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 811-6499
Name of Fund: MuniYield California Fund, Inc.
Fund Address: P.O. Box 9011
Princeton, NJ 08543-9011
Name and address of agent for service: Robert C. Doll, Jr., Chief Executive
Officer, MuniYield California Fund, Inc., 800 Scudders Mill Road,
Plainsboro, NJ, 08536. Mailing address: P.O. Box 9011, Princeton,
NJ, 08543-9011
Registrant's telephone number, including area code: (609) 282-2800
Date of fiscal year end: 10/31/05
Date of reporting period: 05/01/05 - 07/31/05
Item 1 - Schedule of Investments
MuniYield California Fund, Inc.
Schedule of Investments as of July 31, 2005 (in Thousands)
Face
Amount Municipal Bonds Value
California - 135.0% $ 1,730 ABAG Finance Authority for Nonprofit Corporations, California, Revenue
Refunding Bonds (Redwood Senior Homes and Services), 6% due 11/15/2022 $ 1,871
3,975 Antioch Area Public Facilities Financing Agency, California, Special Tax
(Community Facilities District Number 1989-1), 5.70% due 8/01/2009 (a)(h) 4,410
2,820 Arcata, California, Joint Powers Financing Authority, Tax Allocation Revenue
Refunding Bonds (Community Development Project Loan), Series A, 6% due
8/01/2023 (a) 2,843
2,500 Bakersfield, California, COP, Refunding (Convention Center Expansion Project),
5.80% due 4/01/2017 (g) 2,638
2,000 California Health Facilities Financing Authority, Health Facility Revenue
Bonds (Adventist Health System), Series A, 5% due 3/01/2033 2,024
5,000 California Health Facilities Financing Authority Revenue Bonds (Kaiser Permanente),
RIB, Series 26, 8.37% due 6/01/2022 (e)(j) 5,638
1,490 California Health Facilities Financing Authority, Revenue Refunding Bonds (Pomona
Valley Hospital Medical Center), Series A, 5.625% due 7/01/2019 (g) 1,587
4,990 California Infrastructure and Economic Development Bank Revenue Bonds (J. David
Gladstone Institute Project), 5.50% due 10/01/2022 5,296
3,000 California Pollution Control Financing Authority, Solid Waste Disposal Revenue
Bonds (Waste Management Inc. Project), AMT, Series A-2, 5.40% due 4/01/2025 3,088
6,250 California Pollution Control Financing Authority, Solid Waste Disposal Revenue
Refunding Bonds (Waste Management Inc. Project), AMT, Series B, 5% due 7/01/2027 6,160
California Rural Home Mortgage Finance Authority, S/F Mortgage Revenue Bonds
(Mortgage-Backed Securities Program), AMT (f):
70 Series A-1, 6.90% due 12/01/2024 (c) 73
80 Series B, 6.15% due 6/01/2020 (d) 81
4,500 California State Department of Water Resources, Power Supply Revenue Bonds,
Series A, 5.75% due 5/01/2017 4,996
6,000 California State Department of Water Resources Revenue Bonds (Central Valley
Project), 5.25% due 7/01/2022 6,063
Portfolio Abbreviations
To simplify the listings of MuniYield California Fund, Inc.'s portfolio
holdings in the Schedule of Investments, we have abbreviated the names of
many of the securities according to the list below.
AMT Alternative Minimum Tax (subject to)
COP Certificates of Participation
GO General Obligation Bonds
M/F Multi-Family
RIB Residual Interest Bonds
RITR Residual Interest Trust Receipts
S/F Single-Family
MuniYield California Fund, Inc.
Schedule of Investments as of July 31, 2005 (concluded) (in Thousands)
Face
Amount Municipal Bonds Value
California California State, GO, Refunding:
(concluded) $ 1,635 5.25% due 2/01/2029 $ 1,733
8,000 5.75% due 5/01/2030 8,805
2,785 (Veterans), AMT, Series BJ, 5.70% due 12/01/2032 2,881
California State Public Works Board, Lease Revenue Bonds:
2,000 (California State University), Series C, 5.40% due 10/01/2022 (g) 2,123
5,000 (Department of Corrections), Series C, 5.50% due 6/01/2023 5,468
6,645 (Department of Health Services), Series A, 5.75% due 11/01/2017 (g) 7,316
17,000 (Various Community College Projects), Series A, 5.625% due 3/01/2016 (a) 17,610
California State University and Colleges, Housing System Revenue Refunding
Bonds (b)(h):
3,000 5.75% due 11/01/2005 3,082
3,500 5.80% due 11/01/2005 (k) 3,596
3,900 5.90% due 11/01/2005 4,007
California State, Various Purpose, GO:
4,730 5.50% due 4/01/2030 5,191
6,850 5.50% due 11/01/2033 7,475
5,250 California Statewide Communities Development Authority, COP (John Muir/Mount
Diablo Health System), 5.125% due 8/15/2022 (g) 5,536
California Statewide Communities Development Authority, Health Facility Revenue
Bonds (Memorial Health Services), Series A:
3,270 6% due 10/01/2023 3,634
3,000 5.50% due 10/01/2033 3,159
2,380 California Statewide Communities Development Authority, Water Revenue Bonds
(Pooled Financing Program), Series C, 5.25% due 10/01/2028 (e) 2,551
2,000 Chino Basin, California, Regional Financing Authority Revenue Bonds (Inland Empire
Utility Agency Sewer Project), 5.75% due 11/01/2009 (g)(h) 2,231
6,270 Coast Community College District, California, Capital Appreciation, GO, Refunding,
5.02%** due 8/01/2021 (g) 3,018
2,705 Contra Costa County, California, Public Financing Lease Revenue Refunding Bonds
(Various Capital Facilities), Series A, 5.30% due 8/01/2020 (g) 2,869
3,750 Cucamonga, California, County Water District, COP, 5.125% due 9/01/2035 (b) 3,924
2,500 Davis, California, Joint Unified School District, Community Facilities District,
Special Tax Refunding Bonds, Number 1, 5.50% due 8/15/2021 (g) 2,588
3,000 Fremont, California, Union High School District, Santa Clara County, GO, Refunding,
5% due 9/01/2022 (b) 3,211
4,650 Golden State Tobacco Securitization Corporation of California, Tobacco Settlement
Revenue Bonds, Series A-4, 7.80% due 6/01/2042 5,772
5,025 Indio, California, Water Authority, Water Enterprise Revenue Bonds, 5.125% due
4/01/2030 (a) 5,408
Industry, California, Urban Development Agency, Tax Allocation Refunding
Bonds (g):
14,915 (Civic Recreation Industrial), Series 1, 5.50% due 5/01/2021 15,720
5,000 (Civic-Recreational-Industrial Redevelopment Project No. 1), 5.50% due
5/01/2020 5,264
5,435 La Mesa-Spring Valley, California, School District, Capital Appreciation, GO,
Refunding (Election of 2002), Series B, 5.225%** due 8/01/2028 (b) 1,797
2,000 Los Angeles, California, COP (Sonnenblick Del Rio West Los Angeles), 6.20% due
11/01/2031 (a) 2,268
10,000 Los Angeles, California, Community College District, GO, Series A, 5.50% due
8/01/2011 (g)(h) 11,195
Los Angeles, California, Harbor Department Revenue Bonds, AMT:
4,000 RITR, Series RI-7, 9.785% due 11/01/2026 (g)(j) 4,377
2,000 Series B, 6% due 8/01/2015 2,076
6,000 Series B, 5.375% due 11/01/2023 6,189
7,000 Los Angeles, California, Wastewater System Revenue Bonds, Series A, 5% due
6/01/2023 (b) 7,337
4,500 Los Angeles, California, Wastewater System, Revenue Refunding Bonds, Subordinate
Series A, 5% due 6/01/2027 (g) 4,732
5,000 Los Angeles County, California, Public Works Financing Authority, Lease Revenue
Bonds (Multiple Capital Facilities Project VI), Series A, 5.625% due 5/01/2010 (a)(h) 5,556
8,705 Modesto, California, Wastewater Treatment Facilities Revenue Bonds, 5.625% due
11/01/2007 (g)(h) 9,327
7,570 Morgan Hill, California, Unified School District, GO, 5%** due 8/01/2026 (b) 2,811
8,595 Napa Valley, California, Community College District, Capital Appreciation, GO
(Election of 2002), Series B, 5.16%** due 8/01/2024 (g) 3,528
1,750 North City-West, California, School Facilities Financing Authority, Special
Tax Refunding Bonds, Series B, 5.75% due 9/01/2015 (e) 1,838
Oakland, California, Alameda County Unified School District, GO, Series F (g):
3,290 5.50% due 8/01/2017 3,593
3,770 5.50% due 8/01/2018 4,113
Oakland, California, Joint Powers Financing Authority, Lease Revenue Bonds
(Oakland Administration Buildings) (a)(h):
11,395 5.75% due 8/01/2006 11,967
2,000 5.90% due 8/01/2006 2,103
5,250 Orange County, California, Sanitation District, COP, 5% due 2/01/2033 (b) 5,464
3,000 Oxnard, California, Financing Authority, Wastewater Revenue Bonds (Redwood Trunk
Sewer and Headworks Projects), Series A, 5.25% due 6/01/2034 (b) 3,244
1,000 Palm Springs, California, Financing Authority, Lease Revenue Refunding Bonds
(Convention Center Project), Series A, 5.50% due 11/01/2035 (g) 1,117
1,750 Pleasant Valley, California, School District, Ventura County, GO, Series C, 5.75%
due 8/01/2025 (g)(i) 1,886
2,255 Pomona, California, Public Financing Authority Revenue Refunding Bonds (Merged
Redevelopment Project), Series A1, 5.75% due 2/01/2034 2,337
10,600 Port of Oakland, California, Port Revenue Refunding Bonds, Series I, 5.40% due
11/01/2017 (g) 11,351
5,807 Port of Oakland, California, RIB, Refunding, AMT, Series 717X, 8.15% due
11/01/2027 (b)(j) 6,615
4,315 Rancho Cucamonga, California, Redevelopment Agency, Tax Allocation Refunding
Bonds (Rancho Redevelopment Project), 5.25% due 9/01/2020 (e) 4,610
2,345 Richmond, California, Redevelopment Agency, Tax Allocation, Refunding Bonds
(Harbour Redevelopment Project), Series A, 5.50% due 7/01/2018 (g) 2,535
5,000 Sacramento, California, Municipal Utility District, Electric Revenue Refunding
Bonds, Series L, 5.125% due 7/01/2022 (g) 5,269
Sacramento County, California, Sanitation District Financing Authority Revenue
Refunding Bonds, Series A:
5,695 5.60% due 12/01/2017 5,803
6,190 5.75% due 12/01/2018 6,311
7,500 6% due 12/01/2020 7,653
9,000 5.875% due 12/01/2027 9,179
10,100 San Bernardino, California, City Unified School District, GO, Refunding, Series A,
5.875% due 8/01/2009 (b)(h) 11,271
3,000 San Bernardino, California, Joint Powers Financing Authority, Lease Revenue Bonds
(Department of Transportation Lease), Series A, 5.50% due 12/01/2020 (g) 3,085
5,000 San Bernardino, California, Joint Powers Financing Authority, Tax Allocation
Revenue Refunding Bonds, Series A, 5.75% due 10/01/2015 (e) 5,124
3,600 San Diego, California, Unified School District, GO (Election of 1998), Series F,
5% due 7/01/2029 (e) 3,812
1,720 San Francisco, California, City and County Educational Facilities, GO (Community
College), Series A, 5.75% due 6/15/2019 1,869
1,310 San Francisco, California, City and County Zoo Facilities, GO, Series B, 5.75% due
6/15/2019 1,424
4,615 San Jose, California, Airport Revenue Bonds, Series D, 5% due 3/01/2028 (g) 4,831
San Jose-Evergreen, California, Community College District, Capital Appreciation,
GO (Election of 2004), Refunding, Series A (g):
10,005 5.12%** due 9/01/2023 4,085
5,000 5.33%** due 9/01/2028 1,517
5,000 San Juan, California, Unified School District, GO (Election of 2002), 5% due
8/01/2028 (g) 5,259
5,040 San Ysidro, California, School District, Capital Appreciation, GO (Election of 1997),
Series D, 5.249%** due 8/01/2027 (b) 1,767
2,020 Santa Clara, California, Unified School District, GO, 5.50% due 7/01/2021 (b) 2,205
3,500 Santa Clara County, California, Housing Authority, M/F Housing Revenue Bonds
(John Burns Gardens Apartments Project), AMT, Series A, 6% due 8/01/2041 3,601
4,000 Santa Monica, California, Community College District, GO (Election of 2004),
Series A, 5% due 5/01/2030 (g) 4,234
4,000 Santa Monica, California, Redevelopment Agency, Tax Allocation Bonds (Earthquake
Recovery Redevelopment Project), 6% due 7/01/2029 (a) 4,394
2,500 Sequoia, California, Unified High School District, GO, Refunding, 5% due
7/01/2028 (e) 2,667
2,265 South Bayside, California, Waste Management Authority, Waste System Revenue Bonds,
5.75% due 3/01/2020 (a) 2,482
6,750 South Tahoe, California, Joint Powers Financing Authority, Revenue Refunding Bonds
(South Tahoe Redevelopment Project Area No. 1), Series A, 5% due 10/01/2028 (a) 7,113
55 Southern California Home Finance Authority, S/F Mortgage Revenue Bonds (Mortgage-
Backed Securities Program), AMT, Series A, 6.75% due 9/01/2022 (d) 55
3,235 Taft, California, Public Financing Authority, Lease Revenue Bonds (Community
Correctional Facility), Series A, 6.05% due 1/01/2017 (g) 3,405
1,310 Torrance, California, Hospital Revenue Refunding Bonds (Torrance Memorial Medical
Center), Series A, 6% due 6/01/2022 1,450
1,000 Ventura, California, Unified School District, GO (Election of 1997), Series H,
5.125% due 8/01/2034 (e) 1,066
3,990 Vernon, California, Electric System Revenue Bonds (Malburg Generating Station
Project), 5.50% due 4/01/2008 (h) 4,263
5,000 Vista, California, Joint Powers Financing Authority, Lease Revenue Refunding Bonds,
5.625% due 5/01/2016 (g) 5,323
5,055 West Contra Costa, California, Unified School District, Capital Appreciation, GO
(Election of 2002), Series C, 4.849%** due 8/01/2027 (b) 1,783
5,605 Whittier, California, Union High School District, GO (Election of 1999), Series D,
5% due 8/01/2033 (e) 5,884
Puerto Rico - 4.2% 2,140 Puerto Rico Commonwealth Highway and Transportation Authority, Highway Revenue Bonds,
Series Y, 5.50% due 7/01/2006 (g)(h) 2,226
Puerto Rico Commonwealth, Infrastructure Financing Authority, Special Tax and Capital
Appreciation Revenue Bonds, Series A:
9,750 4.66%** due 7/01/2033 (b) 2,662
9,750 4.77%** due 7/01/2043 (a) 1,607
6,500 Puerto Rico Electric Power Authority, Power Revenue Bonds, Series NN, 5.125% due
7/01/2029 6,875
U.S. Virgin 3,000 Virgin Islands Government Refinery Facilities, Revenue Refunding Bonds (Hovensa
Islands - 1.0% Coker Project), AMT, 6.50% due 7/01/2021 3,414
Total Municipal Bonds (Cost - $425,639) - 140.2% 449,874
Shares
Held Short-Term Securities
2,801 CMA California Municipal Money Fund (l) 2,801
Total Short-Term Securities (Cost - $2,801) - 0.9% 2,801
Total Investments (Cost - $428,440*) - 141.1% 452,675
Other Assets Less Liabilities - 2.5% 8,067
Preferred Stock, at Redemption Value - (43.6%) (140,000)
-----------
Net Assets Applicable to Common Stock - 100.0% $ 320,742
===========
* The cost and unrealized appreciation (depreciation) of investments as of
July 31, 2005, as computed for federal income tax purposes, were as follows:
(in Thousands)
Aggregate cost $ 428,440
===============
Gross unrealized appreciation $ 24,484
Gross unrealized depreciation (249)
---------------
Net unrealized appreciation $ 24,235
===============
** Represents a zero coupon bond; the interest rate shown reflects the effective
yield at the time of purchase by the Fund.
(a) AMBAC Insured.
(b) FGIC Insured.
(c) FHLMC Collateralized.
(d) FNMA/GNMA Collateralized.
(e) FSA Insured.
(f) GNMA Collateralized.
(g) MBIA Insured.
(h) Prerefunded.
(i) Escrowed to maturity.
(j) The rate disclosed is that currently in effect. This rate changes periodically
and inversely based upon prevailing market rates.
(k) All or portion of security held as collateral in connection with open financial
futures contracts.
(l) Investments in companies considered to be an affiliate of the Fund, for purposes of
Section 2(a)(3) of the Investment Company Act of 1940, were as follows:
(in Thousands)
Net Dividend
Affiliate Activity Income
CMA California Municipal
Money Fund 1,942 $152
Financial futures contracts purchased as of July 31, 2005 were as follows:
(in Thousands)
Number of Expiration Face Unrealized
Contracts Issue Date Value Depreciation
100 10-Year September
U.S. Treasury Bond 2005 $11,328 $(203)
Item 2 - Controls and Procedures
2(a) - The registrant's certifying officers have reasonably designed such
disclosure controls and procedures to ensure material information
relating to the registrant is made known to us by others particularly
during the period in which this report is being prepared. The
registrant's certifying officers have determined that the registrant's
disclosure controls and procedures are effective based on our
evaluation of these controls and procedures as of a date within 90
days prior to the filing date of this report.
2(b) - There were no changes in the registrant's internal control over
financial reporting (as defined in Rule 30a-3(d) under the Act
(17 CFR 270.30a-3(d)) that occurred during the last fiscal quarter
of the period covered by this report that has materially affected, or
is 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.
MuniYield California Fund, Inc.
By: /s/ Robert C. Doll, Jr.
-----------------------
Robert C. Doll, Jr.,
Chief Executive Officer
MuniYield California Fund, Inc.
Date: September 23, 2005
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/ Robert C. Doll, Jr.
-----------------------
Robert C. Doll, Jr.,
Chief Executive Officer
MuniYield California Fund, Inc.
Date: September 23, 2005
By: /s/ Donald C. Burke
-----------------------
Donald C. Burke,
Chief Financial Officer
MuniYield California Fund, Inc.
Date: September 23, 2005