NPORT-EX 2 NPORT_LCQP_6046589186.htm BlackRock MuniYield California Fund

Schedule of Investments  (unaudited) 

April 30, 2021

   

BlackRock MuniYield California Fund, Inc. (MYC)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  

Municipal Bonds

 

California — 80.9%

 

Corporate — 0.6%  

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

   $ 1,835     $ 2,102,598  
   

 

 

  
County/City/Special District/School District — 23.5%  

Beverly Hills Unified School District California, GO,

    

Series A, 3.00%, 08/01/41

     2,000       2,143,500  

California Statewide Communities Development Authority, SAB

    

Series A, 5.00%, 09/02/39

     190       224,204  

Series A, 5.00%, 09/02/44

     110       126,340  

Series A, 5.00%, 09/02/48

     110       125,067  

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

    

5.00%, 09/02/40

     205       248,618  

4.00%, 09/02/50

     165       184,147  

5.00%, 09/02/50

     165       197,589  

Series C, 5.00%, 09/02/39

     415       489,708  

California Statewide Communities Development Authority, ST

    

4.00%, 09/01/41

     155       171,515  

4.00%, 09/01/51

     295       323,621  

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

     11,300       12,870,587  

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

     1,900       1,908,664  

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

     240       261,072  

City of San Jose California Hotel Tax Revenue, RB
6.50%, 05/01/36.

     1,520       1,526,460  

6.50%, 05/01/42

     1,860       1,867,738  

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

     2,000       2,464,300  

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

     8,000       10,265,920  

Orange County Community Facilities District, ST
4.00%, 08/15/40

     180       198,450  

4.00%, 08/15/50

     165       182,030  

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

     5,000       5,935,800  

San Diego Public Facilities Financing Authority Refunding RB, Series A, 5.00%, 10/15/46

     5,500       7,044,290  

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

     7,875       9,199,890  

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

     270       332,316  

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

     15,000       17,424,450  

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

     2,500       2,776,575  

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

       3,420         4,021,509  
   

 

 

  
      82,514,360  
Education — 6.1%            

California Educational Facilities Authority Refunding RB, 5.00%, 04/01/51.

     3,000       4,742,940  

California Municipal Finance Authority, RB(a) Series A, 5.00%, 10/01/39

     150       169,448  
Security  

Par

(000)

     Value  
Education (continued)            

California Municipal Finance Authority, RB(a) (continued)

    

Series A, 5.00%, 10/01/49

   $ 255     $ 282,986  

Series A, 5.00%, 10/01/57

     505       554,798  

California Municipal Finance Authority, Refunding RB
5.00%, 08/01/39

     290       325,986  

5.00%, 08/01/48

     940       1,045,155  

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

    195       202,324  

California School Finance Authority RB(a)

   

Series A, 5.00%, 06/01/41

     440       491,190  

Series A, 5.00%, 06/01/51

     600       663,984  

California School Finance Authority, RB
6.65%, 07/01/33

     595       642,535  

6.90%, 07/01/43

     1,330       1,433,341  

Series A, 6.00%, 07/01/33

     1,500       1,653,150  

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

    740       809,575  

Series A, 6.30%, 07/01/43

     3,000       3,312,600  

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

    1,465       1,594,579  

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

    165       185,206  

Hastings Campus Housing Finance Authority, RB

    

Series A, 5.00%, 07/01/45

     410       470,791  

Series A, 5.00%, 07/01/61

     2,465       2,777,808  
   

 

 

  
      21,358,396  
Health — 5.4%            

California Health Facilities Financing Authority, RB, Series A, 5.25%, 11/01/41

     9,700       9,933,479  

California Health Facilities Financing Authority, Refunding RB

    

Series A, 4.00%, 04/01/44

     2,000       2,316,340  

Series A, 4.00%, 04/01/49

     3,000       3,455,430  

Series B, 5.00%, 11/15/46

     2,370       2,863,315  

California Municipal Finance Authority, Refunding RB(a)

   

Series A, 5.00%, 11/01/39

     135       153,301  

Series A, 5.00%, 11/01/49

     150       168,008  

California Statewide Communities Development Authority, Refunding RB, 5.00%, 03/01/42

     100       120,994  
   

 

 

  
      19,010,867  
Housing — 3.4%            

California Community Housing Agency, RB, M/F Housing(a)

   

Series A, 5.00%, 04/01/49

     1,670       1,878,249  

Series A, 4.00%, 02/01/56

     1,460       1,551,758  

Series A-2, 4.00%, 08/01/47

     1,630       1,728,517  

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

     — (b)       596  

CSCDA Community Improvement Authority, RB, M/F Housing(a)
4.00%, 08/01/56

     1,000       1,072,441  

Series A, 5.00%, 07/01/51

     700       809,941  

Series A-2, 4.00%, 09/01/56

     1,415       1,513,654  

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

       3,500         3,513,615  
   

 

 

  
      12,068,771  
State — 13.3%            

State of California, Refunding GO
5.00%, 09/01/35.

     10,115       12,337,974  

4.00%, 03/01/36

     20,000       24,309,200  
 

 

 

SCHEDULE OF INVESTMENTS   1

Schedule of Investments  (unaudited) (continued)

April 30, 2021

   

BlackRock MuniYield California Fund, Inc. (MYC)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  
State (continued)            

State of California, Refunding GO (continued)
4.00%, 10/01/36.

   $ 5,000     $ 6,042,600  

5.25%, 10/01/39.

     3,500       4,234,860  
   

 

 

  
      46,924,634  
Tobacco — 4.8%            

California County Tobacco Securitization Agency, Refunding RB
4.00%, 06/01/49.

     165       190,285  

5.00%, 06/01/50

     250       293,023  

Series A, 4.00%, 06/01/49

     240       276,929  

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

   

0.00%, 06/01/55

     1,660       404,027  

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

     2,485       483,357  

Golden State Tobacco Securitization Corp., Refunding RB

    

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

     325       335,952  

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

     11,495       11,882,381  

Tobacco Securitization Authority of Northern California, Refunding RB, Series B-1, 4.00%, 06/01/49

     190       216,796  

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

     2,190       2,649,462  
   

 

 

  
      16,732,212  
Transportation — 16.3%            

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

     4,915       5,937,615  

City of Los Angeles Department of Airports, ARB

    

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

     1,735       2,164,360  

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

     2,865       3,414,077  

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

     5,955       7,179,586  

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

     2,175       2,690,649  

County of Sacramento California Airport System Revenue, Refunding RB

    

Series A, 5.00%, 07/01/41

     8,290       9,880,354  

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

     3,000       3,677,790  

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

     1,300       1,606,605  

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

    

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

     1,440       1,571,501  

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

     5,050       6,038,083  

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

     2,500       3,076,975  

Series A, AMT, 5.00%, 05/01/49

     4,050       4,922,654  

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

     2,250       2,760,030  

San Francisco City & County Airport Comm-San Francisco International Airport, Refunding RB, Series 2020, AMT, 4.00%, 05/01/39

     2,000       2,341,980  
   

 

 

  
      57,262,259  
Utilities — 7.5%            

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

     5,185       6,363,395  

City of San Francisco California Public Utilities Commission Water Revenue, Refunding RB, Series A, 5.00%, 11/01/50.

     2,000       2,590,500  

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

     3,000       3,642,780  
Security  

Par

(000)

     Value  
Utilities (continued)            

Los Angeles Department of Water, RB, Series A, 5.00%, 07/01/42

   $ 3,440     $ 4,219,401  

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

     5,175       6,511,702  

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

     2,500       2,992,300  
   

 

 

  
      26,320,078  
   

 

 

  

Total Municipal Bonds in California

       284,294,175  

Puerto Rico — 5.2%

    
State — 4.5%            

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

    

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

     1,689       1,875,077  

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

     6,675       7,498,762  

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

     1,696       1,853,762  

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

     1,727       1,922,583  

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

    8,295       2,615,496  
   

 

 

  
      15,765,680  
Tobacco — 0.0%            

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

     95       97,321  
   

 

 

  
Utilities — 0.7%            

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

     2,185       2,277,709  
   

 

 

  

Total Municipal Bonds in Puerto Rico

       18,140,710  
   

 

 

  

Total Municipal Bonds — 86.1%
(Cost: $278,255,551)

       302,434,885  
   

 

 

  

Municipal Bonds Transferred to Tender Option Bond Trusts(d)

 

California — 71.2%

    
County/City/Special District/School District — 19.2%  

Los Angeles County Public Works Financing Authority, Refunding RB

    

Series A, 5.00%, 12/01/39

     17,850       20,624,069  

Series A, 5.00%, 12/01/44

     14,095       16,060,401  

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

    15,140       18,104,412  

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

     10,000       12,417,100  
   

 

 

  
      67,205,982  
Education — 25.1%            

California State University, Refunding RB

    

Series A, 5.00%, 11/01/41

     9,775       11,645,938  

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

    13,430       16,360,695  

Series A, 5.00%, 11/01/43

     5,001       5,934,528  

University of California, Refunding RB 5.25%, 05/15/24(e)

    3,530       4,038,140  

5.25%, 05/15/44

     8,420       9,632,050  

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

    12,000       15,014,400  

Series I, 5.00%, 05/15/40

     21,875       25,628,307  
   

 

 

  
      88,254,058  
 

 

 

2  

Schedule of Investments  (unaudited) (continued)

April 30, 2021

   

BlackRock MuniYield California Fund, Inc. (MYC)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  
Health — 3.8%            

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

  $ 11,000     $ 13,275,900  
   

 

 

  
State — 7.3%            

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

    10,000       11,873,500  

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

     10,975       13,845,503  
   

 

 

  
      25,719,003  
Transportation — 9.0%            

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

     10,045       11,643,257  

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

    16,250       20,020,650  
   

 

 

  
      31,663,907  
Utilities — 6.8%            

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

     20,000       23,938,400  
   

 

 

  

Total Municipal Bonds in California

       250,057,250  
   

 

 

  

Total Municipal Bonds Transferred to Tender Option Bond Trusts — 71.2% (Cost: $229,876,951)

       250,057,250  
   

 

 

  

Total Long-Term Investments — 157.3% (Cost: $508,132,502)

       552,492,135  
   

 

 

  
     Shares         

Short-Term Securities

    
Money Market Funds — 0.1%            

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

    318,706       318,897  
   

 

 

  

Total Short-Term Securities — 0.1%
(Cost: $318,897)

       318,897  
   

 

 

  

Total Investments — 157.4%
(Cost: $508,451,399)

         552,811,032  

Other Assets Less Liabilities — 2.5%

       8,889,203  

Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (29.8)%.

       (104,733,204 ) 

VRDP Shares at Liquidation Value, Net of Deferred Offering Costs — (30.1)%.

       (105,677,248 ) 
   

 

 

  

Net Assets Applicable to Common Shares — 100.0%

     $ 351,289,783  
   

 

 

  

 

(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) 

Amount is less than 500.

(c) 

Zero-coupon bond.

(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) 

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.

(f) 

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.

(g) 

Affiliate of the Fund.

(h) 

Annualized 7-day yield as of period end.

 

 

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   3

Schedule of Investments  (unaudited) (continued)

April 30, 2021

   

BlackRock MuniYield California Fund, Inc. (MYC)

 

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the period ended April 30, 2021 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
04/30/21		      Shares
Held at
04/30/21		      Income      Capital Gain
Distributions
from
Underlying
Funds		  

BlackRock Liquidity Funds California Money Fund, Institutional Class

    $ 3,424,210      $ —      $ (3,107,656 )(a)     $ 2,350      $ (7 )     $ 318,897        318,706      $ 270      $ —  
           

 

 

     

 

 

     

 

 

        

 

 

     

 

 

  

 

  (a) 

Represents net amount purchased (sold).

 

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.

      216          06/21/21        $ 28,539        $ (7,690 ) 

U.S. Long Treasury Bond

      96          06/21/21          15,102          (31,342 ) 
                 

 

 

  
                  $ (39,032 ) 
                 

 

 

  

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); and

 

  •  

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 financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

 

 

4  

Schedule of Investments  (unaudited) (continued)

April 30, 2021

   

BlackRock MuniYield California Fund, Inc. (MYC)

 

Fair Value Hierarchy as of Period End (continued)

      Level 1        Level 2        Level 3        Total  

Assets

                  

Investments

                  

Long-Term Investments

                  

Municipal Bonds

    $             —        $  302,434,885        $             —        $   302,434,885  

Municipal Bonds Transferred to Tender Option Bond Trusts.

      —          250,057,250          —          250,057,250  

Short-Term Securities

                  

Money Market Funds

    $ 318,897        $ —        $ —        $ 318,897  
  

 

 

       

 

 

       

 

 

       

 

 

  
   $ 318,897        $ 552,492,135        $ —        $ 552,811,032  
  

 

 

       

 

 

       

 

 

       

 

 

  

Derivative Financial Instruments(a)

                 

Liabilities

                  

Interest Rate Contracts.

    $ (39,032 )       $ —        $ —        $ (39,032 ) 
  

 

 

       

 

 

       

 

 

       

 

 

  

 

  (a) 

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 fair value 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
AMBAC    AMBAC Assurance Corp.
AMT    Alternative Minimum Tax
ARB    Airport Revenue Bonds
CAB    Capital Appreciation Bonds
COP    Certificates of Participation
GO    General Obligation Bonds
M/F    Multi-Family
RB    Revenue Bond
S/F    Single-Family
SAB    Special Assessment Bonds
ST    Special Tax

 

 

SCHEDULE OF INVESTMENTS   5