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: 07/31/2016
Date of reporting period: 04/30/2016
Item 1 – Schedule of Investments
|
|
|
| Schedule of Investments April 30, 2016 (Unaudited) |
|
BlackRock MuniYield California Fund, Inc. (MYC)
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
| Municipal Bonds |
|
Par (000) |
|
|
Value |
|
| California —
83.5% |
|
| Corporate — 1.6% |
|
| City of Chula Vista California, Refunding RB, San Diego Gas & Electric: |
|
|
|
|
|
|
|
|
| Series A, 5.88%, 2/15/34 |
|
$ |
975 |
|
|
$ |
1,122,040 |
|
| Series D, 5.88%, 1/01/34 |
|
|
4,000 |
|
|
|
4,603,240 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
5,725,280 |
|
| County/City/Special District/School District — 25.6% |
|
| Campbell Union High School District, GO, Election of 2006, Series C, 5.75%, 8/01/40 |
|
|
4,000 |
|
|
|
4,691,440 |
|
| City of Los Angeles California, COP, Senior, Sonnenblick Del Rio West Los Angeles (AMBAC), 6.20%, 11/01/31 |
|
|
2,000 |
|
|
|
2,009,160 |
|
| City of Los Angeles California Municipal Improvement Corp., RB, Real Property, Series E: |
|
|
|
|
|
|
|
|
| 5.75%, 9/01/34 |
|
|
1,215 |
|
|
|
1,387,639 |
|
| 6.00%, 9/01/34 |
|
|
2,660 |
|
|
|
3,071,848 |
|
| City of San Jose California Hotel Tax, RB, Convention Center Expansion & Renovation Project: |
|
|
|
|
|
|
|
|
| 6.50%, 5/01/36 |
|
|
1,520 |
|
|
|
1,843,471 |
|
| 6.50%, 5/01/42 |
|
|
1,860 |
|
|
|
2,250,898 |
|
| County of Riverside California Public Financing Authority, RB, Capital Facilities Project, 5.25%, 11/01/45 |
|
|
5,000 |
|
|
|
5,997,650 |
|
| County of San Joaquin California Transportation Authority, Refunding RB, Limited Tax, Measure K, Series A,
6.00%, 3/01/36 |
|
|
2,440 |
|
|
|
2,964,624 |
|
| County of Santa Clara California Financing Authority, Refunding LRB, Series L, 5.25%, 5/15/36 |
|
|
16,000 |
|
|
|
17,266,880 |
|
| Garden Grove Unified School District, GO, Election of 2010, Series C, 5.25%, 8/01/40 |
|
|
5,500 |
|
|
|
6,651,920 |
|
| Grossmont California Healthcare District, GO, Election of 2006, Series B, 6.13%, 7/15/21 (a) |
|
|
2,000 |
|
|
|
2,515,420 |
|
| Los Angeles Community College District California, GO, Election of 2008, Series C, 5.25%, 8/01/39 |
|
|
7,485 |
|
|
|
8,736,268 |
|
| Mountain View-Whisman School District, GO, Election of 2012, Series B, 4.00%, 9/01/42 (b) |
|
|
2,500 |
|
|
|
2,747,600 |
|
|
|
|
|
|
|
|
|
|
| Municipal Bonds |
|
Par (000) |
|
|
Value |
|
| California
(continued) |
|
| County/City/Special District/School District (continued) |
|
| Oak Grove School District California, GO, Election of 2008, Series A, 5.50%, 8/01/33 |
|
$ |
4,000 |
|
|
$ |
4,554,720 |
|
| Ohlone Community College District, GO, Election of 2010, Series A, 5.25%, 8/01/41 |
|
|
7,135 |
|
|
|
8,428,718 |
|
| Pico Rivera Public Financing Authority, RB, 5.75%, 9/01/39 |
|
|
6,035 |
|
|
|
6,879,779 |
|
| Riverside Community Properties Development, Inc., RB, Riverside County Law Building Project, 6.00%, 10/15/38 |
|
|
5,000 |
|
|
|
6,176,700 |
|
| West Contra Costa California Unified School District, GO, Election of 2012, Series A, 5.50%, 8/01/39 |
|
|
2,500 |
|
|
|
3,071,075 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
91,245,810 |
|
| Education — 4.4% |
|
| California Educational Facilities Authority, Refunding RB: |
|
|
|
|
|
|
|
|
| Pitzer College, 6.00%, 4/01/40 |
|
|
2,500 |
|
|
|
2,953,400 |
|
| San Francisco University, 6.13%, 10/01/36 |
|
|
1,745 |
|
|
|
2,142,808 |
|
| California Municipal Finance Authority, RB, Emerson College, 6.00%, 1/01/42 |
|
|
2,750 |
|
|
|
3,296,178 |
|
| California School Finance Authority, RB: |
|
|
|
|
|
|
|
|
| Alliance College-Ready Public Schools — 2023 Union LLC Project, Series A, 6.00%, 7/01/33 |
|
|
1,500 |
|
|
|
1,699,350 |
|
| Alliance College-Ready Public Schools — 2023 Union LLC Project, Series A, 6.30%, 7/01/43 |
|
|
3,000 |
|
|
|
3,430,350 |
|
| Value Schools, 6.65%, 7/01/33 |
|
|
595 |
|
|
|
688,135 |
|
| Value Schools, 6.90%, 7/01/43 |
|
|
1,330 |
|
|
|
1,549,224 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
15,759,445 |
|
| Health — 14.0% |
|
| California Health Facilities Financing Authority, RB: |
|
|
|
|
|
|
|
|
| Children’s Hospital, Series A, 5.25%, 11/01/41 |
|
|
9,700 |
|
|
|
11,171,781 |
|
| St. Joseph Health System, Series A, 5.75%, 7/01/39 |
|
|
1,000 |
|
|
|
1,142,200 |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
BLACKROCK MUNIYIELD CALIFORNIA FUND, INC. |
|
APRIL 30, 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, RB (continued): |
|
|
|
|
|
|
|
|
| Sutter Health, Series B, 6.00%, 8/15/42 |
|
$ |
7,530 |
|
|
$ |
9,045,337 |
|
| California Health Facilities Financing Authority, Refunding RB, Catholic Healthcare West, Series A,
6.00%, 7/01/39 |
|
|
10,000 |
|
|
|
11,432,300 |
|
| California Statewide Communities Development Authority, RB, Series A: |
|
|
|
|
|
|
|
|
| Loma Linda University Medical Center, 5.25%, 12/01/56 (b)(c) |
|
|
5,000 |
|
|
|
5,435,450 |
|
| Sutter Health, 6.00%, 8/15/42 |
|
|
8,110 |
|
|
|
9,719,430 |
|
| Washington Township Health Care District, GO, Election of 2004, Series B, 5.50%, 8/01/38 |
|
|
1,625 |
|
|
|
1,986,546 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
49,933,044 |
|
| 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 |
|
|
|
3,503,920 |
|
| State — 9.1% |
|
| State of California, GO, Various Purposes: |
|
|
|
|
|
|
|
|
| 6.00%, 4/01/38 |
|
|
8,000 |
|
|
|
9,171,520 |
|
| 6.00%, 11/01/39 |
|
|
2,000 |
|
|
|
2,348,940 |
|
| State of California Public Works Board, LRB: |
|
|
|
|
|
|
|
|
| Department of Developmental Services, Poterville, Series C, 6.25%, 4/01/34 |
|
|
1,610 |
|
|
|
1,872,237 |
|
| Department of Education, Riverside Campus Project, Series B, 6.50%, 4/01/34 |
|
|
10,000 |
|
|
|
11,704,200 |
|
| Trustees of the California State University, Series D, 6.00%, 4/01/19 (a) |
|
|
215 |
|
|
|
247,497 |
|
| Various Capital Projects, Series I, 5.50%, 11/01/33 |
|
|
1,510 |
|
|
|
1,874,257 |
|
|
|
|
|
|
|
|
|
|
| Municipal Bonds |
|
Par (000) |
|
|
Value |
|
| California
(continued) |
|
| State (continued) |
|
| State of California Public Works Board, LRB (continued): |
|
|
|
|
|
|
|
|
| Various Capital Projects, Sub-Series I-1, 6.38%, 11/01/34 |
|
$ |
4,400 |
|
|
$ |
5,262,312 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
32,480,963 |
|
| Tobacco — 2.5% |
|
| Golden State Tobacco Securitization Corp., Refunding RB, Asset-Backed, Senior,
Series A-1, 5.75%, 6/01/47 |
|
|
9,000 |
|
|
|
9,022,500 |
|
| Transportation — 8.1% |
|
| City & County of San Francisco California Airports Commission, ARB, Series E, 6.00%, 5/01/39 |
|
|
5,215 |
|
|
|
6,000,327 |
|
| City & County of San Francisco California Airports Commission, Refunding ARB, 2nd Series A, AMT,
5.25%, 5/01/33 |
|
|
1,440 |
|
|
|
1,681,949 |
|
| City of Los Angeles California Department of Airports, Refunding ARB, Los Angeles International Airport, Series A,
5.25%, 5/15/39 |
|
|
3,605 |
|
|
|
4,040,736 |
|
| City of San Jose California, RB, Series A-1, AMT (AGM): |
|
|
|
|
|
|
|
|
| 5.50%, 3/01/30 |
|
|
1,000 |
|
|
|
1,164,660 |
|
| 5.75%, 3/01/34 |
|
|
1,000 |
|
|
|
1,182,760 |
|
| City of San Jose California, Refunding ARB, Series A-1, AMT, 6.25%, 3/01/34 |
|
|
1,400 |
|
|
|
1,680,966 |
|
| County of Orange California, ARB, Series B, 5.75%, 7/01/34 |
|
|
3,000 |
|
|
|
3,177,090 |
|
| County of Sacramento California, ARB: |
|
|
|
|
|
|
|
|
| PFC/Grant, Sub-Series D, 6.00%, 7/01/35 |
|
|
3,000 |
|
|
|
3,315,330 |
|
| Senior Series B, 5.75%, 7/01/39 |
|
|
900 |
|
|
|
989,577 |
|
| San Francisco Port Commission California, RB, Series A, 5.13%, 3/01/40 |
|
|
5,075 |
|
|
|
5,711,202 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
28,944,597 |
|
| Utilities — 17.2% |
|
| City of Los Angeles California Department of Water & Power, RB: |
|
|
|
|
|
|
|
|
| Power System, Sub-Series A-1, 5.25%, 7/01/38 |
|
|
3,070 |
|
|
|
3,350,322 |
|
| Series A, 5.00%, 7/01/46 |
|
|
7,245 |
|
|
|
8,702,694 |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
| 2 |
|
BLACKROCK MUNIYIELD CALIFORNIA FUND, INC. |
|
APRIL 30, 2016 |
|
|
|
|
|
| Schedule of Investments (continued) |
|
BlackRock MuniYield California Fund, Inc. (MYC) |
|
|
|
|
|
|
|
|
|
| Municipal Bonds |
|
Par (000) |
|
|
Value |
|
| California
(continued) |
|
| Utilities (continued) |
|
| City of Los Angeles California Department of Water & Power, Refunding RB, Series A,
5.25%, 7/01/39 |
|
$ |
4,000 |
|
|
$ |
4,627,320 |
|
| City of Petaluma California Wastewater, Refunding RB, 6.00%, 5/01/36 |
|
|
2,645 |
|
|
|
3,182,940 |
|
| Dublin-San Ramon Services District Water Revenue, Refunding RB, 6.00%, 8/01/41 |
|
|
2,420 |
|
|
|
2,882,994 |
|
| Eastern Municipal Water District, COP, Series H, 5.00%, 7/01/35 |
|
|
6,000 |
|
|
|
6,526,560 |
|
| Metropolitan Water District of Southern California, RB, Series A, 5.00%, 7/01/37 |
|
|
20,000 |
|
|
|
21,010,600 |
|
| Oceanside Public Financing Authority, Refunding RB, Series A: |
|
|
|
|
|
|
|
|
| 5.25%, 5/01/30 |
|
|
1,245 |
|
|
|
1,532,969 |
|
| 5.25%, 5/01/33 |
|
|
2,810 |
|
|
|
3,426,795 |
|
| San Diego Public Facilities Financing Authority, Refunding RB, Senior Series A, 5.38%, 5/15/19 (a) |
|
|
2,920 |
|
|
|
3,324,332 |
|
| San Francisco City & County California Public Utilities Commission, Refunding RB, Series A,
5.13%, 11/01/39 |
|
|
2,480 |
|
|
|
2,809,939 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
61,377,465 |
|
| Total Municipal Bonds — 83.5% |
|
|
|
297,993,024 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
Municipal Bonds Transferred to
Tender Option Bond Trusts (d) |
|
|
|
|
|
|
| California —
87.8% |
|
| County/City/Special District/School District — 35.1% |
|
| City of Los Angeles California, Refunding RB, Series A, 5.00%, 6/01/39 |
|
|
9,870 |
|
|
|
11,003,175 |
|
| County of Los Angeles California Public Works Financing Authority, Refunding RB, Series A: |
|
|
|
|
|
|
|
|
| 5.00%, 12/01/39 |
|
|
17,850 |
|
|
|
21,053,004 |
|
| 5.00%, 12/01/44 |
|
|
14,095 |
|
|
|
16,494,180 |
|
|
|
|
|
|
|
|
|
|
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: |
|
|
|
|
|
|
|
|
| Election of 2001, Series E-1, 5.00%, 8/01/18 (a) |
|
$ |
14,850 |
|
|
$ |
16,280,946 |
|
| Series C, 5.25%, 8/01/39 (e) |
|
|
9,680 |
|
|
|
11,298,447 |
|
| Los Angeles Community College District California, GO, Refunding, Series A, 6.00%, 8/01/19 (a) |
|
|
3,828 |
|
|
|
4,466,933 |
|
| Palomar California Community College District, GO, Election of 2006, Series C, 5.00%, 8/01/44 |
|
|
15,140 |
|
|
|
18,015,389 |
|
| San Diego Community College District California, GO, Election of 2002, 5.25%, 8/01/33 |
|
|
7,732 |
|
|
|
8,791,101 |
|
| San Marcos Unified School District, GO, Election of 2010, Series A, 5.00%, 8/01/38 |
|
|
15,520 |
|
|
|
17,986,749 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
125,389,924 |
|
| Education — 23.3% |
|
| California Educational Facilities Authority, RB, University of Southern California, Series B,
5.25%, 10/01/39 (e) |
|
|
13,845 |
|
|
|
15,293,464 |
|
| University of California, RB: |
|
|
|
|
|
|
|
|
| 4.00%, 11/01/35 (c) |
|
|
12,250 |
|
|
|
13,638,170 |
|
| 5.00%, 5/15/38 |
|
|
4,000 |
|
|
|
4,883,360 |
|
| Series AM, 5.25%, 5/15/44 |
|
|
11,950 |
|
|
|
14,321,597 |
|
| Series O, 5.75%, 5/15/19 (a) |
|
|
2,805 |
|
|
|
3,225,077 |
|
| University of California, Refunding RB: |
|
|
|
|
|
|
|
|
| Series A, 5.00%, 11/01/43 |
|
|
5,001 |
|
|
|
5,977,773 |
|
| Series I, 5.00%, 5/15/40 |
|
|
21,875 |
|
|
|
25,984,819 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
83,324,260 |
|
| Health — 12.4% |
|
| California Health Facilities Financing Authority, RB, Sutter Health, Series A, 5.00%, 11/15/41 (c)(f) |
|
|
11,000 |
|
|
|
13,034,670 |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
BLACKROCK MUNIYIELD CALIFORNIA FUND, INC. |
|
APRIL 30, 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) |
|
| California Statewide Communities Development Authority, Refunding RB, Cottage Health System Obligation,
5.00%, 11/01/43 |
|
$ |
26,870 |
|
|
$ |
31,338,750 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
44,373,420 |
|
| State — 7.8% |
|
| State of California, GO, Various Purposes (c): |
|
|
|
|
|
|
|
|
| 4.00%, 9/01/34 |
|
|
13,790 |
|
|
|
15,445,903 |
|
| 3.00%, 9/01/35 |
|
|
10,115 |
|
|
|
12,404,359 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
27,850,262 |
|
| Transportation — 3.3% |
|
| City of Los Angeles California Department of Airports, ARB, Series A, AMT,
5.00%, 5/15/45 |
|
|
10,045 |
|
|
|
11,591,489 |
|
| 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 |
|
|
|
15,865,290 |
|
|
|
|
|
|
|
|
|
|
| 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%, 7/01/33 |
|
$ |
4,748 |
|
|
$ |
5,164,794 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
21,030,084 |
|
Total Municipal Bonds Transferred to
Tender Option Bond Trusts — 87.8% |
|
|
|
313,559,439 |
|
| Total Long-Term Investments
(Cost — $562,280,338) — 171.3% |
|
|
|
611,552,463 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| Short-Term Securities |
|
Shares |
|
|
|
|
| BIF California Municipal Money Fund, 0.00% (g)(h) |
|
|
4,147,308 |
|
|
|
4,147,308 |
|
| Total Short-Term Securities
(Cost — $4,147,308) — 1.2% |
|
|
|
4,147,308 |
|
| Total Investments (Cost — $566,427,646*) — 172.5% |
|
|
|
615,699,771 |
|
| Liabilities in Excess of Other Assets — (3.6)% |
|
|
|
(12,721,691 |
) |
| Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable —
(39.2)% |
|
|
|
(140,096,010 |
) |
| VRDP Shares, at Liquidation Value — (29.7)% |
|
|
|
(105,900,000 |
) |
|
|
|
|
|
|
|
|
|
| Net Assets Applicable to Common Shares — 100.0% |
|
|
$ |
356,982,070 |
|
|
|
|
|
|
|
|
|
|
| * |
|
As of April 30, 2016, gross unrealized appreciation and depreciation based on cost for federal income tax purposes were as follows: |
|
|
|
|
|
| Tax cost |
|
$ |
414,453,685 |
|
|
|
|
|
|
| Gross unrealized appreciation |
|
$ |
49,283,437 |
|
| Gross unrealized depreciation |
|
|
(459,377 |
) |
|
|
|
|
|
| Net unrealized appreciation |
|
$ |
48,824,060 |
|
|
|
|
|
|
|
| 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) |
|
When-issued security. |
| (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) |
|
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 $14,709,685. |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
| 4 |
|
BLACKROCK MUNIYIELD CALIFORNIA FUND, INC. |
|
APRIL 30, 2016 |
|
|
|
|
|
| Schedule of Investments (continued) |
|
BlackRock MuniYield California Fund, Inc. (MYC) |
| (f) |
|
Variable rate security. Rate as of period end. |
| (g) |
|
During the period ended April 30, 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,
2015 |
|
|
Net
Activity |
|
|
Shares Held
at April 30,
2016 |
|
|
Income |
|
| BIF California Municipal Money Fund |
|
|
3,733,443 |
|
|
|
413,865 |
|
|
|
4,147,308 |
|
|
$ |
4 |
|
| (h) |
|
Current yield as of period end. |
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 |
|
| |
(81 |
) |
|
10-Year U.S. Treasury Note |
|
June 2016 |
|
$ |
10,535,062 |
|
|
$ |
44,221 |
|
| |
(26 |
) |
|
Long U.S. Treasury Bond |
|
June 2016 |
|
$ |
4,246,125 |
|
|
|
53,067 |
|
| |
(5 |
) |
|
Ultra U.S. Treasury Bond |
|
June 2016 |
|
$ |
856,719 |
|
|
|
12,492 |
|
| |
Total |
|
|
|
|
|
|
|
|
|
|
$ |
109,780 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 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 |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
BLACKROCK MUNIYIELD CALIFORNIA FUND, INC. |
|
APRIL 30, 2016 |
|
5 |
|
|
|
| Schedule of Investments (continued) |
|
BlackRock MuniYield California Fund, Inc. (MYC) |
|
| 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. The significant
unobservable inputs used by the Global Valuation Committee in determining the price for Fair Valued Investments are typically categorized as level 3.
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.
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 |
|
|
— |
|
|
$ |
611,552,463 |
|
|
— |
|
$ |
611,552,463 |
|
| Short-Term Securities |
|
$ |
4,147,308 |
|
|
|
— |
|
|
— |
|
|
4,147,308 |
|
|
|
|
|
|
| Total |
|
$ |
4,147,308 |
|
|
$ |
611,552,463 |
|
|
— |
|
$ |
615,699,771 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
Total |
|
| Derivative Financial Instruments2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest rate contracts |
|
$ |
109,780 |
|
|
|
— |
|
|
— |
|
$ |
109,780 |
|
| 1 See above Schedule of Investments for values in each sector.
2 Derivative
financial instruments are futures contracts, which are valued at the unrealized appreciation (depreciation) on the instrument. |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
| 6 |
|
BLACKROCK MUNIYIELD CALIFORNIA FUND, INC. |
|
APRIL 30, 2016 |
|
|
|
|
|
| Schedule of Investments (concluded) |
|
BlackRock MuniYield California Fund, Inc. (MYC) |
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 |
|
$ |
218,500 |
|
|
|
— |
|
|
— |
|
$ |
218,500 |
|
| Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Bank overdraft |
|
|
— |
|
|
$ |
(116,721 |
) |
|
— |
|
|
(116,721 |
) |
| TOB Trust Certificates |
|
|
— |
|
|
|
(140,027,026 |
) |
|
— |
|
|
(140,027,026 |
) |
| VRDP Shares |
|
|
— |
|
|
|
(105,900,000 |
) |
|
— |
|
|
(105,900,000 |
) |
|
|
|
|
|
| Total |
|
$ |
218,500 |
|
|
$ |
(246,043,747 |
) |
|
— |
|
$ |
(245,825,247 |
) |
|
|
|
|
|
During the period ended April 30, 2016, there were no transfers between levels.
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
BLACKROCK MUNIYIELD CALIFORNIA FUND, INC. |
|
APRIL 30, 2016 |
|
7 |
|
|
|
| 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 22, 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: |
|
June 22, 2016 |
|
|
| By: |
|
/s/ Neal J. Andrews |
|
|
Neal J. Andrews |
|
|
Chief Financial Officer (principal financial officer) of |
|
|
BlackRock MuniYield California Fund, Inc. |
|
|
| Date: |
|
June 22, 2016 |