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: 05/01/06 - 07/31/06
Item 1 - Schedule of Investments
MuniYield California Fund, Inc.
Schedule of Investments as of July 31, 2006 (in Thousands)
Face
Amount Municipal Bonds Value
California - 145.9% $ 1,730 ABAG Finance Authority for Nonprofit Corporations, California, Revenue
Refunding Bonds (Redwood Senior Homes and Services), 6% due 11/15/2022 $ 1,857
4,500 Anaheim, California, Public Financing Authority Revenue Bonds, RIB, Series 1304,
6.14% due 10/01/2031 (f)(l) 4,761
3,975 Antioch Area Public Facilities Financing Agency, California, Special Tax (Community
Facilities District Number 1989-1), 5.70% due 8/01/2009 (a)(i) 4,237
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 (h)(i) 2,560
3,500 Bay Area Toll Authority, California, Toll Bridge Revenue Refunding Bonds (San
Francisco Bay Area), Series F, 5% due 4/01/2031 3,630
1,305 California HFA, Home Mortgage Revenue Bonds, AMT, Series E, 5% due 2/01/2024 (d) 1,320
5,000 California Health Facilities Financing Authority Revenue Bonds (Kaiser Permanente),
RIB, Series 26, 7.06% due 6/01/2022 (f)(l) 5,477
2,430 California Health Facilities Financing Authority Revenue Bonds (Kaiser Permanente),
Series A, 5% due 4/01/2037 2,455
1,490 California Health Facilities Financing Authority Revenue Refunding Bonds (Pomona
Valley Hospital Medical Center), Series A, 5.625% due 7/01/2019 (h) 1,541
4,990 California Infrastructure and Economic Development Bank Revenue Bonds (J. David
Gladstone Institute Project), 5.50% due 10/01/2022 5,245
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 3,107
6,435 California Pollution Control Financing Authority, Solid Waste Disposal Revenue
Refunding Bonds (Waste Management Inc. Project), AMT, Series A, 5% due 1/01/2022 6,468
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 424
50 California Rural Home Mortgage Finance Authority, S/F Mortgage Revenue Bonds
(Mortgage-Backed Securities Program), AMT, Series B, 6.15% due 6/01/2020 (e) 51
5,000 California State, GO, 5.125% due 4/01/2025 5,197
4,135 California State, GO, 5.50% due 4/01/2030 4,456
2,000 California State, GO, Refunding, 5.25% due 2/01/2030 2,065
1,295 California State, GO, Refunding, 5.75% due 5/01/2010 (i) 1,398
620 California State, GO, Refunding, 5.75% due 5/01/2030 661
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 (h) 2,070
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
HFA Housing Finance Agency
M/F Multi-Family
RIB Residual Interest Bonds
ROLS Reset Option Long Securities
S/F Single-Family
MuniYield California Fund, Inc.
Schedule of Investments as of July 31, 2006 (concluded) (in Thousands)
Face
Amount Municipal Bonds Value
California $ 5,000 California State Public Works Board, Lease Revenue Bonds (Department of
(concluded) Corrections), Series C, 5.50% due 6/01/2023 $ 5,361
6,645 California State Public Works Board, Lease Revenue Bonds (Department of Health
Services), Series A, 5.75% due 11/01/2009 (h)(i) 7,117
17,000 California State Public Works Board, Lease Revenue Bonds (Various Community
College Projects), Series A, 5.625% due 3/01/2016 (a) 17,364
6,850 California State, Various Purpose, GO, 5.50% due 11/01/2033 7,363
5,250 California Statewide Communities Development Authority, COP (John Muir/Mount
Diablo Health System), 5.125% due 8/15/2022 (h) 5,402
3,270 California Statewide Communities Development Authority, Health Facility Revenue
Bonds (Memorial Health Services), Series A, 6% due 10/01/2023 3,562
3,000 California Statewide Communities Development Authority, Health Facility Revenue
Bonds (Memorial Health Services), Series A, 5.50% due 10/01/2033 3,124
2,380 California Statewide Communities Development Authority, Water Revenue Bonds
(Pooled Financing Program), Series C, 5.25% due 10/01/2028 (f) 2,499
2,000 Chino Basin, California, Regional Financing Authority Revenue Bonds (Inland Empire
Utility Agency Sewer Project), 5.75% due 11/01/2009 (h)(i) 2,143
5,105 Contra Costa, California, Community College District, GO, ROLS, Series II-R-548X,
6.25% due 8/01/2030 (f)(l) 5,431
2,705 Contra Costa County, California, Public Financing Lease Revenue Refunding Bonds
(Various Capital Facilities), Series A, 5.30% due 8/01/2020 (h) 2,799
3,750 Cucamonga, California, County Water District, COP, 5.125% due 9/01/2035 (d) 3,886
2,500 Davis, California, Joint Unified School District, Community Facilities District,
Special Tax Refunding Bonds, Number 1, 5.50% due 8/15/2021 (h) 2,542
4,000 Fremont, California, Unified School District, Alameda County, GO (Election of 2002),
Series B, 5% due 8/01/2030 (f) 4,141
1,650 Galt, California, Joint Union High School District, GO (Election of 2005), Series A,
5.25% due 8/01/2026 (h) 1,760
4,650 Golden State Tobacco Securitization Corporation of California, Tobacco Settlement
Revenue Bonds, Series A-4, 7.80% due 6/01/2042 5,559
5,595 Grossmont-Cuyamaca Community College District, California, GO (Election of 2002),
Series B, 5% due 8/01/2029 (d) 5,800
5,025 Indio, California, Water Authority, Water Enterprise Revenue Bonds, 5.125% due
4/01/2030 (a) 5,273
5,000 Industry, California, Urban Development Agency, Tax Allocation Refunding Bonds
(Civic-Recreational-Industrial Redevelopment Project Number 1), 5.50% due
5/01/2020 (h) 5,138
14,915 Industry, California, Urban Development Agency, Tax Allocation Refunding Bonds
(Civic-Recreational-Industrial Redevelopment Project Number 1), 5.50% due
5/01/2021 (h) 15,340
3,010 La Quinta, California, Financing Authority, Local Agency Tax Allocation and
Revenue Refunding Bonds, ROLS, Series II-R-412X, 6.492% due 9/01/2034 (a)(l) 3,259
2,000 Los Angeles, California, COP (Sonnenblick Del Rio West Los Angeles), 6.20% due
11/01/2031 (a) 2,181
6,000 Los Angeles, California, Harbor Department Revenue Bonds, AMT, Series B, 5.375%
due 11/01/2023 6,076
8,310 Los Angeles, California, Harbor Department Revenue Bonds, AMT, Series B, 6.25%
due 11/01/2026 (h) 8,440
7,000 Los Angeles, California, Wastewater System Revenue Bonds, Series A, 5% due
6/01/2008 (d)(i) 7,235
4,500 Los Angeles, California, Wastewater System, Revenue Refunding Bonds, Subordinate
Series A, 5% due 6/01/2027 (h) 4,636
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) 3,923
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)(i) 5,336
2,805 Los Angeles County, California, Sanitation Districts Financing Authority, Revenue
Refunding Bonds (Capital Projects - District Number 14), Sub-Series B, 5% due
10/01/2025 (d) 2,926
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 (d) 2,641
1,000 Metropolitan Water District of Southern California, Waterworks Revenue Bonds,
Series A, 5% due 7/01/2030 (f) 1,035
8,705 Modesto, California, Wastewater Treatment Facilities Revenue Bonds, 5.625% due
11/01/2007 (h)(i) 9,001
7,570 Morgan Hill, California, Unified School District, GO, 5% due 8/01/2026 (d)(m) 2,892
6,675 Murrieta Valley, California, Unified School District, Public Financing Authority,
Special Tax Revenue Bonds, Series A, 5.125% due 9/01/2026 (b) 6,892
1,750 North City-West, California, School Facilities Financing Authority, Special Tax
Refunding Bonds, Series B, 5.75% due 9/01/2006 (f)(i) 1,788
6,240 Oakland, California, Alameda County Unified School District, GO (Election of 2000),
5% due 8/01/2027 (h) 6,459
3,290 Oakland, California, Alameda County Unified School District, GO, Series F, 5.50%
due 8/01/2017 (h) 3,487
3,770 Oakland, California, Alameda County Unified School District, GO, Series F, 5.50%
due 8/01/2018 (h) 3,995
5,250 Orange County, California, Sanitation District, COP, 5% due 2/01/2033 (d) 5,387
3,000 Oxnard, California, Financing Authority, Wastewater Revenue Bonds (Redwood Trunk
Sewer and Headworks Projects), Series A, 5.25% due 6/01/2034 (d) 3,158
5,230 Palm Desert, California, Financing Authority, Tax Allocation Revenue Refunding
Bonds, ROLS, Series II-R-590X, 6.502% due 8/01/2036 (a)(l) 5,658
1,000 Palm Springs, California, Financing Authority, Lease Revenue Refunding Bonds
(Convention Center Project), Series A, 5.50% due 11/01/2035 (h) 1,086
2,000 Peralta, California, Community College District, GO (Election of 2000), Series D,
5% due 8/01/2030 (f) 2,070
1,750 Pleasant Valley, California, School District, Ventura County, GO, Series C, 5.75%
due 8/01/2025 (c)(h) 1,851
2,255 Pomona, California, Public Financing Authority, Revenue Refunding Bonds (Merged
Redevelopment Project), Series A1, 5.75% due 2/01/2034 2,352
10,600 Port of Oakland, California, Port Revenue Refunding Bonds, Series I, 5.40% due
11/01/2017 (h) 11,009
5,807 Port of Oakland, California, RIB, Refunding, AMT, Series 717X, 6.84% due
11/01/2027 (d)(l) 6,435
4,315 Rancho Cucamonga, California, Redevelopment Agency, Tax Allocation Refunding Bonds
(Rancho Redevelopment Project), 5.25% due 9/01/2020 (f) 4,508
2,345 Richmond, California, Redevelopment Agency, Tax Allocation, Refunding Bonds (Harbor
Redevelopment Project), Series A, 5.50% due 7/01/2018 (h) 2,459
5,000 Sacramento, California, Municipal Utility District, Electric Revenue Refunding Bonds,
Series L, 5.125% due 7/01/2022 (h) 5,144
2,500 Sacramento, California, Municipal Utility District Financing Authority, Revenue Bonds
(Consumers Project), 5.125% due 7/01/2029 (h) 2,636
8,000 Sacramento, California, Municipal Utility District Financing Authority, Revenue
Bonds, DRIVERS, Series 1237Z, 6.301% due 1/01/2014 (h)(l) 8,871
6,775 Sacramento County, California, Sanitation District Financing Authority, Revenue
Refunding Bonds (County Sanitation District Number 1), 5% due 8/01/2035 (h) 7,013
3,455 Sacramento County, California, Sanitation District Financing Authority, Revenue
Refunding Bonds, Series A, 5.60% due 12/01/2017 3,475
2,110 Salinas Valley, California, Solid Waste Authority, Revenue Refunding Bonds, AMT,
5.125% due 8/01/2022 (a) 2,171
8,000 San Bernardino, California, City Unified School District, GO, Refunding, Series A,
5.875% due 8/01/2009 (d)(i) 8,566
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) 3,065
10,355 San Diego, California, Certificates of Undivided Interest, Revenue Bonds, ROLS,
Series II-R-551X, 6.324% due 8/01/2024 (d)(l) 11,003
1,665 San Diego, California, Community College District, GO (Election of 2002), 5% due
5/01/2030 (f) 1,722
3,600 San Diego, California, Unified School District, GO (Election of 1998), Series F,
5% due 7/01/2029 (f) 3,719
5,010 San Diego County, California, Water Authority, Water Revenue Bonds, COP, Series A,
5% due 5/01/2031 (f) 5,156
2,715 San Francisco, California, Bay Area Rapid Transit District, Sales Tax Revenue
Refunding Bonds, RIB, Series 1318-X, 6.14% due 7/01/2034 (h)(l) 2,906
6,000 San Francisco, California, Bay Area Rapid Transit District, Sales Tax Revenue
Refunding Bonds, Series A, 5% due 7/01/2030 (h) 6,209
1,720 San Francisco, California, City and County Educational Facilities, GO (Community
College), Series A, 5.75% due 6/15/2019 1,810
1,310 San Francisco, California, City and County Zoo Facilities, GO, Series B, 5.75%
due 6/15/2019 1,379
4,615 San Jose, California, Airport Revenue Bonds, Series D, 5% due 3/01/2028 (h) 4,741
1,855 San Jose, California, Unified School District, Santa Clara County, GO (Election
of 2002), Series B, 5% due 8/01/2029 (d) 1,923
10,005 San Jose-Evergreen, California, Community College District, Capital Appreciation,
GO (Election of 2004), Refunding, Series A, 5.12% due 9/01/2023 (h)(m) 4,278
5,000 San Jose-Evergreen, California, Community College District, Capital Appreciation,
GO (Election of 2004), Refunding, Series A, 5.33% due 9/01/2028 (h)(m) 1,600
5,000 San Juan, California, Unified School District, GO (Election of 2002), 5% due
8/01/2028 (h) 5,152
2,020 Santa Clara, California, Unified School District, GO, 5.50% due 7/01/2021 (d) 2,151
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 3,693
2,170 Santa Clarita, California, Community College District, GO (Election 2001), 5%
due 8/01/2028 (f) 2,251
8,315 Santa Monica, California, Community College District, GO (Election of 2002),
Refunding, Series C, 5.07% due 8/01/2028 (h)(m) 2,778
4,000 Santa Monica, California, Community College District, GO (Election of 2004),
Series A, 5% due 5/01/2030 (h) 4,137
4,000 Santa Monica, California, Redevelopment Agency, Tax Allocation Bonds (Earthquake
Recovery Redevelopment Project), 6% due 7/01/2009 (a)(i) 4,290
2,500 Sequoia, California, Unified High School District, GO, Refunding, 5% due
7/01/2028 (f) 2,601
1,675 Shasta-Tehama-Trinity Joint Community College District, California, GO (Election
of 2002), Series B, 5.25% due 8/01/2024 (f) 1,805
6,875 Sonoma County, California, Junior College District, GO (Election 2002), Refunding,
Series B, 5% due 8/01/2028 (f) 7,132
2,265 South Bayside, California, Waste Management Authority, Waste System Revenue Bonds,
5.75% due 3/01/2020 (a) 2,412
1,600 Stockton, California, Public Financing Authority, Water Revenue Bonds (Water System
Capital Improvement Projects), Series A, 5% due 10/01/2031 (h) 1,657
2,930 Stockton, California, Public Financing Revenue Bonds (Redevelopment Projects),
Series A, 5.25% due 9/01/2034 (j) 3,049
3,235 Taft, California, Public Financing Authority, Lease Revenue Bonds (Community
Correctional Facility), Series A, 6.05% due 1/01/2017 (h) 3,297
1,310 Torrance, California, Hospital Revenue Refunding Bonds (Torrance Memorial Medical
Center), Series A, 6% due 6/01/2022 1,417
4,245 University of California Revenue Bonds, ROLS, Series II-R-524, 6.248% due
5/15/2033 (f)(l) 4,515
1,000 Ventura, California, Unified School District, GO (Election of 1997), Series H,
5.125% due 8/01/2034 (f) 1,041
1,250 Vernon, California, Electric System Revenue Bonds (Malburg Generating Station
Project), 5.50% due 4/01/2008 (i) 1,287
2,740 Vernon, California, Electric System Revenue Bonds (Malburg Generating Station
Project), 5.50% due 4/01/2008 (i) 2,823
5,000 Vista, California, Joint Powers Financing Authority, Lease Revenue Refunding Bonds,
5.625% due 5/01/2016 (h) 5,165
5,055 West Contra Costa, California, Unified School District, Capital Appreciation, GO
(Election of 2002), Series C, 4.849% due 8/01/2027 (d)(m) 1,837
Puerto Rico - 3.0% 9,750 Puerto Rico Commonwealth Infrastructure Financing Authority, Special Tax and Capital
Appreciation Revenue Bonds, Series A, 4.66% due 7/01/2033 (d)(m) 2,704
6,500 Puerto Rico Electric Power Authority, Power Revenue Bonds, Series NN, 5.125% due
7/01/2029 6,673
U.S. Virgin 3,000 Virgin Islands Government Refinery Facilities, Revenue Refunding Bonds (Hovensa
Islands - 1.1% Coker Project), AMT, 6.50% due 7/01/2021 3,360
Total Municipal Bonds (Cost - $456,485) - 150.0% 469,041
Shares
Held Short-Term Securities
2,860 CMA California Municipal Money Fund, 3.07% (g)(k) 2,860
Total Short-Term Securities (Cost - $2,860) - 0.9% 2,860
Total Investments (Cost - $459,345*) - 150.9% 471,901
Other Assets Less Liabilities - 5.1% 15,920
Preferred Stock, at Redemption Value - (56.0%) (175,196)
-----------
Net Assets Applicable to Common Stock - 100.0% $ 312,625
===========
* The cost and unrealized appreciation (depreciation) of investments
as of July 31, 2006, as computed for federal income tax purposes,
were as follows:
Aggregate cost $ 459,496
==================
Gross unrealized appreciation $ 14,061
Gross unrealized depreciation (1,656)
------------------
Net unrealized appreciation $ 12,405
==================
(a) AMBAC Insured.
(b) Assured Guaranty Insured.
(c) Escrowed to maturity.
(d) FGIC Insured.
(e) FNMA/GNMA Collateralized.
(f) FSA Insured.
(g) 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 2,043 $ 182
(h) MBIA Insured.
(i) Prerefunded.
(j) Radian Insured.
(k) Represents the current yield as of July 31, 2006.
(l) The rate disclosed is that currently in effect. This rate changes
periodically and inversely based upon prevailing market rates.
(m) Represents a zero coupon bond; the interest rate shown reflects the
effective yield at the time of purchase.
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 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: September 20, 2006
By: /s/ Donald C. Burke
-----------------------
Donald C. Burke
Chief Financial Officer
MuniYield California Fund, Inc.
Date: September 20, 2006