Phantom awards shifted as BlackRock MuniYield (NYSE: MYD) reorganizes fund

Rhea-AI Filing Summary

BLACKROCK MUNIYIELD FUND, INC. reported a Form 4 for portfolio manager Kevin Maloney reflecting an administrative change in incentive awards. On February 23, phantom shares economically equivalent to common stock were reallocated in connection with the reorganization of BlackRock MuniYield Fund into BlackRock MuniYield Quality Fund and converted using the same exchange ratio. The filing shows 549.6 phantom shares at $10.77 per share, with Maloney’s phantom share balance in the reorganized-from fund dropping to zero as awards shifted to the acquiring fund.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Maloney Kevin

(Last) (First) (Middle)

50 HUDSON YARDS

(Street)

NEW YORK NY 10001

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
BLACKROCK MUNIYIELD FUND, INC. [ MYD ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
	Officer (give title below)	X	Other (specify below)
			Portfolio Manager

3. Date of Earliest Transaction (Month/Day/Year)
02/23/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Phantom Shares	(1)	02/23/2026		J(2)			549.6	(1)(2)	(1)(2)	Common Stock	549.6	$10.77(2)	0	D

Explanation of Responses:

1. A phantom share is the economic equivalent of one share of common stock and, subject to the applicable vesting requirements, becomes payable in cash.

2. Effective as of February 23, 2026, BlackRock MuniYield Fund, Inc. (the "Target Fund") was reorganized into BlackRock MuniYield Quality Fund, Inc. (the "Acquiring Fund"). In connection with this reorganization, phantom stock units previously awarded to Kevin Maloney in the Target Fund were reallocated to the Acquiring Fund, converted at the exchange ratio used in the reorganization.

	/s/ Gladys Chang as Attorney-in-Fact	02/25/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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FAQ

What insider transaction did MYD report for Kevin Maloney on this Form 4?

The Form 4 shows an "other" derivative transaction involving 549.6 phantom shares at $10.77 per share. These phantom stock units were reallocated due to the fund’s reorganization rather than representing an open-market buy or sell.

What are phantom shares in the MYD Form 4 filing for Kevin Maloney?

Phantom shares are awards that are economically equivalent to one share of common stock. According to the filing, they become payable in cash once applicable vesting requirements are met, instead of delivering actual fund shares.

How did the BlackRock MuniYield fund reorganization affect Kevin Maloney’s phantom shares?

The filing states that, effective February 23, the Target Fund was reorganized into BlackRock MuniYield Quality Fund, Inc.. Maloney’s previously awarded phantom units were reallocated and converted to the acquiring fund using the same exchange ratio as the reorganization.

Did Kevin Maloney buy or sell MYD common shares in this Form 4?

No open-market buy or sell is reported. The transaction code "J" is described as other acquisition or disposition of derivative securities, reflecting the administrative reallocation and conversion of phantom stock units during the fund reorganization.

What is Kevin Maloney’s phantom share balance in BlackRock MuniYield Fund after the transaction?

Following the February 23 transaction, the Form 4 lists 0.0000 phantom shares for Kevin Maloney in BlackRock MuniYield Fund. This reflects that his prior phantom units were shifted and converted to awards tied to the acquiring fund.