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: 07/31/2011

 

Date of reporting period: 04/30/2011

 

Item 1 – Schedule of Investments

 

 

 

 

 

Schedule of Investments April 30, 2011 (Unaudited)

BlackRock MuniYield California Quality Fund, Inc. (MCA)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

California — 97.9%

 

 

 

 

 

 

 

Corporate — 0.9%

 

 

 

 

 

 

 

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

 

$

2,435

 

$

2,535,760

 

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

 

 

1,760

 

 

1,739,109

 

 

 

 

 

 

 

 

 

 

 

 

4,274,869

 

County/City/Special District/School District — 47.1%

 

 

 

 

 

 

 

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

 

 

7,925

 

 

7,720,931

 

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

 

 

255

 

 

256,352

 

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

 

 

3,930

 

 

3,944,855

 

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

 

 

5,895

 

 

5,921,174

 

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

 

 

3,000

 

 

2,776,620

 

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

 

 

2,000

 

 

2,123,140

 

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

 

 

2,500

 

 

2,616,575

 

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

 

 

10,755

 

 

11,205,850

 

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

 

 

3,295

 

 

3,296,680

 

Glendora Unified School District
California, GO, Election of 2005,
Series A (NPFGC), 5.25%, 8/01/30

 

 

2,730

 

 

2,774,854

 

Grossmont Healthcare District, GO,
Election of 2006, Series B, 6.13%,
7/15/40

 

 

2,000

 

 

2,102,060

 

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

 

 

10,260

 

 

10,285,240

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

California (continued)

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

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

 

$

10,000

 

$

10,176,900

 

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

 

 

 

 

 

 

 

5.00%, 7/01/27

 

 

5,240

 

 

5,429,059

 

5.00%, 7/01/35

 

 

6,825

 

 

6,870,454

 

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

 

 

1,515

 

 

1,485,276

 

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

 

 

1,075

 

 

1,104,541

 

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

 

 

11,000

 

 

10,683,090

 

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

 

 

8,000

 

 

8,131,920

 

Orange County Sanitation District, COP,
Series A, 5.00%, 2/01/35

 

 

2,500

 

 

2,525,425

 

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

 

 

9,045

 

 

9,332,902

 

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

 

 

7,490

 

 

7,539,808

 

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

 

 

9,645

 

 

10,032,440

 

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

 

 

 

 

 

 

 

5.50%, 8/01/34

 

 

2,000

 

 

2,060,060

 

5.63%, 8/01/39

 

 

4,500

 

 

4,652,415

 

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

 

 

16,930

 

 

16,000,374

 

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

 

 

5,000

 

 

5,020,350

 

 

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.

APRIL 30, 2011

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)

 

 

 

 

 

 

 

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

 

$

2,000

 

$

1,943,740

 

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

 

 

4,350

 

 

4,373,534

 

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

 

 

5,000

 

 

5,001,100

 

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

 

 

7,115

 

 

7,129,586

 

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

 

 

4,895

 

 

4,788,534

 

San Jose Financing Authority, RB,
Convention Center Expansion &
Renovation Project:

 

 

 

 

 

 

 

5.75%, 5/01/36

 

 

2,560

 

 

2,565,504

 

5.75%, 5/01/42

 

 

4,500

 

 

4,500,000

 

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

 

 

7,300

 

 

7,076,109

 

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

 

 

6,475

 

 

6,199,877

 

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

 

 

4,350

 

 

4,428,604

 

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

 

 

5,600

 

 

5,918,304

 

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

 

 

1,645

 

 

1,596,752

 

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

 

 

6,690

 

 

6,672,138

 

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

 

 

4,300

 

 

4,680,163

 

 

 

 

 

 

 

 

 

 

 

 

222,943,290

 

Education — 11.2%

 

 

 

 

 

 

 

Anaheim City School District California,
GO, Election of 2010 (AGM), 6.25%,
8/01/40

 

 

3,750

 

 

3,952,800

 

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

 

 

4,860

 

 

4,389,698

 

California State University, Refunding
RB, Systemwide, Series C (NPFGC),
5.00%, 11/01/35

 

 

20,000

 

 

18,286,400

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

California (continued)

 

 

 

 

 

 

 

Education (concluded)

 

 

 

 

 

 

 

Gavilan Joint Community College
District, GO, Election of 2004,
Series D (a):

 

 

 

 

 

 

 

5.50%, 8/01/31

 

$

2,165

 

$

2,240,299

 

5.75%, 8/01/35

 

 

7,150

 

 

7,372,865

 

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

 

 

8,750

 

 

8,659,000

 

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

 

 

 

 

 

 

 

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

 

 

2,775

 

 

2,692,388

 

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

 

 

5,500

 

 

5,336,265

 

 

 

 

 

 

 

 

 

 

 

 

52,929,715

 

Health — 5.5%

 

 

 

 

 

 

 

ABAG Finance Authority for Nonprofit
Corps, Refunding RB, Sharp
Healthcare, Series A, 6.00%, 8/01/30

 

 

2,250

 

 

2,229,480

 

California Health Facilities Financing
Authority, Refunding RB:

 

 

 

 

 

 

 

Catholic Healthcare West, Series A,
6.00%, 7/01/34

 

 

2,130

 

 

2,148,935

 

Catholic Healthcare West, Series A,
6.00%, 7/01/39

 

 

5,500

 

 

5,531,185

 

Sutter Health, Series B, 6.00%,
8/15/42

 

 

5,000

 

 

5,070,550

 

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

 

 

3,685

 

 

3,782,800

 

California Statewide Communities
Development Authority, Refunding RB
(BHAC):

 

 

 

 

 

 

 

Catholic Healthcare West, Series D,
5.50%, 7/01/31

 

 

1,030

 

 

1,039,023

 

Kaiser Permanente, Series A,
5.00%, 4/01/31

 

 

4,400

 

 

4,312,836

 

City of Newport Beach California, RB,
Hoag Memorial Hospital Presbyterian,
6.00%, 12/01/40

 

 

1,820

 

 

1,868,667

 

 

 

 

 

 

 

 

 

 

 

 

25,983,476

 

Housing — 0.1%

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

Series A, 6.35%, 12/01/29

 

 

90

 

 

92,333

 

Series B, 6.25%, 12/01/31

 

 

65

 

 

65,686

 

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

 

 

110

 

 

114,061

 

 

 

 

 

 

 

 

 

 

 

 

272,080

 

State — 1.9%

 

 

 

 

 

 

 

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

 

 

3,670

 

 

3,819,295

 

 

 

 

2

BLACKROCK MUNIYIELD CALIFORNIA QUALITY FUND, INC.

APRIL 30, 2011


 

 

 

 

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)

 

 

 

 

 

 

 

State (concluded)

 

 

 

 

 

 

 

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

 

$

5,690

 

$

5,154,742

 

 

 

 

 

 

 

 

 

 

 

 

8,974,037

 

Transportation — 14.1%

 

 

 

 

 

 

 

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

 

 

4,575

 

 

4,423,019

 

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

 

 

5,000

 

 

5,242,600

 

County of Sacramento California, RB:

 

 

 

 

 

 

 

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

 

 

7,500

 

 

7,232,925

 

Subordinated and Passenger
Facility Charges/Grant, Series C
(AGC), 5.75%, 7/01/39

 

 

5,455

 

 

5,521,551

 

Los Angeles Department of Airports,
Refunding RB, Series A, 5.25%,
5/15/29

 

 

3,760

 

 

3,899,646

 

Los Angeles Harbor Department, RB,
Series B, 5.25%, 8/01/34

 

 

5,530

 

 

5,577,447

 

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

 

 

11,405

 

 

11,138,579

 

San Francisco City & County Airports
Commission, RB:

 

 

 

 

 

 

 

Series E, 6.00%, 5/01/39

 

 

9,650

 

 

10,111,656

 

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

 

 

1,000

 

 

1,001,440

 

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

 

 

985

 

 

985,670

 

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

 

 

 

 

 

 

 

5.75%, 5/01/24

 

 

5,000

 

 

5,275,800

 

5.75%, 5/01/25

 

 

3,500

 

 

3,651,445

 

San Joaquin County Transportation
Authority, RB, Limited Tax, Measure K,
Series A, 6.00%, 3/01/36

 

 

2,400

 

 

2,531,088

 

 

 

 

 

 

 

 

 

 

 

 

66,592,866

 

Utilities — 17.1%

 

 

 

 

 

 

 

Anaheim Public Financing Authority, RB,
Electric System Distribution Facilities,
Series A, 5.00%, 10/01/27 (a)

 

 

4,690

 

 

4,819,116

 

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

 

 

4,380

 

 

4,351,705

 

City of Los Angeles California, Refunding
RB, Sub-Series A:

 

 

 

 

 

 

 

5.00%, 6/01/28

 

 

2,000

 

 

2,064,800

 

5.00%, 6/01/32

 

 

3,000

 

 

3,028,230

 

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

 

 

5,500

 

 

5,506,325

 

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

 

 

4,135

 

 

4,151,085

 

Dublin-San Ramon Services District,
Refunding RB, 6.00%, 8/01/41

 

 

4,000

 

 

4,128,920

 

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

 

 

4,000

 

 

4,035,320

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

California (concluded)

 

 

 

 

 

 

 

Utilities (concluded)

 

 

 

 

 

 

 

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

 

$

4,125

 

$

4,207,211

 

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

 

 

4,065

 

 

3,925,205

 

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

 

 

7,915

 

 

7,927,110

 

Los Angeles Department of Water &
Power, RB, Power System, Series A-2,
5.25%, 7/01/32

 

 

1,060

 

 

1,087,931

 

Orange County Sanitation District, COP,
Series B (AGM), 5.00%, 2/01/30

 

 

2,105

 

 

2,155,562

 

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

 

 

13,000

 

 

13,036,010

 

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

 

 

7,070

 

 

7,290,514

 

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

 

 

3,000

 

 

3,012,960

 

San Diego Public Facilities Financing
Authority, Refunding RB, Senior
Series A, 5.25%, 5/15/34

 

 

1,000

 

 

1,006,490

 

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

 

 

3,000

 

 

2,995,830

 

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

 

 

2,000

 

 

2,057,600

 

 

 

 

 

 

 

 

 

 

 

 

80,787,924

 

Total Municipal Bonds – 97.9%

 

 

 

 

 

462,758,257

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Municipal Bonds Transferred to Tender
Option Bond Trusts (b)

 

 

 

 

 

 

 

California — 70.8%

 

 

 

 

 

 

 

Corporate — 5.7%

 

 

 

 

 

 

 

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

 

 

19,630

 

 

20,020,833

 

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

 

 

7,398

 

 

7,145,044

 

 

 

 

 

 

 

 

 

 

 

 

27,165,877

 

County/City/Special District/School District — 32.8%

 

 

 

 

 

 

 

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

 

 

12,150

 

 

11,685,384

 

 

 

 

 

 

BLACKROCK MUNIYIELD CALIFORNIA QUALITY FUND, INC.

APRIL 30, 2011

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 (b)

 

Par
(000)

 

Value

 

California (continued)

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

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

 

$

15,997

 

$

16,044,360

 

Los Angeles Community College District
California, GO:

 

 

 

 

 

 

 

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

 

 

12,000

 

 

11,905,920

 

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

 

 

26,438

 

 

26,162,564

 

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

 

 

7,497

 

 

7,496,787

 

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

 

 

9,596

 

 

10,358,510

 

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

 

 

5,000

 

 

4,854,400

 

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

 

 

19,998

 

 

20,057,060

 

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

 

 

10,000

 

 

9,962,500

 

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

 

 

7,550

 

 

7,370,914

 

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

 

 

7,350

 

 

7,402,994

 

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

 

 

10,497

 

 

10,574,902

 

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

 

 

11,400

 

 

10,940,352

 

 

 

 

 

 

 

 

 

 

 

 

154,816,647

 

Education — 4.2%

 

 

 

 

 

 

 

University of California, RB:

 

 

 

 

 

 

 

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

 

 

8,000

 

 

7,710,800

 

Series O, 5.75%, 5/15/34

 

 

11,190

 

 

11,907,615

 

 

 

 

 

 

 

 

 

 

 

 

19,618,415

 

Utilities — 28.1%

 

 

 

 

 

 

 

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

 

 

3,568

 

 

3,558,927

 

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

 

 

9,070

 

 

8,994,810

 

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

 

 

15,000

 

 

14,916,150

 

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

 

 

7,990

 

 

8,056,397

 

 

 

 

 

 

 

 

 

Municipal Bonds Transferred to Tender
Option Bond Trusts (b)

 

Par
(000)

 

Value

 

California (concluded)

 

 

 

 

 

 

 

Utilities (concluded)

 

 

 

 

 

 

 

Los Angeles Department of Water &
Power, RB:

 

 

 

 

 

 

 

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

 

$

5,007

 

$

5,052,184

 

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

 

 

13,525

 

 

13,407,012

 

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

 

 

5,029

 

 

4,985,442

 

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

 

 

7,500

 

 

7,502,850

 

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

 

 

16,000

 

 

16,222,400

 

Metropolitan Water District of Southern
California, RB:

 

 

 

 

 

 

 

Series A, 5.00%, 7/01/37

 

 

15,000

 

 

15,141,600

 

Series B-1 (NPFGC), 5.00%,
10/01/33

 

 

7,175

 

 

7,229,998

 

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

 

 

9,277

 

 

9,200,377

 

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

 

 

8,510

 

 

8,519,957

 

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

 

 

10,000

 

 

10,043,200

 

 

 

 

 

 

 

 

 

 

 

 

132,831,304

 

Total Municipal Bonds Transferred to
Tender Option Bond Trusts – 70.8%

 

 

 

 

 

334,432,243

 

Total Long-Term Investments
(Cost – $810,017,640) – 168.7%

 

 

 

 

 

797,190,500

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Short-Term Securities

 

Shares

 

 

 

 

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

 

 

4,080,490

 

 

4,080,490

 

Total Short-Term Securities
(Cost – $4,080,490) – 0.8%

 

 

 

 

 

4,080,490

 

Total Investments
(Cost – $814,098,130*) – 169.5%

 

 

 

 

 

801,270,990

 

Other Assets Less Liabilities – 2.5%

 

 

 

 

 

11,874,132

 

Liability for Trust Certificates, Including Interest
Expense and Fees Payable – (36.8)%

 

 

 

 

 

(174,073,496

)

Preferred Shares, at Redemption Value – (35.2)%

 

 

 

 

 

(166,519,919

)

 

 

 

 

 

Net Assets Applicable to Common Shares – 100.0%

 

 

 

 

$

472,551,707

 

 

 

 

 

 

 

 

 

4

BLACKROCK MUNIYIELD CALIFORNIA QUALITY FUND, INC.

APRIL 30, 2011


 

 

 

 

Schedule of Investments (continued)

BlackRock MuniYield California Quality Fund, Inc. (MCA)

 

 

*

The cost and unrealized appreciation (depreciation) of investments as of April 30, 2011, as computed for federal income tax purposes, were as follows:

 

 

 

 

 

Aggregate cost

 

$

640,184,010

 

 

 

Gross unrealized appreciation

 

$

5,458,501

 

Gross unrealized depreciation

 

 

(18,293,935

)

 

 

Net unrealized depreciation

 

$

(12,835,434

)

 

 

 

 

(a)

When-issued security. Unsettled when-issued transactions were as follows:

 

 

 

 

 

 

 

 

Counterparty

 

Value

 

Unrealized
Appreciation

 

JPMorgan Securities

 

$

4,819,116

 

$

19,089

 

Piper Jaffray

 

$

9,613,164

 

$

4,827

 

(b)

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.

 

 

(c)

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
April 30,
2011

 

Income

 

BIF California
Municipal
Money Fund

 

 

39,049,939

 

 

(34,969,449

)

 

4,080,490

 

$

3,956

 

 

 

(d)

Represents the current yield as of report date.

 

 

•

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 ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine sector sub-classifications for reporting ease.

 

 

•

Financial futures contracts sold as of April 30, 2011 were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Contracts

 

Issue

 

Exchange

 

Expiration

 

Notional
Value

 

Unrealized
Depreciation

 

170

 

 

10-Year U.S. Treasury Note

 

 

Chicago Board of Trade

 

 

June 2011

 

$

20,147,333

 

$

(446,573

)

 

 

 

 

 

BLACKROCK MUNIYIELD CALIFORNIA QUALITY FUND, INC.

APRIL 30, 2011

5


 

 

 

 

Schedule of Investments (concluded)

BlackRock MuniYield California Quality Fund, Inc. (MCA)

 

 

 

•

Fair Value Measurements - Various inputs are used in determining the fair value of investments and derivative financial instruments. These inputs are summarized in three broad level for financial reporting purposes 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 and derivative financial instruments)

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 derivative financial instruments and other significant accounting policies, please refer to the Fund’s most recent financial statements as contained in its semi-annual report.

The following tables summarize the inputs used as of April 30, 2011 in determining the fair valuation of the Fund’s investments and derivative financial instruments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Valuation Inputs

 

Level 1

 

Level 2

 

Level 3

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-Term
Investments1

 

 

—

 

$

797,190,500

 

 

—

 

$

797,190,500

 

Short-Term
Securities

 

$

4,080,490

 

 

—

 

 

—

 

 

4,080,490

 

Total

 

$

4,080,490

 

$

797,190,500

 

 

—

 

$

801,270,990

 

 

 

 

 

1

See above Schedule of Investments for values in each sector.


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Valuation Inputs

 

Level 1

 

Level 2

 

Level 3

 

Total

 

Derivative Financial Instruments2

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate contracts

 

$

(446,573

)

 

—

 

 

—

 

$

(446,573

)

 

 

2

Derivative financial instruments are financial futures contracts, which are valued at the unrealized appreciation/depreciation on the instrument.

 

 

 

6

BLACKROCK MUNIYIELD CALIFORNIA QUALITY FUND, INC.

APRIL 30, 2011

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 of
    BlackRock MuniYield California Quality Fund, Inc.
   
  Date: June 24, 2011
   
  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 24, 2011
   
  By: /s/ Neal J. Andrews  
    Neal J. Andrews
    Chief Financial Officer (principal financial officer) of
    BlackRock MuniYield California Quality Fund, Inc.
     
  Date: June 24, 2011