BlackRock MuniYield California Fund, Inc.
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 811-06499
Name of Fund: BlackRock MuniYield California Fund, Inc. (MYC)
Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809
Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock MuniYield
California 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: 07/31/2018
Date of reporting period: 04/30/2018
Item 1 – Schedule of Investments
|
|
|
| Schedule of Investments (unaudited)
April 30, 2018 |
|
BlackRock MuniYield California Fund, Inc. (MYC)
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
Security |
|
Par
(000) |
|
|
Value |
|
| Municipal Bonds — 94.8% |
|
|
|
|
|
|
|
|
|
| California — 94.0% |
|
| Corporate — 1.3% |
|
|
|
|
| City of Chula Vista California, Refunding RB, San Diego Gas & Electric, Series D,
5.88%, 01/01/34 |
|
$ |
4,000 |
|
|
$ |
4,163,040 |
|
|
|
|
|
|
|
|
|
|
| County/City/Special District/School District — 27.8% |
|
| Anaheim California Union High School District, GO, Election of 2014, 4.00%, 08/01/42 |
|
|
5,725 |
|
|
|
5,912,608 |
|
| California State University, Refunding RB, Systemwide, Series A, 5.00%, 11/01/42 |
|
|
5 |
|
|
|
5,745 |
|
| City of Los Angeles California, COP, Senior, Sonnenblick Del Rio West Los Angeles (AMBAC), 6.20%,
11/01/31 |
|
|
2,000 |
|
|
|
2,006,980 |
|
| City of Los Angeles California Municipal Improvement Corp., RB, Real Property, Series E, 6.00%, 09/01/19(a) |
|
|
2,660 |
|
|
|
2,807,231 |
|
| City of San Jose California Hotel Tax, RB, Convention Center Expansion & Renovation
Project: |
|
|
|
|
|
|
|
|
| 6.50%, 05/01/36 |
|
|
1,520 |
|
|
|
1,707,158 |
|
| 6.50%, 05/01/42 |
|
|
1,860 |
|
|
|
2,089,022 |
|
| County of Los Angeles California Metropolitan Transportation Authority, Refunding RB, Proposition C, Sales
Tax Revenue, Series A, 5.00%, 07/01/42 |
|
|
4,000 |
|
|
|
4,595,200 |
|
| County of Riverside California Public Financing Authority, RB, Capital Facilities Project,
5.25%, 11/01/45 |
|
|
5,000 |
|
|
|
5,703,450 |
|
| County of San Diego Regional Transportation Commission, Refunding RB, Series A, 5.00%, 04/01/48 |
|
|
5,745 |
|
|
|
6,531,605 |
|
| County of San Joaquin California Transportation Authority, Refunding RB, Limited Tax, Measure K, Series
A, 6.00%, 03/01/21(a) |
|
|
2,440 |
|
|
|
2,711,499 |
|
| County of Santa Clara California Financing Authority, Refunding LRB, Series L, 5.25%, 05/15/18(a) |
|
|
16,000 |
|
|
|
16,020,800 |
|
| Garden Grove Unified School District, GO, Election of 2010, Series C, 5.25%, 08/01/40 |
|
|
5,500 |
|
|
|
6,201,745 |
|
| Mountain View-Whisman School District, GO, Election of 2012, Series A, 4.00%, 09/01/42 |
|
|
1,000 |
|
|
|
1,034,360 |
|
| Ohlone Community College District, GO, Election of 2010, Series A, 5.25%, 08/01/21(a) |
|
|
7,135 |
|
|
|
7,881,678 |
|
|
|
|
|
|
|
|
|
|
Security |
|
Par
(000) |
|
|
Value |
|
| County/City/Special District/School District (continued) |
|
| Orange County Sanitation District, Refunding RB, Series A, 5.00%, 02/01/36 |
|
$ |
3,000 |
|
|
$ |
3,436,440 |
|
| Pico Rivera Public Financing Authority, RB,
5.75%, 09/01/19(a) |
|
|
5,300 |
|
|
|
5,572,420 |
|
| Riverside Community Properties Development, Inc., RB, Riverside County Law Building Project,
6.00%, 10/15/23(a) |
|
|
5,000 |
|
|
|
5,968,350 |
|
| San Leandro Unified School District, GO, Election of 2016, Series A (BAM), 5.25%, 08/01/42 |
|
|
2,655 |
|
|
|
3,096,819 |
|
| San Marcos Schools Financing Authority, Refunding RB, (AGM), 5.25%, 08/15/40 |
|
|
750 |
|
|
|
883,192 |
|
| Washington Township Health Care District, GO, Election of 2004, Series B, 5.50%, 08/01/38 |
|
|
1,625 |
|
|
|
1,877,817 |
|
| West Contra Costa California Unified School District, GO, Election of 2012, Series A, 5.50%,
08/01/39 |
|
|
2,500 |
|
|
|
2,861,275 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
88,905,394 |
|
| Education — 7.0% |
|
| California Educational Facilities Authority, Refunding RB: |
|
|
|
|
|
|
|
|
| Pitzer College, 6.00%, 04/01/20(a) |
|
|
2,500 |
|
|
|
2,691,225 |
|
| San Francisco University, 6.13%, 10/01/21(a) |
|
|
855 |
|
|
|
969,596 |
|
| San Francisco University, 6.13%, 10/01/36 |
|
|
890 |
|
|
|
1,005,513 |
|
| California Municipal Finance Authority, RB, Emerson College, 6.00%, 01/01/22(a) |
|
|
2,750 |
|
|
|
3,130,407 |
|
| California Municipal Finance Authority, Refunding RB, Emerson College, Series B, 5.00%, 01/01/42 |
|
|
795 |
|
|
|
883,754 |
|
| California School Finance Authority, RB: |
|
|
|
|
|
|
|
|
| Alliance College-Ready Public Schools — 2023 Union LLC Project, Series A, 6.00%, 07/01/33 |
|
|
1,500 |
|
|
|
1,670,400 |
|
| Alliance College-Ready Public Schools — 2023 Union LLC Project, Series A, 6.30%, 07/01/43 |
|
|
3,000 |
|
|
|
3,344,010 |
|
| Value Schools, 6.65%, 07/01/33 |
|
|
595 |
|
|
|
666,953 |
|
| Value Schools, 6.90%, 07/01/43 |
|
|
1,330 |
|
|
|
1,454,781 |
|
|
|
|
| Schedule of Investments (unaudited) (continued)
April 30, 2018 |
|
BlackRock MuniYield California Fund, Inc. (MYC)
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
Security |
|
Par
(000) |
|
|
Value |
|
| Education (continued) |
|
| Cerritos Community College District, GO, Election of 2012, Series B, 4.00%, 08/01/43 |
|
$ |
2,000 |
|
|
$ |
2,065,540 |
|
| University of California, Refunding RB, Series AR, 5.00%, 05/15/38 |
|
|
4,000 |
|
|
|
4,576,680 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
22,458,859 |
|
| Health — 16.7% |
|
| California Health Facilities Financing Authority, RB: |
|
|
|
|
|
|
|
|
| Children’s Hospital, Series A, 5.25%, 11/01/41 |
|
|
9,700 |
|
|
|
10,663,113 |
|
| Sutter Health, Series B, 6.00%, 08/15/20(a) |
|
|
7,530 |
|
|
|
8,222,534 |
|
| California Health Facilities Financing Authority, Refunding RB, Catholic Healthcare West, Series A,
6.00%, 07/01/19(a) |
|
|
10,000 |
|
|
|
10,481,300 |
|
| California Statewide Communities Development Authority, RB, Series A: |
|
|
|
|
|
|
|
|
| Sutter Health, 6.00%, 08/15/20(a) |
|
|
8,110 |
|
|
|
8,855,877 |
|
| University of California, Irvine East Campus Apartments, Phase IV, 5.00%, 05/15/42 |
|
|
3,250 |
|
|
|
3,606,200 |
|
| Regents of the University of California Medical Center Pooled Revenue, Refunding RB, Series L, 5.00%,
05/15/47 |
|
|
10,285 |
|
|
|
11,517,966 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
53,346,990 |
|
| Housing — 1.1% |
|
| County of Santa Clara California Housing Authority, RB, John Burns Gardens Apartments Project, Series A, AMT,
6.00%, 08/01/41 |
|
|
3,500 |
|
|
|
3,507,560 |
|
|
|
|
|
|
|
|
|
|
| State — 11.8% |
|
| State of California, GO, Refunding, Various Purpose, 5.00%, 09/01/35 |
|
|
10,115 |
|
|
|
11,636,195 |
|
| State of California, GO, Refunding Various Purpose, 5.25%, 10/01/39 |
|
|
6,650 |
|
|
|
7,671,573 |
|
| State of California Public Works Board, LRB: |
|
|
|
|
|
|
|
|
| Department of Developmental Services, Poterville, Series C, 6.25%, 04/01/19(a) |
|
|
1,610 |
|
|
|
1,676,574 |
|
| Department of Education, Riverside Campus Project, Series B, 6.50%, 04/01/19(a) |
|
|
10,000 |
|
|
|
10,431,400 |
|
|
|
|
|
|
|
|
|
|
Security |
|
Par
(000) |
|
|
Value |
|
| State (continued) |
|
| State of California Public Works Board, LRB (continued): |
|
|
|
|
|
|
|
|
| Various Capital Projects, Series I, 5.50%, 11/01/33 |
|
$ |
1,510 |
|
|
$ |
1,727,968 |
|
| Various Capital Projects, Sub-Series
I-1, 6.38%, 11/01/19(a) |
|
|
4,400 |
|
|
|
4,700,124 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
37,843,834 |
|
| Tobacco — 6.8% |
|
| County of California Tobacco Securitization Agency, Refunding RB, Asset-Backed, Merced County, Series A,
5.25%, 06/01/45 |
|
|
775 |
|
|
|
775,945 |
|
| Golden State Tobacco Securitization Corp., Refunding RB, Asset-Backed: |
|
|
|
|
|
|
|
|
| Convertible CAB, Series A-2, 5.30%, 06/01/37 |
|
|
750 |
|
|
|
767,617 |
|
| Senior Series A-1, 5.75%, 06/01/47 |
|
|
16,305 |
|
|
|
16,773,280 |
|
| Tobacco Securitization Authority of Southern California, Refunding RB, Tobacco Settlement, Asset-Backed,
Senior Series A-1: |
|
|
|
|
|
|
|
|
| 5.00%, 06/01/37 |
|
|
3,000 |
|
|
|
3,008,640 |
|
| 5.13%, 06/01/46 |
|
|
605 |
|
|
|
606,035 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
21,931,517 |
|
| Transportation — 12.6% |
|
| City & County of San Francisco California Airports Commission, ARB, Series E, 6.00%,
05/01/39 |
|
|
5,215 |
|
|
|
5,425,738 |
|
| City & County of San Francisco California Airports Commission, Refunding ARB, 2nd Series A, AMT,
5.25%, 05/01/33 |
|
|
1,440 |
|
|
|
1,595,664 |
|
| City & County of San Francisco California Port Commission, RB, Series A, 5.13%, 03/01/40 |
|
|
5,075 |
|
|
|
5,309,871 |
|
| City of Los Angeles California Department of Airports, ARB, Los Angeles International Airport, Sub-Series A, AMT, 5.00%, 05/15/42 |
|
|
3,520 |
|
|
|
3,913,078 |
|
| City of Los Angeles California Department of Airports, Refunding ARB, Los Angeles International Airport,
Series A, 5.25%, 05/15/39 |
|
|
3,605 |
|
|
|
3,729,048 |
|
|
|
|
| Schedule of Investments (unaudited) (continued)
April 30, 2018 |
|
BlackRock MuniYield California Fund, Inc. (MYC)
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
Security |
|
Par
(000) |
|
|
Value |
|
| Transportation (continued) |
|
| City of San Jose California, ARB, Norman Y Mineta San Jose International Airport SJC, Series A-1, AMT (AGM): |
|
|
|
|
|
|
|
|
| 5.50%, 03/01/30 |
|
$ |
1,000 |
|
|
$ |
1,083,170 |
|
| 5.75%, 03/01/34 |
|
|
1,000 |
|
|
|
1,089,960 |
|
| City of San Jose California, Refunding ARB, Norman Y Mineta San Jose International Airport SJC, AMT: |
|
|
|
|
|
|
|
|
| Series A, 5.00%, 03/01/36 |
|
|
1,000 |
|
|
|
1,121,930 |
|
| Series A, 5.00%, 03/01/37 |
|
|
1,000 |
|
|
|
1,120,310 |
|
| Series A-1, 6.25%, 03/01/34 |
|
|
1,400 |
|
|
|
1,553,090 |
|
| County of Sacramento California, Refunding ARB, Senior Series A, 5.00%, 07/01/41 |
|
|
8,280 |
|
|
|
9,330,318 |
|
| County of Sacramento California, ARB: |
|
|
|
|
|
|
|
|
| PFC/Grant, Sub-Series D, 6.00%, 07/01/35 |
|
|
3,000 |
|
|
|
3,021,060 |
|
| Senior Series B, 5.75%, 07/01/39 |
|
|
900 |
|
|
|
905,958 |
|
| County of San Diego Regional Airport Authority, ARB, Subordinate, Series B, AMT, 5.00%, 07/01/42 |
|
|
250 |
|
|
|
279,588 |
|
| Los Angeles County Metropolitan Transportation Authority, RB, Green Bonds, Series A, 5.00%, 07/01/38 |
|
|
750 |
|
|
|
872,640 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
40,351,423 |
|
| Utilities — 8.9% |
|
| City of Los Angeles California Department of Water & Power, Refunding RB, Water System, Series A,
5.25%, 07/01/39 |
|
|
4,000 |
|
|
|
4,346,360 |
|
| City of Petaluma California Wastewater, Refunding RB, 6.00%, 05/01/21(a) |
|
|
2,645 |
|
|
|
2,955,391 |
|
| City of Richmond California Wastewater Revenue, Refunding RB, Series A, 5.00%, 08/01/42 |
|
|
5,185 |
|
|
|
5,891,145 |
|
| Dublin-San Ramon Services District Water Revenue, Refunding
RB,
6.00%, 02/01/21(a) |
|
|
2,420 |
|
|
|
2,681,529 |
|
| Eastern Municipal Water District, Refunding RB, Series A, 5.00%, 07/01/42 |
|
|
3,000 |
|
|
|
3,410,550 |
|
| Los Angeles Department of Water & Power System Revenue, RB, Series B, 5.00%, 07/01/38 |
|
|
4,000 |
|
|
|
4,555,680 |
|
| Oceanside Public Financing Authority, Refunding RB, Series A: |
|
|
|
|
|
|
|
|
| 5.25%, 05/01/30 |
|
|
1,245 |
|
|
|
1,418,702 |
|
|
|
|
|
|
|
|
|
|
Security |
|
Par
(000) |
|
|
Value |
|
| Utilities (continued) |
|
| Oceanside Public Financing Authority, Refunding RB, Series A (continued): |
|
|
|
|
|
|
|
|
| 5.25%, 05/01/33 |
|
$ |
2,810 |
|
|
$ |
3,182,185 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
28,441,542 |
|
|
|
|
|
|
|
|
|
|
| Total Municipal Bonds in California |
|
|
|
300,950,159 |
|
|
|
|
|
|
|
|
|
|
|
| Puerto Rico — 0.8% |
|
| Tobacco — 0.8% |
|
| Children’s Trust Fund, Refunding RB, Tobacco Settlement Asset-Backed Bonds: |
|
|
|
|
|
|
|
|
| 5.50%, 05/15/39 |
|
|
1,970 |
|
|
|
1,922,011 |
|
| 5.63%, 05/15/43 |
|
|
795 |
|
|
|
760,266 |
|
|
|
|
|
|
|
|
|
|
| Total Municipal Bonds in Puerto Rico |
|
|
|
|
|
|
2,682,277 |
|
|
|
|
|
|
|
|
|
|
| Total Municipal Bonds — 94.8%
(Cost — $290,269,589) |
|
|
|
|
|
|
303,632,436 |
|
|
|
|
|
|
|
|
|
|
|
| Municipal Bonds Transferred to Tender Option Bond Trusts(b) |
|
|
| California — 73.3% |
|
| County/City/Special District/School District — 39.4% |
|
| California Health Facilities Financing Authority, RB, Sutter Health, Series A, 5.00%, 11/15/41 |
|
|
11,000 |
|
|
|
12,207,580 |
|
| City of Los Angeles California, Refunding RB, Series A, 5.00%, 06/01/19(a) |
|
|
9,870 |
|
|
|
10,214,512 |
|
| County of Los Angeles California Public Works Financing Authority, Refunding RB, Series A: |
|
|
|
|
|
|
|
|
| 5.00%, 12/01/39 |
|
|
17,850 |
|
|
|
19,888,202 |
|
| 5.00%, 12/01/44 |
|
|
14,095 |
|
|
|
15,668,907 |
|
| Los Angeles Community College District California, GO, Election of 2008, Series C, 5.25%, 08/01/20(a)(c) |
|
|
9,682 |
|
|
|
10,401,997 |
|
| Los Angeles Community College District California, GO, Refunding, Go, Refunding, Election of 2008, Series
A,
6.00%, 08/01/19(a) |
|
|
3,828 |
|
|
|
4,027,919 |
|
| Palomar Community College District, GO, Election of 2006, Series C, 5.00%, 08/01/44 |
|
|
15,140 |
|
|
|
16,951,880 |
|
| San Diego California Community College District, GO, Election of 2002, 5.25%, 08/01/19(a) |
|
|
7,732 |
|
|
|
8,061,098 |
|
| San Marcos Unified School District, GO, Election of 2010, Series A,
5.00%, 08/01/21(a) |
|
|
15,520 |
|
|
|
17,006,971 |
|
|
|
|
| Schedule of Investments (unaudited) (continued)
April 30, 2018 |
|
BlackRock MuniYield California Fund, Inc. (MYC)
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
Security |
|
Par
(000) |
|
|
Value |
|
| County/City/Special District/School District (continued) |
|
| Santa Monica Community College District, GO, Election of 2016, Series A, 5.00%, 08/01/43 |
|
$ |
10,000 |
|
|
$ |
11,771,800 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
126,200,866 |
|
| Education — 21.2% |
|
| California State University, Refunding RB, Series A: |
|
|
|
|
|
|
|
|
| Systemwide, 5.00%, 11/01/41 |
|
|
9,775 |
|
|
|
11,103,625 |
|
| 5.00%, 11/01/43 |
|
|
5,001 |
|
|
|
5,659,073 |
|
| Systemwide, 4.00%, 11/01/35 |
|
|
12,250 |
|
|
|
12,778,342 |
|
| University of California, RB, Series AM, 5.25%, 05/15/44 |
|
|
11,950 |
|
|
|
13,565,461 |
|
| University of California, Refunding RB, Series I, 5.00%, 05/15/40 |
|
|
21,875 |
|
|
|
24,757,570 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
67,864,071 |
|
| Health — 9.2% |
|
|
|
|
|
|
| California Statewide Communities Development Authority, Refunding RB, Cottage Health System Obligation,
5.00%, 11/01/43 |
|
|
26,870 |
|
|
|
29,422,919 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Security |
|
Par
(000) |
|
|
Value |
|
| Transportation — 3.5% |
|
|
|
|
|
|
| City of Los Angeles California Department of Airports, ARB, Series A, AMT, 5.00%, 05/15/45 |
|
$ |
10,045 |
|
|
$ |
11,082,758 |
|
|
|
|
|
|
|
|
|
|
| Total Municipal Bonds Transferred to Tender Option Bond Trusts — 73.3%
(Cost —
$231,930,382) |
|
|
|
234,570,614 |
|
|
|
|
|
|
|
| Total Investments — 168.1%
(Cost — $522,199,971) |
|
|
|
538,203,050 |
|
| Liabilities in Excess of Other Assets — (1.4)% |
|
|
|
(4,274,408 |
) |
| Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable —
(33.7)% |
|
|
|
(108,033,191 |
) |
| VRDP Shares at Liquidation Value, Net of Deferred Offering Costs — (33.0)% |
|
|
|
(105,696,480 |
) |
|
|
|
|
|
|
|
|
|
| Net Assets Applicable to Common Shares — 100.0% |
|
|
$ |
320,198,971 |
|
|
|
|
|
|
|
| (a) |
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. |
| (b) |
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. |
| (c) |
All or a portion of security is subject to a recourse agreement. The aggregate maximum potential amount the Fund could ultimately be required to pay under the agreement, which expires on August 1, 2018, is
$5,101,199. |
| • |
During the period ended April 30, 2018, investments in issuers considered to be an affiliate of the Fund for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Affiliated |
|
Shares
Held at
07/31/17 |
|
|
Net
Activity |
|
|
Shares
Held at
04/30/18 |
|
|
Value at
04/30/18 |
|
|
Income |
|
|
Net
Realized
Gain (Loss) (a) |
|
|
Change in
Unrealized
Appreciation
(Depreciation) |
|
| BlackRock Liquidity Funds, MuniCash, Institutional Class |
|
|
1,010,794 |
|
|
|
(1,010,794 |
) |
|
|
— |
|
|
$ |
— |
|
|
$ |
7,009 |
|
|
$ |
(113 |
) |
|
$ |
(37 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
(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.
|
|
|
| Schedule of Investments (unaudited) (continued)
April 30, 2018 |
|
BlackRock MuniYield California Fund, Inc. (MYC) |
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 |
|
|
|
06/20/18 |
|
|
$ |
9,570 |
|
|
$ |
45,026 |
|
| Long U.S. Treasury Bond |
|
|
65 |
|
|
|
06/20/18 |
|
|
|
9,350 |
|
|
|
(29,119 |
) |
| 5-Year U.S. Treasury Note |
|
|
13 |
|
|
|
06/29/18 |
|
|
|
1,476 |
|
|
|
6,645 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
22,552 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Portfolio Abbreviations
AGM — Assured
Guaranty Municipal Corp.
AMBAC — American Municipal Bond Assurance 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 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 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. Level 3
investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Global Valuation Committee in the absence of market information.
|
|
|
| Schedule of Investments (unaudited) (continued)
April 30, 2018 |
|
BlackRock MuniYield California Fund, Inc. (MYC) |
Fair Value Hierarchy as of Period End (continued)
Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. In accordance with the Fund’s policy, transfers
between different levels of the fair value 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 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.
As of April 30, 2018, 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) |
|
$ |
— |
|
|
$ |
538,203,050 |
|
|
$ |
— |
|
|
$ |
538,203,050 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Derivative Financial
Instruments(b) |
|
| Assets: |
|
| Interest rate contracts |
|
$ |
51,671 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
51,671 |
|
| Liabilities: |
|
| Interest rate contracts |
|
|
(29,119 |
) |
|
|
— |
|
|
|
— |
|
|
|
(29,119 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
22,552 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
22,552 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
(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. |
|
The Fund may hold assets and/or liabilities in which the fair value approximates the carrying 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 |
|
$ |
— |
|
|
$ |
(107,517,701 |
) |
|
$ |
— |
|
|
$ |
(107,517,701 |
) |
| VRDP Shares at Liquidation Value |
|
|
— |
|
|
|
(105,900,000 |
) |
|
|
— |
|
|
|
(105,900,000 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
— |
|
|
$ |
(213,417,701 |
) |
|
$ |
— |
|
|
$ |
(213,417,701 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
During the period ended April 30, 2018, there were no transfers between levels.
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 California Fund, Inc. |
|
|
|
| By: |
|
/s/ John M. Perlowski |
|
|
| |
|
John M. Perlowski |
|
|
|
|
Chief Executive Officer (principal executive officer) of |
|
|
BlackRock MuniYield California Fund, Inc. |
|
| Date: June 18, 2018 |
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 California Fund, Inc. |
|
|
| Date: June 18, 2018 |
|
|
|
|
|
| By: |
|
/s/ Neal J. Andrews |
|
|
|
|
Neal J. Andrews |
|
|
|
|
Chief Financial Officer (principal financial officer) of |
|
|
BlackRock MuniYield California Fund, Inc. |
|
|
| Date: June 18, 2018 |
|
|