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: BlackRock 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, BlackRock 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: 10/31/2007
Date of reporting period: 11/01/06 - 01/31/07
Item 1 - Schedule of Investments
BlackRock MuniYield California Fund, Inc.
Schedule of Investments as of January 31, 2007 (in Thousands)
Face
Amount Municipal Bonds Value
California - 124.1%
$ 1,730 ABAG Finance Authority for Nonprofit Corporations, California, Revenue Refunding Bonds
(Redwood Senior Homes and Services), 6% due 11/15/2022 $ 1,874
2,075 Antioch Area Public Facilities Financing Agency, California, Special Tax (Community Facilities
District Number 1989-1), 5.70% due 8/01/2009 (a)(f) 2,196
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) 2,825
2,500 Bakersfield, California, COP, Refunding (Convention Center Expansion Project), 5.80% due
4/01/2007 (b)(f) 2,534
10,000 Bay Area Toll Authority, California, Toll Bridge Revenue Refunding Bonds (San Francisco Bay Area),
Series F, 5% due 4/01/2031 10,587
1,375 California Health Facilities Financing Authority Revenue Bonds (Kaiser Permanente), RIB, Series 26,
7.10% due 6/01/2022 (d)(h) 1,490
1,490 California Health Facilities Financing Authority, Revenue Refunding Bonds (Pomona Valley Hospital
Medical Center), Series A, 5.625% due 7/01/2019 (b) 1,530
4,990 California Infrastructure and Economic Development Bank Revenue Bonds (J. David Gladstone Institute
Project), 5.50% due 10/01/2022 5,301
2,120 California Infrastructure and Economic Development Bank, Revenue Refunding Bonds (The Salvation
Army - Western Territory), 5% due 9/01/2027 (a) 2,246
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 3,185
420 California Rural Home Mortgage Finance Authority, Homebuyers Fund S/F Mortgage Revenue Bonds, AMT,
Sub-Series FH-1, 5.50% due 8/01/2047 432
2,000 California Rural Home Mortgage Finance Authority, Homebuyers Fund S/F Mortgage Revenue Bonds
(Mortgage-Backed Security Program), AMT, Series A, 5.40% due 12/01/2036 (c)(n) 2,115
40 California Rural Home Mortgage Finance Authority, S/F Mortgage Revenue Bonds (Mortgage-Backed
Securities Program), AMT, Series B, 6.15% due 6/01/2020 (c) 41
5,000 California State Department of Veteran Affairs, Home Purchase Revenue Bonds, Sub-Series A-3,
4.60% due 12/01/2028 4,971
5,000 California State, GO, 5.125% due 4/01/2025 5,286
205 California State, GO, 5.50% due 4/01/2030 223
Portfolio Abbreviations
To simplify the listings of BlackRock 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
IDR Industrial Development Revenue Bonds
M/F Multi-Family
RIB Residual Interest Bonds
S/F Single-Family
BlackRock MuniYield California Fund, Inc.
Schedule of Investments as of January 31, 2007 (concluded) (in Thousands)
Face
Amount Municipal Bonds Value
California (concluded)
$ 620 California State, GO, Refunding, 5.75% due 5/01/2030 $ 658
2,785 California State, GO, Refunding (Veterans), AMT, Series BJ, 5.70% due 12/01/2032 2,843
2,000 California State Public Works Board, Lease Revenue Bonds (California State University), Series C,
5.40% due 10/01/2022 (b) 2,058
5,000 California State Public Works Board, Lease Revenue Bonds (Department of Corrections), Series C,
5.50% due 6/01/2023 5,447
4,000 California State Public Works Board, Lease Revenue Bonds (Department of Health Services), Series A,
5.75% due 11/01/2009 (b)(f) 4,257
17,000 California State Public Works Board, Lease Revenue Bonds (Various Community College Projects),
Series A, 5.625% due 3/01/2016 (a) 17,349
6,850 California State, Various Purpose, GO, 5.50% due 11/01/2033 7,439
5,250 California Statewide Communities Development Authority, COP (John Muir/Mount Diablo Health System),
5.125% due 8/15/2022 (b) 5,384
3,270 California Statewide Communities Development Authority, Health Facility Revenue Bonds (Memorial
Health Services), Series A, 6% due 10/01/2023 3,607
3,000 California Statewide Communities Development Authority, Health Facility Revenue Bonds (Memorial
Health Services), Series A, 5.50% due 10/01/2033 3,163
6,975 California Statewide Communities Development Authority, Revenue Refunding Bonds (Kaiser Hospital
Asset Management, Inc.), Series C, 5.25% due 8/01/2031 7,381
7,000 California Statewide Communities Development Authority, Revenue Refunding Bonds (Kaiser Permanente),
Series A, 5% due 4/01/2031 7,254
2,380 California Statewide Communities Development Authority, Water Revenue Bonds (Pooled Financing
Program), Series C, 5.25% due 10/01/2028 (d) 2,531
2,000 Chino Basin, California, Regional Financing Authority Revenue Bonds (Inland Empire Utility Agency
Sewer Project), 5.75% due 11/01/2009 (b)(f) 2,129
5,000 Chula Vista, California, IDR, Refunding (San Diego Gas & Electric Co.), AMT, Series C, 5.25% due
12/01/2027 5,334
2,705 Contra Costa County, California, Public Financing Lease Revenue Refunding Bonds (Various Capital
Facilities), Series A, 5.30% due 8/01/2020 (b) 2,786
3,750 Cucamonga, California, County Water District, COP, 5.125% due 9/01/2035 (e) 3,932
2,500 Davis, California, Joint Unified School District, Community Facilities District, Special Tax
Refunding Bonds, Number 1, 5.50% due 8/15/2021 (b) 2,523
7,000 Fontana Unified School District, California, GO, Series A, 5.25% due 8/01/2028 (d) 7,511
4,000 Fremont, California, Unified School District, Alameda County, GO (Election of 2002), Series B, 5%
due 8/01/2030 (d) 4,224
3,650 Golden State Tobacco Securitization Corporation of California, Tobacco Settlement Revenue Bonds,
Series A-4, 7.80% due 6/01/2042 4,434
9,390 Grant Joint Union High School District, California, GO (Election of 2006), 5% due 8/01/2029 (d) 9,857
5,595 Grossmont-Cuyamaca Community College District, California, GO (Election of 2002), Series B, 5% due
8/01/2029 (e) 5,916
5,000 Industry, California, Urban Development Agency, Tax Allocation Refunding Bonds (Civic-Recreational-
Industrial Redevelopment Project Number 1), 5.50% due 5/01/2020 (b) 5,101
14,915 Industry, California, Urban Development Agency, Tax Allocation Refunding Bonds (Civic-Recreational-
Industrial Redevelopment Project Number 1), 5.50% due 5/01/2021 (b) 15,231
4,745 Las Virgenes, California, Unified School District, GO, Series A, 5% due 8/01/2028 (d) 5,040
2,000 Los Angeles, California, COP (Sonnenblick Del Rio West Los Angeles), 6.20% due 11/01/2031 (a) 2,172
7,000 Los Angeles, California, Wastewater System Revenue Bonds, Series A, 5% due 6/01/2008 (e)(f) 7,197
4,500 Los Angeles, California, Wastewater System, Revenue Refunding Bonds, Subordinate Series A, 5% due
6/01/2027 (b) 4,698
3,780 Los Angeles County, California, Metropolitan Transportation Authority, Sales Tax Revenue Refunding
Bonds, Proposition A, First Tier Senior-Series A, 5% due 7/01/2027 (a) 3,992
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)(f) 5,307
2,550 Los Angeles County, California, Sanitation Districts Financing Authority, Revenue Refunding Bonds
(Capital Projects - District Number 14), Sub-Series B, 5% due 10/01/2030 (e) 2,695
1,000 Metropolitan Water District of Southern California, Waterworks Revenue Bonds, Series A, 5% due
7/01/2030 (d) 1,055
8,705 Modesto, California, Wastewater Treatment Facilities Revenue Bonds, 5.625% due 11/01/2007 (b)(f) 8,923
7,570 Morgan Hill, California, Unified School District, GO, 5% due 8/01/2026 (e)(g)(k) 3,191
6,675 Murrieta Valley, California, Unified School District, Public Financing Authority, Special Tax
Revenue Bonds, Series A, 5.125% due 9/01/2026 (m) 7,141
6,240 Oakland, California, Alameda County Unified School District, GO (Election of 2000), 5% due
8/01/2027 (b) 6,575
3,290 Oakland, California, Alameda County Unified School District, GO, Series F, 5.50% due 8/01/2017 (b) 3,476
3,770 Oakland, California, Alameda County Unified School District, GO, Series F, 5.50% due 8/01/2018 (b) 3,978
5,250 Orange County, California, Sanitation District, COP, 5% due 2/01/2033 (e) 5,466
3,000 Oxnard, California, Financing Authority, Wastewater Revenue Bonds (Redwood Trunk Sewer and Headworks
Projects), Series A, 5.25% due 6/01/2034 (e) 3,213
1,000 Palm Springs, California, Financing Authority, Lease Revenue Refunding Bonds (Convention Center
Project), Series A, 5.50% due 11/01/2035 (b) 1,105
2,000 Peralta, California, Community College District, GO (Election of 2000), Series D, 5% due 8/01/2030 (d) 2,109
1,750 Pleasant Valley, California, School District, Ventura County, GO, Series C, 5.75% due 8/01/2025 (b)(g) 1,836
10,600 Port of Oakland, California, Port Revenue Refunding Bonds, Series I, 5.40% due 11/01/2017 (b) 10,938
4,315 Rancho Cucamonga, California, Redevelopment Agency, Tax Allocation Refunding Bonds (Rancho
Redevelopment Project), 5.25% due 9/01/2020 (d) 4,491
2,345 Richmond, California, Redevelopment Agency, Tax Allocation, Refunding Bonds (Harbour Redevelopment
Project), Series A, 5.50% due 7/01/2018 (b) 2,445
5,000 Sacramento, California, Municipal Utility District, Electric Revenue Refunding Bonds, Series L,
5.125% due 7/01/2022 (b) 5,122
2,500 Sacramento, California, Municipal Utility District Financing Authority, Revenue Bonds (Consumers
Project), 5.125% due 7/01/2029 (b) 2,688
6,775 Sacramento County, California, Sanitation District Financing Authority, Revenue Refunding Bonds
(County Sanitation District Number 1), 5% due 8/01/2035 (b) 7,159
3,455 Sacramento County, California, Sanitation District Financing Authority, Revenue Refunding Bonds,
Series A, 5.60% due 12/01/2017 3,460
2,110 Salinas Valley, California, Solid Waste Authority, Revenue Refunding Bonds, AMT, 5.125% due
8/01/2022 (a) 2,191
8,000 San Bernardino, California, City Unified School District, GO, Refunding, Series A, 5.875% due
8/01/2009 (e)(f) 8,501
3,000 San Bernardino, California, Joint Powers Financing Authority, Lease Revenue Bonds (Department of
Transportation Lease), Series A, 5.50% due 12/01/2020 (b) 3,034
5,010 San Diego County, California, Water Authority, Water Revenue Bonds, COP, Series A, 5% due
5/01/2031 (d) 5,255
6,000 San Francisco, California, Bay Area Rapid Transit District, Sales Tax Revenue Refunding Bonds,
Series A, 5% due 7/01/2030 (b) 6,342
1,720 San Francisco, California, City and County Educational Facilities, GO (Community College), Series A,
5.75% due 6/15/2008 (f) 1,802
1,310 San Francisco, California, City and County Zoo Facilities, GO, Series B, 5.75% due 6/15/2008 (f) 1,372
4,615 San Jose, California, Airport Revenue Bonds, Series D, 5% due 3/01/2028 (b) 4,813
1,855 San Jose, California, Unified School District, Santa Clara County, GO (Election of 2002), Series B,
5% due 8/01/2029 (e) 1,962
10,005 San Jose-Evergreen, California, Community College District, Capital Appreciation, GO (Election of
2004), Refunding, Series A, 5.12% due 9/01/2023 (b)(k) 4,557
5,000 San Juan, California, Unified School District, GO (Election of 2002), 5% due 8/01/2028 (b) 5,226
2,020 Santa Clara, California, Unified School District, GO, 5.50% due 7/01/2021 (e) 2,147
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 3,711
2,170 Santa Clarita, California, Community College District, GO (Election 2001), 5% due 8/01/2028 (d) 2,293
4,000 Santa Monica, California, Community College District, GO (Election of 2004), Series A, 5% due
5/01/2015 (b)(f) 4,218
4,000 Santa Monica, California, Redevelopment Agency, Tax Allocation Bonds (Earthquake Recovery
Redevelopment Project), 6% due 7/01/2009 (a)(f) 4,255
2,500 Sequoia, California, Unified High School District, GO, Refunding, 5% due 7/01/2028 (d) 2,654
1,675 Shasta-Tehama-Trinity Joint Community College District, California, GO (Election of 2002),
Series B, 5.25% due 8/01/2024 (d) 1,828
6,875 Sonoma County, California, Junior College District, GO (Election 2002), Refunding, Series B, 5%
due 8/01/2028 (d) 7,265
2,265 South Bayside, California, Waste Management Authority, Waste System Revenue Bonds, 5.75% due
3/01/2020 (a) 2,394
1,600 Stockton, California, Public Financing Authority, Water Revenue Bonds (Water System Capital
Improvement Projects), Series A, 5% due 10/01/2031 (b) 1,690
2,930 Stockton, California, Public Financing Revenue Bonds (Redevelopment Projects), Series A, 5.25%
due 9/01/2034 (i) 3,109
3,235 Taft, California, Public Financing Authority, Lease Revenue Bonds (Community Correctional Facility),
Series A, 6.05% due 1/01/2017 (b) 3,425
1,310 Torrance, California, Hospital Revenue Refunding Bonds (Torrance Memorial Medical Center), Series A,
6% due 6/01/2022 1,415
1,000 Ventura, California, Unified School District, GO (Election of 1997), Series H, 5.125% due 8/01/2034 (d) 1,060
3,990 Vernon, California, Electric System Revenue Bonds (Malburg Generating Station Project), 5.50% due
4/01/2008 (f) 4,077
5,000 Vista, California, Joint Powers Financing Authority, Lease Revenue Refunding Bonds, 5.625% due
5/01/2016 (b) 5,123
Puerto Rico - 3.0%
2,500 Puerto Rico Commonwealth, Public Improvement, GO, Series A, 5.25% due 7/01/2030 2,680
6,500 Puerto Rico Electric Power Authority, Power Revenue Bonds, Series NN, 5.125% due 7/01/2029 6,787
U.S. Virgin Islands - 1.1%
3,000 Virgin Islands Government Refinery Facilities, Revenue Refunding Bonds (Hovensa Coker Project),
AMT, 6.50% due 7/01/2021 3,376
Total Municipal Bonds (Cost - $394,500) - 128.2% 409,219
Municipal Bonds Held in Trust (o)
California - 39.2%
9,000 Anaheim, California, Public Financing Authority, Electric System District Facilities Revenue Bonds,
Series A, 5% due 10/01/2031 (d) 9,382
7,250 California Health Facilities Financing Authority Revenue Bonds (Kaiser Permanente), Series A, 5.50%
due 6/01/2022 (d)(g) 7,552
10,210 Contra Costa County, California, Community College District, GO (Election of 2002), 5% due
8/01/2030 (d) 10,724
6,020 La Quinta, California, Financing Authority, Local Agency Revenue Bonds, Series A, 5.125% due
9/01/2034 (a) 6,385
13,500 Los Angeles, California, Unified School District, GO, Series A, 5% due 1/01/2028 (a) 14,470
10,460 Palm Desert, California, Financing Authority, Tax Allocation Revenue Refunding Bonds (Project
Area Number 2), Series A, 5.125% due 8/01/2036 (a) 11,186
11,615 Port of Oakland, California, Revenue Refunding Bonds, AMT, Series L, 5.375% due 11/01/2027 (e) 12,299
16,000 Sacramento, California, Municipal Utility District Financing Authority, Revenue Bonds (Consumers
Project), 5.125% due 7/01/2029 (b) 17,205
20,710 San Diego, California, Certificates of Undivided Interest Revenue Bonds (Water Utility Fund), 5.20%
due 8/01/2024 (e) 21,290
5,430 San Francisco, California, Bay Area Rapid Transit District, Sales Tax Revenue Refunding Bonds,
Series A, 5% due 7/01/2034 (b) 5,735
8,490 University of California, Limited Project Revenue Bonds, Series B, 5% due 5/15/2033 (d) 8,913
Total Municipal Bonds Held in Trust (Cost - $123,154) - 39.2% 125,141
Shares
Held Short-Term Securities
15,961 CMA California Municipal Money Fund, 2.99% (j)(l) 15,961
Total Short-Term Securities (Cost - $15,961) - 5.0% 15,961
Total Investments (Cost - $533,615*) - 172.4% 550,321
Other Assets Less Liabilities - 1.1% 3,693
Liability for Trust Certificates, Including Interest Expense Payable - (18.7%) (59,604)
Preferred Stock, at Redemption Value - (54.8%) (175,109)
-----------
Net Assets Applicable to Common Stock - 100.0% $ 319,301
===========
* The cost and unrealized appreciation (depreciation) of investments
as of January 31, 2007, as computed for federal income tax purposes,
were as follows:
Aggregate cost $ 474,579
================
Gross unrealized appreciation $ 16,713
Gross unrealized depreciation (314)
----------------
Net unrealized appreciation $ 16,399
================
(a) AMBAC Insured.
(b) MBIA Insured.
(c) FNMA/GNMA Collateralized.
(d) FSA Insured.
(e) FGIC Insured.
(f) Prerefunded.
(g) Escrowed to maturity.
(h) The rate disclosed is that currently in effect. This rate changes
periodically and inversely based upon prevailing market rates.
(i) Radian Insured.
(j) 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:
Net Dividend
Affiliate Activity Income
CMA California Municipal Money Fund 11,968 $106
(k) Represents a zero coupon bond; the interest rate shown is the effective
yield at the time of purchase.
(l) Represents the current yield as of January 31, 2007.
(m) Assured Guaranty Insured.
(n) FHLMC Collateralized.
(o) Securities represent underlying bonds transferred to a separate
securitization trust established in a tender option bond transaction
in which the Fund may have acquired the residual interest certificates.
These securities serve as collateral in a financing transaction.
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) - As of September 29, 2006, with the conclusion of the combination of
Merrill Lynch's asset management business with BlackRock, the
registrant was migrated to BlackRock's trading and compliance
monitoring systems, and various personnel changes occurred. In
conjunction with these business improvements, there were no changes in
the registrants internal control over financial reporting (as defined
in Rule 30a-3(d) under Act (17 CFR 270.30a-3(d)) that occurred during
the last fiscal half-year of the period covered by this report that
has materially affected, or is reasonably likely to 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 Fund, Inc.
By: /s/ Robert C. Doll, Jr.
-----------------------
Robert C. Doll, Jr.
Chief Executive Officer
BlackRock MuniYield California Fund, Inc.
Date: March 26, 2007
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
BlackRock MuniYield California Fund, Inc.
Date: March 26, 2007
By: /s/ Donald C. Burke
--------------------
Donald C. Burke
Chief Financial Officer
BlackRock MuniYield California Fund, Inc.
Date: March 26, 2007