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: Anne F. Ackerley, 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: 07/31/2011

 

Date of reporting period: 10/31/2010

 

Item 1 – Schedule of Investments

 

 

 

 

 

Schedule of Investments October 31, 2010 (Unaudited)

BlackRock MuniYield California Quality Fund, Inc. (MCA)
 (Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

California — 91.6%

 

 

 

 

 

 

 

Corporate — 0.9%

 

 

 

 

 

 

 

City of Chula Vista California, Refunding
RB, San Diego Gas & Electric,
Series A, 5.88%, 2/15/34

 

$

2,435

 

$

2,747,021

 

University of California, RB, Limited
Project, Series B (AGM), 5.00%,
5/15/33

 

 

1,760

 

 

1,822,814

 

 

 

 

 

 

 

 

 

 

 

 

 

4,569,835

 

County/City/Special District/School District — 47.0%

 

 

 

 

 

 

 

Arcadia Unified School District
California, GO, Election of 2006,
Series A (AGM), 5.00%, 8/01/37

 

 

8,000

 

 

8,246,240

 

Bay Area Governments Association,
Refunding RB, California
Redevelopment Agency Pool, Series A
(AGM), 6.00%, 12/15/24

 

 

255

 

 

256,517

 

Brentwood Infrastructure Financing
Authority California, Special
Assessment Bonds, Refunding,
Series A (AGM), 5.20%, 9/02/29

 

 

3,980

 

 

4,041,849

 

Chino Valley Unified School District, GO,
Election of 2002, Series C (NPFGC),
5.25%, 8/01/30

 

 

3,000

 

 

3,093,840

 

City & County of San Francisco
California, COP, Refunding, Series A,
5.00%, 10/01/28

 

 

5,895

 

 

6,269,332

 

City of Riverside California, COP
(AMBAC), 5.00%, 9/01/28

 

 

3,000

 

 

3,042,570

 

City of San Jose California, GO, Libraries,
Parks, and Public Safety Project
(NPFGC), 5.00%, 9/01/27

 

 

7,910

 

 

8,401,923

 

County of Kern California, COP, Capital
Improvements Projects, Series A
(AGC), 6.00%, 8/01/35

 

 

2,000

 

 

2,245,840

 

Fairfield-Suisun Unified School District
California, GO, Election of 2002
(NPFGC), 5.50%, 8/01/28

 

 

2,500

 

 

2,701,100

 

Fontana Unified School District
California, GO, Series A (AGM), 5.25%,
8/01/31

 

 

3,000

 

 

3,208,710

 

Fremont Unified School District Alameda
County California, GO, Series A
(NPFGC), 5.50%, 8/01/26

 

 

10,755

 

 

11,433,103

 

Fresno Joint Powers Financing Authority
California, RB, Series A (AGM), 5.75%,
6/01/26

 

 

3,295

 

 

3,369,467

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

California (continued)

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

Glendora Unified School District
California, GO, Election of 2005,
Series A (NPFGC):

 

 

 

 

 

 

 

5.00%, 8/01/27

 

$

1,350

 

$

1,443,042

 

5.25%, 8/01/30

 

 

2,730

 

 

2,916,732

 

Los Angeles Community Redevelopment
Agency California, RB, Bunker Hill
Project, Series A (AGM), 5.00%,
12/01/27

 

 

10,000

 

 

10,427,100

 

Los Angeles County Metropolitan
Transportation Authority, Refunding
RB, Proposition A, First Tier, Senior
Series A (AMBAC):

 

 

 

 

 

 

 

5.00%, 7/01/27

 

 

5,240

 

 

5,571,168

 

5.00%, 7/01/35

 

 

6,825

 

 

7,089,264

 

Los Angeles Municipal Improvement
Corp., Refunding RB, Real Property,
Series B (AGC), 5.50%, 4/01/39

 

 

1,515

 

 

1,616,672

 

Los Angeles Unified School District
California, GO, Election of 2002,
Series C (AGM), 5.00%, 7/01/32

 

 

10,000

 

 

10,454,800

 

Los Gatos Union School District
California, GO, Election of 2001,
Series C (NPFGC), 5.13%, 8/01/32

 

 

1,075

 

 

1,136,522

 

Los Rios Community College District,
GO, Election of 2008, Series A,
5.00%, 8/01/35

 

 

11,000

 

 

11,616,550

 

Murrieta Valley Unified School District
Public Financing Authority, Special Tax
Bonds, Refunding, Series A (AGC),
5.13%, 9/01/26

 

 

8,000

 

 

8,541,360

 

Orange County Water District, COP,
Refunding, 5.25%, 8/15/34

 

 

9,045

 

 

9,785,514

 

Orchard School District California, GO,
Election of 2001, Series A (AGC),
5.00%, 8/01/34

 

 

7,490

 

 

7,891,015

 

Oxnard Union High School District
California, GO, Refunding, Series A
(NPFGC), 6.20%, 8/01/30

 

 

9,645

 

 

10,495,496

 

Pittsburg Unified School District, GO,
Election of 2006, Series B (AGM):

 

 

 

 

 

 

 

5.50%, 8/01/34

 

 

2,000

 

 

2,170,440

 

5.63%, 8/01/39

 

 

4,500

 

 

4,901,760

 

Port of Oakland, Refunding RB,
Series M, AMT (NPFGC), 5.38%,
11/01/27

 

 

16,930

 

 

17,159,232

 

 

Portfolio Abbreviations

To simplify the listings of portfolio holdings in the Schedule of Investments, the names and descriptions of many of the securities have been abbreviated according to the following list:

 

 

AGC

Assured Guaranty Corp.

AGM

Assured Guaranty Municipal Corp.

AMBAC

American Municipal Bond Assurance Corp.

AMT

Alternative Minimum Tax (subject to)

BHAC

Berkshire Hathaway Assurance Corp.

COP

Certificates of Participation

GO

General Obligation Bonds

NPFGC

National Public Finance Guarantee Corp.

RB

Revenue Bonds

 

 

 

 

 

BLACKROCK MUNIYIELD CALIFORNIA QUALITY FUND, INC.

OCTOBER 31, 2010

1

 

 

 

 

Schedule of Investments (continued)

BlackRock MuniYield California Quality Fund, Inc. (MCA)
 (Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

California (continued)

 

 

 

 

 

 

 

County/City/Special District/School
District (concluded)

 

 

 

 

 

 

 

Redlands Unified School District
California, GO, Election of 2008
(AGM), 5.25%, 7/01/33

 

$

5,000

 

$

5,293,900

 

Riverside Unified School District
California, GO, Series C (AGC), 5.00%,
8/01/32

 

 

2,000

 

 

2,082,000

 

Sacramento Area Flood Control Agency,
Special Assessment Bonds,
Refunding, Consolidated, Capital
Assessment District, Series A
(NPFGC), 5.00%, 10/01/32

 

 

4,350

 

 

4,549,056

 

Saddleback Valley Unified School
District California, GO (AGM), 5.00%,
8/01/29

 

 

2,565

 

 

2,699,432

 

San Bernardino City Unified School
District California, GO, Series A (AGM),
5.00%, 8/01/28

 

 

5,000

 

 

5,204,300

 

San Diego Community College District
California, GO, Election of 2006
(AGM), 5.00%, 8/01/32

 

 

7,090

 

 

7,458,467

 

San Diego County Water Authority, COP,
Refunding, Series 2008-A (AGM),
5.00%, 5/01/38

 

 

1,115

 

 

1,163,882

 

San Jose Redevelopment Agency
California, Tax Allocation Bonds,
Housing Set Aside Merged Area,
Series E, AMT (NPFGC), 5.85%,
8/01/27

 

 

7,300

 

 

7,315,841

 

San Juan Unified School District, GO,
Election of 2002 (AGM), 5.00%,
8/01/34

 

 

6,475

 

 

6,764,368

 

San Mateo County Transportation
District California, Refunding RB,
Series A (NPFGC), 5.00%, 6/01/29

 

 

4,350

 

 

4,580,898

 

Santa Rosa High School District
California, GO, Election of 2002
(NPFGC), 5.00%, 8/01/28

 

 

2,500

 

 

2,540,950

 

Snowline Joint Unified School District,
COP, Refunding, Refining Project
(AGC), 5.75%, 9/01/38

 

 

5,600

 

 

6,283,368

 

South Tahoe Joint Powers Financing
Authority, RB, South Tahoe
Redevelopment Project Area No. 1,
Series A (AGM), 5.00%, 10/01/29

 

 

1,645

 

 

1,674,215

 

Ventura County Community College
District, GO, Refunding, Series A
(NPFGC), 5.00%, 8/01/27

 

 

3,395

 

 

3,583,660

 

West Contra Costa Unified School
District California, GO, Election of
2002, Series B (AGM), 5.00%,
8/01/32

 

 

6,690

 

 

6,769,076

 

Westminster Redevelopment Agency
California, Tax Allocation Bonds,
Subordinate, Commercial
Redevelopment Project No. 1 (AGC),
6.25%, 11/01/39

 

 

4,300

 

 

4,964,737

 

 

 

 

 

 

 

 

 

 

 

 

 

242,455,308

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

California (continued)

 

 

 

 

 

 

 

Education — 7.6%

 

 

 

 

 

 

 

California State University Revenue
Systemwide, Series C, 5.00%,
11/01/35

 

$

20,000

 

$

20,497,800

 

Riverside Community College District,
GO, Election of 2004, Series C (AGM),
5.00%, 8/01/32

 

 

8,750

 

 

9,136,487

 

University of California, RB, Limited
Project, Series D:

 

 

 

 

 

 

 

(AGM), 5.00%, 5/15/37

 

 

2,775

 

 

2,887,943

 

(NPFGC), 5.00%, 5/15/37

 

 

5,390

 

 

5,593,796

 

(NPFGC), 5.00%, 5/15/41

 

 

1,240

 

 

1,292,626

 

 

 

 

 

 

 

 

 

 

 

 

 

39,408,652

 

Health — 3.6%

 

 

 

 

 

 

 

California Health Facilities Financing
Authority, Refunding RB, Catholic
Healthcare West, Series A:

 

 

 

 

 

 

 

6.00%, 7/01/34

 

 

2,130

 

 

2,333,138

 

6.00%, 7/01/39

 

 

5,500

 

 

5,987,685

 

California Statewide Communities
Development Authority, RB, Health
Facility, Memorial Health Services,
Series A, 6.00%, 10/01/23

 

 

3,685

 

 

3,886,533

 

California Statewide Communities
Development Authority, Refunding RB,
Catholic Healthcare West, Series D
(BHAC), 5.50%, 7/01/31

 

 

1,025

 

 

1,097,467

 

City of Torrance California, RB, Torrance
Memorial Medical Center, Series A,
5.00%, 9/01/40

 

 

5,350

 

 

5,292,327

 

 

 

 

 

 

 

 

 

 

 

 

 

18,597,150

 

Housing — 0.1%

 

 

 

 

 

 

 

California Rural Home Mortgage
Finance Authority, RB, AMT,
Mortgage-Backed Securities Program
(Ginnie Mae):

 

 

 

 

 

 

 

Series A, 6.35%, 12/01/29

 

 

100

 

 

110,339

 

Series B, 6.25%, 12/01/31

 

 

70

 

 

70,772

 

County of San Bernardino California,
Refunding RB, Home Mortgage-
Backed Securities, Series A-1, AMT
(Ginnie Mae), 6.25%, 12/01/31

 

 

140

 

 

147,563

 

 

 

 

 

 

 

 

 

 

 

 

 

328,674

 

State — 2.8%

 

 

 

 

 

 

 

California State Public Works Board, RB,
Department of Education, Riverside
Campus Project, Series B, 6.50%,
4/01/34

 

 

3,670

 

 

4,044,450

 

California State University, Refunding
RB, Systemwide, Series C (NPFGC),
5.00%, 11/01/38

 

 

5,690

 

 

5,808,580

 

State of California, GO, Various Purpose,
6.00%, 3/01/33

 

 

4,000

 

 

4,594,560

 

 

 

 

 

 

 

 

 

 

 

 

 

14,447,590

 

Transportation — 11.4%

 

 

 

 

 

 

 

City of San Jose California, RB, Series D
(NPFGC), 5.00%, 3/01/28

 

 

4,575

 

 

4,689,101

 

 

 

 

2

BLACKROCK MUNIYIELD CALIFORNIA QUALITY FUND, INC.

OCTOBER 31, 2010

 

 

 

 

Schedule of Investments (continued)

BlackRock MuniYield California Quality Fund, Inc. (MCA)
 (Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

California (continued)

 

 

 

 

 

 

 

Transportation (concluded)

 

 

 

 

 

 

 

City of San Jose California, Refunding
RB, Series A, AMT (BHAC), 5.50%,
3/01/23

 

$

1,100

 

$

1,168,607

 

County of Orange California, RB,
Series B, 5.75%, 7/01/34

 

 

5,000

 

 

5,480,050

 

County of Sacramento California, RB:

 

 

 

 

 

 

 

Senior-Series B, AMT (AGM), 5.25%,
7/01/33

 

 

7,500

 

 

7,694,625

 

Subordinated and PFC/Grant,
Series C (AGC), 5.75%, 7/01/39

 

 

5,455

 

 

5,950,150

 

Port of Oakland, RB, Series K, AMT
(NPFGC), 5.75%, 11/01/29

 

 

11,405

 

 

11,412,869

 

San Francisco City & County Airports
Commission, RB:

 

 

 

 

 

 

 

Series E, 6.00%, 5/01/39

 

 

9,650

 

 

10,842,643

 

Special Facility Lease, SFO Fuel,
Series A, AMT (AGM), 6.10%,
1/01/20

 

 

1,000

 

 

1,001,990

 

Special Facility Lease, SFO Fuel,
Series A, AMT (AGM), 6.13%,
1/01/27

 

 

985

 

 

986,212

 

San Francisco City & County Airports
Commission, Refunding RB, Second
Series 34E, AMT (AGM):

 

 

 

 

 

 

 

5.75%, 5/01/24

 

 

5,000

 

 

5,645,450

 

5.75%, 5/01/25

 

 

3,500

 

 

3,932,320

 

 

 

 

 

 

 

 

 

 

 

 

 

58,804,017

 

Utilities — 18.2%

 

 

 

 

 

 

 

City of Glendale California, RB (NPFGC),
5.00%, 2/01/32

 

 

4,390

 

 

4,447,553

 

City of Los Angeles California, Refunding
RB, Sub-Series A, 5.00%, 6/01/32

 

 

3,000

 

 

3,224,490

 

City of Santa Clara California, RB, Sub-
Series A (NPFGC), 5.00%, 7/01/28

 

 

5,500

 

 

5,646,190

 

Contra Costa Water District, Refunding
RB, Series L (AGM), 5.00%, 10/01/32

 

 

4,135

 

 

4,369,082

 

East Bay Municipal Utility District, RB,
Series A (NPFGC), 5.00%, 6/01/37

 

 

6,525

 

 

6,891,770

 

East Bay Municipal Utility District,
Refunding RB, Sub-Series A (AMBAC),
5.00%, 6/01/33

 

 

4,125

 

 

4,371,510

 

East Valley Water District Financing
Authority, Refunding RB, 5.00%,
10/01/40

 

 

4,085

 

 

4,260,165

 

Fortuna Public Financing Authority, RB
(AGM), 5.00%, 10/01/36

 

 

1,500

 

 

1,522,965

 

Los Angeles County Sanitation Districts
Financing Authority, Refunding RB,
Capital Project 14 (BHAC), 5.00%,
10/01/34

 

 

7,915

 

 

8,193,687

 

Los Angeles Department of Water &
Power, RB, Power System, Sub-Series
A-1 (AGM), 5.00%, 7/01/37

 

 

13,525

 

 

14,196,246

 

Metropolitan Water District of Southern
California, RB, Series B-1 (NPFGC),
5.00%, 10/01/33

 

 

7,175

 

 

7,396,779

 

Oxnard Financing Authority, RB,
Redwood Trunk Sewer & Headworks,
Series A (NPFGC), 5.25%, 6/01/34

 

 

13,000

 

 

13,410,020

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

California (concluded)

 

 

 

 

 

 

 

Utilities (concluded)

 

 

 

 

 

 

 

Sacramento Regional County Sanitation
District, RB, Sacramento Regional
County Sanitation (NPFGC), 5.00%,
12/01/27

 

$

7,070

 

$

7,555,780

 

San Diego County Water Authority, COP,
Series A (AGM), 5.00%, 5/01/31

 

 

3,000

 

 

3,154,110

 

Turlock Public Financing Authority
California, RB, Series A (NPFGC),
5.00%, 9/15/33

 

 

3,000

 

 

3,053,700

 

Vallecitos Water District California, COP,
Refunding, Series A (AGM), 5.00%,
7/01/27

 

 

2,000

 

 

2,095,700

 

 

 

 

 

 

 

 

 

 

 

 

 

93,789,747

 

Total Municipal Bonds – 91.6%

 

 

 

 

 

472,400,973

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Municipal Bonds Transferred to Tender
Option Bond Trusts (a)

 

 

 

 

 

 

 

California — 71.8%

 

 

 

 

 

 

 

Corporate — 5.5%

 

 

 

 

 

 

 

San Francisco Bay Area Rapid Transit
District, Refunding RB, Series A
(NPFGC), 5.00%, 7/01/30

 

 

19,630

 

 

20,714,754

 

University of California, RB, Series L,
5.00%, 5/15/40

 

 

7,398

 

 

7,716,398

 

 

 

 

 

 

 

 

 

 

 

 

 

28,431,152

 

County/City/Special District/School District — 38.5%

 

 

 

 

 

 

 

Desert Community College District
California, GO, Series C (AGM), 5.00%,
8/01/37

 

 

12,150

 

 

12,499,677

 

Fremont Unified School District Alameda
County California, GO, Election of
2002, Series B (AGM), 5.00%,
8/01/30

 

 

15,997

 

 

16,619,400

 

Lodi Unified School District California,
GO, Election of 2002 (AGM), 5.00%,
8/01/29

 

 

10,260

 

 

10,481,513

 

Los Angeles Community College District
California, GO:

 

 

 

 

 

 

 

Election of 2001, Series A (AGM),
5.00%, 8/01/32

 

 

12,000

 

 

12,587,640

 

Election of 2001, Series A (NPFGC),
5.00%, 8/01/32

 

 

26,438

 

 

27,700,450

 

Election of 2003, Series E (AGM),
5.00%, 8/01/31

 

 

7,497

 

 

7,851,612

 

Election of 2008, Series A, 6.00%,
8/01/33

 

 

9,596

 

 

11,016,158

 

Los Angeles Unified School District
California, GO, Series I, 5.00%,
1/01/34

 

 

5,000

 

 

5,188,500

 

Ohlone Community College District, GO,
Ohlone, Series B (AGM), 5.00%,
8/01/30

 

 

19,998

 

 

20,775,860

 

Peralta Community College District, GO,
Series A (NPFGC), 5.00%, 8/01/31

 

 

24,130

 

 

25,231,776

 

 

 

 

 

 

BLACKROCK MUNIYIELD CALIFORNIA QUALITY FUND, INC.

OCTOBER 31, 2010

3

 

 

 

 

Schedule of Investments (continued)

BlackRock MuniYield California Quality Fund, Inc. (MCA)
 (Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

 

Municipal Bonds Transferred to Tender
Option Bond Trusts (a)

 

Par
(000)

 

Value

 

California (continued)

 

 

 

 

 

 

 

County/City/Special District/School
District (concluded)

 

 

 

 

 

 

 

Poway Unified School District, GO,
Election of 2002, Improvement
District 02, Series 1-B (AGM), 5.00%,
8/01/30

 

$

10,000

 

$

10,425,400

 

San Bernardino Community College
District California, GO, Election of
2002, Series C (AGM), 5.00%,
8/01/31

 

 

7,550

 

 

7,875,103

 

San Diego County Water Authority, COP,
Series A (AGM), 5.00%, 5/01/30

 

 

7,350

 

 

7,755,059

 

San Francisco Bay Area Transit
Financing Authority, Refunding RB,
Series A (NPFGC), 5.00%, 7/01/34

 

 

10,497

 

 

10,944,397

 

San Jose Financing Authority, Refunding
RB, Civic Center Project, Series B
(AMBAC), 5.00%, 6/01/32

 

 

11,400

 

 

11,472,048

 

 

 

 

 

 

 

 

 

 

 

 

 

198,424,593

 

Education — 5.1%

 

 

 

 

 

 

 

California State University, RB,
Systemwide, Series A (AGM), 5.00%,
11/01/39

 

 

4,860

 

 

5,010,174

 

University of California, RB:

 

 

 

 

 

 

 

Limited Project, Series D (AGM),
5.00%, 5/15/41

 

 

8,000

 

 

8,339,520

 

Series O, 5.75%, 5/15/34

 

 

11,190

 

 

12,760,405

 

 

 

 

 

 

 

 

 

 

 

 

 

26,110,099

 

Utilities — 22.7%

 

 

 

 

 

 

 

Anaheim Public Financing Authority
California, RB, Electric System
Distribution Facilities, Series A (AGM),
5.00%, 10/01/31

 

 

3,568

 

 

3,593,984

 

City of Napa California, RB (AMBAC),
5.00%, 5/01/35

 

 

9,070

 

 

9,432,165

 

East Bay Municipal Utility District, RB,
Sub-Series A (NPFGC), 5.00%,
6/01/35

 

 

15,000

 

 

15,606,600

 

East Bay Municipal Utility District,
Refunding RB, Sub-Series A (AMBAC),
5.00%, 6/01/37

 

 

7,990

 

 

8,420,102

 

Los Angeles Department of Water &
Power, RB:

 

 

 

 

 

 

 

Power System, Sub-Series A-1
(AGM), 5.00%, 7/01/31

 

 

5,007

 

 

5,244,919

 

Power System, Sub-Series A-1
(AMBAC), 5.00%, 7/01/37

 

 

5,029

 

 

5,278,892

 

System, Sub-Series A-2 (AGM),
5.00%, 7/01/35

 

 

7,500

 

 

7,757,550

 

Los Angeles Department of Water &
Power, Refunding RB, Power System,
Sub-Series A-2 (NPFGC), 5.00%,
7/01/27

 

 

16,000

 

 

16,988,320

 

Metropolitan Water District of Southern
California, RB, Series A, 5.00%,
7/01/37

 

 

15,000

 

 

15,879,000

 

Rancho Water District Financing
Authority, Refunding RB, Series A
(AGM), 5.00%, 8/01/34

 

 

9,277

 

 

9,694,445

 

 

 

 

 

 

 

 

 

Municipal Bonds Transferred to Tender
Option Bond Trusts (a)

 

Par
(000)

 

Value

 

California (concluded)

 

 

 

 

 

 

 

Utilities (concluded)

 

 

 

 

 

 

 

San Diego County Water Authority, COP,
Refunding, Series 2008-A (AGM),
5.00%, 5/01/33

 

$

8,510

 

$

8,972,433

 

San Diego County Water Authority, COP,
Series A (AGM), 5.00%, 5/01/31

 

 

10,000

 

 

10,513,700

 

 

 

 

 

 

 

 

 

 

 

 

 

117,382,110

 

Total Municipal Bonds Transferred to
Tender Option Bond Trusts – 71.8%

 

 

 

 

 

370,347,954

 

Total Long-Term Investments
(Cost – $816,295,406) – 163.4%

 

 

 

 

 

842,748,927

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Short-Term Securities

 

Shares

 

 

 

 

BIF California Municipal Money Fund,
0.04% (b)(c)

 

 

13,615,499

 

 

13,615,499

 

Total Short-Term Securities
(Cost – $13,615,499) – 2.6%

 

 

 

 

 

13,615,499

 

Total Investments
(Cost – $829,910,905*) – 166.0%

 

 

 

 

 

856,364,426

 

Other Assets Less Liabilities – 1.8%

 

 

 

 

 

9,510,117

 

Liability for Trust Certificates, Including Interest
Expense and Fees Payable – (35.5)%

 

 

 

 

 

(183,366,237

)

Preferred Shares, at Redemption Value – (32.3)%

 

 

 

 

 

(166,537,650

)

 

 

 

 

 

 

Net Assets Applicable to Common Shares – 100.0%

 

 

 

 

$

515,970,656

 

 

 

 

 

 

 

 

 

*

The cost and unrealized appreciation (depreciation) of investments as of October 31, 2010, as computed for federal income tax purposes, were as follows:

 

 

 

 

 

Aggregate cost

 

$

647,119,685

 

 

 

 

Gross unrealized appreciation

 

$

27,342,796

 

Gross unrealized depreciation

 

 

(1,300,476

)

 

 

 

Net unrealized appreciation

 

$

26,042,320

 

 

 

 

 

 

(a)

Securities represent bonds transferred to a tender option bond trust in exchange for which the Fund acquired residual interest certificates. These securities serve as collateral in a financing transaction.

 

(b)

Investments in companies considered to be an affiliate of the Fund during the period, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Affiliate

 

Shares
Held at
July 31,
2010

 

Net
Activity

 

Shares
Held at
October 31,
2010

 

Income

 

 

BIF California
Municipal
Money Fund

 

 

39,049,939

 

 

(25,434,440

)

 

13,615,499

 

$

1,848

 

 

 

 

(c)

Represents the current yield as of report date.

 

 

 

4

BLACKROCK MUNIYIELD CALIFORNIA QUALITY FUND, INC.

OCTOBER 31, 2010

 

 

 

 

Schedule of Investments (concluded)

BlackRock MuniYield California Quality Fund, Inc. (MCA)

 

 

 

•

For Fund compliance purposes, the Fund’s sector classifications refer to any one or more of the sector sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine such sector sub-classifications for reporting ease.

 

 

•

Fair Value Measurements - Various inputs are used in determining the fair value of investments, which are as follows:

 

 

 

•

Level 1 — price quotations in active markets/exchanges for identical assets and liabilities

 

 

 

 

•

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 Fund’s own assumptions used in determining the fair value of investments)

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to the Fund’s most recent financial statements as contained in its annual report.

The following table summarizes the inputs used as of October 31, 2010 in determining the fair valuation of the Fund’s investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Valuation Inputs

 

Level 1

 

Level 2

 

Level 3

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments in Securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-Term
Investments1

 

 

—

 

$

842,748,927

 

 

—

 

$

842,748,927

 

Short-Term
Securities

 

$

13,615,499

 

 

—

 

 

—

 

 

13,615,499

 

Total

 

$

13,615,499

 

$

842,748,927

 

 

—

 

$

856,364,426

 

 

 

 

 

1

See above Schedule of Investments for values in each sector.

 

 

 

 

 

BLACKROCK MUNIYIELD CALIFORNIA QUALITY FUND, INC.

OCTOBER 31, 2010

5

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/ Anne F. Ackerley  
    Anne F. Ackerley
    Chief Executive Officer of
    BlackRock MuniYield California Quality Fund, Inc.
   
  Date: December 22, 2010
   
  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/ Anne F. Ackerley  
    Anne F. Ackerley
    Chief Executive Officer (principal executive officer) of
    BlackRock MuniYield California Quality Fund, Inc.
   
  Date: December 22, 2010
   
  By: /s/ Neal J. Andrews  
    Neal J. Andrews
    Chief Financial Officer (principal financial officer) of
    BlackRock MuniYield California Quality Fund, Inc.
     
  Date: December 22, 2010