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: John M. Perlowski, Chief Executive Officer, BlackRock MuniYield Arizona Fund, Inc., 55 East 52nd Street, New York, NY 10055
Registrant’s telephone number, including area code: (800) 882-0052, Option 4
Date of fiscal year end: 07/31/2012
Date of reporting period: 04/30/2012
Item 1 – Schedule of Investments
|
|
|
|
Schedule of Investments April 30, 2012 (Unaudited) |
BlackRock MuniYield Arizona Fund, Inc. (MZA) |
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
Arizona 129.8% |
|
|
|
|
|
|
|
Corporate 6.9% |
|
|
|
|
|
|
|
Maricopa County Pollution Control Corp., |
|
$ |
2,850 |
|
$ |
3,094,359 |
|
Pima County IDA, Tucson Electric Power, |
|
|
500 |
|
|
529,905 |
|
Pima County IDA, RB, Tucson Electric |
|
|
1,000 |
|
|
1,039,600 |
|
|
|
|
|
|
|
4,663,864 |
|
County/City/Special District/School District 44.6% |
|
|
|
|
|
|
|
City of Glendale Arizona, RB (NPFGC), |
|
|
1,000 |
|
|
1,098,340 |
|
City of Tucson Arizona, COP: |
|
|
|
|
|
|
|
Series A (NPFGC), 5.00%, 7/01/20 |
|
|
1,500 |
|
|
1,641,945 |
|
(AGC), 5.00%, 7/01/29 |
|
|
1,000 |
|
|
1,099,660 |
|
County of Pinal Arizona, COP: |
|
|
|
|
|
|
|
5.00%, 12/01/26 |
|
|
1,250 |
|
|
1,313,700 |
|
5.00%, 12/01/29 |
|
|
1,250 |
|
|
1,303,487 |
|
Gilbert Public Facilities Municipal |
|
|
2,000 |
|
|
2,276,040 |
|
Gladden Farms Community Facilities |
|
|
750 |
|
|
759,473 |
|
Greater Arizona Development Authority, |
|
|
1,155 |
|
|
1,238,056 |
|
Marana Municipal Property Corp., RB, |
|
|
2,500 |
|
|
2,689,100 |
|
Maricopa County Community College |
|
|
1,000 |
|
|
1,052,100 |
|
Maricopa County Public Finance Corp., |
|
|
1,000 |
|
|
1,094,220 |
|
Maricopa County Unified School District |
|
|
1,000 |
|
|
1,149,550 |
|
Mohave County Unified School District |
|
|
1,000 |
|
|
1,171,290 |
|
Phoenix Civic Improvement Corp., RB, |
|
|
3,325 |
|
|
3,518,016 |
|
Phoenix Mesa Airport Authority, RB, |
|
|
3,600 |
|
|
3,639,816 |
|
Scottsdale Municipal Property Corp. |
|
|
1,500 |
|
|
1,737,480 |
|
Vistancia Community Facilities District |
|
|
|
|
|
|
|
6.75%, 7/15/22 |
|
|
1,275 |
|
|
1,283,619 |
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
|
Par |
|
Value |
|
|
Arizona (continued) |
|
|
|
|
|
|
|
County/City/Special District/School District |
|
|
|
|
|
|
|
Vistancia Community Facilities District |
|
|
|
|
|
|
|
5.75%, 7/15/24 |
|
$ |
750 |
|
$ |
797,235 |
|
Yuma County Library District, GO |
|
|
1,000 |
|
|
1,083,850 |
|
|
|
|
|
|
|
29,946,977 |
|
Education 11.7% |
|
|
|
|
|
|
|
Arizona State University, RB, Series |
|
|
|
|
|
|
|
6.00%, 7/01/25 |
|
|
970 |
|
|
1,150,148 |
|
6.00%, 7/01/26 |
|
|
745 |
|
|
879,413 |
|
6.00%, 7/01/27 |
|
|
425 |
|
|
499,966 |
|
6.00%, 7/01/28 |
|
|
400 |
|
|
468,584 |
|
Maricopa County IDA Arizona, RB, |
|
|
700 |
|
|
559,727 |
|
Phoenix IDA Arizona, Education |
|
|
500 |
|
|
516,675 |
|
Pima County IDA, RB: |
|
|
|
|
|
|
|
Arizona Charter Schools Project, |
|
|
400 |
|
|
400,472 |
|
Arizona Charter Schools Project, |
|
|
710 |
|
|
710,717 |
|
Arizona Charter Schools Project, |
|
|
985 |
|
|
985,197 |
|
Pima County IDA, Refunding RB: |
|
|
|
|
|
|
|
Charter Schools II, Series A, 6.75%, |
|
|
160 |
|
|
161,774 |
|
Arizona Charter Schools |
|
|
995 |
|
|
873,152 |
|
University of Arizona, COP, University of |
|
|
650 |
|
|
669,520 |
|
|
|
|
|
|
|
7,875,345 |
|
Health 20.2% |
|
|
|
|
|
|
|
Arizona Health Facilities Authority, RB, |
|
|
500 |
|
|
526,605 |
|
Arizona Health Facilities Authority, |
|
|
|
|
|
|
|
6.00%, 1/01/30 |
|
|
1,500 |
|
|
1,542,705 |
|
5.50%, 1/01/38 |
|
|
2,300 |
|
|
2,476,939 |
|
Maricopa County IDA, RB, Catholic |
|
|
170 |
|
|
190,776 |
|
Maricopa County IDA Arizona, Refunding |
|
|
|
|
|
|
|
Catholic Healthcare West, |
|
|
1,850 |
|
|
1,937,819 |
|
|
|
|
|
|
|
|
|
|
BLACKROCK MUNIYIELD ARIZONA FUND, INC. |
APRIL 30, 2012 |
1 |
|
|
|
|
Schedule of Investments (continued) |
BlackRock MuniYield Arizona Fund, Inc. (MZA) |
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
Arizona (continued) |
|
|
|
|
|
|
|
Health (concluded) |
|
|
|
|
|
|
|
Maricopa County IDA Arizona, Refunding |
|
|
|
|
|
|
|
Samaritan Health Services, Series A |
|
$ |
1,000 |
|
$ |
1,178,830 |
|
Scottsdale IDA, RB, Scottsdale |
|
|
500 |
|
|
538,060 |
|
Tempe IDA, Refunding RB, Friendship |
|
|
500 |
|
|
512,640 |
|
University Medical Center Corp. Arizona, |
|
|
|
|
|
|
|
6.00%, 7/01/39 |
|
|
1,000 |
|
|
1,109,230 |
|
6.50%, 7/01/39 |
|
|
500 |
|
|
567,210 |
|
Yavapai County IDA Arizona, RB, Yavapai |
|
|
1,800 |
|
|
1,826,244 |
|
Yavapai County IDA Arizona, Refunding |
|
|
1,000 |
|
|
1,154,550 |
|
|
|
|
|
|
|
13,561,608 |
|
Housing 2.9% |
|
|
|
|
|
|
|
Maricopa County & Phoenix Industrial |
|
|
|
|
|
|
|
Series A-1, 5.75%, 5/01/40 |
|
|
285 |
|
|
308,122 |
|
Series A-2, 5.80%, 7/01/40 |
|
|
255 |
|
|
262,943 |
|
Maricopa County IDA Arizona, RB, Series |
|
|
427 |
|
|
454,768 |
|
Phoenix & Pima County IDA, RB, Series |
|
|
156 |
|
|
165,266 |
|
Phoenix & Pima County IDA, Refunding |
|
|
325 |
|
|
342,305 |
|
Phoenix IDA Arizona, Refunding RB, |
|
|
397 |
|
|
420,021 |
|
|
|
|
|
|
|
1,953,425 |
|
State 19.1% |
|
|
|
|
|
|
|
Arizona School Facilities Board, COP: |
|
|
|
|
|
|
|
5.13%, 9/01/21 |
|
|
1,000 |
|
|
1,135,960 |
|
5.75%, 9/01/22 |
|
|
2,000 |
|
|
2,331,440 |
|
Arizona State Transportation Board, RB, |
|
|
4,000 |
|
|
4,471,240 |
|
Greater Arizona Development Authority, |
|
|
|
|
|
|
|
5.00%, 8/01/30 |
|
|
1,600 |
|
|
1,721,584 |
|
5.00%, 8/01/35 |
|
|
1,000 |
|
|
1,058,160 |
|
State of Arizona, RB, Series A (AGM), |
|
|
1,930 |
|
|
2,138,228 |
|
|
|
|
|
|
|
12,856,612 |
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
Arizona (concluded) |
|
|
|
|
|
|
|
Transportation 6.5% |
|
|
|
|
|
|
|
Phoenix Civic Improvement Corp., RB: |
|
|
|
|
|
|
|
Junior Lien, Series A, 5.00%, |
|
$ |
1,000 |
|
$ |
1,069,050 |
|
Senior Lien, Series A, 5.00%, |
|
|
1,000 |
|
|
1,076,210 |
|
Senior Lien, Series B, AMT (NPFGC), |
|
|
450 |
|
|
451,008 |
|
Senior Lien, Series B, AMT (NPFGC), |
|
|
1,000 |
|
|
1,006,480 |
|
Senior Lien, Series B, AMT (NPFGC), |
|
|
755 |
|
|
756,321 |
|
|
|
|
|
|
|
4,359,069 |
|
Utilities 17.9% |
|
|
|
|
|
|
|
Gilbert Water Resource Municipal |
|
|
900 |
|
|
961,965 |
|
Phoenix Civic Improvement Corp., RB, |
|
|
1,500 |
|
|
1,513,350 |
|
Phoenix Civic Improvement Corp., |
|
|
2,000 |
|
|
2,436,740 |
|
Pima County Arizona, RB, Series B, |
|
|
1,000 |
|
|
1,143,300 |
|
Pinal County Electric District No 3, RB, |
|
|
2,500 |
|
|
2,697,925 |
|
Pinal County IDA Arizona, RB, San |
|
|
500 |
|
|
479,260 |
|
Salt River Project Agricultural |
|
|
1,000 |
|
|
1,166,670 |
|
Salt River Project Agricultural |
|
|
1,500 |
|
|
1,623,675 |
|
|
|
|
|
|
|
12,022,885 |
|
Total Municipal Bonds in Arizona |
|
|
|
|
|
87,239,785 |
|
|
|
|
|
|
|
|
|
Guam 1.3% |
|
|
|
|
|
|
|
State 1.3% |
|
|
|
|
|
|
|
Government of Guam Business |
|
|
800 |
|
|
868,200 |
|
Total Municipal Bonds in Guam |
|
|
|
|
|
868,200 |
|
|
|
|
|
|
|
|
|
Puerto Rico 12.6% |
|
|
|
|
|
|
|
State 8.8% |
|
|
|
|
|
|
|
Commonwealth of Puerto Rico, GO, |
|
|
800 |
|
|
856,848 |
|
Puerto Rico Public Buildings Authority, |
|
|
700 |
|
|
775,425 |
|
|
|
|
|
|
|
|
|
|
BLACKROCK MUNIYIELD ARIZONA FUND, INC. |
APRIL 30, 2012 |
2 |
|
|
|
|
Schedule of Investments (continued) |
BlackRock MuniYield Arizona Fund, Inc. (MZA) |
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
Puerto Rico (concluded) |
|
|
|
|
|
|
|
State (concluded) |
|
|
|
|
|
|
|
Puerto Rico Sales Tax Financing Corp., |
|
$ |
1,500 |
|
$ |
1,744,800 |
|
Puerto Rico Sales Tax Financing Corp., |
|
|
|
|
|
|
|
CAB, Series A (NPFGC), 5.81%, |
|
|
9,530 |
|
|
1,830,618 |
|
First Sub, Series C, 6.00%, |
|
|
600 |
|
|
685,866 |
|
|
|
|
|
|
|
5,893,557 |
|
Transportation 0.1% |
|
|
|
|
|
|
|
Puerto Rico Highway & Transportation |
|
|
50 |
|
|
57,021 |
|
Utilities 3.7% |
|
|
|
|
|
|
|
Puerto Rico Electric Power Authority, RB, |
|
|
|
|
|
|
|
5.38%, 7/01/24 |
|
|
1,000 |
|
|
1,105,520 |
|
5.50%, 7/01/38 |
|
|
1,000 |
|
|
1,028,320 |
|
Puerto Rico Electric Power Authority, |
|
|
380 |
|
|
379,384 |
|
|
|
|
|
|
|
2,513,224 |
|
Total Municipal Bonds in Puerto Rico |
|
|
|
|
|
8,463,802 |
|
|
|
|
|
|
|
|
|
Total Municipal Bonds 143.7% |
|
|
|
|
|
96,571,787 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Arizona 11.2% |
|
|
|
|
|
|
|
Utilities 11.2% |
|
|
|
|
|
|
|
City of Mesa Arizona, RB, 5.00%, |
|
|
3,000 |
|
|
3,340,260 |
|
Phoenix Arizona Civic Improvement |
|
|
3,000 |
|
|
3,433,320 |
|
Salt River Project Agricultural |
|
|
660 |
|
|
715,777 |
|
Total Municipal Bonds in Arizona |
|
|
|
|
|
7,489,357 |
|
|
|||||||
Total Municipal Bonds Transferred to Tender Option |
|
|
|
|
|
7,489,357 |
|
Total Long-Term Investments |
|
|
|
|
|
104,061,144 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Securities |
|
Shares |
|
Value |
|
||
BIF Arizona Municipal Money Fund, |
|
|
2,725,036 |
|
$ |
2,725,036 |
|
Total Short-Term Securities |
|
|
|
|
|
2,725,036 |
|
Total Investments (Cost - $99,816,053*) 159.0% |
|
|
|
|
|
106,786,180 |
|
Other Assets Less Liabilities 1.5% |
|
|
|
|
|
1,030,065 |
|
Liability for TOB Trust Certificates,
Including Interest |
|
|
|
|
|
(3,331,617 |
) |
VRDP Shares, at Redemption Value (55.5)% |
|
|
|
|
|
(37,300,000 |
) |
Net Assets Applicable to Common Shares 100.0% |
|
|
|
|
$ |
67,184,628 |
|
|
|
* |
As of April 30, 2012, gross unrealized appreciation and gross unrealized depreciation based on cost for federal income tax purposes were as follows: |
|
|
|
|
|
Tax cost |
|
$ |
96,500,740 |
|
Gross unrealized appreciation |
|
$ |
7,293,160 |
|
Gross unrealized depreciation |
|
|
(337,720 |
) |
Net unrealized appreciation |
|
$ |
6,955,440 |
|
|
|
(a) |
US 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) |
Security is collateralized by Municipal or US Treasury obligations. |
|
|
(c) |
Represents a zero-coupon bond. Rate shown reflects the current yield as of report date. |
|
|
(d) |
When-issued security. Unsettled when-issued transactions were as follows: |
|
|
|
|
|
|
|
|
Counterparty |
|
Value |
|
Unrealized |
|
||
Morgan Stanley |
|
$ |
379,384 |
|
$ |
4,081 |
|
|
|
(e) |
Securities represent bonds transferred to a TOB in exchange for which the Fund acquired residual interest certificates. These securities serve as collateral in a financing transaction. |
|
|
(f) |
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, as amended, were as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Affiliate |
|
Shares |
|
Net |
|
Shares |
|
Income |
|
||||
|
|||||||||||||
BIF Arizona |
|
|
2,960,530 |
|
|
(235,494 |
) |
|
2,725,036 |
|
$ |
|
|
|
|
(g) |
Represents the current yield as of report date. |
|
|
|
|
|
|
|
|
|
BLACKROCK MUNIYIELD ARIZONA FUND, INC. |
APRIL 30, 2012 |
3 |
|
|
|
|
Schedule of Investments (continued) |
BlackRock MuniYield Arizona Fund, Inc. (MZA) |
|
|
|
Financial futures contracts sold as of April 30, 2012 were as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contracts |
|
Issue |
|
Exchange |
|
Expiration |
|
Notional |
|
Unrealized |
|
|||||
35 |
|
|
10-Year US |
|
|
Chicago |
|
|
June |
|
$ |
4,629,844 |
|
$ |
(55,067 |
) |
|
|
|
For Fund compliance purposes, the Funds sector classifications refer to any 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 Fund management. These definitions may not apply for purposes of this report, which may combine such sector sub-classifications for reporting ease. |
|
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 following list:
|
|
AGC |
Assured Guaranty Corp. |
AGM |
Assured Guaranty Municipal Corp. |
AMBAC |
American Municipal Bond Assurance Corp. |
AMT |
Alternative Minimum Tax (subject to) |
CAB |
Capital Appreciation Bonds |
COP |
Certificates of Participation |
Ginnie Mae |
Government National Mortgage Association |
GO |
General Obligation Bonds |
IDA |
Industrial Development Authority |
NPFGC |
National Public Finance Guarantee Corp. |
RB |
Revenue Bonds |
Syncora |
Syncora Guarantee |
|
|
|
|
Fair Value Measurements - Various inputs are used in determining the fair value of investments and derivative financial instruments. These inputs are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes as follows: |
|
|
|
|
|
|
Level 1 unadjusted price quotations in active markets/exchanges for identical assets and liabilities |
|
|
|
|
|
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 Funds own assumptions used in determining the fair value of investments and derivative financial instruments) |
Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the Funds policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investment and derivative financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Funds policy regarding valuation of investments and derivative financial instruments and other significant accounting policies, please refer to the Funds most recent financial statements as contained in its semi-annual report.
The following tables summarize the inputs used as of April 30, 2012 in determining the fair valuation of the Funds investments and derivative financial instruments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Valuation Inputs |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
|
||||
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-Term |
|
|
|
|
$ |
104,061,144 |
|
|
|
|
$ |
104,061,144 |
|
Short-Term |
|
$ |
2,725,036 |
|
|
|
|
|
|
|
|
2,725,036 |
|
Total |
|
$ |
2,725,036 |
|
$ |
104,061,144 |
|
|
|
|
$ |
106,786,180 |
|
|
|
1 |
See above Schedule of Investments for values in each sector or political subdivision. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Valuation Inputs |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
|
||||
Derivative Financial Instruments2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate |
|
$ |
(55,067 |
) |
|
|
|
|
|
|
$ |
(55,067 |
) |
|
|
2 |
Derivative financial instruments are financial futures contracts, which are valued at the unrealized appreciation/depreciation on the instrument. |
|
|
|
|
|
|
|
|
|
BLACKROCK MUNIYIELD ARIZONA FUND, INC. |
APRIL 30, 2012 |
4 |
|
|
|
|
Schedule of Investments (concluded) |
BlackRock MuniYield Arizona Fund, Inc. (MZA) |
Certain of the Funds assets and liabilities are held at carrying amount which approximates fair value. Such assets and liabilities are categorized within the disclosure hierarchy as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Valuation Inputs |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
|
||||
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash pledged |
|
$ |
40,000 |
|
|
|
|
|
|
|
$ |
40,000 |
|
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
TOB trust |
|
$ |
|
|
|
(3,330,000 |
) |
|
|
|
|
(3,330,000 |
) |
VRDP shares |
|
|
|
|
|
(37,300,000 |
) |
|
|
|
|
(37,300,000 |
) |
Total |
|
$ |
40,000 |
|
$ |
(40,630,000 |
) |
|
|
|
$ |
(40,590,000 |
) |
There were no transfers between levels during the period ended April 30, 2012.
|
|
|
|
|
|
|
|
|
BLACKROCK MUNIYIELD ARIZONA FUND, INC. |
APRIL 30, 2012 |
5 |
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 Arizona Fund, Inc. |
||
|
|
||
By: | /s/ John M. Perlowski | ||
John M. Perlowski | |||
Chief Executive Officer (principal executive officer) of | |||
BlackRock MuniYield Arizona Fund, Inc. | |||
Date: June 22, 2012 | |||
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/ John M. Perlowski | ||
John M. Perlowski | |||
Chief Executive Officer (principal executive officer) of | |||
BlackRock MuniYield Arizona Fund, Inc. | |||
Date: June 22, 2012 | |||
By: | /s/ Neal J. Andrews | ||
Neal J. Andrews | |||
Chief Financial Officer (principal financial officer) of | |||
BlackRock MuniYield Arizona Fund, Inc. | |||
Date: June 22, 2012 |