UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-CSRS CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES |
Investment Company Act file number 811-06499 Name of Fund: BlackRock MuniYield California Fund, Inc. (MYC) Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809 Name and address of agent for service: Donald C. Burke, Chief Executive Officer, BlackRock MuniYield California Fund, Inc., 800 Scudders Mill Road, Plainsboro, NJ, 08536. Mailing address: P.O. Box 9011, Princeton, NJ, 08543-9011 Registrants telephone number, including area code: (800) 882-0052, Option 4 Date of fiscal year end: 07/31/2009 Date of reporting period: 08/01/2008 01/31/2009 Item 1 Report to Stockholders |
EQUITIES FIXED INCOME REAL ESTATE LIQUIDITY ALTERNATIVES BLACKROCK SOLUTIONS Semi-Annual Report JANUARY 31, 2009 | (UNAUDITED) |
BlackRock Muni New York Intermediate Duration Fund, Inc. (MNE) BlackRock MuniYield Arizona Fund, Inc. (MZA) BlackRock MuniYield California Fund, Inc. (MYC) BlackRock MuniYield Investment Fund (MYF) BlackRock MuniYield New Jersey Fund, Inc. (MYJ) |
NOT FDIC INSURED MAY LOSE VALUE NO BANK GUARANTEE |
Table of Contents | ||
Page | ||
A Letter to Shareholders | 3 | |
Semi-Annual Report: | ||
Fund Summaries | 4 | |
The Benefits and Risks of Leveraging | 9 | |
Financial Statements: | ||
Schedules of Investments | 10 | |
Statements of Assets and Liabilities | 30 | |
Statements of Operations | 32 | |
Statements of Changes in Net Assets | 34 | |
Financial Highlights | 37 | |
Notes to Financial Statements | 42 | |
Officers and Directors or Trustees | 48 | |
Additional Information | 48 |
2 SEMI-ANNUAL REPORT |
JANUARY 31, 2009 |
A Letter to Shareholders
Dear Shareholder
The present time may well be remembered as one of the most tumultuous periods in financial market history. Over the past year, the bursting of the
housing bubble and the resultant credit crisis swelled into an all-out global financial market meltdown that featured the collapse of storied financial
firms, volatile swings in the worlds financial markets and monumental government responses, including the nearly $800 billion economic stimulus
plan signed into law just after period end.
The US economy appeared relatively resilient through the first few months of 2008, when rising food and energy prices fueled inflation fears. Mid-
summer ushered in dramatic changes inflationary pressure subsided amid a plunge in commodity prices, while economic pressures intensified in
the midst of a rapid deterioration in consumer spending, employment and other key indicators. By years end, the National Bureau of Economic
Research affirmed that the United States was in a recession, which officially began in December 2007. The Federal Reserve Board (the Fed), after
slashing interest rates aggressively early in the period, resumed that rate-cutting campaign in the fall, with the final reduction in December 2008 bring-
ing the target federal funds rate to a record low range of between zero and 0.25% . Importantly, the central bank pledged that future policy moves to
revive the global economy and financial markets would comprise primarily nontraditional and quantitative easing measures, such as capital injections,
lending programs and government guarantees.
Against this backdrop, US equity markets experienced intense volatility, with the sentiment turning decisively negative toward period end. Declines were
significant and broad-based, with little divergence among large- and small-cap stocks. Non-US stocks posted stronger results early on, but quickly lost
ground as the credit crisis revealed itself to be global in scope and as the worldwide economic slowdown gathered pace. Overall, aggressive monetary
and fiscal policy, combined with the defensiveness of the US, helped domestic equities notch better performance than their non-US counterparts.
In fixed income markets, risk aversion remained the popular theme, leading the Treasury sector to top all other asset classes. The high yield market
was particularly hard hit in this environment, as economic turmoil, combined with frozen credit markets and substantial technical pressures, took a
heavy toll. Meanwhile, the municipal bond market was challenged by a dearth of market participants, lack of liquidity, difficult funding environment and
backlog of new-issue supply, which sent prices lower and yields well above Treasuries. By period end, however, some positive momentum had returned
to the municipal space.
In all, an investor flight to safety prevailed, as evidenced in the six- and 12-month returns of the major benchmark indexes: | ||||
Total Returns as of January 31, 2009 | 6-month | 12-month | ||
US equities (S&P 500 Index) | (33.95)% | (38.63)% | ||
Small cap US equities (Russell 2000 Index) | (37.38) | (36.84) | ||
International equities (MSCI Europe, Australasia, Far East Index) | (40.75) | (43.74) | ||
US Treasury securities (Merrill Lynch 10-Year US Treasury Index) | 11.96 | 10.64 | ||
Taxable fixed income (Barclays Capital US Aggregate Bond Index*) | 3.23 | 2.59 | ||
Tax-exempt fixed income (Barclays Capital Municipal Bond Index*) | 0.70 | (0.16) | ||
High yield bonds (Barclays Capital US Corporate High Yield 2% Issuer Capped Index*) | (19.07) | (19.72) |
* Formerly a Lehman Brothers index.
Past performance is no guarantee of future results. Index performance shown for illustrative purposes only. You cannot invest directly in an index.
Through periods of market turbulence, as ever, BlackRocks full resources are dedicated to the management of our clients assets. For our most
current views on the economy and financial markets, we invite you to visit www.blackrock.com/funds. We thank you for entrusting BlackRock with
your investments, and we look forward to continuing to serve you in the months and years ahead.
THIS PAGE NOT PART OF YOUR FUND REPORT |
3 |
Fund Summary as of January 31, 2009 BlackRock Muni New York Intermediate Duration Fund, Inc. Investment Objective BlackRock Muni New York Intermediate Duration Fund, Inc. (MNE) (the Fund) seeks to provide shareholders with high current income exempt from fed- eral income taxes and New York State and New York City personal income taxes by investing primarily in a portfolio of municipal obligations, the interest on which, in the opinion of bond counsel to the issuer, is exempt from federal income taxes and New York State and New York City personal income taxes. Performance For the six months ended January 31, 2009, the Fund returned (13.41)% based on market price and (6.67)% based on net asset value (NAV). For the same period, the closed-end Lipper Intermediate Municipal Debt Funds category posted an average return of (6.71)% on a market price basis and (4.53)% on a NAV basis. All returns reflect reinvestment of dividends. The Funds discount to NAV, which widened during the period, accounts for the dif- ference between performance based on price and performance based on NAV. Fund performance was positively influenced by its average distribution rate. Negative impacts on performance came from overweights in corporate credits, housing bonds and healthcare bonds, and from an underweight in tax-backed bonds. The Funds overweight in bonds with maturities greater than 15 years detracted overall, but benefited performance toward the end of the period. Fortunately, management avoided selling these holdings when values were distressed, which would have locked in their underperformance. The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results. |
Fund Information | ||||
Symbol on New York Stock Exchange | MNE | |||
Initial Offering Date | August 1, 2003 | |||
Yield on Closing Market Price as of January 31, 2009 ($10.17)1 | 6.25% | |||
Tax Equivalent Yield2 | 9.62% | |||
Current Monthly Distribution per Common Share3 | $0.053 | |||
Current Annualized Distribution per Common Share3 | $0.636 | |||
Leverage as of January 31, 20094 | 38% | |||
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1 Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. | ||||
Past performance does not guarantee future results. | ||||
2 Tax equivalent yield assumes the maximum federal tax rate of 35%. | ||||
3 The distribution is not constant and is subject to change. |
4 Represents Auction Market Preferred Shares (Preferred Shares) and tender option bond trusts (TOBs) as a percentage of total managed
assets, which is the total assets of the Fund (including any assets attributable to Preferred Shares and TOBs) minus the sum of accrued
liabilities. For a discussion of leveraging techniques utilized by the Fund, please see The Benefits and Risks of Leveraging on page 9.
The table below summarizes the changes in the Funds market price and net asset value per share:
1/31/09 | 7/31/08 | Change | High | Low | ||||||
Market Price | $10.17 | $12.12 | (16.09)% | $12.33 | $ 7.50 | |||||
Net Asset Value | $12.22 | $13.51 | (9.55)% | $13.88 | $10.70 |
The following charts show the sector and credit quality allocations of the Funds long-term investments: |
Sector Allocations | ||||
1/31/09 | 7/31/08 | |||
State | 19% | 18% | ||
County/City/Special District/ | ||||
School District | 16 | 13 | ||
IDA/PCR/Resource Recovery | 15 | 16 | ||
Housing | 11 | 12 | ||
Transportation | 10 | 11 | ||
Hospitals/Healthcare | 10 | 9 | ||
Education | 9 | 10 | ||
Utilities Electric & Gas | 7 | 9 | ||
Utilities Water & Sewer | 1 | 1 | ||
Tobacco | 1 | 1 | ||
Lease Obligations | 1 | | ||
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Credit Quality Allocations5 | ||||
1/31/09 | 7/31/08 | |||
AAA/Aaa | 13% | 6% | ||
AA/Aa | 41 | 43 | ||
A/A | 17 | 21 | ||
BBB/Baa | 17 | 15 | ||
BB/Ba | 6 | 9 | ||
CCC/Caa | 2 | 2 | ||
Not Rated6 | 4 | 4 |
5 Using the higher of Standard & Poors (S&P) or Moodys
Investors Service (Moodys) ratings.
6 The investment advisor has deemed certain of these non-rated
securities to be of investment grade quality. As of January 31,
2009 and July 31, 2008, the market value of these securities was
$1,557,256 representing 2% and $1,927,760 representing 2%,
respectively, of the Funds long-term investments.
4 SEMI-ANNUAL REPORT |
JANUARY 31, 2009 |
Fund Summary as of January 31, 2009 BlackRock MuniYield Arizona Fund, Inc. Investment Objective BlackRock MuniYield Arizona Fund, Inc. (MZA) (the Fund) seeks to provide shareholders with as high a level of current income exempt from federal and Arizona income taxes as is consistent with its investment policies and prudent investment management by investing primarily in a portfolio of long-term, investment grade municipal obligations, the interest on which, in the opinion of bond counsel to the issuers, is exempt from federal and Arizona income taxes. Performance For the six months ended January 31, 2009, the Fund returned (25.75)% based on market price and (9.52)% based on NAV. For the same period, the closed-end Lipper Other States Municipal Debt Funds category posted an average return of (7.88)% on a market price basis and (5.61)% on a NAV basis. All returns reflect reinvestment of dividends. The Fund moved from a premium to NAV to a discount by period-end, which accounts for the differ- ence between performance based on price and performance based on NAV. The Fund benefited from its above-average yield, but performance was hindered by above-average exposure to the longer end of the yield curve, where yields rose. The Funds above-average exposure to lower-rated credits and other spread sectors, such as housing bonds, also hurt performance. The spread between high-grade and lower-rated credits generally widened, as credit markets adjusted to higher perceived risks and an overall weaker economy. Fund management worked to upgrade credit quality when practical during this very volatile and illiquid performance period. The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results. |
Fund Information | ||||
Symbol on American Stock Exchange | MZA | |||
Initial Offering Date | October 29, 1993 | |||
Yield on Closing Market Price as of January 31, 2009 ($10.02)1 | 6.83% | |||
Tax Equivalent Yield2 | 10.51% | |||
Current Monthly Distribution per Common Share3 | $0.057 | |||
Current Annualized Distribution per Common Share3 | $0.684 | |||
Leverage as of January 31, 20094 | 44% |
1 Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past
performance does not guarantee future results.
2 Tax equivalent yield assumes the maximum federal tax rate of 35%.
3 The distribution is not constant and is subject to change.
4 Represents Preferred Shares and TOBs as a percentage of total managed assets, which is the total assets of the Fund (including any assets
attributable to Preferred Shares and TOBs) minus the sum of accrued liabilities. For a discussion of leveraging techniques utilized by the Fund,
please see The Benefits and Risks of Leveraging on page 9.
The table below summarizes the changes in the Funds market price and net asset value per share:
1/31/09 | 7/31/08 | Change | High | Low | ||||||
Market Price | $10.02 | $13.94 | (28.12)% | $14.30 | $7.28 | |||||
Net Asset Value | $11.22 | $12.81 | (12.41)% | $13.12 | $9.60 |
The following charts show the sector and credit quality allocations of the Funds long-term investments:
Sector Allocations | ||||
1/31/09 | 7/31/08 | |||
County/City/Special District/ | ||||
School District | 31% | 28% | ||
Education | 14 | 22 | ||
Hospitals/Healthcare | 13 | 15 | ||
Utilities Water & Sewer | 11 | 8 | ||
Housing | 12 | 10 | ||
Utilities Electric & Gas | 9 | 7 | ||
State | 5 | 4 | ||
Transportation | 3 | 3 | ||
IDA/PCR/Resource Recovery | 1 | 2 | ||
Utilities Irrigation, Resource | ||||
Recovery, Solid Waste & Other | 1 | 1 |
Credit Quality Allocations5 | ||||
1/31/09 | 7/31/08 | |||
AAA/Aaa | 21% | 11% | ||
AA/Aa | 32 | 36 | ||
A/A | 24 | 27 | ||
BBB/Baa | 19 | 20 | ||
BB/Ba | 1 | 1 | ||
B/B | 1 | 1 | ||
Not Rated6 | 2 | 4 |
5 Using the higher of S&Ps or Moodys ratings.
6 The investment advisor has deemed certain of these non-rated
securities to be of investment grade quality. As of January 31,
2009 and July 31, 2008, the market value of these securities
was $864,063 representing 1% and $2,300,385 representing
2%, respectively, of the Funds long-term investments.
SEMI-ANNUAL REPORT |
JANUARY 31, 2009 |
5 |
Fund Summary as of January 31, 2009 BlackRock MuniYield California Fund, Inc. Investment Objective BlackRock MuniYield California Fund, Inc. (MYC) (the Fund) seeks to provide shareholders with as high a level of current income exempt from federal and California income taxes as is consistent with its investment policies and prudent investment management by investing primarily in a portfolio of long- term municipal obligations, the interest on which, in the opinion of bond counsel to the issuers, is exempt from federal and California income taxes. Performance For the six months ended January 31, 2009, the Fund returned (15.81)% based on market price and (4.00)% based on NAV. For the same period, the closed-end Lipper California Municipal Debt Funds category posted an average return of (18.01)% on a market price basis and (11.97)% on a NAV basis. All returns reflect reinvestment of dividends. The Funds discount to NAV, which widened during the period, accounts for the difference between performance based on price and performance based on NAV. A neutral duration posture and a relatively high cash equivalent reserve pro- vided some cushion to the Funds NAV, limiting the volatility stemming from rising tax-exempt long-term investment rates. The Fund also benefited from a marginal degree of credit spread tightening. Managements strategy is to pursue a balanced approach to returns by improving current yield and committing cash reserves opportunistically. Credit fundamentals warrant close monitoring in the current weak economic environment, and management will improve quality as opportunities arise. The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results. |
Fund Information | ||||||||||||
Symbol on New York Stock Exchange | MYC | |||||||||||
Initial Offering Date | February 28, 1992 | |||||||||||
Yield on Closing Market Price as of January 31, 2009 ($10.66)1 | 6.19% | |||||||||||
Tax Equivalent Yield2 | 9.52% | |||||||||||
Current Monthly Distribution per Common Share3 | $0.055 | |||||||||||
Current Annualized Distribution per Common Share3 | $0.660 | |||||||||||
Leverage as of January 31, 20094 | 41% | |||||||||||
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1 Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past | ||||||||||||
performance does not guarantee future results. | ||||||||||||
2 Tax equivalent yield assumes the maximum federal tax rate of 35%. | ||||||||||||
3 The distribution is not constant and is subject to change. | ||||||||||||
4 Represents Preferred Shares and TOBs as a percentage of total managed assets, which is the total assets of the Fund (including any assets | ||||||||||||
attributable to Preferred Shares and TOBs) minus the sum of accrued liabilities. For a discussion of leveraging techniques utilized by the Fund, | ||||||||||||
please see The Benefits and Risks of Leveraging on page 9. | ||||||||||||
The table below summarizes the changes in the Funds market price and net asset value per share: | ||||||||||||
1/31/09 | 7/31/08 | Change | High | Low | ||||||||
Market Price | $10.66 | $13.07 | (18.44)% | $13.41 | $ 7.07 | |||||||
Net Asset Value | $12.75 | $13.71 | (7.00)% | $14.06 | $10.31 |
The following charts show the sector and credit quality allocations of the Funds long-term investments: |
Sector Allocations | Credit Quality Allocations5 | |||||||||
1/31/09 | 7/31/08 | 1/31/09 | 7/31/08 | |||||||
County/City/Special District/ | AAA/Aaa | 37% | 43% | |||||||
School District | 39% | 36% | AA/Aa | 44 | 39 | |||||
Education | 15 | 17 | A/A | 14 | 14 | |||||
Utilities Electric & Gas | 10 | 8 | BBB/Baa | 5 | 4 | |||||
Utilities Water & Sewer | 10 | 7 | ||||||||
Hospitals/Healthcare | 8 | 11 | ||||||||
Transportation | 6 | 6 | 5 Using the higher of S&Ps or Moodys ratings. | |||||||
Utilities Irrigation, Resource | ||||||||||
Recovery, Solid Waste & Other | 4 | 3 | ||||||||
State | 3 | 5 | ||||||||
IDA/PCR/Resource Recovery | 2 | 2 | ||||||||
Lease Obligations | 2 | 3 | ||||||||
Housing | 1 | 2 |
6 SEMI-ANNUAL REPORT |
JANUARY 31, 2009 |
Fund Summary as of January 31, 2009 BlackRock MuniYield Investment Fund Investment Objective BlackRock MuniYield Investment Fund (MYF) (the Fund) seeks to provide shareholders with as high a level of current income exempt from federal income taxes as is consistent with its investment policies and prudent investment management by investing primarily in a portfolio of long-term municipal obligations, the interest on which, in the opinion of bond counsel to the issuers, is exempt from federal income taxes and which enables shares of the Fund to be exempt from Florida intangible personal property taxes. Effective September 16, 2008, BlackRock MuniYield Florida Fund was renamed BlackRock MuniYield Investment Fund. Performance For the six months ended January 31, 2009, the Fund returned (9.77)% based on market price and (8.03)% based on NAV. For the same period, the closed-end Lipper General Municipal Debt Funds (Leveraged) category posted an average return of (12.07)% on a market price basis and (12.78)% on a NAV basis. All returns reflect reinvestment of dividends. The Funds discount to NAV, which widened during the period, accounts for the difference between performance based on price and performance based on NAV. Sector allocation played an important role in determining how the Fund performed during the reporting period. The Funds significant overweight in pre-refunded bonds in the one- to five-year maturity range aided comparative results, as the yield curve steepened and short- and intermediate-maturity issues outperformed. Overweighted holdings in the education and transportation sectors also enhanced the Funds performance. The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results. |
Fund Information | ||||
Symbol on New York Stock Exchange | MYF | |||
Initial Offering Date | February 28, 1992 | |||
Yield on Closing Market Price as of January 31, 2009 ($10.37)1 | 6.71% | |||
Tax Equivalent Yield2 | 10.32% | |||
Current Monthly Distribution per Common Share3 | $0.058 | |||
Current Annualized Distribution per Common Share3 | $0.696 | |||
Leverage as of January 31, 20094 | 40% |
1 Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past
performance does not guarantee future results.
2 Tax equivalent yield assumes the maximum federal tax rate of 35%.
3 The distribution is not constant and is subject to change.
4 Represents Preferred Shares and TOBs as a percentage of total managed assets, which is the total assets of the Fund (including any assets
attributable to Preferred Shares and TOBs) minus the sum of accrued liabilities. For a discussion of leveraging techniques utilized by the Fund,
please see The Benefits and Risks of Leveraging on page 9.
The table below summarizes the changes in the Funds market price and net asset value per share:
1/31/09 | 7/31/08 | Change | High | Low | ||||||
Market Price | $10.37 | $11.91 | (12.93)% | $12.17 | $ 6.74 | |||||
Net Asset Value | $12.06 | $13.59 | (11.26)% | $13.87 | $10.49 |
The following charts show the sector and credit quality allocations of the Funds long-term investments: |
Sector Allocations | Credit Quality Allocations5 | |||||||||
1/31/09 | 7/31/08 | 1/31/09 | 7/31/08 | |||||||
Transportation | 26% | 24% | AAA/Aaa | 27% | 34% | |||||
County/City/Special District/ | AA/Aa | 35 | 34 | |||||||
School District | 17 | 16 | A/A | 28 | 16 | |||||
Hospitals/Healthcare | 16 | 20 | BBB/Baa | 6 | 8 | |||||
Education | 10 | 7 | Not Rated6 | 4 | 8 | |||||
IDA/PCR/Resource Recovery | 10 | 11 | ||||||||
5 Using the higher of S&Ps or Moodys ratings. | ||||||||||
Utilities Electric & Gas | 6 | 2 | ||||||||
Housing | 4 | 4 | 6 The investment advisor has deemed certain of these non-rated | |||||||
Utilities Water & Sewer | 3 | 5 | securities to be of investment grade quality. As of January 31, | |||||||
Lease Obligations/Certificates | 2009 and July 31, 2008, the market value of these securities was | |||||||||
$4,162,015 representing 2% and $13,599,832 representing 5%, | ||||||||||
of Participation | 3 | 3 | ||||||||
respectively, of the Funds long-term investments. | ||||||||||
Special Tax | 2 | 2 | ||||||||
Utilities Irrigation, Resource | ||||||||||
Recovery, Solid Waste & Other | 2 | 4 | ||||||||
State | 1 | 2 |
SEMI-ANNUAL REPORT |
JANUARY 31, 2009 |
7 |
Fund Summary as of January 31, 2009 BlackRock MuniYield New Jersey Fund, Inc. Investment Objective BlackRock MuniYield New Jersey Fund, Inc. (MYJ) (the Fund) seeks to provide shareholders with as high a level of current income exempt from federal and New Jersey income taxes as is consistent with its investment policies and prudent investment management by investing primarily in a portfolio of long-term, investment grade municipal obligations, the interest on which, in the opinion of bond counsel to the issuer, is exempt from federal income tax and New Jersey personal income taxes. Performance For the six months ended January 31, 2009, the Fund returned (10.64)% based on market price and (4.59)% based on NAV. For the same period, the closed-end Lipper New Jersey Municipal Debt Funds category posted an average return of (11.15)% on a market price basis and (9.23)% on a NAV basis. All returns reflect reinvestment of dividends. The Funds discount to NAV, which widened during the period, accounts for the difference between performance based on price and performance based on NAV. Sector allocation played an important role in determining how the Fund per- formed during the reporting period. Enhancing the performance of the Fund were its overweighted holdings in education, tax-backed and utility bonds. As the economic downturn continued, these essential service sectors significantly outperformed all spread products. The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results. |
Fund Information | ||||||||||||
Symbol on New York Stock Exchange | MYJ | |||||||||||
Initial Offering Date | May 1, 1992 | |||||||||||
Yield on Closing Market Price as of January 31, 2009 ($11.72)1 | 5.94% | |||||||||||
Tax Equivalent Yield2 | 9.14% | |||||||||||
Current Monthly Distribution per Common Share3 | $0.058 | |||||||||||
Current Annualized Distribution per Common Share3 | $0.696 | |||||||||||
Leverage as of January 31, 20094 | 37% | |||||||||||
1 Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past | ||||||||||||
performance does not guarantee future results. | ||||||||||||
2 Tax equivalent yield assumes the maximum federal tax rate of 35%. | ||||||||||||
3 The distribution is not constant and is subject to change. | ||||||||||||
4 Represents Preferred Shares and TOBs as a percentage of total managed assets, which is the total assets of the Fund (including any assets | ||||||||||||
attributable to Preferred Shares and TOBs) minus the sum of accrued liabilities. For a discussion of leveraging techniques utilized by the Fund, | ||||||||||||
please see The Benefits and Risks of Leveraging on page 9. | ||||||||||||
The table below summarizes the changes in the Funds market price and net asset value per share: | ||||||||||||
1/31/09 | 7/31/08 | Change | High | Low | ||||||||
Market Price | $11.72 | $13.52 | (13.31)% | $14.00 | $ 8.15 | |||||||
Net Asset Value | $13.29 | $14.36 | (7.45)% | $14.68 | $11.62 |
The following charts show the sector and credit quality allocations of the Funds long-term investments: |
Sector Allocations | Credit Quality Allocations5 | |||||||||
1/31/09 | 7/31/08 | 1/31/09 | 7/31/08 | |||||||
Transportation | 20% | 19% | AAA/Aaa | 27% | 29% | |||||
IDA/PCR/Resource Recovery | 18 | 19 | AA/Aa | 34 | 38 | |||||
Education | 14 | 14 | A/A | 28 | 19 | |||||
Hospitals/Healthcare | 13 | 14 | BBB/Baa | 8 | 11 | |||||
Housing | 10 | 9 | Not Rated6 | 3 | 3 | |||||
State | 9 | 8 | ||||||||
5 Using the higher of S&Ps or Moodys ratings. | ||||||||||
County/City/Special District/ | ||||||||||
6 The investment advisor has deemed certain of these non-rated | ||||||||||
School District | 8 | 9 | ||||||||
securities to be of investment grade quality. As of January 31, | ||||||||||
Utilities Water & Sewer | 4 | 4 | 2009 and July 31, 2008, the market value of these securities was | |||||||
Utilities Electric & Gas | 2 | 2 | $5,664,698 representing 2% and $11,259,091 representing 2%, | |||||||
Lease Obligations/Certificates | respectively, of the Fund's long-term investments. | |||||||||
of Participation | 2 | 1 | ||||||||
Escrowed Bond | | 1 |
8 SEMI-ANNUAL REPORT |
JANUARY 31, 2009 |
The Benefits and Risks of Leveraging The Funds may utilize leverage to seek to enhance the yield and NAV of its Common Shares. However, these objectives cannot be achieved in all interest rate environments. To leverage, certain Funds issue Preferred Shares, which pay dividends at prevailing short-term interest rates, and invest the proceeds in long-term municipal bonds. In general, the concept of leveraging is based on the premise that the cost of assets to be obtained from leverage will be based on short-term interest rates, which normally will be lower than the income earned by each Fund on its longer-term portfolio invest- ments. To the extent that the total assets of the Fund (including the assets obtained from leverage) are invested in higher-yielding portfolio investments, the Funds Common Shareholders will benefit from the incremental yield. To illustrate these concepts, assume a Funds Common Shares capital- ization is $100 million and it issues Preferred Shares for an additional $50 million, creating a total value of $150 million available for invest- ment in long-term municipal bonds. If prevailing short-term interest rates are 3% and long-term interest rates are 6%, the yield curve has a strongly positive slope. In this case, the Fund pays dividends on the $50 million of Preferred Shares based on the lower short-term interest rates. At the same time, the Funds total portfolio of $150 million earns the income based on long-term interest rates. In this case, the dividends paid to Preferred Shareholders are significantly lower than the income earned on the Funds long-term investments, and therefore the Common Shareholders are the beneficiaries of the incremental yield. Conversely, if prevailing short-term interest rates rise above long-term interest rates of 6%, the yield curve has a negative slope. In this case, the Fund pays dividends on the higher short-term interest rates whereas the Funds total portfolio earns income based on lower long-term interest rates. If short-term interest rates rise, narrowing the differential between short-term and long-term interest rates, the incremental yield pickup on the Common Shares will be reduced or eliminated completely. Furthermore, the value of the Funds portfolio investments generally varies inversely with the direction of long-term interest rates, although other factors can influence the value of portfolio investments. In contrast, the redemption value of the Funds Preferred Shares does not fluctuate in relation to interest rates. As a result, changes in interest rates can influ- ence the Funds NAV positively or negatively in addition to the impact on Fund performance from leverage from Preferred Shares discussed above. Certain Funds may also, from time to time, leverage its assets through the use of tender option bond (TOB) programs, as described in Note 1 of the Notes to Financial Statements. TOB investments generally will pro- vide the Funds with economic benefits in periods of declining short-term |
interest rates, but expose the Funds to risks during periods of rising short-term interest rates similar to those associated with Preferred Shares issued by the Funds, as described above. Additionally, fluctua- tions in the market value of municipal bonds deposited into the TOB trust may adversely affect the Funds NAV per share. The use of leverage may enhance opportunities for increased returns to the Funds and Common Shareholders, but as described above, it also creates risks as short- or long-term interest rates fluctuate. Leverage also will generally cause greater changes in a Funds NAV, market price and dividend rate than a comparable portfolio without leverage. If the income derived from securities purchased with assets received from leverage exceeds the cost of leverage, the Funds net income will be greater than if leverage had not been used. Conversely, if the income from the securi- ties purchased is not sufficient to cover the cost of leverage, the Funds net income will be less than if leverage had not been used, and there- fore the amount available for distribution to shareholders will be reduced. The Funds may be required to sell portfolio securities at in- opportune times or below fair market values in order to comply with regulatory requirements applicable to the use of leverage or as required by the terms of leverage instruments, which may cause the Fund to incur losses. The use of leverage may limit the Funds ability to invest in certain types of securities or use certain types of hedging strategies, such as in the case of certain restrictions imposed by ratings agencies that rate preferred shares issued by a Fund. The Funds will incur expenses in con- nection with the use of leverage, all of which are borne by the holders of the Common Shares and may reduce returns on the Common Shares. Under the Investment Company Act of 1940, the Funds are permitted to issue Preferred Shares in an amount of up to 50% of its total managed assets at the time of issuance. Under normal circumstances, each Fund anticipates that the total economic leverage from Preferred Shares and TOBs will not exceed 50% of its total managed assets at the time such leverage is incurred. As of January 31, 2009, the following Funds had economic leverage from Preferred Shares and TOBs as a percentage of their total managed assets as follows: |
Percent of | ||
Leverage | ||
BlackRock Muni New York Intermediate Duration Fund, Inc | 38% | |
BlackRock MuniYield Arizona Fund, Inc | 44% | |
BlackRock MuniYield California Fund, Inc | 41% | |
BlackRock MuniYield Investment Fund | 40% | |
BlackRock MuniYield New Jersey Fund, Inc | 37% |
SEMI-ANNUAL REPORT |
JANUARY 31, 2009 |
9 |
Schedule of Investments January 31, 2009 (Unaudited) BlackRock Muni New York Intermediate Duration Fund, Inc. (MNE) | ||||||||||||||
(Percentages shown are based on Net Assets) | ||||||||||||||
Par | Par | |||||||||||||
Municipal Bonds | (000) | Value | Municipal Bonds | (000) | Value | |||||||||
New York 124.3% | New York (continued) | |||||||||||||
County/City/Special District/School District 19.3% | Hospitals/Healthcare 14.1% | |||||||||||||
New York City, New York, City Transitional Finance | Dutchess County, New York, IDA, Civic Facility | |||||||||||||
Authority, Building Aid Revenue Bonds, Series S-1, | Revenue Bonds (Saint Francis Hospital), Series B, | |||||||||||||
5%, 7/15/24 (c)(d) | $ 1,000 | $ 1,012,350 | 7.25%, 3/01/19 | $ 410 | $ 370,439 | |||||||||
New York City, New York, GO: | Genesee County, New York, IDA Civic Facility Revenue | |||||||||||||
Series A-1, 4.75%, 8/15/25 | 1,000 | 944,940 | Refunding Bonds (United Memorial Medical Center | |||||||||||
Series J, 5.25%, 5/15/18 (d) | 1,500 | 1,606,995 | Project), 4.75%, 12/01/14 | 390 | 342,705 | |||||||||
Series J, 5.50%, 6/01/13 (e) | 2,710 | 3,185,442 | New York State Dormitory Authority, Non-State | |||||||||||
Series J, 5.50%, 6/01/21 | 290 | 302,195 | Supported Debt, Revenue Refunding Bonds: | |||||||||||
Sub-Series F-1, 5%, 9/01/22 (f) | 1,000 | 1,011,700 | (Mount Sinai-NYU Medical Center Health System), | |||||||||||
New York City, New York, City Transitional Finance | Series A, 6.50%, 7/01/10 (e) | 330 | 360,202 | |||||||||||
Authority, Building Aid Revenue Bonds, Series S-1, | (Mount Sinai-NYU Medical Center Health System), | |||||||||||||
5%, 1/15/23 | 575 | 587,615 | Series A, 6.625%, 7/01/18 | 340 | 347,762 | |||||||||
New York City, New York, Trust for Cultural Resources | (New York University Hospital Center), Series A, | |||||||||||||
Revenue Bonds (Museum of American Folk Art), | 5%, 7/01/16 | 1,130 | 868,529 | |||||||||||
6.125%, 7/01/30 (a) | 500 | 356,815 | New York State Dormitory Authority Revenue Bonds | |||||||||||
New York State Dormitory Authority, Non-State | (North Shore-Long Island Jewish Health System) | |||||||||||||
Supported Debt Revenue Bonds (New York University | 5%, 5/01/13 | 1,500 | 1,611,675 | |||||||||||
Hospitals Center), Series B, 5.25%, 7/01/24 | 500 | 328,250 | New York State Dormitory Authority, Revenue Refunding | |||||||||||
New York State Dormitory Authority, Non-State | Bonds (Lenox Hill Hospital Obligation Group), | |||||||||||||
Supported Debt, Lease Revenue Bonds (Municipal | 5.75%, 7/01/17 | 1,305 | 1,118,881 | |||||||||||
Health Facilities Improvement Program), | Saratoga County, New York, IDA, Civic Facility Revenue | |||||||||||||
Sub-Series 2-4, 5%, 1/15/27 | 600 | 583,356 | Bonds (The Saratoga Hospital Project) Series B, | |||||||||||
9,919,658 | 5%, 12/01/22 | 500 | 437,165 | |||||||||||
Saratoga County, New York, IDA, Civic Facility Revenue | ||||||||||||||
Education 10.0% | Refunding Bonds (The Saratoga Hospital Project), | |||||||||||||
Albany, New York, IDA, Civic Facility Revenue Refunding | Series A (g): | |||||||||||||
Bonds (Albany College of Pharmacy Project), | 4.375%, 12/01/13 | 365 | 358,233 | |||||||||||
Series A, 5.25%, 12/01/19 | 760 | 625,716 | 4.50%, 12/01/14 | 380 | 370,929 | |||||||||
Cattaraugus County, New York, IDA, Civic Facility | 4.50%, 12/01/15 | 395 | 379,457 | |||||||||||
Revenue Bonds (Saint Bonaventure University | Suffolk County, New York, IDA, Continuing Care and | |||||||||||||
Project), Series A: | Retirement, Revenue Refunding Bonds (Jeffersons | |||||||||||||
4.90%, 5/01/16 | 695 | 614,317 | Ferry Project), 4.625%, 11/01/16 | 800 | 668,824 | |||||||||
5%, 5/01/23 | 500 | 367,560 | ||||||||||||
New York City, New York, IDA, Civic Facility Revenue | 7,234,801 | |||||||||||||
Refunding Bonds (Polytechnic University), | Housing 12.3% | |||||||||||||
4.70%, 11/01/22 (a) | 1,000 | 785,410 | New York City, New York, City Housing Development | |||||||||||
New York State Dormitory Authority Revenue Bonds | Corporation, M/F Housing Revenue Bonds, AMT, | |||||||||||||
(Winthrop S. Nassau University), 5.50%, 7/01/11 | 1,735 | 1,766,317 | Series J-2, 4.75%, 11/01/27 | 1,000 | 851,310 | |||||||||
Schenectady, New York, IDA, Civic Facility Revenue | New York City, New York, City Housing Development | |||||||||||||
Refunding Bonds (Union College Project), | Corporation, Presidential Revenue Bonds (The Animal | |||||||||||||
5%, 7/01/26 | 1,000 | 983,970 | Medical Center), Series A, 5.50%, 12/01/33 | 1,615 | 1,537,254 | |||||||||
5,143,290 | New York State Mortgage Agency, Homeowner Mortgage | |||||||||||||
Revenue Bonds, AMT: | ||||||||||||||
Series 130, 4.75%, 10/01/30 | 2,500 | 2,082,550 | ||||||||||||
Series 143, 4.85%, 10/01/27 | 500 | 437,435 | ||||||||||||
New York State Mortgage Agency, Homeowner Mortgage | ||||||||||||||
Revenue Refunding Bonds, AMT: | ||||||||||||||
Series 133, 4.95%, 10/01/21 | 1,000 | 985,140 | ||||||||||||
Series 140, 4.65%, 10/01/26 | 500 | 432,440 | ||||||||||||
6,326,129 | ||||||||||||||
Portfolio Abbreviations | ||||||||||||||
To simplify the listings of portfolio holdings in each | AMT | Alternative Minimum Tax (subject to) | IDA | Industrial Development Authority | ||||||||||
Funds Schedule of Investments, the names and | CABS | Capital Appreciation Bonds | IDR | Industrial Development Revenue Bonds | ||||||||||
descriptions of many of the securities have been | COP | Certificates of Participation | M/F | Multi Family | ||||||||||
abbreviated according to the list on the right. | EDA | Economic Development Authority | PCR | Pollution Control Revenue Bonds | ||||||||||
EDR | Economic Development Revenue Bonds | PILOT | Payment in lieu of taxes | |||||||||||
GO | General Obligation Bonds | S/F | Single-Family | |||||||||||
HFA | Housing Finance Agency | VRDN | Variable Rate Demand Notes | |||||||||||
See Notes to Financial Statements. |
|
10 SEMI-ANNUAL REPORT |
JANUARY 31, 2009 |
Schedule of Investments (continued) | BlackRock Muni New York Intermediate Duration Fund, Inc. (MNE) | |||||||||||
(Percentages shown are based on Net Assets) | ||||||||||||
Par | Par | |||||||||||
Municipal Bonds | (000) | Value | Municipal Bonds | (000) | Value | |||||||
New York (continued) | New York (concluded) | |||||||||||
IDA/PCR/Resource Recovery 19.8% | State (concluded) | |||||||||||
Dutchess County, New York, IDA, Civic Facility Revenue | New York State Urban Development Corporation, | |||||||||||
Refunding Bonds (Bard College), Series A-1, | Personal Income Tax Revenue Bonds, Series A-1, | |||||||||||
5%, 8/01/22 | $ 750 | $ 734,153 | 5%, 3/15/24 (c)(d) | $ 485 | $ 493,875 | |||||||
Erie County, New York, IDA, Life Care Community | New York State Urban Development Corporation, | |||||||||||
Revenue Bonds (Episcopal Church Home), Series A, | Service Contract Revenue Refunding Bonds, | |||||||||||
5.875%, 2/01/18 | 1,850 | 1,557,256 | Series B, 5%, 1/01/21 | 1,500 | 1,559,355 | |||||||
New York City, New York, City IDA, Civic Facility Revenue | 13,657,155 | |||||||||||
Bonds (PSCH Inc. Project), 6.20%, 7/01/20 | 1,415 | 1,142,414 | ||||||||||
New York City, New York, City IDA, PILOT Revenue | Tobacco 2.0% | |||||||||||
Bonds (Queens Baseball Stadium Project), | Tobacco Settlement Financing Corporation of New | |||||||||||
5%, 1/01/31 (h) | 2,000 | 1,627,880 | York Revenue Bonds, Series C-1, 5.50%, 6/01/22 | 1,000 | 1,018,030 | |||||||
New York City, New York, City IDA, Special Facility | Transportation 8.7% | |||||||||||
Revenue Bonds: | Metropolitan Transportation Authority, New York, | |||||||||||
(1990 American Airlines Inc. Project), | Revenue Bonds, Series B, 5.25%, 11/15/19 (d) | 860 | 972,187 | |||||||||
AMT, 5.40%, 7/01/20 | 1,500 | 600,870 | Metropolitan Transportation Authority, New | |||||||||
(British Airways Plc Project), AMT, | York, Revenue Refunding Bonds, Series A, | |||||||||||
7.625%, 12/01/32 | 1,000 | 673,150 | 5%, 11/15/25 (c)(d) | 3,500 | 3,487,925 | |||||||
(Continental Airlines Inc. Project), AMT, | 4,460,112 | |||||||||||
8.375%, 11/01/16 | 1,000 | 730,110 | ||||||||||
Utilities Electric & Gas 10.8% | ||||||||||||
New York City, New York, City IDA, Special Facility | ||||||||||||
Long Island Power Authority, New York, Electric | ||||||||||||
Revenue Refunding Bonds (Terminal One Group | ||||||||||||
System Revenue Refunding Bonds, Series D, | ||||||||||||
Association Project), AMT, 5.50%, 1/01/24 | 1,000 | 850,890 | ||||||||||
5%, 9/01/25 (d) | 4,000 | 3,885,680 | ||||||||||
Tompkins County, New York, IDA, Care Community | ||||||||||||
New York State Energy Research and Development | ||||||||||||
Revenue Refunding Bonds (Kendal at Ithaca), | ||||||||||||
Authority, Gas Facilities Revenue Refunding Bonds | ||||||||||||
Series A-2: | ||||||||||||
(Brooklyn Union Gas Company/Keyspan), AMT, | ||||||||||||
5.75%, 7/01/18 | 250 | 250,022 | ||||||||||
Series A, 4.70%, 2/01/24 (c) | 2,000 | 1,702,040 | ||||||||||
6%, 7/01/24 | 1,000 | 936,920 | ||||||||||
Westchester County, New York, IDA, Civic Facility | 5,587,720 | |||||||||||
Revenue Bonds (Special Needs Facilities Pooled | Utilities Irrigation, Resource Recovery, Solid Waste | |||||||||||
Program), Series D-1, 6.80%, 7/01/19 | 515 | 426,451 | & Other 0.8% | |||||||||
Yonkers, New York, IDA, Revenue Bonds (Sacred | Long Island Power Authority, New York, Electric System | |||||||||||
Heart Associates, LP Project), AMT, Series A, | Revenue Refunding Bonds, Series A, 5.50%, 4/01/24 | 375 | 386,160 | |||||||||
4.80%, 10/01/26 | 750 | 644,655 | Total Municipal Bonds in New York | 63,907,826 | ||||||||
10,174,771 | ||||||||||||
State 26.5% | Guam 3.4% | |||||||||||
New York City, New York, GO, Series D1, | ||||||||||||
5.125%, 12/01/23 | 1,500 | 1,525,155 | Transportation 1.8% | |||||||||
New York City, New York, IDA, Civic Facility Revenue | A.B. Won Guam International Airport Authority, | |||||||||||
Bonds (Lycee Francais de New York Project), | General Revenue Refunding Bonds, AMT, Series C, | |||||||||||
Series A, 5.50%, 6/01/15 (a) | 500 | 480,125 | 5.25%, 10/01/22 (d) | 1,000 | 899,960 | |||||||
|
|
|
| |||||||||
New York State Dormitory Authority, Revenue Refunding | Utilities Water & Sewer 1.6% | |||||||||||
Bonds (State University Educational Facilities), | Guam Government Waterworks Authority, Water and | |||||||||||
Series A, 5.50%, 5/15/13 | 1,000 | 1,103,470 | Wastewater System, Revenue Refunding Bonds, | |||||||||
New York State Dormitory Authority, State Personal | 6%, 7/01/25 | 1,000 | 811,050 | |||||||||
Income Tax Revenue Bonds (Education), Series F, | Total Municipal Bonds in Guam | 1,711,010 | ||||||||||
5%, 3/15/30 | 1,790 | 1,753,305 | ||||||||||
New York State Dormitory Authority, Supported Debt | ||||||||||||
Revenue Refunding Bonds (Department of Health), | Puerto Rico 12.4% | |||||||||||
Series A, 5%, 7/01/25 (b) | 1,500 | 1,430,430 | County/City/Special District/School District 1.7% | |||||||||
New York State Municipal Bond Bank Agency, | Puerto Rico Municipal Finance Agency, GO, Series A, | |||||||||||
Special School Purpose Revenue Bonds, Series C, | 5.25%, 8/01/25 | 1,000 | 878,290 | |||||||||
5.25%, 12/01/18 | 2,000 | 2,164,680 | ||||||||||
New York State Thruway Authority, Second General | Housing 3.8% | |||||||||||
Puerto Rico Housing Financing Authority, Capital | ||||||||||||
Highway and Bridge Trust Fund Revenue Bonds, | ||||||||||||
Funding Program, Subordinate Revenue Refunding | ||||||||||||
Series A, 5%, 4/01/22 (h) | 1,000 | 1,036,180 | ||||||||||
Bonds, 5.125%, 12/01/27 | 2,000 | 1,963,140 | ||||||||||
New York State Urban Development Corporation | ||||||||||||
Revenue Bonds, Subordinate Lien, Corporation | ||||||||||||
Purpose, Series A, 5.125%, 7/01/19 | 2,000 | 2,110,580 | ||||||||||
See Notes to Financial Statements. |
SEMI-ANNUAL REPORT |
JANUARY 31, 2009 |
11 |
Schedule of Investments (continued) BlackRock Muni New York Intermediate Duration Fund, Inc. (MNE) (Percentages shown are based on Net Assets) |
Par | ||||||
Municipal Bonds | (000) | Value | ||||
Puerto Rico (concluded) | ||||||
IDA/PCR/Resource Recovery 0.8% | ||||||
Puerto Rico Industrial, Tourist, Educational, Medical | ||||||
and Environmental Control Facilities Revenue | ||||||
Bonds (University Plaza Project), Series A, | ||||||
5%, 7/01/33 (d) | $ 500 | $ 403,585 | ||||
Lease Obligations 0.9% | ||||||
Puerto Rico Public Buildings Authority, Government | ||||||
Facilities Revenue Refunding Bonds, Series M-3, | ||||||
6%, 7/01/28 (d)(i) | 500 | 467,910 | ||||
State 1.5% | ||||||
Puerto Rico Commonwealth, Public Improvement, GO, | ||||||
Series A, 5.25%, 7/01/16 (e) | 615 | 748,855 | ||||
Transportation 3.7% | ||||||
Puerto Rico Commonwealth Highway and Transportation | ||||||
Authority, Subordinate Transportation Revenue Bonds, | ||||||
5.75%, 7/01/21 (c) | 2,000 | 1,922,720 | ||||
Total Municipal Bonds in Puerto Rico | 6,384,500 | |||||
U.S. Virgin Islands 2.9% | ||||||
County/City/Special District/School District 2.2% | ||||||
Virgin Islands Public Finance Authority, Refinery | ||||||
Facilities Revenue Bonds (Hovensa Refinery), AMT, | ||||||
4.70%, 7/01/22 | 500 | 311,180 | ||||
Virgin Islands Public Finance Authority, Senior Lien | ||||||
Revenue Bonds (Matching Fund Loan Note), Series A, | ||||||
5.25%, 10/01/24 | 1,000 | 825,830 | ||||
1,137,010 | ||||||
IDA/PCR/Resource Recovery 0.7% | ||||||
Virgin Islands Government Refinery Facilities, Revenue | ||||||
Refunding Bonds (Hovensa Coker Project), AMT, | ||||||
6.50%, 7/01/21 | 500 | 384,675 | ||||
Total Municipal Bonds in the U.S. Virgin Islands | 1,521,685 | |||||
Total Municipal Bonds 143.0% | 73,525,021 | |||||
Municipal Bonds Transferred to | ||||||
Tender Option Bond Trusts (j) | ||||||
Education 3.7% | ||||||
Erie County, New York, IDA, School Facility Revenue | ||||||
Bonds (City of Buffalo Project), 5.75%, 5/01/24 (k) | 1,839 | 1,888,836 | ||||
Total Municipal Bonds Transferred to | ||||||
Tender Option Bond Trusts 3.7% | 1,888,836 | |||||
Total Long-Term Investments | ||||||
(Cost $81,231,290) 146.7% | 75,413,857 |
Short-Term Securities | Shares | Value | ||||||
Money Market Funds 11.9 | ||||||||
CMA New York Municipal Money Fund, 0.11% (l)(m) | 6,136,489 | $ 6,136,489 | ||||||
Total Short-Term Securities | ||||||||
(Cost $6,136,489) 11.9% | 6,136,489 | |||||||
Total Investments (Cost $(87,367,779*) 158.6% | 81,550,346 | |||||||
Other Assets Less Liabilities 1.7% | 894,801 | |||||||
Preferred Shares, at Redemption Value (57.6)% | (29,634,630) | |||||||
Liability for Trust Certificates, Including Interest | ||||||||
Expense and Fees Payable (2.7)% | (1,387,032) | |||||||
Net Assets Applicable to Common Shares 100.0% | $ 51,423,485 | |||||||
* The cost and unrealized appreciation (depreciation) of investments as of | ||||||||
January 31, 2009, as computed for federal income tax purposes, were | ||||||||
as follows: | ||||||||
Aggregate cost | $ 85,899,079 | |||||||
Gross unrealized appreciation | $ 1,087,367 | |||||||
Gross unrealized depreciation | (6,815,201) | |||||||
Net unrealized depreciation | $ (5,727,834) | |||||||
| ||||||||
(a) | ACA Insured. | |||||||
(b) | CIFG Insured. | |||||||
(c) | FGIC Insured. | |||||||
(d) | MBIA Insured. | |||||||
(e) | U.S. government securities, held in escrow, are used to pay interest on this | |||||||
security, as well as to retire the bond in full at the date indicated, typically at a | ||||||||
premium to par. | ||||||||
(f) | XL Capital Insured. | |||||||
(g) | Radian Insured. | |||||||
(h) | AMBAC Insured. | |||||||
(i) | Commonwealth Guaranteed. | |||||||
(j) | Securities represent bonds transferred to a tender option bond trust in | |||||||
exchange for which the Fund acquired residual interest certificates. These | ||||||||
securities serve as collateral in a financing transaction. See Note 1 of the | ||||||||
Notes to Financial Statements for details of municipal bonds transferred to | ||||||||
tender option bond trusts. | ||||||||
(k) | FSA Insured. | |||||||
(l) | Investments in companies considered to be an affiliate of the Fund, for purposes | |||||||
of Section 2(a)(3) of the Investment Company Act of 1940, were as follows: | ||||||||
| ||||||||
Net | ||||||||
Affiliate | Activity | Income | ||||||
CMA New York Municipal Money Fund | 4,617,130 | $17,055 | ||||||
(m) Represents the current yield as of report date. |
See Notes to Financial Statements. 12 SEMI-ANNUAL REPORT JANUARY 31, 2009 |
Schedule of Investments (concluded) BlackRock Muni New York Intermediate Duration Fund, Inc. (MNE) |
Effective August 1, 2008, the Fund adopted Financial Accounting Standards Board
Statement of Financial Accounting Standards No. 157, Fair Value Measurements
(FAS 157). FAS 157 clarifies the definition of fair value, establishes a frame-
work for measuring fair values and requires additional disclosures about the use
of fair value measurements. Various inputs are used in determining the fair value
of investments, which are as follows:
Level 1 price quotations in active markets/exchanges for identical
securities
Level 2 other observable inputs (including, but not limited to: quoted prices
for similar assets or liabilities in markets that are not active, inputs other than
quoted prices that are observable for the assets or liabilities (such as interest
rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks,
and default rates) or other market-corroborated inputs
Level 3 unobservable inputs based on the best information available in the
circumstance, to the extent observable inputs are not available (including the
Fund's own assumption used in determining the fair value of investments)
The inputs or methodology used for valuing securities are not necessarily an
indication of the risk associated with investing in those securities. For information
about the 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 inputs used as of January 31, 2009 in deter-
mining the fair valuation of the Funds investments:
Valuation | Investments in | |
Inputs | Securities | |
Assets | ||
Level 1 | $ 6,136,489 | |
Level 2 | 75,413,857 | |
Level 3 | | |
Total | $ 81,550,346 |
See Notes to Financial Statements. |
SEMI-ANNUAL REPORT |
JANUARY 31, 2009 |
13 |
Schedule of Investments January 31, 2009 (Unaudited) | BlackRock MuniYield Arizona Fund, Inc. (MZA) | |||||||||||
(Percentages shown are based on Net Assets) | ||||||||||||
Par | Par | |||||||||||
Municipal Bonds | (000) | Value | Municipal Bonds | (000) | Value | |||||||
Arizona 141.7% | Arizona (continued) | |||||||||||
County/City/Special District/School District 44.2% | Education (concluded) | |||||||||||
Arizona School Facilities Board, COP, 5.75%, 9/01/22 | $ 2,000 | $ 2,166,900 | Pima County, Arizona, IDA, Education Revenue Bonds: | |||||||||
Downtown Phoenix Hotel Corporation, Arizona, Revenue | (American Charter Schools Foundation), Series A, | |||||||||||
Bonds (c): | 5.625%, 7/01/38 | $ 500 | $ 320,490 | |||||||||
Senior Series A, 5%, 7/01/36 | 1,500 | 934,395 | (Arizona Charter Schools Project), Series C, | |||||||||
Sub-Series B, 5%, 7/01/36 (d) | 1,500 | 1,066,305 | 6.70%, 7/01/21 | 730 | 633,041 | |||||||
Gila County, Arizona, Unified School District Number 10 | (Arizona Charter Schools Project), Series C, | |||||||||||
(Payson), GO (School Improvement Project of 2006), | 6.75%, 7/01/31 | 985 | 750,383 | |||||||||
Series A, 1%, 7/01/27 (a)(b) | 1,000 | 942,720 | Pima County, Arizona, IDA, Education Revenue | |||||||||
Gladden Farms Community Facilities District, Arizona, | Refunding Bonds: | |||||||||||
GO, 5.50%, 7/15/31 | 750 | 431,595 | (Arizona Charter Schools Project), Series O, | |||||||||
Greater Arizona Development Authority, Infrastructure | 5%, 7/01/26 | 1,000 | 650,740 | |||||||||
Revenue Bonds (Santa Cruz County Jail), Series 2, | (Arizona Charter Schools Project II), Series A, | |||||||||||
5.25%, 8/01/31 | 1,000 | 951,850 | 6.75%, 7/01/21 | 575 | 500,854 | |||||||
Greater Arizona Development Authority, Infrastructure | University of Arizona, COP, Refunding, Series A, | |||||||||||
Revenue Bonds, Series B, 5%, 8/01/30 (d) | 1,800 | 1,691,640 | 5.125%, 6/01/29 (a) | 1,105 | 1,105,685 | |||||||
Maricopa County, Arizona, School District | University of Arizona, COP, Series B, 5%, 6/01/28 (a) | 1,750 | 1,737,033 | |||||||||
Number 3, GO, Refunding (Tempe Elementary), | 12,015,378 | |||||||||||
7.50%, 7/01/10 (c)(d) | 500 | 539,695 | ||||||||||
Maricopa County, Arizona, School District | Hospitals/Healthcare 22.0% | |||||||||||
Number 11, GO (Peoria Unified), Second Series, | Arizona Health Facilities Authority Revenue Bonds: | |||||||||||
5%, 7/01/25 (c)(d) | 630 | 638,952 | (Banner Health), Series D, 5.50%, 1/01/38 | 1,000 | 874,970 | |||||||
Maricopa County, Arizona, School District Number 89, | (Catholic Healthcare West), Series A, | |||||||||||
School Improvement, GO (Dysart Unified), Series C, | 6.625%, 7/01/20 | 1,435 | 1,552,570 | |||||||||
6%, 7/01/28 | 1,000 | 1,046,800 | Arizona Health Facilities Authority, Revenue Refunding | |||||||||
Maricopa County, Arizona, School District Number 90, | Bonds (Banner Health), Series D, 6%, 1/01/30 | 1,500 | 1,459,875 | |||||||||
School Improvement, GO (Saddle Mountain Unified), | Maricopa County, Arizona, IDA, Health Facilities Revenue | |||||||||||
Series A, 5%, 7/01/14 | 150 | 156,744 | Refunding Bonds (Catholic Healthcare West Project), | |||||||||
Phoenix, Arizona, Civic Improvement Corporation, Excise | Series A, 5.50%, 7/01/26 | 1,850 | 1,665,795 | |||||||||
Tax Revenue Bonds (Civic Plaza Expansion Project), | Maricopa County, Arizona, IDA, Hospital Facility Revenue | |||||||||||
Sub-Series A, 5%, 7/01/35 (c)(d) | 3,325 | 3,206,796 | Refunding Bonds (Samaritan Health Services), | |||||||||
Pima County, Arizona, Unified School District Number 1 | Series A, 7%, 12/01/16 (d)(f) | 1,000 | 1,275,140 | |||||||||
(Tucson), GO, Refunding, 7.50%, 7/01/09 (c)(d) | 2,050 | 2,101,209 | Mesa, Arizona, IDA Revenue Bonds (Discovery Health | |||||||||
Pinal County, Arizona, COP: | Systems), Series A, 5.625%, 1/01/10 (d)(g) | 1,000 | 1,053,080 | |||||||||
5%, 12/01/26 | 1,250 | 1,102,912 | Scottsdale, Arizona, IDA, Hospital Revenue Refunding | |||||||||
5%, 12/01/29 | 1,250 | 1,053,837 | Bonds (Scottsdale Healthcare), Series A, | |||||||||
Queen Creek Improvement District Number 001, | 5.25%, 9/01/30 | 1,000 | 823,860 | |||||||||
Arizona, Special Assessment Bonds, 5%, 1/01/32 | 2,000 | 1,205,580 | Tucson, Arizona, IDA, Senior Living Facilities Revenue | |||||||||
Vistancia Community Facilities District, Arizona, GO, | Bonds (Christian Care Tucson Inc. Project), Series A, | |||||||||||
5.75%, 7/15/24 | 750 | 612,668 | 6.125%, 7/01/10 (g)(k) | 1,000 | 1,086,080 | |||||||
Vistancia Community Facilities District, Arizona, GO, | Yavapai County, Arizona, IDA, Hospital Facility Revenue | |||||||||||
6.75%, 7/15/22 | 1,275 | 1,180,561 | Bonds (Yavapai Regional Medical Center), Series A, | |||||||||
Yuma County, Arizona, Library District, GO, | 6%, 8/01/33 | 1,900 | 1,434,139 | |||||||||
5%, 7/01/26 (e) | 1,565 | 1,532,871 | 11,225,509 | |||||||||
22,564,030 | Housing 19.7% | |||||||||||
Education 23.7% | Maricopa County and Phoenix, Arizona, IDA, | |||||||||||
Arizona Board of Regents Revenue Bonds (Arizona | S/F Mortgage Revenue Bonds, AMT, Series A-2, | |||||||||||
State University System), Series C: | 5.80%, 7/01/40 (h)(i)(j) | 985 | 972,766 | |||||||||
6%, 7/01/25 | 620 | 687,971 | Maricopa County and Phoenix, Arizona, IDA, | |||||||||
6%, 7/01/26 | 350 | 385,553 | S/F Mortgage Revenue Refunding Bonds, AMT, | |||||||||
6%, 7/01/27 | 425 | 464,950 | Series A-1, 5.75%, 5/01/40 (h)(i)(j) | 1,380 | 1,358,099 | |||||||
6%, 7/01/28 | 300 | 326,061 | Maricopa County, Arizona, IDA, S/F Mortgage Revenue | |||||||||
Arizona Student Loan Acquisition Authority, Student | Bonds, AMT, Series 3-B, 5.25%, 8/01/38 (h)(i)(j) | 1,757 | 1,629,285 | |||||||||
Loan Revenue Refunding Bonds, AMT: | Phoenix and Pima County, Arizona, IDA, | |||||||||||
Junior Subordinated Series B-1, 6.15%, 5/01/29 | 3,285 | 2,987,313 | S/F Mortgage Revenue Bonds, AMT, Series 1A, | |||||||||
Senior-Series A-1, 5.90%, 5/01/24 | 850 | 790,916 | 5.65%, 7/01/39 (i)(j) | 844 | 815,578 | |||||||
Maricopa County, Arizona, IDA, Education Revenue | ||||||||||||
Bonds (Arizona Charter Schools Project 1), Series A, | ||||||||||||
6.625%, 7/01/20 | 900 | 674,388 | ||||||||||
See Notes to Financial Statements. |
14 SEMI-ANNUAL REPORT JANUARY 31, 2009 |
Schedule of Investments (continued) | BlackRock MuniYield Arizona Fund, Inc. (MZA) | |||||||||||||
(Percentages shown are based on Net Assets) | ||||||||||||||
Par | Par | |||||||||||||
Municipal Bonds | (000) | Value | Municipal Bonds | (000) | Value | |||||||||
Arizona (continued) | Arizona (concluded) | |||||||||||||
Housing (concluded) | Utilities Water & Sewer (concluded) | |||||||||||||
Phoenix and Pima County, Arizona, IDA, S/F Mortgage | Surprise Municipal Property Corporation, Arizona, | |||||||||||||
Revenue Refunding Bonds, AMT, Series 2007-1, | Wastewater Development Impact Fee Revenue Bonds, | |||||||||||||
5.25%, 8/01/38 (h)(i)(j) | $ 1,775 | $ 1,678,153 | 4.90%, 4/01/32 | $ 1,250 | $ 864,063 | |||||||||
Phoenix, Arizona, IDA, S/F Mortgage Revenue Bonds, | 6,723,588 | |||||||||||||
AMT, Series 2007-2, 5.50%, 8/01/38 (h)(i)(j) | 1,801 | 1,789,780 | ||||||||||||
Tucson and Pima County, Arizona, IDA, S/F Mortgage | Total Municipal Bonds in Arizona | 72,308,476 | ||||||||||||
Revenue Refunding Bonds, AMT, Series B, | ||||||||||||||
5.35%, 6/01/47 (h)(i)(j) | 1,000 | 929,250 | Guam 1.5% | |||||||||||
Tucson, Arizona, IDA, Joint S/F Mortgage | ||||||||||||||
Revenue Refunding Bonds, AMT, Series A-1, | Utilities Water & Sewer 1.5% | |||||||||||||
5.10%, 7/01/38 (h)(i)(j) | 980 | 892,143 | Guam Government Waterworks Authority, Water and | |||||||||||
10,065,054 | Wastewater System, Revenue Refunding Bonds, | |||||||||||||
5.875%, 7/01/35 | 1,000 | 750,310 | ||||||||||||
IDA/PCR/Resource Recovery 0.7% | ||||||||||||||
Pinal County, Arizona, IDA, Wastewater Revenue Bonds | Total Municipal Bonds in Guam | 750,310 | ||||||||||||
(San Manuel Facilities Project), AMT, 6.25%, 6/01/26 | 500 | 369,860 | ||||||||||||
State 5.7% | Puerto Rico 20.5% | |||||||||||||
Arizona State Transportation Board, Highway Revenue | ||||||||||||||
Bonds, Series B, 5%, 7/01/30 | 2,000 | 2,005,880 | County/City/Special District/School District 6.6% | |||||||||||
Arizona Tourism and Sports Authority, Tax Revenue Bonds | Puerto Rico Public Buildings Authority, Government | |||||||||||||
(Baseball Training Facilities Project), 5%, 7/01/16 | 1,000 | 940,770 | Facilities Revenue Bonds, Series I, | |||||||||||
5.25%, 7/01/33 (l) | 1,965 | 1,637,002 | ||||||||||||
2,946,650 | Puerto Rico Public Buildings Authority, Government | |||||||||||||
Transportation 2.8% | Facilities Revenue Refunding Bonds (l): | |||||||||||||
Phoenix, Arizona, Civic Improvement Corporation, | Series M-3, 6%, 7/01/28 (d) | 900 | 842,238 | |||||||||||
Senior Lien Airport Revenue Bonds, AMT: | Series N, 5.50%, 7/01/27 | 1,000 | 890,500 | |||||||||||
Series A, 5%, 7/01/33 | 1,000 | 935,760 | 3,369,740 | |||||||||||
Series B, 5.25%, 7/01/32 (c)(d) | 600 | 491,160 | ||||||||||||
State 2.8% | ||||||||||||||
1,426,920 | Puerto Rico Commonwealth, GO, Series A, 6%, 7/01/38 | 900 | 822,654 | |||||||||||
Utilities Electric & Gas 8.4% | Puerto Rico Commonwealth, Public Improvement, GO, | |||||||||||||
Salt River Project, Arizona, Agriculture Improvement | Series A, 5.125%, 7/01/31 | 750 | 617,640 | |||||||||||
and Power District, Electric System Revenue Bonds, | 1,440,294 | |||||||||||||
Series A, 5%, 1/01/24 | 1,000 | 1,041,590 | ||||||||||||
Salt River Project, Arizona, Agriculture Improvement and | Transportation 1.7% | |||||||||||||
Power District, Electric System Revenue Refunding | Puerto Rico Commonwealth Highway and Transportation | |||||||||||||
Bonds, Series A, 5%, 1/01/35 | 1,500 | 1,476,375 | Authority, Highway Revenue Refunding Bonds, | |||||||||||
Salt Verde Financial Corporation, Arizona, Senior Gas | Series CC, 5.50%, 7/01/31 | 1,000 | 859,640 | |||||||||||
Revenue Bonds, 5%, 12/01/37 | 2,750 | 1,784,392 | Utilities Electric & Gas 5.8% | |||||||||||
4,302,357 | Puerto Rico Electric Power Authority, Power | |||||||||||||
Revenue Bonds: | ||||||||||||||
Utilities Irrigation, Resource Recovery, Solid Waste | Series TT, 5%, 7/01/37 | 1,000 | 778,940 | |||||||||||
& Other 1.3% | Series WW, 5.375%, 7/01/24 | 1,000 | 896,800 | |||||||||||
Yavapai County, Arizona, IDA, Solid Waste Disposal | Puerto Rico Industrial, Tourist, Educational, Medical | |||||||||||||
Revenue Bonds (Waste Management Inc. Project), | and Environmental Control Facilities Revenue Bonds | |||||||||||||
AMT, Series A-1, 4.90%, 3/01/28 | 1,000 | 669,130 | (Cogeneration Facility-AES Puerto Rico Project), AMT, | |||||||||||
Utilities Water & Sewer 13.2% | 6.625%, 6/01/26 | 1,500 | 1,283,325 | |||||||||||
Gilbert, Arizona, Water Resource Municipal Property | 2,959,065 | |||||||||||||
Corporation, Water System Development Fee | ||||||||||||||
and Utility Revenue Bonds, Subordinated Lien, | Utilities Water & Sewer 3.6% | |||||||||||||
5%, 10/01/29 (d) | 1,000 | 948,090 | Puerto Rico Commonwealth Aqueduct and Sewer | |||||||||||
Phoenix, Arizona, Civic Improvement Corporation, | Authority, Senior Lien Revenue Bonds, Series A, | |||||||||||||
Wastewater System Revenue Refunding Bonds, | 6%, 7/01/44 (k) | 2,180 | 1,868,173 | |||||||||||
Senior Lien, 5.50%, 7/01/22 | 2,000 | 2,199,660 | Total Municipal Bonds in Puerto Rico | 10,496,912 | ||||||||||
Phoenix, Arizona, Civic Improvement Corporation, Water | Total Long-Term Investments | |||||||||||||
System Revenue Refunding Bonds, Junior Lien, | (Cost $93,284,999) 163.7% | 83,555,698 | ||||||||||||
5.50%, 7/01/20 (c)(d) | 2,500 | 2,711,775 |
See Notes to Financial Statements. SEMI-ANNUAL REPORT JANUARY 31, 2009 15 |
Schedule of Investments (concluded) BlackRock MuniYield Arizona Fund, Inc. (MZA) (Percentages shown are based on Net Assets) |
Short-Term Securities | Shares | |||||||
Money Market Funds 13.9% | ||||||||
CMA Arizona Municipal Money Fund, 0.04% (m)(n) | 7,086,121 | $ 7,086,121 | ||||||
Total Short-Term Securities | ||||||||
(Cost $7,086,121) 13.9% | 7,086,121 | |||||||
Total Investments (Cost $100,371,120*) 177.6% | 90,641,819 | |||||||
Other Assets Less Liabilities 1.4% | 695,216 | |||||||
Preferred Shares, at Redemption Value (79.0)% | (40,306,177) | |||||||
Net Assets Applicable to Common Shares 100.0% | $ 51,030,858 | |||||||
| ||||||||
* The cost and unrealized appreciation (depreciation) of investments as of | ||||||||
January 31, 2009, as computed for federal income tax purposes, were | ||||||||
as follows: | ||||||||
Aggregate cost | $ 100,315,771 | |||||||
Gross unrealized appreciation | $ 1,410,878 | |||||||
Gross unrealized depreciation | (11,084,830) | |||||||
Net unrealized depreciation | $ (9,673,952) | |||||||
| ||||||||
(a) | AMBAC Insured. | |||||||
(b) | Represents a step-up bond that pays an initial coupon rate for the first period | |||||||
and then a higher coupon rate for the following periods. Rate shown reflects the | ||||||||
effective yield as of report date. | ||||||||
(c) | FGIC Insured. | |||||||
(d) | MBIA Insured. | |||||||
(e) | XL Capital Insured. | |||||||
(f) | Security is collateralized by Municipal or U.S. Treasury Obligations. | |||||||
(g) | U.S. government securities, held in escrow, are used to pay interest on this | |||||||
security, as well as to retire the bond in full at the date indicated, typically at a | ||||||||
premium to par. | ||||||||
(h) | FHLMC Collateralized. | |||||||
(i) | FNMA Collateralized. | |||||||
(j) | GNMA Collateralized. | |||||||
(k) | Radian Insured. | |||||||
(l) | Commonwealth Guaranteed. | |||||||
(m) Represents the current yield as of report date. |
(n) | Investments in companies considered to be an affiliate of the Fund during the | |||||
period, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, | ||||||
were as follows: | ||||||
Net | ||||||
Affiliate | Activity | Income | ||||
CMA Arizona Municipal Money Fund | 3,912,775 | $15,840 |
Effective August 1, 2008, the Fund adopted Financial Accounting Standards Board
Statement of Financial Accounting Standards No. 157, Fair Value Measurements
(FAS 157). FAS 157 clarifies the definition of fair value, establishes a frame-
work for measuring fair values and requires additional disclosures about the use
of fair value measurements. Various inputs are used in determining the fair value
of investments, which are as follows:
Level 1 price quotations in active markets/exchanges for identical securities
Level 2 other observable inputs (including, but not limited to: quoted prices
for similar assets or liabilities in markets that are not active, inputs other than
quoted prices that are observable for the assets or liabilities (such as interest
rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks,
and default rates) or other market-corroborated inputs)
Level 3 unobservable inputs based on the best information available in the
circumstance, to the extent observable inputs are not available (including the
Funds own assumption used in determining the fair value of investments)
The inputs or methodology used for valuing securities are not necessarily an in-
dication of the risk associated with investing in those securities. For information
about the 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 inputs used as of January 31, 2009 in deter-
mining the fair valuation of the Funds investments:
Valuation | Investments in | |
Inputs | Securities | |
Assets | ||
Level 1 | $ 7,086,121 | |
Level 2 | 83,555,698 | |
Level 3 | | |
Total | $ 90,641,819 |
See Notes to Financial Statements. 16 SEMI-ANNUAL REPORT JANUARY 31, 2009 |
Schedule of Investments January 31, 2009 (Unaudited) | BlackRock MuniYield California Fund, Inc. (MYC) | |||||||||||
(Percentages shown are based on Net Assets) | ||||||||||||
Par | Par | |||||||||||
Municipal Bonds | (000) | Value | Municipal Bonds | (000) | Value | |||||||
California 113.6% | California (continued) | |||||||||||
County/City/Special District/School District 44.3% | County/City/Special District/School District (concluded) | |||||||||||
Arcata, California, Joint Powers Financing Authority, Tax | Santa Clarita, California, Community College District, | |||||||||||
Allocation Revenue Refunding Bonds (Community | GO (Election 2001), 5%, 8/01/28 (d) | $ 2,170 | $ 2,172,387 | |||||||||
Development Project Loan), Series A, 6%, 8/01/23 (f) | $ 2,630 | $ 2,629,947 | Santa Cruz County, California, Redevelopment Agency, | |||||||||
California Statewide Communities Development | Tax Allocation Bonds (Live Oak/Soquel Community | |||||||||||
Authority, COP (John Muir/Mount Diablo Health | Improvement Project Area), Series A (o): | |||||||||||
System), 5.125%, 8/15/22 (b) | 5,250 | 5,181,802 | 6.625%, 9/01/29 | 1,000 | 999,810 | |||||||
Chino Basin, California, Desalter Authority, Revenue | 7%, 9/01/36 | 500 | 504,045 | |||||||||
Refunding Bonds, Series A, 5%, 6/01/35 (a) | 5,280 | 4,866,418 | Sequoia, California, Union High School District, GO, | |||||||||
Cucamonga, California, County Water District, COP, | Refunding, 5%, 7/01/28 (d) | 2,500 | 2,490,675 | |||||||||
5.125%, 9/01/35 (b)(e) | 3,750 | 3,245,287 | Shasta-Tehama-Trinity Joint Community College | |||||||||
El Monte, California, Unified School District, GO | District, California, GO (Election of 2002), Series B, | |||||||||||
(Election of 2002), Series C, 5.25%, 6/01/32 (d) | 10,120 | 9,906,063 | 5.25%, 8/01/24 (d) | 1,675 | 1,748,600 | |||||||
Fontana Unified School District, California, GO, Series A, | Vacaville, California, Unified School District, GO | |||||||||||
5.25%, 8/01/28 (d) | 7,000 | 7,073,220 | (Election of 2001), 5%, 8/01/30 (b) | 4,745 | 4,459,351 | |||||||
Grant Joint Union High School District, California, GO | Ventura, California, Unified School District, GO (Election | |||||||||||
(Election of 2006), 5%, 8/01/29 (d) | 9,390 | 9,259,667 | of 1997), Series H, 5.125%, 8/01/34 (d) | 1,000 | 978,410 | |||||||
La Quinta, California, Financing Authority, Local Agency | 120,299,105 | |||||||||||
Revenue Bonds, Series A, 5.125%, 9/01/34 (f) | 6,020 | 5,126,512 | ||||||||||
Long Beach, California, Harbor Revenue Bonds, AMT, | Education 5.7% | |||||||||||
Series A, 5.25%, 5/15/23 (e) | 5,195 | 4,794,102 | California Infrastructure and Economic Development | |||||||||
Los Angeles, California, COP (Sonnenblick Del Rio West | Bank Revenue Bonds (J. David Gladstone Institute | |||||||||||
Los Angeles), 6.20%, 11/01/31 (f) | 2,000 | 2,020,380 | Project), 5.50%, 10/01/22 | 4,990 | 5,029,072 | |||||||
Los Angeles County, California, Metropolitan | University of California Revenue Bonds: | |||||||||||
Transportation Authority, Sales Tax Revenue Refunding | Series D, 5%, 5/15/32 (b)(e) | 2,500 | 2,377,675 | |||||||||
Bonds, Proposition A, First Tier Senior-Series A, | Series L, 5%, 5/15/36 | 8,500 | 8,128,890 | |||||||||
5%, 7/01/27 (f) | 3,780 | 3,790,130 | 15,535,637 | |||||||||
Marin, California, Community College District, GO | Hospitals/Healthcare 12.2% | |||||||||||
(Election of 2004), Series A, 5%, 8/01/28 (b) | 5,885 | 5,848,748 | ABAG Finance Authority for Nonprofit Corporations, | |||||||||
Morgan Hill, California, Unified School District, GO, | California, Revenue Refunding Bonds (Redwood | |||||||||||
5.047%, 8/01/26 (c)(e)(g) | 7,570 | 3,403,396 | Senior Homes and Services), 6%, 11/15/22 | 1,730 | 1,564,145 | |||||||
Mount Diablo, California, Unified School District, GO | California Health Facilities Financing Authority Revenue | |||||||||||
(Election of 2002), 5%, 6/01/28 (b) | 2,000 | 1,918,480 | Bonds (Sutter Health), Series A, 5.25%, 11/15/46 | 10,000 | 8,454,700 | |||||||
Murrieta Valley, California, Unified School District, Public | California Statewide Communities Development | |||||||||||
Financing Authority, Special Tax Revenue Bonds, | Authority, Health Facility Revenue Bonds (Memorial | |||||||||||
Series A, 5.125%, 9/01/26 (a) | 6,675 | 6,294,325 | Health Services), Series A: | |||||||||
Oakland, California, Alameda County Unified School | 6%, 10/01/23 | 3,270 | 3,309,273 | |||||||||
District, GO (Election of 2000), 5%, 8/01/27 (b) | 6,240 | 5,193,864 | 5.50%, 10/01/33 | 3,000 | 2,626,770 | |||||||
Pittsburg, California, Redevelopment Agency, Tax | California Statewide Communities Development | |||||||||||
Allocation Refunding Bonds (Los Medanos Community | Authority Revenue Bonds (Catholic Healthcare West), | |||||||||||
Development Project), Series A, 6.50%, 9/01/28 | 2,500 | 2,469,850 | Series D, 5.50%, 7/01/31 | 5,000 | 4,397,800 | |||||||
Rancho Cucamonga, California, Redevelopment | California Statewide Communities Development | |||||||||||
Agency, Tax Allocation Refunding Bonds (Rancho | Authority Revenue Bonds (Daughters of Charity | |||||||||||
Redevelopment Project), 5.25%, 9/01/20 (d) | 4,315 | 4,422,443 | National Health System), Series A, 5.25%, 7/01/30 | 3,665 | 2,361,872 | |||||||
San Bernardino, California, Joint Powers Financing | California Statewide Communities Development | |||||||||||
Authority, Lease Revenue Bonds (Department of | Authority, Revenue Refunding Bonds (Kaiser Hospital | |||||||||||
Transportation Lease), Series A, 5.50%, 12/01/20 (b) | 3,000 | 3,002,670 | Asset Management, Inc.), Series C, 5.25%, 8/01/31 | 6,975 | 6,003,103 | |||||||
San Francisco, California, Bay Area Rapid Transit | California Statewide Communities Development | |||||||||||
District, Sales Tax Revenue Refunding Bonds, | Authority, Revenue Refunding Bonds (Kaiser | |||||||||||
Series A, 5%, 7/01/34 (b) | 5,430 | 5,211,008 | Permanente), Series A, 5%, 4/01/31 | 3,500 | 2,912,665 | |||||||
San Jose, California, Unified School District, Santa | Torrance, California, Hospital Revenue Refunding | |||||||||||
Clara County, GO (Election of 2002), Series B, | Bonds (Torrance Memorial Medical Center), Series A, | |||||||||||
5%, 8/01/29 (b)(e) | 1,855 | 1,826,934 | 6%, 6/01/22 | 1,310 | 1,328,013 | |||||||
San Jose-Evergreen, California, Community College | ||||||||||||
District, Capital Appreciation, GO (Election of 2004), | 32,958,341 | |||||||||||
Refunding, Series A, 5.117%, 9/01/23 (b)(c) | 10,005 | 4,665,031 | Housing 2.0% | |||||||||
San Juan, California, Unified School District, GO | California Rural Home Mortgage Finance Authority, | |||||||||||
(Election of 2002), 5%, 8/01/28 (b) | 5,000 | 4,795,550 | S/F Mortgage Revenue Bonds (Mortgage-Backed | |||||||||
Securities Program), AMT: | ||||||||||||
Series A, 5.40%, 12/01/36 (h)(i)(j) | 1,840 | 1,719,443 | ||||||||||
Series B, 6.15%, 6/01/20 (i)(j) | 25 | 25,590 | ||||||||||
Sub-Series FH-1, 5.50%, 8/01/47 | 415 | 370,960 | ||||||||||
See Notes to Financial Statements. |
|
|
|
SEMI-ANNUAL REPORT JANUARY 31, 2009 17 |
Schedule of Investments (continued) | BlackRock MuniYield California Fund, Inc. (MYC) | |||||||||||||
(Percentages shown are based on Net Assets) | ||||||||||||||
Par | Par | |||||||||||||
Municipal Bonds | (000) | Value | Municipal Bonds | (000) | Value | |||||||||
California (continued) | California (continued) | |||||||||||||
Housing (concluded) | Utilities Irrigation, Resource Recovery, Solid Waste | |||||||||||||
Santa Clara County, California, Housing Authority, | & Other (concluded) | |||||||||||||
M/F Housing Revenue Bonds (John Burns Gardens | California Pollution Control Financing Authority, Solid | |||||||||||||
Apartments Project), AMT, Series A, 6%, 8/01/41 | $ 3,500 | $ 3,383,660 | Waste Disposal Revenue Bonds (Waste Management, | |||||||||||
5,499,653 | Inc. Project), AMT, Series C, 6.75%, 12/01/27 | $ 3,300 | $ 3,278,913 | |||||||||||
California State Public Works Board, Lease Revenue | ||||||||||||||
IDA/PCR/Resource Recovery 2.7% | Bonds (Department of Corrections), Series C, | |||||||||||||
California Pollution Control Financing Authority, Solid | 5.50%, 6/01/23 | 5,000 | 5,034,600 | |||||||||||
Waste Disposal Revenue Bonds (Waste Management, | Chino Basin, California, Regional Financing Authority, | |||||||||||||
Inc. Project), AMT: | Revenue Refunding Bonds (Inland Empire Utility | |||||||||||||
Series A-2, 5.40%, 4/01/25 | 3,000 | 2,281,020 | Agency), Series A, 5%, 11/01/33 (f) | 2,015 | 1,843,886 | |||||||||
Series C, 5.125%, 11/01/23 | 4,500 | 3,365,190 | Los Angeles County, California, Sanitation Districts | |||||||||||
California Pollution Control Financing Authority, Solid | Financing Authority, Revenue Refunding Bonds | |||||||||||||
Waste Disposal Revenue Refunding Bonds (Republic | (Capital Projects District Number 14), Sub-Series B, | |||||||||||||
Services, Inc. Project), AMT, Series C, 5.25%, 6/01/23 | 2,000 | 1,656,040 | 5%, 10/01/30 (b)(e) | 2,550 | 2,240,022 | |||||||||
7,302,250 | South Bayside, California, Waste Management Authority, | |||||||||||||
State 5.3% | Waste System Revenue Bonds, 5.75%, 3/01/20 (f) | 2,265 | 2,316,325 | |||||||||||
California State Department of Water Resources, Power | 16,949,400 | |||||||||||||
Supply Revenue Refunding Bonds, Sub-Series F-5, | Utilities Water & Sewer 12.9% | |||||||||||||
5%, 5/01/22 | 11,475 | 11,943,295 | California State Department of Water Resources, Water | |||||||||||
California State, GO, 5.50%, 4/01/30 | 5 | 4,981 | System Revenue Refunding Bonds (Central Valley | |||||||||||
California State, GO, Refunding (Veterans), AMT, | Project), Series AE, 5%, 12/01/28 | 6,000 | 6,066,540 | |||||||||||
Series BJ, 5.70%, 12/01/32 | 2,785 | 2,387,831 | California State Enterprise Authority, Sewer Facility | |||||||||||
14,336,107 | Revenue Bonds (Anheuser-Busch Project), AMT, | |||||||||||||
Transportation 6.6% | 5.30%, 9/01/47 | 2,500 | 1,679,100 | |||||||||||
Port of Oakland, California, Revenue Refunding Bonds, | California Statewide Communities Development | |||||||||||||
AMT, Series L, 5.375%, 11/01/27 (b)(e) | 11,615 | 9,841,622 | Authority, Water Revenue Bonds (Pooled Financing | |||||||||||
San Francisco, California, City and County Airport | Program), Series C, 5.25%, 10/01/28 (d) | 2,380 | 2,383,713 | |||||||||||
Commission, International Airport Revenue Refunding | Los Angeles, California, Department of Water and | |||||||||||||
Bonds, AMT, Second Series, 6.75%, 5/01/19 | 3,475 | 3,627,830 | Power, Waterworks Revenue Bonds, Series A, | |||||||||||
San Jose, California, Airport Revenue Bonds, Series D, | 5.375%, 7/01/38 | 3,200 | 3,213,280 | |||||||||||
5%, 3/01/28 (b) | 4,615 | 4,428,416 | Los Angeles, California, Wastewater System Revenue | |||||||||||
Refunding Bonds, Sub-Series A, 5%, 6/01/27 (b) | 4,500 | 4,373,415 | ||||||||||||
17,897,868 | Metropolitan Water District of Southern California, | |||||||||||||
Utilities Electric & Gas 15.7% | Waterworks Revenue Bonds Series A: | |||||||||||||
Anaheim, California, Public Financing Authority, Electric | 5%, 7/01/30 (d) | 1,000 | 999,960 | |||||||||||
System Distribution Facilities Revenue Bonds, | 5%, 7/01/32 | 1,240 | 1,231,494 | |||||||||||
Series A, 5%, 10/01/31 (d) | 9,000 | 8,622,630 | Metropolitan Water District of Southern California, | |||||||||||
Chula Vista, California, IDR (San Diego Gas and Electric | Waterworks Revenue Refunding Bonds, Series B, | |||||||||||||
Company), AMT, Series D, 5%, 12/01/27 (f) | 1,000 | 807,590 | 5%, 7/01/35 | 2,625 | 2,579,535 | |||||||||
Eastern Municipal Water District, California, Water and | Modesto, California, Irrigation District, COP, Series B, | |||||||||||||
Sewer, COP, Series H: | 5.50%, 7/01/35 | 3,300 | 3,041,577 | |||||||||||
5%, 7/01/33 | 4,750 | 4,493,737 | Oxnard, California, Financing Authority, Wastewater | |||||||||||
5%, 7/01/35 | 7,540 | 7,097,628 | Revenue Bonds (Redwood Trunk Sewer and | |||||||||||
Orange County, California, Sanitation District, COP, | Headworks Projects), Series A, 5.25%, 6/01/34 (b)(e) | 3,000 | 2,831,430 | |||||||||||
5%, 2/01/33 (b)(e) | 5,250 | 5,030,603 | Sacramento County, California, Sanitation District | |||||||||||
Sacramento, California, Municipal Utility District | Financing Authority, Revenue Refunding | |||||||||||||
Financing Authority Revenue Bonds (Consumers | Bonds (County Sanitation District Number 1), | |||||||||||||
Project), 5.125%, 7/01/29 (b) | 18,500 | 16,567,860 | 5%, 8/01/35 (b) | 5,375 | 5,132,104 | |||||||||
42,620,048 | Stockton, California, Public Financing Authority, Water | |||||||||||||
Revenue Bonds (Water System Capital Improvement | ||||||||||||||
Utilities Irrigation, Resource Recovery, Solid Waste | Projects), Series A, 5%, 10/01/31 (b) | 1,600 | 1,491,056 | |||||||||||
& Other 6.2% | ||||||||||||||
California Pollution Control Financing Authority, Solid | 35,023,204 | |||||||||||||
Waste Disposal Revenue Bonds (Republic Services, | Total Municipal Bonds in California 113.6% | 308,421,613 | ||||||||||||
Inc. Project), AMT, Series B, 5.25%, 6/01/23 | 2,700 | 2,235,654 |
See Notes to Financial Statements. 18 SEMI-ANNUAL REPORT JANUARY 31, 2009 |
Schedule of Investments (continued) BlackRock MuniYield California Fund, Inc. (MYC) (Percentages shown are based on Net Assets) |
Par | ||||
Municipal Bonds | (000) | Value | ||
U.S. Virgin Islands 0.9% | ||||
IDA/PCR/Resource Recovery 0.9% | ||||
Virgin Islands Government Refinery Facilities, Revenue | ||||
Refunding Bonds (Hovensa Coker Project), AMT, | ||||
6.50%, 7/01/21 | $ 3,000 | $ 2,308,050 | ||
Total Municipal Bonds in the U.S. Virgin Islands | 2,308,050 | |||
Total Municipal Bonds 114.5% | 310,729,663 | |||
Municipal Bonds Transferred to | ||||
Tender Option Bond Trusts (k) | ||||
California 42.1% | ||||
County/City/Special District/School District 16.4% | ||||
Metropolitan Water District of Southern California, | ||||
Waterworks Revenue Bonds, Series A, 5%, 7/01/37 | 20,000 | 19,612,400 | ||
Palomar Pomerado Health Care District, California, GO | ||||
(Election of 2004), Series A, 5.125%, 8/01/37 (b) | 18,490 | 18,150,154 | ||
Sonoma County, California, Junior College District, | ||||
GO (Election 2002), Refunding, Series B, | ||||
5%, 8/01/28 (d) | 6,875 | 6,882,555 | ||
44,645,109 | ||||
Education 18.2% | ||||
California State University, Systemwide Revenue Bonds, | ||||
Series A, 5%, 11/01/39 (d) | 4,840 | 4,564,556 | ||
Contra Costa County, California, Community College | ||||
District, GO (Election of 2002), 5%, 8/01/30 (d) | 10,210 | 10,038,268 | ||
Fremont, California, Unified School District, Alameda | ||||
County, GO (Election of 2002), Series B, | ||||
5%, 8/01/30 (d) | 4,003 | 3,915,248 | ||
Los Angeles, California, Community College District, GO | ||||
(Election of 2003), Series E, 5%, 8/01/31 (d) | 10,002 | 9,724,977 | ||
Peralta, California, Community College District, GO | ||||
(Election of 2000), Series D, 5%, 8/01/30 (d) | 1,995 | 1,961,444 | ||
University of California, Limited Project Revenue Bonds, | ||||
Series B, 5%, 5/15/33 (d) | 8,490 | 8,177,313 | ||
University of California Revenue Bonds, Series L, | ||||
5%, 5/15/40 | 11,600 | 11,002,484 | ||
49,384,290 | ||||
Lease Obligations 3.5% | ||||
Santa Clara County, California, Financing Authority, | ||||
Lease Revenue Refunding Bonds, Series L, | ||||
5.25%, 5/15/36 | 10,001 | 9,643,472 | ||
Transportation 2.2% | ||||
San Francisco, California, Bay Area Rapid Transit | ||||
District, Sales Tax Revenue Refunding Bonds, | ||||
Series A, 5%, 7/01/30 (b) | 6,000 | 5,853,360 | ||
Utilities Water & Sewer 1.8% | ||||
San Diego County, California, Water Authority, Water | ||||
Revenue Bonds, COP, Series A, 5%, 5/01/31 (d) | 5,010 | 4,865,512 | ||
Total Municipal Bonds Transferred to Tender Option | ||||
Bond Trusts 42.1% | 114,391,743 | |||
Total Long-Term Investments | ||||
(Cost $456,547,762) 156.6% | 425,121,406 |
Par | ||||||
Short-Term Securities | (000) | Value | ||||
California 7.4% | ||||||
California HFA, Home Mortgage Revenue Bonds, VRDN, | ||||||
AMT, Series P, 8.50%, 2/04/09 (b)(l) | $ 10,000 | $ 10,000,000 | ||||
Los Angeles County, California, Metropolitan | ||||||
Transportation Authority, Sales Tax Revenue Refunding | ||||||
Bonds, Proposition C, VRDN, Second Senior Series A, | ||||||
6%, 2/05/09 (b)(l) | 10,000 | 10,000,000 | ||||
20,000,000 | ||||||
Shares | ||||||
Money Market Funds 5.7% | ||||||
CMA California Municipal Money | ||||||
Fund, 0.18% (m)(n) | 15,502,136 | 15,502,136 | ||||
Total Short-Term Securities | ||||||
(Cost $35,502,136) 13.1% | 35,502,136 | |||||
Total Investments (Cost $492,049,898*) 169.7% | 460,623,542 | |||||
Other Assets Less Liabilities 0.3% | 957,202 | |||||
Liability for Trust Certificates, Including Interest | ||||||
Expense and Fees Payable (23.4)% | (63,581,781) | |||||
Preferred Shares, at Redemption Value (46.6)% | (126,523,718) | |||||
Net Assets Applicable to Common Shares 100.0% | $271,475,245 | |||||
* The cost and unrealized appreciation (depreciation) of investments as of | ||||||
January 31, 2009, as computed for federal income tax purposes, were | ||||||
as follows: | ||||||
Aggregate cost | $428,471,139 | |||||
Gross unrealized appreciation | $ 2,331,653 | |||||
Gross unrealized depreciation | (33,269,913) | |||||
Net unrealized depreciation | $ (30,938,260) | |||||
| ||||||
(a) | Assured Guaranty Insured. | |||||
(b) | MBIA Insured. | |||||
(c) | Represents a zero-coupon bond. Rate shown reflects the effective yield as of | |||||
report date. | ||||||
(d) | FSA Insured. | |||||
(e) | FGIC Insured. | |||||
(f) | AMBAC Insured. | |||||
(g) | Security is collateralized by Municipal or U.S. Treasury Obligations. | |||||
(h) | FHLMC Collateralized. | |||||
(i) | FNMA Collateralized. | |||||
(j) | GNMA Collateralized. | |||||
(k) | Securities represent bonds transferred to a tender option bond trust in | |||||
exchange for which the Fund acquired residual interest certificates. These | ||||||
securities serve as collateral in a financing transaction. See Note 1 of the | ||||||
Notes to Financial Statements for details of municipal bonds transferred to | ||||||
tender option bond trusts. | ||||||
(l) | Security may have a maturity of more than one year at time of issuance but has | |||||
variable rate and demand features that qualify it as a short-term security. Rate | ||||||
shown is as of report date. This rate changes periodically based upon prevailing | ||||||
market rates. | ||||||
(m) Represents the current yield as of report date. |
See Notes to Financial Statements. SEMI-ANNUAL REPORT JANUARY 31, 2009 19 |
Schedule of Investments (concluded) BlackRock MuniYield California Fund, Inc. (MYC) |
(n) | Investments in companies considered to be an affiliate of the Fund during the | |||||
period, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, | ||||||
were as follows: | ||||||
Net | ||||||
Affiliate | Activity | Income | ||||
CMA California Municipal Money Fund | 1,088,879 | $85,214 | ||||
(o) | When issued security. |
Effective August 1, 2008, the Fund adopted Financial Accounting Standards Board
Statement of Financial Accounting Standards No. 157, Fair Value Measurements
(FAS 157). FAS 157 clarifies the definition of fair value, establishes a frame-
work for measuring fair values and requires additional disclosures about the use
of fair value measurements. Various inputs are used in determining the fair value
of investments, which are as follows:
Level 1 price quotations in active markets/exchanges for identical securities
Level 2 other observable inputs (including, but not limited to: quoted prices
for similar assets or liabilities in markets that are not active, inputs other than
quoted prices that are observable for the assets or liabilities (such as interest
rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks,
and default rates) or other market-corroborated inputs)
Level 3 unobservable inputs based on the best information available in the
circumstance, to the extent observable inputs are not available (including the
Funds own assumption used in determining the fair value of investments)
The inputs or methodology used for valuing securities are not necessarily an in-
dication of the risk associated with investing in those securities. For information
about the 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 inputs used as of January 31, 2009 in deter-
mining the fair valuation of the Funds investments:
Valuation | Investments in | |
Inputs | Securities | |
Assets | ||
Level 1 | $ 15,502,136 | |
Level 2 | 445,121,406 | |
Level 3 | | |
Total | $ 460,623,542 |
See Notes to Financial Statements. 20 SEMI-ANNUAL REPORT JANUARY 31, 2009 |
Schedule of Investments January 31, 2009 (Unaudited) | BlackRock MuniYield Investment Fund (MYF) | |||||||||||||||
(Percentages shown are based on Net Assets) | ||||||||||||||||
Par | Par | |||||||||||||||
Municipal Bonds | (000) | Value | Municipal Bonds | (000) | Value | |||||||||||
California 1.6% | Florida (continued) | |||||||||||||||
Transportation 1.6% | Education (concluded) | |||||||||||||||
San Francisco, California, City and County Airport | Orange County, Florida, Educational Facilities Authority, | |||||||||||||||
Commission, International Airport Revenue Refunding | Educational Facilities Revenue Bonds (Rollins College | |||||||||||||||
Bonds, AMT, Second Series, 6.75%, 5/01/19 | $ 2,500 | $2,609,950 | Project), 5.25%, 12/01/32 (a) | $ 1,500 | $1,433,355 | |||||||||||
Total Municipal Bonds in California | 2,609,950 | University of Central Florida Athletics Association Inc., | ||||||||||||||
COP, Series A, 5.25%, 10/01/34 (d)(e) | 3,235 | 2,437,314 | ||||||||||||||
University of Central Florida, COP (UCF Convocation | ||||||||||||||||
District of Columbia 2.1% | Center), Series A, 5%, 10/01/35 (d)(e) | 4,050 | 2,571,912 | |||||||||||||
Utilities Water & Sewer 2.1% | 9,811,246 | |||||||||||||||
District of Columbia, Water and Sewer Authority, Public | Hospitals/Healthcare 11.8% | |||||||||||||||
Utility Revenue Refunding Bonds, Senior Lien, | Citrus County, Florida, Hospital Board Revenue | |||||||||||||||
Series A, 5.50%, 10/01/39 (s) | 3,500 | 3,502,310 | Refunding Bonds (Citrus Memorial Hospital): | |||||||||||||
Total Municipal Bonds in the District of Columbia | 3,502,310 | 6.25%, 8/15/23 | 2,150 | 1,802,323 | ||||||||||||
6.375%, 8/15/32 | 2,850 | 2,190,795 | ||||||||||||||
Jacksonville, Florida, Health Facilities Authority, Hospital | ||||||||||||||||
Florida 109.6% | Revenue Bonds (Baptist Medical Center Project), | |||||||||||||||
5%, 8/15/37 (c) | 3,145 | 2,756,435 | ||||||||||||||
County/City/Special District/School District 20.6% | Lee County, Florida, IDA, Health Care Facilities, Revenue | |||||||||||||||
Alachua County, Florida, School Board, COP, | Refunding Bonds (Shell Point/Alliance Obligor Group), | |||||||||||||||
5.25%, 7/01/29 (a) | 2,100 | 1,893,066 | 5%, 11/15/32 | 1,380 | 749,795 | |||||||||||
Broward County, Florida, School Board, COP, Series A, | Lee Memorial Health System, Florida, Hospital Revenue | |||||||||||||||
5.25%, 7/01/33 (c) | 3,300 | 3,117,807 | Bonds, Series A, 5%, 4/01/32 (a) | 3,000 | 2,199,540 | |||||||||||
Florida Municipal Loan Council Revenue Bonds, | Martin County, Florida, Health Facilities Authority, | |||||||||||||||
Series B, 5.375%, 11/01/30 (d) | 4,250 | 3,973,240 | Hospital Revenue Bonds (Martin Memorial Medical | |||||||||||||
Hillsborough County, Florida, School Board, COP, | Center), Series A (f): | |||||||||||||||
5%, 7/01/29 (d) | 1,500 | 1,382,685 | 5.75%, 11/15/12 | 1,350 | 1,570,712 | |||||||||||
Jacksonville, Florida, Excise Taxes Revenue Bonds, | 5.875%, 11/15/12 | 3,535 | 4,129,127 | |||||||||||||
Series B, 5.125%, 10/01/32 (d)(e) | 1,500 | 1,317,945 | Miami-Dade County, Florida, Health Facilities Authority, | |||||||||||||
Lee County, Florida, Capital Revenue Bonds, | Hospital Revenue Refunding Bonds DRIVERS | |||||||||||||||
5.25%, 10/01/23 (a) | 1,125 | 1,158,491 | Series 208,10.387%, 8/15/17(a)(r) | 3 | 3,073 | |||||||||||
Miami-Dade County, Florida, School Board, COP, | Orange County, Florida, Health Facilities Authority, | |||||||||||||||
Refunding, Series B, 5.25%, 5/01/30 (b) | 2,250 | 2,166,165 | Hospital Revenue Refunding Bonds (Orlando | |||||||||||||
Miami-Dade County, Florida, School Board, COP, | Regional Healthcare), Series B, 5.25%, 12/01/29 (c) | 2,300 | 2,129,639 | |||||||||||||
Series B, 5%, 11/01/31 (a) | 2,500 | 2,180,450 | South Lake County, Florida, Hospital District Revenue | |||||||||||||
Palm Beach County, Florida, Criminal Justice Facilities | Bonds (South Lake Hospital Inc.): | |||||||||||||||
Revenue Bonds, 7.20%, 6/01/15 (d)(e) | 3,390 | 4,241,839 | 5.80%, 10/01/34 | 1,000 | 800,780 | |||||||||||
Palm Beach County, Florida, School Board, COP, | 6.375%, 10/01/34 | 1,150 | 925,382 | |||||||||||||
Series A, 5%, 8/01/31 (c) | 2,200 | 2,027,014 | ||||||||||||||
Saint Johns County, Florida, Sales Tax Revenue | 19,257,601 | |||||||||||||||
Bonds (a): | Housing 2.8% | |||||||||||||||
Series A, 5.25%, 10/01/34 | 1,200 | 1,142,604 | Broward County, Florida, HFA, S/F Mortgage | |||||||||||||
Series B, 5.25%, 10/01/32 | 1,015 | 972,878 | Revenue Refunding Bonds, AMT, Series E, | |||||||||||||
Santa Rosa County, Florida, School Board, COP, | 5.90%, 10/01/39 (g)(h)(i) | 1,000 | 1,009,790 | |||||||||||||
Refunding, Series 2 (d)(e): | Duval County, Florida, HFA, S/F Mortgage Revenue | |||||||||||||||
5.25%, 2/01/26 | 1,180 | 1,109,212 | Refunding Bonds, AMT (g)(i): | |||||||||||||
5.25%, 2/01/31 | 1,820 | 1,611,901 | 5.40%, 10/01/21 | 645 | 639,124 | |||||||||||
Sumter County, Florida, Capital Improvement Revenue | 5.85%, 10/01/27 (d) | 1,410 | 1,414,864 | |||||||||||||
Bonds (a): | Florida Housing Finance Corporation, Homeowner | |||||||||||||||
5%, 6/01/26 | 2,190 | 2,154,938 | Mortgage Revenue Refunding Bonds, AMT, Series 4, | |||||||||||||
5%, 6/01/30 | 3,500 | 3,289,895 | 6.25%, 7/01/22 (c) | 380 | 392,559 | |||||||||||
33,740,130 | Lee County, Florida, HFA, S/F Mortgage Revenue | |||||||||||||||
Bonds (Multi-County Program), AMT, Series A-1, | ||||||||||||||||
Education 6.0% | 7.125%, 3/01/28 (g)(i) | 30 | 30,431 | |||||||||||||
Broward County, Florida, Educational Facilities Authority | Leon County, Florida, HFA, S/F Mortgage Revenue | |||||||||||||||
Revenue Bonds (Nova Southeastern University): | Bonds (Multi-County Program), AMT, Series B, | |||||||||||||||
5%, 4/01/31 (b) | 2,750 | 2,591,655 | 7.30%, 1/01/28 (g)(h) | 15 | 15,501 | |||||||||||
Series B, 5.625%, 4/01/34 | 1,000 | 777,010 | Manatee County, Florida, HFA, S/F Mortgage | |||||||||||||
Revenue Refunding Bonds, AMT, Sub-Series 1, | ||||||||||||||||
6.25%, 11/01/28 (g) | 105 | 106,738 |
See Notes to Financial Statements. SEMI-ANNUAL REPORT JANUARY 31, 2009 21 |
Schedule of Investments (continued) | BlackRock MuniYield Investment Fund (MYF) | |||||||||||
(Percentages shown are based on Net Assets) | ||||||||||||
Par | Par | |||||||||||
Municipal Bonds | (000) | Value | Municipal Bonds | (000) | Value | |||||||
Florida (continued) | Florida (continued) | |||||||||||
Housing (concluded) | Special Tax 2.8% | |||||||||||
Miami-Dade County, Florida, HFA, Home Ownership | Jacksonville, Florida, Guaranteed Entitlement | |||||||||||
Mortgage Revenue Refunding Bonds, AMT, Series A-1, | Revenue Refunding and Improvement Bonds, | |||||||||||
6.30%, 10/01/20 (g)(i) | $ 365 | $371,158 | 5.25%, 10/01/32 (d)(e) | $ 2,315 | $ 2,247,657 | |||||||
Pinellas County, Florida, HFA, S/F Housing Revenue | Saint Johns County, Florida, Sales Tax Revenue Bonds, | |||||||||||
Refunding Bonds (Multi-County Program), AMT, | Series A, 5.25%, 10/01/32 (a) | 2,400 | 2,300,400 | |||||||||
Series A-1 (g)(i): | 4,548,057 | |||||||||||
6.30%, 9/01/20 | 255 | 259,302 | ||||||||||
6.35%, 9/01/25 | 380 | 386,532 | State 1.6% | |||||||||
Florida Municipal Loan Council Revenue Bonds, | ||||||||||||
4,625,999 | Series A-1, 5.125%, 7/01/34 (d) | 1,580 | 1,387,730 | |||||||||
IDA/PCR/Resource Recovery 15.7% | Hillsborough County, Florida, Court Facilities Revenue | |||||||||||
Arbor Greene Community Development District, Florida, | Bonds, 5.40%, 11/01/12 (a)(f) | 1,055 | 1,210,401 | |||||||||
Special Assessment Revenue Refunding Bonds, | 2,598,131 | |||||||||||
5%, 5/01/19 | 1,410 | 1,253,349 | ||||||||||
Beacon Tradeport Community Development District, | Transportation 36.0% | |||||||||||
Florida, Special Assessment Revenue Refunding | Broward County, Florida, Airport System Revenue | |||||||||||
Bonds (Commercial Project), Series A, | Bonds, AMT, Series I, 5.75%, 10/01/18 (a) | 2,870 | 2,906,592 | |||||||||
5.625%, 5/01/32 (j) | 2,000 | 1,505,180 | Hillsborough County, Florida, Aviation Authority Revenue | |||||||||
Escambia County, Florida, Environmental Improvement | Bonds, AMT, Series A, 5.50%, 10/01/38 (b) | 3,865 | 3,283,433 | |||||||||
Revenue Refunding Bonds (International Paper | Hillsborough County, Florida, Aviation Authority, | |||||||||||
Company Projects), AMT, Series A, 5%, 8/01/26 | 3,925 | 2,272,653 | Revenue Refunding Bonds, AMT, Series C, | |||||||||
Hillsborough County, Florida, IDA, Exempt Facilities | 5.75%, 10/01/26 (b) | 1,000 | 942,790 | |||||||||
Revenue Bonds (National Gypsum Company), AMT: | Jacksonville, Florida, Port Authority Revenue Bonds, | |||||||||||
Series A, 7.125%, 4/01/30 | 2,500 | 1,363,550 | AMT, 6%, 11/01/38 (b) | 3,920 | 3,581,665 | |||||||
Series B, 7.125%, 4/01/30 | 3,750 | 2,045,325 | Miami-Dade County, Florida, Aviation Revenue Bonds, | |||||||||
Hillsborough County, Florida, IDA, PCR, Refunding | AMT, Series A, 5%, 10/01/33 (c) | 3,875 | 3,100,659 | |||||||||
(Tampa Electric Company Project), Series A, | Miami-Dade County, Florida, Aviation Revenue | |||||||||||
5.65%, 5/15/18 | 1,450 | 1,473,011 | Bonds (Miami International Airport), AMT, Series A, | |||||||||
Jacksonville, Florida, Economic Development | 6%, 10/01/29 (d)(e) | 4,300 | 3,969,846 | |||||||||
Commission, IDR (Metropolitan Parking Solutions | Miami-Dade County, Florida, Aviation Revenue | |||||||||||
Project), AMT (k): | Refunding Bonds (Miami International Airport), AMT, | |||||||||||
5.50%, 10/01/30 | 1,140 | 808,089 | Series A (c): | |||||||||
5.875%, 6/01/31 | 2,800 | 2,182,460 | 5.25%, 10/01/41 | 1,800 | 1,454,922 | |||||||
Miami-Dade County, Florida, Solid Waste System | 5.50%, 10/01/41 | 3,900 | 3,280,875 | |||||||||
Revenue Bonds, 5.25%, 10/01/30 (d) | 2,800 | 2,718,688 | Miami-Dade County, Florida, Expressway Authority, Toll | |||||||||
Orange County, Florida, Tourist Development, Tax | System Revenue Bonds (e): | |||||||||||
Revenue Refunding Bonds, 5%, 10/01/29 (a) | 3,500 | 3,111,010 | 6.375%, 7/01/10 (f) | 16,000 | 17,383,360 | |||||||
Orlando, Florida, Senior Tourist Development Tax | Series B, 5%, 7/01/33 (d) | 4,050 | 3,708,423 | |||||||||
Revenue Bonds (6th Cent Contract Payments), | Orlando-Orange County Expressway Authority, Florida, | |||||||||||
Series A, 5.25%, 11/01/38 (b) | 2,000 | 1,866,160 | Expressway Revenue Bonds, Series B (a): | |||||||||
Osceola County, Florida, Tourist Development Tax | 5%, 7/01/30 | 3,000 | 2,819,640 | |||||||||
Revenue Bonds, Series A, 5.50%, 10/01/27 (d)(e) | 1,760 | 1,707,922 | 5%, 7/01/35 | 8,085 | 7,316,682 | |||||||
Village Center Community Development District, Florida, | Palm Beach County, Florida, Airport System Revenue | |||||||||||
Recreational Revenue Bonds, Series A (d): | Bonds, AMT, Series A, 5%, 10/01/34 (d) | 5,000 | 3,873,950 | |||||||||
5.375%, 11/01/34 | 1,995 | 1,724,877 | Port Everglades Authority, Florida, Port Revenue Bonds, | |||||||||
5.125%, 11/01/36 | 1,000 | 824,200 | 7.125%, 11/01/16 (m) | 1,020 | 1,228,417 | |||||||
Volusia County, Florida, IDA, Student Housing Revenue | 58,851,254 | |||||||||||
Bonds (Stetson University Project), Series A, | Utilities Electric & Gas 3.1% | |||||||||||
5%, 6/01/35 (l) | 1,000 | 753,140 | Collier County, Florida, IDA, IDR, Refunding (Southern | |||||||||
25,609,614 | States Utilities), AMT, 6.50%, 10/01/25 | 460 | 370,360 | |||||||||
Lease Obligations/Certificates of Participation 3.2% | Fort Myers, Florida, Utility System Revenue Refunding | |||||||||||
Volusia County, Florida, School Board, COP (Master | Bonds, 5%, 10/01/31 (d) | 2,750 | 2,562,752 | |||||||||
Lease Program), 5.50%, 8/01/24 (c) | 5,000 | 5,157,300 | Port St. Lucie, Florida, Utility Revenue Bonds, | |||||||||
5.25%, 9/01/25 (d) | 1,215 | 1,219,605 | ||||||||||
Saint Johns County, Florida, Ponte Vedra Utility System | ||||||||||||
Revenue Bonds, 5%, 10/01/35 (c) | 1,000 | 917,340 | ||||||||||
5,070,057 |
See Notes to Financial Statements. 22 SEMI-ANNUAL REPORT JANUARY 31, 2009 |
Schedule of Investments (continued) | BlackRock MuniYield Investment Fund (MYF) | |||||||||||||
(Percentages shown are based on Net Assets) | ||||||||||||||
Par | Par | |||||||||||||
Municipal Bonds | (000) | Value | Municipal Bonds | (000) | Value | |||||||||
Florida (concluded) | Michigan 2.0% | |||||||||||||
Utilities Irrigation, Resource Recovery, Solid Waste | Hospitals/Healthcare 1.2% | |||||||||||||
& Other 2.7% | Royal Oak, Michigan, Hospital Finance Authority, | |||||||||||||
Village Center Community Development District, Florida, | Hospital Revenue Refunding Bonds (William | |||||||||||||
Utility Revenue Bonds, 5.125%, 10/01/28 (d) | $ 5,040 | $ 4,523,602 | Beaumont Hospital), 8.25%, 9/01/39 | $ 1,970 | $ 2,012,867 | |||||||||
Utilities Water & Sewer 3.3% | Lease Obligations 0.8% | |||||||||||||
Florida State Governmental Utility Authority, | Michigan State Building Authority, Revenue Refunding | |||||||||||||
Utility Revenue Bonds (Lehigh Utility System), | Bonds (Facilities Program), Series I, 6%, 10/15/38 | 1,250 | 1,284,100 | |||||||||||
5.125%, 10/01/33 (a) | 1,000 | 931,760 | Total Municipal Bonds in Michigan | 3,296,967 | ||||||||||
Miami Beach, Florida, Water and Sewer Revenue Bonds, | ||||||||||||||
5.75%, 9/01/25 (a) | 3,000 | 3,097,290 | ||||||||||||
Seminole County, Florida, Water and Sewer Revenue | Nevada 3.2% | |||||||||||||
Bonds, 5%, 10/01/31 | 1,400 | 1,332,450 | ||||||||||||
County/City/Special District/School District 3.2% | ||||||||||||||
5,361,500 | Clark County, Nevada, Water Reclamation District, | |||||||||||||
Total Municipal Bonds in Florida | 179,154,491 | Limited Tax, GO, 6%, 7/01/38 | 5,000 | 5,298,500 | ||||||||||
Total Municipal Bonds in Nevada | 5,298,500 | |||||||||||||
Georgia 5.6% | ||||||||||||||
Transportation 1.9% | New York 1.9% | |||||||||||||
Atlanta, Georgia, Airport Passenger Facility Charge and | Education 0.9% | |||||||||||||
Subordinate Lien General Revenue Refunding Bonds, | New York City, New York, City Transitional Finance | |||||||||||||
Series C, 5%, 1/01/33 (c) | 3,270 | 3,120,692 | Authority, Building Aid Revenue Bonds, Series S-3, | |||||||||||
Utilities Electric & Gas 3.7% | 5.25%, 1/15/39 | 1,500 | 1,430,400 | |||||||||||
Municipal Electric Authority of Georgia, Revenue | Utilities Irrigation, Resource Recovery, Solid Waste | |||||||||||||
Refunding Bonds (General Resolution Projects), | & Other 1.0% | |||||||||||||
Sub-Series D, 6%, 1/01/23 | 5,600 | 6,051,304 | Long Island Power Authority, New York, Electric System | |||||||||||
Total Municipal Bonds in Georgia | 9,171,996 | Revenue Refunding Bonds, Series A, 5.50%, 4/01/24 | 1,600 | 1,647,616 | ||||||||||
Total Municipal Bonds in New York | 3,078,016 | |||||||||||||
Illinois 3.0% | ||||||||||||||
Hospitals/Healthcare 1.9% | Oklahoma 1.0% | |||||||||||||
Illinois State Finance Authority Revenue Bonds (Rush | Housing 1.0% | |||||||||||||
University Medical Center Obligated Group Project), | Tulsa County, Oklahoma, Home Finance Authority, | |||||||||||||
Series A (s): | S/F Mortgage Revenue Refunding Bonds, AMT, | |||||||||||||
7.25%, 11/01/30 | 850 | 851,624 | Series C, 5.25%, 12/01/38 (k) | 1,913 | 1,578,761 | |||||||||
7.25%, 11/01/38 | 2,300 | 2,258,370 | ||||||||||||
Total Municipal Bonds in Oklahoma | 1,578,761 | |||||||||||||
3,109,994 | ||||||||||||||
Transportation 1.1% | ||||||||||||||
Illinois State Toll Highway Authority Revenue Bonds, | South Carolina 2.0% | |||||||||||||
Series B, 5.50%, 1/01/33 | 1,750 | 1,778,263 | Utilities Electric & Gas 2.0% | |||||||||||
Total Municipal Bonds in Illinois | 4,888,257 | South Carolina State Public Service Authority, Revenue | ||||||||||||
Refunding Bonds, Series A, 5.50%, 1/01/38 | 3,250 | 3,322,150 | ||||||||||||
Massachusetts 1.5% | Total Municipal Bonds in South Carolina | 3,322,150 | ||||||||||||
Education 1.5% | ||||||||||||||
Massachusetts State College Building Authority, Project | Texas 1.6% | |||||||||||||
Revenue Bonds, Series A, 5.50%, 5/01/39 | 1,000 | 974,040 | Hospitals/Healthcare 0.5% | |||||||||||
Massachusetts State Health and Educational | Harris County, Texas, Health Facilities Development | |||||||||||||
Facilities Authority Revenue Bonds (Tufts University), | Corporation, Hospital Revenue Refunding Bonds | |||||||||||||
5.375%, 8/15/38 | 1,500 | 1,520,640 | (Memorial Hermann Healthcare System), Series B, | |||||||||||
Total Municipal Bonds in Massachusetts | 2,494,680 | 7.25%, 12/01/35 | 800 | 835,320 |
See Notes to Financial Statements. SEMI-ANNUAL REPORT JANUARY 31, 2009 23 |
Schedule of Investments (continued) BlackRock MuniYield Investment Fund (MYF) (Percentages shown are based on Net Assets) |
Par | ||||||
Municipal Bonds | (000) | Value | ||||
Texas (concluded) | ||||||
Transportation 1.1% | ||||||
North Texas Tollway Authority, System Revenue Refunding | ||||||
Bonds, First Tier, Series K-1, 5.75%, 1/01/38 (b) | $ 1,750 | $ 1,787,048 | ||||
Total Municipal Bonds in Texas | 2,622,368 | |||||
Virginia 1.2% | ||||||
Education 1.2% | ||||||
Virginia State Public School Authority, Special | ||||||
Obligation School Financing Bonds (Fluvanna County), | ||||||
6.50%, 12/01/35 | 1,700 | 1,876,613 | ||||
Total Municipal Bonds in Virginia | 1,876,613 | |||||
Puerto Rico 0.9% | ||||||
Lease Obligations 0.9% | ||||||
Puerto Rico Public Buildings Authority, Government | ||||||
Facilities Revenue Refunding Bonds, Series I, | ||||||
5%, 7/01/36 (n) | 1,760 | 1,392,160 | ||||
Total Municipal Bonds in Puerto Rico | 1,392,160 | |||||
Total Municipal Bonds 137.2% | 224,287,219 | |||||
Municipal Bonds Transferred to | ||||||
Tender Option Bond Trusts (o) | ||||||
Florida 18.5% | ||||||
County/City/Special District/School District 2.5% | ||||||
Jacksonville, Florida, Sales Tax Revenue Bonds, | ||||||
5%, 10/01/27 (d) | 2,700 | 2,680,398 | ||||
Manatee County, Florida, HFA, Homeowner Revenue | ||||||
Bonds, AMT, Series A, 5.9, 9/01/40 (g)(h)(i) | 1,391 | 1,376,969 | ||||
4,057,367 | ||||||
Education 2.7% | ||||||
Polk County, Florida, School Board COP, Master Lease, | ||||||
Series A, 5.5, 1/01/10 (c) | 4,397 | 4,443,910 | ||||
Hospitals/Healthcare 10.5% | ||||||
Miami-Dade County, Florida, Health Facilities Authority, | ||||||
Hospital Revenue Refunding Bonds (Miami Childrens | ||||||
Hospital), Series A, 5.625%, 8/15/17 (a) | 6,595 | 7,350,193 | ||||
South Broward, Florida, Hospital District, Hospital | ||||||
Revenue Bonds, 5.625%, 5/01/32 (d) | 8,500 | 9,736,665 | ||||
17,086,858 | ||||||
Housing 1.6% | ||||||
Lee County, Florida, HFA, S/F Mortgage Revenue | ||||||
Bonds (Multi-County Program), AMT, Series A-2, | ||||||
6%, 9/01/40 (g)(h)(i) | 2,505 | 2,676,267 | ||||
Utilities Electric & Gas 1.2% | ||||||
Jacksonville Electric Authority, Florida, Saint Johns River | ||||||
Power Park System Revenue Bonds, Issue Three, | ||||||
Series 2, 5%, 10/01/37 | 2,100 | 1,926,624 | ||||
30,191,026 |
Municipal Bonds Transferred to | Par | |||||
Tender Option Bond Trusts (o) | (000) | Value | ||||
Illinois 3.5% | ||||||
Education 3.5% | ||||||
Illinois Finance Authority, Revenue Bonds (University of | ||||||
Chicago), Series B, 6.25, 7/01/38 | $ 5,300 | $ 5,693,684 | ||||
Total Municipal Bonds Transferred to Tender Option | ||||||
Bond Trusts 22.0% | 35,884,710 | |||||
Total Long-Term Investments | ||||||
(Cost $277,049,748) 159.2% | 260,171,929 | |||||
Short-Term Securities | ||||||
Pennsylvania 1.2% | ||||||
Philadelphia, Pennsylvania, GO, Refunding, Series B, | ||||||
3.75%, 2/05/09 (r) | 2,000 | 2,000,000 | ||||
Shares | ||||||
Money Market 8.1% | ||||||
CMA Florida Municipal Money Fund, 0.11% (p)(q) | 13,315,907 | 13,315,907 | ||||
Total Short-Term Securities | ||||||
(Cost $15,315,907) 9.3% | 15,315,907 | |||||
Total Investments (Cost $292,365,655*) 168.5% | 275,487,836 | |||||
Liabilities in Excess of Other Assets (1.7)% | (2,835,208) | |||||
Liability for Trust Certificates, Including Interest | ||||||
Expense and Fees Payable (11.2)% | (18,369,886) | |||||
Preferred Shares, at Redemption Value (55.6)% | (90,833,654) | |||||
Net Assets Applicable to Common Shares 100.0% | $163,449,088 | |||||
| ||||||
* | The cost and unrealized appreciation (depreciation) of investments as of | |||||
January 1, 2009, as computed for federal income tax purposes, were as follows: | ||||||
Aggregate cost | $274,946,327 | |||||
Gross unrealized appreciation | $ 8,244,161 | |||||
Gross unrealized depreciation | (25,962,939) | |||||
Net unrealized depreciation | $ (17,718,778) | |||||
| ||||||
(a) | AMBAC Insured. | |||||
(b) | Assured Guaranty Insured. | |||||
(c) | FSA Insured. | |||||
(d) | MBIA Insured. | |||||
(e) | FGIC Insured. | |||||
(f) | U.S. government securities, held in escrow, are used to pay interest on this | |||||
security, as well as to retire the bond in full at the date indicated, typically at a | ||||||
premium to par. | ||||||
(g) | GNMA Collateralized. | |||||
(h) | FHLMC Collateralized. | |||||
(i) | FNMA Collateralized. | |||||
(j) | Radian Insured. | |||||
(k) | ACA Insured. |
See Notes to Financial Statements. 24 SEMI-ANNUAL REPORT JANUARY 31, 2009 |
Schedule of Investments (concluded) BlackRock MuniYield Investment Fund (MYF) |
(l) CIFG Insured. (m) Security is collateralized by Municipal or U.S. Treasury Obligations. (n) Commonwealth Guaranteed. (o) Securities represent bonds transferred to a tender option bond trust in exchange for which the Fund acquired residual interest certificates. These securities serve as collateral in a financing transaction. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to tender option bond trusts. (p) Investments in companies considered to be an affiliate of the Fund for purposes of Section 2(a)(3) of the Investment Company Act of 1940, were as follows: |
Net | ||||
Affiliate | Activity | Income | ||
CMA Florida Municipal Money Fund | 5,830,491 | $30,250 |
(q) Represents the current yield as of report date.
(r) Security may have a maturity of more than one year at time of issuance but has
variable rate and demand features that qualify it as a short-term security. Rate
shown is as of report date. This rate changes periodically based upon prevailing
market rates.
(s) When issued.
Effective August 1, 2008, the Fund adopted Financial Accounting Standards Board
Statement of Financial Accounting Standards No. 157, Fair Value Measurements
(FAS 157). FAS 157 clarifies the definition of fair value, establishes a frame-
work for measuring fair values and requires additional disclosures about the use
of fair value measurements. Various inputs are used in determining the fair value
of investments, which are as follows:
Level 1 price quotations in active markets/exchanges for identical securities
Level 2 other observable inputs (including, but not limited to: quoted prices
for similar assets or liabilities in markets that are not active, inputs other than
quoted prices that are observable for the assets or liabilities (such as interest
rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks,
and default rates) or other market-corroborated inputs)
Level 3 unobservable inputs based on the best information available in the
circumstance, to the extent observable inputs are not available (including the
Funds own assumption used in determining the fair value of investments)
The inputs or methodology used for valuing securities are not necessarily an in-
dication of the risk associated with investing in those securities. For information
about the 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 inputs used as of January 31, 2009 in deter-
mining the fair valuation of the Funds investments:
Valuation | Investments in | |
Inputs | Securities | |
Assets | ||
Level 1 | $ 13,315,907 | |
Level 2 | $ 262,171,929 | |
Level 3 | | |
Total | $ 275,487,836 |
See Notes to Financial Statements. SEMI-ANNUAL REPORT JANUARY 31, 2009 25 |
Schedule of Investments January 31, 2009 (Unaudited) | BlackRock MuniYield New Jersey Fund, Inc. (MYJ) | |||||||||||||||
(Percentages shown are based on Net Assets) | ||||||||||||||||
Par | Par | |||||||||||||||
Municipal Bonds | (000) | Value | Municipal Bonds | (000) | Value | |||||||||||
New Jersey 139.2% | New Jersey (continued) | |||||||||||||||
County/City/Special District/School District 11.4% | Education (concluded) | |||||||||||||||
Burlington County, New Jersey, Bridge Commission | University of Medicine and Dentistry of New Jersey, | |||||||||||||||
Revenue Bonds (Governmental Leasing Program), | Revenue Bonds, Series A (e): | |||||||||||||||
5.25%, 8/15/12 (a) | $ 1,000 | $ 1,137,030 | 5.50%, 12/01/18 | $ 945 | $955,886 | |||||||||||
Essex County, New Jersey, Improvement Authority | 5.50%, 12/01/19 | 1,900 | 1,909,215 | |||||||||||||
Revenue Bonds, Series A, 5%, 10/01/13 (a)(g) | 2,620 | 3,031,995 | 5.50%, 12/01/20 | 1,870 | 1,846,980 | |||||||||||
Hudson County, New Jersey, COP, Refunding, | 5.50%, 12/01/21 | 1,435 | 1,385,579 | |||||||||||||
6.25%, 12/01/16 (c) | 1,500 | 1,691,895 | 39,872,770 | |||||||||||||
Jackson Township, New Jersey, School District, GO, | ||||||||||||||||
5%, 4/15/12 (a)(g) | 6,840 | 7,642,947 | Hospitals/Healthcare 19.9% | |||||||||||||
Middlesex County, New Jersey, Improvement Authority, | New Jersey EDA, Revenue Bonds (Saint Barnabas | |||||||||||||||
County-Guaranteed Revenue Bonds (Golf Course | Project), Series A, 6.246%, 7/01/24 (c)(h) | 3,850 | 1,365,826 | |||||||||||||
Projects), 5.25%, 6/01/22 | 1,455 | 1,543,682 | New Jersey Health Care Facilities Financing Authority, | |||||||||||||
Middlesex County, New Jersey, Improvement Authority, | Health System Revenue Bonds (Catholic Health East), | |||||||||||||||
Senior Revenue Bonds (Heldrich Center Hotel/ | Series A, 5.375%, 11/15/12 (a) | 1,100 | 1,264,857 | |||||||||||||
Conference Project), Series A, 5%, 1/01/20 | 655 | 418,434 | New Jersey Health Care Facilities Financing Authority | |||||||||||||
Monmouth County, New Jersey, Improvement Authority, | Revenue Bonds: | |||||||||||||||
Governmental Loan Revenue Refunding Bonds (e): | (Childrens Specialized Hospital), Series A, | |||||||||||||||
5%, 12/01/11 (a) | 2,085 | 2,308,324 | 5.50%, 7/01/36 | 1,540 | 1,173,680 | |||||||||||
5%, 12/01/15 | 1,215 | 1,298,446 | (Hunterdon Medical Center), Series A, | |||||||||||||
5%, 12/01/16 | 1,280 | 1,351,693 | 5.125%, 7/01/35 | 1,950 | 1,567,780 | |||||||||||
Salem County, New Jersey, Improvement Authority | (Meridian Health), Series I, 5%, 7/01/38 (f) | 1,000 | 946,960 | |||||||||||||
Revenue Bonds (Finlaw State Office Building | (Pascack Valley Hospital Association), | |||||||||||||||
Project) (d): | 6.625%, 7/01/36 (m)(n) | 1,845 | 62,176 | |||||||||||||
5.375%, 8/15/28 | 500 | 516,050 | (Robert Wood University), 5.70%, 7/01/20 (e) | 4,000 | 4,027,920 | |||||||||||
5.25%, 8/15/38 | 500 | 500,670 | (Somerset Medical Center), 5.50%, 7/01/33 | 1,875 | 945,619 | |||||||||||
(South Jersey Hospital System), 6%, 7/01/12 (a) | 6,640 | 7,639,453 | ||||||||||||||
21,441,166 | ||||||||||||||||
(Southern Ocean County Hospital), | ||||||||||||||||
Education 21.1% | 5.125%, 7/01/31 (b) | 2,000 | 1,516,240 | |||||||||||||
New Jersey State Educational Facilities Authority | New Jersey Health Care Facilities Financing Authority, | |||||||||||||||
Revenue Bonds: | Revenue Refunding Bonds: | |||||||||||||||
(Georgian Court College Project), Series C, | (Atlantic City Medical Center), 5.75%, 7/01/12 (a) | 1,060 | 1,198,616 | |||||||||||||
6.50%, 7/01/13 (a) | 2,000 | 2,427,940 | (Atlantic City Medical Center), 6.25%, 7/01/12 (a) | 500 | 573,640 | |||||||||||
(Montclair State University), Series J, | (Atlantic City Medical Center), 6.25%, 7/01/17 | 520 | 538,689 | |||||||||||||
5.25%, 7/01/38 | 1,140 | 1,070,255 | (Atlantic City Medical Center), 5.75%, 7/01/25 | 1,125 | 1,098,113 | |||||||||||
(Rider University), Series C, 5%, 7/01/37 (b) | 1,750 | 1,257,498 | (Capital Health System Inc.), Series A, | |||||||||||||
(Rowan University), Series C, 5%, 7/01/14 (a)(c) | 1,955 | 2,283,225 | 5.75%, 7/01/23 | 1,650 | 1,536,661 | |||||||||||
(Rowan University), Series C, | (Meridian Health System Obligation Group), | |||||||||||||||
5.125%, 7/01/14 (a)(c) | 2,165 | 2,542,424 | 5.25%, 7/01/19 (d) | 1,500 | 1,512,060 | |||||||||||
New Jersey State Educational Facilities Authority, | (Meridian Health System Obligation Group), | |||||||||||||||
Revenue Refunding Bonds: | 5.375%, 7/01/24 (d) | 2,250 | 2,201,467 | |||||||||||||
(College of New Jersey), Series D, 5%, 7/01/35 (d) | 6,115 | 5,991,783 | (Meridian Health System Obligation Group), | |||||||||||||
(Georgian Court University), Series D, | 5.25%, 7/01/29 (d) | 2,195 | 1,985,816 | |||||||||||||
5.25%, 7/01/37 | 1,000 | 829,920 | (Saint Barnabas Health Care System), Series A, | |||||||||||||
(Montclair State University), Series L, | 5%, 7/01/29 | 4,155 | 3,102,206 | |||||||||||||
5%, 7/01/14 (a)(c) | 5,305 | 6,195,656 | (Saint Barnabas Health Care System), Series B, | |||||||||||||
(Ramapo College), Series I, 4.25%, 7/01/31 (e) | 750 | 619,328 | 5.903%, 7/01/30 (h) | 2,000 | 250,400 | |||||||||||
(Ramapo College), Series I, 4.25%, 7/01/36 (e) | 810 | 644,630 | (Saint Barnabas Health Care System), Series B, | |||||||||||||
(Rider University), 5%, 7/01/17 (b) | 1,000 | 938,370 | 5.699%, 7/01/36 (h) | 500 | 33,110 | |||||||||||
(Rider University), Series A, 5.50%, 7/01/23 (b) | 1,255 | 1,110,688 | (Saint Barnabas Health Care System), Series B, | |||||||||||||
(Rider University), Series A, 5.25%, 7/01/34 (b) | 1,450 | 1,103,102 | 5.175%, 7/01/37 (h) | 13,250 | 792,615 | |||||||||||
(Rowan University), Series B, 5%, 7/01/24 (f) | 1,800 | 1,875,438 | (South Jersey Hospital System), 5%, 7/01/36 | 1,385 | 1,039,747 | |||||||||||
(Stevens Institute of Technology), Series A, | (South Jersey Hospital System), 5%, 7/01/46 | 1,650 | 1,188,578 | |||||||||||||
5%, 7/01/27 | 2,200 | 1,682,582 | ||||||||||||||
37,562,229 | ||||||||||||||||
New Jersey State Higher Education Assistance Authority, | ||||||||||||||||
Student Loan Revenue Bonds, AMT, Series A, | Housing 11.4% | |||||||||||||||
5.30%, 6/01/17 (e) | 3,170 | 3,202,271 | New Jersey State Housing and Mortgage Finance | |||||||||||||
Agency Revenue Bonds, Series AA, 6.50%, 10/01/38 | 2,160 | 2,278,670 | ||||||||||||||
New Jersey State Housing and Mortgage Finance Agency, | ||||||||||||||||
Home Buyer Revenue Bonds, AMT (c): | ||||||||||||||||
Series CC, 5.80%, 10/01/20 | 4,515 | 4,632,164 | ||||||||||||||
Series U, 5.60%, 10/01/12 | 2,515 | 2,536,805 |
See Notes to Financial Statements. 26 SEMI-ANNUAL REPORT JANUARY 31, 2009 |
Schedule of Investments (continued) | BlackRock MuniYield New Jersey Fund, Inc. (MYJ) | |||||||||||
(Percentages shown are based on Net Assets) | ||||||||||||
Par | Par | |||||||||||
Municipal Bonds | (000) | Value | Municipal Bonds | (000) | Value | |||||||
New Jersey (continued) | New Jersey (continued) | |||||||||||
Housing (concluded) | State (concluded) | |||||||||||
New Jersey State Housing and Mortgage Finance | Garden State Preservation Trust of New Jersey, Open | |||||||||||
Agency, M/F Revenue Bonds, AMT, Series A, | Space and Farmland Preservation Revenue Bonds, | |||||||||||
4.90%, 11/01/35 (g) | $ 1,500 | $ 1,213,470 | Series A, 5.80%, 11/01/22 (d) | $ 4,300 | $ 4,825,933 | |||||||
New Jersey State Housing and Mortgage Finance | Perth Amboy, New Jersey, GO (Convertible CABS), | |||||||||||
Agency, S/F Housing Revenue Bonds, AMT: | Refunding (d)(i): | |||||||||||
Series T, 4.65%, 10/01/32 | 4,945 | 3,958,126 | 5.22%, 7/01/33 | 1,575 | 1,198,496 | |||||||
Series U, 4.95%, 10/01/32 | 700 | 590,548 | 5.215%, 7/01/34 | 1,925 | 1,454,684 | |||||||
Series X, 4.85%, 4/01/16 | 3,605 | 3,826,239 | Tobacco Settlement Financing Corporation of New Jersey, | |||||||||
Newark, New Jersey, Housing Authority, Port Authority- | Asset-Backed Revenue Bonds: | |||||||||||
Port Newark Marine Terminal, Additional Rent-Backed | 7%, 6/01/13 (a) | 3,010 | 3,666,993 | |||||||||
Revenue Refunding Bonds (City of Newark | 5.75%, 6/01/32 | 1,820 | 1,983,600 | |||||||||
Redevelopment Projects), 4.375%, 1/01/37 (c) | 3,225 | 2,540,591 | ||||||||||
Tobacco Settlement Financing Corporation of New | ||||||||||||
21,576,613 | Jersey, Asset-Backed Revenue Refunding Bonds: | |||||||||||
IDA/PCR/Resource Recovery 24.4% | Series 1A, 5%, 6/01/41 | 2,500 | 1,304,300 | |||||||||
Gloucester County, New Jersey, Improvement Authority, | Series 1B, 5.649%, 6/01/41 (h) | 5,100 | 162,843 | |||||||||
Solid Waste Resource Recovery, Revenue Refunding | 19,529,708 | |||||||||||
Bonds (Waste Management Inc. Project): | ||||||||||||
Transportation 30.1% | ||||||||||||
Series A, 6.85%, 12/01/29 | 2,000 | 2,006,660 | ||||||||||
Delaware River Port Authority of Pennsylvania and New | ||||||||||||
Series B, AMT, 7%, 12/01/29 | 1,180 | 1,182,112 | ||||||||||
Jersey Revenue Bonds, 6%, 1/01/19 (d) | 7,860 | 8,015,942 | ||||||||||
New Jersey EDA, Cigarette Tax Revenue Bonds: | ||||||||||||
Hudson County, New Jersey, Improvement Authority, | ||||||||||||
5.625%, 6/15/19 | 1,720 | 1,460,314 | ||||||||||
Parking Revenue Bonds (Harrison Parking Facility | ||||||||||||
5.75%, 6/15/29 (b) | 1,895 | 1,410,240 | ||||||||||
Project), Series C, 5.375%, 1/01/44 (f) | 4,800 | 4,761,600 | ||||||||||
5.50%, 6/15/31 (b) | 370 | 262,774 | ||||||||||
Morristown, New Jersey, Parking Authority Revenue | ||||||||||||
5.75%, 6/15/34 (b) | 755 | 543,819 | ||||||||||
Bonds, 4.50%, 8/01/37 (c) | 585 | 504,598 | ||||||||||
New Jersey EDA, EDR (Masonic Charity Foundation of | ||||||||||||
New Jersey State Transit Corporation, COP | ||||||||||||
New Jersey): | ||||||||||||
(Federal Transit Administration Grants), Series B, | ||||||||||||
5.25%, 6/01/24 | 1,425 | 1,372,588 | ||||||||||
5.75%, 9/15/14 | 3,620 | 3,902,541 | ||||||||||
5.25%, 6/01/32 | 685 | 605,225 | ||||||||||
New Jersey State Transportation Trust Fund Authority, | ||||||||||||
New Jersey EDA, First Mortgage Revenue Refunding | ||||||||||||
Transportation System Revenue Bonds: | ||||||||||||
Bonds (The Winchester Gardens at Ward Homestead | ||||||||||||
Series A, 5.50%, 12/15/21 | 3,525 | 3,886,066 | ||||||||||
Project), Series A: | ||||||||||||
Series A, 5.625%, 12/15/28 (f) | 1,250 | 1,298,375 | ||||||||||
5.75%, 11/01/24 | 2,500 | 2,045,325 | ||||||||||
Series A, 6%, 12/15/38 | 2,900 | 2,993,525 | ||||||||||
5.80%, 11/01/31 | 2,000 | 1,496,880 | ||||||||||
Series C, 5.049%, 12/15/35 (e)(h) | 4,140 | 702,931 | ||||||||||
New Jersey EDA, Motor Vehicle Surcharge Revenue | ||||||||||||
New Jersey State Transportation Trust Fund Authority, | ||||||||||||
Bonds, Series A, 5.25%, 7/01/33 (c) | 14,000 | 13,104,280 | ||||||||||
Transportation System Revenue Refunding Bonds, | ||||||||||||
New Jersey EDA, Revenue Bonds (Department of | ||||||||||||
Series B, 5.50%, 12/15/21 (c) | 5,865 | 6,447,570 | ||||||||||
Human Services), 5%, 7/01/12 | 220 | 239,499 | ||||||||||
New Jersey State Turnpike Authority, Turnpike Revenue | ||||||||||||
New Jersey EDA, School Facilities Construction | ||||||||||||
Bonds, Series B, 5.926%, 1/01/35 (e)(h) | 4,870 | 3,183,909 | ||||||||||
Revenue Bonds: | ||||||||||||
Port Authority of New York and New Jersey, Consolidated | ||||||||||||
Series L, 5%, 3/01/30 (d) | 5,800 | 5,537,898 | ||||||||||
Revenue Bonds, 93rd Series, 6.125%, 6/01/94 | 5,000 | 5,407,000 | ||||||||||
Series O, 5.25%, 3/01/23 | 2,400 | 2,447,424 | ||||||||||
Port Authority of New York and New Jersey, Consolidated | ||||||||||||
Series P, 5%, 9/01/15 | 3,000 | 3,357,990 | ||||||||||
Revenue Refunding Bonds, AMT, 152nd Series: | ||||||||||||
Series P, 5.25%, 9/01/16 | 3,115 | 3,489,454 | ||||||||||
5.75%, 11/01/30 | 3,300 | 3,161,532 | ||||||||||
Series U, 5%, 9/01/37 (e) | 2,000 | 1,767,720 | ||||||||||
5.25%, 11/01/35 | 3,765 | 3,278,336 | ||||||||||
Series Z, 6%, 12/15/34 (f) | 3,600 | 3,757,788 | ||||||||||
South Jersey Port Corporation of New Jersey, Revenue | ||||||||||||
46,087,990 | Refunding Bonds: | |||||||||||
Lease Obligations 2.4% | 4.75%, 1/01/18 | 4,280 | 4,501,490 | |||||||||
Hudson County, New Jersey, Improvement Authority, | 4.85%, 1/01/19 | 2,485 | 2,599,385 | |||||||||
Facility Lease Revenue Refunding Bonds (Hudson | 5%, 1/01/20 | 2,000 | 2,079,920 | |||||||||
County Lease Project), 5.375%, 10/01/24 (c)(g) | 4,500 | 4,515,660 | 56,724,720 | |||||||||
State 10.4% | Utilities Electric & Gas 1.5% | |||||||||||
Garden State Preservation Trust of New Jersey, Capital | Union County, New Jersey, Utilities Authority, Senior | |||||||||||
Appreciation Revenue Bonds, Series B (d)(h): | Lease Revenue Refunding Bonds (Ogden Martin | |||||||||||
5.114%, 11/01/23 | 6,860 | 3,390,212 | System of Union, Inc.), AMT, Series A (e): | |||||||||
5.246%, 11/01/28 | 4,540 | 1,542,647 | 5.375%, 6/01/17 | 1,585 | 1,588,804 | |||||||
5.375%, 6/01/18 | 1,175 | 1,175,541 | ||||||||||
2,764,345 |
See Notes to Financial Statements. SEMI-ANNUAL REPORT JANUARY 31, 2009 27 |
Schedule of Investments (continued) BlackRock MuniYield New Jersey Fund, Inc. (MYJ) (Percentages shown are based on Net Assets) |
Par | ||||||
Municipal Bonds | (000) | Value | ||||
New Jersey (concluded) | ||||||
Utilities Water & Sewer 6.6% | ||||||
New Jersey EDA, Water Facilities Revenue Bonds | ||||||
(New Jersey-American Water Company, Inc. Project), | ||||||
AMT, Series A: | ||||||
5.25%, 11/01/32 (e) | $ 1,000 | $ 795,750 | ||||
6.875%, 11/01/34 (g) | 6,670 | 5,664,698 | ||||
New Jersey EDA, Water Facilities Revenue Refunding | ||||||
Bonds (United Water of New Jersey, Inc.), Series B, | ||||||
4.50%, 11/01/25 (e) | 4,500 | 4,417,650 | ||||
Rahway Valley Sewerage Authority, New Jersey, | ||||||
Sewer Revenue Bonds, CABS, Series A, | ||||||
4.869%, 9/01/31 (c)(h) | 6,000 | 1,510,860 | ||||
12,388,958 | ||||||
Total Municipal Bonds in New Jersey | 262,464,159 | |||||
Puerto Rico 7.2% | ||||||
County/City/Special District/School District 2.0% | ||||||
Puerto Rico Municipal Finance Agency, GO, Series A, | ||||||
5%, 8/01/21 (d) | 3,750 | 3,798,563 | ||||
Housing 0.6% | ||||||
Puerto Rico Housing Financing Authority, Capital | ||||||
Funding Program, Subordinate Revenue Refunding | ||||||
Bonds, 5.125%, 12/01/27 | 1,100 | 1,079,727 | ||||
IDA/PCR/Resource Recovery 1.9% | ||||||
Puerto Rico Industrial, Tourist, Educational, Medical and | ||||||
Environmental Control Facilities Revenue Bonds: | ||||||
(Cogeneration Facility-AES Puerto Rico Project), | ||||||
AMT, 6.625%, 6/01/26 | 1,900 | 1,625,545 | ||||
(University Plaza Project), Series A, 5%, 7/01/33 (c) | 2,500 | 2,017,925 | ||||
3,643,470 | ||||||
Transportation 1.6% | ||||||
Puerto Rico Commonwealth Highway and Transportation | ||||||
Authority, Highway Revenue Refunding Bonds, | ||||||
Series CC, 5.50%, 7/01/31 (f) | 3,000 | 3,026,880 | ||||
Utilities Electric & Gas 1.1% | ||||||
Puerto Rico Electric Power Authority, Power Revenue | ||||||
Bonds, Series WW, 5.50%, 7/01/38 | 2,525 | 2,120,773 | ||||
Total Municipal Bonds in Puerto Rico | 13,669,413 | |||||
U.S. Virgin Islands 2.1% | ||||||
IDA/PCR/Resource Recovery 2.1% | ||||||
Virgin Islands Government Refinery Facilities, Revenue | ||||||
Refunding Bonds (Hovensa Coker Project), AMT, | ||||||
6.50%, 7/01/21 | 3,500 | 2,692,725 | ||||
Virgin Islands Public Finance Authority, Refinery | ||||||
Facilities Revenue Bonds (Hovensa Refinery), AMT, | ||||||
5.875%, 7/01/22 | 1,900 | 1,336,365 | ||||
Total Municipal Bonds in the U.S. Virgin Islands | 4,029,090 | |||||
Total Municipal Bonds 148.5% | 280,162,662 |
Municipal Bonds Transferred to | Par | |||||
Tender Option Bond Trusts | (000) | Value | ||||
New Jersey 6.9% | ||||||
Housing 3.6% | ||||||
New Jersey State Housing and Mortgage Finance | ||||||
Agency, Capital Fund Program Revenue Bonds, | ||||||
Series A, 4.70%, 11/01/25 (d) | $ 7,175 | $ 6,874,149 | ||||
State 3.3% | ||||||
Garden State Preservation Trust of New Jersey, Open | ||||||
Space and Farmland Preservation Revenue Bonds, | ||||||
Series A, 5.75%, 11/01/28 (d) | 5,460 | 6,184,487 | ||||
Total Municipal Bonds Transferred to Tender Option | ||||||
Bond Trusts 6.9% | 13,058,636 | |||||
Total Long-Term Investments | ||||||
(Cost $308,868,774) 155.4% | 293,221,298 | |||||
Short-Term Securities | Shares | |||||
Money Market Funds 3.2% | ||||||
CMA New Jersey Municipal Money | ||||||
Fund, 0.22% (k)(l) | 5,980,217 | 5,980,217 | ||||
Total Short-Term Securities | ||||||
(Cost $5,980,217) 3.2% | 5,980,217 | |||||
Total Investments (Cost $314,848,991*) 158.6% | 299,201,515 | |||||
Other Assets Less Liabilities 1.0% | 1,943,316 | |||||
Liability for Trust Certificates, Including Interest | ||||||
Expense and Fees Payable (4.1)% | (7,700,038) | |||||
Preferred Shares, at Redemption Value (55.5)% | (104,737,894) | |||||
Net Assets Applicable to Common Shares 100.0% | $188,706,899 | |||||
* The cost and unrealized appreciation (depreciation) of investments as of | ||||||
January 31, 2009, as computed for federal income tax purposes, were as follows: | ||||||
Aggregate cost | $307,536,449 | |||||
Gross unrealized appreciation | $ 10,337,029 | |||||
Gross unrealized depreciation | (26,316,963) | |||||
Net unrealized depreciation | $ (15,979,934) | |||||
(a) | U.S. government securities, held in escrow, are used to pay interest on this | |||||
security, as well as to retire the bond in full at the date indicated, typically at a | ||||||
premium to par. | ||||||
(b) | Radian Insured. | |||||
(c) | MBIA Insured. | |||||
(d) | FSA Insured. | |||||
(e) | AMBAC Insured. | |||||
(f) | Assured Guaranty Insured. | |||||
(g) | FGIC Insured. | |||||
(h) | Represents a zero coupon bond. Rate shown reflects the effective yield as of | |||||
report date. | ||||||
(i) | Represents a step-up bond that pays an initial coupon rate for the first period | |||||
and then a higher coupon rate for the following periods. Rate shown reflects the | ||||||
effective yield as of report date. | ||||||
(j) | Securities represent bonds transferred to a tender option bond trust in | |||||
exchange for which the Fund acquired residual interest certificates. These | ||||||
securities serve as collateral in a financing transaction. See Note 1 of the | ||||||
Notes to Financial Statements for details of municipal bonds transferred to | ||||||
tender option bond trusts. |
See Notes to Financial Statements. 28 SEMI-ANNUAL REPORT JANUARY 31, 2009 |
Schedule of Investments (concluded) BlackRock MuniYield New Jersey Fund, Inc. (MYJ) |
(k) | Represents the current yield as of report date. | |||||
(l) | Investments in companies considered to be an affiliate of the Fund, for purposes | |||||
of Section 2(a)(3) of the Investment Company Act of 1940, were as follows: | ||||||
| ||||||
Net | ||||||
Affiliate | Activity | Income | ||||
CMA New Jersey Municipal Money Fund | 1,541,446 | $42,893 | ||||
|
|
| ||||
(m) Non-income producing security. | ||||||
(n) | Issuer filed for bankruptcy and/or is in default of interest payments. |
Effective August 1, 2008, the Fund adopted Financial Accounting Standards Board
Statement of Financial Accounting Standards No. 157, Fair Value Measurements
(FAS 157). FAS 157 clarifies the definition of fair value, establishes a frame-
work for measuring fair values and requires additional disclosures about the use
of fair value measurements. Various inputs are used in determining the fair value
of investments, which are as follows:
Level 1 price quotations in active markets/exchanges for identical
securities
Level 2 other observable inputs (including, but not limited to: quoted prices
for similar assets or liabilities in markets that are not active, inputs other than
quoted prices that are observable for the assets or liabilities (such as interest
rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks,
and default rates) or other market-corroborated inputs)
Level 3 unobservable inputs based on the best information available in the
circumstance, to the extent observable inputs are not available (including the
Funds own assumption used in determining the fair value of investments)
The inputs or methodology used for valuing securities are not necessarily an
indication of the risk associated with investing in those securities. For information
about the 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 inputs used as of January 31, 2009 in deter-
mining the fair valuation of the Funds investments:
Valuation | Investments in | |
Inputs | Securities | |
Assets | ||
Level 1 | $ 5,980,217 | |
Level 2 | 293,221,298 | |
Level 3 | | |
Total | $ 299,201,515 |
See Notes to Financial Statements. SEMI-ANNUAL REPORT JANUARY 31, 2009 29 |
Statements of Assets and Liabilities | ||||||
BlackRock | ||||||
Muni New York | BlackRock | BlackRock | ||||
Intermediate | MuniYield | MuniYield | ||||
Duration | Arizona | California | ||||
Fund, Inc. | Fund, Inc. | Fund, Inc. | ||||
January 31, 2009 (Unaudited) | (MNE) | (MZA) | (MYC) | |||
Assets | ||||||
Investments at value unaffiliated1 | $ 75,413,857 | $ 83,555,698 | $ 445,121,406 | |||
Investments at value affiliated2 | 6,136,489 | 7,086,121 | 15,502,136 | |||
Cash | 64,388 | 23,824 | 12,800 | |||
Investments sold receivable | 150,000 | 242,599 | | |||
Interest receivable | 940,686 | 748,137 | 7,047,802 | |||
Prepaid expenses | 6,905 | 3,595 | 17,800 | |||
Total assets | 82,712,325 | 91,659,974 | 467,701,944 | |||
Accrued Liabilities | ||||||
Investments purchased payable | | | 4,660,272 | |||
Interest expense and fees payable | 7,931 | | 491,119 | |||
Income dividends payable Common Shares | 222,942 | 259,322 | 1,171,239 | |||
Officers and Directors payable | 80 | 110 | 457 | |||
Investment advisory fees payable | 29,298 | 36,480 | 194,797 | |||
Other affiliates payable | 484 | 477 | 2,387 | |||
Other liabilities | 580 | 143 | | |||
Other accrued expenses payable | 13,794 | 26,407 | 92,048 | |||
Total accrued liabilities | 275,109 | 322,939 | 6,612,319 | |||
Other Liabilities | ||||||
Trust certificates3 | 1,379,101 | | 63,090,662 | |||
Total Liabilities | 1,654,210 | 322,939 | 69,702,981 | |||
Preferred Shares at Redemption Value | ||||||
$0.10 par value per share at $25,000 per share liquidation preference plus unpaid dividends4 | 29,634,630 | 40,306,177 | 126,523,718 | |||
Net Assets Applicable to Common Shareholders | $ 51,423,485 | $ 51,030,858 | $ 271,475,245 | |||
Net Assets Applicable to Common Shareholders Consist of | ||||||
Par value $0.10 per share5,6 | $ 420,644 | $ 454,950 | $ 2,129,526 | |||
Paid-in capital in excess of par | 59,209,468 | 60,027,636 | 299,468,879 | |||
Undistributed net investment income | 278,077 | 321,140 | 1,600,852 | |||
Accumulated net realized loss | (2,667,271) | (43,567) | (297,656) | |||
Net unrealized appreciation/depreciation | (5,817,433) | (9,729,301) | (31,426,356) | |||
Net Assets Applicable to Common Shareholders | $ 51,423,485 | $ 51,030,858 | $ 271,475,245 | |||
Net asset value of Common Shares | $ 12.22 | $ 11.22 | $ 12.75 | |||
1 Investments at cost unaffiliated | $ 81,231,290 | $ 93,284,999 | $ 476,547,762 | |||
2 Investments at cost affiliated | $ 6,136,489 | $ 7,086,121 | $ 15,502,136 | |||
3 Represents short-term floating rate certificates issued by tender option bond trusts. | ||||||
4 Preferred Shares outstanding: | ||||||
Series A Shares | | 518 | 1,735 | |||
Series B Shares | | 694 | 1,735 | |||
Series C Shares | | 400 | 578 | |||
Series D Shares | | | 1,012 | |||
Series F7 Shares | 1,185 | | | |||
5 Common Shares issued and outstanding | 4,206,439 | 4,549,497 | 21,295,255 | |||
6 Common Shares authorized | 200,000,000 | 200,000,000 | 200,000,000 | |||
See Notes to Financial Statements. |
30 SEMI-ANNUAL REPORT |
JANUARY 31, 2009 |
Statements of Assets and Liabilities (concluded) | ||||
BlackRock | ||||
BlackRock | MuniYield | |||
MuniYield | New Jersey | |||
Investment Fund | Fund, Inc. | |||
January 31, 2009 (Unaudited) | (MYF) | (MYJ) | ||
Assets | ||||
Investments at value unaffiliated1 | $ 262,171,929 | $ 293,221,298 | ||
Investments at value affiliated2 | 13,315,907 | 5,980,217 | ||
Cash | 10,059 | 83,064 | ||
Investments sold receivable | 719,367 | | ||
Interest receivable | 3,850,839 | 2,863,125 | ||
Other assets | 192 | 445 | ||
Prepaid expenses | 10,859 | 9,060 | ||
Total assets | 280,079,152 | 302,157,209 | ||
Accrued Liabilities | ||||
Investments purchased payable | 6,472,342 | | ||
Interest expense and fees payable | 109,599 | 55,038 | ||
Income dividends payable Common Shares | 786,365 | 823,788 | ||
Officers and Directors/Trustees payable | 83 | 92 | ||
Investment advisory fees payable | 111,545 | 125,600 | ||
Other affiliates payable | 1,311 | 1,768 | ||
Other accrued expenses payable | 54,878 | 61,130 | ||
Total accrued liabilities | 7,536,123 | 1,067,416 | ||
Other Liabilities | ||||
Trust certificates3 | 18,260,287 | 7,645,000 | ||
Total Liabilities | 25,796,410 | 8,712,416 | ||
Preferred Shares at Redemption Value | ||||
$25,000 per share liquidation preference plus unpaid dividends4 | 90,833,654 | 104,737,894 | ||
Net Assets Applicable to Common Shareholders | $ 163,449,088 | $ 188,706,899 | ||
Net Assets Applicable to Common Shareholders Consist of | ||||
Par value $0.10 per share5,6 | $ 1,355,802 | $ 1,420,324 | ||
Paid-in capital in excess of par | 188,459,518 | 203,210,124 | ||
Undistributed net investment income | 465,531 | 1,686,987 | ||
Accumulated net realized loss | (9,953,944) | (1,963,060) | ||
Net unrealized appreciation/depreciation | (16,877,819) | (15,647,476) | ||
Net Assets Applicable to Common Shareholders | $ 163,449,088 | $ 188,706,899 | ||
Net asset value per share of Common Shares | $ 12.06 | $ 13.29 | ||
1 Investments at cost unaffiliated | $ 279,049,748 | $ 308,868,774 | ||
2 Investments at cost affiliated | $ 13,315,907 | $ 5,980,217 | ||
3 Represents short-term floating rate certificates issued by tender option bond trusts. | ||||
4 Preferred Shares outstanding: | ||||
Series A Shares, par value $0.05 per share | 1,816 | 2,112 | ||
Series B Shares, par value $0.05 per share | 1,321 | 1,320 | ||
Series C Shares, par value $0.05 per share | 496 | | ||
Series C Shares, par value $0.10 per share | | 757 | ||
5 Common Shares issued and outstanding | 13,558,024 | 14,203,242 | ||
6 Common Shares authorized | unlimited | 200,000,000 |
See Notes to Financial Statements. |
SEMI-ANNUAL REPORT |
JANUARY 31, 2009 |
31 |
Statements of Operations | ||||||
BlackRock | ||||||
Muni New York | BlackRock | BlackRock | ||||
Intermediate | MuniYield | MuniYield | ||||
Duration | Arizona | California | ||||
Fund | Fund, Inc. | Fund, Inc. | ||||
January 31, 2009 (Unaudited) | (MNE) | (MZA) | (MYC) | |||
Investment Income | ||||||
Interest | $ 2,145,740 | $ 2,577,164 | $ 11,884,242 | |||
Income affiliated | 17,055 | 15,840 | 85,214 | |||
Total income | 2,162,795 | 2,593,004 | 11,969,456 | |||
Expenses | ||||||
Investment advisory | 230,239 | 238,975 | 1,177,893 | |||
Commissions for Preferred Shares | 37,740 | 43,426 | 133,268 | |||
Professional | 26,917 | 34,418 | 58,551 | |||
Transfer agent | 12,236 | 19,401 | 27,229 | |||
Accounting services | 9,459 | 17,821 | 72,840 | |||
Registration | 6,268 | 1,009 | 4,875 | |||
Printing | 5,850 | 6,364 | 26,428 | |||
Custodian | 4,208 | 4,916 | 12,610 | |||
Officer and Directors | 3,288 | 3,730 | 18,450 | |||
Miscellaneous | 20,212 | 25,294 | 41,036 | |||
|
|
| ||||
Total expenses excluding interest expense and fees | 356,417 | 395,354 | 1,573,180 | |||
Interest expense and fees1 | 16,492 | 28,842 | 888,243 | |||
Total expenses | 372,909 | 424,196 | 2,461,423 | |||
Less fees waived by advisor | (50,487) | (9,534) | (27,397) | |||
Total expenses after waiver | 322,422 | 414,662 | 2,434,026 | |||
Net investment income | 1,840,373 | 2,178,342 | 9,535,430 | |||
Realized and Unrealized Gain (Loss) | ||||||
Net realized gain (loss) from investments | (1,744,025) | 564,155 | 362,601 | |||
Net change in unrealized appreciation/depreciation on investments | (3,577,595) | (7,767,899) | (21,064,867) | |||
Total realized and unrealized loss | (5,321,620) | (7,203,744) | (20,702,266) | |||
Dividends to Preferred Shareholders From | ||||||
Net investment income | (587,615) | (676,140) | (2,205,308) | |||
Net Decrease in Net Assets Applicable to Common Shareholders Resulting from Operations | $ (4,068,862) | $ (5,701,542) | $ (13,372,144) | |||
1 Related to tender option bond trusts. |
See Notes to Financial Statements. |
32 SEMI-ANNUAL REPORT |
JANUARY 31, 2009 |
Statements of Operations (concluded) | ||||
BlackRock | ||||
BlackRock | MuniYield | |||
MuniYield | New Jersey | |||
Investment Fund | Fund, Inc. | |||
January 31, 2009 (Unaudited) | (MYF) | (MYJ) | ||
Investment Income | ||||
Interest | $ 7,035,144 | $ 7,954,145 | ||
Income affiliated | 30,250 | 42,893 | ||
Total income | 7,065,394 | 7,997,038 | ||
Expenses | ||||
Investment advisory | 705,895 | 771,720 | ||
Commissions for Preferred Shares | 100,038 | 118,498 | ||
Professional | 44,515 | 43,964 | ||
Accounting services | 39,191 | 45,150 | ||
Transfer agent | 25,688 | 26,424 | ||
Printing | 17,708 | 19,949 | ||
Officer and Directors/Trustees | 11,986 | 14,101 | ||
Custodian | 9,592 | 11,638 | ||
Registration | 5,268 | 5,226 | ||
Miscellaneous | 34,944 | 31,138 | ||
Total expenses excluding interest expense and fees | 994,825 | 1,087,808 | ||
Interest expense and fees1 | 286,555 | 182,869 | ||
Total expenses | 1,281,380 | 1,270,677 | ||
Less fees waived by advisor | (15,446) | (13,463) | ||
Total expenses after waiver | 1,265,934 | 1,257,214 | ||
Net investment income | 5,799,460 | 6,739,824 | ||
Realized and Unrealized Gain (Loss) | ||||
Net realized loss from investments | (3,939,967) | (607,524) | ||
Net change in unrealized appreciation/depreciation on investments | (16,388,373) | (14,781,066) | ||
Total realized and unrealized loss | (20,328,340) | (15,388,590) | ||
Dividends to Preferred Shareholders From | ||||
Net investment income | (1,499,365) | (1,723,955) | ||
Net Decrease in Net Assets Applicable to Common Shareholders Resulting from Operations | $ (16,028,245) | $ (10,372,721) | ||
1 Related to tender option bond trusts. |
See Notes to Financial Statements. |
SEMI-ANNUAL REPORT |
JANUARY 31, 2009 |
33 |
Statements of Changes in Net Assets | BlackRock Muni New York Intermediate Duration Fund, Inc. (MNE) | |||||||
Six Months | ||||||||
Ended | Period | |||||||
January 31, | June 1, 2008 | Year Ended | ||||||
2009 | to July 31, | May 31, | ||||||
Increase (Decrease) in Net Assets: | (Unaudited) | 2008 | 2008 | |||||
Operations | ||||||||
Net investment income | $ 1,840,373 | $ 574,639 | $ 3,842,387 | |||||
Net realized loss | (1,744,025) | (172,515) | (616,570) | |||||
Net change in unrealized appreciation/depreciation | (3,577,595) | (2,049,285) | (3,001,803) | |||||
Dividends to Preferred Shareholders from net investment income | (587,615) | (177,526) | (1,149,537) | |||||
Net decrease in net assets applicable to Common Shareholders resulting from operations | (4,068,862) | (1,824,687) | (925,523) | |||||
Dividends to Common Shareholders From | ||||||||
Net investment income | (1,337,648) | (445,883) | (2,675,295) | |||||
Net Assets Applicable to Common Shareholders | ||||||||
Total decrease in net assets applicable to Common Shares | (5,406,510) | (2,270,570) | (3,600,818) | |||||
Beginning of period | 56,829,995 | 59,100,565 | 62,701,383 | |||||
End of period | $ 51,423,485 | $ 56,829,995 | $ 59,100,565 | |||||
End of period undistributed net investment income | $ 278,077 | $ 362,967 | $ 411,737 | |||||
BlackRock MunYield Arizona Fund, Inc. (MZA) | ||||||||
Six Months | ||||||||
Ended | Period | |||||||
January 31, | November 1, | Year Ended | ||||||
2009 | 2007 to July 31, | October 31, | ||||||
Increase (Decrease) in Net Assets: | (Unaudited) | 2008 | 2007 | |||||
Operations | ||||||||
Net investment income | $ 2,178,342 | $ 3,275,909 | $ 4,276,021 | |||||
Net realized gain (loss) | 564,155 | (374,900) | 813,164 | |||||
Net change in unrealized appreciation/depreciation | (7,767,899) | (4,126,989) | (2,857,872) | |||||
Dividends and distributions to Preferred Shareholders from: | ||||||||
Net investment income | (676,140) | (885,773) | (1,310,529) | |||||
Net realized gain | | (228,921) | (102,456) | |||||
Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations | (5,701,542) | (2,340,674) | 818,328 | |||||
Dividends and Distributions to Common Shareholders From | ||||||||
Net investment income | (1,555,607) | (2,327,146) | (3,117,045) | |||||
Net realized gain | | (533,902) | (285,146) | |||||
Decrease in net assets resulting from dividends and distributions to Common Shareholders | (1,555,607) | (2,861,048) | (3,402,191) | |||||
Capital Share Transactions | ||||||||
Reinvestment of common dividends | 70,127 | 191,164 | 201,509 | |||||
Net Assets Applicable to Common Shareholders | ||||||||
Total decrease in net assets applicable to Common Shares | (7,187,022) | (5,010,558) | (2,382,354) | |||||
Beginning of period | 58,217,880 | 63,228,438 | 65,610,792 | |||||
End of period | $ 51,030,858 | $ 58,217,880 | $ 63,228,438 | |||||
End of period undistributed net investment income | $ 321,140 | $ 374,545 | $ 311,568 | |||||
See Notes to Financial Statements. |
34 SEMI-ANNUAL REPORT |
JANUARY 31, 2009 |
Statements of Changes in Net Assets | BlackRock MuniYield California Fund, Inc. (MYC) | |||||
Six Months | ||||||
Ended | Period | |||||
January 31, | November 1, | Year Ended | ||||
2009 | 2007 to July 31, | October 31, | ||||
Increase (Decrease) in Net Assets: | (Unaudited) | 2008 | 2007 | |||
Operations | ||||||
Net investment income | $ 9,535,430 | $ 14,610,706 | $ 19,905,518 | |||
Net realized gain | 362,601 | 952,926 | 347,077 | |||
Net change in unrealized appreciation/depreciation | (21,064,867) | (19,656,431) | (10,806,382) | |||
Dividends to Preferred Shareholders from net investment income | (2,205,308) | (4,297,338) | (6,115,916) | |||
Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations | (13,372,144) | (8,390,137) | 3,330,297 | |||
Dividends to Common Shareholders From | ||||||
Net investment income | (7,154,993) | (10,541,151) | (14,097,459) | |||
Net Assets Applicable to Common Shareholders | ||||||
Total decrease in net assets applicable to Common Shares | (20,527,137) | (18,931,288) | (10,767,162) | |||
Beginning of period | 292,002,382 | 310,933,670 | 321,700,832 | |||
End of period | $ 271,475,245 | $ 292,002,382 | $ 310,933,670 | |||
End of period undistributed net investment income | $ 1,600,852 | $ 1,425,723 | $ 1,349,213 | |||
BlackRock MunYield Investment Fund (MYF) | ||||||
Six Months | ||||||
Ended | Period | |||||
January 31, | November 1, | Year Ended | ||||
2009 | 2007 to July 31, | October 31, | ||||
Increase (Decrease) in Net Assets: | (Unaudited) | 2008 | 2007 | |||
Operations | ||||||
Net investment income | $ 5,799,460 | $ 9,905,043 | $ 13,472,485 | |||
Net realized gain (loss) | (3,939,967) | (2,127,402) | 365,993 | |||
Net change in unrealized appreciation/depreciation | (16,388,373) | (10,593,132) | (8,146,519) | |||
Dividends to Preferred Shareholders from net investment income | (1,499,365) | (2,806,091) | (4,025,743) | |||
Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations | (16,028,245) | (5,621,582) | 1,666,216 | |||
Dividends to Common Shareholders From | ||||||
Net investment income | (4,837,733) | (7,077,289) | (9,517,733) | |||
Net Assets Applicable to Common Shareholders | ||||||
Total decrease in net assets applicable to Common Shares | (20,865,978) | (12,698,871) | (7,851,517) | |||
Beginning of period | 184,315,066 | 197,013,937 | 204,865,454 | |||
End of period | $ 163,449,088 | $ 184,315,066 | $ 197,013,937 | |||
End of period undistributed net investment income | $ 465,531 | $ 1,003,169 | $ 975,376 |
See Notes to Financial Statements. |
SEMI-ANNUAL REPORT |
JANUARY 31, 2009 |
35 |
Statements of Changes in Net Assets | BlackRock MunYield New Jersey Fund, Inc. (MYJ) | |||||
Six Months | ||||||
Ended | Period | |||||
January 31, | December 1, | Year Ended | ||||
2009 | 2007 to July 31, | November 30, | ||||
Increase (Decrease) in Net Assets: | (Unaudited) | 2008 | 2007 | |||
Operations | ||||||
Net investment income | $ 6,739,824 | $ 8,848,451 | $ 14,402,279 | |||
Net realized gain (loss) | (607,524) | (292,267) | 1,589,868 | |||
Net change in unrealized appreciation/depreciation | (14,781,066) | (10,807,922) | (12,322,831) | |||
Dividends to Preferred Shareholders from net investment income | (1,723,955) | (2,640,535) | (4,053,487) | |||
Net decrease in net assets applicable to Common Shareholders resulting from operations | (10,372,721) | (4,892,273) | (384,171) | |||
Dividends to Common Shareholders From | ||||||
Net investment income | (4,942,729) | (6,670,582) | (9,885,456) | |||
Net Assets Applicable to Common Shareholders | ||||||
Total decrease in net assets applicable to Common Shares | (15,315,450) | (11,562,855) | (10,269,627) | |||
Beginning of period | 204,022,349 | 215,585,204 | 225,854,831 | |||
End of period | $ 188,706,899 | $ 204,022,349 | $ 215,585,204 | |||
End of period undistributed net investment income | $ 1,686,987 | $ 1,613,847 | $ 1,964,587 |
See Notes to Financial Statements. |
36 SEMI-ANNUAL REPORT |
JANUARY 31, 2009 |
Statement of Cash Flows | BlackRock MunYield California Fund, Inc. (MYC) | |||
Six Months Ended January 31, 2009 (Unaudited) | ||||
Cash Provided by Operating Activities | ||||
Net decrease in net assets resulting from operations excluding dividends to Preferred Shareholders | $ (11,166,836) | |||
Adjustments to reconcile net decrease in net assets resulting from operations to net cash provided by operating activities: | ||||
Decrease in interest receivable | 465,301 | |||
Increase in other liabilities | 78,491 | |||
Net realized and unrealized loss | 20,702,266 | |||
Amortization of premium and discount on investments | 517,976 | |||
Proceeds from sales of long-term securities | 79,761,119 | |||
Purchases of long-term securities | (49,148,559) | |||
Net Purchases of short-term investments | (11,088,879) | |||
Cash provided by operating activities | 30,120,879 | |||
Cash Used for Financing Activities | ||||
Cash receipts from trust certificates | 1,436,248 | |||
Cash payments for trust certificates | (22,181,647) | |||
Cash dividends paid to Common Shareholders | (7,154,993) | |||
Cash dividends paid to Preferred Shareholders | (2,263,492) | |||
Cash used for financing activities | (30,163,884) | |||
Cash | ||||
Net decrease in cash | (43,005) | |||
Cash at beginning of period | 55,805 | |||
Cash at end of period | $ 12,800 | |||
Cash Flow Information | ||||
Cash paid for interest | $ 735,487 |
See Notes to Financial Statements. SEMI-ANNUAL REPORT JANUARY 31, 2009 37 |
Financial Highlights | BlackRock Muni New York Intermediate Duration Fund, Inc. (MNE) | |||||||||||||||
Six Months | Period | |||||||||||||||
Ended | Period | August 1, 20031 | ||||||||||||||
Year Ended May 31, | ||||||||||||||||
January 31, 2009 | June 1, 2008 | to May 31, | ||||||||||||||
(Unaudited) | to July 31, 2008 | 2008 | 2007 | 2006 | 2005 | 2004 | ||||||||||
Per Share Operating Performance | ||||||||||||||||
Net asset value, beginning of period | $ 13.51 | $ 14.05 | $ 14.91 | $ 14.66 | $ 15.05 | $ 14.45 | $ 14.33 | |||||||||
Net investment income | 0.442 | 0.142 | 0.912 | 0.902 | 0.872 | 0.852 | 0.68 | |||||||||
Net realized and unrealized gain (loss) | (1.27) | (0.53) | (0.86) | 0.24 | (0.37) | 0.58 | 0.19 | |||||||||
Dividends to Preferred Shareholders | ||||||||||||||||
from net investment income | (0.14) | (0.04) | (0.27) | (0.25) | (0.20) | (0.11) | (0.06) | |||||||||
Net increase (decrease) from investment operations . | (0.97) | (0.43) | (0.22) | 0.89 | 0.30 | 1.32 | 0.81 | |||||||||
Dividends to Common Shareholders | ||||||||||||||||
from net investment income | (0.32) | (0.11) | (0.64) | (0.64) | (0.69) | (0.72) | (0.54) | |||||||||
Capital changes with respect to issuance | ||||||||||||||||
of Common Shares | | | | | | | (0.03) | |||||||||
Capital changes with respect to issuance | ||||||||||||||||
of Preferred Shares | | | | | | | (0.12) | |||||||||
Net asset value, end of period | $ 12.22 | $ 13.51 | $ 14.05 | $ 14.91 | $ 14.66 | $ 15.05 | $ 14.45 | |||||||||
Market price, end of period | $ 10.17 | $ 12.12 | $ 12.81 | $ 13.93 | $ 13.03 | $ 13.44 | $ 12.79 | |||||||||
Total Investment Return3 | ||||||||||||||||
Based on net asset value | (6.67)%4 | (3.01)%4 | (1.10)% | 6.57% | 2.52% | 9.99% | 4.71%4 | |||||||||
Based on market price | (13.41)%4 | (4.56)%4 | (3.48)% | 12.02% | 2.03% | 10.97% | (11.46)%4 | |||||||||
Ratios Based on Average Net Assets Applicable to Common Shares | ||||||||||||||||
Total expenses after waiver and fees paid indirectly and | ||||||||||||||||
excluding interest expense and fees5,6 | 1.17%7 | 1.11%8 | 1.04% | 1.08% | 1.10% | 1.15% | 0.81%7 | |||||||||
Total expenses after waiver and fees paid indirectly6 | 1.23%7 | 1.15%8 | 1.04% | 1.08% | 1.10% | 1.15% | 0.81%7 | |||||||||
Total expenses6 | 1.43%7 | 1.39%8 | 1.28% | 1.31% | 1.33% | 1.38% | 1.19%7 | |||||||||
Net investment income6 | 7.04%7 | 6.36%8 | 6.31% | 6.01% | 5.89% | 5.75% | 5.40%7 | |||||||||
Dividends to Preferred Shareholders | 2.25%7 | 1.84%8 | 1.89% | 1.66% | 1.32% | 0.77% | 0.45%7 | |||||||||
Net investment income to Common Shareholders | 4.79%7 | 4.52%8 | 4.42% | 4.35% | 4.57% | 4.98% | 4.95%7 | |||||||||
Supplemental Data | ||||||||||||||||
Net assets applicable to Common Shares, | ||||||||||||||||
end of period (000) | $ 51,423 | $ 56,830 | $ 59,101 | $ 62,701 | $ 61,672 | $ 63,290 | $ 60,778 | |||||||||
Preferred Shares outstanding at liquidation | ||||||||||||||||
preference, end of period (000) | $ 29,625 | $ 29,625 | $ 31,000 | $ 31,000 | $ 31,000 | $ 31,000 | $ 31,000 | |||||||||
Portfolio turnover | 10% | 2% | 21% | 29% | 49% | 17% | 21% | |||||||||
Asset coverage per Preferred Share | $ 68,403 | $ 72,9709 | $ 72,6769 | $ 75,5739 | $ 74,7409 | $ 76,0409 | $ 74,0209 |
1 Commencement of operations.
2 Based on average shares outstanding.
3 Total investment returns based on market value, which can be significantly greater
or lesser than net asset value, may result in substantially different returns. Total
investment returns exclude the effects of sales charges.
4 Aggregate total investment return.
5 Interest expense and fees relate to tender option bond trusts. See Note 1 of the
Notes to Financial Statements for details of municipal bonds transferred to
tender option bond trusts.
6 Do not reflect the effect of dividends to Preferred Shareholders.
7 Annualized.
8 Annualized. Certain non-recurring expenses have been included in the ratio but
not annualized. If these expenses were annualized, the ratio of the total expenses
after waiver and fees paid indirectly and excluding interest expense and fees,
total expenses after waiver and fees paid indirectly, total expenses after waiver
and before fees paid indirectly, total expenses, net investment income and net
investment income available to Common Shareholders would have been 1.50%,
1.55%, 1.55%, 1.79%, 5.96% and 4.12%, respectively.
9 Amounts have been recalculated to conform with current period presentation.
See Notes to Financial Statements. 38 SEMI-ANNUAL REPORT JANUARY 31, 2009 |
Financial Highlights | BlackRock MuniYield Arizona Fund, Inc. (MZA) | |||||||||||||||
Six Months | Period | |||||||||||||||
Ended | November 1, | |||||||||||||||
January 31, 2009 | 2007 to July 31, | Year Ended October 31, | ||||||||||||||
(Unaudited) | 2008 | 2007 | 2006 | 2005 | 2004 | 2003 | ||||||||||
Per Share Operating Performance | ||||||||||||||||
Net asset value, beginning of period | $ 12.81 | $ 13.96 | $ 14.53 | $ 14.39 | $ 15.04 | $ 14.64 | $ 14.53 | |||||||||
Net investment income1 | 0.48 | 0.72 | 0.95 | 0.98 | 0.97 | 0.98 | 1.00 | |||||||||
Net realized and unrealized gain (loss) | (1.58) | (1.00) | (0.46) | 0.36 | (0.49) | 0.40 | 0.05 | |||||||||
Dividends and distributions to Preferred | ||||||||||||||||
Shareholders from: | ||||||||||||||||
Net investment income | (0.15) | (0.19) | (0.29) | (0.26) | (0.14) | (0.06) | (0.06) | |||||||||
Net realized gain | | (0.05) | (0.02) | (0.02) | (0.00)2 | | | |||||||||
Net increase (decrease) from investment operations | (1.25) | (0.52) | 0.18 | 1.06 | 0.34 | 1.32 | 0.99 | |||||||||
Dividends and distributions to Common | ||||||||||||||||
Shareholders from: | ||||||||||||||||
Net investment income | (0.34) | (0.51) | (0.69) | (0.80) | (0.92) | (0.92) | (0.88) | |||||||||
Net realized gain | | (0.12) | (0.06) | (0.12) | (0.02) | | | |||||||||
Total dividends and distributions to Common | ||||||||||||||||
Shareholders | (0.34) | (0.63) | (0.75) | (0.92) | (0.94) | (0.92) | (0.88) | |||||||||
Capital changes with respect to issuance | ||||||||||||||||
of Preferred Shares | | | | 0.003 | (0.05) | | | |||||||||
Net asset value, end of period | $ 11.22 | $ 12.81 | $ 13.96 | $ 14.53 | $ 14.39 | $ 15.04 | $ 14.64 | |||||||||
Market price per share, end of period | $ 10.02 | $ 13.94 | $ 13.66 | $ 14.79 | $ 16.03 | $ 15.10 | $ 14.13 | |||||||||
Total Investment Return4 | ||||||||||||||||
Based on net asset value | (9.52)%5 | (3.79)%5 | 1.29% | 7.47% | 1.91% | 9.40% | 7.19% | |||||||||
Based on market price | (25.75)%5 | 6.99%5 | (2.63)% | (1.80)% | 13.07% | 13.80% | 13.45% | |||||||||
Ratios Based on Average Net Assets Applicable to Common Shares | ||||||||||||||||
Total expenses after waiver and excluding interest | ||||||||||||||||
expense and fees6,7 | 1.47%8 | 1.40%8 | 1.37% | 1.33% | 1.20% | 1.19% | 1.18% | |||||||||
Total expenses after waiver7 | 1.58%8 | 1.59%8 | 1.75% | 1.70% | 1.51% | 1.39% | 1.37% | |||||||||
Total expenses7 | 1.62%8 | 1.61%8 | 1.76% | 1.71% | 1.52% | 1.40% | 1.38% | |||||||||
Net investment income7 | 8.30%8 | 7.19%8 | 6.65% | 6.90% | 6.54% | 6.65% | 6.79% | |||||||||
Dividends to Preferred Shareholders | 2.58%8 | 1.94%8 | 2.04% | 1.83% | 0.91% | 0.42% | 0.42% | |||||||||
Net investment income to Common Shareholders | 5.72%8 | 5.25%8 | 4.61% | 5.07% | 5.63% | 6.23% | 6.37% | |||||||||
Supplemental Data | ||||||||||||||||
Net assets applicable to Common Shareholders, | ||||||||||||||||
end of period (000) | $ 51,031 | $ 58,218 | $ 63,228 | $ 65,611 | $ 64,630 | $ 67,217 | $ 65,234 | |||||||||
Preferred Shares outstanding at liquidation preference, | ||||||||||||||||
end of period (000) | $ 40,300 | $ 40,300 | $ 40,300 | $ 40,300 | $ 40,300 | $ 30,300 | $ 30,300 | |||||||||
Portfolio turnover | 20% | 13% | 31% | 31% | 28% | 21% | 24% | |||||||||
Asset coverage per Preferred Share, end of period | $ 56,661 | $ 61,1229 | $ 64,2329 | $ 65,7089 | $ 65,0989 | $ 80,4649 | $ 78,8259 |
1 Based on average shares outstanding.
2 Amount is less than $(0.01) per share.
3 Amount is less than $0.01 per share.
4 Total investment returns based on market value, which can be significantly greater
or lesser than net asset value, may result in substantially different returns.
Total investment returns exclude the effects of sales charges.
5 Aggregate total investment return.
6 Interest expense and fees relate to tender option bond trusts. See Note 1 of the
Notes to Financial Statements for details of municipal bonds transferred to
tender option bond trusts.
7 Do not reflect the effect of dividends to Preferred Shareholders.
8 Annualized.
9 Amounts have been recalculated to conform with current period presentation.
See Notes to Financial Statements. SEMI-ANNUAL REPORT JANUARY 31, 2009 39 |
Financial Highlights | BlackRock MuniYield California Fund, Inc. (MYC) | |||||||||||||
Six Months | Period | |||||||||||||
Ended | November 1, | |||||||||||||
January 31, 2009 | 2007 to July 31, | Year Ended October 31, | ||||||||||||
(Unaudited) | 2008 | 2007 | 2006 | 2005 | 2004 | 2003 | ||||||||
Per Share Operating Performance | ||||||||||||||
Net asset value, beginning of period | $ 13.71 | $ 14.60 | $ 15.11 | $ 14.73 | $ 15.27 | $ 15.17 | $ 15.14 | |||||||
Net investment income1 | 0.45 | 0.69 | 0.93 | 0.96 | 0.93 | 1.02 | 1.06 | |||||||
Net realized and unrealized gain (loss) | (0.97) | (0.88) | (0.49) | 0.37 | (0.46) | 0.12 | 0.04 | |||||||
Dividends and distributions to Preferred | ||||||||||||||
Shareholders from: | ||||||||||||||
Net investment income | (0.10) | (0.20) | (0.29) | (0.25) | (0.13) | (0.07) | (0.10) | |||||||
Net realized gain | | | | | | | (0.00)2 | |||||||
Net increase (decrease) from investment | ||||||||||||||
operations | (0.62) | (0.39) | 0.15 | 1.08 | 0.34 | 1.07 | 1.00 | |||||||
Dividends and distributions to Common | ||||||||||||||
Shareholders from: | ||||||||||||||
Net investment income | (0.34) | (0.50) | (0.66) | (0.70) | (0.86) | (0.97) | (0.97) | |||||||
Net realized gain | | | | | | | (0.00)2 | |||||||
Total dividends and distributions to | ||||||||||||||
Common Shareholders | (0.34) | (0.50) | (0.66) | (0.70) | (0.86) | (0.97) | (0.97) | |||||||
Capital changes with respect to issuance | ||||||||||||||
of Preferred Shares | | | | 0.003 | (0.02) | | | |||||||
Net asset value, end of period | $ 12.75 | $ 13.71 | $ 14.60 | $ 15.11 | $ 14.73 | $ 15.27 | $ 15.17 | |||||||
Market price per share, end of period | $ 10.66 | $ 13.07 | $ 13.25 | $ 14.00 | $ 13.37 | $ 14.43 | $ 14.15 | |||||||
Total Investment Return4 | ||||||||||||||
Based on net asset value | (4.00)%5 | (2.55)%5 | 1.36% | 8.03% | 2.59% | 7.74% | 7.14% | |||||||
Based on market price | (15.81)%5 | 2.37%5 | (0.72)% | 10.28% | (1.46)% | 9.16% | 4.64% | |||||||
Ratios Based on Average Net Assets Applicable to Common Stock | ||||||||||||||
Total expenses after waiver and excluding interest | ||||||||||||||
expense and fees6,7 | 1.15%8 | 1.06%8 | 1.06% | 1.06% | 0.98% | 0.96% | 0.95% | |||||||
Total expenses after waiver7 | 1.80%8 | 1.45%8 | 1.75% | 1.51% | 1.13% | 1.12% | 1.16% | |||||||
Total expenses7 | 1.82%8 | 1.49%8 | 1.77% | 1.52% | 1.13% | 1.12% | 1.17% | |||||||
Net investment income7 | 7.07%8 | 6.24%8 | 6.29% | 6.51% | 6.16% | 6.79% | 6.93% | |||||||
Dividends to Preferred Shareholders | 1.58%8 | 1.83%8 | 1.93% | 1.70% | 0.84% | 0.44% | 0.63% | |||||||
Net investment income to Common Shareholders | 5.49%8 | 4.41%8 | 4.36% | 4.81% | 5.32% | 6.35% | 6.30% | |||||||
Supplemental Data | ||||||||||||||
|
|
|
|
|
|
|
| |||||||
Net assets applicable to Common Shareholders, | ||||||||||||||
end of period (000) | $ 271,475 | $ 292,002 | $ 310,934 | $ 321,701 | $ 313,708 | $ 325,204 | $ 323,155 | |||||||
Preferred Shares outstanding at liquidation preference, | ||||||||||||||
end of period (000) | $ 126,500 | $ 126,500 | $ 175,000 | $ 175,000 | $ 175,000 | $ 140,000 | $ 140,000 | |||||||
Portfolio turnover | 14% | 30% | 41% | 39% | 53% | 29% | 18% | |||||||
Asset coverage per Preferred Share, end of period | $ 78,656 | $ 82,7249 | $ 69,4529 | $ 70,9859 | $ 69,8189 | $ 81,8759 | $ 82,7069 |
1 Based on average shares outstanding.
2 Amount is less than $(0.01) per share.
3 Amount is less than $0.01 per share.
4 Total investment returns based on market value, which can be significantly greater
or lesser than net asset value, may result in substantially different returns.
Total investment returns exclude the effects of sales charges.
5 Aggregate total investment return.
6 Interest expense and fees relate to tender option bond trusts. See Note 1 of the
Notes to Financial Statements for details of municipal bonds transferred to
tender option bond trusts.
7 Do not reflect the effect of dividends to Preferred Shareholders.
8 Annualized.
9 Amounts have been recalculated to conform with current period presentation.
See Notes to Financial Statements. 40 SEMI-ANNUAL REPORT JANUARY 31, 2009 |
Financial Highlights | BlackRock MuniYield Investment Fund (MYF) | |||||||||||||
Six Months | Period | |||||||||||||
Ended | November 1, | |||||||||||||
January 31, 2009 | 2007 to July 31, | Year Ended October 31, | ||||||||||||
(Unaudited) | 2008 | 2007 | 2006 | 2005 | 2004 | 2003 | ||||||||
Per Share Operating Performance | ||||||||||||||
Net asset value, beginning of period | $ 13.59 | $ 14.53 | $ 15.11 | $ 14.91 | $ 15.27 | $ 14.97 | $ 14.97 | |||||||
Net investment income1 | 0.43 | 0.73 | 0.99 | 0.99 | 0.98 | 1.00 | 1.06 | |||||||
Net realized and unrealized gain (loss) | (1.49) | (0.94) | (0.57) | 0.28 | (0.26) | 0.29 | (0.07) | |||||||
Dividends to Preferred Shareholders from | ||||||||||||||
net investment income | (0.11) | (0.21) | (0.30) | (0.26) | (0.14) | (0.07) | (0.07) | |||||||
Net increase (decrease) from investment | ||||||||||||||
operations | (1.17) | (0.42) | 0.12 | 1.01 | 0.58 | 1.22 | 0.92 | |||||||
Dividends to Common Shareholders from | ||||||||||||||
net investment income | (0.36) | (0.52) | (0.70) | (0.81) | (0.92) | (0.92) | (0.92) | |||||||
Capital changes with respect to issuance | ||||||||||||||
of Preferred Shares | | | | (0.00)2 | (0.02) | | | |||||||
Net asset value, end of period | $ 12.06 | $ 13.59 | $ 14.53 | $ 15.11 | $ 14.91 | $ 15.27 | $ 14.97 | |||||||
Market price per share, end of period | $ 10.37 | $ 11.91 | $ 12.86 | $ 14.35 | $ 14.93 | $ 14.28 | $ 13.80 | |||||||
Total Investment Return3 | ||||||||||||||
Based on net asset value | (8.03)%4 | (2.52)%4 | 1.21% | 7.24% | 3.98% | 8.99% | 6.76% | |||||||
Based on market price | (9.77)%4 | (3.48)%4 | (5.68)% | 1.71% | 11.34% | 10.57% | 10.44% | |||||||
Ratios Based on Average Net Assets Applicable to Common Shares | ||||||||||||||
Total expenses after waiver and excluding interest | ||||||||||||||
expense and fees5,6 | 1.16%7 | 1.10%7 | 1.10% | 1.09% | 1.05% | 1.03% | 1.04% | |||||||
Total expenses after waiver6 | 1.50%7 | 1.40%7 | 1.46% | 1.42% | 1.25% | 1.18% | 1.18% | |||||||
Total expenses6 | 1.52%7 | 1.42%7 | 1.47% | 1.44% | 1.25% | 1.19% | 1.19% | |||||||
Net investment income6 | 6.89%7 | 6.77%7 | 6.72% | 6.63% | 6.46% | 6.67% | 7.01% | |||||||
Dividends to Preferred Shareholders | 1.71%7 | 1.92%7 | 2.01% | 1.75% | 0.95% | 0.48% | 0.45% | |||||||
Net investment income to Common Shareholders | 5.18%7 | 4.85%7 | 4.71% | 4.88% | 5.51% | 6.19% | 6.56% | |||||||
Supplemental Data | ||||||||||||||
Net assets applicable to Common Shareholders, | ||||||||||||||
end of period (000) | $ 163,449 | $ 184,315 | $ 197,014 | $ 204,865 | $ 202,042 | $ 206,895 | $ 202,890 | |||||||
Preferred Shares outstanding at liquidation preference, | ||||||||||||||
end of period (000) | $ 90,825 | $ 90,825 | $ 110,000 | $ 110,000 | $ 110,000 | $ 95,000 | $ 95,000 | |||||||
Portfolio turnover | 16% | 22% | 25% | 46% | 42% | 33% | 35% | |||||||
Asset coverage per Preferred Share, end of period | $ 69,992 | $ 75,7428 | $ 69,7908 | $ 71,5748 | $ 70,9208 | $ 79,4468 | $ 78,3928 |
1 Based on average shares outstanding.
2 Amount is less than $(0.01) per share.
3 Total investment returns based on market value, which can be significantly greater or lesser than net asset value, may result in substantially different returns.
Total investment returns exclude the effects of sales charges.
4 Aggregate total investment return.
5 Interest expense and fees relate to tender option bond trusts. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to
tender option bond trusts.
6 Do not reflect the effect of dividends to Preferred Shareholders.
7 Annualized.
8 Amounts have been recalculated to conform with current period presentation.
See Notes to Financial Statements. SEMI-ANNUAL REPORT JANUARY 31, 2009 41 |
Financial Highlights | BlackRock MuniYield New Jersey Fund, Inc. (MYJ) | |||||||||||||
Six Months | Period | |||||||||||||
Ended | December 1, | |||||||||||||
January 31, 2009 | 2007 to July 31, | Year Ended November 30, | ||||||||||||
(Unaudited) | 2008 | 2007 | 2006 | 2005 | 2004 | 2003 | ||||||||
Per Share Operating Performance | ||||||||||||||
Net asset value, beginning of period | $ 14.36 | $ 15.18 | $ 15.90 | $ 15.37 | $ 15.25 | $ 15.39 | $ 14.84 | |||||||
Net investment income1 | 0.47 | 0.62 | 1.01 | 1.00 | 1.01 | 1.06 | 1.05 | |||||||
Net realized and unrealized gain (loss) | (1.07) | (0.79) | (0.74) | 0.54 | 0.18 | (0.14) | 0.52 | |||||||
Dividends to Preferred Shareholders from | ||||||||||||||
net investment income | (0.12) | (0.18) | (0.29) | (0.25) | (0.16) | (0.08) | (0.06) | |||||||
Net increase (decrease) from investment | ||||||||||||||
operations | (0.72) | (0.35) | (0.02) | 1.29 | 1.03 | 0.84 | 1.51 | |||||||
Dividends to Common Shareholders from | ||||||||||||||
net investment income | (0.35) | (0.47) | (0.70) | (0.76) | (0.91) | (0.96) | (0.96) | |||||||
Capital changes with respect to issuance | ||||||||||||||
of Preferred Shares | | | | | (0.00)2 | (0.02) | | |||||||
Net asset value, end of period | $ 13.29 | $ 14.36 | $ 15.18 | $ 15.90 | $ 15.37 | $ 15.25 | $ 15.39 | |||||||
Market price per share, end of period | $ 11.72 | $ 13.52 | $ 13.66 | $ 15.47 | $ 14.38 | $ 14.73 | $ 14.34 | |||||||
Total Investment Return3 | ||||||||||||||
Based on net asset value | (4.59)%4 | (2.17)%4 | 0.11% | 8.83% | 7.08% | 5.84% | 10.81% | |||||||
Based on market price | (10.64)%4 | 2.35%4 | (7.41)% | 13.17% | 3.72% | 9.72% | 8.90% | |||||||
Ratios Based on Average Net Assets Applicable to Common Shares | ||||||||||||||
Total expenses after waiver and excluding | ||||||||||||||
interest expense and fees5,6 | 1.13%7 | 1.13%7 | 1.10% | 1.09% | 1.09% | 1.02% | 1.02% | |||||||
Total expenses after waiver6 | 1.32%7 | 1.20%7 | 1.27% | 1.44% | 1.39% | 1.24% | 1.21% | |||||||
Total expenses6 | 1.34%7 | 1.22%7 | 1.28% | 1.44% | 1.39% | 1.25% | 1.22% | |||||||
Net investment income6 | 7.10%7 | 6.27%7 | 6.56% | 6.50% | 6.47% | 6.94% | 6.94% | |||||||
Dividends to Preferred Shareholders | 1.82%7 | 1.85%7 | 1.85% | 1.65% | 1.05% | 0.50% | 0.40% | |||||||
Net investment income to Common Shareholders | 5.28%7 | 4.42%7 | 4.71% | 4.85% | 5.42% | 6.44% | 6.54% | |||||||
Supplemental Data | ||||||||||||||
Net assets applicable to Common Shareholders, | ||||||||||||||
end of period (000) | $ 188,707 | $ 204,022 | $ 215,585 | $ 225,855 | $ 218,250 | $ 216,618 | $ 218,642 | |||||||
Preferred Shares outstanding at liquidation preference, | ||||||||||||||
end of period (000) | $ 104,725 | $ 104,725 | $ 119,000 | $ 119,000 | $ 119,000 | $ 119,000 | $ 97,500 | |||||||
Portfolio turnover | 7% | 11% | 18% | 9% | 32% | 14% | 26% | |||||||
Asset coverage per Preferred Share, end of period | $ 70,051 | $ 73,7098 | $ 70,3058 | $ 72,4528 | $ 70,8588 | $ 70,5148 | $ 81,0628 |
1 Based on average shares outstanding.
2 Amount is less than $(0.01) per share.
3 Total investment returns based on market value, which can be significantly greater or lesser than net asset value, may result in substantially different returns.
Total investment returns exclude the effects of sales charges.
4 Aggregate total investment return.
5 Interest expense and fees relate to tender option bond trusts. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to
tender option bond trusts.
6 Do not reflect effect of dividends to Preferred Shareholders.
7 Annualized.
8 Amounts have been recalculated to conform with current period presentation.
See Notes to Financial Statements. 42 SEMI-ANNUAL REPORT JANUARY 31, 2009 |
Notes to Financial Statements (Unaudited) 1. Organization and Significant Accounting Policies: BlackRock Muni New York Intermediate Duration Fund, Inc. (Muni New York), BlackRock MuniYield Arizona Fund, Inc. (MuniYield Arizona), BlackRock MuniYield California Fund, Inc. (MuniYield California), BlackRock MuniYield Investment Fund (formerly BlackRock MuniYield Florida Fund) (MuniYield Investment) and BlackRock MuniYield New Jersey Fund, Inc. (MuniYield New Jersey) (the Funds or individually as the Fund), are registered under the Investment Company Act of 1940, as amended (the 1940 Act), as non-diversified, closed-end management investment companies. BlackRock Muni New York Intermediate Duration Fund, Inc., BlackRock MuniYield Arizona Fund, Inc., BlackRock MuniYield California Fund, Inc. and BlackRock MuniYield New Jersey Fund, Inc. are organized as Maryland corporations. BlackRock MuniYield Investment Fund is organized as a Massachusetts business trust. The Funds financial statements are prepared in conformity with accounting principles generally accepted in the United States of America, which may require the use of management accruals and estimates. Actual results may differ from these estimates. The Funds determine, and make available for publication, the net asset values of their Common Shares on a daily basis. The following is a summary of significant accounting policies followed by the Funds: Valuation of Investments: Municipal investments (including commitments to purchase such investments on a when-issued basis) are valued on the basis of prices provided by dealers or pricing services selected under the supervision of each Funds Board of Directors/Trustees (the Board). In determining the value of a particular investment, pricing services may use certain information with respect to transactions in such investments, quotations from bond dealers, pricing matrixes, market transactions in comparable investments and information with respect to various relation- ships between investments. Short-term securities with maturities less than 60 days are valued at amortized cost, which approximates fair value. Investments in open-end investment companies are valued at net asset value each business day. In the event that application of these methods of valuation results in a price for an investment which is deemed not to be representative of the market value of such investment, the investment will be valued by a method approved by each Funds Board as reflecting fair value (Fair Value Assets). When determining the price for Fair Value Assets, the investment advisor and/or sub-advisor seeks to determine the price that each Fund might reasonably expect to receive from the current sale of that asset in an arms length transaction. Fair value determinations shall be based upon all available factors that the investment advisor and/or sub-advisor deems relevant. The pricing of all Fair Value Assets is subse- quently reported to the Board or a committee thereof. |
Forward Commitments and When-issued Delayed Delivery Securities: The Funds may purchase securities on a when-issued basis and may purchase or sell securities on a forward commitment basis. Settlement of such transactions normally occurs within a month or more after the purchase or sale commitment is made. The Funds may purchase securi- ties under such conditions only with the intention of actually acquiring them, but may enter into a separate agreement to sell the securities before the settlement date. Since the value of securities purchased may fluctuate prior to settlement, the Funds may be required to pay more at settlement than the security is worth. In addition, the purchaser is not entitled to any of the interest earned prior to settlement. When purchas- ing a security on a delayed-delivery basis, the Funds assume the rights and risks of ownership of the security, including the risk of price and yield fluctuations. Municipal Bonds Transferred to Tender Option Bond Trusts: The Funds leverage their assets through the use of tender option bond trusts (TOBs). A TOB is established by a third party sponsor forming a special purpose entity, into which one or more funds, or an agent on behalf of the Funds, transfers municipal bonds. Other funds managed by the investment advisor may also contribute municipal bonds to a TOB into which the Trust has contributed bonds. A TOB typically issues two classes of beneficial interests: short-term floating rate certificates, which are sold to third party investors, and residual certificates (TOB Residuals), which are generally issued to the participating Funds that made the transfer. The TOB Residuals held by the Funds include the right of the Funds (1) to cause the holders of a proportional share of the floating rate certificates to tender their certificates at par, and (2) to transfer, within seven days, a corresponding share of the munici- pal bonds from the TOB to the Funds. The TOB may also be terminated without the consent of the Funds upon the occurrence of certain events as defined in the TOB agreements. Such termination events may include the bankruptcy or default of the municipal bonds, a substantial down grade in credit quality of the municipal bonds, the inability of the TOB to obtain quarterly or annual renewal of the liquidity support agreement, a substantial decline in market value of the municipal bonds or the inability to remarket the short-term floating rate certificates to third party investors. The cash received by the TOB from the sale of the short-term floating rate certificates, less transaction expenses, is paid to the Fund, which typically invests the cash in additional municipal bonds. The Funds transfer of the municipal bonds to a TOB is accounted for as a secured borrowing, therefore the municipal bonds deposited into a TOB are pre- sented in the Funds Schedule of Investments and the proceeds from the issuance of the short-term floating rate certificates are shown on the Statements of Assets and Liabilities as trust certificates. |
SEMI-ANNUAL REPORT JANUARY 31, 2009 43 |
Notes to Financial Statements (continued) Interest income from the underlying security is recorded by the Funds on an accrual basis. Interest expense incurred on the secured borrowing and other expenses related to remarketing, administration and trustee services to a TOB are reported as expenses of the Funds. The floating rate certificates have interest rates that generally reset weekly and their holders have the option to tender certificates to the TOB for redemption at par at each reset date. At January 31, 2009, the aggregate value of the underlying municipal securities transferred to TOBs, the related liabil- ity for trust certificates and the range of interest rates on the liability for trust certificates were as follows: |
Underlying | ||||||
Municipal | ||||||
Liability for | Range of | Securities | ||||
Trust | Interest | Transferred | ||||
Certificates | Rates | to TOBs | ||||
Muni New York | $ 1,379,101 | 2.275% | $ 1,888,836 | |||
1.852% | ||||||
MuniYield California | $63,090,662 | 2.945% | $114,391,743 | |||
0.540% | ||||||
MuniYield Investment | $18,260,287 | 3.174% | $ 35,884,710 | |||
2.412% | ||||||
MuniYield New Jersey | $ 7,645,000 | 3.351% | $ 13,058,636 |
Financial transactions executed through TOBs generally will underperform the market for fixed rate municipal bonds when interest rates rise, but tend to outperform the market for fixed rate bonds when interest rates decline or remain relatively stable. Should short-term interest rates rise, the Trusts investment in TOBs may adversely affect the Funds investment income and distributions to shareholders. Also, fluctuations in the market value of municipal bonds deposited into the TOB may adversely affect the Funds net asset value per share. Zero-Coupon Bonds: The Funds may invest in zero-coupon bonds, which are normally issued at a significant discount from face value and do not provide for periodic interest payments. Zero-coupon bonds may experi- ence greater volatility in market value than similar maturity debt obliga- tions which provide for regular interest payments. Investment Transactions and Investment Income: Investment trans- actions are recorded on the dates the transactions are entered into (the trade dates). Realized gains and losses on security transactions are determined on the identified cost basis. Dividend income is recorded on the ex-dividend dates. Interest income is recognized on the accrual method. Each Fund amortizes all premiums and discounts on debt securities. Dividends and Distributions: Dividends from net investment income are declared and paid monthly. Distributions of capital gains are record- ed on the ex-dividend dates. Dividends and distributions to holders of Preferred Shares are accrued and determined as described in Note 5. |
Income Taxes: It is each Funds policy to comply with the requirements of the Internal Revenue Code applicable to regulated investment compa- nies and to distribute substantially all of its taxable income to its share- holders. Therefore, no federal income tax provision is required. Each Fund files US federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on the Funds US federal tax returns remains open for the four years ended December 31, 2008. The statutes of limitations on the Funds state and local tax returns may remain open for an additional year depending upon the jurisdiction. Recent Accounting Pronouncements: In March 2008, Statement of Financial Accounting Standards No. 161, Disclosures about Derivative Instruments and Hedging Activities an amendment of FASB Statement No. 133 (FAS 161), was issued. FAS 161 is intended to improve financial reporting for derivative instruments by requiring enhanced disclosure that enables investors to understand how and why an entity uses derivatives, how derivatives are accounted for, and how derivative instruments affect an entitys results of operations and financial position. FAS 161 is effective for financial statements issued for fiscal years and interim periods beginning after November 15, 2008.The impact on the Funds financial statement disclosures, if any, is currently being assessed. Deferred Compensation and BlackRock Closed-End Share Equivalent Investment Plan: Under the deferred compensation plan approved by each of the Funds Board, non-interested Directors/Trustees (Independent Trustees) defer a portion of their annual complex- wide compensation. Deferred amounts earn an approximate return as though equivalent dollar amounts had been invested in common shares of other certain BlackRock Closed-End Funds selected by the Independent Trustees. This has approximately the same economic effect for the Independent Trustees as if the Independent Trustees had invested the deferred amounts directly in other certain BlackRock Closed-End Funds. The deferred compensation plan is not funded and obligations there- under represent general unsecured claims against the general assets of each Fund. Each Fund may, however, elect to invest in common shares of other certain BlackRock Closed-End Funds selected by the Independent Trustees in order to match its deferred compensation obligations. Investments to cover each Funds deferred compensation liability are included in other assets on the Statements of Assets and Liabilities. Dividends and distributions from the BlackRock Closed-End Fund investments under the plan are included in income affiliated on the Statements of Operations. Other: Expenses directly related to each Fund are charged to that Fund. Other operating expenses shared by several funds are pro-rated among those funds on the basis of relative net assets or other appro- priate methods. |
44 SEMI-ANNUAL REPORT JANUARY 31, 2009 |
Notes to Financial Statements (continued)
2. Investment Advisory Agreement and Other Transactions
with Affiliates:
Each Fund entered into an Investment Advisory Agreement with
BlackRock Advisors, LLC (the Advisor), an indirect, wholly owned
subsidiary of BlackRock, Inc., to provide investment advisory and
administration services. As of January 31, 2009, The PNC Financial
Services Group, Inc. (PNC) and Bank of America Corporation (BAC)
are the largest stockholders of BlackRock, Inc. (BlackRock). BAC
became a stockholder of BlackRock following its acquisition of Merrill
Lynch & Co., Inc. (Merrill Lynch) on January 1, 2009. Prior to that
date, both PNC and Merrill Lynch were considered affiliates of the Funds
under the 1940 Act. Subsequent to the acquisition, PNC remains an
affiliate, but due to the restructuring of Merrill Lynchs ownership interest
of BlackRock, BAC is not deemed to be an affiliate under the 1940 Act.
The Advisor is responsible for the management of each Funds portfolio
and provides the necessary personnel, facilities, equipment and certain
other services necessary to the operations of each Fund. For such
services, Muni New York pays the Advisor a monthly fee at an annual
rate of 0.55%, and MuniYield Arizona, MuniYield California, MuniYield
Investment and MuniYield New Jersey pay 0.50% of each Funds average
daily net assets. Average daily net assets is the average daily value of
each Funds total assets minus the sum of its accrued liabilities.
The Advisor has contractually agreed to waive a portion of its fee during
the first seven years of Muni New Yorks operations ending July 2010,
as follows:
Fee Waiver | ||
(As a Percentage | ||
of Average Daily | ||
Net Assets) | ||
Years 1 through 5 | 0.15% | |
Year 6 | 0.10% | |
Year 7 | 0.05% | |
Year 8 and thereafter | 0.00% |
The Advisor has not agreed to waive any portion of its fee beyond
July 31, 2010.
Such waivers are included in fees waived by advisor on the Statements
of Operations:
Fees Waived | ||
by Advisor | ||
Muni New York | $41,862 |
The Advisor has agreed to waive its advisory fees by the amount of
investment advisory fees each Fund pays to the Advisor indirectly
through its investment in affiliated money market funds for a portion of
the period. This amount is shown on the Statements of Operations as
fees waived by advisor. For the six months ended January 31, 2009, the
amounts were as follows:
Amount | ||
Muni New York | $ 8,625 | |
MuniYield Arizona | $ 9,534 | |
MuniYield California | $ 27,397 | |
MuniYield Investment | $ 15,446 | |
MuniYield New Jersey | $ 13,463 |
The Advisor has entered into separate sub-advisory agreements with
BlackRock Investment Management, LLC (BIM), an affiliate of the
Advisor, with respect to each Fund, under which the Advisor pays BIM for
services it provides, a monthly fee that is a percentage of the investment
advisory fee paid the Funds to the Advisor.
For the six months ended January 31, 2009, the Funds reimbursed the
Advisor for certain accounting services in the following amounts, which
are included in accounting services in the Statements of Operations:
Amount | ||
Muni New York | $ 739 | |
MuniYield Arizona | $ 859 | |
MuniYield California | $3,981 | |
MuniYield Investment | $2,395 | |
MuniYield New Jersey | $3,179 |
Pursuant to the terms of the custody agreement, custodian fees may be reduced by amounts calculated on uninvested cash balances. Certain officers and/or directors/trustees of the Funds are officers and/or directors of BlackRock, Inc. or its affiliates. The Funds reimburse the Advisor for compensation paid to the Funds Chief Compliance Officer. 3. Investments: Purchases and sales of investments, excluding short-term securities, for the year ended January 31, 2009 were as follows: |
Purchases | Sales | |||
Muni New York | $7,366,840 | $12,082,981 | ||
MuniYield Arizona | $17,720,604 | $26,050,883 | ||
MuniYield California | $53,808,831 | $79,609,143 | ||
MuniYield Investment | $44,691,680 | $64,930,676 | ||
MuniYield New Jersey | $19,699,485 | $31,643,424 |
4. Concentration, Market and Credit Risk: Each Fund invests a substantial amount of its assets in issuers located in a single state or limited number of states. Please see each Funds Schedule of Investments for concentrations in specific states. Many municipalities insure repayment of their bonds, which reduces the risk of loss due to issuer default. The market value of these bonds may fluctuate for other reasons, including market perception of the value of such insurance, and there is no guarantee that the insurer will meet its obligation. |
SEMI-ANNUAL REPORT JANUARY 31, 2009 45 |
Notes to Financial Statements (continued)
In the normal course of business, the Funds invest in securities and
enter into transactions where risks exist due to fluctuations in the market
(market risk) or failure of the issuer of a security to meet all its obliga-
tions (credit risk). The value of securities held by the Funds may decline
in response to certain events, including those directly involving the
issuers whose securities are owned by the Funds; conditions affecting
the general economy; overall market changes; local, regional or global
political, social or economic instability; and currency and interest rate
and price fluctuations. Similar to credit risk, the Funds may be exposed
to counterparty risk, or the risk that an entity with which the Funds have
unsettled or open transactions may default. Financial assets, which
potentially expose the Funds to credit and counterparty risks, consist
principally of investments and cash due from counterparties. The extent
of the Funds exposure to credit and counterparty risks with respect to
these financial assets is approximated by their value recorded in each
Funds Statements of Assets and Liabilities.
5. Capital Share Transactions:
Each Fund is authorized to issue 200,000,000 (MuniYield Investment
is authorized to issue an unlimited amount) of shares, including
Preferred Shares, par value $0.10 per share, all of which were initially
classified as Common Shares. Each Board is authorized, however, to
reclassify any unissued shares of Common Shares without approval of
Common Shareholders.
Common Shares
Muni New York
Shares issued and outstanding for the six months ended January 31,
2009, the period June 1, 2008 to July 31, 2008 and the year ended
May 31, 2008 remained constant.
MuniYield Arizona
Shares issued and outstanding for the six months ended January 31,
2009, the period November 1, 2007 to July 31, 2008 and the year
ended October 31, 2007 increased by 5,538, 14,368 and 13,972,
respectively, as a result of dividend reinvestment.
MuniYield California
Shares issued and outstanding for the six months ended January 31,
2009, the period November 1, 2007 to July 31, 2008 and the year
ended October 31, 2007 remained constant.
MuniYield Investment
Shares issued and outstanding for the six months ended January 31,
2009, the period November 1, 2007 to July 31, 2008 and the year
ended October 31, 2007 remained constant.
MuniYield New Jersey
Shares issued and outstanding for the six months ended January 31,
2009, the period December 1, 2007 to July 31, 2008 and the year
ended November 30, 2007 remained constant.
Preferred Shares
The Preferred Shares are redeemable at the option of each Fund, in
whole or in part, on any dividend payment date at its liquidation prefer-
ence per share plus any accumulated or unpaid dividends whether or
not declared. The Preferred Shares are also subject to mandatory
redemption at their liquidation preference plus any accumulated or
unpaid dividends, whether or not declared, if certain requirements relat-
ing to the composition of the assets and liabilities of a Fund, as set forth
in the Funds Articles Supplementary or Certificate of Designation as
applicable, are not satisfied.
The holders of Preferred Shares have voting rights equal to the holders
of Common Shares (one vote per share) and will vote together with
holders of Common Shares (one vote per share) as a single class.
However, the holders of Preferred Shares, voting as a separate class,
are also entitled to elect two Directors/Trustees for each Fund. In addi-
tion, the 1940 Act requires that along with approval by shareholders that
might otherwise be required, the approval of the holders of a majority of
any outstanding Preferred Shares, voting separately as a class would be
required to (a) adopt any plan of reorganization that would adversely
affect the Preferred Shares, (b) change a Funds subclassification as a
closed-end investment company or change its fundamental investment
restrictions or (c) change its business so as to cease to be an invest-
ment company.
The Funds had the following series of Preferred Shares outstanding and
effective yields at January 31, 2009:
Muni | MuniYield | MuniYield | ||||
New York | Arizona | California | ||||
Series A | | 0.746%1 | 0.655%1 | |||
Series B | | 0.655%1 | 0.746%1 | |||
Series C | | 1.695%2 | 0.640%1 | |||
Series D | | | 1.695%2 | |||
Series F7 | 1.695%2 | | | |||
MuniYield | MuniYield | |||||
Investment | New Jersey | |||||
Series A1 | 0.746% | 1.751% | ||||
Series B1 | 0.716% | 0.746% | ||||
Series C2 | 1.765% | 0.640% |
1 The maximum applicable rate on this series of Preferred Shares is the higher
of 110% of the AA commercial paper rate or 110% of 90% of the Kenny S&P
30-day High Grade Index rate divided by 1.00 minus the marginal tax rate.
2 The maximum applicable rate on this series of Preferred Shares is the higher
of 110% plus or times (i) the Telerate/BAA LIBOR or (ii) 90% of the Kenny S&P
30-day High Grade Index rate divided by 1.00 minus the marginal tax rate.
All series of the Funds had a reset frequency of seven days except
MuniYield Californias Series A and Series C, which have a reset fre-
quency of 28 days. Dividends on seven-day Preferred Shares are cumu-
lative at a rate that is reset every seven days based on the results of
an auction. Dividends on 28 day Preferred Shares are cumulative at
a rate that is reset every 28 days based on the results of an auction.
46 SEMI-ANNUAL REPORT JANUARY 31, 2009 |
Notes to Financial Statements (continued) If the Preferred Shares fail to clear the auction on an auction date, the affected Fund is required to pay the maximum applicable rate on the Preferred Shares to holders of such shares for each successive dividend period until such time as the shares are successfully auctioned. The maximum applicable rate on the Preferred Shares is footnoted as appli- cable on the above chart. During the six months ended January 31, 2009, the Preferred Shares of the Funds were not successfully auctioned. The low, high and average dividend rates on the Preferred Shares of each Fund for the six months ended January 31, 2009 were as follows: |
Muni New York | ||||||
Low | High | Average | ||||
Series F7 | 1.64% | 11.76% | 4.192% | |||
MuniYield Arizona | ||||||
Low | High | Average | ||||
Series A | 0.64% | 12.57% | 3.12% | |||
Series B | 0.59% | 10.21% | 3.10% | |||
Series C | 1.64% | 11.76% | 3.91% | |||
MuniYield California | ||||||
Low | High | Average | ||||
Series A | 0.655% | 8.651% | 3.219% | |||
Series B | 0.640% | 12.565% | 3.113% | |||
Series C | 0.640% | 12.565% | 3.837% | |||
Series D | 1.640% | 10.377% | 3.914% | |||
MuniYield Investment | ||||||
Low | High | Average | ||||
Series A | 0.640% | 12.565% | 3.266% | |||
Series B | 0.594% | 12.261% | 3.099% | |||
Series C | 1.640% | 11.415% | 3.889% | |||
MuniYield New Jersey | ||||||
Low | High | Average | ||||
Series A | 0.64% | 12.565% | 3.08% | |||
Series B | 0.594% | 11.347% | 3.06% | |||
Series C | 1.640% | 10.377% | 3.91% |
For the six months ended January 31, 2009, the Preferred Shares of each Fund failed to clear any auctions. As a result, the Preferred Shares dividend rates were reset to the maximum applicable rate, which ranged from 0.594% to 12.565% . A failed auction is not an event of default for the Funds but has a negative impact on the liquidity of Preferred Shares. A failed auction occurs when there are more sellers of a funds auction rate preferred shares than buyers. It is impossible to predict how long this imbalance will last. A successful auction for each Funds Preferred Shares may not occur for some time, if ever, and even if liquidity does resume, Preferred Shares may not have the ability to sell the Preferred Shares at its liquidation preference. |
A Fund may not declare dividends or make other distributions on Common Shares or purchase any such shares if, at the time of the declaration, distribution or purchase, asset coverage with respect to the outstanding Preferred Shares is less than 200%. Prior to December 22, 2008, the Fund paid commissions to certain broker-dealers at the end of each auction at an annual rate of 0.25%, calculated on the aggregated principal amount. As of December 22, 2008, commissions paid to broker-dealers on preferred shares that experienced a failed auction were reduced to 0.15% on the aggregate principal amount. The Funds will continue to pay commissions of 0.25% on the aggregate principal amount of all shares that successfully clear their auctions. Merrill Lynch, Pierce, Fenner & Smith Incorporated (MLPF&S), a wholly owned subsidiary of Merrill Lynch, earned com- missions for the period August 1, 2008 through December 31, 2008 as follows: |
Commissions | ||
Muni New York | $ 62,802 | |
MuniYield Arizona | $ 59,616 | |
MuniYield California | $ 116,901 | |
MuniYield Investment | $ 139,630 | |
MuniYield New Jersey | $ 139,715 |
Subsequent to that date, neither MLPF&S or Merrill Lynch are consid- ered affiliates of the Funds. On June 4, 2008 and June 17, 2008, the following Funds announced redemptions of Preferred Shares at a price of $25,000 per share plus any accrued and unpaid dividends through the redemption date. |
Redemption | Shares | Aggregate | ||||
Muni New York | Date | Redeemed | Principal | |||
Series F7 | 6/23/08 | 55 | $ 1,375,000 | |||
Redemption | Shares | Aggregate | ||||
MuniYield California | Date | Redeemed | Principal | |||
Series A | 7/10/08 | 665 | $16,625,000 | |||
Series B | 6/19/08 | 665 | $16,625,000 | |||
Series C | 7/03/08 | 222 | $ 5,550,000 | |||
Series D | 6/24/08 | 388 | $ 9,700,000 | |||
Redemption | Shares | Aggregate | ||||
MuniYield Investment | Date | Redeemed | Principal | |||
Series A | 6/19/08 | 384 | $ 9,600,000 | |||
Series B | 6/27/08 | 279 | $ 6,975,000 | |||
Series C | 6/25/08 | 104 | $ 2,600,000 | |||
Redemption | Shares | Aggregate | ||||
MuniYield New Jersey | Date | Redeemed | Principal | |||
Series A | 6/26/08 | 288 | $ 7,200,000 | |||
Series B | 6/25/08 | 180 | $ 4,500,000 | |||
Series C | 6/24/08 | 103 | $ 2,275,000 |
SEMI-ANNUAL REPORT JANUARY 31, 2009 47 |
Notes to Financial Statements (concluded)
The Funds financed the Preferred Share redemptions with cash received
from TOB transactions.
Shares issued and outstanding during the six months ended January 31,
2009, years ended May 31, 2007 and May 31, 2006 for Muni New York,
October 31, 2007 and October 31, 2006 for MuniYield Arizona, Muni-
Yield California and MuniYield Investment and November 30, 2007 and
November 30, 2006 for MuniYield New Jersey remained constant.
6. Capital Loss Carryforward:
As of July 31, 2008, the Funds had capital loss carryforwards avail-
able to offset future realized capital gains through the indicated year
of expiration:
Muni | ||||||
New York | ||||||
Expires | Intermediate | MuniYield | MuniYield | |||
July 31, | Duration | Arizona | California | |||
2011 | | | $178,107 | |||
2012 | $ 134,161 | | | |||
2015 | $ 25,350 | | | |||
2016 | $ 739,187 | $433,955 | $393,490 | |||
Total | $ 898,698 | $433,955 | $571,597 | |||
MuniYield | MuniYield | |||||
Investment | New Jersey | |||||
2012 | $1,474,937 | $239,556 | ||||
2016 | $2,101,744 | $104,422 | ||||
Total | $3,576,681 | $343,978 |
7. Subsequent Events: Each Fund paid a net investment income dividend to holders of its Common Shares on March 2, 2009 to shareholders of record on February 13, 2009. The amount of the net investment income dividend per share was as follows: |
Distribution | ||
Per Share | ||
Muni New York | $0.053000 | |
MuniYield Arizona | $0.057000 | |
MuniYield California | $0.055000 | |
MuniYield Investment | $0.058000 | |
MuniYield New Jersey | $0.058000 |
The dividends declared on Preferred Shares for the period August 1,
2008 to January 31, 2009 were as follows:
Muni | MuniYield | MuniYield | ||||
New York | Arizona | California | ||||
Series A | | $ 7,621 | $24,576 | |||
Series B | | $ 9,802 | $25,526 | |||
Series C | | $13,621 | $ 7,527 | |||
Series D | | | $34,367 | |||
Series F7 | $40,351 | | | |||
MuniYield | MuniYield | |||||
Investment | New Jersey | |||||
Series A | $26,718 | $31,073 | ||||
Series B | $19,389 | $18,657 | ||||
Series C | $16,839 | $25,708 |
48 SEMI-ANNUAL REPORT JANUARY 31, 2009 |
Officers and Directors/Trustees Richard E. Cavanagh, Chairman of the Board and Director/Trustee Karen . Robards, Vice Chair of the Board, Chair of the Audit Committee and Director/Trustee G. Nicholas Beckwith, III, Director/Trustee Richard S. Davis, Director/Trustee Kent Dixon, Director/Trustee Frank J. Fabozzi, Director/Trustee Kathleen F. Feldstein, Director/Trustee James T. Flynn, Director/Trustee Henry Gabbay, Director/Trustee Jerrold B. Harris, Director/Trustee R. Glenn Hubbard, Director/Trustee W. Carl Kester, Director/Trustee Donald C. Burke, Fund President and Chief Executive Officer Anne F. Ackerley, Vice President Neal J. Andrews, Chief Financial Officer Jay M. Fife, Treasurer Brian . Kindelan, Chief Compliance Officer of the Funds Howard B. Surloff, Secretary |
For All Funds: Accounting Agent Legal Counsel State Street Bank and Skadden, Arps, Slate, Meagher & Flom LLP Trust Company New York, NY 10036 Princeton, NJ 08540 Independent Registered Public Accounting Firm Deloitte & Touche LLP Princeton, NJ 08540 BlackRock Muni New York Intermediate Duration Fund, Inc.: Custodian Auction Agent State Street Bank and Preferred Shares Trust Company BNY Mellon Shareowner Services Boston, MA 02101 Jersey City, NJ 07310 Transfer Agent Common Shares Computershare Trust Company, N.A. Providence, RI 02940 BlackRock MuniYield Arizona Fund, Inc., BlackRock MuniYield California Fund, Inc., BlackRock MuniYield Investment Fund and BlackRock MuniYield New Jersey Fund, Inc.: Custodian Transfer Agent and Auction Agent The Bank of New York Mellon Common and Preferred Shares New York, NY 10286 BNY Mellon Shareowner Services Jersey City, NJ 07310 |
Effective January 1, 2009, Robert S. Salomon, Jr. retired as Director/Trustee of the Funds. The Board wishes Mr. Salomon well in his retirement. |
Additional Information
Dividend Policy
The Funds dividend policy is to distribute all or a portion of their net
investment income to its shareholders on a monthly basis. In order to
provide shareholders with a more stable level of dividend distributions,
the Funds may at times pay out less than the entire amount of net
investment income earned in any particular month and may at times
in any particular month pay out such accumulated but undistributed
income in addition to net investment income earned in that month.
As a result, the dividends paid by the Funds for any particular month
may be more or less than the amount of net investment income earned
by the Funds during such month. The Funds current accumulated
but undistributed net investment income, if any, is disclosed in the
Statements of Assets and Liabilities, which comprises part of the
financial information included in this report.
General Information
The Funds will mail only one copy of shareholder documents, including
annual and semi-annual reports and proxy statements, to shareholders
with multiple accounts at the same address. This practice is commonly
called householding and it is intended to reduce expenses and elimi-
nate duplicate mailings of shareholder documents. Mailings of your
shareholder documents may be householded indefinitely unless you
instruct us otherwise. If you do not want the mailing of these documents
to be combined with those for other members of your household, please
contact the Funds at (800) 441-7762.
Quarterly performance, semi-annual and annual reports and other
information regarding the Funds may be found on BlackRocks website,
which can be accessed at http://www.blackrock.com. This reference
to BlackRocks website is intended to allow investors public access to
information regarding the Funds and does not, and is not intended to,
incorporate BlackRocks website into this report.
SEMI-ANNUAL REPORT JANUARY 31, 2009 49
Additional Information (continued) | ||||||||||||
Proxy Results | ||||||||||||
The Annual Meeting of Shareholders was held on September 12, 2008 for shareholders of record on July 14, 2008 to elect director/trustee | ||||||||||||
nominees of each Fund/Trust: | ||||||||||||
Approved the Directors/Trustees as follows: | ||||||||||||
G. Nicholas Beckwith, III | Kent Dixon | R. Glenn Hubbard | ||||||||||
Votes | Votes | Votes | ||||||||||
Votes For | Withheld | Votes For | Withheld | Votes For | Withheld | |||||||
BlackRock MuniYield New York Intermediate | ||||||||||||
Duration Fund, Inc. | 3,241,653 | 755,399 | 3,241,653 | 755,399 | 3,241,653 | 755,399 | ||||||
BlackRock MuniYield Arizona Fund, Inc. | 4,264,400 | 86,696 | 4,265,400 | 85,696 | 4,263,372 | 87,724 | ||||||
BlackRock MuniYield California Fund, Inc. | 18,768,758 | 516,396 | 18,743,520 | 541,634 | 18,768,463 | 516,691 | ||||||
BlackRock MuniYield Investment Fund | 11,811,537 | 731,227 | 11,797,481 | 745,283 | 11,812,956 | 729,808 | ||||||
BlackRock MuniYield New Jersey Fund, Inc. | 13,310,823 | 212,005 | 13,305,225 | 217,603 | 13,309,815 | 213,013 | ||||||
W. Carl Kester | Robert S. Salomon, Jr. | Richard S. Davis | ||||||||||
Votes | Votes | Votes | ||||||||||
Votes For | Withheld | Votes For | Withheld | Votes For | Withheld | |||||||
BlackRock MuniYield New York Intermediate | ||||||||||||
Duration Fund, Inc. | 7891 | 3741 | 3,241,653 | 755,399 | 3,241,653 | 755,399 | ||||||
BlackRock MuniYield Arizona Fund, Inc. | 8801 | 2781 | 4,264,700 | 86,396 | 4,265,400 | 85,696 | ||||||
BlackRock MuniYield California Fund, Inc. | 3,6631 | 3501 | 18,760,765 | 524,389 | 18,781,196 | 503,958 | ||||||
BlackRock MuniYield Investment Fund | 2,7931 | 6591 | 11,810,287 | 732,477 | 11,812,972 | 729,792 | ||||||
BlackRock MuniYield New Jersey Fund, Inc. | 3,5801 | 4231 | 13,305,095 | 217,733 | 13,305,195 | 217,633 | ||||||
Frank J. Fabozzi | James T. Flynn | Karen | P. Robards | |||||||||
Votes | Votes | Votes | ||||||||||
Votes For | Withheld | Votes For | Withheld | Votes For | Withheld | |||||||
BlackRock MuniYield New York Intermediate | ||||||||||||
Duration Fund, Inc. | 7891 | 3741 | 3,241,653 | 755,399 | 3,241,653 | 755,399 | ||||||
BlackRock MuniYield Arizona Fund, Inc. | 8801 | 2781 | 4,265,400 | 85,696 | 4,264,400 | 86,696 | ||||||
BlackRock MuniYield California Fund, Inc. | 3,6631 | 3501 | 18,775,216 | 509,938 | 18,760,801 | 524,353 | ||||||
BlackRock MuniYield Investment Fund | 2,7931 | 6591 | 11,809,106 | 733,658 | 11,812,956 | 729,808 | ||||||
BlackRock MuniYield New Jersey Fund, Inc. | 3,5801 | 4231 | 13,307,373 | 215,455 | 13,310,257 | 212,571 | ||||||
Richard E. Cavanagh | Kathleen F. Feldstein | Henry Gabbay | ||||||||||
Votes | Votes | Votes | ||||||||||
Votes For | Withheld | Votes For | Withheld | Votes For | Withheld | |||||||
BlackRock MuniYield New York Intermediate | ||||||||||||
Duration Fund, Inc. | 3,241,653 | 755,399 | 3,241,653 | 755,399 | 3,241,653 | 755,399 | ||||||
BlackRock MuniYield Arizona Fund, Inc. | 4,265,400 | 85,696 | 4,264,400 | 86,696 | 4,265,400 | 85,696 | ||||||
BlackRock MuniYield California Fund, Inc. | 18,776,201 | 508,953 | 18,763,913 | 521,241 | 18,779,772 | 505,382 | ||||||
BlackRock MuniYield Investment Fund | 11,812,956 | 729,808 | 11,811,356 | 731,408 | 11,812,959 | 729,805 | ||||||
BlackRock MuniYield New Jersey Fund, Inc. | 13,310,823 | 212,005 | 13,308,751 | 214,077 | 13,308,736 | 214,092 | ||||||
Jerrold B. Harris | ||||||||||||
Votes | ||||||||||||
Votes For | Withheld | |||||||||||
BlackRock MuniYield New York Intermediate | ||||||||||||
Duration Fund, Inc. | 3,241,653 | 755,399 | ||||||||||
BlackRock MuniYield Arizona Fund, Inc. | 4,265,400 | 85,696 | ||||||||||
BlackRock MuniYield California Fund, Inc. | 18,763,315 | 521,839 | ||||||||||
BlackRock MuniYield Investment Fund | 11,811,956 | 730,808 | ||||||||||
BlackRock MuniYield New Jersey Fund, Inc. | 13,308,796 | 214,032 | ||||||||||
1 Voted on by holders of Preferred Shares only. |
50 SEMI-ANNUAL REPORT JANUARY 31, 2009 |
Additional Information (concluded) Availability of Quarterly Schedule of Investments The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Funds Forms N-Q are available on the SECs website at http://www.sec.gov and may also be reviewed and copied at the |
SECs Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling (800) SEC-0330. The Funds Forms N-Q may also be obtained upon request and without charge by calling (800) 441-7762. |
Electronic Delivery Electronic copies of most financial reports are available on the Funds websites or shareholders can sign up for e-mail notifications of quarterly statements, annual and semi-annual reports by enrolling in the Funds electronic delivery program. |
Shareholders Who Hold Accounts with Investment Advisors, Banks
or Brokerages:
Please contact your financial advisor to enroll. Please note that not all
investment advisors, banks or brokerages may offer this service.
Board Approvals
On September 12, 2008, the Board of Directors of BlackRock MuniYield
Florida Fund voted unanimously to change a non-fundamental invest-
ment policy of the Fund, and to rename the Fund BlackRock MuniYield
Investment Fund. The Funds previous non-fundamental investment
policy required the Fund, under normal market conditions, to invest at
least 80% of its assets in Florida municipal bonds and 100% in munici-
pal bonds rated investment grade at time of investment. Due to the
repeal of the Florida Intangible Personal Property Tax as of January
2007, the Board has approved an amended policy allowing the Fund
flexibility to invest in municipal obligations regardless of geographic
location. The Funds new investment policy is, under normal market
conditions, to invest 100% of its assets in municipal bonds rated invest-
ment grade at time of investment. The approved changes will not alter
the Funds investment objective.
Under current market conditions, the Advisor anticipates that it will
gradually reposition the Funds portfolio over time and that during such
period the Fund may continue to hold a substantial portion of its assets
in Florida municipal bonds. At this time, it is uncertain how long the
repositioning may take, and the Fund will continue to be subject to
risks associated with investing a substantial portion of its assets in
Florida municipal bonds until the repositioning is complete.
The Advisor and the Board believe the amended policy will allow the
Advisor to better manage the Funds portfolio in the best interests of
Fund shareholders and to better meet the Funds investment objective.
Effective September 13, 2008, following approval by the Funds Board
and the applicable ratings agencies, the Board amended the terms of
the Funds Articles Supplementary in order to allow the Funds to enter
into TOB transactions, the proceeds of which were used to redeem a
portion of the Funds Preferred Shares. Accordingly, the definition of
Inverse Floaters was amended to incorporate the Funds permissible
ratio of floating rate instruments into inverse floating rate instruments.
Additionally, confirming changes and certain formula modifications con-
cerning inverse floaters were made to the definitions of Moodys Discount
Factor and S&P Discount Factor, as applicable, to integrate the Funds
investments in TOBs into applicable calculations.
Section 19 Notices The amounts and sources of distributions reported are only estimates and on the tax regulations. Each Fund will send you a Form 1099-DIV each are not being provided for tax reporting purposes. The actual amounts and calendar year that will tell you how to report these distributions for federal sources for tax reporting purposes will depend upon each Funds invest- income tax purposes. ment experience during the year and may be subject to changes based |
Total Fiscal Year-to-Date | Percentage of Fiscal Year-to-Date | |||||||||||||||
Cumulative Distributions by Character | Cumulative Distributions by Character | |||||||||||||||
Net | Net Realized | Total Per | Net | Net Realized | Total Per | |||||||||||
Investment | Capital | Return of | Common | Investment | Capital | Return of | Common | |||||||||
Income | Gains | Capital | Share | Income | Gains | Capital | Share | |||||||||
BlackRock MuniYield California Fund, Inc | $ 0.336 | | | $ 0.336 | 98% | 2% | 0% | 100% |
SEMI-ANNUAL REPORT JANUARY 31, 2009 51 |
This report is transmitted to shareholders only. It is not a prospec- tus. Past performance results shown in this report should not be considered a representation of future performance. The Funds have leveraged their Common Shares which creates risks for Common Shareholders, including the likelihood of greater volatility of net asset value and market price of the Common Shares, and the risk that fluctuations in the short-term dividend rates of the Preferred Shares, currently set at the maximum reset rate as a result of failed auctions, may affect the yield to Common Shareholders. Statements and other information herein are as dated and are subject to change. A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available (1) without charge, upon request, by calling toll-free (800) 441-7762; (2) at www.blackrock.com; and (3) on the Securities and Exchange Commissions website at http://www.sec.gov. Infor- mation about how the Funds voted proxies relating to securities held in the Funds portfolios during the most recent 12-month period ended June 30 is available upon request and without charge (1) at www.blackrock.com or by calling (800) 441-7762 and (2) on the Securities and Exchange Commissions website at http://www.sec.gov. BlackRock Muni New York Intermediate Duration Fund, Inc. BlackRock MuniYield Arizona Fund, Inc. BlackRock MuniYield California Fund, Inc. BlackRock MuniYield Investment Fund BlackRock MuniYield New Jersey Fund, Inc. 100 Bellevue Parkway Wilmington, DE 19809 |
#MY5-SAR-1/09 |
Item 2 Code of Ethics Not Applicable to this semi-annual report Item 3 Audit Committee Financial Expert Not Applicable to this semi-annual report Item 4 Principal Accountant Fees and Services Not Applicable to this semi-annual report Item 5 Audit Committee of Listed Registrants Not Applicable to this semi-annual report Item 6 Investments (a) The registrants Schedule of Investments is included as part of the Report to Stockholders filed under Item 1 of this form. (b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing. Item 7 Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies Not Applicable to this semi-annual report Item 8 Portfolio Managers of Closed-End Management Investment Companies Not Applicable to this semi- annual report Item 9 Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers Not Applicable Item 10 Submission of Matters to a Vote of Security Holders The registrants Nominating and Governance Committee will consider nominees to the board of directors recommended by shareholders when a vacancy becomes available. Shareholders who wish to recommend a nominee should send nominations that include biographical information and set forth the qualifications of the proposed nominee to the registrants Secretary. There have been no material changes to these procedures. Item 11 Controls and Procedures 11(a) The registrants principal executive and principal financial officers or persons performing similar functions have concluded that the registrants disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the 1940 Act)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13(a)-15(b) under the Securities Exchange Act of 1934, as amended. 11(b) There were no changes in the registrants 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 registrants internal control over financial reporting. Item 12 Exhibits attached hereto 12(a)(1) Code of Ethics Not Applicable to this semi-annual report 12(a)(2) Certifications Attached hereto 12(a)(3) Not Applicable 12(b) Certifications Attached hereto Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. |
BlackRock MuniYield California Fund, Inc. By: /s/ Donald C. Burke Donald C. Burke Chief Executive Officer of BlackRock MuniYield California Fund, Inc. Date: March 25, 2009 Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. By: /s/ Donald C. Burke Donald C. Burke Chief Executive Officer (principal executive officer) of BlackRock MuniYield California Fund, Inc. Date: March 25, 2009 By: /s/ Neal J. Andrews Neal J. Andrews Chief Financial Officer (principal financial officer) of BlackRock MuniYield California Fund, Inc. Date: March 25, 2009 |