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Source: BlackRock. Based on $5.98 trillion in AUM as of 12/31/18

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MCA

MuniYield California Quality Fund

Fixed Income

MCA

MuniYield California Quality Fund

  • NAV as of Feb 19, 2019 $14.96
    52 WK: 14.65 - 15.37
  • 1 Day NAV Change as of Feb 19, 2019 0.01 (0.07%)
  • Market Price as of Feb 19, 2019 $13.16
  • 1 Day Price Change as of Feb 19, 2019 0.01 (0.08%)
  • Distribution Rate as of Feb 15, 2019 4.75%
  • Premium Discount as of Feb 19, 2019 -12.03%

Overview

Investment Approach

BlackRock MuniYield California Quality Fund, Inc.’s (MCA) (the 'Fund') investment objective is to provide shareholders with as high a level of current income exempt from federal and California income taxes as is consistent with its investment policies and prudent investment management. The Fund seeks to achieve its investment objective by investing at least 80% of its assets in municipal obligations exempt from federal income taxes (except that the interest may be subject to the federal alternative minimum tax) and California income taxes. Under normal market conditions, the Fund invests primarily in long-term municipal obligations that are investment grade quality at the time of investment. The Fund may invest directly in such securities or synthetically through the use of derivatives.

No assurance can be given that the Fund's investment objective will be achieved.
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Performance

Performance

  • Returns

  1y 3y 5y 10y Incept. Performance data for certain classes of shares of certain funds are based on pre-class inception information dating back to an older class of fund shares. This information may be considered when assessing a fund's performance, but it does not represent actual performance of these classes of shares. The inception date noted under Key Fund Facts is the date the class of shares was incepted. See fund prospectus or fact sheet for details.
Total Return (%) Total return represents changes to the NAV and accounts for distributions from the fund. -0.09 2.30 5.66 8.20 6.48
Market Price (%) Market price return represents changes to the fund’s closing market price on its primary exchange and accounts for distributions from the fund. -9.24 -1.80 4.04 9.12 5.58
  YTD 1m 1y 3y 5y 10y Incept. Performance data for certain classes of shares of certain funds are based on pre-class inception information dating back to an older class of fund shares. This information may be considered when assessing a fund's performance, but it does not represent actual performance of these classes of shares. The inception date noted under Key Fund Facts is the date the class of shares was incepted. See fund prospectus or fact sheet for details.
Total Return (%) Total return represents changes to the NAV and accounts for distributions from the fund. -0.09 1.27 -0.09 7.07 31.71 119.83 417.51
Market Price (%) Market price return represents changes to the fund’s closing market price on its primary exchange and accounts for distributions from the fund. -9.24 -0.22 -9.24 -5.29 21.90 139.34 313.95
  2014 2015 2016 2017 2018
Total Return (%) Total return represents changes to the NAV and accounts for distributions from the fund. 16.72 5.40 -0.58 7.79 -0.09
Market Price (%) Market price return represents changes to the fund’s closing market price on its primary exchange and accounts for distributions from the fund. 18.40 8.70 -1.87 6.35 -9.24

The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted.


Returns are shown net of advisory fees paid by the fund and net of the fund’s operating fees and expenses. Investors who purchase shares of the fund through an investment adviser or other financial professional may separately pay a fee to that service provider. Past performance is not indicative of future results.

The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted, and numbers may reflect small variances due to rounding. Standardized performance and performance data current to the most recent month end may be found in the Performance section.

Growth of Hypothetical $10,000 The growth of hypothetical $10,000 chart reflects a hypothetical $10,000 investment and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

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NAV Market Price

Distributions

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Ex-Date Payable Date Record Date Total Distribution Current year distributions are not classified as “Income,” “Short-Term Capital Gains,” “Long-Term Capital Gains,” or “Return of Capital” until approximately 60 days following calendar year-end. Income ST Cap Gains LT Cap Gains Return of Capital

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Year Total Distribution Current year distributions are not classified as “Income,” “Short-Term Capital Gains,” “Long-Term Capital Gains,” or “Return of Capital” until calendar year-end.

Past distributions are not indicative of future distributions.


If a Fund estimates that it has distributed more than its income and net realized capital gains in the current fiscal year; a portion of its distribution may be a return of capital. A return of capital may occur, for example, when some or all of a shareholder's investment is paid back to the shareholder. A return of capital distribution does not necessarily reflect a Fund's investment performance and should not be confused with 'yield' or 'income'. When distributions exceed total return performance, the difference will reduce the Fund's net asset value per share. Although the character of income will not be determined until the end of the fund’s fiscal year, please refer to the 'Closed-End Fund Resources' section of the BlackRock website for Section 19 notices that provide estimated amounts and sources of the fund's distributions, which should not be not be relied upon for tax reporting purposes. A Form 1099-DIV for the calendar year will be sent to shareholders to illustrate how the Fund’s distributions should be reported for federal income tax purposes.

Key Facts

Key Facts

Net Assets as of Feb 19, 2019 $514,800,260
Managed Assets as of Feb 19, 2019 $893,964,465.23
Share Class launch date Oct 30, 1992
Exchange New York Stock Exchange Inc.
Asset Class Fixed Income
Morningstar Category Muni California Long
Lipper Classification CA Muni Debt Funds
CUSIP 09254N103
Management Fee 0.84%
Gross Expense Ratio 2.22%
Shares Outstanding as of Feb 19, 2019 34,405,717
Number of Holdings as of Dec 31, 2018 160
Premium Discount The amount the Fund is trading above or below the reported NAV expressed as a percentage of NAV. When the Fund’s closing price is greater than the Fund’s NAV, it is said to be trading at a "Premium" and the percentage is expressed as a positive number. When the Fund’s closing price is less than the Fund’s NAV, it is said to be trading at a "Discount" and the percentage is expressed as a negative number. Closing price is determined using the last traded price on the Fund’s listed exchange and NAV is calculated daily (usually 4:00pm eastern time). as of Feb 19, 2019 -12.03%

Portfolio Characteristics

Portfolio Characteristics

Distribution Rate The annual yield an investor would receive if the most recent fund distribution and current fund price stayed the same going forward. It is calculated by annualizing the most recent distribution and dividing by the fund's market price from the as-of-date. The distribution rate may include a return of capital. Please refer to the "Closed-End Fund Resources" section of the BlackRock website for Section 19 notices that provide estimated amounts and sources of the fund's distributions, which should not be relied upon for tax reporting purposes. as of Feb 15, 2019 4.75%
Tax Equiv. Yield Tax equivalent yield (TEY) is used by investors to compare yields on taxable and tax-exempt securities after accounting for taxes. TEY represents the yield a taxable bond would have to earn in order to match, after taxes, the yield available on a tax-exempt municipal bond.<br /><br />Tax Equivalent Yield (TEY) = Tax Free Municipal Bond Yield/(1 - Tax Rate*)<br /><br />For example, an investor in the 43.4% tax bracket would have to earn a yield of 3.53% on a taxable bond to match a 2.00% yield on a tax-exempt security.<br /><br />The highest Federal individual income tax rate of 43.4% is assumed. as of Feb 15, 2019 10.34%
Yield to Maturity Yield to Maturity (YTM) is the discount rate that equates the present value of a bond's cash flows with its market price (including accrued interest). The Fund Average YTM is the weighted average of the fund's individual bond holding YTMs based upon Net Asset Value ('NAV'). The measure does not include fees and expenses. For callable bonds, YTM is the yield-to-worst. as of Dec 31, 2018 6.44%
Yield to Worst The average rate of return of the portfolio at current market prices, adjusting for optionality. as of Dec 31, 2018 4.23%
Average Coupon as of Dec 31, 2018 5.51%
Effective Duration Effective Duration measures the sensitivity of the price of a bond with or without embedded options to changes in interest rates, taking into account the likelihood of the bond being called, put and/or sunk prior to its final maturity date while incorporating after-tax impacts on the bond. The options-based duration model used by BlackRock employs certain assumptions and may differ from other fund complexes. Effective Duration is measured at the individual bond level, aggregated to the portfolio level, and adjusted for leverage, hedging transactions and non-bond holdings, including derivatives.<br />As the method for calculating duration in municipal bond funds changed as of Sept. 26, please see the 'Literature' section for more information on that measure. as of Dec 31, 2018 10.86 yrs
WAL to Maturity as of Dec 31, 2018 15.47 yrs
Leverage The amount of borrowed funds used to purchase assets in order to enhance returns. as of Dec 31, 2018 $ 380,300,152.00
% Leveraged The relative amount of total managed assets financed through leverage. as of Dec 31, 2018 42.51%
% AMT Bonds Amount of assets in the portfolio that are Alternative Minimum Tax bonds, relative to the total managed assets. These are bonds subject to the federal alternative minimum tax, a separate tax computation that creates a tax liability after allowed deductions. as of Dec 31, 2018 10.39%
% Insured Amount of assets in the portfolio that have their principal and interest backed by an additional entity in the form of insurance, relative to the total managed assets. as of Dec 31, 2018 7.17%

Ratings

Holdings

Holdings

as of Dec 31, 2018
Name Weight (%)
MS-TOB 0.0355 CASMED 13032UAR9 3.12
TOB 3.12 UNVHGR 91412GYV1 2.66
TOB 3.55 CASDEV 1307955E3 144A 2.40
MS-TOB 3.5 SMTHGR 799038MC5 2.30
TOB 3.377 WTVHGR 95640HEX2 2.01
Name Weight (%)
TOB 3.097 PMPHGR 697511DS9 1.96
C-ROLS 0.0293 SC 786 1.96
TOB 3.18 ANAGEN 03255LGV5 1.67
MS-TOB 3.55 LOSAPT 5444357P9 1.65
DRIVER 3.35 CASHGR 13077CY65 1.64

Exposure Breakdowns

Exposure Breakdowns

as of Dec 31, 2018

% Notional Value % of Notional Exposures is a breakdown designed to represent a fund’s ownership of both traditional fixed income securities and derivatives including, but not limited to, futures, options and swap contracts. For traditional fixed income securities, there is no difference between the market value and the notional exposure. For derivatives, the notional exposure represents the exposure to the underlying assets plus the value of the financing (or lending) associated with the implementation of these derivatives. The sum of all exposures (both market value and notional exposure) is equal to the fund’s net asset value (open-end) or net managed assets (closed-end). Net Derivatives represents the approximate net notional value of the longs less the short derivatives held in the fund.

Type Fund
as of Dec 31, 2018

% Notional Value % of Notional Exposures is a breakdown designed to represent a fund’s ownership of both traditional fixed income securities and derivatives including, but not limited to, futures, options and swap contracts. For traditional fixed income securities, there is no difference between the market value and the notional exposure. For derivatives, the notional exposure represents the exposure to the underlying assets plus the value of the financing (or lending) associated with the implementation of these derivatives. The sum of all exposures (both market value and notional exposure) is equal to the fund’s net asset value (open-end) or net managed assets (closed-end). Net Derivatives represents the approximate net notional value of the longs less the short derivatives held in the fund.

Type Fund
as of Dec 31, 2018

% Notional Value % of Notional Exposures is a breakdown designed to represent a fund’s ownership of both traditional fixed income securities and derivatives including, but not limited to, futures, options and swap contracts. For traditional fixed income securities, there is no difference between the market value and the notional exposure. For derivatives, the notional exposure represents the exposure to the underlying assets plus the value of the financing (or lending) associated with the implementation of these derivatives. The sum of all exposures (both market value and notional exposure) is equal to the fund’s net asset value (open-end) or net managed assets (closed-end). Net Derivatives represents the approximate net notional value of the longs less the short derivatives held in the fund.

Type Fund
as of Dec 31, 2018

% Notional Value % of Notional Exposures is a breakdown designed to represent a fund’s ownership of both traditional fixed income securities and derivatives including, but not limited to, futures, options and swap contracts. For traditional fixed income securities, there is no difference between the market value and the notional exposure. For derivatives, the notional exposure represents the exposure to the underlying assets plus the value of the financing (or lending) associated with the implementation of these derivatives. The sum of all exposures (both market value and notional exposure) is equal to the fund’s net asset value (open-end) or net managed assets (closed-end). Net Derivatives represents the approximate net notional value of the longs less the short derivatives held in the fund.

Type Fund
as of Dec 31, 2018

% Notional Value % of Notional Exposures is a breakdown designed to represent a fund’s ownership of both traditional fixed income securities and derivatives including, but not limited to, futures, options and swap contracts. For traditional fixed income securities, there is no difference between the market value and the notional exposure. For derivatives, the notional exposure represents the exposure to the underlying assets plus the value of the financing (or lending) associated with the implementation of these derivatives. The sum of all exposures (both market value and notional exposure) is equal to the fund’s net asset value (open-end) or net managed assets (closed-end). Net Derivatives represents the approximate net notional value of the longs less the short derivatives held in the fund.

Type Fund
as of Dec 31, 2018

% Notional Value % of Notional Exposures is a breakdown designed to represent a fund’s ownership of both traditional fixed income securities and derivatives including, but not limited to, futures, options and swap contracts. For traditional fixed income securities, there is no difference between the market value and the notional exposure. For derivatives, the notional exposure represents the exposure to the underlying assets plus the value of the financing (or lending) associated with the implementation of these derivatives. The sum of all exposures (both market value and notional exposure) is equal to the fund’s net asset value (open-end) or net managed assets (closed-end). Net Derivatives represents the approximate net notional value of the longs less the short derivatives held in the fund.

Type Fund
The fund itself has not been rated by an independent rating agency. Credit quality ratings on underlying securities of the fund are received from S&P, Moody’s and Fitch and converted to the equivalent S&P major rating category. This breakdown is provided by BlackRock and takes the median rating of the three agencies when all three agencies rate a security the lower of the two ratings if only two agencies rate a security and one rating if that is all that is provided. Unrated securities do not necessarily indicate low quality. Below investment-grade is represented by a rating of BB and below. Ratings and portfolio credit quality may change over time.

as of Dec 31, 2018
Type Fund
Notional value represents a fund’s use of derivatives, including but not limited to futures, options, and swaps. This value captures the fund exposures as if the derivative was replaced with the underlying asset and the corresponding financing or lending, such that all exposures sum to the net asset value. For non-derivatives, the market value and the notional value are identical.

Allocations are subject to change.

Portfolio Managers

Portfolio Managers

Walter O'Connor, CFA
Walter O'Connor, CFA
Managing Director is a Co-head and Portfolio Manager for the Municipal Bond Funds team

  

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Walter O'Connor, CFA, Managing Director, is a member of Americas Fixed Income within Alpha Strategies. He is head Portfolio Manager on the Municipal Mutual Fund Desk. He is also a member of the Municipal Bond Operating Committee, which oversees all municipal bond portfolio management, research and trading activities.


Mr. O'Connor's service with the firm dates back to 1991, including his years with Merrill Lynch Investment Managers (MLIM), which merged with BlackRock in 2006. At MLIM, he was a portfolio manager for municipal bond retail mutual funds. Prior to joining MLIM, Mr. O'Connor was with Prudential Securities, where he was involved in trading, underwriting, and arbitrage for municipal securities and financial futures.


Mr. O'Connor earned a BA degree in finance and philosophy from the University of Notre Dame in 1984.

Michael Perilli
Michael Perilli
Portfolio Manager

Literature

Literature