/22 |
1,000 | 1,067,390 | |||||||||
Maricopa County Public Finance Corp., RB, Series A (AMBAC), 5.00%, 7/01/24 |
1,000 | 1,137,490 | |||||||||
Maricopa County Unified School District No. 89-Dysart Arizona, GO, School Improvement Project of 2006, Series C, 6.00%, 7/01/28 |
1,000 | 1,197,260 | |||||||||
Mohave County Unified School District No. 20 Kingman, GO, School Improvement Project of 2006, Series C (AGC), 5.00%, 7/01/26 |
1,000 | 1,197,780 | |||||||||
Phoenix Civic Improvement Corp., RB, Subordinate, Civic Plaza Expansion Project, Series A (NPFGC), 5.00%, 7/01/35 |
3,325 | 3,577,500 | |||||||||
Phoenix Mesa Airport Authority, RB, Mesa Project, AMT, 5.00%, 7/01/38 |
3,600 | 3,824,856 | |||||||||
Scottsdale Municipal Property Corp. Arizona, RB, Water & Sewer Development Project, Series A, 5.00%, 7/01/24 |
1,500 | 1,767,255 | |||||||||
Vistancia Community Facilities District Arizona, GO: |
|||||||||||
6.75%, 7/15/22 |
1,275 | 1,278,736 | |||||||||
5.75%, 7/15/24 |
750 | 792,713 | |||||||||
Yuma County Library District, GO (Syncora), 5.00%, 7/01/26 |
1,000 | 1,136,220 | |||||||||
31,854,557 | |||||||||||
Education 14.6% |
|||||||||||
Arizona Board of Regents, Refunding, COP, University of Arizona, Series C, 5.00%, 6/01/31 |
2,000 | 2,288,400 | |||||||||
Arizona State University, RB, Series 2008-C: |
|||||||||||
6.00%, 7/01/25 |
970 | 1,177,832 | |||||||||
6.00%, 7/01/26 |
745 | 904,624 | |||||||||
6.00%, 7/01/27 |
425 | 508,835 | |||||||||
6.00%, 7/01/28 |
400 | 478,904 | |||||||||
Maricopa County IDA Arizona, RB, Arizona Charter Schools Project, Series A, 6.63%, 7/01/20 |
700 | 574,420 | |||||||||
Phoenix IDA Arizona, ERB, Great Hearts Academies Project, 6.30%, 7/01/42 |
500 | 540,120 | |||||||||
Municipal Bonds |
Par (000) |
Value |
|||||||||
Arizona (continued) |
|||||||||||
Education (concluded) |
|||||||||||
Pima County IDA, RB, Arizona Charter Schools Project: |
|||||||||||
Series A, 6.75%, 7/01/21 |
$ | 395 | $ | 397,050 | |||||||
Series C, 6.70%, 7/01/21 |
690 | 693,298 | |||||||||
Series C, 6.75%, 7/01/31 |
980 | 983,636 | |||||||||
Pima County IDA, Refunding RB, Arizona Charter Schools Project, Series O, 5.00%, 7/01/26 |
995 | 982,523 | |||||||||
University of Arizona, COP, University of Arizona Projects, Series B (AMBAC), 5.00%, 6/01/13 (a) |
650 | 659,971 | |||||||||
10,189,613 | |||||||||||
Health 18.3% |
|||||||||||
Arizona Health Facilities Authority, RB, Catholic Healthcare West, Series B-2 (AGM), 5.00%, 3/01/41 |
500 | 545,770 | |||||||||
Arizona Health Facilities Authority, Refunding RB: |
|||||||||||
Banner Health, Series D, 5.50%, 1/01/38 |
2,300 | 2,559,854 | |||||||||
Phoenix Childrens Hospital, Series A, 5.00%, 2/01/42 |
1,000 | 1,078,100 | |||||||||
Maricopa County IDA Arizona, Series A, Refunding RB: |
|||||||||||
Catholic Healthcare West, 5.50%, 7/01/26 |
1,850 | 1,944,091 | |||||||||
Catholic Healthcare West, 6.00%, 7/01/39 |
170 | 195,072 | |||||||||
Samaritan Health Services (NPFGC), 7.00%, 12/01/16 (b) |
1,000 | 1,145,610 | |||||||||
Tempe IDA, Refunding RB, Friendship Village of Tempe, Series A, 6.25%, 12/01/42 |
500 | 542,850 | |||||||||
University Medical Center Corp. Arizona, RB, 6.50%, 7/01/39 |
500 | 579,295 | |||||||||
University Medical Center Corp. Arizona, Refunding RB, 6.00%, 7/01/39 |
1,000 | 1,158,730 | |||||||||
Yavapai County IDA Arizona, RB, Yavapai Regional Medical Center, Series A, 6.00%, 8/01/33 |
1,800 | 1,843,092 | |||||||||
Yavapai County IDA Arizona, Refunding RB, Northern Arizona Healthcare System, 5.25%, 10/01/26 |
1,000 | 1,184,130 | |||||||||
12,776,594 | |||||||||||
Housing 1.3% |
|||||||||||
Maricopa County & Phoenix IDA, Refunding RB, S/F, AMT (Ginnie Mae): |
|||||||||||
Series A-1, 5.75%, 5/01/40 |
115 | 124,145 | |||||||||
Series A-2, 5.80%, 7/01/40 |
130 | 133,996 | |||||||||
Maricopa County IDA Arizona, RB, Series 3-B, AMT (Ginnie Mae), 5.25%, 8/01/38 |
278 | 294,165 | |||||||||
Phoenix & Pima County IDA, RB, Series 1A, AMT (Ginnie Mae), 5.65%, 7/01/39 |
77 | 82,130 | |||||||||
Phoenix & Pima County IDA, Refunding RB, Series 2007-1, AMT (Ginnie Mae), 5.25%, 8/01/38 |
126 | 127,356 | |||||||||
Phoenix IDA Arizona, Refunding RB, Series 2007-2, AMT (Ginnie Mae), 5.50%, 8/01/38 |
147 | 155,879 | |||||||||
917,671 | |||||||||||
State 23.5% |
|||||||||||
Arizona School Facilities Board, COP: |
|||||||||||
5.13%, 9/01/21 |
1,000 | 1,141,020 | |||||||||
5.75%, 9/01/22 |
2,000 | 2,334,100 | |||||||||
Arizona Sports & Tourism Authority, Refunding RB, Multipurpose Stadium Facility Project, Series A, 5.00%, 7/01/36 |
3,000 | 3,342,990 | |||||||||
Arizona State Transportation Board, RB, Series B, 5.00%, 7/01/30 |
4,000 | 4,606,400 | |||||||||
Greater Arizona Development Authority, RB, Series B (NPFGC): |
|||||||||||
5.00%, 8/01/30 |
1,600 | 1,722,496 | |||||||||
5.00%, 8/01/35 |
1,000 | 1,076,310 | |||||||||
State of Arizona, RB, Lottery Revenue, Series A (AGM), 5.00%, 7/01/29 |
1,930 | 2,187,481 | |||||||||
16,410,797 |
20 | SEMI-ANNUAL REPORT | JANUARY 31, 2013 |
Schedule of Investments (continued) | BlackRock MuniYield
Arizona Fund, Inc. (MZA) (Percentages shown are based on Net Assets) |
Municipal Bonds |
Par (000) |
Value | |||||||||
Arizona (concluded) |
|||||||||||
Transportation 6.4% |
|||||||||||
Phoenix Civic Improvement Corp., RB, Senior Lien AMT (NPFGC): |
|||||||||||
Series A, 5.00%, 7/01/33 |
$ | 1,000 | $ | 1,117,710 | |||||||
Series B, 5.75%, 7/01/17 |
1,000 | 1,003,400 | |||||||||
Series B, 5.25%, 7/01/27 |
450 | 450,734 | |||||||||
Series B, 5.25%, 7/01/32 |
755 | 756,117 | |||||||||
Phoenix Civic Improvement Corp., Refunding RB, Junior Lien, Series A, 5.00%, 7/01/40 |
1,000 | 1,111,000 | |||||||||
4,438,961 | |||||||||||
Utilities 15.4% |
|||||||||||
Gilbert Water Resource Municipal Property Corp., RB, Subordinate Lien (NPFGC), 5.00%, 10/01/29 |
900 | 1,021,851 | |||||||||
Phoenix Civic Improvement Corp., Refunding RB, Senior Lien, 5.50%, 7/01/22 |
2,000 | 2,433,620 | |||||||||
Pima County Arizona, RB, Series B, 5.00%, 7/01/26 |
1,000 | 1,174,990 | |||||||||
Pinal County Electric District No. 3, Refunding RB, 5.25%, 7/01/36 |
2,500 | 2,826,225 | |||||||||
Pinal County IDA Arizona, RB, San Manuel Facility Project, AMT, 6.25%, 6/01/26 |
500 | 508,600 | |||||||||
Salt River Project Agricultural Improvement & Power District, RB, Series A, 5.00%, 1/01/24 |
1,000 | 1,160,650 | |||||||||
Salt River Project Agricultural Improvement & Power District, Refunding RB, Series A, 5.00%, 1/01/35 |
1,500 | 1,644,750 | |||||||||
10,770,686 | |||||||||||
Total Municipal Bonds in Arizona |
93,832,219 | ||||||||||
Guam 1.9% |
|||||||||||
State 1.5% |
|||||||||||
Government of Guam Business Privilege Tax Revenue, RB, Series A, 5.13%, 1/01/42 |
800 | 890,384 | |||||||||
Territory of Guam, RB, Series B-1, 5.00%, 1/01/37 |
145 | 161,063 | |||||||||
1,051,447 | |||||||||||
Utilities 0.4% |
|||||||||||
Guam Power Authority, Refunding RB, Series A (AGM): |
|||||||||||
5.00%, 10/01/26 |
120 | 137,006 | |||||||||
5.00%, 10/01/27 |
145 | 165,318 | |||||||||
302,324 | |||||||||||
Total Municipal Bonds in Guam |
1,353,771 |
Municipal Bonds |
Par (000) |
Value |
|||||||||
Puerto Rico 7.3% |
|||||||||||
State 7.3% |
|||||||||||
Puerto Rico Public Buildings Authority, Refunding RB, Government Facilities, Series M-3 (NPFGC), 6.00%, 7/01/28 |
$ | 700 | $ | 735,532 | |||||||
Puerto Rico Sales Tax Financing Corp., RB, First Sub-Series A, 6.38%, 8/01/39 |
1,500 | 1,687,530 | |||||||||
Puerto Rico Sales Tax Financing Corp., Refunding RB: |
|||||||||||
CAB, Series A (NPFGC), 5.60%, 8/01/41 (c) |
9,530 | 1,975,759 | |||||||||
First Sub-Series C, 6.00%, 8/01/39 |
600 | 668,052 | |||||||||
Total Municipal Bonds in Puerto Rico |
5,066,873 | ||||||||||
Total Municipal Bonds 143.6% |
100,252,863 | ||||||||||
Municipal Bonds Transferred to Tender Option Bond Trusts (d) |
|||||||||||
Arizona 11.0% |
|||||||||||
Utilities 11.0% |
|||||||||||
City of Mesa Arizona, RB, 5.00%, 7/01/35 |
3,000 | 3,455,340 | |||||||||
Phoenix Arizona Civic Improvement Corp., RB, 5.00%, 7/01/34 |
3,000 | 3,500,040 | |||||||||
Salt River Project Agricultural Improvement & Power District, RB, 5.00%, 1/01/38 |
660 | 750,942 | |||||||||
7,706,322 | |||||||||||
Total Municipal Bonds Transferred to Tender Option Bond Trusts 11.0% |
7,706,322 | ||||||||||
Total Long-Term Investments (Cost $98,736,261) 154.6% |
107,959,185 | ||||||||||
Short-Term Securities |
Shares | ||||||||||
FFI Institutional Tax-Exempt Fund, 0.01% (e)(f) |
1,912,101 | 1,912,101 | |||||||||
Total Short-Term Securities (Cost $1,912,101) 2.7% |
1,912,101 | ||||||||||
Total Investments (Cost$100,648,362) 157.3% |
109,871,286 | ||||||||||
Other Assets Less Liabilities 0.9% |
595,830 | ||||||||||
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable (4.8)% |
(3,330,455 | ) | |||||||||
VRDP Shares, at Liquidation Value (53.4)% |
(37,300,000 | ) | |||||||||
Net Assets Applicable to Common Shares 100.0% |
$ | 69,836,661 |
Notes to Schedule of Investments
(a) | US
government securities, held in escrow, are used to pay interest on this security, as well as to retire the bond in full at the date indicated,
typically at a premium to par. |
|||||
(b) | Security is collateralized by Municipal or US Treasury obligations. |
|||||
(c) | Represents a zero-coupon bond. Rate shown reflects the current yield as of report date. |
|||||
(d) | 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. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to
TOBs. |
|||||
(e) | Investments in issuers considered to be an affiliate of the Fund during the six months ended January 31, 2013, for purposes of Section 2(a)(3) of
the 1940 Act, were as follows: |
Affiliate |
|
Shares Held at July 31, 2012 |
|
Net Activity |
|
Shares Held at January 31, 2013 |
|
Income |
||||||||||
FFI Institutional Tax-Exempt Fund |
1,351,621 | 560,480 | 1,912,101 | $68 |
(f) | Represents the current yield as of report date. |
|||||
| For
Fund compliance purposes, the Funds sector classifications refer to any one or more of the sector sub-classifications used by one or more widely
recognized market indexes or ratings group indexes, and/or as defined by Fund management. These definitions may not apply for purposes of this report,
which may combine such sector sub-classifications for reporting ease. |
SEMI-ANNUAL REPORT | JANUARY 31, 2013 | 21 |
Schedule of Investments (concluded) | BlackRock MuniYield
Arizona Fund, Inc. (MZA) |
| 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 statement purposes as follows: |
| Level 1 unadjusted price quotations in active markets/exchanges for identical assets and liabilities that the Fund has the
ability to access |
|||||
| Level 2 other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets
that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are
observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and
default rates) or other market-corroborated inputs) |
|||||
| Level 3 unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are
not available (including the Funds own assumptions used in determining the fair value of investments) |
The
hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the
lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for
instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases,
for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the
lowest level input that is significant to the fair value measurement in its entirety. |
||||||
Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the
Funds 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 Funds policy regarding valuation
of investments and other significant accounting policies, please refer to Note 1 of the Notes to Financial Statements. |
||||||
The
following table summarizes the Funds investments categorized in the disclosure hierarchy as of January 31, 2013: |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
|||||||||||
Assets: |
||||||||||||||||||
Investments: |
||||||||||||||||||
Long-Term Investments1 |
| $ | 107,959,185 | | $ | 107,959,185 | ||||||||||||
Short-Term Securities |
$ | 1,912,101 | | | 1,912,101 | |||||||||||||
Total |
$ | 1,912,101 | $ | 107,959,185 | | $ | 109,871,286 | |||||||||||
1 | See above Schedule of Investments for values in each sector or political subdivision. |
Certain of the Funds liabilities are held at carrying amount, which approximates fair value for financial statement purposes. As of January
31, 2013, such liabilities are categorized within the disclosure hierarchy as follows: |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
|||||||||||
Liabilities: |
||||||||||||||||||
Bank overdraft |
| $ | (32,006 | ) | | $ | (32,006 | ) | ||||||||||
TOB trust certificates |
| (3,330,000 | ) | | (3,330,000 | ) | ||||||||||||
VRDP Shares |
| (37,300,000 | ) | | (37,300,000 | ) | ||||||||||||
Total |
| $ | (40,662,006 | ) | | $ | (40,662,006 | ) |
There were no transfers between levels during the six months ended January 31, 2013. |
22 | SEMI-ANNUAL REPORT | JANUARY 31, 2013 |
Schedule of Investments January 31, 2013 (Unaudited) | BlackRock MuniYield
California Fund, Inc. (MYC) (Percentages shown are based on Net Assets) |
Municipal Bonds |
Par (000) |
Value |
|||||||||||
California 91.7% |
|||||||||||||
Corporate 1.0% |
|||||||||||||
City of Chula Vista California, San Diego Gas & Electric, Refunding RB: |
|||||||||||||
Series A, 5.88%, 2/15/34 |
$ | 975 | $ | 1,149,086 | |||||||||
Series F, AMT, 4.00%, 5/01/39 |
2,500 | 2,546,376 | |||||||||||
3,695,462 | |||||||||||||
County/City/Special District/School District 33.3% |
|||||||||||||
California State Public Works Board, RB, Various Capital Projects, Sub-Series I-1, 6.63%, 11/01/34 |
6,685 | 8,303,171 | |||||||||||
Campbell Union High School District, GO, Election of 2006, Series C, 5.75%, 8/01/40 |
4,000 | 4,787,280 | |||||||||||
Chabot-Las Positas Community College District, GO, CAB, Series C (AMBAC), 5.10%, 8/01/44 (a) |
8,610 | 1,762,467 | |||||||||||
City of Los Angeles California, COP, Senior, Sonnenblick Del Rio West Los Angeles (AMBAC), 6.20%, 11/01/31 |
2,000 | 2,008,100 | |||||||||||
City of San Jose California, RB, Convention Center Expansion & Renovation Project: |
|||||||||||||
6.50%, 5/01/36 |
1,520 | 1,874,874 | |||||||||||
6.50%, 5/01/42 |
1,860 | 2,267,154 | |||||||||||
El
Monte Union High School District California, GO, Election of 2002, Series C (AGM), 5.25%, 6/01/32 |
9,620 | 10,835,583 | |||||||||||
Grossmont Healthcare District, GO, Election of 2006, Series B, 6.13%, 7/15/40 |
2,000 | 2,453,960 | |||||||||||
Los
Angeles Community College District California, GO, Election of 2008, Series C, 5.25%, 8/01/39 |
7,185 | 8,717,417 | |||||||||||
Los
Angeles Municipal Improvement Corp., RB, Real Property, Series E: |
|||||||||||||
5.75%, 9/01/34 |
1,215 | 1,397,566 | |||||||||||
6.00%, 9/01/34 |
2,425 | 2,826,677 | |||||||||||
Los
Rios Community College District, GO, Election of 2002, Series D, 5.38%, 8/01/34 |
4,275 | 4,903,168 | |||||||||||
Oak
Grove School District California, GO, Election of 2008, Series A, 5.50%, 8/01/33 |
4,000 | 4,676,600 | |||||||||||
Ohlone Community College District, GO, Election of 2010, Series A, 5.25%, 8/01/41 |
7,135 | 8,302,571 | |||||||||||
Orange County Sanitation District, COP (NPFGC), 5.00%, 2/01/33 |
9,150 | 9,368,319 | |||||||||||
Pico Rivera Public Financing Authority, RB, 5.75%, 9/01/39 |
6,035 | 6,910,980 | |||||||||||
San
Diego Regional Building Authority California, RB, County Operations Center & Annex, Series A, 5.38%, 2/01/36 |
5,100 | 5,769,579 | |||||||||||
Santa Ana Unified School District, GO, Election of 2008, Series A, 5.13%, 8/01/33 |
6,020 | 6,648,127 | |||||||||||
Santa Clara County Financing Authority, Refunding LRB, Series L, 5.25%, 5/15/36 |
17,090 | 19,462,776 | |||||||||||
Westminster Redevelopment Agency California, Tax Allocation Bonds, Subordinate, Commercial Redevelopment Project No. 1 (AGC), 6.25%,
11/01/39 |
1,250 | 1,497,763 | |||||||||||
William S. Hart Union High School District, GO, CAB, Refunding, Series B (AGM) (a): |
|||||||||||||
4.68%, 8/01/34 |
10,850 | 4,013,090 | |||||||||||
4.69%, 8/01/35 |
9,700 | 3,416,534 | |||||||||||
122,203,756 | |||||||||||||
Education 2.7% |
|||||||||||||
California Educational Facilities Authority, Refunding RB: |
|||||||||||||
Pitzer College, 6.00%, 4/01/40 |
2,500 | 2,946,750 | |||||||||||
San Francisco University, 6.13%, 10/01/36 |
1,445 | 1,780,095 | |||||||||||
California Municipal Finance Authority, RB, Emerson College, 6.00%, 1/01/42 |
2,500 | 2,989,900 | |||||||||||
University of California, Refunding RB, Limited Project, Series G, 5.00%, 5/15/42 |
2,000 | 2,301,100 | |||||||||||
10,017,845 | |||||||||||||
Municipal Bonds |
Par (000) |
Value |
|||||||||||
California (continued) |
|||||||||||||
Health 16.8% |
|||||||||||||
ABAG Finance Authority for Nonprofit Corps, Refunding RB, Sharp Healthcare: |
|||||||||||||
6.38%, 8/01/34 |
$ | 2,000 | $ | 2,144,120 | |||||||||
Series A, 6.00%, 8/01/30 |
2,270 | 2,785,245 | |||||||||||
California Health Facilities Financing Authority, RB: |
|||||||||||||
Childrens Hospital, Series A, 5.25%, 11/01/41 |
5,000 | 5,598,300 | |||||||||||
St. Joseph Health System, Series A, 5.50%, 7/01/29 |
2,100 | 2,444,253 | |||||||||||
Sutter Health, Series B, 6.00%, 8/15/42 |
7,530 | 9,049,629 | |||||||||||
California Health Facilities Financing Authority, Refunding RB: |
|||||||||||||
Catholic Healthcare West, Series A, 6.00%, 7/01/39 |
10,000 | 11,815,700 | |||||||||||
Providence Health, 6.50%, 10/01/38 |
3,625 | 4,382,262 | |||||||||||
California Statewide Communities Development Authority, Series A, RB: |
|||||||||||||
Kaiser Permanente, 5.00%, 4/01/42 |
12,285 | 13,790,527 | |||||||||||
Sutter Health, 6.00%, 8/15/42 |
7,995 | 9,608,471 | |||||||||||
61,618,507 | |||||||||||||
Housing 1.0% |
|||||||||||||
Santa Clara County Housing Authority California, RB, John Burns Gardens Apartments Project, Series A, AMT,
6.00%, 8/01/41 |
3,500 | 3,503,080 | |||||||||||
State 12.9% |
|||||||||||||
California State Public Works Board, RB: |
|||||||||||||
Department of Developmental Services, Porterville, Series C, 6.25%, 4/01/34 |
1,385 | 1,667,319 | |||||||||||
Department of Education, Riverside Campus Project, Series B, 6.50%, 4/01/34 |
10,000 | 12,179,800 | |||||||||||
Trustees of the California State University, Series D, 6.00%, 4/01/27 |
215 | 262,878 | |||||||||||
Various Capital Projects, Sub-Series I-1, 6.38%, 11/01/34 |
4,400 | 5,397,568 | |||||||||||
State of California, GO, Various Purpose: |
|||||||||||||
6.00%, 4/01/38 |
20,000 | 23,964,000 | |||||||||||
6.00%, 11/01/39 |
3,250 | 3,943,355 | |||||||||||
47,414,920 | |||||||||||||
Transportation 11.9% |
|||||||||||||
City of Los Angeles Department of Airports, Refunding RB, Series A, 5.25%, 5/15/39 |
2,775 | 3,149,015 | |||||||||||
City of San Jose California, RB, Series A-1, AMT (AGM): |
|||||||||||||
5.50%, 3/01/30 |
1,000 | 1,141,990 | |||||||||||
5.75%, 3/01/34 |
1,000 | 1,160,240 | |||||||||||
City of San Jose California, Refunding ARB, Series A-1, AMT, 6.25%, 3/01/34 |
1,400 | 1,685,376 | |||||||||||
County of Orange California, ARB, Series B, 5.75%, 7/01/34 |
3,000 | 3,462,930 | |||||||||||
County of Sacramento California, ARB: |
|||||||||||||
Airport System Subordinate, PFC/Grant, Series D, 6.00%, 7/01/35 |
3,000 | 3,540,420 | |||||||||||
Senior Series B, 5.75%, 7/01/39 |
900 | 1,056,267 | |||||||||||
San
Diego County Regional Airport Authority, RB, Senior: |
|||||||||||||
Series A, 5.00%, 7/01/43 |
8,395 | 9,676,161 | |||||||||||
Series B, AMT, 5.00%, 7/01/38 |
3,250 | 3,654,267 | |||||||||||
Series B, AMT, 5.00%, 7/01/43 |
500 | 559,420 | |||||||||||
San
Francisco City & County Airports Commission, RB, Series E, 6.00%, 5/01/39 |
5,065 | 6,039,405 | |||||||||||
San
Francisco Port Commission California, RB, Series A, 5.13%, 3/01/40 |
5,050 | 5,567,423 | |||||||||||
San
Joaquin County Transportation Authority, Refunding RB, Limited Tax, Measure K, Series A, 6.00%, 3/01/36 |
2,400 | 2,995,344 | |||||||||||
43,688,258 |
SEMI-ANNUAL REPORT | JANUARY 31, 2013 | 23 |
Schedule of Investments (continued) | BlackRock MuniYield
California Fund, Inc. (MYC) (Percentages shown are based on Net Assets) |
Municipal Bonds |
Par (000) |
Value | |||||||||
California (concluded) |
|||||||||||
Utilities 12.1% |
|||||||||||
City of Chula Vista California, Refunding RB, San Diego Gas & Electric, Series D, 5.88%, 1/01/34 |
$ | 4,000 | $ | 4,714,200 | |||||||
City of Los Angeles California Wastewater System, Refunding RB: |
|||||||||||
Series A (NPFGC), 5.00%, 6/01/34 |
5,000 | 5,439,800 | |||||||||
Sub-Series A, 5.00%, 6/01/32 |
3,000 | 3,473,460 | |||||||||
City of Petaluma California Wastewater, Refunding RB, 6.00%, 5/01/36 |
2,645 | 3,249,197 | |||||||||
City of San Francisco California Public Utilities Commission, RB, Water, Series ABC, Sub-Series A, 5.00%, 11/01/35 |
3,000 | 3,499,860 | |||||||||
Dublin-San Ramon Services District, Refunding RB, 6.00%, 8/01/41 |
2,420 | 2,942,575 | |||||||||
Eastern Municipal Water District California, COP, Series H, 5.00%, 7/01/35 |
8,420 | 9,418,023 | |||||||||
Los
Angeles Department of Water & Power, Refunding RB, System, Series A, 5.25%, 7/01/39 |
4,000 | 4,657,480 | |||||||||
San
Diego Public Facilities Financing Authority, Refunding RB, Senior Series A, 5.38%, 5/15/34 |
3,910 | 4,528,210 | |||||||||
San
Francisco City & County Public Utilities Commission, Refunding RB, Series A, 5.13%, 11/01/39 |
2,295 | 2,646,181 | |||||||||
44,568,986 | |||||||||||
Total Municipal Bonds 91.7% |
336,710,814 | ||||||||||
Municipal Bonds Transferred to Tender Option Bond Trusts (b) |
|||||||||||
California 66.3% |
|||||||||||
County/City/Special District/School District 29.5% |
|||||||||||
City of Los Angeles California, Refunding RB, Series A, 5.00%, 6/01/39 |
9,870 | 11,035,746 | |||||||||
El
Dorado Union High School District, GO, Election of 2008, 5.00%, 8/01/35 |
5,000 | 5,634,950 | |||||||||
Los
Angeles Community College District California, GO: |
|||||||||||
Election of 2001, Series E-1, 5.00%, 8/01/33 |
14,850 | 17,145,216 | |||||||||
Election of 2003, Series E (AGM), 5.00%, 8/01/31 |
10,002 | 11,205,016 | |||||||||
Election of 2008, Series C, 5.25%, 8/01/39 (c) |
9,680 | 11,744,841 | |||||||||
Los
Angeles Community College District California, GO, Refunding, Series A, 6.00%, 8/01/33 |
3,828 | 4,791,508 | |||||||||
San
Diego Community College District California, GO, Election of 2002, 5.25%, 8/01/33 |
7,732 | 9,399,171 | |||||||||
San
Francisco Bay Area Rapid Transit District, Refunding RB, Series A (NPFGC): |
|||||||||||
5.00%, 7/01/30 |
6,000 | 6,533,160 | |||||||||
5.00%, 7/01/34 |
5,439 | 5,921,785 | |||||||||
San
Marcos Unified School District, GO, Election of 2010, Series A, 5.00%, 8/01/38 |
15,520 | 17,473,968 | |||||||||
Sonoma County Junior College District, GO, Election of 2002, Series B (AGM), 5.00%, 8/01/28 |
6,875 | 7,528,885 | |||||||||
108,414,246 |
Municipal Bonds Transferred to Tender Option Bond Trusts (b) |
Par (000) |
Value |
|||||||||
California (concluded) |
|||||||||||
Education 14.0% |
|||||||||||
California Educational Facilities Authority, RB, University of Southern California, Series A, 5.25%, 10/01/39 (c) |
$ | 13,845 | $ | 16,211,526 | |||||||
Peralta Community College District, GO, Election of 2000, Series D (AGM), 5.00%, 8/01/30 |
1,995 | 2,075,618 | |||||||||
University of California, RB: |
|||||||||||
Series L, 5.00%, 5/15/36 |
8,500 | 9,572,360 | |||||||||
Series L, 5.00%, 5/15/40 |
11,597 | 13,016,435 | |||||||||
Series O, 5.75%, 5/15/34 |
2,805 | 3,397,874 | |||||||||
University of California, Refunding RB, Limited Project, Series G, 5.00%, 5/15/37 |
6,160 | 7,141,507 | |||||||||
51,415,320 | |||||||||||
Health 3.1% |
|||||||||||
California Health Facilities Financing Authority, RB, Sutter Health, Series A (BHAC), 5.00%,
11/15/42 |
10,002 | 11,234,595 | |||||||||
Transportation 1.5% |
|||||||||||
City of Los Angeles California Department of Airports, Refunding RB, Los Angeles International Airport,
Senior, Series A, 5.00%, 5/15/40 |
4,999 | 5,656,185 | |||||||||
Utilities 18.2% |
|||||||||||
Eastern Municipal Water District, COP, Series H, 5.00%, 7/01/33 |
4,748 | 5,370,564 | |||||||||
Los
Angeles Department of Water & Power, RB, Power System: |
|||||||||||
Sub-Series A-1 (AMBAC), 5.00%, 7/01/37 |
15,098 | 17,005,340 | |||||||||
System, Sub-Series A-2 (AGM), 5.00%, 7/01/35 |
7,250 | 8,138,342 | |||||||||
Metropolitan Water District of Southern California, RB: |
|||||||||||
Series A, 5.00%, 7/01/37 |
20,000 | 22,828,600 | |||||||||
Series C, 5.00%, 7/01/35 |
7,145 | 8,005,251 | |||||||||
San
Diego County Water Authority, COP, Series A (AGM), 5.00%, 5/01/31 |
5,010 | 5,270,921 | |||||||||
66,619,018 | |||||||||||
Total Municipal Bonds Transferred to Tender Option Bond Trusts 66.3% |
243,339,364 | ||||||||||
Total Long-Term Investments (Cost $519,141,811) 158.0% |
580,050,178 | ||||||||||
Short-Term Securities |
Shares | ||||||||||
BIF California Municipal Money Fund, 0.00% (d)(e) |
2,352,332 | 2,352,332 | |||||||||
Total Short-Term Securities (Cost $2,352,332) 0.6% |
2,352,332 | ||||||||||
Total Investments (Cost$521,494,143) 158.6% |
582,402,510 | ||||||||||
Other Assets Less Liabilities 1.0% |
3,776,160 | ||||||||||
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable (30.8)% |
(113,080,967 | ) | |||||||||
VRDP Shares, at Liquidation Value (28.8)% |
(105,900,000 | ) | |||||||||
Net Assets Applicable to Common Shares 100.0% |
$ | 367,197,703 |
Notes to Schedule of Investments
(a) | Represents a zero-coupon bond. Rate shown reflects the current yield as of report date. |
|||||
(b) | 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. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to
TOBs. |
|||||
(c) | All
or a portion of security is subject to a recourse agreement, which may require the Fund to pay the liquidity provider in the event there is a shortfall
between the TOB trust certificates and proceeds received from the sale of the security contributed to the TOB trust. In the case of a shortfall, the
aggregate maximum potential amount the Fund could ultimately be required to pay under the agreements is $14,070,000. |
24 | SEMI-ANNUAL REPORT | JANUARY 31, 2013 |
Schedule of Investments (concluded) | BlackRock MuniYield
California Fund, Inc. (MYC) |
(d) | Investments in issuers considered to be an affiliate of the Fund during the six months ended January 31, 2013, for purposes of Section 2(a)(3) of
the 1940 Act, were as follows: |
Affiliate |
|
Shares Held at July 31, 2012 |
|
Net Activity |
|
Shares Held at January 31, 2013 |
|
Income |
||||||||||
BIF California Municipal Money Fund |
3,043,312 | (690,980 | ) | 2,352,332 | $11 |
(e) | Represents the current yield as of report date. |
|||||
| Financial futures contracts as of January 31, 2013 were as follows: |
Contracts Sold |
|
Issue |
|
Exchange |
|
Expiration |
|
Notional Value |
|
Unrealized Appreciation |
||||||||||||
(100) |
10-Year US Treasury Note |
Chicago Board of Trade |
March 2013 |
$ | 13,128,125 | $ | 100,619 |
| For
Fund compliance purposes, the Funds sector classifications refer to any one or more of the sector sub-classifications used by one or more widely
recognized market indexes or ratings groups indexes, and/or as defined by Fund management. These definitions may not apply for purposes of this report,
which may combine such sector sub-classifications for reporting ease. |
|||||
| Fair
Value Measurements Various inputs are used in determining the fair value of investments and derivative financial instruments. These inputs to
valuation techniques are categorized into a disclosure hierarchy consisting of three broad levels for financial statement purposes as
follows: |
| Level 1 unadjusted price quotations in active markets/exchanges for identical assets and liabilities that the Fund has the
ability to access |
|||||
| Level 2 other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets
that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are
observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and
default rates) or other market-corroborated inputs) |
|||||
| Level 3 unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are
not available (including the Funds own assumptions used in determining the fair value of investments and derivative financial
instruments) |
The
hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the
lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for
instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases,
for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the
lowest level input that is significant to the fair value measurement in its entirety. |
||||||
Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the
Funds 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 and derivative financial instruments is based on the pricing transparency of
the investment and derivative financial instrument and is not necessarily an indication of the risks associated with investing in those securities. For
information about the Funds policy regarding valuation of investments and derivative financial instruments and other significant accounting
policies, please refer to Note 1 of the Notes to Financial Statements. |
||||||
The
following tables summarize the Funds investments and derivative financial instruments categorized in the disclosure hierarchy as of January 31,
2013: |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
|||||||||||
Assets: |
||||||||||||||||||
Investments: |
||||||||||||||||||
Long-Term Investments1 |
| $ | 580,050,178 | | $ | 580,050,178 | ||||||||||||
Short-Term Securities |
$ | 2,352,332 | | | 2,352,332 | |||||||||||||
Total |
$ | 2,352,332 | $ | 580,050,178 | | $ | 582,402,510 |
1 | See above Schedule of Investments for values in each sector. |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
|||||||||||
Derivative financial instruments2 |
||||||||||||||||||
Assets: |
||||||||||||||||||
Interest rate contracts |
$ | 100,619 | | | $ | 100,619 |
2 | Derivative financial instruments are financial futures contracts, which are valued at the unrealized appreciation/depreciation on the instrument. |
Certain of the Funds assets and liabilities are held at carrying amount, which approximates fair value for financial statement purposes. As
of January 31, 2013, such assets and liabilities are categorized within the disclosure hierarchy as follows: |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
|||||||||||
Assets: |
||||||||||||||||||
Cash pledged as collateral for financial futures contracts |
$ | 132,000 | | | $ | 132,000 | ||||||||||||
Liabilities: |
||||||||||||||||||
Bank overdraft |
| $ | (90,871 | ) | | (90,871 | ) | |||||||||||
TOB trust certificates |
| (113,024,796 | ) | | (113,024,796 | ) | ||||||||||||
VRDP Shares |
| (105,900,000 | ) | | (105,900,000 | ) | ||||||||||||
Total |
$ | 132,000 | $ | (219,015,667 | ) | | $ | (218,883,667 | ) |
There were no transfers between levels during the six months ended January 31, 2013. |
SEMI-ANNUAL REPORT | JANUARY 31, 2013 | 25 |
Schedule of Investments January 31, 2013 (Unaudited) | BlackRock MuniYield
Investment Fund, Inc. (MYF) (Percentages shown are based on Net Assets) |
Municipal Bonds | Par (000) |
Value | ||||||||
Alabama 1.7% |
||||||||||
Alabama Incentives Financing Authority, RB, Series A, 5.00%, 9/01/42 |
$ | 2,000 | $ | 2,265,040 | ||||||
Courtland IDB, Refunding RB, International Paper Co. Projects, Series A, AMT, 5.20%, 6/01/25 |
1,000 | 1,032,280 | ||||||||
Selma IDB, RB, International Paper Co. Project, Series A, 5.38%, 12/01/35 |
545 | 602,410 | ||||||||
3,899,730 | ||||||||||
Alaska 0.8% |
||||||||||
Alaska Municipal Bond Bank Authority, RB, Series 1, 5.38%, 9/01/33 |
1,000 | 1,172,170 | ||||||||
Northern Tobacco Securitization Corp., Refunding RB, Series A, 5.00%, 6/01/46 |
690 | 606,179 | ||||||||
1,778,349 | ||||||||||
Arizona 0.8% |
||||||||||
Arizona Board of Regents, Refunding RB, University of Arizona, Series A, 5.00%, 6/01/42 |
1,500 | 1,716,300 | ||||||||
California 8.6% |
||||||||||
California Educational Facilities Authority, RB, University of Southern California, Series A, 5.25%, 10/01/38 |
2,740 | 3,230,844 | ||||||||
California Health Facilities Financing Authority, RB, Sutter Health, Series B, 6.00%, 8/15/42 |
1,645 | 1,976,977 | ||||||||
California Health Facilities Financing Authority, Refunding RB, Catholic Healthcare West, Series A, 6.00%, 7/01/39 |
710 | 838,915 | ||||||||
City of San Jose California, Refunding ARB, Series A-1, AMT, 5.50%, 3/01/30 |
1,500 | 1,719,810 | ||||||||
Grossmont Union High School District, GO, Election of 2008, Series B, 4.75%, 8/01/45 |
2,655 | 2,883,197 | ||||||||
Los
Angeles Department of Water & Power, RB, Power System, Sub-Series A-1, 5.25%, 7/01/38 |
3,600 | 4,137,876 | ||||||||
San
Diego Regional Building Authority California, RB, County Operations Center & Annex, Series A, 5.38%, 2/01/36 |
1,310 | 1,481,990 | ||||||||
State of California, GO, Various Purpose, 6.00%, 3/01/33 |
2,535 | 3,152,298 | ||||||||
19,421,907 | ||||||||||
Colorado 0.5% |
||||||||||
City & County of Denver Colorado, Refunding ARB, Airport System, Series B, 5.00%,
11/15/37 |
900 | 1,034,370 | ||||||||
Florida 4.3% |
||||||||||
City of Jacksonville Florida, Refunding RB, Better Jacksonville, Series A, 5.00%, 10/01/30 |
1,120 | 1,306,715 | ||||||||
County of Escambia Florida, Refunding RB, International Paper Corp. Projects, Series B, AMT, 5.00%, 8/01/26 |
600 | 601,500 | ||||||||
County of Lee Florida, Refunding ARB, Series A, AMT, 5.38%, 10/01/32 |
2,000 | 2,247,220 | ||||||||
Hillsborough County IDA, RB, National Gypsum Co., AMT: |
||||||||||
Series A, 7.13%, 4/01/30 |
2,500 | 2,502,525 | ||||||||
Series B, 7.13%, 4/01/30 |
2,290 | 2,291,099 | ||||||||
Jacksonville Florida Port Authority, Refunding RB, AMT, 5.00%, 11/01/38 |
225 | 244,521 | ||||||||
Manatee County Housing Finance Authority, RB, Series A, AMT (Ginnie Mae), 5.90%, 9/01/40 |
495 | 538,887 | ||||||||
9,732,467 | ||||||||||
Georgia 0.5% |
||||||||||
Municipal Electric Authority of Georgia, Refunding RB, Project One, Sub-Series D, 6.00%,
1/01/23 |
880 | 1,076,178 | ||||||||
Illinois 13.9% |
||||||||||
Chicago Illinois Board of Education, GO, Series A: |
||||||||||
5.00%, 12/01/42 |
2,800 | 3,071,012 | ||||||||
5.50%, 12/01/39 |
1,815 | 2,121,753 | ||||||||
Chicago Illinois Transit Authority, RB, Sales Tax Receipts Revenue, 5.25%, 12/01/36 |
615 | 709,784 | ||||||||
Chicago Park District, GO, Harbor Facilities, Series C, 5.25%, 1/01/40 |
100 | 114,084 | ||||||||
Municipal Bonds | Par (000) |
Value | ||||||||
Illinois (concluded) |
||||||||||
City of Chicago Illinois, GARB, OHare International Airport, Third Lien, Series C, 6.50%, 1/01/41 |
$ | 6,065 | $ | 7,842,955 | ||||||
City of Chicago Illinois, Refunding RB, Sales Tax, Series A, 5.25%, 1/01/38 |
765 | 882,596 | ||||||||
Cook County Forest Preserve District, GO, Series C, 5.00%, 12/15/32 |
570 | 656,480 | ||||||||
Cook County Forest Preserve District, GO, Refunding, Limited Tax Project, Series B, 5.00%, 12/15/32 |
265 | 305,206 | ||||||||
Illinois Finance Authority, RB, Carle Foundation, Series A, 6.00%, 8/15/41 |
4,000 | 4,801,200 | ||||||||
Illinois Finance Authority, Refunding RB: |
||||||||||
Central DuPage Health, Series B, 5.38%, 11/01/39 |
1,200 | 1,348,740 | ||||||||
Northwestern Memorial Hospital, Series A, 6.00%, 8/15/39 |
4,160 | 4,887,834 | ||||||||
Metropolitan Pier & Exposition Authority, Refunding RB, McCormick Place Project, Series B, 5.00%, 12/15/28 |
2,010 | 2,352,363 | ||||||||
Railsplitter Tobacco Settlement Authority, RB: |
||||||||||
5.50%, 6/01/23 |
1,370 | 1,629,834 | ||||||||
6.00%, 6/01/28 |
390 | 468,355 | ||||||||
31,192,196 | ||||||||||
Indiana 4.2% |
||||||||||
Indiana Municipal Power Agency, RB, Series B, 6.00%, 1/01/39 |
4,525 | 5,421,176 | ||||||||
Indianapolis Local Public Improvement Bond Bank, RB, Series F, 5.25%, 2/01/36 |
3,360 | 3,909,730 | ||||||||
9,330,906 | ||||||||||
Kansas 2.7% |
||||||||||
Kansas Development Finance Authority, Refunding RB, Adventist Health System/Sunbelt Obligated Group: |
||||||||||
Series A, 5.00%, 11/15/32 |
2,000 | 2,316,820 | ||||||||
Series C, 5.50%, 11/15/29 |
3,250 | 3,813,095 | ||||||||
6,129,915 | ||||||||||
Kentucky 1.3% |
||||||||||
Kentucky Economic Development Finance Authority, RB, Owensboro Medical Health System, Series A, 6.38%, 6/01/40 |
1,300 | 1,549,080 | ||||||||
Louisville & Jefferson County Metropolitan Government Parking Authority, RB, Series A, 5.75%, 12/01/34 |
1,200 | 1,479,144 | ||||||||
3,028,224 | ||||||||||
Louisiana 0.7% |
||||||||||
Louisiana Local Government Environmental Facilities & Community Development Authority, RB, Series A-1,
6.50%, 11/01/35 |
1,420 | 1,681,479 | ||||||||
Maine 1.4% |
||||||||||
Maine Health & Higher Educational Facilities Authority, RB, Maine General Medical Center, 7.50%,
7/01/32 |
2,500 | 3,210,850 | ||||||||
Massachusetts 3.5% |
||||||||||
Massachusetts Development Finance Agency, RB, Wellesley College, Series J, 5.00%, 7/01/42 |
660 | 769,342 | ||||||||
Massachusetts HFA, Refunding HRB, AMT: |
||||||||||
Series B, 5.50%, 6/01/41 |
3,000 | 3,245,760 | ||||||||
Series C, 5.35%, 12/01/42 |
1,630 | 1,758,575 | ||||||||
Series F, 5.70%, 6/01/40 |
2,010 | 2,166,579 | ||||||||
7,940,256 | ||||||||||
Michigan 2.7% |
||||||||||
Lansing Board of Water & Light Utilities System, RB, Series A, 5.50%, 7/01/41 |
1,805 | 2,138,402 | ||||||||
Michigan State Building Authority, Refunding RB, Series I, 6.00%, 10/15/38 |
1,250 | 1,504,600 | ||||||||
Royal Oak Hospital Finance Authority Michigan, Refunding RB, William Beaumont Hospital, 8.25%, 9/01/39 |
1,970 | 2,518,960 | ||||||||
6,161,962 |
26 | SEMI-ANNUAL REPORT | JANUARY 31, 2013 |
Schedule of Investments (continued) | BlackRock MuniYield
Investment Fund, Inc. (MYF) (Percentages shown are based on Net Assets) |
Municipal Bonds | Par (000) |
Value | |||||||||
Mississippi 2.1% |
|||||||||||
Mississippi Development Bank, Refunding RB: |
|||||||||||
Jackson Public School District Project, Series A, 5.00%, 4/01/28 |
$ | 1,060 | $ | 1,208,622 | |||||||
Jacksonville Mississippi Water & Sewer System Project, Series A (AGM), 5.00%, 9/01/30 |
3,010 | 3,508,095 | |||||||||
4,716,717 | |||||||||||
Nevada 3.2% |
|||||||||||
City of Las Vegas Nevada, GO, Limited Tax, Performing Arts Center, 6.00%, 4/01/34 |
2,850 | 3,354,279 | |||||||||
County of Clark Nevada, RB, Series B, 5.75%, 7/01/42 |
3,375 | 3,932,415 | |||||||||
7,286,694 | |||||||||||
New Jersey 2.5% |
|||||||||||
New
Jersey EDA, Refunding RB, New Jersey American Water Co., Inc. Project, Series A, AMT, 5.70%, 10/01/39 |
2,250 | 2,520,922 | |||||||||
New
Jersey Transportation Trust Fund Authority, RB, Transportation System, Series A, 5.88%, 12/15/38 |
2,670 | 3,148,678 | |||||||||
5,669,600 | |||||||||||
New York 4.0% |
|||||||||||
New
York Liberty Development Corp., Refunding RB, Second Priority, Bank of America Tower at One Bryant Park Project, 6.38%, 7/15/49 |
1,200 | 1,425,996 | |||||||||
New
York State Dormitory Authority, RB, Series B: |
|||||||||||
5.00%, 3/15/37 |
3,600 | 4,167,648 | |||||||||
5.00%, 3/15/42 |
2,000 | 2,289,600 | |||||||||
New
York State Thruway Authority, Refunding RB, Series I, 5.00%, 1/01/37 |
1,030 | 1,168,535 | |||||||||
9,051,779 | |||||||||||
North Carolina 1.1% |
|||||||||||
North Carolina Medical Care Commission, RB, Duke University Health System, Series A, 5.00%,
6/01/32 |
2,010 | 2,363,700 | |||||||||
Ohio 1.2% |
|||||||||||
Ohio State University, RB, General Receipts Special Purpose, Series A: |
|||||||||||
5.00%, 6/01/38 |
900 | 1,050,174 | |||||||||
5.00%, 6/01/43 |
1,345 | 1,555,250 | |||||||||
2,605,424 | |||||||||||
Pennsylvania 3.4% |
|||||||||||
Pennsylvania Economic Development Financing Authority, RB, American Water Co. Project, 6.20%, 4/01/39 |
1,075 | 1,256,750 | |||||||||
Pennsylvania Turnpike Commission, RB, Sub-Series A: |
|||||||||||
5.63%, 12/01/31 |
2,455 | 2,888,676 | |||||||||
6.00%, 12/01/41 |
3,000 | 3,405,180 | |||||||||
7,550,606 | |||||||||||
Puerto Rico 0.5% |
|||||||||||
Puerto Rico Sales Tax Financing Corp., RB, First Sub-Series A, 6.00%, 8/01/42 |
1,000 | 1,100,270 | |||||||||
Texas 12.1% |
|||||||||||
Central Texas Regional Mobility Authority, Refunding RB, Senior Lien: |
|||||||||||
5.75%, 1/01/31 |
1,000 | 1,171,720 | |||||||||
6.00%, 1/01/41 |
2,600 | 3,032,276 | |||||||||
City of Houston Texas, Refunding RB, Utility System, First Lien, Series D, 5.00%, 11/15/42 |
1,500 | 1,733,490 | |||||||||
Conroe ISD Texas, GO, School Building, Series A, 5.75%, 2/15/35 |
1,800 | 2,145,798 | |||||||||
Dallas Fort Worth International Airport, ARB, Series H, AMT, 5.00%, 11/01/42 |
3,335 | 3,599,432 | |||||||||
Harris County Health Facilities Development Corp., Refunding RB, Memorial Hermann Healthcare System, Series B, 7.25%, 12/01/35 |
800 | 996,664 | |||||||||
Katy ISD Texas, GO, Refunding, School Building, Series A (PSF-GTD), 5.00%, 2/15/42 |
1,115 | 1,288,483 | |||||||||
Municipal Bonds | Par (000) |
Value | |||||||||
Texas (concluded) |
|||||||||||
North Texas Tollway Authority, Refunding RB, First Tier: |
|||||||||||
Series B, 5.00%, 1/01/42 |
$ | 1,500 | $ | 1,672,230 | |||||||
Series K-1 (AGC), 5.75%, 1/01/38 |
1,000 | 1,130,100 | |||||||||
Tarrant County Cultural Education Facilities Finance Corp., RB, Scott & White Healthcare, 6.00%, 8/15/45 |
3,795 | 4,501,743 | |||||||||
Texas Private Activity Bond Surface Transportation Corp., RB, Senior Lien, NTE Mobility Partners LLC, North Tarrant Express Managed Lanes Project,
6.88%, 12/31/39 |
1,700 | 2,033,540 | |||||||||
Texas Transportation Commission, Refunding RB, Central Texas Turnpike System, First Tier, Series A, 5.00%, 8/15/41 |
660 | 728,422 | |||||||||
University of Texas, Refunding RB, Financing System, Series B, 5.00%, 8/15/43 |
2,680 | 3,148,464 | |||||||||
27,182,362 | |||||||||||
Utah 0.8% |
|||||||||||
Utah Transit Authority, Refunding RB, 5.00%, 6/15/42 |
1,500 | 1,695,030 | |||||||||
Virginia 3.6% |
|||||||||||
Fairfax County IDA, RB, Inova Health System Project, Series A, 5.00%, 5/15/40 |
1,035 | 1,176,505 | |||||||||
Virginia Public School Authority, RB, School Financing, 6.50%, 12/01/35 (a) |
1,500 | 1,978,890 | |||||||||
Virginia Resources Authority, RB, Series A, Infrastructure, 5.00%, 11/01/42 |
1,840 | 2,142,239 | |||||||||
Virginia Small Business Financing Authority, RB, Senior Lien, Elizabeth River Crossing OPCO LLC Project, AMT, 6.00%, 1/01/37 |
2,440 | 2,805,219 | |||||||||
8,102,853 | |||||||||||
Wisconsin 2.9% |
|||||||||||
Wisconsin Health & Educational Facilities Authority, RB, Ascension Health, Series D, 5.00%, 11/15/41 |
1,840 | 2,072,374 | |||||||||
Wisconsin Health & Educational Facilities Authority, Refunding RB, Froedtert Health, Inc.: |
|||||||||||
5.25%, 4/01/39 |
3,470 | 3,856,870 | |||||||||
Series A, 5.00%, 4/01/42 |
470 | 528,195 | |||||||||
6,457,439 | |||||||||||
Total Municipal Bonds 85.0% |
191,117,563 | ||||||||||
Municipal Bonds Transferred to Tender Option Bond Trusts (b) |
|||||||||||
California 20.6% |
|||||||||||
Bay
Area Toll Authority, Refunding RB, San Francisco Bay Area, Series F-1, 5.63%, 4/01/44 |
2,680 | 3,111,367 | |||||||||
California Educational Facilities Authority, RB, University of Southern California, Series A, 5.25%, 10/01/39 (c) |
4,200 | 4,917,906 | |||||||||
Grossmont Union High School District, GO, Election of 2008, Series B, 5.00%, 8/01/40 |
6,000 | 6,727,800 | |||||||||
Los
Angeles Community College District California, GO, Series C, 5.25%, 8/01/39 (c) |
5,250 | 6,369,877 | |||||||||
Los
Angeles Community College District California, GO, Refunding, Series A, 6.00%, 8/01/33 |
7,697 | 9,633,058 | |||||||||
Los
Angeles Unified School District California, GO, Series I, 5.00%, 1/01/34 |
790 | 889,185 | |||||||||
San
Diego Public Facilities Financing Authority, Refunding RB, Series B, 5.50%, 8/01/39 |
8,412 | 9,851,612 | |||||||||
University of California, RB, Series O, 5.75%, 5/15/34 |
3,000 | 3,634,090 | |||||||||
University of California, Refunding RB, 5.00%, 5/15/37 |
1,000 | 1,159,335 | |||||||||
46,294,230 | |||||||||||
Colorado 1.1% |
|||||||||||
Colorado Health Facilities Authority, Refunding RB, Catholic Healthcare, Series A, 5.50%, 7/01/34
(c) |
2,149 | 2,460,986 |
SEMI-ANNUAL REPORT | JANUARY 31, 2013 | 27 |
Schedule of Investments (continued) | BlackRock MuniYield
Investment Fund, Inc. (MYF) (Percentages shown are based on Net Assets) |
Municipal Bonds Transferred to Tender Option Bond Trusts (b) |
Par (000) |
Value | |||||||||
District of Columbia 3.3% |
|||||||||||
District of Columbia, RB, Series A, 5.50%, 12/01/30 (c) |
$ | 2,805 | $ | 3,424,774 | |||||||
District of Columbia Water & Sewer Authority, Refunding RB, Series A, 5.50%, 10/01/39 |
3,507 | 4,078,220 | |||||||||
7,502,994 | |||||||||||
Florida 2.9% |
|||||||||||
County of Miami-Dade Florida, Refunding RB, Transit System, Sales Surtax, 5.00%, 7/01/42 |
980 | 1,102,892 | |||||||||
Hillsborough County Aviation Authority, RB, Series A, AMT (AGC), 5.50%, 10/01/38 |
3,869 | 4,230,107 | |||||||||
Lee
County Housing Finance Authority, RB, Multi-County Program, Series A-2, AMT (Ginnie Mae), 6.00%, 9/01/40 |
1,080 | 1,141,841 | |||||||||
6,474,840 | |||||||||||
Illinois 4.6% |
|||||||||||
City of Chicago Illinois, Refunding RB, Water System, Second Lien, 5.00%, 11/01/42 |
1,559 | 1,763,449 | |||||||||
Illinois Finance Authority, RB, University of Chicago, Series B, 6.25%, 7/01/38 |
5,300 | 6,555,146 | |||||||||
Illinois State Toll Highway Authority, RB, Series B, 5.50%, 1/01/33 |
1,750 | 1,992,002 | |||||||||
10,310,597 | |||||||||||
Massachusetts 1.5% |
|||||||||||
Massachusetts School Building Authority, RB, Sales Tax, Senior Series B, 5.00%, 10/15/41 |
2,950 | 3,401,409 | |||||||||
Nevada 8.9% |
|||||||||||
Clark County Water Reclamation District, GO: |
|||||||||||
Limited Tax, 6.00%, 7/01/38 |
5,000 | 6,041,750 | |||||||||
Series B, 5.50%, 7/01/29 |
5,668 | 6,924,455 | |||||||||
Las
Vegas Valley Water District, GO, Refunding, 5.00%, 6/01/28 |
6,070 | 7,075,799 | |||||||||
20,042,004 | |||||||||||
New Hampshire 1.1% |
|||||||||||
New Hampshire Health & Education Facilities Authority, RB, Dartmouth College, 5.25%, 6/01/39
(c) |
2,159 | 2,540,966 | |||||||||
New Jersey 3.6% |
|||||||||||
New
Jersey State Housing & Mortgage Finance Agency, RB, S/F Housing, Series CC, 5.25%, 10/01/29 |
2,251 | 2,498,830 | |||||||||
New
Jersey Transportation Trust Fund Authority, RB, Transportation System: |
|||||||||||
Series A (AGM), 5.00%, 12/15/32 |
4,000 | 4,539,440 | |||||||||
Series B, 5.25%, 6/15/36 |
1,000 | 1,146,320 | |||||||||
8,184,590 | |||||||||||
New York 14.9% |
|||||||||||
Hudson New York Yards Infrastructure Corp., RB, Senior Series A, 5.75%, 2/15/47 |
1,290 | 1,539,235 | |||||||||
New
York City Municipal Water Finance Authority, Refunding RB: |
|||||||||||
Second General Resolution, Fiscal Year 2012, Series BB, 5.25%, 6/15/44 |
4,408 | 5,097,578 | |||||||||
Series FF, 5.00%, 6/15/45 |
3,859 | 4,397,127 | |||||||||
Series FF-2, 5.50%, 6/15/40 |
2,504 | 2,956,007 | |||||||||
New
York City Transitional Finance Authority, BARB, Fiscal 2009, Series S-3, 5.25%, 1/15/39 |
2,499 | 2,805,512 | |||||||||
New
York City Transitional Finance Authority, RB, Subseries E-1, 5.00%, 2/01/42 |
1,720 | 1,976,002 | |||||||||
Municipal Bonds Transferred to Tender Option Bond Trusts (b) |
Par (000) |
Value | |||||||||
New York (concluded) |
|||||||||||
New
York Liberty Development Corp., RB, 1 World Trade Center Port Authority Construction, 5.25%, 12/15/43 |
$ | 4,365 | $ | 5,022,038 | |||||||
New
York Liberty Development Corp., Refunding RB, 4 World Trade Center Project, 5.75%, 11/15/51 |
2,560 | 3,037,133 | |||||||||
New
York State Dormitory Authority, ERB, Series B, 5.25%, 3/15/38 |
5,700 | 6,665,637 | |||||||||
33,496,269 | |||||||||||
Ohio 1.6% |
|||||||||||
County of Allen Ohio, Refunding RB, Catholic Healthcare, Series A, 5.25%, 6/01/38 |
3,120 | 3,502,481 | |||||||||
Puerto Rico 0.9% |
|||||||||||
Puerto Rico Sales Tax Financing Corp., Refunding RB, Series C, 5.25%, 8/01/40 |
1,750 | 1,903,720 | |||||||||
South Carolina 1.7% |
|||||||||||
South Carolina State Public Service Authority, Refunding RB, Santee Cooper, Series A, 5.50%, 1/01/38 (c) |
3,240 | 3,750,203 | |||||||||
Texas 8.3% |
|||||||||||
City of San Antonio Texas, Refunding RB, Series A, 5.25%, 2/01/31 (c) |
3,989 | 4,750,957 | |||||||||
Harris County Cultural Education Facilities Finance Corp., RB, Hospital, Texas Childrens Hospital Project, 5.50%, 10/01/39 |
5,400 | 6,367,140 | |||||||||
North Texas Tollway Authority, RB, Special Projects, System, Series A, 5.50%, 9/01/41 |
3,480 | 4,142,661 | |||||||||
Waco Educational Finance Corp., Refunding RB, Baylor University, 5.00%, 3/01/43 |
3,000 | 3,435,390 | |||||||||
18,696,148 | |||||||||||
Utah 1.0% |
|||||||||||
City of Riverton Utah Hospital, RB, IHC Health Services, Inc., 5.00%, 8/15/41 |
1,995 | 2,207,268 | |||||||||
Virginia 0.9% |
|||||||||||
Fairfax County IDA Virginia, Refunding RB, Health Care, Inova Health System, Series A, 5.50%,
5/15/35 |
1,749 | 2,014,943 | |||||||||
Washington 1.4% |
|||||||||||
University of Washington, Refunding RB, Series A, 5.00%, 7/01/41 |
2,744 | 3,194,210 | |||||||||
Total Municipal Bonds Transferred to Tender Option Bond Trusts 78.3% |
175,977,858 | ||||||||||
Total Long-Term Investments (Cost $326,397,597) 163.3% |
367,095,421 | ||||||||||
Short-Term Securities |
Shares | ||||||||||
FFI Institutional Tax-Exempt Fund, 0.01% (d)(e) |
1,165,167 | 1,165,167 | |||||||||
Total Short-Term Securities (Cost $1,165,167) 0.5% |
1,165,167 | ||||||||||
Total Investments (Cost$327,562,764) 163.8% |
368,260,588 | ||||||||||
Other Assets Less Liabilities 1.5% |
3,397,150 | ||||||||||
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable (38.9)% |
(87,458,307 | ) | |||||||||
VRDP Shares, at Liquidation Value (26.4)% |
(59,400,000 | ) | |||||||||
Net Assets Applicable to Common Shares 100.0% |
$ | 224,799,431 |
Notes to Schedule of Investments
(a) | US
government securities, held in escrow, are used to pay interest on this security, as well as to retire the bond in full at the date indicated,
typically at a premium to par. |
|||||
(b) | 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. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to
TOBs. |
28 | SEMI-ANNUAL REPORT | JANUARY 31, 2013 |
Schedule of Investments (concluded) | BlackRock MuniYield
Investment Fund, Inc. (MYF) |
(c) | All
or a portion of security is subject to a recourse agreement, which may require the Fund to pay the liquidity provider in the event there is a shortfall
between the TOB trust certificates and proceeds received from the sale of the security contributed to the TOB trust. In the case of a shortfall, the
aggregate maximum potential amount the Fund could ultimately be required to pay under the agreements is $14,627,442. |
|||||
(d) | Investments in issuers considered to be an affiliate of the Fund during the six months ended January 31, 2013, for purposes of Section 2(a)(3) of
the 1940 Act, were as follows: |
Affiliate |
|
Shares Held at July 31, 2012 |
|
Net Activity |
|
Shares Held at January 31, 2013 |
|
Income |
||||||||||
FFI Institutional Tax-Exempt Fund |
176,582 | 988,585 | 1,165,167 | $ | 170 |
(e) | Represents the current yield as of report date. |
|||||
| For
Fund compliance purposes, the Funds sector classifications refer to any one or more of the sector sub-classifications used by one or more widely
recognized market indexes or ratings group indexes, and/or as defined by Fund management. These definitions may not apply for purposes of this report,
which may combine such sector sub-classifications for reporting ease. |
|||||
| 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 statement purposes as follows: |
| Level 1 unadjusted price quotations in active markets/exchanges for identical assets and liabilities that the Fund has the
ability to access |
|||||
| Level 2 other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets
that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are
observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and
default rates) or other market-corroborated inputs) |
|||||
| Level 3 unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are
not available (including the Funds own assumptions used in determining the fair value of investments) |
The
hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the
lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for
instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases,
for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the
lowest level input that is significant to the fair value measurement in its entirety. |
||||||
Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the
Funds 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 Funds policy regarding valuation
of investments and other significant accounting policies, please refer to Note 1 of the Notes to Financial Statements. |
||||||
The
following table summarizes the Funds investments categorized in the disclosure hierarchy as of January 31, 2013: |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
|||||||||||
Assets: |
||||||||||||||||||
Investments: |
||||||||||||||||||
Long-Term Investments1 |
| $ | 367,095,421 | | $ | 367,095,421 | ||||||||||||
Short-Term Securities |
$ | 1,165,167 | | | 1,165,167 | |||||||||||||
Total |
$ | 1,165,167 | $ | 367,095,421 | | $ | 368,260,588 |
1 | See Schedule of Investments for values in each state or political subdivision. |
Certain of the Funds liabilities are held at carrying amount, which approximates fair value for financial statement purposes. As of January
31, 2013, such liabilities are categorized within the disclosure hierarchy as follows: |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
|||||||||||
Liabilities: |
||||||||||||||||||
Bank overdraft |
| $ | (50,970 | ) | | $ | (50,970 | ) | ||||||||||
TOB trust certificates |
| (87,413,872 | ) | | (87,413,872 | ) | ||||||||||||
VRDP Shares |
| (59,400,000 | ) | | (59,400,000 | ) | ||||||||||||
Total |
| $ | (146,864,842 | ) | | $ | (146,864,842 | ) | ||||||||||
There were no transfers between levels during the six months ended January 31, 2013. |
SEMI-ANNUAL REPORT | JANUARY 31, 2013 | 29 |
Schedule of Investments January 31, 2013 (Unaudited) | BlackRock MuniYield New
Jersey Fund, Inc. (MYJ) (Percentages shown are based on Net Assets) |
Municipal Bonds | Par (000) |
Value |
|||||||||
New Jersey 120.7% |
|||||||||||
Corporate 4.8% |
|||||||||||
Middlesex County Improvement Authority, RB, Senior Heldrich Center Hotel, Series A, 5.00%, 1/01/20 |
$ | 655 | $ | 427,669 | |||||||
New
Jersey EDA, Refunding RB, New Jersey American Water Co., Inc. Project, AMT: |
|||||||||||
Series A, 5.70%, 10/01/39 |
2,925 | 3,277,199 | |||||||||
Series B, 5.60%, 11/01/34 |
2,430 | 2,769,155 | |||||||||
Salem County Pollution Control Financing Authority, Refunding RB, Atlantic City Electric, Series A, 4.88%, 6/01/29 |
4,550 | 5,052,184 | |||||||||
11,526,207 | |||||||||||
County/City/Special District/School District 15.5% |
|||||||||||
Bergen County New Jersey Improvement Authority, Refunding RB, Fair Lawn Community Center, Inc. Project, 5.00%, 9/15/34 |
1,470 | 1,756,150 | |||||||||
City of Margate City New Jersey, GO, Refunding, Improvement, New Jersey: |
|||||||||||
5.00%, 1/15/26 |
1,200 | 1,400,124 | |||||||||
5.00%, 1/15/27 |
845 | 981,915 | |||||||||
City of Perth Amboy New Jersey, GO, CAB, Refunding (AGM): |
|||||||||||
5.00%, 7/01/33 |
1,575 | 1,708,434 | |||||||||
5.00%, 7/01/34 |
1,925 | 2,077,306 | |||||||||
County of Hudson New Jersey, COP, Refunding (NPFGC), 6.25%, 12/01/16 |
1,500 | 1,720,380 | |||||||||
Essex County Improvement Authority, Refunding RB, Project Consolidation (NPFGC): |
|||||||||||
5.50%, 10/01/28 |
2,700 | 3,578,715 | |||||||||
5.50%, 10/01/29 |
5,085 | 6,766,355 | |||||||||
Garden State Preservation Trust, RB, CAB, Series B (AGM), 3.19%, 11/01/28 (a) |
4,540 | 2,757,914 | |||||||||
Gloucester County Improvement Authority, RB, County Guaranteed LoanCounty Capital Program, 5.00%, 4/01/38 |
1,000 | 1,094,020 | |||||||||
Hudson County Improvement Authority, RB, Harrison Parking Facility Project, Series C (AGC), 5.38%, 1/01/44 |
4,800 | 5,361,312 | |||||||||
Monmouth County Improvement Authority, Refunding RB, Government Loan (AMBAC): |
|||||||||||
5.00%, 12/01/15 |
5 | 5,013 | |||||||||
5.00%, 12/01/16 |
5 | 5,012 | |||||||||
Newark Housing Authority, RB, South Ward Police Facility (AGC), 6.75%, 12/01/38 |
1,750 | 2,196,303 | |||||||||
Newark Housing Authority, Refunding RB, Redevelopment Project (NPFGC), 4.38%, 1/01/37 |
2,875 | 2,890,841 | |||||||||
Union County Improvement Authority, RB, Guaranteed Lease-Family Court Building Project, 5.00%, 5/01/42 |
2,835 | 3,233,346 | |||||||||
37,533,140 | |||||||||||
Education 18.4% |
|||||||||||
New
Jersey EDA, RB: |
|||||||||||
MSU Student Housing Project, 5.88%, 6/01/42 |
1,500 | 1,681,695 | |||||||||
School Facilities Construction, Series CC-2, 5.00%, 12/15/31 |
1,700 | 1,945,072 | |||||||||
School Facilities Construction, Series CC-2, 5.00%, 12/15/32 |
1,300 | 1,479,985 | |||||||||
New
Jersey EDA, Refunding RB, Series GG, 5.25%, 9/01/27 |
3,000 | 3,527,610 | |||||||||
New
Jersey Educational Facilities Authority, RB, Montclair State University, Series J, 5.25%, 7/01/38 |
1,140 | 1,287,334 | |||||||||
New
Jersey Educational Facilities Authority, Refunding RB: |
|||||||||||
College of New Jersey, Series D (AGM), 5.00%, 7/01/35 |
6,115 | 6,754,751 | |||||||||
Georgian Court University, Series D, 5.25%, 7/01/37 |
1,000 | 1,063,850 | |||||||||
Kean University, Series A, 5.50%, 9/01/36 |
4,500 | 5,170,320 | |||||||||
Municipal Bonds | Par (000) |
Value |
|||||||||
New Jersey (continued) |
|||||||||||
Education (concluded) |
|||||||||||
New
Jersey Educational Facilities Authority, Refunding RB (concluded): |
|||||||||||
New Jersey Institute of Technology, Series H, 5.00%, 7/01/31 |
$ | 1,250 | $ | 1,411,550 | |||||||
Ramapo College, Series B, 5.00%, 7/01/37 |
155 | 176,444 | |||||||||
Ramapo College, Series B, 5.00%, 7/01/42 |
340 | 385,859 | |||||||||
Rider University, Series A, 5.00%, 7/01/32 |
1,000 | 1,106,200 | |||||||||
Rowan University, Series B (AGC), 5.00%, 7/01/24 |
1,800 | 2,014,506 | |||||||||
University of Medicine & Dentistry, Series B, 7.13%, 12/01/23 |
1,300 | 1,661,660 | |||||||||
University of Medicine & Dentistry, Series B, 7.50%, 12/01/32 |
1,625 | 2,036,385 | |||||||||
New
Jersey Higher Education Student Assistance Authority, Refunding RB: |
|||||||||||
Series 1A, 5.00%, 12/01/25 |
1,010 | 1,115,656 | |||||||||
Series 1A, 5.00%, 12/01/26 |
640 | 704,442 | |||||||||
Series 1A, 5.25%, 12/01/32 |
900 | 998,406 | |||||||||
New
Jersey Higher Education Student Assistance Authority, Refunding RB: |
|||||||||||
Series A, AMT, 5.75%, 12/01/29 |
4,045 | 4,570,365 | |||||||||
New
Jersey Institute of Technology, RB, Series A, 5.00%, 7/01/42 |
4,320 | 4,944,024 | |||||||||
RutgersThe State University of New Jersey, Refunding RB, Series F, 5.00%, 5/01/39 |
500 | 555,075 | |||||||||
44,591,189 | |||||||||||
Health 13.8% |
|||||||||||
New
Jersey EDA, RB, Masonic Charity Foundation of New Jersey: |
|||||||||||
5.25%, 6/01/24 |
1,425 | 1,460,882 | |||||||||
5.25%, 6/01/32 |
685 | 701,632 | |||||||||
New
Jersey EDA, Refunding RB, First Mortgage, Winchester, Series A: |
|||||||||||
5.75%, 11/01/24 |
2,500 | 2,563,600 | |||||||||
5.80%, 11/01/31 |
1,000 | 1,023,830 | |||||||||
New
Jersey Health Care Facilities Financing Authority, RB: |
|||||||||||
Childrens Specialized Hospital, Series A, 5.50%, 7/01/36 |
1,540 | 1,581,580 | |||||||||
Hunterdon Medical Center, Series A, 5.13%, 7/01/35 |
1,950 | 2,023,125 | |||||||||
Meridian Health, Series I (AGC), 5.00%, 7/01/38 |
970 | 1,041,693 | |||||||||
Pascack Valley Hospital Association, 6.63%, 7/01/36 (b)(c) |
1,845 | 18 | |||||||||
Virtua Health (AGC), 5.50%, 7/01/38 |
2,500 | 2,789,625 | |||||||||
New
Jersey Health Care Facilities Financing Authority, Refunding RB: |
|||||||||||
AHS Hospital Corp., 6.00%, 7/01/41 |
2,435 | 3,003,280 | |||||||||
Barnabas Health, Series A, 5.00%, 7/01/25 |
265 | 306,777 | |||||||||
Barnabas Health, Series A, 5.63%, 7/01/32 |
1,090 | 1,235,471 | |||||||||
Barnabas Health, Series A, 5.63%, 7/01/37 |
3,030 | 3,422,718 | |||||||||
Kennedy Health System, 5.00%, 7/01/31 |
750 | 837,015 | |||||||||
Meridian Health System, 5.00%, 7/01/23 |
500 | 587,545 | |||||||||
Meridian Health System, 5.00%, 7/01/25 |
1,000 | 1,153,230 | |||||||||
Meridian Health System, 5.00%, 7/01/26 |
830 | 950,259 | |||||||||
Meridian Health System, 5.00%, 7/01/27 |
1,000 | 1,140,960 | |||||||||
Robert Wood Johnson, 5.00%, 7/01/31 |
1,000 | 1,101,740 | |||||||||
South Jersey Hospital, 5.00%, 7/01/36 |
385 | 399,661 | |||||||||
South Jersey Hospital, 5.00%, 7/01/46 |
1,650 | 1,708,014 | |||||||||
St. Barnabas Health Care System, Series A, 5.00%, 7/01/29 |
4,155 | 4,379,578 | |||||||||
33,412,233 |
30 | SEMI-ANNUAL REPORT | JANUARY 31, 2013 |
Schedule of Investments (continued) | BlackRock MuniYield New
Jersey Fund, Inc. (MYJ) (Percentages shown are based on Net Assets) |
Municipal Bonds | Par (000) |
Value | |||||||||
New Jersey (continued) |
|||||||||||
Housing 8.3% |
|||||||||||
New
Jersey State Housing & Mortgage Finance Agency, RB: |
|||||||||||
M/F Housing, Series A, 4.55%, 11/01/43 |
$ | 2,880 | $ | 2,993,645 | |||||||
S/F Housing, Series CC, 5.00%, 10/01/34 |
2,830 | 3,061,862 | |||||||||
S/F Housing, Series U, AMT, 4.95%, 10/01/32 |
660 | 688,109 | |||||||||
S/F Housing, Series U, AMT, 5.00%, 10/01/37 |
920 | 953,976 | |||||||||
S/F Housing, Series X, AMT, 4.85%, 4/01/16 |
2,050 | 2,104,140 | |||||||||
S/F Housing, Series X, AMT, 5.05%, 4/01/18 |
420 | 464,444 | |||||||||
Series A, 4.75%, 11/01/29 |
2,305 | 2,463,907 | |||||||||
Series A, 6.50%, 10/01/38 |
990 | 1,038,549 | |||||||||
Series A, AMT (NPFGC), 4.90%, 11/01/35 |
1,365 | 1,375,770 | |||||||||
New
Jersey State Housing & Mortgage Finance Agency, Refunding RB, S/F Housing, Series T, AMT, 4.65%, 10/01/32 |
4,765 | 4,945,165 | |||||||||
20,089,567 | |||||||||||
State 27.3% |
|||||||||||
Garden State Preservation Trust, RB (AGM): |
|||||||||||
CAB, Series B, 2.63%, 11/01/23 (a) |
1,860 | 1,405,267 | |||||||||
Election of 2005, Series A, 5.80%, 11/01/15 (d) |
2,500 | 2,861,125 | |||||||||
New
Jersey EDA, RB: |
|||||||||||
Motor Vehicle Surcharge, Series A (NPFGC), 5.25%, 7/01/25 |
2,000 | 2,471,760 | |||||||||
Motor Vehicle Surcharge, Series A (NPFGC), 5.25%, 7/01/33 |
12,500 | 13,206,125 | |||||||||
School Facilities Construction, Series KK, 5.00%, 3/01/35 |
1,500 | 1,719,960 | |||||||||
School Facilities Construction, Series KK, 5.00%, 3/01/38 |
1,470 | 1,673,845 | |||||||||
School Facilities Construction, Series L (AGM), 5.00%, 3/01/15 (d) |
5,800 | 6,341,488 | |||||||||
School Facilities Construction, Series P, 5.00%, 9/01/15 |
3,000 | 3,327,450 | |||||||||
School Facilities Construction, Series P, 5.25%, 9/01/15 (d) |
2,710 | 3,043,926 | |||||||||
School Facilities Construction, Series Z (AGC), 5.50%, 12/15/34 |
3,665 | 4,271,484 | |||||||||
Series Y, 5.00%, 9/01/33 |
880 | 984,122 | |||||||||
New
Jersey EDA, Refunding RB: |
|||||||||||
5.00%, 6/15/26 |
440 | 501,574 | |||||||||
5.00%, 6/15/28 |
720 | 813,002 | |||||||||
5.00%, 6/15/29 |
1,760 | 1,964,846 | |||||||||
School Facilities Construction, Series AA, 5.50%, 12/15/29 |
3,000 | 3,492,450 | |||||||||
School Facilities Construction, Series AA, 5.25%, 12/15/33 |
1,000 | 1,138,910 | |||||||||
School Facilities, Series GG, 5.25%, 9/01/26 |
7,000 | 8,273,300 | |||||||||
New
Jersey Health Care Facilities Financing Authority, RB, Hospital Asset Transformation Program, Series A, 5.25%, 10/01/38 |
2,300 | 2,518,776 | |||||||||
State of New Jersey, COP, Equipment Lease Purchase, Series A: |
|||||||||||
5.25%, 6/15/27 |
4,200 | 4,752,342 | |||||||||
5.25%, 6/15/28 |
1,100 | 1,241,867 | |||||||||
66,003,619 | |||||||||||
Transportation 27.1% |
|||||||||||
Delaware River Port Authority of Pennsylvania & New Jersey, RB, Series D, 5.00%, 1/01/40 |
1,535 | 1,714,257 | |||||||||
New
Jersey State Turnpike Authority, RB: |
|||||||||||
Growth & Income Securities, Series B (AMBAC), 0.00%, 1/01/35 (e) |
4,870 | 4,647,733 | |||||||||
Series E, 5.25%, 1/01/40 |
2,525 | 2,833,757 | |||||||||
New
Jersey State Turnpike Authority, Refunding RB: |
|||||||||||
Series A, 5.00%, 1/01/35 |
1,160 | 1,330,520 | |||||||||
Series B, 5.00%, 1/01/30 |
2,660 | 3,113,344 | |||||||||
Municipal Bonds | Par (000) |
Value | |||||||||
New Jersey (concluded) |
|||||||||||
Transportation (concluded) |
|||||||||||
New
Jersey Transportation Trust Fund Authority, RB, Transportation System: |
|||||||||||
CAB, Series A (AGC), 5.63%, 12/15/28 |
$ | 1,250 | $ | 1,490,225 | |||||||
CAB, Series C (AMBAC), 4.57%, 12/15/35 (a) |
4,140 | 1,472,846 | |||||||||
Series A, 6.00%, 6/15/35 |
6,030 | 7,425,583 | |||||||||
Series A, 5.88%, 12/15/38 |
3,650 | 4,304,372 | |||||||||
Series A, 6.00%, 12/15/38 |
1,950 | 2,326,877 | |||||||||
Series A, 5.50%, 6/15/41 |
6,000 | 6,972,780 | |||||||||
Series A, 5.00%, 6/15/42 |
1,000 | 1,115,550 | |||||||||
New
Jersey Transportation Trust Fund Authority, RB, Transportation System: |
|||||||||||
Series A (AGC), 5.50%, 12/15/38 |
1,000 | 1,158,960 | |||||||||
Series B, 5.00%, 6/15/42 |
7,340 | 8,149,602 | |||||||||
Port Authority of New York & New Jersey, RB: |
|||||||||||
Consolidated, 93rd Series, 6.13%, 6/01/94 |
5,000 | 6,229,600 | |||||||||
Consolidated, 169th Series, AMT, 5.00%, 10/15/41 |
250 | 280,593 | |||||||||
JFK International Air Terminal, 6.00%, 12/01/42 |
2,700 | 3,209,706 | |||||||||
Port Authority of New York & New Jersey, Consolidated, Refunding RB, AMT: |
|||||||||||
152nd Series, 5.75%, 11/01/30 |
3,300 | 3,846,381 | |||||||||
152nd Series, 5.25%, 11/01/35 |
240 | 265,178 | |||||||||
172nd Series, 5.00%, 10/01/34 |
1,500 | 1,706,580 | |||||||||
South Jersey Transportation Authority, Refunding RB, Series A: |
|||||||||||
5.00%, 11/01/28 |
1,075 | 1,244,700 | |||||||||
5.00%, 11/01/29 |
575 | 664,200 | |||||||||
65,503,344 | |||||||||||
Utilities 5.5% |
|||||||||||
New
Jersey EDA, Refunding RB, United Water of New Jersey, Inc., Series B (AMBAC), 4.50%, 11/01/25 |
4,500 | 4,935,105 | |||||||||
Rahway Valley Sewerage Authority, RB, CAB, Series A (NPFGC), 4.13%, 9/01/31 (a) |
6,000 | 2,806,920 | |||||||||
Union County Utilities Authority, Refunding RB, Series A: |
|||||||||||
County Deficiency Agreement, 5.00%, 6/15/41 |
4,115 | 4,723,485 | |||||||||
Covanta Union, AMT, 5.25%, 12/01/31 |
670 | 749,750 | |||||||||
13,215,260 | |||||||||||
Total Municipal Bonds in New Jersey |
291,874,559 | ||||||||||
Puerto Rico 6.0% |
|||||||||||
State 6.0% |
|||||||||||
Puerto Rico Sales Tax Financing Corp., RB, First Sub-Series A: |
|||||||||||
5.75%, 8/01/37 |
6,000 | 6,485,280 | |||||||||
6.00%, 8/01/42 |
4,000 | 4,401,080 | |||||||||
Puerto Rico Sales Tax Financing Corp., Refunding RB, First Sub-Series C, 6.00%, 8/01/39 |
3,320 | 3,696,554 | |||||||||
Total Municipal Bonds in Puerto Rico |
14,582,914 | ||||||||||
Total Municipal Bonds 126.7% |
306,457,473 | ||||||||||
Municipal Bonds Transferred to Tender Option Bond Trusts (f) |
|||||||||||
New Jersey 25.4% |
|||||||||||
Education 0.9% |
|||||||||||
Rutgers The State University of New Jersey, Refunding RB, Series F, 5.00%, 5/01/39 |
2,009 | 2,230,283 |
SEMI-ANNUAL REPORT | JANUARY 31, 2013 | 31 |
Schedule of Investments (continued) | BlackRock MuniYield New
Jersey Fund, Inc. (MYJ) (Percentages shown are based on Net Assets) |
Municipal Bonds Transferred to Tender Option Bond Trusts (f) |
Par (000) |
Value |
|||||||||
New Jersey (concluded) |
|||||||||||
State 7.4% |
|||||||||||
Garden State Preservation Trust, RB, Election of 2005, Series A (AGM), 5.75%, 11/01/28 |
$ | 5,460 | $ | 7,406,108 | |||||||
New
Jersey EDA, RB, School Facilities Construction, Series Z (AGC), 6.00%, 12/15/34 |
3,600 | 4,293,612 | |||||||||
New
Jersey EDA, Refunding RB, School Facilities Construction, Series NN, 5.00%, 3/01/29 |
5,232 | 6,111,332 | |||||||||
17,811,052 | |||||||||||
Transportation 11.2% |
|||||||||||
New
Jersey Transportation Trust Fund Authority, RB: |
|||||||||||
Series B, 5.25%, 6/15/36 |
5,000 | 5,731,600 | |||||||||
Transportation System, Series A (AGM), 5.00%, 12/15/32 |
4,100 | 4,652,926 | |||||||||
Port Authority of New York & New Jersey, RB, Consolidated, 169th Series, AMT, 5.00%, 10/15/41 |
11,250 | 12,626,662 | |||||||||
Port Authority of New York & New Jersey, Refunding RB, Consolidated, 152nd Series, 5.25%, 11/01/35 |
3,764 | 4,158,537 | |||||||||
27,169,725 | |||||||||||
Utilities 5.9% |
|||||||||||
Union County Utilities Authority, Refunding LRB, Covanta Union, Series A, AMT, 5.25%,
12/01/31 |
12,820 | 14,345,964 | |||||||||
Total Municipal Bonds Transferred to Tender Option Bond Trusts in New Jersey |
61,557,024 | ||||||||||
Municipal Bonds Transferred to Tender Option Bond Trusts (f) |
Par (000) |
Value |
|||||||||
Puerto Rico 1.0% |
|||||||||||
State 1.0% |
|||||||||||
Puerto Rico Sales Tax Financing Corp., Refunding RB, Series C, 5.25%, 8/01/40 |
$ | 2,220 | $ | 2,415,005 | |||||||
Total Municipal Bonds Transferred to Tender Option Bond Trusts 26.4% |
63,972,029 | ||||||||||
Total Long-Term Investments (Cost $337,579,565) 153.1% |
370,429,502 | ||||||||||
Short-Term Securities |
Shares | ||||||||||
BIF New Jersey Municipal Money Fund 0.00%(g)(h) |
5,420,068 | 5,420,068 | |||||||||
Total Short-Term Securities (Cost $5,420,068) 2.2% |
5,420,068 | ||||||||||
Total Investments (Cost$342,999,633) 155.3% |
375,849,570 | ||||||||||
Other Assets Less Liabilities 1.0% |
2,388,873 | ||||||||||
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable (14.1)% |
(34,061,504 | ) | |||||||||
VRDP Shares, at Liquidation Value (42.2)% |
(102,200,000 | ) | |||||||||
Net Assets Applicable to Common Shares 100.0% |
$ | 241,976,939 |
Notes to Schedule of Investments
(a) | Represents a zero-coupon bond. Rate shown reflects the current yield as of report date. |
|||||
(b) | Issuer filed for bankruptcy and/or is in default of principal and/or interest payments. |
|||||
(c) | Non-income producing security. |
|||||
(d) | 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. |
|||||
(e) | Represents a step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Rate
shown is as of report date. |
|||||
(f) | Securities represent bonds transferred to a TOB in exchange for which the Fund acquired residual interest certificates. These securities serve as
collateral in a financing transaction. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to
TOBs. |
|||||
(g) | Investments in issuers considered to be an affiliate of the Fund during the six months ended January 31, 2013, for purposes of Section 2(a)(3) of
the 1940 Act, were as follows: |
Affiliate |
Shares Held at July 31, 2012 |
Net Activity |
Shares Held at January 31, 2013 |
Income | ||||||||||||
BIF New Jersey Municipal Money Fund
|
1,495,608 | 3,924,460 | 5,420,068 | |
(h) | Represents the current yield as of report date. |
|||||
| For
Fund compliance purposes, the Funds sector classifications refer to any one or more of the sector sub-classifications used by one or more widely
recognized market indexes or ratings group indexes, and/or as defined by Fund management. These definitions may not apply for purposes of this report,
which may combine such sector sub-classifications for reporting ease. |
|||||
| 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 statement purposes as follows: |
| Level 1 unadjusted price quotations in active markets/exchanges for identical assets and liabilities that the Fund has the
ability to access |
|||||
| Level 2 other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets
that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are
observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and
default rates) or other market-corroborated inputs) |
|||||
| Level 3 unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are
not available (including the Funds own assumptions used in determining the fair value of investments) |
The
hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the
lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for
instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases,
for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the
lowest level input that is significant to the fair value measurement in its entirety. |
||||||
Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the
Funds 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 Funds policy regarding valuation
of investments and other significant accounting policies, please refer to Note 1 of the Notes to Financial Statements. |
32 | SEMI-ANNUAL REPORT | JANUARY 31, 2013 |
Schedule of Investments (concluded) | BlackRock MuniYield New
Jersey Fund, Inc. (MYJ) |
The
following table summarizes the Funds investments categorized in the disclosure hierarchy as of January 31, 2013: |
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||
Assets: |
||||||||||||||||||
Investments: |
||||||||||||||||||
Long-Term Investments1 |
| $ | 370,429,502 | | $ | 370,429,502 | ||||||||||||
Short-Term Investments |
$ | 5,420,068 | | | 5,420,068 | |||||||||||||
Total |
$ | 5,420,068 | $ | 370,429,502 | | $ | 375,849,570 | |||||||||||
1 | See above Schedule of Investments for values in each sector or political subdivision. |
Certain of the Funds liabilities are held at carrying amount, which approximates fair value for financial statement purposes. As of January
31, 2013, such liabilities are categorized within the disclosure hierarchy as follows: |
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||
Liabilities: |
||||||||||||||||||
Bank overdraft |
| $ | (87,696 | ) | | $ | (87,696 | ) | ||||||||||
TOB trust certificates |
| (34,049,339 | ) | | (34,049,339 | ) | ||||||||||||
VRDP Shares |
| (102,200,000 | ) | | (102,200,000 | ) | ||||||||||||
Total |
| $ | (136,337,035 | ) | | $ | (136,337,035 | ) | ||||||||||
There were no transfers between levels during the six months ended January 31, 2013. |
SEMI-ANNUAL REPORT | JANUARY 31, 2013 | 33 |
Statements of Assets and Liabilities |
January 31, 2013
(Unaudited) |
BlackRock Muni New York Intermediate Duration Fund, Inc. (MNE) |
BlackRock MuniYield Arizona Fund, Inc. (MZA) |
BlackRock MuniYield California Fund, Inc. (MYC) |
BlackRock MuniYield Investment Fund (MYF) |
BlackRock MuniYield New Jersey Fund, Inc. (MYJ) |
||||||||||||||||||
Assets
|
|||||||||||||||||||||||
Investments at value — unaffiliated1
|
$ | 100,914,155 | $ | 107,959,185 | $ | 580,050,178 | $ | 367,095,421 | $ | 370,429,502 | |||||||||||||
Investments at value — affiliated2
|
2,282,246 | 1,912,101 | 2,352,332 | 1,165,167 | 5,420,068 | ||||||||||||||||||
Cash pledged as collateral for financial futures contracts
|
— | — | 132,000 | — | — | ||||||||||||||||||
Interest receivable
|
952,946 | 768,327 | 7,654,006 | 4,478,755 | 3,488,785 | ||||||||||||||||||
Investments sold receivable
|
195,000 | 52,932 | 1,915,342 | 51,229 | — | ||||||||||||||||||
Deferred offering costs
|
171,916 | 182,864 | 203,659 | 204,778 | 254,349 | ||||||||||||||||||
Prepaid expenses
|
36,885 | 2,581 | 12,987 | 8,259 | 8,556 | ||||||||||||||||||
Total assets
|
104,553,148 | 110,877,990 | 592,320,504 | 373,003,609 | 379,601,260 | ||||||||||||||||||
Accrued Liabilities
|
|||||||||||||||||||||||
Bank overdraft
|
4,719 | 32,006 | 90,871 | 50,970 | 87,696 | ||||||||||||||||||
Investments purchased payable
|
1,279,823 | — | 4,067,641 | — | — | ||||||||||||||||||
Income dividends payable — Common Shares
|
263,068 | 318,041 | 1,684,746 | 1,075,642 | 1,056,093 | ||||||||||||||||||
Investment advisory fees payable
|
48,044 | 46,856 | 247,449 | 157,845 | 158,146 | ||||||||||||||||||
Interest expense and fees payable
|
2,434 | 455 | 56,171 | 44,435 | 12,165 | ||||||||||||||||||
Officer’s and Directors’ fees payable
|
1,640 | 1,616 | 8,545 | 3,933 | 5,769 | ||||||||||||||||||
Variation margin payable
|
775 | — | 9,375 | — | — | ||||||||||||||||||
Other accrued expenses payable
|
6,589 | 12,355 | 33,207 | 57,481 | 55,113 | ||||||||||||||||||
Total accrued liabilities
|
1,607,092 | 411,329 | 6,198,005 | 1,390,306 | 1,374,982 | ||||||||||||||||||
Other Liabilities
|
|||||||||||||||||||||||
TOB trust certificates
|
6,208,399 | 3,330,000 | 113,024,796 | 87,413,872 | 34,049,339 | ||||||||||||||||||
VRDP Shares, at liquidation value of $100,000 per share3,4,5
|
29,600,000 | 37,300,000 | 105,900,000 | 59,400,000 | 102,200,000 | ||||||||||||||||||
Total other liabilities
|
35,808,399 | 40,630,000 | 218,924,796 | 146,813,872 | 136,249,339 | ||||||||||||||||||
Total liabilities
|
37,415,491 | 41,041,329 | 225,122,801 | 148,204,178 | 137,624,321 | ||||||||||||||||||
Net Assets Applicable to Common Shareholders
|
$ | 67,137,657 | $ | 69,836,661 | $ | 367,197,703 | $ | 224,799,431 | $ | 241,976,939 | |||||||||||||
Net Assets Applicable to Common Shareholders Consist
of
|
|||||||||||||||||||||||
Paid-in capital6,7
|
$ | 59,629,530 | $ | 60,694,676 | $ | 301,884,990 | $ | 189,611,059 | $ | 205,378,128 | |||||||||||||
Undistributed net investment income
|
852,770 | 891,364 | 4,499,712 | 3,781,916 | 4,385,721 | ||||||||||||||||||
Accumulated net realized loss
|
(1,474,508 | ) | (972,303 | ) | (195,985 | ) | (9,291,368 | ) | (636,847 | ) | |||||||||||||
Net unrealized appreciation/depreciation
|
8,129,865 | 9,222,924 | 61,008,986 | 40,697,824 | 32,849,937 | ||||||||||||||||||
Net Assets Applicable to Common Shareholders
|
$ | 67,137,657 | $ | 69,836,661 | $ | 367,197,703 | $ | 224,799,431 | $ | 241,976,939 | |||||||||||||
Net asset value per Common Share
|
$ | 15.95 | $ | 15.26 | $ | 17.22 | $ | 16.51 | $ | 16.96 | |||||||||||||
1 Investments at cost — unaffiliated
|
$ | 92,783,515 | $ | 98,736,261 | $ | 519,141,811 | $ | 326,397,597 | $ | 337,579,565 | |||||||||||||
2 Investments at cost — affiliated
|
$ | 2,282,246 | $ | 1,912,101 | $ | 2,352,332 | $ | 1,165,167 | $ | 5,420,068 | |||||||||||||
3 VRDP Shares outstanding, par value $0.10 per share
|
296 | 373 | 1,059 | — | 1,022 | ||||||||||||||||||
4 VRDP Shares outstanding, par value $0.05 per share
|
— | — | — | 594 | — | ||||||||||||||||||
5 Preferred Shares authorized, including Auction Market Preferred Shares
(“AMPS”)
|
1,536 | 1,985 | 8,059 | 1 million | 5,782 | ||||||||||||||||||
6 Common Shares outstanding, $0.10 par value
|
4,209,094 | 4,576,128 | 21,325,893 | 13,615,721 | 14,271,528 | ||||||||||||||||||
7 Common Shares authorized
|
200 million | 200 million | 200 million | unlimited | 200 million |
34 | SEMI-ANNUAL REPORT | JANUARY 31, 2013 |
Statements of Operations |
Six Months Ended January 31, 2013
(Unaudited) |
BlackRock Muni New York Intermediate Duration Fund, Inc. (MNE) |
BlackRock MuniYield Arizona Fund, Inc. (MZA) |
BlackRock MuniYield California Fund, Inc. (MYC) |
BlackRock MuniYield Investment Fund (MYF) |
BlackRock MuniYield New Jersey Fund, Inc. (MYJ) |
||||||||||||||||||
Investment Income
|
|||||||||||||||||||||||
Interest
|
$ | 2,160,349 | $ | 2,476,087 | $ | 12,378,871 | $ | 8,173,816 | $ | 8,056,146 | |||||||||||||
Income — affiliated
|
23 | 68 | 11 | 170 | — | ||||||||||||||||||
Total income
|
2,160,372 | 2,476,155 | 12,378,882 | 8,173,986 | 8,056,146 | ||||||||||||||||||
Expenses
|
|||||||||||||||||||||||
Investment advisory
|
286,008 | 277,749 | 1,479,386 | 933,758 | 937,994 | ||||||||||||||||||
Professional
|
38,306 | 32,100 | 77,077 | 58,627 | 59,922 | ||||||||||||||||||
Accounting services
|
13,686 | 13,345 | 45,227 | 32,725 | 33,554 | ||||||||||||||||||
Liquidity fees
|
128,631 | — | — | — | — | ||||||||||||||||||
Remarketing fees on Preferred Shares
|
15,128 | — | — | — | — | ||||||||||||||||||
Transfer agent
|
15,052 | 10,100 | 13,373 | 12,394 | 13,002 | ||||||||||||||||||
Officer and Directors
|
3,431 | 3,501 | 18,971 | 10,414 | 12,338 | ||||||||||||||||||
Custodian
|
4,169 | 4,445 | 13,069 | 9,158 | 9,494 | ||||||||||||||||||
Printing
|
5,318 | 5,538 | 5,976 | 4,811 | 4,573 | ||||||||||||||||||
Registration
|
4,657 | 1,062 | 4,666 | 4,711 | 4,663 | ||||||||||||||||||
Miscellaneous
|
19,438 | 676 | 34,331 | 19,995 | 30,599 | ||||||||||||||||||
Total expenses excluding interest expense, fees and amortization of offering costs
|
533,824 | 348,516 | 1,692,076 | 1,086,593 | 1,106,139 | ||||||||||||||||||
Interest expense, fees and amortization of offering costs1
|
75,888 | 220,753 | 989,597 | 658,330 | 689,571 | ||||||||||||||||||
Total expenses
|
609,712 | 569,269 | 2,681,673 | 1,744,923 | 1,795,710 | ||||||||||||||||||
Less fees waived by Manager
|
(534 | ) | (108 | ) | (4,244 | ) | (595 | ) | (2,100 | ) | |||||||||||||
Total expenses after fees waived
|
609,178 | 569,161 | 2,677,429 | 1,744,328 | 1,793,610 | ||||||||||||||||||
Net investment income
|
1,551,194 | 1,906,994 | 9,701,453 | 6,429,658 | 6,262,536 | ||||||||||||||||||
Realized and Unrealized Gain (Loss)
|
|||||||||||||||||||||||
Net realized gain (loss) from:
|
|||||||||||||||||||||||
Investments
|
535,900 | 169,891 | 1,895,892 | 2,154,645 | 855,674 | ||||||||||||||||||
Financial futures contracts
|
— | (25,067 | ) | 89,127 | — | — | |||||||||||||||||
|
535,900 | 144,824 | 1,985,019 | 2,154,645 | 855,674 | ||||||||||||||||||
Net change in unrealized appreciation/depreciation on:
|
|||||||||||||||||||||||
Investments
|
(572,017 | ) | 497,471 | 3,648,560 | 684,616 | 676,204 | |||||||||||||||||
Financial futures contracts
|
(775 | ) | — | 100,619 | — | — | |||||||||||||||||
|
(572,792 | ) | 497,471 | 3,749,179 | 684,616 | 676,204 | |||||||||||||||||
Total realized and unrealized gain (loss)
|
(36,892 | ) | 642,295 | 5,734,198 | 2,839,261 | 1,531,878 | |||||||||||||||||
Net Increase in Net Assets Applicable to Common Shareholders Resulting from Operations
|
$ | 1,514,302 | $ | 2,549,289 | $ | 15,435,651 | $ | 9,268,919 | $ | 7,794,414 |
1 | Related to TOBs and/or VRDP Shares. |
SEMI-ANNUAL REPORT | JANUARY 31, 2013 | 35 |
Statements of Changes in Net Assets | BlackRock Muni New York
Intermediate Duration Fund, Inc. (MNE) |
Increase (Decrease) in Net Assets
Applicable to Common Shareholders: |
Six Months Ended January 31, 2013 (Unaudited) |
Year Ended July 31, 2012 |
|||||||||
Operations |
|||||||||||
Net investment income |
$ | 1,551,194 | $ | 3,111,996 | |||||||
Net realized gain |
535,900 | 126,657 | |||||||||
Net change in unrealized appreciation/depreciation |
(572,792 | ) | 6,079,939 | ||||||||
Dividends to AMPS shareholders from net investment income |
— | (68,450 | ) | ||||||||
Net increase in net assets applicable to Common Shareholders resulting from operations |
1,514,302 | 9,250,142 | |||||||||
Dividends to Common Shareholders From |
|||||||||||
Net investment income |
(1,577,933 | ) | (3,110,662 | )1 | |||||||
Capital Share Transactions |
|||||||||||
Reinvestment of common dividends |
42,528 | — | |||||||||
Net Assets Applicable to Common
Shareholders |
|||||||||||
Total increase (decrease) in net assets applicable to Common Shareholders |
(21,103 | ) | 6,139,480 | ||||||||
Beginning of period |
67,158,760 | 61,019,280 | |||||||||
End of period |
$ | 67,137,657 | $ | 67,158,760 | |||||||
Undistributed net investment income |
$ | 852,770 | $ | 879,509 |
Increase (Decrease) in Net Assets
Applicable to Common Shareholders: |
Six Months Ended January 31, 2013 (Unaudited) |
Year Ended July 31, 2012 |
|||||||||
Operations |
|||||||||||
Net investment income |
$ | 1,906,994 | $ | 3,683,450 | |||||||
Net realized gain |
144,824 | 778,352 | |||||||||
Net change in unrealized appreciation/depreciation |
497,471 | 7,268,040 | |||||||||
Net increase in net assets applicable to Common Shareholders resulting from operations |
2,549,289 | 11,729,842 | |||||||||
Dividends to Common Shareholders From |
|||||||||||
Net investment income |
(1,906,939 | ) | (3,806,859 | )1 | |||||||
Capital Share Transactions |
|||||||||||
Reinvestment of common dividends |
123,351 | 61,778 | |||||||||
Net Assets Applicable to Common
Shareholders |
|||||||||||
Total increase in net assets applicable to Common Shareholders |
765,701 | 7,984,761 | |||||||||
Beginning of period |
69,070,960 | 61,086,199 | |||||||||
End of period |
$ | 69,836,661 | $ | 69,070,960 | |||||||
Undistributed net investment income |
$ | 891,364 | $ | 891,309 |
1 | Dividends are determined in accordance with federal income tax regulations. |
36 | SEMI-ANNUAL REPORT | JANUARY 31, 2013 |
Statements of Changes in Net Assets | BlackRock MuniYield
California Fund, Inc. (MYC) |
Increase (Decrease) in Net Assets
Applicable to Common Shareholders: |
Six Months Ended January 31, 2013 (Unaudited) |
Year Ended July 31, 2012 |
|||||||||
Operations |
|||||||||||
Net investment income |
$ | 9,701,453 | $ | 20,005,315 | |||||||
Net realized gain |
1,985,019 | 6,412,710 | |||||||||
Net change in unrealized appreciation/depreciation |
3,749,179 | 48,830,780 | |||||||||
Net increase in net assets applicable to Common Shareholders resulting from operations |
15,435,651 | 75,248,805 | |||||||||
Dividends to Common Shareholders From |
|||||||||||
Net investment income |
(10,102,548 | ) | (20,187,902 | )1 | |||||||
Capital Share Transactions |
|||||||||||
Reinvestment of common dividends |
523,907 | — | |||||||||
Net Assets Applicable to Common
Shareholders |
|||||||||||
Total increase in net assets applicable to Common Shareholders |
5,857,010 | 55,060,903 | |||||||||
Beginning of period |
361,340,693 | 306,279,790 | |||||||||
End of period |
$ | 367,197,703 | $ | 361,340,693 | |||||||
Undistributed net investment income |
$ | 4,499,712 | $ | 4,900,807 |
Increase (Decrease) in Net Assets
Applicable to Common Shareholders: |
Six Months Ended January 31, 2013 (Unaudited) |
Year Ended July 31, 2012 |
|||||||||
Operations |
|||||||||||
Net investment income |
$ | 6,429,658 | $ | 12,618,649 | |||||||
Net realized gain |
2,154,645 | 3,366,670 | |||||||||
Net change in unrealized appreciation/depreciation |
684,616 | 32,015,417 | |||||||||
Net increase in net assets applicable to Common Shareholders resulting from operations |
9,268,919 | 48,000,736 | |||||||||
Dividends to Common Shareholders From |
|||||||||||
Net investment income |
(6,451,239 | ) | (12,738,803 | )1 | |||||||
Capital Share Transactions |
|||||||||||
Reinvestment of common dividends |
204,182 | 388,311 | |||||||||
Net Assets Applicable to Common
Shareholders |
|||||||||||
Total increase in net assets applicable to Common Shareholders |
3,021,862 | 35,650,244 | |||||||||
Beginning of period |
221,777,569 | 186,127,325 | |||||||||
End of period |
$ | 224,799,431 | $ | 221,777,569 | |||||||
Undistributed net investment income |
$ | 3,781,916 | $ | 3,803,497 |
1 | Dividends are determined in accordance with federal income tax regulations. |
SEMI-ANNUAL REPORT | JANUARY 31, 2013 | 37 |
Statements of Changes in Net Assets | BlackRock MuniYield New
Jersey Fund, Inc. (MYJ) |
Increase (Decrease) in Net Assets
Applicable to Common Shareholders: |
Six Months Ended January 31, 2013 (Unaudited) |
Year Ended July 31, 2012 |
|||||||||
Operations |
|||||||||||
Net investment income |
$ | 6,262,536 | $ | 12,296,804 | |||||||
Net realized gain |
855,674 | 809,303 | |||||||||
Net change in unrealized appreciation/depreciation |
676,204 | 29,093,368 | |||||||||
Net increase in net assets applicable to Common Shareholders resulting from operations |
7,794,414 | 42,199,475 | |||||||||
Dividends and Distributions to Common Shareholders
From |
|||||||||||
Net investment income |
(6,389,265 | ) | (12,674,633 | )1 | |||||||
Net realized gain |
(918,415 | ) | — | ||||||||
Decrease in net assets resulting from dividends and distributions to Common Shareholders |
(7,307,680 | ) | (12,674,633 | ) | |||||||
Capital Share Transactions |
|||||||||||
Reinvestment of common dividends and distributions |
730,898 | 113,352 | |||||||||
Net Assets Applicable to Common
Shareholders |
|||||||||||
Total increase in net assets applicable to Common Shareholders |
1,217,632 | 29,638,194 | |||||||||
Beginning of period |
240,759,307 | 211,121,113 | |||||||||
End of period |
$ | 241,976,939 | $ | 240,759,307 | |||||||
Undistributed net investment income |
$ | 4,385,721 | $ | 4,512,450 |
1 | Dividends and distributions are determined in accordance with federal income tax regulations |
38 | SEMI-ANNUAL REPORT | JANUARY 31, 2013 |
Statements of Cash Flows | |
Six Months Ended January 31, 2013
(Unaudited) |
BlackRock Muni New York Intermediate Duration Fund, Inc. (MNE) |
BlackRock MuniYield Arizona Fund, Inc. (MZA) |
BlackRock MuniYield California Fund, Inc. (MYC) |
BlackRock MuniYield Investment Fund (MYF) |
BlackRock MuniYield New Jersey Fund, Inc. (MYJ) |
||||||||||||||||||
Cash Provided by (Used for) Operating
Activities
|
|||||||||||||||||||||||
Net increase in net assets resulting from operations,
excluding dividends to AMPS shareholders |
$ | 1,514,302 | $ | 2,549,289 | $ | 15,435,651 | $ | 9,268,919 | $ | 7,794,414 | |||||||||||||
Adjustments to reconcile net increase in net assets
resulting from operations to net cash provided by (used for) operating activities: |
|||||||||||||||||||||||
(Increase) decrease in interest receivable
|
(10,341 | ) | (11,016 | ) | 283,548 | (134,326 | ) | (63,206 | ) | ||||||||||||||
Increase in cash pledged as collateral for financial futures contracts
|
— | — | (132,000 | ) | — | — | |||||||||||||||||
Increase in prepaid expenses
|
(35,451 | ) | (972 | ) | (4,987 | ) | (3,320 | ) | (3,383 | ) | |||||||||||||
Increase (decrease) in investment advisory fees payable
|
553 | 688 | (516 | ) | 4,466 | 3,438 | |||||||||||||||||
Increase (decrease) in interest expense and fees payable
|
(146 | ) | 7 | (6,668 | ) | 1,700 | 484 | ||||||||||||||||
Increase (decrease) in other accrued expenses payable
|
(41,718 | ) | (53,685 | ) | (24,095 | ) | 5,679 | 16,325 | |||||||||||||||
Increase in variation margin payable
|
775 | — | 9,375 | — | — | ||||||||||||||||||
Increase (decrease) in Officer’s and Directors’ fees payable
|
185 | 142 | 1,344 | (430 | ) | 670 | |||||||||||||||||
Net realized and unrealized (gain) loss on investments
|
36,117 | (667,362 | ) | (5,544,452 | ) | (2,839,261 | ) | (1,531,878 | ) | ||||||||||||||
Amortization of premium and accretion of discount on investments
|
131,765 | 56,460 | 933,097 | 523,294 | 247,950 | ||||||||||||||||||
Amortization of deferred offering costs
|
7,988 | 42,596 | 41,825 | 2,771 | 3,634 | ||||||||||||||||||
Proceeds from sales of long-term investments
|
9,567,483 | 5,850,941 | 63,021,135 | 37,525,812 | 17,214,859 | ||||||||||||||||||
Purchases of long-term investments
|
(7,838,828 | ) | (5,455,588 | ) | (61,387,783 | ) | (39,343,165 | ) | (20,509,572 | ) | |||||||||||||
Net proceeds from sales (purchases) of short-term securities
|
(1,802,164 | ) | (560,480 | ) | 690,980 | (988,585 | ) | (3,924,460 | ) | ||||||||||||||
Cash provided by (used for) operating activities
|
1,530,520 | 1,751,020 | 13,316,454 | 4,023,554 | (750,725 | ) | |||||||||||||||||
Cash Provided by (Used for) Financing
Activities
|
|||||||||||||||||||||||
Cash receipts from TOB trust certificates
|
— | — | 3,080,250 | 1,740,041 | 7,236,643 | ||||||||||||||||||
Cash payments for TOB trust certificates
|
— | — | (6,911,355 | ) | (210,112 | ) | — | ||||||||||||||||
Cash dividends paid to Common Shareholders
|
(1,535,239 | ) | (1,783,026 | ) | (9,576,220 | ) | (6,246,083 | ) | (6,573,614 | ) | |||||||||||||
Increase in bank overdraft
|
4,719 | 32,006 | 90,871 | 50,970 | 87,696 | ||||||||||||||||||
Cash provided for (used for) financing activities
|
(1,530,520 | ) | (1,751,020 | ) | (13,316,454 | ) | (4,665,184 | ) | 750,725 | ||||||||||||||
Cash
|
|||||||||||||||||||||||
Net decrease in cash
|
— | — | — | $ | (641,630 | ) | — | ||||||||||||||||
Cash at beginning of period
|
— | — | — | 641,630 | — | ||||||||||||||||||
Cash at end of period
|
— | — | — | — | — | ||||||||||||||||||
Cash Flow Information
|
|||||||||||||||||||||||
Cash paid during the period for interest and fees
|
$ | 65,952 | $ | 218,382 | $ | 993,499 | $ | 652,999 | $ | 684,554 | |||||||||||||
Non-cash Financing Activities
|
|||||||||||||||||||||||
Capital shares issued in reinvestment of dividends paid to Common Shareholders
|
$ | 42,528 | $ | 123,351 | $ | 523,907 | $ | 204,182 | $ | 730,898 |
SEMI-ANNUAL REPORT | JANUARY 31, 2013 | 39 |
Financial Highlights | BlackRock Muni New York
Intermediate Duration Fund, Inc. (MNE) |
Six Months Ended January 31, 2013 (Unaudited) |
Year Ended July 31, |
Period June 1, 2008 to July 31, 2008 |
Year Ended May 31, 2008 |
||||||||||||||||||||||||||||
2012 | 2011 | 2010 | 2009 | ||||||||||||||||||||||||||||
Per Share Operating Performance
|
|||||||||||||||||||||||||||||||
Net asset value, beginning of period
|
$ | 15.97 | $ | 14.51 | $ | 14.50 | $ | 12.99 | $ | 13.51 | $ | 14.05 | $ | 14.91 | |||||||||||||||||
Net investment income1
|
0.37 | 0.74 | 0.87 | 0.88 | 0.87 | 0.14 | 0.91 | ||||||||||||||||||||||||
Net realized and unrealized gain (loss)
|
(0.01 | ) | 1.48 | (0.03 | ) | 1.40 | (0.55 | ) | (0.53 | ) | (0.86 | ) | |||||||||||||||||||
Dividends to AMPS shareholders from net investment income
|
— | (0.02 | ) | (0.10 | ) | (0.10 | ) | (0.20 | ) | (0.04 | ) | (0.27 | ) | ||||||||||||||||||
Net increase (decrease) from investment operations
|
0.36 | 2.20 | 0.74 | 2.18 | 0.12 | (0.43 | ) | (0.22 | ) | ||||||||||||||||||||||
Dividends to Common Shareholders from net investment income
|
(0.38 | ) | (0.74 | )2 | (0.73 | )2 | (0.67 | )2 | (0.64 | )2 | (0.11 | )2 | (0.64 | )2 | |||||||||||||||||
Net asset value, end of period
|
$ | 15.95 | $ | 15.97 | $ | 14.51 | $ | 14.50 | $ | 12.99 | $ | 13.51 | $ | 14.05 | |||||||||||||||||
Market price, end of period
|
$ | 15.85 | $ | 15.80 | $ | 12.98 | $ | 13.54 | $ | 11.60 | $ | 12.12 | $ | 12.81 | |||||||||||||||||
Total Investment Return Applicable to Common
Shareholders3
|
|||||||||||||||||||||||||||||||
Based on net asset value
|
2.25% | 4 | 15.73% | 5.71% | 17.67% | 2.26% | (3.01)% | 4 | (1.10)% | ||||||||||||||||||||||
Based on market price
|
2.70% | 4 | 28.00% | 1.26% | 23.05% | 1.79% | (4.56)% | 4 | (3.48)% | ||||||||||||||||||||||
Ratios to Average Net Assets Applicable to Common
Shareholders
|
|||||||||||||||||||||||||||||||
Total expenses
|
1.80% | 5 | 1.82% | 6 | 1.23% | 6 | 1.20% | 6 | 1.33% | 6 | 1.39% | 6,7 | 1.28% | 6 | |||||||||||||||||
Total expenses after fees waived and paid indirectly
|
1.79% | 5 | 1.81% | 6 | 1.22% | 6 | 1.12% | 6 | 1.15% | 6 | 1.15% | 6,7 | 1.04% | 6 | |||||||||||||||||
Total expenses after fees waived and paid indirectly and excluding interest expense, fees and amortization of offering
costs8
|
1.57% | 5,9 | 1.57% | 6,9 | 1.21% | 6 | 1.12% | 6 | 1.11% | 6 | 1.11% | 6,7 | 1.04% | 6 | |||||||||||||||||
Net investment income
|
4.56% | 5 | 4.86% | 6 | 6.16% | 6 | 6.30% | 6 | 7.01% | 6 | 6.36% | 6,7 | 6.31% | 6 | |||||||||||||||||
Dividends to AMPS shareholders
|
— | 0.11% | 0.71% | 0.75% | 1.59% | 1.84%7 | 1.89% | ||||||||||||||||||||||||
Net investment income to Common Shareholders
|
4.56% | 5 | 4.75% | 5.45% | 5.55% | 5.42% | 4.52%7 | 4.42% | |||||||||||||||||||||||
Supplemental Data
|
|||||||||||||||||||||||||||||||
Net assets applicable to Common Shareholders, end of period (000)
|
$ | 67,138 | $ | 67,159 | $ | 61,019 | $ | 61,010 | $ | 54,642 | $ | 56,830 | $ | 59,101 | |||||||||||||||||
AMPS outstanding at $25,000 liquidation preference,
end of period (000) |
— | — | $ | 29,632 | $ | 29,625 | $ | 29,625 | $ | 29,625 | $ | 31,000 | |||||||||||||||||||
VRDP Shares outstanding at $100,000 liquidation value,
end of period (000) |
$ | 29,600 | $ | 29,600 | — | — | — | — | — | ||||||||||||||||||||||
Portfolio turnover
|
8% | 27% | 23% | 27% | 32% | 2% | 21% | ||||||||||||||||||||||||
Asset coverage per AMPS at $25,000 liquidation preference, end of period
|
— | — | $ | 76,499 | $ | 76,492 | $ | 71,119 | $ | 72,970 | $ | 72,676 | |||||||||||||||||||
Asset coverage per VRDP Shares at $100,000 liquidation value,
end of period |
$ | 326,816 | $ | 326,888 | — | — | — | — | — |
1 | Based on average Common Shares outstanding. |
2 | Dividends are determined in accordance with federal income tax regulations. |
3 | Total investment returns based on market price, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Where applicable, total investment returns exclude the effects of any sales charges and include the reinvestment of dividends and distributions. |
4 | Aggregate total investment return. |
5 | Annualized. |
6 | Do not reflect the effect of dividends to AMPS shareholders. |
7 | Annualized. Certain non-recurring expenses have been included in the ratio but not annualized. If these expenses were annualized, the ratio of the total expenses, total expenses after fees waived and paid indirectly, total expenses after fees waived and fees paid indirectly and excluding interest expense and fees, net investment income and net investment income to Common Shareholders would have been 1.79%, 1.55%, 1.50%, 5.96% and 4.12% respectively. |
8 | Interest expense, fees and amortization of offering costs relate to TOBs and/or VRDP shares. See Note 1 and Note 7 of the Notes to Financial Statements for details of municipal bonds transferred to TOBs and VRDP Shares, respectively. |
9 | For the six months ended January 31, 2013 and the year ended July 31, 2012, the total expense ratio after fees waived and paid indirectly and excluding interest expense, fees, amortization of offering costs, liquidity and remarketing fees was 1.15% and 1.18%, respectively. |
40 | SEMI-ANNUAL REPORT | JANUARY 31, 2013 |
Financial Highlights | BlackRock MuniYield
Arizona Fund (MZA) |
Six Months Ended January 31, 2013 (Unaudited) |
Year Ended July 31, |
Period November 1, 2007 to July 31, 2008 |
Year Ended October 31, 2007 |
||||||||||||||||||||||||||||
2012 | 2011 | 2010 | 2009 | ||||||||||||||||||||||||||||
Per Share Operating Performance
|
|||||||||||||||||||||||||||||||
Net asset value, beginning of period
|
$ | 15.12 | $ | 13.38 | $ | 13.73 | $ | 12.40 | $ | 12.81 | $ | 13.96 | $ | 14.53 | |||||||||||||||||
Net investment income1
|
0.42 | 0.80 | 0.87 | 0.93 | 0.95 | 0.72 | 0.95 | ||||||||||||||||||||||||
Net realized and unrealized gain (loss)
|
0.14 | 1.77 | (0.33 | ) | 1.28 | (0.47 | ) | (1.00 | ) | (0.46 | ) | ||||||||||||||||||||
Dividends and distributions to AMPS shareholders from:
|
|||||||||||||||||||||||||||||||
Net investment income
|
— | — | (0.06 | ) | (0.06 | ) | (0.19 | ) | (0.19 | ) | (0.29 | ) | |||||||||||||||||||
Net realized gain
|
— | — | — | — | — | (0.05 | ) | (0.02 | ) | ||||||||||||||||||||||
Net increase from investment operations
|
0.56 | 2.57 | 0.48 | 2.15 | 0.29 | (0.52 | ) | 0.18 | |||||||||||||||||||||||
Dividends and distributions to Common Shareholders from:
|
|||||||||||||||||||||||||||||||
Net investment income
|
(0.42 | ) | (0.83 | )2 | (0.83 | )2 | (0.82 | )2 | (0.70 | )2 | (0.51 | )2 | (0.69 | )2 | |||||||||||||||||
Net realized gain
|
— | — | — | — | — | (0.12 | )2 | (0.06 | )2 | ||||||||||||||||||||||
Total dividends and distributions to Common Shareholders
|
(0.42 | ) | (0.83 | ) | (0.83 | ) | (0.82 | ) | (0.70 | ) | (0.63 | ) | (0.75 | ) | |||||||||||||||||
Net asset value, end of period
|
$ | 15.26 | $ | 15.12 | $ | 13.38 | $ | 13.73 | $ | 12.40 | $ | 12.81 | $ | 13.96 | |||||||||||||||||
Market price, end of period
|
$ | 16.48 | $ | 15.61 | $ | 12.83 | $ | 13.67 | $ | 12.85 | $ | 13.94 | $ | 13.66 | |||||||||||||||||
Total Investment Return Applicable to Common
Shareholders3
|
|||||||||||||||||||||||||||||||
Based on net asset value
|
3.70% | 4 | 19.86% | 3.92% | 17.75% | 3.27% | (3.79)% | 4 | 1.29% | ||||||||||||||||||||||
Based on market price
|
8.47% | 4 | 29.05% | 0.09% | 13.13% | (1.66)% | 6.99% | 4 | (2.63)% | ||||||||||||||||||||||
Ratios to Average Net Assets Applicable to Common
Shareholders
|
|||||||||||||||||||||||||||||||
Total expenses
|
1.62% | 5 | 1.96% | 1.52% | 6 | 1.25% | 6 | 1.46% | 6 | 1.61% | 5,6 | 1.76% | 6 | ||||||||||||||||||
Total expenses after fees waived and paid indirectly
|
1.62% | 5 | 1.96% | 1.52% | 6 | 1.24% | 6 | 1.42% | 6 | 1.59% | 5,6 | 1.75% | 6 | ||||||||||||||||||
Total expenses after fees waived and paid indirectly and excluding interest expense, fees and amortization of offering
costs7
|
0.99% | 5 | 1.58%8 | 1.43% | 6 | 1.22% | 6 | 1.36% | 6 | 1.40% | 5,6 | 1.37% | 6 | ||||||||||||||||||
Net investment income
|
5.43% | 5 | 5.62% | 6.62% | 6 | 6.99% | 6 | 8.16% | 6 | 7.19% | 5,6 | 6.65% | 6 | ||||||||||||||||||
Dividends to AMPS shareholders
|
— | — | 0.36% | 0.44% | 1.61% | 1.94% | 5 | 2.04% | |||||||||||||||||||||||
Net investment income to Common Shareholders
|
5.43% | 5 | 5.62% | 6.26% | 6.56% | 6.55% | 5.25% | 5 | 4.61% | ||||||||||||||||||||||
Supplemental Data
|
|||||||||||||||||||||||||||||||
Net assets applicable to Common Shareholders,
end of period (000) |
$ | 69,837 | $ | 69,071 | $ | 61,086 | $ | 62,618 | $ | 56,449 | $ | 58,218 | $ | 63,228 | |||||||||||||||||
AMPS outstanding at $25,000 liquidation preference,
end of period (000) |
— | — | — | $ | 38,800 | $ | 38,800 | $ | 40,300 | $ | 40,300 | ||||||||||||||||||||
VRDP Shares outstanding at $100,000 liquidation value,
end of period (000) |
$ | 37,300 | $ | 37,300 | $ | 37,300 | — | — | — | — | |||||||||||||||||||||
Portfolio turnover
|
5% | 26% | 16% | 25% | 39% | 13% | 31% | ||||||||||||||||||||||||
Asset coverage per AMPS at $25,000 liquidation preference,
end of period |
— | — | — | $ | 65,350 | $ | 61,375 | $ | 61,122 | $ | 64,232 | ||||||||||||||||||||
Asset coverage per VRDP Shares at $100,000 liquidation value,
end of period |
$ | 287,230 | $ | 285,177 | $ | 263,770 | — | — | — | — |
1 | Based on average Common Shares outstanding. |
2 | Dividends and distributions are determined in accordance with federal income tax regulations. |
3 | Total investment returns based on market price, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Where applicable, total investment returns exclude the effects of any sales charges and include the reinvestment of dividends and distributions. |
4 | Aggregate total investment return. |
5 | Annualized. |
6 | Do not reflect the effect of dividends to AMPS shareholders. |
7 | Interest expense, fees and amortization of offering costs relate to TOBs and/or VRDP shares. See Note 1 and Note 7 of the Notes to Financial Statements for details of municipal bonds transferred to TOBs and VRDP Shares, respectively. |
8 | For the year ended July 31, 2012, the total expense ratio after fees waived and paid indirectly and excluding interest expense, fees, amortization of offering costs, liquidity and remarketing fees was 1.14%. |
SEMI-ANNUAL REPORT | JANUARY 31, 2013 | 41 |
Financial Highlights | BlackRock MuniYield
California Fund, Inc. (MYC) |
Six Months Ended January 31, 2013 (Unaudited) |
Year Ended July 31, |
Period November 1, 2007 to July 31, 2008 |
Year Ended October 31, 2007 |
||||||||||||||||||||||||||||
2012 | 2011 | 2010 | 2009 | ||||||||||||||||||||||||||||
Per Share Operating Performance
|
|||||||||||||||||||||||||||||||
Net asset value, beginning of period
|
$ | 16.97 | $ | 14.38 | $ | 14.76 | $ | 13.47 | $ | 13.71 | $ | 14.60 | $ | 15.11 | |||||||||||||||||
Net investment income1
|
0.45 | 0.94 | 0.95 | 0.94 | 0.91 | 0.69 | 0.93 | ||||||||||||||||||||||||
Net realized and unrealized gain (loss)
|
0.27 | 2.60 | (0.37 | ) | 1.21 | (0.33 | ) | (0.88 | ) | (0.49 | ) | ||||||||||||||||||||
Dividends to AMPS shareholders from net investment income
|
— | — | (0.03 | ) | (0.03 | ) | (0.13 | ) | (0.20 | ) | (0.29 | ) | |||||||||||||||||||
Net increase (decrease) from investment operations
|
0.72 | 3.54 | 0.55 | 2.12 | 0.45 | (0.39 | ) | 0.15 | |||||||||||||||||||||||
Dividends to Common Shareholders from net
investment income |
(0.47 | ) | (0.95 | )2 | (0.93 | )2 | (0.83 | )2 | (0.69 | )2 | (0.50 | )2 | (0.66 | )2 | |||||||||||||||||
Net asset value, end of period
|
$ | 17.22 | $ | 16.97 | $ | 14.38 | $ | 14.76 | $ | 13.47 | $ | 13.71 | $ | 14.60 | |||||||||||||||||
Market price, end of period
|
$ | 17.27 | $ | 17.31 | $ | 13.29 | $ | 14.44 | $ | 12.44 | $ | 13.07 | $ | 13.25 | |||||||||||||||||
Total Investment Return Applicable to Common
Shareholders3
|
|||||||||||||||||||||||||||||||
Based on net asset value
|
4.31% | 4 | 25.45% | 4.28% | 16.59% | 4.64% | (2.55)% | 4 | 1.36% | ||||||||||||||||||||||
Based on market price
|
2.56% | 4 | 38.46% |
(1.49)%
|
23.51% | 1.37% | 2.37% | 4 | (0.72)% | ||||||||||||||||||||||
Ratios to Average Net Assets Applicable to Common
Shareholders
|
|||||||||||||||||||||||||||||||
Total expenses
|
1.46% | 5 | 1.64% | 1.49% | 6 | 1.19% | 6 | 1.49% | 6 | 1.49% | 5,6 | 1.77% | 6 | ||||||||||||||||||
Total expenses after fees waived
|
1.46% | 5 | 1.64% | 1.49% | 6 | 1.18% | 6 | 1.47% | 6 | 1.45% | 5,6 | 1.75% | 6 | ||||||||||||||||||
Total expenses after fees waived and excluding interest expense, fees and amortization of offering cost7
|
0.92% | 5 | 1.21%8 | 1.16% | 6 | 0.99% | 6 | 1.08% | 6 | 1.06% | 5,6 | 1.06% | 6 | ||||||||||||||||||
Net investment income
|
5.27% | 5 | 5.96% | 6.76% | 6 | 6.53% | 6 | 7.07% | 6 | 6.24% | 5,6 | 6.29% | 6 | ||||||||||||||||||
Dividends to AMPS shareholders
|
— | — | 0.18% | 0.22% | 0.99% | 1.83% | 5 | 1.93% | |||||||||||||||||||||||
Net investment income to Common Shareholders
|
5.27% | 5 | 5.96% | 6.58% | 6.31% | 6.08% | 4.41% | 5 | 4.36% | ||||||||||||||||||||||
Supplemental Data
|
|||||||||||||||||||||||||||||||
Net assets applicable to Common Shareholders, end of period (000)
|
$ | 367,198 | $ | 361,341 | $ | 306,280 | $ | 314,326 | $ | 286,805 | $ | 292,002 | $ | 310,934 | |||||||||||||||||
AMPS outstanding at $25,000 liquidation preference,
end of period (000) |
— | — | — | $ | 105,950 | $ | 105,950 | $ | 126,500 | $ | 175,000 | ||||||||||||||||||||
VRDP Shares outstanding at $100,000 liquidation value,
end of period (000) |
$ | 105,900 | $ | 105,900 | $ | 105,900 | — | — | — | — | |||||||||||||||||||||
Portfolio turnover
|
9% | 48% | 33% | 41% | 38% | 30% | 41% | ||||||||||||||||||||||||
Asset coverage per AMPS at $25,000 liquidation preference,
end of period |
— | — | — | $ | 99,173 | $ | 92,679 | $ | 82,724 | $ | 69,452 | ||||||||||||||||||||
Asset coverage per VRDP Shares at $100,000 liquidation value, end of period
|
$ | 446,740 | $ | 441,209 | $ | 389,216 | — | — | — | — |
1 | Based on average Common Shares outstanding. |
2 | Dividends are determined in accordance with federal income tax regulations. |
3 | Total investment returns based on market price, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Where applicable, total investment returns exclude the effects of any sales charges and include the reinvestment of dividends and distributions. |
4 | Aggregate total investment return. |
5 | Annualized. |
6 | Do not reflect the effect of dividends to AMPS shareholders. |
7 | Interest expense, fees and amortization of offering costs relate to TOBs and/or VRDP shares. See Note 1 and Note 7 of the Notes to Financial Statements for details of municipal bonds transferred to TOBs and VRDP Shares, respectively. |
8 | For the year ended July 31, 2012, the total expense ratio after fees waived and paid indirectly and excluding interest expense, fees, amortization of offering costs, liquidity and remarketing fees was 0.97%. |
42 | SEMI-ANNUAL REPORT | JANUARY 31, 2013 |
Financial Highlights | BlackRock MuniYield
Investment Fund (MYF) |
Six Months Ended January 31, 2013 (Unaudited) |
Year Ended July 31, |
Period November 1, 2007 to July 31, 2008 |
Year Ended October 31, 2007 |
||||||||||||||||||||||||||||
2012 | 2011 | 2010 | 2009 | ||||||||||||||||||||||||||||
Per Share Operating Performance
|
|||||||||||||||||||||||||||||||
Net asset value, beginning of period
|
$ | 16.30 | $ | 13.71 | $ | 14.26 | $ | 12.95 | $ | 13.59 | $ | 14.53 | $ | 15.11 | |||||||||||||||||
Net investment income1
|
0.47 | 0.93 | 0.97 | 0.96 | 0.96 | 0.73 | 0.99 | ||||||||||||||||||||||||
Net realized and unrealized gain (loss)
|
0.21 | 2.60 | (0.58 | ) | 1.18 | (0.77 | ) | (0.94 | ) | (0.57 | ) | ||||||||||||||||||||
Dividends to AMPS shareholders from net investment income
|
— | — | (0.02 | ) | (0.02 | ) | (0.13 | ) | (0.21 | ) | (0.30 | ) | |||||||||||||||||||
Net increase (decrease) from investment operations
|
0.68 | 3.53 | 0.37 | 2.12 | 0.06 | (0.42 | ) | 0.12 | |||||||||||||||||||||||
Dividends to Common Shareholders from net
investment income |
(0.47 | ) | (0.94 | )2 | (0.92 | )2 | (0.81 | )2 | (0.70 | )2 | (0.52 | )2 | (0.70 | )2 | |||||||||||||||||
Net asset value, end of period
|
$ | 16.51 | $ | 16.30 | $ | 13.71 | $ | 14.26 | $ | 12.95 | $ | 13.59 | $ | 14.53 | |||||||||||||||||
Market price, end of period
|
$ | 17.18 | $ | 16.52 | $ | 13.08 | $ | 14.36 | $ | 11.72 | $ | 11.91 | $ | 12.86 | |||||||||||||||||
Total Investment Return Applicable to Common
Shareholders3
|
|||||||||||||||||||||||||||||||
Based on net asset value
|
4.22% | 4 | 26.55% | 2.97% | 17.12% | 1.93% | (2.52)% | 4 | 1.21% | ||||||||||||||||||||||
Based on market price
|
7.01% | 4 | 34.44% | (2.45)% | 30.32% | 5.26% | (3.48)% | 4 | (5.68)% | ||||||||||||||||||||||
Ratios to Average Net Assets Applicable to Common
Shareholders
|
|||||||||||||||||||||||||||||||
Total expenses
|
1.54% | 5 | 1.66% | 1.45% | 6 | 1.26% | 6 | 1.35% | 6 | 1.42% | 5,6 | 1.47% | 6 | ||||||||||||||||||
Total expenses after fees waived
|
1.54% | 5 | 1.66% | 1.45% | 6 | 1.26% | 6 | 1.34% | 6 | 1.40% | 5,6 | 1.46% | 6 | ||||||||||||||||||
Total expenses after fees waived and excluding interest expense, fees and amortization of offering costs7
|
0.96% | 5 | 1.22% | 8 | 1.14% | 6 | 1.02% | 6 | 1.12% | 6 | 1.10% | 5,6 | 1.10% | 6 | |||||||||||||||||
Net investment income
|
5.68% | 5 | 6.19% | 7.22% | 6 | 6.92% | 6 | 7.66% | 6 | 6.77% | 5,6 | 6.72% | 6 | ||||||||||||||||||
Dividends to AMPS shareholders
|
— | — | 0.15% | 0.18% | 1.09% | 1.92% | 5 | 2.01% | |||||||||||||||||||||||
Net investment income to Common Shareholders
|
5.68% | 5 | 6.19% | 7.07% | 6.74% | 6.57% | 4.85% | 5 | 4.71% | ||||||||||||||||||||||
Supplemental Data
|
|||||||||||||||||||||||||||||||
Net assets applicable to Common Shareholders,
end of period (000) |
$ | 224,799 | $ | 221,778 | $ | 186,127 | $ | 193,270 | $ | 175,610 | $ | 184,315 | $ | 197,014 | |||||||||||||||||
AMPS outstanding at $25,000 liquidation preference,
end of period (000) |
— | — | — | 59,475 | $ | 59,475 | $ | 90,825 | $ | 110,000 | |||||||||||||||||||||
VRDP Shares outstanding at $100,000 liquidation value, end of period (000)
|
$ | 59,400 | $ | 59,400 | $ | 59,400 | — | — | — | — | |||||||||||||||||||||
Portfolio turnover
|
9% | 34% | 27% | 41% | 63% | 22% | 25% | ||||||||||||||||||||||||
Asset coverage per AMPS at $25,000 liquidation preference,
end of period |
— | — | — | $ | 106,242 | $ | 98,819 | $ | 75,742 | $ | 69,790 | ||||||||||||||||||||
Asset coverage per VRDP Shares at $100,000 liquidation value,
end of period |
$ | 478,450 | $ | 473,363 | $ | 413,346 | — | — | — | — |
1 | Based on average Common Shares outstanding. |
2 | Dividends are determined in accordance with federal income tax regulations. |
3 | Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Where applicable, total investment returns exclude the effects of any sales charges and include the reinvestment of dividends and distributions. |
4 | Aggregate total investment return. |
5 | Annualized. |
6 | Do not reflect the effect of dividends to AMPS shareholders. |
7 | Interest expense, fees and amortization of offering costs relate to TOBs and/or VRDP shares. See Note 1 and Note 7 of the Notes to Financial Statements for details of municipal bonds transferred to TOBs and VRDP Shares, respectively. |
8 | For the year ended July 31, 2012, the total expense ratio after fees waived and excluding interest expense, fees, amortization of offering costs, liquidity and remarketing fees was 0.99%. |
SEMI-ANNUAL REPORT | JANUARY 31, 2013 | 43 |
Financial Highlights | BlackRock MuniYield New
Jersey Fund, Inc. (MYJ) |
Six Months Ended January 31, 2013 (Unaudited) |
Year Ended July 31, |
Period December 1, 2007 to July 31, 2008 |
Year Ended November 30, 2007 |
||||||||||||||||||||||||||||
2012 | 2011 | 2010 | 2009 | ||||||||||||||||||||||||||||
Per Share Operating Performance
|
|||||||||||||||||||||||||||||||
Net asset value, beginning of period
|
$ | 16.92 | $ | 14.84 | $ | 15.24 | $ | 14.13 | $ | 14.36 | $ | 15.18 | $ | 15.90 | |||||||||||||||||
Net investment income1
|
0.45 | 0.86 | 0.92 | 1.00 | 0.98 | 0.62 | 1.01 | ||||||||||||||||||||||||
Net realized and unrealized gain (loss)
|
0.10 | 2.11 | (0.41 | ) | 1.00 | (0.34 | ) | (0.79 | ) | (0.74 | ) | ||||||||||||||||||||
Dividends to AMPS shareholders from net investment income
|
— | — | (0.03 | ) | (0.04 | ) | (0.15 | ) | (0.18 | ) | (0.29 | ) | |||||||||||||||||||
Net increase (decrease) from investment operations
|
0.55 | 2.97 | 0.48 | 1.96 | 0.49 | (0.35 | ) | (0.02 | ) | ||||||||||||||||||||||
Dividends and distributions to common shareholders from:
|
|||||||||||||||||||||||||||||||
Net investment income
|
(0.45 | ) | (0.89 | )2 | (0.88 | )2 | (0.85 | )2 | (0.72 | )2 | (0.47 | )2 | (0.70 | )2 | |||||||||||||||||
Net realized gain
|
(0.06 | ) | — | — | — | — | — | — | |||||||||||||||||||||||
Total dividends and distributions
|
(0.51 | ) | (0.89 | ) | (0.88 | ) | (0.85 | ) | (0.72 | ) | (0.47 | ) | (0.70 | ) | |||||||||||||||||
Net asset value, end of period
|
$ | 16.96 | $ | 16.92 | $ | 14.84 | $ | 15.24 | $ | 14.13 | $ | 14.36 | $ | 15.18 | |||||||||||||||||
Market price, end of period
|
$ | 17.08 | $ | 17.07 | $ | 13.53 | $ | 15.19 | $ | 13.49 | $ | 13.52 | $ | 13.66 | |||||||||||||||||
Total Investment Return Applicable to Common
Shareholders3
|
|||||||||||||||||||||||||||||||
Based on net asset value
|
3.29% | 4 | 20.72% | 3.55% | 14.34% | 4.50% | (2.17)% | 4 | 0.11% | ||||||||||||||||||||||
Based on market price
|
3.10% | 4 | 33.59% | (5.28)% | 19.38% | 5.96% | 2.35% | 4 | (7.41)% | ||||||||||||||||||||||
Ratios to Average Net Assets Applicable to Common
Shareholders
|
|||||||||||||||||||||||||||||||
Total expenses
|
1.47% | 5 | 1.61% | 1.26% | 6 | 1.01% | 6 | 1.15% | 6 | 1.22% | 5,6 | 1.28% | 6 | ||||||||||||||||||
Total expenses after fees waived
|
1.47% | 5 | 1.60% | 1.25% | 6 | 1.00% | 6 | 1.14% | 6 | 1.20% | 5,6 | 1.27% | 6 | ||||||||||||||||||
Total expenses after fees waived and excluding interest expense, fees and amortization of offering costs7
|
0.91% | 5 | 1.28% | 8 | 1.14% | 6 | 0.98% | 6 | 1.05% | 6 | 1.13% | 5 | 1.10% | 6 | |||||||||||||||||
Net investment income
|
5.12% | 5 | 5.41% | 6.26% | 6 | 6.71% | 6 | 7.21% | 6 | 6.27% | 5 | 6.56% | 6 | ||||||||||||||||||
Dividends to AMPS shareholders
|
— | — | 0.23% | 0.30% | 1.12% | 1.85% | 5,6 | 1.85% | |||||||||||||||||||||||
Net investment income to Common Shareholders
|
5.12% | 5 | 5.41% | 6.03% | 6.41% | 6.09% | 4.42% | 5,6 | 4.71% | ||||||||||||||||||||||
Supplemental Data
|
|||||||||||||||||||||||||||||||
Net assets applicable to Common Shareholders,
end of period (000) |
$ | 241,977 | $ | 240,759 | $ | 211,121 | $ | 216,433 | $ | 200,740 | $ | 204,022 | $ | 215,585 | |||||||||||||||||
AMPS outstanding at $25,000 liquidation preference,
end of period (000) |
— | — | — | $ | 102,200 | $ | 102,200 | $ | 104,725 | $ | 119,000 | ||||||||||||||||||||
VRDP Shares outstanding at $100,000 liquidation value, end of period (000)
|
$ | 102,200 | $ | 102,200 | $ | 102,200 | — | — | — | — | |||||||||||||||||||||
Portfolio turnover
|
5% | 23% | 18% | 15% | 21% | 11% | 18% | ||||||||||||||||||||||||
Asset coverage per AMPS at $25,000 liquidation preference,
end of period |
— | — | — | $ | 77,946 | $ | 74,107 | $ | 73,709 | $ | 70,305 | ||||||||||||||||||||
Asset coverage per VRDP Shares at $100,000 liquidation value, end of period
|
$ | 336,768 | $ | 335,577 | $ | 306,576 | — | — | — | — |
1 | Based on average Common Shares outstanding. |
2 | Dividends and distributions are determined in accordance with federal income tax regulations. |
3 | Total investment returns based on market price, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Where applicable, total investment returns exclude the effects of any sales charges and include the reinvestment of dividends and distributions. |
4 | Aggregate total investment return. |
5 | Annualized. |
6 | Do not reflect the effect of dividends to AMPS shareholders. |
7 | Interest expense, fees and amortization of offering costs relate to TOBs and/or VRDP Shares. See Note 1 and Note 7 of the Notes to Financial Statements for details of municipal bonds transferred to TOBs and VRDP Shares, respectively. |
8 | For the year ended July 31, 2012, the total expense ratio after fees waived and paid indirectly and excluding interest expense, fees, amortization of offering costs, liquidity and remarketing fees was 0.93%. |
44 | SEMI-ANNUAL REPORT | JANUARY 31, 2013 |
Notes to Financial Statements (Unaudited) |
SEMI-ANNUAL REPORT | JANUARY 31, 2013 | 45 |
Notes to Financial Statements (continued) |
the Funds may be required to pay more at settlement than the
security is worth. In addition, the Funds are not entitled to any of the interest earned prior to settlement. When purchasing a security on a delayed
delivery basis, the Funds assume the rights and risks of ownership of the security, including the risk of price and yield fluctuations. In the event of
default by the counterparty, the Funds maximum amount of loss is the unrealized appreciation of unsettled when-issued transactions, which is
shown in the Schedules of Investments.
|
Underlying Municipal Bonds Transferred to TOBs |
|
Liability for TOB Trust Certificates |
|
Range of Interest Rates |
|||||||||
MNE
|
$ | 12,364,571 | $ | 6,208,399 | 0.10% 0.16% |
|||||||||
MZA |
$ | 7,706,322 | $ | 3,330,000 | 0.10% 0.11% |
|||||||||
MYC |
$ | 243,339,364 | $ | 113,024,796 | 0.09% 0.24% |
|||||||||
MYF |
$ | 175,977,858 | $ | 87,413,872 | 0.09% 0.35% |
|||||||||
MYJ |
$ | 63,972,029 | $ | 34,049,339 | 0.10% 0.35% |
|
Average TOB Trust Certificates Outstanding |
|
Daily Weighted Average Interest Rate |
|||||||
MNE |
$ | 6,208,399 | 0.69 | % | ||||||
MZA |
$ | 3,330,000 | 0.69 | % | ||||||
MYC |
$ | 116,096,627 | 0.68 | % | ||||||
MYF |
$ | 86,445,962 | 0.75 | % | ||||||
MYJ |
$ | 27,483,819 | 0.72 | % |
46 | SEMI-ANNUAL REPORT | JANUARY 31, 2013 |
Notes to Financial Statements (continued) |
SEMI-ANNUAL REPORT | JANUARY 31, 2013 | 47 |
Notes to Financial Statements (continued) |
received on the options should the counterparty fail to
perform under the contracts. Counterparty risk related to exchange-traded financial futures contracts and options is deemed to be minimal due to the
protection against defaults provided by the exchange on which these contracts trade.
Derivative Financial
Instruments Categorized by Risk Exposure: |
||||||||||||
Fair Values of Derivative Financial Instruments as of January 31, 2013 | ||||||||||||
Asset Derivatives | ||||||||||||
MYC | ||||||||||||
Statements of Assets and Liabilities Location |
Value | |||||||||||
Interest rate contracts |
Net unrealized appreciation1 | $ | 100,619 | |||||||||
Liability Derivatives |
||||||||||||
MNE |
||||||||||||
Statements of Assets and Liabilities Location |
Value |
|||||||||||
Interest rate contracts |
Net unrealized depreciation1 | $ | (775 | ) |
1 | Includes cumulative appreciation/depreciation on financial futures contracts as reported in the Schedules of Investments. Only current days variation margin is reported within the Statements of Assets and Liabilities. |
48 | SEMI-ANNUAL REPORT | JANUARY 31, 2013 |
Notes to Financial Statements (continued) |
The Effect of Derivative Financial Instruments in the Statements of Operations Six Months Ended January 31, 2013 |
||||||||||||||||
Net Realized Gain (Loss)
From |
||||||||||||||||
MNE |
MZA |
MYC |
||||||||||||||
Interest rate contracts: |
||||||||||||||||
Financial futures contracts |
| $ | (25,067 | ) | $ | 89,127 | ||||||||||
Options1 |
$ | 21,815 | | | ||||||||||||
Total |
$ | 21,815 | $ | (25,067 | ) | $ | 89,127 | |||||||||
Net Change in Unrealized Appreciation/Depreciation on |
||||||||||||||||
MNE |
MYC |
|||||||||||||||
Interest rate contracts: |
||||||||||||||||
Financial futures contracts |
$ | (775 | ) | $ | 100,619 |
1 | Options purchased are included in the net realized gain (loss) from investments. |
|
MNE |
|
MZA |
|
MYC |
|||||||||
Financial futures contracts: |
||||||||||||||
Average number of contracts purchased |
| 10 | 2 | | ||||||||||
Average number of contracts sold |
8 | 10 | 2 | 50 | ||||||||||
Average notional value of contracts purchased |
| $ | 1,342,656 | 2 | | |||||||||
Average notional value of contracts sold |
$ | 1,050,250 | 1,330,156 | 2 | $ | 6,564,063 | ||||||||
Options: |
||||||||||||||
Average number of option contracts purchased |
1 | 2 | | | ||||||||||
Average notional value of option contracts purchased |
$ | 69,000,000 | 2 | | |
2 | Actual contract amount shown due to limited activity. |
MNE |
0.55 | % | ||||
MZA |
0.50 | % | ||||
MYC |
0.50 | % | ||||
MYF |
0.50 | % | ||||
MYJ |
0.50 | % |
|
Purchases |
|
Sales |
|||||||
MNE |
$ | 7,854,591 | $ | 9,762,483 | ||||||
MZA |
$ | 5,455,588 | $ | 5,803,911 | ||||||
MYC |
$ | 51,767,200 | $ | 56,975,152 | ||||||
MYF |
$ | 32,559,377 | $ | 31,331,084 | ||||||
MYJ |
$ | 20,509,572 | $ | 17,214,859 |
SEMI-ANNUAL REPORT | JANUARY 31, 2013 | 49 |
Notes to Financial Statements (continued) |
Expires July 31, |
|
MNE |
|
MZA |
|
MYC |
|
MYF |
||||||||||
2016 |
$ | 258,280 | $ | 202,561 | | $ | 149,142 | |||||||||||
2017 |
501,235 | | | | ||||||||||||||
2018 |
840,312 | 870,092 | $ | 2,301,093 | 9,884,628 | |||||||||||||
2019 |
| 68,648 | | | ||||||||||||||
Total |
$ | 1,599,827 | $ | 1,141,301 | $ | 2,301,093 | $ | 10,033,770 | ||||||||||
|
MNE |
|
MZA |
|
MYC |
|
MYF |
|
MYJ |
|||||||||||||
Tax
cost |
$ | 89,237,356 | $ | 97,303,759 | $ | 408,497,887 | $ | 241,164,079 | $ | 309,444,208 | ||||||||||||
Gross unrealized appreciation |
$ | 8,171,363 | $ | 9,381,327 | $ | 61,050,008 | $ | 40,831,607 | $ | 33,766,587 | ||||||||||||
Gross unrealized depreciation |
(420,717 | ) | (143,800 | ) | (170,181 | ) | (1,148,970 | ) | (1,410,564 | ) | ||||||||||||
Net
unrealized appreciation |
$ | 7,750,646 | $ | 9,237,527 | $ | 60,879,827 | $ | 39,682,637 | $ | 32,356,023 | ||||||||||||
|
Six Months Ended January 31, 2013 |
|
Year Ended July 31, 2012 |
|||||||
MNE |
2,655 | | ||||||||
MZA
|
8,079 | 4,161 | ||||||||
MYC
|
30,638 | | ||||||||
MYF |
12,331 | 25,531 | ||||||||
MYJ |
42,817 | 6,882 |
50 | SEMI-ANNUAL REPORT | JANUARY 31, 2013 |
Notes to Financial Statements (continued) |
repurchase of the Funds Common Shares if the Funds fail
to maintain asset coverage of at least 200% of the liquidation preference of the outstanding Preferred Shares. In addition, pursuant to the Preferred
Shares governing instrument, the Funds are restricted from declaring and paying dividends on classes of shares ranking junior to or on parity
with the Preferred Shares or repurchasing such shares if the Funds fail to declare and pay dividends on the Preferred Shares, redeem any Preferred
Shares required to be redeemed under the Preferred Shares governing instrument or comply with the basic maintenance amount requirement of the rating
agencies then rating the Preferred Shares.
|
Issue Date |
|
Shares Issued |
|
Aggregate Principal |
|
Maturity Date |
|||||||||||
MNE
|
9/15/11 | 296 | $ | 29,600,000 | 10/01/41 | |||||||||||||
MZA |
5/19/11 | 373 | $ | 37,300,000 | 6/01/41 | |||||||||||||
MYC |
5/19/11 | 1,059 | $ | 105,900,000 | 6/01/41 | |||||||||||||
MYF |
5/19/11 | 594 | $ | 59,400,000 | 6/01/41 | |||||||||||||
MYJ |
4/21/11 | 1,022 | $ | 102,200,000 | 6/01/41 |
SEMI-ANNUAL REPORT | JANUARY 31, 2013 | 51 |
Notes to Financial Statements (continued) |
by registered closed-end funds. As of January 31, 2013 the
VRDP Shares were assigned a long-term rating from Moodys under its new ratings methodology as follows:
Rating | ||||||
MNE
|
Aa2 | |||||
MZA |
Aa2 | |||||
MYC |
Aa2 | |||||
MYF |
Aa1 | |||||
MYJ |
Aa2 |
Rate | ||||||
MNE
|
0.30 | % | ||||
MZA |
1.10 | % | ||||
MYC |
1.10 | % | ||||
MYF |
1.10 | % | ||||
MYJ |
1.10 | % |
52 | SEMI-ANNUAL REPORT | JANUARY 31, 2013 |
Notes to Financial Statements (concluded) |
|
Series |
|
Redemption Date |
|
Shares Redeemed |
|
Aggregate Principal |
|||||||||||
MNE |
F | 10/03/11 | 1,185 | $ | 29,625,000 |
|
Common Dividend Per Share |
|||||
MNE
|
$ | 0.0625 | ||||
MZA |
$ | 0.0695 | ||||
MYJ |
$ | 0.0740 | ||||
MYC |
$ | 0.0790 | ||||
MYF |
$ | 0.0790 |
|
Series |
|
Dividends Declared |
|||||||
MNE
|
W-7 | $ | 4,606 | |||||||
MZA |
W-7 | $ | 30,126 | |||||||
MYC |
W-7 | $ | 85,532 | |||||||
MYF |
W-7 | $ | 47,976 | |||||||
MYJ |
W-7 | $ | 82,544 |
SEMI-ANNUAL REPORT | JANUARY 31, 2013 | 53 |
Officers and Directors |
Karen P. Robards, Vice Chairperson of the
Board,
Chairperson of the Audit Committee and Director
Paul. L.
Audet, Director
Michael J. Castellano, Director and Member of the Audit
Committee
Frank J. Fabozzi, Director and
Member of the Audit
Committee
Kathleen F. Feldstein, Director
James T. Flynn, Director and Member of the Audit
Committee
Henry Gabbay, Director
Jerrold B. Harris, Director
R. Glenn Hubbard, Director
W. Carl Kester,
Director and Member of the Audit Committee
John M. Perlowski, President and Chief Executive Officer
Anne Ackerley,
Vice President
Brendan Kyne, Vice President
Robert W. Crothers, Vice President
Neal Andrews, Chief Financial
Officer
Jay Fife, Treasurer
Brian Kindelan, Chief Compliance Officer and Anti-Money
Laundering Officer
Janey Ahn, Secretary
BlackRock Advisors, LLC
Wilmington, DE 19809
BlackRock Investment Management, LLC
Princeton, NJ 08540
State Street Bank and Trust
Company1
Boston, MA 02110
New York, NY
10286
Common Shares
Computershare Trust Company, N.A.
Canton, MA 02021
The Bank of New York
Mellon
New York, NY 10289
Barclays Capital,
Inc.1
New York, NY 10019
New York, NY
10179
Barclays Bank
PLC1
New York, NY 10019
New York, NY 10179
State Street Bank and Trust
Company
Boston, MA 02110
Deloitte
& Touche LLP
Boston, MA 02116
Skadden, Arps, Slate, Meagher & Flom
LLP
New York, NY 10036
100 Bellevue Parkway
Wilmington, DE 19809
1 | For MNE. |
2 | For MZA, MYC, MYF and MYJ. |
54 | SEMI-ANNUAL REPORT | JANUARY 31, 2013 |
Additional Information |
Regulation Regarding Derivatives
Dividend Policy
SEMI-ANNUAL REPORT | JANUARY 31, 2013 | 55 |
Additional Information (continued) |
General Information
56 | SEMI-ANNUAL REPORT | JANUARY 31, 2013 |
Additional Information (continued) |
General Information (concluded)
http://www.blackrock.com or by calling (800) 882-0052 and (2) on the SECs website at http://www.sec.gov.
SEMI-ANNUAL REPORT | JANUARY 31, 2013 | 57 |
Additional Information (concluded) |
BlackRock Privacy Principles
58 | SEMI-ANNUAL REPORT | JANUARY 31, 2013 |
![]() |
#MY5-1/13-SAR |
![]() |
Item 2 – | Code of Ethics – Not Applicable to this semi-annual report | |
Item 3 – | Audit Committee Financial Expert – Not Applicable to this semi-annual report | |
Item 4 – | Principal Accountant Fees and Services – Not Applicable to this semi-annual report | |
Item 5 – | Audit Committee of Listed Registrants – Not Applicable to this semi-annual report | |
Item 6 – | Investments (a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1 of this Form. (b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing. | |
Item 7 – | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable to this semi-annual report | |
Item 8 – | Portfolio Managers of Closed-End Management Investment Companies | |
(a) | Not Applicable to this semi-annual report | |
(b) | As of the date of this filing, there have been no changes in any of the portfolio managers identified in the most recent annual report on Form N-CSR. | |
Item 9 – | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable | |
Item 10 – | Submission of Matters to a Vote of Security Holders – There have been no material changes to these procedures. | |
Item 11 – | Controls and Procedures | |
(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. | ||
(b) – There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting. | ||
Item 12 – | Exhibits attached hereto | |
(a)(1) – Code of Ethics – Not Applicable to this semi-annual report | ||
(a)(2) – Certifications – Attached hereto | ||
(a)(3) – Not Applicable | ||
(b) –Certifications – Attached hereto |
2 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
BlackRock MuniYield California Fund, Inc.
By: | /s/ John M. Perlowski |
John M. Perlowski | |
Chief Executive Officer (principal executive officer) of | |
BlackRock MuniYield California Fund, Inc. |
Date: April 3, 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 California Fund, Inc. |
Date: April 3, 2013
By: | /s/ Neal J. Andrews |
Neal J. Andrews | |
Chief Financial Officer (principal financial officer) of | |
BlackRock MuniYield California Fund, Inc. |
Date: April 3, 2013
3 |
EX-99. CERT
CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, John M. Perlowski, Chief Executive Officer (principal executive officer) of BlackRock MuniYield California Fund, Inc., certify that:
1. I have reviewed this report on Form N-CSR of BlackRock MuniYield California Fund, Inc.;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
Date: April 3, 2013
/s/ John M. Perlowski
John M. Perlowski
Chief Executive Officer (principal executive
officer) of
BlackRock MuniYield California Fund, Inc.
EX-99. CERT
CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, Neal J. Andrews, Chief Financial Officer (principal financial officer) of BlackRock MuniYield California Fund, Inc., certify that:
1. I have reviewed this report on Form N-CSR of BlackRock MuniYield California Fund, Inc.;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
Date: April 3, 2013
/s/ Neal J. Andrews
Neal J. Andrews
Chief Financial Officer (principal financial officer) of
BlackRock MuniYield California Fund, Inc.
Exhibit 99.1350CERT
Certification Pursuant to Rule 30a-2(b)
under the 1940 Act and
Section 906 of the Sarbanes-Oxley Act of 2002
Pursuant to 18 U.S.C. § 1350, the undersigned officer of BlackRock MuniYield California Fund, Inc. (the “registrant”), hereby certifies, to the best of his knowledge, that the registrant's Report on Form N-CSR for the period ended January 31, 2013 (the “Report”) fully complies with the requirements of Section 13a of the Securities Exchange Act of 1934, as amended, and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the registrant.
Date: April 3, 2013
/s/ John M. Perlowski
John M. Perlowski
Chief Executive Officer (principal executive officer) of
BlackRock MuniYield California Fund, Inc.
Pursuant to 18 U.S.C. § 1350, the undersigned officer of BlackRock MuniYield California Fund, Inc. (the “registrant”), hereby certifies, to the best of his knowledge, that the registrant's Report on Form N-CSR for the period ended January 31, 2013 (the “Report”) fully complies with the requirements of Section 13a of the Securities Exchange Act of 1934, as amended, and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the registrant.
Date: April 3, 2013
/s/ Neal J. Andrews
Neal J. Andrews
Chief Financial Officer (principal financial officer) of
BlackRock MuniYield California Fund, Inc.
This certification is being furnished pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. Section 1350 and is not being filed as part of the Form N-CSR with the Securities and Exchange Commission.
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