Phantom share reallocation reported at BlackRock MuniYield Fund (NYSE: MYD)

Rhea-AI Filing Summary

BLACKROCK MUNIYIELD FUND, INC. reported an administrative adjustment to compensation-related phantom shares held by portfolio manager Walter O’Connor. On February 23, 2026, 578.620 phantom shares, each economically equivalent to one common share and valued at $10.77 per unit, were reallocated in connection with the fund’s reorganization into BlackRock MuniYield Quality Fund, Inc., using the same exchange ratio as the reorganization. Following this conversion, no phantom shares remained tied to the original fund for this reporting person.

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

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

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^*

OCONNOR WALTER

(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)			578.62	(1)(2)	(1)(2)	Common Stock	578.62	$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 Walter O'Connor 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.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What insider transaction did Walter O’Connor report for MYD on February 23, 2026?

Walter O’Connor reported an administrative reallocation of 578.620 phantom shares on February 23, 2026. The units, valued at $10.77 each, were converted using the fund reorganization exchange ratio and moved from BlackRock MuniYield Fund, Inc. to BlackRock MuniYield Quality Fund, Inc.

What are phantom shares in the context of BlackRock MuniYield Fund, Inc. (MYD)?

Phantom shares are compensation units economically equivalent to one common share, but settled in cash. For MYD, these phantom shares track the value of the fund’s common stock and, once vesting requirements are met, become payable in cash rather than delivering actual fund shares.

Did Walter O’Connor buy or sell MYD common shares in this Form 4 filing?

The Form 4 does not show a traditional buy or sell of MYD common shares. It records an “other” transaction code J, reflecting reallocation and conversion of phantom share units due to a fund reorganization, rather than an open-market trade or new grant.

How many MYD-related phantom shares were affected in the February 2026 transaction?

The transaction involved 578.620 MYD-related phantom shares. These units, economically equivalent to common shares, were converted using the reorganization exchange ratio and reallocated to BlackRock MuniYield Quality Fund, Inc., leaving zero phantom shares reported for the original fund afterward.

What was the reference value per MYD phantom share in Walter O’Connor’s Form 4?

Each phantom share was valued at $10.77 in the reported transaction. This price represents the per-unit economic reference used in the compensation record when 578.620 phantom shares were reallocated during the fund’s reorganization into BlackRock MuniYield Quality Fund, Inc.

Why did MYD reallocate Walter O’Connor’s phantom shares to BlackRock MuniYield Quality Fund, Inc.?

The reallocation occurred because BlackRock MuniYield Fund, Inc. was reorganized into BlackRock MuniYield Quality Fund, Inc. on February 23, 2026. Phantom stock units previously awarded in the original fund were shifted and converted at the same exchange ratio used for the broader reorganization.