Blackrock Muniyield Arizona Fund (MZA) NPORT-P BlackRock MuniYield Arizona Fund, Inc. (Oct 2020 report)

Schedule of Investments  (unaudited)  October 31, 2020   BlackRock MuniYield Arizona Fund, Inc. (MZA) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Municipal Bonds
Arizona — 139.1%
Corporate — 10.4%
Industrial Development Authority of the County of Pima, Refunding RB, Series A, 4.00%, 09/01/29	$	1,000	$	1,059,890
Salt Verde Financial Corp., RB 5.50%, 12/01/29		2,000		2,610,420
5.00%, 12/01/37		2,500		3,310,025
				6,980,335
County/City/Special District/School District — 8.2%
City of Phoenix Civic Improvement Corp., RB, Series B, (BHAC), 5.50%, 07/01/41		100		152,380
Kyrene Elementary School District No.28, GO
Series B, 5.50%, 07/01/29		480		546,715
Series B, 5.50%, 07/01/30		400		455,596
Maricopa County Unified School District No.11-Peoria, GO, (AGM), 5.00%, 07/01/35		1,250		1,441,738
Town of Queen Creek Arizona Excise Tax Revenue, RB 4.00%, 08/01/50		1,700		1,961,307
Series A, 5.00%, 08/01/42		750		923,475
				5,481,211
Education — 46.6%
Arizona Board of Regents, RB, Series A, 4.00%, 07/01/42		1,000		1,174,040
Arizona Board of Regents, Refunding COP, Series C, 5.00%, 06/01/30		2,595		2,778,233
Arizona Industrial Development Authority, RB 7.10%, 01/01/55(a)		250		238,390
Series A, (BAM), 5.00%, 06/01/49		2,500		2,909,675
Series A, 5.00%, 07/15/49(a)		1,000		1,078,170
Series A, 5.00%, 12/15/49(a)		250		261,183
Arizona Industrial Development Authority, Refunding RB 5.00%, 07/01/37		750		870,420
Series A, 5.13%, 07/01/37(a)		500		536,060
Series A, 5.50%, 07/01/52(a)		600		641,130
Series G, 5.00%, 07/01/47(a)		2,360		2,489,304
Florence Town, Inc. Industrial Development Authority, RB, 6.00%, 07/01/43		500		523,720
Industrial Development Authority of the City of Phoenix, RB
6.30%, 07/01/21(b)		500		520,095
6.63%, 07/01/23(b)		500		584,405
Series A, 5.00%, 07/01/44		2,000		2,112,140
Series A, 6.75%, 07/01/44(a)		440		477,576
Series A, 5.00%, 07/01/46(a)		500		518,580
Industrial Development Authority of the City of Phoenix, Refunding RB
5.00%, 07/01/45(a)		500		516,000
5.00%, 07/01/46		500		533,895
Industrial Development Authority of the County of Pima, Refunding RB, 5.00%, 06/15/52(a)		530		537,245
Maricopa County Industrial Development Authority, RB
5.00%, 07/01/47		1,000		1,079,900
4.00%, 07/01/50		1,500		1,633,740
Maricopa County Industrial Development Authority, Refunding RB(a)
5.00%, 07/01/47		1,000		1,040,220
5.00%, 07/01/54		250		260,785

Security	Par (000)		Value
Education (continued)
McAllister Academic Village LLC, Refunding RB, 5.00%, 07/01/39	$	500	$	584,740
Northern Arizona University, RB, 5.00%, 08/01/23(b)		3,000		3,388,920
Student & Academic Services LLC, RB, (BAM), 5.00%, 06/01/39		1,400		1,570,996
University of Arizona, Refunding RB, 5.00%, 06/01/39		2,050		2,440,074
				31,299,636
Health — 27.7%
Arizona Health Facilities Authority, RB, Series B-2, (AGM), 5.00%, 03/01/21(b)		500		506,130
Arizona Health Facilities Authority, Refunding RB
Series A, 5.00%, 02/01/42		1,000		1,044,400
Series A, 5.00%, 12/01/42		2,785		3,148,832
Arizona Industrial Development Authority, RB, Series A, 4.00%, 02/01/50		2,635		2,920,687
Industrial Development Authority of the County of Yavapai, Refunding RB
5.25%, 10/01/26		1,000		1,042,500
4.00%, 08/01/43		1,650		1,828,811
Maricopa County Industrial Development Authority, RB, Series A, 4.00%, 01/01/41		4,000		4,461,720
Maricopa County Industrial Development Authority, Refunding RB
Series A, 5.00%, 01/01/38		500		591,240
Series A, 4.13%, 09/01/42		750		842,640
Series A, 5.00%, 09/01/42		1,000		1,201,470
University Medical Center Corp., Refunding RB, 6.00%, 07/01/21(b)		1,000		1,037,990
				18,626,420
Transportation — 13.6%
City of Phoenix Civic Improvement Corp., ARB, Series A, AMT, 5.00%, 07/01/42		3,000		3,478,590
City of Phoenix Civic Improvement Corp., Refunding RB AMT, Senior Lien, 5.00%, 07/01/32		700		767,319
Series D, Junior Lien, 4.00%, 07/01/40		1,000		1,099,460
Phoenix-Mesa Gateway Airport Authority, ARB, AMT, 5.00%, 07/01/38		3,600		3,809,988
				9,155,357
Utilities — 32.6%
City of Buckeye Arizona, RB, 5.00%, 07/01/43		4,000		4,601,720
City of Goodyear Arizona Water & Sewer Revenue, RB, 2nd Series, Subordinate, (AGM), 4.00%, 07/01/45		250		288,665
City of Lake Havasu City Arizona Wastewater System Revenue, RB, Series B, (AGM), 5.00%, 07/01/40		3,500		4,021,115
City of Mesa Arizona Utility System Revenue, RB, 5.00%, 07/01/42		3,000		3,685,020
City of Phoenix Civic Improvement Corp., RB, Series A, Junior Lien, 4.00%, 07/01/39		1,300		1,514,916
Pinal County Electric District No.3, Refunding RB, Series A, 5.25%, 07/01/21(b)		2,500		2,583,125
Pinal County Industrial Development Authority, RB, AMT, 6.25%, 06/01/26		285		314,124

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Schedule of Investments  (unaudited) (continued) October 31, 2020   BlackRock MuniYield Arizona Fund, Inc. (MZA) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Utilities (continued)
Salt River Project Agricultural Improvement & Power District, Refunding RB
5.00%, 01/01/38	$	2,000	$	2,494,400
Series A, 5.00%, 12/01/41		2,000		2,349,680
				21,852,765
Total Municipal Bonds in Arizona				93,395,724
Puerto Rico — 6.6%
State — 4.3%
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB
Series A-1, Restructured, 4.75%, 07/01/53		384		402,563
Series A-1, Restructured, 5.00%, 07/01/58		1,495		1,589,992
Series A-2, Restructured, 4.33%, 07/01/40		196		201,749
Series A-2, Restructured, 4.78%, 07/01/58		357		374,811
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB, Series A-1, Restructured, 0.00%, 07/01/46(c)		1,156		332,419
				2,901,534
Tobacco — 0.7%
Children’s Trust Fund, Refunding RB, 5.63%, 05/15/43		460		464,425
Utilities — 1.6%
Puerto Rico Commonwealth Aqueduct & Sewer Authority, RB
Series A, Senior Lien, 5.00%, 07/01/33		525		532,880
Series A, Senior Lien, 5.13%, 07/01/37		150		152,277
Puerto Rico Commonwealth Aqueduct & Sewer Authority, Refunding RB, Series A, Senior Lien, 6.00%, 07/01/38		345		345,590
				1,030,747
Total Municipal Bonds in Puerto Rico				4,396,706
Total Municipal Bonds — 145.7% (Cost: $90,606,135)				97,792,430
Municipal Bonds Transferred to Tender Option Bond Trusts(d)
Arizona — 11.6%
Transportation — 7.0%
City of Phoenix Civic Improvement Corp., ARB, AMT, Senior Lien, 5.00%, 07/01/43		4,000		4,709,200

Security	Par (000)		Value
Utilities — 4.6%
City of Mesa Arizona Utility System Revenue, RB, 5.00%, 07/01/35	$	3,000	$	3,088,620
Total Municipal Bonds in Arizona				7,797,820
Total Municipal Bonds Transferred to Tender Option Bond Trusts — 11.6% (Cost: $7,311,345)				7,797,820
Total Long-Term Investments — 157.3% (Cost: $97,917,480)				105,590,250
	Shares
Short-Term Securities
Money Market Funds — 1.7%
BlackRock Liquidity Funds, MuniCash, Institutional Class, 0.01%(e)(f)		1,140,119		1,140,233
Total Short-Term Securities — 1.7% (Cost: $1,140,110)				1,140,233
Total Investments — 159.0% (Cost: $99,057,590)				106,730,483
Other Assets Less Liabilities — 1.5%				1,042,048
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (5.2)%				(3,501,386	)
VRDP Shares at Liquidation Value, Net of Deferred Offering Costs — (55.3)%				(37,126,264	)
Net Assets Applicable to Common Shares — 100.0%			$	67,144,881

^(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)  Zero-coupon bond.

^(d)  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.

^(e)  Affiliate of the Fund.

^(f)  Annualized 7-day yield as of period end.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the period ended October 31, 2020 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 07/31/20		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 10/31/20		Shares Held at 10/31/20		Income		Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, MuniCash, Institutional Class	$	2,704,950	$	—	$	(1,564,599	)(a)	$	496	$	(614	)	$	1,140,233		1,140,119	$	34	$	—

^(a)  Represents net amount purchased (sold).

For Fund compliance purposes, the Fund’s sector classifications refer to one or more of the sector sub-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 sector sub-classifications for reporting ease.

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Schedule of Investments  (unaudited) (continued) October 31, 2020   BlackRock MuniYield Arizona Fund, Inc. (MZA)     

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of 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’s”) assumptions used in determining the fair value of 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 financial instruments is based on the pricing transparency of the 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 financial instruments, refer to its most recent financial statements.

The following table summarizes the Fund’s investments categorized in the disclosure hierarchy. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Municipal Bonds	$	—	$	97,792,430	$	—	$	97,792,430
Municipal Bonds Transferred to Tender Option Bond Trusts		—		7,797,820		—		7,797,820
Short-Term Securities
Money Market Funds		1,140,233		—		—		1,140,233
	$	1,140,233	$	105,590,250	$	—	$	106,730,483

The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial reporting 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	)

Portfolio Abbreviation

AGM Assured Guaranty Municipal Corp.

AMT Alternative Minimum Tax

ARB Airport Revenue Bonds

BAM Build America Mutual Assurance Co.

BHAC Berkshire Hathaway Assurance Corp.

CAB Capital Appreciation Bonds

COP Certificates of Participation

GO General Obligation Bonds

RB Revenue Bond

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