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.,
President, 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: 11/01/04 - 1/31/05
Item 1 - Schedule of Investments
MuniYield California Fund, Inc.
Schedule of Investments as of January 31, 2005 (in Thousands)
Face
Amount Municipal Bonds Value
California - 134.3%
$ 1,730 ABAG Finance Authority for Nonprofit Corporations, California, Revenue
Refunding Bonds (Redwood Senior Homes and Services), 6% due 11/15/2022 $ 1,850
3,975 Antioch Area Public Facilities Financing Agency, California, Special Tax
(Community Facilities District Number 1989-1), 5.70% due 8/01/2022 (a) 4,445
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) 2,898
2,500 Bakersfield, California, COP, Refunding (Convention Center Expansion
Project), 5.80% due 4/01/2017 (h) 2,689
California HFA, Home Mortgage Revenue Bonds:
405 Series D, 5.85% due 8/01/2017 430
400 VRDN, AMT, Series R, 1.84% due 8/01/2032 (a)(k) 400
California Health Facilities Financing Authority Revenue Bonds:
5,000 (Kaiser Permanente), RIB, Series 26, 8.84% due 6/01/2022 (f)(j) 5,873
2,835 (Scripps Research Institute), Series A, 6.625% due 7/01/2018 2,899
1,490 California Health Facilities Financing Authority Revenue Refunding Bonds
(Pomona Valley Hospital Medical Center), Series A, 5.625% due 7/01/2019 (h) 1,618
California Infrastructure and Economic Development Bank Revenue Bonds:
2,520 (Asian Museum Foundation of San Francisco), 5.50% due 6/01/2018 (h) 2,826
4,990 (J. David Gladstone Institute Project), 5.50% due 10/01/2022 5,377
California Rural Home Mortgage Finance Authority, S/F Mortgage Revenue Bonds
(Mortgage Backed Securities Program), AMT:
75 Series A-1, 6.90% due 12/01/2024 (d)(g) 79
135 Series B, 6.15% due 6/01/2020 (e) 136
California State Department of Veteran Affairs, Home Purpose Revenue Refunding
Bonds, Series C:
5,970 5.875% due 12/01/2015 6,083
9,315 6.05% due 12/01/2020 9,501
2,500 6.15% due 12/01/2027 2,551
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
HFA Housing Finance Agency
M/F Multi-Family
RIB Residual Interest Bonds
RITR Residual Interest Trust Receipts
S/F Single-Family
VRDN Variable Rate Demand Notes
MuniYield California Fund, Inc.
Schedule of Investments as of January 31, 2005 (concluded) (in Thousands)
Face
Amount Municipal Bonds Value
California (concluded)
California State Department of Water Resources, Power Supply Revenue Bonds:
$ 4,500 Series A, 5.75% due 5/01/2017 $ 5,092
1,000 VRDN, Series C-3, 1.82% due 5/01/2022 (a)(k) 1,000
6,000 California State Department of Water Resources Revenue Bonds (Central Valley
Project), 5.25% due 7/01/2022 6,016
California State, GO, Refunding:
8,000 5.75% due 5/01/2030 8,941
10,000 5% due 3/01/2034 (a) 10,457
2,785 Veterans, AMT, Series BJ, 5.70% due 12/01/2032 2,867
California State Public Works Board, Lease Revenue Bonds:
2,000 (California State University), Series C, 5.40% due 10/01/2022 (h) 2,166
5,000 (Department of Corrections), Series C, 5.50% due 6/01/2023 5,518
6,645 (Department of Health Services), Series A, 5.75% due 11/01/2017 (h) 7,496
17,000 (Various Community College Projects), Series A, 5.625% due 3/01/2016 (a) 17,916
California State University and Colleges, Housing System Revenue Refunding
Bonds (c):
3,000 5.75% due 11/01/2015 3,134
3,500 5.80% due 11/01/2017 3,657
3,900 5.90% due 11/01/2021 4,081
5,000 California State University, Systemwide Revenue Refunding Bonds, Series A,
5% due 11/01/2034 (f) 5,222
California State, Various Purpose, GO:
4,730 5.50% due 4/01/2030 5,146
6,850 5.50% due 11/01/2033 7,418
5,250 California Statewide Communities Development Authority, COP (John Muir/Mount
Diablo Health System), 5.125% due 8/15/2022 (h) 5,628
California Statewide Communities Development Authority, Health Facility Revenue
Bonds (Memorial Health Services), Series A:
3,270 6% due 10/01/2023 (f) 3,702
3,000 5.50% due 10/01/2033 3,101
2,380 California Statewide Communities Development Authority, Water Revenue Bonds
(Pooled Financing Program), Series C, 5.25% due 10/01/2028 (f) 2,556
2,000 Chino Basin, California, Regional Financing Authority Revenue Bonds (Inland
Empire Utility Agency Sewer Project), 5.75% due 11/01/2019 (h) 2,266
2,705 Contra Costa County, California, Public Financing Lease Revenue Refunding Bonds
(Various Capital Facilities), Series A, 5.30% due 8/01/2020 (h) 2,926
3,750 Cucamonga, California, County Water District, COP, 5.125% due 9/01/2035 3,919
2,500 Davis, California, Joint Unified School District, Community Facilities District,
Special Tax Refunding Bonds, Number 1, 5.50% due 8/15/2021 (h) 2,637
1,030 Garden Grove, California, Public Financing Authority, Revenue Refunding Bonds
(Water Services Capital Improvement Program), COP, 5% due 12/15/2022 1,108
4,650 Golden State Tobacco Securitization Corporation of California, Tobacco Settlement
Revenue Bonds, Series A-4, 7.80% due 6/01/2042 5,170
5,025 Indio, California, Water Authority, Water Enterprise Revenue Bonds, 5.125% due
4/01/2030 (a) 5,375
Industry, California, Urban Development Agency, Tax Allocation Refunding Bonds (h):
14,915 (Civic-Recreation-Industrial), Series 1, 5.50% due 5/01/2021 16,044
5,000 (Civic-Recreational-Industrial Redevelopment Project No. 1), 5.50%
due 5/01/2020 5,373
2,000 Los Angeles, California, COP (Sonnenblick Del Rio West Los Angeles), 6.20%
due 11/01/2031 (a) 2,317
10,000 Los Angeles, California, Community College District, GO, Series A, 5.50% due
8/01/2021 (h) 11,284
Los Angeles, California, Harbor Department Revenue Bonds, AMT:
4,000 RITR, Series RI-7, 10.225% due 11/01/2026 (h)(j) 4,551
2,000 Series B, 6% due 8/01/2015 2,112
6,000 Series B, 5.375% due 11/01/2023 6,267
7,000 Los Angeles, California, Wastewater System Revenue Bonds, Series A, 5%
due 6/01/2023 (c) 7,479
4,500 Los Angeles, California, Wastewater System Revenue Refunding Bonds,
Subordinate Series A, 5% due 6/01/2027 (h) 4,734
4,000 Los Angeles County, California, Metropolitan Transportation Authority,
Sales Tax Revenue Bonds (Proposition C), Second Tier, Senior Series A,
5.50% due 7/01/2005 (a)(i) 4,136
5,000 Los Angeles County, California, Public Works Financing Authority, Lease Revenue
Bonds (Multiple Capital Facilities Project VI), Series A, 5.625% due 5/01/2026 (a) 5,500
1,000 Metropolitan Water District of Southern California, Waterworks Revenue Bonds,
Series B-3, 5% due 10/01/2029 1,052
8,705 Modesto, California, Wastewater Treatment Facilities Revenue Bonds, 5.625%
due 11/01/2017 (h) 9,477
1,750 North City-West, California, School Facilities Financing Authority, Special Tax
Refunding Bonds, Series B, 5.75% due 9/01/2015 (f) 1,874
Oakland, California, Alameda County Unified School District, GO, Series F (h):
3,290 5.50% due 8/01/2017 3,672
3,770 5.50% due 8/01/2018 4,208
Oakland, California, Joint Powers Financing Authority, Lease Revenue Bonds
(Oakland Administration Buildings) (a)(i):
11,395 5.75% due 8/01/2006 12,197
2,000 5.90% due 8/01/2006 2,145
3,000 Oxnard, California, Financing Authority, Wastewater Revenue Bonds (Redwood
Trunk Sewer and Headworks Projects), Series A, 5.25% due 6/01/2034 3,226
1,000 Palm Springs, California, Financing Authority, Lease Revenue Refunding Bonds
(Convention Center Project), Series A, 5.50% due 11/01/2035 (h) 1,117
1,750 Pleasant Valley, California, School District, Ventura County, GO, Series C, 5.75%
due 8/01/2025 (b)(h) 1,932
2,255 Pomona, California, Public Financing Authority Revenue Refunding Bonds (Merged
Redevelopment Project), Series A1, 5.75% due 2/01/2034 2,335
10,600 Port Oakland, California, Port Revenue Refunding Bonds, Series I, 5.40% due
11/01/2017 (h) 11,562
5,808 Port Oakland, California, RIB, Refunding, AMT, Series 717X, 8.62% due
11/01/2027 (c)(j) 6,504
4,315 Rancho Cucamonga, California, Redevelopment Agency, Tax Allocation Refunding Bonds
(Rancho Redevelopment Project), 5.25% due 9/01/2020 (f) 4,687
2,345 Richmond, California, Redevelopment Agency, Tax Allocation Refunding Bonds
(Harbour Redevelopment Project), Series A, 5.50% due 7/01/2018 (h) 2,588
5,450 Riverside County, California, Public Financing Authority, Tax Allocation Revenue
Bonds (Redevelopment Projects), 5% due 10/01/2035 (l) 5,648
5,000 Sacramento, California, Municipal Utility District, Electric Revenue Refunding
Bonds, Series L, 5.125% due 7/01/2022 (h) 5,349
Sacramento County, California, Sanitation District Financing Authority, Revenue
Refunding Bonds:
4,500 RIB, Series 366, 9.612% due 12/01/2027 (j) 4,842
5,695 Series A, 5.60% due 12/01/2017 5,896
6,190 Series A, 5.75% due 12/01/2018 6,417
3,750 Trust Receipts, Class R, Series A, 9.811% due 12/01/2019 (j) 4,049
10,100 San Bernardino, California, City Unified School District, GO, Refunding,
Series A, 5.875% due 8/01/2009 (c)(i) 11,572
3,000 San Bernardino, California, Joint Powers Financing Authority, Lease Revenue
Bonds (Department of Transportation Lease), Series A, 5.50% due 12/01/2020 (h) 3,133
5,000 San Bernardino, California, Joint Powers Financing Authority, Tax Allocation
Revenue Refunding Bonds, Series A, 5.75% due 10/01/2015 (f) 5,209
3,600 San Diego, California, Unified School District, GO (Election of 1998), Series F,
5% due 7/01/2029 (f) 3,782
2,000 San Francisco, California, City and County Airport Commission, International
Airport Revenue Bonds, AMT, Second Series, Issue 11, 6.25% due 5/01/2005 (c)(i) 2,040
1,720 San Francisco, California, City and County Educational Facilities, GO
(Community College), Series A, 5.75% due 6/15/2019 1,912
1,310 San Francisco, California, City and County Zoo Facilities, GO, Series B, 5.75%
due 6/15/2019 1,456
4,615 San Jose, California, Airport Revenue Bonds, Series D, 5% due 3/01/2028 (h) 4,831
5,000 San Jose, California, Financing Authority, Lease Revenue Bonds (Civic Center
Project), Series B, 5% due 6/01/2032 (a) 5,164
5,000 San Juan, California, Unified School District, GO (Election of 2002), 5% due
8/01/2028 (h) 5,247
2,020 Santa Clara, California, Unified School District, GO, 5.50% due 7/01/2021 (c) 2,250
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 3,591
4,000 Santa Monica, California, Redevelopment Agency, Tax Allocation Bonds (Earthquake
Recovery Redevelopment Project), 6% due 7/01/2029 (a) 4,493
2,000 Sequoia, California, Unified High School District, GO, 5.70% due 7/01/2005 (f)(i) 2,070
2,265 South Bayside, California, Waste Management Authority, Waste System Revenue
Bonds, 5.75% due 3/01/2020 (a) 2,539
60 Southern California Home Finance Authority, S/F Mortgage Revenue Bonds
(Mortgage-Backed Securities Program), AMT, Series A, 6.75% due 9/01/2022 (e) 60
3,235 Taft, California, Public Financing Authority, Lease Revenue Bonds (Community
Correctional Facility), Series A, 6.05% due 1/01/2017 (h) 3,471
1,310 Torrance, California, Hospital Revenue Refunding Bonds (Torrance Memorial Medical
Center), Series A, 6% due 6/01/2022 1,477
1,000 Ventura, California, Unified School District, GO (Election of 1997), Series H,
5.125% due 8/01/2034 (f) 1,060
3,990 Vernon, California, Electric System Revenue Bonds (Malburg Generating Station
Project), 5.50% due 4/01/2008 (i) 4,354
5,000 Vista, California, Joint Powers Financing Authority, Lease Revenue Refunding Bonds,
5.625% due 5/01/2016 (h) 5,428
5,605 Whittier, California, Union High School District, GO (Election of 1999), Series D,
5% due 8/01/2033 (f) 5,849
Puerto Rico - 4.6%
2,140 Puerto Rico Commonwealth Highway and Transportation Authority, Highway Revenue
Bonds, Series Y, 5.50% due 7/01/2006 (h)(i) 2,266
3,000 Puerto Rico Commonwealth, Public Improvement, GO, Series A, 5% due 7/01/2029 3,126
Puerto Rico Electric Power Authority, Power Revenue Bonds:
6,500 Series NN, 5.125% due 7/01/2029 6,824
2,600 Series X, 5.50% due 7/01/2005 (h) 2,637
U.S. Virgin Islands - 1.0%
3,000 Virgin Islands Government Refinery Facilities, Revenue Refunding Bonds
(Hovensa Coker Project), AMT, 6.50% due 7/01/2021 3,290
Total Investments (Cost - $425,803*) - 139.9% 453,875
Other Assets Less Liabilities - 3.3% 10,668
Preferred Stock, at Redemption Value - (43.2%) (140,000)
----------
Net Assets Applicable to Common Stock - 100.0% $ 324,543
==========
*The cost and unrealized appreciation (depreciation) of investments
as of January 31, 2005, computed for federal income tax purposes,
were as follows:
(in Thousands)
Aggregate cost $425,803
========
Gross unrealized appreciation $ 28,099
Gross unrealized depreciation (27)
--------
Net unrealized appreciation $ 28,072
========
(a)AMBAC Insured.
(b)Escrowed to maturity.
(c)FGIC Insured.
(d)FHLMC Collateralized.
(e)FNMA/GNMA Collateralized.
(f)FSA Insured.
(g)GNMA Collateralized.
(h)MBIA Insured.
(i)Prerefunded.
(j)The rate disclosed is that currently in effect. This rate changes
periodically and inversely based upon prevailing market rates.
(k)Security has a maturity of more than one year, but has variable
rate and demand features, which qualify it as a short-term security.
The rate disclosed is that currently in effect. This rate changes
periodically based upon prevailing market rates.
(l)XL Capital Insured.
Investments in companies considered to be an affiliate of the Fund
(such companies are defined as "Affiliated Companies" in 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 (859) $ 9
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.,
President
MuniYield California Fund, Inc.
Date: March 21, 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.,
President
MuniYield California Fund, Inc.
Date: March 21, 2005
By: /s/ Donald C. Burke
Donald C. Burke,
Chief Financial Officer
MuniYield California Fund, Inc.
Date: March 21, 2005