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: 10/31/2006
Date of reporting period: 11/01/05 - 01/31/06
Item 1 - Schedule of Investments
MuniYield California Fund, Inc.
Schedule of Investments as of January 31, 2006 (in Thousands)
Face
Amount Municipal Bonds Value
California - 147.3% $ 1,730 ABAG Finance Authority for Nonprofit Corporations, California, Revenue Refunding
Bonds (Redwood Senior Homes and Services), 6% due 11/15/2022 $ 1,872
3,975 Antioch Area Public Facilities Financing Agency, California, Special Tax
(Community Facilities District Number 1989-1), 5.70% due 8/01/2009 (a)(f) 4,324
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) 2,834
2,500 Bakersfield, California, COP, Refunding (Convention Center Expansion Project),
5.80% due 4/01/2017 (b) 2,595
5,000 California Health Facilities Financing Authority Revenue Bonds (Kaiser Permanente),
RIB, Series 26, 7.67% due 6/01/2022 (d)(h) 5,640
1,490 California Health Facilities Financing Authority, Revenue Refunding Bonds (Pomona
Valley Hospital Medical Center), Series A, 5.625% due 7/01/2019 (b) 1,563
4,990 California Infrastructure and Economic Development Bank Revenue Bonds (J. David
Gladstone Institute Project), 5.50% due 10/01/2022 5,271
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 3,113
1,000 California Pollution Control Financing Authority, Solid Waste Disposal Revenue
Bonds (Waste Management Inc. Project), AMT, Series C, 5.125% due 11/01/2023 1,019
7,000 California Pollution Control Financing Authority, Solid Waste Disposal Revenue
Refunding Bonds (Waste Management Inc. Project), AMT, Series B, 5% due 7/01/2027 6,963
60 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) 60
4,500 California State Department of Water Resources, Power Supply Revenue Bonds,
Series A, 5.75% due 5/01/2012 (f) 5,086
5,000 California State Department of Water Resources Revenue Bonds (Central Valley
Project), 5.25% due 7/01/2022 5,088
3,790 California State, GO, Refunding, 5.75% due 5/01/2010 (f) 4,162
1,635 California State, GO, Refunding, 5.25% due 2/01/2029 1,718
2,000 California State, GO, Refunding, 5.25% due 2/01/2030 2,101
4,210 California State, GO, Refunding, 5.75% due 5/01/2030 4,568
2,785 California State, GO, Refunding (Veterans), AMT, Series BJ, 5.70% due 12/01/2032 2,859
2,000 California State Public Works Board, Lease Revenue Bonds (California State
University), Series C, 5.40% due 10/01/2022 (b) 2,097
5,000 California State Public Works Board, Lease Revenue Bonds (Department of Corrections),
Series C, 5.50% due 6/01/2023 5,399
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
DRIVERS Derivative Inverse Tax-Exempt Receipts
GO General Obligation Bonds
IDR Industrial Development Revenue Bonds
M/F Multi-Family
RIB Residual Interest Bonds
RITR Residual Interest Trust Receipts
ROLS Reset Option Long Securities
S/F Single-Family
MuniYield California Fund, Inc.
Schedule of Investments as of January 31, 2006 (concluded) (in Thousands)
Face
Amount Municipal Bonds Value
California $ 6,645 California State Public Works Board, Lease Revenue Bonds (Department of Health
(concluded) Services), Series A, 5.75% due 11/01/2009 (b)(f) $ 7,254
17,000 California State Public Works Board, Lease Revenue Bonds (Various Community
College Projects), Series A, 5.625% due 3/01/2016 (a) 17,374
4,730 California State, Various Purpose, GO, 5.50% due 4/01/2030 5,179
6,850 California State, Various Purpose, GO, 5.50% due 11/01/2033 7,469
5,250 California Statewide Communities Development Authority, COP (John Muir/Mount Diablo
Health System), 5.125% due 8/15/2022 (b) 5,472
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 3,130
2,380 California Statewide Communities Development Authority, Water Revenue Bonds
(Pooled Financing Program), Series C, 5.25% due 10/01/2028 (d) 2,523
2,000 Chico, California, Redevelopment Agency, Tax Allocation Bonds (Chico Amended
and Merged Redevelopment Project), 5% due 4/01/2027 (a) 2,092
2,000 Chino Basin, California, Regional Financing Authority Revenue Bonds (Inland
Empire Utility Agency Sewer Project), 5.75% due 11/01/2009 (b)(f) 2,188
5,500 Chula Vista, California, IDR (San Diego Gas and Electric Company), AMT, Series B,
5% due 12/01/2027 5,573
2,705 Contra Costa County, California, Public Financing Lease Revenue Refunding Bonds
(Various Capital Facilities), Series A, 5.30% due 8/01/2020 (b) 2,845
4,780 Corona, California, Department of Water and Power, COP, 5% due 9/01/2035 (b) 4,938
3,750 Cucamonga, California, County Water District, COP, 5.125% due 9/01/2035 (e) 3,871
2,500 Davis, California, Joint Unified School District, Community Facilities District,
Special Tax Refunding Bonds, Number 1, 5.50% due 8/15/2021 (b) 2,553
2,700 Elk Grove, California, Unified School District, Special Tax Bonds (Community
Facilities District Number 1), 5% due 12/01/2035 (b) 2,808
4,000 Fremont, California, Unified School District, Alameda County, GO (Election of 2002),
Series B, 5% due 8/01/2030 (d) 4,185
4,650 Golden State Tobacco Securitization Corporation of California, Tobacco Settlement
Revenue Bonds, Series A-4, 7.80% due 6/01/2042 5,567
5,595 Grossmont-Cuyamaca Community College District, California, GO (Election of 2002),
Series B, 5% due 8/01/2029 (e) 5,862
5,025 Indio, California, Water Authority, Water Enterprise Revenue Bonds, 5.125% due
4/01/2030 (a) 5,329
14,915 Industry, California, Urban Development Agency, Tax Allocation Refunding Bonds
(Civic Recreation Industrial), Series 1, 5.50% due 5/01/2021 (b) 15,523
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) 5,205
3,010 La Quinta, California, Financing Authority, Local Agency Tax Allocation and Revenue
Refunding Bonds, Bonds, ROLS, Series II-R-412X, 7.111% due 9/01/2034 (a)(h) 3,290
2,000 Los Angeles, California, COP (Sonnenblick Del Rio West Los Angeles), 6.20% due
11/01/2031 (a) 2,227
2,000 Los Angeles, California, Harbor Department Revenue Bonds, AMT, Series B, 6% due
8/01/2015 2,045
6,000 Los Angeles, California, Harbor Department Revenue Bonds, AMT, Series B, 5.375%
due 11/01/2023 6,127
4,000 Los Angeles, California, Harbor Department Revenue Bonds, RITR, AMT, Series RI-7,
9.065% due 11/01/2026 (b)(h) 4,240
7,000 Los Angeles, California, Wastewater System Revenue Bonds, Series A, 5% due 6/01/2023 (e) 7,288
4,500 Los Angeles, California, Wastewater System, Revenue Refunding Bonds, Subordinate
Series A, 5% due 6/01/2027 (b) 4,687
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) 3,974
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) 5,443
3,735 Los Angeles County, California, Public Works Financing Authority, Lease Revenue
Refunding Bonds (Master Refunding Project), Series A, 5% due 12/01/2028 (b) 3,891
2,305 Los Angeles County, California, Sanitation Districts Financing Authority, Revenue
Refunding Bonds (Capital Projects - District Number 14), Sub-Series B, 5% due
10/01/2025 (e) 2,435
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) 2,669
1,375 Los Angeles County, California, Sanitation Districts Financing Authority, Revenue
Refunding Bonds (Capital Projects - District Number 14), Sub-Series B, 5% due
10/01/2034 (e) 1,432
1,000 Metropolitan Water District of Southern California, Waterworks Revenue Bonds, Series
A, 5% due 7/01/2030 (d) 1,046
8,705 Modesto, California, Wastewater Treatment Facilities Revenue Bonds, 5.625%
due 11/01/2007 (b)(f) 9,143
7,570 Morgan Hill, California, Unified School District, GO, 5%** due 8/01/2026 (e) 2,914
8,595 Napa Valley, California, Community College District, Capital Appreciation, GO
(Election of 2002), Series B, 5.16%** due 8/01/2024 (b) 3,639
1,750 North City-West, California, School Facilities Financing Authority, Special Tax
Refunding Bonds, Series B, 5.75% due 9/01/2015 (d) 1,810
4,240 Oakland, California, Alameda County Unified School District, GO (Election of 2000),
5% due 8/01/2027 (b) 4,443
3,290 Oakland, California, Alameda County Unified School District, GO, Series F, 5.50%
due 8/01/2017 (b) 3,552
3,770 Oakland, California, Alameda County Unified School District, GO, Series F, 5.50%
due 8/01/2018 (b) 4,071
11,395 Oakland, California, Joint Powers Financing Authority, Lease Revenue Bonds (Oakland
Administration Buildings), 5.75% due 8/01/2006 (a)(f) 11,766
2,000 Oakland, California, Joint Powers Financing Authority, Lease Revenue Bonds (Oakland
Administration Buildings), 5.90% due 8/01/2006 (a)(f) 2,067
5,250 Orange County, California, Sanitation District, COP, 5% due 2/01/2033 (e) 5,385
3,000 Oxnard, California, Financing Authority, Wastewater Revenue Bonds (Redwood Trunk
Sewer and Headworks Projects), Series A, 5.25% due 6/01/2034 (e) 3,192
1,000 Palm Springs, California, Financing Authority, Lease Revenue Refunding Bonds
(Convention Center Project), Series A, 5.50% due 11/01/2035 (b) 1,099
2,000 Peralta, California, Community College District, GO (Election of 2000), Series D,
5% due 8/01/2030 (d) 2,091
1,750 Pleasant Valley, California, School District, Ventura County, GO, Series C, 5.75%
due 8/01/2025 (b)(g) 1,875
2,255 Pomona, California, Public Financing Authority, Revenue Refunding Bonds (Merged
Redevelopment Project), Series A1, 5.75% due 2/01/2034 2,312
10,600 Port of Oakland, California, Port Revenue Refunding Bonds, Series I, 5.40% due
11/01/2017 (b) 11,172
5,808 Port of Oakland, California, RIB, Refunding, AMT, Series 717X, 7.46% due
11/01/2027 (e)(h) 6,540
4,315 Rancho Cucamonga, California, Redevelopment Agency, Tax Allocation Refunding Bonds
(Rancho Redevelopment Project), 5.25% due 9/01/2020 (d) 4,586
2,345 Richmond, California, Redevelopment Agency, Tax Allocation, Refunding Bonds (Harbour
Redevelopment Project), Series A, 5.50% due 7/01/2018 (b) 2,501
5,000 Sacramento, California, Municipal Utility District, Electric Revenue Refunding Bonds,
Series L, 5.125% due 7/01/2022 (b) 5,207
8,000 Sacramento, California, Municipal Utility District Financing Authority, Revenue Bonds,
DRIVERS, Series 1237Z, 6.926% due 1/01/2014 (b)(h) 9,043
6,775 Sacramento County, California, Sanitation District Financing Authority, Revenue
Refunding Bonds (County Sanitation District Number 1), 5% due 8/01/2035 (b) 7,061
3,455 Sacramento County, California, Sanitation District Financing Authority, Revenue
Refunding Bonds, Series A, 5.60% due 12/01/2017 3,496
10,100 San Bernardino, California, City Unified School District, GO, Refunding, Series A,
5.875% due 8/01/2009 (e)(f) 11,044
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) 3,065
4,000 San Bernardino County, California, Redevelopment Agency, Tax Allocation Refunding
Bonds (San Sevaine Redevelopment Project), Series A, 5% due 9/01/2035 (i) 4,070
1,665 San Diego, California, Community College District, GO (Election of 2002), 5% due
5/01/2030 (d) 1,740
3,600 San Diego, California, Unified School District, GO (Election of 1998), Series F,
5% due 7/01/2029 (d) 3,756
5,010 San Diego County, California, Water Authority, Water Revenue Bonds, COP, Series A,
5% due 5/01/2031 (d) 5,213
6,000 San Francisco, California, Bay Area Rapid Transit District, Sales Tax Revenue
Refunding Bonds, Series A, 5% due 7/01/2030 (b) 6,275
5,430 San Francisco, California, Bay Area Rapid Transit District, Sales Tax Revenue
Refunding Bonds, Series A, 5% due 7/01/2034 (b) 5,660
1,720 San Francisco, California, City and County Educational Facilities, GO (Community
College), Series A, 5.75% due 6/15/2019 1,844
1,310 San Francisco, California, City and County Zoo Facilities, GO, Series B, 5.75%
due 6/15/2019 1,404
4,615 San Jose, California, Airport Revenue Bonds, Series D, 5% due 3/01/2028 (b) 4,779
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) 4,206
5,000 San Jose-Evergreen, California, Community College District, Capital Appreciation, GO
(Election of 2004), Refunding, Series A, 5.33%** due 9/01/2028 (b) 1,587
5,000 San Juan, California, Unified School District, GO (Election of 2002), 5% due
8/01/2028 (b) 5,200
5,040 San Ysidro, California, School District, Capital Appreciation, GO (Election of 1997),
Series D, 5.249%** due 8/01/2027 (e) 1,833
2,020 Santa Clara, California, Unified School District, GO, 5.50% due 7/01/2021 (e) 2,186
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 3,605
1,170 Santa Clarita, California, Community College District, GO (Election 2001), 5% due
8/01/2028 (d) 1,227
8,315 Santa Monica, California, Community College District, GO (Election of 2002),
Refunding, Series C, 5.07%** due 8/01/2028 (b) 2,713
4,000 Santa Monica, California, Community College District, GO (Election of 2004),
Series A, 5% due 5/01/2030 (b) 4,180
4,000 Santa Monica, California, Redevelopment Agency, Tax Allocation Bonds (Earthquake
Recovery Redevelopment Project), 6% due 7/01/2029 (a) 4,335
2,500 Sequoia, California, Unified High School District, GO, Refunding, 5% due 7/01/2028 (d) 2,631
6,875 Sonoma County, California, Junior College District, GO (Election 2002), Refunding,
Series B, 5% due 8/01/2028 (d) 7,214
2,265 South Bayside, California, Waste Management Authority, Waste System Revenue Bonds,
5.75% due 3/01/2020 (a) 2,458
6,750 South Tahoe, California, Joint Powers Financing Authority, Revenue Refunding Bonds
(South Tahoe Redevelopment Project Area Number 1), Series A, 5% due 10/01/2028 (a) 7,044
1,600 Stockton, California, Public Financing Authority, Water Revenue Bonds (Water System
Capital Improvement Projects), Series A, 5% due 10/01/2031 (b) 1,670
3,235 Taft, California, Public Financing Authority, Lease Revenue Bonds (Community
Correctional Facility), Series A, 6.05% due 1/01/2017 (b) 3,346
1,310 Torrance, California, Hospital Revenue Refunding Bonds (Torrance Memorial Medical
Center), Series A, 6% due 6/01/2022 1,430
1,000 Ventura, California, Unified School District, GO (Election of 1997), Series H, 5.125%
due 8/01/2034 (d) 1,048
2,740 Vernon, California, Electric System Revenue Bonds (Malburg Generating Station
Project), 5.50% due 4/01/2008 (f) 2,866
1,250 Vernon, California, Electric System Revenue Bonds (Malburg Generating Station
Project), 5.50% due 4/01/2008 (f) 1,308
5,000 Vista, California, Joint Powers Financing Authority, Lease Revenue Refunding Bonds,
5.625% due 5/01/2016 (b) 5,239
5,055 West Contra Costa, California, Unified School District, Capital Appreciation, GO
(Election of 2002), Series C, 4.849%** due 8/01/2027 (e) 1,849
Puerto Rico - 4.2% 2,140 Puerto Rico Commonwealth Highway and Transportation Authority, Highway Revenue Bonds,
Series Y, 5.50% due 7/01/2006 (b)(f) 2,192
9,750 Puerto Rico Commonwealth Infrastructure Financing Authority, Special Tax and Capital
Appreciation Revenue Bonds, Series A, 4.66%** due 7/01/2033 (e) 2,690
9,750 Puerto Rico Commonwealth Infrastructure Financing Authority, Special Tax and Capital
Appreciation Revenue Bonds, Series A, 4.77%** due 7/01/2043 (a) 1,666
6,500 Puerto Rico Electric Power Authority, Power Revenue Bonds, Series NN, 5.125% due
7/01/2029 6,704
U.S. Virgin 3,000 Virgin Islands Government Refinery Facilities, Revenue Refunding Bonds (Hovensa Coker
Islands - 1.1% Project), AMT, 6.50% due 7/01/2021 3,389
Total Municipal Bonds (Cost - $465,095) - 152.6% 483,304
Shares
Held Short-Term Securities
1,741 CMA California Municipal Money Fund (j) 1,741
Total Short-Term Securities (Cost - $1,741) - 0.5% 1,741
Total Investments (Cost - $466,836*) - 153.1% 485,045
Other Assets Less Liabilities - 2.1% 6,763
Preferred Stock, at Redemption Value - (55.2%) (175,050)
----------
Net Assets Applicable to Common Stock - 100.0% $ 316,758
==========
* The cost and unrealized appreciation (depreciation) of investments as of
January 31, 2006, as computed for federal income tax purposes, were
as follows:
Aggregate cost $ 466,987
==============
Gross unrealized appreciation $ 19,099
Gross unrealized depreciation (1,041)
--------------
Net unrealized appreciation $ 18,058
==============
** Represents a zero coupon bond; the interest rate shown reflects the effective
yield at the time of purchase.
(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 924 $ 26
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: March 20, 2006
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: March 20, 2006
By: /s/ Donald C. Burke
-------------------
Donald C. Burke
Chief Financial Officer
MuniYield California Fund, Inc.
Date: March 20, 2006