NPORT-EX 2 NPORT_2764459737696106.htm EX-MYC

Schedule of Investments  (unaudited) 

October 31, 2020

   

BlackRock MuniYield California Fund, Inc. (MYC)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  

Municipal Bonds

 

California — 81.1%

 

Corporate — 0.7%  

California Municipal Finance Authority, RB, Series
A, AMT, 4.00%, 07/15/29

   $ 2,395     $ 2,365,949  
   

 

 

  
County/City/Special District/School District — 22.6%            

Beverly Hills Unified School District California, GO,

    

Series A, 3.00%, 08/01/41

     2,000       2,137,880  

California Statewide Communities Development Authority, SAB

    

Series A, 5.00%, 09/02/39

     190       216,530  

Series A, 5.00%, 09/02/44

     110       123,499  

Series A, 5.00%, 09/02/48

     110       123,321  

California Statewide Communities Development Authority, SAB, S/F Housing, Series C,
5.00%, 09/02/39

     415       472,946  

City & County of San Francisco California Refunding COP, Series A, 4.00%, 04/01/44

     11,300       12,624,699  

City of Los Angeles California, COP, (AMBAC), 6.20%, 11/01/31

     1,900       1,908,189  

City of Roseville California, ST, 4.00%, 09/01/50

     240       248,602  

City of San Jose California Hotel Tax Revenue, RB

    

6.50%, 05/01/36

     1,520       1,562,590  

6.50%, 05/01/42

     1,860       1,909,216  

Hayward Unified School District, GO, (AGM), 4.00%, 08/01/45

     2,500       2,877,700  

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

     2,000       2,439,640  

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

     8,000       10,166,800  

Orange County Community Facilities District, ST

    

4.00%, 08/15/40

     180       194,324  

4.00%, 08/15/50

     165       175,440  

Riverside County Public Financing Authority, RB, 5.25%, 11/01/45

     5,000       5,879,800  

San Francisco Bay Area Rapid Transit District, GO, Series A, 4.00%, 08/01/42

     7,875       8,964,900  

San Francisco City & County Airport Comm-San Francisco International Airport, Refunding ARB, Series A, AMT, 5.00%, 01/01/40

     270       319,459  

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

     15,000       17,136,600  

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

     2,500       2,807,325  

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

       3,420         4,003,965  
   

 

 

  
      76,293,425  
Education — 5.9%            

California Municipal Finance Authority, RB(a)

    

Series A, 5.00%, 10/01/39

     150       157,632  

Series A, 5.00%, 10/01/49

     255       262,885  

Series A, 5.00%, 10/01/57

     505       517,277  

California Municipal Finance Authority, Refunding RB

    

5.00%, 08/01/39

     290       301,751  

5.00%, 08/01/48

     940       975,584  

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

     195       189,637  

California School Finance Authority, RB

    

6.65%, 07/01/33

     595       646,485  

6.90%, 07/01/43

     1,330       1,438,315  
Security  

Par

(000)

     Value  
Education (continued)            

California School Finance Authority, RB (continued)

    

Series A, 6.00%, 07/01/33

   $ 1,500     $ 1,664,805  

Series A, 5.00%, 06/01/39(a)

     740       794,057  

Series A, 6.30%, 07/01/43

     3,000       3,317,190  

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

     1,465       1,542,660  

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

     2,000       2,395,100  

California Statewide Communities Development Authority, RB, 5.00%, 06/01/51(a)

     165       165,304  

Hastings Campus Housing Finance Authority, RB

    

Series A, 5.00%, 07/01/45

     410       426,092  

Series A, 5.00%, 07/01/61

     2,465       2,501,383  

University of California, Refunding RB, Series BE, 4.00%, 05/15/40

       2,045         2,416,924  
   

 

 

  
      19,713,081  
Health — 6.1%            

California Health Facilities Financing Authority, RB

    

Series A, 5.00%, 08/15/23(b)

     2,005       2,191,866  

Series A, 5.25%, 11/01/41

     9,700       10,107,303  

California Health Facilities Financing Authority, Refunding RB

    

Series A, 4.00%, 04/01/49

     3,005       3,296,335  

Series B, 5.00%, 11/15/46

     4,000       4,664,880  

California Municipal Finance Authority, Refunding RB(a)

    

Series A, 5.00%, 11/01/39

     135       142,769  

Series A, 5.00%, 11/01/49

     150       154,825  
   

 

 

  
      20,557,978  
Housing — 1.6%            

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

     1,670       1,841,810  

California Housing Finance, RB, M/F Housing, Series A,

    

4.25%, 01/15/35(c)

     — (d)      564  

Santa Clara County Housing Authority, RB, M/F Housing, Series A, AMT, 6.00%, 08/01/41

     3,500       3,512,005  
   

 

 

  
      5,354,379  
State — 12.1%            

California Statewide Communities Development Authority, SAB, S/F Housing

    

5.00%, 09/02/40

     205       229,711  

4.00%, 09/02/50

     165       167,850  

5.00%, 09/02/50

     165       181,287  

State of California, Refunding GO

    

5.00%, 09/01/35

     10,115       12,217,807  

4.00%, 03/01/36

     20,000       23,855,000  

5.25%, 10/01/39

     3,500       4,259,745  
   

 

 

  
      40,911,400  
Tobacco — 4.8%            

California County Tobacco Securitization Agency, Refunding RB

    

4.00%, 06/01/49

     165       181,724  

5.00%, 06/01/50

     250       276,468  

Series A, 4.00%, 06/01/49

     240       266,138  

California County Tobacco Securitization Agency, Refunding RB, CAB(e)

    

0.00%, 06/01/55

     1,660       350,111  

Series B-2, Subordinate, 0.00%, 06/01/55

     2,485       430,999  
 

 

1

Schedule of Investments  (unaudited) (continued)

October 31, 2020

   

BlackRock MuniYield California Fund, Inc. (MYC)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  
Tobacco (continued)            

Golden State Tobacco Securitization Corp., Refunding RB

    

Series A-1, 5.00%, 06/01/47

   $ 325     $ 333,437  

Series A-2, 5.00%, 06/01/47

     11,495       11,793,410  

Tobacco Securitization Authority of Southern California, Refunding RB, 5.00%, 06/01/48

     2,190       2,554,394  
   

 

 

  
      16,186,681  
Transportation — 20.1%            

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

     4,915       5,763,673  

City of Los Angeles Department of Airports, ARB

    

Series A, AMT, 5.25%, 05/15/38

     1,735       2,093,572  

Series B, AMT, 5.00%, 05/15/36

     2,865       3,319,360  

Series C, AMT, 5.00%, 05/15/39

     1,130       1,389,267  

Sub-Series A, AMT, 4.00%, 05/15/36

     2,080       2,265,266  

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

     5,955       6,900,714  

City of Los Angeles Department of Airports, Refunding ARB, AMT, 5.00%, 05/15/43

     2,175       2,592,513  

City of Los Angeles Department of Airports, Refunding RB

    

Series A, 5.00%, 05/15/39

     3,060       3,796,389  

Series A, 5.00%, 05/15/40

     2,250       2,785,388  

County of Sacramento California Airport System Revenue, Refunding RB

    

Series A, 5.00%, 07/01/41

     8,290       9,520,236  

Series C, AMT, 5.00%, 07/01/37

     3,000       3,539,790  

Los Angeles County Metropolitan Transportation Authority, Refunding RB, Series A, 5.00%, 07/01/41

     1,300       1,588,158  

Norman Y Mineta San Jose International Airport SJC, Refunding RB

    

Series A-1, AMT, (AGM), 5.50%, 03/01/30

     1,000       1,015,150  

Series A-1, AMT, 5.75%, 03/01/34

     2,000       2,031,160  

Series A-1, AMT, (AGM), 5.75%, 03/01/34

     1,000       1,015,500  

Series A-1, AMT, 6.25%, 03/01/34

     1,400       1,424,094  

San Francisco City & County Airport Comm-San Francisco International Airport, Refunding ARB

    

Series A, AMT, 5.25%, 05/01/33

     1,440       1,584,216  

Series A, AMT, 5.00%, 05/01/42

     5,050       5,871,079  

Series A, AMT, 5.00%, 05/01/44

     5,000       5,940,500  

Series D, AMT, 5.25%, 05/01/48

     2,250       2,656,260  

San Francisco City & County Airport Comm-San Francisco International Airport, Refunding RB, Series A, AMT, 5.00%, 05/01/27

     500       531,055  
   

 

 

  
      67,623,340  
Utilities — 7.2%            

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

       5,185         6,330,989  

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

     3,000       3,576,990  

Los Angeles Department of Water & Power Power System Revenue, RB

    

Series A, 5.00%, 07/01/42

     3,440       4,142,241  

Series A, 5.00%, 07/01/45

     100       124,310  
Security  

Par

(000)

     Value  
Utilities (continued)            

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

   $ 5,175     $ 6,390,763  

Sacramento Municipal Utility District, Refunding RB, Series H, 4.00%, 08/15/45

     3,200       3,765,312  
   

 

 

  
      24,330,605  
   

 

 

  

Total Municipal Bonds in California

       273,336,838  

Puerto Rico — 5.6%

    
State — 4.4%            

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

    

Series A-1, Restructured, 4.75%, 07/01/53

     1,689       1,770,646  

Series A-1, Restructured, 5.00%, 07/01/58

     6,675       7,099,130  

Series A-2, Restructured, 4.33%, 07/01/40

     1,696       1,745,744  

Series A-2, Restructured, 4.78%, 07/01/58

     1,727       1,813,160  

Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB, Series A-1, Restructured, 0.00%, 07/01/46(e)

     8,295       2,385,310  
   

 

 

  
      14,813,990  
Tobacco — 0.0%            

Children’s Trust Fund, Refunding RB,
5.50%, 05/15/39

     95       96,882  
   

 

 

  
Utilities — 1.2%            

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

     2,185       2,217,797  

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

     1,740       1,742,975  
   

 

 

  
      3,960,772  
   

 

 

  

Total Municipal Bonds in Puerto Rico

       18,871,644  
   

 

 

  

Total Municipal Bonds — 86.7%
(Cost: $274,890,529)

       292,208,482  
   

 

 

  

Municipal Bonds Transferred to Tender Option Bond Trusts(f)

 

California — 73.5%

    
County/City/Special District/School District — 19.8%            

Los Angeles County Public Works Financing Authority, Refunding RB

    

Series A, 5.00%, 12/01/39

     17,850       20,595,687  

Series A, 5.00%, 12/01/44

     14,095       16,147,087  

Palomar Community College District, GO, Series C, 5.00%, 08/01/25(b)

     15,140       17,729,849  

Santa Monica Community College District, GO,

    

Series A, 5.00%, 08/01/43

     10,000       12,368,000  
   

 

 

  
        66,840,623  
Education — 26.1%            

California State University, Refunding RB

    

Series A, 5.00%, 11/01/41

     9,775       11,706,053  

Series A, 5.00%, 11/01/42(g)

     13,430       16,260,103  

Series A, 5.00%, 11/01/43

     5,001       5,928,327  

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

     11,950       13,670,919  

University of California, Refunding RB

    

Series AZ, 5.00%, 05/15/43(g)

     12,000       14,775,720  

Series I, 5.00%, 05/15/40

       21,875       25,477,149  
   

 

 

  
      87,818,271  
 

 

2

Schedule of Investments  (unaudited) (continued)

October 31, 2020

   

BlackRock MuniYield California Fund, Inc. (MYC)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  
Health — 4.0%            

California Health Facilities Financing Authority, RB, Series A, 5.00%, 11/15/25(b)

   $ 11,000     $ 13,528,570  
   

 

 

  
State — 7.5%            

State of California, GO, 4.00%, 03/01/46(g)

     10,000       11,580,500  

State of California, Refunding GO, 5.00%, 08/01/37

     10,975       13,758,037  
   

 

 

  
      25,338,537  
Transportation — 9.1%            

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

     10,045       11,215,539  

San Francisco City & County Airport Comm-San Francisco International Airport, Refunding ARB, AMT, Series E, 5.00%, 05/01/45(g)

     16,250       19,261,612  
   

 

 

  
      30,477,151  
Utilities — 7.0%            

Sacramento Municipal Utility District, Refunding RB, Series H, 4.00%, 08/15/45

     20,000       23,533,200  
   

 

 

  

Total Municipal Bonds in California

       247,536,352  
   

 

 

  

Total Municipal Bonds Transferred to Tender Option Bond Trusts — 73.5%
(Cost: $231,486,418)

       247,536,352  
   

 

 

  

Total Long-Term Investments — 160.2%
(Cost: $506,376,947)

       539,744,834  
   

 

 

  
     Shares         

Short-Term Securities

    
Money Market Funds — 0.2%            

BlackRock Liquidity Funds California Money Fund, Institutional Class, 0.01%(h)(i)

     635,078       635,078  
   

 

 

  

Total Short-Term Securities — 0.2% (Cost: $635,078)

       635,078  
   

 

 

  

Total Investments — 160.4%
(Cost: $507,012,025)

         540,379,912  

Other Assets Less Liabilities — 2.1%

       6,946,440  

Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (31.1)%

       (104,729,204 ) 

VRDP Shares at Liquidation Value, Net of Deferred Offering Costs — (31.4)%

       (105,669,761 ) 
   

 

 

  

Net Assets Applicable to Common
Shares — 100.0%

     $ 336,927,387  
   

 

 

  

 

 

 

(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) 

Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available.

(d) 

Amount is less than 500.

(e) 

Zero-coupon bond.

(f)

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.

(g) 

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 1, 2025 to March 1, 2028, is $27,116,500.

(h) 

Affiliate of the Fund.

(i) 

Annualized 7-day yield as of period end.

 

 

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the period ended October 31, 2020 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliated Issuer    Value at
07/31/20		      Purchases
at Cost		      Proceeds
from Sales		      Net
Realized
Gain (Loss)		      Change in
Unrealized
Appreciation
(Depreciation)		      Value at
10/31/20		      Shares
Held at
10/31/20		      Income      Capital Gain
Distributions
from
Underlying
Funds		  

BlackRock Liquidity Funds California Money Fund, Institutional Class

    $ 3,424,210      $ —      $ (2,789,137 )(a)     $ 12      $ (7 )     $ 635,078        635,078      $ 91      $ —  
           

 

 

     

 

 

     

 

 

        

 

 

     

 

 

  

 

  (a)

Represents net amount purchased (sold).

 

 

3

Schedule of Investments  (unaudited) (continued)

October 31, 2020

    BlackRock MuniYield California Fund, Inc. (MYC)

 

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.

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of 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’s”) assumptions used in determining the fair value of 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 financial instruments is based on the pricing transparency of the 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 financial instruments, refer to its most recent financial statements.

The following table summarizes the Fund’s investments categorized in the disclosure hierarchy. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

 

      Level 1        Level 2        Level 3        Total  

Assets

                  

Investments

                  

Long-Term Investments

                  

Municipal Bonds

    $ —        $   292,208,482        $             —        $   292,208,482  

Municipal Bonds Transferred to Tender Option Bond Trusts

      —          247,536,352          —          247,536,352  

Short-Term Securities

                  

Money Market Funds

      635,078          —          —          635,078  
  

 

 

       

 

 

       

 

 

       

 

 

  
   $ 635,078        $ 539,744,834        $ —        $ 540,379,912  
  

 

 

       

 

 

       

 

 

       

 

 

  

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

    $             —        $ (104,690,676 )       $             —        $ (104,690,676 ) 

VRDP Shares at Liquidation Value

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

 

 

       

 

 

       

 

 

       

 

 

  
   $ —        $ (210,590,676 )       $ —        $ (210,590,676 ) 
  

 

 

       

 

 

       

 

 

       

 

 

  

 

Portfolio Abbreviation
AGM    Assured Guaranty Municipal Corp.
AMBAC    AMBAC Assurance Corp.
AMT    Alternative Minimum Tax
ARB    Airport Revenue Bonds
CAB    Capital Appreciation Bonds
COP    Certificates of Participation
GO    General Obligation Bonds
Portfolio Abbreviation (continued)
M/F    Multi-Family
RB    Revenue Bond
S/F    Single-Family
SAB    Special Assessment Bonds
ST    Special Tax

 

 

 

 

4