NPORT-EX 2 BRMuniYieldCaliforniaFund.htm EX-MYC

Schedule of Investments  (unaudited) 

October 31, 2019

   

BlackRock MuniYield California Fund, Inc. (MYC)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  

Municipal Bonds — 79.9%

 

California — 75.2%

 

County/City/Special District/School District — 17.8%  

Beverly Hills Unified School District California, GO, Series A, 3.00%, 08/01/41

   $ 4,000     $ 4,131,240  

California Statewide Communities Development Authority, RB, Lancer Educational Student Housing Project, 5.00%, 06/01/51(a)

     165       191,385  

California Statewide Communities Development Authority, Special Assessment, Statewide Community Infrastructure Program, Series A:

    

5.00%, 09/02/39

     200       237,588  

5.00%, 09/02/44

     115       135,059  

5.00%, 09/02/48

     115       134,356  

City of Los Angeles California, COP, Senior, Sonnenblick Del Rio West Los Angeles (AMBAC), 6.20%, 11/01/31

       2,000         2,007,980  

City of San Jose California Hotel Tax, RB, Convention Center Expansion & Renovation Project:

    

6.50%, 05/01/36

     1,520       1,631,355  

6.50%, 05/01/42

     1,860       1,990,870  

County of Los Angeles California Metropolitan Transportation Authority, Refunding RB, Series A, 5.00%, 07/01/42

     2,750       3,349,032  

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

     5,000       5,934,700  

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

     2,440       2,599,674  

County of Santa Clara California, GO, Refunding, Series C, 4.00%, 08/01/38

     4,075       4,670,602  

Mount San Antonio Community College District, GO, Refunding, Election of 2018, Series A, 5.00%, 08/01/44

     8,000       10,074,800  

Riverside Community Properties Development, Inc., RB, Riverside County Law Building Project, 6.00%, 10/15/23(b)

     1,700       2,027,267  

San Francisco Bay Area Rapid Transit District, GO:

    

Election of 2016, Green Bonds, Series A, 4.00%, 08/01/42

     7,875       8,856,697  

Green Bond, Election of 2004, Series F-1, 3.00%, 08/01/38

     3,000       3,147,840  
Security  

Par

(000)

     Value  
County/City/Special District/School District (continued)  

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

   $ 1,625     $ 1,912,332  

West Contra Costa California Unified School District, GO, Election of 2012, Series A, 5.50%, 08/01/39

     2,500       2,866,375  

West Valley-Mission Community College District, GO, Series A, 4.00%, 08/01/44

     3,420       3,939,840  
   

 

 

  
        59,838,992  
Education — 5.8%  

California Educational Facilities Authority, Refunding RB, Pitzer College,
6.00%, 04/01/20(b)

     2,500       2,550,700  

California Municipal Finance Authority, Refunding RB, William Jessup University:

    

5.00%, 08/01/39

     290       330,098  

5.00%, 08/01/48

     350       391,202  

California Public Finance Authority, RB, Trinity Classical Academy Project, Series A, 5.00%, 07/01/54(a)

     195       204,187  

California School Finance Authority, RB:

    

Alliance College-Ready Public Schools — 2023 Union LLC Project, Series A, 6.00%, 07/01/33

       1,500       1,705,575  

Alliance College-Ready Public Schools — 2023 Union LLC Project, Series A, 6.30%, 07/01/43

     3,000       3,401,670  

Real Journey Academies, Series A, 5.00%, 06/01/58(a)

     1,465       1,526,281  

Value Schools, 6.65%, 07/01/33

     595       678,919  

Value Schools, 6.90%, 07/01/43

     1,330       1,505,879  

State of California University, Refunding RB, Systemwide, Series A, 5.00%, 11/01/41

     2,000       2,381,140  

University of California, Refunding RB, General, Series AZ, 5.00%, 05/15/43

     4,000       4,918,840  
   

 

 

  
      19,594,491  
Health — 9.3%  

California Health Facilities Financing Authority, RB:

    

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

     9,700       10,388,603  

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

     7,530       7,821,034  
 

 

1

Schedule of Investments  (unaudited) (continued)

October 31, 2019

   

BlackRock MuniYield California Fund, Inc. (MYC)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  
Health (continued)  

California Health Facilities Financing Authority, Refunding RB, Sutter Health, Series B, 5.00%, 11/15/46

   $ 4,000     $ 4,744,680  

California Statewide Communities Development Authority, RB:

    

Loma Linda University Medical Center, 5.50%, 12/01/58(a)

     625       741,506  

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

     7,110       7,384,802  
   

 

 

  
        31,080,625  
Housing — 1.8%  

California Community Housing Agency, RB, M/F Housing, Annadel Apartments, Series A, 5.00%, 04/01/49(a)

       2,365       2,623,589  

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

     1       1,255  

County of Santa Clara California Housing Authority, RB, M/F, John Burns Gardens Apartments Project, Series A, AMT, 6.00%, 08/01/41

     3,500       3,503,325  
   

 

 

  
      6,128,169  
State — 7.3%  

State of California, GO, Refunding:

    

Construction Bonds, 4.00%, 10/01/44

     3,255       3,735,601  

Various Purpose, 5.00%, 09/01/35

     10,115       12,207,591  

Various Purpose, 5.25%, 10/01/39

     3,500       4,235,770  

Various Purposes, 5.00%, 11/01/36

     2,000       2,466,080  

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

     1,510       1,745,213  
   

 

 

  
      24,390,255  
Tobacco — 5.7%  

County of California Tobacco Securitization Agency, Refunding RB, Asset-Backed, Merced County, Series A, 5.25%, 06/01/45

     775       781,029  

Golden State Tobacco Securitization Corp., Refunding RB:

    

Series A-1, 5.00%, 06/01/47

     10,640       10,952,284  

Series A-2, 5.00%, 06/01/47

     325       334,539  

Tobacco Securitization Authority of Southern California, Refunding RB:

    

5.00%, 06/01/48

     1,440       1,658,707  
Security  

Par

(000)

     Value  
Tobacco (continued)  

Tobacco Settlement, Asset-Backed, Senior Series A-1, 5.00%, 06/01/37

   $ 4,320     $ 4,321,858  

Tobacco Settlement, Asset-Backed, Senior Series A-1, 5.13%, 06/01/46

     1,105       1,106,425  
   

 

 

  
        19,154,842  
Transportation — 19.8%  

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

     1,995       2,264,544  

City & County of San Francisco Airports San Francisco International Airport, Refunding ARB, AMT, Series E, 5.00%, 05/01/40

     5,335       6,488,961  

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

    

5.00%, 05/01/42

       6,050       7,088,301  

2nd, 5.25%, 05/01/33

     1,440       1,616,990  

5.00%, 05/01/44

     270       328,717  

City & County of San Francisco California Port Commission, RB, Series A, 5.13%, 03/01/40

     5,075       5,134,073  

City of Long Beach California Harbor Revenue, ARB, Series A, AMT, 5.00%, 05/15/40

     4,915       5,849,194  

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

    

Sub-Series A, 5.00%, 05/15/42

     1,700       2,017,322  

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

     1,500       1,806,840  

Los Angeles International Airport, Series B, 5.00%, 05/15/36

     2,865       3,366,404  

Los Angeles International Airports, Series A, 5.25%, 05/15/38

     1,670       2,061,047  

Subordinate, Series C, 5.00%, 05/15/44

     3,665       4,399,100  

City of Los Angeles California Metropolitan Transportation Authority, Refunding RB, Green Bond, Series A, 5.00%, 07/01/41

     1,300       1,582,945  

City of Los Angeles Department of Airports, ARB, Los Angeles International Airport, AMT, 4.00%, 05/15/44

     5,000       5,584,450  
 

 

2

Schedule of Investments  (unaudited) (continued)

October 31, 2019

   

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     $ 1,056,150  

5.75%, 03/01/34

     1,000       1,057,580  

City of San Jose California, Refunding ARB, Norman Y Mineta San Jose International Airport SJC, Series A-1, AMT, 6.25%, 03/01/34

     1,400       1,485,470  

County of Sacramento California Airport System Revenue, Refunding RB, Series C, AMT, 5.00%, 07/01/37

     3,000       3,634,020  

County of Sacramento California Airport System Revenue, Refunding ARB, Senior Series A, 5.00%, 07/01/41

     8,290       9,823,484  
   

 

 

  
        66,645,592  
Utilities — 7.7%  

City of Los Angeles California Department of Water & Power, RB, Power System, Series A, 5.00%, 07/01/42

     3,440       4,130,270  

City of Los Angeles California Department of Water & Power, Refunding RB, Series B, 5.00%, 07/01/43

     5,650       6,978,824  

City of Petaluma California Wastewater Revenue, Refunding RB, 6.00%, 05/01/21(b)

     2,145       2,302,679  

City of Richmond California Wastewater Revenue, Refunding RB, Series A, 5.00%, 08/01/42

     5,185       6,342,707  

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

     2,420       2,568,346  

Eastern Municipal Water District, Refunding RB, Series A, 5.00%, 07/01/42

     3,000       3,578,580  
   

 

 

  
      25,901,406  
   

 

 

  

Total Municipal Bonds in California

 

     252,734,372  
   

 

 

  

Puerto Rico — 4.7%

 

State — 3.5%  

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

    

Series A-1, 4.75%, 07/01/53

     1,689       1,742,001  

Series A-1, 5.00%, 07/01/58

     6,225       6,514,836  

Series A-2, 4.33%, 07/01/40

     1,696       1,718,421  

Series A-2, 4.78%, 07/01/58

     1,727       1,777,480  
   

 

 

  
      11,752,738  
Security  

Par

(000)

     Value  
Tobacco — 0.0%  

Children’s Trust Fund, Refunding RB, Tobacco Settlement Asset-Backed Bonds, 5.50%, 05/15/39

   $ 95     $ 96,482  
   

 

 

  
Utilities — 1.2%  

Commonwealth of Puerto Rico Aqueduct & Sewer Authority, RB, Senior Lien, Series A, 5.00%, 07/01/33

     2,185       2,289,705  

Commonwealth of Puerto Rico Aqueduct & Sewer Authority, Refunding RB, Senior Lien, Series A, 6.00%, 07/01/38

     1,740       1,757,957  
   

 

 

  
      4,047,662  
   

 

 

  

Total Municipal Bonds in Puerto Rico

 

     15,896,882  

Total Municipal Bonds — 79.9%
(Cost — $254,046,099)

 

     268,631,254  
   

 

 

  

Municipal Bonds Transferred to Tender Option Bond Trusts(c)

 

California — 86.5%

 

County/City/Special District/School District — 33.8%  

City & County of San Francisco California, COP, Green Bond, 49 South Van Ness Projects, Series A, 4.00%, 04/01/44

       11,300       12,563,001  

County of Los Angeles California Public Works Financing Authority, Refunding RB, Series A:

    

5.00%, 12/01/39

     17,850       20,815,242  

5.00%, 12/01/44

     14,095       16,405,872  

County of Santa Clara California Financing Authority, RB, Series A, 4.00%, 05/01/45

     15,000       16,965,600  

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

     15,140       17,999,643  

San Marcos Unified School District, GO, Election of 2010, Series A, 5.00%, 08/01/21(b)

     15,520       16,581,723  

Santa Monica Community College District, GO, Election of 2016, Series A, 5.00%, 08/01/43

     10,000       12,369,200  
   

 

 

  
        113,700,281  
 

 

3

Schedule of Investments  (unaudited) (continued)

October 31, 2019

   

BlackRock MuniYield California Fund, Inc. (MYC)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  
Education — 26.2%  

California State University, Refunding RB, Systemwide, Series A:

    

5.00%, 11/01/41

   $     9,775     $     11,637,824  

5.00%, 11/01/42(d)

     13,430       16,275,414  

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

     11,950       13,876,340  

University of California, Refunding RB:

    

Series A, 5.00%, 11/01/43

     5,001       5,899,035  

Series AZ, 5.00%, 05/15/43(d)

     12,000       14,756,520  

Series I, 5.00%, 05/15/40

     21,875       25,682,766  
   

 

 

  
      88,127,899  
Health — 13.1%  

California Health Facilities Financing Authority, RB, Sutter Health, Series A, 5.00%, 11/15/41

     11,000       12,985,500  

California Statewide Communities Development Authority, Refunding RB, Cottage Health System Obligation, 5.00%, 11/01/43

     26,870       30,851,059  
   

 

 

  
      43,836,559  
State — 4.1%  

State of California, GO, Refunding, Various Purpose, Bid Group, 5.00%, 08/01/37

     10,975       13,710,185  
   

 

 

  
Transportation — 9.3%  

City & County of San Francisco California Airports International Airport, Refunding ARB, AMT, Series E, 5.00%, 05/01/45

     16,250       19,615,213  
Security  

Par

(000)

     Value  
Transportation (continued)  

City of Los Angeles California Department of Airports, ARB, Series A, AMT, 5.00%, 05/15/45

   $     10,045     $     11,529,948  
   

 

 

  
      31,145,161  
   

 

 

  
      290,520,085  
   

 

 

  

Total Municipal Bonds Transferred to Tender Option Bond Trusts — 86.5%
(Cost — $274,365,505)

 

     290,520,085  
   

 

 

  

Total Long-Term Investments — 166.4%
(Cost — $528,411,604)

 

     559,151,339  
   

 

 

  
     Shares         
Short-Term Securities — 2.8%  

BlackRock Liquidity Funds California Money Fund, Institutional Class, 0.71%(e)(f)

     9,328,211       9,330,077  
   

 

 

  

Total Short-Term Securities — 2.8%
(Cost — $9,330,077)

 

     9,330,077  
   

 

 

  

Total Investments — 169.2%
(Cost — $537,741,681)

 

     568,481,416  

Liabilities in Excess of Other Assets — (0.7)%

 

     (2,233,217 ) 

Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (37.0)%

 

     (124,431,162 ) 

VRDP Shares at Liquidation Value — (31.5)%

 

     (105,900,000 ) 
   

 

 

  

Net Assets Applicable to Common
Shares — 100.0%

 

   $ 335,917,037  
   

 

 

  
 

 

(a) 

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.

(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) 

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.

(d) 

All or a portion of the security is subject to a recourse agreement. The aggregate maximum potential amount the Fund could ultimately be required to pay under the agreements, which expire between May 01, 2025 to May 15, 2026 is $13,368,410.

(e) 

Annualized 7-day yield as of period end.

 

4

Schedule of Investments  (unaudited) (continued)

October 31, 2019

   

BlackRock MuniYield California Fund, Inc. (MYC)

    

 

(f) 

During the period ended October 31, 2019, investments in issuers considered to be an affiliate/affiliates of the Fund for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliate   

Shares

Held at

07/31/19

     

Net

Activity

     

Shares

Held at

10/31/19

     

Value at

10/31/19

      Income     

Net

Realized

Gain (Loss) (a)

     

Change in
Unrealized

Appreciation

(Depreciation)

  

BlackRock Liquidity Funds California Money Fund, Institutional Class

      —        9,328,211        9,328,211      $ 9,330,077      $ 5,873      $ —      $ —  
           

 

 

     

 

 

     

 

 

     

 

 

  

 

  (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.

 

Portfolio Abbreviations
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
M/F    Multi-Family
RB    Revenue Bonds
S/F    Single-Family

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

 

Description    Number of
Contracts		       

Expiration

Date

       

Notional

Amount (000)

       

Value/

Unrealized

Appreciation

(Depreciation)

  

Short Contracts

                  

10-Year U.S. Treasury Note

      62          12/19/19        $ 8,078        $ 6,288  

Long U.S. Treasury Bond

      78          12/19/19          12,587          56,809  

5-Year U.S. Treasury Note

      25          12/31/19          2,980          (5,954 ) 
                 

 

 

  
                  $ 57,143  
                 

 

 

  

 

5

Schedule of Investments  (unaudited) (continued)

October 31, 2019

   

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 the Fund has the ability to access

 

  •  

Level 2 — Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs)

 

  •  

Level 3 — Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the BlackRock Global Valuation Methodologies Committee’s (the “Global Valuation Committee”) own assumptions used in determining the fair value of investments and derivative financial instruments)

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Global Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are a limited number of investors. The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investments and derivative financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund’s policy regarding valuation of investments and derivative financial instruments, refer to the Fund’s most recent financial statements as contained in its annual report.

The following tables summarize the Fund’s investments and derivative financial instruments categorized in the disclosure hierarchy:

 

      Level 1        Level 2        Level 3        Total  

Assets:

                 

Investments:

                 

Long-Term Investments(a)

    $ —        $ 559,151,339        $             —        $ 559,151,339  

Short-Term Securities

     9,330,077          —          —          9,330,077  
  

 

 

       

 

 

       

 

 

       

 

 

  
   $ 9,330,077        $ 559,151,339        $ —        $ 568,481,416  
  

 

 

       

 

 

       

 

 

       

 

 

  

Derivative Financial Instruments(b)

                  

Assets:

                 

Interest rate contracts

   $ 63,097        $ —        $ —        $ 63,097  

Liabilities:

                 

Interest rate contracts

     (5,954 )         —          —          (5,954 ) 
  

 

 

       

 

 

       

 

 

       

 

 

  
   $ 57,143        $ —        $ —        $ 57,143  
  

 

 

       

 

 

       

 

 

       

 

 

  

 

  (a)

See above Schedule of Investments for values in each sector and state or political subdivision.

 
  (b)

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

 

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

   $             —        $ (124,035,676 )       $             —        $ (124,035,676 ) 

VRDP Shares at Liquidation Value

     —          (105,900,000 )         —          (105,900,000 ) 
  

 

 

       

 

 

       

 

 

       

 

 

  
   $ —        $ (229,935,676 )       $ —        $ (229,935,676 ) 
  

 

 

       

 

 

       

 

 

       

 

 

  

 

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