UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-Q QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY |
Investment Company Act file number 811-07083 Name of Fund: BlackRock MuniYield Arizona Fund, Inc. (MZA) Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809 Name and address of agent for service: Donald C. Burke, Chief Executive Officer, BlackRock MuniYield Arizona 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 10/31/2008 Item 1 Schedule of Investments |
BlackRock MuniYield Arizona Fund, Inc. Schedule of Investments October 31, 2008 (Unaudited) (Percentages shown are based on Net Assets) |
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Municipal Bonds | (000) | Value | ||||||||||||
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Arizona - 151.2% | Arizona Board of Regents Revenue Bonds (Arizona | |||||||||||||
State University System), Series C, 6%, 7/01/25 | $ 620 | $ 657,746 | ||||||||||||
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Arizona Board of Regents Revenue Bonds (Arizona | ||||||||||||||
State University System), Series C, 6%, 7/01/26 | 350 | 370,762 | ||||||||||||
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Arizona Board of Regents Revenue Bonds (Arizona | ||||||||||||||
State University System), Series C, 6%, 7/01/27 | 425 | 448,558 | ||||||||||||
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Arizona Board of Regents Revenue Bonds (Arizona | ||||||||||||||
State University System), Series C, 6%, 7/01/28 | 300 | 315,468 | ||||||||||||
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Arizona Educational Loan Marketing Corporation, | ||||||||||||||
Educational Loan Revenue Refunding Bonds, AMT, | ||||||||||||||
Junior Sub-Series, 6.30%, 12/01/08 | 1,000 | 1,001,980 | ||||||||||||
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Arizona Health Facilities Authority Revenue Bonds | ||||||||||||||
(Catholic Healthcare West), Series A, | ||||||||||||||
6.625%, 7/01/20 | 1,435 | 1,546,715 | ||||||||||||
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Arizona Health Facilities Authority, Revenue | ||||||||||||||
Refunding Bonds (Banner Health), Series D, | ||||||||||||||
6%, 1/01/30 | 1,500 | 1,427,475 | ||||||||||||
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Arizona Health Facilities Authority, Revenue | ||||||||||||||
Refunding Bonds (Banner Health), Series D, | ||||||||||||||
5.50%, 1/01/38 | 1,000 | 867,540 | ||||||||||||
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Arizona Student Loan Acquisition Authority, Student | ||||||||||||||
Loan Revenue Refunding Bonds, AMT, Junior | ||||||||||||||
Subordinated Series B-1, 6.15%, 5/01/29 | 3,285 | 2,953,215 | ||||||||||||
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Arizona Student Loan Acquisition Authority, Student | ||||||||||||||
Loan Revenue Refunding Bonds, AMT, Senior-Series | ||||||||||||||
A-1, 5.90%, 5/01/24 | 850 | 764,337 | ||||||||||||
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Arizona Tourism and Sports Authority, Tax Revenue | ||||||||||||||
Bonds (Baseball Training Facilities Project), 5%, | ||||||||||||||
7/01/16 | 1,000 | 911,020 | ||||||||||||
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Downtown Phoenix Hotel Corporation, Arizona, | ||||||||||||||
Revenue Bonds, Senior Series A, 5%, 7/01/36 (a) | 1,500 | 953,655 | ||||||||||||
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Downtown Phoenix Hotel Corporation, Arizona, | ||||||||||||||
Revenue Bonds, Sub-Series B, 5%, 7/01/36 (a)(b) | 1,500 | 1,065,060 | ||||||||||||
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Gila County, Arizona, Unified School District Number | ||||||||||||||
10 (Payson), GO (School Improvement Project of | ||||||||||||||
2006), Series A, 1%, 7/01/27 (c) | 1,000 | 963,310 | ||||||||||||
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Gilbert, Arizona, Water Resource Municipal Property | ||||||||||||||
Corporation, Water System Development Fee and | ||||||||||||||
Utility Revenue Bonds, Subordinated Lien, 5%, | ||||||||||||||
10/01/29 (b) | 1,000 | 927,720 | ||||||||||||
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Portfolio Abbreviations | ||||||||||||||
To simplify the listings of portfolio holdings in the Schedule of Investments, the names and descriptions of | ||||||||||||||
many of the securities have been abbreviated according to the list below. | ||||||||||||||
AMT | Alternative Minimum Tax (subject to) | IDA | Industrial Development Authority | |||||||||||
COP | Certificates of Participation | S/F | Single-Family | |||||||||||
GO | General Obligation Bonds |
BlackRock MuniYield Arizona Fund, Inc. | ||||||
Schedule of Investments October 31, 2008 (Unaudited) | (Percentages shown are based on Net Assets) | |||||
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Par | ||||||
Municipal Bonds | (000) | Value | ||||
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Gladden Farms Community Facilities District, | ||||||
Arizona, GO, 5.50%, 7/15/31 | $ 750 | $ 533,865 | ||||
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Greater Arizona Development Authority, | ||||||
Infrastructure Revenue Bonds (Santa Cruz County | ||||||
Jail), Series 2, 5.25%, 8/01/31 | 1,000 | 907,470 | ||||
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Greater Arizona Development Authority, | ||||||
Infrastructure Revenue Bonds, Series B, | ||||||
5%, 8/01/30 (b) | 2,000 | 1,859,500 | ||||
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Maricopa County and Phoenix, Arizona, IDA, S/F | ||||||
Mortgage Revenue Refunding Bonds, AMT, Series A-1, | ||||||
5.75%, 5/01/40 (d)(e)(f) | 1,445 | 1,295,385 | ||||
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Maricopa County, Arizona, IDA, Education Revenue | ||||||
Bonds (Arizona Charter Schools Project 1), Series A, | ||||||
6.625%, 7/01/20 | 900 | 733,104 | ||||
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Maricopa County, Arizona, IDA, Health Facilities | ||||||
Revenue Refunding Bonds (Catholic Healthcare West | ||||||
Project), Series A, 5.50%, 7/01/26 | 1,850 | 1,599,547 | ||||
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Maricopa County, Arizona, IDA, Hospital Facility | ||||||
Revenue Refunding Bonds (Samaritan Health | ||||||
Services), Series A, 7%, 12/01/16 (b)(g) | 2,400 | 2,807,784 | ||||
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Maricopa County, Arizona, IDA, S/F Mortgage Revenue | ||||||
Bonds, AMT, Series 3-B, 5.25%, | ||||||
8/01/38 (d)(e)(f) | 1,845 | 1,548,487 | ||||
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Maricopa County, Arizona, School District Number 3, | ||||||
GO, Refunding (Tempe Elementary), 7.50%, | ||||||
7/01/10 (a)(b) | 500 | 537,225 | ||||
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Maricopa County, Arizona, School District Number | ||||||
11, GO (Peoria Unified), Second Series, 5%, | ||||||
7/01/25 (a)(b) | 1,000 | 955,270 | ||||
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Maricopa County, Arizona, School District Number | ||||||
89, School Improvement, GO (Dysart Unified), Series | ||||||
C, 6%, 7/01/28 | 1,000 | 1,003,540 | ||||
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Maricopa County, Arizona, School District Number | ||||||
90, School Improvement, GO (Saddle Mountain | ||||||
Unified), Series A, 5%, 7/01/14 | 1,000 | 993,610 | ||||
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McAllister Academic Village, LLC, Arizona, Revenue | ||||||
Refunding Bonds (Arizona State University Project), | ||||||
5.25%, 7/01/39 (h) | 500 | 455,445 | ||||
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Mesa, Arizona, IDA Revenue Bonds (Discovery Health | ||||||
Systems), Series A, 5.625%, 1/01/10 (b)(i) | 1,000 | 1,044,200 | ||||
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Phoenix and Pima County, Arizona, IDA, S/F | ||||||
Mortgage Revenue Bonds, AMT, Series 1A, | ||||||
5.65%, 7/01/39 (e)(f) | 908 | 843,274 | ||||
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Phoenix and Pima County, Arizona, IDA, S/F | ||||||
Mortgage Revenue Refunding Bonds, AMT, Series | ||||||
2007-1, 5.25%, 8/01/38 (d)(e)(f) | 1,888 | 1,633,329 | ||||
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2
BlackRock MuniYield Arizona Fund, Inc. | ||||||
Schedule of Investments October 31, 2008 (Unaudited) | (Percentages shown are based on Net Assets) | |||||
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Par | ||||||
Municipal Bonds | (000) | Value | ||||
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Phoenix, Arizona, Civic Improvement Corporation, | ||||||
Excise Tax Revenue Bonds (Civic Plaza Expansion | ||||||
Project), Sub-Series A, 5%, 7/01/35 (a)(b) | $ 3,325 | $ 2,982,525 | ||||
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Phoenix, Arizona, Civic Improvement Corporation, | ||||||
Senior Lien Airport Revenue Bonds, AMT, Series A, | ||||||
5%, 7/01/33 | 1,000 | 905,360 | ||||
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Phoenix, Arizona, Civic Improvement Corporation, | ||||||
Senior Lien Airport Revenue Bonds, AMT, Series B, | ||||||
5.25%, 7/01/32 (a)(b) | 600 | 466,782 | ||||
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Phoenix, Arizona, Civic Improvement Corporation, | ||||||
Wastewater System Revenue Refunding Bonds, | ||||||
Senior Lien, 5.50%, 7/01/22 | 2,000 | 2,058,760 | ||||
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Phoenix, Arizona, Civic Improvement Corporation, | ||||||
Water System Revenue Refunding Bonds, Junior | ||||||
Lien, 5.50%, 7/01/20 (a)(b) | 2,500 | 2,545,400 | ||||
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Phoenix, Arizona, IDA, S/F Mortgage Revenue Bonds, | ||||||
AMT, Series 2007-2, 5.50%, | ||||||
8/01/38 (d)(e)(f) | 1,899 | 1,812,234 | ||||
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Pima County, Arizona, IDA, Education Revenue Bonds | ||||||
(American Charter Schools Foundation), Series A, | ||||||
5.625%, 7/01/38 | 500 | 351,580 | ||||
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Pima County, Arizona, IDA, Education Revenue Bonds | ||||||
(Arizona Charter Schools Project), Series C, 6.70%, | ||||||
7/01/21 | 735 | 656,134 | ||||
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Pima County, Arizona, IDA, Education Revenue Bonds | ||||||
(Arizona Charter Schools Project), Series C, 6.75%, | ||||||
7/01/31 | 985 | 811,512 | ||||
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Pima County, Arizona, IDA, Education Revenue | ||||||
Refunding Bonds (Arizona Charter Schools Project II), | ||||||
Series A, 6.75%, 7/01/21 | 575 | 515,597 | ||||
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Pima County, Arizona, IDA, Education Revenue | ||||||
Refunding Bonds (Arizona Charter Schools Project), | ||||||
Series O, 5%, 7/01/26 | 1,000 | 691,830 | ||||
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Pima County, Arizona, Unified School District | ||||||
Number 1 (Tucson), GO, Refunding, 7.50%, | ||||||
7/01/09 (a)(b) | 3,050 | 3,158,366 | ||||
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Pinal County, Arizona, COP, 5%, 12/01/26 | 1,250 | 1,082,087 | ||||
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Pinal County, Arizona, COP, 5%, 12/01/29 | 1,250 | 1,057,887 | ||||
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Pinal County, Arizona, IDA, Wastewater Revenue | ||||||
Bonds (San Manuel Facilities Project), AMT, | ||||||
6.25%, 6/01/26 | 500 | 395,930 | ||||
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Queen Creek Improvement District Number 001, | ||||||
Arizona, Special Assessment Bonds, 5%, 1/01/32 | 2,000 | 1,432,040 | ||||
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Salt River Project, Arizona, Agriculture Improvement | ||||||
and Power District, Electric System Revenue Bonds, | ||||||
Series A, 5%, 1/01/24 | 1,000 | 998,880 | ||||
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BlackRock MuniYield Arizona Fund, Inc. Par |
Salt River Project, Arizona, Agriculture Improvement | ||||||
and Power District, Electric System Revenue | ||||||
Refunding Bonds, Series A, 5%, 1/01/35 | $ 1,500 | $ 1,394,535 | ||||
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Salt Verde Financial Corporation, Arizona, Senior | ||||||
Gas Revenue Bonds, 5%, 12/01/37 | 2,750 | 1,655,528 | ||||
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Scottsdale, Arizona, IDA, Hospital Revenue Bonds | ||||||
(Scottsdale Healthcare), 5.80%, 12/01/11 (i) | 2,250 | 2,439,203 | ||||
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Scottsdale, Arizona, IDA, Hospital Revenue | ||||||
Refunding Bonds (Scottsdale Healthcare), Series A, | ||||||
5.25%, 9/01/30 | 1,000 | 798,010 | ||||
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Surprise Municipal Property Corporation, Arizona, | ||||||
Wastewater Development Impact Fee Revenue | ||||||
Bonds, 4.90%, 4/01/32 | 1,500 | 1,051,155 | ||||
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Tucson and Pima County, Arizona, IDA, S/F Mortgage | ||||||
Revenue Refunding Bonds, AMT, Series B, 5.35%, | ||||||
6/01/47 (d)(e)(f) | 1,000 | 808,440 | ||||
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Tucson, Arizona, IDA, Joint S/F Mortgage | ||||||
Revenue Refunding Bonds, AMT, | ||||||
Series A-1, 5.10%, 7/01/38 (d)(e)(f) | 995 | 852,675 | ||||
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Tucson, Arizona, IDA, Senior Living Facilities | ||||||
Revenue Bonds (Christian Care Tucson Inc. Project), | ||||||
Series A, 6.125%, 7/01/10 (i)(j) | 1,000 | 1,071,100 | ||||
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University of Arizona, COP, Refunding, Series A, | ||||||
5.125%, 6/01/29 (c) | 1,105 | 1,051,783 | ||||
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University of Arizona, COP, Series B, 5%, | ||||||
6/01/28 (c) | 1,900 | 1,802,150 | ||||
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Vistancia Community Facilities District, Arizona, GO, | ||||||
6.75%, 7/15/22 | 1,275 | 1,205,232 | ||||
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Vistancia Community Facilities District, Arizona, GO, | ||||||
5.75%, 7/15/24 | 750 | 631,185 | ||||
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Yavapai County, Arizona, IDA, Hospital Facility | ||||||
Revenue Bonds (Yavapai Regional Medical Center), | ||||||
Series A, 6%, 8/01/33 | 1,900 | 1,613,043 | ||||
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Yavapai County, Arizona, IDA, Solid Waste Disposal | ||||||
Revenue Bonds (Waste Management Inc. Project), | ||||||
AMT, Series A-1, 4.90%, 3/01/28 | 1,000 | 626,990 | ||||
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Yuma County, Arizona, Library District, GO, 5%, | ||||||
7/01/26 (k) | 1,675 | 1,554,182 | ||||
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74,403,711 | ||||||
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Guam - 1.5% | Guam Government Waterworks Authority, Water and | |||||
Wastewater System, Revenue Refunding Bonds, | ||||||
5.875%, 7/01/35 | 1,000 | 740,430 | ||||
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Puerto Rico - 22.2% | Puerto Rico Commonwealth Aqueduct and Sewer | |||||
Authority, Senior Lien Revenue Bonds, Series A, 6%, | ||||||
7/01/44 (j) | 2,180 | 1,938,194 | ||||
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Puerto Rico Commonwealth Highway and | ||||||
Transportation Authority, Highway Revenue | ||||||
Refunding Bonds, Series CC, 5.50%, 7/01/31 | 1,000 | 891,910 | ||||
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BlackRock MuniYield Arizona Fund, Inc. | ||||||
Schedule of Investments October 31, 2008 (Unaudited) | (Percentages shown are based on Net Assets) | |||||
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Par | ||||||
Municipal Bonds | (000) | Value | ||||
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Puerto Rico Commonwealth, GO, Series A, 6%, | ||||||
7/01/38 | $ 1,000 | $ 930,790 | ||||
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Puerto Rico Commonwealth, Public Improvement, | ||||||
GO, Series A, 5.125%, 7/01/31 | 750 | 629,272 | ||||
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Puerto Rico Electric Power Authority, Power | ||||||
Revenue Bonds, Series TT, 5%, 7/01/37 | 1,000 | 800,570 | ||||
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Puerto Rico Electric Power Authority, Power | ||||||
Revenue Bonds, Series WW, 5.375%, 7/01/24 | 1,000 | 918,910 | ||||
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Puerto Rico Industrial, Tourist, Educational, Medical | ||||||
and Environmental Control Facilities Revenue Bonds | ||||||
(Cogeneration Facility-AES Puerto Rico Project), | ||||||
AMT, 6.625%, 6/01/26 | 1,500 | 1,336,815 | ||||
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Puerto Rico Public Buildings Authority, Government | ||||||
Facilities Revenue Bonds, Series I, 5.25%, | ||||||
7/01/14 (i)(l) | 35 | 37,252 | ||||
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Puerto Rico Public Buildings Authority, Government | ||||||
Facilities Revenue Bonds, Series I, 5.25%, | ||||||
7/01/33 (l) | 1,965 | 1,645,982 | ||||
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Puerto Rico Public Buildings Authority, Government | ||||||
Facilities Revenue Refunding Bonds, Series M-3, 6%, | ||||||
7/01/28 (b)(l) | 900 | 873,648 | ||||
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Puerto Rico Public Buildings Authority, Government | ||||||
Facilities Revenue Refunding Bonds, Series N, 5.50%, | ||||||
7/01/27 (l) | 1,000 | 920,010 | ||||
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10,923,353 | ||||||
Total Long-Term Investments | ||||||
(Cost - $97,132,794) - 174.9% | 86,067,494 | |||||
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Short-Term Securities | Shares | |||||
CMA Arizona Municipal Money Fund, 1.06% (m)(n) | 5,876,782 | 5,876,782 | ||||
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Total Short-Term Securities | ||||||
(Cost - $5,876,782) - 12.0% | 5,876,782 | |||||
Total Investments (Cost - $103,009,576*) - 186.9% | 91,944,276 | |||||
Liabilities in Excess of Other Assets - (4.9)% | (2,421,449) | |||||
Preferred Shares, at Redemption Value - (82.0)% | (40,322,021) | |||||
Net Assets Applicable to Common Shares - 100.0% | $ 49,200,806 | |||||
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* The cost and unrealized appreciation (depreciation) of investments as of October 31, 2008, as computed for federal income tax purposes, were as follows:
Aggregate cost | $ 103,110,884 | |
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Gross unrealized appreciation | $ 829,773 | |
Gross unrealized depreciation | (11,996,381) | |
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Net unrealized depreciation | $ (11,166,608) | |
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(a) | FGIC Insured. |
(b) | MBIA Insured. |
(c) | AMBAC Insured. |
(d) | FHLMC Collateralized. |
(e) | FNMA Collateralized. |
(f) | GNMA Collateralized. |
(g) | Security is collateralized by Municipal or U.S. Treasury Obligations. |
5
BlackRock MuniYield Arizona Fund, Inc. Schedule of Investments October 31, 2008 (Unaudited) |
(h) | Assured Guaranty Insured. |
(i) | 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. |
(j) | Radian Insured. |
(k) | XL Capital Insured. |
(l) | Commonwealth Guaranteed. |
(m) | 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 | ||
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CMA Arizona Municipal | ||||
Money Fund | 2,703,436 | $ 12,165 | ||
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(n) Represents the current yield as of report date.
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 framework 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 Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent financial statements as contained in its annual report. | ||
The following table summarizes the inputs used as of October 31, 2008 in determining the fair valuation of the Fund's investments:
Valuation Investments in
Inputs | Securities | |||
Level 1 | - | |||
Level 2 | $ 91,944,276 | |||
Level 3 | - | |||
Total | $ 91,944,276 |
6
Item 2 Controls and Procedures 2(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 13a-15(b) under the Securities Exchange Act of 1934, as amended. 2(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 registrants last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrants internal control over financial reporting. Item 3 Exhibits Certifications Attached hereto Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. BlackRock MuniYield Arizona Fund, Inc. By: /s/ Donald C. Burke Donald C. Burke Chief Executive Officer of BlackRock MuniYield Arizona Fund, Inc. Date: December 19, 2008 Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. By: /s/ Donald C. Burke Donald C. Burke Chief Executive Officer (principal executive officer) of BlackRock MuniYield Arizona Fund, Inc. Date: December 19, 2008 By: /s/ Neal J. Andrews Neal J. Andrews Chief Financial Officer (principal financial officer) of BlackRock MuniYield Arizona Fund, Inc. Date: December 19, 2008 |