NPORT-EX 2 BRMuniYieldCaliQualityFund.htm EX-MCA

Schedule of Investments  (unaudited) 

October 31, 2019

   

BlackRock MuniYield California Quality Fund, Inc. (MCA)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  

Municipal Bonds — 91.6%

    

California — 88.2%

    
Corporate — 1.3%            

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

   $ 4,000     $ 4,497,360  

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

     2,435       2,443,449  
   

 

 

  
        6,940,809  
County/City/Special District/School District — 28.9%  

California Enterprise Development Authority, RB, Riverside Country Library Facilities Project, 4.00%, 11/01/49

       1,900       2,094,845  

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

    

0.00%, 08/01/32

     250       172,020  

0.00%, 08/01/33

     500       327,180  

0.00%, 08/01/34

     505       314,989  

0.00%, 08/01/35

     545       324,013  

0.00%, 08/01/36

     500       283,765  

0.00%, 08/01/37

     650       351,819  

0.00%, 08/01/38

     630       325,395  

0.00%, 08/01/39

     750       370,335  

0.00%, 08/01/40

       1,850       873,385  

0.00%, 08/01/41

     305       137,583  

0.00%, 02/01/42

     350       154,235  

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

     1,050       1,180,673  

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

     3,750       4,517,025  

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

     2,755       2,935,287  

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

     4,265       5,237,249  

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

     3,700       4,476,260  

Garden Grove Unified School District, GO, Election of 2010, Series C, 5.25%, 08/01/23(b)

     2,725       3,144,759  
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     $ 2,331,748  

5.75%, 08/01/21

     8,400       9,083,088  

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

     2,500       2,714,450  

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

     1,880       2,025,211  

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

     2,000       2,197,900  

Kern Community College District, GO, Safety Repair & Improvements, Series C, 5.25%, 11/01/23(b)

     5,715       6,658,318  

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

     5,370       5,943,623  

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

     4,500       5,120,820  

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

     8,140       8,731,859  

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

     2,715       3,244,452  

Perris Union High School District, COP, Refunding School Finacing Project (BAM), 4.00%, 10/01/43

       10,000         10,983,800  

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

     5,455       6,071,906  

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

    

5.00%, 09/01/37

     1,500       1,785,090  

5.00%, 09/01/41

     3,000       3,547,620  

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

    

5.75%, 05/01/36

     2,570       2,578,892  

5.75%, 05/01/42

     4,500       4,772,655  

San Jose California Financing Authority, Refunding LRB, Series A:

    

5.00%, 06/01/32

     3,375       3,822,694  

5.00%, 06/01/39

     5,800       6,510,268  
 

 

 

1

Schedule of Investments  (unaudited) (continued)

October 31, 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 Juan Unified School District, GO, Election of 2002 (AGM), 5.00%, 08/01/20(b)

   $ 6,475     $ 6,665,171  

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

     3,000       3,212,910  

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

       3,000       3,141,750  

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

     5,550       6,327,777  

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

     7,680       8,304,538  

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

     1,625       1,912,333  

West Contra Costa California Unified School District, GO:

    

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

     6,140       6,586,439  

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

     3,000       3,439,650  

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

     2,500       2,866,375  
   

 

 

  
      157,802,154  
Education — 6.4%            

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

     10,000       11,944,100  

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

     2,750       3,040,812  

California School Finance Authority, RB, Series A(c):

    

Alliance for College-Ready Public Schools Projects, 5.00%, 07/01/36

     755       848,899  

Kipp Socal Projects, 5.00%, 07/01/54

     650       764,433  

Real Journey Academies, 5.00%, 06/01/58

     2,385       2,484,765  

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

     1,250       1,383,513  

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

     4,000       4,734,320  
Security  

Par

(000)

     Value  
Education (continued)            

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

    

5.00%, 05/15/33

   $ 2,625     $ 3,087,236  

5.00%, 05/15/40

     2,250       2,607,637  

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

     3,680       4,313,218  
   

 

 

  
      35,208,933  
Health — 9.2%            

California Health Facilities Financing Authority, RB:

    

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

       10,000       10,709,900  

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

     7,715       8,013,185  

California Health Facilities Financing Authority, Refunding RB, Adventist Health System West, Series A:

    

4.00%, 03/01/39

     985       1,072,557  

4.00%, 03/01/43

     1,400       1,465,646  

California Municipal Finance Authority, Refunding RB, Series A:

    

Community Medical Centers, 5.00%, 02/01/42

     4,000       4,711,560  

HumanGood California Obligated Group, 4.00%, 10/01/44

     1,000       1,082,500  

California Statewide Communities Development Authority, RB:

    

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

     2,500       2,615,850  

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

     1,780       1,938,527  

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

     3,450       3,778,612  

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

     4,130       4,289,624  

California Statewide Communities Development Authority, Refunding RB:

    

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

     2,595       2,832,235  

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

     1,320       1,431,197  

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

     3,250       3,454,328  

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

     2,860       3,059,456  
   

 

 

  
    50,455,177  
 

 

 

2

Schedule of Investments  (unaudited) (continued)

October 31, 2019

   

BlackRock MuniYield California Quality Fund, Inc. (MCA)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  
Housing — 2.8%            

California Community Housing Agency, RB, M/F Housing, Verdant At Green Valley Project, 5.00%, 08/01/49(c)

   $ 1,855     $ 2,085,243  

California Housing Finance, RB, S/F Housing, Series A, 4.25%, 01/15/35(d)

     1,377       1,615,855  

California Statewide Communities Development Authority, Special Assessment Bonds, S/F Housing, Statewide Community Infrastructure Program:

    

5.00%, 09/02/39

     465       552,355  

5.00%, 09/02/44

     535       628,486  

5.00%, 09/02/49

     775       904,611  

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

       8,579       9,450,232  
   

 

 

  
        15,236,782  
State — 3.9%            

State of California, GO, Refunding, Construction Bonds:

    

4.00%, 10/01/44

     5,000       5,738,250  

3.00%, 10/01/49

     3,265       3,315,705  

State of California, GO, Various Purposes:

    

6.00%, 03/01/33

     5,500       5,587,560  

6.00%, 11/01/39

     3,510       3,510,000  

State of California Public Works Board, LRB, Various Capital Projects, Series I, 5.50%, 11/01/33

     2,575       2,976,108  
   

 

 

  
      21,127,623  
Tobacco — 4.5%            

Golden State Tobacco Securitization Corp., Refunding RB:

    

Series A-1, 5.00%, 06/01/33

     2,175       2,576,722  

Series A-1, 5.00%, 06/01/35

     3,215       3,791,064  

Series A-1, 3.50%, 06/01/36

     5,305       5,411,100  

Series A-2, 5.00%, 06/01/47

     2,500       2,573,375  
Security  

Par

(000)

     Value  
Tobacco (continued)            

Tobacco Securitization Authority of Southern California, Refunding RB:

    

5.00%, 06/01/48

   $ 6,500     $ 7,711,405  

San Diego Country Tobacco Asset Securitization Corporation, 5.00%, 06/01/48

     575       662,331  

San Diego Country Tobacco Asset Securitization Corporation, 0.00%, 06/01/54(a)

       11,850       1,754,156  
   

 

 

  
        24,480,153  
Transportation — 20.5%            

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

     1,500       1,741,200  

Bay Area Toll Authority, Refunding RB, Subordinate, Series S-8, 3.00%, 04/01/54

     13,230       13,428,715  

California Municipal Finance Authority, ARB, AMT:

    

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

     6,500       7,613,840  

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

     7,500       8,055,450  

California Municipal Finance Authority, Refunding ARB, United Airlines, Inc. Project, AMT, 4.00%, 07/15/29

     3,210       3,643,703  

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

    

2nd, 5.25%, 05/01/33

     1,900       2,133,529  

5.00%, 05/01/40

     3,785       4,274,968  

5.00%, 05/01/44

     6,000       7,304,820  

5.00%, 05/01/44

     2,660       2,973,454  

5.00%, 05/01/49

     3,500       4,197,480  

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

     7,715       9,220,505  

City of Los Angeles California Department of Airports, ARB:

    

AMT, Subordinate, Series C, 5.00%, 05/15/38

     3,215       3,872,660  

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

     2,500       2,546,800  

Series D, AMT, 5.00%, 05/15/35

     2,000       2,326,900  

Series D, AMT, 5.00%, 05/15/36

     1,500       1,740,915  
 

 

 

3

Schedule of Investments  (unaudited) (continued)

October 31, 2019

   

BlackRock MuniYield California Quality Fund, Inc. (MCA)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  
Transportation (continued)            

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     $ 3,637,848  

Series A, 5.00%, 03/01/47

     6,770       7,908,782  

Series A-1, 6.25%, 03/01/34

     1,400       1,485,470  

County of Sacramento California Airport System Revenue, Refunding ARB:

    

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

     1,750       2,087,610  

Senior Series A, 5.00%, 07/01/41

     2,500       2,962,450  

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

     4,500       5,190,390  

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

     6,350       6,495,542  

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

     6,000       7,073,940  

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

     200       226,984  
   

 

 

  
        112,143,955  
Utilities — 10.7%            

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

     5,000       5,303,800  

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

     8,000       8,360,480  

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

    

5.00%, 06/01/20(b)

     1,325       1,355,197  

5.00%, 06/01/28

     675       690,133  

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

       10,000       10,759,000  

City of San Francisco California Public Utilities Commission Water Revenue, Refunding RB, Series A, 5.00%, 11/01/36

     2,335       2,780,635  

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

     4,000       4,245,200  
Security  

Par

(000)

     Value  
Utilities (continued)            

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

   $ 5,000     $ 5,113,950  

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

     5,000       5,774,800  

Milpitas Municipal Financing Authority, RB, 4.00%, 11/01/49(e)

       6,785       7,570,703  

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

     5,000       6,280,400  
   

 

 

  
      58,234,298  
   

 

 

  

Total Municipal Bonds in California

 

     481,629,884  

Puerto Rico — 3.4%

    
State — 3.4%            

Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, Restructured:

    

Series A-1, 5.00%, 07/01/58

     500       523,280  

Series B-1, 4.75%, 07/01/53

     735       757,462  

Series B-1, 5.00%, 07/01/58

     8,899       9,302,570  

Series B-2, 4.33%, 07/01/40

     7,022       7,132,947  

Series B-2, 4.78%, 07/01/58

     713       731,745  
   

 

 

  

Total Municipal Bonds in Puerto Rico

       18,448,004  
   

 

 

  

Total Municipal Bonds — 91.6%
(Cost — $469,310,106)

         500,077,888  
   

 

 

  

Municipal Bonds Transferred to Tender Option Bond Trusts(f)

 

California — 76.8%

 

County/City/Special District/School District — 23.6%  

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

     9,500       11,460,325  

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

     10,000       11,869,398  

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

     6,585       7,298,880  

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

     17,615       20,950,397  
 

 

 

4

Schedule of Investments  (unaudited) (continued)

October 31, 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)  

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

   $ 5,000     $ 5,668,400  

Los Angeles California Unified School District, GO, Election of 2008, Series B-1, 5.25%, 07/01/42(g)

     7,075       8,765,358  

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

     11,420       13,848,119  

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

     15,140       17,999,643  

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

     10,005       12,015,405  

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

     17,000       19,071,110  
   

 

 

  
      128,947,035  
Education — 11.4%            

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

     11,000       11,322,850  

University of California, RB, Series AM, 5.25%, 05/15/44

     9,210       10,694,652  

University of California, Refunding RB:

    

Series A, 5.00%, 11/01/43

       13,002       15,337,491  

Series I, 5.00%, 05/15/40

     21,105       24,778,749  
   

 

 

  
    62,133,742  
Health — 19.0%            

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

     13,280       14,765,767  

California Health Facilities Financing Authority, RB:

    

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

     6,000       7,171,200  

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

     7,500       8,348,100  

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

     10,000       11,144,400  
Security  

Par

(000)

     Value  
Health (continued)            

California Health Facilities Financing Authority, Refunding RB:

    

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

   $ 4,500     $ 5,264,460  

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

     6,018       6,481,517  

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

     24,940       29,083,781  

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

     19,860       21,539,560  
   

 

 

  
    103,798,785  
State — 0.7%            

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

     3,000       3,630,660  
   

 

 

  
Transportation — 9.4%            

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

    

4.00%, 04/01/42

     11,250       12,517,424  

4.00%, 04/01/49

     6,555       7,201,913  

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

    

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

     5,000       5,818,250  

Series D, 5.00%, 05/15/41

       13,312       15,362,362  

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

    

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

     3,641       4,264,917  

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

     5,500       6,347,550  
   

 

 

  
      51,512,416  
Utilities — 12.7%            

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

    

5.00%, 05/01/39

     6,000       6,825,720  

5.00%, 05/01/46

     13,500       15,229,890  

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

     6,000       7,246,800  
 

 

 

5

Schedule of Investments  (unaudited) (continued)

October 31, 2019

   

BlackRock MuniYield California Quality Fund, Inc. (MCA)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  
Utilities (continued)            

City & County of San Francisco California Public Utilities Commission, RB, Water Revenue, Series B, 5.00%, 11/01/39

   $ 4,380     $ 4,380,000  

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

     6,290       7,415,973  

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

     14,825       18,282,038  

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

     8,413       9,841,925  
   

 

 

  
      69,222,346  
   

 

 

  

Total Municipal Bonds Transferred to Tender Option Bond Trusts — 76.8%
(Cost — $390,416,235)

 

       419,244,984  
   

 

 

  

Total Long-Term Investments — 168.4%
(Cost — $859,726,341)

 

     919,322,872  
   

 

 

  
Security  

    

Shares

     Value  

Short-Term Securities — 0.4%

 

BlackRock Liquidity Funds California Money Fund, Institutional Class, 0.78%(h)(i)

     2,115,595     $ 2,116,018  
   

 

 

  

Total Short-Term Securities — 0.4%
(Cost — $2,116,018)

 

     2,116,018  
   

 

 

  

Total Investments — 168.8%
(Cost — $861,842,359)

 

     921,438,890  

Liabilities in Excess of Other Assets — (2.0)%

 

     (10,927,200 ) 

Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (36.4)%

 

     (198,479,846 ) 

VRDP Shares, at Liquidation Value, Net of Deferred Offering
Costs — (30.4)%

 

     (166,138,652 ) 
   

 

 

  

Net Assets Applicable to Common Shares — 100.0%

 

   $   545,893,192  
   

 

 

  
 

 

(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) 

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.

(d) 

Variable or floating rate security, which interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of period end.

(e) 

When-issued security.

(f) 

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.

(g) 

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 1, 2025 to June 1, 2026, is $25,985,300.

(h) 

Annualized 7-day yield as of period end.

(i) 

During the period ended October 31, 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

07/31/19

     

Net

Activity

     

Shares

Held at

10/31/19

     

Value at

10/31/19

      Income     

Net

Realized

Gain (Loss) (a)

     

Change in

Unrealized

Appreciation

(Depreciation)

  

BlackRock Liquidity Funds California Money Fund, Institutional Class

      12,443,051        (10,327,456 )       2,115,595      $ 2,116,018      $ 11,417      $ —      $ —  
           

 

 

     

 

 

     

 

 

     

 

 

  

 

  (a) 

Includes net capital gain distributions, if applicable.

 

 

 

6

Schedule of Investments  (unaudited) (continued)

October 31, 2019

   

BlackRock MuniYield California Quality Fund, Inc. (MCA)

 

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.

 

Portfolio Abbreviations
AGM    Assured Guaranty Municipal Corp.
AMT    Alternative Minimum Tax
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
M/F    Multi-Family
RB    Revenue Bonds
S/F    Single-Family

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

      80          12/19/19        $ 10,424        $ 24,469  

Long U.S. Treasury Bond

      140          12/19/19          22,593          131,699  

5-Year U.S. Treasury Note

      43          12/31/19          5,126          9,945  
                 

 

 

  
          $ 166,113  
                 

 

 

  

 

 

 

7

Schedule of Investments  (unaudited) (continued)

October 31, 2019

    BlackRock MuniYield California Quality Fund, Inc. (MCA)

 

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 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”) 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 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 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)

    $ —        $ 919,322,872        $ —        $ 919,322,872  

Short-Term Securities

      2,116,018          —          —          2,116,018  
  

 

 

       

 

 

       

 

 

       

 

 

  

Total

    $ 2,116,018        $ 919,322,872        $ —        $ 921,438,890  
  

 

 

       

 

 

       

 

 

       

 

 

  

Derivative Financial Instruments(b)

                  

Assets:

                  

Interest rate contracts

    $ 166,113        $ —        $             —        $ 166,113  
  

 

 

       

 

 

       

 

 

       

 

 

  

 

  (a) 

See above Schedule of Investments for values in each sector.

 
  (b) 

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

 

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

    $ —        $ (197,905,219 )       $ —        $ (197,905,219 ) 

VRDP Shares at Liquidation Value

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

 

 

       

 

 

       

 

 

       

 

 

  
   $             —        $ (364,405,219 )       $             —        $ (364,405,219 ) 
  

 

 

       

 

 

       

 

 

       

 

 

  

 

 

8