BLACKROCK MUNIYIELD FUND, INC. — Interim / Quarterly Report 2008

Mar 28, 2008

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-Q QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY Investment Company Act file number 811-06414 Name of Fund: BlackRock MuniYield Fund, Inc. (MYD) Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809 Name and address of agent for service: Donald C. Burke, Chief Executive Officer, BlackRock MuniYield Fund, Inc., 800 Scudders Mill Road, Plainsboro, NJ, 08536. Mailing address: P.O. Box 9011, Princeton, NJ, 08543-9011 Registrant's telephone number, including area code: (800) 882-0052, Option 4 Date of fiscal year end: 10/31/2008 Date of reporting period: 11/01/2007 - 01/31/2008 Item 1 - Schedule of Investments BlackRock MuniYield Fund, Inc. Schedule of Investments as of January 31, 2008 (Unaudited) (in Thousands)

Portfolio Abbreviations To simplify the listings of BlackRock MuniYield Fund, Inc.'s portfolio holdings in the Schedule of Investments, we have abbreviated the names of many of the securities according to the list below. AMT Alternative Minimum Tax (subject to) COP Certificates of Participation EDA Economic Development Authority EDR Economic Development Revenue Bonds GO General Obligation Bonds HDA Housing Development Authority HFA Housing Finance Agency IDA Industrial Development Authority IDR Industrial Development Revenue Bonds M/F Multi-Family PCR Pollution Control Revenue Bonds PILOT Payment in Lieu of Taxes S/F Single-Family VRDN Variable Rate Demand Notes BlackRock MuniYield Fund, Inc. Schedule of Investments as of January 31, 2008 (Unaudited) (in Thousands)

BlackRock MuniYield Fund, Inc. Schedule of Investments as of January 31, 2008 (Unaudited) (in Thousands)

BlackRock MuniYield Fund, Inc. Schedule of Investments as of January 31, 2008 (Unaudited) (in Thousands)

BlackRock MuniYield Fund, Inc. Schedule of Investments as of January 31, 2008 (Unaudited) (in Thousands)

BlackRock MuniYield Fund, Inc. Schedule of Investments as of January 31, 2008 (Unaudited) (in Thousands)

BlackRock MuniYield Fund, Inc. Schedule of Investments as of January 31, 2008 (Unaudited) (in Thousands)

BlackRock MuniYield Fund, Inc. Schedule of Investments as of January 31, 2008 (Unaudited) (in Thousands)

BlackRock MuniYield Fund, Inc. Schedule of Investments as of January 31, 2008 (Unaudited) (in Thousands)

• The cost and unrealized appreciation (depreciation) of investments as of January 31, 2008, as computed for federal income tax purposes, were as follows: Aggregate cost $ 951,861 ========= Gross unrealized appreciation $ 39,797 Gross unrealized depreciation (18,284) --------- Net unrealized appreciation $ 21,513 ========= (a) AMBAC Insured. (b) Assured Guaranty Insured. (c) CIFG Insured. (d) FGIC Insured. (e) FHA Insured. (f) FSA Insured. (g) GNMA Collateralized. BlackRock MuniYield Fund, Inc. Schedule of Investments as of January 31, 2008 (Unaudited) (in Thousands) (h) XL Capital Insured. (i) MBIA Insured. (j) Non-income producing security. (k) Non-income producing security; issuer filed for bankruptcy or is in default of interest payments. (l) Prerefunded. (m) Radian Insured. (n) Represents a zero coupon bond; the interest rate shown reflects the effective yield at the time of purchase. (o) Represents the current yield as of January 31, 2008. (p) Variable rate security. Rate shown is interest rate as of report date. (q) Securities represent underlying bonds transferred to a separate securitization trust established in a tender option bond transaction in which the Fund may have acquired the residual interest certificates. These securities serve as collateral in a financing transaction. (r) 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 Dividend Affiliate Activity Income -------------------------------------------------------------------------- Merrill Lynch Institutional Tax-Exempt Fund (9,399) $ 61 -------------------------------------------------------------------------- o Financial futures contracts sold as of January 31, 2008 were as follows: -------------------------------------------------------------------------- Number of Unrealized Contracts Issue Expiration Date Face Value Depreciation -------------------------------------------------------------------------- 500 10-Year U.S. Treasury Bonds March 2008 $ 56,366 $ (1,993) -------------------------------------------------------------------------- Item 2 - Controls and Procedures 2(a) - The registrant's principal executive and principal financial officers or persons performing similar functions have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act")) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) under the Securities Exchange Act of 1934, as amended. 2(b) - There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant's last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting. Item 3 - Exhibits Certifications - Attached hereto Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. BlackRock MuniYield Fund, Inc. By: /s/ Donald C. Burke -------------------------------- Donald C. Burke Chief Executive Officer of BlackRock MuniYield Fund, Inc. Date: March 24, 2008 Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. By: /s/ Donald C. Burke -------------------------------- Donald C. Burke Chief Executive Officer (principal executive officer) of BlackRock MuniYield Fund, Inc. Date: March 24, 2008 By: /s/ Neal J. Andrews -------------------------------- Neal J. Andrews Chief Financial Officer (principal financial officer) of BlackRock MuniYield Fund, Inc. Date: March 24, 2008