NPORT-EX 1 NPORT_2814598938094345.htm EX-MCA

Schedule of Investments  (unaudited)

April 30, 2019

   

BlackRock MuniYield California Quality Fund, Inc. (MCA)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  

Municipal Bonds — 89.1%

 

California — 89.1%

 

Corporate — 1.3%  

California Pollution Control Financing Authority, RB, San Jose Water Company Project, AMT,
4.75%, 11/01/46

   $ 4,000     $ 4,418,960  

City of Chula Vista California, Refunding RB, San Diego Gas & Electric, Series A, 5.88%, 02/15/34

     2,435       2,443,815  
   

 

 

  
      6,862,775  
County/City/Special District/School District — 32.4%  

Chaffey Joint Union High School District, GO, CAB, Election of 2012, Series C(a):

    

0.00%, 08/01/32

     250       162,820  

0.00%, 08/01/33

     500       308,390  

0.00%, 08/01/34

     505       298,304  

0.00%, 08/01/35

     545       307,587  

0.00%, 08/01/36

     500       269,085  

0.00%, 08/01/37

     650       334,041  

0.00%, 08/01/38

     630       309,280  

0.00%, 08/01/39

     750       350,400  

0.00%, 08/01/40

     1,850       823,620  

0.00%, 08/01/41

     305       129,448  

0.00%, 02/01/42

     350       145,205  

City & County of San Francisco California, COP, Port Facilities Project, Series C, AMT, 5.25%, 03/01/32

     1,050       1,167,600  

City of Sacramento California Transient Occupancy Tax Revenue, RB, Convention Center Complex, Series A, 5.00%, 06/01/48

     3,750       4,400,137  

County of Orange California Water District, COP, Refunding, 5.25%, 08/15/19(b)

     9,045       9,142,776  

County of San Joaquin California Transportation Authority, Refunding RB, Limited Tax, Measure K, Series A, 6.00%, 03/01/21(b)

     2,755       2,981,103  

El Monte City School District, GO, Los Angeles Country, California Series B, 5.50%, 08/01/46

     4,265       5,185,174  

Fowler Unified School District, GO, Election of 2016, Series A (BAM), 5.25%, 08/01/46

     3,700       4,427,790  

Garden Grove Unified School District, GO, Election of 2010, Series C, 5.25%, 08/01/37

     2,725       3,086,962  
Security   Par
(000)		     Value  
County/City/Special District/School District (continued)  

Gavilan Joint Community College District, GO, Election of 2004, Series D(b):

    

5.50%, 08/01/21

   $ 2,165     $ 2,363,682  

5.75%, 08/01/21

     8,400       9,217,152  

Grossmont California Healthcare District, GO, Election of 2006, Series B, 6.13%, 07/15/21(b)

     2,500       2,755,875  

Grossmont California Union High School District, GO, Election of 2008, Series C, 5.50%, 08/01/21(b)

     1,880       2,052,528  

Hayward Unified School District, GO, Series A (BAM), 4.00%, 08/01/48

     2,000       2,124,760  

Kern Community College District, GO, Safety Repair & Improvements, Series C, 5.25%, 11/01/32

     5,715       6,566,649  

Menifee Union School District, GO, Series B (BAM), 4.00%, 08/01/43

     5,370       5,719,480  

Mount San Antonio Community College District, GO, Refunding, Election of 2008, Series A,
5.00%, 08/01/34

     4,500       5,084,325  

Ohlone Community College District, GO, Election of 2010, Series A, 5.25%, 08/01/21(b)

     8,140       8,842,075  

Orchard School District, GO, Election of 2001, Series A (AGC), 5.00%, 08/01/19(b)

     7,490       7,555,388  

Perris Union High School District, GO, Election of 2012, Series B (BAM), 5.25%, 09/01/39

     2,715       3,184,994  

Riverside County Public Financing Authority, Tax Allocation Bonds, Series A (BAM), 4.00%, 10/01/40

     2,455       2,592,136  

RNR School Financing Authority, Special Tax Bonds, Community Facilities District No. 92-1, Series A (BAM):

    

5.00%, 09/01/37

     1,500       1,733,790  

5.00%, 09/01/41

     3,000       3,429,240  

San Diego California Unified School District, GO, Series B, 3.25%, 07/01/48(c)

     9,000       8,910,630  

San Jose California Financing Authority, LRB, Convention Center Expansion & Renovation Project, Series A:

    

5.75%, 05/01/36

     2,570       2,577,890  

5.75%, 05/01/42

     4,500       4,842,765  
 

 

 

     1  

Schedule of Investments  (unaudited) (continued)

April 30, 2019

   

BlackRock MuniYield California Quality Fund, Inc. (MCA)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
County/City/Special District/School District (continued)  

San Jose California Financing Authority, Refunding LRB, Civic Center Project, Series A:

    

5.00%, 06/01/32

   $ 3,375     $ 3,768,761  

5.00%, 06/01/39

     5,800       6,466,942  

San Juan Unified School District, GO, Election of 2002 (AGM), 5.00%, 08/01/20(b)

     6,475       6,763,720  

San Leandro California Unified School District, GO, Election of 2010, Series A,
5.75%, 08/01/41

     3,000       3,251,040  

Santa Clara Unified School District, GO, Election of 2018, 3.25%, 07/01/44

     3,000       3,008,100  

Snowline Joint Unified School District, COP, Refunding, Refining Project (AGC),
5.75%, 09/01/19(b)

     5,600       5,679,128  

State of California, GO, Various Purpose,
4.00%, 04/01/49

     5,550       6,006,321  

Walnut Valley Unified School District, GO, Election of 2007, Series B, 5.75%, 08/01/21(b)

     7,680       8,427,110  

Washington Township Health Care District, GO, Election of 2004, Series B, 5.50%, 08/01/38

     1,625       1,906,092  

West Contra Costa California Unified School District, GO:

    

Election of 2010, Series A (AGM),
5.25%, 08/01/21(b)

     6,140       6,669,575  

Election of 2010, Series B, 5.50%, 08/01/39

     3,000       3,434,730  

Election of 2012, Series A, 5.50%, 08/01/39

     2,500       2,862,275  
   

 

 

  
      171,626,875  
Education — 5.9%  

California Educational Facilities Authority, RB, Series A, 5.00%, 10/01/53

     10,000       11,595,400  

California Municipal Finance Authority, RB, Emerson College, 6.00%, 01/01/22(b)

     2,750       3,076,508  

California School Finance Authority, RB, Alliance for College-Ready Public Schools Projects, Series A, 5.00%, 07/01/36(d)

     755       830,326  

California School Finance Authority, Refunding RB, Aspire Public Schools — Obligated Group, 5.00%, 08/01/46(d)

     1,250       1,356,100  
Security   Par
(000)		     Value  
Education (continued)  

California Statewide Communities Development Authority, RB, University of California, Irvine East Campus, Series A, 5.00%, 05/15/37

   $ 4,000     $ 4,581,080  

California Statewide Communities Development Authority, Refunding RB, CHF-Irvine LLC:

    

5.00%, 05/15/33

     2,625       2,993,550  

5.00%, 05/15/40

     2,250       2,521,665  

University of California, RB, 5.25%, 05/15/36

     3,680       4,233,766  
   

 

 

  
      31,188,395  
Health — 11.5%  

California Health Facilities Financing Authority, RB:

    

Children’s Hospital, Series A, 5.25%, 11/01/41

     10,000       10,803,700  

Providence Health Services, Series B,
5.50%, 10/01/39

     4,205       4,271,061  

Sutter Health, Series B, 6.00%, 08/15/20(b)

     7,715       8,157,455  

California Health Facilities Financing Authority, Refunding RB, Series A:

    

Adventist Health System West,
4.00%, 03/01/43

     1,400       1,432,634  

Adventist Health System/West,
4.00%, 03/01/39

     985       1,029,936  

Catholic Healthcare West, 6.00%, 07/01/19(b)

     5,500       5,539,380  

Dignity Health, 6.00%, 07/01/19(b)

     2,370       2,386,969  

California Municipal Finance Authority, Refunding RB, Community Medical Centers, Series A, 5.00%, 02/01/42

     4,000       4,498,280  

California Statewide Communities Development Authority, RB:

    

Green Bond, Marin General Hospital,
4.00%, 08/01/45

     2,500       2,562,125  

Huntington Memorial Hospital Project,
4.00%, 07/01/48

     1,780       1,845,913  

Methodist Hospital of Southern California,
4.25%, 01/01/43

     3,450       3,606,596  

Sutter Health, Series A, 6.00%, 08/15/20(b)

     4,130       4,366,856  

California Statewide Communities Development Authority, Refunding RB:

    

Front Porch Communities and Services,
4.00%, 04/01/42

     2,595       2,688,264  
 

 

 

2   

Schedule of Investments  (unaudited) (continued)

April 30, 2019

   

BlackRock MuniYield California Quality Fund, Inc. (MCA)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Health (continued)  

Front Porch Communities and Services, 4.00%, 04/01/47

   $ 1,320     $ 1,359,204  

John Muir Health, Series A, 4.00%, 12/01/57

     3,250       3,300,343  

Trinity Health Credit Group Composite Issue, 5.00%, 12/01/41

     2,860       3,066,606  
   

 

 

  
      60,915,322  
Housing — 1.7%  

Freddie Mac Multifamily Maryland Certificates, RB, M/F Housing, Pass-Through, Class A, 3.35%, 11/25/33

     8,606       8,920,118  
   

 

 

  
State — 2.8%  

State of California, GO, Various Purposes:

    

6.00%, 03/01/33

     5,500       5,703,885  

6.00%, 11/01/39

     3,510       3,587,781  

State of California Public Works Board, LRB, Various Capital Projects:

    

Series I, 5.50%, 11/01/33

     2,575       2,932,333  

Sub-Series I-1, 6.13%, 11/01/19(b)

     2,615       2,676,139  
   

 

 

  
      14,900,138  
Tobacco — 1.4%  

Golden State Tobacco Securitization Corp., Refunding RB, Series A-1:

    

5.00%, 06/01/33

     2,175       2,479,500  

5.00%, 06/01/35

     3,215       3,629,992  

3.50%, 06/01/36

     1,500       1,492,425  
   

 

 

  
      7,601,917  
Transportation — 20.9%  

Alameda Corridor Transportation Authority, Refunding RB, 2nd Subordinate Lien, Series B, 5.00%, 10/01/35

     1,500       1,696,050  

California Municipal Finance Authority, ARB, AMT:

    

Senior Lien, Linxs APM Project, 5.00%, 12/31/43

     6,500       7,420,855  

Senior Lien-Linxs APM Project, 4.00%, 12/31/47

     7,500       7,793,700  

City & County of San Francisco Airport Commission, Refunding RB, AMT, San Francisco International Airport, Series D, 5.00%, 05/01/43

     7,715       9,011,891  
Security   Par
(000)		     Value  
Transportation (continued)  

City & County of San Francisco California Airports Commission, ARB, Second Series E, 6.00%, 05/01/39

   $ 8,905     $ 8,905,000  

City & County of San Francisco California Airports Commission, Refunding ARB, AMT, Series A:

    

2nd, 5.25%, 05/01/33

     1,900       2,118,899  

5.00%, 05/01/44

     2,660       2,945,338  

5.00%, 05/01/44

     6,000       7,094,880  

5.00%, 05/01/40

     3,785       4,206,006  

5.00%, 05/01/49

     3,500       4,115,860  

City of Los Angeles California Department of Airports, ARB:

    

Los Angeles International Airport, Sub-Series B, 5.00%, 05/15/40

     2,500       2,585,650  

Series D, AMT, 5.00%, 05/15/35

     2,000       2,277,320  

Series D, AMT, 5.00%, 05/15/36

     1,500       1,703,490  

City of Los Angeles California Department of Airports, Refunding ARB, Los Angeles International Airport, Senior Series A, 5.25%, 05/15/29

     3,760       3,765,151  

City of Los Angeles Department of Airports, ARB, AMT, Subordinate, Series C, 5.00%, 05/15/38

     3,215       3,766,758  

City of San Jose California, Refunding ARB, Norman Y Mineta San Jose International Airport SJC, AMT:

    

Series A, 5.00%, 03/01/41

     3,075       3,523,243  

Series A, 5.00%, 03/01/47

     6,770       7,706,223  

Series A-1, 6.25%, 03/01/34

     1,400       1,502,718  

County of Sacramento California Airport System Revenue, Refunding ARB:

    

Airport System Subordinate Revenue, Sub-Series B, 5.00%, 07/01/41

     1,750       2,017,733  

Senior Series A, 5.00%, 07/01/41

     2,500       2,891,300  

County of San Bernardino California Transportation Authority, RB, Series A, 5.25%, 03/01/40

     4,500       5,176,395  

County of San Diego California Regional Airport Authority, Refunding ARB, Series B, 5.00%, 07/01/40

     6,350       6,576,568  

County of San Diego Regional Airport Authority, ARB, Subordinate, Series B, AMT, 5.00%, 07/01/47

     6,000       6,868,020  

Port of Los Angeles California Harbor Department, RB, Series B, 5.25%, 08/01/19(b)

     4,530       4,572,854  
 

 

 

     3  

Schedule of Investments  (unaudited) (continued)

April 30, 2019

   

BlackRock MuniYield California Quality Fund, Inc. (MCA)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Transportation (continued)  

Port of Los Angeles California Harbor Department, Refunding RB, Series A, AMT, 5.00%, 08/01/44

   $ 200     $ 223,938  
   

 

 

  
      110,465,840  
Utilities — 11.2%  

Anaheim Public Financing Authority, RB, Electric System Distribution Facilities, Series A, 5.38%, 04/01/21(b)

     5,000       5,379,900  

City of Los Angeles California Department of Water & Power, Refunding RB, Water System, Series A, 5.25%, 07/01/39

     8,000       8,467,120  

City of Los Angeles California Wastewater System Revenue, Refunding RB, Sub-Series A:

    

5.00%, 06/01/20(b)

     1,325       1,375,522  

5.00%, 06/01/28

     675       700,279  

City of San Francisco California Public Utilities Commission Water Revenue, RB, Sub-Series A, 5.00%, 11/01/37

     10,000       10,847,600  

City of San Francisco California Public Utilities Commission Water Revenue, Refunding RB, Series A:

    

5.25%, 11/01/19(b)

     6,280       6,399,697  

5.00%, 11/01/36

     2,335       2,689,219  

Dublin-San Ramon Services District Water Revenue, Refunding RB, 6.00%, 02/01/21(b)

     4,000       4,317,120  

East Bay California Municipal Utility District Water System Revenue, Refunding RB, Sub-Series A, 5.00%, 06/01/20(b)

     5,000       5,193,400  

El Dorado Irrigation District/El Dorado County Water Agency, Refunding RB, Series A (AGM), 5.25%, 03/01/39

     5,000       5,719,950  

San Diego Public Facilities Financing Authority, Refunding RB, Subordinated, Series A, 5.25%, 08/01/47

     5,000       6,082,500  

San Diego Public Facilities Financing Authority Sewer, Refunding RB, Senior Series A, 5.25%, 05/15/19(b)

     2,000       2,002,760  
   

 

 

  
      59,175,067  
   

 

 

  

Total Municipal Bonds — 89.1%
(Cost — $447,534,255)

 

     471,656,447  
   

 

 

  
Security   Par
(000)		     Value  

Municipal Bonds Transferred to Tender Option Bond
Trusts(e) — 81.9%

 

California — 81.9%

 

County/City/Special District/School District — 26.2%  

California Municipal Finance Authority, RB, Orange County Civic Center Infrastructure, 5.00%, 06/01/48

   $ 9,500     $ 11,140,080  

County of Riverside California Public Financing Authority, RB, Capital Facilities Project, 5.25%, 11/01/45

     10,000       11,679,470  

County of San Luis California Obispo Community College District, GO, Refunding Election of 2014, Series A, 4.00%, 08/01/40

     6,585       6,961,023  

County of San Mateo California Community College District, GO, Election of 2014, Series A, 5.00%, 09/01/45

     17,615       20,190,103  

Fremont Union High School District, GO, Refunding Series A, 4.00%, 08/01/46

     5,000       5,385,500  

Los Angeles California Unified School District, GO:

    

Election of 2008, Series B-1, 5.25%, 07/01/42(f)

     7,075       8,490,079  

Series I, 5.00%, 01/01/34

     5,000       5,023,375  

Los Angeles Community College District California, GO, Refunding, Election of 2008, Series A, 6.00%, 08/01/19(b)

     9,596       9,703,666  

Los Angeles County Facilities Inc., RB, Vermont Corridor County Administration Building, Series A, 5.00%, 12/01/51(f)

     11,420       13,328,473  

Palomar Community College District, GO, Election of 2006, Series C, 5.00%, 08/01/44

     15,140       17,395,179  

Sacramento Area Flood Control Agency, Refunding, Consolidated Capital Assessment District No. 2, Series A, 5.00%, 10/01/43

     10,005       11,583,589  

West Valley-Mission Community College District, GO, Election of 2012, Series B, 4.00%, 08/01/40

     17,000       18,072,360  
   

 

 

  
      138,952,897  
Education — 13.6%  

Los Rios Community College District, GO, Election of 2008, Series A, 5.00%, 08/01/20(b)

     11,000       11,474,430  

University of California, RB:

    

Series AM, 5.25%, 05/15/44

     9,210       10,540,799  

Series O, 5.75%, 05/15/19(b)

     11,192       11,209,571  
 

 

 

4   

Schedule of Investments  (unaudited) (continued)

April 30, 2019

   

BlackRock MuniYield California Quality Fund, Inc. (MCA)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Education (continued)  

University of California, Refunding RB:

    

Series A, 5.00%, 11/01/43

   $ 13,002     $ 14,921,783  

Series I, 5.00%, 05/15/40

     21,105       24,071,480  
   

 

 

  
      72,218,063  
Health — 19.1%  

California Health Facilities Financing Authority, Refunding RB, Kaiser Permanent, Sub-Series A-2, 4.00%, 11/01/44

     13,280       14,186,825  

California Health Facilities Financing Authority, RB:

    

Lucile Salter Packard Children’s Hospital at Stanford, 5.00%, 11/15/56

     6,000       6,797,040  

Sutter Health, Series A, 4.00%, 11/15/42

     7,500       8,032,225  

Sutter Health, Series A, 5.00%, 08/15/52

     10,000       10,916,600  

California Health Facilities Financing Authority, Refunding RB:

    

Lucile Salter Packard Children’s Hospital, Series B, 5.00%, 08/15/55

     4,500       5,039,966  

Providence St. Joseph Health, Series A, 4.00%, 10/01/47

     6,018       6,384,466  

Sutter Health, Series A, 5.00%, 08/15/43

     24,940       28,145,663  

California Statewide Communities Development Authority, RB, Kaiser Permanente, Series A, 5.00%, 04/01/42

     19,860       21,450,885  
   

 

 

  
      100,953,670  
State — 0.7%  

State of California, GO, Refunding, Various Purpose, 5.25%, 10/01/39

     3,000       3,532,830  
   

 

 

  
Transportation — 9.4%  

Bay Area Toll Authority, Refunding RB, San Francisco Bay Area Toll Bridge(f):

    

4.00%, 04/01/42

     11,250       12,016,579  

4.00%, 04/01/49

     6,555       6,959,727  

City of Los Angeles California Department of Airports, ARB, AMT:

    

Los Angeles International Airport, Series B, 5.00%, 05/15/46

     5,000       5,669,575  

Series D, 5.00%, 05/15/41

     13,312       14,974,682  
Security   Par
(000)		     Value  
Transportation (continued)  

City of Los Angeles California Department of Airports, RB, AMT:

    

Los Angeles International Airport, Series B, 5.00%, 05/15/41

   $ 3,641     $ 4,145,376  

Senior Revenue, Series A, 5.00%, 05/15/40

     5,500       6,194,925  
   

 

 

  
      49,960,864  
Utilities — 12.9%  

Anaheim Public Financing Authority, Refunding RB, Anaheim Convention Center Expansion Project, Series A:

    

5.00%, 05/01/39

     6,000       6,771,120  

5.00%, 05/01/46

     13,500       15,142,477  

Beaumont Public Improvement Authority, RB, Series A (AGM), 5.00%, 09/01/49

     6,000       6,977,020  

City & County of San Francisco California Public Utilities Commission, RB, Water Revenue, Series B, 5.00%, 11/01/19(b)

     4,380       4,457,198  

City of Los Angeles California Wastewater System Revenue, RB, Green Bonds, Series A, 5.00%, 06/01/44

     6,290       7,179,941  

City of Sacramento California Water Revenue, RB, 5.25%, 09/01/47

     14,825       17,840,527  

Los Angeles Department of Water, Refunding RB, Series A, 5.00%, 07/01/46

     8,413       9,659,953  
   

 

 

  
      68,028,236  
   

 

 

  

Total Municipal Bonds Transferred to Tender Option Bond Trusts — 81.9%
(Cost — $417,939,365)

 

     433,646,560  
 

 

 

  

Total Long-Term Investments — 171.0%
(Cost — $865,473,620)

 

     905,303,007  
   

 

 

  
     Shares         

Short-Term Securities — 0.4%

 

BlackRock Liquidity Funds California Money Fund, Institutional Class, 1.89%(g)(h)

     2,290,773       2,291,231  
   

 

 

  
 

 

 

     5  

Schedule of Investments  (unaudited) (continued)

April 30, 2019

   

BlackRock MuniYield California Quality Fund, Inc. (MCA)

(Percentages shown are based on Net Assets)

 

         Value  

Short-Term Securities (continued)

 

Total Short-Term Securities — 0.4%
(Cost — $2,291,231)

   $ 2,291,231  
 

 

 

  

Total Investments — 171.4%
(Cost — $867,764,851)

   $ 907,594,238  
 

 

 

  
           Value  

Other Assets Less Liabilities — 0.2%

     $ 1,859,833  

Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (40.2)%

       (213,746,503 ) 

VRDP Shares, at Liquidation Value, Net of Deferred Offering Costs — (31.4)%

       (166,248,153 ) 
   

 

 

  

Net Assets Applicable to Common Shares — 100.0%

     $ 529,459,415  
   

 

 

  
 
(a) 

Zero-coupon bond.

(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) 

When-issued security.

(d) 

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.

(e) 

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.

(f) 

All or a portion of the security is subject to a recourse agreement. The aggregate maximum potential amount the Fund could ultimately be required to pay under the agreements, which expire between April 01, 2025 to June 01, 2026, is $25,985,300.

(g) 

Annualized 7-day yield as of period end.

(h) 

During the period ended April 30, 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
07/31/18		      Net
Activity		      Shares
Held at
04/30/19		      Value at
04/30/19		      Income      Net
Realized
Gain (Loss) (a)		      Change in
Unrealized
Appreciation
(Depreciation)		  

BlackRock Liquidity Funds California Money Fund, Institutional Class

      —        2,290,773        2,290,773      $ 2,291,231      $ 12,062      $ —      $ —  

BlackRock Liquidity Funds, MuniCash, Institutional Class

      349,727        (349,727 )       —        —        8,242        (11 )       (25 ) 
           

 

 

     

 

 

     

 

 

     

 

 

  
            $ 2,291,231      $ 20,304      $ (11 )     $ (25 ) 
           

 

 

     

 

 

     

 

 

     

 

 

  

 

  (a) 

Includes net capital gain distributions, if applicable.

 

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.

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

      140          06/19/19        $ 17,314        $ (44,527 ) 

Long U.S. Treasury Bond

      294          06/19/19          43,356          (262,510 ) 

5-Year U.S. Treasury Note

      14          06/28/19          1,619          (2,972 ) 
                 

 

 

  
                  $ (310,009 ) 
                 

 

 

  

 

 

6   

Schedule of Investments  (unaudited) (continued)

April 30, 2019

   

BlackRock MuniYield California Quality Fund, Inc. (MCA)

 

 

Portfolio Abbreviations
AGC    Assured Guarantee Corp.
AGM    Assured Guaranty Municipal Corp.
AMT    Alternative Minimum Tax (subject to)
ARB    Airport Revenue Bonds
BAM    Build America Mutual Assurance Co.
CAB    Capital Appreciation Bonds
COP    Certificates of Participation
GO    General Obligation Bonds
LRB    Lease Revenue Bonds
RB    Revenue Bonds

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 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 Fund’s 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 BlackRock Global Valuation Methodologies Committee (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 semi-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)

    $ —        $ 905,303,007        $ —        $ 905,303,007  

Short-Term Securities

     2,291,231          —          —          2,291,231  
  

 

 

       

 

 

       

 

 

       

 

 

  
   $ 2,291,231        $ 905,303,007        $ —        $ 907,594,238  
  

 

 

       

 

 

       

 

 

       

 

 

  

Derivative Financial Instruments(b)

                  

Liabilities:

                 

Interest rate contracts

   $ (310,009 )       $ —        $             —        $ (310,009 ) 
  

 

 

       

 

 

       

 

 

       

 

 

  

 

  (a) 

See above Schedule of Investments for values in each sector.

 
  (b) 

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

 

 

 

     7  

Schedule of Investments  (unaudited) (continued)

April 30, 2019

   

BlackRock MuniYield California Quality Fund, Inc. (MCA)

 

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

   $ —        $ (212,664,205 )       $ —        $ (212,664,205 ) 

VRDP Shares at Liquidation Value

     —          (166,500,000 )         —          (166,500,000 ) 
  

 

 

       

 

 

       

 

 

       

 

 

  
   $             —        $ (379,164,205 )       $             —        $ (379,164,205 ) 
  

 

 

       

 

 

       

 

 

       

 

 

  

 

 

8