BlackRock MuniYield California Quality 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 811-06692
|
|
|
| Name of Fund: |
|
BlackRock MuniYield California Quality Fund, Inc. (MCA) |
|
|
| Fund Address: |
|
100 Bellevue Parkway, Wilmington, DE 19809 |
Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock MuniYield
California Quality 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 Quality Fund, Inc. (MCA)
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
| Municipal Bonds — 89.8% |
|
|
| California — 89.8% |
|
| Corporate — 1.8% |
|
| California Pollution Control Financing Authority, RB: |
|
|
|
|
|
|
|
|
| Poseidon Resources (Channel Side) LP Desalination Project, AMT,
5.00%, 11/21/45(d) |
|
$ |
2,750 |
|
|
$ |
2,914,973 |
|
| San Jose Water Company Project, AMT, 4.75%, 11/01/46 |
|
|
4,000 |
|
|
|
4,279,760 |
|
| City of Chula Vista California, Refunding RB, San Diego Gas & Electric, Series A,
5.88%,
02/15/34 |
|
|
2,435 |
|
|
|
2,534,251 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9,728,984 |
|
| County/City/Special District/School District — 32.5% |
|
| Chaffey Joint Union High School District, GO, CAB, Election of 2012, Series C(a): |
|
|
|
|
|
|
|
|
| 0.00%, 08/01/32 |
|
|
250 |
|
|
|
148,360 |
|
| 0.00%, 08/01/33 |
|
|
500 |
|
|
|
282,450 |
|
| 0.00%, 08/01/34 |
|
|
505 |
|
|
|
272,347 |
|
| 0.00%, 08/01/35 |
|
|
545 |
|
|
|
280,501 |
|
| 0.00%, 08/01/36 |
|
|
500 |
|
|
|
245,375 |
|
| 0.00%, 08/01/37 |
|
|
650 |
|
|
|
304,174 |
|
| 0.00%, 08/01/38 |
|
|
630 |
|
|
|
281,219 |
|
| 0.00%, 08/01/39 |
|
|
750 |
|
|
|
319,283 |
|
| 0.00%, 08/01/40 |
|
|
1,850 |
|
|
|
752,432 |
|
| 0.00%, 08/01/41 |
|
|
305 |
|
|
|
118,493 |
|
| 0.00%, 02/01/42 |
|
|
350 |
|
|
|
132,787 |
|
| City & County of San Francisco California, COP, Port Facilities Project, Series C, AMT,
5.25%,
03/01/32 |
|
|
1,050 |
|
|
|
1,160,429 |
|
| County of Kern California, COP, Capital Improvements Projects, Series A (AGC),
6.00%, 02/01/19(b) |
|
|
2,000 |
|
|
|
2,063,820 |
|
| County of Orange California Sanitation District, COP, Series A, 5.00%, 02/01/19(b) |
|
|
2,500 |
|
|
|
2,562,250 |
|
| County of Orange California Water District, COP, Refunding, 5.25%, 08/15/19(b) |
|
|
9,045 |
|
|
|
9,450,306 |
|
| County of San Joaquin California Transportation Authority, Refunding RB, Limited Tax, Measure K, Series A,
6.00%, 03/01/21(b) |
|
|
2,755 |
|
|
|
3,061,549 |
|
| El Monte City School District, GO, Los Angeles Country, California Series B, 5.50%, 08/01/46 |
|
|
4,265 |
|
|
|
5,083,368 |
|
| Folsom Cordova Unified School District School Facilities Improvement Dist No. 5, GO, Election of 2014,
Series C, 4.00%, 10/01/43(c) |
|
|
2,820 |
|
|
|
2,894,815 |
|
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
| County/City/Special District/School District (continued) |
|
| Fowler Unified School District, GO, Election of 2016, Series A (BAM), 5.25%, 08/01/46 |
|
$ |
3,700 |
|
|
$ |
4,309,279 |
|
| Garden Grove Unified School District, GO, Election of 2010, Series C, 5.25%, 08/01/37 |
|
|
2,725 |
|
|
|
3,079,822 |
|
| Gavilan Joint Community College District, GO, Election of 2004, Series D(b): |
|
|
|
|
|
|
|
|
| 5.50%, 08/01/21 |
|
|
2,165 |
|
|
|
2,408,519 |
|
| 5.75%, 08/01/21 |
|
|
8,400 |
|
|
|
9,410,604 |
|
| Grossmont California Healthcare District, GO, Election of 2006, Series B, 6.13%, 07/15/21(b) |
|
|
2,500 |
|
|
|
2,822,450 |
|
| Grossmont California Union High School District, GO, Election of 2008, Series C, 5.50%, 08/01/21(b) |
|
|
1,880 |
|
|
|
2,091,462 |
|
| Imperial Irrigation District, Series A, Electric System
Revenue(b): |
|
|
|
|
|
|
|
|
| 5.13%, 11/01/18 |
|
|
4,085 |
|
|
|
4,152,770 |
|
| 5.13%, 11/01/18 |
|
|
915 |
|
|
|
930,180 |
|
| Kern Community College District, GO, Safety Repair & Improvements, Series C, 5.25%,
11/01/32 |
|
|
5,715 |
|
|
|
6,580,937 |
|
| Los Angeles Municipal Improvement Corp., Refunding LRB, Real Property, Series B (AGC),
5.50%, 04/01/19(b) |
|
|
2,075 |
|
|
|
2,146,753 |
|
| Mount San Antonio Community College District, GO, Refunding, Election of 2008, Series A,
5.00%,
08/01/34 |
|
|
4,500 |
|
|
|
5,014,665 |
|
| Ohlone Community College District, GO, Election of 2010, Series A, 5.25%, 08/01/21(b) |
|
|
8,140 |
|
|
|
8,991,851 |
|
| Orchard School District, GO, Election of 2001, Series A (AGC), 5.00%, 08/01/19(b) |
|
|
7,490 |
|
|
|
7,787,877 |
|
| Perris Union High School District, GO, Election of 2012, Series B (BAM), 5.25%, 09/01/39 |
|
|
2,715 |
|
|
|
3,093,118 |
|
| Pittsburg Unified School District, GO, Election of 2006, Series B (AGM)(b): |
|
|
|
|
|
|
|
|
| 5.50%, 08/01/18 |
|
|
2,000 |
|
|
|
2,018,940 |
|
| 5.63%, 08/01/18 |
|
|
4,500 |
|
|
|
4,544,010 |
|
| Redlands Unified School District California, GO, Election of 2008 (AGM), 5.25%, 07/01/18(b) |
|
|
5,000 |
|
|
|
5,029,450 |
|
| Riverside County Public Financing Authority, Tax Allocation Bonds, Series A (BAM),
4.00%,
10/01/40 |
|
|
2,455 |
|
|
|
2,503,241 |
|
|
|
|
| Schedule of Investments (unaudited) (continued)
April 30, 2018 |
|
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) |
|
| RNR School Financing Authority, Special Tax Bonds, Community Facilities District No. 92-1, Series A (BAM): |
|
|
|
|
|
|
|
|
| 5.00%, 09/01/37 |
|
$ |
1,500 |
|
|
$ |
1,689,000 |
|
| 5.00%, 09/01/41 |
|
|
3,000 |
|
|
|
3,357,090 |
|
| San Jose California Financing Authority, LRB, Convention Center Expansion & Renovation Project,
Series A: |
|
|
|
|
|
|
|
|
| 5.75%, 05/01/36 |
|
|
2,570 |
|
|
|
2,577,556 |
|
| 5.75%, 05/01/42 |
|
|
4,500 |
|
|
|
4,933,440 |
|
| San Jose California Financing Authority, Refunding LRB, Civic Center Project,
Series A: |
|
|
|
|
|
|
|
|
| 5.00%, 06/01/32 |
|
|
3,375 |
|
|
|
3,781,991 |
|
| 5.00%, 06/01/39 |
|
|
5,800 |
|
|
|
6,429,242 |
|
| San Juan Unified School District, GO, Election of 2002 (AGM), 5.00%, 08/01/20(b) |
|
|
6,475 |
|
|
|
6,926,178 |
|
| San Leandro California Unified School District, GO, Election of 2010, Series A,
5.75%, 08/01/41 |
|
|
3,000 |
|
|
|
3,327,900 |
|
| Snowline Joint Unified School District, COP, Refunding, Refining Project (AGC),
5.75%, 09/01/19(b) |
|
|
5,600 |
|
|
|
5,891,648 |
|
| Walnut Valley Unified School District, GO, Election of 2007, Series B,
5.75%, 08/01/21(b) |
|
|
7,680 |
|
|
|
8,603,981 |
|
| 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 2010, Series A (AGM),
5.25%,
08/01/21(b) |
|
|
6,140 |
|
|
|
6,699,354 |
|
| Election of 2010, Series B,
5.50%, 08/01/39 |
|
|
3,000 |
|
|
|
3,431,940 |
|
| Election of 2012, Series A,
5.50%, 08/01/39 |
|
|
2,500 |
|
|
|
2,861,275 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
168,718,298 |
|
|
| Education — 3.1% |
|
| California Municipal Finance Authority, RB, Emerson College, 6.00%, 01/01/22(b) |
|
|
2,750 |
|
|
|
3,130,407 |
|
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
| Education (continued) |
|
| California Municipal Finance Authority, Refunding RB, University of La Verne, Series A,
5.00%,
06/01/36 |
|
$ |
1,150 |
|
|
$ |
1,298,442 |
|
| California School Finance Authority, RB, Alliance for College-Ready Public Schools Projects, Series
A,
5.00%, 07/01/36(d) |
|
|
755 |
|
|
|
823,539 |
|
| California School Finance Authority, Refunding RB, Aspire Public Schools- Obligated Group,
5.00%, 08/01/46(d) |
|
|
1,250 |
|
|
|
1,331,938 |
|
| California Statewide Communities Development Authority, Refunding RB: |
|
|
|
|
|
|
|
|
| CHF-Irvine LLC, 5.00%, 05/15/33 |
|
|
2,625 |
|
|
|
2,929,867 |
|
| CHF-Irvine LLC, 5.00%, 05/15/40 |
|
|
2,250 |
|
|
|
2,476,328 |
|
| University of California, RB, 5.25%, 05/15/36 |
|
|
3,680 |
|
|
|
4,203,811 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
16,194,332 |
|
|
| Health — 11.7% |
|
| California Health Facilities Financing Authority, RB: |
|
|
|
|
|
|
|
|
| Children’s Hospital, Series A,
5.25%, 11/01/41 |
|
|
10,000 |
|
|
|
10,992,900 |
|
| Providence Health Services, Series B,
5.50%, 10/01/39 |
|
|
4,205 |
|
|
|
4,405,452 |
|
| Sutter Health, Series B,
6.00%, 08/15/20(b) |
|
|
7,715 |
|
|
|
8,424,549 |
|
| California Health Facilities Financing Authority, Refunding RB, Series A: |
|
|
|
|
|
|
|
|
| Catholic Healthcare West, 6.00%, 07/01/19(b) |
|
|
5,500 |
|
|
|
5,764,715 |
|
| Dignity Health, 6.00%, 07/01/19(b) |
|
|
2,370 |
|
|
|
2,484,068 |
|
| Providence St. Joseph Health, 4.00%, 10/01/47 |
|
|
4,855 |
|
|
|
4,882,479 |
|
| California Municipal Finance Authority, Refunding RB, Community Medical Centers, Series A, 5.00%,
02/01/42 |
|
|
4,000 |
|
|
|
4,351,040 |
|
| California Statewide Communities Development Authority, RB: |
|
|
|
|
|
|
|
|
| Huntington Memorial Hospital Project,
4.00%,
07/01/48(c) |
|
|
1,780 |
|
|
|
1,770,655 |
|
| Sutter Health, Series A, 6.00%, 08/15/20(b) |
|
|
5,130 |
|
|
|
5,601,806 |
|
|
|
|
| Schedule of Investments (unaudited) (continued)
April 30, 2018 |
|
BlackRock MuniYield California Quality Fund, Inc. (MCA)
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
| Health (continued) |
|
|
|
|
|
|
| California Statewide Communities Development Authority, Refunding RB: |
|
|
|
|
|
|
|
|
| Trinity Health Credit Group Composite Issue,
5.00%, 12/01/41 |
|
$ |
2,860 |
|
|
$ |
3,129,069 |
|
| Front Porch Communities and Services, 4.00%, 04/01/42 |
|
|
2,595 |
|
|
|
2,604,601 |
|
| Front Porch Communities and Services, 4.00%, 04/01/47 |
|
|
2,535 |
|
|
|
2,526,305 |
|
| Front Porch Communities and Services, 5.00%, 04/01/47 |
|
|
3,305 |
|
|
|
3,636,525 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
60,574,164 |
|
| State — 6.7% |
|
| State of California, GO, Various Purposes: |
|
|
|
|
|
|
|
|
| 6.00%, 04/01/19(b) |
|
|
4,910 |
|
|
|
5,097,366 |
|
| 6.00%, 04/01/38 |
|
|
8,970 |
|
|
|
9,303,774 |
|
| 6.00%, 03/01/33 |
|
|
5,500 |
|
|
|
5,920,200 |
|
| 6.00%, 11/01/39 |
|
|
3,510 |
|
|
|
3,722,495 |
|
| State of California Public Works Board, LRB: |
|
|
|
|
|
|
|
|
| Department of Education, Riverside Campus Project, Series B, 6.50%, 04/01/19(b) |
|
|
3,670 |
|
|
|
3,828,324 |
|
| Various Capital Projects, Series I,
5.50%, 11/01/33 |
|
|
2,575 |
|
|
|
2,946,701 |
|
| Various Capital Projects, Sub-Series
I-1, 6.13%, 11/01/19(b) |
|
|
3,365 |
|
|
|
3,582,143 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
34,401,003 |
|
| Tobacco — 0.2% |
|
| San Diego Tobacco Settlement Revenue Funding Corp., Refunding RB,
Sub-Series C,
4.00%, 06/01/32 |
|
|
860 |
|
|
|
869,365 |
|
|
|
|
|
|
|
|
|
|
| Transportation — 22.1% |
|
| Alameda Corridor Transportation Authority, Refunding RB, 2nd Subordinate Lien, Series B, 5.00%,
10/01/35 |
|
|
1,500 |
|
|
|
1,662,720 |
|
| City & County of San Francisco California Airports Commission, ARB: |
|
|
|
|
|
|
|
|
| Series E, 6.00%, 05/01/39 |
|
|
9,650 |
|
|
|
10,039,956 |
|
| Special Facility Lease, SFO Fuel, Series A, AMT (AGM), 6.10%, 01/01/20 |
|
|
375 |
|
|
|
376,178 |
|
| Special Facility Lease, SFO Fuel, Series A, AMT (AGM), 6.13%, 01/01/27 |
|
|
985 |
|
|
|
988,014 |
|
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
| Transportation (continued) |
|
| City & County of San Francisco California Airports Commission, Refunding ARB, AMT: |
|
|
|
|
|
|
|
|
| 2nd Series 34E (AGM), 5.75%, 05/01/18(b) |
|
$ |
3,500 |
|
|
$ |
3,500,000 |
|
| 2nd Series A, 5.25%, 05/01/33 |
|
|
1,900 |
|
|
|
2,105,390 |
|
| Series A, 5.00%, 05/01/40 |
|
|
3,785 |
|
|
|
4,136,816 |
|
| Series A, 5.00%, 05/01/44 |
|
|
2,660 |
|
|
|
2,901,209 |
|
| City & County of San Francisco California Airports Commission, Refunding RB, AMT: |
|
|
|
|
|
|
|
|
| 2nd Series 34E (AGM), 5.75%, 05/01/18(b) |
|
|
840 |
|
|
|
840,000 |
|
| Series A, 5.00%, 05/01/47 |
|
|
7,715 |
|
|
|
8,601,608 |
|
| City of Los Angeles California Department of Airports, ARB: |
|
|
|
|
|
|
|
|
| Los Angeles International Airport,
Sub-Series B, 5.00%, 05/15/40 |
|
|
2,500 |
|
|
|
2,636,050 |
|
| Series D, AMT, 5.00%, 05/15/35 |
|
|
2,000 |
|
|
|
2,230,520 |
|
| Series D, AMT, 5.00%, 05/15/36 |
|
|
1,500 |
|
|
|
1,669,890 |
|
| Sub-Series A, AMT, 5.00%, 05/15/47 |
|
|
2,990 |
|
|
|
3,339,740 |
|
| City of Los Angeles California Department of Airports, Refunding ARB, Los Angeles International Airport,
Senior Series A,
5.25%, 05/15/29 |
|
|
4,760 |
|
|
|
4,929,266 |
|
| 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 |
|
|
|
3,425,119 |
|
| Series A, 5.00%, 03/01/47 |
|
|
6,770 |
|
|
|
7,502,785 |
|
| 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 |
|
|
2,500 |
|
|
|
2,817,125 |
|
| County of Sacramento California, ARB: |
|
|
|
|
|
|
|
|
| Senior Series B, AMT (AGM), 5.25%, 07/01/33 |
|
|
7,000 |
|
|
|
7,035,560 |
|
| Subordinated & Passenger Facility Charges/Grant, Series C (AGC),
5.75%, 07/01/18(b) |
|
|
5,555 |
|
|
|
5,591,774 |
|
|
|
|
| Schedule of Investments (unaudited) (continued)
April 30, 2018 |
|
BlackRock MuniYield California Quality Fund, Inc. (MCA)
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
| Transportation (continued) |
|
| County of Sacramento California Airport System Revenue, Refunding ARB, Airport System Subordinate Revenue, Sub-Series B,
5.00%, 07/01/41 |
|
$ |
1,750 |
|
|
$ |
1,963,973 |
|
| County of San Bernardino California Transportation Authority, RB, Series A,
5.25%, 03/01/40 |
|
|
4,500 |
|
|
|
5,102,055 |
|
| County of San Diego California Regional Airport Authority, Refunding ARB, Series B,
5.00%,
07/01/40 |
|
|
6,350 |
|
|
|
6,708,330 |
|
| County of San Diego Regional Airport Authority, ARB, Subordinate, Series B, AMT,
5.00%, 07/01/42 |
|
|
10,760 |
|
|
|
12,033,446 |
|
| Los Angeles Harbor Department, RB, Series B,
5.25%,
08/01/19(b) |
|
|
2,760 |
|
|
|
2,879,977 |
|
| Port of Los Angeles California Harbor Department, RB, Series B, 5.25%, 08/01/19(b) |
|
|
5,530 |
|
|
|
5,770,389 |
|
| Port of Los Angeles California Harbor Department, Refunding RB, Series A, AMT, 5.00%, 08/01/44 |
|
|
200 |
|
|
|
218,924 |
|
| Sacramento County California Airport System Revenue, Refunding RB, Series C, AMT, 5.00%, 07/01/32(c) |
|
|
2,430 |
|
|
|
2,799,943 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
115,359,847 |
|
| Utilities — 11.7% |
|
| Anaheim Public Financing Authority, RB, Electric System Distribution Facilities, Series A,
5.38%, 04/01/21(b) |
|
|
5,000 |
|
|
|
5,487,200 |
|
| City of Los Angeles California Department of Water & Power, Refunding RB, Water System, Series A,
5.25%, 07/01/39 |
|
|
8,000 |
|
|
|
8,692,720 |
|
| City of Los Angeles California Wastewater System Revenue, Refunding RB,
Sub-Series A: |
|
|
|
|
|
|
|
|
| 5.00%, 06/01/20(b) |
|
|
1,325 |
|
|
|
1,408,104 |
|
| 5.00%, 06/01/28 |
|
|
675 |
|
|
|
716,769 |
|
| City of San Francisco California Public Utilities Commission Water Revenue, RB,
Sub-Series A, 5.00%, 11/01/37 |
|
|
10,000 |
|
|
|
10,916,400 |
|
| City of San Francisco California Public Utilities Commission Water Revenue, Refunding RB, Series A: |
|
|
|
|
|
|
|
|
| 5.25%, 11/01/19(b) |
|
|
6,280 |
|
|
|
6,604,362 |
|
| 5.00%, 11/01/36 |
|
|
3,335 |
|
|
|
3,798,298 |
|
| Dublin-San Ramon Services District Water Revenue, Refunding RB,
6.00%, 02/01/21(b) |
|
|
4,000 |
|
|
|
4,432,280 |
|
|
|
|
|
|
|
|
|
|
| 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 |
|
|
$ |
5,324,150 |
|
| El Dorado Irrigation District/El Dorado County Water Agency, Refunding RB, Series A (AGM), 5.25%,
03/01/39 |
|
|
5,000 |
|
|
|
5,617,350 |
|
| Los Angeles Department of Water, RB, Series A, 5.00%, 07/01/48 |
|
|
5,000 |
|
|
|
5,756,300 |
|
| San Diego Public Facilities Financing Authority Sewer, Refunding RB, Senior Series A, 5.25%, 05/15/19(b) |
|
|
2,000 |
|
|
|
2,073,020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
60,826,953 |
|
|
|
|
|
|
|
|
|
|
| Total Municipal Bonds — 89.8%
(Cost — $446,568,740) |
|
|
|
466,672,946 |
|
|
|
|
|
|
|
|
|
|
|
| Municipal Bonds Transferred to Tender Option Bond Trusts(e) |
|
|
| California — 80.9% |
|
| County/City/Special District/School District — 24.2% |
|
| County of Riverside California Public Financing Authority, RB, Capital Facilities Project,
5.25%,
11/01/45 |
|
|
10,000 |
|
|
|
11,402,698 |
|
| County of San Luis California Obispo Community College District, GO, Refunding Election of 2014, Series A,
4.00%, 08/01/40 |
|
|
6,585 |
|
|
|
6,810,014 |
|
| County of San Mateo California Community College District, GO, Election of 2014, Series A, 5.00%,
09/01/45 |
|
|
17,615 |
|
|
|
20,007,663 |
|
| Fremont Union High School District, GO, Refunding Series A, 4.00%, 08/01/46 |
|
|
5,000 |
|
|
|
5,187,825 |
|
| Los Angeles California Unified School District, GO: |
|
|
|
|
|
|
|
|
| Election of 2008, Series B-1,
5.25%, 07/01/42(f) |
|
|
7,075 |
|
|
|
8,393,059 |
|
| Series I, 5.00%, 01/01/34 |
|
|
5,000 |
|
|
|
5,172,675 |
|
| Los Angeles Community College District California, GO, Election of 2003, Series F-1, 5.00%, 08/01/18(b) |
|
|
12,000 |
|
|
|
12,097,980 |
|
|
|
|
| Schedule of Investments (unaudited) (continued)
April 30, 2018 |
|
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) |
|
| Los Angeles Community College District California, GO, Refunding, Go, Refunding, Election of 2008, Series
A,
6.00%, 08/01/19(b) |
|
$ |
9,596 |
|
|
$ |
10,096,090 |
|
| Palomar Community College District, GO, Election of 2006, Series C, 5.00%, 08/01/44 |
|
|
15,140 |
|
|
|
16,951,879 |
|
| Sacramento Area Flood Control Agency, Refunding, Consolidated Capital Assessment District No. 2, Series
A, 5.00%, 10/01/43 |
|
|
10,005 |
|
|
|
11,401,765 |
|
| West Valley-Mission Community College District, GO, Election of 2012, Series B,
4.00%, 08/01/40 |
|
|
17,000 |
|
|
|
17,693,770 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
125,215,418 |
|
| Education — 13.9% |
|
| California State University, Refunding RB,
Series A, 5.00%, 11/01/43 |
|
|
13,002 |
|
|
|
14,713,589 |
|
| Los Rios Community College District, GO, Election of 2008, Series A, 5.00%, 08/01/20(b) |
|
|
11,000 |
|
|
|
11,753,775 |
|
| University of California, RB: |
|
|
|
|
|
|
|
|
| Series AM, 5.25%, 05/15/44 |
|
|
9,210 |
|
|
|
10,455,054 |
|
| Series O, 5.75%, 05/15/19(b) |
|
|
11,192 |
|
|
|
11,644,116 |
|
| University of California, Refunding RB, Series I,
5.00%, 05/15/40 |
|
|
21,105 |
|
|
|
23,886,028 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
72,452,562 |
|
| Health — 17.8% |
|
| California Health Facilities Financing Authority, Refunding RB, Kaiser Permanent, Sub-Series A-2, 4.00%, 11/01/44 |
|
|
13,280 |
|
|
|
13,509,080 |
|
| California Health Facilities Financing Authority, RB: |
|
|
|
|
|
|
|
|
| Lucile Salter Packard Children’s Hospital at Stanford, 5.00%, 11/15/56 |
|
|
6,000 |
|
|
|
6,708,820 |
|
| Sutter Health, Series A, 4.00%, 11/15/42 |
|
|
7,500 |
|
|
|
7,612,950 |
|
| Sutter Health, Series A, 5.00%, 08/15/52 |
|
|
10,000 |
|
|
|
10,847,300 |
|
| California Health Facilities Financing Authority, Refunding RB: |
|
|
|
|
|
|
|
|
| Lucile Salter Packard Children’s Hospital, Series B, 5.00%, 08/15/55 |
|
|
4,500 |
|
|
|
5,002,166 |
|
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
| Health (continued) |
|
| California Health Facilities Financing Authority, Refunding RB (continued): |
|
|
|
|
|
|
|
|
| Sutter Health, Series A, 5.00%, 08/15/43 |
|
$ |
24,940 |
|
|
$ |
27,558,700 |
|
| California Statewide Communities Development Authority, RB, Kaiser Permanente, Series A, 5.00%,
04/01/42 |
|
|
19,860 |
|
|
|
21,522,084 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
92,761,100 |
|
| State — 0.7% |
|
| State of California, GO, Refunding Various Purpose,
5.25%, 10/01/39 |
|
|
3,000 |
|
|
|
3,460,830 |
|
|
|
|
|
|
|
|
|
|
| Transportation — 9.3% |
|
| Bay Area Toll Authority, Refunding RB, San Francisco Bay Area Toll Bridge(f): |
|
|
|
|
|
|
|
|
| 4.00%, 04/01/42 |
|
|
11,250 |
|
|
|
11,642,381 |
|
| 4.00%, 04/01/49 |
|
|
6,555 |
|
|
|
6,738,125 |
|
| City of Los Angeles California Department of Airports, ARB: |
|
|
|
|
|
|
|
|
| Los Angeles International Airport, Series B, AMT, 5.00%, 05/15/46 |
|
|
5,000 |
|
|
|
5,542,100 |
|
| Series D, AMT, 5.00%, 05/15/41 |
|
|
13,312 |
|
|
|
14,719,130 |
|
| City of Los Angeles California Department of Airports, RB, AMT: |
|
|
|
|
|
|
|
|
| Los Angeles International Airport, Series B,
5.00%, 05/15/41 |
|
|
3,641 |
|
|
|
4,050,317 |
|
| Senior Revenue, Series A, 5.00%, 05/15/40 |
|
|
5,500 |
|
|
|
6,090,012 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
48,782,065 |
|
| Utilities — 15.0% |
|
| Anaheim Public Financing Authority, Refunding RB, Anaheim Convention Center Expansion Project, Series
A: |
|
|
|
|
|
|
|
|
| 5.00%, 05/01/39 |
|
|
6,000 |
|
|
|
6,681,270 |
|
| 5.00%, 05/01/46 |
|
|
13,500 |
|
|
|
14,954,693 |
|
| City & County of San Francisco California Public Utilities Commission, RB, Water Revenue, Series B,
5.00%, 11/01/19(b) |
|
|
4,380 |
|
|
|
4,587,765 |
|
| City of Los Angeles California Wastewater System Revenue, RB, Green Bonds, Series A,
5.00%,
06/01/44 |
|
|
6,290 |
|
|
|
7,054,990 |
|
| City of Sacramento California Water Revenue, RB,
5.25%, 09/01/47 |
|
|
14,825 |
|
|
|
17,324,295 |
|
| County of San Diego California Water Authority Financing Corp., COP, Refunding Series A (AGM)(b): |
|
|
|
|
|
|
|
|
| 5.00%, 05/01/18 |
|
|
1,412 |
|
|
|
1,411,809 |
|
| 5.00%, 05/01/18 |
|
|
7,098 |
|
|
|
7,098,191 |
|
|
|
|
| Schedule of Investments (unaudited) (continued)
April 30, 2018 |
|
BlackRock MuniYield California Quality Fund, Inc. (MCA)
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
| Los Angeles Department of Water, Refunding RB, Series A, 5.00%, 07/01/46 |
|
$ |
8,413 |
|
|
$ |
9,468,794 |
|
| Rancho Water District Financing Authority, Refunding RB, Series A (AGM)(b): |
|
|
|
|
|
|
|
|
| 5.00%, 08/01/18 |
|
|
3,729 |
|
|
|
3,759,545 |
|
| 5.00%, 08/01/18 |
|
|
5,548 |
|
|
|
5,593,720 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
77,935,072 |
|
|
|
|
|
|
|
|
|
|
| Total Municipal Bonds Transferred to Tender Option Bond Trusts — 80.9%
(Cost —
$414,639,833) |
|
|
|
420,607,047 |
|
|
|
|
|
|
|
|
|
|
| Total Long-Term Investments — 170.7%
(Cost — $861,208,573) |
|
|
|
887,279,993 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Security |
|
Shares |
|
|
Value |
|
| Short-Term Securities — 0.8% |
|
| BlackRock Liquidity Funds, MuniCash, Institutional Class,
1.48%(g)(h) |
|
|
4,319,508 |
|
|
$ |
4,319,508 |
|
| Total Short-Term Securities — 0.8%
(Cost — $4,319,508) |
|
|
|
4,319,508 |
|
|
|
|
|
|
|
|
|
|
| Total Investments — 171.5%
(Cost — $865,528,081) |
|
|
|
891,599,501 |
|
| Other Assets Less Liabilities — 0.5% |
|
|
|
2,487,141 |
|
| Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable —
(40.0)% |
|
|
|
(207,994,852 |
) |
| VRDP Shares at Liquidation Value, Net of Deferred Offering Costs — (32.0)% |
|
|
|
(166,236,715 |
) |
|
|
|
|
|
|
|
|
|
| Net Assets Applicable to Common Shares — 100.0% |
|
|
$ |
519,855,075 |
|
|
|
|
|
|
|
|
|
|
| (b) |
U.S. Government securities, held in escrow, are used to pay interest on this security, as well as to retire the bond in full at the date indicated, typically at a
premium to par. |
| (c) |
When-issued security. |
| (d) |
Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from
registration to qualified institutional investors. |
| (e) |
Represent bonds transferred to a TOB Trust in exchange of cash and residual certificates received by the Fund. These bonds serve as collateral in a secured borrowing.
|
| (f) |
All or a portion of 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 January 1, 2026, is $18,076,869. |
| (g) |
Annualized 7-day yield as of period end. |
| (h) |
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 |
|
|
545,574 |
|
|
|
3,773,934 |
|
|
|
4,319,508 |
|
|
$ |
4,319,508 |
|
|
$ |
19,469 |
|
|
$ |
(1,760 |
) |
|
$ |
(54 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
(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 Quality Fund, Inc. (MCA) |
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 |
|
|
126 |
|
|
|
06/20/18 |
|
|
$ |
15,073 |
|
|
$ |
86,064 |
|
| Long U.S. Treasury Bond |
|
|
127 |
|
|
|
06/20/18 |
|
|
|
18,268 |
|
|
|
(3,061 |
) |
| 5-Year U.S. Treasury Note |
|
|
24 |
|
|
|
06/29/18 |
|
|
|
2,724 |
|
|
|
12,850 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
95,853 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Portfolio Abbreviations
|
|
|
| AGC |
|
Assured Guarantee Corp. |
| AGM |
|
Assured Guaranty Municipal Corp. |
| AMT |
|
Alternative Minimum Tax (subject to) |
| ARB |
|
Airport Revenue Bonds |
| BAM |
|
Build America Mutual Assurance Co. |
| CAB |
|
Capital Appreciation Bonds |
| COP |
|
Certificates of Participation |
| GO |
|
General Obligation Bonds |
| LRB |
|
Lease Revenue Bonds |
| RB |
|
Revenue Bonds |
|
|
|
| Schedule of Investments (unaudited) (continued)
April 30, 2018 |
|
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 quoted prices 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) |
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.
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 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, 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) |
|
$ |
— |
|
|
$ |
887,279,993 |
|
|
$ |
— |
|
|
$ |
887,279,993 |
|
| Short-Term Securities |
|
|
4,319,508 |
|
|
|
— |
|
|
|
— |
|
|
|
4,319,508 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
4,319,508 |
|
|
$ |
887,279,993 |
|
|
$ |
— |
|
|
$ |
891,599,501 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Derivative Financial
Instruments(b) |
|
| Assets: |
|
| Interest rate contracts |
|
$ |
98,914 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
98,914 |
|
| Liabilities: |
|
| Interest rate contracts |
|
|
(3,061 |
) |
|
|
— |
|
|
|
— |
|
|
|
(3,061 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
95,853 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
95,853 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
(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. |
|
|
|
|
| Schedule of Investments (unaudited) (continued)
April 30, 2018 |
|
BlackRock MuniYield California Quality Fund, Inc. (MCA) |
The Fund may hold assets and/or liabilities in which the fair value approximates the carrying
amount for financial reporting purposes. As of period end, such assets and/or liabilities are categorized within the disclosure hierarchy as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
| Liabilities: |
|
| TOB Trust Certificates |
|
$ |
— |
|
|
$ |
(207,177,578 |
) |
|
$ |
— |
|
|
$ |
(207,177,578 |
) |
| VRDP Shares at Liquidation Value |
|
|
— |
|
|
|
(166,500,000 |
) |
|
|
— |
|
|
|
(166,500,000 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
— |
|
|
$ |
(373,677,578 |
) |
|
$ |
— |
|
|
$ |
(373,677,578 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 Quality Fund, Inc. |
|
|
|
| By: |
|
/s/ John M. Perlowski |
|
|
|
|
John M. Perlowski |
|
|
|
|
Chief Executive Officer (principal executive officer) of |
|
|
BlackRock MuniYield California Quality 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 Quality Fund, Inc. |
|
|
| Date: June 18, 2018 |
|
|
|
|
|
| By: |
|
/s/ Neal J. Andrews |
|
|
|
|
Neal J. Andrews |
|
|
|
|
Chief Financial Officer (principal financial officer) of |
|
|
BlackRock MuniYield California Quality Fund, Inc. |
|
|
| Date: June 18, 2018 |
|
|