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: 07/31/2017
Date of reporting period: 10/31/2016
Item 1 – Schedule of Investments
|
|
|
| Schedule of Investments October 31, 2016 (Unaudited) |
|
BlackRock MuniYield California Fund, Inc. (MYC)
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
| Municipal Bonds |
|
Par (000) |
|
|
Value |
|
| California — 77.5% |
|
|
|
|
|
|
|
|
| Corporate — 1.3% |
|
| City of Chula Vista California, Refunding RB, San Diego Gas & Electric, Series D,
5.88%, 1/01/34 |
|
$ |
4,000 |
|
|
$ |
4,450,040 |
|
| County/City/Special District/School District — 23.5% |
|
| Campbell Union High School District, GO, Election of 2006, Series C, 5.75%, 8/01/20 (a) |
|
|
4,000 |
|
|
|
4,690,240 |
|
| City of Los Angeles California, COP, Senior, Sonnenblick Del Rio West Los Angeles (AMBAC), 6.20%, 11/01/31 |
|
|
2,000 |
|
|
|
2,008,440 |
|
| City of Los Angeles California Municipal Improvement Corp., RB, Real Property, Series E, 6.00%, 9/01/19 (a) |
|
|
2,660 |
|
|
|
3,029,235 |
|
| City of San Jose California Hotel Tax, RB, Convention Center Expansion & Renovation Project: |
|
|
|
|
|
|
|
|
| 6.50%, 5/01/36 |
|
|
1,520 |
|
|
|
1,822,875 |
|
| 6.50%, 5/01/42 |
|
|
1,860 |
|
|
|
2,226,178 |
|
| Corona-Norco Unified School District, GO, Refunding, Series A, 4.00%, 8/01/39 |
|
|
500 |
|
|
|
543,300 |
|
| County of Riverside California Public Financing Authority, RB, Capital Facilities Project,
5.25%, 11/01/45 |
|
|
5,000 |
|
|
|
5,964,200 |
|
| County of San Joaquin California Transportation Authority, Refunding RB, Limited Tax, Measure K, Series A, 6.00%,
3/01/36 |
|
|
2,440 |
|
|
|
2,926,609 |
|
| County of Santa Clara California Financing Authority, Refunding LRB, Series L, 5.25%, 5/15/18 (a) |
|
|
16,000 |
|
|
|
17,075,360 |
|
| Garden Grove Unified School District, GO, Election of 2010, Series C, 5.25%, 8/01/40 |
|
|
5,500 |
|
|
|
6,588,670 |
|
| Los Angeles Community College District California, GO, Election of 2008, Series C, 5.25%, 8/01/20 (a) |
|
|
7,485 |
|
|
|
8,636,343 |
|
| Oak Grove School District, GO, Election of 2008, Series A: |
|
|
|
|
|
|
|
|
| 5.50%, 8/01/19 (a) |
|
|
1,120 |
|
|
|
1,258,029 |
|
| 5.50%, 8/01/33 |
|
|
880 |
|
|
|
983,400 |
|
| Ohlone Community College District, GO, Election of 2010, Series A, 5.25%, 8/01/21 (a) |
|
|
7,135 |
|
|
|
8,494,217 |
|
|
|
|
|
|
|
|
|
|
| Municipal Bonds |
|
Par (000) |
|
|
Value |
|
| California (continued) |
|
|
|
|
|
|
|
|
| County/City/Special District/School District (continued) |
|
| Pico Rivera Public Financing Authority, RB, 5.75%, 9/01/19 (a) |
|
$ |
6,035 |
|
|
$ |
6,839,767 |
|
| Riverside Community Properties Development, Inc., RB, Riverside County Law Building Project,
6.00%, 10/15/38 |
|
|
5,000 |
|
|
|
6,096,600 |
|
| West Contra Costa California Unified School District, GO, Election of 2012, Series A, 5.50%, 8/01/39 |
|
|
2,500 |
|
|
|
3,041,025 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
82,224,488 |
|
| Education — 5.4% |
|
| California Educational Facilities Authority, Refunding RB: |
|
|
|
|
|
|
|
|
| Pitzer College, 6.00%, 4/01/40 |
|
|
2,500 |
|
|
|
2,887,100 |
|
| San Francisco University, 6.13%, 10/01/36 |
|
|
1,745 |
|
|
|
2,121,501 |
|
| California Municipal Finance Authority, RB, Emerson College, 6.00%, 1/01/42 |
|
|
2,750 |
|
|
|
3,269,475 |
|
| California School Finance Authority, RB: |
|
|
|
|
|
|
|
|
| Alliance College-Ready Public Schools — 2023 Union LLC Project, Series A, 6.00%, 7/01/33 |
|
|
1,500 |
|
|
|
1,761,090 |
|
| Alliance College-Ready Public Schools — 2023 Union LLC Project, Series A, 6.30%, 7/01/43 |
|
|
3,000 |
|
|
|
3,566,100 |
|
| Value Schools, 6.65%, 7/01/33 |
|
|
595 |
|
|
|
683,167 |
|
| Value Schools, 6.90%, 7/01/43 |
|
|
1,330 |
|
|
|
1,543,359 |
|
| University of California, RB, Series O, 5.75%, 5/15/19 (a) |
|
|
2,805 |
|
|
|
3,141,011 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
18,972,803 |
|
| Health — 13.1% |
|
| California Health Facilities Financing Authority, RB: |
|
|
|
|
|
|
|
|
| Children’s Hospital, Series A, 5.25%, 11/01/41 |
|
|
9,700 |
|
|
|
11,034,429 |
|
| Sutter Health, Series B, 6.00%, 8/15/42 |
|
|
7,530 |
|
|
|
8,785,477 |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
BLACKROCK MUNIYIELD CALIFORNIA FUND, INC. |
|
OCTOBER 31, 2016 |
|
1 |
|
|
|
| Schedule of Investments (continued) |
|
BlackRock MuniYield California Fund, Inc. (MYC) |
|
|
|
|
|
|
|
|
|
| Municipal Bonds |
|
Par (000) |
|
|
Value |
|
| California (continued) |
|
|
|
|
|
|
|
|
| Health (continued) |
|
| California Health Facilities Financing Authority, Refunding RB, Catholic Healthcare West, Series A, 6.00%, 7/01/39 |
|
$ |
10,000 |
|
|
$ |
11,177,300 |
|
| California Statewide Communities Development Authority, RB, Series A: |
|
|
|
|
|
|
|
|
| Loma Linda University Medical Center,
5.25%, 12/01/56 (b) |
|
|
3,000 |
|
|
|
3,346,830 |
|
| Sutter Health, 6.00%, 8/15/42 |
|
|
8,110 |
|
|
|
9,475,237 |
|
| Washington Township Health Care District, GO, Election of 2004, Series B, 5.50%, 8/01/38 |
|
|
1,625 |
|
|
|
1,946,214 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
45,765,487 |
|
| Housing — 1.0% |
|
|
|
|
|
|
|
|
| County of Santa Clara California Housing Authority, RB, John Burns Gardens Apartments
Project, Series A, AMT, 6.00%, 8/01/41 |
|
|
3,500 |
|
|
|
3,503,780 |
|
| State — 6.3% |
|
|
|
|
|
|
|
|
| State of California, GO, Various Purposes, 6.00%, 4/01/38 |
|
|
2,000 |
|
|
|
2,231,040 |
|
| State of California Public Works Board, LRB: |
|
|
|
|
|
|
|
|
| Department of Developmental Services, Poterville, Series C, 6.25%, 4/01/19 (a) |
|
|
1,610 |
|
|
|
1,814,406 |
|
| Department of Education, Riverside Campus Project, Series B, 6.50%, 4/01/34 |
|
|
10,000 |
|
|
|
11,284,300 |
|
| Various Capital Projects, Series I, 5.50%, 11/01/33 |
|
|
1,510 |
|
|
|
1,837,111 |
|
| Various Capital Projects, Sub-Series I-1,
6.38%, 11/01/19 (a) |
|
|
4,400 |
|
|
|
5,101,008 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
22,267,865 |
|
| Tobacco — 3.6% |
|
|
|
|
|
|
|
|
| Golden State Tobacco Securitization Corp., Refunding RB, Asset-Backed: |
|
|
|
|
|
|
|
|
| Senior, Series A-1, 5.75%, 6/01/47 |
|
|
5,000 |
|
|
|
4,922,600 |
|
| Series A, 5.00%, 6/01/40 |
|
|
5,000 |
|
|
|
5,784,450 |
|
|
|
|
|
|
|
|
|
|
| Municipal Bonds |
|
Par (000) |
|
|
Value |
|
| California (continued) |
|
|
|
|
|
|
|
|
| Tobacco (continued) |
|
| Golden State Tobacco Securitization Corp., Refunding RB, Asset-Backed (continued): |
|
|
|
|
|
|
|
|
| Series A-1, 5.13%, 6/01/47 |
|
$ |
2,000 |
|
|
$ |
1,924,100 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
12,631,150 |
|
| Transportation — 7.2% |
|
|
|
|
|
|
|
|
| City & County of San Francisco California Airports Commission, ARB, Series E, 6.00%, 5/01/39 |
|
|
5,215 |
|
|
|
5,846,693 |
|
| City & County of San Francisco California Airports Commission, Refunding ARB, 2nd Series A, AMT, 5.25%,
5/01/33 |
|
|
1,440 |
|
|
|
1,664,064 |
|
| City of Los Angeles California Department of Airports, Refunding ARB, Los Angeles International Airport, Series A, 5.25%,
5/15/39 |
|
|
3,605 |
|
|
|
3,966,185 |
|
| City of San Jose California, RB, Series A-1, AMT (AGM): |
|
|
|
|
|
|
|
|
| 5.50%, 3/01/30 |
|
|
1,000 |
|
|
|
1,153,710 |
|
| 5.75%, 3/01/34 |
|
|
1,000 |
|
|
|
1,170,010 |
|
| City of San Jose California, Refunding ARB, Series A-1, AMT, 6.25%, 3/01/34 |
|
|
1,400 |
|
|
|
1,661,982 |
|
| County of Sacramento California, ARB: |
|
|
|
|
|
|
|
|
| PFC/Grant, Sub-Series D, 6.00%, 7/01/35 |
|
|
3,000 |
|
|
|
3,237,390 |
|
| Senior Series B, 5.75%, 7/01/39 |
|
|
900 |
|
|
|
967,356 |
|
| San Francisco Port Commission California, RB, Series A, 5.13%, 3/01/40 |
|
|
5,075 |
|
|
|
5,625,739 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
25,293,129 |
|
| Utilities — 16.1% |
|
|
|
|
|
|
|
|
| City of Los Angeles California Department of Water & Power, Refunding RB, Series A: |
|
|
|
|
|
|
|
|
| 5.25%, 7/01/39 |
|
|
4,000 |
|
|
|
4,640,480 |
|
| 5.00%, 7/01/46 |
|
|
2,000 |
|
|
|
2,378,420 |
|
| City of Petaluma California Wastewater, Refunding RB, 6.00%, 5/01/36 |
|
|
2,645 |
|
|
|
3,149,216 |
|
| County of Los Angeles Sanitation Districts Financing Authority, Refunding RB, Series A, 4.00%, 10/01/42 (c) |
|
|
8,215 |
|
|
|
8,796,211 |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
| 2 |
|
BLACKROCK MUNIYIELD CALIFORNIA FUND, INC. |
|
OCTOBER 31, 2016 |
|
|
|
|
|
| Schedule of Investments (continued) |
|
BlackRock MuniYield California Fund, Inc. (MYC) |
|
|
|
|
|
|
|
|
|
| Municipal Bonds |
|
Par (000) |
|
|
Value |
|
| California (continued) |
|
|
|
|
|
|
|
|
| Utilities (continued) |
|
| Dublin-San Ramon Services District Water Revenue, Refunding RB, 6.00%, 8/01/41 |
|
$ |
2,420 |
|
|
$ |
2,851,002 |
|
| Eastern Municipal Water District, COP, Series H, 5.00%, 7/01/18 (a) |
|
|
6,000 |
|
|
|
6,414,240 |
|
| Metropolitan Water District of Southern California, RB, Series A, 5.00%, 7/01/37 |
|
|
20,000 |
|
|
|
20,567,400 |
|
| Oceanside Public Financing Authority, Refunding RB, Series A: |
|
|
|
|
|
|
|
|
| 5.25%, 5/01/30 |
|
|
1,245 |
|
|
|
1,508,218 |
|
| 5.25%, 5/01/33 |
|
|
2,810 |
|
|
|
3,373,546 |
|
| San Francisco City & County California Public Utilities Commission, Refunding RB, Series A,
5.13%, 11/01/19
(a) |
|
|
2,480 |
|
|
|
2,782,882 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
56,461,615 |
|
| Total Municipal Bonds — 77.5% |
|
|
|
271,570,357 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| Municipal Bonds Transferred to Tender Option Bond Trusts (d) |
|
|
|
|
|
|
| California — 96.6% |
|
|
|
|
|
|
|
|
| County/City/Special District/School District — 40.1% |
|
| California Health Facilities Financing Authority, RB, Sutter Health, Series A, 5.00%, 11/15/41 |
|
|
11,000 |
|
|
|
12,891,890 |
|
| Chabot-Las Positas Community College District, GO, Refunding, 4.00%, 8/01/37 |
|
|
3,410 |
|
|
|
3,684,300 |
|
| City of Los Angeles California, Refunding RB, Series A, 5.00%, 6/01/39 |
|
|
9,870 |
|
|
|
10,812,388 |
|
| County of Los Angeles California Public Works Financing Authority, Refunding RB, Series A: |
|
|
|
|
|
|
|
|
| 5.00%, 12/01/39 |
|
|
17,850 |
|
|
|
20,869,684 |
|
| 5.00%, 12/01/44 |
|
|
14,095 |
|
|
|
16,401,473 |
|
| Los Angeles Community College District California, GO, Election of 2008 (a): |
|
|
|
|
|
|
|
|
| Election of 2001, Series E-1, 5.00%, 8/01/18 |
|
|
14,850 |
|
|
|
15,917,121 |
|
|
|
|
|
|
|
|
|
|
| Municipal Bonds Transferred to Tender Option Bond Trusts (d) |
|
Par (000) |
|
|
Value |
|
| California (continued) |
|
|
|
|
|
|
|
|
| County/City/Special District/School District (continued) |
|
| Los Angeles Community College District California, GO, Election of 2008 (a) (continued): |
|
|
|
|
|
|
|
|
| Series C, 5.25%, 8/01/20 (e) |
|
$ |
9,682 |
|
|
$ |
11,170,686 |
|
| Los Angeles Community College District California, GO, Refunding, Series A, 6.00%, 8/01/19 (a) |
|
|
3,828 |
|
|
|
4,348,586 |
|
| Palomar California Community College District, GO, Election of 2006, Series C, 5.00%, 8/01/44 |
|
|
15,140 |
|
|
|
17,875,798 |
|
| San Diego Community College District California, GO, Election of 2002, 5.25%, 8/01/19 (a) |
|
|
7,732 |
|
|
|
8,633,003 |
|
| San Marcos Unified School District, GO, Election of 2010, Series A, 5.00%, 8/01/38 |
|
|
15,520 |
|
|
|
17,867,710 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
140,472,639 |
|
| Education — 22.6% |
|
|
|
|
|
|
|
|
| California Educational Facilities Authority, RB, University of Southern California, Series B,
5.25%, 10/01/18
(a)(e) |
|
|
13,845 |
|
|
|
15,006,180 |
|
| California State University, Refunding RB, Systemwide, Series A, 4.00%, 11/01/35 |
|
|
12,250 |
|
|
|
13,500,970 |
|
| University of California, RB, Series AM,
5.25%, 5/15/44 |
|
|
11,950 |
|
|
|
14,258,501 |
|
| University of California, Refunding RB: |
|
|
|
|
|
|
|
|
| 5.00%, 5/15/38 |
|
|
4,000 |
|
|
|
4,802,600 |
|
| Series A, 5.00%, 11/01/43 |
|
|
5,001 |
|
|
|
5,998,173 |
|
| Series I, 5.00%, 5/15/40 |
|
|
21,875 |
|
|
|
25,798,183 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
79,364,607 |
|
| Health — 12.3% |
|
|
|
|
|
|
|
|
| California Statewide Communities Development Authority, Refunding RB, Cottage Health System Obligation, 5.00%,
11/01/43 |
|
|
26,870 |
|
|
|
31,101,488 |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
BLACKROCK MUNIYIELD CALIFORNIA FUND, INC. |
|
OCTOBER 31, 2016 |
|
3 |
|
|
|
| Schedule of Investments (continued) |
|
BlackRock MuniYield California Fund, Inc. (MYC) |
|
|
|
|
|
|
|
|
|
| Municipal Bonds Transferred to Tender Option Bond Trusts (d) |
|
Par (000) |
|
|
Value |
|
| California (continued) |
|
|
|
|
|
|
|
|
| Health (continued) |
|
| Regents of the University of California Medical Center Pooled Revenue, Refunding RB, Series L,
5.00%, 5/15/47 |
|
$ |
10,280 |
|
|
$ |
12,140,474 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
43,241,962 |
|
| State — 7.8% |
|
|
|
|
|
|
|
|
| State of California, GO, Refunding, Various Purposes: |
|
|
|
|
|
|
|
|
| 4.00%, 9/01/34 |
|
|
13,790 |
|
|
|
15,104,463 |
|
| 5.00%, 9/01/35 |
|
|
10,115 |
|
|
|
12,111,977 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
27,216,440 |
|
| Transportation — 7.9% |
|
|
|
|
|
|
|
|
| City & County of San Francisco California Airports Commission, Refunding RB, San Francisco International Airport, AMT,
5.00%, 5/01/46 |
|
|
8,000 |
|
|
|
9,136,400 |
|
| City of Los Angeles California Department of Airports, ARB, Series A, AMT, 5.00%, 5/15/45 |
|
|
10,045 |
|
|
|
11,515,762 |
|
| County of San Diego Regional Transportation Commission, Refunding RB, Series A,
5.00%, 4/01/48 |
|
|
5,750 |
|
|
|
6,874,758 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
27,526,920 |
|
| Utilities — 5.9% |
|
|
|
|
|
|
|
|
| City of Los Angeles California Department of Water & Power, RB, Power System, Sub-Series A-1 (AMBAC), 5.00%,
7/01/37 |
|
|
15,098 |
|
|
|
15,490,282 |
|
|
|
|
|
|
|
|
|
|
| Municipal Bonds Transferred to Tender Option Bond Trusts (d) |
|
Par (000) |
|
|
Value |
|
| California (continued) |
|
|
|
|
|
|
|
|
| Utilities (continued) |
|
| Eastern Municipal Water District, COP, Series H,
5.00%, 7/01/18 (a) |
|
$ |
4,748 |
|
|
$ |
5,075,874 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
20,566,156 |
|
| Total Municipal Bonds Transferred to
Tender Option Bond Trusts — 96.6% |
|
|
|
338,388,724 |
|
Total Investments
(Cost — $570,760,578*) — 174.1% |
|
|
|
609,959,081 |
|
| Liabilities in Excess of Other Assets — (0.5)% |
|
|
|
(1,663,701 |
) |
| Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable —
(43.4)% |
|
|
|
(152,195,757 |
) |
| VRDP Shares at Liquidation Value, Net of Deferred Offering Costs — (30.2)% |
|
|
|
(105,683,225 |
) |
|
|
|
|
|
|
|
|
|
| Net Assets Applicable to Common Shares — 100.0% |
|
|
$ |
350,416,398 |
|
|
|
|
|
|
|
|
|
|
| * |
|
As of October 31, 2016, gross unrealized appreciation and depreciation based on cost for federal income tax purposes were as follows: |
|
|
|
|
|
| Tax cost |
|
$ |
419,307,952 |
|
|
|
|
|
|
| Gross unrealized appreciation |
|
$ |
40,846,340 |
|
| Gross unrealized depreciation |
|
|
(2,073,752 |
) |
|
|
|
|
|
| Net unrealized appreciation |
|
$ |
38,772,588 |
|
|
|
|
|
|
|
| Notes to Schedule of
Investments |
| (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) |
|
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. |
| (c) |
|
When-issued security. |
| (d) |
|
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.
|
| (e) |
|
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 agreements,
which expire between October 1, 2016 to August 1, 2018, is $14,709,726. |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
| 4 |
|
BLACKROCK MUNIYIELD CALIFORNIA FUND, INC. |
|
OCTOBER 31, 2016 |
|
|
|
|
|
| Schedule of Investments (continued) |
|
BlackRock MuniYield California Fund, Inc. (MYC) |
| • |
|
During the period ended October 31, 2016, investments in issuers considered to be 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 July 31,
2016 |
|
|
Net
Activity |
|
|
Shares Held
at October 31,
2016 |
|
|
Value at
October 31,
2016 |
|
|
Income |
|
|
Realized
Gain |
|
| BlackRock Liquidity Funds, MuniCash, Institutional Class |
|
|
418,955 |
|
|
|
(418,955 |
) |
|
|
— |
|
|
|
— |
|
|
$ |
1,125 |
|
|
$ |
88 |
|
For Fund compliance purposes, the Fund’s sector classifications refer to any 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 advisor. 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
|
|
|
|
|
Contracts
Short |
|
Issue |
|
|
Expiration |
|
|
Notional
Value |
|
|
Unrealized
Appreciation |
|
|
|
|
| (24) |
|
|
10-Year U.S. Treasury Note |
|
|
|
December 2016 |
|
|
|
$3,111,000 |
|
|
$ |
38,451 |
|
|
|
|
|
| (33) |
|
|
Long U.S. Treasury Bond |
|
|
|
December 2016 |
|
|
|
$5,369,719 |
|
|
|
259,765 |
|
|
|
|
|
| Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
298,216 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| AGM |
|
Assured Guaranty Municipal Corp. |
|
|
|
|
|
|
|
|
| AMBAC |
|
American Municipal Bond Assurance Corp. |
|
|
|
|
|
|
|
|
| AMT |
|
Alternative Minimum Tax (subject to) |
|
|
|
|
|
|
|
|
| ARB |
|
Airport Revenue 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 methodologies 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) |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
BLACKROCK MUNIYIELD CALIFORNIA FUND, INC. |
|
OCTOBER 31, 2016 |
|
5 |
|
|
|
| Schedule of Investments (concluded) |
|
BlackRock MuniYield California Fund, Inc. (MYC) |
| |
• |
|
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 Global Valuation Committee in determining the price for Fair Valued Investments. Level 3 Investments include equity or debt issued by privately-held companies. 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.
Changes in valuation methodologies 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 is based on the pricing transparency
of the investments 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 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 Investments1 |
|
|
— |
|
|
$ |
609,959,081 |
|
|
|
— |
|
|
$ |
609,959,081 |
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Derivative Financial Instruments2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest rate contracts |
|
$ |
298,216 |
|
|
|
— |
|
|
|
— |
|
|
$ |
298,216 |
|
| 1 See above Schedule
of Investments for values in each sector. |
|
| 2 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 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 |
|
| Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Cash pledged for futures contracts |
|
$ |
156,500 |
|
|
|
— |
|
|
|
— |
|
|
$ |
156,500 |
|
| Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Bank overdraft |
|
|
— |
|
|
$ |
(26,768 |
) |
|
|
— |
|
|
|
(26,768 |
) |
| TOB Trust Certificates |
|
|
— |
|
|
|
(151,878,541 |
) |
|
|
— |
|
|
|
(151,878,541 |
) |
| VRDP Shares at Liquidation Value |
|
|
— |
|
|
|
(105,900,000 |
) |
|
|
— |
|
|
|
(105,900,000 |
) |
|
|
|
|
|
| Total |
|
$ |
156,500 |
|
|
$ |
(257,805,309 |
) |
|
|
— |
|
|
$ |
(257,648,809 |
) |
|
|
|
|
|
During the period ended October 31, 2016, there were no transfers between levels.
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
| 6 |
|
BLACKROCK MUNIYIELD CALIFORNIA FUND, INC. |
|
OCTOBER 31, 2016 |
|
|
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: December 20, 2016 |
|
|
|
|
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: December 20, 2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
By: |
|
/s/ Neal J. Andrews |
|
|
|
|
|
|
|
|
Neal J. Andrews Chief Financial
Officer (principal financial officer) of BlackRock MuniYield California Fund, Inc. |
|
|
|
|
|
|
|
|
Date: December 20, 2016 |
|
|
|
|