Schedule of Investments (continued)

BlackRock MuniYield California Quality Fund, Inc. (MCA)

*

As of April 30, 2012, gross unrealized appreciation and gross unrealized depreciation based on cost for federal income tax purposes were as follows:

Tax cost

$

634,801,407

Gross unrealized appreciation

$

63,134,583

Gross unrealized depreciation

(17,962

)

Net unrealized appreciation

$

63,116,621

(a)

Represents a zero-coupon bond. Rate shown reflects the current yield as of report date.

(b)

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

Counterparty

Value

Unrealized
Appreciation

Stifel Nicolaus Co.

$

683,520

$

16,272

(c)

Variable rate security. Rate shown is as of report date.

(d)

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

(e)

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, 2011

Net
Activity

Shares
Held at
April 30, 2012

Income

BIF California
Municipal
Money Fund

15,276,406

(13,629,885

)

1,646,521

—

(f)

Represents the current yield as of report date.

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.

CAB

Capital Appreciation Bonds

COP

Certificates of Participation

Ginnie Mae

Government National Mortgage Association

GO

General Obligation Bonds

NPFGC

National Public Finance Guarantee Corp.

RB

Revenue Bonds

•

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. These definitions may not apply for purposes of this report, which may combine such sector sub-classifications for reporting ease.

•

Financial futures contracts sold as of April 30, 2012 were as follows:

Contracts

Issue

Exchange

Expiration

Notional
Value

Unrealized
Depreciation

350

10-Year US
Treasury
Note

Chicago
Board of
Trade

June 2012

$

46,298,438

$

(692,134

)

•

Fair Value Measurements - Various inputs are used in determining the fair value of investments and derivative financial instruments. These inputs are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes as follows:

•

Level 1 — unadjusted 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)

Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the Fund’s policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investment and derivative financial instrument and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund’s policy regarding valuation of investments and derivative financial instruments 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, 2012 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

—

$

896,145,170

—

$

896,145,170

Short-Term
Securities

$

1,646,521

—

—

1,646,521

Total

$

1,646,521

$

896,145,170

—

$

897,791,691

¹

See above Schedule of Investments for values in each sector.

BLACKROCK MUNIYIELD CALIFORNIA QUALITY FUND, INC.

APRIL 30, 2012

5