Blackrock Muniyield Arizona Fund (MZA) NPORT-P BlackRock MuniYield Arizona Fund, Inc. (Oct 2019 report)

Schedule of Investments  (unaudited)  October 31, 2019 BlackRock MuniYield Arizona Fund, Inc. (MZA) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Municipal Bonds — 144.5%
Arizona — 139.0%
Corporate — 15.1%
County of Maricopa Arizona Pollution Control Corp., Refunding RB, Southern California Edison Co., Series A, 5.00%, 06/01/35	$	2,305	$	2,355,756
County of Pima Arizona IDA, RB, Tucson Electric Power Co. Project, Series A, 5.25%, 10/01/40		1,000		1,027,650
County of Pima Arizona IDA, Refunding RB, Tucson Electric Power Co. Project, Series A, 4.00%, 09/01/29		1,000		1,058,000
Salt Verde Financial Corp., RB, Senior:
5.50%, 12/01/29		2,000		2,608,340
5.00%, 12/01/37		2,500		3,353,000
				10,402,746
County/City/Special District/School District — 17.4%
County of Maricopa Arizona School District No. 28 Kyrene Elementary, GO, School Improvement Project of 2010, Series B:
5.50%, 07/01/29		480		554,818
5.50%, 07/01/30		400		462,348
County of Maricopa Arizona Unified School District No. 11 Peoria, GO, (AGM), 5.00%, 07/01/35		1,250		1,470,562
Phoenix-Mesa Gateway Airport Authority, RB, Mesa Project, AMT, 5.00%, 07/01/38		3,600		3,893,364
Town of Buckeye Arizona, RB, 5.00%, 07/01/43		4,000		4,657,920
Town of Queen Creek Arizona Excise Tax Revenue, RB, Series A, 5.00%, 08/01/42		750		917,408
				11,956,420
Education — 43.5%
Arizona Board of Regents, COP, Refunding, University of Arizona, Series C, 5.00%, 06/01/30		2,595		2,838,826
Arizona IDA, RB, Series A:
Doral Academy of Neveda — Fire Mesa & Red Rock Campus Projects, 5.00%, 07/15/49(a)		1,000		1,089,410
Lone Mountain Campus Project, 5.00%, 12/15/49(a)		250		273,128
NCCU Properties LLC North Carolina University Project (BAM), 5.00%, 06/01/49		2,500		2,967,050

Security	Par (000)		Value
Education (continued)
Arizona IDA, Refunding RB:
Academies of Math And Science, 5.00%, 07/01/37	$	750	$	886,897
Basis Schools, Inc. Projects, Series A, 5.13%, 07/01/37(a)		500		550,755
Odyssey Preparatory Academy Project, Series A, 5.50%, 07/01/52(a)		600		644,592
City of Phoenix Arizona IDA, RB:
Candeo School, Inc. Project, 6.63%, 07/01/33		500		566,765
Great Hearts Academies — Veritas Projects, 6.30%, 07/01/21(b)		500		541,995
Great Hearts Academies Projects, Series A, 5.00%, 07/01/44		2,000		2,155,360
Legacy Traditional Schools Projects, Series A, 6.75%, 07/01/44(a)		440		493,610
Legacy Traditional Schools Projects, Series A, 5.00%, 07/01/46(a)		500		530,710
City of Phoenix Arizona IDA, Refunding RB:
Basis Schools, Inc. Projects, 5.00%, 07/01/45(a)		1,000		1,063,930
Basis Schools, Inc. Projects, Series A, 5.00%, 07/01/46(a)		1,500		1,587,000
Downtown Phoenix Student Housing, LLC — Arizona State University Project, Series A, 5.00%, 07/01/42		1,750		2,015,177
Great Hearts Academies Projects, 5.00%, 07/01/46		500		546,120
Legacy Traditional School Projects, 5.00%, 07/01/45(a)		500		525,520
County of Maricopa Arizona IDA, RB, Reid Traditional Schools Projects, 5.00%, 07/01/47		1,000		1,097,210
County of Maricopa Arizona IDA, Refunding RB, Paradise Schools Projects, 5.00%, 07/01/47(a)		1,000		1,078,300
McAllister Academic Village LLC, Refunding RB, Arizona State University, 5.00%, 07/01/39		500		599,505
Northern Arizona University, RB, Stimulus Plan for Economic and Educational Development, 5.00%, 08/01/38		3,000		3,327,720
Student & Academic Services LLC, RB, (BAM), 5.00%, 06/01/39		1,400		1,571,612

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Schedule of Investments  (unaudited) (continued) October 31, 2019 BlackRock MuniYield Arizona Fund, Inc. (MZA) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Education (continued)
Town of Florence, Inc. Arizona IDA, ERB, Legacy Traditional School Project, Queen Creek and Casa Grande Campuses, 6.00%, 07/01/43	$	500	$	545,385
University of Arizona, Refunding RB, 5.00%, 06/01/39		2,050		2,441,714
				29,938,291
Health — 27.7%
Arizona Health Facilities Authority, RB, Catholic Healthcare West,Series B-2 (AGM), 5.00%, 03/01/41		500		520,000
Arizona Health Facilities Authority, Refunding RB, Series A:
Phoenix Children’s Hospital, 5.00%, 02/01/42		1,000		1,061,470
Scottsdale Lincoln Hospitals Project, 5.00%, 12/01/42		2,785		3,159,694
City of Tempe Arizona IDA, Refunding RB, Friendship Village of Tempe, Series A, 6.25%, 12/01/42		500		525,980
County of Glendale Arizona IDA, Refunding RB:
Royal Oaks Life Care Community, 5.00%, 05/15/39		2,000		2,261,360
Terrace of Phoenix Project, 5.00%, 07/01/48		530		572,692
County of Maricopa Arizona IDA, Refunding RB:
Banner Health Obligation Group, 5.00%, 01/01/38		500		591,545
Banner Health Obligation Group, Series A, 4.00%, 01/01/41		3,000		3,294,840
HonorHealth, Series A, 4.13%, 09/01/42		750		832,973
HonorHealth, Series A, 5.00%, 09/01/42		1,000		1,195,140
County of Yavapai Arizona IDA, Refunding RB:
Northern Arizona Healthcare System, 5.25%, 10/01/26		1,000		1,072,450
Yavapai Regional Medical Center, 4.00%, 08/01/43		1,650		1,806,568
Tempe Industrial Development Authority, RB, Friendship Village of Tempe Project, 5.00%, 12/01/50		1,000		1,100,050

Security	Par (000)		Value
Health (continued)
University Medical Center Corp., Refunding RB, 6.00%, 07/01/21(b)	$	1,000	$	1,078,780
				19,073,542
Transportation — 4.2%
City of Phoenix Arizona Civic Improvement Corp., Refunding RB:
Junior Lien, Series A, 5.00%, 07/01/20(b)		1,000		1,024,970
Senior Lien, AMT, 5.00%, 07/01/32		700		780,612
City of Phoenix Civic Improvement Corp., Refunding RB, Junior Lien Airport, Series D, 4.00%, 07/01/40		1,000		1,106,080
				2,911,662
Utilities — 31.1%
City of Lake Havasu City Arizona Wastewater System Revenue, RB, Series B (AGM), 5.00%, 07/01/40		3,500		4,059,020
City of Mesa Arizona Utility System Revenue, RB, 5.00%, 07/01/42		3,000		3,678,480
City of Phoenix Civic Improvement Corp., ARB, AMT, Series A, 5.00%, 07/01/42		3,000		3,530,160
City of Phoenix Civic Improvement Corp., RB:
Junior Lien, Series A, 4.00%, 07/01/39		1,300		1,467,687
Series B (BHAC), 5.50%, 07/01/41		100		151,133
County of Pinal Arizona, RB, Pledged Revenue Obligations, 4.00%, 08/01/39		600		675,192
County of Pinal Arizona, Refunding RB, Electric District No. 3, 5.25%, 07/01/21(b)		2,500		2,667,000
County of Pinal Arizona IDA, RB, San Manuel Facility Project, 6.25%, 06/01/26		350		361,291
Salt River Project Agricultural Improvement & Power District, Refunding RB:
5.00%, 01/01/38		2,000		2,467,940

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Schedule of Investments  (unaudited) (continued) October 31, 2019 BlackRock MuniYield Arizona Fund, Inc. (MZA) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Utilities (continued)
Series A, 5.00%, 12/01/41	$	2,000	$	2,319,580
				21,377,483
Total Municipal Bonds in Arizona			95,660,144
Puerto Rico — 5.5%
State — 3.3%
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, Restructured:
SeriesA-1, 4.75%, 07/01/53		332		342,418
SeriesA-1, 5.00%, 07/01/58		1,321		1,382,506
SeriesA-2, 4.33%, 07/01/40		157		159,075
SeriesA-2, 4.78%, 07/01/58		342		351,997
				2,235,996
Tobacco — 0.7%
Children’s Trust Fund, Refunding RB, Tobacco Settlement Asset-Backed Bonds, 5.63%, 05/15/43		460		467,185
Utilities — 1.5%
Commonwealth of Puerto Rico Aqueduct & Sewer Authority, RB, Senior Lien, Series A:
5.00%, 07/01/33		525		550,158
5.13%, 07/01/37		150		157,523
Commonwealth of Puerto Rico Aqueduct & Sewer Authority, Refunding RB, Senior Lien, Series A, 6.00%, 07/01/38		345		348,560
				1,056,241
Total Municipal Bonds in Puerto Rico				3,759,422
Total Municipal Bonds — 144.5% (Cost — $91,965,775)				99,419,566

Security	Par (000)		Value
Municipal Bonds Transferred to Tender Option Bond Trusts(c)
Arizona — 11.5%
Utilities — 11.5%
City of Mesa Arizona Utility System Revenue, RB, Utility System, 5.00%, 07/01/35	$	3,000	$	3,176,100
City of Phoenix Civic Improvement Corp., Refunding RB, Senior Lien, AMT, 5.00%, 07/01/43		4,000		4,740,680
Total Municipal Bonds Transferred to Tender Option Bond Trusts — 11.5% (Cost — $7,349,928)				7,916,780
Total Long-Term Investments — 156.0% (Cost — $99,315,703)				107,336,346
	Shares
Short-Term Securities — 0.3%
BlackRock Liquidity Funds, MuniCash, Institutional Class, 1.04%(d)(e)		198,017		198,037
Total Short-Term Securities — 0.3% (Cost — $198,032)				198,037
Total Investments — 156.3% (Cost — $99,513,735)				107,534,383
Other Assets Less Liabilities — 3.0%				1,938,380
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (5.1)%				(3,512,441	)
VRDP Shares at Liquidation Value — (54.2)%				(37,160,150	)
Net Assets Applicable to Common Shares — 100.0%			$	68,800,172

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

^(b)  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.

^(c)  Represent bonds transferred to a TOB Trust in exchange of cash and residual certificates received by the Fund. These bonds serve as collateral in a secured borrowing.

^(d)  Annualized7-day yield as of period end.

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Schedule of Investments  (unaudited) (continued) October 31, 2019 BlackRock MuniYield Arizona Fund, Inc. (MZA)

^(e)  During the period ended October 31, 2019, investments in issuers considered to be an affiliate/affiliates of the Fund for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliate	Shares Held at 07/31/19		Net Activity			Shares Held at 10/31/19		Value at 10/31/19		Income		Net Realized Gain (Loss) (a)			Change in Unrealized Appreciation (Depreciation)
BlackRock Liquidity Funds, MuniCash, Institutional Class		1,989,483		(1,791,466	)		198,017	$	198,037	$	1,590	$	(67	)	$	5

^(a)  Includes net capital gain distributions, if applicable.

For Fund compliance purposes, the Fund’s sector classifications refer to one or more of the sectorsub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such sectorsub-classifications for reporting ease.

Portfolio Abbreviations
AGM	Assured Guaranty Municipal Corp.
AMT	Alternative Minimum Tax (subject to)
ARB	Airport Revenue Bonds
BAM	Build America Mutual Assurance Co.
BHAC	Berkshire Hathaway Assurance Corp.
COP	Certificates of Participation
ERB	Education Revenue Bonds
GO	General Obligation Bonds
IDA	Industrial Development Authority
RB	Revenue Bonds

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Short Contracts 10-Year U.S. Treasury Note		12		12/19/19	$	1,564	$	3,141
Long U.S. Treasury Bond		18		12/19/19		2,905		7,211
5-Year U.S. Treasury Note		4		12/31/19		477		904
							$	11,256

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Schedule of Investments  (unaudited) (continued) October 31, 2019 BlackRock MuniYield Arizona Fund, Inc. (MZA)

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of investments and derivative financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

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

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

• Level 3 — Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the BlackRock Global Valuation Methodologies Committee’s (the “Global Valuation Committee”) own assumptions used in determining the fair value of investments and derivative financial instruments)

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Global Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are a limited number of investors. The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investments and derivative financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund’s policy regarding valuation of investments and derivative financial instruments, refer to the Fund’s most recent financial statements as contained in its annual report.

The following tables summarize the Fund’s investments and derivative financial instruments categorized in the disclosure hierarchy:

	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Long-Term Investments(a)	$	—	$	107,336,346	$	—	$	107,336,346
Short-Term Securities		198,037		—		—		198,037
	$	198,037	$	107,336,346	$	—	$	107,534,383
Derivative Financial Instruments(b)
Assets:
Interest rate contracts	$	11,256	$	—	$	—	$	11,256

^(a)  See above Schedule of Investments for values in each sector.

^(b)  Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial statement purposes. As of period end, such assets and/or liabilities are categorized within the disclosure hierarchy as follows:

	Level 1		Level 2			Level 3		Total
Liabilities:
TOB Trust Certificates	$	—	$	(3,500,000	)	$	—	$	(3,500,000	)
VRDP Shares at Liquidation Value		—		(37,300,000	)		—		(37,300,000	)
	$	—	$	(40,800,000	)	$	—	$	(40,800,000	)

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